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FINANCIAL 


No. 27,546 


Friday April 28 1978 




ForyourdA 
safety and yo 
peace of rrm> 



Comfy Rid* 

ABSGtotmrvtkMialGxTv 





-COtfPHBiTAL FRlCgt AUSTRIA Sdl.lft BRCaUH fr.lS, D Q 4MARK Kr.S.ft FRANCE Fr.3.Bt CBtMANY PWJj WALT LS48i HETHERLMDS HJ.Oj NORWAY KfJ.St PORTUGAL BkM; SCAIH Fta^O; SWEDfM Kr.SJSt SWITZERLAND FrX.9\. EWE iSp 


NEWS SUMMARY 


BUSINESS 


Equities 
gain 10; 
sterling 
up 1.85c 



• EQUITIES rallied in thin 

Daond of Afghanistan trading. The FT 30-$bare index 

deposed last n igbt in a gained 10 points to 467.#. 
Vtf Bjp'after several hours Breweries recorded an ahov<«- 

fighting in Kabul. average rise after the Price Com- 
radio announced that naission report. Page 
^joi Dagerwal Abdul Kadir 

edatL over as bead of the • GUTS recouped earlier 
forces revolutionary cdujd- losses to close unaltered on 
that the “ last remnants balance, 
haiiartyranny'" bad been _ _ 

• STERLING rose l.SS cents to 
feVSEtanksr drove into the $1.8330, with its trade-weighted 
fjofM&fral at. noon and index up to 61.4 (61.2). The 
to fire- on the palace, and 


and Interior 


Defence 

&'■■■■ 

afterwards MiG-21 air- 

^ffafed a .nearby military 

aJr force headquarters 

-gfrphrt. Late in the after- 
ilitins in fee palace 
__s--yras sa fd to be burning 
Jj^Vter being -hit by gun- 
'and . a- cnrfew had been 

P«e- • 


1-S5r5iwi:— H 


1-9Dh 


|l - 8a- 


£ JUUUKST 
•Botur 


lanherdon 
m,charges 

GeraW Caplan, former chair- 
of London and County 
.es, whose collapse in 1673 
off the, secondary baak- 
\S(. was arrested in Los 


S8 

U 

D«CLl 

r — 
m=wi 

Jr r 


64 

Ur 

J 


_ ni _ 

62 

ftw SwMwii MMgw \ 
jpaMAaRwcaiBiSn " 

^977. * Jf978 . 


^ ” V NOV DEC JAN FEB RMS APR ] 


oh warrants alleging that dollar's depreciation widened to 
£2.4m. from the group. 5.61 (4.85) per cent after the 
record U.S. deficit with Japtn 
invites last month. 


Further tax cuts 


likely as Tories 


spell out demands 


By RICHARD EVANS, Lobby Editor 


The prospect of further cuts in both the standard rate and higher rates of 
income tax rose yesterday when the Conservatives unveiled proposals for 
changes in the Finance Bill essentially similar to those proposed^ by the 
Liberals and Scottish Nationalists. 


Sir Geoffrey Howe. Shadow What remains uncertain is To avoid the inevitable charge 
Chancellor, announced that the whether Mr. Denis Healey, Chan- of irresponsibility Sir Geoffrey 
Opposition would propose four ceilor. would decide to take re- proposed that the cuts should be 
"’■to? changes to the Finance taiiatory action to raise lost matched by reductions in public 
Bill, including alp reduction in revenue. spending programmes, in order 

the standard rale. costing Sir Geoffrey was notpbly not to increase the Government’s 
£4B5m. in the current financial cautious in outlining the Oppo- borrowing requirement. 

_ . sition tactics, partly because the. Sir Geoffrey said the Ip 

The figure, although costed by Tories are divided on the scale standard rale cut could be 
the Treasury at over £S00m. in a of cuts that should be sought, matched bv withdrawing the 
mu year, came as something of and partly because he was £300m. recentlv sought by the 
a relief to Ministers who had anxious to avoid the charge of National Enterprise Board; the 
feared that the ‘hawks in the political opportunism and £l50m. for higher tax payers 
Shadow Cabinet might seek to economic irresponsibility. could come from cutting the 

promote much higher tax cuts. Apart from the cut of Ip in programmes for munlcipalisation 
The initial reaction at West- standard rate (many Conserva- of housing and selective assist- 
minster was that some cuts look rive MPs wanted the party to ance to industry; the £50m for 
probable during the Committee match the 2p reduction advocated the 40 per cent, tax band from 
stage of the Finance Bill, par- by the Liberals) the Conserva- Community Land Act funds; and 
ticularly a lp reduction in stan- tiye amendments to the Finance the £5m. for the investment 
dard rate, but they are not Bill are: income surcharge from the 

likely to be on a scale that * Changes in the structure of money paid to those backing 
would wreck the Government’s higher income tax rates so that the guerilla war in Rhodesia, 
economic strategy. the top rate becomes 70 per cent. 

Bolh Government and Oppo- above £21,000 compared with the 
sition MPs believe that although present top rate of 83 per cent. J^ts . taWM [ amendments to tlif 
there will be some brinkman- Cost this year would be £130m. Finance . r rogh* calking 

ship over the coming weeks, £ The threshold on the 40 per for a . 2 P reduction in the stan- 
there is little sign that Mr. cent, income tax band to be dard rtte. the raising of the VAT 
Callaghan will be forced into a raised from £7.000 to £8.000 at a threshold, from £10.000 lo £15.000 
summer election over the cost of £50m. this year. and a reduction of 2 per ce»L 

Finance Bill. • Further changes in investment in the standard rate of Corpora- 

He would probably accept the income surcharge, raising the tion Tax. 

£370m. cost of cutting the stan- threshold tD £2.000 in general. Parliament. Page 12 
dard rate and possibly some and to £3.000 for those over 65. _ 

alteration in higher rate bands. Cost: £5m. this year. Editorial Comment, Page 22 


ph again 


• GOLD rose $21 to $170jf. 


tetter in wEfcb he apologises q WALL 
Keith Joseph,- Conservative j ower at 


the 


STREET was 
830.30 toward*; 


6.67 

thr 


close. 


policy- organiser, for 
ng and indefensible be- 

,ur of somtnff our students # TARMAC GROUP’S 
ds you. Fief. Saif Dahren- arising out of two co. 

• : ” t ^ e ^ j5 on undertaken by Cubitts N 

ool nf EroauHawjiivited him wiU be nearer £16ni . , h; 

*4 .E12ni, originally forecast 

poj.- - ISg. oigbt. Sir Keith pa ge and Lex; Results,' Pjige 30 
ted Prof. : Dahreadorfs 


Power workers accept 
pay deal in close vote 


BY CHRISTIAN TYLER, LABOUR EDITOR 


able offer.” 


1 ^Sftttions reform 


srfuT : committees . to in- 
igate :the work of each Gov- 
-J. -’Srraient department and private 
-jrganisations receiving public 


Steel £400m. 
loss forecast 


BRITISH STEEL forecasts a 


Zi-'ias^SfTmJirvSfiJsrts for uw 197S - 79 


while Sir Charles Villiers, 


Party leaders. Thenartv's Itte chairman, has set a manage- 
Pa«y leaders. The party s fflenr farget of breaking even by 

* « — *- Back and Page 10; 




uaal Executive calls for « 1QQn 

dpm of Information Act to SjS&airS mment Pane 22 
inquiries and the E<m ° nal V ,mmenl ™ e i£ 
kwidng of Commons, proceed- 9 INFLATION ACCOUNTING 
jWfi® 22. . proposals which go beyond the 

Hyde guidelines are being cdo- 
t man shot sidered by senior members of 

j the accountancy profession, 

brigades urban - guerillas p age 7 
i'Fial executive in the tegs 

It was the sixth shoot- • ROLLS - ROVCE formula 
th& kidnapping- of Sig. .thrashed out by ACAS to end 
;.Moro, former : - Italian a month-king stoppage at two 
rr. Kidnappers freed two Coventry aero-engine plants will 
hostages, for ongrof whom be put to the men today. 

• TRADE UNION target of a 35- 
hour working week could 
threaten economic recovery and 
the fight against inflation, says an 
a Employment Department report 
Page II 


If was reported. to have 

P- Page 3. ... 

f/^wlfchrnan freed 


osses 
acis 

^[ijTHE GOVERNMENT appears to At the same time the Govern- under £40 ’ Wj?k. the union is 
ati by a hairs breadth ment faces a militant camnaign holding ?? and lobby of 

’a damaging confrontation with by its own industrial workers Parliameh. on May 10., House of 
power workers over the 10 per who are pressing for special Commons catering staff and 
cent: pay limit treatment in the wake ofrihe 14 Ministers’ drivers are expected 

A ballot of the 95.000 workers Per cent, rise just announced to stop work that afternoon, 
in four unions has - approved tbe for the Armed Services. An Early .Day motion was put 

toeklenSSrSt 1 ”? 1 nfaSoIrllSSfm ye^^^Si SnspSt^nd pliS^nthe^v^ro- 

of the 82.70° who voteiL SSS'wS* wBTMBS Sfses l ° to^todJ BBS" 8 g& 

Although reports from the elaims to represent about SO.OOO ®^, e _ s nt _ t0 mnustnai emi 
power-stations had suggested the of 175,000 workers in naval vntim-' on the nower work-rs 
voting would be 1 close, the result dockyards and other military off er ^|s 4L626 reTlore ^ 
declared yesterday, was a shock establishments. on * r 7“X. ra 

to some union leaders who had _ _ . ^T anfc . £t iap P , . e ' °J, ^ e 

initially been confident of a sub- Due for a rise under the 10 per Electrical and Plumbing Trades 
stantial majority. cent - ^hnit from- July 2, the Union, said the result showed 

Unofficial action looks un- union is quoting the Service- the amount of discontent in tbe 
likely. Militants who led the deal, the firemen's deal industry. 

unofficial stoppages last autumn a^d others as ammunition for a The offer raises earnings by 
said yesterdav they would accept forward commitment on pay and 10 per cent On top there are 
the verdict. * ' conditions. It wants another new payments of £2 to £2.44 

Ministers will be relieved that wage deal on April ^1 next year, a week under the existing pro- 
the most explosive of tbe Phase re garoless of any 13-month rule, fiurtivity scheme, plus £3.60 all 
Three wage negotiations have t0 -*? ru l£. lts ^? etn3) ? r ?, 11110 lme round for a new self-financing 
ended with support for a deal j white-collar civil servants productivity scheme. Tbe offer 

within the guidelines, although other public sector em- could be worth between £10 and 
productivity payments raise the P*°y ees - • £15 a week, and some indivi- 

total value of the offer to around Armed with thousands of wage duals, it is claimed, will get a 
18 per cent. slips showing take-home pay of 21 or 22 per cent. rise. 


Ehrliehman, 53, 
feer Nixon "White. House aide, 

f^rtiMsed^fTMi jail m Arizona # SCOTLAND’S three big clear- 
-fSH, 1 ? months for bis - n ban jk S are to experiment 
lithe -Watergate scandal, yiith- opening at lunchtime in a 
' limited number of branches. 

snooting # Jutland xtkicles, the 

shot and wounded a bl truck and bus division, is to 
Exchange manager, 55", lose its marketing director, Mr. 
/.’Co. Down. The man Bussell, after only one 

, ght to have been a for- yeaT i n j 0 h. 
uor in- Ulster’s Territonal • * 

.Volunteer Reserve.; •# WILSON COMMITTEE Is to 

bring forward publication of a 
(> v - report on tbe financing of small 

**3r '* ■ ■ companies to speed the introduc- 

hlancroft, a former Con- tion of Government measures 
five Minister, is to break designed to help them. Page 
^-year silence on his removal 
mm - the- - Board of Norvdch nriuDBlllirc 
^ after Arab Boycott Office utfinr«muo 

.. :: - V‘ Pressure.* Page 12 ^ GEORGE W1MPEY pre-tax 

■ *C^ sf «•' Robert Maxwell, Eergamon pr0 fits last year were a record 

■ ■ - ehairman, is to pubHah £gi.37m. (£44.49m.>. Page 27 and 

memoirs and speeches of Lex 

. - - jlS'Mr ; Leonid Brezhnevi Soviet i 3B , 

. • • y- Ersldeiit.. # VICKERS pre-tax profits last 

‘ , y y-' m ■ ! ■ . _ war fell .£13.24m. to £25.06m. 

J P the nationalisation of its air- 

' ... -&*f*&*EM* craft and Shipbuilding interests- 

; be -filled by 2 fonner British 

- ■ •• * ; ■ Army officer and Benner police rage 40 * no 

*; . officers firom Britain- •GENERALS OCCIDENT ALE, 

' Marshal ^ «f the RAF Sir Neil Sir James Goldsmith’s main 

has bought a 

L’Express 



'i’> -.W. 




CHIEF PRICE CHANGES YESTERDAY 



fPri«« fa pence jmless otherwise Ml*. Hldgs 


indicated) 

: RISES: 

Allied'Breweries 

«na2. Power 

Anchor -Chemical 
Automated Secs. 

(J-). 

Awn (J;) 

Castings ......... 

Cope Sportswear 


88} + 4 
130 +■ 9 

m + s* 
68 + 6 

247 + 5 

316 + 10 

364 + 5i 
M ' 


Minet IBdgs. .. 
Nathan (B. & L) 

News Inti 

Steel Bros. 

Tarmac 

Thomson Org- -■ 
Vernon Fashion 

Vickers 

BP 


133 

180 

50 

240 

403 

131 

248 

89 


+ 

+ 

+ 

179 + 7 
800 + 16 


17 

7 

4 

10 

29 

14 

13 

B 


a w - Costain (2L) ......... S62 + H 

Courtanlds 317 + 5 

^lectrocomooneHte ... 3K + 2! 


uam~ZZ~~-- J77 + 11 
cffield + 52 



, ■»> - 
- .-uf ' 


(Electrocomponente ... 385 + 23 
Euro. Ferries ' ......... 1171+ 7 

Bison* 350 + 13 

‘|bseco Minsep 153 + U 

Buriiess Withy 249 + 13 

GSC 248 + 8 

Gold Fields Prop.’ — 78 + 11 
London & Gartmore 67 + 7 
Lucas tnde 288 + 10 


Pancontinentsl 
Southern Khita 

Thiess Hides- 

Venterspost 

Western Hldgs 

FALLS: 
London Mrchnt. Secs. 

MY Dart 

Manders 


300 + 52 
S75 + 50 
...... 1B0 + 10 

200 + 14 

‘ ... 173 + 16 

ns + l 


86 - 
59 - 
- 


Stonhope & General 100 - 


V. 


European 

Court 


to hear 

tachograph 

dispute 


By Guy rfe Jonquierct 


BRUSSELS, April 27. 
THE BRUSSELS Commission is 
to take Britain to the European 
Court of Justice over its refusal 
to comply with the EEC law 
requiring that all heavy lorries 
and chaches be fitted with tacho- 
graphs, the devices used to re- 
cord the time spent, by. a vehicle 
in motion and at rest 

To-day's announcement fol 
lows Britain's outright rejection 
of an ultimatum- issued by the 
Commission hi mid-February 
giving it two months to put tbe 
law into effect 7 A similar ulti- 
matum was sent to-day to Ire- 
land. the only other EEC 
country not to have made com - 
pnlsory the installation of tacho- 
graphs. 

The Commission will ask the 
court of justice to rule that 
Britain is in breach of its 
obligations under tbe Rome 
Treaty and to order it to comply 
immediately. The court's deci- 
sions in such matters are final 
and have been unfailingly 
obeyed in the past by govern- 
ments found guilty' of treaty 
violations. 

Lawyers in Brussels believe 
that the Commission stands a 
good chance of winning Its case. 
They point out that the grounds 
on which it is being brought are 
well tried and that the relevant 
facts appear to be fairly straight- 
forward- 


Two months 


The tachograph law has been 
in force since the start of 1976 for 
new heavy goods and passenger 
vehicles, as well as for vehicles 
carrying dangerous goods. It was 
extended to cover all vehicles in 
these categories from the start of 
this year, although vehicles 
weighing less than six tonnes 
and operating within a 50-kiIo- 
rnetre radius have been exempted 
until m id-1 979 

The Commission opened formal 
proceedings against Britain last 
October. After failing to per- 
suade the U.K. to move on the 
issue, it sent a “reasoned 
opinion" last February, warning 
that Britain had only two months 
left to conform with the rules. 

The Government has defended 
its position on the grounds that 
it would he unwise to make the 
tachograph compulsory while 
drivers’ unions remained as 
strongly opposed to the device as 
•at present. 

Attempts to force the issue 
could lead to serious industrial 
disruntion and large wage de- 
mands which could not be accom- 
modated within the Govern- 
ment’s wage restraint policy. 

Continued on Back Page 


Fujitsu-Siemens computer deal 


BY JONATHAN CARR IN BONN AND MAX WILKINSON IN LONDON 


FUJITSU, the leading Japanese patibie with IBM systems, so that position in sales of large 
computer company, is preparing they provide direct competition machines , has proved a fonaid- 
for a major step into the Euro- for replacement and extensions able competitor, 
pean market through an exebage in IBM installations. Fujitsu’s large computers will 

agreement with Siemens of "West Siemens, which has had recip- add conveniently to Siemens’ 
Germany. rocal agreements with Fujitsu for existing range, because it is also 

The move coincides with an in- many years, announced y ester- compatible with IBM systems, 
tensive effort by Japanese manu- day that it is to market the i t b M been clear for some 
facturers to mount an attack on largest of the Fujitsu Facom M time that Japan’s hopes of ex- 
the UB. market of International series computers. In exchange tending computer sales in Europe 
Business Machines. Fujitsu is to include Siemens’ ^ot succeed without the 

Fujitsu has recently announced high-speed non-impact printers help of a strong European part- 
series of large machines in its systems. ner _ 


which are claimed to outpoint The two companies will con- The main reason is that these 
.the IBM products on several tinue their previous agreement 5a ies are greatly dependent on 
coup 1 *. .. ... oD ? xe han ges of technical' infor- existence of a strong support 

The largest Fujitsu machine is mation. and cooperate in de- network, both for maintenance 
said to have a superior per- veiopmeat of software. of machines and development of 

formance to IBM's latest 3033. Siemens has not developed a sofiware for particular applica- 
Fujltsu has developed new large computer system of its own. tions. 
operating software (programs) concentrating on smaller- to Fujitsu’s new agreement with 
which is claimed to be substan- medium-sizea machines. Siemens follows establishment 

lially more efficient than- that One reason is that IBM, with of a successful partnership with 
supplied by IBM. 60 per cent, of the German com- the Amdahl Corporation of the 

The Fujitsu machines are com- puter market and a dominant U.S. 


CONTENTS OF TO-DAY’S ISSUE 


European news 2-3 

American news 5 

Overseas news * 

lVorid trade news 6 

Home news— -generaJ 7-9 

—labour II 

— Parliament ... 12 


Technical page 13 

Management page 19 

Arts page 21 

Leader page 22 

U.K. Companies ... 24,26-28,31 
Mining 32 


Inti. Companies 34-36 

Euromarkets 34,36 

Wall Street 38 

Foreign Exchanges 38 

Fanning, raw materials ... 39 
U.K- stock market 49 


FEATURES 


Chrysler's problems In 
Britain and tbe UJ5. ... 22 

Polities To-day: Keeping 
the Schmidt plans secret 23 

UJS. Oil and Gas review: 
Hie great pricing muddle 14 


Around Britain: The Port 

of Liverpool 30 

Why Britain is so weak in 

product innovation 19 

Foreign Banks to India ... 36 
E. Germany: Raising the 
efficiency of workers 2 


Siberian testing ground for 
urban planners 2 

The IMF Committee meet- 
ing in Mexico S 


Vietnam: Old Saigon ways 
die hard 


4 


Appointments 

Appointments Atfvft- 
Bank Ratem — 

Books . — 

Badnesses far Sala 

Crossword 

Emerftfamcot G 11 M 0 
Euro. Options 6«u... 

Ffl«l Prices 

FT-Acfurfes fndfeos 

Letters 

Lex — 

Lombard . — 


u 

35 

2* 

3T 

39 

X 

20 

» 

« 

« 

2» 

a 

20 


Hen and Hitter* _ 
Money Motet ...... 

Property 

Racing 

Saleroom — — . 

SOone loftrntitfon ... 
Suck Exdi- Report 
To-day's Events — .. 
tv and Radio — 

Unit Trtut* .. ........ 

WoaUw 




S 

JO 

lfr-U 

20 

4 

«43 

fl* 

a 

a 

<0 

u 


IKTERIM STATEMENTS 
NorHt Atlantic Sac. £ 


Spencer Gear* 


ANNUAL STATEMENTS 
Amataamateul Met* a 


Ben Lending Rates 


Ass. Cbrtrd, Srvyrw. 
Brit Mohair Spann. 
Brit. Printing Can. 
Brit Tnn- belt. Krf. 


a 

tt 

20 


Brfttmle tibia- Sec. 

GKM 

Jefferson Snwrfltt... 
Jewel Toynbee ..... 
London Brick 
Norwich Union -. 

Son Ufa A sa. 

Tonal 

Ta matin Distillers... 

■VoJper 

Watmonghs HMgs. 
WatataaBeliM Brnnzo 
Powders . ............ 


a 

a 

a 

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28 

a 

20 

30 

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For latest Share Index 'phone 01-246 8026 


t In New York 

- 

April 26 

J 

PrerWo* > 

Spr* 

1 month 

3 month* 
12 mnnth" 

SIJ805-lS21b> 

0. 56-0.49 din 

1. aS-l.EOdi* 
3J9X3.80 rtla 

SL8 130-81 40 
G.55-0.17 di>. ' 
LQ&O.ftGdia. 
3.10-2.* .tin, j 



may 


seek loan 


of $1.29bn. 


BY FRANCIS GHIUS IN LONDON AND 
VICTOR MACKff IN OTTAWA 


THE CANADIAN Government is in late June- or early Ju) 
expected to borrow - at. least the .light of - the eontii 
$1.29ba. in the international severity of the corn 

financial markets. This will take economic problems^ 
the form of a medium-term- inter- The terms the borrower 1 
national hank loan of at least pay on the $lbn. credit 
$lbn.: and of a Eurobond de- not indicated but a coupo 
nominated in D-mark amounting 4i per cent, and a five 
to DM600m. maturity were considered 1 

Citibank is expected to be lead most likely for tbe DM 1 
manager for the credit which This bond would be the la 
will be syndicated among UJ5. raised in Deutschemarks. 
banks and Deutsche Bank for the World Bank and the EEC i 
bond. Confirmation was not past year have each raised 
forthcoming last night from denominated bondso f DM51 
either bank’s head office in New The Canadian Governmen 
York and Frankfurt. borrowed heavily in the : 

Pressure on the Canadian national markets in r 
dollar has pushed it below S8 months. Last autumn it a rra 
U.S. cents. At the dose of a SI.5hn. standby credit 

trading in London yesterday it Canada's five principal pr 
stood at 86.265 cents. banks. This standby wa, 

The pressure reflects tbe con- creased to $2.5bn. . three v 
tin tied weakness of the Canadian The Government had d 
economy and in particular the $750m. of this total at the 

Government’s failure to control of March but further draw 

inflation. In March, the con- although not confirmed offic 
sinner price index rose 1.1 per aro thought to have been 1 
cent, equivalent to an annual since, 
rise of 13 per cent. Earlier last month Ca 

At yesterday’s meeting, the floated a three-tranche 81 

Cabinet was also considering Yankee bond in the New 
whether or not there should be market. _ 
an early dissolution of Parlia- Canadian Cabinet discuss 
ment in preparation for elections early poll. Page 5 


U.K. $350m. bond sale 
success in New York 


BY JOHN WYLE5 


NEW YORK, April 


THE U.K,'s first excursion into points higher than the trs 
tbe New York bond market was levels of comparable U.S. ’ 
meeting with predicted success suries yesterday, 
early to-day. Tbe 15-year bonds were j 

Indications were that virtu- an 81 per cent, coupon, prici 
ally the entire 5350m. issue 99 to yield 9 per cent, w 
would be sold by late after- was some 61 basic points hi 
nono. than equivalent U.S. Treasu 

The offer of $200m. seven-year By mid-day there were 
bonds and 5150m. 15-year bonds, indications that the longer- 
was competitively but not over- bonds would be at least 9C 
generously priced by under- cent, sold by the dose of tra 
writers, led by Morgan Stanley The U.S. Treasury's refii 
and Company. ing plans were broadly in 

Pricing was delayed uatii after with expectations, although 
the U.S. Treasury had announced volume of 22i-year bonds t 
Its quarterly re-financing plans sold next week was some 
which in the underwriters' judg- higher than tbe market 
ment proved to he neutral in thought likely, 
their implications far the UJK. Overall, the Treasury plai 
sale. reduce the Federal debt 

Yankee bonds, as such foreign Sl.SSbn. through the sal* 
government issues are known, 54 bn. of securities CDmpr 
traditionally .sell at a betteT $2.5bn. of 10-year notes 
yield than comparable U.S. Gov- $1.5ba. of tbe 221-year bond 
eminent securities. Michael Blanden writes: 

The “Triple A”-rated U.K. U.K. authorities appeared 


igher yields than expected come of the sale of the bom 
hen it was announced in Ihe The yields fixed, though hi 
udget 15 days ago. than thought possible before 

The seven-year bonds, all of upturn in U.S. rates, were 
hich were sold by early after- in line with the spreads 
oon, were priced at par with an U.S. Treasuries which it 





■ / 





-FliiandaiTimes. Fiiday : April- 28 1978 


F.UROPEAN NEWS 





E. Germany: raising the efficiency of go-slow workers 


BY ISSUE COUTT IN BERLIN 


Herr E rich Ho nee her 


EAST GERMANS are being told 
that if they want to continue 
enjoying higher living standards 
and greater social benefits they 
will have to work more 
efficiently and turn out better 
products. The message is often 
couched in terms of “Socialist 
rationalisation, intensification, 
and Socialist competition " but 
East Germans are getting the 
idea. 

An East Berlin woman who 
works in a state wholesale 
company explains: “ You can roll 
out of bed any day and have 
the choice of a dozen jobs. I 
have one which is planned as an 
Si-hour job, but I finish in five 
hours.” 

A 17-year-old East German 
toolmaker says he earns 914 
marks (at tile official rate £228 i 
a month and overfulfils the 


required work norm. “ Ifs easy, 
you don't have to strain your- 
self,” he says, adding that he 
works in the evenings as a 
waiter, “mainly for the tips.” 

A chronic labour shortage and 
the legacy of the early post-war 
years when workers were paid 
little and expected to produce 
just as little has created workers 
Who are used to setting their own 
pace. This approach now has 
to go, and one of the problems 
of the East German communist 
leadership is making this clear 
while it worries about the pos- 
sible reaction of the workers. 

“We can only consume what 
we have first produced,” the 
Communist Party leader and 
President, Herr Erich Honecker, 
has said, appealing to the 
thrifty strain in East Germans. 
He has stated that there has 


been a “ basic change in foreign 
trade conditions for our develop* 
meat ” He - meant that both 
Western and Soviet energy and 
raw materials have become 
dearer. 

Financing the 90 per cent, of 
East Germany’s imported energy 
and raw materials from the 
Soviet Union requires a greatly 
“increased value of exports,” 
Herr Honecker told the people. 
Paying for Imports of badly 
needed western technology, he 
says, requires “more saleable ex- 
ports.” 

“Export production must be 
more forcefully organised for the 
non-socialist economic area.” 
President Honecker said, noting 
that .“our customers increasingly 
demand higher quality goods— 
investment goods with ’the latest 
technology” The problem is that 


East German exports consist 
largely of manufactured goods 
with dated technology such as 
the revolving tower cranes which 
East Germany is forced to sell 
in the West at a low price be- 
cause the .electrical equipment 
has to be installed by Siemens. 
Similarly East German textiles 
and china are commanding lower 
prices in the West than products 
from the Far East at a time when 
East German industrial wages 
have risen to an average 950 
marks a month. 

In order to overcome great 
lags in research, development 
and production of new products, 
Herr Honecker recently cited as 
a praiseworthy example the East 
German industrial combines 
which, he said, were “offering 
increasingly successful competi- 
tion to capitalist concerns.” 


More individual enterprises 
are to be vertically merged into 
combines which are to span the 
entire production process includ- 
ing research and development, 
rationalisation and exporting. 

Shortly afterwards the chief 
executive of one of nhe leading 
East German combines, Carl 
Zeiss Jena, Dr. Wolfgang Sier- 
ra an n, was given an entire page 
in the communist newspaper, 
Neues Deutschland, to outline 
his recipe for economic success. 
Herr Biermann, who is a member 
of tile party's Central Commit- 
tee, praised Herr Honecker for 
noting that economic growth 
must “flow from the creative 
potential of our people,” -but 
he otherwise avoided obscure 
language. 

Dr. Biermann noted that -his 
combine has raised output in_nvo- 


Siberian testing ground for Soviet urban planners 


yeaw by 21.4 per cent without 
increasing the labour force. This 
roust be an achievement in East 
Germany where, as Herr Honee* 
her noted, 3,500 jobs have been 
eliminated In the chemical indus- 
try in- the past five years while 
17,000 were newly created. 

At Zeiss, Dr. Biermann said, 
30 per cent of all products 
“ help to set international, stan- 
dards and 70 per cent, comply 
with them.” Average develop- 
ment time for a product is 30 
months. As an example of Carl 
Zeiss's success in exporting 
-turnkey projects he cited the 
construction of a Zeiss observa- 
tory complex , in Iraq. 

East Germans who know about 
industrial management say Chat 
Herr Biermann has used Western 
techniques to achieve results at 
Zeiss. He took over the combine 
at a tome when one of its most 
costly projects, a muitispectral 
photo reconnaissance camera for 
use in the Soviet Soyuz 22 space 
mission, was far behind sche- 
dule. Under the new man the 
camera was completed in 



Norweglaif. 

Barentsoijf 0 * - 

ban offer .'nO IV* 



% 


18 


BY DAVID SATTER, RECENTLY IN SIBERIA 


ON THE snowy bank of the 
Angara River, future site of the 
new Siberian city of Ust-ILimsk. 
traffic is moving now on an 
avenue lined with thick forest 
on one side and rows of modern 
apartment buildings on the 
other. 


This is a tangible sign of pro- 
gress for the city which affords 
views of young mothers entering 
a nwe shopping centre in the 
middle of a clump of pines, bull- 
dozers clearing paths through the 
virgin forest and clusters of 
cranes at the sites of future 
kindergartens. clinics and 
schools. 

Ust-Ilimsk is now the focus of 
the Soviet effort to build a 
modern and habitable city 
quickly and from scratch in the 
heart of the Siberian wilderness. 
As such, it is a kind of testing 
ground for Soviet urban planners 
anxious to develop means of 
attracting population to cold, 
remote areas where much of 
future Soviet economic develop- 
ment is to be concentrated. 

-The need to guarantee workers 
fOF Siberian industry is a serious 


challenge. Unlike cities In other 
parts of the country, Siberian 
cities are seen as self-contained 
productive units tied to energy 
sources and deposits of raw 
materials. Like other new cities, 
they lack an established social 
structure but the effects of geo- 
graphical isolation are magnified 
for Siberian city dwellers by the 
lack of economic or social con- 
nection with other centres. 

The sense of isolation. In 
turn, is aggravated by the poor 
standard of housing which 
reflects the nationwide housing 
shortage and the extra expense 
of construction in Siberian con- 
ditions. Separate bureaucracies 
often plan for the productive 
enterprises sneb as blocks of 
flats, clinics and schools. Pro- 
ductive enterprises have priority 
with the result that good 
Siberian working conditions at 
hie pay are often coupled with 
impossible living conditions. 
This leads in turn to a high 
population turnover as workers 
come to Siberia from other parts 
of the USSR to earn extra money 
and then return home. 


It Is hoped that It will be pos- 
sible to break this cycle in Ust- 
Ilimsk and the new city going up 
on the right bank, which is 
already home to 10,000 people, 
resembles a well planned, wooded 
university campus. The new 
qua drangled blocks of flats are 
being grouped in “microregions” 
with stands of birch and pine 
trees left in the courtyards and 
shopping centres set up at the 
junctures of several quadrants, 
making it easier for people who 
come to Ust-IUmsk from all parts 
of the Soviet Union to meet 

On the left bank of the Angara 
River, .in the shadow of the 
powerful Ust-Ilimsk dam, the 
“ builders’ viUage ” made up of 
tall brick dormitories and wooden 
barrs'ks and shacks is still home 
to SO.OOO people, many of them 
engaged in construction of the 
new city and the giant Ust-IHansk 
cellulose complex on the right 
bank. 

The construction of Ust-Ilimsk 
Is presently a focus of Siberian 
urban development but it has 
long antecedents at the most nor- 
therly major point of the 



Responsible 


Another East German described 


“Angara Cascade,” a set of 
Siberian industrial centres on 
the Angara River, whose develop- 
ment was tied to hydropower. 

The developmental Ust-Ilimsk 
was based on the construction of 
the Ust-Ilimsk dam which in 
turn, received energy from the 
Bratsk. Ust-Dimsk is to be a 
major industrial centre. Mr. 
Leonid Alexeev. Ust-Hun.sk *« 
Deputy Mayor, said the city’s 



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Dallas-Fort Worth is the newest . 
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Arrival time accommodates con- 
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4.3m. kW dam, slightly smaller 
than the Bratsk dam, should be 
completed during the 1981-S5 
five-year plan and the cellulose 
combine, which is being built 
with the hebp of other Comecon 
member countries, will begin 
operation in 1979 producing 
500,000 tonnes of cellulose a year. 
Ust-Uimsk is also to develop 
into a base for exploitation of 
three rich nearby iron deposits. 

The population of Ust-Ilimsk is 
targeted, perhaps optimistically, 
to reach 400,000 by the year 
2000. The city now has a popula- 
tion turnover of 25 per cent, per 
year. Mr. Alexeev spoke con- 
fidently of the -extensive facilities 
including -a future sports com- 
plex on the shore of the Angara 
and Indoor cafes and restaurants 
which, with pay bonuses, are 
expected to attract workers to 
Ust-Ilimsk. 

The success of Ust-Ilimsk, and 
other Siberian cities, in becom- 
ing stable communities will 
depend on the general success of 
Soviet urban planning for 
Siberia. Unfortunately, the two 
basic problems of isolation and a 
shortage of adequate housing 
have not been solved. 

The problem of isolation in a 
city like Ust-Ilismk where resi- 
dents complain that there is 
literally nothing to do is 
answered by Soviet planners with 
the notion of regional centres 


months. 

, Herr Biermann reputedly 

offers his top executives “un- 
on which cities like Ust-Uimsk planned " salary increases of 
and Bratsk can draw. For the ”3*000-4,000 Marks -if they can 
cities of the Angara Cascade, in-, deliver; if not they have to go. 
eluding the new cities of Such methods are criticised by 
Zheleznogorsk and Sayansk, some East Germans as 
which are based on iron ore ” capitalistic ” because the 
exploitation and fertilizer pro- typical combine manager Is 
duction respectively, the regional man who is thought of as some- 
centre is to be Irkutsk, which has one- content to leave his people 
a population of 540,000. alone and intent upon avoiding 

The residents of Ifet-Flunsk are unnecessary aggravation, 
not, however, in a position to use . 

Irkutsk’s cultural resources. The 
bus trip from Ust-Ilimsk to 
Bratsk takes four hours and it 
is another ten hours by road to 

Irkutsk when the roads are pas-.* - . . 

sable. Hydrofoils ply the Angara.' pro** 1 ** 11 ? attitude of -his 
in the summer but thiTlnly ■ r ?* pon ‘ 

reliable year-round transport fble industrial positions m an 
link is air travel, which in the interview the communp 

Soviet Union invariably involves . , »ews | paper for young people, 
advance booking and long delays* - deal . wtl1 oth ® r at 
Bratsk. 300 miles away from meetings conferences m.n 
Ust-Uimsk, gives a better picture objective and aloof manner, 
of the state of Siberian develop- -Tfcey Pl*T acet F d J B f *°,® e 
ment efforts overlooking what should not be 

Bratsk is’pread out because seen and avalding confrontations. 
separate regions were imiif What remains is the real person 
around various industrial enter- ..who grows flowers at home and 
prises. The central, section of la building a dacha (cottage) and 
Bratsk, which is what is shown .applying all his talents at home." 
to visitors, makes a favourable.- This over-cautious attitude, 
impression. / one East German factory direc- 

Bratsk, however, has not solved tor says, is not limited to man- 
the problem of inadequate sotrial agers but is also found, not sur- 
facilities and housing. Mr. prlsingly, “among production 
Grigory Dvorovsky, the Deputy workers." Many East Germans 
Mayor, said families live three say it is the result of too much 
and four to a room in peeling ideology pouring forth from 
wooden barracks which housed many high administrators, 
the first workers to come to - Last week another article in 
Bratsk 20 years ago. One worker Neues Deutschland also received 
said he and his family had .been a. full page. The author, a dis- 
waiting for a separate apartment triet party secretary, dealt with 
since 1971. the economic problems of his 

It may be assumed that even country with sheer Communist 
high Siberian wages will not .be faith. He noted that his adzninis- 
enough to attract 300,000' new tration wants further to increase 
residents to Ust-Ilimsk over'tbe;?th&devel of, political-ideological 
next 20 years and keep themi-lfl work-. and the strength of the 
the best planners can do'/to coni- basic cells, so that the creative 
bat the sense of isolation' in .Initiative .of the working class 
Siberian cities is to advocate can lead to -a great increase of 
the development o l distant performanceyin all factories.” He 
regional centres and the housing also quoted one- of his exemplary 
stock still consists in the year party members who bqd coined 
2000 of the kind of barrack-room a new slogan to : encourage the 
facilities . housing workers in saving of raw materials: “Saving 
Bratsk 4 to-day. each day is the worker’s way.” ’ 


By Fay Gjejter 


■>>** 


rt 


OSLO, Aprils; 

THE POSSIBILITY of bans' ' 
oil-activity' in some parts of 
Barents Sea for a limi • 
period was suggested 
Norway to Russia during m - 
tiations two years ago -aboir 
continental shelf boundary, . 
Norwegian Foreign . Minis- 
has confirmed. 

the Norwegians apparen- 
belicved that this might nu 
if easier for the Soviet Uu 1 
to accept a . boundary based 
the .median-line prlncij 
which would lie farther, c-' 
tb an one drawn according 
the Russian-favoured sec’ 
principle. 

The talks ended Indeadh ' 
however and the final a- 
m unique did not mention.# 
any such moratorium had ei 
been suggested. That It ] 
been was revealed 
recently-published book 
Norwegian . oil policy 
John C. Ausland, a retired 
embassy official. 

The ministry Press 
says (he moratorium was 
dicated as a possibility . 
Norway ”, during the talks’. 

Oslo In December 1975. It 4 . 
to have . applied only for 
limited time and only to 
limited area on either side j 
the continental shelf bounda- . 

- The official statement d< •• 
not say how long it a • . 
envisaged to last or how lar . 
an area would have be 
affected. It stresses howej . - 
that the whole idea was a 
ditioaal on final agreeme . 
being . reached about tile sfir 
boundary. 

Renewed Soviet-Norwegi . 
talks on the boundary qnestii * 
held in Moscow in June 191 
also failed to produce an agrtV . 
ment. Thereafter, the ty- 
coon tries ■■ concentrated 
reaching a provisional agn 
ment to regnlate fisheries. - 
the; area. 

’ . This pact — the controvert ' ' 
“grey zone” agreement— w. 
finally signed in Oslo b “ 
January. It contains a elan " 
stressing that it Is purely ter 
porary and that it does, not pi 

judice either country 

boundary claims. 


fucS 
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Stf# 

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;r. it 

..•,V£ vd 

;.\T 1 

.-a* a# 

• -St 




rules oi 
(.ennai 


-- 


■Wye 

• rrv'IW 

:.V- •<? 

y.st'i* 

Her 

-Vfwil 

;r..irw» 

Van 

*?«• 

iUTtfl 

jvfiaS 

■ "te ’--I 
*s*«Wl 

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• Tests of four wells on 
Tor field in Norway’s sector J 
the North Sea show results wt-vj .' T-*.*. 
over previous estimates m 
well above the average for IT : 
nearby Ekofisfc field. 


jiD oil cons 


'•A spokesman for Fhilli . 
Petroleum, the operating coi. ... . 
pany, said that under favou..' r . 
able -circumstances the foi' 
could produce up to 60,0C .' 
barrels a day. This could I . 
raise d to 75,060 barrels a dayjt; . 
a fifth well now being driUeC ;J 
Tor Is now expected to come o ' ; 
stream in June. 



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r$: 





giving costs up 

19% in France 


Italian Turkey to hold talks on restructuring debt 

’rjfiflnoriS 




during March 


<ST JJAV© CUR*Y 


PARIS. April 27. 


•••SSi 


be born^efore tteToliday, U 1 
info'tb«.sjnnnier.a5 the that rema inder of the year 
Lment- - L* see a gradual slowdown in 

Soh to- raise prices in the ^ pace o£ inflation. However, 
aic aftCtb r - " - the extent to which this happens 

W“ . I. - no nap . .... j I __ tha cnpMl With 


?■„ • 1 «H|u"CSbHc secw 1 - - • • me extern iu wuilu UJ 1 - rr .“ 

:■ £ Mi* in March was 0.9 per w m depend on. the speed with 

‘.*H According to the. which industrial prices are 

V^fXraL me impact of the grated after July and on the 
devaluation of the Government's success in holding 
fflWfSS on "food prices. It the line on wages and prevent- 
8 7 per cent February increases to the lowest paid. 
an O -3 per cent rise provoking higher wages through- 
PJJ5 1 out the salary scale. 

; £ January- • woo _:™ in all events, it thought the 


■ r ^ 


’ |,T r ‘ff'ETnarV’ * out the salary scale. 

- recognises In all events, it thought 

tT^ove Government is hoping to 
•- . more my ?!&»*« “ nt 


-'s!irw»; •V noe ifllno to move isavemnieiJi is - - =•-- 

S.4d - ®V ,4e Ss a more away with 10 per cent on the 
- ‘ d^heratdy ■ t t 9y^?nomic man . cost of living over the year and 

h b ^ 3 ^nSraWv eC hy 0n progres- will interpret anything less than 

•t s waarww 


ng-term strategy of 
economy on a sounder 


•’ -• ~ — — * 

/V # il uS** A a tion of the terrorists’ dem a; 

swi^To. 

s^SSAS" e ». «■ — y 

‘«$8Ma*Lj .■g’sars'jss-swa 


executive 
shot by 
terrorists 

By- Dominick J. Coyle 

ROME, April 27. 

ITALY'S ULTRA-LEFT terrorist 
group, the Red Brigades struck 
again to-day. claiming responsi- 
bility for the shooting in Turin 
this morning of Sis Sergio 
Palmieri. an industrial relations 
executive of the Fiat Motor 
company. . 

Sig. Palmieri was shot in the 

legs close to his home in the 
city’s Mirafiori district 
To-day's attack is the latest 
in a series of terrorist assaults 
against Fiat personnel, and the 
Red Brigades gangs now give the 
appearance of being able to 
operate almost at will in any 
part of the country, despite the 
1 continued security operation fol- 
lowing the kidnapping of former 
1 Prime Minister Sig. Aldo Mora. 

1 The Red Brigades still have 
■ not commented through their 
1 normal communiques on the 
1 Government's refusal to release 
1 13 prisoners in exchange for Sig. 
f Moro. And the authorities have 
r no indication as to whether the 

[ former Premier is still alive 
or whether he has been 
“executed” following the rejec- 
tion of the terrorists’ demands. 


BY MET1N MUNIR 

MR- ZlYA Mueuinoglu. the 
Turkish Finacc Minister, Is to 
discuss the restructuring of his 
country's $2.5bn. debt, and the 
obtaining of fresh credits, with 
major banks in the U.S. and 
Europe next week, according 
to Central Bank sources here. 

Before leaving for the 
International Monelary Fund 
(IMF) meeting in Mexico, Mr. 
Muezzinoglu said that a t tn* 
beginning of next month 
Turkey would begin peace- 
meal” payments for imports. 
No pavments have been made 
I oUter "than for emergency im- 
ports and those of strategic 


importance for the past H 
months. . . 

The Central Bank said that 
S150m. oat of the S45Gm. IMF 
stand-by loan would be a**® 
for this purpose. But payment 
would be made only for a list 
0 [ goods needed to get indus- 
trial production “lubricated 
and complete Investments close 
to completion. 

Owing to its drastic shortage 
of foreign exchange, Turkey 
has also been unable ^service 

tsT debt. S2bn. of which are 
in the short-term so-called con- 
vertible foreign 
deposit .accounts, and the rest 


' in bankers’ credits. 

Turkey has proposed that 
this sum be lumped together 
into a big loan, to je r^d 
over seven years with a tnree- 
v£r grace period, it has also 
asked* for the syndication of 
§ 500 - 60 Om. of fresh money to 
finance its 1978 programme. 

The Centra! Bank here says 
that agreement in priMJjj® 
has been reached on both 

m MjfMuezzlnoglu. who is a^ 
companied by Central 
Governor Cafer TayyarSadik- 
lar. will meet presents and 
chairmen of 23 banks in New 


York on Monday. 

Of these, eight constitute the 
u co-ordinating committee 

brought together by Turkey to 

formulate the guidelines oj 
restructuring and 
loan. Involvement of aU ® | 
220 banks and corporations 

would be unworkably cumber 
some, according to the Central 

The members of the co- 
ordinating committee art 
hank, Chase BtenbatUm. «er- 
gap Guaranty, Barelajs, 
Deutsche bank, Dresd 
the Union Bank of Switzerland, 


arts and those or strategic u C| n» » — 

Commission asks for steel indiistry powers 

-n.nrrnnunCUT .. .. 


and the Swiss' Q^pora^S 
Bank. They- «« am«g 
Turkey’s bteee* . JR 
counting for over- 35 per cent, 

Af ter °N e w' Y ori^ -Mr. Ma^ 

zinoglu Will meet bank 
denis "and chairmen tnJ^WJ 

and possibly. - « .**SSK2 

The restru during, 

nbw loan, ar<r: ”? t ^SSS*5 
be settled at these: 

Bat the Turks hope 
wider audience - will 

Shi . to estabflsh ^ 

JenkinsLon^ 

two-day 


■ ~ 5 *a',si cyTC S2 iS requirea w.w Mucn ot tms wu *v«* r- - 
.fcon 0 ^ finance for it will impact on the current bighjin- 
the direct effect em p] 0 yment level, Herr Schmidt 
‘Vbe.WPfif “iSS of jobs. noted Touch savings measures 
Stand, Herr ° ere needed elsewhere, to ensure , 
.-' ; a -‘'Uii .JftSf- ^ ruled out tax cuts Government had the funds! 

achieving a® available for new johereation 
-• ^^jumulus— a -measure measure s if and when required. 

. 4* %- e ^ ir .atf«d" by some of the „ Schmidt's speech, by no 

■ ^Essjp.'-v.-fUg parliamentary manoeuvre has become for an. 

52sr- w 


. .. _ trS^eTuhidl explained m detail sure r tion app aara to 

WSSfUS SS» wrs'sS'tfW 

iD EU ™ Pe - 

: .OEGFolTconsumi^on 

^ ■ - y. roB€RT MAUTH N tit > 

• ■ UDNSUMPTION in the {jujth of WihS 

• •- -v: i?. aj^lncxeased by ^ us . accounted for 

cent in 1917 over 137 b, accoru vpar -on-year drop of 0.6 per 
■ ^ a-"«tbS* . rent and the European Com- 

■ • mm :** Sunity 121 . 3 m. «»_• 


‘ * ‘ ‘Xw 


- traun ^ j c. Japanese + n. 

per-n«it. compared io ^ inn-eased by 0.4 per ^ ent 1 t ^ 

• pending- SjrF 1011 . m 1976 ’ 613m. tons during the last 

i--^ K consumption in the qu^rte^ sam ^ time. OECD net 

.- "j- : -=^=^ 1 1 1 uni oil imports during the E 

^ period fell by ^ per cent. 0 

to 308^m. tons ag^st 316|m. 

3 [tons for the last quarter of is*®- v 

v' This aedtae > n toports was 

• .'• \ ,1 pensated or oy » P ^ n 

\ ISE^areiSLKpermitted 
••• I 1 ffSiSed build-up oi ! cnide a 

/ 8 I ^ ^Product stocks were main- | 

^ 2 S! £ St than 11 in h, 1976 r . j 

: a°.^» 

-J Mw 3 iG5 iwW^^ ‘ ^ p° p« fro cS 

1 hand, oil supplies from 'roo 

vflKppBM gCff 


•-.’Ji. 

M 

r 

> 


51 ? 




theendoftt^^^ 

i what do you have. 

■ ^ as International terminals- 


* !M/{ 


.1 VJ i 

-• f i V3 ' 

* 


2 ? -**s ’ 


Getting to a economical 

appointment at the otherend . opwatflraT1( 
, of the country or sorrwwhEre ^craftin i 

In Europe can be a tiring; If V ou v 

fninraMnaandirnttwg ^ • busira 

AndirtAeondotitollVoo LrtKttir 

.BWonoormoret opjxK utiVis 

whohavenot only wasted ^ of you 

Blurfdohoumo^ilbu 

also in a far from «»» 1 ^ anoointme 

to negotiate and «ka decwi Ha , 

.vital tothe company s future. 

Tittie is money ofappivin 

. The attamativB that more valuable b 

and more companies are enterprise 

adtopting is the use of * 

aircraft, and the choice of many / c= 

isthe Beechcraft Super King ^ 

^r 200 C (Convertible)-* T> na 
twin turbo-prop, fully 

pressurised aircraft with the E*ai*Aircn» 

&8 seat "f lying boardroom ^bgCSUF 

configuration. This aircraft s 
well known for its ability ra “SfflWT 

V fly into small airfields as well ^ 


as international terminals- It is 
• JSISJSK *a finest 

alrC C-^ W38tt L 

your business destination. n tira 
ri 1 orte S ttime,be 8 bl««r: k 
whilst travelling^ " ^ 
outofyoureiro^tj ^ 3 
short car journey from your 

SpoIntrnent--you should mlk 

S Harris 0 ” at 

the economics and 9 *** « ] ^ 

of applying on *°^f to your 
valuable business tools to v 


ss iy. 

^ Ak«HS«^iSUf» WD 2 7BY 


nsaBS-*' 


BERNE. April 27. J”*™*. {J 

HERR FRITZ LEUTWILER. £ 
president of. the Swiss Central sectors, v 
Bank, warned to-day against ex- 
peering too much from renewed petition c 
i attempts to strengthen European Treaty, 
monetary co-operation. an 

He told the Bank’s annual discipline 
meeting it was not possible the Com; 
simply to decree exchange rate tion. Mr. 
stability without first dealing to EEC 
with the fundamental causes of asking 1 
exchange rate unrest. voluntary 

The U.S. dollar could not he panned 
forgotten in such co-operation, he ^,^5 has 
said and it would be necessary The 
to seek the co-operation of the £ 

1 U.S. and the oil producing or 

. countries. regional 

Herr Leutwiier also told the^** 

. meeting that the Bank was main- 
, taining its strict application of 
the .ban on sales of demesne 
securities to non-residents. While 
L the Bank and the Government 
t would like to dismantle their 
defences against capital inflows, 
foreign exchange market condi- 
tions were still too volatile, and 
any softening would set the Swiss 
% franc on an upward trend again. 

J He said that Switzerland s cur-| 
rent account payments surplus 
could rise to Sw.Frs.9bn. this 

5 gsmSs: i,v“| 

£ pl^aumn^industrralsed nations, 

“ exceeded only by that' of Japan. 

?e L Relrter 1 

| Denmark faces 
1 fiscal restraint 

By Htlaiy Barnes 

3et COPENHAGEN. April 27. 

DENMARK\FACES a new round 
, nt - of fiscal restraint next yeaj J° 

* m - order to ensure a continued 
76- improvement in the balance of 
im payments, according to a report 
i QD by the Economy Ministry to tne 
the Folketing (Parliament), 
ted No increase in pnratc i con 
ade SUI nption is expected in 1977 tb, 
a1 said the report and this will 
' to help bring the- payments defiat 

7- down from last year’s DKr.lObn. 
ain- t0 a bout DKr.Tbn. But to P rev ®°* 

[her a new deterioratton m tne 
976. external deficit next year tax 
ons. increases of the °^ T ot ( J 0 “ w P at 
3 at cent, increase m VAT (now 

IS ner cent.) will be requirea. 
the under these conditions, prv? ate 
ring consumption » n ® u J7ent P r 
ined terms will rise by about - per 

urth “me report said unemployment 

S SS ’proba’fcly etny at around 

iJS ?5B^i-S^^®mjSS2SrT. 

p ^knrU”arat n ^^nU 

,1% tbat 

and based on Jp^ates will increase 
cent Dauish wage rat s w«, r .ce Q , , 

■ 15.3 at an *' era ^®n those in Den- 

^rk’s ma* trading partners, 

1977 the Danish per- • 

S’eounTriLV^e^Senrf i 

SSoraes policy »»''>' «““'»■ . ■' 

I I the rep ort concluded. 

SwedislTdeficit : 
forecast 

STOCKHOLM. Apnl 27 1 

UwEDEN Wlix tread a hard 

^r^ toad tor t™^ . 

- Sts W and 

fllllS -: 

inBSt IriPficit in" 197S-79 and may have 

SSISra-Wi- for. me. next four . 

'rk B \n that^sweden’f national 

P blW P <S^ei fi ve; 

I ^ Tbat 'is S.Kr.lSOm. more > 
r ]k 1 1 than a Government projection 

mat on, y 12 monthS ag °' 

m *S encie f 

"T ! Catalan farm boycott 

? month’s n^ria^S on° sSple 

Is « 

month’s agricultural 

I Government *\}l 

1 •II r.arrin er in Barcelona. 

icraft J 

■71 / i«r ■“* tcr annura. I 


BY GUY DE JONQU1ERES, COMMON M««T CORRESPONDENT 

THE MWPM O ; 

to vet in advance aUState^a^tds ch ^ they were intended to 
to she steel industry. This wouio w* genuine restructuring 

ensure that they compati P cause competitive 

with the overall objectives of the ana 

Community’s programme ro rharles Batchelor writes from 
restructuring the sector. Amsterdam: Prospects for Euro- 

The chances of early action on p ean steel makers are now 
the request are considered slight, brighter than m the past three 
however because it must receive re dae tr» the success of EEC 
Se un 6 ;£ lls approval of *' ^asures and I to thej ?reamr re- 
Council of Ministers, where a straint shown by exporters o 
seems certain to encounter world markets. There are also 
KroSe resistance from the signs that European governments 
British, French and Italian 

de « ai ^S,erH. the Commission T?T^ P llfOP 

has extremely limited authority XL/X-J V>* W" 

under the Paris Treaty, govern- 
ing the coal and steel industries, qur qwn CORRESP oNOENT 

tn regulate Staite aids in Dies 

■; seciore. wirioh are outside the E BU ROPE.\N Commission 
: . jurisdiotion of the rulw of <wn- t(Hiay en tered the puhtic debate 
ri petition contatined in the Rome Drovo i;ed by the massive Am oct 
n Treatv Cadiz oil spill, urging the EEt 

T In an effort to impose some tQ act on several fronts ti 
ti discipline on national policies improve the means avmlabiefo 
le thTc ommissioner for Competi- pre F ven ting and . 
te tion. Mr. Raymond Vouel, wrote 6 ilTli i ar disasters n 1 the taOtfe. 

12 to EEC Governments last year i n a working - 

Jf iking them to supply on a mi tied to the Council 

voluntary basis’ information on Ministers, it calls for au ea 
« planned adds. Tbe re«.on* u> „ 

n tb ? h '“ && proposal Saritime ( ^e.y reflations . 

he would give it power to approve well “ measurefi t o ensui 

“ Snor pro.ec.i„ JL o L EEC_war 


are stepping up efforts to shut 
down excess capacity, Mr. jan 
Hooglandt, the Chairman of the 
Managing Board of the . Dutoh- 
German steel group Estel told a 
Press conference here. 

But while order books have 
lengthened slightly there is. as 
vet^no sign of a substantial im- 
provement in demand and wage 
and energy costs are continuing 
to rise. 

: current European price levels 

l are still below the average 1977 
1 level and are even below 
i levels although costs have risen 


by 30 per cent since then. Euro- 
pean consumers pay less than 
Japanese and U.S. companies for. 
domestic steel. 

The EEC system of basis prices 
introduced at the start- of this 
year has put an end to the 
2 ruinous ” competition on the 
European market and led to a 
number of satisfactory pnM ^ and 
volume agreements with 
tries exporting to the EEC. inn 
i is expected to lead to steel pr^ 

1 the Community cutiin, 

L their losses in 1978 although they 
1 will hot return to profit. 


T1S LJi>x l o 

EEC urged to act on pollution 

® B-RUSSELS. April 27. 


the EUROPEAN Commission ”bore the brunt : 

to-day entered the public debate A ra OCO Cadiz oil spill along 

provoked by the passive Amoco « *“ coastline, has been 

Cadiz oil spill, urging the EEC ’ l5 “™° y F0ngly for action by 
to act on several fronts to P^ei ^ ^ m these areas.- 

improve the ine . ans . a ^ I !® ble w -?J £f d EEC Heads of Government 
preventing and . de *|' n ? h agreed at their recent meeting m 
similar disasters in the futwe. a |r e that pfforts l0 tackle 

In a working document sub copermag intensified, 

mined to the CoomiI of th* yp«*wj" Fre i,c h anxieties 

Miaisters. it calls for an early ut J' d D el shared, there are 

ratification of Internationa agre^ tbe appr0 ach 

meats designed to tighte P should be taken. A number 
1 "BPS , S „ a r fe, 5.e re idopao n of jfOjNJ-gy" 

: m: e wat" gift- »y legal and .eobnical 


complexities and are likely to i 
insist that the Commissions 
proposals be weighed carefully 
before any decisions are taken. 

. One point on which there is 
as yet no censensus is a 

Commission suggestion that EEC 

countries should extend their 
jurisdiction over coast ®‘ 
co 12 miles. France and- Italy 
have already taken this step, but 
Britain and several other coun- 
tries have been reluctant to do 
so in the absence of a broader 
i agreement in the Uni te£ Nations 
[ Law of the Sea Conference. 


- - -By Robert Graham _» — ■' , 

’ MADRIB-rAprrt~27. 

&TR ROY JENKINS, president 

of the. European 

to-day begins two days of taiKS 

with senior Spanish Dffi . cl ?,J s ,J5 
Snain’s application to join, thijj 
EEC. This is his first : vjfflt _to 

Spain as president, of the Co^ 

mission and is an indication ®* 
the increased contacts between 
the EEC and Spain m recent 

IT, Mr UlS Jenkms will have''?n 
audience with King- -Juan Carlos, 
and meet Sr Adolfo Suarfez, the 
Prfme Minister. Sr. MfceUino 
Oreja. the Foreign 
Sr. Leopoldo Calvo-Sotelo. tte 

Minister f ° r K Eur0 , pe -The iaffet 

created in February) - The 5 atfer 

was in Brussels earlier tnis 

l Dl There is apparently no fixed 
! agenda? but Mr.. Jenkins is ex- 
y nected to go over a wide range 
of issue connected ^ 
is entry. It is hoped here that ne 
a will be able to give /““'-“SgS 
C tion of the timing for the EEC 
ir decision on Spanish entT ^ , 
r. His arrival has bear. P™*** 

Iv by an agreement on thei dehcatn 
at topic of steel import^ TJis 

n - a preferential agreement was 

io worked out that means an eflfefr 
tr tive cut in Spanish steel exports, 
os ?o the EEC of S 5 , 000 I tons..this 
year. .to 900.000 tons. 



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overseas news 


OECD slams Australia Chad rebels A REPORT FROM HO CH1 m,nh c,ty ? y k - k shar ^ a ^ f | 
over trade restrictions cteer d The Saigon ways die hard | 

"b Y DAVID "WHITE PARIS, April 27. ift E/J tyifo I first day in Saigon I the South, capitalism persists io bear. .The. ratlpn is the saute in their way out-albe'itsiourly, sir* 

was accosted by a beggar though a surprising degree. :ithe South but there is a thriving the Government has ^ecreSd-tl y. 

AUSTRALIA'S increasing use of inflation vrouW alow down fur- strengthen in the second half of . „ . it did n ot happen again so I Officials concede 'that the black market which makes it -all exploiters must go and sh'-‘ . 

trade restrictions came under iher from the ® per cent annual this year. 1 na “ nner a5smne he mus V h been one South was always more , pros- easy for anyone with money to keeper^ arette pnme target * 

firt from .tiie Organisation for rate registered at the end of last ■ Further Government borrow- PARIS April 27. n f a rpw perous and rightly point out that buy just about anything. the Pfijty shopkeeper, and pa’ :* 

Economic Cooperation and year to <5 per cent, the rateit lng was recommended in order t^E FRENCH Government has t*. lT j . .• • • it was. an artificial prosperity. Saigon no longer, can boast the mem .nawker- thrives, and- w 

Development OECD) in a report had forecast originally for.,1977. to help the balance of payments confirmed oereistent SSs that , b0rde,l0s . a * d hare that entirely dependent upon enor- latest .electronic gadgets or other probably, continue for years. . 

published .to-day. Output -might grow more this- aod support the exchange rate of it has sent troM reinforcements made *** aty notorious before mous amounts of U.S. aid. That- luxuries, but people are better That- is- , so partly .-becan V; - 

Although .it supported year than last, it said, but wi-tii a the Australian dollar. t0 Cha d at the request of Presi- its capture on April 30. 1975 have prop having been removed, the fed and better, clothed than Saigon suffers heavily from .1 ■’ 

■the Australian Government’s rather weak outlook for exports Australia’s strong long-term dent Felix MaJloum’s military gone but there are still prosti- South and more particularly anyone In Hanoi. Women com* employment: The_authorfties s 

domestic- policies of curbing the balance of payments current position as an exporter of re- Government foliowinn renewed tutes and onium addicts Th*«* Saigon underwent an upheaval- motdy ■ wear the long skirt slit making attempts -to reduce f \ 

demand and limiting growth, the account was likely to. show only source-based goods- gave it the- fighting between Government Have “ from wh »cb it still has to re- -both sides from the waist down- population ay encouraging c, \ 

OECir urged ah early with- a slightly reduced deficit— to leeway to increase its official and rebel National Liberation - mT, 00 er ' T , a Ef. 5 . 10 cover especially as it was closely warts. This Fetching and elegant dwellers ;to migrate to. the “Nr r. 

drawal ‘of temporary stop-gap around $2bn. compared with - borrowing, v the report said. Front (FROUNAT) forces - Ke yourself Dignified ” followed . -by reunification with- natiodai dress is rarely seen in Economic Zones" that are bei-' : ..’ ■ 


■ ;# 




BY DAVID :WH1TE 


PARIS. April 27. 


di 

.■ *“t • 

to 


measures’’ which have meant §2.4bn. last year. 


I „ According to reports reaching 


I lessons. 


power Hanoi since each, skirt requires established in all parts of t 


warned. - - u LJf“ a warning was aLso issued on Reconnaissancp airenft vester- Saigon river has painted on its MUUSl * T « ro en- roe Government nas auowea pans ot tne ' country; Son.-” - 

■ The report recommended that pr ^l ucao . n ' ’ i . . • the policy of frequent small ex- day srghteTa^R&lS ArVofumo exterior in bold letters J ‘ Cham- and -old order to survive to a 500.000 people are said to bar.' ' 

Australia 'keep steering away The risk of ancreasmg the change rate changes which Aus- „f S ome 100 military vehicles pagne and Night Cluh.” But that u,trodl uc ^ on of socialism.. • degree. Factory owners and shifted ^to the’ Tfew Econom ; 

from more expansionary policies S? ad ? p !* d si " ce ] te , only About 350 tan (200 miles) if a falsehood, a relic of the past c No , rthern 5 t0 KfiSL - cap l!il5L t J25L2? 1 ■H^ n «f eni ^ 8 ; ‘ 


been hoped The Organfsstfon’s already aJHi wed J0r ; some ex pan- se » ling, y on'fiden ce ’ rather than leafletsin NDjamena. callins for ment. 
prediction for this year was that sion. and growth was Ukely to build it up a two-dav general strike and sail 


China facing SWAPO leadership split 

SSS ht by detention and exile 

CHINA is facing a worsening BY QUENTIN. PEEL JOHANNESBURG 

ported "^le^^thoritjes^have ALL BUT FOUR of the 13- a peaceful settlement 
held an emergency meeting to member ex ecutive.com nut tee of tory-are coming to 
plan operations, at which a vice- the South West Africa People's The latest deten 
premier ‘ has ‘said the situation Organisation (SWAPO)- inside been authorised 

r • - ^ 'i - j .Wa : _ Vnmihio (CtinitH Woct A frlno I \V •. H Vi in Ctoi'n 


northeast of l^jamena the that no one has tboughrwo'rth- South and to a lesser degree of engaged in productive activity populated because the ci 
Chad capital ’ At the Tame time while erasing. 5 “^Southerners to the Worth is may , continue to own their dwellers are reluctant to take 

the rebel from has distributed Saieon nr Hn riii Minii vni® »* low ed only for compel ling: establishments and to run them new agricultural- Vocations/ 

leaflet sin N^Smn.' «nhi K for menT® " Ch M “ h V,Ue reasons. ITiis has been madi “provided they cooperate:’’ Co- which theyjxe temperamental , ‘ . 

a S-TdTv “enS!? ^tp a nd cTV , „ ^ v effective by having separate cur- operate they must, because all unsUited. The -authorities-. 

demonstrations from to morrow a c S ri, 8 o° -2. r — Chi Mtnh ViUe rencies in the North and the industrial units in the South were confident that id ..time the Ne‘; 

to nrotS TSinrt thL FreSh C ^ faUed s&H South, neither of which is legal- almost entirely dependent on Economic Zones will solve V ),. - 

military presence has to recover from the trauma tender In the other. To travel, imported raw materials, and -unemployment problem-.:. 

uiiuidry nf the Smith’s riofAat and Mm . : • 


BY QUENTIN. PEEL 


JOHANNESBURG. April 27. 


threatened French nationals with 
reprisals for the death of a dozen 
Chad civilians, killed during a 
Government-rebel dash around 
the central Chad town of SalaL 
which was occupied by rebel 


progress. 


travel is not readily allowed. Life there . were to be a sudden Economic Zpnes follow the pa 


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was” grave 'The drnught <s Namibia (South West Africa) Marthinus Stem, the South French owned shone ^ I extreme Chinese variety. A and rations of essential commodi- is Jh the hands of the state, present the fanners remain ui - 

threatening’ the/ summer wheat nave been detained or have left African Administrator General, been looted 5nu ‘ ,B ndU d,so degree nf private enterprise ties are meagre; each person is There are some privately owned touched;- It will be years befor ■- : 

crop and is ham ne ring' spring Dip country,. Six other leading on thegrounds that the detainees The French military huild-up exi5ts therB ,n Sai *° n and only allowed 4 metres of cloth a shops, but they are clearly on social iasm reaches them. . 

sowing in the" main wheat grow- branch officials are being held were a threat to the peaceful in the central African desert ; : . ~ : - - 

ing provinces a|ong the YeUow under emergency powers political process. Although he C0Qnlrv has gone hand-in-hand : 

and Huang rivers. . Miss Lucta Hamutenya. Jecre-. has insisted that his emersency. evacuation of “ome 200 ~W" m~m . ■ T l_ *•/■ 

The presence of so senior an ta / y lK for , «fMTfI rs and ° ne powers, introduced last week, are F renc h families from the I ntWlVt Mr|i| MT ■' A*| ^*1 gri I .A|15)TinTl 

official'as -the vice-premier. Kang ,' a r ^ 0 m 3n ^ °? e orga ”' 3a ' couitry and 1 many more • I /I ||i] || 1 2 I I Cl | I lif" JjCUdUUll 

Shilten,.irt. the meeting suggests al l ?r8v>o ^re <mintn. said tion. SWAPO officials say they dvi , i s re due t0 be n . UMIIIIII I HU ljl A 

.U_ r~i. to-day that 31 SWAPO members are the onlv target. . . ■ M. nAMriAnmin 


offfcialas -the vice-premier. Kang .°? e or - a "J 3a ’ couitry and ‘many more 

Shih^,.gt. the meeting suggests stUl at large in said twn. SUAPO officials say they civ1 ,j ans are due tD be n . 

the seriousness with which lp^. ay h i hat j®L^,oj^9 ar ?T. tllc on y targel - patriated within the next few 

Peking views the situation. Other have been detained since April 4. The emergency powers were 5 avs * ° 11110 

provinces: Bave already reported mcludms ^’ em ; the assassina- ^h e French Government 


BY CHARLES SMITH 


TOKYO. April 27. 


consensus 


workers on the upderstanding’ that It.full four days and -to attempt TOYTTlllli) 

ft Strike wniild h* n*rmittpH In itnnnw a . fiti-thar rrtimri nf «trilcs« nm -AME lUtUU 


Kwaugtung province in the fb | -fore been velv hroken m-pcidan/ nf ihp snriWA^n out yesterday that the reinforce- ended a national transport strike would be permitted to impose a- a- further round of strikes next IUI 

soutii, a, major . nce-rowing area. ^ ^ *nt to Chad numbered to-day after only two days instead compulsory settlement as a last week would have risked turning _ .. H} / 

wjere cold, wet weather -h? : s up Just as “ e nB g°aations fnr Democratic i urnhalle AlUasce. only a ffiW hundred . th US bri ng. of the projected Tour when an resort. In previous years public opinion against the rail- »bnn 

affected- the -early crop.. Kwei- . • -* — ; — — ing the strength of Frem-h troops independent arbitration body national railway strikes, have ways. The seven days starting ... jjISl 

didw. Also in the south, has re- • ... . • in the country to .about 1.000. awarded them a 5.4 per cent, frequently ended with arbitrated on April 29 contain three THE LEBANES 

porlM a sqnoys drought _ . - ir^ • i j»* '• i i Though it is stressed in Paris j average wage increase. wage awards. This year appears. Japanese national holidays- and day unanimousl- 

Thft ,;n.orth_ and .central F5I fl r 1171^1 that French troops would not The arbitration body, the to be the first occasion, howeyen are, thus one of the busiest a national recon 

provinces of- Shensi and Anhwei x m. U. 14 BJ. UliJl iUailO become’ involved in military Public Corporation «jd National on which au attempt has been periods in the year for the which could pav 

in the wheat-crowinc area. now. gy JAMES BUXTON ' operations — they are officially Enterprise Labour Relations made at mediation. - national railways system- ■ ing the country 

affected, reported drought enndi- described as "advisers" — the . Commission fKoroi) had heen The earlv end oF' the strike .V The rail wav unions' aee'entanei* and revive 


BY JAMES BUXTON 


ing the strength of French troops I independent arbitration body national railway strikes, have ways. The seven days starting BEIRUT.- April 27. ’ . I ‘ 

in the country to .about 1.000. | awarded them a 5.4 per cent, frequently ended with arbitrated on April 29 contain three THE LEBANESE Parliament tc : - 
Though it is stressed in Paris j average wage increase. wage awards. This year appears, Japanese national holidays: and day. unanimously voted to. uphok :r /I - . 

that French troops would not The arbitration, body, the to be the first occasion, howeyen are, thus one of the busiest a national reconciliation formiiL. . . 

become’ involved in military Public Corporation and National on which an attempt has been periods in the year for the which could pave the way to enc ’ 
operations — they are officially Enterprise Labour Relations made at mediation. national railways system. ■ jng the country's political criBi 

described as " advisers "—the Commission fKoroi) had been The early end of' the strike “t .The: railway unions' acceptance and revive efforts at recoti ^ - 


tions twq weeks ago. and the sit- THE Arab Monetary Fund will the total paid up fe 50 per cent distinction between combatant! called in to mediate when the would seem to reflect the: rail of a 5.4 per cent, wage award struction.' ' ' 


weather. 


. said in Abu Daabi. after the decided that they would only pay Galley, the French Minister for .proposals by both labour and the private railway unions of-a:Smaller than last’ year’s when Christian, and ■ Moslem leadertr..-. 

This prolonged Mack of rain AMF’s second annual meeting, the increased subscription to the Co-operation with African Coun- management 5.53 per cent wage award _ on Japan national railways agreed Twenty deputies were absen t- 01 * 

lea-ust year -to tmina-s. biggest The Fund’s member states are capital if the Fund disburses at tries, stressed that France was Koroi apparently undertook to Monday. Little or nothing would: to pay out an average of YBROO including dissenters such ":ar ;i *_ ^ 

contracts ever for jmported to pay up a further 25 per cent least 25 p-»r cent, of the capital not interferring in the internal mediate in the wage dispute at probably have been gained -by per worker (against 8,674 this former .Prime Minister Rashit’." r ’ ‘ . 

wheaL ■— — of fhe Fund's capital, hr nging that has actually been subscribed, affairs of Chad, the invitation of the rail unions allowing the strike to run .the year). > Karami.’ '■■■■• “V ‘ ‘ • 


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“Mr. J. A Adame. Managing Director while factory 
negotiations. were taking place: 

The Kellogg Company of Great Britain, la 
considering where to construct Its new breakfast 
cereal factory, had to consider such factor* as the 
problem of rapid distribution throughout the whole 
of the United Kingdom of relatively lergo quantities 
of finished food products: she eesa of supply - 
route* lor the various raw materials in relatively 
large quantities: the acceptability o* the area as a 
suitable location tor a modem food plant and. ot 
course, ihe availability ol people to operate the 
factory. 

Wrexham was selected because K met all of these 
requirements. All the necessary services to operate 
a large modern processing plant were laid on and. 
more than anything else, wo liked the altitude and 
co-operatic n ol tf» people m tha community. 

In addition to these important considerations, tha 
financial assistance which is available due to 
Wrexham's location within a Development Area 
helped considerably In making such a project 
financially viable.* 


Liaison service with focal authority after 
relocation. Industrial seminars on. 
specialised topics. 

Local authority owned factory units for 
short and long term leasing. 

☆ EXCELLENT INDUSTRIAL 
RELATIONS RECORD 

* LARGE POOL OFSKILLEO AND 
SEMI-SKILLED LABOUR. 

☆ RENT FREE PERIODS IN 
ADVANCE FACTORIES. 

* IMMEDIATE AVAILABILITY OF 
FACTORIES.. 

* EASY ACCESS TO MAJOR 
MARKETS. 

* DEVELOPMENT AREA 
GRANTS. 

☆ WELSH DEVELOPMENT 
AGENCY ASSISTANCE 

Wrexham Maelor 
Borough Council 

The Guildhall. Wrexham, Clwyd, N. Wales 
Telephone: 0978 4611 Ext. 24 R.-J. Dutton 
Ext. 94 D. W. Jones 
0978 51282 



■■■uMiauMiimiiiilija 

M . For acotoUr. brochure giving fpliaetal is of industrja). . ':.\WL 

■ Incentives at Wrexham eeocT this coupon i* tha. 

S -. DEPUTY C«EP eXECUnv£OPVTCea'.TJ* ' , m 

■r GUILDHALL, WReXHAM. CLWD, NORTH *. , ■ • .■ 

■ ' WALBS.UJtort«tophon«fCj.OUTTONorD.W, K 

S . . JONES AT WREXHAM 46U. f m 


>.% 


CotnpArty .- 






Alpha 2000 Building (15^1 f!.>. 
P.a.Box 1872 
Abidjan, Ivory Coast 
Phone: 32-73-50 . 

JudSan B. Welsh, Representative 


We are pleased to inform you that 


LIBRA BANK LIMITED 


will be moving to new premises as from the 


1st MAY, 1978 


The new address will be 


Libra Bank Limited, 

140 London Wall, 

London EC2Y 5DN 
England. 




Telephone: 01-600 1»OQ 


Taiav- 885669 


Talagtems; Ubrabink London ?C3 










28 1978 


AMERICAN NEWS 



mm 


lull 




Canadian cabinet 
discusses whether 
to hold early poll 


THE IMF COMMITTEE MEETING 


Grappling with the dollar problem 

BY DAVID BHJ. IN WASHINGTON 


| Mary Campbell 


l,v M.J THE INTERIM Committee of the However; Fu ^ *“?* *{£* t^wlve^e reS°doUm- 0 problem Treasury Secretary, plans 

J r international Monetary Fund the Committee ' -that in of strek, it Is veil concrete American propoals 

^ ■ ■ * v,cToH w ottawa * jamb scott in tohonto xjssz ~ 

; 'THE «-2SS , d coukiderin, whether traduced, three year, «* -. Sd-Mi f 8 hU°[sDRa> N^rfbefea ^ ? ™4£3&JgP« 

. so hofnrp dpsizned • to soak up excess Solomon, the Assistant Treasury _ Tl .v, n oe rates. 


•J-- - - Tk-nirine THE CANADIAN Uaoinet was target, when controls were in- a number of proposals wmcn veen .TfW^nfl than nublicly. held dollars. came hum «««:* »“» **£“*£_ Zl Z 

i THE international B^to g considering whether traduced three years ago, wys might put the international calls For a new ioBue of rjtnd th«i p J Anthony glves 1116 ™*7® mi ?S 

i— now being *it ornot there should be an early an inflation rate of 6 per cent, financial system on a firmer Special Drawmg^ghts (SDRs) Nevertb e ess role u the “surveillance 

Tvs. Senate, becom^law. dissQlutjon of parliament, in pre- by this time. footing and will, as before, designed to soak up excess Solom^the &chaage rates, 

y well come • abo ?J? paration for elections in late Persistent opposition questions reflect continuing concern about dollars and help bring a measure SecTetatJ for a*y j, Secretary said 

Ss whicb .•» n «*Si3R: 55 « 5ly July, in the light in the House of Commons this ™ hjslth of the world economy, of stability to world currency uknatfMgM S » 

ucd across the- U.S. win all ot ^ depressed , Qte 0 f the week about whether the Federal markets. Sodlratt aliOMUonof SDRs to “/* ~ £tb e Ustory of the 

gign-owned. ™U.rtay by Ms economy. ' . ■ Government will move towards Few concrete developments are “UoJKe St^kT'the credSiility of the S?,od' and^mderlines the “poten- 

piia W e- S hfi? y thT New Ywk- This was highlighted by the foreign exchange controls have expected from the meeting. aWbed^ 4n ^ Hset " and toe US. is not ex- S? f or a key IMF role & the 

SJrinwndent of* Banks, fact that the Government was also adversely affected the partly because the participants frozen a «SjbS to memt2S Sed “block further study of [itenStional adjustment pro- 

je Supenntennem or ^ undaratood to be preparing to dollar. Mr. Pierre Trudeau, the w in not want to usptage the lately KtS!™ for the Seme. However, some Euro- He said that Mr. Blumen- 

the* 3 fact borrow at least SU^.lbn m the Prime Minister, and Mr. Jean economic summit that is taking ^hohadwld them in «tun i tot tfcesc&em* Hot ^ might w £?ld he proposing --JhJ 

a. 2 s ® a allow foreign form of a syndicated loan Chretien, the Finance Minister, place in Boon later in the year. SDRs— but id wrest on reem jr J5J?, ffl ag 10bn . new „ moves which would get 

J the Art would OT i B" rJ g (jnged though Citibank in have both emphatically denied At the same time there is no held by We IMF ou P SDRg are unlikely to be realised theiSocess under way, but de- 

^tliatwine^ rtk£-»mething New York, to relieve pressure that the Government planned agreement within the Fund on a 10 ^ of andthe US., on present form, is speculate on what these 

tSSrSI wrt on the battered Canadian dollar, such controls. range of issues, including the TIjlW. has a n^ber^ ot uom ujo-u e J 0-der a rauch 

***** ■ At its meeting, the Cabinet The depressed state of the eco- siae of the proposed seventh ? b l* c t\°JJL t0 5? 6 sufficiently more modest scheme, if any™*.., . the Fund 

vwedto do. ■ ponsldered final- approval noray has the Liberal Govern- ouota increase, and it will be it believes, is not sufficiently more m »u Article 4 does give the run 


* SWSEKlTiSHK underatood to be preparing to doUar. Mr. Pierre Trudeau, the will not want to usptage the diately JJ thr^em^HOTeversoineEuro- H e s id th at Mr. Bltmien- 

*!£? refeiStT the* 3 fact borrow at least SU^.lbn in the Prime Minister, and Mr. Jean economic summit that is taking whohadwjd them in «tun ^ for tiies^emt Hot ^ might gg- w f n e ld s b d e proposing ^ro- 
^ a allow foreign form of a syndicated loan Chretien, the Finance Minister, place in Bonn later in the year. SDRs—butinierest onme m jy H as many as 10bn. new JSXimp moves which would get 

J the Art would ot 1 B" rJ g (jnged though Citibank in have both emphatically denied At the same time there is no held by We IMF ou P SDRg are unlikely to be realised under way, but de- 

■^tliafwine^ ria£-»mething New York, to relieve pressure that the Government planned agreement within the Fund on a 10 ^ of andthe ul, on present form, is 5^ ed ™o speculate on what these 

tSSrSI wrt on the battered Canadian dollar, such controls. range of issues, including the TIjlW. has a nmnber^ ot *aawe u^-.o g nmh 

***** ■ At its meeting, the Cabinet The depressed state of the eco- siae of the proposed seventh t0 5 ? JJt® E fficiently more modest siiheme, if any f . .. j^d 

awed t? ^ cons ]dered final- approval noray has the Liberal Govern- quota increase, and it will be it believes, is not sufficiently . . ,, Article 4 does give the Fun 

- SB,hert “ ,d -“ e m ln - ■ — * - J - ----- months before a consensus worked out and could inteimfy scheme at ftat Mr . the authority to begin consulta- 

;es 0 ntbese subjects. inflation. u.&. oraciais ai&a **1. • 


— JJ1 peUISCDClUiU&a, WUIU1 a ic- »UUIU ue iiiue lu can nil cnic-ifeta u i 

foreign banks ported &M600m. election now. partial larly in the 

York and also to talk ■me -pressure on the Canadian light of uncertain public opinion 
the implications of the dollar has pushed it down below polls on the popularity of the T T O 
leral legislative recent de- 88 .U.S. cents and in the past Govern me ol Mr Trudeau can |J .O. 
foments on this subject. few days it has swung widely m wait until July. 1979, before his 

^pxucuw j. n9r tmont i«f- B rhnnk dealinss. despite the five years is up. _ 1* 


tlona with ccmntrleo wfilc^- in 

the IMFs view t -.are“nbt.pro^riy 

adlustJng their Exchange, raies- 
But quite how the Fund would 
effectively police its intervention 
remains to be seen since the 
Article- -gives Itrnulatively-littl* 

In the way of sanctions. 

On the question of a new in* 
crease in quotas it As 
that much progress v\i\ be: made. 
The West Germans are still sttcfc 
ing to their view that th e seventh, 
increase should be only tetwem; 
25 and 30 per cent., the Bnustt- 
would prefer 50 -per cent Jm* 
other countries are 8t varjpus- 
points in between. The u.&- 
which probably favours an In- 
crease at the lower end of thif- 
I range has not mode any pubuc-. 

commitment principally because 
! it remains embarrassed by the*. 

■ fact that the Senate has yet Ap- 
s approve U.S. participation mi tha_' 

- so-called Witteveen supplement , 
ary financing facility. 

‘ There may however be agree* ~ 

^ meat on a small number of selee^ 
’ tive quota Increases -perhaps m-" 

J volving six or sewn countries;' 

but not in such a way as to upset- 
1 the current delicate balance or 

- power inside the Fund. _ — *l 


Anments od this subject. few days it has swung wiaeiy m wait until July. 1979, before his 
Si Stude Of the department interbank dealings, despite the five years is up. 
inrplv to be one of the crucial intervention of the Bank of Besides the failure to 
*H2! i- the success of attempts Canada to moderate its move- moderate the rate of inflation, 
banks to buy banks merits. At close of trading on unemployment has soared to 8.5 
York. Ms. Siebert said Wednesday it was at 8S31 U.S. per cent., with over a million out 
die had not yet received cents: - .of work in this country of 23m. 

- “numbers " on the Hong The pressure has come because people. 

" _ Shanghai Banking of the continued weakness of -From April 15, the Govern- 

ing takeover of Marine the Canadian economy and the meat began phasing out its 
‘’“P*. failure of Government controls prices and incomes control pro- 

Qianu. • «. mnHnnto the rata nf Inflatinn prammi* Thic lias rancad fpnrs 


U.S. warning Corporate campaign ri 

of by *° hn wyles 

, THE CONTROVERSIAL rights tices, who argued fte roUng < 

J nnrtiQPC of U.S. corporations to launch would on denr/ae the federal 1 ; 

dangers k*?L-ss?M? ^tosbepsse , 


NEW YORK, April 27. 


By Our Own Correspondent 
WASHINGTON. April 27 


61 JOHN WTIB - _ .1 

the CONTROVERSIAL rights Vmevtenert'To theronStation 

of U.S. corporations to launch would ondernw^ie the federal 1 majority of justices argued 

political campaigns over public which pre vents c °gP° contribn- that the procedures of corporate 
issues has been affirmed by the democracy should determine 

Supreme Court b0 ,5lJf court’s de- whether shareholders were in 

The ruling, by five votes to More dLrectiy^tte court : s ae- ral agreement witb stand 

four, delivered yesterday is ciilon Seen by 6 a corporation over a 

wplmmp t n rornora- sets i2W wlHCn maae it a crime ? ct-utA 


1 id's takeover of Marine the Canadian economy ana joe meat oegan pnasmg out us w.ASHTNGTON. April 27. f0 ur. deUvered yesterday is cision nru™ auw» « L „ by a corporati on over al 

S!* d failure of Government controls prices and incomes control pro- w generally welcome to corpora- sets Jaw which made it a enme “J/y no state! 

expressed a very favour, to moderate the rate of in flan on. gramme. This has caused fears THE u. S . Government has begun fions which have resisted efforts f or “ dt S5T555SS faw was necessary to prevent 

le alffie towards foreign During March .the ransomer that the unions will demand ^ task of warning by some states to curb the ir ^o^gepropaganda campidgus mw 

As in New York, which she price index rose by LI per cent, massive wage increases which “ ® h0 raay have handled political campaigning activities, for 01 ‘ ■f™* PubUc baRot pi» ** j^ce Wai t e n Burger. 

JSw as “very very good or at -an annual rate of 13 per have further strengthened asb erios during the past 40 years and particularly their efforts to positions other than tnose "^,6 majority 

S?jf New York-** She s'ugr cent, w hereas the Governments pressure on the Canad ian dollar. tb * t ^ may be ft great risk influence toe outreme of public of ?piStoS Written ^ ^by Justice Le*S 

Sd that the new Act would of C0T1 tracting serious diseases, referenda. But the decision U property business assets op^ added ^ 

Senate signals agreement SSiSsssASs J£Si££s& 

MsJrSSi with Carter tax cut rfcloiri — ~ tbat as maav as ura - 

fedSgef^e^mS 1 to . BY DAVID BELL " WASHINI 

«rate in m ore one state u^. SENATE last night down. But the 

buld put them in an;adyan- Lum ailed, in a vote on the over- overall figures 


■ o o 

with Carter tax cut plan 

BY DAVID BELL WASHINGTON. April 27. 


Wtfiimc. 

yesterday that as many as lira. 
Americans have been exposed to 
asbestos at work since the start 
of the second world war. It is 


Argentine plan 
for Rhodesians 


TV advertising proposals 

BY STEWART FLEMING 



.eraie »U 7 — : . _ 1 nr, UA oratmn iwi " ul ui* uww rnu.li — rrtl* k iUirDPvlMII\ BY 5TCWARI ruKim* 

fauld put them in signalled, in a vote on the over- overall figures masks some dls- effects or asbestos appear after 1U1 I\IHJUCaia.iai3 NEW YORK, April 27. 

Vous posilhm vwtvu U£. ^ target £or fiscal 1979 CO rd about some of the tax a ] ong latent period of from 15 BUE tfos AIRES, April 27. TornERAL Trade Commis- There is strong opposition 

hmestic banks.. . t . •■ budget, that it is in broad agree- reforms now proposed by toe t0 35 years or more after toe immigrants may JHE F^ERAL ^ TTaoe commis- adyeiUfllng andustoy 

tThe ways m which foreiCT men ^ the size of toe tax Administration and support for initial exposure, he said- sSie to the northern Argentine s?on (FTC)pubhshed tt^day out^ mm is ^ety 

toks would be pirt on an equal cut now be i QK proposed by the tax breaks opposed by it. The department said that even rtnce 0 f galta, should the *fG53S B ISJertifimffalmed to be onfl-v the latest stage to a 

oting wito domestic banks m- Cafter Administration. Both the reforms and tax as im]e as a month of woriune Pf^SdaladminlstraUon offer nffSSSloSSS wiU 

g^aJSTJSS 10 % T», Senate voted b, 64 to 27 ™ ^ “ n d “““ rt d|se '^ 1 Sn. Scieotly . attractive >ajd >nd ,dvS- SSS^WiSS «• take 

'c'orandies of toreiitn banks to work for an overall budset Committee which has hecause th?“ inhalcd'dust. beine "edit This wasEtated here by on progTamnlM where W ntten submissions before dec d- 

:;*d tta tSSTccess to Of some S49S-9bn. which would s0 ^ e of the X, rl ' tendsfo remain in the ?i n C teSf n H ^ D e ™ d ,,S-«^i vervVmaU children make upthe ^ tester toformufatereeula- 

,fui.i«“Sd"SSTro°S "ttougb Utis msome Wbmlcs^ indicl’tSS"'! S'f thre^V^tteTdetailj ^ SV^t'toe." b« *3* ^ •■Jf 

'SjaiSf DeP0S!t 7 the°difference ^s^ctually &£ Z wXoTXuS. search of pntenUai settiement S WJ Tg* 

g SSOTr, Su d^i,^ -aVLf;SA" y wub°«s - 7 SHS 3 hi 

intre in New Yorit would go the October. 1978. start of President Carter is lobbying first raised the asne stos s ue. coverage. Observers point veaxs the FTC has quato supportive evidence, 

trough extremely qui ckly. _ ^ 19 ^ fiscaI year . fiercely on Capitol HiU for his said ?L.*Sme5t out it is likely that local farmer towards The Comandssdon conceded 

ipssr-s Hsissri = g ags?? 

^ C 0 S! dB £ mit °^Mt° year if^toe D 'ci^ceni "nSng balSced growth next certain ^ Slito^oyermrne^ . IPS deceprive commercial practaces. answer 

, : 1 economic recovery is not t^ind y ear--. ^ J LJ . — p 77 ' “ 

: ■ “ 7 “ '‘7 . \ ... ' :r ; -. ;i ,-.:v v /'• 


Cuba avoids 
commitment 

on Eritrea 

HAVANA, April S7 
PRESIDENT Fidel Castro ha» 
affirmed Cuban support for tb« 
territorial unity of Ethiopia*..* 
but did not say whether Cuban ; 
troops were being allowed » 
move against the secessionist. .• 
guerillas to Eritrea^ ... .... t 
Gen. Castro spoke at a rally, 
last night which also heard an .. 
address by the Ethiopian mill- t 
tary ruler, CoL Mengistu Haile . 
Mariam, who is on a visit to , 
Cuba. ■ ; 

The Cuban leader said that 
he would not bow to Western 
pressure and withdraw from... . 
Ethiopia the Cuban troops wn® \ 
helped toe Ethiopian regime . 
to defeat Somali forces in the - 
war in the Ogaden region. But , 
nor did he say anything abont . ; 
committing them to toe cop- •" 
flict In Eritrea, where toe.: 
Addis Ababa regime Is fighting. , 

i against separatists. 

| Cuba has In the past dlstm- _ 

* gnished between the Ogaden.;-. 
war, on which it held that 
Ethiopia was invaded, and ^ 

, Eritrea, which it sees as an 
, infernal problem. 

In his speech to the rally, * 
Col. Mengistu said that the •- 
’ Eritrean secessionists had ; 
{ failed to respond to peace ■ 

1 offers, and that he was now 
u resolved to crush them. He ^ 
h was sure that the Cuban ■ . 
!- masses will be together with ■ 
us in this effort” ; „ 

4 Col. Mengistu apparently left * 
l- open a possibility of future . * 
r peace talks with the JEritrean ■■ 
e guerillas. 

Reuter 


511 


r/r 







.1 









Not only in terras of down time but of missed delivery 

dates and lost sales. _ 

If you asked him for a solution, he d suggest a lleet that 

was first and foremost reliable. It’d have to be economical 
too and also comfortable enough to ensure that your driver 

stays alert and efficient. 

In short, he’d be suggesting Mercedes-Benz tmeks. 

Of course, he’d also be suggesting quite a hefty capital 

Mercedes-Benz trucks may not be the cheapest trucks 

° n ^fothe long term, though, they can work out to he the 

most cost effective. . rr . . 

For a start, they’re economical in terms ot tueJ,joumey 

times and naturally reliability. 


I - . ■ 

•v?« •* . - -..' 7 v . • 


attributes, they’ll play a sigmhcant part in Keeping yoi 
service mechanic, along with your sales force, y our 
warehouse staff, your drivers, and anyone else whose 
fraction depends on distribution, 
happy with your company. 


^STSrife^uttheoneWsoWoaslyaFri^aftemocnjok^ 
beenunfaitfivetointhe^t^^fc fo ^ 




bald.’economic terms, means higher 
productivity; 

Obviously though, we can* t expl 
every aspect of Mercedes-Benz in an ad. 

Bight now you need more information. / i > 

Get your seaetary to tear this ad and send it to us with your name / 1 

and address. And we’ll be in touch. 

Jfercedes-BenzThewayev^V^^wWbeknltjV-^ 









6 





WORLD TRADE NEWS 


HhantiaT Times Friday- April 28 1978- ' 


China plans 
export-only 
factories 


PEKING, April 27. 
CHTNA IS eager to boost trade 
by opening exports-oaly factories 
and producing goods under 
foreign brand names, a British 
business mission said to-day. 

'Hie mission organised by the 
“48 Group" and representing 
major British companies, includ- 
ing Ford, British Layeland and 
Joseph Lucas, said China bad 
acknowledged that its goods 
were not always up to standard 
on both the home and overseas 
markets. 

Government officials had made 
several suggestions for increas- 
ing trade, the mission added. 
China would be willing to im- 
prove packaging and presenta- 
tion of goods, design products 
for export and Chinese factories 
would be encouraged to meet 
the demands of buyers and sup- 
ply under purchasers’ brand 
names, the mission said in 
Press statement. 

“Even more surprising was 
the willingness expressed to set 
up complete factories, where 
necessary to make goods only for 
export, perhaps buying the plant 
wholly or in part from abroad 
and offering payment by pro- 
ducts, the statement said. 

China would take Increasing 
advantage of supplier credits, 
the mission added, with repay- 
ment periods of perhaps up to 
10 years. Payback and compen- 
sation deals are already being 
discussed, and the Chinese are 
In a mood to experiment, the 
mission reported. The mission 
was told: u providing proposals 
are reasonable, and economically 
sound, we will consider any- 
thing put forward." 

The mission Is from tbe 48 
group wbich sent tbe first West- 
ern trade mission to China in 
1953, and has been trading with 
the Chinese steadily since. Mem- 
bership. originally 48, has now 
risen to about 85, and includes 
both importers and exporters, 
now numbering GKN, GEC- 
Marconi and Joseph Lucas among 
the group. 

The mission asked for a list 
of items In which China felt it 
was -weak and the businessmen 
will submit their own list in re- 
turn. • 

. Mission chairman S. G. Sloan 
told the news conference Britain 
was in a particularly good posi- 
tion to offer China expertise and 
equipment In highly specialised 
fields Including aerospace, de- 
fence. electronics and telecom- 
munications. He Baid British 
makers hoped to get contracts 
from the Chinese government 
for large numbers of heavy 
vehicles. 

Reuter 


Britain has ’not more than two 
months’ to decide on airliners 


BY ADRIAN DICKS 


HANOVER, April 27. 


BRITAIN has not more than a Further, the company has been Tied up with Britain’s decision 
month or two to make ap its greatly encouraged in its sound- on the BIO is, ■ of course, the 
mmd whether to -join in the next iflgs for the prospects of the question of Its participation in 
generation of European civil air- scaled-down B 10 Airbus. Not the two JET projects. 111686 two 
craft projects, a leading Euro- only has Eastern taken out planes are now regarded as very 
pean aircraft industry executive options for 25 aircraft of this closely linked to the BIO and to 
has warned. type, but Airbus Industrie has the expansion of Airbus In- 

Herr Rolf Siebert, director of held what it calls 41 very inten- dustrie itself as the organisation 
Deutsche Airbus, also said that sive discussions " with United that would co-ordinate produc- 
Lhe European partners believed Airlines of the UJ5. tion and sales of all three, 

in the need for Airbus Industrie, it believes it is now within Mr. Dan Krook, the Dutch sales 
tiie consntlmii building toe sight of winning 25-30 launching director of Airbus Industrie, 
A 300 European Airbus, to^ build orders. from big European air- regards it as esential that toe 
n“? n se ■*“ “S liDes ' which lt could present to three types should be marketed 

B 10 version of the Airbus and European Governments as a together. This would give Europe 
the two proposed joint European more certain guarantee of the its best chance to market a family 
transport WET) narrow-bodied project's viability . than U.S. of aircraft parallel to the new 
airliners. orders urtuch, in the wake of the series planned by Boeing. 

Yesterday Herr Martin Eastern 1 deal it fears mav now _ . . 

Gruener. the „nior W B « Ojr- dotne** ^SJfiSSS. 

pean manufacturers still plainly 


man Government official respon- political opposition, 
stole for toe aerospace industry. Industr[e 


executives, hope to see the U.K. industry 


stepped up the political pressure as “„ as toe We* Ge^an 2 ffiVto ite ff wito STS 
on Whitehall to throw in its lot Prtliv . h «mu hrme 2“ _ 10 _ l 


on wnnenaii to Ul row in IIS lot UVaiwh finoprrwnpntu still hnn» IT - “ 

Wito Europe rather than accept thatBritain™ participate^ ?? ! Xe ^T es _?°i n !_ out l J wo ° 1< ? 


the alternative of co-operation the B10. Should British 


m be a joint venture and not 
aero- “gi or ifled sub-contractor" status 


being proffered by Boeing- spaM5 d0 f o. « .would g «i a large hU* tK“dSSlbi"S 


which has also pressed for an slice of the development wofk d ^T betoa oB^dto Brirish 
eariy British answer. including development of a new Sice tw Boei 

The strong impression here wing. • ' p - y w 

among European aerospace Britain’s staying out. they say, Britain has complained that 
executives is that Airbus In- would not affect toe timetable the terms of the European offers 
dustrie will try to go ahead with 0 f the B10. if it is assumed that remain blurred on financial and 
its plans, whether the British the first planes would be built work-sharing details. That Is not 
join in or not. ' by about 1982. VFW-Fokker, one the view at Hanover, one very 

The Airbus Industrie company of the present Airtrns Industrie senior European executive said 
itself is riding high on the recent participants, has already done bluntly that “we have finished 
triumph of its sale of 23 A 300s extensive engineering work cn negotiating. We have spelled out 
to Eastern Airlines, of the U.S, new super-critical wings in the exactly to Britain what we are 
phis options for nine more, and context of its proposed super offering. It is up' to toe British 
other likely orders. F-28 short range airliner. now to respond." 


Greek deficit widens 


BY OUR OWN CORRESPONDENT 


ATHENS, April 27. 


AN INCREASE of 15.5 per cent mdttances at $2 09m. (up 14.8 per 
in imports and an almost stand- - cent). 

still in exports resulted in a Invisible payments in January- 
trade deficit for Greece of March totalled $232m.. leaving a 
S1.053bn. in toe first quarter of deficit on current account of 
this year, according to figures 5533m., an Increase of 46 per 
released by -the Bank of Greece, cent, over the first quarter of 
Thds represents a 26.7 per cent 1977. 


over January- March 


mcrease 
1977. 

Imports increased to $1.73bn., 
mainly because of a sharp in- 
crease in imports of durable con- 


IAI orders rise 


TEL AVIV, April 27. 
sumer goods, while exports rose EXPORT orders on toe books of 
a mere 1.6 per cent to $680m. Israeli - Aircraft Industries 
The trade deficit was largely exceed 5400m. and actual exports 
covered by a 13.6 per cent, in- in fiscal 1978-79 will come to 
crease in invisible earnings $220m. 

which totalled 5752m., mainly For the first time, exports will 
from shipping which rose exceed business inside Israel- 
42 per cent - to 5268m., from The directors also reported that 
tourism at 5139m. (up 28.7 per toe average added value 
cent) and from emigrants’ re- amounted to 60 per cent. 


Danish petrol 
sales venture 


By John Walker 


STOCKHOLM. April 27. 
THE JOHNSON group, one of 
Sweden's largest privately owned 
concerns and Norsk Hydro, the 
Norwegian oiL chemicals and 
aluminium concern are to form 
a joint company for toe distribu- 
tion and sales of petrol in 
Denmark. 

The new company^-Danbenzin 
— will have a share capital of 
Danish Kr.lOm. and the company 
is expected to commence opera- 
tions Jby June 1 this year. It is 
expected that the new company 
will have about 60 petrol stations 
and sales in Denmark are fore- 
cast to * amount to about 70m. 
litres annually. 


Pressure on 
Eximbank 
over South 
Africa 


WASHINGTON, April 27, 
THE HOUSE banking committee 
voted to have Congress, for the 
first time, take legislative action 
against South Africa. 

The committee approved 
proposal to bar Eximbank credit 
guarantees for business activities 
in South Africa. This was pari 
of a BUI extending the Eximbank 
for five years. 

The measure was staunchly 
opposed by the South African 
Government and hy some U.S. 
companies, such as Caterpillar 
Tractor, doing business there. 

The Carter Administration said 
that while it was considering 
taking similar action on its own, 
it opposes Congress limiting tbe 
Administration's flexibility in 
this area. 


Although Eximbank does not 
make direct loans to companies 
doing business In South Africa, 
there currently are close to 
5200m. of such loans that are 
aranteed or' insured, by 
umbank. 


Under toe measure adopted 
to-day, aU future activity would 
have to cease unless toe Presi- 
dent determines that significant 
progress toward majority rule is 
being made in South Africa. 

The ban still could be softened 
in toe committee next week when 
the panel considers a proposal to 
allow Eximbank assistance to 
South Africa only if it is aimed at 
helping “basic human needs." 

Nevertheless, Congressional 
sources predicted toe anti-South 
African provision has a good 
chance of surviving when the 
Eximbank Bill reaches the House 
floor. 

The outlook is more uncertain 
In the Senate, which has not 
started considering the Eximbank 
legislation yet 


Hungary 


The House of Representatives 
trade subcommittee to-day voted 
to give Hungary toe same low 
tariffs as non-Comrmmist 
countries. Tins is in agreement 
with President Carter that trafle 
relations should be improved 
with Hunagry by according it 
most favoured nation tariff treat- 
ment Poland, Yugoslavia and 
Romania are already receiving 
most favoured treatment 
AP-DJ and Reuter 



proposes 
to tariff cut offer 


BY DAVID EGU 



GENEVA, April 27J 


A LIST of possible withdrawals negotiators here nearly three tariff harmonisation which v 
from its original no-exceptions weeks ago. At that time he com- Community considers to-be 
tariff offer was submitted by the . plained that the Japanese offer the highest importance. 
European Community to-day to at present tariff k would amount. Details of Hie Communit 
other trading partners in the to overall d nty reductions of a- exception* list were not i" 
Tokyo Round of multilateral -mere 18 per cent, compared with mediated available: But it « 
trade negotiations. The Com- the- more than 40' per cent Si • 

m unity warned that “at the offered by the Community- Tha ; J )0 ““ fi ". 0u T “ at “ st P. r 
present stage of negotiations * Japanese claim that their offer sible withdrawals included or, 
reciprocity to its earlier offer also amounts to 4CT pe?. cent Is a limited number of prody ' 
was not sufficiently assured. ' ' ori the basis of 1972 tariffs which "whicfi’'wOBld be totally exdud ..- 

Earlier this month, . Euro- have since come down. from, the ** Swiss' tariff re#. ■ 

peans formally invited the U.S. '- With respect to the U.S.; fir. tion formula, generally adopt .. 
and Japan to improve what, Denman remarked that although by the negotiating countri" 
after detailed study, it con- Washington had matched this Most products on the' list wot 
sidered to he unsatisfactory’ level overall, there 1 were- many simply he. subject to teas th ■ 
tariff reduction offers. The exceptions in the American offer formula cuts. . 
present move is seen as an ad- list" frequently covering high- A Community list of exet 
ditional nudge to these two tariff peaks. These bad ' been. tions, which is now open 1 ' 
countries to match the European counterbalanced by greater- than negotiation, 'was to be expect 
position. ' * average cuts on items that in the final rtxn up to* the Jn. 

The Commission's director already had very low duty levels. 15 deadline now set. for coi 
general for external affairs, Sir To-day's statement .said: ■ “ this pleting jfhe broad outline of tl 
Roy Denman, met other top level runs counter to toe principle of Tokyo Round agreement 




Protectionism at a peak 


t 

- ill- 

... fjri? 

..if 

- . went. 
■ -*■ 

- 


i -s.* 


BY LORNE BARLING 


r 


we- . 


PROTECTIONIST pressures in menfs continue to resist, with strengthened and updated set. 
recent months have reached a considerable success, domestic rules to govern and foster inti 
level uot experienced for more pressures to introduce .import national '-’trade relations, 
than a generation, the Geneva- restrictions,'’ it adds. generally recognised. r 

based General Agreement on - “What is essential- is that . So too ore the dangers of 
Tariffs and Trade said in Its governments continue to hold into economic natio 




annual report yesterday. fast and to contain what w recog- |fa * , f _:, ure th cffs* 

Many of the.calls for protection nised by all to be a very diffi c ul t w&1( ~ £ failure of ft. 

ivo nine from industries which anH rtsnoermia situation." “ade negotiations WOUld SjgnJ w 


n 

ft> 


inti 



have come from industries which and dangerous situation. 

have failed during the years of On tbe multilateral trade and probably entail,” GATT co 
prosperity to adjust to changing negatiations in Geneva, GATT dudes, 
competitive realities, and now in says that despite the unfavour- Following-, the slowdown 
harder times find themselves able economic, circumstances, trade during the second .-halfj 
hard pressed to - compete with there was evidence of a strong last year, GATT finds it difficfl 
imports, the report says. renewal of political commitment to predict the outcome this yea.. - 

GAIT does not believe,, bo w? by major governments to the It points out that , even 
ever, that the challenge to negotiations. - growth picks up, its ■ favouraW - 

liberal trading policies .is serious The potential benefits to the effects on employment and a ■ 
at present. “Most of world trade woHd community, in terms -of the lagging world economy wi - 
is moving freely and all govern- new trading opportunities and a be felt only after some delay. , 


on 


U.K. Argentine prospects 


BY HUGH O’SHAUGHNESSY 


ARGENTINA HAD become a for shipping orders for 
valuable trade partner foytina. British yards were bidding 
Britain over the past two years for the supply of a third Type 42 
but it was too early to make a. guided missile destroyer similar 
decision about its suitability as to. toe Hercules delivered to toe 
a place for new British invest- Argentine navy last year and 
ment. This was stated by Lord toe Santisiraa Trinidad now 
Nelson of Stafford. Chairman of building at toe AFNE yard near 
GEC. who has just returned from- Buenos Aires. Britain was also 
leading a 2fr strong mission of. -hoping to supply a number of 
the London Chamber of Com-. Type 21 frigates and some 
merce and Industry. . smaller offshore patrol boats far 

He forecast that British ex- r the Argentine Navy, 
ports to Argentina, which had. 



Norfolk ■ Alien Brothers, The 
London Road, Morden, 


^.N^nh^ap^ fttworr h, West Sussex 


_ Allisons of 

ats, Whetley HU1, Bradford, West, 


Manchester 



Co,57~!*9 South End, Croydon. 
ouse,372 Chepstow Road. N 
• Blue Star 


rnanenester ■ owe star oarages, London, Koad. atony anauotxt, Huckuigaanismre • iJoraer Motor i^o. (tjncsterj. Border t 
Reddiich, Herefordshire Sc Worcestershire * Brampton Garage, Brampton, Nr. Huntingdon, Cambridgeshire - Bristol 
Motors (Sherwood), 325-333 Mansfield Road. Nottingham, Nottinghamshire * H. J. Bull winkle, (j.A. Bull winkle). Red Lk 
Services, 87 Brouon Hill, Greater London ■ California Auto Center fB"— *' 1 n «“— *— **— ■- o: — 1 — 

C-.1I1...1I U' kliJl iJ . it n i it ■ r, i >, 


Garages, 309, Manchester. «u 
use, Salcney, Chester Cheshire 


Border Motor Co. (Chester), Border House, t _ 

" ■’ ■* ~ ’ ‘ ’ Street Motors (Leeds), Water lane, Leeds, West 


Solihull, West Midlands ■ H. R. Cambridge, Newmarket Road, 6ambric^ Cambridgeshire'- Camden Motors, Lake Street, Leighton Buzzard, Bedfordshire * Cannon (Airdrie), Clarit Street 


Lanarkshire. Scotland - Cannon of (Saibri, 
Road Cardiff South Glamoigan, Wales- Castle Hill 
rr 1 u'.i .. d i r-L-i-. ' t n 


Barnes Hill, Weo Ley Castle, Birmingham, 


wi uiu-w ivauuna amuzv^ aa-vwo, nwt 

Lion Garage, Baumbet Homcasdc, Skegness, Lin 
West Midlands - California Auto Center (Solihull), 


Brunswick. Street, 
Stockport, .Greater 
Birmingham Road, 
iristol Street 
Lincolnshire ■ B.W.B. Motor 
2 Warwick Road, 


Carmo, Sfopcr 


Lanarkshire Scotland - Carden Motors, Albert Place, Aberdeen, Grampian Region, Scotland 

~ - -i — , — jure & Son), Castle Street, Merc, Wiltshire * cee cars, 91-99 High c * — - ° — — ' c 

(Torquay), Walnut Road, Cbelston, Torquay, Devon -Chevron Motors, 62-68 Court Road,' Malvern, Herefordshire * ^ 

Burton-on-Trem, Staffordshire ■ The Citroen Car Centre, 208-216 Great Western Road, Glasgow, Strathclyde^ Sc 

Fnad, Gavwood. Kings Lynn, Norfolk * Clifton Care, Citroen Centre, Swau Street, Sitfte Hedingham, Essex ■ GN.K.. Motors, 353 4. 349 Finchley RoatLGrcater London 
(Thanet), Camcrbury loiad. St. NichoJas-ai-Wade, Birchingtoti, Kent -Colli vrrFiaber (North wood 1,1 Eastfaury Road, North wood. Greater London • G 
Upper Street; Islington, Greater London ■ Comberhill (Yorkshire) Garages, logs Road, Wakefield, West Yorkshire ■ Concorde Garage, 70-74 Fincham 

Connolly, IJ3-124 Donegal) Pus, Belfast 7, Ulster. ■ Continental Car Centre (Hill Hill), 1-3 Hale Lame, _Greater London - Criimou Garage (Salisbury), Stephenson Koad, Uburchliekl 1 lading hstale, 
^ ,'North Yorkshire • Croxdak ServiccBterion, 


Nr. Rotherham , South Yorkshire - Deepdenc Car Centre, 283/281 
ICS. The Gtroen Centre, fits ho 


Davnto (F. J. Deaylou & Sons), Waring & 
— • — - - t 283/285 High Strort, Dorking, 


ipsgate Service Station, 
Norfolk • Dick & Co. 


.. ; - --.pJ Pass, Belfast ?, Ulster.* Continental Car Centre 

Salisbury, 1 Wiltshire - Cnierion Garages, Citroen ConxnNortham Bridge, Sonthampton 
Old A.! Road, Croxdalc, Durham - C Sc T Garage, Diiron Road, Widnes, Cheshire 

Gillow Estate, Western Avenue, Greater London - Beam side Motor Co_ 106 Barnsley Road, G\«.~«,. . 

Surrey ■ Frank E. Dell, High Street, ChalfontSt. ftta; Buckinghamshire * Del! Autopoinf, 134A36 Bath Road, Slough, Berkshire ■ Deli Motors 

FolesniD Road, Coventry, West Midlands - Deli Motors, Warwick Street, Leamington Spa, Warwickshire - Denver Garage, Sluice Road. Denver, Downham Market, „ w ,.w ». w . 

redlut), Millusk Road, New ton abbey, Belfast, Ulster - Double ‘S’ Motors, Airways Garage, Speke Road, Liverpool, Merseyside • E. A. Dove Garage ft Service Station, Repps, Nr. Gu Yarmouth, 
Norfolk ■ Dunns Motors (Exeter), Trusham Road, Marsh Barton Trading Estate. Exrteq J>ron -Dunns Motors, 43-45 East Street/Taumon, Somerset • Duxford Service Station, Newmarket Road, 
Duxlord, Cambridge -Eastwood Motor Co, 759-765 Southchurch Road, Siuthend, Essex -Ebdons Automobiles. 16-28 Bath Road, Cheltenham, Gloucestershire * Edward & Stewart, 3 Roseangle, 
Dundee, Tayside^Scotland - E. S. Motors (Ashford), 594 JS London Road, Ashford. Greater London -Eurocars, Fairfax Street, Bristol, Avon.- Eurocars (London), 104 Bavswatcr Road, Greater London • 
Messrs. Evans, 9 Bar End Road, Winchester, Hampshire ' Farley Sc Reid Motors. Molesworth Road, Cooks to wn, Tyrone, Ulster • Ferdm-Birch Motors, 92 Cross Deep, Twickenham, Greater London • 
Firldk of Crawley, Central Garage, 163-165 Three Bridges Road, Three Bridges, Crawley, West Sussex • FlemingBros., Southend Road, Hunstanton, Norfolk * Fooucray Service Station, High 
Street, fooucray, Kent * Fordbeck. Ford beck House, "58 Loughborough Road. Motintsorrel , Lo u g hborough ’Forge- Motor Co^ High Street, Cookham, Berkshire * Freeway Cars, Heliaby, 
Mahpy, Nnjfothbham, South Yorkshire 'Fridavv (Gravesend), The Roundabout, Rochester Road.Gravesend^ Kent * Grappeuhall Motor Co, 1(4-196 Knutaord Road, Grappen hall, Wairinaon, 
Cheshire ■ Gravelrv - Motor Co, 18 High Street, Grave ley, Hitrhin. Hcnfordahire * Great Bed wyn Motors, High Street, Great Bedwyn, Marlborough, Wiltshire * Green Brothers (Shrewsbury), New 
Street Garage, New Street, Shrewsbury, Salop • Greens Garage, London Road. Rainiram, Kent -Vincent Greenlious (Wrexham). Maesgwyn Gam re. Mold Road, Wrexham, Clwyd, Wales • W. R. 
Greer, 87-wBallynafir Road, frrtglrnonc, Ulster • Grimshaw Leather, Mayfair Buildings, Durham Road, Sunderland, Tyne & Wear * Ghuifield Lawrence (Lancaster), Prnny Street, Lancaster 
Lancashire ■ Ham’s Car sales, Phrc-An-Creet Garage. St. Ives, Cornwall * J. C. Hailiday Sc Sons jBaily castle, Bushmills, Antrim, Ulster*1.C. H alii day & Sons, Longfiela Industrial Esrate, Eglioioo,. 
Lqndonderrv, Ulster * Hansons Garage (Mark worth). Ashbourne Road, Mackwortn, Derbv.Uerby shire • HarJev Continental Cars (fi’ham), Oakfidd Garage, Hailam Street, Birmingham, West 
Midlands - Harrow Garage, 132 Hornchurch Road. Hornchurch, Essfoc ■ G. R. Hartwell, 490 Blandford Road, Ham vnortlrv', Poole, Dorset -H. Ha vaux, WbaUington Garage; Whatiingion. Battle, 
East' Sussex ■ Haws Garage, Lowther Street, York, North Yorkshire • John Healy Motors. Gore Road, Town Hill, Swansea, South Glamorgan, Wales -Heathfield Motors (Ayr), 216 Prestwk* Road, 
Ayr, Strathclyde Region Scotland • Helix Garage. Slock Road, Galleywood, Chelmsford, Essex- Hessle Auto Engineers, Service Garage. Efloughton, Nr. Brough, Humbostdc - Hexham Car Saks. 
County Buildmra, -Hexham, Northumberland • David Hiam, Old Kingsmuy Road, Min worth -Sutton Coldfield, West Midlands -HtgnJandcrGantfe, (Eurtxars), High lander Garage, Kingswnod 
Grove, Douglas, Isle ol Man- Hills Piccadilly, 66 Pbn Street, Gtcaver Manchester -Holland Motors, rrinton Road, Holland-on-Sea. Essex * T. W. Holfioge (Cobbatn), 81 rommwnVi Rood. Cobham, 
Surrey ■ T. W. Hollidgr (KingsiunL 192-Il9f London Road, Kingston-on-Thames, Surrey - A. R. & A. S. Howse, Central Garage, Chadlington. Oxfordshire ■ Independent Motors. Prior Pkrk Road, 
Bath, Avon - Kings Mill Garane, Sutton Road, Mansfield, Nottinghamshire * Lacev ic Thomson, London Road, Stroud, Gloucestershire -Gordon Lamb Holdings Sheffield Road. Whittington Moor, 
Chesterfield. Derbyshire - Langford & Thomson, Oak Garage, Manchester Road, Walkden, Worxlcy, Greater Manchester - Les Barr, Abbots Vale Garage^ Banow-m-Furuess, Cumbria - Lifts Motors, 

S2-3G West Street, Southport, Lancashire ■ Linacres Garage, ’ ” 

(Northampton), 194-200 Kingsthorpe Grove, Northampton, 

Ckethorpes, Humberside - Gordon C. " ' 
tc .t r r>! -ur. ij n i j.i 


JvMancHesterKoofl, Waucoeu, worsicy, urraier Mancnester - us tfanr. Mixta vale on rage, isarraw-m-rurnesa, oumona - JLUrt Motors, 
607-609 West Derby Road, Tucsbrook, Liverpool. Merseyside - Lindum Cars, 300 Wragby Road, Lincoln, Lincolnshire * Links Garage 
u Northamptonshire ■ Thomas Love & Sons, 55-GO South Street, Perth, Tayside, Scr-tland - Lumlcvs Garage, 76/110 Brereton Avenue, 


(Surrey). Guildford Road, 
Mayfield 



fayfirid Garage- (Halifax), . , .... 

Greenford, Greater London -.Metropole. Garage, Chamber Road, Oldham, Greater Manchester- Middleton Motors (Sales), 68-70 High Street. Potters Bar, Hertfordshire ’• Middleton Motors (Sales ) \ 
22 Guildford Road, St- Albans, -Hertfordshire ■ Minden Motor Co n Newmarket Road, Bury St. Edmunds, Suffolk ■ Moss Autos, 101 Barrv Road, East Dulwich, Greater London • Mount Pleasant 
Auto bales, Ninfidd Road, Bexhill. East Sussex - M & T (Garages), 36/38 Sl Martins Street, Hereford, Herefordshire & Worcestershire - K. G. Mullan, Park Avenue, Cookstown. Tyrone, 
Noirhmi Ireland -Murray & Whinaker (Newbury) lad^St.Johnk Garage, Newtown Rd, Newburv, Berks ■ The Mvion Garage, 2Ma AnJaby Road, Hull, Humbmide ■ Newcastle (Staffs) Motor Co, 
Holyhead Road, Kelley, Telford, Salop ■ Normand (Bromley), Bromley Hill Garage. Bromley Hill, Brorale}', Kent '• Normans of Westminster, 91-95 Fulham Road, South Kensington, Greater London • 
Northern Motors, Couper Square, Thurso, Caithness, Highland Scotland ■ North Norfolk Garage Co„ Cromer Road. Holt, Norfolk -'Ocean Garage (Blackpool), 145/147 Dickson Road, Blackpool, 
Lancashire - Old & Sons. Pones ham Motors, Portesham, Nr. Abbotshurv, Dorset * Old & So ns. Mars ton Garage, Maraton Magna, Yeovil, Somerset- Old & Sons, Puddlrtown Motors, ruddletown, 
NrDprcheBer, Dorset ■ Olfords Garages, 87 Crownhill Road, CrownhiiL, PKmouth, Devon • Omega Cars, Nonhficld Road, Crooks, Sheffield, South Yorkshire ■ Omega Cara. City Road, Sheffield, South 
Yorkshire - Ormsby Cara, Multi Storey Car Park, Chatham Street, Reading, Berkshire ■ Oshomek oTRcndham. Rcndham, Nc Saxmundham, Suffolk ■ Onlton Broad Service Station, Normaruton Drive, 
Ouhon Broad, Lowestoft. Suflblk ■ Palmsville Garage, 202/4 Colney Hatch Lane, Greater London ■ Parade Motora, The Broadway, Broadstone, Pook-, Dorset • Park Linds (Teesside), Mercuiy Garage, 
A® 1 ™ "°ad, Eaglesdine, Stockton. Cleveland -ftaigreed Cars, Bogton Place, Forres, Grampian Region Scotland * Pedigreed Cars. Ddmore Roadhouse,- Brukhnain, Beauly Road, Inverness, 
Highland Scotland ■ Peiercars. Newark Road/Comer Oxney Road, B-ierborough, Cambridgeshire- Norman Phillips. Taneiers Motora, Sefion Square, Haverfordwest. Dy fed, Wales - Rutland Garage, 
8951 Barrack Road, Christchurch, Dorset ■ Portman Garages (Manchester), 345 ChapeT Street, Salford, Manrneslor, Greater Manchester - D. Prentice Sc Sons, Main Street, Moira, Czaieavon, 
County Down - D. Premice & Sons, Crawfords burn Road, Ncwtownards. County Down -Ray & Proctor (Longtnn). Uttnxetcr Road. Normacot, Longton, Stoke-on-Trem, Staffordshire - Rcakes 
Garages^ Baker ^Street, \ \ esion - snper-M ;i rc, Avon ■ Reggio Garage, Queens Road, Ldoester. Leicestershire - Replingham Garage, 256C58 Wimbledon Park Road, VVimblcdoo, Greater J-ondon 
' ”” "" "" " “ ~ tbe, Buckint 



Ropers Garage, CJ lurch Streei, 


Jsk: of Wight • G. W. Salter Motors 

f - 1 -I ■ .1 , J r- . ■ , ... 


ic, Buckinghamshire - Sandown Garage Co, Avenue Road. San down, 
Whallev New Road, Blackburn, Lancashire - Star Lane Motors, Scar 


1977 was a record year for Citroen in the UK. 
Now in 1978, for the third month running, Citroen 
Dealers have been in record-breaking form. In the 
first 3 months of 1978, they sold no fewer than 8,000 
new Citroen cars between them, a figure that shows 
an increase of 25% on the previous record for 


first-quarter sales. 

Citroen is not only expanding fast in sales, 
but is also investing heavily in back-up facilities. If 
you’re interested in joining the existing dealer net- 
work write in confidence to the Managing Director, 
Citroen Cars Ltd, Mill Street, Slough SL2 5DE. 


CITROEN* 


/V 


t; 



doubled since 1976 to £30m. a- 
year, could doable again- over the . 
next two years. • •• 

Among the British industries 
which could particularly bepeflt 
from Argentina's increased pu£ 


Renault plans 
for Mexico 


By David Whit* 

chasing power he mentioned Tfie . ■- \\ 1 . J 0 . PARIS. April- £7.',; 
power industry, shipbuilders, <f THE - ASEMBLY of Renault care 
manufacturers of food process-’ in Mexico' .which account for 
Ing machinery. * ' : almost a tenth of the local mai- 

. Lord Nelson said that' tbjSre ket, is to- be- reorganised under 
were good prospects for British' a joint company , in which the 
suppliers to gain contracts in French State-owned manufac- 
the multi-billion pound Itaipu turer will have -a 4ff per cent, 
hydroelectricsch erne * being stake. - ■ 

built by the Brazilians and the The remaining 60 per cent, will 
Paraguayans. Members of the be held by Diesel National,, the 
London Chamber mission . to Mexican company. 1 which cur- 
Argentlna continued to Uruguay rently imports Renault parts for 
and Paraguay. assembly. 

Admiral Sir Antony Griffin, The two groups, have signed a 
Chairman of British Ship- protocol- agreement with a' view 
builders, who was deputy leader to setting up toe new organ isa- 
of toe mission confirmed tbat tion before tbe. . middle of -the 
Britain was competing strongly year. 


Investment pact 
with Jordan 


By Rami G. Khouri and 
Anthony McDermott 


• AMMAN. April 27. 
NEGOTIATIONS ARE expect* 
to hie concluded soon befiweea 
toe Jordanian, and British Gov 
ernmeots. on « reciprocal agree 
ment to. guarantee investments. 

This a^-eement, which wrii] b> 
tbe fourth after similar ones witi 
West Germany, Switzerland ant 
France, is pari of Jordan's drt 
to encotBragfe foreign investment 
by proriding a legal fnamewort 
of guarantees- 

. Tbis agreement is derived fron 
OECD models. Jts primary aijof 
is to guarantee against nation a- . 
lisation and expropriation, ant 
to -assure investors dbat if toesc : . 
actions wore to take place" 
because of compeUang national.-; 
interests compensation would be . 
fairly paid. ■ 

There are also to be guaran- 
tees agrinst«idh non-commearlad 
risks as war and civil strife.-. 
Under such circumstances claims 
for compensation by. British in- ' 
vestors. would be treated on a. 
par with . damns by, Jordanian 
nationals. 


Itrecs 


v a 


LEGAL NOTICES 


No. *01193 of 1878. 
la tbe HTCR COURT OP JUSTICE 
Chanrerr Division Companies Cou rt. I n 
the Manor Of CANNON QUEST .LIMITED 

and In Uk the Matter of The. Companies 
Act. IMS. 

NOTICE IS HEREBY GIVBti that 
Petition for the wind la R up or the above- 
named Company by the HUth Court of 
Justice was on the 17th day. of April. 
IWS. proientcd to The said Coart hy CITY 
EUICTRICAL FACTORS LIMITKD whose 
UoRlstmd omce is dmie sc l Station 
Road, Kenilworth. In the County of 
Warwick, Electrical Factoni a Creditor 
of the above-named Company and dial 
tbe said Petition Is directed to be heard 
before [he Coon slctiiw at the Royal 
Courts of Justice. Strand. London WCSA 
2LL, tin the 151b day of May UTS, and 
any creditor or contributory of the said 
Company desirous 10 support or .oppose 
the making of an Order . on the said 
Petition may appear at the time of 
hearing In person or by Ms Counsel for 
that purpose: and a copy of the Petition 
win be furnished tty the undersigned to 
any creditor, or contributory of the said 
Company rwralrlng such copy, on payment 
of the retaliated choree for tbe same. 
HANCOCK & WILLIS, 

7 Great James Street, 

London WCIN 3DA. 

A item* for; 

Wrasse & Co.. Birmingham, 
Solicitors For the Petitioner. 

NOTE. — Any person who Intends ro 
appear on the hearing of the said Prtirtnn 
moot serve on or send by post to the 
above-named, notice la writing of hi* 
Intention so to do. "Hie notice must state 
(he name and address of the person, or. 
If s firm, the name and address of the 
Arm. and must be signed by Jfco person 
or Arm. or his or their souettw fif aoyi. 
and mum be served or- II posted, must be 
sent bv post in soffidem time » reach 
the above-named not later than fonr 
'clock in [be afternoon of the lath day 
Of May 1P78. 


NO. 901230 of 1B78 

In tbe HIGH COURT OP JUSTICE 
Chancery Division Companies Court. In 
the Mailer of WEST EMC SHOWROOM 
CENTRE LIMITED and In the. Manor 
of The Companlea Act. 1W. 

NOTICE 15 HEREBY GIVEN that a 
Petition (or the restoration of 'the above- 
flamed Company to the Register of 
Companies and for the Wlndiim up of 
the above-nampd Company by- the Htt 
Court or Justice was on the 19th day of 
April 1878. presented to the said Cann 
by TBE PRUDENTIAL ASSURANCE 
COMPANY LIMITED whose registered 
office is at 142 Bolhoni Ban. London. 
EON snh. and that the said Petition 
Is tUreeiKl to be heart before tbe Court 
sitting at the Royal Courts of Jnatlce. 
Strand. London. WCSA JLL on the lam 
day of May 1878, and any creditor or 
contributory of the said Company desirous 
to support or Oppose the making of an 
Order on the said Petition may appear 
ar the time of bearing. In person or by 
his counsel, for that purpose; and a copy 
of the Petition wDl br furnished by rh<* 
undersigned to any creditor or contri- 
butory of tite said Company reuniting 
such copy on payment of the regulated 
charge for the same, 

B. A. WRICLEY. 

243 Rolborn Bara. 

London. EC1N 2NH. 

Ref: ST./2/CJM. 

Tel: 01-405 8232 Ext. CHS. 

Solicitor for the Petitioner. 

NOTE.— Any person who Intends w 
appear on tbe hearing of the said Petition 
must serve on. or send by post to. the 
above-named notice In writing of his 
Intention bo 1o do. Tbe notice- must 
state the name and address of the person, 
or. If a Arm the name and address of tbe 
firm and must be aimed by the parson 
or firm, or hts or their solicitor rif any) 
and most be served, or. If posted, mutt 
sent by post In sufficient data to 
reach the above-named not later than 
four o'clock In tbe afterwdo of tin 13th 
day «f 14a y 1ML 



npn-siop 



And you fly in a big, 
beautiful L-IOli Tristar dr 747 



This - .Stiminer, fly with. Ae- ^. Canadians, tor 
Toronto any day of the wcefc yqii dioose. .Oui : 
service is non-stop from Heathrow. And if yt 
going toMontreal, wetavenon^sropfl . 

times a week. ' ’ - - ; •- -r : v : ' 

Remember, all our arc ibthe<x>mfr)tt of ' 

wide-bodied jets. Whenyougetfher^ Afr Canada 
can fly you on to more cities in Omaria than any- 
other ahiine -31 In all and another 10 in theTJSAl 

And wherever your destination, 
the Air Can a dians will gi yeyou-a 
welcome ashig as thecoontry 
you’re flying to; Cohracryoxir 
travel s^entmow, or call die 
Air Canadians: 



%iptei 


- t T. 




London; 0T-7S9 2636 
Glasgow; 041-332 1511 


^scWil 

-^- r . - • *:oa ^1 




tc aw 


;V ’*’* . 


s t>- 


■ ■>-, 


-■soius;^ 










/ 





’ ^nancial Tunes Friday April 28 1978 


at 




HOME NEWS 



°% Ration accounting Brewers agree price 

■roposals will go f , T 

leyofid Hyde -gdde’ freeze to January 


Frigg 
boost 
to gas 


Oil corporation^- 
director hits 
back at its critics 


'.'■'^NJCHAB. LAFFERTY 


: . W WFLATION accounting posals prepared by Mr. Douglas 
'bsals are being considered Morpeth's Inflation Accounting 
Snior members of the Steering Group. It was originally 
. S aMOuniancy profession; intended that companies would 
Vs? on hpvnnd the changeover to the Morpeth sy*. 

\Vk scIs 5?^ 1 ,YJ)r 8 wwu y0 Gnififr Tem f °r their main accounts 
VVg* *^ a,I . e ™ Hy S m ?Si£ w ‘thin a short ' period. But 
' • ^nhSSS dur- the steering group’s plans were 

-• ‘:&e interim period until an Jh^eUcaLand^eraMy as try" 
■—Kble inflation accounting 


r d an be developed. 


that rh» hians win 1De n y° e Guidelines » 
. !lv that the ?ians vn u j ntro a uce(J lare last year in 


. ifiLruuutca rate IBM year iu an 

1 nS Lffom effort to salvage something from 


ft at 


,.’.-T the failure of the Morpeth 

- ;/ ' fnrit^ear^ HawevSn*^ P r °P° sals - But * bey . aot 

, WE - 

cost basis. Essentially, companies are 

t ip decision to Improve on asked to give three figures. 
Hyde Guidelines conies less designed to show tire effects nf 
a year after members of inflation on their profits, in notes 
English Institute of Char- \ 0 their accounts. So far it 
* j Accountants voted against appears that around 75 per cent. 
.Vine any version of the of large companies are com- 
*,»m known as current cost plying. 

