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a 



Thwaites 


No. 27.636 


fer CONSTRUCTION 


Monday August 14 1978. 


Tzrrr 



CngneeringOti Ltd, 
Leairrigo^Spa, 
Engine. 
7e-.C92fi-22471. 


CONTINENTAL SELLING W1CB-. AUSTRIA 5ch »i BELGIUM fr la.. DENMARK Kr 3.5: FRANCE Fr JM»i GERMANY DM 1.0: ITALY L 500: NETHERLANDS Ft J.0; NORWAY Kr JJ; PORTUGAL. Esc Ms SfAIN Pti 40j 5WBHEH Kr 3 JSi 5WTT3SBILANO Trr 1A-, P*g ISp 


NEWS SUMMARY 


general 


BUSINESS 


Japanese leaders 


• * 


talks 





Interest 
offer 
to China 
‘below 


6 


mam 


we apon in 


ASCII U l j J BY ROBERT WOOD, TOKYO, AUGUST 13 

t, ... is-PWCt j A new plan aimed at tripling the size of Japan’s “ emergency imports ” 

IlsCici’ • negotiations resume programme was disclosed here during the weekend by two of the country’s 

UldSl toda va^haVs° 'Tort mos * economic leaders. 

ulant 3UX Merseyside which Mr Toshio Komoto. Minister The scheme has yet to be ins with emergency imports. 
A* on „ , , . Ihreaipn? in dislocate output fDr International Trade and approved by the Government. Under ihe plan Mr. Miyazawa and 

At itw SO people wet hIM J >ens ‘o £ Llyi WwttT- and Mr. Kiiehi None of the emergency Mr. Knnioto agreed yesterday, the 

and a similar number injured Miyazawa, Director of the imports is thouebt likely to goal for utilities' special pur- 

when a massive _ explosion ... . Economic Planning Agency, alter the structural long-term chases of uranium ore and en- 

destroyed the Beirut head- Th * Merseysme piani . have devised a scheme for imbalance in Japan's trade and riched uranium, and advanced 

quarters of a pro-Iraqi Pales- r 5 0pen ‘J 115 7 11 , , i'j nw „ special imports of fuels and some purchases might eventually payments for liquefied natural 

tinian guerrilla group. three-week hohrla> snum equipment worth S1 n 5bn during increase imports. The pro- gas. is increased from S1.12bn 

Front, o "" .****—« 

the eight-storey building, did not offthis moving. * To dale, Japan has talked in SliSn'meilt- en^mr^g ed^stmc* creased°7rom SBOto™? S^bS' 

Name the attack on any specific BL Cars faces a challenge from terms of $4bn in emergency u, r J "Sn" es^ Sm“ if work. Japanese compand have S 

SS^SSlW blondl^h^He wi^ unofficiaI leaders uf |W 14 -°° P 0 " c h w P ro » n ™ me '“a a retted two foreSn chtwSii? l5y be 

membere of ?Ss.£- lU cnift workers todil - v - T1,e CI ? n more thao Minis i ers agreed on Saturday to cause Tore flags allow them 

Palestine Liberation o'r’anisa- wmfflU,ee ,s urging a one-day Japan s current-account eltcnara9f Export-Import Bank to empl»y low-wage loreign sea- 

Hnn ** stoppage for improved di/Teren- surplus. loans for natural-resource devel- men. Tn« I’each the new goal for 

ir' tials a 1 " 1 separate bargaining Private agencies predict that 0 pmenr projects abroad. The emergency ships imports, the 

thpv ik-ntetAri « J rights. Japan s currenl-accounls surplus. | oans will encourage outflow of Japanese will have to find a wav 

22i t '3Sf d hiS!" d ** Back Pago excluding the emergency im- capital. though there is no esti- tn allow foreign seamen to be 

the blast. . .. ports, might total S20bn. mate yet of the amount. employed on Japanese-owned 

