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FINANCIAL TIMES 


No. 27,545 


Thursday April 27 1978 


**15p 




LAINC 

THE 

COMPLETE 

CONSTRUCTION 

SERVICE 



general 


>aa 


CO»mNB<TAI. SaUNG WUCEfc AUSI WA M»-t5; BEU3UM Ffjj; DENMARK KrJJ; FRANCE Fr3.0; GERMANY DM2.0; ITALY U5N; NETHERLANDS RAOf NORWAY KrAJi PORTUGAL Esc20; SPAIN Fta&AA; SWEDEN PtrJJS; SWITZERLAND FrXOj EIRE 15p 


«y au tain« Liberals call for flnpi Summit may 

odie Gold income tax cuts f PI settle arms 

Israel shares .. ^ limit deal 


BUSINESS 


Gold 
shares 
up; GQts 
drift 


income tax cuts 
of more than £lbn. 


U.S. TRADE 1 
DEFICIT 8 

^ J -J— li ^ 1 j * a 1 B I p'w I P J ^ f * 

1977 191 


BY REGINALD DALE 


BY RICHARD EVANS, LOBBY EDITOR 


Jordan. 


■ tj &■'' He attack 

when 'the. buSr-owned by I . , B __ 

- J * safari Arab tourist agency, stopped I Jrn i 

the main square. The tourists u If IB 

^febre-OH a Hply Land pilgrimage V flLI .\P\ 

do;,- "sponsored 7 By the West, German 150|| 111 ■r'l'" 

v s T>^I^erah : ChurcIi. • || ■ I! I I 

_ -K&From Beirut it was reported /IJA J ■ -§ I 

-3 iUhat flie Republic of Ireland is lJtQ [ IJPI JL J Li 

■ -as&s portly to' send, a battalion of j|T ll Ms Tl 

. : r T: « | ■Saiore than MO troops Jor service -J f tjgf f 

• n^tfltirtbe UN ‘ peacekeeping force ' Wr Vil « 07 r 

' '“:r.rji "gs, sbirthern Lebanoor 13oQ^O_rJ» — — .1-. I"" I 

^Israeli: tanks took up • posiUons mov pec jaw feb war apb 

' I •» Cdi tea 

.. 'Iranian; commandos and Israeli aavaneefl ' 

— '// * tyiccapation forces. m rirr/rs arietoA laumniin 


F.T. 

.Gold Mines 
Index. L 


■•■ ‘ ■'■-E mj : B' EQUITY trading reacted to 

m S~ v * 8 bid speculation and a large list Pressure on the Government to concede further substantial cuts in ineome 

' i Germans di«i SpSSP® 7 &* 0 ™*?*- The tax increased sharply last night when the Liberal Party published its 

^ STpwpie ^ 0rdiliary share lnAex dosed proposals calling for tax reductions amounting to over £lhn. 

-test" aright ’When a bomb was 180 l ■ — ^ This is considerably more than One authoritative forecast last and May 10. are in lour broad 

7 ' -thraiigh- the window of PT Mr - Denis Healey, the Chancel- night was that at the end of the categories: 

'•’* fcrJsf-Iws jcanying.-.toiHists on the ' g lor * wUl be willing to accept A day there could be a reduction I— Standard rate of income tax 

. ^-••J i |l«rae&»eeiipiea- West- Bank of «-«, IiOHl MinCS series of private discussions and on standard rate of lp costing to be reduced from 34p to 

inkYbp jw wlair. ': 1/u ” ftidav I Finance Bill debates will take £370m. plus some modification S2p at a cost of £740m. 

' v.,.^ „• UltMSJL. m place before the Government in higher rate bands to increase 7 — Standard-rate band to be 

The attack Iook place m M knows whether Its Budget incentives for middle and upper ** widened from £6,250 to 

i .Vj^tSE&Nablns when Tne. bus,-ownea by igp— I aj| — strategy remains broadly intact, management £7,250, ' thus removing 240,000 

th^ain square^The tourists a 1 F jl SS ke F Question will be Much could depend on how ^° 5 ™ Wgber ntes> at a 

QK lSra.'{ra? Holy Land pilgrimage I II .life whether the Liberals and other wiUing Mr. Healey is to match SJ-TTi® thiidmM -.t wh {nh 

^o. ^M^sered ; bv the West German 150m llr“-4L-^- minority parties will combine further income tax cuts with 3 s fl 5 00 ifm.n» 

- ir^tlLtiieratfChurelL • ft ■ I IT » I wtil . 11,6 Conservatives on compensatory increases in in- ^ v? e . sun * ar S e 

Beirut it was reported / 1 BA / f J | specific issues tD defeat the direct taxation, and problems 

■ : ’ TflzSL 0 ? i? 140 llji /_! L Government. couW lie ahead her/ for an SdV^ememTe md'ftSm 

. portly to' send. a battalion of HIM M ' I „ Sir GeoSre * Howe ’ Shadow £ D .T, ° f Conservatlves “* gSoo ™ £3.0M fwiSe o?S 

: . '« ignore than500trOops' Tor service -If ]» f Chancellor, will spell out Oppo- u bera,s< retirement age at a cost of £55m 

: H ^ith the UN . peat^keeping force _ Uyy Vt| . fcjre f raon tactics when he speaks 4 — To amend the higher rates of 

, Kk. iouthern tebwoD. t3tf to-day during the second reading Qv v i* aIi o i* fiD income lax af a cn^t* nf 

tanks took up positions . MV m._jm feb MAR apb of the Finance Bill. MlTCIiarge £210m^Tie Sntte favoSId b^ 

: ? ° f ^9 down at 457.8. Gold shares ^indications after the TWn win ««« the _ Liberals would be 40 per 




NOV DEC JAN FEB MM APR 


—MW uib luuiwuuua ouci mu rnncnuatiimc \uill nrocc ™ 

Shadow ■ Cabinet meeting last cent - between taxable income of 

nii,h» m : :n for tin increase in vaiue-audeu rctnnn tn tinnm- cn ■»» , 


«Srian; commandos and Israeli aaTanc€tL • night were that the Tori« will + for ? n |“ crea8e ^ V{U .K? d + t d £3,000 to £10.000; 50 per wnL 

_ i-C^CTpation foiwei;.-.; • . § GILTS drifted lower »n fears S° for a reduction of lp in the P s„ r between £10,000 and £13,000; 60 

id,™ S^sSJs Sk ~~~ ^ S-S-jcSsS 

: Sfcnahem Be&" • STEBI^G feu a fmjw-five [£ the 8t “ darf rate of *“ by France r%Lj£?ul. 'pardw STS 1 

^ hnproved during* the ^ Government there- ^th 6 enthusiasm 1 b^t trD * n% Gh 1 J ef Secr etaTy to I 

' ^^MWfesia frees The potmd?^ f ?« appears to be highly vulner- hvi rf™™? tbe Treasun-. that no part of | 


Ivwslt by. Mr. Menahem Begin, .B STERLING feU a fur! 
■ . JTemier^ ._ points to $L8145, as th 

improved during the afi 

J ? ®jiodesia frees ^ pound’s trader 

■' _ - _ average remained at 61 

-isjmore Detainees the dollar’s depredatii 

‘-^toiidesla's. transitional Govern- 4-85 per cent. (4.75). 

: -•aaent confirmed last night that 

‘ ^x^further 142 detainees had - been S GOLD rose to $ 


“ ted abl 0 . If there are major defeats, °PP osed by the Co nser\ stives, CO st of the proposed tax 

Mr. James Callaghan has already Hie Liberal amendments to reductions should be added to' 
was threatened the Liberals with a the Finance Bill, which opens lie Government’s borrowing 
snap General Election. its committee stage on May S requirement. 


: pleased bringing , the total freed London, while in New York the 
• £-& the past few -weeks to more Comes' April settlement [price 
■ JbanL 700. Bhodesia’s only black was 80 cents np at $168.70. 

. .^ynagistrate sentenced 78 ^black F 

Indents, who had demonstrated • WALL STREET closed 3.38 
' .'-'Igainst the internal settlement, to. up. at 836.07. . V . 

- ^hispended jail terms. News from \ 

' ^Africa, Page-3. Parliament, Page • DEMAND from the oil industry 
a" • .'V ; for changes in Government North 

• :■ rsi V . Sea oil rpolicy and the roWkof 

- 4)mp ehnnflnsr - BNOC has been given the tbp< 
\^P me5n " 0im & port of. the UX Offshore 


Speke unions to seek 
better pay-off terms. 


WESTERN OFFICIALS hope and the range of the American 
that a new startegic anna limits- Cruise missile. 

U fi . -a — _ 71 _ tioo agreement — SALT .n — can A major breakthrough appears 
I 1" Cl fu be concluded at a summit meet- to have been made in Moscow 
• L-J • W mg between U^. President Car- on one of the other major prob- 

ter mid President Bnezhnev of lems in the negotiations — the 
the Soviet Union in June or so-called “ non-circumvention ” 
J n _ * 4 . July. It would be the first meet- 0 f the treaty 

(10T| I* IT mg between the two leaders. The issue is of crucial im- 

^ This optimistic assessment was porta nee to West European coun- 

conveyed by l).S. officials at a tries like the U.K. and West 
gm -w-m ^ a-* briefing for the other NATO Germany, which had been afraid 

tQIiC 1 countries at the alliance’s head- that Washington would in this 

I rf'i I BX quarters in Brussels, earlier this context bargain away the possi- 

mM,w - week. bility of their acquiring Cruise 

ry navin rpi i They were reporting on the fissile technology. 

BY DAVID BELL latest round of n^otiatlons An agreement reached m Mos- 

Mr C vi *ur Vshcb. the cow commits both psrtics not to 
WASHINGTON, April 26. u?s!^STCretafy of^tatef and Mr. cirajmvent the treaty through 

Andrei Gromyko, the Soviet ““jd . . . .. 

THE U.S. TRADE deficit feU by Foreign Minister, which ended But the U.S. has not given the 
nearly $2bn. last month to In Moscow at the week-end. specific undertaking not to trans- 
snTShr. /,h«,it ««?«» « - . . . . ^ ^ fer Cruise nussiie technology to 

3»-rebiL (about £L34bn.), a it i S emphasised that a number Eurooe that Moscow orieinally 

pfi Com % 2E7S3? J* ter of ™P ortflnt P 0 ^ 18 ten** 11 10 SuoM md S 7 fiSS 

be setUed be u 0re ^ f™?® - are now confident that the 
n.«nS 3 £ S ments . can be made for the option of acquiring the missile 

recorded m the summit has not been foreclosed, 

pas year. The hope is that a further Meanwhile, however, it has 

The March figures are some- meeting between Mr. Vance and become clear that the Geneva 
thing of a relief to the Adminis- Mr- Gromyko next month can negotiations with the Soviet 
tration and to Wall Street which bring the two sides close enough Union for a new treaty banning 
had feared they might be worse. f° r the remaining gap to he all nuclear tests have run into 
Officials are heartened hv the bridged, with suitable fanfare, serious difficulties. 

28 oer cent dron in oil imnnrt* by * e tw0 leaders in person. The two Western participants, 
disclosed^ tSPlatest stSSSira Outstanding issues include the U.S. and the U.K., had hoped 
But they acknowledee that % lfmitations on the Soviet Backfire for progress before the United 
deficit for Sf tot. L£er a ? bomber - restrictions on the Nations Special Session on Dis- 
MA 7 hn is .inn^OTKn iffaT.fi modernisation and deployment armament that opens in New 
than inVhlflSf thJlJSSS of land-based strategic missiles, York towards the end of next 
lasTy^ar tK tbe total nuiDber Sf strate ^ c moaitL hut ^omy problems 

to last year's fiSS-e* of about ^ P®"^ of application of the treat’s provisions would be 
S28bm y ar fifiUTe of abou t special three-year protocol that verified. 
m is to accompany the new treaty Details Page 4 

The drop in oil imports re- 
moves some of the pressure on __ ___ 

special levy on imported , oil as Brzezinski China visit 

he has threatened to do if Con- _ 

gress continues to delay passage BY. DAVID BELL WASHINGTON, April 26. 

of his Energy BilL np ' 7 pmwmtr GVVV 7 IUCV 7 In *T.« 


Brzezinski China visit 


BY DAVID BELL 


WASHINGTON, April 26. 


r... w port of J}j e ux Offshore BY ALAN PIKE, LABOUR CORRESPONDENT 

Red Brigades claimed respon- Operators’ Association, the. di^Jl- 

IS-.-*' mg groups’ representative Trndy, UNION LEADERS took a agnifi- on the Speke closure. This will have comparatively short service. 
IM-wounding of Sig. Medielli, Back Page - - .cant step last night toward come after it sees the final re- Mr. Alex Ferry, confederation 

miianGnrisnaa Democrat # v nwnw inp iimits will I resigning themselves to closure dundancy terms. In reality, how- assistant general secretary, said 
tfeimi. Pohce and helicopters • »^«:boreowiM nmits wau De| of Lgy^^g gpeke assembly ever, the chance of the con- the unions were asking the com- 


-v. ^°, 0 aT r umuiv uniWCiftiJ LUUIV CL UU UMT Liuqui t- xmo wui IW‘0 wwn 

vounding of Sig. Mechelli, Back Page '■ * .cant step last night toward come after it sees the final re- Mr. AJ 

- Ghristian Democrat ^ rkp * 0 h nr rowinp iimit-; will hp I resigning themselves to closure dundancy terms. In reality, how- assistant 
l. ■ _.jjelitirian. Police andhellcopters •"SCs.borro g assbifl 0 * LeyiamTs Speke assembly ever, the chance of the con- the unioi 

- -n-auhed to an area south of Rome mcreafi ®U ftom woa -to “■ aD n-|»i 11 „, «»tw . -..n. mil ia.iiiniT *n«i#m m ... 


Tst 

^ Iff T i4; 




sputn of Home < griGmiJnt 1 abDroves the new P ,ant * exactl y 3 ™onlh away, and federation’s leading action to pany to put all its cards on the 
caller had said •* -JJ® PJJJ decided to seek improved redun- prevent the shutdown of Speke table. At present it was known 


-I-- — — " “ — — an j Ofp^i fampnriitipntl ucviucu lu seen uupiu*cu icuuu- jjictcui Uic auuiuuim xouie. preseui 1L was uiuwu 

^.hat .Sig. More, the kidnapped v* 4 ™ » dancy terms from the company, now appears slight. that the redundancy terms could, 

Premier, had been set 1(Jnm QQW ^ have Last night’s decision was not be improved, but it was not 

• : d??«15. ere ’i ltt ^ ere ^ a fr5S tra Sf • CONSOLIDATE® GOLD- refused to, discuss severance unanimous. Representatives of known by how much. 

••• .-fLrrV ' \ ,? .T^FlELDS’Wheal Jane tin mine in terms because they felt that this .Transport and General g Confederation representa- 

" j S“ s - ^ u ^ e T_- w j' Cornwall; opened in October, would imply 1 acceptance of the Workers* Union, the largest at fives met members of the 
-r jie Rea Brigades, were detained. 1 ^ 7 ^ j s {q close in the next few principle of closure. Speke, argued m favour of a British Shipbuilders Board yes- 

• • _ weeks, at a cost of 41S jobs, after But after another meeting with of support for the terday, and once more urged 

- ; ?lea by Banks ■ the company failed to agree Ley] and management yesterday, 3.000 j Pe ? e workers, who have that union recognition in the in- 
. \i- 2 V J . _ ‘ ■ .n . . finan cial aid arrangements with at which they failed either to rejected both the redundancy dustry should be confined to 

j bookmaker,. Department of Industry to reprieve the plant or defer the offer and the principle of confederation unions. 

C «^Lv? 1 ^L. :f0r keep &e mine open. Back Page - proposed May 26 closure, the closure. The question of whether the| 

-jhmMiste suspension of executive of the plant’s Con- But this was resisted by other non-confederation Shipbuilding 

. -jnesday s Jockey Club decision r AOC federation of Shipbuilding and unions, including the Am alga- and Allied Industries Manage- 

» oan bun. from racecourse^ for XJUk>2> <11- Engineering Unions decided to mated Union of Engineering ment Association, which claims 

• 3*“8r. out - Mr. Justice return to the company to discuss Workers. to represent 70 per cent, of the 

' • 1 -*- l L I hrVClPr the “best possible conditions that There is no doubt that Leyland industry’s managers, should be 

gairat the Jockesr.Cnib he heard '^’ u * J can be obtained on severance will be prepared to renegotiate recognised will be on the 

matter of urgency next-.^ CHRYSLER CORPORATION payments.” the redundancy terms,' which Board’s agenda to-day, but it is 

gjjw^faesday. 0 f fij C u.S. reports a first quarter Formally, the confederation came as a disappointment to the not known if a decision will be 

11 hm •Lv.'s .1 loss of $119.8nu and has warned has still not reached a decision Speke workers, many of whom made. 

II fompuier cneCK of a deficit for 1978 as a whole. 


suspension 


-juesday's Jockey Club decision t _ _a. 

— ban him. from racecourse^, for I jflSS al 
tree years,, hut Mr. Justice 
ifOIig ordered .that his case PlirvclAr 
gainst the Jockey ;Chib bti heard Vylll j MW 


tTI 4 t * , I DR- ZBIGNIEW BRZEZINSKI. delicate moment in the strategic 

But it is may be too early to .the President’s National Security arms limitations talks (SALT n). 
say if the figures signal a trend. Adviser, is to visit Peking for Mr. Powell said that the talks 
In the first quarter of this year, three days next month, the would concentrate on South East 
imports have fallen 10 per cent., white House announced to-day. Asia, Africa and other world 
ui spite of one of the coldest nis visit comes nine months issues. It is expected that the 
winters of the century. Part of after Mr Vance the U.S. Soviet involvement in the Horn 
Ala-dSif Oilfield ¥-“ 0 ^ Secretary of State, -paid a visit of Africa and elsewhere will also 

Al aSi? t0 toe Chinese. capitaL There ^ discussed. 

J sf« PaC1 ^ ° f 1 ' 2m ’ also si® 118 tiiat the Chinese Dr. Brzezinski would also be 
nn3.L u aay : . . .. are showing renewed interest in visiting south Korea and Japan 

n*!.!25L- a “normalising" relations with on his trip which will not be 

cant drop mpU inventories which fi, e U.S. open to tbe Press. 

had reached record levels in „ M j . Powell the Mr - Carter has long wanted to 

S?S£*JL m and 

At the same time there was an tout the visit is “not a negotiating until b ?f“er P the Panama 

actual drop in oil consumption and should not be Interpreted as Canalvot^chieBvbecau^Sv 
in the first three months of the a major rtep forw^d towards the right-wing ^politicians fn Se U S 
year, partly because of the establishment of full diplomatic linked P ^ll£”ess to - rive 
depressed level of economic relations between Washington S? toe Snri - irith a simUa? 

activity caused by tbe cold win- a ° d N ° r . was it a sign w jjjj nfyness to “surrender" 

ter and coal strike. that Preddent Carter may him- surrenaer 

It also appears to indicate that self visit Peking later in the year. Parliament Page 14 
ordinary consumers may have The Chinese interest in tbe 
been using less oil and petrol, normalisation of relations with 
heeding President Carter's call the UB^ under the terms of the £ In New York 

for voluntary conservation. 1972 Shanghai communique v 

Last month’s figures undei^ signed by former President — Apm ss | Preriom. 

line the very slow growth in UB. Richard Nixon, is in contrast to ; 

exports. In the first quarter of the “mo lne®” that has developed Spc * siaiawioo slkwwhu 

Continued on Back Pace m U.S. relations with the soviet 1 month o^w.47 «ii«. ojaojsdw 

v.onxinneo on mcr ra S* Union. On the Amencan side Dr. 3 months 1 .ce-ase dm. o^aoigdra 

Editorial comment Page 18 Brzezinski’s visit comes at a 12 month* 3 . 10 - 2.06 iiu. 2 . 66 - 2.45 di* 


SLS204-B214 
O38-0JSS di-* 
C^E-Oigdia 
2.65045 di* 


BY ANDREW TAYLOR 


. - ■ -tc 9 ‘ 
c^^ri pm 


;• stro' 


l _ __j_ ^ ■ I Xtihh ut 91X.9.UUL OiiU uaa lldh 2>LLLI UUL l cauicu a uvwjii/u va nuvm rnaub. 

WOrnpurer CneCK of a deficit for 1978 as a whole. 

lisre^ar^ng 'Strong objections The parent company needs 

iPStt? Hawker £23m. bid for Carlton 

lialtb'aitrf Dersonal details of some of its overseas operations 

to “e Sf .to mainteto North American BY ANDREW TAYLOR 
It is intendeefto extend the business. Back Page . , • . 

hettrelaterto children of school m TNUTISTRIAL DEMOCRACY HAWKER SIDDELEY last night two- an d-thr ee-qu arte r years. most important arm of its busi- 

je and beyohd. Pn^VnrrmnraU hpfnrp the announced a surprise £33m. cash Mr. Leon Roydon, chairman of ness which includes major 

BtatntSv M4"foir a 52 per cent, stake In Carlton, and Mr. Brian Bonfleld, stakes in In vereord on the whisky 
Ulster shots ■ nSon roenS to Carlton Industries— the batteries, a director, said last night that distillers and Comben the house- 

^ a whisky and housebuilding group they would not be accepting builders. The battery division, 

MiTrshots were fired at Newry, ^ R, P t in which London Merchant the first offer from Hawker. It is which comprises the Oldham and 

>-"Down\ courthouse while the company s poucy Boaro, uack gg^jjygg holds a 79 per cent understood that they believe that Tungstone companies, contributes 
Sht was fitting. An Army nge stake. the offer price— which is 5p around three-quarers of Carlton’s 

P atrol. *eturaed_ the fire. There q GRAND METROPOLITAN, The l65p a share offer will in- below the price at which Carlton pre-tax profits, which rose 47 per 
no. cas u a lt ie s . which employs 6,000 staff in 55 itially be put to the minority shares were suspended yesterday “°£ 4 ln to March 31 « 

•,'iv ■ . hotels, has announced schemes shareholders but LMS has agreed — >s too low. They have advised 1977 to £7j>m. • 

eHy mm* 1 -. ■ to advance industrial democracy to make up any shortfall to the minority shareholders to take no LMS said that it would use the 

to its hotels, with staff commit- 52 per cent, level. As part of the action for the present. proceeds from the initial offer to 

«. Arkaday ~ Shevchenko, UN tees and* staff representatives deal Carlton will be expected to However, because of the LMS eliminate its short-term debt to 

£lder-secretary, has resigned attending Board meetings. Page 7 buy. Hawker's Crompton Parkin- guarantees. Hawker is certain of provide funds for redeployment 

34^ -wishes -to remain in the U.S. . . son battery business at an achieving its 52 per cent stake in other areas of its business. 

gscaose of --serious -'political dif- -• ROYAL DOT'CH/SHELL is estimated price of around £4m. in a deal which initially amounts It Is intended to pay the cash 

l.rences with the Soviet Govern- planning to invest £L55bn. world- Hawker has also agreed to to the merger of both groups' consideration for the first offer 
fcjrit, it was announced at the "wide this year— almost 30 per make a cash bid for the outstand- battery interests, with Hawker on July 28. 1978. 

V. cent more than last year— anu ing Carlton shares in 19SL LMS, taking the majority shareholding Under the proposed agreement 

e Dachas of Kant was a projected ,£1-66^ • however, said that they will not in the enlarged concern. between Carlton and Crompton 

nittPd Jnfh- Edwud TO •“ Meanwhile, the two accept this second offer-which Mr. Roydon and Mr. BonfleW Parkinson. Carlton will acquire 

SKl for ftXXi wJutfreoUarunmns mvolved in a b3ged on a eurrent purchase together hold 7.S per ^nt LMS tme lead-acid automotive and 

bladdS SraS ^ strike at Shell's oil Mdnabi pri ce of 165p hut increased (or £ already oemmitted to selling traction battery business of 

^|.^gau uiaaner operauon. to hold joint negotiating talks. decreased ) according to the 39 per cent of its holding which Crompton Parkinson based at 

lV? Kiag and Queen of Sweden page 7 profits record of the enlarged will bring in around £L7m. Newport, Gwent. 

fciS Ui^i 10 ■ • NATIONAL FREIGHT Corp- Carlton group over the next Carlton’s battery division is the Continued on Bade Page 


UtrolTiotianed the fire. There 

/Si® no gaaiiaTtiPs 


t y o 


* Uition on Jun^ 7. # NATIONAL 

Rudolf Hess spent his 84th by 

njCl 1 fhday in Berlin’s Spandau jaU but ^Sl revered a 

it men of Italian extraction • EURCH^AN ^FKWIES 

■e committed for trial at ports 77 ^ y fi I 07 n 0 on 

. . ; ;nbeth, on charges in connec- profits ofm.77m.(EU -W 
\A with an alleged £163m. turnover *P at £137 - am - 

• .-i'- ndle plot ■ Page 31 and Lex. 



CONTENTS OF TO-DAY'S ISSUE 


European news 2 

American news 4 

Overseas news 3 

World trade news 4 

Home news — general ...... £-6 

— labour 7 

—Parliament ... 14 


Technical page 7 

Marketing Scene 15 

Arts page 17 

Leader page 18 

UJK. Companies 28-33 

Mining 32 


Inti. Companies and Euro- 
markets ; 34-36 

Wail Street 38 

Foreign Exchanges 38 

Farming, raw materials ... 39 
UJL stock market 40 


IIEF PRICE CHANGES YESTERDAY 


^^ices in pence unless otherwise 


indicated) 

RISES: 


worn ............... 

yv (J.) 

■ tben 

' less Withy ...... 

dc-Duffus . ......... 

Wpflfl OTHiamg ... 


* r Son Mrchnt Secs. 

shah Cavendish.:. 

0 aoe® 

*.] ser Oil 

' oor 

j. Gold Fields ... 
.if dsnuid. : ; 


252 + 9 
116 + S 
342 + U 
SI + 2 
287 + 6 
235+11 
I04i+ n 
90 + 3 
98 + 14 
54 + S 
48 + 4 
£253+ 1 

329 + 23 
174 + 9 
389 + 14 


Hampton' Areas 
Hartebeest 

MIM HJdgS. ......... 

Northern Mhrfng . — 
Oakbridge. 

Western Areas 

FAILS: 

Treasury 9% 1994.«., 
Alginate ...... — — •• 

F.C ffinance ......... 

Letraset 

Lloyds & Scottish ... 

Manders .... 

Mothercare 

Nome Secs- 

.Unilever 

Vickers .•«—•• 

Wagon Fiuanee ..«•■ 
RTZ 


133 + 8 
£102+ ^ 
185 .+ 6 
66 + 10 
149 + 6 
165 + 13 

. £78 - i 
274 -9 
70 - S 
140-6 
85-3 
984-51 
152-6 
21-2 
494-6 
172-4 
41-4 
199-8 



FEATURES 



Uphill all the way for the 

Business and tbe Courts: 

Vietnam: A Third war 

in 

Nat Freight Corporation 18 

Charterers trade threat 16 

Vietnam: A third war 

in 

Economic Viewpoint: What 

French Prime Minister’s 

FT SURVEY 


summit agenda lacks — 2? 

prescription for an ailing 

Finance for Smaller com 

Advertising's new face ... 15 

economy -ns. 2 

panies 

19-26 


APMta&aeBts 

Awwl n t mwitH Advuu 
BKtas Adrts. .... 
Crossword — «... 

. Economic Indicators 
EBtcrtaiomeiit Guide 

Enrovenn Opts. 

Jobs Caiman 

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_ For latest Share Index ’phone 02-246 8026 


TheWiridfe Largest Distiibutor 
ofEarthmoving Equipment 

Blackwood Hodge, which started business in 1941, 

• became a listed public company in 1953 and now celebrates 
25years of growth'wifh record results for 1977. 

Sales Pre-tax profits 

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1977 £282,274,000 £16,629,000 

Copies of the 1977 Annual Report are now available from the Company Secretary 
• Blackwood Hodge limited, 25 Berkeley Square, London W1A 4AX. 







Financial Times Thursday April' 27 .1978 


EUROPEAN NEWS 



Bonn launches 


new coal and 


steel subsidies 


BY ADRIAN DKKS 


BONN. April 26. 


THE WEST German Cabinet 
deeply concerned at the employ- 
ment prospects of the coal ana 
steel Industries and especially 
those in the economicaily- 
depressed Saarland, decided to- 
day on two Iar«e subsidy 
programmes. 

Under the first of these, the 
coal industry is to receive invest- 
ment subsidies of DM582m, in 
each of the four years 1978-82. 
The Government, with iil-con- 
eealed reluctance, appears to 
have accepted the arguments of 
the industry itself that its cur- 
rent low sales and cash difficul- 
ties — symbolised by unsold stocks 
of 33m. tonnes — is unable to take 
on long-term investment. 

The Economics Minister. Count 
Otto Lambsdorff. pledged in last 
week’s Bundestag energy debate 
th3t he would ensure rhar the 
industry could surmount these 
medium-term difficulties in, order 
■ to start preparing for more 
efficient use in the 1980s of bard 
coal, which is the country’s only 
major domestic energy resource. 

The new subsidy programme is 
in addition to some DM4bn. of 
existing direct and indirect sub- 
sidies to coal. It is also separate 
from the assistance programme 
for coke, which is shortly to be 
extended. 

The second large subsidy pro- 
gramme announced to-day is of 
DML’OOru. worth of investment 


assistance to Art>ed. the Luxem- 
bourg steel group which has 
taken over the hard-pressed 
Saarland steel groups. Boechling- 
Burbacb and NeunkircheT Eisen- 
werke. The money will be paid 
over the next five years, and will 
be repaid by Arbed as profits 
from the Saarland works allow. 

In addition, the Bonn Govern- 
ment is providing guarantees 
worth DMBOOm. to Arbed to help 
it borrow the DM1 .3bn. it is 
investing in the out-dated Saar- 
land steel industry, plus a fur- 
ther DM480m. expected to cover 
the social costs of the reorgani- 
sation it plans. 

Proposals submitted by Arbed 
call for a total rundown of S.700 
jobs in the Saarland .steel indus- 
try through retirement and 
retraining. The company is 
understood to have pledged as 
collateral for this huge pro- 
gramme all its West German 
assets, but to require additional 
guarantees to its bankers which 
Bonn is now putting up. The 
Federal Government does not 
expect any of the DMSOOm. to be I 
paid out. 

The Arbed plans come in addi- 
tion to assistance which Bonn 
provides to the small Saarland 
Government in other ways. 
Earlier this year, a DMlSOm. J 
programme was agreed to help 
the State's economy diversify 
away from coal and steel. 



French public service costs to be i 


BY DAVID WHITE 


FAKXS, April 


THE FRENCH Government to- 
day gave the go-ahead for 
higher public service charges 
In an effort to keep down the 
level of subsidies being paid to 
state utilities. 


Details of new rales for 
transport, power, and postal 
services, which win come into 
effect next week, are to be 
announced to-morrow. The 
increases are known to range 
between 9 and 20 per cent. 

M- Raymond Barre, the 


Prime Minister, said after to- 
day’s Cabinet meeting that the 
increases were imperative In 
order to stop public com- 
panies’ deficits from growing. 

But the price = rises are 
thought unlikely in themselves 
to bring about a significant 
reduction In the Frs^Obn. 
(about £3.5bn.), which the 
French Government has been 
expecting to spend on sub- 
sidies this year. 

The Barre Government, 
while embarking on its plans 


to allow economically realistic . 
prices to come into force in 
public and private sectors 
alike, dearly has one eye bn 
the effect this may have on 
inflation and union claims. 

The cost-of-living increase 
for March, ' to be published; 
later this week. Is expected to 
be dose to 1 per cent, foflow- 
Jng a gradual increase from 0.3 . 
per cent in December to - 0.5. 
per cent, in Jaunary and 0.7 
per cent in February. 


After two years in which it. 
has kept the rise in the cost-of- 
Hy ing index to below 10 per 
mnt.. the Government bow 
faces the combined impact o£- 
tbe publlcseotor increases 
and the progressive freeing of 
industrial prices, which It has 
pledged to do in the second 
ha# of this year. 

‘ iELBarre wiUto-morrow send 
fen&m leaders the Governments 
■ -proposals for forthcoming 
negotiations. A promised ~xise ■ 


I forstei 
* jfci s >° 

'risers- • - j 

ss if m** 

round IV . ase . 


for Ftaitee’s lower^aldwoiheM • • _ 1 

will be hnnetmeied -next week. 

The national minimum wage is if 
expected to rise by between BY ** 
fr astir 4 per *ent ^juoiud }IJ 

FrsJ.,600 (£212) a'*® rth. ' uffN p£& 

• The French Communist 
Party began a.cruclai Central * *:• s- 

Commlttee meeting'": behind }j |V - 
dosed doors today, in an$ ! ' 
atmosphere of, ^and .. •;*' - 


among its members and ,. ’f : 


widely-published criticism of ^ 


its leadership- The,..- meeting^ 
finishes to-morrow: 


’French Prima ic nnt FRENCH GOVERNMENT PROGRAMME 

e renen Pnme Minister, is not 


someone who . announces new 
I policies to the sound of trumpets 
and drums. When, In monoton- 
ous, professional tones, he pre- 
sented the new government’s pro- 
gramme to the National Assem- 
bly last week, the initial reaction 
in many quarters was one of 
“ deja vu,” 

The country was told that it 
would take another IS months 
to restore its economic health. 


Barre’s prescription for 
an ailing economy 


BY ROBERT MAUTHNER 


thTattLck*” amounts, stabilising the franc, debtedness has grown^ by leaps 

hospital alter the attack. keeping inflation down, and in- and bounds. Between 1972 and 

dustnal reorganisation. The 1976 ^ total sb 0It an d i ong . 

® nn f? fc °£ t ? e “ on *y su PP l y term Indebtedness of French 

I would be kept within its Present com panies increased from some 

AU1U11D13 bra its, credit celling would be prs.64bn. (about £7.ttn. at 

■m maintained, the budget deficit —Mrrcnt exchance rates) to 

wminn kept down and only the lowest SJTiSbn Atthe Smetime 

WUUIM wages would be rahed in real g^SSin * 55*55 

JtSlhu n Sri that was only part of M. ^ . 

ilaiidU Barre’s prescription. The other „ The firm batch of P"«s to be 

_ # m measures which he announced, freed be those of products 

THlSl i IOIOH almost in passing, amount to no- facing strong international coin- 

Ovlil thing short of an about-turn in petition which, it is hoped, will 

French economic and industrial prevent a sodden pnee 

By Dominick J. Coyle policy and reflect the essentially explosion. Indeed the Govern- 

ROMTE Anri! *’6 liberal ideas of the man whom men t has made it clear pat, 

THE RED BRIGADES terrorists. ? Tesid ® n l discard ^’Estairg once <dtboutf> * does not ^erultp 

fi," si !*r t , M ‘J*. *•«. ° f fn^Fraifce ** ST" ‘2E 

MorT e toSar e cUimed Convinced that area! recovery panies from making increases 
ter Aiao Moro. UMiay claimed , ,u pyeneb cconomv and a it considers excessive. One 

this ^nfnrnina I? «£* r!?2 reduction of unemployment is example which has been given 
MirhJiH a nlmi r^t possible only if industry is given is that, if a manufacturer of 

Mechel 1). a Christian Democrat tfae meang f0 operate efficiently shirts raises his prices exces- 


Priority . would continue to be 

given to balancing the trade investments, and companies’ la- 


Survey shows further fall 
in industrial confidence 


BY OUR OWN CORRESPONDENT 


Terrorists 

wound 

Italian 

politician 


By Dominick J . Coyle 

ROME. April 26. ’ 
THE RED BRIGADES terrorists. 


BONN, April 26. 


and former president of the re- and profitably, the Prime Minis- sively. the Government will 
S1 ~. government of Lazio. ter announced that industrial merely open the door to cheap 



-j-9 _■ - . jP 19$i, M. Barre has.taorej room fo . s? 

T manoeuvre than he has ever had£> 

I I H I 1 1 ' 1 1 f I But he stGI has to Wflj* 

certain politichl and'sodal 

' ■ ' strain®. •- - -./■ --f' 2 \ .‘ 

: The Prune laioister has reco^ V.; 

n AbMir nised that,.ln the short run, hi\V- 

If f III I W - freeing of prices ' means''.nstfe‘-i'. l . 

UvllA T price rises, and may even tak>-" 

, .■ the kicrease in v fhe price inde^'-^- .. 

• • •..-••• to 10 per cent -In 1678, 1 percei ' : 

tage point higher than last yeav; 

, ’ • . . He-maintaihs that hia.poHeto, 1 1-'-' “ 

no- divine decree lays down teat the longer run, will, reduce bot 
.. France should ' produce 3m, inflation and unemployment Bii . 

i tonnes of steel per year, rf by big question is, whether the :—’ - " 
j . producing a basic amount of aj^ politically acceptable, pa:’-::--'- 
’? steel, say 20m. tonnes, and by . jjen laxly to the trade unions. 


3 SjSSftJl 1 - One of ' 1 € BarreV- hlgge^-'' < 

5- cam develop its mechanical en- mice the electinn i,-: : ' 


3-can develop Hsmecnani™™; achievements ance the eteetion & - 
1 P**!nng industry w the best ^ established i- dialogn.";.: 


\ -possible conditions.*' 


with one of the main; 


■'.The same medicine is W'S 

implied to the public sector. orientated CFDT, whose^leaS' V"-:- “ 
of- the electoral constraints which ^ -pAmnnA Mairei - has bee L ’; ; ' ‘ • 
ted the Government to hold down ^ -oniDllnieniarv' abor 


cerns have sow men aainonseo n egotiations between . -tfr-’ »• - • ■ tn-l 

to;raise their charges to a more ^tronat, the French employer:''/... -r i 

APrtnftfn ir fPVPI _ i I.* j’ iv - i i ^ - 


economic levev . . . ' federation, and the unionB; wi" J . : t 

a 1 f?il t,0 ISu?S B 1S ™..h r, S «P«n at the beginning of nei^ : _, J: ..... 
SecbdrUe de France and even f 

i&e railways CSNCF) much closer aSS8S? ■ — 

.to financial viability and to dr as- new emrinn ent hi c 

^•:^5SS%S“iS!!S trees 

a 2Su»raN: **#*«&*. w**: 


ML Raymond Barre 


CONFIDENCE AMONG West. 
German industrial companies 
weakened further during March, 
according to the monthly survey 
by the IFO economic research 
institute of Munich, published 
to-day. 

The survey showed that not 
only was Hie business climate 
during March regarded as un- 
satisfactory, but a majority of 
companies polled regarded the 
outlook for the next six months 
as haring significantly worsened. 

fn line with the latest govern- 
ment statistics on new industrial 
orders, companies questioned by 
IFO said that they had experi- 
enced a further decline in new 
orders. Average order books 
were roughly back to the level 
of December 1977, and were al- 
most universally described as 
being too small. 

Production’ during March was 
on average reported to be down, 
partly as a result of the wide- 
spread stoppages in the metal- 
working and engineering indus- 
tries. Yet Few companies saw any 
occasion to step up production 
rates, and a majority were con- 
templating further stowing down 
their output. 

As always, the IFO survey 


revealed considerable contrasts 
between industries. Thus elec- 
trical engineering companies 
reported their order books to be 
somewhat improved and the out- 
look for the next six months to 
be more favourable .than they 
had judged the previous month. 
The commercial vehicles In- 
dustry, steadily among the most 
bullish sectors over the past two 
years of IFO surveys, expects a 
continuing high rate of activity. 
The mechanical engineering 
industry, on the other hand, is 
displaying a more pessimistic 
outlook than it did a month or 
two ago, when there was a short- 
lived improvement in orders. 

The precision engineering and 
optical sector, which has shown 
better than average expectations 
over much of the post-recession 
period, is once again faced with 
an .unfavourable business 
climate, and especially with a 
sharply deteriorating export out- 
look because of currency fluctua- 
tions. 

Among consumer industries, 
there was a clear improvement 
in the situation of the clothing 
sector, and a trend described as 
more normal in the shoe 
industry. Textile companies re- 
ported a worsened outlook. 


Sig. Mechelii was attacked by pr i C es will be freed progressively imported shirts from the Far m £ is estimated tiiS electricity Industrial sectors and ? ™!™,. '• c 

four youths as he left his Rome three or foux stages from East. Government orders, will industries, which cannot v23d hSw to be raised «*,anue wttl«venlurilyl. v - 

home. But there appeared to July . After more than 30 years also be withheld from companies ends meet, will be allowed ^iway^rans- introduced, wage restrain ., .. :. A 

n ° J[ T,te " tl0D of killing him. 0 f price controls, that is almost considered to have overstepped to the walL. - iV'nott eh arses' by at least 25 per, remains the genera! rule. Overa. _ - -• r cit 

He suffered a number of gun- a revolutionary step, as well as the mark. M. Barre summed up 'fte M#;L nt _ before the enterprises con- goverrmenfs aim !S to mar. _» ■ .- , j B 

snot wounds w the legs and a great gamble. There is an important quid pro philosophy in a revealing recent CPrT ,eH could even' approach ta ^ purchasing “power '-at r 

was described officially to-night The Teasons for M. Barre's quo. however the Government interview in the French. bnsk.fi nanr .jjJ self-sufficiency and the present level in the foresees: __ 

to be out of danger by a spokes- (decision are not. difficult to find. Intends to radically cut its finan- ness magazine L’Expansion. 4t W«' increa-es authorised to-day by j- ri M TJ 

man. for the Rome Policlinico. j Price controls, have not been cial aid to “lame ducks." No must not hesitate -to get rid bf,the G'-vernment fall well short' - Faced with sharp price rises! \ 14 j J fj fj 
The former nresident of thelTintiroahlv siircMsfiil in curbine rinnhr It will have to continue th* rf»»»d wood in seetom. *h .. the.cominE months, the UDluiU* 


The former president of the noticeably successful in curbing doubt it will have to continue the dead wood in sectors in -of the^e levels: the. coming months, the u 

region, which includes Rome, is inflation in France river the last giving aid to sectors of over - which we are badly placed.: the,- The current - increases will will certainly argue that thl , J • _ P 
a strong supporter of Sig. Giulio two decades, though they have riding national interest, such as future of France depends not so enabh- the Government to reduce interests arc being sticnficedijhr |*p|90| 
Andreotti. the Prime Minister, sometimes been. moderately the steel industry, where tens much on the shins we huild at- a. it* cnhcidips hr nn more' than those .’Of industry,’ , And th&Ul 


Andreotti. the Prime Minister, ] sometimes been moderately the steel industry, where tens much on the ships we build af a its subsidies by no more 'than those -Of industry, and thSL 

and this latest attack is being effective in the .short term. And of thousands of jobs are involved, loss or the volume of steel, which about Frs-lbn.- in the current honeymoon with M. Bare, 

taken as an indication that the above all. the Prime Minister but its basic philosophy has we produce without finding year ^nd by Frs^bn. in 1979. It likely to be shortoiyea: ThottiU 

terrorists arc not concentrating was influenced by the financial changed. Aid will be made avail- marker for it . is not until 1980 that really sub- be is currently Dnmimng w.. 

all their energies on the Moro difficulties caused fur many able to innovative and techno- “The basic question is.:- w^at.-stantial subsidy . cuts can be confidence, M. Barre -ana his 

rase, but seem determined to French companies by the restnc- logically advanced industries is more profitable? To hav&- a.. made. . market policies ; may- well hfr 


continue with their now regular tive policies of , the past IS which stand a -good chance of real merchant navy, equipped by ' It is certainly true^ that, now a jpach harder ride than. the ‘ 

assaults on leading political and months •!. being internationally competi- subsidising the whole shipbinld- the general election is out of the ciliatory Preelection • w 1 ; ';;' ■ \ 

indu«tri3ii fioiiro« Low profits have kept down tive, but companies in traditional ing industry. By the same town, way and tbe.^ Government, has two climate suggests. .’ ■ - 


industrial figures. I 

Meanwhile, the authorities 
have issued warrants for the 
arrest of nine suspects in con- 
nection with the Moro kidnap- 
ping. six of whom the police 
claim are known members of the 
Red Brigades. 

The authorities hare given no 
details of the alleged involve- 
ment of these latest suspects in 
the March 16 ambush in which 
Sig. Moro was kidnapped and 
five of his police guards mur- 
dered. Three of the nine 


improvements 


$200m. 

loan 


teachers’ strike 


-ii.-J. 


:r.o i 

■ + : f ' 

%c 

--.Pec 

r, 4 n 
■' -Ml ! 


t's European 
fEIB) has 


BY ROBERT -GRAHAM 


MADRID,;. April 2S~. ; 


Portugal and IMF near 
accord on aid conditions 


Sig. Moro was kidnapped and BY OUR OWN CORRESPONDENT ' . The Common Market's European BY ROBERT GRAHAM MADRID,; April 21 

five of his police guards mur- PARIS, Apnl ,6. Investment Barik fEIB) h^ 

dered. Three of the nine irR&r*TtoafaT + n vmwth'hv ti-inc granted Itsily kiria worth L'ITTbn. THE MAJORITY of state schools seeking substantial .^unpre 

suspects are women. FRACTIONAL aid to growth by tries. (about $200mZ’ mainly for in- and sotoe private schools ments in tiie quality of- st 

At the political fevel. the main . ro^rvalescent countries-— An alternative course, under dustrial development in the poor throughout .46 provinces in Spain education rind "'pressing 
parties continue to stand firm Bntain. . France. Italy and which only West Gennany, southern hair of the countnr and have been-- seriously, disrupted Government to devote more- 

in refusing to consider anv Canada— added to a larger Japan, Switzerland, the Nether- the island/ of Sardinia. Reuter f or the past nine days by a the education budget to si 

Prisoner exchange— as demanded stmiu,u f ea,;h of 6ve f 3 "®, -Belgitm gave an reports frdm Luxetobourg The scb0 ol-teacherS’ strike.'- schools-, instead of support, 

by the Red Bri-ades-fm- 0 economies would give a signifi- initial stimulus of 1 per cent, of Bank saicf in a statement that - -■ f h ~ a , private' ihstltutiims of which d 

uy ms «en brigades— for r.ne a,.: n r.\n> GNP tn thair M-nnnmfoc whip *+,o irvan Ai-nniH nravide at least Representatives of the.' strike ° I 


*>* t 
' -K.-r.ei 

: -«aa t! 

L.-..- t, 


there has been some sharp (rriti- 


BY JIMMY BURNS 


LISBON. April 26. 


THE PORTUGUESE Govern- 
ment and the International 
Monetary Fund (IMF) appear at 
last to be reaching agreement 
on the conditions which Portugal 
must accept before being 
granted nearly SSOQm. worth of 
Western-backed aid. The Coun- 
cil of Ministers is expected this 
evening to endorse a draft copy 
of ihe Letter of Intent, and con- 
firmation of the exact terms 
agreed is expected on Friday. 

Since the Government resumed 
negotiations with the IMF nearly 
a month ago differences have, 
persisted over the scope and 
scale of the stabilisation pro- 
gramme being demanded by the 
IMF as a condition for reducing 
the country's balance of pay- 
ments deficit, officially estimated 
at $1.475bn. 

Disagreement centred' on the 
extent in the increase in the 
hank lending rate. It is under- 
stood, however, that the two 


sides have compromised on an, 
increase of 5-6 per cent. The 1 
Portuguese Government origin- 1 
ally wanted only a 3 per cent] 
increase; the IMF wanted more 
than 7 per cent. 

The IMF is also believed tir 
have modified its original 
demand that the balance of pay-j 
ments deficit be reduced to 
3800m. during the coming finan-, 
cial year, which runs from the| 
'end of this month to April 1979. 
The target agreed upon is nowi 
believed to be around the Sl-bn.i 
mark. 

There continues, however, to be 
considerable uncertainty as to 
whether or not a sudden devalua- 
tion of the escudo will be 
announced on Friday. Hie Por- 
tuguese negotiating team have 
until now insisted that a devalua- 
tion of 15 per cent, would be 
better achieved through gradual 
downward adjustments spread 
over a 12 monthly period. 


rike private institutlbiw of which dk n i « 

day 50 per cent, art -church DU JJh Q Hi 
. About 20. per cent, of firiftAjJI 


Istry officials in About 20 per ; cent of 

»ve tbe dispute strikers are from v . . P 


Waldheim the UN Sec^ secretariat . states. . ; V^Td '& murii better on {^‘si^Tpp^ Vr ^art.\he Although ■ not Jbe ! W — 

General. His renewed appeal for The secretariat s view tirp.ub- tban nothing, according to the stream a natural gas field in the teachers decided or\ April ISton JJ" 4 ® involving state employ MA y 

Sig. Mores release on bum an i- lished in the latest issue of the secretariat. As a result, the Ionian Sea. a three day strike!-. But they this year, it is the one that 

tanan grounds, and ’without OECD Observer, it shows that g vc vvould increase their tin- RaI erian inflation doiec twice prolonged toe strike affected most people. , In geju fig ; 

conditions, was broadcast on the if West Germany. Japan.. Swit- pDrt5 not only from each other Belgian inflation SlOWS oecaus^ the Ministry of Ecu- wage agreements this year bin n Ea . 

State television service last zerland. the Netherlands and \, ut also from the weaker coun- The Belgian Consumer Price cation, according to Strikere, concluded more around^ - a y. 

oigbt. * Belgium gave an impetus, uf 1 tries, and thus give particularly lodex, haw raid-1974 to iDid-1975, figs refused to budge from ilk ta ,i e 

Some polirb al leaders, includ- per r cot. to their GNP. the so-, strong help to output in Britain rose by 0.08 per cent in April over positiom. • T., strikes. Where there have p «Te : , n ,. 

ing the Republican Party's Slo. called second-tier codniries France. Italy and Canada. March, to 126.30 and is 53 per » strikes they have been; ; *alitr1ft 2 „ J /■ 

Ugo La Haifa, believe that such could also stimulate 'their under both plans, economics cent, higher i ^ ^ artributedhy ? 


Jelopmer 


appeals to the Red Brigades by economies wiihm.t any adverse would expand by considerably ^Tlrusse^^ ^PerwnL iSS\l°n. the to J ^ =‘ i *L | 

name constitutes a degree of effect on Iheir balance of pay- more than the initial additional £ eut « from jBi ussei Is. In ,sel f^a ^ per cenL JJJJWiploM and a more general Kw f:*y 75* 

international political re. og- ments. v stimulus, because of feedback March too radex jtood O Jo [ JDJW. J^^ch^are_demand- \p y t jj e trades union leaded^ • 

mtion for the terrorists, some- 


. March the index stood 02o per tn pay. The teacaere are demand- lh v tbe trades union leaderife ^ U*Sl 

cent, above February and was ing 22 per cent. They argue that kvoid provoking disorders^ ^ ; ™ r -' : > be ail 


crats, of whom Sig. Moro is presi- u should prSl'u “ a“l¥l per justinent would be mcSJSaSS^Sd o7vfed^7- ? 8 Dut ^ tbe 24.°9° 

dent, have already accepted the helped under both models. RnS J Tbfr strike has also become a force. But to-day the Tilts 4fllra 

offer by Caritas. the Internationa) JSShe 2» as This thou ^ h jt Jf«iW still fall short \ian? businS more general ptetfonn for wider operating fully again aftfllM 

Catholic relief agency, to act as Hw W J ,r !h 85 Vi iJ™ of the objectives set by th.e SHH. fff ComiiSSon S?Sd demands for the 75.000 teachers wage settlement had { 

mediator with the terrorists in JS-fSIf 8 -SS, 15,2 OECD. Under the concerted S iMraved cltirato for EEC in Involved in' the strike. They are agreed. 

the Moro cose, but the orrauisa- *M he ? n?in81 aver ^. c action version. Involving most of S?JS P Sd hudSfftS ibZ ’ ‘ • • - - — — : ! . 


been given 22 per cent rises. to a lock out of The 24,000 


moi 


me moro cose, out the organisa- " T. ^ Cl acnon version, involving musi oi dustn . and business for early this 

tion insists that no contact has .™ e . J™}* SivSn* majo r 0ECI ? countries. West J^r. with houShold speeding 


as yet come from them. How- ra ^. ted 10 weaker countries Germany’s surplus would be re- ^ ni lhe main factor contributing 
ever, the agency's West German wh,c h were not in a position to du ced by $3.8bn.. but Japan’s to growth 8 

head. Monsg. Hussler. has now ,alce action themselves ibecause surplus by only about Slbn. 

come to Rome. of Inflation or paymen s prob- French CftT OUtDIXt dOWII 

There are signs, too. that Sig. tents. Thus the econo nies of _ , • « . . French car output in March was 

! Bettmo Craxi. the Socialist these third-tier countno would Corsican bomb blast 5 per cent. S on the March 
Party leader, while holding firm benefit from an export-) e i expan- A bQmb ejt pi oded m radio and 1977 figure at 296306 but up com! 
against any prisoner exchange, sion. as would the res of me television relay station under con- pared with last February’s output 


- yitixc 




NSEA 


Russia ready for milifarg^’^J^ 
co-operation with TurfceS;I'^- sl “ me 


BY MET IN MUNIR 


ANKARA, 


. April 15 ,^ 

’ that-Tc^'/'i f,' V i 

v- Fve 5 ?!. . : 4i » f >r.3- . 


European Institute of Business Administration 
Fontainebleau* France 


Sig. Moro's life. 


""W'W I illUic IW . vuw wvii UU vuoupuiv^. ‘V mj is. n^Duawvuo W> van ‘i\. n j.'.Hnn ■' ji.i m 

valescmt and third-tier coun- Reuter reports from Corsica. fell 7.3 per cent, on March. 1977 • -j ^ Jr* i 5 r> f 

1 — « «A 4 mmi « a nviot fst fha smnof ivfmpral StAfr that Mr K/'PWlt m<iv ha ms 


SWEDISH ECONOMIC OUTLOOK BRIGHTER 


Management and Business 
Opportunities in Japan 


Rise in export demand forecast 


to a provisional 134.002, but com- Chief bf the Soviet General Staff that Mr, BcevJrmay be ms 
pared favourably with a provi- Marshall Nikolai Ogarkov said a subtle shift towards a * 
sional 147,766 In February. here today.- . . neutrellstlc stance or tryit 

n . e % Although, he did not elaborate 


execu- 
tor 


'ftceatre 


Pact conference ends his statement has been - aS 

... „ *, - «> of, invltotinn to Tivrimv » economic 010. 


BY WILLIAM DULLFORCE 


STOCKHOLM, April 26. 


Warsaw Fact Foreign Ministers preted as aa mvltation »Turic«r ^ 

ended a two-day annual con- to- buy^ : arms from • BCOMOW. * £££ 

ference in Sofia on Wednesday by Ankara^ heen stan-edof arm*- **** Aa^?m^ hei 

adopting a joint communique, ments ..since the U-S. ftSSibS alth 

Reuter reports from Vfenni «itart»i;<rf:.three years agOi-.. fwanns butath 

nt rammiinbiiw « spccuiauuiu. peiaiaiec 


-iuioc 


Objectives : A 5-day seminar to develop : 

-understanding of the Japanese socio-economic 
environment and business behaviour. 

-skills in commumcating and negotiating with 
Japanese. 

-abilities to identify ways of entering the Japanese 
market. ... 

- effectiveness in managing in Japan and/or in dealing 
with Japanese. 

Participants Managers who are doing, or are considering doing, 
business in Juan. 

- Executives who are responsible for international 
operations. 

- Managers who realize they might learo from Japar 
nese economic, managerial and social experiences. 

Faculty: European and Japanese professors, consultants, 

senior executives. 

Dates: May 29 to June 2 1978’ 

Place : 1NSEAD, Fontainebleau, France. 




Dates : May 29 ll 

Place : INSEAE 

Working 

language : English. 


For further information about this and other IN5EAD Euro-Asia 
activities, please contact : . 

Professor Henn-CIaude de Beitignies 
Director of Euro-Asia activities 
1NSEAD 

77305 Fontainebleau Cedcx, France 

Telephone : (1) 42248 27 Telex : 690389F 


plunge of the Swedish economy Snied to usi ns full capacity- creasing. month’s special United Nations bT S wMW b<Ta l. .1.^1 ATyr*^. - 

will be halted this year. Although Fiscal policy would have to be After the 2.5 Per cent, decline -3r8* **d iSc?t«Jat factor” for ^arlicuIaS TS ?1EB 

their forecasts differ in detail, more stringent, as the rate of in Sweden s GNP last year— the f ! ^f sed The &t !j* ri9 T 1 Sj at !?J2! the -lmptpvement of Turkish- Turkish Ge Svttinw ■ 

they aqree that improved growth improved. ’ ; , first since the war - J * | tteTfte ^ toSS • : ... . ™ply™n-i«i bo C ’ 

Industrial order books fore- Mr. Goesta Bohman, the Econ- Federation forKees a growth of / ..v the p^—g . «When. I say . relations, I mean m believes uiat Greece kt^Lo-. 

shadow increased demand for omy Minister, underlined that the 0.5 per cent, this year and 2.8 Minister Mr. Stanko Todoroy bur retetiop iq Air Force balar 

Swedish exports, which will start Swedish economy would sail face per cent. In 1979, while toe BUfl,5ier ’ ^ oaoroy - be said- ^ mean military rrela- S JJJ jEmT i ^6ni June T 

2ewte l P 979“ n B«h aT 'bowfren w™"t.w r °in e S iSniXSn topS“S?“l ™r rent- thi SUr ^ HlSaU^Kko.Vs' ^l^am.-bQvevsr. be a 

^“ plos ■ ra ' n, taa b -° ls,d total s? 

tT r^t /T e, rg sr&.2g-.f & 

comes with the revised 19»S-79 ^ yc jmo mode st ■surplus of private consumption declining by Joj? ' a . r ® ! toeaye sroup court- pnwere^dejeg&on. of fiix whfch ^ShSS 5 b L [ g i fen /S jBf 

budget, which raises the earlier Kr900ra ihis year for the first 2 per cent, and private invest- mart.alied ud llulrt to j two ^^r&elVediythePresi;^ 1 ^ ^ ^°tiA 
record budget deficit hy almost time since 1973* re during tbe pay- nienls by 10 per cent— but this ^TtheSed ^orcSare dent anff the Minister of Defence ^OUt^tleast^ redproca 

Rr lObn to ji,sl under KM2bn. ments de ncit to Kr.Kbn. More will be offset by the improvement SJLffkS as »eU*s brm -* SmSSS Mr .£«S kf!' 

(£4.Sbn. i. The change is due to wllt iously. the economists at the in exports. S^wSlnSay Darid cEdS Tbe,^Sit™ie^at a tone when 

the abolition of Employers Pay- Federa n 0 n 0 f Industries aotici- industrial production, the Barcelona. M Guer Turios^Atoerlcan reUtions jv* - ta«fs ' wlto Ma & *1)1 h 

roll Tax from July 1. a decline Djt e a irade deficit of Kr.lbn. and Federation estimates, will stag- 52* .SSLiSS xio Mv££ at a rinmffM the,U5. Congrt^ S, 'J’SSLa S ^ 


~ r .* ^ of tne casque town or ouermca ^ import am . comnoutira 

reduced imports and increased The Federation assumes (hai cent. last year and grow again by dur inp the Spanish Civil War, Is dent' Jihtmy to un. roe i^^] s b-Sovlet relations. 




DiiMMiod «WI* 

C.S wiwnriWB. 


ItfM*. C.S ninKririWB. 
OWM lair mD t** 
pufl at New 



2 "=b:r 





Financial Times Thursday April 27 1978 


OVERSEAS NEWS 


Vorstcr’s Namibia 
decision welcomed 
by mining houses 



BY QUafTW esa. 


JOHANNESBURG, April 26. 



MINING HOUSES operating in Mining sources believe that 
Namibia (South-West Africa) Namibia has enormous potential, 
to-day welcomed the South especially of uranium, which Rio 
African decision to accept the £“ t0 currently mining on a 
Western proposals for a const!- “L?.®?® 1118 ' . w ! i,e 

s * tt,Hneat ia S5Sn“S i. De £\J™^£ 

wiy ' . : . . - - . ' . dated Diamond Mines (CDM1 at 

One senior executive described Oranjemund. and Tsumeb Cor- 
the announcement by Mr. John poration. the copper minion 
Vorster, the South African Prime consortium involving Am ax. 
Minister, as “one of the most Selection Trust, Union Corpora- 
inteUfgeat things that has hap- tion and Newmont' is the largest 
pened here for years.” Opinion other existing operation, mining 
is divided, however, on the like- sources beHeve the uranium dis- 
lihood or. desirability of the coveries at Rossing and Langer 
South-West- Africa People's Heinrich are one _ of the best 
Organisation (SWAPO) giving ore bodies to be found anywhere 
its backing to the proposals. outside Australia. 

While the majority of political , Uncertainty oyer the political 
observers, and many South future is beliewd to have 
African officials remain con- delayed the financing of a full- 
vinced that SWAPO will reject scale project at Langer Heinrich 
the proposals, and indeed Jv _* G 5S! w ?* i v L h ® re a 

privately hope that this will £ ,lot P** 01 is planned but pro- 
h^ppen. the general feeling in 111 implementing the 

the mining and business com- proposals is likely to 

uinnity is that it remains impart- bi i? i swAPfS^Sft/fhe^ 

the Sd^pSdW? tateSSatiSS g^v^tKf wT 

jssg-Srt hSs* fcs^««sy£r sse 

SWAPO participation. Prance and West Germany, will 

There Is little doubt mat while b e tempted to back a settlement 
they would prefer a regime more according to their plan, even 
favourable towards private without SWAPO. because of their 
enterprise, the mining houses need for Namibia's uranium, 
believe that 'even- -a radical Diplomatic observers are more 
SWAPO government would be soectical, pointing out that if 
forced to continue to rely on SWAPO rejects the proposals, 
their skills and expertise to ex- the UN Security Council would 
tract the territory’s two major almost certainly do the same, 
revenue sources, diamonds and aod there would be no UN force 
ur anium . to supervise the elections. 


Australia’s 
inflation 
rate falls 


[By K. K. Sharma, Our New Delhi Correspondent, who is currently touring Vietnam 

A third war in prospect 


By Kenneth Randall 

CANBERRA, April 26. 


HEAVY SKIRMISHES have lias called for negotiations based behind this border, something The province was spared the 
occurred all along the Vietnam- os a ceasefire, withdrawal of that they say Cambodia has not devastation that hit. almost all 

Cambodia border daring tbe past forces, and talks without any pre- accepted. Because of the fight- other parts of South and North 

AUSTRALIA'S inflation rate in week and it is apparent that ten- vious conditions to demarcate i he ing al] along tbe frontier, this Vietnam during the war with the 
the March quarter was the lowest sion has considerably .increased, border. Some talks have beeo border has actually become U.S., but there is distressing 

for three years at 1.3 per cent But the border situation is still held but without success. Both blurred and in most places the evidence that it is getting its 

This means that the rate of in- simmering, as it has been for sides blame each other for the stone markings have been re- share belatedly. Scores of villages 

fiation in the 12 months to tbe many months, sod there is no failure, both claim that the other moved although old French maps have been destroyed, rows of 

end of March as measured by sign yet that it is coming to a does not rea-Hy want peace. From are still available -that clearly burnt out wooden shacks stand- 

the Consumer Price Index was. boil. Should it do so. the tndo- countries which have known demarcate the line. Ing as black testimony that there 

82 per cent. Chinese peninsula would be what war means, and distressing The Vietnamese say that they had been deliberate arson. My 

At tbe Deak of the inflationary P ,un S e d into yet another bloody evidence of this is available in have not occupied any Cam- Vietnamese escorts, mostly local 

sniral the rote was nearly 41 ner war > ending three years of un- Vietnam, this is difficult to be- bodian territory and that -militia men carrying automatic 

cent hiehpr than rhlc ^ v easy peace since “ Liberation " lieve and lends credence to the forcible occupation has been weapons but not in army uni- 

4 ~ 10,TB view, that there is much more done only by Cambodian troops, forms, said that Camb odian 

regular forces repeatedly, made 


in 1975. 

The March quarter CPI result - ■ - rffl - rT th . 

is assisted by several seasonal * s «■**!« 

faetors such as the summer fall tbt 

in fruit and vegetable prices, impossible to determine what the 

rr jsk'ts* ex sm i xtrs 

,o, he official issued « “£“2*SJ! 

The Treasurer. Mr. John P a J«“ Cambodia. It has 

Howard, pointed out today that not as yet led on to a <ampaign 
the latest figures represented the Kg™.* 1 
smallest March quarter rise In SpeaK 

the CPI since 1972. He said the ^ deputv 

J srttX-iWsar 1 


THE Australian Government 
is negotiating with American 
authorities on the possibility 
of developing new inter- 
national guidelines on the 
settlement of refugees from 
Indochina. Tbe Government 
has confirmed the move follow- 
ing the arrival in Darwin 
yesterday of another four 
boats from Malaysia carrying 
49 Vietnamese refugees, and 
the news that at least four 


incursions about 10-15 kilometres 
deep into the province and 
remained there for about four 
days before withdrawing and 
burning down villages, destroy- 
ing crops, and carrying away 
livestock. 

They attacked in strength 



more boats were on their way, 

Kenneth Randall writes. 

Mr. Michael MackeUar, the 
Minister for Immigration and 
Ethnie Affaire, said the talks 
with the U.S. were aimed at 
internationalising the refugee 

re-settlement problem. He said . 

that they would cover ways full division and supported bv ™ readiness, not far away, 
of getting more countries to artillery. So far the air force has ?“ t * he » clearly has been ■ 

not been used, according to my heightening of tension in the 
escorts. In no case - have the P 38 * * ew da J s - 
incursions been deeper than 15 Fighting takes place at some 
kilometres. They usually ended point every day and on most 
with tbe arrival of either the days there are clashes at many 
,B ' 4 So far war has been 


from one - battalion to a *2**°™™ sai l t0 , be wait * 


accept Indochina refugees and 
better co-ordination of settle- 
ment policies. 


Nyerere frees former Minister 

DAR ES SALAAM, April 26. 

PRESIDENT NYERERE of Tan- the former Tanzanian Minister of 
zania to-day freed four, prisoners Economic Affairs, 
who were condemned to death AH four, who were condemned 
for their part in the assassination by a Zanzibar court in their 
-of Zanzibar’s leader, Abeid absence, were detained in Tan- 
Karume in 1972. Those released zania soon after the shooting, 
included AbduIRahman Babu, Reuter 


U.S. and Bonn doubts on 
debt relief for Pakistan 


BY DAVID HOUSEGO 


VIENNA, April 26. 
but to accept 


r 1 5 
* ■ * 


> , 

-- i 


* .» f 

i < * 


>■ 

' •; 


:■ THE U.S. and West Germany option but to accept a stiff 
are holding out against requests stabilisation programme imposed 
. from Paltistan for relief of by tbe IMF as the' price of 
$300m. a year over the next five further borrowing under the 
years on repayments of debt due extended fund facility.iTbe IMF 

to donor nations of the Aid to have already proposed, a tough 

Pakistan Consortium. package Including higher taxes. 

ck In V arHs &S33 

S°SSf.?taSdS,E.n^MW Government estimates 

nntn’thP of a minim am of $L5bn. required 
debt relief programme until the sustain an adequate level of 

S j u C r 0rtUm meeting “ develoSent. ' ' 

eany June. Repayments of principal and 

Failure to obtain the substan- interest to western donor 
tial relief being sought by tbe nations, Russia and multilateral 
military regime of General institutions over the next five 
Zia-ul-Haq would mean that years are expected to average 
Pakistan would have little about BTOOm. if there is no relief. 


M 


Abu Dhabi cuts back on 
development spending 


BY CELIA MAY 


DUBAI, April 26. 


ABU DHABI, richest of the and the growth of the bureau- 
United Arab Emirates, is not to cracy. 

commence any new development But it wiH not mean a cutback 
projects next year m order to of scheduled spending since this 
keep its exepnditure level to year’s budget is about $L3bn. 
about SUjbnL, .the government and last year’s actual spending 
has announced. It also plans to was about Slim, 
increase its budget by only 75m. Informed sources point out 
in 1980 and $250m. in 1981. that Abu Dhabi has already 
The move appears to be aim ed completed or is in the process 
at curbing the process of coo- of building most of the physical 
tinually rising expenditure by infrastructure it needs Develop- 
the Emirate government and thus naent projects In hand are ex- 
it reducing inflationary pressures pected to cost about $1.7bn. 


economic management policy of “hegemony” to this involved than the direct adver- They also say that violence on Vietnamese militia and, rarely points. __ 

Meanwhile, Australia would region, thereby tacitly admitting saries admit publicly. their side has been limited to say tbe provincial officials, of the averted and the fighting remains 

save about $A5bn. in the 1980s that tbe Vietnam -Cambodia ^ few days ago Hanoi issued “driving out the aggressor” Vietnamese regular army and a limited to skirmishes, although 

through development of two border conflict involves much another call for negotiations when Vietnamese territory has fierce battle. they have been fierce and bloody, 

additional oilfields in the Bass wider issues than any party has without conditions. Cambodia’s been occupied. They also claim A jeep-load of army regulars But preparations are complete 

Strait, it was claimed to-day, been willing to admit so far. It reply was that before talks f>an strict instructions have formed our main escort, but it and a full-scale war is very much 

James Forth writes. is common knowledge that China be held, Vietnam must vacate t > e€n 8 iveD t0 border forces not is true that at the fighting line on the cards. 

The exploration manager of i S behind Cambodia. Hanoi is all occupied territories, abandon to cross the border. itself there were mostly militia Vietnam has not accented the 

Australia, Mr. Ken unwilling to admit this openly its objective of “annexation,” and Much of this appeared to be men carrying semi-automatic Cambodian statement amt ha* 

Richards, told a meeting of the despite evidence to the contrary, also give up what Cambodia borne out by visits that I made weapons and light mortars. The nleaded aeain fnr uncnnriitinnni 

Western Australian branch of An official spokesman answered alleges is the intention of form- to various points of the border Cambodians had dug in at a Li.-, ^ 

tiie Petroleum Exploration “ no comment ” when confronted ing a federation of Indochinese in toe past few days. This must point said to be about four talks ar( .imminpnt a nHinrt^5 

Society that this figure assumed with the Chinese statement, states in which Vietnam would be qualified, however, by the kilometres within the province, the Phancm Wthit tha hnrH»r 

a simple inflation escalated although it had caused surprise, be the dominant partner. Hanoi’s fact that the places I visited after being driven back. It was £ L 
price for imports. Esso is a Hanoi’s attitude is that the officials say that they were taken were chosen by the Vietnamese obvious that they were fighting p£l i J/ih i 

partner with Broken Hill Pro- Government is bewildered by the a back by these conditions, which although 1 was invited to choose hard and meant to remain. A ^«?ii 

pnetary in the Bass Strait oil- border quarrel. Vietnam has been they say they canDot accept any point to visit that I wanted, single rifle shot by one of the h ^ 

fields, which currently supply through 30 years .of almost un- because a 11 are fabrications. I asked to be taken to where the Vietnamese militia men brought 
more than 60 per cent of broken war and toe Government Acceptance would amount to fighting was tbe most intense instant retaliation in the form of p 15 ^ 

Australia’s oil requirements. ’ - — - 


Chinese army 
reorganisation 

By Colina MacDougalf 


tbe There is little evidence of the a position of close dependence 
army near the border, although on China. 


needs a long spell of peace to admitting that Vietnam has and was taken to tbe southern- heavy machine-gun fire and Unofficially the Vietnamese 
rehabilitate tbe shattered econ- ambitions that it denies. There most province of An Giang. artillery bombardment that contend that Cambodia's attitude 
omy. But it is obvious that pre- has been no wish to annex Whatever the hidden and un- forced us hastily to seek cover, is the result of internal problems 
parations are being made for Cambodia, Hanoi says; there has spoken reasons for the conflict. The Vietnamese Chaim that tbe and the need to find a scapegoat, 
another conflict, should it break been no occupation of any part of it is due to toe fact that army is rarely called in to sup- The result is said to be dis- 

duL A detailed documentation Cambodian territory, and talk of there is no natural border. The port the militia. They say that content and tbe Vietnamese say 

on the border case is available in a federation was abandoned frontier was drawn up arbitrarily it was only when eight Cam- that refugees from Cambodia 
Hanoi, all of it in support of the many years ago when the Indo- by France after World War Two bodian battalions entered Vietna- speak of great unrest in the 
case that there is no reason for china Communist Party was dis- in what toe Vietnamese say was mese territory on April 10 that country. The Vietnamese 
. . fighting and that it is the Cam- banded and separate parties a policy of divide and rule. But toe army launched a major believe, although they do not say 

military body, the bodlans who are being infract formed in Vietnam, Cambodia they claim they are willing to counter offensive and drove out so openly, that these internal 

Military Commission of the able. and Laos. accept this border, even though the intruders. troubles have forced Pol Not into 

Cen , t f a l. Committee, has Ever since the major skirmishes Part of the Vietnamese pro- it is irrational, provided 
published a decision to run mill- began In March 1977, Vietnam posaT is a withdrawal of forces Cambodians also do so. 
tary academies better, to improve 
training, and to speed up 


modernisation. This is an import 
tant step forward in the struggle 
to increase the capabilities of 
China’s armed forces, and it sug- 
gests that the modernising fac- 
tion in the army is continuing to 
strengthen -its hand. 

The new decision states that all 
military schools should use the 
thinking of Chairman Mao T se- 
tting as guideline, but goes on to 
add that they should “selectively!^*; 
absorb useful experiences of]Y£ 
foreign armies” While studying 
Mao’s principles of “people’s 
war.” they should also study “toe 
characteristics and the laws of 
development of people's war 
under modern conditions” and 
grasp “the strategy, tactics and 
military., techniques for modem 
warfare knd improving capabili- 
ties. of command.” 

This decision closely follows 
another made by the Military 
Commission earlier this month on 
tightening military organisation 
and discipline. 

Training in modem warfare, 
played down by the radical group 
in toe leadership until their fall 
after the death of Chairman Mao, 
has recently surfaced* in China as 
an important priority. Three 
new training schools. The 
Chinese People’s Liberation 
Army Military Academy, The 
Political Academy, and toe 
Logistics Academy, were opened 
in January this year and started 
classes on March 1. to mid- 
March, the Military Science 
Academy marked its 20th anni- 
versary, with a celebratory visit 
from Chairman Hua Kao-feng 
and other senior leaders. On tbe 
same occasion, Vice-Chairman 
Yeh Chien-Ying, second in 
China’s hierarchy, published an 
article, warming approving mili- 
tary science, in the influential 
army newspaper. 


India move over conglomerates 

BY OUR OWN CORRESPONDENT NEW DELHI, April 26. 

INDIA'S RULING Janata Party tion of economic power in a few present danger,” said toe state-' 
has adopted an economic pro-, hands. ment 

gramme designed to split up toe. The sta teme nt goes on to urge- -- The Party argues that splitting 
country's Mg business congiome- those public financial Institutions the larger conglomerates up 
rates and encourage more active with large shareholdings in pri- would make more effective use 
public participation, in private vate companies to take a more of tiie private sector’s resources, 
business. - T — 


•?/j\ (Of®: business*"” **“■ active "role” in stamping out In order to stop the concentra- 

“ * 'Ll' to a 12 page statement issued “ malpractices and exploitation.” tion of economic power in a few 

.• it j[Ji *' by the Party's national ex ecu- “Because of toe concentration bands toe Party suggests that 

i f ]ji *' 11 tive. there is a demand for an of economic power in the hands the number of directorships or jjp 

' ’ end to “industrial feudalism ” of a few big houses, temptation chairmanships wbdch any indivi- 

by which it m eans toe concentra- to abuse that power in an ever dual can hold should he limited. 


Notice of Redemption 

Amoco International Finance 
Corporation 

6 % % Guaranteed Debentures Due 1983 

NOTICE IS HEREBY GIVEN pursuant to tie provisions of die first 
paragraph of Section 3.01 of the Indenture dated as of January 4, 1968, under 
which the Debentures described above were issued* Amoco International 



iieoencurcs uu jiujc xs < v. me nuauf— r j 

amount thereof, together with accrued interest to said date. 

Payment will be made upon presentation and s urrend er of the Debentures* 
together with all coupons appertaining thereto maturing subsequent to said 
dale, at the Corporate Tmst Office of Morgan Guaranty Trust Company 
of New York, 15 Broad Street, New York, N. Y. lOOlo, the main offices 
of Morgan Guaranty Trust Company of New York in Brussels, Frankfort, 
London and Paris, the main office of Banca VoimiHer, S.pA hi Milan, the 
office of BankMees & Hope N.V. in Amsterdam or the main office ofKredietbank 
S A. L uxemb onrgeoise in Luxembourg Payment at any office outside New York 
City win be made by check drawn on a dollar account, or by transfer to a 
d ol lar account maintained by the payees wiih a New York City bank. 

On and after June X, 1978, interest on said Debentures will cease to accrue. 

AMOCO INTERNATIONAL FINANCE 
CORPORATION 


April 27, 1973 


By: Chsnical Bank, Trustee 



The Ship brings home the harvest 


Modem efficient fa rming needs money to invest in the latest 
xnachineiyand equipment 

Ibr over iillyyeai^ UDT has helped businessmen to finance their 
owDy and their customre’, plant macbineiy and vehicles and. to expand 
their operations and profits. 

UDT oflers competitive rates for deposits to other banks, 
business concerns and the general public. 

UDT through its export finance house,is a major provider of 
financial packages designed to help Britain^ exporters. 

UDTfinance can help }T>ur business to grow and become more 
profitable. 

So whenyouneed finanoeyhail theSbip. 

Afiffiyautoorisedbank 

Britain’s leading mdependentfinanceliouse. 



UDT 

UNITED DOMINIONS TRUST LIMITED, 
Sllasicheap, Landonli C3P SBU-TeL 01-623 3020 











Financial Times Tftitfsd^' Aptn ^273928 



JK WORLD TRADE NEWS 





STRATEGIC ARMS NEGOTIATIONS 



for a Summer pact 


by Reginald dale, European editor 


Holzmann 
in DM2bn. 
Saudi order 


wr itc ami the Soviet Union vostok. Those were a total of sea-Iaunched Trident missiles in Non-drcamvetnion: 

LL3- aun LUG SUVWI _ u ___ * iaa - D..k , 4Qn tho ci«taa 


have made considerable progress 2,400 with a snivelling of tf20 the years ahead. 


Philipp Holzmann said it has 
received a DM2.4hn, order 
The two from the Saudi Arabian Ministry 


U.S. position on shipping 
conferences under fire 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


sides have agreed on a formula I of Defence and Aviation for the- EUROPEAN AND Japanese ship- kind, . between the Consultative 

undaw Iiihieh hfrfh n fo I _ t nnftA i _ pm. . — d. 3 1 _ k _ Pl. 2 , • A.. ...LUL 


tions (SALT) which ended in neaasj- - meai w tun n uio pruuucuuu, ni v uiuci wbj. m ™mpieiea wmnn tout years war w meir ngm carat agaausi enunenis, ana u 

M«rauf at the week-end giving But the precise figures are still deployment and range of the But the US. has not given the but gave no further details, the US. Department of Justice’s ties, next month. 

JHQ^LUW “L me wow* •». o ° ... — UmIuf »,h; A k Wnrk. Rilsdsno thfl nPuflsartoWno ihpy ABUT r T1_ n . 


EUROPEAN AND Japanese ship- 'kind, between the Consultative •'no Government, Ul particular * 
owners yesterday brought the Shipping Group, which Tepre- that or- “e-‘ <£Sw- -should 

weight of academic argument'to eents European and Japanese gov- attempt unilateral control of ^ 

bear in their fight back against enunents, and the U.S. authon- liner ■shlppingl- ? 

the U5. Department of Justice’s ties next month. • liner companies ^uS._tpades .£ 

attempts to ondenoine liiier ship. -Copies have also been sent to ■ should ; &e . permit ted, to ~ 
rnnf’Uirfprf in June or July. from wmcn tney wouia appiy. mgion claims w oe a strategic »" u s“h w uwuu wu^ ping conferences. AbeTTS; Congresmen who have . o r gan i se strong conferences, ; 

A number of important issues The Russians say the Americans delivery system capable of “issue technology to lts Tra^p adintfmont aid The academic study, carried Brbu^t' jbrward s Bill to permit pooling of, ships. anfl-rationar 7 
rem^ to be sewed before a are pressing them to accept the reaching the U.S. But the pre- European allies. mae adjustment jUd out b ^ ^ ve Sty of WaS «IOWCTOferences in US. trades lisation of M • •• V 

wperi^ can be arranged between restrictions too soon, not allow- rise wording of the commitment This means that the U.S. will The US. Labour Department Jnstitute of science and Tech- *nd to legalise shippers’ councils •.conference membership -in _ 

president Jimmy Carter and ing them enough time to dis- is not agreed. Nor, more im- not by to use its. allies to get ^ Hy-ga^ Electronics oology, says that last yeart Able ' to negotiate with toe U.S. trades. be . J ; 

Preident Leonid Brezhnev to sign mantle existing missiles. portantly, is its status. r 2 un f!i obligations, out workers are e ^8lblefor special Department report bn cbfr conferences. ; reatircted :imd- greater free- 

the new agreement (SALT Ii). Modernisation and new Moscow argues that the should not. In the allied view, Federal benefit because they ferences Jontalned “errors' £• "Aadflg toe central points of dom given to linen. to otter ; y. 
The "IIcsi stale oF the negotia- systems: The Soviet Union has bomber is a medium-range air- prevent toe transfer of Crmse were laid off . due to nmajad fartp i nc0 nsistfincies, contradi^ the . Justice Department report - shippers dtfcowttB fog. loyalty; « 

Hons is- still not given the U.S. the com- craft and not strategic, and missile whnrina. . The ISffiSjf ? dio tions, unsupported j*Sj^.^iliilleB|e Is whether com • conferwees 

AsErcsate limits: It is agreed mitraents they want on limiting should therefore not be covered Europeans are satisfied with the eq^Pment AP^P rejwrtsfrom very use of quotations 2ier eic«- on U.S. trades have - code.of conduct.and be. sett- * 

rhat the overall number of the modernisation of existing in the main body of the agree- outcome. ad ^ stm f? t prejudicial to its conclusions, -gained monopolistic powers -and .regulatory, - ■ • v* . 

Itate-’ic weapon'; on cither side svstems and deploying new land- meat. The U.S. still wants it to Cruise missile limitations: The A? lt ' Eoes on to arene the ™ used’ ‘ them to hoist shipment •- cMiferenc« sheuldheahleto r. 

wfl he senm 2M below the bwed systems-* key point from be a integral part of the agree- U.S. has accepted that,, in toe J™ Tra*= Act mdudes jo^ « S^JaK^J £.d^to unacceptable levels. offer tori^ve rates wv^g ? 

&rp,sw.3*^5 tSXST rS\ ^ 

a »“■> *» sians ue «“■* sssrs sszrs^sfeXi ess, a - !s 

nvn An>r AU MHAI BAD u/CADAiue be limited. The original sugge^ production and marketing °f ““Per services for coasumecs. by-141 per cent of U.S. attitudes, typified By the 

PS ACE 3M!STflTUTE REPORT ON NUCLEAR WEAPONS tion was that air-launched Citizen Band radios and The new study has been partly ’ But ^according to the new Grand Jury-- action pending v- 

Cruises should be limited to antennas, a Labour Department financed by the Council of Euro- report toe actual Tevenue earned against a number of; Shipowners 

B -a £* * J. ^ — - _ i. 2,500 kilometres, ground and sea- nfficlai said. pean and Japanese National Ship- per container slot on toe ships for -alleged antitrust offences, 

TlilWPF llTVKPT launched to 600 kilometres. owners Associations and .its: increased by only 67 per cent liner services ! to. UA ^trades are ?’ : 

aJliAAJ.CM.A T llv t ? VA A/* A/ This has now been modified. Tr ans form er CQliiDmt. presentation in London yesterday- hemmsA slippage on published inefficient,' high-cost and; over 5 

v The proposed agreement is that M i*«,hi c hi «!«,«* was backed by a number of lead- rates. Using shipowners’ cost tonnftged.- - ••• r .. 

bv n*wi-» picui nr it science EDITOR ' the range limitation .of 2.500 Vmhn infi siti P 0WIlers - Fret AJastail figures; the report says that in If the authorities succeed-in , 

BY DAVID FISH. LOCK- SCIENCE ED1TUH kilometres should apply to *. Couper. one of toe reports S^Sriod. toe line/coste per banning confermicK, ,the report V, 


»T DAVID FISHLOCK. SCIENCE EDITOR ‘sh^ld™ ap"i.y~S A^- t. oSa^T^nt^Si ^SS iS ST’&S^JSwS uSnlS ^SSSS^.3^SSSi H 

THE LATEST d*,«lopme.u i« be .counted ^ miltaw Htellltn. a. »»,•««« SL. 52f“ -•fi-L SSt &MTSmS U K KS25J" 5 


THE LATEST deuflnpmenis in DP Ciuaiea 7 uihjwij saLBiiun, an V^iuwc uiim-*™. j V I iriPTif inHndinn Iwn Rnn Ollri tv ‘-t™"’ hh/-b sure, wcmuiug ^ 

T ■ r. « nr,™ • r* riJstahilisme says the Institute. and nuclear arms is being nar- launched, for testing and Ae- 1 JJJJ* ,rSfnlSIl»3 WW «2itlS! in dependent of the influence of Increased by 64 per nent, giving culminating : .ln domination 0/ , 

nucwar .vejpons jre des,ub using :. TbL . DUS aii e would oot only rowed by new non-nuclear velopment purpose®. It is onlyj ^ interest group. , - only. ' a small and reasonabld the trade by a .few. large oom* T-- 


marajhL panies, which would, be torokep ; 

’ The- research team’s main up - under antitrust rules, creat- 
recommendations are: mg further fnstebility. . , c'-\ •■. 


ana aisarrujmem issueu U) ‘ U1 - out wuuia «»iau acuuua*j I uu.K“ «»«,. n. uuvmw ..W. Trfioran hv asrlv IQSn 

Srockholm Internauonal Peace cate tbe negotiations of future sive contains ethylene oxide. There is still a major difficulty ieu eran, uy eariy mou. 

Research institute (StPRI). strategic arms limitation agree- which when released as 3 gas over how the range is to be 

The most dancerous develop- meats just as the Cruise missile burns fiercely without need for calculated. The U.S. wants an ^udan defence radar 

merits in nuclear anus, the Insti- complicates the current negotia- oxygen. The blast-wave effect of air-launched Cruise to be able ug Defence Department 

tute says, include the continuous tions of a SALT U treaty,” says one kilogram of such a substance to hit a target 2.500 Kilometres h notified Congress that it 

improvement m the accuracy SIPRI. can equal five kilograms of TNT. distant- The Soviet Union wants intends , n se ij tQ Sudan six West- 

with which they can be delivered. The enhanced-radiation weapon World military expenditure the 2,500 kilomet res -to apply to {nBhnilca , ir rt0 f 0nn , an^ 


with wnich tney can oe ocuvereu. The enhanced-radiation weapon worm numary expenouure « inghouse air defence radars and 

improvement-' in mobile, land- , t be so-called neturon bomb last year was about S360bn., says the course^ the missile actually SmlailoM MuirawS tor 


Bell cleared over Arab boycott j erse ys 


BY VICTOR MACKIE 


OTTAWA, April 26. 


improvement-' in mooiie. iano- ,the so-called neruron 00m o msi year was aoom mouod.. says communications equipment for 

based missiles, and miniaturised whose development was recently toe institute, of which toe NATO to* 10 ]? 8 ; Tb,s wtru ~ i reduce ito aQ estimated $71m. Congress has PRIME MINISTER Pierre tions. the Prime Minister told mons whether the Government 


H-bombs, including the neutron delayed bv toe U.S. as an over- and Warsaw Pact alliances effective range, asCruise mis- . disaoprove 8 Reuter Trudeau Informed the Canadian jthe "House. ' - - • • had investigated. . . .. . - I-. 

warhead. lure to the Soviet Union in the accounted for about 70 per cent. »I« ■ not fly lines. K u from Wa rhineto*n- Commons that the recent $1.1 bn. . -He said there Is a requirement The; ExporrDfevriopmept Cor- 


warhead. ture to the Soviet Union in the accounted for about 70 per cent, sues ao hot ny m srraignt nnes. reporls rrom ^ashingtoi 

The Institute cues as particu- countries' arms lim'ltation talks! and the Third World for IS per Len P? L . or protwii. it is 

Jarly destabilising -.uch arms as is an H-bomb designed as an cent Measured at constant the protoco] wouiu ...... 

the mark 1-A warhead for the alternative warhead for the prices, and taking account of in- * as * ‘ or 4V r I , re t v Hr’ *OKyO CXniDltlOll 

U.S. A2inulcinan-3 missile, a Lance surface-to-surface missile, flation. arms spending has argues that the three years be- y h pjjy of ^Vesl 


U.S. Mjnulcni^n-3 nu^sile. a Laoce surface-to-surface missile, flatlon, aims speDding has wguea tnai ine inreeyears oe- y^ e city of Westminster officials who concluded that It ^ applicants but there is no pro- $Llbn. deal. It iHTO.lveS: a 

370-kilotonne weapon with a The institute says NATO plans doubled in real terms over a “5 Chamber of Commerce, with the does not discriminate against tfibition against admitting people tracthy Bell. "Canada’s BUbsidlary.i 


agreement between Bell Canada in . the Saudi Arabia visa'docu- poratidn announces ’ last .week 
and Saudi Arabia has been. mentations for an indication of that'' it would insure up .to S0^ij4''/D 
examined by Government, toe religious faith of the per cent of Dell’s 'risk in' the 
officials who concluded that it applicants but there is no pro- $Llbn. deal. It involves: a con*?'^ • ' 


toanesc 


“circular error probability of to deploy In Europe 92 Lance period of two decades, th insti- * ine soviet : union says su pp 0rt Q f t jj 6 British Overseas Jews. of certain reLigioue -faiths into BeLI Canada International, ' ■“ 

200 metres. Another is said to launchers equipped with missiles tute says. wi't Trade Board, is sponsoring a In addition, he said, there is Saudi Arabia. provide some 500 experts to tifttfu * 

be the land-based mobile inter- having a 130-kilometre range. ^ total of 133 satellites were w cirT- nr- group of British companies ftom nothing in the agreement or conr! Herbert Gray, a Liberal MP, Saudi Arabians 'in the operatioB.c.;.-.- 

comincmal taltetie mtoite The pew miniature H-bomb ^toe Iaunc h ed in T977. of which 95 ‘ n ' _ r £® r t e “ ^ a f h r ! eI ”^; the combustion and heat treat- " ' ’ ^ 

(ICBMi. such as . the U.S. M-X institute says, would possibly were military— 82 from the gS-. 11 “ „2™{. X U,® , v n ^e raent equipment industry to _ _ . _ „ ^ 

system- which SIPRI says will have the same capability of kill- USSR 12 from the UJS., -and one c exhibit at the British Export Arabia. . }BeD's recent contract with Saudi Fairweatbrir, Commissioner efr--. . . ... 

probably carry between seven ing by radiation-neutrons and f rom NATO. The U.S. according „ e 3“ “ Marketing Centre during Decern- The contract has been Arabia was apparently accept- the Human: Rights Commission;. ,., rt 

and 14 200-kilotonnc manoeuvre- gamma-rays- at a given range as t0 , he slpRI reportf ^ iu« e stigat- w T i22 1 * «5»Ki5 »« b e r 5-9- 19™- examined by Industry, Trade and able, since the Canadian Govern- in Canada, Mr. Gray pointed ohfc; ■ *" 

able re-entry vehicles, each with an A-aomb of about five times 4 n0vel ways of “Killing** s „tel- V / — Commerce Minister Jack Homer ment was supporting it through that recruiting f or : toe work “-te - . ...... ' 

n oirmihr nrrnr nrnhablllfV fif iho PYD 1151VP nnwp.f “Peoole « - T Dfc 3,tiy SpGCIuC rCtCrGHCG to the — — w . - ■ ■ % a DaII mma nA«fAlnnmant Tnbnr. Caurll A mK ie urae nlrrinflir umlV =- ' ■*' 


and 14 200-kilotonne manoeuvre- aaroma-raj-s— at a. given range as t the erpRi renort is investinat- « Z, 01 ra ™ resi neaonaun? b M ig78 

able re-enby vehicles, each with in A-bomb of about five times novel way^7“kUlto?saml- J reedora - Th e ere g .nnlikely to 15f _ 

a circular error probability of the explosive power. “People ffJL fj. eSSnle by aiming ira ?- e , an T SpeCl6 f C re P feren « to the 

only a few tens of metre*. could be incapacitated by radia- SSm to SE etoS inclusion of forward - based H.K. a i 

The M-X missile, whose deploy- tion from an enhanced-radiiation or h cSoowered systems, weapons stationed in ^ poten . 

ment was requested by the UJS . weapon at distances at which ironies, or by using hign powered or almed at western Europe, I0 Bri tisb ex 


mem was rtqueaieu uy uii* ujs. wenpuu aw ummutcj <u »iuv« l a e«rR 
Air Force last October, are to blast and heat effects were rela- 


though that 


be installed in tunnels 25 kilo- lively sro all." 


metres long, so that they cannot However, SIPRI also says that and Francis, £18- 


•SIPRI Yearbook 1978, Taylor they will be excluded from the was stresfiet j in London yester- 


Government’s boycott regula- Minister on Tuesday 


next round. 


CARTER’S $25BN. TAX CUT PROPOSAL 


Opposition still unyielding 


BY DAVID BELL 


WASHINGTON, April 26. 


THE CARTER Administration is ' The President coupled his sup- part of the proposah at least 
lobbying hard in Congress for port for toe cut with calls to Mr. Miller couched his objec- 
its proposed $25bn. tax cut but Congress to act at the same time tions to the size of the tax cut 
toe scheme continues to encoun- on his tax reform measure which in far softer tones yesterday 
ter such opposition that it is would raise some $9bn. of new while answering questions after 
unlikely to emerge from Con- revenue and which is in very his evidence. He agreed that 
gress in its present form. serious trouble in the House the economy needed careful 

Mr. William Miller, toe chair- Ways and Means Committee. watching and that it was impor- 
man of the Federal Reserve, who Mr. Carter was adamant that tant to provide business with 
has emerged as a leader of the the reforms must go through and fresb incentive to invest — a key 
group urging -that the cut should he cited polls showing that element in the Carter tax pack- 
he scaled down or delayed for two-thirds of the U.S. people ®E e - 

three months (it is due to take approved of them. He also pro- But be suggested that one way 
effect from October 1), told a duced. as an example of current to do this might be to recoin* 



was stressed in London yester- .■ *'■ c 

day by Sir Murray MacLehose, 1 . 1 ■ ' ! • 

Governor of Hong Kong, epeak- . t .. 

iHwi Japan-Brazil aimumwmrited 

attention, British sales to Hong 
Kong would be much bigger than 
they are," he said. 

Last year U.K. exports to 
Hong Kong were worth abouf 

India, rwchlbtiils* oV ber^x^rts National Aluminium* Companyr, supplies' from the .new Tumnii Production of altimina Is. dnC. ' ' r ' - 
to Japan and four times the (NALOCCO) have reached an hyxiroeloctric sheme to be bUilt jto. begin - in 1982, '.UirfL o^. . 

worth of exports to mainland understanding on their ■ ioint. onJI^'Tocantins River. aluminium in 1983T Tfie projert - -7 _ ; 

P.hina T nmpc MnnnnoM wmnrte atumlna/akiminium venture. until erv recently there was will make Brazil self-sufficient trr. 1 -"-er rh? 


BY DIANA SMITH 


RIG DE JANEHIG, April 26. ^ 

al SX4bn. investihCnt rOTexSe^.^;, •! V, ; 
earlier refusal; back ■; 

ature. - :-' : Z 7. r 

nF lilfiminn' le.iltiif" ■■ ■ ■ LV-iSTlJi 


China. James McDonald reports, alumina/akiminlum venture. 

1 1 The formal agreement on the 


Swiss clothing 
exports up 


Aibras (AIuminiumJ/AIunorte would go through. It was held to imports of some S20®n. i yrilr—' 
(alumina) complex i^expected to be overembhious (with an 9 Three -Japanese hanks - 
be signed within rhetoext 30 days, initial production . target - of Dailchi-Kangyo Bazik, Bank . ai r - 

mmn ><■ 1 ~ ei > «... mum . *_ ooft Ann ' _sJL.it* I' 


Mr. Henry Ford 


: StgHfU WILUIU [HtfiiCAt OV ua/o. Jiuawu ^wuuvuuu ' vs L/aUVOJ-JVtmgJU UiBUA, rw # 

CVRD will have/a 51 per cent-, year^-nowv halved -,to 320,000 Tokyo and- - Jong^ term' credit k nit-H n 
and NALCO a 49/per cent, share tonnes) rnvtt ill-timed *,in view of hank,' hhve agreed -to arrang^lvCIill II 
By John Wicks in Aibras and ii/Alunorte, CVRD 640,000 tonnes of alunmtium a finance worth 8700m. -of tin 

will have a 60 per cent, share and serious aluminium overstocking 52-Bbo: budget fop= the TbS^raiinr. 4^. TX 
ZURTCH, April 26. NALCO 40 per cent. in Japan. t steel project in Brazil's EsjHriUtiy JUl i 

EXPORTS OF the Swiss clothing Output wll; be diveded on tbe However, once a more realistic Santo State! *■ 

industry increased in value fay same proportional basis, and the target w« -set,! the Japanese The Tubararn "project 
14.4 per cent, last year to Japanese share will be distri- partners agreed ttrraove into the national joint venture ehared hi ? = ^ 

Cu/ iTrc UCm q «hi,J n r nil . ‘. j ' J 7. _ M Cnnl nf L /BV n.. •• • . I, 


Senate committee yesterday that inequities, a surgeon who re- mend a range of specific acceler- [ 
he thought the overall federal ceives a$14,000 tax deduction for ated depreciation rates. Und^r 

deficit should be held at S53bn., his yacht because he holds meet- his suggested scheme, which ftk'VltOVil Vfl Federal Germany and more than 

a S7bo. drop in toe figure pro- ings with other doctors on board, would require new legislation, / ■» # .* a fifth to Austria, 

posed by the Administration for “Most Americans don’t have a business equipment would have fci|2'|Tl(r The incr «ase was due partly 

the fiscal year 1979. yacht and when they go for a a five-year depreciation life, plant till VI l J K SJ'JI J iLk V- to a rise in average value per 

“ If we send a signal loud and small pleasure ride they can’t would have a 10-year life and NEW YORK Anrii item, export volume having risen 

clear that we are reducing tbe deduct it” he said. such structures as office buildings „ t-nwn »! fJLL, by only 5.2 per cent. Contract 

defioit, then everything else will But this reforming zeal and a 20-year life. ttm tunir aioior cnairman, production abroad declined signi- 

fall into place,” Mr. Miller said Mr. Carter's belief that toe Mr. Miller also argued that the Rlr - “P nr y ror d M. has been ficantiy in 1977, due to the almost 

yesterday. But tois signal is economy wilt need more stimu- country was " over the bulge” accused In a suit filed in (he complete abandonment of such 

clearly not yet being received lus by the end of tbe year is cut- in the enormous number of new Manhattan Supreme .Court . contracts with Romania, 

in the White House. At his Press ting little ice on Capitol HilL entrants into the work-force, par- accepting a $750,006 bribe. TDlaJ l uraover, according to a 

conference yesterday, Mr. Carter Mr. Blumenthal, the Treasury ticularly women, in the past 18 Thi* mit. 'which rha rend 1 hat survey by toe Union Bank of 

once again made a strong plea Secretary, who cancelled his trip months. This suggested that “ », Switzerland, rose by some 5 per 


Henry Ford 
accused of 
taking bribe 


Sw.Frs.546m., a l 
foreign deliveries 


NEW YORK. April 26. 


third of all buted among tbe 32 companies final 
thnt makp fun NALCO. Braz 


going to that make /up NALCO. BrazU’s Ni 

more than{ *rh e Aibras/ Alunarte complex Development 
will be located near Betem, in for a: ^I13m.' 


: ■I'lUStrj* 


ficantiy in 1977, due to the almost 


Iran pipeline contract 


BY CHRISTOPHER BOBINSKI 


WARSAW. April 26. 


LNG contract 
confirmed 


.-A Si! s 1- 

•r;;i - .' . " u: thCf 
e - ve tow 


V Mf.d.-v,. 


TEHRAN. April 26.' 


turnover, according to a _ ,, A SPOKESMAN for »:.**'• jr, ' Tjj 

by the Union Bank of THE Polish company Energo- long^ pipriine from the Gulf to lferiiaD G as Company other 

and. rose bv some 5 npr pol is to participate in the con- the Soviet border. Work on Other confirmed that- agreement- ha.^'Pnient ra ‘ 


once again made a' strong plea Secretary, who'canceTled huTtrip m'onthsr This ’ suggested that The suit * wbicb charged that g^itrerland. rose by some 5 per PO* is t0 participate in the con- the soviet border, work on other confirmed that- agreement- (iirecr^^ 

to Congress to pass toe cut, say- to Europe this week to lobby unemployment would probably company assets had been cent ( 0 about Sw.Frs.2.2bn.. pro- some tion of tbe third sector of sectors, is being done by Soviet betn reached ■ with- Nbrw^J u .-.tO 

ins that without ths tav reiinis fn«- t>in tav nlan ic lunrWno ViupH rtenn tn n hnn* s 75 nw hv I wasted, was brought against j duction volume having expanded the Igat 2 gas pipkme in Iran, ana Italian companies. (Kvfaer her group for the construe tT.-i 


ing that without the tax reduc- for the tax plan, is woriting hard drop to about 5.75 per cent, by 


Kvaerner group for the construe T . 


Caribbean 
integration 
‘under stress’ 


DC-10 tyre bursts to be 
investigated by the FAA 


damages, the return of Hr. per cent, to Sw.Frs.165m 
Ford’s 1977 salarv of abbut . 

£992,000. 

The suit alleges that, despite GULF RETAILING 


thirds- 


By Tony Cozier 


BY JOHN WYLES 


NEW YORK, April 20. 


company officers, it was Idea the total Swiss consumption. IRA. by companies from the Comecon denial this week of a firm cm ^uUx 

on bebair of four children who © There was a marked rise in Half the contract work will be countries (Energopol among tract, which wits' described* 

own stock in the company and Swiss furniture exports in 1977, done by Energopol, starting in them) and which is to ran from as more than a letter of itftentujfl IrifY 

seeks, in addition to S5flm. Their value increasing by 27.5 June for com pieti on by 3980. Orenburg to the Soviet western Financing is thought not rails' Qfirt 

damages, the return of Hr. per cent, to Sw.Frs.165m The sector is part of a 1440km. border,- have been settled yet AP-DJ„ ® **l'*r' 

Ford’s L977 salarv of about n ... I r . ... '■ _ * 

$992,000. 1 ' ' “ : : ^ f !^-E :' T has i 

The suit alleges that, despite GULF RETAILING . •JhE?* 1 *. * to 

a policy of competitive bid- - hi- 


a policy of competitive bid- 
ding, fllr. Ford extended, to 


THE U.S. Federal Aviation aircraft tyres would be required c * aD,ee ° Corp. an exclusive 


1 


—vjpvs Shaikh Ghanim’s new : suttq.:ppeffis,^ ,: :23 

In Detroit, ihe Ford bice- > Bt W . ' ij? 3 » 

0 aircraft following a num- Continental Airlines DC-10 on president and general cmfwel, BY DOfNA THOMAS fj, 1 -? v anted \q h 

•°LS Ci ?t C1 5S25« ir a 2? SZTflKiSlJft'Sf Aw J5a this WEEK an SS.5m. new super-She is not going to Wink at pay- will be toe • principal supplier London) but when the women* S"?* 3 . ;T1 

\° s Att ^ des **' ?5 “ Sf *S?f2 Suhi TniSnif ^nd SLtoJ. store °P ens in Doha * ra P ,ta L^ f in & a doI,ar £or ranncd fruit or and U is planhed to brin^ the. the ruling- 'family, o> 5™“^ h. 

“JS"? * e * d *ln h J l ffJ*H aJils? id MW Sit- the the Oil-rich emirate of Qatar. The S5 u pound for fiUet .leak The goods to Doha by chartered DQS tog merchant houses, wish' C 

Doha, capital of toe oil-rich fact that the goods are available once every tQ-days. A single boy jewellery or dresses, the rii! K 

emirate of Qatar. The Doha at all outweighs the price issue. DCS. charter might cost as much taiier make* sure there are- thn it 

centre can take its place among and that everything can bo bought as $80,000. It : can cany- up to other customers in bis shop.- jj, !. ‘ , ' i,, */Xeat ic 
the most modern retail com- under one. air-conditioned roof. 40 tons. - To Cater for these wealthy aF^il am m 

Plexus in Europe or the United The Doha centre has been buili Bharat Jashanmal chose Ameri- J^ually free-spendin K ladles. tO nr 10 v 

States. But the economics ol tbe f 0r a member of Qatar's ruling can . suppliers : because- .their . Doha centre - - has a specir^ ^. ;i . * f "viron- w 

operation would make the aver- family. Shaikh Ghamm bin Ali range Was more extensive; their covered ladies entrance, direct-^aj ’ ,^ : **:n or 
age Western retailer blench. aI ThaIll and ^ m:<na n e ri j, y availability of goods better; and accessible tartar.-- to lead tl - ove- 

Everything sold in this 80,000 Bharat Jashanmal, a third- toey showed more interest than women straight into a sitting :r.\ Cs -.. - 

sq. ft., fully air-conditioned store generation member of the sue- the British, traditional suppliers rpom-Dke .Mies area with samp __ 
will have to be Imported by air cessful Gull departraenivstore- t0 the Gulf states. ■ • displays of the go^K availabl.j^v^ ^ ''-I’-i-.n;© ' 

or sea from Europe, the U.S. and owning Jashanmal family. Th& Senior store staff, however, z* les assisLants .wiu fetch fra. ir-ur. • r ‘: r, U t _ . 

the Fur East. Jashanmals own 10 stores in toe were ./largely recruited ' from store whatev ' i^^ -- nn-.j 


n ^ N ' A S nl 5;- Administration (FAA) has set to bear with safety. whewnot* u» nn.vioe io«« «.« 

RESTRtCTiONS on trade wnhm up a S p ec jai task force to investi- The Board and the FAA have beverages at various Ford 
the Caribbean Common Market gate me possible causes of tyre been investigating the Los offices and factories. ! 
(Cancom), because of tight hursts on the McDonnel Douglas Angeles crash which involved 3 In Detroit, the Ford Ficc- 

fc reign ^ e controls, DC-X0 aircraft following a num- Continental Airlines DC-10 on president and general co upset, 

created considerable stresses jj er 0 f incidents, including a which two tyres burst as It took Mr. H. R. Nolle, said thaj- toe 
and strains m he regional mt^ fatal - crash at Los Angeles air- off in the rain. The aircraft ran 

f2?wi.n SSL™ J* itaSE p° rt on Marcb i- off the end of the runwa y and 

MVS b m its annuls report B p?£ ^ to w^ch two people caught fire. Two of the 180 pas- 
says in ip annual report, pre- killed and 50 injured, drew sengers burned to death. Con- 

SSlg Vtoe Board C of covef- attention to a problS whSh had wrn about the tyre problem was 

meeting of toe Board of gover been a n^ber of air- heightened hy the fact that, on 

'rvi* Mnn ,( nntnr tv,o lines for some tune. Although the same day. another Conti- 

*• n^ablc P Sceptfon^of r Trffiid^d «) statistical evidence has been oental DC-10 had two tyres burst IJmQjj mj)Ve 
and Tobas?" thi fiscal situation produced to show that there is a w it was tawing Honolulu. A tJIUUlI UC8U VC 
KtS mentoer coumries t**etaer incidence of tyre bursts PtoJJPPine Airlines DC-1C icany- iWf 

onntin.iL r« on toe DC-10 than on other wide- 61 passengera and a crew of fflay Hit 


bodied alrcrafL&ome administra- 15, had eight of its 10 tyres buret, . , , . . 

SntonfbudgeUii^eficlS in tion officials concerned with air- HonoIulu|aiCl deCISSOQ 


S3 TSl th fTSJSSM believe that there « April 12. 

counties in tot Wtodward and a re sufficient grounds to justify Honolulu and Los Angeles 
Leeward Islands, and in three of remedial action. require aircraft to taxi for rria- 

toe more-developed countries, “We believe there is an tively long distances and it is 


By Our Own Correspondent 

NEW YORK, April 26. 


NEW YORK, April 26. The population of Qatar is Gulf from Kuwait u> Rjs ai Britain, - including, to toe grwt inspect- ”c m&i. r 

A CONGRESSIONAL decision about 180,000, roughly half in Khaimah, and the Doha centre, exdtement of Doha’s young men,^ ’ n a r ,r o»d S 


me vvw.ui«, -- ------ ---- - - •• « A tiurs fiKESSl ON AL decision aooui xw.uuu, rougiuy nun »h i^u<uui<wi, sum me uoua centre, u* uuujo uiw, ann ^ ri .„. V 7. 

Barbados, Guyana and Jamaica, urgent need to do something now thought that the consequent on the question of future fiuan- Doha and including about 40,000 known to Doha’s cabbies as IS salesgirls for the cosmetics, conces sion ■ .to tradition in ti<s. «e : v r « a 
Those three also had to deal with buUd up of heat on the walls ot rial aid for New York City may Qaiaris. Those 40,000 admittedly Shaikh Ghanim's new souq, will clothing,- jewellery and . Other 5S!«i,?!5SS ^ ** 


fntnTfied' S tyres wbich « ^ *«l be W b > * trtns ’ 


uXSr& xZXSttJS:' 55-”W&"SiS vHTSA Jt the required pmn may g«J r2Tta5fi TS^JS 
The report adds: “In Guyana mg. The Board chairman Mr have contributed to the failures. J"! nav srtiiXpnt which 
and Jamaica, foreign exchange James King, wrote to the Federal The two tyres on the Los Angeles S B Si a S «S2w 
became the scarcesj factor of AviaUon Administration earlier DC-10 were of different makes, TL "“J rf vint , b 

production, and its us e had to thre week expressing the Board s suggesting that the faults may “"fj 

be severely rationed through the 1 grave concern over recent not tie with the manufacturers. p ?5... p 5,, p „ a .. 

imposition of tight foreign ex- Incidents involving the DC-10, American Airlines, a major add *,° n ,®; P^ odu riivify W- 
change controls and qualitative and urging that attention be operator of the DC-10, has asked ? "L ’j a L Wen nm ^ y 
imparl restrictions of such given to imposing limitations on the manufacturers to Install a de *?„ 7 " any 1 

stringency that Import of non. speeds and distances which air- tyre pressure gauge on each 
essential goods from other ^aft may taxi, and to setting tyre so that pressure readings JL, 1 u 

Caricom countries were severely standards for -re-treading of may be easily taken. The first SSSSIt 2£» 1 
reduced from their 1576 levels, tyres. , c. of the aircraft bearing this mod- SS? n d I" heSn 

These restrictions, according A spokesman for the FAA con- ifi ration was delivered to .Ameri- ° 

to toe report, held back the firmed this morning that a spe- an . Airtincs about a month ago- c0 “ n,ea yes ie ™y> • 
nrfvanep “towards nmrp fnnda- cial team had been set up after 7 : -:.LL “ cottld he a month nerore 


per cenL pay xtsesv.and 
additional productivity pay- 


be- farther delay V u by a trans- have an estimated per cauita be the first operation 
port workers* union move tv annual income of more titan the family has no finar 
hold a new hallci on its two- $11,000 but their society is as con- It has a pure manage 
year pay settlement, whieh servative as that of Saudi Arabia, tract wtth the fee relati 
was negotiated recently. Qatari women are seldom seen over and profitability. 


The proposed deal, giving 6 shopping The cruciform, single-storey 

.. nn n f n ... ami Thp. nripntiilinn aF r!if> <tnrn is ppntrp will parrv thn uma >~>nn^ 


The orientation of the store is centre will carry the suie range SS^Si.'SS^SSS?^- — 

towards Western expatriates, who of goods as toe Jashamnakiwned ^Structii 

cannot miraber many more than departments tores elsewhere in J&JSSSS!? J 


13(005, some or wooni were ***“• 'ir'"- ^ v-n '-”Tv V, w 

departmental manageresses -.to ?n^ built by Midma c Contra.*^ -n b ? jy 

Sa.' . under, the ghtientlsibn.r . “15 Rlv 4 jg 

2 girls., -have been; on- An- hcahtity surveyors Langdon *\ H»»n % 

station course organised by' Every. " *• - - ; ‘ L 1 . * ^ 

, the Beauchamp Place Construction took a tittle-ov'F Hj _ ^ 
i sales consultancy, to pre- a : ^wr, and-.#he jtgntre'was ®» j\/T ^ 

them- for life in Doha. and. pteted- virtttaJTv on time, gfye | « -1 v f 3 f* 

tfresh - , their, merchantoing- takea-few- weeJm^Hilnormliwrtfj*. » 
lispiay . knowledge. . : (teelf in .the Gtilf. 1 SCfl 

ier- members of toe store’s" ^The idea ofJa’manaEement cc^Af i . / I 

VnW.WbflH rri/icflv' m n ridtarf fmn*- nnarfftinri’ IX'.lt 


Constructtpn took a little- 


which was due to have been 


rf-iStt '.'AW, 
-.K j 5i 


advance “towards more funda- cial team had been set up after 


mental tasks" facing Caricom. the Los Angeles crash to review •ijmV '-j* KRckumli 
It listed co-operation in agrlcul* toe certification of the DC-10 YV|?fil?iing-fniiTSDlJrgil 


the result of Ifae new ballot is 

It listed co-operarian in agrlcul* toe certification of the DC-tO ^uccimg-t uuvuigii known, and (his. may imp^c a «* w wuna -•« «««« «*««»« « 

turaj. industrial and mineral and to investigate in particular Wheel ing-Pittsburgb SteeJ an- further delay on negotiations centres operations. The second the West .Coast of the U.S 5 

Droduction and marketiPK landing sear and tyres. He said nounced a first quarter loss of f or a new contract for the ™ l the average expatriate four-fifths of the 8upermai*i 

development of a resin.® to pro- an order was b«ing drafted to SlK.lra. compared with a loss of 225-fiOfl New York municipal shopper in Doha, as elsewhere in other goods will be American, 

mote iQdustriaJ specialisation, increase toe weigh! loads which 518.8m. previously. workers. __ toe Gulf, is not pnce-sensuive. The American Tradewell chi 


a private. 


workers. 


Qatari women .do not a* a 


|toe Gulf, is not price-sensitive. The American* Tradewell chain shop in. public (eirept 


MW. iiwMaiuim.'wtn, www a V ''CdlfiV 

rule interest thah they did Ixrff 1 
tir Doha venture^ • • *• ^.\n! e ‘. * ^ 


* 0 ctjj 





Financial Times Thursday ' April 27 1978 


HOME NEWS 






% 


members asked 
for cash payment 


Frei gh t Corporation New London evening De Beers 

triirip nrnfit ricpc newspaper project imposes 

U (HI- V BJJ. vIJ-IL A £** 4 - rkilvrrkvt/h/vil 


bovij J 


; ’ - BY JOHN MOORE r " 

- '\£ MR. FREDERICK SASSE, head 
underwriter of suspended Lloyd’s 
'V syndicate number 762, locked in 
a- $13in. claims' row with a 
Brasilian reinsurer,' has written 
* to the 109 members of the -syndi- 
gate asking for a cash, payment 

.The letter, dated last Friday 
V andrignedby Mr. Sasse, explains 
■ ■■ ,. that claims, are so heavy on the 
-■ . property insurance contracts dls- 
Sited by Institute de Resseguros 
do Brasil, the Brazilian re- 
v insurer, that “it is necessary to 
.,V. ask for a preliminary payment." 

• ■ ■ ■■- amounting to "f 10,000 for each 

£40,000-. premium limit alloca- 
non.” Payment is requested for 
. :\ m Friday, May 1®* 

■' Mr. Sasse tells the underwrit- 
. ing members' that the dispute 
- * with the reinsurer has not been 
'' r - ; resolved, and that the . claims bn 
-. the -1^300 property contracts are 
■>,*, “ causing a severe burden to the 
“ • . syndicate. • •• 

“The Committee of Lloyd’s 
: i-; ; asked the syndicate auditors (de 
Paula Turner Lake- and Co.) to ■ 
carry out a preliminary asaess- 
' meat of the open years ■ audit 
'■ ; position, and the figures arrived- 
from this entirely, preliminary 
calculation were as follows for 
L a share with a £40,000 premium 
flAlr, limit; 1976 account, deficit 


BY IAN HARGREAVES AND PAUL TAYLOR 


£40.750; 1977 account,' ‘deficit 

£ 8 , 100 .” 

The payment requested thus 
represents only a . payment on 
account, and will be regarded as 
a - payment towards tbe two 
years' stated deficit 

However, underwriting mem- 
bers of the Sasse syndicate are 
also asked for a .further pay- 
ment relating to the 1975 
account which has just been 
Closed, j 

Mr. Sasse says hat u unfor- 
tunately both the settlements 
and outstanding claims notified 
during the third year of the 
1975 underwriting account were 
higher than anticipated and as a 
result there is a loss on the 
closing of the 1975 account." 

A ' further cash -balance of 
about £6,000 is requested from 
a member who has underwritten 
a share of the premium of 
£40,000. 

Although tbe Sasse syndicate 
has been honouring all claims 
that have arisen on 1,300 pro- 
perty contracts, mainly fire and 
damage risks in the poorer parts 
of New York, tbe Brazilian re- 
insurance group has refused to 
settle . under the terms of 
reinsurance. 

The case will come before a 
court next month. 


supports 


Japanese truck plan 


*■ * 

T. >. - * » 


i'nini 


_ BY RHYS DAVH>; 

• MERSEYSIDE County Council 
has told the Government that it 

' supports plans to - open a track, 
assembly plant in Liverpool for 
... Japanese vehicles. ~ ■' 

: The plan is causing acute 

'• embarrassment at the Depart- 
; ment of Trade •” because it 
promises to by-pass the agree- 
'• ment reached between the 
British and Japanese Govem- 
- . merits on restraining Japanese 
. ;.f‘i exports this year. 

" At the same trme,-British Ley- 
land’s commercial vehicle divi- 
— - sioh, which is spending about 
HOOm. worth of Government 
i | funds, has let Jt be known that 
1 ri M it opposes the introduction of 
l» Utl heavy Japanese trucks to the 
U.K. • • 

- - The project is attractive to 
Liverpool since it would mean 
new jobs for about 700 people in 
' an area which is likely to lose 
~ * more than 3,000 this year from 
__ the closure of part of Leyland’s 
. T Speke plant . 

• It .will mean building 6,000 
Bono lorries a year under the 

* " ~ control of J. Harris Assemblies, 

an Irish company already making 


Sir Keith outlines 'Tory 
plans for Post Office 


-V.! ‘nrl 


A: CONSERVATIVE government 
■would greatly reduce Post Office 
control - over . telecommunications 
as “one of its earlier pieces of 
legislation," according to Sir 
Keith Joseph, the Tory Industry 
spokesman. 

Sir Keith says in an interview 
in Computer Weekly that the 
Conservatives plan ti> leave the 
Post Office with exclusive control 
over the switching network, but 
allow private industry to sell 
telephones .and other telecom- 
munication equipment directly to 
the customer. 

- There was still discussion 


within the parly on whether to 
open the postal service to free 
enterprise- 

At present, only a limited 
amount of telecommunications 
equipment is supplied directly to 
the customer by the manufac- 
turer. The equipment is generally 
supplied to the Post Office in the 
first place, and then sold to tbe 
customer. 

Mr. Brian Stanley, general 
secretary of the Post Office 
Engineering Union, said last 
night that the denationalisation 
of Post Office telecommunications 
would he an “ unmitigated 
disaster " for tbe customer. 


‘Two-thirds’ of housing 
spending approved 


£ 


THE GOVERNMENT has 
approve only two-thirds of the 
, housing .expenditure ’ plans by 
local authorities for 197S-79, 
according to the, National 
Federation of Building Trades 
Employers. 

A study, by the federation’s 
housing directorate shows that 
while .local authorities wanted to 
invest £3.52ba. in housing in 
the present financial year, they 
have been given the go-ahead 
for only £2.42bn. 

:The stud v- was based on the 
first crop of housing investment 
programmes which council*! are 
required to submit annually to 
the Department of the Environ- 
ments under the new. system of 
central Government control over 
local authority: housing invest- 
ment... 

.in their investment programme 
documents, councils set out an 
appraisal of housing need in 
their areas, a strategy for meet- 
ing- that need and a proposed 
investment programme for tbe 
next four vears- 

'Tbe -federation pavs. that .as 
a result of the Government’s 
action over the submitted invest- 
ment plans local authority hous- 
ing investment will be only 4 
per cent -higher this year than 


in 1977-78. against the 52 per 
cent, rise asked for by the 
authorities. 

According to the federation’s 
report less than half the local 
authorities’ total planned expen- 
diture 'on grants and loans to 
the private housing sector for 
improvement and purchase has 
been approved. 

Mr. Clifford Darley. director of 
housing for Wirral Borough 
Council. Merseyside, told the 
Royal Society of Health con- 
ference in Brighton that build- 
ing standards were so high that 
much property now being built 
would be out of reach of tenants 
wanting to buy iheir homes. 

Cardiff-Brazil 
cargo service 

THE FIRST ship on the new ser- 
vice between Cardiff and north 
Brazil was loading at the Welsh 
port yesterday. 

The m.v. Manuela. 8,350 tons 
deadweight, was loading steel, 
and general cargo. The opera- 
tors, Empress de Navegaeao 
Alianca. will use Cardiff as the 
sole U.K. port for the monthly 
service. 


Mr. Eric Mackintosh 
dies aged 71 


"MR_ ERIC- MACKINTOSH who 
died yesterday, . was - chairman 
of - John Mackintosh and Sons 
at the- time , of its merger with 
Rowrrtree. 

- pie third son of the founder 
'jf ; what became, one of Britain’s 
largest confectionery. companies, 
oe- joined tbe business in 1925.- 

- Four years later, , be was: 
Appointed managing director. In 
1965, he took over es cbairmaiL 
When' the company merged . 


with R own tree in 1969. Mr. 
Mackintosh became joint deputy 
chairman of Rowntree Mackin- 
tosh. He retired in 1973.. 

Mr. Mackintosh, 71, had been 
ill for some time. He was 
awarded the CBE in 1946, having 
served as director of the Cocoa, 
Chocolate and Confectionery 
division of the Ministry of Agri- 
culture during the war. 

- He was High Sheriff of Norfolk 
■from 1971-72, 


THE National Freight Corpora- 
tion, “swimming strongly against 
the tide,” improved ils trading 
profit last year by £9m. to 
£13.5 id., but still registered a net 
loss of ££L5m. 

In its annual report, pub- 
lished yesterday, tbe corporation 
warns that, in spite of measures 
now before Parliament to write 
off £53m. of its capital debt and 
provide other financial benefits, 
improvement in the balance- 
sheet will be difficult to achieve. 

The report says that last year, 
a year of “ low economic activity 
and intense : competition" much 
progress was made in reducing 
costs and overheads in real 
terras. 

“in future years, profit per- 
formance will depend much 
more on obtaining prices and 
increased volumes of business 
which reflect improved service 
levels and special skills." 

Turnover rose 14 per cent, last 
year to £3S7m. and the corpora- 
tion's projections show only a 
modest 1 per cent real increase 
each year. 

It says that the Government’s 
financial reconstruction, writing 
down tbe coporation’s capital lia- 
bilities from £153 ru. to £100tn.. 
should put it into net profit next 
year. 

Most of the corporation’s mem- 
bers improved their trading per- 
formance last year and National 
Carriers made its first trading 
surplus of £0.5m. 

British Road Services had :» 


record trading profit of £6Em^ 
an increase of £lm. on 1976. The 
net surplus was £2m.— slightly 
down on the previous year. 

Freighttiners, tbe road and rail 
container carrier which the 
present Transport Bill transfers 
to British Rail ownership, bad a 
slightly disappointing year, with 
trading profit falling slightly to 
£1.4m. on a turnover of £46.1ra. 

Roadline U.K., the parcels net- 
work company, recovered from a 
£Llm. trading loss to register a 
surplus of £0.9m. last year on 
receipts of £46.6m. 

British Express Carriers, a 
group of parcels companies, 
traded al a ilO.lm. loss, alter a 


£0.5m. loss in 1976. 

The Special Traffics group as 
a whole increased sales by 23 
per cent, to £72.6m. and lifted 
trading profit from £ 2 . 7m. to 
£32m« resulting in a net loss 
of £Q.2m. 

Lawtber and Harvey, the Bel- 
fast freight company, had static 
profit, but Cartransport- slumped 
to a fUm. trading loss. 

Piekfords Removals and Pick- 
fords Travel Service showed a 
strong profit improvement to 
£2Jjn.- at trading level and 
Tempco International, the re- 
frigerated goods transporter, 
made £0.7m. trading profit on 
sales of £3.1m. 


newspaper project 
‘at advanced stage’ 

BY JOHN LLOYD AND MAX WILKINSON 


Plan now for long-term 
energy needs-Minister 


FINANCIAL TIMES REPORTER 
A' WARNING against allowing a 
“ temporary abundance of energy 
supplies ” to obscure the 
seriousness of the leng-term pros- 
pect was given yesterday by Mr. 
Alex Eadie. a junior Minister at 
the Department of Energy. 

Mr. Eadie, told tbe annual 
conference of tbe Midlands area 
of the National Union of Mine- 
workers, that the country must 
use a period of self-sufficiency 
in energy to develop the coal 
industry. 

“In the next century we, like 


other countries, will be relying 
largely on coal, nuclear power 
and renewable sources for our 
energy supplies, and on conser- 
vation measures to make our 
energy use efficient. We must 
lay the foundation for this, 
strategy now." 

Future markets for coal would 
exist in the traditional areas of 
power generation, industry and 
the home. There would be new 
markets for oil and gas from 
coaL and for chemical deriva- 
tives. 


PLANS FOR another London 
evening newspaper are being 
seriously considered by Asso- 
ciated Newspapers, which pub- 
lishes the London Evening News 
and tbe Daily Mail. 

Associated's main rival. Ex- 
press Newspapers, publishers of 
the Daily Express and London 
Evening Standard, has already 
said that it is considering plans 
for another London evening 
newspaper. 

Mr. Louis Kirby, editor of tbe 
Evening News, said * yesterday 
that no firm decision had been 
taken on the launch of a new 
London evening newspaper by 
Associated, but he confirmed 
that plans were at a “fairly 
advanced stage." 

He was not prepared to dis- 
close the company’s detailed 
strategy before it was ready to 
go ahead with the projecL 

Associated has been discussing 
the idea of launching a third 
London evening newspaper for 
some three years. 

Discussions 

It is probable that a new 
London evening would compete 
for the “popular" market 
served by the Daily Mirror and 
the Sun. 

This market has been left open 
by Associated's decision to move 
the Evening News up market 
into the Standard's territory. 

Earlier this year. Express 


Newspapers said that it also had 
plans for a new London evening 
newspaper with a target circula- 
tion of about 250,000. 

Mr. Charles Wintour, manag- 
ing director of the Daily Express, 
said that the Express Group's 
plans for its evening newspaper 
were now at dummy stage. No 

decision had yet been taken on 

the launch. 

Plans for a new Sunday news- 
paper. which have also been 
considered by the Express Group 

for tbe last two months, were 

not so far advanced. Discussions 
with the parties who might be 
involved in the production of 
the Sunday newspaper were still 
going on. 

Both groups have been stimu- 
lated by tbe fear that Mr. Rupert 
Murdoch’s News International, 
publisher of the Sun, might move 
into the London market with an 
evening newspaper of the more 
sensational type. 

So far, News International has 
been unable to go ahead with its 
ambitions in this direction. One 
difficulty is that its present 
premises in Bouverie Street are 
already too small for the growing 
Sun. The group is looking for a 
site on which to expand. 

A second difficulty is that News 
International would have to set 
up a completely new distribu- 
tion network if it wished to 
branch into evening paper pro- 
duction. 


imposes 

25%. 

surcharge 

Financial Times Reporter 


CUSTOMERS or the »c Beers 
central selling organisation 
were told yesterday that a sur- 
charge of 25 per cent, would 
be applied to all rough 
diamonds offered at the London 
sale starting on Tuesday. 

The rate Is in line with in- 
dustry expectations, but there 
is some dismay that the sur- 
charge was not made variable, 
with Its level dependent on the 
category of the stones sold. 

This compares with the 49 
per cent, surcharge imposed on 
the last sale early this month, 
and appears to confirm that 
De Beers has partly achieved' 
its aim of cooling speculation 
in uncut stones by levying dis- 
cretionary increases. 


Diving contract 

STRONGWORK Diving (Inter- 
national) has been engaged by 
Phillips Petroleum Company to 
carry out underwater inspections 
of four gas production platforms 
in the North Sea Hewett Field. 
Strongwork will have two diving 
teams engaged on tbe work, each 
responsible for the inspection of 
two platforms. 


the Hino product in the Irish 
Republic. 

Harris produces about 35 
trucks a week at its assembly 
site near Dublin and took more 
than half the Irish market of 
2,700 heavy commercial vehicles 
last year, previously largely 
supplied from Britain. 

Details of the proposed scheme 
for Liverpool have yet to emerge 
but the Harris organisation 
claims to have Found a site and 
has said it will start operations 
in August with 100 men' produc- 
ing 1,500 trucks in the first year. 
. The. company has not gone 
through any of tbe established 
development bodies covering 
Merseyside and has not 
approached the Department of 
Industry. > . 

It is unlikely, however; that It 
would qualify for the various 
grants available to new ^manu- 
facturing industry setting-up in 
the development areas. >' 

Though each case is decided on 
its merits, assembly work “could 
be classified as service industry 
unless at least half of the. opera- 
tion represented, true manufac- 
turing. 


If you really want to go 
places in America TWA is 


BOSTON • 
DETROIT 
NEW YOWC 
WASHINGTON 
SEATTLE 
PORTLAND 
SAN FRANCISCO 
HONOLULU 



Fan Am can fly you to 
8 cities in America. 



BOSTON 

PHILADELPHIA 

WASHINGTON 

DETROIT 

NEW YORK 

MIAMI 

CHICAGO 

LOS ANGELES 

ANCHORAGE 


British Airways can fly you 
to 9 cities in America. 



ALBUQUERQUE 
AMARILLO 
ATLANTA 
BALTIMORE 
BOSTON . 
CHICAGO 
CINCINNATI 
CLEVELAND 
COLUMBUS 
DAYTON 
DENVER 
DETROIT 
. FT. LAUDERDALE 


HARRISBURG M 

HARTFORD 

INDIANAPOLIS 

KANSAS CITY 

LAS VEGAS 

LOS ANGELES ■ 

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MIAMI 

NEWARK 

NEWYORK 

OAKLAND 

OKLAHOMA CITY 

ONTARIO (Calif.] 

PHILADELPHIA 

PHOENIX 


PITTSBURGH 
ST.LOUIS 
SAN FRANCISCO 
SAN JOSE 
TAMPA 

TUCSON d 

Tin- ciA A 

WASHINGTON^ 
WICHITA m 


TWA 


TWA can fly you to 
37 cities in America. 

TWA is the only airline that can fly you 
directly from Europe to major US gateways 
and on to a total of 3 7 American cities. 

This means you can travel to practically 
every major city in the USA without cha n ging 
airlines. 

Remember ... if you really want to go 
places tell your travel agent to book you 
with TWA. 

No-one else gives you service like this 
to America. 

TWA carriM nuw %;1 1 w] uW pnstapngoiu across Ihp.Mlanliulhan any ullicralrflnB. 




HOME NEWS 


Financial "Saids TfcarsSay April27-'19£g,'t - 

... . -■ vy/c^ 


Scottish output 
‘may grow 
1 per cent. 



BY 


RAY PERMAN, SCOTTISH CORRESPONDENT _ 


Shell investment up 


30% on last year 


BY RAY DAFTBt, ENERGY CORRESPONDENT 


the budget 


grow 


likely w have 
effect on output in 
which is expected to 
only I per cent, 
according to the 

Allander Institute. , _ — - ... . 

The institute's Quarterly diets that real incomes will rise. 
Economic Commentary, pub- co mmentary suggests two 

lished yesterday, paints a fairly Ucy measures, which could 
gloomy picture for the short- a j eviafe unemployment in de- 
tenn outlook. pressed regions. Reintroduction 

Forecasts made using a new of regional employment 
econometric model of the Scot- prem j um with a bias towards 
tisb economy reinforce toe pea- sk m e( j jobs could go some way 


Stiffer 




simisra that the institute l has tQ retr i e ving ground lost last 


shown over the last IS months. year 

ggiUdSMNE 

Unemiloj-n.ent in Scotland overtime to meet artra demand. 

1180.000 this month on the Quarter!// Economic Corn- 
unadjusted figure) is expected mirninru Frmer oJ . AUender 

100. Montrose Street, 


is expected 
to rise to 210.000 by August. 
although it may level off there- institute , 
a ft er . Glasgow, G-rOLZ. 60 p. 


Promising future 
for jewellery 
makers predicted 


[THE Royal Dutch - Shell Group ' By the mid-1980s. Shell's North crudes, indicates that the looked- 
i js planning, to invest about Sea production, from- fields like for tonnage balance has receded 

I £US5bn/ throughout th€ world— Brent, Cormorant. Dunlin- and by a year or two, *’ he said.. 

measures to Wages in manufacturing are | except North America— this year. Fulmar, should be approaching The short-term outlook for oil, 
.. „!.><, <ha Aronomv are un- expected to rise by lightly less | atmost go per cent, more than 500.000 barrels a day. of oil and supply and demand was “prob^ 

stimulate me immediate than' the 13 percent predicted ^ year. Next year, the group natural gas liquids, with dry gas lematic." During the first quarter 

• V v the National Institute for tae spend more than £I.66bn.- deliveries averaging some 700m. of this year demand Jn non- 
i.K. as a whole. ' Almost £720m. of this year’s cubic feet a day. Communist countries Increased [. 

this year. But if inflation remains In 1 expenditure will go towards oil 1980 Shell's Investment on by more than 3 per cent., but,’ 

Fraser of single figures Ear. the -ran of the [and gas production: the bulk Of | «»£■»»• ba f« » the. North, there was an exceptionally 1 w 

vear the Fraser Institute pre- the money— about £442m.-wtU Sea be well over n.65bn amount. of oil drawn from stocks. 

he used to develop new fields ^ illustrates why the North As a result, the call on crude 

in the North Sea. Sea “ often referred. to as a giant oil from the . Organisation of 

■ tl . , , cash sink.” said Sir. Macdonald. Petroleum Exporting Countries 
The figures were outlined by prospects for the group’s oil was down to less than 29m. 
>3fr. Howard Macdonald, group tanker operations had deterio- barrels a day, 3m. barrels below 
treasurer ana a director of Shell rated. Until quite recently, the the level in the corresponding 
International Petroleum Com- fleet was expected to be in better quarter last year, 
pany, at a meeting^ of the Los. balance by next year. Demand was particularly slack 

Angeles Society or Financial Only one ship— a time-chartered for the light, low-sulphur African 
Analysts. very large crude carrier — was crudes, which had been over- 

Shell’s share of North Sea laid up. ' priced in relation to the heavier, 

production. which averaged “ But the outlook for oil higher-sulphur Middle East oil 

40,000 barrels a day last year, demand over the next few vears. and must now compete with 
was expected to be virtually combined with the impact of growing volumes of North Sea 
! doubled .this year. growing volumes of short-haul oiL 



FINANCIAL TIMES REPORTER 


A NEW survey forecasts a and profitability, while some 
buoyant market and promising degree of rationalisation is ex- 
future for British jewellery pected in the silversmiths' and 
manufacturers. . platers’ sector. 