'■ Anting mandatory. The latest scheme will proh 

'■jis grass-roots revolt came at ahly he prepared by the Morpeth 
.“end of the discussion period Group, but it will he heavily 
the inflation accounting pro- vetted before publication. 


Peat 


A VOLUNTARY freeze on beer 
Prices until early next year has 
been agreed between the big 
brewers and the Department of 
Prices. 

Allied Breweries, which makes 
Double Diamond. Skol, Long 
Life andother beers, agreed yes- 
terday not to seek price rises 
until January at the earliest. 
The agreement comes after a 
similar assurance . from Bass' 
Oharrington, the market leaders." 
I in recent talks with the Depart- 
ment of Prices. 

The announcement of Allied's 
agreement to a voluntary price 
freeze coincided yesterday with 
the publication of a Price Com- 


mission report giving the go- 
ahead for a 7.4 per cent, price 


Non-stop inflation 
Mamed on Keynes 


ahead for a 7.4 per cent, price 
rise. Allied had already imple- 
mented t hese rises under the 
price control provisions which 
safeguard profit levels. 

Allied had previously told the 
Commission that it would not 
raise prices until November 
" unless there are exceptional 
and unforeseen changes in cir- 
cumstances." But after talks' 
with Mr. Boy Hallersley. Prices 
Secreiary. it agreed to extend 
the freeze to January. 

Mr. Charles Williams. Com- 
mission chairman, said last night 
that ‘‘the era nf beer going up 
in price every three months is 
over.” 


He hoped that the rest of the 
brewing industry would follow 
the example of the big two pro- 
ducers and hold prices down 
until next year, “l am quite con- 
fident that the price of a pint 
will be held where It Is at least 
well into next winter and 1 hope 
considerably beyond.” 

The Price Commission report 
concluded that “the company's 
profitability following tbe in- 
creases will not be excessive.” It 
found that, on an historic cost 
accounting basis, return on capi- 
tal employed was 9.7 per cent, in 
197976 and 9.5 per cent, in 
1976-77. . 

But oo a current cost account- 
ing basis it fell from 4.9 per cent, 
to 3 per cent in the correspond- 
ing years and “a further fall is 
expected in 1977-78.” 


Balance 


The Commission is critical of 
the balance between wholesale 
and retail prices in Allied’s tied 
houses, it believes that the prices 
at which beer is charged to tbe 
tied public bouses “appear to be 
artificially high.” 

“We would expect the com- 
pany to move in the direction 
of redressing the balance by 
weighting price increases 
towards managed houses rather 
than at the wholesale level in 


future notifications.” 

Tbe Commission acknowledges 
that there is a limit to the 
progress an individual brewer 
can make in this, area. 

Allied said last night that it 
bad noted the Commission’s 
comments, but they were a mat-' 
ter for the industry as a whole I 
* Allied -Breweries ( V.K. ) 
Limitedr— ^Brewing and Whole- 
saling of Beer and Sales in 
Managed Bouses. SO. price S5p. 
m Stuart Alexander writes: 
Three of the four big tobacco 
companies are thought to be 
considering an early request to 
the Price Commission for in- 
creases In cigarette prices. No 
dales have been set, but ft is 
known that Imperial Group. 
Gallager and Carreras Rothmans, 
are concerned at the effects 
nearly two years of price war In 
a diminishing market have bad 
on profits. 

Mr. Kirkland Blair, mamging 
director of Carreras Rothmans, 
told tbe Berks Bucks. Oxnn and 
North Hants section of the 
Wholesale Tobacco Trade Asso- 
ciation: “ I would like to be 
able to give you more details but 
l cannot because the rules do 
not permit me nor would It he 
competitively wise. But we 
believe we have a sond rase and 
cannot see much likelihood of a 
refusal." 


supply 


BY RAY DAFTER, ENERGY CORRESPONDENT 


By Our Energy Correspondent 


NEW SUPPLIES of natural gas 
from the Anglo/Norwegian Frigg 
Field boosted deliveries to the 
British Gas Corporation by 8.4 
per cent, in the first quarter, 
compared with the same period 
last year, according to the 
Department of Energy’s latest 
statistics. 

Gas from both the Norwegian 
and UJS. . sectors of the large 
Frigg fields is being carried 
tbrougb a common pipeline. 

Both the field and the receiv- 
ing terminal at St. Fergus, near 
Peterhead, are due to be opened 
officially within the next fort- 
night. 

According to the Government’s 
Energy Trends, total sales of 
gas last year increased by 4.2 
per cent, to 14.6bn. therms 

Although tbe growth was 
slower than jn 1976. it was still 
well ahead of the general in 
crease io energy consumption 
last year. 

Provisional figures show that 
consumption rose by 2.1 per cent 
with each of the main fuels 
sharing the increase. 


MR. ALASTA1R Morton, a 
managing director of British 
National Oil Corporation, yester- 
day hit back at recent criticism 
of the State oil company. 

He described tbe attacks from 
Mr. George Keller, vice-chairman 
of Standard OH of California, 
and' Mr. Bob MacAlister, presi- 
dent of Occidental International 
Oil, as "good, hearly-clean fun." 

Mr. Morton, who was speaking 
at a conference on World 
Energy Economics in London, 
questioned the reasoning behind 
Mr. MacAlisteris remarks— made 
in a letter to employees — that it 
was the ‘ unpublicised objective 
of the Socialists eventually to 
put the rest of us out of busi- 
ness.” 

The State oil company and 
the British Gas Corporation had 
less than S per cent of. proven 
reserves. Mr. Morton said. 

Even wttb the planned expan- 
sion of its equity interests in 
offshore groups and its sole ex- 
ploration licences, it was un- 
likely that tbe State's equity 
share of production and proven 
reserves would be more than 15 
per cent, by the raid 1980s. 

The figures should “put Mr 


MacAlister straight,” said HI 
Morton in what was the corpoi 
tion's first public riposte. ' 

Lord Kearton, chairman u 
chief executive,' Is expected - 
expand on tbe corporation’s vie 
of the companies’ criticisms aft 
a Board meeting in Glasgow i 
day. 

Mr. Morton said that ti 
Government’s policies we 
geared towards creating a pa 
nership between tbe Departme 
of Energy, as tbe regulate 
body, the corporation as an eff< 
tive participant and adviser, ai 
the oil companies who we 
helped hy a “very friendly "tAS 
tion system." 

Tbe North Sea was one of ti 
most favourably-taxed regim 
in tbe World. 

... But tbe corporation’s dual rol 
as a - commercial jwjdertiking ai 
as Government adviser, was yc 
terday attacked by Prof. Brii 
Griffiths. FTofessor of Bankii 
and International Finance at tl 
City University. 

In his inaugural lecture, 1 
said the case for tbe corporate 
was about as strong as tbe ca: 
for “a State ice-cream. corpoi 
tion.” 


Oil output 


Faster aid for small companies 


Coal, electricity and petroleum 
were each up 22 per cent, but 
other solid fuels, mainly roke. 
fell by 8.4 per cent, as a result 
of tbe low level of activity in 


Ultramar forms group 
to bid for licences 


. jff DAY1D FREUD 


BY NICHOLAS COLCHESTER 


I f * :\?) c 


." '-ALL for a return to balanced 
•"’ isets is made in an Institute 
-- Economic Affairs booklet, 
i he authors — two from the 
I nc • one a Briton— say that the 
^Mifrteh to deficit financing made 
., • . , “TfcctaMe by tbe. economic 
iV-J dries of Lord Keynes gave 
' ' ‘'Siticians “Ihe excuse to over- 


frSticians “the excuse to over- 
T ■rp; h> nd. overborrow and create 

* '^S' ’booklet, entitled' The Con- 

iiienccs of Mr. Keynes, in echo 
. - -'- the economist's classic attack 
the Peace of Versailles, calls 
- • ‘ "major reform of the British 
• . - .* nnetary-fiscal constitution.” 
: Tip • reform should comprise 

• ' V- re-adoption of a balanced- 
t -d'get rule, preferably written. 

adjustment rule automatic- 


ally triggered by the emergence 
of -Budget imbalance, central 
bank independence, and a fixed 
rule for the rate of growth of 
tbe monetary base. 

The three economists say that 
fears that the reforms would 
cause a slump are unfounded. 

They add: “ Keynesian macro- 1 
economic policy neglects the , 
realistic political setting of] 
parties in search of political i 
favour. 


THE WILSON Committee is to 
bring forward publication of a 
report on the financing of small 
companies to speed the introduc- 
tion of Government measures 
designed to help them. 

The committee, which is study- 
ing Britain's financial institu- 
tions. said yesterday that the 
special report would be pub- 
lished this autumn or winter. 


The Consequences of Mr. 
Keynes, by J. M. Buchanan, John 
Burton and ■ R. ■ E. Wagner. 
Hctoart Paper 78 published by 
the Institute of Economic 
Affairs, 2 Lord North Street. 
London, S.W.l. £1J0. 


Mr. Harold Lever. Chancellor 
of the Duchy of Lancaster. Is 
working on further tax and 
financial measures which could 
help small companies. 

He has said he wants to be 
advised on this by the Wilson 
Committee and by the Roll Com- 
mittee on finance for industry. 


which Is carrying out a special 
study of a possible .Government 
guarantee system for clearing 
bank loans. 

Tbe preliminary report will 
draw on the large amount of 
evidence on small companies 
which has been submitted to the 
committee. 

A working party of three com- 
mittee members will pull this 
evidence together in a progress 


report on which the committee 
will base its conclusions. 

Another report which will help 
the committee form a view Is 
beiDg prepared by a research 
panel, headed by Dr. Joan 
Mitchell, wbicb is assembling 
case studies of small companies 
in rhe Nottingham area. 

The main report from the 
Wilsoo Committee is not due 
until next year. 


tbe steel industry. 

Coal production in the first 
quarter of this year was 1.3 per 
cent higher than in the corres- 
ponding period last year, because 
of a 15 per cent rise in output 
from opencast mines. 

Total U K. production during 
the period was 31.2m. tons while 
consumption was 33.1m. tons. 
Compared with last year, pro- 
ductivity. measured in output per 
manshift, went up in March by 
over 1 cwt. to 46.86 cwts. 


ULTRAMAR, tbe London-based 
oil group, has formed an inter- 
national exploration group.to bid 
for new licences in the North 
S&d 

The group will comprise 
Ultramar, Pan-Canadian Petro- 
leum and Houston Oil and 
Minerals Corporation, each of 
wbicb has been active in world- 
wide oil exploration. Ultramar 
will be the operator. 

Tbe Government is expected 
to announce new conditions! for 


the sixth round of licences wit 
in the next few weeks.- 

Another offshore group, led t 
Phillips Petroleum, said yeste 
day that testing of four ae 
wells in the Tor Field near ti 
big Ekofisk discovery, showc 
production potential- well aboi 
tbe average in that part- of tl 
North Sea. 

Production from the four wel 
due to start in June, could reat 
50.000-60.000 barrels- a da 
Phillips commented. ■ 


Lautrecs fetch £324,630 


JAL brings you Japan 

from yen to Zen. 


EE SECOND sale of litbo- of men who bad signed ‘-tbe 
aphs by Toulouse-Lautrec, col- American Declaration of Inde- 
bted bY Ludwig and Erik pendence sold for £ 106,557,- -and 
• -.arell, -sold ’ for £334.630. at a document signed by . Paul 
—theby’s yesterday. The first Revere made £38251. 

- rt bad been disposed of as A pink enamel and gold sedan 
. ng ago as 1966 (for £105,535). chair by Carl Fabergd sold for 
-i(s Cbareff Is perhaps best £26,170 at Christie’s sale in 


- own in tbe U.K_ for his pro- Geneva od Wednesday of Rus- 
-izcthra of White Horse Inn in sian works of art It was bought 


Tbe .top. price was the £37.000. ; 

• j? the 10- per cent buyer’s . 

•- emium. for “ Idylle Princiere." SALEROOM 
.. . lithograph showing the Ameri- w 

- _- -a heiress Clara Ward with the BY ANTONY THORNCROFT 
- -psy Rigo.- with whom she sub- 
-quently eloped. A sequence _ _ _ 

. . five lithographs of ** Elsa, dlte 

Viennoise ” sold for £20.000. anonymously in a sale which 


BY ANTONY THORNCROFT 


,d ” Miss Loie Fuller." tbe dan- totalled . £571,134 (Sw.Frs. 
r. made £14,500. Tunick, the 2,073,220). Made in St, Peters- 
iw York dealer, paid £7200 burg between 1896 and 1898. it 
r a lithograph of “ Miss May is very similar to anotbeh sedan 
.’Ifort." chair in the Forbes collection. 

In New York on Wednesday an New York, 
iction of American, manu- ' .Also bought’ anonymously was 
Wpts and autograph letters a heart-shaped jewelled and 
ade £779,205. A batch of enamelled gold imperial rainia- 
ipers carrying the signatures ture frame at £11;020. Also by 


. iction of American, manu- . Also bought anonymously was 
rtf/tfripts and autograph letters a heart-shaped jewelled and 
/ rj f f \f /if/ *3111** X779 - 20S - A batch of enamelled gold imperial minis- 

f £-* i » y Jfw*« ipers carrying the signatures ture frame at £lli020. Also by 

.Me to Toroi&^^smmwww 

i > l K? LW i Vi v V ,, ;\-0 


Fabergd. it contained miniatures 
representing Tsar Nicholas U, 
his .' wife and their iecorid 
daughter,. Tatiana, in the- year of 
her birth. 

A gold-mounted diamond neck- 
lace. acquired at Fabergd’s by 
Luise van Gilse van der Pals as a 
wedding present for her 
daughter Lucy in 1907, also sold 
anonymously for £8,815. It is 
one of tbe rare items of jewel- 
lery surviving from the Faberge 
workshops, and. in common with 
most Russian jewellery, is un- 
marked. 

In a sale of furniture and 
Eastern rugs and carpets at 
Christie’s yesterday. Ossowski, 
the London dealer, paid £1.300 
for a mahogany side table with 
rectangular marble top on 
cabriole legs. The sale totalled 
£544.53. 

A -sale of fine claret and white 
Bordeaux, also at Christie’s, 
totalled £70.865. A dozen bottles 
of - Chateau Margeau, 1961 
realised £900. and a dozen bottles 
of Chateau d’Yquem. 1967. £180. 




*: # - c : -i 

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- "y&M 


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" '-r 

• . Y : :: • '.'. v *Vl-* *•' . . I 

vis' 


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i- 

1^* •. ■ 























The compleat industrialist’s choice 


Beforeyou go tojapan, it’sagood . 
idea to know something aboutthis 
fascinating and very different 
country. 

That’s why Japan Air Lines have 
published two superb books that 
will make learning about Japan a 
pleasure. 

‘Business in Japan 1 will give you 
important insights into Japanese 
business practice and procedure. 

And Introdudngjapan 5 will give 
you a broad picture of Japanese 
history t culture and religion. like 
we said: Japan from yen to Zen. 

When you get tojapan, you'll 
find thatJAL is on hand to giveyou 

more help. 


InTokyo, on the mezzanine floor 
of thelmperialHotel, you'll findthe 
JAL Executive Service Lounge. 

With everything you need 
except die overheads, it’s almost 
better than having your o wnlokyo 
office. 

The lounge has regular office 
facilities -free or at a nominal charge 
-and the JAL staff there will take 
care of your travel and accommod- 
ation arrangements. 


i .\)/ 1 mi 


SERVICE 


hensivepackage 
of business aids 
for executives 
visiting Japan.- 
It gives you all 
the help you need -before you go, 
on the way and when you get there* 
With at least 25 flights a week 
from Europe, and JAL's incompar- 
able in-flight service, you’ll realise 
why JAL fly more Europeans to 
Japan than any other aidine. 



/ : ir rccicng/apan - 



'-yVhether izaac Walton ever 
. fished the (Jsk matters little.— this 
'-solitary angler is. only 1 5 minutes- 
from central Newport the 
development area that offers 
excellent communications and fine 
leisure facilities. 

Wrth direct motorway finks to 
Loncfon, Birmingham ancf ihe 
North, Newport commands a 
work force of well over a million 
within a 20 mile radius and is a 


natural choice for industrial 
expansioa 

Add to these benefits the 
wide range of sites and a helpful 
council and it is easy to 
understand why so many leading 
companies have relocated here. 

So follow others* success — 
find out more about Newport by 
contacting the Chief Execute, 
Civic Centre, Newport. Gwent. 
Tel: 0633 65491. 


t '■-% 8 



They will also help you with all 
aspects of your business, including 
introductions to Japanese com- 
panies, through JETRO, thejapan 
ExtemalTrade Organisatioa 
Remember too, these are just a 
part of the JAL Executive Service^ 
the first and still the most compre- 


^ never forget 
how important you are. 



where business has room to boom. 



ft, < 4 ft' 7 ' 1 1 > t v 1 1 1 »;♦ 











_ ^dr t y A2 



HOME NEWS 


Financial. Times Friday April 28 .1978 


r 



Executive earnings 


expected to fall 


By James McDonaid BY JASON CRISP ,• 

OUTPUT by the engineering DIRECTORS’ and managed up by “little over 10 per cent" veyed gave a telephone allow- lib Ulilv 

industries declined by 0.86 per earnings have men by nearly by June. ance, and 1 since 1974 there had 

«nt tetoeenthe third quarter ? P® r wnt :“ »*d terms *n the Newly 36 per cent of the been considerable growth In • i • 

nf last vear and the neriod y® ar » but -can expect a fall executives received a bonus. For establishing closer links between 

HmStetoJiBW P * the i :urrent year unless there supporting management the home and place of business. 3.flVlIll? 

wo emoer to uary. are changes in the tax rates, bonus was roughly equivalent to Only 2 per cent of com- ** 

Both mechanical and elec- says the British Institute of a month's salary. ** But at dlrec- ponies surveyed provided free 

trical engineering contributed to Management’ salary survey. tor level it can be an important or assisted bousing which was By Kenneth Marston, 
the decline while the small The institute says that the part of total earnings." Average largely confined to the financial Mining Editor 

instrument sector was un- average fall in managers’ net bonus for chief executives sector, and 4 per cent gave 

changed, according to Depart- pay in constant price terms since equals 17-1 per cent of salary, assistance to managers with CORNWALL’S tin industry, 

ment of Industry production 1974 has been 17 per cent, com- q- frinee benefits, a pen era 1 school fees. which dates bach to the days of 

lndices - i^hM!rtLn e a i 0£ avtilS Uberal holidays BIM National Management Phoenicians, has been 

A 1.5 per .cent decrease in pro- cat. in .“e national average «| t ^ reasonable to Salary. Survey 1978; Reimmera, described as-a piece of living bis- 

duction between the two periods w ¥n,, 0 - ..m2 ' n -i_ h* assume that we are observing torn Economics, 51 Portland t 0I 7- 

in' the mechanical engineering wr - 0 rSSIL iS? aZ the ripple effect of holiday im- Rood, Kingston upon Thames, It still survives amid the many 

sector was concentrated in a that “i« j-uwiceiior nas provements, starting on the shop Surrey KT1 2SH. BIM member- old mi neworkings and abandoned 
minority of industnes^valves, jjjjjjtwy --^snored the oppor- floor ^ worWng upwa rds organisations (participants) £55; surface installations in the 

mechanical handling equipment, incSSe? erf dot onaTiS through the structure” ( non-participants ) £75; non- Duchy — a reminder of the great 

and. markedly, industrial slant ot tne incidence oi personal in- „ dive that j 


that 
takes 
its time 
a’dying 

By Kenneth Marston, 
Mining Editor 


and, markedly, industrial plant of tne inaaence of personal m- 
and fabricated steelworfc—but come tax. 

their Jails outweighed the rising The survey covered about 
trend sin the remainder of the 35.000 executives in 466 corn - 
sector panies, and showed an overall in* 

— ‘ crease in gross salaries of 13.6 

+ . SV'SS J ,T w P« cent, which net of lax is 16.4 
tflflt it is too early to say tost n ^ r Th® atpth pa ztoss 

the 15.6 per cent, drop in Indus- SSL "Si mJSSJS^SS iSta 
trial plant and fabricated steel- s *}* r ^_I? r t fTca i™ ^ n rt J for 
indicate a real decUce. M 

"The large values of single £8,136. 
products in this Industry can give Uore than 70 per cent of the 
rise to fluctuations in the sales directors earned over £10,000 a 


Over half the companies but- members £95 plus m fH p and p. 

European Bank lends 
£13.5m. for roads 

BY OUR SCOTTISH CORRBFONDENT 
HE EUROPEAN Investment systems. 


statistics on which these series year, as did 14 per cent, of the a dredgers 

are based." it says. managers. Nearly 2 per .cent Ie * J5S r S 


days that came to an end in the - 
early 1870s. 

The blow that was to result in 
widespread mine closures and ■ 
wholesale emigration of Cornish 
miners, “ Cousin Jacks " as they 
later became known throughout 
the mining world, came with the 
strong competition provided by 
the vigorous young Australian tin 
industry. 

Later this, in turn, was to be 
supplanted by the Malayan tin 


of the sample earned over 
£30.000. and J per cent, over 
£30.000. 


One of the many mines to. close 


nf the 'samnle earned 'over authorities £13.5m. to improve Lothian Regional Council to- One of the many mines to dose 
£20 000 and i per cent, over roads and services needed to -wards the cost of a dam and was the original Wheal Jane at 
£30 000 support oil development and aqueducts it is " building to Baldhu, some three miles south- 

KPVPnilP im "This is expected to be about otter industrial expansion. supply water to industial and west of Truro, — "wheal" is the 

xx^ v vuut U|1 l5 per cent ^ most ec000m!e Grampian Regional Coundl domestic users in Edinburgh and word for a mine— which 

REVENUE for independent local forecasters and may well turn bas borrowed £5m. to build new Midlothian. The Bank has fel sU ent in 1884. 

radio last month totalled out to be higher. roads and a new bridge across already lent £25m. towards this ^ 

£2,446,080. bringing the amount “It appears to be the turn of tshe River Dee in Aberdeen, projecL O&tlSriGQ 

for the first quarter of this year salaried workers other than -which is the centre for the oil Both loans are at 9.3 per cent . . 

to £5,960,008, a 38 per cent, in- managers to fall behind." It is industry. Improvements will also and .for periods of up to 15 The advent of electric pbwer 

crease on last year's £4,333,933. thought average pay would be be made to water supply years. brought Wheal Jane back to life 



Nnvhaoe 


TWa adverttoemant appears as ■ matter at record only 


Aptfl 18.1878 



fei silent In 1884. justified for a loss-making opera- ? Last year, the Cornish tm in- 

tion and so the. mines '418 em- chjstry, which . includes . several 
Coficflarl ployees, ' together with the 320 small surface plant operations, 

OdllMlcU _ others from Mount "Wellington, produced 3,857 tonnes of rda-T- 

mv A „ r . . . . . now face the prospect of unem- the' best output . since- .1918— 

power pioymeat in an area which has a together with 350 -tonnes of 
,g°?g5 hf ! rate of some 14 per cent Sper and 1.4 tonnes of silver 

wnrk^ri Property was jjj. David Penhaligon. Uberal - uThe tin production provided 

T^mWc° r f or Truro, has said: "Try to about 28 per cenL of Britain’s 

Pi5rf£ n ^“oiidated Gold fi n( j a centre within 40 miles needs, an import saving of £25 ol 
and mdustnal of Chacewater with a single male ..Importantly, too. it. paid -out 
ed 0n *** e scene 111 job vacancy.” in'- wages, rates, local • ser rice, 

w*io5i-rt. w - ■ ^ He! seeks Government assist- foel and power, costs just -pver 

g t ou 2 ance to preserve these jobs. The fifim. At December 31, the in'-. 
SSSSf ' 11 ha ? ®P a “S - dartry employed some l.&OO men. 


was satisfied that it had obtained 
sufficient evidence of the old 
deposits to justify a new mining 
operation and the new Wheal 
Jane was officially opened in 
October. 1971. 

But after years of losses the 
mine is now to be clos ed 

Its closure has . been preci- 
pitated by a similar decision for. 


NEWS ANALYSIS 


CORNISH TIN 




;j.It. is estimated .-.that for every 
one man employed in - mining: 
there were two wft& jobs-in the 
ancillary services.- - . __ 

D is astro us though the tew 
mine closures are. they do -nor 
spell the end. of .-^tiae. tenacious 
Cornish tin industry;. - • 

' - Plenty of tin remains -to -be 


KINGDOM OF SPAIN 


^0^, recently-developed Transport hnd (Teneral Workers mined, .but.-, as-, the -Cornish- 
MVnf»rw.ui!^S neighbouring Union wants the Government to Chamber of Mines and: ' the 
r n S on r- mine 2P „ ff,e take over the Mount Wellington "Cornish Mining. .Development 
K V £ lley - pumping facilities. - : Association cbntmniilJy stres 

ur-^i VP rope ^E y, i5^ n ? 1 Neither of these possibilities tiiat Governmental uhderstand- 
ranaHfiS ^1,?]"®' * V-S- can make the mines economic, ing of the industry's problems 
grouping. t ^ present satisfactory and active measures 4'6 help are 

™ «" pH"*- simple terms. the b=.dly needed. . ..r . ,. .. 

Ss? 1 ' h “ beea a amount of tin that they have. Tew politicians understand tte. 


DM 200000000 

6% Bearer Bonds 1978/1988 


A 


fniliiro — amount or uu mat mey nave 

BoS'*rPwprnrn n pr«« WnnB f been able to recover from. the. problems and those who do are 

2 ln f; P™P S out some 7 m. ^jgfwelf IborTSi 9 ^ Su tS Afte“ ? aSl If is-' pointed out 
Si«i S T 0f T ter * a day * Uc content Tby did they fail to allow the 

Wheal Jane has to cope with a co " •* vanned who industry’s appeals against. Ae 


—Slock Index Na 402600— 


Offering price: 100 Va 


DRESDNER BANK 


Old CornishhM^sare SS harethriraditionaJ 
prised by this, pointing to the inning shovel method of heyelqpmSt' ' grants- fromTtbe 
probability that much of the estimating the amount of tin that mining. ^ahd construction -indus- 
undereround inflow of water can .raasonaMy be expected to be ^ . 

originates from the' old. United recoverable from the ore/ will -More favourable fax treatment; 
Mines and Consolidated Mines argue that by using modem as offered in ' some other 
copper properties in the ■ area chemical methods, the- new- “ mining ” . cottUtries/;- is a. 
which closed in 1870. comers have been led to over- perennial plea, V:.- 

Whatever the case, it would optimistic conclusions. New. legislation ..is wanted oil 

cost WheaT Jane some £500.000 a The old-established . South t^g ownership j)f nxlneraJ. rights, 
year to provide the pumping Crofty and Geevor mines are Several new -mining projects 
rapacity neded to deal with the continuing to operate satisfac- have been either, delayed; or 
Mount Wellington water. torily, although In the face of abandoned because or the dlffi-. 

Such expenditure cannot be’rising cost pressures. culty of tracing minera!^owners. 


By. Michaef CasMlt, 

Building Correspondent " 

1 PRIVATE house builders :E» } : ' : 
mounting difficulties In flndl 
' suitable land for. building p : - 
grammes next year' and ' v: 
1980, according to. the Beit-''. . 
Bed Iders’ Federation. . 

Mr. Colin Shepherd, pre ■■■ -■ 
dentof the f ederadon, wflli* .. 

% . : builders^: conference •' • 
Durham to-day- that , shortaig " ' 
of land- hav e becoi e so ace . 
that in inany. key are 
bander's have had . . to . off ' . 
prices. - which have - be 
- approaching the boom levels 
1973-73. 

He believes- that the" tra ' 
has clear implications f .- 
house prices. - / . 

"After the con apse of theliu. 
market in 1974, and otb 
factors sueh as the high ra 
of development land tax, lit! 
new land -had become ava ’ . . 
■ablei :'•• ••• = • : -. -v.. 

. Planning delays and oth 
planning, and servicing dll " 
cul ties had ' exacerbated " fl • ;j 
. "supply problem. 

Unless -^the supply posidt . 
Improved rapidly In (t : 
remainder" or 1978, housing trtr- ; 
imt. for the 'next two yaf" 
would be severely affected; 

Nationwide^ 


£|ul financt 

NATIONWIDE ■ BU1UMN il : 1 
Sodety Is. providing .more tha ; 
£|m. of mortgage finance \h ' 
two urban renewal projects T- . " 
Inner London - writes HI char L 
Cassell. 

La one scheme, the society*' 
co-operating with Kenstngtq 

and Chelsea Coundl and Orb;. : 
General ftonslng Assoc ia dou r ' 
modernise ' and . convei : ■ 
premises In Cromwell Ros -■ ■ 
into 48 co-ownership flats. . 

Jta the second scheme, tt ~ 

sodetyr is- co-operating wit. 
the Housing Corporation an-' 
Notting Hit! Housing Trust f- !' 
convert a property In Ladbrof 
Grove into five bts. ■■■!>■■■ 
This Is the 'first property t ' 
be .converted under toe co- 
poradon’s -programme I 
develop a community lew ,, 
hold as. an al tentative. housijrd 
Senttfe^r>S.j.jt ^ ; v 'Sill 


Bus subsidy ;; 

EASTERN : COUNTIES Oomlb 
Company,- which operates st 
vices throughout East Anglia,- 
to he given a. £300,000 snbrii-' 
from • . Norfolk ' Transporta ti< ; 
Committee " towards offsetting - 
loss of more than £569,000 dr" 
fug the. last year. : 


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BANCA COMHERCIALE ITAUANA 


BANQUE RATIONALE fiE PARIS 


COMMERZBANK 


DEUTSCHE BANK MANUFACTURERS HANOVER UNION BANK OF SWITZERLAND (SECURITIES) 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


ABO SE CUnmES CORPORATTOH 
ALGEMENE BANK NEDERLAND H.V. 

AMSTERDAK-ROTTERDAH BANK KY. 

BANCA DEL GOTTAHDO 
BANCO CENTRAL, SA. 

BANCO DE SANTANDER, SA. 

BANK OF AMERICA INTERNATIONAL 

UMim 

BANK LEU INTBUUTtONAL LTD 

BANOUE ARABE ET KTBWATIONAlk 
DHCVES71SSEMENT (BAJJJ 
BANQUE DE LWOOUNE ET DE SUEZ 

BANQUE POPUUURE SUISSE 8A. 
LUXEMBOURG 

BARBMG BROTHERS A CO, 
uan» 

BAYERtSCHEVEREDlSBANK 

BERUNBt HANDBLS- UNO 
FRANKFURTER BANK 
CtTICORP INTERNATIONAL GROUP 


CftaHT COMMBtClALDE FRANCS 

DAWA EUROPE H.V, 

DEmSCH-SOtWUflQUKAfCSCWE BANK 
NonswamflouFr 

DEUTSCHE LKNDHtBANK 

MnmoetBucMMT 

EUROPEAN BANKUIQ COMPANY 

UMI 1 B 

GOLDMAN SACHS DRERNAHOHALCORR. 

GEORG HAUCK ft SOHN 

BaUSTREBAHC VON JAPAN (DEUTSCHLAND) 
AOT&iottauowr 

WDDra, PEABODY HTERNATIONAL 

UMITBI 

KUHN LOEB LEHMAN BROTHERS 
INTERNATIONAL 

KUWAIT WVESTKENT COMPANY (SAK) 
MBUI1LL LYNCH INTERNATIONAL & CO, ' 
NOMURA EUROPE N.V. 

ORION RANK 

LUUTB 

BBJ6CHEL&CQ, 

•LHBnY SCHRODER WAGQ ACO. . 

UMtU 

" SKANDtNAVBKAENSniI>AIMW«l 
Eocitrt gEnErale be banoue ax 
8VENSKA HANDELSBANKEN 
UNION BANK OF FINLAND LTD. 
j.votnoBELftca 

WESTFALENBANK 


> AFIN &PJL 

A. E. AMES & CO. 

-IIMITD 

ARAB FINANCE CORPORATION SAL 

BANCA NAZTONALE DEL LAVORO 
BANCO POPULAR ESPANOL, SX 

BANCO URQUUO HISPANO AMERICANO 
ijuuno 

BAMCJRRJUS BAER INTERNATIONAL 

UMITBI 

BANKERS TRUST INTERNATIONAL 

LIMITED - 

BANQUE BRUXELLES LAMBERT SX 

BANQUE INTERNATIONALE A LUXBUBOURQ 
SA. 

- BANQUE ROTHSCHILD 

BAYEMSCHE HYPOTHEKBI- UNO 
WECHSEL-BANK 

JOH. BERBWEHO, G08SLER ACO. 
GAfSSE DEB DEPOTS ET CONSIONATKmS 

COMPAGNCE LUXEMBOURQEOISE 
DE LA DRESDNER BANK AG 
DRESDNER BANK INTERNATIONAL — 
CRESfT LYONNAIS 

DEN DANSKE BANK 

af an ADTEiBaua 

DG BANK 

DEUTSCHE GSfOSSEMSCHAFTSBAMC 
DILLON, READ OVERSEAS CORPORATION 

FIRST BOSTON (EUROPE) 


ALAHU BANK OP KUWAIT (KJL<f | 
AMEX BANK LIMITED 

"THE ARAB AND MORGAN GRENFELL 
FINANCE COMPANY LIMITED 
BANCO DE BILBAO, SX 
BANCO D1 ROMA 
BANCO DE VIZCAYA, SX 

BAMC FOR GEMBMWIRTSCHAfT 

MCnWOOZUSCHMT 

BANKHAU8 H. AUFHXUSER 

BANQUE FRAN QASE 
DU COMMERCE EXTERIEUR 
BANQUE DE PARIS ET DES PAYS-BAS 


BARCLAYS BANK WTERNATIONAL 

UMtns 

BAYERISCHE LANDESBANK 
GIROZENTRALE 
BERLINER BANK 

MCTIBilRUUSOWFr 

CHASE MANHATTAN 

UMRB 

CREMTANSTALT-BANKVEREB4 


CRBHT 8U6SE WHITE WELD 

lIMflCB 

DEN NORSKE CREDTTBANK 

DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNALBANK- 
EFFECTENBANK - WARBURG 


HAMBROS BANK 

limhb 

HESSISCHE LANDESBANK 
. - GIROZENTRALE - 

ISTITOTO BANCARIO SAN PAOLO Dl TORMO 
KLBNWDRTV BENSON 

UWIB) 

KUWAIT FOREIGN TRADING CONTRACTING 
A INVESTMENT CO. (SJUC) 
LANDESBANK RHEINLAND-PFALZ 
— GIROZENTRALE— 

MORGAN STANLEY MTERNATIONAL 
UMim 

NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 

OSIBUIEICHISCHE LXNDERBAMC 

AfllEN4HEU»WT 

N.IL ROTHSCHILD & SONS 

UMITBI 

schrDder, mOnchmeyer, hencst&col 
SMITH BARNEY, HARRIS UPHAU 4 CO. 

IMOWroKATBI 

8UMITOIIQ FINANCE INTERNATIONA. 
SWffiS BANK CORPORATION (OVERSEAS) 

UMItEB 

UNION DE BARQUES ABASES ET 
FRANCHISES - U.BAF. 

M. H. WARBURG - BRINCKMANH, 

wmrzaca 

■ • - • WOOD GUNDY 
lump 


GIROZENTRALE UND BANK 
tUS Dsterrejchischen SPARKASSEN 
MOKNoanuouR 

HARDY-SLOMAN BANK GMBH 
HILL SAMUEL & CO. 

1MIRB 

KANSALL1S— OSAKE— PANKKJ 
KRBNETBANK SX LUXEMBOURGEOISE 
KUWAIT INTERNATIONAL lNVESTUBIT CO. 

MERCK, FWCK & CO. 

THE NtKKO SECURITIES CO, (EUROPE) LTD. 
SAL OPPENHEUI JR. & CtE. 
PKBANKEN 

SALOMON BROTHERS MTERNATIONAL 

UM/lfD 

SfMONSANK 

AmENCESttUOttlT 

SOCtETE GENERALE 
SUN HUNG KAI QNTERNATIONAU 

mUTED 

TRINKAUS A BURKHARDT 
VGREMS- UND WESTBANK 

AjenEMMsauourr 

£.0. WARBURG & CO. LTD. 


YAMAlCtf! INTERNATIONAL (EUROPE) 


u 

T 


in lesding posts, 

In the past decade NMB 
Bank has gone through a period 
of sound devdppment. 

Its balance sheet total grew 
from f 3.4 billion in 1967 to 
f 27.3 biUion in 1977. 

In that period its staff in- 
creased from 4,000 to 8,500. 

NMB Bank now ranks 
among the large commercial 
banks in the Netherlands. 

Internationally, we form part 
of thelnter-AlpliaGroup of Banks, 
which is represented 
ih Sao Paulo, Tokyo, 

Singapore, Hong Kong 
and Teheran. 

We operate our own 


Beirut, Sao Paulo, 

Zurich and in Curasao, 
Netherlands Antilles. 

We are now working on the 
further expansion of our inter- 
national activities and are faced 
with the question: 

To whom can we entrust 
responsible positions in our 
offices abroad? 


l^l IT 


tmi 

rill 

fwtTi 

11 



mm 


Certain conditions and • 

qualifications stand oat dearly 


Preferably, they should hold 
an academic de cree in econom- 
ics or law and niust already 


nationatbarfiririg outside the 
Netherlands.The men we should 
like to meet ^ preferably v 
IXE^fev^outatamd^staff. 
CQntrdandmanageinentabilities. 



To put it hqeflyi we are V 
loolringfOT junior bankers With 
pioneer blood in their vems^; _ 
who are interested in opportuni- 
ties to accelerafe'the paoe df ^ 
their careers. - ... ^ £■:: L'-L:;.- 

This advertisemrat is an . .• 
mritationtosmtablyquaffi^^v 
candidates to apply m wiatn^m 








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Vvir- V " 
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V 1!l A 






Financial limes Friday April 28 1978 




HOME NEWS 




ew-iook Heathrow Lasers could reduce County demands 


sLfor record summer 


\'\ jg* MICHAEL DONNE, AEROSPACE CORRESPONDENT 


are carried out and works in 

tr y a remajmBS Uuuaing opera TemiBals ^ ^ nree are 
.<4^B& for toe rauMr. apfl so - nl j-^uildine of 


* 

Q', 


■^tfRSLS completed,., the rebuilding of 
^ V >,ferSni wiH be started before Heathrow’s, Central _ Tenmna I 

of toe coming *usy Airport KTbknne the' 

K- % 

Cts as increase of 7i per inconveuienre and delays caused 
V JlTrtiis ?ear. by buDding work. - 1 


■v’tT this year. by buD ding work. - . ‘ 

“'■’^''Contractors have been in- From now on the authority 
-''’--’Meted to remove hoardings, expects that the -improvements 
down scaffolding, dear will cope with up to another 7m., 
■ .miinmpnt and nibble, and nasseneers a. year, from the 


-’“. tx down scaffolding, dear will cope with up to anotner ,m., 
■ i*,„ -ar equipment and rubble, and passengers a year, from the 
'■ •^'Sore areas scarred by re- present 232m. to' 30m. a year. | 
■'« . - Eirfruction In an effort to get Beyond that, it has already, 
: t'jL'af the building sire " image, said that it will need another 
cnecialists have been brought new P|sse n S® r terminal, to 
-•^Vm?Sdscape sites round the handle 8 m. passengers a year. 


central area bus station at and it has applied for; planning 


■ '‘■-’•Xnorth end of the main road permission to build this on the 
- * “ anei and elsewhere, and south-west side of the airport, 
i, Hjmc railings, car parks and ■‘■lose to the new Hatton Cross 
installations are being Tube station, at a cost of about 


* ^irrr : installations are oeing n«ue »«uun. Wl “ uuu «- 

• ' :, *-'aned or repainted, £ 6 Jhn. for ^ 1980s - : ‘ 

coSM&’SSSSSTSS 

V '13%? “ifit to has set up an inquiry into it, 

W, te S° of tte . TU6e 10 starting on May 31 at County 

* 'Qi fftr 1 ™ 10 * Halt Westminster. 

The Heathrow Airport Coasul- 
Hns Final ohase ■ tative Committee said yesterday 

UyK Ih : that some hearings would be 


m 

^kl* 


tension 

iithrow. 


Filial phase ' tative Committee said yesterday 

■ ' that some hearings would be 

Among the -big .prograimnes held locally, perhaps during the 


ft _ V— w w (T — UCT1U iuiauv, JJUUdp uuirng 

i L .* mpleled in recrart months are evenings and at week-ends. 


^^"17) oew pedestrianrsubways con- jj r Douglas Eden, chairman. 

- u,l |Lcting Heathrow Central station sa j d - “Everyone will have a 
‘ ~ all three- passenger ter- c hance to make their positions 

...finals; the first three of five c ] ear regarding the proposed 
•- '-jases of- modernising and terminal" 

^developing Terminal Two, in- 0 A tota ] of 23m. passengers 
jading the concourse, auline u^j tbe British Airports 
„ -’•^rfdB.-iwtmttant, bar and check- Authority’s seven airports in 
areas J? e of March (Heathrow, Gatwick, Stan- 
- germinal Threes arrivals con- ste( ^ Prestwick. Glasgow. Aber- 
-■ - v ..inrse, with * near balcony : big deen and Edinburgh), a 9.5 per 
^.Iterations to .all toree central pen! rise on March last year. 
’ in off'- park?;, a new central bus Heathrow’s total, at nearly 2m., 


- *i ’Ration: .and .realignment and was g .3 per cent-i w jth big 
of roads. r i ses j n traffic io North America 


■ ; * Wf^finch work as will continue (31 per cent") and the Middle 

- ., Jjis sammer will be confined East (20 per cent). 

-. V- ;«»ly. .to providing - a hew The big rise in traffic to North 
- Roving walkway and galerooms America is due both to the fact 
• .jV'-'V Terminal- Three's Pier 5, build- that Easter fell in March this 
... : ig. ...Concorde Y gaterooms in year, bringing its customary' 

‘^jer-fi, a new eoffee lounge in boost to traffic, while the exten- 

- terminal Three Arrivals section, sion of cheap air fares, to a 


. MVod completing Terminal Two's greater number of U.S. destina- 
■ '^toide. coach station,' baggage tions also helped.’ . 


"West links with Europe 


JR WESTWARD, the airline 
jbsidiaiy of- Westward TV, 
-.karts flying on Tuesday from 
— xeter Airport, with services to 
. jorterdam, Paris (Le Bourget), 
„:*fwick and Glasgow (Abbots- 
iTJth). 

7 "The airline was formally 
■jauguraled yesterday by Dr.. 
__avld Owen. Foreign Secretary,. 
;.r Exeter Airport. 

• 7 Flights to Amsterdam will be 


twice-daily each way arid once 
daily to Paris. Gatwick will 
have a twice-daily connection, 
and Glasgow a daily service. 

The return fares to Amsterdam 
from Exeter will be £ 113. to 
Paris £102, Gatwick £44 and Glas- 
gow. £80. Air Westward initially 
will use a small fleet of twin- 
engined . Cessna Titan aircraft, 
but hopes, eventually to have 
bigger aircraft. 


IOME CONTRACTS 


Stone from Somerset 


iengmg 


ang baafc® 


’i 

r; <£"■■ m 


1 f jifli A ID-year contract for moving for injections mould of plastics. 

’ mestooe aggregates has been Success is expected to reduce both 

igned by British Rail Western the lead time and costs of dies and 

r egion and Foster Yeoman.-- -It. moulds. Hie contract is initially 
rpvides for nearly 3m. tonnes to TaJued at £170,000, including a 
5 e taken from Sbepton. Mallet, contribution from Selly Oak Die- 

* omerwt * to Acton, West London; castings, and will run for IS 

+% J/pfi etween now and 1988. The trains, months. It is planned to license 
1 1 R uJi» ac h with a payload of 1.400 the developed process for wide- 
* Mines and hauled by two J,750 spread use by industry. 

P diesel locomotives, consist of -k 

7 high capacity hopper wagons Telford Development Corporation 
wned by the company and run has commissioned another 250,000 
n four days a week. The whole sq. ft. of factory space in ihe East 
>ad is discharged at the Acton Shropshire new town. Seven fac- 
mrnnal in 75 minutes. tones and warehouses ranging 

'j: * from 26.000 sq- ft td 42,000 sq. ft 

• Oxfordshire County Council has are being built speculatively Bents 

■ ^ ccepted the lender of about for tjie new units at Stafford Park 
12m. of AHEY ROAD STONE will start at £lJ25p a sq. ft. The 
, , ONSTB UCTION for tbe con- first Is scheduled to be ready early 

-I* tniction of the A420 Faringdon next year. The building contract, 
y-pass. The work involves build- worth £l.9m^. has been let to 
. , ig of some three miles of single R. ML DOUGLAS, 
arriageway together with a link * 

oad jo the town centre. Work Is foXBORO EUROPE has won a 
. xpected to start soon and take _ ras non contract for pneumatic 

8 months to complete. on-line analytical instrumentation 

_ _ for use off-shore in the North Sea 
MATHER AND PLATT has an fias TiTtRa Field, placed by 
I „ r -J, r ? m ^. Pu rnan b.ellogg for jjsfcoof Autocontro) on behalf of 
----- •*» AC motors and spares Texaco North Sea U.K. Company. I 

lOrth over £506,000. The ^ 

- Wi, l be dr , lT te P m«wi A« o^er worth £3m. to manu- 

■ Mn >Pressois at the Mobil facture baUeries which will drive 

wfimery at Coryton. the Navy's Mark 24 Tigerfish 

* ' ; torpedo, an acoustic homing do- 

■ -■ RENT rNSTRUMENTS, a mem- vice. lias b een wo n by C HTXIRIDE 

of the George Kent Group, INDUSTRIAL BATTERIES, Man- 
- . . ias won orders to supply instru- Chester. The sllver-zUic batteries 
" cents for an extension to the are activated only when the 

a, iodsey Oil Refinery, near Grims- torpedo is fired. 

} iy, for process control, boiler ^ 

■ 'ontrol, and indication and con* b/swvmavtxv TRANSPORT. 

, <* Menu punt utnidjL Tj. f^SSSSTL 3255 

- ™ cess ? ontro1 cpRtract, awarded b tbe pon Authority of Rotter- 
jJk ? ,ajn ■ *? ntract0 Jjs dam to supply four port patrol 

f 5 Sf rier ’ ■ j- for near l y ^ boats, toe. first stage irf the mod- 

iordera, indicators and con troll: ern j £a tj 0n of Bo tier dam's harbour 
. . s * irs. The extension should be com* ^ w jjj ^, e 

i '{ 4«eg « ntid-JBTfl •nie^Unday. Jgjfa ^company's Woolston 
. J .. -jtj y. yard, under a contract for about 

* k fotal Oil Great Britain and PeLro- Q./m They will be used to moni- 
% ',lj »na (UJu) f receives its crude oil JM , (i nlro ] shipping moye- 

1 .- d ?- y . off; ments. especially the growing 

I 5- w* Middle East number wh j ch i nv0 lrc dangerous 

“d frwa Nigeria. chemical cargoes. Existing con- 

ventionai patrol boats cannot 
WARDS FLEXIBLE ROD COM- keep up with fast cargo vessels, 
PANT, sewer cleaning equipment and there has been increasing 
. manufacturer, and high pressure concern over the likelihood of a 
. -• • irater machine manufacturer major accident. The Uovermarmes 
, IWETAQUIP, have jointly .won an will be equipped with a closed 
order for supplying drain and circuit television camera sranmng 
sewer cleaning equipment worth ships’ decks from a 60 Ft. teie- 
^ •■■■■ over £500,000 to the Libyan Arab scopic mart, while for erner- 

Repubiic for use in TVipoli and gcncies the craft are lo carrtDoin 

surrounding areas. fire fighting and medical fa cil it ieSi | 

; * Delivery is scheduled for early 

The Mechanical Engineering and nest year. . I 

Machine Tools Requirements „^«„rPD*rm'v 

fftard of the Department of FETTER *«?!7!E?*K5S2t 
industry have placed: a contract Southampton, a Hanker sidueie 
jointly with SELLY OAK DIE* company, is supplying Brinsn 

CASTINGS and the Fl/LMER Road Services transport 

- “ . RESEARCH INSTITUTE to develop refrigeration units, valued at over 
- • 1 a cast-to-size mould and die-making £100,000. The units wiUbe^um 
, Process. Primary objective is to into insulated 16-20-ioot oooira 
. - ‘-j, ' develop the Wbeeldon proce« for built by Bucks^-ce Motor niwes. 
the production erf cast iron dies Lancashire, and C. K| S ia5 ' 

: for ferrous die-casting, and moulds -Essex. 


uranium imports 


BY DAY© RSHLOCK, SCIENCE EDITOR 


more funds 
to save coast 


> MODERNISATION pro- sorting arrangement and check- 

^gss' if'iSasru® -ifeV 

‘^V'iTMbe British Airports tpr, said yesterday: We are 
■ V K&horiry hopes that this very near to - Ore point where no 
'■t'." i&ner passengers win have a further improvements or exten- 

*“ “ “n pl^for -the “ Euro- 
:•*& lt w « are carried out and works in 


A NUCLEAR technology which 
could stretch Britain's present 
stockpile of uranium, reducing 
the country's dependence on 
fresh uranium, imports, is 
beginning to excite serious 
commercial interest. 

The technology, named laser 
enrichment, could extract 
enough extra fuel ' from 
Britain’s stockpile of “de- 
pleted” uranium to run our- 
latest nuclear stations for an 
extra five years or more. 

But its use may raise new 
international arguments about 
(he risks of nuclear prolifera- 
tion. 

According to UJS. Govern- 
ment sources, laser enrichment 
can be used experimentally to 
separate almost all Ihe fissile 
uranium-235— the fuel burned 
in present-day reactors. 

The npws comes at a time 
when two potential uranium 
supplier nations, Canada and 
Australia, are nnable to make 
fresh deliveries to Britain, and 
the U.K. Government is refus- 
ing to sign new contracts with 
a third. South Africa.. 

Britain has a stockpile of 
about 20,000 tonnes of depicted 
uranium — uranium from which 
most but not all the useful 
uranium-235 Isotope has been 
extracted through uranium en- 
richment. 

UJS. Government sources say 
that tbe new technology of 


laser enrichment shows enough 
promise to contemplate re- 
cycling such a stockpile in the . 
1990s to extract more energy. 

The newsletter Nucleonics 
Week reports the UA Depart- 
ment of Energy as saying that 
laser enrichment Is “genuinely 
an instance in which tech- 
nology will be substituting for 
a natural resource.” 

The basic idea of laser en- 
richment is that the desired 
uranium-235 component shall 
be "excited” by laser radiation 
in such a way that it can be 
separated very cleanly from tbe 
nan-fissile n rani urn-238 com- 
ponent . 

Britain's depleted uranium 
stockpile still contains about 
0.25 per cent, uranium-235 — 
enough lo run the 0,000 MW 
of new nuclear stations 
recently commissioned or 
under construction for 
between five and eight years. 

The nuclear research centre 
at Harwell — In addition to 
several U.5. laboratories— has 
been experimenting with the 
technique. 

The U.S. Department of 
Energy foresees a demand 
from three to five laser enrich- 
ment plants for recycling 
depleted uranium in the 1990s. 
It indicates that the process is 
expected to be competitive 
with mining and milling fresh 
uranium ore — of which tbe 


UJ5. has abundant reserves. 

Dr. Walter Marshall, deputy 
chairman of tbe UJL Atomic 
Energy Authority, and respons- 
ible for its research pro- 
gramme, said yesterday that he 
believed the UB. claim was 
premature, but If substantiated 
would indicate that enrich- 
ment could be carried out on a 
very small scale. 

Tbe UJK. Government is 
keeping Its progress at Har- 
well tightly classified, since it 
regards successful laser enrich- 
ment as a- serious proliferation 
risk. The process could easily 
he used to make highly en- 
riched uranium of the quality 
needed for nuclear explosives. 

ff laser recycling of depleted 
uranium should prove possible, 
it will have no significant 
effect on its value as fuel for 
the fast breeder reactor. 


BY RHYS DAVID 

UNLESS MORE funds are made 
available for coastal protection, 
towns in the County of Humber- 
side could be cut off and inland 
areas flooded by sea-water as far 
as Hull, the county council has 
warned the Government. 

Tbe warning came in a letter 
to Mr. Peter Shore, Environment 
Secretary- 

It was sent by Mr. John Town- 
end, tbe council leader, and fol- 
lows the completion of a report 
into the problem by a working 
party representing the local 
authorities, tbe Yorkshire Water 
Authority, and the Industry De- 
partment. . 

The county already suffers an 
annua) land loss from coast ero- 
sion of more than 20 acres, much 
of it in the Bolderness district. 

Present government policy is 


New trade link forged 


AN AGREEMENT on trade and 
cultural co-operation between 
north-west England and north- 
west France was signed in Man- 
chester yesterday by leaders of 
the city's Chamber of Commerce 
and Industry and a delegation of 
six from the Chamber of Com- 
merce Jn LilJe. 


Both regions have similar tex- 
tile backgrounds and both faced 
with the need for industrial 
diversification, according to Mr. 
David Wilson, president of the 
Manchester Chamber, 

The Lille chamber will stage 
a presentation of investment 
opportunities at tbe Manchester 
chamber in June. 


only to permit coast protection, 
schemes where a danger to life 
or property of substantial value 
exists. ■ 

The result according to the 
county is that igch ernes have been 
allowed for two or the towns in 
tbe Holderness area— Hornsea 
and Withernsea — which while 
offering them protection, have in- 
creased toe rate of erosion else- 
where. 

Mr. Townend claims that it is 
essential for money to be made 
available for the protection of 
rural as well as urban coastlines. 

“ Apart from tbe loss of land as 
the coastline moves inward' real 
danger exists of the sea breaking 
through into land drainage 
systems, and in the long term, 
penetrating as far as the basin of 
the River Hull. 

*' What are how considered in- 
land areas could be flooded by 
sea water as far as the city of 
Hull." 

Tbe council wants tbe Govern- 
ment to start a national survey 
■of the coastline to find the extent 
and condition of existing sea- 
defence works and likely future 
maintenance costs. 

The study should also cover the 
rate of erosion or accretion on the 
unprotected parts of the coast- 
line, and its -effect on -land 
reclamation for agriculture and 
industrial purposes. 


By David Freud 


NORTH SEA OIL on its own 
could do no thing to promote 
higher employment or raise tbe 
rate of growth in tbe U.K„ Prof. 
Brian Griffiths said yesterday in 
London at his inaugural lecture 
as Professor of Banking and In- 
ternational Finance at the City 
University. 

It could have some effect, on 
the rate of inflation. 

“The major impact of tbe oil- 
is that it increases the produo 
live potential of -the economy and 
hence for a given money supply 
growth will lead to a reduction 
in the rate of inflation, which 
will make it easier to reduce 
tnoncury'growth even further. 


Manageable 

“ Similarly, if .public expendi- 
ture is kept firmly under control 
the Increased revenue will enable 
ihe Treasury to reduce the public 
sector borrowing requirement to 
more manageable proportions, 
with reduced uncertainty for the 
economy." 

Prof. Griffiths said- that i the 
decisive factor explaining the 
difference between growth rates 
in various countries was their 
' residual efficiency" - 1 



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So if you're switching from 
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And savetheadditional 30 
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3,Do the quick step to 
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At the departure gate you’ll 
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0 



ROy »ODSON ANALYSES BRITISH STEEL’S AMBITIONS AND GOVERNMENT REACTION TO SELECT COMMITTEE PTOPOMlS' FOR CHAN«“ ,? ^ 



Corporation studies 
future of steel 


Inuyy 1378-80 CAPITAL SPENDING WILL BF SPREAD^ 


BRITISH STEEL'S PROVISIONAL 
1977-78 BALANCE SHEET 

March 

78 


(£ million) 
2,532. 2,180 1,708 
237 213 T74 

1JB67 .1,141 818 


A FRANK and detailed 
appraisal of the future of the 
British Steel Corporation now 
losing fSm. in each working 
week, is provided in a booklet 
entitled Prospects for Steel, pub- 
. lished by the corporation yester- 
. day. 

British Steel has sent the Net 
' booklet to all members of the 
Commons and the Lords. It co- Rxed ** 
incides with publication of the Investments 
Iron and Steel (Amendment) ^ ^ 

•'Bill— ^reported in the Financial x 
Times yesterday— which seeks to Other working 
- raise the corporation’s borrow- capital (418) (487) (445) 
-i_ng limits from £4bn. to £5 5bn. Tota< net assets 3X18 3,047 2^35 
Prospects for Steel analyses capital employed 
. the present state and prospects 

for die nationalised industry. PDC . 1,8M 889 

It even contains a provisional Reserves (555) (63) 53 

balance sheet for the corporation Umg term debt. 1,787 1,445 1,051 
for the last financial year. j — *— n 
. although the annual report and Minority tnt wests 18 - 18 17 

accounts will not be published RDG and other .— 

until the summer. grants 344 288 225 

After losing an estimated Total capital- ' 

. £418m. on last year's trading, employed 3.418 3.067 2A35 
. British Steel is now projecting a 
further loss of £400m. in 1978-79. ■■■■ 

Interest on accrued borrowings 
■ will account for more than £200ra. 


on the corporation of the recent 
statement by Mr. Eric Varley, the 
Industry Secretary. 

The Government abandoned 
the former 1 0-year strategy for 
the industry and said that the 
(pro- March March £lbn. a year investment pro- 
visional) 77 76 gramme was being replaced by a 

more modest programme aimed 
at improving (he quality of steel- 
making plants, without increas- 
ing the total capacity of British 
Steel to make iron and steel. 

in spite of the investment cut- 
hack. investment of hetweeen 
£35ftm. and £450 ri. a year would 
continue to be needed in British 
Steel "If the business is to be 
preserved.”' 

The corporation claims that it 
ran “return to viability in the 
longer tprm." but that it will be 
“far from self-financing in the 
next five years." 

The current level of tosses was 
not compatible with the survival 
of the business in the present 
form. 


Byftopitin 


By Purpose 





•THE GOVERNMENT fiai n^de a made‘ i w4thin the . trade Union that the consultation arraiul* 
low-key official. jeply- to recent, movement.” merits in. the .tripartite iron / 

reports on the British Steti British Steel bad offered to Steel. Sector :Wqrkjng-?art3ti| 
Corporation from the alJ-party finance additional resources that direct between ‘British t Steel ,* 
Commons Select Committee on the‘unions would need if there the j British- Independent Sti 
Nationalised Industries. wai to be more effective nartici- Producers" Association, are wa$ 

-A White ■ Paper published natiiin'nn for instance- trianninir tng we!L--‘ ■ ■“ V .* : 1 

yesterday savs that the. problems “Lm 1 1 i«u pc' . “ The Government uodOrstid 

HOW BRITISH STEEL IS REDUCING MANPOWER.. 1 facing British .Steel'-because- of that the .corporation and '» d ^‘ 

1 the crisis in world steel markets, Sr^UsKne the association. are also satisfied w/. 

.and the Government's conclu- pfluuhpE 6 ~Hth which steel tn- these arrangements^ The Gove*. - 
sions about what should b? done; ^»S!Sr c> — „*t*l ■ orofeets were ment considers, therefore.' rJfi . 
were dealt with in the pnvfoS- S^ken shouid he -5 furtber.fflrraal . arrangements, i c V - 
White Paper on steel (British SS^The OiSartmwt of unnecessary.. . 

Steel Corporation: The* Road to ™ 't 52S? «* -‘-The Ferrous Citing irrtere ? - 

Viability* Cmnd 7149) published Srnh 'Steel should act jointly are served equally, -well by ! 
on RTarcfi 22 . - . S Se for dSJ Economic ..DeveK 

, The new White Paper ig ‘con- 'mpnost-completion reports for hi«nt Comimctee. v . -. 
fined to answenng specific recom- selected projects ** particularly . T* 1 ? ,®® ,ec t wramittee propo* - ■ 
mendations about British Steel « main? projects^ can be that a r fon7iaI aright ' 

made by the* MPs committee. ' . . asessed ^nly over a long time^ set up_foi^consultatron &^twe. - 
The Government rejects -'the. en affi * " -rheprivate and puhllcsteelmi /- 

sucBevti on tiiat . there should- be •’ ins sectors. 7 - . 

a target for reductions in British IWnnca I The Government- Is not p .:’ 

Steel's workforce in each of the pared to- begin a recommend 

next five vears ' The select committee recom- investigation into’ iron and «( • 

~ ’ ' ■- ■ •*'. mendation that the Government, scrap supplies. 

The eventual size of the cor- should tell British Steel, -the . There was already idiscussi . . 
poration's workforce. : would jejisons for any rejection- of nn between British SleeL the priv* . . 
depend on market -devqUjpHrerws. fnVeatihent proposal also found sector of steehnaking. the fht 
and British Steel's ability. Itio Support . .. dries.' and the- -British Scr' .. 



M M M M.H B W H 11 1 a M- 

19CT 1968 SU Vjrt" 197! 1972 Bli 5s“ *75 197B 

m 


There was a need for a continu- 
ins injection of finances, so that 


. recapture its market share. jgu t a proposal that the job Federation, about scrap supplii 

ins injection u. >».. h - „ . . schemes which which has already lasted for t Further rationalisatii on would of sanctioning British Steel's . 

A special report on the six- British Steel could have sufficient “ ave no ‘- far - been put to Lhe three years. - -be necessajw, but.it would ire a financial requirements should be RestnctlOIlS •• 

and there will also have to be months operations of the cor- steelmakina capacity to meet wvemmenL «j t certain that the mimi- f° r the corporation ;and taken, from the Department of . . ’ 

a provision for contingencies, poration between April and future needs nf British industry The emphasis is to be nn faetpring problems of the cor un ‘ ons uegotiate. Industry and given to a +I i^5 pn • tei 7 eus **r*.1*v. 

British Steel refers to those September this year is promised a nf j take sales opportunities improving product quality and poration— over-capac it v and loW - . • • strengthened Public Enterprise ™rd .cou^m >v«e woject-' 

figures as “the likely trend of by next December. abroad. cutiins the cost of steel making, productivity-aredee^rooted Arrantremenfe; ' -• 9™? wtth,n the Treasury . 

trading results." but adds : “This The Board has now set man- r HoHac vmiers British «ion.omh« , - Arrangements brought a cool response from when necessary., to safegua 

Sir Charles ViHlers. Bntisti Since September hud vear It is therefore unlikely that • ^ Government • snnporty."*' the 'Government. supplies -for the steel and, ti . 

that the Ttic - “ Experience shows that, com- foundry industries. 



Schema on which British Steel will spend more than £1Qm. in the next 
two years. 


Committee should he bluing ' the sponsorship function The future scrap . situaik 
committee aw»n . ** wttb^finandaj responsibility tn would- be continually review. 

... - =- -«.»« — , . J” - Department of Industry does by the Department of Industry 

tion of the corporations capital, closures already agreed email be muc b greater in 1978-79 puatelv to a wider field of future in prac t} cei give rlst to a British Steel Corporation: ?} ■ 

cuts of 5.000 more jobs over ihe than last year and prices are resnnnstbihties. ~-. -. conflict nf interest or weakness Governments reply to reepi-. 

next few mnnths. expected to “remain very sensi- w The^range of mues tn_ which- io.-fi ccnc jai control." .' wiendottons contained in ff . 


Borrowings 

The Government was consMer^ 


But even this would nor be the 



Latest 

ind ; r»tod 

cost 

(£m. outturn) 

expenditure 
in 1978.*? and 
1979/80 
(£m. outturn) 

Red car 

Phase IIB 

2X 

38* 

South Teesside 

Stage III 

230 

62 

Ravenscraig 

Associated schemes 
Iron desulphur isation 

174 

13 

24* 

13* 

Huntenton 

Ore terminal 

98 

12*. 


Direct reduction plant. 

65 

13* 

■Port Talbot 

Coke ovens 

73 

30 

,%v ... . , 

Pickle line 

25 

16 


Other schemes 

99 

22 

Tinplate 

Five-stand mill 
enhancements) 
(Ebbw Vale, Trostre, 
Vefindre) 

11 

10* 

Sheffield. 

Stainless steel complex 

114 

IS* 

Rotherham 
( Templeboroiigh) 

Continuous billet 
casting 

27 

IS 

Corby 

Small welded 




tubemaking 

49 

27 

TeeisWe 
(Port Clarence) 

Benzole plant 

20 

14* 


vear interest burden on the " Even though the number 

accrued borrowings. ,n co !2? , I a ' ,on haa 

fallen by about B0.000 since 


. SllS de i. u ?2l!2 5 ave a } ir S? x .-A plan to organise closer con- First. Second and Fifth repqrl 

„ . . . en< l of the road for man Dower „ 0n a . tu r n0¥ ® T , of ^bru the interest is increa^ng and -the saltation between the public and from the. Select Committee t. 

Projected fng a., o ,, r._ rprim>iinn< corporation s results are affected Government expects to -see this pfetvate sectors ■ of steelmakina Nationalised Industries; Sessfe - 

hy £30m for every' I per cent, reflected in the administrative feBrita in was rejected. • J 977-75. Gmnd 7l88. Station*... 

.1 change in selling prices. and negotiating arrangements ,;.«The Government believes Office.. 3Sp . . . ■ - 


if 
v >9 

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rrm 

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rieht grants to cover imprest, capacity more into line with 
thp writing-off of public sector demand and to improve produc- 
loans. and the provision of a tivily means that further reduc- 
new form of financing called tions in manning must be 
Public Cumulative . Capital, achieved. 


Docks Board ports record profitability 



BY IAN HARGREAYES. SHIPPING CORRESPONDENT 


a drawing; 


^••rfi-SSlJrSSlK ril* he i P I^ n ' ““J 18 " TRANSPORT Sir Humphre. Srewne. chair- ■ «*- also said that Elilpplht’ 1& par cent:-' to- '77.1m: ttRiiCr. -sii. aTitifli»'| 

ments to be deferred until the levels in the German industry Docks Boards 19 ports increased man of the Board, said the loss lines on the South African run raainlv because of a fihai v: ' S ~ " --, a0 oaat« 

cornoration was in profit would require an improvement operational profitability hv a t Southampton was attributable !^ eS w , “ L Airtcan nip mainly oecause Of a sbai ->ppORAT8 

But no Government decision of about 50 per emu and the £3^m. last year to the record r 0 eight momh^ (5 snSrad c ^ beginning to show signs of decline In certain heavy cargoe . &r 

is expected before next year. Germans, in common with our level of £29 in spite of labour troubles ' over ^stress at the port’s failure td especially, iron ore for the ste> • 

The booklet contains a other competitors, are taking reduced eargo volumes. • negotiations - • 
detailed account of how British strong measures to improve their " 


W operate the South African berth, industry. . Ore movements wet. 

After interest charges, tax and vAich has been complete since do^n 21 . per cent at 8^,7 .. . . 

depreciation profit was £7.3m. th ? ' " • toltws? and .there- were-alj- ..... 

'* “ corporation hlEOT* np. trom th e p«^«. « . dERgir' W the Sffljffi.fflft* % SW 

and 19S0. made headway on productivity year. This, the Board s annual f nr< » m p n chu „r )H .: n _ t „ lines, which ‘are transhiDDine c u a ' Q0 , ' , u 

?s of over New agreements involving 60000 report said yesterday. . repre- working agreements f or tiw ri» w -South African at 40.5m tonnes), tmal.-fdowp r. • 

people* had been prepared and seated a return nn capital of !fi.S South AfS Sailer be?th *rts In gSSpe^hn,^” nS ^ SSJS2®* toM> ' ^ " 

local negotiations to implement per cent, and had kept the Board * mcan C ° ntamer berlft - K Boa rd ports Scb as Dover ,ood5tl ? ff *' / . . i j;? I 


Steel intends to spend the Elbn. own performance, 
for capital investment at its 
disposal between now 

Fourteen major schemes of over New agreements involving 60000 report 
£10m. each are listed (see 
table). 

In addition £1 10m will he some have already, been con- on target for a 20 per cent. The maintenance enRineera ^rw e nxstov^'woul - d™trehiro - These declihes were offset^ • 

spent .on M schema of between eluded. return bjr 1980. as agreed last are also on strike over pay. m- Southampton if the disputes an increase in more profit^? !:• 

£2m. and £10m each, and £125m Prospects for .Steel admits that year with the Government. having demanded 'parity with ; wcre nor settled auiekly. traffic of manufactured gOp£ 

on other schemes of under £2m. the short and medium-term pros- One of the few^ disappointments the port’s dockers, which would ‘ • .- - ’ " and other - commodities, wtlic; 

earh. pects of the steel industry in for the Board last vear was the Involve a 20 per cenL increase. - Revenue at the Boards ports, increased by 111 per cent : ^ 

A much higher proportion of Europe and for British Steel are performance of Sou'rhamoton. it* Sir Humphrey said yesterday account for about 25. per .tons- .vehicles. wWc‘5 "!. 

* These projects will be completed within the next two years. Other 'capital will be directed at difficult to. assess. largest port, which registered that there was nn -question of of \ otJl import and export Up 19. ’per cent at 278ni f"i 

schemes below £2m. "It. may be that we have not its first net loss since 1970 The the .Board bending the Govern- movements. last- year - by and container - and roll-0'^ ; r*- 

British Steel plans to spend yet reached the bottom of a re- deficit was £fifi7.ffi»0 against a mentis pay guidelines to meet £i ?- 3m - fR £1 ?°- 4m - ' roll-off services, whiett showed ■“ 

a further £200ra. on small works cession In the demand for steel surplus of £705,664 in 1976. — -- -* * «'■ — * - ■ - 



approved schemes: 38 costing over £2m. each. 


'.Ml ' 

511 
• Iw 
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■ : *.-> 
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2-!*X 

r*«? 
r-.iA 



American cars have come a long way 
since American cars. 


IjJi/Ijc St« illeil J 3,So6. * 


American cars have come a long way since 
they looked like juke boxes on wheels. The days of 
' si lark fins and electric-fire rear lights are ionjr, long 
gone. Today the trend is tow arils quieter, simpler 
lines, solid engineering and sheer reliability. 



Chevrolet CajirieeiT.TlrfJ.* 

Nobody though, is going lo kill ufl’ that typically 
American insistence on a high level of equipment 
and new ideas. 

So even though our Cadillac Seville and 
Chevrolet Caprice look thoroughly at home in 
Europe, you'll find they’re slill very exciting - and 
different -inside. 

You’ll also find that they are remarkai.il v 
good value for money. 

Take the right hand drive 5.7-litre Seville. 

We call it a luxury car. And with all due 
respect this means slightly more in ihe Slates 
than it does here. 


Hence the electrically adjusted front seats. 
The climate control dial for lire exact temperature 
you want. The electronic fuel injector, regulated by - 
computer. The Cruise. Control to allow you to keep 
tile car running at a predetermined speed and 
efficiency. And all that’s just for starters. 

Even more attractively priced, considering its 
impressive list of. equipment, is the Chevrolet 
Caprice. A car that the prestigious "Motor T reniP 
magazine awarded its coveted r Car of the Year* 
Trophy, last year. 

Autocar said when testing the Caprice .we 
would prefer it to a areat many so-called pre?li- 
snous care on offer at the moment’’. 

And they summed up. ''Would we have a 
Chevrolet? —to our own surprise we would have lo 
admit to being tempted”. 

We think you w ill be too. Come and see our 
Tange of Cadillac. Chevrolet. Pontiac. Buick and 
Oldsmubile American cars from General Motors.’ 
And surprise yourself. 



mm 


General Motors 


feOtvdliJH 



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Financial' llines Friday April 28 1978 


I.ABOl R N 



unions 



profit 



. ! isyAUw Pike. Labour . 

' X. r:"Correspofl*nt 

‘ J - 7 NEW INITIATIVE for 
‘ ^solving the problem of trade 
' pjcm recognition in the ship' 
Riding Industry is expected to 
b ‘ outlined ' by British Ship' 

■ guilders to-day. ‘ 

■ ‘ ■ The British Shipbuilders Board 

m,cb more drew back from a 
' foal decision, when it considered 
: JL» • issue yesterday, on whether 
tjj e Shipbuilding and Allied 

• industries Management Associa- 
_p 0 n should be granted national 

• recognition. 

-/ It decided to put new sug- 
gestions to the organisations in- 
. Solved, and these will be out- 
lined in letters to the Confedera- 
tjon of Shipbuilding and En- 
’ an eering Unions and lo the 
Engineers’ and Managers' Asso- 
■ elation, of which the manage- 
inent association is part, to-day. 

SA7WA. which claims to repre- 
sPDt 70 per cent of British Ship- 
builders' managers, is being 
resisted in its national recogni- 
tion claim by the confederation 
' and the TUC. The TUC position 
’is that existing confederation 
onions, which do not include the 
Engineers’ and Managers’ Asso- 
elation, can adequately represent 
..•all levels of staff. 

The EMA says that it should 
_ be recognised because it has a 
very high proportion of the in- 
duetrv's managers in member- 
ship and is recognised by many 
individual companies which now 
make up British Shipbuilders. 





-hour week 


BY PHILIP BASSETT, LABOUR STAFF 


TOE trade union target of a an Internationa? agreement overtime hours were given . up, 

W a° r - 1 h^.hi , i? e «n('ert 1 iin^ 5e A Ure< L' and it* associated pay. and both 

to have a fci£b)> A reductIOn W a -TShour week could be parcelled into full-time 

effect on unemployment and would have a smaller effect on jobs at normal pay rates It 


could be a threat to economic labour costs but a corresponding would be possible to reduce un- 
recovery and the fight against smaller fall in unemployment of employment, the report slates. 


inflation, according to a Depart- between 60.000 and 290.000. 
meet of Employment report. , Increasing the annual paid 
The report states, though, that holidays for ail workers by one 
unemployment in manufacturing week could reduce unemplov- 
indus tries could be virtually ment by between 25.000 and 


net 

or 


increase in 
Government 


eliminated if overtime worked 
in Ihi? sector, averaging about 
16m. hours a week, could be 
converted into full-time jobs. 

The report, in. the Department 
of Employment Gazette, ex- 
amines three types of work- 
sharing to alleviate unemploy- 
ment: reducing normal hours 
worked, extending holidays, and 
reducing overtime. 

The 35-hour week, which is a 
policy- commitment' -of unions 
including the Transport and 
General Workers, could reduce 
registered unemployment by 
anywhere between 100.00(1 and 
nearly 500,000. according in the 
report. 

If weekly earnings were main- 
tained it could increase total 
labour costs by between 6.1 and 
S.5 per cent. There would be 
some net savings of Government 
spending of between £650ni and 


more than 100.000. but it would 
increase labour costs by about 
2 per cent. 

Many of the “lost" hours 
would be absorbed in increased 
overtime, increased output per 
man hour, or a reduction in out- 
put. 

A reduction in overtime is “a 
more promising possibility.” If 


without any 
labour costs 
spending. 

Overtime was sometimes- the 
only economic way of carrying 
out certain tasks, and the Joss 
of overtime pay would probably 
particularly J»i low-paid wor- 
kers. 

The difficulties did not rule 
out action to reduce overtime, 
hut legislation on it would be 
too rigid. Any action would best 
be obtained by voluntary nego- 
tiation at workplace level. 


Strikes 30% down 
in first quarter 


THE A UMBER of strikes in the A total of 311.000 working days 
nrsi quarter of ibis year fell by were lost in March — for the 
nearly 30 per cent, from the total second month running the lowest 
. ... W1 ailu for ihc same period in 1077. figure since last July's 29P.000. 

£950m. because of savings in un- wr 2if s ^ a . ssc J l - . . A total of 56.000 workers were 

employment benefit and in- , rhp of the third year involved in the sfoppages—s fall 

creases in tax revenue, but the . government pay policy appear of 1.7 per cent, from the previous 
savings would be outweighed bv 6?ures that show pay. month. 

- ' 81,11 'arsest single cause of Thc department lists three 


Call for 


indefinite 

Thomson 

strike 


By Our- Labour Staff 

LEADERS of striking Thomson 
Regional Newspapers journalists 
yesterday asked their union lo 
declare an indefinite stoppage 
from next Tuesday. 

The request came as journalists 
the group staged a 24-hour 


in 


strike in support of 77 colleagues 
at Heme! Hempstead. Hertford- 
shire. who were sarked more 
than a _weck ago because of. a 
work to rule over a pay claim. 

It also followed management 
threats' to dismiss a further 310 
journalists dji four newspapers 
if they failed to work normally 
from the first shift to-day. 

The National Union of Journa- 
lists Is expected (o consider the 
strike leaders' request at an 
emergency executive meeting to- 
day. The National Graphical 


Bank 



to be discussed with 



the labour costs. 

The inflationary effect of the 
increase in labour costs from 
the 35-hour week would damage 
longer-term employment pros- 
pects and weaken the country's 
competitive position, though the 
effects would be lessened if a 
TUC suggestion was followed and 


r^ PP ^S e l‘ incre ** e< ! as 8 ca V s ^ prominenf^ioppages during the j JjuL 5 
£'* pe L cen '- m the per '? d month: an eight-week stoppage 
i»n to 59 per cent, in the by 1.500 men at the McDermott 


BY NICK GARNETT. LABOUR STAFF 

sum * form of scheme for r 
sent at Ion tbat will be agree 
the parties before bis final- 
elusions are published. -prot 
fn August 

This could mean a meetin 
. tween all parties involved t( 
cuss a "model" 1 scheme d 
from the various submissioi 
Dr. Johnstone. 

The unions and banks 
almost certainly suggest 
own ways of solving what is 
a complete breakdown in 
banks' national and 
negotiating machinery. 

Dr. Johnstone will discuss 
position with the Associatio 
Scientific. Technical and 
Serial Staffs, which is in 
party to the inquiry.-; 

Of the three individual 
associations Lloyds is now j 
ing a merger with the banlt 
ployees' union and tbat n 
make it more difficult for 
remaining two to keep 
independence. 

So far, the confederation 

The problem highlights a con- - . , iftn „ . . , . M said that if it came to me 

diet between TUC and non-TUC Scientific, Technical and Man- t a ifc S . its associations would 

pectivelv a ?© rial Staffs, which has a size- {j a bi y prefer to join the ass 
Notinna'i able membership in Midland and ,. nn 

Union’orlBaok' Employees— with hopes lo move in, ° other banJts - Dr. Johnstone, however 
members In the five banks — and Dr. Johnstone, with 14 years eager not to worsen the T 

deferred discussions on the issue j the Confederation of Bank Staff experience as an arbitrator, is existing difficulties in co 

The Thomson "roup said that Associations, with its constituent holding the inquiry in private, with recruitment battles beti 

the stoppage by 1.100 of its ‘ units in Barclays. National West- calling for submissions from the affiliated unions, 
journalists yesterday was “more | minster and Lloyds various staff hod ies, the banks That would seem to mean 

or less complete" but newspapers] There is also a difficulty wilhin 8n d Federation of Bank iy, e association .will, .oot^J>e 


DR. TOM JOHNSTONE, chair- 
man of the Scottish Manpower 
Services Commission and head 
of the Inquiry into staff repre- 
sentation Into the five London 
clearing banks, is expected to 
discuss soon with the TUC its 
experiences in forming si ogle- 
industry unions. 

He will be particularly keen 
to have the TUC's views on 
federalism and. for example, the 
relative success and problems in 
the formation of the Amalga- 
mated Union' of Engineering 
Workers, designed to create one 
union for the engineering indus- 
try. 

So far. however, he has 
adopted no particular view or 
the way be believes representa- 
tion can be reorganised. 

The problem is to weld differ- 
ing altitudes to representation 
held by the staff bodies, whose 
relationships have substantially 
deteriorated over- the past year, 
into a framework that works for 
both the hanks and their staff. 



DR. TOM JOHNSTONE . . . 
exploring views on federalism. 


Association, the printers' union. ‘affiliated bodies, respectively 
has also been asked to support represented by the 
the journalists but a council 
meeting of the union yesterday 


still being 


the Federation 

produced K byj the TUC between the employees Employers. 

I union and the Association of He intends 


working 


cour.iged to play a fuller 
towards within the hanks. 


BOND DRAWING 


INTERNATIONAL UTILITIES OVERSEAS CAPITAL 
CORPORATION 


GUARANTEED SHIPPING BONDS DUE 1M2 
. i MOT] Cl |S MEREB W GIVEN mat pursuant to to d Uor. 5 pi tnt t*rm» mo 
renah'ons of" We "Loan ana Clause .2 of Ihc Tnilt Deed dMed at of the 1S:n da 

1972 between Inter national Utilities Overseas Capita 1 Corporation. • the 
Comnnt" Gotaas-Lanen Shipping Corporal on. "the Guarantor 1 *. The Law Dcbertu-e 
Corpdra-lOh Limned "the Twee", the bonds bearing l -e following serial numbers 
Um been drawn lor redemption on JStn May 1978 as partial satisfaction 01 m* 
SnkJne-Fund requirement at the redemption price ol 100% of the principal amount 
thereof. . * 

rue retfMtpffOT pa ameer o, each Bond drawn- for redemption will become due 
and payable ex' IStn May 1978. Interest on each such Bend will cease to acouc 


oa or iKer such data. 


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The ano.e Bout Nmw*f>. unit t» redeemed at ine or,n S , ^'L 0 " l l f ' ? B a ?L C iuepue 


d« Ar|V4b B1 040 Br u lie's. Betfltum. Ch^nitaj Bank. '» 

»n.' ticdinoant S.a uwemheorowiie. 37 rue no. re- a a me vuxe do ti 


1ET Eng’ana an. . _. . 

jw on surrma*’ of sat» BBJttH C» Djrmenl ana cP"r« l l« *" 
CMEMICW- BANK on befrtll of 
|NTE»NA1ID~A. UT11ITIE5 OVERSEAS CAPITAl 
Oaten ZAts April 197». 

NOTICE . 

Bona Numoer 219 18 ore*HHirt» called for wdemptton 
•relented tor peyment. 


CORPORATION 


mi ngi U )« 


same period this year. 

Borh the number of working 
days lost in the quarter and the 
number of workers involved in 
stoppages were down. 

Strikes which began in the 
first quarter of the year totalled 
R!7. a drop or 29.9 per eenl. on 
the total of 752 in the same 
period last year, according to 
figures published yesterday in 


Ardcrsier offshore platform yard 
over a new shift system: 9.009 
workers laid off at five Swan 
Hunter shipvards on the Tyne 
following industrial action hv fin 
security guards-, and a three 
wpek stoppage h»- ROO nrodnetion 
workers at a Lincoln power 
brake plant. 

An estimated l.R23.fl0tl 


cm 


Ihc Department of ‘Employment manufacturing Jndus 

tries. 35 per cenL of the total 
worked overtime in the week 


Gazette. 

The number of working days 
lost in the period this year was 
1.755.000. a 222 per cent, drop 
from the total Tor the first 
quarter oF 1977 or 2J5S.000. The 
numher of workers involved in 
stoppages fell by 3fi per cent, 
from 2A7.00rt in the first three 
months of 1977 to 190.000 in the 
s»m® period this year. 


ending February 11. 1978. In 
the same week the estimated 
number on short-time in these 
industries was 44.900. or about 
09 per cent, nf all employee*; 
each losing 15.4 hours on aver- 
age. 

.The total numher in emuloy 
ment in February in industries 


After pay. manning and work covered by the index, of indus 
allocation disputes were Ihc trial production was 9.085.0 W. 
second largest cause of stop- fail of 5000 from the Prev'ou 
nages. though the figure Tell month. The seasonally *dt»wf^ 
from 13 fi ner rent in the first figure, though, rose by 10.000 
three months of 1977 to 12.5 per romnarpd with January 
cent, this year. 9.112.000. 


to 


Betting shop girl wins 
ease for equal pay 


AN APPEAL COURT decision in 
favour of a woman betting shop 
clerk was welcomed yesterday by 
the Equal Opportunities Com- 
mission -.as a “landmark" in 
clarifying, the equal pay law. 


it was said that as a result of 
the decision the employers' wage 
bill would go up by . at least 
£45 000 a year. 

They were refused leave to 
appeal to the House of Lords. 


In his decision. Lord Denning, but later a legal spokesman said 
- w • ■ ; j fhat* u'nnM Mnctrfpp armlvins 


Master of the Rolls, said the only 
difference in the jobs done by 
Miss S3Hdra Shields. 23. and a 
male colleague was on the 
grounds of sex. 

Although the man was ex- 


they would consider apply in, 
direct to the Lords for leave. 


Lord Denning said that in nine 
of Cooraes 1 betting shops one of 
the counter-hands was a man and 
the other a women. The reason 


pected to cope with troublesome was that these shoos, including 


>unters. he was not required to 


Save extra qualifications, such as 


a fierre and formidable appear- 
ance or special training. 

“He may have been a small, 
nervous man who could not say 
bon to a goose." said the judge. 
“ She may have bee'n as fierce 
and formidable as a battle-axe" 

The Tact was that the grounds 
for paying Ihe man J4p an hour 
more than Miss Shields were 
based on the fact that he was a 
man. . 

That was against the sex dis- 
crimination and equal pay laws. 
Lord Denning ruled. 

The court dismissed with costs 
an apppal by the turf accoun- 
tants E. Connies (Holdings l 
against an Empioymenl Appeal 
Tribunal ruling that Miss 
Shields, nf Slosne Court West 
Chelsea, was entitled to the same 
pay as male counter clerks. 


the one where Miss Shields 
worked in Sussex Street. Pimlico 
were in areas where trouble 
mieht be anticipated. 

At SI shoos in trouble-free 
areas the counter-hands were all 
women receiving 92p an hour. At 
the nine “ trouble areas ** shops 
the man was paid £1.06 an hour 
and the woman 92p. 

The only difference between 
them was tint the man filled 
protective role as a watchdos 
ready to bark and scare off 
intruders, said Lord Denning. 

It was rather like the 
difference between a barman and 
a barmaid. Each had his or her 
own way of dealing with awfc 
ward customers, bur their jobs 
were of equivalent rating. Each 
should' therefore get the same 
rate for the job. 

Lords Justic Bridge and Orr 
agreed. 


The Board' of Directors or Sun Hung Kai Securities Limited 
of Hons Kong have pleasure in announcing the appointment 
nf the Rt. Hon. Lord Shepherd. P.C_ as Adviser to (he Board. 
Lord Shepherd's knowledge and experience of Government 
and international relations coupled with his continuing 
interest in manufacture and trading will prove of considerable 
worth to the Group. 


Lord Shepherd recently resigned as Lord Privy Seal and 
Leader of the House of Lords to return to industry. During 
I9«7*H17rt he wa= Minister of Stale at the Foreign and 
Commonwealth Office. Apart, from other industrial and 
trading relations Lord Shepherd is Chairman of the Civil 
Service Pay Research Unit Board and Chairman of the Medical 
Research Council in the U.K. 


A SPECIAL CONFERENCE 



PROFIT 

SHARING 

EMPLOYEE SHARE OWNERSHIP 


TUESDAY 9 MAY 1978 

QUAGUNO'S. BURY STREET, LONDON SW1 


The Government's proposals for tax relief on 
employee share ownership w ill be presented by 

the finance secretary to the treasury 

THE RT. HON. ROBERT SHELDON MP 
Other speakers on the practical experience of profit sharing will be: 
^ Nicholas Goodison, Chairman, Stock Exchange 

Alan Russell, Cornier Group 
Dr. W. 8. Dobie. ICI Mond Division 
Tom Garnier, Kalamazoo Group 
Chairman: Ralph Hopps. The industrial Society 
Deidifc from: 

' Giles Tilley 

THE INDUSTRIAL SOCIETY 

, 3 Carlton House Terrace, London SWT Teh 07-83? 4300 


T 





Northern 



Northern Ireland is a region poised for further 

economic growth. 

Out of the last decade has come a body of impressive 
industrial achievement which must now be 
a springboard towards future prosperity. 

To state the facts is to make the case for more 
investment, your investment in Northern Ireland. 


— ... 


V‘ ‘ — 


n -r. 


industrial Excellence 

Productivity and output have 
both increased dramatically since 
1969. productivity by 37% . • 
manufacturing output by 14%. 


Industrial Relations 

Northern Ireland has one of 
the best records in Western 
Europe. International companies 
are happy to rely on Northern 
Ireland to maintain supplies of 
key components. 


INDEX OF MANUFACTURING 
PRODUCTIVITY (1963=100)^ 


190 

180 

170 

160 

ISO 

140 

130 

120 

HO 


NORTHERN IRE LA MO F?’ 
UK. - . 


n 


„ f] n 


n 


n 


r?-i 


j i 


t i 


n 


100 


J R K : j I V 

![ji.r’ ; 

R i :-i ! M 

ihminimii,;;: 

I.t-1 -.Hi li-ILki-LLa l-Li-. 


li 


i..i 

M 


i 


89 70 71 - 72 73 » 75 76 


Grants In Aid 

For new building the grant 
can be as much as 50% of cost. 
And there can be a 5-year, rent- 
free period for firms preferring 
to lease ready-built factories. " 
For new plant, the Government 
contribution can be a discounted 
93%, including grant and tax 


concessions. For R&Pjt can' be 
as high as £250,000 on any project. 


More Incentives 

Interest relief is available 
over seven years on money raised 
from non-Govemment sources. 
Assistance is provided with start- 
up and running costs of new 
projects. Payment of the selective 
employment premium is being 


maintained in Northern 7reland- 
£2 for each adult, £1.50 for each 
worker under IS. 

You wont find any area 
within the EEC, let alone any 
other region in the UK. offering 
such a wide and generous range 
of industrial benefits together 
with the environment and 
infrastructure to ger the most ou 
of them. 

More than 300 projects havi 
been established in Northern 
Ireland in the last thirt^years. 
Read what some of theirhianagei 
have to say. in ‘‘Ask any ;-, 
businessman who’s already here 
. . . r . an anthology of views - from 
the boardroom" ■ * . 

Then ask yourself whether 
you can afford not to take alongc 
look at Northern Ireland. 
Complete the coupon and start 
doing it soon. 


NORTHERN 

IRELAND 


f 


To: Director of Industrial Development, 

Northern Ireland Department of Commerce, Chichester' House, 

64 Chichester Street, Belfast BT14JX, Northern Ireland. (Belfast 34488, ext. 435) 
Please send me a copy of “Ask any businessman whoh already here? 

Also send me.furthei; details on the opportunities for industrial expansion in 
Northern Ireland. 



Name:. 


.Tide:. 


you to take a 
longer look 


Company- 


Address.', 


FT24/4 






12 


PARLIAMENT AND POLITICS 


Tories issue £485m. tax cuts 


challenge to Government 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 



BY IVOR OWEN, PARLIAMENTARY STAFF 


THE Conservatives will attempt 
to make tax cuts involving a 
total sum of £4S5m. during the 
pasage of the Finance Bill. Sir 
Geoffrey Howe, shadow Chancel- 
lor. told the Commons last nigbi. 

Speaking during the second 
reading debate, on the Bill, he 
claimed that the Government 
could meet this sum without 
too much trouble by making the 
appropriate cuts in public ex- 
penditure. 

If the Tory amendments were 
carried and 'if the Government 
failed to make the necessary ex- 
penditure cuts, then he challen- 
ged them to put the matter to 
the test of a general election. 

For the Government. Mr. Joe! 
Barnett. Chier Secretary to the 
Treasury, accused the OpDosUiun 
of “financial irresponsibility.” 
He maintained that If the pro- 
posed Tory changes to the 
Budget succeeded, it would hp 
impossible a! »his late staae <o 
make reductions in this year's 
public expenditure programme, 
even if the Government desired 
to do so. 

Mr. Barnett predicted th3t if 
the amendments became pari nf 
the Bill- it could only lead to an 
increase in the Government's 
borrowing requirement an 
argument strenuously denied by 
Sir Geoffrey. 

•The Conservative spokesman 
told the House that the Govern- 
ment had a duty to respond tn 
any rhanse* made in the Bill 
either by reducing its spending 
programme or changing its pro- 
posal 1 :. 

Alternatively, thare was an- 
other course open tn them. 
“They could invite the eleetnr- 
ate tn renew rheir authority or 
replace them with a Government 
with fresh authority” he 
declared. 

" The Government have reseed 
believing in themselves. The 
country has long since ceased 
believing in them. It is time for 
them to go " 

^Describing the Tory proposal* 
as modest ones, he said: “Wc 
must take arrounl nf reality a: 
we could very shortly be called 


upon to form the Government 
of the country and must make 
proposals that have regard to 
that." 

Referring to talk of joint action 
between the Conservatives and 
Liberals during the committee 
stage of the Bill, he said that his 
party would not engage in any 
•• Dutch auction “ with Mr. John 
Pardoe. the Liberal economic 
spokesman. He thought Mr. 
Pardoe would havet his own 
interests to pursue and these in- 
volved proposals “which go 
beyond those which we regard 
as wise.” 

Listing the changes which tne 
Tories will be seeking during 
the committee stage. Sir Geoff rev- 
said that the budget alterations 
to the investment income sur- 
charge did not go far enough, 
particularly for those on smaller 
incomes and for retired people. 

The Conservatives proposed 
that thp threshold for payment of 
the surcharge should be raised 
m £2.000 for the generality of tax- 
payer* and to £1.000 rnr those 
over 63' The band at which the 
surcharge should he payable at 
10 per v»*nT should be £500. 

The cost this year of such 
changes would be no more than 
£5m. 


Turning to the higher rate 
band oF income tax payers, the 
Conservatives were suggesting 
that it should start at £8.000 
instead of the present £7,000. 
The cost this year would be 
£50 m. 

Thirdly, the higher rates of 
income tax should be reduced. 
The Tory proposals were that 
the rate should be 40p in the £ 
for those earn in es between 
£8.000 and £10.000. 50p for those 
between £10.000 and £14.000. 60p 
between £1 4.000' and £21.000 and 
70p for those above £21.000. The 
cost this year would be £130m. 

“ Does anyone really doutit the 
folly of continuing to impose 
these slratospbericaily high ratps 
Of lax on those with high in- 
comes. Sir Geoffrey asked? 

Finally, the Opposition wanted 
a reduction of Ip in the standard 
rate -of income tax liringing it 
down From 34P. to 33p. This 
would cost £300m. in the current 
year, and £370m. in a full year. 

Some people were actually 
worse off in money terms as a 
result of the Budget while the 
average family's pay packet had 
only increased by 14p. said Sir 
Geoffrey. 

The Governments borrowing 


requirement was already right 
up against its limit That was 
why it was not right to place on 
the Government any larger in- 
crease in the borrowing require- 
ment and why the Tory proposals 
were modest. 


The cost of the £300m.. in- 
volved in a Ip reduction in the 
standard rate of tax cuuld he 
made up if the Government with- 
drew the extra £300m. they were 
giving to the National Enterprise 
Board. 

The total Conservative pro- 
posals of £4S5m. only represen- 
ted three-quarters of a penny in 
the pound over the amount the 
Government was spending. 

By adopting the Tory proposal 
for a standard rate of 10 per 
cent, on VAT. an extra £6Q0m. 
could be game 1 this. year alone. 

He believed that Government 
thinking over the present 
“absuidly high '■ rates of tax 
was very muddled.- -“They wish 
to be beloved in Lombard Street, 
but on the other hand, they want 
to be lionised by the Tribune 
Group,” 

Sir Geoffrey emphasised that 
the Tories would strongly con- 
test the Budget proposals for 


Liberals query figures 


For the Liberals Mr. John 
Pardoe said he did not accept 
estimates of the cost of the Tory 
proposal* Sir Groff rpy Howe 
had “done some rather, strange 
arithmetic." 

He added: " l suspect that he 
is guilty almost of sharp prac- 
tice. of estimating revenue loss 
in I07R-79 terms bin estimating 
his public expenditure costs in 
full year terms “ 

It simplv would not He possible 
to take £50m. or £6Hm. out of 
the costs of the Community Land 
Act ihi* year. Libera's whole- 
hearted! v endorsed many things 
in the Budget like the small busi- 
ness proposals. 


But there was now a need to 
switch from personal income tax 
to a tax on spending and this 
would not be inflationary, said 
Mr. Pardoe. 


Only in Britain was income tax 
a means nf extracting money 
from the lower income groups. 
Income tax was nothing like as 
□regressive as it looked, but 
VaT was much more progressive 
than it appeared. 


He had told Mr. Barnett 
“firmly and categorically” that 
Liberals would be prepared to 
vote for any consequential 
increase in tax on spending 
necessitated by cuts in income 


tax made during the committee 
stage of the Finance Bill. 

“ I think it is Parliament's 
duty to sort out the me-s that 
the British tax system is.” 

Mr. Jeremy Bray (Lah.. 
Mortherwell and Wishaw i said 
the Budget would do nothing 
towards curbing unemployment 
over the next two years or “as 
far ahead as we can see.” 

He added: “ We should make it 
clear that we will cut taxes and 
increase public expenditure to 
increase the level of employment 
hy a quarter of a million a year. 
We must make it clear that we 
put tackling unemployment 
before tackling inflation.'* 


retrospective legislation to ban 
certain tax avoidance schemes. -■ 

"To march down the retro- 
spective road is to make an im- 
portant change of principle,” be 
declared. “We will challenge 
and scrutinise it very closely” * 

The Conservatives realised 
that, they could not transform 
the Budget, said Sir Geoffrey, 
but the Chief Secretary well 
knew that it was possible to 
reduce public spending. 

The Government projection 
was for £67bn. in public, expen- 
diture for the coming year— an 
increase of £4bn. Therefore, a 
cut of £100m. in public expen- 
diture in order to reduce taxa- 
tion represented only l-40th of 
the increase in public spending. 

“It would be perfectly easy 
for the Government to accept the 
consequences of these changes 
hy moderate changes in public 
expenditure.” he added. 

Opening the debate for the 
Government. Mr. Barnett said 
lhat lp off the basic rate of tax 
would mean only 32p a week 
extra for the average man. But, 
said Mr. Barnett, total tax reduc- 
tion* of £5QOm. would mean that 
£500m. would have to be added 
to ihe borrowing requirement. 

He claimed that some of the 
shadow Cabinet had felt twinges 
of conscience and believed that 
ii was a little bit irresponsible 
to do this. Even if Sir Geoffrey 
were to say where the expendi- 
ture could be cut. it would not be 
enough to offset the additional 
£500tu. on the borrowing require- 
ment this year. 

It would, he said, be “ wholly 
impossible and impracticable” 
to make such expenditure cuts 
effective in 1978-79. “That is 
why their talk of taking it out 
of the borrowing requirement is 
wholly irresponsible," he com- 
mented. '“Tniere is no way of 
wriggling out of the charge of 
financial irresponsibility.” 

Mr. Barnett said that former 
Conservative statesmen must be 
looking on in anguish when they 
saw the . present Conservative 
Party'* “ reckless disregard for 
the national interest.” 


TREASURY Ministers yesterday 
emphasised the need, for con- 
tinued moderation in wage settle- 
ments when the present pay 
round , ends, and kept their 
options open - on whether divi- 
dend control should be extended 
beyond July. 

Mr. Joel Barnett Chief Secre- 
tary, spoke in optimistic terms 
about the prospects on pay when 
he rejected suggestions that 
Britain's annual rate of Inflation 
will start to rise again in the 
second half of. this year. . 

The possibility of an extension 
of dividend control was- kept 
open by Mr. Derail Davies, 
Treasury Minister of State, reply- 
ing to Mr. John Biffen (C. 
Oswestry) who had stressed that 
uncertainty over the issue was 
causing difficulty for the City. 

The Minister referred 'to a 
written answer by Mr. Denis 
Healey. Chancellor of the 
Exchequer, in February, when he 
refused to commit himself either 
to abandoning controls altogether 
r— they are due to expire an July 
31 — or to forecasting new. legisla- 
tion: 

Mr. Davies summed up. the 
position by commenting that if 
further measures were not intro- 


dimed. the present statutory 
restrictions would be lifted. . 

■ During subsequent debate on 
the.-: second reading of the 
Finance Bill, Tory MPs again 
pressed for more information 
about' the Government’s inten- 
tions on dividend control but 
failed to gain any further elucida- 
tion from Mr. Barnett. - 
Timidity in the City in under- 
taking home investment was 
attacked by Mr. Eric Heffer (Lab. 
Walton) who likened those res- 
ponsible for investment decisions 


to- “ frightened fillies at the sight 
of. a stallion in the next field.” 


Hr. Davies agreed that there 
seemed to be a general desire 
in tile City to invest any money 
which was -available abroad. 
“Oyer the years, they have paid 
more attention to foreign invest- 
ment than investment in this 
country. This is to be deplored.” 

Bin Douglas Hoyle (Lab. Nel- 
son - and Colne) asked what 
measures the Government inten- 
ded to take against those sections 
lit the City which seemed, once 
mote,, determined to sell the 
pound short and fuel inflation at 
the expense of the antion. 

Mri. Davies answered: “There 
are many sections in' the City 


who seem to react in a very ghoj 
term way to any policy change 
In faefc-1 sometimes think tb 
there are .more manic depie 
sives on average in -the Qj 
than in other parts of the cx& 
munityl'* 

The City also -came under fij 
from Mr. ^Barnett, when he 'i 
affirmed earlier Govermna 
forecasts that Britain’s antmi 
rate of inflation will remain J 
single figures for the rest < 
197S.. ■ ■ u : 

He. Deter Taps ell, a Cbnsery 
five Treasury spokesman, ha 
argued that rising. public expel 
dlture and . the consequent!) 
fall. in the international value t 
sterling was likely * to bxf n 
about a. rising rate of. infiatlp 
in the second half of the yea 
He was accused by Mr. Barns 
of repeating a simplistic, vie: 
held b yhis “ friends ” . in" tfi 
City. .... . ; 

It was a -misleading view, -fa 
sisted Mr. Barnet, and a wroa 
view of what was likely to haj 




t l.-t! 


f ieri. _In: underlining the 
o 


or continued moderation in wag 
settlements.' he acknowledge 
that the level, of Inflation wa 
also dependent ; on . growth ' t 
world . trade . rand the level 5 
import prices. 


Mancroft 
boycotts 


give 
evidence 







BY MAURICE SAMUELS ON 


LORD MANCROFT. the former 
Tote chairman and former Con- 
servative Minister, is .to break 
a 15 year silence on bis removal 
from the Board of the Norwich 
Union Insurance Societies due to 
pressure by the Arab Boycott 
Office. At the time, it was re- 
ported -that be was also denied 
the presidency of the London 
Chamber of Commerce, for. the. 
same reason. 

He is to give evidence on Tues- 
day before a LordsSelectCom- 
mittee which is ex amining the 
Foreign Boycott BilL 


• Lord Mancroft’s removal irom 
the. Norwich caused sucb an out- 
cry, that the Board a quickly asked 
him to return. He refused, and 
two fellow-directors resigned in 
sympathy with him. • - - 

Arab spokesmen strongly 
denied that Lord Mancroft bad 
been singled out because of bis 
religion. They claimed that it 
was because of his business in- 
terests in Israel. • He was a 
director of Great Universal 
Stores, -whose chairman. Sir 
Isaac Wolfson, was a strong 


financial, supporter of Israel. E 
was also chairman oT Globs 
Tours (Israel), ' a GUS sq] 
sidi&ry. ' ■ ' "-j 

The threat from the Norwic 
point of view was not’ just . t 
their business in the Arab wort 
but to their whole marine" 'bus 
ness. Some of their customei 
bad already felt Arab pressm 
themselves, it was claimed. 

However, the Norwich cei 
tainly lost ' some business as.' 
result of a counter-boycott £1 
some prorlsraeli and Jewts 
business concerns. 



Labour plans better-informed Commons 
with power to probe public spending 


Colonel B 
motion 
for debate 


BY PHILIP RAW5TORNE 


RADICAL REFORMS of the 
House fo Commons are suggested 
in a statement published yester- 
day by the National Executive 
Committee of the Labour Parly. 

The changes are designed in 
compiemeott he abolition or the 
Lbrds — already party policy — 
by strengthening the powers of 
baekheneh MPs. 

The NEC proposals which are 
to he rfiscussed wMti Labour 
MPs before 3 final policy 
decision include: 

1. Investigatory committees 
of MPs. '..advised on a party 
political. basis, to cover the work 
of each Government deoartment 

2.. A Freedom of Information 
Ac-t to-help -the MPs* inquiries. 

3. ;A.;mnre powerful and urn- 
ffisrinnal Commons audit svstero 
that -would cover the spending of 
SLlfp funds by private organisa- 
tions.,". - V" 

4; Major changes in legislative 
procedures^ 

5» -.Television broadcasts of 
Commrms proceedings. 

6. The.. linking of MPs' salaries 
to ,Cirfr- Service rates: and regu- 
lar hours br work. 

The investigatory rommittees. 
whose mem hershio would reflect 
the composition of the Ccrnmnn*. 
would cover the pnlirv fields nf 
eanh Government deoartment. 
and in 'particular, their public 
spend inc. programmes. Full 
acres* would lie civen to in- 
formation. including Treasury 
statistics 'and forecasts, necessary 
to their work. 

The 'NEC says: " Such informa- 
tion could in our view only be 
obtained by the introduction of 
a Freedom of Information Act 
providing for a genuine- system 
of'open government — placing the 
onus on the authorities to justify 
withholding information.' 

Promising more detailed pro- 
posals shortly, the NEC adds: 
” We believe that in an open and 
free society there are man; other 
reasons for -such a messiir*.. but 
our main- purpose here Is 


argue tbat without such lega- 
tion, MPs could not perform the 
new roles which have been 
assigned to them." 

The departmental committees 
would be staffed and advised by- 
special ists and on parly political 
lines. 

The NEC statement says it 
“ sees no future in consensus 
government by all-party com- 
mittees ” and its proposals would 
effectively disperse power in 
Parliament and out of it to the 
political parties and the groups 
and individuals who supported 
them. 

As an additional reinforcement 
to the Commons investigations of 
the objectives and results of 
Government spending, the Public 
Accounts Committee would be 
given a bigger professional staff 
and its powers extended to cover 
the management, efficiency and 
effectiveness of all organisations 
rcervlng public funds. 

Parliamentary scrutiny of 
legislation should be improved 
by the major chances ’ in 
Commons procedures, says the 
Labour document. 

A Government Bill should he 
accompanied on publication by 


papers setting out the Mstory erf 
the proposed legislation and the 
need for it- They would out- 
line the purpose of each clause 
“ to ensure that MPs and others 
were as well informed as the 
Minister himself." 

Tbe NEC says there is “ logic 
and merit ” In retaining a second 
reading debate on the principles 
of a Brill. But it recommends 
drastic changes in the committee 
stage. The Commons, it says, 
should revert to its old proce- 
dure of referring Bills to Select 
Committees. 

As Legislative Committees, 
they would have power to call 
witnesses and guillotine debate 
and should be required to report 
by a specified date. 

After the report stage, a Bill 
would be sent to a Revision 
Committee, whose role would be 
confined to recommendations for 
correcting or clarifying the 
draft. 

The Bill would be put to a 
final vote in the Commons and. 
if passed, would become law. 

“ The published Act should, as 
far as possible, he written in 
clear and easily understood 


language and should be accom- 
panied by an updated memo- 
randum explaining the purpose 
and meaning of the -legislation, 
clause by clause.” the document 

St3t65 * " 

With the abolition of the 
Lords, the NEC suggests that 
hereditary peers should revert to 
the aormai rights and privileges 
of ordinary citizens and have 
no special legal status. 

A Royal Commission sbould be 
set up to .decide the future of 
the Law -Lords and the Lords 
as a Court of Appeal accommo- 
dated outside the Palace of 
Westminister. 

Recommending finally that the 
Commons sbould sit during nor- 
mal Working hours and that its 
proceedings should he televised, 
the NEC declares that its mem- 
bers could properly express, 
interpret . and translate into 
action the views of the people 

Democracy could he enhanced 
and extended through “ the party 
political debate and struggle “ 
and Government Ministers and 
civil servants made properly 
accountable. 

F?e/nnu oi tile lloir.ve of Com- 
wtjiM. Labour Party. Cop. 


by MPs 


By Philip Rawstom* 


Blacklist publicity response 


BY IVOR OWEN 


COYNESS AMONG 31 firms 
blacklisted by (he Government 
for failing to comply with in- 
come policy guidelines was high- 
lighted by Mr. Joel Barnett, 
Chief Secretary to the Treasury 
in the Commons yesterday. , 
He reminded Tory MPs that 
when they mounted their major 
Parliamentary attack on the 
Government for using sanctions 
to enforce a voluntary policy it 
was suggested that the blacklist 
*hould be published. 


As promised at the time, the 
Government had written to the 
firms concerned and asked if 
they were agreeable to their 
names being published. 

Mr. Barnett disclosed that out 
of the firms contacted. 16 bad 
replied and only one had agreed 
to be publicly identified. 

A Treasury spokesman said 
later that the name of this firm 
was also being u-itheld because 
negotiations were in progress 
which might lead to the adjust- 


ment nf the disputed settlement 
to accord with the pay guide- 
lines. 


THE COMMONS Committee on 
Privileges is to examine the 
issues raised by tbe Colonel B 
affair. 

Mr. Michael Foot, Leader of 
the House, announced in the 
Commons yesterday that 
motion referring the questions to 
the committee will be debated 
on Tuesday. 

The terms of the motion would 
enable the committee to examine 
all aspects of the situation 
created by the naming of the 
colonel— an Army intelligence 
witness in a secrets trial— by 
four Labour MPs despite a court 
ruling tbat be should not be 
Identified. 

The major issues to be resolved 
concern tbe general relationship 
between Parliament and tbe 
courts. 

Mr. George Thomas, the 
Speaker, has indicated that the 
Commons rule barring MPs from 
referring 10 sub judice matters 
was broken in this case. 

The committee will consider 
whether changes need In be 
made in tbe rule or in its appli 
cation. 

Members of the committee will 
also be concerned lo clear up 
the con Fusion lhat arose over 
tbe legal position of newspapers, 
radio and television, in report 
in gthe Commons incident. 

The Director of Public Prose- 
cutions warned at the time that 
publication might be construed 
as contempt of court: 


The committee, under the! 
chairmanship of Lord Redcliffe- 
Maud. is expected to ask Lord 
Mancroft. a prominent member 
of the Jewish community, 
whether he believes the . Arab' 
objection was partly motivated 
by anti-semitism. 

Tbe Bill, drafted by Lord 
Byers, the Liberal peer, xe-- 
sembles legislation introduced in 
the United States. It provides 

S malties for complying with 
oyebtt applications, and pro- 
poses publishing 3 register. of 
such requests. 


Lynch returns to attack 


-... :*£ 


BY GILES MERRITT IN DUBLIN 


MR. JACK LYNCH, Irish Prime been subjected to a " barrage © 

Minister, last night returned to criticism.” 

the attack in the row over Ulster There ' were reasonable mil 

understandings about the tech 
relations n this°yMrf * ;***" of otradiHon. Bir 

In a sharp reaction to a “what is not so reasonable n 
British Government move on tbe that some V persons shook; 
sensitive issue of extradition oE apparently try to foster this mu 
suspected terrorists. Mr. Lynch understanding and tnisrepresen 
said tbat the Irish Republic bad our position.” ' 


— til 


First reading 


A FORMAL first reading was 
given in the Commons yesterday 
to a Bill presented by Mr. Laurie 
PaviU fLab.. Brent S.). which 
would prohibit the distribution 
of unsolicited publicity material 
tn promote cigarette sales. 


Cabinet defers 
decision on 
White Paper 


INTER -IDEX 78: 


May 23-26, 1978 
Basle/ 
Switzerland 
International 
Exhibition and 
Symposium for 
the best choice of 
location for 
effective world- 
wide economic 
activity 


Baslef Switzerland. May 23 to 
26, 1978: at Inter ■ Idex 78, 150 state 
and semi-state organizations for 
the promotion of economic devel- 
opment representing 15 important 
countries transmit first-class infor- 


mation for the choice of the right 
industrial activity in the right place. 

The goal of Inter* Idex 78 is to 
provide to interested industrialists 
from all over the world concrete 
decision fundamentals for the eval- 
uation of a location, and to bring 
together those offering free pro- 
duction capacity and those inter- 
ested in utilizing it 

The exhibitors from Austria, 
Belgium, Brazil. Canada, Denmark, 
Federal Republic of Germany, 
France. G real Britain, 1 reland. Israel, ' 
Italy. Netherlands, Spain, Switzer- 
land, USA are grouped in national 
sectors and every organization 
participating can supply tailor- 
made information for the special 
needs of industrial firms concerned 
.with the choice of location. 

An important part of Inter * Idex 
78 is a symposium devoted to the 
basic problems of economic devel- 
opment In the individual countries 
and to corresponding solutions. 

Inter* Idex 78 is supported by 
a committee of patrons comprising 


leading personalities from politics, 
industry and trade from the coun- 
tries participating. 

INTER IDEX 78 

The ideal information exchange for 
the choice of ihe right location in 
15 important countries 

May 23-26,1978 

in the hails of the Sv/iss Industries 
Fair 


Basle 

Switzerland 


Information: 
Inter -Idex 78, 
P.O. Box, 
CH-4021 
Basle/ 

Switzer 
land 



By John Elliott 


THE CABINET yesterday de- 
ferred until next week a final 
decision on the White Paper on 
industrial democracy, which fol- 
lows on from last year's Bullock 
Report. 

There are understood to have 
been no major snags, but there 
was not sufficient time at yester- 
day’s Cabinet meeting for the 
discussion on the White Paper 
to be completed. However, pub- 
lication is still scheduled in the 
next two or three weeks. 

The proposals in the White 
Paper cover statutory rights for 
union members to be consulted 
on major company decisions. 
After a waiting period of 
between three and five years, 
they could also claim one-third 
of the seats of a company's 
policy Board. 


Next week’s 


business 


TUESDAY: Motion to refer to the 
Committee of Privileges the 
matter of the ppblicatlon of 
proceedings of the House: 
debate on enlargement Of the 
European Economic Com- 
munity: motion on EEC docu- 
ment on Commercial Agents. 

WEDNESDAY: Wales BUI. report. 

THURSDAY: Debate on Rhodesia. 

FRIDAY: Private members’ Bills. 


JIIINDAV f.May S;: Finance Bill, 
committee. 





Every department of every business 
needs the FinandalTimes-daily. 
Because they all need up-to-therminute 
business intelligence 

Circulating one or two copies just 
isn’t enough.ITia£s why all depart- 
mental heads and key employees 
should have their own copies of the 
Financial Times. . ■ ; - 




In these cbn^eftive times 
everyone in business ne© 

FINANCtALITMES 

EUROPE’S BUSINESS NEWSPAPER 


each 

opere 

meet 

iheJ 

V 

carte 

6000 

narns 

nna 

L-Urt 









Pan Am has chosen the long-range M011-500 
TriStar, and that means a lot more comfort tor 
passengers around the world on future flights. 

P For Pan Am, the advanced tedmo ogy of the 
L-1011 means millions of gallons of fuel savings _ 
each year. It also means that Ran Am will be 
operating a wide body jetliner uniquely able to 
meet thf changing needs of world aviation in 

the 1980s and 1990s. ■ , 

The size and range of the L-1011-500, which 

can carrv as many as 330 passengers up to 
6000 miles, make it ideal for replacing older 
narrow body jets and augmenting largerjethners 
nn a wide range of airline routes. The Pan Am 
SmS Silfbe powered by Rolls-Rovce 
RB.211-524B engines, each producing 48,000 


pounds of thrust. 

The advanced technology of the L-1011-500 
contributes directly to that route flexibility. It 
also contributes to superior passenger comfort 
and impressive fuel savings. 

An exclusive system of Active Controls— 
controls run by a computer— will produce the 
smoothest flight of any jetliner. That same system 
of Active Controls will be part of a more efficient ^ 
wing that helps reduce drag of ajr—and saves 
millions in fuel each year. An exclusive Flight 
Management system will save even more 
millions in fuel each year. 

Passengers benefit from several other exclu- 
sive L-1011 systems. Direct Lift Control smoothes 
out the ups and downs passengers experience: 


on other jetliners during the approach to land- 
ing. And the Autoland system enables the 
L-1011 to land in bad weather when other jetliners 
are being turned away. In the U.S., for example, 
the L-1011 can land at 37 major airports when 
bad weather is forcing all other wide body 
jetliners to land elsewhere. And Autoland pro- 
vides the smoothest of landings in good weather 

.or bad.- . . 

Pan Am will begin operating its wide body 

L-1011-500 TriStars on long routes throughout 

the world in 1980. 

The advanced technology of Ran Am s 
L-1011-500 TriStar. More passenger comfort, more 
fuel savings, more route flexibility in a changing ( 
world. More for the money. , 


- -.o , 

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The world's most advanced long-range jetliner. 























14 


UA OIL AND GAS REVIEW 


BY DAVID BELL AND RAY DAFTER 


The great 





THE LATEST debate about toe 
pricing of natural gas and 
crude oil inside the U.S. has 
rumbled on now for more than 
a year and the whole subject 
has, not suiprisangly, come to 
'seem increasingly confused and 
confusing. 

Controversy over who should 
have control over the pricing 
and production of the nation’s 
gas dates much further bach: in 
history, .to nearly 40 years ago. 
But the arguments have antensi- 
fled since the 1954 Philips deci- 
sion of the Supreme Court 
which said that the Federal 
"Government did have the power 
to set the prices of gas shipped 
.toy pipeline from one state to 
.another. 

This decision brought the 
Federal Power Commission 
(now subsumed into the new 
department of energy and 
called . the Federal Energy 
"Regulatory Commission) full 
square Into the making of 
natural gas pricing policy 'where 
it remains. This week, if all 
goes weH and no one is sure 
that it will, the conference com- 
mittee considering the Energy 
Bill will take the first step to 
get the Government out of the 
gas regulation business. 

It has taken this committee 
over six months to arrive ait a 
tentative compromise that holds 
out the promise that, by 1988, 
the Federal regulation of inter- 
state gas prices will come to an 
end. In the meantime a com* 
plicated formula will, if the 
co mp romise is approved, allow 
"the Federal Government to dis- 
engage gradually and abolish 
the basic distinction that has 
been the primary cause of the 
natural gas pricing problem. 


Three states 


Although the 1954 decision 
■lapped controls on interstate 
gas prices it did not affect the 
price of gas within the states 
that produce it. Thus Texas, 
Oklahoma and Louisiana — -the 
three major producing states — 
have been supplying gas to the 
rest of the nation at prices that 
are different from the price 
they have charged at home. 

Currently this means that gas 
is being sold inside these three 
states at about 92.00 per MCF 
(1,000 cubic feet) whereas the 
federally regulated price for 
gas that leaves any of these 
states is only $1.45 per MCF. 
At the moment it is therefore 
not surprising that companies 
that have found extra reserves 
of gas are not rushing to con* 
oast them foto the mOiknunifie 


nationwide pipeline system. 
Indeed only 50 per cent of the 
20 trillion cubic feet of gas 
produced in the IIS. travels 
along this network. The zest 
remains inside the states 
where it is produced send has 
helped for example spawn 
Texas* huge chemical industry. 

As a sign that explorers are 
confident that the interstate 
market is going to become 
more attractive the number of 
wells drilled in these three 
states bas climbed sharply in 
the past year from about 25.000 
to about 48,000. The American 
Gas Association has also revised 
upwards its estimate of possible 
reserves to between 600 and 

1,000 trillion cubic feet or 
enough to last for between 30 
and 60 years. 

These Mud of figures are 
necessarily speculative. What is 
concentrating the minds of the 
producers is the tentative new 
pricing formula that would 
follow agreement in the. Energy 
Bill conference co mmi ttee. This 
formula would end the distinc- 
tion between inter- and intra- 
state prices. It would also raise 
the price from $1.45 per MCF 
to $1.93 per MCF. 

Thereafter the formula 
becomes exceedingly complex 
with distinctions made between 
new gas discoveries for which 
the price could be set higher 
than existing output in renego- 
tiated contracts, which would 
be deregulated somewhat later. 

Broadly speaking, in the case 
of new gas, the price would 
climb each year between now 
and 1981 from about $1.93 by 
toe rate of inflation as 
measured by toe GNP plus 3.7 
per cent 

From April 20, 1981 the price 
would rise by the inflation rate 
plus 4.7 per cent until 1985. 
Controls would then cease, but 
Congress would have toe 'option 
after six months to retmpose 
them for a further 18 months if 
the market went wild. On 
December 31, 1988, come what 
may, the controls would end. 

The upshot of all this is that 
on the basis of present trends 
new natural gas will be selling 
by 1985 at about $4 per MCF. 
Since much gas is sold to 
utilities on long contracts at 
prices as low as 29 cents per 
MCF toe formula also has a 
mechanism to prevent gas com- 
panies from increasing prices 
too steeply when contracts are 
roHed over. 

There are of course other 
factors that enter into toe equa- 
tion. One is imported liquefied 
natural gas from Algeria which 


crareofljr accounts for only and (hat them really Is not report published this fceek by any lZroagth. period since^l972; 
lOObn,. cubic feet .of consump- that much gas to bo found. London stockbrokers W. and imports. ’ ' 

tion (about 10 per cent) but They say, as President Carter GreenweH and Co. Since February, 1876, (he 

which may grow. Precisely did at one time; .(hat If prices Much' of the problem stems prices have been geared to % 
how the price of this would be rise-even by as snirch as allowed from toe 1973 energy crisis and gradually rising composite price, 
controlled Is not ypt clea r; but for in the formula toe~Aaoerican toe imposition by the Oiganisa- in essence what was seen 'as the 
at pres ent the Department of consumer will Steve suffered a tion of Petroleum Exporting average cost of output fcm toe 
Energy jnebned to use toe great "apoft* . Countries of a fourfold in- diffei^types;rfU.S. oilfields, 

price of Canadian neural gas jt remains to be seen how it crea* in crude oil prices. The The composite was set at.$7.66 
as toe-price above which, it will ^ develop. Rut jt should tf-S* one of toe top etude oil a barrel and designed to rise by 
aotgo - .be remembered toatif agree- Producers in the world, found up to 10 per cent a year. Of 

This is partiaflariy important meat really can be reached this that overnight- toe value of its course, it takes potoing short 
with regard to toe major gas tone on natural gas— and the reserves had rocketed. To en* of a matoematical wizard to 
finds recently made in Mexico, present formula will give the snre that toe benefits were keep *0 of these pricing struo- 
The Government is determined industry $30tHL lea (ban if said passed on to American consu- tnres in step. Eneagy- officials 
that this -gas should not be sold it wanted origtoaUy-Ht will be mers > toe Government imposed initially over-estimated, toe pro- 
to the U.S. at more than the the first time that such agree- various controls. These regu- portion of M oid crude" 
Canadian price which currently ment bas been aaaved at for kted toe price of fc oId oil' 7 prod need and ms a resti&t the 
stands at about $1,68 per MCF decades. - Viewed in that light OTde from fields in production average price " exceeded toe 
although it may rise. Mexican the fact that it is .now over a before the energy crisis; im- permitted - composite limit 
gas pricing is not an issue that year since toe Energy bill first Posed a system of mandatory throughout much of 1976. To 
promises to be resolved quiddy. went to Capitol Hill seems allocation to ensure that oil compensate' for this,- planned 
The way in wfcsdi the gas much less the producers continued to supply increases in the upper tier 

Industry actually responds to possibility -of an ' 'agreement estabtished customers with crude prices were postponed in 

cheap crudes and products; 1977. • 
created a cost equalisation pro- This tone toe Government 
gramme to ensure that refiners turned toe controls too ter toe 


VJS. CRUDE OIL PRICES 


(January 1978) 

Average cost of %ofU& 

crude oil at domestic 

refineries* crude output 
($ per barrel) (est) 


Lower Tier Crude 
Upper Iter Crude 
(excluding Alaska) 
Alaska 

Stripper Crudef 
Naval Reserve Crude 


5.68 


40.1 


12.16 

13.18 

14.39 

1232 


3S3 

8.9 

14.1 

1.2 


paid roughly the same average other way. So since about a year 
price for their crude whatever ago toe average price has fallen 
their mix of domestic and im- short of toe stat u tory composite 
ported oil: controlled refined level, " - 

us. product prices; and created im- What is more, the shortfall 
reT,nery port licences and tariffs on has been -widening. GreenweH 
imported crude and products, calculates that oil companies 
As Greenwell states, this rela- are being deprived of some 
tivedy simple basis for reguia- 3200m. worth of revenue 
tion has been swamped by a month as a result of the ..cur- 
complex superstructure of con- rentiy fixed pricing levels. The 


input 


213 


19.2 

43 

73 

03 


trols and special rules. 


brokers estimate that between 


Imported Crude 


1438 


lOOjOt 


46^t 


The amendments whldt hare 
followed have resulted in three S° Producer wfll hare received 


Including cost of t ra n sport of oil to the raflnerfc 


1003 


&UUU1TCU AMUC iWUILCU 111 till CC A4 tfKuo 1 ‘wmmwimaw 4,1nn„ -frl ' 

nr t jm _ nJ ,fvn_rvvT r i?_n>x „ v, ^ $2»oDiL less revenneg tnan mey 

pace categories of erode ofi. ^ ^ ^ 


But there are unofficial 


Lower tier prices apply to toe 

Where output has avenged less than 10 barrels a day h» any 12 month price ceiling is to^oric^ nrS reports in the off industry to 

g"**™"" 71 - filing in 1978 tngetheTwit^ gg« « 

Rounded up. _ inflation-linked increment winch C® 1 ? 111 ®?! , Energy Secretory 

is now about $1.70 a barrel ^ been telbng companies that 


Source: W. Grwmtfl 6 Cm. 


This means that toe average 

this new opportunity (as seems correspondingly more price of this M old oil ” is still 
opposed to aeway that ft says heartening. ^ well below *8 a basreL 

it will respond) wifi be an On the other band President Upper tier prices cover output tax torou^i Congress. This pro- 
interestmg test of the argument Carter’s attempts to bring more from fields developed since 1972 po^ tax would be toe means 
made by the gas and oil com- order to toe even more muddled or any increase in production by which the Carter Admits- 
pames that given the right M pricing position look less from older fields. The average tration would gradually raise 
incentives toe energy crisis will proofing. In -view of toe con- Price of this type of crude at domestic oil prices, 
seem much less threatening. tinuing opposition of Congress the beginning of the year was Dr. Schlesinger apparently 


Many explorer* argue that ^ plans for ^ju^uy raig. $11.76. still well short of the toid "a small meeting of oil 
most exploration has so ter only ^ price domestic erode OFEG^xed “marker" price for executives recently that apart 
taken place in easily accessible qjj refined prodnets, he is crut ^ e oil. The growing output from restoring the lower and 
and relatively shallow areas, proposing to impose a $5 a bar- of oil produced from Alaska’s upper tier off prices to , their 
that is with land or sea weHs rej levy on imported crude. The North Slope is a special case, legal limit, the energy deoaxt- 
d rilled only to a depth of about cost of this tariff would be k sold at the market price was- conside rin g i pwrim- 

5.000 feet. They are convinced spread over all the crude re- although its high cost of trails- teed phase-oat of the lower tier 
that much more gas is waiting fined ^ the U.S. so President portation means that its well- category and additional help 
to be found at depths of about Carter woidd still be moving bead price has to be kept below f 0r producing wells. The 

15.000 feet and have long nearer to his goal ; of more toe ceiling that would be per- package, if knplemented, might 

argued that only higher prices realistic fuel prices. milted in other U.S. states. provide ofl companies with 

will give them toe incentive to But an import tariff would do Three types of crude off are some $35bn. worth of additional 

lotto for it nothing to untangle the web of exempted from these controls: revenue by 1985: 

Opponents of de-regutatioa domestic oil price, controls — a production from .U.S. Naval Dr. Schlesinger is reported 
argue that even the present labyrinthine complexity” of Reserves; so-called stripper oil to have said that be “can!t are 

price 4s high enough (when regulations where u toe fund a- produced from concessions how toe industry . could fail., to 

compared with an average of mental Law of Bureaucracy has where production has averaged see that this is a good desk” 
40-50 cents only two yean ago) been at work," according to a less than ten barrels a day in Time wfD teH. . :c . 



___ JJ*+~XW.* 

of ftc ’Boml'CMum a* syMOocdL. tea commode 
. u acccmeanlet to « Seontatna - r V. ‘ ' 1 ■ ■ 

IMPORTANT SAU5S - ~ _ 

Way 18flr fljrangh Jumfi 3rd,19?8 " ' . : < 

Tto property of variora wwn, 


•t 




- ; .f 




Gosb. Grfltnwr. ManfrlUtz, Ifinwola, Wrfi. Modf®a^_PteaTO,' Ph«W,;‘ 
jPoBakoB, ' Konoir,' HoBanlt. 'Sdbelfinat. Sdiwltterfl. Sulixwes, UtcHto;. ViBitf f.: m 
"vinan. vumcrd. etc.. ... . .. .:*■ 

mgfair taxrtut on after Ptctuna it A Mgot^ ScwUra. Jdtt BnwBjt the 

ibs SMar, PnJonv, Dyck, Zl^Gxoco, Gtfd er^ t»»_G ojMv : ‘ 


i m TfyfOf Horanaas. JJncelbacb, B. i Pecurs^P.'de - 

^ Mer, i. aid F. nn Mr VeWa. Weialx. etc. j , . • - . 


dc Vaddcr. _ 

Daportauif COHsCSoo ot Modm Grapblc Arr nd books. 

Ptamcb. - Fanrfture of tto 171 b end. tab o rttp , — 




- V- 


ataanxKL TMr-y" fnmHnrc tram tbc Henatesanco <to tbs Nantaosic «/.- 
nnn o rtm t Rase end Carpet Collection. ■ 


Bn 'VatdMf, OodW, Bracket dneka. BnmsH sad Saflptnre. B niu p— •'.. T ; 
Fwctfabi and Pottery. SStnr~ miniatures and.- CMU--8fb.. -j - -. 4 
Important Jewels^ . 

HUtir unpcrtaBt OoUeethm of Oriental Works; of art. Vbr Easton Cerkntica: . »- 

Cup 40 vmtan can, ezbfldttd Mar Utb'tbroa^b 37tb lb lbs He ~ha&- of tbr - '■ - .. 

• “Glatr* Sbopptnr Cenm: ■ . 




PREVIEW. , ” " "T . . ... . 

in. m one ra h Mar mb, dear from U ajii:''ta 10 jna.'" Ob. TnBaaar""^.. 
Mar istb, last day of etelUflm, tram 20 coaL'ilo 6 mn.' Tto enrMbfttoa remain# * 

dosed an WWt Sandar. May 14th. After. May Utb-and nqtil UM-dar-oe aato--'.-: - 

a pp o int m en ts' may be riutde far prtrata -ytewfau- • . ■,/ ; 

turps mtoanmd toM w p i . . . - ,'J' . . 

T u t utta rs. Arts aad Crafts - sntflfl • 

Mctof and .Grabble -Art DBJt 


JWV 


idm'wriB of Art aud 


Jewels 
Veteraa. V fa t f 


■' SFRJS' 
fiFBJB 


CONFERENCES 




INTERNATIONAL CONFERENCE ON 




UNIVERSAL CLASSIFIGATHm 
& INFORMATION RETRIEVAL! 


Eris^ 




/ Management Looks At Tcxbj^i Oppoitunitrac For Cosf RethMi 
tions And Ampiwed Control. .This, conference Is of pjEnurioeniJ-M 
Interest to «U organisatiobi Concerned witb^Reducddii 1.. v . L -< 
Inventory; Duplication' of Parts- and ' Drawinp; - Maxhnefll:* J ; . . 
Utilisation of Ensting Rewjorcesr 'Efflaent use of DMtM Prrxmr -'Al ^ 

"*1 no Fniiinmunt. • • ■ • • - . 

•r I 


Ing Equipment. 

Papers will be presented- by . experts . from. The Eloelhg 
Corporation; Brisch 'Birn & Partners; Gnannati Mlfacront . 
Coles Cranes; Hoover; Perkins Engines; Serdc.’ 'Audcoj' 

The conference will be held at The Coventry ' EurpcrekC Hotel -i: A ' 
on Wednesday- and Thursday. 10ch/lJth May.. The fee-of^fAD^-f 


will indude all meals and course documentation^ - Bookings may . |L_x " _ 

.;re madeby tele phoning" Brisch Binr&Partni^lMario^3123. yCtTlCol 


;• ~-4i i-/ 




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Wherever you need finance we can help you. 