Prince in jet W5!i c |= 5™ K ^ r m "M Pressure 

fire drama Sffiitffi '.IS”?, EPiSE a „ d KM WWfS 

Prince Philip was aboard a .7 ..vneciert to consis ts largely of accelerated the natural -resource investments chartered vessels.; Meeting the 

scheduled jumbo Jet whose 1 p a ^ purchases 0 f products thal would will he almost entirely by the new goal will probably require 

undercarriage caught fire at oe ordinarily be imported later. private .sector, encouraged by “ purchasing most of the 

Calgary after two abortive take- — GOVERNMENT mav scr rem- Apart from fuels, embracing favourable Government financing Japanese-operated flag-of-con- 

off attempts. During the second mHaiinn af-eounun* 1 enr *ched uranium and liquefied terms and olher incentives. vcmencc fleet. _ But. of course, 

run four tyres hurst. No one was r ,r Vh*. m.hl„- sector natnr »l fas. other items in the The largest item is fuels, im- many of those ships are already 

hurt and the Prince arrived in : r .hT^nn,^ k nfVh P inflviion scbRrne include shins, aircraft pnried by Japan's electric power owned by the Japanese through 

London last night on a iatw 4t«.rinJ Groun a °d industrial equipment. Some companies. Those companies are overseas subsidiary companies. 

Bight fu™ , rmnni i™ Hniaved Eoods wt>u,d b « imported on especially sensitive to Govern- ■ Mr. Komoto arid Mr. Miyazawa 

imirhinnwr “ 3 paper only. Ships, for example, ment pressure now because agreed io increase the goal for 

Boycott threat rLvL- p ,"- 8 W0Uld.be bought from foreign Japan is debating whether to purchases or foreign equipment 

* Daeh ra * ,c companies that have been char- force them to lower their rates for leasing to third countries to 

As the Commonwealth Game? rniurrnv . hai „_ ........j tering them to the Japanese, in response io lower fuel prices, S1.3bn b> adding several hundred 

ended in Edmontoo. Geoff Capes. OCO CEB» ij b ® 1 ?^ "P while aircraft and some mdus- which the higher yen is bringing, million dollars’ worth of indus- 

» t », pUtt T S ?!. d S e - d ?'i ,st :.r 5ald iv ihI*iSram!K«ekin“ trial equipment wmi Id be bought Mr. Komoto has opposed the tril plant barges to the SSOOm 
that he and other British athletes isnri m sinly for leasing to third raie cu»s largely hecause the in aircraft purchases that had 

a Sc'f’h'i. SETs BmEEE S A^ 0 pai h e e ,h n s d,, ESS y-mes. p 0 »er oonnpsnles sr. «p.»> .Ir^ h- p. Mne d. 

a protest at the continuing use responsibility for civil aircraft 

of banned drugs by Eastern Bloc research. Back Page . ^ 

ssss Tanker owners fear spot 


By David Houscgo 

CANTON. August 13. 
THE CHINESE authorities, in 
their efforts to obtain (he best 
possible borrowing terms, have 
claimed to Western Govern- 
ments i hat Japan has offered 
them credit at interest rates 
effectively below the minimum 
formerly agreed by in- 
dustrialised nations for long- 
term support credits to de- 
veloping countries. 

Should this prove true, it 
will lead to farther criticism 
of Japan from major indus- 
trialised nations, already 
impatient with the coaruraJug 
magnitude of Japan's;; trade 
surplus. 

Under a ' gentleman's agree- 
ment ” between OECD mem- 
bers, the minimum interest 
rale on export credits lo 
developing countries nf five 
years or more is 7J55 per cent. 

The Chinese have not sub- 
stantiated (heir claim (bat the 
Japanese are getting around 
agreements, except >n hint (bat 
Japan is using its strong 
foreign exchange position to 
help China. 




BY JOHN HUNT AND NICK GARNETT 


THE GOVERNMENT is prepared ' rr ~ ~v : > r f 
if necessary to take legal action \\ i:~ ' T.- 

against Chrysler foy the repay- ^ * 
ment of some of the large sums * “.:7m .0, 

‘of public money which the ■' a" 

A men can -car company received *• >* C. 

as part^ctf the rescue operation 7 . 