A Jordans Dataquest survey. . . The survey also gives warning 
based on the financial returns of of “ rather dismal trading 
nearly 200 U.K. jewellery com- results ” in the.costume jewellery 
panies. finds that the industry market unless brand images are 
survived the 1975-76 recession established, 
better than most and made a 
strong recovery last year. AcqAqcmpnt 

London diamond dealer A. Assessment 

Monnickendam is selected as the Jordans makes no predictions 
best performer with a 61 per about the impact of De Beers’ 
cent, sales growth and 12 per recent decision to impose a sur- 
cenL return on sales. charge on diamond prices at its 

In general terms, the survey sa ies. 
shows costume jewellers, electro- i n an overall assessment of 
platers and silversmiths suffered the industry, the survey draws 
most during the recession. attention to the fragmented 

Chain, ring and ear-ring nature of the market where 
makers weathered the time best there • are large numbers of 
Watch strap makers have per- family concerns, but in which 
formed particularly well. the four companies, including 

Only 5 per cent, of the com- the Royal Mint which employ 
panies showed losses irt their mo re than 500 people, control 
latest returns, but while profit 46 per cent of the turnover, 
margins (pre-interest profits over Branding is still virtually non- 
sales) are said to be adequate, existent and with a few excep- 
averaging 9.3 per cent, for the ti ons m0 st retail outlets are 
ten largest private companies, controlled by one-shop organisa- 
the- smaller companies appear tions. 
less Profitable. 

Within the clock and watch Jewellery Manufacturing. Jor- 
spetor. the survey suggests that dan Dataquest. Jordan House. 47. 
only the importers have main- Brunswick Place. London, Nl 
tained adequate profit margins 6EE, £32. 


Dover plans new berths 
for cross-Channel ships 


FINANCIAL TIMES REPORTER 


PLANS HAVE been submitted by The bertha are phase four of 
the Dover Harbour Board to the an expansion programme which 
National Ports Council and the began in the 1950s and has so far 
Department of Transport for a included the building of four 
new £Siu. two-bertb roll-on roll- berths and most recently a land 
off dock. reclamation scheme to provide 

The berths, capable or handling extra freight parking space and 
the next generation of larger better office and passenger facili- 
cross-Cbannei roll-on roll-off ties, 
ships, are due For completion by Expansion in the Eastern Docks 
Easter. 1980. The Government is area has- been made pos- 
expected to approve the plans sible by moving the hover- 
this summer enabling construe- port site io the West, 
tjon work to begin in September. The two new berths will 
The plans reflect an increasing provide docking space for roll-on 
demand for Dover's roll-on roll- roll-off ships carrying up to 500 
off facilities, particularly for cars or 30 freight vehicles with 
freight traffic, and an optimistic a turn-round time of less than * 
future for the port in the after- minutes, providing greater band- 
math of the Channel tunnel ling capacity and versatility to 
debale. existing operations. 



Fire cost 
down 
by £10m. 


BY ERIC SHORT 


FIRE damage costs in March 
fell by more than £10m. to 
£l3.4m., according to figures 
issued yesterday by the British 
Insurance Association. This is 
the lowest monthly damage 
figure since November 1976, and 
is nearly £6m. less than the cost 
in March last year. 

However, the total for fire 
damage costs in the first quarter 
of this year, amounting to 
£7S.7m.. is 41 per cent above 
that for the corresponding period 
last year. 

January's casts were affected 
by the firemen's strike, while Feb- 
ruary’s costs were also abnorm- 
ally high although for no speci- 
fic reason. 

During March there was Only 
one fire — at an - office block in 
East London — where damage ex- 
ceeded £lm.. and only nine 
others where damage exceeded 
£250.000. 

In January, eight fires cost 
more than £lm. and damage ex/ 
ceeded £200.000 for 23 fires. Alsd 
in March,, there were 25 fires in 
public buildings where damage 
exceeded £35,000. 


British and 
Irish line 
profits hit 
new record 


By lan Hargreaves, Slipping 
Correspondent 



SECRETARY’S WEEK 

APRIL 
24-29 


yoo're me boss- 

T£LL H£R 

SWG'S BLOOMIN' MARVGULOUS 


All year round she tvpes your mail. covers for you. . 

pals up with your moods and organises yonr working lift 
Now you can do something for bee 
Send flowers io your secretary for Secreiarys Week. 

Your local Interflora florist can suggest a variety oFappropriale 
flora! gifts for you ro choosefrom-and arrange for your 
gi ft to bedeiiverwl either to your secrctaiybhomeor the otfict 



_ ier is. of course, fully guaranteed. 

It's the least you can do to show your appreciation. - 


Interflora has a gift far saying 
thank you^ Jfe beautifully 


THE BRITISH and Irish Steam 
Packet Company almost trebled 
its net profit last year to a 
record £739,000 reflecting the 
first upturn in Irish tourism 
since 1973. 

The line, owned by the Irish 
Government, also created 200 
new jobs last year by intensify- 
ing car and freight ferry 
schedules. Further capacity will 
be created when a fourth car 
Ferry, under construction at the 
Cork Verolme shipyard, comes 
into service at the end of this 
year. 

Mr. Michael O’ Keeffe. chair- 
man of British and Irish, pre- 
senting his annual report in 
Dublin, said that last year’s 
figures would have been even 
better but for labour disputes 
costing £320.000 at Liverpool 1 
and Rotterdam. 

By m id-1979, the line planned 
to operate from the new ferry 
terminal at Pembroke Dock. 
Milford Haven, and start an 
Irish Sea jetfoil service in the 
I9S0s. - 

It had an option on a Boeing 
craft one of which is in service 
with P & O between the Tower 
of London and Zeebrugge, 
Belgium. 



By Michael Donne; 

Aerospace Correspondent. . 

STIFFER MEDICAL tests on 
potential airline pilots, to. try. to 


discover, those with a higher risk 
of .heart disease later m life, are 
recommended in a report on 
pilot’s health from the Royal 
College of Physicians. . - --. • 

Produced by a . working jjarty 
set up following the Papa India' 
Trident crash near Heathrow in 
1972 in which a heart attack 
suffered by the captain was 
believed to be a contributing fae. 
tor, the report suggests that 
pilots.- should be given more 
detailed advice on how . to keep-f 
fit . 

For example, it suggests that 
smoking should be taken into 
a count when assessing a person’s-: 
fitness to be trained as an airline 
Pilot. 

It -is pointed out that, in spite 
of the . Papa India crash, noj 
scheduled . aircraft has been lost 
in the TJ.K. in the last 15 yean 
because of the pilot being physi- 
cally incapacitated. But. in 1975; 
"65 pilots lost their licences, 41 
because of heart conditions. 

Tq try to cut -this figure, the 
working party recommends . thar| 
there should be a fuller, health 
check before training;' and that 
the panel of doctors carrying out 
such checks .should, .include 
senior consultants to ensure uni- 
formly high standards. 


Appeal 


Where an airline pilot loses 
his licence on health .grounds, 
he should b eable to appeal to 
an advisory council of 12 heart 
experts, who. together . with a 
union representative, would 
have . to. make. a. unanimous re-, 
commendation' to the Civil. Avia- 
tion Authority which in" tUmj 
would take die final .decision. 

So far as pilots* general health 
Is concerned, the working' party, 
strongly urges that smoking, be 
discontinued, or at least sub- 
stantially reduced, that drinking 
alcohol also be reduced, and 
pilots should be advised of the 
dangers of . overweight and :in 
sufficient exercise." . 

More research, on the "effects 
of sleeping pills and sedatives 
also needed. 

Professor- John Goodwin, chaiis 
man of .the working party, said! 
. the aim had been “to keep ihe 8 
[maximum number of' pilots ffy- 






■< 

t 

' •-ir. 




■ FIN ANCIAL TIKES REPORTER . ; • . j - - ^ 

AN- '^GBEEMENT- ' between that ' thrir :t * 

Britarti 1 and Norway to pool cannot carry-thfr : ; . r 

and take joint action . , ‘‘Norwegian industijr, .i8 : no£ >f . 
over accidents in the North Sea allowed to.’ use ..oil -containing - -• V;-: 

should be ready in ' draft form more than I per eeaL of sulphite;. .> • r . , : . " rn;u . 

by.'tbfr did of this year, Mrs. Grp but in the UK. ; Industry, usis-pa . : - 

mrieiff-Briindcland, NorwegfaoL wfth' sfsnlptyir -content of .’t " 


: ! v 



jhe Environment Sec- through the ' Organisatfoil^fbr 

that it was- hoped F^nftomie ; Co-oneratTon - 



occhfted. "" . thoir wpfssio ns of harinful “■ t - 

• T3fe agreement was being pro- sujjfiUnces because ol thj?:effect-^ 
cessedvby civil servants a ^'-it tshavir^on-ourenvlroninOntJ!. V'” .. 

wouhf hfi ready for consideration - uttering of the 'seabed 
by poSticixns at the end of the. ^ - also remsed -. cousldeMibla. 
yeaT.pr . . pubtie interest' in Norway-^ avv.;,/... V ’■ 

Shd^rould raise the 0“^®“ deuce had. been found of waiteV-:^,- ■ " . 
.ofair pollution across national on the bed'bf the North Sea. ejhii 
[ border* at her meeting wmr Mr. oompamesVhad 


. : j ';n ' 


•!E 


.irr 

r-.'.y 


;i-. 


border* at ber meeting thoukh oil oompames. bad .-re-- .- '- . - . 

Shore. ' The harmful effects or QQ ne{ j comuietiph of," edean-up:^- ' 
sulphtdr pollution bad.- already geKtidns.. " "* 


-•fT'Jfk 


been ^^established and an inter- "^^ptng-had-a- most Important '' 


etfert o^tiie mariiift 


rii* 1 


L. 


wsssm sassas&smi 


;„m, n nil tical ar gume nts • in -mitted in- the, waste flowing i 

North Sea mUOTOX ._ , 


’ •: :«r 

"?U- 
, 'T( v 
I T-VS 
n- 

•••! 1 
>r ;.:i. 


-V. V V- 


Forces pay increase 


■J-- 1 








^ MICHAEL DCMNf, ^ P- 

jjl y RESTRAINT measurea maintain th Armed Foro*®* W /-> . 

totened tor industry could net in relation to-thejmmde .wer^ | Wf 5)0 

&Wy he applied to tiie Armed, systems based oa.o^pagh^r [Pj JidK 
'cs* WarnM Atchferiev: **may>-faU into disrepute. O 


mms, Sir Harold Atahbriey; " may- .--- . - 

^R^iew B?d^d TYL£ 


LABOUf 


.. ti Institute i^ndOn, said; &at the -js.': V j 

i.*- Defending the Review B^irs present talk of trades uiuomsm-jr' ■ • 1 

recommendatlOM of hnmedjate Services “ arises: Irsigefyfef- :-■■■■'* J -f?:' 

wlainn lirt In fll WT flOT 1 9 _ Z _* .. 1 Hr- 1 


into-i 


rates 

1980, dir non/iu .wu .n ruu»w - 

Jiare rbeen attraettve ior ' the well 

Review Body to optvootrof Jthft ■ • . ' • 

problem and- let the Government . Fsr the Review BOdy ' lo . 'bi 7 - f;, 
give it alone. . ■ '• - responsible for assessing charges': 


. . • - responstore ior Kwowuiw ■ 

.- “But that woiifo have been against pay — suebyas - tor .fop^^^-f- - - e 

unhelpful -approach, and it and accomnsodation— was .- • . . He * 




■terry Kirk 


THE GREATER London Coun- 
cil plans to proceed with phase 
two of the new Jubilee Under*, 
ground line in spite of Gov- 
ernment opposition, and fin- - 
ance the £45m. project from 
the rates if Necessary. 

The connfjl and .the Govern- 
ment look Set for a long fight, 
after the - announcement yes- 
'terday by Mr. Horace Cutler, 
the council leader, tliat the 
line would be bulli “with or 
without/ Government support.” 

Mr. Cutler said after giving 
London Transport permission 
to begin preliminary excava- 
tions for the section of the line 
from Charing Cross to Ludgaie 
Circus, tia Aldwych, that he 
was not impressed by the Gov-' 
ernment's threat of sanction 
should the council decide to 
“go It alone.” 

ir ihc Government blocked 
the council’s loan sanction and 
refused financial help, the 
council would “raise it from 
the rates and damn the Gov- 


ernment” This would probably 
mean an initial ip on rates 
for five years. 

The first stage of the Jubilee 
Line, extending the existing 
Stanmorc to Baker Street sec- 
tion of the Bakerloo line via 
Bond Street and Green Park 
to Charing Cross, is due to be 
opened this year. 

The second section will link 
Charing Cross with Fcncburch 
Street, and be followed by sec- 
tions reaching out to Dock- 
lands. 

Hr. Cutler is seen above sym- 
bolically beginning the first 
of a series of trial holes at the 
the Aldwych station site by 
briefly picking up a pneuma- 
tic drill near St. Clements 
Dane Church, Strand. 

The exploratory work at the 
AWaych is likely to Iasi three 
months and cost £50,000. Con- 
struction work Is dne to begin 
this autumn, once formal coun- 
cil permission has been given. 


Crystal Palace to have 
Sainsbury superstore 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


J. SAINSBURY is io build one chairman, said yesterday that 
of London’s largest superstores the development of the Wblte- 
in a joint development with horse Lane site "is a complete 
Crystal Palace Football Clubron justification of the decision taken 
the club’s ground at Whitehorse by Matthews Holdings in 1975 to 
Lane, near Croydon. f. advance £275.000 to the club.” 

It plans to build a 76fT50 ju r _ Bloyc. who was Matthews’ 
square feet store next to the toot- chairman in ig75i ran int0 a 

s L a 5 lum - T be Storm of criticism at the time 

includes provision for 8 500* making in « Ainh 

space car park, a new supporters ith 
club, squash courts and an ex- 3550^3^ 
tension of Palace's northern 
stand over the roof uf the store. He says tliat Matthews, which 
Building work is expected to was taken over last year by 
start in the winter of 197S-79, Thomas Borthwick the foods 
and will lake two years. group, "will receive substantial 

Mr. Raymond ~ Bloye, club fees for managing the project-” 


he was so closely 


life.- . . vv.r'-- -" 

[jjpt&g.” i-j- . ,r Ncvrtheless, -theL ItevIev^ BodS;,.^ - : 1 _~ 

• i<- He. also gave a warping that wa s "leas steely” than' the eye 

ing with maximum safe ly . ■ Ooce-f an j esjrsbtft e ~ Was ~ found- fcf oT the ^Treasury. -- 

a pilot has obtained a licence. | ... 


we will do everything -possible 
to keep him fit and flying, rather 
than grumbling and grounded.” 

The Civil Aviation /Authority, 
however, while wefitoming the 
report, pointed our that many 
of Its recomxnentutions had al- 
ready been implemented. 


Rio Jinto 
in n^w 
partnership 


Finantia) Times Reporter 


RIO TINTO ZINC has joined 
with Virginia Chemicals, a U.S. 
concern, (0 form a new sodium 
hydrosulphite . manufacturing 
company, RV Chemicals, based 
in the U.K. 

The new company is 60 per 
cenL owned by Rio Tin to Zinc 
and 40 per cent, by Virginia 
Chemicals. It is to be based at a 
new £4.9m. plant in Widoes, 
Cheshire. 

Sodium hydrosulpbite is used 
in the textile, pulp and paper 
and speciality clay industries. 


Independent 

airline 

buys Boeings 


By Our Aerospace Correspondent 
BRITANNIA AIRWAYS, -an 
independent airline which Is 
part of Thomson . Travel group, 
is buying two more Boeing 737 
short-range jets, worth about 
S4in.. for delivery later This year. 

They will b?' the fifteenth and 
sixteenth 737s bought by 
Britannia from Boeing. 'The air- 
line has three more acquired 
elsewhere. This sttorner Bri- 
tannia will make about 450 
■iourisl flights a week to Europe 
and North Africa. 


vwotdd not, I beHeve,-.have done best a mixed blessing. It ensured.; 
the Armed Forces any good. Our that the Review Body was altwj&.h : - . 
Job. is to advise, and J am in no= potentlaHy the viilata 
doubt that we must continue To piece— the smiler - with *:• 

do^tiiav. however, . nwgh the. knifed 


*:• '.Tt*-. 

v 


.--’•'■. i SV 

-•*■.0.1 q 



AeIK>RT» 

WEALTH SH&fLD ' Be ^puShid he 
down to th gra^pote of society 


changed— to the. gr£«f 

aown 10 ui psawwo-.m nwvicsx r- hte free, 1 - t j j . 1 - L 

through a programme of taipoU- ably prosperous Society^ ^ 

cies to create a “p^pperty-o whine most of. -us want to ^tive. »* 

democracy*' in wnlcb everyone -There Should he jCg-chan^s^. ->■. , .'v 

. Mr. -Howell told a Other schemes;- to- link effii-j^fciis ■ ^-cr -j.'u 

on employee share ownership plpyees with performance shonld^n-i ^ 

schemes, in ■ London, tnat mso^ ^ be encouragt^.. and- workers-.- Stiff.;. ’’ -*--0 pi 

enough people knew what. assets g ae nationalised sector .^? j;! . . , 

were. let alone owned them.. should. also be helped to. ecquire. r : Itfu., ; . fn 

“Not ovesraigbt, but certainly iifoome^earning assets in their ‘V*; 

over the next few years, this can corporations. . ■• • • '-' . ■* .' 

' ' -v.* ltl ’ 7 VTU 

>•>* ‘.re 


•t 


l ? « .TO* 


So&eby’s sells Picasso ^ ^ 

etching for £20^000 


- Saif! £ 
-rd The! 1 * 


fife- cr th 

LE REPAS^UGAL, the Picasso print waa . the £4,600 paid’ r^ : , •_ ■ 

ctchlng of 1904 whidi invariably Three Oaks,. by Jacob RuisdaeLVl l , --,-r l ., v - ’ 

fetches: good auction jprlces, fold' A - silveMlt- tea ^vl«,.^J' 

for £20,000, at the bottom of Jts engraved with cherubs, and madel.-_ ’J -p. t , : 

pre-sale estimate at Sotheby’s by Johann Cristoph Treffief In ', > ' Pl . ir t 
yesterday. It w*s bought by Augsburg around 1690 was .the.v’^ lifl .; '' . 
THmlckT-tbe New York dealer, highest-priced lot .'in Christie's ^ t 
Mondscbein, a woodcut by Bdvaril sale -of silver la Geneva on Tues-” ir p ! rr 

Munch, was on target at £17JX». day.- It was bougbt by How »r.'.. . ' tl> ?i£ 


rget at £ 

The sale totalled £421.035. 

la the morning session.- whliyx 
b rought-ln £206^0, a Rembrandt 
etching, -The Three.Trees, sold for 
£15.000^ add Vedute df Roma by 
Piranesi, made £14 ( 000. AnothM 
Rembrandt^ Old 

fetched £22,000. while tire £8,000 


ha 


- — -■ f . _ Mr ;i JUW 

saleroom: .>• 


»Y ANTONY THORN CROFT 


-'S 


% v. - 


■ tm 

, on 

Ihp ' Da 


pmd f^A EOinburgh, the London dealer.,-**^ tV.' 

by a/^.by^jW St^hs, set :for j45 t4WL : The sale totalled 
an auction record lor a print by 5545,520. — «= 

this artist. • - • ■■ . An. 'Anonymous bidder. . paid^'f s tr , ‘ ' Sr:c nt - wt 

Basketi; end Pay gare £S,W0 £27>t8 for a German silver-si 1^ le '»i... * - bo 

for 'anotMrStpbbs, A Sleeping wager-cup, c. 1590. modelled as a ' “ cash, it ‘ 

Leopard; -Two more f ^ Iong ^ ... -^r- 

by Stubbs of -Vrtid anim als, dis* An . anonymous bidder : also 
covered ™ a pair ; oEXouiB XYrtabte 

nfie 




book, sol 


and £3,460 


respect! — , ^ J 

Another artist's record tor 


ca 


■ by.. .: Alexis , ^JLqpr.l 


Engineers seek a wider voice 


s^ a t to 

Jean-Charfes-Roquillet Desnioyhr^ 5. 

^ LABOUR 


Paris 274S,. for £17J00- 
. A . Targe Ixjuis ; XVI mirror 
-shaped: rectangular' form 


i 


BY DAYID F1SHLOCK 


Fillip 

The outlook for this year is 
Sgid 10 be encouraging, with more 
bookings than at the same stage 
last year and the prospect of an 
extra fillip to the balance sheet 
from the recently introduced law 
permitting sale of duty-free goods j 
on Irish Sea crossings- j 

British and Irish predicts a 
minimum £500,000 net profit from 
duty-free sales in a full year. 

Because of improved perform- 
ance Iasi year, the line's execu- 
tives who agreed to link their pay 
increases to improvements in 
profitability have this year been 
fully reimbursed at a cost of 
£167.000. This figure is deduct- 
ible from the net profit figure or 
£739.000. Turnover last year was 
£32m. 


THE CREATION of an Institu- 
tion of Manufacture, even- 
tually bringing together 
mechanical, electrical and pro- 
duction engineers, is “proposed 
by the Institution of Produc- 
tion Engineers in evidence 
submitted to the Government's 
inquiry into the engineering 
profession, headed by Sir 
Monty Fiuniston. 

.The production engineers 
base their case on the argument 
that the paramount considera- 
tion before the Finn lsrton. in- 
quiry should be rational 
interest, not the status, ‘ n ‘ 
dividual engineering institu- 
tions. 

They argue that efficiency of 
manufacture should he the Gov- 
ernment’s over-rid iiut.ronceri n, 
because manufacturing in- 


dostry stands ■ at the threshold 
of a major revolution in (he 
spheres of manufacturing man- 
agement and technology.” 

They urge greater Govern- 
ment commitment to tlic 
manufacturing Industry — lo. 
education and training, to 
** knowledge transfer." and to 
human and social effects. 

Dr. Peter Jost president of 
the Institution of Prodnction 
Engineers, said yesterday that 
it was now becoming clear to 
Government, unions and in- 
dustry that as many as 3m. 
more: Jobs would disappear by 
the end of the century unless 
industry could absorb new 
manufacturing technology 
efficiently and quickly. 

The Institution says in evi- 
dence that, hy Royal Charter, it 
has a commitment lo manage- 


ment not shared by the. other 
leading enginering institution^ 
so its evidence covers wider 
ground. 

The needs of British manu- 
facturing industry tor char- 
tered engineers Were falling 
short by as much, as 50 to 80 
per cent. 

Moreover, the education sys- 
tem was "not capable of ful- 
filling the needs of British 
industry in providing profes- 
sionally qualified chartered and 
technician engineers In the area 
of manufacturing management 
and technology— one of the key 
areas of wealth creation." 

There- was - imperative need- 
for. an altonmttac qualification 
route that did not involve full- 
time . study, alldwed'for hd-- 


mously. Tor £23,774; •' ' . .-..ft 
vTbe objects of vertu auction*^; 
at Geneva Oh .Tuesday ■ and ' ■ 
; Wednesday brought in £422.14fT 
. ^ or! &5&39fi Swiss “ 

- 'jnah. ifce .London 
£24*517 fttfan 18 carat gold chess 


su 


f j = r - ■ 

• - - Eo 


raacemeht fnxh one level tw set: ;An. English jewelled . and ov... 

- * ’d -mounted :4nuff boa . ofv ‘ 71 f ::‘ 


the next, and tobfc account of gold 
progress Jn manufacturing around 
m an a g ement and technology, 


1T60 -sold 
GaHorie Dolac of 


rought.m £422.146:^“:; .. * J - 1.2 Lo 
wiss francs. '-Koop'i^Oc, : ■ aq. 

adbh'dealer, paliv^^V, J ; < Co 
18 carai gold chess . W;. if 

led - and fv... .v * 
box . of ,. " n -V', 
£U;0J9;3ih Jr .. . 
va.gavw> iS ;= 



_ d'Vfljki. 

Ising the prbfessUm should be nitar^ history • : books ' to*: ‘Hitt- 

— — ...... ■ - "*** — - * * ~ — i*- (bet -.j 


that the flirt' step in- reprgan- ' Chriatie VdiSpPSed of' travel ran 



an enlarge Instifntion of £105, Top . prices^ werer Lbei > 

Manufacture^ Eventually this -£7^00 for the. eight volumes' of : st Ollft 

. . — -■-*-* DanleU . .and ' Aytons- Voytx^;\.^ RfiPo ftT _ • 

Around s Greet Britain and tbiS tJu f ■ ■ - 

^ — £14,700 ■ from ^Fpytes^toro.DftvidV' 1 a 

mdunhil ro^neefs, end thehr ^Roberts Holy-Land 

technidsuL- engineer jawMH- . CSiristle s^lB Sooth Kansin,!!^ v ! n i] 


enlarged /.testitntidn 
merge yftth othera — tire 
rations af .adectriicgJ rod of 


tP rtmiylaB ... .. 

parts-:— to. f orm-OOft tmdeanuftgl sold fuhriture - tor SM<l38; 
engine^lUg hpdy orepresentinfr- jictutes^w SO.450^ with f ' 


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*5nandal T^^ ^ursday Apri] 27 1978 


LABOUR NEWS 




H *' \ 

v afe tyj A tangle to tax AG AS 


Technical News 

EDITED BY ARTHUR BENNETT AND TED SCHOETERS- 



S " BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

a WORKERS OPERATING a ate piece work— «een by znanage> this year, a$ the opportunity 
W) round-the-clock rota to patrol ment as an inflationary and to make a move towards 
vn ,jj E silent Rolls-Royce aero- disruptive influence on tie pay restoring differentials. The 
^ engine components P]® 11 ** at ktruclure. shop stewards agree that 

Coventry, are conscious that they The stewards maintain that considerable progress was 

are at the centre .of a bizarre "the company has only recently made in negotiations which 

dispute. erected piece wort as the main reached agreement that top- 

V Tim 4000 manual workers have reason for - holding back the grade workers woutd get a rise 

: mriinieO the Parkslde-end Ansty £60,000, and are suspicious that oF £10.13 a week and the lower 
;• .. .. t-itories for neatly four weeks, management is deliberately look- grades at least £5.52. 

• - ■ hut are " perplexed by the mg for trouble. They are also But the management also set 

■ r - snoarefrt lack of public interest, adamant that to hang on to what Itself another objective: to com- 
V ^7 are not oit strike and insist the deputy convenor, Mr. Charlie plele the move started in 1968 
* they want to work, but are Donogbue. terms a “pot of to eliminate piece work. Only 

* ' ' hoine prevented by a vindictive • ■ ‘ ■ ■ ■ 330 of the 4000 manual workers 


• PROCESSES 


NEWS ANALYSIS 


ROLLS-ROYCE 


■' t-iQg prevented by a vindictive • 330 of the 4000 manual workers 

- - ' ■ management.' To add to the con- ..... Vcv ._ are still paid by that system, 

' fusion, the task force of seruor NEWS ANALYSIS but the company thinks its 
executives running the company influence is much more wide- 

■ ■ > ,. operating from a searet base A spread. 

-•>. - £ T Covenftry ikffeL The piece-workers are seen as 

■ '. S; Officials -'from Advisory. ROLLS-ROYCE the the wht>le 

• - . ' ••• - 1 rwoiitition and ArintratiQP Ser- paystracture. While an upper 

' ' ^ again last night Umit‘ of £92.90 has been agreed 

• v m fliT coS enumd in a gold - will spark off a series of 2* S 5?EE£ " J** 1 * 

■ ; cU«ute which started over the sectional claims from different S»_ tat HUT 
: annual wage award but escalated groups of workers which could ^ ° om Persian market 

SS?-" 52 mOOUlS 05 indUBtriaI beUeves «ta, 

■ ■ . -r -s-s. ««. ^ — Marias 

• " . between onions, and manage- 22 electricians demanding parity inoffidal “back '3 h/Ek 

• -meat is sHgtft. The men are with toolmakers. That dispute einiS’* wbtohcan b ?h rft S 

demanding a- 10 per cent pay caused layoffs prior to the f^JStato >3 wert wwSS 
rise, and the company w offering present shutdown . and still d uctS? £ down * 

■ 9 .7 per cent, leaving a gap remains unresolved. But the The comDajlv would anmo thit 
• i . ! . equivalent to only 33p a week shop.stewards 1 view.* that as such a systS^sertsa dilative 
per man. members of a nationalised com- influence on the nav structure 

- But Mr. Hal Povey, the dm- pany they must adhere to the and allows mana*emeJrt^nn 

• : S aonal officer of the. AUEW, says Government's 10 per cent pay control over eai^SJfs 

: : that so many other issues have guidelines. Matter* came tn%" ■h«*d ^ 

' been dragged into the dispute The impact of Government pay March 7 when 400 workers at the 

’ that it is ddfficuHto MMUyJbe policy upon differentials is also Parfeide puit weJTSd off as 

/.real stumbUng blocks to agree- recognised by management The a re SU r t 0 f sanctions imposed by 

— - meat. “The set of circumstances Parkslde and . Ansty factories. ib e electricians 

at Rolls-Royce is the most con- which supply components to the Stewards argued that raanace- 
fc V n»v * fusing and mystifying" that' _I Bristol aeroengine plant are meat had acted precipitately, the 

■ ? IJ/i \ jriAv have ever bad to encounter m exceptional because of their 400 began a work-in. and the rest 

" njLlfta major dispute,” he said. heavy concentration of skilled 0 f the plant started a policy of 

The conmany position- Is that labour.. non-co-operation. According to 

| i 0 3 per cent; -or £60,000, of the The management- saw the management, the sophistication 

VI nrit/- li annual award must be kept back annual wage round, due to come of the Rolls-Royce shop stewards 

-^14* Ur I HllfUto allow the flexibility to elimin- into force on February 10 is indicated by the fact that 


y I defendd 




. t .. % m : 

Rush of pay demands unlikely 
after Stage Three— Murray 


BY CHRISTIAN TYLBR, LABOUR EDITOR 


A CAUTIOUS forecast that 
unions will not burst through 
the Government* s incomes policy 
by submitting pay demands the' 
' moment Stage Three expires 
' came yesterday from Mr. Len 
Murray, general secretary of the 
TUC. 

Mr. Murray was speaking -the 
day after TUC leaders dined 
with the Chancellor and other 
Ministers for the first post-Budget 
discussion of the economy. He 
would not comment on the even- 
ing’s events,- nor was the meet- 
ing even mentioned by the TUC 
general council yesterday. 

Although the general counci I s 
silence may be read as a good 


Budget ‘will 
lauknot help 

unemployed’ 

By Our Labour Editor ' 

THE BUDGET and plans by 
Mr. Denis Healey, the Chancellor 

• iif the Exchequer, fur a Stage 
Four of the incomes policy. 

-were denounced yesterday by 

• Hr. Clive Jenkins, of the Assoda- 
don of Scientific, Technical and 

. . Managerial Staffs. 

The Budget was a "seasonal 
iberration. a left-oyer from the 
. lastorai society” which would 
next to nothing to help the 
inemployed. . 

— Mr. Jenkins, who was intro- 
ducing the union’s quarterly 
economic review, described Stage 


omen by the Government Mr. 
Murray was careful to dissociate 
the unions from Ministers’ plans 
for a further round of wage 
restraint. 

Asked whether the .unions* 
commitment not to seek pay 
rises more than once a year 
would continue, be said: “I-think 
by and -large most unions prefer 
to settle these days on the basis 
of a 12-month agreement! 

"I won’t say that will last for 
all time. My own .view hr that 
unions generally have come to 
value that” 

But the practice of setfling 
once a year was likely toper- 


sist and “it would be valuable 
if it persists.” 

“That is not the same as say- 
ing I would like to renew a 12- 
month rule, because I am not 
very much in favour of inventing 
rules of this sort.” 

Pressed to explain how close 
the TUC would S3il to the 
Government’s economic strategy, 
Mr. Murray made it clear that 
the social contract ” in the 
broadest sense ” — was still alive, 
and that unions wanted to agree 
broad economic and sodal objec- 
tives with the Government. But 
the test of the liaison was still 
the Government’s readiness to 
act on unemployment. 


Importers urge action 
to end docks dispute 


BY PAULINE CLARK, LABOUR STAFF 


n nJ j.j-'ilFour as “Disney-like,” and said 
S i would damage jobs and the 

■ * unions’ credibility as “sensible 

jnd constructive bargaining 
■Til iliM) ‘gents for their people." 

4- if (rlU ASTMS would recognise no 
' • jay norms or 12-month rule 


unions’ credibility as “sensible 
jnd constructive bargaining 
igents for their people." 

ASTMS would recognise no 
jay norms or 12-month rule 
_ vben the present incomes policy 
expired on July 31. The wage 
•ound was “a Statist concept’’ 
•hat raised expectations, while 
he imposition of a pay norm 
:ave workers something to 
boot at. 

The unions should drive for a 
borter working week — “fewer 
rips to work” — to combat un- 
^✓'jnploymenL 

The review, which suggests 
,fl(£hat the Budget has not coroe 
l**" a grips with Britain’s under- 
. ..tying economic weakness, also 
'*• omes out against the proposal 
viy Mr. David Basnett. of the 
^ General and Munidpai Workers’ 
. Jnion, for a public service union 
. orum to tackle issues like cash 
imits, public expenditure, and 
iay. 


BRITISH importers appealed to 
the Government yesterday to 
intervene in a costly, long- 
running dispute between main- 
tenance engineers and manage- 
ment in Southampton docks. 

The appeal in a letter to Mr. 
William Rodgers, Transport Sec- 
retary, from the 3,500-strong 
British Importers Confederation, 
follows a mass meeting in the 
docks earlier this week when 
500 engineers rejected new 
management terms for a 
resumption of work. 

A total stoppage of work by 
the engineers, who claim to have 
1 been locked out by management, 
is now in its third week. With 
the opening of the Sooth African 
container berth also affected, the 
port estimates it has lost some 


£2m. in business already this 
year. • 

This does not take account 
losses running into hundreds of 
thousands of pounds by shipping 
companies which have been 
forced to by-pass Southampton 
and tranship from across the 
Channel. 

The British Transport Docks 
Board in Southampton said yes- 
terday that deadlock continued 
with no plans as yet for renewed 
talks between the two sides. 

Officials of the Confederation 
of Shipbuilding and Engineering 
Unions were hoping for a 
settlement to the dispute after 
management proposals to meet 
the engineers’ demand for pay 
parity with registered dockers. 


Scots’ bank holiday row 


BY NICK GARNETT, LABOUR STMT 


iTHE Association of Scientific. 

F Technical and Managerial Staffs 
bas instructed 900 of its members 
in the Clydesdale Bank not to 
work a full shift on two days next 
month hi a dispute over holidays. 

The council of the Scottish 
clearing banks bas decided that 
an extra May Day holiday should 
generally be taken by the banks 
on May 29. designated as a 
national holiday In Scotland, 
which traditionally recognised a 
holiday for May Day long before 
it became law in England and 

Wfljps. 

i ASTMS. wanted the extra holi- 


day for its Clydesdale members 
in Edinburgh and Aberdeen not 
on the 29th but on the days of 
the two recognised "local” holi- 
days in the two cities. May S 
and May 23 respectively. 

The miton also complains that 
Clydesdale, a subsidiary of the 
Midland Bank, did not consult 
the staff on the holiday date. 

It bas instructed its members 
in branches, on May S in Aber- 
deen and May 23 in Edinburgh, 
designated as normal banking 
days by the Clydesdale, not to 
work past 11 a.m. 


Threat to Civil Service deal 


sanctions extended to an embargo 
On supplies leaving the plant— 
an action which cost the work- 
force nothing but imposed severe 
cash flow problems on the 
company. 

On March 22. with the break- 
dowp of talks about the annual 
wage claim, management warned 
that in the light of union 
sanctions it would have to stop 
production. 

A week later a mass meeting 
of workers voted to counter the 
move with a work-in— a tactic 
successfully employed by the 
workforce over the previous 18 
months. In the words of Mr. 
Tommy Hartopp, chair maD of 
the joint shop stewards com- 
mittee: “ The lay-off is a penalty 
that management feels able to 
Impose upOD the manual worker 
with the objective of screwing 
him into the ground and gaining 
bis submission ” 

The work-in began on Friday. 
Marrb 31. but on the following 
Monday was converted to an 
occupation when management 
switched off the power. 

On April 5. power was alsu 
switched off at the Ansty plant 
Workers were able to restore, 
tbe supply and continue a work- 
in until April 10 when the elec- 
tricity supply was cut fromi 
outside tbe plant. • , 

Since then, the workforce at 
the twu plants has maintained 1 
its vigil, waiting for someone 
to break the impasse. They fee) 
forgotten and ignored but as 
yet show no signs of any split 
in their solidarity. 

For its part, the company bas 
adopted a low profile and re- 
frained from resorting to legal 
action to repossess its plants. 
The task of ACAS is a big one 
in reconciling two sides which 
have adopted remarkably 
entrenched positions. 


Grand Met. 
hotels move 
to staff 
democracy 

By Philip Bassett 
HOTEL WORKERS' ' unions, 
smarting after the collapse of 
the strike over recognition at 
Claridge's, welcomed a move 
yesterday toward wider staff 
representation by the Grand 
Metropolitan Hotels group. 

Grand Metropolitan, which 
employs 6,000 staff in 55 hotels, 
announced “ far-reaching 
advances in Judos trial demo- 
cracy” with the introduction 
of a staff committee in each 
hotel, regional staff com- 
mittees and the election of two 
staff representatives to attend 
Board meetings. 

Six hotel general managers 
move into the company board- 
room as directors. 

Mr. David Hntchins, director . 
of personnel and training for 
the company, said: “Our 
Industry Is not noted for Its 
progressive industrial rela- 
tions. 

Mr. Fred Cooper,- national 
industrial officer for hotels of 
the General and Municipal. 1 
Workers’ Union, said: “ We 
still have companies such as 
Claridge's actively, seeking to 
deny their workers even the 
basie right of expressing a 
collective view through the 
trade union movement. 

“But by fortnnate contrast we 
also bare companies such as 
Grand Metropolitan where the 
company and the onion are 
together discussing the future 
progress of the company.” 

• The Department of Employ- 
ment is looking at the 
“loyalty” award of cash or 
shares to the value of £30, plus 
a week’s extra paid holiday, 
made to all the hotel’s staff 
who took no part in the recent 
two-week strike. 

Union leader 
attacks Tories 

A TORY Government under Mrs. 
Thatcher would mean higher un- 
employment and increased 
wealth for the rich, Mr. Ray 
Martin said yesterday In his 
presidential address to the 
20.500-strong Tobacco Workers 
Union conference at Blackpool. 

“ Mrs. Thatcher may now talk 
seductively of ‘ freeing negotia- 
tors.’ but the bard core of her 
incomes policy is contained in 
her promise to keep a firm grip 
on the purse strings." 

This “ crude monetarism ” was 
responsible for the social and 
economic injustices endured by 
working people. 


High quality enamel coating 


EXCEPTIONALLY HIGH quality 
of finish is claimed for products 
from a new coating plant for 
vitreous enamelled units pro- 
duced by Valor at its 
Liverpool gas cooker plant The 
process used is electrophoretic 
coating according to a method 
being promoted by Bayer AG and 
Miehle GmBH, in which the ' 
articles to be coated become elec- 
trodes dipped is a bath contain- 
ing a dispersion of the coating 
material and thus strongly attract 
this material. 

This EP process can save some 
30 per cent, on enamel base costs 
and can reduce the reject rate 
by about 50 per cenu partly 
because the overall finish is bet- 
ter and cover on edges and in 
intricate shapes is far more even ‘ 
than with any other method. 

Tbe gas cooker industry in the 
U.K. for some time bas been 
debating tbe relative merits of 
the EP process. But although EP 
enamelling is new to Britain it 
has been established in fairly 
large operations in Germany, 
France, and also in Japan where 
the largest plant built so far is 
being installed. 

Valor confirms tbe claims for 
smoother surfaces and improved 
edge coverage, borne out in pre- 
production trinls. Initial results 
indicate that tbe company can 
expect to see considerable reduc- 
tions in reject rates and conse- 
quent reductions in. scrap levels. 
Its bill for enamel material dur- 
ing a year is £100,000 which 
sbould be cut down to £70,00. 





New electrophoretic enamelling plant at Valor’s Liverpool 
factory. Rhoda Ball (left) does the loading while Joan 
Morgan attaches panels to a drying rack. 


Tbe Liverpool factory was the 
first to apply one-coat enamel in 
the UJC gas Industry. Valor 
□ow intends to move the major 
part of its enamelling require- 
ments on to this new process, 
although, for the time being at 
least, the new plant will run 
alongside the existing electro- 
static application. 


The EP machine, which is 
based on a carousel arrange- 
ment, occupies a floor space 12 
feet in diameter. Work is_rotated 
on hangers by a large revolving 
central dram and processed 
through 10 tanks before being 
transfered to a conveyor and 
transported through a dryer, 
ready for fusing. 


Bayer, a major supplier of frit 
— -the glass material used in 
enamelling — says the standards 
set by this technique will have 
the same dramatic effect. as when 
direct on-white enamelling was 
introduced to the industry. 

More from Valor on 051-426 
6551 or from Bayer on 0782 
48410. 


Fluid Transfer, Control 
and filtration 

lubrication Systems 
Garage Equipment 
Combustion Engineering 

• COMPUTING 

Flexible 

register 

THE LATEST design for a 
flexible cash register system 
from Vector International of 
the Ha Erode Research Park, Bel- 
gium, a firm specialising in 
micro-processor applications, can 
be squeezed into small shops and 
restaurants, or stretched out to 
cover vast department store and 
hotel chains, claims the com- 
pany. 

This can work as a terminal 
system with built-in floppy-disc 
backup connected to any type 
of mini-computer — the kind of 
configuration generally re- 
quired by large department 
stores and hotels. As an alterna- 
tive, the cash registers can func- 
tion as stand-alone units for 
smaller establishments with 
floppy-disc option to memorise 
thousands of transactions for 
computerised accounting ser- 
vices. 

Tbe system was developed in 
answer to a brief from the 25- 
year-old Dutch marketing com- 
pany, Navigare. in August, 1977, 
after which the first working pro- 
totypes were delivered five 
months later in January this 
year. 

• SAFETY 

Protects 

electrical 


units 


Dunlop moves into big pipes 


A SYSTEM for the construction 
of large diameter pipes, formed 
integrally and in one operation. 
In the: range of 200mm to 
2,000mm, earing manpower (tbe 
pipes are lightweight) and ob- 
viating storage or transportation 
difficulties, has been introduced 
by Dunlopipe, a new division of 
Dunlop.-! 

Constructed from a series of 
overlapping helical windings of 

• ENERGY 

Fresh water 
via the sun 

SAUDI ARABIA has in the past 
few years shown a growing 
interest in the possibilities of 
solar energy. Last month the 
country held its first national 
conference and set up a com- 
mittee of Saudi, scientists to 
correlate and keep up the 
momentum of work being done 
in the country’s four main 
universities. 

Earlier this week Professor M. 
All Kettani of the University of 
Petroleum and Minerals at 
Dhahran spoke at the Soltech 
78 conferences in Bahrain on 
solar water distillation. “ In most 
arid zones, where the settle- 
ments are small and remote and 
fossil or nuclear fuel is expen- 
sive. the only feasible method of 
fresh water production is by 
solar distillation,” he suggested. 

Distillation using solar energy, 
was the most economic method 
of water desalination argued 
Professor Kettani. However, he 
pointed out that because of cost, 
the traditional solar stills con- 
tinued to be small units. They 
could not compete with the 
multi-stage, mnltiflasb distilla- 
tion units powered by fossil 
fuels that are now extensively 
used in the Gulf Sstates. 

The economics of solar stills 
could be improved if water pro- 
duction were to be combined 
with other activities, the produc- 
tion of electricity for example. 
Professor Kettani pointed out 
that the capital cost of the con- 
struction of a still would vary 
from country to country. 


• By agreement between the 
Financial Times and the BBC, 
information from The Technical 
Page is available for use by the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. . 


high strength thin steel strip, in- 
dividually coated and bonded 
with a corrosion resistant epoxy 
based structural resin, it is made 
to standard outside diameters so 
as to be used with proprietary 
pipe fittings and joints. 

The company has spent around 
£1.5m. in over two years, inves- 
tigating the market and process. 
It bas exploited a basic principle 
bought from the Battelle Insti- 
tute. Geneva, and dow owns 
world rights for tbe system 

• BANKING 


offered to meet the needs of the 
international pipeline industry 
— for water, sewage, chemical 
effluent, gas and oil applications. 

Dunlopipe, at this stage, wifi 
be sold as a package deal — its 
technique and construction accom- 
panied by company personnel— 
wherever in the world the pro- 
duct is needed. 

More from Dunlopipe, Indus- 
trial Products Division, Foies hill, 
Coventry CV6 4AA. Coventry 
88733. 


A STATIC RELAY, called type 
RXVE 4 for use as thermal pro- 
tection for generators, motors, 
transmission lines, cables, et&, 
is being marketed by ASEA, 
the Swedish-based electrical 
engineering group. 

Designed as a replica of the 
equipment to be protected, it 
has a complete memory function 
which means that tbe relay takes 
into account the current before 
an overload occurs, even if this 
current lies below the operating 
current setting. 

To match the relay as closely 
as possible with the protected 
object, the relay bas been given 
eight different thermal time 
constants within the range 56 
seconds to 120 minutes. It is 
available for shunt connection as 
well as for connection to one, 
two or three phases. 

More on 01-467 9119. 


TSB puts in £10m. terminals 


ALREADY a major supplier of 
terminal equipment to the big 
clearing banks. Burroughs has 
scored a resounding success 
with the TSB’s. Trustee Savings 
Bank Computer Services has 
placed an order for £10m.-worth 
of Burroughs counter terminals 
which will be used ultimately to 
operate a vast real-time network. 

The client organisation is 
providing computing services to 
ten regiona 1 TSB’s covering 
areas from tbe south Midlands to 
the Scottish Border, by way of 
Wales. 

There are nearly 1,000 

• COMPONENTS 

Switchgear 

assembly 

COMPETITION on ‘ tbe UK. 
switchgear market will intensify 
as production from a new unit at 
tbe Telford factory of Merlin 
Germ (UK.) increases. The com- 
pany. subsidiary of the £2 00m. 
French group of the same name, 
is starting on the second stage of 
its development plan with the 
completion of an assembly line 
for switchboards. 

• It is intended to produce a 
whole series of boards from unit 
housings for single circuits to 
complex distribution switch- 
boards rated for up to 2000 amp. 

Tbe company is known as a 
supplier of switchgear com- 
ponents: low voltage miniature, 
moulded case and air circuit- 
breakers and the new departure 
will rely heavily on the G series 
of wall-mounted units and the 
free-standing P6 series of distri- 
bution boards for the high power 
side. These series are new to 
Britain. 


branches in all of which 600 are 
linked at the moment to four 
large machines at Kidder- 
minster, Manchester, Bootle and 
York. A further 327 branches 
operate through the use of off- 
line optical character recognition 
equipment for data capture from 
counter documents. Meanwhile, 
agreement has been reached 
with South West TSB with its 
91 branches to extend the 
service to that area by 19S0. 

The plan is to install tbe 
3.500 new Burroughs terminals 
stepwise and, by 1985, have them 
all linked into a new major 
computer system to be delivered 
in 1979 to a- purpose-built centre 

Emphasis has been placed by 
the designers on ease and sim- 
plicity of assembly so that, even 
for highly specified boards, the 
company says it could deliver in 
weeks "rather than the industry 
average of months.” 

Merlin Gerin (UK.). Stafford 
Park, Telford, Salop. TF3 3BL. 
0952 618061. 

• ELECTRONICS 

Micro push 
at ITT 

PROVIDING a novel twist to the 
microprocessor scene is ITT 
Electronic Services which has 
just announced a scheme clearly 
Intended to attract . further 
Customers to its already con- 
siderable fold. 

Basically the idea is to get the 
company’s new microprocessor 
catalogue into as many potential 
customers’ bands as possible by 
getting ihem .to join “The ITT 
Microprocessor Guild ” — which 
they will do by filling- up an 
advertisement-borne form (or 


now taking shape in Wythen- 
shawe. Manchester. Deliveries of 
the Burroughs terminals begin 
in 1980. 

Major loser in this part of 
series of TSB decisions appears 
to be Olivetti, which provided a 
large proportion of the branch 
support terminals linked to large 
I CL machines at the centres 
above. It was announced a few 
weeks ago that Univac had won 
a major contract for the large 
computers which will form the 
heart of the new TSB system. 
The latter did not bid for the 
terminals. 

More from Burroughs on 
01-897 8783. 

one at the front of a copy of the 
catalogue). Members will receive 
an updated copy at twice yearly 
intervals. They can also fill in 
a reply paid card asking for a 
free demonstration of any of the 
micro development systems. 

It is also planned that the 
principals — AMD, Fairchild, 
Motorola. National, RCA and 
Texas Instruments — will act as 
co-hosts in a variety of “ Guild 
functions ” throughout the U.K. 
Members will be able to get 
together and hear about the 
latest technology developments. 

ITT says that it has “ homed 
In ” on micros in this way so 
that the best service can be 
given to the rapidly proliferating 
number of relatively small 
customers for these devices. 

It claims that completely un- 
biased advice will be given — 
alhougb this will stop short at 
software, to be provided, if 
desired, by an associated soft- 
ware house. 

The company now bas 10 out 
of the 11 major semiconductor 
makers on its lists; although 
Intel is missing, that maker’s' 
micros are ohainable through the 
second sourcing agreement with 
National. 


BY PHILIP BASSETT, LABOUR 

lCCEPTANCE of the Govern- 
jent's 9.5 per cent, pay offer to 
50.000 civil serva.rits ' was 
hreatened yesterday by a strike 
all to union members in Govern- 
ment "fringe” bodies over the 
ncoinplete application of the 
ffer. 

The 105,000-strong Society of 
!ivil and Public Servants urged 
s members in controlled fringe 
odies, such as the U.K Atomic 
Jnergy Authority, the Commis- 


sion for Racial Equality, the 
Enual Opportunities Commission 
and the Social Science Research 
Council, to hold a one-day smke 
if the offer is not applied to 
them. 

.The society, which has about 
4000 members in these bodies, 
says it will not accept the pay 
offer unless it Is automatically 
applied to the fringe areas, 
whose pay is linked with main- 
stream settlements, as it has 
traditionally been. 


Joint talks on Shell strike soon 


FINANCIAL TIMES REPORTER 
EPRESENTATIVES of two 
nions- involved in a strike by 
kite-collar workers at Shell oil 
irminals decided yesterday to 
old a joint negotiating coh- 
erence on the dispute next 
■eek. 

During nearly 10 hours of 
?!k$ which ended early y ester- 
ay between Shell, the Ass oris- 
on of Scientific. Technical and 
[anagerial Staffs and ACTSS, 


the white-collar section of tie 
transport workers' union, both 
sides. “clarified their position* 
according to the company and 
the udioiis. ’ , 

Shell did not Increase its basic 
offer of 10 per cent, plus 2 per 
cent for productivity at the 
talks. The' 600 white-collar staff 
said that the offer does not come 
up to other settlements made in 
the industry. 


However, the Government has 
made It clear that there will be 
no automatic settlement for 
such groups and that they must 
negotiate separately. 

The offer, which gives con- 
solidation of earlier pay policy 
supplements, a 9.5 per cent in- 
crease and allowance adjust- 
ments, ' has been formally 
accepted by a consortium of six 
unions, representing 254000 
members. 

Both the society and the 
190.000-member Civil and Public 
Services Association have indi- 
cated acceptance of tbe offer, 
but settlement depends on an 
agreement by all the unions. 

A meeting of the society’s mem- 
bers involved will be held in the 
Central Hall, Westminster, to- 
morrow. The one-day stoppage 
called by tbe executive would be 
followed by selective industrial 
action. ■ ■ 

Mr . Leslie Christie, assistant 
general secretary of the society, 
said: “We are not prepared to 
allow this blatant and petty dis- 
crimination by .the Government” 


INFLATION 
ACCOUNTING 
AND 
FASCIA 


60^ Ibp Companies have now mslalled FASCIA 



Although inflation accounting has brought FASCIA to the 
business world’s attention, ft is primarily as an accounting 
workhorse that it has been installed by some 
K) major companies- 20 of them in the top 100 
H§B Jj (The Times’ 1000 largest UK companies - 1977). 

ODB FASCI A-Fixed Asset System for Control 

vlrfl Jj Information & Accounting, is a package specifically 
uy|u;‘p| developed by RTZ. Computer Services to cope 

with all the major aspects of recording and 
accounting for fixed assets, including 
the latest accounting guidefinesL 



Apart from inflation accounting, FASCIA'S applications 
also include: 

□Asset Inventory Control DRented Assets Control 

□ Capital Project Budgeting □Maintenance Cost Analysis 

□ Plant and Property Register 

Established for three years, FASCIA is being called on 
by more and more companies seeking better accounting control 
and preparation for the more disciplined forms of accounting 
coming in the next few years. 

For further information please contact 
RIZComputer Services Ltd, 

103 Jermyn Street, London.SWlY 6EB Telephone (01) 930 4163 






FASCIA 

FDR FIXED ASSET COhrmOL 


R.IZ.Computer Services Limited 






THE JOBS COLUMN 


■ • Fftiaririal TkrieS-'-^ttrsfey ^ 


l U ..n MAN 


Civil Service mystery • Product manager • Accounting 


I*-’-*;, 


BY MICHAEL DIXON 


LET THERE be no more irres- 
ponsible complaints that the 
Civil Service refuses to recruit 
people with experience of 
industry and commerce for its 
top-drawer jobs. It took in one 
during 1977. according to the 
annual report of the Civil Ser- 
vice Commission published 
yesterday. 

He or she was one of eight 
external candidates appointed 
to the rank of principal in the 
service’s elite administrative 
division. Apparently all the 
other people from industry end 
commerce among the 364 ex- 
ternal applicants for ■ the 13 
'principal's posts notionahy 
available, were not “good" 
enough. 

The same applied to all four 
outsiders who applied for the 
mandarin job of deputy chief 
economic adviser to the Trea- 
sury. None of this quartet, the 
report declares, “was of the 
standard of the in-service can- 
didate who <was finally success- 
ful.” 


The same applied to external 
candidates for various other job 
categories. These included legal 
assistants, scientific officers,, fac- 
tory inspectors and — a point 
which may comfort some people 
— inspectors of taxes of whom 
only 90 were appointed although 
3.432 applied. 

For us outsiders— who are still 
in the majority — it is surely 
time to worry why we so 
generally fall short of the Civil 


Service s standards. But unfor- 
tunately I cannot tell you much 
about what these standards are. 

The only relevant information 
In the report seems to be about 
the mainly younger »-• ground- 
Soor" entry of 143 people as 
trainees for the administrative 
heights. Of these, 58 per cent, 
were graduates of Oxford and 
Cambridge Universities which 
together account for about one- 
teoft of the bachelor-level out- 
put of this country’s' univer- 
sities, not to mention the 
thousands more now graduating 
from potfytecfcmcs. . 

This 56 per cent compares 
with around 80 per cent, in 
1976. But 1 fear that one cannot 
yet say the mandarin grades of 
the service -are becoming Jess 
Oxbridge - dominated, because 
the two major universities’ 
share of the administrative- 
trainee entry is stiti 6 -per eea/t- 
age points higher -than it was in 
1976-1974. 

On the other hand, the entry 
is certainly no longer dominated 
by people who graduated in the 
Classics. The proportion from 
such studies fell last year to 
only 4 per cent. Of the annual 
bachelor-level output of U-K. 
universities as a whole, by the 
way, students of Classics con- 
stitute about 0.7 per cent 

Moreover no. fewer than one 
in ten of the new administrative 
trainees had graduated in mathe- 
matics or another science-side 
discipline, compared with a 
" national output ” figure of 
nearly four In every ten. 


The dominant group of aca- 
demic subjects among the 1977 
trainee mandarins was social 
studies, including economics, 
which accounted for 38 per cent 
The most-represented single 
subjects were: history 17 per 
cent; modem languages 15; and 

Fng ligh 22. 

The rate of the top-drawer 
intake's .progress . towards 
modernity is also shown by the 
fact that 28 per cent of the 
1977 new administrative trainees 
were women,, who constitute 
about 35 per cent of the univer- 
sities* bachelor-level output 


Those worki ng in outer London 
get an extra £273, and principals 
in inner London an extra £465. 


Sad to say, the extent to 
which such .acadamic considera- 
tions play their part in ruling 
out the overwhelming majority 
of older outsiders,- is not 
revealed by the report But it 
does indicate what the Civil 
Service Commission believes is 
the main reason why the 
external world is failing to put 
forward enough candidates of a 
proper standard- The pay levels 
of the service, the commission 
thinks, are simply not high 
enough. 

Personally, however, I am 
inclined to disagree. Take for 
example the rank of principal 
— the lowest non-trainee rank in 
the administrative division— -for 
which the -commission could 
accept only one person with 
industrial or commercial experi- 
ence last year. 

The principal's pay-scale, 
before the. addition of any rise 
under this year’s 10 per cent, 
guidelines, is £6,201-£7,971 basic. 


The lowest point of that basic 
pay-scale is above the .median 
salaries of all the categories of 
industrial and., commercial 
executives as shown - by last 
month's Reward salary survey, 
with the sole exception of 
general managers— the highest 
paid Reward group — whose 
median salary was £7,000. 

As another example, take the 
average salary among all civil 
servants who might he termed 
u managerial,” including those' 
in the second-tier executive- 
officer grades a a well as the 
higher administrators. 

Given the impending 4 guide- 
line ” increase for * 1978, this 
average will be about £5,147. 
The only Reward categories with 
higher averages were general 
managers — £7,320; computer 
managers — £5.899; marketing 
managers — £5,803* company 
secretaries — £5.712; and sales 
managers — £5,347. 

So 1 am not pershaded that 
pay can be the prune, obstacle, 
to the recruitment of com- 
petent outsiders for the general 
run of the Civil Service’s 
managerial jobs. The main 
reason for the commission's con- 
fessed difficulty here must 
surely be looked for elsewhere. 

Part of it might be found in 
other conditions. One, which I 
mentioned a fortnight ago, is 
perhaps that unless a recruit is 
accepted into the administrative 
division early on, he or she 


clearly has little chance of pro- 
motion- to the commanding 

heights. 

A second could be that, unlike 
an insider changing posts within 
the service, an outsider coming 
ih does not qualify for removal 
expenses and so. on. This in 
itself can nowadays be a power- 
ful deterrent to any change 
which would mean moving 
home. 


A .third factor is probably the 
age-bar which largely prevents: 
outsiders from, entering, the 
administrative of executive divi- 
sions after their 28th birthday. 
This barrier is at last on its 
way out, thanks' to the persis- 
tence of a Mrs. Belinda Price, 
an educational welfare officer, 
who last year persuaded an 
Employment Appeal Tribunal* 
that the. age-rule infringed the 
Sex Discrimination Act. 

- But having accepted that the 
rule was breaking the law, the 
tribunal gave the commission 
until 1980 to make its .proce- 
dures legal after due consulta- 
tion, of course, -with the Civil 
Service unions. 

-To my mind, however, condi- 
tions such as those 'above are 
still not so much .a barrier to 
adequate recruitment from out- 
side as are the commission’s 
recondite standards. Since only 
the commissioners seem to know . 
what these are, we laymen can- 
not argue about them in detail. 
But we can apply one acid test 

It is’ whether or not, on the 
evidence before us, these stan- 
dards "provide the country with 
a body of civil servants who are 


successful at their work. And 
try as I might, I cannot with my 
hand on my heart declare that 
the answer is “.yes/they do.” 

The prime cause of the diffi- 
culty in recruiting from outside 
may . therefore be that lie 
commission’s . entry : standards 
are wrong, which suggests the 
need for. an urgent, inquiry to 
cheeky their appropiateness. • 

One probably cannot hope that 
such an investigation would be 
initiated by the .Civil Service 
Commissioners— whom 1 ‘ have 
heard described by one of .their, 
“customers”. as totally imper- 
vious . to~ Criticism. So if the 
Government w®re seriously 
interested in. making the coun- 
try’s mandarins more repre- 
sentative of the citizens whose 
lives are so powerfully in- 
fluenced by bureaucratic deci- 
sions, its. best. way of -starting 
would' surely be to appoint more 
outsiders to the- Civil Serried 
Commission. 


tietdar .-lilies, working through 
Alfa-LaraT* sales organisations 
in other countries. • 

' Bob van Oren says thet tech- 
nical knowledge of the packag- 
ing business is important, as 
well -as appropriate .experience 
in thq - n iarirptmg area- Candi- 
dates fluent in at least one other 
major lang ua g e would have a 
distinct advantage, and -tbej age 
abdication is 30 to 40. *• 

Sis' adds that the salary range, 
at 5fc00a to 60,000 guilders. c4n 
be, ‘ qopgjdered . equivalent ; to 
flltfWD to £15,000. 


Written applications outlining 
qualifying experience, to Mr. 
van'Oren, at Groot Blankenberg 
56, r Amsterdam, Hollands He 
can be "telephoned with, inquiries 
atW42 10 46. aniTfiis Telex 
zrumhfiris 14123. 


Batch of six 


Amsterdam 


A PRODUCT MANAGER from 
the UJC. or elsewhere is being 
sought by Robert van Oren. of 
European Marketing Systems^ to 
work near Amsterdam -for the. 
Aifa-Levai. group. The -main 
task will be to take charge ;6f 
and develop sales contacts .for 
certain , lines of packaging; 
especially " Backfillers” -for food 
products and light process 
industries. •" 

Reporting to the manager of 
all the group’s dairy products, 
the newcomer will have world,-, 
wide responsibility for the par- 


HALF' A D02EKr -youngish 
people ; — graduates,, qualified 
accountants, or perhaps financial 
jo tjnaHat s — are wanted - by 
Chris ■ Westwick, ."technical 
director of the Institute -of 
Chartered Accountants- - jn 
England and Wales. *■- • 

Esther as permanent staff or 
jon a period of secondment, they 
Will “service ” . important ' com- 
mittees of the Institute; com-: 

preliminary research 
as. food, for committee discus- 
-sioai . revising the-- research 
.papers "in the light of the dis- 
cns&on; consulting ' 'external 
interests on appropriate ques- 
■tiqps: preparing technical briefs 
fqr legal counsel; dealing . with 


relevant queries from the Press 
and. thel Institute's members; 
and. so. on. ... 

• Two will be concerned with 

the auditing practices com- 
mittee, soon to publish. its first 
draft recommendation^ aud be 
responsible - to its secretary, 
Jerry Winters. - 

Another pair, wflL .report to 
Jim Carty, .-.secretary ^ of the 
. aettninting standards, committee 
concerned witi^Vambfig other 
things*. Jhe vexed question of 
inflation- accounting. 

One will look after She tech- 
nical committee - dealing with 
matters- such'.' as ^ advice on 
management- accounting to in- 
dustry-' and .commerce. The 
-other, will -serve. ..the. research 
committee which tries to act as 
a bridge between theory and 

* 'practice in "' “acdo anting "r? an 
academic ; badkgrat^d-:' would 
probably help -here. -These last 
two wflKbotix ' report to' Mr. 
Westwick.. 

' - The main qualification^ he 
says,,. is demonstrable abtftty to 
write clearly, about complex 
matters, coupled, with’ at ’least 
.three, years of respond hle^vdrk 
since' qualifying as sin accoun- 
tant or graduating. : . 

The salary range for ibese 
City-based j.-jobs is <£8,000 ■ to 
£H) 2 00O.. winch' does -not /seem 
niggardly by any njeaiis. 4 

More ihformatipmand applies- , 
tioh.-f ojms-^cah be. obtained, by . 
writingr .or telephowng^-rizboth , 
cases briefly— to Mt.- Westwick j 
at Chartered Accountants^ ^alL, 
Mo orgate. -'PIace, - London EC2P 
2BJ- Tel, AMES 7(W- ' ‘ ‘ 1 


«• ... ' ■■ ' 

... , 


* 


it 


pS* <\i.A 


!5^ 


IlflAN 

Ex* 


MflWS a S‘ 


- -- S--S* 




r _v.V . 


rrj'" *V • 


U\ ii II in 


Slough 


FINANCIAL MANAGER 

Newly Qualified 


c£7500 


Encouraged to develop and apply an errtreprenneurial attitude to 
business matters, the Manager will be responslblefora major part of the 
accounting function, supervising a small team. In addition, he or she wiU 
work doseiy with the Financial Contiotta investigating expansion 
opportunities, and will commission a variety of projects including 
conversion to computerised systems. 


A-divIsion of a major international group.aur client is a market 
leader in Its high technology field. With turnover of £3 million, the division 
Is forecasting 60% growth this year and intends further growth through 
acquisition. Appflcarrfs. aged 23-28shouid preferably be chartered 
accountants and should telephone or write to David Hogg ACA, 
quoting reference 1/1694. 


EMAManagoment Personnel lid. 
6ume House, 88/89 High Hofbom, London, 1 
Telephone; 01-242 7773 



Dealers 


Merchant Banking 


A member of the Accepting Houses Committee is seeking to engage a dealer 
with approximately 5 years 7 experience in foreign exchange and a sound 
knowledge of deposit dealing. 


The position will provide opportunity to participate broadly in the business 
of one of the most internationally active of London’s merchant banks, 
particularly in the provision of specialist advice to commercial clients. 


Candidates should ideally be in their mid 20V An attractive salary would be 
supplemented by the usual benefits and there are excellent prospects for 
advancement. 


There is also a vacancy lor a more junior candidate with dealing experience 
of 2 to 3 vears. 


Please telephone (0 1 -629 1 844 at any time) or write* in the first instance - in 
confidence - to J. M. Ward ref. B.7992. 


7 Sett J FpouuiKtnU arc upetz hi ewn and wnm. 


nraaBb Management Consultants 

Management Selection Limited 

1 7 Stratton Street London W1 X 6DS 


POST OFFICE STAFF 
SUPERANNUATION 
FUND 


INVESTMENT ANALYSTS 


The Post Office Staff Superannuation .Fund is the 
fastest growing pension fund in the United 
Kingdom. It makes investments in a wide range 
of quoted and unquoted securities. Total funds 
are valued at more than £1,500 million. The Fund 
iis seeking new recruits to assist in the investment 
of its equity and fixed interest portfolios. 
Applicants should bold a university degree and/or 
a professional qualification. Applications are 
invited from those with experience of the quoted 
securities markets and those who are considering 
a career in investment. Salaries will, be 
competitive. 

Applications, with a current curriculum vitae, 
should be sent t.o: _ 


T. Grimes Esq., Assistant Investment Manager 
Post OiHw Staff Superannuation Fund 


Post Office Staff Superannuation Fund 
Equitable House. 47-31 King William Street 
London EC4R 9DD. 


w? 0pso rr - , ‘' rv 

•ii.- ; v: '’ 


FINANCIAL CONTROLLER 


"V 


Age: Under 35 


Salary: cJE9,000pa. 



)Dur client is crmajcu*pxibBcIy - -flownicnMgamont; You dKwldba 

quoted KigmckdS^lreaQiqq^xitee to undoptoi d thy , , - • ■; 

of impeccable reputation With *.•: t J igg p l e pi entafian af-garpomte . 
pre-tax profits in excess d Q2 ■•'. .financial strategy andnave a 
mill inm j eff rmimm _ ■ atroug empathy tDWOTds 

In line with its m^d gnwfli ' ' .' Aiiahxin. rffi ~ 

now wishes to cTOxant a r r-deculngs. • 

FmazidffiCcsdro&extokdnday v Candidates mczybecuready 

Viydn y iwt pfmwiHlity farits v-woddng within fiiefsiatuaed ; 

substantial North American* ..K-^Jeririces industry ocvrifidn ct 
operations. Additiaiud^lha . .y r-pped essanal finawiflia . 


appointed candidate wiU asshit:: 
the Group Financial Director bn 
spedaiprc^ects. 

Thp ^rw w it iil nmutiHnte w^ 
beanFCA/ACA. preferably wiflf 
a degree or MBA. ideally aged;}: 
between 26-32. Yoa will he able 
to demonstrate in depth, 
experience of financial ■'* A 


ass&ri . ' W K le bp ggQd]^rcfice wigirniliia 


foil brfafing and bare girafiyonr 
canflebfc Please send a su mmar y 
cxwGzmgempIojhmnttesioiy; 
athievranards, current 
wmaw toan^WriiK- - • — 
DiancrS. Maw 
BDCflgtemcttionaflLtd . . 
2S Dorset Street 
London W1M3FU 


MERTO 

Merton F 
Executrre 


studying tor an MBAwifl alsO be 
Considered. . i 

. ■ The s> lrceftsfuloapcfidafa Wflf 


a twwy ijjuwinl nmuuitlnmy 
gpoodiafaiff iniecrui tWHp t 
cmdhcansed in Great Btltaia, 


tfie region of £9,000 p.a. and can 
expect excellent career ■ 
ad^cmcemezzt prospects t ^ *- 


accounffitg. budgeting cmd carii -including a divisional 



BANKING 


LIBRA BANK LIMITED 


An Established international merchant bank based 


An yfe 

in the City is currently seeJung to recruit additional 
stiff for their operating areas. Preference would 
normally be given to applicants who have previous 


experience of one of the following: Management 
Reports,. Interest Accruals, Loans Administration or 


Reports,. Interest Accruals, Loans Ai 
Batch Control. 


Since the Bank is in a growth situation excellent 
opportunities exist for career advancement 
Attractive salaries are offered, together with 
generous fringe benefits; i.e. non-contributory pension 
fund, 50p per day L.V.5, interest free season ticket 
loans, subsidised house purchase scheme and four 
weeks holiday 1 1978 arrangements. honoured). 

If you are seeking a position which requires applica- 
tion, bard work and the opportunity to use your 
initiative and imagination to eventually further your 
professional ambitions please telephone Jean Cain- 
well on 01-606 0631/9771 for further details, or 
write to: 

The Personnel Department 
LIBRA BANK LIMITED 
140 LONDON WALL 
LONDON EC2Y 5DN 


MANAGING DIRECTOR 


Nordic Bank Limited, London, or internalicinal banking, prefer- 
requires an Assistant to the MJX - ably inciudiiig some exposure to 
The successful candidate - will taxation matters and planning. - 
help the MD. with a wide range ' Tlie . present job-holder is 
of tasks and will be specially moving back jnto line manage- 
designated Manager of Special j?®?* 


Projects and Planning. • ' " 

The ideal -candidate .would be 
between twenty-seven and thirty- 


it is hoped tfyat after two or 
three years the new recruit would' 
also move into line management. 
The position offers exceptional 


five years, of age, would have a breadth of interest and oppor- 
post-graduate business school tunity for development, 
degree or a professional qualifica- - Salary will be according to 
tion as a lawyer or chartered r experience but attractive to the 


accountant and would have -had right person. The usual bank 
at least three years’ practical : fringe benefits .-.will also be 


" v ery cn 

middle 

£] 


experience of corporate finance available. 

Please apply in writing.to J. R r Sclater, Managing Director, " ; 
Nordic Bank Limited, 41/43 Mincing Lane, London EC3R 7SP. 


Group » 

Financial Controller 


£10,000+pa 


Hovcrinqhan-. Group Limited, a progressive, diversified group organised inioselt* 
contained profit accountable companies, wiahaa to appoint a Group Financial 
Controller who will report direct to the Group Chairman and Chief Executive. The 
main duties are: 


Corporate end Financial Planning 
Manapementof Finance 

Control of Accounting and Data Processing Departments 
Applications are invited from mature accountant* aged 35—45, preferably With both 
FCA and FCM A qualifications, with a sound professional background, currently 
holding a senior executive position In industry, and depth of experience hi the duties 
outlined above. Knowledge of overseas operating and a ioreign language would be of 
advantage. 

The appointment basedai the pleasantly situated Group’s Head Office In 
Hoverinp ham, will involve limited travelling within the UK and occasional foreign visits. 

Salary is negotiable, but It is unlikely that anyone earning (ess than £10,000 pa will 
possess the required experience for this key appointment. A company car and 
excellent sen ior executive benefits will be provided. 


ACCOUNTANT 


Salary c £5,500 psu 


A well-known tity Investment Trust requires a Finalist/ 
Qualified Accountant to join small Accounts team dealing 
with portfolio investments, taxation and property invest- 
ments. etc. The successful applicant will be aged between 
21-30 and will respond directly to the Group Accountant and 
would be expected to deputise in his absence, in addition 
to the salary there is a Non-Contributory Pension and Life 
Assurance Scheme; assistance on Mortgage Facilities, Free 
BUPA cover and 75p luncheon vouchers per day. 


Please apply in writing in strictest confidence to: 

Box KW4, Walter ]udd Limited, 

( Incorporated Pncfcttanen in Advertising) 

la, Bow Lane, London £C4M 9EJ 


Confidential Reply Service 


Wease send zareer deatfzJistins separately employer* w whom we should 
not forward your repfyi. to Charles Barker ftocnHoncn r L td„ .- 
Floor. Kcfttad/Tower, Snow Hill 
64 6JB.- 


feint 


L envej. 


•Till 



Pfe&se apply, staling how you meet the specified reqvvments, to: 
The Group Chairman and Chief Executive, 

HOVERINGHAM GROUP LIMITED 

HOVERINGH AM Nottingham NG147JY. 


QUALIFIED ACCOUNTANT 


c.£7,000 + 


We are an expanding Plant Hire Company with branches through- 
out Southern England. Based at Head Office, duties will include 
Annual Accounts.' Cash Flo w Management and Forecasting and 
control of the Accounting Department. 


Write firing career details to date to, 
Company Secretary 
Campbell-Gray Limited 
Dunraven House, Welghton Road, 


London 5E20 BSX. 



within a developing su bsi diary cqmpany. Reportirig d i reedy lo the-Managlng 


Director and ms staff. - , : ^ 

Applicants must be prof^ior&lly.qurivfre^AccoimM at laa^ayears posl 

qualification experience including Zyreis iri ‘a renror management appointment. 

Experience of the iron and steeJ or aft associated TndiKtrY wtiuld be; a n advaritasBi 


v.i*, Tr. • IN T: 1 . J: 1 1 £•]•] *IiTi ■* i iTI '.A ' • 2) U : 1 ^-5fT 


significant contribution in the manasemBm tif the Company 's ftnanraal and 
accounting activities and related areas of administration iriclud fng data proa 


Conditions of employment art first class and In line wfth larw group practice 










rkef . 

* * * _ 


MARKETING MANAGER 

FUND MANASEMENT SERVICES FOR LEADING CITY INSTITUTION 

30-45 

Our client, the. investment management arm of a leadin g City institution, 
will shortly appoint a marketing manager. He/she will be responsible for 
developing and implementing the marketing- strategy in conjunction with 
coUeagdes and responsibilities will include: 

+ Obtaining new funds from the Financial Institutions and Industrial 
Companies 

- Developing the private client side of the business 
The ideal candidate should have a proven marketing background obtained 
in the financial community, possibly with the Unit Trust movement, a 
stockbroking firm or a financial public relations company. The appointment 
offers an unusual opportunity for a creative and energetic person to 
establish a career position and he/she would report directly to the Managing 
Director of the investment management company. 

SALARY IS OPEN TO NEGOTIATION BUT IS UNLIKELY 
TO PROVE A PROBLEM FOR THE RIGHT CANDIDATE 

jSoSrtf Career 

7 Wine Office Court 

London EC4A 3BY. 01-353 1858. ftJICUl 


MANAGEMENT CONSULTANCY 

Executive Search and Selection 
. Consultant; P ar Iner & Director 
London, W.l. £10 r 000-£15 r 000 

Become a Senior member of our highly successful Consultancy Team. Control 
develop and directly share in your own success! Act for some of the City's and 
Industry's topcompanies. 

Our Consultancy Practice. Merton's reputation Your Background. We are seeking an ax- 
is enviable. Over the past 3 years, we have perienced executive who believes, as we do, 
developed our U.K. and International business, that a company's manpower is its most import- 
acting for some of foe m ost important U.K. ant asset. Such deserves the time, effort and 
companies: Top level assignments have spanned in-depth analysis necessary to evaluate a client's 
the globe from Europe to the Far East and the. needs so as to find the optimum solution. 
Americas; new business is developing daily. You must have a sound appreciation of • City 
Merton prides itself on providing the best quality affairs • Industry • Personnel Management • 
and in-depth service of any U.K. consultancy. Manpower Resourcing • the integral workings of 
in Personnel Recruitment and Selection. mufti-various businesses. 

■sttsesssgstss 

s=fs Sffiwssavss; 

brokets • Industrial Holding Companies etc. voiaemns. 

To train in Merton's unique Consultancy con- fin 

cepts and to rapidly establish yourself among co^fk,eoce, ' s,m P | V tete P hon * 

existing andnew clients, as one of the pan- ^ T MBa ^' OI ? 

opal Consultants Tri the square mDe. You wM. dav " 01-722 2103 l 9VBnin flsJ 

be based inour own new sett contained fully wuunenusj. 
air-conditioned building. 


(This appointment hopm to rrate/fsnale applicant r J. 


M 


MERTON ASSOCIATES (CONSULTANTS) LIMITED, 
Pterion House, 70 Grafton Way. LondonWlPSLN 
Executive Search and Management Consultants; 


Managing 


Engineering 


£ 10,000 


For » most interesting position In » medium Sized foundry where an 
fnitiai programme oF redevelopment tias receutfy been completed. With a 
healthy order book in an expanding market this is an unusual opportunity to 
.make one’s mark by maximising the earnings potential and leading the ■_ 
company through a further period of substantial investment and expansion. 

The job will tempt professional managers, preferably with a foundry and 
general management background, but experience in other engineering 
organisations and a highly successful record fitting short oF general management 
will be considered. Age probably to 45 and experience in industrial relations, 
budgeting and capital projects are important factors. Candidates must he 
able to show evidence of successful team leadership through planning, 
delegation, and control and an ability to take derisions and act on their own. 

The salary indicator of £10.000 phis a car is unlikely to be e bar to 
appointing the right person. The company is part of a large British 
engineering group. 

•• Please write in strict confidence, stating age. experience, .qualifications 
and present salary, quoting Ref. 593/FT. to: 

CB-Unnell limited 

8 Oxford Street, Nottingham 
MANAGEMENT SELECTION CONSULTANTS 
NOTTINGHAM ■ LONDON 


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

The Bank 

A joint venture with large Middle Eastern majority and two 
international bank partners. The bank is established in Paris as 
a French company with plans for impleme n ting br anch es and affiliate 
network. 

The Job and Position 

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

Conditions — salary commensurate with experience, liberal fringe 
benefits. 

Candidates write in confidence to: 

The. Chairman of the Board 
P.O. Box 2708, 75008 Paris, France 
The envelope to be marked “ Strictly Confidential - 


International Audit 


$23,000^30,000 


Europe 


rw are a uiaior USA. industrial ffierawiil baopportnmty to visit ^eLSA- 

Our cuents are a T iTfmrWr^rtL Candidates aaed 2535, must be qualibed 

?Bga aggaar«E &sS^sssiiss= 


Mervyn Hughes Group 

. ; Management Recruitment Consultants 




European Scientific 
Organisation of the 
Chemical Industry 

is looking for a 

PRESS & INFORMATION 
OFFICER 

to be based in Brussels 

His duties will be: 

— to run a Press and Information Centre; 
— to improve quality, presentation and 
reliability of the information data; 

—to maintain and improve contacts with 
public at large. 

Candidates should have experience in comparable 
fields of activity and have good command of -the 
French and English Languages. 

Those interested in this position should write to 
Box 248E. F inan cial Times, 10, Cannon Street, 
EC4P 4BY. 


MARKETING k 
DIRECTOR 

Aircraft Interior Equipment 

TOP SALARY & FRINGE BENEFITS 

One of our companies has. a significant world market 
share supplying equipment for ai craft interior use. We 
intend to expand the business. . 

We will appdot a Marketing Director to the Company 
Board. He/She will have experience of the purchasing 
policies of the major airline operators and aircraft builders 
worldwide. Whilst not necessarily a technical person, 
the applicant wold have sufficient know-ledge o-f the 
technical aspects of aircraft interior equipment selection 
to be able to set the marketing and sales policies, direct 
tbe actions and promote the.best products for the business. 

The Director will be responsible for the sales force, 
customer relations services, the agency and product 
distribution network and the market forecasting function. 

The successful applicant will probably be aged 3045; 
a graduate with formal business school training and 
excellent knowledge of contract terms, financing arrange- 
ments, etc., appropriate to winning orders in the inter- 
national aircraft supplies industry. He/She wall be able 
to converse on equal terms with accountants and lawyers. 

The Company is located near London. The post will 
involve extensive travel. The terms of employment are 
for discussion and will attract the best applicant. 

Please reply in strict confidence with full CV. specify- 
ing your relevant achievements, to the Chairman, Box 
T.4868, Financial Times, 10, Cannon Street, EC4P 4BY. 


FINANCIAL CONTROLLER 

£1 0,000 plus -i- Car 

Th» Convoy It one oF the lading security companies In the 
U.K., a subsidiary of Europe's leader >n this service industry. 
Turnover Is currently £25 Billion with over 4.000 employees 
in the U.K. Activities include guarding services, manufacture 
and installation of electronic systems and major new d hr ersi fic- 
tions into general aviation, howl and conference facilities. 

The s eoBtfa l ca ndidate (male or female! will he » graduate 
Chartered Accountant, probably in the early thirties, a self- 
starter with a first-class brain and lota of energy and initiative. 
A wide range of experience is necessary to control dlls complex 
Group. 

The I oh it to assist the Financial Director in the U.K. while he 
turns his emotion to the European Group Tbe work will rrquire 
investigation, innovation and analytical thought of a high order 
and good man-management ability. 

The rewards will be an initial salary of o»er £10,000. ■ car 
and generous other fringe benefits. 

The location at Broadway- In tbe Cotswolds la superb. Assistance 
will be given with relocation If necessary. 

5 urn Sly qualified candidates should send their curriculum vitae to 

T. P. GREEN. PERSONNEL DIRECTOR 
at 

FARNCOMBE HOUSE 

BROADWAY. WORCESTERSHIRE WRI2 7LJ ‘ 




L.MESSEL&CO. 

BANK ANALYST 

A high calibre, experienced bank analyst is 
required to strengthen the analytical side of the 
financial team. 

The candidate will be expected to maintain and 
expand top level contact with senior executives in 
the industry and to produce written work of the 
highest quality. 

This is a senior appointment and -the salary and 
benefits will be commensurate. ■ 

Interested parties should write to or telephone: 
Paul Kelly 
L.MESSEL&CO. 

100 Old Broad Street 
London, EC2 - 01-6064411 



GROUP ACCOUNTANT 

Public company, rapidly expanding in the areas of 
mining and -natural resource activities, seeks fully 
qualified accountant with minimum 5 years’ experi- 
ence in industry to take charge of all Group 
accounting functions. Ideal applicant will be aged 
between 28-35, have entrepreneurial flair and wish 
to become involved in all aspects of the Company’s 
future growth.- Salary £ 9 , 000 + and other benefits 
to be negotiated. 

Reply: COWLEY INVESTMENTS LIMITED 
28 Elizabeth Street, London SW1W 9RF 


Internal Auditor 

City c£10,OOO 

International Merchant Bank 

Our Client a distinguished and expanding Consortium Bank,seekstoappomt 
an Internal Auditor. 

Ideal Candidates, in the age range 35-45, will be Bankers with experience 
of international bank auditing which mist include an in-depth exposure 
to foreign exchange accounting and ED-P- controls. Personal qualities of 
self-motivation, initiative and dipiomacyare also regarded as essentia!. 

This represents a responsible and extremely attractive opportunity with 
scope for personal development within a successful and growing 
organisation. 

Contact Norman Phifpot in confidence 
on 01-248 3812 


NPA Recruitment Services Ltd 

60 Cheapslde London EC2 • Telephone: 01 -24S 3SI2/3 ; 4. o 


International Banking Executive 

Major Merchant Bank 

City £10£12.000 

An outstanding career opening. Join a highly respected member of the Accepting 
Houses Committee. Act as the No. 1 to the International Banking Division's Directors. 
Assume responsibility for management of International capital market operations. 


The Bank: A long established, highly respected 
City merchant bank with an untarnished and 
treasured reputation. Today they are enjoying 
a period, of continuous growth and rapid devel- 
opment; they have forged links with continental 
banks of stature to strengthen further their inter- 
national operations. Board Policy is to broaden 
their loans activity, particularly in South America 
and Europe. 

Your Job: In dose co-ordination with the Direct- 
ors. to take control of the day-to-day manage- 
ment of syndicated Eurocurrency loan business 
* negotiate terms with clients • prepare and 
formalise offers * write placing memoranda * 
underwrite and place loans of up to 450m plus 
■ assist the Directors in Eurocurrency public 
issue/ private placement business. 

Our Specification: A knowledgeable, ex- 
perienced International Banker, with a pro- 
fessional qualification, aged 27-32, who has a 
strong desire -to broaden his -horizons and 
eventually become a Director. 


Ideally you win have worked in an accepting or 
issuing house, merchant or multi-national bank 
for at least 3 years. You must be prepared to 
travel- Spanish and/or German language 
essential. 

It is vital thaT you are ambitious, able to work on 
your own initiative and have the proven ability 
to work with others. You must be capable of 
winning the Board's confidence to justify early 
promotion and increasing responsibility, incor- 
porating a new business development role. 

Rem une r a tio n: The bank pursues a generous 
policy. Emoluments include: subsidised mort- 
gage + other traditional benefits + 4 wks hols. 

ACT NOW! To learn more, and to arrange for 
an immediate interview, telephone the 
Bank's advisers: Michael A. Silverman or 
David Burns on 01-388 2051 or 01-388 2055 
(24hr Ansa phone). Complete confidentiality 
is assured. Ref 232 

iThtuappofnimcni open io inofcr. fenridlr .ippiicdnuJ 


M 


MERTON ASSOCIATES (CONSULTANTS) LIMITED, 
Merton House. 70 Grafton Way, London W.1P5LN 
Executive Search and Management Consultants ; 


Director 




London 


for a specialist organisation which provides services to the printing, 
publishing and related industries throughout the UK. 

Accountable to the Chief Executive this director will make a major 
contribution to the creation and public presentation of future pro- 
grammes and will also direct central departments concerned with 
industrial management, printing technology, publishing practice and 
industrial relations together with the five branches in provincial cities; 
140 staff- 

Candidates aged 35 to 50 will be graduates, possibly in business 
studies, with several years in senior line- management in a relevant 
industrial/commercial sector; experience of marketing an advantage. 

Five-figure salary negotiable, car; location north side of London. 

Please send written application and career resume - in confidence - to 
Dr. E. A. Davies ref. B. 4032 5. 


7 j/jMWiwir •'f'n ■wi -*iJ nrvi. 


mSlL Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 


yf 


Jonathan Wren - Banking Appointments 

The personnel consultancy dealing exclusiveh with the banking profession 


We are the leading and longest-established “Specialists in 
banking appointments. Currently we can offer over 300 
vacancies with our merchant and international banking 
clients, of which a small selection js mentioned below: 

LENDING OFFICER to £9,000 

CREDIT ANALYSTS to £8,000 

SENIOR ACCOUNTANT £8,000 

CHARTERED ACCOUNTANT to £7,000 

LOAN ADMINISTRATION £6,000 

EUROBOND SETTLEMENTS to £5,000 

INTERNALAUDIT (UK) £5,000 

AUDIT (Overseas) * ... .to £6,000 

DOCUMENTARY CREDITS £5,500 

JUNIOR EUROBOND DEALER to £6,500 

STERLING INTERBANK BROKER £Negotiable 

FOREIGN EXCHANGE BROKERS 

(Knowledge French/Germari) £10,000-r 

COMPUTER PROGRAMMER (IBM) £6,000- 

SYSTEMS ANALYST (Comshare) to £5,600 

For further details please contact 
DAVID K. GROVE or RICHARD MEREDITH 


170 Bishopsgate London EC2M 4LX 01 -62 3 1266/ //S 9 










10 


- 'Ftajocbi Tim# Thursday April 27.I97S 


ACCOUNTANTS FOR INDUSTRY 

A.C.A. / A.C.M A / A.C.C.A. Mid / late twenties 


Central London 

Our client is a major U.K. manufacturing and contracting group with extensive overseas interests. The 
group plans further substantial development and currently has a turnover exceeding £1 DOOM- 
y appointment of a Group Financial Director. 18 months ago has led to a strengthening of the finance 

function which now creates the following opportunities: 



FINANCIAL ANALYST 
to £8,750+bonus 

As a member of a highly skilled department, 
reporting to Board level, with responsibilities ■ 
'which include; analysis of operating performance; 


DEVELOPMENT ACCOUNTANT 
to £8,000 -fbonus 


In a small consultancy team conducting specific 
assignments aimed at improving the quality of 
management information, unifying policies and 


review of major projects and plana; identification of carrying out ad hoc projects. Candidates should 


areas for profitable improvement of the business. 
Candidates, preferably graduates who have had 
experience in either a major practice or a 
substantial industrial company, must have the 
ability to prepare and present well. balanced 
reports. 


ideally have had relevant post qualifying 
experience in an industrial environment or in the 
consultancy department of a major professional 
firm. 


Far both appointments the company seeks candidates who are committed and can demonstrate the 
level of intellect commercial awareness to succeed in a demanding environment. 

Success in these appointments mil lead to the opportunity for career progression. 

For further information and a personal history form, please contact Nigel V. Smith. A.C.A., 
quoting reference 2144. . ckyrtT^rr^kXLGtlid Divtsx^ ' ■ • - 


For a profit acxxwntablemuih-Emillion ; 
subsidiary which is part of a well known 
British Company Over 5,000 are employed 
in the mamfacture, sates and distribution of ■ 
essential daily foods within a defined territory 
in and arajjnd London. 

The Regional Managin^Direetdr is 
• responsible for the profitable direction of the 
- business and will contribute d development ■ 

, polio# on the board of the national company 
He or she,- will .co-ordinate arrintegrated 
.management structure which. - .. .■ - 
includes a sizeable transport and; ■ : -p, . 
dfetributfoncprrpte*. . hij j 

Candidates, ideally ag&d_38-45 t xJiA 

' should be graduates who have T jL 
profit responsible genera) JLllJi 

management experience over a-.. L 


dMsion'or company which produces, markpfs ' 
andd^butesshd^^^ prt^ucte . . 

en a yatelThey roust be fanriiiter.With - 

the logistic aspecteof iWs typeof industry and 
accustomed to weH cjistipfined systems of • - 
finanetel aid cost control. They wU nesti to 
experienced rn detfStoMftQ goodiRdustri^ 


in marketing orfihsnce... .• • l. 


_ ' drinks.industn.es could also be of interest ■ . 

Staitingsalaryfohegoti^ l ' 
as above with penfctonr car arid 
ft other benefits. Pfeasewrits in * • 

4*r / confiderx^withbrief career details 

U/inA^ to H.C. Holmes, M, Holmes 
tyrl(5 (Management) Ud.,45 Alternate 
-JL v* — '1 street, -London W1X3FE r \ . ... 


Douglas Lkanbias Associates Ltd. 

Acrwmtoncy 6 Management Recruitment Consultant*, 
410. Sband. London WC2B 0NS. Tel 01 -836 9501 
123.51 Vincent Street, Glasgow G2 5HW Tel Mi-2263101 
3, Coates Place, Edinburgh EH3 7 AA. Tel. 031 -225 7744 


■PERSONNELAOm^S 



Chief Accountant 


Under 30 

Commodities £200 — £300M c. £8,000 

Our client, an established firm of commodity ail preferably gained within a commodity - " 

Shippers, Merchants and Brokers, require a or related organisation. The position demands a 
qualified accountant with proven accounting strong and flexible personality who can be 
skills, strengths in problem-solving, seen to be effective in a dynamic, 
systems and man-management, people-orientated environment. 


Mrs. Indira Brown, Ref: 7 9086,' FT 

Male or female candidates should relephone in confidence for a Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, W1E6EZ 


Executive Selection Consultants 

BIRMINGHAM. CARDIFF, GLASGOW. LEEDS. LONDON. MANCHESTER, NEWCASTLE and SHEFFIELD 


MANAGING DIRECTOR 
LEASING AND LEASE BROKING 


We are looking for an experienced person, 
preferably already a ' Director of, or m a senior 
position with*- a company specialising in leasing, 
and lease broking, to take charge of and - expand 
our Group’s involvement in leasing. 

The successful applicant will be responsible^ for 
supervising the existing leasing book^ arranging 
new leases, organising block discount facilities 
and setting up a lease broking division. 

The. successful applicant will, be appointed 
Managing Director after an initial period and will 
be eligible to share in profitability. Salary will 
be by negotiation. Full administrative _ and 
financial support will be provided. 

Please reply with full, details of. past experience 
to Box A. 6340, Financial Times, 10, Caiwon Street, 
EC4P • 4RY. All replies will be treated in the 
strictest confidence. 



We are a major American Bank long established in London. Recent world- 
wide expansion has necessitated increased manpower requirements in our 
London based Internal Audit team. Rewarding posts are available in a 
highly professional systems orientated environment. 

Young bankers seeking a progressive career .involving overseas travel are 
needed to fill these positions. 

Applications are invited from candidates, aged 23-28, with or studying for- 
AIB and having practical or audit experience of international banking. 


Preference will be given to applicants with fluency in another European 
language and/or EDP experience. An excellent salary will be offered to 
the successful applicants with generous fringe benefits’ generally associated 
with a first-class bank. 

Applicants should send full details of their age, education, experience and 
current salary to: 


Box No. RD 4526, c/o Extel Recruitment 
Pemberton House, East Harding Street, London, EC4 . 

The names of any banks to whom you do not want your application 
forwarded should be clearly printed on the back of the envelope 


TAX PARTNER 
DESIGNATE 


A.C;A.27+ to £18,000 p.a 


Our client is a Jajtge/meidftim sized firm of chartered accountants 
with offices throughout the U.K. and internationally. The intended 
role is one of PA. to the existing tax partners, handling a wide range 
of special/consultancy tax work, research and planning. In addition 
he/she will take responsibility for a small portfolio of clients which 
/could include large corporate gioape and partnerships. 

Due to continued growth and a recent re-structuring of the tax 
department, it is envisaged that the successful applicant will move 
through to partnership within two to three years. 

: For detailed information apply, in the strictest confidence, to < 
Trevor Atkinson A-C JL or George Ormrod BJL (Oxon) quoting / 

reference No. 21 &9- • 


Taxation KvSstan 

Douglas Llaxabias Associates Ltd. 


Accountancy <4 Management Rocimiment Cannultante, 

410 Strand, London WCZR ONS Tel: 01-8309501 
121, 2t. Viacom. Street, Glasgow G2 5HW. TeL CW 1-2^6 3i 01 and in Edinburgh. 


FINANCE MANAGER - SWEDEN 

Age 26+ S.Kr. 100,000 (£12,500) +Car +relocaUon 



Our client is the Swedish affiliate of a world -wide market leader engaged in the 
manufacture and distribution of fast moving quality consumer products. 

Based in Stockholm and reporting to the General Manager, the successful candidate 
will have total responsibility lor all aspects at the finance and administration Junction 
with particular emphasis on improving existing systems and procedures. 

Candidates must be qualified accountants aged between 26 and 35. with the ability 
and maturity to operate independently at a senior management Level. Knowledge o: 
Swedish is not considered necessary. 

This is a rare opportunity to enjoy the high standard d Scandinavian living whust at 
the same time gaming valuable European experience with a dynamic international 
group. 

For farther information and a personal history form please contact 
Neville Mills A.C.l.S- or Kerin Byrne B.A. quoting reference number 2142. 

Cornmeraat/mj 

Douglas Lkanbias Associates Ltd. 

Accountancy & Management Recruitment Consultants, 

410. Strand. London WC2B0NS- Tel: 01-8369501 
121. Si Vincent Straei, Glasgow G2 5KW. Tel 041-326 3101 
3. Coates Plan, Edinburgh EH3 7 AA. TeL 03 1-225 7744 


Chief Accountant 

Basingstoke c £9,000 +car 



(U 

11 

a 

■■■ 

B 

1 



A corporation, world fajnous in the electronics industry, has established an 
/M organisation to sell a tk-w ransc of low velum? high value products in 
■A. f i in™ in Africa and in the Middle EasL Identified cuatomers include ferae 


-*■ Europe, in Africa and in the Middle Ea*4. Identified customers include large 

authorities, places of learning and top industrial companies. 


Tht? United Kingdom office is about to be set up in Basingstoke. The administration 
director wishes tn recruit someone trained as an accountant to tnke responsibility 
tor company secretarial, office management and personnel matters at, well as lor 
accounting and finance. 

The specification calls for someone with an accounting qualifies t ion. well versed in 


import esport accounting tn international trading, used to working with 50 or 
fewer people and preferably in the early thirties. 

Salary negotiable wound J£y,0Uu. A car probably in the Cortina range will ba 
provided - 

Flea*? write in confidence for a job desenption and an application form to 
David Proftser, Price Waterhouse Associates. Southwark Towel's, London 
Bridge Street, London SE1 9SY. quoting MCS/367 &. 


Project Accountant 


teJeco n Tro u n kat ions. are main contractors 
friaE3OOm+rec0tly-waicxirtractinlhe 
MMdleEasC. 


■* Pravkfing managers 


We are offering a challenging appoMment 
based in Loncton Out with regular overseas 
vbifs fora Rrpjeef Aceountartf to undertake ft© 
finanoal cost aid rngnagem^acpourtlnfl 
funefionforthaprojea 
The primary resjxjnsihffities win be: 

-k Stpenrislngli^deta^ axajntirig 
n'bandan. 

•k Siting up appropriate fefcf controls, and 
accounting for stores, wages and salaries, 
personnel,' plant arid equipment and 
JTOrtWy valuations, and tailing staff. 

* Ensuring that the PEHTand cost control 
progammes are feted and iBoontitebte. 

* Supplying project Jo be* cfvia^ 

firraicial and management accountants. 


budgets, cash fkw forecasts and 
pmfiabifity 

Candidales muslbequaBBed aaountants wflh 
at least3 years' experience in ctn industrial or 
ctommercialenvironmert. incfodingsoine 
ffiqwtenceotprojeaajntrol.pfefer^Jyinttw 
fiWdteEasL 

We offers new and exerting appoinimeni with 
eKoetent terms d emptoymertL Commencing 
salary wiB be bi the range C7100-E7.650, plus 
generous allowances when overseas. Normal 
large-carruany benefits apply 


EuropeanFinance 

LomlonWl £9,000+car 


appfc&tm tomtom: 

Personnel Offica; Dept AC007, 7, 
CaWe &Wkdess Unfitted, 

Lion House, Red Lion arefit 
London WC1R4NA. 

Tel: 01-242 4433 exL 4089. 


O ut client a major North American company, with suretiratiol ihfestin*j'nte in 
tmupu requires » young accountant to join tl»i«mull European uuinugrtueni tcuin. 
Thus is a nuw job" ttml a line uiiuoriunity tu be a^iocidted with un cxnanduiA. 


This in.a nuw jub ami a line opporiunuy tu be a^ociaied wjth an expand 
European operation. ' 

Uenponpibifitv wilf f"? to ifu? seiiior bnaneia! officer for financial and administrative 
surveillance ol' the company's European auhmiiaiics. The emphasis will be on profit 
p«>rt'jn»:i nre. 

Vaadniafes ffiifct- be "mianfinJ «nd ideally ba-c rome commercial experience -and 
knowledge of current tlSA repuriing raquiriinenL*. Fluency in a European language 
preferably CenUtW orllaJJan would w a distinct advaniagt. 

Based in London the job oflers the opportunity ol e.\winri ve travel within Europt 
Salaiy £9,000 plus car- Excellent benefits Euul career prospects. 

Please write is confidence to David Prosser, Price Waterhouse Associates. Southwark 
Towers. 32 London Bridge Street, London SE1. 9SY, quuting MCS'^GSO. who will 
acknowledge reoeiptofifie fetternnil forward it to the client. Ustseporately any company ' 
to which you do not wish vour leiier to be fcenu 


Leada^fointsemaaonaiTBiecm 





- studies, cost cnfeiraplemcnta tion planning, analyses into 
> futo«a«^ ) and■llse^t^alQinB.■ . • - • 'V 


) A minimum of 3 years' systems experiertpCj includiog . ; . 

: - involvement mat leastone^major project throughto . . 
\ -inaplenientatioa stage, essential, possibly w/Ui financial : 

iristitution or clearing bank. Applicants must be able to . 
.; work with mmirnum supervision, and toaimmiiaicato 1 
- dearly and concisely in both wntttsa and oyal form. 


Two year appointments with generous terminal bonus. 
. Four weeks' holiday in full yeai; 1978 arratigenlents - : 
-honoured. Relocation expenses. Season ticket loan. * ' 


. Write fully or telephonefor an applicaq'oti form to: * 
i . j. Came, Pei^anei ManaE»r r The Stock Exchange, 

• London EC2N 1HP Tel^01-588-2335 Ext 8064. . . 



We ueejd aq additional portfolie manager to join 
our sucobsful ILK private clients team. . ,. ■ 

The select^ applicant will be given a ^eat- deal 
of autonomy^ after an initial settling-in period. 
High-quality Investment research anti computer 
back-up are provided. . “ . V ;>• . • . 


Applicants must Ijave passed, or be exempt from. 
The Stock Exchange e sanitations, have at least 
4 years’ relevant experience, aijd wiH probaWy 
have a degree or other professional qualification. 


Pleaseapply In writing to’; 
B4rs-M. E. Wixiser \ ■ 
Messrs. James Capel & Co. 
Winchester House 
2 (k) Old Broad Street : 
London E.G2 ■ 




fjersand 


PROPERTY INVESTMENT 
MIlNABER 


Expanding oiir aOivfOes we now require a-' well experienced 
person for the above post at our Htad Office near Watford', 
ideally. : the: successful applicant, who -will fie between she 
approximate ages of 3S and 45. should have been involved in 
the’property inviutmenc field ac a senior level. 

Reporting to 'tfie .Bqard, the person appointed will be responsible 
for thennanafremat of oer existing prapertjr inif land resources — ' 
and will . undWtake investigation* .-and', evaluations and~make - 




or in a 


recoflUTtendadopr regarding future acquisitions, 

A saJtrjr. reRacqng the- importance of the appointment, wilt be 
negotiated fnd oefier fienencs.hfcMe a company car, and mem- 
bershlp .of , ou'c Contributory Pensfoh .Scheme. 

Applications, giving full persona! and career details and, quoting 
refereqee FT ,10f, ahoutd be addressee/ to: ' 

The Managing Director '7 7 . 

■ V" -THOMAS MeJNERY & SOtff LTP r 
: ' _ ;. . . The Green . . ~ ' 

. ' Cnttoer Green 7 ';.. /■ ' 

Rlckn a n a wortfi - - ' -ri' . 

— - HertSnWOUHf?:- ^ -V'^' 

: ■ Td: WAnmeprlji 7MUL< . - - r < ’ 


iNsmunoNAi. 

EQUITY SALES 


Kemp-Cee b require an- additional person to join one of 
ibeir established equity teams wrsXaag UnPQrtaht U.K. and 
Continental institutions- . • 


Appilcantfi- pJiwt .have 'had -a- Biawiytor. of. three- sear? - 
esperiHicfc ZeitficE. .as^a.broker Madlln| Htt&tutiogal qccouuib 
or asia'f(i94. pMMteSF- ./. 4 • 


We are '* r ifiseaFeh orientated firm, and -the a^Hity both to 
understand -and-To sell the riWHSareh draaztmnBrs work to 


understand -and-w sell the veetareh dep^traenrs work to 
senior furid ; nSan^ers la essential, 

A woridnf kaowtods^ of either French or Germin' w^old 'be 
belpfuL - :i '- 

Remt iner^S rin for this Unpomdt sflrtonnnjt.Mll-be; foils 

competitive- - - - - f:. : . V’"V . 1 . - * 

- ■ ■ . to: ^ > : 

- hastitatibaai featoiRwhiErr. ' • * 

. KEiOMSfEB.fiCO. • 

J Avenue, London -GCfSR. 7JrS ;•** ■ r " " 











top 


: 


-l An- 


V Fiiiaild^^ ! ^eS- l^nrsday April 27 1978 


GENERAL MANAGER 

POMP & HYDRAULIC. EQUIPMENT COMPANY 

£8,000 RA. 

We are a successful public company run by a group of 
professional managers. . 

We have decided .to. group four compatible products together 
in a new subsidiary company. That create* an opportunity 
for a really bright manager to build a completely new business. 
The combined turnover of the products is currently about 
£1 25m. pA. and ; all products are profitable. The potential 
turnover of the business is £5m. pa. in a few years. The 
new subsidiary will operate under an established name, well 
respected in 'the process- plant and equipment industry. 

The General- Manager will be a marketing and sales orientated 
person with proven experience of process pumps, filters and 
hydraulic equipment.- ambitious to build a significant business. 
He/She will probably be a qualified engineer and must be 
able to -direct the efforts of- the sales and engineering design 
team and a small labour force -engaged on assembly of products 
and bought in goods. ’ ^ 

The fob location is desirable and the terms will attract the 
right applicant. . 

Please reply, in strict confidence to Chirman, Box A .6336. 
financial Times, JO, Cannon Street, EC4P 4BT. 



An Assistant 
Company Secretary 


Our Client is an interna tional grou p wi th .su beta ntial 
manufacturing operations in the U.k". and Europe where 
considerable expansion by organic growth and by further 
acquisition is now underway. 

This new appointment has been created to deal with 
die greatly increased load within the Secretary’s 
department. 

- Applicants, male or female, should be qualified as 
Chartered Secretaries, or have a background in law, and 
have a minimum of three years experience since 
qualifying. 

Prospects for development and promotion are good and 
a salary of up to £6pQ0 will be paid, together with normal 
large company fringe benefits. 


41 


AUSTIN ‘ 

BROADY 

ASSOCIATES 


Applications should be 
add ressed in the first instance to 
Austm.Broady Assoc iates at 
Friendly House, 2 1-24 Chiswell 
Street, London EC1Y 4UB. 


GUINNESS 


THE FINANCIAL MANAGEMENT 

ofawelHoiown French private banking firm 
is hiring for France a- 


IJ M N il* id Mii 


having some experience in the area of 
mergers and acquisitions. 


His job will mainly consist in 
negotiating acquisitions in 


France on behalf of firms 
looted in English-speaking 
countries. 

The candidate must be 
between the ages of 25 and 30, 
having already worked in a 
bankmginstitutkxi This expe- 
rience should have been either 
- in a commercial bank or in a 


fum handling merges and 
acquisitions. 

A perfect knowledge of French 
is indispensable. The salary will 
be commensurate to the 
candidate’s qualifications. 

The candidate should address 
his application and C/, 
tinder reference 69783, 
to HAVAS CONTACT - 
156,bdHaussmana7500BPiaria 

havmcomwct 


BAM APPOINTMENTS 

EUROBOND INVESTMENT ADMINISTRATOR to ad- 
minister an entire section. Some accounts work, contracts, 
premiums, primary & secondary markets. £8,000. 

UNIT TRUST ASSIST. INVEST. ADMINISTRATOR ex- 
perienced in Unit Trust Administration and accounts work. 
Not less than £5,000. 

ASSISTANT MANAGER CREDIT CONTROL AND/OR 
SYNDICATED LOANS. Age 35. £5,500. 

EUROBOND SETTLEMENT PERSON. Age 25. £4.000. 
LOANS & CREDIT ANALYST. Age 20-24. £3,5O0-£LOOO. 
SENIOR DOCUMENTARY CREDITS. Age 35/40. £6,000+- 


Contact: 

Della Franklin or Sheila AnkeieU Jones on 
01-248 6071 or 01-236 0691 


ALANGATE AGENCY 
78 Queen Victoria Street, EC4 


UNDERWRITER/PLACER 

Major privately owned insurance broker located in mid western 
United States is seeking an underwriter/ placer well known to 
Lloyd’s sources for imports nr position in its firm. Attractive 
salary, benefits and, of course, moving expenses. Representative 
will be in London -during the week of May 15 for interviews 
and will respond by- phone to Tesumes or letters to Box A6341, 
Financial Times. -10 Cannon Street. EC4F* 4BY. 






1 x* ^ 

finance 


Malaysia 


for a group ot companies with a turnover well in excess of £50m. and 
with an outstanding record of profitability; it is part of a British public 
group operating worldwide. He will be responsible for the formula- 
tion and execution of financial policy principally in Malaysia but also 
in other countries in the Western Hemisphere and will control a 
substantial multi-racial staff; there are good prospects of further 
advancement within the group. 

The ideal candidate is a qualified accountant in his late.30 9 s currently 
employed as a Finance Director in an international group; experience 
abroad would be an advantage. 

Salary negotiable from the equivalent of £22,500 per annum, plus 
bonus, car and driver, subsidised accommodation, assistance with 
school fees, leave passages paid, etc. 

Please write - in confidence - to J. M. Ward ref. B. 41337. 

Management Consultants 

Management Selection Limited 
17 Stratton Street London W1 X.6DB 


European Financial 
Controller 


Paris 


LONDON WEST END FROM £7,000 p-a. 

YOUNG QUALIFIED TAX/FINANCIAL 
ACCOUNTANT 

We are seeking a young qualified Accountant preferably with 
more than two years’ post-qualification experience who would 
like to acquire a wider knowledge of company taxation and 
consolidation wdrk. • No previous experience in either field, is 
necessary, but industrial experience would-be an advantaged. 
The accountant will be located in the Finance Department- at 
: Group Headquarters and it is expected that duties will indude: 

(a) Preparation of- company tax computations and estimates- for 
companies in aa international group giving an opportunity 
to acquire' knowledge of U.K., Irish and other European 
and Overseas tax legislation and to solve double tax relief 
problems. 

(b) Consolidation of the financial accounts of a diverse group 
with considerable overseas interests and assisting with 
preparation of inflation accounting systems. 

Salary (induding allowances and annual profit share) approxi- 
mately £7,000 p-a. depending on experience. Benefits indude 
five weelu-holiday, interest free season ticket loan scheme and 
non-contributory pension scheme. 

Please telephone 01-629 9685 for an application form or write 
stating age, qualifications and experience to: 

Group Chief Accountant, 

Arthur Guinness Son & Co. Ltd. 

10, Albemarle Street, London W1X 4AJ. 


Id's position as a natural leader of the 
European computing industry is firmly based 
on impressive achievements.1977 turnover 
was up 45% to nearly £420m, and for the first 
time continental Europe became the largest 
of our four marked ng divisions. 

This appointment of a top financial 
executive is a major step in our intention to 
seajresubstential growth incur business 
in continental Europe over the next five 
years, whilst maintaining good profitability. 

You will be based at the Paris Headquarters 
of ourEuropean Division, reportingdirectiy 
to the Divisional Director as a senior 
memberof his management team covering 
22 countries. 

You will control all financial and 
commercial activities, with particular 
emphasis on: 

• interpreting business opportunities, plans 
and performance in financial terms, 
ensuring thatall decisions are soundly 
based 

• developirtgandcontroiringtheDivision's 
financial and commercial polities and 
procedures throughout Europe • 

• ensuringthattherearetheaccounting 
resources to meet growth targets. 
Thecontinuing forward thrustthatwe 

require calls for: 

• a business-minded and experienced 
accounting specialist of high calibre 

• a manager who has exercised 
responsibilities of general and 


management accounting within an 
international organisation 

• a sound commercial experience preferably 
includi ng complex pria ng structures 

• fluency in English and preierabiy French , 
dr Germ an 

• flexibility tor extensive travelling. 

The salary and benefits are negotiable in 
line with the considerable responsibilities of 
the position, induding relocation as 
appropriat&There areexcellent prospects 
tor future career developm ent within the 
Group. 

Please send full personal and career details, 
quoti ng reference FT1805, to Ian Teller, 
Direcio? Booz Allen & Hamilton. New Bond 
StreetHouse,1-5 New Bond Street, 

London VV1Y0DB,wholshandlingthis 
appointment on our behalf. 

International 

Computers 

think compulers-lhinklCL _ 


ICL 


Unique Opportunity tor 
Ambitious Accountaots 

£8,000 to £10,000 

The Technical Directorate of The Institute of Chartered Accountants in England 
and Wales is responsible for advancing standards of competence in accounting, auditing 
and the other services provided by the accountancy profession. The Directorate has earned 
an enviable and worldwide reputation for ns contribution to the development of advanced 
accountancy thinking. 

To strengthen his Depart mentthe Technical Director needs to make four appointments at 
Undersecretary level 

$ for the Auditing Practices, Acca u nting S tandards a nd Techni ca I Com mitteas 
auditing/industrial experience would be relevant. 

$ for the Research Committee an academic background would m addition be 
useful. 

Candidates should be graduates who have qualified as accountants not less than three 
years ago. Skillat influencing other members of the profession will be highly prized. An 
appointment is offered either to the permanent staff orfor an agreed period of time to allow 
an applicant to broaden his or her experience before returning to the profession, io 
industry/commerce, orlo academic life. 

A starting salary of between £8,000'to £10,000 is envisaged. The location is Moorgale 
Place, London. 

F or further details a nd application form please writs in confidence to 

Mr. C. A. Westwick, Technical Director, 

The Institute of Chartered Accountants in England and Walas. 

Chartered Accountants' Hail. Moorgale Place, London EC2P 2BJ. 

When Replying Please Quote Reference No. 150 


Company Secretary (Designate) 

SouthEast c.£10,000+Car 

A Company Secretary (designate) is required by a diverse Engineering 
Company. The Company is well known in its particular fields of activity 
and supplies both capital goods and services to the private and public 
sectorsln the UK. and overseas. 

Reporting to the Managing Director the successful candidate wiil pro- 
gressively take over responsibility for a range of services and ultimately 
be appointed Company Secretary. 

Applicants should be suitably qualified and in the age range 35-45. 
Experience in both manufacturing and service -industry will be an asset. 
Salary will be about £10,000 and a car will be provided. 

Candidates should apply in confidence giving persona! details and an 
outline career history quoting reference no. FT/108/F to 


m 


Turquand, Youngs and Layton-Bennett 
Management Consultants 
11 Doughty Street 1 

London WC1N2PL 


Banking 

Lending Officers c£I2,000 

Major international bank seeks two thoroughly experienced Credit Officers, 28-34, 
to assume senior responsibilities in its UJC and European lending teams. Ref AJT 

F/X& Euro $ Brokers £Neg 

Dealers with proven ability in the F/X and Eurodollar markets are required by a 
leading firm of international money brokers. Ref NCP 

Chief Accountant c£10,000+ 

Iniemational Merchant Bank seeks Accoun1ant,2B-35 r preferablyACA/ACCA, with 
thorough knowledge of international bank accounting procedures. Ref AJT 

Newly Qualified MBA c£7,50G 

MBA's aged 25-30 are invited to apply for an attractive position in ihs Corporate 
Finance department of a well-respected City Bank. Ref AJT 

Junior F/X Dealer c£6,000 

U.S. bank with a high reputation for the quality of its F/X services requires young 
dealer with a minimum of 1 yeafsactivedealing experience. Ref TOK 

Credit Analyst c£5,500 

Excellent opportunity for a young banker with 18 months' experience of credit 
analysis to join a rapidly expanding Consortium Bank where career prospects are 
outstanding. Ref TOK 

Contact Tony Tucker or Tom Kolfinsky in confidence 
on 01-245 3812 


t)0 Cheapsicie;- London EC 2- Telephone: 0T.2.4S 38 1 2/ 3; T o 


Group 

Financial Controller 

West Yorkshire 

The group's mam trading companies design and make to the exacting 
standards of a brief customer list of leading retailers. From this secure 
base (£I5m. sales) they are now expanding into new product types and 
broader markets. 

The Controller’s remit covers the full public company head office 
function, regular liaison with the trading subsidiaries and a supporting 
role in the current acquisition phase. There is ample scope for 
advancement. 

Candidates, around age 30, should be ACA with a few years of financial 
and management accountancy experience in industry behind them - 
induding some taxation. 

Salary up to £9,000; a 2000cc car;, generous re-location help. 

Please write-in confidence -to Wallace Macmillan ref. B.31209. 

This appotKMem is open to am awtisomen. 


Management Consultpnts 

Management Selection Limited 

474 Royal Exchange Manchester M2 7EJ 


Chief Financial Officer 


Hong Kong 


The Reader's Digest Association is 
seeking a qualified senior accountant for 
the above post in its Far Eastern 
Company based in Hong Kong. 

The Chief Financial Officer wifi be 
responsible to the Managing Director of 
the Company for all aspects of financial 
and management accounting, supported 
by the Chief Accountant and a sizeable 
Accounts Department The appointment 
offers a sound career step to an 
individual looking for challenge combined 
with long-term development prospects. 
Candidates, aged 35-40, should have: 

★ a recognised accountancy 
qualification - ACA, ACCA, ACMA or 
equivalent 

★ at least five years’ post-qualifying 


£ 17500 - 22^000 

experience in a major commercial, 
industrial or professional organisation. 

* demonstrable expertise in the areas 
of budgeting, forecasting and 
management reporting. 

★ proven abilities in controlling and 
directing accounting staff. 

Assistance will be given with 
accommodation, home leave and 
children's education. As salary will be 
paid in Hong Kong doflars favourable tax 
benefits wifi apply. 

Replies, giving full personal and career 
details, should be sent to: 

Recruitment Manager (CFQ/FT), 

The Fteaderis Digest Association Ltd., 
25 Berkeley Square, 

London W1X6AB. 


'eader’s 

^Digest 


Joan de Smith & Partners Ltd 

EXECUTIVE SEARCH CONSULTANTS 


Financial Controller 

SAUDI ARABIA 

upto £ 17,500 + 


Areyou.... 

a chartered accountant with a broad 
industrial background 

used to working overseas [languages 
not essential) 

experience din financial central 
techniques and computerised 
systems 

and are you aged 35-45? 


Then considers new appointment... 

reporting to the Chief Executive of a 
muitMnillion pound group 

managing the accounting function of 
a dozen companies 

coordinating, devising and 
implementing standardised 
procedures 

with a 35 year contract including 
tree housing etc. 


Please contact P. G. FitzGerald on 01-584 6133 (24-hour live telephon e service) 
or 01*381 3556 fora preliminary confhfen tig I discussion quoting reference 30SS 
or write to25Ranefagh House, Ety&tan Place, London SW3. 





: - Flnsmcial Tteie&. Thursday Xprh 



Director 

j 

Process Bant 


for an engineering company in Scotland producing^ wide range 
of process and power handling equipment: sales exceed £10m. 




form forfurther growth . Suppo&by theparentgrqnpthenew 
Managing Director will consolidate and d^eldp^the operation, 
concentrating particularly on manufacturing anid finance. 

Candidates, preferably engineers aged 35 to 50, must offer at 
least five years* relevant experience in the chief executive role. 

Salary £15,000 to £20,000 with appropriate benefits including 
car and re-location. 

Please write with brief details - in confidence - to W. J. O. 
Michie ref. B 32544. 


M5L 


Management Consultants 


Management Selection Limited 
14 St. Vincent Place Glasgow G1 2EU 


rBjg 







ph'hi'I 


r. lift hr. 


in diamond technology. The headquarters is based in Basingstoke and offers 
management services to' its 1 8 subsidiaries worldwide. 

We are locking for a young, recently qualified accountant or graduate wishing 
to specialise in finance, to augment.the small headquarters finance-team. . 






and specifically to develop costing arid- rri.anagem$M contrbi.systecna f ‘..tcl ; 
undertake investigations into potential acquisitions, to mohitbrand assist in' 
the preparation, of capital expenditure proposals and to undertake ad hoc 
assignmqntsas required. •'* J- : ' . <■' y- 


*»'»•> 4 | | I 


llKllt * ; a J • >: j * 1 t f il’ 1 *, 




overseas arid to this end fluency in French and/or German is highly desirable. 

An attractive salary reflecting the importance of this position will be offered 
togejhe'rji^ith the usuallarge company benefits. :* 

Please reply enclosing full c.v. to: D. A: Whitaker, Divisional Chief Accountant, 
Unicom Industries' DPD Limited, Lister -Road, . Basingstoke, Hampshire 
RG224AJ. - 


.. . ■■ J7. 


5k 


Financial Director Designate 

Essex fkm£10,000i-Car 

A fast growing company which provides services In assaying and sampling 
minerals, oil and grain, wishes to appoint a Financial Director Designate. 
The company operates internationally and has offices or associates in most 
countries. 

The Financial Director Designate^ who will inttSaliy fill the role of Chief 
Accountant, will be responsible for the complete financial control of the 
company’s operations both in this country and overseas- . 

The successful candidate, who will probably be aged between 30 and 35, 
will be a qualified accountant with a good commercial background and 
■ sound management experience. A knowledge of Spanish is desirable but 
not essential. Prospects for career advancement are excellent 

Initially salary will be not less than £10,000 and a company car will be pro- 
vided. Other benefits include an annual bonus and a contributory pension 
scheme. 

Applications giving brief personal details and career history and quoting 
reference FT/1 18/F should be submitted in confidence to: — 


j Tunquand, Youngs SLayton-Bennett 
' Management Consultants 
. . 1 1 Doughty Stidet, London, WC1N 2PL 



Security P&afic. a leading 
intrniarionalbank,T\ithassedM)f ■ ’ 
$18 billion and over 550 branches 
worldwide, invites applications from 
experienced Foreign Exchange Dealers, 
male or female, ti «r a position in its 
London based European Headquarters. 

A significant increase in our 
market actividesbas created this 
exceptional opportunity which will 
appeal to candidates who have the 


who can demonstrate initiative and 
drive and is ready to accept th£f- 
challenge of joining a professional 
dealing team and producing results in a 
competitive environment ; 

Salary will be highly competitive, 
- commensurate with experience, and we 
offer a full range of attractive fringe 
benefits. 

- Please wri te giving full career 
details to Patrick J. O’Hara, Assistant 
Vice President & 

Personnel Manager, 


appropriate knowledge and expertise to Vice President & 
become involved in a II aspects of the • Personnel Manager, 

Banks' money market husiness^ .j_Seairify.PacificNananal 

In addition to having a broadly Bank, Security Pacific 
based dealing background the * . House, 2 Arundel Street, 

successful applicant will be a self starter London W.C.2. 



RECRUITMENT 

CONSULTANTS 


We have a vacancy for a young 
ambitious person, vnth or with- 
out previous experience. 

For an- Informal talk telephone? 
CHRIS LITTLE ON : 

• 01-234 5881 


& 


THE FIDELITY BANK 


CREDIT ANALYST 


a credit analysI'witH a university degree and 
at least one year’s experience of bank, govern- 
ment and' corporate risk analysis. Knowledge 
of at least one foreign language is desirable. 

Attractive salary and fringe benefits offered. 

• Resumes should be addressed to.: • * 

- - Mrs. D. V. Harfey, 

The Fidelity Bank, Canard House, : 

.88. Leaden hall Street, London, EC3A 3DS. . 


STOCKBROKERS 

EXPERIENCED DEALER- REQUIRED 

Medium-sized firm of Stockbrokers with- broad shouldered business, 
with bias towards institutions, require experienced, energetic 
Dealer. Salary would be competitive. Discretionary non- 
contributory pension. Please write giving Full details to Box A. 6342. 
Financial Times. 10, Cannon 5 freer. EC4P 4BY. . 


INVESTMENT ANALYSIS 

Our clients are a leading firm brokers 

wbo wish to strengthen their services to their 
institutional clients. ■ They intend to appoint 
two additional analysts, one ay" a senior level, 
to cover two specialist sectors In which they 
have an established presence.*' 

The successful candidates will he graduates or 
have professional qualifications and wili have 
bad previous experience in an investment 
institution ' or stockbroking firm. The senior. 
_ appointment, will require a greater degree of 
experience and achievement, and could involve 
a degree of responsibility for the guidance and 
leadership of others. Previous experience jn 
consumer non-durable-sectOTs- would be helpful,- 
but not essential, in both cases. 

The appointments will carry fully competitive 
salaries and- a participation in'* t be profits of 
the business. They are opportunities to «om- 
mence a satisfying and' progressive career in a 
profitable and ambitious organisation. 
Applications will he forwarder! direct' ir» our 
clients, and you should indicate in. a covi-nng 
letter any firms to whom you do not wish to ■■ 
apply. Please apply in - writing. mMing - 
reference 924, giving particulars Of career, in 
confidence to: 

" W.L.Tait. 

Touche Ross 4 Co.. 

Management Consultants. 

4 L-ondon- Wall Buildings, ' 

London EC2M 5U J 





gill Salesman 
(jiltDeal^^ 

Wood, Mackenzie & Co. plan to provide their ; ; 
institutional clients with a comprehensive gil^^ ■ 
capability to complenfert t their established eg&hy 
an&compute'r services. As part of thisobjeewe,- 
.a detailed system of monetary analysis hasoeen- 
developed. ' J • • 

Applications are now invited from those with ■ 
outstanding gtockbmkingfflcpertisel'o^uiefollowing . 

positions:- . 

GILT S.^LESjVIAJV-vvho is experienced in 
rnediums^nd longs- • * ■?. * . 

•GILT DEALER-^who wi 1 1 si»ak<toctly. :• 
to clients- ‘ 

Fully competitive remuneration will be offered. 

.Applications, together with details of relevant — 

experience, should be sent to: - 
Peter J . Derby, F.F..A, AJ. A., / ■' 

Wood, Mackenzie & Co.. -* fWTE Ti ‘ 

62/63 Threadneedle Street, . \ W1V| / ; 
London. EC2R 8HP V 7 - . . 

Tel: 01-600 3600 — . . 

WOOD^LACKENZIE&CX). 

Memberiof The Stock. Eschange. ; . 


Salary very rewarding 

London and Northern » a major group in the construction, 
biding products and meal reclamation industries. A major 
opefimne company which h * leader in ns fi*jd Is looking for 
ai'uiofflprainidns. meticulous and precise Chartered - 
Accountant with considerable management content and living 
the^bHhy to translate figures into their commercial aspect. 

^ successful applicant will probably b<* over 3S and wijl have 
^ experience in more than one public or large private company 
aai WhaYe had responsibility for all accounting functions - 
with an emphasis on grass roots systems, reporting procedures , 
and budgetary control. Experience in planning corporate financial 
strategy would be helpful. 

AWfcarions wfeft futf cfltrtailum vitae shcbld be ad*rwSd- r ;; > 
ifi^iately/n-?<>qfi<fc«<»«« : y'V ; _ 

• ' V V C C Munvtt.T.CA.. The Secretary' ' •“*' V '■? 
•>$*!:■ ' London and Northern Groflp Ltd. • 

. . Essex Hall. Essex street 

• London, WC» 3JO - : . *• * ‘X’Jt • 
>?' v v 01-834 9241 ... . • * . ' 


TAXATION MANAGER.: 

;:T ■ ' ' . LONDON * ‘ 

;4 £1Q,000-£12^00 p-a* § 

the Oty office of a firm of Chartered Accoud^s 
reeuires an additional Tax Manager. The position 
requires a thorough Jqtowl6dge 0f (?CHTiorate.^d 
personal taxation and it ^ unlik^lx tl&t someone 
less than, five years’ experiehciMiLm^ie 
s to undertake this demanding job. 

TTie position will involve the- supervision, of the 
firm’s company tax department and assisting the 
tax partner with special work relating to in- 
dividuals’ companies and partnerships. In addition 
to a generous Salary we offer, four weeks’ holiday, 
usual benefits and prospects of advancement. ■ 
Please write to Box A.6332, Financial Times, 10, 
■ Cannon Street EC4P 4BY. All replies will be 
‘ ^treated in the strictest confidence. 




The Britannia Group 

OF INVESTMENT COMPANIES 


VACANCIES EXIST FOR THE FOLLOWING; 
VALUATIONS CLERK for Private Cl iencs department. Pre- 
vious Detastream experience preferred but not essential. 
Age up to 25 years- 

UNIT TRUST INVESTMENTS ACCOUNTS CLERK. Good 
knowledge of basic book-keeping essential; a knowledge of 
Unic Trust accounts and administration • would be advan- 
tageous. Age up to ;30 years. 

' SALARIES NEGOTIABLE ! 

Plem opfHr to: 

N. MacLeod 

BRITANNIA FINANCIAL SERVICES LTD. 

3, London Wall Buildings. London Wall, EC2M 5QL - 
Td. 01-588 2777 . 


NO IMMEDIATE PARTNERSHIP - 

" ;; prospects? 

We talented Salfespehple- aged' 20-35. If "yxra are :fW 
up with, turning ever nriiIiQn5^--be it 4n Gllts^ Shai«B -or 
Mone^ -Msrricet-^-aird- -not persdrigny ' eatuifig“ bt 

£10, W0 p.a.— tbeu’ : phone D avid = Hart sow -on 405-:2356. ^ 


N. & W.OLONDON A CITY 








ili' 

iili 




wtyL- 

Mi 

-■m 


ACCOWTWG 


VISION 

The Eump*»n Bmineu 

* Pam. inlii «xpenenud 
BRITISH BUSINESS IOUBMAUST 
flu«fu trend! «mntial. tiwwMp 
of German or Italian also desirable. 
Write t« 

The MamffH Editor, 

VISION. 

52. rue Tertbout. 

75009 — PARIS 


SOUTH COAST 
STOCKBROKERS 
require a' member aged 

BETWEEN 25-40 YEARS 
With- a view to eventual- ■ 
■" Partnership- 
Own clientele nd'experieixe of 
pn-are client Mu«(i> an advantage. 

Pfetfae write' with fo rc er djeccfla; 
Bor A.-63JB. Financial Timet. 

10. C-atman Street. London EC4P 4&T. 


BANKING OPPORTUNITIES 

SNR." VALUATIONS CLEUX'.i. U. 000 
SNR . BOOX-MEP-ER «. .. tS.000 
UNIT TRU5T INVESTMENT ’ ' 

AND ACCOUNTS CLERK ... tf.OOD 

QUILLS EMPLOYMENT 
AGENCY LTD. 

Enau.r.fi 

5, Broad Street Place - 
London E.CJl 

Mrs. Hicks Mrs. Howell 

01-428 0?26 


COMMODITIES 


Eurobond 


i 


CHIEF EXECUTIVE 

“ LONDON 

The successful candidate who has had previous commercial experience 
in the commodify' friade will be- responsible for fhe day-to-day running 
of the Association and management of its office in Mark Lane. The 
candidate may also be required to represent tlie Association at top 
level meetings both at home and abroad. 


A salary in the region, of £9,000 p.a. is envisaged. A non-contributory 
pension, wilLbs-arranged, . . 

Applications, giving personal and career details and telephone number 
5h mitdbe' senrttf t he 'Chatman; Mr. T> . Hffntiy, Sfiaw'End, Woodlands 
Close. Ottershaw. Surrey, who will treat them ip strict confidence. 



COMMODITY 

futures trader 

Aeti»* Soft-Corn mod ,ty groken »r« 

mk iftg the of 1 y&jng fi m- 

duS Floor Trader who bf 

responsible ro eh? Board. An 
uliry is envisagrtf. together nth 
min particrMuon md other fnnjc 
tench n. 

In the Urn instance write In strictest 
confidence to* 

The Managing pj rector. 
GOLDSCHMIDT AMD 
CHAR TOtlS LTD., 

Dmtsfer Hem , 

Mintlni La»e. 

London EC3R 78L- 


COMMODITY COMPANY 
SEEU CLERICAL STAFF FOR .BACK 
OFFICE SERVICES TO THEIR UM.E. 
OPERATION. 

PoUtisfli available for one experienced 
bod one trainee cleric, and one 
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1 0. Canton TrrrM, IClF *BY 








5*3 





InoJirr W-OTg*. *** 

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£j&T ^es.i Ttosdiy April 27 1978 

£*. ■ :xfT : Kj' - "' * 1 *1 * ;' 7 • • .*'= • " . y 


^iibhirSISsaifiiK^i-’^ 




I 


■Hi 


*- L*j 




■s ; 0 _ ■ 
■ . ' -.5 



1-4. 




Chemicals 


Paper, plastics and 
packaging 


Animal feeds 


1JAC International 


Transport 


>: 


• -W:. 


■ tiiSt u.; 

1 ■■•*** e : 
- :iE* 


- • • " *■ : £11“ ^ 



\KT\ER1P 




; - 

’• *7-7 & 

. :.4t 


I'iW’ERSm 
A .-? OINTMENT! 



I^HSKrCS 


The year mWef 

For the year as a whole sales rose by 
1 1 per cent at comparable rates of exchange tp 
£3,147 mi]Hon v but thisAvas entirely due tcuj!;- 
J^her -selling prices. We had satisfactory • ; 
growth in the first half of the year, but not in 
the second half when economic conditions 
worsened, par ticularly in Europe. Additionally, 
the cold and wet summer affected some 
oCtjur. businesses unfavourably. As a result, 
profits in Europe for a number of product 
groups were below those of 1976 and margins 
were unsatisfactory . 

in the United States* Lipton Inc. 


achieved good results hut Lever Brothers had 
a difficult year. UAC International continued 
to do well and total results of other overseas 
- countries showed a good improvement over 
last year. 

Results were influenced throughout 
the year by the effect of the change in the 
shareholding of UAG of Nigeria. Based on a 
comparison with 1976 figures adjusted to 
show the effect of this change and at 
comparable exchange rates, sales for the year 
.would have risen in value by 16 per cent, 
while operating profit for the year wotdd have 
risen by 6 per cent. 



""ly ; 1 ; !■ " !■■ ' .U I . 1 

■ i*64£mfe>em^yeesfew^s,salarie&‘^^ •' 

SjZ72m togovemments’jn taxation. . 




• J&t72mdepreciatioci 

;‘ri63mprofft retained 
[‘ ‘ 4' re^lm/ested In business 

£35m Bicfvfctends to 
shareholders 



£83m 

interest to / • 
providers of ' 
loan capital 

£20m • • 
outside 
shareholders . 
and preference 
dfviriends 


National Starch and Chemical 
CorporatiQn 

On nth December, 1977, a letter of- 
intent was signed between Unilever United 
States, Inc. and National Starch and 
.Chemical Corporation, Bridgewater, N.J. for 
a proposed acquisition of National Starch and, 
on 1 6th March, 1978, a definitive Meiger 
Agreement was entered into. The total cost 
will be approximately $48o million. 

Finances 

Total net liquid funds remained 
substantial at £348 million at the end of 1977* 
but were down from the level at the end of 

x 97 6 - . 1 

Capital expenditure was £ 1 38 million 

higher than depreciation. The working 

capital increase was lower than in 1976 

because of lower raw material prices towards 

the end of the year, but was still substantial. 

’We spent £37 million on acquisitions; of 

these the most significant were A. Sutter A.G., 

a Swiss company specialising in industrial 


cleaning, and a majority share in Societe 
Motta France S A, an ice cream company. 
It is estimated that financing the acquisition 
of National Starch will increase our gearing, 
which was 29 per cent at the end of 1977, by 
some 6 per cent. 


At the end of 1977 the world economic 
outlook in general was not encouraging 
and it is difficult to see a significant change 
in 1978. We expect 1978 to be a difficult year 
for Unilever. However, with improving 
efficiency, we are well placed to take 
advantage of any upturn in economic 
conditions. 

Employees 

Inevitably our Report and Accounts 
concentrates on facts and figures. But the facts 
and figures arise from the continuous effort 
of our employees throughout the world. Our 
thanks are due to them for the way in which 
they have dealt with the difficulties of the 
past year and we know that we can place our 
trust in them for the year ahead. 


Operating profit and 
Profit attributable 


fj^l Operating profit 
■ -v«'" Profit attributable 


£ million ‘ 


>336 


357 


366' 



632 


'641 




•v Um-W Unilever Lnnited. Unilever N.V. and their repectivcsubadiaries which operate in seventy-five countries. 