We offer a wide range of services in the field of short, 
medium and long term international finance for major 
industrial and commercial investments. 


We also contribute with our expertise and arrange 
financing facilities linked to specific projects. 

We are active in the interbank markets and can 
provide institutional private placements at fixed 
interest rate in a variety of eurocurrencies. 

And being based in Brussels, we are particularly well 
placed to serve the European community. Our office 
is at Boulevard du Souverain 100, 11 70 Brussels. 

But, because we’re owned by the seven independent 
banks of EBIC (European Banks International), we’re 
also easily contacted through any one of the 10,000 
branches of our shareholders. 



Banque Europeenne de Credit 

Boulevard du Souverain 100, 1 170 Brussels, Belgium. Tel: 660 4900. Telex : 23846 



Shareholder banks: 
Amsterdam-Rotterdam Bank 
Banca Commerciale Italians 
Creditanstalt-Bankverein 
Deutsche Bank 
Midland Bank 
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15 


• INSTRUMENTS 


understudy 


1 cno 1 rtMi T' yean .It • has 
technical 

' oeopki working m ra^o en«uieer- 
■ - ^ , v i^+hat unless human : proxnnity 

' S* obvioosly high power tans- 
: -N" "w-rions are Involved, radio waves, 

■' ■'.• . " v{£. '• l (ronnmMT ST* ha 






e> . a 


it any frequency, are harmless. 

• it has always been.agreed that 
there is a fundamental difference 
between the effect of radiation 
above the visible spectrum in 
frequency (gamma and X-rays), 
and that below it (from infra-red 
down to longwave radio). While 
tissue-destructive effects occur 
in- the fonner case, the only 
V known first order effect, in the 
V -.Clatter case is beating. 

in recent years, however, cer- 
,?:? . urn events- have' had popular 
, ‘->i media coverage that might lead 
'-/I some people to believe other- 


vogue and is apparently not be- 
ing: taken too seriously by U.K. 
experts. ' 

However, as a result of these 
events, work is in hand in the 
Canada and the U.K. aimed 
at ultimately producing realistic 
figures for human exposure par- 
ticularly .at microwave frequen- 
cies. 

- A team at Canada's National 
■Research Council.. forking with 
rets, is lookflng for damage that 
might occur to the blood-brain 
barrier (the capillary-end struc- 
ture where blood stops and 
“grey matter” starts). They 
are- also looking for hot-spots: 
these are areas of the body that 
absorb electromagnetic 


Breathalyser leaves 
no room for doubt 


-yja? 


energy preferentially — known 
examples- are the eyes and the 
testicles. 

Effects at different frequencies 
will be examined as will the 
prospect that, tike gamma and X- 
rays there can be harmful 
effects due to relatively low 
dosage over long periods. 


Study of dosage 




= i "-v 



wise. Microwaves were said to 
have been propagated through 
the U.S. embassy in Moscow, 
■negedly affecting the occupants 
health. Birds have, been reported 
to drop out of the sky at Fyling- 
dales early warning radar 
. station, while students in prank 
‘l***’ dimbs to the top of radio tran^ 
miner towers have risked 
sterilisation ” and 1 radar tech- 
nicians in the U.S. . are. said to 
have developed cataracts. 


: 


Unease caused 


Fences 


The .iact that these stories 
aHher have not or cannot be 
validated in numerical terms 
does not. unfortunately, reduce 
the unease they ;cause, particu- 
larly in the thousands of people 
who work in the radiomanuf ao- 
taring anil using industries. • 

The problem is exacerbated by 
an odd East-West conflict: the 
Russians, influenced by Pavlov r 
iai thfadaug - claim to nave 

■ observed— and have laid empha- 
sis oh— mtoor physiological 
- eilecte that thdr opposite num- 
bers In the UAJiave discounted. 

As a result the Russian safe 
llixait for human exposure is 10 
microwatts /sq. cm. while the U.S. 
1 limit. (j3so used in the U.K.) -is 
■10 wnir watts/sq. cm — a thousand 
Himes larger. 

; The subject has been further 
'exposed in a recent book “The 
; Zapping of America” by Paul 
Rrodeur in which it is strongly 
1 ' [implied that .the US. jsstablish- 
- • ■ >meut bas. refused to take a poten- 

•• ii.V ttial bazard seriously. Ther book 
, ■ _ ianpeMs to be very much in the 

.. s* current U.S. “self-exposure” 



This accumulated dosage study 
is a key feature of the work 
since. ODe-agaiD. lt has always 
been assumed that the cancer- 
inducing dangers of relatively 
small but long term exposure to 
X-rays do not occur with ordi- 
nary radio waves. 

Indeed, it hardly seems likely 
that they can occur— if they did. 
there would by now have been 
an obvious health problem in 
radar equipment test technicians 
and Post Office and BBC micro- 
wave link engineers: No such 
problem is known to exist 

In this country the Govern- 
ment in 1974 vested the task of 
investigating the problem in the 
National Radiological Protection 
Board at Harwell. There, a team 
is also looking at the effects of 
heating on tissue In rats and 
mice, taking particular interest 
*in pulsed emissions that coincide 
with the brain rhythm. 

Some of the findings will be 
made known soon but for the 
time being it seems that no defi- 
nite conclusions have been 
reached and It remains to be 
seen whether the UJv will adjust 
its safe limit to a lower level. 

GEOFFREY CH A RUSH 


PORTABLE and precise, an In- 
strument has been designed 
and developed by Lion Labora- 
tories of Cardiff for the instant 
analysis of brealb alcohol. It 
gives an analogue read-out on a 
panel meter from the 640 series, 
manufactured at the High 
Wycombe. Bucks, factory of 
Ernest Turner Instruments, a 
member of the Hawker Siddeley 
Group. 

AJcoraeter type AE-M2. was 
Invented by Dr. T. P. Jones, now 
managing director of Lion 
Laboratories. A small hand-held 
version designed for initial 
roadside screening purposes has 
been in production for nearly 
two years. But the new device 
overcomes the limitations in pre- 
cision of this pocket version 
while remaining small in size, 
portable and very simple to use. 
Tbe instrument enables on-the- 
spot brealb alcohol analysis to 
be carried out with an accuracy 
to witbin 12 mg/ml of actual 
blood alcobol without tbe need 
to take additional blood 
samples. Tbe design of the in- 


strument also enables tt to 
be efficiently and accurately 
used even when the> subject is 
deeply unconscious. 

Alcometer equipment operates 
by passing an accurately metered 
volume of expired breath over 
a sensitised fuel cell, housed in 
a hand-held unit linked to the 
equipment. The cell is activated 
by alcobol vapour and generates 
an electrical signal proportional 
to the alcohol content of the 
sample. The electrical signal is 
amplified and displayed on tne 
meter. 

The panel meter has- a tough, 
single-piece moulded acrylic 
front to give shadow-free reading 
and is supllied with a standard 
back-of-panel mounting kit 
which includes a chrome bezel. 
The moving-coil movement has 
an accuracv class of 1.5. it com- 
plies with BS S9. DIN 57410 and 
IEC 51 specifications and meets 
the requirements of both BS and 
DIN specifications for overload in 
full. 

More from Hawker Siddeley. 32 
Duke Street, St. James’s. London 
SW1Y 6DG. 01-930 6177. 



Refrigerant 


detector 


is simple 



One of the new electronic breathalysers undergoing calibra- 
tion prior to despatch from Lion Laboratories of Cardiff. - 


DESIGNED for use by refrigera- 
tion and dry cleaning engineers 
the Halogaz will detect leaks of 
all gases within the- appropriate' 
range. For example, the mini- 
mum detectable level of Freon 
22 would be 0.025 per cent, in 
all. or 250 ppm. 

Tbe appliance consists of a 
copper burner unit in a chrome 
housing and a holder for the 
disposable butane gas cartridge. 
Attached to the uni! is a flexible 
neoprene hose through which air. 
is drawn for combustion. 

Should a leak be suspected. 

. the flexible hose would be used 
•to probe, the area until -he flame 
changes colour from blue to 
green, confirming tbe presence 
of the gas in the atmosphere. 

No special training is. needed 
to operate the Halogaz and it 
requires virtually no main- 
tenance a pan from occasional 
replacement of the copper 
burner. 

Further details from Camping 
Gaz, 126 St. Leonard’s Road, 
Windsor. Windsor 55011- 


KG EL LTD 

Kennedy Tower. 
St.Chads Queensway, 
Birmingham B4 6EL 


FARMING 


Replacing 
the nlough 


• COMMUNICATIONS 


COMPUTING 


Offers many channels Univac woos 


LATEST radiotelephone to be 
put on the market by Robert 
Bosch GmbH has 240 switchable 
channels in tbe 75.0 to 87.5 MHz 
frequency band, using phase- 
locked loop oscillators working 
from a single crystal. 

The channels are programmed 
into read-only memories and are 
selected by dialling up the 
required frequency using a 
digital front-panel display. 

The transmitter has a wide- 
band RF power output stage 
which needs no reluning on 
change of frequency. The 
receiver is a double superhet 
with a sensitivity of 0.7 micro- 
volts for 20 dB signal to noise 
ratio on FM. The equipment 


standards 


meets European 
(CEPT). 

Extensive use has been made 
of flexible printed circuits based 
on polyimide film (Du Pont 
** Kapton ") which has consider- 
ably shortened inspection and 
test time. 


Univac made a lot of money 
for itself by moving into the key 
punch maTket at a time when 
most observers were predicting 
that key punch was to die within 
a year or so. which It did not. 


many users 


Mobile operation is from 12 or 
24 volts DC, but the unit can ie 
operated from the mains for 
fixed station applications. 

More from the company j»t 
F orcken becks trasse 9-13. D-1000 
Berlin-Wilmersdorf, Germany. 


ANNOUNCING Bll-time record 
results for the past financial year 
and anticipating tbe same for the 
current year, despite the weak- 
ness of sterling. Bill Read, 
managing director of Sperry 
Univac. U.K., yesterday unveiled 
a series of additions to tbe 
Univac bill of fare, the most 
important of wbicb could well 
he the data capture key-to-floppy 
disc 2000 series. 


Identifying problem areas in 
computing, the company has 
cbosen to develop new fast data 
capture equipment that offers a 
series of advantages compared 
with other similar products It 
the market, most of which come 
from mucb smaller companies. 


Read disclosed that the com- 
pany's 1100/80 large computer 
bad sold particularly well world- 
wide since its launch rith some 
120 systems worth an average of 
$7m delivered or on order to 


date, a result which made this 
machine the best news for Univac 
since the prestigious 1108 

The company has also started 
to offer in Europe the 90/40, a 
machine which bridges .. gap in 
its own series and offers pro- 
gression for users, of previous 
generation machines. Univac 
has set up tbe marketing struc- 
ture needed to promote the 
powerful Varian minicomputers 
acquired under a recent take-over 
deal. 

With its major success in the 
TSB area and with Teesside Poly- 
technic. displacing ICL in both 
instances, Univac seems con- 
fident that it will become number 
three in sales value in the U.K. 
ver- shortly. 


TO THE many farmers attracted 
lo it, direct drilling has had its 
frustrations, if not been some- 
thing of a mirage. It is neverthe- 
less gaining ground and tangible 
improvements In the technique 
are being achieved by Massey-- 
Ferguson wbicb, with 1CI, helped 
to pioneer it in the U.K. nearly 

20 years ago. , . .... 

The advantages of direct drill- 
ing are spelt out by the Agricul- 
tural Development and Advisory 
Services which says that man 
hours per acre can be reduced 
from 2.1 to 0.4. and that 100 
acres can be established m a 40 
hour week compared with only 
19 by traditional ploughing. ■ 

The MF 130 incorporates both 
the lessons learnt from the 
earlier MF 30 and some new com- 
ponents developed at ite 
Coven trv engineering centre: it 
now has a patented triple disc 
coulter which uses a parallel Itnfc- 
This maintains a slightly deeper 
working depth whatever the 
coulter position. - Wear on Ib.e 
front disc can be taken un to 
ensure it is always deeper than 
two 15-row units but a 19-rqW 
two 15-row units by a. 19-row 
close spaced grain only model is 
available. 

Last year over 0.5m. acres 
were direct drilled in this 
country (25.000 in France and 
7m in the U.S.). By 1980 MF 
believes well over lm acres will 
be under direct drilling. 

PETER CARTWRIGHT 


METALWORKING 


- *^Vt ■ 


Reduces cost of mould 




MECHANICAL Engineering and 
Machine Tools Requirements 
Board of tbe Department of 
Industry have placed a contract 
jointly with Selly Oak Diecast- 
ings. of Worcester, and the 
Fulmer Research Institute to 
develop a new cast-to-slze mould 
and die-making process. 


1 


elec trical wire&c able? 

mmmm 


.*mnnmuiL 

MBEB 


• «0 MMVraM 

LENGTH 


Thousandsof types and sizesinstbekfor irrmrecSatedeDvery 

LON DON 0^561 am ABERDBENmA)32355/2 
MANCHESTER 061-872-4915 

TRANSFER CAaCHARGES^>ayADC^Tm 

a4HcEMSRGENCyNlllfflER01 6373567EXL409 






NEWTOWN 


ines 


•fr Modem leasehold factories and serviced 
sites available immediately. 


Primary objective of the con- 
tract is to develop the technique ! 
known as the Wheeldon process, 
after its Inventor, for the pro- 
duction of cast iron dies for ; 
ferrous die-casting and moulds 
for injection moulding of plas- 
tics. The process involves exer- 
rising precise control .over the 
casting procedure to reduce 
metal shrinkage, combined with 
unique mould dressings. 

Successful development of tbe 
process is expected to signifi- 
cantly reduce both the - lead time" 
and costs of dies and moulds. 

The contract is initially valued 
at £170,000. including a substan- 
tion contribution from Selly Oak 
Dieca stings, and will rup for a 
period \ of 18 months. After I 
moulding development trials in 
the Yarsley Technical Centre of 
Fulmer, injection moulds will 
be made Rising the proces for 
evaluation py industry. 

Dies For, ferrous dieeasting 
will be evaluated by Drakes 
Foundry, a sister company of! 
Selly Oak Diecastings. where a 
suitable facility is being estab- 
lished. 

On successful completion, the 
four partners propose to license 
tbe process for use by industry. 

Yarsley Technical Centre. 
Trowers Way. RedhiU, Surrey 
RH1 2JN. 0737 65070. 


Our fares to Africa are the same 

other national airlines! 



i 

lot of seasoned Africa 


flying with ui 


it Government grants are available and 
substantial rent concessions may apply. 


Furnace has 


Because,with a new route to 


★ Fast new motorways and trunk roads. 
High Speed.Trains and modern docks link 
you with all your suppliers and markets. 


★ New Town housing availability. 


much bigger 
throughput 





Cwmbnmls one of Britain's raost.Bnccea^l-tadmtrJal 
developments - the sixth largest 

45.000 people, excellent housing, schools and amOTitire. 

thriving industry, an da splendid shopping centre - a magnet 

^SoaS^elopment Corporation has ■ nd 

let more 130 factories, and the t 'H n T ra i! i Ul T ! nin e ^ __ 

provides a. wide choice of Indus Ma lp re mi se8 
In. 1978. Ho os in ff Is provi de d for&U wor k ersto- ” 

and the Soy men who arrive initially can toe honsed 
cXranStittle more fr^L^ndon by M4 

SSSSSS WSSSSSS^^^s^ 

sites are ready NOW. Please write, telephone or use the 
coupon, today. 



sank 



FT 2 


BIGGER by 25 per cent, than the 
largest previous model From 
British Furnaces is the E.91, 
which can be programmed as a 
sealed quench unit to gas 
carburise, carbo-nitride, dean 
harden, bright anneal or nitro- 
carburise ar low temperature. 

It can take charge weights up 
to 1} tonnes and transfers its 
loads from the carburising cham- 
ber into tbe quench oil without 
the surface of the components 
under treatment coming into 
contact with the air. 

Heating rate of the furnace is 
908 kilos to 850 degrees in an 
hour. When treatment is com- 
pleted the radiant rubes can be 
nsed as coolinR elements so that 
the temperature of the charge 
can be red need prior to quench 
far faster than would otherwise 
be the case. Fast heating and 
rapid cooling Improve the unit's 
productivity. 


starting on May 7th 

fly direct to more places in Africa than 

ly other airline. 


\ British Furnaces, Derby Road, 
LV I Chesterfield. 021-558 315L 






Do you use components 


a . — 

Lesney components would improve 
your cost-effectiveness. . . ... 

They are astonishingly accurate. Ready 

to use. Always on time. And either diecast in 
zinc alloy or plastic moulded to any finish 
including metallizsd sprayed or hot foiled. 

Ford,Hoover. Stanley, Kenwood and 

General Motors use them. 

Lesney wfll stockpile in their own 
warehousesand deliver by their own 

transport They have muffi-milHon capita! 
behind them.Their technical knowledge i9 
legendary. Their techniques are envied 
Andiheydont let people down. 

Ron Perryman. Managing Director, 
could give you many more reasons -for 
• putting Usney's good name behind you* 
good name. 

Call him. 01-885 5533. , 

lesney industries limited 

Lee Conservancy Road. Hackney, 
London, E95PA. Telex 897319. 

Why such a small ad? 

VVhen you're very good you needn't ahout 



Profiles on 


And becanse,unlifce most other 
national airiines,weVe an 
business. 


grinding 
wheels 


A TOOL-ROOM wheel dresser for 
interna] and external form 
grinding designed to produre a 
shaped profile on the periphery 
of grinding wheels and for use 
in tool-rooms for appUrations 
such as the grinding of formed 
rolls and formed reducing dies 
used in the rolling and drawing 
of rod and wire has been intro- 
duced by Kynoch Engineering. 

Tbe pneumatically powered 
dresser is claimed to represent 
a significant advance over nano- 
powered dressers now in use. 
The unit is complete in- itself 
and onlv requires two holding- 
down bolts and a compressed air 
supply Of 70-100 lh/in* pressure 
It can form to a depth of 8 inch 
over a 14 inch wide grinding 

wheel. „ „ . 

More information from Kynocb 
Engineering. P.O. Box 216. 
Witton, Birmingham B6 .7BA 
4848). 


If we didn’t run a better business 
we wouldn’t have a business to tun. 



British 

. Caledonian 

We never forget you have a choice. 

Direct service from London-Gatwick to Abidjan. Acaa,.'Ugiers.Banjul,C a sab!anca,D a kar, Freetoym, Kano, Lagos, Lusaka. Monrov-ia,Tripoli andTunis 


(0^1-356 


t 

S 












BY. JOHN BRENNAN 


—an 


COMPARING investment in 
direct property with gilts and 
equities is becoming a thriving 
industry in itself. ; But in a review 
of the three, leading proper# 
indices, published tb-day, Chris 
Wails of stockbrokers W. Green- 
well and Co. comes to the view 
that' the indexing business is 
something of a latter-day 
alchemist's dream— a great idea 
if it worked, but doomed to 
failure in practice. 

In recent years Chris Walls has 
acquired a reputation for chal- 
lenging some ' of : the property 
market's basic assumptions, 
having sparked a heated debate 
on valuers' methods, and having 
questioned the quality of accounts 
reporting as well as the portfolio 
quality of the sector’s giant. Land 
Securities Investment Trust 

In to-day’s • publication; 
“ Property - Indices," Mr. -Walls 
sidles up -to two of the moat 
revered of property's sacred cows 
and beats - them over the head 
with remorseless logic. 

Why, he asks, is direct property 
investment- -seen as a long-term 
investment? '• And is there any 
real proof that property is a more 
sound long-term holding than 
equity or gilts? - 

On the first question he argues 
that there is no reason in prin- 
ciple -why property investment 
should be long term; ** Property 
may. of . course, in practice have 
to be a long term investment for 
various reasons, ' such as the 
length of time it may take to 
buy or sell, the inefficiency of 
the market, etc. ... we suspect 
that -the main reason why 
property is regarded as neces- 
sarily long term Is simply tradi- 


tion." And so, property » treated 
as a long term holding, “not 
because of some particular virtue 
peculiar to property, but simply 
as a reflection of the .property 
market's inadequacies;*’ ■. 

No worthwhile research 

This inefficiency of the direct 
property market its Hliquidity 
and the imperfection of informa- 
tion flow' within it, is a corner- 
stone of Mr.'. Walls’ . case that 
having looked closely at ail the 
property performance ’ indices 
now general#' available, “no 
worthwhile research has yet 
been published which would 
enable us to reach a inclusion 
on the relative investment per- 
formance of equities and pro- 
perty over the last decade or so. 
We are not arguing,. that property 
will not in the future" outperform 
equities; simply . . that : the 
case has yet to be made.'" ' . 

As any .comparison. between 
direct proper#; .■ f an * ‘ inefficient 
market > 3nd the stock market 
fin economic terms a liquid and 
highly efficient market) is an 
attempt to compare radically 
different jninials. any nttemnied 
comparison runs into “probably 
Insunuoun table problems." 

Greenwell clearly believes that 
the three major published pro- 
perty indices— -The Economist 
Intelligence Unit/Michaol Laurie 
Property Index. The Investors 
Chronicle Hillier Parker Rent 
Index and the Royal Institution 
of Chartered Surveyors/I nstitute 
of Actuaries City Rent Index- 
have fallen fou| of theses, in- 
surmountable problems. - .. 

The EIU/Michael Laurie Index 


is criticised for its small sample 
base which excludes reversionary 
properties and which is 
artificially weighted so that, 
inevitably, it “ cannot be a 
true reflection of the property 
market,, only a very limited 
.segment of. it" Proposals by 
EIU and Michael Laurie for a 
new index based on actual rather 
than hypothetical property port- 
folios are welcomed as “a much 
more accurate and credible 
guide," although not necessarily 
. as a true reflection of the overall 
movement- in property values in 
aggregate. 

Overstating rents 

The Investors Chronicle, Hillier 
Parker index ' is attacked 1 for its 
decision to' choose -only “prime" 
properties and Us methodology 
which, since it traces year by 
year prime rack, rental growth, 
“is likely in practice to overstate 
by a large margin the growth 
in rental income likely to have 
•been 'experienced by an actual 
portfolio of properties, or indeed, 
by any property except one with 
annual rent reviews.” 

The RJCS/ Actuaries efforts are 
limited to a quarterly sample of 
rent movements in ‘City of 
London offices. As the sample 
remains secret, Greenwell makes 
no comment on the quality or 
otherwise of this limited review. 
But it does point out 
some spectacular discrepancies 
between the RICS and Hillier 
Parker -figures for rental growth, 
discrepancies probably arising 
from 'differing sampling dates.. 

Of far more .importance than 


inbuilt problem? of the indivi- 
dual indices is as. Green well’s 
comment on the 'tise of these 
guides. There can-bp no doubt 
that each index has its own 
virtues, limited though they may 
be. But any attempt to use them 
as an objective source for direct 
property data - is fraught with 
difficulties. And there is a grow- 
ing and disturbing wiiMogness 
among fund managers and other 
property market . observers to 
turn to these indices as the 
on# respectable ..evidence of 
trends in physical property 
values and to construct plausible, 
but fundamentally improvable, 
arguments about £he relative 
strength of property investment 
compared vdth- alternative invest- 
ments.. 

Ctei comparisons with equities, 
Greenwell- puts the point that, 
“To compare a “prime" pro- 
perty . . . against an equity index 
which must, by its very nature, 
include secondary, tertiary (and 
worse) equities cannot be valid:” 
And the broker . doubts if the 
practical problems outproducing 
a direct property index which in- 
cludes all types of property —a 
more directly comparable index 
with an equity index — can be 
overcome. But even if data in 
that form did exist,' Mr. Walls 
doubts its value because of ’the 
basically different natures of the 
two investment markets. ■* 

Using the 1974 -crash as an 
example he argues that to say 
that property values “fell by 
25 per cent., or 30 per cent., or 
35 per cent, or any other number 
conjoured out of the air as com- 
pared with a fall in equities of 
some 75 per cent," is not proof 
that property is the more sound 
investment. 

In practice foremost types of 
property in 1974 the ' market 
simply ceased to exist. The 
much publicised A superior 
quality ’ of property as compared 
with other forms of investment 
is not the. result' of some 
inherently superior virtue 
possessed by property aleoe. but 


is staply a reflection of the 
market in that, beyond a certain 
□pint (reached in 1974) the 
direct property market becomes 
incapable of reflecting the under- 
lying forces within the economy 
as the market dries up.” 

Volatility 

He suggests one possible route 
through - the labyrinth of prob- 
lems preventing a clear com- 
parison of property and equity 
investment By - using modern 
capital asset pricing theory's 
concept of " risk ‘ level,” or 
volatility, it mighty he believes, 
b'e shown that ungeared direct 
property investment’s low risk 
level compared to geared 
equities could swing the balance 
of Investment performance in 
favour of property; But such 
research would' also need to 
balance the low volatility against 
property's illiquid nature and the 
risk that to-day’s “prime” 
investment may -become 
to-morrow's- increasingly unsale- 
able and, lower income generat- 
ing secondary" property, either 
as investment fashions change, or 
as the building is overtaken by 
new designs or new business 
needs. As Greenwell concludes, 
even if a satisfactory yardstick 
of past property performance 
could be devised ‘‘this- will not 
necessarily help us in deciding 
what will he the future relative 
performance of property.” 

Greenwell could, and no doubt 
will be. accused of bearing 
sacred cows for the fun of it 
But assault and battery- of 
cherished, traditions, does'' help to 
sort out unquestioned assump- 
tions from facts. And in (he 
indexing business, although the 
three indices chosen by -the 
hroker for review -are the. best 
available, there are too many 
assumptions and, necessarily, too 
few facts to justify the' daiK 
ge rous tendency to misuse these 
guides as objective proof of pro- 
perty's primacy in the invest- 
ment world. 


In Brief . . . 

MICHAEL EVANS, ■chairman of 
the British Property Federation's 
Residential Property Committee, 
describes a recent Shelter report 
on student accommodation; "as 
being, “couched in emotioned 
mid regrettable terms." . ?- 

Shelter, the housing, pressure 
group, attacked universities and 
other educational establishments 
for “ exploiting a loophole qn the 
law ” by making use of security 
of tenure exemption clauses in 
the 1974 Rent Act. • ; 

Under tile Act, - educational 
establishments are allowed to 
become head tenants' "on. pri- 
vately rented property. 

.The university. .anij college 
then sub-lets the accommodation 
-to students/ and the property- is 
not Chen bound by the security 
of tenure provisions of the Act 


Finariclal Tmies" Friday April'SS^^S f J 

; Shelter sees this .iise at ?the Wea&erail Greed: .and. Snaifl 
'exemption provisions as i tw-ebch. -boag fct the space* let J* M 

6l4te spiril of the Rent Act Biit- XU5 adtf £L25 * square foot £6 /dEWT £ 
the" BPF" believes feat students initial, yJekLpf just over 74* HET» • . J K jil 
private landlords, aiifcthfit&gtt- Cwway.R^f acCed far : M g 

the tenancy exemptions 'artrv, j-,; . "c: 1 

essential.' . ^ ~ MONUAY'SEES ’Se jauoch frf 1 

iMr. Evans argues Ihat . the ne^'iuoae.aa.theagoncy world- 
. “ penal pro visions ” of the Rent Matthews; Goodman and 'PoStli 
Act prevent landlords from lett-' thwaite. 'The, mergerof M and rW ijFp 1 \ .v-vfj 
ing directlv - to students, and Liverpool agents . - Job J; "b 
“ Students." he says, “aw one Post ifeth waite , has been uadev. 
of the many categories of people discussion . since la te , last yea- ‘ ‘ " :V;. 

who need an available supply and tt formaiises long- standing , rtl hp5iCK“ 

of. sboiMenn rented accommo- links - between' the cOmpwtia.^ ‘ 1 , .--life 

datifttu But for the Rent Acts, Raymond .Rdbrnsra, .PogUt.# 1 ... - •••>■*?? 

wiuW be : wpKed:**a.M’! senior partner, ^ V' . . , - ;{. .i 

by private eatorpd* : : V-.-.-.i-.n ri«Pf 

. • . iidhibCT : 'df - fronts ;- slqc? rth ... - ! ’ 

LAZARD -PROPERTY Unit Trust Liverpool agents. set up- 

has been on. the buying trail London office 12 years -age ^ 13 - ^C*T 9 

again, payang £S50,080 tor Iris Postlethwaite's 'Cheapsidc office i- \. - ■ “ 4 

Esmtes’ 53 000 square feet trad- will close and the staff wiU tnov. y _ V 

tog estate at Stratton Road, to M . and G’s Upper. Th£fflie. >\ ?*” ' Lr .-e}fift 
Swindon. Lazani, advised ■ by- Street headquarters,-- - .. 6 


■pf : " ■ 


kiseft 


PRIME YIELDS 


) )_ A s O N 

Central London _ 505 5*25.525 5.0 ,5-0 5J> 

Provincial S3 SH 5-5 SS 5-5 5^ 

Indim rial/warehouses 7JS - 7JS -7.0 7 A 7.0' 7 A 

Shops SJS 5J5 5.0 SJO 5.0 . 4.7! 

.Minimum lending rat*- 8JI ' 8,0 ’7.0 6 JO . 5j0 5.0 

24% Consols ... ' 1148 ti8 ' 12.15 1131 Tl-0 U4 


■ 1 ' — im: - * ' '• ■ *- 1 


1977- 

S 

0 

H, 

D 

f : 

— ■ jIY; 

■ : .f. ■' 

l«-T- 

M 

• '.A 

50. 

.5-0- 

5JJ 

-5JD 

S3.. 

50 

S3 

■ S3 

SS 

SS • 

SS -■ 

-5JS 

: SIS 

. 5.25-: 

S3 

S3 

7B 

7.0 

7i) 

6.75 

6S 

AS 

AS 

*S 

SS 

5.0 

4.75 

4.5 

AS 

AS • 

AS 

- AS 

6J0 . 

5J0 

5J> 

IS 

6S 

AS. 


■IS 


Hhoiun 


Savills* commercial property 
Investment market -report for 
1978' echoes the' cautions' 'note 
about prime property -yields - 
sounded some weeks ago by' 
Edward Erdman and Company, . 
But unlike Erdman, which now 
fears that, “a further bout of 
no-growth infiatjdn” could cut- 

into the potential for* rental 
growth and so feels that ^pro- 
perty may become cheaper to- 
wards the end of 2978." Savills-, 
questions reports, of histnrib'- 
ally low yields. Well publicised 
deals, necessarily reported 
often months after completion 


- may do, i( feels, give an im- 
pression that yields are '.-lower 
• than they really are. And “to . 
'say -. But t prime properties 
shoahrnol be purchased ' in 
> 1978 at yields below 5 per cent 
might well (retrospectively)' 
proyjj -r miscalculation.” Bnt' 
■ 'Sayulf .concedes that tins feel-: 
log is mow a psychological bar-' 
rier. to lower -yields. 

' Relaxation of .ODP controls 
may, In the agent’s view, have 
.influenced the shape of com- 
mercial portfolios, as offices’ 
appeal has been “based more 
on restrictions of supply than 


10*6 10.6; -11.1 lU 'lU 

i.Smieu .ftvi|b T 

weigh tot demand." . But it 
; feels (hat funds increased in- 
., terest Industrial and shop 
; - pr opertles Tealiy reflects their 
- better rental track ; jrecord. 
Now 1 , iSaVIBs believes that, 
since' Christmas, the market 
■ ; has, “but accelerated; itself at 
a time -when there is - ' a need 
* for a gentle foot on flug- brake.” 
But . as things cool off- “attrac- 
tive . - buying.' " opportunities 
. could well. arise- in all sectors 
of the -commercial property 
market, particularly provincial 
offices . . - ” V' • ' 



A 



D 


K) for Industry 


jpgiwHon-ttri 

jpvsrss-ortayit 

^•Urc3,'j£i 


maul 


IN THE CITY AND SOUTHWARK 


Facto ry /Wi rehouse 
15.730 sq. ft. 

Re-development alternative . . 
FOR SALE FREEHOLD . 

BARKING, Essex 

' Single Storey Warehouse with Land 

37.000 sq. ft. on 2} Acres 
Lease for disposal 

BEDFORD 

New Ware house/ Factory Units 
6.000/10.000/12.000 and 

20.000 sq. ft. TO LET 


CHELTENHAM 


Warehouse . J 

22.310 sq. ft. 

TO LET 

CITY BORDER, E.1 

Warehouse 

M.700 sq. ft. Sprinklers 
2 Lifts — TO LET 

ERDINGT0N 

Last remaining Warehouse/ Factory Unit 
15,500 sq. ft. — Site for further development 
10/40*00 sq. ft. TO LET 


New Warehouse Units 
9,000-43 500 sq. ft. 

TO LET — Available (ate 1978 : 

UXBRIDGE (M.40) 

Factory, Stores and Offices-. • - 

5.500 sq. ft. • 

For sale Leasehold 

King&Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-2363000 Telex 885485 
Manchester, Leeds and Brussels 



VENTURE WAY 

ALFRET0N, DERBYSHIRE 


LEASE FOR SALE 

on 

HEADQUARTERS, OFFICES & SHOWROOMS 
14,500 sq. ft. (approx.) 

• •• and- 

- WAREHOUSE/FACTORY (Sprinklered) 

46^KJ0 sq. ft (approx.) 

' With land for a further 46,000 sq. ft approx. 

• Fully heated. and lighting for ' 
IMMEDIATE OCCUPATION 
The buildings were completed and first occupied in 1977 
Full'detaih: 


HALLAM 8 LOW PAVEMENT . 

BRACKETT SSSSL 

CHARTERED SURVEYORS M*«ii«o(p»x«Effrv«^NTsiNirRi«ix3MALi.TD ^ 


Address 


Sq. Ft. : 

Description - 

Lee House, 


4,200 or 

Open plan office in major tower block, fronting . .. . 

London Wall, 

EC2 

7^15 

Wood Street at ground level. •; 

Rent by negotiation 



• • if-^. -• • d 

,.__New Broad Street, 

EC2 

2^45 or -i 

Ideally placed for, most professional firms. . 

£7.50 per sq. ft. ‘ 


3,700or A 

■ Short or long leases available.- ~ _ - '.-JzliC. ; JL. : 

* 


6^45 

Private offices or open plan. ' \ ; 

St. Helen’s Place, 

EC3 

1,830' 

Very dose to the Bank and insurance communities; ' 

£9.50 per sq. ft. 



The offices are efficiently planned in a building • 51 : 




whose common partsare being totally refurbished 

St- Helen's Place, 

EC3 

272 

One room in building being upgraded. * . - 

Rent by negotiation 

/ 

/ 

EC3 


Good representative office. 

' Minories, 

2,480 

In the heart of the shipping and commodity -. * 

£6.50 per sq. ft. approx. 


market. Completely modernised and carpeted. 

.. .. 



Exceptional value. 

• London Bridge, 

Rent by negotiation 

EC4 

4,295 

River-front building comprising a mixture 
of open plan and private offices. Common 
parts at present being refurbished. 

New Bridge Street, EC4 
£5 per sq. ft. apppox. 

1,200 

A good address in a rapidly improving street. 
Modernised light functional offices. 

Southwark Street, 

SEI 

1,313 or 

An Office building in main street south of the 

£4.75- per sq, ft. • 


4,781 or 

river with all modern amenities. 

* 


8;i«4 

7-year lease without review. 

Blackfriars Road, 

SEI 

3,855 or 

Prestige, air-conditioned. Ground Floor. 

Rent by negotiation 


4,620 or 

Just south of the bridge.. Probably the best 



8,475 

space on offer in this area at the moment. 



'T.T. . 

tfCiluFiwsi 

mSAM 

1 ■V 1 _ 

Sees to be 

let 


London 

Astorr/Birmingfam^ 

Atefdeen;&idg& of : Boh^^ 

Beifflfrtf 5,000 20,QQffsq.fL 

Milton Keynes.. — 4,750-27,S5(isq.ft. 

Noiwicfi.".:::...::::;.....:.;::4,0Do-2d^00sqTt. 
GreatYarmoUtb unitsfrora3,7(10s{|.ft 
Lowestoft. . ....lv-:.. ; units from 3,25 0 sq.ft. 
Droitwich, Wor£i...units from 2,000 sq.ft. 
Nehtvyich^'Cheshit(p.._ i .:^..::..;i:'..„.-7^.00'Sqi.ft; 

Industrial land^lor sals 

Aberdeen/ Droitwich/Milton Keynes, * 


n A\>l 


l eF“S“®' > 




FOR FURTHER DETAILS CONTACT 
THE CITY AGENCY DEPARTMENT, 




Son & Staulcv 

.CHariered S-J-y'-yc-.-s 


Vintry House, Queen Street Place, London EC4R 1ES. 
Telephone: 01236 4040 


On the instructions of 
Nuffield Nursing Homes Trust 



19-21 Drurmheugh Gardens 


FOR SALE: 

FburTerraced Steaie 


Peterborough 



; ^^33-68931^.-.;:<7- 





Apprax. 1^500sqftnet 

- witfi car parking ; 

Rk^i«riBGs,CharieredSurveyc7ro 
75 Hope Street Glas^jwG2 6AJ . 

Teleph6ne:q4i-2D4193f Tetek:Resool 778847 


GREAT TOWER STREET, EO 

OFFICES TO LET 

10.000 MJ. ft. 

W BtKRY T EMPLETON 
' ,r .. .£. 
Phopehty Consultants v ; 1 














m 

Hk 


FInahdal \73taes Friday Aprfl 28 3578 


industrial 

Property' 





at the touch of a button. 


Gatwick Airport ^ Rec 

Warehouse Units To LetlO— 20,000 sq. ft. Wai 

To beBuiltlO-145,000 sq.ft. 100, 

Greater Manchester. Rea 

Warehouse/Factory Units To Let Site 

10-350,000 sq.ft 

4- Laud for Redevelopment •••'.. Waj 

Chessington, Surrey. 

Factory -t- Offices For Sale/To Let * 75 ’ 

654300 sq.ft - 

Runcorn, Merseyside. 

Factory To Let/Lease for Sale;. 

26,000sq.ft ‘ 

CityFringes,FC2. 

Refurbished O&eAATarehoTJse/ShowrooinL 
n,250sq.ft 

One of tilt; J1JV COMPUTON services 


Required for Clients. 
Warehouse/Distrihrution Centre/Offices. 
100,000 sq.ft 

Reading/Wokmghain/Maidenhead. 

Site would be considered. 


Wanted for Major Applicants. 

Site of 10 acres for development of 
175,000 sq. ft Factory/Offices. 
Berlcshiie/Herts/Bucks/Bedfordshire. 


ABERDEEN 


small parade of 
SUBURBAN SHOPS 

INVESTMENT 
FOR SALE 

Producing £10.550 pa. Yielding 
in excess of )&%. Excellent 
grouch prospects. 



IN YOUR SEARCH FOR 

[SHFACTORY. 


I 


BERNARD THORPE 


3i George Street, Edinburgh. 
Tel. OH-ZK'4484 : 




I\. >w> 

Luni *n 
Vw r 4i»jWim - », 


?/An"A*.” ; A 


Chartered Surveyors 

Industrial Dept., 

33 King Street. London EC2V 8EE. 
Tel: 07*6064060. Telex: 885557. 


MODERN LIGHT 
INDUSTRIAL PREMISES 
BLAYDON 
TYNE AND WEAR 


79,000 sq. ft. 

pmdueto» area with 3.900 sq. ft- 
oJfrcw all kc in & acras xppn}*- 
ideally - suited to clothing trade or 
wvdnM'ng- 

FREEHOLD R.V. £19,500 

FOR SALE 

it leas than half modern building asm. 

Only £295,000 for quick sale 

For ranker dttorh cornea Jo tot age Otar 
STOREY SONS « PARSER. 
Hrfftam House. Now Bridge Street. 
Newcastle upon Tyne. NE1 8AU. 
Tel: 0632 26291 
and 

G. F. SINGLETON S 00.. 

S3, King Street. Manchester. 

Tel: 061.832 8271. 


WAREHOUSE/FACTORY UNITS 1 
1EKHTON BUZZARD, BEDS. 


Superb central location-quality 
specification-competitive rents-5000sqJt 
upwards -orio your requirements 


B®WHGHAM SHEFFIELD * 

I AARPOffT inffsm? * 


Contact: 

Peter D ever ell, Marley Estates Ltd., 

Cherry court Way, Stanbridge Road, 

Le^hton Buzzard, Bedfordshire. 

TelrLeighton Btizzard(o 5253 ) 59 io 6 anytime. 


fl\WBUZZA«j/ 


BEDFORD 

TO LET 
FACTORY PREMISES 
17,000 sq. ft. 
only 86p per sq. ft. 

Full details: 

KILROY COMMERCIAL 
50. ST. LOYES, BEDFORD 
Telephone: (0234) S09S2 


OWJOSTEH^X 

;w 

5 SWINDON 


zj ujtdu 
7-AIWMT 

,S 13MLES 


ES marley 



ISLE OF MAN 


AUCTION WEDNESDAY. 17th M/AY 
■ Unless lild- previous I yi 


45.5 acres anprox 


South lacing. 850 yards road frontage. 
Approval in print tale 22 1 ’: acres real, 
detitlsl. No house or buildings Alr- 


RaHcty. P.O Box 1'. High Wyiomhu. 
Bucks. 04?a-2t2Si. Attention of Mr. 
D.. E. Brown Chryxtai Brotners. SMHt 
ind KtiruiSh. Chartered Surveyors. 
Ramsev- isle of Man. 0624.612236. 


Good location in 
major office area 


, 1 - j a 

■ / : J* ..f 


Every modemvimity 

* Full air conditioning 

♦Three automatic 
passenger lifts - 

Prestige entrance hall 

* Carpeted throughout 


The property is situated 
on the northern side of 
Fleet Street between Fetter 
Lane and Ludgate Circus. 
Blackfriars, Hoi bom Viaduct 
and Chancery Lane Under- 
ground Stations are all 
within easy reach 



POYLE 

LOUDON HEATHROW AIRPORT 

READY TO BE LET 
334100 sq. ft! NEW WAREHOUSES 
iac. 8,945 sq. fL PRESTIGE OFFICES 

. UNITS AVAILABLE 8 - 67,000 sq. ft- 

Sole 7 Agents: McKAY SECURITIES GROUP 


Ki| E=| I BDCU 43 ST. JAMES'S PLACE 

LONDON SW1A1PA 

& HARDING 01 -493 6341 Telex : 24310 

Chartered Surveyors. 




mm 




i hi i 


0FFIGE 


THE MOST EXCLUSIVE 
OFFICE FURNITURE 
IN THE BUSINESS 


MAYFAIR 


HEADQUARTERS 

BUILDING 



OFFICES 
22,000 SQ FT 


FOR DISPOSAL 


CAR PARKING 25 SPACES 


SWEDEUNE LTD. 
15 Old Court Place 
London W8 
Tel. 01-937 Q806/2MS 


WRITE BOX T4872, FINANCIAL TIMES, 
10, CANNON STREET, EC4P 4BY 


HAMMERSMITH, W.6. 

- 1 ’7 

Freehold for sale 

PRIME INDUSTRIAL PROPERTY 


with development potential for factory /warehouse units 
subject to planning consent 

Total site area approximately 55 acres 

300,000 sq. ft. of obsolete buildings, together with 
13,000 sq. ft office block and 12,000 sq. ft workshops •< 
of modern construction 


.. ‘ .. 



TO LET 

PRESTIGE CITY OFFICES E.C.3 

: 500-1.500 SQ. FT. GROUND FLOOR, ST. MARY AXE 

1,700 SQ. FT. SEVENTH FLOOR.- DUKE’S PLACE 
SHORT LEASE ALL SERVICES 
Apply: Ref. AJCD. Cay«r. Irvine Property Management Ltd. 
2-4 Sc-- Mary Axe. London EC3 

Tel: 07-283 4343 


VICTORIA 

IDEAL COMPANY HEADQUARTERS 

OFFICES 6,300 Sq. Ft. 

Plus 

1,400 Sq. Ft. STORES/OFFICES 



EXCELLENT OFFICES AVAILABLE 
ARRANGED ON GROUND & FIRST FLOORS 

★ IMPRESSIVE PRIVATE ★ CAR PARKING 

ENTRANCE . ★ CARPETING 

★ 24-HOUR ACCESS - * PIED A TERRE 

★ PART AIR-CONDITIONING * KITCHENS 

FIRST YEAR RENTAL- 

Only £25,000 p.a.x. 

on i New lease by arrangement 


Sussex 


25,000 sq. ft. PRESTIGE 
NEW OFFICE BUILDING 
PRIME LOCATION 


W 

| 





OFF 




DOUGLAS, IVONS 
AND LYONS 

33 Kr^artonSsM London SWW 8 SD 


M [Leighton GokfhiH & Partnefs'j M| 


Mtnwil* ttaa, Sb Mfen* Slit* U«taMX 4 £S 
TJ«iJW73 




01 - 0211 


Write BoxT4870, Financial Times, 
10 Cannon Street, EC4P 4BY. 


OT-491 27S8 



74 'GrosvencT Street. London' W1X -9DD 


Phase II of a major office development to let 

Subicct to consents 


r - _ 

Anthony Lipton& Co 


approximately 70,000sq ft located close to 
Kinds Cross and St Pancras Stations 


$8 Cur z on Streets London W1Y 8AL 
• Telephone: 01-4912700 A 



Kings Cross Hous 





:t»i rt4i-jpr 



































OFFICE SITE 

urgently required for clients 


All £h etc leairitics having been sold, thiiadvartamn^tg^wrsw 
>‘mattw of record mI)e. 


central London/inner suburbs 


A freehold site 
or existing 
modem building 

240,000-300,000 

sq. ft. net o»wm) 


THIRD PROPERTY 
ASSOCIATES 
UNIT TRUST 
“BOYDELL COURT” 

TRUST VALUE 
£1.73 Million 


All units have now been subscribed 


fi g Knight Frank & Rutley 

iVf W 20 Hanover Square London W1R OAH 
+ R » Telephone 01-629 8171 Telex 265384 


Managers: Westgrove Securities Ltd. 
100 Park Street . 

London Wl 
01-629 1248 


' ) John German Ralph Pay 


HAILSHAM Sussex 

■ Freehold 
Single Storey 

WAREHOUSE 


Office Buadlng-london S.E.5 


9,600 sq ft 

on I.S acre site 


6,000 sq. ft. - TO LET 

* Excellent Location for West End/City * 

* Completely Self Contained * 

* 20 Car Parking Spaces * 

* Full Central Heating * 


wmi 


ISYMM0NS 


Tel OV 834 8454 


56/62 Wilton Road. London SW1 V 1 DH 


LONDON W1Y6BL 


01-499 9671 


FITZROY SQUARE W.I 


FREEHOLD OFFICE PROPERTY 
WITH MEWS GARAGE 


FOR SALE 

Price £295,000 
Further details apply: 

BRADFORD & CO. 

40, Goodgt Street. W.I. 01-636 8448 


JOHN D. WOOD 


PROPERTY APPOINTMENTS 


URGENT REQUIREMENT 

12/14,000 SQ. FT. MODERN OFFICES 

N.W. LONDON— ACCESS M1/M4 
20 car parking spaces 

Details to: fRef. JLM/ASH). 

23 Berkeley Sqnar*. London W1X 6AL. 
Tel: 01-629 9030. Telex: 21242. 


INVEST IN 
ANTWERP 


^*V**w. 

IHru Mt |'. 
manin 
r*j «•«*.' - 


BtWiim. THIRD PORT OF THE 
WORLD. N.W office boiWing. 


prestige lire being tin river on 
32.50m. From — 2.835 sq. m. office 
space. Purchase price 87.000,000 BF 
including all cess and VAT. Rental 
price: 6.000.000 BF p. annum phis 
pearly index rise. 


.. . Informative: , 

. Dan pet de Oirre 
■ 17A av.Vrfe la Tofion d’Or 
1060 BRUSSJXS, Belgium 
■ Teb 5T3.04.Ctl 
‘ Telex: 23329 DEVUR ■ 


PROPERTY INVESTMENT 


Expanding our activities we now require a well experienced 
person for the above post at our Head Office near Watford. 
Ideally the successful applicant, who will be between the 
approximate ages of 35 and 45, should have been involved in 
the property investment field at a senior level. 

Reporting to the Board, the person appointed will be responsible 
for the management of our existing property and land resources 
and will undertake investigations and evaluations ai\d make 
recommendations regarding future acquisitions. 


A salary, reflecting the importance of the appointment, will be 
negotiated and other benefits include a company car. and mem- 


negotiated and other benefits include a company car. and mem- 
bership of our Contributory Pension Scheme. 

Applications, giving full personal and career details and quoting 
reference FT. 101, should be addressed to: 


The Managing Director 
THOMAS MdNERNEY ft SONS LTD. 
The Gfeen • 

Croxley Green 
Rickmanswortfi 
Herts. WD3 3HN ;; 

Tel: Rides man worth 76622 •/ 


AFINANCTALTIMES SURVEY 


INTERNATIONAL PROPERTY 


MONDAY JUNE 5 1978 


The Financial Times proposes to publish a survey on International Property on 
Monday June 5 1978. The main headings of the provisional editorial synopsis are set 
out below. 


INTRODUCTION Property dealers around the world have been polishing up real 
estate’s recently tarnished image as the most secure of long-term investments. The 
dealers have been forced to redouble their normal propaganda efforts because of 
the evident gap between promise and .performance in world property investment 
markets over the past four years. . . 


THE MARKETS: 

EUROPE: FRANCE # WEST GERMANY • THE NETHERLANDS • BELGIUM • ITALY 
IRELAND • SCANDINAVIA • EASTERN EUROPE • SPAIN 
NORTH AMERICA: THE UNITED STATES • CANADA • SOUTH AMERICA: BRAZIL 
' AFRICA: REPUBLIC OF SOUTH AFRICA # NIGERIA 


AUSTRALIA 

FAR EAST: HONG KONG • SINGAPORE • JAPAN 
MIDDLE EAST: EGYPT # IRAN • UNITED ARAB EMIRATES 


For further details on the editorial content and advertising rates please contact 

Cliff Gaunter 

Financial Times, Bracken House, 10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 234 


FINA^ 


EUROPE’S BUSINESS NEWSPAPER 


The content and publication dates of Surveys in the Financial Times are subject to change at the discretion 

’’ of the Editor. 




BARCELONA 


APPOINTMENTS: 


I- Office i» film- CaaJoSi, . heart of 
banking, nwurSftse and business. near 
Bank of Spun, Bank of BHbao. Bank 
o‘ Moron and S. America. Babcock 
an j j WHMX' re. 250 sq. meows, air 
««™iopning. acoustic insulation. 
Ground Boor In showroom /affiee put 
the <3ty; Modem building, air con- 
ditioning. 230 sq metres. Mew lease. 
Lease* wMI be negotiated in London. 

Apnb resitted. 


C. A. 



Write 8 m T.4B71. Financial Times. 
TO, Cannon Scree t. £CiP 4BY. 


SHOPS AND 
OFFICES 


smoH 

KENT 

Modern Offices 

In Town Centre 

9090 sq.ft. 

TO LET 

£20,000 p.a. 

WARD & PARTNERS 


49 HIGH STREET. 
CHATHAM, KENT. 
TEL: 0634 409228 


WORLD TRADE CENTRE 
LONDON 


SelF-contained suites of 657. 848 & 
5000 s.f. for immediate occupation. 
Full range of facilities available in- 
cluding 24 hour telephone & telex, 
and secrecarta services. 


Mr. C. A. Hogg has been ap- 
pointed ". an additional \ deputy 
chairman of COURTAULDS. Mr. 
Hogg joined the group in 1968 
and became a director of Cour- 
tanlds in October, 1973. He has 
overall responsibility . for the 
consumer products. : packaging 
and paint activities of the group.- 
tic 

- Hr. Derek Aogers has been 
appointed circulation - ‘ sales 
director of MIRROR GROUP 
NEWSPAPERS from May L Mr. 
Ron Cotton is to be deputy circu- 
lation sales director and continues 
as circulation sales manager of 
the Daily Mirror. Hr. Michael 
Uoyd wlU be group marketing 
manager' responsible for perfor- 
mance evaluation of the- -main 
revenue areas. These • are the 
first apnomtments to be made .by. 
Mr. Brian' Downing, group' 
marketing director, in establish- 
ing a new marketing department 
★ 

Mr. M. J. Monk and Mr. D. M. GL 

Monk will be joining WALTER. 
WALKER AND CO., stockbrokers, 
as associates on May 2. 


WC7 


been appointed etedritiaH of P. 
MANAGEMENT CONSULTANT ' 
and Hr. John Dnncsa has joint* ... 
the. Board. The company operate ' , 
In the UX. and Ireland, and i* - 
pan^ of PA IntemktiojQaL ' - 

.. / -jIt' - 

‘ Bfr. KC.D. Goodc&Qd has beer-'- 
appointed - a director • of 1£DISQ 
J3B.QKERS: - r 

Mr, A ?. . Owen has . bem ' - 
; appofijtedJ. deputy j&airixuui . a ; 
WS5TON-EVANS. GROUP and lb ; ' 
T. Ryan, company secretary, ha 
been made: it director. M>, , GV 
Ferguson -Lacey -and Mr. R,. ;c .. 

- McBride have joined, the Beard. 

, ' j. . ... 

Mr. P. . i, '• Peers has bear-' 
appointed' director and- general. - 
manager -'*f \ WILLIAM ATTKEN 
HEAD, . .a .-Hawker Siddele; 
company.;--- 

. Mr. G W. Broddchank has beei ■■ 
appointed deputy- -chairman rt 
.SMITH J st; AUBYN -AND CO 
(HOIDINGS) and of S^ith St 
Aubyn Company, v ^ . 


iiii? 

.Hi 

-;4 : i $*' 


. ,r. . 

t - ■ & Hi* I 

4 m&m 

:?$P - . 

■> - v " -" .'-r, 


Mr. C A. Hogg: 


”1 W& 

’ i**.: 

.. xrt 
" in* 

: a 

; ^ -ifi 

' ; 

i^lf 

-’V- tori 




u asaucidies on way a. - ._ afrf General Aircraft (later the : . 

xr r. x. t BlacKbdrn Group) in 1957; He was “BRTliSH. CALEDONIAN AIR . 

. y F -_ ^ ai . dIa . w ’ „ a . m anag- appointed chairman of Hawker WAYS has appointed Captain - 

mg director of British Petrolenm.-5kideIey Dynamics on the -forma- lohu- HaiUrkes: as general manager . 
has a director of taon qf British Aerospace- In AP“1 flight r safety .and technical' 

a mv UM 2 N t> « OTI,in S deputy chairman, services, vand-- ^ptaln Gerak 


Marketing Dmc. 01-488 24M ASSURANCE ^ COMPANY. Mr. Dynamics Group, , .te December Moore ai chief pilot. They report 
r T\ , , J-R- Fort, actuary international. 1977. - i to Captiiin P. A. Wadicmie. M 

For further tietsiii eonwn: will be leaving Commercial Union - ■ * • operations director. 

mrrit^L^AS^T^n PRBOTCOLD' HOLDINGS, - tilt " r 

OFFICE PARTITIONING Actuar^inSer^. SSw' 

Akin mi - conditioning arm of SP Industries, made the following group ch 

AND CEILINGS . ^ . „ . „ ,b*a .announced the appointment, from Mayv. X: Mr. Do 

c iJ'ii l Mnlrj-an and ! flu*. J.flL- of Mr: Michael Hankins as mami- OIipfiaat to; 'be . executive chair 
“SIS 0 ? dfre<Kor it! ? SemU manv Mr.RalplLHtnchcUtte. grouj. 

si. Stamford Hiti, Londwi. n 1 6. ®° a ™ fj 1 .® Alistair Grant, Mr. -. Httbabtlc Unit. Division. -Mr. managing director; &Sri~ MiSad 
ai-802 S 2 S 2 . ^ avid , l Ve ^ ster Mt - John Hankins has held senior - mami- Davis, managing director of the-; 


- 

; rs 

• 1 

' r-T» 
a 

C1^ 
• 7A- 

.-t 

■ • 

.- \is* 


OFFICE PARTITIONING 
AND CEILINGS 


FACTORIES AND 
WAREHOUSES 


faebning appointaients in the ApoUo division: : Mr. Miduuj ' . 
directors of MORGAN EDWARDS, automotive industly'jh the power Broadhead. company secretary, to ' 


FACTORIES/ 

WAREHOUSES 


Stratford, E.1S 
14,300 $q. ft. 

Thurrock, Essex 
From 13.000 sq. ft.. 

Bedford 

From 8,500 sq. ft. 
Potters Bar 
43D00 sq. ft. 


[PEPPER ANGLISS 


■& YARW00D Cta ' 


vevws 

6 Coticv Piac- Loo-jonwireLL 

Tel 01-499 6066' 


* . train geld. have- additional financial response - 

Mr. . W. A. 3faItinson . is t o jf. ; . •. biilties. * a^feteff by. Mr. .-TonV- • 

become vicp-chairman of SMITHS ~ Mr; John Richardson -has been Short: - Mr. George Noble, 
INDUSTRIES on August 1 and . appointed managing director of managing director of the military '. 
will be succeeded as managing PRODUCTION STAINLESS engineering division, as well as' 

director by Mr. F. R.- Horn. ‘ Mr; STEELS. He was previously tear- patent glazing division; Mr. 

J. W. Thompson will be deputy keting and sales manager at Howard Parkin, financial director, f- 
managing director. Charles Wade and Co. . ’ Coastal. Aluminium Products: and. 

*• Mr. Bob Leeeh. - a director of.. 

Mr. Ron Tregoning has been A^hur Young ..McClelland Heywood -- 
aopoirited financial manager- for Moores and Co., and a .C. A. Hunt- ~ " ■ k 

the newly formed SEAGRAM Ington and Co^ Liverpool, -an- Mr. Malcolm.. Banks, group 
EUROPE’ organisation and. con-, nptmee that from May 1, their traffic manager of the Little wood*-- 
tinues as financial director of respective insolvency practices win organisation, -has been 1 elected 
Seagram Distillers. - ["*£** and President of the FREIGHT! ; 

-* TRANSPORT ASSOdATION, - 

i * W**/»T (Jf T A ThTT\ If A/iDf C A 1VTT> - >■ - >> • .“-m n.'. ' 3 - 


- : -T m 


a: 

■. - :t el 


Thn Miiavniv np mTTFTvr’P McCLELLAND MOORES AND CO. ceedlng Mr. lan PhUGiK.. ' . :.&■/ 

_ . MTNTSTRy OF DEFENCE Mr . F . w Taylor and Mr; G - ; - ■ • - S. 

states that Mr. J. EDIswiU become . Chwnbers. of C. A. Huntington. J* . 

director projects and research, wm inin tha nortnorcliin : Wlr -V .MT-. _ AJSH P« ■ DdUUB jOOll, . 


wflt Join the partnership.. 

engineer- -dlKoi-t Pan* ratim nn Anni WILMQT - BREEDEN 


Military Vehicles and Engineer- Gilbert Parr retires on April 39 


log Establidiment, Chertsey,. aa a partner of tike Liverpool TRON1CS as managin g direct .- : 
Surrey, from June 1. in. succession office of Arthur Young McCleriand on May 2. He combs from AFA- .... 


v-r ^ J 


Surrey, from June 1. in succession office of \rthnr Young BtcCleuand on May 2.~ He comes from Ar A- . 
to Mr. I. H. Johnston, who has - Bfbores and Co, from May 1, Mr. Minerva (EMI) imd' takes evtfri 
been made deouty coiitroUer. Christopher -J. FranktamL - Mr. from Me. ’Gland Miner, who 
R and D EstabR'tenents and John E. Smith. Mr. Bernard Wbe- become non-executive depuB, 
Research B, and Chief Scientist well and Mr. David Weir win be chairman until he. retires- towanfe; 
(Army). - ■ ■^-adtplrted Into the partnership. Mr. the_end of the year. -. j- 

* • Frankland and Mr. Smith will be" : * j 


•Sta ’vi2 


pH 


E.16 

MODERN SINGLE 
STOREY WAREHOUSE 

21,000 sq. ft. 
y! TO LET 

With Reverse Premium 

RIKRY BEF.HEY BOWLED 

87 Regent SL, London, W.I 


01-734 3522 


Sir. John - BTills wRl be joining jrtfdent in the London office. Mr. M ^ D simowm. man; 

rrr r cAimn-r a rtrx ' .... 'WhAivsIl in His ManphMtur'nfRM' ulf. C, It- SltnpSWH, man' 


SILL SAMUEL AND CO.- next^ -Whewell n the Manchester 'office; ' ^ 

month with special responsibility I Mr. Weir in tho.,L„erpool 


month with special responsibility-^™ 1 r 
for oil and' energy, particularly^ office, 
in relation to the Middle East It . „ 


be succeeded by Mr. A J: Wi 


:.l «» 

thi 


£ Egsrtsrsva SSnS- CITY OF GLASGOW friendly ^ n w fe£^S i 2 r 2S P ' a 2 4 : 

• « «*.*»*• mc! a a iasssjyssM.- 


..*.A - 

L\! 


SaThSS ^neral'manager 'and M***Sral manager, is WS newappointaentatUlvmtm 

chief executive of Lindsey ‘Oil sultant. Mr. DavH Wright, deputy ]ater m ** 

Refinery for the last eight year* r sen era l manager and actuary, * . 

.... - '.I.*.-: r.:~Tg^ bec omes gen e ral -m an ager and Hr^Aha yhWj iM tem 

The Secretary -for Energy- has ^ r ? T ’ lu T 
appointed Mr. Frank HolloHCRy as J®? 11 YAK W 

a part-time member of the A- -V ° Btamlgy, . t- -: 

NATIONAL COAL BOARD from g^retaff, -ffbeyngee hi vestment \ f 

May I for -three years-. ?Mr. 03a^8g«-.M»dP»eW»lPry.. • SP Indt^trtrs'-Tforing^. I*Wx. 

tSSTA -SSSSK; UTS . 

British Steal Corporttion. . . 


* : ..£ 
'■ t.j: 

r.-j 


FOR SALK. Modem . LeaseholO Psetoty n;»p™ny IVwb. j,,!— ... R'rR-DF .QOMMERCE AN 

C12 JOO so. n.) »nd others <2.200 4q. OJ - Mr - UOrmfOd UOWBS. <W34mian !« -Afrecfer nf mi 

on sit. ci ti acre* .t Thorrrton Heatfi. and managing director of Racardo . w **. aa tr*r r ,2: 171 ‘ 

Surrey. The heud lease hi* 51 rws “"j mg, UX: plants, Tim OX 

remaning wHti fixed ground rent Of an « Company, has been .elected H . mLi 


remaining wWi Axed grourwl rer-t gl 
£340 pa. Early occupation possible. 
0 1 -653 6581. 


FOR INVESTMENT 


j] an “ “JHnagjng director or wcarno j tlx.-- btants. Timex Como r a- projects for Alms. They Jtake. Up 

:ppSw^Jh?iNfflwmS} «-i; s v 

1 OF MECHANICAL ENGINEERS in p‘ ^^’ raro> chairman ol'Munro ^ -. 

succession to sir Hugh Fort. Petroses- .. . ... \ - **r : Brian- SUe .has been • • 

a. r r - • .* * ■ aDDomtetf l matin2inF director of 


SHOPPING t 


FOR SALE 


Portfolio of 5? Secondary 
Freehold Shops situated in 
major towns throughout the 
United Kingdom. All let to 
one excellent covenant. For 
sale as one lot or in Iocs of 
£500.000. 


Investing in North Sea 
and America oil and gas 
production through - 


Sole Agents 

James Andrew 
& Partners 


62 Pall Mall, 
London SW1Y 5HZ. 
Telephone 01-839 4436 


ur dihuiiiijuiw ju Dah-nx-o* 1 . i , __ 1 . 

succession to Sir Hugh Fort. Petroses. - -.. . .. ... t . Mr. Brian- Shde; j ha3 been 

* _ *l.VL ■ *. ■ ■ . ' app ointed - managing direct or of 

Mr.J.W. D. Campbell, chairman J* .eHATWIN-.FRB- 

"BSSJJ M W *MBrALS TECHNOLOGY CIS ^ 0 V' :r -.' 

KeVe^dent^r^MOTOR ^ - on | = ■ 7 = = 

SPuVSSTAr 

.ASSOCIATION OF BUILDING vl °usly Project duector. .. , .- ■■■ VHcing Rasourc4w “ 

SOCIETffiS, the retire- Mr H J. Burley Sriiitb Jnw ™ Iritaitifttional M.V. 

ment of Lord WakeSeld of bPcnme chairman of INTTERNA- . " • ' - ; - 

' * v manage- Lis,fld on th, Amsterdam 

.. ... . ■ MENT (QKV, succeeding Mt. Ian • * Stock Exeharim r . 

Mr. Wolfe J. Fronkl has been McAlley. who continues as : » • • i K txemange . 

made managing director of U.S. consultant to the. Board. — 

TRUST LONDON. * . ■ . TTia quartiwI vrflMrta* 

+ ' cf31st March. T97R . 

Wr. X HL • Vernon nsS dc^ii • u 3t 1^0. m ihiich»f> 

Captain E. D. G. I-ewin has appointed' a non-executive direc- - • _ has Dsen pup ltthea; yo 

retired as deputy Chairman of tor of MIDLAND INDUSTRIES. may be omainad, frofn; 

BRITISH AEROSPACE DYN- He is a tttuftner in Vernon and ' • • •= :V, 

ABUCS GROUP. Following service Shakespeare; '■ Pioreon. H aid ring & PierSDn'N.V- 

ln the Royal Navy. Captain Lewin .* "* '' - ‘ ' Herengracht 2 14."; Am star dam 

became a director of Blackburn Mr. - Douglas C- Mulriiead . has — — 'y - 




Viking Resources 
JntemationarN.V. 


Listed oh the Ammortfam 
Stock Exchange ~ • 



■THe quarterly report ®* 
qh31»t March. TB79 . 

has been published; qnd 
niay be obtained. ffo(ir -. 


INVESTMENT 

Freehold Shop. Office & FUt. London 
N.W. 10. Producing £3,000 P.a. -> 
Vacant Hat. (Merkrt Rent £1.500 
p.a.). Rent Review every 3- year*. 
Review due chii year. Lee to 2 Ten- 
ana. Tenants willing to rent flat. 
Potential Appreciation. Offers in ex- 
cel! of £25.000. Oinolution of 
Partnership. 

Write Bo r T.4866. Financial Times, 
10. Conrtan Street. E C4P 4BY. 


Hoe 



NOTICE IS HEREBY GIVEN THAT 


New Industrial Estate 
GLOUCESTERSHIRE 
FREEHOLD 

£960,000 TO YIELO 91 “4 


GOLDENBERG&CO. 


r i i; u fj 


The Annual General Meeting 
will be held at 10 am., 
on Tuesday, 6 th June; 1978, 


at the Jahrtmnderthalle In Frankfurt amMfdn-HSchst, PfafRmw l eaa. 


Shop Investment 
KENSINGTON W.11 

Entirely let to Sketchley Ltd. 
F.R. & 1. lease at low income 

SUBSTANTIAL REVERSION 
in 1981 


£135,000 Freehold 
Ref: CT/QI-408 1582 


ay. later; 


1. Presentation of the Annual Report; and. Accounts of Hoedvt AkttanseraU*; 
schaft for 1977, with the Report of the Supervisory Span*, and the COnsoiK 
■ dated Report and Accounts for 1977. L : -V— !■- 


ir" A ' 


HIGH YIELDING Reversionary mdustrul 
invcatmeni. Scuth East Esici. For sale. 
£70.000 suDiect-to contract. The James 
Abbott Partnership. 15117 Alexandra 
Street. Samhend. on-Sca. Tel. 07021 

13.7’b YIELD, industrial, London. E.14. 


5.270 so. It. nperox.. mostly slngle- 
storev plus open yard ol some 4^00 
sq. it. Held on lease lor a term 
of 48 years unexelred, fixed ground 
rent £1fi0 p.a. Let to a subsidiary or 
a Publte Company on F.R. A I. terms 
art £5.300 oj. ex. with rent reviews 
In 3 years. Prkc: £*0.000. Gilbert 
-Luck and Partners. The Estate Olhte. 
2a. Portman Mansions. Chiltern street. 
London. W.I. Tel l 935 7160. 


2. Allocation of the profit avaHabla for dividend: ’ ' ' 

■ it Is proposed to pay a dividend of DM6.-- par share of DM CTnomlntrifrir 

■ tha financial year 1977. 

3. Ratification of the actions of the Board of Management farjWTT* - _ . • j 

A. Ratification of the actions of tha 1^1977. ' V ; ) 

5; Election of the SupsmsoryHoenL 'j * i - ;-: - V' ; :'.' r 

6. Election of auditors forthafirumdal yeaf T978.'' . 


^■5 _ 


%C s * Cs; 4a 




WANTED 


The full agenda. Including ffta. proposed resolutions^ - fa : pMaa^d « the: 
Bundesanzelger no. 81 of 28th Aprft- 18Z& ' jf s ^ v ;-.; . v ; ; : : ; 

Shareholders wishing to be present smd to vote at the Meeting muft Comply 
With Article 14 of the Articles of Association anti ctaiwstt ftrir share certifi- 
cates during usual business hours by Thursday; 1st-titnie^4878at the lateu^ 


WE ARE ACTIVELY Zedong Id pmchjse 
Commercial Property invesimenls 
between £20.000 and £500.001 lor 
dicnis. Details to N. Cents. Genis A 
Partners. 285 Ectgwarc Roao. London. 
W.i Tel. 01-725 3675. 


LAND FOR SALE 


no. 81 of 28th April, 1978 or. In theUnited Kingdom, A Iheo^Daapl-r-'- 

... 30, Gresham ^irest •’ &r . : Y . ‘.rrf 

. London EC2P2E8.:: >: f v ' -c 

Frankfurt am Mam, April 1978 .. ■ • \ ; [-■ • • ! • ' ;> ; ; . 


EDINBURGH, near City Centre. Vacre 
Site as private courtyard, xith planning 
consent for development. write Box 
T.4876. Financial Times. 10, Caiman 
Street, EC4P AST. 


' AvvHoecJKt AkfiraigBselfeChaft 



























*u 



:e °llw 

C «*N? 




Financial ; Friday April 28 1978 



age 



19 


EDITED BY CHRISTOPHER LORENZ 



Why Britain is so weak 


srTTAINS^ “jSadviv' under- 
lament in skills "ind te<±- 
.S off " Jias left it in a, far 
ijggjjer position Than its.. induS- 
'^. Salised competitors to exploit 
potential. for . iieyr products 
; therefore new employ- 

" ' *■ yet competitive success 

manufacturing -will depend 

■jflflagly'- oh innovation, in 
iatised design and market- . . . 

cS^rtrepglti 6 m* 3 machine Marketing Research, pro- ness of the problem— Mr. Pavitt manufacturing challenge from in 


ill product innovation 


advanced 


vided V deeper and more added the 


point that convcn- the 



the industrially 

hroeess engineering vtneu * «wj»w .«»« uiuie aaaea me point inar conven- me loss developed countries, countries. 

'N '■ L rTthe application of elec- extensive analysis of the need tional economic thought denies Mr. Pavitt forecast three types - The Japanese 

i jee for. .product innovation — and that technical change raises of major influence on technical motor-bicycles 

■ - < - >he Weak me«aBe : to BritaJn ' s P 2 ^ t ^ a f P n)b,ems ” long-term problems; a theory he change in the OECD area over Jap anese and U.S. 'experience 

rejected in forceful terms. the next 20 years: ^th pocket ‘ calculators, -sug- 

Much of his supportive • Changing patterns of demand g est5 tihat new segments of 


experience 
motor-bicycles, and the 


s recent 
March 14). 
Parker’s main 


v v J i-Thix is the bleak message- to . Hurft Parker 

SJK-W&rs! 

<. "VfpritC : **’°rJ eU ° h TTnii arguments was that, manufac- 
i^ eDee - T f 0 < llC ^i^ S ^Wi'h^T-pflprt turing industry in-', the less 
; Y ^\ 5 S*ssex Universi^,wtuch ^5|5 developed countries (LDCs) 
“ .. .Such of the Umf s recent work. be moving - up- 

1 weak- position can market," from basic Into inter- 

% traced back to urider-inyert- mediate and, ultimately, ■ into 
‘ aent -in both -skills and teeb- higher technology . products, 
-tWlogy since the beginning of thus- . : challenging 

1 _ O . 1_ . -A. I _ Uamb rw4 til ' . * 


BY CHRISTOPHER LORENZ 


market growth will depend not 
first on conventional cost-cutting 
in manufacture, but on active 
design -and marketing, some- 
times ailied to radical changes 
manufacturing technique/ 



Sweden???'' 
Netherlands 
Italy Y : .:. 



-*■ Japan 


' „>• ■■ 


W.Germany 


fc— U.K.. 


1963 


4973 


lUiMaSrwl 


sons, the Netherlands,- Swedp; 

■ Switzerland and Japan were a^o 

in a strong position. - . ; \ 

For France and the United 
States, the situation was “ % 
certain/’ Mr. Pavitt said it was 
not yet clear whether Frances 
industrial recovery since the 
war had produced the right sort 
of technological capabilities. 
U.S. industrial technology “ miy 
not be. as strong as the cqjl- 
venlional wisdom assures n^" 

■ especially in machine-building. 
Countries he considered to bo 
weak included the recently In- 
dustrialised ones 'r lit southern 
Europe, who might not yet ha’CB 

_ created the requisite techno- 
logical capabilities, and the 

■ UJt His gloomy analysis of Ifie 

U.2Cs. position and prospects ;is 
explained in the second article 
on this page. . Y 


material was drawn fnim un- for consumer and intermediate Madrid inference was told. 

_ _ 'established published studies — such as products. With increasing income levels, 

f%is Tentury, but has been still industries" in the" 1 Western world evidence challenging the 9 Higher energy and environ- new consumer demands would s 

.^'fotsened in -the -past 10 to 12 aCr0SS a broad front. • fashionable view that con- raeiJta ] costs „ emerge. Work by one of Mr. 

: iMirs by ■* a precipitous decline ” This challenge had not vet sumers spent more and more - 3 . n r PavUt * s colleagues at the Unit, 

'.Ih-its industrial research and W i de ] y perceived because thcir income on services w _ Ine unpaci , micro- soon t 0 be published, offered a. 


. j : development, compared with jj" w°a s^sti U indirect ■ Mr. Parker rather than goods as they grew on , products and framework fur analysing what' 


■’ ‘.- that of other OECD countries. ma1n tamed, in that the U.K. and J*cher between the 1950s and e ^ a " d other these future demand's might be. 

. ^,^:p,v..tar E »ed. .o-, w«»»- «-■*. ™ "LET *ZrSi “J£S"£ 

■ - - 'flis - papers, presented at a not yet meeting the LDCs as gainst assuming that the . 

•; 'w nin by Bradford Man- competitors in third counlries fulure of manufacturing indus- particular . 

* ,? >VX5Lit Centre and at a con- on a substantial scale. try can be neglected- because Some of these influences will 

nT the technological . To this explanation of the "sendee sector" will be dampen growth and employ- 

, forecasting division . of the_ need for greater product in nova- ab3e ,0 absorb surplus labour. 

. European Association for Indus- tion— and widespread unaware- In addition to the growing 


Spending 


SHftRE Of PMEST1H6 IN THE D.S . 

Cof US. Patenting by Residents et Ten Leadmg Cduniries. 

UK.-—/ 


Rather than spending an ever 
bigger proportion of their in- 


r j K rs 

■s'v • ■ 


•c-; 


.. i 


Patently disturbing 


* PAVTITS attack on the 
- . ^Vdjcllne in _'j U.K. industrial 
C innovation -.was - based on- his 
r aaalysis of T two measures of 
•• iinovative activity: R and D 


U.K. INDUSTRIAL INNOVATION. 
BY SECTOR 

(Teui HAD expenditure as a •• of 


a nee the. .l9Ws; nna last year s 
teport from the' Department of 
Commerce on. the" national origin 


:.B83, 


aid Forecast; show that 


U^. has declined steadily 
•-■^-4ice 1890. from .almost 40 per 
; : ect- to just over 14 per cent, of 


Ml 

output) 

1463 19U 

1*12 

tors 

Tata! manuf. 

Ftid, driftfc 

4 A. 

O 

3.7 

3ft 

& tobacco 
Chemicals A 

M 

U 

•-* 

1.0 

drugs 

Petroleum 

u 

5.1 

6.4 

6.7 

products 

Iron, steel & at tier 

1.6 

6.1 

,5ft 

2ft 

metal prods. 

2-1 

2ft 

1ft 

1.5 

Mechanical eng. 

3J 

32 

2ft 

2ft 

Scientific Instrus. 
Electrical a 

6 J> 

4ft 

•5ft 

3.* 

electronic 

ZL2 

111 ■ 

Uft 

10.0 

Shipbuilding 

1.9 

1ft 

' « 

2.6 

Mater vehldea ■ 
Aft- craft A 


4ft 

4ft 

SJ 

missiles 

Fabricated 

«*J 

362 

34ft 

2*.0 

metal prods. 
Textiles ft man- 

1.1 

12 

Oft 

Oft 

made fibres 

1.6 

12 

1ft 

1.4 


others will augment 
them. Standard consumer 

goods (refrigerators, washers, come on services than goods as 
etc.) and standard bulk gre* richer between the 
materials (plastics, fibres, fer- mid-1950s and -1970s. — this was 
lilisers. pesticides) will be par- U 18 ®ost widely-held view of 
ticularly depressed, Mr. Pavitt post-war consumer spending 
warned. patterns — customers spent their 

T-hac- „r „ money on private cars instead 

°f !” urse '. werE s ™' of public transporl: TV and 
Hi-Fi insiead of cinemas. 

valenl in the early and mid- Future growth U demand for "."shi^e C ^achlH^" i and 

3960s. that the LUC was a great them from the OECD eountries machines and 

technological power with a W ji] be dampened both by in- « ls « was “" s 

" ' •"/ ?e%ced labour-intensive '£■ 

laiKea by higher investment costs, he 
be con- argued. 



in particular was part of a long 
term trend. The belief, prt 


JAPAN , ^ 

"mV 'TlV 1921/" 1931 ^ "isST*"m 51/ '^1961/ I9T1 
'95 Xfi ’15 '25 W 45 ‘55 '65 'TS 


Challenge 




If. his arguments will provoke 
despondency in British ' indus- 
try, they will also taftate many 
economists, both .irT'EuroRe^ and 
NoiiJi America." ‘Hechallengda 
the -view of ” thB-two mort;is^ 
fluent iaJ schools 1 ot ; "economy 


thought in the OECD.eeuntriex” 

—neoclassical and Keynesian— * 


jtnftire; The utp rkori u dust'd or OECD turns Urs rcicasai n iva and urnifuw-rf 
bv tire Sncnrv Potiev Resturrii UniL TUc praph is txucd on iiijnfiiialfun suHPbnl 
to the Una Uv tlie Oflice oj TiThnohJOu Assessment and Forecast, UJS. DcpurbiieiU 
ol Cinmucrcc. 


tiiat technical change creates no 
major long-run problems, pro- 
vided certain conditions are 
met: that the factors of produc- 
tion are flexible, that their rela- 
tive prices reflect conditions of 
supply and demand, and that 
aggregate demand is .expanded 
in tine with productive capacity. 

“ Such a view is inadequate,** 
according to Mr. Pavitt. Many of 
the short-term problems— which 
conventional economic thought 
admits may arise — seem to be 
taking a. long -time -1o work 


illusion 

historical 


because it 
perspective, 


Since the 1960s, much more 
detailed and comparable statis- 
tics on R and D and patenting 


Warning 

“ Employment trends wM E" 

rn down even more sharnlv.’* ... r.-.* has already been mentioned, and 


^ tte total awards to the 10 lead- Q missed' tn sphu. 


Suun-rr U h* GarcnmiiDiC «iaimi'.-s. 


■ .vj^ii • industrialised ; countries 
• - /- rfich are now OECD members 


(sdiiding the TJ;S. itself). 

• The decline has, as one would 
esect, been most marked in and 


in replace domestic W ere energy and labour-saving turing:’ for example, the' produc- themselves out, 4 ‘.and : .Jbng-terni 
other words, they machinery; the low-wage tion' of' educational programmes equilibrium may be*, something 
countries would provide grow- for electronic consumer goods, ve never reach, ' since there is 
vices with " domestic capital i n ^ markets fur process equip- Mr. Pavitt also suggested that always some new disturbance." 
goods.” tuent an d machinery from the the further development of some * “ In' other words/’" hV'con- 

Similar trends could be en- OECD area. services (health, education, tinned, “the short-term is tit* 

visaged in consumers’ future The impact of all these trends recr ®ation). “depend on the coming the long-terlS. the^Ion® 
expenditure on education, health on manufacturin'* employment creatlon -° r ^ satisfactory surplus term is receding to mfipity. and 
and domestic enerev throwinc 00 ™ anuia “ unn = employment m manu f ac t U rmg industry- so-called- problems -of < i-frlcN 
un demand for snch nroducts at has already bee . n mentioned, and Time and lime again, then, tional adjustment ’ are become 

is becoming widely accepted by jj r _ pavitt’s papers rammed ing central concerns of policy 
trade unionists home the increasing need for This is certainly true for this 
and politicians. More con- product and process innovation" individual firm; it' is also truss 
troversial is Mr. Pavitt's warn- j n the OECD countries. . Some, of government policies foe 
ing that many of the service 0 f th em we re in a much belter specific sectors or regions, as 
_ . . .. . industries would be affected by position than others to adapt to, they adjust to the consequences 

growth prospects remain , * n ln ^ er, V e ^ ia i e areas the same dampening tendencies: anj j ta j- e advantage of, all the of technical change or changing 

. . , "n sirongert. electronic capital and I or ® xpans,on ^ ou * d be cnal- S as, electricity, water, «o*n- growing constraints and oppor- competitive conditions, or as 

creased in real terms m all be based energy and chemical pro- nmnications, commerce, banking lun jij eSi h e argued. they attempt to. jcwjipete .-in 

• * 1 bulk and large parts of public admini- West German industry was world markets on "the basis of 


in the U.S. have been available. , . , 

For (hr U.K.. U>«r overall mes- * urn evtn ““re sharply. . 

soi-e is met only e hendfol of ^ . Pav,u warn ? d . t0 TV-lipked electronic devices; 

sectors here been 8 rowln * “P 0 ™ ftDm low-wage self-diagnosis; and the so-called businessmen, 
countries, plus the 


industrial 
improving their levels of inno- 


pressures » S oft " energy sources, solar. 


vauon, id relative imemauuaat . , . . . . — — 

terms. OECD statistics show l '°° °M ab o ur-saving technique, and so on. 


that, between M and 1973, product firoups wdiere 

industrv-financed R and D 

laM-m- in oil «»' 

goods, will 


.... .. --JnM^.iicn^ OECD countries except the U.K.; ^ ducL^; fine instead of bulk at 

nations such as Belgium, fYance ,"£? iTto jusVunS? n °!^' ‘ Wk ^ ^ parti^ilarly well placed, he coni some" a^ntage in ^ -kmi 




lO per cent. of the equivalent 


with computerisation and the SK jered, given the quality and technology.” So the future 


V 5 - rtatioo to the - more recehtly in- pointed -out Some of the key u.s. total. 
:-cr dittriaiised countries; Italy, the statistics are reflected in the ^ ^ 


countries will become in- pr ^ e ^f- S j[ ecl, . n o |o S , es- * n steel introduction of word processing quantity of its technical skills directions and effects of tech- 


creasingly competitive in some and biochcm ‘Stiry. for example, just two of the influences. an d R and D activities, and its nieal change were a legitimate 

consumer goods, he argued that The greatest scope fur new Growth in employment in demonstrated strength in concern of public as well as 

services will be closely machine-building and process company policy, • Mr. Pavitt 

to success in manufac- engineering. For various rea- emphasised. • i'L '■ 


®fterlands. Sweden and— charts, 
ajwe .all— Japan, 
ais been noticeable 


" Rot it ha* Thus ihi» recent decline of the financed R and D in 1963 and other types of consumer goods market- gruwih would be in many 

abif in^om! vS rtXT WS b Irian's 7o S itiofre?ati^to Were lik6 ' y l ° c °“ Unu# *" owinB g0odS 0bvious exam P les 1,nked 



L u j. as a sz ■ *■ ; ^ 


other countries. In 1963. it was 
at about the same level as West 
Germany. By 1973, it had fallen 
well below Japan, Germany and 
France. 1 

Ond^of the most telling set of 
statistics is summarised in the 
table, which traces the ratio of 
R and D 'expenditure to net out- 
put in 12\sectors of British in- 
dustry oveft the 12 years 1963-75. 
.It confirms That there has been 
a decline siiice the 1960s in the 
proportion of resources that 
industry devotes to R and D. 


Decline 


The most marked decline has 
been in ferrous and non-ferrous 
metals, mechanical engineering 
— “ the heartland of British 
engineering,” as Mr. Pavitt 
called it — fabricated metal 
products and electrical and 
electronic engineering. The 
only strong upward trends 
have been in chemicals and 
shipbuilding. 

Industrialists were castigated 
by Mr. Pavitt for this reduction 
in the share ol resources they 
commit to R and D. He claimed 
that the newly-analysed inter- 
national statistics cast doubt on 
many of the conventional ex- 
planations: an economic environ- 
ment which is not conducive to 
investment in industry: low 
growth and low profits reducing 
the resources available for in- 
novation: and lower expan- 
sionary expectations about the 
(inure. 

Mr. Pavitt emphasised that 
many other countries’ sector- 
by-sector breakdown of R and D 
shows nothiQg like the same 
depressing trend. And he 
questioned why there should 
have been a much sharper 
downturn in some U.K sectors 
than in others. The per- 
formance of the mechanical 
engineering sector seems par? 
ticularly worrying; the point is 
rammed home by Mr. Pavitt's 
claim that there has been a 
fall since 1970 in the number 
of qualified scientists and 
engineers employed in U.K. 
mechanical engineering. 


Performance 


Another relevant factor is the 
Unit’s research into whether, 
as one would suspect, the trade 
performance of most industrial 
sectors is elosely related to 
their rate of innovation. The 
results appear to be positive. 

Mr. Pavitt ended on almost 
the only available positive note: 
the performance of the chemical 
industry had shown that it was 
possible in the U.K. to commit 
an increasing proportion of re- 
sources to innovative activities, 
and io improve its position 
relative to other countries. 

•Science Policy Research 
Unit. Mantcll Building. Falnier. 
Brighton BX19RF, Telephone: 
0273 656758, 



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20 

LOMBARD 


Cartels and the 
Commission 


BY GEOFFREY OWEN 


EUROPE'S list of what the Commission tn adopt some of 
'Japanese call SAIs (structurally MITl’s techniques, on the 
ailing industries) appears to be grounds that the alternative — 
lengthening. Oil refining, petro- letting market forces take their 
chemicals. paper, synthetic course — would be too disruptive 
fibres, steel, shipbuilding, shoes and would inflict permanent dam- 
— these are all sectors which, in age on European industry. The 
whole or in part, are said tosuffer word orderly figures pro- 
rom "structural" weaknesses;that minently in these arguments 
is the surplus capacitv which the need for orderly markets, an 
exists is not just the result of orderly reduction in imports, an 
the present recession, but is orderly approach to new mvest- 
likely to last for a good many ment - 
years and may even get worse. Political and administrative 
There are suggestions that These problems almost certainly rule 
problems can only be tackled out anything resembling an 
at a European level. The Euro- MlTI-type scheme for European 
pean Commission, it is argued, industries: the British Govom- 
must draw up a plan, perhaps ment's reaction to the Commis- 
involving curbs on new invest* sion's proposals on oil refining 
meat, assistance with scrapping is one indication, of this. But 
obsolete capacity aod limitations there is strong pressure on the 
on imports while the restructur- Commission to do something, if 
ing process takes place; the plan only on a purely voluntary basis, 
-.then has to be implemented in The danger with even partial 
co-operation with member m0 ves in this direction is that 


governments. 


they may serve to shield the 
inefficient company from the 
consequences or its own in- 
efficiency. If certain manufac- 

_ . , , ... . , turers, through bad manage- 

^T*be model for this is Japan. raent> obsolete plant or 

T?/!!!® , lhe ^_ 1 S inist, L °f J nt f r ' unintelligent marketing, are 


Japanese model 


Tr l de and . . ,nduat 3 unable to make ends meet, they 
iJPTk* w e “ w f or ^l ns J ian * should be allowed to disappear 
on the problem of the SAIs. an{ j ma j; e room for their more 
which are thought to account for efFicient rivals. What Is needed 
.about 20 per cent of sales and in most of Europe’s SAIs (some 
employment m manufacturing in- 0 f which, incidentally, are not 
dustiy. Extensive surveys have , emp | oyers 0 f labour) is an 
™f£ e a 2 d J? ra0 ? t 5e ? tor ! old-fashioned shake-out brought 
?n C l«t C, I y «r ed - UCtl0n Pf j 1 about by the normal forces of 

IS r > f quire< j- competition: that would be good 

SWW - * special reces- f nr the customer, help the 
si on ary industry credit fund." econ0 rav and avoid a lot of 
to be financed by government ^necessary journeys to 
and the private sector, which Brussels 

ZZ ! “ Id l!i^J ub * id !2 B * scr ? p ‘ The shake-out does not happen 
P , ,n ® Programme. MITT also hecause governments will not let 
Sc*l ^ p0Wer ? f0 ™ uI - ate It happen; they intervene tD keep 
Sh^S'- Wid !i 7 paC J, ty Ruction inefficient companies alive. This 
schedules and to oblige all com- , R a political problem which will 
* ml me; mergers not h e ma de easier to solve by 
to r ? d , uce capacity being transferred to the Euro- 
would be exempt from the anti- De an level 
monopoly law. pean ,e e ' 


This last was too much even 
•for Japan's relatively weak anti- 
trust agency, the Fair Trade Com- 
mission. and a somewhat watered- 


Encouraging 


The on? encouraging sign is 


down version of MITT's ~ pro- the growing recognition by some 
posals is now before the Diet- governments of the futility of 
MTH must ohtain the consent of propping up inefficiency. That 
•the Fair Trade Commission was the significance of the U.K. 
before authorising joint capacity Government's recent statement 
reductions. But even with these on steel. Similarly, the French 
amendments MITT win be able Prime Minister, in stressing the 
-ro intervene in the affairs of the need for modernisation, is 
SAIs in a pretty drastic way. with apparently prepared to see the 
detailed guidance on how. where steel industry contract in size 
and when plants should be closed if by importing steel French 
down. engineering companies can be 

Is this kind of Industry-wide mat * e more competitive, 
rationalisation feasible or desir- The European Commission 
able in Europe? OF course it is should be doing its best to sup- 
absurd to compare MITI with port these tendencies, by enforc- 
the industry department of the ing the rules of competition and 
Brussels Commission, even outlawing subsidies which distort 
under the energetic Viscount it. That, not the creation of 
Davignon. Nevertheless, a good cartels, is what the Common 
many people seem to want the Market is supposed to be about. 




tide is turning 


-Financial TimesVEriday; April 28. 19.78 


Improved labour relations feed-processing and distribution general cargo Is again leading 
have also led to greater confid- plant to a surplus of labour', 

ence on the part of shippers. There has been praise, too, Renewed uncertainty 4 over 
ana greatiy improved financial for the more professional 3" obs > ■* a result of this, is inevit- 
results. At a tfrae when all . approach now apparent at port ably making it more difficult for 
ports are suffering from the authority headquarters. " It no the port to achieve -the increase 
IN BRITAIN'S highly competi- stagnation hi .world trade,- longer radiates the impression in productivity needed to bring 


LIVERPOOL 


tive port trade dog has long . Liverpool has just managed. to of a. gentlemen’s- club.- Many of Liverpool ; into line with some of 
eaten dog. Which is why there return- its second-year of profit the top executives are behind tbe most .efficient ports' both on 
is some satisfaction at Liverpool Pre -tax profits of £4.6tn.— after their desks at 8.00.- and 'this is th« Continent and in- the U.K. 
that over recent weeks it has payment of interest and depre- something which impresses the manning levels also feed 
beeH winning some trade from elation — were reported earlier labour force," one port user their way back into prices 


Southampton because of indus-. *his month by the Mersey Docks claims.' Hand -fn hand with this charged to port users, harming 

ie sue- is a- -more- active approach to Liverpool s efforts to •wm new 


trial problems there.' • and Harbour Company, the — - - — ...... . . 

Southampton developed dur- lessor company- which ' now marketing the services the port trade. Liverpool already suffers 

ing the sixties, often at the occupies the old board’s impress can offer, instead of waiting for * rom a reputation^ of being- 

expense of Liverpool, where a sive bJock at Liverpool's pier new traffic.. Mr. James Fitz- expensive and only this week a 

seemingly never-ending series head - This brings the. total pro- Patrick, the managing director, 4*5 p ®![ “5^52?“ m P ‘ 

of disputes helped In; the end Btf ° rtI l^ past two-years up to is recently backfromajwo- “ther structuraI now. going ^eadwfti’ttiestate- -_ : Like other r ports, -bowevf-; 


to bring about the financial cot- nearly • £10m„ compared with week visit to China, which in- t t he. overcame, owtfcd Freightlittfers company; : Liverpool Is,iace<t With £; : 

l -U ,r. ■ r> lo«SPS tnTallltlP thr» nre. ... piUUlEUJS. UJU. IU UC- UVCLUtUUC. , ~ a- . S'- 


lapse of the old Mersey Docks losse5 totalling ffiut.in the pre- 
.and Harbour Board. ' ; four ***»■ ■' 

Much of that, however, has Th® recovery^ is also a reflec- 
now changed. The end of casual tion of the major efforts made 



By RHYS DAVID, 


Oil imports through Tranmere A.-iink was included \ Ur the problems - ern^d by 

have been a stable source of VrfgSnd plans lor Seaforfh but rapacity :n;.Bnto s po|, 

revenue, but the bulk of this bad to be dropped because of the system, and" ? _the danger tb.-. ; 
traffic — at one time as much as Port's financial- crias in.- 19711 poses of. a price war..-, • j --. 

labour practice's and the buying- by the port over recent years to Northern Correspondent 9m. tonnes a year— is now being At present the nearest railhead • F or Liverpool, _■ however. ^ t) ’. : - 

out of the old system of quay- adapt to changes in : the pattern ' lost following the development to which containers, can be importance of maintaining i‘ 

side bargaining between man- of trade. Genera] cargo has con- by Shell of its new single-buoy bought Is at Qarst'on ^several position as one : of. the U.K ".- 

agement and union representa- tinned to decline, jhut. with a eluded discussions with senior mooring system off Anglesey, miles away, and -to- roa in ' allrpurpose 1 j.po.rts ciV- * ' 

tives over payments for any £50m: investment in new - facili- officials in Peking, Shanghai and Another major traffic at Birken- forth containers have, to be .be i .oy'ef^'mphasise 

cargo considered difficult or ties at Royal Seafortiu-Liverpool Canton. Closer to home, follow- head, iron ore. will be lost with trans-shipped by lorry. Manufacturing ' iiidurtry c - 

dirty, has brought a big drop has been able to offer improved ing an approach by local fruit the ending of iron-making at the .Elsewhere In the port the Merseysidevhak taken a sevej 

in the number of man-days losL specialist handling; for timber, traders, the port is mounting an nearby Shotton steelworks. main development daring the knock over recent months : 

rn 1972 these totalled a pheno- grain, meat and other trades as effort to secure a bigger share oE Further development of Sea- rest Of the century is. likely : to a result of closures, and tK 

menal 256,618 when there were well as modern container fruit traffic, and if successful the forth is likely to play an im- be' modernisation of Liverpool's role. Which the port plays -j 

9.541 men on the employment berths. Port-related develop- company has said it may build a portant part in the efforts to characteristic finger-dock, sys- the local .'economy- has corre.' 

register, or 26.9 days per man raents have faUbwed the specialist fruit terminal... counteract the loss of these te^ The rows of docks, which pidndingly been looked at agai : - 

on average. In 1976. when, there improvement in facilities. Three But although Liverpool has trades. Container traffic at Sea- project at right angles from the -. A h timber : of . organisation 

were 6.916 men. it was down to important, mills belonging ;to undoubtedly had a good run for forth, at 126.000 tonnes last river' were designed to provide incIiicRiiig - the National Ente - 

8,823 days lost (1.3 days per Kelloggs. Allied Mills and Con- the past two years, .new year, is still below break-even a large number of berths at a prise Board, have pome, to t£ • 

man average). And last year, tin ental Grain have been located problems are looming which point of 160,000 but losses at tiiph when smaller- - general conclusion that in re-baiidif ' . 
when a week's strike added alongside grain facilities. Else- will have to be solved if the the terminal have been reduced cargo .ships carried the -bulk of . the employment base of Live. - 

something of a blemish to the where in the port United recovery programme is to from flm. in 1976 to £100,000 trade. The requirement now is pool,- the port, and the servin : 

" * for, more land to provide back?- jmd- manufact uring - Indusy . 

up services and this will be pro- 'which it can - attract, perhqf ' ’ . - 

Vhich t|i . 
built 


improved record, it stood at Molasses is building a new bulk remain on target. Though the last year. A boost to container for/more land to provide hack:- jmd- manufacturing • Indus 
17.680 or 2.75 days each on vegetable oil' tank installation, labour force is down from a trade should come, ho wever,- up -services and this will .be pro- 'which it can ; attract, perhqi ' 


average for the 6,435-strong and Pfizer is developing a site total of 16,000 some 15 years .with the provision of a £750,000 yided by selective in-filling- of iepreserit the rock on 
labour force. in Birkenhead for a new animal ago, the continued drop in “rail terminal, talks on which are older docks. - v . future must now be. t 


.T 


»• 

T.e 

r-.'V Of 

*+ j,i) 

..7 - h* 

• « 

* vf ' --y. 

ifli » 
a "cf 
.-•.Tm-vRs 
.r.iv m 
-•-vf 'JA 

, :-e hi 

-Mir 

..i.v'Ui 

.. -•• vt 

.ft 

.t»J- 


M-Lolshan is fast enough to 
concede 81b at Newcastle 


ENTERTAINMENT 





IN SPITE of looking just in need overhauled 100 yards from home mile — and T fully expect that 
of the race. Captain Ryan by the favourite. Colway Boy. in Zilber will decide to let his filly 
Price's M-Lolshan put up a smart the one-and-a-haif mile Evering- take her chance, 
effort in finishing second to ham Maiden Stakes. At present. Cherry Hinton 

Hawaiian Sound, in the Heath Blou Hemel reappears on the heads the market at 21 in most 
Stakes at Newmarket eight days popular Yorkshire track for this lists, followed by Seraphima 
ago. afternoon's Hessle Stakes over l^'i Cistus fl2-l). Smeller 

The Findon colt, a son of Lev- the same trip and there will be (14-1) and' Glinting and Best 
moss, is suggested as the best a good many local racegoers ore- Girl (both 16-1). 
each-way proposition in New- pared to take her to go one In the 2.000 Guineas, for which 

better. another Zilber three-yeaT-old 

She seems certain to make her invincible, is a possible. Try My 
presence felt without perhaps. Best, an extremely uneasy fav 
being quite good enough to cope ourite. has eased to S-lf with 
with the Gavin Pritchard- Ladbrokes. 

Gordon - trained Newmarket 
raider Flurry Knox, the two-an j- 
a-half-lengtb conqueror of Ekels 
Pride at Warwick on his only 
previous appearance this term. 

Looking ahead to next week's 


castle's XYZ Handicap. 

I hope to see E&sa Alkahalifa's 


RACING 

BY DOMINIC WIGAN 


roll proving too fast for Michael 
Stoute's course winner So Gifted. Guineas meeting at Newmarket, 
to whom he will be conceding Empery's trainer. Maurice Zilber, 
8 lb. has announced that he might 

A fortnight ago at Beverley, saddle Propriate for the 1.000 
the Virginia- Boy mare Blou Guineas. The only other likely 
Hemel came close to causing the French challenger for the first 
season's biggest upset so far fillies classic is Best Girl— by 
when, at odds of 50-1. she was no means certain to last out the 


NEWCASTLE 
2.30 — Khadija 

3.00 — Free Game 

3 JO — M-Lolshan *** 

4.00 — Pinkerton's Man 
430— Running Jump 

5.00 — Arapabos •* 
BEVERLEY 

2.15 — Double BUI 

2.45- — Our Foxhar 

3.15 — My Anastasia 

3.45— Flurry Knox * 
4-15 — ; Gold Loom 


TV Radio 


t Indicates programme In 
black and while. 


BBC 1 


M0 a;m- Open University. 936 
Ffor Schools, Colleges. .10.45 You 
and, Me. 11.05 For Schools, 
Colleges. 12.15 p.m. Ar Glawr. 
12.45 News. 1.00 Pebble Mill. 1.45 


5,55 Nationwide (London 
South East only). 

6.20 Nationwide. 

7.00 Tom and Jerry. 

7.10 The Wonderful World 

Disney. 

8.00 It’s a Knockout 

9.00 News. 

9.25 Petrocelli. 

10.15 To-night. 

10.45 News. 

IMS The Late Fihn: “Starisky. 
12.40 a.m. Weather. 


and Beechgrove Garden. 10.45-10.46 
News for Scotland. 12.40 a.m. 
Weather. 


750 The Many Wives of Patrick. On— m the west country. 2.00 womco 


of 


Northern Ireland — 3.53-3.55 
p.m. Northern Ireland News. 5.55- 
6.20 Scene Around Six. 10.15 Jack 
High. 10.45-10.46 News for 
Northern Ireland. 12.40 a.m. 
Weather. 


England — 5.55-6.20 p.m. 
East (Norwich); Look 


Look 

North 


8.00 Hawaii Five-O. 

9.00 People Like Us. 

10.00 News. . 

10.30 Police 5-- 

10.40 Russell Harty. 

11.40 How to Stay Alive. 

13.10 a.m. George Hamilton TV. 

12.40 Close:' Poem for Save the 
Children Week read by 
Gillian Bailey. 

All IBA Regions as London 


Ail regions as BBC 1 except at Midlands To-day (Birmingham); 
the following time.* Nationwide (London and South 

Wales— 1.43-2.00 pan. Bys a ? G,ms West ( Bristol ); 


except aT the foiiowing tiraes:— 

ANGLIA 

To-day (Southampton)! F J^ 


Only. 2JS a Time tor Lore »TV ffljjiv 

5.15 Th<* Undersea Adventures of Captain 
Nemo. 5.20 Crossroads. 600 Report West. 

6.15 Report Wales. 6 JO Emmentale Farm. 
>-M Quincy. 10 JS David Niven's World 
.11-05 The Late Film: " Seven Women." 

MTV Cymru /Wales— As HTV General 
Service except: L204-Z5 o.m. Pena-xdau 
Netrrddton y Dyrld. I JO- 2. 08 T«-ji Years 
On— In Wale*. a.l&4.(5 Cvmsu CaniamiL 
6.00-615 Y Drdd. UJ5-UJ5 Outlook. 

HTV West— A* IfTV General Servlre 
«x«pi:U5WJa a.m. Reran West Head- 
lines. 4.15-6 JO Re pan West. 


SCOTTISH 


How Do You Do? 3.05 For Schools. Bawd. 5^5-OJO Wales To-day. .7.00 spottt ght South West fP^mouth)' 
Colleges. 3.00 Equestrian Cros.s- Hoddiw. 7JM Cartoon. 7J0-8.00 L E a S VNoi^ichTNews.' 

— — .« o — ; — , ...... Glas y Dorian. 10.15 Kane on c,asi (worwteh) News- 


1 J0 p.m. uul 
Film Matinee * 


or Tonm. 2-25 
Birds and the 


Fndar 

Eces. 


Cocratry. 3^3 Regional News for 
England (except London). 3.55 
PCay School. As BBC 2 11.00 a m. 
4 -M Scooby Doo. 4.40 Potter's 
Picture Palace. 5.05 Horses 
Galore. 5J5 Magic Roundabout. 

. 5A0 News. 


6J» Ahtnit Analta *.in 5 15 Tales. 5.20 Crossroads. 6-W 

6J» About Anglia, a-oo Sc0llanil Todiir fc30 j.p n p r ^ 


on Mnn who um.r ■ OO Charlie"* Ansels. 10JO Party Political 

12-an ajn. Uen Who Matter.. Br(JRdcast hy lhe Scortlsfi ConBcrVB „v c 


F.T. CROSSWORD PUZZLE No. 3.654 


Anglia News. 2-25 Friday 
" Joison sum Aaaui." 

505 Chatterbox 

□anaer to Paradise. 10.38 Probe. U-08 

Friday. 10.45-10.46 New, for J.--. ““! 

ly^ipr 'a m W^athpr vi3rdcns oi Nortii (Leeds) 

vva'es. 1Z.40 a.nL. weather Lifelines: North East (Newcastle) A TV 

Scotland a.5»-6.20 p.m. Report- The Friendly Invaders: North 1.20 p.«n. atv Ncwsdesk. in Paint Lalc c * u - 

ing Scotland. 7.00-7.10 Party west ( Manchester 1 Sense or A|on a wiUi Nancy. 2JS Movie uaunec: 

Political Broadcast by lhe Scottish nj ace . s 0lJ th rSmifhnmnfoni Avo ■‘ Top of ^ Fo ™-" *■* ' n,e ' SuUlvans. 

Conservative Parly. 10.15 The Gurkhali ' ' South West (Plv 5 * n *> r< rinirJl J8 V 1-20 B-m SouOicrn News. IJ8 The 

-r" »r (P,> j ,J ?. C ? clro “ “J* T* 1 * Electric Thealrc Show. i» Women 

mouth) Peninsula: Two Men and n-it Seller Movie: "Return u Peyton only, ms Friday Matinee: - [iron D»ad 

2 Boat: West (Bristol) The Darling." SJ5 Weekend 5.20 Crossroads 


Party. UL48 Ways and Means. 
It's Friday and l"m Sieve Jones. 


11 .IB 
1710 


SOUTHERN 



ACROSS 

1 Judge a musical instrument 

( 8 ) 

5 Joint left in condiment (6) 

9 Turbulently upset slim Tory 
( 8 ) 

10 Quote work backwards, it is 
a form of justice (6) 

12 Listens in genuine practice 
(9) 

13 Fire used in- cooking' lesson 

(5) 

•14 Young girl left with fool (4) 


16 Smirk from sullen star (7) 

19 Bank of stones to climb with 22 declare P° SIttveI y 


7 Unimpaired but unusually 
large tin (8) 

8 Went beyond the limit and 
surpassed <S) 

11 Tobacco to advertise re- 
peatedly (4) 

15 Support for fish club (5-4) 

17 Sound of breathing like a 

buccaneer (S) 

18 Fibre used for bulbs (8) 

20 Nobleman left following flap 
(4) ' 

21 Imagine old northerner on 
river (7) 


2! Sm^'Sui in wood ** ^ h v ^ rrd n8 , 6 d ^ re?tion,o8o 


( 6 ) 


24 rm taking time for reflection “ >***< '° r 


(5) 


Solution to Puzzle No. 3.653 


25 Remember about prayer (9) 

27 Dread a railway being 
exhausted (6) 

28 The total sales of pastry (8) 

29 Compass without cover (6) 

30 Fruit supplier may tear peer 
•apart (4, 4) 


DOWN 
T. Go and haunt (6) 

2 Fool he fallows in drejs (6) 

3 Dance and drink to a certain 
degree (5) , 

4 Joins up. but listens badly- (7i 
6 StipulaUon to supply food (8) 


raaaasnss anssns 
a s q 0 - m m 
raEEHanns - ssanns 
b k a a ■ g- s h 

smsHEr inn 
•• asasBgnciSE 
n a a -b 

SSnEBECflBES 

n m g n 

SHBEBBE 

fs s a ts 

m 


History Makers. 


BBC 2 


6.M D»r by D*y. Srone Souih Fasi. 6.38 
«7>.if[cru!i? of the Si-scs B.W Emi'rcrQcy. 
riJB P.m. Border rrnra. 2.25 Sfatlim: Uniimiu-d. 11.80 ap 

The End of ibe 5.15 The w,,h - , ”“ cr Cnrror. U.30 


BORDER 


6.40 e.m. Open University. 

11.00 Play School. 

4-55 p.m. Open University. 

7.00 News on 2 Headlines. 

7.05 Thai's Uie Way the Money 
Goes. 

7.30 Newsday. 

8.10 Heads and Tales. 

8.25 The Money Programme. 
9-00 Ripping Yams. 

9.30 Inside Story. 

20.20 Portrait. 

10.45 Late News on 2. 

10.55- Snooker. 

1145 Close: Georgme 

reads “ Lonely Love 
Edmund Blunden. 


Pjrmdse Family. 1.00 Quincy. J0J8 
Conservative Party Political Broadcast. 
10 48 So rtn export 1U0 Lal<> N'fefat Film: 
“Woman Without a Face." UL50 jum. 
Border N'ews Sununan- and Weather. 


Souihi-m News Extra. 11.88 Thr r^tc. 
I.atr Show and Hoi* 10 Di6. 1J8 a.m. 
HVqtbpr Forrcaal rollowd by Worktnu 
Order. 


TYNF. TECS 


CHANNEL 


Anderson 
by 


LONDON 


9.30 a.m. Schools Programmes. 
12.00 The Learning Tree. 12.10 


1.2S a.m. iv orth East N'-ws 1J0 Out 
of Town. t2.25 trldov Film Matlnrc 
l.U P.m. Chanivl J.unchtim* N«-wrs. ■■ Lydia." 5J5 Mr. and Mrs. 6.08 Nonhom 
2.2S Thr Frtdar llatinuo Queen of t.tfo 7 JO Qh No. ff« Selwyn FrosxUi 
the Stardust Baflraom. SJ5 Emmerdale a.OO Emcnsenty. 18.30 Sporwinip. 11.05 
Farm. 6 00 Report at Six. Ml Ouini-y. *'iim- "Lisa. Brishr and Dark" 12.30 
10.5a Channel Late News and Wcaihrr. Eoilusuc. 

M.J5 Late noth Dan ton. 18.50 Lair Night _ „ 

Movie: 11 LlwnMd to Kill." 1Z38 a.m. ULSTER 

News and Weather In Frmth. lJ# pm< LunchUmc . jjs FrW1 „ 

Manner: '* Dtstani Drum*" 6 13 Ulster 
N'-ws. 5.15 The FHmsionM. 6.00 Ulster 
1.20 p.m. Grampian News Headline*. News. 6J5 Cros-iroads. 6.30 Reports. 
12-25 Friday Matinee 1 “ r.athertne the 6 ® Police si*. 0.00 West Side Mcdt--nl 
Rreat." 6.00 Grampian Today. TJ0 The 18.38 Tt«- all 0 ^8. 11.80 Spontwiipr U.U 
Jim MacLeod Show, too Quincy. 10 JO Hawaii Five o. 12.10 a.m. Rcdume. 
Conservative Party Politlral Broadcast. ti/rr-Ti ./ 1 nr. 

lo 40 Reflections. 18JB Points North. 11.85 WESTWARD 

Day Return to Oxford. 1J0 „ m Wcslw;irl j Newa . j.js The 

Friday Matinee: " Qnecn of lhe Stardust 
Ballroom." fa.00 Westward Diary 


GRAMPIAN 


GRANADA 


1.20 p.m. This is Your Ruht. 1 JO The Owner. M-28 Westward News. 10 JO 
p.m. Pipkins. 12.30 Andy’s Party. Amazing World of Kresfcin 2.25 Friday l.aie Night Movie: Licensed to Kill.” 
1.00 News- J.2Q Help' 1^0 Beryl’s Matinee: - The Troth About Spring.” 12.30 Falih for Life. 

s 8JJ» This 11 Your Risbi 5.U CrmrsrwdS. 

i ORKMilKh 


, n Ml Itnniiu Tn Bmmfl <le mu is iuui Klim. l.U umuiHUi 

Lot. 2.00 Money-Go-Round. T2-25 iao Cranafla Reran*, sjo Kich otr 
Friday Matinee: “ Carnival.’ 4.15 tjo Oh No It s Sriwv n t roarnn. int 
Four Idle Hands. 4-45 .Magpie. w*st*id* aiedicii. 10. » Rrporiv Extra. 

5.15 Emmerdale Farm. UM ¥ '}™ 5 of ,ht r - r '«ur>: rm 

5.45 News. 

6.00 Thames at 6. HTV 

6.35 Crossroads. 

7.00 Winner Takes All. 


1.20 p.m. Calendar News. U6 Winners 
and Losers. t2.25 Friday Film .Matlnra: 
■" The Bndx* of San Luis Roy." SJL5 
Calendar Sport. 6.00 Calendar lEmlcv 
Moor antf Beimonf editions 1. 7JB Oh 
No It’s Selvryn F roca Hi. 8.00 The Stn-ei 


U» p.m. Raoon W**t H^dJIne*. 125 of San Francisrn. UJft Appomimcnt with 
Reran Wales Headline? 1.30 Ten Year* Fear: -- Vault of Horror.*’ 


D A HIO 1 247m 8.8D Haydn fSV 10.28 Youne Arnst* 1 Ourntnns? 0.15 Left'-r from America 

... ... . Pfeilal IS.. 13J0 In Short UJ0 Shura 8.30 KaleidWiOP*. 8J8 WuaShrr. U.OO 

t5J S t ere option le hrudeut Cherltaaaky *S-. 12 05 p.m. Cardiff Mid- The World Toniehf News 10J0 Week 

5 08 ajn. .Vs Radio 2. 7.82 Noel day Prom Cono-n: Straus* L00 Nrws Endini! ... 1055 My Deliaht. U.B0 

Edmonds 8J» Simon Bale*. 1LJ1 Paul 1.05 Playbill iS. 1J8 Cardiff M>dday A Rnofc *r Rrdtime 1L15 The Finani-lal 
Runiolt liu-livlmc 12J0 Netrshrai 2 JO Prom' Rntekm-r 2J8 )«>vnl Repertoire Wnrlrt Tamtthi. 13.30 Today in Parlla 
p.m. Tony Blaikburn 8J1 Kid .tensen 4.20 Elliotl Cart.T's Brass Quintet «S >- mi-nf. 12.88 Nen-s 
ncluduiK 5.30 N»«r*l)t>ai. 7J0 Sian Key- a 85 The Yoiine Idea 1 5 1. tS.85 Homeward nnfl n r , 

uolds and his nn.-hestra iSi 'joins Radio Hound 16.85 News. 76.10 llontL-ward BoL. KadlO London 

10.02 John Peel »s> 12.80JJ2 a.m. Pound tfiJO Lifelines. Leisure and 

vs Radio 2. Reereaiion. 7J0 iJiopm »S». 8.00 Con- 

VHP Radios 1 and 2—5.08 a.m. With eert from Ni-vvcasl le. pan l: Ksrdfl. ...... , . 

Radio 2 indudmK 1.55 p.m. Good Listen- n-rheley. Haydn .Si. 8JS Sfcabesm-are ?■** No 1 u , c !” , , ani ! r Cre *“ s , 

ln». 1DJ» p.m. With Radio 1. Ii00- and the Hwlorii*. «J5 Concert, part 2: hnr lLn ln Tnwn - L 

’.ttl aan with Radio !. Rrahms. Mozart. 10.05 Amone the Wii- 

iJOOm and VHF nnnes- U.« Music Now 1L2S News. 

^ UW-1L3S TonisWs Sriubert Sons 


306m and 94.9 VHF 
5J* a m. A* Radio 2. 6.S0 Rush Hour 
London 
12.03 p.m. Call 
in luciudine ijb London New* Desk 
2 03 200 Showcase. 4.83 Home Run 6.18 
London Sport* Desk 6J5 tiood Flshlns 
Stop. Liston. TJO In Town 
ns ll.Kl a.m.i. 8 JO Black Londonerti 
1800 Track Record. 12.00- dose Ax 
Radio 1. 


LJ 




RADIO 2 

5.00 a.m. News Summary. 582 Ray Radio S VHF only ^6.00-7.00 a.m. and-J^? 

Moore fS ■ with The Early Show Including 5.85-7.30 pm. Open Unirersliy. 

6JS Pause (or Thoiutht 7.32 Terry t> * nirt 4 
Waean <5i IndudUw 8J7 Rxclnz Bnlledn. RftDIV/ *4 
8.85 Pause for Thoushr u J2 Jimmy 434m. 330m. 2mm and VHF randan RrnniimeHnF 

Young ISi. 1215 p.m. Wajuwncrs' Walk. 415 aun. News. 417 Farmhae Today. AjWUUUU Dr 
12.38 Pure Murray's Oran Rook Id am Up to the Hmtr. 7.PB News. 7J8 261 m and 97.3 VHr 

AbUiRdcm (Si Including 1.0 Sports Desk. Today. 735 Up to the Hour. 8J» News. 5.00 a.m. Morning Music.- 6.D8 a.m.: 
US David Hamilton iSi Ittclnding 245 8.18 Today. *-S5 Yesterday In Partiament. non-stop news, travel, sport, reTlewi. 
and 3.0 Sports Desk. 430 Waggoners' rof News. 8.85 Loral rime. 835 Your nformatlon. 1880 Bnan Hayes. 188 p.hi. 
Walk. 445 Boons Desk. 45B John Dunn Feet's Too Big. 10.88 New*. 1085 Check- UIC Reports including George Cale's 
S* indudlne 5.45 Snom Desk. 445 Sports point. ID 30 Dally Sendee. 10-45 Morning 3 O'clock CalL a 08 After 5— with lan 
Of-sk. 782 Stan Revnolds and his Orches- Story. 1180 Nows, u.os The Beaofimr BiWirtat. 180 Nlshtllne 188-580 *jn. 
rea (SI 882 John Fox conducts the BBC Carden. UM News. 12.02 p.m. You and Vtair-Exrra wffft Hugh WiOiami. 

Radio Orehesira «si 8.45 Friday Nlghr Yonrs. X2JT Quote . . Unquote (Si. 1285 

is Music Night i Si. 485 Sports Desk. Weather and programme new*. 180 L,aplt31 KadlO 

10.82 Free Spin t telephone quia on The World at One- New*. 138 The iOJm OS ft Vtnr 

muslei. U.30 Let’s Co Latin. 1182 Brian Archer* 185 Woman's Hour from' Man- ^ iiwm anu v lit 

■taiihew im-ludina 12.80 Mlrtnlcht News- ehester htelmllnc 288-2.02 Sows. 2-4S 6.80 u.m, Grahani Denes Breakfast 

room 2.082.02 a.m. News Summary l.l-ir-n with Mother. 3 88 News. 3.05 Show ISi. 180 Michael Aspel Hit. 1280 

pinrA “i igjm Stereo & VHP 'f'ernnon Th-nm- < S > 480 Nrws. y p ' n l' Scan 

KAL/IU 3 wm.sierros >nr ^ H|gh j |f| , S(ort T|mp 5M 7.0Q Utmlon Today tSi. 7.30 Adrian 

tModlum Wave only PM Report* 5.40 Enouire Wllhln 5J5 Love'* Open Line »Si. 188 Your Mother 

J6J3 a.m. weather. 7.00 New*. 785 Weather and orncramnie news. 6.08 Wouldn't LtKe It with Ku-ky Horne rS> 
liven lire i $>.. 888 New* H8S Morning New 6 38 Colne Plare* 7.00 New* 3*00 Mike Allen'* t^ie Show »S. 2,00 
tSi. 4.80 News 4.85 Thl* Week'a 705 The ArHwn 7.20 Pick of the Week ■■!«. Tan navidBtuTa Loudon Link Inter- 
Obrecht and D* lx Kua IS). (SI. 4U Thm Sstnnen (SI. feJO Any naUraal (S3, 


CC — Th re* titoatras accept certain credit 
cards by telephone or at the boa otftce. 


OPERA & BALLET 

COU5EUM. Credit cards. 01-240 5258. 

Reservation* 01-036 3161 
ENGLISH NATIONAL OPERA 
Tonight & Fri. next 7.00 Carmen Utnal 
nerls-1: Tomor. A Wed. 7.30 La Travlxta: 
Thurs. 7.00 Tbe Two Foscarl- >04 
balcony Hats always available day cH 
performance. 


COVENT GARDEN. CC. 240 1 066. 

■ (Gardeneharge credit cards B36 6903} ' 
THE ROYAL OPERA 

Tonight. Mon. 4 Thurs. 7SO Le n«?» 
dl Figaro. Tomor. 4 Tuei- 7.00 Otello. 
65 Amuhi' seats for alt. ports, on sale 
from ID a-m. an day of part. 

SADLER'S WELLS THEATRE. Rosebery 
Aye.. E.C.1. 837 1672. U«l 13 M4y. 

SADLER'S WELLS ROYAL BALLET . 
Eves. 7 JO. Sat. Mats. 2.30. Tonight. 
Tomor.. Mon. A Tubs.: solitaire. Giselle. 
Wed. A Tnur. rant The Dream. The 
Outsider, and Bromllards. 

THEATRES 

ADCLPH1 THEATRE. CC. 01-636 7511. 
E»9l. 7.30. Mats. Thurs. 3.00. Sat. 4-0. 
IRENE 

THE BEST MUSICAL 

Of 1976. 1977 and I97BI 

IRBNE _ - 

" LONDON'S BEST NIGHT. OUT.” -. 

ALREADY SEEN V b'° P NEAHLY ^ONt 
MILLION HAPPY THEATREGOERS." 

CHEDIT CARD BOOKINGS - D36 . 76)1. 

ALBERT. 836 3B7B. Party *«»• CrertT 
cam bkg* 836 1071.-2 ihnom 9 -Jti. dtp 
6 p.m.) Ma- Tues.; Wed. and Frj- 
7.45 d:m. Thura- -and Sat. 4 JO and 8.00 
. "A THOUSAND TIMES WELCOME _JS 

MIRACULOL^JwSICAlT' P(MIJ. Time*. 

OLIVER ■' a • 

with ROY. HUDD and JOAN TURWR 
"CONSIDER YOURSELF LUCK/ 

ABLE TD SEE IT AGAIN." Dally MJtror. 

ALDWYCH. B36 6404. Into Afjfcn* 
ROYAL. SHAKESPEARE , CO MY ANY .In 
reoertotre. Tonight 7.30 HEIJRY • in 

Part 3 ■' one can only marvel " Q-- M*uj 
Tomor. r complete iri.logv dar HENRY in 
Part 1 fl 0.30 a.m.i. Part 2/ 3.00 1. Part s 
IB. 00 1 (sold DliG Sun. 8.00 STEVE BIKO 
"A miserable -and lonely death' An 

evening ot sharp III uminarion. Gdi. RSC 
also at THE WAREHOUSE -(see under Wa 
•and at Piccadilly 7he»tm ,n Peter NUroU 
-PRIVATES ON PARADE. 

AMBASSADORS. ■ 01 -B36 1171-3212. 

lor 2 weeks only. ' 

Evenings at B.O MMS. Sat*. 3 0. 

Ut RIO SO VA. GIELGUD 

KELLY. CACIULEANU 

STEPS. NOTES AND SQUEAKS . 

APOLLO. 01-437 2663. ' Evening* 8.00. 
Mats. Thui*. 3.00- Sat. 5.00 and 6.00 
DONALD SIN DEN 

Actor oi the Year. ['. Std. - 
"IS SUPERB." N.O.W. 

SHUT YOUR EYES AHO 

THINK OP ENGLAND 
"WICKEDLY FUNNY.-' time*. 

ARTS THEATRE. 0I-B36 2112. 

TOM STOPPARD'S 

DIRTY LINEN 

■■ Hilarious . . . we II." Sunday times 
Monday to Thursday 8.30. .Friday and 

ASTORIA THEATRE, Charing X Rd. >w,th 
fully .licensed Restaurant! 01-734 4291. 
Nearest lube Tottenham Cl. Rd. Mon.- 
Tnun. B.OO u.m. Fri. and Sat 6.00 and 
8.4S. Instant credit card booking. 

ELVIS 

“ Infections soo:aMna. toot-stomping 

• and heart ■thumoi-q." Observer. 

ELVIS 

Seat prices E1.50-IS.50. Dmner'lon 
pr^ee sett E3 50. Hall hr before, Show 
any available top price tickets £7.50 
Mon. -Thurs and Fri. 6.0 n m. pert. only. 

. BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. B36 6056. Mon 10 Thura. 

8 00. Fri.. Sat 5.45 end 8.30. 

IPI TOMBI 

Exciting B'ark African Musical 
" IT* a loot- stamp! no. oulsatmg, art Ion. 
packed murl>al." News oi lhe World. 
THIRD GREAT YEAR 

Dinner and too-orice seal £8.75 Inrl. 

COMEDY. 01-010 2578. 

Evonlnn 8 0. Thurs. 3 0. Sat. 5 30. 8.30. 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. Dennot WALSH 
THE HIT COMEDY THUI L£R 
MURDER AMONG FRIENDS 
" Blackmail armed robbery, double Mult 
and murder." Times. '■ A pood deal oi 
lun." Evening News. 

CRITERION. CC. 930 32 IB 

Even-ngs 8.0. Sats. S 30. 8 30 Thur. 3.0 
LESLIE PHILLIPS 
in SIX OF ONE 
tformerfy " Sextet "1 
-VERY FUNNY." 5. "«l 

DRURY LANE, 01-836 BIOS Every 

night 8.00 Matinee Wad and Sal. 3 00 

A CHORUS UNI 

"A rare, devastating, lovnui. asionlihine 

kcunnar." Sunday Tlffioip 

OUCHE5S. S36 8243. Men. U Thurs. 
Evgs. 8 0. Fri.. Sat. 615 ana 9.0. 

OH i CALCUTTA I . , 

"The Nudity is sninning.". Daily Tel. 

8th Sensational Year 

DUKE OF YORK'S. Ul-916 9172. 

Ivgs. 5.0. Mai. Wed. and Sat. at 3 00. 
JOHN GIELGUD 

In Julian Mitchell's 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly willy , no one should 

min it." Harold Hobson iDramaf. l»i'mi 
credit card reservations. Dinner and iod- 
orlce seat £7 O0. 

FORTUNE. 836 2238. E<fOS- 9 0. Thun. 3. 
SaL 5 00 and a 00. 

Muriel Pavlow as MISS MARPLE In 

AG A TH A 1 HRISTiE'S 

MURDER A! THE VICARAGE 

Third Great Yoar 

GARRICK THEATRE. 01-816 4G0T, 

Evgs 8.0 WM.Mjt 3.0. SJt. 5.15. 8.30 
JILL MARTIN JULIA -SUTTON 

ERIC FLYNN and PQ8IN RAY 
in the 

"BRILLIANT MUSICAL 
ENTERTAINMENT.’’ Pco-llfl 

SIDE BY SIDE BY SONDHEIM' 

" GO TWICE." S Murler. PJibIi. 

"GO THREF TIMES.** C. Bantu. NYT, 
LAST WEEK. ENOS SAT. 

GARRICK THEATRE. 01,836 4601. 

Open* May 1 at TiO. Sub. 4.0. 

Sat. 5.30. BJq. Mat. WM. s.o 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 

In HAROLD PINTER’5- 
THE HOMECOMING, . 

GLOBE THEATRE- 01-437 1592. 

.Eros. 8.1 S. Wad. 33) SaL B.O 8A0. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITIWW 'll 

ALAN AYCKBOURN'S New Comedy 

TEN TIMES TABUS 

" Thl* must be the hap^est laughter- 
maker hi London." D. Tef. " An FFtmis. 
tobiv en lovable evenkng " StmdaY Times- 


THEATRES 


G«CEIVmCH THEATRE. 05 B 7755. Eve*. 
7 JO. Mat. Sat. 2 30. ARMS AND THE 
-MAN A Comedy by George -Bernard 
Shaw. *' Fe^cttv Kendal ln her best 
Aerformance to date." Observer.. 


HER MAJESTY'S. CC. 07-930 6606. 
Evenings a.OO. Mats, wed aidsu S.uo. 

BRUCE FORS Yl« , 
r-" in LtbLIE BRICUSSE and '. 

ANTHONY NEWLEVS 
' TRAVELLING MUSIC SHOW - • 
... with Derek Griffiths • 

Directed by BURT SHEV&LOVE 
**7t Is parked to -bursting pol nt with .the 
Personality and shner energy, o* -»niee 
Forsyth." Sun. Ecoress. " The audience 
cheered." Sunday Telegraph. 


KING'S ROAD THEATRE. &S2 7AM. 
Mon. to inurs. 9.U. Frl_ Sat. 7.30. 9.30. 
- THE ROCKY HORROR SHOW-"- 
. • NOW IN ITS 5th ROLKJNb YEAA 

the Great ruca -n- roll musical 


LONDON PALLADIUM: CC Oi -437 7373 
ispenuig T.iurspay. May a 5 at 7 for t/ie 
- Summer Season ito August 19 miTyi: 
bubs. Mon. rues. Thurs. & Fn. at a. 
Weds. & Sats. at. 6.10 A 8 JO 
. RONNIE RONNIE 

BARKER - CORBETT . 

THE TWO RONNIES 
in a spectacular . 

COMEDY REVUE 


with great _ international j. com^ar 


ALL SEATS BOOKABLE 
1.75. EJ.DO. 'I2-JC. 
poking Hotllrte 437 2051 


;* £4.50. £3.75. SJ-DO. -£280. ITJB 
. .Special Bui 


LONDON PALLADIUM. CC. 01-437-7373 
Tonight * Tomor. 6.LS. 3. 

„r. ! , LI BE RACE -- 

IN NIS LAS Vfcb'AS SHOW 


al. 


LYRIC THEATRE. CC. 01-437 3636. Eve! 


tu- t&tRM f -" ,; 

v' -.A LOUN - BLAKELY- . 

' .f-. PAtnictA. MAYES .m 

vL^- SlLUMCNA - I 


THEATRES 


SHAFTESBURY. CC. -. 8 36 S59 ' 
Shaft rebury A«e WCZCHtab Hotborn. eh 
Evas, at o.oo. Mats. Thun. Sat. s.d 
- JOHN' REARDON and JOAN OIENER . 
. . KISMET ~ 

“A SMASH HIT. THIS MUSICAL HA 
- EVERYTHING.'.- S. Mmur. - 
CREDIT CARO' BOOKING 036 6597. 


STRAND. D1-B36 2660. Evenings B.Ct- 
Mat. Thun. 3.oo San. 5:30 and o 
NO SEX PLEASE- j 


WE'RE BRITISH 
THE WORLD'S GREATEST 
. LAUGHTER MAKER . 


STRATFORD-UPON-AVON. Royal Shab . 
spears Theatre. . (0789 22713 -.TicJcr 
lmraedlatelv aval table tor -RSC In W. • 
TEMPEST May 1, 2. THE TAMING OI ' 
THE - SHREW May 3 (mat.' and ew.}- ‘ 
..Recorded TbooRmg 'Into. .(0789 891111 


ft 

A 

-f - i -ir & 
; .-it* « 
- ::-&<>■ & 
. y rr 'Ti 

--p 

rr.'ivn H 

*nA : . » 
■..'.nl 


ST. MARTlNTE. ee. 836 1443. Ev*. BOO- 
Mat. Toes. 2-45. Saw. S and B. 
AGATHA C HRIST IE'S 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
.... -26th YEAR... 


* ’■.«»* .ft 
; v ftV #J 


TALK OF THE TOWN. CC. 734 5)S1 
3.00. Dining Dancing 9.30. Supper Rm* 


o Dancing 

RAZZLE 

and at II P.m. 

■ > MADELINE BELL 

From M ont — iF RANKJE STBYENf 


4- 


7HEATKE UPSTAlftS. 01.730 254 

Tureday-Sunday 7.30 
SHARED EXPERIENCE . - i 
In BLEAK HOUSE - 
, *>r 'Cherie* Dickens ■ • * - 

(in 4 parts. In Repertoire} J ... 


u U»i' E-15 - 

Sisters! 


P ZEFFIRELLI 



_ D. Mirror. 
LYRIC FOR A 
i" Sunday Tim®. 


MAY FAIR. ’"CC; 629 ' 3036. 

Mon. td . FM'-AB. .jut ' 5.30 f rid ' 8v46. 
QuRDON U4ATER -rtitunant ":.E.X. In 
• THE-.- ELOCUTION OF 
' . ■ V BENJAMIN: JFRAhtKLYPL- ... 