Ministers see this as the main 

weapon in their armoury in - -^fWSp . fME 

negotiations which start this 7 . mB 

week on the proposed Peugeot- 

Citroen takeover of Cbrysler’s .5^;',.'^' ’R 

British operations. 

Mr. Eric Varley. Industry r* -Stm- 

Secretary, and Mr. Alan - s ■■ r 

Williams. Industry Minister, • 

today meet leaders of the com- ' 

pany's nine unions to discuss tt>e . 

deal.' which is part . of Peugeot- 

Citroen'a S430ro proposal to bay Bftg -ilKl >■ 

out jail pii5*der^ European ; 

uperations. 7- 1 - * 

- There is now 3 fefelinp among tBBf : >7 "' 

j union leaders that Peugeot's BP ' • i 

main interest in Cbrysler'a UK 7^ f i- 

operations is Its medium truck B Y;.- ^ 

plant at Dunstable. ‘ 

Union chiefs condder this to 
be a passible bargaining counter. ' ERIC VARLEY 

whic h the Government can use Meeting nine unions today 
to persuade Peugeot into giving 

^ . cora 1 r P^ nie,1 i ^ on job srnch troubled L inwood factory 






MR. ERIC VARLEY 
Meeting nine unions today 


Orders 


Glasgow was the worst-hit UK which has arisen ov . _ 
airport with delays of up to 12 will be sorted out /.fa wceV-f j ‘ H ^ "H ' B A 

boom may be-short 

_ ... a record high of 1.234m 1 season- . . 

'.Settlement plan ally adjusted) in July— the first BY IAN HARGREAVES 
hen pc rn . . ... . time the figure Has passed IJfm 

thaMt plims™to e 8iiiid 5 Sv? new fha^™ one- third '^uio^are OIL TANKER owners hope that abandnnmg the UA dollar as It said that with new oil 
settlements in the Jordan Valley pa„" , } this week will see the best spot the main oil trading currency— tanker deliveries - slowing -this 

on the West Bank. The decision, “ trading conditions for their ships a change which would also have year, with scrapping proceeding 

taken some weeks ago. was dis- fur more fhan three years, but a rapid effect on crude oil prices, at an unusually high rate and 

dosed after Opposition coin- IT iT/" 1 imnnrfc fear that ,be bo " rn m ®y end as Oil companies are reacting the number of tankers laid tip 

plaints about secrecy. Page 2 X-iX!A-' ilUpUlld suddenly as it began. earlier than usual to the price rising to almost 15 per cent of 

Carter’s gamble Page 37 . , , . Owners and brokers were sur- ri«e factor because there have the world fleet, a balance 

fc hlf VPhiriP prised last week at the emergence been for some time suggestions between supply and demand was 

,: vtnnrkhniii<so ill of a scramble Tor tanker capacity within the organisation that oil bound to be temporarily , 

oivuciivuov 111 ^ in virtually every oil-loading area loadings may be restricted for restored in the markets. 

'ohn Storehouse, former Labour IXISKCfS nf lhe world. ' a period before the price This balance, suddenly 

Minister serving a seven-year _ This transfoimed a chronically increase to prevent stocking-up. achieved in the Gulf last week, 

sentence for fraud, theft and • UK VEHICLE makers have depressed churftrers' market could be destroyed rapidly if 

.deception, collapsed in Blun- been heavily bit by EEC imports j n tn an owners* market and . . .. only a small number of the ‘5fim 

destnn Prison, Suffolk, and was in their home market during the pushed rales from worldscale 28 f \ deadweight tons of tankers laid 
taken to an outside hospital. He P as t few years- without gaining in \VS 37.5 for very large crude ~ up were reactivated, 

suffered a heart attack last year. ar *y comparable benefit from carriers fVLCCs) loading In the This year, there is also more it was for this reason that 

export sales to the Community. Gulf within the space three oil storage available in the U.S. Scandinavian tanker owners 
(Conclave ‘short* a survey of the British motor days . than last year giving the oil spent half uf this year trying to 