- i Lirnited as usual combine the results ^ operations oflimitrf and N.V. with figure eapressedin Sterling. 

; :: Copi^ rfthel 977 Report and Accouhts have been posted to shareholders and holders of debentures and unsecured loan stodrtf 

: fea^aal Meeting of the Members ofUndcverT^ed vrifi be held in Hie Queen’s Room, The Baltic Exchange, 

■ : v. 14-20 S t. Mary Axe, London EC3 y on Wednesday 1 7 May, 1973 at ll jun. . . - 



mmtmm 

I If you would like to receive a copy of the Report and Accounts 

please fill in the coupon. 

To : The Company Secretary, Unilever Lnni ted, Unilever 
House* London EC4-P 4RQ,. 

Please send me a copy of your 1977 Report and Accounts. 




Name_ 


Address. 


FT 


J 


I 











14 


PARLIAMENT AND POLITICS 


Peers seek Government initiative over Salisbury agreement 

New effort urged to secure 
Patriotic Front compromise 



assurance 


BY IYOR OWEN, PARLIAMENTARY STAFF 



IF THE internal settlement cratic Rhodesia. He referred to The former Tory leader 

reached in Salisbury is ' to sue- reports from the Bishop of acknowledged that behind the 

ceed, the test of its accepta- Mashonaland and the Bishop of critical posture taken by the 

biiity to the people of Rhodesia- Matabeleiand underlining their Governments of Britain and the 


stressed that the party’s tougfcer 
immigration control policy was. 
rr\ • - aimed primarily at" promoting 

Pwi^jeht «trf nobody e&e. (JV 1 OFIGS ^oSnSrinr^tSibns: of' ; t^e 

Russia should be tokl SO J -* Tory approach, MnWhltelSv erfii 

bluntly," he declared. _ said he had come to the firing. 

— j vw — , — — _ . .. n . . . . . For the Liberals, Cord Gladwyn , Carrington, Opposition conclusion that success . in pi*, 

as a whole must be supervised support for the executive coun- U.S.,. there was a desire to bring. said there was a real division in leader, wd that the Government aehietfng racial harmony db* S5 
by maebinerv established by the cil. ®*r. Nkorao- of the . Patriotic Rhodesia on tribal lines and un- stolid 5d v ® assurance that the. pegged crucially on the ability ' W; 

United Nations or the Common- He feare dihat no settlement Front wh> the settlement, less this was resolved, it would West wonld Stick to its plans for 0 f Government to dispel the wCd, 

wealth, the Archbishop of was possible whleh would please because this was the most likely be. difficult to get u compromise Namibia, whatever tbe reactions rumours about future' uumbeh* 

Canterbury, Or. Donald Coggan, ail the factions involved, and way to end tbe fighting. • between the Patriotic Front and toe South West Afrtea of immigrants spread by thoiie 

-But, by their reactions, Dr. the internal leaders. ■ People's Organisation.. who sought to stir racial tensions. 

Owen and Mr. Young had On South Africa, Lord Glad- Referring Ho South Africa'* Experience in Northern Ire- 
created the impression that in wyn said the only \§ray of avoid- acceptance yesterday of the tend, he told * Commons Press -, 

their view Salisbury should ing a very bloody -solution lay Western proposals to give Gallery lunch, bad taught -hi*a 

make the nconcessioiw to Mr. in the gradual reform of apai- Nanubla independence by tb*t real nr imaginary fears had 

timid. But he feared there were December 31, be said this was to be dispelled first if people of 

few signs that this was taking warmly to be welcomed, even different groups were to be pars 

place and he dciubted that though SWAPO had not agreed, suaded to tfve amlcablyt 0 gdtfi*£. 


BY PHIUP RAVmQRNC 

MR. WILLIAM WHlTELAW, nwa*ri['ta' the arguments about ^ 
Tory deputy leader, yesterday its ] 


for tmfflfera fibn cote- employmeht-aniongrlniittii^tt,.^;; ■ 4 . - • , 

*fc Whitelaw •; # 5 ;‘ 

^Hriau - tbat- :pniy one He suggested - that sftb* :■ . ' 


Q Of .1 OiJ ' puutj (•V’ iug Muuu&a «» b mwivsivb au 

right basic. conditions’ local authority evenfig.-elas&es. 
its ’ to lake- their -fuB ; - Positive and' fleriWe' .wtion 
ish cititona. had been Whould be taken to- improve Job 


told the Lords last nigbL that terrorism would continue 

In a debate opened by Lord under the new system, “althoueh 
Carrington, the Conservative 


leader in tbe Lords, peers on all 
rides called for renewed efforts 
from the Government to 
persuade the Patriotic Front to 
accept the need to compromise 
with Mr. Ian Smith and tbe 
African leaders who are parties 
to the Salisbury agreement. 

While critical of the initial 
response made by Dr. David 
Owen, Foreign Secretary, to the 
Salisbury agreement, Lord Home, 
the former Tory Prime Minister, 
contended that it was still pos- 
sible for Britain and the U.S. to 
get back on the rigbt foot and 
secure an effective settlement of 
the Rhodesian question. 

But tike Dr. Goggan, .he 


Dr. Coggan asked if the 
Government would take 
further steps to discover who 
was responsible for the death 
of Steve Bffco. “Will it acede 
to the request of tbe South 
African Law Society for the 
setting up of a court of in- 
quiry?” 

Re asked how the post mor- 
tem findings that Mr. Biko (lied 
From damage to brain and kid- 
neys could be reconciled with 
absolution of the police from, 
all responsibility. 


and 


one prays, on a smaller 
steadily diminishing scale." 

Dr. Coggan told peers that It 


Nkomo and his'- army. - 
Lord Home indicated that in 
his view tbe Government 

should concentrate .its efforts on 
Mr. Nkorao and not Mr. Mugabe, 
the other Patriotic Front 

leader, who had urged . the 
creation of a one-parry Marxist 
State in Rhodesia. - 
Mr. Nkorao, he said, should be 
told that his return to Rhodesia 
should be that of a man of peace 
desiring to be elected to a place 
in the leadership of his country, 
rather than as one under the 
direction of a foreign power 
seeking domination by force. 


economic sanctions would assist 


i t . Mr. Whitelaw said that he had 

I would made up his mind— over-' IS 


^ inem^rs ^^' ‘etonit Voluntary yoqto fctirttps Sbeulffn* 

^igroups, ite^sbttW. 5Pectal be encouraged,- ■ r i \ •* 

kger to-ractel hsaasny a aV©cat*d such; jetton -W Itaifrv; 

•policy r* Mm - ■ s - ' 

‘as 
rith, are 

other , 3 T-j i — - jwtiMi vi> n i . i n»— y. .. - —_••••.■ i- -. _ 

•should with . .V A£alnlrf >= that - feadfcjiduiH!; - ? ?a " 

t^ nartris iMtiveS ’ - re* — 




disadvantages 


Skinner hits 
at European 
‘brainwashing’ 


f 'country 


. .-™ ~ 

those who Come teesbr/lilft own in" producing tbe ■; v. * •-“. 

□try find control p«jll<y “unfatr'in'ffs':.^:. j- 


A LABOUR MP claimed yester- 
day that slush mohey was being 
used by the Common' Market to 


He hoped Mr. Nkotno would "Often people up before next 


CouneiL 

Lord Carrington Spoke against 

emphasised tbe importance of the was almost impossible to over- see^wben^b^futwce^le^ley year's “pboney" ; dir^’ elections Suth^Aftiira. ^^West^must 

h>h U h g atress the importance of a third "it is for him to walk in on a to the European Assembly. resist S ucb proposals most 

that the agreement which he party presence in the transitional constitutional basis and in a con- Mr. Dennis Skinner (Bolsover) «tronniv “Thi» world economic 

negotiated wtih Mr. Smith in 1971 per iod. “The only chance of stitutionaJ role." said that "slush fund monies" sSSS }s diffi JlnoSb S 

foundered because of the finding success for tbe internal settle- Lord Home condemned tiie weTe being used to attract politi- out addin sr gratuitously fo in" 

by the Pearee commission that it men t is that it should be evnfcism dEStafldby RussSn cal activate and rank and file addm B gratuitously to iL 

gaiaed fh^.spprova 1 of validated and legitimised by leaders in tfieJrpollciS through- members of all political parties _ Turning to RhodMia, Lord 

the African population. observers from outside, prefer- out southern Africa which wire with free holidays to the Com- Carrington sqld that Mr.^ Smith 

Lord Home, who had earlier ably a peacekeeping force 
declared that the Salisbury vided by the United Nations 


Lord. Carrington sai<L * »i«uu made up t ir 

ask the Minister to tell the House months ago that t he party's policy 
tfS categorically that how Sr^dilg ™ SnSI poS 
Souto Afnca has accepted in to to war immigration required greater^AsW>:nre 
the Westera proposals, the West certainty. "I was in deadly should ' 

will stick to these plans what- earnest ... I have not waveriid tiw-te «»»*«■ ««• »- - . — > r- — ~ • -g- . ^ 

ever may be the reactions of in my determination." hW Re-- eVwrinw»> olse, -neither more :aor sefvative Party poHEiey 
SWAPO." clared. .. . : ..'teatV . ; 

He also urged the Government The party’s positive approach -LaeSf of the English -language cenviheed . are ^itr-: tho . 
to seek to implement .the plan to racial harmony had 
in the United Nations Security 


been sub- was ^obably the biggest barrier . interests of Qtnr ^ } -.'T H 

Schools inqiiiry gives piority? - 31 "^- 


«».'i r-"' ' 


to West Indian 


• . c=’. 





BT PHILIP RAW5TORNE 




agrement was “without ques- possiblv hv the Commonwealth," 
tion" within the six principles Lord Horae accused Dr. Owen 
laid down by successive British of having administered a "cold 
Governments, commented: “ I douche '* to the Salisbury agree- 
fall over that hurdle once, and ment as soon as i l was announced 
I do not want to see other by declaring bleakly that it 
people fail over it again." would not work. There had been 
The Archbishop said the Salis- an even more icy response from 
bury agreement should be Mr. Andrew Young, tbe U.S. 
welcomed as a step towards Ambassador to the United 
establishing a multi-racial demo- Nations. 


SJSn^risfte 011 SUPPOS€<I baCk ‘ mm oSTote, ^ Tg^Si’el^ THE GOVERNMENT is to itmmlties if such pupils ahei ,t6e CpmmisriOT . 7 . ' . 

lation that tire Africans, still . a '.. u >v,; n v, v,<, ,w, „ . n »nii innnit-w -intp» iv. iHven -the same-range- Eaualitv«hould provide areridut-r- : 


lation that tire Africans, still 
blinded by the stigma attaching 
to colonialism, would 
the Cubans and their 
arms as liberators. 

Tbe Soviet Union, he said, 
should be told Chat no one in 
Rhodesia bad invited them there 
to help any section of Rhodesian 
opinion. Rhodesia was the 
responsibility of the British 


“Is’nt is quite remarkable that tion. all things which he b ad s aid up 
receive amon B ril this talk of economy in WQul<i not come for a 
Russian ^ is countr y. there is never any years. 

shortage of money for Common On what grounds 
Market brainwashing. 


a special inquiry into tha qra ;.to be given -the samer range-: Equality should provide a 
thousand educational diffi culties todnf opportunity and choice as and effective forum for discus^ - : 

immigrant children and into this '.indigenous pupils.” . - ing relations between police riut-.-i: 

needs of all pupils for education . Mrs. Shirley Williams, Educa-' the -West Indian community. 1 
could the , ^ * — ^ J, fcamigratioai fre G ovetf 


he said, four internal leaders be asked Ior Rf« to a multi-racial socaely.; tiwr Secretary, is to discuss with On .. ... ... 

D». David Om* Foreign Sec «Sm «a«*h .Priority ’W » **»*&■#.<** ■ 




- 


r.y 


Lifting of Rhodesia 
sanctions rejected 


nt fha itvtomsi aeremmmt ? the educational system affecting question of couectmg statistics 4x> 12 — instead of 11. at pm«n. ^ 

? * agreement. the achievements of pupils trf off an ethnic basis to help monitor '—to join single parent famiUte.- 

A?plhomriH *^° bt t0 do 50 00 ^ We* tadto ci^to the educational progress of, in this country, provided®! . - 

MP shouted . Some people have basi8 of ^ Anglo-U.S. agree- Surveys have^hown -that, a*, jpunigrant children. . - child .cair -be properly eared, fan:'' 

menu which was itself un accept- a West Indian .pupil* tell v. Of the wider issue of preparing Attempts are also beihg-msdi"-'-. * 

able to the Patriotic Front un- to achieve their full potential . all children for life in a. multi- to increase toe rfeenrittnent - 7 - 

til the Internal settlement came j B comparison with other groups 1 racial society, the White Paper West Indians and other uhmf .I~- . -- 

along, is not practical politics," ju school tests. ~ ■ .* states that the content, emphasis,, grants into toe immigration 

Mina, •mil -.onunn'tinTi «l., _• • “•_ ' J ~ J 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


got integrity.” 

Dr. Owpn said he would try. to 
get Mr. Skinner an invitation if 
he had not already received one. 

The visits were supposed to be be said. — A Wto'te Paoer yesterday said values and assumption contained- 

informational. -■ ••*■ *■ — — 

Mr. Skinner • retorted : “You 

train " 0t SVt WB •' Pn tiJP Sravy urging a speedy progress to" im- soon as possible. 

way^a^ofliewa'if Mr. SSKSS? ^ ““ SST ba 6 ic r^ratio^. prirr 

“ Tha nal, crr.aln.y if tte, ° r 




“Dr. Owen must continue his that the inquiry wonld make an .to ..the school curriculum must- The" Gwermnent sa^ that otr 
forts,” said Lord Carrington, interim report on this isSue .as 'reflect too diversity . of . the Mnployqiept; and soda! woWeti 


Lhi-.-J 
2 itf. 

■ toe 


• society. 


Tutonoc raanorities s^oqld benefi 


CONSERVATIVE demands for and toe three black African Hr." Richard Luce, a Conservative 
toe immediate lifting of sane- leaders. foreign affairs spokesman, who 

tionk against Rhodesia were He urged Dr. Owen to give told him: “It is deeds rather 
rejected by Or. David Oven. 90me support to ensure that toe tban words that will carry 


Skinner went with h*s well- 
known opinions, he might wlo 
some converts. 


New Peers 


with the Soviet TWO NEW peers. Lord Soamrs interim Governmenl to get them enees,” says the Govennnast officers from the West Indian and 

-other minority groups. 

compensate, for Meetings between police chiefs 


Foreign Secretary, in the Com- internal settlement was carried credibility 

mon* yesterday forward with help and not ttoioo.” . (C.) and Lord Evans of Claugb- to accept a senior British diplo- statement. 

Mr-KennolhLevis fC. Rutland hindrance. Wr - Lnce called on the Foreign ton (L.l, were introduced ia Che mat in Salisbury during this "We n 

5te ?i 8 5 ) £*** *“«.«■ But the Foreign Secretary Secretary to expose at toe UN yesterday. . .. . period, 

t,™, rtouw ta mri I« repUcd uat be di | not vrtBU to * 1 *i°?*» u,re,t 10 

order to support tbe multi- >,i nr i. r anvf) „ p n*hA nn, wav of international peace. • • 

racial Government that had been acbieviiS^n agreement was to Dr 0wen toto him that 
established in Salisbury and to SSr^faTeSSTre-toS although it was always possible 

to go to the UN there was tittle 


But A ^4ds toat^efforte v : 

On other questions concerning '^***&£ 

- w«f !■*■« adjustroeats in 

gradunes to meet special ; pn 

groups face aiecific difficulties the Government says it continues' 5!f ms T ^J Q1 ™? !y di ^ adr3m ^ 
Lord Carrington said that Dr. arising from linguistic, 'cultural, to attach considerable importance The Westliuhm Comjrtsm *| 
Owe a should negotiate with tbe religious and historic differ- to_the recruitment of more, police - ^ omc obsentftuma .0 


«»/. a «c(. 


must 


The Repmrc of ike Select Crtj 
mittee on Boce Belatttms m 
Infmiffrrrturk. 


counter-balance the SStite SfSjnf tMt 

frtT^oc tiiTTmin/1 in n RfmHnci? WflS lllG CfUCUl GlGmGnt ^3S 

J 2 : .. miE5l "B m «■' ra«roal settle- 

But Dr. Owen replied: “ I don’t meD t 

think ft would be wise to do so. » ov ,L,. noc t-,_ 

We should not underestimate the 

effect of UN sanctions. After 12 IjJ*? SoJim ,nH "SSI! — ^ ^ »- 

years they are beginning to bite;” * !9J5* 1 Cuban Ambassador had recently 

would have tu be 2"S3a £?b? lil 4o7 S "■«», all-party group of MPa 
we were satisfied 0 ,r. vf ' “ at toe House. The ambassador 

that a settlement was acceptable S d L C gh5nid 3 take the^mattSr had made lt plain t0 them thlt 
to the majority of Rhodesians, ? e TTT ? W k “ c matter ^ Ethiopian troops set foot out- 

that there had been a transfer 1_ ^ side Ethiopia, then Cuba would 


point in going to the Security 
Council and being opposed by 
tbe wboie African group. 

Left-winger, Mr. Tom Litterick 
(Lab., Selly Oak) said that the 


Hope for improved 
links with China 


Private fcail 


•r 


catering' 

ail 


•• . .v . ■■ ; 1 ■ • ‘(Vj 

Benn argues for open ^ 


... . 

Energy Council meef * 


Bill f 1 


Thd 

faced. 


issue 

when 


BY JOHN HUNT 


• •R- -n’Vc 

Imv s o 


rer and a new Government “I am very worried about toe withdraw all military personnel Foreign Minister. Huang Hua. Britain* intention to improve 


of pow 

elected wftji 


BY -• v 

_ / . . ._ MR. ANTE^NY WEDGWOOIV bntoflacfi'cy.” 

IF PRIVATE enterprise caterers gENN, Enerw Secretary, yester- . Jtr. Sehti ad 
were allowed, fbating on the rail- day attacked ms fellow Suropean -rory iJefinite oWv^wwv® 
ways could b Aome as popular as Ministers for insisting that EEC making, -tekfcg 
it was on /the Continent. Mr. Energy Council , -debates v must although argumenSfi. 

DR. DAVID OWEN, Foreign Dr. Owen said be personally Giles Shaw (C„ Pudsey) claimed take- place inaecEet. ; lielty would ..*&;• hoc 5»rf i. , 

Secrtta ry v ited _Chinese wricomcd Mr. Benn told^toe Coaunohe apply Dv 


independence effects of Soviet troops in Africa 
established. ond the ability to switch the 

Mr. John Davies, Conservative balance of power very rapidly as 
foreign affairs spokesman, happened in the Horn of Africa." 
argued that the Government’s to declared. "On the other band, 
persistent commitment to the have to recognise that toey 
Anglo-American plan was bound have a right to he in Africa, just 
to undermine the international 88 we do -” 
settlement between Mr. Smith He came in for criticism from 


from Ethiopia just as it bad 
earlier withdrawn its troops 
from Somalia when Somalian 
troops invaved Ethiopia. 

Dr. Owen said that he had 
himself received a similar 
assurance and be hoped the 
Cubans would use their influence 
to get a negotiated settlement. 



to visit London and hopes to pay 
a visit to Peking himself “ before 
too long." 

He told tbe Commons yesterday 
that be bad renewed the invita- 
tion which was given to tbe 
Chinese Foreign Minister by his 
predecessor, toe late Mr. Anthony 
Crosland. 

Dr. Owen'6 announcement 
came on toe eve of to-day’s visit 
to China by toe Chief of Defence 
Staff. Air Chief Marshal Sir 
Michael Beetbam. 

During exchanges in the House, 
the Foreign Secretary strongly 
emphasised his hopes for grow- 
ing co-operation between China 
and the U.K. But he rejected a 
call from Mr. Michael Spicer (C.. 
South Worcestershire) for an 
anti-Soviet defence pact with the 
Chinese. 


... . . _ . _ . , But his attempt to introduce a select Committee :-on European Councils, 

relations with China. These had Rill to de-nationalise British legislation, that one of- the “I have jeseatediy^ b 

been steadily improving but Rail catering was rejected by - ■ - ^ 

there was room for further co- 154 votes to 135. majority 
operation, particularly In com- Tbe measure Was opposed 

mercial. scientific and techno- Mr. Richard Buchanan (Lab., -piaite Ma secret although "in hir there for hsviixg open 

“"** reasaruThey . argue £^; It .veqfcL. 



logical exchanges. Springburn) who cited motorway opinion there was- “no 

“1 wish to deepen our rela- cafes as an example ef what why toey should." - 'embarrassiiig for ttoanges 

tions with that verv great ralehf happen. As a result; there was a trans- position among them to be mi 

country." the Foreign Secretary He accused. My. Shaw of ferring of power to a “growing known” ' ' • 

declared. tedious repetition of the Con- - - —. t - — ■ ■ - ■ v - — ■■ .. a 

A leading Left-winger, Mr. servative Party's anti-nationaJIsa- 


Normatn Atklmon (Lab-. Totten- tion attitude. Handing over to 
ham) asked fer an assurance private enterprise would mean 
that imnroved relations with the end of catering on traitis. 
China would not be at the “I don’t see private enterprise 
exoensp of our relationship with — with any kind of franebis 1 
th n Soviet Union. taking that on," he said. 

Dr. Owen aereed that this was Mr. Shaw pointed out that 
a spriout question. “ Tt is cer- British Rail catering op trains 
tefnly nnt in the Interests of and stations had been run at a 
this emmtrv to mabp such a substantial loss last year. The 
dramatic shift in mir policy public were served from ancient 
that we would alienate the rolling stock in . an Inflexible 


l don't think the question of second most powerful country in system. 


a defence pact arises at all," Dr. the world. 

Owen replied. “ T don’t think the SovU.t 

He added that Sir Michael Union wonld have aov standing 
would be in China until May 3. in intervening in our willingness 
It was the first visit by a British to Improve our relations wl»H 
Chief of Defence Staff to’ Com- China. W» will make our deri- 
raunist China and his purpose sions on that relationship on Its 
was a broad exchange of views merits and what Is In the inter- 
ou defence matters. ests of this country," he said. 


There was a tendency to con- 
centrate on the expense account 
diner rather than a travelling 
family. 


Owen backs Carter 
on neutron bomb 


Tory allowed 
to address 
LSE meeting 


By Michael Dixon, 
Education Correspondent 


MUCH OF the significance 
attached to the neutron bomb 
was “propaganda." Dr. David 
Owen, Foreign Secretary, said ia 
the Commons yesterday. 

Speaking of President Carter's 
deoisioa to suspend production 
of the nuclear warhead. Dr. 


bomb it would signify w» were 
committed to tbe use of nuclear 
weapons. 

Dr. Owen said: “The main 


LEFT-WING students at the 
London School of Economics 
yesterday failed to repeat their 
baa 00 speakers who support 
Conservative immigration policy 
in face of a hastily arranged 
challenge by Mr. John Moore, a 

argumeDt gainst it is whether or up i^Cmygotteninl* “ d 
not it would reduce the nuclear Monr/sm* the LKFvr*« 

ErUnt !? Society decided o^the 

Owen toJd MPs: “I do aot bold I think toe wimle question of first d^t ^Tw lir 
the same view as some about its use is a very delicate decision HJtb ™ 

significance that would only be taken under SodSav % 

“ President Carter made a strict political control." JLJ ' statement rermrtiSin* 

right and balanced judgment not Mr. John Davies, shadow Tory policy on ^ SmStten 6 g 
to deploy iL Russia has attached Foreign Secretary, said: “The ^f no^shStim ST'was 

a great deal of importance to it nuclear bomb represents a very taken aeainst Mr Moimw S? 

Mrtis importot defew, ws.poa ™“ S « UOS 

anda. against an overwhelming build-up be arrived to ™,v * 

BIr. Hugh Jenkins (Lab. of arms by the USSR and. as such, frerspeechf^ Instead The\ S 
Putney) had asked for an it tofectly affects the Europeans, merely asked fellow students to 

~ collea 8U e s in boycott the meeting, wbicb "went 

adequately Proved the U.S. on ahead normally with an audience 
their views of the importance of of about 80. 
this weapon?" 

Dr. Owen said there had been — - 

the closest consultation with 
Europe before President Carter 
look his decision. “ I believe be 
was influenced by the feeling that 
there was a more optimistic com- 
mitment to disarmament. 


assurance that in no circum 
stances would Britain agree to 
toe storing or deployment of 
neutron bombs. 

"The development of this 
weapon could only have disas- 
trous results, leading to national 
suicide and l he possible end of 
European civilisation" be dec- 
lared. 

Dr. Owen assured him that 
there was no question, at this 
tone, of Britain storing 
deploying toe bomb. 


Roads plea 


LONDON had the worst main 
road system of any Common 
“ I myself believe 197S will see Market capital. Sir Clive Bossom, 
or a successful SALT two agreement chairman of toft RAC* told the 
and a successful outcome to the London Rotary Club yesterday. 


Mr, George Rodgers (Lab. mufti-lateral balanced force Unless improvements were made 
Cborley) said . the first time reduction talks in Vienna," he soon, its economic future would 
-Britain -had possession of the added. be seriously jeopardised. ' 





fer. 


e’s 


jH-diy.Hbj 

.^S business 


fCT 0 *"** 


13 . 


S^berthis* 

- ■ jsstr-* 


■ ■ 


■ Yot/re leokfat at fiAifce'Brae* Aj^e2& 

• arc# a wooer, ‘bfeftHQt gp^cHogi ;v 

- fencing, canoeing, football ice-skating, fife 

v -' saving. A cross-coucit^ skiing contestant.for 
-Britain in the 1978 Winter Ofympjtiti for the- 
.Djspb!§d.AndbPnd8[r?oeiiewasten/ . 

. - Howdo.yougftttobe fijatgoD^wlien 

you Ye blind? • .. 

Largely ifs your own drive atnd" ^ 
;cf^ennina»orr,Acid partly ifs iraliwi^Wffcefp r ' 

'Jv . rthaliylng proof tbarrehatilJltatiiOTa^ } 

training for the’blindreailyworks.' ’ 

w- S . - Trainiiigihe bQnti toiive RndMa^kUka. 
v. you aolme’jstftelife.workoffhQ.RNJB. . 


>S3£!* 

:';adv { Jr ica So - 


V ^ in The 


%’U 


SESfi***! 




Pieaso jrelp.us to cany , pn .with ft through 
^yggf ^scies antfrihriatipn*: 1 : - - :r : : 



ROyAUAjlONA.i. INSTITUTE 




■ ih.-;. - — . 









/ 




Finajiciil Times Thursday April 517' 1978 




From the bunker 







hton 



TOBACCO SUBSTITUTES 


Rives 


BY MICHAEL THOMPSON-NOEL 


••■ ^ 'AjCASWING the TMES' sports 
'• \ Mee this week for a due to the 

- X tf'&mt- Kohoutek in the 
;• j. i« the eye travelled down; and 
•V^'tfQss. fi ghting at last on a 

• ''%%■ cos X 2 advertisement in' the 

; ' :«twin; . . JfcM-hand. conier- 

• :~ SSmrted.;bX the .following 

> ’■ .*’■ t^MriDelphic. phrase: - 
•: A- LAST CALL TO . ■ 

/ t . advertising and . 

. : :.v -x~ MARKETING people. 

-T;-*- . '^Whaton earth was going on? 

■ V they being rounded up? 

f ^asense they were, for the ad 
5 an' invitation to the 
‘ 1 Advertising Association confer- 

' .’c'iC that -starts In Brighton 
• ' : V^>diy and thus to join in ‘‘the 
1 -v ''■‘■’'fjint vigorous argument ever for 
^fiyertKing and marketing." ‘ . 

: -'j:*! >■ The test observed that the 
' fffln mv desperately needed 

profits.- more creation of 
- - ‘ " Yet resources are. 

■ '* > ^'Sted. So the need for better 
... o.- rtrieetiM of our resources 

- ~ 4 '-ecomes vital. “With this has 

: Vtoms a new appreciation of the 
' h»>'-.Dle of advertising— because good 

• ' r ; : marketing starts’ with properly 
1% " C laimed advertising and togs 

’ ■" 'ifectly to greater profits. With 
'fr-SSer profits-, there is more 
nvSttoent; more jobs and a 


Scars that won’t heal 



Left: Jeremy Bullmore, chairman of J. Walter Thompson: a bon-bon from Rowntree. 
Bight; Frank Lowe, managing director of Collett, Dickenson, Pearce: under pressure but 
producing much of the best in British advertising. 


Pupils 


IMi ““**— -* ^ 4- Jnfimq T-aflpft p* 1WV& dUU CO.M.1J 17IU3. :UdgUIUCb uiuup auuwcu a 0-1 pci 

^ its own ups OTaaowus reuei.1 There are even signs that some (Britain is by.no means out of cent, growth in ad revenue to 
r at least anuapaie“B i^ very big companies indeed are tune with international behaviour £37.3m. for the year to March 31. 

ycle itselt so uie_ o^omeier u increasingly prepared to doff on the advcrtising-to-GNP front: 1978. and says a great many 

b own seu-connewnce thpir-caps to their agencies and the percentage has fallen vir- major food manufacturers, in 

alia- wpII it marketing departments for a job tually throughout the industria- particular, have started to 

When things are going , well doae— formerly not a "great Used world and may never fully re-examine the qualitative 
eels more emooiOHieu ui-u ^ Britain. Recently, an- recover.) aspects of magazines (and their 

sual to remmaiue tea Bouncing that in 1977. in real No one knows how long the value for money i via a vis TV. 

• asiness an a comm erue terms, it recorded the highest boom, or boomlet, will endure The group's food revenue last 

. nmnrando raids On toe SOVerDS- /erfun™ . 


r.. >■ . _ *1. Bflvamg. u Ituuiucu uic iUfcutDi h ^uuuiw auu uum a *.uuu 

‘ : : : — 

SsbyeSS ?f°iS w?y“ a mt n e ‘ There are even signs that some very big 

*iS5!ta gjj companies indeed are increasingly prepared 

be result of mi imperfcctjjod®*: its share of this most competitive . » «• ,» ■ _ » . • , 

- •; 7 tending on both sides of how market because' many tO doff their Caps tO tkeiY ageOCteS Ofld 

advertising actually. “ .established brands' had per- . .. , ^ r 

by no means reasonable to formed weU but also because of marketing departments TOF a job Well 
-Assert that short,, or medwrn- the spangled debut of its Yorkie _ ' ° J J 

■ tm «l uctfonJ! “TSEt chocolate block, which soon after done— formerly not a great custom in 

. _ng effort are wdikely to affect its launch tore gaping wounds in „ , /, J * 

• company^ market situation. the opposition. Britain 

. ' <3a the other hand, when , . ****** 

' ''imes are tough, ad-men tend to T1 y s credit line in the chair- — ... , — 

, -m a., Trinn c Rtntivnpnf vat wnr WPI I 


etiSit into the bunker of their ““> ?atement was very well 

^ rwn misfortune, and not - a lot received at J. Waiter Thompson, before inevitable de-acceleration year improved 43 per cent, to 
s" heard They are not in thfe .Jfrf™ “Sether with the rival se ts ^ but at least one very £9.4m., or 6.6 per cent, of total 

— DArcy-MacManta and Maslos is g0 od reason for optimism food advertising, and that cannot 

if • _ J Bntain s joint biggest agency. sur f aced ^ the consumer be bad. 

-:L-ri«' For as «TWT chairman Jeremy expenditure figures published There is similar sweetness 

' iL«. a J , Buiiinore likes to observe, one- ] ast wee i^ They showed that and light on the agency scene. 

spending rose sharply in real At the top of the pile. Masius, 
V* TV<T terms during January March this JWT and the McCaim-Erickson 

V \ ■ year and was running at its group continue their stable 

. 1 Sfents lSf Rownta^e ^whJch Ievel since eariy autumn, growth; Collett Dickenson 

- : \ : ... \ £^: 0?advertisS 1973 ' for a firs£ - f i uarler - 197 S. Pearce (which recently reported 

• 1 SJ nt TS55r y S 1 ’ talSJ? total l at 1970 P rices 2 nd season- a remarkable 68 per cent spurt 

'J - \ " \ Zrelo^Ind^ariS^ S all y adjusted) of £9.02bn. to £1.3Sm. in pre-tax profits for 

\ \ Hfc^Yoririe market -* **?*-. ut Tbe media owners will be 1977) continues to produce much 

. 1 \ . 7’ ' *___ • nr celebrating in Brighton along of the best advertising on show 

'■-i. • I. . - V . The advertising boom., at . rr„.„L ,7 *h ^ ^.ntru .i,,* ^ 


advertising 


hDo in cArno wiUl everyone else. Total net in th:s country— work that is as 
revenue of the ITV contractors profitable for its clients as it is 
S over first quarter of this difficidt for less-talented rivals 

S S ,ear reached £83^m., 28.9 per to imitate— and the ebullient 

SAftfiST SnrthJv^l ncS^£f cent -' ahead of the same quarter Saatchi and Saatchi Garland- 

tSA^St las * y ear; '- Pe »r Rnaie at Compton (like Collett's, a 

Granada calls it a “quite excel- puMicly^uoted. British-owned 


.! raies tor op | 

' i miik'iliHb 


_ • Media pbnJTotalVdewsed; 

" : ~W. hLondonviaJDli-'melaigestf 
Z-* indepoKfeitoverseas media 
' ".r -'tirokers in tite UK. 

: ^ %- 


l Sr jf! SZr Sd £l«bn Granada calls it a “quite excel- pubiiciy^uoted. British-owned 
H SJkJm fiflflbiLMinparedvrial lent ” . te « quartcr-a fair group) continues to add on new 
in lOTB According to amount of money was brought business voraciously: most 
S; latest reaS of tf»e ratoiS forward frora ** sec0Rd garter recently the Conservative Party, 
the addend this *vear should because advertisers were not too which has dispensed with the 
Si eh n with relative ease ha PP>' wi!h tbe cost pruspects for paraphenalia of advisory com- 
S^lSSimSSmi SSn the spring-and reckons that the mittees and placed its advertis- 
' M?e^t sSfonfthatlhSd "**" fhould ing in the hands of one of the 

knock this year's rate of general show a gam of roughly IS per most aggressively go-getting ad 
inflatioaioto a cocked hat <*** ™ the equivalent quarter groups ever seen in Britain. 

If we transpose those sort of d ™ D S e Willna* Jlrt. 

fieoreK on to tiie swineometer of Tbe Press is happy— or as agencies like Dorland, Doyle 
®YTM»ndltnre as a per- happy as it can be given its head- Dane Bernbacb and Allen Brady 
rwr> it ic rppti that aches with new technology and and Marsh, to name just seven. 


||%jy|^ pTTM»nditnre as a per- happy as it can be given its head- Dane Bernbacb and Allen Brady 

_ . • JlUfVk GOT it is seen that aches with new technology and and Marsh, to name just seven, 

.iTitbe woridwlde media ccnsutamty ge percentage will recover this the calamities oo the distribution are pushing up. and even further 
--- ^ ^ ti o iiVa i front that have recently wiped down the scale — m the low 40s 

01-584 os<a year to something many thousands of copies off the and 50'a — there is a whole clutch 


of agencies doing their own 
thing and doing it profitably. 

Almost the only cloud on 
the scene at present Is the news 
that the Inland Revenue plans to 
bring proceedings against Collett, 
Dickenson, Pearce, its chairman, 
John Pearce, and its managing 
director. Frank Lowe, apparently 
resulting from inquiries the 
Revenue has conducted into the 
tax affairs of the group for 
periods prior to December 31, 
1974. 

This la not the time to 
rehearse the reasons why in 
recent months GDP may have 
been forgiven for feeling itself 
besieged by the advertising busi- 
ness. It is not particularly 
necessary to remind the industry 
of how CDP stood up virtually 
alone against the machinations of 
SLADE, or of how it contributes 
to the commercial education of 
the business by refusing to pitch 
for new accounts or of how its 
own highly innovative work has 
contributed to the advancement 
excitement and thus to the 
reputation of advertising as a 
whole. 

Suffice it to say that within 
advertising and without, there is 
a groundswell of sympathy for 
CDP, and a firmly-held theory in 
some tax circles that the 
Revenue has decided to make a 
showpiece of the agency’s tax 
affairs precisely for the reasons 
of high visibility and commercial 
success that have made' CDF the 
toast of its friends and the target 
of its enemies. It is a theory. It 
can be no more. 

Amidst the junketings that 
begin in Brighton to-day, it is 
likply that in some quiet corner 
a few reflective souls will discuss 
not only advertising as it is now 
but as how it will become, for 
change is in the air, particularly 
in the areas to do with the regu- 
lation and control of adver- 
tisements. 

In a speech last autumn, 
Robin Wight, creative director of 
Euro Advertising, set forth the 
changes he envisages. 

“By 1987. I think all the fol- 
lowing are likely. 

“First misleading advertising 
will become a criminal offence 
punishable by imprisonment. 
This is already the case in 
Sweden to-day where robbery 
with persuasion is as serious an 
offence as other types of fraud. 

“ Second, the most common 
types of advertising at the 
moment, the trade puffs, will be 
banned. Again, this has already 
happened in Sweden. 

** Third, corrective advertise- 
ments will become a common 
punishment for those who break 
the new rules. It's already 
begun in America, and the new 
EEC rules on misleading adver- 
tising propose it as well." 

Such, developments, said 
Wight, might be expected to 
render the future of advertising 
an unpallatable one. Be dis- 
ajp'eed. He believes advertising 
will become more efficient, more 
entertaining, more informa- 
tional, more credible; that a 
“ truthmark ” or something like 
it will be formulated for adver- 
tisements and that the types and 
categories of advertising will be 
vastly expanded, particularly in 
the social, health, corporate, trade 
union and political spheres. Tbe 
end result, he reckons, will be 
a stronger base of more effective, 
more appreciated, advertising 
far more valued by clients and 
consumers alike. 

Mr. Wight may be an optimist; 
but glasses should be raised in 
Brighton to-day to the notion 
that he's not 


TIME IS REPUTEDLY a great 
healer. But the scars inflicted on 
the major tobacco manufacturers 
last summer during tbe debacle 
of their bid to launch cigarettes 
containing tobacco substitutes on 
to the UJC. market run very deep 
and jagged, writes Mic h ael 
Thompson-NoeL 

Like vultures, questions still 
hover over the substitutes fiasco, 
for it is the enonnity of what 
happened that will: ensure that 
for years - to come _ the launch 
will be referred to in the same 
tones of disbelief used to discuss 
the *V gagtM ' of the Ford BdseL 
How could three companies as 
sophisticated as Imperial Tobac- 
co, Gallaher and Rothmans find 
themselves so totally wrong- 
footed in the market place? How 
could -they have embarked upon 
a sew product launch that in 
three short months was to run 
up losses reputedly exceeding 
£70m.? How could they have 
committed themselves to the sort 
of grandiose production plans 
that were later to oblige them 
to destroy minio ns upon millions 
of the new wonder sticks? 

With some bravery— and cer^ 
tainly with flair— these were tbe 
questions tackled at the Market- 
ing Society thin week in a 90- 
minute autopsy conducted by 
Rex van Rossum, marketing 
director of Carreras Rothman. 
Some of the ground he covered 
was f amili ar territory. But it 
was his summation of the total 
marketing context of last 
summer's catastrophe from the 
vantage point of April, 1978, that 
was both new and impressive. 

A penetration by substitutes 
of 3 to 5 per cent would have 
been regarded by the manufao 
turers as a success — one of 10 
per cent, a spectacular triumph 
for Britain was being used as a 
world test market If substitutes 
had succeeded here, many tens 
of lucrative foreign markets 
would have opened their arms. 

In the event, 20 years’ R and D 
were incinerated in two short 
months. To-day, the 12 brands 
containing substitutes that were 
bundled on to the market in 
such haste last July 1 are 
accounting for just 0.6 per cent 
of total sales in the £3.5bn. U.K. 
cigarette market and Imperial 
is now withdrawing two brands: 
Embassy Premier with NSM and 
Players No. 6 with NSM. 

The first thing to be 
remembered about last July, 
said Mr. van Rossum, was that 
the market was in total turmoil. 
It was halfway through aligning 
itself with the tax changes 
demanded by the EEC, so that 
there was both a severe price 


contraction going on between 
the cheapest and most expensive 
brands, plus a fast-moving switch 
to lting-size. In turn, the tax 
changes were killing off 
cigarette coupons. Third, fairly 
violent changes in market share 
were underway. 

Given this, said Hr. van 
Rossum, substitutes were needed 
like a hole in the -head, and yet 
the Government had decreed a 
start to the experiment by last 
July 1, only three months after 
the Hunter Committee had given 
substitute materials Its clearance. 

Immediately, the companies 
found themselves hemmed in by 
Government restrictions. Every- 





1 He’stns* 






There’s more 
to America than 
Chicago* 

Chicago. 

The windy city. Hog-butcher to the 
world. Thriving business centre of mid- 
America. And an obvious target for your 
U.S. advertising. 

But remember this: you’ll reach 
more rnidwesfem decision-makers with 
The Wall Street Journal than with any 
Chicago newspaper. .. 

And thafs only half of The Journal 
story. For The Journal is America’s 
national business daily. Reaching millions 
of affluent, influential Americans, coast to 
coast, every business day. 

lb reach Chicago — and far, far 
more — advertise in The Wall Street 
Journal. 

And you’ll reach decision-makers 
in thousands erf America’s small towns. 


The WSbH Street Journof. 

The oB-America business daily* 

Other DJIMS offices in n«jor business centres around toe 
world. 


If yoifrc buymgor selling 
top advertising talent 


Gordon Medcalf for ABM 


GORDON MEDCALF. ex-Procter 
and Gamble, ex-Youug and Rubi- 
cam and a founder partner of 
I The Kirkwood Company (he left 
in February) is joining Allen 
Brady and Marsh as chief execu- 
tive. ABM chairman Peter Marsh, 
who left for Paris yesterday for 
' further talks on British Ameri- 
can Tobacco's £5m. U.K. launch 
of its State Express 555 brands 
□ext month, said Mr. Medcairs 
appointment would be helpful 
because o£ big billings gains in 
prospect ABM billed £12.6 m. 
last ' year, expects to handle 
£20m. in 1978 and to employ 175. 


9 HI-FI INTERNATIONAL, the 
biggest range of audio equip- 
ment offered in the U.K. by 
Philips, will be supported by a 
promotional budget of £1.5m. 
this year. Jimmy Dunkley, divi- 
sional director of Philips Audio, 
says that audio sales to the trade 
this year are expected to be 
£396m. compared with £376m. for 
TV (excluding rental 1. Philips is 
spending £lm. on corporate ad- 
vertising this y ear. 

• CENTRAL OFFICE of Infor- 
mation is to see pitches by 
Lintas, Masius and Boase Massimi 
for the Manpower Services Com- 


for re-1 

KING’S LYNN 


mission's Training Services Divi- 
sion. worth £850,000 last year. 
Lintas is the incumbent Tbe 
total spent on Government adver- 
tising in 1977-78 was £18fim M in- 
cluding £i 2 .3m: Press and £5m. 
TV. 

a DUNLOP FOOTWEAR is 
spending £lm. 'on advertising 
and sales promotion over the 
next two years . . . Wall's 
launches its most concentrated 
ad burst ever on May 1 with a 
£100,000 poster campaign for 
bacon, part of a £400,000 spring 
ad package. 




TheHatisseric 
Mmuntde offers you 
that extra personal 
lDuch.Justjrfwne 
JasephUmsoiour 


For firms... 

King’s Lynn offers manufacturers. 
Importer and exporters one of 
the most modern clocks along 
die East Coast with regular 
servfca to Hamburg and a cargo 
liner sendee to Greece, Cyprus 
and The Lebanon. 

Labour relations are excellent i-i 
offices and factory buddings am 
available, and land is waiting for 
you to build on. 


...for families 

King's Lynn offers housing at 
every pries level; good shopping, 
good education and hospital 
care, plenty of recreational 
facilities and a wonderful choice 
of country and searslde to enjoy. 
The Ftoyal Estate at Sandringham 
k15 minutes away; beautiful 
beaches and the Norfolk Broads 
are all immediately accessible. 




contee! Peter Holmes or offla^swretadesaid Ws- 
Umette Borafac© on 4d3fi4S& 71 Near Bond Sheet London Wi. 

.adpowerififfirfiMd. 



forfo&tfddalbpkMWrttaertelcpliaieftoRR^^ 

V^taNor^DtotoG3uncfl 1 CffioDH<xae,C3oB«Stjkin^Lyan,NacfbIk.TatD553StM 


WEST 


*1 

hi* 

* 

❖ 

* 

b 5 * 


- 5 * 

H 5 * 

* 

*5* 



familiar with our 

d&heswfan you arrive 
fordinnenThe 

Koti&erieMrmmde 
tyeaal&esinla 
Xouvette&ttswejhe 
totally natural style of 
cookhffSwItis 
sweqmiy'Frmce. 
Whilst Ike dishes are 
tiewarri exciting, the 


thin g was to be handled via the 
DHSS. There was to be no 
weakening of the code of prac- 
tice on cigarette advertising, 
even though the substitutes were 
supposed to be “safer.” And 
there were to be no tax con- 
cessions for the new products. 

What did the companies know 
at the start of the run-up period? 
They knew that smokers were 
worried about smoking and 
health; that sales of low-tar 
brands, as at April last year, 
had captured only 7 per cent, of 
saJes because of tbe taste 
barrier; that there was high con- 
sumer interest in substitutes, but 
that consumers might be sus- 
picious if they regarded the new 
materials as ersatz in the 
perjorative sense. 

Above all, they knew that some 
form of Independent endorse- 
ment was essential. For example, 
say the companies, the Govern- 
ment might have told consumers 
that if they had to smoke they 
would be advised to smoke the 


new cigarettes. It might also 
have offered tax cuts for 
substitutes. Hopes like. this may 
seem naive in retrospect hut the 
tobacco companies feel they had 
the moral right to entertain 
them, which Is why they were 
so bitter when their hopes 
proved hollow. 

Much of what happened in tiie 
three-month run-up and during 
the next two months is reason- 
ably well known. The manufac- 
turers lambasted each other with 
£lm. worth of pre-launch adver- 
tising and spent another £3m. in 
July alone (“a morass of dull 
advertising," Mr. van Rossum 
cadis it). The trade went barmy, 
ordering such vast quantities of 
the new cigarettes— Rothmans 
expected 100m. but was asked for 
200m .-plus — that it took the 
makers months to sort out 
their production and distribution 
tangles. In the political arena, 
a campaign of what Rothmans 
p-flHs “ vilification " sprang up, 
with claims that the manufac- 
turers had grossly misled the 
public on the health attributes 
of the new cigarettes so that the 
Health Education Council, funded 
by public money, launched a 
counter-substitutes campaign . of 
its own — a £100,000 riposte des- 
cribed by Mr. van Rossum as a 
“disgrace" and counter to the 
Government's own stated policy 
in this area. And at the end of 
it— with the public in the 
greatest imaginable state of con- 
fusion— the Press turned vicious 
and put the boot in. 

To be fair to Mr. Rossum— and 
thus to disarm some of the very 
powerful criticisms that- have 
and could be made of the manu- 
facturers’ marketing approach to 
tobacco substitutes— tie admitted 
to the Marketing Society this 
week that the marketing opera- 
tion of last July was “ not in- 
spiration al," though he doubted, 
in retrospect, that Rothmans 
Itself could have handled its own 
launch much differently. 

What conclusions .does he 
draw? One: that governments 
know nothing about marketing — - 
that they should set their 
scientific, technical and other 
giiidellnes~in an area such as 
this and then stay out, leaving 
the manufacturers to go about 
their lawful business as they see 
fit Two: that governments 
should not allow themselves to 
be panicked by extremist com- 
ment or reaction. 

That is how at least one of 
the major tobacco companies 
now looks back on last summer’s 
debacle. What business histo- 
rians make of it may be another 
matter. 



difference 

Southerners are big spenders in almost every consumer area. Often, 
they far outstrip national averages. ■ 

Take groceries, for instance. In 52 out of 83 TGI food categories Southern 
usage exceeds its share of population. And its the same story in 20 out of 35 drink 
ana 23 out of 37 consumer durables categories, and in all petfoods. With higher 
-average earnings and a higher share of ABGs, the South has real spending muscle. 

You am reach that musde on Southern Television. 


SOUTHERNwTELEVISION 

T 

For further ^formation contact Brian Henry, Marketing &' Sales Director, 

Southern Television Limited, Glen House, Stag Race, London SW1E 5 AX. Telephone: 01-834 4404. 



ietd Ja&f 


Wir suchen zum baldigen Eintritt 

Handler in auslandischen Wertpapieren 

EinBewerber mit mehreren Jahren Erfahiung und umfassender 
Kenritnis der wichtigsten Markte wiirde unserer Vorstellung am 
ehesten entsprechen. Gute Kenntnisse des Deutschen, des 
Englischen, moglicbst auch des Franzosischen, sowie die 
Fafiigkeit zu selbstandiger Arbeit werden vorausgesetzt 

Bewerbung mit Lebenslauf , Zeugniskopien und Lichtbild richten 
Sie bltte an unsere Personakbteilung. 

Unter Sachsenhansen 4 , 5000 Koln 1 
Telefon ( 0221 ) 2091 390 







16 

LOMBARD 


• .... 7 : jn.y 


BUSINESS AND THE COURTS 


Fmanriai Times .Thursday. rAjffil 



in season 

“ 

Parker 


Posing a threat to charterer’s trade 


BY A. H. HEftiHANN, Legal Correspondent 




BY ANTHONY HARRIS 


THIS IS The season when people 
start taking ferries across toe 
Channel, the North Sea and the 
Irish Sea with their cars and 
families, and it has, as usual, 
brought some nasty shocks to 
some. 

Those on less Favoured routes 
sometimes think wistfully of the 
idea pioneered hy Townsend 
Thoresen, of nffering cut fares 
to shareholders. 

I know or one owner of an 
Irish house who has been plead* 
ins with the Irish authorities to 
sell some equity in the publicly- 
owned :;nd expensive B and I 
line on rhesc terras. 


Inflation 


The glory of the thing is. of 
course, nol only that it tempers 
the 'wind of inflation to the 
shorn traveller, hut that the 
benefit is tax free— a point whico 
has not I believe, escaped the 
attention oF the Inland Revenue. 

I should imagine that it has 
enabled Townsend, and would 
enable any successful imitator, 
to raise some very cheap capital- 

For that reason. 1 fear that 
a rash of share issues 
dividends-in-kind would simply 
attract new legislation to take 
away the advantage. 

It would be an odd gloss on 
the candv-floss society if com- 
panies providing services were 
able to raise tbeir capital on 
much more favourable terms 
than those in such worthy 
pursuits as heavy engineering. 
But there are other ways to sell 
a service, with the same result. 

One hallowed hy time is the 
railway season ticket. Rail fares 
seem to rise so frequently that 
a season ticket is well worth 
holding as an anti-inflation hedge 
apart from the vast discount 
offered on a daily fare. 

Indeed, it Would be quite 
realistic to charge a little more 
for a long-term than for a short- 
term ticket on these grounds, 
though it might be seen as some- 
thing of a confession. 

However, this would he a 
mean-minded and unproductive 
way of exploiting the universal 
appeal of the season ticket to 
regular travellers, and would 
have been spotted by a red- 
biocided marketing man as a 
potential winner long ago. 

What 1 would like to propose 
to Mr. Peter Parker is a much 
simpler, and yet more radical, 
exploitation of that appeal : 
season tickets valid for much 
more than the present maximum 
of one year. 

Even ignoring inflation, our 
absurd marginal rates nf tax un 
investment income would make 
such long-term season tickets an 
absurdly attractive investment 
for a limited class of traveller. 

The senior partner nf one 
stockbroking firm has estimated 


that the grossed-up capitalised 
value of his season ticket from 
the New Forest, at present fare 
rates, is £500,000. 

I am not suggesting that 
British Rail should ask half a 
million or even a quarter of a 
million for. say, a 20-year ticket. 
But they might find some very 
eager takers at -20 times the i 
annual fare (say- £25.000), or 
rather more. 

In financial terms. British Rail 
would be offering what would be ! 
a form of indexed annuity — - say 
the equivalent of a fifth of an! 
indexed pension of £3,000. The 
capital value of such a pension.! 
although paid on average for a! 
shorter period, has been put by| 
our correspondents a good deal 1 
higher than the £125.000 implied. | 

Assuming that 5 per cent, is 
a generous yield for an indexed. ! 
tax-free 20-year annuity for a 
taxpayer with a high marginal 1 
rate, it is still very cheap capital 
indeed, at any rate in the early 
years. 

If used to replace the financial 
capital tied up in services like 
Inter-City, it would save some- 
thing over half the debt service 
costs in the early years, and 
would continue to show a saving 
in these terms until fares bad 
more than doubled. 

If one considers that a season- 
ticket provides, as it were, its 
own sinking fund, it looks an 
irresistible way to raise capital 
— to any organisation without 
access to the subsidy from tax- 
payers known as Public Dividend 
Capital. Drawing a subsidy, of 
course, is much easier than think- 
ing about an effective way to 
market your service. 

Before anyone writes in to tell 
me how many 20-year tickers 
British Bail would have to sell 
to pay off a significant propor- 
tion of its debt I will concede 
tbe point. I am not so much 
concerned here with a panacea 
for British Rail (though 1 think 
the notion might genuinely be 
use full. 


AT A time when shipping is in 
a slump, shipowners are careful 
not to do anything which could 
he interpreted as a repudiation 
of time charter, particularly 
if it was agreed some years ago 
at rates much higher than pre- 
vailing at present 

But according to a majority 
judgment delivered by the 
Court of Appeal on April 18 
(subject to an appeal to the 
Lords) the owners of three 
ships, the Lorfi. the Nafri and 
the Benfri, have done just 
that. Acting on their London 
and New York lawyers' advice, 
the owners, belonging to the 
U.S. M Plena Group, instructed 
the masters of their ships to 
withdraw from the charterers 
the authority to sign “freight 
pre-paid ” bills of lading and 
to ensure that the money owed 
to the shipowners for the char- 
ter was secured by the cargo. 

This drastic action which 
was a threat to charterers' 
trade was the culmination of a 
series of disputes between the 
owners and the charterers, the 
Federal Commerce and Navi- 
gation Company of Montreal, 
concerning deductions made by 
the latter from payments due 
for the hire of the ships. 

The owners interpretation of 
their rights under the charter 
relied on the special rule of 
English law that “freight ” 


due under ft voyage char- 
ter party had to tie paid 
in full without deductions 
for short dellveiy- or cargo 
damage, and on the view that 
this rule applied also to “hire ”• 
due to owners under a time 
charter party. This view, up- 
held by many judges in. the past, 
was also taken by Mr. Justice 
Kerr, who decided in favour of 
the owners, reversing tbe arbi- 
tration of Mr. Clifford Clark. 

In the Court of Appeal Lord 
Justice CnnuningBruce fol- 
lowed the reasoning of the 
judge in the cotnmerrial court 
and said that he could not 
accept that tbe charterers were 
entitled to deduct valid claims 
to equitable set off— the deduc- 
tion which English law allows 
to be made for expenses in- 
curred by tbe debtors. But Lord 
Denning. Master of the Rolls, 
and Lord Justice Goff decided 
in favour of the charterers, con- 
finning tbe conclusion reached 
by the arbitrator.' A change had 
come about, said Lord Denning, 
and the time charter was so 
different from voyage charter 
that the law on “freight ” could 
not be automatically applied to 
“hire.” 


deciding another recent marine 
dispute. -The Court thus estab- 
lished a rule' of great signifi- 
cance for aff brandies of law 
and particularly for complex 
international projects in which 
financially strong ' companies 
cannot da without the participa- 
tion of relatively financially 

weak specialist enterprises. • 
The Btuades^ieridrtshof made 
this important: anting when it 
allowed an appeal by tbe 
Piraeus Shipping Agency which 
was frtftimfrtg damages from a 
substantial Munich company 
winch arranges large industrial 
projects lot Europe and over- 
seas. 


★ • •* • 

He who claims io hone influ- 
ence must bear responsibility 
said the German Federal High 
Court (Bundesgerichtshof) 


It appears that the Munich 
company had some interest in 
enabling a ' small Swiss oil com- 
pany ty ship large -quantities of 
Egyptian crude oH.' A Greek' 
shipping agency, acting through 
London brokers Castiemain 
(Marine), agreed a charter for 
the Egyptian oil. with the Swiss 
company in the spring of 1971 
but this was abandoned when 
it turned out that the Swiss 
could not provide bank guaran- 
tees required by the Greeks. The 
Munich company stepped In and 
arranged with' the bankers, 
Merck, Finch and Co., a guaran- 
tee of freight up to $US 545.600. 
On this basis the Greeks pro- 
vided “Ross Sound,'- a tanker 
which they had on time charter 


fr6m Norwegian owners. -The 
tanker waited for oil in Has 
Shuketiy but in vain.- 1 On the 
sixth day the Munich company., 
asked that the tanker sbould- 
wait longer but did not provide 
a declaration that the cargo was: 
ready, for which the Greek cofl*-. 
pany had asked and .after 
another [lour - days the tanker - 
left .empty. 

'. The- Greek company lost 
b adness and ran up costs in 
port dues- and insurance 
premiums. It could not obtain' 
■compensation from tile Swiss" 
company as. - this -collapsed 
shortly afterwards- It turned; 
for. damages to tbe Munich 
company, claiming that 
this and not the small Swiss 
company was in f act the-dedsive;- 
party in the whole arrangement,' 
Two lower-courts . rejected tins: 
claim on the ground that the' 
Munich company was a party to 
the Charter and did not provide 

any guarantees to the Greeks*. . 

But the Bundesgerichtshof 
found that it bad led the Greeks 
to expect that it would see that . 
tbe business was properly 
executed. Moreover, wben if 
asked them to let the tanker 
wait in the port the. Munich 
company already knew that the 
oil might not have been avail- 
able for another 10 .days but 
did not tell this to the Greeks! 
This made it responsible for the . 


loss- the Greek shipping- agency 
Buffered. ' 


/- -rJ-.* * ■* -. .. 

’ ADVOGAAT the name given 
'west; of the Rhine tn a sweet 
- egg liqueur known as Ewrcofl- 
nor ia Germany ■ Is .good - *° r 
lawyW .Not long _ago _mr. 
Justifce . Graham -derided - in 
faveur of the Munich 
bt^vtsewery seeking protee- 
Hop- rftgafRs t a Jersey' brewer 
wMqh was 1 trying to. sell its lager 
fit &£- U.K. under, this nianie. 

that Loewenbrau be- 
cam^ffiGermatJF a generic des- 
.flryfc&rof a beer of a; certain 
typ&iri , especti ve of who .brewed 
.tfJsagFthe judge, iatd nothing 
to ,'dlSf with - condition* ‘ in the 
UjK Where beer drinkers take 
.-.it-T^e the name of the Munich 
prbSggt! Last wdek -the CoiJtrt 
demed . protection . to 
tiKgiSmh Advocaat twhveh .im- 
#^74 Was practically the only 
egg ^rp if-nr on the • UJC 'mar- 
Jce^vlagainst the “ Old, English 
Advoca&t" sola is Britain since 
thetL' 

; The three appeal judges went 
evea. further than the EEC Com- 
. mission which in its decision 'of 
1374,' denying the Belgian 
asignige of the Advocaat Zwarte' 
IGP itrade mark the right to. 
stpp hnports of an identically 
tf^de' marked Dutch product, 
stating that it did not .matter; 
that, the two products were 


differwit as lonfi- as^cowumerl 
wore informed of Ihf fdiffereneO ?■. 
and. origin. Reyersipg the - 
decision ’.of,: Mr:'. 7 Jtistice *- 
G wilding Adw" hew mat the 'o 
pabHc bad - been;; deSberafely 
induced io believe 7 tfrat in bnyi 
tag-' TownentTs • Gfid'^En^lsli \ 
Advocaat' they werfr m-fa'ct bny^ 
ing Advocaat, _ the -Guart o£ -v 
Appeal - held .that--'r£ did not > 
matter that 'the Dutch product C: 
was made of spirit £ 

English; waff-, made' of ,;fortifiett v j 
wine. protection by; 4 -common • 

law "action complalnjiig. . that \ \ 
someone's goods, are passed 
for admebpdy.'fi&ey-^^ 
was available 1 ; V only pn* y*-: 

dneerof a fproduct aniqae^fta. 5 ^': 
him or to a trathbef-dr ck$gr * % 
of identified procurers : qf. ; 
whidj be was onfc; ' 

This', rule’ protects. ‘.Scotefi .^ 
whisky against those, who woifd V-:: 
want .to- produce itip^NeWcastle; 
and . Champagne against ' spark- ■ ; :* 
ling wine fmm.'otber regions tat 
France, but it does not. seem to* : - 
bestow tbe same benefit; bn tijef; ■: \\ 
Pilsner lager (known - as . th®. •*' w 
**. pils " non the ■ continent) cjE- v ; 
wbidh raw only tie Unmet: * 
brand .'is brewed hi thef CktSy ':. 
town after : which ' it is- haniear: : ' ' 
There is gr^at scope; 'her6' * 
harinonisation ' of , law abwf ,-.- r 
which neither the EEC 
mission the ■ Council 
Europe seem to have done raud^. > ;■ 
so far. - •■■■* 


Sweet is capable of spoiling 
Piggott’s chance of double 


ENTERTAINMENT GUIDE 


^ fan Musi 


Investor 


Rather with the principle of 
the thing — tbe idea that any 
industry with a lot of long-life 
capital could make its finances 
easier by paying its dividend or 
its coupon in some form of real 
value. For ease of accountancy 
and choice for the investor, the 
service it provides is the 
simplest baas. 

The Government did some 
cheap funding last year by sel- 
ling some BP equity, because 
this has a basis In nil values. 

What about British National 
Oil. or the Coal Board— bonds 
rather than equity, but with a 
coupon in coal or oil equivalent? 
Even if it were not a tax-free 
commuter service. T fancy the 
pension funds would eal them. 


A YEAR ago Lester Piggott took 
the Princes Elizabeth Stakes with 
Barry Hills’ Lady Mere and he 
must be hopeful that Montetimar 
— last season a stable mate of 
that winner — can dq the trick for 
him on this occasion. 

'The length conquerer of new- 
comer Court Barns in the Rose of 
Lancaster 'Stakes at Haydock in 


RACING 

BY DOMINIC WIGAN 


mid-summer, this rangy Wolver 
Hollow filly, nnw trained at 
Beckhampton, then did well to 
finish a close second to Ludstone 
in a £3.300 event at Thirsk before 
winding ud her first campaign 
with a fith-placed effort in 
Deauville's Prix du Calvados. 

Considered to be well forward. 
Montelimar would not have had 
to have improved a great deal 


over the close season to make her 
presence felt in this afternoon's 
Group Three event 

To others with strong claims 
to consideration on their juvenile 
form are Varishkina and The 
Sweet. The first-named, a Henry 
Cecil trained Derring-Do hay 
whose dam. Variant m, made the 
frame in the Oaks, the Ribbles- 
dale and Park H ill, impressed 
when justifying favouritism in 
the Malton Stakes at York in 
September. 

Always going well within 
herself there, Varishkina proved 
too strong for Spring in Deep 
Sea, beating the Newmarket filly, 
from whom she was receiving 
only 5 lbs. by a rather comfort- 
able Ik lengths. 

In contrast to Varishkina, who 
made only one other appearance 
as a juvenile. The Sweet had a 
busy time. Tbe lHengths winner 
of a minor event at. Windsor on 
her second appearance, she went 
on to run with dstinction In far 
better company. 


The Lt lengths third of nine to 
Enstone Spark In the Lowther 
Stakes at York on her next 
appearance. The Sweet un- 
doubtedly pat up her best two- 
year-old performance in the Tad- 
caster Stakes on the same course 
in September. 

In that event she failed hy an 
admittedly somewhat flattering 
neck to hold the 1.000 Guineas 
favourite. Cherry Hinton, after 
making virtually all the running. 
She is my idea of the likely win- 
ner. 


CC— Thp«e theatres accept certain emm 


THEATRES 


6RSNWICH THEATtUE. R5B 775S. 

T,30. Mat. Sat. 2.30. ARMS ' 

MAN. A ComcOr W Gcorpfc Bwipra 
Shaw. - FeiWtr Kendal In her best | 
performance la date. 1 Pa server. 


SHAFTESSURY. ee. 836 6S9S 

JOHN REAKIJON and JOAN UieNUlil 

“A SMASH HIT. THUS MUSICAL HAJ 

EVERYTHING!" S. Mirror. 

CHeotT CARO BOOKING 836 BS97 


Nai 


STRAND. OT-8S6 2660. Evenings 8.M 
Mat. Than. i-oO. uu. 5 . so and aja 

NO SEX PULASt-r- ■ . -tp- 

's- . VIE'ltE BmTHM- - 4rr.. -c • 

THE WORLD'S GREATEST r 
, : : LAUGHTER MAKER . *• 


> EPSOM 
2.00— BaRUa 
2 JO— Fettered** 
3.0S— The Sweet*** 
3.35— Song's First 
4J0— Hills Treble 

4.45— S uni 

TEESSIDE 

1.45— Mr. Pringle 

2.15 — Supreme Lff 

3.45— Precious Petr* 

4.15 — Edmund Burke 

4.45 — Northern Magic* 


SntATKmtMIPON-AVOML- Rml Shato.' - - 
vpewe • Theatre. (0789 2271.) Tiekri!- r--- 
Jmmddiatgiy awllahle for RSC In # • 

T J IE TAMING OV nr. 

• Ht SHREW Mar 3 (mac. end ere. 

Recorded booking Info. .(0789 691R1; • * 

ST. MAim|rs. cc. 83® 1443. Evt. a5t :: 5: j - 

Mai. 1 lies. 245. Sets. -5 and 8.' . 

I • . AGATHA CHRISTIES V" - ■ ' • 


'v-p. 

WORLD'S. LONGEST-fVER kUH m Z 

_ | • 260* YEA C" * r ; 


I \ Radio 


iZietiZ 



t indicates programme in 
black and while. 


BBC I 


6^40 a-m. Open University. 9.41 
For .Schools. Colleges. 12£5 p.ttu 
On The Move. 12.45 News. 1^0 
Pebble A/ill. f.45 Chlgley. S.00 
You and Me. 2".fi For Schools. 
Colleges. 3.00 Children’s Ward- 
robe. 3.53 Regional News for 
England. 3.55 Play School. .Vs 
BBC 2 11.00 a.m. 4J0 The Mole 
and the Transistor. 4J25 Heads 
and Tails. 4.40 Cartoon. 5.00 John 
Craven's Newsround. 3.05 Blue 
Peter. 5J5 Magic Roundabout 
5.40 News. 

5ff5 Nationwide (London and 


South East ouly>. 

£20 Nationwide. 
fc55 To-morrow’s World. 

7M Top of the Pops. 

*05 Wildlife on One. 

8.30 Happy Ever After. 

9.00 Labour Party Political 
Broadcast. 

9.10 News. 

9.35 Ronnie Corbett's Thursday 
Special. 

lOffO Prince Charles presents 
Face Values. 

11.18 To-nieht. 

11.50 Weather 'Regional News. 

Ail regions as BBC 1 -except at 
the following limes: 

Wales — 1.45-2.00 p,m. Mr. Benn. 
4.40 Crystal Tipps and Alistair. 


F.T. CROSSWORD PUZZLE No. 3,653 


4.45-5.05 Tren Sgrech. 5^54L20 
Wales To-day. 6.55-7-20 Heddiw. 
11^0 News and Weather for 
Wales. 

Scotland — 5^5-&20 p-m. Report- 
ing ScoUand. S.30 Current 
Account. 9.00-9.10 Labour Party- 
Political Broadcast. 11-50 News 
and Weather for Scotland. 

Northern Ireland— 3-53-3-35 p.m. 
Northern Ireland News. 555420 
Scene Around Six. U.10-1L40 
The Hong Kong Beat. 11.40 News 
and Weather for Northern Ireland. 

England — SJiSSJSO p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Nationwide (London and South 
: East) ; Points West (Bristol); 
South To-day (Southampton); 
Spotlight South West (Plymouth). 


SMU This Wqek. 

10.10 News. 

10.46 Mavis— Wanting le Know. 

11.10 Drive-in. 

1L40 Elaine — the Singer of the 
Song. ; 

12.10 un. What the Papers Say. 
1225 Close: Gillian Bailey reads 

a poem for Save The 
Children Week. 

All TBA Regions as London 
except at the following times:-— 


MO Report West. (OS Report Wiles. 
MS Cel Some lot 7.05 Ur. sod Un. 
7J5 Danger In Paradise. MAS Gallery. 
U 15 Du Angtot. 

MTV Qrmr«/Wale»— As HTV Ceneral 
Service except: UD-L2S pjrt. Penawdau 
Newyddlon y Dydd. CM Ulri Mawr. C3S- 
C45 WstJbeUuu. (JMJI V Dye M. MS- 
7.05 Sports Arena. UJM0A5 News -at 
Ten ftAnred by Report Wales Headlines. 
U*ciU5 Book Review. 

HTV West— As HTV General Service 
except: 1M-U* pjn. Report West Head- 
lines. 6JX6J5 Snort West. 



ANGLIA 

US p.m. Anglia N“vc*. 2J0 Wanes 
Only. C2B RocXei Robin flood. MS Tbe 
Adventures o! Black Beauty. _SJ5 
Emmcrdaie Farm. LOO About Anglia. 
6M Arena. 7.00 EmcrprWe. 7J8 Tbe 
Six MllUon Dollar Mao. lias An 
Audience with Jaaper Cairo ti. IMi The 
Streets of San Francisco. 12J0 a jn..Man 
and Wean an. 12AD Tbe Urtug Word. 


SCOTTISH 

US wJtt. News and Road and Weather 
Report. 2J0 Women Only. SIS Tearime 
TiUes. S20 Crosaroada. iM Scotland 
Today. UH Giroock Way. Brnmer- 
dale Farm. 7 JO ThJngnmniyjlK- 7J0 
Party Political Broadcom by Labour Peny 
in Scotland. lOA) Something Special. 
U.4V Man and Woman. ULU am. Late 
CalL U15 Star UxidetM. 


BBC 2 


a.m. Open University. 

Play School. 

Snooker. 

p.m. Open University. 

News on 2 Headlines. 

The Engineers. 

Newsday. 

Gardeners’ World- 
(.(vine in the Past 
Party Political Broadcast 
—as BRC 1. 

I.aw and Order. 

Men of Ideas. 

Lare News on 2. 

1 Snooker. 


A TV 

120 P.m. A TV Newsdesk. Tartan. 
SOS Happy Oars. M0 A TV Today. 7J» 
Emmerdalc Farm. 7Jo Ouncngo of tbe 
Sexc& it Ao Man and Woman. 1U0 
Gardening Today. 1L4S Police Woman. 


BORDER 

+1 20 p.m. Border News. 5J5 LaxSie. 
M0 Lookaround Tbnrsoay. 7 JO Rmmer- 
dale Farm. 7 JO Blame Woman. 1149 
Police Woman. lLffl nan and Woman. 
712.10 a.m. Border Sews. 


SOUTHERN 

L20 p.m. Soutbern News and WeaUtcr. 
2 SO Women Only. IS Dynwouti. M5 
The Lost islands. 545 Betty Boon. 5M 
Crossroads. M0 Day by Day. MO 
L'nlvcralty Challenge. 7M BmmertSale ( 
Farm. 7 JO Hawaii Phv-O. M*0 Tbe 
Practice. 1 1 .1 0 People Role! IMS ' 
Southern Nows Sura. 12 JK *JO. What 
the Papen Say. 


LONDON 


ACROSS 

1 A seat in the Lords means 
dismissal from a Dorset town 

; 18) 

5 Clear cover i Deludes one 
politician (hi 

9 "So haunt rhy days and chill 
thy nights” (Keats) (8) 

30 Foreign capital that is fine in 
ScoUand (6) 

31 Stores or possibly fowls 18) 

12 Doctor io river province of 

India 16) 

14 A sailor at length appears 
(4. 6) 

18 A relative we must not miss 
when travelling (10) 

22 Passes out if cliff aim safe in 
pan t6) 

23 Agreed, like Meath, about 
foreign currency (8) 

24 Going out in book form (6) 

23 Educated novice starts to 

repeat (8) 

26 A proverb is something to 
chirp about always (6) 

27 Become exhausted with the 
Saint abroad (5. 3) 

DOWN 

1 Wellingtons — conflicts include 
some in' France (6/ 

2 The King from Borneo (6) 

3 it is found in uniform silk 
( 6 ) 

4 Subscribe In study with a 
word of approval (10> 

6 Procrastination admitted by 


one who goes alter other gods 
( 8 ) 

7 Neither father nor a mother 
get the complete picture (8) 

8 Sauce l We get down for a 
rebuke (8) 

13 The cream of the county (10) 

15 Those who deride are greedy 
devourers (8 1 

16 A king of Athens found in 
any element (8) 

|7. Command that advises labour 
policy (4, 4) 

19 Sappers give up and go back 
(6) 

20 Hospital comes up with 
, nothing for. tbe geographer 

(6) 

21 Notice an opening in a 
religious, season (6). 

Solution io Pnzzle No. 3.652 


9.30 a.m. School Programmes. 

1 2.00 Charlie's Climblnn Tree. 
12. to p.m. Pipkins. 12.30 The 

, Child Wants a Home. 1.00 News. 
I IJtO Help! 120 Crown Court. 

2.00 After Noon. 2.25 Racing from 
Epsom. 3.50 The Sullivans. 4.20 
Little House on the Prairie. 5.15 

I Mr. and Mrs. 

S.4S News. 

6.00 Thames at 6. 

6-35 Crossroads 

7.00 Charlie’s Ansels. 

8.00 Gel Some In: 

8.3ft Armchair Thriller. 

9.0ft Labour Party Political 
Broadcast. 

9.10 What's On Next. 


CHANNEL 

I U pjn- dutanel New*. 6 « Channel 
NcWb. 6J0 Elephant Boy. 7 JO Tbe Six 
UUUon Dollar Man. i jo vision U-S-A. 
10JS Channel Late News MJB la Scorch 
Of. 1U0 TV Mov»: 12J5 an. News 
and Weather In French, 


TYNE TEES 

ua p-m. North East News art Look- 
around. 2.00 Women Only. «> Clue 
chib. U5 Tbe Little House on the Prairie. 
*Jt Northern Life TJ8 Enrmerdalc 
Farm. 7 JO Tbe Bionic Woman. IM 9 
Doable Top. UJB BaUlevraand. 1UD 
Man and Woman. LL2Q m. EnOosoe. 


GRAM PLAN 

LSI Grampian Neva geadb’nas. 6.00 
Grampian Today. 10.40 Unstc In Camera. 
11-13 Reflections. 1105 B arena. 1218 ami. 
Sure no Ice. 


ULSTER 

ZJO p.m. Landhtlae. 4J8 Ulster News 
Headlines. 4J0 Dynonrutt. W5 Little 
House on tbe Prairie. 6J0 Ulster News. 
MS Crossroads. 6JB Reports. 7J6 
Emmcrdaie Farm. 7 JO Tbe Bionic 
Woman. 10J0 Counterpoint. 1U0 Hogan'S 
Heroes. XL35 Living and Growing. 12J0 
Old Hoose, Home. 12J5 a-m. Bed- 
ame. 


GRANADA 

L20 p.m. This is Your RifiOL 5J0 
This ib Your Right. 4J* Granada 
RL-pons. 6JD Enunerdale Farm. 7 JO 
Get Some In! 7 JO Danger tn Paradise. 
IBM What's On. 110B What Uis Panen 
Say. til. SO Tbe Untouchables. 


WESTWARD 

La pjtt. Westward News Headlines. 
LOO Westward Diary. 7 JO Tbe Six Minion 
Dollar Man. 10J> Westward Late News. 
10.40 Westward Report. IUI TV Movie: 
- Shadow on tbe Land.** 12.45 un. 
Faith for Life. 


HTV 

L20 OJn. Report West HaadKoss. L25 
Report Wales Headlines. 7M Women 
Only. L59 Beryl’s LoL U9 Return to 
t be Planet of the Anus. US Breaktlme. 


YORKSHIRE 

L20 p.m. Calendar News. UD Hager 
Days. 6JQ Calendar fEtnle? Moor and 
Belmont editions,. 7 JO EmmerdUe Farm. 
7J0 Enteraency. U4o Danger ia Pan- 
disc. 1U0 Man and Woman. 


RADIO 1 « 7ro 

(S) Stereophonic broadcast 
5.00 a-m. As Radio 1. 7J2 Noel 

EiinmoOs. 9J» Simon Boies. UJ1 Paul 
HumuU Inclrtmc 12J0 NeirsbcaL 2.00 
p.m. Tnny BlarUtmm. 4J1 Kid JenscO 
{(idudinx 5-30 Xcwsbcat. 7J0 Country 
flab iS> iiain<s Radio ?i. 10.Q2 John Pe*:l 
■ S- ajWJO a-m. As Radio X 
VHP Radios 1 and 2—5.00 a.m. with 
Radio - inclndidn L55 p.m. Good Listen- 
ins 10.03 p.m. With Radio 1. 12JB- 
'.02 a.m. WUh Radio 2. 


RADIO 2 and VHP 


HESB0EBag5S0S0 
0 ^30 0 
HSEHB ' BSEDEKEHEa 
F3 0 R E B 
EHEQBS3 0SE3B5EIE 
H 5 . B ' n E 

BBranaasHB 
n 5.0 ra 
-i-— J:':-S!SESn 

.6'.; ..®-m 

BBSBB 0 E • BHE 2 BEHH 
0 Jam ;-. 0 #E#E 
BE 3 SSDE 5 B 55 H ESDSS 
:i_ra ra--.s mm ~ 


5.00 a m. News ?njnmary. 5.02 Ray 
Mnoro uiih The Early Show (St indud- 
'its 615 Pause lor Thought. 7J2 Tony 
ivoqati »S i including S17 Ridnc Bulli.-iln. 

2.45 Pause /nr ThottgUf. 10 J? Jimmy 
Yoons '51 12.15 p.m. WajOSHiers’ Walt. 
1A38 Pete Murray’s Op-.-n House (St 
Indud i nc 1.45 Snorts Dosb. 2.36 David 
llaitulton ,5, including 2 j 6 and IB 
Spnns Dost; and Racine from Epsom « 

3.45 and 4.10, «J0 Wacs oilers' Walk- 

4.45 Sports Desk. 4j4T John Dunn 'S' 
'Deluding 5.45 sports Desk. A45 S ports 
Desr. 7.02 Country Club <S>. 9-02 Folk- 
weave (5.. 9-55 Sports Desk. IS .02 Funny 
Yon Should Ast. 10 JO Star Sonnd Extra. 
'1.02 Brian Matthew introduces Round 
'Inlnlcbl inrltunc 12.00 News. 2J0-2-O2 
a.m. New:, Summary. 


Momusstto, Chopin. m» interval Readlns. 
1245 Cofcm. MR 3. IM pjn. News. US 
Tokyo String Quartet: Barak, Ravxi (S>. 
218 Oberon-Opera In three ««s, music 
by VranlcJtr. 2 SS Words. JM Oberoa 
icontlnnedi >Si. 1_S0 classical Musk; of 
Thailand /Si. AM Tbe Paul S&cber 
Commissions fSi. Martini on records. 
JS.45 Homeward Bound. l&iBNewf. *6.10 
Homeward Bound icomimred), tUB 
Ltfdinos. 7J6 Shostakovich Concert, 
part l tsi. 8.3 Music Ttierapy. UM 
Sbo«ak«vicb <S'i. us sierra Leone 
/short story*. 16.06 Italian String Trio: 
Moxart, Beotboven (Si. lb-85 Drama Now 
•■Webstcris Rcveocf." by Mangaret Hol- 
linax»-onh /Si. 1145 News. ll. 3 04 i . « 
Tonlgbl's Sciuieri Sons. 

Radio 5 VHP anly— 4D6-7J0 xjb. and 
Sj 5S-7J0 p-m. open University. 

RADIO 4 

434m, 33Qm, 285m and THF 
U5 8.m. Neva. U7 Fanning Today. 
6J5 Up to ibe Hour. 7j» News. 7Jfl 


of Britain 10TB. 7 jo News. 7JJ5 The 
Attbere. 7J» CbecSpolnL 7.85 Nonaga 
the star of Duncan Prydr IS). SJ6 
James Cameron with tbe BBC Sound 
Archival, LC Analysis. Sir Arnold Wpto- 
stock io ewKiaflon. 8J8 Kaleidoscope, 
Wl Weather. 10.06 Tbe World Tontuhi: 
Now s. IS JO Any Answers? ILdO A Book 
at Bodtbac: ‘'HriMnon Rock.** 1L15 
The Financial World Tonight. XL38 T Way 
In Parilsmait. 1266 News. 

BBC Radio London 

and S4ff VHF 

5J0 *jn. As Radio 2. 6JD Rub Hour. 
8 JO Xaasba tad Crosses. 9J0 London 
Live. lliB In Town. 12 JOS pjn. CaO 
In. 2JS 3W Showcase. 101 Hotub Hon. 
4JJ Look, Stem. Listen. 7J6 In Town 
i'm li.03 am.). 8J8 Sun! 78. UJ3 Late 
Night London. 12JQ as Radio S, 12J5 
a.m. Question Time from the House of 
Commons. UWClua As Radio S. . 


Today- 7J5 Up to Uta floor tcondnuedr 
8.68 Neva. MS Today. >-35 Yesterday 
In Parliament. 9.00 Newt 9J5 Then 
You Haw Loved. MJD News. JVg 
From Our Own Correspondent. J6J# 
Dally Service. UM5 MMSlrt Story. IUI 
News. U.05 With Great pleasnre. Diana 
Rise chooses poetry ■« bioso. 

Yokel Yams, 12J0 p-m. 

You and Yonn. 1227 Just a Minute fSL 
12J5 Weather and nrogrammo news. 1.68 
The World St One. 2-» Tbe A reb«% 
LOS Woman's Hoar hwlndtog ZJ6U2 
News. 2.85 Listen with Mother. Sja 
News. 3JS Questions tn the Prime Minis- 
ter - llv*> •' from the House of CommonB. 
*75 Wildlife. 8 JO Newt. «JS Jack do 
M a trio Precisely, A55 Story Tbne. 5 « 
SercmUpity. 5 JS Weatter snd pro- 
gramme asms. MO flaws. L30 Brain 


RADJO 3 464m, Stereo &VHP 



»J6 WcallHT. 7 JO NenrS. 7J5 Overture 
is,, s.00 8J5 Morn rug Concert 

iS>. 9.C6 Nl-ws. 9.65 This Week'a com- 
powers; ilhr^hl and De La Roe iSi. 9JB 
'viiinhunt.l inn-nuiinnai Festival 1077 *Si. 
cnocurt. ln.rt In Short. U-Sl Edlnburth 
lni^rna:ional Feirival 18. < pan 1 (Si. 
IMS MuMzh- Conner: (S2, pan 1: 


London Broadcasting 

261m and 97.3 THF 
5JB nan. Mornlna Muatc. (Jtt AJI.: 
non-stop news. traveL sport retteva. 
Urfonnatten. IBM Brian Hayes. LM pjn. 
LBC Reports .^tndndlnc George Gale's 
3 O'clock CalL U8 After S-wlth Ian 
rNMirin. 9J6 Xfcbriinc. 1 MMM n.m. 
Niabt-Extw— with Adrian Sc«L 

Capital Radio 

194 m and 95.8 VHP 
W 6 mi- Graham Dene's RroakfasT 
Show fS). 9.66 Michael Aspd (S). 12J0 
Dave Cish fS». 3 JO pjn. Roger Scott 
tSL 7M Lord G botev- B rown's Capital 
Commentary 'S'. 7 JO Loudon Today (Si. 
7 JO Adrian Love’s Open Line (Si. IN 
Nicky Horne «SL 1UB Tony Myatt (SI. 
2-66 mm. Doncan lohuoa’s Night Flight 
iS). - 



Erov 8.0. MJt Wed. iM Sat. at 3.00. 
JOHN GIELGUD 
(n Jwun MlKOcrn 
HALF-LIFE, 

A NATIONAL THEATRE PRODUCTION 
“ BrtlllpnOv witty ■ ■ J>o one sboahS 

»iw « " Harold Hativm raramai. instant 
cretltr eartf r»wrvalionS. DMner and too- 
price aeat £7.00. 


FORTUNE. B36 J2XB. Eroi.8.0. thurs. 3. 
Sat. S.00 and 0,00. 

Muriel P^riow as MISS MAftPLS In 
AGATHA CHRISTIE'S 
MURDER ATTHE. VICARAGE 
Third Great Year 


TURNING POINT (A). Prom. Wk.'RUi, 

•4Jd. 6,10. Sun. SJO, 7 AS. UlC 'Slfc 

PH. A Sat . tl ^tS.p.tn. a 

DOWN MAYMAMCSr ■ 930 273B ^ 

Jane Fonda. VanerA Redo rare in t 
XeimMa (in^jilllA ,‘A) Sea 1 • 

Wv. 2.30. s.dS. 6AS, F«toro I Vn- 

.8.00. S.Dfl. Lett Show FrL A' Sat. J 1 1 ■ 
Comrn. 11^45. RJD _ Feature. 12 0. 'All 


5ARR1CK -TMSATKS. _ 01-B36 4R01. 

e*M. 8.0. Wed Mat. 3.0- Sat. 5.15. 8 30 


JILL MARTIN. JULIA SUTTON 
ERIC FLYNN ami ROBIN RAY 
In the 

“BRILLIANT MUSICAL 
ENTERTAINMENT." Peosle 
SIDE BY SIDE BY SONDHEIM 
•■CO TWICE." S, M or icy. Punch. 
“GO THREE TIMES." C. Barnes. NYT. 
LAST WEEK. ENDS W. 


ODRON LElCtSTKft SQUARE . 930^ *• 

CLOSE ENCOUNTERS OF. 1X1,.^ 

.KINO WtiB. bw. Oh. Oskhi,^ 

<1000 Sat oSv> .1,05: 4.19, 7-45 v -. , 
pvrts. Tues^Satt .Dow (»en il l -XCb Q r , 
Art x*au ITMY .*e_twofcpd «wt . 1 7“ 

OOt OX MARBLE ARCH ■ 723, 1% J - 3 w- a 

-STAR WARS itll. Doors ooen M»'i 1 >. ? 

J.H. 7-50. Late .slwwr Sat - 12.W s - 1L., ‘ PTC! 

rinbe AEjeata bhWe,.e«*Pt rJ.j ua .». 


SARRICK .THEATRE. 01-83« 4601. 

Ouens May 1 at 7.0. Sub. 8.0. 

5«. S.SO: 8.M Mat. wed. 3.0. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HARCHO PINTER'S 
THE HOMECOMING 


2LORE THEATRE. _ 01-437 1S92. 

Evas. 8.15 W«6. 3.0. Sat. 6.0. 8.4o. 
pa5l 

ALAN AYCKBOURN'S New Comedy - 


TEH TIMES TABLE 
“ This must be *■ hawsiest leunnrer 
maVer in Lonoon.” p .Tel “ ah Irrcsls- 


SAYOY. .1: .' . . . 01--B& BWB. 

NWhfhratBW. MIKIJW. 2.H. ' 

•• 4*,- »ao art. SJO.. ; • • ■ 
PATRICK CAROltL^art TONY ANWH.T 

SUDTH • ^ 

TrmaSftmrtWB tP : 


i~_ ’: u 12^ ?*7® 

•paacg GHAiiufc.uiA.su. .. s - It .... ^ 

SWEPT AWAY IX). Sm. Aerfi- ■pl J l YS * L a , 7 ? 
.‘Sun.) 2-10. S.2s. a.40 Lte. SM/>| e •* Wrtt 

. n.SS. Seals .Bfcbte- ik’d Bar- ^ Sevn. "5 Iq 

e T^? 3 gr^ t ?: ; a » ^ 

::«x.tXL- z,W). «.oa. -RA<*K, s earL u *a aiwr 




Stx rXL Z-SO, €.00 


•'«sss 


tlblv enlcnrauie evnnlna." Sunday Timaa. 


lAYMARKET. 01-930 BB32. Eros. B.OO. 

w ^ngIS wbWa 3 n° and 8 ’ 00 - 

WENDY HILLER 

D6REK DORIS FRANCIS 

GODFREY HARf CUKA • 

WATERS ©•'"THE MOON 
■■ inorid Bcnmu makes the Have radiate 
— unatonable chart w*4. - Dally 'Mall. 
"Wendy HHJer k .super*.-' Sun.:Mirrw. 


SAYOY. ~ ■ • • -OljfjA 

, t y?’ -obeiN M»*-TO-»e to 

.RALPH RICHARDSON •* "X*. 


S1*JbK» 1 ; 2. -3, ; 4. < OTtord croak’ 
3JtJOO .-1. c ape WHdrr as THE Of 

bwi 1 M r- iov» ,ai - aeint'K 'IT 


uw wnorr «.nn to;, sqjl -■ « 

10 MS. X. THE ^ MAN WlW.1 k. U U» 


•■^OLOTSLTJMAGN lriCEfl.Tj.-fr f«N 


MAN WITH. 1 


■artrtw*^!:a 4 Cr $££** <*** 

Keaipn OouMe Bltt. SLnp|R rAjfh. v Sfir r e Hse 

:•••* J***! 









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Plnancial; : Trmes, Thursday April- 27 1978 

Olivier .. 




17 


by B. A. YOUNG 


QjAen wrote Brand for reading, 
sot for acting; yet.anyibing writ- 
ten in dialogue wiR. be jlayed.on 
tba stage sooner or later-. Cer- 
tainly in tills co.antryilt Was 
itfer; our first tfage Brand was 
jtidaael EUiott's menioraWe pro- 
duction at HammersmlUi In 1959, 
^ years . . after: the . play’s 
publication. . 

Unlike Peer-Gynt, it does not 
-call for anything elaborate in 
the way Of production, once a 
formula has been devised for the 
mountains in the first three acts. 
In the National’s staging under 
Christopher Morahan I simplicity 
rules- Ralph Koltai's ice-white 
mage writhes itself into a variety 
of mountainous shapes- nothing 
precipitous symbolical only. On 
feus a series of flats conjures up 
«u& scenes as are required. 

Tbseh thought of Brand as 
•■himself in bis best moments," 
and indeed he wanted to reform 
Norwav (while living happily in 
Italy) on Brand’s lines. Brand 
is an austere preacher whose 
motto is “ ail or nothing." Wag- 
ing an endless struggle against 
anything he believes to - be 
unworthy, he -brings down sor- 
row and disaster upon all he 
touches. His rigid code causes 
the death of his son and -his 
wife, and ultimately his ejection 
by the very parishioners who 
paged him to stay with them 
years before. Michael Bryant, 
&ough he never stops preaching 
jor three-and-three-quarter hours, 
shows in the pvt a clear eye and 
an honest if cold, heart that 
might account for his popularity 
with the villagers thoueh hardly 
for the loyalty of his wife, whom 



Farleigh, duty conflicting with 
humanity in every action until 
her final apotheosis in the moun- 
tains. there are some good per- 
formances in the smaller parts. Is 
her one short appearance, 
Patience Collier gives a complete 
account of Brand's mother, 
avaricious and proud of it, since 
her dubiously-got fortune is all 
for her boy. (When he gets it, 
be builds a new church, and then, 
deciding on second thoughts that 
it Is a vulgar thing, locks the vil- 
lagers out of it. This is his un- 
doing: the sins of the motbers 
are visited on the children.) 

Daniel Thorndike makes a very 
human - thing of his doctor’s 
visits. There is Gerd, too, the 


Record Review 


Two Verdi operas 

by RONALD CRICHTON 


due Foscarf Ricciarelli, 
Carreras, Cappuccilli, Ramey/ 
ORF Symphony Orch. and 
Chor./Gardelii. 2 records in 
box. Philips 6700 105, cassette 
7699 057. £7.98 

II trovatore Price, Obraztsova, 
BonisoUi, Cappuccilli, Bair 
m on d l /Berlin PO. Deutsche 
Oper. Chor./Karajan. 3 records 
in box. EMI SLS 5111. cassette 
TC SLS 5111. £3X95. ‘ 


This week’s Books Page, 
devoted to illustrated 
books, will appear in 
to-morrow’s paper 


he treats with unspeakable 
cruelty. It is an inhumanly long 
part; Mr. Bryant is seldom off- 
stage. and as" long as he is there 
he is the pole from, which atten- 
tion radiates. 

The political aspects of the 
play are more convincing than 
the moral. Brand's treatment of 
his dying mother, left unvisited 
because of some dodgy financial 
dealings, which incidentally leave 
her. son with a handsome legacy. 


Michael Bryant and Lynn Farleigh 

is disgraceful. His refusal to take 
his dying son to a healthier 
climate is in fact weakness; but 
his insistence on his wife's giving 
away all her souvenirs of her 
only child is monstrous, especi- 
ally as they* are given to a 
worthless person. 

But when discussing municipal 
matters with the mayor, who is 
played with exquisite blandness 
by Robert Stephens, he 
stimulates cooversatian that 


might almost have been written 
last week. The Mayor's motto is 
“ Pro bono publico," meaning 
good works catch votes. The 
motto of the Dean (another poli- 
tical figure ) is “ Vox populi, vox 
dei," meaning throw dogma to 
the dogs. Nicholas Selby plays 
the Dean tike a Scandinavian 
Tartu ffe. 

Around the central parts of 
Brand and his wife Agnes, who 
is movingly played by Lynn 


Aietrdpolftah Museum, New York 


Napoleon and the Arts 


by DENYS S UTTON, Editor of Apollo 


Tbe relationship between the 
Bonaparte family. and the U.S. is 
highly interesting. Napoleon I 
gave prints by Piranesi to the 
New York Academy of line 
Arts and bis brother, Joseph, 
former King of Spain, who 
lived at Bbrdentown, near 
Philadelphia, ■ lent paintings to 
this -institution. It is natural, 
therefore, that .Napoleon should 
long have excited interest in the 
U.S. and that Important works 
connected with his regime should 
be ’m American collections. 

Recently, moreover, consider- 
able interest Itas been taken in 
the connections between the neo- 
classical movement- . and the 
French Empire style, the -lead 
for -such- studies having been 
taken' by Mario Praz.. A further 
stimulus was provided by the 
impressive Council of .Europe 
exhibition ' devoted' to -. Neo- 
Classicism at the Royal Academy. 
•’ This show made it quite Triear 
that while the French Empire 
drew upon antique sources it 
bad its own specific, charac- 
teristics. It was no lessievident 
that the Empire bag local 
variants; for instance, tncy may 
be seen In Florence, Venice and 
.Naples and in' one charming 
■room in the Palazzo Chigi- 
Saracini in Siena. One impor- 
tant variant of French Empire 
emerged in the U.S. with 
cabinet makers such as Duncan 
Phyfe and J. H. Lanmiier, who 
was a Parisian. ; 

That it is by no means easy 
to determine the . origins of 
certain works in the French 
Empire taste is evident from the 
admirably- staged, exhibition, 
“The Arts under Napoleon," 
which is on view, at the Metro- 
politan Museum, New York, 
until July 30. This contains a 
set of .four armchairs which look 
completely French, but it is now 
known that they are Russian; the 
mounts may have been executed 
by French craftsmen. In any 
event, these pieces would fit into 
the dec.or of War and Peace or 
Chaikovsky's Eugene Onegin. 

So often- the art of the 
Napoleonic era is thought of in 
terms of the great Salon paint- 
ings of David and Baron Gros 
that it comes as a great pleasure 
to find that the organiser of this 
exhibition. Mr. James David 
Draper, has concentrated on the 
decorative arts. It was a wise 
iecision for it permits the visitor 
to inspect aspects of the 
VapoJeonic period that tend to 
?e overlooked or misunderstood, 
this show, in fact, may well 
itimulate farther research into 
ie nature of tbe Empire style. 
_ Now that we. too, live at a 
3me of swift changes in fortune 
t .is 1 particularly intriguing to 
ibserve the emergence of this 


Sadler's Wells 


style which, though it bas con- and Napoleonic periods, 
nections with that of the Direc- Egyptian motifs made their 
tory and Louis XVI. Was funda- contribution to tbe Empire style, 
mentally one of a nouveau riche One of the most elegant pieces 
class. The same may be said of un view is the medal cabinet that 
the revived rococo of the 1889s. belonged to Vlvant Denon. a 
In both cases, these new styles connoisseur of acumen and a 
depended for their existence on leading figure in the art world 
a. solid core of artisans who kepi of Napoleons period. Vivant 


traditions alive. 


Denon was in Egypt with the 


Mr Draper in hi? excellent Freneh army and while there 
catalogue, which is just the right Jew the scenes and motifs for 
cIta and not ton pmansive “is voyage dans la basse et la 

astutely, brings out Napoleon's 

-c „ natron section of this piece is based on 


role as a patron. He was anxious 
to .minimise unemployment- and r .. „„ . a 
encouraged - such entrepreneurs 1 “.H. P K«,F fFt* 

Jacob Desmalter and the 


as 


bronze founder Thomire. and he 
helped the silk' works of Lyons. 


his drawing of the pylon at 

This 

cabinet looks ahead to Art Deco. 

Another piece of high quality 
is a secretary in which the gilt 
The development of official bronze decoration is made so as 
patronage under the Consulate to imitate a chest of drawers; it 
and the Empire is an intriguing may have belonged to Marshal 
topic- The arts did not completely Lannes, Duke of Montebello. Of 
disappear during the Revolution, great charm is a cheval glass, 
and ' certain artists either with a frieze of butterflies, which 
adjusted their styles to new ideas is a reference to the Pysche 
or even continued in their usual legend: this -type of mirror was 
manner. Some of Hubert Robert’s called z. Pysdie. 
typical park scenes were painted The revelation of the exhihi- 
whtie he was in prison and tion is tbe silver. This includes 
Houdon, who is usually re- an imperial silver gilt travelling 
membered for his portraits of service by Biennais which was 
figures from the ancien regime, presented to tbe Museum by Mrs. 
lived to' make a bust of Napoleon. ■ Love. The Audrey B. Love 
Indeed, one of the most instruc- Foundation bas lent some 
tive sections of Arnason's recent remarkable pieces, such as items 
book on this sculptor dealt with from the Borghese service, also 
his role during the Revolutionary by Biennais. which is believed to 



The Biennais travelling service in silver gilt, thuya wood and cut glass 


have been given by Napoleon to 
his sister Pauline and her 
second husband Prince Camillo 
Borghese after their marriage in 
1803. 

Later in date are pieces from 
tbe Demidoff service which was 
ordered from Odiot by Count 
Nicholas Demidoff. who was 
living in Paris in 1817. The 
arms are said to be those of 
Madame de la Chapelle to whom 
tbe service was given by Demi- 
doff: one would imagine that she 
was tbe recipient of his affec- 
tions as well. It ought to be 
possible to find out if the arras 
are those of this particular lady 
and something abouT-her identity. 
Demidoff is also represented, as 
ft were, by another piece — a 
huge vase made out of malachite 
mined from his estates in 
Russia. This was mounted by 
Thomire and destined for the 
Palazzo Demidoff in Florence: 
details about this residence are 
found in. the Marchese Ginori's 
informative book on the palaces 
of Florence. 

Even a relatively modest 
exhibition such as the present 
one suggests the ' richness of 
Napeolonic decoration. Josephine 
was an eager and extravagant 
patron and years later Napoleon 
would sb udder wben recalling the 
bills for the decoration of their 
first home in the rue Chanter eine. 
Josephine was also behind the 
decoration of the Palais Beau- 
harnais (now the German 
Embassy) in Paris, the cost of 
which was exceedingly high. 
Eugene received a monumental 
ticking off from Napoleon for 
embarking on the work without 
receiving a proper estimate. 

One captivating item is the 
scrapbook of sketches in pencil 
and pen and ink by Charles 
Percier which contains drawings 
for every type of furniture and 
architecture. Tbe sheet exhibited 
includes a sketch of a victory 
candelabrum believed to have 
been designed in about 1801-04 
for Josephine’s bedroom at Saint- 
Cloud. 

Josephine was famous for her 
Tove of clothes. How appropriate 
that the show includes an 
exquisite belt which has a brooch 
set with an antique cameo. As is 
pointed out in tbe catalogue, the 
imperial bee and the five-pointed 
star indicate that it must have 
been made for the Empress. 

This warm-hearted and ador- 
able woman would surely have 
approved of this exhibition for 
it contains a number of court 
dresses. One of these was worn 
by Mrs. Peter R. Livingston, 
sister of Robert Livington. the 
American Minister in Paris. Tbe 
group of robes also acts as a 
reminder that an appealing side 
of Paris was the lure of fashion! 


weird wild girl who lives in the 

mountain peaks by the Ice 
Church and is tormented by an 
imaginary hawk. Michael Meyer 
suggests that “ the Ice Church 
stands for the false citadel that 
each of us builds in his own 
imagination as a refuge from his 
particular hawk." Gerd, having 
got hold of a rifle and a silver 
bullet shoots at tbe bawk and 
brings the ice down on Brand, 
killed appropriately by coldness. 
Gerd is played with an appro- 
priately elfin quality by Tamara 
Hinchco, whom I wouldn't trust 
in my company with a rifle yet. 

Elgar oratorios 
at Haddo House 

Leading British soloists have 
been engaged for performances 
of Elgar’s oratorios The Apostles 
and The Kingdom at Haddo 
House, Aberdeen. 

British Petroleum is sponsor- 
ing - the performances by the 
Haddo House Chora] and 
Operatic Society on May 13 and 
14. 

The soloists wa'Ll be Margaret 
Marshal] (soprano), Helen 
AAtfieLd (contralto), Neil Jenkins 
(tenor), and Brian Rayner Cook. 
David Wilson - Johnson and 
Stephen Roberts (bass). 

The two oratorios are seldom 
heard consecutively as the com- 
poser intended, but were given 
in this form at Haddo House 
three years ago- 

Both performances will be con- 
ducted by June Gordon and there 
will be a professional orchestra 
drawn from throughout Britain. 


The valuable Philips series of 
early Verdi operas brings I due 
Foscari in time for the produc- 
tion of the work on May 4 by 
tbe English National Opera. 
There is a bargain offer (limited 
availability!) of four seats at the 
London Coliseum plus a set of 
the records— for details apply to 
the theatre. The recording is so 
good that extra inducement is 
hardly necessary, yet the 'more 
people who can he persuaded to 
share the double experience of 
hearing an unusual opera in 
Italian on records and in English 
in the theatre the better. Every 
means of ensuring good 
audiences for the less hackneyed 
part of the repertory deserves to 
be tried. 

J due Foscari, Verdi’s sixth 
opera, followed Errumi, to which, 
as Julian Budden -points out, it 
stands in more or Jess the same 
relationship as La tmviata to 11 
trovatore, an intimate work after 
a story of violent action. Foscari 
is a chamber piece, set in 
15th century Venice, inside and 
□ear the ducal palace. The 
source was Byron's verse drama 
The Ttoo Foscari. Typically, it 
was the central situation that 
fired Verdi’s Imagination— the 
plight of a father (the Doge. 
Francesco Foscari) compelled by 
the laws of the republic to up- 
hold sentence of banishment for 
treachery on his son Jacopo. 
When it transpires that Jacopo, 
as be bas maintained all along, is 
innocent, it is too late. He has 
died of grief on his way to exile. 
The Doge’s enemies then compel 
him to abdicate, and he dies 
broken-hearted in his turn. 

Though it is indeed based on 
a striking idea, Verdi found 
Byron’s dramatic framework too 
limited for operatic purposes. His 
librettist Piave was set to fill 
it out, though neither he (nor 
Verdi, who seems himself to 
have made most of the sugges- 
tions) could do much more than 
inject a succession of announce- 
ments of ever worse news for the 
poor Doge, whose sufferings at 
times recall those of Job. Yet 
the music for the most part is 
so gripping and so concise, the 
short sections so cunningly 
drawn together, that the gramo- 


phone listener will hardly, bo tier Philharmonic's spatial posslbili- 
about dramatic shortcomings, ties — so much so that might 
while memories of a University suppose Ferrando to be telling 
College London production many his tale in an underground 
years ago suggest that the spell bunker and the tronbador singing 
p an be equally strong . in- the his serenade on the shores of the 
theatre. Baltic. When they stop pushing 

The performance under Lam- effects to the limits, the sound is 
berto Gardell i, with the ORF very good. 

Symphony Orchestra and Chorus Qnce again, it Is a treat to 
and a star cast. Is so alert and have Verdi's accompaniment 
stylish, so transparently clear figures played by tbe Berlin 
and precisely pointed that even philharmonic (listen to the 
doubtful moments in the score fabulous evenness of the clarinet 
(like the quartet-finale to the arpeggios in Luna's aria). And 
first scene of act 2, set in the once aga hi Karajan slightly but 
waltz rhythm Verdi was to use irritatingly overdoes it— in the 
more appropriately for “La first scene and later in the 
donna 6 mobile ") slip. by. The cogent he makes the orchestra 
almost indispensable, practically piay with extreme lightness but 
ubiquitous eappuceillr sings the ^ raa k w the chorus lighter 
Doge, giving at least up to his still, as though they were accora- 
ftnal scene a restrained per- p on ying the instruments. In 
form an ce far more appealing W tis the brass come right out, 
than the slightly routined not w jtfi the endearing brasbness 
reliability of his grander assump- suitable to this music but with a 
tlons. The voice hardly suggests parade-ground blare that as not 
the Doge’s great age, but that, in pi eas jng. Time and again details 
a recording of a role relying so <^11 jj,,* ear f i^ke the skittering 
much on a well-sustained line, is downward violin scale near the 
possibly too much to expect. opening of act 3). but ths is not 
Jacopo, the unfortunate son, a score where orchestra! detail 
is admirably taken by Jose counts for much. The physical im- 
Carreras, youthful but also as pact of Karajan's rhythm is hardly 
resolute as a character can be enough to keep the ensemble 
who has so little opportunity to fij m . 

Katia Ricci arelii is LucrezJa. s „ t 18 

Jacopo’s unavailing]? determined * or the most P ar j magnificent- 
wife, who storms Into the mascu- ?!»«? !SX 

line preserve oF the Council of Amor. suU 311 r «°i ee WIt J“ dl 
Ten bringing her young children, voluptuous confidence. Where 

Miss Ricciarelli Is now a very " m an i? Irf^rhe 

fine lyric soprano, with a quality ®. P®»® crederio and in the 
of such sympathetic, lambent Miserere, she is humpy, hut the 

radiance that one may forgive “ e t s “?' 

occasional untidiness of outline. BonisoUi is not the most golden 
The grand-voiced American bass, °. r “Flidi of tenors, yet his forth- 
Samnel Ramey, does what can nght Uannco is not only 
be done to make the role of credible but likeable— except 
the Fos carts’ implacable enemy y.ken he lets us have six bars of 
Loredano effective on disc— this k’sk C. A few sotto voce phrases 
villain needs to be seen biding aP ar L Luna is not a role to 
his time. This is a first class tei ?Pt Cappuccilli to the kind of 
recording, with excellent balance singing in which he is (as 
between the voices and the * d “ e 50 co °‘ 

deiirate. often chamber-musical vincing. II balen has gran- 
scoring. The opera packs easily c ^ ut 18 

on to four sides, and is difficult hard and the line not silken, 
to resist playing through at a Obraztsova, as we know, has 
sin el e hearing. the voice and temperament of a 

The Karajan Trovatore from major performer, yet her 
EMI is the performance I heard Azucena, tense and forceful, 
at the 1977 Salzburg Easter seems to have been recorded 
Festival, but recorded in the -when the voice (so full and free 
Berlin Philharmonic, with Obraz- in early days) was tired: the 
tsova as Azucena in place of tone is too often narrow and 
Co5sotto and Raimondi as pinched. Nobody wants Azu- 
Ferrando in place of van Dam. cena to make a “ nice ” sound. 
Evidently Karajan's interpreta- but Stignani. to take one cele- 
tion, so painstakingly thought brated example, could convey 
out, has “set" — everything everything in the music without 
comes back, including things the deforming her splendid natural 
recording can’t give, like Luna's tone-colour, by means of the 
great, flapping standard in the slightest variations of pace and 
camp scene and the enormous, verbal emphasis. In both record- 
multiple-red curtain that formed ings Verdi’s structures are 
the backcloth for “Di quella respected, with second verses of 
pira.” Full use is made of the cabaiettas and strettas intact 



Triple Bill 


ie programme with which 
Well’s resident company 
led its spring season a week 
was repeated on Tuesday, 
1 cast changes that did much, 
nrich the evening. It was a 
ter of ballerinas coming to 
rescue:: Lynn Seymour in 
hides, Galina- Sams ova in 
monos, and - Marion Tait in 
lique Fantasque, each impel- 
her ballet in the general 
ctiou of truth, life, and 
e semblance of art. 

'ym out's view of Les 
hides is slightly odd in 
ter of choreography, but 
rely right in the romantic 
Is implicit in her dancing, 
imy, drifting arras, a sense 
he movement caught on the 
l in the grteade raise; a 
eaess of phrasing and state- 
it, all help to live the ballet 
idiosyncratic but authentic 
jose which is lacking in most 


of the other performances, duti- 
ful though they are. 

Yet with softer lighting, 
prettier head-dresses, and Iks 
prim manner, the other sylphs 
might match her persuasive way 
with this most difficult of ballets. 

In Las Rermanas Galina Sam- 
sova presents the Eldest Sister 
as a woman of innate gentleness, 
and this quality made the 
character far more pathetic than 
has been usual in performances 
of late. Samsova, sensitive in all 
things, was excellent in this 
debut appearance— and will be 
better still when more familiar 
with the links and pauses in the 
choreography. Alain Du ^ reu f{ 
as the Man caught all the sexual 
urgency of a role which is con- 
ceived entirely in terms of 
animal gratification: Lois btriKe 
was shrill, tense as the jealous 
sisten-a difficult part whose 
nuances she exactly shows. 

CLEMENT crisp 


Festival Hall 


Brahms by DOMINIC GILL 


The soloist in the B flat piano 
concerto In Tuesday’s Brahms 
concert, given by the London 
Philharmonic Orchestra under 
Daniel Barenboim, was the 
French pianist Jean -Bernard 
Pommier. It was an intelligent, 
cogent reading, sensible and wdl- 
sqhooled— yet oddly phlegmatic, 
imperturbable in the squareness 
of its phrasing, and almost en- 
tirely without fierceness. No 
sparks flew; the tone., at major 
climaxes, lacked weight, and the 
timbres subtle cotouring. Best 
were the melting moments of the 
andante (though without, as it 
were, a unison of violas and 
oboes In the piano colour); and 
the finale, for which Pommier 
caught Jtist the right balance of 
force and grace. 

The evening's second half was 
more distinguished, and a great 
deal more exciting: a strong- 
boned, finely nuanced account of 
Brahms’s First, grandly proposed 


from the opening, bars and 
splendidly sustained. The broad 
sweep of the direction left some 
details, especially in the first 
movement unfocused. ' under- 
dramatised; but the grip was 
keenly . Impressive, and ' the 
impetus unstoppable. 

In its fashion, a memorable 
performance. And notably for 
the andante, and its careful vocal 
shaping— the flight of a single 
song; for tbe generous, expan- 
sive phrasing (and an excep- 
tionally pretty violin solo from 
the LPO’s leader, David Nolan); 
above all for the clarity of in- 
strumental detail— at a tempo 
fast but flowing, never brusque. 
There were currents under, the 
surface of the allegretto grazioso 
from the start, dark eddies 
swelled to a grand central 
climax.' And a finale blown by 
a quick, firm wind: immense 
gathering of clouds, and erup- 
tion of brass, vibrant with life. 


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aim to give him all the hdp 
heneeds 


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Do you want a manager who knows your business and 
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A manager who will take a personal imerestin supervising the 
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If this is the sort of man you're looking for, iti time you 
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Coitits may not he die first hank you would think of 
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SWlY^HjLlfllcjpboDe: 01-836 7701. 


) 



Eaanciai; »» jCfeoiBsy 


FINANCIAL TIMES 


‘The corporation now has only one effective 
remit: to get out of the red’ 


BRACKEN HOUSE, CANNON STREET, LONDON W W 
Telegram*: Flzzantlmo, London PS4. Telex: 8MM1/2, «38« 
Telephone: 01-Z48 800® 


Thursday April 27 1978 



Growth and 


for the NFC 



inflation 


By IAN HARGREAVES, Transport Correspondent 


Ten* r«* 


T HE NATIONAL Freight per cent of the nation’s lorries) disengaged from much long* gjj xtanld Pettit, NFC’s ch ai rman stone 197L ®ti9vtew is flnt NFC will erodnally 

had fewer than five vehicles distance trunking m its British . “ ..*!«**«• ; •• 

Corporation, once regarted ^ ^ ^ advan . R 0a d Services grow, and that ... .... ^ 

** •Aq mAilAl mr a THimlC . • , • . ».Mam| r«ivlar» • ovniiAhi Trr • •• ' _ * ' * ^ ai .Mnnmv MW . Jnftft WifeDB 0* SOW 


- +VlQ T - e (iinnd on the economic horizon. I each. That there are no advan- Road services grow, ana xnai 

,S°M^wUdi mile adStting that monetary - 1 as fte model tor a piMhc ^ is almost a nurnim National Carriers '.expects to -7 ■ 

i? rata?’ Si conditions had becomesome- sector company m a mm * j*°- tte 40,000 0 r 30 com- keep its 3 ob« j mmep ai -sob- Jg*-, 

Still leaves it rather “25 T“ tighter recently he nomy, remains on probation. ie ^ business. contractor to Rail Parcels. Also, » a! J 1 ® c 

than the average monmiyd^cit Sw oiSy after ■ suffering ■ heavy ta P> K5 0 f NFC’s problem has because « MM* Carri^. £«."»* 

for last year, must come as a empnaaseo . ejds . In ^ of improved been ^ i ack of dear thinking origins, NFC remains m Jbe Wo years. 


than the average monthly d^a what ra— j. jj — f ^ Ws ^ ^ NtoTm has = of National; Carri^.^ 

for last year, mug come a^a ™ ' existing since- 1974. In spite of improved been the lack of dear thinking origins, NFC remains i m _the Woyrars. fortnne a priyatesectors:- whether or-not-yar. NatmnaTOOTtos^ed 

considerable rel^f to “ Adelines for growth of the trading results published yester- by the Government about its curious position that about half Snug ^ payments on profitably for «S» 

fhat fS monetary 5 : swplyfvriiich had not <fi*a?d the financial reconstruct purpose. Created by the 1908 its 40,000 employees belong capital debt constitute a greater . 

£2J5 well above the pro ESTXSl id that there £ now btfore Parliament, Transport Act as a. convenient railway trade unions. ^gS Jnd i road haulage burden than the 

^^•r^rdthein^ase was was as yet no shortage of credit NFC betieves it is facing. two portmanteau for ex-Transport ^he fact remains, however, S >articnlk. The industrial system of payments*) a. £24 hl ftces on a £24m. turn- 

InSe SSSia of falter growth, tough years. Holding Company assets NFC &at ^ Labour Government has SUSSfE** the Corporo holders in **J*E**££ ^ .... 

S? rttauSy ofS and was a firmer doUar and the absence i t says bluntly that .the was also invested at Mitt *jth retreatedfrom any notion tiurt ^ at appoint _of [JteianU 'aepgyate In •*J» 5 Jggg^5-\ 

ail* disturbing since of a pronounced squeeze on Government has not. been the vague ambition or Jhe NFG can or should transfer road expansion, in Britainand_mal»- thatvNFC’s valuation ofr^owntj-e^- ver y.^^j, p!r ^^;5;^ 

Sty ^fas held ^dit P ^S receiv^l weU by generous- enough in- writing Labour movementto wntrol the ^^5 to the 'railways, a -^pe, from which rt: was ^odeettire asset. base; At f?toL , . 

hLfb SSe the first quarter by investors. down its capLtal debt from “means of distribution and tracer which in general terms ^bie to withdraw sufficiently is absurdly low for n company j^pc, .others common,. 

£S\Slr^nd a codrtrike yS it is not clear that all n53in. to £1 QOul, in supplying with the fastaonable addenda Government statements quicWy t0 match cost . savings spending about £j5m_ a year on industry. .NFC, 

fartor at work in these things can be achieved up to £i5m. of interest-free to that ambition, that NFC as “a pipe- with the fall in revenue. . capital- goods. Furthermore, it youjaftyproWems andThB,t^-' ^ r ._ •' 

Febr^ Semf °o have been a JStaneSy. Mr. Miner was capital and providing relief should promot^ provide w dream.” Indeed the change in The European- venture,: which is saW.‘the reduced flnan^al regime imposedby tite ;% ■ 

imports of iron and quite dear about the need for the pensions and free secure the ownership erf Freightiiners, C ost NFC over £10m., foundered mention Treakuy ind Depa^tJ.:, : 

ste^ nroducts in anticipation Si e monetary authorities to use travel obligations Which the vl “ s . hl”rnad like re5t Government because the Corporation bought fflm:nqw^y^bleto^e_Govtti^ Tradspoiri; teas: .had- .j^.capfizai,'" ^ ^ r-. - 

designed to^keep lT<*X Stion^^wJdue^S requirement has for ^ ***£"*. of ifeWturnov^ S?S&f£ ^ 


S “te deiXat to=“^ for Se“^eShip «E ^i^ainan, 

steel products. In anticipation the monetary authorities touse travel obtigations toe Eritato by roS X 


activity. Exports, which feu growth of wages than 01 pro- package is not one <k - interests that it has not 

during February, recovered <juctivity. Yet at the same time compared with the funds rod . enough to counter a 12 


during reoruary, racuvenu ductivity. wbw bwi«» comparea wioiu^ done enough to counter a 12 

well in March and the size of he stressed the undesirability writedowns which have been cent fa]1 ^ tte TO lume of 


weu in Marcn ana me sl«5 wx he stresses xne uuuKmau-*w wme-uvwua ^*xxx.u ----- „ nt . fa n ; n the volume 01 * u > sc * uu 6 — *. t z,— — --- fpaHno-Ht anvwhere near is that 

the February deficit, though oE tightening credit renditions made if^W* .to others m^e gj flight since 1969. Now, the ^"tSTStS KSS?S'Sfi same of Roadline. I^FCs parc^* ; ., 

not the e^rtence o f a c subetan- t00 much or too tost, the pubtic sector. indudi^Bntish ^ proacf SS g its tenth birthday. Z* ^^^^^01 ^^atoalS^rtser-carrier,-are._^toe^ 


S3 importance oT Rail But there tiasbMnsome g~Sa S^Tto^whet wem g Jo* mg* 

be regarded as a statistical supporting monetary. In par* reluctance on the part of ^ it ^ t0 lose control of one wrong m W74. ’ when brfore it nme fll ” oSest p6s . ^nicaHy the loss oi : EfeigN .: 

fluke. ticular, he wanted the Adminij Government to go even^asfar ™ itg twQ ^.jinked companies, slumped from profit to a ^5-^; g^’ ers B JL. ^ shorn of lSuSmpai£nfS»twM NFC linerslws. brire^it.one adv^- ; v 

It was the February deficit tration to postpone its proposed as has done m rescuing N . j^gbtliners — a decision taken Joss— « Po^ 1 ”” . then, grants) doubling Its losses in ^Kt Trmisport Development to NFC Tto tte . 

which caused President Carter, tax cut until the beginning of This is partly the result of mainJy t0 plcase the rail unions, proved only a little since then, grants) aououng SeSSng company for from the Ukely £4m.. : a 3gg.^-.. 


which caused President Carter, tax cut until the beginning of This is partly the result m 
on his return to the U.S., to next year and take active steps the corporations own ^ckss 

put greater emphasis than to encourage capital investment in its earlier years. Foun 

before on the need to check In January IMAit tegan vdth 

inflation and to renew pressure Investment toe y€ar * ^ ^ 

k-,- iBKMMfwt* followed by two years of 


on Congress 
Energy Bill 


to accept his 
This, coupled 


NFC’S PERFORMANCE AND INVESTMENT 


President Carter admitted at I ecruallY modest profits; not 

„ m 4ia c«im» I T* • - - -r •.‘..a’ 


JjIIcIkY DHL liua. LUUMIUU _ .1 _ I T,T f , - - - - - _ 

with a variety of measure*-the a Press conference on “Jldrimafic perhaps, .but sound 


with a vanerv oz measures— me * * — — . ai<uuau\. — ... . 

latest of which is the symbolic day that he had enough for proponents of Jhe Mrt profit/(>oss) 

- - _ _ . U. l nJmiyipa uramiTlC of the rise in _J amruvnv >n H a,m "that t*™-/ - 


latest oz which is u«? sjuimuhu -“j — — . — . . - . =_ r — — • — - ^ ix m \ 

decision to make regular sales advance warning of the rire in economy to claim tiiat ^ an \L - — 

of gold— has helped greatly to interest rates— the Federal bere at was a public sector Captttl spending 

steady the dollar exchange rate. Reserve is, after aU, mdepe& company with otriy 5 per cent (tnu) 

an achievement which has dent of the Administration-and ^ iti mai fcet competing effec- Turnover 

helped in turn to produce a stood by his existing tax pro- j^iy and on equal terms with (tnrj 

major rally on Wall Street posals. Yet he said at the same pr i va te enterprise. • Vehide miles 

time that he wanted to keep when a Commons Select per employee 
n .. « m Interest rates as tow. as possible coamnittee reviewed the NFC’s 

Better outlook ^ that his fiscal proposals first four years, in 1973, it spoke 


since them grants) doubling Its losses in . Transport : Deveiopmem » » 

nd investment y 

1972 1973 l W 4_.m» ES&RSZ 

— ovqni^o £l 7 m_ last year. E its busmess in the lMt Jgffi.-;, 

(13) « - W wa -ja fe s^wSfeWS 

707 m 2.-291 ■■« 


, . , ♦I,- ♦pnlrfit weamer, . survive . • 

On the other band, thefrei«nt pn)sper perhaps then, the irffe - - 
uporation has achieved a ^oration, without Sir Danfe jifc- 


1 1471 corporation has 
■""T -.great deal since 


E has poratton. without Sir Dan 
J£.S who retires at the '.end of..1 


First there were a number 3574-75 and eenL . 


“ — — ■ r . _ «Q no, WttU xeuica bi iuc ■ 

reduced staff levels by ^ per ^ & allowed to 

eent and its. total' j*50A to Euprppe- 


V 22 per cent without ^..jogicai for a compos : 
like.a-ara^arJJled^ of its . saze-ond^Ven to hel^r-.- 

the volume^ g^ds = ta ^ bflffe-ketivitii,-.,, ... 

-diwoTm. rfirnaranon- . - • • 


:. i; tif 
t: -he 
.. the 
- ;n 

: tilt? 

..ii-jol 

as 

«i»i' 
■. b*.;. : i-;. 

s »!i ■•Sr- 

Hxir . 

r...:iic , a, 

:■ well 
C.~JT 

■'■.■Mpnil 


markedly better now than it to them) couin neip u> acai«v C ginning." , ™ carrying of NFC management Tbe uovernmem: anyunng of its »ze— an 

did a month ago. to the first this aim. It seems to be It ^ even felt thztthe cor- changes in Government pensions tive but to. call a halt crea^ in th^ volume^ stakes to some 

quarter of 1978, a weak dollar generally recognised that the portion could do without the ren^ti raisM fund ^^i ^ a severe effect where. - * 7 ^ ^ carried. „ to private shar 

and a rising rate of inflation U.S. economy may soon be ran- H7m. remaining from a questioim about toe veranaara ^““^Jetlon whose work- It wns ffliortiy .after wide indices ofproauctiy'tyy. ^ pnt^era! 

were accompanied by an actual mng into supply bottlenecks Government grant of f 60m. to of NFCasde n 1 ^ la ^ ie ^ force eam in g power were the Treasiiry put m difficult ^ these tines; to-1 

fall (the first for three years) and that, without an increase get the NFC’s most ailing mem- ot toe 19ffi - Act Tnte ; ^ declining rapidly hut which was ^7?™^ ? diyeXs l- m ? ^"^SSrentaL i 1 " 3111411 ® w® i 

in gross national product But to the rate of inflation or the her. National Carriers, back poration but saddled with the burden of and started the precesswtoch activities B^e J”** Treasury stoA 

thil^f^l was due to special ^e of the trade deficit, new ^0- the black after years of S£T5 S SSiStong genuine former em- has led to but . the vetocle mJ^ge. per ^ ; 

fsctnrs already mentioned, and eapitsltore^nentte needed on «« t^JSSSTS. rant of its trunk ptoyees end .large numb® _of fTto^tofi tS. 


•■•Uf.. 

,* Srjv. 


frNEff 


the Department of Commerce a larger scale. Whether this M British Rail’s Sundnes dm- tor 

. J, u. _s_Ux V. A — kA knMiahf ohmtt hfl ltflptv oinn tnOVPUjcUlS dllU LUC 


•. <T !i> 
:cs?*7> 

- a:.d 

wiped. 

. c.-nf?* '. 


rredirteT^t'Wtomight be is to be brought about_by keep- ^ . ' hS^NatiSnal ^eTgete worked for NFC because they in t^veriS ^ 

as fast as 6 per cent to tbe tog interest rates down or by So when things began to go busmess NanoMi ^ been employed in sectors in d^cit this year ana i^ployre are.said to haverrisen ^ would also be:,; 

second quarter This Tuesday, making the kind of fiscal pro- wrong the present Government, ]Sfl ExpretorS- since taken over by NFC British rv^ratiOT *? per C 2° t m premium rate related to anmr 

to evidence to the Senate Ban£ posals likely to attract business- heavily committed to the pnn- babon arm rfBaJ Rail was relieved of its pension ^nonwtot freQm theiasttwo yeara. profitability. . . 1 

tog Committee, the new chair- men, however, seems st ill to be ciple of no subsidies for freight edj Lj* decto g & £und deficiency problems to descxtoes Eq ^ aHy I° P Su ^ a mmte would certain 

Sn of the Federal Reserve a matter of dispute. Mr. William transport, had Kttie taste tor British ha5 made, 1974, but without the reconstinc- tam assets ^ bl ^ . . Porata“ - fit _ aaUjn0 ^ 

Board, Mr. Mfller, put the figure MUler may turn out to be less the role of benefactor to the J«ketw ^ NFC would ^ ^ paying to the future. Jftis.itadte f m thoroo^ a&ered company sfructomunerf j 

as hjh perhaps as 7 per cent different than expected from NFC. Indeed, there was an out- ^^DS'PeUit, NFC’s chair- over £10m. a year in 1279 for ^ ** in ^ strongest points, 'and with 1 

andmade it dear that he his predecessor. Dr. Arthur spoken lobby within the De- Sir ^Darnel t mddentaliy. historic pensions costs. ^ " gewral teaniage in the desir e J. regain ite image as 

regarded inflation as the main Burns. . partment of ^»npart St long est surviring chairman Much has also been made of ^ of aower ■“* modd thb jrabtic sector . 

^ kming off S tnvMtioilSed todustry. was NFC’s dwindling dowry of land, an X Biit fSba*. meantime, fl 

___ £• 1 * of the enterpnse and atiowing ofanynatio^^d to lose his which is still valued to the for eoexsesox punmit ot corporate* is watdung its ste 

rxil _ 1 M, i -l. n the rest to sink or swim. bitterly di ppo „ ^ books at £68jn., hut which the mainly those involving the en markets: .by a T&eBoaro is slowing down 

I IIP TO IP OT TOP . XMimcnU^. ^ eca "“_ 0 L. c wre^ n ^reSitltoers. But be Community Laud Act. combined hanrement (^penaon s^emes and able managerial rat^df new ' products comil 

lllv lvlv vl ployment conaderaticM,. a retai J^^ n t ^at, with- with the depression in constnxc- since 1 1969. _NFC ^ produced strong from toe compames and oq 

course was never feasible. But ™ jec company, NFC is notion, has rendered unsaleable the.diffference^to Jlto^^payj trading-PtoflA acceptsthose which do not maj 

# it does raise the question: what out ^ the company. road at ^ tat are regarded as reason- ments to the , Goverirment - p^. . q£ new cash demands. Only sm 

engineer SSS ’tp-ssihi nfc tzEzs* nUfssi ssrr* sb^^sssisrs 


in 1969 and gross r^eipis p« wou id be* payable eVery yei 
employee are, said to have xisen ^ there would also be: 


and made it dear that he his pi 
regarded infla tion as the main Burns. 


The role of the 


-O'- araue *VO UH° 5C re* 

wer Bisk modd fur the public sector. 

... But ‘ the meantime, fl 
pursuit of eorporatiw is watdung its stfe 
s; .by a TheiBoanf Is slowing down t| 
managerial rate- ^ hew products comii 


engineer 


ONE OF the more contentious 'Phis Been* to be something 0 f haulage companies (with 40 second biggest^ 
issues facing the Pmmstan com- of a ebadten and egg aigument, — — 

mittee in quiring into the engi- and tt as not dear to what ex- __ — m m m mm RSk ■ fl M ■?P I 


neertog profession is whether tent registration would help- 
there ought to be some kind of Almost certainly the answer ties 


statutory body to set standards much deeper, and involves atti- “■ ■ 

of qualification and rules of pro- trades m schools and unive rsities . • , • 

fessional conduct for engineers and also within industry itself. Tightening. 


MEN AND MAHERS 


as happens to other professions In their evidence, the produc- _ u 0 u Q 

such as doctors and lawyers, tion engineers say that the pro- NALVaU o uc,w 


go^l market from the invest- 
ment division of the Ulster 
Bank in Belfast “We could 
not understand what was 
wrong." says Legge-Bourke, 


Many engineers believe that a fessional needs of industry I dinner bill of £77 per head J" ong ' s ^ s ,~^Z_ xltatn , d 
wxmcfcrafTmn ■hihiM he* the foremost con-l" ainner u because no orders foil owed. 


system of statutory registration, should be the foremost con- ^ ^ any standards— not because^ no ora ers iouq 
coupled wish ticensing to cer- si deration and that otherques- of some members at 




IW uciuicu aicoo iisvuuv' — : , nr TlHi i^ajuuucu. ouu . ttx— 

ing public heallh and safety, the ..^raring nMn. GoTCrmne „t Officers' ^raia- the Ba%d« ^ 


should^ second place. The, ^Slt nine raV less, m.500 he was passing all theadsiceon 
. . emu that thp. Robbins com- fnr thp dinner to the six-lormers. That ns bow 


fessional's credabiJity in the argue that the Robbins com- ^ aUocated for tbe dinner to tee six^ormere. That as ibow 
oubLic’s minri especially over- mittee recommendation allow- ^ Nai g(> ' S national executive Ballydare won Uie Wiltouns and 

* V _ * — t * Iawaiw tn AlwinQO i u ai.!. f Ar 1 nfl ill vn'p Ctnnltlllpi* 111 


seas where such systems are tog school leavers to choose counc a held this month for 150 Glyn’s StockpUer coot«t, iu 
regarded as -normal practice. whatever university course they peop i e ; When the union’s con- which 1.700 British schools took 
ra “ ar0 ” a desired, irrespective of the f ereDCe j S held in June, four par t. The Bail yd are six are 


Divided 


desired, 

nation’s 


irrespective 

manpower 


1 uie lference is nern in juiic. 
needs, jjfggjQjmi branches, will 


ur par t. The BaUydare six 
be currently on a free trip 


coupled ^th the CErs new I demanding just why this was London and 


However toe profession is qualification reqmremente case. Nationwide to-night. Wall they 

shSriv diiSed over the which closed mos ^ °fj? ie ™. ate | Nalgo told me last night admit to the way they plugged 
auction of who should control b 7 whit * practically traced that the hill iududed travel and into the City’s expertise? 
the ?e“s^tion SSSi. Se eogtoeers could g*m bartered hoteI W biUSr and “it was not all For record. 400 of the 
Council of Engineering Institu- a binge -” ™ erabers schools taking part showed a 

tiora toratter with the h M ^erel,_raduced theflo»rf ^ „ a ?*«?»«“«■ profit on u, e ir six-month sprees; 


appear 


Nationwide to-night. Wall they 


tinne tnopthpr with the nas ~ Exeter ana aiaLxiti nmfit on tlieir sLx-n 

Mechanical° Engineers and qualified production engineers, questing " that the l^C invKti- thc FT } 

several other CEI member 103 ^ er cen 

institutions, have argued that Qualifications Members from London, how 

the CEI, which is already in New ways should be devised, ™ x ^^ tl instructed" 

process of setting up a com- ^ say, to allow .engineers to ^ papers. 

prehensive register. ■ is the ad vanee to higher qualifications 10 t how austeritv is the Sliced thin 
appropriate body. This has been ^ t0 pr07 id e for iMertifica- Sone'Nalso's ollceQ xn,n 

nnnnca<1 Kit Thri ElpTtriPal mnlAlti <1 praml iyril- Otuer Ot U* . _ i a: T O Crf UrAolr T iar*w 


1 ^ — — - Its head room was I nfinit y. 

BUS ‘ George Abraham, who is' 

STOP launching the Motoboard. here, 

- "** J . thinks it is of “tremendous 

If o interest” and hopes the police 

fAWHb ^ will turn a blind eye to it 

OR \0 It looks as if they will have. 

WNTjNG) to turn a deaf ear, too, The 

' fvv? "V md machine puts out. 85 deabels-— 

PROPfi&X fl!s& which Abraham says JS about the 

NO j Ms/iH noise of a - lawnmoww.- ' _ Toe 

BUSS vfj^S Department of Trpnspprt 

I EITHER mjj Hng thought it would need licensing 

v — — ' f wS9B & f Msf-Si if it is to be used.on the rp^d. 

With four wheels and - a mtor, 
they wondered. ‘ whether-- . .it 

s&WLmDM should be tteated afc- 

/5Z— IR iffT vehide, "There could be some 

Uft absurd anomalies,’’ they told 

tiilr / ^ — Hlf me pointing out that’ learner 

ji ffilLrJB | » drivers would need to be accom- 

m WfmJ j panied. But in Swansea the 

11 / -“ l " ■" Vehide Licensing Department 

— said that before being licensed 

Desmte the gloom hanging it would have to be 
Despite me that ; it would never 


mm 


AW 

FKOfmX 

NO 

BUSES 

BTHER 


If aEbtrilding projects were merely a qoestionof | 

coiistructicm, indiistrialists would bave very few ] 

JButth?y are not At Hunting Gate^ we appreda£e*‘ ' 
jt£is and our team of devdopment and building 
sped^ists indudes pfenning experts, architects,^ 


K « oJff-S.55. thTre -They said that : 


10.3 per cent, over the ° V pl earn of hope from the ten- meet construction and use regu- 

iod. “ e*va*a H . Utinnc 




A’n ° g «hout tiiTp^it of the I asked Scotland Yard about 
this column, he now whether Motol^r^couM^be 


opposed by the Electrical a on to areas of rapidly develop- _ membe ' rSi a resolution Last -week I was talking t0 Kj H difference is that 
Vndnitfrc tho FmrnPAnnP Em- g_*» 4 A ahyii\lAc nr The Roveni- 1 _ 9 _ I L.. «L n CnilldHc r-hoirmon Michael Vpr- ® .. .. _ _ *ti 


= to tovest in 20 of them, used on the pavement. “They 
w * uESL& is that if all would be illegal " I was quickly 


Engineers, the Engineering Em- ^ technology. The Govern- L ’ befin su | JTO itt ed by the Spillers chairman Michael Ver- ^ ^ ey will sell tradi- told. . It seems that the course 


aflworting under our own roofto ensure thatwe are 
prepared for eTOry eventuality ; 

We develop out; clients sires, bur own sites or sedc : 
out a specificate to meet a dienth requirements. \ 

We handle complete individual ‘design and build: : 
projecis fromirutial planning, tiirougfe financmg to 
construction.— and we complete on. target. - , 

Wepioneerediudustnal estate partnership 

sdiemeswitiilocalasidiorities. ■...* •..; 

In thepastyea^ these are just afeworBirtama 
foremost companies-who took advantage ofour - 


Personal 


ployers’ Federation, and now by ment should provide more Glonces t ers hire branch calling mn about the 35 bakery shops * . bread baked in ovens. So of true . innovation never runs 

the Institution of Production backing, for example by encour- £ ^ end of ^ free bar at j n the Matthe chain in East e lon g’ runi East Anf" ■- 1 * 

Engineers, the latest body to ag j ng more people to take up ^ con f ere nce. Anglia that fell victim to SpU- bave something more 

publish its evidence to the eM£ ineeriiig as a career and by lers > decision to “get out of ^ „„ IKtv than the ste 

Finniston committee. According prov iding more maths teachers ” bread” after massive losses. fMtor _ jo av es on which 

to the production engineers, the i0 schools; the universities , w . . Vernon told me then that he ex- . 

register should not be controlled should respond more quickly to All S IlOt gOlu ... pected more than half would 

by the State— as the EEF sug- changing needs by adding new L t th s k F stay open. When I checked yes- ■ ■— 

gested — but should be -main- ^ts and .dunging eyUa- ^ mvrmng at toe Stock Ex^ ^ ^ ^ doors 

tained by a self-governing body, buses; ^ keen ^.old investors finni sbut< Four have been r ^_| m J HeCISiOfl 

operating under statutory ^f_ S: -a P« b . e . somewhat quimcaUy ™ rt y by one of Spillers* BOarfl aeC SlOn 


in the Matthe chain in East ^ i on g’ runi East Angllans smooth. 