A cofnjwi54oitetfc.#Wlny. fiercely ^loouent 
play.-- Gun E.Wtf.-"WVkedlr 

amusing.’: ; E. *»ew»» .-"SpeilMpoInc^ ons. 


.MERMAID. 


Rest* urant^ 2^48 283 


;-4E-'.7«S6.H 


m 


Tom Conti. Jarie Ash 
WHOSE LIFE IS FT AN' 

• - THE NEW SMASH-HIT- ACCLAIMED 
: BV EVERY' .CRITIC 
- Evbs.-b.is. Feu add Sat- 5JS 
ALEC-MCCOWEN-S -ST-. M AKKTS GNPEL 
every Sen. until JU»e ..T-T at 7.30. ^nd 

. Mon. .4nd Tuev'^ijm MaV ts. . 


NATTONAi: THEATRE.' ! - 928 2252. 

Olivier toner* stage}: Ton't & Tomor . '7 
iiwic- early aurt! BRAND by fblen Hi 
a. yerslpn by Ge off r e y -Hill, . 
LYTTELTON iproscenium kaedf:.. Ton't 
7.46, Tomor: 3 A 7.45 PLENJTY, b new 
play by David Hare. ; 

COTTesloe- (small ■ audlwrtuin}: (Ton't B. 

Tain or. JAB DON JUAN COMES BACK 

FROM THE WAR by-Horvath Tran*, by 

Christopher Hampton^. - 

Many exccHent^thean.- seats att 3 theatres 
day at pert. Car PJtrK . .Restaptaot .920 
2033,. Credit card' fihfl*. 920 7053, 


OLO VIC. • - . • ,:r- \ SOB 7616. 

PROSPECT AT. THE OLD VIC. 

Ngw season to MOV- Xfltft. 


TWBLFTK: NIGHT- . 

The Old vie. 


ProMecr’* Orsc comedy -at _ 
today 7.30. SaL J.SQ A.T.Sg, ;' 


HAYMARKST. B1--930 9832.: 6*9*. 0.00. 
Mais. wedt. 2.30 Sats. c,sO and 3.00 . 
INGRID BERGMAN... 

WENDY' HILLER ■ 

DEREK - DORIS FRANCES 
Godfrey hare . CUKA. 

■ hi • ■ 

WATERS OF THE MOON 
" Ingrid Bergman makes -rhe sFaae radiate' 
- — unassailable ch*rt»m* " Daily Mall. 
■' Wendy HUIer. Is aupertt."" son. Mirror. 


PALACE. Credit Carps- 01-637 BBM. 
Mon.-ThUra; tf.O. Fri.. Sal. 6 0 atid'BUO. 
JESUS ' CHRIST 'SUPERSTAR 


PHOENIX. 01-836 2294. Evenings O.IS. 
Fr.dav aril Saturday 6.0 and. c^O. 

- TIM BROOKE-lAYLOR. GriAE-eE 
GARDEN makes us laugh" D. Mail in. 
THE UN VARNISH lit) TRUTH 
A New Comedy by ROYCE Kyton. 
"laugh: WHY I THOUGHT I WOULD 
HAVE DIED.” 3nn. Tnnre. - - WHAT A- 
SCREAM." O. Mir. “THE AUDIENCE 
HOWLEO WITH MIRTH." 0. Tel. "SHEER 
• DELIGHT." E. Siand. ” GLORIOUS CON. 
TINUOUS LAUGHTER." Times 


VAUDBYILLE.- 036 99B0. CC.-Ev*. esfed.- 
M*t. Tees. 2.45. Stt. 5 and It ; " 
CMnali SHERIDAN. Dulrte GRA'. ' ' 

Eleanor SUMMERFIEUQ. James sour „ 
A MURDER IT ANNOUNCED 
THE NEWEST WHODUNNIT . 
by AGATHA CHRISTIE ... 
■* Re=eoter AgatRa -another -Who-.' 

dunidt hit. Agatha C bristle, I* stallcff tft». 
■West End yer again 'iHttH- -another (w 
-Oefldlfhly • Ingenfou* • murder myaUie*."- • 
Felhi Barker, fvenlng New*. ’ 


VICTORIA PALACE. ■ 01-834 

STRATFORD JOHNS 
’ SHEILA HANCOCK 1 ," 
ANNIE 

• • A NEW MUSICAL 
‘ BROADWAY'S BIGGEST' HIT 
Prere, Evg*. 7.30 fsome seats' still 
able}. Open* Mar^.-E. Sub. Evbs. 
. Mat Wed. and SaL 2A5. 


air. 


WAREHOUSE. Don mar . Theatre. Ceem-.. 
Garden. 836. 4800. . Royal . Shakeioara' 
Company.' Tori'L 8.00 ' Paul' ThompthiT ' 
-THE LORENZACCtO- STORY Ciolfl dt).^ 
Adv. Bless. AJtfwych. 


WESTMINSTER. - 01-034 0213.^:" ■ 

. SENTENCED TO LIFE r . 

Malcolm Muggerldge 4 Ala, - .'. ; 

Tom May : 


T^OTnhln.' Previews troth 


. Opens- May 


: - . -■ r. y. yp.lv •' [ 

l*. 


•f 


WHITEHALL D)-B30 ;'6«92-77fli^ . r : 

1*9*. -8 JO. Fri. and SaL 6X5 and B.atT 5 ~~ .• -J 

Paul (Uytttpnd presents ttie Sensation} -. r -.4 . . . . ““j* j I 

*“ "ggE.MSA^ 00 ' 

Due to Overwhelming public demand ' 
season extended.- - -• 


WINDMILL THEATRE. CC 437 S3i;J " ' 
- 1?*“ Nightly 0.00- and 10.00. tf 

Open Sundays 6.00 and 0.00. - 

PAUL -RAYMOND 'presents 
... . RIP OFF - - - 

THE EROTIC EXPERIENCE OP THB ' 

MODERN ERA, i-'.i <• - 

"Takre to unprecedented limit* what hv. . 
permissible no our stages." Evg. News * ' 
Vjou may drink and smoke In the a-,. 

auditorium-. 


WYNDHAM-5. 036 3020. Credit care-r" 
bkgs. 036 1071-2 tram 9 » 2 m 1 ' ' 

Mon. -Thurs. 0. Fri and 5at. 5,15 0-30 ’’ti - -. - 
ENORMOUSLY RICn •- •• 

.. V ^RY JFUNNY.V Evening News. -<• : 

Mary O-M alley's smash -hit Comedy. .. 

ONCE A CATHOLIC t/.-. . 

supreme comedv_ an sex and rvHaidn.' 1 . 4 

.. ..... P* 11 * Tdenranh. ‘ j; 

w^es^you SHAK E WITH j > * 
LAUGHTER. Guardian. 


~ •• Aprils:.. 
.• r r.f»-> 

3 n i (hr 

- rdjp,^-. 

' :>.“C SOl; 
- 

■ rziO-iZ'-i 

'.'•srefaiiy^ 


YOUNG VTC (near Old Vlti. 928 63S3.- 
u?*aa Arirn. **°K! 5h » l, MP«are Comuany 
r ’r,f aACaeT> ?' *™» week. sold eui. any 
return* on doorj . 


PICCADILLY. 437 4506. Credit card bkg. 
036 T 07 1 -2; 9 ajn^E p.m. Eves. 8 DO. 
Sat 4.45 and 0.15. Wed. -Mac 380. 

^BEST COMEDY OF THE YEAR 
Evg. standard Award ane" 5WET Award. 


Bov si Shakreprere Company 


In 


PRIVATES ON PARADE 
by Pccar Ntchots. 

EXTRAVAGANZA." S. Times. 
RSC alia at Aidwych 4 Warehouse. 


PRINCE eqwajid, CC. (Formerly. Casmo}. 
01-437 &o77. Previews -i rom June . 12. 
Opens -June 21 Evita 


PRINCE OF WALES. CC. 01-930 -8601. 
Monday to. rriday at a o.m. 

Sat. b.3u and 8.4a. Mat. Thurs. 3.00. 
- HILAillUUS LUSUUY MUSICAL. " 

^ Tbe .Sun. 

ROBIN AaK WITH 

I LOtrC MY WIFE .. 
"NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS, 1 News. « the Worm. 
CKEDff CArl O BOOKINGS 9 JO 0840. 


QUEEN'S THEATRE. CC. 01-734 1166. 
Evening* B.O. SfL S.Q and 8.30. 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
•Variety CJuto of G8- Award 
THE OLD COUNTRY 
A New Play toy ALAN BENNETT , 
Directed by CLIFFORO WILLIAMS ' 
BEST PLAY OF THE YEAR 
Plays and- Piavers London enciu award. 


RAYMOND-ttEVUEBAR. CtL 01^734 T593 

- ■ — |. Bouj 


At 7 p.m.: S.^ML -T-t' ttra. .tOpen: 
PAUL RAYMOND- ^ presents 
THEFESTTVAL Of 


IROTICA 
Fully Air Coddiuoned. You tnty 
drink and widw In the auditorium. 


ROYAL COURT. -730 '1745. Last 3- pert*. 

Ton't 3-00. Tomdf . 5.00 gnd B.3D.- 
CLASS ENEMY 
by Ntoef, Williams . 

“ Stunning new pfvtr f Tunes ' '* Blast* 
with life and forte*. 11 Gdn. 

From Mav 5 The (Bad Hand b* Snoo 
.WHson. . Worfd Prem •ora. \^ r . 
Sec also TVafrt Upstairy 


cuyaltt. Credit - Cards. Oi -a OS Bpoa. 
Mon day. Thursday Evenings 8.00, Friday 
5.30 and' 8-45- SrtWgm 3.00 and B.OO. 
■London crtttco. »ot«. 


BILLY DANIELS ln_- ■ 
TNG BRffWN SUGAR, - 


BUBBLI.,. — ... 

Best Mudeal or 1977 • 
Booklno* scooted. JriaJor credit C*n». 
Sbetial rwW«ri*«l W mffljtB HR 
a lltnUtd Perfod omv from Mav.il. 


SAVOY. 


01*636; 8888. 


Nightly *1 8.0*' M«t Wed. 2.30. 

Sat. (LOO and. 8.00- . ' 

■ trick Cargill and tony anho 


PATRICK CaRGTLL and TONY ANHOLT 

-‘■lo 

SLEUTH 

.The ' World-famous TKHlIar, -rr., 
b™ ANTHONY SWAPPER _ ,, » 

'• Seeing the may anln 
, uttar and total. u-'. 

TrarrsfetjIng.Jo Amfaaoadofb Mb>-B. 


iPirvii. Driodr .OBBq. 

RAI PH ;4qemfBD»W. .r^L 
MhrhJN CAMBON.i.MUrtaeF^ayjnW. 
-Cary -BOND. Joanna AN- vrLtGHSM. 


Geelfr ry~ ' keei^° *» 

AUCE-S.BOW 


SHAW THEATRE -..0T-3BB 1394' 

Evgs. 7 30. UP3 
. CH 1CKEN SOU P^ WITH., BARLGY . , . 

■ . . bv ARNOLD -WESKER-'— - - -* 

"MOVING 4NDI LLUMINATIN G"> J'lhf - 
"ABSOLUTELY MAGNIFICENT. .. E»N«Wb 


CINEMAS 


.SHAFTESBURY AVE.. 83B 
gee i. sen - “■ “ " - - 

1 The Ga 
'2.00. 5.10. 

2. Sweeney 2 /AA}. Wfc. A Sun. 2.00. 

might ' 


I SHAFTESBURY AVE.. 83B. « . 

I. Perf*. ALL SEATS BKBLEJ.-,. '* - 
oodbyg Girt (Al. Wk. 4 Sun. • 

3- o.fo. Late Snow sat. 1-1.1 0 '." L 


Tl'Sb Tonight 4 SaL.'-':.'- 


CAMDEN PLAZA tape. Camden Tf^j, *j- - r 
Tube*. 485 2443.'. MelvlHe’s classic '■** 'j*-- - 
" *“ THE 


'SuenfSHc ARMY IN 

SHADOWS (AA}. 3.10, 3.45. 8.25. 


1 ' V .:* 

• i-.jpr.se 

ah ih«:" 
and: 

r«“horAh-; 

^ sr 3nd[ ; . 
' rriicyiitej.; 
‘AiJhlit 

■}\ iojwj 

their. 

*- 

:n aa 

.'n. Vue* 


Oatord St. (Opb. 


Tot tenham C purt_Rd. Tube}. 636' 03101 
l. Bert^ueeT* 1900 Pam t txt. Progs.-.. 

i 15 ,y 5, ys- Late show ii.ig p.m. '■/ . 
A John Thaw penitii WaietSiTn ■ r 


2i John 

fMNEY 2 (AA) CHARIOTS "OF'' THE 


0005 2.0. 4.55. *7 SS'. La" 




show- TO. 55 p.m 
*■ George . Bunts. 


'■ Oi. 
6 3L 


...i — - . John- Denver 
GOD." IA>.- Pgs; ■ 2.00. 4.1 S. 

8.45. Late snow 11 p.m 

a* ouro* r* T 900 Part a oo. Pc.' 
S-20. B.15. Late- show 1i;io p^S. 


i'.iutli' 


2.30 


WMgfft Cww Street w.i, 499 -3737, 

f AHDON MON AFP AIRE tXl. rEnalM, 
sob- titles). ■ ■ A spartcHng New FremS 
Comedy. . JMrecteo with finesse by Yv5 


S -1 




THEATRE 930 S 9rS 

Jwilty MKUioc. Anrw Buicrofr. MJkhui 

TURNH4 C?*eatiuT Rnss ,£!? ,n ™ 1 

TURNING POINT fAl-. FTOdA Wk, l.Q^ ! 

' ^aVe -’* 0 " ■* ■**-'***• , 

Sit. II445 -p-nr %. 

a ?„ SON ^ Y ‘i AR * urT ' ; 1W273S.2777 
JaneTanda. Vanessa Redgrave In a 


. " ' *?I .’rriSTBC; 

J-*'*'.. v\ *JF’ 

Tim 


XMitemamt. ilm Julia (Ai. Sen. drog? 

S l Sr. a i S 2« S , 4 i a - 45 - £fi ,,ure W»- 245 

R-CO. Latg snow Pel. -Bnd SaL Prog 
■ Comm. 11A5 p.m. Feature -32.00. An 
wits brakawe at T fua ye^ 

trortE. - 


930 6111, 


OF THE THIRD 
r . Doors 0 


ooEOM .Leicester sol 

CLOSE ENCOUNTERS 
KIND (A).. Sap. Prosw. oiy. Doors open 
fio.00 Sit. mriy} 1 .05 -. 4.1 5 . 7%i Uite 
oerts. Tuts. -sats Door*, open 1-1.15 am. 
An mb nu« r boefro raceut . 10.00 

"lilK.-IMrQQ. "! f . .. 



OO&ON M&RBLC-ARCH.- --725 Ml 1-2. 

ARS - W5 -Doors Men Dl*. l.-so! W 
4JS,-7-S0. L«e show it, 12.00 nrid, 1 
ManT. All sran*. Bkble. mbpt 1.30 nerf. 

. WkSw • • * 


PRINCE' CHARLES. Ulc. 5a. . * 37 
SWEPT AWAY rx). sen Ports otv 
****** ^ ow 


'1T.5B. Beet* 


Lied S*r. 


: ALWAY^-WANTCT * v ®T! rT «J ,l, G YOU 



•MX. (30. 2.50/ BJ90. «fts. -BANANAS 
t fAA). .1 ,16. 4-ZS. 7.40. 


TO .KNW ABOUT ^ 


. Late- Show- Fri ft 

Sat 10J95. ■ _ . I 

•Jf-Oewro* Bum*. .Jutm Denver c9t. GOD ! 1 

TAfTProw.' f (5. J.4A 6rT5^.a-45 ' 

Show JW. A . Sat. ' 


'4r -rtxford 
WVtMr 1 


Late 


e s 


tSUT 


STUDIO 1. 2- 3L. , 

PWL t. GetoAiWSiMr W««>3 

-gRfatert UfiiErTA}..- Progs 3 55. 
US <L*i|j-AiWt. tarn.Rfibw ^ar. loss. 

tne'-ot^wye oirc fA»7 Prooj, 
13 4V 245. 5 75 a nS-Lat'- Show. Tat. 
-.10 46.' -iSTT we- MAN WITH THE 
«N*MM «l'N..iAI . 3AO. B.10. . IIVX 
-AW- IW DIE. TA)- L - TJfl. S.5S L«e 
-. Clime. :6at - >» 0 45.- TW;m»b Wim The 
'DnfAm HTMlr’TA* --4r AMm^nia** 

i i**vron--ri"iWp/ ! A'i*..5xpp"*» - ai. 7 «s. 

.0:06.-- ill V* -AND .r 
. t.BO,.-4J5. MO. Ut* Show 





















llffti 



Financial Time* Friday April 28 1978 


if 


Inema 




Anything for a laugh 




by NIGEL' ANDREWS 


iw "*v* 1 '■ "■ 1 f the- ceiling: opens In answer to his one-liners an air of stvle pven 

V;f »rver}d'5 Cre»t«t Lover (A \ ' Ms . command. Wilders touch when thev hare none; and folk 
\L- >3 eon Kensington^ Scene 3, and timing are so sure here that singer John Denver, fresh from 

r. Studio I one js frustrated by his inability strumming the open-air virtues 


r,-Oft Got! (A) Warder West End, to sustain them elsewhere. There or the American midwest, con- 
slene. Classic Oxford St. w too much Knockabout spoofing tributes a nicely-rounded por 


arfower, Canterbury 


The Claphatn 


Wonder 


i:\il Scene. Classic Oxford St, is too mucn KnoCKaooui spoofing tributes a nicely-rounded por 
; L-t ABCs Bawwater and Fulham Kd. of- early-HoUywood i al ready done trait of bewildered, bespectacled 
„ . . . to death m Nickelodeon. Holly, innocence, 
v j'JHerbfe Gfegto Monte Carlo (U) n^od cowboy and their ilk) and * 

OtfeOD SL Martins Lnn G -fnn mnnh rtf WilrT&r'c nwn funn,, Hni-niaAr. U * - 


m 




w Ota SL Marlins Lane t00 muci) wader's own funny. Devotees of Herbie the magic 

iThe White Wall ~ • • ICA In-moderation spasms of beet* Volkswagen will lose no lime in 

. ?\ <jL ‘ — •. — - 1 1 T root-faced hysteria. Bui the i»n- visiung Herbie Goes To Monte 

“■'ty Tfrfr best of. a middling trio of provement on bis first film is Carlo. The film wraps one plot 
X tlloin'edies this week is Gene substantia? enough to whet ones Jtamd fwill Herbie win the 
\r%fflder’s The World’s Greatest appetite for the third. Monte Carlo rally?) around an- 

r£wfr. wyfder the shock-haired * uther twill two diamond thieves 

f am Hated /comic actor who gave Oh God! whets one's appetite "cover the jewel they have 
Vial Brooks’ early films their best for little except an early se creteU in Herbie’s fuel tank ?) 
iaomentahiad one earlier sub at departure. This is a one-idea 50 a ? t0 Eive }t a double-Btrengita 
“fWritingi^ind directing his own comedy in which not even the c ~ a,i F a PP ea '-. and the special 
s- ‘ : ?piovie/nthe Adventures of Sher- one idea ih funny. It is that God F, i s “, re primitive but lively. 

■: 3**ggaaii^zsgjsaaL & uriLSrtJ 

C The ~ S? .IE 

■ ' “Jnsf ** 5£ « «“ Page 37 automobile — are siars Dean 

■ axpen^ce has told, and_ this ■ — ■ Jones. Don Knotts Julie Sommars 

„ Budolph Valentino parody is an manager at a supermarket. and R 0y Kinnear 
i improvement : erratic, and carry- played by John Denver. His * 

•< i iog too much weight around the attempts to convince the world sjjg Bjorkman's 77ic w7/«e 

• * ' si" middle (like so many movie of God's appearance cue in some Walt is a drab slab of Swedish 

- spoofs, its ideal length would be arch religious comedy in which angst unaccountably brought m 
• an unprogrammable 60 minutes), we are left more than a little the ICA by Derek Hill 1 keen 
. but with enough bravura lunacy bewildered as tp whether we trumpeting the fact that DeTek 
at the edges to keep one enter- should be taking the film s Hill is London's most adven- 
. ...Mined. ^ ' evangelistic thrust seriously or turous film exhibitor, bur I'm 

. The year is 1926. Wilder pl^s not. afraid he is going through an 

* failed Milwaukee baker who The director Car! Reiner, once eccentric phase at present l 
• ' fipows In his apron one day and made a raw. funny. New-Vork- cannot send vou to ibis anv more 

■ ‘ : decides to go" to Hollywood to craxy. comedy called Where'* than 1 could'send vou to his lasl 

■ ; screto-test for a big studio Poppa? The comic energy he week's offering, ‘ Improperly 

\ searching for M the world’s invested in that tale of mayhem Dressed. It is the kind of film 

. ; greatest lover.” The said studio and mother-love in Manhattan that has given Swedish “art 

. is run -by a coiffed and mous- seems to have used up most of cinema" a bad, or at least a for- 

,j tachioed Don DeLuise (of Twelve his resources. The good lines bidding, name: lashings or 
i Chairs ; and Silent Movie fame), in. this film can he counted on depression and introspection, 
giving^ ah other matchless display the fingers of one hand icoun- much glum outspokenness about 
of hi^h-handed, epicene. paranoia, selling discretion when it comes sex and age and loneliness, and 
pO Alsqfamong those present, moon- to self-publicity. Burns says to a cast in which pvery face (par- 
limting In and -out of Wlider’s Denver. “Even Moses didn't give ticularly the heroine's) seems 
5i|ll l«e and- enjoying secret assign a- his last name"), and the fingers constantly to be on the point of 
Tt tij - yens -with Valentino himself, is of the other will suffice for the cracking apart with pain. 

5f». wife' (Carol ' Kane), a timid good performances., A host of The said heroine, played by ex- 
purl swept up by ■ delusions of illustrious supporting players — Bergmanite Harriet Anderson, is 

* * Romance. _ , Donald Pleasence. Barry Sullj- a lonely, separated wife living 

The film’s funniest sequence van. Ralph Bellamy. Dinah Shore alone with her child. We watch 
***.; recounts Mr. and Mrs. Wilder’s — come and go to no effect at her seek emotional consolation, 
stay in a luxury Hollywood hotel, all. and even Paul Servian's and fail to find it. in- the arms 
^ Ushered into the most palatial performance as a venal hot- of sundry men and in the friend- 
suite by a manager (Fritz Feld) gospeller, wrapping his longue ship of other women. The film 
-mistakenly believing his guests around some ringing Billy compounds the hangdog, one- 



It’s one of Sandy Wilson’s 
merits that be never changes, his 
style. Let others try in vain to 
ape American musicals; Sandy 
Wilson will go on ttith his inti- 
mate romances, laced with songs 
in a post-Pfavello vein. Time's 
passing is detectable only in the 
increasingly macabre topics be 
chooses for his plots. Last time it 
was an adaptation of John Col- 
lier's His Afonfeep Wife, about 
marriage to an ape. Now we have 
au adaptation of Barbara 
Comyn's novel The Vet’s Doupli* 
ter, about a girl who dies restat- 
ing on Clapham Common in a 
wedding dress. 


. And what we need next Is an 
adaptation of Sandy Wilson's 
The Clapham Wonder in which 
he can try to forget the details 
of the novel and use the funda- 
mental plot in a story that is 
more truly theatrical. For an 
act and a half, Mr. Wilson shows 
us no more than a conventional 
piece about a poor girl in London 
with a bullying father, a dying 
mother, a nasty stepmother, a 
romantic lover unachieved, a 
boring lover achievable but not 
made. Poor, naive Alice begins 
levitating at moments emotional 
crisis, but her talent has no 
effect on the plot untiL late In 
Act 2. she does it in front or her 
father and he arranges a public 
showing that proves fatal. 

I don't mean to be unkind, but 
ray feeling about The Clapham 
Wonder is that there is nothing 
wrong with it that a total rewrite 
wouldn't correct. I mean this 
quite seriously. Levitation is 
much too important a thing to 


he" tucked, into a corner as 
Wilson has.it,. Let 'pretty 
Todd, who is most appealing 
Alice and sings enchantin 
hitch herself to a Kirby wire 
levitate in front of us, evet 
only with the lights down; 
let this uncanny ability of i 
serve to infuse an appropria 
weird atmosphere around 
when required. I know that 
the play's present form, Alt 
sweet ordinariness is part of 
picture; but to my m. 
although this may do in a no 
it won’t work on the stage. 

There are some happy songs 
the familiar Wilson man: 
Occasionally there are ind 
tions that the vein is rune 
dry: and certainly some .of. 
songs are dragged in — like sc 
of the peripheral cbaractei 
without much justification. 
big production number 
Harrow's won't do. There sbo 
be more convincing use of-' 
chorus, whose appearance set 
apt only twice, in a. skal 
nuitf and in the final debacti 

David Carson is the -direc 
Fiona Mathers the designer, i 
Colin Sell, the musical direc 
makes music with a five-pi 
band in the pit. . There 
attractive playing : 'by At 
Dobson as Alice's barmaid-i 
curess- step mother and Art! 
White as her bullying We 
father, and eRichard Griggs 
appropriately glamorous as 
golden-haired sailor lover, w 
on being given a private levitat 
session, says “It’s horrible'.” t 
leaves her for ever. 

B. A. TOO 


Wigmore Hal! 


Student Recording 


Carol Kane and Gene Wilder 


Vv ■ p be bona fide stars. Wilder loses Graham vowels, is pyrotechnic dimensional realism of its story. 
■}> j time (wfth'the aid of an over- rather than funny. telling with the almost insultingly 


:.v s time (win? me aia oi an over- ramer man runny. icuing wun tne almost insuiungjv . .. . . „ 

' Ving hath) in turning the By contrast the three stars — formulary characterisation of its bureaucratic Indifference ana all 
■ : living-room into a sunken Bums. Denver and Teri Gar r as heroine. Miss Anderssoo does ine niod, , sh and weU " 

• '• 1 Mo, After sundry alarms and Denver's wife all deserve what she can with the role, but travelled areas of contemporary 


-:r exclusions -with visitors and awards for comic resource the character is not so much a grievance. 
j chambermaids, we cut to a head beyond the call of duty. Teri person as a purpose-built Every- 7 ... 

;Wa iter atanding by a dining-table Garr has a winning line in woman: programmed with the Finally- and contrastingly. 
i : . beneath... He snaps his piquant hysteria; - Burns's film's disenchantment at modern more good news from the pro- 

togery for water: pause: then gravelled, deadpan voice gives society, male chauvinism, vinces. A new full-time regional 


film tbeafre opens at Cinema 
City in Norwich on April 29. 
The opening presentation is 
Joseph Losey’s Mr. Klein, intro- 
duced by the direi-tur himself, 
and the ensuing May programme 
offers as eood a repertory' of 
films as one would find anywhere 


In or outride London. Among 
the star attractions are 
Scorsese's Meun Streets, Alt- 
man’s Thieves Like Us, Powell's 
Peepino Tom. Tonino Valerii’s 
Mp Nome Is Nobody and an 
appetising season of Dietrich/ 
Von Sternberg films. 


afford, E.15 


Dusseldorfer Kammerspiele 


Sisters by MICHAEL COVENEY 


Two Acts for Five Women 


.Tom McGrath’s 'play i* a 
•touatic epitaph for three East 
girls— one white, one 
west-indian, one Pakistani— pro- 
jected through several differently 
xocusseA lenses. The majority of 

K g is vital, sensitive and 
;Jy funny. But there is* 
ch of schematic ? wind* 
the second half, where, 
ally effective comic 
a do-gooding careers 
indihg out pamphlets 
^ju^jobs m banking and hair- 
dressing, is extended to incor- 
poratq the role of a devouring 


fortuxE-telfer.- The girls, swamped 
in a qd tent, have their illusions 
■ : destroyed and their status as no* 
topers gratuitously reinforced. 
.This feminist gloss on the pro- 
ceedings may be defensible intel* 

: lectuaJjy but as theatre, It is 
deadlyf The great strength of the 
; play’s first half is its reluctance 
to be! trapped in ideological 
corners, its freshness of dialogue, 
its delightful observation of 
Pimply teenagers edging towards 
each other across the floor of a 
deserted discotheque and the 


. ludicrous, trouser-tuggmg bragga- 
: dodo of Tim Stern as a bespeo 


1 dwao of Tim Stern as a bespec- 
tacled jerk with everything to 
->5e. With everyone on stage 
P'rstlng to sacrifice, his virginity, 
™ve seems little lime to spare 
™V|her matters and carefuiiy- 
Pnra^d analysis. 

Buf, unfortunately, that time 
** found-, and at the expense of 
the real juice. Although the 
we JgfrJs — powerfully and 
fijovin&iy played by Deborah 
Findkay. Marsha Millar and 
“O^rihine Welcome — articulate 
tbeiif plight graphically within 
imposed framework, their 
P'-roblems assume a general tone 
. of inflection that compares 
weakly with the detail of- their 
playground pact and their yearn- 
ing for real experience in an 
environment of deprivation. The 



RONALD HOLLOWAY 


Ooborah Findlay, Marsha Millar and Josephine Welcome 


scaffolding and colourful murals 
of Jenny Tiramani's design prove 
an incongruous background to 
political speechifying. 

In parts, the direction of Clare 
Venables and Jonathan Chad- 
wick is excellent. But the play 
lacks the accumulative concen- 
tration of Mr. McGrath's The 


Horffmon. in which the disinte- 
gration of an imprisoned thug 
was set against a Glasgow back- 
drop of refined realism. That 
said, l believe that the author 
is a playwright of immense 
potential and that the Thealre 
Royal has given a good airing 
to a genuine talent. 


A co-operative jazz concert 
which has no financial hacking 
-will be presented at the 100 Club, 
Oxford Street on Bank Holiday 
i 'onday. May L 

The line-upris EDQ, comprising 
‘ ^on Dean. Keith Tippett, Louis 
l . iolo, and Chris Laurence, and 
^'Mike Osborne Quintet, with 
’efl^reen. Peter Nykyruj. Tim 


Arts news in brief 

Pharoab. and Dave Holdsworth. The judgts for the award were 
The doors ooen at 7-45 p.m. Marty** l 1 ? IF- Director of tiie 


The doors open at ^ _ . ... 

Admission is £1.75. National Book League. J. W. 

Aumission is t ..a LamberL and Brooke Crutcbley. 

* * 

Paddington Press have been Sir Ralph Richardson heads 
awarded The Allen Lane Award the cast in Alice's Bopa. a new 
for The Best Publisher of the play with an espionage back- 

Year for 1977. given in memory ground by Felicity Browne and 

of Sir Allen Lane by Bristol Jonathan Hales, which will open 
Literary" Dinnen* at the Savoy Theatre on May 10. 


Women's Lib received a boost 
this month at the German 
premiere of Bjorg Vik's Two 
Acts for Fine Women at the 
, DiisseidorfcL - Kauime rspicle*. - -It 
wasn't so much the theme as the 
play itself, winner uf the Nor- 
wegian Literature Critics Prize 
in 1974 aad a popular success on 
the Oslo stage for. five season « 
now. The iav swiftly became a 
hit throughout Scandinavia, was 
produced in New York, and par- 
tially adapted in 1975 into a film. 
Anja Breton's Wires, which in 
turn signalled a trend toward 
social and political semi-docu- 
mentary features in Norway. 

Zwei Akte fur fiinf Frauen 
arrived in West Germany 
through the graces of the private 
theatre, not the subsidised 
houses which remain with the 
classics, like Ibsen's A Doll's 
House, when it comes to sticky 
contemporary issues. The 
Kammerspiele in Dusscldorf is 
one of those oases where Ten- 
nessee Williams. Peter Hacks. 
Edward Aibee and Fernando 
Arrabal . mjx with pungent 
comeftes and high-level 
boulevard to win a modest hot 
faithful public. Vik's Fire i 
Women came to Tntendanf Peter) 
Thomas's attention simply by. 
virtue of the drama's popularity ' 
at home and abroad. | 

But there was another reason: 
the possibility of five women on! 
stage throughout two acts in un- 
interrupted dialogue about ' 
women, men. children, marriage. . 
and fidelity, directed and staged 1 
;tHclga ■ Op gen Orth . and • 
rMargareta Ruijgrok) by women 
to boot. Thai may appear to 
be a tick — but at the Berlin Film 1 
Festival last February :.o less 
ihao 30 women directors pre- 
sented films nn more or less the ; 
same subject matter, all vying to 
say something new about a ; 
theme that is dooured to repeat 
itself in so many vital areas of, 
concern. The charm and slrengtb.j 
of Bjorg Vik’s Two Acts for Five . 
Women is that she said every-! 
I thing first and stated her case- 
twice as well as anyone on the i 
German scene. 


remarkably similar to Ingmar childhood and safeguarded even 
Bergman's 1952 film. Waiting from friends. The first act is 
Women (also known as Secrets comic, the second tragic. 
of Women ». perhaps the most In Ihe Scandinavian tradition, 
significant^ his -early- exptora-* the- day- oxtends-into a'-night of 
tions of female psychology. Here, despair as one revelation leads 
five women are also drawn to another and the women began 
together into j circle, four wives to attack each other’s cherished 
waning in the archipelago for illusions. The Diisseldorf prnduc- 
iheir business-men husbands to lion appeared shortly after 
join them from Stockholm (three Easter, an appropriate time, for 
Of whom tell stories about crises this is a Passion of sorts. Each 
in their marriages) and a firth woman admits and learns some- 
preparing lo elope who looks thing about herself, adjusts to 
with disdain on the corrupted the truth as much as she can. 
ideals of the others. * and cages the vampire in the 

Vik's . five women — Hanna soul for the time being. - One 

(Dagmar Soerensen). Ellinnr discovers that her husband is 
(Ilona Wiedemi. Anne-Sofie not the saint she preferred: 
( Dorothea Moritz). Lilleba another faces the reality of her 

(Ursula Bredin), and Gry divorce; a third admits to the 
(Angela Pscbigoda) — come to- necessity of a lover; a fourth 
gether for different reasons: the decides not to go through a fifth 
group were school companions pregnancy; a fifth, unmarried, 
and they' meet casually once a confesses to. bitter loneliness, 
year for old times’ sake. This Da sn»ar Soerensen's divorcee 

encounter.- however, is crucial, ‘ l S! , !S2JS 

„ , K „. iri . ’ wife bring that extra to prevent 

as rbey are all 40 now and ready a precarious production from; 
in admit things openly, secrets dipping into the sentimental and 
hidden from as far back as the maudlin. 


The Student Recording 
Scheme was launched experi- 
mentally three years ago by the 
record producer Mark Sutton to 
give outstanding final-year 
students from tbe four London 
music colleges the opportunity of 
making a professionally-pro- 
duced 20-minute programme 
tape of their own playing, at no 
cost to themselves, which they 
could use for their own purposes 
as an audible “ brochure.” 

Free tape was supplied by 
EMI, and the experiment was 
successful enough in its early 
stages to attract charitable sup- 
port In 1976 EMt increased its 
own support by offering to spon- 
sor an annual recital for the 
student whose performance on 
tape was judged the best out of 
the 30 students taking part The 
joint winners in that first year 
were the pianist Kumiko Uda- 
gawa and the Coull String 
Quartet This year the winners 
were again jointly a pianist and 
a string quartet; Francis Eagar, 
an RCM student from South 
Africa, and the latest young 
Griller quartet from the RAM, 
the Bochmann Quartet 
" Neither. 1 should say, on the 
evidence of their shared recital 
on Wednesday, is destined very 
quickly for stardom. Miss. Eagar 
and the Bochmann ensemble are 
rather all of them very worthy 
and promising young players 
who should ideally work and 


wait for several more ye 
before appearing on the m 
distinguished London solo p 
forms. Miss Eagar especia 
whose performances of Bi 
hoven's sonata op. 109 and Fro 
flev’s sonata no. 3 Shot* 
unmistakable talent: but w 
shot through with, and ev 
rually shot down by, bad p 
fonii nerves, and by mi 
evidently' insufficient or shall 
technical working. The Ba 
mann’s account, too,- of Hayd 
G major op. 54 no. 1 had 
moments of disarming (if 
always very penetrating) fre 
ness: but here again much clo 
working was called for-rin 
variety of colour, and subtl 
and independence of cauni 
point, before the music is rea 
ready for the stage. 

Confirmation, maybe, of sox 
thing we already knew: that i 
musician who can play cain 
and well in front of a stu 
microphone is not by any mei 
necessarily the one who v 
play best as real music is b 
made in front of real people, 
stage, on the night. In its pro 
context the Student Recor " 
Scheme is self-evidently an . 
portant and valuable ventu 
•BuU'to !«seieet- 'petfbnners : 


e ublic • recital purely, on j 
asis .&f a tape-T '' .. 


'basis -.Of a tape-TBMjrdwr - 
a nftflter* ■matter’ dfitTrely^- and 
gimmick. Live players' must ; 
selected iive.- 


DOMIN1C Gl 


►1 A J III [I] I 


li t 



AT II i 


Arts Council allocations 


Fire Women, a grand -daughter) 
| of Ibsen's Nora, draws upon a ( 
mainstream of Scandinavian j 
i literary and cultural life for its! 
I depth and impact. It ist 


The full extent uf the Arts 
Council's help fur the arts in the 
U.K. was revealed yesterday 
when it published a breakdown of 
us 197S-79 support. In aJI it has 
an allocation of £50. 6m., which is 
roughly a 21 per cent, increase on 
1977-78. The biggest percentage 
rise — 39 per cent. — has gone to 
arts centres and community pro- 
jects, which are receiving £1.3m. 
this year. 

The main beneficiaries are the 
national companies who ' get 
£12,868,000; drama, £6.95S^(W: 
music and dance, £5.280,500; 
regional arts association, 
£4,054.500; touring, £3,700.000; 
art, £2,540,000; and general ope ra- 
tional costs, £1.963.000. One 
danger is that only £450.000 has 
been left unallocated, a much 
lower figure than in previous 
years, and much of this has 
already been promised to com- 
munity arts and to Scotland and 
Wales. So in any unexpected 
emergency the Arts Council is 
ill prepared to mount a rescue 
act. 


The first visit of the Royal | 
Ballet to Liverpool for 20 years 
has been a great success, with all 
seats sold for this week in tbe | 
Liverpool Empire which, with 
2.600 seals, is larger than Covent 
Garden. The Arts Council has 
underwritten the venture to The 
tune of £100.000. In other news 
from the council, a grant of 
£11,000 has been paid to Artlaw 
Services, a new venture set up 
by barrister Henry Lydiale which 
aims to provide a Legal advisory 
service to' fine artists. 

A.T. 


\ The facts speak for themselve 
KyMVUll * * -l Since 1953, nearly 300 con 

S i £ \ panics re-located in Swindo; 
l *• * “•"* - V Firms like British Leyton 

-. Burmah Oil, Hambro Li 
■■■and W.-HTSmit 
With a hundred and ox 
ing alternatives, why Swindo 
tpfv itecatise no othdraeca cs 
for location; cconmujlitafti on 
md human resources -uniepi 
riuch can offer you a speedie 
ore substantial retura^fi yot 
v investmen 
lace, office spade and.'de^cJ^ 
ites are immediately 'avtfiiabt 
are not required and you’ll gi 
LD.G support. Talk to ot 
lopment team now. With ovi 
■cars'- experience behind then 
no vc mountains to make yot 
move a smqqth one." - 

For the brochure, which is your PcsSpart to Profit, contact: 




Covent Garden 


Countess 


In the Royal Opera’s revival 
or Le Nozze di Figaro opening on 
April 28 tbe role of Countess 
Almaviva will be sung by 
Celes tin a Cusapietra. Miss 
Casapietra is Italian hut is a 
member of tbe BerliD Stale 
Opera. East Germany. 


Tndustrigl, Adviser , Thiimescfown Borough Council. Swindon 
Z)H. Td: fffyS2or6ff clou-4483^. - . 




Incentives no government can offer. 


destination 

inexico 


.If you dream of long sandy beaches, tropical vegetation, 
a limpid sea warm all the year round, then choose Mexico 
for your next holiday. Mexico's 6,000-mile coastline 
boasts hundreds of beaches ; La Paz on the Sea of Cortes, 
Cabo San Lucas, Guaymas, -Mazatlan (the pearl of the 
Pacific), Carey es, Puerto Vallaita, Manzanillo, Lxtapa- 


Zihuatanejo, world-famed Acapulco.™ to name only a few. 
Off the Caribbean coast are the delightful islands of. 
Cozumel, Isla Mujerea, . and Cancun - the latest to be 
opened up to tourists. But there’s more to Mexico than 
beaches, and islands. There are the impressive precolum- 
bian sites of Teotihuacan, Monte Alban, Chlchen !tza~ the 


old-world charm of colonial towns like Taxco, San Miguel 
de Allende... the modem architecture and cosmopolitan 
sophistication of Mexico City, the capital. Throughout the 
country there are excellent hotels in all categories whose 
restaurants serve delicious local specialties as well as in- 
ternational cuisine. Mexico is less expensive than you think. 



to\the sun ! 






"BWWttdaSty -.ijilrts Uric 
BwnwflkSsxie* 


MjHrTIrmffoBt 


exico 


jffKTi rf* be Wi jkB - ensen mam be isama - kxim &r. 

*S>^&^raOBL l EBMrE t 34,H.S£8KET,75WrAlB 

RE3DUI TOn^YffFFiarS 2 GR0SVEH8 MHKtt, IWBM Sf . !. TEL « 738 1,3,8 








ISiil? 




/ 

\ 




22 


Financial Times 'Friday ' Xprii 28 1978 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON KC4JP 4BY 
Telegrams: IHuntlnv, London PSA. Telex: U6U1/2, NSW 
Telephone: 01-248 8000 


Friday April 28 1978 



. Healey’s 


chestnuts 


THE APPARENTLY absurd 
position which has arisen in the 
House of Commons, with the 
Opposition proposing one alter- 
native budget, and the 
minuscule Liberal part a second, 
could in fact result in a sub- 
stantial improvement on Mr. 
Healey’s official proposals. The 
real absurdity is not that the 
Government should be unable 
to carry its own proposals, but 
that it should to some extent 
deliberately have put up pro- 
posals that cry out for amend- 
ment 

Few incentives 

Mr. Healey has more than 
once spoken sensibly and en- 
couragingly about The need to 
restore incentives for middle 
management, and reduce the 
punitive top tax rates on earned 
income, but he has chosen to do 
next to nothing. He was well 
aware that the Liberals could 
cnunt on Conservative support 
in an effort to turn his own 
words into deeds. One may sus- 
pect that he thought it easier to 
leave this job to the Opposition 
than to offend the prejudices of 
his own left-wing and trade 
union supporters by being as 
good as his word. 

As the Confederation of 
British Industry has pointed 
out the apparent concessions to 
higher-rate taxpayers in Mr. 
Healey's proposals were hardly 
even a step in the right direc- 
tion. Inflation has so . .far 
devalued the incomes contained 
in the various tax bands that 
the revisions proposed, com- 
bined with the tapering off of 
child tax allowances, have left 
most higher-rate payers worse 
off in real terms than before. ?nd 
the cash payments received by 
way of child benefit are inade- 
quate compensation at these 
income levels. 

The proposed taxation of high 
incomes is heavier in real terms 
than it was at the peak of the 
fiscal squeeze two years ago, and 
very much heavier than the 
burden imposed by Mr. Healey 
in 1974, in a declaredly partisan 
effort to “ make the pips 
squeak." The growth of avoid- 
ance. evasion, and tax emigra- 
tion are the most visible results 
of this short-sighted egalitarian- 
ism. which has compressed 
after-tax earnings differentials 
a good- deal further than any 
Communist regime has cared. to 
go. Demoralisation and - reluc- 


tance to take risks impose the 
much heavier real cost 

A still greater absurdity is 
that the cost of correcting these 
past policy errors is almost 
trivial. The Liberal proposal, 
which would raise the threshold 
for higher tax at 40 per cent to 
£8,000, an4 achieve a top rate 
of 70 per cent (as opposed to 
the present 83 per cent) at 
£17.500 is a step towards the 
kind of tax structure which is 
normal in other countries 
(though the top rate would still 
be abnormally high). The cost 
is put at £210m., just over the 
cost of reducing the standard 
rate by Ip (and it is quite likely 
that the true cost would be very 
much less, since the incentive 
for avoidance and emigration 
would be so much reduced. In 
the longer run the incentive 
effect should show the revenue 
a substantia] profit). 

Lower down the scale, the 
opposition is split about 
whether to favour a lp or a 2p 
reduction in the standard tax 
rate. In either case the gesture 
is to some extent symbolic. It 
underlines Mr. Healey’s mistake 
in choosing a strategy which has 
not reduced the marginal tax 
rate — the operative one for 
incentives — for anyone except a 
small class of low earners; but 
there is no fiscal room this year 
for a worthwhile reduction. 


Indirect tax 


Indeed, the financial markets 
have already made it clear that 
any further net reflation would 
be totally irresponsible; the 
cost of any amendments must 
be - recouped. The Liberals 
appear to have accepted this 
■point, but their proposal to 
throw the burden on to 
empoyers' insurance contribu- 
tions is not helpful at a time 
of high unemployment. The 
Conservative proposal to finance 
part of their own more modest 
idea by cutting the funds 
allocated to the NEB Is beside 
the point: the Budget Is con- 
cerned with resources as well 
as financial transactions. The 
cost should be borne by indirect 
tax-— preferably the revenue 
duties, especially on petrol -and 
tobacco, which have fallen in 
real value. If the Opposition 
is joining in Budget-making, it 
must have the fiscal 'courage of 
its convictions. 


Steel makers 
on trust 


THE DOCUMENT the Steel 
Corporation, bas sent to ■ MP$ 
describing the background to the 
Bill proposing a £libp. increase 
in its borrowing limit to £5}bn. 
makes no attempt to disguise 
the precariousness of the cor- 
poration’s financial position. It 
freely acknowledges that the 
present rate of loss is not com- 
patible with the survival of the 
business in its present Linn. 
Last year's loss is now put at 
£440m. but no firm fnreca-U is 
offered for the present year. The 
figure of £400m. projected for 
the purpose of fixing BSC’s cash 
limit was based upon assump- 
tions about inflation, interest 
rates, steel demand, the absence 
of major industrial disputes, 
and other factors: it could easily 
be upset especially if it turns 
out “ that the world steel 
recession has not yet reached 
bottom. . 

Looking five years ahead, BSC 
is assuming a growth in GDP 
averaging about 2j per cent a 
year, which could point to a 1-1$. 
per cent annual increase in U.K. 
steel demand, and it is hoping to 
hold on to or possibly improve 
its market share. But, even on 
this basis, the corporation does 
not expect to generate from its 
own resources more than about 
a sixth of its financing require- 
ments. At best, the proportion 
could be as high as a quarter; 
on BSC's most pessimistic 
demand estimates, cash flow 
could bo negative. 

Priorities 

The finances of most of the 
world's other leading steel 
makers may • also have been 
savaged by the recession. Hut 
BSC’s difficulties are com- 
pounded by deep-rooted prob- 
lems of obsolete capacity and 
low productivity; and, even 
though its investment has been 
halved to about £5(Hhn. 
annually, it is still spending 
proportionately more . than 
other comparable steel com- 
panies. In the document,- the 
corporation gives further details 
of its revised investment 
priorities. Apart from complet- 
ing the major schemes which 
are already substantially under 
way, such as those at Redcar 
and Riavenscraig, and schemes 
designed to bring about a 
better balance between BSC's 


steel nteltfag and finishing 
facilities, the main priorities 
now are product quality and 
cost reduction. 

Investment alorte util not 
make BSC profitable again. It 
currently has an effective 
manned steel making capacity 
of some 22m. tonnes a year, 
before counting the 5jm. tonnes 
of additional capacity due to 
some on stream in the next 
three years, as against a sales 
projection over the same period 
ranging between 1 6m. and 22ra. 
■tonnes a year. So there must 
be a continuing programme of 
closures of old high cost plants, 
including those covered by the 
Beswick review. Output per 
-man is substantially below the 
levels attained by BSC’s com- 
petitors (the West German 
figure alone is 50 per cent: 
higher). Both viability and the 
scope of higher real earnings in 
the industry will therefore 
depend upon a major improve- 
ment in productivity at exist- 
ing plants, the attainment of 
international manning levels at 
new plants and the absence of 
disputes and other interruptions 
to sustained and continuous 
operation. 


Justify 

As a management objective, 
BSC has set itself the task of 
reaching break-even point in 
two years’ time, -This is con- 
tingent not bnly upon realistic 
progress in cost reduction but 
also upon BSC’s present assump- 
tions about steel demand and 
prices and the continuation of 
the EEC's “orderly marketing 
arrangements." On tire same 
basis, the £lihn. increase in its 
borrowing limit should suffice 
for the next three years. Later 
on — given a financial recon- 
struction — the corporation 
could expect to make sufficient 
profit to start paying deferred 
-dividends- on the capital -funds 
the Government is now provid- 
ing under the Iron and Steel 
Act. This is -the best prospectus 
BSC, and by implication the 
Government, can presently offer. 
A very great deal now rests 
upon those who work in the 
steel industry to justify the 
nation’s continuing support 


Chrysler has more grip, but 


still a 





BY TERRY DODSWORTH and RICHARD LAMBERT 


I N THE FIRST quarter, of 
this year, Chrysler UJt has 
made its first profits since 
the Government rescue got 
underway in January 1976. The 
return was minimal— £264.000 
after tax— hut it has prompted 
Chrysler to predict a profit for 
the whole of this year after its 
disastrous £2I.5m. loss in 1977. 
Mr. Gilbert Hunt, Chrysler’s 
U.K chairman, says that the 
foundations have now been laid 
for a “successful, continuing 
company." 

The fact remains, however, 
that Chrysler is still a long way 
from home. Although the main 
burden of its losses last year 
was due to labour disputes, the 
company continues to display 
the weaknesses of a small busi- 
ness operating in an industry 
where large volumes count 
Chrysler’s production facilities 
in Britain remain geared essen- 
tially to U.K market demand, 
despite its efforts to move -to- 
wards a European scale of 
operation combined with its 
French (Simca) and Spanish 
(Barreiros) sister companies. 
By contrast, Ford U.K, which 
is much more fully integrated 
with the rest of the group's 
European organisation, was 
able to declare profits of £246m. 
last year. 

The challenge now- facing 
Chrysler is to move to a similar 
European dimension while 
generating enough cash from its 
own resources to help fund the 
new model range. For the next 
two years, at any rate, this 
target should be within reach. 
Capital spending is currently 
running at roughly £20m. a year, 
and Is effectively being financed 
out of medium-term loans which 
were made available by the 
Government under the terms of 
the rescue package in 1975. The 
plan is that working capital 
requirements — a little under 
£lChn. in 1977— will be financed 
out of Chrysler’s own cash flow, 
and that Is well within reach 
given an annual depreciation 
and amortisation provision of 
nearly £10m. There will be no 
trouble wjtjh the taxman, since 
there is a cool £80m. of 
unutilised Fosses to set off 
against any future trading 
profits. 

In addition, Chrysler still has 
a substantial cushion against 
unforeseen setbacks ip the 
current year and 1979. The 
Government "and the parent 
Chrysler Corporation have eaeb 
undertaken to fund ope-half of 
any losses up to a maximum 
of £15ra. in 1978 and of £10m. 
in 1979. And Chrysler thinks 
that the market background 
looks healthy over that period — 
It has modified its original pro- 
jection of a dip iu demand 
during 1979. . 

So provided that it can get a 
reasonable level of production, 
Chrysler is not going to bHve to 
look for any new sources of 
funds over the next couple of 
years. Given the appalling 
trading performance in 1977, 
this I* a measure of the 


CHRYSLER CORPORATION IN 1977 


Total dollar sales' 
Net earnings 
Identifiable asset 


.(millions of dollars) 

U J. Canada 

12,7493 2,971.1 

185.0 11.0 

4,128.1 713.7 


Europe Elsewhere 
3,720.1 1,404.1 

10.4 (43^) 

1,959.7 844.7 


generosity of the refinancing 
terms in 1975. AlLdhe same, 
the company will retain formid- 
able financial gearing, with a 
tiny equity base supporting a 
mountain of debt 
The net worth of- the busi- 
ness, after allowing for the 
parent company's copjjibution 
to last year's losses,.' currently 
stands at just £20m.- -Net bank 
debt amounts to a bit under 
£10m., while other borrowings 
together with deferred liabili- 
ties total £83m. Just under two 
thirds of the latter borrowings 
are totally repayable within the 
next five years. 

This balance sheet structure 
would look precarious if 
Chrysler were an independent 
company. As a subsidiary of a 
large multi-national corporation 
it could be irrelevant— provided 
that the parent was financially 
strong and its own business was 
viable. It is clear that the first 
part of this proviso, at least, 
does not apply to Chrysler. 

As this week’s first quarter 
statement made dear, Chrysler 
Corporation is itself going 
through a period of. major 
financial strain. Losses in the 
first three months reached 
nearly $120m., and the group 
only expects to break even dur- 
ing the remaining nine months 
of the year. This loss comes at 
a period when enormous de- 
mands are being made on the 
American vehicle builders to 
make lighter, more economical 
and less polluting cars. New 
legislative requirements hurt 
Chrysler more than Its two 
larger competitors, General 
Motors and Ford, which have 
greater Integration and market- 
ing power, can spread fixed 
costs over a greater volume of 
units and have lower cost access 
to capital markets. 

By 1985 Chrysler plans to 
have reduced the average 
weight of its entire fleet of 
passenger cars by no less thap 
30 per cent But the cost Is 
staggering — capital spending 
over the next five years'. is esti- 
mated at $7,5bn. This could 
mean a requirement for very 
roughly a quarter of a billion 
dollars of new outside finance a 
year in this period. 

Wall Street is bracing itself 
for a new issue of preferred 
stock sooner father than later — 
an offering of $50m. to $l00m. 
is widely expected. And it is 
clear that in the next few years 
Chrysler is going to be drawing 
heavily on its unused banking 
facilities, which currently 
amount.to a little over Slim. 

It is also felt on Wail Street 
that Chrysler could be trying to 
divest some its its weaker over- 
seas operations. One of these 


is tfie U.K., but Chrysler also 
has a number of other unprofit- 
able branches which might be 
lopped off, and which are not 
protected by a benevolent 
Government. Indeed, it has done 
Considerable restructuring In 
this area in the last two years, 
merging its South African com- 
pany with a company assembling 
Japanese cars, selling its 60 per 
cent, stake in ,a Turkish truck 
assembly group, and negotiating 
to reduce Rs stake in its loss- 
making Australian subsidiary. 

All of these 1 overseas busi- 
nesses suffer from similar prob- 
lems of scale to those which 


CHRYSLER U.K. 

(thousands of pounds) 

Turnover Profit* 
(loss) 

1973 322,000 3,724 

1974 313.000 (17.734) 

1975 351,000 ( 35,453) 

1974 332,000 (42J99) 

1977 - 458,000 (21,472) 


Chrysler has in the U.S. and 
Europe. They were picked up 
in the group’s hasty bid for 
multinational status in the 
1960s, when markets were 
buoyant enough to hide the fact 
that Chrysler was coming late 
onto the scene and acquiring 
the more marginal companies. 
This applies equally to the 
European business, created 
from Rootes in Britain. Simca 
of France, and Barreiros of 
Spain, none of which controlled 
as much as 20 per cent of its 
domestic market.- 

Given the weakness of the 
U.S. parent, these overseas 
businessnes are now going to 
have to prove their worth on 
a free-standing basis or go 
under. But the European 
group, partly because of the in- 
tervention of the U.K Govern- 
ment in 1975, has the hope of 
developing different— and bet- 
ter-operating economies thap 
most of Chrysler Corporation’s 
other overseas interests: .This 
is because they are being 
brought together to form a co- 
ordinated manufacturing, finan- 
cial and marketing group. 

Mr. George Lacy, Chrysler 
U.K.’s managing director, says 
that the policy of integration 
is already well advanced. A 
number of new central appoint- 
ments have been made^ under 
the umbrella of Chrysler 
Europe, to bring together 
functions like manufacturing, 
finance, product planning and 
marketing. 

Critics believe, however, that 
the model range is still 
inadequate for a competitive 


European company. There are 
some obvious product weak- 
nesses. Chrysler has no . con- 
tender in the mini sector,, and 
its big executive-type car, the 
180, has proved an expensive 
flop. But beyond this, the 
range lacks coherence, particu- 
larly in the central family 
saloon sector of the -market 

In this area, Chrysler is 
selling the Avenger, -the Hunter 
and the Sunbeam fall rear-wheel 
drive cars), along with the. 
front-wheel drive Alpine and 
Simca 1100, which are now 
being joined by the' new 
Horizon modeL Although there 
are differences between the 
cars in terms both of size and 
shape (the Avenger and Hunter 
are conventional shapes, while 
the others are hatchbacks), 
they are by no means so neatly, 
segmented as the ranges of 
manufacturers like Fiat 1 and 
Ford. 

Mr. Lacy argues that the 
European range is being inte- 
grated in the sense that “we 
sell the same thing everywhere 
and minimise the number of 
locations in which we make 
them.” Even so, it would* - be - 
difficult to justify some of the 
decisions of the last two years 
except in terms of a crash rescue ' 
programme in the UJC Why, 
for example, should Chrysler 
U.K have developed the con- 
ventional drive hatchback Sun- 
beam. when Chrysler Simca was 
designing the similarly-sized 
front-wheel drive Horizon ? 

The indications are that the 
UJC company’s objective was 
to freshen up the British range 
with a very cheap model — some 
estimates have put the Sun- 
beam’s cost at the remarkably 
low figure of .. £12m.'— suffi- 
ciently to pull it through into 
the 1980s when the full Euro- 
pean -range win be coming 
through. By that time, the 
jRyton plant at Coven-try, now 
producing the Alpine hatch- 
back, will have been expanded 
to produce a new version of the 
car with . a boot, while the 
Spanish operation will be mak- y roo ^; p i an t, 
ins a revised ISO model. 



Fart of the Chrysler range ; (he Sunbeam (top), the Alpi 
and the French-built' Horizon (bottom).. 


which employs- -finance a continuing model p 1- ’ . 
g a revised 18U model. 7,800 hourly paid workers and gramme as well as repay£ 
Nevertheless, the cost of do- a fttal of 9,200 out tf tte over- their loaiL” -.' ; At the '.«••' 

Ing all this will be high. Euro- ^ workforce of 23:000. Tftis Government loans !o the " 

pean companies to-day talk ol week's annual report lays most pany could reach £55nv. *°T " 

spending about £40rn. fpr a ^ ^ for i97r s -losses which £26nL has been ad^anc* 1 ... - 

fairly minor facelift, and -well at ^ ^or: ^ jpajor to date) and there is a further .- 

over £100m. even on a car whichc f3Ctbrs were delay in in . £33m. of clearing bank len^ : ^ 
-inherits its engine and geargox. -titfiSucrng asecond -shift at Lih-i guaranteed by the GoVrernmo 111 - : 
Some of this cost' may "be- Which- ledto a five-mbnth . and Chrysler Corporatidp--’' ; 

5 61c l The Committee <jid n$t ; -. 

nn Sun, » e 5 am: and tire inability of .that Chrysler would be\>le . 

on the Horizon, which Is basfo the Lmwood- plant to meet pro- generate- such funds, afitf 1 lt r— *- 

tinLvf £?,? e J5, r duction targets during the year, suggested that. there might #**:■=• 

ingrain ' Chrysler says. that since Janu- be pressure on the GovenkOefar .- 
Europe (Ford for exiraple, is aI * productivity has been im- . to i convert its loans into Equity. ; -; 


3 proving throughput the. group, Chrysler says that it has no 

SC. and especially at Linwo&d. This need- and 


. no wish to have the 

r^ 9 Shr, fiV !L Fl f! Is what has pulled the company Government as a shareholder, 

£l.25bn. <m its European car int0 tlie |,i ac ^ ^,1 - and the Government in turn has 
operations), Chrysler will be seems to be improving, repeatedly stated that it ^s ho 

hard put to get by with moder- Bu ^ g S tbe- House erf Commons’ intention of providing any more: 
ate ana cheaply-produced pro- Expenditure Committee's r ft- help. . But it has tp be said 


ducts like the Sunbeam- 


port on Chrysler stressed in that so far at ' least,. _the_ data r ; 5 


So it is going to need a lot 1976, the company “must be. from which the Expenditure 

of goodwill and more than a able, not only to show profits Committee drew its- conclusions 

little luck to achieve its tar- but to be able to generate suffl- has all erred on the , optimistic 

gets. The key rests in the Lin- cient funds after 1979 to side. . • - 


:r- & 


^*S. 


MEN AND MAHERS 


Bank 

inspectoress 


“The most powerful woman in 
Ne-w York” is how Ms. Muriel 
Siebert was presented to me, 
and there is some justification 
in -that. Back in New York 
State she has to regulate banks 
with deposits of S400bn. As if 
that were not enough she is nnw 
in London seeing how her in- 
pectors control -the $25bn. which 
U.SI banks have here. 

As Superintendent of Banks 
in New York State she has been 
leading attempts to* change tax 
laws so that New York banks 
can stop setting up what she 
calls “shadow branches" in 
Nassau, the Grand Caymans and 
Lhe Bahamas and bring the busi- 
ness to >the city. 

She thinks this could create 
nearly 2.000 new banking jobs m 
New York. When I asked her 
about the gloomy picture of the 
health of U.S. banks as por- 
trayed in the novel "The Cram 
of 1979" she told me that some 
of the buildings against which 
banks had lent money were fin- 
ing up and insisted that the 
system was strong enough to 
absorb such disasters as a recent 
bank failure in Puerto Kicn. 
She herself has 400 examin-trs, 
whose $13.am. budget is paid for 
by the banks. 

Ms. Siebert was the first 
woman member of the New 
York Stock Exchange, has made 
the Greater New York Council 
of the Boy Scouts of America 
“co-ed" (though she says she 
does not don the traditional 
shorts) and is the first woman 
to hold her present post She 
has beep encouraging public 
groups to attend her committees 
hearings though says she has 
had some flak from the banks 
for her inquiries into banks’ 
refusals to offer mortgages in 
certain areas. The local Press 
calls this refusal "red-lining." 
She is also following attempts 
to bring " usury ceilings ” for 



Port watch 


M I am not surprised when yen 
look at the Life Peers they 
appointed ! '* - 


small homes into line with exist- 
ing rates. Lillie wonder that 
she says she cannot find a week- 
end to complete her training iur 
a pilot's licence. 


In for the krill 


Our beleaguered trawler 
capiams in Hull and Grimsby 
might well be following Captain 
Scott if the South Atlantic 
Fisheries Committee has its way. 
The committee yesierday sought 
government assistance for a 
£1.6m. survey of the area. " Vast 
fish resources ” they say though 
sadly they comment that the 
waters round the British isles 
of SL Helena, Ascension and 
Tristan da Cunha contain 
tropical ocenaie fish "not 
readily marketable in the 
United Kingdom." 

Instead they tell us in hardly 
mouth-watering prose that prob- 
ably krill— a small shrimp— 
“will be most successfully 
marketed for human consump- 
tion as reconstituted prawn or 
shrimp bound with a gelling 
agent** 


Tn-dav could be fateful for The 
Port. This is a rare newspaper 
in that it sets out to act as a 
bridcp between employers nnd 
unions — in this ease, between 
the Port of London Authority 
and the dockers. But an 
austerity drive has led PLA 
Chairman John Cuckney lo pro- 
pose cutting the £81,000 subsidy 
which it receives each year by 
merging it with the PLA’s house 
organ, Polanews. This costs the 
PLA £20,000 per year and the 
plan is to be discussed with the 
journalists to-day. 

PLA spokesman Geoffrey 
Morgan told me yesterday that 
The Port, which now has a 
circulation of 10,000, had done 
a “tremendous job" in the 10 
years it has been printed, rnlh 
in helping labour relations and 
in preventing the circulation of 
"misleading broadsheets put out 
by odd unions or scurrilous 
groups.” 

The National Association of 
Local Government Officers Is 
against the merger. It does not 
want its members on Polanews 
taking orders from outsiders, in 
other words from the journalists 
on The Port. One of these fc^rs 
that the aim is to "tame" The 
Port, thouph the PLA insists 
that whai is in the balance at 
the meetings being held to-day 
is merely the level of PLA sub- 
sidy. 


Originally the merchant 
banker, Hogg was chosen by 
Ronnie Grierson to join the 
small team which launched the 
Industrial Reorganisation Cor- 
poration an dhe was widely 
regarded as one of the ablest 
of the IRC’5 bright young men. 
After his two years’ stint there 
he was picked by the then chair- 
man o-f Courtaulds and the IRC. 
Lord Kearlon, to join the 
company. 

A fitness enthusiast to be seen 
frequently cycling to work from 
his West London home, Hogg 
has packed a lot of experience 
into his ten years with Cour- 
taulds. successively looking 
after paints, packaging, weaving, 
household textiles and more 
recently clothing and consumer 
products. 


Settles all 


Textile promotion 


Courtaulds’ succession problems 
for a long way ahead seem to 
have been solved with the 
appointment yesterday of 41* 
year-old Christ Hogg as a 
deputy chairman. He joins two 
other deputy chairmen Dr. 
Norman Wooding (Si) and 
Norman Smith (53) and even 
if he fails to make the top job 
in four years' time when Sir 
Arthur Knight is due to retire 
at 65, he is strongly placed to 
emerge eventually as head of 
Europe's largest textile 
concern*. 


Yankees, Patents, Heinzes. 
Fido’s, Goliaths, rollovers and 
accumulators— none of these, I 
am assured, can defeat a new 
device for Britain’s punters. The 
device, dar.kly known as the 
"Settler." has just been put on 
the market and threatens the 
one characteristic for which 
everyone admired bookmakers, 
their lightning numeracy. 

The Settler has been deve- 
loped by Sinclair Radionics with 
the help of an ex-professor of 
mathematics at Oxford Uaiver 
sity, Bernard Silverman. It com- 
petes with a system called Genie 
—developed 10 years ago, which, 
in the wonderful world of elec* 
tronic chips, is about as long ago 
as Ali Baba lived- But Lad- 
brokes at least .are . not 
impressed. “ I should point 
out <to you that our managers 
are all totally equipped to 
do the most complex bet- 
ting calculations in their 
head," I was told. It seems the 
Settler— and the. punter— has 
poor odds against such Einsteins. 


Observer 


c 


cvnimns 

the solution 



Pe 


[ The Rockware Group has expanded dramatically, diversifying its 
interests into many areas of the packaging market 

The glass company in particular has developed ftem a smaD 
familybusiness to become Britain's leading glass manufacturer 
supplying the requrements of around one third of the UK market. 

When the time came to relocate its head office, Rockware Glass 
Ltd considered possSle areas all over the ^ebuntry. The ideal location 
would ensure manufacturing services were within easy reach of the 
northern factories, whBst the marketing and sales ^divisions could service 


1 / 


Northampton was the obvious choice, hs central location and 
provision of a wide range of housing for safe and for rent plus afl the j 
facilities which cal only be offered by a well established niwn, are [ 
some of tiie many advantages- Northampton can provide. There are , 
substantial savings to be made too. Firms reforating from Central 
London ran sayeitp to 70%tf#teir expend!^ on rentand rs 


i For further details phone 060434734 or write 
\L Austin-Crowe, Chief Estate Surveyor/ - 
! Northampton Development Corporation 
1 2-3 Market Square, Northampton NN1 2EN 


L 


r- 













J 


'inancial Times Friday April 28 1978 


POLITICS TO-DAY 


Keeping the Schmidt 



ANYONE WHO watched Mr. 
James Callaghan and Chancel- 
lor Helmut Schmidt being in- 
terviewed on the BBC's Pano • 
A ran:a . Programme last Mondav 
Reevening can scarcely have failed 
to-to notice the extreme respect 
Jf.that they showed for each 
thvJ ’tu 5 v * e , ws - ft was almost as 
lit 1 * the ro had been a mutual 
po agreement to play the statesmen 
thstanding united together. And 
Itso it seems to have been for the 
Pi^ ole o£ Herr Schmidt's visit. 
v^The greatest of pains were 
pi taken on both sides not to say 
it anything which might give 
-toffence, even when it was plain 
mthar agreement was still a Ian-* 
iteway off. 

li Perceptive viewers might also 
u* ye noticed, however, that u 
Is ail a little too pat. The two 
nr- Ip were united on the need tn 
t'^v' united, but they had yet to 
S-. \ree on substance. There were 
\ or . two nuaoces — for 
t* liple on exchange rates— 
pi ->re they appeared to be say- 
tt ig the same thing, but were in 
K ct saying something quite 
M fferent. Herr Schmidt, to pm 
tn crudely, wants to stop the 
p, mtschemark going up: Mr. 
Q lagban wants to preserve his 
cr idooi to allow the £ to go 
m. This ambiguity aaa'n 
s, 1 .e?ms to have been a charac- 
teristic of the visit. At the end 
Ci >: the day, therefore, the need 
jr unity was reinforced, but :f 
as agreed only to continue 
udies to see how it might be 
•thieved. 


It will be remembered that a 
pntral objective was to prepare 
^ >r the Economic Summit to be 
' m aid in Bonn in July and for 
fr hich a five-point agenda, first 
M-utlined by Mr. Callaghan, has 
ciiow been more or less accepted. 


The five points are: higher visit to the U.S., but was not 
growth. greater currency absolutely certain whether to go 
stability, the direction of more ahead with it. He agreed to do 
long-term capital flows towards so. but still without telling more 
aid. energy conservation, and than a handful of advisers — if 
more world trade to prevent that — -what was going on. 
protectionism. It is on the first n was after the Washington 
srowrh and currency visit that Mr. Callaghan received 
stability that Mr. Callaghan a telephone call from Paris, 
and Herr Schmidt still disagree. President Giscard having just 
and indeed it is arguable that had a meeting with Chancellor 
they are no closer despite this Schmidt. “ Why don't" said 
week s talks. There must also iscard, 11 the thrri? of us get 
be a question mark over whether together— you Helmut and 
it is possible to achieve anyth.ng nie ? » He propc , se d breakfast 
at alt on currencies in time for at the French Embassy in 
the Bonn meeting. The ‘.1010- Copenhagen on Saturday, 
scales, in fact, are becoming April 8. the second day of the 
rather confused. European Council which was 

_ meeting in that city. The break- 

OT tact fast duly took place, but only 

w after the Schmidt plan had been 

The British view on curren- outlined to the Heads of Govern- 
cics. expressed with varying ment of the Nine at dinner the 
degrees of tact, tends to be that night before. Again there were 
Herr Schmidt has thrown a no advisers present, so Finance 
spanner in the works. Mr. Ministers and others could be 
Callaghan first heard of the forgiven for still being in the 
*' Schmidt plan *’ when lie went dark. The one outside presence 
to Bonn on Sunday. March 12. at the dinner was that of Mr. 
coincidenlally the day of the Roy Jenkins, the president of 
first round of voting in the the European Commission, who 
French elections. He was en- recently relaunched the cam- 
joined to the stricter secrecy paign for European monetary 
on the grounds that Herr union. 

Schmidt had still not consulted this sta?e it js necessary 
?! hjs advisers, and certainly to sav som ething of what the 
Mr. Callaghan appears to ha\e Schmidt plan is. though here one 
passed on the message to very | s at a disadvantage: it has not 
Few of hi* own. It was made been pubUshed and one assumes 
clear, however, that President tbai ^ ra ust be somewhat more 
Valery Giscard d Estaing of coherent than the rather grudg- 
France was in the know. and j n g versions available in London, 
would be in touch later. It appear? to consist of three 

Anyway, the main burden of parts. The first would be an 
Herr Schmidt's remarks to Mr. enlarged European currency 
Callaghan on this subject was snake bringing in the weaker 
that the British Prime Minister currencies — perhaps with a 
should go to Washington and larger agreed amount of fluctua- 
discuss the plan with President tion — as well as the stronger. 
Carter. Mr. Callaghan had al- The second wuuld be a partial 
ready pencilled in an Easter pooling of European reserves 

Letters to the Editor 


fur support operations tn keep 
the snake, or whatever it might 
then be vailed, in being. The 
third would be an arrangement 
under which settlements 
between Community central 
banks would be in European 
units of account. These would 
then become a new kind of 
reserve asset. 

Even that bare outline is 
probably sufficient to hint at the 
British objections, or at least 
reservations. When Mr. 
Callaghan first heard the plan in 
Brmn. his automatic reaction was 
that it would be construed as 
anti-American, even if it was not 
intended to be so. It would not 
be wise, he said, to be seen to be 
building " a defence against the 
dollar " at the very time when 
American co-operation was 
needed, and was being offered, 
in so many other areas. Besides. 
Europe itself could do very 
little. The real remedy to the 
instability produced by currency 
flows had to be international. 

On the question of new- 
reserve assets. the Prime 
Minister was rather more recep- 
tive, though at a tangent. Dis- 
cussions here, he said, were 
already going on. at and around 
the International Monetary 
Fund, and he himself intended 
to play a part in them. Indeed, 
as Chancellor of the Exchequer 
at the time of great debate over 
international liquidity, he bad 
an almost parental interest in 
the role of Special Drawing 
Rights and their future. He was 
proposing that SDRs should now 
be used more actively, as rney 
have been used for the first time 
in the recent Gcmian-U.S. agree- 
ment intended to stabilise the 
S. Nothing. Mr. Callaghan 
thought, should be allowed b« 
divert attention from this mter- 







Athuru .iMuiu 


Prime Minister James Callaghan and Chancellor Helmet 
Schmidt at No. 10: extreme respect for each other's view. 


national effort, and in fact when 
he did go to Washington be 
talked to President Carter quite 
as much about SDRs as about 
the Schmidt plan. 

But there was another more 
national though no less imme- 
diate reservation about Herr 
Schmidt's thinking. The Prime 
Minister said that he fully 
understood the German concern 
about the continuing apprecia- 
tion of the Deutschemark but he 
himself had to think about the 
£. It might not be entirely in 
Britain’s interests lu have 
sterling lied loo firmly to the 
stronger European currencies 
and there might even be new 
constraints involved: for 

example, on regional policy. 

There i? no reason to believe 


that these differences of 
approach have yet been re- 
solved. The position on the 
Sehmidt plan is that it was 
agreed at the Copenhagen 
breakfast that each of the three 
Heads of Government should 
appoint personal representa- 
tives to explore the matter 
further. The French and the 
Germans, however, will have a 
slightly different role from the 
British: their task will be to 
come up with the details of 
how the plan might work; the 
British task will be not exactly 
to knock them down, but to sub- 
ject them to a rigorous techni- 
cal examination. 

As for reserve assets, the dis- 
cussions will continue at the 
meeting of the Interim Com- 


mittee of the IMF in Mexico 
City this week-end. The British 
have embraced more eagerly 
than most the Ideas coming 
from Dr. Johannes Witteveen. 
the Fund Managing-Director, 
under which unwanted dollars 
could be somehow converted 
into SDRs. There is no 
joint European view and the 
Germans are about as. sceptical 
of the Witteveen plan as are 
the British of the Schmidt plan. 
It is admitted at the Treasury 
that the two need not be In- 
compatible, but the admission 
is . grudging. The Germans, in 
particular, object to the idea 
of new sources of liquidity and 
to the possibility . that .simply 
substituting SDRs for surplus 
dollars might do nothing to 
encourage American discipline.' 

There is also the time prob- 
lem. It is most improbable that 
anything will come out of the 
IMF before the summer., and 
equally the Schmidt plan seems 
to require more distant hori- 
zons for proper consideration. 
That In turn raises the issue 
of how a package deal on the 
five-point programme can be put 
together by the Bonn Summit 

The general assumption is 
that if the Germans are going 
to give ground on growth, some- 
body else is going to have to 
give ground on currencies in re- 
turn. But it may not be possible 
in the time available. Moreover, 
the Germans have still not said 
that they are prepared to move 
on growth at all. That was the 
other main difference which the 
Schmidt-Callaghan talks were 
unable to resolve. Herr SchmiJt 
did say that he would have an- 
other look at the state of the 
German economy next month- or 
so, and he did not totally rule 


out more steps later in the year, 
but he added that that would 
not necessarily mean another 
domestic stimulus. 

Zn other words, there are some 
hints that the Germans are look- 
ing . for a package and would 
move if others would move with 
them. ' But from their point of 
view such a package would 
almost certainly have to include 
something which gave greater 
stability to the Deutschemark 
exchange .rate and substantial 
progress in the U.S. on energy 
policy. They might have the 
latter by the summer, but the 
prospects for. the former are 
still doubtful. 

. The British, meanwhile, con- 
tinue to believe that the Ger- 
mans should reflate, though Mr. 
Callaghan now puts it mnre 
tactfully and went out of his 
way not to say so in public. The 
view at the Treasury is that 
with an inflation rate of a little 
over 3 per cent, and still falling, 
-there is ample room for the 
Germans to act now even if the 
price were to bring up the infla- 
tion rate to the current- British 
level. Herr Sdim id t- disagrees, 
and plainly thinks that more 
reflation would not necessarily 
produce the required growth. 

As Mr. Callaghan put it at the 
joint Press conference on Mon- 
day, the. two men had found that 
after 24 hours of “living in each 
other's pockets” that they 
usually agree on analysis, but 
not always on the solutions. The 
best that they have done is m 
have agreed to go on talking. 
There will be an awful lot of 
meetings at all sorts of levels 
between now and the summit in 
Bonn. 

Malcolm Rutherford 


| Disclosure in 
re accounts 

ib'rtmi Mr. A. Napier 

Sir. — It is wholly misleading 
a ir companies to report earnings 
Af, fore and after tax. as if cor- 
Eas ration tax were the only tax 
ga livable. 

roleMl companies should provide 
pilnpioyees and shareholders with 
Rue acrount oF the total monies 
.tacted by or on behalf of the 
ne&te. This would include all 
U.S. YE. and the costs of its 
werministration: the company’s 
possr. paid or lent, and the cost 
be twi ts administration: all duties, 
licences, and the cost of 
ilyin? information and 
iding tribunals and com- 
ons on employment, prices. 
All of these have to 
Honourably and competi* 
earned by the company 
ts employees and paid as 
e levy to permit the com* 
to provide jobs and create 
at all- 

re a company receives a 
grant or subsidy, the 
s should show the net im- 
of the grant or subsidy 
the items above, 
items are probably un- 
able, for example the 
merest payable because 
tc has raised the cost of 
for its own particular 
as. 

•e the employees can see 
mch of the product of their 
12s is confiscated, and how 
better off they would be 
12 more of their own earn- 
hnv would be belter able 
ride what they require 
:heir next group of slate 
entatives. 

lo-urc is fashionable — let 
■sin with tbe state's 
•ns. 

r . Napier. 
eshain Grange, 
m. 


In tbe evidence is that it is 
difficult. 

Dr. Southward writes as the 
research officer of the Associa- 
tion of Chart and Technical 
Analysts. 1 should like to suggest 
to tre Association that antipathy 
to the efficient market is mis- 
placed. For many years the 
charust claim was that material 
information 0 Fa fundamental 
nature was already discounted in 
share prices: "do not confuse 
me with facts.” For this point 
of view, technical analysts 
suffered a good deal of unpopu- 
larity. But now the eflicienr 
market theory provides scientific 
support for th&ir position. It is 
true that tbe theory claims that 
technical as well as fundamental 
arguments are already dis- 
counted; but there is at least a 
wide area of agreement cm which 
the Association should be able 
to build. 

D. C. Damant. 

Clive Investments Cambridge 
1. Royal Exchange Avenue. E.C3. 


The price of 
gold 

From Mr. A. Gray. 

Sir.— In bis letter of April IS 
Mr. Irvine Fortcscue suggested 
that paper money backed by- 
gold would be a stable store of 
value. On that day tbe Financial 
Times quoted tbe market price of 
gold as approximately S1S0 per 
ounce. On April 20 Iho same 
amount of gold is. quoted at 
approximately S170. 

Adrian Gray. 

31, Russell Rond. Wimbledon. 


(bi guaranteed to be as good as creases with door sizes in metric 
the state additional scheme. This measure whi« h give no idea of 
statement is not surprising when proportino. and indeed give a 
you consider that the stale wider scope for error. I 

scheme is getting massive sup- The suggestion of 3 fine and 
port from the Treasury US per confiscation of the measuring 
cent, of its funds) and it is not device is surely more worthy of 
looking for a profit whereas the a sketch by Monty Python than 
private assurance company gets a serious attempt to resolve the 
no support and is seeking a problem. Weights and measures 
profit legislation protects consumers 

Given the situation described against being sold short, not for 
above there is more than a lot using a familiar system which 
to be said for “ contracting in ” understand very well, 
to the additional state pension a. M. Ahern, 
scheme and covering the draw- 32. Shepherds Wolfe, 
backs of ibe slate scheme (for chestfield. Kent. 

example, no lump sum for 

death in service and nn lump 

sum on retirement 1 by the pm- _ 

vision of a private "top up” Mncf | lfflpp 

scheme. This suggestion looks V,I “ VV 

even better when you consider invpefmpnt 

the fact that the Government 111 t CMI11CHI 

feS,i ,re ^r-"r n ^v.?4' II! Fm " God lev and 

future years the savings in L-ruurt* t'riiuj? 

National Insurance contributions * “ tcu c * ps ' 
for employees and employers in Sir. — The courteous letter 
a “contracted out" situation will from the managing director of 
be reduced. PO Telecommunications (April 

With the risk of offending the - 1 * concerning our report on the 
pensions industry I would say 5j a „ ani j!£ t 


To-day’s Events 


I GENERAL 

Council of Europe Parliament- 
ary Assembly ends. Strasbourg. 

G.K. Chief of DeFence Staff 
visiting China until May 3. 

Confirmation expected of agree- 
ment between Portugal and 
iiitcmation.il Monetary Fund for 
almost SSOOm. Western-backed 
aid. 

Mrs. Margaret Thatcher. Oppo- 
sition leader, visiting Iran until 
May 2 for talks with the Shah and 
senior Ministers. 

Mr. Albert Booth, Employment 
Secretary, addresses Labour 
Party North West region meeting. 
Bolton. 

Mr. Lon Murray. TUC general 
secretary, gives Institution of 
Production Engineers’ 1978 Vis- 
count Nuffield Memorial Paper on 


“industrial Relations with a 
Human Face” at University of 
Salford. 

World Energy Economics con- 
ference continues, Inn on the 
Park. WJ. 

Sir Peter Vanneck-Lord Mayor 
of London, opens King George's 
Fund for Sailors’ annual meeting, 
Mansion House, E.C.4. 
PARLIAMENTARY BUSINESS 
House of Commons: Private 
Members’ Bills. The House then . 
adjourns until Tuesday. May 2. 

COMPANY MEETINGS 

Authority Investments. Cadogan 
Hotel. S.W., 12. Bo user Engineer- 
ing, B'ostock Lane, Nottingham, 
2J30. Dufay Bifumastic. Win- 
chester House. E.C.. 12. English 
Property, Dorchester Hotel. W„ 


10.30. . Intereuropean Property, 
16. Oxford Street. W„ 11. Kode 
International, Caine. WHtik, 12. 
Lex Service, 17, Great Cumber- 
land Place, V<\ 12. Mixconcrete, 
The Aqua drome, Northampton, 12. 
Oliver (Geo.), Leicester, 12. 
Rentokll, East Grinstead, 10.30. 
Spencer (Geo.), Nottingham, 12. 
Stone Platt Industries, Quaglino's. 
S.W„ 12. Toraatin Distillers, May- 
fair Hotel, W., 12,15. Transport 
Development Great . Eastern 
Hotel, E.C., 12. Waverley Came- 
ron. Edinburgh, 12. Woodward 
(H.), Forroby, Liverpool.. 3. 

OPERA 

Royal Opera production of Le 
nozze di Figaro, CoVent Garden,” 
W.C2. 7 pan. 

English National Opera" perform 


Carmen, Coliseum Theatre, W C2, 
7 p-m. 

BALLET '-■ 

Sadler's Wells Royal Ballet 
dance Solitaire, and Giselle, Sad- 
ler’s Wells Theatre, E.C.l, 7J0 p.ra. 

MUSIC 

fain ' Ledingham . (organ), St. 
Stephen, Walbrook. EC. 3, 
1250 pan. ■ 

Dana Forbes (piano) in pro- 
gramme of Beethoven, Chopin 
and Maw, Purcell Room, SJL1, 

730 pan. - 

London Philharmonic Orches- 
tra, conductor Daniel Barenboim, 
perform. Schubert's Symphony 
No. Fin B minor (Unfinished) and 
Symphony No. 9 in C (Great), 
Royal Festival Hall. SJEJ, 8 p.m. 



to shoulder the responsibility for 


explaining the new pensions *“ our Te " or ] P ave 

arrangements to employers and iaming 

employees, have also bad a CDi nP !ex, t2- of decisions »n 
vested interest in selling private ?,*!!! 0 P!, n A*J c p e fn' 
pension arrangements with the “! , l n5 th ^|i nrl 
net result that a very ^ood state their ^cale and signfiesnee. 

V,V But our central contention was 
tE th« the Post Offiee le unlikely. 

result nf thfs exercise will not ’"S 

Ro __ fiv _ terms of reference. 10 make an 

years when It does 1 predict f^X'Vo'e 


irket 


r r. D Dnmant ■ 

. - 1 do not quite under- 
\ ir. Southworth’s view oF 

' ient market theory (April 

t, ice although stating his 

\ . ;ment with this theory he 
1 - ites “I do not think that 
l any evidence that in the 

7 und managers actually 

■en able to pick out poien* 
_ ood or bad performers, or 

“ risk, with any consistent 

of success.” As far as 
nance is concerned, that 
basic evidence for the 
t market theory, 
aps I could make three 
.* comments on Dr. South- 
» letter- The efficient 
t doe.? indeed claim that 
isk is correlated with high 
J; discussion of this point 
ensive in the literature. It 
ervtial to the efficient use of 
il, not only in the Stock 
ange. that risk and reward 
correlated. Of course the 
dation may be complicated 
a number of qualifications 
be admitted. 

Southwortb is quite right 
,tate that arguments about 
.'ormauce an drisk can be oii^ 
ir. if a portfolio's good per- 
ns ace is dismissed an a risk 
usted basis simply because 
. most successful shares have 
;n held In an uptrend- It is 
,bt to give the portfolio m3n- 
er credit cither for judging 
- e market correctly, or for 
' loosing shares which were 
. itering a more volatile stage- It 
• .ay well be that market timing 
■ . easier in some markets, for 
sample London, than in others. 
ns regards forecasting changes 


Pensions 

outlook 

From Mr. R. Newton. 

Sir, — 1 considered the article 
"Thoughts on retirement” by 
E S. (April 22> to be very mis- 
leading. Like so many articles 
recently whicb have examined 
the *' state versus private" pen- 
sions argument, the disadvan- 
tages of the additional state 
pension scheme have been 
paraded for all to see without 
a single mention of tbe com- 
parisons in cost between "con- 
tracting in" and "contracting 
out.” 

Of course an employer can 
provide a pension in a " con- 
tracted out" situation which is 
better than the additional state 
pension; he can also provide, a? 
E. S. appears to recommend, a 
pension based on past company 
service when pensions contribu- 
tions were presumably not being 
paid. The fact remains, how- 
ever. that pension schemes are 
the most costly things imaginable 
and to provide the type of things 
E.S. has recommended will cost 
an employer a darn sight more 
than tbe cost of '* contracting in " 
to the slate arrangement. 

E.S. and a large number nf 
other pensions experts who have 
presented their views over recent 
months would have done em- 
ployers and employees a far 
greater service if they had 
publicised the fact that the 
additional state pension 
scheme provides excellent value 
for money and indeed better 
value for money than can be 
obtained on a private basis. One 
can prove this statement by 
approaching a pensions broker 
and you will find that it is just 
not passible to purchase with 
contributions of 7 per cent, of 
payroll (7 per cent, being the 
total saving in National In- 
surance contributions which 
apply to the employer (4! per 

cent.) and employee (2J per 
cent.), in a contracted out situa- 
tion) a private pension scheme 
which is either (a) better than 
the state additional scheme or 


is. which 
•prises to 
influence 


benefit? they have agreed to. Whal js ne * |n yur , vurk jls 

R Newton. _ suggestion a? m how a much 

■"•I S':. Anne's Grnre. Ktmwle. broader range of relevant factors 
Snlifiutl. West Midlands. than at present can be brought 

together into a comprehensive 

framework. The Post Office and 
the Government may well 
r fflntOVPP "recognise that the issues are 

complex and that many factors 
clioroc rightly bear upon our future 

Midi Cj strategy." Yet. but how? Whet 

n vhitnnf Tactors are relevant and how are 

From Mr. D. Philpot. they to be brought into equiva- 

Sir. — It is indeed a ' welcome leave with one another so that the 
move by this Government to pro- right choices— in the end poiiti- 
vide tax concessions on bonus cal ones — art- made? 
allocation of shares of up to £500 As recently as 1976 over half 
per employee each year. This qf net investment was in electro- 
does mean however. that mechanical exchange equipment; 
employees of companies owned by th e present modernisation plan 
overseas parents will, in the j S itself employing an obsoie?- 
majorily of cases, be unable to cent technology fTXEi: in 
take advantage of this scheme. If digital switching and l ransmis- 
tbe legislation could be phrased sion (System Xi we are probably 
to include trustees to buy shares five years behind our most 
in the publicly quoted parent advanced 'competitors: the order- 
this would go a long way towards j n g of equipment has been 
equalising the benefit over a far chaotic. leading to large scale 


Employee 

shares 

From Mr. D. Philpot. 


greater number. and unforeseen redundancies in 

D. E. Philpot. heavily depressed areas: our 

“ Touch wood.” Round Street. international trade performance 
Cubltam. Kent. has been very poor and is 

deteriorating: it is unclear that 

the new service made possible by 
digital switching will be ataii- 

lYjontv Pvt non a!,lc ear,y ° nt,u ? h for k. i>um. 

1TIUHIT X TtlXUU customers, unless >.ve start 

mntripQfinn importing on -j significant 

lllvIllvdllUIl What ground? can there be for 

From Vr ,ti Ahern supposing that things v. ill be d,r. 

from Mr. ill. .inrni. ferent in future? W.- am m >r 

Sir. — t rather fear that your all impressed by »ho repeated 
writer (April 21) dries not fully assurances that “Sv*w» n , x" 
appreciate the reason? For the will, when ir eventually arrive?, 
hostility to enforced metrication, provide all the answer?. Jt j<! 

We find that in our own trade certainly tare: iho ri-j*$j.|n r 
(retail timber) that despite a even entitled to be siepncal a? 
period of six years, there re- to whether the whose prog ram me, 
mains a general lack of compre- is feasible in the prowled lime! 
bension of the metric system. scale. In any case this whole 
The ease of reference to ar,? a is , nne where iechnntr.-ic.il 
timber sizes in imperial rather change is so rapid rh.ii there 
than metric explains why most a Jivnlv dancer that Swcm X 
of our suppliers and customers will he out of dare as it i* jn- 
prefer the Imperial system. For ^tailed (like ^ our current 
example, a standard sheet- “ modernisation " P-»»pra mme) 
material size is eight by Four and also unduly e\ pensive, 
feet, handier surely than Us Francis rrims. 

somewhat cumbersome metric Wvnne Gndley. 
equivalent nf two thousand two nnnarfmpm of Arplipfi 
hundred and forty millimetres by Pr. n nom'c?. 
one thousand two hundred and i'niv«»-« ! tv r.f r.v-rthrid7n 
twenty millimetres; confusion in- Sidgwtch Avenue. CcmtirWpe 


Monty Python 
metrication 


From Mr. flt. Ahem. 


Being Italy’s own airline, we can naturally goffer you more 
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Also useful: over 50 Alitalia problem-solving offices, with 
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' ■■■im i usas 


i 





24 



Northern Engineering reaches £25m. 


On turnover up from £359m. to 
£387m.. Northern Engineering 
Industries, which was formed last 
August* fo-effiact the merger be- 
tween Clarke '“Chapman and. 
Reyrolle Parsons, made pre-tax 
profits of £2j. 16m. in 1977 com- 
pared with an aggregate result of 
£22.1 lm. last time. 

Exports reached £95m. and turn- 
over of overseas companies £57m. 

After lax of £11. lm. (£9.64nU, 
extraordinary debits of £230,000 
(£535,000). and minorities, the 
attributable balance is ahead from 
£1 l.51m. to £l3.46m. 

Earnings are shown at 20.74p 
per 25p share and the dividend 
total is 6P with a final of 4p. 

The directors state that the re- 
sults are hacked by a strong bal- 
ance sheet with improved 
liquidity. The outlook indicates 

reasonable confidence of con- 
tinuing improvement in per- 
formance and profit. International 
Combustion (Holdings! has been 
treated as having been acquired 
on December 31, 1977 and accord- 
ingly its earnings for 1977 have 
not been included in the results. 

• comment 

Northern Engineering's figures 
are right In line with market 
expectations after adjusting for 
the change of accounting at How- 
den Parsons, where the contribu- 
tion to associate profits has been 
deducted and replaced by divi- 
dend income of £95.000 in 19<s 
and £250.000 in 1976. Stripping 
out exchange gains of lira, (down 
from £3jm.) NEI is ahead by 30 
per cent, pre-tax and the dividend 
is 0.4p per share higher than indi- 
cated at the time of the merger. 
This year NEI is forecasting 
steady growth and with an initial 
contribution from its two recent 
acquisitions — International Com- 
bustion and Baldwin and Francis 
— profits for 1078 could be in the 
region of £32m. pre-tax. 

Liquidity has improved by 
around £5m.. while an announce- ' 
ment is expected within the next 
couple of months about the 
merger of its large boilermaking 
interests at Gateshead with Bab- 
cock and Wilcox. At lDOp. where 
the p/e is 4.6 and the yield is 9.5 
per cent., the shares are standing 
on an undemanding rating. 

S. Simpson 
up£0.2m. 
so far 

FROM TURNOVER up from 
£8.I2m. to £a.83ra. taxable profit 
of S. Simpson, the tailors and 
clothiers group, jumped from 
£641,000 to £840.000 in the 
January 3J, 197$ half year. 

After tax of £437.000 (£333.000) 
net profit was £403,000 (£308.000). 
Directors say the progress is 
being, main tabled. 

. For all last. year profit of the 
group was a record £I.6Sm., with 
dividends totalling 5Jtl25p. The 
interim dividend this time is 
steady at l.312ap net per 25p 
hare. 


HIGHLIGHTS 


Vickers' figures shDwJhe, effects of nationalisation with 
the. absence of shipbuilding and aircraft earnings in the second 
half leading to a sharp drop in profits. Tarmac- reports a 
£16m. loss'itt' Nigeria and.Though domestic profits are 20 per 
cent, higher, overall profits are about £Im. lower. Tootal 
. reports profits £4m. higher, but this masks a sharp slowdown 
in the second half, while on the trading front the Sunny Side 
spinnig factory, which -was -making losses of £400,000 a year, 
has been' closed. Lex also discusses the- new light which yes- 
terday’s concessions from-fte-inland Revenue, over the treat- 
ment of .profits' bit long-term contracts, casts on Wimpey’s tax 
arrangements. Meanwhile,, profits are 15. per cent ahead after 
a 9 per cent, improvement at the half-way stage. First-quarter 
figures from Hoover were below, market estimates but the 
shares finished higher on the -day. Amalgamated Power has 
turned in another strong performance thanks to the U.K. 
activities. Half-time figures from Northern Engineering are 
in line with brokers* estimates but the full-year results, from 
Minet restored some confidence in the insurance : broking 
sector. 


Current 
. payment 

Amal. Power Eng. 2.64t 

‘ Ahglo-Scottish Inv.' ...ini. 0.7 • 
i a mm Btlgrave (BlackUeath) ... 2.86 

Border Breweries : 2.54 

. /.ill 1 Common Bros. tut. 2- 

De Vere Hotels 2.66 

Flight Refuelling ; 1.75 

Profit was struck after associate £SS‘ D r T JL 1.5 • 

companies’ losses- of £962 Hawkins & Tipson ...hit.- 1- 

(£16,618). Tax- took £1^,013 - 2- 

(£07539) and the attributable Un- 
balance was £499,245 (£868.571 - 

including a £43500 extraordinary ^ eKechn^^Bros Vnt" 

item). ED 19 has been applied Sfnet ^ 

and comparisons adjusted.* • wy Dart'ZV“'.'"”'.'bL 11..... 

The directors -state that the B. & I. Nathan 23 

manufacturing division was again Ntlm. Engineering ......... 4 * 

the major contributor to profits Petrocon •„... 355 

with Ham Baker continuing to Safeguard IndL jnt. Z 

perform wefi. Strong international Shiloh Spinners 0.8B 

competition and an unprece- S. Simpson int 1J31 .. 

dented rate of thfiation put severe J- Smurflt 4^7 • 

pressure on profit margins. Spong & Co. ,• t).8I 


DIVIDENDS ANNOUNCED 

• Date Corre- . Total 


of spending 
payment dhr. 
Jtdy 5 2.53 

July 3 0.61 

— ■ 2.6 

J.uly 6 223 

June 5 . 2 

July 3 .- 2.4S „ 

July 5 , 1.73 1 
' — L37‘ 

• July 28-. ; 1 . • 



- . T— 1 

1.14' ‘ 

S 

L84- - 

4.9. 

— ” 

4.65 

7.9 -• 

7.15. 


; — - • 

'Nil . 

1> ' 

,0J5> 

2t 

-May 30- 

■2.4 

4* J " 

' 4.44 

...int L73t 

. June 2 



4.85 

157 

— 

• 1.14* 

3.33 

3* 

ini . It 

June 27 

0J26 


. aj7 

2 3 

June 18 

■2 

W 


4 ' ’ 

July 7 

— .. 

'7. 

■ ■ 


Jane 9 
June 16 
June 15 
July 3. * 
JuneSO 


Minet 
rises to 
£15.2m. 


. Fiasiicial.; Times Friflay April 28 lft78 

T Amal. Power up , 
Sr to peak £6.3m. 

• 2-g ■' ■ ■ k ■“ 

SJ.4 AFTER RISING from £1.13ra> toi tWa only accounted for ai 

5gl £2L93ra. ib the first hair,' pre.-tax-15.pervcfent of total, comj 
43 profits of Amalgamated Power' wftfa-- almost -a .third in. 
“2.58 , .Engineering finished .1977 ahead Exports may . , resume ’ their ; 
L99 from £3JI9m. to a record £6i2flm. vious importance, when ■ 
349 on. "turnover of £58-15in. against Australian and South A! 

kW £ 4333 m, ■ . ■*ccON/tatet~ recover** but in 

H 5 ' Earnings are shown ;to : be up. meantime there is still co* 
AS’-: froifc20«lp : . to- 3TJ7p-per 25p potential m the bomei & 
4-44 on capital increased by last ' The share? rose fcrto 130p. - 

l? 3 May? one-for-three rights issue, are on a p/e of 3.4 and yiei 
3* . antf-the dividend total^ Is raised.. F^rcenL/The wver. m more 

• J-* 7 : from'3£58l40p.to 5J28prtelwfth.s^e^^^ V-- 

permission, the final :pay- ' ■ ; .. j 

V? comp^ £1rf|f 

1 fid' corporation tax £971,000 (£816,900) v 

ssi ' less prior year’s adjustments •«.' .-.-A. ' ■ ..'3 

.H4T. .£1454)00; ACT in respect of 1977 |/\CC lAf 

TM diSnds £373,000 (£20^000) |ess , ■ lUcKS Kll . ’ii 
: .sra ACT recoverable in respect^of. -j.}- . ;... 

■ iii :®irnfeull ^ 

'-£374,000 (£432.000); and overseas 

.0'S- associated companies £130,000 FOELOWING A midterm defle 


PRE-TAX PROFIT , for Z977 of ^ 

Minet Holdings, , the insurance _ 
broking concern, advanced from . 

'£310.000. These factors more than ahSd^t Y 

VlCKeChnie offset a sharp improvement inU.K. £7 a G m ^ SfedirM- 1 • 1 

f™ higher 

down £1.5m. a?- 

>ialf«7Qir r^ci n ed%“ C v 0 e men';*Sver° ISlu^d 

naliway seas JJd a ratable exchange’ P° fit “P from £6 jJSm. to £8.5ra. 

_ ‘ w rate factor in the latter months ■ After an exchange deficit of in 016 year ,0 Febr uary 

.SALES FOR the half-year to could see McKechnie repeating £255,000 (£224,000 gain), minori- Z5 ^!f 7 r: c , tT , •„ ' 

January 3L 1978 at McKechnie 1977;, pre-Lax profits of close to ties of £350,000 (£318,000) and an , B ” e r Exchequer 

Brotheni were marginally higher figm. The shares at S4p yester- extraordinary debit of £144.000 ' Jr 

at £71.3flm. against £7I.16m. but day give a prospective p/e of 5.5 (£197.000 credit), the attributable /r?7ni»ii» . taX ° f f197 - 40 ® 


sa«.T? is srss? 'SLrztS ^Jr****.?^ sssn sis'ay ?£as — - 

fhe eiec Sd ^Jiprove men ° (adjusted £6.0Sm.), leaving net 0/ Crampian Television -was '£350,000. ^ a Jrice^ntrecti ^a^^r?w l^si- per £1 share is giver 

pofit un rrom £6JStn. In £R.5m. lifted from £304.778 to a peak ^ 6J.I3P (1.60P) for the year, w 


spoog & co. oil Jun ~ 30 . o:lr . .1 .^ .-:kSt di^Mds £373,000 •• loss tor v, 

ffi ■ » . a ? & ■ . 

Turnbull Scott. 4-- — ' 5.12 8 g;i2^ .f«0D.0OQ): overseas substdibrws :.- ■ .1,-r Ji.r il tf Ull 

Vickers 5.98 July -3 529 . gjn - g t® ^.£374.000 (£432,000); and overseas 

George WImpey "!”.!• o:69 — 0.61 0.69 . okl- associated 1 companies £136.000 FOL LOW ING A. midterm deflt 

Dividends jshbwn pence per share net except where otherwise 

•Equivalent after allowing for scrip issue. tOn capital increased 1 (»A8m-) -has not beep provided plunged deeper Into the rei 
by rights and'/or acquisition issues, t Annualised. “ for.- . • ' the second : sa WOTths-to Jaa 

Total net assets at the. year end 21,-1978, to fin i^t with a pet 

. . "stood at OSStiL'.f £17.tai.)- ww-Tosb 1 - of ; fl, 192,000, compared 1 
.. ‘ .. assets at £7^3m.-(£7.04m.);. £7 090 ;- -last v time- Tom 

OrQ'lhlllQll ' f^rmp\^h3^ reSPeCt ° f ■ S,44 ®^ 8 -4ret cash at £S23m^ (£2.75m. of increased £rt>m £5J25m. to £GJ 
vridmuldll ' (same) shares. - . .. . .; borrowings) .and, «tber. working AtSlf ••interim stage,- 

■ A loss for 1977 on the disposal capital £I4.74nr. (£1256 iil). ■*.- dhtetonr said. that the unsatl 

• Tnlmririinn ' £ r Rjwpwrtjr amounting to- toiy -resiilt had teen cause* 

1 Civ VISIOn • has been met Jrom.rapitai reserve ; contimirag very poor tra 

■ • retained profit 1 1 improved a; men t '■ conditions. - In addition, n 

1 • 1 from £385,726 to. £509.110. , ; • COmmeni . ; ^tSng time had been lost v 

niMllrr 0n February 28, 1078, the com- Thanks to. a strong. ygonna nce ^ 0 f the. shins were in dryi 

** m fe** pany redeemed one-half (£5OO:00o at. home. Amalgaiiiated Power Das 1{or However, the set 

ON TURNOVER of £3.53 m. nominal) of its 8 J per cent Cob- continued its nnprerarve gro>vtn;. ha]f . was greeted to show 


ihe expected improvement over-, laajusteo te.osm.), leaving r 
seas and a Favourable exchange P 0 " 1 “P From I6.3Sm. to £S.5ra. 


pre-tax profits fell from £8 .33m.- on a yield of 10 per cent 
to £6.77m. 

Earnincs are shown at 6.9p 1 ' _ # 

(fl.fip) per 25p share. The interim |__J nCHfl 

dividend is lifted from 1.5p to XJLUXwLLIM&UH 
1.75p net — last year's final was " 

3.45 p and full year profits came 

to £15.72 m. rCddlCS 

The directors say that the U.K. 

acquisitions increased the 

company's stake in plastic pro- Til # IT U 
cessinz. and made a significant 1A& * 


rose from £6.43m. 


contribution to the improved AFTER RISING from. £330,000 to a u \t inlVv L nS . sec -?I 

U K. profit. f 4i0.000 at the nine month stage. £¥o 

Continuing recession in South pre-tax profits of Hutebmson i 8 ® 11 on 1 be * ter lhan 

Africa, and the expected sharp- finished 1977 ahead from £608,000 Sfher 'browfJ 1 / 
fall in demand in New Zealand a ror-nrri rsoo non nn tnmiwpp rowers rose- in sympathy. 


,i.wi,vuv ueuu), me auxiouiauie /tirnfm 

talance rose from £M3m. to ‘eSb per lOp share ere 

: „„ ^ shown ahead from 4Jp to 5.8p; 

s ^ r - e and a finaJ dividend of i.5n-net 
2L«^ 16 7? t p . (1J ' 67 P ) . a ? d , lhe d,vl ' lakes the total to 2J!p (XJ91p), 
d ®?“ ^ total, is. raised from an the maximum permitted, 
adjusted 3p to 3 j3S359d net, with 
a final of l-27104i>. 

• comment . De Vere 

Minet Holdings preliminary re- _ 

suits beefed up a rather sickly 1^ B f ^ n/lfllr 

lookmg insurance, broking sector III IN IIH2I K 


Lockwoods 
Foods just 
ahead 


(adjusted ie.usm.j, leaving net T" . nriea contracts have now wws--per 

pofit up From £6.3Sm. to £8.5ixi. ' 1 ^ . J 304 - 778 « » L . Peak ■ h2n'-JSSd“hiSuS' and ^profits e&.Mp (1.66 a) for the year,* 

-After an exchange deficit of “g* “ the year to February * - . j , . ^r^rc^^on^- ^ 

£255,000 (£224,000 gain), minori- 2S ! r 2? 7 ?l lr • pv-heoMPr I vIlOK liVOflflV over up 21 per cent Orders for 9-438P. to. 8p net with a fina 

ties of £350,000 (£318,000) and an L _Tj* S^aono VnH^ XAlvA-TT vUUp . compressors,^ gteria and vaWes 4p. 

extraordinary debit of £144.000 “JJJ* ^ 33,0 ^ < n J'>-. “} « _ _ * ' . - bave been outpaced -by tte-dieseT After « tax credit «f 

(£197.000 credit), the attributable * f f 197,406 |-( AAflC ll|cf ; ■ -side, which: accounts, for around (£9,000 debit), a 

balance rose from £6.43m. to n „ - hara I UNI - "three-quarters of .the profits rise, £293.000 (£16,000) on toe disp 

£7. 74m. Earn mgs per lOp share are J ; ’ But overseas, the position has of. ships, and, an extraordn 

adjusted 3p to ‘3,333590 neL with the ra um Permitted. AFTER INTEREST and 'depreela- high inflation- rite and- relatively attributable -deficit emerged 

a final of U37104P P ** tion - Pr° fils of teckwood Foods, strong currexicy tfif profits, and £954,000 (£3,000) - 

• y the fruit, vegetables, and meat 

• comment - I IP Vprp canning group, show a marginal 4--— : 

\ - ' JL/C T CIC increase from £941,000- to £946,000 ISSUE NEWS 

Minet Holdings preliminary re- for the half year to November 30, i" ^ ■, • " t« the accounts d; 

f ul g “P a ^ther sickly UJfo nrtnlr 2977, subject to tax of fir aanwlch ' '' iStt Mtekhadre^ 

looking insurance.. broking sector lllIS UCaK compared with £499,000. ^UrccunlUl • • A * p c-l? ■ •- “ 

yesterday. Minefs own share price r The director sav that second ^ if.,* th » ni 

Se« P ed'° figures 0 rod ft S» flOPS roK’ 'A' S 

other browers rose in svmoathv JwXo^^tlll* i 1 " 8 approximately parallel with . i The London Borough' of Green- difficult days for our industry 

wS« help'd lhS ^p-.T ^r ANNOUNCING TAXABLE profit ° Ba of BOm of redMiP-.i, important that tho Increa: 

non. Si.rs- . ' AwiVyUNUWU 1 AaAdLCi profit came to c^4m. and a single ,ki. wtnr-k rinsed venterdav. with number of crowers who « 


De Vere 
hits peak 
£1.52m. 


Fall in demand in New Zealand to a record £690.000 on turnover u’w« h«ilj ^ m - ,v, aLny ' last year. Pro 

led to lower contributions from of £9.79m against £7.83m. ri®I pe : d B*»ups li per ANNOUNCING TAXABLE profit came to £i24 

these areas. Tax for Che - year • absorbs S'iN orients ahead b * 32 per cenL from 36S95S P n « p 

Second hair tradine in the U.K. £358.000 (£301^00) and extra- m arii? S?wK. O-IaB^OO to a. peak £1.522,929 for dend was paid, 

opened more strongly for ordinary debits £13.000 (£63,0001. Sona 1 IrZ ; 1 1977 ' ^ direct °rs of De Vere 

companies supplying consumer The final dividend is 4.9p net .. K" g JP* 0 .' Hotels and Restaurants say that — _ 


l'ou i uii lues auii|uj>ifus vwuauuivr me nnar aiviaena is -i.vp net - Mca r,,i Hotels and Restaurants say that 

goods, overseas a slowly improv- pe r £1 share for a 7.9p (7.15p) J-S2S2* trading prospects for the current 


inz trend is becoming established, total. rafp *L" > -ear are encouraging and should 

thev add. The group, which operates as fnfluence of 85-2. a? reRU,t 10 3 advance in 

First half profits were reduced prinlers and . publishers, has nr _ profit over that now reported, 

by exchange losses of £310,009. “dose" status. expected’ adrann L imStment At m «lway. when profit was 

Group interests include the EE enStriSSSfl thlrt "to ”, l ’!* h V *‘. £771 - 7 “ ‘““-“'l- t 11 .* 


manufacture . 
metals and 
engineering. 


or non-ferrous 
chemicals, and 


• comment /lAplinP ’ achieved' on excess and surpiw s i £™ ck after repair wd profit* from xunC to £0*25m. open aroi ^ na ^ Preference shares of £1 each 

Lower overseas earnings coupled UvC-uIIv . l*ne business from the U.S. and °9 S [ S series of industrial stoppages in-®- (£1 ° P®^)- ... 4m of new Ordinary 10p shi 

with exchange fluctuations account rM11BM „. a asam professional Indemnity, con- i ' ,teres ( ..° r the second six months of the yemr . by way of a scrip, 

for McKechnie’s 19 per cent short- FOR 1977 Petrocon Group reports tnbuted 'to the overall advance. (|]32-108>. depreciation £j 3,137 pr im a ri]y : causedMartin Black, T M iTwri w Iff rtf ' The basis ' of the^ capita lisa 
fall in the first half. Contrary to tu rnover of £10.12m. and pre-tax j n t j, e cufrent year the group Is t £43.220) - and directors and the wire rope manufocturing con- - .M AND IV. MACK : be two new Ordinary shi 

its expectations, the continuing of £0.69m compared with moving to new offices, but any auditors fees. - cem, to finish 1977 with a pre-ttfx M and W Mack, a private coni- for every existing Ordinary si 

recession cut South African profit £13-7-m. and £l-5ra. respectively increase in exjienses could be off- T a* takes £745,114 (£524,189) joss of 10.25m., compared with « pany engaged -in' tte wholesale and ; one Preference shire 
contributions from 30 per cent, for the _ previous 16 months. set hy the now favourable down- leaving stated earnings up from £l.27m. surplus for 1976 . marketing and^dustrlbution of : every five’ existing -Ordjn 

last year to 19 per cent, while a Earrungs per L2jp share are ward movement of sterling. Pre- S.flp to 6.9p per 23p share. A filial Loss per 25p share is given as fresh fruU. flowers and vegetables, shares; - - 

downturn in New Zealand reduced given at 8.4ap (11 Jt3p annualised) tax profits of £17.5m. could be drvidend of 2.6564p raises the 2 P (earoings 10.07p), while' a is proposing to double its capital' Dividends 'on the Prefere 
its share by six points to 11 per and the final dividend is UJp achieved in the current year At total to 4 6529p (4j2025p> net- final diridete of 2p ?uts 3tf£tai hi5.m 5p mSEUb" “ P ~ . stock Ste paid baU-ySSf 

cent. In addition, exchange flue- net for * 4.a3oSp (4.442ap LSfln thev stand on-a p. e of II. I, Mr. L. Muller, the chairman, has Tor the year from 4.4369p'to 4p ■* This will utilise .about-a third January 1 and July 1, with 

motions reduced jjroup profits by adjusted) total. !,nfl v,p,fl - R peP waived his entitle ment to all 1977 net. on increased capital 'Of ,fbe - group’s undistributed first payment .due next Januar. 


Lower overseas earnings coupled 
wish exchange fluctuations account 


Petrocon 

decline 


overall improvement thanks forecast 3 ^cord result 

partiy to^£250.000 profit from a f# L.;2!' _ 


gilt sale. Otherwise a 60 per cenL P Turn °7^U or lhe y “ r 3dvance ? 
jump in associates to £1.77m., rrD ™ £I3-22m. to 116.0901. and 


£*5?® ' 10 “-^ m -»“ nd • “US'® able stock closed yesterday with number of growers who « 

irom 3.6S9j2p net per 2up share dM- '^he underwriters having to. take into a working partnership < 
a for .dend was paid. : 'j4ip S8- 3 per. ..eeitt of. . .their , us should realise ttie strengti 

' commitment our resources. Our prospects 

-I T* /r ' j m .' The issue of Ilf- per cent, the current year are ^ 

crrrin ■ Redeemable Stock 1986 priced at. encouraging. Turnover Is rum 

loujd 1 TlAi . *£99 per cent offered running and at some £24m. per annum.” 

= e 1x1 ' - redemption yields' of -11J569 per : 

was IJlilCk hit respectively- >XL»47 -Per cent. . ^BR ID E SCRIP 

. the Following lhe weakness In the *■ /uyjt„ fl 

“ uJt b v strikes jJ&StsSS 5 

need U J _ result was not. unexpected: 'Deal- SSSSLa u 


“J AFTER A decline in ' halftime ^ ^ 40o!oo0 lo per rete! Cumula 

a Jl d profit from £i.09m. _to I0Jf5m. * St mS* opwi Preference shares of £1 each 


. a ££El -" rles of Industrial stoppages to-.®* W paid). . .. 
to te rest of £133 JI0 the second six months of the yem: V : 

, d t pre S ai ” n .■ £,a3 > 13 J primarily, caused Martin Black, ? M i j^ri 1*7 MAC IS 

(£43^20) •• and directors and the wire rone manufacturing coo- ANJLJ W. JUAI^ISl 



j i w lions reduced group profits by adjusted) total. 


and vield 2 S per cent. 


. - . . - — — !»»■ M IV J WUI I* VWJ 

waived Hls entitle ment to all 1977 net. on increased capital 


The Partners- of j . 

Matthews and Goodman, / 
and John PostLethwaite & Co, ' 

surveyors valuers and estate . 
agents, are pleased to announce 
that the two practices 
will merge on 1 May 1978. 

The new firm will be known as 
Matthews Goodman and Postlethwaite. 
Thu firm will practice from 
■••Malvern House, 

- 72 Upper -Thames Street, 

London EC4R 3UA, 
Telephone 01 248 3200 



50% increase in pre-tax pit 
reflects success of past 






Preliminary Announcement for the year endedfil st January 1978 


4 Water-Street, Liverpool 12 3Sg 
‘ telephone 051 236 8732 
.,63 avenue Marceau, 

75116 Paris'; -telephone 720 23 17 

IMI 

MATTHEWS GOODMAN AND POSTLETHWATTE 




Turnover - ^ 

Pre-tax Profi t - ' 

Profit afterTax - — „ 

Extraordinary Items — — — 

Dividends per Share ... 

Earnings per Share 

Assets per Share 

Profit as % of Sales — — 

(Nota-1 977 figures adjusted for Scrip Issue) 

The worthwhile growth 

' in sales terms is underlined by Volume in- 
creases in our major businesses and. substantial 
growth In profit terras reflects the positive invest-' 
meat policies of the past, current efficiencies and 
recovery situations. 

The strong balance sheet 

The overall balance sheet is extremely strong 
with borrowings net of cash amounting to £12.6m 
which were 30% 'of Shareholders* Funds and 
Government Grants. The receipt of over' £1 8m 
since the balance sheet date in respect of the SCA 
transaction has put the company into ah overall 
net cash position as of that date. 

Comments on the year's 
performance by region 

Ireland Sound economic conditions provided 
a healthy environment for .trading and the 
results were good. Packaging companies 
performed well - publishing was sound - 
printing unrewarding but with a better trend 
-distributing excellent- office equipment now 
profitable. 

UK The business climate in the UK in the 
latter part of 1977 remained fairly, static and 
I whilst overall performances by our com- 
i panics were good there is- a certain-flatness in 


••• 1978 
£000 
175*686 
15,934 
; 11,097 
10,560 

7 . 3 p 

i?*P 

. 84 . 8 p 

kl% 


- 1977 

- £000 
141,941 

10382 - 
: 6,487 : 
(369) 

5.4p 
. 11-3P 
. 46.6p 
7.5%: 


% Change 


+2t . 


some -areas - flexible , packaging went ex- ^ : 
tremriy well-cOrrugating was sound-folding , . 
- carton somewhat : duU - paper miking had - 
. ' to profits but in very difficult circumstances 
. —merchanting was without histre* . ; - 
. . "US A^A- disappointing yrar bnt the.base of the . : r 
.. business. which is japer and packagiog was-, r- 
: stable- non-packaging activities^which are a 
'- .snto pffrt of- the whbJe-Qpcratiobj suffcroi“-- ; V; 
' substantial ' 1 fosSes and a major ' culprit 7 
O’Connor Drug, has been disposed pf. ' 

' Nigeria The . year." finished strongly but ’ 

- bnanessingeneralis finding theecononjic'-:' 
clmtate tough- We enjoyed; good returns'. : v 
dudng !977 but these will be difficult ■ td'; - ; 
- sustam^ >. - ’ • L: •> i V. . . •; . T 

Thefutiire.. ,v.:- 

. •. ’ Chi iww financial year , started quietlyiThert ' - : 
is.conJMcace;umongst operatiag management that 
it will be^#fod year but it is a lrhle yet fo'L.v 
jneasure jn^^ w ^°^- Economic predlcfemg fhr . ... 
Irelaijd>;^Sa«l2ifc the/UK. should.; move- • 
forward! lhe U&A business scene is ;iinpxoviflg. r ' 
Nigeria /' V'>‘ . 


[imate in the UK in the . ■ planned.; jd,the;^mrent pe.-y ., 

emained fairly.static and 8oard\ 

brmances by our com- well ^OTptomrties - 

ere is-a certain-flatness in . :v-. 

JEFFERSON SMUBtlTGBOteUI®M^>; j : ' : : ; • 

Swords RaBd,S'antry, aubiftR~ vL' VL: s *■ Lfri 

.packaging, paper aj^ 


4 


L 





times Friday April 28 1978 





LONDON BRICK CO MPANY LIMITED. 



WORLD'S 

LARGEST 

BRiCKMAKER 



REVIEW 



FINANCIAL 


/ ~h The followfngare extracts 

* jifomtheclrcufated state-’ 

. nent of the Chairman, Sir 

* 3ooaid Stewart, Bt, for the 
fearended 31st December 

•1977: 


AS 


• Turnover a r>d profit for T977 
/• 'jiclude figures relating to The ' ; 

;&¥ dex Company Limited which 
>yas acquired with effectfrbm 
• - "st January 1977 and-Midland 

Structures Limlied ; which was 
icqt/rred with effect from isi ‘ 
: ebruary 1 977. Demand was not 
• ' Vis buoyant as had been hoped, 
iiftas a result of strict control it is 
.. - ileasing to be able to report that 
: he resultsof theyear constitute a 
■ : - tew record. Turnover increased 
' : Vom £76,580,000 to •- . 

1 ,354.000; including exports 
hat amountedio £4,273, 000. , 
>iofiibefore chargingdeprecia- 
•• i . ’ion amounted to £1 4,064,000 
iompared with- £1 2,1 41 , 000-for 
’*! 'jfche previous year. After charging 
■V Vifeprecratidn of £1,890,000 
‘.Compared with i'1i620, 000, the .. 

• iroffl befdretaxatioh was . . 

• £1 2,174^00 co mpared with 

' £1.0,621 .OOOVanimprovement of . 
nearly 16 percent. 

• in the past provision for 

.V -deferred taxation has bean made 
• ; ~n fespectof differences between 
depreciation and other charges 
.provided in the accounts and the 
corresponding allowances for tax 
. purposes, and.a iso for refief given 
— — forjn creases in stock values Jt 


las been decided this year to taka' 
account of the provisions of 
Exposure Draft 1 9, issued by the 
. .' — V^ceuoting-Sta n da rcfs’Corn- • 

fjfittee. In accordance with the 
Brms of the Exposure Draft, 
Brovisian for Deferred Taxation 
pi 977 has been made on the 
liability method only vyhere it was 
thought reasonably probable that 
In actual liability would arise in / 
Jrefareseeable future. As a result 
if this change in policy, the 
sfiargefbrtaxationissubstantially 
^UjcedV ' . ' " ■ 

After providing corporation' 

: at 52 per cent the profit after 
;ation amountedto £7,540.000, 
impared with £5,1 96,000 for 
le previous year. On the 
rdinary Stockan interim divi- 
-Jhd of 1 ,2942p per Ordinary 
Stock Unit of 25phas been paid, 
md a final dividend for the year of 
.96Q2p per Ordinary Stock Unit 
j recommended. The total 
Jividendfor the year on the' 
Ordinary Stock therefore amounts 
3.2544p per unit and is the . 
(naximum permitted by the 
,:freasury.The retained profit for 
.-the year amounted to £5,598,000 
'1 and has been transferred to 
’ Reserves. 



iThe 

Trading 

Year 


£ Atthe start ofth'e year confi- 

' . pence amongst housebuilders . - 

. was weak and there was pro- 
•" : longed very wet weather. As the 
' . .year progressed both confidence 
land the weather improved bu i 

-nevertheless the results for the 

.. . first six months were slightly 
jflo wn on t h ose of the preceding 
. ■ jyaar. By this time, the indicators 
I'vhich normally point to an 
. impending improvement in . 

housebuilding were favourable 
• .Vyet demand improved slowly and 
■'(Stocks continued to increase. 

- i-* Because of confidence in the 
{longer term, production was 
Maintained and as a result stocks 
/had reached a very high level by 
. * • Jlje end of the year. In these 
. Icircumstances tight control has 
.V' /been necessary in | air sectors in . 
•; /order to ensurethat profitability 
[.Was maintained. A noticeable 
^feature of the year is that for the 
‘-Srst time tumover from activities 
jfptherthan clay products reached 
fc.30 per cent. This is evidence of 
fifoe attention that has been given 
pjtobroadeninp the base of the. 

1 iSrbi^p'sactiVitr&s^ 


Sir Ronald Stewart reports 
on London Brick 1977 


New acquisitions — Croydex and Midland Structures 


The acquisition of Croydex, the 
major acquisition during 1 977, 
which took effect from the 1 st 
January 1 977, was referred to in 
my statement last year. The 
company has an established 
name for its products which are 
mainly forthe home and the 
garden. Its outlets are mainly 
through some of the major stores, 
mail order houses and whole- 
salers: It is not itself involved in 
direct retail selling. Based at 
Andover, it has two factories 
-where the raw materials are 
processed and the bought-in 
parts are assembled to produce 
the finished products, most of 


which are of the company's own 
design. The growth record is 
impressive and it agairr increased 
profit in 1977. 

The company exhibited atthe 
International Spring Fairwhich 
was the first exhibition to be held 
atthe new Exhibition Centre near 
Birmingham. We were honoured 
by the visit of Her Majesty Queen 
Elizabeth, the Queen Mother, who 
showed considerable interest in 
our products. A continuous 
programme of development and 
improvement of products is es- 
sential in this trade and receives 
constant attention from senior 
management. One result was the 


launching atthe Gardens ?nd 
Leisure Exhibition in October, 
of a new range of "Husky" garden 
products, which was well 
received by the trade and is 
expected to produce substantial 
additional turnover in 1978. 

The acquisition of Croydex 
marks another step alongthe 
established policy road which 
leads to less dependence on the 
cyclical nature of new house- 
building and a wider range of 
products and services which the 
Group can provide. In accordance 
with the undertaking given atthe 
time of acquisition, the company 
retains its separate Identity and 


management. We welcome the 
companytothe Group.and look 
forward to its continued growth 
and prosperity. 

Our engineering facilities 
were increased during the year 
by the acquisition, with effect 
from 1st February, of Midland 
Structures Limited, an engineer- 
ing company which is based in 
Bedford and mainly concerned 
with structuraf steel work. In the 
past Midland Structures had car- 
ried out a good deal of work for us 
and as a result both companies 
were well-known to each other. 
We lookforward to an expansion 
of the company's activities. 


Demand 


The year was one in which, 
with the exception of industrial 
building, the level of activity 
throughout the construction 
industry declined below the levels 
of 1976. in the private sector, the 
level of housing starts failed to 
respond to the substantially 
lower interest rates, the improve- 
ment in the ratio between house 
prices and incomes and the 
availability of mortgage funds. 

In the first three months of the 
year starts were down by 36 per 
cent.-lnthepubiicsector, the 
effect of expenditure cuts 
amounting to £1 ,400 million 
were little alleviated by subse- 
quent reductions and for the year 
as a whole starts fell by nearly 
23 per cent compared with 1 976. 
In the private sector the fall was 
approximately 13 per cent. 
Inevitably the recessionary nature 
of the market has been reflected 
i n lower brick sa les. I n fact the ■ 
nu mber of bricks sold wa s the - - 
lowest since 1949: 


Production 


In spiteof the decline in 
demand, jttoduction has been 
maintained throughout the year. 
This is a matterthat has had to be 
kept under review as stocks of 
bricks mounted. Attention was 
drawn to this situation at the time 
of the Annual General Meeting 
held on the 19th May 1977 and 
again irithe Interim Report issued 
on the 25th August 1 977. Whilst 
trade conditions did-show some 
improvement, it was slow to • 
come.through and disappoint- . 
iqglysmall in amount The result 
was abnormally high stocks, 
which by the end of the year 
represented over six weeks' 
production. The decision not to 
cut output reflected confidence 
in the longer term improvement 
in demand, but it was neverthe- 
less a difficult one to reach. 

It is pleasing to record that 
industrial relations during the - 
year have been good. It is 
inevitable that from time to time 
there .will be some local differ- 
ences of opinion on industrial 
relations matters but the con- 
sistent policy of senior manage- 
ment maintaining a close and 
constant dialogue with T rade 
Union officials and employees', 
representatives has again shown 
its worth and no production was 
lost during the year as a result of 
industrial action. 

• A major change has taken 
place at Clock House Works. All 
production of hollow clay blocks 
has ceased and the old tunnel 
kiln demolished,’ as has one of the 
two Zig-Zag kilns.The remaining 
kiln is still in use producing field . 
drain pipes. On the site, and 
utilising a substantial part of the 
existing buildings, a new brick 
works is being constructed, and 
it is anticipated that it will come 
on stream in May or June 1 978. 
The output of this works will be 
500,000 high quality simulated 
hand-made bricks per week. It 
will be the first non-fletton brick 

works built by the Company. 


Prices 

During 1 977 delivered prices 
were increased by approximately 
1 6 per cent which was necessi- 
tated mainly by increases in 

production costs in respect of 
labour, power and bought-in 
materials, and also to a part 
recovery of the costs of the 

investment programme as , 

provided f or far the Price Code. 


The slowly reducing rate of 
inflation has, in more recent 
months, begun to take effect and 
it has therefore been possible to 
hold prices since August 1 977. 
Inevitably a review will be 
necessary early in 1978. 


The work of our Estates 
Department tends to become 
more complex in the.iight of 
present day requirements. The 
department is charged with the 
responsibility of looking after the 
Company’s land and properties, 
negotiations in respect of the 
letting of farms and houses and 
dealing with the tenants and their 
problems. It must also design and 
control the construction of new 
buildings. An additional task 
which is of increasing importance 
in the light of present day 
environmental requirements is 
involved in the preparation and 
execution of schemes for tree 
planting and landscaping. A new 
forest tree nursery has been 
established and extra foresters 
appointed to assist in its 
maintenance. During theyeara ■ 
^nature reserve was set up in a 
40 acre water-filled pit at our 
Calvert Works near Buckingham, 
iri association with the Berkshire, 
Buckinghamshire and 
Oxfordshire Naturalists’ Trust. 

The Estates Department has 
also been responsible for the 
Company's extensive farming 
activities and our Pedigree Dairy 
Shorthorn cattle have had 
another successful year at the 
Agricultural Shows, with no less 
than 1 3 prizes. 

It has now been decided that 
our own farming activities should 
be separated from the Estates 
Department and established 
under a separate subsidiary 
company, London Brick Farms 
Limited. This does not mean just 
adopting a different form of 
Organisation as changes in the 
type of farming and the stock 
maintained are involved. In 
particular there will be a 
concentration of arable farming 
in the Stewartby area and a new 
dairy unit established at 
Peterborough stocked with . . 
Friesian cattle. It was with some 
sadness that it was decided to 
end the link with Dairy 
Shorthorns but we lookforward 
to the creation of new links and 
the benefits to be derived from a 
new herd and breed. The new 
company formally commenced 
operations on the 1st January 
1978. 



Distribution 


* : Our own fleet of vehicles 
continues to be the principle 
method of delivering our pro- 
ducts to our customers and during 
1 977, 62 percent of ail deliveries 
were effected^ this manner. 
Whilst the number of vehicles in 
use has reduced, efficiency has 
again improved, the number of 
bricks delivered per vehicle day 
showing a 4 percent increase. 

The demand for bricks ro be 
delivered by vehicles having 
Selfstak equipment continues to 
grow, and over 70 per cent of 
our vehicles now have this 
facility. Once again it is possible 
to report that the number of . 
accidents in which our vehicles 
were involved showed a reduc- 
tion on the previous year. 

We, and all other fleet 
operators, are likely to be affected 
by E.E.C. legislation and regula- 
tions which will have the effect of 
reducing the number of driving 


hours per day, the maximum 
distance certain vehicles may be 
driven per day and the use, on 
vehicles, of a recording device 
.known as a Tachograph, to 
which Trade Unions are strongly 
opposed. These changes will 
seriously reduce productivity and 
increase the costs of distribution 
unless the present maximum load 
permitted to be carried is in- 
creased. At the present time the 
total weight of the vehicle and its 
load must not exceed 32 tons. By 
changing the technical specifi- 
cation of the vehicle, it would be 
possible to increase this weight 
to 40 tonnes. Such vehicles 
would be indistinguishable in 
size from those currently in use. 

It is therefore important that the 
Government accepts the need for 
the legislative changes necessary 
to permir the hig her gross vehicle 
weight. 


Tribute 


The year has produced its 
problems, notably the slower - 
than anticipated increase in 
demand for our products and the 
consequent rise in stocks. We all 
know, from past experience, the 
disruption that can be caused to 
the lives of our employees when 
it is necessary to red uce produc- 
tion and we were determined to- 
avoid such effects last year, if at 
ail possible. Employees were kept. 


informed of events and responded 
to the requirements of the time. 
This once again demonstrated the 
close dialogue that is maintained 
between all sections of our work 
force, and the understanding that 
it creates. All employees have an 
important role to play in the 
Group's activities and we much 
appreciate their continued loyalty 
and support. 