1 industry concludes. Page 3 Explanations for this first companies more flexibility in persuade Greek and Far East 

An aide to Cardinal Hume said surge of life in the tanker mar- managing the movement of owners to join an orderlv. mar-T 

after Pope Paul s funeral in * DOCKYARD workers, whose kel since the 1374 oil ' crisis crudu from the Gulf to thetr ketms cartel 10 sustain any im- 

Rome that it was hoped the con- sanctions In support of a pay included rumours of a renewed U.S. terminals. prove ment m rates, 

clave to elect a successor would claim have disrupted naval Arab oil embargo threat against Beneath the political anxieties This arrangement would have 
be shorL Mgr. George Leonard bases, will be advised today to tq c U.S. and others, should' next is a market logic to which some kept VLCCs artificially laid up, 
said that the 113 cardinals hoped suspend industrial action while month's Middle East peace tanker industry analysts have but it foundered last month 
to have a clear idea whom they they consider a new wage one p . summit prove unsuccessful. been pointing for some time ao through tack of support from the 

wanted before the conclave Page 3 But the most likely stimulant the likely cause of a late bi» Greek owners, Onassis, 

began. Funeral. Page 2 • BRIT'SH Insurance Associa- 10 *'! companies’ chartering summer increase in rates. Livanos and Niarchos. 

ITnmct hlnvo non is asking member-companies fifties was the normal Imeflanko. the independent The tanker index compiled by 

horest maze f 2 . rocedur ^ for seasonal fear of a decision by oil tanker owneni' association brokers Harley MuUion touched 

A spark from a lawn mower SttBS Claims' on Shoider ^orti^^^trie 0 / 3d ? SS WS9 ° *«,•**» 16 - p - DinI 

started a forest fire at Cazadero insurance uolicies Pace 3 Exporting Countries to raise (Hi world s •anker tonnage noi improvement on the previous 

California which d£t«v“dTs ^ r LT f ' 0 !? the * nd of th ® ye *£ ? vmed r by the oil Ha, week imd well -ahead of the 

homes and caravans nlua sn'm ® ARTIFICIAL tax^liminatin? There has been much talk been forecasting such a develop- year’s previous high of WS74 in 

worth oftimber Tchemes are continuing to be recently of the Arah States ment since the early summer. January. 

promoted in spite of the passing . 

Record run of retrospective legislation- in r 

the 1978 Finance Act, which ' 

The West End show No Sex banned the “commodity carry” hB a -SI — — — — ' _ „ ~H _ JP* 

Ks x r ° .jsssunjjs mivs - pist! Rail unions warned of job 

comedy in the history of the • CO-OP is cutting instant «F; • 

British theatre when it reaches coffee P p ' c<1 ^ from today. It hopes j u ^ u u . -m m ."r 

T^'\or^ n %^7s a/"? zjp cuts m freight business ;i 

have passed £3ra. tn increase pressure in reduce ^ am. 

prices nf other main brands. *■“. 

Briefly - by our transport correspondent 

A COMPANIES in financial 


to Nigeria hup*- that E i 

Uonat bankini; isnc'e 
arisen ovejf the loan 
tried out /.fa. west- a- 

V s . 

[ miliar In r-i I I -IvA ' 


BY IAN HARGREAVES 

OIL TANKER owners hope that abandoning the U.S. dollar as It said that with new oil 


on the West Bank. The decision, 
taken some weeks ago, was dis- 
closed after Opposition com- 
plaints about secrecy. Page 2 
Carter’s gamble. Page 37 

Stonehouss ill 


EEC imports 
‘hit vehicle 
makers’ 


It emerged over the weekend 
that in further discussions in 
Peking with members of the 
British trade delegation under 
Mr. Edmund Dell. Trade 
Secretary, the Chinese said 
that they now want fall 
buyer’s credit to finance what 
increasingly seems the tery 
large orders they arc prepared 
lo place with British industry 
— as long as it is fully com- 
petitive. 

The step Is a further mile- 
stone In China's emergence In 
international markets as an 
open borrower. 