Anglia that fell victim to Spil- have something more tasty 

Jprv* rioricinn Tn “eet OUt Of . r ^, M,nn thi* steamed 


lers’ decision to “get out of crusty than the steamed 
bread” after massive losses. j actory joaves on which Spil- 


Vemon told me then that he ex- , £2Sm. 

pected more than half would ters lost 


Proof at last 


Leonardo da Vine! was scornful 
of tiiose who sought the secret 
of perpetual motion; “Go take 
the place that is youris to- 


•sss-.'sz.^sg. “ »s rss»" ssc ss vs ™ “r-'tss- s sss.*s? ss 

aesr— — — = s£ 6.VS5 rsnsrsr.ts st^sszszxi ssas.srffi-s sfflas 

21MSTS 5SST3 ffSSSS" 


XXL rf raflistraaon u tS&’S&SSSZ'Z 

related to the much wider ques- in general too polite. By J™ . of Gneve^nOrarat. toa vation^ Accorfiro to fo e queues Le Rond Point to Paris wtil have 

tier, of tt, role and sratn, .of comparison, the production Te £S*b W to board .a working rocpnstru«ion of thin 


uiuu «x uih nwe ana status oa comparison, uie proaucuon *■ — ^ ‘ r d.ttd ctanrls civinff way to ooaiu .a worsiug rocwuauuKuuu «* uua 

professional engineers to in- engineers are more forthright on a £20,°00 mv^w^^ Jff Matthe‘ chS n^^t ’has proved racks. The machine itself, the as its centrepiece. It willhe 20 
dustiy. There are constant com- both about the structure of the half-year up to =, , t '^_ e en0Ufi h Motorboard. has long been feet high and include the last 

plaints from industry about their own profession and about But sadly. for ail ^-possible to mso enou^ aw deta n of all the mechanical 


tuiiusu^ awu> ineir uwd ucvivabiuu vuu auuui — * . — — . -j than turn znomine rouna xne u.a. uevaxi vx ««* 

shortages of experienced engi- the role played by the education .f^-Sf^avepraredto i^ses^ He i? now nnming a shop It’s L2hp motor gives speeds niceties of Leo^tdo’s wim. 
neers m particidar areas and of system. But, while the issues ? e anve ®2 1 ! ivt ?^^roni to FelSstowJ "ItTvery dis- of over 20 mpb and the U.S. But Leonardo, was of course 
a general insufficiency of engiu- before the committee are un- be a team of sasH^f ( H ». "x. «« "Some magazine, Road and Track, has correct in his scorn. The new 

ArS*° wa zrsxxFsn “r- e tyrssa* s moiel 15 : t0 ™ on 

r^MLTSSrS S' r P ^ng“ t^ e SSft g ^ng'V^r^ " items ^ i,s - - ■ Observer 

esteem and pay. industrial performance. a barrage of questions about tbe stron 0 that they reiuse . 


acceleration and observed that 











.a- ’ 


■ 3&es Thursday April . 27 1978 

R|i’ - FENANCIAL TIMES SURVF. 

• Thursday April 27 1978 






"• £ .?■&: '• 
■ >S'i 




-. • - 


r: . l~ 


Small companies in Britain, which traditionally find the necessary capital funding 
hard to come by, are being called upon to sustain economic recovery. Their needs 
have been recognised, and the number of channels open to them is on the increase. 




v -j<>.;fpR SOME mouths, small com- deuce and, ■performance of 
sanies have been at Uie.cen.tre Britain’s one million small 
tbe Political arena with both businesses. It is estimated that 
< Government and other these concerns account for 

^aohtical parties and pressure about a quarter of the country’s 
~ .<^pouips turning to them to help workforce-^ 6m. people — and 
■:^,^ Mtain recover from its they are' therefore regarded as 
V ’ ^fcozromic and unemployment crucial to any significant reduc- 
. v ^ 'i'ftrtdems. As a result the s m a ll Uoa in the current high level 
.--.^^Josmessman, often in the past of unemployment Broadly, Mr. 
■~V '-tfciticised for selfish buccaneer* Lover sees his brief as extend- 
| is finding his entre- mg downwards from manufac- 

saenenmal '■ and inn ovative turing companies employing 
• ^^Bents encouraged. And a 200-300 people to the -one-man 
'Trades of studies, policy sugges- shopkeeper and the self- 
■ l "‘cj ldns, - and Ministerial . pro- employed plumber. 

"<35 rptmcements .are being produced Perhaps most important of 

.< ,:>try to solve his problems. all, Mr. Lever’s appointment has 
iFHcw . long this political meant *** Government is 
•- rajpsnr- Win last, and how ^ - re saxtog «naU fims in a 
1 ^wcessfol it will be in real Positive Ught This shotrid mean 
^inns, remains to be seen. Any policies of recent years 
; Xf-Jeraj it to reintroduce a confi- have unwittingly under- 

- S' ,%A and successful base of ■“* ■ **? “^enee and 


Bob Cryer, the junior Minister 
at the Department of liulustry 
with special responsibility for 
the 70,000 «maii businesses in 
Britain’s manufacturing indus- 
try, he has found that there is 
a lot of disagreement about what 
the problems really are. 

The two issues which pro- 
bably most unite all those con- 
cerned axe a distaste both for 
current levels of income-tax 
and for the amont of Govern- 
ment literature which has to be 


is also working with the Central 
Statistical Office towards similar 
time-saving moves on other 
Government forms. If this work 
leads to further cuts in admini- 
strative burdens faced by the 
small businessman, many shop- 
keepers and small factory 
owners will say that the Lever 
exercise has been worthwhile — 
even if more headline-catching 
ideas on taxation and the availa- 
bility of finance produce little 
more that is new. 


prosperity of small firms do so 
for the political reason that they 
disapprove of accumulated and 
inherited wealth and power, and 
so would not want the social 
and financial legislation of 
recent years overturned. They 
do not see why an enterpreneur 
cannot- thrive within an 
institutional-oriented egalitarian 
society. A slightly less com- 
mitted but ultimately simil ar 
view is that it would be unreal- 
istic to expect the developments 


and businessman in his own 
right and the son of a Man- 
chester trader who himself built 
up a sizeable business from 
small beginnings, straddles 
these views. But he places a 
basic initial emphasis on the 
individual investor. Be sees a 
major role for the “Aunt Maud 
or Uncle George or the local 
garage proprietor with cash to 
spare,” and for the "rich uncle 
in Cheltenham with nephews 
needing help.” He wants small 


confidence 


In the limelight 


- "fctU finms in Britain at the Potential of small businesses are 
tte-Wte faces the 'SSLSEZ 


" :Vpem that -it is trying to 
■ < iifelm back the pages of history. *5* 

- : -4 f particular it runs up against * ati . on and taxation should be 
• - V orimarv miestion of the de5J R n e d with the problem of 
Wsi’jEtiTC merits rt lie indiridaal 

' -j arepreneur and wealth as man in mand._and the Govern- 


By John Elliott, Industrial Editor 


■ Sd wealfc as man in imud._and the Govern- 
to institutional and 1 should give more positive 
intervention in bust- financiai and -other 

ps. Such an issue is prob Mns ” 
ihe problems of find- Aftltllflp 
eior small companies, 111 
t is handled may well the same time, Mr. Lever 
i the long-term success 15 trying to undo some of the 
vise of. the present barm that the absence of such 
activity. . . a positive attitude has done m 

least the appointment the past, and he has set out 
tne ntime Minister last Sep- three main areas for ids work 
•v -^mber of Mr. Harold Lever to — 'the impact of taxation, the 
% the- Cabinet Minister respon- administrative burdens of cop- 
• : =Cnle for co-ordinating and ing with taxation and other 
-• V", lusting the Government’s statutory.. Government require- 


v,- :;ui firms policies has helped meats, and the availability of 
■'* stem the decline in confi- finance Bat, together with Mr. 


read and tile number of compli- 
cated forms which have to be 
completed, 

There was therefore little 
Hnihnsiasm among small busi- 
nessmen for the limited income- 
tax cuts contained in the Budget 
earlier this month, although a 
number of the other changes 
to VAT and other taxation 
measures which were announced 
then are seen as being of some 
use. 

In addition, it was announced 
along with the Budget measures 
(many of which were first 
announced in last October's 
economic ' package) that the 
amount of form filling for VAT 
is being halved and Mr. Lever 


But on many other issues 
there, is considerable disagree- 
ment about what small firms 
seed and this stems partly from 
a divergence of view over the 
rights and wrongs of individual 
as opposed to institutional 
wealth and entrepreneurship. 
This is partly a political and 
partly a practical problem and 
it goes to the heart of recent 
discussions about where small 
firms should go for the equity 
and loans they need to start and 
develop their businesses, and 
what sort of a say the providers 
of the cash, should have in the 
running of the business. 

Many people who prefer the 
institutional path to the 


of recent years to be turned 
back sufficiently to allow much 
accumulation of individual 
wealth, and that more reliance 
on institutions is inevitable. 

The contrary view starts with 
the condemning what is seen as 
the crippling impact of high 
income tax, the disincentive of 
other taxes on capital gains and 
capital transfers, and then 
broadly asserts that the type of 
innovator who to-day might be 
starting the “big name** 
success of tomorrow does not 
have the freedom and incentive 
to take risks when he is 
encumbered by institutional 
associates. 

Mr. Lever, a wealthy financier 


firms to have a *' magnetic 
attraction ” for cash from 
“ family and friends and people 
with local knowledge,” with 
banks and other institutions 
coming in later to help estab- 
lished businesses. 

This issue about the role of 
Institutions was set out by Ur. 
Gordon Richardson, Governor of 
the Bank of England, in a re- 
cent speech when he said “ If 
there is an equity gap, it is un- 
realistic to expect it to be filled 
by a simple return to the past 
The decline in the number of 
individuals with capital which 
they are prepared to invest in 
small businesses, and in the 
amount of the resources sue b 


individuals command,, does not 
seem to me wholly reversible. 
Some shift in the pattern of 
personal savings towards insti- 
tutions must be accepted, along 
with its corollary that institu- 
tions must be looked to as a 
source of some part of the funds 
which earlier were mainly pro- 
vided by individual investors 
directly.” He went on to point 
out that while an individual is 
prepared to take risks with his 
own money, institutions are 
more cautious about how they 
invest the, money that other 
people have entrusted to them. 

He thought that the institu- 
tions should devise “ new 
vehicles for malting their con- 
tribution to tiie financing of 
small business,” hut then 
warned; “This in turn implies 
some change of attitude by the 
proprietors of small business. 
They have to be willing to share 
more of their equity than their 
.instincts urge them to do.” 

In short, one could not ex- 
pect the indulgences of the 
Aunt Mauds and rich uncles in 
Cheltenham, who were pre- 
pared to provide cash without 
demanding either a slice of the 
equity or a say in the manage- 
ment to be acceptable to the 
harder beaded, investorcons- 
cious and bureaucratic institu- 
tions. 

A similarly blunt wanting 
about the implications for small 
businessmen of new-style finan- 
cial backers came recently in a 
little-noticed report from the 
European employers' federation. 
Union des Industries de la 
Comxnunaute Europeenne 


(UNICE), Prepared for UNII 
by a working party headed 
ail official from the Confede 
tion of British Industry 
London, the report was heav 
influenced by the views 
Italian industrialists a 
warned; “It is perfectly prnj 
that any provider- of risk capi 
should wish to watch closi 
over the uses to which ti 
capital is applied.” It conclud 
therefore that, if small- a 
medium-sized enterprises we 
to realise their potential i 
growth, “ there must 
creasingjy be willingness 
many owners of such enti 
prises to accept a measure 
involvement in the running 
their enterprises by oust 
providers of risk capital.” 


Concern 


While these arguments ab 
the ways of raising risk cap. 
and equity continue, there 
also concern about how to mi 
it easier for small firms wh 
cannot show a long success 
track record to raise Ioe 
especially from clearing bar 
The Roll Committee on Pina 
for Industry (the City's “Lii 
Neddy”) is studying this pr 
lem for the Government anc 
to report within a couple 
months on whether a Gove 
ment guarantee system for si 
loans would significantly 
crease the amount of li 
finance made availal 
Although this system 
operated successfully abro 
especially in the U.S. and 
Germany, there are mi 


CONTINUED ON PAGE VIII 


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20 


FINANCE FOR SMALLER COMPANIES II 


financial Tfoes 


■- -- -A- 









EXAMPLE OF CLOSE COMPANV APPORTTONMOfr 

cmPUTtinoti 


GIVEN THE choice, most of 
the people running small firms 
would doubtless prefer to see 
governments concentrating upon 
the task of creating and sus- 
taining an economic environ- 
ment in which businesses of all 
sizes could prosper rather than 
involving themselves in positive 
interventions favour small busi- 
nesses. 

Both at national and at local 
level, there is a dawning realisa- 
tion on the part of officialdom 
of the role that small firms can 
play in a thriving economy. The 
various measures that have been 
announced by Mr. Harold I^ver 
and other Ministers in the last 
year of so' are a useful start 
in creating an atmosphere of 
greater confidence. But they 
are only a start, particularly in 
the crucial area of taxation, and 
there is a long way to go before 
the years of neglect and dis- 
crimination will be made good. 

In the meantime, one cannot 
be surprised if interventionist- 
minded governments conceive it 
as part of the duty to provide 
special schemes of financial 
assistance for small companies. 
Nor should the proprietors of 
small companies miss the oppor- 
tunity of taking advantage of 
these offers if the terms are 
favourable. 

. The aid schemes currently 
available fall into three main 
groups: the schemes of assist- 
ance that are available to 
industry generally under the 
Government’s regional, industry 
and counter-unemployment poli- 
cies; the schemes specially 
designed for small and medium- 
sized companies; and the pro- 
vision of equity and loan 
finance through the aegis of the 
National Enterprise Board, the 
Scotish Development Agency 
and the Welsh Development 
Agency. 


Source 


In quantitative terms, by far 
the biggest source of Govern- 
ment finance for small com- 
panies at the present time are 
the general aid schemes con- 
tained in the first of these three 
categories. This remains true 
even though the qualifying 
limits set in many of them — 
either in terms of size of project 
or number of staff — are too high 
for many small companies to be 
eligible. 

The selective investment 
scheme which was introduced 
rather more than a year ago 
to encourage companies to bring 
forward projects which had ( 
been shelved or postponed has* 
a minimum threshold of 
£500,000, for example. The 
thresholds for the various 
industry schemes under s. 8 
of the 1972 Industry Act are 
by comparison much lower, and 


a number of smallish companies 
have received aid under these 
schemes But the limits are 
still high enough to debar a lot 
of small companies. 

These limits are justified on 
administrative grounds. Staff 
with the necessary dolls to 
appraise proposals are limited 
in number. Moreover, in the 
assisted areas projects of snail 
companies can qualify for selec- 
tive financial assistance under 
s. 7 of the 1972 Act. 

Zu the ease of other general 
aid schemes, on the other band, 
there are either no minimum 
qualifying Unfits or' the limits 
are sufficiently low for many 
small firms to qualify. Much of 
the money paid out under the 
temporary employment subsidy 
scheme has gone to smaller 
companies. This is an example 
of an aid scheme in which the 
minimum qualifying threshold 
was reduced after it had been 
introduced — as has also been 
the case with some of the s.8 
industry aid schemes. When 
the TES wasy first announced, 
the minimum redundancy was 
50 or more employees, but 
within fire months this was 
reduced to ten or more workers. 

The ‘mhitirwun qualifying 
limit for regional development 
grants is also relatively low. 
These grants are paid towards 
the cost of new manufacturing, 
mining or construction mach- 
inery and plant in the special 
development and. development 
areas and the cost of new build- 
ings and works In manufactur- 
ing, mining or construction in 
these areas and in the inter- 
mediate areas. The rates are 
22 per cent in special develop- 
ment areas and 20 per cent in 
the development and inter- 
mediate areas. To qualify an 
individual item of plant or 
machinery must cost at least 
£100 and a building or new 
work project at least £1,000. 

Other regional'- aids which 
cater in part ox in whole for 
firms of aH sizes include selec- 
tive financial aid in the form of 
loans, interest relief grants and 
removal grants under s.7 of the 
1972 Industry Act, service 
industry grants (which are 
available to offices and research 
and development establish- 
ments as well as services), and 
the various schemes run in 
Scotland by the Highlands and 
Islands Development Board and 
the Small Industries. Council 
for Rural Areas of Scotland, 
and in England and Wales by 
the Council for Small Industries 
In Rural Areas. 

The advance factory building 
programme also includes “ nur- 
sery units," or factories of the 
size small companies would be 
interested in. Recently, too, the 


Government has begun to act 
as agent for the European 
Investment Bank so -as to 
channel funds from this source, 
which generally take the form 
of loans of £500400 and up- 
wards, to companies whose 
needs are too small to qualify. 


Budget 1978 
<£> 


Subsidy 


To supplement these general 
schemes, the Government has 
introduced a number of others 
specifically catering for small 
companies. The biggest of these, 
in terms of the sums provided, is 
the small companies employ- 
ment subsidy. The life of this 
scheme has now been extended 
to March, 1979 and its scope 
widened to include manufactur- 
ing companies in any of the 
assisted areas or. the “ inner city 
partnership areas." The rate of 
subsidy for each worker taken 
on is £20 a week for an initial 
period of six months. 

Another scheme, whose Kfe 
has also been recently extended, 
is one offering grants of up to a 
maxi mum £5.000 towards the 
cost of feasibility studies of pos- 
sible collaborative projects 


Involving four or more small overhead cost of developing an director which NEB often T'~* r_ . 

companies (or trade associations export market, requests even when, it doesinot.-fW 1 ?. pro fljg 

and other bodies 'representing By • their ' nature, there intend, to take it' up initially; o Tax* 

them). Tbis scheme had aroused schemes rarely hit the head- or to consult with the NEB. and " ; 

only hunted interest— grants lines- .and so it is not surprising secure its approval- to the teron 

totefflng only £35,000 of the if many .firms remain unaware party's plana and objectives. 

£100,000 originally set aside had of their existence. The best .An alternative, which is now* c’; ; 
been taken up by lag* March contact for these and other the subject of an official study* 
when the scheme was due to Government aid -schemes are -by the little Neddy on Finance - 
end. the Small Finns Information for Industry* is the idea of . a! 

The small company counsel- Centres, whi ch the Department . Government-backed ' guarantee".^:;' 

Ting service, wiachthe Govern- of Industry runs in London .scheme for; loans- provided by. 


v Previous 
position (£) 


75,000-26^333 


2 


45,402 . _ . 
v UMKS : 

^g. • 



: •; : • • ? : 

■ - /!*'.■; 



2,009 ; 

. aw8 ; . 

• "wo - 

■ 1^467 


r. : 



.wjhui Lire UUTW1X- • % ““ * W WW ' • V V - 

ment introduced at the same »“d nine other centres around the clearing banks to snail cbniT fflcome--«f pw;^e*n. , 

time— April 1976— in the south country - More widely parties. There has been consider- - : Neappor tfrm- Decm ed awaja Bs 

west of England, has since been known, perhaps, is the possi- able debafe. about the merits of r iv.-w. ■' mart as relevant forotetmiroan 

extended to the northern and billt y of obtaining investment thisidea^-both inWhrtehall and.-'^O:/ income less _ wbjectto;; ^7 , 

north west regions and is to be funds 11-0111 ■ the National Enter- in the City: But it is a possibility -- - r ■ - . : - - than£l,000. ■ - business needs.; As 

•Sasnie rate assumed for both periods. . ■ r -.v jo _ > .- 


extended to ether parts of the P^se Board and Scottish and small businessmen dwwld keep 
country. Ifeis is a scheme for Agenci€8 > in mind, should the scheme ever 


making available to smaii com- ^ equivalent bodies in Scot, get off. the ground. 


. . , . . land and Wales. 

pames financial and managerial . lyrt^R »e Tpnnimi tn ^ ■ ~ r* — “ muahiu n on zoa.uw, are oeut& «“ e*v« ... 

concentrates iioon manufacmr- ,w« i t.-,— respectively for the year to 


2^5SttR!5S-tf».ai 


business experience 
retired executives)^ 

More recently, the Govern- 
ment has financed a scheme 
whereby smaU companies can 
caH in consultants to study the 
scope for using computer aids in 
production management An 
older scheme is the “export 
market entry scheme " offering 
repayable loans for half the 


cha^geaW&'' 

transfers of. wealth whc&&- 
these are' made during an im 
dividual’s lifetime' or on his 
death. In other words it is a 

those it has looked at as a a^Lstance" thexe l^^no^Ison whlA'te increased substantially! 121X 011 lifetime gifts 


f us ually ^ — . *"■'**— »v ana legislation, ana & real: 

(.usually concentrates upon manufactur- change of heart by- bureaucrats -a 

ing industry and it is highly j a both Whitehall and town balL' *** 1878 and Iater ‘ 
selective in the companies it But if the Government — and The- second charge concerns „_ nn 
supports— it has invested in some local authorities— are will- the. exemption limit for appor- JJ""™ 

of ing to provide direct financial tionment of trading 


only about one in twelve 


.on assets passing. on death* 


■ - -■*. 


The need to be aware 


potential investment Not every wh y small’ companies should nOt-ThaS* so-called - "shortfall 

proprietor of a email company at least consider ‘ these • gift roles, -exist to prevent ^ linLivrtfinrio 

may be keen on the idea of horses. • ■ httfndual escaping higier rates KCldXdllOIb 

giving the NEB an equity hold- : ciahcoine tax by buHding up ■ 

and and the right to appoint a Colin Jones mow within a business.' was^'dSghS^-^?*^ 

-..:‘ it works like this. H the rele- a stogYe^raS^W 
vtart income of a firauly company year-. there have been am 
' ftnva particular period exceeds One dr 

■ actual distribations, the. excess concerned; bhstnnii ' 

T m«y be apportions among-the wb&re transfers - pnild' ^ 
ptembers of the company, unless xeduce d by 30 per ceni ^4lK^ 


j value for CTT- - Wa: 

sttisfaction of - the Inland heen increased to 50 ^ 


of taxation 


. 4 cent, whfie a new relief: 

bS retained to meet the needs per cent has been 
of - the business. This was not 
always easy, and the burden was 


■ on the company to put up a good 

case - ■’ relief) in unquoted- compahiis- 



DURING MY EARLY days as 
an articled clerk in a chartered 
accountant’s office a man and 
wife came in in great distress. 
They bad their own business 
and had just received a demand 
from the Inland Revenue for 
thousands of pounds of capital 
gains tax - This arose because 
these people had decided to 
bring their son into the 
business, giving him a part 
share in the hope that he would 
feel fully Involved. They had 
done this without any advice 
and suddenly found themselves 
with a tax bill they could not 
meet 

I quote this sad story simply 
to emphasise how important it 
is for the small businessman to 
take professional advice on all 
aspects of his business affairs. 
Whether he he starting up for 
the first time, expanding, bring- 
ing in new partners or simply 
deciding how much to pay him- 


• The apportionment rules jp addition, the general ledel 
^applied where a -trading com- at which CTT starts has been 
/pany had trading or estate in- raised from £15,000 to £251100, 
: ;cqme of more than £5,000 after the previous figure having i» 
corporation tax for a year, mained unchanged since the tax 

Where this income was between vas grst introduced in 1974 


self there is ho substitute for money in fheir companies and tax holiday here. „ _ nr _ t — 

the advice of an accountant At to pass on their businesses Under existing law an indivi- a ad £15,000 it vras abated Each band in the 'scale ..ii 

every turn there are important within the family, it has done dual or member of a partner- -y ^0 per cent of the diff e r ence similarly raised by £10,006 . 

tax angles to be considered, nothing so far to relieve the tax ship can claim relief for a ? trad-/™ :wee i 1 i 0 * 001 ® ana£l5,000. Contrary to what Was stated .. 

Indeed taxation must still be burden on the small entre- iufi loss either against a f e ^ c . b £ > ? I{ ^f ased October the ^Finance BIB dOTLJi- _ . 

the greatest single preoccupa- preneur who wants to pay him- income of Che year of the. l^wS?fi*f f 25,000 £TO,000 yespee- hot put any limit on t^e amoua 

tion of most small businessmen, se if more or lake his money or the following year, ar agaihrtr^ lively, net of . corporation tax. 0 f business trimfMs qualiftoj|- 

despite aU the relaxations pro- out 0 f the business on retire- f«bire profits of the- trade: 

moted by Mr. Harold Lever. It ment Under the new proposal? h^ P^ od cnding artei; 26 October Galnsl - Tax: 

may seem odd that a man can- tn K -,- ' u wiU ' 88 ^ alternative, pe able ia77 - - v ..; ^ budget contained four 

not even run a sweet shop with- J""*****™ ® J“®rL to carry - back a /trading -* 1 ; Ik* addition, apportionment relaxations. Thezeis to bffy 

out being better off taking the pesses-announceu in toe midget, loss sostained ^ the firrt tax'will take account of loans taken new relief from capital gab 

advice of an accountant about 1 hautohg ® wea advance in w hich he trades, or out for the purchase, of the - ^ whea a loah used by "d 
his tax affairs. But that is the noti f« jart October, may Be sum- ,jf the next three years, and business, so-called “first busi- ^borrower for trading put ' ' 

mansed as follows: set it against income ofthe 'process loans.” - Tins, measure is has been irrecdverabte,- 

Income Tax: there will be a vious years, ineluding his earn- described as “ particulariy help- guta^ paid by a guarantor ^ 

new relief .allowing the pro- togs from employment . The fuT” by chartered accountants, such a loan will qualify 

****“?, *, Ptietor of a new unincor- relief will apply to losses Bearden and .Co., while the similar- way. , 
smaiI company sector - But wbat porated business to carry sustained jk thetax year 197B whole corporation tax package _ «... 


reality, 

The Lever manures have 
done a great deal to relieve the 


other areas need to be reformed 
if small firms are to be really 
encouraged? Without any hesita- 
tion, accountants point to the 
higjh level of personal taxation 
—a problem which is not unique 
to small businessmen. While the 
Government is making it easier 


back trading- losses of the 1979, and later. 


now means that apportionment 


uavn. uauwe ... uuw uwouo p«in» tax a rising mi- a 

first four years to set them off -^rpdration Tax: Here there, « no.Iopger a major problem , ^^Lboinnl^ 

against his income of the three ^re two relaxations. Companies ^^®r the typical family company. 


previous years. In other words, with profits below 
the taxman will pay part of the limit pay a sped 
cost of starting up any new busi- rate of corporation 
ness which is not incorporated income, and there 


, UK- i- bun as a Taken with spoDding marginaK 

tor small businessmen to Keep advantageous initial-year those with profits below a cumulative total of transfers. 

| Schedule D rules for new busi- higher limit These limits, which The charge on lifetime gifts, 
nesses there may weU be a short last year were increased to if ihe donor bears the tax is 


Any business with ambitious plans 
needs two important things. 

Money. And sound advice. 

With a helping hand from Hodge 
Finance, you &:t both. 

The money comes in all sorts of forms. 
In commercial, industrial and personal 
loans. In instalment credit or leasing plans 
for vehicles and industrial equipment. 

In our many different insurance services. 
In our deposit and savings schemes tor 
individuals. 

The advice comes free. Because in 
every one of the hundred Hodge Finance 
offices up and down the country there's 


an experienced manager and his staff 
ready to offer whatever help they can to 
make you more efficient and more 
profitable. 

While we’re talking about businesses, 
you may like to know a lkzle more ate 
cure. We have assets exceeding 
£300 million. But we're also a member 
of the Standard Chartered Bank Group, . 
Britain’s largest independent 
international Bank with 1.500 offices 
in some sixty countries. Their assets 
exceed £7,600 million. 

So take it from. us,we know quite a lot 
about expansion. 


To introduce yourself to the helping 
hand of Hodge Finance, get in touch with 
Roy Wright, Development Manager, * 
Hodge Finance, Cardiff. 

J Phone 0222 42577 (70 lines). 

Or contact your local Hodge Finance 
office. They’re in your phone book. (In 
EastAnglia look under Garfield Williams). 


Hodge Finance 


A member of 
Standard Chartered Bank Group 


THHHH-PINGHAND 

IN A HUNDRED HIGH STREETS 


With Hodge Finance 
behind you there’s 
alot of expansion ahead of you. 



t twr. Df gjuu-eg la a .jainily 

a ,eertain Capitol Transfer Ttoc AH the company will be roSed over 
deduced C¥£ refaxtttmsjffere contained theKe where tite donor / 
on their m :the Chancellor^ October donee jointly jro agree, 
a corre- package. -This tax is riiarged other vorda no CGT 
relief for at progressive rates on the become payable until there n 

a disposal' outside the . f amity 

Michael Laffer^ 



-/ 


The attractions of 


■“r • 


’It' 

• .f-: - 


S - 1 

..jA 


won 




export finance 


SMALLER COMPANIES in the 
U.K, — which have recently re- 
ceived increasing attention from 
the Government in an effort to 
ensure their well being — have 
long complained about the 
finance problems they face when 
entering or operating in over- 
seas markets. However, this 
continues to be countered by 
the suggestion that these com- 
panies do not take full or timely 
advantage of the facilities 
which are available to them 
through the Export Credits 
Guarantee Department (ECGD), 
the clearing banks and other 
sources. 

One recent scheme which 
may be of assistance in this 
area is the Market Entry 
Guarantee Scheme fMEGS) 
launched in January this year 
by the British Overseas Trade 
Board (BOTB), designed to help 
small- and medium-sized com- 
panies. It will run for two years 
on an experimental basis and 
during this period will provide 
some £2m. 

Although it is clearly limited 
to scope, the basis of MEGS is 
an agreement with a company 
to provide 50 per cent towards 
the eligible casts of a venture 
in return for a levy on sales 
receipts to the overseas 
market. 


gm 

Eligible costs are broadly the 
overhead costs of the activity 
in the overseas market which 
are written off as incurred and 
can only be recouped by the 
manufacturer through his profit 
margin on sales. The invest- 
ment period, during which con- 
tributions . are made to the 
scheme, and the following re- 
covery period during which the 
levy continues, are set in rela- 
tion to the rate of the levy, so 
that the scheme is expected to 
recover its contributions with a 
return nn investment of 2,5 per 
cent, above the clearing banks 
base rate. 


The levy payments stop when 
this has been achieved and if 
sales do not materialise as ex- 
pected the levy payments stop 
at tlie end of the agreed re- 
covery period. For . this 
potential loss to the scheme the 
company pays an annual 
premium of 3 per cent, of the 
potential scheme contributions 
during the years when the con- 
tributions are being received by 
the company. 

There is no limit to the size 
of the company which may 
apply but the maximum contri- 
bution to any one project is 
£100,000 spread over a maximum 
period of five ■ years. There is 
also a minimum contribution of 
£20,000 to any one project. Com- 
panies will also be expected to 
show that their proposed venture 
is a well planned package and 
likely to increase their .exports 
substantially, and that they have 
the capability to carry through 
the project 

While this scheme has yet to 
be fully tested over a period of 
time, there have already been 
suggestions that it is likely to 
be more helpful to medium- 
sized companies; that remains to 
be seen. It is nevertheless clear 
that efforts are beln& made to 
help smaller concerns. 

The main problem for these 
companies remains their lack of 
sufficient financial resources to 
attempt anything more than a 
token effort in overseas markets, 
which moat exporters recognise 
as a basic mistake due to the 
accepted need for a concerted 
effort. 

Nor are many small companies 
able to finance the requirements 
of their customers from their 
own resources and are therefore 
forced to fall back on the range 
of export finance and other 
facilities which are available to 
them from various sources, ' • 

These include the Department 
of Trade .which has established 
a number of Small Firms In- 
formation Centres, the BOTB, 


ECGD, . the international for cash and in the -latter 
divisions of the merchant and will get a cash adrance w 
clearing- banks, the various an agreed proportion of the 
chambers of commerce, the Con- Either way the bank' has r* 
federation of British ' Industry, course to the exporter who Ls »e 
the Institute of Export, the In- protected . against the bayrn^ 
stitirte of Marketing, the Insti- faihare to pay. 
toto of % Freight • Forwarders, if it fc £eJt necessary to hav ‘ ; ■ 
shipping and forwarding com- greater protection, it is pre 
pames, the British Export erable to use an irrevocabl 
Houses Assoc iatio n, the British documentary letter of credi 
S tand a rd? ' Institute and . other where an overseas buyt 
sources. / - > - arranges for bis bank to open 

Tl ’ .-letter of credit in London in til 

r Itl alls exporter’s name. Once this h: 





Baaks aAd ECGD, while eym- 


^ _„ Klaw , e r bank guarantees to pay the bi 

iS^^tSSTurle ^tiene^ein^en.ee. 

the companies concerned to T 

tiess 



make their approach for assis- used nowadays is tt 

twee at the earliest possible transact* 

stage, allowing them to offer ^ , order ? r slight i; 


advice on bow to avoid pitfalls. as towkets hai 

- ' _ • ■ ; • ■ become more diversified, buye 

Both rbanks and -ECGD . are ^ sellers are les 3 prepared 1 
keen to help smaUer companies, trust each other with 
because of lihe large amount- of. S y 3 t o mi “ - ? ■ 

businera tter pnyide. At ECGD. credlt 


for example, •short-term credit -. 


is use 


for ^ SO per ^ 




that most of. its facilities are chant bank) opens an acceptam 
open 'to companies of any size. ^Vof credit in Iond-ra for 






, syx 

;: nd ther^ 




The; mam sources of - short- foreign buyer. The deal can tht 
term fio toce (up to 180 days), be financed with bills drawn < 
whidb *br Ihe great the. accepting house and the .* 

majority of British experts, ate can readily, be discounted to gi’ l ^ } 0'QTF k nr 
bank overdrafts, bills of «- the exporter his^ ^ money. 

ChMSS,.liiewca61 e doonnenUry FiMl]y> ^ncesioiiar? finan ^OOC 


credits. -open 


eniwei 



^ __ —-Hi,- 001 te>e d at attractive rates 

acceptotoe.credits and conces- a a, exporter has been an ECG 

ora riia holler for a minimum 

006 policy itself is t 

tradito D * to«^ -^fi“^ g a8S u j MCe . Cj banks and can i 
exports. .It is anunconaplicated aligned to banks as tradition 

scsss vssr.&-*** ^ 

moat widely used- system is the 

advance by "banks against bills At least one .bf these chanw 
of exch^- wfaich -are an im- to usually _ 0 pen to small e 
conditional undertaking. by the P«tms, although conditiojisnu l ‘Ueanu-KCt 
buyer either to pay on right or ^ 9«wy»ic. cirern 


lo 


SfS 




at some time within 180 days. . 1 fances, .and despite complain 

- -• OHM' KniMMn<« mnif tioAn 


„ . some companies most peop 


I. Vmw i -vmuwuvm mew 

money ag&oit-lbe 'are helpful if not always rel 
discounting- or. negotiating .the piejely oWiging. 
bilL In the first ease he sells the f WWHr 
bill to- the -bank at a discount 


LomeBadiia 





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t: 



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‘ ■'Obaa&R 1 - acM&C' boi££g 



i ■ * 7W Ff.'tcllOT: KiifcbeiS^CcHsi 

» \ . Eg.: 

: . ■•' •.• •■’■■’■■.' »>■■■•. '•‘'I 


. .* Eighty r£ve ! Tfc&ij£ai 


4^ 


li -^laa^ -'7' . 77 «' ! ‘ ••• : • . ; i 




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91 Waterloo Road. LontlonSE^ 

• ■ • • ■’■'•. ■ V '.''I 

■.*.-».■ 3 
. ■ ■ ■ ' . ' . .... . .. "i 

Pav c ‘ z ‘ c - SDglflgegxngj 


..' Twenty rive Thoo$fi 




-. .-;.• s* •. . >:o »"-»• ~ • > * : *■''.;*■„?* - ' • : ( st'V or ; 

• 'bbiafl 3 i : -^o*^ Z'vpmw;' ~ ~ 


. Only • 




‘DD3BBD-’ 3Q -C ?64 ' DOltaS 


Who says it’s difficult for smaller busines 

to raise money at the moment? 



The fictr^vs^ve oflfered £89 million to 838 
businesses siiiceApnli977 

ThaA over £ 1 ^ million a week. Or ^ 70, 000 

adayOr£52pooeseryworlaiigho^ 


And we certainly won’t lean on you to sell out, 
even ifwete one ofyour shareholders. 

our business is, simply and solely to 
helpBritaiiis smaller businesses do more business. 


^SSvn^teTtecamefiom. ^^^iaMteteCMngBnta 

between £5,000 and £2 million (or even more), 
why haven’t we met? t 

We can provide equity finan^feed-mterest 

W^iocaood*^^ - invested kimore than 4^00 companies-With £56 

And give you between seven and twenty years 0 f that currently invested in8oo companies 

topaybacktheloan. „ 

Meanvdiile,we worit appoint cne of our statt 
To your board. 


purpose. . 

And given the rather forbidding title of the 
Industrial and Commercial Finance Corporation. 
Our track record runs to over £480 million 


as equity finance. 

All over the country there are companies that 


have extended factories and installed newplant 
with ICFC help. 

Financed sales at home and abroad with ICFC 
helix 

Increased their share capital base and prepared 
for CTTwith ICFC helpi 

We doubtif they’ve got anything you haven’t. 
Apart from our money. 


ICFC 


The smaller business's biggest source of 
long-term money. 


■*^3SS2SS=^S==S=S— “ 


A 









22 


financial Times Tiarsday Apra 2? $97?; 


FINANCE FOR SMALLER. COMPANIES IV 


try 


to 


TOE CLEARING banks are at 
the centre of the debate over 
the adequacy of the provision of 
finance for the smaller company 
sector. They are substantially 
the biggest source of finance for 
the small company, with a long 
tradition of providing overdraft 
funds which in many cases have 
effectively represented long- 
term capital for the borrower. 
Because of the spread of their 
branch networks and the dose 
relationships maintained by 
managers with local business- 
men the banks are, moreover, 
in a uniquely favourable posi- 
tion to act as advisers and con- 
sul teats to the small companies 
in sorting out their financial 
problems. 

Spurred by the Bolton Com- 
mittee report in 1971, the banks 
have in the past few years made 
considerable efforts to improve 
the facilities they are able to 
offer. On one hand, the range 
of services available has been 
generally extended to include a 
wider variety of forms of 
finance such «s instalment credit 
and leasing, and the banks have 
increased substantially the 
volume of medium-term finance 
as opposed to short-term over- 
drafts they provide to industry. 
On the other, recognising the 
need for guidance in the small 
company sector, the banks have 
developed an increasingly effec- 
tive capacity to provide financial 
advice through formal advisory 
operations or arrangements to 
make the appropriate skills 
available through the local 
branch. 

In spite of these efforts, how- 
ever, it is recognised that the 
system is far from perfect. 
There remain gaps in the 
ability of the smaller company 
to gain access both to the right 
advice and to the kind of 
finance which is needed. The 
weaknesses in the system arise 
in many instances from prob- 
lems outside the influence of 
the banks and the financial -sec- 
tor as a whole, notably the im- 
pact of taxation policies in re- 
ducing the availability of pri- 
vate capital. But the tenor of 
much of the discussion which 
has emerged from the Wilson 
Committee on the financial in- 
stitutions has suggested that 
the banks, with their special 


access to the small business- 
man, may have to recognise 
that they will be called on to 
fill many of the gaps. 


The problem was illustrated 
in oral evidence recently given 
by the London- dealing banks 
to Wilson. Mr. Anthony Tuke, 
the chairman of Barclays, 
acknowledged that u we have 
not got the full answer yet to 
the problem." He went on to 
suggest, without dissent from 
the other bankers present, that 
■‘the money is probably avail- 
able but Z think the banks' sys- 
tems need to be reviewed, bear- 
ing in mind the fact that on the 
fiscal side these small firms 
have been fairly hard bit over 
the years." 

The nature of the issue has 
been fairly dearly defined. To 
begin with, the banks have to 
set some sort of hrnat to the 
amount of funding they are pre- 
pared to provide on the basis of 
overdraft finance. As Mr. Tuke 
said, they have in the past 
sometimes found themselves 
overt ending to a company, and 
effectively ending up taking the 
equity risk without having the 
equity investment The extent 
of their involvement is related 
to the risks concerned and to 
the appropriate relationship 
with a borrower’s equity base. . 


there remains an Information 
problem. And they are often, 
not unnaturally,, unwilling to 
give up the degree of control 
over their companies required 
when outside equity capital has 
to be brought inland therefore 
sometimes reluctant to under- 
take an expansion of their 
activities. 


Provision 


The banks have been able to 
move some way to meet the diffi- 
culty by providing an increasing 
amount of medium-term finance 
through their own operations, 
either in the form of specialised 
funding such as instalment 
credit or directly in the form of 
medium-term loans. But a gap 
has been identified in the avail- 
ability first of longer term loan 
capital and secondly, of equity 
funds to support new businesses 
or the expansion of existing 
companies. 

Finally, there is clearly still 
a problem in the attitudes and 
experience of the small busi- 
nessmen themselves. They are 
unavoidably less well equipped 
than the big company to call on 
the specialised financial skills 
needed to deal with the wide 
variety of financing problems 
they are likely to meet and in 
spite of the efforts of the banks 


The banks in their own 
written evidence to Wilson 
made the point; " many of the 
financing problems of smaller 
businesses are inherent in the 
attitudes and practices of the 
businesses themselves and the 
economic dimate in which they 
operate.” For this reason, the 
clearing banks said, they ‘‘would 
be sceptical of • proposals for 
structural changes in the insti- 
tutional means of meeting their 
needs.” The basic problems, of 
the high cost and the high risk 
involved in financing small busi- 
nesses, the banks added, 
appeared intractable. The ideas 
so far put forward fbr helping 
the banks to play a bigger part 
have been relatively modest and 
have not been universally 
welcomed. 

The banks may themselves be 
able to provide rather more 
equity fin anne. Shis was con- 
ceded in the oral evidence to 
.Wilson, when Mr. Tuke de- 
veloped the idea that the 
banks’ merchant hanking sub- 
sidiaries could extend their 
scope to become something 
closer to industrial banks, 
providing a medium for 
injecting equity into the smaller 
companies. But the banks have 
been reluctant to undertake 
substantial equity investment, 
mainly because of the short- 
term nature of the bulk of their 
own resources, and Mr. Tuke 
admitted tbat "we are still in 
some ways groping with this 
problem." 

The one significant positive 
suggestion which has been put 
forward is the idea of some 
form of guarantee for clearing 
bank lending to the small 
company sector, possibly on the 
lines of the Small Business 
Administration scheme in the 
U.S. This idea is now being 
subjected to intensive con- 
sideration under the auspices of 
the Boll Committee, and has 
been consistently pursued by 
members of the Wilson Com- 


mittee in their examination of 
the financial sector. 

The proposal could involve 
either a Government guarantee 
to back up bank lending, or 
possibly some arrangement 
within the private sector. The 
clearing banks have, however, 
not been receptive to this 
suggestion. They evidently feel 
that the existing institutions, 
including particularly the 
Finance for Industry group in 
which the banks are the share- 
holders, provide as much as can 
reasonably be expected in the 
way of longer-term -support for 
the small business And they 
clearly show concern over any 
suggestion that they should be 
required to undertake lending 
which they would not accept on 
normal commercial criteria 
even with an official guarantee. 


Consideration 


In their written evidence the 
London clearing banks said that 
while the suggestion merited 
serious consideration, “ they 
would point out that the real 
costs of appraising candidates 
and of providing the necessary 
guarantees would be consider- 
able.” In oral evidence, Mr. 
Tuke went rather further; he 
felt that such. a move would be 
a mistake, and added: “ I think 
the banks must deal with the 
proper requests from smaller 
companies for medium-term 
money on their merits and not 
seek any form of guarantee.” 

The banks have been more 
enthusiastic about the idea of 
their being able to have 
recourse to some form of 
re-financing fa cility with the 
Bank of England in order to 
provide scope for a substantial 
further expansion . of their 
medium-term . lending. • At 
present, the recent rapid growth 
of this lending is being accom- 
modated .within the existing 
structure of their assets; but it 
is recognised that at some stage 
their ability to extend this 
service further could be limited 
by their own prudential con- 
siderations in relation -to their 
need to m aintain certain 
liquidity ratios. .. 

The Bank of England has 
itself expressed some reserva- 
tions about this idea, on the 
grounds both that it could pre- 


When it comes 


sent administrative problems 
and that It could be difficult to 
sustain in periods of credit 
squeeze. The banks have made 
it dear that they would not 
expect any such scheme to be 
more than a last resort arrange- 
ment to cover short-term liqui- 
dity difficulties and would not 
want a permanent arrangement 
parallel to - the refinancing 
scheme fbr export finance. 

So far, therefore, a number of 
detailed suggestions have been 
put forward to improve the 
ability of the g™ii company 
sector to gain access to the 
kinds of finance which it wants. 
It is recognised by the banks 
and the authorities that there 
may be limitations which can- 
not be overcome. But the central 
issue comes back to the distri- 
bution of the available savings 
funds between different types of 
institution. 

Probably the major theme of 
the evidence submitted by the 
banks to Wilson has been their 
argument for a removal of fiscal 
discrimination jjj the savings 
market The various forms of 
encouragement offered by the 
Government apply not only to 
the building societies, the 
immediate object of the banks’ 
complaints, but to other institu- 
tions such as the life assurance 
companies and the pension 
funds. These are the sector of 
the market which has the long- 
term funds needed to support 
industry, and particularly small 
companies. The issue is how 
this money can be most effici- 
ently got to the borrower. 

Some moves have already 
been made by banks to tap this 
source of funds; Midland, for 
example, has set up Moracrest 
Investments together with the 
British Gas Corporation Central 
Pension Funds and the Pruden- 
tial Assurance to provide longer 
term funds and equity capital 
for small busi ness es and has 
arranged to consider joint 
equity investments with the 
National Coal Board Pension 
Funds. 

These ideas could provide one 
approach to bringing together 
the ability of the banks to main- 
tain dose contact with small 
business customers and the 
longer-term funds held by the 
institutional investors. To take 
full advantage of their special 
position in the financial markets. ' 
however, the banks may have 
to consider more radical 
| methods of reorganising the I 
channels of finance. 


LEASING AND HIKE purchase lease decision- An industrial 
account for a sigzificast proper- or service company which has 
turn of capital finance to-day, tax-paying profits may defer pay- 
with leasing showing partial- ihg ' them for one year as a 
laxly strong recent growth at Government reward for buy^g 
the more expensive, long-term new capita] equipment Hpt if 
end of the market Where coot Jt-jwflfit in a tax-paying position, 
pany directors Have derided" then this reward is not avail' 
they need to expand, but' are able. fo it 
reluctant to dip into reserves The : leasing am of a fin gnee 
or increase their loan or over:' company, however, will have 
draft lines of credit these two. these Allowances available, and 
methods of finance are ideal." can let- the lessee benefit by 
Last year the leasing industry ^reflecting them in reduced Ten- 
attracted £B50m. worth of new .tali Some leasing companies 
capital- investment in the UJC, do rot- handle small-cost items 
a 50 per cent growth over the . because of the high overheads 
previous year (according to the involved in administering them. 
Equipment Leasing Assocla- but others are geared up for it 
tion). The business proportion -tteimeaOy. however, for 
of hire purchase (or Instalment np to £5,000 hire pur- 
credit) was worth £l,057nu of eftasefaiay be cheaper. Herethe 
new business in 1977 (£781m. in dfent takes the first year allow- 
1976, says the Finance Houses ances. he accepts the risk .that 
Association). The leasing Indus- corporation tax rates may 
try is comparatively new to the change, and be may or may not 
TJJC, only producing serious yrryng » an interest rate varia- 
volume business since the early tion agreement with the Fia- 
1970s, .while hire purchase has ance House. Smaller "companies 
been with us for substantially on tax bands below the 52 per 
longer. cent standard rate may bear in 

The debate as to which mind that they are still entitled 
method, leasing or hire pur- to fr ase finance reflecting the 
chasr, is cheapest in terms of standard rate, since that is the 
rate is never-ending. Basically rate applicable to leasing cqm- 
the choice is decided by the parties. 

circumstances of the moment. Another consideration is VAT. 
and these circumstances may A leasing company Will buy. an 
involve considerations of cash ana* from the manufacturer, 
flow over the whole of the term, and the lessee will effectively 
and the use of Government pay the VAT in instalments. For 
allowances by the .company hire purchase, the finance house 


the end- of the term. Generally, 
hot mbtriways,- ft is the legal 
owner of the equipment who 
trices foegrant So if a leasing 
company (the legal owner) 
takes the grant it will use most I 
of it "to reduce reptab. ''Faun- 1 
mg grqups are. . not -availabtej 
when leasing due to. EEC 
■latfozis on. osage and ownerslri*yj 
and with hire purchase arroriy ] 
available when the'trinBiifrdto- 1 
plete, 

.There are. some, aocotmting^ 
complications here, j 

, Government . Grant la /not . t&- 
able, therefore leasing cunt 
names treat them as being ' in- 
come" worth their value pins 
the standard rate ofcorporatioa 
tax. Thus a £200 regional 
development grant is worth, on 
the books, just over £400 in tax 
terms. This process is known as 
“ grossing up " a grant 



.w] 


Research 


Anyone 


The choice of hire purchase 7 
or leasing companies dearly ./-/"■lOCC 
depends on rates on offer, and 
possibly smaller companies -ddl J 
not shop' around enough when _ 


doing their finance research. . 
Hire purchase is possibly easferV 
to understand when it comes:!?' 


iness 


Difference 


Michael Blanden 


concerned. win pay the net price plus VAT 

at the front-end, and normally 
Dlffpronpo take the VAT from the customer - 

1/lllCl vllLC •. yia rentals or at the front-end 

an. _ —say 8 per cent Greater 

The crude difference between ^ be required, 

leasing and hire purchase is. dependin g on the situation. This 
that in leasing, the lessee com- j* leasin g may have a cash- 
pany does not get f^^flowadvantage by requiring 
of the asset when the lease terin pnjy the first quarterly rental 
mover. In hire purchase (some- i^ advance , but there are no 
tunes known as lease purchase), 

it does. The only reason for . _ " . ... 

this is that the tax allowances -Motor car lease finance is 
associated with the purchase of growing at a rapid rate, some 
new capital equipment in thef^^tthe of TjthOT 

U.K are available to the leas- methods of instalment credit, 
ing company (lessor) alone thfcs is due to the amunaly 
when pureleasing is involved,^* ** 
and to the client or user alone cent - year*** allowance on 
when hire purchase is involved, but leasing ^parties get 
To protect his tax allowances, 1 ^ Per cent, and the difference 
the lessor may renew a leafo tab** to ignore. The retexmg 
to his client for a secondary ?* (^^ of HWng Crter 

term, or he may sell the equip- m the middle of lari year, which 
ment secondhand to a genuine meant waiving 10-month 
third party. The consolation Jeposte <» vehicles, has 
here is that the lessee will get been an Important factor in the 
a rebate of. rentals to the tune Wriarity of car leasing, 
of 95 per cent of secondhand Regional Development Grants 
price of the asset in question and other- Discretionary Grants 
which may be used for a new -.relating to specific: industries 
lease or hire purchase Agrto- may be u&d in lease or hire, 
ment / purchase finance. In hire pnr- 

A company’s tax portion is "chase -grants are taken pro- 
central to the hire purchase or rata with the rentals, or at 


payment (so much down and so [>. c'\ 

much, a month in . regular 1 
rentals}. Leasing quotes of so* u , i r | 
many-pounds-per-thousand may _j ^ L 

need the help of 1 1 J. 

lations to convert - them- into ipjjU 1 ,W V 
.percentage rate for easier com-' i / • 

parison with other borrowing- pn ^ iMlf 
tools. In addition to luge, wrifc;S(j I ! ^ 11 * 

known names who can softer.' . < 

times off ear, economies of scale, Tlk A I 
there are a host o£' smaller! N 

banks and. • finance houses 1,1 
anxious to do business and offer * [ 

competitive, rates. IROS (the rT] 

Industrial' Bank of Scotland), JJ I ‘ Y 
for instance, operates through- a i S 

out the country although com- . . ^ ^ 4-1* 

pared to the clearing banks iffM yy j | j O If 
may b& unknown to many. .-■v w «-/ 

Leasing and hire purchase ‘ 
contracts hgtween fllOT off a j ^ pCj Q ]| V( 
the smaller company grew'* 1 / . • 

flexibility. They leave over*. . a . t l 
drafts and other lines of credit, IA /K t /"* H nl 
to.a large extent, untouched, and V V I 1 K-/1 
rentals can often' be' varied to . 
match cash-generation perform, 1 1} _.J. i 

ance of the new equipment hfj|f] [j I IjT 1 
question. Leasing is not ^ 1 1 

custom treated as a capitalised 
asset on. the . books of .Iessee^H » ^ 

-this position may change in fflK8 TTl lif f 1 
future— and may -give a hetMllL LfV 
“ gearing ” profile to a wnnpaSg 
But whatever . methods ___ • 

finance are chosen, -fastairodjn □ ya nfc " 
credit finance in one formal I S 8 k. 

another may- well strengthen? 1 ** 
company’s overaH portfolio. Tl 


po mayb 
lowing tF 


Which bi 
liable at i 

amwa 


RobertHawkniiljlS ITlQnC 


to 


for your business, 


money 


The advantages of 


■iintrodud 


-fculariy : 


ask Williams & Glyn’s 


Is your business considering new 
investment plans to exploit opportunities that 
are now emerging? If so, there are plenty of 
people willing to lend you the money. Why 
choose Williams & Glyn’s? 


Five ways to more 
profitable business 


1 FACTORING IS a financial ser- 
I vice specifically aimed at small 
I companies — those with a turn- 
, over of up tn film. There are 
larger concerns employing a 
factor, especially on their ex- 
porting side, but most of the 
; 1.300 companies winch use a 
factor are small and growing — 
for factors are particular about 
their clients and are careful to 
link their fortunes with secure 
and expanding companies. 

A factor offers three basic 
services, although a client com- 
I pany need not necessarily take 
them aU. For a start it offers 
a full accountancy service, 


If you talk to us, you will find that the branch 
manager will take a great deal of trouble to get 
to know you. He will expect to visit you on your 
own home ground in order to obtain a first-hand 
understanding of your business. There is, after 
all, much more to a business than a balance 
sheet When you need money he will be able to 
advise on the best way for you to borrow it - it 
may be instalment credit you need and not an 
overdraft Or any one of half a dozen different 
ways. If it’s a medium term loan, then the 
repayment pattern will be worked out with your 
cash flow pattern in mind. 


1 Short-term Finance 
Overdrafts can cover seasonal 
fluctuations in revenue and 
expenditure or provide additional 
working capital. 


2 Medium-term Loans 
A more formal arrangement for 
loans from 2-7 years for the purchase 
of new plant and equipment, etc. 


taking over this side of the busi- 
ness. A client as well advised 
still to employ someone in this 
I area to link up with the factor 
but in the main it can concen- 
trate on anaknng and marketing 
I a product or service with the 
j confidence that the factor is 
' making sure that customers are 
! being hilled and are paying up. 


Guarantee 


3 Cash Flow Control 
Williams & Glyn’s managers are 
always ready to help with advice. 


If you would like abank that takes the time 
and trouble to understand the individual 
customer’s problem - and opportunities - why 
not talk to your local Williams & Glyn’s manager. 
Or write to:- Marketing Development Office; 
Williams & Glyn’s Bank Ltd, New London 
Bridge House, 25 London Bridge Street, 

London SE19SX. 


4 Instalment credit for 
new machinery 
Through a subsidiary company 
St Margarets Trust Ltd, Williams 
& Glyn's can provide instalment 
credit for the purchase of goods or 
equipment 


5 Development Capital 
Williams & Glyn's can provide 
finance for expanding private and 
public companies. 


Most factors also guarantee 
their clients against bad debts 
1 — if a customer fails to pay up 
the factor will compensate its 
client This particular service 
is often not as cut-and-dried as 
it sounds. The factor expects a 
client to take its advice on the 
credit-worthiness of customers 
and in some cases will insist on 
credit ratings. If the client is 
determined to supply goods 
above the factor's limit and 
there is a bad debt the factor 
may well refuse to make good 
the loss. This leads to one of 
the most widespread criticisms 
of factors— that they are only 
willing to take on secure 
business with reliable custom- 
ers. They reduce the risks not 
only to their customers but also 
to themselves to such a low level 
that they can restrict the growth 
of their dients. 



SB 


LTD 


yv 

a* 


The most flexible of the big five banks 

A member of the Notional and Commercial Banking Group and one of the Inter-AJpha Group of Banks. ± 


Finally a factor will provide 
a financial service. It will for- 
ward up to 80 per cent of the 
value of the sale factored at the 
convenience of the client, so 
that a company Is assured of a 
reliable cash Sow even in tough 
economic times when its 


customers would normally be 
delaying payment to the last 
minute. The remaining 20 per 
cent is usually passed on when 
the factor receives the debts. 
Unfortunately the factor charges 
an additional payment for the 
facility — around 2$ -per cent 
above the general lending rate. 
Leaving aside this fin ancia l help 
the factor usually charges its 
client according to the difficulty 
of the account 

If there are lots of customers 
paying irregularly in small sums 
the factor may charge up to' 3 
per cent of the turnover 
handled: for a larger client, 
with a straightforward business, 
the fee may be nearer .5 per 
cent A company seeking a 
factor may get different quotes 
from various sources so it is 
worth shopping around, and of 
course if the client does not 
take all the services offered Its 
outgoings will be less. 

At the moment, with the 
banks quite happy to lend to 
companies, it is the service side 
of factoring rather than its 
financial facility which is most 
popular. It is mainly in tight 
economic conditions that com- 
panies go to factors for cash 
but in such circumstances fac- 
tors are very reluctant to get 
involved with companies that 
have run into a cash crisis. 
Even in good times many more 
companies are rejected by fac- 
tors than apply to them for help. 
On average this year factors are 
forwarding around 40 per cent, 
of the cash turnover speedily 
to dients, although this average 
is misleading since many com- 
panies never want the money 
while others prefer to get a 
prompt 80 per cent, and use 
it to claim discounts from sup- 
pliers because they can pay 
their own bills quickly. 

There are eight main factors 
in the U-K-, although three of 
them are controlled by Lloyds 
and Scottish. Since the four 
joint stock banks acquired, or 
set up, factoring operations the 
service has been much more 
actively promoted. To-day the 
dominance of the bank-owned 
factors probably discourages 
other financial groups from 
entering what has proved in 


recent years to be a very profit- 
able and expanding business. 

Last year there was a 35 per 
cent growth in turnover 
handled by the factors, to a 
total of £968m. (although this 
includes invoice discounting, a 
closely related field whereby a 
company discounts its invoices 
with a specialist firm without 
the knowledge of its customers). 
Invoice discounting probably 
accounts for around £l60m. of 
the total, while £l24m. comes 
from the factoring of exports. 


Largest 


Undoubtedly when a factm, 
has streamlined a client* 
accounts department on to ita 
computer it can build up attrad 
five profits for itself but it doeij 
provide ease of mind, ah Ini' 
port ant asset in the . bushiest 
world today. Another are$ 
which sometimes gives a com| 
pany pause about Using a facto) 
is the intrusion of the factm 
between a client and its enstq 
mere. But hi practice custom erJ 
do not seem to object toTt 
factor chasing them for pa* 
meets. - \ 


tees— ( 
fey can 


The biggest factoring opera- 
tion is the National West- 
minster subsidiary Credit 
Factoring, which claims to have 
factored £330m. ■, of turnover, 
last year. The second largest is 
International, owned by Lloyds 
and Scottish, whose turnover 
is nearer £200xn. Both work for 
multt-mUlioii pound companies, 
on exports for one particular 
subsidiary, but. the larger the 
factor' the wider its range, of 
client* • 

In tiie early days factors 
specialised In engfoeering 1 and 
textile companies; how they will 
work, for service companies ns 
well There are advantages Tn 
specialisation . because - many 
Clients fo one industry enable 
a factor to keep Its Unger ion 
the pulse of that sector and get 
an eariy warning if a particular, 
customer of ^ ^ one "client , is sud- 
denly stow, on paying. Other 
clients can be quickly alerted.. ' 

The Intimate knowledge that 
a factor' needs:-pf . -its dients; 
business deters some companies' 
from, employing -• : a factor; 
especially if'fhat factor is a sub- 
sidiary of .tbe company's bank. 
For this reason factors, like H.; 
and whiebu is owned by . the 

Heller. Corporation of America, 

sometimes-, pick up dients who 

want to keep their banking and 
factoring services separate. 
Apart from problems of confi- 
dentiality another criticism of 
factoring is the: cost of the 
facility, especially when factors, 
to protect themselves as Well 
as tbeir dients, remove.most. of - 
the risks from the credit insur- 
ance side-of the service. - 


.No company need be risy b\ 
approaching a factor. Thostft 
with a turnover of £100,000, 
less, ■ may find a home . 
certain factors. One area -When 
a factor can be particularly 
ini is in exporting; A facto ^ 
will handle just the export rid 'M 
of a; client’s . business, wbicjivl^ 
makes exporting as simple st ■ 
selling in the same city for'tff--- " 
client. There are no doubljjL • 
about t tbe -respectabfiily 
foreign clients; about current® 
variations^ about " forelfiT^ 
languages:- > Tbe factoii througfc, : 
its overseas contacts, shoaldeA? . 
die burden. • ; ' - 




It can also offer Its ‘ dlenffi! 

leads aud its overseas factoring! 
associate may sometimes off®' 
Office! acUiti^s jf 'fheclient fee* 
the ’ need to -.visit its- expp© 
markets. The cost' of using K 
factor for exporting need- not w 
much higher than for domest® 
aid, althongh once again hl| 
built-in caution mi^irmean thaB 
a company misses a big spect-1 
latrre contract ^ 

Facjors.nnly expect to wot 
with companies in the ear] 
Stages ^ their growth. Usual! 
at a certain -sales level tii 
dtent feels the need for its ow 
accounts department It ; 
always advisable for foe cliei 

tO -maintain an interest In tb 

financial side and to svoi 
getting too dependent on th 
factor. But for assistance whic 
enables a compare to get p 
with foe job without moufl 
worries foe factor is often i 
invaluable' support for ffi 


Antony Thoracroj 










’Apia vfr 1878 






■££08 


r-'.iss 


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success aep< 
less acumen 


s a small business knows' 
on hard work and 


;§§ But success means expansion. And, to 

fp^pand/ all businesses-small or large-need 


S?S the same 


ps 

V 


z*i FS*.:C-: 


^borrowing the money you need to achieve the 
^expansion you want. 

• g Which brings us to the loan facilities 


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craft. 
‘ 38 * 

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A\rLn* n 


r- 3 The manager of your local Midland Bank 
p can introduce you to q business team who are 
Ol particularly well-versed atworking with small 
businesses— even one-man companies. 

They can offer such obvious sol utions as term 
■joans to set up manufacturing plant,or overdraft 
facilities to build stocks fast when early success '* 


3 ^-L- 



. .. ^ 
i'* *•, 

'if? 

■■ v-V. r 




. A 




But its the" breadth of Business know-how 
that makes your Midland Bank business team - 
valuable-especially before you have developed 
a team of your own. 

\buTI find we are a bankthats prepared toj 
sit down with our smaller business customers/ 
land think . 1 

Your local Midland manager will be glad to 
tell you about the service he and his colleagues 
in Midland Bank Group provide. Their special ( 
skills range from finance for growing companies 
to pension schemes for the directors themselves. ' 
Forfull information about using the Midland as v 
your own business team, send this coupon, or/ 
ask for a copy of our booklet at your local 
Midland branch. ' 

Please send yourfree booklet/Financiai Services for Proprietors of ' 

the Smaller Business? 

. * J 

Nom a. . : - -d 

Address : 1 

Send to: Midland Bank Limited, Room 23, PO Box 2. Sheffield SI 3GG. m 




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Midland Bank Urmfed; 






24 



term finance 


for the 


miHon pound 


company. 


Intelligent medium-temrfinahdng can 
be of real benefit to the long-term 
growth of your company/ . . 

And if you're seeking the means 
to expand, and are a company with a. capital 
base of around £1 million, we'd like to invite 
you to come and discuss it with A P Bank. 

We have the resources. Wfe have many 
years* experience in corporate finance -so 
the chances are that we can recommend a 
financial package that’s exactly right for your 
specific plans and opportunities. 



customer 

of a senior manager who 
without lengthy consultations -so the speed 
of our response may well surprise you 
pleasantly. 

Think about the alternatives— arid then 
call 01-588 7575, and ask to speak. to Peter 
Haycock or Sydney Lawson. 

They’ll be delighted to arrange a meeting. 



A P Bank Limited 

A member of the Norwich Union Insurance Group 


NORWICH 
UNION 



7 Bishopsgate, London BC2N 3AB. 
Telephone: 01-588 7575. Telex: 888218. 


Howto 


make 


a business 


bloom. 



- YouVe tended your company with care and 
waited patiently for the economic climate 
to warm. But-just as you scent success your cash 
flow threatens to stunt your growth. 

That's when the Griffin solution can help. 

Griffin Factors' financial services have helped 
many companies whose growth prospects - . 

were threatened wiih financial blight. Additional 


working capital, reduced accounting overhead, 
expert credit control and much more. All part 
of the Griffin Factors service. 

Contact Griffin Factors or cnyMidiand Bank 
Manager for the .facts. 





: Griffin Factors Limited 


•••• 


A SUBSfllAffV OF MIDLAND SANK LIMITED 


fomcombe RocdVvbrthing.-West Sussex. Telephone, iC 9 G 3 i 205181 . And offices in London. Birmingham and Bradford. 




. Fm^da -Tunes TIliiisday April 27 1978 


FINANCE FOR SMALLER COMPANIES VI 



Lotus -Cars’ delightful Esprit caup&-=bme of .a range -dffeew models m : Ldb^exp(msimvrogTamn^ which 

was saved by a fraction fromAmex'Bank.., - ' 






On this and the next page is a selection of 
profiles by Financial Tims writers of some of 
the companies and financial^stiturions which make 
finance available to snraik^companies for capital 
and developn^t projects. 




Charterhouse 

Group 


some 60 companies in the UJLoabput £4m. has already been put stock. As it Is only prepare 

and Europe. " Charterhouse into 10 investments . and the to invest a maximum 10 pei 

backs good management*' is the group will probably be folly cent of its capital in any om 

company slogan and the empha- invested by 1979 at which time situation it often teams up wit! 

sis is very much on providing; it Will be seeking extra capitaL its shareholders such as Britisl 

THE CHARTERHOUSE GROUP development, as opposed to^n the past, Charterhouse’s Rail pension fund in a con 
likes to feel that while it is not venture, capital. Charterhouse- objective was to liquidate its sortium when larger amount 
the biggest provider of finance shies away from investing in investment in- five to ' seven are required. As a rule of thuml 
for small companies it was the ** start-up” operations and likes, years, when the- company con- it likes tq invest in companie 

first to come to their aid. to help companies which have- adeemed went public. However, earning over £50,000 pre-ta 

Shortly after the Macmillan proven track record. - ; there is far less enthusiasm for profits per annum and normal! 

Report of 1931 identified the . ^ small company flotations these put up a minimum a 

difficulties small companies A HV*! SS-Snw amrSSteriionse and ife £100.000. It operates on th 


MM'S* MM 9 CharterhouM Development ^ ^ Ito Z# 

Charterhouse Indued Bevel- Cap.tal.ln percent et the epu* 


sion funds and insurance corn- ~tenn investors. As - long 




to* 


tt Hoes not want majority cof-i 

It* I T II UlVCbLUIS. MX - It Wltf ac Xw UVW .WIl wax*** 

their investment earhs a^et re- trol although it normally BaplL 


^“the S Pmdentki^pSrt" tarn of 8-10 per c*nt and offers: the _ right to fPP°“ l one oHj:-: 3 




flotation, and it has been doing ™ s « 

just that ever since. It has in- cap,tal thls 15 the vebfcl,i 


vested in more than 160 com- 
panies since the 1930s and 
currently has Investments in 


investments are made. 
Of the £7.i 


•a* 

^ *al lilt# 

■r^.I 


opment Company was set up by ^ roup Df J1 a ao big petq 

Sir Nutcomhe Hume. 

Its declared aim was to pro- 

vide development capital for ^ 

companies too small for public f thev are haoDv - ' ■ from the extra finance, an imu.v»- • 

kaa« house owns 47 per cent, of the “ey are nappy. . ... - pendent outside director can h.w 

through which all its new U^. i, ^ ** ' 

ioooctaoni, , <re made .- Capital primarily provides company. . — 

are maue. equity capital although it occa- Many of Charterhouse’s cUeni- ftufe 

.5m. initial capital,: sionally puts up unsecured loan are recommended. 7 to- themijy.^ ajw- !p#h|| 

. -professional advisers such^ -,- 1 - ± minortee 
' accountants and salicitars.- , il V . r.-p.v Abilrf* 
ever, companies can approve 
them out of the blue.' If tfce^. - 
send- a .brief description of the-", - ’ T’.., ''ufo 

...... business, ' details; of their . laug m - 

“WEUE AN UNUSUAL beast” The two funds are comple-’ put.into production. The fond accounts, pr inrip al share h o ^ . 

says Hugh Armstrong, manag- mentary, and it is .hoped that steers well away .from property sales and -proSts forecasts . fl^ ,.^/;; 1 

ing director of Development once DCI has heeorne ' well and % property: development, the cnrrent year, Chartejrhou^ . t ;.;i: 

Capital, which operates two established after il few more other “ taboo” areas being promise ; to giveiianswer “na^.^ 

funds set up to finance small years, it will be arole to look hotels, garages, cars, aeroplanes or “maybe ” vrttbin a few daQ,^' 

businesses and pick potential 'after compaDiesinitially taken and new. inventions. SBCF isof receivingthexnitial inform^.;’ 
winners from among the highly under the. SB Cif wing SBCF also keen ^on product' areas that tion. If “ maybe the inves> n ; , 1 
individual breed of men who looks for options with an look best' ^able to withstand gation takes another four weefc^^ . \ ; n \ x P‘ t 
run them. annual pre-ta/ profit potential recessionary. rhilL^ ' or .with after: which a formal offer wou . a , ";. ' tQ < 

The funds themselves . Small of around £200,000 within five obvious export* potential. ... probably^^ made- -.Only. ^3^/ - •• - 

Business Capital Fund (SBCF) years from/lhc date of invest- Electra-financed DCI, “ ^ ^ bfen^accepted ^ ^ ; ; ^ i 

and Development Capital Invest- ment. It usually 


Small Business Capital Fund 


lly lends for three rvZ company incur- any proft^ 3 «> ^ muttMt 

mvnts^DCf), are 


Co-operative Insurance Society consider shorter periods, 
and Electra Investment Trust 
respectively. SBCF, formed in 
1969, is CIS’s venture capital Af$v2)f)PP 
arm, dealing with the juniors riu 
in the corporate world, where- 
as DCI, which only dates hack 
to 1975. is aimed at growing or 
fully-grown companies. 

The link between the two, 

Mr. Armstrong’s “unusual 


yet had time to make much of 
an impression. “It takes prob- 
ably' - three . years for ' any 
financial, institution, which, is 
relatively independent, to make 


This fund is prepared to lend an impact/’ Mr. Armstrong 
sums ranging . from around feels. So far, the fund has only 
£75.000 to £400,000 after a invested in one company, 
topping up instalment about a though -it has investigated a 
year after the initial advance. 100 or so. - Tt has two or. three 
... Its stated objective is iong-lerm more in mind , for the next few 
beast,” has no financial tie-up ca p^ a i growth, with the chosen months, 
with either CIS or Electra. It 


National 
Coal 
Board 


**** be 



with ei mer CIS or R-iecrra. « company rwe mng the funds in wjp s cover AT FIRST SIGHT the Natta* f ' ' n ': ure T capitaf 

.s owned by its eight directors. the form of a of equity Coal Board’s pensionfund It b » 

ail of whom have wide-ranging and unsecuret j subordinated e3tft | >u * ie<J imurobable source m finance k. '^^ '"vestmentfiJ 


experience in the private buri- loan capital UW9 #w 

ness field. The o y qu . ta ^ e dividends and interest on 
accountant on the board of the . . . . A . a nrm i m mn 


osnsrSi ^oSvef - - 


estmentt.5 
it describe*^ 


■ 







retafl-i: 



audit.” The board's average age 
is less than 50. 

It is this combination 
actual business experience and 

relative youth, believes Mr. o . 

Armstrong, which makes both for management with a proven many .small- or : medium national Press foiled to m.' 8 * L ? ov ® u p aad^ 
SBCF and DCI well qualified to record in their own field. If companies. . come firms’ reluctance to. coj’Wuf e * J hegioi^? 

seek out those small business- there is a product, it must be AniYnw J7iaWm* w ^ thln the shadow of a nati^ funri,"‘ aay d <» 

men worth backing. fully developed and ready to AntMCW X-JSner industry . It has taken# 

yeari ' io convince s^u atlj panie ^ 


believes Mr. founded companies, and it tooks or -leasing finance available to advertising" "Smpaigii^ ^ Gi ^ I3Sui i4ni 


are alsifc" 


EDITH and Safeguard 


businesses that the pension ft^ since tHir 
apart frohil^ ' 


does' indeed stand apart 


— **•«*“ -,r I,, ^“‘'■’Sstroeitt^: 

parent, and even now the moi«u ^ retorfls;? 


•• milahle - for equity partiefa^j average^' 

tfiin fill 1- AmAAfTu 'rallc imnn !' ' ^ 


, . . . . .... -. tion for exceeds calls upon i : 

ENCOURAGING DIRECT in- But businesses making well . menti therefore, lx a filgb nin*. \ *rhe-fund has allocated ur9b, B 
vestment in small companies is over £lm. a year are now com- ning .yield, and its investments i^per-cent of its £250m. a / ai ! r ' f r, 


^al em>- 


aUTCiy fine— but it is like push- ing its way. and share purchases tend, to take .the form, of pre- ^ flowioE*«iuily finance/' ^ *f e etod ? E?S : 'J 
ins on a piece of string if the are being syndicated with other ferred shares, "ronveruDtepriJ- trustees’ permission Managers of" 


entrepreneur cannot get bis investment houses if they are £erre$._ ordinary. ^ ^som© Mid; divert further funds from 

capital out again without suffer- too big for EDITH to swallow of airtta on the se lin es. ■ • . - allocation Tor" fixed-inte 

ing penal taxes and losing con- alone. - Safe guard -Industrial Invest- investments if "the. demant] 

trol of the business. A few The passage of last vear’s toems “ an^^ m iheoiyj theref 

years ago. a listing on the Stock FinaTU , e Act has made an “en* _ at the: Board couid- Spend uja 
Exchange was the logical goal j mportaiir difference in the scr- £SOln ’- a - ?*** ' m ^ b^t'Sr _ : ;-v^ 

of the successful small . b “ S L n .^: vices it can offer. This dropped in 5126 
Today, other solutions are being on which rou^ver However £7|m. to £20m. . . .. > nf fifjj 

relief for Capital Gains Tax can , ^ SChecw : ls_ operatcd^ Ia; , °^c e fo^ 


sought. 


This” is one reason ^ r the be“"ibtrined Fi ^hpn“ k ^lH^ ® ^mpani^^ 

- nnp * riflsrpp .'I r.f .. " 




^'JceessfalTi 


record new business figures "nii sled "^pa n yfrom'50 to ^.to.apobUe'fiototiori— andtthas banks • and.one clearer, 
annou nced in the past few days cen ^ 
by EDITH, Estates puties In- ily> 0n 

vestment Trust. EDITH, J ^ver buvs a ‘controlling stake SteStt -Frie^ander and ^*ia n w — noa* i 

quoted . investment trust " ever t ™ n onW * )*it drtif .oF Ito wrestments at ; ttie burgs.: help; to direct, finn^^ 

■ r the Industrial and Ibil mp; «22;ia 



managed by 


Commercial Finance Corpora- ““Harige tor duresTu^priv'ate 


tion, exists to enable share- 


4fter, care ” moaitorina 


holdersTn private companies to J SSr' ■*** “-*«*'■»* #> ***>?■ 

realise part of their capita 10 0eKr Ineir ^ amonglts^ritorehtdderiia fast niles about equityy^* J 

i»eIait thoir indpnpn. 


without losing their tndepen 
dence. And it is increasingly 


large -uisssraxice companies and opposed ^0 dim-t loan C3r4,,[ 
One sizeable deal nas already ,vf-ibpri«arin 2 banks. Its ^1 thou Eh it has tended to ork^ 3l - 



thumb, it tooks 
making profits 
£30.000 and £300 
is prepared to 
equivalent of one year' s profits, business, 


. . ' <-a 
















• '■' T ; :'*.-• '.'• i-' *c .- /". &■*■ ■&£ It ]-£:•' 


mmm 
mmm 








- :? >n f<r 


V- , *%- ~ 

L ^s u: 


n*2K, 


2?=Ja} 


ers 




2gg5EsM 




J r; f. p:*^'3Z&Z 

lcV£lfis_ 


£c?:«3l> 







Leasing or htre-pwrcfcase wftZ ease the strain on other lines of credit, and may be used for most kinds of 
•• VBdtLstrial plant and equipment — but not property . 


If you are a small 
— - 1 business 

— £2=S“ andwantto 

- renew 




we can help 



-H North Central 



Abingworth 


J .' : ABINGWORTH entered the 
.. business of financing small 
"... companies at the beginning of 
-T; 1974. It was founded by two of 
.".' its current directors, Anthony- 
; : 'Montagu and Peter Dicks, with.: 
-Z : ’die backing of a list of blue chip 
i ' Institutions in Britain and in 
1' Europe' including Barclays Bank, 
Willis Faber and Equity and 

" • The company's basic aim is to 
"- Infuse between £50,000 and 
'•-£400,000 of equity capital into 
masting private companies 
j under sound management' Each : 
'.' investment would normally leave 
Abingworth with a minority 
' stake in such a company. Ablng- 
-■? worth tends to invest by means 

- ‘Of an equity instrument— ^ay a 
-*■ convertible loan stock — which 

:iL -gives some running retain. It 
--'like* to have one director on the 

- - Board of the companies in wiiicff 
—it becomes involved. * 

• Normally an investment would 
J-be completed by about two to 
--"three months after the initial 
' contact. Peter Dicks- explains' 
that Abingworth likes to ts*e 
-■•dungs slowly so that Abing^ 

‘ Worth and the potential invest- 
ment can build up some mutual 
. f understanding and trust: The 
appointment of the director then 
.-becomes a logical development 
--* of this association: “Abing- 
worth’s presence should be wel-. 


come for reasons other than 
merely the provision of finance." 

' Abingworth does notnile out 
start-up investment, but in such 
cases it is only interested in 
entrepreneurs who - have an 
established management record. 
In a startup situation the entre- 
preneur would* be expected to 
contribute sufficient capital to 
give, himself a' substantial com- 
mitment to the -success- of the 
business. Obviously the appro- 
priate-contribution would vary 


AMONG THOSE to have some 
to the conclusion that - the 
changing problems of the small 
companies require a change in 
the solutions' offered has • been 
one of the clearing banks. Mid- 
land. Just over a year ago Mid- 
land, in conjunction with 
Prudential Assurance and 
British- Gas Central- Pension 
Funds,- set up -a company with 
the specific object'of providing 
the equity : capital for lack of 
which.: -private concerns (and 
small public companies) are 
often -handicapped in their 
attempts to expand. 

The new company, Moracrest, 
operates under the chairman- 


from person to person and from 
scheme to scheme. Abingworth 
has made only one start-up 
investment to date. 

Since starting business Abing- 
worth has invested in six 
companies in the U.K and has 
disposed of one of these invest- 
ments. It has also invested In 
three small public companies — 
without Board representation. 
Because it has' international 
backers Abingworth has also 
been able to invest in the U.S. 


Moracrest 

ship of Mr. Jack Smith of British 
Gas, and under the wing of one 
of Midland’s general managers, 
Mr. D. W. C. Kitching. Initially 
at least it is a fairly small-scale 
affair. The three partners have 
agreed to subscribe up to £15m., 
which is to be used to purchase 
equity stakes of between 10 and 
40 per cent. Moracrest quite 
specifically does not want to take 
majority stakes. But It does 
want a non-executive director 
on the Board of its companies, 
whose function it is to give the 
Boards of those companies 
access to financial expertise 
from which they might other- 
wise be isolated. 


It now has stakes in eight com- 
panies there, mainly in the 
technology and energy-related 
fields. It stresses that it takes a 
medium to long-term view of its 
investments and explains that 
while it likes some running 
return by way of interest or 
dividends and directors’ fees to 
cover running costs, the even- 
tual release of capital apprecia- 
tion remains its paramount aim. 

Nicholas Colchester 


Midland Montagu 


MIDLAND MONTAGU Indus- 
trial Finance, a wholly owned 
subsidiary of the Midland Bank, 
has been in the venture capital 
business for a decade: It has a 
portfolio of twenty investments 
' representing what it. describes 
as rather catholic tastes. 

But inevitably those com- 
. panies which attract Midland 
Montagu funds are those which 
fall into the categories of retail- 
ing, wholesaling or manufactur- 
ing. Companies which are essen- 
tially “ people ’’ businesses, such 
as management consultants, 
where the assets move up and 
down the lift shaft at the begin- 
ning and end of each day do not 
attract these funds. 

Property companies are also, 
viewed as unattractive since the 
sams required for investment 
can be large and the returns 
smaller than the above average 
managed small industrial con- 
cern. 

Introductions of prospective 
borrowers are effected by the 
3,000 or so branch managers of 


the Midland Bank. Some intro- 
ductions . come through 
accountants and solicitors. 

- The minimum investment is 
£100,000 which Midland 
Montagu prefers to inject in the 
form of equity rather than 
loans, providing it does not give 
the Midland a controlling stake. 

However, .if the situation' is 
small, and the amount of capital 
required is large, large enough 
in fact to take Midland's equity 
stake to a controlling interest, 
then Midland will top up its 
equity interest through a loan. 
But the split- between equity 
and loan capital is not more 
than 50/50. 

Loans have to be repaid 
within a seven-year period and 
are charged at the bank's base 
rate plus 4 per cent. A Board 
seat is required, and Midland 
provides one of its own staff 
with an industrial or commer- 
cial background. Midland Mon- 
tagu' dobs- -subsequently invest 
In the company where it has 


a shareholding. 

Those companies seeking 
funds have to show pre-tax 
profits of over £50,000. The 
eventual aim of Midland is 
to see its investment either 
publicly floated Dr involved in 
a trade sale through a merger. 
But companies unlikely to fulfil 
these aims in the medium term 
are referred to a parallel com- 
pany, Midland Industrial Invest- 
ments, now just two, years old, 
which specialises in the longer- 
term investment. 

For high-technology ventures 
Midland has to process the 
application through a finer 
sieve. This can involve bring- 
ing in bodies such as the 
National Research Development 
Council, which would provide 
finance at perhaps lie prototype 
stage, while Midland would pro- 
vide other funds. Two of its 
twenty investments are high- 
technology ventures and involve 
this type of syndicated lending. 

John Moore 


Gresham Trust 


GRESHAM TRUST moved into 
the field of venture capital, or 
the provision of finance for 
small developing companies 
around 1981. The successful' 
development of these activities 
has been such that it now 
represents by far the lion's 
share erf the bank’s revenue. 

-.In the last annual report un- 
quoted investments stood at 
£3-29 hl, some £500,000 lower 
than the previous year because 
of realisations, which compared 
with £5.27m. of quoted invest- 
ments— although about £2m. of 
this was held for dealing pur- 
poses and as such only brought 
in a mi nimum level of income. 
But -gross revenue before tax on 
the unquoted investments was 
£464,000 against £382,000 from 
the quoted portfolio. 

Gresham’s investment in these 
smaller companies can be of the 
order of £50,000 to £500,000, but 
anything over £250,000 would 
only be made 'in exceptional 


cfeses" The average figure is prob- 
ably just over £100,000 but this 
is getting progressively higher. 
Finances are' provided from in- 
ternal sources, while theje Is 
a loan capital of some £2.25m, 

• ' Finance for smaller com- 
panies is naturally very topical 
at the moment and Gresham is 
receiving a' number of inquiries. 
These originate' from profes- 
sional advisers such as lawyers 
and accountants, mainly in the 
provinces, from advertising and 
finally by recommendation. 

The bulk of the companies 
which come to Gresham for 
long-term capital’ tend to be 
under-capitalised. So invariably 
the. investment takes the form 
of an equity stake. But in some 
cases medium to long-term loan 
. capital would be provided which 
might or might not be con- 
vertible into equity, or even a 
combination of both. 

'An investment is never taken 
•by ‘.Gresham that does not give 


ah immediately attractive yield. 
At the moment the minimum 
yield accepted is about 9 per 
cent, but this naturally fluctu- 
ates along with market condi- 
tions. No set date for realisa- 
tion is ever made on invest- 
ments, and the only major 
-requirement of Gresham would 
seem to be the right to appoint 
a director. 

While no date is set for rea- 
lisation this is naturally a highly 
profitable exercise for the bank. 
Public flotations such as Tartan 
Arrow or Marshall Cavendish or 
acquisitions on the lines of 
Ebor Unit Trust (taken over by 
Save and Prosper) or J. and A. 
Stewart plant (Hewden Stuart) 
have a marked impact on the 
profit and loss account; the 
profits record emphasises this 
point These more than offset the 
element of bad debt that is in- 
evitably incurred. 

David Wright 


The companies in which 
Moracrest aims to invest are 
most likely to be family con- 
cerns with room for expansion, 
but with an equity 'base now 
inadequate to sustain the bor- 
rowings necessary to ‘ finance 
that expansion.- Moracresfs 
directors will also consider the 
purchase of existing sharehold- 
ings, where directors are- plan- 
ning to retire or wish to 
arrange their affairs for the 
purpose of Capital Transfer 
Tax. 

So far, the investments which 
Moracrest have made have 
belonged, in roughly equal pro- 
portions, to each category. It 
took around six months, to set 
up the company and its man- 
agement; and the processing of 
individual investments takes 
another five or .six months. So 
it is only very recently that 
Moracrest has started to put 
monejr into companies. So far. 
however, “ several " invest- 
ments have been made, absorb- 
ing some £l.5m. On the 
strength of their experience so 
far the directors are convinced 
that “there is a market there 
for this sort of investment,” 
.but “ it is early days yet” < 

Moracrest invests for the 
longer term — five years plus. It 
will put up to £500,000 into any 
one operation. For its money 
Moracrest expects a relatively 
high and growing level of 
dividend Income. At the 
moment it is looking for a 
return of nine to 10 per cent 
after tax — effectively a gross 
yield of over 15 per cent This 
is obviously considerably higher 
than the yield which most 
public companies would have to 
offer in order to raise money. 
Indeed all the companies in 
which investment has been 
made so far have been private 
concerns. 

Investment decisions are 
made by the whole Board. But 
some of the preliminary ’ work 
tends to be done by Midland 
Bank's short-to-medium-term- 
venture capital arm, Midland 
Montagu, and most of the clients 
so far have come in by way of 
Midland Bank's branch network. 
The M several n , investments 
made so far have been a distilla- 
tion from around 100 applicants 
for funds, of which a good 
many, according to the bank, 
have been non-starters or barely 
starters. 

This is the first time that 
either the Prudential or British 
Gas Central Pension Funds have i 
ventured into the field of low: 
capitalisation companies. Nor- 
mally they will not consider 
putting their money into any- 
thing with a capitalisation of 
under £10m. They are looking 
for advantages in terms of a 
high return on their invest- 
ments, while for Midland there 
are additional advantages to be 
gained from restoration of the 
equity base of the companies to 
which the bank lends money. 

Adrienne Gleeson 


Ifyou have a small, thriving and 
f6rward : looking business,but lack of 
working capitals holding back the : 
replacement of your plant and vehicles; 
we at Lombard North Central may be 
abletoassiktyoiL : 

For over 100 years we’ve helped 
businesses, both large and small, to 
fund their investment programmes. • 
Our experience in planning and 
evaluating finance to suit individual 
cash profiles is worth considering. . . 
Our funding options include:- 
Leasiog and Lease Purchase 
F.u nding for plant, machinery and . 


equipment; to help you conserve 


of tomorrow^ profits. 

Trucklease 

The most comprehensive modem 
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vehicles available. With Trucklease 
you pay fixed rentals for your vehicles 
enabling you to forecast your transport 
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Wheel ease .. 

The car leasing facility which a growing 
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are now using. 


These facilities can improve your cash 
flow and our specialists are always 
ready to talk to you. We have over 100 
branches, so thereb bound to be one 
not far away Ring us today-you’Il find 
us in the ’phone book- or contact us at 
the address below. 




Lombard 

North Central 


Limited 


Fortier details of all our credit and hire faaKSesarcavmJablcti'JtlHrat obligation, of cfeargo 

upon request. Credit or hire terms ^notavaSable to persons trader IS years of age. 


Lombard House, Curron Street, 
London WIAIEU 

A member of (be National Westminster Bank Group, 


LongTerm 

Finance 



ames 



CHARTERHOUSE 


Charterhouse Development, 1 Paternoster Row, St. Pauls, 
- : London EC4M 7DH. Telephone 01-248 3999. 














FINANCE FOR SMALLER COMPANIES VJH 


Financial Times TffinsSay; Apnl 2 $ ' 3 . 978 - 



the basic need 





v; V;,> : '■ ■;? 


■ - 


w 


TTTR REVIVAL of the small Some of these hare a long at first, but the momentum has director; sometimes 
company is not just a gleam in history. Charterhouse Group, picked up more recently. Board representatives 


these vpstment can go as large as £2m. 
are before it finds itself trespassing 


vhTm* i* maiii-if-ianc- venture for example,- goes back to 1934, Moracrest is aimed at sizeable supplied fey the Prudential or on the territory of its fellow 

and for a number of years has companies with profits of more the Gas pension funds. subsidiary within FPL Finance 


CTpitaI had around £10m. invested in than £100,000 pre-tax. Invest- Another specialist in the field Corporation for Industry. To 

report ^iat mere oas been a wbat it describes as develop- ments of up to £500,000 are of development capital is give an idea of a more typical 

marxediflcrease in -me uemanos ment situations. The group’s envisaged, representing Gresham Trust, which offers size bracket, however, half of 

for nuns by ansu businesses. p Qlicy j S always to take a minority equity stakes of 10 to funds in the form either of the total number of ICFC in- 

The largest speciadast an small m | nQr ity equity stake, the pre- 40 per cent. share or loan capital. Else- vestments last year were under 

company finance, Industrial ana f erre g size of the investment At tills level, it marks what where. County Bank — an off- £50,000 and three-quarters were 
Commercial Finance Corpora- being in the £50,000 to £750,000 could he described as the top shoot of the National West- under £100,000. • 
tkm, reports in fact that invest- j^nge. of a range of Midland Bank minster Bank— is active in this Sheer spread and diversity 

meat is running at roughly rhJ . rterhtlusa miI =t be satisfied vehicles for small company field. lies behind much of ICFC’s 

twice the rate it was a year ago. ^ ^ bnsiness te ^vahle of InVBStment . P™- And a rather surprising new dominance- It pulls in business 

Partly this may reflect a pa ying reasonable dividends. It gjgfjjg* , JSJf® ^ bf * a made by the trough 18 ^fional offices, and 

general recovery of confidence, 5ee }^ t0 manage its portfolio of ^SS5S« b ?S?l* arB NationaI Enterprise Board, 4 i ec ?" 

with sentimeaM: improved by the sma u company investments by 5? Midland Montagu Industrial which has made a number of o° lo gy subsidiary^ called Tech- 

much lower Interest rates and appointing a nominee director Finance, on sinally a merchant investments in ' quite small mcal Development CapitaL lfr 

inflation rates which have been to each Board. These directors SSS!® “SS? 9 om ^ imies * *3 well as getting 

achieved dn recent months. It are full-time staff members, fictions which now operates S0 y 0 ived with . troubled giants term (seven-20 years) 

may also be the case that small usually managers recruited jj™ Further like British Leyland and Alfred 

businesses are being encouraged from industry. ?™ According to its taiior-niade vanant such as Con- 


Investments, evidence to the Whson Com- vertibIe Preference. 


by the sig n s of mare favourable Thorp are also some vervnew ~ — : «=»iucutc w ura wuson 

treatment by the politicians. At operators in this small company ^ ^ ^ £50000 ***5, ^ EB ** ''Jf k-i- 4 * t-auuai 

any rate, proprietors of small Thus if is only just over ’ cerned with size or profitability V/tipHtll 

companies are now increasingly a year since Moracrest Invest- Ponfiilmifiol at , _?■ 2 QtS ^^ t ^ an wit ? 1 Moreover, in small company 

willing to consider plans for ex- ments. a £15m. joint venture of V-»UIlUIIt5llUsll potenaaaL Whatever the start- investment ICFC differentiates 

pansaon, and this naturally the British Gas pension funds, __ I? 8 NEB looks for dearly between the investment 

brings them more frequently to Midland Bank and Prudential The scale of activity of Mora- the potential to raise a com- market — covering companies 

the doors of the institutions Assurance, was launched with 18 the moment being PahTs turnover to several seeking new capital — and the 
which are geared to long term a modest fanfare of trumpets, "fj* confidential. Companies, m million pounds within three to purchase market — embracing 

fact, sometimes ask for the five years. existing shares for which 

relationship to be kept a pri- The dominant force in the holders are trying to find 
vate matter. But Moracrest says venture capital field remains, buyers, often because tax bills 
it has made a number of invest- however, ICFC, which via its need to be met With the latter 

ments of quality and calibre, parent Finance for Industry is problem in view ICFC manages, 

and is well pleased with them, owned by the clearing banks and and has a 42 per cent, stake in. 

Approaches come both the Bank of England. It has Estate Duties Investment Trust 

through the Midland Bank over 2,000 customers and (EDITH) which is listed on the 

branch network and through operates over a very wide size stock market 

independent professional advis- range. Even a £5,000 loan is The amount of new 


investment in small businesses. Apparently the going was slow 



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•GROUP 


A model of cash flowing through a business 


COSTS 


RESERVOIR OF CASN 



SUPPLIERS 
OF GOODS 
& SERVICES 


-ft-: 


STOCKS 


CUSTOMERS' 

DEBTS 


CASH SALES 


CREDIT SALES 


KA^NdMi 




—p.'sh? 


\-.:znra 
.- : I’ii’l 

r f 


.71 




. .» — * ■ 
»;■ nicies 

...ri 

ticaa 


... .-r-tsjn 


V-’Uil 

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;; Gisli 
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sum' 
arrv 
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seams likely that around £60nL. mnch on the long term, and this to provide their backers .Hiffi" 

_ invest- waa Involved. What can be fit -an approach which is having a large regular cash, income. 2 .V-. 

ers to the companies, such as not so small that ICFC turns up ment by ICFC — in shares and stated accurately is that £88nt ® be followed more and "more Some venture capital fipedaHsh^ ... 

accountants. As for the future its nose, hut at the other. loans— daring 197&-77 was was offered to 838 businesses by some of its competitors. -In insist upon Board . represent* . 

relationship with client com- extreme the customers come as £26. 8m., and althou^i ' 5 ~ * - — 

panics, Moracrest, like Charter- big as British Caledonian. figures for the year ended 

house, like to appoint a nominee In general terms an ICFC in- month are not yet available, __ 

” ' ". ’prospect of large capital realisa- man on to a Board, , and oniy : ^' _ -!. .. r . ; - c 

; tions. These could be made by in 4 per cent, of cases 'is; * 
^developing small companies to nominee appointed. - 
the point at which they were The . . current revival 
capable of being floated on the fioTWMnrt from small companies 
-Stock Exchange. has ended a period of general 

But the weakness of the stock depression in the venturi 
market, particularly in the case capital sector. . But there ii 
.of shares of small companies, a good deal of nervoua..tali. n t|^n 
together with tax pressures on about what the Wllsnn.fknnm^llpl^ 11 
proprietors, has almost cut off * ee may recommend . There. 4 
this route to quick gains. concern that the bulging inraft 
For Charterhouse, for In- tutionnl coffers might ST . 
stance, original policy 'was to tapped to direct huge fccuf - - 
look for a capital gain after a into small co mp an y finapdf ' 
period of something Kke seven undermining - t h e presfflf 
. years, this being the main bene- commercial framewoifc - •' 

trol. Topics covered indude: such. as covering all aspects of fit from the investment Now . Tbe -inajor. easting ^ns tii a, ^ 
“Managing the Firm’s Money,” profit and loss. Budgets always Charterhouse accepts that it may tional- vehicle, . Eqmty 
“ Preparing Budgets,” “ Con- cover a specific period of time have to hold its investments for for Industry, is ranu 
There is a whole variety of financial advice at regular trolling Costs,” “Spending on ahead. This -is usually, one an indefinite period, and it ^•? ng 

reasons why things go wrong. A intervals— be it a case of decid- Capital Equipment,” “Setting year, but obviously the period relies more on annual yields 


or 

r- 

: j ?jc 
•. -■Is to 
: Tvine- 
•'■srjrey 
the 
: that if 
tamest 
? their 


Looking to efficient 


financial control 


« ir.CO- 
- 'Lora- 

r.ol 


MANY SMALL businesses, and Having access to an accoun- 
not a few large ones, fail taut is very important since 
through poor financial control, most businessmen will need 


viat'l 

3s a .| 
-:Lcs. 4 
and i 


firm may not have paid enough ing whether and bow to buy a Prices." and “Keeping ' the can vary depending on the type thkn on prospective realisation witit .ciuaiL* J 

attention to managing its own new piece of equipment, or just Records and Checking a Final’s of business. gains (though some of these JJJHJJJJJ;.' v n ?a- \i 

money, it may have lacked use- tendering for a new contract Performance.” A complete set of budgets,-. ma y : b ® achieved, mainly '• rjrr- i 

ful budgets, failed to control Nevertheless, many small firms Each booklet begins with the according to the ICA booklet, through trade sale or metger), mter^oianra nju ... . . .. doW} . t 

costs, it may not have been use accountants solely ox mainly reminder that although annual would involve the businessman- Entrepreneurs seeking, new ■:.< Jz? ~ so t 

setting its prices right, or -fit to . deal with adi the financial acc ^unts are necessary for con- deciding on: 

may even have fatted to keep paperwork they are required to 3 ,I USin £ S ^_r? ey , ar ?_ DOt 1- The value 

and service 
sell— a sales 
The cost 
is going 
budget / 


may ovcu nave laurea w Keep muxy icquucu ” . „ ; . ", . 

records giving a check on what provide for external users — enough 'or efficient business 

— . . _ ' - manairainciTif 1 1 Cne 1 - Tnm-oac- 


it had achieved. 

Apart from all this, there is 
the problem of taxation. 

More often titan not the small 


VAT returns,, annual accounts mana £ enie et It says: Increas- 
for tie Registrar of Companies, ln f. your Profitability means 2 . 
or PAYE data for tfielnland “ k ? ns 

Revenue. such questions as: 


continuously 



More often titan not, the small * which of ray products are mak- •» rr>, A nrnfir Sp in aiminff tn 

busines^jifl^havejo ^ but of »• / ■ddm-^.Aft.MpL __ 


tittle use- to the businessman in 


bank manager for 

money. The first question he . . . . 

win be asked is whether be has ■»“*■“» b« business 

soy accounts to show bow welt ft Ur tJ a S re ? lly f> rthw M e - 
he has been trading, as well as *? e S ‘ be c “ pl03 2 

cash flow statements indicating 5houla ,ake ^ acuve interest 


expected progress over the next 
year at least It is often at this 
stage that the businessmen will 
be advised to get himself an 
accountant, and probably given 


in his business by helping; in 
preparing budgets and forward 
plans, going with him to his 
bank when he needs more 
money, and providing him with 
all-round financial advice is 


malting losses? 
is there too much cash tied up 
in stocks and debtors? 
will it pay me to buy a new 
machine? 

if r expand the turnover, how 
much additional money will I 
need to finance it? 


4. 



option 

: :ucing 


CONTINUED FROM PAGE1 


5. 


The money he expects to 
receive and pay and the 
balance he expects in the 
bank — in credit or overdraft 
— a cash budget - . : = ' 

The facilities and other reservations about ft in Britain seems little doubt that ids 
assets he needs to own— an where Ministers fear it could will be granted b ec au se 
assets budget • insH tn fh» Cmp.mmont the Conservative 









■ ^'3PV!u;^ 


what is the level of turnover e . The“me^ “by which_ he S2JZ Parties* have spediti poikdesft^ 


to start making 


Small businesses 
Id benefit. 


the name of a local firm known both his business and fOznily 
to the bank manager. affairs. Having had another bill 

his 



n Tbe budget has some good 
npqgs fip- sma ll faisingsyrngn- 


J The Chaocdlorls statement 
cleared the way far expansion. 
We can show you how— 

| in Wiles. 


I need 
profits?’ 1 
Not surprisingly, in view of 
recent inflation levels, the series 
places most emphasis on 
control. ■“ In simple terms 
means knowing that you will 


ed. 

Agatha 


me means ay vdku ue hrtns - Raddled with the banks iMuaaii'-- -ii i 

intends to finance these r ** 8 , , !”■ ' DanKS small firms-ihdeed the preset^-: A: ,, f 

assets — a sources of finance bad dents. . . Government’s initiative owipi :cr : rVn -t « 

So in many ways the debate something to the Iib-Lab pao^ m s l, e - ‘ ” 
about how to revive Britain’s But some^ ^fairiy basic question p ia • * 


F 

a 


budget 


from his accountant the atti- 
tude of many a small entrepre* 

neurmay besha t thisas all veiy alwa *y a have 'toe rash amiable in England and JN ales 
^ ^ ‘theory; hut rather too t0 pay biJls when ^ tered ^Accountants’ 

due. To achieve 
you will need to make 
for the periods ahead, showing 
when you expect to receive 
money from your customers 


“g »£ o/ ChSter^AccouqS alttuHighfor politic al reamns individm l investor Rl^ J^r 


costly to <q>erate in practice. 

Assistance 


Char- Mine ra P id answers are being preneur, 

FTnff Mnnr. 


demanded. Mir. • Lever hopes investor, and intervention . *.*?« * c - 


« off in 
c:-mnus- 



Fi 

a 

Si 


Needless to say, no account- 


Ifyour conpany^ expansion. 


j plans would benefit from an 


ir^ectioa of capital, 'we’d like to 

( hear from you. 

The Welsh Developinent 
Agranr y fras fiiwfa a walabte f OP 
I investment 


I We can also give y«si sound, 
I unbiased business advice. 

I ' We have factories available— 

I now. 

Complete the coupon, and 
we'll tell you just what we caa 
do for you- 

Welsh Development Agency, 
I Ireforest Industrial Estate, 


To: Small Business Unit, Vfelsh Development 
AgemcxTreforest Industrial Estate, Pontypridd, 
Md Giamor^fl CE37 50E 
My business is expanding. Hease give me the fads 
about WDAfinance. 


(044383) 2666.Telex4S75l6, 

| Welsh 
« Development 
| Agency 


Name. 


Positioa. 


Company. 


Address. 


Tel 


no 





ant would agree, believing, like and wbe n you will have to pay 
c hRJrman o£ money your employees and 
the English Institute of Char- sup p]j ers ." 

tered Accountants* Small Prao- Recent causes of business 
tit loners’ Advisory Committee, failure are quoted to emphasise 
that “ the accountant who is the p^t a ca^ fl ow fore- 
doing his job properly is worth cast is one 0 f essential tools 
his weight in gold.” According of management: “It is likely 
to Mr. Slade, no accountant j ba j a failed business .will not 
should just turn up at his client have respo nded adequately to 
once a year to prepare the change. Very oFten a big pro- 
annual accounts, not to be seen ject has been taken on which 
for another year. He sees a lot bas proved unmanageable, and 
of evidence that the accountant the firm has tried to operate at 
and his client are getting to- a level of activity well beyond 
gether much more than in the means. Looked at from an 
past and, for instance, going to accounting viewpoint, the level 
see the bank manager together. 0 f borrowing in the case of 

One indication of the import- failed companies is often so 
ance which the English Insti- high that interest payments, 
tute of Chartered Accountants even at normal activity, present 
attaches to this area was pro- a threat to the survival of the 
vided last year when it pub- business, 
lished a series of short booklets t i , 

dealing with the financial prob- IflfiflCflUStC 
lems faced by small business „ neta „ ... - fnnr¥t 

firms with the general title _. r 

“ Notes for Businessmen.” ■ t “»» An* 

, f ... lar you frequently find a com- 

The series deals with vanous pj ete ab sence of forecasts o£ the 
aspects of management account- j.j^ e j y t0 fl OW j n to and out 
ing and is intended for distnbu- 0 | yj e business. Even where 
tion by chartered accountants to these do wris t, they have not 
their clients in small firms. The be en regularly revised, with the 
object is not “ do-it-yourself ” result that a cash crisis has 
accounting but a description of arrived unexpectedly. In finan- 
specific financial problems of the cial terms the business is under- 
smaller firm for which account- capitalised and has over-traded; 
ing offers solutions. The book- j 5 ocer-geared and has failed to 
lets set out to explain these produce adequate cash flow 
issues in general terras for the jo recasts.” 
layman and to point out the Needless to say, the one man 
areas in which he might consult who can help wth all these 
expert accounting advice, nasty problems is the friendly 
According to the Institute, the local chartered accountant! 
booklets should go some way Of the other booklets, per- 
towards meeting a need empha- haps that which covers budget 
sised in the Bolton Report, preparation will be of most 
which looks to the accountant general interest And what 
to play an active rale in “those are budgets? Simply plans 
vital areas of management in expressed in money terras. They 
which small businesses are can cover specific aspects of the 
weakest — costing, estimating, business, such as sales; or they 

budgeting, and financial con- can be more comprehensive, 


And 

- - • -:ket coni. 

=alf thg; 


only 



most 


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ni 

co 

to 

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We at NCDC:tere always lielieved that 
companies with financial growing pains need, 
more than just money. They need ihe interest 
of someone with experience of similar prob- 
lems willing to give time and care to help solve 
theirs. And willing tn stay on the job after the 
moneyhas been provided ... - 'J 


^ til: • 


vii 

a* 

3» 

to 




■’.% « - a «» the 


tio 

clc 


Con. ** 


.“'C 


, and 

A 0 v.V“ n R ite' J 

" °‘"V Can. 


CO] 


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$Uv*'E 

V W < bas rs 

,0 tty 

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In our drals our di^its make money - : 
more money than we do. We like it that way 
Every deal is hand-tailored tn fit a specific ; 
company's needs^New plant; working capital 
. acquisitions or transfers of owners^ kre ; 
familiar uses forntir talents. / 




■s>!i 




Do you want to khow more? Then. phone or 




vSv cr,^?iateiy m * 


m 

no 




National andCommerdaS 
Development CsipitalLtd 



: : 1 «b is 

Moim- 

jj ,5a ep 


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I^iaadai' Tnges Thursday Ajril 27 1973 


ECONOMIC VIEWPOINT 


— -: r ~ 



27, 





is missing from the summit 


eg APPROACH of probable, fonnance of the U.S. economy 
Sj*ral election is always likely until recently is qtate largely 
pxOToke displays of interna- based on confidence, doe per- 
• - statesmanship; and "ItriB - baps' "to - T5rer ^tirw&rd-looldng 
_jgether easy to -know how American view of tie world, 
ijisJy to ‘take - the portentous and - tee refusal to admit the 
j-up which some members existence of sa£h awkward 
r^je Cabinet have- given to -bogeys as an energy crisis, 
^coming economic summit which the leaders of other 
j^prime Hlnister toned things' comrtciiBs .have been ready to 
- more than a little in the plore. Now that the U.S. has 
of bis joint Press con*: finally been convinced that 
• with Chancellor there is something '.of a dollar 
a failure at the sum- crisis, wi& - ffl&nrbahg Empliea- 
jnight be a disaster, .but a' : tkms for inflation, and that per- 
s would only be a first haps the energy crisis also de- 
However, some Ministers serves attention, internal con- 
tbe impression that tiny fidence— certainly as measured 
victims of their own. pro- by consrenet surveys— has 

da, and that erig»Eated. However,, . . this, is 

reform of international not only highly unfortunate for 
ic relations could -magic- the U.S., and for everyone else 
ove all the frustrations dependent on that kast market, 
goffer. but it suggests a lesson for Mr. 

only tee Americans would _ Callag han. Tafldi*; of crises 
their J?alapce of. .Eflyments and summits is hardly the best 
if-, only - exchange rates way to eugender. confidence, it 
stop being so volatile;. if is. better to talk hard specifics. 

could get .aTKrogrannne ■“' ^ # ' ~ • . 

^co-ordinated growth; if only IlniPpilVAC 
foessmen would respond -to vUJCtUV» 

ese igaodies- hy investing The specifics proposed for 
___ . . . Mr. -Callaghan sum-. week-end are far "from hard 
jeA irp tee whole line of argo- at this stage. But tee main 
more heafly than he per- objectives are dear- enough — 
jpg jn tended when he talked dear enough certainly 'to pose 
; confidence as the key issue, tee- .question whether they are 
Kh enthusiastic support frpm the', right objectives; . and what- 
igv chancellor. - -would.be changed if they were 

i^benever policy-makers- or achieved, 
tajomists talk of confidence or The -British- -approach to 
{Bpctations, it.jsttrae to be growth through internationally 
£ - ! nos. The^ talk__tends to co-ordinated fecal policy has 
Huff they cannot convfho- been a persistent theme ever 

- explain- hdiv the measure^' since the oil price rise in 1973, 
;;v7i^^rbipose wai produce the and is generally supported by 
Si^jfofts-teey deSre, bat that: if . the OECD secretariat In its 
' , ; ^;dy-ihe Gity or tee ' business first form it proposed a duty of 

would take ' their expansion on those countries 
,;W for it,.tee whole pro- with a strong balance of pay- 
. v-^^nme wotfld wffl* like magic, ments; more recently the 
r "7;isaere is ho reason, of course, theory of a coordinated “ con- 

- ^g^^he:ihHX«tance of con- voy ” or “ narrow pate ” growth 
ice. The remarkable per- has taken over. 







This approach has consis- 
tently been presented as an 
answer to the spedal circum- 
stances which have bedevilled 
tee world since 1973. However, 
this is really a 'false bill of 
goods. It is in fact an attempt 
to internationalise wbat has 
been a British obsession ever 
.since the. war— the idea that the 
balance of payments is the main 
or the only constraint on 
growth. 

- The logic is simple enough. 
Since the war. . (except in the 
last year or. so) the- growth of 
international trade has been 
much faster than the growth of 
output; the result is that diver- 
. Sent growth rates of demand 
have a far" bigger effect on the 
balance of payments than they 
used to have, because in every 
country demand has a higher 
import content and industry is 
more export-dependent than it 
used to be. The results - of get- 
ting cyclically out of step' h3ve 
tended to become unmanage- 
able. 

The idea that the best way 
to solve this ..problem^ which 
used to be known in the annual 
reports of the International 
Monetary Fund as the problem 
of cyclical divergence, is to 
make the cycles converge is an 
.old one,. The IMF habitually 
punished countries which got 
into deficit by expanding out of 
turn by making them deflate. 
The result was that by 1973 
these policies had actually 
achieved the desired result; 
cyclical convergence. . 

T%e fact that the remedy 
proved a good deal worse than 
tee disease .should surprise 
no-one who has analysed the 
problem; for the “ bad ” balance 
of payments which results 
from over - stimulating demand 
in one country is a very 
helpful result. In the country 


which has made a mistake on 
the expansionary side (and if 
there is one clear lesson of the 
post-war experience, it is that 
fiscal mistakes are inevitable),- 
imports can satisfy excess de- 
mand without inflation. De- 
mand in depressed surplus 
countries is also stabilised. 

Once the business cycle be- 
comes convergent, this helpful 
safety-valve is blocked. In the 
expansive phase everyone is, as 
it were, trying to get into deficit 
at the same time: the only re- 
sult is a world-wide experience 
of - shortages and bottlenecks 
accompanied by very high com- 
modity prices. On the down- 
swing everyone is trying, by 
Implication, to get into surplus; 
the result, is obstinate depres- 
sion, and pressure for trade 
protection. 

The logical answer is not to 
de-stabtiise the world economy, 
but to devise better means of 
financing the trade imbalances 
which result from un co-ordi- 
nated (and much less infla- 
tionary) business upswings. 
This is. tee problem which the 
IMF became progressively less 
able to solve in tee 1960s, and 
the failure is tee major reason 
for tee collapse which followed. 
The solution certainly does not 
lie in an attempt to repeat tee 
errors of 1973. 


Disturbing 


The renewed stress which 
Chancellor Schmidt, Dr. Witte- 
veen and others are now placing 
on international monetary re- 
form is some recognition of this 
fact, and it will certainly be 
helpful if the summit agrees to 
put more stress on monetary 
than on fiscal approaches; 
money is a real problem, but 
cyclical disorder is a blessing 


in disguise. However, at is 
'sadly easy to make ntisfahes 
in monetary reform, and tee 
emphasis in preliminary discus - 
sions- os gadgets — snakes or 
alternative crawling thing s, sub- 
stitution funds and the like— is 
a little disturbing. Such formal 
arrangements can be helpful, 
but only if tee fundamental 
problems are tackled too. 

In the 1960s it was fashion- 
able to discuss tee balance. of 
payments financing prob l em as 
a shortage of international 
liquidity. Once tee growte of 
the ExapdoUar market made it 
dear . teat international 
liquidity of one kind or another 
was superabundant, the catch- 
phrase changed to ’"-tee maldis- 
tribution of international 
reserves.” The French pre- 
ferred in talk <rf the problem 
of reserve currencies and, with 
hindsight, they appear to have 
been nearer the mark than any- 
one else. Reserve currencies 
are in demand for portfolio as 
well as trading purposes, and 
so have an inherent tendency 
to became over-valued; when 
their values - need adjustment 
for economic reasons, tee mar- 
ket becomes unstable due to 
speculation. 

The proposals from the Ger- 
mans and the IMF may well 
prove a' helpful starting point 
to solving the portfolio part of 
the international monetary 
problem. ■ The forgotten half 
of Gresham’s law states that 
while- a had money drives a 
good one out of circulation for 
settling transactions, this is be- 
cause the good money vanishes 
into private hoards or invest- 
ment portfolios. A commercial 
use of the SDR, the Europa, 
the Emu, or whatever it is 
called, could well be a substi- 
tute for large commercial hold- 
ings of rational currencies. 


Even ■ assuming -success, 
though, this only tackles what 
is essentially the trivial end of 
tee problem. Speculative 
crises 'are sensational and de- 
stabilising while they last; but 
they are only a symptom of a 
malfunctioning adjustment pro- 
cess. 

“What needs adjusting is not 
only divergent trade balances, 
however mute these may obsess 
British officials, but divergent 
inflation rates and monetary 
policies. This is tee issue that 
Chancellor Schmidt has yet' to 
look at squarely. 

Stable exchange rates, as tee 
London Business School has 
pointed out. wiH only remain 
stable df inflatio n rates as they 
affect tee coot of traded 
goods are roughly similar; and 
this suggests teat tee y can 
oxdy be v achieved if 
Germany and Japan accept' a 
higher rate of domestic infla- 
tion than other countries — 
which is more or less unthink- 
able. It may be that in a world 
in .which speculation could not 
so easily be financed,- adjust- 
ments In a floating mark et 
•would be smoother; that is pre- 
sumably the faith behind the 
German and IMF proposals. 
Sceptics on this score, howeyer, 
might well wish that long-stand- 
ing proposals for orderly ad- 
justment — the crawling peg, 
recently rechristened as the sys- 
tem of dynamic parities— were 
at least on the agenda. 

International reforms which 
led to exchange rates which 
were predictable, even If they 
were not stable, would certainly 
make other problems very much 
easier to solve; but they would 
still not actually be solved 
unless another item which does 
not appear on the agenda is 


thashed out at this or a future 
summit What is required is a 
co-ordination of monetary poli- 
cies. This may well creep is by 
the bate door: it is implicit is 
any scheme to turn tee IMF 
into some sort of world central 
bank, which would have to have 
some control over its 'member 
banks. 


Reasoning 


The reason for stressing mone- 
tary rather than fiscal policy 
ought to be obvious from recent 
history. This shows that 'ex- 
change rate crises have- much 
more to do. with mistakes in 
monetary policy than with fiscal 
policy or the balance of pay- 
ments. The dollar stood up very 
well to a huge and growing 
deficit as long as monetary 
policy was fasrly tight — and 
incidentally U.S. growte was 
much more reliable in the 
period when Dr. Burns was 
being attacked for excessive 
tightness than it has been since 
monetary growth accelerated 
and tee dollar crisis followed. 
Our own experience in 1976, 
echoed — -faintly so far— in tee 
last few weeks, tells tee same 
story. 

Pure monetarists claim that 
suitable monetary policies will 
solve all problems. In a clean 
float, monetary control win 
ensure that interest rates rise 
far enough to attract private 
finance for the trade balance, 
and exchange rates will be 
stable. 

This seems to beg all too 
many questions in a real world 
in markets are impressed 
by smtics, and in which 
iuvestoift naturally prefer to 
hold tbe currencies of surplus 
rather than of deficit countries 


—not to mention tee difficulties 
of Tnatring tight monetary 
control effective. It seems likely 
that official reserves will still 
have" a large role to play in 
financing the desirable swings 
in tee balance of payments, and? 
if this is so monetary policy 
must- play at- least as mu dr: 
attention to the growth .of- 
domestic credit as to money" 
balances. This can impart ‘ 
deflationary bias to policy, since^ 
surplus countries will tend 4ov 
have very low DCE in line with- 
normal monetary targets, .and:- 
deficit : countries will suffer- 
monetary restraint if DCE 
kept in check. L- ; 

However, almost any policy 
one could devise— conditional 
IMF lending on the old . modcL" 
a redesigned snake, or a world 
central bank— would be likely.’: 
to show some deflationary bias'; 
at present, mid for a very good ' 
reason: reducing inflation -is^ 
still high policy priority almost ~ 
everywhere, and it is not com'*; 
patible with going bald-headeif-f 
for growth. Inflation and higfi ; 
interest rates discourage invest - 
ment; and attempts to squares 
the circle with investment sub*'; 
si dies only add to financing' 
problems — and incidentally tend- 
to lead to investment which- J 
displaces labour. The rear 
trouble with the summit agenttST 
is teat it demands incompatible 
achievements — most obviously; 
in the plan to repeat the£ 
mistakes of -1973 on an inter-i 
national scale, but also in manyl 
more subtle ways. The summit: 
could teen lead to disaster, antE 
not only in tbe way the Prime' 
Minister imagines. Too much." 
** success ” would be an alarm", 
signal. 

Anthony Hams 


Letters to the Editor 



..... 

-CodSnanefe ' imeo- 
nott 'attacks on options. (Lom- 
^=s4«d, .reaffly.-wUI mot. 

^adence that 

~ TiLftrirn ffL can -act -85 a 

for equities. 
Jgppijig up. rspeculataon and 
' '..if:' put 'of '. tee. -^equator 
;opti<w trading ' actually 
>redace_s4ightJy tee vote- 
d tfe uhderiydng securi-- 
And i&s speculation does 
tee Option market go 
tead;- tee umninenoe-pf 
.. . - after 1 

-^CTO.^or.nane'iiHmtesaneaiis 
U-wBMW* 011 -premiums can never 
— JfibiVen far from teeir “fair n 
due however enthusiastic in- 
jtttqs become. 

There is no' question of option 
atkets in some way reducing 
e value of equities: tee net 
oney invested in option^ is 
ways aero, since there is a 
liter on tee oteer side of tee 
9ns action. As for reducing tee 
Juadjty of tee equtiy market, ft 

a diy Mkefy-tiiat trading in 
tike'XSt GEC, .or BP will 
p ahAgeteer: just because 
tton.nvajkefc' has arrived. 
If. 3 Cochrane's Aunt Agatha 
teat a portfolio of 95 
j eent- bonds and 5 per cent. 
rdpHons is much less risky 
^ eqoftiesi 7 and may- weH be 
i better suited to her seeds. 
|,v afll jju« be~: ripped off to 
either; tee cammss- 
payable ie much less than 
_ commission : on tee purchase 
gtee- undertfying equities. And 
[ tee' Amsterdam market oom- 

H8SllBl&; .--arB-_ nrtly . half . the 

•wpdon level anyway, for moat 
argain sizes. 

'^teonyBdrd.-: 

S*. Richmond Road, 

JS Ustonitpcm. Thames, Surrey. 


-CSETJ but so far as I am aWare. 
ACAS has at no time put the 
EMA’s views to tee CSEU in 
return. It has not pointed out to 
the CSEU teat Parliament re- 
jected the concept teat trade 
union organisation should be con- 
fined to CSEU affiliates^ nor that 
SAIMA is already recognised at 
Company level for 60 per cent 
of the industry’s managers and 
has 70 per cent in membership; 
nor - that as a- relevant . union 
.SAIMA is legally recognised for 
collective bargaining purposes 
within the industry; nor that the 
EMA- has expressed its willing- 
ness to join the CSEU; nor teat 
we offered to have tee matter 
decided, by ballot if anyone 
doubted what the overwhelming 
opinion of the industry’s- man- 
agers is : on - te'e- : autrj ect df -their : 
representation. • - 
If 'ACAS had put these points 
strongly to the CSEU, we believe 
that it may well have been 
Influential in its effect on teeir 
opinions. It is a matter of 
regret that ACAS has declined to 
do this. I believe the reason is 
that for ACAS even to attempt 
to conciliate would undermine 
bote tbe stand of tee CSEU and 
the line taken by the TUG on this 
recognition issuer 
John Lyons, 

Station House. _ 

Fox Lane North. 

Chertsey, Surrey. 


is developing in Germany, but it and expect to complete this work 
will undoubtedly influence tbe within the next three months, 
nature of any future legislation. The Post Office has been 
And, interestingly, experiraenta- steadily improving facilities for 
tion is not being led by the public at tbe airport and 
accountants. there are now many more public 

All this is not to say teal the 
UN. proposals are good ones, but £££ , ° ill tb h £ ; 
before one begins to criticise the 

detail in tee appendices, a long “ Twa * * becomes 

hard loot should be given at tbe av f lB " r _i_ nf - a i.-j 

text on the issues and principles ■ • if 

involved. And companies- must -Si TVafSenr 

research and experiment so that gjjjjf 1 . ^TV^hnn^ 
they are in a position to in- s t . . p n f. P 5S?5f 

fluence tee recommendations 


properly. 

R. J. A. van den Bergh, 
4. Cromwelt Place. 
SouthrKensington, S.W.7. 


Oilin rural 


areas 


counter staff have for years been 
available there for calls beyond 
Europe. These facilities are 
heavily used, particularly in the 
summer period, 2 nd we are seek 
ing- suitable accommodation In 
central London to extend them. 

Readers may care to know that 
calls to Europe can be made by 
customers themselves from any 
ordinary payphone, including 
those at Trafalgar Square post 
office. 

Peter H. Young, 


From the prospective Liberal 
Parliamentary candidate. West 
Aberdeenshire. „ . _ , . . 

Sir,— In your report (April 21) £f n ? a * Headquarters, 
of Shell's, denial teal it is opting **^» Rowland Street, W.l . 
out of its social responsibilities 
by not renewing contracts to 
1.500 filling stations. Shell states 
that I have got my facts wrong 
without substantiating why. 


A question of 
conciliation 

tee General Secretary, 
ngmeers and Managers 
toooatiofi. 

— In Ife report .(April 75) 
n the question .of recognition 
w the ShipbuiJding and Allied 
nqustries Management Assoda- 
1011 in shiptuDding and tee 
^Position to This of .the Qon- 
Weratfon of ' Shipbuilding and 
ihgmeering Unions, Alan Pike 
ays that “ senior Advisory Con- 
Oiation and Arbitration Service 

®scials have satisfied them- 

tives that there is no possibility 

J persuading teem to reach a 

acceptable settiement.” 

is inadvertentiy-quite mis- 

eadmg. In our view ACAS has 
!? °° kitention of trying to 
vnciliate between the CSEU and 
■wseives. This was apparent 
V 1 *® representatives of the En- 
Meers 1 and Managers' Associa- 
and SAIMA met Mr. 
jammer, chairman of ACAS. on 
Jarch 2. Althourii we. know 
Ml Harold Walker had ad- 
the House of Commons that 
t las _ would be lodrifig'anto the 
ossi bil itHSeg of conciliation, 
jnen we inquired about this of 
, Mortimer it was immediately 
tear that tee. idea of conriHatipu 
^ lost not in his mind — mid 
subsequently, wrote to trim to 
“rise him that this was our 
lew. • 

Store then Mr’ Mortimer has 
^Plained teat there is no point 
t conciliation because tee CSEU 
roaid not agree to any change 
? fe Own point of view. This 
» an extraordinary, reason to 
Since, if. people-, are ready 
0 »sree on somethtog, teen, of 
tors^ coneliation is unneces- 
arv. 

EMa hag been fully appraised 
ff ACAS of tee views of the 


Transnational 

corporations 

From tee Executive Director. 
Europe, Inter Corporate 
Services S-A. 

Sir,— Your editorial on trans- 
national -accou nti ng (April 7) 
-commenting on corporate anxiety 
to the UJV. Centre on Trans- 
national Corporations group of 
experts’ proposals was almost too 
predictable. 

Many companies show a sad 
lack of perception to the real 
issues behind the disclosure pro- 
posals (and this applies just as 
mute to comments to the UJC 
Green Paper "on tee future of 
company reports) as well as con- 
fusion about how these develop- 
ments should be handled. 

The fact that the U-N. together 
with " numerous other inter- 
national and national bodies 
have devoted so much energy 
to disclosure means that there 
most be considerable dissatisfac- 
tion with current corporate dis- 
closure practice. There is a 
belief that there is . too much 
corporate secrecy and teat finan- 
cial reporting alone is not 
enough in a time when corporate 
responsibilities are considered 
to be wider than to shareholders, 
even If this is not reflected in 
company law. 

Attacks on the various pn> 
posals by business, ana 
accountants are likely to improve 
neither the attitude., of the pro- 
tagonists nor the constructive- 
ness of tee debate. Indeed there 
Is sufficient evidence to show that 
the attacks will be counter-pro- 

^ Business must set out to deter- 
mine what sort of disclosure is 
meaningful, practical and sen- 
sible. The case for disclosure 
needs to be proven one way or 
tee other. Our own researches 
indicate, for example, that infor- 
mation which is 
needed by various interests win 
not be expensive to collect, since 
most is already coUected. thal 
information needs are relatively 
modest; and, most Importantly 
tee isSue Is Whether companies 
are willing to give tee data, not 
tee actual data itself. 

One country where the debate 
about disclosure, and 
Jarirnon-finaflciar and noD-snare- 
bolder reporting, is taking place 
constructively is « Germany, a 
not insignificant number of com- 
panies have Invested the time 
and effort to find out wbat can, 
and should, be done: One may not 
§3 .'the type; of practice which 


Power price 
increases 

When I spoke with Shell it did From Mr. JR. Htmfcinsoa. 
not deny that the effect of its Sir, — May an average domestic 

decision would be to increase the user of electricity give some 
cost of petrol ic some rural. areas support to the claims of the 
where petrol is already substan- Electricity Consumers Council in 
tially dearer than in big towns its dispute with tbe Electricity 
(85p to 90p a gallon in some Council over power price in- 
areas for four star). creases? 

Multinational companies fre- My electricity bills show teat 

quently complain of excessive tee unit tearge made by the 

Government interference in teeir Yorkshire Electricity Board at 
affairs, yet by refusing to supply tee re 1 ev ant p e rj o d s w as 
smaller filling stations at com- June 196^ Id (0.41p) 

pefltive rates Shell is contribut- May 1972 0.77p 

ing to the hish cost of living in 

rural areas. Yet people in rural , , £• j P " - . . 

areas contribute substantially, to. (As the YEB had a three-tier 
the national economy and pay tariff in 196 - the umt charge for 
the same taxes, rates, etc., and teat year has been averaged out-) 
expect often In vain I fear. ^ According to teese figurestee 
Governments to take action to Consumers Council is underet^- 

help keep down living costs. “f te e case 1 K^iSi n ^ n f Q io fo ^H 
* . fold increase between 1962 and 

The issue is more sensitive in 1976 at lea5t j n re5 pect of YEB 
an area like the north-east of charges. They show a 380 per 
Scotland where, for example, cen t. increase, against the Elec- 
Shell is negotiating with farmers Council’s 232 per cent 

to build a pipeline across their ^he Electricity Council has 
land, where the growth of the i um p e d all domestic consumers 
oB industry while welcome to together to calculate the per 
the area has added an extra twist eentage, 1 including tbe minority 
to tee inflationary spiral. Oil w ho are on the subsidised off- 
companies do not endear them- pe ak tariffs, 
selves to the local community Does this disoute reveal that 
when they then tell them they th e extra burden on the 
cannot afford to supply petrol at “ordinary " consumer is even 
competitive rates. greater than had been supposed? 

It is. not merely a question of R. H. Hankinson. 
the social responsibility of multi- Robin Cottage. 
nationals, it is also a matter of Gtprr^Lawc. 
good public relations. If Shell Dronfield Woodhouse, 
was to reverse this decision the SheflieldL 
goodwill it would gain would dra- - 

statically offset tee small com- Qfiri 

mereiaJ disadvantage involved XLit|Ua.iilj dUU 
in continuing supplies. Inciden- 
tally. I would have thought my p^nSlOIlS 

- - 

St" no comment on 

retirement at age of 60 for 


that 

Malcolm Bruce, 
13. Heath Row. 
Banchory. 


Phones at 
Heathrow 


age 

males. Surely this would help 
with jobs for unemployefl peri 
sons and the savings and costs 
would balance. 

It seems surprising how tee 
present-situation is tolerated as it 
is really quite a vast discrimina- 
tion. I checked with my em- 
ployer’s pension scheme and 
learned that I could retire at 60 
but must only take s of the 
actual pension earned to date. 
Allowing for tee life expectancy 


Front the Director, 

Public Relations. 

Post Office. _ . 

Sir,— Mr. L. Calvete was not of females they are surely cost- 
correct when he suggested in bis ing the scheme about 50 per 
letter (April 151 teat the Post cent more than males who con- 
Office believes public telephone tribute th% same. . 
arrangements at Heathrow are Even the new Government 
adequate for international calls, scheme particularly , refers to 
It will, therefore, surprise him to “ equality for women ” and goes 
hear that we share his views that on to stipulate teeir retirement 
the - arrangements are not at “60” and men at “65" on 
adequate. Indeed, we had already equal contribution, 
agreed with the British Airports B, Janies. - 
Authority -to provide in Terminal 5, The Vista. 

3 facilities to augment these L avgdon Skaw, 
already available in Terminal 2, Sidcup, KenL 


GENERAL 

Dr. David Owen, Foreign 
Secretary, and Mr. Helmut 
Schmidt, West German Chan- 
cellor, address Council of Europe 
Parliamentary Assembly, Stras- 
bourg. 

Council of Europe Foreign 
Ministers discuss Implementation 
of - Helsinki Final Act, Strasbourg. 

Mr. Denis Healey, Chancellor of 
the Exchequer, leaves for New 
York en route to Mexico City to 
rhair . International Monetary 
FUnd Interim Committee on 
April 29-30:' 

Polling day in by-elections at 
Wycombe '-and at Epsom and 
EwelL 

Third annual conference on 
World Energy Economics opens 


To-day’s Events 


at' Inn on the Park, WJL (until 
April 29). 

British Institute of Management 
1978 management salary survey. 
Sir Arthur Bryan, -chairman, 
British Overseas Trade Board’S 
North American Advisory Com- 
mittee, addresses London 
Chamber of Commerce North 
American section annual meeting. 

PARLIAMENTARY BUSINESS 
House of Commons: Finance 
Bill, second reading. Trustee 
Savings Banks Bill, remaining 
stages. - Consideration of any 
Lords amendments to Shipbuild- 
ing (Redundancy Payments) Bill. 
House of Lords: European 


Assembly Elections Bill, and Con- 
servation of Wild Creatures and 
Wild Plants (Amendment) Bill, 
report stages. . Solomon Islands 
Independence: Bill, second read- 
ing. Debate on investigations 
involving forcible entry by 
officials of Inland Revenue and 
other Departments. ^ 

OFFICIAL STATISTICS 
Car and. commercial vehicle 
production (March, final): Energy 
TVdnds publication from Depart- 
ment of Energy. 

COMPANY RESULTS 
Hoover (first quarter figures). 
Miner Holdings (full year). 
Tarmac (full year). TootaJ (full 


year). Vickers (full year). Georg» 
Wlmpey and Co. (full year): 

COMPANY MEETINGS 
African Lakes, 2, York Placer' 
Edinburgh, 11.30. Bestwood, 
Empire House St. Martin's-Le* 
Grand, E.C., 1130. British Mohair, 
Victoria Hotel, Bradford, 12^ 
Embankment Trust 21, Moorfields° 
E.C1, 2.15. Howden fAlsx.). Baltic; 
Exchange, E.C, 12. Jourd&n 
(Tbos.), Park Hotel, Park Lanef. 
W„ 12. Manchester Garages, Man- 
chester, 12. Newey Group, Hail; 
Green. Birmingham, 4. Sharpe 
(W. N.), Bradford, 12. Watraougbs, 
Horsforth, nr. Leeds, 12. 

OPERA ~ 

English National Opera in final 
performance of Julietta. Cofiseunv 
Theatre, W.CJ2, 7.SD pju, 



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Eurodollar straight bonds 


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28 


COMPANY NEWS+COMMENT 


DIVIDENDS ANNOUNCED 


TR ahead 6% after static second half 


DESPITE A static second half. 
Telephone Rentals finished 1977 
with pre-tax profit ahead by 6 
per cent, from 19.0 lin, to £9. 55m.. 

• on turnover of £30.78m. against 
. £29.500. 

7 In October, when reporting 
'.midway profit up by £0.54m. to 
.£4.57in.. the directors said that 
‘owing to general industrial un- 
r certainties it would be difficult 
'to exceed the previous year’s good 

• second half performance in the 
’latter part of the year. However, 
' they expected full year results to 
. show an improvement over I97fi. 