Overseas Activities 


The increasing activity that 
we have in overseas markets is 
again reflected in the value of 
goods exported. During 1 977 
exports amounted to £4,273,000 
compared with £1,495,000 for 
the previous year. Whilst these 
sales still represent a very small 
proportion of total turnover, they 
have increased at a substantial 
rate duringthe last two years. - 
The Parent Company, London 
Brick Buildings and Croydex have 
contributed to this increase, and 
all are continuing to seek further 
outlets for their products and 
services in overseas markets. 

The joint venture in Iran has 
progressed well. By the end of 
November we had dispatched 
under our supply contract and 
within the delivery dates set, a 
tote) of 68 loads of machinery and 


steelwork weighing over 1 ,000 
tons. The construction of the 
brickworks was delayed by 
extremely bad weather ea rly in 
the year, and no work was pos- 
sible fortwo months. Neverthe- 
less the first kiln was lit during 
December arid- it is anticipated 
that the second kiln will be lit 
during the summer of 1 978. 
Duringthe yearTehran.London 
Brick Company increased its •’ 
issued share capital. It is evidence 
of the great confidence in the 
venture that exists locally, that 
the new issue was heavily over- 
subscribed. 

London Brick Buildings has 
extended its overseas operations 
and reference has already been 
madeto Saudi.Arabia and 
America. In addition the venture 
in Abu Dhabi commenced to 


trade during the year. Whilst the 
build up of sales has taken time 
the level of activity has now 
increased. A further joint venture 
has been established in Nigeria, 
a country which has enormous 
demand forthe products to be 
.produced. 

Croydex has in the past been 
involved in overseas markets 
rather nearer to home, its main 
outlets being in Europe; Such 
sales continue to growaatisfac- 
torily and recently a contract has . 
been secu red to manufacture a 
range of "CroydeKe" products for 
an internationally known com- 
pany in Europe. In addition to the 
usual stand atthe Cologne Inter- 
national Housewares Fair/ . 
exhibitions were attended for the 
first time inTokyo and New York. 



1 0.521 

12,174 


331*76 


Earnings per share (p) 


LONDON BRICK LANDFILL 


The company was originally . 
formed as London Brick Land 
DevelopmentLim/ted but 
changed its name on the 21 st 
June 1 977. 

The company, using the trade 
name, "Easidispose", offers a 
wide range of waste collection 
and disposal services to Local 
Authorities and Industry. Demand 
for those services has again 
shown an increase, turnover 
having increased by approxi- 
mately 60 per cent which in turn 
has resulted in a satisfactory 
contribution to profits. 

After some years of complex 
discussion and negotiations with 
the Greater London Council, the 
company has been successful in 
competitively tendering for two 
large domestic waste contracts. 
The first of these is the "Hendon 
Rail Transfer Scheme" and has 
been referred to previously as the 
"Brent Scheme". The contract Is 
forthe reception atthe company's 
transfer station, compaction, 
transportation and disposal of 
more than 200,000 tonnes of.' 
domestic waste a year. The 
second contract is for the recep- 
tion and disposal of domestic 


waste from Hillingdon. In this 
scheme the Greater London 
Council will operate its own 
transfer station and arrange 
transport to our Calvert Works 
near Buckingham. This contract 
also provides forthe disposal of . 
over 200,000 tonnes per annum 
of domestic waste. 

The industrial waste collect 
fion and disposal services have 
also continued to expand. With 
the reduction in the number of 
outlets forthe disposal of 
notifiable Wastes, industryis . 
facing increasing problems to 
which we endeavour to provide 
a satisfactory answer jn the areas 
in which we operate. Applications 
for planning consents for disposal 
of certain wastes ere iricnnsd.to/ 
bring a certain amount of com- 
ment which is often Hl-infqrnfed*- 
and inaccurate. Quite apart frorn 
the strict control that Is exercised : 
through legislation, we have ’■ 
always been prepared to show to. 
those concerned in our areas of .- - 
operation what we do and how 
we do it. As a result of this open 
policy we have usually been abfa 
to remove the unfounded worry 
that has existed. 


LONDON BRICK BUILDINGS 


The continuing squeeze on 
the level of disposable incomes 
and high unemployment generally 
have resulted in a difficult year, 
particularly for the domestic 
products. Against very strong 
competition, sales have been 
very well maintained but margins 
have been adversely affected. 
During the year the policy of 
divisionalisation that was com- 
menced in 1 976 was completed 
and the changes will assist 
internal management control and 
marketing policy and will also 
provide a sound base from which 
to take advantage of a future 
uplift in the market. A new range 


of domestic ornamental steel 
products under the name Royal 
Empress has been launched, 
which will supplement the exist- 
ing range of Royal Princess gates. 

Banbury Commercial Build- 
ings has maintained satisfactory 
sales of industrialised prefabri- 
cated buildings in a depressed 
United Kingdom market but more 
particularly the company has 
achieved considerable success ' 

' in Saudi Arabia. The bungalow 
and school contracts reported : 

last year have resulted in further :■ 
orders and this activity has made a ; 
substantial contribution to profits. 


Prospects 


in the year to date brick 
deliveries have shown a marked 
improvement over the same 
period of the previous year. Whilst 
the rate of increase is unlikely to 
be maintained, forecasts indicate 
that housing starts will be higher 


in 1 978 than they were in 1 977. 
Group activities, not associated 
with the construction industry, 
have also commenced the year 
well and the outlook is one of 
cautious optimism. 



London 

Brick 

Company 


All you need to know 
about London Brick 


Please complete the coupon below if you would like 
to receive copies of the Annual Report and/or the 
Brochure which outlines some of the Group's wide 
range of interests.. • 


To: The Secretary, London Brick Company Limited, 

■1 2 York Gate, Rege.nte.Park, London NW1 4QL 
Please send me a fcopyof the Annual Report and/orthe 
Brochure. 

Please tick ANNUAL REPORT □ GROUP BROCHURE □ 


Name. 


Address. 


Postcode. 


4 









‘Record assets now 
exceeding£lOOOmillion 
for the Britannia.’ 



Summarised fn »m the 1977 Annual 
Kcpurt of the Britannia Building Society by Sir 
Hubert Newton. Hon. MA tKeele), 

FCIS.. FBS. Chairman. 

In a year which lias seen 
the expansion of the Britannia 
into many new areas 
throughout the country and 
the record sum of £181 million 
advanced to some 2L500 
borrowers (including 10,000 . 
fi rs t-time applicants) the 
fi nancial growth coupled with 
the exceptional stability of the . . 
Society has been quite 
remarkable. 

Assets reached a 
record level of £965 
million in 1977, and have 
subsequently risen today to ^ 
in excess of £1,000 million. " 


Reserves increased to 
£38.7million representing 4% 
of total assets while the market 
value of the Society’s 
investments on the 31st 
December, 1977 stood at a * 
total £114 million-some £7. 4 
million above the figure at 
which they appeared in the 
1977 balance sheet 

Tax paid by the Society on 
investors’ interest was £19.5 
million, and corporation tax 
paid of £L 8 million brought the 
Society's total tax bill for the 
year to some £2L 3 million. 

In conclusion, 1977 was a 
year of considerable activity for 
the Britannia and, at the same 
time, one of unprecedented but 
sound growth. 

My thanks to my colleagues 
on the Board, to all our staff 
throughout the country; our 
r agents, and last but not 

jp least, to our many 
members and friends 
Y I whose combined efforts 
1 / have produced such 
■ / excellent results. 


Building Society 

Always there to help. 

Chief Office, Newton House, Leek, Staffs, Tel: 0.538-38513L 


A f " . 

J * 1 


BPC 


The British Printing Corporation Limited 

Substantial Improvement 

in Trading Profits 

- ■■ « 

Points from the review of the Chairman 
Peter Robinson 

PROSPECTS: The higher level of activity in 1977 has continued in most 
of our companies this year so far. 

TRADING PROFITS: A substantial improvement to. £9.4 m (£6.4m in 
1976), an increase of 47 per cent. ’ 

DIVIDEND: An unchanged final dividend (2.1825p) is recommended; 
total for the year 3. 182op. 


Loss of vested profits 
cuts Vickers to £25m. 

WITH TOE contribution from its A breakdown of trading condl- However, • the uncertainties 
nationalised shipbuilding and air- lions shows: • Engineering— U.K. surrounding oxnpensaiion for 
craft interests cut almost £13m. £6.7m. (£8.2m.). Australia £3in. nationalisation, together with the 
io £ii.S3m., pre-tax profits of f£3,4m.; ■ and Canada £3tAm. current lack of growth In theUJy 
vieKers slumped from £38.3m. to (£2.6m.l; Office equipment and industrial economy make forecast- 
Eto.UBm. m 1977. Turnover supplies £3.8xu. l£3.2m.j; Litho- big difficult, they say. but some 
plnooS from , -£424.23rn. to graphic plates and supplies £fl.lm. crowth in the ^oncimung business 
hHAJSm... and includes ship- (£6.Sm.j; Offshore engineering u- expected. 

, Hales • of £59.l4m. (loss £2.8m.) .(£0.1m.); Optical. Directors say that in. . . the 
r^Irv n '. instduments £0jra. (£0.3m.l: interim sta Ur eat the Jbope was 

Directors said at half-time. Shipbuilding £3J6m. (£4.7ra.}. Net expressed that negotiations on 
wnen profit was £2m. higher at interal interest includes a 10.1m. comoensatioo would have 
£16j8m., that it .was dear that credit (£0.5m. debit). advanced to a stage where it 

interest on compensation for the The, pre-tax profit includes a 5 o U i/m wtae possible to take a 
jested assets would not match £7.97m. (£20.9ra.) share of assodi- considered • view of 'Hie likely 
the ear mugs of those two busi- aie profits, with £7.97m_ (£19.8fim.) SSJe ’ 

nesses, and consequently second contributed by British Aircraft njmw has to date how. 


Financial' Tunes -Fnday 4 April/ 2S"1978 


rf 





soft! 

%c. 

sfASt'A 


jPensiori plansar&aslndly^i^t ai&tfte p^piethey 


of the opening period. • The raeuit is subject to Las of 

They now say that the con- £1 L 0ln J- 109-1®**-)- 
cirfuing business, overall, pro- , Earnings per £1 share are 
duced profits at a similar level to shown a * C*W.2p> before 

that achieved in 1976 despite a extraordinary items. A final 
background of difficult trading dmdend of 5fi54p net takes the 
conditions in many operating lo . tal 1° ti** maximum per- 

territories and adverse currency mi ^ed (S,7866p). 
fluctuations totalling some ElSm. 

The U.K. engineering group Sales iobjss GtSM 

again achived increased profits, Tradina profit S6.si7 s&ttt 

while the engineering activities foveameot Income 2T3 221 

in both Australia and Canada aJ"™ prefix • “iw ms* 

broadly maintained their position, proru before iw"" " 11 !'" ' 2 Sjmx a]** 

Howson-AJgraphy’s performance Tax iloio n.iw 

was particularly outstanding and Not P rufl <- w.i.w 

the Roneo Vickers office equip- ¥L ■ ! « i'iS 

ment group is beginning to bene- Aiu-tburabie 11.000 is.mb 

at from a major re-organisation. Dividends 4. are 1.322 

In the offshore engineering Retained 6.355 iuir 


choosinf 
all the dr 


plan—at-tf*e r igf^tirii^-^can £.*;■ 


*r 

>r-*w .4 

* : uew 


75 T "31 IL#** 10 ^ of VUSm of (. and K 




its former 50 per cent, ownership; 


used for" all ofthe benefits or as a supp!ement't 6 ah“ejdstin v v’ 
•'scheme ■' . ’ . ’ L- - 1 • ■ - • - .. - ■- 


14. IMS 18. ns 


In the offshore engineering Retained ...: s.355 ujir sen te lives have not even com- .. 

croup the heavy cost of' develop- For the future, directors say menced and this tong delay, 
ment of new technology not yet the company is well placed to take together with the absence of snub- ■ 
commercially exploited together advantage of any upturn in stantial payments on account,' Is 
with the intense competition in Industrial activity [or capital inevitably inhibiting the forward 
the submersible operating busi- goods and. in the meantime, planning of the company an.d 
ness combined to produce a sub- enjoys a strong competitive posi- delaying its re-in vestment pro- 
stantial loss. Dion in export markets. gramme. 


timuni pen former shipbuilding activities,- DBsPlan reveraorwyt»nus.ratesTKJWpay 4%per -\-- 
both of fte» amounts are being annum withe benefit itseff pfu35%on.attadiing bonuses >■: 

'£ SS-f.w’^bttadS^. |,rejud ' ce t0 There’s clearer never been a bettertme than now to . - , 

Accordingly, the benefit to the investigate Ihis remarkableplarL v 1 - 

Ira s i rii/ profit before tax is confined . : /. And the sameborjus rate ipceease applies: toour 

=11:11 Si Inl S2 acc JSounte J Dc< toSihif , Adaptable PersDnatPehsion ■ 
2 smi £ 397 , 000 . . employed and those in non-pensionableiobs. 

as ?•:!.“ ft « astonishing, phey say. to Each^ ^plan istaiTontiadeto fridMduaf requirements, C--.— 

r ecord *at formal negotiations aJ lowing an in vestment of up to £3000 a year with tax-relie’. 

,IS aS atthehighestratEpaid.:; ' r ■' .. ■. 

I'wl iijif sente lives have not even com- I . .; As OTje fiscaj year ends and anptiierstarts,yx3u , ilhavet 
■ectars say menced and this long delay, greatest tax’ advantage if YOU act ribw. 
cedtotake together h-ich the absence or snub- Andrememben while retinsmentaridpension plans rr:' J 

“r Spii'." -filrtSbirinhSitln* the forw'art «em !ightyears away fhm 

meantime, planning or the company and decision nowcan make aillne diTference later. - • •- « 

titive posi- delaying its re-mvestment pro- . Postthecoupon'and We'll send you details. Or askyot ... • 

s. gramme. 'broker. . , ;' 

■ m -m F^res«wanca.l90Wt«tG«™eStf««t 

• AA J 4,Gfc*PwG2»A.T«taflhoneMlS2fi462. 


g-.«s Wi 
S.W *if # 

W 

»*?»' ■= 
.TJJ5M 1 

^tmr-4 


11.009 13.588 


i.tm record that formal negotiations 
between, the Government and the 


company's stockholders’ 


M Y Dart slightly ahead at midway mBBSSeSgafr 



ON TURNOV'ER of £7.04m. for the The 1977/78 year Ls proving to at a satisfactory rate. 


26 weeks to December 31, 1077. be 'an other important year of in- Mwfcs. ik* 

compared with £6.45m.. pre-tax vestment for the expansion of the =°i? T J"??, 

profits of M. Y. Dart, sports group; the group has added to its pre-tax proftt ”” w tru ti,iu 

equipment, packaging materials activities by acquiring the busi- Tax 3W- - 3T5 rae 

and pyrotechnics group are shown ness of Dawes Cvcles, rhe K*i pro®> — 357 344 1.49* 

ahead at £744,000 against £716,000. directors say. Substantial sums Di^'ai'muisiuon adhnmwm 

The comparative figures of tum- are also being invested to increase re.aam and njL i AnSr 
over and profit were after a pre* the productive capacity of the adjustment fls'ow and tse.ww. t Afuir 
acquisition adjustment of £0.5Sm. croup's two main packacLru bu-t- wiw. for stock approdation .and for 
and £45;000 respectively.. - nedses. that is in printed card- ^ ° r 

sha^ra board /® rto f and ia Q,oulded The directors state that the tax 
l^n rapi Jl m?SasSi rrom lalt eipanded P^^ne. charge for the fuH year will be 

year’s rights is*ue— last year there They, explain that much of the alleviateti. by : reasons .of capital 


Ip on rapitai increased rrom last eipanfled PWiyrene. charge for the fuH year will be 

year’s rights is«ue— last year there They, explain that much of the alleviated by ; reasons .of capital 
was. a second interim of 0 64 d and work and capital expenditure- this allowances exceeding relevant 
from y«r will n^add to the full year’s depreciatfon pmiriorjt It is also 

■profits of II «lm profits, but they are confident that expected that there will be furtheF 

Iri the first half the packaging it is well designed to assist the relief in respect of stock apprecla- 
and pyrotechnic divisions achieved continued growth of the group tion. 

Increases in sales turnover and - .. . : ' v 

trading profit, the directors state. 

In sporting goods, satisfactory . ■ v ■ 

trading was done fn the home _ 

market and new products were ' 

well Teceived. in exporting, the ■ ■■ 

cohtUHwngr Sluggjstmess of world I It K 

trade and Che strength of sterb'ng ' ■ ■ B 

in relation to the U.S. dollar have, ■■ . ■ 

-however, been unhelpful factors. • US. $35,000,000 

Expenditure in setting up the BEOGRADSKA BANKA 

warehouse, and factory in the FLOATING- RATE >’OTES 

US., in penetration. he woverseas . Qyg ] 9 g 3 

markets and in the deveiopmeni .. r 

.bnes represents costs the planned far the lix-mon* period April it* 
benefits from which are not re- 197B to October 2 /rf. ivts the Notes 
fleeted in current results. wiH carry an mnreit rate of 9 e, „. 


S'OEK PlarsfAdaptafalB PomnalPontianPohcK. 

J 7 OJ3Ch CAPITALS PLEASE) , . '• 

I . . .. . ■■ - - 

- \ .PtUIPTwhilAriAgm ‘ \ :L : 

I -Tbl to — ! — I ; — 

.[ DateolBirlh™*-^- l.y — — 

i assurance limited f 

Over 75y*ars of Scottish Experience 

A igo West G«org» Stroof Glasgow G2 2PA 

.» Telephone 041-332 6452 .. ■/ 

I Brwct*2S el Bimpnghani, Bristol. C^ordcri Edinburgh, . 

j'BW BBBBV Qfasgo® Loeas,Lufon K MBrKhosier, SoutfiampJa* 



h*W 

P: am$ 

CnfBfMd 

f^-r 'A' 

rh# : ; 

iswrlif 


A J 

.T& 

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T0MA1 





■ 

1977 1976 

(Figures in £’000) 

Sales 154,863 

143,594 

Trading Profits 

Printing 

3,159 

1,050* 

Packaging . . t , 

2,613 

2,335* ; 

Publishing 

3,661 

3,023* ! 

Profits before tax and extrabrdinary.items 

5,788 

3,160* 

Earnings per ordinary share • 

up 

0.5p* 

Net tangible assets 

per ordinary share 

109p 

108p* 


* 

*(As adjusted) 


WoIstenhoJjne 
Bronze 
sees progress 

Assuming reasonable economic 
conditions across the world, Mr.' 
Alan Green, the chairman of 
Wolstenholme Bronze .Powders, 
rells shai^holders in bis staie- 
raent that he has every reason to 
.suppose that the company should 
sec satisfactory progress during 
the current year. All subsidiaries 
have Parted 1078 with increased 
levels of turnover and he is con- 
fident that they will again make a 
significant contribution to profits. 

As reported on March 30 tax- 
able profit for 1977 rose some 20 
per cent, from £1.17m. to £L4m. 
on turnover up Trom £7 .96m. to 
£9.17m. The dividend is stepped 
up to 7.51G5P f7.0597jp). 

During the year the group 
acquired Charles Opens haw ana 
Sons (Manchester) which 
achieved a pre-tax profit for 19T7 
of £337.293. But only £33,116 was 
included in the group results, be- 
ing the amount earned after the 
dale of acquisition. 

Mr. Green says that 1978 has 
started with a modest increase in 
the order level for bronze 
powders, but he says that because 
of the wide spread of the group’s 
market ft is not possible to pre- 
dict with any accuracy whether 
this improvement will continue, 
in terms of productive capacity, 
the group is “ well placed to cope 
with any increase in demand.'* 

A study was undertaken to 
establish whether it is possible 
for Wolsienholme to exert an in- 
fluence on the demand for gold 
package printing and the chairman 
says that the conclusions are en- 
couraging. A programme will now 
be undertaken to influence the 
creative designer* \«ho originate 
package design. 

Mr. Green says the directors 
consider that the deferred fax 
account has now reached an un- 
realistic level and that the tax 
charged in the profit is con- 
siderably more than is necessary- 
However, the comnany has made 

no change to the accounting 
treatment so far. 

Former chairman. Mr P. L. M. 
Rink, died on March 12. 1978. 

Meeting, Bolton, on May 22 al 
noon. 


BAINK RETURN 


In Kcordincc with Condition II or 
dw Nous notice is Hereby given due 
for 'the six.manth peri off April Z7tb 
IJ7B to October 27rti 1978 the Notes 
wiH carry an interest rase of 9%. 
Relevant interest payments will be u 
follows: 

Notes of St.000 S45.75 per coupon 

Notes of SI 0.000 S457.5Q per coupon 
Notes of SI 00.000 

• • • 54575.00 per coupon 

THE FIRST NATIONAL 
BANK OF CHICAGO 
AGENT BANK 


f COMPANY LIMITED 

Proprietors of the largest Malt Whi^kyXiistiilery inSpotiand ; > 

Substantially i ncreased profits in 1977 

Highlights from the statement b Y the Chairman Mr. /?. S. H. Caffingham : . 


T urnover £1 0,0.1 7,000 v. ..- up 34% 
Pre-tax profit £731 ,000; • 'up 70% 
Earnings per share 8,07 p : - up A7% 
Dividend increasecf by ■ 
maximum permitted ’ • *• 


At-* 

«>i arUch 
iHt 


I "Orders arerLmriing srhead of r" . 

; , £|9 t 


Copies, of the Report and Accounts may be obtained from The. Secretary, 
34 Dover Street London MX 4HX 


i1£19m. t 

. i: ■ 

■ •-••■i li'we rf !rj«. P p •MU 


m 


rri 


-n with 
■c Mil? 
t- Scott 


y 


Preliminary results for the year ended 31st January- 1 978 - 

' 

. - £ million 

'Increase 
on 1976/77 

SALES 

361.2 

+n% 

EXPORTS from U.K. 

55,2 

+23% 

PROFIT before Taxation 

21.8 

+22%' 

EARNINGS on Ordinary 
Share Capital 

14.3 

+52% 


r.-V. E34.S 
1 Xian* 


fi’ij'lneviif ! 
A nr. - 

I«? 


Inc. >+i oi 
Dec. <— i 
tnr tr»pli 


BANKING DtPARTMKNT 

UHSIUiriK-i ; C . C 

Capital ll.:-5 !.'■«> _ 

VuhlU-De|ji»il... 4 I,W7,7*1 

,f pei. , ui I Deptwli". 1 ■ JP. i'd 
Uniikere. .., 376.91,4.3^0 +• I3.037.4il4 
Kpeervn t Winer 

Ana 63A.~13.S7S - «7.12P.S«i 

i_ 2r.32S.760 

, 

ASSISTS i i 

Ouvi.Seiirltiv*.. l.(e0uS61.Uo3 -191.169.9B9 
Vlvu-.-etl&Ullier ; 

.V-s 187.4J.U-M- iSI.ffiS 

Hrcraiws.Uquip't, { 

S other Sera .MS.iVi.eoi * HJ.6fi8.437 

.\'<jte» S1.962.«2 + 20,495.06? 

! Jum |r7.;tio— fi.997 

2.3*1. H*,.NK> — 27J2&.760 


EARNINGS per Ordinary Share 
DIVIDENDS per Ordinary Share' 


In the second half of the year, the. contmuied improvement in U:K*..- 
results was particularly heartening, and overseas a declining profit V 
trend was arrested. Group activities in Australia .made, record profits; : 

The results for the current year will depend to a large extent upoii : 
the degree of expansion of world trade and arecovery in consumer 
spending in the U.K. Trading conditions so ferjhaye not b.een easy' but - 
some encouragement can be drawn from preliroinary indications of- - . 
bookings for the second half of the year. TheBoard expec^ to m^iain 
its present course, aided by the benefits of recent acQuisitions and' 


^=-KT 


Copies of the Annual Report aid Accounts may he 
obtained from The Secretary, .The British Printing 
Corporation Ltd. /Print House,, 44' Great Queen Sfreet, 
WG2B5AS. • r* ;> 


ISSI.’K HEHMmiK.VT 
“UTTnTfTTEs"' ‘ K 


AS6KTS 

IVbu 1 1.015.100 - 

1 11 her (>nn . Sm.IT. r&i .BE.D44 + •« Afb.SW 
m bur SuourUien.i 637.146.6*6,+ 19.634 .40 1 


+ 16.000.000 


and the Annual General Meeting will be held in Manchester ~6ii£8tkdime f$f8 (- , 

TootalLimitedji 56 Oxford Street, Manchester M60 1H J 




*4q,:. • B? 


6 fan 

J "H a Birj 






















t.jtnanclaj TEp&sJftitfay April 28 1978 






Tootal moves ahead £4m. 
to record £21. 77m. 




j- TAXABLE , profits •. of ^ 

W Gdozse BOARD MEETINGS 


- cS^ortST*. jENOr foUMrins nqpaoiu h»« nuifictf 
’PS- nfiOifl-ldeber at £752m. tf«tw of Board m»tinw « u» stock 

■ ‘■ ‘-"v rSfratorrOTft® WW»lt was . Su <* »»««» are UW ally 
■-. ■ '“**£ Srit-Tth? rn nti tilling W«1 *« tho PUVOU of consldertna din- 

- ■ V ^-%ed Otwu Wutiou are wt ar.u- 

in the UJ5L .CBiKtraction gjjk Whether diridoBda Moccnwe are 
•' iBtrr ap/f the genoflS.ftCPBonuc.fotecims or finals and the snb-dimfoni 
\:EJ( ana ; intense ' 'inter' shown below are baud mainly on Jaot 
-E? eonmeittion .to wr -*?**. *»«**- TO ' OAY , 

,.‘\ Bps * vat* O' **»*»* COBKItMlN BoWfcss. James 

■■ r. ; ,ttfte UJC there was a Hafcwad, s. i*i«. PocWns- ecf. 

■" -..'. j. i-nt increase in turnover Ftah: AUebone. Brenner. Barrel!. 

‘ v : Increased chare of the Campbell, end Isherwood. Hamnurnn 

--. ' , rj& housnur market. /The. ; a 5L I ""“‘“S L R ®“* '"•«» 

— .TrrrVn merseas busl- « Condon. Office and Electronic Machines. 

1 ft. fe lncrtWE^ o^^a^DUM ^ Vikt HotrfSi 5^^ o^ario 

■ ;. '^WcqidTOd aoolddnaj borrow insreuuents. Silhouette fLondan*. To»e. 
^ -co ntribu dug to the rum- traatman Rmtc Ang«j, w. wuMms. 

■ «ii tn the interest figures from future dates ' . 

•-•- to £5^6nL paid. **•*■»- 

: ^te'rsasraig £&lees Et 

• ■ r *uB from f Wlra. to £7J8m- RMb - ■ 

S'r^hnff^jme when profit ABkd Irish Banks Mar 10 

■.i' V *• ItTtm It use Imla lOMtiRm CJ rrrin S kfrtrd Juno t 


See Lex 



^sea 


• r - ‘ nftw to HTBm., it Was j?** 0 A“ea<sra Corpn. S. Uttai June 5 

• U JC. construction 9 

. , r '.‘;\.jrs Sad ceased to "decline a»mr Cons^a^ ” . . June s 

• *: Mirfr at the ■ expense of gaden earner -. May 3 

- - '• Private bouse sales Industrial and General Truat Mir IS 

••AwfiflL* be; - proeertiBg SSWfi c.r::z::::::;::::- 5S \ 

' ^!twr tax of.S6£tn. SStUni tor si 

« "minority" credit of £0.76m. 

-•■••• tota debit), attributable profit “ ■ 1 — 

. £S5.4Snt compared with 

•^KERfertSfa Turaroimd 

TmSsp by P. & W. 

Maclellan 

of reserves, investments in 

^current accounts of over- After a small drop in halftime 
. I subsidiaries and branches profit from £61.111 to £48.000. 

0unfed'W * 8 - 2m . profit). P. and W. MadeUan ended 1977 

f aSw. beep, charged to ulth a pre-tax surplus of £106,234. 
^ fare®?-' -.•'•■* • compared with a £5fi.24fr - deficit 

^ u v a J See tex for all 1976. Turnover was 

**•..$• v+C.'-’y "> ' : sHehtly down at £>.36m. against 

K ;-' e . £5<t.im. 

q|t]] • The directors state that 

' ■ alibousb the economy in aeneral 

. Y| does not appear to be showing 

]}'|L. ■' ■ much sign of recovery, they 

believe that the re-orsanisatinn nf 

"'•"-■'rV 'O^'Y : -■ the cornua nv is enabling .it to 

’•-•i -7f|J|f|rprS i *. . obtain a better share ot the 

' '> ua * ' V : . . market. 

* '* ■ John Saundert^ the. ‘Chair- . Although progress, ypitj hp 

' ‘ 1 of - Ataalgamiiletf. 7 THctaJ slower, than they would like, the 
poration. tells shareholders in directors look forward to a 
annual statement that- pfos- further »*«r>.ih the. right direction . 
'‘"sis for ‘1878 'unfortunately during 197R. 

east -that dub: markets will A final dividend of ORn fnUt 
tiiiue. net stenc up the total for the 

is reported on April 13. after year from 0.5p to l.3p per 20p 

exceptional loss of £L8m.. share, 
ir a fraud - by a supplier in " The 1677 rp«ult was »n®r-iva"k 

par East, pre-tax profits for and l«an interest of £164.771 

^7 feu faun £7.9Sm. -to £6J5m. ££135 831) and depredation 
I^PlI ltd the dividend is increased to £66 113 rr97.6.i0). Tax tabes 

I II Irei2p •* : :£224t7 T«S.7n2 credit) and after 

C Bl I fteomicr etc wffdarhig 1377 was rsvaluatior of pmwrtv sow 
• lUUan .Mn-%tui : M» thah,^”^ • P°<* tnnifm*- :*r*m 
.. ” dpatei' ahd &bs-thei% /.vas rovah.ation . reserve, .n#Mp 

le impetus for ata improvement at V* 1 ** 

commodity prices. . f fl2 - 49 ? deficit), 

be group applied the ED 18 

-■'EPZf&FiBtfS-' INCH KENNETH 


Pre-tax pr&fits of Tootal. thread 
and test'rie manufacturing group, 
tmjshed ihc year to Januarj" 31, 
1978 ahead from £17.78m. to a 
record £21. nm. after a first half 
lead of £2.6m. to £854m. Sales for 
the year were up from f324.8m. to 
£361 ^m. 

■IBie directors state that in the 
second half Che Improvement in 
UJC results continued and a 
declining profit overseas was 
arrested, with group activities in 
Australia making record profits. 

Results for the current year wili 
depend to a large extent upon the 
degree of expansion or < world 
trade and a recovery in consumer 
spending in the U.1C, they add- 

Traiting conditions so far have 
not been e«sy but they say some 
encouragement can be drawn from 
preliminary Indications of book- 
ings for tfte second half of the 
year. The group expects to main- 
tain its present course, aided by 
the benefits of recent -acquisitions 
and continuing reorientation to 
exploit changing market demands. 

Earnings per 25p share are 
shown as 8.1p (5.9p) and dividend 
is Rtfepped up to 2.72S8p (2.4639p) 
net with a final of 1.8238p. 

The directors state that the 
effect of the acquisition of Slirnma 
Group during 1977-78 was 10 
increase sales by £13m. and 
trading profit before interest by 
£0.9m. 

Export sales from the U.K. were 
£55 .2m. t£4a.lm.), they add. 


EttMiaJ roira 


1977 7* 
£0M 
SSI .191 

1976-77 
£000 
224.64 a 

Trading profit 


29.439 

SLIi! 

U.K 


JG.SI7 

1153S 

Tcsillp . ..... . 

15. *49 

10.517 

Rciail . . 


1.U0 

1.140 

XOH.iextile 


23 

coi 

Orersra*. textile .... 


11.842 

12.544 

-Vo rto America .. 


3 £60 

4.415 

Africa 


2.901 

3 £91 

Asia 


2.123 

2.096 

Austral axis 


2,323 

1321 

Europe 


cM 

341 

Assoc, comeanles .. 


WS 

858 

Central axoenscj 


1.613 

1.254 

Interest 


awe 

6.247 

Profit before lax 


a,77* • 

17.777 

Tax 


7.BT3. 

7.446 

?;<*! profit 


14 701 

16.331 

Mlnoruy interests « 


197 

;d: 

Exits - erd. debit .. 




ISO 

Attrl bu IB We 


14.504 

9.434 

Pref. diva 


MS 

286 

Ordinary dire 


4.873 

4.185 

Retained 


9.425 

3.633 

Trading results 

of oversens 

subsidiaries and 

associated 

com- 

parries are included 

in the group 


results by reference to year-end 
rates of exchange. Differences in 
exchange rates between the 
beginning and end of the year 
reduced the sterling equivalent of 
profits from overseas activities by 
£0.7m. and also resulted in a 
chjarge to reserves of £3 -9 m. 
(credit of £4.4m.) on reconversion 
of foreign currency assets and 
liabilities as at February 1. 1977. 

Expenditure on fixed assets, net 
of grants, was £11.4m. (£10.4m.) 
of which £83m. was in the U.K. 

As ar January 31. 3078. sharp- 
holders' funds were £108.2m. 
(£97 .8m.) and net borrowings 


were £54.Sm.) and net borrowings 
were £54 5m. (146.6m. 1. 

The group does not expect the 
multi-fibre agreement to have 
much impact on its business this 
year, but is looking for significant 
benefits in 1979. 

Sir George Kenyon, the chair- 
man, warns however that a great 
deal wH! depend on the effective- 
ness of import surveillance. He 
says that order booking fell 
towards January and has con- 
tinued rather dull, but bookings 
for tho autumn are “very good 
indeed.” 

While working capital rose 
somewhat last year, the company 
stresses that it has a " very easy " 
situation on borrowings and no 
rights issue is in contemplation 
at the moment. 

Further - capital spending of 
some JESOra. is projected for the 
U.K. over the next two years or 
so. of which around £Sra. will be 
for spinning and weaving and 
£4.am. for fabrics. Overseas the 
group expects to spend between 
£10m. and £l3m.. including the 
Philippines and other South East 
Asian areas. 

Tootal is also on the lookout 
for more acquisitions. With a 
£40ra. to £50 m. operation in 
America the company is “ looking 
actively" and is prepared to 
spend some £T0m. on the right 
deal. It is also interested in 
further acquisitions in the U.K. 

See Lex 


British 


Once again Group preffits were higher than those forthe previous year and 
the trading profit could have been substantially.higher had it not been for 
the downturn in the European market. 

Profits from companies in the Group, other than those engaged in worsted 
spinning, is now 35% of the total. The products of these firms include a 
wide range of yarns made from wool and man-made fibres and they will 
play an even more important role -in pro dup'tf\g^vig her profit f i g u res i O-the 
years to come. " . ' . 

, . — ' '■ r-M.' r . *i . ' 1 _ ' til' Alh :'t» _• - 


improvement compared with the same periodic 3977. and prospects for 
1378 are encouraging. { T. W. Ifibbert, Chairman. 



Yaar ended 3 1st December 

-- T577- 

1976 

f- 1975 

\ : V £000 r 

V ; V' : £000 


Turnover 

. ; U ’ Z4,132 

20.125 

'V "13.035 

Profit before tax 

*^--2.406' 

5 V: ■ 2,094 

- 663 

Eatings* 

: V fS.9Bp * 

8.4Sp 

- :^2.78p 

Netdiwdend* 


■ 2.46p 

■ TV : * 1.3BP 

Tangible asset value'* 

irM.tlp J 

'v,V58.5Qp 

*5Z.10p 


‘per an/inarystim 


K m 

ifllv 

. . ' Markets 

r-b ^ 

• - '.v _ - • ■ 






(£12.497 deficit). 


INCH KENNETH 

At the EGM of Ineh Kemieffi 


nrnfit-!^- to* originally expected At the EGM of Inch Kenneth 
i of development . towards Kpjong Bnbber beld on Aprfl 27 
taring a full accounting ^stau- the resolution altering the 
.V -dL For the time being he says articles ef association to effect 
bu been replaced' by .the Hyde the transfer of residence to 
. -delines on inflation aqcountipg. Malaysia .wax passed. 

House of Fraser to 
spend £19m. this year 


INSURANCE 




Extract from the Statement and Review for 1 977 by M r Desmond E. Longe MC, DL, 


\L 


growth 


anaeAjj 


ME £19kl of capital pending 
planned by Rome ' of Fraser 
i year, both on new projects 
_J;od the updating of existing 
“res. 

5r Hugh Fraser, the chairman, 
ns. In his' statement with the 
Cunts that later this year a 
v Hackmans Stores opens in 
rincharo, the group intends 
ring into a new development 
Sl Albans, a new computer 
tire has been contracted for 
I work has been on hand for 
ire time at Wood Green for an 
Btional D. H. Evans store, 
n view of the increase in fixed 
et investment and the natural 
rease in stocks and debtors. 

' company took on a further 
m. of longer-term loans In 
7-78. since the January 28v 
», balance-sheet date further 
ns have been concluded. 

5r Hugh, says it is too early in . 

year to comment on the 
fore prospects, but says, turn- 
er has been well maintained 
■j he is confident the company 
I maintain its position as 
ter In its field. 


Accounts show that in 1977— 
when profit before tax climbed 
from £27. 68m. to , £362m.— fixed 
assets rose from £1 62.58m. to 
£17SjahL, and net current assets 
from £54.75m. to £8413nL, with 
cash up -from £2fi5m. to £16.12nu, 
UJC. overdrafts down from £5.1m. 
to nil, debtors £lSm. higher at 
£B5.6m. and creditors CL84m. 
higher at £46-7m. 

For the year there was an 
increase >in net -liquid funds of. 
£l8.41ra. . (£5J7mu decrease), and 
after additional depredation of 
£2.9m.. cost of sales of £9.4m. and 
a £r.66m. gearing adjustment 
current cost profit was £25.5Ira. | 
Sir Hugh’s beneficial or family; 
shareholding of 373.097 Ordinary 
shares was sold in the year, while, 
as a trustee his holding rose from • 
£2.48m. ia £2.98m. 

As at March 30. Lonrho held 
23.6lm. shares (19.43 per cent.)) 
with an option to buy a further' 
3.4lm. shares, while its bid target i 
Scottish and Universal Invest- 1 
meats held 10^9 per cent of | 
shares. , 

Meeting, Glasgow. June 22 at 
noon. i 


ESULTS AND ACCOUNTS IN BRIEF 


JIAHTA, BALTIMORE AND CHICAGO 
INVESTMENT TRUST— Crow 
»e SJ.MS IE73.TTB1 for six TziomiiS 
lilt* si, ibtb. Interest in) eziieAaes 
M UU.97V). Revemie £33.924 fC7J03», 
» W <£24.flS9>. Nel .asset 

- J «r Ordmanr share 63.6p at March 

• Hop Bl September 30. I9I7i. 
ILGRAVE (BLACKHEATH) Uoanu- 
w of steel forcings and cdts and 

DlTidnnd ?.S6p net '2.Bpi per S#p 

■ 5i w ,car W January 31. 1BTS. Profit 
« 1 (£180,114) before tax n«.l« 
I.T€Ti. . 

HEAVEN BREWERY— Tormrer Of 

• • toewwy dhislon for tba Aral three 

Of 1978 totalled £33.000 r £40.0001. 
INADIAM AND FOREIGN INVEST? 

• sT TRUST— Groea re venae for year to 
« si. 1979. E570.7B2 fS18.7T>'. Oaro- 

Per *iP share 4.?p i3J5pi. Net asset 
e n M3V Pinal JJSp. mafctaB 

l3.1pi net 

> URNEI, ISLANDS AND INTSR- 

- MIUL INVESTMENT TRUST— Pre- 
reveaue 'for 1977 E3M.M2 <£12a,729). 

s rs tax. IMA«S r£B.5C3l. Nei asset 
e « eaoiial sham SUAi fsaxipi. 
toid tan (KA>1. 

* FOREIGN INVESTMENT 
!f wir ~SM asset vatae as at Aprfi 

estliMrtd ai T3p per 35 p share 
arnsH ice rink company a«»> 
v-nx nmfif ns.486 -tndadiiw Wcotoe 
i ^TE3tmems ESfifl and depredation. 
J} ift* and expenses, and Interest 
S overdraft ffi.78?. Profit after 

' £j.7Sfi. Eaminns -per ..share -17.17P 

, WSsfkIars trust— G row' income 
. .* rannibs to December- 31.. 197T. 
«« 0237.0211. Attributable to 

• wry shareholders £14Ksn <£133 «B1 
£ tax of £80363 (£7*2081 and manage- 

- « OW3 £30.788 f£3fl,n0). ' N«. asset 

■ ELI 9 * 11 mi. 

■«lbh national .investment— 

• lor year io Mardi 31. 1978. 

^ Deduct Interest I3S.SSI 

'■mi. nanagiraent expenses £2fi.0lt 
" ‘S > - »•* M«^9I .(£45,433).’ ■ BarnWga 
^ Freferred share IJOp (l,70pi and 
d flMtn oar 2fip POftnsd. s*«re.- 

* Pmierred share 1.MD, marine 

■ L 11 - 6 ^' “d L71p. maWng 2.43P 
.• opi per Deterred abort. Not asset 

* Per Preferred share SLIP iJ9.7p) 

• ** Def erred Aare 1 B7.So 

‘PI CURB HOLDINGS— Turnover Tor 
7 Tear to December 31, W7 £0^4m. 

- «^ Dre - u * nrtfi* fHOJWl. 

'ao^lS 8 extraordinary debits 

» mfli, as previously repotted mn 
£ wofiia forecast at £0J5m. and a 
*ner dtridend expwtwi. 

.WASTING IN SUCCESS" EOUI- 
“~Xet asset value as at April il. 

tw.r. p sr Jamair si. i k») 
:"" u (finance company r— Grow 

for half yea- to end 1977 OB.ZSS 
y™'- Profit £37.901 i£MjE£). before 
■ UM7J (fJ27»3» 

2_;*UL0KET INVESTMENT TRU5T 

I U !*"T.-Pmfli for 17 Dihnths In end- 
L? 74 . 1 ^ ( £37.137 for previous yean. 
•Jtohl 3.UJJ, n.spi gro-Js per 25o 
■ irBa 4ir call hu waived its dividend 


on 64 per cent, of capital. 

MAJEDIE INVESTMENTS — IrtCome 
1239.257 f£ 187. 364 1 for six months to 
March SL 1978. Pre-tax Profit £173^17 
(£117.0S3L Tax £07.295 (£48.082 >. Eam- 
biss per share 0.74p (0.«pl. a8set value 
per 10P share R3 02p >4S51p).' 

MORAN TEA HOLDINGS-It has 
become necessary for the financial period 
of the group ro end at December 31. 1977. 
In order io comply with (be requirements 
oT the Indian Government to transfer the 
business of the company so an Indian 
company i The Moran Tea Company 
(India i>. The company ip the U.K. has 
consolidated Its activities hi the property 
field, fallowing the acquisition of Litchfield 
and Sonody and Warner rwan-hotxslnsi. 
by neRotiadOK die purchase of the free- 
bold of the majority of the Waopbig 
premises. An industrial site in 51 an chea- 
ter has been acquired for development In 
1978, The Investment portfolio tins been 
reduced and a useful contribution to 
profits obtained.' “Wild the imposition by 
the Indian Government of an Export Duty 
In April. 1977. amoonttniUR io Rs.5(- per ' 
kg. and other Imposts, on costs have been 
considerably higher, to the extent of 48p 
per tut. With (be toft prices currently 
rttling in London. Profit cumoi be 
expected to be in the' region of <“ai | 
achieved tn 1978. which was exceptional. 
Ttif-rtm rt'vfdefid or 5p net. 

" . RHODESIAN CORPORATION— Pre-tax | 
profit IB8S.*M 'I MSI .8111 for year fOi 
September W. IB77. T^e RW.472 (fiM JK'- 
■Retained amoWR £470 Jfi9 iffiMIH. 
Earnings per 161p shore asp «.6pi and 
4A> (4.5pi on profit alter tax and extra- 
ordinary and other (Idas. 

SAFEGUARD INDUSTRIAL INVEST- 
MENTS— JJel revenue before tax 
(CSS^Sfil for six months to March 31. 
IKS. Break-up value per 23p abare ^fp 
(&8p adjusted). A number af listed and 
imUct wi investments were reabsrd doting 
the period resulting in a reduction trf 
fnctxne Id half year. Funds realised bare 
been reinvested and are expected in pro- 
duce additional income In oecond half. 

• Interim dividend Id net (same and Lap 

MINT GEORGE * ssei 5r f> ^StS 
profit 1«T- C5.640 - (£23.6941. Tax £S23I 
(17JS9). Final 9 339SP (0^905> tor total 
0.480SP (D'.tifiSl. Earnings P or »p Share 
0.BZP (0.433PL _ 

SPENCER GEARS (HOLDINGS)— T^n- 
orar for half rear Io December 3L 1W7. 
£1.9m. fELSam.l. pre-tax profit n«5-776 
(flOLdlfrl. fax £48.279 I £42.21 7'- Barringa 
per Sp share 1.37p tl.3lp>. imcrim bmp 
i samel, proposed scrip ism of 
one. -Boxrd Slates ital the second^h*^ 
ef Ibe year should continue the established 
pgltern of toe grooP with 
groaier pert of the profit cmning ut fMs 

"•HGHT CONSTRUCTION HOLDINM- 

Tanrover for war to January 3i_l87>. 
£ 9 . inn, us.ttm ). Pre-la* profit o«7.is« 
ffMBJm. Inctoding terHiroto 1 
BSL819 l £3X7.972 1. tax £271 STS «gW.90.L 
Earning? i»yr 330 &*rr jb 'ih.Wpi 
Hail 4.7A0P. uukrng 7.aD (*■«■!-«(■ 


This has been a most successful year 
for the Norwich Union Group. 
Premium income for the Group 
amounted to £336 million. The Life 
Society received gross dividends of 
. £9 million from the Fire Society and 
£2,3 milli on from the banking sub- 
sidiaries. In addition, the investment 
income was buoyant and as a result 
the Life Society was able to allocate 
-bonuses to a value of no less than 
£74 million to its with profit policy- 
I holders. 

These excellent results were 
achieved despite continued lethargy 
in the national economy. .Although 
in some respects the general 
economic situation has improved 
there are still few incentives which 
encourage expansion, investment 
and adventure; the rewards for 
effort and success are totally in- 
adequate. The frustrations of all 
employers, large and small, resulting 
from complex and ever changing 
legislation, show no signs of easing. 

We applaud the success of the 
efforts which have brought down 
the level of inflation, but much still 
requires to be done to establish, an 
economic environment in which 
industry and commerce can operate 
and grow most effectively and with, 
confidence. 

UFE SOCIETY 

Sonus payments were improved 
considerably in the United Kingdom, 
by our 1977 declaration which inclu- 
ded a special bonus. New ordinary 
business annual premiums reached 
nearly £13 million, an increase of 
ilmost 25%, and for new pension 
schemes the total approached £17 
million, a 12% increase. This pro- 
cess was well ahead of that of the 
the market as a whole. 

Our investment programme is 
designed to cater for the long term 
interests of our policyholders. For- 
this reason we again concentrated our 
United Kingdom investments inBrit- 
ish Government stocks, where yields 


continued at a very high level, and 
to these we allocated £75 million crut 
of total new money of £125 million. 
In real estate, we have entered into a 
number of substantial commitments, 
including a major commercial pro- . 
ject at Euston Station in association 
with British Rail and a comprehen- 
sive city centre development in 
partnership with Peterborough. 
Development Corporation. Cash in- 
vested during the year in all our pro- 
perty investments was £32 million. 

New issues and market purchases 
of ordinary shares took £9 million 
and £7 million was put into House 
Purchase loans. Our Banking and 
Leasing subsidiaries put a further 
£21 million into capital equipment 
and mortgages oi) industrial and 
commercial properties. 

FIRE SOCIETY 

The Fire Society’s pre-tax profits 
of nearly £27 million are a record, 
being firmly based on an under- 
writing profit of nearly £5.5 million 
or 4.4% of premiums. . 

As anticipated, our premium in- 
come was reduced through the 
transfer of most of our overseas 
business to Norwich Winterthur 
Holdings. Nevertheless, the United 
Kingdom portfolio, now represent- 
ing some 80 % of our total income, 
achieved a growth rate of no less 
than 30 per cent. 

The emphasis for all personal 
insurance business continues to be 
on the need to raise sums insured to 
correct values and maintain them at 
a level commensurate with the 
effects of inflation. The introduction 
of index-linking of sums insured will 
go a considerable way towards com- 
batting the currently unsatisfactory 
situation. 

Our Home Motor account- has. 
run most satisfactorily, with a pre- 
mium income of nearly £65 million, 
and the Home fire account has also 
produced satisfactory results. 

Conditions in the Marine and 


Aviation market continue to be 
difficult It had been anticipated that 
following the tragic loss at Tenerife, 
aviation rates would harden, but 
this has not proved to be the case. 
The time has come for world 
aviation markets to exercise a more 
realistic, approach to the rating of 
these risks. 

NORWICH WINTERTHUR 
HOLDINGS 

The joint venture with the 
Winterthur Swiss Insurance Com- 
pany and the Chiyoda of Japan 
represented by our investment in 
Norwich Winterthur Holdings Ltd. 
continues to develop satisfactorily. 

The Fire Society’s share of the 
pre-tax profits of .the Norwich 
Winterthur operation amounted to 
£2.9 million compared with £2.7 
million in 1976. 

BANKING DIVISION 

Both A P Bank and Norwich 
General Trust have shown satis- 
factory progress, with prhfits after 


tax amounting to £2.2 million, 
compared with £2 million in 1976. 

A P Bank has continued its 
'priority of providing finance for 
international traders, both in sterling 
and in the eurocurrencies. 

During 1977 Norwich General 
Tnistietyt £9 mjttkm on a radium, 
■term basis t<i small and Jnedi inn- 
sized companies, and hasJthis i^r 
entered the.imtes trial hire jiurchase 
field. ■: . ‘ '-Vs- 

CONCLUSION ' 5 S 

It is to the immense credit of .our 
staffs and management that despite 
all the difficulties of these times I 
have been able to report on a year of 
outstanding achievements. We have 
'almost completed the reorganisation 
following the formation of Norwich 
Winterthur Holdings. This has re- 
sulted in the transfer of many mem- 
bers of our staff athome and overseas, 
and I include them when offering my 
congratulations and sincere thanks 
to everyone who has contributed to 
our continuing progress during 1977. 


Norwich Union Facts and Figures 


Bonus allocation to policyholders 
Premium income 
Investment income - 


UFE SOCIETY 

1977 

i ■ ■ £74imllioii. • 

£210 million 
£136 million 


Pre-tax profit 
Underwriting profit 
Premium income 


FIRE SOCIETY 

■ • £27 million 
£5^ million 
£126 million 


TOTAL, ASSETS OF THE GROUP £2,324 million 


1976. 
£37 million. 
£183 mini on 
£115 minion 


£24miffion 
£5 million 
£139 million 

£1,822 million 


The Annual General Meeting of the Norwich Union life Insurance Society 
will be held on 9th May 1978 in Norwichl 1 

Copies of the Director f Report and Group Accounts and the Chairman's full 
Statement may be obtained from the Norwich Union Insurance Group, 
J>.0, Box 48, Norwich NR13TA. -/ 





j 


1 











raw-* 


28 




Corporation Limited 


extracts from the Directors’ Report for the year ended 31st December, 1977. 


Financial Highlights 

1977 

£000 

1976 

£000 

Profit before taxation 

6121* 

7946 

Profit before axtrao.’dinary items 

Pet Ordinary share 

2250 

34.0p 

. 3243. 
49 .8p 

Extraordinary items 

652 

319 

Net profit 

Per ordinary share 

Q. 

M 

s? 

3562 

54.9p 

Ordinary sharshoidere funds at book 
value 

Per ordinary share 

27050 

430p 

26744 

426p 

Shareholders funds employed 

Including investment appreciation 

37736 

36807 

* Note, : Profit before taxation in 1 977 is after an exceptional 


loss of £1 .804.000. 


The profits of the Group for the year were 
seriously affected by the exceptional loss of 
approximately £1.8 million, the result of an 


elaborate fraud by a supplier in the Far East 
But for this, the profits pretax were virtually the 
same as last year. 

World economic growth m 1977 was even 
slower than anticipated and prospects for 1978 
suggest that dull commodity markets will 
continue, providing difficult conditions for the 
operations of the Physical Trading Division. 
Amalgamated Metal Trading, our ring dealing 
member of the London Metal Exchange, - 
performed well, our industrial interests . . 
significantly improved their profits in most 
cases and our tin smelting companies in 
Malaysia and Nigeria also did well. 

The Directors recommend payment on 3 1st 
May 1978 of a final ordinary dividend of 
10.8 12p per share, making 15.S12p per share for 
the year. The total dividend represents the 
maximum permitted under legislation, taking 
into account the change in the rate of advance 
corporation tax in 1977. 


rhe Annual General Meeting will be held at Winchester House, E.C.2. on 22nd May 1978 at 10.00 «-m. 


Copies of the Report and Accounts may be obtained on request from 
The Secretary, Amalgamated Metal Corporation Limited, 2 Metal Exchange Building, Leadenhall Avenue, London EC3V 1LD 


Hoover’s first 


Financial Times. Friday April 28 1971 


quarter fall 



WITH BOTH, UJC. and overseas £2m. to JESm. range. So the 63 per PRE-TAX profiy; of ontst^i^a cqnsiderii 

trading conditions depressed in. cent fail to £L45nz. is disappoint* Smnifif Group rose py aO.O ?pcr xlaanL 
the first quarter of 1078. sales of lag. Admittedly the latest figures ^ ft -001 to a, record; j lbere was ;an. 

Hoover dropped .16 per cent, to are comparing ■with a quarter £15*93in. for the year , to January -.credit the time of,XIfMim; ( 
£40.06nL, and pre-tax profit from which saw considerable restock- ®L 1978, on turnover ahead by.; debit) and. ita -.directors 
£3^6m. to £2.4m. ing by retailers after the. mini- W per cent from. £14l*n- to , reflects a profit mm .toe d 


m.. , , . , boom in domestic appliance ‘SJdes ' ■ ”• ... of .assets ,f * -the SCA tran 

by^dirSj^dth? 1 ^^ at end of 1976. tat the under- -At halftime toefwwp r^M^v.oasetby^estraordinary j os 

uj uneaoniv auu me pre-lHJ Iirn frnw m ttSlmr twn -hirrivioccap uihink u., 


figureeSoSes 8 ?™!^ DM^rf Wng trading pattern is still very profits up from £W2m. to businesses which have 

gure comprises trading profits of nM ,. th0 iHreotoTR wm< nnnfl dent- .’term j n a tod 


a^'(ejKLr-srSd5«i «££' ^■**S*L&S5i ■ 



gains of £0^5m. eomoanid with show ttat" manufactured fiat tiie^grohp'a ,/iraditfoimf 
losses of rnvfm The deliveries continue weak and with pattern (rf ltiglier--earning¥ iD tivg.- Tm ^_ 

S Se 50 t£? <SS SSSS raost ***««* carrying reasonably, second half;- would follow.. ^ JSKW 
Hooxer (Holland) diooed 122.000 hJ ^ h atoc te any revival In oon-.' ;.The directors now say that the jotbs*. mama 
to £12.000- PP f2Z,00 ° sumer buying .‘may not work growth In sales terraStt under- -7- 

, through to Hoover unto the lined by toe volttoe ' increases -.to/SE “ 

After tax of £0.73m. (£2.07m.), second half. Possibly the' Budget the group's major businesses. And Tax ' "" 

818 shown might speed up toe recovery in the substantial profit growth re- HflWtn* eoTwid subs. 
uucnangM at sp . pot au last consumer spending and inject a fleets the positive '.investment 

11 £4.73m. to £12 24m. bit more profit Into Hoover’s policies of the past, they say, as 

smd dividends of 14A2 net were second quarter but even so toe wefl as current efficiencies, and 

pa r** : half year figures will have little profit recovery situations; . " 

Directors hope market condi- chance of matching the com- The current year has started 
twns m the UJK. will show some parable period. However, as quietly for Smurfif but there is 
growth when the tax reductions demand picks up and Hoover is confidence that K will be a good 



Share or -assoc, cos. — . 

tret'profli , 

HlnorttJes 

Attrf&ntable 


Bsrraord. credits 
MatdnaT .. 


?I 

1.7*. 

Ill 

i5.W 

18U 

a 

tun 

isw 

s.is 

18JH 

IS ,631 


t Debits. 

w Total'. . assets increased 

... take able to unload some of the hefty yt^ ~ although' tfae’ Srecto«* sav £50-71m; to. £68.02m. and 

effect. The relaxation of controls stocks profits should start to in* ft ha little -early yet to measure Pe r ;share Increased by f 

in credit sale arrangements may prove and most analysts are aim- w how ‘good. Economic nredic- cent- at the year end & 

also provide a minor stimulus. ing for higher trading profits for tions for Ereland-are excitme : thev ’ rbe ' -owan- balance-she 

TU«i« a m aD< j ^ u.K.:.sb<rald move stron e 1 with borrowings r 

forward. The tJ.S; business scene cash, _am mm ting to ll&fim. 

is improving, they state, but in °* °ver £18xn. 



“d it is expected that at 380p are high enough for the ^Sd^att^ioS January 31. 1978, in respt 

better Mnrilfmns mav rinalnn in nmtont ,^T.T »!«*•>« misuuuo, . cf*A k.. 


better conditions may develop in present 
other countries as the year pro- See also Page 34 


they feel, will be needed/ the SCA p-ansaction has pi 

Earnings per 25p share -are C0 5E any into an overall ne 

?^e^ n IS S bJ^ w S WraTECTOFT. BUYS 

revived by dealers both m the ...Whitecroft the textile to buttd- tivelv raised from 54723&75n m in accordance with ED 19 ai| 
SfnS? ' Lssnp ^ Broup bas acquired the capital:?^ ^ resulted br?a- £3.0m. relej 

S5cS ft ^^cti S thS ±, MoOTUt * Hectlic ^ designers 

Si play a ma ^!? ot!ure / «F eC ' al £ t ditions . provide - a hdkJtof - of? toe ^^cqmpeay,. gomg ^ 

majntainL its leading position in ^ .environment for'pading- and the' the: shareholders 

a flSSS rompititivnSSkJS wi^ re^rvee. 

they say. ,tS &m*ie -to^the UJt fa - 4 ^ ^ r ^ 

.. rvf MnnnUr» ft.r- latter .part of 09Z7- remained •*' COimnent !f : 

• COm men ^ the year txTMarch 31, 1977 totalled' ******** Smurfit has- main', 

Market forecasts for Hoover^ E648.0W. whDe net assets (lndud- its growth rate m. the seeimt 
first quarter trading profits were ing deferred taxation of £572,000) 
widespread but most were- in the were £225ra. 



Successfully protecting 



Results for the year 1977 


Premium Income 
Investment Income 
Total Funds (Including reserves) 
Payments to Policyholders 


1977 

£m 

135,4 

58.0 
765.2 

74.1 


1976 

£m 

107.5 

56.3 

663.4 

69.0 


Comments from the Chairman, PG. Walter 


Dividends per 5p share 


4.72p 4.29p 


Total Funds 
overlO years 



1977 

“confidence has been amply justified* 

Predictions made in 1976 were borne out in 
1977. Persistent high levels of inflation, wage 
restraint.and restricted pension arrangements 
resulted in a lower level of new renewable 
premiums. / 

However, there was a considerable increase-in 
single premium contracts, and the Group’s overall 
new premium income rose by £12.3m. 


a deposit administration basis. It has proved very , 
popular, ashas the recent'Cash and Cover' scheme, 
designed to provide tax-free benefits which are not 
available under the State Pension Scheme,. / 


V 


1968 1969 1970 1971 1972 1973 1974 197S .1976 1977 


Investment 

*the year was satisfactory" 

Investment income rose by almost 21% to . 
£68.0m.The Group took advantage of the high 
interest rates, investing over £85m in quoted 
fixed interest securities, and £1 2m in ordinary 
shares. 

Almost all the properties of Artagen 
Properties Limited, which we took over last year, 
have been transferred into the Group's lonc^term 
business funds, making considerable savings in 
tax. 


British Insurance Brokers’ Association 
& Insurance Brokers Registration Council 

“Two developments of importance" 

We welcome the formation-of these two bodies. 
The requirement that registered insurance brokers 
must conform to minimum standards of knowledge, 
experience and financial standing, should be to the 
benefit of the public. 


Finance Act 1976 & Social Security Pensions 
Act 1975 


Investment Income 
over 10 years 



Funds 

"well in advance of any achieved previously" 
Total funds increased by 15% to £765.2m. 


"a considerable amount of work” 

Much of our administrative effort is dominated 
by the need to put legislative measures into effect 
and to ensure our clients are fully informed as to 
how these measures may affect them. We joined 
the CBI to support efforts to combat and reduce 
the amount of legislative and executive 
interference which is adding greatly to costs 
and hampering productive effort. 


Income exceeded outgo by over £1 00m, a 
record for the Group, and premium income was 
virtually double that of four years ago. 


Administration 

“a loyal and hard-working staff 

The move of our Chief Office administration to 


Subsi diary Companies 

“cause for satisfaction" 


1968. 1969 1970 1971 1972. 1973 1974 1975 1976 1977 


Payments to policyholders 
pvierlOyears ' 


74*1 


05-4 


£m 


32-6 




>A 

57*9 


A 

51-1 



A 

44*4 

44*4 



36-9 

39-0 



- . 









69-0 


Solar Life Assurance Limited attracted £3.5m 
worth of premium income in its first 11 months, 
most of which was in single premiums. 

The funds of Sun Life Pensions Management 
Limited now total £33.7m, and the company paid 
its first dividend into the Society's proprietors' 
fund. 


Bristol has almost been completed, thanks to all 
those involved. 

It has not been an easy year for us in the life 
and pensions industry, with incomes restricted by 
the Pay Policy and affected by inflation, but the 
Group is exceptionally fortunate in the quality of 
its staff. 


The Future 


New Policies 


.1968 196j9 1970 1971 1972 1£j73 1974 1975 1976 1977 


“We have expanded our market research and 
contract development work" 

We continue to develop the range of our 
policies to meet researched public needs. Last . 
summer we introduced a new group pension on 


“new business prospects for1978 look bright” 

The industry will benefit from the removal of 
restrictions on pension improvements and the 
outlook for Sun Life is exceptionally good. 
.Renewable premium income from policies for 
directors and the self-employed should both 
increase. 



If you would (ike to receive a copy of the Annual Report for 1977 and are not a shareholder, please complete 
the coupon and return to the address below— no stamp is required. 

(BLOCK CAPITALS PLEASE] 

Nameu 


1 

I 


Address. 


ASSURANCE 



Sun Life Assurance Society Limited, 

I IB W ^ J—m ^ ri I Freepost, Sun Life Court, 

JL W m.1 St. James Barton, Bristol. BS1 3YX. . 

i — — i 


wre good there was a certain and^fiill year profit* are 5 
Sl '^ S ^^f^ 1SOme are ^‘ cent higher. . A volume i*5 
rne d irectors report - a a is- around . .5 - per < eeat-ra 
appointing 1 year” Iro»;totr.U.S. higher hi ihte paper'rand' 
activities .tat the -base * of the activities — has lifted* 
tarings- which, is:, pgper -.and around one..and 
packaging was stable. ' major 9. per cent*. The '! 

■problem^- ' company, ." O’Connor- come from- flexible- -: " 
0™8, -tas Jbeen dispsosedlof, thqy (principally ;:in,:the:-riJfi„ 
add.: - - salea-ar* .74.. per.' ee»f!> i £ 


: Iff .Nigeria the -year finished aiw Elsewhere.-, jcoxrujjtateij^ 
strongly,-" they ' say, "but* "business making activities .jumped L ' 
in general there is- finding the cent, while, . folding carton*" 
economic climate tough; ** We mere ban ting sales -.were * 
enjoyed good returns during -4977 than one-sixth higher at 
but rhese.wm .be difficult to Outside the UJEC. and Ir 


sustain.'’ • 

The participation by Svenska 
fISeUulosa . AktiAolaget ,SCA) in 
.49 per cent of the group’s 
corrugated interests from August 
1, 1977 means a loss of after tax 
earnings from that source, • This 
has been compensated for in the 
period, by tbe interest income- on 


< three-quarters of group 
there was a useful contrit ■ 
in Nigeria with sales more : 
third higher. The share 
194p (up" 5p), are on a p 
9^ while the yield is 5^ per 
This" compares ' with a i 1 
average of SJ and 95 per 1 
respectively."' 


Norwich Union active 
in equity purchases 


Norwich Union Insurance Anua I premium income 01 
Groap intend* 1 to invest a signifi- funds in 1977 rose by over 1 
cant proportion of its new money cent, to £183m_ single pren 
m equities during the current were nearly £4m. higher at : 
year, following a period of years while investment income 
wheq'its in vestment in this sector come increased by IS per cei 
has, been confined almost entirely 1136m. Claims and expenses 
to .taking up rights issues. a Ibis higher at £Ifi9uL 

was revealed yesterday at toe pub- allowing for exchange at 
lication of the 1977 ; report and ments and a transfer from ii 
accounts. The group' has>lready meut reserves, the value of 1 
been active .in equity purchases a * “*e end of 1977 stoot 
during toe first quarter, of ■ the ^L2®hn„ compared with £ L. 
year. - at the begimg. 

Mr. besmbiid Longe. in his 7126 5ociety ha , d . ® 
chairman’s r statement, reveals successful year-reports Mr. La 
that only fflm. but of toe £l25m. with record pre-tax profit 
available last year was invested in nea £/ i27m. and an nnderwr 
Ordinary shares mostly by taking Profit of £5-5m. compared 
up rights.. In 1976 only £12m_ out nea , r ) y ,, £5m ; ■ ? lfl 76. The 
of £U0m: Was Invested in this Portfolio, which now account 
sector. Last year most of toe W per cent of toe total Inc 
new. money— £75m. — was invested achieved, a growth rate of SC 
in gDts where yields were still cent. A dividend of nearly 
very high. was ^’f e Society. 

However,., it was. revealed that shareholders of the Fire Sot 
the majority .of new money avail- “° nEe reports that the 
able this year will still he put motor account has run satisfy 
into fixed-interest and the group wfth- ao underwriting profi 
will still be act i ve y involved in *1*®- 8 premhini fncom 

properly investment, primarily nearly £85 m. The U.K. 

through developments. Last year sccount was also satisfac 
£S2m. was invested in property, although losses in November 
with the group being- involved in December were exceptionally 
a number of substantial commit- — coinciding with the fireir 
(meats including a commercial strike. Burglary and pers 
project at Euston Station and a portfolios had been advei 
comprehensive city, centre de- affected by the rising crime tr 
velopment in partnership with tat the number of subsid 
Peterborough Development Cor- claims last year had fallen I 
po ration. the 1976 level. The investmer 

At the end of 1877, gilt hold- Norwich " Winterthur show© 
ing in the life funds amounted to satisfactory return of £2 9m. 
£417m. and accounted for 22 pec tax against £2.7m. in 1976. 
cent of the total assets of £t907nt Although last year was not ( 
Equities at £370m. accounted for generally for banking. Mr. Lc 
a further 19 per cent, and reports satisfactory progress 1 
property at £55 Ora. a further 26 this side with profits after 
per dent. up to £2 .2m. from £2m. in 191 


Vosper spending starts 
in Singapore 


ment of holders he wifi then 
appointed president for life. 


Record £03m.^°r onward 
for L. K. 

Industrial 


WITH TWO of its major subsi- 1977, amounted to £80.1 
diaries having been nationalised (£985m.) and pre-tax pr 
the directors of Vosper intend to £2.i9m. (£6-24m.). These fig? 
rebuild the. group in toe UJK. however include only an ei 
and overseas. They are currently month' contribution from 
studying various proposals, and nationalised subsidiaries, 
existing " resources will permit these contributed for tbe full ’ 
them to proceed with suitable Sir David says be has little dt 
opportunities; as they arise. How- that taxable profits would t 
ever, any major develo pment will exceeded £8m. 
depend on the amount of comperi* . i* to be Sir David's 
ration finally : received. ' says Sir. annual statement as chain 
David Brown, chairman. He shall have resigned from 

He states that he is still unable Board before the AGM, to be 1 
to give any comfort to holders at 32. Curzon Street W., 
on toe likely outcome of toe oego- May 24, at. noon. With the ag 

nations for de term inlng, compen- 
sation. ft is pointed out. however 
that net assets whicb passed to 
British Shipbuilders on July 1, 

1977 amounted to £25m, on. which 
the company, had been earning a 
return “ considerably’’* higher 
than toe .average for 'Jlritlsb .in- 
dustry. 

In the report .the- auditors say 
they are -unable to -express an 
opinion on toe value- placed on 
the nationalised interests or !on 
tbe total .amount ; of compensa- 
tion. The • directors express the to a record £3l0.0(K) in 1877. 
opinion that- the value is. " very.- > . Attributable profit was £213, 
substantially" in excess of toe' (£85,309) after Max of £97. 
hook value . of . nO.OSm. and- in (XJjir, 144). Lasi year-" .there . w 
March ML.. Ken Ford r 

director, suggested a. -fair figure;- jyfr. Michael Slowck, toe 
would be between £25m. and. triad, saya.. toe: uew- ^ar 
E30m. . .. 

Commenting, on' Vespers Singa-: tors are - - budgeting- for ' 
pore subsidiary 5lr David says sales arid profits in 107S, r . 
the company had ft.wery ^Tisfac- - He Says toe 1977. result 
tory year in 1977 with, profits sub- created > .sound tase for £l- 
stantlally higher than those of expansion and tost the four p 
previous yearst.in : order -toat they -fit centres^of the company can 
may be hi ' a" position ' to meet expected ~f 6 -develop .their bi 
potential world- markeis- the dlroc* nesses’ strongly: iri-eomina yean 
tore are currently, a fudging pro- "We shall continue to try 
posals for.improvmg ami develop*, develop our ^management. ,® 
ina faculties 'in .Singapore end and to overcome toe various . 
plan to spend.-in the order. of : cullies, which. all. mgnufactur. 
$Sl5m. (gome £4m.) over the next companies face.*" 
five or *f».yeare. r ; V. Earntow - per _ 

On prospeebt of tols.subsidisuy shown ahead from — r w v ~ 
Sir David says .-toe company, & final dividend of L8p net t&l 
continues to.. trade very satis- the total- for f be year to 2 £tK 1 
factortly and he- looks forward, mhxhnnm - “permitted,- edmpai 
fo the future with confidence. - >/ with ?-33Bp .tost thne. Rights 
As reported on Marrft- IS. turn- ,toe- d ivldandihave, been waived 
over for toe year ' to October 31, i^5i990^&tiw?a, " " 


Dllr 






' -Pr&u 




■4 


■7i : 


WBi 

total ta 


, ' With tiirribyer 9^ per « 
b^her -at I3.87m.. pre-tax pr 
of'. tJL . Industrial Investm 
jumped. 34. per cent, from £232, 



25p share < 
iSSp to 9-9, 


Sfowth 




1 













IS 










ahiis^^ 


agg 


K+d* - ^ : , y ..• 'T tfc p» +* 

* ‘ £++*: w - + '* *■**,•’•':<:! 
•r • • 1 ’. . ' * ■ : ’ + *- i. ■ - +' [ v i^; ’ 


TBinies •• Eriday April 28 1978 


GKN is one of tbe warld^ s largest V 

/ ’■ 1 

engineering groups. We employ 
107,000 people and in 1977 our sales 
were £1,639 million. The biggest 
proportion of our sales is in vehicle - 
components, last year worth 
£740 millioii— 40% of our total sdesG 

For instance, we maHp over 10 million connecting rods, 2 million crankshafts, 8 million wheels, 14 milhoh. 
constant velocity joints, 10 million universal joints, 4.5 million propeller shafts and 250,000 aides. 

: We also produce steel laminations, wire and ropes, aluminium extrusions, furnaces, 

•filtprSj flonrin g j Itillin riR nf industrial fasteners and wire nails, and many other products* " 

In all, we process over 2 million tonnes of steel a year. Many of our products have 

. worldwide significance with a large proportion of our output ;/ , 

having a . . . 


OEsmumON 




financial facts 

But the world recession bit into GKN’s results last year, affecting our 
sales and profit. Here areth© financial facts: v 




WttRLnWIBE SBESMBFBCASVCE 

“Our total UK export sales, including those where a purchaser 
buys for onward sale abroad, rose to £203 million, representing an 

increase of 24% over 1976 and a notable achieve- 
ment. In addition, we earned £36 million overseas 
for contracting services and the sale of know-how 
and technical aid. Our indirect exports were 
estimated at £330 million. Our increase in sales 
to North America, our largest export market, 
from £24 million to £39 million, was most 

encouraging and we have strong hopes for A 
future growth in that area. fiajwfr 


Turnover 
Profit before tax 
Dividends 
Ea rning s per share 

-on earnings of the year -■ ■' 

Dividend per share (including tax credit; 


: *977 
£in 
1639.2 
72.3 
23.5 

24.9p. 

23,5826p 


1976 

£m 

1501.2 

97.7-. 

15.7 

44.1p 

18.7167p. 


ST KEEN A 


Barrie Heath 
Chairman 

Extract from the annual statement to shareholders 


If you would like a copy of the 197i t Anriual Report please ft§ 

• * Guest Keen and Nettlefolds Limited, Group Headqugrters: 

- ' PO Box 55, Smethwick; Wartey, West M id la nd£ B66 2 R Z 
- Tefc 021 -558 3131 Telex';^ 336321 

or GKN House, 22 Kingsway, London WC2B6LG 
Tel : 01 -242 T61 6 Telex : 2491 1 






30 


* 53 *= 



VQ/PER LIMITED 


Financial results for the 
year to 31st October 1977 



1977 

1976 


£'000 

£’000 

Turnover (Seel below) 

80,607 

98,495 

Trading ProfitTotal (Seel below) 

7,873 

• 

Trading Profit Vosper Group 

1,287 

7,434 

Profit before Tax 

2,189 

6,265 

Profit after Tax 

1,586 

3,218 

Revaluation of Investments 

790 

239 

Retained Profit added to Reserves 

2,097 

3,205 

Earnings per Share 

26.33p 

53.35p 

Dividend per Share 

4.65p 

4.1 3p 


Sal sent points from the 
Report end Accounts 


1 . Turnover and Trading Profit Total for 1977 include results of Nationalised 
Companies for 8 months to 30th June, 1 S77. 


2. Subsidiaries with Net Assets of £25 million were nationalised 
on 1 st July, 1 977. 


3. The Government has promised to pay fair compensation. A payment on 
account of only £650,000 was announced on 21 st April, 1 978 but 
negotiations have not yet commenced. 


Tarmac rise 
to £24m. 


Ifoandal: TM April 28 1978 

GKN ANNUAL REPORT 


A difficult year ahead 


. ' BY MOUWD fcAMBaT : ~ 

DESPITE a £0S7m trading loss Chat trading has suffered from the . 

i«21%il ve ,if ea ri» ,,eran / 0n * an . d . ^ P° or J9<7-78 winter weather, but Guest Keen and Nettlefolds is mar ginal ly lowec. this year, and well at home; despite presso 
C w i 7 , of „ ProTisions he believes that U.K. trading for looting for a s ubst antial foriwaim truck production in: France and margins, but the -overseas i 
flSii OSses ils OP- the. remainder of the year wiH be In Its North American business in Germany could drop byB or 7*ies were tfisappointing. 

T 'rMw ! e satisfactory with tbe quarry the next few years; But its per cent It 4s also less optimistic :vThe'. -group -is now m 


rose from to £24. 16m. in products, housing and properties annual report, published today, than' some abput the Ukely level effortsto Improve its retut 

dlvkinn« ahmiin? lower duiun thw (nriintr _ -..WniMnyL'in. TTTT tliicfthiM#' hUJlineSSK hv lltm 


197 v_ on 

£663.0utn. from £52 LI 5m. Overseas. Tarmac will have to the group as a whole are again year which tt'y uts 'it L int uni ts' efficiency where possifc 

A below the line debit of £16m. Improve its perfonnance, but proving difficult in 3978.- Tt'-afeo against l 338 m. in W 77 . . c, ■ . ^ othenvise fadbg: up to 

r losses and nrovisions in re- German onrt Fronnh \mUna win mn. Wnnn'e dosiffes. 


turnover ahead to divisions showing larger profits, shows that trading conditions for of car production 'in the U.KL this" these- businesses, by incn 

0 m UZi.l.lRl. (luAvraac To nm qa will kiitiA *«* .. . aa _ • £_ • f_L Lai' m' m • — — * /iPRmanVfn vrllAt'm POSS^lg 


reserves. _ 

" . . ‘ assets were cut 

up from £9.3taL to £9J7m. it £l43.46m. to £129.Bm- with abort- 
us suggested that H2m. would term debt £17.9m, 


Closures, 
the „_ F . 

results of Sachs— in ^ 


. .... caused by the Nigerian problems against its acquisition of a con- reeesion. ' According to the' chair- Guest Keen has. a near 

aj naitome, when profit was —net assets were cut from trolling interest in $acb& AG. man’s statement: “Any ; slight eent holding— are not ^ 


was suggested that £12m. would term "debt £17im. higher at ^ a ? ca ’ . * to *beseenas a f oreronner to a; feveltol976L The^hitecisV ^ 


improvement' in --.txaiamg ‘Is liable, but were apparently on. a. 


company's activities are now be- 


and since then no major contrac- gj>84n 
tural or other settlement has been 
reached. 

Mr. Robin Martin, the chair- 
man, says he does not want to 
give the impression that there is 
no likelihood of improvement. 

Most of the £lfim. reoresents 
losses in connection with two 
contracts entered inm prior to 
the acquisition of Holland. Han- 
nen and Cubirts on September 1, 

1976 from Drake and Scull. Tfcr- 


lifted from 8.778]) net per 50p SKuf ff ™ aw* S Wto™ W 

share to 9-804p with a final of capacity, this is unlikely for some 0 rEcon6mics in respect o- 


Tlu iiover 

Profit ............... 

Interest 

EsrepUiBM) loss 


1977 

mao 

BCLSS3 

3.887 

4.925 


am to late 1979 . Together with JS» T ££=’^“* 2 SS* * - 

tore its associated plant -and working ■ t, 9£i» ™»r»c nrohteme were com- ; 



Directors of Tarmac consider 
that it is now apparent that very 
substantial losses were inevitable 
from the time 

these contracts and that no ascer- 
tainable pan of the total could 
be attributed to the period subse- 
quent to acquisition. 

Mr. M. Abbott Idle chairman of 
Drake and Scull says the losses 
incurred by Cubitts Nigeria in 
no way alters or weakens the 
position of Drake in the legal* 
dispute with Tarmac. 

Tarmac's lawyers * have 
approached Drake and Scuffs 
lawyer yesterday to suggest that APTER 


Pratt before ux 

24082 

Ta* lr ..„ T 

T2J3S 

Net profit 

11.626 

To mlnorltlM ' 

43 

Extra ordinary loss 

1.493 

Losses and oroTislonst _ 


FVnm reserves 

tfi.QfW 

AttrUmtabte 

10.091 

PreL 

It 

AttribmaNe tn Ord. ..... 
Ord. fllTideuds — 


1 merlin ... 

J-JHB 

Final 

.4.438 

Retained ... 

4.fcB 



matin 


?. 77 D vehicles a year. '■ ^kT"* work ~~is proceeding on - 

awn This will transform the scale of schedule on. a £ 47 . 8 m. develop . Most of tbefinandal datai\- , 

S the . group's operations In ment at the Brymbo .works, m>ort was released with the>-' 

33S America, where sales last year planned for commissioning m binary statement earlier i‘. 

Tw totalled just £22tn. And it will August, /month. One important new* 

— come at a time when demand. for While the steel side remains * indication that- d-*'’’ 

constant velocity joints will be flat^KN- » now souodmg more SteJSed on the HTteCuid' .r--' -.-cnT^ 

U shooting up as a result of a major optimistic about jTswbolesale and fnjm £72m. to r ':.-- ‘ V 

9.S76 switch to front-wheel drive In. tbe industrial distribution interests, >niis a surprisingl- ' 


. _:^p* 


I.9J8 


- - r mai x.jKDt i.ssi GKN expects that more than denreriatiOTi charge include' 

es were men table R Ha i ne( i __ s.ms 50 per cent, of U.S cars produced squeezed . by ove* stocking, and adjustment for 

ofcornmitment of -Proat. t r^rr of CuMit. Nlserla. in P 1985 wii, have fro?t wheel compeUtion _ *SL*n* ion is " 


See Lex 


in 1985 will have front wheel --^-*^ tiqn. One . explanation is 


drive, against only about 1 ISSrovtd XT. ^SSTof'a^K Gae« Ke^s ?6w jeering k; ;. : .. 
per - cent- bow It plans . to SS^tion onT iitfobS ^k1 « wWi ordy a modest awt:-* 
supplement its US. production interoational^ -level, and GKN saya this score .f one of the follaci .,-..- 
with joints produced by its Euro- there has also been .a perceptflilei Hyde, according to fir. - 
pean plants, which are currently upturn in -its othet- distribution director Mr. Paddy Ci;.- 
produdner very roughly Sm. car companies! - • Another. Is that Hyae reanij, 

sets a year.. In 1977, exports to- CRN’s ."other -'-major business provisiori against plant, that * . 
North America rose from £24m. to grouping lies in genera] and civil been fully written down Im- - ' 

£39m. _ - '/eugineertng products -and seiyfces^' hi^oric cpst figures. 

** This is an are a of real growth This side accounts -for as inuch as Th© final message te tnat 

chairman Mr. ss per cent of capital -amployed, oatcome for 1978 wfll depend ' 


£1.48m. at 

Flight 

Refuelling 


r.^-rtaSPC* 
‘ • c-.--> iath 

. iiclGCfJ. 


— ■.fl-VtO'V 

V'r-Ofjhi 


v .. :-s.rwi». 
. : -r T innni 


in our company. . 

BEING ahead at the Barrie Heath said at a Press con- but last year it produced profits largely upon the extent erf 

discussions be resumed with a haifwav '<tiapp fmm wan non rn for ence this week. “And it is of only £I4m. on shies of £4SSnL. improvement tradmgoondr'' 

view to reaching a settlement. £66000fl Flllbt Refuelling ’ (Hold- one thaT we are supporting Industrial fasteners met Increas- as the y«ar prog resses and.: r 

“Drake and Scull has res- j nffS v arivnmLd in the l^ter half stron Plv fot the future. n mg competition from areas of low snccess of any measures take - 

ponded positively to this approach I, n j finished i877 with record 111 s ^ lorter term, however, co?t productfon; difficult trading government* 


to 


on the . stated understanding that faxabh* nrafirs of £L48m aeainsr there are signs of some fall off conditions, for wefcGhg : equip- - economic recovery." 
such discussions will lead to £Q^jg ra t ^ me _ \x sbe months in ^ overseas automotive com- ment and consumables persisted deliberaTetv 


This 

vaene Drediction 

further monies being paid to t°i^ pooent companies after their sub- throughout, the ■: yeah' - and the oRrswcttve -brokers J. . and ; . 

Drake and Scul] in respect of the inpnd in rornov errand nrofirs stantial growth to recent years. U K. reinforcement ride produced Scrimtfedtir suirae^ to their l •- * , , 
sale of Holland Hannen. and J, n timie durineX Seond GKN thinks that overall car pro- poor figures. . Tbe. foundations elmilar that WitswiTl rec^;;-:- 

Cubitts to Tarmac.7 l«ir Turnover for tbej^aruas duction on the Continent wifi be, and scaffolding ' operatams did modestly to £Sftn.-£8Sm. ; pre 


; -rs f in pal 

- A.AJ^a 

\.J.O ift29 


SLJE 7, the ahead from SS- 78 ™- to £1 0.74m. 

Stated earnings per 25p share 
£30m.. reflecting good perform- are l2 j 4p ( 8 J53p) and the divi- 
ances from ewry major division. dend [s nfted to 2.853p (2.581p) 
The properaes division aho with a nct fina i of ,. Wp . 
showed a tumround to a useful Tax for the year took £779,1*4 
• .... compared with £511,490 and the 

The mtern&ncmai division attributable profit came out at 
results were badiy affected by £702.121 against £460.999. For 1976 
losse* on two projects in the there was a £40.000 transfer to 
th now 


- . — r 'r«M* 


MONEY MARKET 



Middle East, bod* now complete, capital redemption fund. The 
and the quarry products division's amount retained this year was 
excellent UJ\. results were £540.840 (£277.973). 
reduced by a serious £2.4m. loss The group manufactures special- 
in West Germany. ised equipment for the aircraft. 

For the future, Mr. Martin says nuclear and electronics industries. 


Rise in interest rates 


>'H ATLANTIC 
J0RPO3ATIO9 

i-jrpanil * 
Sis; Xud&i 


iSacsai 


4. Growth in overseas earnings continues. 

5. Retained Profit for future development exceeds £2 million. 

A SUBSIDIARY OF DAVID BROWN HOLDINGS LIMITED 


Occidental International Finance NY 


8 W& GUARANTEED NOTES DUE 1983 

EXCHANGE OF NOTES 


Please be advised that the Temporary Notes issued on January 15, 1978 
mav be exchanged in accordance with the terms of the Indenture, for 
Definitive Notes on or after June 2, 1978. 

After this date the Temporary Notes will cease to be accepted by Euro- 
clear or Cedel as good delivery. 

The exchange of the Notes will take place at the office of the Trustee. 


TRUSTEE: 


The Northern Trust Company 

38 Lombard Street 
London EC3V 9BR ( England 


London Brick chief 
cautiously optimistic 


EXPRESSING cautious optimism has . been established in Nigeria; 


Bank of England Minimum . v Treasury bill tender. Neverthe- meats, and there was. a ced -‘V; 

Lending Rate 7i per cent.. ..less, conditions remain nervous. - amount of local authority : 

(since April II, 1978) V. Day to day credit appeared To maturing in official ha? 

Interest rates continued to be in short supply and the Discount houses paid nrom>* 

harden in the London money authorities bought a moderate per- cent for secured call 1' 

market yesterday, reflecting the amount of Treasury billa from the at the start and dosing bala - 

uncertainly surrounding the discount bouses .and .a " smaH were takas anywhere bet> »'rre: 

future trend in Bank of England amount of local authority. faiHs.. 5 ‘per cent, ancf 6 per cenL r arafl IQO 

Minimum Lending Rate. Three- Total assistance amounted to a In toe interbank market cj”' ” " ■ -* 

month sterling certificates of moderate level - . '. night loans opened* at 7H7| , v ^ 

deposit rose to 8^-8 per cent. The market.- was helped by cent, and eased to 6?-7 per t, ; ^ ' 


for tbe current year at London a country which. Sir Ronald tells while the buying rate for three- banks bringing forward balances. However, after finning to 7_ 


Brick Company. - Sir Ronald members, has enormous demand 
Stewart chairman, reports that for tbe products to be produced 


month Treasury bills at 7*-7A above target And a slight faD In per cent rates fell to close a»- 
per cent still indicate a rise in. toe note circulation. On The .per cent 




brick deliveries to < date have The company has been success- mbr under the market related other ^and, tax repayments ex- Rates In tbe table below - 


- * 


shown a marked . improvement ful in tendering to the GLC for formula if repeated at t^dayV.ceederf 
over the corresponding period; two large domestic waste con- 
Wbile the rate of increase is un- tracts. The first or these is " The 
likely to be maintained, forecasts Hendon Rail Transfer Scheme " 
indicate that housing starts will and the second is for the recep- 
be higher in 19^8, toan they were tion and disposal of domestic 
in 1977. > waste from Hillingdon. — 

The company has held' Us °r current cost basis, trading f £££**'*' 
prices since Aiigust last year but interest and tax 

Sir Ronald slates that a review histone) was £8 .9 7m 

will be necessary early to this deducting ^depreciation of Twv 

fii.oi m. and £i.o4m. for cost or 


Government disburse- nominal in some ros«w. i Lssr Intrriro DHMm 


year. 



Srerlbw 
Cerrlftcate 
of rtipnnt* 

IntertMob 

l tx>cnl 
•iiitbdHtv 
-.<lepivaca~_ 

Loo* 1 Amb- 
neeoriabfe 
r_ . bond- , 

' Flouce 
Reams. 
JbepnfO 

r • — 

Com pony 
.Dspnhto* 

Dlmant 
maxkH 
■iepmlf ' 

Tmumry 

Bttlr# 

Bll*n»e 

Bank 

Bll>* 

ST 7£YSNT» 

PtaeS aST.ATCT .....—4m 
-Blit 

Ovornubt 

2ibiy» notice.. 
7 dnr* or 

7 ,1k v* noctee^ 
One montb„_. 
Two ITHilirtlB — 
Three month*. 
Six Oh nub- — 
Nine month-.. 

!5l# 

9r5i»A 

. 4-7*2 

• -/ 

7H- r 3 

7*81# 

Z 78 ! 1 * 

fi-VU 

_ 

7«*-7i* .^1 

7l»-7to ‘ 
Tle-VSi 

881* 

8^-85, 

a.lB-73, 

8I4 718 
aig a 

- »**B 

■ 7S.4I . 

7T B -8i« 
8U«1 b 

. 

71* . 

ni 

;e. 

• ' . 

isia-eiB 

6146^4 

67, 

718-7U 

4 

7to~7* 

-7«S^ 

_ oe QH| 

- s^r.v payibi* 22*8 

^ -n 

7, f ‘N’t As** VatM 

9 S.-:ire Jt';4l 

-- Wx %£. 

Two >»• r- 


BTb-IOIb- 





- • 


- Asm Vila* 


’ . . - _ . . . sales. Profit before tax was 

As reported on Aprfl 7 taxable fg^Sm. after a £468.000 gearing 
profit for 1977 improved from adjustment 
£1 0.52m Jto £12 JTm- after strong ^ statement of source and 

earnings growth in the second <*c application of funds shows a aortiorltle* and Brunw houses seven days* notice, otters seven days* fised. Long-term local aptbarity^mortgago 

months which reversed a mid- £3.52m. (£0.2m.) increase 

term decline. 


conn 


s n nominally three years I1-1U - Per cent.: four years m-lll per cent^ five years U M2 per cent. O Bank MU reres in ~ 

are tmying rates for prime paper. Baying rates for foor-tmrotii bank bills SMI per cent.: foor-month trade bflls I#*- STOCK' 


ire not e 


credirors and a. £8^6m. decrease gen,, ^ 

In 'spite of a decline in demand (£3.76rn. increase) In cash Approximate selling rates tor one-month Treasury Wls 6 Ujo-« par centu two-mouth M per cent.: and. th ree tfcr'-. 
production was maintained balances. Working capital de- sass-taiss pee oeou Approximate selling me tor aos-jnoath bank bills 7 Jm-75» - per_eenc: hromawb 79 ^ per .-2.5^ A 0£XUt 

throughout the year. The result creased by £2 99m. compared with S D i er lh «n'“'” ,th ' 71-75132 Mr “ nL vno hi- per cem.^ wv-moau, ts-v* pa cenu ana abo ttew^,^ ^ 

was abnormally high stocks, a £B-38m. increase. Finance Hnose Base Rates f published br-tte Flnaace Houses Asodadotn 7 per cent, from April" l, 1W8. C mHm t .ii 

which by tbe end of tbe year w * * - - ‘ 

represented over six weeks’ pro-, 

The decision not to cut! 


i'."e incfo^ 


duction. 

output reflected the directors' ron- 
fidenee in the longer term im- 
provement in demand, says Sir 
Ronald. 

A notable feature of the year 
was that for the first time turn- 
over from activities other than 
day products reached 30 per cent 
vidence of the compaoy’s 
broadening hasp of activities. A 
breakdown of divisional turnover 
(in porcentaues) and tradins 
profit (£1 2.62m.) shows; clay 70 
and £1 0.54m.: other products 28 
and £l.5Sm. and services, farm 
sales and rents 2 and £0^m. 

The Increasing activity that the 
company has in overseas markets 
was again rellecicd in the value 
of goods pxporfe d wbJch 
amounted to 14.27m. (£i5m.). The 
joint venture in Iran progressed 
well and a further joint venture 


OCASO S.A 


Compafifa Espaftola de Seguros y Reaseguros 


The first Spanish insurance company to obtain 
Authorisation from the Department of Trade and 
Industry to operate in the London Market. 


OCASO S.A. (U.K.l BRANCH will be managed by 
Oca so (Reinsurance Servicing) Lrd_ under the 
direction of A. P. Medina. Chief Executive. 


1976 


Capital & Reserves : Pas. 1,675^39,437 


Twelve million with confidencc-in its portfolio 
place their trust in OCASO SA. With nearly 
60 years experience in insurance, OCASO S.A. is their 
guarantee — and 12 . 000,000 people cannot be wrong. 


1976 

Premiums: Ptas. 3.020,341,315 

Through” the Company's reinsurance activities 
commercial connections are now maintained with 
insurance companies in 95 countries in Che five 
continents, placing OCA50 SA. among the leading 
Spanish reinsurance companies operating in Spain 
accepting both Spanish and foreign reinsurance business. 


0CA50 SA. (U.K.) BRANCH ' 

Leaden hall Buildings 1, Leadcnhall Street, London EC3Y 1JT 


OCASO (Reinsurance Servicing) LTD. 

. Leadcnhall Buildings, 1. Leadcnhall Street, London EC3V IjT 
Telephone: 01-183 2119 Telex: 8811723 MED Cabin: OCA5QRE — London 6XJ 


Meeting. Connaught Rooms, Demon Rates < for small soma a: seven da -os* ndtfceV4 -ner cent. Clearing Bank 'Base Rata tor lending 71 pa cent- Tre*-_V, c - JJWesL .4 
W.C.. on May 25, at noon. bHH: Av.’ragn render rates of discount SJOf. per cant. -- MaXtiU 

- • — — — nzLii- . ~ . - "n* **■— I’.; Rkari).- 


For Pension Funds and Charities 


the Intertm:- 


h«3 been _ 
5,^ =»7 itorl 







Wdsl 


BRONZE P 


Gross Fund 


■35*^9 year 


^21 


st Qece^bar 





Nortii American Gross Fund on 
the ! 5 tiiNovember, 1976 it has . 
outperformed the Standard 
and Poors Composite Index by . 
14 %. T^ec»n^>osjtion of tie. I 
Portfolio whidi is iavesced ' - 
6 a% ffiroa^La ddlarloanis v . 
asfoDows- 



‘“I 55 * 

' =renfof tf 
- :a 'f a twhwi 


CansnmerNon-Durs^Ie 36% 


Henderson North American 
Gross Fund offers a simple 
method for wholly exempt 
pension funds and charities to 
invest in the important US and 
Canadian markets which we 
believe represent good long 
term value. The Fund is 
managed on a day-to-day basis 
by our North American, 
specialists in nT ganiSfllfriri 
with over 30 years of American 
investment experience. Since 
the Fund was reconstituted as a 


S% 

9%: 

12% 


xo% 

: *5% 


GonsnmerDtuable 
Monet Sensitive \ 
NaturalEesources- 
IndnstrMGoods.and 
Services — 

(JapitaljSoods ^ 

For former dkails of this Fund 
(dealing are'we^Iy ortFrafey); 
and the penaon-fnnd j 

managemoir services we efter, _ 
please contact Colm Day, 
Henderson A drmi 1 tsf ra t mn T .td 3 
11 Atistia.'priars,- 
London EC 2 N 3 ED. 



. , 1977 

, * s *? : ..*:- lvafcs8 aWSi 



wKet 
^"--7.3 cam 


■-rttof, 


l 1 - ■- 






HOi 


25?h 




rt-}y. 




if-' 






1 





Ammal Graeral Meeting of the'Assodafioav 
in London atits new headquarters building in 
Lnfeoln’sInnHelds, on 26th April, the retiring 
President, -Mr.1^. F. Pocock in lntroducmgthe Annual 
^Report and Accounts, said that In 1977 the Association, 
had contmued fobreak almost all its own previous 
jyfnrds-membership now stood at some 19,000 and the 
; g nan dalsmpfas for the year of nearly £900,000 was the 
largest evea& 

■WitothpfieehoM purchase of its new bunding, fte need 
fbrsn^largesnrplnseswasnowpast,andxtwouldbo 
devoting more resources and energies m future to its 
cttraT?Iflas. ' ■ ~ 

These plans mptade efforts to persuade the other five 
Chartered accountancy bodies inthe UJC to workmate 
gndeoononrically together. 

At atirne when the profession urgently needed to 
respond quickly and effectively to various pressures, 

Mr. PocQckspbke with regret of the extra time, and cost 
involved inits operating through 6 different councils. 

Hesaid that the Association was anxious to play its foil 
parti over thenert few years, in rationalising this 
nnsaitisfactoiy state of affairs. 

Tfee Officers for £he< coming year wall be:— • 
pjesidsnt— MrrEi R. Gibbs (m public practice) N 
Pcpnty^Preadent— Mr. A. A. Pakenh am-Walsh 

' (Director, Graduate Course in Administration, 

‘ "• University ofEteblin) 

Yice-Preadeiit— Miss V. J. Di Palma (Tax Consultant) 


H Jr 

Grounds for optimism 
at Midland News 


Not easy for Ghamberlain 
to maintain profits - ^ 


SOME of the difficulties en- 
countered by Midland News 
Association In 1977 will have 
repercussions in the current year. 
Even so there are grounds for 
optimism within the group says 
Mr. Malcolm Graham, the chair- 
man. and he is confident that 
opportunities will ha provided for 
further growth and expansion in 
tile future. 

, If sterling remains firm It is 
' expected that newsprint prices will 
remain steady In 1978 he points 
out 

1 While sale* ol the group’s even- 
ing newspapers increase it 
becomes ever more difficult to 
maintain the circulation of the 
weeklies serving the same areas he 
says. Some weeklies were able to 
show a small advance in sales in 
1977 but the aggregate is down. 

Though the company’s news- 
papers did not suiter from lost 
sales through industrial action as 
seen elsewhere, the ready co-opera- 
tion of the staff to introduce new 
methods of operation was affected 
by protracted negotiations. 

The compl ete - changeover to 
iffioWcompo Kita on o4 the Express 
and Star was not matte until 
January ot this year due to unfor- 
seen technical difficulties end 
plans for imp r ovi n g Its content 
were d elayed by at least sax 
months. 

Today affl the group's weeMies 
and half the evenings circulation 
are printed on web offset presses 
The directors would Tike to print 
aS its evenings on such machines 
but as they cost about £lm. each 
and three would be needed, the 
Changeover wSH have to be 
delayed until resources are avail- 
able, Mr. Graham says. 

Total group external sales for 
the year were up at £26 -5 6m. 
(£21. 04m.) and pre-tax profit im- 
proved to £25803. (£158m.) 


as reported on April 14. Ihe net 
dividend is lifted to l&6p (l4J5p) 
on the £1 non-voting ordinary end 
to 0.63525p (0.5775p) on the Sp 
“A" Ordinary. 

Bank borrowing at year end was 
down £910,000 (£631,000). Dona- 
tions to charities totalled £L3£9L 

Turnover and trading profit of 
12.61m. (£L.7m,) was split as to 
newspaper publications £1 5.22m. 
(£12. 64m.) and £1.9lm. (£125 m.) 
and retailing and other activities 
£12. 72m. (£9.46m) and £707,000 
(£454,000). 

At April 13, 1978, tire Graham 
family and its trusts held 22.6 per 
cent, of equity and C P. Haldieg a 
35 percent 

Advertising volume for the year 
was marginally down but turn- 
over from the chain of news- 
agents shops was up 29 per cent 
and trading profit 34 per cent 
higher. Twelve more outlets were 
added during the year bringing 
the total to 133 shops: The 
growth of the newsagents busi- 
ness has required the building of 
a new warehouse which, it is 
hoped, will open during 1978. 

The Investments made in com- 
puters in earlier years is starting 
to pay off and the directors are 
cautiously optimistic of a steady 
improvement in results from 
Press Computer Services. 


S. Jerome 
liquidity 


As toe consideration for the 
two latent acquisitions was for 
cash, Mr. William Jerome, chair- 
man of S. Jerome and Sons, points 
out that the group wfll be less 
Hqufcl and cannot expect the 


revenue received in the past Aram 
riiort-term investments. 

At March 31, 1978, shortterm 
investments were down to £515,000 
compared with £l.09m. at Decem- 
ber 31, 1977. This is revealed in 
a tetter to holders giving **H 
details of the acquisition 
WiBram 'White and Sons (Hud- 
dersfield ). It also dhows that in 
the same period bank overdrafts 
have been cut from £0j53m. to 
£0.17tm. 

Despite inflation, the problem 
of (ftttp Imports of doth and 
clothing and the fluctuations in 
the value of the pound the chair- 
man fieeb cautiously optimistic 
about group prospects. The cur- 
rent year has started we® with 
sales somewhat above last year. 

In 1977 group pre-tax profits 
increased from £509 , 526 to 
£601,831 including £106,979 
(£83,1561 in respect of short-term 
investments. The dividend K 
raised from the equivalent of 
2.77p to S.0547p; a one for ten 
scrip issue is also proposed. 

Record £0.8m. 
for Border 
Breweries 

On turnover up from £9.9m. to 
gl.i 42m-. pre-tax profit of Border 
Breweries (Wrexham) increased 
from £728£50 to a record £809,925 
In the February 28, 1978 year. 

At half-time profit was £59,000 
higher at £495,000, end a further 
satisfactory increase to profits woe 
forecast. 

The result Is subject to tax of 
0114,689 (£370,061) . The dividend 
total is up from 3fi37jp net per 25p 
chare t©3-503p with a 2.543p final. 


ALTHOUGH TOTAL orders net c u rre n t asset* were fi&Sfrn, 

received in the first three months (2542m.) and fixed assets £4£5m. 

of 1978 at Chamberlain Group are (£4 .31m.). 

ahead of- the same period last Meeting, The Dorchester, -May 

year, they are still not *up to what* at noma. 

the group would' like -to see, Mr. 

It, F. Chamberlain, tiJd- chairman. ■» -»- 
says in bis annual review. He TVI fkTTMQll 
says it would be unwise for him J. v l/l IllftIJI 
to give any firm forecast for the 

outcome of the current year. Llovr TAIlg 

“We shall have & difficult ta* J-AdlT ll/Uj - 
to maintain the profitability of ftA _ ■■ 

the past two years, but win be 111 k*v| v 
assisted If we are successful in 

bnre the geographic o t 

Mr. Chamberlain doe. not aeeP“ d fl s , t ! ?“ 
any signs of a signifirant upturn 

in the UJC. construction industry asa j nst £170000 for the first half’ 

ta the 2^™ ^?mh to taking £277,000 

seas markets have proved more (£179,000', full-year earnings are 
successful ‘ shown to be ahead from 4.4p to 

On the hydraulics side, he is g.4p per 10p share, and the div> 
confident that in future years the <j en a ^ stepped up from L8S5p 
group will see the benefits if Us t 0 3p net, with a final of 2p. Mr. 
capital investment In re-equip- jj. ll Bay, the chairman, waived 
ping Its Leyton operations. hi® interim dhodeod on 614,034 

The response from customers shares. * 

to its new range of geared and 

braked Staffa hydraulic motors — - ^ ' 

has been encouraging and further JOflUSOIl LlTOlID 
additions win be made to the « l/mwt/u 

range- this year and next nlanilinO 

Chamberlain Industries Is con- piaLUUllg 

tlnuing to reinforce its research ^ v _ or ,cirkn 

and development programme. CApdUMUll 

Pre-tax profit last year rose Trading so far in .the current 


planning 


nnuuig 10 remiunK 11* mwui avnancintl 
and development programme. CApdUMUll 

Pre-tax profit last year rose Trading so far in .the current 
from £L96m. to 12.01 m. A year a t Johnson Groop Cleaners 
current cost statement shows this has been buoyant and, given a 
reduced to £L42m. (£1.62rn.| by reasonable economic climate, the 
additional depreciation of £142,000 company is in a position to 
(£120,000), a £346,000 (£171,000) produce satisfactory results, Mr. 
cost of sales adjustment and a J.L Crockatt. the chairman, fells 
£101,000 (£51,000) gearing adjust- members. 

ment. Plans are already in hand to ex- 

In the year there was a £257in. pand the Zerny business by the' 
(£37,000) Increase in net cash and Introduction of Apparehnaster 
bank balances. At balance dateworkwear and Candy towel hire 


service. -be -says* -Zeray, whicH, 
operates retail dry cleaners is. 
Humberside and East Yorkshire*, 
was acquired In • January foe 
£440,000, of which- £80,000 wa* 
satisfied- by the issue -of shares 
and the balance in cash. 

Sales in 1977 rose 1SJ per cent* 
to £30J27ou (£17.04m.) and tasabtof 
profit advanced to £2.05m* 
(£L39m.) as reported March 17* 
The net dividend is- raised to 
S.S»llp (3.483 9p). ; * - ■ - ' 

. The improv e ment to eexstingx 
was attributable in part to steady. 1 
growth In the con^pany’-s.wprkwean 
and towel- hire trade- but . mainly, 
to a good increase by- the, retail 
drycleaning division, the chairman 
says. 

The rate of -investment ; was 
maintained at a high level during 
the year and the group has facili- 
ties to meet the continuation of. 
this programme, Mr. Crockatt; 
says. At year end net liquid funds 
were down £295,000 (0.05m.) with 
bank overdrafts higher at £L06m* 
(£752,968)* 

Capital spending contracted 
amounted to £350^79 (£284,718)! 
and no further spending had been, 
authorised, compared with SSU WO 
last time. 

Meeting, Great Eastern HoteS* 
EC, on May 38 at no oil 

F. HEWITT 

News Holdings, a wholly owned 
subsidiary of Associated News- 
papers Group, has agreed to offer 
94p cash for ail the S per cent* 
(now 5.6 per cent, plus tax credit)! 
Preference shares and 145p cash 
for all the 10 per cent.- (now 7 
per cent plus tax credit) Pre- 
ferred Ordinary shares of F. 
Hewitt and Son (1937) other than 
those already held. 

The Board of Hewitt consider 
the tonus fair and’ 'reasonable 
and recommends shareholders tv 
accept 


NORTH ATLANTIC SECURITIES 
CORPORATION LIMITED 

Financial Statement for the six months ended 
: gist Mfr rr* , 1978. 

?• TAndtted) - 1 : ' (Unaudited) 

-< . Year ■ ' Six months Six months 

MjdedSOft - ended ■ ended 

'• Sooteteher ; 81st March 31st March 

-■ 197t • 1978 1977 

■-.r* £ : . £ £ 

143LS76: *GT08Srevemie ... 532330 491,798 

- 310,675 . Less: Expenses and Interest 188,683 246,925 

• Net revenue before tax- 

- • ; 880,901 ation 344,147 344^73 

1 .318,509 Less: Taxation 123016 136,194 

• -I- £02,392 221.031 208^679 

•i 47L420 LeoR Iotechn D4vddeod — 1209,520 .. 174.800 




IBBTfBKVJUfiHnB 


Dividend . on Oanktary 
Siam payable 22nd May, 


344,147 

344^73 

123416 

136,194 

221.031 

208,679 

209,520 

. 174.606 

£1.1,511 

284,079 

L2p 

per 

•hare 

l-OlT 

per 

toare 


tNet Asset Value per 
Ordinary' Shane at end of " 

-I JUfrxjd, period ... HStp-xd. BSpeA 

.tNet Asset Value per 
- Ordinary Share assuming 
: -, full conversion of Con- - 

^ M^jd. rertlMe Loan Stock USpx jL 114ipx$d. 

^ Revenue figures are not comparable due to a dollar 

"tom of ITJS^2Jm- raised in August, 1977. 

»i- tThe Net Asset Value includes the Investment currency 
^premium which at 31st March, 1978 was equivalent to 16p 
Ordinary Share (31st March, 1977— 20ip per share, 30th 
her; 1977— lip per share). 

teareare in the Interim dhUend Is for the purpose 
toe. dispaxily between toe interim and final 


Qestt 


m 

‘rieafl 


prevision hn been made for a ny nab 
:ga£as wtdefa: may triee In the fotan> 


tiabotty to tag.on 




BRONZE POWDERS UMITED 


&d 


Results for thoysar 
ended 31 st December 

Profit before tax 
Taxation 

Profit aftertax 

Total dividend 


1977 

£000 

1,402 

725 


1976 

£000 

1,174 

594 


31.266% 28.239% 


M The 20 par o«it Intxease In profit toows tsal 
only did it outstrip inflation for the firsttime m 
was achieved in spits of a ratherweakdwTimd fort** 
traditional product bronze powders. Profitflains in the subsidiary 
companies were co nsiderahl®. ■ 

■ Tbs major development fer the grtwpta 

of Charia OperSww &Sons (Mand^W) Umjtad. The pre-wt 
profit of that company in 1 977 v^fS^SSbuton^' P 
profits of £35,1 1 B have bean included in the consolidated results, 
being the amount earned afterthe date of acquisition. 

■ The currant year has started wfffi a modest Increase in *»erd«f 
level for brorae poWderS. All the subsidiary cqmpaniM^* 
selling more than they did In iha ramparabla pen^ 

In addition 1 978 will have the benefit of a full yee/st SI * 

. from Charles Openshaw.-whioh in raetf should sh^ a gopd 
surplus over the financing costs. With three poiots >n m^dtoe 
directors feel confident that the company should are satisfactory 
progress in 1978. 


INVEST IN 50,000 BE1TER TOMONMJW I 

mm people in the United Ktogdom xulftff from progrremv«kJ 


mm people la the United Ktogdom eu®* ™i progr^ivt^ 

ParalyS MULTIPLE SCLEROSIS-^ eanseend eureor 
WESTS S imkuowtt-HELP US BRING THEM BELIEF 
AND HOPE. 

Ve seed your donation to enaW^uato ronttotm ow 
for toe CASK and WELFARE OF MDLTDPLE 
■offerers and to co ntinue onr to Ana If!AT . 

and cone of MULTIPLE SCLEROSIS through mkuu-m- 

BESEARCH pitoBe L I ,, - « finaOMi today tot 

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A foundation of sound experience 

LONDON • EDINBURGH • CANTERBURY • CHELMSFORD CHELTENHAM • CHESHIRE - GRANTHAM * HARROGATE • IPSWICH • LEWES - SALISBURY ■ SOUTHEND 


i 








x - 


FfnandaT Time? 


BIDS AND DEALS 


Carlton deal ‘good sense’ «»>»»»»* 


Full offer for KCA 


tOTdon Merchant Securities’ Comben 


housebuilder*. 


_ . ~ Book value of taws land and 

ordina ry shares took a tumble Hawker yesterday declined to buildings at August 21 , 1877 , thej 
yesterday failing 7 p- to. S 6 p follow- comment on whether it would last balance meet date, was 


Peabody numbe^SvR 1 ^ 


Beny Wiggins, 


by 


miitni 


BY PAUL CHEESHUGHT 


\ v:' 1 ’ ‘’..li-Tljfv im 
. S 'i -’ ... ■ '• .1 


I 1 ll|| If 11 Cl 1 If 1 11 1 'j rm. ^ announcement that the favour an attempt to sell these £ 220 , 000 . Total consideration of 1 1 1 Hf V’ |f|| | HI \ 1 

-» group is selling a major share of Investments, £ 397,000 is being satisfied by the -®- VWMWj : * A IK 

its 52 per cent stake in Carlton issue of 74,418 Davy shares and I-* a R 

®Y CHRISTINE MOW Industries to Hawker Sidddey. FIFE FORGE PAYS ■■■■■■■■ ^ • V „ ' ifl 

■ , ■■ LESS FOR FORSTER i'fSniftaS Lwr a A<1 1 cfrito • , aunti 

Bwry Wiggins, the oil services preference shares, where major this stage, Mr. Bussell says that {JSJJW -"Jj- on l*e ovcnugSt -The consideration paid for T.S, food and -animal feedstock m/ 1 - flBvf I \l flM p 

company now cafied KCA Inter- institutions hold the bulk, but no Marler, which has been J 2 SSJ 2 S Forster and Sons by Fife Forge Industries. Davy acquired Its 80 If T UJ 1 -VJw* UaV 

national, which was rescued from terms had yet been received- approached many times in recent wim - uawKBr 3 otter price of loop, has been reduced by £ 212,000 to per cent stake in 1874 . v ' ' i>-PpW*B: 

critical financial probtems last years, does not know exactly who Lord Bayne chairman o£ LMS £ 588 , 000 . ___ ffl£ 

Noveraher by Mr. Travis Ward,-a iroocc °? nis The e« u P takes stressed yesterday that the deal The price had been subject to ROBERT gl TTH U lV BY PAUL - ,.<• 

texaa ofi miffioiiaire, is now the MArtJLJUf, AV«UibJ> Lasard's nomination of Blade as made good sense for Ms company, a profit formula and Forster had npAvrriT> . . ■%:; 'i' .. ■'■-.■jCint'W 1 : 

target of a full scale bid from the TAKEOVER • *ufltarat recommendation. He said that although pre-tax made profits of only £ 101,403 in. lAILUK/KlU, ; v ^ pgjj, tmet of .the U.S. North-Broken HEL 4 he AustraU) --irtfOl* 

same man. A complex- off-shore takeover- . s “, ares ’ ®“Poiaeo on profits would suffer-Cariton prob- the relevant , 10 -month period Robert Kitchen Taylor, the coal' strike on corporate earnigs base metals and torostmemgron'-v V '. ' ' v>rs^Mk 

in Novmbar Mr Ward deal for. Mazier Estates means Mo , 7 to ™ provided aU. LMS’s £ 6 Jm. compared wlUl a forecast of knitwear manufacturers end lex- became startlingly clear yesterday are nmahiff siififetky behind tho -v- " - *'"■• r 

wrirad flfS- c<.™'ata>* in ttat the group tSi! retain lS at ** *«&****■ pre-to P™fos In 1376 / 77 -ttm HW .. _ tile meretamt. Is to make It, km*' when Peabody BWateft tto otto 1*14X7 tox. - . fe;'r 

Biwrv in iwhirn^r burine the oil public quotation and be revamped .would be shaip improves eni at Aitnouffli disappointed with the awaited bid for the remaining largest producer in the country, *n» group announced yesDe --'- '^ ’ - 

» » ™<l« a “ young 0 profession^ ILLINGWORTH the distritataie^a. ■ result, mteForge stfll omsidm! 23 i per centot BKT iSSatt reeled a IS 7 S Srat quarter loa day that ^ ptefits to the : ‘ 

^shous^^kinc contract in management" MORRIS IMS had only th ® acquisition attractive. The does not already own, . x of 367 . 6 m. (£ 87 ^m.). ' months to March were 

owed Blade Inveatments, an Isle of taken dividends from its invest- net purchase pnce should be seen RKT shares were suspended Peabody has more than 50 (£ 725 , 000 ),-in^dng a amaSa£ r 'v' : . , • icSs 8 - ■ ‘’f 

tn Eta nSSin^Eanorer Man registered client of the Illingworth Morris has sold Its ment in Carlton, where the pros- 111 the context of Forster’s net yesterday at 72 p which would whoBy owned or joint venture 'total, for toe year to June 

rtnmA merchant -bankers Lazard - 2 , 033,600 shares In British Mohair pective gross yield, on. the sale current assets of over £Lm. at put a value of around £ 56 yj 00 on coal mines spread across the U 5 , AS 5 , 8 m. (S. 47 BL), compared w? 

jnrmtiar. warns price Brothers has contracted to buy Spinners at 43 p per share for a price of 165 p vm around 5 * per December 3 L 1977 . the outstanding minority. RKT but mainly concentrated in Afestw, to too fite^oSae - 5 -' •■■■• 1 jfTJttYl, 

™ ^ Marler family holdings totalling net consideration or 870 , 000 . The cent “Even If we used toe cash last year earned pre-tax profits mmols; Indiana and' western, M 7 (OT. £•■*■..'. - .isaifft 

Now Mr. ward has cwne omk 52 !5 p e r cent of the group.. But shares were acquired by a spread to repay dhont tenn debt where L-Uy-JLofcUljt of almost Urn. on sales of £l 24 m. Kentucky. ^ «»b,j Wfr rr , irTtim . .. .**• ^ ui 

with an offer for the rest of toe j t £j so making a general offer ofinvesting institutions. the [interest -rate is watt above the Kteinwort Benson has purchased The coal Strike lasted, from- narioefc wx Ailflan. 

company’s capital, ^ move, WtaSi for Warier worth 25 p each to In accordance with stated 5 * per cam. level we would see a 289 ^ 00 . shares of Cocksedge, APPROACH MADE '. December € to April 3 ,\batdJd mustrwezk liuee inart«^fl 
It it succeeds wdM return it to the minority holders. Acceptances for policy, the proceeds will be used better short term return.” said approximately 21 per cent of the 001 COTer **“ vhole of ' tto value of prodnetibn' Zbv' 

Bsts otf pnvate companies.. its general offer will be made up to improve liquidity, said a Lord Bayne. «P»«< ^ *2™°* && F*f ffitaArSSUiu. in &E stl *_* . _ . . . Ateber tl^to : J 2 J 5 ! 

The terms are 29 p for each to an initial 30 per cent stake by spokesman for Illingworth. The LMS plans radically to reduce share ) l The stake was, bought “JSSSS. “ten 1 Pcabo ^ J^odot A» 82 AiLbatcStewS< - r 

Ordinary share which compare drawing upon the Marler family's shares had been, rising recently its short term debt which ex- i? elnwort Bensons «“ ^ " .1 V.v'WPrf* 


ASewin nn uhfa 4 i. Bsrv owed Blade invesnuenU, an isle or ■ irom its invest- MB hui» auviuo wo ivtvi anai-^as supenoegr reanoay Has more man w-(£ 7 ^a^>LrmalQSW a cumubtfa' -V-- 

to fta nrflSin^EaiKyrer Man registered client of the Illingworth Morris has sold Its ment in Carlton, where the pros- hi the context of Forster’s net yesterday at 72 p which would whoBy owned or joint venture total for toe sear to June 

rtnmA merchant -bankers Lazard - 2 , 033,600 shares In British Mohair pective gross yield, on the sale current assets of over £Lm at put a value of around £ 56 y »0 on coal mines spread across the UB, AS 5 , 8 m. (£ 3 . 47 m,), compared ' • 

jnrmtiar. wares price Brothers has contracted to buy Spinners at 43 p per share for a price of 165 p was around 5 * per December 3 L 1977 . the outstanding minority. RKT but mainly concentrated in A$ 6 . 24 m. to the finroto® menu 

. Marler family holdings totalling net consideration or 870 , 000 . The cent “Even If we used toe cash last Jesr earn€d P«Mw profits Illinois, Indiana and' western, of M 78 - 77 . 

Now Mr. ward has «wne mck 52.15 per cent of the group.. But shares were acquired by a spread to repay shorn terra debt where LUULofcUbt of almost Urn. on sales of £ 124 m. Kentuoy. Thfi iProffr on «^^fy oueratioi?'' • 

with an offer for toe rest of toe j t ^ ^j so making a general offer ofinvesting institutions. toe interest rate is watt above the Kteinwort Benson has purchased The coal Strike lasted from- v, BarftKte wx Ailflan. i*. 1 ?’ 

company's capital, -a move, WtaSi for jvtarlcr worth 25 p each 10 In accordance with stated 5 * per cam. level we would see a 289 . 500 . shares of Cocksedge, APPROACH MADE December 6 to April 3 ;. .hot :<Ud ixaowtfweztt qairee: '' 

If it succeeds wdM return it to toe minority holders. Acceptances for policy, toe proceeds will be used better short term return.” said approximately 21 per cent of the -rr» r^A not cover the whole of- the Qt prodnetibn' wwT amt* r * ' 

Bsts of pnvate companaes.. its general offer will be made up to improve liquidity, said a Lord Bayne. capital, tor £ 275,025 ( 95 p per AU CAAJ.l«lxaj • industry. - higher l£m in toe OTzmrab"^ 

The terms are 29 p for each to an initial 30 per cent stake by spokesman for Illingworth. The LMS plans radically to reduce fbare). The stake was, bought the nutteabte fnm- The extent of Peabody^ loa A»S 2 AiLbQtcStewS< ‘ r 

Ordinary share which compare drawing upon the Marler family's shares had been rising recently its short term debt which ex- for Wetowort Benson’s own founders, has received au was disclosed byNewmont Mtaing, ■ ffier-mdlSSi^SESK »'r: ' 

with a market price of 28 p just contracted stock, the balance of presenting a good opportunity to Carlton probably amounts to be- ac £ ou ?^ . approach which may or may not toe diversified m iner al s ■group.-.r^j ^ ^ : 

Store toeuuouDCVnenLAfter- that stock wfll be acquired in seU, he aid, . tween flOmTSd rest .Cocksedge completedta finan- lead te being atiteAr which holds ra W ‘ - 

wards toe shares rose 2 ip, but October. Marler directors, includ- A short while previously, niing- ©f the cast— and u«s is expect- fW year four weeks ago . At the the company. A furtoer 1316 loss sliced 818 . 6 m. from New- . . ^ Sf f< 

i^^closed atTOo This ou ts a inz the niiatmi^ii and manag in g worth also sold 298,500 Ordinary lug to raise around £ 20 m by the interim stage, its profits were up announcement will he made as muni's first quarter earnlgs/ ' lyoatBgure 

on WSA o?H.7ia!%£?%£ director ™Ue MariSTplaE shares _ and 42*00 Preference taS n70 ’W> at s*** 00 - so ™ “ . _ - ^Ttds resulted ta.NewmoutWig S 

than in Novembsr when Mr.. Ward to retain an 1 L 7 S per cent, share- ^aresm Yorkshire Fine Woollen the group's other ■ businesses ctaNTTOPF TAT TfS OFF t0 -AJTSOOO' against a profit dj£ 5 ^^^ 

paid. 33 d per share for his quarter holding in the group. Spmners for total considerauon of which include property and North S >1 AINUOrt, iALKb UfJr yesterday. with net profits in the fii?t three , pnmt ^ 

interest In October, when Blade will £ 100 . 000 . Sea oil interests. Stanhope Genera] Investment months of 1977 of $ 2 Jm. or 10 

ittr. p.ni TJriBtni have up to S 9 per cent, of the These sales do not necessarily A further factor behind the says that as no definite offer has PACTEL cents a share. : mcome -to SA 2 . 7 »m. -f 

wrK ei ?h?;™H.‘ SSrrp? hk group, depending upor public fiean that other stakes are about group's decision was' apparently been received for the Ordinary paCTEL(PA Comuuteri and J^wmont mit Jagrttier^a.ora- toveetoa«r 
StoJudeSSXtoelid^tU to? acceptances, .toe ownen . «lu to .be sold, toe spokesman said. Lort Rayne's concern stout the and Preference shares of the. som- Tri^oSihi^oiSr?Srf toe f**™ SrSL P t 5 WSnto £%?**** M f‘ ,B ' 

*Zrith its either a placing of shares or an disproportionate market valuation Puny from toe potential offeror PA international Grom has font Knng»tt Copper for SUbp. ™ Cwe. 

Board had discussed it with its ^ ncrease jn capital that will take TAT RPY / WARRFN of the Carlton interests, is re- who made toe approach men- last year. Kenecott was reqtrired Nortb BH shares m Londc,' - 

S^lSfcat TSd^AitS^H^dtd lts M** 1 shaSholdlng down to fleeted in the group^wn share tioned in toe azmoSncement of 5 oM?Je 5 f “sp?SS^a^ ye ® te^iayweI,6 1 Cf 9 f- 

between 30 and 40 per cent. J™** Gr °°P , received rating He said yesterday that ou February 24 , discussions have now rooVTltan^ a BaKS to .divest itself of Peabody for 
S Blade is to buy the whole acceptances of its offer for James mark | t valuaUoi Cariton accoun- been terminated. SSSS^nSiflSSSv™* ^ anfrtrust reasons • - - • : MINING BRIEFS ' 

impreKed with Mr. Ward smee £ 100 0TO fssye of Marler ’s 7i per Warren and Co. in respect of ted for around son of LMS 's cur- computer consultancy. The otoer members eof the con- mount - 

^i^don « nL Convertible Unsecured Loan L 363434 Ordinaiy shares ( 91.32 . rent price of 55^7 - DAVY BUYS UP TCR DDrtDI? . sortfum are WllUami^ wfaiCh also - «wMtato 

pany and the working relation g toc t 1590 at par. per cent), and m respect of its “The deal will makes substan- Daw lnternatioiml has com- NO PROBE holds 27.5 per cent, Bechtet and T *™hh ib > . R miM i 9/Mm w*m 

^ Blade P ,ansPt .° appoint three offer for the Preference share tial improvement in lfquidity and plete 7 the purchase of^lhe out- The Secretary of State .for 5 Sf ln8: n each ' ^S' X ua ■ 

The other major shareholders new directors, including a new capital, for 133.905 4.5 per cent, to asset tier share valoH" he said, standing. 2 D oer cent, of toe shares Prices and Consumer Protection Floor Corporation with 10 ' per _ 


f cm 


or xa 

rec<il|l 

li:«v i 

: 

:-A r'S 


he other major shareholders new directors, including a new capital, for 133,905 4.5 per cent, to asset per share value.” he said, standing 20 per cent, of the shares Prices and Consumer Protection Floor Corporation with 10 per c^rcenmuas produced 
the Prudential, which owns chief executive. And Marler Cumulative Preference shares of “and we shall retain a major in Turner Chilled Rolls which has decided not to refer the pro- cent, and EquflaWe ufo Assur* frames) 


just over 5 per cent, of the shares, director Mr. D. Bussell said yester- Warren (99 per cent). It is the minority holding in Carltoa” Davy does not already own. The posed merger between Castle- knee with 5 per cent 

and Electricity Supply Nominees day that potential new directors intention of Talbex to acquire ■ Meanwhile the deal has aroused vendors have also sold to Davy mere Properties and Property 

with linrlnt* A war non f hoi-n hoan ohnean A r t h ni r AAmniilcAnlti tho mttrtonilinfv mM.i.lAfioit ik. . l nH J i«.--=i j: . ^ — —A TnvA^f-mnvif nurl VIviawm 4 L« . *■ 1 V 


with under 4 per cent . have been chosen. As their compulsorily -toe outstanding speculation about the future of the land and buildings at Ipswich Investment and Finance to the] Fnm 7 nrrc< clan- -- ■ 

Mr. Bristol confirmed that a bid companies have yet to be told, he Ordinary and Preference shares. Carlton’s major stake in Inver- at which TCR carries on its busl- Monopolies and Mergers Commis-I EdiUlllU^ Mill;' . - 
.would also be coming for toe is unwilling to release names at Offers remain open. **— — — — ’ — — -■ — 1 M 


gordon, the whisky distillers and ness. 


British Transport 


frames) 53,784 5 tlv 

Cmae o£ roaoeotrara 2S.29% aes _ 

RnlinUe Metaii fn - 
-Cor gi iiiit T 

Copper (toratt) • I 3 .S 49 - 1S,W^ 

CoU <Brsnn) SSBJU VTlfl 

SOver (srams) — l^SSJTS 2jlS\I 
BlSIOn-JANTAR (NICER I A) — Omp 
of o w w e nt rate g for Febmarr; Us ll-.iiitp C 
totmee. colmnMlc 40.M tnmn. 


qf IVnrfll TUX BISICHI-JAHTAR (NIGERIA] — Omp 

-Stl. iiUllll XWLA of oonoemrates for Febraarr: tfn 4 I_' .p 

AFTER NINE-, mouths ot . ite SS ^SS%iVSe 
finaackd year, net profits «t wtr 7am tonanc 



BP Australia helped 
by coal profits 


published •• 

juezdzy and " 


furtherlmprawenie n t 



i.- z : 1 .: w j -*.r: ■ 


Salient points from statement by 

the Chairman, Sir HumphreyBrowne: 

• Profitability up-£29m. before 
interest and tax 

• Return on capital 16.8%— further 
improvement in cash flow 

• Imported petroleum* iron ore and 
coal down-general cargo services 
expanded 

• Major contribution from 
stevedoring activities 

• Further early repayment of capital 
debt-no borrowing from 
Government since 1972 


Results year ended 31st December, 1977 


vy tlf(U piUUIA .,*35 isa iNVBWei 

HBTI 2 SH PETROLEUM of llao pricing, - CSderbras, fh^ 

Australia earned more from coal Brazilian State steel agency i • ' 

hi 1977 than from its traditional contemplating offers from l --*ri Frera 

pefrtHeum activities, reports James Australian coal . groups, write ‘ : ■ - ■ '-js 

Forth from Sydney. ■ " Dtana Smith from Rio de Janeiro 

Grau eannngs of toe company. compa nieg i nctade Bn&atui 1 ' -.?s 3 

wtaoh is whoHy owned byBPof Borecole. MnjU «nd ^ 

toe UJC., iumiped from A$ 2 . 4 m, to are expected to be — 

1976 to A* 2 to. (£17 Ax), but no. ctadedta the near future. pm rd 

dhrldemi wfii bo paid to tho : • * ' "* . * . ^.imv WflTilS 

parwt. AlObit cuhlemetiied pbo^ihatal^ | IWIJIH 

Hie result was reached after deposit has Item fonmi -fa 
equity accounting for -toe 50 par ■ southErp ■ ,Iran, *np .J>^n^phatra »^— 1 *****‘*"* 

cent interest in Outoa Devetop- D^aitiuent. amnnmred^ lr . - 7 ^ 

marts purchased iasf year for Teberan Ceome^ a^ BRGM 0 ^ 4 J % 

AgLfiZm. . toe Mahshaar petrou n i; 5 -^^ : .J 

BP d Lrectors~p 6 inted out that ^ . The- deposit viffl meet the ; 

without OutoaVJcStril^&tion-Ht pl ^ ntft,r ' the next u ’[ * i ^3 

is too toird largest' ebidprodneer years. ate.* ! 33 

in AuslraWa— group profit for toe Y** La' of ; -Pi 


iiY NOT! 


'.a- al 



1977 
£ million 

1976 
£ million 

Gross revenue 

110.5 


Rnofit before interest * 

29.0 

25.8 

Return on capital ' 

16.8% 

15.5% 

Net profit after replacement cost . 



depreciation (based on movement in Retail 
Price Index) and interest before tax 

15.2 

12.3 

Tax (a) payable 

6.6 

3.4 

(b) deferred 

1.3 

2.7 

Net profit after tax 

7.3 

6.2 


year would have been A» 13 ^iil, A/f 1 \/fY r ^ ? c«, irairHiro— "C — 

still a substantial rincrease' ou the ItJLIvAV^ ^ YU 1 HU 1 . U ~ 
poor 1876 result, and hi^er than . ,,i: ‘ 

the ASllAn. earned to 1975 . Wltil LOHIlDOr . i. 


poor 1970 Result, and higher than . ‘ 

« with Comibol . -i, 

- Fn ttg^on^r MMAYSMW M1WNG Cwp w • 

" T ■?» 5 S^SS& ” 


• :ae. 


1970 1971 1972 1973 1974 1975 1976 1977 


Capital 

investment 

financed 

Internally 

Return on 
capital 


•ttoeWoESoTSr^sSdSS % sswjjaiv.;. - : = ^ 

A$ 81 m. to A$ 127 nt, reflecting toe Sj 1 R Tli S P ?S.JJ 0,W Suhmg:^. ... 
payment of' the first -of : throe S 5 m« 2 f "■ 

liurfaknente . on C&ufea and the T ^ sraior Comiboi. offic i a l , My 5 -.i;> - : : : •= 

redemption of AS 12 . 7 taL ot ileben. 555 SSVS? tJ’SSf ^ Mi 

tom jatnHr - that tn .0 uifidgc would Dfl operate c - * ±zz ■ * 4 ;i - 

• . ' ing In toe Orura regkm, and,' "' 

ROUND-UP ^ * *”* '{£ 

Shareholders in Marievale, the . ** ! .:*t 2 .v 

Union . Corporation goldmine in r er . o£ Bohrian tin delegation - . 

South Africa, are to receive a n ?, " - ; V.vTr 

capital repayment of 25 ■ cents other details, but said be expected , _i -■:* 

( 15 . 75 p> per share. This reduces g® agreemoit. to -be finalised bfy .;. .. V.;j 

toe share . capital to A 5 m. shares * , 

of 25 cents each from 45 m. shares JiJSS^£ffSSSA 2 SS=*-s i V ,.: ^ 
ot 50 ceots each.- The mine Is In. -“J™** J? a"::*, “nil 

o« w,' • sss!M,r. tsattBs: ^ w 

Depqgtadf high grade iron ore be^ rrnwel agree S ‘ - 7 - 1 ? 

have been discovwed , in the to allow SO per cent equi? fot~ -.— . : = 

Kohistan region of fhkistanls Malays. -*i 5 ; “ s: ‘ 

tT.mffh| West Froutler province. In a statement the Selangor,- 


52.7 

67.0 

100.0 

100.0 

100.0 

100.0 

5.6 

6.1 

7.6 

7.8 

8.0 

15.5 


Port Highlights 

The port of Hull attracted 18 new cargo services during the year 
andarecord430,000 passengers passed through its Continental ferry 
tom Inals. Grimsby and (mrmngham handled 964,000 tonnes of 
steel exports-another record. Goole, too, enjoyed a successful year 
with over 4,500 ship movements. 

Garston’s trade rose by 16 per cent overall, with iron and steel 
Imports doubled and Fleetwood raised its throughput to its highest 
level ever. Silioth dealt with record cattle imports and Ayr handled its 
largest-ever ship, which brought timber from Canada. 

Swansea handled more than 480,000 tonnes of steel 
and Port Talbot achieved record discharge rates for iron ore. 
Newport tea imports more than doubled and car exports rose by • 
60 percent. 

Barry Increased its traffic significantly in 1977, and Cardiff 
estiblidied new trade links with South America and the Middle East. 


During 1977 Southampton dealt with over!4 million container 
units and more than 100,000 new vehicles were exported or imported 
through the port Plymouth set a record for tonnage handled at the 
port with a12 per cent increase in trade. 

King’s Lynn and Lowestoft both dealt with their highest 
tonnages since the BTDB was established. 

A copy of the Report and Accounts 1977 is available from the Secretary, 
British Transport Docks Board, Melbury House, Melbury Terrace, 
London NW1 6JY. Tei: 01-486 6621. Ext 626L 

British Transport 
Docks Board 

&ssS! IKS' Britain’s leading portauthority 


SeeJdug to reduce dependence win find.it difficult to get Malays' 'vv ^ 
on U 5 . coal suppliers and. takB with the. capital and expertise io^ ; '•—T' 5 '* \i 

advantage of competitive Austra- take up this equity. ' : r : ~: t? • rl 

RTZ’s Canadian moves i- -P ^ 

,,, Tta*“*Ztoc group’s 35 A per cent. Mr. Alistair Frame, '--; = vs' 

Pri nce is jo merge ^th. deputy chief executive of RTZ, .. ? ';l- k v? 
. Canadian^ N atural Resources and wffl become chainnan of CNR. ^ 

ICoseka Resomrees to form “a Brinco assets Include major ex- -L : =■> : i?ft 

I single enterprise in the field of ploration concessions inNew- ' T- .' T^T" ! 

| natural resource exploration and founiDand and Labrador, a. stake W ^ 

HavoInlmAanf 11 Tho offoof nf of ca i ..... > • ’• . _ _ _ L 



Brinco) ^5 per cent; end present approximately. C$ 8 m. CNR, which -v ^- .. : L 

CNR shareholders (exclud i ng is also involved in the petroleum. :=so : -*2 

Coseka) 10.65 per cent and gas industty, has an annual liil- ---V : ,i}‘ • -t 

RTZ will hold a net beneficial cash flow from these operations '1 ns-; - . :, :i :«!' • -t 
interest in CNR of approximately of about fy sw U> r i ;“ 5 «’ - 


Bros. £0.78m. profit 













4 


piianclai Times Frtfay Apri-I 28 1978 



DIRECTOR OF 
MARITIME 




. ‘-K 


• V uV Anoilcaiits must have a minimum of 10 
:* • ; VgSence in shipping, with, at least 5 y« 







years ex- 
years as a 

Sr Executive .-in a shipping company. 

Full responsibility for the commercial and 
technical management of a fleet of over 50 
ships' and the control, of offices worldwide. 
Advising the President and Board of 
Directors of shipping and related projects. 
.Member 1 of a small team of Executives 
■working on numerous projects where your 
general- -^business experience will be 
appreciated. - 

Base* will' be Geneva, however/ extensive 
travel will be required 
plealse send your application to: 

The Personnel Manager, 

Inter Maritifne.Management S A., 

5, Qua! du Mont-BIanc, 

1201 Geneva, Switzerland. 




U5INESSES FOR SALE 


JiM 


lr . 'V FOR SALE OR ACQUISITION 

V?"H!gMy profltaUe yoang manufacturer of equipment selling 
to fast food chains and restaurants worldwide. Excellent 
; ^V financial position and growth record. Sales over SI million. 
-• v': ^Located Eastern Seaboard (U.S.). Owner seeks well-earned 
. “»! jetiretnenL 

- principals -only-- Write Box F.1011. Financial Times, 10, 
' Cannon Street, EC4P 4BY. 








s? ralla 

protits 


Businesses For SaSe/Wanted 

are now published 

every Tuesday and Thursday 

* ON- THE BUSINESS. AND INVESTMENT OPPORTUNITIES PAGE 


’^'fbr: further Information contact Francis Phillips on 01-248 4782 
^ or write to hlm stthe Financial Times, 10. Cannon Street. EC4P4BY 


Company notices 


- 'TJ- 


AR8ED SJt 


• Ad&fts Rfonies. de Buitach, 

. T l '\- '■ /• Etch, Duddange .. 

Sodvtd Anonym* . 

'* !\Jf f)% 19*7/79 Loari of 
i .L‘- US$ lOjOOOJMO/- 7 

.. UK /ntUIroenf at bond* to 

*■ I :■» namioji valve of SUS1-5WXD00 
• v , _ naturae . June f. 1978- bas been 
_ momma ax toilwv" 

- Btnts -at » nominal . value of 

- WM.S00.IJ00 have been brawn by 
" he Bm bear Hie following numbers: 

- - Ita. Slffo-3S3."356. 358 361 
::»b"S7». 383 to 399. 420 to 446. 

_ _«T to 485., 487 la 493. 495 to 

- 49B.' 609 to 523. 4172 to 4185. 

. 41gg_?o .4225. 42JLT- 4231. 4 Z3B 

. . .. .10 4289. 4272. 4274. 4279 to 4286. 

o< -42M to 4292. *29* to 4299. 4301 

- ■ » «P3. 430B, 1o 4326 .4330 to 
. _4S» 4335 to 4342. 4344 to 4347 

4349 H 4387, 4SS9. 4391 to 4394. 

-.-•4W7SB *W4! 4409 HO 4421. 4424 

• • » 4*32. 4434 to 443’. 4439. 4443 

44S1. 4503 to 4504. 4513.10 
. ; 431B, 4&M a 4555. 4571 to 4580 
-592610.8005. BfllO to 6012. 6023 
.7- 10 6040, 6042 to 5044. 6046 to 
,.. 5095. 6130 to '6185. 6192 to 6Z0T 
— W 3 ta 5207.. 6213. 6216 to .6218. 

. . . «2B » 62S4. 6256. 6259 to 6260. 

. 6262 to. 6288. 6291 to .6305. 6307 
-•in BHW. 7116 to 7122. 7124 W 
-_7]ES» 7l23 to 7136, 7138 -to 7143 
-2147- to. 7149. 7151 to 7202. 7209 
- ~ 1? 7258 to 7260. 7266. 7273 

10 7274, 7279 . 72BO to 7282. 7286 
... ■SnZ ZH t Tza1 TO 7235. 7302 to 
• W?- 7309. 7312 to 7330. 7341 

‘ ■'S-P 4 ?! 7350 to 7354. 7356 10 
. 7JH. 7365. 7369. 7378 to 7387. 

• 7 391 to .7402. 7405 lo 74 30 

- -TSWMa 1 7*34. 7440 to 7474. 7476 
~ . to 7479. 7481. 7*90. 7495 to 7519 

'Zpsto 7527 . 7836 to 7537 7542 
•iTLZ 5 ?*: 7353 to -75S7-' 7571 to 
7986 to 7600. 7622 to 7625 
EJS 7629. 7632 to 765*. 7«56 
3*7. 7561 lo 7566. 7670. 7673 
J8 7678. 7678. 7684. 7697 to 7699. 

■ 7,5 *• 77a’ to 7726. 7727. 

, 7732 |D 7737, 7751 to 

’ '■ .SS- 7757 to 7770 7777 to 778 3 

- • ^-ZaS'to. 7767. 7795. 77BB to 7612. 

. .-J«*to-7B22. 7825 to 7827. 7831 

-'SS-TNiO. 7845 to 7856. 7860 fo 

•••'255 < 2* W to 790J - 7905 to 7908 

.-79 to to 7915. 7918 to ?9J5 7975 

■ ''SLI 81 ?- ’ 81)48 to 8050.. 8053 to 
.'•255'~£ PM ' BMa to -8072. 8331 ta 

8105' Id' 8109. Bill to 8112. 
>H9 TO 0134. 813B .I0 8145. 
.’Mi 7 - W61 to 816*. 6173 to -8179. 

- *’*» b» SJM S1B8. to 8210 . BZ 31 
® K,*2. 8261 to 6362 - 1 50Q 
tWoiMwis of 31151.000 nominal. 

_- r »w.P ,elt .bmtoi will be osvable *» 

, fTli‘5 e,r nominal value of SU51.000 earn 

• ff l -, | e afttr jane 1 . 19?B it the 

• ^ j *■-* 1 of the Paving Agents. 

' ' . : 7 '* e ! wfii eeaw to bear Interett on 

•taS* 1* 7978 lnt > matt be wresen»8 
fr retmbnrvqiBnt with cousont from 
- 1 BDC. 1 . 1979 and following attached. 
'..The following bonds pweloujlv 

- . '..JW.iW .not m been prexented 

- 'or. rcdeoipdcm:. 

Bond* called - for rtdmMlon on 
1. 1974 

•Ns. 8477 - 1 bond -it *U5r.0n0. 

. Baodx called for re demotion on 
Jana 1. 1976 

.Np. .4665 to 4670. 4SV0. 4-831 TO 
. J55*. 4985 to *970. S003 to 5004 . 

. •ssit.oos: 5425 - 19 ' toflds ^ 

■otoh caned tor w d aetlte a on 

- ' _ June 1 . 1976 

,-No- 1 873. 1882. 1934, 1941 lo 
y- 2*«. 1949 to 1950. 2059 to 2060. 
2101 to 2102. 2119. 2123. 2133. 

a «42. 2168 2251. 2296. 22M. 

« to 2419 242T- to .2423. 2442. 
*7 to 2449. 2500. 2520. 2614. 

' .-225 to 2865. 2B92. 2980. 3158. 

- JJ91. 3214. 3288. 3314. S39B to 
. S389. S762=*4S bond I Of tUSI-OOQ. 

. Bonds called for redemgilon oh 
^ « June 1. 1977- 

' , 9 to 10. 12. 26 to 35. -39. 

117 tt 120. .126, 186. 203 to 207. 
/Z32. 234. 246 to 247. 2S2 to 25S. 
Si; sia - KB3 to MOO. MM, 
SfSJ to .54*2. 8477. W79 to 8480. 

M9S - 8500 “ 8501 ■ 5513- 

- to aS4fl. 8562. 8570. 8583- 

- ■ - v®? 0 ! to«n. 8636 -10 a6SS. 6S57 

j: i i''to8S5g. 86*4 to 8665. 6691 M 


« 1 




v I - 1 |»5. 6700. 6746. 875®. -8715. 

. „ IS** to BSUB. 8952/ 9017. MM. 

x 9114 to 9117. 9119 10 9123.' 

— ^ -'n 913S. 9133. 9144 W-91S5. 9157 to 

** |1 ! 1* 92m - M* 8 - “51. 9280. 

*» . ‘,.1 ; . 1 L * M 9305. 9317. 9546. j»4b 

> ? 1 , L ‘ -rf* ® S5 0- 9476. 952 2. 0524 to 952b. 
.’!*•** ' 95S6 W 0557. 9559. 95^1 

^•9667 10 9676 .9683 to 9685. 96»f 
: to -M92, 9699. 9702. 9705. 9/4’ 

‘ to 9747. 9752. 9756 to 97»|. 

- 8766 to 9767. 9774 lo 8778, S25‘ 
•■•2EZ tO'ffIS, SS41. 9859 » 9B60. 
• HI? to W 7 '. MB3. 966B to 9369. 

' :'2SSS"to 9897. 9903, 9909 to 9910. 

. S23? 1ft 9915. 9977 - 236 bonds 01 

- »»1.000, . 

bawoSe MNERALE DU 
LUXEMBOURG. 

. ' seclttt Anonym*. 

. . ' - tatenfeoarg. ApriL 26. 1978. 



NOTK1 TO BONDHOLDER _ 
ImuaiSHl RAVQM COMPANY LIMITED 

3% GUARANTEED BONDS DUE 1969 
-AIM 31*1 M*ffll 1-978 the 43B«*«tt 
rinmai amoant 01 s«h bonds remaining 
•^NWatlon wax V5S9.605^90- <n *wd- 
“{■ Mlb, the prouiuoiis Of u« Bonds, 
“to h hereby gtvea that In «wjM» 
“2?® 7® 31** March 1978. the aggregate 
-5Se2£« emoont Of bonds ourchdaed «« 
SWJKHj. The debdenev to be tarried fory 
*^«««r tbb terms of the uurenaw fund 


BANQUE FRANCAISE DU COMMERCE 
EXTeRIEUR 

- U -S425,00flj)00. FLOATING RATE- • • 

- NOTES DUS IMS, . ^ t 

ih~L*toordaiBe wnb (be provisions 0 * th* 
notes, the rate of nMgrtst "*s been 
n»LA 81 *% P®! Oinoip tor ,h ’ 
*RSL?*tod ■hdmg Ortowrr 27. 197B 
.wCtototi doe on such 1 


ibta 


... doe on such date "fill be mv 
“M n surrender of-Ctwso* ns. 4. 

, 84NQUE INTERNATIONALE A 
WfltEMbOURG .SQCIETE AW0NVM6 
. . Tiuaice 


INTERCOM 

SOCIETY I NT Eft COM MU MALE BtLQI 
DC GAZ ET D'CtECntlCITE 
Soclebe annoy me 

Place du Tromt 1. Brussels. Belgium 
NOTICE OF AN EXTRAORDINARY 
GENERAL MEETING 
■ notice (s hereby given that an 
extraordinary general meeting at the 
shareholders of INTERCOM will be 
held on Tuesday. 2nd May. 1978, at 
11 a.m- at the Registered omce of the 
Company, place du Trone 1. Brasgeli. 
Belgium, as Ibe regally requfrea 
quorum was not present at the extra- 
ordinary general meeting of April 
TDtli, 1978 the meeting of May 2nd 
will deliberate validly op the agenda 
summarised here below regardless to 
the number of shares befog rapre- 

SUMMARY OF AGENDA 

1. (a) Increase of the share capital by 

Belgian Francs ' 4.603-J2B.OOO 
so as to bring It from 
BF Z2. 771-455,300 to 8F 
- * 27.374.583.300 bf creating 
and Issuing 3^22400 shares.' 
of no par value_of the. same 
kind 'and with' the same 
rights and advantages as the 

• existing 16.932.000 shares, 
except that they will only 
participate In profit sharing as 
Wn Mav 1st, 1978. 

These 3.422, 40tf new shaTS 
will be issued at BF 1,3*5 
each, plus a premium to be 
bxed - by the meeting at such 
amount . that the Issue price 
does not exceed BF 1.80D. 

They will be ottered for 
p-riic subscription for cash In 
th ■ proportion of; 

— 3.386.400 shares to owners 
of the 1 6-932.000 existing 
shares who will be entitled 
to subscribe, by preference 
and as of right on the above 
conditions In the proportion 
of one new Chare for pverv 
6 »e existing shares, without 
delivery of fractions: 
—36.000 shares to members 
of staff who will be entitled 
to subscribe on the above 
conditions and according to 
the terms heed by the 
Board or. Directors. 

Shares which are not sub- 
scribed for by members of 
staff will be offered for tub- 
scrlprlon to Olivers Of Scrip 
certificates reore* filling corre- 
sponding ' subscription rlehts 
whlrh will be U.M ori bo*i»M 
- of the Issuing company on the 
Brussels. Antwi^p and Luxem- 
burg Stock Exchanger, at the 
same time es unvxrrclsed 
preference rights related to 
evh'lqg durw 

The subscription price of wir 
3.422.400 new shares will 
have to h* lullv paid uh on 
aiifwcr lotion. 

CM Allocation of the premium 
. resulting - from the tssuino 
price to the payment of part 
' of all or the lS‘oe costs, and 
Of fhy balance If anv. to the 
undfeMtettble reserve which. 

• as well as the other contri- 
butions. will be the guarantee 
for third oprson* and ran 
only be reduced or cancelled 
bv decision of extraordinary 
general meetlnp on the condi- 
tions required for alteration of 
the Articles of Association. 

2. Mofl'H attain to the Art Id—, of 

Association, so to make the 

’ share caotal Stared In article S 
In accordance with the revolution- 
to be taken bv the meeting on 
Item 1 of this agenda. 

3. Delegation of powers to the Board 
. of Directors, so as to enable them 

to execute the resolutions taken by 

the meeting- 

Holders of Share warrants entitled 
and. wishing to attend or be repre- 
sented at the mooting should. deposit 
a certificate of - their holding from an 
: D d£rt£d drpos-tfrv ,, least six days 
before the day ftxsd for the meeting 

— Mwiand Bank Limited. Oversea 
Branch. F.O. Box 181. 60. Grace- 
church St r e e t. LO^dOP. E-C-X. 

— 'Raneue de Pari* Et F^v»-*Lajs- 
5A:. Moorhouse. 119. London Wall. 

— Banoue* Beitnr LllWltWl. 16. SL 
S*. Helen's Place. LonOnn. E.C.3. 

— Raring Bijrthefs and Co. Limited. 
88- UMdentiail Street- London. 

— Hm^Samuyl and Co. Ltafffwtf. 100. 

Wood Street. Lowton. E -£ 2 ' 
ThertudOB an admteton card *»«» “ 

lH A < iiwmbef Of Ihe Comoanyrnmled 
to attend and vote may *PP«in* » 
Proxy or Proxies *?„ 3nd ° ff 

a noil to vote. In h is rtrsd. 

. Such Proxy must be » 

The hin agenda ' ln ■ FwBCI J_ t 9J2iifh 
fiwTng" ‘'parttculaS^'o'? 1 

may be obtained irpm the banits 
referred to above- 


RELAX & RE-CHARGE ! 

ENGLISH! RIVIERA — END OF NS 
Quiet . Rtsldanii*! Are». 

1 leant,. c/n„ ieff*c*wfid8- 
S Fl4«*: rtO-5D LOW (?«'. ? 
£65-Cl 05 |».w- «n P«« ^ v '''' 

OAK PARK H?£J0AY n ^S oN * 
HOUSES. OAWliSH. 5. DEVON. 
EXT ODG- 

Writ* ta- brtJchu r « Df P^"* "O’* 
R*sU> Ffpprt- fl<26-*W1 |3 - 


PUBLIC NOTICES 


Executive Search 
Consultant 

Ssi up over five years ago 'Plumbtev/Endicott' is now ranked as one of the top 
executive search consultants in th? U.K. Our client list contains many blue chip 
national and international concerns and the bulk of the assignments handled are 
for appointments in the 5,000 salar/iange. We nave chosen not ro 

specialise in anv one industry or tuncuon and believem offering a top-quality 
service in both executive search and in confidential advertising using 
whichever will be me more efficient and effective method. 

Business growth enables us to accommodate an additional consultant. The main 
criteria are a proven record in senior management: the ability to assess people 
and the via Dili i.- of board level appointments: persistence, poise and self 
■confidence. Previous experience of executive search would be a great asset but 
is not vital. Age is of less importance than the ability to build lasting professional 
relationships with clients. The consultant appointed — man or woman - will be 
given every encouragementto build his/her own client list. .. 

An attractive remuneration package will be negotiated with a very real reward 
for individual success. - : ; - 



Ccntact in confidence Philip Plumb'ey or Alan Enoicott— 

Plumbley/Endicott & Associates Limited 
Management Selection Consultants, 

Premier House, 150 Southampton Row. 

London WC1 B 5AL Tel: 01 -278 31 1 7 


, EAST SUSSEX COUNTY COUNCIL 
ss.Qou .oo- 1 wi> yK 

w,Jllrt at 

2S. 75i Total OaUtjoBlhfl E.7m. 


ROCKDALE M^^TaH BORO^ 

4L16J50O.900 anil Uf* 1 * *'• *•*“ 

Bill* outtttfldlffB. 


OIL BURNER SALES 

U.S.A. 

A TOP NOTCH ENGINEER 

Is required ta market ~arid sell our power station oO burners and controti In the USA. 

The successful candidate will be qualified to H.N.D. or degree level in a field covering 
combustion/fuel technology and will have an in-depth knowledge of the application of oil 
burners to both oil-fired and coal-fired plants. He or she should also possess commercial flair 
and. ideally, should Already have developed contacts within the U5: Power Utility network. 

The position requires a person with considerable' drive and stamina, but the rewards will be 
high. An attractive remuneration package consisting of higH basic salary (e. £12.000). company 
car. subsidised pension and health scheme, and. sales commissions of 1% of sales in excess of 
$500,000 per year will be offered to the right person. 

We envisage chat the candidate will operate initially from' the U.K. on extended sales tours, 
with 1J days' paid leave accruing in the U.K. for each week spent abroad, in addition to an 
annual leave allowance of 4 weeks. 

After a suitable period we envisage offering a directorship and shareholding in our North 
American subsidiary and, at that stage, relocation in Canada. 

Write Box A -6343, Financial Times. 10, Cannon Street, EC4P 4BY. 


LEGAL NOTECES 


In the Matter of HAYDEN KERRIS 
LIMITED and. In ihe Maun- of The 
Companies Art IMS. 

NOTICE IS HEREBY GIVEN that Ihe 
creditors of ihe above-named Company, 
which -Is betas mumarilT wound up. 
are required, on or before ibe Slsl day 
May. 1818. 10 send in their foil Christian 
and surnames, their addresses sod 

dMcrtptions. toll particulars of thrtr 

debls or claims, and Ibe names and 
addresses' of their Solicitors ttf anjl. 
'O the undersigned Dark! Saxton Watson. 
Chartered Accountant. of Messrs. 
Safferys, Commercial House. Chapel 
Street. Woklns. Sotrey. ibe Liquidator 
of ibe laid Company, and. if so required 
by notice m writing from the said 
Liquidator, are. nersonallT or by their 
Solid tors, to come in and Prove ibelr 
debts or claims at sqch ume and place 
as shall be specified in such notice, or 
in default thereof they wlH be deluded 
Pram ibe benefit of any distribution 
made before such debts are proved. 

Dated this 21 si day oF March. 19TB. 

DAVID SAXTON WATSON. 

Ltmridaior. 

NOTE.— This notice is purely formal, 
all known Creditors have been or uiU be 
paid In full. 


Vo. DBJJTO of 1978 

In the HlrtH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
lire Mailer of JULIE ALAN LIMITED 
and in the Mailer of Hie Companies Aci 
UM8. 

NOTICE IS HEREBY r.ll'EN lhal a 
Petition for ihe windjno up of ihe above- 
named Company to the R'sh Conn of 
Justice im on the SOib day of April 
118 presented to the said Conn to 
rVFABRICS LIMITED of 19-83 Gt. 
Portland Strert. London. W.l. and rtiai 
the said Petition Is directed ro be heard 
before ibe Conn Mttiua ai ihe Royal 
Courts of Jusim. Strand. London tVCLv 
2LL, on the 13th day of May 1978. and 
any creditor or contributory of Ihe said 
Company desirous to stlDpon or oppose 
die m Rhine of an Order on the said 
Petition map appear ar ihe time of 
hearing In person or by Us Cmmsef for 
Dial. purpose', and » wpt or the Petition 
vrIU be furnished by ihe undersigned to 
any creditor or contributory of the said 
Company requiring sucb copy on payment 
Of the remlared charge for tbs same. 
BIRRBEtiK. MONTAGU'S It CO- 
T 5i. Bride StreeL 
London EC4A 4AT. 

Solicitors for the Petitioner. 

NOTE.— Any person who. intends to 
appear on the hearing of the said Petition 
must serve .on or send by post ib the 
above-named, notice ta writing of his 
intention so io do. Hie notice must state 
the name and address of the person, or. 
fr a firm, the name and address of the 
firm, and must be signed by Am person 
or firm, or h's or their solicitor flf ansi, 
and must be served or. If posted, nnffl be 
sent by post m sufficient rime to reaeb 
Ibe above-named not laier than four 
o'clock In the afternoon of the ISA day 
of May ltt*. 


ART GALLERIES 


AGNSW EALLfRItS. S3, Old BOrd St.. 
W V. 629 6176 THREE CENTURIES Of 
BRITISH™ PAINTINGS. Until I 28 April. 
Mon.-Frl. 9.30-5 30. Thuro. until 7. 


BROWSE ft DARBY, I*. CO* SL. W 1 
SICKERT. MOllrfrL 10.00-SJ0. Sit. 
10.08-i2.SB. 


CDLNAGHI. 13. Old Bond street. w.U 

01 ^9| 7408 INDIAN PAINTINGS—- 

Mughal and R-Ipu, IMO-tWl. Until 
8 May. Mnn.-Ffl- 9JO-5.30. Sail. 10-1. 


ro VINT GARDEN GALLERY LTD. " The 
Truoic Bird." Vlflonary Watercaloure. 
wTj. ClwVnbsrlayne. - V:«w of We« 
Africa. Wss: _lndjei« -^, sur ^ l 2\ j; 4 JS 
Britain 1850-90 Open dally 9 45-5.30. 
Sale. 12 JO. Thurt. 7. 20 Russell SI.. 

WCt 01-836 1139. 


HELD BOURNE GALLERIES. 61- OttMttlS- 

grotA N.W.8. ART IN RELIGION 


FOX GALLERIES, loli'.bitjfin of ihe pajnf- 
^ mgs n* British and Eurnoean Artists 
from 1700-1965 „ 6-6;. 

London. W.l. TeJi 01-734 2626. Ww- 
dars ID-6 Sat* 10-1- 


eiLSEflr PARR GALLERY. 285. if w g'* 
8»4d. ChSm. s!wS ^OHN MILNE— 
NEW SCULPTURE. Until 13 Mav- Ooen 
Tues.-Mt. 9 JO-5. 30. 


pnoprs ran investment exhibit ion- 
Larqe SCleriwn gi IMrt Edition 
by Sir w m Russell RmL L. * 

Helen Bradley ana orHcr 
NOW on *ICP end *«L iotas <t Regir 
tjjlleriea. crescent Ro#a, H*rrag*t«. 
• Daily 9 to S. Sunday 7 to 5 


MANAGER 

MIDDLE EAST OPERATIONS 

Container Operations 

A vacancy exists for a Manager to assist 
. in the development of CP Ships - Canadian 
Pacific Steamships - Middle East activities. 

The job involves the marketing in Arabian 
Guff countries of major container services 
from North America and Europe, this work 
being undertaken in liaison with CP Ships 
focal agents in Dubai, Damman and Kuwait. 
The Manager wifi be responsible for 
monitoring all activities of these agents 
including marketing, port and inland 
operations and accounting. 

The Manager will be required to reside In 
Dubai but with frequent visits to Saudi Arabia, 
Kuwait and other Gulf countries as required. 
The appointment can be on either a 'married* 
or 'bachelor' status and the tax-free salary, 
leave and conditions will fully reflectthe 
requirements and responsi bifities of the 
position. 

The individual will ideaffy have a broad 
background in shipping with the emphasis on 
marketing and sales. Useful experience 
would cover port and container operations, 
trucking and agency arrangements^ However, 
the prime requirement is for an individual who 
is a "selfstarter", capable of working with the 
minimum bf supervision and of relating at a 
senior levetto customers. 

Write, with brief career details, lo: 

CP Ships, General Manager Industrial 
Relations & Personnel, 

. 50 Finsbury Square, \+r*&nipS 
London EC2A 1DD : Canadian Pacific 


SALES MARKETING OPPORTUNITY 
- DENMARK - 

Annual Salary approx £9,000 - £11,000 

WelMowwn Dinfeh Company, p tinning io introduce its products 
in new markets within Uw Milk Industry (iis Main FieRi), seeks 
an Employee lor 4 position in the Milk Product Section of its 
office in Denmark. 

The tticcess/ul applicant will mainly work within the following 
fields of activity: 

— To examine Ihe requirements of Milk Recording Societiej 
and Dairies 'm relation lo certain technologies of the 
Company 

— To participate in proiect groups on behalf of Ihe Sales 
and Mu Lining Department and work out suggestions for 

-product development - ■ 

- — To work out commercial dOcmemation and be 
• responsible for publicaiion of tills information 
by arranging Mailings, Symposiums, Congresses etc. 

— To participate in negotiations with Costumers and to work 
out sketch projects and quotations. 

Applicants must have a broad technical background, tg. B.SC or 
similar, a peat degree of independence and analytical serise. 
Furthermore, the ability to communicate and express oneself clearly 
and conrisdy will be necessary, as wdl as a good knowledge of the 
German language „ . 

Approximately 1 DO travelling diys per year ran l* expected. 

If ihk job appeals to you, you have die right aptiiudtiand 
would like to wprk in a busy frientflyaimosphefe, then please, 
send your application jo: ' • 

(nu 4.68J7. Fhumctoi TtttKS, .10. rmtmta .vrreirt, 'WW* 48 V. 


33 


THACKERAY GALURY. 18. 1 toe* way 
T M KrtSinslon Sn“w« 01.037 5863 
BRIAN vale until May 12, 


ACCOUNTANT, hfial&llrettiHlv Qualified 
ACA. ACCA to wooor* ffiwiirtsl and 
■uuafieffwni sccounit jno 10 hoc 
anminiing inidrinfftloa. Owwi tra*al 4 
eear.ibUilY CV la EsglorjlKm iooglng 
tstrvicew Lin.. P.0 BOX 46, Wuwaor. 


COMMODITY AOKHNTMtNTS LTD. 
Jw iwllpiwil Racrultmant usutlallstc lor 
tire Commumi* 'Msrfcalt. TcL Graham 
5to«art. 01-439 1701. 



ENGINEERING 


for tic “board of an undertaking engaged in the design, manufacture 
and TTiarlrffting of en^neering components for automotive aviation, 
num'nff and indtBttial applications— an autonomous company with, 
an enviable record of profitable growth, part of a highly successful 


gun. Dioauiy dhocu duuhu cugmixuLig gLuu^> 

• IHE role is to manage the company and to promote further 

profitable growth by expanding the existing business and exploring 
opportunities for diversification, especially overseas. ~ ; 

• the requirement is for a professionally qualified .engineer with a 
record of profitable achievement at top management level in a related 
f H d, Previous technical development experience would be an. 
advantage. 

• terms to Ynatcb experience and attainment are for discussion, with 
around ^12,000 as the basic salary indicator. They -will include a. 
pensionable profit s haring dement. Location: South Wales. 

Write in complete confidence 
to Sir Peter Youens as adviser to ihe company. 

TYZACK & PARTNERS ITD 

WAftiCrMENT CONSULTANTS 

IO HAUAM STREET • , LONDON Wllf 6 DJ 
12 CHARLOTTE SQUARE • EDINBURGH EH2 4 DN 



tnance 


CANARY ISLANDS 

for a long established British owned trading group, based in Las 
Palmas, engaged in marine services, .travel and merchandising. 
Current tumover is equivalent to ^million, 

• the role includes responsibility to the -chief executive for 
formulation of all finance policies, and the development of computer 
systems. 

• a chartered accountant, who can demonstrate a successful 
record in the controllership function combined with systems 
development experience, is required for this post which also caBs 
for effective budgeting and forecasting skills. Fluency in Spanish or 
Portuguese is essential 

• age could be around 45, but this is less important than a relevant 
background. Total earnings in excess of £12,000 steding equivalent. 

Write in complete confidence 
to N.-C. Humphreys as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HALLAM STREET , LONDON WIN 6 T>J 


12 CHARLOTTE SQUARE 


and 


EDINBURGH EH2 4°N 


Managing Director 

AUTOMOTIVE ENGINEERING 


for a company in an attractive part of Scotland with an exciting new 
product and firm plans for growth. _ — 

• BESPONSteinTY will be for the overall direction and profitable 
development of the business. Initial emphasis will be in bringing 
on stream new and efficient production facilities. ■ 

• prime requirement is a proven record of success in a profit 
responsible general management role. Ideally this will have been 
in a batch production environment associated with the automotive 
or heavy vehicle industry. 

• remuneration is for discussion with £ 20,000 as the likely 
indicator. 

Write in complete confidence 
to P. Craigie as adviser to the company. 


TYZACK & PARTNERS LTD 

12 CHARLOTTE SQUARE -, EDINBURGH EH2 4 DN 
IO HALLAM . STREET LONDON WIN 6 dJ 


UNIVERSITY 

APPOINTMENTS 


UNIVERSITY OF SURfUY ' 

ADM IN (STRATI VC ASSISTANT 
• (PERSONNEL) 

Salary between £5.95*- £7 J08 u.a. 

This Is a new position in a well- 
eftpMKiied PertOfliiel Office concerned 
wltli the full range of administration 
lor teaching and non-teaching staff. 

■ Th* person spuofntM will .. be 

expected to make an immediate 
contribution to such areas as recruit- 
ment inn selection, lob analysis. Con- 
dittoes of Rftlct, industrial relations 
and training. 

Applicant* CffBoUS nave extensive 
exuerjejKe Id general perso nn el work, 
errtorably In an Industrial or commer- 
cial organlsasfen. and an AlPM or 
MIFW ousllAcatlon. 

Salary will be wliblo (he range: 
Administrative . Officer Grade 11: 
r I -.9S4.£7_3CB arc annum; depenaing 
on Qualifications and eaptrletico. 
Sugoranmiatloh under US£. «wd|- 
tfons. 

Further oarticuiai-s 01 this post may 
H- obtained from the Assistant Secre- 
tary f Personnel}. UnwersRv of Surrey. 
Guildford. Surrey. GU2 SXH. or tele-- 
phone Guildford 71261. Ext. 452 . 
Application*, from men and women, 
in the form el a Curriculum vita*. 
Including tha unmet and addresses ol 
two referees, should be art’VJo the 
same address by 26 Mae. 1978. 


COMPANY NOTICES 


if-.' 


GOLD FIELDS GROUP 

DEELKRAAL GOLD MINING COMPANY LIMITED 

ituui vora-cb in the K*.^-aiie 01 sojUi Atricaj 

OFFER OF SHARES TO MEMBERS TO RAISE R47502.000 

Rcnouneeable utters of Allocation and a circular dated 28 Aorli. J97B. 
in reaoect of th* above offer hare been postal, today to member* *»bo were 
beats pi Uw company at tha close Of business on Friday. 

Johannesburg Latwrs of Allocation must De lodged only wth the South 
Alrtoan^baokrts ^tte^suia. wiu. ONLY BE ACCEPTED BY 

THE COMPANY'S UNITED X/.VGDOM 9CGISTBAA FHOjM, AND SHARE 
CERTIFICATES EMANATING FROM LOFTON L-ETT ERS OF AIXOCAT JON 
WILL ONLY B6 DELIVERED TO. AN AUTWORI^D pEPOSITARYJN STJE 
UNITED KINGDOM OR AN APPROVED AGENT IN THE REPUBLIC, OF 

. IR - E - L The%«or\ svli^'rtSe'it 16H30 H«al time) on Friday. 19 M*V, f97B-'J* 

: By .Order ol the Board. " 

GOLD- FIELDS OF SOUTH AFRICA LIMITED ' 

• Becreia-'cs-. - 

•. * . gar D. J. WHITE. , ’ 

Head once- London -Odk*:. :>•> 

Gold fields. BuIMJass. ogMoo-wra . 

. 75. Foe S tract. London E£*R 4BQ. 

Johannesburg. • 

26 April; 1978 ' . 



34 


INTERNATIONAL FINANCIAL AM) COMPANY NEWS 


; : . 4 •' • C / •• Financial ;2& 



NORTH AMERICAN NEWS 

Skogmo R 


takeover 


MINNEAPOLIS, April 27. 
GAMBL&SKOGMO. the retail 
and mail group, is withdrawing 


Bendix pays $87m. for 
minority stake in Asarco 


Diesel loss 

hitsGM 

Brazil 


•-? - 


poa 


Credrgia Ap 1 


third quarter ahead 


bank bid 


nearer 


ctile 


ujc .v«.. bv STEWART FLEMING NTTw vrvnir a„-;t 07 i\iu ua urtn-ciusu, Apm n. • . lno v -• KAizummi-. uanK ; . 

and mail group, is withdrawing w UR Ki April -i. GENERAL MOTORS of Brazil CONSOLIDATED . Foods, the.first time, sales and earnings Georgia- =;said that its settientf" • 

Jts proposed hid to _ acquire BENDIX Corporation. a leading seen by analysts as serving a variety of purposes. It provides made a S695m. loss In 1977 — diversified- consumer products from Brntwe- Egberts, the Dutch- with - tiroSEC.’resardmg 

Minnesota Title Financial cor. u.S. conglomerate with interests 13. relating to the purchase of Asarco with needed additional much of it as a result of aS22Gm. concern, raised its net.' profits .based:, international producer Lance/ removes ; .one of.-*.,; 

poration which had offered SOT a i„ the automotive, building and tne 3.6m. newly issued shares capital to develop its operations investment in its new line, the ““d quarter of Its finah* coffee, tea and.tobacco; In which major* barriers '-to apropos--, ; ■ 

share cash for Minnesota Title s leisure industries, has completed Bendix is restricted to owning no and it will also “serve -as an Detroit diesel motor,. " c ^ 3 * y ear per . cent, ■ to It. acquired a 65 per -cent-Stakc offer-hv a-Saudi - Arabian: _< *vej r . " 

Common stock. the purchase, for S87m. of 3.8m. more than 21 per cent, of obstacle to any prospective take- The diesel Detroit, which went 521-6“^ from 619.42m.; in the fftm-.a family group tor $138m.tive«to buy60per cent of i', '■ 

The withdrawal followed the shares of Asarco, the largest Asarco's stock until early 19S5. over bidders. Into production in early 1877. sarne period of the previous year, in the second quarter. - ’ -~'bahk’®- stock 

announcement that Old Republic u.S. custom smelter of non* Like many ■ primary metals Asarco's stock has been de- suffered severe teething troubles .The increase is broadly in line It; was 1 announced tWs UKroth Robert P. . Guyton, the bau * 

International Corporation and ferrous metals. manufacturers Asarco’s earnings pressed by the general malaise and arrived on the Brazilian mar- the estimate given by the that the company would, report .president, said -there 1 .aro v; 

Minnesota Title had. reached a Asarco has 26.7m. shares’ out- have been under heavy pressure, in the non-ferrous metals bus:- fc et ^jo late to take advantage- of dtahjaaa' and chief executive, 100 per cent, of the sales of couple- - of - other 1 , regulato' 

definitive agreement for a standing and with the purchase in recent quarters. In the final ness and rumours of a takeover a 30 ner cent, upsurge in national Mr * John Bryan, Jr., early Douwe Egbert, bat wouid remDV0.: matterg ;be_resoJved T ’to clj •. 

merger of the two companies. 0 f the 3.8m. newly issued shares, two quarters of last year the attempt have circulated. demand for heavy vehicles and 11113 mCrat k when he forecast the 35 per cent: minority interest the way for the stock-tender qA '-’’ 

Meanwhile, Gamble-Skogmo p i us previous ' share purchases company incurred losses, and for Bendix Corporation, with sales mo t ors only 07000 Detroit 0,31 P 1 ” 01115 the- full fiscal when' computing, the acquisition initially- proposed : by Ojaith ;: - 

lias paid the Federal Maritime an d if it exercises an option to the year as a whole, suffered a of $3.3bn. and net earnings of diesei 'wOto were~Droduced last year * 35 weU as those -Tor the profits. ' PJiaftoiLtast Decerabec. 

Commission $50,000 to settle J4 buy 476.000 Asarco shares from loss of $29.5m. compared with a .S118Jm„ is a leading U.S. year— about half of canacltv third quarter, would be up about Over the first fotne months of.. That - was when Mr. Fhara-' 
or more alleged violations of crane Corporation,, the Bendix profit of S42.3m. in 1976. The manufacturing company. Its General Motors Conjoration BToercent ; * - • the year, the company raised its purchase* 60 per cent “of 

the Shipping Act holding in Asarco would rise to company’s sales revenues totalled cnainnan until last year was Mr. sunnorted its Brazilian Tlie - profits - for the' threer. net profits by ,10,2 per cent-jo mwj 7B7‘ ghares^fthg h ank : wh» ‘ - • 

In a filing with the Securities just undergo per cent. 51bn. compared with SJ.lbn. Michael Blumenlhal. currently branch with 85 ner cent of the mona ® to- April I. equivalent to 587.4dm., or $.24 a- share, from w ~ r p owned by Mr Lance a'- -• 

and Exchange Commi sion the Under its agreement OF April The agreement with Bendix is U.S.. Secretary of the Treasury, branches s81 5m debt’relafod 71c 3 shar £•' against 64c* have 861.20m., or -$2.03 a share; a year | n( jjcated an intention to exte : 

company said its Gamble’s Import . , * financial outlays' owed to the been achieved on a sales growth earlier. Sales in L™“® d Coffer id other shtirefaolde ' .' 

Corporation unit obtained or head office. of 31 per cenL, to $917.om. from per ■ cent, to ; 82.44bn., from at a pj^ Qf 520 a for. 


By Diana Smith ’ 

RIO DE JANEIRO, April 271 


CHICAGO. April 'S?. 


• ATLANTA.' ApttI -27 

THE NATIONAL’-: ‘ Bank 1 ’.,t s 


year as a wnoie, sunerea a 01 m.-jod. ana nei earnings 01 diesel rmlts were nroduced last ** weu BS mose.'ior me pnrnts. • - ; PfiaraoilL taST DecembeiL - - ' 

of $29.5m. compared with a .S118Jm„ is a leading U.S. veat^-ahout half of P canaeltv * third quarter, would be up about Over the first iilne months of. That - was when Mr. .Phara 1 - 
it of S42Jm. In 1976. The manufacturing company. Its General Motors Corporation 1® ner cent ;•* . - the year, the company rilsed. its ourchase* 60 per cent “of •/-: 

paoy’s sales revenues totalled chairman until last year was Mr. v a g sunooned ltB BraTilian T 11 * • P rofits for threer. net profits by ,10,2 per cen^ jP m767‘ shares^f ttie bank ; whi'‘ 


company said its Gamble’s Import 
Corporation unit obtained or 
attempted to obtain shipping 

that te tte 0r f^dera* St Cora miss ion , rajmems line uu t^uiurui uum a head with plans to expand, itl . : lL — - — • ] ^TbepropoMdoffer was 1 

contended were Illegal. Chevette line, introduce -a new T , to; May ; 15;. from March 

BY OUR OWN CORRESPONDENT NEW YORK, April 27. JjjdeMn the Opate^ge. and Hoover TISC daSpitefaJI IB; SSlleS ' '^J^****. 1 :I ' 

Sears -Roebuck - CONTROL DATA, one of ibe civil penalUes of S19S.OOO, and In return, the Government president. Sr. J. j. Sanchez, an- BY our financial staff’- ^ „ '.V. ( 

qparc; Ttophuek i« “ enmfortahle ” leadin g U.S. computer manufac- ywterday a Justice Department agreed not to disclose the identity noun ced that It has the American «. tt * <«■''. , vNfw vrricF nffer 

yS 8 M MTSj Sj turns h. ****** ti^ns^ re * expec ted! rt ^ e r ? ^he foreign = ent or —on’s backing for «>ese 

for'uie 0 year ending next January barges relating to illicit foreign wa^res^Weri^u^e? a Pr plea U ba?- The criminal informalon filed 0 f D p?tt^l ^le?* 0 ^ °paSen?S «P°orts 9? pe^Mn^'^ ^th $57llmrto Sfit <*mp*r e 6 TT«; Birai i«®s Informatic 

accordmg to senior vlce-presl- payments. gaining arrangement according to under the plea bargaining said vehicles- in Brazil' rose P substan- Its 6151 quarter earnings, to _ *? e ' 

dent-finance Mr. Jack F. Kin- company js the second to which the company pleaded that beginning in mid-November, tiallv- fn' tbe first Quarter of IQ7S S3-9®-. from 53.6m. in- the same 'i < J***® 11 agreement w 

cannon, reports Reuter from plead guilly t0 charges arising guilty to certain charges of trans- 1967. the company devised a 2dL wnwhit ^toThe^ stJrpri^ period last yeaf. * - ' -' 2?*^ «S5S 

Cb^SO- . . from foreign pay-offs, following portina U.S. currency to Amster- scheme . . to defraud the dtl- car manufacturers as awhale Th D ,*nnM.inftirnUMin >,iip ivCQlICCCl lOSS -Disclosure Incorporated 1 

With pnee markdowns lower a jg.month investigation of such dam without completing the re- zens of a certain foreign nation are expecting a aood year v ^ d ® a unique service -to_ 

In each Recessive month since activ i ties by the U.S. Govern- quired U.S: Treasury tranwc of their right to honest and loyal' are ex pecting a good ye ar. of a x^maLfaU in sates, ofjj^ * » |- . •’ ” ’ " *** LF ur ? p ®^ ^messm 

January, Sears earnings for the men t. Last month, the Williams lions forms, and of violating services of their Government ■ cSde^ nt 'V ffa i 0 - 1 „S , ^ 4 ^V C h?™ XGl , quSrhig.. detail ed^financjal 

first quarter ending this moDth hnrt and ^-ir^fra.irf nin^k" ■VlO , SOii-Dlversev S14ASm. Net income per share mation-on -all companies 


Payments fine on Control Data 


Depite last year’s difficulties. 


82.13bn. 


The results include for the Agencies 


BY OUR OWN CORRESPONDENT 


NEW YORK, April 27. 


Sears Roebuck - 

Sears Roebuck is u eomfortahle 


Hoover rise despite fail in sales 


■ to three-fifths of the bank's 12 " 
Glares outstanding. - 1 ' 

_ The propoMid offer was delay " 

.. .to: May. 15;. from March 15, t ' 
r V/ihahk has stated, ; :l'. . 

APrDJ 


BY OUR FINANCIAL STAFF 


New service offers 


Reduced loss 


January, Sears* earnings for the men t. Last month, the Williams tions forms, and of violating services of their Government XOl l-<yikc§ \ qu£ring:.deti 

first quarter ending this month Company had to pay .fines and wire-fraud statutes. officials." - Mo^SOIl-Ulversey . vniiwrsTmvM AnHi vn '' naati ^!’ 01, r? 

will not be down as much as the Molson Tomnanip® ha«s 'rivim was 30 C€nts - compared with 27 . . YOUNGSTOWN, April 26. n n . • the Ui 

20-per cent decline in last year's • : — ' notirc to D??ersOT Corporation The 1977 figures are re- Ly^g CORPORATION, the exchanges. 

fourth quarter. The company of its Intention to make an offer f tated t0 3ll ,??l for a c 4 an * e m Ohio steel group;, reports . a ..- The servi 

should also snmv a profit mar- " .... . . .. -• --- 

gin improvement in the fourth 
quarter and this year as a whole. 


was 30 cents, compared with 27 . ! YOUNGSTOWN, Apri| 26. 


THE Business Information Stf l. s 
vice- of the. Financial -Times hf i;£, 
, reached arr agreement with 
United States-based compai. - 
Disclosure Incorporated to pr- ___ 
vide a .unique service -to- ’Britii-'-’" 
and European, businessmen- 
. qu&ihg. .detailed ^financial. Lnfc, . 
nation - on -all companies quati . 
qn. - the United States stor .. ‘. 


| hits at e 


EUROBONDS 


Bankers Trust deal 


Interest focuses on Canadian bond 


Bankers Trust of New York plans B Y FRANCIS GHILiS 

to increase its stake in Deutsche 

Unlonbank.GraBh from 75 to 100 MOST INTEREST yesterday an eight-year maturity. Lead outcome of the Capital Markets AMERICAN QUARTERLIES 
per cent., reports Reuter from focused on news that the manager Is Westdeutsche Sub-committee meeting which ■ 

New York. The remaining Canadian Government would be Landesbank. will discuss the amount of new ANHEUSER-BUSCH * OUTBOA1 

interest in the Frankfurt-based floating the largest ever DM- Convertibles, particularly in issues in DM which can be an- — — 

bank — will be bought from denominated bond — a DM600m. Japanese names, is one of the ticipated: a figure of DM300- Fira owner iwi iwr seams qu 


of its intention tem^e an offer ?£, for a m Ohio steel groap,. reports. , a , ;The service offere, either -c. .. 

to acquire anv and all- of the accounting. - " .reduced lost LOf .525.9ro: -fur the an annual jubsenphon or on:.i 

outstanding shares of Diversey In 1977, Hoover Company, first quarter of 1978. compared ad hoc basis, -microfiche or pap}' 

at SU^^8 a share, reports AP-DJ raised its net profits for the" full with' a loss of 531.8m. for. the copies of all annual and period^ . ... 

from Toronto. Molson currently year to $23.Sm., from S6.8ra. in same period . of 1977 . reports reports Jhat have been filed wi" 

holds about 11 per cent, of 197&. helped by a fourth quarter AP-DJ. Sales totalled S449.4m, the : Securities and Exchanf 

Diversey’s stock. gain from foreign currency trans- against S410.4m' previously. . . Commission in the United State 


’nr 

fi 

Vila 


OUTBOARD MARINE 


STAUFFER CHEMICAL 


WARNACO 


First Qurtcr 


Stcaid Quacrur 


Fits t Quarter' ' 1978 


Hessische Landesbank Girozen- bullet issue. Lead manager Is few areas of the DM sector 400in. is expected, a big fall bn n . Mn „. . TO1 s n „ . ton m .. 4M0in 400 Om^ ’■ Reyenue-'-ii.-.-. 

trale for between S5m. and S7.5m. expected to be Deutsche Bank which has not suffered heavily the figure of recent months. 5!! e " u ® I ?, e r* au _® 1 !S?' ^ Net jntffi to 


trale for between S5m. and S7.5m. expected to be Deutsche Bank which has not suffered heavily the figure of recent months. N . “ at,,"" 

Bankers Trust is to apply to the and Indicated tehns include a in the past tw 0 weeks. Such The donar sector had a mixed N ®{ Ll""‘ 

Federal Reserve Board for coupon of 4i per cent, and a was the demand for the Sankyo d av and was hit by the weakness et per 5nare — 
approval of thp deal. - five-year maturity. The largest convertible that the Jead of ^e d0 u a r. This was the result ARVIN INDS. 

ever DM-denominated bowls to manager was able to cut the in- nf th . fie,,--- fDr Fehruarv — 

Citibank sale ?hi e w«HH b S^i r a a ^? 5 2?”^?i' S C ^iJHr?4 y ni n ?,.A Uarter which, although indicating ^a foil nn * Qtt “ 

embank. Citicorp’s chief sub> valent amount for the EEC. A DMIOOm. Lennar issue was un dSiine that Sfe dScit' with N« per share'" 

si diary, said it will record an This jumbo issue for Canada announced for the Resettlement janan had increased. P 

after-tax profit of about KMm. co mes a t a time when the DM Fund of the Council of Europe „ . rarer int. 

from the sale of a bank building sector is suffering from an over- with an indicated counon of 61 The only new issue announced' . 


20.0m. 

0.45 


18.0m. Net profits ...... 

- 0.39 Net per share... 


15m . Net profits ....... 

' 1.79 Net per share.:. 


Tnr* p^ r s ^ re '- 


88.0m. 

^JJm. 

0.36 


‘lOTf # *: 

8 i|it optinus 


after-tax profit of about SMm. comes at a time when the DM Fund of the Council of Europe „ . R4KKR INI 

from the sale of a bank building sector Is suffering from an over- with an indicated coupon of 61 The only new issue announced' .. . 
in Paris, reports AP-DJ from dose of new Issues. per cent. The bonds, which will yesterday was a SlOni. private First Quarto* 


^ PEPSICO - , 

' First Quarter 

7m. Revenue 

1.07 Net profits. 

Net per share... 


I Wm. WRIGEEY“ Jr. 


-First Quarter M7t . " 1TT7 First Quarter - ' ' lVn ‘ 1177 . 

1978 1977 ■ - 5 - S : s;- 

81S.0m. 678.0m^. Revenue l'Tbn. lJSbir. Revenue- ...: — 95.0ra, '90.01- 

38.0ro. 31 . 0 m. Net profits ^ .77m. :B 2 inL Netlproflts . v- 5.0ni. ., 6.Qr : . 

036 Nci o<*r «hare :. .' LSI; ' ' 1.38 Net' per share..." ' '1-26 ' !■* . 


First Quarter 


1V7S- 

s : 


■y DC-^-c — =. 

• 1 • . 


PHELPS DODGE 


First Quarter 


101 Revenue 230 J0m. 254.0m, 


completion of a new facility, high, quality of the borrower. liner Handels and Frankfurter Warburg, with a coupon of 8} FtiBE«iifiT. iw>irv t!sf»j 

Citicorp declined to name the Another DM-denominated con- Bank. per cent Terms are comparable 

buyer of the building in Avenue vertible for a Japanese borrower The secondary market in to those offered by the 525m. Pwta Owier un 

des Champs Elysees — but said it was announced yesterday: straight DM issues moved up a bond for the same borrower N s 

was a major French insurance DMIOOm. for Seiyu Stores bear- quarter of a point yesterday. In- which was priced at par earlier P™ n “ 

Troup." - ‘ " fog a 3.75 per cent coupon and terest to-day will centre on the this week." net per snare... o.sw 


Net profits 

Net per share... 



SPENCER 

GEARS 


i j rtF - 

•. M- 
Tim-r, 
• r^i' 


•tittOLATOR 


Gaperal-enginaars, manufacturers pf industrial. gears. 


First Quarter 


[ FOXBORO’ 


These lecurMes having been said, this an noaocement appeira a* a mailer of reconi only. 


awi Aptii TSPa 


First Quarter 19H 

„ % 
Revenue ......... 82.0m. 

Net profits 5.0m. 

Net per share... . 0.58 



ifn 

s 

81.0m. 

7.0m. 

0.83 


Revenue .■ 

I Net profits ..... 
Net per share.. 


"94m. " ,r ' 8 6m 
3m. ifim 


idmanirfacturmg engineers to tho browary trade* '■ 

1 ’ * — — «*- *» yeartt 1 


six months to . six months to 
-3t;Dpcembe*‘~--3}--&ocen t ber~ 


- ’-■•rfos-.A 

- r a'-**"! 

1 -.»• 

% » 


v IMU INNS 


FItm Quarter 


GEN. PUBLIC UTILITIES 


First Quarter 


American Express International Finance 


Revenue 

; Net profits 

Net per share .. 


Turnover - 

Profit beforetax.. 105,778 101,916: ': .365^83 

Taxation . .43^74 ^2-24 7-v- 186^3 316 SERVIC ES 

Profit aftertax '■ 62,502 .v- -59,699 ;• : - r:178,75Chin mri p rvv ."-yi n j^ 

Earning® per share 1.37p- _ 1;31 p - . -- / 3.91 p^ fCem ent s 

Dividend /, 0.38p ‘ 0.38p\-' -LOSTp'^^SS 

■a - --. S. acquisition* 

The. 19.9 per-cent growth in- turnover reflected the higher ieveT of fllaiefinancmq» 
'activity in all parts of the group. The two companies which supply the^^. ‘ 
brewing industry. Southern Industries (Groydon) Limited and Southern^ puat,c 
. Industries (Cboters) (Jrnrted. continued to increase their share of the™ Wai Private ptWM 
market. Building will start shortly ope new factory. atCroydon for.tha*^ an dintern*tUN(W 
production of hot-brass stampings for beer raising and dispensing 1 ^ revenue boniX.il 

equipment. Turnover, of .Spencer Gears atLe icosterhasin creased i» control fin A r»Cl#H 

considerably, and the order book is larger than ever/ New testingbrcia|p aper = 
equipment has been installed to assist in the up-grading of- products.*^ , ^ 

The.'secocid half of the year should" Continue the established" pattern of^ 1 repurc *** 
the Spencor Gears Group with by far the greater part of the; profitZTr Dnd n °n-r®f|hrt 
coming /ri this period. •• ^“en redemptl^ll 


- -. /977 
£ 

1 302.368' 
105.776 
.43,274 

BZ5Q2 


1976 
£ . 


1,586,638.: 3^15^38 

101^16 *:• * 365^83 
• : 1 42;21 T • - ' r: 1 86^331 


59,699 


Corporation N.V. 

(!no erponod wnh km&d mbiSt/in um \aUmUnxsAna'Ees) 


Net profits 

Net per share .. 


HUDSON’S BAY OIL & GAS 


REVLON 
0.73 

First Quarter 


Earnings per share 
Dividend 


1.37p 

0.38p> 


U.S. $40,000,000 

Guaranteed Floating Rate Notes Due 1982 

Extendible at the Noteholder's Option to 1985 


First Quarter- 


Revenue 

Net profits 

Net per share... 


First Quarter 1471 

- 5 

Revenue 3U/m. 

Net profits ,27m. 

Net per share .. O.bti 


SCHLUMBERGER 


HUGHES TOOL 


First Quarter 


Unconditionally dnd irrevocatily ouardr.teed at topa/meni of principal and inie'cat by 


First Quarter 


American Express 
International Banking Corporation 


Revenue 

Net profits 

Net per share... 


— — Revenue 621.0ra. 5l3.0m. 

5 Net profits 97.0ra. SO.Om. 

107m. Net per share... 1.14 0-93 

11m — . ■■ — — — — 

0.84 STANDARD OIL OF CALIF. 


It is proposed to make a scrip fssue of ordinary shares to fioklers bn ? cha ®** _ 

register bh 28 April 1978 bn The basisfoT one share for each share held.w. ^ Qr ‘empor«V 
Af ter this issue, the issued share capha I wifi be £456,759. - ^°“ering» an4 'll 


HUSKY OIL 


First Quarter 


issue Price 100 per cent 


First Quarter 1478 

S 

Revenue 141.0m. 

Net profits 9.0m. 

Net per share... 0.82 


European Banking Company Limited 


Amex Bank Limited 


| Revenue 


register on 23 April 1 978 on The basisoT one share for h 
A fter this issue, the issued share capital wifi be £456,759. 


lsTr w.iuu. ? '"■HHUaqenete finuM 

, - Net profits 229.0m. 224.0m. Spencer Gears (Hoidmss) Limited* Roger Street, London WC1 'Miny.;.- , 

125.0m. Net per share... 1.34 1.32 Un,c, Pal fbun 


Dresdner Bank Aktiengesellschaft 


Salomon Brothers international 

Limited 


Morgan 5tanley International 

Limited 

S. G. Warburg & Co. Ltd. 


INTERLAKE 


,5 «fvicesif6rfoi 
Wvisor^ amd *v 


First Quarter 


Revenue 


ATgemene Bank Nederland N.V. Allied Irish Investment Bank A.E. A/nes&Cb. Am ex Ban com Amslerdam-Rotterdam Bank N.V. BancaCcmmiercialelMiana 

UadMd Lmiicd Ltmud 

Banco UrquijoHispano Americano Bank of America International Bank Julius Baer I nternalional The Bank of Bermuda, Ltd. The BankofN.T.ButterfieldiSon 
Lmlrtd Lteur-d llrr&ed United 

The Bank of East Asia, Bank iur Cemehiwirtschaft Bank of Helsinki Lid. Bank leu international ltd. Bank MeesS Hope MV. 

U ml red " akdcnfcwIlKhdi 

The Bank ofTokyotHoIlamDfLV. BankersTrust International Banquedu Benelux S. A. Banque Bruxelles Lambert SA Banque Continental: du Luxembourg 

Uauled SociMAiwiyise 

. Banque Eutopeennede Tokyo Banque Frangaisedu Commerce Exlfirleur Banque Francaisede Credit international Banque CeneraleduLiAembourgSA. 


Net profits *1.0m. 

Net per share.- — 

Loss. 


204.0m. 181.0m. 


CASSA DI RISPARMO DI FIRENZE 

. .(Bank Established .in 1829} 


INTERPUBLIC GROUP 


Capital . Funds: Lit 42,857,630,729 


LTmilcd 

Bank MeesS Hope MV. 


First Quarter 


Banque del'indochineetde Suez Banque Internationale I Luxembourg SA. 

Banque deNeufi^Schlumberger, Mallet Banque de Paris el des Pay &-Bas 

Banque Rothschild Banque de la SocidteFinandfireeuropfenne Banque de l ; Uni 
Bayerische Hypotheken- und\Vechsel-Bank Bayerisdie Landesbank Girozen trale 


Banque Francaise de Credit {nternalional 

Limits 


Revenue 

Net profits 

Net per share... 


Approval of the Balance Sheet is at 
the 31st Deceinber 1977 . 


Banque Louis-Dreylus 
Banque Populaire Suisse SA. Luxembourg 


Banque Nalionalc de Paris 
■ Banque PriveeS. A. 


MARTIN MARIETTA 


First Quarter 


Banque de l ; Unlon Europeenne . Bardays Bank International 

■ ’ . • Limited 


Bayerisdie Landesbank Girozen! rale 


Bay erische Verei nsbank 


nternational Baring B;othm & Co, 
d tmilrd 

Berilne: Handels- und Frankiurter Bank 


Revenue 34S.0m. 309.0m. 

Net profits 18.0m. 22.0m. 

Net per share... 0.75 0.93 


MASCO 


BHF-BANK International Blyth Eastman Dillon & Co. Caisse des Dep6tt et C 

ISHmutcnal Ur.ited . 

Chase Manhattan Chemical Bank International Citicorp Iriicrnationai Group 

Uml r#d • • 

Credit Agrjcole (CN.CAJ _ Credit Com meccialde France Credit Industriel et Commercial 


Caisse des Depot; et Consignations 


Cazenove & Co. 


Centrale Rabobank- 


First Quarter IT78 

s 

Revenue 134m. 

\et profits 15m. 

Net per share 056 


co rp International Group Commerzbank Continental Illinois Countv Bank 

Aiieneneftdufr limttetf t.nrrd 

edit Industriel et Commercial Credit Lyonnais Credit du Nord Credit Suirse White Weld 

I 'v»d 

I.V. Daiwa Europe N.V. Den Daruke Bank at 1E7 1 DcuischeGirorem.-alc 

Akiwi'iiii ^ Deutsche Kommunalbank — 

Dillon, Read Overseas Corporation Donaldson, Lufkin & [enreite Securtuej Co.-poration 


CrediUnstaU-Bankverein Dai-1 chi Kangyo Bank Nederland N.V. Daiwa Europe N.V. 


The Dev elopment Bank of Singapore DC BANK' 

Limited Dnltvdte Oaannari^hiFutenlc 

Dow Banking Corporation Erect enbank-Warburg 

^vutugBieJiichu: 

P.T. First indanwfan frnanceand investment Corporafian 
-nccmwisr- 

. Antony Gibbs Holdings Ltd.' Girozentnle 


The Members of the Cassa di Risparmlo di Firenze, in the 
Genera] Meeting held in Florence on- the^ 3Dth nf March 
1978, under the chairmanship of-J0r. li* Cavini, have 
approved' the .annuial report xrf-. the Board arid the results 
for the year 1977, iviuch ended with tirofite amounting to 
Lit.2 ,00 1,027,459- ... ... V.. : : ~ 

The Balance Sheet shows a marked increase in deposits 
to a total at the end of the year, of Lit;l,817,036i780,867 
— 21.61 per cent iip-oVer 1976. TotaJ:sfiort-v meclium--ahd . 



MISSOURI PACIFIC 


long-term facilities— rleaving. out loans ;to local authoriti.es;' ' )s p 8 Ported by 

cnitolc tireviArl iliTrinCT f ha uaop int/i ^ 


First Quarter 




Erect enbank-Wjrburg EurogeslS.pA EuromobiliarcS.pA First Bulnn (Europe] 

Lmilrd 

ivescment Corpora r ion Robert Flemings Co. Fuji (nferfw tie nil Finance Genosansc 

- luaitB^ Liiaiicd M 

Girozentnle urdBankderosterreichischenSparkisien GolJmanSac 

HambrosRjnk HandelsbankN'.W.lOverMus} Hill Samuel i Co- Hoare Co\ ei» Ltd. 

L>n>ted' l.*n '.rrf 


Greenshietds Incorporated 


stnn (Europe] Firs Chicago 

ptiriiifd I 

GenosanKhairll'ihe 2^ntn(bank 
Goldman Sachs International Curp. 


Revenue 288.0m. 267.0m. 


Net profits 16.0m. 

Net per share... 1.22 


; N. STATES POWER 


LF. Hutton InL N.V.' 


First Quarter 


I8J International Intemnion-Banque 

uaiim 

Kidder, Peabodv international Kji 

l HKSrd 

Kuhn Loefa Lehman Brothers Iniemationa! 


IstiHto Bancario San Paolo di Torino 


lational KjsbenhavnsHandeisbank Kiein-.vort. Benson KrediCtbankN.V 

l< -p.lal 

ithers Iniemational Lazard Brothera & Co, Lloyds Bank Internationa! 

United . In i-d 

Banker Manufacturers Hanover McLeod.Youn«i.\\«?tr international 

UuJud 

iei5..V Mitsui Finance Europe" Samuel Montagu iCo. Morgan Greni‘ei:& Co. 

Umiwd Ito’iwd t.m.tej 

TheNlkkoSecuritiesCo. (Europe] Ltd- Nippon European Banks. A. Nomura Europe N.V. 


Jardme Fleming fir Company 
KVedictbankN.v. ki 


Ka nsal I i&.Q idkc- Pankki 


Revenue 2Sfl.0m. 240 0m. 


London St Continental Bankeis 

tirnied 

Mitsubishi Bank [Europe’' 5..V 


Nesbitt.Thpmjon TheNlkkoSeoirities 
Limited 

Nordic Bank Sal. Oppenheim jr. a Ge 


krrdietbank S A lu ■cmbo.irjeoise 


Net profits 

Net per share... 


31.0m. 

0.92 


Loeb Khojdcs, Homhlower (nternalional 


BRIEFLY 


Men ill Lynch International £ Co. 


Nederlandsche.MiddenstjndsbankN.V. 


Korddeuqche Landesbank Gno/enirale 


Upsurge at 
Liggett Group 


provinces and hospitals , turned, during the year, into fb?'ed--interest'bonds— ■ ; * 0| dma n S ach 
registered a growth of 11.28 per cent ; ^ . v i priv ate fina * 

Loans granted under the terms of agreement with chambers of. commerce ’ j? n 9 of -5975 ■ 

and collective credit guarantee’ consortia,, increased. sub^taritiidli 5 r in h 6 th" ‘ ■ ^275 T* we 

volume and number, reflecting then the rising. success of those faeilitTes : ^ u ? r,va ^ ; 

among the market operators-, members .of- the consortia; -- ‘ ner e‘s howl 

The bank continued moreover to back-with the usual dedicatiOn produetlve ■ jhJ u r aise fun- 
activities through the financial, support, and the "most : active. co-operation . JiHh me nts, and 
provided to the institutions in whfch it : holds;- capital, stages, as -7strtuto ^^jorfinart 
federale di Credito Agrario Per Lsf Toscana; MedjocreditO.Regionale deUa- Fl.. an 9 

. Toscana, Istituto di Credito Fondiario delta Toscana,; Centro Leasing SpA- k^Sihe#- 

’ and through it, Centro FactoringSpAv - . ±.-'. •//*: need ° tni ^ 

Following the General. Meeting’s .^esolutipii and accordirig to daw ahd 't&e r n!=, n s '^ 

Statute, six-tenths of the net profits,^ Lit 1-^00,61 647 6 hasbeen allocated'^ . 
to Ordinaryand Federal ReservesyWhiletheremainingfom-tenths % rn ,jan y? Wh 

distributed to the support of dwities and soi^ ente^rKes:^ .. 

a OP rob 


Cu 75 priva te- 

% Vn rS . S h °Wl 

M 4m ra ' Setu ^ 

O'*-*** 

. ma l° r financ 


fir,, ' **»* 

l&5csmehi 


Nordic Sink S^i, Oppenherm jr- A Ge Orion Bank. ' '&terrefchf$cta ISr.derbanfe Pierson, Heftfringfi Pisrwn N.V. PbstipanLLi 

Limited - Limited 

Rothschild B^nk AG N. M Rothschild & Sons Sanwa Bank (Underwriters) j. S. Sassoon Incoqioarcd Scam 

L'm.ied l.aiited _ _ •" 

Schraders s- Chartered Skandinaviska Eriskllda Banken Smith Bamev Ham* LiqBan f. Co. Sode 
5o»:icieGefwraIeAi?acimnedefianqu« - Soriete.Gen«ale" de Banque S..4. _ Sudetv Senu.m^ise dc Banque 


Rothschild Bank AG 


). S. Sassoon Incor-.-iaicd 


ng fi Pierson NM'. fostipinkU Pri-.afbanfcen 

.T*' 

Scanriinas ran Bank J. Henry St.hrndr'r \V£gg 4 Co. 


SocieieCcnti.ile de Banque 


Socieic Gi-nprale 


Snfuis 5.p.A. 


Sparbankcinas Bank 


Strauss, Turnbull 4 Co. Sumitomo Finance International " 


Trade Development Bank. London Branch 


e International Sun Hung hai international Svenska 
^ u -.mnt 

Trust Corporation of Bahamas Union Bank ui Finland Ltd. 
■ Unwed . 


Svcnska Handel^banken 


idehbanken Swiss Bank Corpo'^tion (Osc'seasJ 
Union de Banqgej Atab-7' ei Europeennes-U.BAE. 

, MK'fte VMr,,n« 


Union de Banque* Arabes et Francaises-U.B.AJ. 


Westdeutsche Landesbank 

SieMfrtral* 


Williams, Clyn & Co. 


. United CK e rseas Bank 
. Umiteii, Susan'* ‘ 

Dean WiRer Reynolds international, Inc 


\ ereins- und ivesrbank . J. Vontobel 4 Co. 

ALUcn^lllcMIl 

Wood Gundy - * Yamaiehi International {Nederland! N.V. 


AMONG Those reporting rises in 
net profit for the first quarter 
of J97S was Liggett Group with 
97 cents per share against 65 
cents for the same 1977 period. 
Also ahead was Southern 
Natural Resources with 81.48 
going against 81.14 and Giddings 
and Lewis (S3 cents a share up 
From the 32 cents in 19771. 
Transcanada Pipelines rose to 59 
cents a share in the period from 
53 cents, and American Natural 
Resources reported a gain to 
S3. 35 a share- from the $3-32 in 
the sun* 1957 period. 


ao Prop 


Consequently total capital funds reached LiL42^57,630,729. "X; ■ % v ‘O’Gid be ii 

Following the new appointments dechl&d by thfe-C^Bdi^LMtetii^ ilie Board. • : ' e n sbn n i rt i ^ 


specifi 


Vou or 




“ S ° n7 ® JB 
- = j pfiv aiejS 



/ 


4 



r J^jancial limes Friday April 28 1978 


M K R NAT ION AL Fl.NANClAl; AND COMPANY NEWS 



si 




-Poulenc out 
in spite 



textile problems 


.-|iyipAV»9«fcr ... 

• >*; Mi^Pdth^SC,'.' with v hoth 

. ''fwffrPj?- .wtiviue*- 


PARIS, April 27. 


•+ *. c - 


, rarir - iiXCMU ■ . — - 

micals and" ■ srtififiUil fibres 
teUdrt-by the, recession, has 
^the less ‘rnanaxed to pro- 
Jr sharply improved figures 
S«?T rfhicirindicate that the 
&_of its traumas . may be 
d it- '■ ; - . . 

■YiesoUe the fact that the 
r textile operation Rhane- 

- tadaic reJTtiie lost'- Frs.700m. 
ir 1977— its third . successive 
.rGr-oLbeavr losses^the group 
‘ tliwbDle managed Lto convert 
' - fifl 76 deficit of Frs^Mm. into 
. * ^artol FrsJBtm- CSlS.2m.)v 

however.- this result was 
influenced by exceptional 
.'.■Vs owe Frs^SSm. of income 
- *,**■' from the sale of share- 
Mdihas- by the group but no 
£ .Frs.Hfitn, of textile 
^estrocture costs has been 
; agamst- the years 

rkesiihs. . ••••"• 

v This .'restructuring involved 
iain& t&e closure of plants at 


five sites in France and the con- 
centration of activities on nylon 
and polyester. The group's 
Brazilian textiles operations 
have remained profitable. 

At the levtel of cash 1 flow the 
improvement is substantial : 
FrsU.44bn. against ’ Frs.982m. 
permitting the grouD to cover 

ouj of its own resources indus- 
trial investment of more than 
Frs-1.45bn. Sales advanced by 
10 per cent, on a comparable 
basis to Frs33-81bn. 

These results are encouraging 
because the. main benefits or the 
drastic reorganisation in lextiles 
will not be felt immediately, 
although the reorganisation will 
continue to impose heavy charges 
on thp group owing to the 
possibility of substantial redun- 
dancies. 

Preliminary indications for 
397S are that in both chemical* 
and textiles the past two month? 
have shown signs of . a modest 
recovery .after a rather dismal 
beginning to the year. . 


"i; 


CCF hits at controls 


;':‘by.davjd white 

' yyjft tT Commercial de France, 

• • -leadiPE Private bank, 

Usenl^ an -'optimistic picture 

- • .Jr the curceot year now. tha t. the 
■ Heat of 'nationalisation, posed 

• a the geo®™ 1 election. has been 
vertetL But chairman Jean- 
firihie Leveque. Wt out at what 
ie called :ihe “barbarous pra.c- 
Ice " of controls imposed hy the 

ivemment on the expansion of 
jfc credit . 

The present controls, which set 
-ceiling on .the growth of the 
-^1 lanldiig sector’s': credit opera- 
^■^Ntons, date hart; for five years, 



PARTS. April 27. 
thus putting France in a unique 
position among the big indus- 
trialised countries, he said. 

Presenting shareholders with 
the 1977 results, which showed 
an advance in net earnings from 
Frs.fiBm. to Frs,77m. (S16.7m.). 
M. Leveque urged the adoption 
of a fresh system to replace 
uniform controls .on hanking 
activity. This would include ihe 
setting of a fixed" relation 
between banks* capital and 
qredits and a re-defining of the 
role of hanks such as the SUtrp. 
run Credit Agricolc.- which 
receive special treatment ' 


Profit optimism at SKF 



BY ' W1U2AM DiH-LI*ORCE - 
JKF, the Swedish- bearing, steel 
annnachine tools multinational, 
precasts improved 1978 earn- 
ttp, due mainly .to; exchange 
te developments,- notably the 
the yen. ,.:The 
l| Approvement wilL it is hoped, 
‘^V felt pamcafariy 'on. the bear* 
ngs side whfeb makes np;72 per 
lent, of group sales;. 

Although the engineering 
--market remained weak last year 
^Z^iTpticr competition 1 ivas fierce, 
■'SKPa bearing* business main- 
tpned its profit margins. The 
..rise to. the yen* induced not a 


STOCKHOLM, April 27. 
few customers to- change, their 
supplier “ not infrequently in 
SKF's favour.** the 1977 share- 
holders’ report slates. 

The fact that SKFs "nre-fa.v 
earnings nevertheless 'dropped 
from -• “Kr.256m: in 1976' to 
Kr.lofim. ($33.(tai.) on a Kr.Sbn 
fS1.73hn.l turnover was due to 
the continuing and. growing Ins? 
on the steel -side, which 
accounted for 14 p*r cent, of 
total sales But the current 
order situation arid market fore- 
casts indicate that bales of both 
steel products and machine tool.- 
will' pick up this year. 


BMW plans 
to raise 
$64m. by 
rights issue 


By Jonathan Carr 


BONN. April 27. 
BATERISCHE ItSotoren TVerte 
(BMW I, the Munich based car 
and motorcycle manufacturer, 
wilt propose to its share- 
holders meeting on June 27 a 
slightly reduced cash dividend 
for 1977 and a substantial 
capital increase via a DM 123m. 
(564m.) rights issue. 

Last July saw a capital in- 
crease or DM65m. which took 
BMW's nominal capital to 
DM396m. Now (he Board is 
proposing a further increase to 
a total of DAISOOni- chiefly 
through a one ^or-f on r rights 
issue at a price of 1)8166.50 per 
DM50 nominal share. The new 
shares will he entitled to a 
half of the dividend for 1978, 
with full dividend rights for 
1979. ' 

Group turnover last year 
rose hy l6 per cent, to 
UMa.fibn. and while profits did 
not keep pace, ihey are 
nonetheless described as ** well 
above" 1976‘s already high 
•level. - The company began 
1978 with the biggest order 
book in its history and sales 
are thought likely to increase 
this year by around 10 per 
cent. 

The dividend proposal oF 
DMA per share instead of the 
Dtflfl paid in respect nf 197k 
had been widely expected. It 
reflects the effects of the new 
tax reform rather than a 
downturn in company per- 
formance. 


RESTRUCTURING AT MONTEDISON 




The basis for a chemicals recovery 


O 


in go>i£ 


BY PAUL BETTS. RECENTLY IN MILAN 




A MAJOR and Inngtfqre- 
shadowed restnirturina of ihe 
troubled Italian synthetic fibres 
and textiles -sector is to be 
announced Lo-morrow during the 
annual shareholders' meeting of 
ihe giant Milan-based chemicals 
conglomerate, Montedison. 

Simultaneously, the chemicals 
group, whose parent company 
Montedison SpA reported record 
losses of L509hn fS62Dm.) 
will propose a massive capita) 
writedown from L435bn. to 
L52bn. and ' a subsequent 
capital increase to L355bn. 
underwritten by a consortium of 
Italian banks led by the State 
medium term credit institute. 
Mediobanca. Mcdiohanca will 
also launch a L“5bn. bond 
issue guaranteed on Montedi- 
son's fixed assets. 

Thr financial move* are »nter- 
related, and are the outcome of 
long drawn-out negotiation at 
government level They form 
pan of ‘the latcsr attempt to 
reconstruct.- structurally and 
financially; thp company which 
is Italy's second biggest private 
(enterprise after Fiat. In so 
doing it is hoped io establish the 
hasis'of a recovery for the entire 
chemicals and fibres sector, 
which effectively represents one 
of the backbones nf the Italian 
industrial structure. 

Tomorrow's meeting could he 
a watershed in the controversial 
history of the Montedison group. 
There appears at last to be 
general political concensus 
aimed at pulling the company 
out of the doldrums. After 


... 

1972 

1973 

* 1774 

1975 '- 

- 1976 - ; 

- * 1977 

MONTEDISON GROUP 







Sales 

2.100 

2J90 

4.82? 

3,535 

.. -4815 . 

, 5,472. 

ProfiC/I&» 

—455 

-33 

-r 123 

-163 

-72 

-445 

Debt 

1.853 : 

U24 

213 

-- 2,775 . 

• 3,042 ' ' 

■ £439 ‘ 

MONTEDISON SPA (PARENT COMPANY) 






Sales 

823 

7.77J 

• 2300 

1,890 

2,735 

' * 3,070 

Profit/los* 

—459 

-t-6 

-r8t 

" -73 

* 

-509" ’ 

Debt 

1,324 


UM 

. 1,597 

T,?42 

. :2,10b ’ 


position arid firs) burden -W 
accumulated debts. . . 

Last year, the Pirelli gr,oup. 
also 'launched -a L-SObrn; capital 
increase' underwrkfen'" by a cot£ 
soYtium of banks to'.?i%rtrifttrta;^ 
its: financial position. " 

Olivetti case, '.Turfif'‘'F!Si 
group; which has "i' holdin^'ii? 

the company, a greed' fo-tlie; jie 


MONTEFlfiRE SPA (MAIN FIBRE SUBSIDIARY) 
Sales 315* 344 

Profit/ios* -83 “II 

Debt 130 127 


427 

-8 

169 


403 

-—117 

265 


588 
— TOO 
312 


sjot- - 

-UWS) 


• Net sales- t Estimate. Rgures in lirc bililoni. 


Specialisation 
at Arbed 


By David Buchan 


BRUSSELS. April -37. 

ARBED'S recent acquisitions In 
the Saar-— Control of ROchling- 
Burbacta and Neunkirchcr 
Eisenwerk and a stake in 
Dillingen— will result in great* 
er specialisation between the 
-Saar plants and Arbed’s 
Luxembourg operations. Arbed 
shareholders were' told to-day. 

The Luxembourg steel com- 
pany, which had a net 1977 
loss of Lux.Frv.4.5bn. hopes 
that the integration ‘ of its re- 
cent purchases wiH bring 
future benefits. •• 

Arbed Is currently negotiat-. 
ing a production arrangement 
with several southern Belgian 
steel companies in the Char- 
leroi area. 1 Bui no final out- 
come ...is -likely, .before .the 
middle of May. Arbed officials- 
say.~p%rhed does not intend- to 
any ;financial link with 
,ih£ Belgian companies. ... 


years of polittr-a) conflicts over 
the future of the group and an 
mcestual war between the 
various companies operating in 

the sector, the prevailing feeling 

is that Montedison as presently 
-structured lias reached the end 
of -the road. 

Over ihe last few months, 
there lias been a concerted 
effort by private industry, 
political forces and trade unions 
to effect the tong overdue re- 
covery _af (he group. The re- 
covery 'programme is based on 
the principle of main rain mg 
Montedison m the private sector, 
a view now also being promoted 
by the powerful Communist 
party and the trade union 
leadership and not just by other 
large private complexes like Flat, 
fearing to become isolated with 
the threat of an ever expanding 
Italian Slflic sector. 

The proposals for the fibres 
and textile sector are to co- 


ordinate the various Italian com- 
panies into one essentially pri- 
vate group, rationalising the 
existing concerns and their 
future investments. At the same 
time, the banking system through 
the intervention of banking con- 
sortiums will see to the financial 
reconstruction of the ' troubled 
companies. - • 

Fur its part, the trade union 
leadership has indicated its wil- 
lingness to accept— in theory at 
any rale — the principle of labour 
mobility, that obsolete plants can 
no longer ' be kept aJivc solely 
for the sake nf employment, and 
the need for moderation in wage 
claims. 

Montedison in this sense will 
represent a major test case for 
fie (country's attempt at an 
overall industrial reconversion, 
and the test this time will not 
come so much from the political 
parties and the other chemical 
companies, but from the' union 


rank and file. ' The Union base 3s 
now being given .the opportunity 
fo show whether ir is; prepared 
to accept its leadership's 
moderate guidelines with the re- 
newal of - a series of national 
labour contracts. 

Blit perhaps, the, most (pighiB- 
cant- aspect of;, the* Montedison 
affair -is the" 4iefenunir 'political 
decision to maintain the gi-oup's 
"private"'- character jujkL the' cur- 
rent efforts of Italy's private sec- 
tor to avoid the prospect of see- 
ing its hold further erbded by 
the state sector. . - 

.A champion of this philosophy 
is the former Fiat managing 
director. Sig. Carlo de Benedetti. 
who on Thursday was appointed 
deputy chairman and managing 
director of the Olivetti group and 
is to take np the single largest 
stake of 20 -per cent/ ih the 
mechanical-electronics company 
in a L.40b'u. capital increase to 
consolidate Olivetti's financial 


resigned- 
Board after barely -three' montif# 
following a clash .qf perscmaSfies. 
and 'policies. . i:- ? ; 

The private scihorj which is' 


The private sector, wmeh is 
effectively the -.only industrial 
sector still ■working'wjth V 


of efficiency and ■prpfiVdlinity‘ 'tn 
Italy, has' for' Ion g\;i!fra intairtep* 
th'it if it were left * hlbde ’arn 


giverf a- reasonable -“'jiartiis 
growth ' it could ; su(ie_5sful5v . exj 
panel .and develop-;' 

There "is now a’ f.tcpgnitjbp^tifft 
the state sector, now racing; 
most acute crisis since the waF.ls 
no longer a realistic raod el foe 
an industrial Te<effl3$drtsioa PHF 
gramme.. .• * 

"ivitile there is,at l^st ao 
apparent serious .attgbtpt by th€j; 
Montedison management.- private 
industry, and ihe 'politicaV- and 
social forces to tackle-. the 
mental weakness of .4he ISilaB-, 
based conglomerate, the task jtp> 
be accomplished -Palps into : reIa- 


tiye insignificancy. in.-Ihe qf 


the miich broader .Vprolyems. 
afflicting ihe entire state; bectqe 
in. Italy. \ .- 


Setback forecast at Ciba-Geigy 


BY JOHN WICKS 


ZURICH, April' 27. 


profits for J97S. At » Press iron- 
ference >n Basic by Dr. Louis 
von Plania. chairman and manag- 
ing director of Ctba Gerey Afj 
expressed ** concern " at the 
mnnelary situation, the economic 
development of major, customer 
countries and a trend towards 
protect ioni sin- 

In 1977. pareni-cmnpanv net 
profits rose from Sw.Frs.il 7.4m. 
to Su-.Frs.123.Iut. following a 
jump in group nnerating profit 
to ' Sw.Frs.420m. from 
Sw.Frs.320m'.- Dividend is being 
maintained: 

Group sales dropped- by 15 per 
cent, io SwJFrsJ2.t5Sbn. in the first 
| quarter of 197S. the result of the 
| sharp . increase in ' the exchange 
rate nf the Swiss franc. In local 
I currencies: dumover ■ actually 
; rose by 4 per cent. Business also 
suffered in-the first three months 
from transport difficulties in the 
U-S-nern-chcmicals sector. 

In calendar 1977. overall turn- 
over had' shown 5 per cent. 


terms of local currencies amount* 
inn rn 11 per cent. 

Ciba-Geigy. which has m the 
course of the past few months 
announced seven acquisitions 
in the U.S.. intends to concen- 
trate future investments on pro- 
jects in Switzerland, the U.S.' 
and Brazil. Further takeovers 
are likely: last year Europe 
accounted - for 46 per cent, and 
North ‘America 26 per cent, of 
group sales. 


'orowth frr -Swiss-frane- terms nf 


fSwJFrsi>.94bn. with -the pjse in 


A further fall in profits for Swiss 
engineering concern Sulzer 
Brothers is probably inevitable 
this year, parent- company Geb> 

rueder Sulzer AG said in Winter- 
shur. In 1977. group profits 
declined by 21 per cent, to 
Sw.Frs.B4m tS425m.1 and parent 
company net profits by 12 per 
cent, to Sw.Frs.4L45m. The 
Board is recommending *n un- 
changed 14 per cent, dividend. 

In 1979. Suirer expects a 
further drop. in. orders onJiand. 


Last year, new orders -were 2 
per cent, down in value to 
Sw.Frs.3.39bn. while turnover was 
down by 1 per cCnL to ' Sw. 
Frs^.Sbn. 

Demand for group products is 
weak, according to managing 
director Artur Frauenfelder. 
while competition is sharp and 
the group hit by the high 
exchange rate of the Swiss fcanc. 

According to Mr. Frauenfelder. 
there has been no improvement 
in Sales prices. Tbe group is 
continually forced, pnrticulariy 
for large export orders: to offer 
competitive prices which do not 
fully cover costs. 


Jardine Industries 


JARDIXE .. INDUSTRIES has 
appointed Wardley to advise the 
minority shareholders on the pro- 
posal whereby Jardine Matbeson 
and Cd. would acquire their 
shares for cash at SHK4.Q0 each, 
Extel reports... _ 


Estel sees sraallupturii 


. BY CHARLES- BATCHELOR 


- • : i-*f . -t 

.AMSTERDAM. April 27. 


ESTEL. the Dutch-Germ an steel 
group, experts a - gradual im- 
provemeat in its results but will 
make a “ not inconsiderable T. 
loss this year. This follows the 
record- net., loss, .of Fls.4J.fihi.- 
fS18Srt.l after FlsLfi&m. in 1976- 
Turnover was .FlsIfLlhti. 
(Fls^5hn).' '. 


industrySfcrisis is ^rpeblbd. how^ 
ever, to last jnto the 1980s and 


a lasting improvement 

1-. -deihanfl-- 


come £rpm ■ incT^a#ed-. ^eiqar_ 
Prospects for both' domestic aiid, 
export . markets - are , -uncertain/ 
Measures -taken ip the, U.S. jrwy- 
reduce volume salps „ 
although prices ..will -ris^^ : 5 . A -^ 


The improvement vriir‘ come 1 
from the EEC Commission's 
efforts to establish : basts prices’ 
and-lo limit the volume of im- ; 
pons, and from EptefV own" 
reorganisation. • Thj? company 
sees no peed' to shut down plant 
in view of its modern facilities 
and its favourable geographical 
situation. . ' ■ ■ 


-The steel divisrort -'^ectsMil 
product around 
crude -steel anmhftly; ove^Tffe 
next few years, meaitihg a‘70 peri 
cent capacity utilisation rate. 
Capacity use in : s 


of 197S is. expect 3d tape a.rowjd. 
73; per" cent.— up 1 : 68f%et’ 

cefit,'iasl‘ >:ear. 


But by savings on mainten- 
ance. energy and raw material 
costs, it hopes to save Fls.500m. 
at 1977 prices this and.pext year. 
Savings of Fls.400m. will be 
made in the steel division alone. 
Technical improvement* tn.pl arrt 
and reduption* in the workforce 
will also -lower costs. 1 ■'. v 
v ,vr • •. •-•-■ 

. The. . present -.European: -st#eL 


,- e ; . 8 

. The.. st eel processing aivistotf 
has ’heed expandhtg-: into.ifiigft' 
technolocc.' activities and kaSt’ 
year titefc;hoWings:iit oraeqniwflP 
three companies in lmary. Hotfttfd 
and ’.Germany. Tt ralsur seh;rupj 
tochnted services -vnmfrani&a Jrf* 
Holland, 'and Germ any to'seit 
complete • Installations-.-,- :er ' -:L 

Estel 'proposes paying oo dNV- 
,<1end. fwF-W77. : 




i 






FINANCING SERVICES 





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; Mi* i i f i ; 


GOLDMAN SACHS CAPABILITY: 


HELPING CORPORATIONS RAISE CAPITAL 


THROUGH PRIVATE FINANCINGS. 


In 1977, as reported b^the Investment Dealers^ 
Digest, Goldman Sachs was tbe leading agent 
for U.S. private financings. And, since the 
beginning of 1975, we have helped complete 
/more than 275 private financings totalling over 
S5 billion. Here’s how this uncommon capability 
’ can help you raise funds through direct or “pri- 
vate” placements, and lease and -project f inane? 
ings with major financial institutions in the U.S. 


Finding the form of financing which best 
meets your, needs. What are the relative merits 
, of a private placement versus a public offering 
for your company? What maturity in a placement 
wo'uid be most appropriate to your needs? What 
provisions.shpuld be included in the loan agree- 
ment? When should you enter the market? 

Is lease financing the best way to arrange 
for the use ofa specific asset? What form of 
lease? Who benefits mofe by taking the applica- 

bie-tax credits, you or the lessor? What is the 

optimum lease term? What are the preferable 
renewal and purchase options? Howcan the 
lease be structured to give you the most 
/favorable rent? • 

These are,some of the many factors we 
explore with private financing clients. Our 


■objective is to do more than just help meet your 
immediate'financing requirements; we also 
seek to maximize your flexibility in obtaining 
additional funds in the future. •• 

Arranging yoUr financing smoothly and 
quickly. Our private financing staff is one of the 
largest in the investment .banking industry. They 
■are in the market- every day and in regular con- 
tact with more than 300 major institutional invesr 
tors. We know what institutions are looking for in 
the way of rates, amounts, terms, industries, and 
types of securities and assets. - 

We believe no firm provides a more com- 
plete or comprehensive coverage of the private 
capital market, and consider this a.key factor 
Tri our ability to arrange private financings, 
promptly and effectively^ 

Providing professional continuity through- 
out the financing. When Goldman Sachs spe- 
cialists are assigned to a private placement : 
or lease financing, they are on it from beginning 
to end. 

They participate in initial discussions with 
the company and analyze the credit. They pro-, 
vide counsel on the form and structure of the ; 
transaction; They prepare the offering material 


and market the securities. They advise on rate . 
and terms and help with negotiations. They 
are there for the closing. 

Solving the problem, whatever your need. 
Goldman Sachs' personal and on-going 
approach to private financing frequently helps 
us complete even the most complicated and dif- 
ficult transactions, including those for interna- . 
tional corporations. During 1977 alone, we - 
arranged 11 private financing programs in the 
U.S. for European and Far Eastern clients, 
totalling $245 million. 

Our private placement capability and 
experience extends to virtually every industry- 
including manufacturing, utility, banking, . 
transportation, finance and retailing'. 

Our lease financing capability and experi- 
ence also extends to a wide range of assets— 
office buildings, stores, manufacturing facilities 
and equipment, distribution centers, computers, 
nuclear fuel, aircraft, railroad cars and ships. 

Recent private financing transactions 
arranged by us have ranged in size from under 
S5 million to SI 50 million, with maturities from 
5 to 25 years, 

Whenyour company.needsto raise 


capital privafefy, caff on the capability of . iV 
Goldman Sachs. The uncommon capability- that 
has made us the leader in private financing. ' 


Goldman Sachs 
International Corp. 

4Q'Basingha|l Street 
■London EC2V 5DE 

01-638-4155 


Goldman Sachs 1 AG 
Umjnatquai-4 - * 
Zurich 8001 . ... 
01-47 93 33 


P.O. Box 70 
Kasumi'gaseki Bldg. 

2- 5, Kasumigaseki 3-Chome 
Chiyoda-ku, Tokyo 100 

03- 592-1781 


Goldman, Sachs & Co. j 
55 Broad Street ‘ 
New-York, New York 
10004 

212-676-8000 . 



ilia 

s , 


Uncommon Capability 





36 


Financial 


INTERNATIONAL FINANCIAL AN 

D < 

Cl 

3MJ 

PAN 

V NEWS 


MEDIUM-TERM LOANS 


Scandinavia sets the pace 


BY FRANCIS GHILiS 


A LARGE number of medium- of If per cent and an eight rear Greek paper is understandable, 
term loans are currently being maturity. The other European borrower 

negotiated* with most borrowers Another Scandinavian bor» is Bulgaria, which is raising 
in a position to obtain from the rower currently raising funds is SIOOul for six years on a split 
banks softer terms than they did the Bank of Finland, which is spread of } per cent for the 
when they last approached the borrowing $!00m. for eight years first two years, rising to } per 
market on a spilt spread of t per cent, cent through Foreign Trade 

There is no sign yet that this for the first four years, rising to Bank. Lead manager is Lloyds 
softening is about to come to an { per cent, terms which are not Bank International. The imp rove- 
end, although some banks have quite as good as those obtained ment in terms for this borrower 
in recent weeks lost mandates by Svenska Petroleum. Three comes as no surprise, particu- 
beeause thev were not prepared banks are arranging - the loan — larly following the terms its 
to follow spreads down as much Midland Bank. Nordic Bank, neighbour, Hungary, . is now able 
as some of their competitors. which is also agent and Scan- to command. 

Scandinavian borrowers are dinavian Bank. Lloyds Bank Internationa] 

among the most active, and are Iceland has also improved the (LBI) is also involved in two 
reaping the full benefit of the terms on which it can raise other operations, in both cases 
softer terms. The Statoii $300m. money, but in rather more dra- as joint lead manager. The first 
ten-year loan which boasts a matic a fashion. The national is a 8150m. eight-year loan on a 
split* spread of i per cent, for Power Corporation is raising spread of i per cent for the 
the first six years, rising to 3 per SSOni. for ten years on a spread Industrial Mining Development 
cent, the finest ever for a Scan- of i per cent, throughout Such Bank of Iran, in which it has 
dinavian borrower is now a spread represents a fall of i-J joined farces with Canadian 
completed. Meanwhile Svenska per cent compared with the pre- Imepriai Bank of Commerce and 
Petroleum is raising 8100m.' for. vious operation. Joint lead Tran Overseas Investment Bank, 
eight years on a split spread, of managers of the current loan are The borrower has not provided 
| per cent, for the first six years Hambros. Canadian Imperial a state guarantee. 

Bank of Commerce and Mitsui. The second operation, in 
Two other European countries 'which LBT has joined forces 
are also arranging loans. Greece, with Bank of Montreal and Citi* 
State guarantee and have Chase through the Bank of Greece is corp is a $250 Tol ten-year loan 
Manhattan Ltd. as lead manager. 

The same bank is arranging a 
J75m. eight-year loan for Saga 
Petrokjemi. a private Norwegian 
company. The loan is indirectly Trust International. 
guaranteed by tbc State, and figure. S200m. is 
includes two tranches. The first 
one. amounting to S53m. is in 
effect a refinancing operation. 

Terms are understood to include 
a spread of 1} per cent and an 
eight-year maturity. 

The 822m. tranche. . which is 
fresh money, includes a spread 


Second half 
earnings 
surge lifts 
Romatex 


rising to i per cent., terms which 
are slightly less fine than those 
for Statoii. Both loans carry a 


raising S25Qm. for ten years on for Mexico's Foreign Trade 
a split spread of f per cent, for Bank. This loan, boasts a spread 
the first three, rising to l per of 1 per cent, for the first three 
cent. Lead manager is Bankers years rising to 1) per cent. 

OF the total The leading hanks are offer- 

- understood ing a renewal fee of 4 per cent. 

already la have been underwrit- at the end of the. first three 
ten. This is the first time the years to those hanks which par- 


Bank or Greece has approached 
the market in 18 months, and it 
is unlikely to do so again this 
year. In view of this and Greece's 
low level of debt overall, the 
keenness of bank£ to pick up 


ticipate in the loan hut will not 
offer such a fee at the end of a 
six year period. This feature was 
already to be found in a large 
loan to Mexico's Nacinnal 
Financiers arranged last July. 


By Richard Stuart •'*■ ' 

JOHANNESBURG, April 27. 

ROMATEX the quoted textile 
subsidiary in the C, G. Smith 
sugar group* has turned in 
record profits is spite of a low 
level of economic activity la' all 
its major markets. After tax 
profits are up 29 per cent, from 
R8m. to R10-3m. (SlUm.) on 
a 7 per cent, rise in turnover 
from R163m. to R174m. (S2Wm.). 

This strong performance was 
aided by. a significant improve- 
ment in earnings in the second 
half. The normal fourth quarter 
cyclical downturn in profits was 
less severe than in previous 
years and the interest bill was 
cut sharply. 

The final dividend’ has been 
raised from 10 cents * share to 
12 cents making a total distribu- 
tion of 17 cents covered 2.6 
times, against 13- cents last year 
on the same cover, 
acquire a market quotation. 

A modest increase in profits 
is forecast For the current year. 
The shares are currently trading 
at a new high of 165 cents, two 
and a half times the level of a 
year ago. though still yielding 
over 10 per cent. 


FOREIGN BANKS IN INDIA 



BY P, C MAHANT1 IN CALCUTTA 


SINCE THE .nationalisation of finance for small industry and have also provided a significant on permitting foreign commi- 
14 largest Indian commercial agriculture. ' This has left them service . .to Indian’ Industry hy ci'anxanks to open new brands 
banks, the foreign banks opera t- free to concentrate on tile larger aranging Eurodollar loans for The previous Goverrun 

ing in the country have been sectors of Lndhstry and trade— to shipping companies and for ;deviated..in two cases.. ... 

subject to a major handicap, which they lend at relatively financial institutions engaged , in allowed Che Bank of Amerka .'. 
They have not been permitted to high rates of interest— and -on development banking. r convert Its- representative ofG ' 
open new branches, although foreign exchange business, a . . Clearly, the foreign banks in Delhi into * ftoH-fleder 
rapid industrialisation — k - ... . . *><■ 



rapid industrialisation and the particularly profitable. area. They have been ploying ausefrt ;rdle -branch, amHenaftted Ifce'Soni' 

of The - - — ‘ ; ' • - ■ ~ - '• • ftowir Of Bangladesh to openi: 

rural economy have opened up * . “ branch in ;C^utia;pe^^ ' tr “ 

. : reciprocity move. ;The pre$g\?: :, ‘V- 
'GoVepwnent has ddna nothttte J >: i ’ 

(End Year) ' *»« t ■ •■v ■ 

(Rs. HiDlonI ' 


ne wopportunities for banking 
activity 1 in India. Yet all the 
foreign banks have been doing 
well. 

The growth in their deposits 
and advances has not matched 


BANKING BUSINESS IN INDIA 


...A 


JAPANESE DEPARTMENT STORES 


Growth rates well below target 


BY YOKO SHIBATA 


TOKYO. April 27. 


SALES OF five major Japanese koshi the companies suffered 3 per cent. Takashimaya's recur- 
department stores. Mitsukosbi, setbacks in operating profits. ring profits rose by 2 per cent, to 
Daimaru, Takashimaya. Matsu- v Opening P^fits amounted to Y8.3bn.. but its net profits 
zakaya and Sogo continued to (up 46 per renL) t0 vr.lbn. at 
register single figure growth Daimaru (down 9.2 per cent.), 
rates of 2 per cent, to 6 per cent, and to Y7.6bn. at Takashimaya 
for the fiscal year ended in (down 9.1 per cent.), while at 
February. As a result of slug- Matsuzakaya they were Y5 3bn. 
gish personal consumption and (down 12-9 per cent.), and at 
the warm winter climate, sales Sogo Y4.2bn. (down 4.1 
growth of all five stores was well cent.). 


but its net profits al 
Y3.2bn.. showed no significant 
growth. Matsuzakaya showed a 
slight gain in recurring profits, 
at Y4.5bn. (up 2 per cent), con- 
tributed to by a lowering of 
Interest, with the fall in interest 
rales. Net profits of JUatsuza- 
per kaya were Y2.1bn. 

According to the Department 


Sasebo in new 
rescue plan 


below the original targets, per Mitsukosbi achieved recurring Store Association, sales volume 
sonal consumption falling short Profits of Y22.3bn. (up 12.2 per of the department stores last 
of the store's cautious growth cent.) and posted a record net March surpassed that of super- 
estimates. profit at Y10-3bn. (up 12.4 per market chains For the first time 

c, lp . _ t M5tK , lkn(;h i totaiiPd cenl ) - The store placed its main since 1971. The association says, 
v .S n eSST 0, i-JS stress 00 luxury products and in the recovery phase or economy. 

on P S directly imported goods which there are moves in demand to- 

L ea , hL,. e r ,'r, V?«7I J; Started to pick up in th e latter wards expensive and high profit 

(mi 3 0^ Descent"? 'at^Takashi* ha,f of the - vear ' ,ts non ' b urrnw- margin goods such as women's 
(up 3.0 Percent), at lakashi ing po h C y turned out favourably, wear, furniture, and art objects, 
to i33U.onn. (up 0.9 per improving Hip financial balance In view nf this prospect, depart- 

expect profits to 
Mitsukoshi ex- 

up 14.5 per cent pects double figure growth in 
With the exception of Mitsu- and net profits were Y3.4bn- up current profits. 



TOKYO, April 27. 
FOUR- MAJOR shareholders in 
Sasebo Heavy Industries Com- 
pany have agreed to' co-operate 
with the Government and banks 
to help salvage the ailing ship- 
builder under a three-year 
reconstruction plan recom- 
mended by the Transport 
Ministry, a Ministry spokesman 
said. 

The shareholders — Nippon 
Steel, Kurushima Dockyard, 
Nippon Kokan Kaisha and 
Missho-Iwai — will discuss how to 
provide guarantees for a YSbn. 
(S35.5m.) bank loan needed by 
Sasebo to pay retirement allow- 
ances to 1.600 of its 6.600 
employees as part of the plan. 

The Ministry has asked the 
four shareholders to provide 
guarantees for the loan, which 
Sasebo is seeking from a banking 
consortium led by' Dai-Ichi 
Kangyo Bank. 

The Ministry and the company; 
however. would not give details 
of the three-year plan. 

Sasebo said it has a backlog 
of orders sufficient to maintain 
operations until July or August 
but it added that it expects 
orders for a few tankers to be 
placed soon by overseas owners. 

1 Reuler 


i ■ 

■ • m* 

- 1973 

1974 

1975 

w«. 

Deposits 

Foreign banks 
Indian banks 

All banks 

4,870 

48,080 

52,950 

7^70 
99,880 ' 
107,750 

8,1*0 

...117,960 

.126,120 

=V10 
143^60 
151,970 : 

: A080 

'162,240 

171320 

Share of foreign 
' . banks in total - 
deposits of all 
. banks per cent. 

92 

74 

6 S 

S.7- 

w:\-2 

Credit 

Foreign banks 
Indian banks 

Afl banks 

4.030 
' 33.960 
37,990 

5,710 
67^10 . 
73,020 

" 6,120 
68^20 
84,640 

6.080 
99340 
105.920 . 

6300- 
122J90 
. 129:090 

Share of foreign 
banks in total 
credit of all 
banks per cent. 

TO^ 

7i.. 

" _ 72 

5.7 

""" 4.9 


far- 
■" Some ' 60 


il 


applfca&jas,fris'- 


and" others' waiting, to 
brandh’es for. the first'tixne;^ ai-. - - 


,;‘Si 




as~ many' as 2& branches. - ' 

‘ Others- waiting . 'include ‘ XtV\. - ,:: 
Bank. oif. America. Mercanti - ;r * • 
Bank,. ,tiie British Bank of tt ;i .-- -i " 
Middle East, Bang ue Nation a *'. 
de Paris and American Expres i-’-r *•' 
Among those wanting . to • opt';./ ' ■ 
branches for the first time at - : ' 


Bank of Credit and Commen 
International.': 

It bas- been suggested 




stwrte- Tt>« Econo™* which Indian banks have alreac,:; 

‘ opened branches or want to ope' ' " 


am 

Vf'K 

wm 
VMf 

c f infis 
nS to 

V* exm 
r •" ^ 

■ .t Biai 

3.-4. rim 
..-h Sin* 

V.cr :■**■ 
-cm 

- At 


foreign banks’ share of the total 
banking business bas been dim- 
inishing because of the restraint 
on their operations. Even so, 
there was a nS6.4 percent.in- 
crease in deposits and a rise 
of 56.3 per cent in the lending 
of the foreign banks over the 
period 1969-1976.. with deposits 
rising to Rs.9.1bn. from 
Rs.4.870bn., and advances to 
Rs.6.3bn. from Rs.4.03bn.-' 

An even more striking feature 
of the activity of these banks is 
a significantly higher rate of 
profitability than that of their 
Indian counterparts. The net 
profit of the foreign banks ex- 

foS S€ Mnfing^ , came ,< to Vs^per have - moreover, earned * reputa- in the Indian economy, although for the firtt .time, may d^nan . 

cent, in 1976 . as against only P * .8 lion for s° Iid efficiency with ail they; operate mainly for ^tx mv • 

per cent, for the Indian banks. classes °f customers. >- po titan areas and the branebes’ _ 

However, this is not altogether In addition, their ability to remain frozen at 130. The role 
a matter of relative efficiency, keep costs under control, despite would be more useful but for ’ ’ : • 

since the Indian banks have to infiation. and higher staff wsge.s, the restraint on their operations. S1 ^ . -‘ Ny * 

devote a part of their credit to has meant that between 1969 and For^- example, they could- have ' •— : :r:^S 

small industrial borrowers at con- 1976, their expenditure rose by reinvested part of their profits !?.^ de ^ de i« g0 ' v^f!* nU tSn e ^ f? “ ' 
cessionary rates of interest, and Rs.700ra„ against an increase In The profits are being remitted to f. e u ? ... . . xdl 

to relatively high-risk borrowers earnings of Rs.750m. the head offices, though a sub- hcences^for 

such as farmers and village arti- Being unable to open new stantial part could havebeen used ,(>WaiI ^ e<1 '' ^ e oranene* -at p:;-.-. ", 

sans in line with the Govern- branches, and thereby prevented urTndia to help, expand economic- spread over 22 counmes. 
ment’s policy of extending bank from spreading their activity to activity in various sectors, and Considering the sharp increas. r 
credit in there sections on easy new growth centres, . some of thereby to create more employ- * n India s. export-import « trad. »■;: 

terms. The rapid expansion of them have taken to merchant m&k' wtoach has been -the her : burgeoning.' fords'-- " 

branches also has been a mixed banking in which they have, goa i 0 f Indian economic exchange reserves, fed by. a. : 
blessing for the Indian banks, been conspicuously successful, policy Between 1970 and 1976, am P 1 e no* of remittanres froi, ; 

Cost control has been hindered Foreign-controHed, even purely^- foreign banks repatriated abroad, It J 

by the sudden increase in size, Indian, companies have turned Rsosom only natural that foreign bann. - < 

and the relatively poor calibre to them Increasingly for the float- ‘ ,, • . • with their resources, skill an,...: 

of staff recruited to man the new ing of share issues. With one or The Janata Finance Minister,, international .contacts, _ short' . i: 
branebes. two exceptions, Indian banks Mr, - H. M. Patel, recently told seek : a ' bigger share in“ th 

The foreign banks have been offer tittle competition in this, the Lok-Sabba that the Govern- country's banking set-up' tha/ 
allowed latitude In providing line.' Some of the foreign banks- ment was reviewing the' policy they are allowed to-day. 


rwd 




STRAIGHTS 


Bid Offer 


(r 




This advertisement appears as a matter of record only 



SLWWPM 


SUPERINTENDENCE NACIONAL 
DA MARINHA MERCANTE- SUNAM AM 


US $ 9.840.294 


TERM CREDIT FACILITY 


' Unconditionally guaranteed by* 

THE FEDERATIVE REPUBLIC OF BRAZIL 


Arranged and provided by 

BANCO DE BILBAO 
BANCO ARABE ESPANOL 
UNITED INTERNATIONAL BANK 


CANADIAN IMPERIAL BANK OF COMMERCE 
(INTERNATIONAL) S. A. 


’■ .. Agent Bank 





BANC O DE BI LBAO 



Alcan Australia 8ipc 1885 

AUEV 8 pc 1887 . . 

AmnaJIa «pc J9K 
Ausirsllan M. & S. SJpc TC 
Oardays Bank s*pv 18K... 

Bowaler 91PC >992 

Can. N. Rallwas 8Spc 1998 
Credit ffatioaal 8 4 pc 19SS-. 

Denmark 8! PC 18S4 

ECS »pc 1995 

ECS SiPC 199? 

E1B «:pc 198! ......... 

EMI BlPC >W9 

Ericsson Slpc 19S9 . 

Esso 8pc 1956 Nov 

Cl Lakes Paper SJpc 1B»4 

Hamenler 9ipc 1992 

Hydro Quebec 9pc 1992 — 

IC1 Si PC 1SS7 

ISE Canada 9ipc 1996 .. .. 
?.UenriHao Bloedel 9 dc 1992 
Maasey Fersuaon Sjpc '91 

Mlrtelln tipc 19S8 

Midland Inc Fin. S.-pc V! 
National Coal Bd. Soc 1997 
Nadonal Wurmnstr. 9pc *96 
V-u-foundland 9pc 19S9 .. 
XonUe lor. Bk. Sloe 
Names Kom. Bk. ?lpc 199! 
Norolpe Slpc 19S9 . ...... . 

Norsk Hydro Sjpc 198! ... 
0«JO 9 PC JB53 

Pons Autonomos Sue 
Pm.'. Quebec 9pc 1993 ... . 
Prov Saskaich. SJbc 1988 
Reed international ?pc 1987 
R1IM 1P9S 


Ml 

fit 

94 i 

98 
971 
97| 
971 
981 

190 

9S4 

9W 

99 
SSf 

971 

181f 

981 

100 

961 

97* 

1041 

96 

96! 

19» 

9S1 

95 

99i 

Mi 

871 

971 

KV 

JOIi 

931 

9*; 

9SJ 

9rt 

W.J 


971 

88 

93 

981 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


93* 
■Wi 
99 
100 ! 
. 991 

96 
991 
99 

98 

ion 

994 

1001 

87 

981 

103 

961 

971 

itn 

99 
93! 

102 

106* 

99* 

981 

98 

971 

lie 

93 

97 
ion* 
85 
941 


Selection Trust 8 {pc 1969 ... 
Stand. BnsIdldA 9pc 1391 

SKF 3pc IBS? — 

Sweden fK’dom) Upc 1987 
United Biscuits 3pc 1983 — 
Volvo 8pc 1987 llarcb .— 


Wd 

91 

99 * 

931 

961 

99 

93 


Offer 

99 

ie» 

94 * 

97 

991 

S 3 ! 


Tefinex Wpc 1984 

Teaneco 7}pc 1987 May — 
Volkswagen Tlpc 1987 


Bid 

BS4 


NOTES 


Australia 7} pc 1834 ' 

BeU Canada 71 pc 19BT 

Er. Columbia Hyd. Tlpc *S3 

Can. Pac. Sine 1081 

Dow Chemical 8pe 1988 

ECS 7*pe 1932 

ECS 81 PC 10*8 

EEC 7J pc 1982 . 

EEC Tlpc 1984 :~. 

Ertso Gmzett 8*pc 1984 .. 
Cotaverken 7tpc 1962 — , 

Kockums ipc 15S9 

Uicheiin 8*pe 18S3 

Monrreal- Urban 8Jpc 1981 
New Brunswick 8pc 1984 —. 
New Bruns. Prov. 8{pc ”83 
New Zealand Sipc -1986 .. 
Nordic lav. Bk. 7!pc 1984 
Norsk Hydro Tlpc 19S2 ... 

Norway Tipc 1SS! 

Ontario Hydro Spc 1987 _ 

Singer 8Spc 1SS2 

S. or Scot. Elec. Sh»c 1981 
Sweden (K'doim 7*pc 1962. 
Swedish State Co 7Spc *92 


96 

- 95 * 
94 
991 
99 

97 

Ki 
97 ! 
96 ' 
971 
971 
98 ! 
99 ! 
ioo»" 
97 * 
1M1. 
W 
961 
»7! 
m 

96 i 

Wl* 

100 

97 * 

OS 


96 f 

96 

94 ! 

lt »4 

n 

96 * 

98 

Ml 

98 

-S 

10*1 


90 * 

91 * 

96 * 

94 *. 

94 ! 


STERLING BONOS 
Allied Breweries lttpc *90 
Citicorp lOpc 1961 . 

Qmmolds Bloc 1989 
ECS BlpC 1989 

EIB 93pc 1988 — 

EIR 9!pc 1992 -"“94* 

Finance far tod. Bipc i9S*-~ f 9li 
Furnace far Ind. l0pc .l3B9 91* 

Fteoos 104 pc 1W'_. — 944 

Cesteiner 11 pc 1B88 . 941 

1NA lOpc 1988.:.. 90! 

Rowomte lQUft- 1988 - 90* 

Sean 104 PC. 498 S , 90 * 

Total Oil Wpc mi ' 93* 


Enroflma Sipc 1988 

Finland Sipc 1988 

Forannarfca Sipc 1W. . u_ 

Mexico. '6nc U«5 _ 

New Zealand- Sipc. 1988 .u 

Nororan Sipc I988 '.r_: 

Norway 4|pc 19S3 

PUUpptoes (Up* 1M5 
RamarndkSd - 65 oc - 1688 
Sweden 6pc 1988 _ . 
Tanernsmobabn S*pc 1993 
Tron dheim Slue. 1909 - 

TVO Power Co. 8pc 1988.1. 

*&■■■ Venezuela 6pc U>83 

9S . World Bank Bloc i960 ■.. 


Offer 
163* 
. 4S 
,964 



91* 

924 

91* 


SIKH 

Wl 

■fcl SEYMOUR- 

97 
1001 

M 


87 -r iT-Jir** 


95 * 


92 * 
» . 
951 
91 * 
91 * 
. 91 * 
M* 


FLOATING RATE 'NOTES 
Bank of Tpkyo 1984 7U)6DC 

BFCE 1984 SIPC 

BNP 1983 81 J6 PC ~ 


DM BONDS, £ . . k - - 

w* CFE 6 {pc- 1968 .. 65 ' 


101 * 

:»* 

.97 

98 

97 

97 

161 

100 ! 

984 

884 


Denmark 5 * pc 1984 — 

ECS SIPC 1990 ... 

EIB Bine 1999 .. :.... 

Elmrohras «Ulc | 9 S« 

Buraram .sfoc iw ..... ... 


99 * 

9S4 

93 * 

93 

m 


CCF 1983 8pc ...... 100 

CG3CF IBM 7|pc _ >... _ 99 

Credlranstall IBM 71 pt _ . .991 
Credit Lyomok lKS Spc... . 393 

DC Bank 1982 7l5 ]6 pc 100 

GZB19S1'gI|fipe ; 106! 

JnU. WesDxdnster 1984. Spt- ,981. 
Uoyds- 1983- Upc I9»- 

LTCB 1983 8pc _ .991 ■ 

Midland 1982 8oc 1014 

Midland 1987 TUftpc 891 

9«- OKB 1983 73pc ■ 100 

96 - SNCF IfKi Sipc .....y 99*- 

99 - snnreo:- WMre- Weld* Securities. 


% 


M 

160 * 

96 * 



Limited 

Progressive growth 


for the year ended 31 December 1977 



1977 

1976 

Increase 

Turnover 

£8221302 

£6 853 828> 

2096 

Profit before tax 

£817999 

£560616 

46% 

Earnings per share 

1281p 

8-86p 

45% 


1978 Outlook. Another year of growth and progress 
expected through expansion of mail order, periodical, 
packaging and general printing. Three new monthly 
magazine contracts obtained and new equipment coming 
into production. 


Copies of the 1977 annual report and accounts can be 
obtained from the Secretary, Watmoughs (Holdings) 
Limited, Idle, Bradford, West Yorkshire BD 10 8NL 


' ,f U3* $10,000,006 "jir.r : • 

. Floating Rate London- Dollar Negotiable Certificates 
- - of Deposit due April; 1980. 

TH E DAI-ICHI KANGYO 

BANK, LIMITED 

LONDON 





In accordance with the provisions of-ihe Certificates, notice is hereby 
given that forthB six months interest period from April 28th. 1-978 to 
October. 31 St. 1978. .the Certificates will can-y an Interest Rate of 
84% per annum. The relevant interest payment date v/il) be October 
31 &L 1.978. 


Credit SuisseWhiteWeidLimited 

U . . . • Agent. Bank 1 * ■■ 


J rr.rtish JSi 

•L s - ~acrf. "S 




7 m« ^ 

- :-.e tffl' TTt 


‘*411 


r ' r '"'"s re- 

:V a ' £ esjen- 8 

vi.' V'- * 

i'V.,'./; .^irvei | 

.?;■ I: --^ The'® 
■*: Crimai^j 
c-urse); 


swt'2 

'-iw- r- and-* 
-nreaiis-'n 
: ktO-''aV 1aWt,0n 

V - ■: •* a writer ;« 

... • 1 


All of these securities having been sold, this advertisement appears os a matter of record only. 


$50,000,000 

U.S. BANCORP 


8.60% Notes Due April 15, 1988 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 


Goldman, Sachs & Co. 


Bache Halsey Stuart Shields The First Boston Corporation - Blyth Eastman Dillon & Cd. : 

Ineorperued . Idcorp orated \ ~ ’ 

Drexel Burnham Lambert £. F. Hutton & Company- Inc. - Keefe, Brnyette. & Woods, Inc. , r 

IneorporntAd • .. , - 

Kidder, Peabody & Co. Lehman Brothers Kuhn Loeh ^ Loeb Rhoades,. Hornblower & Co. - 

Incorporated Incorporated • \ ■ j ’ . -' 

Paine, Webber, Jackson & Curtis M. A. Schapiro & Co.,Inc* Smith Barney, H^sUpliam & Co. 

Incorporated ~ • • . . , . ... .' . T ^ " 

Dean Witter Reynolds Inc. 


L. F. Rothschild, Unterberg, Towhin 


. : Foster <& Marshall Inc. ; 
Shearson Haydoi Stone Inc- • . 


April, 1978 


. * . V v * 



















/ 4 


J 


^'TJaandal Times FTHay April 28 1978 


ILLUSTRATED VOLUMES 



37 


re-?- 


SNOW 


r. 


and B1& World by Derek 
Eyre Methueo, £9.96. 
gage* • ' ' ‘ 

Sftm'is i beantiful book. To 
" -with, it is a triumph of 
- -r txi and production.: There 
yS®!* colour plates, most of 
■ ^ come quite fresh to 
eyed to those who. sure 
in medieval history: 
same apj^ to- the_ black- 


e- of the whole,' the text is 
: -KU 4 M good as it could be, 
•Ktfer. il there were justice 
. which. there isn't 

' ‘ V iron ■' common .sense, which 
l ,L1 isn't either, Chaucer and 
b World- would command 
’ Seaesln the booksh ops. 

. ' -rhare-to make one demur, and 

. that I have, to keep on 
- "iking- The accuracy of the 
gating is nothing Vke up > to. 

• {^standard of the rest of the 
■ Hon. Now and then it 

■ as though a mad com- 
• Stor has been let loose and 
“ Interposed a^line which 
- w have come from another 
, or possibly from 
-g another boot When did 
• . aVlast see an English book free 
L typographical nonsense? At 
tat stage does this sloppiness 

• vcd in? I remember my own 
ret books in the 1930s being 
anaeubtely printed— ftuzzrcom- 
-Stdal publishing houses, taking 

• - trouble: 1 don't think 

hrte seen a book Immaculately 
: fcted In this country during 
. , j e -past ten yfears. 

>-Badc-to more pleasant things. 
r Brewer U Reader in Medieval- 
‘ • talish in Cambridge, which on 
;’ Evidence, of iKs book must 
yary good for. English studies 
. iere. He is an excellent writer. 
’’ taws a tot about men and 
jonen and the world in general, 
psychological and historical 
.Urination, and Is exceptionally 
: ood at using his own personal 
‘ ' : fcp«rience of. service life and 


peasant, existence In other coun- 
tries (such as parts of Italy and 
Japan which are still rural) to 
draw contrasts and parallels with 
14th- century England. He gives 
the Impression, and it is an 
enlivening one, that he knows 
■14th century England as though 
he had visited it yesterday. 

He doesn't play down its hor- 
rors, sordidness, animal, poverty, 
filth. He may perhaps play down 
a trifle the sheer boringness of 
the serf existence from which 
nearly ail of us descend. He 
is, of course, right to stress that 
most men and women at all times 
have lived their existential life 
and haven’t been overwhelmed 
by their fate. Fourteenth cen- 
tury Englishmen died as young 
as Indians a generation ago. You 
were lucky if you reached 40. 
Most of your children died in 
infancy. 

But the survivors stall had their 
existent joy. It is true, and Dr. 
Brewer rubs it in, tbat they didn’t 
seem specially shattered by the 
Black Death of 1348 and subse- 
quent epidemics, which probably 
eliminated about half the popu- 
lation. That didn't leave anything 
like the psychological scar that 
economic affliction (the German 
inflation of the 1920s, the English 
slump in the i930s) left in the 
folk memory of industrial socie- 
ties in our time. 

Brewer’s picture of Chaucer is 
entirely convincing. We know 
more about him than we do about 
Shakespeare, mainly because he 
was for most of his life a court 
official, in our terms something 
like a middle-rank civil servant. 
Hfs family connections were not 
grand, but useful. He came from 
the merchant stratum, which was 
already developing its own inde- 
pendence and its own relation 
with the ruling class around the 
court. For instance, the sister of 
Chaucer’s wife was the mistress, 
and later the wife, of John of 
Gaunt, time-honoured Lancaster 
(who. by the way, appears not 
to have been particularly 
honoured and died in his mid-50s. 



A lady has a fitting for a new dress in Chaucer's day: one of the illustrations in the book reviewed to-day. 
Notice the scissors; Chaucer is the first person to be recorded as using the word m English 


Chaucer didn't make much of 
a mark as an official, so far as 
ooe can judge. He had more 
opportunities than most, he had 
good French (the court language 
was just changing to English) 
and Italian, which made him use- 
ful as an emissaty. But his own 
self-portrait, which, though it 
is mocking, has some of the ring 
of truth, suggests a man unasser- 
tive, without much personal com- 
mand, one of nature s spectators. 
He may not have been much fun 
to meet. Intellectually, be was 
exceptionally clever, aDd one of 


the most widely educated men in 
England. He seems, very rare in 
his own time, rare at any time, to 
have had both a taste and talent 
for private reflection and intro- 
spective brooding. 

It doesn’t need saying that tbat 
was one of the gifts which made 
him among the greatest writers 
in the language. If we leave 
Shakespeare out of it, who is 
greater? So far as that goes, 
who can compare with him? 

Bom in the 19th century, he 
would have become a supreme 


novelist, something like a more 
controlled and judicious Balzac. 
As it was, be made the first major 
psychological-social landscape in 
English. Then at the end, be 
repented of all bis sinful writ- 
ings, rather like the dying 
Aubrey Beardsley, whom be 
didn’t otherwise resemble in the 
slightest particular. Brewer 
intirprets Chaucer’s renunciation 
in the context of his time and his 
conforming temperament, and 
one ends the book with a sense 
of something like understanding 
and -fulfilment. 


P r • 


Action 


Compulsive urges 


1Y MARTIN SEYMOUR-SMITH 


-r 


slice Without Chairs by Brigid 
' $rophy. Hamish Hamilton, 
£4J5. :295 pages "■■■-»- 


! r* ’J i 



he Family by David Plante. 
.fioDaoB. £ 5.60. 301 pages 

finf ' by'A. Alvarez. Macmillan, 
ftfil 241 pages : 

fUskey Man by Howell Raines. 
Alison. Press with Seeker and 
' .Warburg £4.5(1. 247 .pages 

1& Chelsea Murders by Lionel 
Davidson. Cape, £3:95. 236 
Pages - 

fee Face of -Terror by Emanuel 
-’Litvinoff. Michael Joseph, 
r &95...-2S; pages. •. .. 


Brigid Brophy*s new novel, and 
wiiredly her best — is highly 
teraiy (if one thinks of Ruri- 
mia as well as Shaw, Kafka, the 
tench nouveau roman ■ and 
n ihch else as coining into that 
— : '•! ■■ itegory). - But no reader need 
> • ’Vive more than average literary 

, . f -••ouwledge to appreciate Its nos- 
j ’.ilgla, its wit, and its cunning. 
p,,, ‘ • he has managed, in the English 
ay, to entertain without sacri- 
dng an ounce of literary in- 
sgrity. And If. as I have un- 
tied. she has been careful not 
• patronise her readership with 
' parade of .specialised know- 
jdge. she will nevertheless send 
day of us to (or back to) jm- 
Wtant works. 

Palace Without Chairs re- 
tires. a whole essay to flo it 
ue justice. A reviewer’s , first 
h Is. to recommend it as essen- 
al reading. I do so, and. add 
ily that it vrill be enjoyed 
luaHy by those who like The 
risoner of Zemda (the CoLman- 
tiibanks version, of course) 
>d those who like The Castle. 

. *ie challenge it poses is to get. 
to see the best in both, and 
it to be snobbish and unrealis- 
-• But there is no question (of 
jsaise) of anyone's attempting 
---0 rehabilitate Hope as a writer 
y the calibre 61 Kafka. . .. . 
find ourselves in Evarchla, 
■Ruritania which has been 
Kafkarised." This is not as 


m* '•* * 


fantastic as it sounds— especially 
if we examine wbat really goes 
on is our minds, and the way in 
which this affects our behaviour. 
It also reminds me of the story 
about the Hungarian critic 
Luk&cs: when he returned .from 
a spell of imprisonment for hav- 
ing served in the government of 
the murdered Nagy, this arch- 
enemy of “ uncommitted ” 
literature remarked: “So Kafka 
was -a realist after alL” Bpgid- 
Brophy has written a .travel in 
which the harsh realities of 
party politics are combined with 
the romance of childhood; she 
even preserves the best of the 
latter. She Is as witty and sharp 
as shie Is Immensely subtle. 

One wonders how, in the heat 
of -her unceasing campaign to 
get a just Public Lending Right 
for authors (a prinriple now 
supported by all parties except 
the National Front), she 
managed to achieve this. But 
perhaps she achieved it partly 
because of th© defeats (and 
triumph) die has suffered. . .. . 
It’ is certainly’ ‘a remarkable 
novel by a remarkable woman, 
arid one must hope that it win 
be very widely read. 

. David Plante, who Is 
American, is - frequently com- 
pared with Henry James because 
of his sensitivity to the morality 
that lies behind relationships. In 
his ; sixth novel, The Family. 
which is about a French- 
Canadlan family living in a New 
England town, he tends to rest 
on his past laurels — which can- 
not quite hear the weight. 

■ T^ie Family is a convincing 
story of the decline of a man 
and the gradual withdrawal 
from him of his wife and sons; 
it is well- told. David Plante is 
never less than competent. But 
, his theme is really better than 
his narrative, which be has not 
worked out carefully enough. 
Thus he’ lapses into an ugly, 
empty and meaningless rhetoric 
(especially at the end) when he 
ought to be employing his con- 
siderable gift of conveying com- 
plex emotion. However, no 


novelist can be at his best all 
the time, and there is much 
.that is excellently -observed 
here, even if as a whole it fails. 

Al -Alvarez is too well known 
as a critic and nothing like as 
well known as he should be as a 
poet His poetry, about which 
he is over-modest can be out 
standing as is proved by Autumn 
to Autumn (Macmillan £3.95. 61 
pages); not enough know about 
.this.- But- his novels -of which 
this is the' second, are not 'as good 
as hi s criticism. Or not *o far. 
Hunt is about a would-be painter 
who wants to make a big gambl- 
ing win; meanwhile he works in 
an office and his wife watches 
the television- Hunt is a 
thoroughly unconvincing charac- 
ter, and his compulsion to gamble 
at cards is hot well dealt with. 
Thus Hunt fails both as a psycho- 
logical novel and as a thriller. 
This is a pity, for the author is 
a gifted man— one of the best 
minds of his generation. It 
seems that in fiction he falls 
victim to all his faults; few of 
his virtues emerge. 

Whiskey Man, by the American 
author of the much acclaimed 
“ oral history " of the American 
Civil Rights Movement My Soul 
is Rested, is set in Alabama in 
1932. It is another of those 
novels from America that cause 
one to feel tbat conventional 
realism is by no means dead: that 
it can very often, in certain con- 
texts. deal perfectly adequately 
with every issue, whiskey Man 
does deal with what for all of us 
is pretty familiar territory: the 
Southern nexus of violence, 
drink, sex and idiocy. 

A novelist has to be good to be 
noticed in this area. But Howell 
Raines is at least good enough, 
in a first novel, to make us want 
more: He is graphic and honest 
and when be has learned to 
control his tendency to rhetoric 
be seems Ukely to unite an even 
more profound analysis of the 
South. His drunken central 
character Bluenose Trogdon is 
meanwhile quite unforgettable — 
improbable though he is. we 
believe in him. 



- Al AlvarezMaking a gamble 


The Chelsea Murders is. some- 
thing really special: it is for those 
who enjoy serious novels and 
whodunnits. Although quite 
different from Julian Symons 
(our own master of the serious 
thriller), Davidson is quite as 
good. There is a head in a basin 
here; but much intelligence and 
fine observation too. Tbe best 
detective story for some time, 
and a good novel. Come — as they 
used to say in pre-inflation days — 
buy. 

The Face of Terror completes 
Emanuel LitvinofFs trilogy of tbte-J 
Russian Revolution. The first two 
parts were called A Death Out of 
Season and Blood on the Snow. 
We have now reached December 
1934 and the beginning of Stalin's 
reign of terror. This author 
knows what he is writing about 
— his parents were Russian Jews 
living in Whitechapel — and be is 
a more than merely competent 
novelist. He conveys with some- 
times unbearable power the In- 
credible complexity which under- 
lay the brutalities of Stalin’s 
“ purge one of his greatest 
achievements is to be psycho- 
logically penetrating even while 
expressing, disgust. ■ This is a 
fitting conclusion to a revealing 
epic novel. The story itself is 
exciting and complicated — and 
utterly convincing. 


V 


“ — BOOKS OF THE MONTH 

Announcements below are paid-for adoizr liseinents. If you 
require entry m the forthcoming panels application aftonld 
be made to the Advertisement Department, Bracken House. 
10 Cannon Street, £C4P 4BY. Telephone 01-24 88000. Ext . 7064. 