* l They now report that second 
; half profits were adversely 
■ a ffec red by exchange rate factors. 

a Tall in interest rates and Jndvs- 
: trial problems, mainly arising 
.from pay policy restrictions in 
the U.K. 

: for the first quarter ot 
.both new rental and sale busi- 
ness secured is considerably in 
excess of thar taken during the 
", corresponding period of 1977 and 

- a substantial backlog of in- 
stallation work remains to be 
drnlt with, they say. 

* Provided, therefore, that in- 
‘ stalls t ion programmes are not 
; aenin affected by industrial diffi- 

- cu i ties, the directors are confident 
that further satisfactory progress 
will be made during 1978. 

After tax of £5m. (£4.K3ni.) and 
minorities, attributable profit for 

* the vear improved from £4.23m. to 

- £4.5im. 

,. Stated earnings are 11.62 p 
(U.16pi per 25p share and the 
dividend total is raised from 
328423p to 5.Sfi5»25p net, with a 
final of 4500123p. 


HIGHLIGHTS 


be paid for 1976-7 following the 
reduction in ACT. 


The Lex column concentrates on the bid for Carlton 
Industries from Hawker Siddeley. announced late yesterday 
after the suspension of dealings in Carlton first thing. Also 
under review is the implication of BICCs announcement that 
it intends to sell its 20 per cent, stake in General Cable 
Corporation of the U.S. European Ferries has produced nearly 
doubled profits and a big improvement in its balance sheet, 
thanks to steady progress from its shipping division. Finally, 
Lex looks' at the results from the three discount houses which 
reported yesterday. Elsewhere. Spear and Jackson made its 
full-year statement Last December S and J shocked the 
market by disclosing that its earlier profits forecast was well 
outside its grasp. At Foseco Minsep the recession in the 
steel industry has had a bigger than anticipated impact on 
profits and Telephone Rentals' second half shows, a small set- 
back. Gill and Doffus has come up with some good figures. 


J.Haggas 
to exceed 
£3.5m. 


Record 
at Anchor 
Chemical 


. Turnover - 

RiMiietf 

Sale* *nd oiiu-r 
D<H>n*ciatlon 
Trad me profit 
Interest received 
Share of assoc. .. 
Pre-tax profit 

Tax 

Noi profit 

Minorities . 

Atoibuuhle 
Dividend 


1K7 1 976 

moo- moo 
I».T7* 29.197 


tr.as 

JS.EHI 

n.:yi5 
5.973 
■285 
2811 
9.554 
5.002 
4.552 
47 
4. MB 
2.285 


16.201 

10.280 

3.089 

8.274 

403 

raa 

1.013 

4.530 

4.300 

47 

4.333 

2.051 


: © comment 

■ Telephone Rentals small second 
1 half shortfall was the result of 
'-difficult trading conditions both at 
home and overseas. CJJC indus- 
trial problems— at suppliers and 
customers — depressed sales in- 
come, especially in the second half 
when it fell some 12 per cent, and 
ensured no volume growth In 
rental. Overseas operations were 
somewhat mixed with Australia 
Sind France fiat while Canada was 
on the mend and Ireland. South 
Africa and the U.$. made good 
contributions. Exchange fluctua- 
tions and lower interest rates con- 
tributed to the unexciting per- 
formance. This year, however, 
both new rental and sales are 
moving ahead and there could be 
a significant boost to business 
from the new PABX model once 
Post Office approval is received — 
probably In July. With overseas 
companies expected to show a 
modest improvement the group 
should meet its forecast of further 
satisfactory growth. The shares 
"at J20p yesterday yield 7.6 per 
cenl. on a p,e of 10. 


AfTER RISING from £130.000 to 
£310.000 at mid-way. pre-tax profit 
of Anchor Chemical Company was 
lifted from £415,000 to a peak 
£901.000 in 1977 on turnover up 
from £9. 75m. to £11 31m. 

The result was after an excep- 
tional credit of £71,000 against a 
debit of £51.000, and is subject to 
tax of £165,000 (£191,0001. 

Earnings per 25p share are 
shown at 1557p, compared with 
10.63p. end the final dividend of 
2.0S725p net lifts the total from 
3.72386p to 4,12715p. 

•197B 
BOO 
9.748 
til 
415 
191 
224 
SS 
31 
263 
LW 


TUmftvw 

Exivpimoal credtr 

Pre-tax profit 

Tax 

Xrt profit 

EsriianSC defiClT . . 
Exira-ord. credit 
.MTrlDutabl? 
Retained 


1977 

5030 

11.213 

71 

* HU 
(65 
43ft 
45 
SU 
441 

394 


Adjusted (or ED 13 atm ED 21. t Debit, 
t Snrplus. 

The directors state that, in com- 
mon with most enterprises in the 
chemical industry. Anchor found 
the level of business in the first 
quarter of 1978 disappointing but 
says it is too early to state whether 
this trend is likely to continue for 
long. 

However. Anchor is well placed 
to take full advantage of any 
improvement in demand. Fuctua- 
tions in currency values, particu- 
larly the earlier strength of 
sterling, have undoubtedly made 
exporting appreciably more diffi- 
cult, but tin increased market 
share in the U.S. will be obtained 
in the second half thanks to the 
new Investment being made there 


getting the full benefits of the re- 
structuring programme, which has 
shifted the emphasis of -activities 
from mere banting to manufactur- 
ing (now 70 per cent, of sales) to 
coincide with worldwide recovery 
from destocking in 1975. In addi- 
tion. Anchor has reduced its 
dependence on the hard-pressed 
tyre market, which now accounts 
for about a fifth of group 'sales, 
compared with around a half two 
years ago. At home, the new anti- 
oxidant and ultra-accelerator 
plants have come on stream, 
enabling the company to gain 
mar'iet share in additives for the 
rubber industry, while the over- 
seas markets (including exports) 
now contribute almost half of 
group profits. This is likely to 
gain momentum with the in- 
creased capacity provided by tbe 
recent joint investment in Pacific 
Vegetable Oil In to-day's market 
conditions, Anchor's strength 
probably lies in its policy of steer- 
ing clear of the bulk market and 
concentrating on specialist high 
value/low volume products (such 
as additives for the surface coat- 
ings industry), which provide 
better margins. At 65p, the shares 
arc on a p/e of around 4 while 
the yield is 10 per cent The 
caver is 3.7 times. 


A RISE from £082m. to flm. Is 
the third quarter, left John Haggas 
with pre-tax profit of £2.55m. 
against £2.3Ira. for the nine 
months to March 31, 1978, and 
despite many problems, the full 
year result is expected to exceed 
£3.im. compared with £3 .Sim. for 
all 1976-77. 

Group sales for the nine months 
were up by £2.3m. at £1 7.29m. and 
profit included investment income 
of £569,000 (£506,000). but -was 
strut* after depreciation of 
£560.000 (£515.000). 

The directors report that a 
month ago it appeared that trad- 
ing conditions in all areas of the 
group’s business were beginning 
to show a marked improvement. 
But April has seen a relapse and 
though the overall trend is very 
gradually improving, in no way 
could trading conditions he 
described as buoyant. 

They are concerned that the 
general state of „ the textile 
industry within the EEC is still 
deteriorating due to the flood of 
imports. But wage costs are 
higher in every other member 
country and this should place the 
group in a strong position to 
secure a major share of the avail- 
able business, the directors add. 

An analysis of divisional sales 
and profit shows (in food’s): spin- 
ning £10,488 (£8.455) and £1.107 
(£1.321), knitting £3.008 (£3,918) 
and £293 (£233) and fur fabric 
£3.797 (£2,617) and £479 (£250) 
respectively. 


-Current 

Date Corre- 
of spending 

Total 

for 

Toted 
■ last 

payment 

payment 

div. 

year 

year 

Alginate Indutrlcs 

9.49 

July 1 

8.5 

1356 

12.5 

Andior Chemical 

2.09 

- — 

157- 

413 

3.72 

Automated Security 

083 

— 

0.49 

152 

065 

Canadian & Foreign Tst 

2^5 

JnJy 10 

2J. . 

3.6 

3.1 ’ 

Cullen’s Stoves 2nd inL 

066 

May 26 

0.65 

— 

45 

European Ferries 

ist 

— . 

154 

2.8 

. L99 

Foseco MGnsep. 

2.69 

July 5 

2.41 

4.38 

4.1 

Gerrard and National . ... 

4J7 

. — 

459 

8J.7 

752 

Gill and Duff us 

A75t 

July I 

3.12 

8.71t. 

5.72 

HopWnsons Holdings .«... 

8.71 

June. 5 

356 

5.06 

458 

Jessel Toynbee 

3^1 

June 15 

006* 

4.09 

3.66* 

US. industrial Inv. 

L3 

July 3 

156 

25 

254 

Slanders (Holdings) 

tre 

June S 

158 

254 

2.78 

Monut Tea int. 

5 

June z 

5 



15 

Palabora Mining ......int 

125f 

June 6 

IS 

__ 

45 

VVTJBam Pickles 

0.4 

Aug. 1 

0.4 

059 

056 

St George Assets . ... 

053 

June 24 

049 

048 . 

0.43 

Smith St Ahbyn 

3.01 

June 8 

253 

5.01 

4.53 

Spear and Jackson. 

55' 

May 27 

55 

958 

758 

Spencer Gears int 

058 

July S 

058 

— 

-too 

Spinets ; ..2nd int 

0531 

July 3 

154 

155 

2.75 

Stylo Shoes 

l-72t 


154 

1.72 

154- 

Telephone Rentals „* 

45 - 

July 4 

355 

5.S4 

528 

Thomson T-Lme 

155 


1.63 

35 

325 

Wight Construction 

4.75 

June 8 

357 

7.5 

632 


Financial 'Times' . liiirsday April if 1978 

Midway gains held 
by discount houses 


r# 


i 


W 

fficul 


,vV£-n.- ir.U 


half results three state. 





their - 'first 
discount 
Natioi 

Jesse! 

sharply higher profits for the year pre-tax profits went ahead by 57‘ r - 
ended. April - 5, 1978. .per cent to 13m. Tbe chairman ex-/ 

For Garrard and National group plains tha t this result has been> ^ ^ 
net profits show an advance from" achieved not only through store,;:' -V-fT - 
£3A1 hl - to £5. 71m. This was struck openings and inflation but as r. f .r 1 \, ' jic: 
after provision for tax. and. a result of volume growth in - exist- ,i 

■» hup nvnrK and Ine units m a difficult trading year, at- ..... rvi*— ■ 


, J B 
M7i 


AsS for* -Ito *»r endamounttdtj^ 

reserve to general reserve .and .. *** ?r 

SS^JSSlSS 1 ”*“"*• year^il ,‘; r V-: nV ?r 

The dividend is increased from LA S^S^witb EDM fh^Sfcr* , ' .r.fl* 

S ’ l71P ' a Det prevision for tax on stock a pp_re< y 'C;..;. • ? 
Dividends shown pence per share net except. where otherwise stated. , - ■ elation at January 31 4977-has bees '«<■■ '/ rW»*Cl 

'Equivalent after allowing for scrip issue. fOn capital ^.pfvldands ,, j* 09 ®™ transferred to reserves. This-- haav «>'*“■, ‘ - the f 

1 acquist’ ‘ ’ " 


increased by rights and/or acquisition issues. $Plus an additional <£LHn). and. the §roup can^- ^ effect of: In creasing.- share', H-'; \A -iq ; 

0.023^p for .1976-77. §In lieu of final already announced. 1 South forward is increased to £4.47m* ■ ^ 0 ^ers funds to £8.^ni: - '■ . 


African cents throughout 


Meeting, Bradford, May 

Smith SL Anbyn reports net •■ 

■bfit up from £1^8m. to £L95m. vj 

Capitol EMI 

.Olfip. with a final of pp I 

In addition, a scrip AT| ra vlTl. 
erence shares is pro- VyJLl. 


profit Up _ 

This was arrived at after tax/ 
rebate and a transfer to the con- 
tingencies reserve. 

The dividend :!is raised from 
453Q89p to 5.0 L2p. with a final of 
3:012p-net. In adc’'*’ -- “ *" 

issue in Preference 

__ posed on the basis of one for 

Sr Donald Barron, tbe chair- were up from £53.fflm. to I&jJgin. cver ^ Oxdinary shares. n/v 

man of R own tree Mackintosh, says Stocks bad grown £nmi_£6L.7anL jesgei Toynbee’s net profit went Mi 


Rowntree canfident and 
investing heavily 


VJ 




t 4G 2 


.y':- 


confidence in the future re main s to £)3.63 ixl, debtors £9.6m. to from £L01m. to £L29rtL— ■ 

strong, and to confirm this the ^«ha, ^ stiS: after rebate, tax and all v • 

MnnaM i. knnnlla in ctwvrT tantl rfonAOM W«« (InVffl j, _ ...7 Subs tantial ftflU.flelaUlCC ™ ,t if- «-* 


company is investing heavily— in short term deporite were down expenses after a 
peoffle, research, new products, from i £9.ftn. . to transfer • to reserve 


Pi-oyet 
r • ^Jrf 
^ Vi* 
rho V- 
yc 


third . quarter-from $ 1.71m.. tc'- 

rOx COn- M it*-- Taavrfnrr tfio frn* 


e*^ ta4 " d ” toi .r.ssjmjS -'™ 

MT (V7m 4T»1 uuvra IA ftWrlvi IA». b 


assets. 


He says that 1977 was a year £2L07 ul, and creditors 
when there were a number of ffiODTm. (£44.Um.). 


Meeting, York, May 26 at H im . 


comment 


Stylo 
Shoes 
near £lm: 


• comment 

Difficult conditions in ; the 
chemicals industry have resulted 
in a negligible growth for 
Anchor in the second half, but 
full year profits are still 42 per 
cent, higher. The edmpany is now 


AFTER DOUBLING its pre-tax 
loss to £349,467 in the first half.- 
taxable pro6t of Stylo Shoes 
jumped from £697,000 lo a record 
£964,000 In the year to January 28. 
1978, ■ 

Turnover rose from £IS-32m. to 
£21.7102- and the result is subject 
to tax of £563.000 (£414,000) and 
before minority interests of £7,000 
(£8.000). There were also extra- 
ordinary debits of £52.000 com- 
pared with credits of £341.000. 

The dividend is up from 1.54 p 
to * l.72p. and an additional 
0. 02369 P net per 25p share is to 


Haggas' nine-month results — 
profits a tenth higher on sales 
ahead by 15 per cent— puts the 
company well on course for its 
target of over £3fim. (£3.3m.) for 
the year, which will' be a credit- 
able performance for a company 
in the sluggish textile sector. The 
main spur has come from the 
small fur fabrics division, where 
profits have doubled as a result of 
the cold winter weather and 50 per 
cent, more capacity from the' new 
Huddersfield factory. Also invest- 
ment income has jumped by a 
third as a result of Increased buy- 
ing of gilts, which now total £10m. 
(£6m. j. However, some ol the 
expenditure on gflts came from 
additional borrowings, and higher 
interest charges have been 
absorbed by the spinning division, 
which accounts for some of the 
16 per cent profits downturn. 
Another factor is the severe com- 
petition at home and in Western 
Europe, and these have sliced live 
points off spinning margins. Cover 
is 18 times on a maximum payout 
while the shares, at 97p, are on a 

J respective pe/e ot 7.1, yielding 
ust over l per cent: 


favourable factors and rather less 
■ Than tbe usual quota of unfavour- 
able ones. 

The company should not count 
on a repetition of this position in 
the year ahead. 

“ We must expect that the rela- 
tive market share position which 
has developed favourably for us 

In several important markets wffl _ 

lead to even more severe 1 ^ sl f on S Committee or 

competition.” Lloyd’s of London has blocked 

Taken with the general oncer- another proposed takeover of a . 
tainty of the economic situation IJoyd’s" broker by an American . 
in many countries these (actors insurance concern 


Lloyd’s blocks 
another U.S. 
attempt 


1978, down from f7.71m. to 

. . . irin n HTr ni-i, —equal to $1.47 against ¥2.34 pej 

- Tie dividend w efEfecbvely which ¥023 ($0.52) 

increased from 3.6575p to 4.085P, accrued m the third, quarter. 

with a final of 3.21p net. A further Bhaskar Meiion, President-’,- « 

one-for-four scrip issue is also chief executive, explains. thaf, 


proposed: 


See Lex 


Wm. Morrison 
profits holding 
as sales slow 


conditions experienced duringi 
first half persisted during 
third quarter.. . ' T 

Sales of recorded music 
lower- than last year primarflyra-.r' 
a result, at re-scheduling releiau 
of - a number of key artists - 

Additionally, net income :waaradr^.".r*- ' 
cersely ■ affected . by : tacreasaf^- e--: 
recording, marketing and taJeirr. ::c 
development costs. ‘ c 


rj? &3 





j-» sper 
.'c ffi 
SUtTCi 

. and 
'Volt 

■•■'.irsarj 
■ * 
lions 

o 

-r ; . T?h 

f\rcctet 


at the lifMS season, arishw from n on-quoted Lloyd's broker. In so Mr. K. D. Morrison, chairman, says 

an expected increase in produc- doing the Committee applied the .that he is hopeful that the group MANFORD/PDFL, . ., i 

tion and some reduction in rules It had approved last week. nan at least achieve current trad- Hanford Investments- has, '.rfl-- ! . 

demand for coca beans and tfaear which limit the share an cmtsjde tag margins in emsoitg stOTea^ celved acceptances- in respect" u - *’- - ■* . . "■ - 

derivatives. insurance interest may hold m a. Trofim from . the Whrfans Dffi- 3^70^49 . (9654 per- centP : ’ ‘ ’ VS 

“Hopefully this should lead to firm wishing to continue as a count Stores (acqinred with effect Q n^nVr y shares and the. sai’- :r -" r :T- ' “ 

more stable conditions in the Lloyd's broker.” . . . from April 1 0, 1978) . wdl "take number of ..deferred . shares- ' ■ *** . 

market.’’ Last year its long cover The move f " " * ' 

position may have given Rorwn- verstal ruling 
tree an advantage in competitive said that no ' 
marketing terms, and he believes underwriting 

the current cbver position is Lloyd's broker — _ . . , „ _ . . _ 

satisfactory. more than 20 per cent, of fhe meefium-term and the chairman cent, of the equity. . - ti--?'- <. -0 *:3'Ion 

As reported on April 14, pre-tax equity .of a broker - seeking recog- looks forward with confidence to The offer has gone un condition*?;; . ; * jr.-.r;ns 

profit of the confectionery group nition at Lloyd’s. a .satisfactory return on capital. and r ema i n s open u ntil fnrth£-"? The 

climbed from £30Am. to £41.49m. That decision blocked two bids The chairman says that; he hopes notice.’ Manford intends to c ot^-nst to 

A current cost statement shows by American brokers: that of to be able to expand in more pulsorfly acquire the outstandHt lo 

this figure reduced to £27.I9m. by Marsh and McLennan for Wigham detail at the AGM -on the current shares. -• . • . j>.s[£W *r — 1 w a 

a £13. 5m. cost of sales adjustment Poland, and Frank B. Hall - for state of the m>up when the group .-At an EGM, tbe^proposedjfc ncre 

and additional depreciation of Leslie and Godwin. • . . .has been_ fuUy able to evaluate org^lsation of PXFL’s 

£5. 8m., offset by a £5m. gearing Two- other bids are also to" be . the situation, at .Whe lans and.CUfr- capital was approved, -;; r • ; -j - ,-*• he Tore 

adjustment. 



considered by tbe Committee of 
At the December 31 balance Lloyd’s in the next few weeks! 
date, fixed assets were £1 19.58m. which could be blocked by the 
(£8L3ol), and net current assets new. ruling. . ’ . ■ 



As one of Europe's great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in Tbe Netherlands 
this year, DSM will have spent some 
£35 million to make the River Meuse 
cleaner. To do the job DSM pioneered 
techniques which take out nitrogen 
impurities as well as organic matter. 
The plant that has been put to work 
on the Meuse will be big enough to 


■jjUft. * !■ f.v ■ ” "* 

M W*. \ 1 V"***WI*'*^’ 




deal with the waste produced every 
day by a city the size of Birmingham. 

Good news for Dutch farmers who 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soiL 

So Meuse ’78 will be a great year. 
t And the know-how that made it so 
will travel well. Soon there will be 
great years for the other rivers of the 
industrialised world. 

Water is a vital resource. DSM 
technology keeps it clean. 


tasa 

mM mm 

^3 M 

W H 


DSM 15 chemicals and plastics 

To find out how much more we do, write to the Information Department, DSM PO Box 65, Hearian The Nefiwriands. 


Ladbroke in strong 
liquid position 


'nee sheet of 
er operating 


PROFITS TO date of the Lad- A summarised 
broke Group are good and record the property and 
figures are expected from all dlvl- divisions shows that gearing, ex- 
sions, states Mr. Cyril Stein, the eluding the London and Leeds 
chairman. property division, has decreased 

He feels that the forecast in- to E Th isree^the group rer 
crease in disposable income this P* 1 ^ all the building loans on the 
year will benefit many of the group hotels and the principal 
group's divisions particularly borrowing is now the 8 pw cent 
cniertainmets holidays and bet- loan stock repay able by 199— In- 

eluding the property division, tbe 
The group is lo oontiue its ex- group' gearing is 1-05:1 compared 
pansion into adidtional areas of wt h 1.54:1 last year, 
the leisure industries and at the The book value of group pre- 
sume time to further develop perties at the year end was 
current operations where growth £55.75m. which included £2923ra. 
can be achieved. in respect of the troublesome 

Mr. Stein says that the strength Brussels block, 
of the group is reflected in net Group pre-tax profit in the 
assets showing an i crease from year ended January 3. 1978, ex- 
£91. 95m. to JE116m as at January panded from £15-32m. to £24^28m. 
3, 1978. Holders funds amounted in line with January estimates. A 
to £52. 7m. giving an asset value current cost statement under the 
per 1 Op share. of £1. Hyde guidelines shows an 

At the end of 1977 the group’s adjusted pre-tax profit of £23.18m. 
UJv. investment properties were (£14.4fira.j after additional de pre- 
re valued at £9^m. compared with ciation of £l.i4m. (£L61m.) rest 
their book value of £5.7m. In 1978 of sales adjustment £057m. 
the group expects to revalue its (£058m.), offset by a Eeanng 
overseas . investments and UJC, adjustment of £0J2m. (£3.03m.). 
operating companies and the Referring to Cash cade lottery 
chairman believes that they will management the chairman says 
also give rise to a considerable that the objective in 1978 is to 
surplus manage 100 lotteries selling 4m. 

With some flora, in cash, Silts tickets per week. Local authorities 
and dealing investments the com- charities and associations will at 
pany maintain]; a strong liquid this rate benefit to the extent or 
position £20m. per year. And it could put 

_ £1.5ra. on the group's pre-tax 

profit 

At the year end capital commit- 
ments in the property division 
amounted to £807.000 £0.81 m. 

(£I.04m.) and in other divisions 
Inter- they totalled £SA7m. (£5.I9m.). 
inter-lining The group plans to consider the 
yesterday introduction of a profit sharing 


STAFLEX SALE 
AGREED 

Shareholders in Stafler 


m 

national, the 

specialists, were told . 

that the company is in breach of scheme for full-time employees If 
its borrowing powers. the Budget proposals on this point 

At the extra-ordinary general are enacted in a suitable form, 
meeting, Mr. I. N. Bellow, chair- it is also proposed at an EGM 
man, explained that it was a foIJowfn gthe AGSf to introduce a 
temporary breach which would be share option scheme for 200 
closed by the sale of a subsidiary, selected executives. The scheme 
Bellow Machines, to Pfaff, the provides for the grant of options 
German sewing machine group, to acquire up to 2m. shares (equal 
Shareholders agreed unanimously to 3.7 per cent, of the total equity) 
to the sale. but it Is not intended to grant 

A second motion, permitting more han half that number in -the 
the sale of a further subsidiary, first 12 months. 

Barnes, to Mr. Ken Barnes, a Meeting 11, Copthall Avenue, 

former shareholder, was with- May 24 at 11 a.ra. 
drawn. Negotiations for the sale 


have been held up over price 
problems, Mr. Bellow said, but 
they were still continuing. 

Replying to a question Mr. 
Bellow said that the factory in 
Bow was still empty after 24 
years. In view of the ‘'pretty 
massive rationalisation ” now 
going on throughout the group it 
was possible that the London HQ 
might now move back into the 
Bow factory releasing for sale the 
present HQ at Staflex House in 
Golders Green. 


LETRASET STAKE 


Mr. W. Pieldhtmse, chairman of 
Lelruset International, sold 25,000 
shares on Tuesday at 140p per 
share. The sale was made after 
the announcement of the takeover 
bid for J. and L. R&ndafl, which 
knocked the Letraset share price. 
It was made with the knowledge 
and approval of Letraset's mer- 
chant bank,. Klein wort Benson. 

Mr. Field-house has been a 
steady net seHer for two years, 
having owned 300,000 shares in 
May 1976 compared to 100.000 
shares now. The sales have been 
for “personal re&ons." 






{nous € 


lEajiand “’Iwimam 
*ae 7; pir rent, 

Aim 11. !?;*> 

- ri ' TKF ’: 

4 . . iS. • ■ " 

-Til". i‘ - c »4»P 
-U.' - Ltijmum ' 

****** : 


next 

Findontatall 


Turnover on Wall Street has.been at reccmd levds 
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You coidd benefit from some qfthe most expert rj. 

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,-S *6s« ra . . 

.-■*5 J* 8 Rates ??3 b J “"■«» 

•'fe 1 ^ -7-2SSM M 



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FT27D4 


Merrill 
Pierce 11 ? f B Smith Ltd. 

jjjaotstd Jail e r in seamtUi. 


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si hi hi? ;a». 


* lit 




2 $ 


* 

1161 

1169 

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your lirm, old man; 

Jas t Tour 




jy - *-.- - j* . is sg m qa- 

Thatiswhyw€^atSGincffSecreterifis 1 w»ilinev6§ w l c p i§i i«! 
v dream of senefingyou m aj ^iflanfr^thrmtba v in | imm IS: 

tettetyouBndtatostockbc^ 


sr 
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lfelephoneBii(^rtO!Bnan- , IWoh^ - J 

Joa n a a Dyscmre ^ 0u ^>Jiar chc^ 

■■ iV'5?M5 , S»S 







June T 


IS“8i Sjyj 


A mat ch for ev ery boss. 

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J ./X I ' •-'•.• 

* 1 ?« > Pmfie5, Thursday April 27 1978 



Unilever faces 


year 




& Duffus 

‘vintage year’ 


• -." ' i^',^'cuRj?ENT!SEAB is expected tax and minorities by 
' t. JyJte a difficult one. for Unilever Is given in the table. 

«tth- improving efficiency the 
is wSl placed to take ad- 
a^SStSm of any upturn-. 4n econ- p ™ m- 
. tlx directors “■ 


operations 


. eic. 

Ocber foods 
Detergents 



-Smnrjc ^cmdfflras^ k«*4 ^ 


1917 

£m. 

110 

125 

10T 

SI 

43 

IS 

«a 

' 4 fl 

sa 


1376 

£®. 

153 

130 

133 

3V 

45 

» 

140 


■ : ■ ,r;-nh. 'Stk^ly in Europe. Also the so sn 

»? ,- -i5d and wet summer affected ^ 

“ " of the group businesses un- Revi wing the group s opera* 

• - 1 : .,^ 1 Jffirab]y. Afi a result profits In tions the directors sttte that in 
’Ce for sl number of product the World total .edible fats and 
: r.- ; . ' KnS -were below those of 107? ^ market the group maintained 
"^ t £:: Smareins.were unsatisfactory. P 0 ^ 10 "- ^ margarine the 

. ' f, x7Comfalne(i group pre-tax profits share of the market was retained 

. J ’ from m(L8ta. to £54B.7m. In In Europe and the U.S. despite 

\i:V ''' ■ £* ypm-— tJii. was down from Increased competition, in the 
. V i: -m75xn. to £326.9m. and NV from rest of the world the group con- 
* ' : 'C^Min.-to'4BtAn.- tinued to improve its market 

r -- ^ ^3Ptal net liquid funds at shares. - 
■- tiecember 31 remained substantial . In the -u.K. volume was up 

VitfS4ftn- but showed a reduction considerably in a market that has 
SfflPflred with £4Wm. at the end grown considerably despite the 

yrr~ ■*»_* *i — <3 reintroduction of a consumer 

butter subsidy. There was little 
growth of demand for meat pro- 
'* i MU n«n uiciuam m. uic of duets -in the U.K. Competition 
I'l-M- Pi-% V^T because of the reduction in from imported products had an 
j \ 4^ group’s- share stake to 40 per adverse effect on both volumes 



*o tar 


group s- share stake TO 40 per adverse enec 
and Its consequent exclusion and margins. 


jSm The consolid.ted figures In Hie NetherlaJidl serious 

g£.7n£ rad iffifhWiS “ d h,wer raw prim " 

, • r Sgfl depredation. Projects In Europe economic conditions 
Wi.T* jBuroved during the year bad a were not conducive to high 
‘ : ■ -.j : • Sue of £431 An. (£34S .3m.) . market growth for detergen ts a nd 

mas for investment in the UJC. this together with intense enm- 
-tHt 1078 are well above last year petition led to unsatisfactory 
real terms. ' .margins. In North America 

-r " Ah anatysis of capital expend!- results were also ■ disappoint in e. 
' by operations is given m the Outside these two areas good 


DESCRIBED as a vintage year by 
chairman Mr. F. XL Gill, 1977 gave _ _ _ 

CiQ and Dull os Group; Inter- BOARD MEETINGS 

chant ia In^ D rt n n llity broker, mer- Tbe Adlowlus companies have notified 
cnaru and processor, a pre-tax dare* of Board meetings ib tie Slot* 
prolit of ±20.4/n.; an advance of Exchange. Such meetings are muallp 
52 per cent, on the previous year for u,e vuran* of considering divi- 
and £2 4m. better than the fnw» dwn,ls - ofli<Mal Indications are nor acad- 
u “* 10rC »bb whether dlvtdenils concerned are 
cast made last December. Inu-rizus or Sii9ls and Ihe soh-dl visions 

. oomc of the increase over pro- slunvn below ire based mainly on last 
jection, however, ia due to the srBlu: ‘ 5 n™ei»bie. 
inclusion - of -certain overseas to-day 

t^xes, which • hitherto interim*: Anglo Scottish invejnnent 
naa Been deducted before giving Trust, i^nnnoa Bros.. Bawkias and 

the taxable surplus and are now Tlnson - McKsuhniti Bros., safeguard in- 
included In the tat charge dustrlal Invreanencs. s. Stapson 

RpfnVo r- .n , Finals: Amalgamated Power. Belgrave 

deluding £a.l3rn. Of tBIartbeath). De Vere Hotels and Res- 
uererred tax no longer required rauranu. filcUt KefiuHUog. Norman Hay. 
stated earnings per 25p share rose p - ^ w - McClellan. iianm-Buck. 

from 24.5p to 32 7 d and after B - • Nathan. Petrocnn. 

inciiwinn rtAi.hlo^l c . Shlob Spinners. Jefferson. SmorSt. Spong. 

inclusion doubled from Z4.5p to Tarmac. TWnl. Vickers. Wheataheaf Dts- 
As forecast at the time uibnuon and Trading. Georg* wimtwy. 

or iho rights issue In April 1977 

the total dividend is lifted from i««i m *_ FlJTURE DATES 

,‘4?P 8-*12p with a final of Reises’ lndosuies May 3i 

4.<ojp net A one-for-one scrip Pvchm* aw. 

issue is also proposed. - Su-ottlsfa National Trna May 23 

s t.^p7y° rer I Sm U,e a r J i . mpr0Te .‘' pSSTk *«™» M» ; 

f7l£5K» v T 4 ^ 41m. to First Castle Securities hUw = 

£ii3^im. Tax took LI. 94m. (ro- Keia iJameai May 

Stated £6J34lXL), the attributable Ptnlnsubr and Oriental Sleazo 
balance totalled £15.R27n ^Nss'BaUon ' - May 3 

retained (£o - 25m > was WiDs iGconso May 


pSh ? ocoa ’ co ^ e ?. Mid ^ ' ast ^ 


1077 

moil 


•1078 

£imq 


» iv 


! -l*. 


W;'tabte 

cxpewHmre— 

■ - , junwtrtoe. other Aua, etc. 

> : 5j -OtMT fooda — . — — — 
’Daergotf* 


progress was maintained - with 
18T7 1978 volume growing by 10 per cent. 

£m. fin. and an increased market share 
being obtained. 

Referring to the £80m. invesi- 


ToOef jnwarathms 
- ctomlcils. ' taper, etc. — 

’<?• animal' feed* 

•'-t£-6AC — 

<’ ' HiMatfons, transport, arc. 

Wv.T«l. 


BL2 
82.7 
47 Q 
1 BA 
. SCI 
IflJB 
22J 

38.9 

nu 


n.i 


smo favoured GIB and Duffus, which 
59 has again topped its interim fore- 
sss cast by some £2m. The shares 
rose lip to 235p yesterday. Sharp 
rj »7 commodity price movements — 
_ an unprecedented peak in the 
ns summer followed by a steep fall 
— in die second half — yielded out- 
1838 standing results for cocoa 
s although coffee, while successful, 
5.250 fell short of its expectations. 

to broaden its base of 


3L3 ment in tripling the capacity of 
-8.3 Thames Board Mills’ plant at 
34-4 Workington in Cumbria the direr- 
2 tors say that this is expected to 
come on stream in 1981. 

, 262 - s Total expenditure on research 

:• During the year the group spent ^d development in 1977 showed 

' mm. on acmtisitions. of these the an increase from £3 09m. to £USm. 
' " - r ^ r wujst siemficant were A. Sutter, Meeting. Baltic Exchange, E.C. 

group, and a May 17, at 11.00 aum. 

: Societe Motta 


"most significant 
... B Swiss cleanii 
: majority share - 
; ' prance, an ice -cream company. 
The group envisages financ in g the 
~ '•proposed acquiattion of National 


SHARE STAKES 

Lyon and Lyon — The Merchant 

Starch by using some $150m. of Navy Officers Pension Fund has 
\ M , m NVs cash whue the remainder purchased 300,000 Ordinary shares 
» '' 'iitlj p/fiwiil be borrowed tong;tenn. The bringing holding to 9-375 per cent. 

I: Mo„t«n.e L. Meyer — Mr. T. M. 

- • 7 The directors estimate that this a director, has sold 115,000 

• *■ fatter transaction will increase 0r °i. na {7 . 

•- C' : the group's gearingr-^t was 29 per Cosalt— Mrs. D. J. Cartledqe 

- -cent rt the end of 1977— by some has reduced her beneficial 

” .-.*V per cent interest in- the Ordinary share 

■ ^7.' a current' cost statemeDt shows ca ^ ita . 1 t0 J^® tl ) Hn 5 per 5 Bnt- . K 
.. -.tP; an -adjusted profit before tax of Peg] er-Ha tiers ley — ■ Norwich 
. ymiS eg^Bn 1402m., after cost ^ ni0 P „ Insurance Group has 
~ 6i 0 t. rate adjustment £I13m. acquired a further aO.OOO shares 
(mm.) additional depredation b ^P g ?5f tJieir 10131 holding to 
V i^jWiri; ffSBm.), offset by gearing " 

adjustment qfJ33m. (same). The 


••■^1«HIU.I ttUUiUUiUU uriiicuaiiuu .-I'-'*** . 

IfTEWhi; ffSfim.), offset by gearing 1.526.000 (5^04 per cent). 

' —-j- - * ' ' Brown and Tawse — Pearl Assur- 


. . r _ s tori cal profit attributable 
Ordinary holders amounted 
£2S6.7m. — oh 


to ance Co. on April 18 held 5SO.OOO 
to Ordinary shares (5.758 per cent.), 
a McLeod RusseU-^Assam Trad- 


. .. j* these figures were ing have acquired a further 8.000 

r '*'R94in. (ELTfm^. Ordinary shares, bringing holding 

An anafysfs of the profit before to 1 ,452.085 738.05 per cent). 



T ".. — P.SS5 

191 

Ovej9,?39 l.»f7 

i'.K. JcJerroti 4.822 

Overseas deferred 3 113 

Net prnflt I8.4M 

nfrd. tax nn lancer rad. 5.131 

Minority profits ;j2 

Extraordinary credits ?7,1 

Attributabl* I5.SH 

Ordinary dividends 3.S52 

Preffrenct dli-ldeml 9 

Retained 12.753 

•In IBIS and previous years certain pfr™,!' 
oterseas regional taxes were deducted .. - „ KWa . 

from profit Before tax whereas In 1977 activities 3iSO. paid off. rubber 
these have been included in the charge made a significant contribution 
for tax. For comr/arteou, U76 figures despite very quiet conditions and 
hay* been redassified. tea. though a relatively new and 

Commenting on the group’s small scale operation, had an ex- 
performance during the year the celient year. The group remains 
chairman says that cocoa proved confident of thriving hi the vola- 
outstanding with particular tile commodity world though ex- 
emphasis on the industrial sector, pectations thic time would be 
AU cocoa plants were working at tempered by lower prices for both 
Full capacity, showing the im- cocoa and coffee and less exciting 
por lance oF the capital expendi- trading conditions. The shares 
jure programme announced in yield 5 s per cem. on a p/e of 7. 

Rubber made a significant con- 
tribution as did edible nut 
kernels, dried fruit and general 

produce but coffee proved on the K „ . 

-roup's' 0 Ste“ sriS Shtp'parts^S 

>Kon cffknd DU,“,nJ P o“"d 

f. n r, M w!i” t tta! r tU. d n 3Sr d SS: ioln u,e ’ 

modity will prove an important 
growth area in the future. 

Associated company interests in 
insurance and money broking had 
a successful year but the group's 
sugar interests have so far not 
operated profitably. 

On the group’s future, Mr. Gill 
says that there are already signs 
that 1978 is shaping well 

® comment. - 

The dramatic movements of the 
eommofHty markets especially 


BROKERS MERGE 

W. Hargraves and Co„ the 
tkbrolt 
with 




29 



Fbseco Minsep 



★ Foseco Foundry sector maintains growth record. 

Tk Fosroc Building and Construction companies’ growth rate accelerates. 

★ Fosmin companies show good progress in UK markets. 


Summary of results for year ended 31st December 

1977 

1976 


£000 

£000 

Sales outside the Group 

174,986 

165,427 

Profit before tax 

14,316 

15,956 

Profit attributable to ordinary shareholders 

4,478 

9,445 

Earnings per ordinary share 

15.7p 

16.9p 

Dividend per ordinary share 

43761p 

4.0971 p 


Eric Weiss, Chairman, says 

“Allhough these results are disappointing, they hide strong per- 
formances by our Foseco Foundry, Fosroc and Fosmin sectors. 

The strengthening of the pound against many other currencies 
had an adverse effect on the sterling value both of our overseas com- 
panies’ profits and of royalties and dividends, remitted to. the United 
Kingdom from overseas. This exchange' loss, coupled with the world- 
wide recession in the steel industp' which continued throughout the year, 
resulted in the pre-tax profit falling.” 

Copies of the Report ond Accounts for J977 vili be mailable from 3J May 3978 from the Secretary, Foseco Minsep Limited, 
36 Queen Anne's Gate, London SW1U 9 A R 0 1-839 7030 





Nervous conditions 


Bank of England Minimum . 
Lending Rate 7} per cent. 

A lu I978> 

tflliju Conditions- remained very ner- 
w Wvm*Itoijs in the London money mar- 
ket yesterday, with discount 
houses buying rates for three- 
month Treasury bills continuing 
to point towards a possible rise 
in Bank of England Minimum 
Lending Rate this week. The 
yield -on sterling certificates of 
deposit continued to rise, with 
the three-mopth yield finishing at 

% - a*;* j] ]$[ | , Bteriini? 

AgtSB... | C-ertificmt 


^?Ov*nri<{irt — .. 

“ Sfliy* noOce.. 
7da.ni or j 
7*7? natibfc.1 

Uaomnntli 

■No mnnthk_. 

. ; Jhre* moatbr. 

_.-.-rtHa nfc nlbr 

. ^ • Elov Kuuntiir^ 
- ' Oney0W.^_-. 


Certificate 

td-depoclu 


7«s-7jfr 
77 B ?i« 

Mat** 


loterbank 


6k-7i 4 

7a»l7B4 

7fi*-7tt 

Sga 

ST4 

•rW-Mi 


8i-8 per cent., compared with the 
present yield of slightly over 7 
per cent, on three-month Treasury 
bills. 

The authorities continue to 
soothe sentiment in the market, 
and bought, a .small amount of 
Treasury' bills from the houses 
on a day when, credit was thought 
to be in slight surplus. 

Banks brought forward small 
surplus balances, and the market 
was also helped by a fall in the 
note circulation. On the other 
hand there was a very small net 


Fln«n«.v ( 

Bon-* | t.'ompanv 

Depo-n*. ' neprt-fi- 


loc&l ILuci' Auth 
Auifiorltv nceotiAbi* 
>l*pn»it» f bund- 


7SB7b B 

74^769 

718-788 

77 S ^ 

889-819 

9-0 tg 
10 lOU 


8-75b 

8-768 

8- 75g 
BI4 7Ji 
64*-esfl 

9- 854 


take-up of Treasury bills to 
finance, while revenue payments 
to the Exchequer, mostly by way 
of tax payments, were met by 
Government disbursements. 

Discount houses paid up to 7 
per cent, for secured call loans, 
but- closing balances were taken 
at 5f-fl per cent. 

In the interbank market over- 
night loans opened at 71-7} per 
cent., and ranged between 61 per 
cent, and 7] per cent for most of 
the day. before closing at around 
7i per cent. 

~ Dlwouni ; Eligible j 

! TJmrfcel , Preasun Bank .PtneTmdt 
1 icimi ! B1M1 + HI I In 4> j 


7S B 43 
7i« -big 
a-t«4 

ai 4 

U8« 9i t 
934-10 


65 4 7>4 

7*r»4 

eia 

a"ss 


51s 7 


6i = -7 

67$- . 6 ;4 

7 6i,-» 

713 • T-7.4, 


I _ 




7Sb 

Big Bis 


779-819 

9^ 


. Local inrlHrifles ud finance bouses seven danf nonce, outers seven Oars' fixed. Lotuc-term local auiborlty nwruage rare 
waninaily three - yeans iot-11 per cent.; four rears 114-11* per cent.; five rears lli-12 per cent, o Banfc bin rates In table 
vb baying rates for ptinw paper. Buying rates for four-month bank bills SSb- 81 per cent.; four- month trade bills SI per 
-.MIL ’ 

•> Approximate seUuuc races for one- month Treasury bills 6ti» per cenL; ttfo-nii otb per ct-fil; and three- momb 

8>u4H]j per cent Approximate seOlM rate for one-montb bank bills 75iii-7l per cent.; la-o-momb T* per cent. 1 , and thrw- 
tnonth Tj-TDjfi per cent. One-nwnrb trade bills 7S per cent.: nro-moorb 7i-7i per. cent.; and also ihr-“ -month Si per ccpl 
- Finance Hum Bass Rates (pubUsbed by the Finance Houses Association' 7 per cent, from April I. 1978. Clearing Bank 
- - Oepotft state* /tor «m » *t getea dare' notice) 4 per rent Ck/aring Miik Base Rate 'or lending 7J per cm. Treasury 

Mh: Avenute tedder rates of discount 8.9891 per cent. 


Notice of Redemption 


Sumitomo Chemical Company, Limited 




k S 419 
47, 431 
173 467 

H5 468 

207 473 
234 477 
,.«B Cli 

239-516 
245 531 
25L 53D 
2S4.5TO 

257 864 
259 588 
261.591 
264 .594 
273 598 

Si 610 

322 611 


$1000 Coupon Dofcwnturen'beaTiagr tha prefix letter M 


64T 

£61 

677 

70S 

709 


S13 1120 3370 1494 3736 1945 3696 4830 
915 1131 1372 1497 1740 2273 3898 5129 

S8"SB Si SS JSi S gf? S 
a io3 Jig SB iSf m gg 
gj JSS s a i Si iSi ® fg 

S 1W6 i^ l4l| 1594 IMG 3g0 4460 |424 

iJiE|!!lii 

lasaf His 

ss £g BS 3SS SI 3SS ^ m« 


7509 10036 10356 
7561 10061 10357 
7564 100S2 10383 
7E24 30115 10393 
7635 30U6 30335 

7626 10117 10396 

7627 10118 10398 

7628 10113 10407 

7983 10128 10430 

7984 10136 1A443 
8103 10141 10449 
8313 10194 30450 

8319 10206 10467 

8320 10210 10468 
8418 10219 10470 
9932 10243 30601 
8933 10320 10603 
9934 10352 10949 


11255 

11256 
11260 
11261 
11262 
11279 
11334 
11349 

11351 

11352 
11355 
11260 
11427 
11435 
11441 
11444 
11447 
11461 
11511 
11517 


1151B 

11519 

11520 
11523 
11533 
11548 

11609 

11610 
11612 
11661 

11673 

11674 

11675 
11684 

11690 

11691 

11742 

11743 

11744 
11748 


11760 
11769 
11 BIO 
11811 
11812 
11813 
11832 
11839 

11877 

11878 
11962 

11995 

11996 

11997 

11998 


' . /Sic) 
... •A- 

; " .j£i 

.• ? r*i 

r ,J 


./ 


418 626 

^c-Dcbent™ specif 8^ ftr wS 

^(8) at the W. C. * oS* or (b) object to any laws 

Street, m Hie Borough o£ Menhattau, The _City K A-In .Amsterdam. Frankfurt/Main, 

onj^ulatiansappijcable thereto, at ?RdSum) SA. in Brussels and Kredietbank 5.A. 

l^bdon (Citibank House) , Milan,. Pam, Ciiibwk W^) referred to is (b.» above will be made 
^nrenbourgeoise in XuxembodrgviIIe- Pay “J®^ ''j£ l-.-. y or k atv'or by a transfer to a United 

a United States dollar check draum on a Si Nw York City on the redemption 

States dollar account maintained 1 gJJyjPJ|L^S interest to the date fixed for redemption. On 
at the redemption pnee together wtih accrued w ^| t 0 accniCi an d, upon pres- 

“»d after the redemption date, the ,, COUDonS appertaining thereto maturing after 

■ JJtatibn ud sorKader of p^™ B f funds .0 he dented 

the redemption date, payment will be made at the reoempLiu f 

With the Trustee, . . , , nresented for pavment in the usual manner. 

Coupons due June 1. 197S should be detached and presented tor 

oinyfiTOMO CHEMICAL COMPANY, LIMITED 
SUMITOMU u By: CITIBANK, N~A. 

u Trustee. 


/ 


April 27, 197S 



The Capper-NeiH group's continuing growth 
in overseas earnings largely stems from our 
readiness to seek out new markets and new areas 
of technology. 

We are now becoming increasingly involved 
with the processing of food and drinks - such, as 
sugar, peas, hops and cereals.. This includes 
complete package deals for the supply of entire 
process plants with all their mechanical and 
electrical equipment. 

It marks a significant expansion of our 


• 


traditional activities as contractors to the oil, 
gas and petrochemical industries. 

The world wants what Capper-Neill makes. 

Capper-Neffl limited, Warrington, Cheshire 
WA1 4AU* Tel: (0925) 812525. Telex: 628382. 




Storage, pipework, materials handling 
and process plant for world industry. 






* 


30 


CO-OPERATIVE INSURANCE 
SOCIETY LIMITED 

INCREASED BONUSES TO v 
C-I-S POLICYHOLDERS 


Financial Times Thursday April 27 1978 ^ 


At the 110th Annual 
General Meeting of the 
Co-operative Insurance 
Society limited held in 
Manchester on April 
26, 1978, Mr. H. A. 
Toogood, Chairman, 
reported : 


"This is the last Report that I 
shall be presenting before my 
retirement from the Board of 
CIS. It is natural, therefore, 
that on this occasion my thoughts 
should turn not only to the year 
under review, but also to the 
progress of the Society during 
the ten-year period for which it 
has been my privilege to serve as 
it&Xhairman. 


Progress of the Society 

In the last ten yeare, the 
Society’s annual premium income 
has expanded from just over £80 
mini on to more than £200 million 
and the total funds have doubled 
to reach their present amount of 
over £860 mini on. The growth 
in ’premium income has been 
much greater in the non-life 
insurance business than in the 
life assurance sections: in the 
former the premium income has 
increased fourfold to £91 million, 
whilst the latter has doubled to 
£116 million. 

These different rates of growth 
show the effects of the high rates 
of .inflation that have afflicted 
this country and have reduced 
the value of the pound to about 
one-third of what it was ten 
years ago. The non-life business 
consists almost wholly of annual 
contracts so that it has been pos- 
sible to increase the premiums 
payable on the renewal of polices 
to cover the heavier cost of 
claims and the higher expenses 
of administering the business. 
The life assurance business, on 
the other hand, is composed 
almost entirely of long-term 
policies and the premiums on 
existing policies cannot be in- 
creased. Although our new life 
assurance business has been 
buoyant the C.I.S., like other 
long-established insurance com- 
panies, has not been able to 
obtain new business on a suffici- 
ent scale in a period of high 
inflation to beep the total 
premium income from new and 
existing policies growing in step 
with inflation. 

Inflation and the threat that 
it presents to insurance business, 
particularly to life assurance 
business, have been a recurring 
theme of my previous annual 
reports and l find it very 
heartening that during the last 
12 months the rate of inflation 
has been nearly halved, even 
though it still remains high by 
any standards other than those 
of recent years. 

If inflation has any benefit for 
an organisation like the C.I.S.. 
it is to give ua an added incentive 
to improve our operating effici- 
ency. Insurance «s a heavily 
labour-intensive industry and 
labour costs, including national 
insurance and pension costs, 
account for nearly SO per cent, 
of the Society's total operating 
expenses. In the interests of the 
policyholders, who have to meet 
the costs of running the business 
out of the premiums they pay, 
the Society has always sought 
methods of improving its 
efficiency, hut these efforts have 
been redoubled in the last few 
years as we have tried to soften 
the impart of inflation on nur 
administrative expenses. Im- 
provements have been made at 
all levels and in every area of 
the Society’s business. There 
have been transfers of sub- 
stantial amounts of work from 
manual to computer operation, 
simplification of administrative 
procedures, rationalisation of our 
district office and regional office 
networks and a more effective 
use of labour by the adoption of 
new working systems. The effect 
is that although, over the past 
10 years, the volume of business 
has' grown, the total staff of the 
Society, including full-time 
agents, has reduced by over 20 
per cent. This reduction has 
hpcn achieved entirely by 
natural wastage and with the 
co-operation of the trade unions 
in the introduction of new work- 
ing methods and the revision of 
staffing levels. 

Nevertheless, despite the great 
efforts that have been made, the 
Society’s expenses as a propor- 
tion of premium income are 
higher than they were ten years 
ago, although it is gratifying 
that the .proportion fell last year 
from its 1976 level. For some 
time it has been accepted by the 
trade unions that the Society 
can flourish and provide job 
security for its workforce only 
if it constantly seeks to improve 
its operating efficiency. With 
their co-operation further 

developments will take place 
and, io fact, during 1977 we 
began the introduction of a new 
computerised system of pre- 
mium accounting for Industrial 
life business wirich will consider- 
ably reduce the amount of 
clerical work involved by com- 
parison with the methods it will 
replace. 

The better use of labour by 
the Society has not been con- 
fined to administrative methods 
but has extended to new 
business production. New types 
of insurance policies have been 
introduced and our sales train- 
ing methods have developed 
greatly, with special courses 
being run for aH grades of the 
Society's field force from full- 
time agents to district managers. 
The training and promotional 
work have borne fruit, particu- 
larly, in life assurance where, as 
I mention in snore detail later, 
1977 was another excellent year 
for the Society for new business. 


been in connection with the great 
weight of new legislation, some 
relating specifically to insurance 
and some of more general appli- 
cation. Much of toils new legis- 
lation has’ made great demands 
on the time of the management, 
both during the processes of con- 
sultation before new measures 
have been enacted and an the 
implementation of toe new statu- 
tory requirements so far as they 
have affected the Society. All 
this has added materially to the 
expense of running the Society's 
business without, in my view, 
bringing commensurate benefits 
to our policyholders, our staff or 
the public generally. Certainly 
in regard to toe new legislation 
regulating Insurance companies, 
we believe that a different 
approach on the legislation could 
produce a more effective regula- 
tory system at a much less heavy 
administrative cost than has 
resuiited from the present system, 
which involves insurance com- 
panies supplying to the Depart- 
ment of Trade vast quantities of 
detailed information about every 
aspect of their business. 

The Society's views on the 
supervision of insurance com- 
panies have been expressed to 
the Wilson Committee on Finan- 
cial Institutions as part of the 
Evidence -to the Committee from 
the Co-operative Movement This 
Evidence also expresses our view 
on the question of the supply of 
funds to industry and trade. That 
view is, briefly, that the supply 
is adequate for companies that 
are able to use additional finance 
profitably, and there is no need 
for -the pubJdc control of insur- 
ance funds or powers of direc- 
tion of their investments, if the 
public (interest requires that cer- 
tain companies or particular pro- 
jects should be supported even 
though they cannot attract funds 
in the open market, then the 
Government should use the 
methods already available to it 
so that any financial burden is 
borne by the community as a 
whole. We are implacably 
opposed to the creation of powers 
of direction of Investment, wtnich 
would lead to our policyholders’ 
funds being used to finance pro- 
jects that involve a greater risk 
of Loss of capital or a poorer 
income than other 'investments 
available and thus impose a 
speeded financial' burden on those 
policyholders, who come mainly 
from the Lower income groups. 


The CJLS. and its policyholders 
The CJLS. is a true co-operative 
society and is proud to be part of 
the national and international 
Co-operative Movement. We take 
every opportunity to stress the 
co-operative basis on which we 
trade. The whole of the share 
capital of the C.I.S. is owned by 
the Co-operative Wholesale 
Society, which consequently 
appoints the C.I.S. Directors from 
the members of its own Board. 
Following the basic principles of 
co-operation only a fixed and 
moderate rate of interest is paid 
on the share capital of the CJ.S. 
and our business is conducted 
solely for the benefit of oar 
policyholders, for whom the 
CJ.S. Directors act as trustees. 
We seek to offer contracts that 
meet all the policy holders* Insur- 
ance needs in the most effective 
way; to operate the business as 
efficiently as possible; to invest 
their funds in the most remunera- 
tive areas consistent with the 
proper degree of security; and 
to apply all the profits for their 
benefit 

It was in my first annual 
report, in 1969, that 1 was able to 
announce the introduction of the 
system of terminal bonuses on 
life assurance policies becoming 
claims by death or maturity, 
which is now a well-established 
feature of our life assurance 
business and which in combina- 
tion with the traditional rever- 
sionary bonus system, provides 
a fairer distribution of profit 
between policies taken out in 
different years. By a bappy co- 
incidence in this, my last annual 
report I am able to announce the 
introduction of a system of dis- 
counts on the premiums payable 
on tiie renewal of motor insur- 
ance policies by individual' policy- 
holders who have insured their 
vehicles with us for more than a 
minimum qualifying period. This 
Is a new arrangement that will 
enable these policyholders to 
benefit from the surplus that has 
emerged on this business and I 
give more details later in this 
report 

1 now come to describe fhe 
results achieved in 1977 in each 
part of the Society’s business. 


redevelopment usually do not 
arise. 

As regards the Society's invest- 
ments in 1977, there were large 
additions to the holdings of 
British Government securities, 
made mostly early in the year 
by the investment of amounts 
that during 1976 had been 
allowed to accumulate on short 
term deposit because of the 
uncertainties at that tune. 

Over the year as a whole about 
half the new money becoming 
available for investment in the 
long term business fund was 
applied to the purchase of 
British Government securities, 
the remainder being invested, in 
roughly equal proportions, in 
Ordinary shares and property. 
The property investments con- 
sisted almost wholly of the 
provision of finance for new 
developments or schemes of 
improvement' of existing pro- 
perties and there was a much- 
increased emphasis on industrial 
property. 

In the general business and 
other funds, about three-quarters 
of the new money was invested 
in British Government and other 
fixed interest securities. The 
remainder, apart from a modest 
addition to the property port- 
folio, was applied to the pur- 
chase of ordinary shares. 

The total income from invest- 
ments was materially higher 
than in 1976, being £67.3 million 
as compared with £59.5 million. 
In the long term business fund 
there was a big increase in the 
income from British Government 
securities, which was attributable 
mainly to the larger size of the 
portfolio but also to an improve- 
ment in the yield on the port- 
folio. Ordinary share dividends 
also rose substantially, the 
higher dividends paid by many 
companies being an important 
factor. The increase in the 
investment income of the general 
business fund was due, in the 
main, to the larger income from 
British Government and other 
fixed interest securities. 

One point about the statement 
of accounts that I should men- 
tion concerns . the differences 
between the balance sheet relat- 
ing to the Society alone and 
the consolidated balance sheet. 
These differences arise largely 
from the incorporation in the 
latter of the accounts of The 
Oldham Estate Company Limited, 
in which the Society has a 52 
per cent interest The principal 
difference is in the figure repre- 
senting investments in land and 
property, which is much larger 
in the consolidated balance sheet 
because of tile inclusion of the 
whole of the amount of Oldham’s 
property assets as stated In that 
company’s accounts. 

In considering this figure in 
the consolidated balance sheet it 
is necessary to have regard to 
the interest in Oldham of its 
other shareholders, the amount 
of which is shown separately in 
the final item of the consolidated 
balance sheet 


reported last year, and the 
account draws an underwriting 
profit Of £3.5 million. 

I have referred in earlier 
reports to the fact that motor 
insurance premium rates have 
to be fixed well in advance of 
the claims which they have to 
meet. The wide fluctuations in 
the rate of inflation in recent 
years have shown how difficult 
it can be to decide upon the 
appropriate level of premiums 
to charge. The policy of the 
C.IjS. has been, and will con- 
tinue to be, to take a suitably 
cautious view of the future, 
since our most important func- 
tion iy to provide security and 
we have no intention of jeopard- 
ising that security by charging 
premiums which carry a material 
risk of proving inadequate. 

Our practice of charging 
premiums determined on 
cautious basis means that when 
there Is a substantia fail in the 
rate of inflation, as has occurred 
recently, the motor account 
shows a considerable surplus 
Since we are. a co-operative 
organisation operating for the 
benefit of our policyholders we 
have thought it desirable to 
introduce a . system which will 
benefit those policyholders whose 
premiums have substantially 
contributed to the surplus. 

The benefit this year will be 
granted on all individual policies 
for motorists who have been 
insured with us for at least three 
years and whose policies fall due 
for renewal between 1st July 
1978 and 30th June 1979. It will 
take the form of a discount, 
under our well-established 
“points rating system,” equiva- 
lent to one point (just under 
6%). For the policyholders who 
qualify, this discount will sub- 
stantially mitigate the increase 
in motor premium rates which, 
because of continuing inflation 
and generally rising costs, we 
are having to make from 1st 
July 1978. fifteen months after 
our last increase in rates. 

In order to make provision 
for the effect of this new dis- 
count, which can be expected to 
vary from year to year, we shall 
be retaining an additional sum 
within the motor account. The 
amount retained as at the end of 
1977 is £1.7 million. 


Property Insurance 
The premium income increased 
from £26.7 million, in 1976 to 
£33-2 million in 1977, a rise of 
£6.5 million compared with the 
rise of £5.0 million reported last 
year. The account shows an 
underwriting loss of £1.0 million, 
although this is after the pro 
vision of £1.5 msllioa for the 
reinstatement of the claims 
equalisation reserve, which was 
fully absorbed in 1976. 

Last year I referred to the 
big Increase in the number of 
c laim s for damage caused by 
subsidence, following the excep- 
tionally dry summer of 1976. 
Subsidence claims continued to 
come, in at a high rate in the 
early part of 1977 but the posi- 
tion has since improved. There 
were several periods of heavy 
storms during 1977, the most 
severe being those which pro- 
duced extensive flooding in 
north-west England in Novem 
her. Theft from domestic pro- 
perty has continued to Increase 
and has now reached a disturb- 
ingly high level. 


Life Assurance 


Investments 


:ernal matters 

d addition iso our primary pre- 
Ojpation of conducting the 
iness of tile Society, the 
ird and management have bad 
involve themselves on a 
atly increased scale during 
last ten years in external 
tiers which have, or might 
e. an impact on -the Society, 
k most time-consuming have 


The prices of stock exchange 
securities rose substantially 
during 1977 as a result of the 
great improvement that took 
place in the country’s financial 
situation after steps were taken 
to bring the national finances 
under firmer control fallowing 

the sterling crisis in the autumn 
of 1978. By the end of 1977. the 
interest returns obtainable on 
long-dated British Government 
securities were under 11$ per 
cent, as compared with 15J per 
cent at the beginning. The 
general level of Ordinary share 
prices increased during the year 
by over 40 per cent, both in 
response to the better financial 
climate and in anticipation of a 
resumption of growth in the 
economy which has, unfortu- 
nately, not yet materialised. 

The property investment 
market was also active daring 
the year and the interest yields 
obtainable on investments in the 
better types of existing tenanted 
properties fell to levels that 
could be justified only on 
optimistic assumptions about the 
future rate of growth in rents. 
The development of new pro- 
perties continued to be restrained 
by the recent legislation con- 
cerning land usage and the 
taxation of development gains. 
There was, however, some 
recovery ip activity daring the 
year, particularly in the form of 
the renovation and improvement 
of existing properties where the 
taxation problems that might be 
associated with a complete 


The premium income on new 
policies was £23.1 million, secur- 
ing new sums assured (including 
the capital value of income 
benefits) of £729 million and new 
annuities of £0.5 million per 
annum. The new premiums were 
20 per cent greater than in 1976, 
which was itself a good year for 
new business. This represents 
a very good performance by the 
field staff in a year when the 
general level of personal incomes 
fell in real terms. 

The surplus on our lrfe busi- 
ness has again shown an increase 
and 1 am pleased to announce 
Improvements in our terminal 
bonuses whicb will result in sub- 
stantial increases in the amounts 
payable on policies becoming 
claims by death or maturity 
before the next bonus declara- 
tion takes effect. 

CIS terminal bonuses do not 
depend directly on the level ■ of 
market values of investments 
which are determined by the 
prices at which sales and pur- 
chases take place, but reflect 
primarily the increase in the net 
asset values of the numerous 
companies and properties in 
which we invest. These values 
again increased daring 1977 and 
consequently we have been able 
to make further significant im- 
provements iu our rates of 
terminal bonus. In the Ordinary 
Section the terminal bonus 
varies from 0.5 per cent, of the 
participating sum assured for 
assurance policies with four com- 
plete years’ premiums due and 
paid to 91.5 per cent, for policies 
with 48 or more complete years’ 
premiums due and paid. Is the 
industrial Section the terminal 
bonus under the main tables 
varies from 0.4 per cent, to 69.5 
per cent 

Rates of reversionary bonus 
are maintained at 4.00 per cent 
for assurances and 7.00 per cent, 
for pension annuities and retire- 
ment benefits in tbe Ordinary 
Section and at 2.50 per cent on 
tbe main tables in tbe Industrial 
Section. 

. The appropriate combination 
of reversionary and terminal 
bonuses is to some extent a 
matter of opinion. At the CIS 
we consider that it is appropriate 
at present to place tbe emphasis 
on the terminal bonuses, thereby 
giving those whose policies be- 
come claims during the next 
twelve months a greater benefit 
than if the emphasis were- placed 
on _ the reversionary bonus. 
Giving higher benefits on these 
policies seems appropriate in 
view of the caution which was 
necessarily exercised in the 
declaration of reversionary 
bonuses in tbe long period of 
economic uncertainty that we 
have been passing through. We 
feel that the flexibility of our 
system of combining rever- 
sionary and terminal bonuses 
means that we can continue to 
give a fair return on all policies 
becoming claims. 


Other Classes of Non-Life 
Business 
The premium income from the 
remaining classes of non-life 
business increased from £9.4 
million to £10.8 million and 
these classes produced an under- 
writing profit'of £0.3 million. 


Reserves J 
The general reserve, which at 
the end of 1976 stood at £30.6 
million, has been increased by 
transfers' of £2.4 million from 
the long-term business fund and 
£5.5 million from tbe profit and 
Joss account, thus producing, a 
reserve as at the end of 1977 of 
£3S.5 million. The total free 
reserves have increased from 41 
per cent to 49 per cent of general 
business premium income. 

Board and Management Changes 
During the year Mr. A. E. F. 
Lovick retired from the Board of 
Directors and Mr. K. A. Tailby 
was appointed to replace him. 
Mr. Lovick has served the Co- 
operative Movement with distinc- 
tion for over 50 years, and, in 
fact, continues to serve it as 
Chairman of the Cumbria 
Society. He had two periods 
of office as a Director of the 
C.I.S., amounting in all to 26 
years, and for four years was 
Chairman of the Society. We are 
glad to have had the benefit of 
his wise counsel and thank him 
warmly for bis services to the 
C.I.S. We extend . a hearty 
welcome to Mr. Tailby who will, 
I am sure, make a valuable con- 
tribution to the conduct of the 
Society’s affairs. 

Mr. G. F. Richardson, Agency 
Manager, retired on April 15. 
Mr. Richardson joined the Society 
as* i full-time a?ent in 1935 and, 
after the war, progressed rapidly 
to become Deputy Agency Mana- 
ger in 1957 and Agency Manager 
in 1963. His 15 years as Agency 
Manager have covered a period 
of wide changes in the organisa- 
tion of our field staff and their 
systems of work and have seen 
the evolution of the sales train- 
ing schemes to which I have 
alluded earlier in this Report, 
He has played an outstanding 

part in these developments and 

his boundless energy and Infec- 
tious enthusiasm have been an 
inspiration to hi$ colleagues and 
to all who have served under his 
leadership. We thank him for bis 
great contribution to the progress 
of the Society and extend our 


Tide turns 

against 

Alginate 


Spear & Jackson 
£1.4m. as 



f.. 


PROFIT margins on exports 
which accent for three-quarters 
of total sales at Alginate Indus- 
tries, fell sharply ha the latter 
part of 1977 because of the 
strength of sterling. This com- 
bined with static demand 
depressed tbe group's taxable 
earnings in the second half from 
£L78m. to £l-04m. leaving tbe full- 
time total marginally down at 
£2Rmn against 12.97m. 

Sales by the group, which pro- 
duces and sells alginate products 
extracted from seaweed, were 
ahead from £15fl2m. to £16.74nL 
with the exports .content at 
03.01m. (£12. 17m.).- 

A1 though both factors affecting 
last year have continued into 
1978, there has recently been 
some improvement in UJC orders 
and the exchange rate, the 
directors state. 

Earnings per 25 p share are 
shown higher at 34.77p (32.97p) 
after tax lower at £872,000 
(£Ll4m. restated) reflecting a 
change in the treatment of 
deferred tax in accordance with 
ED 19. The net total dividend is 
lifted to 13.96i5p (12.5p) with a 
final of 9.4938p. There was a 
waiver on £1,000 (£12,000). 






u»lf 


j-aWP*** 




ADVERSELY affected by the 
appreciation of sterling, a slow- 
ing in the inflation rate and. lower 
than anticipated activity, particu- 
larly in the handtools company, 
taxable earnings at Spear and 
Jackson International slowed 
down sharply in the second half 
of 1977 from £L03m. to £348.000. 
Full-year profit finished margin- 
ally lower at £L37 dl, against 
£l.4lnL, on sales up £lm. at 

£3S-94m. 


Thomson 
T-Line falls 
into the red 


Following a downturn from 
£90.290 to £58.985 in mid-term 
profit, Thomson T-Line Caravans 
Incurred a loss in the second six 
months, to end 1977 with a pre- 
tax deficit of £23,460, compared 
with a £160,772 surplus last time. 
Turnover declined from £3.7Sm. to 
£3.54m. 

At the interim stage, the direc- 
tors said that the lower profit 
was mainly due to a severe down- 
turn In touring caravan sales 
during "May and June. However, 
improved design and specification 
changes had been introduced to 
the new season’s range of 
caravans and they were confident 
that 1978 would bring an increase 
in the company's share of the 
market and more satisfactory 
results. 

After a tax credit of £2,184 
(£75,894 debit), the full year loss 
per share is shown as 1.31p (earn- 
ings 5.25p). A final dividend of 
l.63p net steps up the total from 
325p to 32p — Bantaskin Invest 
merits have waived their right to 
participate in payments for 1977 
in respect of 600,000 shares. 


In the opening months Of 1078 
the handtools * company , has 
shown a marked improvement in 
both margins and profits and -lor 
the group as a whole, first quarter 
management accounts indicate 
satisfactory profits, Mr. Stephen 
de Bartolome, the 
•states. 

Interest -paid in 1977 was. 
reduced for tbe second year in 
s accession, and amounted to 
£814,000 (£880,000). At year end 
borrowings were ' £L12m. lower, 
group gearing was reduced from 
93 per cent to 89 per cent and 
working capital ratios were 
further enhanced, he says. 

After tax of £617,000 (£706,000)' 
stated earnings per 25p share 
were maintained at 11-Sp (lL5p) 
and, as forecast at the time of 
the 1976 takeover bid for tbe 
group, a net final dividend,' held 
at 5,Sp, raises the total with 
Treasury permission to S-OTSjp 
(7J8p). 

The. majority of the group's 
overseas subsidiaries expanded 
profitability. Analysis of contribu- 
tion to profit by company shows, 
with £000a omitted: tools £298 
(£914); Industrial £652 (£500); 
Canada £205 (£20): UB. £498 
(£345); Australia £220 (£389); 
Ateliers de MCcanique du Velay 
£441 (£266) and A. B. Stridsberg 
and Biorck (six months results), 
loss £193 (£378). Less central 
charges of £756 (£645). 

Mr. de Bartolomfi says thatEt is 
not practicable to quantity pre- 
cisely what effect exchange rate 
changes had on the company’s 
export trade but with exports 
averaging about £600,000 a month 
a drop of even 5 per cent, margin, 
amounts to £90.000 In three 
months. The fall in the Inflation 
rate affected margins because of 
tbe time lag between raw material 
purchase and sale of finished pro- 
ducts. 


Bar' the tools company .the anti- 
cipated consumer expenditure 
recovery in the retail trade did 
not occur and orders were for 
delayed in the first quarter of 
1078. Home market orders for 
tbe first quarter of the. current 
year. are 32 per cent, up, but ex- 
port margins and volumes are still 
tow, - though there are some 
modest signs of improvement. 

The industrial company in 
Sheffield, which makes steel :and 
cutting tools for the wood and 
metal-cutting industries, ' bad a 
very good first half, but: "price 
competition in the second, half 
intensified find profit- margins 
were halved compared -with the 
first six months. Steps to deal 

With - tills situation have been 
taken and although this deteriora- 
tion continued into, the first two 

months of 197*. there has been a 

shfti rp recovery . in March,' the 
chairman says. _ . 

" The- company on Canada, which 
makes cutting tools - for 'the 
lumber industry, had an. excel- 
lent -year with profits in. the 
second half year up by 40 .per 
cent, over the first half, and these 
results are continuing, into- this 
year with first quarter profits well 
ahead. 

-It -was a record year for the 
U.S; : company, which also makes 
cutting tools for the lumber In- 
dustry. Order intake since year 
end 'has remained buoyant but 
profits have been affected by tbe 
-severe winter which caused 
customers to delay shlpments.- 
-Wlfii the recent improvement m 
weather, there is now evidence of 
a fast turnaround he says. 

The Australian company, now 
largely selling Imported products 
from Japan and Europe, had_ a. 
poor year with profit margins 
almost halved, and there are, as 
yet, no signs of any retd im- 
provements. However the French 
subsidiary which specialises in the 
'manufacture of metal-cuiting 
tools, had a very good year with 
pre-tax profits substantially up. 


be setting bade on coarse. - Ai'.r- 
indicated in December, : pretax' .; ‘‘\i 
profits 'fell hack -ixr 1977-^ue to a 1 , 
,-coBapse in the second half tck ,r> ' 
£3484100 against more than £lm ' ... 
in the same period of 1976 (nof^ ; .. 
counting substantial extraordinary.: 1 ', r 
debits).- The: Marne is piacec>t‘ Jf 
partly on a sudden drop m' orders*.:?;., 
for band tools in the autumn, lead-’ 
ing to a socond haff loss on this’- S®‘\ 
ride. Elsewhere U_KL ' industrial -• 
profits also suffered from a severtf> 1 .. 
margins squeeze, while the appro - 
ciation -of sterling between Jaw:' 
and' December devalued^ overseas^ .»!•? . 
subsidiaries’ profits, as expressed , 

in sterling, :by. some 
Suddenly hand tool -sales- -ha v*y 
started to boom again, however-^ j* ; . r 
so fa rthis year turnover in thi£ ... 
division is' 40 per cent, ahead : " 
last year— and the gen eral patterr •< - . 
in the -current yekir appears to. 
satisfactory. Understandably there j'-'f-' 
is ho specifier forecast, but at 131% . 

the shares are supported- hy \ 

yield- of 1L5 per cent; albeitthmls : • - : ' 
covered, last. year. ' - - - \ 


.'v,r.4n. 


.n v.i ,ti 


. : rf.S* 
_ . eirf 
.... -cartel 
-::***■ 

, flBi}. 
- -r\r 
' :. Hires 
v-^-ve 

. 

the 




. .ear 

- r, . riJT 

•He 

..■vied 


.1* ■ 


!c rs» 


Hopkinsons 

lower 


-j-, 

- r.fi 


at £4.3m. 




i-;„ 




• comment 


Spear and Jackson has taken a lot 
Of stick for its failure to achieve 
the forecast — made last April, and 
repeated in September — of a 
materia] profits improvement, but 
tbe preliminary statement in- 
dicates that the group may now 


DESPITE A recovery hr second., 
half earnings from £236 m. -/to" 
£2-5Sm„ taxable profit of Bopldik: 
sons Holdings ended the year -tf. 
January 27; 1978, down front- » 
£4-36 m. to £4j28m. . 

At halfway the. 
was predicted, but, toe 
did not expect toat ■ last ., 
record level would be matcheifrl 

Turnover climbed from £323 Jjn* / . 
to £35, 44m., and the.- result' caM';, . 
after bank interest . ' lew 
Investment income of 
(£386.000). After tax of 
(£2JSm.)- net attributable 
was £2.02m. (£2 .09m.). 

Earnings per 50p share of th«| 
manufa cturer of . bpiler momr 
mgs, valves, r etc., are- shown 
I7.92p against I8.48p. 


.v jxr 

. .if 


-.rj 

■<(>d 


• - -T 





'lajpco^ 1 

takes the total from 4.5B147p tt 
lus^o! 1 * 1, and will alisort p re |j m j 


COM 

nary 


SpiUers 

accounts 

deferred 


In order that the 1977-78 annual 
accounts of Spilkrs should reflect 
the company’s withdrawal from 
bread-baking, the AGM normally 
held in mid-June has been 
deferred until July 26. 

The company intends to post its 
report and accounts on or about 
July 3, at which time further 
details of the closure of the 
bakeries will be given. 

So that holders may receive the 
dividend payment on July 3. a 
second interim of 0.525p net is to 
be paid on that date, in lieu of 
the final already announced. 


£1.77m. from 

Clyde 

Petroleum 


Trading profits for 1977 of Qyd'e 
Petroleum came to £1.9Sm. com- 
pared with £I.76m. for the 
previous 15 months, but after 
realised exchange losses of 
£201,000 (£1.4Sm. gains), pre-tax 
profits were £ 1.77m. against 
£3 .17 m. At midway profits stood 
at £329,000. 

With tax taking £964.000 
(£953,000); unrealised exchange 
losses of £173,000 (£80,000 gains), 
minority losses of £132,000 
(£65,000 profits) and extraordinary 
debits, nil (£679,000). the attribut- 
able balance is £769,000 (£2.92m_). 
Turnover came to £11 23 m. 
(£3528m.). 

An initial dividend of lp net 
per n share costs £69,000, and 
£0.7 zxl (£2.92m.) is retained. 

The directors point out that a 
true comparison of the results is 
influenced by the substantial 
change in the nature or the 
group's Ecuadorian business. 

As well as a possible participa 
tion In three North Sea wclis. 
Clyde has broadened its interests 
onshore with the award of four 
exploration licences in the south 
of England and with the acquisi- 
tion of a company holding 
interests in several production 
licences. 

The U.S. Is seen as an attractive 
area for coal mining and a sub- 
sidiary is being formed there. In 
the UJC. a limited expansion and 
diversification of the existing coai 
mining interests is under way. 

Substantial progress has been 
made towards agreeing the out- 
standing balances with CEPE (the 
Ecuadorian State oil company) 
and In resolving other uncertain- 
ties although the accounts have 
again been qualified for these 

reasons. 

The group’s objectives are being 
actively pursued on a wide front 
and the Board is confident that a 
foundation has now been laid for 
a steadily increasing cash flow 
which will support the demands 
of a continuing exploration pro- 
gramme both in the North Sea 
and elsewhere. 

Meeting, Glasgow, on May 19 at 
noon. 


Kotor Insurance 
Hie premium income in- 
creased from £43.0 million in 
1976 to £46.7 million in 1977. a 
rise of £3.7 million compared 
with the rise erf £&2 mtllioo 


warmest good wishes for a bappy on the Board, including all those 
retirement. He is succeeded by who have served with me over 
Mr. N. C. F. Allen who was the years, my sincere apprecia- 
previously Personel and Develop- tlon of their loyal support, and 
meat Manager (Field Staff). to the management and staff my 

grateful thanks for all their 
Conclusion endeavours. To Mr- H. Seeley, 

1 1 approach the end of my Chief General Manager, in parti- 
Period of service with some cular, to Mr. A, Duval, Genera! 
natural regrets at ending what Manager and Actuary, and to Mr. 
has been an absorbing and. dial- A. Cochrane, Secretary and In- 
lenging occupation but also with vestment Manager, with each of 
some modest satisfaction at the whom I have been closely 
sound position of the Society. associated during the whole of 
The economic upheavals of tbe my period of office, 1 wish to 
past few years resulted fn one express my special appreciation 
of the most difficult periods that of their anvaluable efforts on the 
the Society has experienced in Society’s behalf. I also wish to 
its long history and it says much acknowledge the loyal support 
for those engaged in its affairs which retail societies have given 
that it has emerged from these to their own insurance society, 
trials with its financial strength In conclusion let me say that 1 
and ability to provide as efficient have every confidence In tbe 
service to its policyholders not future successful development of 
only unimpaired, but, in many the Society under tbe leadership 
ways considerably improved. of my successor." 

It Is with pleasure, therefore. The report and accounts were 
that I express to my colleagues adopted. 


TfOTICE OF REDEMPTION 


Apr i 5 26 f 


To the Holders of 


HAAS OVERSEAS CAPITAL RV. 

(now Rohm and Haas Company) 


%.% Guaranteed Debentures Dne 1986 


So p^^al^oimc through operation of the mandatory S inking Prmil and SUjpOgOO 
principal amount through operation of tha optional Sinking Fund), at 'the redemption psxpc ofj OOJtr 
of the principal amount thereof together with interest accrued and unpaid to said dote: . 


z :r:- r r* 

, ,rr • 

v ^ - 5 

*r,d . 


.:s r' 4 :. 


■ r M- 
m .in 


DEBENTURES OF $1,000 EACH 



10942 21572 
. J.D635 11582 
10680 11585 
10877 11801 

10891 : 13602 

10892 11807 
10089 3161S 
10702-11824 
10704 11826 
207X9 11833 
10728 11839 
10747 11840 
10750 11646 
10753 11655 
10750- U859 
10763 11668 
1D779 11672 
10768 1J67* 
10783 11678 
10801 31677 
10802’ 11687 
10813 11888. 
10820 11639 

10833 11701 

10834 11715 

10647 XI 731 

10552 11746 
10888- 11782 
10872 11756 
30875 117BS 
10881 31775 
30830 11778 
10900 11782 

10917 11802 

10918 11804 
10931- 11805 
30933 11B13 
10938 11831 
10952 11834 
10958 11639 
10961 11840 
10064 11843 
20972 U845 
10973 11853 
30978 13854 
10085 11864 
11001 11887 
11003 11906 
11013 llfllO 
31014 31919 
13015 11926 
11020 11927 
130*4 11940 
21052 IrfSJ 
31065 11954 
11074 13959 
13077 XX986 
31085 13968 
11094 21972 
13099 1J984 
111 01 12985 
11115 12013 
11124 12025 
11143 12033 
1 1150 12MD 
11132 12043 
11254 12065 
1H56 12089 
11173 32074 
31178 12078 
11181 12081 
11203 12083 
11210 1208S 
31222 22094 
11333 12104 
11240 32119 
11243 12137 
11247 12149 
13251 32152 
11256 12158 
11258 12182 

11260 -12173 

11261 12181 
31281 12183 
1120* 12183 
11299 12186 
11311 12190 
11315.32203 
11321 12224 
11328 12251 
-11883 13236. 
11342 32261 
11344 ' 12288 
11353 12277 
11380 32286 
11 363 32288 

11371 12303 
11373 12304 
1U84 32310 

Si ^ 

11441 12253 
11448 12357 
11483 1MM 
11468 12376 
11481 12378 
U486 12384 
11494 38388 
11490 32383 
13308 12394 
11531 12393 
11323 12408 

11527 12427 

11528 12424 

US' 


12451 13387 

32457 
12469 

S3 

12476 13447 
12480 33448 


_;.is V- 


x'a- 


49 


13498 

1349T 

12900 

13509 

12515 

12518 

12537 


■"V;S 


■•■SHa N3.1 rtt.ed 


R*<*'r»r: iJJ 


12700 
12705 13 
13718 
13720- 
13723 
32729 
13730 _ 

12738 .33 
12740 " 

12743 
12751 _ 

12707 
12759 
13783 

12791 

12792 
12796 

W3H 
US &* 1 14 

12835 -aa 


l. A-r «•? ‘-.larehdh 
• -:2? 5 ' 50. m 

:JBr -.a. i 


flight H 

■‘“EDb. UPH.OLSTE 


.12848 


12354 


12B83- __ 
12866 137 
12860 


jgg 

12043 

12949 

13953 

32961 

12988 

13976 

13078 

12980 

33011 

13014 

33020 

13022 

13023 
13026- 
13033 
33051 
1306S 
33087 
13060 
13074 
1.1084 
23086 
13087 
13099 

13117 

13118 
33137 
13152 
13136 
13170 
13177 
13181 
33106 
13200. 
12209 
13211 
13217 
23S2S. 

13354 . 


5i & 

-388Z 

139 09 
13031 
13933 
13937 
33040- 

13955 


13973 

1397S 

13878 



14018 

14030 

14022 

14033 


-V^fo mI'T".'** H<*1 


orih -c 0 ;nY iZ 



jaw 1 . 


13864 


June 1, 1979 and fiuhsequtait coupons attached at the main offices of any of the : 

Guaranty Trust Company of New York, 15 Broad Street, New York, N^Y.T0fll5; Miagan 
Guaranty Trust Company of New York in Brussels, Frankfort am Mam, London, Paris and Zorich; 
Banca VouwfQer & CL S.pJL in Milan and Rmac;Bank Mccs & Hops NY in Ajqfit<itiara;and Baaqoe 
GdueratoduIatxcmbom^SA.xnLaxaiihoin^ 

Coupon* dne Juiral, 1978 riKuiM he drtw^ed an d ctffieetirimiheagtriitaamttv • . 


ROHM j£ND HA A& COMPASY 


Dated: April 27, 1978 


NOTICE 


TBe foDowiag Debentures p re riou afy caBei ibr redemption hare not es yet been pretested Aar 
P8Jfflenl! DSBEKnlHES^^ 

10897 3881 4889 4889 5333 5433. 8480 8488. 8015 7S37 . 18U. ,1388 


A 



‘ i 




Ttoes ^raoira April 27 1978 


/ ^ 


ends 

near double at £21 .8m. 




Exchange loss 
hits Foseco 



'■ \ !r - t't.nOiOWlNG -on the first-half 
. vSffifflh taxable eariitags from 
£7.fl5ny Etgnpe«it 
> „"■ oTf"f£L-*»nnrtff crrowth continnine 




. '?u 






, j, jporta growth /continnins. 

nc second, sir months, lifting 
•Ml Sear total' for 1977 from 
tp a record" i21 J7m. 
expanded, by- £3t34m. 

a/fim, -- 
"September the directors said 
margins of -the shipping 
n shewed an improvement 
m increase ' in Continental 
tourist .traffic, hi^oer 
„ . freight- tariffs and 
_jnt ‘of viability. en new 
b - The Interim figures 
lad the results of Felixstowe 
and Railway Company, 
J-ih March 1976, for the 
ie,- English, and Caledonian 
tent- Company was acquired 
tm. ‘ t 

.. ting profit for. the year 

^j,7 3m.y <£U.06m.) including 

■ ipff i g yilficant amount of 
gains' whereas . the 

* jaaris gains reached 
, thfe directors point out. 
earnings per 23p share 

20fip (lifip) . and. as 
Scast at the time of the May 
Munition, the total net dividend 
stepped up to 2J8p fl.995894p) 
. gre ased capital With. a. final 

^Tbere were extraordinary 
Mjts this time of £450,000 com- 
ar ed with debits of £S.62m. 
hose items comprised, profits on 
i currency Joans of £3-31 m. 
£12.83m.) of which £316.000 
im. loss) was realised; p ro- 
ll- to reduce book- value of 
parrier to ' market . value 
(nil): profit on sale of. 
jEl jlm. (nil): excess cost 
'fc^-riiares- . in- English and 
- Uedonian over the realised 
" - ■' of. ..the portfolio £982,000 

i , : net losses' on realisation 
provisions Ph fall in value of 

■ uiviestraents £801,000; and 
profits • ■ of £251.000 

Last tone there was 
afiton saie.'of ship* of £4.14m. 
ie group has got. off to a good 
the current trading. 


Mr. Keith Wickenden the chair- 
man said later; - "Things have 
Started extremely *we!L Bookings 
are up significantly.? 

He stressed however that the 
group would have to do weD on 
volume as fares had been pegged 
until the end of the year. In ad- 
dition Felixstowe could not do 
much better than last year be- 
cause It was ' ** bunting - at the 
seams," but three -giant container 

handling machines; . to he 

delivered daring 1978, would raise 

- container handling capacity at the 

- port by 50 per cent Three fur- 
ther machines are due by the end 
of 1979. 

A breakdown of 1977s results 
shows profits, of around £i6m. 

from shipping, compared with 
£7.8m. Harbours turned in a total 
of £2m. (£Lom.J and the property 
and. -financial services operation 
produced around £4m. against 
just £20,000. 

After higher provisions for de- 
predation, major maintenace and 
dredging .at £l-25m.. against 
£778^00. Felixstowe. Dock and 
Railway Co- a subsidiary of Euro- 
pean Ferries, shows pre-tax sur- 
plus for- 1977 ahead from £804,500 
to £L55m. 

With tonnage handled up at 
4.66m. <3 -32m-) tonnes turnover 
improved to £13.42m. i£8.l2m.l 

Earnings per £1 share are stated 
at 43.74P (23.04p). No final dive 
dend is to be paid. The company's 
Stock. Exchange . listing was 
cancelled for Ordinary stock at 
the company’s request in August 
1977 as the market capitalisation 
and shareholding . position was 
inadequate for a market to be 

See Lex 



PRESSAC SCRIP 

Prassac Holdings is proposing 
a scrip issue of 400.000 of £1 10$ 
per cent Cumulative Preference 
shares. 

It is inteded that the issue he 
made out of the company's re 



DISCOUNT COMPANY LIMITED 

^Preliminary Statement 

V ‘ -T " April 26, 1978 


: -\v. 


Accounting period 


GROUP PROFIT: 

The Company After providing 
for taxatjon and a transfer 

to Inner Reserves 

m. Subsidiary companies after 
'.llr.5 providing ffr taxation and 
rr::S aum^y.iataestB .......... 

.zipjJl 1 ■; t ■ 

- ^5 PROPOSED FINAL DIVI- 

DEND on each Or (Hilary 

share of 25p ......... 

-Already- jnid • ....... 

—TE-MaMug total' of 

■-v^Bqui^deat.-to .......... — 

'. : '2 2 Amounts absorbed: ' 

‘ L By. preference dividends 
. -j 5 paid ; 

- : -i £ iL §y. ^ordinary dividends 

• :’d 5 „ ■■ : 

: . : -i £ ; Ht Increase jn cbnaoliqated 
■ cictty- forward ......a....‘. 


Year ended 
April 5, 1978 




£ 14054)00 

£ 8 , 708,000 


4.171p 
4p 
8.171p 
49^2% (gross) 
£000 

. 8 

1434 -v 

4466 ' * 


Year ended 
April 5, 1977 


£ 3 , 180,000 


£260.600 

£ 3 , 4104)00 


. . 4 .BlQp 
2 fip 
7 . 316 p 
45 . 02 % (gross) 
£000 

aioss. ; 


*> 307 

.-.q Transfer to General Reserve: £ 5 , 088,000 ( 1977 ; £ 506 . 000 ) has 
beta transferred to General Reserve from the inner Reserves 
-r - - --- — e r . tfiis transfer, now stand at a higher figure than 


irjgewr 

: .S The proposed dividend Wn the Ordinary shares of 25p eich 
'■■Z'M which v^il be paid to, shareholders on the Register at the 
ijvis dose ef business on May 19, 1978, is the maximum permitted 
R eader auranc legislation. . • . 


ffl 

|ing_ 


Siientnight Holdings Ltd 

DI\ftN BEDS, UPHOLSTERY AND FURNITURE 

-t' 5 . 

Record 
Results 



§ ' !!■■■■■■ 

Jan 1978 
£0S0*s 

Jan 1977 

£00ffs , 

Percentage 

Increase 

- 

v . • 

\ Turnover • 

38,428 

H ] 

+26% ‘ 

jlglgjgiW 

-■si 

2,728 

+ 18% 


mm 

B 


s Earnings 

: PerV : 2 

) Shared 


32.3p 

27.3p . 

+ 18% 

After Tax 

28.2 p 

ESI 

■ m 

v Diviiferid per Share 

: 1 MaKioiwiRari?iissible_) 


1 3.64 p 

+ tQ% 

Divided Coyer! 

5 times 

5 times 




•* ‘A 
V. 

: 

% 

:| 
• W 

**. 

3 


COUNTER-INFLATION ACT 1973 

tin Treasury have given consent to toe deela ration by toe following 
toflipaote) of dividends of toe total amounts specified for the 
finanaat years ending on Che specified dates: 

Oavief A Metcalfe Ltd. Romiley £45.000 

5TR Ltd; ■' ' London. $W) £7380J93 


35 12 77 
31.12-77 


'■4 




,;4 




London AiMandtester '. 

Aasurriige Company Led. 
p Y* Hotting, Ltd. 

{Jwuff&nlt Lid. • 

Watmouj^s \ Holdings 1 Ltd. 

Bern rose Corporation Ltd. 

Tftney.R Company Ltd. 

H»mas Tilling Ltd. 

toe Expanded Hetal Co. Ltd- • — 

WarntWrigtit ft Rowland Ltd; ■ Birmingham 
Kcxif Intematranal Led. Caine 

H. firaoimer ft Co. -Ltd. Altrincfiam 

H- 8 Jv Quicfc Group Ltd. Manchester 
Hepwotth Ceramic HWgs. Ltd. Sheffield 
R. Cartwright { Holdings) Ltd. WillenhaH 
J- C. Liiley Ltd. Glasgow 


London, EC2 
Cambridge 

London. EC2 

Bradford 

Derby 

London. 5WI 
London, W1 
London 5W?' 


£2.164,917 
£2.655,735 
£30.402*639 
£198.588 
£651,738 
£352R31 
£13766.170 
' £M34fil8 
£4 IT 320 
£308.294 
£930.104 
£1334)00. 
£6791372 
£223336- 

-, erLia . W'S-lg 

Watts Blik* Beame ft Co. Ltd. Newton Abbot £548424 
Guest Keen and Nettiefclds Ltd-Warley £35^85.3g 

United Biscwts (Holdings ) Ltd. Isleworth £9A35.026 
Ward White Group Led. Wellingborough £262.161 

Glynwed Lid.’ Binningham £7.973 Jjo 

Lyon ft . Lyon Ltd. KnocringFey 

Bockware Group Ltd. ' Greenford 

Sjdrax-Sarco Engineering Ltd. Chefeen|i»ni 
Trie Thanis Sulphur. & Copper 
Co. .tfd.: : Glasgow 

fn».pir» Stores (Bradford) Ltd. Bradford 
Stanley Gibbons Intnl. Ltd. London. WC2 


£290.909 

£1.759.054 

£1339323 

£260.000 

£1.988,636 

£306.604 


31.12.77 

31.12.77 

31.12-77 

31-12.77 

31.12.77 

30.1177 

31.1177 
31.1277 
3T.1277 
31-1177 
31.1277 
31.1177 
31.12.77 
31.1277 
31. 1.78 

31.1277 
31.1177 
311177 
31.12.77 
31.1277 
31.1177 
1. 178 
31.1177 


31 1277 
28 178 
31.12.77 




Pvi/iifred by the Treasury «i required by the above Act. 


serves and in_ order to complete 
the issue It is necessary lo in- 
crease the authorised capital to 
£lm., which will leave £200.000 un- 
issued after the scrip. 

An egm is called for May 22. 

Automated 

Security 

advances 

ON TURNOVER of £3.24m. com- 
pared with £2U3n}„ taxable profit 
of Automated Security (Holdings} 

rose from £335.134 to £50<S,8H6 in 
the year to November 30, 1977. 

At halftime, profit was £46.000 
higher at £160.000. and profits of 
not less than £0.45m Here fore- 
cast Id January. 

After lax of £65.666 i£28.H52) 
attributable profit For the year 
was £451.230 (£275,7151. Last year 
there were extraordinary flotation 
costs of £27,767. 

Directors say 19</ was another 
year of solid progress with im- 
provements in all areas of opera- 
tion. especially in the continued 
build-up of recurrinp rental in- 
come. which increased 40 per cent, 
to £9S6,000 

Results do not include the 
Brocks Security division acquired 
this year, but directors say the 
purchase will matte the group the 
largest operator of securily 
alarms in the U.K. Combined re- 
curring rental income for the cur- 
rent year should be in excess of 
£2.5m. 

They say they look to the future 
with confidence from a stronger 
trading and balance sheet posi- 
tion. 

Earnings per 10p share are 
shown at 5 51p acainst .1 74p As 
forecast, a final dividend of 0^2op 
takes the net total to 1.32p com- 
pared with 0.65p preiiously. 


AS EXCHANGE loss coupled 
with the rominuing worldwide re- 
cession in the siepl industry re- 
sulted in n fall in pre-m profit of 
Fnscco M insep from a peak 
£!5.3flm. lo 114.32m. Tor 1977. on 
external sales of £174.fi9m. against 
£165 43m. At halfway, the sur- 
plus was down £0.3Sm. ai £7. 74m. 

The sirens Lhening of the pound 
against many other currencies had 
an adver.te eflcei on the sterling 
value both of the croup's over- 
seas companies' profits and of 
royalties and dividends remitted 
to the U.K from overseas, say the 
directors. Had 1376 exchange rates 
been used. 1977 taxable profit 
would have been increased by 
£1.1 6m. 

Thf* directors =iaie that although 
the results are disappointing, they 
hide strons performances hy the 
Foseco Foundry. Forsroc and Fos- 
min sectors. 

A divisional breakdown of sales 
and profit shows tin IflOtt's): 
Foseco £130.7S1 ( £132.1 901 and 

£12.1110 f £13.8891. Fosror £33293 
i £24.5071 and £3^59 ( £2.5961 and 
Fosmin. including Fnsnur, £10.912 
(£8.730) and £923 (£646) 

respectively. 

After fax of £6.4m. f£7£!7m ). 
minorities and preference divi- 
dends. yearly earnings per 25p 
share are given as 15.7p fld.Rpj. 
A final dividend of 2.6$61p raises 
the total from 4.097lp In 4.5761 p 
neL costing £2.1m. i£IJi8m.). 

Extraordinary debits of £2.71m. 
compared with £l.68m. credits, 
comprise exchange deficits of 
£2 film. f£l.92ni. gams) on the 
translation of balance tocei items 
and a £106.000 (£243.000) loss on 
the sale .or closure of subsidiaries. 

The balance sheet . shows fixed 
a-.se rs including ■ cooriwill al 
£39 film (£34.9m.) for 1977. Cash 
and short-term deposit? were 
£5.91m (£1 1.45m i and overdrafts 
£11. 17m. (£8.48m i. 

The grnup manufactures chemi- 


cal and other products for the 
metallurgical, construction and 
water treatment industries. 

• comment 

The worldwide recession In the 
steel industry has had a bigger 
impact on Foseco Hlnsep's 1977 
earnings than was expected at the 
interim stage. Second- half pre-tax 
profits are down 15 per cent., 
against a 5 per cent, downturn m 
-the firftst.six months. Adverse 
currency " movements have also 
taken a heavy toll: on 1876 ex- 
change rates pre-tax orotits would 
be £l.Sm. -better. The most difficult 
areas for overseas trading have 
been Japan. France and the U.S. 
Profits on the construction side 
are almost 30 per cent, up at 
£3 Tint., . though heavy start-up 
costs have knocked the profit 
margin by half a point 

Rut 197£ should be a int better 
•with sterling moving the right 
way an dprelmwiary ■ figures for 
world steel production showing ] 
per cent, growth, while the-outpui 
in the U.S. is it per cent, ahead. 
So 1978 pre-tax profits could be 
around £16jm.. which still puts the 
shares at an above average p/e 
of' about’ 8-5. fully taxed, at a 
share price of 142n. where the 
yield is 4.9 per cent. 

Fuller Smith 
& Turner 

Fuller ‘ Smith and Turner, the 
independent Chiswick brewer, 
announces Lhai n has issued to 
Eagle Star Insurance. Company 
£750.600 of a npw J3f per cent- 
debenture • stock 1998 at par. 
Fielding Newsnn-Smifh and Go. 
were the brokers involved. The 
money will primarily be used to 
finance the next stage of brewery 
redevelopment to meet the con- 
Timiinc growth in trade. 


Bill Brokersand Bankers 


Preliminary Statement 

The profit, v-hich is a record, is staied.aficrpwvjdir.qfo: rebate. , 
taxalion. and ell expenses, and alter a substantial transtet to reserve for 
contingangies. 


1977,78 


1976/77 


Ne* profit ■ “■ 1,299,448 1.0! 1.170 

Transfer to general reserve . .. 500,000 500.000 

Ordinary dividends 

Inteiimpaid - 92,330 73.663 

■ .Final proposed 333.718 3 i 2.074 

Balance carried forward on profit andfoss account 918,944 551 .5-44 

The proposed final dividend is 1 2.84^ making a total nstdistribirtion of 1 6.34% on the capital 
as increased by the bonus issue made in June last year. This is the maximum permitted. 

There is to tie a T : 4 bonus issue to be effected-by using the balance of the share premium 
account and transferring £169.519 from ihe profit and toss account If it vraie r ot for dividend 1 
- restraint it would have been the in ten non of your directors to pay a final dividend of 1 b?o botn 
on ttis existing capital and on ihe additional share issue proposed above. 

The annual general meeiingwill be held on VVednesdav, 14th June 1 S7S at 2.'G o m.T He 
proposed final dividend will be paid on 35th June 1973 to all shareholders on the register at 
15th May 1978. 


Capita! and reserves - 
Loans and deposits etc. 

* 

Leasehold premises 
Cash at bank* and amounts receivable 
Bnrish Government Treasury bills 
Commercial and other Dills 
Sterling 
U.S. dollars 

Sterling certificates of deposit 
U.S. dollar certificates of deposit 
Loans and deposits 
British Government and corporation 

securities, local authority bonds and 
•other investments: Quoted 
- ; - Unquoted 


5th April 1 978 
£ 

6,160246 

259,343.880 

£265,504,126 


Nil 

410,377 

.80,936,734 

115,742.470 
2.721.437 
29,181.273 
1 0,734.285 
3.350,000 


9,497,488 

12,930^062 

£2657504,1 26 


5 th April 1977 
£ 

5.291.845 
272 064, 356 
£:77.356.:02 

TSlno 

•rid 

nC.2oO.7cO 

73 255.5-5 
r?o.esd 
40.344 257 
1t.i 72.749 
1.000.000 



HOW TO PUT TOGETHER THE PERFECT 
BUSINESS PARTNERSHIP IN IRVINE. 

A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

So there must be some powerful attractions. 



Maybe it's accessibility. With two major airports close by. 

And unrivalled shipping facilities. 

Maybe it’s the financial and administrative assistance you 
get when you move to Irvine. Like possible rentfree periodsand 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf coursesa few minutes away and three miles of 
lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
info 

Development Corporation. 

The team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 
faith alone. 

If you ’re interested inthe kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 
He’ll send you the nuts and bolts. IRVINE NEW TOWN? 



YOU CAM CONTACT MIKE THOMSON AT PERCETQN HOUSE. IRVINE. AYRSHIRE KA1 1 2 AU TELEPHONE.: IRVINE {02-94) 74100. OR ’PHONE JACK BECKETT, OUR LONDON OFFICE DIRECTOR, AT 01-930 2631. 7/ 
















COMPANY NOTICES 


ALGEMENE BANK NEDERLAND N.V. 


Incorporated in The Netherlands with II rotted llaMite 
Pltul dividend l or Hie «wr WfT 


At the Annual General Meetlnn held on Awil.1978 a Anal dividend 
of Dfh. 12.00 P«r share was declared parable, at -ha wtjon el the shareholders 
In shares and cash or wholly 1 7 c*rb. « from U'h 1578 

Shareholders outlie rot me shares and ush alter naiws wouW be entitled 
to a chare premium bonus ol 2 1 ; together witn ons. 5. SO in cash against 
presentation ai coimgns 36 and 5? The* thus re^.w? one jctdinnnai 

ordinary share of D«s. 100 — far each 40 coiinora No. 37 tram the ordinary 
shares or a coupons No. 37 Irani certificates or ordinary shares arescuicd 
at the totlowtng oftces _ . 

Paring Brothers A Co. Ltd.. 

SB. Leadenhali street 
London. CCS A 3DT . „ 

Algwncre Bana Nederland M v. 

61. Threadnecdle Street 1 

London. EC2 P 2HH 

Algernon? Bank Nederland N w. 

61. King Street 
Manchester. M2 4PD 

New share certfncatn ma* be distributed in the form of CF-rtrtiheiles 
or as K-MiHica*es with coupons 3B and lollow")? and talon attached. 

Stock option: no; exercised t» 31st July- '976. will be sold amt the 
proceeds held for distribution to holders 0> coupons No. 37 not presented for 
pay mem hv that date. 

Shareholders anting lor cash will be entitled to cash payments ol DU*. 5.50 
sod Dlls. 6-50 ocr share against coupons 36 and 37. respect I rely. 

U.K. residents who are liable to U.K taxas on dividends said to thorn 
and who do not urn on » trade Or business in The Netherlands through a 



INTERCOM 

SOCIETE INTERCOMMUNALE 
BELGE DE GAZ ET 

D’ELECTRICITE 
Societe anonyme 


HORNE BROTHERS LIMITED 


UNILEVER K.V. 

Rotterdam. The Notbartands 
ANNUAL GENERAL MEETING 
OF SHAREHOLDERS 
. On Wednesday. May 17. 197«. at 
10.30 a.m. m the " Kicme Zaal" ot 
the ~ Concert ^n Congraaebauw de 
uoefen. entrance Peru Is olein 30. 
Rotterdam. 

AGENDA 

1 Annual Report lor 1977. 

Approval and adoption of tha 
Balance Sheet and the Profit and 
LOSS Account (Or 1977 and adop- 
tion ol the proposed Pro« Appro- 
priation lor 1977. 

3 Appointment ot tha Board ol 

□nectors. 

4- Appointment of Auditors. 

6. Questions 

7hls agenda, the Annual Report for 
1977 including tho Balance Sheet, the 
Pront and loss Account, the proposed 
Pioht Appropriation and the nomina- 
tions mating to items 3 a no 4 
ot the agenda are available for inspec- 
tion by shareholders aim holders of 
certificates Issued by N.V. Neder- 
land sth Administratis- en I iuSIl-oiiwOr 
at the Company's omce. Rotterdam, 
and at the omces ol Hie banks men- 
tions below, where copies -may be 
obtained tree of charge. 

(A) Holders of bearer shares or sub- 
« hares wishing to attend the 
meeting either in person or by 
proxy appointed in writing must 
deposit their share certificates 
ado sub-snare certificates by 


NOTICE IS HEREBY GIVEN that Ole . 
Transfer Books of the Company will be . 
closed Jrom the 17th 10 31st May. 1978. | 
both davs inclusive for the Payment of , 


Wednesday. Mar 10. 1 978. 

at the company's office Or at 
the offices of the Amsterdjm- 
Rottgrdam Bank N V. in Amster- 
dam. Rotterdam or The Hague, 
of the K red Ic thank in Antwerp, 
the Gene rale Gankmaacschappl) 
or Bank Brussel Lambert in 
BruHels. or Midland Bank 
Limited In London, or any ot 
its branches, of Banouc Roths- 
child in Parts, of the Dresdner 
Bank A.G.. or the Deutsche Bank 
A.G. In Hamburg, Ousseldorf, 
Franklurt-am-Main. or Munich, 
or the Bank fur Handel und 
Industrie A.G.. or the Berliner 
Otscanto Bank A.G in Berlin, 
at the Credltanstalt-Bankvereln. 
the Oesterreichlsche UtndertMnk 
AktlengesellschaFt or 5c hoe Her 
A Co. in Vienna or anv ol their 
branches, ol the Schwdzelscncr 


Registered Office: place du 
Trone I. Brussels. Belgium. 


! 6 months interest to 31st May. 1978. . 
, onthe Unsecured Loan Stock l99Si . 

; 2000 and a Dividend of 2.45 ^ on the , 
( ?"• Cumulative Preference Shares lor the , 
, half-year to 28tb February. 1978 ■ 

B» Order of the Board. 

R. H. L. BUC-EY. Secretary. 1 


The Board of Oirecors decided on ( 

April lOdi- I97B. to propose at I Stockholm. Sweden 

the annual general meeting ofihare- 1 C omwny A wMl' b?hSd ' o^Y^y 0 ' Mav 

holders, which will be held on May 1 9t 1975, al 3.00 B . m in the conference 

1 9th. 1 978. the maintenance oF i room at (he Central Office ol Skandi- ; 

capital remuneration for the financial 1 enill,Wa ®*nheo- 5«rg«s Torn 2 

year 1 477 by distribution of a net SU ?o bT entitled to tnko part m the ; 

1 proceeding at the General Meeting, the 

I Shareholder must be recorded on Ihe 1 

Company s share register on Friday, April 
28. 1978. •«. the latest and aivi give! 
1 notice to the Board on Friday. May S. ■ 

> 1978. 4.00 o.m. at the latest, under ! 

[ the address Svens kj TO nets ticks Aktle- | 

boianet S - 103 22 Stockholm. I 

Stockholm in April. 1978 ' 

me Board of Directors. 


I SWENSKA TANDSTICKS ART I EBOLA GET 
I (THE SWEDISH MATCH COMPANY) 


capital remuneration for the financial 
year 1477 by distribution of a net 
dividend equal to that of the previous 
year. 

As already announced, the dividend 
for 1977. net of Belgian withholding 
tax. would be fixed at BF 1 42 For 
the old shares and at BF 94.66 for 
the new shares entitled to dividend 
right 0 from May 1st. 1977. 


Benkvercin (Swiss Bank Corpora- 
tion). the Sdnrelzerbchc Kredlt- 
•nsuit (Swiss Credit Bank) in 
Zurich. Geneva. Basle or 


Lausanne or ol Morgan Guaranty 
Trust Company of New York In 
New York Cltv. Upon produc- 
tion ot the receipt then Issued 
to them such holders will be 
admitted to the meeting. 

(B) Holders ol registered share, 
certificates far which are counter- 
signed by Morgan Guaranty Trust 
Company of New York. New 
York, wishing 10 attend the 
meeting either In person or by 
prosy appointed in writing must 
nctily the Company ol their 
intention on Che form provided 
by the Company (or bv letter, 
staling the numbers or their 
share certificates), which must 
reach Morgan Guaranty Trust 
Company ol New York. SO. West 
Broadway. New York. N.Y. 
10015. by Wednesday. May 10. 
1978. 

(Cl Holders Ol registered shares *or 
which certificates hare been 
issued in another form and 
holders of booked shares wishing 
to attend the maetlng either in 
person or tor proxy appointed 
m writing must notify the Com- 
pany oi their Intention by letter, 
stating the numbers ol the share 


UNILEVER N.Y. 

CERTIFICATES FOP ORDINARY 
SUB-SHARES OF FL.12 IS5UED BY 
NV NEDERLANDSCH 
ADMINISTRATE- EN TRUST* ANTOOR 
NOTICE IS HEREBY GIVEN the* 
EXCHANGES ill Sub-Sh.ve r.o-lih. eics 
In the name or Midland Suit Executor 
and Trustee Company Limited, now 
Midlard Bant *„«• '.w-umny 1 •"> i>« 
lor Bearer Certmcates and Unllerc* 
N V N-w York Share* and »k( vers* 
will be suspended from 12 m May. 
1»t78. to 25th Mav. 1978. inclusive 

Certificates will only he accepted 
for exchange after 25th Maw t97B, 
provided that all dividends declared 
prior to that date hare been claimed 
N.V. NEDERLANDSCH 
ADMINISTRATIS- EN TRUSTKANTOOR 

London TOinler Other. 

Unilever House. 

Biac) friars. 

London EC4P afiO. 

25th Aenl. 1978. 


PUBLI1 

C NOTICES 

MET ROPOLtT A 

£2m B'tl'i (Hi 

; 26 July '778. 
Aepiica'ion. £.12 
8<l|i out»»airting 

Tf BOROUGH OF BURT 

u«d 26 April 1978 don 
at 7i,«* p*r annum ■ 
Sm. These are the only ■ 

... |! 

KNOWS LEY 

DISTRICT COUNCIL U 

£1.000 000 ( 
; »*,;"* ra ■uatur 
! cations C7m Tt 

mis issued 26.4.78 si 
e 26 7.78. Total a poll- | 
>lal eitsloiding t'm > 

HAL TON 8 

OROUGH COUNCIL j 

£825.000 Hall 
j K*u«f 26<h Aor 
1 1978. al 7 >25* 
i E4.12S.000 t 

1 standing 

ton Borough Council Bills . 
It. 1978. due 26th Jo hr 1 
V Applications totalled > 
1825.000 Bills are out- | 


certificates or of the bookings 
lor the shares, which must reach 
Unilever N.V.. A'oeling Eheeten 
en Couoons. Rotterdam. bv 
Wednesday. May 10. 1978. 


BOND DRAWINGS 


Wednesday, May 10. 1978. 
Holders ol certificates <or shares 
in Unilever N.V. issued tw N.v. 
Nederlameh Ad mi nisi mile. en 


GERMAN GOVERNMENT 
INTERNATIONAL 5* PER CENT LOAN, 1930, 
STERLING BONDS 


Nederlameh Ad mi nisi mile. en 

TruMkanloor of Amsterdam 

C Nedam trust certificates ") 
wishing to attend the meeting 
without taking part In the voting 
must deposit such cert incites hv 
Wedemday. May IQ, 1978. at 
any of the office, mentioned In 
(A) above Upon production of 


the receipt then Issued to them, 
such certificate holders will be 
admitted to the meeting. 

(El H holders of the certificates 
mentioned In ID) above wish to 
exercise - robing rights ai the 
meeting either in person or by 
oroxy appointed In writing. N.v. 
Nederlaasch Admmlsrrai.c- en 
Trustkantoor win exchange such 
certificates free of Charge lor 


NOTICE IS HEREBY GIVEN tha' Uie »ol- , 1178S 
towing Conversion Bonds amounting to I 1TBB4 


L240. 400 nominal O' the above-named ! 12T0S 
Issue have been diawn thi<, dav at the 12Z51 
Bank of England lor redemption, in 1258S 
accordance with im provisions ol Article 1286S 
viri Of 'he General Bond dated torn 13032 

i ine 1 950. as amended by the London 131 96 
creement on German external Debts 13230 
dated 27th February 1953. in the presence 13485 
ol duly appointed representatives ol Hie 13645 
Trustee of (he Loan, of the Bundesschul. 13532 
denver waitung and of the Bank of 14025 
England. 251?? 

The Bonds so drawn are payable only 1431 J 
fn ttarling and w«H be oak) oh a! (he 14431 
Banl oF England. London lie* note 14662 
kef owl As a resull 0( the entry into 14759 
forte on 1st April I97B oi liie second 15083 
amendment to the Articles of Agreement '52B2 
ol The International Monetary Fond, par J5M4 
values haw? ceased to exist, and can 1B519 
therefore no longer he the bails on which 15826 
tfe amounts payable both lor Bonds jsgoa 
drawn for redemption ana tor Couoons 16103 
due 1st June 197B are eaicu-ated. Coi. 163 -i 
seouently these amounts will haw; io T6B36 
be recalculated as at 1st June ‘978 on I JTOBi 
the basis contained m Article 2 £"5*’ JJiSS 
1 to the London Agreement ol 1953 | T7428 


<1807 I1B56 11869 11871 \ 

11830 11892 11944 12072 


12135 1Z1S1 12176 12247 

12X61 12296 12318 1ZS58 


I25B6 12657 12760 1265S 

12900 13012 11027 130311 


original shares, which it will hold 
in the names ol such holders at 


1 3055 13075 13084 13112 

15210 13225 13242 132451 

t 3205 T 3347 1341 7 13473 


13509 13533 13S46 13563 

13754 13756 13810 15613 


13976 13978 13380 13997 

14026 14057 14074 14100 


14132 1412 

14338 1436 


14338 14367 14396 

14459 14470 14638 


14220 14309 


14675 14703 14755 14751 

15047 15059 15061 13070 


15103 15118 1S228 15279 < 

15236 15292 15316 15356;] 


15398 15452 15457 


1S535 15581 15618 15783 

15845 15928 15934 15941 


the designated place ot depo-.ir 
In the event) and evcheng- the 
same again niter the meeting 
tree ol charge tor Nedamtnwt 
certificates to bo issued to such 
holders in accordance with the 
conditions or administration. For 

seek OUTPOST holders must by 

Tuesday. May 9. 1978: 

<i.rrender their cerfelcahw for 
FI 20 or a multiple thereof 
fbut, in the case of cert men res 
lor 7% cumulative preference 
shares. representing a total 
nominal amount of FI. t. 000 or 


Ifioog 16016 16026 16100 

16104 S6122 16154 16312 


a multiple thereon to NV. 
Nederkjnsch Admlii/pVarfi.. en 

Trustkantoor. ‘ elaers g racht 558. 


16584 16484 16535 16755 

16888 16891 16931 18956 


Am steranl. and/pr 

Surrender their sub-share cer- 
tificates for FI. 12 nominal 
amount or multiples thereof, 
representing a tout nominal 
amount of at least FI 60 ocr 
cJa$6 (but. In the case or sub- 
share certllcates lor 7% cumu- 
lative preference shares, reore- 


17089 17118 T72S4 17293 

17295 17329 17345 17346 


1 to the London Agreement ol 1953 | T7«a 
that is by reference (o the market exchange - <7504 
rsla for Uie currency ol issue, which at l >7672 


rsla for Uie currency of issue, which at 12513 
that date, ha* depreciated the Ira« Nnce ’7844 
’si August <952. As sowi as these J 5iS? 
recalculated amounts are communiest-d ;8J5£ 
to the Bank of England arrangements w H jnSxO 
be made Mr them to be published in 
•"The Times" and the 'Financial Times ' 
this should not be later than 1st June 19262 
1973. The amounts so published will be 
sublrat to any adjustment which may Jvtm 
be or mav become necessary under Hm I25rjf 
provisions of paragraph 3 ID- c» ihe 70010 
Offer of The Federal Republic of Germanv 70212 

dared list March 1954 g”! 

The Trustee has ad'lsed the Bank o» £0565 
E-- Und |h*t the ouesdcm of the appli- 20767 
cation ol the evchange guarantee In ihe 20081 
case of the revaluations of the Deutsche- 20314 
mark of March 1961 and October 1969 *’2." 

and subsea lien t currency adluMmenti 21 mi 
remains unsettled. The rights ot the 
bo"dhofders with regard to that matter. * 2 ^ 12 . 
therefore, remain -eserv-d irrespective of “j" 
whether the coupons and bonds maturing ‘‘Hi 
on or after 1st June 1961 are presented fill" 
for payment or not. 7 ions 

In view of the possible adjustment vdiich 23136 
mav be made a* a Infer date. Collecting -idir 
Agents should retain details of the holders 235111 
of all Bonds presented for payment. 23641 


1745* 17455 17456 17489 

77545 17569 17611 17647 


17711 ITT, 


17755 17840 

18003 18030! 


83 1R1IH 18344 I 


18474 18482 18489 18496 

1883 1 18771 18784 1S846 


aentjrra a total nominal amount 
ol FI i.OOO or « multiple thereon 
to Midland Bank Limited. 
Mariner House. Pep« Street. 
London EC3N ADA. or any of 
its branches. 

The certificates so surrendered 
must be accompanied by a 
request in writing as described 
In the conditions ol administra- 
tion. forms for this purpose being 

rbtalnahlp free of '>»r» frnm 

N.V. Nederlandich Admlnistratle- 
en' Trustkenroor. Amsterdam, and 
Midland 6a Mr Llmded. Lcmeon. 
Upon production of the receipts 
thin Issued by N.V. Nederlandsch 
AdnilnisfraNe- en Tnisfkartonr 
■nff Mldl-rff Bens Limited resper- 
ttrefr the holders wttf lie 
admitted to the meeting. 

The receipt issued by Midland 
Rank Limited Inr -=-«b «har« 
certificates so surrendered Incor- 
porates s two-way ormrv form. 

THE BOARD -OF DIRECTORS. 

Rotterdam. April 26. 1978. 


18900 18985 19014 19054 

19121 19212 19213 19234 !] 

19X88 19364 19370 19508 


19535 1971* 19726 197431 

19787 19827 19849 1986S 


19787 19827 

10873 19882 


.0898 19936; 

20043 20114 20165 20226] 

20239 20291 20311 20386 

20418 20429 20440 20502 


20633 20669 20717 20752 , 

20838 20871 20874 20880 . 


20882 20888 20904 20910' 

21003 21047 21049 21224 1 


21289 213*7 21424 21 

215S8 21534 21719 217* 


21836 21851 21859 21897 

21981 71 «£6 71990 221Wi 


22332 22340 22365 22432 

22463 22505 22547 22GB5 


22726 22805 22809 22 B9* ' 

22909 22925 22950 22977 


23020 23033 23057 2308S I 

23210 23299 2X331 23336 1 


23418 23435 23465 23476 

23501 23517 ZSS30 23390 


Bonds should be presenied together wilh 23901 
■II coupons maturing alter 1st June 197R 24120 

In the event ot one or more of such 20354 
coupons being absent the value Ihereol 74474 
will be deducted from the sum pavabin to 24620 
the bondholder, The coupons due 1st June 7475 s 
1 978. and also any coupons previously due 249 x 1 
which have not been paid, must be detached 25184 
from such drawn bonds and collected In 25289 
accordance with Ihe terms Ihereol. 2*989 

Whore appropriate. Right* Ccrtifica-es. zSTfii 
which entitle the Holders to further funding 25 <iko 
bonds In the event of the re-unlllcaiion of 26(28 
Germanv, will be Issued to the presenters 26SS1 
of bonds drawn lor payment. 

Note: — Bonds must be lodged b* an 
Authorised Depositary at Ihe Bank oi 
England. Chief Accountant's Office (Bank 
Buldinosi. 2. Bank Build'ngs. London 
EC2 and should be left three clear davs 


23711 2373S 23776 2379 

23940 23944 24008 2405 


24121 24136 24191 24204 

24287 24294 24317 24337 


24505 24537 24338 24532 

24637 24638 24688 24732 


NOTICE OF ANNUAL GENERAL 
MEETING 


24605 24835 24862 24874 

25051 25114 2S139 251*4 


25173 15178 2S2B6 25270 

25434 25460 25463 75539 


DISCOUNT BANK INVESTMENT 
CORPORATION LTD. 


25607 3S646 25669 25741 

25851 25880 23905 25939 

2397 J 26031 26033 26090 


16 Beth Hashoera Lana. 
Tel- Aviv, 
liras* 


for mnunatton. Authorised Depositaries 
are listed In the Bans ol England's Notice 
EC1 and Include most honks. stacKbrakets 
and practising solicitors in the United 
Kingdom, ths Channel Islands or the 111" 
cf Man. 

A BONDS OF El 00 
1 ts 
288 
60S 
771 
922 
1207 
logo 1436 
1613 1614 

,9 1578 1693 

13 1965 1988 

5 2269 2309 

2532 

2811 
2943 
airy 3126 
T 3259 3309 

7 3479 3488 

9 3616 3622 

9 3795 3519 

;S 3915 3930 

,9 4737 4740 

4665 4927 

5111 5137 

5355 3372 

5414 5456 

55 


8 BONOS OF CSOO EACH 
341 392 407 

444 488 509 

61 2 627 657 

776 *76 939 

1011 1059 1075 

1136 1261 1348 

1635 
1798 


as a director 


6135 4 To re-elect Mr. Dan Tolfcowskv as a 



2954 2089 2171 2180 
2228 2533 2610 2621 
2*48 2847 2848 3865 
2915 2925 2936 29S2 
2*85 2995 3003 3096 
3158 3197 3235 3282 
3353 3375 3405 34* 
3611 3683 37S4 374$ 
3771 3813 3864 3966 


SUMMARY 

849 A Bonds of £100 each 
■191 8 Bonds Of 6500 each 
80 C Bonds of £1.000 each 


££4.900 
£85.500 
ho 00a 


1 Baflk a* England. 
11th April 1978. 


ART GALLERIES 


CLUBS 


the specific authorisation Hereby con- 
ferred shell lapse If at thy Annual 
General Meeting In the year 1979 or 
anr succeeding vear the same be no* 
confirmed bv Resolution of th- Com- 
pany) to Issue anv of the unissued 
shares <n the capital o' the Company 
lor the time belna In anv Part of Uie 
world on such forms and conditions 
as the Directors mav think fit and 

without necessarily offer mg such 

shares to members. 

Provided that iwithoul preluone to Ihe 
powers conferred an the Directors bv 
the Articles of Association' the specific 
authority hereby conferred shall not 
be deemed to cover during the period 
down lo tho dale of the Annual 
General Meeting m 1979 and during 
each successive perloo from the dale 
of one Annual General Meeting to the 
newt, the issue (otherwise than lo 
members or thstr renounce**' by wav 


of rights or pursuant to ■ capitalisa- 
tion or profits or reserves nt Oi dinary 
Shares evceedmp in nominal arnruinr 
20 oer cent, ol ihe aggregate amount 
cold up on ihe Fottnoer ana Ordinal v 
Shares in Issue at ihe commencemen; 
ef Hit reicani period The abo-c Is 
without prejudice to the power con- 
ferred on the Directors by 'he resolu- 
llnn ot the Ertraor dinars General 
Meeting adopted on 13rti D*tem>«*t. 
1 g77 to issue UP 10 5.000 000 
ordlnarw She res of 155 each to the 
public without necessarily offering 
such sna'es to members ol U>« Corn- 
pan* 

IS. Consideration of an* other business 
wh-ch mev be dealt with at such 
Meeting. 

D*»M S Cohen 
Secretary of tha company 

Note*- — 



eve. 189 Regent StriW* 734 0S57. A fa 
Carte or All-in Menu. Three Spectacular 
floor Shows 10,45. 12.45 and 1.45 and 
musk of johnny Hawkesworth £ Friend*. 


AGNEYY GALLERIES. 45, Old Rend St . 
W 17 629 6 176. THREE CENTURIES Of 
SpitlSH PAINTINGS. Until 2B April 
Mon.-Pri. 9 -30-5.30. Thijrs. urrtft 7. 


GARGOYLE. 89 Dean Street. London- W.1 
i NEW STRIPTEASE FLOORSHOW 


NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
Show al midnleht and 1 » m. 

Mo** -Frt. Closed Saturdays- 01 -4 37 8459 


BROWSE 6 04R8T. f 9. Cork W.1. 
SICKERT. Mon.-Frl. iD.00-3 30. Sat. 
10.00-12.30. 


COLNAGHI. 14. Old Bond Street. W 1. 
0T491 7408. INDIAN PAINTINGS— 
Mughal and Ralput ,‘i n V l 

8 May. Mon.-Fri. 9 JO-5.30. Sata. IP-1- 


EDUCATIONAL 


CO YE NT GARDEN GALLERY LTD. " The 
Tropic Bird." Visionary Watercolour*. 

W. J- Chamberlavne. View* of West 
Africa, West Indie*. Mauritius and 
Britain 1850-90. Open dally9.45-5.3P- 
Sats. 12-30- Thurs- 7. 20, Russell St.. 

W.cjf. oi -ass 1139 . 


BRITISH INSTITUTE 
OF FLORENCE 


FIELD BOURNE GALLERIES. 63. Qu«n4- 
grove. N.W.fl. ART IN RELIGION. 


POX GALLERIES. Exhibition of tho Mint- I May 

digs br British and European ArHOB 1 


New intenure course in the Ini ran 
Language. 20 hours a weak from 
May 30 to June 23. 


from 1 700-1965. 5-6. Cork Street. 1 

London, w.1. Tef. 01-7T4 2626. Work- 
Says 10 - 6 . Sats. 10-1 i 


THACKERAY GALLERY. 18-Thac»*ray ' 
St.. Kensington So-. W 8. 01-937 5683. . 
BRIAN YALE until Miy 12. j! 


Appfr 

BRITISH INSTITUTE 
LUNGARNO GUICCIARDINI 9 
FLORENa 50125 
Tel: 284 031 


1. A member entitled to attend and rote 
at the above meeting if entitled to 
appoint a proxy to attend and vote 
Instead ot him. A person appointed 
as a ortny need not be a member ot 
the Company. 

2. The bearer of a snare warrant may 
deposit the warrant at the office or 
the Company or at Warburg Registrars 
Ltd.. Bourne House, 34 Beckenham 
Road. Beckenham. Kent BR3 4TU not 
later than 48 hours before the lime 
Ot the meeting. Tha depositor shall 
be entitled to attend and vote at ihe 
above meeting. 

3 . The Directors' Report and Financial 
Statements mav be obtained from 
Warburg Registrars Ltd. at tne abova 
address. 


Financial Times Thursday April 27 1973 


MINING NEWS 



Ranger needs an BICC move to 


early start 


with General Cable 


BY KENNETH MAR5TON, MINING EDITOR 


BY JOHN LLOYP 


TFfE GENERAL manager of the 
E2 1 ndnstrtes • Peko . Wallsend 
Ranger uranium mining project 
in Australia's NortJwrn Territory. 
Mr. DonaJd Woods, warned the 
Canberra Government yesterday 
that the company might not be 
able to meet its contractual obli- 
gations unless preliminaries to 
the opening of the proposed mine 
were completed quieklv. reports 
our Canberra correspondent. 

The Government announced a 
few weeks ago that it hoped for 
a start on basic development work 
at the Ranger project b.v June. 
This schedule already appears tn 
have slipped by several weeks and 
Mr. Woods pointed out that unless 
work started by July there would 
be no real progress m .the Homed 
dry season over the next few 
months. 

He warned the Prime Minister 

that if the position was repeated 
| next year the mine could not he 
in production until 1982 which 
! would mean that ir could not 
;meet delivery deadlines which 
currently are scheduled to begin 
in 19S1. 


j* JOHMiKSSUM^ 

* Transvaal 

1 .. K.'SC. 


■iMiNEl Orange 


\ niKrtsmi* oFBtnssa r - r , 

' F*'r e e 


/BtOfflFBNIBH / N 

C LESOTHO./ 
V s t a t e \ J 
■ : 

'v — « >s, ? 


The prcriilems holding up deve- 
lopment include the need for 
Government legislation, currently 
before parliament; the establish- 
ment of a Government marketinc 
authority: and negotiations with 
the Northern Land Council on 
terras which the Aboriginal 
people of the area will receive 
in the course of minuig develop- 
ment. 


South Africa’s Union Corpora- 
tion is now negotiating uranium 
supply contracts and financing 
with potential customers for its 
proposed new uranium- gold 
mine on the farm Palmictkuil to 
the south of the group's St. 
Helena mine in the Orange Fret- 
State. At yesterday’s Johannes' 
burg meeting Mr. E. Pavitt. the 
chairman of Union Corporation, 
pointed out that the group n 
unable to proceed with develop- 
ment of the new mine until these 
requirements are fulfilled. Last 
month Mr. Pavitt said that *’ a 
very substantial n cash investment 
would be required to bring the 
project to production. 


BICC, the U.K.'s leading cable 
manufacturer, is ro sell its 20.1 
per ceoL share in the US. General 
Cable Corporation. The British 
group has already tried unsuccess 
fully over the past two months 
to persuade General^ Cable to 
acquire the BICC holding under a 
private arrangement. 

BICC has been anxious to sell 
the holding for some time. It was 
acquired in 2370, with the aim of 
making It possible for the two 
companies to take a major share 
of the US. cable market m 
partnership. Recently, however. 
General Cable has reduced its 
interests in cables, without con- 
sulting BICC. 

In a formal offer to General 
Cable yesterday BICC has set a 
price of 51S..W per share— more 
than S53m. i£2flm.) for the 2.87m, 
shares involved. 

Under the terms of the lftiO 
agreement between the rompanies, 
General Cable must take up the 
option within nn days. If it does 
not. BICC will be free to sell else- 
where, at a higher price, u-ithin 
the next 120 days. 

During the 90 day period, that 
is up to July 24, BICC will be seek- 
ing other possible offers for its 
holding Mr. Michael Julien, the 
company's finance director, said, 
yesterday that BICC regarded the 
offer as merely the next round of 
negotiations, and that.it was quite 
possible that General Cable would 


still buy, even though the price 
was slightly higher than that 
discussed previously between the 
two companies. 

The sale proreeds will be either 
redeployed within the B)CC group 
or used tn finance further invests 
nvent in the CJiv, or overseas.' New 
acquisitions are likely, ^espetnally 
in. the US. - . J. ^ 

Any acquisitions will nqC w- In 
cable-making; however, Mr^JiiJhm 
said.-' The company is. .already 
diversifying extensively anri is 
strong " in civil " engineering 
through i«s Balfour Beatty subsi- 
diary- In addition, fast year BICC 
acquired Dorman Smith, a manu- 
facturer of electrical components. 

- Any future investment hl other, 
companies would bp unlikely tD 
take the form of a minority hold- 
U}& as in Genera] Cable, but 
wodM hr a controlling interest. 
Much of the failure of the General 
Cable fink has been due fo the 
lack nf influence BIC.C had over 
the U.S. company's decisions. 

.Amone the more important of 
these in recent years has been 
the purchase of Sprague Electrics 
for *60m. at the end of 1976, and 
the sale early this year of General. 
Cable's power cable division to 
Pirelli, also for Srtflm. It recently 
made a SlfOm. bid for Automa- 
tion Industries. an electronic com- 
ponent. 1 - manufacturer with.- a 
strong interest in the U:S. missile 
industry. 


“Our investment had, becomt .- 
merely' a portfolio one: General- 
Cable effectively didn't consult ib* '« 
about any -- major ’ .decisqoas—wi^ i 
heard they were going to di ] 
something perhaps -a day before |*is- 
happened- We may is WeH puv 
our money W a. pepper use,” Mr 
Julien Jiald. - -■ 

■ ‘ Under a further .provision -o 
the f97fl agreement ' BICC woulr- > 
be prevented from selling. it'- 
holding to. a-third party if Genera ..- 
Cable was to be prejudiced: under' ■ ■■ 
any applicable . exchange, centre', 1 
regulations. BIGC said, however" ;■ 
that if expected to obtam all 
necessary U.K. Government dear- 
ances lo satisfy thaE. provision or'..' 
the . agreement. •• 

- ' . See Lex ‘ 


icfc backing 

Lawfnrd and Sobs, a. family bust-V- 
ness of builders’ merchants, 

receiving a 15-yew loan os. 
£300.000 from Industrial and CotariJI 
mcrclat Finance Corporation. 

Lawford operates' from fivi-j 
depots in . North and WesjU ' 1 


^iiian) 


and office fadhlies. The cosU;. -- - 
were ra’et from the company J,,,;- •»' 
own working ' capital resourc^ '. 
but it now wishes to fund -Jhl ' : ‘ 
.expenditure by raising a Thai'; ;7 
teirm loan.- - ' *■ 


STr. Fraser told company repre- 
fentat.ives that the Gnypmmpnt 
lost no time in its conswieration 
of the policy aspects of uranium 
development and mtarod uetjon of 
the necessar>' legislation He 
said he hoped that negotiation* 
on the Aboriginal land rights 
nuestion with the Northern Land 
Council would be cond lined soon. 


Further sales by Town & City 




w 

.-.i.irtry 

i.-.M-f* 


Palabora pays 
lower interim 


BY JOHN BRENNAN. PROPERTY .CORRESPONDENT 


LOWER PROFITS 
AT RIO ALGOM 


The Rio Tiuto-Zkic group's 51 
per cent owned Rio A Isom 
reports substantially Lo<rer con- 
solidated net earnings for the 
three months to March "1 of 
?Cl 2 .Sm. ( £ 8 . tBm.V compared with 
SCIS.Sm. for the same period last 
year. 

The reduced profits reflected a 
downturn in earnings from the 
company's uranium operations 
The comparable results for the 
first quarter nf 1977 Had been 
materially affected Hv gains 
resulting from Uie renegotiation 
of uranium export contract prices. 

Profits were also affected hy 
reduced copper production and 
lower copper prices received hy 
the company's 67.7 per cent, 
owned Lornex . copper-molyb- 
denum mine. 


THE RJo Tlnto-ZiBc group's South 
African Palabora copper mine is 
redqctns its first interim for 1 STS 
to 12.5 "cents f7.9pL Last year 
there were four quarterly pay- 
ments: 13 cents. 7.5 cents, 7.5 
cents and 15 cents 
Despite technical problems with 
its new autogenous mills. 
Palabora increased production 
during the past quarter. The 
mine if- one of the few copper 
producers in the world to be 
making a profit at the currently 
depressed level of metal prices 
but its margins are being 
squeezed by rising costs, notably 
of electric power. Palabora sbares 
were 455p yesterday. 


A single property sale worth.' have asreed to convert their time did EIH have to finance. -tjfi-" "... 

£2ira., plus a further £5.4m. of £26.2ni of ^per centl loan stoch original acquisition.. .i-T... • ■ 

sales since its interim announce-' into til’’ proposed new convertible Enrs subsidiary. Obex OiV-wi’ • _ . . - 

merit in February, takes Town .issue But the group, makes it responsible for the deals and hi!- “ 
and City Properties* total dis-. clear that: “The decision of Bar- chartered the same- ship, froq”; 

posals since 1974 within sight of clays and the Prudential to ex- Belvedere at £100,000 per annus" 

£500m. ' -change should not be taken as a for three years. 


• - »«ur 

v ' iTTPe 

-• ,7f 

V p( ! 


Sews of the single property- recommendation to other holders Meanwhile, the properties jrijr- - ‘ 
sale, and an updated proforma to accepL” : for £485.000 were profesaondn-'- .. 

balance sheet is induded in the -'. TC valued .in . Decembet, 1876. 8 ' 

formal documents to shareholders ElH UfcALh 1U £630,000. A surplus on. tif- 

on T and Cs £120m. refinanemg rriT RORHOWINGS revaluation .nf these and othB— 

deal. The pro forma statement to Sr;. *. 77 , • , TT»ij... gc fixed assets was included In tii ; 

September 1977, shows overall ^ Edinhurgh Indurtnal »)ium^ 1973.76 accounts by way of *j ... 

debts at £3(Ktm. in September,. |* a s it *®- 000 profit buy- extraordinary profit of £29I.0OTT ; . 

only £)4m. down on ihe March an, l selling the same stop m 3 j r _ X. L. Atush. - the finaaq' - 
1977 total but that is before aHow- the space of a month It nas also director, said yesterday that t# 

ing for tlie effect of sales since sold fhree properties for f.48o,D0u properties had not been easy t 

September. • and 1 * using the total proceeds to PP n hut the- shipping deal wa 

K prepoMi, tor to, chon — 


sale, and an updated proforma to accept, 
balance sheet is included in the--\ T-»tr arc m 
formal documents to shareholders Jtlli UCAL3 1U 
on T and Cs £120m. refinancmg rr FT RORROWTl 


j.- srd 
.-.is ice 
■> ! ii*x 


■ by 

l.- - J-'S! 

• - 

•..5.4591 
1 KD& 




MINING BRIEFS 


ANAL6AKATED TIN OF NIGERIA— 

Sfarcb orouai of concentrates: fro. IS; 
tonnns < Feb. IS1 tomrest. Colmnbite 24 
tonnes 'Feb. 11 tonnes'. 


FALCON MINES— March quarter; 
Tonnes mined 38 w» «Pee. quarter 58.5«>. 
Workina profit J50S.S37 imsi( 25>. Nef 
profit S453.K7 (5375.6251. Capital eapendl- 
ture $113,767 


ing on May toV the wfinancSw. J» lJTD ' BiSCUTTS % 

plus Barclays' additional long bank, heliered io bepirtch. which acquisition of Vw 

term bank loans, will only cut had rerlaJmed It- 7Tien «n Warch Country made by UNITE? 

gross debt, to £277m. (3.1 as W- BW wld the tanker lo Brlve- BISCUITS (HOLDINGS), first at 

opposed to the current 4.7 debt to derr Shipping, a Bermuda based no u need im March, has been con 

equity ratio). But the debt profit enmv^ny and ^subsidiary of piPted.. 

will be markedly better, with Mm ivpr. tor 558°.fi00 - -The'- consideration - Of so 

£)31m. instead of Uie current rrnmpMion of the purchase H750.000 is bemir satisfied b 

£182m. of borrowings on overdraft contract was postponed tn coin- 825.622 new Ordinary shares (p 
of repayable within five years. cirie with completion of the sale scrip issue) of UB, and £156 
Barclays and the Prudential cnnfract last. Friday So at no cash.- - . . s^ r 








■ •tt !v ’ !’ ' ’* *Y<’" 

Li < 


^ BANK MED&RUi 

ORION BANK " 


22l?2 ?2S?2 notice is heresy given »i<t 

26^30 2H34S 26346 263*8 17th Annua' General Meeting ol the above 

26393 2643* 26449 named Company will be held al the 

__ „„ ..... registered unite ol the compagv at is 

BONOS OF CSOO EACH Seth H*shoe*a Lane Tef- Aviv. Israel, on 

**i the 23 r* Mar. i9»a. at 9 00 a.m. lor Ihe 

549 tallowing purposes. 


§85 


mn 


fepf 


1005 1. To consider and approve th- Balance 

1D89 Sheet Profit and Loss Accounts. 
1575 Directors' and Auditors' Report to r the 
1698 year ended on 3 1st December. 1977. 

I 8 O 1 and to declare the raid interim dlvi. 

2124 dend ol 18 per cent os Anal and to 
distribute Fongs shares of l£S each 
a the rate of 25 oer cent, on lire Paid 
up share capital ol the Company held 

hv shareholders ol the Company on 

the register at 9th June. 197B. The 
Bonus Shares will ranV pari passu In 
all respects with the existing issued 
Ordinary Shares and will rank for 
dividends made, part or declared 
hereafter No tractions ot Ordinary 
Shares will be Issued but Such frac- 
tions will he aggregated and sold and 
the net proceeds distributed to the 
0 persons entitled thereto. 

2 - 70 re-elect Mr Daniel Recanatl as a 

HI* director. 

5874 3. To re-elect Mr. Meces Bernhard G I Iter 


Pm 


P V". 




Lord Erroil of Hale ^ 

Profits up 11.1% worldwide (18.3% after 
elimination of currency variations) h 




Dividend 9.7p per share (last year 8.3p) 


United Kingdom contributes 32% , of trading 
profit (last year 26%) 


director. 

5. To re-elect Mr. Shlomo Lahst os a 
director. 

6. To re -elect Mr. Stechen Shalom as a 
director. 

7. To re-elect Mr Hermann MerL'n es » 
director 

2731 7812 7903 79S4 8. To re-elect Mr. Joseph MevernoP as 

s director. 

C BONDS OF £1.000 EACH I 9. To re-elect Mr Rafthel Pecanatl as a 

40 38 IDS I3t i director. 

142 1SS 196 5**110. Ta re-elect Mr. Do* ladmor as ■ 

75S 2S1 ZS9 353 1 director. 

?S8 io?* io» imi»-'SJSS£L* mmma "* ** v '*' r 

ifjna 1101 1178 1823 remuneration. 

IBIS 1822 1861 1897 12. To authorise the Dlr»cters (hut so that 


rU&rt:., 




Sales 

Trading profit 

Profit before taxation 

Profit after taxation and minorities 






1976 

£m 

1,548 

101 

78 

27 


North America — dollar earnings advanced 
by more than 10% despite depressed world 
pulp market 


Packaging — increased sales and earnings 


Building products — depressed conditions 
continue ' 


Added to ordinary shareholders’ funds •' ...16 \ 9 


Europe— improving profitability 


Earnings per ordinary share 
Dividend per ordinary share 
Net assets per ordinary share 


i-Pence j Pence 
* 21.3 
8.3 
235.1 


Bowater-Scott — another successful year 
in both U.K. and Australia 


Contribution to trading profit 
United Kingdom 
Overseas 


r r : ; ;32%-j 26% 

74% 


International trading — a satisfactory year 
despite the lower level of world cotton ; 
trading activity . 


•Adjusted to reflect-the rights issue made in 1977 


I nvestmehtforthefuture— capital projects 
authorised totalling £111 million 


The Annual Report has already been posted 
Sgfffsr’ . to shareholders. Copies are available from 
gg ? the Secretary 

r The Bowater Corporation Limited 
Bowater House, Knightsbridge, London SW1X7LR 


Outlook the present depressed level of 


affect profits prrtii necessaryreflaiionary 
measures are taken 











'?'*!; «u 




'% ■ A 1 ^ . . . 

v .'■ Times tioisaay April 27 1978 


end ». Manders £2.4m. again as s™ Life 


™ business slackens abroad 

^ fljBSTANTM^Y^ciiijeter over- in- the treatment of deferred tat lerest in a small distributive 

Ss tradtef for TJfJJfJ dividend is lifted io 354p organisation in France has been 

S) combined with £7O,W0 wn- i.ZA39p) per 23p share. acquired, and Mr Slrovan looks 

Son losses as sterling Bank balances and short term forward to expansion 
■^otbened and poorer per- deposits at year end were down The company has also marie 

$2S*r * * SLJSffSH 5Sl*JS^S£r “Hr* .peSe 3So!VSL Kfi 

- Sffiess.. “‘SSC Sfflk miSi ere Up at Authority for a well-known 

i l *jr eamnigB in 1977'frtxn £L34rn. £18WBo (£140_Q7). company for its industrial land 

■ Contrary to forecast 1 Sales and profit were split as at Mungal. He says ihatif this 

P^t between packaging, printing and permi Jan is granted tbecharaS 
/ • dWn " t *5 ,OTer I 1 ^ other comS following*?] 

Sf? ^LmSS? 3 ?, 1 S , “ d , ■S'„ a 5 1 “ _ Fi^hI progress i, also b.log 


heavy 
in gilts 



■ k “-: *4 


c t .v me • ivauiennes way. London, and 

^ _ ^Meeting. Glasgow, on May 16 at SfittS mtLy*™****™ 

Final half 

Sifthe toSl to * Jr U 131 Dali ***& .**”3 considered by the 


Final half 

ii«< the, total to a -*- XX1CI.* ilftli 


" ■* ^tfflioTp lifts the. total to a 

. . permitted .?.S423p _| a f._ll A f balance date net current 

H.ySl flS759p)-. .. v : : ~ _ llI _ ti _ n <h ^ snortta a I were down from £3 An. to 

jl^L >professonai JUVI UaU £3.13m.. and fixed assets were 

• i£% X\T T|» l a **3m. <£5.24m.). In the year 

■:;•• ** W. Pickles sm c«"” 7ra '’ de - 

£SE=«*SJ. ~ Z5SZSEST2Z & TST JWK* 0 ™ 1 “ “** 

?A ( > Hsr 'jfeSau' *?SS Winding-up 

1 ^ &«s i«i e » SJSffiBES orders 

' •; tw manufacture; ©f paint, and Tum^er of the textile manu- ,°"? er * f °r the compulsory 


. ./^ jSid^pertr intereste durbig the 
produced a surplus of-JE6.8m. 

hnnk mhie and 


roe, .io tax mm — “ company. ’ 

xmitted ,-;.5423p rl| A i4fnll n4- At baIance datp n<? l current 

mhutian th. SflCiPM ail a I 2^ sets were down from £3 An. to 

MV1 ll “ U fS13m.. and fixed assets were 

, . . Sn .l.ninr 1 ?)^ \ir TV l i <£3j24m.}. In the year 

VV K1PkIP 5 there was 8 f0 - 84m - (£UTTm.) de- 

l surplus of-£6An. ▼ ▼ • A H/Alvd crease in liquid funds. 
‘SSnaSSr ! X DESPITE PREDICTIONS of satis- , . Me f tin 5- Carron, Falkirk. May 


" hrt.,'‘ ir 1 tw mwiufaetare 
“a«. e fifing ink. • -- ■■ 


Turnover of the textile manu- . i °n n « ..™ eompuhory 

- rv . .. facmrer increased from £2 152m. “ D ** companies have 

■ -» w to £22_86m und after tax nf been ma «e by Mr Justice Oliver 

± M^CfenSIlC £361.453 (£398.1881 net profir was C <!, LU 1. They r MP T!i 

-,;;1 : >j ■*;* - : X £455.629. compared with £477.950. r . La T_? v *! e< ^- b ii ry ^° a r a , c j 

■»; /riansman I Eammes per 10p share are 5j^5 b !fS , 1 P"^ « freehold 

-• -JV* dlWUliUJ; ^hown at IJlp (1.6p) and a fins? c nFest S e ^ s ’TT A - \ South and 

■ : confident . tSfOA « P k '^ ,oul Sf & ASTftS A «!S 
•: Gradual iSSSSSk ASk^m 

' improvement >R2E 

SH™? 5 9 e n%.en , r b,e atCarron S ^pSSVS 

C Mrnings • were depressed at (Electrical Servicesl P f. Onin 

membere are told. WHILE THERE are indications In Syrons InrestrSSts,' PeaSter! 

In In his -aimoaf ftatemjnt : Mr. some directions of a pick-up in Rockmark Printing. Sutton Square 

11 1 NonnascMacfariane, the chairman, business, the improvement has Construction Company ^ 

V saya that m addition to. A^and W. been very gradual for Carton Countrobe, Ian JL Hay. GaJtres 
Fullarton of Govan and Factory Company (Holdings). Mr. C. S. Construction. Lawnessa. Fathom 
Haintenance Services of Clyde- Stroyan. the chairman, says in civil Engineering. Blainwood 
bank, acquired during the^second his annual statement. Freight Services. First Steamship 

. ; s of 1W7, C. WUiams of Liver- He hopes that as the year pro- (U.K.). Paroment Motors (Pontar- 

^] r wtt acqnir«r_ early this year gresses and if more spending da we). Ravencote Hayward Group 
. •" Ss.brfnging the total cost of the three money is put in consumers’ Contractors (Chepstow), Scheinn- 
" T tw fij 362^06. About 60 per cenL of pockets a modest improvement man Fur Fashions. 

, ; rj V^lhis was pafd ih cash and 40 per wiii be seen in certain of its Realmere. Domey Marketing, 
'• “-"'D [» -&nt in shares. . - - activities^ Point Freight nWancbester), 


snown at i-5p fl.Bp) and a fins! c"'T d Z, ? * 

dividend of |L3DSp takes the total 5ons * T. Hayward and Associ- 
from 0.650n io 0.686p net. a J? s f Services). Arthur Ward 

i, » (Coventry), Carapark. .Copen 

VjrHUUHl Investments. Advertisement 

Brokers. Dini of Italy. 

improvement Bros. (Piasterers) 1 ?’ Yes&cmgs, 

* Suroj of Kingsbury (Import), 

at Carron c - K - C. Plastering. B. Cad man 

Wtm V <EIectrical_ Services). P. G. Quin. 


The report and accounts for 
1977 of Sun Life Assurance 

Society reveal l hat the company 
continued to invest heavily In the 
gilt market last year. Mr. P. G. 
Walker, chairman, disclosed thal 
over £85m., out of a cash flow of 
£i0im., was invested in quoted 
fixed-interest securities, with a 
further £l3xn. being put into 
equities. 

He points out that with the 
take-over in 1970 of Amgen prop- 
erties. with its first class portfolio, 
the Society did not need to be 
very active in the property market 
last year. Virtually all of Artagen’s 
properties have been ' transferred 
to the long-term business funds. 

The group balance sheet at the 
end of 1977 shows that fixed- 
interest securities rose in value 
to £335m. from £232ttl and 
equities . to £12Gm. from IlOSm 
The value of property holding fell 
slightly to £178m. from £181 m.. 

while the value of loans was 
reduced io £112ra. from £)23m. 
Gilts accounted for 44 per cenL of 
total invested assets, equities a 
further IB per cent, and property 
23 per cenL 

Premium income rose by 26 per 
cent, to flSdm. and investment 
income by 21 per cenL to £67 m. 
Claims, expenses and proprietors' 
share of profits jumped by 15 per 
cenL lo £109m. and with an 
increase- of £5m. on the market 
value of assets held for linked 
business, the value of the funds 
increased to £755m. at the end of 
1977 from £705m. at the beginning 

Mr. Walker considers thal the 
new business prospects for the 
current year looked bright, with 
the Society benefiting from the 
removal of pension scheme 
improvements from pay policy 
restrictions. 


Reliance Group, 

Year Ended December 31 


Revenues l. P 

Operating income 

Net realized gain on insurance investments . . . . 


, 1977 

$ 1 . 156 , 908,000 

$ 54.6i7.ooo 
4,008.000 


Income before extraordinary income - 

Extraordinary income- utilisation of tax loss carryovers 

Net income ..: ' 

Per-share information: ... 

Operating income - 

Net realized gain on insurance investments ; 


58.625.000 

23.667.00 0 

82^292.000 


$6.17 

.52 


Income before extraor<iinary income 6.69 

Extraordinary income ; 3.09 

Net income . i .. i . ' $9.78 

Fully diluted net income 1.: - \ $6.04 

Average number of common and common equivalent shares outstanding ' .7,679,000 
Per-sharc computations are oiler deduction oi dividend requirements on the Series C Nonconvalible.Prej'erTed Stock 

Reliance Group, Incorporated 1977 Operations 


$985,584,000 f 
$ 20,135,000 - \ 

M0354,ooo ;;; ■ 

. o0,4S9,000 ■? ■ 
4,867,000 1L- 

$ 35356.000 ~ | 

•' ■ ■, 1 

$175 
141 : 


• $3 82 h • 

$3.55 i 

7,362,000 ; 


Airsprung 


i'Jhis was pafd ia 'casn and 40 per will be seen in certain of its Realmere. Domey Marketing, 
'• “-■ v n p -fent in. shares activities. Point Freight (Manchester), 

" : Tfie director* are pleased wilh In 1977 pre-tax profit of this Leonard Colin (Mirrors), R. E 
■ ‘''j-tfce performance of these com- metal. plastic and general and E. A Burton, Tom Lomas 
nte toni bs s I n re joiidhg tlie: group and engineering products maker fell Livestock, Bronzechoice. 

= : -n t they-e^iect ekeh of them, to make from £1.19m. to £0.48m. Classic Restoration and Design, 

■y/ j-i. useful contribution " to ' 1978 Mr. Stroyan says that because Walsh-GuiTdford (Construction). 
--V^, Wtffits, he say*. - 1 of the many problems which XVlnster House Securities tlnsur- 

- ;o y ‘As> reported 1 recently sales by seem inherent to the domestic ance Brokers). Geda (Aluminium), 1 
•• tt . the" giuup: .were up at £9 -28m. trade the company has been pur- George West and Associates 
•• „~(£7.(fitn.).' Afler-tax profit was suing likely markets for exports. (Finance). West Midland Aircraft 
•- . .riigiier • *r " £411^58 -(£333,469) both In the EEC and elsewhere. Services, and Lyndon Thomas 
because of the adoption of ED19 To further this objective an in- (Wholesale). 

*** - *■'’ 


* ' "S* r> ’ ", : 

m 

ilsfUTS /■ ft 


Afrspnmg Group, bed manufac- 
turer whose shares are traded on 
the OTC market made by M. J. H. 
Nightingale, reports that, with 
margins irarovmg from 7.7 per 
cent, to 8.7 per cenL. -on turnover 
22 per cent, higher at £9.4 m. tax- 
able profits for 1977 rose 39 per 
cenL to £817,000. 

Earnings per share are shown to 
have risen from 5.4p to 7.6p and 
the final dividend is 2.2p for a 
3.6p (2.75 p) net total. 

The net profit after tax and 
minorities came out at £380,000 
compared with £268,000 and the 
directors state that results for the 
first quarter of the current year 
are in advance of the same period 
last year. 


INSURANCE 

Revenues: $2,006,359,000 

Divisional Pretax ‘ 

Operating Income: . $- 913S7.000 

Property and Casualty Operations. US. 

Reliance Insurance Company; Philadelphia 
General Casualty Company of Wisconsin, Madison 
United Pacific Insurance Company Tacoma 

1£A$ING 

Revenues: • $115.42&00Q 

Divisional Prefax 

Operating Income: $ 27,232,000 

Container Leasing Operations. Workhzrfde 

CT1 — Container Transport International Inc* New Ywk" . . 

MANAGEMENT SERVICES / ' 

Revenues: • $32,663,000 

»• 

Divisional Prefax 

Operating Income: $ 3^97,000 

Consulting Operations, US. 

Uferner Associates. Inc. New York 
: Yartkelovich, SkeHy and White, Inc. New York ; 


-Property and Casualty Opera tfbns. International 
Riot Insurance Company, Toronto /. 

Life and Health Operations, US- 

Reliance Standard -Life InsurariceComparr.'. Philadelphia 

United Padfic Life Insurance Company, Tacoma 

Title Operations, US. 

Commonwealth Land Tide Insurance Company Philadcphia 


Co m p u t e r Leasing Operations, US. 

Leasoo Capital Equipment Corporation, New York 

Computer Leasing Operations, International 

Leasco Europa Ltd. New York 


. Consulting and Software Operations, International 
Inbucon Limited, London 
Fuel & Energy Consultants LimitedL London 
- Leasco Software Limited. Jvtaidimhead. 5 " = . • 

Moody International. Inc, London ' ' 

. Waner IntOTiational, Brussels ’ . 


Now Mae . 
Apm2f.«78 


*1 these bonds having been sold, this announce- 
ment appears as a matter ot record only. 


■'-•••: ji. b.'- 
'• Vi ip - 

”•!»*- 

" " : 

-■-in y 

' 3^- ■ 



Light-Servicos de Eletricidade S. A. 


“Last year. 19 / 7. was one of important accomplishments for Reliance 
.Group. We achieved record revenues, operatmg tncome alter taxes 
and net income. . . -The outlook is excellent in 1978 for I urthcr 
improvement in operating income after taxes." 


■ Saul P. Steinberg 
' Chairman and President 
Reliance Group. Incorporated 


Refiance Group. Incorporated / 197 Knightsbridge, London S.VJ. 7, England / 919 Third Avenue. New York, XY. 10022, USA 


^ & a 


Fj 


"i* ■ • . 

. ■xlt’-'S: 




' ” ' - » /, 


Sao Paulo 

. _ • f 

DM150,000,000 
6^4% Bonds due 1986 

guaranteed by the 

Federative Republic of Brazil 


WESTDEUTSCHE LANDESBANK 
GJROZENTRALE . 


- ^ to 


ALGEMENE BANK NEDERLAND N.V. KUWAIT INVESTMENT COMPANY (S.A.K.) MERRILL LYNCH INTERNATIONAL A CO- 


ORION BANK 
Limited 


5j{ 

y.*J 

v -^ » 




M« 'i 


ABU pawl INVESTMENT COMRANY 
ARNS-p-A. 

ALAHL1 BANKOF KUWATT (K.S.CJ 

A E AMES & CO. 

Limited 

AMSTBTOAkHtOTTERDAM BANK N.V 

~ Andrssens bank a/s 

ARAB AFRICAN BANK - CAIRO 
ARAB R NANCE CORPORATION S. At- 

ARAB FIN ANCI AL CO NSOVJANTS 
COMWNYSAK. 

THE ARAB AND MORGAN GRENFELL FINANCE 
. COMPANY Limit eo 

asiac - agian international 

ACCEPTANCES & CAPITAL Lrmiled 

BACHE HALSEY STUART SHIELDS 
. Incgrporaied 

SANtoffcOMMERCJALEITALIANA 
8ANCADEL GOTTARDO 
BANCA NAZI ON ALE DEL LAVGF.O 
BANCO 01 ROMA 

BANK OF AMERICA INTERNA71GNAL- 
LiiruteP ■ • 

BANk JULIUS BAER INTERNATIONAL 
Unwed 

BANKERS TRUST INTERNATIONAL 
Limited - 

BANK GUTZVMLLER, KURZ. BUNGENER 
(Overseas) Limited 

^ANkMEES&HOPE W 

BANOUEARABeET INTERNATIONALE . 
□1NVESTJSSEMENT <B AM 1 

BANOUE BRUXELLES tAMBERT 5 A. 

ban due francaise du commerce extericUR 

BARQUE GENERALE DU LUXEMBOURG 
5odsle Anonym? 

BANQUE DE L’INDOCH/NE ET DE SU62 
BANQUE INTERNATIONALE A LUXEMBOURG $ A. 
BANQUE NAUONALE DE PARIS 
BANQUE DE NEUFLIZE. SCHLUMBERGER. MALLET 
BANffllE NORDEUROPE S A, 

BANQUE DE PARIS ET DE5 PAYS-BA5 . 

BANQUE POPULAIRE SUISSE S A. LUXEMBOU B Q 
BANQUE DE L" UN ION EUPOPEENNE 

BANQUE WORMS 

BARING BROTHERS & GO. 

Limitdd 

3AYERISCHF HYPOTHEKEN- UNO 
AECHSEL-BANK 

BAYERISCHE LANDESBANK GIROZENTRALE 
BAYER1SCHE VEREINSBANK 
.-JO«.gSlENB£RG^G05SLERi CO. _1 

•BERUNERBANK'- 

AXtwigesenschaft 

BERLINER HANDELS' 

UND FRANKFURTER BANK 

BOTH EASTMAN DILLON & CO- 
IMepofiood Limited \ 

CHASE MANHAHAN 

Limited " 

CHEMICAL BANK INTERNATIONAL 

United - 

OTICORP INTERNATIONAL GROUP 


SWISS BANK CORPORATION (OVERSEAS) 
Limited 

LIBRA BANK LIMITED 

COMMERZBANK • 

Attiengasellscfa?: 

COUNTY BANK 
Lioniieo 

CREDITANSTALT-B ANteri® BN 
CREDIT COMMERCIAL DE FFSANCF 
CREDIT INDUSTR1EL ET COMMERCIAL 
CREDIT LYONNAIS 
CREDIT DU NORD 
CflEDfTO ITALIANO 
CREDIT SU’S5E WHITE WELD 
Limited 

DAIWA EUROPE NAZ 
RICHARD DAUS A CO. 

■ Banki ers . . 

DELBRUCK&CO. 

PEN DANSKE BANK - 

a- 1871 Akue6esKao 

DEN NORSKECREDlTBANK 

DEUTSCHE BANK' 

A •• J is ngese ils cr»a “ 

DEUTSCHE GIROZENTR * LE 
- DEUTSCHE kOMMUNAlBANK- 

DEUTSCWE GEMOSSENSCHA57SBAVK 
DILLON. READ OVERSEAS CORPORATION 

DRESDNER BANK 
AKtiengeseltecnaU 
DREXEL BURNHAM LAMBERT 
Incorporated 

EFFECT ENSANK-WAR8UP.Q ' 
AVtiepgeseiischatt 


EUROMOBILIARES p A. 

COMPAGNIA EUROPEA [NTERMOBILlASe 
EUROPEAN BANKING COMPANY 
Limned 

FIRST BOSTON (EUROPE) 

Limited 

RC3ERT e LEM*NG i- CO LIMIT ED 

C.inorENTF.ALE UND BANK 

DER OSTERREICHISCHEN SFARKAS6EN 

Abtiengeseilscho’t 

GOLDMAN SACHS INTERNATIONAL CCFR 
HANDELSBANK N.W (OVERSEAS) 

Limited 

GEORG WAUGK& SOHN 
HESSISCHE LANDESBANK 

- girozentrale - 
HILL SAMUEL & CO. 

Limited 

E F HU’riOM & CO N*-' 

ISTITUTO BANCARIOSAN PAOLO Dl TORINO 

kansallis-osake-pankki 

KIDDER PEABODY INTERNATIONAL 
Limited 

KJ0BENHAVNS HANDELSBANK 

KLEIN WORT. E&NSON 

Limned 

KREDIETBANKNV. 

KREDIETBANK5 A. LUXEMBOURGEOi^ 

KUHN LOEB LEHMAN BROTHERS 
INTERNATIONAL 

KUWAIT TOREIGNTRADING CONTRACTING 
& INVESTMENT CO. (S.A.K.) 

KUVVAIT INTERNATIONAL INVESTMENT CO S AK. 


WOOD GUNDY UMITED. 


6ANKHAUS HERMANN LAMPE ■ 

Kowmaad) tgeseHscAaft 
LANDESBANK RHEINLAND-PFALZ 
- GIROZENTRALE - 

LANDESBANK SCHLES«MG+»OLSTSN . - 
GIROZENTRALE 

LAZARD BROTHERS A CO, 

Limited 

LLOYDS BANK INTERNATIONAL ~ 

Limited " 

MANUFACTURERS HANOVER 
Limited ■ . 

McLEOD YOUNG "•‘■EiR 
inlemalioital Linwled 

MERCK. HNCK& CO. 

B ME7ZLER SEEL SOHN & CO. ‘ 

MORGAN GRENFELL & CO. 

Limited " 

MORGAN STANLE) JNTSRNATtCNAL'- 
L.mrted 

NATIONAL 8ANK OF ABU DHABI 

THE NATIONAL BANK OF KUWAIT S A K. ' 

THE T41KKO SECURITIES CO. lEyPOPE) LTD. 
NOMURA EUROPE N 

NORODEUTSCHt LANDESB*N< 

G tROZHUTR AL E 
NORDIC BANK 
Limited 

OSTERPEiCHiSQHE LlNQERBANK 
AktiangesellscRan 

PIERSON. HELDRJNG L PERSON N.V 
PKflANKEN 

POSTIPANKKI 

PRIVATBANK8N AJCTIESEL5KAP 
PENOUFiCO. 

SALOMON BBOTHERS INTERNATTONAL 
L'mned . . . 

J HENRYSCHROtiERWAGGACO. 

L-mited 

SKANDINAViSKA ENSKilD* BAfOK.EN 
SMITH BARNEY, HARRIS UPHAM A CO, 
1-icofDoraied" 

SOaETEGENEP*LE . 

S0C1ETE GENERALE DE BANOUE S. A. . 
SPARBANKERNASBANK 
SUMITOMO FINANCE INTERNATIONAL 
SVCNSKA HANDELSBANKEN 

TRADE DEVELOPMENT BANK. ■ 

London Brancn 

7R.NKAUS & BURKHARDT 
UNION BANK OF FINLAND LTD 
UNION BANK OF NORWAY LTD. 

UNION BANK OF SWITZERLAND iSECURJTIES) 
Limded 

UNION DE BANOUES A BABES ETFJS ANCAISE5 
•UB AF. ' ‘ ' 

L’ERglNS- UND WEStBANK 

Avtrengessllschat: _ ■ 

J. VpNTpBEL & CO. .. .. .... 

VVESTFAL&IBANK . . 

Aktiengwetocban 

WESTLB INTERNATIONAL S-A. 

VAMAlCI-fl INTERNATIONAL (EUROPE) 

Limned I 




pj^ 






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. Financial ; Times; Thursday 2J';:197S ; j 





NORTH AMERICAN NEWS 

Beatrice J 

Foods 

record G 


wr ** 

Tighter margins trim 


By Our Own Correspondent 
NEW YORK, April 26. 
BEATRICE FOODS, the largest 


General Motors earnings 


U.S. Steel 
hit by 
weather 


jjson 

tailed 


DETROti, April 26. 


Bjr Our Own Correspondent 
. NEW YORK, April 26. 
U.S. STEEL, the largest of the 


quarter 


BY DAVID IASCH1£5 


aUA 

: ^ :a 

IfEW YORK, April 26. V £ !K> *v ! j f 

-*7' -n > . , 


U.S. food processor, reported a THE largest car manufacturer in which » l»vj> not been *e- p 1 *** interruptions caused a US. steel producers, reported a XEROX fo-dav reported “a solid peared to confound predirtions and leasing In thfi first quaitei iJfjiS 1 - 2-^ ’ *£ 
rise in proflU for the 26th year the US., General Motors, suE- 5S! b°. f % 130,000 cars and loss, of S58.7m. for the first to-day reponea* _ _ Serthigyear that Zeros .wereido^. higher. than a yeriSr? 5 \;- ;.r t 


rise in profits for the 26th year the US., General Motors, suE- ®“ vere ^ trough Price increases, cut of some 130,000 cars and loss, of 
running to-dav, thereby strength- fered a setback in the first quar- *P® se * act0rs were coupled with trucks in GM’s scheduled produe- quarter 
enios its reputation as one of ter of this year, with net income higher costs for facilities and Uon. The company’s deliveries with a 
the country's best 4110 companies, failing from the 1977 firsi-quarter special tools associated with new for February, for example, were 527m. b 
A rise in earnings for the record of S903m. to SS70nu or programmes, down 4.8 per cenU the third The clu 

fourth quarter of $6ioi. brought from S3.14 to .S3.03 per share. They added that GMs sales and S?JSf e SH we “onttaly decrease.. Speer, sale 
year end earnings to $22I.5m.. an Sales were somewhat higher af earnings in the quarter were ad- * .Y* 5 maintain a traditional 


of isTer «nL on the si4.9bn. compared with SlUbn. bV tiie tempon^ SSjffi unchanged level, but hi VggSJated K 

previous year’s equivalent to Girs flt j f the slowdown in economic activity S JSESL the coal strike. But the flow of 


previous year’s equivalent to f marein for the slowdown in economic activity „ lff ‘ ® Jv P “ n “ "® en ®* n the coal strike. But the fl 

S2.41 per common share l&lal- qU a« e r sUped fromfi" per cent caused by the coal strike and the M^^^ner orfere *** ^proving 

Sales for the year were So31m.. ? the 1977 first penod . t0 SJS unusually severe weather cundr cent- res^ecti^y d ^ P reachcd a four year high in 

up 14 per cent, on Ust year cent. This compares with a t,on s throughout much of the “T* Md «Y the nnarter 3Hardl - 

Mr. Watiace Rasmussen, the f evp , gs M gh ag M per cent in U-S. during the first two months *® s a stra^uDton^S ^» SaI ^ s 111 the *l rarler were 

company cbakman, said that sales 1973 of the year. reEH d5ta5rl£“3 'EEL!; «■*“* 


winter depreaten Ea mines were siQ5.6ro. or The company reported- a mndi, Pee tutg:*exc ei to; acceptanca tc> 

ther aggravated by ‘ . nA tnt _i derating more rapid ‘nse' -in revenues toe mxraetpra. - ^ ----- ' J y\ -•:- fo 

ko Rirt iha flnu, nf Sl^l 0 share and ‘ OP calc rtf panfATK rinnll-' '"Mr MoMn ftnwiml' vTunMl-'' 1 „ . ' 


tumpauj wonuiau, iny;, Vi }MI. . „ t „;| ~e ' - cumpaiea WItn 

Of food and related products and ‘ e . .. ■ _ r , r e .. .. , JST^ «?hn, last time. Shipments 


services accounted for 72 per ’i nomas a. unrpay, cn airman, - ua saia tnat snowstorms in care ana r tucks, um said, me of f 

«ql of saies aod 58 per cenL and Elliott 31. Estes, president, the North East and Midwest company views this as a positive 47m** toS* ToeSSr aS ^Sfh 

“ ooeratin? earoinj, particu- said that the- fall m profit mar caused temporary plant closures indication of continued sales Bethlehem St^T whfoh 

larW in dait>- and soft dnnks. gins reflects continued increases and production and distribution pains in the months ahead. reported profits earlier this 

speciality meats, and food distri- in matenals and labour costs, problems. Agencies week, U-S.^teel warned that ii 

butlon and warehousing. — was watching the effectiveness 

These proportions mark a of the Govemmeut’s steel price 

Mixed fortunes m oil sector 

nntablv environmental and chemi- 

ram P S ro Mr C, K^™^fd d Str ° n; W-r WW. *pn. » OptimiSm 

The company's foreign opera- QUARTERLY results from a increase In first-quarter net suited from a setback in coal Tf • 

tions also grew above average, cluster of U.S. oil companies in- income, from 540.7m., or 51.35 operations, which was only par- 3X iVUlSCF 

Foreign safes rose IS pcrcenL. to dicate sotiiewbat mixed fortunes, per share, to S5G.3m.. or 51.66. fraffy offset by an improvement .. 

S1.4bn.. producing earnings of with Mobil Corporation reporting on revenues up from S1.16bn. to for petroleum, chemicals and „ uarlano, April -t. 


made a sotid start on another per cenD, refiecting its changing year,, but- pre-tax, profit 

Sff vear in tSS of botS re- . marketing stategy. would he about the- same as laLr ! 3 - .-J: 

venue and profits.” They ap-r : Serqx commented that sales yea^ . . f . 


4.7m. tons. Together with 
Bethlehem Steel which 
reported profits earlier this 
week, U.S. Steel warned that it 
was Hatching the effectiveness 
of the Government’s steel price 
trigger mechanism designed to 
stave off cheap steel imports. 


-'“‘L'wrc 


Kodak looks to instant cameras 




-r-r -f .’CS 
r f 


FLEMINGTON, - April 2^' 


NEW YORX. April 28. 


540.6m. 


an increase in net profits to $l23bn. 


minerals. Total revenues dipped 


Pullman faces 
proxy fight 


S241m. or $2.28 per share for the By contrast Texaco reported from S2.2bn. to S2.1bn. 


NEW YORK, April 26. 
PULLMAN, the transport equip- 
ment electronics and const rue- 


first period against 5219m. or a drop in first-quarter net income Murphy oil reported a down- 
82.07 for the same quarter of from 5242.6m., or 89 cents pei turn from $n.6m. or 83 cents 
last year. Tbe advance was on share, to S187.3m.. or 69 cents, per share to SlO.im. or 81 cents 
the back of a 7 per cent rise m Revenues fell from $7.08bn. te in this year's first quarter, an 
revenues to $S.7bn. 86.99b n. The results include revenues of 8337.7m. against 

i3Kaiiir.fr losses on foreign currency trans- 5298.6m. 

* ®r st latioo of 826Em. compared with First quarter net income of 


EASTMAN KODAK expects con-. He said pilot, research -pre- vfeo -recording has ex pande d ji;.. “ j 

j- - tmued good growth in its instant grammes prove that Kodak. can .facilities. "The understandidV^.-. ■ ' r ‘. ‘ , 

UDUmiSm- photography operations in 1978, d^elop sotid state image; sensors. YJdeo recording,' has expandetfjf ^.,..; : - \; m *- 

r __ . especially in international Over the next year, the com- give us a ; window on. aootfif - > 

at K aiQpr markets, the president, Mr. Colby ^ pany will market some oE its aspect of electronic techno Idg?./;' r'* ' ■; 

«.!. H ChandJer said in remarks, recently developed . .tabletop that may In tupe provide Koda^r^- 7 " ' 7 ' 

OAKLAND, April 2V prepared for delivery at the cEnlral blood analysers. ... , with a . broader 'business oppft-'' 

KAISER Aluminum and annual meeting. - The Ektramax camera.' an- tunity." . - . - I 

Chemical Corporation expects He said Kodak plans further Pounced in February with a Development work on tb 1 

to post record 1978 profits if Instant camera models after the new series of six . EWra + a hi e . t( «j clinical blood atialysaA/vl/ I IB I 

U.S. and world economies introduction of its seventh, cameras, will be a true available- ^ , n ,i^ caj |LiV 

grow as expected, president * model, the Colorburst 300, in 3&ht camera. su^Kts tnat tne anaiyser «BVl w * 

Mr. Cornell Maier told the August ■ m Chandler also confirmed detect substances m the hH^ 


OAKLAND, April 21. 
KAISER Aluminum and 
Chemical Corporation expects 


«r 70 penis - c y,r,™ last year’s $10. l,m. o»ci 1 vAnmua icu 1 1 vui dOOOfll. 

tion concern, faces a proxy fight f 1 - 1 ° r c ® al8 P er ®*J ar ® The decline in Continental or 39 cents a share to S36.4m. 
at its annual meeting to be held to 5164.3m. or 51.07, on revenues 0il - s firs . t quarler net income or 36 cents a share 00 revenues 

nn May 17. Certain stockholders U P rrom SLWod. to 51.74Dn. from SlOO.Sm. or 94 cents per up from 8574m. to 8655m, . 

have issued a statement indica- Marathon Oil also reported an share to S36^m. or 34 cents re- Agencies 


Shell Canada fell from S38£m. 


have issued a statement indica- Marathon Oil also reported an share to S36^m. or 34 cents re- Agencies share. Earnings last ye 

ing that they will propose a list S5.53. 

of seven new directors. Pull- Reuter 

man's board currently consists • 

of nine directors. EUROBONDS AMERICAN QU 

Mr. George L. Green, a former . HmEWUHW «« 

SSJtsSSS Deutschemark sector takes a beating ^ ^ 

president nf Pullman, has not _ 

properly discharged bis duties 8T MARY CAMPBELL Revenue 73.0m. 

shareholder? and 1 stmuld be INTEREST to-day will focus on foreign bond prices for the third other for five years offering an Net Ser^hare’ " S (?86 

mSd the pneing of the United King- day running. This resulted in Indicated 84 per cent. The 

Mr. Green cited the financial dom’s bond issue on Lbe New "5 °l^ e _ w . orst f verage lff e or the five-year AMF 

_c , nmn ,_j .. . . _. , „ .... ever after-market performance tranche is 44 years. The redemp- ■■■ " -'■■ - - 

u? York The latest Indica- for such a bond: the E lf tion schedule for the seven-year 1T ? 


Mr. Cornell Maier told the August 
annual meeting. Kodak Inst; 

All earnings improvements many other 
this year over 1977 will proh- for consume 
ably come from aluminium fessionai phot 
operations. The company’s company is i 
current record results were in opportunities. 
1974 when it earned S5.63 a Kodak has d 
share. Earnings last year were for the in-ho 
S5-53. integrated ci 

Reuter ' cameras. 


opportunities. to twice or even four titnes its laboratories. Over the next yg <r . ; 

Kodak has developed capabtilty.reted speed. * .units wiU^be pIaced^on aiarH :: . , : -:.-r 

for the in-house production dr ' Spin Physics, a subsidiary pro- mg trial fn a nunmer - 

integrated circuits used in lts'Mding a wide Tange of magnetic metropolitan areas. r . S vs*-*' 
cameras. - - . 'heads for instruinentatioh and Agencies - •. . . . • A. i.-~. 


Deutschemark sector takes a beating 


AMERICAN QUARTERLIES 

A METE K [JOHNSON & JOHNSON 


AMETEK 

First Qaarter 


IKBICRHOLD CHEMS. 


SQUIBB 


1477 First Quarter 1978 IVn .-. ' First Quarter MW . MW Rrs * O^arWT. 

70.0m Revenue 835.6m. 7i7.5in. Revenue . 43.0m. 29^m. Revenue ---. 

4.0m. Net profits 77.5m. Net profits 800.000 374JW0 Net profits 

0.78 Net per share-- 132 l-« Net oer share... 035 025 Net per sh, 


0.78 1 Net per share— 
j MOHASCO 

77 j First Qaanier 


l*® 6 Net per share... 
_! ROLLINS 


053 Net per share. 
TAMPAX 7 


irra w5q' : "i. ; ; 

■ , •* Sa?: 

.. 327.0m. 2HA: :r ” . ” 

. -10.0m. 20jS5v »■’. • 

0.43 . . . ffli :r :rs' '• 


urith ion Ho nnintert nut lh-»t iur sum a uuiiu. uic &u uuu stutuuie iui uic 5 c i 

in that five-yea r^penod. revenue tion * of > leW levels both mark Aquitaine issue, priced on Tues- tranche is compUcated and in- Revenue -289 0m. 279.0m J Revenue - 


in that five-vear period revenue * * ftquuame issue, pricea ou lues- irancDe is compucarea ana in- Revenue 

had doubled' to about S2bo.. but sU S h * rises on tbe original day night at the low level of voives a purchase fund operating Net profits 

earnings- had declined from figures indicated when the issue 9S{. was quoted yesterday after- if the price falls below par Net per share... 

835.9m or 83.31 a share to first went on offer two weeks ago. noon at 93J-94. for a discount during the first three years 

$33 tm or 83 03 Some dealers were arguing ves- from the offering price of almost followed by sinking fund rederap- BORG-WAR NER 

Mr. Green,' who owns nearly terday that the increase was not four points. Other recent issues pons later. Pneing will be in 

10.000 shares in the company, sufficient to account for falls in have nor fallen quite as badly the light of market conditions 

said that he is also supported in prices on New York bond market as this, but their performance is but would be at a slight discount Revenue ... ...... 5 

his proxy fight hv Mr. Walter V. in the intervening period. als T ° bad - . . on , . t ot ^ tranches if current Net profits 

Berry, who sold Berry Metal to The indicated ^eid levels as ln , e 0 ™™ 1 ,n earlier in the conditions persist Citicorp Inter- Net per share.,.. 

Pullman in exchange for stock ftf S£ ps 2a Tven beiwren 840 ? ee ^ ^wntover in D-tnark national is lead manager. ---- ■ T , ~ 

several years ago and who now olrJSL ™, ^ foreign bonds was yesterday Elsewhere in the market the CITIES SERVICE 

holds, according to the dissi- S?!. 8 ' ^^frJnrtMomDired w fo re T port * d n be heav >- Beatrice Foods offering started PkslQMrter 

Hante' ctitpmunt uoniMi Ierra - uuuciie v'juipaieu mi T n »v p dri n aP cartov one heur trarflno ve«tprria v : af temoon at 


9.0m. Net profits 

0.45 Net per share... 


U7I ■ im- . * Third Quarter 

s 

163:0m. 350#rik. Revenue 


1.6m. i Net profits 

•O^SiNet per share... 


1978 

S 

69.0m. 

6.0m. 

a45 


1777 Pint Quarter 

62.0m. Revenue -L.... 
7.0m. Net profits 
0.50 Net per share. 


m . mt 

48.0 m. 4& 
i0.0m. Iff. 
6.92 -I 


'Oh x : 


MOORE McCORMACK 


RYDER SYSTEM 


First Quarter 


526.0m. 470.0m. ! Revenue 

u 552: Netprofite 

Ij-. 0.95 Net per share... 


ivn 

s 

51. 6m. 
1.1m. 
0.20 


TIMES MIRROR 

First Quarter 


dents’ statement, about 152,000 S iShI „r In ^ dollar sector one new trading yesterday afternoon at 

Pullman shares. 2JS,.w*? 1 IKSSL_-».i?iiS£i2S2 non issue was launched— a two 98} or slightly more un the bid Revenue IJIhn. 

The proposed list of dissident ^ u «o2T«-r^?t tranche offering for the Develop- side. It had been priced at par. Net profits 55 0m. 

directors is composed mainly of coif® 1,1 ent Finance Corporation of The Credit Commercial de Net per share... 2.00 

management consultants. While tranche-up from 8^75 per cent. New Zealand. France floating rate note started - ■ 

Mr. Green is not on the list. The other major development Each tranche is for S20nu one trading at a slight discount from CIT> INVESTING 
Mr. Berry is. on the market yesterday was the for seven years offering an the offering priZ-e. but was well First Quarter I5?« 


M77 . First Quarter 3*78 1*77 First Quarter 

% '• . S- . . -s 

776m. Revenue ......... 24LSm.' 1985m. Revenue-'- 

56m’ Net profits 9.92m.: 7.31m. Net profits 

OM Net per share... ' -0JS8 0.50 Net per share. .. 

.. ?■ 7 SCHERING-PLOUGH ' . ' UA-.GYPSIW 


• »>• - : md 11 

S. Si-L': ’ • 

305.0m. 23*Jhr.:< -v 
276m. l&fl 
0.77 0 

. i&iQn 


dril 
ex?* 
i T 

f ir 

■f hole 

- rs ctpj 
• '.n? ;v: U 

sche 

‘ .’4 

i: m r . i .-arfl 
‘o »Ttir. 
one 
-r.-r- it 1 
'•vp curt 
furtl 
iiac 
1 :i \ ast 


First Quarter 


I NABISCO ? SCHERING-PLOUGH ~ . U-S- GYPSUM : ■ ■ & ; ■ j/ fiq n 

1*77 First Quarter U78 XWT First Quarter MW 1*77 *•“ Flrtt Quarter ; «W ”h, 

J.lbn. i Revenue 515 0m. 49KQm. Revenue— 270.0m. 238.0m. Revenue staff 

59.0m. I Net profits 21.0m. 20.0m;. Net profits ...... 54.0m. 45.0m. Net profite Jl-Om, 

2-16 1 Net per share. ^ . I JO 1^3 Net-per share... ’. LOO .0.84 Net per share... 132 - -j 

I VtTmMAI CTViri • - [SOUTHERN CO. '. WARNER-LAMBERT : : -iun - 


2.16 1 Net per share. » 


D-mark indicated S? per cent, and the received. 


The Societe Gene- 
rale de Banque has 
just published its an- 
nual report, which 
was submitted to the 
Shareholders* Gene- 
ral Meeting on 25 
April 1978. 


it 31/12/1976 


at 31/12/ 1977 


586^:'. 756,3 T9 
J359.389.276.055 
166.839.624.Q16 


652, OW, 063, 366 
397,930.523,289 
192,235,577,768 


rtm 
4-10.7S 
-r 15.2 S 


Credits to the private sector 
including byway of signature 


Public bills and securities 

Geoeral overheads excluding corporal ion tax 


34^29^.852,062 
165,718^13,276 
15. 91 Q 251.946 


37^241,659,097 
191,56a 431,447 
18,008.434,983 


— 10,3% 
-M5.6?A 


mvcoimu j NATIONAL STEEL 

First Qaarter l*n l*rr | Hnt Qwtar "wT/ 

Revenue 837 JOm. 6SS.0m. i f>„„ pnilo S4tijhn 

Net profits... . 1MJ. Ufa \ Z "SR 

Net per share... 0.63 0.3. : Ne . hare _ . / 0 . 13 


23 Net-per share... 
■^1. SOUTHERN CO. 


llimflBWhf 

! ■ -\ 


1*77 

751 S mn.j5 e y en ^ 
5.0m. P v6t 
O^gl Net per; 


COLGATE-PALiBOLIYE 


First Quarter 1*71 


: NEW YORK 


\ L00 0.84 Net per share... 132 - fftx r i 1 . ;■-* 

- I ■ " ■ 1 - ' I •>" \ r-.;7ii a jrd 

WARNER-LAMBE RT 7 j.:; •* ij e!<t 

693.6m. 612.0m. Revenue 643.0m. 5»B: U - ..n* 

45.69m. 5755m. Net profits ' 62J)m. v . k .r v 

, - 0J3 ‘ . 0.47 Net per share...- ~l -066 jr( .' r;i: 

: i * • • betm 

nvi esnh« 


Revenue 

Net profits 

Net per share... 


| COMBUSTION ENG. 

First Quarter 

1*78 

1*71 


s 

s 

Revenue 

492.0m. 

431.0m. 

Net.profiU 

. 15.0m. 

13 0m. 

Net per share— 

0.93 

0.80 

| DART INDUSTRIES 

First Quarter 

1*78 

1*71 


S 

s 

Revenue 

408.0m. 

370.0m. 

Net profits 

27.0m. 

23.0m. 

Net per share... 

1.11 

0.94 


5 1 5 | First Quarter 

l.Pbn. 927.0m.} 

35.0m. 32.0m. ij e 3 enu l 

0.44 0.41 1 Net prenls 

- — 1 Net per share... 


Revenue 138— m. 1165m. 


First Quarter 


Revenue 

Net profits 

Net per share... 


1*78 

97.7m. 
3 Ini. 
040 


EL PASO 


First Quarter 


- 13.2% 


Revenue 

Net profits 

Net per share . 


j*ra 1*77 

443.0m. 398.0m. 
23.l)m. 27.0m 

0.51 0.67 


The gross cash i:o»v lor me financial year amoucis !o BF 4,369 million. 
Aher deduction of allocanons for depreciation on fixed assets, secu- 
rities and claims in ihe amount of BF 2£0» million and conjoration :a.< 
m me amount of BF 770 million the oroM tor the year amounts to BF 
1 .595 million, an irj^ease ot S T*!. It comprises a transfer to the avail- 


able reserve of BF 69 million in tax-free capital gains a n c a net profit 
tor appropriation of BF 1.526 million. 

The Board of Directors recommenced ?o ire Sharehnine-. Meeting the 
payment o* a dividend ot BF 20* after withholding la.-, c n 'he 4.995 .477 
existing shares as against BF 139 last year. 


Highlights of 1977 


Services to Individuals 

- iiooc household? c a .e ta’-ren advantage of the home-cjrchase loan 
ana the -ome-*aan savings scheme. The fiorr.e-improvemer.i lean has 
ai :o oeer, successful . 

- Launching, together w.fh the Credit Con vrunal de Be'gtoue. ir liege 
ar«3 Ghent of the 'Mister Cash' round-the-clock auioniat. 

‘Services to the Business Community 

- ContriOufior. to Trie revival of small and medium-sued businesses, espe- 
cially in the export field. 

- Participation in share-issues of three major companies m t^e electri- 
city sector f£6ES INTERCOM and UNERGl 

- Active part in the duoiic and private issue ot debenture loans, rotabiy 
these of Fabhaue National and Distngaz. 

Services to the Public Authorities 

- Taking firm and p'acement of State a.“d oubiic authority Ipa.'i to the 
extent of BF 71. Q0D million. 

-Contribution to Ihe figure of BF 675 million in the placement of a BF 
1 500 million loan floated by the EIB -European Investmen; Bank 

- t.ianagement of a US 5 75 million loan tor the Sociere NahOfUie de 
Credit a i Industrie 

.Foreign trade 

- Organ izalion of two trade missions, one to the United Arab Emirates 
and Qatar and theother to the Peoples Republic of China and Hong Kong. 

- G'edils ot various tyoes for foreign purchasers of Belgian capital goods 
amounting to BF 16,000 million, ot winch more than BF4,ooo million 
went to finance the building of a spinning mill and a coke plant in 
Algeria, 


- Financing cf Belgian suppi'es for two sugar-ref menes tne Ivory 

Coast a petrochemicals complex in Portugal’ acemen: .iorte in Bolivia 
a nda naiura 1 gas liauetaction plant 

- Granting of credits in Euro-Currencies to Jaciirtai® the securing of 
important contracts by Belgian suooiiers, notab'y in bout Korea, 
Poland. Algeria. Duoai anp the GDFL 


Inlemalionsi issues 

- Place ment oi an issue of USS40.00C.000 ft? rjafir.a. £ subsidiary of 
Perrofsna. 

-Comanagementof46ir}erna}icna{ issues represert- ■>g 17% of the 
total amount issued 


GATX CORP. 

First Quarter 

1*78 

1*77 


S 

s 

Revenue 

— 

— 

Net profits .... 

22. til n 

7 8m. 

Net per share... 

1 72 

0 61 

G. D. S EARLE 

First Quarter 

1*TS 

s 

1*77 

S 

Revenue 

195.0 m. 

175.0m. 

Net profits 

}6.0w. 

19.0m. 

Net per share .. 

0 3 1 

0 37 

HARSCO 

First Quarter 

UTS 

1*77 


s 

5 

Revenue 

131. din. 

152 dm. 

Net profits . ... 

80m. 

SOm.j 

Net per share .. 

0.84 

0.S3 



PANHANDLE EASTERN PIPE j 

First Quarter 

1*78 

1*77 

Revenue 

s 

340.3m. 

s 

327.Sm. 

Net profits 

36.3m. 

34.9m. 

Net per share... 

2.06 

2.04 

PEABODY INT. J 

Set a ml Quarter 

1918 

1977 

Revenue 

s 

107.0m. 

9I.0m. 

Net profits 

40m. 

3.0m. 

Net per shore— 

0.53 

0.46 


_ . PITNEY-BOWES 

1*T7 t 

5 First Qaarter 1*78 1*77 

Sfi.2m. s s 

2.3m. Revenue 156.0m. 132.0m. 

0.29 Net profits 8.19m. 6.95m. 

■ Net per share. .. 0.60 0.51 


ANCHOR CHEMICAL 


RESULTS FOR THE YEAR 


Carron C 
foldings 


Turnover 
Operating profit 
Profit before tax 
Ordinary Dividends 
Earnings per share 


1977 
fi- 
ll, 213,000 

530.000 

601.000 
. 174,000 

1 5 . 37 p 


. . .1976 

i € 

9,748,000 
■ 466,000 
415,000 
96,000 
10.63p 


Recommended maximum permitted iotaf dividend 

4.7 5590j> per share (1976 - 3.6951 Ip) . 


n, °‘ : TR E STATtr 

lv- 11?ry rema,: 

'-'Jin par 

u " re »t durin 


•. ■* . .. 

« £2WI 


Substfiarfes and Representative Offices 

- Enlargement n! financial resources ot se^era! o -vr subsidiaries - 
notably ihe Banoue Beige Ltd and the Banauo Beige France}- or sub- 
sidiaries held jointly through European Banks Infemational fEBIC*. 

- Increase »n the contribution made by affiliates ;o the aggregate results 
of the Bank. 

- The total investments made by the Bank h its affiliates and other 
interests abroad amount to roughly 25i of its own tunds. 


BRIEFLY 

Turoround for 
Global Marine 


'"li'iam ,a 


Comments by the ' Chairman,. Lord Hewfett '—- ; 1 

^ A record profit for the second year amning. 


An exceptional effort has been made in the employment sphere: 732 
people have been recruited, 238 of whomhave been taken on under 
ne government-censored traineeship programme. The net increase 
amounts to <59 people, bringing the total number oi staff ai the end 
011977 to 15^497. 


The Report may be obtained from 
Societe Generate de Banoue. Public Relations Department, 
Montagne du Pate 3. B - 1000 Brussels. 




FIRST quarter results reported 
recently by agencies included 
Coca-Cola Bottling New York. 
w_hf#si* net earnings dipped from 
15 eenis lo 12 cenLs. American 
Medjcorp. which held earnings 
steady at 64 ceDIs a share, and 
Texas Utilities, where earnings 
»f 43 eenis a share compared 
with 40 cents previously. Also 
reporting for the first quarter 
were Global Marine, with earn- 
ings of $1.1 m. against a loss of 
$425,000. Tiger International. 
which_ pushed earnings ahead 
from 5 cents to 40 cents a share. 
Sterling l>ruc. with tarnin^s of 
40 cents a share aqainst 37 cents, 
and Southern Railway with 81.S9 
against 81 $2. Meanwhile. Cope- 
land Corporation, reporting for 
•he second quarter, turned in 84 
cenl> a share against 75 cents, 
and DrnnyX reporting for ihi» 
inird nuurirr earned 55 cents 
against 47 cents. 


s[c Important contribution from overseas companies. 

I n common with most enterprises in the chemical iricfustiy 


Jl ?i ■ I-Olita, Bath, 

S' ^r.f •», 

. ; ^r. rT:;jade :. 
' 1 ' ' ?r ^S5 iQdi 


Anchor was finding the fevei of business in the first quarter 
of 1 978 disappointing but it was much too early to state 


■J'*": 

■ [ H ,r,5l -K4i* 
v ' Ir,u 5h 


One thing was certain, thanks to recent investments. Anchor 
was well placed tdtake full advantage of any improvement; . , 
in demand. . ./ *■■■“■ 


Afc. . 1. _.c ■ 

’ -*• ■ 

V. IS^ 0 " ' J 

*ter \ " ,0t! 9 "d a 


i. Sr ( r . ' U ***» 


29th April 1978 from the Secretary. Anchor Chemical Company ^ u * r ^ :c _. 

Limited, Clayton Lane* ^a^onJ^ancfi&psr Mll.^ft r « - 

- - - - - - '■ - f^. a «d 8 ral' 


rubber, 




industries. 




"fory i 

; Cti 













35 



-Brandt forecasts 
sales growth 


v fitucti electronics, boiUG- 


- 










: : S £« 


n '»tant 


■*;■ ■- £sfe-8fid tdecMiunmuca- 

: ' iThbmsOtt-Braintt 

■ * * w^^SKSrt.- ? sate "Will 
iy -34 per cahE inlflTS- 
'Ers-lSJto.. ttUbn.) 
iaJ97S Allowing: for 
Ltions, the apparent 
rise so- 17 percent. 

re time -It is -fore- 
it within two - or three 

^jeas ealesvrtli -account 
\frnn half total tHTOOVer. 
f. forecast ft for some 
■fn overseas sales ex- 
4he coijtribution of the 

■■ teteisian i -subsidiary, 

wJflS: . •' 

^ ■-» freHti after net 

« group of around 
7m.) in each of 
aw, it Is hoping 
-in 'U j& with the 
iOes. < . 

i'grpnp is one of 
trament» ,, of the 
m Government In creating 


. Thomson 'carries at 
qe of Prance's hopes in 
portent-' sectors: profes- 
r , JeCh-oinps, ,!^ ' Which its 
^Sl- -Thomaoi&GSP. plays' a 
Iprole; consumer electrical 

. S[ 

■■ 


goods; radiology and medical 
equipment; and telephone switch- 
ing gear. . 

In a move to bring within 
domestic control the supply of 
telephone switching gear to the 
French- Post Office, Thomson- 
Brandt and CSF. ape between 
them in the process of complet- 
ing their acquisition of majority 
stakes in two of- the companies 

which dispose -of the necessary 
technology in this area — the 
former ITT subsidiary LMT, and 
the French operation of the 
Swedish concern Ericsson. 

Ericsson proved to be a thorny 
acquisition since accounting 
irregularities which came to light 
after the takeover had disguised 
the fact that the company was 
wading at a Joss. After a con- 
tribution from the Swedish 
parent company and changes In 
accountancy practice. Ericsson 
fp d ® d 1977 . with a modest 
rrs.-4.6m. profit, and the group is 
confident that it has now turned 
the corner. LMT improved its 
trading profits to Frs.70m, 

Industrial investments at group 
level should grow steadily this 
year to reach around Frs.970m., 
against Frs.750ra. in 1977 and 
Frs.710m. in 1976. 


PARIS, April 28. 


Of total overseas sales, some 
rrs.7.4hn. represents exports 
from France and two-thirds of 
this is for professional elec- 
tronics. Medical equipment is 
the main product manufactured 
overseas. 


The group, while suffering 
from the general distortion 
caused by government price 
controls, has not suffered a 
serious financial deterioration. It 
expects , to finance around 
Fr5.730.rn. pf this year's invest- 
ments from amortisation. It is 
expecting a 20 per cent improve- 
ment on the 1877 cash-flow of 
Frs.lbn. 

Jacques Borel International 
reports a net consolidated Joss 
nf F rs. 164.6m. (S36m.) for 1977. 
against Frs.53.7m. Parent com- 
pany net loss was Frs.l83m. 
(loss of 76.7m.). The company 
will again pass dividend. 

The troubled restaurant and 
hotel chain reckons its 1978 
accounts will show losses on a 
smaller scale than last year's. In 
1979 “measures being taken to 
help a recovery should briDg the 
consolidated profit aod loss 
account near to balance.” 

Reuler 


Bofors sees 
maintained 
earnings 
this year 


Ipfeefc for Royal Nedlloyd 


fe & 1 -- ’ 

'flat til CHARLBPATGHfiLOR 

(teupi the report The further increase in The company foresees over- 
■ ^ Dutch «MPP«W shjPP-B epaety had far capadry. partiSarly ftTlaS 


ROTTERDAM. April 26. 



411. U>D i#ifaxq>uv 

company, whte Ranged jts " Tanker and bulk cargo rates RuyiTsS Some governments 
j from tbeNetheriands Step- remained at very low levels are continuing to finance Mo- 
iffmoiH fJSU y lastjfear, was while overcapacity in some areas building despite the excess 
iseiy affected -tet over- of Nedlloyd s scheduled services capacity which alrcadv exists, 
^ty in world, shipping- mar- also brought margins under “A health v shipbuilding' industry 
Hd-by thfi“ foreign ^change. Pressure. Start-up costs of two depends, however, on a health? 
ZAIRES J" 5 wrc Wtfw than shipping sector. Dutch shil 
> ! ex £? ctei , owners are in favour of a unified 

- -? rofit . *? uW he The company expects to make EEC approach to lh e problem 

H*.f ' (iapged^ from -the satisfactory profits on its non- but the U.K. and Denmark are 
tit Wm. Of - The final shipping activities and minority opposed to this." he reported. 
vu Jf pr&tot holdings m 1978 but over- Unlike previous v ea r S Ned- 
ttr^- ■ Operating- ■- profits capacity and stiff competition lloyd has not for 1977 prepared 
^ J jo affect some a set of accounts bawd on 

5 S.4fi.to.froia FIs.137.6m. . scheduled shipping services. current costs. The limited num- 

^dlloyd prepqse* to cut Its Nedlloyd sold 12 conventional ber of new shios being built 

S?? °i 3 l 9 tal 143 *9°0 makes it difficult to assess the 

lit fc* Turnover ^ fell to dwt in. 1977 and put into service value of Its fleet while the fall 
_ , P ep.' *0® rlsXSSbn. one new roll-on/ roll-off vessel, in new ship prices has also dis- 
« V-.-UBprownnent. in inter- It has nine vessels on order torted the picture. The company's 
S*4 were currently but does not plan any own estimates put the current 
W fling rn .1877 did not. borne further major investments after costs nf its fleet at Fls.2.3-2.4bn.. 
'^^eBoard^told- a Press placing orders worth Fls.550m. roughly the same as tbe historic 
'^jOg te praseat the . annual last year. eost. 


»e|: 


■MM 


"anadian funding by Swiss insurer 


■f&f plA FINANCIAL STAFF ■ . 

"ij &UY higher profibs and shares. Participation Certificates Sw.FrsSOm. from Sw.Frs.70m.. 
„ r „ ^ throu^i and convertible bonds, already . made Tip of shares and partici- 

. i lT.EFT {wot Ip Canada of a^cwr held. nation certificates. It is designed 

jwnd are: annouaced.-by — rEaeb: bond- can- -be- converted -to finance .expansion in Canada 
rnr, tbe third largest into one bearer share and addi- following the acquisition last 

1 in Kurf art A tiAnnllv ontiHor ,Iia m #■ . a _ ... 


By William Duliforce 

STOCKHOLM, April 26. 
BOFORS, tbe Swedish 
armaments, steel and chemicals 
concern, expects to maintain 
pre-tax earnings or even im- 
prove them slightly this year, 
according to the 1977 share- 
holders’ report Last year earn- 
ings dropped hy 20 per cent to 
RrJ2m. ($20m.), while turn- 
over climbed bv 21 per cent to 
Kr.2.35bn. <$502m.). 

Armament sales and profits 
are expected to grow further, 
as Is tbe return from Bofors- 
Nobel, the chemicals operation. 
But the earnings of these two 
main profit-generators will be 
reduced by more losses on tbe 
steel .business and at Bofors- 
Nobab. the turbine, locomotive 
and diesel engine company. 

These represent advance pay- 
ments under armament con- 
tracts, on which Bofors was 
able to take advantage or 
higher interest rates last year. 
Interest charges also rose as a 
result of increased borrowing 
but not sufficiently to prevent a 
rise in net financial income of 
KrJJSm. 

Tbe order book at the end of 
the year was worth Kr.4.7bn., 
of which Kr.3.7bn. was for 
armaments. 

Bofors slates that it is work- 
ing hard to. concentrate its 
steel products and resources, 
partly in cooperation with 
other Swedish steelmakers. 
Steel provided nearly a quarter 
of total, sales last year and 
made - an operating loss of 
KrA4m. 

A further loss is regarded as 
inevitable this year, despite an 
improvement in competitive- 
ness brought about by tbe 
devaluation of tbe krona. 


Order intake 
up at Sandvik 


M.i ! 


v bps& lfrtnip in Switzerland . tionaJJy entitles the bolder to vear of two Canadian companies. 
^ f-fiffldlng: will carry a purchase For Frs.500 otie regis- Net profits last year rose to 

*vh pf 8 per cent and run lered share in Winterthur Sw.Frs.50.4m. (S22.7m.) Trom 

— ‘^ QlB Ioan wtH between. ^January 1979 and Dec- Sw.Frs.48.lm. Premium income 

- mfo bonds of $1,000 omber -1980. - was Sw.Frs.l.73bn‘. compared to 

-- Subscription .entitlement on Tbe fund raising will increase Sw.Frs.l-6Sbn. Tbe dividend is 

. M*is of one ^ond fer. 14 the ■ company’s capital to beiDg held at Sw.Frs.40 a share. 


By Our Nordic Correspondent 
• STOCKHOLM, April 25. 
SANDVIK. the Swedish 
cemented carbide and steel 
group, notes in the final share- 
holders report for 1077 (hat 
the order intake has continued 
to rise in thp first months of 
1978 at the same rate as last 
year. The Hoard accordingly 
confirms its earlier forecast of 
a 17 per cent increase in sales 
to Kr.5.3bn. <$1.15bn.) in 1978 
with earnings, restricted hy 
price developments, remaining 
at last year's level of Kr.470m. 

At the same time, in an 
analysis or the group’s long- 
term prospects, the report 
pleads for domestic under- 
standing or the need to expand 
Sandvik’s foreign manufactur- 
ing base. This echoes the 
thesis Mr. Tom Wachmelster. 
Allas Copco's managing direc- 
tor. argued, at- his annual 
general meeting Iasi’ week- 
The group’s 1978-81 plan 
calls for on average annual 
increase in sales of 15 per 
qen(«. of which half would he 
volume growth. Over the same 
period the share of cemented 
carbide nrodnets is expected to 
reach 55 per cent, of total 
sales. 


- i i 


; i » 


L LTD. I®"* 

, 8*oc 1688 

IPC M87 


Offer 


pL.opc an 
.Sait. « S.wofe V* 
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875 

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88 

83 

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SELECTED EURODOLLAR BOND PRIDES 
MID-DAY INDICATIONS 


.TO 
8» 
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ITO 
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96 
TO 
M 
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103j 
TO 
1TO 

87 
TO 

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103 

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83* 

in 


Newfoundland Sue 1989 ... 
Nnrces Kom. Bfr. Si pc 2992 

Noroipe 84 pc 1989 

Norsk Hydro 84 PC 1992 ... 


Poro Atnomunea 8pc 1991 
Prov. Quebec 8pc 2895 
Prov. Sukalcb. 81pc 1988 
Reed International 9pc 1987 

RHM Sue 1982 

Selection Trust 8tpc 1888... 
Sksnd. EnaJtilda fpc 1901... 

SKF 8dc 1987 

Sweden fK'doml Wpc 1987 
fatted Biscuits 9pc 1989 ... 
Volvo But 1987 Merab 


MOTES 

Australia 7jpc 1984 

Ben Canada 7J»C 1987 ...... 

Br. ColnmWa Hpd. 7Jpe •85 
Can. Pic. Wpc 1984 
Dow Cbomieai Spc 1988 ... 


aw 

Offer 


BM 

Offar 

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ITO 

ecs r ifK ass - 

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971 

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ECS SiDC 1989 

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98 

EEC 74oc 1982 

97| 

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EEC 7Spc 1SS4 

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En« CmiElr 8»re 1M4 ... 

97! 

98 

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Goravrrfcen 7!pc 19S2 .... 

97| 

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884 

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KocJnntu, Rpc 1MO 

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99 

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Mffhclln 8»BC 1S33 . .. 

M3 

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9.1 

Mom real Urtiau 8Jpr 2951 

ITO 

inn 

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94 

New Btirmwlck 8pc 1994 . 

97! 

98! 

91 

93 

New Brmtg. Prov. 81 pc '83 

ITO 

lrti 

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ITO 

New Zealand 8ipc 19M 

TO 

w* 

BM 

TO 

North.* Inv BK. 7?er ITO 

TO 

97 

TO 

97 

Norsk Hydro 7 1 pc 1SS2 

PJ* 

M 

99 

89! 

Norway 71 pc 188? - 

TO 

97 

93 

83J 

Ontario Hydra Bpc 1987 ... 

TO 

97 



Sinner 8tpc 1992 

ICO! 

101 



S. of Scot. Be c. 8*jv 19=1 

JM 

1W 

P« 

98! 

Sweden iK’dom' 7Jpc 1992 

97! 

98* 

TO 

96 

Swedish State Co 7*pc '63 

96 . 

9S3 

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MI 

Telme* 9Jnc 19M 

Ml 

100! 

TO 

ITO 

Tenneco "Jnc 1PS7 Mar 

941 

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99 

981 

Vnlkiswasen 7Jpe 19S7 


TO 


STERUNC BONDS 

Allied Brewenes IWpc '90 

Citicorp I8pc 1993 

CoijnauMs 91 pc 1*S9 .. .. 

ECS 97pe 1969 

KIB BJpc 1988 

E1B 9Jpc 190: 

Finance Tor Ind. 9Jpc 1PS7 
Finance for Ind. 10pc 19S9 

Fisons l»fpc rfST 

Gesietnnr 11 pc 1988 

Boa io pc 198S 

RmrnitV' UHpr 19S8 . 

Fears lit pc 19« 

Total OH 9ipc 1994 


Bid 


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80* 

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894 

944 

944 

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844 



Carron Company 
(Holdings) Limited 



EST5ACTS FROM THE STATEMENT BY TEE CHAIHMAV, MR. C. S. R. STBOVAN 


The.bullding..uidu8try remained depressed during the whole of 1877, and housing 
ttaris declined by 18% as compared to the previous year, la addition the Company was 
affected hy iadustriid unr est during tbe late su mm er. 

Turnover however was £2l.79m. only marginally lower :haD ,n 187fi Planned cut- 
backs during ibe year helped to conserve resources and it is proposed that ibe final 
divideati be maintained.- 

The acquisition of Dotus Bathrooms, a ware-making Company and Nationwide Plastics. 
manu?&cfitf'ers“of acrylic bafhs. was carried through d urin § ,he ia,ler part r,F the vear 
These computes together made a small contribution to profits for the last two months 
Of 1B7T and current progress indicates that they will prove .to be a most useful addition 
to tlje Group: 

During the first months of 1978 there have been indications or a gradual improvement 
to the Company's business as a whole. It is hoped that the reflations ry measures of the 
budget will provide a much needed further stimulus to our trade. 


•J 

• Il'f 


Turnover' 7...~ 

Profit before taxation 

Profit after taxation and extra-ordinary items 

®widend for year {per share nett) 

Esfningg.per share 

The Annual General Meeting of the shareholders will b. held **™S*™£^ 
18th May Ii78 and the final dividend on the Ordinary Shares will be despatche 
^®th May 197$ to shareholders on the register op S.5.i 8. 


Year lo 31 December 

1977 

1976 

£21,795,000 

£.-■271.000 

483,610 

1.186,526 

366,765 

167.804 

3 584 p 

3.584 p 

4.37p 

8.92p 


_ M w are . Cookers, Radi# tors, Boildb* Coa.oooro.s ond 

- • - General Engineering Froduets- 

= 

: — : 


DM BONDS 

BFCE aife 19«9 

BMDE CJpc 19S6 

CFE fiipc 19SS 

Dramatic 5 2 pc 19M 

ECS Slpc J990 

ElB 5ipc 1909 

Elccirobra* 81 pc 195fi 

EuraWnn Slpc 199; . 

Eoroftma Vpc isss 
FUud 5!pr 19SA . .. 
FortmarfcK 5?Pf 1998 
Mi-xlrn Rdc 19V. 

Nnr Z™jaivt 3^ pc 19V 

Nnrwn SJpc I’JSN 

Vnrway 4}m- its? 
Philippine*. BJpc 1995 
Rauurmjti9i sine lflsfi . .. 
AMni fps’-ios.l 
Taaprnamnttihn Mpc 199-1 
Trnndhclm SJpc 1958 
tvo ppn-cr Co. Spc I9S9 . 
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Cockerill loss emphasises 


need for restructuring 


BY DAVID BUCHAN 


BRUSSELS, April 26. 


COCKERILL, the largest Belgian 
steel concern, has reported what 
is probably the biggest annual 
loss in Belgian corporate history 

B.Frs.?.26bn. (S220m.) for 

1977. Drastically underlining 
tbe need for radirai restruc- 
turing of tiie country’s steel 
sector, the increased loss means 
that for the third successive 
year, Cockerill is not paying a 
dividend. Losses since 1975 how 
total B.Frs.l3bn. 

Tbe 1976 increase in turnover 
was entirely wiped out last year, 
with the total falling by 
B.Frs.4.4bn. to B.Frs.47.2bn. Tbe 
company says that the deteriora- 
tion in steel prices during 1977 
meant that some B.Frs.S.4bn. fn 
revenue was lost, while wage 


and sodal security costs rose 20 
per cent . . . 

Injecting a small note of hope 
amid the gloom, Cockerill says 
that tbe increase in operating 
loss was limited to B.Frs^^3bn. 
by means of productivity Im- 
provements, including redun- 
dancies and earlier retirements, 
which saved the company some 
B.Frs.l.25btu and in savings in 
raw materials of some 
B.Frs.700m. Overall, the 1977 
operating loss came out at 

B.Frs.5.25bn. after B.Frs.2.61bn. 

set aside for depreciation. 

The company, whose main 
plants are at Liege but which 
also has subsidiaries in France, 
reckons that this year will be 
better — it is hard to see bow it 


could be much worse. Specific 
.ally. Cockerill sees a current 
'pickup in the steet market and 
an increase in steel prices From 
the effects of the current Com- 
mon Market system of guideline 
prices for the internal EEC 
market, and more vigorous EEC 
action against cheap imports. 

But the company’s financial 
position will take some retriev- 
ing. Long- and medium-term 
debt already dwarfing tbe com- 
pany’s own funds, amounted to 
B.FrsJSObn. in 1976. and last year 
Cockerill borrowed a further 
BJ*rsJSOOm. from banks, and took 
up B.Frs.3bn: of the B.Frs.5bn. 
line of credit given it by the 
government through Societe 
Rationale de Credit a l'lndustrie. 


Group profits rise at Bekaert 


BY OUR OWN CORRESPONDENT 


BEKAERT. the Belgian-based 
group which is Europe’s largest 
maker of wire products. -has in- 
creased ifs dividend in BFrs.J]fi 
for 1977, compared with BFrs.112 
net the year before, nn increased 
turnover for both (he Belgian 
parent and group companies. 

Net profit . for the Belgian 
parent, Bekaert NV. for J977 fell 
to BFrs.404m. (S125m.l from 
BFrs.441m. in 1976. This was 
only because,’ like a number of 
other Belgian companies. Bekaert 
decided to increase its usual 
depreciation last year by an extra 
BFrs.73m., taking advantage of 
last November’s Belgian law 
allowing faster write-offs for com- 
panies creating new jobs. 

Group profits, overall, rose 


slightly to BFrs.575m. baa a large number of plants or 
(BFrs.565m >. mainly because of associations world-wide, including 
expanding and successful ven- a one-third stake in the Sheffield 
lures io Lauo America. Bekaert company, Tinsley Wire. 


Cement-Roadstone to spend $49m. 


CEMENT-Roatistooe . Holdings. 
Ireland's biggest industrial com- 
pany, is to invest some S49m. 
in group development and ex- 
pansion in Ireland during 1978. 
This is a record level of capital 
expenditure by CRH in a single 
year. 

According to Mr. Michael 
Dargan. chairman of CRH, it Is 
estimated that this investment 
programme will result in the 


creation of 1.000 new jobs in 
1978 and an additional 1.000 jobs 
over the next four to five years. 

Investment by CRH over the 
past four years totalled 8120m. 
and pre-tax profit for the same 
period amounted to $79m. “ In- 
vestment on this huge scale can 
only be maintained if our com- 
panies are permitted to earn a 
realistic return on capital em- 
ployed.” 


Changes in 
Olivetti 
capital 
and Board 


ROME, April 26. 

A MAJOR, capital and board- 
room reorganisation of the 
international mechanical-elec- 
tronics group Olivetti was 
approved to-night The plan 
involves the former managing 
director of Fiat, 5ig. Carlo de 
Benedetti, subscribing L15bn. 
for an approximate 20 per cent, 
share in the tvrea-based com- 
pany. 

Olivetti is to increase its 
capital from L60bn. to LlOObn. 
through a rights issue of new 

shares with a 'nominal value of 

LI ,000 each to consolidate its 
financial position and reduce 
the crippling burden of the 
group’s accumulated debts, total- 
ling nearly LSOObn. 

The Olivetti board also 
appointed to-night Sig. de 
Benedetti deputy chairman of 
the group. replacing Sig- 
Roberto Olivetti, who resigned 
earlier this year. 

Since it is unlikely that small 
shareholders will subscribe to 
the issue, a consortium of credit 
institutes led by Mediobanca and 
including a number of major 
state - banking institutes like 
I MI, Banca Commerdple 
1 tab an a. Credito Italian© and 
Banco di Roma, will underwrite 
the issue. 

While the Fiat group, cur- 
rently holding a 7 per cent, 
stake in Olivetti, is understood 
to have originally opposed the 
de Benedetti operation, it is be- 
lieved to have reconsidered its 
position in that the deal effec- 
tively represents an example of 
how Italian private industry can 
still function. 

Olivetti, whose turnover last 
year totalled Ll,365bn.. reported 
profits nf LIbn. in 1976 and is 
expected lo report higher profits 
in 1977. 


TRANS UNION CORPORATION 


The following is an extract from the Later of the President, Mr. J. W. VAN GORKQM, which was circulated u> Shareholders in the Annual Report for 1 977.* 


• 1977 was another year of substantial progress, with earnings rising 
to S4.46 per share. This represented an 11% increase in earnings over 
the record 54.01 reported in 1 976. 

The continuation of our growth trend was accompanied by a 9% 
increase in tbe quarterly dividend rate, and 1977 thereby became the 
14th consecutive year in which an increase has been voted. During this 
period, the dividend increases have averaged 8% per year, but since 
earnings have grown so rapidly during this same time span, the payout 
ratio still leaves us ample margin for the continuation of our established 
policy. With investors manifesting a growing interest in dividends, it 
should also be noted that your Company has paid dividends every year 
since- 191 4. : ■ 

The year 1977 once again demonstrated the advantages of having 
both a very large base of leasing income and tbe proper mix of diversi- 
fied ' business activities. While severe strikes in two divisions and a 
generally lackluster economy retarded growth in some of our areas, our 
-pretax earnings io real estate surged lo a record SI 0.1 million. One of the 
reasons for this, achievement was the abundance of mortgage funds. 
Such f unds were available because of relatively tow capital spending, 
which also held interest rates down. But these very factors which helps! 
our real estate-business were simultaneously handicapping our fastener 
.and fulancc-lcasuig activities. 

This illustrates how and why our various businesses complement 
one another, the slowing of one being frequently offset by the acceler- 
ation of another as each is influenced in a different way by the bittiness 
cycle. It is this characteristic, plus the consistent reinvestment of the 
large cash throw-off from our leasing activities, that has produced an 
almost constant -upward movement in earnings per share at a com- 
pounded annual rate of 1 2 l n for the past 14 years. 

In November, we sold our entire condominium development in 
Scottsdale, Arizona, at a modest profit. In February. 1978, we sold 
virtually all of our condominium project in Den ver at a good profit. Both 
sales were for cash. Furthermore, over 80% of the raw land that we 
originally acquired for resale has now been either sold or committed for 
sale under installment contracts. Our cost basis in the re main der of the 
land inventory is well below the going market value. 

Our sole remaining rrmrinminium project, near Chicago, is well 
established and proceeding very satisfactorily. Throughout 1977 we 
sold units there at a fester pace chan we could build them, and that con- 
tinues to be the case in the new year. We are therefore working on a 
heavy construction backlog, backed by signed contracts, that should 
assure the continued profitability of tbe project ia 1978. 

The sharp turnaround in the housing market in 1977 has not 
changed our basic conviction that the real estate industry is too volatile to 
•warrant further investments. However, in view of the soundness of our 
investments, we expect the gradual liquidation thereof to be both orderly 
and profitable. The cash thus produced will be reinvested in other 
activities that meet our twin goals of growth and stability. 

Shipping had a fair year, and it would have been a good year bad it 
not been for the prolonged dock strike in the fourth quarter. This work 
stoppage seriously disrupted our LASH operations by interrupting the 
movement patterns of these particular vessels thereby reducing their 
revenues and requiring expensive repositioning of both ships and barges 
when, the strike was over. 

The shipping industry in general continued in a badly depressed • 
state throughout the world. This brought increased competition from 
conventional vessels on our major LASH routes, particularly after ihe 
first quarter. Tbe result was to increase downward pressure on the rate 
structure and deprive us of some of the ‘'overflow*' traffic that we were 
able to move in non -owned ships previously. Our three U.S.-built 
LASH vessels also incurred port dejiys while we replaced an essential 
coupling that had begun to fail in similar vessels owned by others. Never- 
theless our LASH system produced a solid profit for the year, the oper- . 
ations during tbe first half more than offsetting tbe strike, the delays, aod 
the adverse industry conditions chat affected us in the second half. 

The charter portion of the fleet also reported profits, but at a lesser 
level than m 1976. This decrease was almost entirely accounted for by 
two factors: The first is the unprofitable operations of our two newest 
vessels which have not yet been placed on a long-term charter, because 
wc are waiting until the market firms. The second was increased repair 
expenses and other factors affecting our G-4‘s. These latter vessels Kaye 
bam on charter io rhe Navy for some years and are about ready for 
retirement. Their scrap value exceeds their book basis. 

Operating profits from rail car services and sales were up, but tbe 
increase was offset by adverse currency adjustments. In 1970, we were 


required by Financial Accounting Standard Board Statement Number 3 
to report pretax gains of S2. 1 million from the currency translations of 
our rail car operations. We explained in our report for that year that such 
gains were purely paper profits and of no real value to our shareholders, 
la 1977 we reported a pretax currency loss of 5590,000, which was 
equally m eaningless co our shareholders. Nevertheless, the net effect of 
the two currency adjustments was enough to nullify tbe increase in 
operating profits. 

New car orders were strong throughout the year, with a larger than 
normal number being for outright purchase, rather than for rent. Our 
U.S. car manufacturing facility bas been operating ai capacity for some 
months and it expects to remain at that level throughout 1978. In 19T7 
we added 1,591 new cars to our leased fleet while the utilisation of 
existing cars exceeded 95“ n . Rail-related activities, such as track and 
roadbed maintenance, contract tar repairs for others and boxcar rentals, 
all provided increased earnings. 

The only negative factor has been the higher cost of repairs to our 
cars. Some parr of the increase in costs was due to general inflation, but 
there are two other major sources of this problem. 

About half of the repairs to our cars arc performed by the railroads. 
In recent years the railroads have increased their repair charges to us by 
a very substantial percentage as a result of a complete re-appraisal of 
their cost system. It now appears that the catch-up period will be over in 
1978 and increases thereafter should more closely approximate the in- 
flation rate. 

The other major cause of higher costs is the Federal Raiiw ay Admin- 
istration inspection programme. In effect, this programme has required 
us to bring in thousands of cars io our shops before ihey actually re- 
quired repairs, and this, has na rurally escalated our cost>. This pro- 
gramme will peak in 197B and future years should show impro* orient in 
this area. 

After three years of research and analysis by the regulatory bodies 
and ihc rank car owners, a programme has been instituted io modify 
almost all large pressure cars in a way that will offer added prelection 
in the case of railroad accidents. Some 3.2O0 of our cars will require 
these modifications, and we expect to receive rental increases commen- 
surate with the' cost added to each car. Since wc are also contracting to 
perform the same modifications on roughly 3,000 cars owned by others, 
we are building a special facility that wifi handle all o^XXJ cars within tbe 
four year period allowed by the regulatory agency. 

Ecodyne, our water and wastewater treatment subsidiary, produced 
profits that exceeded the exceptionally high results ofl976. This increase 
was attained despite a two-month strike in one of our major divisions and 
the lethargy which gripped many of the capital goods markers. While 
domestic operations posted record earnings, the company also increased 
its penetration of the Middle East market with orders for two desalin- 
auon projects, one in Iraq and one in Saudi Arabia. In January, 1978, 
Ecodyne broadened its product base with the acquisition of Rochester 
Instrument Systems, Inc., a technology oriented firm tl>at produces in- 
struments used by Ecodyne and by a broad range of other companies. 

Distribution activities reported lower earnings for 1977, the higher 
results of our overseas marketing group being insufficient to offset the 
decline in the fastener divisions. Operations of the latter are being com- 
pletely reorganised to provide greater efficiency and especially to build a 
broader product line- 

in the “Other” category, a gg regate earnings were up sharply. Jr.- 
formation Services, which includes our credit and computer operations, 
contributed more than a 30** rise in their profits over ihe record per- 
formance in 1976. Financc-Leaung continued tts siring ol annual profit 
increases and broadened its range of activities substantially by the ac- 
quisition of Metric Resources, a company engaged in the nationwide 
rental of electronic testing equipment- Profits oi our crane leasing com- 
panies were much improved due to the increased employment of their 
equipment on large construction projects in both Western Canada and 
the Middle East. 

The Company’s excellent financial position can best be understood 
by the fact that we now have over S40 million in surplus equity cash 
available, which, when combined with our expected cash Sow during 
1978, will provide ample resources to support our continuing invest- 
ment programme. 

It is with s in cer e regret that we announce the retirement of Bennett 
ArchambaoJt from tbe Board of Directors. He has served very effectively 
for 18 years and bas been especially valuable in difficult periods. To 
replace him we have nominated another highly capable executive, 
Joseph Lanterman, Chairman of Amsied Industries. 


FIVE YEAR FINANCIAL DATA 


Operating Remits 
Revenues from Sales and Services __ 


Opera tins Income - 

I merest and Other Income 

Interest Expense 


Income Taxes — current 

Income Taxes — deferred and investment 
tax credit 

Net Income 


Depreciation 

Rail Car, Vessel and other Fixed Asset 

Disposals (at book value) __ 

Total Cash Flow from Operations -- - — 

Payment of Cash Dividends 


Balance Sheet (at year end) 


Assets other than Fixed Assets — 

Rail Car Lease Fleet, less depredation.^ . 
Ocean Vessel Fleet, less depreciation — 
Other Fixed Assets, less depreciation 

Total Assets 


Liabilities - other than borrowed debt) 

Borrowed Debt _... “ 

Deferred Taxes and Credits 

Stockholders’ Equity . _ . - 

Total Liabilities, Deferred Items and 
Stockholder^' Equity 

Per Share Data 
Net Income __ 


Cash Dividend 


1977 

1976 

1975 

1974 

" 

1 

(dollars in thousands) 


5870,838 

5746,719 

5620,460 

5513.213 

124,109 

113,592 

72,752 

89,922 

21,937 

24,419 

27,373 

12,492 

(61,965) 

(63,554) 

(61,800) 

(42,994) 

(13,170) 

(9,190) 

(5,510) 

(8,020) 

(21,210) 

(22,020) 

(15,970) 

(17,700) 

49,701 

43,247 

16,845 

33,700 

53^75 

46,272 

43,272 

33,631 

9,607 

8,032 

10373 

10,472 

132,483 

120,291 

85,410 

94,783 

20,324 

18,064 

163» 

15,055 

'491,304 

452,594 

445328 

381,267 

662,458 

643,599 

640,108 

532,677 

217,585 

211,331 

202,003 

191,779 

12&3S7 

105,420 

108,545 

99388 

1.497,714 

1,412,944 

1396484 

1,205,111 

198,464 

186,764 

167397 

114,964 

763,430 

744,105 

792,487 

678,237 

180,080 

240,110 

214.140 

194,170 • 

295,710 

267,935 

242. J 30 

231,830 

51,497,714 

1 

51,412,944 

51396,184 

51,-205,111 

S4.46 

S4.01 

51.63 

S330 

51,84 

$1.68 

51.58 

51.50 


1973 


S3*3,732 


67,372 

8,766 

(24,08ffi 

(5,930) 


H 6,830) 


29,290 


25,718 


4,749 

76,077 

13,842 


279,416 

440,927 

125*667 

65,656 


9M,66fi 


82,10! 

453,769 

164-780 

210,716 


S91 1,666 


52.93 

S1.38* 


■ Certain information relating to group companies and Directors' share dcdRngr, required hy The StechExcknngs in London to. be made available, 
may be inspected during the next three weeks during normal business hours f Saturdays and public holidays excepted) at Kleirdsort- Benson United, 
Sew Issue Department , 20 Feuchurch Street, London EC2P 2DB,frem whom copies of the full Annual Report may be obtained. 


L 


V- ?>• - v ; T v >VS* -rf ■•• 


86 


Financial' Tim^TSiinSda^ April 27 .1978 . 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


JAPANESE NEWS 


New models boost Matsushita sales 


BY YOKO SHfBATA 


TOKYO, April 26. 


MATSUSHITA Electric main- 1978. The revenue gain was parts manufacturers to cut down shore trading through its sub- ing net profits to Y3£bn-, on sales 
tained stable growth in both attributed to _ the company's parts costs, and also reduced its aidiaxy Matsushita Electric up 43 per cent to Y385bn. 
consolidated revenue and profits efforts to introduce new own parts requirements as much Trading. Another department store com 

for the first quarter of focal 1978, models and products. Fav- as possible. ■ * * * pany, Takashimaya, has reported 

making a sharp contrast with ourable sales oE home elec- Consolidated net profits were a net profit increase of Q-2 per 

Sony whose consolidated net trical appliances, audio equip- YlSAbn. (SS3 ol), up 10 per D AMARU. THE Japanese cent in the same period, to 
profits were halved in the first ment and video tape recorders cent over the corresponding department store concern, raised Y331bn. ($143m.) from Y3^1biu, 
Quarter ended last January. also contributed to the revenue period in the previous year. its net profits in the year to Feb- on . sales of Y330.6Zbn. 

Despite unfavourable condi- gain. Net profits per share were ruary 28 bv 3.1 per cent to (S1.47bu.), or 65 cents more 

Hons such as a slackening in Exports went up by 16.1 per Y17.73. compared with Y17.10. Y3.B3bn. ($143 m.). from Y3j26bn. than in the previous year's 
domestic demand, a rising yen cent to YI41bn^’ and accounted For the current, half-year end- in the previous year. Y31037bn. 

value, and worldwide import for 29.4 per cent of total turn- ing in August, the company will Sales increased 3 per cent* to Takashimaya forecasts that net 

restrictions Matsushita’s revenue over. To cope with the rising try to develop new added value Y367.06bn. (5L63bn.) from profits this year will rise 2.6 per 

on a consolidated basis increased value of the yen, the company products aud to expand overseas Y356.4bn. cent, to YSJSbnL, and sales 42 

by 9 per cent to Y478bn. (some has attempted to rationalise its production. At tbe same time it For the current year, the com- per-cent to Y345bn, . 1 

62Jbn.) for the first quarter of material costs. It has requested will try to increase sales by off- Pany forecasts a 13 per cent rise AP-DJ 


Leading superstores maintain improvement 


Record 
profits 
again at 
Nedbank 


By Richard Stuart 
JOHANNESBURG, 
NEDBANK, one of The i 
South African clearing bai 



_ 'i* 



BY HARYCAMPMU. , 

[the certificate of deposit (CD). Bahramf^i^/-market- ... 



BY OUR OWN CORRESPONDENT 


TOKYO, April 3**. 


JAPAN’S six major superstores cent for Nichii, 6 per cent for A fall In interest rates, against Y6.0bn. (up 22.4 per cent), at as a result of official discount 
continued to improve their profit Uny and 5.3 per cent for Naga- the background of a series of Seiyu Y23bn. (up 12 per cent), rate cuts -is expected to take 
performance in the business year sakiya- - The sales decline at official discount rate cuts, meant at Jusco Y43bn. (up 37 per further effect The superstores 
to February. these shops tended to be covered, that a declining burden of cent), at Nichii Y4.1bn_ (up 20.5 predicted that sales in the 

Low personal consumption however, by active expansion of interest payments contributed to per cent), at Uny Y2.7bn. (up current fiscal year may grow 
caused by the prolonged recession sales outlets, which generally substantia] gains in profits. 42 per cent), and at Nagasaldya about 10 per cent - 

and the warm winter climate brought double figure sales Recurring profits for Dal-Ei, Y2.4bn. (up 26.3 per cent). On the strength of the b ullis h 
since November, which held down growth. Dai-Ei’s sales totalled were YU.15bn. (up 25 per cent). Reduction of personnel costs profit outlook, the superstores 
the profitable sales of winter Y87.63bn. <$3S8ra.) (up 11.1 per for Seiyu at Y5.5bn.- (up 30 per and stricter commodity control are continuing to map out store 
clothing, means that not one of cent). Seiyu’s Y44.41bn. (up 13.2 cent), for Jusco Y9bn. (up 233 contributed to the profits expansion projects for the 
the superstores achieved its per cent), Jusco’s Y37.SSbn. (up per cent), for Nichii Y7.5bn. (up improvement current year. Dai-Ei plans to 

original sales target for the year. 25.6 per-cent). Nichii’s Y3L35bn. 113 per cent), for Uny Y5.8bn. For the current fiscal year, the open seven or eight stores (ear- 

Sales at their shops showed single (up 10.7 per cent), Uny’s (up 38 per cent), and for Naga- six superstores see a favourable marking Y50bn.). Seiyu ten 

figure growth, at 4.3 per cent, for Y23-4bn. (up 9.7 per cent) and sakiya Y5J.bn. (up 15.9 per prospect, since personal con- stores, Jusco ten. Nichii 11 (ear- 

Dai-Ei, 5.9 per cent for Seiyu. Nagasakiya's Y223ba. (up 0.06 cent). sumption is expected to recover, marking Y30bn.) and Uny four 

93 per cent for Jusco, 43 per per cent). Net profits at Dai-Ei were and declining interest payment to five. 


Commerzbank 
reports 

another 
successful 


yearin 
1977 


Intematkmal services further expanded 


Cbmmerzbanlc, one ofWest Germany’s 
*Rig Three’ 7 commercial banks, recorded an- . 
other successful year in 1977. Tbe consolidated 
balance sheet total rose to oyer DM 75 billion, 
with good results reported in all spheres bf 
the Bank’s activity. 

la 1977, Commerzbank continued to 
strengthen its position in international under- 
writing, acting as manager or co-manager for 
a large and growing number of international 
bond issues and syndicated loans. 


Highlights from the Consolidated 

Airnnal Accounts . 

in DM billion 



1976 

1977 

Total Assets 

63.275 

75^81 

Total Lending 

41.696 

46.860 

Capital and Reserves 

1.942 

2.279 


Substantial further progress was made 
toward expanding the Bank’s international 
services and extending its facilities into new 
areas. Full-service branches were opened in 
Brussels andTokyo; reinforcing Commerz- 
bank's already extensive international presence 
in such key centers as Amsterdam, Chicago, 
London, Luxembourg, New York, Paris, and 
Rotterdam- The opening of the Bank’s seventh 
foreign branch office in Antwerp is imminent 


The accounts to be submitted to the Annual 
General Meeting on May 12th show a con- 
solidated profit for the year of DM 2 12 million. 
The General Meeting will be asked to approve 
a convertible DM loan for Commerzbank AG 
as well as a DM bond issue with warrants for 
its Luxembourg subsidiary, Commerzbank 
International S A. 


"With 65 branches, representative offices and 
holdings abroad, Commerzbank is now present 
in 35 counties. 


For your copy of the 1977 Annual Report 
in English, French, or German and for further 
infonnation please contact: 

Commerzbank AG 
Public Relations Department; 

P. O.Box 2534. D-6000 Frankfort (Main), 
TeL06m3621,Tdex:4IL246,WestGemiany 


Foreign Branches: Antwerp - Brussels * Chicago - London - New York -Paris ‘Tokyo 
Luxembourg Subsidiary: Commerzbank International S-A. 

Enropartners Affiliates: Amsterdam - London. - New York - Rotterdam 
R epr esentative Offices, Enropartners Joint Representative Offices: Beirut - Buenos Aires - Cairo 
Caracas - Copenhagen -Jakarta- Johannesburg^ -Lima • Madrid 1 *Manama(Baiirain) - Mexico Gty 'Moscow 
Rio de Janeiro-' Sao Paulo - Singapore • Sydney -Tehran ■ Tokyo • Windhoek 


COMMERZBANK 


EUROEAR2NERS: BANCO DI ROMA - BANCO HI5PANO AMERICANO -COMMERZBANK* CREDIT IYQNNAIS 


4 




period -last year. 

This profit was 
absorbing all known 
lending to the constractie© 
try and property sectors. . 
ficaliy, - profits are stated 
taking, losses from the large? 
Hofman property development 
company, which is now. tmdej? 
judicial management * • ~ . - B 
‘ The interim dividend has bees' 
raised 03 cents to 7 cents a 
out of first half earnings . r 
cents. Policy is to pay a twfc^j 
covered ' dividend, and 

annual earnings now expe 

exceed 40 cents a share the finM 
dividend should also be incre^ed' 
to make an annual distribution^* in .. 1 
20 cents against 18 cents hiKb^r^RCD 
cally. £ 

During tbe period, a 10 wa 
cent, minority interest iff 
leasing subsidiary. Nedffn 
was bought in to make N 
wholly-owned. The sellers 
Ubyds Bank and Royal Bank 1 
Scotland. 

Nedbank economists, 
bank’s quarterly review 
accompanied the financial 
ments. take a fairly op 
view on economic' growth, 
real gain of 35 per cent in 
domestic product is .p: 

1978, following on fee- 
stimulation provided by 
Budget. 


dinars and on the Bahrain mart- been made 
ket ' ' -are -batmeifr: top* w 9 " 

Union des Banqnes Arabes' et floadng Tate'irotes^r ;- 
Fran raises, the ParJ&fcased' «m- a . Parls^ased 

sortkim bank, bag become amid'-.iotr^jje 

first bade to issue FRCDfl on the on London - marfaw 1 
Bahrain- market The amount- - 
ling raised 







v- - V 



await Real Estate Bank. • The „ 
e Is for KD5m. (518m.) end 


Singapore 
bank upsurge 



Atahi : ; Bank 

She maturity is three years. The -placer via Kuwa it B 
fmargin being paid over 

ant rates is again a quarter of Tbe ; rate rest, rate; no. 
.point! butlnthls- case a mini^ o£ferragin HongKon^is> 
mum rate of 5J per cent. has Hongkong and Steregto 
been set. : .'. .lending rate,, subject, to 

- The Institutions handling the mum rate of fiiper-cenl 
issue are Kuwait Foreign Trad- first year ahd 5J pervj 
lne Contracting and Investment , the two remaining yea 
Company (KFTCRC) and fee Alahli Bank’s KDTissuv 
Financial Group of Kuwait; : .. three years,; offers . 7: jk 
UBAF argues fee main reason Market soured say that! 
for its issue of’ FRGDs hi of fee- latter issue wHl? - 
Bahrain is to help develop fee be increased- before Hi 


E? r- v.^onal 

P ra, °; 

Pt.'* x'At.o-a- -' r “ 

Ifeow,- Al ^ l J 

* l “ -.^'iTA rr.an. 
, cf ;y-Lc- Mr. J.-, 

Mr. VV. (•. S 

:-.;..r3zer,--i 

Ur. F. | 
HM 1 

.Vrtho-’ Knight. 


By HL F. Lee 

SINGAPORE. April 
THE DEVELOPMENT Bai 
Singapore. (DBS) — one of 
“Big Four” Singapore 
raised group operating. profiJShy 
173 per cent to SS423m. 
($US18Jm.). . .. 

Operating profit went up Srom 
22.7 per cent of total (merisong 
income in 1976 to 233 per;pent 
for fee year ended Deoeh 
1977. 

Group profit . after tax, -how- 
ever. was only 11.6 per cent 
higher at $S20.6 otl, after a higher 
tax charge and increased .pro- 
vision for possible loan,. losses 
and the diminution in the value 
of other assets. 

Group chairman and -presi- 
dent Mr. Howe Yoon- XSmng, 
attributed the improved-' per- 
formance to all round growth. 
The bigger increases is last 
year’s earnings came from eaxh- 
ings on securities, rental income 
and other operating income^ 
Interest earnings from .loans 
and _ securities increased, sigpifl- 
cantiy, notwithstanding . lowmr 
interest rates in lSTTr^interest 
and dividends front securities, 
particularly, rose Jharply by 48 
per cent to SlS3L3m. whjle 
interest on loans rose by 2.6 per 
cent to 5S1Q9 

Rental inctehe increased by 19 
per cent to^S22.1m. as a result 
of higher occupancy enjoyed by 
the group's main property in- 
vestments— the 50-storey DBS 
building and fee Plaza Singapore 
shopping complex. 

Total assets of the group rose 
by 6.6 per cent to SS3.45bn. as 
at end-1977 while total loans and 
advances including bills receiv- 
able went up by 23 per cent to 
$S600.7m. 

Total deposits grew by 25.1 
per cent to $SL24bn. Loans 
and advances amounted to 56 per 
cent of total deposits and all 
long term borrowing. DBS has 
decided to raise its proposed first 
and final dividend by one per- 
centage point to 9 per cent 


Ampol resumes inteii 
after doubled earnings 


D. E. 




■JgZi--- 
C C«TV=5 


Mr. Si 
nerarf- 


E l i «rc*. ; 

>ir Domiki 1 
r.t'i- o.^r^mic I 


BY JAMES FORTH 


SYDNEY, A; 


AMPOL EXPLORATION has re- cocist of Western A 
sained interim dividend pay-, average price of I 
ments and declared a one-for^ftve .was $A6_37 a barrel' ( 
scrip issue after more, than excise levy). 


scrip issue alter .more, ukui eacae 

doubling earning#, from JA2.62 ya. . barrri ,-t 



Haw Par wins 
court action 


in the 

to $A3.5m~ ($!LS33m.> - in the period alst year. ‘Vol 
Morch half-year. The result is of oil dropped from ft2m; 
in line with dlractore* predhs-; or 34J33 baxrriff a day.v 
tions last year of a $A7m. profit barrels,- or 29 J845 [barrel 
for tbe full year, and comes f r om : The directors have de 
higher prices for locaT crude oil. interim dividend of 3.73 
granted by fee Australian Gov- share — the first interim, p 
eminent last year. • - . . three years. Last yearl 

Ampol Exploration, - which is a of 3.75 cents was paid, i 
partly-owned snbridiaiy of Ampol an annual rate of 7 
Petroleum, is a partner in the Shares from the scrip 
Barrow Island oilfield off the receive the-'interini ' M1 


. ... Briitsh . 

Smith, S 
Ssta S^--: Jtiter- 
r «l. Swain ran* 
ris:Metir, 
H 
1 

heen * 

Mr. .tR I 

"of <t 


SiiMarellnu 



Ifeff 


a 

r? -X 
,r of the w 

: -rerent Rj 
liSfpfcfD Ernwn. »■ Q 
chair- m 

= r a 

jji&retw :hc. 


_ ... ... ... »&!■;?. cr.a:rr.;-n of-- v.] 

■■■ -■■■ — ' — - — — t- , — ■ ■■ ■• : : — r"' , sis , E. -.-e-crAirsTtan- 

Jardine Matheson dlMi” iK * n i 

J * • tk 

BY DANIEL NELSON - •*.. HONpJK^rGp^gril ^Jur^., - r .ci 


JARDINE ' " MATHESGN . is into - radios • and - *TV 
offering to acquire 'fee 16 per “Highly competitive., 
cenl of the -issued capital of. editions affecting 
1 Jardine industries whicitjt does, electronic . sector, 
already own for $HK4 a in fee are b" 

■’ - 1 The acquisition, worth cept’s problems, as a 
fim. ($U-SJ6m.), will which Tt stopped .ffeviA 
be eff&ted by means of a scheme in these fields, to t 
of arraegement toys. v^. : 

The mpve is fee latest in -a Jardine. Industries 
series of'fcbiwges which have In- a.-PpsMax ; 
eluded tbehappointmcsit of n new but mrare 

managing director, Mr. . Alanu opera ting- loss^ of 
unite hurt yter, and other man- extraordinary 
agement changes in Jardine In- 5^4.73m. There was 
dustries and certain major sub- . diwuend. •. . - 

sidiaries. * .. . I. Announcing feeee 

life Sm foOpwed a serious 




ECONOMIC 

JCnnTY— Indicts M 

ca er::-ee.-;ng 0 nM| 
^ -ea'.ers.i and of 



Eng. 
erder , 


in Z pnmn.^ fnr hoped feat lim Compaq 
nomlc conditions within^ 

A com^rny statement at the - j^Q^g-g export markets.*-' '■ 

bS« jSdh5ra*«Se? share 

stood at around SHK2-- 


1«S3 

W33 


ings for fee year would be '“sub- 


ago, and rose, to 3HK3. 


further improvement. cHsouth East 'Aria) !^? 

The main cause of the trouble fee cancellation of fee G*^* 0005 
appeared^ to lie in fee diversi- shares not owned 6y fee^. 
fleation by Jardine Industries’ and their* replacement by%i 
main subsidiary Concept 2000. stock * 


es - lcath« 
^onthiy avers 
Intmfe. 
^Qods 


SINGAPORE. April 26. 
HAW PAR Brothers Inter- 
national has won an appeal court 
action allowing it to write off 
accumulated deficits of SS5S.94m. 
through a write-down of tts 
share premium account 
. The company said the reduc- 
tion of the share premium acr 
count is expected to be com- 
pleted in a few weeks. 

Tbe appeal' court decision re- 
versed a high court decision last 
November to dismiss tbe com- 
pany’s petition to be allowed to 
make fee reduction. 

In November, the company 
said fee purpose of fee write- 
down was to remove accumu- 
lated deficits from the books, 
clearing fee way for a possible 
resumption of dividend pay- 
ments. 

Reuter 


Savings to be 
encouraged 


By L Daniel 

JERUSALEM. April 26. 
THE ISRAELI authorities are 
looking for new ways and m«»an< 
encourage saving by fee 
public aud thus syphon off 
surplus purchasing power. One 
proposal being studied is fee 
introduction of a scheme under 
which people could save not only 
For a flat or bouse but for plots 
in development areas. 

The scheme would be operated 
by fee Lands Authority. A mem- 
ber of the Knesset Einance 
Committee has put forward: a 
suggestion for savings accounts 
not linked to fee Israel pound, 
or fee dollar, but to a basket of 
currencies. Meanwhile, fee com- 
mittee has approved a new type 
of six-year saving scheme, to be 
operated by fee banks, under 
which £175,000 may be deposited 
during that period, linked either 
80 per cent to the index, or. fully 
to tbe dollar. The banks are to 
be permitted to invest 17 per 
cent of fee sums deposited at 
their discretion, while the 
remaining 83 per cent, will-have 
10 be invested in-. Government 
bonds. 




Ishikawajima -Harima 
Heavy Industries Co. Ltd. 


184.0. 

1063 

'■ of'* 

Ji > 00 .- curred 

fcirtizH Hsible 


M-S- $50,000,000 Guarantee^ 
Floating Rate Notes Due 198^ 


For the six months ■ 

April 27th,. 1978 to Octobet27th, 1978 jj 

i 


MU 

44.0 

] 443 

Itia 

>433 


+ 54 
t *3 
~ 33 
-5- 68 


4 

A 


J42.ll 


In accordance with fen provisions oftheNote, nofiowte.-b Wia 

I -* I j» > ,i. . ' mm - " ‘ ■ ’ a .. , t m _Y* 




hereby given thatthe rata of iateraSt has been fixed at 
8i per cent and feat fee tntetest payafdepiifee 
relevant interest payment date. October27tb, X37B, 
against Coupon No. T wt# be U,S. $4l;94- . 




*“31* 
“334 
+ 99 
..'264 


*• 

4 


•at 




By: Mnsa Sonaty Tn«£os)p»y af»«irJ«fclw»*o 
Agest Barit 


i llr; Bamr a - 
*flv aftcet fc 

IV. 


au 


.Weekly Twt asset valu© 


bn Apifl 24th 1978...: . 

Pacific HoldingsN.V. 

U.S. 


US. $36.78 
Listed tm the Amsterdam Slock Eftcfange- 


VOlWGSEL;&IROBQM3L«^iaS. 


. . . 

WUCE.IND€X • . 25.4.7*' gi 

PH Bon* - lOijS l l tiH T,. S.*81 *. 

HR. F^fiA & Nook' Jb AMh ^S.M ,-r. MPCiAmteOt- I^MH -7.370 S5 
3 jt- sSk" teK> . 1 Bm** >8.410 . 























f 


f "W’ — 

0r Cd $ finance body 


I National Aamoinic Develop- appointed managing director of 

Ground) has reccBStituwd its IOJBENWORT ‘BENSON’ PRO- 
“ : '3 „ EJrnittee on Enance for Invest- PERTY MANAGEMENT AND 
: **‘.as^9t> Ktwffli tte revised title of SERVICES and lias accordingly 
‘■"t ; ' . ■ °v.i‘--L,KLiftea on Finance for Indus- resigned as secretary of Klem- 
./ * leWast^ lfe3 f ere ““ widen -wort, Benson, LohsdaJe and its 

rj' mannortnrine- ban&ing subsidiary, • Klienwort, 

>■ '■? to fndustnal and.com: Bensoh. - : Mr. P. E. Chnrchm- 
»jn.^lvEiKl fiAaace for aE. purposes. Coleman has been made secretary 
; ' "^v 18 SLafeCoininit^: 1 *^ to both. these companies. - 
. •••.i.i^^ ^ESa iaates :■ tx .- J™ .... - * . 

"W‘ kni/JRaancial -wu&iems disdoaed .Lord Charter!* of. Amisfirld. 
' - Worktog. Partin- n is whose appointment to the Board 

K-', 1 'Sgiritoe and’ report on the the DE LA RUE COMPANY 
bij,A^£for : a bank Joan was wrongly attributed to. “Lord 

' Obateris" hi yesterday's Financial 

^ &fFfiWra which pad exnausrea Times, was private secretary to 
r ' ,: i K’ 1 ‘ unsupported ability-, to ^ Queen as Sir Martin Ctuuieris 

*. bn^ Qo be beaded by afcJoimwd * 

. ■ J: -'firfr 1 *br: acting director-generar of Mr. Quentin Chiirdbam has been 
v,,; iw!s So'to estabhsfa whether there appointed a director of STREETS 

Tneed forahianguanurtee FINANCIAL. 

a U ff a«an«e- * 

: :> Mi'Si Mr. G. a Lees. Mr. J. C. Banner, 

-• - 1,r5l O mdS.'win con. Mr. R. M* S. Parsons and. Mr. 

' I, n k, CoiOmittee, K. W. W. Brown will be joining 

rf^Jidnch are:; Mr. B. the partnership of PANMURE 
•'i'r i;ltr > aSi5^Srectw>general, GORDON AND CO., stockbrokers. 
Economic Development on May 2. 

.Burgh, deputy * 

,S?*L NEVE ELECTRONICS INTER 
■ NATIONAL has made the follow- 

r ing Board appointments on its 
::. ;'?«!S^-{S^-gsSFBK2 change of name from Bupert 
-.' ^ Never and Co. Mr. Derek Tflsley 
- ^National ** managing director, Mr. Jona. 
-...• 6 - than Pedre marketing director. 

*! >^n^ovemment .Officers! Associ- * 

■ S Mr. J .S-FfOTd^. executive Mr. John E. Colxnan. chairman 

Bank-.af England; .Mr. L,-jf the Colxnan Group, has been 


- '. 

3 

■ *' r 

:.- S** 


■ ' r, *s: T 

. j; >~at, fc«r a uronnwb ■«"« “T" ■■ uuiiiuiuu. unuoauu .*4i3£>«.'- 

: r£$Z£iey, president, _N^ona] CIATION. Mr. John M. Goymnur 

" l£lon of .Minewarken; Mr. W. G. ^ first vice-presjdem and Mr. 

■ Wf Cfam r chief' geggal manager, g. m. Bennison second ^vice- 

— ^dential Assurtnce tCfcjJ Mr.-F. president 

- • Deputy-. «ecretar^-.HM -* - - 

?S Mr- Hugh Davidson, Vice presi- 

UC ^®SrtaS genera! secretary, dent of International Playtex Inc., 

rvr,«. ■ Congress; -- Mr. J. has been elected chairman of the 

PflrnifihSS riinurt Depart- MARKETING SOCIETY and Mr. 

V ai UJlJte^SS^^’ Donald te van Rossum, marketing dlrec- 
tedloiwaD- ' 'diief ''economic tor of Carreras Rothmans has 
Coirfedaration of -British become vice chairman of the 
Bi Mr- J K ; G. Sndfli, Society. 

... H J*3fch|Q0v of penskms, Reed lnter- .* . 

- ' r - bkboh^ and Me. K.S. Swamson. The following have been 
• ^.£n2Ring director. Imperial metal appointed members of the 
: v’ t ,fcHds£ries."t*' METROLOGY AND STANDARDS 

- • . REQUIREMENTS BOARD: Prof. 

’ ,!:s: SSfc'ii' Goodfenow has been G. Alien, chairman. Science 
•V- ‘^MSSntedd SB t&SSLK Research CotmcH: Mr. W,P. Cole. 

vice-chairman^ . of director of quality engineering, 


~^Stidential Assurtinc 

r ^ u Jnesint e ^EI 

)UD ‘ e d eamiD^J55 


"‘-Hi 


Mu 


. . ' ‘-^^man.-Str Stephen BrOwn,- ia Coventry Gauge: Hr. J- . T. 
thing," iiaving-'seEved as -Chair- stamper. . technical - director, 
'• STiur-for : the past, seven years. Britidi Aerospace. : 

-• :--S3ifc -Moore director of -the • , 

Samuel Group, chairman of 

aveley Industries; vice-ehairmair - ■ Mr. - Arthur -Hinchey has been 
mF Phffip IQU Investment Trust appointed to the Board of 
nn nffbd : a- director of Ston e-Piatt WATNEY MANN NATIONAL 

Uli uil MnitriM. ~ .* ^ . ;• . ' . SALES as finance and adtoinistra- 

:-■■■.★ - tion director. Be remains 

• : :^I^ir..Q.^'’Aadrews -has Jjeen secretary. 


%K- ECONOMIC INDICATORS 

-0MIC-AU1T V IT Y— Indices of industrial' production, nrahu-. 
tafontmit engineering orders, retail sales volume (1970- 
retalT sales value (1971=1001: registered unemployment 
tiding -school leavers) and unfilled vacancies (OOOs)., All 
Anally adjusted.- _ 


Retail Retail Unem- 
value ployed 


.prod:' output order 


1&3J2 - 105^ • 112 103^ 2I6A . 1,330 n 

Iqtr.-:, v&2 105.2 10» ,103^ 218.4 1^30 n 

...' tax: -, wi' ' 103.0 • ,105 ‘ 102.5 222.0 1^30 lfi 

’■ ' Kftr. 102.7 193J- 107 10L3 234^ 1,418 la 

. . mo i J02.9 M7 ' 104.4 - 239.4 Wl 15 

10L7 102.7 107 102.7 234^ 1433 15 

‘ iohfi 102.1 io» 103J 236.3 1433 15 

J*WL:.- 108.7 115 106 J . 246.0 . 1,428 16 

" i'£ : ‘ IOSjO- 1022 107 104J 241.0-1,419 18 

: 14" M?*‘ ‘ m* : 106UJ 246.5 1409 18 

• Seh ■ - ■ -./Tt- - ' 106.0 1400 19 

. :• ‘ - ■ 1,387 20 

. ■ -7: r -5-^TlJT— By market sector: consumer goods, investment goods. 

. - £ m%mediate goods (materials arid fuels); engineering^ 

-petal 1 manufacture, textiles, leather and clot hin g (1970—100). 

'• .:^;-;wMhg-mits (000s. monthly average). 

, : y Consumer InvsL Intmd. Eng. Metal Textile Hous^ 

^ r goods goods goods output mnfg. etc, starts 

99.4 1064 1004 104.4 19.) 

-JI34 . 97^ 105.2 98^ 80.5 99* -5. 

-OqLr. 1154 B7.9 ' 1044 994 83.3 100.. 25.; 

Mtr. — L117JL 97.6 1014 994 744 100.0 -0- 


SlTERNat. tbat>e— T ntilees- of export and import volume 
11975= 100)4 visible balance; current balance; oil balance; terms 
»f trade (1975=100); exchange reserves. 

Export .Import Viable Current Oil Terms gew ; 
volume -volume balance balance balance trade Uasp _ 


t ;VO 




' . -L.w ( Ut^jlqtr. 1454 144 * 

■; • : riv - h-qte .. .1474 - . 144J 

\0* 55 tqtr. 1484 242,9 

a- : -1494 . UL4. 
148J HL8 
. . 149J 142.7 


” TNANCIAL— Money Supply Ml and sterling M3, bank advances 
* steriing to theiprivate sector (three months' growth at annual 
’...--.■■ate); domestic credit expansion (£m.); building societies net 
- allow; hF„ new’ credit; all seasonally adjusted. Minimum 
- , .-aiding ra te tend period). 

Ml M3 advances DCE . BS HP MLB 

lending 


gStr. 35J) 

/qtr. 3£7 

— z\2 
Sh -354 

4L4 


qir. 193 163 +W69 UU» S 

i. 243 163 13.4 348 388 4-5 6 

213 18.4 173 - 384 - 353 419 " 6 

Kh 1 93 163 17.5 437 308 1 

■ v LATIQN— indices of earnings (Jan. 1976 = 1 00 ). 0 asic 

^rials and fuels, wholesale prices of mamifactured producw 
.1970=100)-. retail prices and food prices (1974-100). FT 
j^mmodity index (July 1952=100); trade weighted value of 
; ; v erling (Dec. 1971=100), „ 

Earn- Basic Whsale. * * 

ings* ; matte.*, pmffe.* BPI* 



INVESTMENT OPPORTUNITIES 


Mr. John E. Colxnan. chairman 
of. the Colxnan Group, has been 


tOT, WfflK--.ia oi. uie LOUnan uroup, nas ueen 

FraKT, . ' depuly-chamnan, ejeeted president of the AGRI- 
<J BrotireS^ ; and -Co .: t Mr- '■ J- CULTURAL ENGINEERS ASSO- 


---■ ■JPwnrioe.-- 1 vKe-CJi air m . oi !»■>*«» *« -j 

' - 1 '5*>teLSEABDHDING. SOCIETY. GEC-Marcom Eaectromcs: Dr. 
. -. ^7^ *^. . - , , G. B. R. Fefiden, director-general, 

..." British Standards Institution; Dr. 


As a Happy Eater you aN 
enjoy the Benefits of one of the 
Most Promising Franchm 
Opportunities in the UK. 


Happy Eater? Who are they? 

A successful group of family restaurants in the South, 
now embarking on a carefully planned expansion programme 
through the franchising system. 

What’s so special about Happy Eater restaurants? 

Happy Eater caters for the whole family from morning till 
night Wide selection of food. Licensed. Special attention to 
youngsters. Cheerful surroundings. Good value. 

Why is a Happy Eater franchise such a good opportunity? 

. You can be your own boss, but have the secunty of a 
proven formula and professional help every step of the way to 
eliminate as much risk as possible. Families are eating out 
more often and you can become part of one of the fastest- 
growing businesses in the U.K. 

What will the Happy Eater organisation do for me? 

We provide full training, help with premises, complete 
equipment, group purchase benefits, assistance with 
administration and constant marketing support 

How do t qualify? 

We are a fast food business with the emphasis on service 
and quality. The family atmosphere demands a real interest in 
both catering and people. You will have to work hard to ensure 
success but the rewards are substantial. 

What about location? 

Our sights are set on High Street. Shopping Centres and 
Main Roads in the southern half of England. About l,75G.sq ft 
is necessary. We will help with finding and evaluating sites. 

And the capital commitment? 

£20,000 could be required to set up depending on the 
premises.but much of this can normally be financed. 

I like the idea. What do t do? 

We expect our franchises to be lifetime partnerships, if 
this is what you are seeking contact: 

John Gater, 

Happy Eater Limited, 

30 Upper High Street, 

Epsom, Surrey. 

Or telephone: Sue Davies a 

(07373)60818. ^ 


Applications are invited. 

from a well-established specialised company 
MANUFACTURING STEEL STRUCTURES 
interested in running and maintaining an existing 
brand-new plant in Jeddah. Saudi Arabia. A joint 
venture is envisaged that will manufacture steel 
structures and loading compartments for dump 
trucks. 

Interested parties should submit proposals to 
P.O. BOX 2190. RIYADH, SAUDI ARABIA 
giving full details of themselves 


PRODUCING OIL LEASES 

We are offering for sale 100% interest in producing oil leases 
in Oklahoma and Kansas (U.S.A.). currently producing 
approximately 50 barrels per day at an average price per 
barrel of 815. Recoverable reserves are in excess of 250.000 
barrels. Engineering and production histones available on 


request. 


AMERICAN ENERGY CORPORATION 
660 Newport Centre Drive. Suite 250 
Newport Beach. California 92660 


!S YOUR PRODUCT A 

HOUSEHOLD NAME ? 

Reputable manufacturers of nationally-known products are 
Invited to investigate the advantages of a profitable sponsor- 
ship. (or joint venture) of a fantastic, new, mass appeal, 
leisure product. _ 

Pull details from Box G.1S35. Financial Times, 

10. Cannon Street EC4P 4BY. 


PUBLICITY SERVICES 
If yon are involved in any of the fol- 
lowing industries: construction- plant, 
mechanical handling, agriculture, hone 
improvement, heating and ventilating, 
packaging, plastics, and if you require 
above and/or below the line support 
by specialised services .which can make 
■a genuine contribution to your market- 
ing activrcisc. . pfeoxc wrfte or phone: 
Tbe .Managing Director, 

CREST PUBLICITY SERVICES. 

*, Burke’; Parade, BeaaxufteM, 
Bucks. Telt BeacotufMd 5051. 
(Mtdtad Office, cel: 

• Nuneaton 328397). 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
.TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the best price- for 
-your low-mileage prestige motor-car t 
We urgently require Rolls-Royce. 
Mercedes. Daimler. Jaguar. Vandcn 
Plas. BMW, Porsche. Ferrari. Mate rati, 
. Lamborghini Jensen Convertible. 
Rover. Triumph and Volvo Cars. 
Open 7 days a week 
Collection anywhere in UJC Cash or 
Banker*" draft available. Telephone us 
for z firm price or our buyer will calL 
ROMAN OF WOKING Lit). 

. Broo k wood (04867) 4567 


TOP BRITISH COUTURIER 

about -to lift off in world 
markets . requires finance for 
expansion. Interesting and excit- 
ing investment for substantial 
investor. Write Box G.1709. 
Financial Times. 10, Cannon 
Street. EC4P 4BY. 


PLANT HIRE BUSINESS 
FOR SALE 

Small South Coast Depot and 
hire fleet with low cost lease- 
hold premises ind. servicing 
facilities ' for hydraulic plant. 
Write Box G.1534, Flnondof Timet, 
10. Cs/mcir Street. EC4P 4BY. 


PROPERTY FINANCE 

Long-term interest only (non. 
endowment) insricudonal mortgages 
now available as 

12% p.a. 

for good quatiq* commercial and 
industrial properties For investment or 
owner occupier (minimum loan 
£75,000). 

SEYMOUR ADELAIDE & CO. LTD.. 
18. Seymour Street. London. W. 1 . 
01-935 2382. 


Private Company Soolh East 
London £160,000 

Well established Company supplying 
Film. PlasMt Sheei and- relevant 
con torsi cm servle>«. can tinning 
M&xu&ainem available and ample 
opportunity For expansion from 
existing long leasehold premises. 
Would suite a private investor or * 
group which believes In autonomous 
profit centres, responsible for own 
development and management. 
Applications, iu confidence to J. 5. 
Cox. Edward Moore & Sons. 
Chartered Accountants. 4 Cblswell 
Street. London EC1Y 4XB. 


TAX HAVEN TRUST 

Company able so provide erase services 
under Favourable tax treaty with U.S. 
is socking a person or organisation tt 
design and implement a marketing 
programme on a commission basis. 
Detailed and Imaginatirc replies only 
to Box G.1829, PiMlKidJ Times. 10, 
Cannon Street. EC4P 4BY. 


FOR SALE BY AUCTION 
on Tuesday, 23rd May, 
WEST CUFF HALL HOTEL 
Priory Road, Bournemouth. 

In prune position, SO bedrooms, blast 
to sea. Excellent business. 

Full details from: 

GOADSBY St HARDING. 

37/43 St. Peter's Road, Bournemouth. 
0202 23491 


FT* 

Foods* comdty- Strlg- 


wt,£LU4*. 347.7 
^**^'116.1-3493 


250.U 

2393 

23430 

23638 

23834 

23430 


‘OLD-TIMER’ 

EXPORT 

London 5W1 based German Marketing 
Professional would like to bear rrodi 
Brtosb traders of oWtuner and classic 
taro Interested si esjrtotuxK lb& 
erccHcHi and prnfl table German 
Barker. Write to Bos G.l«r. Finan- 
cial Times, 10. fa| ™° Street. EC4P 
iBY. 


OVER 44.000 SCHOOLS AND EDUCA- 
TIONAL ESTABLISHMENTS can be 
iwdri by mail. The Educational 


fltr, ■ “ 3263 

y “• '12L5- 3HA 
122:6- 324.1 
rch 330.7 


2783 190.6 

277-1 -ms 
8793 - 190.fi 
280.4 14LS 


Addressing and Mailing Service, Dertrr 
House. RedhllL Surrey. RHT 3 DM. 
Mcrpbjin 2223. 

Cl A WEEK for EC2 address .or Phone 
messages- Combined rates -I- telex under 
£3 a ntt. Presrtge offices near Stock 


START AN IMPORT! EX PORT AGENCY. 
No capital refluired. Established over 
30 years Clients m 62 countries. Send 
Urge S-A.E — Wade. Dent. P.. P.O. Bax 
9, Marlborough. Wilts. 

MORTGAGES FOR EXECUTIVES £20.000- 
£50.000. NO FEES. Palmer. Banks 
Associates. 402 6691. 

INVESTMENT OR TRADING COMPANY 
with good assets wanted Idr rash. All 
replies m 51 rick rcrJidonce to Box 
G. 1789. Financial Times. 10. Cannon 
~cV u srap I Street. ECap 4BV. 

1 hired, nt-w 1 creative interiors. Reception Areas. 

I offices. Boardrooms. Shoos. Clubs, Hotels. 

1 * Restaurants. Design conulKaiwyfturftltny 

-rx,r-A design and construction. Buck lev Barnes 
«NTS D Associates Limited. 01-603 9404. 

The £ durational FOR SALE unusual opportunity to aequlre 


1 Not seasonally adjusted. 


naslonal. 01-628 0696. Telex 6613725. 
U.K- ENTREPRENEUR IN PARIS S«.lrS 
Ideas tor lHIP.'rt.'£j(DOrC- Write tax 
P.1012. Financial Times. 10, Cannon 
Street, 6C«P 4 »T. 


Inter- 1 EDUCATIONAL CONSULTANTS. 


advice on business, financial and 
property aspects at school and educa- 
tional protects, write to Business 
Education Ltd . 18, Dunraven Street. 
London W1Y 3FE. 


Are You tire Problem or the Solution ? 

American company from California with a proven 
record of success and a leader in manufacturing 
one of the hottest products needed, is entering 
the European market. 

We are looking for distributors with Solutions, 
personal stability and integrity. 

Winners who want to win by choice, not by 
chance. 

Our executives will be in Europe by the end of 
April for personal interviews. ■ 

INTERESTED? Write for appointment: 

c/o Mr. Adrian Adcock, 56 Alington Grove 
Wallington, Surrey, England 
Tel: 01-647 9068 (p.m.) 


CORRESPONDENCE COURSE 
AND KNOW-HOW FOR SALE 

Excellent opportunity for company, firm or Single person. 
Leading expert within correspondence education in Scan- 
dinavia offers to set you up in rewarding Line of business. 
Very popular course subject with a potential customer in 
every household. You will be furnished with manuscript and 
other material translated into English and receive complete 
instruction in handling procedure, advertising-, etc. 

Royalty basis or total making over for Great Britain. . 
Interviews to be held in London. 

For appointment write to: 

SCANDIA CORRESPONDENCE COLLEGE 
att. Leif Frederiksen 

Haeldemc 15, DK 2850 NAERUM, Denmark 


A SUBSTANTIAL MANUFACTURER 

of HOSPITAL SUPPLIES AND EQUIPMENT 

supplying 

THE UNITED KINGDOM AND OVERSEAS MARKETS 
wishes to 

EXPAND ITS PRODUCT RANGE WITHIN THIS MARKET 
and is 

INTERESTED IN ACQUIRING SIMILAR BUSINESSES 
and 

ACQUIRING PRODUCT IDEAS AND PROTOTYPES 

Substantial manufacturing resources and finance available. 
Principals only. 

Write Box- G. 1775. Financial Times. 10. Cannon Street. EC4P 4 BY. 


DUKE STREET BROKERS LIMITED 

:Our (liana »r* an ouabitihed angtmaring company located in die Midlandi. 
The Turnover of about Clm. a part own products and part specialised 
automotive pressings. A further major own product fine comet on stream In 
mid 1978. Bacically under capitalised cha company has a severe funding 
problem. Equhy is available and persons w'nh high level financial expertise 
would be considered for the Board. 

DUKE STREET BROKERS LTD. 

57, Duke Street. London, W.l. Telephone 01-629 2531/5189 


PLASTICS 

CAPACITY 

We have an associate Company 
in Ireland which, because of its 
low overheads, can offer a speedy 
and very competitive service. We 
can quore low prices with really 
quick delivery. Weekly con- 
tainerised traffic ensures a 
prompt service. Your enquiries 
will be dealt with promptly by 
contacting us by phone, Rushden 
55341; Telex 3 ISIS or by writing 


J. Manger & Son, 
Irchester, 

Northamptonshire NN9 7DQ. 


LIMITED COMPANIES 

• FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY KADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
10, Gey Road, E.C.I. 

01-628 5434 fS /736] . 9936 


WELL ESTABLISHED London Based 
englneerlruj/deslBn company requires in- 
troductions to industrial prelects. U.K. I 
overseas. Lucrative corwnliafon Iks. 
Writs Bo* G.1609. Financial Times. 10 
Cannon Street. EG4P 4 BY. . 

READY MADE limited companies; £78.30 
me. Also Company Formations ind 
Searches. Same-Day Company Services 
Ltd.. 12 Fincras Ln.. E.CA. 01-236 

£7.300 INVESTMENT required 'Or a 
new business. Write Boa G. 1827. 
Financial Times. TO. Cannon Street. 

- EC4P 4BY. 

ENGINEERS, aid established, have farlll- 
ties. capabilities and resources avail- 
able to produce light, medium and 
heavy products, alto recoeolilonlna and 
rebuilding. Please Mane j.a.g. at 
2970. r _ 

PRIVATE BANK oilers Export/Import 
finance. Send &AE Far brochure. P.O. 
Bax 16. Maidstone. Kent. 

YOUNG, exnanding and profitable Import 
and export company requires funding 
up to £ 100,000 against mured orders. 
Write Box G. 1839. Financial Times. 

10. Cannon Street. EC4P 48Y. 


DEBT 

COLLECTION 
CASH FLOW 
CONTROL 
Competitive Rates 
* High Percentage Recovery 
it No collection— No charge 
ic Daily reporting system 

Our diems include wefi-knovn national 
companies in many mtusmes. 

Please write or phone For 
FREE BROCHURE 
Account Collection Service* Lid. 

M North Street. Ashford. Kent 
Phone. Ashford I0ta» 31 OR 3 


CLOTHING FACTORY 
East Central Scotland 

Approx. 10.000 sq. ft. plus 
business with 35 employees, 
manufacturing corduroy and 
velvet jeans and ladies fashion 
garmencs. 

Further particulars from: 
PATRICK & JAMES, 

50 Melville Street. 
Edinburgh. 031-22S <171. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 p.c. 
Lease 3 yean From £3.70 weekly. 
Rent From £29 per month. 

Phone: 01-441 2345 


Tharmanor Limited 

Manufacture rs Agents 

Established Midland* based agency 
company seeks expansion in Elec- 
tronic* and Home Protection Product*. 
Prlocmala Only write io: 

2 Dewuwar, Worcester. WR1 2JG. 


GARAGE BUSINESS FOR SALE 

Situated in prime North London suburb with real 
potential for development of existing workshop 
turnover in this high-class area. Quality used car 
sales potential barely tapped. Retail dealership of 
leading manufacturer. Two-pump forecourt. Service 
flats. . 

Leasehold interest, fixtures, fittings, stock and good- 
will for sale to suitable principal. 

Quick decision essential. 

Write Box G.1S36. Financial Times, 

10, Cannon Street. EC4P 4BY. 



IMPORTANT ANNOUNCEMENT 
On ihe instruction of C. J. CHAMBERS ESQ., A.CJV. 

C A. Huntingdon ft Co, and B. A. BOFK1N ESQ, A.C.A. the Joint 
Liquidators of F. D. CENTRE I LIVERPOOL) LTD. 

Ladies Wear Manufacturers 

AN ALMOST NEW GARMENT FACTORY 

(ready for immediate production) 

LIVERPOOL 

THE PREMISES: Approx. 27,000 sq, ft. Purpose-built Factory 
Accommodation with Offices, Canteen and Tarmac Yard Areas. 
- ' all dose to Motorway Network. 

THE GARMENT MANUFACTURING MACHINERY indudes: . 
144 “Juki " SEWING MACHINES. Two “ Reece “ Buttonhole rs; 
Seven “ Lewis" Blindstirch and Two “ Renown " Embroiderers, 
and excellent ancillary eq u iP mcnt - 

Further detoffs and appoint merits to view from: 

G. F. SINGLETON & CO* 

Industrial Auctioneers and Surveyors 
Uoyds Bank -Buildings, S3 King' Street, Manchester M2 4LR 

(Td. 061-832 8271)- 

Note: There is a -willing and able workforce ready to commence 
production immediately. . 


CASH AVAILABLE 

FOR 

QUICK DEALS 


90-DAY MAXIMUM PREFERRED 

We look for participation in the proiits. 

Write Box G.1S33, Financial Times, 

10, Cannon Street, EC4P 4BY. 