Pskov. Art Treasurers 
Mid Architectural 
Monuments of 12th-17th 


centuries 

.Savelii Yatnshcbikov 

Cloth 34 x 27 cm., 200pp with 
195 plates, largely in colour. 
Bibliography. Editions with 
English and French text are 
Callable. Illustrates archi- 
tecture, exhibits from the 
’armoury, examples of frescoe 
*nd icon painting, applied art 
-and miniatures. 

"Aurora. Leningrad 

• ftfetrib. Collet's) £21.75 

. ✓ - 

Meissen Porcelain of the 
. f 18th century in the 
Hermitage Museum 

.j K Butler 

A fun catalogue of 379 pieces 
Illustrated in colour and black 
■* *J?d white. The 3Bpp intro- 
-™chon in Russian and Ger- 
• B 30 outlines the history of 

, m -j Hermitage... collection and 
the collection arid the develop- 
... ?®nt of styles from 1710. 

„. k fepvra, Leningrad 

: tSteWb. by Collet’s) £450 


Civilisation ouLoan 
Heinz Edgar Kiewe 

Beneath the bluster, chau- 
vinist Europe has repeatedly 
borrowed— to put it politely— 
without acknowledging the 
deb t— to Mongolia, China, 
India, Thailand, Japan- This 
is the theme of the book. 
(Hundreds of illustrations.) 
AJVX Art Needlework 
Industries Ltd, of 

Rubaiyat of 
Omar Khayyam 
Edward Fitzgerald 
Fitzgerald’s first version 
printed .on Glastonbury anti- 
que paper, 12 coloured ^ illu- 
strations and three initials by 
Steven Morris. Cloth bound. 
SM. 4lo- 69 Pages. 

Klngsmead Press 

Portraits of London 

Geoffrey. Fletcher 
Twenty drawings and text 
The subjects illustrated have 
been chosen with the ^eatMt 
Care. 4to. cased bound. 48 
paces. Publication date April 

28th. m ac 

Klngsmcad Press 


Nixon v. Frost 


BY DAVID BELL 


“I Gave Them A Sword”: Frost 
• on Nixon by David Frost 
Macmillan, £5.95. 320 pages 


When David Frost a Briton 
with a reputation in America, 
bom largely of a relatively 
lightweight . interview -show, 
landed the contract to interview 
former President Richard Nixon 
on television there was abiding 
doubt that he was the right man 
for a uniquely difficult job. 

In the event the interviews 
proved a great success, particu- 
larly the 1§ hours devoted to 
Watergate and Mr. Nixon’s role 
in it. Mr. Frost proved equal to 
the task of drawing the former 
President out persuading him to 
reveal more about himself — and 
more about his guilt — than he 
wanted to. ^ ^ 

Characteristically Mr. Frost 
cannot resist from time to time 
being a trifle breathless about 
his achievement. A casual 
reader. . knowing nothing of 
American politics, might con- 
clude from parts of this book 
that Mr.. Frost and his able 
helpers were writing a critical 
chapter of American history 
rather, perhaps, than a longisb 
footnote. 

Yet Mr- Frost has always been 
prone to over-exagserate and 
this “Gosh how super" approach 
has long overshadowed a much 
more impressive mde and therein 
lies the interest of this book. The 
Frost team prepared painstak- 


ingly for the Interviews, but 
underlying their preparation was 
a measure of controlled anger 
that he had got away with it, a 
determination that he be called 
to account 

To his credit Mr. Frost resisted 
this and his book is marked in 
places by obvious compassion for 
Nixon, a man whom Frost clearly 
still finds fascinating. 

What does emerge — and this is 
the ereat streueth of the book— 
is the extreme difficulty of 
actually conducting a television 
interview. . The ex-President 
showed all his skill at slipping 
through carefully built traps, or 
avoiding them, or shamelessly 
using them to appeal to tbe 
viewer for sympathy. 

In such a situation interview- 
ing really is an art and in the 
Watergate section Mr. Frost 
takes us through the questionine 
skilfully showing how often it 
nearly "got away from him" 
and how usually he managed to 
get Mr. Nixon back to the point. 

Mr. Frost is relatively candid 
about the times when Mr. Nixon 
led him a dance and very 
gracious about the help he 
received from his team. In the 
end the fact that he was not 
American— and that Mr. Nixon 
could not link him with some 
past tragedy— probably proved a 
great help. It certainly proved 
good television and it has been 
made the subject of a reasonably 
interesting book. 


In Short 


Communism by Rex Winsbury. 
Hamish Hamilton. £4.50, 96 
pages 


Capitalism by Peter Donaldson 
and Harold Pollins. Hamish 
Hamilton. £4.50, 96 pages 


To simplify complicated con- 
cepts without distortion, and to 
present them without condescend- 
ing to the reader. Is an art which 
is bravely : and successfully 
attempted in these two volumes 
of the People and Politics series. 
Rex Winsbury perhaps had the 
easier task in that there is a 
measure of agreement in Britain 
about the ideology of com- 
munism and the way it is prac- 
tised, whether in Russia, China, 
the Eastern Europe satellites or 
Cuba, but his clear analysis and 
thoughtful discussion of tbe 
issues raised for the West could 
not be bettered for students of 
any age. 

Because our attitudes to 
capitalism' are often ambivalent 
it is a trickier topic to handle. 
Peter Donaldson and Harold 
Pollias write crisply once they 
have, covered its origins and 
survey the immediate past, from 
Keynesian theory to monetarism. 
As with communism it is interest- 
ing to see how many faces the 
(.system can display. 

Both volumes are richly and 
aptly illustrated but was it 
necessary to include in 
Capitalism a photograph of a 
stereotype Arab in front of a 
rack of shoes outside a shoe shop 
with the caption: 

“Very large increases in oil 
prices in the 1970$ particu- 
larly benefited Middle Eastern 
countries. This Arab could 
easily buy the .whole rack of 
shoes, the whole shop ”? 

SARAH PRESTON 


Curry on ice 


l . - i(’ 1> l C'. 


BY CLEMENT CRISP 


John Curry by Keith Money 
Michael Joseph. £8.95, 224 
pages 


Marce] Harcean: Master of Mime 
by Ben Martin. Paddington 
Press. £6.95. 275 pages 


A Biographical Dictionary of 
British Architects, 1600-1340 
compiled by- Howard Colvin. 
John Murray, £30.00. L080 

• pages 


The first- edition of this 
unrivalled work appeared .in 
1954, The present is a vastly 
enlarged and revised edition 
taking the commencing date 
back to 1600 from the previous 
1640. with, for the first time, 
tbe inclusion of Scottish and 
Welsh architects in addition to 
those from this country (a dic- 
tionary of Irish Architects Is in 
active preparation from another 
source). 

The past twenty years have, 
as Mr. Howard Colvin writes: 
“ made it possible to investigate 
many new sources and to exploit 
some old ones in a much more 
systematic maimer than could be 
attempted in the 1950s.” For 
instance, tbe article on. James 
Paine (17X7-1789), architect of 
Richmond Bridge, Surrey (and 
others) and of some fine town 
Rouses, including Albany in 
[London's Piccadilly, merits one 
page is the 1954 edition and six 
pages In the present edition, 
with larger pages , and smaller 
type. 

Tbe amount of detailed 
research is prodigious in this 
compilation, an essential refer- 
ence work for any architectural 
historian, the whole endowed 
with an aura of quiet scholarship 
as fitly emanating from a Fellow 
of St John’s College, Oxford. 

- H. A. N. BROCKMAN 


Other people have skated and 
won a multitude of medals. 
Others have offered something 
called “ ice-dancing,” and I wish 
they hadn’t John Cuny is 
unique in that his artistry is as 
sure as his unchallenged tech- 
nical mastery. In John Butler’s 
Iconu, the best work- made for 
him, Curry transcends the con- 
ventions of skating and the hiss 
of blades on ice, so that every- 
thing is forgotten save the image 
of the tragic hero. 

If. as this new book suggests, 
Curry is a dancer manqui then 
ice-skating has gained far more 
than the ballet theatre has lost, 
for he has. by the force of his 

talent and his determination, 
made us see skating as truly an 
art of the theatre. Curry -is a 
pioneer, and courageous in his 


pioneering. He is also a. -star 
whose stage persona seems the 
quintessence of that mysterious 
and poetic figure, the lonely 
skater swooping .and spinning 
without effort over the surface of 
the ice. - 

In this detailed account of 
Curry’s career Keith Money .has 
provided- a • large collection, -of 
photographs of his subject in 
performance and rehearsal, with 
a running commentary assembled 
from tapes of Curry’s' conversa- 
tions. * 

Most interesting, is the insight 
we .gain into the physical and 
spiritual stamina that brought 
Curry to world and- Olympic 
triumph. -Thereafter discussion 
about such commissioned pieces 
as Winter 1895 and False Glace 
( incomprehensible title) are 
little more than space-filling. 
Curry is at his best, and so is 
Money, in the works that offer 
artistic challenge— Icarus . and 
Fcnxne. Here tbe intensity of 
Curry's interpretations and the 
magic of his performance are 
clearly discernible. 


I -am not enamoured of the 
volume as a piece of book pro- 
duction. The glossy paper 'seems 
flimsy; the full-page pictures ; 
could with advantage have been. ’ 
“ Wed " to the edge of the paper; . 
seven pages of photographs show-., - 
ing Curry at his dressing-room', 
mirror are six too many. But for 
Curry's vast public this is morel 
than dutiful hagiography: It’ls a 
portrait of the young man a$ an 4 
artist. • ' ;.. c ' r ; 

In his Marcel Marceaui -Master \ 
of Mime — alliterative- title ; of .* 
tbe year— Ben Martin- has pro- ■ 
duced an extended .photographic., 
essay about bis celebrated sub- 
ject There are a- great - many.,- 
fine pictures, in colour and black.-, 
and white, which celebrate- ? 

Marceau. in performance and off. :j 
stage, and a brief introductory 
essay .about mime and about. - 
Marceau. A book -ideal- for- . 
Marceau’s millions of fans — of i 
whom,, sadly, I ain not one — it -, 
is well produced, add -Ben ' 
Martin's photographs are of ui> 
questioned excellence. . ” ’ 


Art in soft-covers 


The Sistine Chapel, by Lutz 
Hensmger and Fabrizio Man- 
cinelii. Constable .£3.95,. 96 
pages 


Micbaelangelo. his life and work 
in chronological order by Lutz 
Heusinger. Constable, £3,95. 96 
pages 


Selected drawings of Gian 
Lorenzo Bernini, edited by 
Ann Sutherland Harris. Dover, 
£3.60. 100 plates 


Movie Star Portraits of the For- 
ties, edited by John Kobal. 
Dover. £4.25, 163 plates 


Accessibility Is one of the 
vogue principles of our time, to 
which all well-meaning, right- 
thinking. which is to say mid- 
dling leftish people must surely 
subscribe; and the glossy Art 
Paperback has come to be one 
of its main cultural agents, 
actively- dispelling tbe odour of 
Elitism aim privileged super- 
iority that attaches to the tome 
on the coffee-table -and the fa test 
exhibition’s hefty catalogue 
Fairly painless to acquire, more- 
over, and unquestionably taking 
most of the walking out of appre- 
ciation. ft is, Sellars and Yeat- 
man would agree, a Good Thing: 
and the fact that it, too, goes 
well with the furniture is rather 
beside the point 
No book on Art can ever take 
the place of the Art itself, can 
ever he anything more than an 
excellent aide-memoire. What 
we see inside it is often in 


practice unseeable, a travesty of 
the real experience, frescoes 
floodlit as never before for tbe 
camera, sculpture flattened and 
out of scale, the touch of a draw- 
ing ' lost altogether by the 
mechanics of reproduction. But 
the tome at least is likely to 
enjoy a certain scope, -tbe cata- 
logue likely to relate to what 
has actually beert seen: the slim 
volume, the primer remote from 
its subject, may merely tease 
and mislead, for alL its honest” 
and worthy, intentions. 

Two such primers have been 
put together by Lutz Heusanger, 
one, in collaboration with 
Fabrizio Mancanelii, The Ststme 
Chapel, the other Michoelongelo; 
his life and works in chronologi- 
cal order. Each is provided with 
a short historical! and descrip- 
tive introduction, and they are 
copiously iMustrated, if errati- 
cally numbered, the plates ex- 
cellent in themselves, especially 
so at the price. The Sistine 
Chapel is the more satisfactory 
of the two simply for being con- 
cerned with the more contained 
kind -of subject, the work more 
amenable to simple, itemised re- 
production. though we get little 
sense of Che physical situation of 
the paintings, of the place itself. 
Sculpture is another matter, and 
given the range of Michael- 
angelo’s life’s work a ration of 
one plate per work is hopelessly 
insufficient: what we have : is an 
illustrated list which bas its 
uses, of course. • . . • 

Selected, Drawings .of. -Gian 


BY WILLIAM PACKER 


Lorenzo Bernini, is another list ’:, 
and hardly claims to be anything.^ 
else. Ihe drawings chosen are of-} 
varying 1 quality, many - of them _• 
extremely slight and of douhtfpl ? 
value even to the most pedantic 
of academics. It is a pity, that ^ 
the tiniest scribble by a great 
hand should be so celebrated in 
books of this kind;; which re-: # 
duces scholarship and ’appreeda- 
tion alike to a superstitious 
reverence for the master's touch. 
Other drawings have.: all but dis- 
appeared, for chalk is notoriously 
the most delicate as it is the 
freest of the graphic media: but 
enough remain to demonstrate, 
the virtuosity of the greatest ' 
master of the Baroque. .'•• •■ ' 
The 20th century brings, us - 
something quite different, --and . : 
eminently suitable to reproduce > 
tion. There has been in recent 
years a flood of photographic., 
anthology and monograph that ' 
shows no sign of abating; aa<f 
much work considered ephemeral _• 
in its own time has bfeeti ’* 
retrieved. Movie-Star Portraits • ; 
of the Forties, edited by John .." 
Kobal is -rather more than you’. ' 
might expect it to be, seductive.; ' 
certainly, but also Impressive in 
the case it makes for a particular 
photographic genre,- the Studio 
Portrait. . Betty Grable, Hedy . : 
Lamarr; Rita Hayworth, - Greta 
Garbo and their peers face the -• 
camera dutifully, not unnaturally • 
inspiring .George tturreU. A. L. 
Schafer. Ernest Bachrach, Frank’ 
Powolny and the rest to turn in 
something rather -better ..than a 
4 f 0 od job, - - 


Fan dance 


BY B. A. YOUNG 


Show Boat by Miles Kreuger 
Oxford University Press, 
£11.95. 246 pages 


Top Hat and Tails by Michael 
Marshall. Elm Tree Books, ’ 
£6.95. 271 pages 


Both these books are by single- 
minded devotees anxious - - to 
share with tbe world' not only 
their knowledge but their en- 
thusiasm. 

Miles Kreuger is a profes- 
sional. He is the President of 
the Institute of the American 
Musical, a busy writer and broad- 
caster, producer of innumerable 
record albums, PR man for Alan 
Jay Lerner and editor of The 
Movie Musical, among other 
things. His obsession with Shot© 
Boat, which celebrated its half- 
century last December, began 
with his sheer pleasure in it; but 
as he trenchantly explains in his 
book, the show set the American 
musical on a new and different 
course. 


We have been able, if we -are 
attentive enough, to study the 
change from recent London pro- 
ductions. We had a very decent 
Shou).'.B6at at the Adelphi in 
1971: fsh ce then we have seen 
at least . four pre-Shoir Boat 
American musicals— Oh.- Kay, No 
No Nanette ; Irene and Very Good 
Eddie. The increase of serious- 
ness in Shorn Boat, in plot, in 
written and in music, is so great 
as almost to signal the inven- 
tion of a new artfonn. Ail rishU 
a new entertainment form. then. 

Miles Kreuger studies the 
genesis, gestation, birth and life 
story of Show Boat from a point 
even before Edna. Ferber’s 
decision to write the seminal 
novel, with a treasury of pic- 
tures (including six pages from 
the London 1971 revival) and 
appendices that give all the rela- 
tive information imaginable 
about casting, films, discs, broad- 
casting and so on. 

Top Hat and Tails: a picture 
on the dust-jacket and tbe fly-leaf 
of a handsome face with a 
cigarette, sandwiched between 


the brim of a topper and a white 
tie round tbe evening shirt Of 
course. A new biography of Fred 
Astaire. 

Not so, however, but of our 
own Jack Buchanan, for 40 years 
a matinee idol, a singer, dancer 
and actor at the top of his class 
who has never achieved quite 
the immortality of his American 
competitors, perhaps because of 
bis single-minded uncompll- 
cation. He was not a public figure 
save on the stage or the screen. 

Michael Marshall is a profes- 
sional. just as Miles Kreuger is, 
but be is a professional engineer; 
his account of Jack Buchanan’s 
almost stereotype life as actor 
and impresario needs an 
ent’hnsiasm equal to bis own to 
arouse more than an historio- 
graphical interest. But there are 
endless- photographs of scenes 
from bis shows (my favourite 
shows him teaching Laurence 
Olivier to tap-dance); and a 
bibliography and "discography” 
at the end. The book fills a gap 
for the numerous Buchanan fans 
who must still remain among us. 



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. R<$*yb$C:to fhefantashc ' . ’ „ y ■; 
■ardtff&’fure of fubtfisH'; : : '. : 

.;FW}fea«d30Mw £&£» , <<:*■:; v' V 
y'.. } ' t v 








1 <• ■■■■ ' .*■ ' V ; 


, c frsW3 



WALL STREET + OVERSEAS MARKETS 


Financial Tiiflfes Friday April 28 I97S 


+ FOREIGN EXCHANGES 



Early 5 reaction on profit-taking 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, jVpriJ 27 . 


PROFIT-TAKING , after tbe recent 
strong rally, brought a reaction 
on Wall Street this morning in 
reduced although still heavy 
trading, but part of the initial 
loss was regained by znld -session. 
The Dow Jones Industrial 
Average retreated to 830.04 at 
It. 00 aan. before picking up to 
832.12 at 1 p.m. for a net loss of 
4.85.- The NYSE All Common 
Index was 19 cents cheaper at 


Closing prices and market 
reports were not available 
for this edition. 


$53.69. after earlier touching 
$53.53, while losses outpaced 
gains at mid-sesslo nby a two-to- 
one ratio. Turnover came to 
24.48m. shares against yesterday’s 
X p.m. figure of 30.72m. 

Analysts said investors are 
cashing in on the profits made 
during the rally that began two 
weeks ago. The selling has been 
prompted by a weaker dollar 


overseas and yesterday's report 
of a $2.78 tm. U.S. trade deficit for 
March. 

Digital Equipment, on announc- 
ing a 20 per cent jump, in earn- 
ings, rose $1 to $44}, but Schlnn- 
berger lost } lo 569$ despite 
improved profits. 

Western Publishing, on report- 
ing a loss, declined i to 818$, 
while Phelps Dodge were down $ 
at $23 i on lower earnings. 

IBM shed $ to 82614— the com-- 
pany, which is being sued by the 
government on monopoly charges, 
began its defence after the 
government completed its case 
yesterday. 

Gulf DO, tbe most active Issue, 
lost $ to $24, Chrysler, also active, 
declined 1 more to $11$, still 
reflecting the large first-quarer 
Joss. 

THE AMERICAN SE Market 
Value Index retreated 0.48 to 
136.17 at 1 pjn. on volume of 
2.31m. shares (2.61qi.). 


OTHER MARKETS 


WEDNESDAY’S ACTIYE STOCKS 

Qung^ 

8 ( 0 cfes drains on 
traded price day 
Dow Chemical ... . 375.M0 TGI -1 

General Motors 3S.3M ON +1 

PepsiCo Inc 351,9011 SH —1 

Gulf Oil SW.799 34* -i 

NCR Oorpo. 394.800 58 ~l 

Champion Spar* Pin Zfl.OM II* 4* 

Eastman Kodak 280, W0 511 ~i 

Digital Equipment .. 378.800 43} +1 

G°neral Electric .. 373.880 53* 4* 

U.S. Steel . KT.M0 SSI 41 

8 >an Roebuck ■ 3S1.8M 3S1 +* 


PARIS— Course prices reacted, 
sharply, sentiment affected by the 
rise In the Retail Price Index in 
March. 

All sectors fell and the follow- 
ing four stocks went the day's 
limit down at the start — Rafllnerie 
de Saint-Louis, Generate de 
Fondirie, Jeumont and Crensot 
Loir. 

Air TJqnlde retreated 11.4 to 


Frs. 301.6, Bongues 20 to Frs.650, 
Borel 11.5 to Frs.117.ii, Michelin 
■ “ B ” 84 to Frs. 1.450, and Podain 
SB to FreJS1.2. 

AUSTRALIA— Markets made 
further headway on a continua- 
tion of the buying spree which 
began on Wednesday when 
traders celebrated news of a drop 
in Australia's inflation rate. 

Investors were, quick to respond 
to good news, and Ampol Explora- 
tion advanced 8 cents to 5A1.46 
on announcing a sharp first-half 
profits rise, a resumption of 
dividends and a slx-tor-five share 
split. Ampol Petroleum added 6 
cents at 85 cents. 

The highly speculative Atherton 
Antimony jumped 15 cents to 81 
cents on the release of some 
earty assay results from its Vuda. 
Fuji; gold prospects which were 
richer than expected. 

Uraniums rose on hopes of a 
start on the Nab&riek uranium 
product this dry season, with EZ 
Industries rising 7 cents to SA2J22, 
Queensland Mines 32 cents to 
SA1.9S, Kathleen Investments 15 
cents to SA1.65. and Peko-Walls- 
end 16 c ents to SA5.06. 

TOKYO — After improving fur- 
ther at the outset, stocks reacted 
to close mainly lower after a fair 
business. The Nikkel-Dow Jones 
Average lost 23.72 to 5.516.84, with 
volume amounting to 300m. shares 
(320m.). 

Export - orientated Electricals, 
Motors and Cameras fen follow- 
ing a Press report of a record 


U.S. trade defieft with Japan in 
March.. Sony retreated Y50 to 
Y3U850, Pioneer Y70 to Yl,SlO t 
Toyota Motor Y17 to Y943 and 
Ricoh Y13 to Y557. 

However, petroleums rose fol- 
lowing the fresh Yen appreciation 
in Tokyo, . and some low-price 
Issues, such as hi Chemicals, 
Textiles and Non-ferrous Metals, 
were higher on sporadic buying. 

Kakeu Chemical gained Y<56 to 
Y865, Sakai Textile Y82 to Y148, 
Toyo Jozo Y29 to Y337, Riken 
Vinyl Y24 to YS15, and Seika 
Sangyo Y22 to Y214. 

GERMANY— There was again 
no clear trend in price move- 
ments, although the Commerz- 
bank index rallied 1 more to 
768.6. • ■ - 

Among Motors. BMW moved np 
strongly by DM6 . to' DM225 in 
response to its proposed * DM9 
dividend payment and plans for ^ 
capital increase.. Daimler Benz 
were slightly higher, but Volks- 
wagen. slipped back DM2.80. 

Electricals were ' ‘ narrowly 
mixed, while Chemicals, Machines 
and Steels closed little changed, 
bat Banks were lower, Deutsdxe- 
bank receding DM1 go. 

Bayer shed DM050 on the 
reduced dividend declaration. • 
AMSTERDAM — Generally lower 
levels prevailed. 

Among Dutch feternetlMMfe, 
Unilever receded LS to F1&U6.6 
on the company's expectations 
that 1978 m 4U he a difficult year. 
Royal Dutch lost 1.4 to FlS-128.0. 


Indices 


X.T.8.S. ALL COJOKOH 


Bins and Mis 

I Apr. 261 Apr. » Apr. 84 


NEW YORK —DOW J01TEB 


lw'i'S idlm* ctnnpii*t J D 

| % T ^ T T High ~£^T High 


I 1978 Issue. tmded 1,020 1,043 1.000 

Alf- 4gr- APT- Apr- Z Maes 756 066 1.010 

SB 26 9* a Htgfa Low r,n. 768 * 603 472 

! UmhianA 417 -872 418 

HIS UJ1 W.W 82.66 MJt «LI7 BTewH^h. 113 246 ISO 

I C28/41 (0/3) New Low*. 38 32 I 17 


Elsewhere, Oce Van der 
Grin ten shed F&2.5, Van 
Ommeren Ffc.3 and Pakboed 
Fl&lfi, but Algcmeine Bank pat 
on Fls.1.5. 

State Loans also declined. Tbe 
FIs. 159m. 6} per cent . 20-year 
State Loan, issued at 99.5 per 
cenL, was traded at 98.9. 

CANADA— Stocks were broadly 
lower in . fairly active early trad- 
ing yesterday. The Toronto Com- 
posite index lost 4.6 to 1,033.9, 
while Oils and Gas fell 10.7 to 
1.386.3, Banks 2.40 to 256.73, and 
Metals and Minerals 2.6 to 910.9.- 

1,213.7. 

Golds, however, gained 7.4 to 

BRUSSELS— Share prices moved 
irregularly in moderate trading. 

CoekeriO. despite a sharply 
higher 1977 loss, gained 5 at 
RFrs.372. 

Electrobel rose 80 to RFre.6590 
and Vie! lie Montague picked up 

35 to BJY&L67a, but Hoboken 

fell 95- to BJ?Ys .2,450 and Aibed 
40 t o B.Frs ^igQ. 

SWITZERLAND— Market edged 
forward. in kviler tr ading . 

Nestle put on 45 to Sw -FrsJS.130, 

Sandos 75 to SwJ*rs.S,525, and* 

Swissair 13 to SwJHra. 813. 

MILAN— Stocks declined over a 
wade frost In t+wn trading, but 
Mediobanca added 20 at L32.410. 

SPASM — Market continued the 
recovery movement, with the 
General Index rising OBS more to 
a fresh 1978 high of 99JSL Banco 
Santander added 9 points at 369 
and Olarra 5 at 120. [ 

JOHANNESBURG— Gold shares I to the Bank of England, rose to 
rose afresh' in a moderate trade,, 
ahboogh some gains were later L 
trimmed In reflection of an easing EXCHANGE CROSS-RATES 
in bullion prices. 


KORTBJBAL 


Industrial ... I 999-97 BI8J&9 829-08 812.90 8H.M 1 809.8* 859.17 
• 1 • I (26/*) 

9'rne B'nrti-! 99.12, 89.05 88.15 93-20 88J9 89.48 SO.BB 
“ ! (4/11 

T™n»t»rt— 224.54 225.891 222.5S 220.68 220.49 217.72 224.54 


1861.79 41J9 
(11/1/73)1 (877/36) 


A £ T hr 


Industrial 

Combined 


172.471 178 178.41 1B1.47 (11/4) 
188.79 1BOG] 199-32 187-35 (17/4) 


182.80 (16/8 
178.62 (30/1) 


TORONTO Composite! 1888.6 1 1088.4] IB 


10M.H 1091.4 07/4) 


888 J 130/1) 


I HONG KONG — Profit-taking, 
following the recent good rise, 
1 left the market lower yesterday. 

Hong Kong Bank declined 20 
cents to SHK15J0, Hong Kong 
Land 10 cents to 3HR7B0, Jardfne 
i Mathesoa also 10 cents to 
SHK13.50, Hutchison Whampoa 5 
cents to SHK4.40. W hedock 
| Warden 2.5 cents to 3HK2.40 and 
I Hong Kong Wharf 50 cents to 
SHK17JW. 


J0HAHRRSBVRG 

Gu<W M 194,1 
• Industrial* («) 212-8 


218.7 (1/2) 
214.4 (4/1) 


185.8 (8 On 
184.8(13/3) 



NOTKq i Owbh setae* Sbm brim* 
ezclcde S premium. Baifi-w dividends 
are alter artttabokUiig tax. - 
6 D1CS9 desom. unlem ochcrvtK statnir 
V Pus. 580 dsDoo. imlea otberwtse stated. 
* Kr 108 deams. mdeas ocberwln* stated 
4 KraSiO dcoom. and Bearer stuns 
unless otherwise Stated. | Ten 58 demo 
unless otherwise stated, f Price at th« 
of a napma lgn. a Fiorina escUlUan 
>• On II 4 Dtrldend after pendtoe rtabis 
and/or scrip lane. « Per share. I Pranca. 

, a Gross, dlv. %. h Amused dtrldend after 
scrip and/or ris&ts lane, k After local 
razee, tn X taz free. nPrancsr tariadlas 
'inilac dlv. v Nam. a Share spilt. > Dh 
and riekJ sxetade special payment l lod] 
•■a ted dlv. a Unofficial tradtns v Mtnortry r 
■'oMer* only, a Merger pend Inn. ■ Asked 
i Bid I Traded t Seder, t Assumed 
tr Bx rlxhts. xe Ez dlridend zr Az 
scrip issue, xa Ez alL a Interim since 
increased. 


link cUv. jHeM % 


(mL P/B BiHo 


lama On«t. Bond yield 


OVERSEAS SHARE INFORMATION 


NEW YORK 

r pni 

26 


Agri. | Ag.. 


A §6 r " I A r 


Inv. 9 Prem. $2.60 to 6—109}%' (109|%) 
Effective rate (1.8330) 47 j% (46}%) 

I Ajwii I April 1 -’I Auri I Amt 

2fl 26 - Stock t 28 26 


Corning Olaas.... 551* 


Abbott Labs 

Art'lresBORmpb ...j 
Aetna UfeiCsss 

Air PrOiliHAs ; 

Airo' 

Aluan.\liimlnlum 

AW« ' 

Al l^*r- Lanllum...; 
Allegheny Power; 
Allie-t Cbemtira.1— 

Allied dtorea , 

Allis Uhalmera — 1 

A MAX — — 

A menu l* Hsu _ 


CPU [nt'n'tuxial 47 la 

Ciaoe 274 

Cracker 28 

Crowu Zelierbseb 534 
UummiDH Knjnari 385s 


Curtiss Wnght...J 105* 


A mar. Airlines— 
Amer. Hmoib.... 
Airier. Hruadcat-l 

Amer. Can. - 

Amor. Cysnamid 
Amer. Klee. Pow 
Amer. Kxpress... 
Amer. Home Prod 
Amer. Alodlcal... 
Amer. Motors.— 
Amer. Net. Gss.. 
Amer. Standard. 

Amer. Stores 1 

Auer. Tel. A Tul.i 
A metek. 

AMP —..I 

AMP.. 

Am (tea 

Anehor Rncklni;. 
Anheuser Busch. 

Armrn Steel 

A.S.A. 

Ammon l>il — | 


Liana 

Uan Industries.. 

Deere — 

Del Monte . 1 . 

Deltona 

Demaplr Inter-. 
Uetruli Eiitaon ... 
DfamnodSbamrk 

Dicta phone 

Digits K,|uip.._.. 

Disn«>y (Walt) 

lE'Vet Cerpn ..... 
Dow Cb«nloal„. 

Dnvo 

Dresser. 

Du Pont 

Dyrtm industries 
Ks^le Plcber_._. 
Ka«t Airlines^.... 
Hnmman Kodak.. 
Baton 


Johns ManriUe — 
Johnson Johnson 
Johnson Control. 
J oy MannJkrtur'g 
K. Mart Corn.. — 
Kaiser A in min I'm 
Kaiser Industries 
Kaiser Steel 

K*y — 

K mnHti B. 

Kerr McGee. 

Kldde Walter 

Kimberly Clera .. 

Kuppers 

Kraft 

Kroger Co. 

Leri Strauss^ 

UW»y Ow.Food... 


Kerion 

KeynuMs Metal*. 
Keyindds B. J._.. 
Utcb'scn Morrell. 
Bock wen Inter— 
Kobm A Baas — . 


Lumet Group 

uny fHH) 

Litton lndust. ~ 
4«k heerfAlrcr’ft 
Lone Star lads... 
Lung Island Ltd- 
Louisiana Land., 
laibrisol 


Hoyal Dutch — 

KTK 

Buss Lows 

Kyiler system.... 
.talewaj h fores... 
St. Joe Minersia. 
Si. Krais Paper... 
^anta Pe lads.,... 

Saul In rest 

Saxon lnds_ 

ScbliU Brewing. 
Scbiumberzsr — 

SUM 

Scott Paper— ~ 

Sooril Mrg- 

Scudr' Duct Vest 


WooKro rth ^ ' 

Wyl, i 

Xerox...—--—— 

Zapata 

iSsttltb Hsdlo 

U.H.Trm- 4*1960 
US.Tr»a41S75/7B 


L'.S. §0 Day bills. | 6.5 


CANADA 


Lucky Stores — 
L’ke y'ungst'wn 


Asueu— -....! 

Asblaivl Oil i 

Atl. Uichfield ] 

Auto Data Pro.... 

A VC 

Arvo. 

Aron Products ... 
Bait Gas Hlect.... 
Bank America.... 
Bankers Tr. N.Y. 

Burlier Oil 

Baxter Tmrenol.. 

Beatrice Food [ 

BectunDlckmisuni 
BeU St Howell— 1 

Bendlx _..{ 

Benguet Corn -B' 
Botblebem Steel. 
Black * Decker.. 

Boeing. — 

Boise Cascade.... . 

Borden 

Borg Warner..... 
Branifl InL.— . 

Braauan 'A* 

Bristol Myers—.. 
BriL Pet. ADR...! 
Bnwkwey Glass.. 
Brunswick | 
Bucyrus Kb* I 


B. G. k G 1 

HI nw> Nat. Gas 

Rltra • 

Emerson Bleetne 
biueryAirF right 

Hnibsrt - 

K.M.l 

Engellient- i 

L'siimrk ! 

b’lhyl ! 

Kxxon 

Fairchild Camera 
Foil. Dept. ■Sbn'ca 
Firestone Tire.... 
Fst. Nat. Boston. 

Flexi Van 

Fllutkou- 

Florida Power.... 
Fluor 


L’ke Y'ungst'wn 
UacMillsn.— .. 

Maey K. H 

Htr*. Hanorer~.| 

Mipi-o t 

Msmthun Oil— ..i 
Marine MullandJ 
i .Marfcfaall Field ...I 


May Dept. St ureal 
MCA. - ! 


I McDermott .1 

McDonnell DnugJ 

McGraw Hill | 

I Umusu- 

Merck 1 

| Merrill Lynch . 

Mem Petroleum. J 

i MOll 

1 III., UI..I u.J 


aea Containers— 
cieagnun — 
^edrletG.D.)-..— 
dean Koobnck— 

dKDWI i 

Shell Oil 1 

dbeli Transport... 

■^WM' 

dlgenle Corp ' 

diinpllcltv Pat—. | 

smith Kline. 

skilttrna — j 

^uuthJftnn ■ 

xoinhers Cal. Bdi 

Southern Co 1 

dtbn. .Vit.He— 
Snitbern Pacific . 1 
dciutbemUailway, 


AblQM Paper..— l2fg 
Agnk-o Bagle— . 4.30 
AicanAlumlnium 3 lag 

Algomadteel 194 

Asbestos *3854 

Bank of Montreal 194 
Bank Nora Scotia 204 
Basic llesouirea.. *64 
Bell Telephone.... 634 
llow Valley lnd_.l 255* 


BP Canada... f 

Srasoan — — .■ 

Banco 

Calgary Power—.) 
Camflnw Minea...| 
Canada Cement.. I 
Canada N W lan..' 
Canlmp BnkCunt 1 
t'ans< t* / adust....' 

Can Pacific. i 

tin. Pkrjflc Inv. 

Can. iMiperriit 

Carling O'Keeie.. 
Cassair Ahesios...t 


F.M.C. 

Ford Motor— 
Pofcmuot Uck— 

Foxburu 

Franklin Mint— 
Frwpmt Mineral 
Fruehan7~ J 

Faqua lods 1 


MionMirgAMU/ 

Mi Jill Cf-rp. ", 

Monsanto..— 

Morgan J.P 

Motorola 

Murphy OIL— 

KabiBco. 

Nalen Cbemlrai— 
National Can— ..J 


Buion Watch. — 
Burlington Ntbnj 
Burroughs — i 
Campbell Soup.. -I 
Canadian Pacific) 
Canal Randolph..) 

Carnation 

Carrier 3; General 
Carter Hawley... 
Caterpillar Tracta^ 

CBS ; 

Celaneae Curpn .. 
Central A S.W.... 

Carta i n te n d— 

Cewsua Aircraft— 
ChawMaubaUtm 
Cbemktl Bk.NY 
Cbesehrsh I'kqiL. 


GJk.P 

Gannett.—. 

lien. Amer. lot— 

liATA 

G*u. Cable 

Can. Dynamic*... 
Gen. Blectries— 
General Foods— 
Ueneral Mills..... 
General Motors... 
Uen. Pnti. Util— 

Gen. Signal 

Gen. Tei. Elect... 
Uen. Tyre...— — 
G eneccu— — .. 
Georgia Pacific... 
Getty Oil 


Nat. Distil I era I 

Nat. Service ItulJ 


National Steel — J 

Nautmaa I 

NIK ~...| 

Neprune Imp. ....[ 
New England KiJ 
New king land Tel, 


Southland j 

S'w't Bansharee. 
Sperry Hutch— l 
Sperry Band--; 

Squib 

Standard Brands. 
SuLCUCaiiloroia 
vuLOu Indiana.. 
Std. Oil Ohio ..... 
itsntl Chemical, 
sterling Drag— 
?uxfehaker. — 

nun Go. ' 

Sumlstraod ..I 

Syntex 1 

lectin ice lor— — I 
Cektrunlx ,.J 
rneirne 

Telex.. 

leneoo— .......... j 


Chieftain 

CumCnco • 

Cone HatbursL...: 

Consumer Gm*....' 

Cneeica Kewirwy 

Contain Blcfa 

Daon Devlmt 1 

Denimn Mines... 

Dom .Mines 

Dome PetnAeutu' 
Dumlniim Bridg,- 

Docntar^ j 

Dupont.— 1 

Falcna'ge Nlckle.i 
Ford Motor Can.., 


Gan star. — > 

Glaut YeCwkniie 
Cull Oil Canoita ,| 
Hawker Sid. Csiu 

Hoi linger.- • 

Home Dil *A' — 
Hudson Bay ling 

Hudson Bay I 

Hud arm OH A (Hi 
1.A.C ' 


Niagara Mohan ki 

Ntggsra Share. ...I 

N. L. Industries . 1 
NocfolkAWtoteruj 
North hat-. Gu... 
NthnSBitei l*wr 
Nthweat Airilnesj 
Ntbweat Bancorp) 
Norton Simon. ...; 
Occidental Hetroll 
Ogi Ivy MaUnr ~.j 


Cbesehrsb IVmil-.l 
Obe«le System...: 
L'hwigoBri.ige.J 


Ckuomailoy — ... 
Chcyvler.— . — 
Cinerama...— ». 
Cine- Milacron-. 

Citicorp- — 

Cities Service..... 
City Investing— 

Coca Cola... — 

Colgate Palm — . 
Collins AJkman- 
Columbia Gaa..,^ 
Columbia Ptrt..-j 
Com . lnaCo.o(A nu 
VnmiytmAaa Kngj 
Comnunion Bq-J 
C’m'w'th Bdlsud 
L'om’w'th Oil Her 
Cumra. Satellite-- 
CumphterScionce 
Conn. Life ins....| 

Ctittmr I 

Con. Edison N.Y.- 
Consul Fiaais.....-' 
Consol Nat. Gas, ^ 
Cmtsumer Power 
Continental Grp.- 


QilletMu.— .. 
Utoilrirb 8 . P— 
Goodyear Tire. ... 

Gould 

RrareW.lt. 

lit. Allan PacTea' 
G«. North Iron..! 

Greyhound 

Gulf A Western. . 

Gull Oil 

Balibiirton ... 

Han nn Mining— 

HarnisThfeger. ... 

Harris Curpn | 

Kslnis R. J. —.1 
Hetiblem J 


27 | 27 

22 ' 284 

X79b t 174 
284 28>a 

274a 374 

9 84 

23 23 

■144 14 

134 15 J # 

241s 34S« 

684 884 

34 344 

164 164 

534 62 4 

s9 084 
277* 274 


Orilvv MsUnr 
Ohio toiam. 
ulin — I 


Hewlett Pack aid. 

Holiday Inns 

Homestakn.— ... 
Huneywell_— 
Hoover — 
Hrup.Corp.Amer. 
Hnustrm Nat.Gaf 
Hunt (Ph.A) Cbm 

Hutton (E.F.) 

I .CL Industries ... 

ISA 

IngerwIlKxnd.... 
Inland Bieal - 

f nation 


734 I 764 

1^78 174 

8214 314 

60i. 607. 

154 134 

294 294 

264 26^* 

114 114 

153, 16 

24 244 

41Se 424 
57 575a 

394 394 

f4 14 


Overseas Ships.,.. 
i>wens Coming. 
Owens Illinois..., 
Pad lie Gas......... 

Pai'lfic Lightlna . 
Pair. Her. A Lt... 
PinAmWurtd Air 
Parker HantuBn. 
Veal sidy lot.— j 
Hen. I'w. A U....> 

Hen n v J. U „.l 

PeunzuU ' 

Veot 4 CM Drag .....I 
HeoplM Gas I 

Pepsloi —J 


22 T, i 23 

63 | 604 

221. l 814 
234 244 

19 194 

204 ! 20 i« 
64 i 64 


Tetovo Petroleum] 

Cexaoo— 

Texsagnlf __.J 

Texas Inri.m j 

Texas Oil ft Gma..- 
Texaa Utilities J 

lime Inc. 

times Mirror— 
nmken 

Trane.—.— 
Iran America.. 

Vraosoo j 

Tranx Onion i 

Tmn-way inu’nj 
Trans World Air., 

Travellers 

l'ri Co ati Denial . J 


Imperial Oil ' 

I awl- : 


254 254 

244 24sg 


*14 814 

414 414 


294 294 

77 b 8 


36 4 267 a 
28T 8 c94 


r.R.w j 

.iilh Centura Fox' 

0.A.L : 

LA KG Cl ; 

C.U.I. i 

c.o.h 

Unilever. 

Unilever XV 
L'num Bancorp,..! 
Union UrtMa...' 
Union L'omnierea 
L'num Du Lam J 
Luton Pacific.....! 


584 38>4 

29is 2B5 4 
25 247g 

k4ls 234 

20 2U 

2 vs g 204 

377a I 355, 
54 1 64S| 

15 ! 15 

425, ! 42 

74 ; 74 

494 I 50 
504 ' 604 


lodaj Can.. r 

lalan-i Nat. Gas.. 
Int'p.vPipe Mac. I 
Kaiser IhxHtrcw • 
LaurtPln i.nrp t ...I 
L/jhlaw Cnm.’B'.J 
Me'mlU'c Uluedt.- 
Msasey Fentusnn. 

MeJntjrv.. ■ 
Moire <-orpo ...... j 

Nora ads Mines.,; 
Nnrcea Energy,, J 
NUia. teieom.,,., 
Xurnar till A Utw 
Uakaoo'l l*Hr'in. : 
Pactllc Ca^ifwr Sj, 


Verkin Elmer.... 

Pet 

ptiier 


Fhulp* Dodge. 

Philadelphia £le.< 

HbihpMorris I 

Pbllf|M Peuul'm. 

Pilshury 

Pitney Down*. 

Pitt Rim 

PlMsey Ltd AD 2 


Continental Oil- .I| 

I'.uiruiuii.l Tola I 


C.»nn«Dial Tafetj 


Control Data 

Cooper Indus—.. 


intercom SnerKy] 

IBM — j 

IntL Fla naira.. ..i 
Inti. Harvester... 
Inti. MmAChem 
lot/. MijItiAasla.. 



inti. Paper 

IPG— 

I iik. Rectifier— 
(nt. TeL ft Tel—! 

Invent 1— —> 

l»*i Bgsf— 

fU Inlernadiaia] J 

Jim Walter J 


Potattiid..._ 1 

Hokimsu BIk 

PPG ln> 1 iutrice..| 
proeior Gam tile. ^ 
Huh nerve Bi«t..| 

Pal loom 

Parez 

Quaker Oats—....: 
Rapid America.., 


Unimyai 

Untied Brandi I 

US Bancorp. I 

U d Gypsum— I 

USSioe. ; 

lid ' 

U. TeohnoIngKo..; 
UV Iniiiutrle*.,..] 

t'iraiufa Klee* I 

IVnijnrcn ,.| 

Warner- Ciunmn.' 
Warner- Li r i berl.! 
IV'tsu-- Mau'mem 

IVeiik-Fargo . 

'Vent IWI, ltaiv>iq>j 
H'e-feni X. Amu; 
WrMeni Union. ..i 
WeRin^bse Kieril 


7 s» i 7 s> 
64 64 

324 324 

237 8 234 

264 264 

284 274 

404 404 

214 214 

Zdr 8 137 S 
214 314 

48 4 39 

28 t 8 k& 5 4 
24Ss 244 
294 694 

364 461; 

254 26 

leas 164 
20'* I 184 


'BepcbHo Steel.— j 


Weyerbaeoser .... 

iVhlrlpnii 

While Con. fnd-..} 
WIliis m Co..— ..J 
WiBoonslB BleteJ 


26 I 294 
264 I .254 
254 i 23ag 
224 ' 224 
16tg 184 
274 074 


Pacific Pei minim 
No. Can. hri’m . 1 

Patinn 

Heujilea Dept.S „• 
Placet an * ml., 
placer) level,-} m u; 
PonerL'xriinnil'n' 

Price | 

Qnehiv bturgroo; 

Itiuigvr Oil _.i 

Iteeil Blau.— ...I 

Itin Alburn ‘ 

Knyal Uk.nt LknJ 
Knyal Tmat [ < 

Seejitre K'soaroeai 

Seagramj. 

bboli Canada 

Sherrill G. Mines! 
dletens O. ( 1 .,.., 

J 

tjloel m Canada..,j 
■•deep Rr**k Iron .: 
Texan* Canada ..." 
Tot unln Unrn.Uk.l 
TnumLanPlpe Lji| 
Trnnn llnimt Ol*| 
, 

Unii«ii Ua« I 

Utd. *'lw.x«\]ioes| 

Walter Riram.,,.1 
Want Coast Tnis . 1 
Weston Deo. * 


• Toronto nrirej; Montreal prices 
not arailshlo. t Sid. i Asked 
I Traded. 1 New stock. 


«'• 

164 
14.80 

>s 

26 If 

101 , 

184 
19 
56 ■ 

4.0S 
t»4 

, 19l» 

fW, AMSTERDAM 

274 

174 

7 April 27 

114 















































































































/ 4 


/ 


Times Friday April 28 1978 


rming and raw materials 


Ministers wait for EEC 
farm price compromise 




'inumirted' to onty about 
bonnes by the end oi 
(Spared with- double that 
previous seasons. 


{^Commodities Staff 
ftjjnotntment' of . a new 
’ m the Mexican Coffee 
Sr. Manuel .. Aguilera 
_ ja anno unced yester- 
m Mexico City. This follows 
rSst .bf the - previous 
i*nr St. Faust a. Cantu Pena, 
rfor ' -of, conspiring, with 

In- aJieged- coffee 
and tax evasion, 
institute officials and two 
exporters iwve also been 

fimta Pena was a leading 
i the recent -moves by 
___ American coffee produo- 
, Countries . to . raise market 
« :hy resfrirth^ ■ exports. 


Intain benefits 
Tom NZ trade 

John Cberrinjton . 

• . ROBERT MULDOON, the 

<k. Zealand’ Trime Minister, 
■ f in London last night that 
present terms’ ’ of trade 
:,*eew New . Zealand and 
• tain were much in - Britain's 
orar. In - 1W7 New. Zealand 
: aipft from exports -to the U X. 
’«£ 4 flOnLwWie payments to 
\ TJX were £579m. 

•fe’ said- in a plea for the 
Nation of New Zealand’s place 
’/.fflr British market that in 
-f the combined receipts for 
"•\t, bntter and cheese sold to 
44. UX were £233m. Awhile the 
t ol-ihviribles paid to Britain 
services like banking, ship- 
j; and insurance was £243m. 
-British interests had 
— f ae- ranch at' stake in con- 

- ulng- N&w Zealand trade as 

- i -housewife, he said. 


BY MARGARET VAN HATTEM 

Tilt' EEC Commission was ex- 
pected to present later to-night 
a set or compromise proposals 
intended as the basis for the 
Anal stages of negotiation m the 
annual Farm Price Review. 

But at tills stage the prospect 
of a settlement this week appears 
more remote than ever. Some 
■member states have already in- 
dicated that they intend to break 
off talks to-night and not resume 
until May 8. 

Talks so far this week have 
made little apparent headway. 

"There may have been some 
advance* but this is uncertain, 
largely because of the way the 
debate has been conducted. 
Ministers have spent little time 
in formal sessions — most of the 
talking has been done bilaterally, 
with the Commission and the 
Danish presidency. 

. This at least removes the 
element of confrontation, giving 
the Commission and the presi- 
dency a clearer picture of how 
far member states are willing to’ 


Retail meat 
prices 
to go up 


FARMLAND INQUIRY 


LUXEMBOURG, April 27. By Christopher Parke* 


concede on - their more contro- 
versial demands. But it also 
leaves everyone, except the Com- 
mission and the presidency, in 
the dark as to the state of play 

The Commission’s decision to 
push ahead and present its com- 
promise proposals, despite indica- 
tions that France, Germany -and 
Italy would have preferred more 
time before being forced into 
declaring their hands openly, 
indicates that all bat a few major 
Issues may be close to resolution. 

Outstanding problems include 
the wine dispute between France 
and Italy and, linked to it, the 
package of aids to Mediterranean 
producers. 

There are also French, British 
and Italian demands for lower 
monetary compensatory amounts 
on pigmeat. and the question of 
an increase in milk prices. 

The milk price issue, though 
it hs not been in the spotlight 
this week, is to many minds the 
single most important test of the 
Commission’s ability to control 


the Common Agricultural Policy. 

Germany and Benelux— 
Belgium in particular— are press- 
ing for a higher milk price, while 
all the evidence, the chronic 
surpluses and falling consump- 
tion. supports a price freeze. The 
Commission has already yielded 
as far as proposing a 2 per cent 
price rise, and even Britain, 
which originally insisted on a 
freeze, appears to have gives 
considerable ground. 

Germany and the Benelux 
countries are also pressing for 
bigber rises in cereal prices, 
which, with milk prices, are by 
far the major components in 
European farm incomes. 

Should the Commission and 
the other member states fail to 
bold firm on these two issues, 
the campaign against structural 
surpluses to which Mr. Finn Olav 
Gundelach, the Agricultural Com- 
missioner. committed himself so 
strongly at the start of the prices 
review, will look very, silly 
indeed. 


South Atlantic fishing plea 


BY HUGH O’SHAUGHNESSY 

IF THE British fishing Industry 
was operating ia the waters of 
the Sooth Atlantic it could save 
the country fishmeal imports 
which last year were valued at 
£61m. while at. the same time 
providing large quantities of 
high-grade fish for human con- 
sumption and giving a bog boost 
to the trawler fleets. 

This is argued in a memor- 
andum submitted to Mr. John 
Silkin, the Minister of Agricul- 


ture, by Mr. James Johnson, 
Labour MP for Hull West, on 
behalf of the South Atlantic 
Fisheries Committee. 

The committee is seeking Gov- 
ernment assistance for a 12- 
month survey of the fishing 
grounds budgeted to cost £1.6m. 

The memorandum adds that a 
fishmeal industry based in the 
F alkland Islands could tap a 
market in all the other countries 
of the EEC, except Denmark. It 
also points to the fact the Soviet, 


Nationalisation of Indian 
jute industry urged 


BY OUR OWN CORRESPONDENT 


NATIONALISATION of the 
Indian jute and jute goods 
export trade has been urged here 
by tiie Committee on Public 
Undertakings. 

In a report on the Jute Cor- 
poration of India, presented to 
the Lower House of Parliament, 
the Committee says that any 
number of malpractices are com- 
mitted by the jute industry in- 
volving hundreds of millions of 
rupees every year. 

The committee attacked the 
Government for fixing the 
statutory minimum price of jute 
atRs.116 a quintal on the recom- 


mendations of the Agricultural 
Prices . Commission and the 
Directorate of Economics and 
Statistics. It pointed out that the 
West Bengal Government cal- 
culated the cost of jute cul- 
tivation and transport to 
primary markets at Rs.334.34 a 
quintal, to which the committee 
recommended a profit margin of 
30 per cent, should be added. On 
this basis, the committee wants 
the minimum price to be raised 
to Rs .447.64 . 

It said all official agencies have 
acted as the “biggest enemies” 
of the jute grower 


Polish, Bulgarian and West Ger- 
man fishing vessels are active in 
the area and that other countries | 
are Interested in fishing. Russia 
is reported to he keen to estab- 
lish fishing bases there, but the 
Foreign Office Is believed not to 
be keen to see Eastern bloc fisb- 
ing bases established on the 
islands. 

The committee includes a num- 
ber of companies such as British 
United Trawlers and bodies such 
as the White Fish Authority and 
the National Fanners' Union. 

The document says: “The 
question which the British fish- 
ing industry needs to have 
answered is whether sufficiently 
high catching rates can be 
achieved and types of marketable 
fish caught in order to provide 
commercial justification for an 
operation at this distance from 
the home market. . 

“The economic viability of a 
British fishery in the south-west 
Atlantic -could depend on fish 
meal’ and fl*i oil for its bread 
and butter, and high-value white 
fish for its jam. A sustainable 
annual yidld of 2m. tons of 
southern blue whiting fa larger 
and better quality fish than the 
northern blue whiting) bas been 
identified in the vicinity of the 
Falkland Islands." 

The committee says the fishing 
industry will finance the fishing 
if it is shown to be a commercial 
proposition to do so. 


RETAIL PRICES of meat will 
go up In the next few days 
after several weeks without 
change. Although livestock 
market prices tn general have 
barely moved in the past two 
months and wholesale meat 
prices have been stable, the re- 
tail trade claims to have bees 
trading at a loss. 

Mr. Colin CcIHmore, manag- 
ing director of the Bewbarst 
High Street butchery chain, 
said the, increases showed 
“good sense*' was returning to 
meat retailing. 

Retail butchery was growing 
keenly competitive as con- 
sumers continue to resist high 
prices. Specialist meat retailers 
had also been forced to hold 
down their prices in Une with 
the rates charged by the price- 
warring supermarket chains. 
“ Anyone- in the business will 
tell you that no one has made 
any profits out Of meat for 
weeks.” 

Pressure for price rises has 
developed as the prospects of 
warmer weather improve and 
the usual seasonal spring-time 
slump . in meat eating 
approaches. Turnover is fall- 
ing. 

Dewfanrst forecasts a 2p to 3p 
a pound increase in pork and 
beef prices. Home produced 
-lamb will remain expensive 
because the old season supply 
has more or less dried up while 
new crop lambs are scarce. 

New Zealand lamb, however, 
up lp a pound in wholesale 
markets,, is unlikely to go up 
yet In the shops. 

Broiler chicken prices at the 
wholesale market have in- 
creased only slightly bnt a 
move op at retail level can be 
expected to follow tbe general 
rise in other meats. 

First-hand prices for all 
types of bacon also went up £30 
a tonne on the London Pro- 
vision Exchange. Danish sides 
are £1,000 a tonne and British 
and Irish bacon £1,065 a tonne. 

Stocks are said to be ample,- 
and this marginal Increase is 
nnllkely to have any early 
impact on retail prices. 

U.S. sugar 
Bill proposed 

A BILL authorising U.S. partici- 
pation in the international Sugar 
Agreement and setting up a 
companion domestic sugar pro- 
gramme has been introduced by 
28 Senators led by Mr. Frank 
Church. . 

The so-called “backup" pro- 
gramme would provide for both 
import quotas and fees to protest 
domestic producers. 


Lord Northfield has 
a job on his hands 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


■j: * 


LORD NORTHFTELD’S commit- 
tee which is examining the. struc- 
ture of farm ownership has been 
meeting fanners up and down 
the country, as well as taking 
written evidence from interested 
parties. I attended one of the 
last of the meetings, at the Far- 
mers’ Club this month, and was 
fascinated by Lord Northfleld’s 
style . and the .way in which he 
conducted the proceedings. 

This style had been subject to 
some criticism in the farming 
Press, which accused him of stage 
management of these meetings. 
His Lordship displayed a certain 
irritation at this, and other media 
criticism. He then explained very 
patiently that they had not found 
much evidence of foreign buying, 
but that city Institutions were 
taking an increasing interest and 
would probably take more. These 
-were the two main points wor- 
rying farmers and which caused 
Mr. John Silkin, Minister of 
Agriculture, to set up the com- 
mittee in the first place. 

Then he invited the audience 
to contribute. Tbe Farmers’ Club 
is best described as an estab- 
lishment group, representing the 
larger farmers, landowning and 
ancillary interests Including land 
agents and not tbe real grass- 
roots. Their, views were predict- 
able. They wanted the abolition 
of the right of succession to 
tenancies, easier transfer of 
farms to the next generation, and 
abolition of the investment 
income surcharge on rents. 

TTie succession of tenancies 
means, according to a number of 
speakers, that dynamic young 
’men would not be able to enter 
tbe industry since no landlords 
would let their farms. Even if 
the succession was abolished the 
fact that rents were assessed as 
investment income made it still 
more likely that landlords would 
not let he young men in anyway. 

At other meetings there had 


been complaints that when a 
tenanted estate was sold tenants 
were often given no opportunity 
to buy. This was not raised at 
the Fanners’ Club, although 
Lord Northfield specifically 
asked for opinions on it 

The other main gripe has been 
that institutions, because of 
their exemption from capital 
taxation, bad an unfair advan- 
tage when it came to land buy- 
ing. It was conceded, however, 
that .where they let their farms,, 
as many do, institutions were on 
the whole good landlords. 

What the committee will 

recommend after this, and the 
visits It is making to study land- 
owning in Europe, is impossible 
to guess. But the inquiry - has 
Illustrated a numebr of basic 
facts. 


Wealth 


Land is scarce and has shown 
a fantastic appreciation well 
ahead of inflation. It has thus 
attracted a considerable amount 
of City money and doubtless will 
attract more. The appreciation 
in values has made existing land- 
owners very rich men indeed. 

These rich men do not wish 
to see their wealth in whatever 
form dissipated by capital taxa- 
tion. And because income from 
far min g is taxed at a lower rate 
than from landowning, they 
would like to take their- farms 
in hand. 

Farmers are inspired by 
exactly tbe same motives. As 
sittin# tenants they would like 
to buy their farms because it 
would make them rich. They 
are fearful of the competition 
from the massive funds at the 
disposal of institutions. Farmers 
feel that if they buy land— they 
are still the majority buyers— it 
is costing them more than they 
may be able to afford because 


of competition from “outride 
funds. 

So in its essentials the fuss is 
about money. Who at the end 
of the day is going to end up- 
with the biggest share of an 
appreciating a«et7 WiH .it be 
sitting tenants, landlords. Institu- 
tions or foreigners... 

Generally speaking this is 
hardly a Government’s concern. 
Tbe Government’s interest is, or. 
should be, in the best use of. 
land for food production. There 
is no evidence at all that estab- 
lished tenants are any less 
efficient than new entrants, or 
that landlords are even necessary 
— they hardly exist elsewhere in • 
Europe. - 

The only way in which a 
Government -could act would be 
on political, or perhaps ..social: 
grounds. In the main it bas 
been- tbe - Socialists who have 
favoured the tenants and land- 
owners. They brought in tenants* 
security in 1947 and tbe succes- 
sion of tenancies last year. Sir 
Stafford Cripps gave estate ’duty. 
relief, and Mr. Healey the small- 
business Telief which applies to; 
farmers. 

These different measures. have* 
over the years undoubtedly pre- ■ 
vented the takeover and merger 
operations which have been so 
evident elsewhere in the 
economy. It is astonishing that 
the most fiercely capitalist class \ 
in the country, farmers, should 
have been sustained by a 
political party for which few of 
them have ever voted. 

Tbe only clue to tbe Govern- 
ment’s thinking has been a 
remark by Mr. Silkin that he 
thought 200- to 300-acre family 
farms were the ideal. But put-, 
ting such thoughts into effective 
legislation would be a very com- 
plex operation. 

For that reason ft is .doubtful 
if Northfleld’s travelling circus 
will bear very much fruit . 


Welsh land bank proposed Indian silver 

CARDIFF, April 27. export target 


A WELSH LAND BANK should 
be set up to help young farmers, 
there should be no capital gains 
tax on lifetime transfers within 
families of up to 300 acres of 
farming land and the formation 
of a Meat Marketing Board. 

These are among the proposals 
put forward in a new agricul- 
tural policy document by Plaid 
Cymru, the Welsh Nationalist 
Party. 

The land bank would provide 
low or interest free loans to 


CARDIFF, April 27. 

young fanners in need of capital 
and replace the Agricultural 
Mortgage Corporation In the 
provision of medium term loans. 

The policy document says that 
compared with other EEC 
countries the UX. farming 
industry, is at a disadvantage 
when it comes to the supply of 
.credit Plaid says the present 
system of capital taxation is hit- 
ting the medium sized family 
farm— the backbone of rural 
Wales. 


unchanged 


NEW DELHI, April 27. 

Lidia has set an . unchanged 
export target for silver of 1.000 
tonnes for the current fiscal year 
which started on April 1, a 
Government official said. 

Although the target is the 
same, last year’s actual exports 
were less than 700 tonnes. In 
1976-77 silver exports were 1,658 
tonnes, worth Rs.2J.4bii, 


OMMODITY MARKET REPORTS AND PRICES 

IASS METALS opening > ^ to Come? P ^? M S , e. s UDhirn 0 ' 5 o' kerb. Turnover 1.890 tonnes. 

Of PER Batefe- changed- The o’er- nertlns then **J*’!T i n.m 7 |+oii |T.ul [t+or 

*, Ranee* of Comes enabled forward J b * raw n J TIN OfRcfei — Onofflda } — 

at £711 on tfae pre-market, majenre. lefttbe price at £705 on the 1 1 

the lack of any fannw-throucti saw l*** kerb. Turnover 1 T. 1 M tonn es. Hiwh Grade P j £ £ I -P 

- numw-mrousn saw Ajna ^ uvl M«al Trading .reponal S 61 S 0 -S |- 5 « 6120-30 L« 

nn • » m 1 1 nr | iun QTTt that In the morning three months wire- A" ,, .cgr L37 e 6125-3B B 

■ W“ 00*1 0«E£dn. - bar* traded «f flW.J. 9. Wi Mi 8. 61 6 1 gg B - f1„_ 

Kerb: Wtrebai*: three months £ 707 . 5 . 8, 01133 r" 

1 .* * . £ £ 9 . Afternoon: Wlrebers. early May £ 994 . BULnoam I „ *12 tun Lb? & 

■ - * * three months £ 700 , mo. 11, tt. is. 12 . 


SB 6120-30 
-56 6120.6 1 
■50 — I 


COFFEE 

Robonas bad an aneveiufol dey wfth the 
market corw:nniDy ebbtng and flowing in 
m narrow ran*?. DreseJ Burnham Lambert 
reports. Trade buying nt the close took 
tbe market to the highs about £25 better 
on (he day. Dealers said trading was 
hesitant reflecting ansetin over tbe 
effects of revelations concerning Illicit 
deals In Mexico. 


&*** -W «m _ « j— s; hs ““ rt~ 

-*£ TSP -z ? 10 -' 1 - 5 + ± * *■ — - Ktts ,f M - = 

•« «% ■ - -the Penan* pried overnight. Forward _ — — — 

K-.Tsia. 3 - 80 —.76 - 682-4 —.5 metal opened fractionally eaxfer at 18,179 Morning: Standard, cash BS.113. 28 , 2 S. 
-WtoJ 697 . 5 - 8 1+.6 700-2 +.5 fhen «ttf> haD UqnldaUon and jm-ee • months £ 6 . 125 . 2 b. IS. 10 . 05 . 10 . 

t'bi'bb Gao 1—1 I _ offerings of nearby material which Standard, three months £ 5 . 115 , 10 , 

. - _ I l 64 depressed the price to £ 5 , 110 . In the Afternoon: Standard, three months 

— - — early afternoon- some physical demand £g ilOTi jg, ^ 4^ js, 23 . Kerb: S t a nda rd. 

, dip to £707 on the moraine coupled with bear covering lifted It to m onths I6.U0, 12. 01, £8,100. £ 6 . 000 , 

V In fl» afternoon tbe price rallied £ 8,146 bnt the Xreogth of tbe pound gj 

• ■u . LEAD— Easier in moderate trading. 

A, • . . ^ .. mainly reflecting the trend In copper. 

[Judex Limited 01-351 3466. August Sugar 107^5-108-95 Forwd meta j detained to mi to the 

fcanmt Road, London, SW10 OHS. taoraln* Out recovered on the kerb 


LEAD— Easier In moderate trading. 

gutter Limited 01-351 3466. August Sugar 107^5-108-95 Cwi'n'eS' 4 

ferret KfsSSt "eSES Shi* & S 

L Tax-free trading on commodity futures ^ w £S1S ^ Price remained 

m. The commodity futures market for the smaller investor around this level for most of the aftor- 

k.f .1.^., at mi nn ilu late 


COPFHB 

Yesterday'! 

Close + or Business 


£ per tonne j 

May 

ISIS - 1517 1+10.5 I 62 C- 1 M 7 

July 

deptcnibar .. 

Knrember 

January .. — 

1460-1686 1 + 21.0 15 e 8 - 1 J 72 
15 TS-IB 19 + 22.5 181 * 1-1601 
1175-1 ISO |+ 24 ,ol 1280-1266 
1515- 1253 l+ZO.Oj 1260- 1266 
1216-1260 + 19 . 0 ) — 

May 

1206-1225 1 + 20.0 — 


SOYABEAN MEAL 

The market opened lower following the 
sharp drop In Chicago markets. Long 
liquidation was wen absorbed and prices 
remained In a narrow range, reports 
SNW Co ftim oditJea. 

iriwnlay rfor buxine® 
Ckwe j — Done 

Euertonnnl 

June I27J62B.4 + 2.B0 10.00-27.78 

Anjpm 1 28.5 J- 22. T +2.20 l28.0fl-28.7fl 

(kfniier 124.0 1-14.4 +2.45 1*4.00 

December ... 120.0 1-i 8.7 +1.60 UD 60-20.60 
February — 1 121.60.22.6 + £.20 1*2.80 ‘ 

April IfiMOtt.l -f lJO: — 

June 2 1.0026.0 + l .75l — 

Business done: 144 lota. 


SUGAR 


3-UBS 

* 106 . hreeiu Street. 734 0557. A la 
B*.gr Afl-ta Mm, Ibrec Spectacular 
“E. 5 JOW* 10 A 5 . 14.45 and 1.43 ond 
Mk of Johnny Hewkesworth A friends. 


0 - 6 g Dean Street London. W. 1 . 
"Sfc FLOORSHOW 

* £?%!£ “51 TtSH ?™ p 

Jt mWnlpht and 1 a.m. 

Mrt- wm Saturday* 01-437 6455 . 


ANNOUNCEMENTS 


MR. VICTOR H. BLAKC, Chairman and 
CMet Executive of CNA Reinsurance ol 
London Umrted, announces the election 
DO the Board cd Mr. David J. Trace- 
Mr. Trace trtio serves as Chief Acrouttt- 
ant and Corporate Secretary. wlH become 
Ftaenonl Dfrertor/Corpora i e Secretory 
effective let Mav. 1978 . 


CQMA 


'Investing with a Future" 

r vi % ess 

Afiew introduction to Commodity Trading by 

Inter Commodities 
limited 

Commodity Brokers providing a complete service in 

V the Commodity Markets, 

To: Inter Commodities Lid _ ■ 

3 Lloyds Avenue. London EC3N**» Si 

. . . . Telephone: 01-481 1101 @ 

Please send me... copies of "Innsting with ft Future*; price ZZSOfSSM | 

A tftftag i " - ■ — — r “ J 

TdepbohpNo 1 — I 


^ EUROPEAN OPTIONS EXCHANGE 


around this level for most of the after- 
noon before rinsing at £312 00 the late 

kerb- Turnover 6.100 tonnes. 

“ a.m.* +~ ot P-®. 4 w 

I.KAI1 Officii — Unofficial — 

£ £ . * 

Cash-. 505-.5 - 1 . 2 S 300-6 —3 

> month*.. 313 . 5-4 r -S 314-23 -LOTS 

•iea’im'ni 305.8 - 1 . 2 S ~ 

UA Sp ur j 

Morning: Catft £ 304 . 5X. three months 
£313.5, 13. 12, 12. S, 13 . 14 . 14 -S. 14 . Xcrb: 
Three months £ 314 , 16 . Afternoon: Three 
months X 3 J 4 J. IS. 14 J, li. Kerb: Three 
months ES 13 . 12 . 

ZINC— Lest monnd. Forward metal 
opened at £388 but fell awayto 2303 on 
the morning kerb owing to hedge selling 
and a stale bull liqiddaiion- In the after- 
noon. however, short covering enabled 
tbe price to recover slightly to 0033 
prior to cinrine at 2303 on uu late kerb. 
Turnover WMO tonnes. 

31 NC I OfficU. t^- 


Sales: 1 X 34 ri£S 7 ) lots of 5 tonnes. 
ARAB ICAS— Trade was anlet with the 
Mexican si (nation dominating sentiment. 
Values were a bttle steadier at the close, 
reports Dream) Burnham Lambert- Prices 
un order buyer, seller, change, business!: 
April 203 . 00 - 04 . 00 . + 1 . 50 , 2 B. 00 ; June 

ia. 8 M 2 . 5 D. + 0 . 75 . 182 . 5041 . 25 ; Ang. 167 . 50 - 
88 . 2 S. + 1 . 13 . tmtraded: Oct. iSl.SB -54 no. 
+ 0 . 63 , 1153 ^ 5 ; Dec. I 42 .D 0 riS. 0 O, + 0 . 75 . 
142 . 00 ; Feb. 134 . 00 - 37 . 50 , + 0 . 73 . ontraded; 
April 101 . 00 - 35 . 00 , +-LOO. untraded- Sales: 

2ttS> lots. 

ICO ludlcatar prices for April 28 iD^. 
cents per pound): Colombian Mild 
Arab leas 1 * 4.00 ( 164 . 50 ); unwashed 

AraWcas 179.00 (same/; other mM 
Arablcas 175.17 1 173 . 30 1; Rnbnstas \ 40.00 
(same). Dally average 137.59 ilSSJS/. 


LONDON DAILY PRICE (raw sugar) 
fiftj.so 1 002.001 a tonne rtf to r AprO-Mar- 
June shipment. White sugar daily price 
was toed at C 10 JW (same. 

Scattered buy-at-best orders lifted 
prices about 100 points above kerb levels 
Initially but tbe Ugh were shortlived. 
Afterwards the market held steady and 
the prompt May position, which was 
nadcr Haul da tl on, maintained a premium 
over the LDP. New York quotations 
eased and loss's of about 100 points were 
recorded by the dose. 






Pref- 

Yesterday's 

PreriouB 

Business 

Comm.! 

Crain. 

CU>»© 

1 

Clone 

Done 


GRAINS 


ferterd»yV + or Yeateoday*' iw 
.•mae — low — 

96.90 + 0.40 81.76 - 0.7 


t 

294-.S 

303 . 5-4 

8 B 4.6 


-4 396-7 

-M ' 305- .5 


i montinJ 303 . 8-4 aut>-^» r— *.0 

VmontTiJ 394.6 — ^ ~ 1 — 

Him-Weatl — I 1 ' 

Morning; • Cash £ 296 . 5 , 64 J, three 

months £ 30 L 5 , 4 . 4 . 3 . S. 5 . Kerb; •nhree 
months 003. -L Afternoon: Three months 
084 . 4 . 5 , 5 . Kerb: Three months X 304 j. 
4 . 3 . 

• Casts per pound, t On previous 
close. iOf ner PlcnL 

SU.VER 

SILVER was to«f MPJ 
for spot delivery in the London Wfflm 
market yesterday at ST 4 Jp. U 2 . cent 
equivalents of tbe tohtit h?vds were; 
spat 489 . 8 c. up 3. 8 « Qme-mmth 5073c, 
op SJc: six-mouth 5 UL 6 e. bpUs and 
12-morah 536 . 0 c. down 8 . 10 c. The metal 
opened at 2 M- 275 P H 9 M 9640 and dosed 
at 273 : 7 - 274 . ft> (M 14 -SWO- 


.S1LVBB BaiUnn 

per . firing 

troy os. pricing 


LJ 1 .B. H-or 
close — 


■hiflpa 
’biftps 
LD-Bbol! 
- O-Sieu 

Julinwe 
In! (ever 
fmiover 


' J uiy 

Price Olooe V*i. 

840 12 5 

946 71s 17 

89u 43g 31 

»50 165s ~ 

5*0 64 to 

970 11 8 -r 

5340 23 a 

9860 BTg 9 

9890 a - 

722.SO 3-30 — 

785.00 1.40 — 

787.60 0.40 16 

F180 9.00 — 

FX59 2.00 90 


1.00 29 

O.SO 10 


Oou 

Close Vof. 

*1E 10 

8Ig 

ftlj 21 
163, - 

6 is as 
14, 10 

26 ig 19 


3hO 33 
ldO 21 
0.70 147 
8.60 38 

3.00 121 
1.10 ' 1 

7.00 28 

1.80 87 

0.40 66 


Jan. 

oio«e y<»- 

’li - 

928 * 

« 1 

17 - 

678 50 

24 80 

27ia — 


1.10 84 

9.50 — 


■ireu 874 , 10 b +D .5 27 B, 2 p fl.® 

&tbT. *79-6/ rf .56 t 79 .Sp fi- 1.85 
months.. 886 . 7 p + 5 ‘o 
Smonth*. 303 p +°- a ! 

LMB— Turnover US ( 245 ) lota of 
ounces. Morning: . Thr ee tfl ontts 3 MJ. 
88 . L S 9 A 80 . 1 . Kerbs: Three m 0 B 0 » MO. 
W L AfterDPOnr Three months J89, 8 BJ, 

Si suffer Kiri*: Three months 

280 . 7 .' 80 . L 80 . 5 . 

COCOA 

jrtjrjg’js 

[yesterday',. + or 1 Buslnres 

COCOA- I Ckwe \ — \ Dtme 


tiept. 66.00 +O.M 60.35 -O.SO 

Sow. 68.40 + 0.40 62.95 + 0.20 

Jan. 91.00 +O.W 83.60 -OAo 

My. S 3 36 _ |+U. 45 l_ 87.90 _M ).26 

Business done— Wheat: May B 7 JKL 8 L 2 S. 
Sept. 85 . 1 XV 8 S. 75 , Nov. 88 . 45 -S 8 .I 5 . Jan. 
SLID- 80 . 75 , March 99 . 4063 . 15 . Sales: 152 
lots. Bariev. May SS.lMlia, Sept. 80 . 79 - 
80 / 40 . Nov. 93 . 15 - 82 A 5 . Jan. 8 S.B 545 AS. 
March 87 ^ 87 J 5 . Sales: 172 lots. 

IMPORTED— Wheat: CWHS No. L 134 
per cent., AprU-May £ 92.75 Tilbury. U.S. 
Dark Northern. Spring No. 2 . 14 per cent.. 
May £ 85 . 00 , June and July 18438 transbip- 
ment East Coast. Rest unquoted. 

Maize; U.S ./French AprU/flrs+haU May 
038. 75. secoad-halT May CM. 00. June 
£ 105.10 transhipment East Coast. Sooth 
African Yellow MayJune £ 81.00 seller. 

Barter, Sorghum, Oats: All tmouotcd. 

HCCA— Ex fam spot prices for April 
57 . Feed wheat: S. Liacoln £ 94 . 30 . Wilt- 
shire £ 93 X 0 . Feed barley: S. Lincoln 
£ 82 . 40 , wnishlre EM.10. 

The UJX, monetary coefficient for tba 
week from May 1 vriH be unchanged. 

GEC IMPORT LEVIES— Effective to- 
day. in nchs of account a tonne, ta 
order current levy plus May. Jane and 
July premiums, with previous In brackets. 
Common wheat— 87 . 0 L nfi. nil. 006 ( 87 . 01 . 
nil, OH, nil); Durant wheat— 12 L 3 S, nil, 
nil, D.fis ( 137 . 59 , nfl, nU, L 29 ): Rye— 
80 . 41 . dL nil. nfl (same): RvtaMUT, 
nfl, nil (Bffme): Oats— 71 ^ 0 . nil. nfl, nil 
tsamet: Matac (ether than hybrid for 
reeding) — 7 LS 4 , nil, nD. 1.48 (ASM. 1 J 3 . 
L 93 . 1 B 011 Buckwheat— All nil: Millet— 
77 . 62 , nil, nil. pfl isame); Crain sarshum— 
T 7 A 2 . ml, nil. nil tTCJS. nil. nfl. nil); 

Plodrs: Wheat er inbred wheat and rye 
— 133,74 ( 133 . 74 ): Rye— 124 A 9 Wame). 


RUBBER 


August November 

~ — — 844p 


- - - - 


No^C'lntr’t^^ 1 + 0.5 [ 2105^-1872 

May ilmO.M.0 -28.0 12018-0-1 881 

-- 40 . 01 1 S 44 . 8 - 1 B 86 
’ .1035JW6-0 -30.3M872.89SJ 

^SdSlMU i— 33.0: 11 15.0* 17BS 

:- 50.0 l 7 E 4 J 50 . D 
July- 11710 . 8 - 20.0 — 3 S- 0 ! 175 j .9 44-9 

Spies: 2.421 f 5 J 54 i lots of 15 tonnes. 

International Cocoa Orsantoatkm (U J. 
cents per pound >— Daily price AprD M: 
152. W ( 151 . 87 ). Indicator 
lS^ay ‘ average 158.0 ( 158 . 83 ) > 23 -daV 
averagl 139 - 5 B (UB. 06 ). 


EASIER opening on the London Physical 
market Little Interest Ihrartfdiotn the 
day, cflostog quiet. Lewis- and Prat report 
that the Malaysian godown price trtl 
309 ( 308 ) cents a kfln (bayer, May). 

Hn.t . (Fart'rrfBj'sj Previous 
S.S.S. ckwe close done 


Jone.— 62JW5.60I — J - 

July 55 . 00 - 5 S .28 6 S-O 044 ja 55.20 

Jiyiept 55 J 0 - 5 S.B 9 I 64 . 6044 .b 3 64 . 5 J-b 5 . 5 Q 
Oct-Dre 54 . 80 - 54 . 86 ; 66 . 6045.66 6 &- 68 JM .60 
Jan-Mr. 36 .b 0 -bb.e 5 ' BB. 554 B.Bo! 66 .& 4 B .66 
Apr- Jr t 58 . 4546 -B 0 57 . 80 - 67 . 7 ^ 67 . 704 BAS 
Jiv-Sop. 67 . 49-5736 68 . 66 - 68.70 s 8 . 79 - 5 iA 8 
(VvDbc 6 f.aS- 58 . 6 S. 6 S.S 543 . 30 j 68 . 06 - 68^6 
Jan- Mar] 59 . 88 - 58 . 80 ' fil.OO-El.UH _ 6 S.S 0 _ 

Slier SOS iJU) lots of IS toonea. 

physical dostas prices (bmtersi were: 
Spot IL 30 isi. 45 ), Jana 6 L 9 Q 9 ItLSS), 
Ally 5233 153 , 00 ). 


£ per tonne 

Mar-... — | lO 6 . 8 OriO. 6 B|lO 9 . 0 O 4 l 5.40 

Anit !WI.104W-85.108.15+i8.30' 108.75-09 JO 

Oct. .._ 111.90- 12.0/1 tt0M-10.B5V6.i5-10.ZS 
Dec. .... 116.6D-1b.4H116MLli.70.llB.50-li.7a 
March . 182. 10-22.6J 120.68-20.85. IM.00-20.tt 
Mav 18b.76-70.SHl*4JM4.B01SB.75-2BA0 
Aa^... .. tt 3 M 50.UimMSa.50'iSlMS036 

Sales: 2.158 (3.055) Jots of 50 tonnes. 

Tiie and Lyle oz-reBaery price for 
grannlared basis wtdte sugar was £342.40 
1 samp j a tonne for home trade and 
£183.00 f £182.00) for export. 

International Sugar Agreement: Indica- 
te prices 1 U.S. cents per opnod tub ana 
stowed Caribbean port, prices for April Sft: 
Daily 7.49 17.57); 13+lay average 7J0 
(same). 

WOOL FUTURES 

LONDON— Dull. 

i Pt- jce per kilo) ' 

A astral tan pfeatenTye + on Bari new 
Gren»yWonl| Close | — I Dane 


May bz 7 . 0 - 28 jl — 

Joly ...B 32 . 0 -i 4 .Q — 

October J 2 A 6 . 0 - 43.0 — 

December ...l 24 D-B- 4 £J _ 

Mareh ( 8 4 5.04801 — 

W« ^ 45 .W 8 J) — 

July - 548 . 0 . 48.0 +CL 6 , * 47.0 

Ontebar , 747 .IL 5 fl.D ^ _ 

Sales: 4 (nUi.lou of 1,508 kflos. 
SYDNEY GREASY Un order bnytf. 
seller, bas loess, sales)— Mima Cwtiract; 
May 339 . 1 . 3 S 9 . 4 , 3490 - 339 . 0 . « 9 ; July 
343 . 1 . 3413 , 344 .M 4 S.U 17 ; Oct. 34B.Q, 

348 . 5 . 348 . 0347 . 0 , 14 ; Dee* 33 L 5 . 355 . 0 , 
356 . 0 - 354 .( 1 , 33 : March mj), XS3, 364 A- 
362 J, 43 ; May 3874 , 3884 . 388 . 0367 . 0 . 34 ; 
July 379 . 5 , 371 . 5 . 37 LM 70 . 5 , 29 ; Oct, 372 . 8 , 

373 . 5 . 373 . 0 - 3 ^. 0 , 6 . Total sales: 225 
lots. 

BRADFORD— Bnstn ess vu generally 
quiet altbongh dealers reported a little 
hand- 1 o-m oath baying, Sterimg'a deprerta- 
tion meant cxpuri buyers showed 0 Utile 
more interest and currency prospects 
encouraged some speculative forward 
buying even in tbe home trade. 

ME AT , VEGETABLES 

SMITHFiELD (pence a pound)— Beef; 
Scottish killed sides S 3. 5 to 58 . 0 : Eire 
hind quarters 68.0 to 7 TUJ, forequarters 37.0 
to 39 . 0 . 

Lamb: English small* sew season 84.0 
10 72 .U. Imported frown: NZ PL 47 J) to 

48 . 0 . PM 46.0 to 47 . 0 . 

Hesama: English Ml) to 60 .Q; Scottish 
3E.0 10 60,8. 

Park: English, lens than 108 Urn S6.0 to 

46 . 0 , 100-123 Un 37.6 to 43 . 0 , 120-168 lbs 
38.0 10 43 . 0 . 

MEAT COMMISSION— Average tatstock 
prices at representative markets on 
April ST: CD— cattle a kff-l-w. 

1=0 231 ; UJ^-Sheep 147 . 9 P a bt.esLd.c-w. 
«+?.»»: CS-PW* S 4 . 3 P a ks-l.w. 1+0.!). 
Eng and end Wains— Cattle down 8.7 per 
cent, a veraff* nrico S 8 . 29 p (+O.2S1. Sheen 
down U .3 per cenL. 156 . lp (+ 9 Xi. Pigs 
down 188 per cent.. 04Jp t+8. 2 ». Scotland 
—Cattle on 122 per CML, 67 . 51 p I-L8B). 
Steal op 23 J per cool* 140 . 7 b (+ 2 . 7 ), 


COVENT GARDEN tin sterU&g ■ pack- 
age unless stated 1 — Imported prednea: 
Oreitgas— Cypriot: Valencia Lores 29 kfl« 

3 . 000 . 90 . 15 Wins 8 . 00 - 3 . 80 : Jaffa: Valen- 
cia La tea 3 . 70 - 00 ; Egyptian: Valencia 
Laics 2 . 40 : Moroccan: I. 70 - 2 J 8 ; Texas: 
3 . 40 : Cuban: 3 . 30 . Lemon*— Italian: 100 / 
leos 3 . 80 - 3 . 70 : Spanla: n»l trays 25 / 30 S 
120 ; CaUforniu: 3 . 50 - 4 . 00 . Grapefruit- 
Cypriot: 15 kilos 5 - 20 - 2 .M; 20 Itihu 3 . 30 - 
3 ^ 0 : Jaffa: 20 kilos 3 . 7 S- 3 . 7 D: UA.: Ruby 
Red 15 ktloa 4 . 80 . Apples— French: GoWen 
Delirious SB lb 84 s L 50 - 2 . 70 , 5 Ss L 70 dAO; 
40 % 5 . 00 - 5 AO, Golden Delirious, lumble 
pack, per pound 0 . 11 - 8 -lsl: Italian: Rome 
Beauty, per pound 0 . 13 . Golden Drilrinns 
0 JO- 8 . 12 ; UJ.: Red Delirious 7 . 506 . 20 : 
S. African: Dtmn'e 8 . 80 - 7 . 00 : S. African: 
Granny Smiths 7 . 00 - 7 . 30 . White Winter 
Pcannrin 7 - 00 . Stalking Delirious 7 . 50 - 
8 X 0 ; Chilean: Granny Smith L 80 : New 
Zealand. Cox’S Orange Pippins 163/334 

7 . 00 - 8 - 30 : Danish: per pound Cox’s 6 - 15 - 
8 J 7 , Spartans OJO-O. 11 . P»»r*-S. African: 
canons, Packhant's Triumph 6 J 9 - 7 . 40 . 
Beurre Bose 5 . 88 : Dutch: per pound Con- 
ference 0 J 5 : Belgian: Conference OJJL- 
QJ 3 . Grapes— 8 . African: New Cram 6 . 80 , 
Bariinka 4 . 08 - 4 X 0 . Banan as -Jaanalcan: 
per pound OJ 4 - 0 J 5 . Mofrap-CBiUean: 
Whltc 4 20 : CotocoUan: Green 2 . 80 . 
Avocados— Kenyan: Faerie 14 / 24 * 4 . 88 - 
4 JO. Strawberries— Spanlrii: 0 - 30 - 0 . 35 ; 
CaXTcmiao: 0.9MM; ItaUan: DJ 04 IXS. 
Plneapptes— Kenya: 1 . 10 - 1 X 0 . Onions— 
Dutch: terse 2 . 00 , medtem l.oe: Chilean: 
bags approx. 50 Bi 3/58 X 504 .OO. cases 

4 . 00 - 4 . 40 ; Jialian: 32 B> 1 JH): Canary: 4 . 00 - 
4 . 40 . Capsicums— Kenya: per pound 0 - 40 : 
Canary: per pound 0 . 40 . Celery— Spanish: 
15 / 30 S 4 . 00 - 5 . 00 ; American: 34 * 5 J 5 . Pwa- 
toes-Canary: SA 0 -S. 90 : Egyptian: 3 . 88 - 
4 . 00 ; Cypnot: 4 . 00 . CaolStowcrs— Jersey: 
1 . 00 *. French: 3 . 00 .. Cuc um bers— Dutch: 
I 4 /I 6 S 2 JM. Tomatnas— Canary: 33 W. 40 : 
Jersey, per pound 0 . 45 ; Dutch: 0 . 45 ; 
Guernsey: 0 . 45 . Carrete— Cypriot: 32 B> 
1 . 58 . 

Eagllrii predoce: Fotatses—per 68 lb 
Whites/ Reds 2 JM 50 . Lettoces-per 12 a 
1.404 JO. Beetreots— per SB Jb 1.00. 
Turnips — per 28 lb 8 X 0 . Carrots— per bag 
MO- 1 - 00 . Parsnips— per’ 29 B) 0 . 60 . Onions 
-vei 38 to 14 > 0 d.OO. Swed e s - p er » to 
8 . 50 . Rhnbarh— per pound, outdoor 0 . 88 - 
0 . 09 . Cucam here— per tray 1 C/ 24 S 1 . 70 - . 

2 . 00 . Mushrooms— per pound 0 . 50 - 9 . 60 . 
Apples— per pound Bmriey's 0 . 12 - 0 . 18 , 
Cox’s Orange Pippins B. ISO JO, Laxtoos 
0 . 00 - 0 . 12 . Pe art- per " pound Conference 
8 . 12 - 0 . 15 . Tamat e cs — per ponnd EngUsh 
0 . 45 . Greens— per crate. Kent 0 X 0 . 
CanlfflBwers— per 12 * Uncodn 1 JW-L 28 , 

Kent L 40 - 3 . 00 . 

COTTON 

cotton. Urerpsal— Spot and ritlpment 
f»ira amounted to 184 tonnes, bringing 
Ute total for the week so far to 2,142 
tonnes. Only irregular purchases took 
place mainly In American- type varieties, 
report* F. W. fattersall. The call for 
supplies for South American and A fri c a n 
sources was maintained. 

★ 

GRIMSBY FISH— 5 uppty seed gad demand 
good. Prices a atone at ship’s side 
unprocessed); Shelf cod I 4 . 2 WS. 00 . cod- 
lings £ 2 . 80 - 13 . 40 ; large haddock £ 4 . 40 - 
£ 4 J 0 . medium £ 3 . 70 - 14 - 30 , small £ 2 - 60 - 
£3 JO; medium pljtico £L 00 , best small 
tSMSaSO; large skinned dogfish £ 8 . 40 , 
medium 14 . 00 ; lemon soles ..ffQQb addoc 
medium HM. large lemon soles £ 7 . 00 . 
medium £ 6 . 08 ; rockflah £2.80-0.08. rads 
nSO-nSO; seJthe £LS 8 -£ 2 J 8 . 

U.S. rubber 
research grant 

WASHINGTON, April 27. 

A SENATE subcommittee 
approved $30m. for research in 
the next lour years into the 
feasibility of developinK a 
domestic natural rubber industry 
in tiie U.S. r 

The Bill was introduced by 
Senaotr Lloyd Bentsen, who said 
rubber could be produced from 
the guayule bush, a shrub that 
grows wild in the’ south-western 
U.S. and In Mexico. 

’Hie National Academy of 
Sciences had found that rubber 
from the guayule bush was vir- 
tually identical to rubber from 
the Hevea tree, he said. 

The- Bill will.gD to the full 
Committee on Environment and 
Public Worics. 

Reuter 


PRICE CHANGES 


Prims pur twmu unless oCwrwiso 



A^J 8 T +pr Month 


Metals 

Aluminium... 

Free market (da) 
Copper rash WJtn 
3 mratht dr,, do. 

Cash Cathode 

3 months do. do. 


!W6- m 8 S 8 O.se 

IB 9 SJW £ 668.5 

1711 + 0.6 £ 677.26 

£85 - 0.6 £ 643.6 

1701 + 0.6 £ 657.6 


Gold Troy <n. S170-62S +2 35 8177.676 

Lead Cash £305.5 -3 £301.6 

3 months £314.126 -1.B75 £306.25 

Nickel «... t 

Free Marfa* (df lb) 61.93 Sl.fl 

-2.03 -2.04 


Platinum troy ol. 
Free Markets. — 
Qalclullver ( 761 b.) 

Silver troy on 

5 moulds 

Tin Oaah 

3 montha 

Woifram£ 2 D 4 ltirif 
Zinc cash ... M — ... 
3 nuiDtbi_^__ 
Produrors 

Oils 

Coconut (Phil) 

G TOumlrrat. 

Lloaeed Crude (v)_ 
Palm Malayan 


Copra Philip 8410 c 

Soyabean (tT.S.).„ 6292 . 


) 8114.6 

) + 1.06 Cl 13-2 

I 8150-66 

+ 0.5 2 ? 2 . 3 p 
+ 0.36 Z 77 . 25 p 
-B 2.5 £ 6 . 777.5 
- 67.5 £ 5 , 775.6 
I -1 6149.66 

-6 £ 268.5 

- 4.5 £ 872.5 
18560 

-10 8675 

l £661 

1 S 3 IB 

-ID [5560 


8410C - 5440 

8292 . 5 ?) — 7.7 1 3300 


i£ 120 . 5 C 
£ 116 . 4 C 
8187-31 
274 . Ip 
279 . 6 p 
£ 6.128 
£6.122.6 
8137-141 
£ 296.5 
£305^9 
85 fi 0 - 6 oo 


Grains 

Barley BBO 

Borne Fntnrea.... 

Malxe 

Ft nch No. 3 Am 
Wbwt 

No. 1 Bed Spring 
No 2 Bard Winter 
Knjrilah Milling.. 
Doom Shipment.... 
Future July.——. 

Coffee Fn lorn 

July 

Cotton ‘A’ Inder— 

Bobber Idio 

Sugar (Raw) 

Wool top* Mm )dJo_. 


t .... J 

11.75 L_0.76|£74.35 


£92.76yj — O.C £90.28 

£102r Z~.Z £10O 

£2096 -38 [£1.837 
£1986 -28 C1.B8L6 

£1557 + 21.6 £ 1.401 J& 

69 . 5 * 09 c 

51 ^ 0 p +8J05 4B.25p 
£108 +1 £96 

279p +2 270p 1 


• Nominal, t DwmnwL s May Jane, 
t May -A uk. a June. vAuriLjtme. UApril- 
May. a May. x Pter ton. 


JUTE 


DUNDEE jute — Q uiet hot flrnL Prices 
c and f UK. tor Mar-Jane etnpmesi: 
BWC S 08 , BVTD £ 287 . Tossa BTB £ 304 . 
BTC 1294 , BTD OSS. . CafeaUa Bonds 
steady. Quotations c and - f UJC for 
prompt shipment: lO-otmcc 40 -tech MIL 37 , 
n-otmoe £ 7 X 9 per 100 yards. May £ 10 - 37 , 
0 . 01 , Jttne nOAS, £ 7 . 97 . B twffla £ 2225 , 
t. 123.75 tor the resnective ahinmeat 
periods. Yarn and doth firm. 


PALM oru Undu e M ay, Jtme. Jiffy. 
AO& 306 . 0 MB.M, SepL 29 C. 00 S 2 f.Q 0 , OcL 
280 DO- 325 . 00 . Nov. 280 , 00 - 315 . 00 , Dee. 
280 . 09 - 310 . 00 , Jan. unquoted. Sales: Nfl. 


FINANCIAL TIMES 

Apr. £ 6 } Apr. 2 ti]Manth agol Year ago 

239.06 1238.72 1 237 52 | 270.70 

755: laly L 19S2=tflO) 

REUTER'S 

Aprill^April ZSjSloutb.ae^ Toafaj/i 

1467 ^ 1 14 S 8 . 5 j 1438 J ) 1719-1 

(Bara: Swrnnber u. 1B31=U») 

DOW JONES 


Spot ..- 360.16360.51 383^3(<125-B6 
FutormBda^B 360^3 S55.10p02.lft 
/Average liM.J 5 . 2 fi=l 9 S) 


MOODY'S 

. AprtljAprll lllontb Yrar 
Moedy’e 28 ] 25 ago ago 

Apia Com mtyjSBB. 6895. oj 904 7^33.0 

5omS 7i. 1 HT=uS 


Precious 
metals up, 
sugar steady 

nsw York. Anro 

PRECIOUS METALS Cto£d ' * 

higher on speculative baying foOmrig* a ' ' 
C.JSba. trade, deflrit which was as 
PMed. Copper was steady on Com. - 

mission House buying. Soyibaui dooM .■ . 
easier on proflt-uklng fuflowtna raster, 
day's bullish crop report tor Braufl. Sugar 
closed steady on trade buying and hv- . 
dimtrial pricing, Bacbe reports. 

Cocoa M iy ia .00 ( 134 . 75 ), July ISIM 
/ 151 . 10 ), Sept 148 AS, Dec. 143 . 60 , Moth 
139 . 23 , May 136 . 13 , July 13830 , Sslooi - 
387 . 

Cofree—' ■■ c " contract: May 17 S.aV 
17330 ( 17235 ), July 15230 -U 2.70 (151 .St), 
SepL 137 . 00 - 137 Jffi. Dec. 12 4 . 50 - 115 . 00 , 
March 117 . 00 - 118 . 25 , May U 8 X 5 - 11450 . July 
lU.S 0 -lMi£ 5 , SepL 114 . 00 . Sales; 976 . 

Copper— May 8 L 2 S 157 . 60 ), June 58JN 
158 ^ 0 ), July 59 . 40 , SepL 8 S.». Dec. 02.10, 
Jan. 62 .«o. Msrcb 63 . 00 , May M. 6 S, July 

5 5 . 60 , Sept. 66 . 60 , Dee. 68 . 10 , Jan. 68 . 69 .' ' 
Sales: 3 , 000 . 

COtten— No. 2: May 87.15 ( 57 . 45 ), Join, 
ffl. 70 - 38 .re ( 56 . 62 ), OcL 60 . 46 , Dec. MJ 0 - 
6 L 50 , March 62 . 66 , May 63 . 55 . July 63 . 9 S ' 
Ud.-OCL 63.00 btd. Sales: 335 .D 00 bales. 

*Gold — May Kg.TO ( 16730 ), June 169.49 
( 168 . 40 ). An*, ln. 40 , OcL 173 . 4 A D«h . 
175 . 50 , Feh. 177 . 70 , April 180 ^ 0 . June - 

132 . 70 . An*. 185 . 20 . OcL 187 . 70 , DeCi 
190 J». Feb. 192 . 70 . Sales: 9 . 060 . 

tLard— Chlcaiw loose 72SB ( 23.00 pom.). • 
NT prime steam 24.00 traded ( 24 JO 
nom.). 

W 4 al»-May 247-2461 CB 50 U, July 244 - 
2441 ( 23481 ), Sept- MS, Dec. 3441 - 3 U, 
March 351 , May 254 . 

IPhafaime— July 2 B 8 JM 06.70 ( 204.90 

OcL 21 L 20 - 21 LED ( 207 ^ 0 ), Jau. 214 . 60 - 
214 X 0 . April 218 . 40418 . 60 . July 223 . 10 - - 
222 X 0 . Sales: 1 X 47 . 

•SUran-H Spot 495.99 ( 489 X 6 ). May 

492 X 0 > 490 . 00 ); June 4 B 6.30 140420 ). July 

500 . 70 , SepL 508 . 00 . Dec. 519 . 40 , Jam ' 
S 23 - 30 . March 53 L 10 . May 530 . 30 . July 

347 . 60 , Sept. 556.00. Dae. 56 S.no, Jau.' ' 
573 JO. Sales: 9 , 000 . 

Sayabnws— May 686-086 ( 703 i), July 876 
675 ( 689 ), Aug. 657 - 656 . ' SepL 637 , Nov, 
601-602, J an. 666 , March 612 , Mhy 8 lS. 

Soyabean OU— May 26 . 35 - 26.45 ( 26 . 47 ), 
July 23 . 55 - 2 S .50 ( 25 . 60 ). Ang. 24 . 6524 . 70 , 
SepL 23 .S 0 - 23 . 3 Q. Opl 3 . 50 , Dec. 21 . 85 - ' 
22 - 95 . J an. 31 . 65 , March 21 . 5 O- 2 L 60 . May 
21 . 25 - 2 L 3 Q. ' ' 

HSuyabeaa Meal- May 173 . 00 - 17^30 
( 175 . 10 ). July 175 00 - 174.30 7177 . 40 ), Aug. . 
173 ^ 0 - 173 . 00 . SepL 170 00 - 1 BSJ 6 . OcL 154 - 00 , 
Dec. 162 ^ 0 - 163 . 50 , Jan. 164 . 56 , March 
166 . 50 - 167 . 00 , May 16850 . 

Sonar— No. 11 : May 7.65 ( 7 . 6 S),- July 
7 . 90 - 7.93 ( 792 ), Sept- 8 . 15 - 8 . 16 , OcL 8 -? 7 , 
Jan. 8 . 35 - 8 . 60 , March 0 . 13 . May 9 . 22 - 9 . 23 , . 
July 0 . 40 - 9 . 41 , SepL B. 60 . Sales; 0 . 380 . 

Tin — 510 . 00 - 526.00 ( 3 O 5 .(HM 22 . 0 (h. 

•"Wheat— May 300 ( 3041 1. July 303^305 
( 307 ]), SepL 30 TW 08 J. Dec. 31 «i. March 
336 - 537 , May 3161 . 

WINNIPEG. April 26 . tt Rye— Mar 

106.00 (Ufl. 00 ), July 103.00 asked ( 10 L 30 ), . 

OcL 103.60 bid, Nov. im.W asked. Dec. 
10530 asked. _ 

ttOats— May 82.00 ( 8320 ). July 78 JO 
asked ( 79.10 Will, OCL 78.60 asked, Dec. 
74.60 ashed. March 74.10 nom. 

ttBaMey— Mur 78.00 bid ( 70.00 bid), 
July 78-20 btd ( 79 . 10 ). OcL 78.10 asked, 
Dec. 78 00 . March 76.50 bid. 

{{Flaxseed— May 239 80 bid ( 237.90 bid), 
July 244.40 ( 242.30 faidi. Oct. 245.78 asked, 
Nov. 247.00 asked. Dec. 247.00 bid. 

SfiWhKU— SCWRS 13.5 per cent, protein 
eon lent df 5 L Lawrence 161 .03 ( 181 . 60 ). 

All cents per pound ex-w&reftoUM . . 
unless otherwise stated- * S's per trey 
ounces— 100-ounce lots 4 Chksigp knee 
So per 100 Ih»— Dept of AarlL-ulture prlrea 
previous day. Prime steam fob NY 
bulk tank cars. tCems per 5 » 4 b bushel 
cx-warehonse. 5 , 000 -bushel )«* i per 
trey ounce tor fiD-oonre units of. ($9 
per cent, purity dehvered NY., f Gem* 
per troy ounce ex-warehouse. II New “ B. " 
eonrract in 6 s a short ion for hulk low 
Df )»> short tons delivered fob cam 
Chicago, Toledo. Si. Louis and Alton. 

— Cents per 60 -lb bushel in store, 
n Cents per 2 + 4 b huaheL tt Cents per 
as-lfa bushel ex- ware house. H Cents per 
56 . 1 b bushel ex- warehouse, . 

lots. 10 SC per tonna. . 




40 


Financial Times , Friday: April 28 .1973 


STOCK EXCHANGE REPORT 


Equities good and Gilt-edged recoup earlier losses 

Share index up 10 points at 467.8— Golds improve afresh 


Account Dealing Dates biggest in the five-day life of. the. to 272p on the profits' setback, of 7 to ISOp and Hopkins eras put Wednesday morning’s suspension -basis of 29p per Ordinary share 

Onfiflo market Cons. Gold positions were Leading Stores moved higher on 5 to 95p on further considers- price, following details of the sur- for the entire snare capnaL 

v l^ct Accent quieter than on Wednesday, but on technical influences and tion of the results. prise deal with Hawker, 2 harder Steel Bros, moved into ae 

still notched up 120 contracts, closed at the best of the day. J- Blbby continued firmly in at 202p; parent group ' London limelight in _ Overseas iTaaers, 


•First Declare- 


nnalinac Dav suu “««■««* wnuatia, CIOSEQ at UK 

Dealings taono Dealings uay whj]e Grand Mel folIowed with British Home 


Apr. 17 Apr. 27 Apr. 28 May 10 JJJ* 1 

May 2 May 11 May 12 May 23 investment currency mar- Marks and* 68 

May 15 May 25 May 26 Jun. 7 fcet moved within narrow limits the good c — . ... . 

w^%S ^Tv£tSMo^LSlSS. in a well-matched two-way trade. Cope Sportswear jumped 11 to harder at ITOp following news of linqulshed 8 to 85p. Comment on the **"®*E5, 

7?qtotystort a Af *' r rajeme. between .9 and 10 sup. after 95p, to response to its Joint oentute with Crystal the record profits Induced l a goo d 

mark« tore For Se bBtter vester- f ,er cent - ' premium was persistent demand in a thin Palace Football dub,' while Uni- two-way trade in European 2 harder J it 16p and X.E. Sjwger 

marked turn. ” ££££? howlver, * nsl1 * > oet 1 eas ? er 9 1094 P® r market and Vernon Fashion rose gate hardened. 1J -to 54Jp and ^mes which finished 7 higher 5 to jhe-good at^ 

commons, nowever, rent The conversion factor was e to 89 d on buvinE ahead of next J. B. Eastwood 2 to Bln inSuDer- H7Jp and a nse of U to I53p Kemsley, still reflectm| remit 

2"£ to* M*» <«»»>■ T SEtf* peUmlS* result WeSedTto «-»* »• ^ ""J l£rid°ef t 

■ HPs better 5JS? •* and jw ± u a*. ?k*s22& , » ftt 


day. Trading 
remained extremely 


domes oeaiuc a put on f to mp oop tmu oiuvoa o to iaup. CamperT,I30p, gained - - - — 

w.ere accentuated by stock The major clearing Banks tn-^Estol? edged foriS in^^^Lid^^rere^dEg 1 ® appointment^th hfterim figures, the announcement that &*™ 1 *®* 

shortage. By way of contrast, the proved with the general trend. r 1 ? RLY. Dart fell 6 to 59p. bid talks had been terminated, 

prospects of higher interest rates Nat West rose 7 to 285p and Mid- froDt of A resurgence of speculative Other Investment Trusts dosed 

continued to weigh heavUy on the land 5 to 355p. Discounts dosed iE?v!S? bnyin« on bid hopes helped John- firmly following an improved 

Gilt-edged sector. Nevertheless, finner in places with Geixard and sh S c ^ c £l 1 fS2*Sfi ST* SfiS’SjSSSi Si Group appredate 5 to 96p. tastaess. London and Gartmore 

"" rf « -* iw- — ““® of ****■ GEC rose 8 rose 3 to 160p orf the increased ^dBride lnished 5 harder £Sd out at 67p, rip 7, while 

st *?pp; news of the proposed Investing In Success, 125p, and 
scrip issues came well after mar- Estate Doties, 278p, put on -3 
ket hours. ... apiece. In Financials, Fashion 


after drifting lower on scattered National up 5 at 175p on further 
selling, prices oF the Funds consideration of the results. Allen 
recovered earlier losses which Harvey and Ross also put on 5, 
ranged to i in the shorts and to to 435p, and Union appreciated 10 
i in the longs with final quota- to 305p. Dull the previous day on 
turns unaltered on bakince. The fears oF a further rise in interest 
tomround was helped- by late rates. Hire Purchases rallied with 
firmness in sterling which Wagon Finance regaining 3 to 44p 
prompted some bear closing. and Provident Financial picking 
Leading equities quickly res- up a similar amount to 94p. 
ponded to a small demand and, Insurance Brokers were notable 
alttiougih buying Interest petered for a gain of 7 fb 180p in Mine! 
out in the afternoon, prices were folowing the higher anuual earn- 
given a further fillip towards Che inffs. G E. Heath added 8 to 2W)p 
close on vague talk that dividend while, among Composites, Stm 
limitation would not be continued Alliance put on 6lo 536p and 
after July. Up 8.4 at 3 p.m.. the Royals S i to 368 p. 

FT 30-share index improved afresh AFter having made considerable 
to close at the day’s best with a progress ahead of publication of 
rise of 10 points at 487 . 8 . Among, *"« Price Commission s report on 
fire index constituents. Vickers Allied: Breweries moved further 


responded to t-he results with 
rise of 7 at 179p. 

Overall firmness in the equity 
market was reflected in the 7-2 
ratio of rises over falls in FT- 
quoted Industrials and a rise of 
per cent, to In the 

FT-Actoaries All-Share index. A 
more favourable than expected 
report on Allied Breweries from 
die Price Commission made for 


ahead on the. announcement be- 
fore easing back slightly In the 
late trade. Allied Gnashed 4 better 
at 88! p. after S9p, while A. 
Guinness closed 3 better at 181 p. 
after 182p. Bass Cbarrlneton * 


asor™* 



150 


1977 


1978 


ADD SEP OCT NOV DEC JAN FEB MAR APB 


Although closing, slightly below- and General rose '7 to 122p- in 
the best. Motors and ■ kindred sympa thy with Furness Withy; 


FINANCIAL TIMES STOCK IND1CES 



•- ‘ — : - ; 

T 

V* 

Apr; 

^ SB 


T. 


A »4«r 

m, 

GOTsriunent Seafc^.™ 

-7U8 

7U4 

7L4Z 

7X86 

7urt 

7 LBS 

69 A 

Ifljbad IntunaC JwuUL 

■ 7453 

■ 74.47 

74.79 

70J06 

74^8 

+76.08 

‘BUT 

Industrial (Minimi 

- 48?:& 

4STB 

460.71 

460.4 

465.0 

'464^ 

4«£ 

iwi v/mi ' , 

i4aja 

X4L,4 

13B.3 

HBJ 

13SJE 

134.7 


Old. Dir. TUkl c.,-.. 

■8.7B 

83.7 

; 8 os 

' 083 

0^1 


- 4a 

UMUlngM VU*ft;fTnH}C] 

17,10 

17.46 

; 17:89 

: 17.34 

17JB 

17.61 

16jQ 

PfflE^lobaaDrt) 

' 7JB6 

77.70 

7.78 

. 7.76 

* 

7.66 

.- .*.t 

Dellsgl myhyl _ . 

4,723 

. iuo 

.4,944 

MBS 

■ 4j»9 

4,995 

w 

kqotty Curnovec £ou. 

r . — 

>36.70 

-7030 

54.13 

S0.4C 


nij& 

8qut^ boigitin totaLJ 

' 

14,0881 

15,7571 

1B.B32] 

ii^7B 

13.749 

xirti 



- S’ C'-l 


1 nan. 4KL& 

X tUU.. '4«*Ar 3 HQ- «MJ 
Based -mt fix par 'earn, cotporaaon tvc. MisfJEi. 

LMaf-fodn M-W tKI. ^ 

Bub in Corn sect. ismwfc ^Hwd im. uaa, itad. qrtL*i/T/it 


Mhm 12/8/S5. SE AethrtCT Jab-Dec. IMS. ■ . 

■: HIGHS AND LOWS 


--ri 

S.E. ACTIVITf ;- 



\- . UTO - ?i . 

pHnoe OompUatioa | 


.Bign: 

. Lav 

‘Y 

JBOgtf' i 

. .Low. 1 


78158 

71M 

127.4 

4s.«r 


(3/1) 1 

(SW 


(5/1/76) 

Pried Tn* -- 

Biii- 

74.35 

IB OA 

50.53 •; 


<W3 

Spin: 

mw ) 

m. 

Ind. Oid 

497^. 

ie#D;- . 

453.4 

m 

64 OJk 

-OMiTQ 

!. 48.4 - 

Gobi Vina. 

168.6- 

XSOJS: 

44 aJt 

43.8 f ; 


W3);-] 

~0ny ■ 

esjsrjB) 

(ss/wm) 


out:. 

tad 

SpacnUUve^4 

ToUIb, 


'Av’xsgej 
■■ ■ 158.0 

106.4- 
.BpeodhiivaUJ' 38,0' 


144.0 

164.3 

'46.4; 

107.6 






178.0 1- 

lma s i - 

8B.7- 'it ■ 
172JX-*1 : 

-150.8' ?L • 

37.6; " 
lOH-O^-r^ 



-laSi't -7 


toKg” m fSlr r Sd!: ^ I 0r o to attention ,mt on 15 to 255p and 

S^lSS«ffitn g dld1o higher gSSil wire Sfso notabiy^flrS ^ nottble-^Woa : ot^ ^Mnta 10 

while rises o.f 3 were. at ggj,, U p 3. awaiting next' 


at 28Sp, while rises of 3 were 
seen in 

I18p, and Dunlop. 84p. BoDs-Royce 


‘ Anigold,” £151 arid' i 


kuaWAV • ■ 

A further: strong showing 


(r- 


i:-" 


-4-«« 


seen in Associated Engtaeerlrig, wedSaPs" preltato^^gu^:' 'WidchjvOTe ovM^t Sydn^ imd Melboin:., 


Coortaulds featured 


'TwtfiBo ' both around. 1 better. •' - " ' markets' ena bled ' Australians ■}* 

s&tsgssig&Xis sur-**- ^ 

a “_ K * rr ,. n _ rj a good turnover. TootaJ hardened rig .hufries. Ohm Itva^i 


rnffvrTs wprp raised 8 to nsn in “* ----- : — ; UX. equities. Cape interest .lifted Uraniums were again In denial : 

mTrket whne lS Sei^ire * mcre ^ Piattoums with Rustenburg 2 with Pancoutinental 50 higher,*; 

flirisSd 14 Srdaf atrare Md ea f^ ings ’ but Sh ?®S SP*™ 58 W harder at 75p andBirf^gste-a 975p, after £10, Feko-Walbend^? 
DuttoSFoVsha^^ 2 bette?at *■ b - ke a “ 0,mt at ^ lp „ on P^ penny firmer Jrt 74p, but Gop^rs better at 467p aad EZ Industry : :i‘ 
AeaiMt thetrend. FUghi fteftiet Umlnary figures. Dealta^taRKr JStoed Defected; : : 10 up' at 20Sp. • ~ 

to Uto foSr^ne oS were suspended at 72p following PwsMeirt^buyiiig to grtjerally' Coals were equally firm. Ul, 
the announcement of a condi- rWT r- markets S - 


>i mi na ry figures In Hue' with tUit-. markets_ saw Tins mow MOntag Jj^proyed 20to, S30pj ? . ^ - 


i :i V 


nxTMK-iarion-L . tional bid from its parent Robert . ahead substantially in early deal-’ Ttriess HoWings gained 14 to" 20« J 

North Sea of] favourite Thom- KJtchen Ta ? Ior v - . tog* and the. gain* were held The UK-registered. Hampton Arr •-< 

son «bod S Sut to to Nwsp^re "Motb 1 * waned ,’ln the ‘ v - 

„ r-d, tv huih. trials,. Gold fneias FTOpOToes afternoon. - • support with a nse ox 4 to alf E - 


to 248p, wbQe B1CC, 118p, and' earnings, while 


whHe ^^tateraatioSl t ?e^i SSh a riS^of Tin ware prominent S^°of 13«p: r _ . - - ^ J % 

hi Cher at 159p. afier 160 p. and Ple^7 SSTpS'm l”SplS toSd\fted"T^t mlSS ' iSSS ^dSd \ 

^thread A H firmer at 91»P. PeStU buying inhere- 4 to 198p. ‘ U«VjS8!LrS» ~ gg» ' ■£! ' ^ ^ 

moved up 5 to 194p to tete ™ ov ^ n P to 86p and London ... •. .;f x 

response to the higher annual Sumatra 5. to isap. . • . ••_;• . v .. ' ''5^ 

profits. , NEW HIGHS AND LOWS FQR 1978 7 


V- - -ra 


after 92. 

Tn Buildings. Tarmac 
the fore with a rise 


4 strict ed market lifted Electro- ... , , - . _ 

nac came to components 23 to 38Sp, whilfr MlSC. leaders good 
n-,« v.uvnumciui. U..UC ««. mn * , J 4 I® ‘Sf Automated Security rose 6 to tip Technical influences played a 

particular firmness in Breweries on the substantially increased major- part in bringing about a 


I ^^L d . ed »5 ,a - whUe BSR, 106p, and Laurence ket short of stock helped prices *n° ua] results, whfle Property moved ahead strongly for the wtolwd «w Hiehs.aml. Lows for 


and the FT-Actuaries index for 
the sector recorded an above 
avecrage rl«e of 3.3 per cent 
Official markings of 4,727 com- 

pared with 5110 on Wednesday Wchard Costa,n dosed 
and 4,995 a week ago. 

and l24p respectively. Marcbwlei Engineering 
put on 4 to 278p, and Guron, in to the firm 


earnings. Telephone Rentals sharp upturn in the miscellaneous 


George Wimpey rose 4 to 

annual profits “hove n&rket dosed S harder at 123p following Industrial leaders yesterday A 
expectations. Other leading press comment on the. results, fairly' modest demand iri a mar- 


Golds Improve 


Properties' dosed on a quietly 

firm note. Hammeroon “A” edged In a generally buoyant mining, ' __ . ‘ rmeigm ionds ui 

up to 530p hi front of to-day’s market. South African Golds 'stone ^information se^iu irttepa 7 ‘ipc ,rela 7 ? l BJ * pc 




. CHEMICALS (1) 


RJchard Costain dosed 10 higher 11 g Pi rose 5 and 8 respec- to dose at the day’s highest Partneishfns found more support second day running as the bullion . 

at 262 p, while SGB and John ti ve iy. Beech am, 638p, and Glaxo, 536p to <dos« 2 better at 86 p for a two- price gained ground to dose 32.25 . 

Engineering leader, eontrlbuted J ■« “ ™«!™iy, »hile 


'I 


T of p ra ll v in fiiltq an ? “•? resnecnveiy. marcowiei — TBrtmiS PiDsinSton gained 7 to 462p and Chesterfield encountered small Turnover was -also much tat 

Late rally m Irllts pul .on 4 to 27Sp, and Carron, In g m*?™* 80018 4 to W A dull market selling and shed 5 to 272p. Marler proved and a good buying denmnd 

Despite continuing uncertainty a ^to market, rase 5 to 45 p. In jactors reit some g^a gams ana Qf late f 0 u 0W ing a bearish state- Estates returned from suspension was seen throughout the day. 

ahead of to-day’s M inimum Lend- contrast, Manders fell _0 more to £51^5 viCKers tuox iW ment concerning current war at 27o. com Dared with Monday’s Inltiallv. Caoe interest caused 

tag Rate decision, British Ft 
made a' decisive rally towards 

close yesterday. The recover .. — — — — -- .... in , rinu omn .mi a uuu ot *<*i< wim uns new nn- 

moveraent was stimulated by bear eased 3 to 82n on small selling as Slop. U P *0. «>d GhN, 273p, ana p a jjj scares ending the same 

closing following a notable im- bid hones receded. Elsewhere. Tubes, 370p, unproved 5 ana 6 amount up at 20p premium. Else- 

pravefnent in sterling during the Nonvest Holst closed unaltered respectively. Useful nn prove- w jj erei and I. Nathan rose 4 

latter part of the day. Short-dated «* 8Sp after the announcement ments were also recorded among to 50p ^ response w tbe better- 

stocks which had drifted lower to that the company had loat its secondary-issues as Amalgamated than-expected results and S. 

show losses of 1 at one stage, legal battle to stqn a Department Power added 9 to 130p, afrer Simpson A hardened 3 to iOSp 


NEW HIGHS (ISO) 

LOAMS 11) 
AMERICANS (17). 
CANADIANS (1) - 
BANKS 12). - 
BEERS (1) 


BUILDINGS (47 
■ntiCAun) 


CM EM I 

BRAVERY '8, STORES (18 


ELECTRICALS gE 


acquire _ 

the Marler equity at 25p per The Gold Mines index advanced ! 
share. &8 more to 1455 for a two-day^ • 

A .. . improvement of 9J. 

UllS nrm again Outstanding the heavyweights-; 

Oils encountered useful demand were Raudfontetn. a_ point firmer 
encouraged by the overnight at £34, Western Holdings, a similar • 


ENGINEERING I 
■FOODS (1) 

‘ HOTELS (1) 
INDUSTRIALS <27) 
MOTORS' (9) ' ' 

NEWSPAPERS ff . 

PAPER & PRINTING CO- 
PROPERTY <1> 

SOUTH AFRICANS (2) 
TEXTILES 14) - ■• 
TOBACCOS fl) ' . . 

TRUSTS CIS) .. 

oils cm ■ • : 

OVERSEA* TRADERS-m^" 
■ RUBBERS «> 

TEAS rl) 

MINES CIO) 


DRAPERY A. STORES a> 
HwriqwtA)'— ■ ■ ■ 

- - FOODS C1> 

LowfWmj 

INDUSTRIALS <Z) 
OanbM-Cwnbex-MAncsaatcm-- - 
INSURANCE (1) . 
MfltMW WtWiBcn 

.. . PROPERTY C2J - 

CbettcrUchL City OMicm 

TE X TILES at 

Ovw li iei' (jj Yo uflhal 

- - • - TRUSTS 12) 
ArdUmeda Inc. 


f 


-.41 

’--r; 

. vS 

-l S’. 




r 5.59_ — ' - Uirs-rf* 

--Throgmorton Gmr " 

. :&■ ‘ 
•j 




MSGS' AND PALLSffi- -v 
YESTERDAY 




■y- 


' *• - — ■ i ««« — — r« — I — ' — — — -- — „ , . , , ■ - _ MMN|An»H a m >i>u Lkwvvir u la# LVU |J CI 1 WIU qccu uj «-||y; v7€tlU£ut - — — . - , 

finished without alteration on the of Trade investigation into its m response to the nearly-doubled on the higher first-half earnings, strength of Wall Street British amount better at £18. and Free 
day. while longs also reverted to affairs. ?5? U ^L e *fF mes Bel grave Northern Engineering, also on Petroleum closed 16 higher at State Geduld • and Hartebeest, 

overnight levels after having Leading Chemicals recorded fBlacftheatiiJ put on 4 to 40p favourable trading news, added 4{ 800p. after S04p. and Shell rose which were around a half-point - - 

shown Tails ranging to }. ree«nnafhie gains in a sluggish following good results. Castings to lOOp and Hoover A ended 8 8 to 550p. Lasmo advanced II to to the good at £16 and flO|.- 7 ' NHW LOWS (25) 

Traded Options were featured trade. ICI closed 5 higher at were marked up 5j to 36§p after- better at 330p despite reporting 177 d while the ** Ops * put on 15 respectively. "■ - -TN« U rv l r!wmv tif^e^B 

by a heavy turnover in Coortaulds 343n. whiT<* rose 12 to 350n. hours on news of the bid approach a set of first-quarter figures which to 25flp and Tricentrol 3 to 163p Among the lower-priced stocks . cor poratton, loans (si^. . . . _ ... . 

in which appreciable gains were Anchor Chemical continued to and MJL Holdings jumped 17 to railed to match expectations, to 259p an d Tricentrol 3 to 16Sp. South vaal registered a rise of 20 5i MfaST^ * 

recorded, particularly in the 100 d reflect satisfaction with the 133p on persistant speculative Dealings In Carlton Industries KCA International rose 2 to SOp^ ^ at 462p and Kinross gained 12 at ’’ tScte sSkWuu^c; i<5c -S*3o Seo»t 'Mv 

series; contracts amounted to 249 annual results and put on 6* to demand in a thin market Peter were resumed and the shares after 31p following a hid approach 297 p. • V ucx. sw gt,nc * 7<| - ao 

of the total number of 721, the 71 Jp, but Alginate eased 2 more Brotherhood revived with a gain dosed at 180p, 10 higher than from Mr. Travis Ward on the On the other hand. Financials Mat water 

»; -■ -v . •/ • . 


CanMA . Dwnfnfsa ul 
Fordan Eowb .:...: 
iMlmirlalT ....t. • 

FHubcW) and Prop. i-‘ 
Oils - — ^ 


Totals 


Up 

Dawn Sdr 


« 

* C "J« 




- 1 

'506. - 

.:n. 

M2 


Ml 

Tl 


12- 

- 9 


U: 

■ .4 


75 ■ 


--.1*1 

5 


' tr . 

751 

2M 

•uCK ! 


n Ixd.V 

SMMH': 


•S’ 


;.r« 



Preliminary Statement 


The profit, which is a record, is stated afterproviding forrebate. 

-taxation, and all expenses, and after a substa ntial transfer to reserve for . 
contingencies. 


1977/78 

1976/77 

£ 

£ 

1,299,448 

1.011,170 

600,000 

600.000 

92^30 

73.863 

338,718 

312,074 

919^44 

551.544 


Net profit 

Transfer to general reserve 
Ordinary dividends 
Interim paid 
Final proposed 

Balance carried forward on profit and loss account 
The proposed final dividend is 1 2.84% making a total net distribution 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 be a 1 : 4 bonus issue to be effected by using the balance of the share premium 
accountand transferring £169,91 9 from the profitand loss account If it were not for dividend 
restraint it would have been the intention of your directors to pay a final dividend of 1 5% both 
on the.existing capital and on the additional share issue proposed above. 

The annual general meeting will be held on Wednesday, 1 4th June 1 978 at 3.30 p.m. The 
proposed final dividend will be paid oh 1 5th June 1 978 to ail shareholders on the register at 
■15th May 1978. 


Capital and reserves 
Loans and deposits eta 


5th April 1978 
£ 

6,160246 

259.343.880 


5th April 1 977 
■£ 

5.291.846 

272,064,356 


£265.504,126 £277,356,202 


Leasehold premises 
Cash at bank and amounts receivable 
British Government treasury bills 
Commercial anri other bills 
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 


Nil 


16.800 


410,377 

219.936 


80.936.734 

110^30,730 

■ 

115,832,470 

75^255.655 

1 

2,721,437 

230^86 


29,187^73 

40.344^57 


10,734^85 

15.172.749 


3,350,000 

1,000.000 




ImuC 1 



Pri«5 

9,497,488 

17,085.823 

p: 

12380,062 

. 17.799.666 

105 

£265,504,1.26 

£277,356,202 



26th April 1978 


FOOD PRICE MOVEMENTS 



Ai)ril27 

Week ago 

Month ago 


£ 

£ 

£ 

BACON 

Danish A.1 per ton 

1,090 + 80 

1.060 

1,060 

British A.1 per ton 

Irish Special per ton 

1,065 +30 

1,035 

1.035 

1.065 + 30 

1,035 

L035 

Ulster A.1- per touf 

1,063 + 30 

1,035 . . 

L035 . 

BUTTER . 

* NZ-per 20 lbs 

■ English per cwrf 

1 Ml /1 1,52 

11.41/1L32 

11.41/1L52 

67.3? 

67^8- 

67^8 

- Danish salted per cwtf ... 

70.15/72.42 

70.15/72.42 

70.15/71.18 

CHEESE? 

NZ- per tonne 

1.161.30 

1,161.50 

1.161.50 

English Cheddar trade per. 

tonne 

U02.10 

L2Q2.10 

1^19.42 

EGGS* 

Home produce: 

Size A 

3.40/350 

3.40/3.90 

3.60/420 

Size 2 

4J0/4.S0 

4.30/4.80 

4.10/470 


April 27- 

Week ago 

Month ago 


P 

P 

P 

BEEF 

Scottish killed sides (ex- 

KKCF) 

53,0/56.0 

52.5/56.5 

50.5/33.5 

Eire forequarters 

37.0/39.0 

36.0/40.0 

35.0/3S.0 

LAMB 

English 

— 

— 

50.0/60.0 

NZ PLs-PMs 

46.0/48.0 

43,5/47.5 

43.0/46.0 

MUTTON—Eriglish ewes ... 

— 

— 


PORK— (ail weights) 

36.0/450 

36,0/44 0 

35,0 -'43.5 

POULTRY— Broiler chickens 

34.0/35.5 

33.0/36.0 

.12 .S/35.0 


* London Egg iSxchange price per 120 eggs. 
1 For delivery April 23-Ma>A. 


t Delivered. 


OPTIONS 

DEALING DATES 


First 
Deal- 
ings 
Apr. 25 
May 10 
May 23 


Last For 
Declare- Settle- 
ment 


Ang. I 
Aug. 17 
Aug. 31 


Last 
Deal- 
ings tion 
Hay 9 Jnly20 
May 22 Aug. 3 
Jun. 6 Aug. 17 

For rate indications see end oj 
Share Information Service 

Stocks favoured for tbe call 
were Consolidated Gold Fields, 
BP, Town and City Properties, 
Jessups, Furness Withy, Euro- 
pean Ferries' C. E. Heath, Fitch 
LovelL J. E. Sanger, Ladbrokc 
Warrants, Orme Developments, 
Parkland Textile A. British Land. 
P & O Deferred, Status Discount, 
Britannia Arrow, Rexmorc, 
Warner Holidays A. Alexanders, 
Rrentnall Beard, Maple, Bridge 
Oil Dobson Park, Vickers. 
Charterball and L D. and S. 
Rivlin. Puts were done in Slaflex 
International and Burmah OH, 
while doubles were arranged in 
British Land, Filch Lovell, 
Sharna Ware, BP and Britannia 
Arrow, 




ACTIVE STOCKS 


Dfenomlaa- 

No. 

of 

Closing 

Change 

1978 

1078 

Stock , tion 

marks price fp) 

on day 

high 

low.. 

>BP /.... £1 . 

25 

SOO 

+16 

m 

720 

Amal. Power 25p 

11 

130 

+ 9 

132 

108. 

European Ferries 25p 

Xl 

1 17J 

+ 7 

117* 

99- 

ICI .• £1 

11 

343 

+ 5 

365 

328 

BATs Defd 25p 

10 

265 

+ 2 

269 

227 . 

Grand MeV 50p 

10 

108 

+ 2 

109 

87 

Shell Transport .. 25p 

10 

550 

+ 8 

550 

484 

Allied Breweries 25p 

9 

SS* 

+ 4 

93} 

78 

Tarmac 50p 

9 

151 

+ 14 

151 

124 

Trnr. Newll. .’New’ Nil/pd. 9 

20pm 

+ B 

20pm 

ilpm 

Utd.:City Mchnts. 10P 

9 

62 

+ 1 

84 

41 

Bowater £i 

8 

200 

+ 4 " 

202 

163 

Court aulds ...... 25p 

S 

117 

+ 5 

125 

109 

GEC 25p 

8 

. 248 

+ 8 

278 

233 

RTZ *. 25p 

8 

200 

+ 1 

210 

164 


LONDON TRADED OPTIONS 


Jnii- 


Ueti>fcer 


Juuiary 


fix'rciBe C lining ' Ckwinp 
Option price »ITw • VoL i offer 1 Vol 


Cloaing; • Bquity 

1 niter Vol. clow 


BP 

750 

75 

11 

94 

11 

107 

6 

798p 

BP 

800 

48 

6 

63 

8 

75 

a 

144)1 

Com. Uuloni 

140 

13 

2 

161, 

— 

19 

— 

Com. Union 

160 

4 

10 

7 

— 

9 



Cons. Gold 

160 

25 

1 

30 

3 

32 

10 

175p 

Cons. Gold 

ISO 

13 

26 

18 

58 

20 

22 

M 

Gointnuldi 

100 

20 

61 

21 

45 

22 

9 

117p 

CcnjrtRnldH 

110 

U 

23 

131, 

18 

15 

11 

1, 


180 

6 

81 

9 ‘2 

21 

101, 

40 

243p 

OEC 

880 

32i 3 

24 

561, 

10 

43>, 

4 

GKO 

240 i 

19 

17 

25 

6 

331, 

— 

va 

Grnn-1 Slet. 

100 j 

16 

25 

17 

10 

191, 

18 

108p 

Gnuid Met. 

110 : 

8 

40 

11*3 

3 

14 

5 

S43p 

ICI 

330 , 

23 

4 

34 

9 

38 

7 

ICI 

360 

1U« 

17 

15 

2 

2 It, 

13 

193p 

LondSee*. 

ISO 

81 

a 

271, 

— 

31l S 

— 

bad Secs. 

200 

IDlg 

5 

17 

— 

28 

— 

145p 

Murks & Sp H 

140 . 

131, 

s 

161, 

3 

18 

— 

Marks A Sjw 

160 

4*8 

20 

8 

12 

101, 

— 

B48p 

Shell 

600 

64 

8 

74 

6 

79 

B 

Shell 

Tolala 

650 

29 

12 

334 

40 

7 

232 

51 

155 

M 


RECENT ISSUES 


EQUITIES 


F.P. 


st 


3| = 
* £□ 


197? 


Hiirb Lu> 


26/4 1 Li3 ; 118 


Stock 


htaga Holiday! 




e 

5“ 


133 


+ orj . = 


+ Z 


t i 


6.75 


a! 

\H 

t-* ■- 


S r 
,2® 




2.2 ttA 


8J9 


FIXED INTEREST STOCKS 


1978 


Stock 


Hijjh ■ Lot* 


3°* 

il 


■J- 


tt I » I - 
ilOO I F.F. ! - 
lOOp F.P. -20/5 
Uu ! F.P. - 
I U8> — 

i F.P. '28/4 
I F.P. 9/6 

r.y. 2 a, 7 

! F.P. ! 9:b 
IC25 [ 8 6 


Vi 


^4f| 
\ ll0|i i 


rs 

C9a" 


105p' 

I’jyj.i 
LCt'i , 
10b 1 


VlyAmal. I ml*. tU.n% il/ut. Prt 

SAJiiAnier. Ini Fin. Vanahn? b2 

U®|i ArmilatelG.i I0»8i Un-Kum. Prei....... 