SHORTFALL SOLUTION 

For private companies - with high liquidity and 
risk of forced distributions at high tax rates.' Fully 
approved and totally secure method. Nc risk. 

Just write your name on company letterheading and 
post to us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted, i 
Managing Director 
Ackrill, Carr & Partners Limited 
Alp House. Westhill Road, Birmingham B3S STL 


Substantial Engineering Company 

capable of manufacturing complex machinery 
wishes to expand its product range through sub- 
contract or acquisition. 

Cash available for* companies with established 
product and good order book but lacking finance 
or manufacturing facilities. (For turnover up to 
£4 million per annum.) 

Replies marked “Private and Confidential — 
Managing Director.” 

Write Box G.1830, Financial Times, 

10, Cannon Street EC4P 4BY. 


MAJOR USA. AUTOMOTIVE ENGINE ft TRANSMISSION 
COMPONENTS MANUFACTURER seeks 
NEW PRODUCTS AND TECHNOLOGIES 

Suirable for minutxcmrc and sale in the U.S. A. to motor manufacturers 
and the replacement market in which we already have many yean of 
expertise ana considerable penetration. 

We would like to discuci Joint Ventures. Manufacture under licence, or 
Outright Company Purchase, but ar« also prepared to consider Distributorship 
Only for die right produces. 

All correspondence will be treated confidentially and initial discussion: will 
be conducted promptly anywhere in Europe by our U.K. -based personnel. 

Write Box G1831, Financial Times, 10 Cannon Street, EC4P 45Y. 


BOILER 

MANUFACTURER 

seeks partner for substantial 
interest ®r other arrangement 
to continue financing, manu- 
facture and marketing of boiler 
in the 50KW to 600KW range. 
Advanced design, high efficiency 
and British Gas approved. 
Considerable sales potential. 
Your financial and Industrial 
background In the first instance tor 
Box G.1790, Financial Times. 

10, Cannon Straat. London £ C4F 4BY. 


ARABIC 


CoDw/rftinq, Translation and 
Typesetting for Ad vertisemenrs. 
Point of sale, Brocnures, 

C Ontact: David Mealing 
Pan-Arab publications Limited 

07-439 3303 


ISLE OF MAN- 
OFFSHORE TAX SAFEGUARD 

Grasp the opportunities tn a low !-». 
area. We specialise .In the formation 
of companies Including nominee 
appointment. secretarial services, 
qenerat agency work, telex mao gene.al 
consultancy Including cornmerrial 
placements. 

Full derails from P. A. Brown, BROWN 
BROTHERS LIMITED. Victory House. 
Prospect Hin. Douglas, Isle of Man. 
Tel.: 0624 25661. TbIdxi 62841. 


SMALL PLANT HIRE/ 

. HAULAGE COMPANY 

is having to subcontract a substantial 
portion of id business. 

Owner/ Manager seeks loans at not 
more than 12.5*^ to finance 
development. 

Write Bo/ G.1840, Financial Times, 
10. Cannon Street, E C4F 4BY. 


QUARRY 

FOR SALE OR LEASE 
Delomiuc Limestone Quarry together 
with crushing plant and ancillary 
equipment in S. Wales area. 

Write Bo» G.1822, Financial Timet, 
TO. Cannon 5tfeet. EC4P 4BY. 


CHANNEL ISLANDS 

Thriving small luxury hotel, with 
enviable reputation. Fully licensed 32 
beds. (2) with private bach I . Roseau. 
rant with dance floor for SD. Lar^c 
bar with attractive decor. Fully 
furnished and equipped to a Inch 
standard. £180.000 FREEHOLD. 
Principal t only Write Bos C.IB41, 

. Financial Times. 

10. Cannon Street. EC4P 4BY. 


FINANCIAL CONSULTANT 

Specialists in unusual or difficult 
financial requirements or invest- 
ment problems. 

KENILGLEN LIMITED 
2 Berkeley Square, London, W.l. 
Tel: 01-499 5123 


PLANT AND MACHINERY 


Patented Toy Protract Simple concept, 
fully developed reg’d trade mark. 53.000 
secures. Principals only, write Box 
G 1821. Financial Times. 10. Cannon 
Street. EC4P 4BY. 

045-382 2769- 


Business and Investment 
Opportunities 
Businesses ForSale/Wnnted 

Every Tuesday and Thursday 

Rate: E16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

Francis Phillips, Financial Times, 10 Cannon Street, 
EC4P4BY.TeieX: 885033. 

01-248 4782 & 01-248 5161 

FINANCIAL TIMES 

EUR0PFSBU9NESS NEWSPAPER 


GENERATORS 

I to 1000 KVA new sets from manufacturer complete ready for puih-bucton 
Kart skid mounted /tntiler hill control panel auto safety features silencers 
batteries continuous raced at O.Bpc 50hz (standby rating 10 per cent., greater 
KVA value). 

Examples X 

1 00KVA BOKW CUMMINS NT495G £5807 

25 OK V A 200KW CUMMINS NTA855G £H500 

SOOKVA -4Q0KW CUMMINS VTA2300G £25466 

715KVA 572KW CUMMINS KTA2300G £36622 

Terms— Payment before delivery no middle men and users only 
Mr. Scuare. lUrex Ltd.. Circle Haute South. 65/67. Wembley Hill Road, 
Wembley, Middlesex HA9 8DP, Telephone: 01-903 6455. Telex: 923421. 


“LITTLE TIGER” 

Portable Welder 

ISO amp with Lister diesel engine £S:25.nn 

ISO amp with firiggg & Stratton petrol engine £665.00 
Also: 

300 amp with Lister diesei engine £1,634.00 

Agents in UJv. and ntiroad required. 

OXFORD DIESELS LIMITED 

Dry Sasdford. Abingdon. Oxon. 

Tel: Oxford 730014 Telex: 837605 ' 


GENERATING SETS 

DORMAN 400 KVA 

GENERATING SETS 
Brand new skid mounted units. Com- 
plow and ready to use at £36.850.00 
Each del hr ary ox nock. IF required 
could be mounted on trailer? at 
extra cost. Other sic« down to 
50 KVA also available ex stock. 

OXFORD DIESELS LTD. 
Dry Sandford, Abingdon, Oxon. 

Tc|: Oxford 730014 
Telex 837404 


GENERATORS 

Over 400 sets in stock 
HcVA-700kVA 

Buy wisely from the manufacturer* 
with rail after -sales service 

CLARKE GROUP 
01-985 7581/0019 
Telex 897784 


I GENERATORS 2-3 000 KVA afw and mMC 
l irr.n’cBialClv .'.M IjSIc K co.' mper. tit. e 
I arl.es. Seaerec LUJ. <073522; 3033. 
1 Tele* 848537. 






















Financial Times Thursday April 27 *1979- 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 



Rally extended in heavy early trading Forward £ weak 


GOLD MARKET 

j .Aptflgfi. | i 


SotdBnlUon. 


BY OUR WALL STREET CORRESPONDENT 


Forward, sterling continued to : V&fld ^Sfeiatw^’riMczi, 


NEW YORK, April 26. 


STOCKS MOVED b>*fier m heavy Tepsico. down 55 at S29. Pengeot-Otrocn eased Frs.7 to Jardine Industries rose 55 cents of quarterly results later this P ound s underlying weakness. The . 

mid-session dealings,' after trading General Motors, also active 378, in spite of jts announcement to JHK3.S5 after Jartine Matheson week. three-month discount against the 

weaker in the first hour nn rose 5 J to 5665, despite yesterdays of a higher dividend. Canef our —up 30 cents to SHKIS.60— BRUSSELS— Mostly lower on dollar widened to 1.10c from 0.93c 

investor expectations of another report of a small decline in mid- Supennarche also fell, despite announced a cash offer of 5HK4 profit-taking, in lively trading. w hile the discount for. 12-monih 

large deficit in the 1-.S. balance month car sales. announcing a 20 per cent increase for every Jardine Industries share Co he pa, ViuiUe Montagne, GB deUrery weakened lo 350c against 

of trade. Fo ^ Motor - whlch announced m annual. sales. it does not already bold. and St Koch rose, while Hoboken, ToitiM nr^ure on iSdhur " 

When the figures were * sharp increase in ns sales. TOKYO - Higher in active Overseas buying was concen- FN, Cockerfli; Halnaut Samhre, ' 

announced they showed the deficit advanced $1 to $304. trading, led by low-price issues trated mainly on the leaders, ACEC, Socfin, UCB, CBR and prompted Bank of England inter-; 

to be S2 7Sbn for March— much -Among companies reporting plated to commodity markets. Hong Kong Bank gaining 50 cents Arbed teH rentton in the spot rate in fairly _ 

smaller than February's record earnings, Chrysler was steady at The Tokyo SE index edged io 5HK15.70, Swire Pacific 15 to Bckaert which announced an active trading. Opening at 6L8125- 

S 4 .T 2 hn aan . •^Ported sharply higher forward 6.13 to 411.45, while the 5HK7.05, Hong Kong Land 10 to Increased dividend for 1977, rose L 8135 . the pound improved riiir- 

Bv i pi., the Dow .tones ca -f h M W Md • came in N Jfc kei-Dow Jones average pu t 5HK7J0. ^Vheelock Marden 7i to 2 per cent lng the morning to 5L8185-L81B5." 

Industrial P Average had pushed Jjg on ia86 to o^40.5«. . VWUU -gAMI- Wh— AMSTERDAM— Mixed with a Z with STdoH^««« . 

v rrr Xerox rose W to. 5491 on higher . GERMANY — Some early durin & the afternoon, sterling fejl . . 


weaken in the foreign exchange , moderated active- trading to dlqte; 0 
market ■ yesterday, reflecting the at $168-168}. M 

pound’s underlying weataiess. The fijgggjgg s.EPafWE0WCtl a 


O petting: -....jg 

~r : '{£92.4541 
Af tem’n Bx‘a<916SA0 : 


GoM 

Price 

($) 


■/ItfiMSffl)- : |fc£Sa.3 

GoW Cafn*. M .j - •- 

ilornfcti cul ly^i — " .{ 

&ng#T*adJfll7$rna ,5172^ 
v ££9W 

IPw 8bVgna.]862-54 . . J 51 S 4 . 


ITw 6br’gB3.|963-&4 

l(283i«89l 

Old dov'igBMdtSi-dS 


Closing prices and market 
reports were not available 
for this edition. 


with a year-ago profit. 

Xerox rose Si to $49* on higher 
earnings, while Mobil Corporation, 
also posting an earnings rise, 
picked up $5 to $655- 


■ . ___ ^ ^ SRVaan , , . — 1 . , « out wun xne auiiar lmpruTmg 

Volume totaUed 320m. share.*— p , r i. lower bias, mainly due to lack of durlne m.. afternoon, sterling foil' 

a considerable increase on Tues- “ ^“ ie . Interests and some profit-taking. ““J 1 * 

day's 230m level. demand was cancelled out by Atao, Royal Batch and Unilever ^ atdv 10 dose at$lB140*iAtaO, .a 

Steels. Textiles, chemicals and' f J rei ^ selling- orders that, at were i ower ^ internationals, but loss of five points on the day. ;' 

wjiCTto, thp plnnp! niNIV» rhanopc vsere M.IIH..C o,_ , .. n- n .... t r> I_ I • 


Sold. Octal.,, 
tintemst'lh)-. - 
KrogensHdi. 5173-17B 


ahead 5 23 to S38.SS while (he 
,\YSE All Common Stocks index 
.showed a gain of IS cenis at 
S53.9". 

Volume at • p.m. was down 
nn yesterday's massive ALUlm. 
shares, but at 30.73m. shares was 
still very active. 

Sears was leading ihe mid- 
session list of volume leaders, 
rising Si lo S25;. Next was by 


“r^lPrie* -1 

(Swiss franc) | 

tn FEB MAR APR. 

1978 ■ 


KowSeV: 
Old Sot 1 ] 


kfiSttHe-fieig) k£9s« 

«g»5* bis*.. 
|{£2854-299() IfeEaai*. 

—»268n^7gig:jiaag : 


FOREIGN /EXCHANGES 


CURRENCY RATES 


Godo Brewery 
Fats and Oils. 


Yoshiwara 


PARIS — Most Shares eased after 
a nervous opening with this 


Some cars were also highei*. in- a paj-ria) recovery from the ore- across board ui farri 

eluding Toyota Y10 ahead at ?io^ ^ay*s dldtee on defective tradiD e- following the 
Y960 and Houda Y6 in front at HemanrL hui rinwH irregular African acceptance of p 


TUESDAY'S ACTIVE STOCKS 


Ed.-iman K*idak 

SlOL+s 

traded 
319.1 O'! 

l. ft'-JTIfe* 

liri'.t 

« 

•on 

oay 

Frars Bneburk 

atM.inn 

lot 

— i 

Aetna Life & Ca*>. UW.whl 

41* 

— « 

Disit*l Equipnirni 

394.6DH 


— 1 

IBM 

. su.Tnn 

.a;; 

+ 11 

* H Robbins . 

339.4D0 

in; 

— i 

Tamer 

. 330 OIHI 

19* 

““•fc 

C tlcarp 

.. S34.3DQ 


- « 

Pen+ieu 

. 3se.;nn 

■J9i 

— 2 

'Iroeral El»* - tnr 

.tlR-lim 

33* 

-4 


is expteced to be between eight So**y_by Y30 to £1,900 and TDK 
and nine per cent- and th public by A ,->0 to Y2.0S0. 


DM2.0830 from DM2_o?82i and C-S. dolJsr...: 
SwJrsJL9665 from SwJrsJB5TO ” 

to the swiss franc. On th e other jgg; ^ 
hand, the Japanese yen imprtmti krona 

to Y226.07} against Y22750. The Dtwudwmck 


Indices 


— i — I — ■ FoodSuffs Tncludin^^tohnw Oit d iy idend aboounwnient. and most MILAN — Mixed in very thin annouBcemtot, market reaction 

OTUCB ». ntf FTC Godo BreJSre and Y«UwS 0ther , ^ ****** trading. pushed up the rate against other^— 

OTHER MARKETS Fats and Oils/ Wa staaed JOHANNESBURG — Firmer ^ Jrren ^. In terms o f fhe 

Some cars were also highei*. in- a partial recovery from the pre- acro ? s board ’in fairly heavy qmSi Dt ^m 1 
PARIS— Most Shares eased after y*Hjff B * nrt T y ot ^ yl. 0 a ^ ead a J vious day’s decline on selective Sout * SwJYsJL9665 ftom Sw^rsa^5TO 0,xlIWiii °^■ , ■■ 

a nervous opening with this and Houda Y6 in front at demand, but closed irregular ac S^^ ncc °L to the Swiss franc. On the other 

w eek's retail price index, which '‘ 603. _ Electricals f el L however, overall. ^ -* e Western powers on hand, the Japanese yen improval n*^«h D k^ne 

is expteced to be between eight b° n T _J>y Y30 to £1,900 and TDK in Insurances, Winterthur . . . to Y22€.07i against Y^-SoV’Ebe 

and nine per cent- and th public by a oAi to Y2.0S0. Bearer and Participation Certi- CANADA — btightly faJ^iar in dollar’s trade weighted average guilds 

sector price rise announcement HONG KONG — Share prices licate fell, while hs Registered moderate e«iy trading. The depreciation on -a Morgan Guar- -?*** 11 *“*“■ 
depressing values. continue their advance as over- stock was unchanged, despite a yE index gained 02 to an ty basis, ygiw noon rates in i" 

Trading remained Ihely. how- seas and local dimaad prompted good earnings report and pro- 1.0S8.6 ai noon, ultale Metals New York, wide n e d to 4J ® per w*f”^ knSp 

ever, with Engineerings holding active trading. The Hang Seng posed capital increase. advanced 2.7 to 915.7. Golds 1A cent from ATS per cent, and its 

steady while Hotels and Chemicals index rose 4A2 to a new high for In Chemicals Ciba-Geigy Bearer to 1,211.4 and Oils 1.6 to M00£. Index on Bank of England figures ^ra^phknms 

finished irregular. the year of 459.91. This is the rose SwJFrsJlO to 1,120 and its Flo Algora fell SC5 to SC30? nn showed no change St 99^. T- Swta feme — 

Reffinertes de Si. I-oute went index’s highest levvl since March Participation certificate Sw.Frs.20 lower first quarter earnings, while • 

limit-up for the third consecutive 19. 1976. Volume totalled 8HJC78. 88 to 820. but its Registered share Mercantile Bank shed $Ci ;o : 

dav. (6HK64.55). edged Svv.Frs.5 lower to 625 ahead SC133 and Imperial Oil “A” SCI ■ v-l '. 

! _ — wttotatt HAWAv Sifi 08 and Falls I AUSTRALIA — Priwm mkd 


Drawing 


Dnnof 
Accomit 
April 23 _ 


sector price rise announcement 
depressing values. 


0.671419 
LS197D 
1.38955 
18.RSG9 
394451 
6^4984 
8^3637 
2-70895 \ 
■ 5.64233 


index on Bank of England figure sWodiPhkrous ! 
showed no chanee at 905. ' - - Swiw f»ao — ; 


.277:725 

6.62724 

08.6446 

5.68039 

8.39185 



NewTork— 

Uontnal— 

ADstecdaBL 


6ia 1AUS-LS166 U14- 
8ia UHMJttOSJBk 
4 wni«-4J6.- -«i ; 


Bnnwtet.— frl» SS.463SJfij «J . 


*Pi l 2plffn re — 1 5 
U 

Mjhdrkl B 

Milan . tlh> 
Orto— '-7 

Earia— 21* 

BtdeHwhL. 7 
Tokyo-— 61 *- 1 
Vtamw fit*.! 

Zniiob-..— 1 


TS.M4-1237 IBJ" 
BJ&3J2 L7i 
78.8C-re.6fl 78. V 
M8AU-H620 Mar 
1.B72HAB0* U> 
8^428 ar' 

: |J' 

i : . 4W-41B AV 
£7.062728 27. T 
524328 IM 


1 Rates sivea tor convertaflo 1 '- 

ntumdal traa'c S 82 H 8 JB. 


OTHER MARKETS 


V.Y. 8 .E. ALL COlQfON 


: Apr - 86 Ai-. 34 Ayr. 21} st ; ongl y 


AUSTRALIA — Prices 


EXCHANGE CROSS-RATES 


NEW YORK -DOW JOKE? 


A or. ! Apr. 1 Apr. i Aor.i- 

5 i a ; 2 ! i a i 


Issues traded 1 1,943 ' 1.900 


buoyant ^market, 


63.6 fj 65.26 62.69 62.73,' AS. 81 


Apr. ; Apr. ! Apr. 1 Apr. Apr. , Apr. 
35 ! 24 21 i &> I 10 j IS 


,f iuue comptern 


Hites I 968 

Falla _...! 603 

Unchanged 372 

>ew Hiybe ; — 

New Lure — . 


High ; Luff 1 Hijb j !»» 


MONTREAL 


laaiutrial .. U5.SS' 626.06 > 12 . 68 . 814.64 808.84 603.2? 815^3 >**..< 

i2o*4j I (2b-2i ■ill,l»7a)!»2.Y»2i 

B 'me Ends' 86.05 89.13 88.20 ' 09.29 08.42 89.25 UJ 8 I 89.05 - — 

Mill i d 6 .*i 

1-siupurt.... 225.66 222.59 220.58 220.49 217.72 21c. tb 222.86 , Idti.al 279.88 >5 2$ 

; . .86/4i,' Ad, 

I. untie. . IDE. 70 108.57 108.77 105.76 106-39 104.97 110J8 ' 102.44 1 1S5.62 ; 10.69 


1061.70; 41.22 


Apr. ] Apr. 
24 . SI 


‘I radios; t>» 1 . 
0«W« » 


— — IndoUruvl 

•i'ombtne.) 

279.88 15 25 

ii.&<-d.MA?.a 2 j TOROSTO tump 

1S5.62 ; 10.59 

yju 4,d9i 'Sj 4 \Z, JOHANHS 6 BDEB 


17938 178.41! 179.69 191.47(17^1 
188.99 188.62 1B6.8Z 187.85 (17M) 


162.90 (16'2i 
170.82 io0,l i 


TORONTO t^mpTSiM; 1018.*;' 1088.0 1086.6 1086.9. 1001.4 (17 t4» 


helped by ihe slower Australian 
I consumer price increase in March. 

BHP gained 22 cents to close at 
i 9A6.44, while in . higher banks 
I .NSW rose 14 cents to 3A5.44 and 
I the ANZ 5 cents to $A2. 73. 

Minings received good support, 
SUM gaining 5 cents to 9A2.02, 
Hamersley 3 to SA2.05 and Peko 
, 5 to SA4.90. 

Woodside PeLrnleum moved up 
j 3 cents to 81, after reporting high 
gas readings from Miller I ex- 
ploration well. 



AtgeaOnK 

Anstzalio 


France— 


S8.1B-8a.1S [rugmlK 


65,100 54,610 51.640 45.250 66.868 53.940- — 


Gold 

ludiutHAla 


164.1 | 186.6 184.8, 183.0 
; 212.8 ; 212.5 211.6 211.5 


218.7 fliZi 
214.4 i4/Ii 


185.0 <2u-4, 
19 J. 9 ' 15/5 i 


1 hj*i\ ni index ctianued from Aiiouhi 14. 


I nd. tiit yield 


Year mjo . i 


April Fne WiS 
ift vious HLgb 


t mjmtii ■* I 416.1 i <m£l 479.4o-44l.L9 


STANDARD AND POORS 


Belgium ' 
Denmark' 


iJ/1' . 

10U.& 100.93 10U.99 


riouv H isb 
97^9 >«-99 


Apr. Aor- Apr.' 
» ! Z* 31 . 


j5nei Lompuai d 
I Hi^b I Ij'H 


tlnduuruit, 186.65 IDa.55105.92 : 164.10; 105.5ft 102.07 10836 

•> ,2S|4l 

aCnmpusite 96.6< 95.77- 94.54 94.64^ 95.86 83.45 86.84 

■2b|4l 


6ennaay~' 


9A62 . 154.6* 5.52 , 

ididi !• 11/1175) (50>u.a2i Holland ■»? 
88 JB : 126.86 | 4.40 

m.-tiiSi -l.B;52i Hong Konf 


94 >2 95.15 

■9,1, 
66.4 feS.7 
•as.4i 
VM.g 812.7 
■ 10-2J 

79.fi . 82.1 
• !U£i 


i26/4i 1 12/1 1 
98.15 94.00 


NOTES : nvrrvua prices stwwu oelow 

r*clud<- s premium. Belsiaa dividends 

ar»- slier wiihfiolduis iax 
A iml i Pre- 1978 19/8 4 DMaO di.-nom unless sdienrlse slated 

19P> S’ • rioui* Hisb I*'* W Piaa.joo denom. unless otherwise stated. 

u.k * Kr.ino denom uuless oiherwue staled. 

Spain iJp 3K.99 ' 97 Ai -*8^9 , S7i48 * Frs.iop denom . and Bearer shares 

4 l ia -2i5 4) 'I7.3> onlev mhennsr slated f Yen 50 n ^mm 

il’il Sweden 379. V2 ' 379.06 34J.16 -32S.74 nnk*» olherwise dialed, i Prici- at time 

90 « ■ 19;41 ■ io;li or susnension. a Ftorlns. b Schillings 

12/li Switeerl'di/' 2'|9.6. 2iB.u JS6.56! 273.0 '-Ccms J Diridend alter pending ngltts 

04 on , . 14/4) • - 2 o. 4 i and/or sertp issue, e Per share. I Prance. 

.. . .. -- 1 , ■ o Crow dlv h .Assumed dleWend after 

indices and base dales .all oaee va.ucs ^ 

da 

2&i4i aw 1 .UI 10 . the Urn named based on 19?3> ^fLf S“. gy^k . 1 ,nd> ' 


April 2S j St ar l i ng j Dollar ' [iL&Doliar] Guildsm 


Switzerl'di/' 2'|9.6. ZTB.u 296.56 i 273.0 
, . . 14/4) • -05.41 


3106U 

40.140- 


SoTu‘uTth:'~Uin 7^1 ‘ba^“on “"J i‘„ 

1 Bxctudmg bouds., 1 4uu Indus! nals_ tr 2S? I J 



1 Apr. ll» ■ 

Apr. 12 

Apr. b 

• T*sr*jo -Approx.) 

(art. dir. yield 1 

5.14 i 

5.36 

6-30 

4 .23 

Ind. P,E Itatio 

8.94 * 

8.66 

8.48 

10.41 

L-ma Oorr. H/>nd yield 

8.30 

8.34 

8.32 

7.62 


Hong Kong 4o9.9l 4t&.09 4c9^1 ' 385.44 
i"i i&SKi il5Ti 

Italy .ill 60.66 60.66 U5.M - bb.46 


•-■D Traiiaport <<)Sw M All «rd. * "*? * I™' 

< i 1 Belgian SE 31/13/63 Copenhj^cn 1^0 l^r xa Ee^ll ^ 

SE 1 j/ra. «*♦* Pans bouts..- ihbl JJ„aaerl! E " 1 


Japan 

Singapore 


rjTi. ijQ. 1 , -n- Comnienshank Dec.. ISoi i;|t Amwer 
ail a- all t? difill ' aani dam. Industrial 1978. 1*^1 Hsuk Seng 

•a 1 411.43 4II-3-. 4LU.11 JW.IS n..i, -1 .in IIIIJI Mlhn ".-I 7" . TnL-wr, 


.505.83 3O.-.05 304.41 2*2 


.19/4, . .4/1) 
S04.41 K2.00 


luiu. uiuiiuiiiu . . uoiu. /-rnkiaviv a 

Bank SlsT-t 4 Hill) Milan 2 1 73. <n> Tokyo j MRMANI w 
New SE 4/1/68. rblSlraiU TUDl-s 1966. 

«r' Closed. tdi Madnd SE .»• 12-77 
ie> Stockholm Industrial I i.56. «/■ Svrlst. 

Rank Cnru. iki Unavailable. 



TOKYO 1 


A KG 85.9 1 + 0.4’ - • _ 


Allianz Versicb... 459 -5 


OVERSEAS SHARE INFORMATION 

pkiii m wm I * Auni Annl I ' April ! April I 


BlltV 

BASF 

Ba.ier 


NEW YORK 


Inv. $ Prem. $2.60 to £— I09i% (1111%) 

Effective rale' (1.8145/ 4€'% f47J%J IJEer " 279 

A .,ni a.a -11 1 • »,*, '. aih-i buyer Vweiiisbk., 297 ..... 18 

26 1 24 I iufi ?S 1 24 luU*lna.Xed.wn*j 168 .— 2 [ ~ 

•* 1 ' * Omimerzlank-.... 224 17 


219 +2.2 
136.6^—0.2 
136.9,-0.1 
279 <+2 ! 


- | A mil I Glass 

2 . 0 : Uauoa.. 

4.6 ; Casio 


re.-r : uu uiiur ., i » avr 

— I Dal Nippon Jrinij 053 J— 2t J 18 

a.ZlPiul Photo- ! 610 Ul'-i.jlB 

3.0 l Hitachi 234 - Ll \ 


Abbott Labs ... . 60 
Addromognaph.. 185* 
AfLna. T-ifeACasr; 4 H 4 
Ai- Producia... . 89 

Mrou • 


Allied Stores 

Alba Cbalmera.. 

A RAX 

Amerada Hu* 


4 mer. Airlines... IZV* 
Aimer. Brands. 49lg 
Amer. Bruadram 46 Ig 

Amer. Can ' 39i« 

Amcr.CyiuaraliF 26T( 
4 mer. Elec. Pon 231s 
Amer. llxpraa*.- _ 36»« 
Amar-HomeProrii 28oa 
Amur. Medical .. 24 

Amer. Motors.... 41* 
Aider. Nat. Gas.. 43 
Amer. Standard. 395* 
V ider. Stores . ... 33oe 
Vnior.Tel. A Tel. 62** 

4iruxet 33lg 

AMF 17 

AMP 29U 

Ampes 141 r 

A nebur Hocking. 281^ 
Anliemer Buarli. 23 U 

Anncodieel 27ig 

A.S.A 19ia 

JLumei* Oil 106 b 


April 

» 

'April 

: 21 

60 

: sail 

ISA* 

I9>a 

413* 

1 4Ua 

29 

• 28 

4flra 

. 49w 

27Sa 

. 27 

45 

i 44 

19i« 

! 19J* 

1BU 

i 18Ja 

431* 

431* 

23&» 

• 23 

284* 

! 281* 

381* 

365* 

29 

1 283* 

121* 

. 12i* 

491 b 

491* 

46 la 

44U 

391* 

39 lg 

26T« 

2&J* 

231s 

231 8 

36s« 

. 35?e 

28oa 

28>« 

24 

24 

41* 

41* 

43 

433* 

396* 

58s* 

336g 

321* 

621* 

: 627* 

33l« 

32r B 


I Coming QIib..... 61i® 
| CPC Int'n’timal 1 47>a 

! Crane 27«c 

J docker Nat I 271* 

[ Crown ZeUetbaeb[ 32»* 
I Cum min ■ Engine-. 39 'a 


49 i Cur tins Wright. 191* , 20ia 


Johns Man tIUb... 316s jjli* 

I Johnson Jobmon 721* . 70li 
Johnson Control. SKtia ’ M"t 
1 JoyllannfartriCgj 34 U [ 34. 

; K. MaTtCorp...... Z 8 is I 27 J* 

• Kaiser Almnlnfrnj 33 U 82ia 
I Kaiser Indanriu! 17a 8 

i Kaiserdteel r 23 ig 23 


| Eevton 44»* 

l Ueynold* Metals. 321a 
I Reynolds IC.J-...- 69 /j 
j Uieh’sOQ Murrell . 1 231* 
8 ocfc«eii Inter... 33 
Bohm Ji Bsa» , 33-* 


434* j WoolwrHili : 203* 

31^1 1 Wely ..J. 4jg 

S 8 i, Xenra-r! ■ 49'* 

23 ! Z* jets'. 15-'* 

52>a t Xeaich Radi- 15 

33>e it.sjrea^4%19E0 r 94 -t 


1 OmimerzbanVu.... 

tJnutGommi 

Palmier Be nn. 


224 

73.5, + 1.5 


• 3.0 ! Hitachi'. 234 

1 — 1 Bonds Motors — i 608 

! 7.6 1 House Pood 1,840 

; — iC. Itoh J XXI 


234- +1 
608 +6 
840 +« 


H-5' ■ 14- '2AJf 

1—11 12 U 1 AUM 1 L Ob osnQ — 

—19 .25 2.1 ' V*s>w Aiuaall* ^..... 
Xt 20- 2.7) Mi»4JWt-T«lg. indns»l 

j~8t 18 l.bl Ampol^qJk»ttoii 

i— 1 V 16 1-2 . Vnpof Petrol eum ^..1 

1 + 1 4.12 «,&{ Awe. Miherali ! 

w * tSUSSSSOBSssi 


296.5 | 19 3.21 Ito-Tokado |1.30D /+30 


D*-n«a ! 244-QjttJ 17 j 3.5 1 Janes 1 618/ 

Deinag ; 154.5,-0.5 14 . 4.5; J.A.L. 12,63? 

Ucutaehn Bank... .. 2918, -*-0.3 18 1 3.11 Kanatiaecl.Pw.'l,WD 


12 2.7 i AusL'-Ypondaticm Lir»n»t_. 
30 1.2 AJS.liX 

15 LllAnHi^rriy. , 

— 1 -lost. OU> 

is a^t 1 8,00 

16 1 2 . 6 ! 


KaiscrBtwl r 23 lg 

Kay -.1 105a 

KeunecoU. \ 25 


Dan Industries.. 421* 42 i a | KeunecoU. i 25 

Deere 285* 27. a j Kerr McGee. 473* 

Del Monte ' 257» 257s ■ Kidd® Walter...., 31V» 

Deltona 9 j* 8 Vs ' Kimbarl v Clcra ... 463s 

Dentaply Inter... l»»a f«*e , hoppers' 23 

! Detroit Edison.... 15»» 16 | KrahT. '• 46sa 

Diamond Sbamrhj 25b* 243* • Kroger Cu ; 32 

Dictaphone... . 15 Sa 165a | levi dtrans*. 33 is 

Digita Eonip.. — . 43 1< 48«a j IJbbvOw.Food.. 28l« 

Ulsne_v O' »lt) • 39U , 391 * 

Dover Corpn ' 46U 45 iSnun l 34 

| Itaw Chemical... . 27Sa Mja ^MHlii '.I '.'.'. 1 441s 

; l™’"- - bitten Indus*... • 19 

: Dne*»er 421* 41J* j r^ntfKvrtAlror'fri 22 Is 

1 Du Pont 1155* 1155* 

| Dymo Industries, 16** 17 

I Kagle Pleher.-... 20 20 


23 • 23*8 

46s« 1 46U 
32 ■ 315® 

33ie 32 i a 
28*a . 87aa 


Roval Dut>-Ji I SB^* 

BTH 15 

Buss Log* 12*j 

Ryder 6 yatcru....' 185* 
dsfeway ifritm..- 405* 
lit, Joe Mineral*. 87 
St. Regis Pa, nr.. 28 >4 

Santa Felnda 371* 

Saul Invest 7 

Saxon Inda.. .. — ' 5J* 

1 SchUta Brewing.- 105s 


l>Jmn4*&79iTC' f815* 
f.8.90 Usrhilb., 6 . 22 J, 


CANADA 


1 Abulbi Pape- 


Schlamberger • 707* 


I Avnl+v Eagle .... 4.40 
.VlcsaAliiii'daiian 3u5i 


Kaslituui Knrtak.. 
bis ton 


E. li.JMi 23 i* 

El Paso hat. Gaa 155* 

Bltia * 31l| 

Emerson BlecCdv.-| 34 
j EnierrA l rVVijrfit' 46 

Embtart 35Ja 

1 E-Vl.t Z7 8 

[ Engelhard 25a* 

I hruiark ... — 2812 

I Ethel 20ti 


u2. IJgg« | 3roup j 34 

Lilly iHli. 444* 

Trr 8 Litton Indus*... ; 19 
tinctbcedAlm-’/r.' 22 <S 
Lone Star IihU.. 187g 
H L un tf Island Ltd-: l 07 * 
„ LoolKtana Land... 225* 

Luhrisol 40*s 

Ti. Lucky Stores 137 8 

1 L'ke V'un^t'wn 67a 

23s* ; Mat- Mi l lan : 11** 

l&u Macyll.H 435a 

il*a . Htiw- Hanorer... 34 

33o* 1 Mapii* 36*a 

43 /i 1 Macathon tMl 46*a 

*5 I Marine M+lkand. IS** 
x ( Marshall Field ... 23>* 


S».:m 

| Sor'd Itaper • 

1 Scoril JUm 

I 8 cudi' l»uni Vesij 


A Isom* •'■leel 19n* 

1 Asb«4i» ... 381* 

Bank 01 . Montreal. 19*a 
Bant ><•««. >->Cia i 205« 
I Base- Be-oon-es..' 5‘S 


•* DiwIdct BeiiLs.,. 241,4Blj+OA I 
.■ 11 . Uyeketiioff tonn.' 148 ' — 3 . 

h Q 7 - fiuteboffituus.... I90.5f — u.5 1 12 

0 Him: Lloyd 111.2—2 ■ 

■ Harjvuci' 277 —1.5 

. Rowfad 1 151.1+0.1 

Hieicb 45 ,+ I 

Horten 120.5 -O.S i 10 

Kali und dal.-. . , 130.5 +1 

Kantadi .. . . .. .. 297 ; 

■jo'. Kaulbi* 205 . + 8 

4 45 K livUner Dll 10U.. 89 

JOia KH» 172 1 

•19Sg Kriipp I 95.5,— O.S 

.£5l- l-mdr ' 236 —0.5 I 

-20 "" timentiran 100. .. 1.502 10 

20 . 1 a Limbs me 1 104 i + 3 

©!•■ II A V ; 176.2+1.2- 


18 1 3.8 1 Komatso 

4,1.41..^ 


I 15 1 2.6 1 


130.5+1 

297 ; : 

205 .+8 

172 ' 

95.5, — O.S | 
236 —0.6 1 


■ 1 Mitsubishi Heavy. 133 

^IMiumbiabiCon*.. 457 

5-g; Mitsui *Co 4 i.... 331 


; Mitaui A Cfc;.... 331 —X 

f-f I Mitauluthi ! 667 —21 

2'rt ' A'lpjwn Denso.. .. 1,380 —10 

8 0 ' Nlj«i*w 5jWnpau..i 566 

r - IN' bean Motors. ....' BIO +2 

s - 5 i Pioneer^ 1.880 -10 

7. Sanyo Electric....! 2o7 + 2 

I Sekisiii Pr^lab.....' 930 —16 

Sld«eUlo.._ .1.090 ■— 10 

*■5 ! eony...„ i 1,900 -30 


13 ! IB l GohifieHa Atist— — .) 

14 I R.l I WIUUIIWI >9l|. J 


12 3.4 JTaijha Marine..... j 


Asareo 

Ashland OU 

Atl. Kichtield 

Auto Data Pro.... 
A VL 

A sol 

Atoii Products... 
Ball Css Blect.... 
Bank ArnericH- ..1 
Bsnbere Tr. X.T.- 

Barber Oil 

Barter Tra venal.. 
Beamiu Food.. .. 


Kell £ Howell 

BcD-tix 

Bcn^uet Cons 'B' 
Bethlehem Steel. 1 
Black 4 -Decker.. 


ism 


1 Kxxvd 

481b 

475* 

17lg 

1 Fairchild Camera 

33 

32 ig 

31U 

301* 

( Fed- Dept. ciux*» 

39i* 

39 k 

49 

491* 

I Fireawne rira... 

141* • 

145a 

agi* 

£9 

I Pst. Nat. Boston- 

277, 

88 H 

9Ja 

■91* 

1 fieri Van. 

217* 

82 

23 

23l« 

Flint tote 

261* 

86 >* 

52 1* 

52 >g 

1 Vloriila Power.... 

29*8 

89i* 

847, 

25 

38 

25 

25 

37«ti 

1 Fluor..... ...... .| 

365* 

36 

! F.V.C 

241* ' 

333* 

281* 

28-a 

. i-ord Motor. 

495* 

497* 

40 

394* 

! Foremost Mck... 1 

20i* 


261* 

24 s* 

i Fosboro 

361* 

864* 

371* 

37s* 

| Frau* tin Mint—.'- 

91* 

a^s 

18J. 

18i e 

I Freeport Miners 1 

201* 

805* 

1374, ; 

371* 

7ntehauT ' 

277g 

875* 

2i* ; 
32Js 

25* 

231* 

1 Kai; os Lads 

ii ; 


181* ; 

171? 

» G..V.F...— ' 

12i* 

lSk 


Mac Depi . Citnres 

SICV 

1 McDermott 


Mctfraw Hill 21 

Ueotorea i 40 

Men* 55ht 

Merrill Lynch 181« 

Mesa Petroleum .. 1 371g 

MOM. 3B7a 

llinn Ming* kite 515s 

Mobil Corp-. 65 

Monsanto 523* 

Morgan J.P.. ...... 485a 

Motorola • 45 

UnrpbyUil 1 37*a 

Nabisco. : 507s 

Kalr-oChemlt-aL. - 297g 

i National Can 163* 


18>* 1 .Sea Cents uaets....' 311* 

22 Sa S**{*ra"j 227# 

40 | 1 3-»* 

13Ji Senroiiuebiick 25»a 

7 SKDCU 33£si 

Uig | Shell Oil 33 >a 

42 1 * j Shell Transp-vt... 39 

333* Signal 40aa 

35** Si|podc*.crp . ... »5U 
43 ig Simplicity Pal.... ls*a 

15>* Smyer 22 •* 

24 SndtbKUue 625* 

Sollthm 2 *s 

24ta ! fivullutwru 285* 

455s -Southern Cal. Ed 2hig 

26*o i Southern Co 16 >* 

28 js 'Srlm. Vat. K *+. .. J3Jg 

20jg j Southern Pa*-t5r. 321» 
39*4 Soul hen 1 Hail way SO 


Ki.-u Trlcphune SSI* I 54i* I Mamit+maun | 163.3 +0.8 14 4.3 j Takeda Cbetniml.l 375- !— 15 


Bow Valley- 1 niL..| 26 | 


: Bl'Caiuriii 1S1*.| 15'* 

■ UntM-ui lbi* 1 16-* 

Brine . !4.50 ‘ 13.23 

Calguy iv,« er....; o7** I 37 
Caiiitf'iit VI him.. 1 11* ' 1 !■'« 

CainiUa t t "»-ur.. 9*a 1 9ia 

Cana>l*M* 14 a..' 13 12 j* 

Caulni] 1 Hull, om' 3Si| J8u 
Cauaila iibin- 1 , .. 19*? 

tau I'eriii. 18 Js 18'* 

1'sil IS iilk- Im.,' 19 IBi* 
Can. ’*iii*-i nil... 56 55 j» 


MeiallgM • 205 ... . 

lliuicbcuer RurkJ 520 i_... 

>ei-Leriuann 114 ' + 0 

Prviia-sn*; l* VI I0|>.| 106 

1 ID'Ciu Wert. Liar i.j 180.7 — 1 

1 ndicriiift 1 236 

Siemeiio 269 — O.l 

1 Sml Xueker 245 + 4.5 


2.4 ! TDK 2,080 I— SO 


Thts.-wii *.!• 1 17.0a) - 1.2 - 


18 1.7 j Teijin • 120 1+4 

I Tnktu Marine... -. 1 605 — 5 

i To kin Elect Pow'r 1,060 + 10 

” f-J ’ Tokyo Sanyo j 326 +1 

fl ’ TokyoSbi banra...* 144 —1 

1 !2° 

j J : Jlntow Toyota 960 ! T 10 


-2 J 14 j 2 .i|« , ‘tUJi , e,*l|... k -J 

— 21 I 20 1 1.8 ; Mtnztoe KfoCftttci n .... H ,.— 
—10 : 15 | OJjUtaUin Auaraila_^-^-..... 

I 12 0.9 U uniop dubberfflll ... 

+2 16 ■ 1.0 1 83COU. 

I—IO 48 I L3j Etdei-hrailh 

+ 2 12 ! 2.3 1 HSC. Industries.. 

—16 30 1 1.5 1 Den. Property Tnutk - 

— 10 ' 20 1 0.9 1 H*gier»Zcy 

—30 : 40 1 Ll : Hooaer. J 

—2 11 | S3! I-Ul-Anstratoi — , — 

—15 ' 15 | 1.9 ( inter- Cojmec... — 

—50 | 3D U.7 1 leuhutite Induaatea..— — .. 
+ 4 ! 10 | 4.2 | *in*M rD»etd|^-....^ ...;^_ . 

—5 I 11 > 1.1 - Leonard Oil,- 

+ 10 I 8 I 3.8 { **u,t Lxvrtonityjn ... 


V* rt* • 

VEKA 

I 1 ••rvtif*Ji; " f'.t Kk 
V •ilLsnht>'ii 


175.8 * l.B 
104 -1.5, 

287ad--13 


14 4.1 1 

12 5.7 1 


ti BRUSSELS/LUXEMBOURG 


CarliU" H'h.+te- 4.05 


326 1 + 1 | 12 . 1^ 31138 Holding. — .J 

144 |—1 1 10 3 16 1 Dyer hmporhm 

140 ;+3 - 10 I 3.6 1 Aew*.., 

960 ! t 10 ! 80 . 1.0 1 Au-tahaaliwetnaumjal.-.-. 

Source Nikko Secsm.ea W * 

Dii nearch — 

EMBOURG Utter bM* ora ri on ) 

Piooicr Coocrete. j 

; DiV.- KtLaitti Co 1 man — | 


..I?-*- 

1080 
12-28 
11^8 
. 10.79 
10.96 
1L17- 
11.78 
10.88 
1L39 
1037 
tO:3S 
11 j 09 
tL16 
t6.44. 

10.80 
tlJBB 
12.00 
1B.90 
12.40 

te .20 _ _ _ 

rJLSS ; +« ef f y * 10 ^ PH L53 ) j-O.'pgfl ' :» 
xl-30 ...... - VoL CrJJlJBn. Shares GO-fl'.’ ■ 

tl-41', HUB Source: ; Rio de Janeiro SI 

tl-OS „ . . 

^ JOHANNESBURG 

T4.15 4-fl J1S y,'u» 

tl.47 +D.B2 8-^ ^ MIKES y. 

}o:§? :S5I conm. ... 

»a 06 ttoi Charter CoaaoUdateO ixifl. ~ 

toil ^Drtetonteic u^-- 

SfS..4S ass. ■■■ a-, f 

ri.13 1+0.01 Kinross 4.70 - . 

10-26 j -Kloo f _• .. .. 

I£'S I Swuh Vaal ,r.TO^ 


i!TY MA 


yalo K**» Pn.-H pvj LSg )+ 0 .'fl 


r ‘V4. 

• • -aH 

«jr3 -wM 

?m 

-r^raijSi 

i - . ■ -a ..-m 
.. 




CrJ3t jtu. Shares 60 -h'' 
source: . Rio de Jandnt a 


JOHANNESBURG 

. . „ MIKES 




Aaru 56 

Anglo Anrortcan Conn. .. 

Charter CoaaoUdated 

East Drieftmteki 


Rauf. -• 

»J7 ' 

ULWi 

«.«*■- VI : 

L7T' J 1 • 

■ *05. 

4.70 - . . 


--■ > 1 . T. 1 ( 

^ra-iaatv, 

-'•r +*.-» « J 


Ka»sssriB£tf M - '&***•?: — 

HZ .tffl! gf-»JSSa- mis. 


-**0 _ #m 

+-u*09*a, 

' -•'-■ d ar m 


ThteB fl 


weBeerepofcrred LSgra-T •’ DUS. 

^STSStk rtftf 

Fr» mar '-a* eta. 


[ Ca»s«ir 11+j.n. 


Buiro Cascade 

Borden- ' 


| Gannett 

I Gen. Amer. In*... 


| GATA-... , 267* 


Kurj; Vfamer 2B6n ■ 29** ;uen. Cable 


Rraniff 1 m I 13** 

Braaetn *A‘ ' 14 J# 

Bristol Hren 35 T* 

Bril. Pet. .VDR...; 141* 
Bwmnnty Glass . . 31 

Brunswick : 1 * 

Bumtui Ene 19*a 

Budd. ' 357 | 

Rulon Wuub ...i 6 

B'lrlmglon A'liui 39 

Burroughs , 69Sg 

Campbell Soup.. ; 3ZU 
t anadiap Plunfle 16lg 

■ anif HtJtdoSpb..' 11 

< aroatiou ; 274 

farrier A Generali 13*a 
tiarter Hawley... 17»a 
t aierpillarT racta' 645* 

CBS S4U 

f alanwa Corpn .. 401s 

C^ntzal i S.W l5sa 

Certamteed 237a 

CewDa AucraK... 330e 
r base Manhattan 1 32 
Chemical Bk-NY: 415* 
«;b*wbr 2 ijPciod..i 24*g 
i.hoMleSroMin...- 33M 
Chicago Bridge— 52*8 

•ihrcmalloy 19*4 

iJircnler lz *a 

r meranta 3*< 

Line. Mllacron...; 26 tj 

CUKtop *■' 235* 

Cities Service.... SOBa 
f.ity In vesting--. • 15 Ig 

Orta Col* 42 

I *h**e Palm.... 2148 
Colima Aikmaa..] ll 3 * 


Den. Dynamics... 


1 Gen, Electric* • 521* 


1 General Food* — 

I General Mills 

J Genssi Motors... 


, Taj. j rm. Pub. UtiL... 187s 19*6 

! ia^ Gen. SignaL 1 28** ■ 875a 

! 44 K. Ken, Tel- Etert... 31 3TOa 


Gen. Tyre. 25Ss I 25 Ss 

Uenroco ■ ; S7g 

Gonaria Pacific...' 27^8 j 274a 
l^rty OH 168 | 166 , 


I Nat. Distillers.... 231* 
if 1 * .Vat. dervtre Ind. ISBg 
A'atiunsl Htoel .... 317a 
Katouas..,, 364a 

Nepume Imp. ... 211* 

g° « Sew England Bl. 884 
SI! 8 . Near HnglamLTel' 535* 
25, Niagara MuhawL. 14** 

Ntagara Share 103* 

PSj* V. L ladiutriai . 1 183» 
"f? ISdrWkiWatera, 27 4 
I North Kac. Gas... 40*g 
“"U . Mhn States Pwr 24 l 8 
“5 s j Atl 1 wrest Airline* 27 
,JJ 2 j 1 Mbutat Bancorp 854 
££*■ \ Nurton Simon. ...1 20 
60 fc I tuvidtattal Petrol; 334 


187a s<iticntao*i 24‘* 

38 >f*«r’t Banshsrta. 26 r* 

354 Sperry UuliHi... 18 

50 Sjierrv Hacrl oB-W 

647 § .-N/uih 34 S 3 

5Hs ^ouzdard timait*. 23 -a 
48 aid.OUCam<>rnia 42*« 
436a Std.Otl Indiana..- 497 * 

564 abL 1*11 •.thin 67 1; 

503* atallir Chemical. 41.'* 
29 I -Sterling Drug.... 16 *a 
16*a • Sluutfbater. ...... 6 ai« 

1 Sun t*i* 4it* 

231 - SuihGtrand 424 

igj. 1 S*'ntvs Xb>« 

334 ; Tochnieitmr— IO 4 


CbieirM.n • 

(Ami ■ mu, 

fnQ* Hmlllirsi.... 

t*on,iiiin-r 1 ■«>... 
i.‘i.+ets IN- -*i inert* 

t Vr-tpiii I * 1 * -1 1 ■ 

Un on I 1.1 in , 1 

D+nlvu tliues... 

1 D**ni Miiu- 

) Lhtiuf PHnoeunj’ 


!l"iitim**u Kridge, 2 u 4 


aia **<j 
294 iai 7 
Z7> t 27', 
Z7U 37 :g 
174 174 

7 • «J** 

11*8 . tlOig 

8 8 

70 • 70i* 

74 743* 

623a 65 


( l’rtce j + or Krs.-_Yuj. j H. C. -stegh. 


AMSTERDAM 


Don ilar 

|l|i|airi 1 .. 


4 ltj ] FalMin'^e Vickie. 


Font Vla***r (.'m,, 76 


price - +-w ; Diir. TO. • ££ feiSEiBS 

Ap'tl* . - - O | Bekert “B" ! 1,780 

AI„.|.MKIJl*. 9B.2W - 1.8 ^21 _ 3.7 ' oSifflllllllllZ^IS 

.Vk/i«FIJffi .- . 25.6—0.6 - 'BBSS.. ,2.470 

Alarm BuVlFl.lUl) 349 : + 2 A26.& 6.7 , Kin-miKo B blO 

VVIHV ■ 11.10... . 83.80 -0.2 V-44| 5.2 j FaSgWKtaJLjl.BOO 

Viurobaiik (PI.3U>- 74.5*11+0.1 ■ HiJtJ 6AJ;i;_y_ Judo- B ra '2,180 

Bitcuki.it.. 86.0: “2 1 ?'2|Uow*ert : 1,41Q 

link* #rt nnHi'i 120.0 80 . 6.7 HotaikMi '2,546 

UurliriiiTefteri'Ji*, 67.7;— O.Z : J3 i 7.4!] ntnTaln 2.026 

Elreno V iKIJM'.: 282; : 27.5^ 1.9 : ‘ 

En 11 laN.V. Bearer LSfi.S’ + l ' 37.6' 5.5 • Krwiletbank .6.670 


— Me* i % MuUdsdd Mirrinz. — - — J 

1 j 1 4|«*gas Srploraeton .] 

—36 — 1 — tdutb HU...,; . .. . 

+ 6 . 60 3.9 Wmcods 

1 + 30 |112 ! 63 Western Mining (tOceoM)^ 
.—30 1 100 1 7.2 Wnplfforthe... — — j 


•SJ I Free Stale GednW~..;_'."V aBj». 

- 8 * PreaUem Brand 14 jQ" 

.... { PreridiBt S^yu ji.«h 

■OJ 1 SUHotnein - 3.751 


ie% marlipi fer Jbi 


10^3 Udl WeJton 


West Oriefoumm 
Weflera HoKUngi 
Western Deep „ 


Ssilite 


INDUSTRIALS 


!177 | 7JS I 

430 ! 6 . 6 ' PARIS 


— .At« .r ; 

'Bartow Band 

/ CNA Inresemt 


CNA Inveshnems UM 

Currie Furnace a,gr 


scons 

sseti 


! lien ►ll" 

Miaul Ycl'nkoile 


! Oult Oil < miada .' 283* 


| TckTronix 

■ Teirttyne 

1 Tele* — ..... 

\ 


' T«on * PaWnlemn' 
: Texau.*.,. 

■ Texssguh. 

TetaslcaiT.ni 


1 Hau kcr Shi . Can. da 

| Hnliiiiitrr airs* 

[ Honu* 1 til • \’ 403* 

, HuiIhui Bsv Uns lnit 

Hiiri-***ii Bay 191* 

HuiI>i*ii iiil.tGa* 413* 

l-VJ 17ia 

liiia^n 51 

lni|ivna1 nil....... 196a 

tm-r. ! 18 


BitfukwC : 86.0: 

link* W <~t’nii KlOi 120.0 

Uur1iriiiT*ffU:ri»Ji*, 67.7; — O 

EI*+-no V iKIJS)'.: 282- 

Eiiliia.V.V. Bearer L36.5 ! + l 
Rural uui l’-*l KI.«J 67.0 1 .... 

DM Bit-siIl-* (Fill, 32.5 

Heinrki-iilFI.26i.-l 97.8-2 

Hrsupive^ 1 PI J23k.ii- 28.21+ 1 

Uuuut D.>KI.UjOi. 34 A .... 

K.L.M. iKI.lOHI. . 143.9; + 0 

lot. .UiiI1imi12Di *48.6 — 0 

Vaardcn iPI.tOi . . 34.5 — U 


. I iswora j tau «su ' PJ . _ 1 | Ofl «_ ; 

* l *• J | tievsert -1.41Q ' ' 85 ' o.l _ t .T 

* * 5-2 Hulwliaa '2,546 j-40 '170 , 6.7 710 CTj 

^ intern* *026 ^5 |l42 . 7.0 . 'g£j5SSB% 

5.5, Knailetbank- .6,670 , + 50 ;266 1 3 . T %ir Uacdda ■ 313 /— 8 . 

.H> 5J2 : lA Uoya.lt> Be^e_ ,6.080 1+80 306 . 6.0 i 44 attain e - 444 —2 

j 1 6.8 ; Hnldina Jb, 370 I !»t26 3-4] oIC. 1 490 -13 

1 ' 3.6 • Hetrotina .4.650 I— 10 |174 4.1 j oooyaoes i— I - 670 =-82 

? ■ riou Gna BaDnuc.iS.920 -95 204 1 7J3 1 GnrTrtiii 49T J— M 


1 + 50 ;26& • 3. T, %trLio(dda. 


67 .0 94. el 5J i I* Uoyale Beige- 6.080 +80 306 . S.O 1 .u; attain 


32.5 1 22 ' 6.8 I **»“ Haidina -.}2,a70 

97.8 —2.5 I 14 ' a .6 Peirolina (2’!*52 H 11 

od Oi • 1 A .in oc, 7 t 1 ^00 Goa BflDqUQ** | S l 9ZO — 9' 

if! 1 lT 48 **' »« BnfcWl.97facL.il 
:!s'— o!l IR Nili-my 12.640 [+11 


!S^25 341 alC. 


in one o 
the Si 
IRfortR 


143.9+0.1 - - 

lot. .Unllenl2Di *48.6-0.1 | 18 6.6 ; 2*222 

Naardcn . PI. tOr . 34.5.-0.7 • 12.5 3.6 ! Blent.-.. 2,765 

>at->«il Int.iKUO' lw5.fi + 0.9 \ 48 4.5 ■ r- mT-'m'mE"™ Sn 

Vedfred Bk< KLBOj S3.8a'+0.7' 21 7J , 

V-I Mill BkiFi.hu: 193.01 — 0.5 I 22 . S.7 , > leuiaMuntagnB. Lp 4 U_ 


~TiS CS r- i —I a as7 5 BL- i--/BB^g]gft| Eii iSTdSSO = fSJdvei -i: , ;'- ahe ' W»H 

101 1 800 —10 ' 50 ; fiB Urarlit Lorn Pr*reJ ' 129 ' [. ,\ 12 : 9.3 Hdnd Knas. Properties ... 134*5 Th-' ’’ e ‘-’pentte.*:* 

ttgne.l. &w -30 10 0 6.1 Uww* Loire- — ; -. t - ! Rembrandt Group 

- ■ — * I : ni I *•» 1 1 R : no 1 -Inl» wliTlIlnT Gi 


Tiraaal/il A Las... 32bg 


Texas t lilitiea ... 
Time I Ur. .... 

Time Mirror 


I Tun teu ’ &0!( 


Goodrich B. F„.,. 22t* 


?oi fJcodvrarTire....; 171 

12*8 | Gould 281 

i’Tfl l Grace W. R. , 271 

bC Allan FacTeai 81 
on. North Iron..; 23 

fS- fireyboooil j 14 

156a Gub lAV’ealem. .- 13T 
23*s I Gulf OIL -...; 343 


27*2 | Otfflvy Mather.... wm 
22U | Ohm Ediaotl..^..,' 18 

I 711 ‘Ota...- ; 16 

386. 

a ttj ' Oren>ta«Shipa — 1 23 
noi2 I ,,w *“ Corning ... 601* 
aft I Oatn IlilMta-J 214, 
iSJ" 'VtaMeGm. ; 24 1 * 

1 -Panilw. I lflla 


i Trane - Jo's 

] Trensraerioa 155. 

Traasco 1918 

{ Trnoa Lidun. Jn** 

j Tran-war Inir'n; 245. 
; Tram World Air,. 18** 

Travel lera oBM 

Tri Coniineotal . ^ 20 


Ml, jj 


1an*l — - 11 

lulauil \*r. liu... lw-< 

lus'pi-’yPi|ir Line 14 7g 

hiairor IkT-nirctt.; 14*^ 

Lauriu't FiuCorp- 91a 
1 LJiU'\ i i.ioi/B* .. 2.95 

! llr'uidl'ii Uluedr. Z0*a 
; .‘Jsi+ev Krrguaun: taU 

, Uplniyro.. ^24* 

] .Uoifv i.vrpA 53*3 

, V'.rsn.lH Miueo...' B54* 

i -Vnroeii fcuergy„'- 16 Sb 


11 ■ 11 
lui* , llOA, 
147g 14*8 


N«1 Mid BkiFl.wi 193.0—0.B I 22 , 5.7 i > lemasuno^^ajw 

,KI. 3>1 163.0 36 4.7- 

V an t'iiiiiiK-riMi — 113.01 + 0.6 18 7.1 ! CU/JT7EPI *un ft 

PhkliocU .Kl.ai,/ 36.3 -0.3 - - : SWITZERLAND 

Phil i jr? i FI. lOi . • 2a.6i+1.2 : 17 6.6 1 “ . roj 

Ifin’M. V en. 11. 1HT 75.5;-1.5- - - | * y„ 

Hubeo. .11- SOi. ... leb.8 — O.l >A25h' 7.7 I Aprl> " " 

lioHuin *KI. iOi ... 123.5' -0.3; — — I 

HoreiitniFl. bOi ..I 131.7, +0.1 14 S.3 'imi 

IlnvalDuu-hiflJOl 129.4— 0.9 

rilaienbnr^ *59 j— 1 

sxenu tirjiiFIJO* 133.5—2.5 
Twkyo Kno.H Ids.Sj 1U8.0+U.5 
Im'lBYrr 121.1—0.4 

Vikmg Ecs.lnDSl 59. 0 1 ...... • 


Ft. Petr oies . — j 
Den. toctowe 


R“ : +f; 


: Aluminium 1,090 *fl'„ I 


la- 88=i TOBil i^S ira IM 

® ! l^fSSroSKMataliow j- 2 i fluj-filz. Sccnrities Rand $U.&( 

S i Ulsssssfej 1 ® tr. m si-.: , 


mmodl 


ila ' r* u | in t wil i W-8,6i- 7.SI WI WAIN 

-5- sjii SSSESs?. 

. ._ I HnflmBD rttftrt-.u4,5tM) |— oO [S60 , 0.7 1 w^w/ n - ■■ *■ jqq . I _?*! _ '[ Aslaud 


; Hudtaez [ 

i KarlbaB— 

I tiaebtorr^.. 1 


VVeni Inu'il ii. H*nB:386.3W -3.6 S3 


16910—2.5 [ 3 
169B|-4J4 1U 
B6A — 2.6> 7.: 
OTB Pf R -T r n 


Nlhu. Tdtnini-.. 


I Pacific lighting J 191* 


I Haliburtoa I B 8 ig 


f nlumbw Gas ; 28*? 


Columbia Pict.... ( 17B* 
Cnm-liibCoJdAni; 19 
CombuBtion Eng . 39** 
Comboatlea Eq ■ 
iVm'w'tb Edison | 274 b 
trom'ff'Ui Dll Bet; 1 *! 
Comm, Satellite..] 40 
Com [hi t*jr Science 111* 


32sb Hanna Minina.... 34S* 343* 

415* Harnlach£eaer. ., 1 I 6 I 3 16ij 

24 Harris Corps ...... 1 52** ! 60** 

33*a Heiiuce H. J | 38kg ; 375a 

601 2 Heubteiu — ...1 2712 273, 

Hewlett Packard.; 761* 73 

si j Holiday Inna...... 17&a 173a 

ort? ( Homeainbe. 3lfl« * 30&a 

lita Honeywell : S0 ; 8 50j* 

|*ft Hcovir 135, ; 13i, 

® Hcftp-Corp-Amer.; 294, 29 *C 

HmwtonMat.Gtai 284* , 26ag 

Jift HumfPb-tiOImi' lUi 11*4 

?{!• Hutton (E.F.) 16 ! 16%, 

■T a I.C. Industries... 848 b i 94Jg 

?«i* IAA — 421, 405, 

17Sfl UicwU fUiuL.. 5768 I 56*8 

JS'ifl I Inland Steel 39i» j 381s 

38*2 i inalleo 14 | 14 

i5ig ! 

27*3 < Inujmjnt Enorgr 


1 IV. F«t. Jr LC...1 ZOT t 
j PknAm World Ain 6»* 

I Parser HanniBw .. iiBJe 

Peabody lot ; 24ea 

Pen, Pw. 4c lx — 211 , 
Penny J. C..„... 41 >8 

IV nn/j rii 291, 

Peoples Drug H „.! 8 


174b 1 People* fiaa . 367* 

uib 1 a, J -a-. 


Pepsi cu. „.j 


®4 ST.K.W 38>* I 

W*i 20th Lesture Fox. 285* j 

21 L..V-L. 24t B • 

6 1 * CABGU 231* i 

25 ig 2u 1 

2412 C.O.P. ' 204a : 

31*2 [Tnllever 353* i 

59-b L'nilever A v 545, 

391* LnkHi BaUiVrp... 15 
7 ; a iiuiou Carl ilds... 42 
*7 Luion Cnnmieice 71, 1 

381b j luJoa tJii t«lit .. 50 \ 

I l utou I’acihu 503a 1 


._ I Niimei- ijl! * Qua 2B7a 
a <ie ' uaka*>*l m-'m ' *4.95 


L&j- 

'll SPAIN * 


^fe?-3SSk| 


UsLui.asI Pct+’m.! *4.95 
. jt 4 ! Paettar topper 31.' 1.55 


2*3 [IBM 2614*"- 298 


■ Perkin Elmer 19a* 

! PW 34i« 

■ piuer 30 

j Phelps IMra.. -i 233* 
Pfalladelpiila Ble.i lBij 

' PhilipMnrrta b41* 

' Philip. PeUvI’m. 32 if 

Pilsbury ’ J7*s 

i ritney Bowes..... 22*3 

nttatraiM 23 Tg 

Pleewy Ltd *U»K 17** 


181, TLnuuya: 1 


1 United Brands.. 


29i, j US UancnrpL. 32U I 514* 


Conn. Lde Ins. ... 345, 


Cenrac 

*l^n. Ediasn N.T.- 
Consol EV»is.. . 
Coo Ml Km. Qaa. . 
Coaunmer Power; 
Continental Grp/ 
Continental Oil... 


Continental Tele.'. 16 3 * 


Control Dsi* 
Cooper laiaam , 


593* I lull. Flavours.... *21* 
11 5g : loti. Harvester. 30!* 
334 a f InD. Mini Cijem 1 4l3e 
22*0 | Inti. MuiUModB.. 231* 

22*a ' In'" 1 15*9 

24 I mil. Paper 41!* 

40 ! IPC+ 291, 

225a ■ Int. Heuufier.. .. iKa 
301? i Int. Tel. *1 lei.... 317, 

271* ; invent Hg 

155a Imve Be« 37 

7.9 I rt> fnlernflrir'Oil. ISts 


30 Polaroid 

4t)>* Potomai* EJec.... 
B2t b : PPG Industrie*.. 

15t b I Proctor Guable.. 
39Ba Pul* -serve Elect., 

£9 . Pullman 

18 1 Pares 

31 Ig Quaker Oslo 

1 1 p liaui*l VmerKan.. 

SB llnvihtun 

IZfi }UC.\ ■ *. 


. USti.Vpeum 234* 

Us doe. 25*8 

L : 3 Steei s7ij 

I . . rc.’linoiogiee.. 40 Je 
I V luduftries....' 
Viromia Eieet... l3Tg 

l Ua.Kreeu 211 * 

Warqei'- torn mo.: a9 
I V\pni^r- La rtibert . 28i« 

1 W **te- Hau'mOOl U4b, 

’ Wrfls-Karriu 39 1 4 

; Western Banrorp. i6ij 
1 ttweni \mer *6 
1 Western Luuiu.. IbS, 
vVntinnbw hlfcti 194j 


1 PaclikTrirolFuiii 38 

• Pan. Can. Prt’m. 43 

: Pntlnu lb?, 

IVifri*.-* Uepl.S- 3.90 
Flaw; Can i Oil..' u.5 
PlawrD>*\elopmt. 221* 
Power Corwrafn! 134, 

Prirt < 13T 5 

iiotbix stutjseoni i-io 

ltauuer Oil ; 364fl 

IJerai Shaw J 10 

Itin Alenin 31 s * 

lioyai Bk.ui Can.' 29 '* 
Uijvai trust 1 177, 

I n«w|*rv U'cuiirvesi 8 Ja 

• auapranis 28 

, s&eii f'Bufl'ia l4i'g 

isbemn 1*. 11 low 4J50 


COPENHAGEN 


Du. (sma<i) — 17,800 [+25 > 55 I a7» ttadioTft*uioiie.! 469.. —8 l-OT l fcyigwien BUhao » 

l inert ocx 1 a /J3.700 j+80 I 20 | 2.7 : l UU itti f i ' *--- 879' 1—24 I 27 r 4.6 rR* ne » AttaflWp-'l.OOW- 

Jelmoll (Fr.lO®_.l 1.425 al;+S ; 21 j 1 - 6 ! ubotie frauens;--- 87.1 — « l - 9 l|0.3 1 5“*® c * sw * 1 ' — 5? 

Nestte (FV. ion— 12^86 'a85.a; aj>' j. fl obato : i — 


e»W« tFV. 100)— 2386 >i85J! 2-9’ 3 t_ 6 ab*ln_ i 

tin. Best 2.230 L.S WTiSJIap-iftroeatw..: 

eruiton 2.030 .+40 IB ilgJin^ 


t-or ■ Dir. xii. jenwon 3.030 

“ ; o * Pitel1iSlP(P.ia0j 266 


190 -T 8 if — 1 - !**■* - - H| 

469.. +8 j -27 l 6;7 S** 1 ® 0 BUhan W 

579 —24 1 27 r 4.6 AOW8«-<1.00W“ -TBJ 

87.1 — 4w3 1-9 H0.3 — B3 

1S53+LO MW93 Bnw BrtMlar — w 

11 !“«» r-woml : m 

wTlZS sasJ ST tanco Gnnada *1AW) » 


17 7* : 18 
8 la i 2d i* 


A ndersbaukeii.^..; 
■lurin'alr IV. a-a,.- 
Din-ax' Bank....... 

Ban .tsiali C<v,..‘ 

riiMuslaiikeu 

fur. U.vunerter ..., 

Pvi. Papir 

Ksiiiielstsink 

.... Viti nll.iKriC; 


136.5— lO.sj 11 


8*6 t'elftMtoaBlqnw. *1 


danrtoa (Fr.250t-.i5, 450 + 26 | 26 j 1.9 fbums» J4taaft*! 191 -2 


OPTio 


4» I 

124.5—0.5 j 
lfiflaaf— .J 

131W 

335 

8 l Is. 


126.50!)— O.S j 12 


8 ' 1 ! Do. Part Con*. 468 +8 , 28 ' 2^ 

4-0 : w-hmdlvCtaPlOO 290 | 12 4.1 

g-f I MHasrCtacFjOO} 340 -6 ! 14 4.1 

7*6 ■ wrftaair rFAGOl. . 800 +10 j 10 4.4 

|-| ! awttn Bank {P.I00 ■ 544*1 1 10 T ifl 

o-5 — w!»(lta I F.2bO)_ 4,325 -60 140 2JS 
2-® Colon Hank 2,926 *1+5 80 3.4 


26 1 8*2 j IJhLjotu-* 
18 141-=^ 




WBj 7.7 


io 4.4 STOCKHOLM 


Vin.l halie! ■ 249.75; + 0^5, 12 


Uuelatinr..-.^.,. 74.26 +0.86, 12 I — 

Privaltnuk l 02 >; *d' ; 

I’msniflsnfc 138*1' ' 

>ir*ti. Heheiniien 374 <„ 

ruuorKn 187 ! 


9-9 ! Laion Haok~„, 
j-gl iutv-b Ins. 

4.8! 


110,600 — I 44 


137a ti — 


i3h 5.;:::::.* ' n 15; milan 

374 1 11 .5.2| 

187 ! 12 : 6.4 1 


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sis I — 2J?3 Bun hi»iw zzs 

191 -2 l£& 77 n.W) 130 

262-0^ _ R* MedtatralWO.- 1 « 

— -.l-Z- Btow Pooaier 235 

Bum Suiaader (2381 3» 
Bancs Unjulto OMHD . MB 

• -• BUttO Ytocayt — — ::.A~ 2» 

Price ' 4- or bw, XhL Bum Zaragdauio 297 
thSfT— Kr er Buatremoo ■ i..,...- ■ 140 
°r j ’ JL Reutts -'Aadeloda ..... . ' 221 

196 |-1 53 2JB 2S C0 ! 3 ? Wflcox ‘‘' — ■ g 

S « tf'g-ss'-j::: ■ S 

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[HepubLe attai— ^ *46* 


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1&4 ! I ' ner ‘121* 
|9i« j Liiwn t.iitr . ... I** 1 ? 

! I.'i«i. 'ibctxj M ines 7 

*h!e Uaih**r Hiram... 
riw ■ IImiI tuui lr». 33<* 
!5?| 


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VIENNA 


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m 

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aarii 


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— nit+i|l . 
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v«i liannecil. 


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JiejVid. ! IttlcetueiiL 10J50I+ lid 200( 1.9* 

4 1 “ jjuukier. 140 -i.nl 

Uerfiobtsc* 32.3BQ — 20 ' I.20O 1 3.7 | 

l si 4.9 iMvutadteoft 129 —l ! - - l iaadvlKAJL* 

9- - 3.d ' Olivetti Pne 875 +8.8| - ; 

58 1 8.1 1 Pirelli ft Cu 2,035 + 14 I30l 6.4! 

- - i Pirelli 51/ti 959 +3 8d 8^j 

-7 3.9 1 SaleYttoosa 660 — — J — . - 




-7 3.9 
14 6 8 


J 7 ’ 1' 


Petrol) ber 
Pet nhM 


US 

sc RraridSB .:. 7U6 


t& -M 


j/; i saErio. J**Miera — 

J'SfsmiM — u « 


+ 8.8 - ; - : acr. * 6 Mbta . 1 76^! i 4.6 6.9 SSefe Z—. TIZ-Z 1» 

+ 14 I30le.4. raaarltnaiilHa-^ •— *1 - f S'S TWefotte*' --, c, , - - SSL 

+3 0d 8-3; t»fl.W«k Torn* Hoorn* 47 

_ _ . ... M.fi-1.9 1 8 — — -• .Ml 


— . — li-Vfebolm 

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i - i ■ mmnmn - — 























I ■ 



5 


0 


.Thursday April "27- 1978 





:w 


JAP deal 

^ VIENNA, April. 26. : , 
1 % a^ROBERT flfULDOON, lie 
Zealand Prime* Minister, 
5W\WL stacked the European 
J8 n Mariwfe sysiem of 
-lam prieerss “agricul- 
S protectlonisni of * most 

:.Jaiudv . reports 


"* !i;», MuWoon, who Is attend- 
' r > ?s'i annittl Board rteetiJig 
: %A3Lrf. the Aston Pevelopmeof 
Y-* J»v ■I'-jA* mid reporters that the 




RM1NG AND RAW MATERIALS 


EEC FARM TALKS 

‘Milk Board alarm over-done’ 

BY ‘CHRISTOPHER PARKES AND MARGARET VAN HATTEM 

of llle Da,r y Trades Federation rep- were established, but on a very 
*L est f*^ ay w reseI,tin fi milk processors and much smaller scale. 

^L D8 i tile ^ arm be ! is distributors, backed Mr. Silkin in The experience of those 
i* OTe £ “ e tampaign to retain the member States farced by EEC 
e iif^ Common Market .threat Boards. “The continuation of rules to dismantle their milk 
rfdiivLV future °* doorstep milk the Boards in their present form marketing organisations proves 
deliveries. • - is essential for the future of the that, without them, doorstep 

Unigate, one of the leading iiduid market'* he commented deliveries fall and milk sales 
dairies in the U.K. complained They were also important for drift Inevitably towards the 
that the ’ Minister’s 'pronounce- th ® survival of the small amf supermarket, 
meats in Luxembourg, based on medium-scale dairies in the U.K. This, in turn, spells lower milk 
the EEC proposals for the Milk On the fringes of the main consumption. Moreover, in areas 
Marketing Board were * upset- farm prices debate In where milk delivery is less profil- 

ting for customers,, employees LMxeinftourg this week. Mr. able — semi-urban and rural 
and shareholders.” 

we -^wam 1 to^T-een ^he^minc certa ‘ n member States who. he there were no Boards. Con- 
Boards '• It added' P UK claSjns - are oul 10 hill them. sumers would be forced to pay 

„ ' . ' True, he said, doorstep deli- higher prices or do without 

J" 1 :*..®®?. Davies, president of veries existed before the Boards deliveries. 




30 


SpjVfflfrfrM - report 

^gPii^.prtiy rte blame for 
'- ^lan d’s .. decision to 
.'aidtothebank- 

Zealftnd is ' the only one 
donor , nations . which - 
not to contribute to a, 
TppIfcBlstanenf of ' the 
s pedal fund which sub- 
joins tv sono uf Asia’s 

t countries. ' : ' 

Moldoon: also criticised 
restrictions on farm 

hirt stogie* out- the 
Common Agricultural 
(CAP) as the most 

;ng tirade harrier for his 

r EEC- . regulations 
ing imparts of New 
- (Min' -produce were 
'.nttdermlnihg the 
!>s eqwrt - "oriented 

Hog talks with' Mr- Bruno 
, r Austrian Chancellor, 
this week, BIT. Muldoon 
lasted that Austria should 
— • inmh . imports. 

- reguiatJons • restrict 
of sheep-meat from 

coon tries.' • 


Caution in 

potato 

marketing 

By Our Commodities Staff 
ONLY .ABOUT 100.000 tonnes of 
potatoes bought off th emarket 
earlier this year will have to 
be released back into normal 
circulation to meet demand, the 
Potato Marketing Board said 
yesterday. 

These, together with stocks 
still held by farmers, will be 
enough to cover total needs for 
the rest of the season, estimated 
| at about 550.000 tonnes. 

The Board said that the 


METAL MARKETS 


Moves to stabilise 
tungsten prices 

BY JOHN EDWARDS, COMMODITIES EDITOR 


Silkin has devoted his energies areas, for example— small distri-j Mj n j«:trv of Aarictiltiire which 
to defending the system against butors could be forced out if hast week took over res no nS 



Wine dispute drags on 

BY MARGARET VAN HATTEM LUXEMBOURG. April 26. 

7TIE EEC farm price review quality Italian wine. price, leas than half the nominal 

continued behind closed doors The French would like this guide price. The French suggest 

here to-day as Ministers re- floor price to be set at 93 per that this “intervention price” 
mained locked In bilateral talks cent, of the “ guide price," an should be raised to appease 
in the - hope of . resolving their arbitrary figure indicating what Italian producers, even thougb 
outstanding differences. is considered a reasonable man- they themselves would prefer to 

api ** red l ° ket P™*- see it held down. 

the question of But they say. they are pre- gj 2 Giovanni Marcora. the 

France U* 1 !* F ared l0 J, 0wer ^ eir si fibts as i la , Jaj , Agriculture Minister. has 

Ita J > seeded to-be far as 80 per cent if the not rejected the suggestion oul- 
movtiig forward only slowly, if Italians, who oppose the very r j gM and seem s to accept that 

Th*" cpntmi ; ee , lA « flw » r> nm ,dea . of a fl[>or P5 ice - are pre- some farm of floor price Is inevit- 
me central issue is the Com- pared to set aside more low a hie 

mission a proposal for a mini- quality wine for distillation into » *, he «. miM tn lhe neen<»at. 

‘"TCS'^h, up for „i, 4^“? 1 * 

blrnk imports Of cheap, low- tillaUon commJds , very low w ™ tS 


'-ivi-^Nirrr-T 


iBrazil’s soya mills in trouble 


Jw SUE JBRANFOftD • • SAO PAULO. April 26. . „ 

. ... to oppose the allocation of more 

DnZli/S EXPORTS of soya- ban on be*n exports will remain that this deal will be authorised Community funds to buying 
- ' J — * * c — ^ ' alcohol, of which there 


last week took over responsi 
bibty for metering the return 

of Government stocks to the 

market, had given the job back 
to Board officials. 

They would continue to 
exercise strict control over the 
tonnages released, an official 
said. 

Potato grower^ are being sent 
a newsletter explaining that not 
all requests for Government- 
buying contracts to be scrapped 
will be granted. 

Estimates of potato stocks 

show farmers hold around 
500.000 tonnes and the Govern- 
ment has 356.000 tonnes under 
contract in its market-support 
buying programme. 

Export fears 
hit barley 

By Our Commodities Staff 
BARLEY PRICES feU back 
sharply yesterday, rcilecung 
fears that the recent rise in 
values is making U.K. barley 
uncompetitive in export markets. 

On the London futures market 
it dropped by £3 a tonne at one 1 
means certain that other member j suge before ^ov.nng to £82 50 
states will do the same. Ger- * .A 1 : 40 6o " D oa ““ 

many, in particular, is expected j P V1 e cline' was triggered by 


;et as many of them through as 
be can. 

Moreover, even if he accepts 
tbe French proposal, it is by no 


’ were suspended yesterday in force for the rest of the year, by CACEX. excess 

••••: ■■ ^'frtoon, after a- meeting in Sao as 650,000 tonnes of beans have Our commodities staff writes: is already a surplus which EEC 
, '* 4 , Sb. between. farmMS, -crushers already _ been registered for British soya traders were divided expansion would- swell further, 

a officials from CACEX, the export and this is all the avail- on the effects of the further But the Italians say the Com- 

1 uco do Brasil export Agency, able surplus. reduction in the Brasilian crop munity now spends a dispropor- 

"■ -:=-s-jhi decision way taken in view Exports of 2.7m. tonnes of soya estimate. One dealer commented tionate amount on buying sur- 

— ^ new crop estimate of only meal have been registered so far that in global terms, in the pluses of northern agricultural 

.. '::‘ :i '^iac"!6nnei ; which is, a third this year and he estimates that Tight of the huge U.S. supply of products— 32 per cent, of the 

’ ^ b'Q'iaflt year’s - harvest of another 1m. tonnes will be soya, the Braxllian news was farm price support fund goes on 

; tonnes. V. - ’ available later In the year.' insignificant. But for all that milk. 13 per cenL on beef. 11.6 

* : 1 1 ‘ 'c- reduction ^86 been caused The ban on soya oil exports, it bad had a clear effect on per cent on cereals and a meagre 

; : .«re £;•.«£ serimis" drought . in which occurred earlier in the market sentiment. 2.5 per cent, on wine. 

Hthern Braril, which is also year after the sale of 220,000 A leading soyabep meal Negotiations on other issues 

remain on tbe sideline. In fact, 
the German and Dutch Ministers 

^ ... . left Luxembourg to-day and are 

mea^fhe crop that Is culti- domestic market. 8.5m. tonnes. A majority still not expected back until to- 

^in .the winter, after the Exporters in 'Rio Grande Do considered the final outcome of morrow. 

,^ios haveiieen harvested. Sul. had reported earlier in the tbe harvest would be between The Commission is expected 
£~:&ebdito Itforeira*. CACEX week that the Soviet Union was 9m. and lOra. tonnes. to weigh in with a final set of 

_-rr-4UUd^-*‘-the latest soya- negotiating -to buy- a large ship- “How can they say what this compromise proposals to open 

,0 p crop estimate is definitive, ment of soyabeans— of at least crop will yield when they still the way for the long-awaited 

. . _qll but 10 per cent, of the 500,000 tonnesr-from _one of the - have not worked out the final settlement, but these will not 

been~bmested.” big grain companies. With the production from last year?” he come before to-morrow morning I was an increase of 35,000 since 

ta'Mrl Moreira," the. new. tnpp estimate,. it is unlikely asked. _ at the earliest. (the January pig census. 



reports of re-selling by shippers, 
who il is thought may have 
obtained cheaper supplies else- 
where -for export to “third” 
countries outside the EEC. 

However, It was pointed out 
that trading turnover was very 
low, which exaggerated the sell- 
ing pressure and that also some 
kind of reaction after the recent 
upsurge in prices was probably 
overdue. 



Danish pigs up 

By Our Own Correspondent 
COPENHAGEN. April 26. 
THE DANISH pig herd in- 
creased by 6 per cent, to 8hm. 
in the 12 months to March 31, 
said the Bureau of Statistics. 

The number of sows in pig j 
increased by 9 per cent, to 
620,000 ( up- 51.000). and there! 


AN ATTEMPT to stabilise the 
price of one of the most vola- 
tile metais— tungsten ore — was 
launched yesterday. It is backed 
by both producers and con- 
! sumers. and could set an im- 
portant precedent for other 
metals and raw materials where 
prices move wildly, often for no 
apparent reason. 

Following an initiative from 
the Primary Tungsten Associa- 
tion. which represents pro- 
ducers. it has been agreed to 
establish from mid-July a new 
international tungsten price in- 
dicator which will incorporate 
the present index calculated by 
tungsten users. 

Drawing on data supplied by 
both producers and consumers 
the new indicator price will be 
published twice monthly and re- 
flect not only " spot ” prices but 
also trading being done under 
long-term supply contracts. 

Tungsten, which is obtained 
both from wolframite and 
scheelite. is an important and ex- 
pensive metal. Present world 
output of some 40.000 tonnes of 
W content — equivalent to 80.000 
tonnes of tungsten concentrates 
— is estimated to be worth some 
SSOOm. at the current price of 
around 510,000 per tonne of con- 
centrates. 

Tbe main use of tungsten is 
in carbide materials for metal 
cutting, rock drilling and wear 
resistant applications. 

it is also used in wire, rod 
and plate for lamps, electronic 
parts and electrical parts, as 
well as steel alloys and a 
variety of other minor markets. 
Significantly, tungsten is a stra- 
tegic metal in that it is widely 
used in manufacturing arma- 
ments. 

Tbe biggest world producer is 
China, which is estimated to 
have nearly 50 per cent, of tbe 
world reserves. The Communist 
Bloc accounts for some 16.000 
tonnes of output. Production is 
tbe divided out all over the world 
ranging from North America. 
Bolivia. Australia. Thailand and 
Portugal. 

Because of the diversified pro- 
duction, and China’s leading role, 
it has been impossible to fix a 
producer price for tungsten 
commonly used for most other 
“minor metals and the variety 
of quality grades bus also made 
the establishment of a terminal 
futures market impracticable. 

In the absence of an ‘ inter- 
national market forum, prices 
have, therefore, been based on 


the twice-weekly quotations Pub- 
lished by tbe London Metal Bul- 
letin. 

Not surprisingly this some- 
what unusual pricing system has 
been the subject of considerable 
criticism over the years. 

It is felt that the price quota- 
tion, which is based' on wolfra- 
mite and includes only “spot” 
transactions by merchants, can 
be manipulated on occasions and 
is not an accurate reflection of 
the total market situation. 

In tbe past two decades -there 
has been a dramatic change in 
world trading patterns as a 
result of the political split be- 
tween China and the Soviet 
Union. 

Before the split.' the Soviet 
Union obtained tbe bulk of its 
tungsten supplies direct from 


tfXfiMri* 


TUNGSTEN 
ORE PRICES 

if6fr 

fejjal—i lUSEffS index! 



1978 


*wni. SUUETBt PNCES 

J 1 


JAN FEB MAR APR 


China and exported any surplus 
that built up. 

But when this direct supply 
source was cut off, the Soviet 
Union turned into a major impor- 
ter of tungsten and its constant 
buying forays in the Western 
world meant that the merchant 
companies assumed a far more 
important role. 

At the same time China has 
been able to control the market 
to a much greater extent by regu- 
lating supplies according to its 
requirements. 

As a result, tungsten prices 
have often moved in an opposite 
direction to other metals, in 
defiance of Western world 
economic and industrial trends. 

During the latest recession, for 
example, tungsten prices moved 
up strongly to a record S190 a 
tonne unit of W03. Subsequently 
it has fallen back to around SI 40 
as a result of China reportedly 
being a more willing seller 


because of a need for foreign 
exchange to finance its grau) 
imports. 

It Is claimed that tbe domi- 
nant role of merchants influenc- 
ing the pnee quotation has been 
a prime factor in the traditional 
volatility of the market, which 
is disliked both by producers 
and consumers trying to plan 
their investment decisions 
ahead. 

However, efforts over the past 
14 years to seek some kind ot 
international agreement to stabi- 
lise the price of tungsten have 
failed. 

This, it is claimed, is largely 
because the U.S. — the biggest 
consumer and a leading producer 
— is strongly opposed to any 
form of price cartel thai might 
breach its anti-trust laws or re- 
strict free trade. 

Faced with the latest break- 
down in the UNCTAD negoua- 
tion seeking an international 
tungsten agreement, Sr. Carlos 
itturalde, of Bolivia, president of 
the Primary Tungsten Associa- 
tion, decided to take lhe initiative 
in seeking a more stable pricing 
system. ” ' 

Backed strongly by the Charter 
Consolidated group, which has an 
interest in tungsten producing 
minus in Portugal (Berait) and 
France fSociete Miniere 
d’Angladet, the group approached 
the consumers group that was 
already issuing the tungsten 
users’ index, as an alternative to 
the Metal Bulletin quotation. . 

So far seven of the leading 
members of Primary Tungsten 
Association have agreed to join 
the new international Tungsten 
indicator pricing system, arid 
most of the other eight members 
are expected to participate be- 
fore the launching date in Juiy.- 

On tiie consumer side, all *22 
subscribers to the present 
users’ index have agreed to trans- 
fer to tiie new combined system. 

The idea is that all transactions 
will be reported to an indepen- 
dent collator — a firm of Birming- 
ham chartered accountants—- 
under detailed rules drawn up. ‘ 

The collator will be able to 
substantiate returns by certified 
copy documents, if necessary, but 
it is felt that the check provided 
by information coming from both 
producer and consumers should 
enable an accurate picture to be 
given. 

It is a nice idea that will 
obviously not w'ork unless fun 
support is given by the majority 
of producers and consumers. But, 
given the difficulty involved 




DMMODITY MARKET REPORTS AND PRICES 


•a:-; 



PRICE CHANGES 


Prices 

suied^ 


per tonne unless otherwise 


K Physic*!., interest in the altar noon, qu, 14-3. Afternoon: Casli *307.3. s. Arabics * 170.00 ismium: other mfld ojverwJ ~gn n das trade baslsilpToO levels Melens— Chilean: White 4.20; Colombian- 

* to * « Forward metal oneneC armer « ia.itt s.3. three montn* £314. 14.3. 13. 13.3. AraMeae 170.50 *177.71*; RobuuiLa* i«.00 b y 50 points from the tows, reports Green 3.00. Avacdos-Kcnya: Fuerte 

B.-W wBt on - me we KErt> at nrnin-Nicrf thrmielniiir rhe dir to u; v«rh- rwu' m.MK. r#u i; is* ,in m. n^iiu ,vmra i.et-s iisoni .. /. ... . I4-24S 4-00-4.30. Strawberries— Spanish: 

8JM.40; Ca moral un: 0.90: Italian: 0.40. 


TJ and progressed chrouahuut die day to 1*3. Kerb; Three' months i214, 13. 15.5. 043.00). . Daily average 138.25 1 158.11). c . Czanukow ‘ 

.after .lunching a day 8 blab of d05e M si.m on tbe late kerb. Turn- - . . , _ 


{.--Ha marten -was.aaaln infloenced Qver t.780 kmneb. 


Aj-nJ ES+oi AluDilt 
: 1378 — 


■ l T,..SZfi(Lm Morntas: Standard. reu*h fl.iTo. 70. su. 

— cowans. -Turnover 15.W3 ^ three months HUM. 50. 45. 30. Kerb: 

Standard, cash £8.170. 73. three months 
£8.145, GOr 43. Afternoon: Standard, cash 
£8.300. throe months £8.150. 45. 30. 00. 05. 
00. 73, SO. Kerb: Standard, three months 
£0.170, 75. 78. B2, 80. 


. 'Official 




=t-pr 

1 p-m. 


Uuofltobu 


i e : ' 


4- 14 I 693-4 
VlO-1 




V-J W0--8 ; ! 

■■sJlOT.M:*14Ai tit 

«ao.a. >u[ •• — 

r 680-1 -N-Hil 683-4 

_ nti»,..| 6B7.JVrt.UtJl .700-1 

*•'■’*■■ I'a'nil 681 .-rt-14.61 -• 

»13 iSnuJ f- I 64 


JZ. 


*8.75 

t8.76 


LfcJLD 

| Oiticu 

1 — J l'uOtfKUl| — 

Uub 

f L ! l - [ £ 

JOB. 25. 76 +4.76 508-9 +6.26 

A numLh».. 

31— .5 

+ 5.0jf 15 JS-b J) rt-6.76 

Ueu .m'm 

506.76 

t4.75| 

L.ti. . 

- 



UtvmjlJ Vnf ■verter,lay , ej Frei luu» 

LONDON FUTURES f GAFTA>— Oral a Comm.. UUwts Clow I 
markets have bad a qaiet and volaUlc toon. , I 


Bumuna 

Dune 


thin conditions although some shorr- 


£ (w Tonne 


?.5-- !?5S-S SI!S5-!fi!'!;!BHiS-S !5S” ,a: ' LMAM 


Pineapples— Kenya: 1.10-1.20. Onions— 

Dnicb; Largo ti-W. median) l.DQ: Chilean: | 

Bags approx. 50-lb 3/as 4.00. cases 4.00- M.r.l. 

4.40: Italian: 23-Ib 1.00: Canary: 4.00. Alu mini urn ^680 

SSr^?r' nr i ma Per - M-lliifc'l 


I 

! £680 


TIN 


nan. 

Uifii-ia 


! t+or K«L^^ nCd ^“^ tou^oS'cSTwbJn"? wiTaXmiS (S’" MM 


Potatoes— Canary: 

Cyprus: 4jo. 


r pouno bad. Freeuiartel fasj|5885-1B0trt-5 : 8950.5 
Copper iwb W.Ba«fiB693J UajCttSli 
■ rw ^ V ™ rl ?S:, iS a wwDtlm do. do- jC71U.fi 1+8.761:6772! 


f 


5 months- 

Hcstiem't. 6175 
Standard 
Cnah ..] 6170-6 


j+BJI 

J 

I (Mill 


Grade 

.....i 6170-6 , 

6166-60 '+10S 6180-95 


»• 


5 

tALtnn- « ■»««.■. -v. mv. p...wi i — o-76 11677 

riuisl l * ab &****•- JJ683J ■ -«- 8.75 £643.5 

^ 3 munili* do. do. £70OA U8.7B4J5S7.S 

f.'.J.l Tw.n >cin x7Ci ■ n c c tty r?t 

071 die we-markei and reacWns a' Utah wliusVy^”^r^ Uw* - S£“S5 


U.S; Markets 


1 - sarst Jrsa. rs --as &■&&&&&& as^iSaSSiSSSiBSSS 85sa5Kur*J5rs-== 


NEW Yi.iRK. April 33. 

Cecea— May 1.44. jj <luuoo>. July Ijl 10 
*136.3tl.. swpi. ns.ru, Ovl- lU.lO, March 
13. J5. Mai 134.50. .Iul> I3.M5. Sales, 

l.lOb lot^. 

CaHee— ■ C ” Cuntraci May lTC.mh 
172.50 ' 1732131. Inly 15I.23-I3I.7S Il51jfl.i 

bepf. I3UJIU. De,- 12S.OO-I35.3U March 

U7.WMIB.0U. May 1 14.00-1 lti.OO, July 
U3.UO-113.UU. Sept 107.uu-i20.uv. Sales: 

550 fnti. 

Copper— April 37.50 -5eUU>. May 37.M0 
■57.0UI. Juiie 5UJU. July .la.SO. hVpT. 59 UU, 
Det:. 61.30. Jan. U2 UU. March tC.iu. .May 


fclgdSfii Sd Metal . Trading reponi'd 8 WnibaJ 6146-60 


tut the mornlns cash wlrebars traded betT'eni't.l 6179 
81, MJ, three months £700. 7, S. 7. Htniit E..j $ic99 
•8. 0. Sj, 8. 7 a. Cathodes, three Xmt Yurt, 
ttur fBti Khfft: . Wlrebars. three LEAD— Moved ahead, mainly reflecting 


■■v — , - _ - f ^,„ n mT « P . - ■"* iTft n a fnnnd ftHW anrilng h living nf 25 ^ l # 4»5ll-Z4. 5fl‘ 125^& >> 3?6.D0 !2si.80 > 24.7S Q41UI4V 

6170-6 >82.6 8206-10 +76 « reacTlng^on proM-tMu^ £ SSd m “ Mg Belief ^ 128JSO-28 -bO|12i.l^2U.7L l29.4fl-28.2o °- 4<w, - 4a ' 


1+90 | - 

>82.6 6806-10 +76 


+ 102' 6175-85 ,+75 
+80 
+29 


+77 W Close at COS en the late Kerb. Turn- P?* 11 ** lower and on a 
I /J * over j,o-5 tonnes. dosed between 25^5 points hi g h e r, reports 

I Morning: Cash £397.5. three months Ac * L 

£304. 3. 8. ii. 6. 5. 5 -j. fl. 'Kerb: Three 
months £305-3. A/iemoun: Three months 
£307. it TJ5. 8. 7.75. 5, 9. Kerb: Three 
months. 07, 8. 


* Jwfca; Limited 01-351 3466. Three month Zinc 306^-3 

tflmoatrRBad, London, SW10 OHS. 

1. Tax-free trodtOg on commodity futures 
{3. The commodity futures market for the smaller investor 


31. N't 

4.m. 

Uffliaa* 

"t , ’ r 

(1.171. 

l-Doffioll | 

rt_ or 



y 

B98-.5 

1 

-r6.75 

r i 
301-2 i 

+ 7 

A mooch®.. 

306-.5 

-6 .t 309.5-10 

+7JS 

b'meoi 

B98.5 

i-5J 

1 


Prm. 

- 

1 





WHEAT 


BARLEY 



r+ur 

Venerda.vv 

+ or 

M’nili 

-hw*- 

— 

Inw 

— 

List 

96.50 

r-0.16 

82.50 

— 1.40 

s®PL 

85.6J 

+ J.4» 

80.25 

r-OJ5 

Noe. 

88.00 

+ 0.60 

o2.7o 

i-O.Oa 

Jau. 

90.60 

+ U.6U 

85.25 

+ 0.35 

Sat. 

92.90 

+w.4S 

87.65 

+ 0.25 


Dull*: 0.40-0.43: Guernsey: 
D.4O-0.45. Carrots— Grp rus: 22 lb I JO. 

_ . ’ English prod ace: Potat oe s Pit 30- fb. 

Sales: o.Bwi tS.ijil lots OT SO tonnes. Whites Reds 3.20-3.5U. Lettuce— Per 12s 

Tate and Lyle ex-rettaery price for 1.30-1.60. Beetroots— Per 3-Ib 1.20. 

Eranutned basis white sugar «aH £242 40 Turnip*— Per 28-Ib 0.80. Carrots— Per 
■ same) a tonne (or borne trade and bag 0.60-1.00. Parsnip*— Per 28-lb 0J4. 
£162.00 • same i tor export. Ont 


..Trey ue -;^lt&J75! + 0.5_ S 177.575 j S4.otl. July S3.0U Sum. MP0. Dec- U7.a«t 
Jau. u&.ou. SaJe»- :i.uw> Ima • 

Cotton— N- 1 -j. airti 37 40 ijoJSi. July 
od. 40-58.05 * SB. 19 ■ 'AT oD.Ja. Dec. hi 44. 


U*d Cash UC80B.& ]+6.25-jaoi.S 

onioolbs £316 1 + 6.75 £506.25 

lekel ! ; ; 

Free lUrkec ,ciT Ibilfr 1^3 ..I...... 51.9 ! si su. March tC.uo-iC.73. May 63.60. July 

I -2.03;... J -2.04 luxao bid. OcL «-‘.73 bid Sales- 565.000 


Platinum troy oe..l£120.50 

_ ^ _ Pita Market £115.55 

Per a4lb 1/0-2.M. Swedes— Per gmciwlrer (76lb.)-8ia7-a2 


bales 

£114.5 | 'Cold— Aunl ll».4P ' Idi Ulll. May ihi'SO 

+ 3.7 Mil 3^ I 047.80 1. June _lb84U. Au« 170.40. <«ct. 

Internal Ion al Sugar ^arncmem: Indies- 2MU 0J0. Rhubarb— Per pound, out- u^..".7.!ie73.*6pT+iL'6Bi572.3i, ! June Wi' 70. Aua. 'istJ’O \»ci! 

r prices tU.S. cents per pound tob and Cuatnbere— Per irw B' montliv_ ^...|a7B.2»u !+3J l377.2Su i »«■ tkur. 1S8.3U feb. IVl.Su. Sales: 

C_0J& stowed Caribbean port, prices for April 25 : 24« 1^42.48. Mushroom*— Per pound 0.a0- t,,, CbkIi„ fiio, 807.6 1+76 X5 777 Si 

, . avenise 7.5B »-■■ Wftjgna >r.» j-H- 3 nujntJm X6.’la0 1+ 75 ikwi fLard-Chlb-d-. 2XUI nu,.,. i^li 

““vi- - — C ®*_5.° ran £ e Pippins 8.11+0*0. M'nl/rainJffljiMhj-ir SlSR-ldX— .1 sun kf, I NY priiiic Meam 34.50 n»ill. <-tmiri 


• Cents per pound, 
unofficial dose. * SM per pied. 


Sept. 83.60-S44H), No*. 88.0M7JS, Jan. ^ brackets *: 26.51 
W.60-88.75. March 0Z2M2XI. Sales: 85 l2La j ■£** 


127.111, raw 21.77 


r- 


SILYER 


-r+Ai 

I- 


A complete commodity 
futures service 


?■ Whether your interest lies in one or in a dozen 
: of the commodities traded on the London 
. futures market the C.C.S.T. information, 

•' advisory and brokerage service can be tailored 
to your Up-to-the-minute prices and 

.' '■ background news are constantly relayed to our 
‘ ' clients and trading advice given when required. 

- r/Forthose hot wishing to make trading 
' f -decisions themselves we operate a 
' r-cohiprebehave managed account service, 
t jFiiE details of our range of services can be 
■ obtained by contacting Mr. L. J. Clarke on. 
r 01-480 6841 orwritingto: 

GGSI Commodities Ltd 

H .Walsiugham House, 35 Seething Lane, 
London EC3N 4AH. 


0.18. Cox'a Granite Pippins 6JM.20- w, .u'nunifijii'h’.'lr 5 7 t jo rr I 
EEC IMPORT LEVIE5 ftT dwaftiretl Laxtons 0.DM.12. Pwra-Per gmnd Con- zia^S^r.. '£301 b” 1 -* 7 !£268 5 B ! tMitrc m-- -v.. , -.t- 4. 

Ass;===aa^!i!^ ^ 

1.00-lJM. Rent 1 .48-2.40. Oils ; 

/irtrrrrrvn: Cocwnut (PbU). |6&2Q> +86 1S675 

COTTON Op-wndPiit £753 £661 

1 Lliwwi Uruflei vi..|M6S -r8 :#o12 

COTTON. Liverpool — Spot amj ihipment Pu ro Malay an |0595 k ;-rl6 i&bO 

sales amounted to 141 tonnes brutsing . • 

the total for the week so far to 1.958 ! ■ i 

ronnra. reports P. W. Tattt-ruU. Rather Seoda 


LONDON— Dull. 


♦ On nrHimi, vu.iHHW.ia. Marcn KJrtUJL aues; oa 
r rtmi lots.- Barley: May SS.IW1.M, SapL 80Ji5- 

70.00. Kov. 82.75-72.25. Jan. 84.66-84.05. 

March 87 65-87.10. Sales: 151 lots. 

IMPORTED— Wheat: CWRS No 1 134 
Sflyer was Hied l.Dip an ounce higher per cenL Aprll-May £83.25 TUbury. U.S. 
for spot delivery m the London bullion Dark Northern Spring No. 2 14 per cent, 
marker yesterday at 273.Sp. U.5. rent May £85.50. June and July £85.00 tranship- 

eoutvaluns of tbe Ratos levels were: spot mem East Coast. Rest unquoted. 

487.0c. up 5.4c: tbrer-momh 504c, up 5.0c: Mate: U.SvFreoch AprU/]st4udf May 

suc-Toomb Sis^c. up 4.5c: and 12-month •100.75, sod-ball May £106.00, June £195 jd May j 

538.1c, op 4.1c. The metal opened at transhipment East Coast. 


WOOL FUTURES 


ST24-2734P I4944-4BBCI and Improved 10 
2754-274JP 74864-4880 at the close. 


Barley, Sorghum. Oats: AH unquoted. 

HGCA— LocalJou ex-farm spot prices 
Feed vita at— Hertford £8 Li*. Feed baric 
— Hertford ££L8fl. Bordera West £77J6. 

The O.K. monetary coefficient for the J uiy...._... .J245-B-4a.B _ 

week beginning May 1 is expected to October ^247.0-50 '* S.O — 

remain uncbaiuced. — . 

EEC DAILY IMPORT LEVIES and *■** “ ,os . 


Atuxraiiau 
Oreuj H'ool 

XeHleixl'ys-f. or Buaioecs 
Were i — J Done 

Nay. 

227.0- 28.0 !— tL5 — 

2J2JrtJd.O 1 f - 

266JW9.il 1+1.0. — 

248.0- 42.0 + 1.0' — 

245.0- 48.0 ; + 5-0, — 

245.0-48.0 + 3.0, — 

July 

Ocuiber 

December... 

March 

May 


1*5 iS440 
I + 10 .6500 


fewer contracts were under negotiation Coin Philip 84107 

but. Interest ranged over a wide rartery Brahes n rtvS.j....iS300r 
or styles. Russian and Turkish atrractcd 1 

most anemJon. wUh further support in _ / ‘ , 

African Qualities. I ! ! • 

tiarlev hEC J ; ; t 

JUTE h Homo F utures — ,£82,50 I — 1.40 , £74.5& 

DUNDEE JUTE— QutoL Prices c and Kr wi Ku a Am;£]0S.76--; £101 

f U.K. for April-May shipment BWC £280. Wheat ! I 

RWD £287. r -isn BTB £304. BTC £2M. Su. 1 Med S 
rrm £285. Calcutta seeds steady. Qiiota- 


Su. 1 Med Sprui«i£aa.26<il + 0.2&X90.25 
.No£ Hurd Vtlnter ; ) - 


S Plate nm— July L'M.iS-.'OO.iiii i2v.’. 10-.’ 
Inn 207J0-2D8.UU C05.5U'. Jau. 211.18- 
I 211 JO. April 2H 80-215 10. July 218 . '.IH 
■ 218.8U. Sale*: 1.550 I„| ? . 
j ‘‘Silver — Aunt IBG.tiu •48i.UUi. M.iy 
I 4 Ml CU I4872.TJ.. Jum- 4S42.U July 191 M*,‘ 
I Sfcut. 5415 00. De*:. 51u in. Jar, WO T0.‘ 

If a reft X‘S 20. 31a y jSn.tu. July 544.au.' 
ISeut. 552 90. Dec 5U5.9U Jan. 310 28, 
I Sairs- 2D UiW lois. Hardy and Harman 
1 bullion -put 4S9 no 1482 30 • . 

J Seyabeans — .May ■'0.i{-7i£i ns&ii. JuIjb 
BSO- flSfl *>174 •. \ua. BtW Scpl lOri. N-iVj 
1 41 i-buS. Jen. Kl4rtil5. March U21-U22. 41wr- 
)S28. ■ 

I --Soyabean Meal — May 115 80-173.20 
I >171 7U». July 177 270- 177.50 f?74.!Wi. \i|g_- 
I 17030. Scpl 171 .00-1 72.1)0 Oct. lt7.UO-lM.iO, 


premiums, effective for April 27, In order SYDNEY CREASY (ip order buyer, dons c and f U.K. for April shipment: Knglisb Mliliit|;..Lci01ir ! .l£lriu I This edition was printed before' 


COCOA 


Ml = f >1.42. ren nili. M«w Cot&cr man hybrid H/rr a t I 1/cr* m -1 inf rc 

K far seeding) — 69.28, L83. LBS, 2.80 >72.63. MEAT/ VEUtTABLES 

ftf. | 1 -”‘Hl?to l 'T7.B^ ltC rcg 1 SMITKFIELD .pence per pound v-aeef: 

(Same 1 . Minet tiju. rest nn *75.48. e.^rriiv, s,iiari iui in^ir 


Three romiilw sjsj. Aftormxw: Three ‘12.' 
months 280, SB-4, 80.7. SO -5. SUJ, 80.4, 88^, 

278.5. 78.7, tS. 8.7. S^. J8JL 9.L 
Kerbs: Three wwwpIw: 279 j, 288, 278 JS, 

Scottish killed awes 50 tu 5t0: UUn & 

1^69 t^^lr. TSTmSP'm t “r 16 " aLfl 10 70 ' 8, ,0fWuaners 37 0 ° ur 0wn Correspondent 
Trading was quiet throughout the day mixed wheat and rye — 133.74 (JS2L53). veal: English Isis 70.0 'in 77.K Dutch NETW DELHI* April 26. 

rith tbe market remai n i n g to a narrow Ry*— 124,0 027 .Ml . hinds and cads M.O ro lOfljj. INDIAN FOOD grain output for 

rush iwtx GUI ud DnlhM. RUBBER SSSlISS^'w p?oj“ wiU be a record 125 m. 

„, 1CB rtu. t 4E.0. pm 46.6 to 4JJL toivoc3, Mr. Sorjit Singn Samala, 

iJSS. STSiteS? ttSStom £ Hewcat EflBUfih 36.0 to so. B: Scouh* Agriculture Minister, told Parlia- 

day. dosing steadier. Lewis and Peat lhB ment here. 

lB.041M^ffl7B report that the Malayan udowo price SS 8 8*J , S - !! ]?® n 


OOUOA 


"iTestontoy'B, + or 
! Close 1 - 


-Businem 

ticnw 


NoJUTiatt-’t 

May 2DB6.0-99.0 


■ NoaunaL T Unquoted s Slay -June. 
tMay-AOK. a June, r AprtkJnne n Aprfl- 
May. i May, z Per too. 

FINANCIAL TIMES 

~Apr725~Apr7 M’MonUi Tear •go’ 

238.72 | iy7.d6 i Bd6.15 1 Z70.71 
(Base 1 inly L lft52=URJl 

REUTER'S 


EUROPEAN OPTIONS EXCHANGE 


Hopt -_.1868J1-«L0 T 13.0- 1948.0- 1918 

Dec 1865-0 -6f.O tB.O I1B72.0-18S1 

March 18I5.8-17JJ .-0^ |iaa2Jl-1BM 

May >1770.0- BLQ -B.5 ;17M^-I78fl 

' July 1748 JJ-6Z.D -U.O,l/86Jl-176b 


>'o.l 1 

Yerf'rday’ij 

Prenciu 

Bimnesa 

ILS.fi. j 

clow ] 

close 

done 


I 




,, . — , average price 68.MD (+0.38): Sleep down -i mn ct in ppnt 

6430-64.10 3.1 per can.. t4B.0p f+10^»; Pigs up 4.5 Un™ 51 M-Per CeDL 

bfi.0046.is pa- cem., 62 jp <-o. 2i. Scsttond-caaie General agncultural produc- 
bBilLSfi.u down per cem., 87.77n f-0i7i: sheep tion. Including commercial crops, 

57.0*5/.® down 7.8 per ceoL.l39.1p (+U); Pigs w ,_ t v. ornurt h t. in 


b8J6 


up 4SJ per cenL. 06 -2p t— SSI. 


Sales: 2.0 15,15541 lota tit 10 tonnes. 

Intarodwial Cocoa Oraanetation (US. May I 59.55-54. 

cents per paondt— Daily price April 25 Juu..»i 55JW-54 
1 51-37 1158.741. Indicator prices AsrU 26. J ljusept. 64.B0-M 
iWay averase 155.K iL572E)7 2C-dAy Ort-l>ec fib^O-56 

avenge l^LOS (158 JMj. Jan-Mr ' BB.DS-&6 , — 

rnr « rr Apr-Joej 57.80.57.7^ 57^57, 

COFFEE J lx 6B.G6-H.7tU 68.68-68.' 

„ ^ (W . Oct-Deu 6aA»-59.90) 506-59.95) 63J6-69.B6 

Rdhugn «Mira rematoffl Jan-Mar ill.0fl.B1.b6t 61.0-81.1^ 61. 00-65. S5 

out i QUiet oesstod, Drexel Burnham - - 

Lambert reports, tu tiie afternoon an Sales: 809 12751 lots of 15 tonnes. 

adrandng New York market prompted Physical dosing pri«* fbuyers) were: *° r, k “' 

Sti tffSSt^SVSt SS » S: Ju ” BJ5B 

and the mart*, wao only ao u, tia M£At 


38.0 lo c.fl. m the previous year and 4m. 

MEAT COMMISSI ONL-Average htsiocfc fnnnpc morp than the nrpvinus 
pnees at representative inarketb on tonne * , ra0 ‘5 r , r . l „“ n tDe PrevtOUS 
April 28: CB cattle W.42p per kglw. rCCOFd in 1B75"7B. 

£i£V 'i-Iu.fT. 'S" SS . T >*e Minister estimated that 

kgJ.w. <—0.2i. England and Wales- nee produCllOD Hi the year WOS 
cattle numbers down 8.8 p«r cent.. 50m. ton nes, an increase of 


was good and the growth rate in 

CommiMiion « U.H. ?^, 0U i? ,re „ i " K”'!!? 

mnneiary compensatory amounts for week 10-J-s per cent, the ulguest ever, 
comtnendnc May .1 fprevlouB week's 
figures In brackets'!: Fresh or chilled beef 


higher at the day. 

" 1 

COFFEB 

; YewerdayV j 

1 Ck*s * • + or Business 


Eperumna; j 


1600-1801 ,+7.fi!l516-14M 


I3S6-1366 +11^' I337-TSB6 

Se[uen ii.«r .. 
Kuvamber... 
January-.'.... 
Mareh 

1234-1236 -— 13j 0 1S1S-128S 
1262- 135 * 18-5 I235-1K0 
1215-1238 ■* 15-Or 1233-1230 
1200-1St>T " + UJ. : 1200 
' 1190-1288 +15.0, 1190 

aia» ? 


•I'ertHTdayH- ur 

J Otm J. — 

BuVineUi, 

Done 

ifpertocmo- 



COVENT CARDEN (prices in sterling 
per package except where otherwise 
Stated— Imparted produce: Oranges— 
Cyprus: Valencia Latefi 20 tDos 3.0S4LS0. 
15 kilos 3.00-3.88: Jaffa: Valencia La tea 
3.73-tSO; Egyptian: Valencia Utea 2.40: 


Poles selling 
Falklands fish 

Bjr Hugh O’Shaughnessy Soya crushing 


April 26 April 26 : Month agoj Tairago 

14SB. B 1433 J| 14B8.7 { 11 29^ 
i Base: Remenibpr 18. 1831=1 Ml 

: _ DOW J ONES 

Dotr j April l" April I JJiiulfar Ye»r 
Jone= ■ 2& I ^4 I agu j agu 

360.5lifi60. 15j368.B&483.01 

njre»[3b0.S3)3&0^7|357.65|403^4 


jniot 

Futu 


(Avoram> iB?4-25-M=tQ0) 


MOODY'S 


|A|iri1| April 

Men thl Year 

Muudy'e | 2b j 34 

ago J B|{D 

Spla Comtnty 695.0iB93^ 

905.1|93a Jl 

'December; St, 1981 

=100} 


mSSSu: WwSd: 'r^TsM CubZl THE POLISH Government has r J cpg | n IT C 
3-39. Lemons- Italian-. naj/i2to 4.B8-LM: been reeking bids for & shipment lldw III 

° f L u P ^ f, r ° ze " WASHINGTON, April 26. 

fraM— Cyprus: is kiius 2.58-Lat: so kjios fish from around the' Falkland XJ.S. OIL MILLS crushed a total 
Jaffa: 20 Mi* : UM.rs: U.S.: island— part of the catch of D f. 86,730.000 bushels’ of soya- 
SUmL M iMvib ffistL PoUsh ®^hing vessels operating beans last month, up from 
3 . to. i2s 2.79-2.98: 4Wb 5.00-3.90. QoMen during the summer around the 75,356,000 bushels in February 

“"J 0 ?.. ? nd 74 ’ S73 ' 000 *** in ^h 

0 . 13 . Golden rvudoua o.iM.iS: u^.-Bed The Polish move is seen as an last year, reports Heuter. 

, ,»« ,vi- -- — - — Drficions s.om. 30: S. AMcan: Dhob's indication of the escellent fish- la the first seven months of 

S‘„£S 1 r‘SJr“"“' 1 ^ 52r*fi55 .‘■iSSrSl.TiffSS S’JSi,,! mTp.i’ZSL “ siS: ins obtained recently in this marketins season, which 

Prices i in order buyer, aeller. danse, was,6x«l at EUfl-M unmet. Ins' DcledmiB 7.6M.»'. Cbitoan. Granny the waters Of tiie South-West began last September, .CVUShingS 

huMues»>: April MLPM2.06. — . 102.80: 'pe market opened around kerb kwefc gtnjjh t30: . New Zeoland C«'4 Orange Atlantic near South Georgia totalled almost 547m. bushels. 

June IS1.D0-Sl.58.' -. 10840: Ang. ISB30- and puces wore ennfinod trlthiii a 50 Pjpptng igt/W4 7.00S.M; Danish: P<?r hi h n n , th palklnnrle cmnnared with 508m in th*» catno 

=700 _ opr. I52.a*-5S.50 — — : points range duruta Uie morning L»i^r. Dound Cos's oi.i-u.i7 .Spariaas u.iB-o.u. ”/IJCD lh one Oi toe raiiuaoQS i.qin(Mreu wim ayom. m uie sauie 

Dec-'uiio-CLMi — — ; tab- 133^0-38 58, 'reports that sgyot tout purduued u p«ar* — s Afncao: Canons. Paakbam'a Islands Dependencies. period last season, 


Sales: IJQ7 i2J30 lots of 5 umoes. 
arabicas— T he-quieieM-eier day -and 
with only two lots trading. Tbe market 


June 1 150 JO-31. 0 + 3.80 Ifil J0-2B. 58 

August ,123.80-50.11 + 4.20 liO.5O-20Jfl 

Uctubar i1ZB.5U-26.B +5 JO 120.50 

December ...' 12 1 JO-22 J +2.20 122.00 

February 122-50-24.0 +2^ 125.00 

Apni J 122. 50-25. 6 +2.00. — 

Jun e j 125-00-27 J +2J6| — 

SUGAR 

LONDON DAILY PRICE (raw sugar) 


(Sent. 53.40. Oct. 55.40-52. 45. Dec. '".Otk 
i .*1 SU- JvD. 31.0a. March 21.3a. May 21^ 
21 30 

Sugar— Nn 11: May T.52 '7.6S>. July. 
7.73-7.TU <T.SU i. Sepi. S.OO-8.0T. Orr. 8 13- 
8 14. Jau. 8 41W.S. March S.82^1.03. May 
B OS-B ID. July 9.23. Sept. 9 43. Sales: 
4.230 lots. 

Tin— 305.00-825.00 asked i303.T»-51MH>i. 

"Wheat-May 304: iSW;i. July 3071-308-. 
iSffil *- Sept 3114. Dec. 3KU. March 3206. 
May 3501. 

WINNIPEG. April 53 «Rye— May 
I 110.00 illd.OO bldi. July 104.30 ilM.80 
asked i. Oct. 105.00 bid. K«.v. 100.00 ahked, 

I Dec. IBS 58 aukurt 

I -Hfljus — May 83.50' iSO -VU. July 78.1# 
bid 178.40 asked). Oci 77. yn asked. Deff. 
i 75.nn bid. March 74.10. 

JTBarlcy — May .79 00 bid i7a lUi. July 
78.10 iTfl-i'U). pci. 70jn asked. Dec. JB.oO 
bid. March re.M. 

, {,* Flaxseed— May 537.90 bid >2-15 Op- 
astcdi. July 245.10-545.31) bid >54.fi0. 
asked). July 545.D0-2-VL3U bid i5«.0# 
Dec 544(H) a>ked. 

V, Wheat— 1 SCWRS ISJ per Cent, protein 

con lent til St. UwfHitt 161. fit) M&l.lfii 

AU cents per pound cv-warehouse 
unless otherwise stated. "S's per troy 
ounce— IWHJiltrce lots. 1 Qilcaao loose 
Ss per 100 lbs— Dept of Aprlcaliur* prices 
previoos day. Prim? steam fob NY. 
bulk rank cars : Cents per 56-lb nushel. 
es-warebouse. S-OAO-busM lots. S So oer 
troy uunce Tor 50-ounce units or 99# 
per cent purliy delivered NY fl Cents 
per troy ounce ex-warehouse. II New “ B “. 
contract in 3s a 4hon ion for balk lots 
af 100 short tons delivered fob care 
Chicago. Toledo- St. Loots and Alton. 

•* Cents per 89-lb bushel Id siore.- 
t* cents per 54-lb bushel. :? Cents per. 
48-lb bushel ex- warehouse Sj Cents per 
58-fl) bushel ex-warehouse, t.OOA-btuhe] 
k>i5 "■ 4C per tonne 

GRIMSBY FISH— Supply fair, demand, 
good. Price* at ship's side *un processed!, 
per stone: Shelf cud Ii.0O-f4.6O- commas 
£2.80- £3 -50: large haddock «.oo-s.oo. 
medium £3.80-£4.4U. small £2.80-13.40; large ■ 
plaice f3.70-.es .so. medium ei^o-clm. best 
small £3.00-13.60: large skinned dogfish. 
£7.W. medium £3.00; large lemon soles- 
16.00. medium £5.00: rockfish S2JO-O.M;' 
redi EWH3.30: withe C2.28-C.8fl. 

LONDON FALMOIL— May. June. July.- 
, Aug 300.041-30 UO, Sepi. 290.90-3:O.M. OcL - 
I M0.0U-3SU no. Nov 2S0 00-3S5.UO. Dec. 2S0.W-. 
Jau- umiuoted. Sales: KiL 


| moo. 




40 


■■.'Tr.ii+K 


Financial ^ Times ^iirsday 


STOCK EXCHANGE REPORT 


Sentiment again dominated by interest rate worries 

Share index down 2.9 more at 457.8-Gilts ease afresh 


Account Dealing Dates number ot contracts overall fall- reports of higher house prices; news of the planned disposal of annual report and rfreanened « to reswwtirolv 

Option Sfp^da^an? 1 ® 1 ?? J n Bl7aBt eased 2 to ®P» wMe Orme its 20.1 per cent shareholding in 494p. Beech am draecf 5 ofF at ^GU^andDuff ns featured Over- 

♦Flrst Declare- Last Account Co^molds P e TfL°,E me ^ ai A Ban ?E D*** General CaNe> ^Similar losses G2Sp as did PUldngton, at 455p, seas Traders with a rise of 11 to 

Dealings tions Dealings Day f lopments shed .li to 46Jp and were ^seen in EMI, 156p, and wMte Bowater gave ^ - 


Apr.lJ Apr. 27 Apr.2J Way 10 S® m^ha^a "pSiU^ ii"* 1 S55!!? 


e up 2 to 196p, a 1978 peak of 235p on the better- 


May 2 May 11 May 12 Jrea^^th “price or the^nd” - l ® 2 . l4 P-_ Elsewhere, E»sewher^ Carlton Indnstries, Harrisoiis and CrosfieM continued 


May 15 May 25 May 26 Jun. 7 ivin^eauT^ tataS‘ held atom 1 ? spons £ t0 th ®?- s - dreamland, hardened 3 to 46p and 170p, were suspended at the out- flnnjy. advancing 13 to 475p for 

““Hew time" dealings mar take place k respective 100 d and 110d levels J™* 1, L *r US fc ? e !T? rk 5 t0 165p ;. ■ fallowing the announcement a two-day gain of 25p, while 

from 4 jo un. two fatness daw carter. $ the ot£ 3^ ieriS BhSS ra< ? *«“** Tn front of today’s prelmunaiy of a bid approach. TMs, in turn, interest was also shown in Jr. E. 

Overshadowed by the recent “ SL kSSo ro U8 * p on h PPe$ of 311 un- fishes. Vfctasrs relinquished 4 to spariwd off a flurry of speculative Sanger, 2 up at 32p, and Sime 

slide in sterling which in turn •**£$*£* £ ie ? e mp I OtejM Hepworth 172^ 0^ Enginwring loaders Spying in BK TSm! K®?4 hJ^rtW Twer 
has reused fears of a furOier hike 5JI iSaeatelS® market P 1 ^ 0 ' Br ® w ? . an ^ c J ra ** s ®? J g? 7 ? 1 ta a suniiar direction with Securities, owner of a near 79 per Kemsley, at Efflp, gave up a penny 

in Minimum Lending Rate rtocfc -PySKfflS «EB?S3E tSSTtLSS* U'J**** H *”£ **«■ d*» closing cent stake in Cariton, and LAIS of the day's rh* fc 

markets passed a rather subdued saw Prontta^ folkwing Tues- hopes ^eded, whde Menders fell 4 off, at 200p and SB4p respeo- raced ahead to dose 14 up at the which foSowed the results, . 

session yesterday. British Funds JJjf * ‘Am ™? “P J™ J“ e ££ 51 to 98 £p reflecting disappoint- tively. Elsewhere, Samuel Osborn day’s best of 93p, with its Capital Tn^ort Tr»«r* nin«»d lmie 

again led the way down, with yjA “?!* raent with the annual results. In moved forward 2 to 95p on Press shares closing 16 up at 9ln Investment Ttusts dosed little 

short-dated stocks recording contrast, Wight Construction mention and Hoptdnsons gained Comben Grm a subsidiary' 5 SH^u^ytSiU 

fresh losses to * and longs further mo-wal d trade £5“*. 3 *?. m a.thin market 3 to 90p.in response to the satis- Cartton, mowd up 2to3? in SS^v-s 18 ^ 1 wUch £ fok 

falis of a similar amount. The K^,_S a S??LJtu^ w Si, f ^TI Following the modest improvement factory annual results. rrhQ ihuJS„j«iniL — previous day’s gam wmcn tof- 

Goveroment Securities index lat " f™, the premium rallied to iM n ^, wi — ~ ; 1 -j 

gave up 053 more to 7154 for a ^P 11 ?/ 109 1. per cenL, down a net 


tWO-day lOSS Of 0.64. - _ ««!« /n eocm 

Trading in the equity leaders was ®-®® (0-6889). 
remained extremely quiet and. J{j re Purchases doll 

lai5[er eaS deaim^L eW prfres e Partly Reflecting increasing concern 
moved again until the late deal- about the possibility ofa fnrtiwr 
ings when a slightly harder ten- Jise in mterest and credit rates^ 
dency developed. Down 3.1 at 3 Purchases turned distmctiy 
pjButhe FT 30-share index closed dull. F.C. Finance, which reported 
2.9 tower on balance at 4S7.8. Very uninspiring annua] results on 
little selling was seen in the Tuesday, fell 8 to 70p in a thin 
initial setback, the reaction main- market, while Wagon Finance lost 
jy reflecting tbe continuing 4 to 41p and Lloyds and Scottish 
absence of support. cheapened 3 to 85p. UDT closed 

Elsewhere in equities the day's 2 lower at 38p. The major dear- 
trading was enlivened by a fur- ing banks drifted gently lower in 
ther burst of bid speculation, thin trading with Barclays and 
while a large list of company trad- Midland finishing 5 off at 340p 
ing statements stimulated a con- and 350p respectively. Australian 
side ruble amount of interest, issues, however, made good pro- 
OveraU, movements were nar- gress in line with advices from 
rowly mixed, but falls just had down-under. Bank of New Sooth 
the edge over rises in FT-quoted Wales put on 20 to 495p and 
Industrials. The FT-Actunries Alt- Commercial Bank of Australia 12 


I|. Yesterday's conversion factor 


foilowurg me modest improvement factory annual results. The sympathy. Lindsay and Williams wIJStLJ? ■*/«£ mu St 

in profits and Gc^e Wtapo, increased dividend ontweiphed 

rurtmr consderanoff of the rhahwoi islands Capital moved up 
restAte,_azri ICX added 6 at 24Sp. jq to 500p for a two-day rise of 45 


Share index eased 0.5 per cenL 
to 204.84. Among the sectors. Hire 
Purchase and Property shares 
were unsettled by the fears of 
dearer money and above-average 
losses of 3.2 and 1.4 per cent, were 
recorded In the respective indices. 


to 227p. ANZ firmed 9 to 252p as 



Jr Io ?^? ' on the preliminary statement 

ifif Ju3W! ? ^ « other firm spots included JtteK 

, r "f teet ? a £? wrprae had drum Investment. 3 better at 44p, 

a and N.Y. and Gartmore, 44 higher 
further 6 to 140p, ^ter 139p, lor at 451*, 
a two-day relapse of 20 on dis- 

ae Golds move 'I 

a bid. The c* airman’s bearish Further consideration of the 
anxmai statement prompted a acceptance by South Africa of the. 
reaction of 2 to 21p in Norvic Western plan for Independence. 
Securities and European Ferries for Namibia prompted a - good 
dedHned 14 to 1104p, after llOp, deal of confidence - in South- 
despite the satisfactory pre- African mining issues. 



FINANCIAL TIMES STOCK INDICES 




Apr. if.. Apr. 

"25 J a* 

T 

— — 

Apr. 

W 

Apr. 

18*. 

A 3-' 

»f'. 

QorefoPW^ Sow 

71^4 

71.47! 71188 

. tun 

7LB3 

72,10 



74.47 

74,78 1.75.05 


. 75j08j 

75.2C 

8I-. 

Industrial Ordimuy... 

457.8 

460.7) 460-4 

.455,0 

.454 A 

46L6 

At": 


- 14XA 

135. '31 13&2 

156.6 

134 .i 

141.1, 

1:'. 

dnL Oiv. Xldd — 

ejrr 


5JI 

5-9cJ 

5.84 

C 

fomlngoVJdXlfuUin 

17.46 

17.29 17l34 

17-53 

17.61 

17436 

if.' 

ViK Kauo inetK*H— — 

EE3 

7.7b| 7.76j 

: T.67 

7^6 

ME 

i-. 

Dealings tntrkad 

5,310 

4^44j 4,352 

4^99 

4,996 

4,568 

B,s 

Bquirv tunwrer.&P— - 

— ' 

70J0I 54.13 

50; 46 

68J53 

,68.73 

6*i 

Sanity hnnsaid* total.. 

— • 

EsaiiHsij 




10/ 




r 

>OV 


P'. 

■‘ii 


.-•sdi 




.■r-P' 


1® a.m. 45T.fi. _ .. 

• 2 PJL 4K3. 3-W»- 4ST* - / 

J • Based on ST per cent. cdri»rMu» tax. Nil- 7^7. 

Index IH-3W *ra>. 

Basis 10S tlovt. Sow. HrtO/58. Vised- tot 1988. Isd. Old. L .7/36. -. 
Mines 12/9/35. SJB MtMty I«f ....... 


■* :>£. 


. . rati 


HIGHS AND LOWS 


I A 


s.e. Acnvr- s 


Oon-Seci. 


Fiied.hu— 


lad. Oid.... 


Gold XUow. 


. 1978 

Since Compilation 

High 

Law 

High- 

law ' 

78.58 

71^24 

127.4 

49.18 

<3rt) 

-W1) 

&106) 


81J27 

74.47 

160.4 

KL33 

t9/l) - 

W) 

(28/UW7) 

0/l(W) 

497.5 

433.4 

-049.2 

49.4 

- (6/1) 

tW-' 

iWtlTI) 

CZSWW) 

168.6 

130.3 

442 A 

43.5- 

.l8/3) 

(6/1J 

(2WfS) 

(28/10/71) 



At». 

ui- 

* 

26 

Js 

QflLK^iod... 

173.0 

17.‘ 

Ihduptrtes^ 

170J8 


Specaladvifc.. 

3S.7 

•3‘- 

Tbtala. 

110^ 

lL k 

6-d»yAv'rage 

. 


GdfcEdged-, 

2724) 


IndiWErlalB.^ 

166^ 

IS 

Wpeculative... 

37.8 

-ff 

Total. ^ 

108.0 

10^ 


, r n*P 

,-r- -** 


r-x-* 


— Bar. 

a- 1M* 

j r 

- .a ■ 

1- *. f 

S.J> 


!■-- 


iirirW< 

V4 


OPTIONS 


: H ' 

J- 


m 


DEALING DATES 


First 

Deal- 


■ William Press, Premier C< - 
Last Last For d * t ®6 OIL Ghartexioll, »: r i ; . 

. - SSf Ftelf^ a God&e^v£ n B : ; 

hminary figures. Lower anhuol The buying of South African- .mgs JPropertleS. Rotork, BE*' i: 

earnings left Foeseco Minsep a Golds, which became apparent m Apr. 25 May 9 Julyzo , Aug: 1^ ^BOston. Staflcx Interna 

penny off at 142p, after I38p. late dealings on Tuesday evening, May 10 May22 Aug- 3 Aug. 17 Hawtin, Pbddand Tea* *1 

Noteworthy movements were accelerated yesterday and share May 23 Jun. 6 Aug. 17 Capital and Counties Pa 3« 

few and far between in Motors P^ces advanced throughout the Ta i e indications see end of Fitch' LdvelL M. Oflric.-S ^ - 

and Distributors. Rolls-Royce day to close at -their best levels dinro Infnraifltinn Smjice - ur... a n.il a . ' 






hardened a p^rniy nmre^o X7v. with U.S. interest reported in the. ore Se^ce^ vrs« .ni rtX.M . A W ; 

while Associated Engineering late trade. ... - Money was given for til* call done m Staflex Interna 

finished 14 firmer at 115 p and The Gold Mines index put 01k 'in Lennons, Lots, BP. Johnson while doubles were axranj..- 

CGSB 2 better at 21p Hanger 61 t0 141.4, while the bulBon Gronp, DKuar Biver, J. and L. Lennons, British Land anij 


~i a. - 

-» vt&- ■' 

t : - |- 'J 

- • -‘4 M 

i&petUt I 
* 

- •£*- KJ 


• k : 1 . fX I 1 


Australasia, dosed a penny dearer at 72p in the lower annual earnings of Investments firmed 2^ to "sip 8 in price -rose 50 cents to 8168.375 per. Randall, Southern Construction, Gold Fields, 
to Ji2p. Discounts were harder f ron t „£ today's preliminary Spear and - Jackson which front of the annual report. On °H$ ce - , . . ' r: j . 

in places. Smith St. Aubyn gained figures. Tarmac, also due to re- hardened 2 to I30p. Peter a duH note. Lookers eased 2 to Heavyweights responded with ___ 

3 to 78p in response to the higher port full results, to-day, eased Brotherhood, on the other hand, ®>P and Lucas Indnstries 3 to Improvements ranging to a point . 

p r oR T iL, and P r °P? sed scr, P slightly to 137p. Elsewhere, for- gave up 4 to 143 p and Aural- 278p. as in Randfonteta. £33,. -while 

of Preference shares. Gerrard ther small buying in a restricted gamated Power shaded a penny Little or Interest emerged from S®™ s . . a tjaif-po i nt were 

and National edged fonvard 2 to market added 2 more to Econa at to 121p; the latter’s preliminary qufat Newspapers and kindred 

Continuing fears aboul the pos- l/ 0p - a J*° after news. 6&p. figures are doe to-day. Marshall Cavendish im- ‘ ® HnM^ ni - ’ The foirowina securitte Quot ed in tne corporation loans oii Z”- 

nrT rnwh hrfcpin xhort- News of a P r0 P 0se d 25 per cent. In quietly traded Chemicals, IQ j. Bibby dominated proceedings Proved 3 to 54p on further con- Western Holdings, £17. • ■ s^re iniornwt^ FW* li pc * ,??■ ->• 

.scrip issue and increased earnings closed 2 e^ier at 33Sp after m P - once again in anotherSli^- sideration of the preUminary re- ^ sharp gains in Colds were -tta.ned hmib isvs. L?twc7,4,. j* 

Food sector, 


Gilts drift lower 


NEW HIGHS AND LOWS FOR 197$ 


■ rum 

:r.th Uf 

- -7 r-; 

*,y. i 


dropping suits and Richard Clay ended a ™ 

mvKpiub . — •!*»,«..«». Gold Fields moved, ahead 

in the late trade to. dose 


«rm intPfPe rales followin'* the ^r P, IMUe . a n“ mcreasea earnings closed 2 easier at 33Sp aner 337p. onc< 

recent slide in sterling made for teiied to inspire Jessef Toynbee Elsewhere, trading statements less xuuu acvior, urui#H»‘s -r"- — — — v *» nitiinimh Cnu pi»Mi . .. j 

another drab da^ irT the Gilt- whlch closed unaltered at 70p. were responsible for interest in initially to 223p before rafiying sumlar amount dearer at Tip on 

ed?ed e sector. Short-dated stocks Among Merchant Banks, Hambros Alginate, which feU 9 to 274p on strongly in active trading to close ? small dem and Lar^ly reflect- a? 174 d ^deroite^tte 

lifted lower a? buyers continued auccumbpd to light proGt-taking toe profits setback and in Anchor U better on balance at 242p on tng busines stransacted Ute the " 

«S — * >« ipp, , Chemical whidi hardened a penny renewed speculation about ao «,n d m'n™ n cSrnw^l 

final quotations recorded fresh Narrow mted pnee movements to Sap o n the preliminary figures imminent bid from Tiger Oats. A!® ■ “L® 5 Among The South Att^an Fin- 

losses extending to J. Similar were die order of the day in and encouraging stetemenL Alida Cadbury Schweppes eased a shade J®, bi^SE. H inton ^rSrenretiim haS: 

conditions prevailed at the long In«mrances following a small Packaging added 2 to 90p, after to 53p following the annual 

end of the marker where losses trade. Royals at 360p, sustained 92p, and William Ransom put on report, while Associated Dairies, 


NEW HIGHS (118) 


Do. 5IJOC ’82-84 

LOANS (1) 


fti3JT * * 

•1 

- <1 M 


Properties in general reflected an ci a1 ^ V ni o*o Co ? l Ji ra “ M *** 
renewed concern about the future .2 10 " 68p ^tewing news 
course of mterest rates and eased , e company 1S negotiating 


also ranged to {. Apkcation Usts 5° above-average fall of 7 among 5 to 170p, both in thin markets. 217p, and J. Sainsbury. 169. lost Sr!™*?.. ““I*” r, 5Si«5I!L l ^m supnly contracts and financing 
.v,„ iX-r. l- Cnmnostps Atnnrur Rml»r< _ .a -mioM Ascwiebri RriK.h CnnHe the OUtSeL Business was fcUMP'J' tun u ana ana muuinns 


for the "new long “tap" stock. Composites. Among Brokers, 0 ^,:„ 3 apiece. Associated British Foods ^ 

Exchequer 12 per cent. 1986. open Wilks Faber picked up 2 to 260p MOthercare flOWD again eased 2 to 61p as did Fitch Lovell, 

and close ttwlay. Corporations after recent dufiness caused by Quietly dull conditions prevailed to 62 p. Orange Free State 

caught up with the reaction in the the chairman’s bearish annual m leading Stores. Motherwe De Vere shed 2 to I57p in front T Sd fiSeaMr at however, weakened « similar 

main Funds, closing with losses statement. _ contmued to give ground ahead of of to-day s preliminary figures, ori amount to 338p; the Ontrat Sell- 

next Thursday's prelimmary while similar losses were seen in Friday 5tw ^nlcbiM ^rohme. nn 


Securities, v T th uranium usere for its poten- 

19Ip, and MHPC, I06p, shed 4 and min ® “ 

1/6 R66TS| 


of up to a point. 


In Breweries, Allied were a 


Activity in Cons. Gold positions shade easier at £4 ip. while Bass results and closed a further 6 off Lad broke. tSTp, and Trust Houses 
featured dealings in London Charringtoq, 152o, and Greene at 152p, while Gussies “ A." 284p, Forte, 194p. M. F. .North, how. cOf , “ ot _t 

traded options yesterday. The King, 230p, lost 2 and 3 respec- Bnrton “ A.” 113p, and Marks and ever, contrasted -with a rise of a 


rice of the underlying equity tively. lnvergordon came to the Spencer, I44p. all cheapened 2. 3 to 45p. 
raped at one stage from 163p to fore in DistiHers. improvine to Elsewhere, Ellis, and Go/dstem _ __ _- 

179p and led option dealers to 97p on speculative demand improved 14 more to 231p on JLon. MercJttHDt lip 


B 


an) j ing Organisation's surcharge on 
rough diamond prices is -to -be 
reduced to 25 per cent from 40 
Beltway, a recent speculative P 6 *! 0 ® 111 -, . .. . • 

favourite,' eased a penny more to _ »he__ London-registered;. Rio 


COMMONWLTH' & AFRICAN LOANS It) 
LOANS Cl) 

AMERICANS <19i 

CANADIANS CM- - - 

BANKS IS) 

BUILDINGS (3) - 
DRAPERY & STORES t*> _ ' 

CLECTRIALS IS . 
ENGINEERING (7) 

FOODS <2i ■■ 

HOTELS (1) . . 

INDUSTRIALS (IQ - - 
. INSURANCE (1) 

MOTORS CSl 

PAPER AND PRINTING <4) 
PROPERTY O) 

SHOES (I) • • : . 

SOUTH ARICANS 12) 

TEXTILES ID 
TRUSTS (26) 

. OILS <23- ' 

OVERSEAS TRADERS <S> ■ 
RUBB1RS (4) 

MINES (2) 


icfc a ’«pc 
92-9T 


199: . . 

RANKS (Z) 

Allen Harrer Ross Lond. & Seat' 

ENGINEERING H) X 
Howden.GrouD t 

INSURANCE <1> -. > 

Matthews Wriahtson 

’• PROPERTY (1S> 

Apex Proas. . Lynton .* 

Brlxton Est ' Prop. Hldtn.'- 

ClwrorborY EstK. Prop. & Rev, 

Cltr Offices Second Cltv l. 

Hammenon A ' Sunlev (B.l 
Land invest. 

Uw-Land . 

-J 


■ jnghan 
a 

'’T 


: * i 

rv* Ktel 


Olfver fG.J A 

Youahal 

CCP North Sea 


U.K. Pro pex 
SHOES (1| 
TEXTILES n> 

OILS 111 


3? 


H IMt M 




j- - -.-ai* 
. '-xi*or.: 


.“Utah 


NEW LOWS ‘55) 


RISES AND FATr 


BRITISH FUNDS 09) 

Treat. 11 i.bc 1979 Exchar. .12>zPC '94 
Treas. 12UPC.1996 


YESTERDAY 


lTVp and led option dealers to 97p on speculative demand improved 1* more to 23lp on JLOn. lYierCHaBl Up tras^Pronirte NiimSlM rose Rin^bearish^r^cMnmSt^n ESw-.^wiSJi- t^a*: sic issi^Mi 

briefly halt trading to adjust their prompted by the bid for its furl her consideration of the strong Miscellaneous Industrial leaders 7 1?' 'sJ^STttiin L3kS* theVnnual reoart: A strong show^ ' eS-;isSc^9« 

rates. Business was quite brisk parent Carlton Industries, before second-half profits recovery. In were marked a couple of pence — - - - 


with 101 contracts done and tbe dosing oniy 2 better on balance Shoes, Stylo stood out with a gain tower at Che start and Chen drifted nils nm'ot 
160p senes rose 6p to 7p in the at 95p. of 4 to 48p in response to the down a penny or so further in quiC 1 


ins in overnight , domestic mar- Treas. 
kets prompted a good demand TrW5 ‘ ^ ar,jlj,c 

- - j — . - “■ — - — - - -. — - — ■■■; *— *— ““ uu«u a i>suuj ui bu iiuuici iu • here for Australian issues. — Dia- 

three-, six- and tune-month Building descriptions dosed good preliminary results. sympathy with a fresh reaction in Oils passed a significantly mond exploration hopes .lifted 

positions. Elsewhere, rates were easier for choice after a reason- Leading Electncab drifted gilt-edged. Unilever were adefi- quieter session than of late. Northern Mining 10 to 8Bp, after 

usually easier for choice m fur- able trade. Housebuilders re- easier in light trading: BIOC tionaily aggravated by the chair- British Petroleum and Shell both 680. and Conzfne R/otinto 6 to 

ther diminished turnover, the treated after recent firmness’s on closed 2 cheaper at 116p after man’s cautious remarks in the eased sSgfrtly to 7S4p and 542p 216p. 


1996 

Rvd.'SK 1986-96 
Treat. 13UPC 1997 
Tress,'. BAt pc 1997 


Treas- 8'<oC TB82 . 

Exchqr. 9Unc 1982. Treas. 6JUpc 1995-98. Oils 
Enctiqr. Slice 1983 Tress. 9 hpc 1999 • Plantattasw 
Tress. 12 pc 1983 F<W. 3boc 1999-04. MtaesT 
TrMS^8iiPC j84-B6-- Tress. 8pe 2002-06 _ 


. . Tress. 7Apc 2012-15 

Tress- 13 5|pc 1993 War Losir 3>il»c 
Trees. 14i^K 1994 . ■ ------ 


Fdo 51/Pc ‘87*91 
pC 1993 


Totals 



British Funds 
Corpnt-. Dew. _* 
Forehia Bonds 
IndmcrMs 


nf • OH 
■ -as* 

; • ;TWN.. 
■T-* IU> 
- i-ivns- 

-•v~rtr 




rTf 




Financial and Prop. 


■■ml * 4i 
wart* 

i 


Notice of Redemption 


Philip Morris International Capital N. V- 


8 Vi % Guaranteed Sinking Fund Debentures Dne 1986 
NOTICE IS HEREBY GIVEN that, pursuant, to the provisions of the Indenture dated as of June I, 
1971. under which the above designated Debentures were issued, Citibank, X.4. {formerly First 
National City Bank), as Trustee, has selected for redemption through the operation of the Sinking 
Fund, on June 1, 1978 (the “redemption date”) at 100% of the principal amount thereof (the “re- 
demption price'’), together with accrued interest to tbe redemption date, §600,000 principal amount 
of said Debentures bearing the following distinctive numbers: 


IE 37 

700 

59 

704 

ia 

706 

80 

711 

102 

725 

165 

732 

2J9 

772 

307 

807 

332 

81# 

340 

8-18 

359 

872 

387 

383 

-101 

307 

•402 

921 

434 

956 

436 

966 

452 

975 

605 

1077 

608 

1080 

507 

1094 

525 

.1096 

#26 

1144 

#28 

1181 

#35 

1193 

559 

1220 

581 

1233 

569 

1248 

#92 

1299 

C04 

1317 

607 

1371 

#16 

1393 

645 

1407 

G47 

1411 

654 

1412 

477 

1448 

691 

1450 


SIOOO COUPON DEBENTURES BEARING THE THEFTS LETTER M 
1463 2395 3543 4253 5112 5679 6749 7715 8591 9433 10440 11220 11995 12926 13979 

1465 23aB 3563 4308 5115 5737 6757 7725 8602 9452 10467 11236 12030 12539 13985 

1482 2421 3583 4365 5152 5510 6776 7729 8603 9439 10479 1124B 12093 12999 14001 

1506 2429 3586 4404 5175 5826 6812 7730 8638 


1703 2523 3688 4528 5222 6061 6378 8004 8707 
1721 3328 3690 4583 5235 6096 7007 8111 ?714 


1830 


2677 3726 4663 5231 6135 7133 8157 8774 
2927 3742 4702 5312 6274 7160 8170 8793 


4746 53G5 6343 7198 8190 8901 


2126 3001 3871 4771 5368 6379 7238 8205 9039 
2130 3092 3887 4775 5400 6387 7239 8206 9087 


9562 10505 11271 13097 13010 14006 

9564 10514 11231 12122 13035 14138 

9566 10517 11282 12131 13078 14160 

9572 10623 11293 12203 13098 14204 

9573 10651 11294 12231 13144 14285 

9591. 10673 11364 12237 13186 14309 

9635 10724 11405 12396 13188 14398 

9650 10734 11432 12402 13232 14442 

9663 10744 11459 12435 13233 14498 

9681 10 760 1)460 13437 133 ZS 14789 

9713 10775 11477 . 12452 13334 14841 
9736 10779 11481 12453 13340 14853 

9739 10785 11496 12468 13342 14878 

97S2 10823 11508 12475 13439 14892 

9770 10824 11548 12488 13468 14903 

9780 10849 11559 12499 13472 14917 

9786 10873 11585 12518 13478 14930 

9808 10937 11607 12575 13503 14965 

9828 10955 11608 12582 13562 14975 

9835 10974 11616 12605 13577 14984 

9904 20975 11618 12606 13636 14995 

8973 11009 11632 12631 13676 


qwj i^id 0^11 awmi aavuii 

4948 5471 GS62 7547 8418 9270 10060 11040 11691 12666 13703 

4952 5504 6585 7575 8428 9314 10071 11052 11697 12634 13-05 

- ™ - -3104 11079 11737 12726 13788 

3131 


2352 3375 4152 5002 5534 6609 7598 8454 9355 10131 11114 11772 12760 13R00 


4176 6038 5570 6668 7620 8525 3332 1U« 11SI1 *--35 

4187 5095 5575 6700 7626 8350 9396 10300 11160 11934 12815 13925 

4197 5100 5623 6716 7688 3560 9407 10357 11170 11974 12H79 13931 

l^nji bit, w*-; c-7»n Wll #w K irttftT 11191. 11990 13HB9 13970 


The Debentures specified above are to be redeemed for the said Si nk i n g Fund at the option of the 
holder fa) at the W. C. G-— — Bond Windows— 2nd Floor of the Trustee, No. Ill Wall 
Street, in the Borough of Manhattan, The City of New York, or (b) subject to any laws or 
regulations applicable thereto, at tbe main offices of Citibank, X--V. in Amsterdam, Frankfurt/Main, 
London (Citibank House), Milan, Paris, Citibank (Belgium) SA. in Brussels and Citibank (Lux- 
embourg) S.A. in Luxembourg. Payments at the offices referred to in (b) above will be made by a 
United States dollar check drawn on a bank in New York City or by a transfer to a United States 
dollar account maintained by the payee with a bank in New York City on the redemption date, at 
the redemption price together with accrued interest to the date fixed for redemption. On and after 
the redemption date, interest on the said Debentures will cease to accrue, and, upon presentation and 
surrender of the said Debentures with all coupons appertaining thereto maturing after the redemp- 
tion date, payment will be made at the redempion price out of funds to be deposited with the Trustee. 

Coupons due June 1, 1778 should be detached and presented for payment in the usual manner. 

PHILIP MORRIS INTERNATIONAL CAPITAL N.V, 

By: CITIBANK, NA. 

M Trustee* 

April 197S 


ACTIVE STOCKS 

No. 


• Denomina- 

of 

Closing 

Change 

1973 

1978 

" Stock/ 

lion marks price tp) 

on day 

high 

low 

TCI 1 

fl 

11 

X3S 

- 2 

365 

32S 

BP 

£1 

'J 

7R4 

— 2 

S64 

720 

Gill & Duffus 

25p 

1) 

235 

+ 11 

23 5 

mo 

London HJer. Secs. 

25p 


93 

+ 14 

95 

73 

Turn. & New New 

NU/pd. 

9 

14pm 

— 

14pm 

11pm 

Commercial Union 

25p 

■S 

143 

- 2 

15B 

13S 

R TZ 

25p 

. :s 

)!I9 

- 8 

210 

164 

BAT Inds. 

2Jp 

7 

508 

+ l 

3)0 

2G7 

Barclays Bank ... 

£1 

4 

340 

- 5 

353 

206 

Euro Ferries 

23p- 

7 

110A 

- 1% 

1TB 

99 

GEC 

25 p 

7 

240 

— 2 

27S 

233 

Grand Met 

50p 

7 

10G 

- f 

ion 

87 

Luca# Inds 

fl 

w 
; l 

27S 

- S 

290 

240 

Midland Bank ... 

£1 

7 

350 

— 5 

390 

330 

Shell Transport... 

25 p 

; 7 

542 

- 3 

543 

434 


: i> Atm 

>-»; '■***» 

m 


FT— ACTUARIES SHARE INDICES^ 



’■■*»«* ii 


These indices^rc the joint compilation of the F ina n cial Times, the' Institute of Acta* js 


London Traded options 


July 


-fniuiitr} 


l 

UpU'fll 

hi' 141 ^ 

(ffTi't* •’ 

l.lir-lll- 

I'ffW 

^ T.A 

1 lanlllp 
ttiTt-i 

V»l 

CI'MIIU: 

■flTi-i 

V»J. 

1 tupnly 

HI* 

IpO 

65 

1 

■ 80 



1 92 

1 

1 783ii 

HI* 

ooo : 

55 

8 

■ 50 

— 

6 > 

— 


I'.im. Lni-'ii 

140 , 

12 u 

| - 

: 16 i 


I 18 ‘“ • 

— 

j 143p 

(.-•ill. 1 illun 

i 60 ' 

4 


l 6 ; C I 

3 

! 6'* ; 

1 


0.'lll. IjiiU 

160 • 

26 

; 13 


W i 

53 1 

15 1 

| 176p 

(.4.IIIS. ("'W 

IcW i 

1512 

. 4rt 

ai 

17 1 

aa ; 

2 

1 

Ciiiirtanlilft • 

100 , 

141 3 

1 12 

i 16 j 

4 1 

161- . 

^ 1 

| H2p 

("uriHul'b. , 

110 . 

7i a 

1 1 

1 11 1 

— 

141- 

3 


t'niirluuldv 

120 

4(- , 

. 58 

! 7 < 

— 1 

S i<i ! 

7 | 

[ 

liKC 

220 

2fli; 

1 

1 3512 

6 

4812 

2 1 

239p 

GKC 

240 

16 in 

1 

24 1 

— 

30 1 

1 | 


Mraiiil Met. 

too ■ 

13ll 

1 16 

1 16i s : 

3 

iai- 1 

— | 

| 106p 

Unud Mvl. 

no ; 

71m 

1 1 

I 1015 • 

— 

Ui = I 

— ! 


fCt 

350 . 

24 Is ; 

1 2 

51 . 

- 1 



337p 

ICl 

360 ! 

10 

1 7 

> 15 < 

1 I 

19 

— 1 


LmD'I 

l&i , 

19 

1 — 

. 26': 

- I 

I 40 lu 

7 

| 19 lp 

Lali'l S.s>. 

2U0 1 

91- ' 

' 3 

; 161: 

5 ! 

19 Is 1 

1 | 

1 .V. 

Marks A r-| 1 . 

140 : 

12i: 

1 5 

. 13 

4 1 

1U 1 

13 1 

1 144 n 

Marks 1 >[■. 

red ( 

4 i 

f — 

i 7 •' 

- a < 

9'c I 

i 

1 r'Jn 

sliril 

500 ; 

57 


1 67 • 

1 

75 

1 ■ 

! 542 

>l,cll 

b#0 

25 1 

1 

. 35 

— 

45 i 

4 1 

«• 

TuIaIs 



ISO 


56 

1 

64 



RECENT BSSUES 


EQUBTEE5 


IsnUt 1 5 E =1- 
Prlrc j=“ \±Z~ 


“ Uwli 1 U« 


106 K.l\ ,26.4 


Ui i 118 


Si-k 


?'*■ ««i “| 

! ^- ! - I ;; e- j|=-r= 


?MU3i liniliin>-- -131 


(6.7B ZJS 7.818.9 


FIXED INTEREST STOCKS 


The Ml lowing buie nmn the pemataga c8angesT which nave t=an place since DcCaaber 30, 1971, in On principal 
MUitt mcUont of the FT Actuaries Share indices. It also couaiiu the Cold Mines Index. 


Overseas Traders 

Tobaccos 

Minins Finance - 

Office Equipment - 

Avid Minas F.T. 

•Oech anical Engtoeertng 

Metal and Meta) Farming 

Teenies 

Newspapers and Publishing 

M store and Distributors — 

Wines and Sptnts 

Packaging and Paper - 

Engineering Con tractors 

Banks 

Investment Trusts 

Oils 

Capital Coods Croup 

Insurance Brokers . . 

Consumer Goods ' Non -durable i Group 
Entertainment and Causrlna 

Breweries 

COUSUITKT I'.qods t DuiattV* c.ruun 

3W) Shar.? fndts .. . 

Industrial Croup - . — 


Ait-Shore Index 

Togs aed Games «... 

Chemicals 

Other Groups 

Elec cronies. Radio and TV 
Dultdinfl Materials . . 

stares 

Food Manufacturing 
Phartnnceuueal Products 

Merchant Banks' 

Financial Group 

Insurance (Life) . .. 

E»W;u.'i 
Household Goods 



Cnntract.ng awl Constmctlon 

insurance (Composite) 

Food Retailing — _ — 

S^ipn’ng - .... 

property 

H-re Purchase 

Discount Houses 



I 


« d 



»10d 

r.i\ 1 - 


100 J 

F.t*. |20)5 

l!0p 

1JJ 

r-.Kj - 

Il'l '2 1 

•A 

11>. ! - 

7l 1*» 


Fl* 8B<4 

103 jj 

— 

F.p. i a,b 

lu^i 


F.f. Aa -i 

Ws- 


r.v. 9 a 

ll»- 

.Mu 

i 6.6 

Jr la 


His*' 


Ij>« 


ctaj | 

ij 1“ 


>l|i'AiltH . I II-IB-. IU.<G, 3II-I. I'll 

.'^y»4 \IIM1. llll FlW. VlflllN' --2 

109j, ViinuajiO Pi.i Wia* 2n.l l mu. I'm)., 

IUU|| ;ri| Hull .IJCriin. CUIII. II II. ^Illl Till 

jGn-irb Mnmt. I^b t*‘- H-m. Mt 

WI 141 1 lit- a vane'- I'. 1 *' um. I'm 

I02| t Ut-Jmi.-? I-I.I Lum. I’H 

lui. .)!bi-mi--cs Walei ri- I.Vi. I’M. Iwu 10 E 

91 Irallw llle^i-a*. bun. lai.'iprd „..|100 |— I 

jC iiri U iiw 1 1" l)rli I4v 34 | ... 


.,94li|.; + ls 



Jlvi ...... 

100.1 



10*11 


“RIGHTS” OFFERS 


lw W 
Hnw 
l*J 

~je 

La it- 1 
liviiuut-. 
llalu 


Si 

So 

41'ai 

ir-vnc 

Xil 

_ 


Ida 

N» 

5/5 

19/S 

50 

-Vi! 




162 

-VII 



— 

Oh 

I--F. 

29 a 

u<a 


1 nr 


SHiu-L 


JU I Hlpll I tim 


Lliain^ [-)■ ■■ 

l*n-r I — 
p: ! 


Ziniii 


69 *-5 


-i '1 HI 1 1 IS 111 1*1- lull 

Nil 'lH.rlknnil tinlii Mining ! 2 |Uh, + 2 

.'■I .11 1 Ijmi inn *. il am -In- ti-i .1 ■ -iintiii;i;- •- SBi-tiH — 2 

A.'jiin.Sitjim Ifll'iii 

llj'in Tut hit k Ncwaii 14|iin 

ir jM HI mini” l| I 83 


21s 


Kriluiiaahan dale usually usi Hay mr draiinK tree 41 tump duly h Kigun-r 
Da soil un urratrrciw, o A^ounutl rtivKl'-ml aim vivbl « i- nrccnn -livKieml 

cover tMacn un prevuiur vear ,l > earmin-o ► PiviiIimui jiki vmhi nss*-«i un Dni.iini-mi 
01 other <itlti-ial esiimaier **m inm v'lmso 1 t-mnn's jnwiitiikI i Cover aiiuw*. 
fui inversion «l vharrH 'mi mm rjnKiux '•» mvirtrnn -w rankiint nniv lor real r inert 
0 iv iili> 1 His j pi.n-im; oriiv In t>uhli> i'i Pemv 'iiih-ss iiUnTuiw iihIIi-sim. 'i l*we 0 
tjs lender uOlf'-n-d in hnlrfi-r? «i iirrtui.ir> ojiures as a - riimm ” ** RialHi 
h» wav 01 capilnltsiiunii •* Minnnunr tertdvi ori''«* u KHin'mituisit 31 ls»n«l 
in eiiniiei-unn wiih renreiiiiii.iunm niensei -ir take-over HU inmuiiiciwn issued 
10 funner pmwmui' fi MUiiwmi Ul'-rj, ipr lully-paidf. 9 Provisional 

or partly-paid aliuimom ieUvrs. ic With warrants. 


and the Faculty of Actuaries 


■&5»j 

\e 4pwJ 



f 

EQUITY GROUPS 

-X . • • 

Wed^ Xpril 26 , -1978 ; 

■ % *, 

Tues. 

Mon. 

Apr. 

24 

F«. 

Apn: 

• ZL . 

Hue-, 

■Vj 

GROUPS & SUB-SECTIONS 

Figures la mronlhests shou number 0 1 
tlnclu per section 

Index 

No. 

Day's 

Change 

,% 

EsL 

Ewnlnp 

(Uax.i 

Corp. 

TtafiZS 

Gross 

D 6 -. 

Vidd* 
tACT 
at 34 K) 

Est 

p;e 

-Ratio 

nret) 

Corp. 

Tix am 

Index 

NO. 

Index 

NOl 

Index 

•No. 

Xhdoc. 

Nn 

n 


20104 

- 0.6 

17.92 

5.89 

7.86 

20220 

200.65 

19934 

199 .® - 

Pw 


179.51 


1830 

5.97 

7.88 

18039 

31430 

178.98 

17733 

178.64 

H 


313 OS 

—03 

18.41 

424 

8.08 

31327 

312.71 

m 79 . ; 

VI 

« &X-' t. 4 <J 

422,21 

- 0.6 

16.46 

420 

8.71 

424 . 80 - 

419.96 

41642 

4162 S,-' 

H 


293.95 

-03 

16.96 

6.82 

7.97 

294.93 

294.95 

292.98 

292 . 46 - 

6 


102 J 7 

— 0.7 

19.93 

6.41 

6.87 

16328 

16224 

160.05 

16 XCr ' 1 

S 


162.10 

- 0.6 

1614 

834 

8.63 

163.03 

16 X 41 

160.42 

1 WW 0' 4 

11 


185.58 

-0.5 

18.17 

5.12 

739 

18634 


18329 

18433 1 

12 


217.84 


16.10 

3 . 94 - 

8.93 

21921 

218.95 

21526 

216351 

13 


167.75 

- 0.7 

17.03 

6.72 

BJL 6 

168.96 

167 92 

16727 


24 


117.78 

-03 

2132 

650 

6 . 67 . 

118 J 2 

117.63 

13634 

m.s? 

V i 

21 


Tare 

- 0.6 

16.40 

5.94 

8.40 

196.64 

19725 

19427 

19437 * 

M-l 




1431 

6.03 


J»li 


ffrl-y ff 

22 X 72 ' 

2 » 

Wines and Spirili'fif — .• 



26.01 

5.7Q- 

947 

253.77 

25424 

253.45 

25353: 

W 




13-87 

6.82 

10.46 

25230 

25282 

249.66 

247 . 98 > 

s 



- 0.8 

22-90 

5 J 7 

633 

PTF 1 

387.93 

18631 

187 AT 

19039 ‘ 

2 G 


W v- 


1437 

4.89 

9.91 

rm 


190.41 

32 



+03 

ZU08 

334 

2327 

3492 a 

358.78 

33734 

337.781 

32 

Packaging and Paper' I 5 i _ , 

$■£ 

-03 

2034 

9.17 

6.90 

12928 

12924 

127 . 07 ' 

126 . 74 s 

2 + 

5 toreM 39 > 

E 5 

- 0.8 

1034 

4.43 

3332 

18230 

■17324 

18330 

179.45 

178.90 

17039 .“ 

■J 5 



-Q2 

2 X 47 

7.68 

5.77 

17 X 52 

17039 

3 tf 



+03 

2328 

738 

52Jr- 

E 351 

' 239.44 

234.42 

23533-* 

96 JSv 

18 X 29 " 

245 . 79 » 


rvt 

- 0.1 

20.98 


637 

96.44 

9663 

' 9638 

41 


183.14 


17.48 

6.34 

•T 35 

183.75 

18298 

28 X 48 

42 


24871 

B£l 

2027 

6 . 96 , 

674 

24938 

248.73 

246.64 

« 


242.64 

- 8.7 

11.63 

420 

1048 

Z 4425 

20M 

24 X 96 

242 J 2 i, 

120.400 

44 


126.59 

-03 

19.17 

5.06 

■ 637 

127.01 

127.06 

226.88 

43 

Ship.'infcMiOl 

417.82 


2 X 44 

' 7.25 

530 

41526 

■0142 

408.64 


4 G 

MisccllaoeousiSa' 

19436 

E 21 

17.17 

/ 635 

7.92 

194.94 

193.62 

19 X 71 



■ K*t HJt* ;l fit it A : ^ 1 ! U JU 1 tl IHIH 

BSSli 

ffTB 


wmi 

■Cliff 

E 33 

WttKM 1 

E 33 1 


38 


ir! 4 ya 

E 9 

ki*d 

fD 


C 3 E 1 


Cx?a 


21 

500 SHARE-INDEX 

F^I 

■EEi 

• 7^1 


tn 


Kiiib.li 

ff J Wk 

ESGl 


■TOUCVJ MBHiTrfOTTTWWW— I 

frnra 

BT« 

nm 

532 

IBH 

ESE 1 

E 5 SS 1 ' 




HaukMGi ... 

1 S 8.60 

-13 

2530 

5.72 

5.98 

191-08 

19233 

19038 

189.98 

j 

Discount Houses! lfli 

193.75 

- 0.1 

— - 

851 


19327 

193.94 

192.92 

193.11 



138.83 

-32 

14.09 

5.77 


14337 

143.08 

14324 

143.01 



12932 

- 0.4 


. 7.03 


139.06 

12935 

128.79 

128 . 92 V 



12334 

— 1.6 

— 

6.91 

- ^ 

12527 

124.86 

12427 

123 . 77 s. 




+03 

. 14.90 

EE 3 

9 J 2 

E 33 


32424 

329330 

68 

Merchant Banks <Mj 

7537 

- 1.1 

— , 

635 

. — 

76 . 71 ' 

75.93 

7639 

7532 

tiff 


21138 

- 2.4 

3.29 

327 ‘ 

EWZM 


- 225.43 

mu 


7 U 

Miscellaneous i"i 

ms 

-03 

2432 

734 

S 38 

105.48 

105 .SZ 

105.08 

105 . 4 S-! 


BTTPCTft^TTJJTpTBTiniPBWPBPWB 


+02 

327 


3032 

20 X 76 

198.70 

tT^i' 


31 

Mininfl Finance i 4 l . — 

fcji J 

-05 

17.00 

mM 

6.84 

92.14 

93.38 

.9229 

9038 ! 

SI 



"+L 0 

15.74 


7.91 

29931 

’29668 

29587 


ca 


204.94 



5 JH 

— _ 

286.07 

me 

20329 

U^mgl 




-■KS*a 






V’T 




Si 

;•» kz 



-'-^aas 

' - 4 - «7VP5rrt*l 


* * G CM 

-■rot 9v*%4 


2 -. Av- e 

16103 J 2 : * N* f* 

1«W0 C» Lu! v ' I 

’-i t »«a»i 

— -V , aM.-Bfi 


4; 

-7; 

I*: 

ft: 

$ 


3 - 



ei: 


U4 


“ 1 . 


V Vifg 


NTL 

* Uv Wa ntW 

vr-s&aj 

ySi 


-4 .-rtex 


’F-ei —-VvT^ 

.-vVti^wSr 



Ending 


c.- - 


fixed interest price indicjes 


British Government 

Wed. j 

X- 

Day's. 

change 

% 

xiliujj. 

1'cHisy 

xd ad). 

ia 78 
id date 

1 

Cnderayears u. 

106.16 

-0.M- 


323 


.>15>ears._ 

11609 

-039 


2:07 

3 

lherl5ycars™^.„ 

119.60. 

-027; 


4.97 

4 

I rrr.nlcemables ___ 

UU1 

-0.41 

-r . ' 

■608. 

5 

.All .■.locks _.. 

113.31 j 

-oaTl 


ffil 


- FIXED INTEREST \\ 
YIELDS' 

.Br. Govt>4v..Gro« Hed. 

Wed, 

■ Apr. 

: 26 

■J 

' Tuea. ; 

Apr. 

20 SI 

S'* 

1 

.2 

2 

Low- a )-ear5..™u.-’ 

Coapcuc ' 15 years! 

25 'years.. .1. ...... 

847- 

.mr: 

.1125- 

8.43 ‘ 

M»,V- 

4 

5 

6 

Median) ■. ■ ; 5 years.;.;. iv.'..:: 
Coupons . 33 years.... .. -:. 
- 2S years-.;: 

.1835- 

12.12 

1220 

•1039;<f . 
1207..; 

7 

8 
9 


'liflfe' 
1268 
1Z95 ■ 

10.95 lv 
1264V ■’ 
1292‘i. . 

ia 


1105 

1X00 '"*1 


r : HqS 

pngkon 
■? Austria 

D.fjr 


■ ? 


r : ^<bvi 

J:*wnt5 
s'-df * 


ijottd 


hSTiS 

Sehh 


wt.w.\prii 3 B. 

' J ■ ■ 

fucxd&jfMearf*!' 

Friday j Thure. 
igrti .f Agl). 

tVwi. 

V- 

ruert^v 

• luile* i‘ View. 

' * IB ' 

m - -* 

■ . .. 

h-.v ^ 

- - 



16 

20-yr. Red. Deb &Xuans (15) 

-fiai«4 ‘t 18.69 

5CL54 

flg84 J B»a9 

IB 

Investmem Trust-Prefs. (15) 

54.7B j‘ 18.94, 

fifkfitc 

S4A1_.64.6I 

701b4 70.84 

1 9 

Co/nJ, nod Indl. Prefs. (20) 

71.01 j 12.08 

-Um 


58,72(59^3 1-59.63 


, 54 - 61 -_| , 54^92 j 54.61 
7 CCM J 7142 ) 71142 


t Redemption yield. Highs and lows record, Ba» d»« ^"'y^-awd‘4ai»f«ldioM l*8«« pr ^juW sBq dT.. In . ~~ 
issws. A new list of tbe comduems Is' nvsiilaWa frmn lh«l PuhMiers, Ihe PiwBici^ -Thaw, Srackao hcu^^ 


Sim*, LendOA ECflP OBY, price 13p, by pest 22p- 


t 



































































1 



--Ffoaociai Topes- TSiirsaay April 27 1978 


ITRANCE, property, 

BONDS 



41 




riiLo 




General Portfolio Life Ins. C. Ltd.? 

60 Bartholomew Ct,W*Uh*m Crass. WltJlPTl 

Portfolio Fluid .. I «a - J +1.4] _ 

PwttoJlo Capital _ 141,7 47* «.sj _ 


Gresham Life Ass. Sod Ltd. 

S Prince of Vila RtL, Btaouth. 0202 tstbrs 

GJL Cash Fund 1950 100*402 _ 

GX. Equity Ptm<5_ tlOOfi 105.W +0.6 — 

Gi_ GntFuMi pm uun-oje — 

Gi. Inti. Fund 1124 USjj-L7 — - 

G1- Ppty. Fund |«e 100 fi) +0.1 — 


NPI Pensions Management Ltd. 

■M. O mcrrhurcbFil . ETapaHJl fll-*234300 

Manured Fund .. 1145 4 15201 | — 

JTjres April a Srxl doniiac May 1 


New Zealand Ins. Co. (I’.K.) Lid.* 
Maitland (fount. Southend SSIU1S 070262855 


KM Key Inv. Finn . 024 

small iJo j. Krt 48 6 

TechJwJoj^. Fd_ „.. 1014 


Growth & Sec. life Am- Soc. Ltd-V 
Weir Book. Bray-on-Ttaunes. Barte W 34284 


Z *. 


Toe*. 


■ t “K*“J l s 5i. tpM-7 «•«" -—i 

' 1 S ffiuS v fcVSoaBpn 

• “* ' ■ • *** am Cm, Ud 

otrwsaei 


Flexible Fin* nca._ 

Land tank Sea. 


Landt»nkS«.AetUlJ.7 120, 


pg life AS*™** 


G.fcS. Super Fd.._ 


aoai 

36M 


aum 


■’l Eij - 


E*tm IneTr’d % .5 

American Fd. lf»o 

Fw-KaMFd.^ 105.4 

Gilt Edge* Fd 1G2.6 

Con Deposit Fd... 050 


156 9 ....... 

1030 -0 5f 
106.7 -04 
1016 -0 21 
IMS +0.7 
108a +15 
10BC ... . 
IMS +0.1 


Norwich Union Insurance Group 
P«J Bex -l. Norwich NK13NG 6003 52200 


,r, i 


■wansSSf 


SaHSF.dBi M^l- 



Guardian Boynl Exchange 

Kaynl ExctiBace.fe.tl3. 01-3837107 __ 

Property Bonds. J178.9 13801 .--I — Deposit Fund.. .‘”'fi04l l»3j 


rVoperO'Fund ... 
Fixed Int Fund ... 



1^0***^ 

W life Assto«ce Ltd.* 

. ^nA -nabaga- Morte'MWi. 
'“■7 n«i 1U.4- I — . 


Euahm Life Assurance limited * 

7 OU Park Lane, London. Wl 014800031 

'sxzf*=m- ss| 

Prt WV. 1601 ItB.t 

MmwdCap 153.4 MOJ 

rtanngedAcc 164.4 1734 

OwreoM LU5 120.6 

Gilt Edged 122.7 1212 


Nor. Unit April’s’. 


pw 

laas 


1914 


util -as 


_ m 

ferlife As taraac* 

Ssas® “ 



Americas 
PanPXSep.Cap MU 126.9 133.6 

PmJlOroJlK.^ 1474 154.! 

Pon. Prop. Cap. 2014 ZLLS 

Wn-PropL Act 2574 - 271J 

Pen. Man. Cap. I960 206.4 

FU.Hu Acc. 250.7 243.! 

Psa-CittEdg. Cap.. Ufi.a 1272 
Taa.GOttSE.mrc.. 1264. 133.1 

Pon.B5.CsP; 122.9 1294 

PHLB.S.Aee. MLB. USB 

B25 


Phoenix Assurance Co. Ltd. 

4-5. KlncWiUiamSi . EC4P4HK. 012056670 
Wealth Ass jiOB^^^lUdJ+O TJ - 


EbT. Hi. An., 
ghf. PhJSqfl 


Prop. Equity & Life Ass. Co.V 
111) Crawford Street. W1H2AS. O I -*830857 
R Silk Prop Bd... -I 175 6 I .. | - 

Dp- Equity Bd ( 679 | . J — 


— Hex Money B*±. " | 147.6 



01*7409111 

3 =, 

404] — 
Life Assnr.' Co. lid. 

„ 4 Jk 

107. 


Hearts of Oak Benefit Society 
U-rr.TavUtoek Place. WC1H 8SM 014187 5030 
nevt> of Oftk .- — 1362 38* i — 

HU1 Samuel Life Assnr. Udf 
NLA Twr^AddlseombeRd^ Cray. oisb8«bs 
“ “ 1564, 


im ” 


Manased Series A_ . 
Managed Series C-i 

Unlta— I « 


= »r«s sa 


1 « r 
wa n 5 


_ 

‘^sS55T«jS>»!H L ^ W - 

' life Awatr- Op- MJ-V 

asuvo. ' «■«»«» 

a** Life Asaurance Co. 

St. BXfierf3ar. Hute.P3ar 51 m 


Fns.ctd.Aec; 1109.7 



=N« 


104. 

167.1 

97.* ...... 

125.7 +0J k 

101.7 +04) — 
974 -05 

1473 ._4 
154.4 ... 

1103 ... 

1155 .... 


Property Growth Assnr. Co. Ltd.V 
Lron House. Croydon. CHS ILU 01 £900608 

177.0 
175 6 
736 4 

731.0 
1517 
3515 
658 
656 

162.7 
1624 
138 a 
1377 

110.7 
•1ZLZ 
22LZ 
1772 
1385 


Property Fund- . 
Properly Fund (A i. 
Acncuhural Fund 

Acrtc FundlA't 

A obey Nat. Fund.._ 
Abbey Nat FiLlAi. 
IrvOEimesl Fund... 
Inveomeni Pd.<Ai. 

Equity Fund 

Equity Fund i Ai.. . 
Honey Fund.. 

Money Hind (A; — 

Acluanial Fund- 

GLH-edited Fund... . 
UiU-Edged FtL lAl- 
OH+tlre Annuity,- 
dimmed. Ana ty — 


= 


— Prn. Giowifa tVndow 4c Aunltla LuL 


— AJJ Ihlier Ar. Uts. 


•All Weather Cap. . 023.7 


.-4. 


St- WW* aar iJSr!T/., 

SO iqijj. t (*oar* 1-:U 

U Fojuwai Assurance Ltd.9 


Imperial life Ass. Co. of Canada 
Imperial House. GotidfonL 7125S 

Growth Fd. Apr. Z2.1M1 75.1] 1 — 

Pans. Fd. Apr. BE —1634. U.6( .—4 — 

QUlt Linked Portfolio 
UanaaedFUnd JZpJ9 98 

FlxadrS. Fa. .-ks.2 

Secure Cap. Fd. (95.4 

Equity Fund- 



91nv.rii.llU 

PrriMon Fd. Utt . .. 
'^onv. Pens. Fd — 
t.'nv. Pus. Cap. Ut 
Man. Penn. Fd. . . .. 
Man. Funs. Cap. Ut, 
Prop. Pens. FtC .. . 
Prop PunsCap-Cts. 
futeg. Soc. Pen. I't-i 
Rilg Soc. Cap. Ul - 


129.9 


133.6 
12E.0 
1438 
140.9 
143 2 

3S2 

13L9 

1290 

1194 


mu 

130 




ttrAccnu.— 
..t^-MBWAcwtrL. 
Ui' ^‘lAcrom.. 


23 JJ — 

' nw 14 01 ■” 



1004 -+C4] — 
Tin* 

* ia 

B55 i m.Jt 


BRtr.a..^ 


a.® 




Irish life Aasurance Co. Ltd. 
ILFtnsfaury Square, ECz. 0L4QB82E>3 

ga3?^St“rPi mM ri - w 

MM 4 Hd = 


Provincial Life Assurance Co. Lid. 

=4 BUhOpECSK. EC 2 01-3478533 

1y**v Manuccd Pd .1112-5 
Prov.CasbPd. .._... Ilfl*.! 209 „ . 

'.jilt Fund 20 |n3A 119BI -0 


King & ShaxMn lid. 

52.Coruhill.BC3. 01035433 

Bond Fd- Exfflnpt.-O06J8 107.72) ■ ..A — 
N«ct deallne date April, 19. 

Govt. Sec. Bd. (126.70 133401 \ — 


Prudential Pensions Limited^ 

Hoi boro Borx.EClN'SNH 01-WS9223 

Equit. Fd. Apr. 10- K2330 24.02] .. .. ( ■— 

Fvj int. Apr. ift... -Edti ia.06] ..... — 

Prop. K. Apr. lfl._ -&540 25.^ J — 


Reliance Mutual 
Tunbridge Wells. Kent. 

He I Prop. Bds ( 195.6 


mWE 22271 

.. I - 


Lungham life Assurance Co. LUL 
ZanghamKa.HolmbraokDr.KWt. OJ^MSZll 
i jnghaiw ■A' Plan— [64-1 67. 

*Prap.Bood IMQ4 147 

Wisp {K Pi Man Fd [754 




Rothschild Asset Management 

Hwithliu Lane. London, BC4. 01^294359 

N >; Prop. Mar. 31 ,|114J I2L64,-. I — 


Er ' oimnl.wiipa. April®. 

— yi rital Lile MnnhoeW 
X; > fa«aiiH«W.a«tM»AftW , ten O0O3383U 


MV6 i!t 
VES 


^£*SSid , ws I ::::} - 

HfcgBA Gp.f • 

i „,Sa..Drt»rid0eOB81NE 

<A ' 


asm 


Legal & General (Unit Assuri Ltd. 

Bnaowood House. 

Surrey KT208EU. 

CashudUa] 953 

OaAcmnn. 965 

Equity Initial . 122.6 

Do.Acciun. U4.0 

Fixed Initial— 1445 

Do. Accrnn. - 115.9 

Managed Initial— . U3.7 

Do. Accum. U54 

Property Initial 754 

Do. Accum.. — -964 

Legal J* Gcweml Amli Rnoimri 


umn MmHEtn- 

.thse-Equlis' — 

■'?„ 'SSraSwi^, . — — * — 

■•* - ;,j c jrrf Westminster Aarar. Co/ Ltd. 
~ -“ : td House, £ WhUeborm Road. . 

"CS^A " S.-0B4 96B4. 



Exempt Couhlnlt... 954 

Do. Accum. 96.9 

Exempt Eqty.lnlL.. 1245 

Do. Accum. US B 

Exempt Fixed lnlL 106 1 

Do. Accum.—.. 1874 

Exempt Mngd. JcH- U23 

Do. Accum 1238 

EtruoptJTop, lnlL . 954 
Da Accum. . (96.9 


Next Sub Day June A 

Royal insurance Group 

New Hall Place. Liverpool. 0M227-M2S 

Klngswood. Tndwortb. Rural Shield Fd -.1130.6 1384). J — 

Burch Broth 53458 

no 

1246 '1 
2200 -1 
1206 -fl.' 

1224 -04 

119.7 -or 

1214 -0. 

1003 
10L5 


Save & Prosper Groopf 

4. ra S.L Helen's. Lodn.. EC3P 3EP. 01-554 8880 


XJd. 


100.1 +04 
1021 + 0.6 
1183 +5 5 
119.B +5.4 
UL7 +14 
112.9 +17 
1145 +5.2 
1191 +55 
ioa« +0.4 
1024 +L0 


124 2 


Hal Inv Fd .. _ 

Properly Fd ■ H49 4 

GiKFd. BIT" 

DepoiiiFdt ... -|12 
Comp.IV h».Fq.t . .. 
EouMrFem Fd. . .. 
PrupFviu Fd *. 
r.iii p^ns Fd.. 
DcpusPem. Fd.* — 


1963 
172 9 
plOl 
190.6 
._. _ J97 2 
Pnce* on ‘April 25 
ttteeWy deoil ng». 



Schroder Life GrnupW 
Enterprise House. Portsmouth. 


OIOS 27733 


Legal ft General Prop. Fd. Wgra. Ud 

11 QtHMso Victoria St. EC4N4TP O1-MB807B 
lAOTtLFd. Apr. ]|*93 1017( ...I - 

Nut suK day May 1 


1976 

"y efT¥estxnhwter Assnr. Sec. Ltd. 
tpbona 01-QB4 0084 

'■-■a , «Ste-ga‘- «l=i- 

anof trial Union Group 

Men'fcl.Cndwahali.BCS. 01-2837500 

SS ■ |:rl r 



Life Insurance Co. - 

Lane, WC2AIHE. 01-2420332 


toftm-Fmy! , 
duo. Pm. Fdj 
MniPts-RL- 
mvfisfLFd— 
HMlAFA 


MU 1480 


I7M 1M3 

f1nf l 

70-2 73.7 


2090 

iiH11 

S5X.0 

,^ 1>i 

1712 . 


1203 


355.4 

— - 


Khm Insurance Co. Ud. 



01-0905410 




Lite Aisur. Co. of Pennsylvania 
3HZ New Bond St, WIT QflQ 01-4836305 

XACQPUuita- 11000 U501 ...I — 

Lfeyds Bk. Unit TsL Mng n. Ltd. 

71. Lombard St- EC3, fU -623 1288 

Exempt IW-2 MM«H 1 7.94 

Lloyds Life Assurance 

20. CUNim SL, EC2A 4MX 

Bit Cth. Apr.B .L27W0 

OpLUEqty. Apr. 20 . 1ML9 

8St®S*:Ii 

OpcOUas. Apr. 30. 242-4 
OpL5 Dept Apr4D-|U07 

London Indemnity ft Gnl. Ins. Co. LUL 
UU0.Tbe Forbury. Heading 38351 1. 

gflSa JUM = 

Fixed lmebest P44 361( ■ ■! — 

The London ft Maachesler Ass. Op.T 
The DM*. FoUnoUHe, Sent 030337333 

Cop. Growth Fond.. 

OExampt FlOX-Fd. 

♦Exaropi Prop. FA, 

4exotInv.Tri.Fd] 

FlemUeFund ... — 

Inv. Treat Fund — - 
FropcrtyFund--..- 


Equily April 25 

Equity 2 April 25 _ 
Equip 3 April 23 ._ 
FixMlnL Aprils., 
Fxd.lnL3Apr.S. J 
IntirTAprils..... 
KfcS Gill April 25 .. 
KAS Sc April 73-,.. 
Mn«d41x-%prH3a.. 
MnCd.OApr S._... 
Money Aprils . 
Muhey 3 April 25 ... 
IX-posit Apr 25 ._... 

Pn'perty Aprils.. 

Property 3 Apr. S. 
BSlSi CtuApnl S. . 
ESPn. Act Art» 
Pn.Cp.Apr S 
PnJux-\{r25. 


2144 . 

2049 219.9 +19 

120.0 -L£ 
1415 -0.1 
1SL0 -0.8 
B6J -24 
143.9 +04 
1254 +04 
1341 +0E 
147J +04 

IMA ^4 

4 ^ 2046 :2b 

.4 . 24X6| +56| 


1244 

1344 

1443 

130.0 

140.9 

1191 

1274 

wao 

106.5 

1145 

U2? 


Abbey Unit Tst. Mgra. Ltd. lai <z> .Gartmore Fund Managers * laHg) perpetual Unit Trust Mngmt.¥ fai 

Tr-ai.iJal+JinuseHiLAytebiun-. OSKSOfl - - -- -- 

Abbey Capllfjl „.[3L0 33.M -fl U a .05 

Abbey Jncnn?*._ —1376 m.m -021 Sti 
Abboy 1m. 1 >L btl .U4B 362+041 4JM 

Abbey Ucq.TiA (43.1 4591-0 5) 4 01 


1294 
127.9 .. . 
1U.5 . 
144.1 
1274 


Scottish Widows' Group 

POBoKlXB.Edit.burchEUlfl&BC n31«56W» 


lm JTv Series 1 — L 
In* PIy.Sene»2.._J 
lnv Cash Apr. 24. J 
Ex I’t Tr April IS f 
MKdPen. April 10..J 


ira.ffl 
»4 994 

7.0 1022 . 

F29 138.6 . 

«3 252.7 


127.7 


.03 


142,4 


Si 




8L4 . 




Solar Life Assurance 

Kh 12 Efy Place Loudon E C. 
Solar Managed S—1124J 
Solar Prope rty- S- 1104 
Solar Equity?. .... 155 0 
Solar Fad. InLS... U40 

SolnrCufliE W6 

Solar [nti. S .974 

Solar Managed F..- 12J7 
Solar Properi v p — ll ®- 2 
Solar Equity P. - .1546 
Solar Fxd.IntP, - ipB 
Solar Cash P — 99 4 

Solar IniLP (97 4 


limited 
is err oijmz&os 
131-11 -0.M - 

itfi -u r 

120 J - 0.7 - 

105.8 - 

101.5 +0« — 

133.9 -04 - 

1U.1 , — 

162.8 -l.Z — 
U94 -Q.fi - 
1054 . — 

103.51 +0.4 _ 


ft Camsterce Insurance 

London W1RSPE. 01-4307081 
■Fd (1220 132JM .( - 

JM Ufe Aanrahce Co. UAV 

M UteBta. Woidns, CfD21 1XW OUBB 0033 
sdAcc._M64 _ *' 

„JniL — B.o 
— ..fee 


Jffl4y-04J ~ n 


Pd.Iocm.,.tej 


yw.iuc._ j 

iSS5p4 #t -* |!K 


.i.ijngFiitan- 






+0- Fd.totm. .. 
■KjFUnit^J 

~&at 

g^JSSi 

IPSJfci 

.niBrilov-A'. .1 



M & G GroupV 

Three Quart. Theer HID ECSH B8Q O1-03B MBS 

mJ+d 

nw==sts 

Pemtly 81-86" 168.7 - 

GUI Bond*"-, 105.7 11X1 

Int eni a PtL Bomf**. JW 994 

Managed Bd*** 128J» 135.1 

J^ral+rly Bri** 1594 ' lg2 

KjtVteldFd-Bd*- 77.4 B.4) 


Recovery Fd- Bd.* ..B9.2 

American Fd. Bd.* . (90 2 
Japan Fd. Bd * — - pi 1 
Prices on ‘AprjJ 28. 


- 


Sun Alliance Fund Mangmt. Ltd. 
Sun Alliance Houoe. Horsham. '>W3 64141 
Exp FtLInl Apr. 12 K 153 50 140.4O( . I — 
Int- Bn April 25... 1 1J342 I - I — 


Sun Alliance Linked Life Ins. Ltd. 
Sun All inner House. Horsham 0W5S4I41 
Equity Fnad- 


3S - 


FixedlncerestPd - 
Property Fumi . 
Internationa} Fd 
Deposit Fund . 
Managed Fund . 


,106.1 UL7I -0 8 - 

1007 1*0 -03 — 

W5 U0 0 . . — 

.Bait 1091 +11 — 

frsB 100.9 . .. - 

1 102 9 108 -0 11 — 


53.71 _ 
-April 20. 


— 1 — Merchant Investors Assurance 


_ ISthHlgh Street, Croydon- 


01 4899171 


Property- 
Property Peru.. 


8.63 


^^-Insurauce Co. Ltd 
^aw»e.7iB««-ri,Eca ouoesosi 

™3p. April4„|7LT 7841 ..4 ~ 

> Star Insur/Mldlauil Ass. 
pMdueilteSL.'eca. 01-3881213 

*aa«UJntts_(493 SL1) 4 616 

Ay ft Law Life Ass. Soc. Ltd* 

0404 33377 


’Pena.-— — 

Maocy Market 

Money Mkt Pen*. .- 



Deposit Pons — 

Manased.-.— 

Manned PWto. 

lull amity ... 

lnlL Managed— 


.Son Life of Canada iK'.K.l Ltd. 
£.3.4.CodapurS1 .SWlV^BH 014308400 
Maple U Grlfv .1 1B}3 ) . . | — 

Maple LI. Maogd. 1 128 S l...| — 

Maple Ii. ROW.— I U16 (••••l — 

hersnl P n. Fa. I 394 B I ... I — 


Target life Assurance Co. Ud. 
Target House. Gaiehnusc Bd , Aylwbury. 
Burks. Aylesbury iOSSO 1 304 1 


Waa. FundltK.. 
Man Fond Are 


— Prop. Fd Inc P°S5 


H05 2 


i +0-1 


' r*»n: Bead. High Wycombe 
*>m.. bffrg 

feW Sfl2.4 

Jintoi+jt-p. _ Qjjs.7 
IFd.^.^^ 


• .--f- 




NEL Pensions Ud. 

M3 Hon Court, Doridng. Surrey 

NehuiEq-Cap. (774 

Nelex Bq, Accum. _ 

NolrxMotwyCBp... 

Neier Mon. Acc. 

Nelex Gth Inc Acc- 
Nolex Cth Inc Cap.. „ 

_ Neat auh day May» 

N«i ldsd.Fd.Cap-_|47.7 I I - 


F01I 


Prop. FtL Acc. 

rrop-Fd Ins- 

Fixed Im. Fd Inc. 

Dcp Fd. Acc.lnc — (97 9 
Ret Flan Ac. Pen. -(MA 
RM.PlanCaa.Pen . _ 
R+LPUnMaiLAcc.. 
RcLPUnMan Cap _ [112 7 

CUt Pea. Acc. II 294 

Gill Pnn.Cop. 


145 0 

.w»0 104.?} .. 


96,7 
110 8 


102.3 

1172 

111.7 


1231 


1U.2 
103.4 

732 -a«j - 
6Z2 —0.3) 
228.8 

UA6 +0.11 - 
130 fl -0.11 


— Transinternational Life Ins. Co. Ltd. 


50-41 


NelMxd.Fd.AM— C 

For Nw Court pnwb iw under 
ReihMdiUd Asoet Mttugrawul 


2 Bream Bldgs., EC41 w 

Tul Ip Invest. Fd (13f3 

Tulip Mansd. Fd i07 7 

Man. BondFa *20. 7 

Man. Pen. Fd.Cap . U3 5 
Man.Peo.Fd.Aec. 119 3 


01-4056437 





r - 


BASE LENDING RATES 


S.K.. Bash 

litd Irish Banks Ltd. 
enc an Express Bk. 

—Kb .Bank 

r PTBank Ltd 

a Ansbaefier 

Ballade Bilbao 

• '..oank t*f Credit & Cmce- 

... of Cyprus 

Sank' of N.S-W. 

'‘lanque Beige Ltd 

pque du Rhone 

' sarclays Bank 

•’ wnett Christie Ltd.— 

" jremar. Holdings Ltd. 

. 5«t. Bank of Mid. East 
inwn Shipley 

. ; anaffa Perm’nt Trust 
^pitdl-C & c Fin. Ltd. 

.ayfeT Ltd. o y 

• Mar Holdings • 8 % 

JbarfertouAe Japhet... 7$% 

; 'houUrtons 71% 

*■- E. Coates 8£% 

\ consolidated Credits ... 5i% 
operative Bank-...— “ 7h% 
/Jttinthian Securities... 64% 

/ r[?ait Lyonnais 7i% 

h e Cyprus Popular Bk. 75% 

. Juncan Lawrie H 7{% 

gg»! T rust 7i% 

" Transcont 8 % 


7i% 
74% 
74% 
74% 
74% 
7i% 
74% 
74% 
7 J a % 
7'4% 
74% 
S % 
71% 
Sl% 
8J% 
74% 
74% 
7i% 
81% 
S " 


Hill Samuel § 7?.% 

C. Hoare & Co T 74% 

Julian S. Hodge ......... 

Hongkong & Shanghai 
Industrial Bk. of Scot. 

Keyser UJlnjanu 

Hnowsley St Co. Ltd ... 

Lloyds Bank 

London Mercantile ... 
Edward Man son & Co. 

Midland Bank 

Samuel Montagu 

Morgan Grenfell 

National Westminster 
Norwich General Trust 
p. s. Refsoa & Co. — 
Rossini nster Accept' cs 
Royal Bk. Canada Trust 
Schlesinger limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Sbenley Trust ...... 

Standard Chartered ... 

Trade Dev. Bank ...... 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 

Williams & Glyn’s 

Yorkshire Bank 

AcccrtlnE Hmis^ 


Si% 
71% 
6;% 
7i%, 
9 % 
74% 

9 % 
74% 
7i% 
7i% 
74% 
74% 
74% 
74% 
71% 
71% 
91% 
?1% 

94% 

ri tr. 


‘ ; -0 
84% 
7i% 
S % 
7?% 
71% 


=?gW» Transcont 8 % ^ 

London 5 ecs 71% + 7 ^ dspswiis <%;. l-moaui dsiwoits 

M Nat Fin. Corpn. SJ% «% . 

tao„» a c L iSf Lt[L - hi 

'S«iv y G,bt) S 74% Wfr JS3,«« S-.. 

feyhound Guaranty... 7|% t ^ ^ats over fljmo i'»- 

' ffi 31378 Ba0k ■— * 74% , DOTMd dwMlti 59i. 

wOfless Mabon......«. ’ 74% g .Ra» miao vnUieo » Sieriini Ui“- 

•wabros Bank 74% Sees. ^ ^ 


Trident Life Assurance Co. LlcLV 
Renalods House. Gloucester 045238541 


Managed — 

Ctd-M*d 

Property 

Equ W. Anwrteon _ 
V K. Equity Fund. 

DiBbYiela .. 

GlilEdctd 

Money 

latemattoual 

Fiscal — 

Growth Cap. 


1119 7 
0455 
(146.8 
M3.7 
(101.4 
lUbO 
(120J 
.222.9 
,(930 
2235 
224 3 


Growth Acc 1227 7 


113 0 
116.7 

MttJ 


Pens. Mrwd. Cap, 

Pens llrig v Acc . 
poBs.Gtd.Dep Cap IK .j- 
Pons-GUJTepAec 110} 6 
Pena. Ppiy. Cap. — .[112-3 
Pena P»y. Art. - 
Trrtt Band ... - 


«TnJt- 01 Bond .. ..fwi 


‘Cash relue 




ill +231 


MM 


ml+o'aj 


%rM 




& 


119.. 

lZ3.fi 

1073 

120.8 

UBt 


13ld -0$ 


for £100 premium. 


Tyndall Aasurance/Pensfensv 
lACanynge Road. Bristol 0STi232S41 

3-way April 20 ‘ 

Equity April 2D. — 

Rond April 20 
Property April 30- 
Deposit April 30 
3-wajFen. Apr. 20. 

O' sea* Inv Apr.20. 

Mn.Pti3-WApr 3, 

Iw. Equity .9pr 3-. . 

Do Bond Apr 1__. 

Do Prop Apr 3 


1200 

1554 

163.4 

104 2 

126 . 4 
1432 
712 
1660 
2A6J 
1770 

84 B 


Vanbrugh Life Assurance 
41^13 UaddoxSt-Uln W1RHLA 01-4S0ffl!3 


J4«iMedFll 1412 M*7) 

Equity Fd WJ 

Ititnl. Fund,-. . 97.1 l|?-3} 

Fixed talent Fd - - 1625 in.U 

Proportj'Fd 1386 14o?l 

Casn Fund.. {1174 


12161 ■ 


-11 = 


o;? , 

-flo( 


Vanbrugh Fensioas Uaufed 
41-43 Baddm>Sl_Wn W1R9LA 01-409 4923 

Managed .—(94 « 

Equity.. .. . ■ — 7 100 

Fixed Interest-. - Wfi 
Property —..,195 7 U» 

Guaranteed oee 'ins. Base ttites 1 tabta 

Welfare Insurance Co. LliV 
The lAtAfoihfiJfooe# Kent 0B09S7B3 

MonwTnafcer Fd — l 99 T . 

For other fumk. please retcrioTtalsaxloiifi: 
MBtichetler Group. 

Windsor Life Amut- Co. Ltd. 

Windsor 68144 


LdoUn.Plan^ — 
FumnsA&ad.CKia.'. 
Future A Gthtbi. 
Kct Aosd. Feta — 
Flu. Izn. Growls.-' 


6M _ 7101 

-0.1 

280 


430 


£2401. 

-117 

vss nu 



Allied Hambro Group laiigtV 
Hjmbro H>e, Huuon. Brentwood. Eutt 
91-588 2851 or Brentwood KC77I +11430 


+ St Jtar'Ase.ECSAWP. 

Aniertc-ia Tst — ” 
•Hriliafi TstlABe.*-- 

''ommotlip' Sharp _ 

;i?iKarFa.J. Tnirt... 

.IliCh Inc'iiMW — 
Nikhw Fund 
:iu 


Bolaami Fnri 

tilled l<t (&Z0 

But. lads Fuad - 60.8 
•inb.A Jnc... . — .. 34 0 
Elect. 6 Ind. Dev. 31 D 

Allied I'+pluil 67 0 

iiamhroFiind — 997 

Hambro Acc. Kd. 112.8 

Income Fund* 

High VicM KAh— 

High Income 

A H Eq. Im- 

laicreMlanal Foods 

International 124 & 

bl-cs.til America... .(52 3 

Pacific Fund |J7 4 

Specialist Foods 
Smaller Co ■» Kd ...(328 
2nd Sntlr. Co s Fd. . «2 
Hoc Otters 1 SILs. . .... 83 9 
MctHiB.ftCdD -.36 7 
■AcncoaEarBlDBa 54.9 
Expt smlr. Co’*... *0010 


</iinlLT>l.i.4eq>* 


267 

ns 

• 0 3 

571 

56 If 

+0.5 

1389 

1494 

♦09 

303 

376rt 

+0.3 

558 

60 1 

+0.1 

UJ 

734 

U27 

U% 

+007 

8Z_5 

89 53 

-0.6 

30.9 

3J2 



rti-as3.753l 4 g Han St. Henley on Thome* O40I2SBH 
SS PpetoalGpj2lh._P7.4 . «0| — l 307 

S Piccaduiy Ltuii T. Mgrs. Ud.V (a Mb! 


Sffi H^e. 58. London WallKOl 8380801 

?S Fjtrefownne 1»4 ^ -u-J 9.M 

4 4* Small Co s Fd. )40 1 *?-S 


3 U Small Co sFd. 

641 Capital Fund- — -1555 
fan (pt Brut t .tawti HS? 
ITivate Fund—. 



.Gibbs (Anleuy) t'nit TsL Mgs. lAd. Xccttmitr. Fund_J&l5 

W.BfomffoidSU.BaMTSL. ol-SSWlil htwlo^nrad^ 


JS3 


P4J 



030 practical Invest. Co. Ud.V ty)(cl 

44. BloomaburySq.WCl A2RA 01-683880 

jssftag-^saf ’saiaa 


421 

421 


Anderson Doit Trust Managers 12d. 
156 FenchurchSt. ET31I8AA S2U023I 

.ladwvm f .T. J® B 490af ^....| 4.64 


Llnsbacher Unit Algial. Co. Ltd. 

1 Nahlu St- EttV 7JA Q]Oi23 6378 

lne.3fcniUilirKuDd.U60 270.O| . ... | 89 


-i»A£ a :KSi3hvrrE{ 

"Govctt iJohniV 
rr. London Wall -2 

sjidr. Apr.il. r -.ju« 136 fij ) 2 X pwOidal Life Inv. Co. JUdV 

rffivV" 1 sa.Blrivopxaata.EC 2 . 

Grieveson Management Co. Ltd- ' . Htah^nrome^TIlllttW -0^ 7M 

svcmftai 6 *=f=^. ' prndL PortfoUo Mngxs. Ud.¥ taKhXel 

459 HolhoreBore.EClM2.va 01^0302= 

5® PrndeoUo! (117J 1243^-03! AH 

, 125 Qalltex Management Co. tXd-f 

1M ^- 7 - 7 ^ ThcSUtI^hWBe.ElC2NlHK BMW»*n7 

II ^=r! IS 

285 Reliance Unit Mgrs. Ud-fif 
Guardian Rntl Ex. Unit Mgrs. Ltd. Rriiance H*e- Tuubridtc Wojia. Kt. cmzxsn 
Tloval fxchsusge.EC3r.--DN. Ol-CBBOI l Opportunity Fd — MM 66^ 5.91 

fsuji GoardhiirTat— (84-1 0 .« ^ 464 gSgtrieT. 

Henderson Admiimlrarloa ia>'(cUg) V 


Bar , flln.Apr»i26— W55 
(Accum. Lniia/-. — i;i; 
.B'lBlk.HV Atw 20— 1650 

■ Accum. I" nil*' — 1|J7 

KndeatAjirSa 178 2 

■ Accum. I nltw • • J«6 3 
ilntehidr. Apr 21 - i£>4 

■ Accum. C QJiaf--- • g J . 
In A Seals. Apr 25- W2 
lAccum I'niia. . -pit 


221.4 +i4, 

1725 

198.3 

177.9 -7.4 


«7J 

95 5 .- . . _ 

**» 


Arbothbot SecoriGes Ud fetfcl 
37. Queen SI. London EC4R1BY 01-2385281 


Kstra racoiae Kd— . 207.7 

Hlehlnc, Fund 597 

ai Accum. l ; Dtb). 53 5 

■BWV tV'drwLGta.i 533 
Prvleroncc Fuad— 25.4 

Accum. l'nU»j 378 

L'apitai Fund 185 

rmmnotfliy Fund — S3J 

Aveuni t nitii 75 1 

lDS.Wdrwl.U .1 4&0 

Fin.kPitsp.Fd. 165 

'hunt* Fund 36.4 

< Accum. Dnitci 420 

Growth Ftmd — 32 3 

\ccum. t nlu.' 38.1 

Smaller L'o'.t Fd 26 2 

Eastern & Inti. Fd. . 35 
«% Wdn+LtU/— . 2*4 
t'urcicn Fd .... ... 83* 
V. Amrr. fir Int. Fd a & 


126.51 +0.11 

43.0 -D.fl 
57.9 -01 

S S -*>3 

27.4 H 
40.7 .. 

fj- 

M0 "I" 
179 ... , 

395 -03) 

453 --»«( 
340 -DJ 
47-1 -flJ 

28.4 .... 
255 .. 

20.0 

89.B +4 5, 
312 . 


1061 

942 

9.41 

9.41 

I2M 


Ridgefield Management 

E5gS£3£2M$P. Sm R obA TO^4^3M(lK«us*dFSt,M«ldfori«e 

Ridgefield bit UT.H3.B 99.N . — | 252 

Ijjj, Ridtcfldd income. p4 8 UK#) »».( 9U5 

643 Rotfasrhild Asset Managraoeat (g) 

72-80. GUQboose Rd_ Aylesbnry. 02MS941 


587 

507 

587 

3-21 

322 

522 

313 

3.13 

468 

255 

155 

105 

in 


UK. Funds 

<:op. firwt h tee — © 6 
L - np. Growth Ace — g2 2 
Income t Aoreta- .P** 2 
HlRh income Fund* 

Hish tareioc B7 J 

Cabot Ertni lac. — 154-5 
Sector Foods . M _ 

Financial Or IW — H-5 

Oil k NaL Rra [25 0 

latmaUaoai 

CnbM gif 

Internal ion ol_.. )M J 
Word Wide Apr. flt |7D 8 
Overseas Funds 

Auatrollau-. 

Kurt>r>n>D - - — g}2 

ForEa+t 70 0 

North American — 38 5 
AiuGru Apr. 24 --. 126 fi 
CaUotAmerEm.Co. (50 8 
HiU Stunoel Unit TsL Mgrs_t <■ 



N. C Equity FUad...|1584 
V.C. ajey.Ret.TsLW.7 
N C. Inconie Fund. 145 4 
N.C. IntL FtL <tnc.) 17 8 
Nr. lull. Fd. (Acc.1 87 8 
N.C. SmUr Coys {At 142.2 






250J) 


M 


935( +2Jq 


-03) 


£96 

£62 

6,77 

a 

AM 


168 Rothschild ft Lowndes Mgmt. u> 

936 sr. Sad thins Lane. Ldn. ECV 61«SS433B 

New ^ Exempt-- £1120. U94H . — I 377 
Price on April llNexf dealing May 15. 
Rowan Unit Trust Mnfft Ltd-V <a> 

Clty42ateHi>e.Finshiii?Sq.ECS. 01-6061068 


Archway Unit Tst. Mgs. Ltd.9 lancl 
"17, UiRh Holhorn, WCIV7NL 01031623:1. 

Archway Fund J791 842J +0.7] 616 

Price* at April 26. Next rob. day May 10. 


Barclays Unicorn Ltd. (aHglVfci 
1 ’mc-orn tin. 252 Romford Bd. E7. 01 SM 6544 


4b Beech SL.EC2P2LX 
ibi British Tnirt- . ■ Mfi 6 
(pi In t'l Treat -.360 

iC> Dollar TTu+t 73 8 

lElCjpIfalTrael — M5 
fhi Financial Trust 97 5 
ihi Income Trod— - « 3 


hi SeenjnUr Tinaf -(499 

‘ iTeldTsL 


156 M +0. . 
38.3 +02) 


oi-esantm 


l-niconj America— [SI 


Ik>. A usl. Acc.— —Ml 


Do. Auk fnr 

Do. Capital — 62.8 

bo. Exempt T.fl IDS. 9 

Do. Extra Income _ 77.0 

no. Financial 58.0 

Do. 500 703 

Do. General 293 

l*o. Growth Acc 38.6 

rw. Income Tst 78.9 

‘Da Prt A tw Tst. . 1341 . .... . ._ 

Prices bl March 3 Next sub day April 28. 

HO Rccorcnr 393 417] -03] 504 

Dn.Truaee FTind . 1075 2I5.« -0.« 522 

Tat W Id wide Trust 47 7 SLti +Q.ri 1 6# 

BlslJn.Fd Joe 606 • 63J| -0.5 55® 

Do Accum. ... -.68.0 TO.Bj-Dbl 558 



i hi lUohi'Teld Tst- 128 5 

lofel.V (aj(g> 

1.4. i.Tinsiopher Si reel . i- 
Intel. In*. Fund. — [85 2 


9364 -10, 
2#j -ax 

53 4 -021 
30 6 -01 


5J9 

304 


8.96 
4 20 
756 
7J6 
415 
4.25 


RuicanAm Apr. 20. MS 673] 

tIo»«nS+cuAvr 25. 156 D 164. 

Ronaa By. Apr. 20.. Ei 55 

i Accum. Units)-. ... 7Z5 76£( M ._.| 

R»u. Mm. Apr. 18. . 717 75. 

(Accum. Onlui— (875 92.' 

■nfl +i^j !» Royal Tst. Can. Fd. Mgra. Ltd. 

- - 31 ■■■ ' in 54, Jermyn Street. S.W 1 . 0142B82S2 

7 73 UapitolFd (63 2 66.7] .] 3 91 

533 Income Fid |U8 12M I 7.76 

8.03 Prices at Apr. 14 Next dealing Apr. 28 


Growth Invest gfli 317 

InmlFd. 713 77.1 

33SSSXE:mm 


Save & Prosper Group 
ill- 247 1243 4. Groat St- Helena, London EC3P 3EP 
92 01 .. | ABO 68-73 Queen St- Edinburgh EH2 ANX 

Key Food Managers Lid. <ai<g> ”} 

01450671170. Save ft Prosper Securities Ltd-V 
3 75 iDtcnuUMBo) FluidF 

514 Copiul R5.B 

698 ] 171 : . h44 

^|4 7 Untv Growth — (64.1 

685 


2a. Milk St. 02V 8JF. 

Kej Energy lv.Fd.~in 1 

Key Equity * Geo— 63 6 
OKepExempcFtt.;.. 136 3 
Key Income Fund - - 766 
Key Fixed Int Fd ..59 6 
Key Small CosFd. Efi * 


Baring Brothers ft Co. Ltd.V laMit 

BE Leadi-nhall St . E. C ’& 07-48828311 


7401 -fl 
67 ri -0.! 

2449) . 

M :* 2 

91.91 ■ 

Klein wort Benson l nil Managers'# 

30. FenchurchSt, EC 3 0141238000 High Return 

K.B UnilFd Inc - 178 3 8511 ... I 5 IS Income. 

oK.B. UnltFd.Ac (97 a 106 jq ... . I S.IB 

K.B Kd.lnv.Tsl6....M9 5 541(....| 4K 


Stratton TaL—.. ..11668 173.01 +2 21 3.90 

Do. Accum... 12050 -21451+171 3.90 


Next enh. day April 28. 


Bishopsgale Progressive Mgml. Co.* 
fl. Biahopsgaie. E.C2 01 8886288 

B’ealePr “ApriS-PSOO 191.7) I 388 

.Wc.Uu *‘Apri6_,|2125 226.il .1 388 

B gdtelnt Apr 10. .1169.8 280-3 ( 206 

Accum-i Apr 18. ..(U73 1993). I 206 

.Vet I t-ub. day ‘Hay 2 "my 9. 


Immaiil InriRUr Kind 

High-Yield.. 1524 

High Intamr Fund* 

» 

V2L Funds 

L ft C Unit Trust Management LUL* owSa'riirebtet W * 

The Stork EcbODgr. DIP. 01588 2»B Euroiw ICO 

LAC Inc. Fd —1130 2 134.31 . . I 7.93 JagM WS.0 

LAC Inti A Gen Fd . |91_3 94 9....) 2 33 1 7 * 5 

Lawson Secs. Ud. Vtaiio - rSJSJS^..-|6|6 


56J«a( -0.4) 7.19 


Sl-oil 8.71 


833 


445) -0J| 4.93 


Bridge Fuad ManagersffaHc! 

King niliiam 5t_ EC4B BAR 01^234951 


Bridge Inc* ...—,1470 
Bridge Cap. Jnc.t - 32.9 
Bridge Cap. Arc-t- 365 
Bridge Exempt! _ 133.9 
Bridge InO Inc.t — 155 
Bridge I nil Aec.t ^ 160 
Bridge Amcr Gendl 25.0 

Prices April 2S.‘20. 
DeaUng -Taos . tWed, tTHure. 


52. (to . . 
355s +10 

38.7 +1.2 
242fi +3.0 
165n +05 

17.7 +05 


SS 

5te 

377 


IRav. Moleriala— 
hAcnuu L’niur.— . 

'Growth Fund..— ■ 

“Acciun. Unltai 

tfClllond Worrent. 

ii‘5Scum(?itf (23 6 

■‘High Yield 

Unit w_ 

Deal IMon. -*11111 
Legal ft General Tyndall Fond* 
l&COnjnse Hood. Bri slot 027232241 


354 

385 



43? 


55J 

601 



655 


358 

3811 

A ,.„ 


746 



756 



521 



711 


s* l+u'ed. 

iThurs. " 


g*r±dft 

rial Secs. — |69.l 


7.02 Financial Secs.. 169.8 

7^ Hich-JUnlmnm Fnnds 

*2? ISj2f iJ!iSSS l — ^* 7 

wlfcf iflcmoe — . - w * 

fffl Scotbits Securities LUL* 

iSf? Scot hi tx 137.7 40 

UK SrailWM fef 

PM Scotshares 154 6 

SeM.e)i.Gth*« .—bZ&B 
ScoL Ex.Yld.*&.. (U4 7 li 



Prices at April 20. Next sub. day May 10. 


SJ \n schlesfnger Trust Mngre. Ltd. feg*> 


ilnrorporming Trident Trust * j 


Britannia Trust Managementfallg) 


a London Wall Buildings. London Wall 


London EC2M SQL 

Asints 62 

Capital Acc 48.0 

Conun & Ind . 556 

Commodity 70.7 

Goraertic — 16 1 

Excinpr . . 79.9 

FsLTrt lni+*mP 38.6 

Far Eari HI 

Financial Sco ■ .. >1-4 
■fold & General — 744 
Growth.. ... M4 

Inc Sc Growth JB.ffi 

Int'l Gronth . ... 57.9 

Invest TxLShares... $4 1 
Minerals. — . . 293 

Nat- High lac 78.1 

Mew Issue — 33* 

Korth American. — 291 
Professional ..... 472.9 
yrotsrn;. Sharer . . 12.1 
shield. . ... 43 2 

StatiuLhange. . . 284 

I. niv Energy • —TO 8 


434 

477 

532 

4.78 

702 


Q1-838047&D478 
712-061 564 
Sit -03 
553 —0,4 

76.0 +0U - 
380 -0 3 

I04.fi .. .. 

415 -01 
20.fi +0.2 
6fi.O -1.0 
893+09 
965 -0 5 
753* -0.4 
42At +0.5 
47.4 +02 
32 5 m +05 
84 0H -ID 

36.1 -01 
313 +0.2 

497.5 _ .. 

13.0n -0 2 
464 -8 6 
300 -01 
33 3 +05 


Next sub- day Si ay 1ft ... 

Leonine Administration Ltd. 

2, nuke St. London VimiWP 014863091 Am! Grawth.-.Z- 27.1 

laroDiat _ ...173 6 77 5) -061 5U ExempL lUgli 'VTd.* 24.7 

Leo Accum .. ... - [784 8251-001 480 Exempt Mkt Ldre.* M0 

Lloydn Bk. UnU Tst. Mngra. LUL* (a) 

Regirtrar* DepU Gonae-by-Sca. Inv. 10*6 Wdrwl „.B97 


463 
359 
4 J0 
7-32 
253 
3.73 
413 
816 
5J2 
108 
443 
209 
4 69 
498 
2.66 


WuHtan A Wexi Stuvex . 

FirellBalncd i Mf J 

Do ' Accum . j M3 

SmurilCapi «3 

Do. i Accum ). KL4 

Third flncotaei 77 8 

Do. i Accum. i . 106 s 

Fourth (Gxlnc.i—.. 58.8 
Do 'Ac com i . ....(645 


Q1A2312B8 luinl Growth..—— 470 

52 8) -00) 457 inv. Tst. Units 2* 6 

si -ca ast Leaders 27 6 

341 TVH Yield’..... . . — 27.0 
3 41 Fret. & GIU Trust— 23.9 
452 Propertv Shares— ® 7 


76^ -fl.fi 
53.0 -01 
660 . . 
83.7a -05 
m* -ot 

623 -nj 
-.695 -0 3 


6 a Spec ial'SIt. Tst — Bfl 
7.99 LUC. Gfth. Aceum-f 


7 98 UKX.rtiLDiM 


Next 


22 6jo| 
295 
26 0P 
25.1 

H 


(02061 88441 


260 


fit 


2AM 


rcs6»«i J- Henry Schrader Wagg ft Co. LuL* 

0J-3H03434 

16 


Lloyd’s Life Halt Tst. JUagra. Ud. 

7200. Gatehouse Rd_ A+l rrbury IK5J65S 
Equity Accum .12456 153 Jf -01) 4.W 

M ft G Group* (yHCMel 
Throe Quays. Tiroer HUl EC3R 6BQ U1IB6 4588 l'Dcome Apr 25 ..._ 

®SSr 


rob. April 26. 


+0.51 

+05) 


— 0-21 


—it'll 


so^+o.d 


+03i 




,2M -0.4] 


142 

194 

077 

442 

1952 

9.69 


201 

4.69 

471 


1209 

252 

209 

6.00 

600 


12H Cheapslde, E.CJS 
Capital Apr as 
Accum*- . 


The British life Office Ltd.* fa> 

Reliance Hte . Tunbridge Well &. KL 0893 3271 
BL Brill ah Life. . 147.1 49.8>d -04) 582 

BL. Balanced'. . . W3 9 46.94 .. - I 569 

BL Dividend*. . . 140.5 43JWI .. | 10 62 

•Pnce» April 28. Next dealing day May 3. 


Brown Shipley & Co. 

Mn«re. Founder/ Ct . Efc ! 
ES Units Apr 34...J213 7 
Do (Ace i Apr 24 J2663 
Oceanic TrnsU (u lei 

Fmunctul I32.S 

Grewal . ..... 1175 

Grourth Accum M2 6 

Gnxvth Income 1340 

High Income -.E8-2 

1F.L . - U90 

Index B34 

Overseas- . [28 2 

Perionnnnce — IS 2 
Ren>ver>.. . 120.9 
ExinpL April 10 ...(61.0 


Ltd.* 

01*6008.130 
225 0] . 1 470 
280 4) J 4 70 


.348) ... 

% 

8S :::: 

2004 .... 

29.7 :::r 

^ :::: 
63 6) .... 


455 

431 

5.18 

5.10 

963 

309 

491 

3 ~i5 

4 30 
5.12 
450 


(Accum. L nitsi 

Australasian 46.0 

i Accum VmUi.— *69 
rommodiro 66.9 

(Accum. I.iiIUi. . 72. D 

Compound Growth. 97 5 
Conversion Grovdi 54.6 
Canvorsinn Inc. . SB 5 

Dividend 1130 

I Accum L'nilsi— 210.6 
Kurepxn .. ,. n 464 

■ Accum. L'nllsi 46 9 

Erira’iield. . ... 799 
(Accum (.'men... 2060 

For EoMcrn. .. “6.7 

* Atcnni Vans*. - - 52 1 
Fund of Inv Tst*.. W8 
(Accum i.'miei 1700 

General ... 

(Accum l.'nllsi. - 
High Income K8 2 

■ Accum GnJi>i (159.8 

Japan Incomr 1}«3 

Accum. IT nits' — . .(1450 


Canada Life Unit Tst. Mngra. Ltd.* 
2-6 High Si. Potter* Bor. Herts. P R»r611Z2 
Can GcnDLsl. ...1361' 3B.0I 4 50 

Do Gen Accum 1430 46.2) -0 3J 458 

***** -®j ’sail « 


8H:a 

80.3 -«3 
8L2 -03) 

39.3 


517 +0.a 
495 *0.71 
504 +0 7l 
719 +oq 
77 4 *oa 
1041 +0 2) 
587 +0 6( 
62J 
1210 -0 7 
2243 -13 
49 4 +05 
590 +05 
85 Lc +0 3 
U 3 7 *04 
49.7 +05 
544 +0.4 
634 +05 
761 +0.6 
1724 +1.0 

8ya3 

1550 +0. a 


1.03 

202 

4 * 

425 

388 

349 



99.8 

Ulv 

U57 

1190 


I7J5 

1849 


2SQS 

2692 


78.9 

82.1 

+02 

972 

1012 

+0J 

302 

320d 


333 

35 4 


1634 

168.9 


2764 

233 J 

.... 

[X780 

1835 



i Accum. Units! 

Europe Apr 20. . 

(Accum unite* 

* PenAChnrFdApCa 

S'Spec EX.4W.IOZ264 

•Recovery Apr. 11 . )1780 „ . 

’For tax exempt funds only 

ScoUlsh Equitable PmL Mgrs. Ltd.* 

8.08 28 SI AndrcWf Sq,, Edinburgh 0)1-5560101 

194 income Unite ..Wjlf 53.taj 1 UD 

2H Accum. Cniw . .—(540 .SUffl ... ■{ 5.10 
8 54 Dealing tlay Wednesday - 

Sifi Sebag Unit Tst. Mutagen Ltd.* (a) 
2-56 POBacOn.Brklbiy Noe.£CL4 01-2363000 

II saassa-.&s sa^ - 1 * 

3n Security Selection Ltd. 

^ 15-19. Lincoln - * tan Haleb, wci. 01-831 683&S 


030 


8.78 


j r> Unvl Gth Trl Acc . _ m ns 1 


f » LTrvl GthTst Inc 

3.® 


I»o lac Accum „ 


Capel (James I Mngt. Ltd.* 

UXlOM Broad St- EC2\ 1B0 0| 588«JIO 

i.nplual (783 0.41 . [ 4» 

Jijrome. . . J73 1 77 8] ... I 7 75 

Pnr+s un April 19. Next dealing May 0 


145 6»4 
2791 


+011 6U 


+1« 6 62 Sun AJIiance Fund Mngt. Ltd. 


-M 


20« ....( 375 
3 ^ Stewart Unit Tst. Managers Ltd. (a) 
7.15 43. Charlotte Sq- Edinburgh. 031-2383271 

tStuwart American Ftmd 

Standard Units .....H10 65.4) ( 150 

Accum. L'nrts. . ..I66.Z 
Withdrawal Unite .(50.6 
•Stcnrert British Capital Fund 

2Stlts-.-r.BB SS !M 

Dealinfl tFM. ’Wed. 


7.15 

4.86 

486 

541 

5.41 

4)6 

436 


Carliol Unit Fd. Mgra. Ltd.* (a Hr I 
AbJ bum Jiouse, » wcavll e-upon-Tyne 21 ltvs 

Carliol -.(64A 66fiM ... I 4 68 

Do Accum. L nil* .1771 796J . ...J 4.6B 

Do. High Yield 089 4I4rf ( 007 

Do. Accum Units 148.4 50 9| 

.Vend deoil Bg date May 3 


887 


Magnum ...... 1871 

f Accum. f nlte;..... 2333. 

Midland ... . 1573 

lAcrum Lnltr> ..... 260 4 

Recovery 754 

' Accum. I mint 76 2 

Second Gen IMS 

'Acrum. L'ntisi. . . 23 s ? « 

Special .. . 2492 

■ Accum Lmtsi ..1877 
specialised Funds 
TniMee lUBtl 

‘Arriim l mi* i 2645 . 

L’horlboud Apr J5. U2.8 

CTiartld Apr 25 . .. W 0 J 142 5) 

i Accum. I'diL-.'. — 178 7 1TJJI 

P»sELAprllS4 U23 5 UBJrti 

ManuLifc Management LUL 

St Geurccs Way. blev conge Q 4 = 8 cPlPl 3 L Gresham SU EL'-- 

Growlh Unite ~H»1 517) I 3.93 g| 

Mayflower MaoBgcnseot Co. Lid. Target Equity-- - g0 E 
14 10 Gresham fluBC2V7AV. OI0W8OB8 zU5 

Ip™ Apr a-- »02 7 1MU »| IS ?Sn!HGiiiri&“ 

General Apr -u - f6i.fi 712) ( 5Z7 Target Groivlh 27.0 

Mercury Fund Managers Ltd. Tnreet iml...... — ®-2 

30. Greiham W. . EC3P 2EB. 


m ~ 


Sun Alliance Hoe.. Horsham. 04Q3M41 

H JWBItfKIBf* “Sffl-J IS 

Target Tsi. Magrs. Ltd.* ial(g) 

Dealings: 0200 SMI 


Chart erh do se Japhet* 
2. PalemttUer Row, EC4. 

CJ Internal 7 (220 

Accum Unite 

CJ Income «., 


Mere Gen Apr 26 
Acc. Ute Apr 26 


t o 
2 


CJ.Uuru Fin__ __.p5 8 


.Accum. I'lUU — 
CJ Fd lav Tsr...,. 


Accum I'mte .(29 8 


Prte c Apnl 10. 


B* 



Mere lot Apr 3B, 
Awul U’U> Apr. 2 


.12241 
’63 I 

:S«2 


mniw Do netnv Unite 
tiMMOjaU TBrCclIll4 . 

.1 4 IS Tamm Pr J 

4 


Ter^aPr Apr. 20... [158.7 


pr.26 

Mere EULMor 20 
AccamCt* Mar.ai (230.6 
ACdland Bank Group 
Unit Trust Managers Ltd.* lai 
CnuriwoQd Hauec, Silver Street. Head 


Si 


38.7 -0.4) 
2090 
27 82 

1204 ^ . 
290 -OJl 
28.fi +0.» 
SL4 +0« 
325+0 0 
258.6a . .. 
29.9a -0.X 
150a 


191 


-0 3) 


473 


Nest dealing Apr) 


Chieftain Trust Managers LtcUNaHgl 
80.31 Queen SL.EC4R1BR 01-2482832 

American... - feriE20 JJ_(Qj+020j 168 


ShefO eld. SURD 
Comraodit> & Gen 
Do Accum 


Tel- 0T« 70842 


Growth 




High income .. ,-t59.2 42041 ••• 4 88 

International Trt... iz i220 24H +01 JO 

Ko+ic Resree. Tst,(24 4 262m . A 77 


Confederation Funds Mgt. Ltd.* la) 
SO Chan eery Lone. WC3.A1 HE 012420283 

Growth Fund P9J 413).. | 402 


Cosmopolitan Fund Managers. 

3a Pmit Street London SWLXBEJ 01-2S58525. 
Cosmopolo.Gth Fd (16.7 179*3 '0J] 515 


Do Accum. 

Capital 

Do. Aci-unL ...... — 

Income 

Do. Accum . — 
International .. 

Du Accum . — 
High Yield .. .. 
Do Accum ■ . 
Equity Exempt' • 

Do Accum' 

-Pnt» at Mar 31 



ts 

Target Tst. Mgrs. fScotlandi (a«b) 

10 AtholCreoeetvL Edln.3. 031-ZM8821'3 

Target Amer.Eagie)Z5.4 
Target Thistle.. .. .138.4 
Extra Income Fd . 1583 

Trades Union Unit Tst. Managers* 

100. Wood Street. E.CJL Ol-SSBBOU 

TGGT AprtiS (484 5154 I 5J2 

Transatlantic and Gen. Sees. Co.* 

91 09 Neu. London Rd. ChHmsloniaMS 51601 


v tain. o. uuvsinui 
ie«5.4 2? 3 . | 12 

...38.4 4l|-0 4j 52 

.. 583 62? ... I U« 


Barbican April 20 _ [72.6 


Nett dealing April ^8- 


Minster Fund Managers Ltd. 


Barb.ExpiApr.28 . SS £ 
Buchcn. /April 20 — JJJ 
i Accum L nltof 94 2 
Colemeo Apr. 21 ._ 119.7 
■ ArcuBV Unite) .. . 194 4 
Cumld. Apr IS. S8.4 
(Accum Cnltfi •• • *0 
Glen April 25 .. - 50.0 
( Accum- Unltai - 640 


Crescent Unit Tst. Mgra. Ltd. (a)(g) 
4 Melville Cres . Edinburgh 3. 031-228-1831 
Crencent Grnwih . .P50 77.7} -QJJ 4.M 

Cres. Inwrnm'l — 1550 590] +D7 050 

<?re#.iftch Dua. — W5 Mia- 0 ® 1 352 

Cni. Ruxrvo .[38 2 4Lfl| -03{ AST 


Discretionary Unit Fund managers 
22, Biomheld M.. EC2.M TAL. 014384485 

Due Income (1508 168) .[549 


E. F. Winchester Fund Magt- Ltd. 

OJdJewrs I£C2 010062187 

irfeul Wfocheoter .[167 1U| ... | 6.71 


soter .[167 

GLWiach'er ffacasllBA 


20 : 


EUnson & Dudley Tst. Mngmnt. Ltd. 
20, ArlinglHi Sl_ S.W.L 01-509 1551 

Emsou Dudley Tj 4. |M 7 69 .tag 1 380 


JfiniftterApr 17 — [32* 2f-Jl ■ I Sli lAccumTi'nltei .. 550 

Exempt Mar 31 l®7 0 91 W . | 530 von Gwth. Apr.S. 463 

MLA Unit Trust MgemnL Ltd. v^XapT's" M 7 

Did Queen Sireel. SWIHOJG, 0188DTJ30. VangTp»Apr"». «'< 

MLA Unite . 1367 3861 . | 440 lActum l-nlbv'.-- <91 

Matnai Unit Trust Managers* tang) 

la.L'opihall Avc Esnut7BU. 010084803 Wick Dlv. Apr. 21 . B7 
Mutual See Flu?. (486 SS-ff-S?! iff Do Accum -{725 

Sl:8i 675 Tywlall Managers Ltd.* 

Mutual High Yld . |S6 2 60 4] .. H 856 18. Canyiijre Road, Bristol. 

National and Coraroercial p 

:il. Si -Andrew Square. Edinburgh 081 -9SB 0151 capuri Apr 28 U94 12 

income Apr IP .. R38.6 143 6) +7fi| 678 lAccum.l.atiw- Wj Ij 

Accum. Unlloi |M9* JWfl+10^ 678 Exempt April 2S ._ 1050 .13 

337 f Accum. unite) ...» J479 13 


M 


ft|+0.7| 
98 7) 


■aaa 

532. 

683 ... 
SOM 
57 n 

i a 

45 841 +oa 
46.6 +D9( 
610 
724 
68.9 
7*0 


0272 322*1 


i-api. Apr. 1 9 
lAccvutj. Unitei 


IS "I 1st CanynEeApr.20 T.gji 

National Provident inv. Mngra. UtL* gfS^SPai: §Vb 
4RGraceehurehSt.EC3P3UU 01-623 4200 ■ Accum L - nlIai-..._te76 


Equitas Secs. Ud.*lfiOtgl 

4] Bishepsgste. EC2 01-^882831 

Frcgrer^'vc J64.7 683) -0.11 *17 

Equity ft Law Un. Tr. M.* (aHbKc) 
.Amertiham Rd, High K'tbnbt MM 33377 

Equilv Al+rvc (62.7 tttaf -0.5) 428 


N P.I.GUl.l nTil .. M3 8 « 

lAwnm L'nits 1 ' -152.7 56. 

XP1 Csete TniM ...H2Ltt m S +6 1 

lAccum Unlb*** .PrtO U6.6)-7a 
-Prices un April £ S-est dealing Soy 25 
•Prt re+ on Apnl 19 doaltng Mi> 3. 
National WestnunsierWal 


395 

395 

218 

270 


181. LTieflpsKlc. EC2A 8EU. 01006 flpSO 


Fraraliogton Unit Mgt. Ud. la) 

5-7 Ireland Yard. ET4B5DH 01-2W637I 


c apltol Tit. OM-Z 

Income Tri ..... M.6 1054 

Mf. Growth Fd JJ 4 185-6« 

Do. Accum. -..1024 108&4 


4.19 

613 

2JJ 

253 


Capital ’Areum 
ExirOlne . . 

Financial - 

Groulh Inv... . laa 
IncteAc . of 

Portfolio Inv Fd .-I®. 


[63 6 
63.1 
348 

.4 


67a -O.fij 
67 04 -03 
374 

.569a -02] 
715 -Ofl 
61 9 +1 1 


443 

768 

It 

12 

224 


FYi ends’ Provdt. Unit Tr. Mgrs-* 

Pixfiara End, Docking. 63061035 

SD:83I ^ 


ScoL Cap Apr 26 -1129.6 
i Accum L'lUtti -.0542 
Sew. Inc. Apr. 38. (155.6 
Urodno Wall Grrap 
Capital Growth .. [760 
1)0 Accum _ .. ...... |77.6 

Evra Inc. Growth -[M 8 
Dp. Accum . . — W 2 
Financial Pr’ity_...(15 4 
Do Accum,. . ..-...-[187 
Hleb J»c. Priori ty-lH 6 

Internal, lorpil 1306 

Special Site P9 a 

TSB Unit Trusts lyi 
21. Chantry Way, Andover. Nasty 0354 GL’lSSl 

Dealings to Off* 63432-3 


G.T. Unit Managers Ud.* 


gT. Cap Ine- 


G.T.G S.&G«5 — 
G.T. Japan A Gen. 
QGL FMtAE*.Fd— 


177.7 

93.4 



15<U 

163.4 

M-w 

137.8 

3465 


SS 

2411 

1353 


1065 

1132 


(53.1 

«-•» 



01-8288131 
390 
390 
8.00 
220 

11 s 

n 


L'nirmalFd'd! P 7 * 

NEL Trust Managers LUL* lallg) .. 

Milton Court, Dorktm; Surrey 6011 General 

* fer Sw ^rarf^'nhd Mniiers Uif Kb&JtiSiF SI 

see Rothschild Asset Management ^p^Areum " (o.b 
Norwich Union Insurance Group ih> ,ri,»- r p»„mi , a , 

Pearl Trust Managers Ud. (aKgMz) 

2BC High Holborn. WCI V TEB 



0232333)1 
Mft-flJI 134 


Unit Trust Account & Mgmt. LUL 


*G. ft A, Trust fe) Igl 

a. R4S> leigh RtL, Brentaeod <0277:227300 

li.it A.-, PU 332) -02| 4i7 


J>Mrt Growth Fd-.- @ 5 

Accum fnilfi - . 

Pearl In*... B 

Poarl fntt Tj 4 — ■ TO J 
Accum Unit**-.- — W 3 


235 

232* 

250 

271 

301 

32.4* 

340 

36.1 

Ks 

461 


O1-4&S0MI 
-021 526 King William St ECARDAll 
~(|S 5J6 T-nart llte. Fund-, U3S 0 
-013 70S Wider Gnh.Fnd.~-H3 
-o3 5.08 Do. Accum. — —JJZ-7 

- 0 . 2 ) 508 wieler Growth Fund 


Pelican Unite Admin. LuL igHx) King wuihun st. ec*r bar 

81 Fountain St.. Manchester MU 2385089 io<tmiet ; nlte..— .. [277 

Pelicao L’nm [77.0 SZJa^-n^ 528 ■ Accmn.UnH3 — -[32.1 


oi^zj «si 


OFFSHORE AND 
OVERSEAS FUNDS 


ArbnthxuMt Seen titles (C.I.) United 
P.O.Box 204. St. BclIer.ieneF. 0SU799.77 

^ n£ ^SVdgnaJieigr l ** 


S3ng ft ShaxWBMgrR. 

1 Chart wt Crow. St Heliee. J weep. ®2«ra2l 
vautr Use, St FcSer Port Grew- (OSTOM* 
1 Thamafl Street , 


Gilt Fund (Jeneyy 


Street Dtstfaa.1 

Uewey.i-Ha 

iXoJLl~M72 


Anstnilu Selection Fund NY 

Market Opportumtlcta. cN> Irish T«n ft 
j — 

Bank Of America International SA. 

33 Boulevard Royal, Utxembreirg GJ1. 

137 DUS1 -..J 


GUtTraatrLaJH^,- 
GittFntL GuiMmerfc965 
JnU. fitert. Seeo. TW. 


n 


VLl 

ILl 


1JZ 184 




Klein wort Benson limited 

30.FenrhurchSt-.EC3 01 40380 


. _ 631 

Price* at April m Next tab do Apnt S0L 

BnlL of Lnda ft S. America Ltd. 

4008. Queen Victoria SL.EQ4. 01-0303813 

ran - 1+O0W - 
value April 28. 


EurinveKt. Lux. F. 
GuertuoylBC 

Do. AlTOTTI 

KBFarEaatFd— _ 
ERIaHKmal 


KB Japan Fund—. - 
SJB.tfS.Qwth FtL 


Bnutao BnxzeUe* Lambert 
2, Rtw Da la Reeesce B 3000 Bruantla 
Rama Fund LF —.(1022 LB78( -1( 7.91 

Barclays Unicorn Int iCh. is.) Ltd. 

1 , Cbarinp Ctom, St. Hcliw. Jrsy- 053473741 
Htteme-NAY 52JS ..._J JOJUi 
UnldoUarTiust — gmiA ^+0^430*’ 
UataondlYust., — fWSi&xm H»s>|+ 0 W) 800 
^Subject to Tea Ud vrithhnMins tax** 
Barclays Unicorn Int (L O. Mart i Ltd. 
1 Thomas SLDoeglaa. I. DJL 08044858 


Signet Bermuda — 
•Umfondsinin 


5US1016 
U.06 
$UKM.7S 
310.76 

. SOS4.7B . 
.(17.80 18.70) 


Wwsl 


li 


*KB «t 4s London peytafi amts only. 


Lloyds Bk. (C.1.) V!T Mgrs. 

P O. Box lflS. fl Heller. Jerscr. 053427a 
LfoyttaTVr Olseaa.-J®i 553td — J U 
Next (haling data Mas 15. 


Uovds International Mgmnt. S.A, 

7 Roe da Rhone. r.O. Rax 279. isu Genova 1 
ungiisiaLCtePwth. lffiit M mg 11 


Unicom Am*. E+L. 4R4 

Da.Aast.Mln CTJ 

Do. Grtr. Pacific 58.6 

Do. lnll. ln+oi.-: BS 

Do. I. of Mon TSt — Sbi 
Do. Manx Mutual —B4.4 


5ZA1 


170 

200 


Uoydalnt. Income. {SHOW 

M ft G Group 


31U(| 


6J 


S| 

ud 


Bjsbopsgate Co mmod i t y Ser. lid. 
PO.Box43.Dotiglan.Lo.BL 0624-33011 

figKSMfeK? 48=1 =e 

OODNT M A«-.3^p2M 2-4331 ..._J 2J5 

OrigfauUr haded at *510 and ** 1100 . 
Bridge Management Ud. 

P.O. Boa 008. Grand Cayman, Cayman Xv 

NTMurtuAwJ; 1 YJ5098 | . ~.i — 

GP.O. Box 300. Hongjtong , _ 

NipponFd. Apr . 0A5 ^ ttJS 

Britannia Tst. Mngmt. (CD Ltd. 

90 Bath St. St. Hellw. Jones. U5M73114 


Three Qnm, Tower Hill EC3R fiEO. 0I83S (9 
Atlantic Apr- 25 — (itsm 2031 — I — 

Amo. Ex. Apr. 28 (SLSUl JO6j-O04[ — 

Gold Ex. Apr. afi RUS7tl UW+Clfl r . 

Inland JjlLt X1A23 +0.^ »■* 

(Accum Unitei. (157.2 167.31 +0.7] 73.fi 


Samuel Montagu Ldn. Agls. 

314.OWBro3dSt.Em 01-5886+ 

Apollo FtL Apr. ia- (SPg4 <5 «LM — J II 

Jairfxst Apr. 1+ pj£EM25 IlM I U 

llTGrp. Apr 10 E3»5 U«j 2* 

1 ITJersev Apr. 30-K4 96 503M12S 01 

1 17 JrayO 9 Mor. 29 - (£20-98 11A6) — | _ 


Murray, Johnstone litre. Advfsen 

16a, Hope SLOascow.Ca. 04 1-221 ss 

•Hope St Fd. 1 SGS2X37 1 i — 

-Murray Fund- -I 5US1002 1 ... J — 
»XAV Apnl 13- 


UnlvaL STtf. Stg— -.(E209 


A08 

100 

159 


Negit S~4. 

10a Boulevard Boyal, Urn em hours 
NAV Apnl 21 | SDF1044 I J — 


uluo April 2a Next deoUnfi May 


IN 


1. 


Butterfield Management Co. Ltd. 

P.O. Box 105. Hamilton. Bermuda. 

Prices at Apnl 10, Next rob, day May & 
Capital International SLAl 
37 rue Notre- Dome. Luxembourg- 

Capital lut Fund— .| SUS16J0 I 4 — 

Charterhouse Japhet 

). PataiaorfetBcw. ECM. 01-2483SS® 


Negit Ltd. 

Itaufc of Bermuda Bldgs, Hamilton. Brutdi 
NAV April 14 (£526 — I J — 


Thocnlx International 

PO Box T7. St Pieter Port, Guernsey. 

Inter DoUnr Fund .151 a»> 2H| ~...J — 


Property Growth Overseas Ltd. 

38 Irish Toon. Gibraltar <GibiSH 

1.1. S. Dollar Fund I SDS88.27 I — 

SterilncFund ....( £328.80 ( 1 — 


AdlropSL 


Adi verba .. 



Fondak- 

Fondli 

Emperor FUnd-— i 
Hupano — .. 

Clive Investments (Jersey) Ltd. - 

PO. BOX 320. St. Heller, jersey. KJ34 37381. 
CUwe Gilt Fd-iCi 1.(405 4081-008 1100 

Clive Gilt FtL U«y.). 19-83 9S)-fl04j U.00 

comhill Ins. (Guernsey) Ltd. 

P.O. Box 197. SL Peter Port. Guereoey 

IntnLMan-Fd. (16A5 119.0( 4 — 

Delta Group 

P.O. Box SOU. Nouau. Bahotnoii 

Delta tav. Apr. IS -.tSLSS UR J — 

Deutscher Investment-Trust 
PUrtfac h 2885 Biebergasse 6-1 0 0000 Frenktet 

K?S 5 &;H.-g 8!3 SSI - 

Dreyfns Intercontinental Inv. Fd. 

P.O. Box N3712, Noasau. Bahamas. 

SAV April SO ISISUM UP} I - 

Emsaa ft Dudley TsLMgLJreyJLtd. 

PO.Box73,St.B«]ier.3craey. 093430601 

EJXLC.T. „.._pll2.6 U9Jbd -J — 

F. & C. Mgmt. Ltd. Inv. Advisers 

l-S.LaurooceT’ouatneyHUl.EomoBA. 

0HB3 48B0 

CnaL Ffl. Apr. 19 — ,| MJS5U7 I .. J — 
Fidelity Mgmt ft Res. (Bda.) Ltd. 
P.O. Box 670. Hamilton. Bermuda. 

Fidelity Am. Am — f 


Richmond Life Ass. Ltd. 
48. Athol StzeaL Douglaa. LO.M 
ix fThc Silver Tran. 

Richmoad Bond 07 
Do. Platinum Bd- — 

Do. Gold Bd 


DO. Em-BMERd. _JlfA B 


0634230 
104.0 106ft -1.11 — 

18L1 . 1993 -lft 107 
205.8 Ilia ~02l - 
97.40 10250)+!.' 


1U 


7 S 1 


Rothschild Asset Management lC.1 
P.O.Box SB. SL J uUani> G uemoey. 048 1 2839 
O.caiPr Mar 31.1500 530at 

O CJnc-Fd. Apr. 3 . 1510 161_fl 

O CJntLFd - - .. .. 5L23 IJg 

OC.SmOoFU4f«r31. 1379 M6.7{ 

or.Comraodltjr ... 12JL5 179-8] 

or Dlr.cmndty.f.- SZ407 2645a* 

•Price on April 14. Next deollng April 21 
t Price on April Zl. Next dealing May 8 


Royal Trust (Cl) Fd. Mgt. Ltd. 

P H. Box 104. Royal ToL Uxe., Jersey. 003427+ 

RT.taVI.Fd. IKSfift 9 . - -| 31 

ft.T.IotiiJsy..F<l. [89 «(...{ U 

Prices at April 14. Next dealing May 76 


Save & Prosper International 


Dealing w 

37 Brood SL. St Helier, Jeracv 
VS. PrthrJnmnlffMHl Fond* 


0694-206 


HI rFxdlnl ** AprtO 

luternat. Gr 

FarEastern*! - 


North American >t -[ 


Sepro“< 



.HterilnK+Ieaamliuited Fnub 
mol Capita 


Fidelity Int FVnd_ 

Fidelity Poc. Fd 

FlddltyWrld Fd._ 
Fidelity Star. FdnJ 
SerieaADnlnLi... 
Series B Ipartfic) 


SUS22J8 

SDS19J1 

SUS43J9 

3US12.98 

+0tW 

£337. 

£733 

0513 

is 


*7hamtol Capitals 
Channel Islands*- 
Cotnmod. Apr S0.~. 
St Ficd. Apr 20 - 
Pricea on ‘Apr. 


232.fi, 

IL8 149.3) -0 
157 121 « 

,7 9 124.7| ' '. 1 1L3 

._. “Apr. 39. •+*Apr. 2d 

iWeckty dealing. 

Weekly Dealiuiw 


Schlesinger International Mngt. Lt< 

41. La Hone SL.SLHelier. Jersey. 0234735* 


First Viking Commodity Trusts 

CeorBB'aSL, Douglas, LoJL 

48KL i An Agi» Dunbar A Co . Ud . 

33, PaUMaU. London SW1752H. 01930 7657 

Rfcoaass&rBio sswi a 

Fleming Japan Fund S.A. 

37. rue Notre-Dame. LoxembourS 

FtaH.Ape.2S. ( SUS4650 l 4 — 

FTee World Fund Ltd. 

Butterfield Bids., Hamilton, Bermuda. 

NAV March 31— ! SOSUZM J — 

G.T. Management Ltd. Ldn. Agts. 
Park Hie. 18 Finsbury Clxeuo. London EC2. 
Tel: 01-828 8131. Tut 888UU 

O.T.PamieFd 1 3UB22.6B ( .1 122 

Itanmw— l tateninttaaal LUL 
C/o Bk. of Bannuda Front Su Hmnltn. Bmda 
Anchor ^B' Unite — |2LB|M Mg | 


SAIL..,.. 

SAOJ1 

r.tu fS7 

Jnl). Fd Jerw-y . 

1 ntnl.Fd Lxrabrft _. 

•Far East Fund. 

■.Neat sub. day May X 

Schroder Life Group 
Enterprise House. Portsmouth. 


{229 

ho.2 

kujo 


0.93 +001 
23.1 -01 
10.7 +3 

1004 +051 
too .....1 


« 

7Ll.fi 

W 


31 


0705 STJ 


laierzuttOTval Panda 

EKqutty 113 9 

SEquity ..... — 12X2 

EFCted Interest 1355 

IPS red Interest — 1049 

CMunaced 126 7 

SMonoaod — 112.8 



J. Henry Schroder Wagg ft Co. Lb 
iatl.Cheareide.EC 2. B1-58B40 


.4 


102 

LBS 


Anchor Int. Fd— (SCWU 

GuT. Banmda Ud. „ ^ 

Bk. Of Bermuda. FVoflt St. Hmnltn., Brad* 

irj m 


CheapfiApraS. Urt., 

TrofolEvr Mar 31 - 5IJ5108 BS . 

Asian Fd. Apr J7_ Jl'SMJf li»| 
DarllneFnd .. . SAL 80 IW 

best 


Japan Fd. Apr 20 


658 


787 


+OJ0 


33 

4.4 

03 


176 

504 


G.T SFd. ... ...... I ’SUSA74 1 .... 4 O 7* 

G.T. Mgt. (Asia) Ltd. 

Hutchison Hue., tfarcoun StL Hoof Kornt 

C.T BMdFuod^ ‘~l Ui 3USlZzi ,> ^ 

G.T. Management (Jersey) Ltd. 

Royal Tbl, Hae .Colomhene, St Hollar. Jcrwy 

G.T. Ama Star] Ing.. [£32.74 13A* I J *7 

nook d Be rmuda (Gatnwi UL _ 

31-33. Ix. PulloC Gvemwy. OT8l^8268 

“iS+d 48 

Anchor loJty.Tst . (24.2 25.91.... ( 301 

Gartmorc Invest. Ltd. Ldn. AfiU. 

2. SL Mary Am. London. ECT 01-0833831 

Garom Pond MngL (For EM) Ud. 

1303 Hutchison Hse. 10 Harcoure Rd, KJv'ong 
HKAPM.u.Tn—pmaJB L9B i iff 

Japan Fd. _fe.5U.lB DM...} 058 

N Americnn Tst ....feiSia45 2SS 

Inti. Bond Fund ft-TOUt 185W( 620 

Gsrtmatr luvn+nral Mngt LuL 

PO Box 32, DocclflAjnM 08S4 23P11 

tatarnattanultae.-TOa PS J LX* 

Do.Growtb. .. (S9J 629) .... 4 491 

Hambro Pacific Fund Mgmt. Ltd. 

21ia Connaught Centre. Hong Kune 

ESKS^KRt Wf-I: 

Hamhros (Guernsey) Ud4 
Hambro Fund Mgrs. (C-I.i Ltd. 

P O. Box 88- Guernsey 0481-26521 


Sentry Assurance International Lti 
PO. Box .139. Hamilton 5. Bermuda 
Managed Fund ..ISIS143B7 1KH| . I - 

Singer ft Fricdlander Ldn. Agents 
20.Counop SL. EC 4 01-34896- 

Detalondf. ... . . _)D1U4 » SM] J 6 6 

Tokyo Tst Apr. 17 . 1 *t«M 25 ( .... I 1.3 

Strangbold Management Limited 

P.U Box 31S. St Holier -ICTkey. 0634-71* 
Commodity TVust . . M3 87 W B*t ( — 


gurinrert (Jersey 1 Ltd. lx) 

P.O BoxWJ st llelicr. jerocy 0534 'TST 

Amencon Ind Tst ..(C437 8 5ft~(L24t XX 

Copper Trurt. .. .|OI).74 10961+0171 — 

Jap Ind+xTsj .. EXL36 U J9i+fl2*j — 


TSB Unit Trust Managers (C.I.) LG 
BaCBlelleRil .SI Saviour, Jersev 0S34734I 
Jersey Fund . . . MS J 470 
v'liwrnsey Fund . MS 4 47 H 

Pncea ou Apnl 39. Nett reh day 


■■sn ■■•rat 

Vi 


Tokyo Pacifie Holdings N-V. 

Intjmls Manaficmcnt Co S V. Curacao. 
NAV per share April 24. SGS5048 

Tokyo Pacific Hldgs. (Seaboard) N.1 
mantis ManuRement Cn v v . Curacao. 
NAV per *hnre April 24 SrS36 78. 



C.LFuwf , - _ 

IntnV Bond- SU! 

InL Equity Sl : J 
Int 8vc». *A SU! 

tat Sires. V SU! _ 

Prices on April aj Next dealing May A 

Henderson Baring Fund Mgrs. Ltd. 

P O. Box N4723. Nassau. Bahamas 

Japan Fd ... .. . teS7 U> „ Ufl . . I - ^ 

Prices on April 13. N«w deal Inc dole Apnl II 

H 11) -Samuel ft Co. (Guernsey) Ltd. 

B lyFebi+e St.. Peter Port Guernsey. C I 
Guernsey T sj.. - P46 6 1560} +07} 356 

HiU Samuel Overseas Fund SA 
37, Rue Notre- Dame. Luxembourg 

pram 18481 +o.i9| _ 

International Pacific Inv. Mngt. Ltd. 
PO Box R237. 58. Pm St, Sydney. Ault. 
JareUn Equity Tft (51 98 2.081 ... I - 

J.E.T. Managers l Jersey) Ltd. 

PO Box 1S4. Royal TaL Hse.. Jerscy0634 27441 
Jersey ExlroJ Trt 
,4s at Mar. 31 

Jardine Fleming & Co. Lid. 

48th Floor. Connaught Centre. Hong Kong 

JanUneEstn-TM. -| SKK228M 1 { 310 

Jordlne fp. FdiM 3H10175i ... -- 

Jardine s£a. .. »VB?vP 
Jardine Flaiu InLT.i SHK936 _i 
NAV Mar 31. ‘Equivalent Sv$8B 
Next aufa. April 28 
Keyselexc MogU Jersey Ltd. 

PO BoxB8.SLHfdtcr. Jersey.. tEng Ql-8M707n 


T yndall Group 

P.O. Bat ISSt Umu|i«i S, Bermuda, t-77W 
- - j|. ( 66 


7 70t 
U90 
845 
B4£ 

297 a 

272.2 
110 6 
139 0 


063437337 


6C 


W«W Aon! 18 .»LS1M 
(Accum. Vnttti ntSU7 
3-way Ini. Apr Si . [WSSifi 
2 .VwSL, a. Halier. Jrrury 
TOFSti Apnl 20 . . £7.20 

iA«um Shoresi.. C1115 
TASOF April 19 _ COO 
1 Accum Sharesi. 00.0 
lecteyFd April 10. 2»A 
■ NorvJ. Acc Ills 1 256.6 

GUI Fund April IB - DH b 
1 Accum. Shares 1 . 136 b 
Victory Umar. Douglas. Hit «f Mon. OBJ 75* 
Managed Apr U0 11262 133(3 ... | — 


7: 

lot 


Uid. Into!. Mngmnt. >C.I-> Ltd. 

14 MulLOMer Street. <4 Heller. 3ersa;- 

i 1 b Funa . Heaton im mi 1 b : 


0.4 


U43.0 152 0) J - 

Next sub. day Apr. 28 


United Stales Tst. inti. Adv. Co. 

14. Rue AJdniuier Lutemhour;. 

I- S Trl Im Fud 1 SVS1Q43 (-0121 
Net atset April 25. 

S. G. Warburg ft Co. Ltd. 

30 Greaham Sired- tC2 hi -8W 46 


... . O' 

2 .' 


090 

140 


t'n+JM Fd Apr 2£> 
En® 1 Int- Apr 7R 
GrSt-SFd Mar.11 
MrEur Apr 10 


31 s955 
St'SUJO 
Sl.’S6 55 
iHfMn 


M E 


FoMde* 

Bondselex . PrKlM 12? M -07Bj 

KejTMtlet Inf] • I6.«6 734 

Kryoeleii.Ewn«- 079 

japap Cth- Fund — -ftg 

ICeyrelex Japan 0133 WU 

Cent Aaaete Cap— E13ZJ0 »«-©( 


298 


409 

386 


Warburg Jn?C£l- Mngt. Jrsy. Lid. 

I CDioniift Cross. SI Hdter Jsr 0534737 

vMFUd Mare b 30 llinufi UM) ... — 

CUIUd MarehW |£1304 1337 — 

MtalSTrtJdarau Ol" 11 721 - - — 

TMT April 13 fin .... — 

TVT Ud Apnl 13 (E9J4 9.99( - 

tlorid Wide Groulh Management# 
1Un Bouleiarrf Royal. 1jn\cmhourj: 
Wort-bride teth FdJ 5LSX34X 1-0 W| - 


NOTES 


Prices do run include 5 premium except »here indicated i. and are in pence unices oUienr 
Indicated. Yields “»■ tstiawn in lost column 1 allow (or all buyios eipen+c” a rjtfered prn 
i dc hide oil Mpewea b Today's prices e Yialrl baaed on rtfer pri<-e a Eeumsusi « T^da 
opening price h DiMribution free of U.K. taxes p Periodic preminm Ix.urdncc piua' » sir? 
premium insurance * Offered price Include* *11 expenses except j«enls caatmuff'< 

* Offered price includes all expenses if boughi ihrouch maniBcr. t Prcuous day*, prt 

* Net of tax on realised capital ttiiM unlcs* Indicated b> - # 9 Mifrarj puis > ourpen* 

6 1 fold More Jersey la* 1 tx+ubdi+u-ior. 


CLI^X INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel- 01-CS3 130 
Index Guide as at 23th April* 1979 (Base 1011 at 14.1.77.1 

Give Fixed Interest Capital 128.14 

Give Fixed Interest Income 113.S7 


CORAL INDEX: Close 45346(1 


INSURANCE BASE 

t Property Growth 


• Vanbrugh Guaranteed 

t Address shown under insurincr and Prnjirri*- 


$ % 
8 % 


Bath! Tab'/ 




. , 



Financial Times Thnrsday April 27 1978 


FT SHARE INFORMATION SERVICE 


valuers 


AMERICANS— Continued BUILDING INDUSTRY— Cont. DRAPERY AND STORES— Cont. ENGINEERING— Con tinned 


15W 

High It* 


1+ «ri Or. ry * Wi- ^ ^ 1+ Kj Hf TO 

f 1-1 Gm Cn Gr't High Law Stack Dice | — { NeA Crr Grt E/E 


IRS 

High Low 


29% 20 ’a FlaorCorp.% 

40>; 264 Fold Motors 

21% 164 G-4TX 

42 294 GHlElWABz 


29%to +4 SL20 — 13 26 20 ■ ICcrsderftaSBpJ 22 ...... 132 * « 4 

40 +4 S320 — 43 «8 *0 CanJohAi 43 hd0.91 7a 3.2 6.6 

214ai +% 52.50 - 63 «* « CafTD Q — -- 335 * 133 * 

42 +1% _ 2 9 132 114 CsnaURradstaie. 329 ...... 4.94 24 4B (8.4) 

214 — SL50 3.8 38 28 CombaiGp.lOp- 31 +2 *147 22 U (76) 

41 +4* 51 SO _ 2 6 278 236 Costain R 252 1346 9.5 21 7.6 

321* +4 50.68 — 3.0 41 31 Coonnyridr 3p_ 39 — dll9 1.9 4.6 (127] 

21812 +54 S1L52 — 2.7 70 62 CnmieyBkljU- 69 — 4.13 * 4.4 * 

464 +24 53.00 — 3.6 W 30 Croneh<Dj%_ 87 +1 3.94 33 6.9 6.7 

15% +b 25c — 0 9 73 65 Crouch GroujJL- 69 td!74 25 6010.0 

976p +14 90c — 52 105 .84 DoaglasRofeLM. 85 ..... Anh3 II 5.4 55 52 

26$, +4 5160 — 3.4 220 200 DAtmngGJLaOp 212 *1038 14 7.4 51 

274 +1 52.08 - 4J 72 53 EwnalOp 66 +2 13.96 2.5 9.4 4.7 

39 +14 $2.20 _ 3 2 97 69 EllistEtmnL. 81 5.03 U 9.6 14J 

15% 76c — 2.7] « 68 Entfa_ 73 — 5.49 15 114 9.2 

17%+% hS106 35. 26 16 F-RACtoblB— 20 -1 L14 19 8.7 9.1 

18s) +1 $1.04 — 3 J 71 60 Fjjtc tough Cons. 68 2.49 3 A 5.7 78 

264. +4 15c - - 23 19 Feb.IatLlOp 23 td!59 171(75 8.8 


**BRITISH FUNDS 

i*» ( 1* «i 

Lmt I Stock 1 C | i Bed 


“Shorts 9 (Lives up to Five Years) 

MOJJj |w« I 

mi . • 5-M 


“ “ ' " 224 154 frill ette SI 

41 28 Honeywell SLS0— 

[)S 134 750p Hutton RF. 

^ 2I0i 2 171 lB.ALCprp.S5 

, , 7*“, 464 34 logereolAEE 

— 1 l»L * Bed. i 7 Sg 7 35p teLfcaeaskroLSl 
976p 705p LlUntenjalicmalS 
VminI 27 IS Sauer .M.S> 



1024 1122 839 3 , 7 % JJJj bwnS-m.S3.125_ 

954 3.M 6.31 38 144 Wuaker Data US$5.. 


954 3 .M 6.31 38 I 4 U Quaker Oats US$5- 

964 - 4 * 6.96 2 y, l£ BehuceMS 264 +4 15c 7 23 19 Feh.lML10p_. 23 tdl59 17 KU 8.8 

101ii* -4 lg-31 9J6 274 164 Hep. N.Y.Cflip.S- 25bri SLOO — 25 22 19 Da‘A'lflp 20 tdL59 1.7 123 7.7 

95Vd ... 3.65 633 ^ n bsmtOSS 144 80c - 3.1 « 34 Fed Land* Bid. 44 t 2.03 23 7.0 8.4 

99* -A 9.06 939 19 ^ 14 % RjchdaL-SWUH* 194 90c - 2.7 35 21 [MaitotaiUp .. 27 - 

100.14 948 9.41 576p 255 p SauiiB F.ISL. 563 p -8 _ _ — 15 11% FranmPfcr.lOp. IS _ — — — 

#b -■« 3 75 6.95 2tfi 36% Shell Oil SI- 264 +4 h$160 — 3.4 47 43 FBKisiGJl'Ulp- 43 — d3.54 16IZ5 76 


68 62 
I U 10 
'146 109 
316 266 
312 256 

if f 


36 24 

29 IS 


172 155 
87 63 


23 20 

U 54 


,135 100 


95%h1 ... 3.65 633 15 % n RanordSa 

99& -A 9.06 909 19 % fechdsn.-MiriLS14 

L00A« -it 948 941 57 fa p 255p|SauIiB F.JSI 


'£* 9« 57&P 255p SauiiB F.J$I 

49% 3 75 6.95 264 1% SbeUOHSI 

« . - 1 ? , 5 J S U% Singer ■$ ID*. — - - — 


d3.54 It 


184 +1 60c I — I 18 » 26 iPreochHer.. a I...: J 4L5 2.7l BJ 6.9 


164xd -A 12.25 1024 311 z24 SpertrBandSOSO- 314^ +14 SU2 — 2.0 664 524MlifordBr.5p_ BU +»2 3.07 2.8 8 4 6.4 

iffi-S 115 10.31 31 jK +V^SLBO _ 33 29 1 25 Kibte D'dv A l5p 274 -^182 2 JI 1 O. 0 ) 6.0 


66 54 

a 10 IBKCJMlOp 

464 354 

132 102 
£264 £19 
£254 09 
60 52 

79 54 

174 13 


894-.. 3 92 J.»U64 184ffcnneco._. 

981II-A ?.?S 1007 [x 53 131 DoLlWLa.a 


itPs lawen.- +'* 

94j{ -£ R69 io.nj^Wp 5 Q 5 p 7»5p -I — ' 86 74 (7^ Cajperiipl 77 5.2 F L^IOaIua 

86 ^ . 345 754 fk twL SI +14 S150 - 2.4 66 54 Harrison J.10p_ 57 ..... *f2.54 4.8 6.7 4.7 

96,1 5 +/. 6 38 8.71 j® B65p TransameneaSI— 32.Crt ..._ 80c — 3.6 36 21 Helical Bar 36 +3 *2.03 la 1 155 

XOtkd-4 12 M MM 34* »4 (ltd. Tech. SUSS— 325, +14 $200 - 3.5 « 59 Hanfsp/A'lOp- 59 *3.96 J|! 0 a. 4.6 


26 +7. $2.00 — 44 48 41 Gteon(lfi.'lto.. 44 .... 184 3.5 6.4 6.8 

53 +3 10% — &.7 58 48 Qus90pW.fcJ..._ 57 -1 *3.49 2.4 95 6.7 

Kn —X _ _ _ 86 74 CgbCooperaOp- 77 _... 5.2T L4 10.4 10.6 

214 $2J30 — 5.3 ?7 30 HAT.Grp.10p_ 34 t!95 3.1 87 45 


94J« 1-4 897 10521 221; 1 175, luAStedSl 


+4,1 $160-4X154 138 HeedetsOBjlIJ J 1M 


. 356 7.86 16^, Ub ^«>hronh5S3l;_ 16< +|t SL4G — 4.7 J? 49 HwdenSLIOp.. 57 L29 * 35 * 

110 A -A 12-72 10.74 39b! 23^ IXerfliCoruSI 39b +& S2.00 — 2.8 £250 £220 Do.7pcConv — £250 Q7% 4 125 — 

95 A - A 7.81 8 » ffiytfflucslStlOr — 610p +25 7bc — 0.7 ^2 « HerwdWni50p_ lWj + 73 ; - 

92i 2 - U 3.92 1050 13 ?, 10b EapauC«p.2Sc_ 12bid rfflc — 13 92 72 ffiggsitfilL — 80 +1 3.45 ♦ 6.7 4 

95 -U 9 74 10.63 ^ l.rj.T.-r _ _TT :-. 1. 1 78 66 Hoverington_. 78 __ 2CS 4 4.1* 

93 941 iQ .67 Si. Jjrt Premitun (based «, »U51.S168 per £) M 55 DaRes.Vtg._. 67b -u 2.0B * 4.8 * 

81 -7, 3 70 7.80 - 33 22 Honid ShutHtp 23 -f fl_56 3,8105 3.9 

1047, - >4 11.44 10.68 Conversion factor 0.68S5 (0.6889) * UB 104 uj.cip ns — d8.98 0 . 7 1L5 17.9 


Five to Fifteen Years 

96b I - U 9.83 10.74 
84b 6 64 944 

91b -b 9 51 10.46 



91b -b 9 51 10.46 
79>,j -b 8.Z1 10.07 
83b -b 9.49 1053 


CANADIANS 


LIB 104 IDCSOp 118 d 8.98 0 . 7 1 L 5 17.9 

148 125 IbaockJoiuueiu 146 -1 6.14 3.8 6.4 55 

136 108 InLlAmber 117 -1 t 6.29 25 8.2 65 

64b 51 JR Holdings 5p_ 58b idO.97 U.7 25 5.1 

30 22 LCEG. 27 *151 1.9 ± 9.4 

L 97 162 JarrisiJ.i 180 . ... tS -60 2.5 72 6.4 


113 90 pcnninesSAOSO. 113 +3 


118b ?9 


BjduadaJ ll*b +ldffili3 61^ £M15 


62 -b 491 8.89 «j]«h iom 

65b -b 7.62 10.14 
1073; -b 1252 1255 14,1 j 10 A 
82b -b 1038 U.41 1& 10S 


9Bb -b 1254 1250 


IfflcNcriaScoSn.. 


|+ «H Dhr. | ITH 17 12 UoowEdwd. lOp. 14 .....50.92 1.8 10.0 85 

£ _ Gnu Cn Grt 45 35 rKemiSLP..10pi 39 -1 1*206 li 8.110.4 

k33b £18btt^«SAff00 £33b +6l0!£/?. 35 6 ! 4.7 

" 121 -J +286 4.6 3.6 9.1 


A]+b | SL06 - 351155 121 pngcJohn»“A n . 121 -1 +286 
•r^L. 9 ® 6 — 3-0 125 110 iLatiiaimJ.tU — [ 115 th6 72 


Over Fifteen Years 
310b 101 [Treasury 13zPcB3a- 102% -b 
72b 62b FnndingBpc lSBJtt . „ 62b -b 

120b 105% nwsury I3bpc l£S3tt 105%d -b 
■128b U3% IYeas«ii'14ifl*W3 . 113% -b 

114% 100b Ewh. 12i 2 pc 1994 100% -b 

89% 78 Tnasury Bpc 'S4++ 78rt -b 

106b 983 , Treasury 12pc "95 98b -b 


65 -b 0.89 10.91 18% 12 BovrVaflert 

104% -b 1265 1261 11K 825p Brascang 

£ 6 % -b 1179 1250 20% 13% Can.lmp.Bk.52 — 

991; -b 1257 [ 12.63 13 . 955p C«LPacificS5 

37% 34 Do 4pc Deb. 3J30_ 

Y ears ai i&% GoifOdCanj — 

iedrs 430p 315 p Harter Sld.CanJI_ 

23 167, HoHinger55 

13% lib HndHn'sBayl — 

32b 24% HadROilG.Cb— 

14% 11 % Imperial OUI 

13% 945p Inco 


30b Bell Canada Se — l 37%U _... $45 — 55 104 89 Lawrence(W.i_ 92d 65 1.S10B 7.7 


+% 10c — 03 86 70 LeeduMmiaip- 75 [-1 5.08 1.9105^ 84 


11 % +% $L 00 — 4.2 69 57 Lerland Paint— 64 L.... 3.70 6 ^ 8 .g * 

20 A +A 5144 - 3.4 J 79 61 liUerFJ.C 66 rd 25 * J £ 7 f * 


12 «J.— 97c — 3.6 76i; 1 61 London Brick-. 

34 1 4% — 118 90 74 U*dItY.J.L_ 

20% +% 5114 — 26 59 38 itcNeiU Group 


-1 325 

3.89 

*289 


U 8 
92 77 

52 42 

200 146 
117 1D0 
86 68 
23 20 

8 I s 

«■ f 

,%% 

72 62 

36 30 

88 64 

19% 13 
12 % 11 

17 9 

18 9 
273 237 

28 21 
,14 9 

138 
140 109 
161 121 
16 13 IStrinberglOp. 

28 22 
129 105 
98 82 

32 24 


«SP . — 40c — 4.4 202 170 M»wt*SUini_ 172 -3 +812 2.5^ 7.2^ 8.7 
22b $2.06 — 45 50% 42% StoUinmn-Deott 46 +% +254 35^ 8 « 55 


%\>d 69c — 2.4 105 85 Uasden(Hldg)- 98% -5% 254 1 * 3.9 * 

29b 5160 — 2.6 292 224 MarciweL 274 -4 3.4 12.7 19 64 

13% +% 864c — 2.9 93 73 Marie? 80 d2.49 3.4 4.7 7.0 

32% -% 80c — 3.0 101 88 MarsiiailsiHfxi... 98 td554 25 8.1 6.' 


775pj58SphnJ.Nat.GHSl 745p «... 80c — 60 81 60 May & Hassell-.. 60 -1 +2.78 4.0 7.0^ 4.0 


51b 44% Gas 3pc VOB 44%al -% 


775pJ585p 
1D% 61Dp 


-95 85% &cb.29>4prU» . . . 

200 99% Treasury I2bpc'9att.. 

■90% 78% Treasuiy9pe-92ratt.. 
131% 115% Treasury ISbPCVStt . 


28% 21% Pacific PeL$] 

69p Sflp Place Gas SI 

22tt IS RtoAlEon 

21 VI 14% Royal BfcCan. S2_ 
19/, 13% Seagram Co. CD— 
13b 955p Tor. Dun. Bk. SI.— 
10% 8 a 0 p|Tran 5 Can. Pipe — 


131% 115% Treasury 15bpC9«t . U5%«d -b 
117% 102% Exchequer l3bpcVW. 102%id -b 
50 43% Redemprioa 3pc 1966-96 43%-% 


870p +20 — — — 31 18 Rears Bros. 24 

2&b +% 86.4c — 1.5 48 38 Melville DfcW.. 40 


83 63 

42 32 

100 64 

96 62 

64 46 

90% 74 
23 16 

22 29 

71 61 

72 61 


50 43b Redempiioo2pclS8H6- 

315b 106% Treasury 13bpr Vtt~ 
98% 861, Exchequer I(f%pc 1607. 
88>, 76% Treasury 8h pc 199W - 


1061 ; -b 
87% -b 
761, -b 


- - - 87 73 


22A +i £LW - 23 *90 65 pbury 78 t4.B 5.ffl 9.H 7.4 


$146 — 33 14 9 toiler 1 StantlOp. 12 0.75 

_. . 92c — 25 62 52 Ifiscoacrfle 59 3.19 

235 +% 80c — 0.0 39 37 iMod Enginwn- 37 ..-..2.70 


S-E. List Premium 45b% (baaed on 8SJ882 per £> [740 


72b 61% Treasury ®,pe S&gBtt. 61%nl -b 
135% 119b Treas. 15%pe — U9% -b 

. — — &J3*.saaop2ia.. e% .. . 

90% -82% Treasmypirfc 1809tt.. , 82% -b 

96b 84 Treasury 10%!* lfl»_ 84b*d -b 
421, 371; Funding31^jc '9G04 371; -% 


SI':" 

. 82% -b 


421; 37% hbnd1ng3ltfic 
80% 68% [Treasury 8pc U2-061t_ 


58% 483, Treasury 5%pc 0B-I2tt 
76%) 67b]Tpeajury7bpc i2-iS.! 

Undated 



37% | 33% |C«Sol»4pr — I 33%|-% 11253 | - 


~37% 32% par Loan 3%pe+t 
39b 33 (Conv.Si^c'filAfl 


39b 33 K-onv.SjpcWAR 

.28% 24% [Treasury 3pe 66 Aft — 

.24% 21 ronads3%pc 

24 20% |Treasuiy2fcpc 


32% sd -% 10.62 _ 

35% -b MM - 

24% -% 12.40 — 


10% |880prrransCan-Pipe [ 10%|+% 1 103c | — | 4.6 93 79 MrmkiAi 93 +h3.19 3.6 5.2 81 

|« g JO -2 ,m t H I 

98 79 Nornest Holst_ 88 +402 45 7.1 4.7 

22B 210 Nott. Brick 50p_ 225 1155 3.4 7.8 45 

: 57% 45% (Trine Devs lOp- 46% -V 2 +2-62 0.9 8.5 C22ii 

113 102 Psrter Timber- 102 5.44 35 8.1 5.4 

159 138 Pboenix Timber. 140 t3.88 13J3 4.2 1.9 

BANES AND HIRE PURCHASE J| £ i2- :r sT & ?:! ?:3 

. , 1 1 ,na| 147 116 Redland 133 -I +3.81 3.4 45 9.1. 

If* H ku JgaU K 70 R-ehdiWaUIOp 81id -1 451 * 8.4* 

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