ICO|i l tlmtn in - 1*4 L.hiv. Cum. It'l. liuil l*rcf. 
W -lia.lck Uau>. lut In. ilrnl. 'U/V-CK........ 

lOH^Jenh A LMlId- Iv&t'mn. Pref 

HM.-'Uuiizie* iJ.i ^ funi. Prt - 

\\Sc JM. i-rn-ex Waiei i% l£ei. Pn. ISoO 

07 , (allies II lai Lnr. Uns. Ln.T9Ji£ 

,'k'wrL W»i« 11$ I>qh. t»«- 


— is 


B4pj- 
SUWJ, 

itopj — 


100| 
27 
103 1 
iu2t- 
loa 
99 
24 i 


+ ui 


-I 


“RIGHTS" OFFERS 


I (sue 

Prise 

Pt 


1= 

5! 


Ulfri 

KenuDi^ 

UmLe 

a ' n 


1978 


High I Low 


Stock 


50 

150 Cta 
1U6 
30 
152 
b2 


.VII 

Mi 

Mi 

Ml 

Nil 

K.F. 


C lun nc 
Priit 
Pi 


3r5i 31/5; 7fipntj b2fmi|Hiilloii);h 

— — I 3pm : Nil jlteolknal Qnkl Mining. 

S/5 19/5! 5U[>hi- aip/n'Lmil'in \ Msnche-t«r A'ohuidh. 

— — .ITliim 12i|iin:Sii(jm ; 17>ui*m 

— — , 3)|*in ll[tinTiunprX NukeII SOpui 

29/3' 10/5 W> • is !iv ,< tinniii»fi. j 86 


70imi| 
2 pm | 
28 pm! 


+ or 


+ 1 


+ 6 


Kemuacialton date usually latt day H»r deallllA Tree Of Stamp dury. 9 Figure*, 
nased on prospucii<& esiimate. a Assumed dlvidond and yield, u Forecast (ilvMfend 
covci bas-.u od previous rear's ramuuB r Dividend and vtelu based od ornsoectus 
or other official esnmaiee for 1179 q Gross i Flsura assumed t Cover allows 
roi conversion at shares not now ranking tor dlvHlenfl nr ranxina only for restnnen 
dhndends < Piacms price to oubllc. pi Pince unless otherwise indicated- A Issued 
by t*»ml* , r B Uffomi tu hnldem of Ordinary * Dares as a " nsctila." •* Runts 
ht wav nf capitalisatiiHi. t* Minimum tender price. #5 Relnmidiaefl. If Issuert 
»n couneenon with n-oraanlsa'lon merger or take-over. U|i inrrodiicuoo ri] fraoed 
ro former Preference holders - jp AUoonent leuers tor fully-paid). • Pnmstoaal 
or partly-paid allotment lenera. * with warrants. 



ys 


V 

K‘ 


SHARE INDICES 


-*e ■- 
- ;vs 


ten \.<yr *«r. Ui 


These indlces are the joint compilation of 

and the Faculty Tif Actuaries 


Tunes; the Institute of Actoaries ^' r ■ 

- ,r - ■ iIlB iiM'jp 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures Id parentheses show number of 
stocks per section 


Thurs, y April ^1978 


India 

Na 


Day's 

Chance 

- >% 


49 


51 


59 


70 


99 


CAPITAL GOODS am: 

Building Materials (27). 


Contracting, Construction (28). 
Electricals [15) - 


Engineers ng Contractors [14X. 


Mechanical Engineering (71). 


Metals and Metal Forming (17). 

00NSITOER GOODS 

(DURABLE) (52) 

LL Electronics, Radio TV (15). 

Household Goods (12) . 

Motors and Distributors (25) 

CONSUMER GOODS . 
(NON-DURABLEK176 

Breweries (14) 


Wines and Spirits (6). 


Entortalnmant, CateringQT). 


Food Manufacturing (22)_ 1 

Food Retailing (IQ. 


Newspapers, Publishing 03). 

Packaging and Paper (15) — — 
Stores (39). 


Textiles (25). 


Tobaccos (3} __ 


Toys and Games (8). 


OTHER GROUPS (37). 

Chemicals (19). 


Pharmaceutical Products (7). 

Office Equipment (6). 

Shipping(IO)- 


Miscellaneods (55)— 


INDUSTRIAL GROUP (4051. 


Oils 15). 


500 SHAKE INDE2L. 


FINANCIAL GBOUPUW) . 

Banfes(6) : 


Discount Houses (10)_ 

Hire Purchase (51. 


Insurance ( life) (10). 


Insu ranee (Composite} (?}- 

Insurance Brokers flO). 


M ctc ban t Banks (141- 

Pro perty (31). 


Miscellaneous (7).. 


In vestment Trusts (50} . 
Mining Finance (4). 


Overseas Traders 091. 


ALL-SHARE INTEXfO)^ 


25430 


X8Z.40 

320.90 

433.44 

296.74 

163.76 


164.41 


188.62 

22037 

169.90 

120.64 


19B .69 
227.7B 


2SA25 


253.92 


189.04 

19052 

36339 

J3UQ 


183.43 


176.97 

239.95 


9554 

185.66 


25236 


246.13 

127.41 

429.77 


196.46 


20230 


46937 


Z24.94 


16032 


19L0Q 

197.08 

14L94 

13L24 


125.01 


329.69 

76.64 

212.20 


10539 


202*45 


9232 

305.79 


207.90 


+1.7 

+1* 

+25 

+Z7 

+0.9 

+10 

+L4 


+15 

+12 

+13 

+24 


+L7 

+33 

+14 

+16 

+11 

+0.7 

+3.9 

+16 

+15 

+23 

+10 

-03 

+14 

+15 

+1.4 

+04 

+19 

+11 


+14 


+L8 


+16 


+11 

+13 

+17 

+23- 

+13' 

+14 

+iff 

+10 

+0.4 


.+0J 

+0J 

+11 


+14 




Yi*dd% 

CKaxJ 


Tn 


Gras 

Div. 

Vleld% 
lACT 
at 34%) 


ret e 

Ratio 

(N«W 

Corp. 

Tn9Z% 


1747 

1757 

17.97 

16.03 

16.80 

19.80 

16.14 


1748 

15.92 

1640 

2101 


1412 

1434 

15.78 

13.66 

2152 


1454 

1046 

20.16 

10.72 

20.99 

23.04 

2115 


1744 

19.98 

1147 

19.04 

2044 

3499 


16.89 


1571 


1471 


2458 


33.79 


1449 


3JB 

2441 


336 

1^91 

1556 


579 

550. 

434 

4.09 

6,75 

635 

853 


5.03 

349 

464 

635 


544 

.544 

5.62 

472 

5.71 

445 

3.40 

943 

437 

751 

740 

637 

408 

486 

434 

5.07 

746 

448 


543 


442 


559 


5.76 
5.64 
852 
5.64 
; 494 
642 
4.44 
429 
'3.26 
754 


444 

7.46 

443. 


5.63 


7.98 

7.99. 

848 

8.94 

844 

491 

874 


842 

9.03 

.848 

644 


.855 
1057 
' 9.61 
1042 
..'446 
9.93 
13.79 
7.03 
13.69 
5.90 
5A6 
432 
745 
484 
3103 
421 
576 
8.01 


814 


491 


7.92 


406 


1D.74 


* 946 


60.83 

558 


3046 
4 W 
800- 


Wad. 
Ape. - 
CH 


bides 


Not 


Toes. 
Al 




Index 

Na 


item. 


Index 


Na. 


28104 

17951 

31115 

42221 

29195 

36217 

16210 


18550 

21744 

167.75 

11778 


195.46 
220 JO 
25263 
249.93 
10490 
10942 
35049 
32940 
18079 
173.06 

277.47 
9630 
18314 
24071 
242.64 
12459 
41742 
19436 


199.61 


46144 


22135 


15852 

380601 

1«.7S 

13883 

-12957 

awl 

324.90 

7547 

23138 


10526' 


202.14 

9L70 

30239 


204.94 


20240 

-18059 

3IA10 

42440 

294.93. 

,16328 

16343 


18654 

21941 

16896 

11812 


19644 

2223L 


253.77 

2S2JO: 


18858 

19L16 

34953 

12948 

18250 

17354 

236.97 

9444 

183.75 

24958 

24445 

127.01 

41556 

194.94 


200.66 


46358 


222A8 


16055 

29LG8 

19347 

14357 

33046 

32537 

323.91 

7471 

23459 

105.48 


20176 

92J4 

29951 


20407. 


200.65 

178.90 

31357 

419.96 

294195 

16254 

16141 


18403 

218.95 

167.92 

12743 


19755 

22345 

254.84 

2524Z 


187.93 

190.72 

35878 

12934 

18350 

17152 

23944 

96.63 

18258 


248.73 

24349 

127.06 

41X42 

19342 


TO. 

Ape, 

aa 


-"E 

I ■ - - 


Index 

Na 


tu 

is .*v 


- 3T*9» 


_ 

Tsi'-^ !•-' .if a nee <o 




: a: 

jBdnr, ■■■**: 
"WfJ xk 


. ->«Co Ltd 


19954 

37753 

312J1 

41642 

292.98 

16045 

160.42 


my) 

21556 

36757 

11654 


19457 

22246 

253.45 

24946 

38651 


20057 


456.41 


22X71 


160.41 
19213 
193.94; 
143. SB 
32955 
12446 
32357 

75.9J 

215.43 

1054Z 


138J0 

9350 

296.68 


205.42 


190.41 
33744 
327.07 
179.49 
17059 

234.41 
9658 

18140 

2464V 

24196 

32640 

40844 

19X71 


190.05 


45157 


0.957 


159.61 
19050 
19X92 
143.M 
■12859 
12437 
32454 
76 J9 

23446 

105-38 


350JB- 

9239 

295J7 


20359 


WM1» 


1695! ?, 3 
MXFiis f. 

h 1 nran<+ 

Sir* 1 :;, 

jte’rrt.*.!!!. 


35lf SJ 

: «cfc5» 

150-9 I: 

■' ?5 

^1 




182. 

waf-SS 

1705J 5' 


■Si 3- • 
•Ci ' - 


; -* % 

“ Jjj 

ycl 

- M 

’Pji X- 

;rfc 

i r M 

.a* 

’ - :m 

, m 

::c t. 



U'GC 


17421- v 


;-3! 


SUL-41 


■::i is? 


r " «■'*- 


MUST 

8W& 1 ' 5 t 

23X44- ■ if Tzr-m 
»4C>dland 


166.9* 


227 JX, 




4 *- ■ m th 


: Ltd * 

J* s £i " met Tm 

8-99; St .-4 -: r --- 


9449 

17040. ::|f f .J _ 



164,95 

lozja.^ 


UNO* 

,187J2rffi • *' 3-. , J 

i 


278.75L'*-: p.j. m 


8740 v r. 4 


FIXED INTEREST PRICE INDICES 


British Government j 

Tburm. J 
Apr. 1 
27 

Day’s 

change 

% 

m 

*3 sdJ.. 
ma 

■to datr 

1 

Under 5 peaia. 

106.17 

+0.01 


133 

2 * 

5-15 years 

116.09 

— 

■ — ■ 

107 

3 

Overl5 years 

119.60 


— .< 

4.97 

4 

Irredeemables-™— 

13X11 


_ 


5 

All stocks.———. 

11331 



3.79. . 


- HjXB BTN TCI8OT . 1 
FIELDS. " • 
Br. Gort. Av. Gross Red. :' 


10 


Lour • - 5 yedrd 

Coupon* :■ . 15 years,-. 

■ . . .'15 yms l ...,..iw;| 


Medium 

Coupons 


5- yean.. 


.15 j>on. u 

2 sr.yews.„ 


Ifigih • 5'yea n -Jlj^:.; 
Coupons . 3S.ye«3r^— —■! 


IrredeenisibUa. 


Tbunu 

'Apr. 

27 


8.47 

-1045. 

.-1156 


1045 

1X13 

1230 


H62 

■:t2M 

1256., 


.j m 


Wear 

Ap& 

••'•■26 


847 

Ufl4- : 

U35 


5045 
1212 
■ 3250 


1X02 

1248., 

5X95 


.-HS5 


16844 ' 

aa-'fir 

1MJJ •’ . ‘ 

(v "'i; 


tur 




757 iVi'.*-';- 


1208 




j y,;-) 



ixs^sjf * 1 r - 


m % 


1X96;;V -iap-.. - 

■vxr^ L - 

4. : Ks--. “ ■ ■ - 


Ttlnn^ April 87 


lodes 
. Ku- 


Ylekd 


"Wud. fraeadsyliioadsyl 




That*. 

■April 


■W«lL"frueid*y} 




*E“ 





im 


15 


.16 


17 


20-yr. Red. Deb & Loans (15) 
Investment Trust Profs; (15) 
Coml. anti Intit- Profs. (20) 


.66.54 

5440 


7046 


tis.es 

1243 


1K80 


•58.54 


54.75 

73.01 


68.54 


34.61 


71.01 


'3854 


54.61 

20.84 


flSiSB; 


■84.61 


7034 


oo.it 


•'WJO 1 

Y - • ■ - 


TOM' 


B9JM 


m»3 


7L48; 


; 59.32-1 
■toAi. 
>7L43 






r Redemption jpieM. Highs aari .iww recfd, paw a*MM snd. eaiiiet aad cnwRHaritt ; en— w .swi. a ift Wtf 
bntf- A sew ltd uf ihe eamUttw** ,(» - frwn ihe. PtdrtWwA fa;/ ^ 

Sued. Lwdw, RC«* price Up;-njr pm 22b.. . -. " - ; 'v. r ■ 


.1 


/a 


-7 7.7:7:7. f -7;-’^fes7'7; ’’ ■ . .. 

; ■■ ~.-~r -j- 5 '- | $ ' 4 



























































pisaadal .Times Friday. April 28 1978 ■ 




41 


PROPERTY, 
BONDS 


• If* AutnnM Co. IM- 


General Portfolio Life las. C. Ltd.* npi p<. n d«.. nr..,. . > 

bq RH tkninnuirr> idx^I "V PW|SWM Manasemenl Ltd. 


pas 
mo 

(857^ 

MM 

gvl 

BBS 
Q4A 

“V 

‘a^E.V 1 [0S7 _ 

F ^^'aftw3hado^n«»ro»ns 

jjfe AsstffKWe Ct.UiL 

SC.W.L 01-437 swo 

«.**-sb - 

uJ* • IMS —•• 
IffLl . IBM -li — 

it &2- + iJ r 

H73 134-0 +0.2 — 

*• jSi? nil - 2-1 - 

"Soft 126.1 — 

LMi 200-6 +03 - 



Portfolio Fund .- I 1328 | . I 

Portfolio Capita) ._|<1.7 «7J| ... . | 

Gresham Life Ass. Sec. Ltd. 

Z Prion of Wales Rd.. B'nwuth. 0202 
G.L. Cash Fund [958 100 

iSS::;- 

GXv InxL Fuad |U2.4 lMjl 

GIL. Ppiy. Puad. fMS IMS j . .. 


JBTsaa 


fc „ ... 01-6234200 

Manawerund..- |W39 . 152.01 I _ 

Prices April 3- Neal dealing May 1 

Few Zealand Ins. Co. (UK.) Ud.V 

Maitland House, Southend SSI 2JS 070262939 
KlwiKeylnv. Plan ' 


“ Small Co*! Fd 

Technology FrL 

Extra InrTFa...... 

American FA bin, 8 
Growth & Sec. Life Ass. Soc. Ud.¥ aE8®i-~H§H 
Weir Bank, Bray-onThamcs, Barts Tel3«3M Can. Deposit Fti. 


Flwdble Finance.. -CLOU 

Land bank Seen. 56J1 

Lend bank See. Ace. U7,7 li 

Tues - G-iS. Super FA _ ■ 0.0710 


NsJ 


1324 

1365 


99.5 

UK 7 

+6 9 

1DZ1 

1075 

-05 

M3 

182ft 


10*5 

1045: 


ira* 

1874 

-0.9 

1026 

USD 


|95J 

100 8| 



' Guardian Royal Exchange 


Norwich Union 1 ammoee Group 
BO* A Norwich NR1 SNG. 0603 nwm l 

Managed Fund _ 


Equity fluid 

Rural EKchange.E.C^. " 01JS3 71*7 

Property Benda. — (17B.9 17X01 .... { _ Dejvwrfi PUnd!^..„ 

Hambro life Assurance Limited * ***' UniI - Apr - U ~ 

.7014 pue Lane. London. wi OMoaoan Phoenix Assurance Co. Ltd. 


M35 

. 213 .9 

♦ U| 

323.9 

348.1 

-3.0 

I2*j0 

mi 


1485 

156.1 


UU 

11m 



wu 



Fixed InL Dep_ 1124ft 

Equity 167.2 

Property 1602 

Mao aged Cap 134.0 

Managed Ace 1*53 

“ USX 


/!|rt life Assurance Ud.* 

I 1 ™ .1 — jm palmie Belt 

135.71*44 — 


Gilt Edged— ..tUZA 

American Ace.- — 

Fen.F J J)ep .Cap 126.4 

RelgaloXHOL PeBLPJ-DmAcc....|l<l7Jl 



uu +i.«] 
iul *o4 

US.6 i 
104.0 . 
102.7 . 


\tfari3fe - Assataace 

j.nm..Si7 


Pen. Pwp. Cap RL3 

Fen. Prop. Acc. 23JJ 

Pen.Man.Cap. _ 196.0 

FOO.Man.Acc. 2507 

Fen.GUtEdg.Op.. ima 
Pan. GDI Ed* Ace.. 1265 

PenRS. Cap. 122.9 

Pen. aS. Ace. 13U 

Pen. D.AJT. Cap 1065 

Pen. XXA.F. Aec— IMl* 


13JJ +OJ] _ 
17M +U _ 
168.7 +0-1 _ 

14U +0A — 

173.1 +0.8 _ 

121.4 +05 __ 

12W -0J - 


USi 

154.9 

2XL9 

2714 


265.4 

327J 

1WI 

U4J 


a-jE 


4-3. Klnf WIUlamSL.EG4P4HR. 01 -826 OTIS 

— S»»A«. — S pOXA 

— gb'r. Pb. Asa I 72.6 

— BbV.PtuEq.E.-. [715 

z Pn *P- Eqnit* * life Ass- Co-* 

_ 1 18. Crawford Street. W1U2AS. 01-4860857 

— 5 i*Sfe 5 » f*—\ H?-* | i- 

— Dp- Equity Bd. 70.0 +QJ[ — 

— Flakuoney Bd— ..| UTA | ....] _ 

— Proparty Growth Asm Co. Ud.¥ 

_ Leon House. Crafdcra. CR3U.U 074600006 

— PropertyFiind_ 

Preperty FniWMi. 


■ Assnr. Co. Ltd. 



01*7400111 Hearts of Oak Benefit Society 

4 — «- 17, T»^ stock Place. WCIBBSM 01-3870020 

1 — Hearts of Oak p&2 3X2J | _ 

HU Samuel life Assnr. lid.* 

NLA. I'm, Addlscombe fUL, Crey. 

<»*««« fSSStSSfi-j 

Mariatf^ri Units 

Managed Series A- 
Managed SeneeC. 

Honey Unto 


Money Series A 

Filed Ini. Sef. A..— 
Pns.lfftd.Cepu- 

Pas. Mgd. Act— 

Pna.Gtd.Cap. 

Pni.Gtd.Aec. 


1487 

Z56J 


MR 

lu* 1 


1993 

U7J 

, 

942 



925 

Si 

<H .„ 

I1M 

125.7 


>6ft 



823 

rn 

-0.2 

139.4 

1475 


146.6 

ZS4.4 


L04.7 

1105 


109.7 

1155 



Agricultural 

Apic.Fnnd(A) 

Abbey Nat FomL J 

Abbey NaL Fid. (A) . 

Investment Fnml_. 

Inreatment Fd.CAj. 

Entrtty Fund 

Equity Fond (A) 

Money FUnd _ u..^ 

Money Fluid (A) 

Dt-eoSCBS Actuarial Fund. 

Oilt-edged Fund.... 
C fit- Edged Fd. (A). 
♦Retire Annuity 

♦I Owned Amrty..— 




life Amur. Co. Ltd.* 
.ShLasLixa - “ J 

■ ■f Bone Apr, M-( 

2"i? .gada Life Awursace Cs. 


- - Ac Uu. 

OAU Weather Cap.. 

fine. Pd. Uls 

Pension Pd. l!ts 

Conv.Fens.Fld 

Cue. Pns. Cap. Ut 

Mao. Pens. Fd? 

Mao. Pans. Cap. Oil 

._ Prop. Peas. FA 

71 ZB 


Bdgjf soc. Pen. Ul 
B dg. Soc. Cap. OL — 


:a 


X Annuities Ut 
029.9 U64f 

1280 
14U 
1304 

1A3 2 

UU 
1436 
131.4 
1240 
Ull 


Imperial life Ass. Co. of Canada 
Imperial House, Guildford. 

Growth Fd. Apr. 22. [694 7541 J — 

niJEMim IW FA Apr. 22-.|U4 6&6J J — 

I J — lOmamBdFn^d^^m.? 1 PDrt w9» i _ Prwindal life Assurance Co. Lid. 

Flrrd&LFA .fei lBO^ 1 — 22S.BIshop**ate.E.C4l. 01-2470533] 

Secure C»p- Fd. — J954 -1664.-4 - P*ov. Managed Fd.. 1112.5 11851 


Potters Bar. Herts. FAr 31123 EimteyPuad-. 
f JV-Tv oa Ihp 1 1 577 I — - J — r— i_i_ < :r_ J 




577 

1094 


I 1113.6 119!6) -04j — 


v^.^S 


iSD iqh. 


__ Asaurance IM.V 
Wfc WaorttejHAOBNB 
ilty Units ]Dfc3b — 


■5 loosi I - Prev.QihFAEZ... 

Irish Life Assurance Ca. Ltd. CikFumiio |U36 Ml) -0 

1 1. Finsbury Square, EC2. 01-6388233 Prudential Pensions Linuinj6 

— tsaffieffi 

Prop. MoA Gth. {1874 196 


' " f TdftxJbra/Acc.- »J*-. 

! ffig 

■ mr i 26.0 ■ — . 

* 55555 wEtae April as. 




King Ae Shaxson Ltd. 

32. Corn bQL ECS. 


Fed. lot. Apr. 19 1 

Prop. F. Apr. 19 \ 


ot-S23S433 H^imnce Mutual 

18772] 

rjwgbam Lif e Assurance Co. Ltd. 


Bond Fd. Exempt ...I10648 107 72] . -..| — Tonbridge Weils. Kent. 
1 tfcslinc cUte April 19. 


Re) Prop. Bdi. 


I 195.6 | ... | - 


Next 
Gon.See.BA- 

Rothschlld Asset Management 

LanghamKs. Holm brook Dr. NW«. 01-3035211 ot«843 

KCX^ti. -JM=|= WtffcfiM- 4 - 

wisp (SP) Mm Fd [752 744] --4 - Rova ] (juannee Group 

Legal & General (Unit Assur.) Ltd. New H all Place. UaarpooL »i 227442=1 

Wngswood Home. Kin^wooA Tadworth. Royal Shield PA— |1»A 13X2} .... 1 - 

Surrey KT20 BED. BarghHcathaMM 

Cash Initial 1954 


mill Life AsmrauceV 

me, Ckspo! Ash Wym 

• -1 wuidmTrfji' I I" 

■ --Jprterfoiwc Magna Gp.* - 
.^X*m»«M^!D8hfW|0UWLINB 

8S3SS=;S 1 - U: 

sr'-s* it* 

r ;.^*5 pilbPlld.- : 1*18 1 . 


Da Accum 963 

EanuylnlHa]-. 1X17 

Da Accum. — 1131 

Fixed Initial 1143 

0S0C28SU 5°- Accum _ — 115.9 

Managed Initial 114.1 

Do. Accum. 1135 

Pr op ert y Initial 473 

Do. Accum .... 90S 

legal A General il ail Fnd»OH 
180.91 
lOZOt 
llig 

n»- 
231.7 
U2 l| 

119* 



53,81 EsemptCashltut. .195.8 

— Do. Accum. — 969 

— Exempt Eqty.Jnil- 1123 

— Do Accum U3J 

— Exempt Fixed Irrit 1061 

— Do. Accum 1072 

— Exempt Mnfid. LniL 1123 

• Westminster Assnr. Ca Lid. g*“ 

~ntead Home, 6 WhUdwrw Road. Do. Accum. ^—'.(96.9 

'^-Bafarw 

^c^zSI. Si :::. 

Aqcr_ D.71- -1212 
Cap— 463 (8.7 .... 

Acc-- 473 59J . ... 

•'&; r. 



Uiwi (KM 

1*3 = 


Save Ac Prosper Graupp 
A GtBLHeleu a. I.mtn _ EC3P 3EP. 01-554 8899 

Bal Inv. Td (2243 1313 

Property Fd- 2494 1582, 

GlUFd- 1182 U4l 

Deposit Fdt 122.2 128 7^ 

ComjpPoM.Fd.1 196 3 206.71 

EquirePens-Fd 1745 184 » *L7| 

5>rop.PeaaFd.- 2181 221* . . 

Gill Pens. Fd 985 95* -0,1 

Depos.Peu.nLt>- 973 102 5j *0 l] 

Prices tm -April '•&- 
TWeUly dealings. 

Schroder Life Groups 
Enterprise House, Portsmouth. 


10091 

3020 


IqidVsX'prna ...[UiJ 21 ** a49| 


076527733, 


Legal & General Prop^Fd. Mgra. Ltd &&&&£- aS 
1 L Queen Victoria St.. E2XN 4TP 01-3489078 KiS GUtApril 25- 1*0 7 
LAGPrp.Fd. Apr. U993 101.71 — 1 — KASSC April 23 — 1191 

Next sub. day May 1. Mogd-FlxAprOZS.. 1Z74 

. ■ . . Mngd.3 ApuB HO.O 

Life Assnr. Co. of Penney hraai* ManeyAnrU2s_ U63 

394ZNeW Bond St. WT70RQ. 01-4338395 SSSSi 1aS^~ m9 

XACOPDnda_„}lDOO 28S8| J— 


end curreuUf closed to new i . nvestrsent. 

147.6 I... 

•L '1-ly of WtatjjUnxtfir Assur. Soc. Ud. 
Iqteqe6l-8HM8( 

stDnte Bl*i Z2431 -....( — 

WetsOmis. ,S(3 . 57.fll-.-J — 

wmMTcial Union Group 


Lloyds Bk. Unit Tst. Ungn. Ud. BST^uCttApriits—l 2296 
Tl. Lombard SUBC3. 814981288 BSPn. Aee.Apr.3S-i M9J 

Exempt— 1972 1823M *-~J 7 *4 Mn. FaCq Apr. «■ (1944 284 M 


Lloyds Life Assurance 
30. Clifton SL EC2A 4MX 

Opt3Mao.Apr.27. 1425 


120 Of 

lit* 

H 1 

1473* 

uza 

U8.M 

160.4^ 

157.91 



MePnAecApr25 - P29.4 24L6| . 

Scottish Widows* Group ' 

PO Box 902. Edinburgh EHMSBC. 0314B58000) 

lov^yiSerier I MM . 3M8 . 

Inv. PW. Series 2 — 1943 9931 

Inv. Cash Apr. M— 197.8 18 2.21 
Ebt.Ut.Tr.Apn1 19.032.4 138 tt 
Mad. Pea April 19.P«4 252 7] 


Sdce'g 1, Dndenbaft. EC3. 01-8837900 Opt3Dei«. Apr.27.paiJ. < 127. 


. ^demrou Life Insurance Co. ~SEE£EEf b 

7 ‘ 0i a ! a ^ M “ S«am^«^s.-.|im4 


SHI 

1»7| 


1411 

063 

jMsslPlaAL.. Wl 2 
dOPBaFUnd- 8 
Wild. Pen. Fd. 3 

Wad Pen Fd... • 1 

jpuWHmFd.. I 
-pm&d In. PolJ X 

ritUH insurance Co. Ltd. 


SolarEqidtj-S^....- 


Tbe Lean Folkestone. Kent. 
Can. (kowth Fund 
•EStempt Flex.Fd. 

eExpL lav. Tsl. FA 
flexible Fund 
In v. Trust Fund 


0803 



01-0269410 Propotty Fund 

kfcgi* ' - 1 ::::J •= M & G Group* 

iprJ2Q..|l615 17931 4 — Three Quays. Tower 


ZU.4 


127.7 


. 878 


1424 


. 107J 


127 6 


2L4 



Solar Cash S :.. 

Solar IntLS ttM 

Solar Managed P.... 124.9 

Solar HU1P 078 


256.4 


UL« +0.7) 
1164 

1632 +2JJ 
1284 +0.1 
2052 --- 
18S.9 +0.« 
1313 +06 

1164 

1648 +2.0 
1194 +02 
1055 .. . . 
183 +0.4 


Pera. Pension*—- . 


.£ .Commerce Insurance Conv-Depostt* .Bi7.o 

St, London W1R 3 PE. 01A3076B1 EqulWBond** J308 

Fd |1W| 132.01 .... J — Family 79-80*' 

NH Ufe Asrorance Ca Ltd.P 

■RUfe Hse. Woking. GUailXW0M42 50*3' Inamt-nateil. Bored— .J95^_ 
Wri Fend Acc. 


Hm EC3R 8BQ 01-838 4888 
0092 



FcLlocm.. 
. . FJL'late 
^W-Acc^ 

.iTM.Fd.lnil..— 

* .-SS Ipcm.: 

-R»«. Aec. 1 

; 


19S3 

1815 

4051 

*65 

• 1813 

+05 

965 

ire t 

+05 

950 

108 0 


85.6 

100.9 


Bfl 

MOO 


no 

mo 


9S8 

190.0 


BD 

1848 


»0 

100.0 


«0 

100 IT 


950 

100.8 


KM 

MOB 


95.0 

1OTD 


K0 

1008 


95 JB 

mao 


9SJ . 

laoj 

„„„ 

DJ 

-1W.1 


M6 


+0.6 

1505 

— 



391 


UU 


+ 0.1 


Managed Bd**"-..- 12*4 ... , 

Property Bd~ J54 5 1W J 

Ex Yield Fd. Bd * .77.4 81 M 

Reco+ory Fd- Bd.*.. 592 6Z3J 

American Fd Bd *. 50 2 52-S 

Japan Pd Bd.* 5X4 5^71 

Price s on "April 28 "April 27. April -L 

Merchant Investors Assurance 


3tt el A 

:a 

i nn 
10031+87 


Son Alliance Fund MupuL Ltd 
Sun Alliance House. Horsham. 0(03641411 

Exp.Fd4nt. Apr 12.105330 160481 ... J — 
IxtBaAprUs — I £3342 I — J - 

Sun Alliance linked Life Iua. Lid. 
Sun Alliance House. Horsham 04W04141 

Equity Fund 


FUedinteresiFd ... 
Pro perty Fund 
Imernatlonal Kd 

Deposit Fund 

~ Managed Fund - .. 


006.9 112 1 +0.91 _ 

oa £7 106 0 ... - 

'jMI 1282 +02 — 

.tin.8 1095 +02 — 

.195.4 1040 +01 — 

1103 2 108.7l -OS - 


837 


Property — . 

Property Pena. 

Equity 

Equity Pena 

Money Market , 

Money MW. Pens. . . 

Dopant. — 

Deposit Pens. 

Managed— 


finder Insurance Co. Ltd. 
..mla.Sme.Towm-PL.EC3 . 014B88031 

: :.;5^apAprU4_t7L7 788| .f - . 

: Ur Star lasur/M idland Ass. 

■ .SrtadneedleSl-ECS. 

■ -• .- fcJOd Units ..[496 ' 51.4] +0.7] 6.12 

. '.pity & Law Life Ass. Soc Ltd* 

i-witam Rosa. High Wycombe D4M333 

■’-.asterriai USlT-^z 

. tdbiwrenF. 11)52 11071-6.4 — 

- ^DemtlPd.... 163 _ Mid ...... - 

■ - «xi Fd pnfc.9 U23] +0.s| — 


1502 

P .... 

156.8 

■ 

550 


1567 


140-1 


IMS 


1277 


1381 

„„ 

1018 


1322 


Mao 

106.0 



IrrtL Managed 

NEL Pensitrae Ltd. 
MUton Court. Dorking, Surrey. 

N'elexEq.Cap (774 

01-3881242 NelexEq. Accum. .. 

7!e)ex Money Cap. - 
Nelex Mon. Acc 
Nelex Gth lne Arc . 

MSH3J3T7 ;Mriex«h I-gg^- ^ 

NolMScd.Fd Cap ...|577 
NdUxd.Fd Acc -1*79 


Son Life of Canada (U.K.) Ltd. 

=.3,4.CoelopurSI..SWlY3«l ajP305400( 

U88 
1295 
121.6 
1456 


Maple IX Grth 

014W91T1 

Pcrenl-PnTFd 


01-830^ 

\t L 

I +08} — 



"0-7| 


w=d = 


Far New Court Pnyotr *oe under 
BMhacblld Aa*et Hnxnml 


r Target Life AMmcc Co. Led. 

— Target House. Gatehouse , Rd.. . Arireburr. 

— Buc£l Ayle»buryr0396i5941 

— -MaaFUodlnc jJJ* JSfS - *?? “ 

— Man. Fund Acc. — 1133 U9.9 +Z.7f 

— TVop. Fd. Inc. „ 111 7 . 

— Prop- Fd. ACC. ,„)*■*. • 

Prop. Fd. Inv. 1^-0 109® 

Fixed let Fd. Inc. 1043 II D 5 -0.7f 
Dep.Fd.Aee. Inc— 2* 1M* 

RaLPIen AC. Pen. - JO 7 774 +-.1 

5013 ReLPUnCapJVn- 513. »•* *|3 

_ RotJ’lsnMaaArr— S 

_ Ret- PI »nM an. Cap 11*6 lgj +1.0 

_ Gilt Fan. Acs 1244 1361 . 

_ CiltPeaCap. — . -11234 130 * . 

— Transiuteruational Life las. Ca. Ltd. 

2 Bream Bldga- EC41NV. Q1^0S«497J 

TuUplmesL Fd— ■ J34| S 

»^d Pd .::|| i|. 

.£sfe?a-SS:^ §3: 


BASE LENDING RATES 




. -iV‘B.N'..Bank ! 

;■ Allied Irish Banks Ltd. 

. , AfliEPi(;an Express Bb. 

Amro Bank 

: 'A' P Bank. Ud 

Hpnry Ansbacher 

. .Banco de Bilbao 

'3ank of Credit & Cmce. 

•' Bank ot Cyprus 

Bank of RAW 

, Banque Beige Ltd 

.. Banque du'Rhone 

Barclays Bank 

Barnett Christie Ltd.... 
..Bramar Holdings Lid. 

Brit. Bank of Mid. EaSt 

Brown 'Shipley, 

Canada Perm'm . Trust 
Capitol C & C Fin. Ltd. 

Cayzer Ltd S 0f » 

Cedar Holdings 8 % 

'Charterhouse Japhet... 

Choulartons 

C. E. Coates 

Consolidated Credits ... 
Cooperative Bank ...... 

Corinthian Securities--. 6}% 

Credit- Lyonnais 71% 

The Cyprus Popular Bk. 74% 

. Duncan Lawrie v- £ 7#^, 

Eagil Trust 7*% 

English Transconl 8 % 

First London Sect 

I5rst NaL Fin. CorpO. 
first Mat Secs. Ltd. ... 

■Aniony Gibbs 

Greyhound Guaranty... 


t 


3 


7*%BHilJ Samuel . 

74% C. Hoare & Co. 

Julian S. Hodge 

Hongkong & Shanghai 
Industrial Bk- of Scot- 
Key ser Ullmann ■ .... 
Koowsley £ Co. Ltd. ... 

Lloyds Bank 

London Mercantile 
Edward Munson & Co. 

Midland Bank .. 

B Samuel Montagu 

7 *%■ Morgan Grenfell 

81% National Westminster 
Norwich General Trust 
p. S Refson & Co. -- 
Rossminster Aceepfcs 7|% 
Royal Bk. Canada Trust j | % 
Schlesinger Limited -■-■ 

E: S- Schwab 

Secnrity Trust Co. Ltd. 8i% 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whrteaway LaicHaw ... 

Williams & Glyu’s 

Yorkshire Bank 


.7J% 

7i% 

7i% 

71% 

7*% 

7i% 

75% 

7^% 

7*% 


84* 

7*% 

74% 

7»% 

81% 


7\% 

7i% 

8^% 

6i% 

7i% 


7J% 

6i% 

7i% 

9 % 

7i% . 

7;% 

fl % 

7<%. 

7i% 

71% 

7}% 

7*% 

71% 


9i% 
?i% 
74% 
7i% 
S^% 
7J% 
S % 
7j% 
74% 


+ r rind lays Bank -4 SSLSTSlffVi. 1 

4 tiuumcss -Mahon — i-f%*r n«te >iso ippIu* » 

BJfambros Bank . . . . : ”4%' 


I Members of the Aiwptlr,* Houses 
Commmre. 

7-day dcposlis 4’i. l-nwioib deposits 

day deposits on S mns _? r nn f 10 - D ^? 
and under 4%. «P » £2J ■ ,,IH, 4 » - 
74%. and over 125.800 y, . 

‘ * CaH dnsn'is over XI .OW * *- 

ie srerUnc lnd: 


8J%* 


Sec* 


'Trident Life .Assurance Co. Lid-V 
Raulada Hoare. Ulouceatar 045236541 


.put 

. M53 

itolAmeriran . . S/_ 



126.8 
1544 ... 
1553 ... 

686 .. 
1041 +17 
1844 
127.5 
1284 
103 4 
1393 
1XL6 
1354 
114.7 
1256 
1973 
1108 
1384 
1228 

36.7 +01! 


1205 



155 ft 

Oa.m. 

163.4 

W .l 

W2 


ia.4 

H-M 

1432 


712 


1668 


2468 

..... 

177 8 


848 



. .. .Equity Fund.. M3-8 

HteiiYW 

GWEdjed — }8“2 
.Money : — 

UntnremiaiiaLl A* 1 , 

fra*caL 1233 

feSS: 

Pms.GUOep.Cap.. 18J3 
PepaGtdDcaAce.. 10«6 

Pmgftjtv.dSp - 

iPeos-PS/Aoe. U*® 

Trdt. Bond 547 

yfrdt GX Bond I 

•Cash value lot 5100 preresore- 

TyndaB Awurance/PenaiojrtV 

Md.Uran>l. 02^232341 

iss/sKa... 

Hood April 20 — 

Property April =0_ 

DepasR April 20 — ! 

^oreyPen-Apr .20- 
Os4Ulav.Apr.20.. 

MnT*rv3-W Apr. 3- 
Do. Equity Apr. 3 .. 

Do. Rood Apr. 3 — . 

Do. Prop. Apr 3- 

Vttbmgh Life Assurance 

41*43Mmdd»SUUta.WlR»LA 01-«0«23( 

'Esg &* — 'BN !£i - 

mo404f 

Rsa^ZJbS s S|: 

Sa^d- U17.4 W3S 

VsnibnqfZt Pensions limited 

41-C Maddox SULdn-WTRSLA 01-4094823 

Managed — ,g44 

F^j’ln teregt— 1^.6 
Property—. 145.7 

GuorantMd ae« D». But Ra*«' table 

Welfare. Insurance Co. Lid. If 

The Lw.FBlhM8nnn.Seid- oansi33a 

•laocbMtcr Group. 

Windsor Life Assur. Ca Ltd. 

l High Street wfadsor Wred»r68l44: 

l*f* Inv PUk (673 1LA\ 

FutoroAud GlKil.r 7J5 I 

FutmcAMA-CiW- . r S9.. 

Rot AMd-PenB .—I CM.61 ■— 

Flux. Iiur. Growths. (1353 U24] 


AUTHORISED UNIT TRUSTS 


Abbev Unli Tsl. Mgr«. Lid. fa» (z) 
72-W. Cniehnuss Rn. Arleabnrv 0296!Wi 
Ahbei Copt la* 111 3 » 31+0 5! 4.B2 

Abbre- Jijnsar.... "... (3fl P 40 < 

Abbey Inv. Tsl Fri . 34 0 M> . 

Abbe* Gen. In... (43 7 46! 


Allied Harabro Group (a)lglV 

Hambrof lire Hunan Rrcr-iuonl. £mu 
5 1 -533 2851 or firm (wood iKTTi 311458 
Bdigerd FbmIi 

Allied Id 1626 

Bnl. Inds Fuad . . .1615 
Crib, tine Ij4.4 

Hrtl ti lnd. Dev iilJ 

Allied Capital 167 8 

Haubro Fund (100.7 

Hambro Are. Fd. —{U4.1 
locaoe Fund* 

High Yield Fd- .-..1654 

Hleh Income US 2 

A.H.Eq.Inr _|3JJ 

laiemtlonal Fundi 

Intcroalional (239 

Seea. of America... . 

Pacific FUnd ..(37.6 

SecrialM Panda 
Smaller Co.'a Fd. ,, (321 
2nd Sell r.Ce’fiFd . 404 

ftecoi-erySIlB U.4 

Mct-Mln. *«Cdry. .. 573 
Ororeea* Earnings 556 


Gartmore Fuad Managers f la)lg) Perpetual 'Unit Trust MngnR.V iai 


ExpLSmlr Ce'i. .44SIO 



2 St. Mary asp. sca\ sr.p 
lilAmeneanTst ..[26* 

British T< i.\cc.>...BZ? 

CoRwwdiip Share _ 1*2 ■ 

(2‘ Far Ear 1 Trust- [384 
Hich lacorer Ta(— [561 
Income Fond™ IUB 
lu. ACeoctrs -.——[1343 
lull E-irmpt Fd. — 334 
(r'lnU. T«.*Aefei - .131 7 
Gibbs (Antony 1 Unit Tst. Mgs. Ltd. 

3XBIem}ieldSL.EC2MTNL 01-5884131 


01-2823331 48 Her! St. Hanley on Thhma. .74812068 

:a 4; -0 11 963 FlwnalGp-Gth . - -P7* *0 0( .. . .| 3 87 

|jg Piccadilly Unit T. Mgrs. LtdLV (a«b) 
0.70 Vardgle Hee- »a London Wall EC2 eupBOl 


M.H 


laiAG.Incamt' ...p84 412' 

>ai a G. Grtre4hfr.-p74 *8 

(aiAG.FBrEau-_.laj 24 

Deallag Turn ttw 

Gorett (JeluW 

_, T 77. Loaitea ffah, EC 2 

S'hldr. Apr. £3 1124.6 15661 ( 225 

ito Do ABM*. Unit - -P«8 161 4j ...... 23 

Nect dmUag dar May i 


a -0.7 
+5S 
-01 

+04 SI* 

+06 700 

l M capital Fend — — |«fz 
ACcumltr Fend 61.9 


Eure I nroave (307 

Small Co* I'd _ . - #03 
Capital Fimd.^ — Id? 


151 


32 Jj +04] 440 
43 2 +0d 32? 

51.5 -04^ 578 
44* rj « «>» 
385 *0.*[ 3 24 
653 +0.d 340 

6I.4M +0.4 540 

H7 4 -02^ LID 

25.6 .. . 220 


Ainmeu Fund (244 

040 Practical Invest. Co. Ltd.V fyKe) 

«A Bloomsbury Sq. WCJA 2RA 01-6238893 

Practical Anr. 26_ |J49 5 152W .__] 8.21 

01-5M58e0 Armnn-tWlB.— (2029 215jj . ■■ j 4.a 

Pravbicsal Life Inv. Co. UdV 
SB, Bljhopasatn. EC-2. 01-7478533 

ProUlle Holla. T77.4 tt.W]+0S| 321 


Anderson Unit Trust Managers Ud. 

158 FeorhurcH SL EC3M AAA S a 8231 

Anderson L'.T (4SJ «9M I AjU 

Aasbacher Unit Mgttt. Co. Ltd. 

1 NobleSt- EC2VTJ A 01-8236376. 

Inc-MnuUr Fund. |168 17t0| | 89 

Arbulbaot Securities Ltd. W(ct 
Sl.ttanca Sl Leu don EC4R 1BY 01-3365381 


284.3J 

ffl +3.0J 
294J +2 4} 

177.4 

U*J 

42.7 

45 S 

723 

74.4 


Grieveson Masogemeat Cp. Ud- Hi^ibeMM 1 - "!I^86 ' U44i +o.^ 7.6# 

PradL Portfolio Mngn. Ud.V taXbHO! 

HJ Halborn Bara ECWSN’H fll-485K23j 

TTM PradeaUal HUL5 1268*1+1.51 AS 

?a Qnilter Maaagenwnt Co. Ud-V ' 

145 TheSlk. BxchaBgc,EC3NlHP. DJ JB04J77 

Is a ssstsszim 

Reliance Unit Mgrs. LtdLV 


2M 98GreahaaSi.EC2P:DS. 

w jSK«&Di 

iS nSttai&Bi 

c jj Endrxr-ApriS. — 1704 
1.74 fAccum^bita)—— 1763 
* re Groehstr. A(mS)_ B85 
etr iAceum.DnJtslj--.RLf 
La&BrelaAprS-Sj.l 
lAcciun- Dului. 1716 


440 

845 


Guardian Royal E*. Unit Mgrs. Ltd. Mnncnlb^MMBoMhB. 

Hoy* Bxhanfc. BOP_3DN. . gBSWcScftCBJ tS 


UtiOnordhiliTa .052 .«K + 7.fl[ *J9 sSSordnT:irvc._„[593 42. 

HendersM AdnrfnjgtraUon ia» Ic) fg) ¥ juAfefield Ltd. 

rt^^MaEcnacdfSt.M-di-i.r 


M 


Extra Income Fd . 


[1088 


High Inc. Fund 597 

OfAeetuft UnJtsL._ 53 5 
1®,% VdrwlUi) 534 

Preferonee Fund 2J.4 

(Accum Uailsi 378 

Capital Fund- __ 185 
Commodity Fund - 534 

(Accum. Unit*) 764 

ilQ9faW7fr*4.ll.l._ (86 
Fin. 6 Prop Fd... 185 

Giants Fund 36 4 

(Aceum-UniUi *28 

Groskih Fund. 32 6 

(Accum. Units) 38* 

Smaller Co s Pd. 26.4 
Eastern 8 Inti. Fd. . 235 
iPi WdraiVO.'-- 38* 

Furci -n Fd. S3B 

N. Areer. It IaL Fdmi 


U6« +0J| 
<38 
574 
57 1 
274 
487 

582 +0j] 

82.1 +W 

524 *0. 

17.1 .... 

344 .... 
454 . , 

354 +0.4( 
*14 +0^ 
286 

255 - 

2>t ... 

■9.1 .... 

31.2 .... 


TMSS 

9*1 

0.41 

441 

124* 

12 . 1 * 


U K. Fands 

Cap. Growth Znc. — KI4 
<>a Growth Aec. -fe* 
Income It AaWS-— (50.7 

sss-rgi 

Cabot Extra lac. — 154.6 
SGctsc FYmN 
Financial A ITU- .g.5 
Oil A Kai Ren- — [S 8 
InientalUaat 
CabeL 

Interns llooal — 

Word Wide Apr. 

Sssr^L-mj. 

North American — 185 
AmOm-AimM-- U64 
CobotAmer.Sto.Co 50.9 


m 1 




I881 


252 

445 


575m +0J( 878 


86.1 

S2J._ 
757 


643 Rothschild Asset Muagetneut (g) 

... .7280, Gnt^ ebon re Rd_ Aylesbury. 02985941 

N.C, Equity Fund- D49 7 169 JMI +141 243 

n£SWt:1 167.6 114* -8.1 262 

NX JMeoma Fluid- l*6J 2564 +3.4 863 

NjE IntL Fd. (Inc.) 884 94.1 +05 1.74 

N O. Irrtl Fd (ArcJU3 *#8 +05 144 

N C. Srelb- Cojrs Fd|l*L7 150.71 +0fcj 43* 


451 

234 


_-ZJ&3 325 i? tel 167 Rothschild & Lotntde* MguA. (a) 

V.St.|7t8 757) ...7| 456 SLSwiU>lBnL**fcLdn.EC4 014B6- 


Did 

V4 

414 . . 

1213 

. 308 . - 


1 


A- 56 St-Smitbln* Luo. Ldn, EC4 01-0264394] 

New (TL Exempt— K1H B u*.« | 377 

j-2 Price om April 17. Next dealint Vaj IS. 

262 Roman Unit Trust Mngt. LtcL¥ (ml 
2-J2 CicsGate Kre. Rnrinoy So. ECS Ql-606 10»| 


930 


Hill Samuel Unit Tat. Mgrs.t (a> 


RnwsnAtn. Apr. 29 .1645 
RowanSocxA pr 35 _ (156.0 
Rowan By.Apr.2i-B) l 


Archway Unit Tst. Mgs. Ltd-V (a)(c) rbiBritiakTnut— 

317. HlEfa Holborn. WC1V 7NL- 01-8316233. (76 8 

*«KWa-rP»J «-? -J SKSSitSTI^! 

,K *mu .A (b'nJiBctanVUri •=- 


45 Beech Sl,BC2P2IJC 

ff 


Prices at April 36. Next cub. day May 10. 


Barclays Unicorn Ltd. (B)(giV<c) on 

Up, com Ho. =52 Romford Rd. ET 01-5345544 U»iRlfhVI 


«I3 

lb) income Trust — 126* 




503 

21.7 


6751 

1640 .-j 
55 8 *0,2 
76.6 +0.2 
762 -4-4.21 
93.0 *13 


8,46 

4k0 

7.24 

729 

482 

4.83 


333 

641 

514 

634 


35. 

u: 

56.1 +1 
68 5 +0. 
1X13 +1. 
293a -0. 
632 +0. 
762 + 0 
328.. .. 
422] -0 

86. S +0 

'Da Prf. A ns Tsl -(1353 l<Ll] +1. 
Price* at March 28 Next sub. day A 
Da Recover*. p97 


Unicorn America.. 1 

De. Aurt. Arc. — |i 

Do. Auil Inc 

De.rnpital.. 

Do. Fx era pi Tst. 11868 

Da Extra Ixcoaie ..|Z7 1 

Do. Fimncial . . 

Do. 500 f - 

Do. General [29.6 

Da Growth ACc [39 8 

Do. Income Ts (74.6 


Da Trustee Fund.. 


De. Wldaidc TrudW | 


B'irt.ln.FdJne . . 
Do. Accum - ._ 



0I-82SMIU fAcClim. UniUl— ...(72.9 

3 84 

B23tf +02 259 Beyel Tst. Can. FA Mgrs. Ud. 

9# So +D 4 476 54. Jcrmyn SineoL S.W. |. 01-8298253j 

287 +85 756 CkpiUlFd 1«2 66.7] .... I 3« 

531 +05 528 In core* Fd. ..... -ItoJ _ . ••.. I 7.76 

38.71 +6.X] 8 00 Price* at Apr. 14. Neat deaiief Ape. 28 

Intel.* Wig) Save & Prosper Group 

15. Cbnaepbar Street. E.Ci 01-24772*3 4. Great SL Helens. London CCSP SEP 

Inlet Inv. Fired-- 186 2 43 8) +1 01 678 89-73 Queen 61, Kdir.bugh EHS.4NV 

Key Fund Manogera Ud. iailgl Dorfiup iwoi-554 toft or 031-2M *»i 
25, Milk sl. EavaJE. 01-006 7070. Save & Prasper Securities L1A4 


Krj-Eacrxyl 


1711 


$Z?&SS& : k 4 3 

Key la coreeFun 6 


108 7 


|612 

7 



4% Key Fixed toLFd... 59 6 
t ap! Key Small Co’* Fd. (86 4 

Udnwrt Benson Unit Managers^ 


75.6 +l.w 

685 
1449 
82.0 
634 
4t9 


:a 


370 International Fonda 
507 
648 
8*2 
1214 
685 


&62 

J5« 20, Fcflchurrfa SL. E C ? 

5 52 K3.UnltFd.lnc. 178 3 
552 4K-B- UnltFdAC— 47 8 
KJLFd.Iav.'Ibu.. |«95 

Baring Brothers At Ca Ltd.V (ai(x) LAC Unit Trust Management LULV o nrumriudstv 

88.LrBdenhallSL.EC3 01-5882830 The Stock EchMEc. ECSN l HP 01-588 2800 Europe 

173.81 | 3.40 UCIncPd- 034.2 13*31 ( 7.9» * 

234 S| .... 1 3.40 Q-C Inti* Gen Fd |9L5 4*3 .] 233 


Capital 

LTt! 

Untv. Growth 

lacitoial bcnac Fred 

Higb-VicM— -[53.0 

■0*b I scorer Fonda 

OK238000 Hi eh Return 1633 

•5.1] .. 5.10 Income (41.9 

5if UJLFnnd. 

' 422 UK Equity- 


l 

56.94+0 6) 7.11 






828 

061 


StnitonTaL. p660 

Da Accaia 005.8 


;g 4*r-.: 


Nest rob. day April 26. 


Lawson Secs. Ltd. TiaHc) 


Bichepsgate Progressive Mgmt. Co.¥ « CcorteSuEtUxb wrb EH2 iK+au ■=* 

7 02 Rj^h-Minlamn Fred" 
Jlf Select loicrneL — 12449 
^ Select income (513 


31 

2.06 

£86 


8. Biafanprrate. EC.2. 

B , *alePr“Apr35..M«.0 141.1 
AcrlA±-*Apr^5._gl25 226* 

ITcate Ini. Apr. 18-(U9J 180.1 

Accum. ■ Apr. 18.. . |1B7.3 144 J 

Next sub. day 'May X 

Bridge Fund ManigerstKaKe) 

King Wi Iham Sl.. LC4R 8AR 01-8234851 

Bridse Inc * ^.. .. M7J 52 0M 6 90 

BriAieCao lnc.7 - 32 4 351«( Jj* 

Bridge Tap Arc.t . 36 3 387 358 

Bridge E*mp»- 1338 1*28 565 

Bridceim) Inc.t... 152 16.1a .... 1H 

Brld^elnlL Aee.f . 166 17 7 377 

Bndce Amer.Gcn.tl 258 .. .. — 

Pnccj April 2508 
Dcalinc "Tues.. tWed . tTbiro. 

Britannia Trust MaaagemeDtiaNg) 

3 London Wall Paildin**, London WalL 

London EC2M SQL 

Assets (664 

Capital acc. - 48 3 

Comm It lad 523 

Commodity.., 715 

Doineolc 363 

Exempt — (1MJ 

Bon Income.*. 

Far East.... 

Financial Sec* 

Gold & General. 

Growth — 

Inc. 8 Growth.- 

ffiasassELHu 

2^LHI*hLK — 785 

Nevlmae 33.8 

North American - 242 

Prolewioaal 475 1 

Property Share* - 12 1 

Shield *3.7 

SutiLs Change 285 

U*rv Energy — — pi. 2 

Tbe British Life Office Ltd.V la) 
Reliance Hre . Tvnbridee Wells. W Df*C 23Z71 
BL Bn6"h Lilo_.-..|<78 58M+0H 5,72 

BL Balanced* fcj *64? - .1 564 

BL Dividend* W 5 43 j3 .. . I 10.82 

Prices April 28 Neat dealing day May 2. 


mi. car 

«•*« SS 

- — J 3 U ^wmhtriuul 


05.* 

38 5 


m . 

02 

*..L! 

553 

68 1 


685 

655 


«■ 

111 


226 

24.6 


23.6 

25 61 


<78 

52.9 

re.... 

65.9 

71.71 



“Growth Fund 

*| Accum. Units) — 
trGllt and Warrant. 

"Hi£h Yield 

--(A ream. Units'. .... ... 

DeaL *31 on. cTues. MWed. IThurs '■Kn. 

Legal It General Tyndall FnndV 
18 Canynse Read. Bn’laL QS723XS41 

DU April 12- 155 2 58.fl ..| 527 

(Accum. Units)-.... |U6 72 6| 

Next suh day May 10 
Leonine Administration lid. 

2L Duke Sl, Loudon W1.V8JP. 01-4865891 

LeoDist ..[73 6 775) ... . I 5.11 

Leo Accum [784 825| . | 488 

Ueyds Bk. Unit Tst. Mngn. LtiLV ial 



S5s Sentbits Securities Lt<LV 

* I >5j? ScoUmls 074 48.71 +0 

UA Sc cl yield — &9 8 53 1 “0.4 

n i.tc, ScoUhares — — -IS* 4 59 #1 -0 ! 


ScfLEx Gth**. JZ28J 

ScoL Ex. Vld.»4_— D547 




162.0 


Pnces at April 2ft Xext rob. dry Mar 18 
..‘.J 527 Schlesinger Trust Mngrs. Ud. (ahU 


OncorporatinK Trident TruMsi 
140. South Street. Dorking. 


f0306> 99441 


Are. Eaetngt* 1215 


0)-S38M7SSlU7B Registrar s DcpU ‘>'nng.bs=-Se*. 



j 


Worthing. West So»-ex. 

First iBahicd J— 

Do.L5ccum.J_ 

Second (Cap.) 

Do.r Accum.) 6L» 

Third 'laeoinei) 785, 

teasater-s? 

Do i A ecu ml ... — [6*7 
Lloyd's Life Unit Tst. Mngn. Ud- 


AmGrotcdi _ . , _ 77 1 
Exempt High Yld.- 2*7 
Exempt UkL Ldrs.* 2*4 

Extra Inc Ts. . 288 

Income DisL_ 38.7 

Inc 10*tWdn*L 24 0 

01-8231380 IjitoLGitXrth <72 

S2JZI *0.4 *53 Inr.TsL LnlU. 2U 

705 +0.6 *53 Market lenders — 280 

SJ :8i m Slfecgt 

sis: m Ssebia:;B 


29.1 

26 0c 

257 
30Tb +01 
. *21 +01 
32* +0.1 

58.1 +0J 
265 +0.1 
382 +0.« 

255 +02] 
25.6 +0.1, 

27 Bn +0.1 
225 *01 
200 


142 

19* 

877 

442 
IB 88 
9.67 

259 

466 

4.64 

if 84 
251 
2.79 
too 
680 


7 27 ,72-80. Gatehouse Hd_ Aylesbury. 


Brawn Shipley * Ce. Ud.V 
Mngrt. Founder* Ct_ EC2 


oi-mofisao 

225 01 1 471 


BSUuiuApr.29. 

Do. (Acc i Apr. 2* . 

Oceanic Truats Ial 

Financial..,, 

Ceceral..— — 

Gravth Accum — 

Growth Income — 

High Income 284 

1. TV K 0 

Index 237 

Owsen* — 19 7 

Performance — B o 

issnUiid&; 

Canada Life Unit Tst. Mngn. Ud.V 

2. flHi»htfl.. Potter? Bar. Herts. P Bar 51 122 

Gen Di*l . — 136 5 38 41 *59. 



Equity Accum. _-:-|J4S6 15331 J*89 

*04 MiG GranpV (y)(cK*l 

8 13 Three Qsa**. Tower B1IL- FC3R SSQ QII04 4588 
See also Frock Exchange D 

Amorioan.. -M7 8 “ “ 

■Accum. Units' 4 

Ausinimnnn. 470 

(Accum. UdJisI- _. 47J 
Cjwu modify — .._ 67.2 
t Accum UmU- — 725 
rnmpoand Growth 97.1 
Oncereion Growth 551 
Cooveraion Inc — S84 
Piiidetid.— 1134 

(Accum. Units' 2103 

European — — - . 465 
(Accum L’nit*i___ 2-8 
Extra Yla'd-.. — 789 

(Accum rolls' Hi 8 

Far Eastern <7 0 

(Arcum Units' 5J5 

Fund of Inn, Ttw SJ3 • 

(Accum. Units). — 71_1 

General 1588 

lAccum Unlt*i _-._ K25 

HJchlneorae 18.1 

t Accum Unitr) 159 7 

japao lacome 145 J 

(Ac cure. Units' I4U 

Mtgnoin 1888 

(Accnrn. Units' B4J 

Uldlsod 1568 

(Accum. l/ortsi— . 577 

Recovery - 7BJ 

( Arc-iira. Units- 755 

SecnndGen J59J 

(Accum. Units) — 2387 
Special — 


Next rob. May 10. 

OS55M1 J; Hem? Sebrede^ Wagg & Co. Ltd-f 



Cspitai Apr. 25.—- 

(Accum. I - — 

Income Apr. 26- — 


PcnLO-arF, 




»4 

9281 


1157 

U4J 


1765 

184.9 


2548 

2692 


769 

821 

, IW| 

97.2 

. 1818 


B3 

320ft 
. 35* 


1654- 

168 4 


2264 

2335 


1788 

1*35 



Q1-34D3CM 
Z-5b 

a 

is 

13 

241 
822 
35* 
533 


•For tax exempt lands only 
Scottish Equitable Fntf. Mgrs. Ud.V. 


830 2SSL Andreev# Sq. Edinburgh 031-5S6910V 

2.49 income Unit* MB SUM -j 538 

2-94 Accum Units — |548 583re . ... . I IS 

8S Dealing day Wednesday. 

+53 Sebag Unit Tst. Managers LttLV fa) 
J-g PO Bax 511. Beklhry. Hsa, EC.A 01 3366000| 

s&i&KsLK-IS* 431 is 


22*01+03 

m 

50.1 +0.4 
544 +05] 

637 +05j 
764 +0J( 

1723 -03 
2633 -03 
1045 

1703 -03 
1560 +05 
1563 +05 

2504 ti® IS Stewut Unit TsL Managers UtL Ca) 
UTasj -0^ 735 45. ChvlOtieSq . Edinburgh- 081-2283271] 
J-S ISIewart American Fred 
"■** Standard Untt* — (62.4 6841 +3 

Accum. Unit* ]WJ 7£21 +1 

Withdrawal Units -plJ 55J2I +1. 

«9tewart BCHHh Capital Faad 
•Standard-. J127.4 I»4j | 355 


5 JJ Scba* Income Fd. .. (24 J 
s 4* Security SdeetiM Ltd. 

[JS IS- 19. Lincoln'* Inn Field*. WCZ 01-821 W»g 

120 UnrlGth T k A cc — 13-5 2S3I I 33 

12fl UnrfGthTi* Inc ,._|».6 22 fl] | S75 

3.14 


2786 +0.7 
79 9 -0.4 
803 -0.4 . 
1733 -03 
254 8 - 03 
1592 +03 
2003 +0.4 


*n 

5.42 

5.0 

*34 

834 


Du Gen. Arcum — 

Do Inc. Dirt- 

Do Inc. Accum 


3 


454 

78* 
7 75 


Cape l ijatnrsl Mngt. Ud-V 
IM Old Broad SL. ECSN 1 BQ 

Capital 1783 83 *1 

Income. — - _|7J1 . 77.8} . . 

Price* on April 18. Next dealing Ha* 8 


664 


Accum Units. (1485 1586 

Dealing tFn. rtVed. 


Carl lot Unit Fd. Mgrs. Ud.V lai(e) 
MHhum Houae. Newcaatlo-upon.TVne 21185 

SlfcThSS-lg! :::::} 2g 

BtMS'TiteBS : 

Nat deaung data May 8 
Cbarterbeuse JapbeiV 

I. Paternoster Row. ECA 


(Art urn Units'. 

Specialited Fonda 

Trusee (137 6 ]*52rtl -0.41 

(Accum. T.'mui. - 1*3 4 7784 - 0.7] 

riiunbond Apr. 25 112J , 

CbariW Apr 15 1483 1425 

lAceam. Lstt»;_ . J2-7 1733 
PeasEKApnIS* . 0235 13*3*4 

° , 5 f 8 *°M NaaoUh Management Ud. 

■ 1 7.75 Bt Gewie’tWay. Slwanage — ------ *««rei rnmmreiitv 32 8 

Cro«b Units. .... ..149 I 51 7f . . ,| 343 ** 

Mayflower Management Co. Ltd. Target E mr* — »» 
14llBGr«sbamSL, ECZV7AU. 01-8088098 M85 

rocomeApr 25.— D0Z7 188 1| ..{ 844 $2£^£SSd~' U53 

General Apr. 25. . -1678 7L2] ...] 527 ^5g&££“r.., ||73 

Mercurr Pnad Managera Ltd. 

30. Gretbm Sr. ECSPS&B. 


147 


X55 


6 64 Sna Alliance Faad Mngt. Ltd. 

'jj-jjj Sub Alliance Hi*.. Horsham W036M41I 

|p ■WUii 

Target Tst. Mngn. Ud-V laMgl 

Dealings' 029659*1 


043868101 «.Gi wfcm«,gP 


817 

887 


CJ. Ineomr . — 

CJ Euro Fin 

Accum. Units — 

CJ. Fd Inv. Tsl „ 

ram. Units 

Pnee April 10 


122.6 

248ft 


»a 

278. 


132 

35 4n 


258 

27 6* 


291 

31 8i 


264 

28 2s 


298 

31 »u 


Ne*r dMlinf April 


81 248 3098 

in 

Lfi2 
766 
324 
3.24 
384 
38* 

as 


Merc Gen. Apr 38. 072.5 183.5 

Acc Vis. Apr. 26-- Z2t IJ 23|*.... 

Merc. IcL Apr. 36 — 6tJ 651 — 
Accra. Us. Apr. afi- »6 641 

Merc. Ext JlarJO — 2MJ 7885 ... 

Accum Uts. Mar 30.0*8 2*«« _... 

Midland Bank Group 
Unit Trust Managers Ltd.V (a) 
Cburtwood House, Silver Sired. Head. 


Target Inti. (27.? 

n j •008555 Da Hein*- Units 
i Target tov 


*85 

<15 

152 

UZ 

471 

4.71 


imra-gl 


T^ttFr-AprSCIftT 


TgLPTOf yU 

Coynel 


my 



Chieftain Trust Managers Ltd.Vlallg) 
3031 Queen St. EC4R1BR. 01-3482972 

American 1(11*13 24« +0.1] 1W 

Huh Income p9 2 1* 

LnfrroflLJDriaJTrt ..(u'228 MJH .. .1 1C 
Basic Resrce. T«|MB 26 74 +0 « *6* 

Confederation Funds OTgL Ltd.V (a) 
50 ChiHCW Lane WC2A 1HE 01-2*2 03R2 
Growth Fund 134.3 41 J] .. .| 862 

C-osmopolitaa Fund Managers. 

3a PoplSircet. London SW1X0EJ 01^35(621 
CwmopoiaUh Fd B6 7 17 M| ] 5.15 

Crescent Unit TsL Mgrs. Ud. (a)lgl 
AMefrUlcCres. Edinburgh 3 031-364031 

Crearent Growth— (26.8 27 9] -0 2j *50 

Cre*. hitrroaTL t»2 54 Z *oi| 450 

Cres. High. DiSL — K22 . *fS +8 9.87 

Crcj. Reserves BI.7 415) +05| 453 


Sheffield, Si 3RD 
Coin modify 8 Gen IU 4 

Do. Arcum. — w# 

Gronlb — 37.6 

Do Accum 39 8 

Capital !7 2 

Do Accum — 2J-3 

Income - — . W 8 

Do. Accum (558 


Growth Fd ..Jlfl l 

Target Trl Mgrs. (Scotland) ia)lbi 
19. Athol Crescent. Edin. 8 031-239 8S21>2| 

Target Amer-E*ele{g-I 28-3 *2 IS 

Target 111 into. g*-2 S3 ■ , °-3 - -3 

Extra lacome Fd.... [585 62 91 +0 4 10/tt 

Trades Union Unit Tat. ManagersV 
- 100. Wood Street. EC 2 OI-dBSflRIIj 

3.31 Tf'f.T April 1 1484 515*4 ... I 532 

338 Transatlantic and Gen. Secs. Co.V 

338 91-89 New London Rd. - Chelmslori) (DffiSlGlj 


563 


ty' Barblcaa April 27 . .173 6 


Tel 074379842 
66.11+05] 563 
75.® +fI6 
48 6| -0.4 
' +0* 

+0 2 
+01 
+0.3 
+ 0 * 

+ 0 .J 
♦0.3 
+0 j 
+DS 
-L2 
+1? 

lAecam. tJnil*} jgi 

Glen. April U5„ 509 

. M2 

. 412 

Van. Gwth. Apr. 25 Sj 
(Accum l alw 564 

Old Queen SireM.StfltiSJG. 01-8O7S3. vSg/^raApriT. 434 

MLA Units 1*67 38.6| . I 440 lAcciun UmU -■ JjJ 

WIckY April 27_. - g* 


632 

2-24 

& 

854 

il? 


Internal tonal - - .. 478 

t>o. Accum 44.7 

High Yield 

Do Accum U7 

EquitF Exempt” — lOg.4 

Do.Accum*. _. .. IM 4 . _ . 

-Price* *1 Apnl ft Neat dealing Hay Sl. 

Minster Fund Managers Ltd. 

Minuter Kia. Arthur SL. E.C4 01 

Ifinistar Apr. 17. — {329 3481 - , « — 

Exempt Mar. 31 -- (878 4J..81 .. 1 33° 

SXLA Unit Trust Mg etna L Ud. 


lAcc om. rciw.i— -< U8J 
8aitj.E*niApcJ6— gi 
Buekm April 27 — 77 J 

(Accum Units) 4*.l_ 

Colewsco Apr 21 119.7 

LAccum Uu its' J**.* 

Cure Id. Apr 38 584 

uim. Onil 


iiun 1 Accum. iiuila). — 

*5 8STu».;:: 


Muloal Unit Trust ManagersV l*K«) 5 SS^GlS?I^ 


Discretionary Unit Fond Managers 
22. BleurfieldSt.. EC2M 7AL. 014B8448S 

Dise Income (1580 160J I 5.49 

E. F. Winchester Fund Mngt. Ltd. 
Old Jewry. EC2 

Great Wlnchmuer ..fl6 7 1821 j 

GtWineh‘er Of«erei|l*.4 20 11 


Emson Dudley TsL |M 7 M-M I 3.S& *«■ Graeochurch Su EC3P3HH 


0I.0M4BD3 WickDh- Apr il . £57 U 
+D.1I 657 Do Accum..- — [725 71 

Zl'fl jtJ Tyndall Managers Ltd.¥ 

-856 18, Canynge Road. Bristol 

Income April 20— .W.I IJ 
/.Accum i>nils> U/5-2 J8j 


If. Ceplhai; Are. EC2R7BU. 

Mutual S«. Plus -W 7 52! 

Munrel HW.TM (675 72.1 

Mm ual Blue Chip . .(48.9 44i 

Munianiigh -Sid -1562 Mh 

National and Commercial 

01-008 5107 31. S3. Andrew Sduare. Edinburgh 031-S58 8151 CjSlJj Auf!3tl^Bl4J 

' 671 Income Apr 19. — tot JgW .... - lAccum Luitsi- LIU. 6 

488 lAcruml'tnUl PIJ.4 146.4 6.78 Eiempl April . 

CapL Apr. 19— gtoJ 124 2 357 (A«rum LVIai 147.8 

Enson Ac Dudley TsL Mn grant Ltd. I Accum l ■«« --tot JM 4 . 33» CanyneeAin-.2S - Hi 

m.Ariine»ua..s.B-.i. . oi-wtssi National Prayidwtlnv. Mngrs. Ud-V Uff 

.... .... u..-kc rnw^ii, [SygffiAE*;™ 


fno* 

117.4x1 

+141 

414 

181 7 

1071 

+18 

683 

1016. 

108 8< 

+?« 

238 

1041 

114.4ft 

+5 6 

238 


Ecpiitas Sea. LhLVtaiig) 

41 Bldiupeeate. EC2 01-5882851 

Pni r cM W (OS-Z 607)-*0.4| *i5 

Equity St Law Un. Tr. M.V laH bKO 
.AmenhimRd. High Wycombe. 04M33377 

Equity 6 Law 1634 66.74+071 424 

Pramlington Unit Mgt Lid. (a) 

3-7. inland Yard. B 

Capital Tft, 

IncrnneTH — 

Jot Growth Fd . _ 

Do Accum.. 

Friends’ Provdt. Unit Tr. Mgrs.V 
rbham&nd Dorking 03065*155 

Friends Pros. Uhc— WJ fI9*SfI 12 

Do. Ac curt 152 1 55 7?+3.5i 434 

G.T. Unit Managers LtiLV 
IS. Rnsbuiy Circus EC3T7DD 
G.T. Cap Inc- - 

G.T. UA ft Gen 

r«T. Japan ft Gee.. 

SSfffiffTBi* 

G-T. Four Y daPd — 

VG. & A. Trust <ai (X) 

5. Rsvlsigh Bd. Brentwood 
G.ftA. .. .—PL* 


NJPl.Glh.Un Tsl tit 46.7 

1 Accum Lruifti". — 52.7 56.1 

NPI 0 seaa. Trvs - m b 12»J 

(Accum L’nriki— _ ,|UI.I 1366 ..... — 

-•Frices on April 27. Next dealnu »*♦ 25 
-Price* ou Apnl IB. Next dflaUsg May a 
National WestndnsteriNal 

y «EU. 01-806 8088. 

7 6851 .... J 4.M 


Scot Cap Apr.26 .fp4h 
fS •Accum. Cpitsu. — 1154? 
|« SrtX Inc. Apr. 2k.. 055.4 


181. Cheapside. 

Capital (Accum 

Extra Inc. 

Flnanakl- 
Growihlnv 

lOCOQO _ 

Portfolio Inv. Fd — 

UnamalFd«f> - 
NEL Trust Managers Ltd.V (a Kg) 



Apr: 

Uift* Hall Group 

Capital Growth — .T 

Do AeeuL I 

Extra Inc-GrowUL^f ... 

Da Accum. TO2 

Flnanaal Pr’rty — L 


7 So Do.Aoetm. 1 

5J1 Hitblpt-Worily^] 

*.?4 LnfrmHkioa]. — 

656 Special Sttt. — t 

TSB Unit Trast* (y> 

2L Chaser tVay. Andover. Hants 028482184 

Dealings to 0304 03433:3 


union Court. Dorking. Surrey 28U (hjTSB General. 

Noiwar.-- 1592 62J{ -B.7T *84 (b) Do ACCOM 

NeirfarRi^i'nc — P86 5U{ -83) 856 [b> TSBIncume. — 

For Sew Court Fund Minagcrs Ltd. i&Pg.tSBF--" 

pap*!!** ***%"** 

Norwich Union Insonnce Group (h> *.» 

P.O.Box 4. Neroirt. NR! 3XG. 00322=00 Ltel " ™ 

Group I*. Fd P*6* $ 585 

Pearl Trust Managers Ltd. taHgto) 

252 High Hoi born. WClV 7EB 01-4058441 

Pearl Grosth Fd— PL7 234sf +0.2) 522 

.Accum Units Si 27.81+0^ 5. 

2 30 Pesrflne... — — - 303 3?fo 

718 Pearl Unit To. M4 37.1 , .. 

(Accum W--W 7 . «•! Wider Growth Fund 

. Peficnn Units A 4mm. Ltd. (gMx) gjsg wuhubSl bg 4R9 ar 

<5S77s B7360 41 FouaUlaSu lUnchatar 061.236M8B incoma Units (27.7 

J3J{ +0J( 412 Pall ran Unit* (77.6 +8J] Ut Accum Units 




Wanog SlreeL BeltasL 023335Z>1 

fbRIhlcr Growth.. .1361 ' 38JB+0J1 5-30 

Unit Trust Account St Mg ati- Lti. 

K1ngWlIli*ni5t.eCfR8AR - Ql-8294Ml| 

rrtnrsllse Fund-. 

7Jl Wider Grib. Fpi- 
5.B3 De. Accum. 


46S 

4,53 

453 


dLunnann 

=B , »I=J 


81-894881] 

*** --J Jg 


OFFSHORE AN1> 
OVERSEAS FENDS 


Arbuthnd Srcaritieil fCI.) Limited 
PO.Box284.Sl. Heller. Jersey. - 0S34721T7 

C*p.Tst.iJ«raeyi_nJ58 U4 0«f ....J. 420 
Next dealing date May 10 
EMl4JnUTRiCIi-imj> UB.Dl4A.DI 338 
Next rob- May 11. . . 

Australian Selection Fund W 
Market Opportunities, cto Irish'Voiiag ft 
Dmbwaln. 187. Bent Su^dney. 

USS1 Shares 1 SUSL52- I ... I — 

Bank of America Internal iootT SA 
35 Boulevard RoyaL Luxembourg G D. 
WiatmaatlncoBM^tSSnUt laUJ-aTa 657 
Price* at April ». Next sub. day Stay X 

Bnt of Lqdn. & S. America Ltd. 
4040. Queen Victoria SE.WC4. 01-9802313 

Alexander Fond — RCSiU - J _...J — 
Net asset valua April X. 

Basque Brundips Lambert 
2, Run Do i* Hogans* B WOO Rnipsela 
SaptnFtmdLF — ILH4 . UK] -3] 7« 
Barclay* Unicom Iut-(Ch- la.) Ltd. 

L Oaring torn, fit Hdter, Jny. 053473741 
Orocsere Income —WL7 KLS .:. .J U.80 

^ r Tss^fe*a-d 4 2s 

-Subject to too and withholding Uoma 

Barclays Unlcem InL (I. O. Man) Ltd. 

1 Thomas Sl. Douglas. L oal 08844888 


1 


Xing * Shaxscn Mgrs. 

1 Charin* Cram. St. HtfJor. Jmsm-fogJ) WM* 
y alley Hse. Sl Pater Wrugray. 

' • ■ XI ,75 

XUS 
tt.75. 

SSSftai=]’ = 1 

Eleinafort Benson Limited 

20. Fewhurch SL ECS - OI48380M 



Earinpest. Lnx. F. 1JJ29 
Guernsey Ipc. 585 .- 

Do, Accum. — - JU 

KB Far East Fd. SUSU.I6' 

KBIntl- Fired— WKUJM 

KB Japan Frind. SUS38TS.I 

FLRUS.Gwth.Fd. SU5& 
SteretBromuda^. 5US4J0' 


•Unttonds (DAD p7 JB 


M-? 

735 


*4U3) 


- 

115*-- 


IU 

452 

158. 

206 

xxt 

95f 


LfracoroAnst Ect. 
Do. AnstMln.- 

DaGrtr.Pamfl 


I 


S +oq| 

I”" 

-Ul 

aj 


17* ’ 
2.80 


B50 

1.90 

150 


Do.lnil.XacOfne — 085 
DaI.otSIanTtL--.m-B 
Da Man* ttntn*l —124.4 

Bifhopsfate Commodity Ser. LUL 

P.O. Sox 42. Ppngl a s. Lo- N. *82423811 

Bridge Management Ltd. 

P.O. Bos 808.- Grand Capstan, Cayman- 1»- 
TFbashlApr.3 .1 Y15J98 1 — -I — 

cj>o. bo* spa Hone kmc __ . __ 

Ntoponl-d-Anc. 2fi stoSJC UJ9 — 9 7S 


*00 

LOO 

150 

LD0 




Britannia Tst. Mngnrt. (Cl) Ltd. 

30 Rath SL-StHuDar. Jersey. . 053473114 

Growth Invest— .... 082 U 
IntaL Frt 71 3 77. 

Butterfield Management CD. Ltd. 

P.O Bar IBS. HubiIiob. Bennoda. 

asssasfcK ^:d ra 

Price* at Ajatl in Next rob. dap Uv 8 
Capital International S-A. 

37 rue Nmra-Dama Luxombcrarj. 

Capital InL Fund. -I SUS1658 | .....j — _ 

Charterhouse Japhet 

1, Paternoster Bow. EC4- 91-2482989 

Adiropa — ODOMS Jint-ftlOt 173 

AdSerbsIZI 10147.91 5831 553 

?SnSk Jin_-- VlHSJt 3241 ..._. 6-20 

Fnndis t»M»98 2 2M 591 

Emperor Fund HB8P Tre 

Klspozia - pCSIM • -*5 to L9S 

Clive Investments (Jersey) Ltd. 

P O. Bax 320 . st Heller. Jersey 069437391. 

Clive GOt Fd.iC.l.)-[9J5 - I fLDO 

CHvo GUt Fd. (J«3> .'■ (9.83 4Jh| | 1LD0 

C anthill Ins. (Guernsey) Ltd. 

P.O. Box 157. SL Peter Port. Goerroer 

lntrd.Hmn.re. (16*5. 179 0] J — 

Delta Group 

P.O. Box 3012, Natssu. Bi)uu. 

Delta Inv.Apr. 1B_15U5 L68| —-5 — 

Dentacber Invesbnent-Trnst 

postfach 2BB5 Bieberga ue 6-10 8000 PranfcftoL 

SS :d = 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712. Narosu. Bahama* 

NAV- April » — -_(HaiJ7 ftUZf-sOZSf -. 

Emson 8c Dudley TstJWgt Jrsy.Ud. 
P.O. Box 73, St- Hriltr. Jeroerl • 0S34300SI 
ED.1.C.T, |U2J 119 M ‘ l - 

F. Sc C. MgmL Ltd. Inv. Advisers 
1-2. Laurence Pountsay Hill. EC4R OB A. 

0I-8B3 4680 

cenLFd Aw 19 — 1 SUS5JI7 1 4 — 

Fidelity MgmL St Res. (Bdn.) Ltd. 

7*0. Boa 579. namMtnn. Bermuda. 

Fidelity Am. Ass — I 
Pulrhty Int Fond - 
Fidelity Pac.Ptf — 

Fidelity. Wrjd Fd — 

Fidelity Star. FAs 
Series A notnl-j-- 
Series B (PaeiOc)— 

Series D (AmAss-i 
First Viking Commodity Trusts 

^PJdltolLLirl^^^Sm ^ot-reoTwr 

.^a-i a, 

Fleming jsputFtnuf 6J6. 

37. rue Noao-Dome, LoxaSriwurx 

FTmg. Apr. SL {■ SUS46JB ( .. 

Free World Fund Jtidl ■ 

Butterfield Bid*. HaiwUloo. Beimuds. 

WAV much 31.... -1 SGS172.64 I ... 4 

G. T. Management Ud. Ldn. Agts. 
Part Hie. 16 Flpsbiuy Cirrus. Loudon ECZ. 
Tel: 01-838 8131. TUfc 885100 
G.T.PariticFtf — I K5KU76 1+0161 X22 

mraltn Butda. 

Anciior ‘V Unite — (JU4J3 2-» 

Aucharlnt Fd »2l|-0mi US 


SU 52258 



5US19J1 



‘ SU 34339 


SU 512.92. 

+4W2 

£337 



£753 

■ 

£1613 



nuTaci sa London purlin agent* only. 

Lloyds Bk. (Cl J U/T lUgrt. 

P.O.Box M». BL Hdier. Jer»«y MB437M 

Lloyds International Hgaat 
y Jttw do Rhone. P.O. Box ]7Bjl211 Genera'll 

iJ3&^g£:HS --fiBHai .» 

UftG Group 

Throe Qoara Tower OTH EC2R OQ, 61406 4988 

AciaDttc Apr. as WSU 9 

AnsL Ex. Apr.26, — ppsi|2 
Gold Ex. Apr. 28 — PySTil 

(Acmso Units. J 157.3 1674 

Samuel Montagu Ldn. Agts. 

XU. Old Broad SLE.02. - 01-1 

Apollo Fd. Apr. 12-L 

Japfest Apr. 34 „ | 

}17Gjt>. Apr.ip. — . I 
117 Jersey Apr. 19_f 
U7JrtyCTsHLBr.S4 

Murray, Johnstone (Inv., Advtserl.* 
163. Hope SL.GUafOW.C2...! 041-22159311 

sumo^ { — 

. -VAV April 15. 

Negit S-A. ' 

10a Boulevard KOyaL L uw bo mg 
NAV April 21 4 5USU44 J — J — 

Negit Ud. 

of BertamU Bldgs, Hamilton. Brads, 
NAV April 14 |a* - 1 4 — ■ t 

Pboentx International 1 

PO Box 77. SL Peter Pert, Guernsey. a 

Inter-Dollsr Fund- 1250 l*8|+0Jto -r • 1 

Property Growth Oversew Ltd- 
28 Irish Town. Gibraltar iG)b)610l 

U5 Dollar Fund — 1 SL'«J7 j J — 

Sterling Pond ..... I 02888 i .] — 

Richmond Life Ass. Ltd. 

4S. Athol Street. Donates. I OlM. 063423914 
PUTfce Sdror Trust (UW5 187.0t +&9[ — - 
Richmond Bond B7.DB0-7 -Oj] 10 78- 

Do. Platinum B<L._ [1683 1X4-9+2.71 — 

Do. Gold Hd. ffll 162.91 +O.R - 

Da Em. 67/Q2 Bd ...|l66J X75J( .. .1 U.46 

Kolhs child Asset Management fCI.) 

P a Box 38. SL Julians CL Gauruser. 0481 26831 
aC.Eq.Fy.Msr. 31 -ISO-O ‘ 

OainaFd.ApC.3_ 152.0 

O.C4ntLFd.T_ 023 

O CSmCoFdMBriW- 137.9 
O.C. Osnuno«fliy+ 1225 

O. C. IRr.Coindty.t_ S24.S7 — , 

•Price on April 1-i Next dealln* Ajwfi ha. 

t Price on Amtl 2L Next dealing May B 

Royal Trust {Cl) Fd. HgtXtd. 

P. O. Bos let.Roptl 3W. Haa. Jersey. 03437+41 

JLtlaLl.Fd. TOS956 - 4ffl' .—4 

RT.tarLUsy.'Fd..^ 93| .— 1 311 

Prices St April 14 Next dealing May 35: 

Save &.J*rnsper Interpathhul " 

OfefMSM 

I'J Donar dmsiidnstjjd Fuads 
-DirFnnm+-Aprafi 
IntemaLlk-.n-^ . 

For East era *t 

North American*? . 

Sewo*n- 

SSSSSBaCKS-reTi-M in 

tWwtty Dealings. 

Schlesinger International Mngt Ltd. 
+1.U Motto SL.6*. Heller, Jersey. 053473386. 

Sj\1I : [79 M 863 

SAOJ {SO. 86 091 A40 

Gilt Fit u-..p9 23.1 __ 1LV0 

+1 349 

^ loo 


727 

U» 

3/44 

A97 


Dealing Ur. . L 

37 Broad St_ St. Heller. Jersey 


Lf-Aprtfi |953 1031 ...M 64* 

756 — 

sra*t W.W 4875 — 

rericsnt l^ jja—J r‘ 


IsU.Fd.J 4 nw W 2 

lnmLFdlxiAbrg. -SIOJI 


Schroder-Xif* Granp~::; ^_ . . 

"H 



Interaatbresl Fends 

CEbufe u... — BP .9 

USSlrtaresU-I PK5 . 

^7 •• 134.- 
SManaiKd ^...lll2.i 


■J. Henry Schrader Wagg .Ik CnJitdL, 

la&Cbea pride, ECO . , ; M-OW+PW 

Cheap. \pt. -23 ( SUSLL27 1-002 257 

TratshOtrMar.Sl -.1 WSL89JS_ 


G.T. Benu da Lift _ _ • 

Bk of Bermuda. Front SU HarellD.. »»df- 

BcfnrPacP. 5CS4Z+1 M3» 0.«. 

G.T. SFd | SUS6.74 I 1.0.74 

G.T. MgL (Asia) Ltd. ' * 

Hutchison Hm. Harooun Bd- Hong Kong 

IS 

G.T. Management (Jersey) Ltd. 

Royal TsL. Hoe- Golamberie. SL Heller. Jersey 
G.T. Asia Sterling- »4J4 B2U-OOI US* 
Bank ot Bennoda iGotrasQd Uft 
31-33.^ PoUoLGuBWrey.Mei^OM 

BSSBSBfeffir 

Anchor InJsy.TsL .. P* J 25.9| ....7 3.61 

Gartxnore Invest. Ltd. Ldn. Agts. 

1SL MW Axe. London. EC3. 01^8333*1 

Giiluif u FmuF yfag f- ffkr Bnt) Lid. 

1503 HutChiftOq SSjO HirowitW. H.Kme 
HK ft PacTlI T»t ^..«HKL7I5 Z96( .. ...| in 

Japan Pd __.nl$I24S 

N. AwaocanTrt. -.(ICSttfi 
Inti. Bond Fund.— 

Getfsrw l sw ss ws l Mngt Ud- . 

FD. Box 32. DouglarJoK. 06310811 

I irtgtaaUoaal Inc. .(21.1 2351 .. J }U 

DoCwrth. 62.9| .... J *.91 

Hambro Pacific Fund NgmL Ltd. 
2110, Connaught Centre. Hosg Rods 

For East Apr. 12— (BUD! 42 am f — 

Japan Fund— PCSlSf 735J — j — 

Hvabtet (Guernsey) LUU - 
Hambro* Fund Mgrs. (C.1.J Ltd. 

P.O.Box 86. Gwsnuwr (MBl-OBSU. 

3.90 
058 
250 
850 
254 


CJ. Fund 1386 

Intel. Bond 5US 18*52 

InL Equity SUS 10.48 

lot. Si-s*- ‘A' SUE LSI 
Int Svga. If SUSP. 05 L , ... . 

Price* on April as Next dealing May 3. 

Henderson Baring Fund Mgrs. Ltd. 
P.O. Box K4T7S. Nassau. Bahamas 

Japan Fd.. .JSQflTK 1T9U-B49} - 

Prices on Amice 27. Next dealing dale May 3. 
Hill-Samnel Sc Co. (Gnemsejl Ltd. 

8 LeFebvre SL, Peter Port Goernscf. CJ. 
Guernsey Tsl |14*5 U8 7| +1.91 352 

Hill Samuel Overseas Fund S-A. 

37. Roe Ntm-Dmn. Luxerahorerg 

tstsna lUR-omi - 

Internattonal Pacific lav. Mngt. Ltd. 
PO Box R237. 58 Pitt St. Sydney. -All*L 

J svolln Equity TSL. IS19S 2.DBI 4 — 

J.E.T. Managers (Jersey 1 ) Ltd. 

PO Bax 104. Royal T*. Hso. Jera«0694 27*41 
Jersey Bxtral TcL_p43.0 832.0) . i .1 — 

As at Mar. 31. Vest suh. day Apr 38 

Jartime Fleming & Co. Ltd. 

44tb Floor. Conaaocht Centra Hong Kong 



Sentry Assurance International Ltd. 

P 0. Box 325. Hamilton 8 BoteWda 
Managed ftaid tKSLHV UDg J — •- 

Singer & Friedlander Ldn. Agents 

30. Cannon SL.EC4. 05 -248 964ft 

Dekafonda pnOW ttill „.J 86ft. 

Tokyo Tst. Apr. )7..| syS9525'l 4 1.78. 

Stranghnlth Ma n age m ent limited 
P.O. Box 318. SL-HeUor. Jersey. ‘‘ 0534-n48D' 
Commodity Tru»l _ (V3.SV 98S4| ......J — 

S min vest (Jenny) Ltd. 1*» 

P.O.BoxPtSt Heher.Jatxcy. . 068*7367#. 

American Ind,TsL_(C835 0.0a 1.17. 

TSB Unit Trust Managers |C.J.) Ltd; 
Bagatelle RtL. SL Saiiour, Jersey. 08347349ft, 

Jersey Fund--.. — 1*5.4 J7* j [jg 

Guernsey Pusd — .MM 4781 .....J 5 8* 

Price* op April » Next sob. day May 3. - 

Tokyo Pacific Holdings K.V. 

InOreia Monagcawat Co. N-V- Curacao. 

NAV per share April 36. SGS50.46. 

Tokyo Pacific HIdgs. (Seaboard) N.V. 

i» ilml» ManaeBreant Co. N.V^ bnrocaa 
- ,VAt^ per share April Jft-KGSSLTfl. ; v 

TyndaU Group ' 

FA. Box USB H wfif o 5. Ber mu da. M7*» Vi. 

Overseas April I9-(K6LM l.Uj ft-Otf" 2 

tAccutn. CiJtel BCSU? 1771 — 

3-KeyInl- Apr. aO—PtSLS* - J- 

2Kcw6un.HeHer,Jcf«ey ; _ _ass* 8.73JV3.- 

TOPSLAnrfiao E7.20 7.7( ... 608,': 

(Accum. Shares) — EUJ5 11.90 — 

TASOF April 18 MJ) ■ 845 - , - 

(Accum. Shares!— . 180. 845 — _ < 

Jersey Fd. Amt 19. 1865 1WJ 720 - 

(Nod4.Acc.01s.)-. 256 6 2725 - . 

Gill Pumt April IB- 1D8.6 1105 .... 1085* 

(Accum Sbares).— 1136.6 T39j|( .- — 

Victory Sense, neuglaa lileel Btan.0tt4 25881 
Managed Apr. 20— 11262 133.0) ... ( — 

Utd. IntnL MngmnL (C.I.) Lid. 

14. Kul caster Street Sc Helier. Jersey. 

ViR. Fund Ksuan UUM | 613 

United States Tsl IntL Adv. Co. -- 

14. Rue Aldrtnger. Luxembourg. 

.U>a.TsL Inv.FUd— | 6081044 - |+ft0R 0 9ft 
Net asset April 36 

5. G. Warburg & Co. Ltd. j 

30, Gresham StreeLEQ. 6140045S6. 


aw 


Jardinek9B.T5L . uaznJM 3JD 

jardicc r™. Fd--**[ SHK5l7^ 

JanJineSEA. 1 3US12.92 

Jardiue Plere.Int.f .] SHK956.^. ... 

. NAV ttpr 3i;-Equiral*Htk(£56a&.. 
Next sub April 28T “ 

Keysele* MngL. Jersey Ltd. 

PO Box B&SL He) ter. Jersey.. (Enc 81-6097670) 


FOnsolex 

Boodxelcx 

Keysriexlufl 

F.cyaeJcx Europe— 
J span Glh. Fund- . 
Keysslex Japan 
Cent Assess Cap.— 


Ftl.402 
PrJ2LH ’ 127 
£646 7J 

0.76 4221-0061 

SCSZJ79 B3B-0 **f 
H7 7t 

£13233 |+081| 


290 


4.09 

3.91 


Warburg Invert. Mngt. Jrsy. Ltd. - 
1. CWirin* cross. SLHelto-.Jw-a 33MTO41 
CWFU4 March 30. )ST5J2-3t UM| . 

■7341 Uft March aO-EU-O* lLCT 
MlaUTsUlarJO — [5i« 1172) 

^WLSAraUnT^W 4 ^ : 

World Wide Growth Management* 

JO*. Boulevard Royal. Uixemboun: 
Worldwide 'i'b Fd] SUS1343 | +0JDZ1 — 


NOTES 


Prices do not tachide S pre»hua, ntent where rodlcated ft. and arc in pence ual raftoUmwire 
indicated. Yield* v. (ghown in last column) allow for all tains expenrtft a OBorag p rice* 
include all expanses, b To-day*» price*, c Yield based on otter price, d Etfl ma ted, g TodeV* 
openinEpricah Dtatrlburton Tree of V.K. taxes p Periodic prwnhnn lmwcc ptaosSinsle 
pretnhim Insurance, x Offered price locludoa all expenses except _agenra cpwMBUwen. 
v GtfoUtd snw UKindet «0 ” *“ *■ — " 


a Net rfiaxon realised cepifaf^Sflunl^i'iodiraied'Sy ♦ 1 

♦ Meld before Jersey tax - 1 fajgbdWrion 


CX.H'E investments limited 
I Royal Exchange Ave., London EC3V 3LU. Tel.: 01*283 110L 
Index Guide as at 25th April, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital. 12S-H 

Clive Fixed Interest Income 113.F7 


CORAL INDEX: Close 464-46K 


INSURANCE BASE RATES 

t Properly Growth . 5 % 

t Vanbrugh Guaranteed S-% 

• Addrra* shown unrt«r insurance slid Property Rend Table 










































































































































































































































m 




536 
99 
877 
165 
£28* 

262 1+2 






1 







h 




MOTORS, AIRCRAFT TRADES 

Motors and Cycles 


Commercial Vehicles 



95 63 

‘124 no 
43 34* 

26 19 

118 84 

45 35 

87* 74 
78 68 

49* 39 
59 50* 

38 30 

35 21 

115 92 

94 - 72 
126* 113 
1 12 SB 


|KAk,.l|»7. 


m 



25 fU 

Q15.0 6 

2J5 LO 
182 ID 


1932 10 
05 I 10 
1187 


0 



Vale Canal 


148 1 66 lAtioiap, 





b9.90 
8. DO 
0.85 
355 ll 
2.85 1 

3.77 H 

__ 

li 



FDMftfll 


m 


22 


sit 



32 
25 i 
74 1 
72 | 
28 
11 
42 
205 
48 

178 ! 
57 

*S&- 

f t 

a 74 

IM 176 
« 43 

57 . 45 
.47 36 
OZ 1163 
ESS . 
36' I 
6T147 
0.. M 
4£l 36* 

52 * i 
15 19 
iB' £ ' 

■55 44*; 



71 57 

»8 § 
V 22 IB 

h ’i 

*- 4 69 

gs 

4-2 76 

196 
96 

£40 £23* 

41 24 

61 45 

135 87 

94 78 

SO 164 
76 67 

65 57 

55 49 

42 30 
230 
•86 

12 


230 

242 
20 
74 

58 47 

69* 47* 
137 la 
6 186 
17.4 234 

Vi 9 

“Si 

15.0 53 1 45* 

■ “ ft u 

51 94 ’ 

ej> 91 
182 90 
320 
14* 

270 
— 64 

S3, 

’Bin 

91 75 

* 88 60 

h s iln ’ 

9.0 471? 


J 

114 

SIS 

= 3 P 

- 10 

- 590 

30. 

— 260 
':B 

rl 

lfl.4 46 
109 221 
I 9.1 Q79 
- 050 

'♦ P 
S 1 

. 5.6 132 


8.1 

no. 

8.8} 73 
91 85 

9.6 A 
75 5.9 

7.7 5.7 
73 45 
7.4 64 

42 
93 



35iz 

45 | 41 
16 12 

55 1 39* 
36 
28 
67 
29* 
109 
_ 2 
31 
99 
98 
55 
29 

34 25 

10 85 

89 79 

121] 10* 
50 45 

64 53 

56 40 

32 27 

31 26 


38 
15 

33 

34 
58 
42 
21 

87 173 


37 24 

74 58 

15* 12 

»* *2 
82 5t» 

51 41 

82 69 

41 36 

25 19 

a 48 
44* 25 

28 IS 

29 20 

22 21 
99 04 

67 50 

31* 20 
56* 77* 
38* 19* 
48 40 

31 26 

30 73 

37 23 

29 



235 +2 1A2 

gfc- 1 * JR 

Wffl 

2S* f* - 

171 2.0 

22 10-66 

77 -* 10.79 
77* 12.96 


a 1 * 


44 

17* 

83 

77 

M?-|U3 

266 
T* 
1 


£128 
37 
234 
78 
57 
105 
107 
27 
39 
165. 

41* 

53* 

MowtA.i3.il 115 
46 

77 





Dunhfll IA.) 10p_ 


TRUSTS, FINANCE, LAND 
Investment Trusts 

52 I 50 I Aberdeen Ins. 




Ip— 70 

u 63 

lih*- 229 
iTSt- 74 

73 

adOes. 83 
200 
sign.. 106 
fat— 118 
_ 113 

a 102 

109 


7.7 1 73 

5.71 90* 
331 87* 

.77 
183 
400 
134 
70 

123* 
165 
68 
122 
172 

92 

93 

93 
26 
97 
73 
£118 
75 

115 
167 
63* 
66 
157 
106 
138 
108 
60 
128 
19 

94 
188 

a 

307 
.185 


210 MS 
25.2 80 
30.1 125 

M2 2 

Si3§ 

*• LI 

487 


i 


Falcon Rk50e 


R 


77 

415 . 

28 a 

19 9 

78 167 
49 
275 
99 
235 
225 
54 




m 


192 [148 


hti 





I 






NOTES 


Cnlen otherwise tadkated, prices end act d l vMc u da an b 
prana and engntantoa ere zsp. VHmiFf* 1 prlcafeamlacs 
ratios and com ire based on latest annual reports and accomrfa 
and. where ftoaBlble, are updated M half -yanriyfl8area.HEa are 
calculated oa tie basis of net dfatrlbeMon: brac k eted figure* 
i«Hrt» 11 per cent- or mm difference If calculated an “nfl" 
■ffnritariea. Coven arc boned on "nnutfamm i" tft tf i flwrti on. 
Yields are bused on middle price*, ere fftnaa. adhmted to ACT of 
34 per cent, end anon for value of declared dbtribaUon* and 
rights. SecnriUta wHh dennmlnettene other Urna aterilnf am 
dueled Indus! re of Ibe Investment dollar prenHura. 

A Sterling denominated securities which Include tovesnnoul 

dollar premium. 

* “Jap" Stock. 

* Highs and Lows narked thus him been adjusted to of low 
for rights lsaues for cosh. 

t Interim since increased or resumed. 

Interim since reduced, pnaard or deferred. 

Tux -free 10 ura-re&ldems ran application: 

6 Figures or report awaited. 

„ - tt Unlisted security. 

,“■2 * Price oi tjaie ot auepenatou. 

10.0 f indicated dividend after pending scrip and/or rights faunae 
128 cover relates to previous dividend or forecast. 

6.8 ** Free of Stamp Dnty. 

0 Merger bid or reorganisation in Progress. 

A Not comparable. 

* Some Interim: reduced Seal and/cr reduced earnings 

Indicated. ■ 

f Forecan dividend; cover on earnings updated bp latest 
Interim statement. 

t Cover allows tor conversion at shares not now ranking for 
dhddmids or ranking on* for restricted dividend. 

X Cover does not allow for shares which may also rank tor 
dividend at a future date. No P/E ratio usually provided. 
P Excluding a Tina] dividend declaration. 

* Regional price, 
fl No par value 

a Tax free, b Figures baaed on prospectus or other official 
estimate, c Cents. ■ d Dividend rale paid or payable on part 
of capital; cover based on dividend on foil capital, 
r Redemption yield, f Flat yield. 8 Assumed dividend and 
yield, h Assumed dividend and yield after scrip Issue, 
j Payment I ram capital sources, k Kenya, ra hdertm higher 
than previous total, n Rights issue pending 4 Earnings 
bved on preliminary figures. r Australian currency, 
s Dividend sod yield exclude a special payment t Indicated 
dividend: cover relates to previous dividend. PIE ratio based, 
on latest annual earnings, u Forecast dividend, cover baaed 
on previous year's earnings v Tax tree up to 30p in the S- 
w Yield allows for currency clause, y Dividend and yield 
based on merger terms, r Dividend and yield include • 
special payment Cover does not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cm er and p;E ratio exclude profits 
of L : K. aerospace subsidiaries E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1STT7-78. C Assumed dividend and yield after pending scrip 
ami'or rights Issue. H Dividend and yield based on 
prospectus or other official estimates Tor 1078-77. K Figures 
h are*/ on prospectus or other official estimates for J078L 
k| Dividend and yield based on prospectus or outer official 
estimates tar 1&T8 N Dividend and yield based on prospectus 
oc other official estimates for HW. P Dividend and. yield 
based on prospectus or other official estimates for 1877. 
ft Gross. T Figures assumed U No ticniflcanJ Gu-poretioa 
Tax payable Z Dividend total to dale f* Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
of. stock. 

Abbreviations: riex dividend; box scrip issue; rex rights; max 
Oil; £ ex capital distribution. 


“Recent Issues" and “Rights” Page 40 


.This service is available to every Company dealt in on 
Stock Exchang es throughout the United Kingdom for a 
fee of £480 per annum for each security 


REGIONAL MARKETS 

The following in a selection of London quotations of shares 
reviously lifted only in regional markets.- Prices of Irish 

lv list ' 


arc as quoted an ihe Irish 

AJb3ny Inr 20p 23 

Ash Spinning ... 45 

Bertam 23 

Bdg’wtr EsL50p 2 63 

Closer Croft. ... 22 

Craig £ Ro*e £1 41D 


Shelf Refrshmt 
SlndaJlfWm.i. 


mt.[ 50 I 

.l_4 85 1 


Dyson (R A.1 A . 
EUis&McHcty . 
Evans Frt 10p 

Eve red 

File Forge_...._ 
Fmlaj-Fkg.5p- 
GraigShip.£l_ 
Hlgsons Erew_ 
LOJ4.Sttn.El-. 
Holt (Jo&.l 25p . 
NThn. Goldsmith 
Pearce <C H.t... 

Peel Jtills 

Sheffield Brick 


Conv 9% *80182. | 

Alliance Gas.- 65 

Arnoa 290 

Carroll rpj.)„ 93 
riondalkin^— . 10C 
Concrete Prods. 128 
Helton fHldgs.) 40 

Ins. Corp — 186 ** 

Irish Ropes in 

Jacob 65a 

Sunbeam 32 

T.MG 193 

U aid are 95 


onMerrhant. 


500 (-5 IQfiOe I 3. 


DIAMOND AND PLATINUM 





















































































































































































44 



keep things rolling 


FINANCIALTIMES 


BELL' 


SCOTCH WHISKY 


, FAG 'Bearing Co ‘Ltd. 
Wolverhampton. Teh 09077 4114 


Friday April 28 1978 


BELL 


President 
deposed 
in Kabul 


coup 


BY SIMON HENDERSON 


ISLAMABAD, April 27. 
THE ruler of Afghanistan was 
deposed to-night in a coup 
after several hours- of street 
fighting in Kabul, the capital. 

Broadcasts on Kabol radio 
said that Major General 
Dagarwal Abdul Kadir had 
taken over from President 
Mohammed Daoud as head of 
the armed forces revolutionary 
eonncil. 

The broadcasts said that the 
“ last remnants of Imperialist 
Tyranny " had been ended. This 
was interpreted as a reference 
to President Daoud, who over- 
threw bis cousin. King 
Mohammed Zahtr Shah, in 
1973. 

Two key questions remained 
unanswered: the first was the 
political nature of the new 
regime; the second, the imme- 
diate fate of President Daond. 

The coup may have been 
provoked by the arrest on 
Wednesday night of seven 
members of the Afghan Com- 



munist Party. Diplomats be- 
lieve that Communist sym- 
pathisers In the army reacted 
to the arrests by storming the 
presidential palace in tanks. 

About 5fr tanks roared into 
the centre of the town at mid- 
day and started firing on the 
palace^-tbe Ministry of De- 
fence and the Ministry of the 
Interior. The French embassy 
nearby was bit several limes 
and the consulate section was 
destroyed. 

There were reports of bodies 
lying around the palace after 
the tank and artillery baffle. 
Soon afterwards, MiG 21 jets 
strafed the 8th Infantry base 
at Kargah near the city and 
the' air forte headquarters at 
the airport 

It was not clear which units 
of^Jhe aribed forces had re- 
urahaetPloyal to the President 
bur fire was returned from 
some parts of the town. 

By late afternoon, when a 
building in tbe palace grounds 
was said to be well alight from 
gunfire, the volume of fighting 
had decreased. Troops 'were 
patroLKng throughout the city 
and guarding the radio sta- 
tion. A curfew was imposed. 


Much unrest 


Our Foreign Staff adds: 
There-bas been increasing un- 
rest in - Afghanistan at the 
autocratic rule of President 
Daoud. Since taking power in 
1973 he . had made the most 
of Afghanistan’s crucial geo- 
graphical - position which 
borders Iran, the Soviet Union 
and Pakistan to Ret aid and 
support from the West and bis 
powerful neighbours. 

Last year he established a 
political party, the National 
Revolution Party, hut the 
Government has made little 
progress In improving the lot 
of the estimated 19m. people. 

Most Afghans are illiterate 
peasant farmers or nomadic 
tribesmen, industry Is in its 
infancy and there is a short- 
age of. skilled manpower. 

President Daoud came to. 
power backed by a Russian- 
trained army. His regime 
vo.wed to follow a policy of 
non-ati&iunent and not to enter 
military pacts although some 
considered- him a Soviet 
puppet 


Steel Corporation annual 
loss forecast at £ 400 m. 


BY ROY HODSON 


A LOSS of £400m. is being fore- 
cast for the British Steel Cor- 
poration for tbe year 1978*79 
although Sir Charles Villiers, 
chairman, -said last night that 
the actual figures could turn out 
to be lower. An estimated loss 
of £418rn. was made in 1977-78. 

Interest payments to the 
Government on accrued borrow- 
ings will cost the corporation 
more than £200m. in the current 
year. More loans will be neces- 
sary. The corporation does not 
expect to be self-financing for 
at least five years. 

The new Iron and Steel 
(Amendment) Bill, reported yes- 
terday. will raise the corpora- 
tion’s borrowing powers by a 
further £1.5hn. with Parliamen- 
tary consent. 

The early action mentioned in 
March by Mr. Eric Varley, 
Industry Secretary, to bring 
about a' capital reconstruction of 


British Steel’s finances and re- 
lieve the corporation of part or 
all of its interest burden is being 
reconsidered. Sir Charles said 
last night it was ont likely to 
happen before next year. 


Sensitive 


One reason is the Govern- 
ment’s wish to avoid any massive 
writing-off of capital debt for 
the steel industry while its 
future prospects are still uncer- 
tain. A second reason is the 
sensitivity being shown by 
foreign governments to any move 
that might suggest British public 
sector steel production was being 
subsidised. 

A detailed account -of British 
Steel’s prospects, which has 
been circulated to MPs and 
peers, says (bat a financial 
reconstruction is .one of the 
requirements for returning 


British Steel - to long-term 
viability. 

Sir Charles said tbe corpora- 
tion should be able to break 
even by March 1980 if orderly 
conditions are maintained in 
world steel markets, if home 
demand for steel improves, and 
if management becomes more 
effective. 


ported by the Government to-day 
in a new White Paper. 

The recommendation was first 
made by the all-party Commons 
Select Committee into British 
Steel which reported recently. 
The White Paper is the Govern- 
ment’s official reply to the com- 
mittee. 


THE LEX COLUMN 





The corporation- warns that 
there must be further reductions 
in manning. Sir Charles said 
that Bethlehem Steel in the 
United States was making as 
much steel as British Steel with 
a labour force of -under- 100.000 
compared with the corporation's 
current work-force of 164.000 
actually engaged oa iron and 
steel making. 

A reorganisation of the TUC 
Steel Committee to enable it to 
respond in future to a wider 
field of responsibilities is sup- 


Trade union officials in the 
steel industry formed a working 
party last October to look at 
the need for expanding the steel 
committee’s resources to cope 
with its increasing role in 
planning the future of tbe 
industry. A meeting is now 
being sought with the cor- 
poration to discuss a preliminary 
report from tbe working party. 

Prospects for steel and White 
Paper. Page 10 
Editorial Comment, Page 22 


Gerald Caplan arrested 
by FBI in Los Angeles 


BY MARGARET REID 


MR. GERALD CAPLAN, former 
chairman of London and County 
Securities, the collapse of which 
in November. 1973, touched off 
the secondary banking crisis, has 
been arrested by the FBI in Los 
Angeles on warrants alleging 
that he stole £2.4m. from the 
group. 

Immediately afterwards. Mr. 
Richard Langdon. liquidator of 
London and County, started civil 
proceedings for the recovery of 
sums owing to the company by 
Mr. Caplan and obtained Court 
OTders in the U.S. and Britain 
freezing Mr. Caplan’s assets in 
both countries. 

London and County, of which 
Mr. Jeremy Thorpe, the former 
Liberal leader, was 3 non-execu- 
tive director, once had total 
assets of £128m. 

•Its failure, with lasses of £50m., 
caused such repercussions that 
the Bank of England and the big 
banks had to launch their un- 
precedented £12bn. “lifeboat” 
operation to rescue more than 
20 other banking concerns 
affected by the upheaval. 

Mr. Caplan, 47. was arrested 
following three years of inquiries 
by the Fraud Squad. 

After he had been traced to 
California, three warrants accus- 
ing him of the theft were issued 


at Bow Street Court some 10 days 
ago. 

They were secretly taken to 
California last week by Detective 
Inspector Robin Constable and 
Detective Sergeant Bernard 
Brown. 


Efforts 


Efforts are being made to trace 
Mr. Caplan’s former business 
associate. Mr. A. Trevor Pep- 
perell, who may be in Germany, 
as Scotland Yard wish to see 
him too. 

A hard-hitting report on the 
group by Department of Trade 
inspectors, published in January 
1976, spoke of- Mr. Pepperell and 
Mr. Caplan as having defrauded 
London and County of substan- 
tial sums. Both strongly denied 
the allegations made against 
them. 

Further sworn testimony is 
expected to be given by the 
Police at Bow Street Court 
shortly for forwarding to Cali- 
fornia. where extradition pro- 
ceedings must now begin if Mr. 
Caplan is to be returned to 
Britain to face trial. 

In civil proceedings started in 
California by the London and 
County liquidator, it was claimed 
that Mr.' Caplan had substantial 


assets in the U.S., including a 
S4 00,000 (£220,000) house, pro- 
perty in Montana, and cash and 
business interests in investment 
companies. 

The liquidator, Mr. Langdon, a 
leading City accountant said 
last night: “I am pursuing what- 
ever money I think is due to 
the liquidator where I think 
there is a prospect of recovery.” 

In Britain, a writ was issued 
yesterday, and an order, which 
had been sought a few weeks 
ago in connection with the pro- 
ceedings then planned, was also 
obtained on behalf of the 
liquidator and served on a num- 
ber of people, freezing Mr. 
Caplan's U.K. assets. 

Mr. Caplan, a barrister, who 
is also a judo expert, built up 
a complex network of companies 
after buying a . tiny concern 
called London and County (A. 
and D.) in 1961. 

One witness to the Trade De- 
partment Inspectors described 
the group in its heyday as 
“rather like the court of a 
medieval king." 

Mr. Caplan was refused bail 
and held in custody at first after 
his arrest But a further move 
to obtain his release on bail 
was under way yesterday. 


£ 16 m. losses 
forecast 
on Cubitts 
contracts 


By Michael Cassell, 
Building Correspondent 


PM hits at Ministry leaks’ 


BY PHILfF RAWSTORNE 


MR. JAMES CALLAGHAN yes- 
terday angrily accused "mischief- 
makers” inside tbe Ministry of 
Defence -of leaks to newspapers. 
His charge startled tbe Commons 
as he vigorously denied a report 
tfaat< he bad rejected a request 
last week from the Service 
Chiefs of Staff for a meeting to 
discuss Forces pay. 

Mr. Callaghan said later that 
Mr. Fred Mulley. Defence Secre- 
tary, had ordered an inquiry into 
the “untruthful story ” published 
in The Times. 

A departmental inquiry is al- 
ready being conducted into the 
unauthorised disclosure of in- 
formation last week to the Press 
Association about resignations 
from the Forces. 

Ministers are convinced that 
there have been deliberate leak- 
ages of inaccurate or partial in- 
formation from the Ministry of 
Defence recently, in an attempt 
to increase the pressure for a 
substantial pay increase for the 
Forces. 

In' tbe Commons, Mr. 
Callaghan said he had agreed 
la$t week to meet the Chiefs of 
Staff and a date and time had 
been- suggested. But the next 
day he received a message that 
the Chiefs “did not think it 
necessary to meet me at this 
time/’ 

Mr. Callaghan told MPs that 
he had a full discussion in 
March with the Chief of Defence 


Staff. Marshal of the RAF Sir 
Neil Cameron. 

He added : “ T think there is 
a certain amount of mischief- 
making going on from the Minis- 
try of Defence at the moment.” 

He had found it difficult to 
check on the leaks. * but when 
they are mischief-making, they 
are in my view especially 
dangerous. If I do find out tbe 
source of tbe leak, which clearly 
comes from the Ministry of 
Defence, I shall invite tie 
Secretary of State to take appro- 
priate action." 

Michael Donne, Defence Cor- 
respondent, writes: The Ministry 
of Defence yesterday denied that 
the Chiefs of Staff felt they had 
been “snubbed” by the Prime 
Minister by not being able to 


discuss with him the controver- 
sial issue of Forces’ pay. 

It was pointed out that it bad 
not been possible for a meeting 
to be arranged, because of the 
pressures on their own. and tbe 
Prime Minister’s schedules. But 
they had withdrawn their request 
for such a meeting on being 
shown tbe report of the Armed 
Forces' Pay Review Body, with 
its recommendations for restora- 
tion of comparability with civi- 
lian pay rates by April 1. 1980. 

On tbe question of “ leaks ” 
of information the Ministry has 
concerned itself in recent weeks 
about the way in which some 
items of information have perco- 
lated through to the Press. It is 
investigating the sources of such 
items to stop future leaks. 


High Japanese car 
exports before curbs 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 




CLOUDYi Some bright intervals. 
Cold. 

London; S.E., S.W„ 

Ceil. S. England, E. Anglia, 

Channel Islands 

Bright intervals, showers. 


BUSINESS CENTRES 



T’day 

Mid-day 

Y*dar 

Mid-day 



*C 

-K 


»c 

•F 

AlcxinCria.S 

34 

93 

Madrid C 

12 

54 

Amsirdtti. 

C 

10 

30 

Manctor. C 

5 

41 

Athens 

S 

20 

90 

Melbourne F 

14 

57 

Bahrain 

s 

86 

T» 

Mexico C. S 

24 

75 

Barcelona 

K 

14 

ST 

Milan F 

14 

57 

Belfast 

V 

7 • 

43 

Montreal S 

T4 

57 

Belgrade 

K 

ib 

GO 


8 

.79 

Berlin 

F 

10 

so 


IS 

59 

BimtghiH. 

C 

s 

41 

Newcastle B 

S 

41 

Bristol 

C 

T 

45 

Now York S 

13 

56 


Wind S.W., light or moderate. 
Rather cold. Max. 9-10c (48-50F). 

Midlands E„ N.W„ 

Cen. N. England, Wales, 
Lake District Isle of Man 
Cloudy. Hill fog, rain in places. 
Cold.- Max. 8-9C (4M8F). 
Borders, Scotland. N. Ireland- 
Cloudy. hill fog. rain. Snow on 
hills. Cold. Max. 5-6C (41-43FJ. 

Outlook: Rain. Sunny intervals. 
Cold. 


FIGURES published yesterday 
indicate that Japanese car manu- 
facturers were planning a large- 
scale expansion of sales in 
Britain -this year before the 
latest agreement on limiting 
export shipments was made in 
March. 

They show that 57,120 Japa- 
nese cars were imported Into the 
U.K. in the first three months 
of this year against 31,257 units 
in the same period of 1977, cost- 
ing the country £94.5m. against 
£42.4m. a year before. 

- Shipments in March alone 
almost doubled, from 11,409 
vehicles 12 months before to 
20,950, and were on a slightly 
rising trend compared with 
January and February. 

The statistics, issued by the 
Department of Trade, show why 
the British Government suddenly 
became much tougher earlier 


this year iu demanding a curb 
on Japanese vehicle exports. 

By the first week of March, 
when tbe new agreement on 
limiting exports from Japan was 
made, shipments counted at 
British Customs were well on 
course to overhaul last year’s 
total of 166,700 units by a large 
margin. 

Although the new agreement 
on export curbs came into force 
on March 8, it was too late to 
have any effect on last month’s 
figures and it will not have a 
large impact on the April ship- 
ments either. 

Because Japanese vehicles 
spend about sib weeks at sea on 
their way to Britain, the cars 
finding their way info the 
statistics last month had been 
loaded before the deal was 
made. 


LOSSES arising out of two con- 
tracts undertaken by Cubitts 
Nigeria, part of tbe Tarmac 
Group, wiH be nearer £l6m. than 
the £12m. originally forecast 

Mr. Robin Martin, chairman of 
Tarmac, giving details of the 
revised losses and provisions, 
also disclosed yesterday that the 
company had made an ex-gzatza 
payment of £78,000 to Mr. Bill 
Francis, the group's former "vice- 
chairman, who left last year. 

It was claimed at tbe time that 
the Nigerian situation was not 
the sole reason for the departure 
of Mr. Francis, who was respons- 
ible for Nigerian operations, and 
that differences of opinion bad 
arisen over the group’s overseas 
expansion programme. 

Tarmac purchased Cubitts 
Nigeria, as part of Holland, 
Haanen and Cubitts, from Drake 
and Scull in 1976 for £5.3m- 

The two companies have been 
-in dispute ever since the losses, 
on school and airport contracts, 
first came to light last Septem- 
ber. Both are now involved in 
litigation against each other. 

Mr. Martin, who announced 
that Tarmac Group pre-tax 





Yesterday’s Parliamentary • last couple of yean* 

answer confirmed that the Index rosel 0 . 6 1 © 467.8 ^ tratoted. Hi 

UJC" operations cannot 


Government is determined hot 
to relinquish the possibility of 
extending dividend control, rh. 
case it should have any value as 
a negotiating counter in con- 
sultations with the unions ‘over 
pay policy. 


Vickers 


The preliminary figures from 
Vickers demonstrate for the first 
time the hole that is being 
carved - in its profits by 
nationalisation of the group's 
shipbuilding and ' aircraft 
interests. In the first half, 
which took in' shipbuilding for 
six months and BAC for four, 
the .pre-tax Total was £18.lm_ 
(allowing for a retrospective up- • 


500 

• 

80 

480 

^ ; - 

76 


, Vv^** M I 


460 

\ roLJ 



\ / V\* 

72 

440 

Mr 


V . * 

‘F.T.Sl- F.IEwt! 

68 

420 

-Share Securities 



Index Index, 



1978i i .. . 


400 

JAN MAR APR 




SK’ 1 


this - sort of . growth . 

. whole the international 
where profits dropped 
last year, is not looking p£ 
lariy buoyant In the g., 
fawn most important nrari^ :’ 1 
North America and Jut nr- 
profits - fell by - i : , f 

Admittedly, there f'T 

special • factors each m *6'"’“ 
absence of stock profits ai ^ii u ‘ 
import ban in- Nigeria huf 
so the overseas -pemfon .. - 
was not "particularly imprt'V •••• - 
The recent dedanain sfe. •: ' 
will obviously Iwflip both'; 
seas profits and exports, _■ ■ 
the recent - rationali satire 
reduced . TootaTte .-exposal; 


;r? 

.-.u'.iur null 




I jl. 




_ r 


yield Si per cent fcOP eS 

jshed 


ward revision of the shipbuild-. 7, ^. ^ increase in pretax the more cydical part * , 
mg contribution from £2Bm..to * £24Jhn. and a 10 per textile- C?cte. However,. .. 
£3,8m.). The second half, m g n , t dividend rise have been group stdl has to demon 

sharp contrast added just £7m. dedare d as if it did not exist that It can successfully 

to take the 1977 total to £25.1m. - We div i den d yield, of 9.8 per the. “fashion”; business i ' 

against £3&3m. . • • 'cent indicates, however, that long "term. At 50p the ■£ 

In mitigation. Vickers has market * not Heating Tar- 
no* included any notional mac * s pro biems quite so 
interest in respect of compensa- - -ac- 
tion money, apart from £397,000 Bur densome contracts are not 
in recognition off payments on exclusive to Die construction 
account amounting to ±7 m. iniustry burdensome acqui- 
which have .nowbeen received. ^tions not extraordinary to 
To this extent the 19, ( profits Tarmac . Not even part of the 
are probably understated by :£i6in ch ar ge relating to a 
several £m. But the group has pruning 0 f the Nigerian opera- 
still not even started serious tions bas been regarded as a 
negotiations with the Govern- f^ing cost 
me A nt , ^ This reflects poorly on the 

u At If 85 * y’5 kers .7 s exp ® < : tin S quality off iihe group’s earnings 


George Wimpey 

the accountancy bodier’ 
terday announced that . 
p allies with pre-1976 lonj r . 
contracts will-' not, artel:., 
face tax bills- earlier as a : 
of the changeover to accou.- 
standard SSAP9. The ne-. : 
tViiy significant concession r.-- 
the Inland Revenue came c- 


r U 


V. 


I.T'.ICC 




same. day as the 1977 r ,.-i ( 9 
George " - Wimpey, s 


s^e" growth in the flrrtt. .f ^ aSady reflect S 

the ongoing businesses. -Wn&csi _ , r — — t-o — ; n unui. rT . .. * c *_*- 


. vn ** 

iW? 


Algrapby again showed a big 
advance (to £9.1m.). Tbe pro- 
blem area was offshore engineer- 
ing, where heavy development . . ; 


‘.it*. 




H. W. A. “BILL” FRANCIS 
. . . ether reasons for depar- 
ture. 


profits rose last year to £24.2m. 
agaiost £22.5m. the previous 
year, said that the £12m. sum 
calculated to cover existing and 
potential future losses in 
Cubitts Nigeria had now been 
raised to £16m.. although it 
could finally be Jess than that 
figure. 

The increase was the result 
of two factors. The Nigerian 
company's activities were being 
reduced in scope and size, and 
Tarmac was allowing for future 
costs relating to overheads, 
finance interest and the write- 
down of plant, in addition to the 
contract losses previously 
anticipated. 

Secondly, as there had been no 
major contractual or other 
settlements involving Nigeria, it 
was impossible to quantify the 
timing or amouns relating to any 
redressment of the Nigerian 
situation. 

Mr. Martin said tha>t, In epite 
of the Nigerian losses, he was 
confident about the group's 
future. 

A srrong U.K. market last year 
was liteJy to be even stronger 
this year, with bigger profits 
coming from the quarry pro- 
ducts. housing and properties 
divisions. 

There vras scope for improving 
overseas business, although he 
did not foresee any spectacular 
improvement in results this 
year. 

Last year, the group's Inter- 
national division incurred heavy 
losses on road and housing con- 
tracts in the Middle East. 

Serious losses in its German 
quarrying operations were also 
recorded and further losses 
there are expected this year. 
Full year figures. Page 30 


HOLIDAY RESORTS 


Brussels C lfl 50 


Budapest C 
B. Aires. 
Otim ' 
Cardiff - 

Ctfbefe;.-; 


rinwhagnl 


PubGa' V. 
fttfnburgb 
FrJCnhfim: 
ReteVa/ • 
ritiSTOW ' 

HefeinM 
n.s-'Fdw 
.isTiunr 
u$bw . 
umdyu — 

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. 14 

S it 70 

C -7: 45 
F-lfl •*! 
,4. as 
B « 

B 4 58 

.S 16 '61 
B .; 1ft -58 
tr. S ,4! 
n . a at 
s 31 W 

S..0J 72 
F 14. M 
c: J; « 

r a h 


Oslo 


Paris 
Perth . 
Prague- ' 
Reridarik 


a 46 
12 S« 
26- 79 
15 58 
S' 41 


Rome .■ F 17 - BS 

SI ok a po re S rtf 98 
Stockholm C : - 5 41 
Sirasbrg. C 18 .61 
Srdnoy F lk 61 
Tc * nn ■ S SI 70 
Tel Aviv S 'SB 78 
Tokyo C W 66 
Taranto s 14 W 


Vienna 

Warsaw 

Zurich 


V 16 fil 
S 9 46 
R 10 50 




Y’day 



V'day 


Mid-day 


Midway 



«c 

* F i 



-c 

"F 

Ajaccio 

C 

IT 

93 

Jersey 

C 

9 

43 

Biarritt 

F 

14 

57 

Las Pima, s 

21 

m 

Blackwwl .C 

7 

46 

Locarno 

R 

11 

52 

BordOiUK 

c 

13 

55 

Majorca 

F 

16 

01 

Boulogne 

c 

T 

45 

Malaga 

F 

20 

08 

CaablnCa,. 

F 

21 

70 

Malta 

S 

20 

GF 

Corfu 

■R. 

17 

£1 

Naples 

R 

15 

59 

Dubrovnik 

C 

16 

61 

Nice 

F 

16 

61 

Faro 

F 

IS 

64 

Nicosia 

s 

•H 


Mon? nee 

R‘ 

1.4 

S3 

Onorto 

c 

14 

57 

Funchal 

F 

1» 

Wf 

Rhodes 

F 


TO 

fTIhraliar 

c. 

17 

nr. 

Salzburs 

F 

13 

U 

finenttev 

-c 

S 

46 

Tinnier 

r. 

15 

59 

Innsbruck 

c 

14 

57 

Tenerife 

F 

17 

S3 

InvcrncSB 

c 

5 

41 

Tunis 

s 

26 

79 

Ifc.or M» n C 

6 

43 

Valencia 

6 

211 

RS 

‘Istanbul • 

1 

r 

1-4 

U 

In 

64 

*. 


R 11 98 
0-4 tadr. 


Continued from Page 1 

Court to hear tachograph dispute 


The U.K. has claimed mat it 
bas -gone some way to meeting 
EEC requirements by introduc- 
ing a system of checks to ensure 
compliance with laws on drivers' 
hours and by establishing more 
than SO tachograph calibration 
centres for domestic and foreign 
lorries fitted with the devices. 

Tbe Commission has disputed 
tbe Government’s economic argu- 
ments, pointing out that the 


plaints from drivers on the Con- 
tinent and are installed on 
British lorries travelling to other 
parts or the EEC. 

Ian Hargreaves writes: The 
sped of the Commission's latest 
move will come as something as 
a surprise and a disappointment 
to Mr. William Rodgers. Trans- 
port Secretary, hwose policy has 
been to delay a confrontation 
until relaxation of pay policy In 
Batute pmittn m Msma to 


buy-ln the tachograph. 

There Is no confidence in 
Whitehall that Britain can 
successfully defend itself in the 
European Court A pro-European 
like Mr. Rodgers would be un- 
likely to deTy a ruling of the 
court. 

The question remains whether 
the Transport and General 
Workers’ Union will soften its 
line in tbe light of a likely court 
ruling and the prospect of more 
Hmdhke par filioHmo . 


, _ . . . . a Joss of some £2an. in MiiddJe th af ^ had entered int 

advanced only from g agtern operations and one. in annuity-based- tax avoL - 
to £22 ./hl at the °f>erah_ Germany off £2.4m. The good- scheme specifically to cope-' 
mg level. Engineering preseated however,- is a rise of one- SSAP9. Wimpey reckons^, a -fl rHrnC 

a mixed but m aggregate sterfy ^ ^ UjK< profits before the ' scheme has brought 53 ' an ° 
picture, whde the lithographic Merest £3fen_. and the fcirn- benefit amounting to -- 

romd of the property diraum. greoter part of ^ 

This year Tarmac expects some .charge for 19 <6,. though l; 
further improvement in. the not reflected this . in “i 
(though not on the scale accounts so far. It is now ^ 

CMts"^d”stS"™m'^aBDn for <* 1977),imd eiroodit electe e tm 

the North See submereibtee eootooimtg deto “ Europe to 

operatioo led to * £2.8m. loss, be pwre tao offset by restored threatened ^ 

Without a big tuxnround here profitability elsewhere. This . immediate changi 1 

it is herd to see 1978 prptex op «, _£27tn. to . 

profits for the group .getting x30m. .pre-tax. • - .. . — 

much beyond £20m., even with - ' _ 
the benefit of interest on the lOOtHi 
compensation money. But the 
yield at I79p is 8.6 per cent 

_ second half.. A 42 per cent 

Jtarmac increase in the firrt haH has house-building sFde, where ’: - *4 -.1 

Tarmac’s Nigerian loss— now dropped 12 per ceaL in the activity levels yere maznta; 1 ;.;’ - ... : ’ r • V : ! 

•• - — ' — — — - second six months. For the and- good results from "" ■■ - 

full year pre-tax profits are Middle East are : cited 
£4.0m- higher at £2L8m. but main factors here. - With 
any significant improvement in immediate outlook ■' ."icfciety 

the current year will not come Wiinpey should be abl^ _ • Booth 
until the second half. manage a 10 per cent * 

Until now the UJL side has in pre-tax profits to about ' -- 11 - \-£ 

made all the running — over the in the current year, ft pen ~ : —y 


Meanwhile, Wimpey’s pr 
profits are Ifi per cent a 
„ at £51,4xn. for 7977, after 

Tootals profit growth «as per improvement 
slowed dawn sharply . in- the six months Stage.'- Better. . . ‘ 

expected trading on -the.'.,;/. 


C:T‘ 




swollen to £16m. after an esti- 
mate of £12m.— is regarded by 
the chairman as a “pretty big 
hiccup.” But this hiccup has not 
been swallowed into the profit 
and loss account as might have 
been expected. It has been 
deducted from reserves, and a 


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