The Chinese are looking- fnr 
Export Credits Guarantee 
Department credit over Jive 
years and are likely to ubtaitt 
maturities of between 8-19 
years. The department will 
shortly be informing indus- 
tries and banks most closely 
cerned »r the position. 

Negotiations are now 
expected with Bank of China 
on the legal technicalities of 
drawing up buyer’s credit 
agreements. 

As was onre Ihe case. China 
is reluctant to accept provision 
.for arbitration in the event of 
‘■a dispute being written into a 
.contract ... 

j. This becomes Increasingly 
important as tile sin: nf con- 
tricls grows. There is also 
diljlcultv in defining under 
who.se laws a contract would 
be "made. 

As the amounts involved in 

Coiillnued on Bark Page 


security within the company's ^ Scotland, 
car division. g 0 Chrvsler has received 

Apart from listening to infor- 151.5m in- grants and £3Qm in 
mati on supplied by Mr. Varley loans from the British Govem- 
and pressing fnr assurances on ment to meet losses on UK 
job security, the unions might operations. ’ 

1 g*J2 5V earl - v meeting As afa agreement still has a 
MnS JSf"? k i- year to' run and as the American 

ith!. 0S c f ,^K D,aD °5 c,als b f’ ,e J e company did not inform the 
S ' S1 f„ a meeting would be Govertiment of Ihe French take- 
i/J d ^“ nd SLi h * ausp,CES over bid until the eleventh hour, 
of the Industry Department. Ministers believe that they have 

a good ease for action • in the 
i British courts for the recovery of 

more details at leant some of that money. 

, _ They are optimistic about the 
£« Ure 0f ^ ca ' turn, of events and see the 
-,60 f s Intentions nss emerged, n prpm*n hid ie a chance to 1 r^- 

union offlSala^n^hotfLiS"^ neabtla *« a better deal and give 
is likely ^ d sh p sfewards 3 new cbance for Cbrysler’s UK 

Paur^yre, h head°uf PeiSl"- / An? sas=estion from the 
Citroen. ■- that he wants urgent at' todays meeting that 

% S3 ip 

™r pa r/pS l50f * ! " mcb 

stars w ss^s 

■ tn rtx-4. m &Z%** 


- tn thenry . m Gin-er#ient;can tn' Incnw 

xit -szjsrss^ritns 

vbat ssnerafion of models 
Minist-r, 1H» f. ^ 

'z' JglS-aPS VSrtor'dtoS 

nbtainlnc firm iiniiRtskiiiEs Ihi* ° 

From PpaiippofJTif reran ghont the S 0 ..rrf. S! ? 1 ^tt a° f .T 
future of the British operations. 5H5??*5rf S?eH«e 

Such a more would cause ^ ,9 draw Up a speafic 

2,7"™' Z SS re ™? A final dfrision Is likely to he 

Sov In edhlef. Z mS in k s2oUm£r bln<l ^ 

terms fnr thn British itlents end ™ SepwmtXT. 

wnrkfnrce. particularly 'for . the Editorial Comment, Page 8 


wanted before tbe < 
began. Funeral. Page 2 


non is asking member-companies activities was the normal Imerlanko. the independent The tanker index compiled by 
to review their nrocedurw for s ? aso " al ^ar of a decision by oil tanker ownera' association brokers Harley Muilion touched 

kver settling claims on householder L he Organisation of Petroleum representing nearly all of the WS90 last week, a 16-poim 

>ro insurance ooS'cies Pane 3 Exporting Countries to raise ml worid's tanker tonnage noi improvement on the previous 

.r insur ce p cies. rage j priCHS from tbe end of the year, owned by the uil companies, has week and well -ahead of the 

0 ARTIFICIAL tax-eliminating There has been much talk been forecasting such a develop- year's previous high of WS74 in 
schemes are continuing Lo be recently of tbe Arab States ment since the early summer. January- ■ 

promoted in spite of the passing . 

of retrospective legislation- in r 

the 1978 Finance Act, which ' 

S ” Rail muons warned of job 

ihe • CO-OP is cutting instant J; • 

lies coffee prices from today. It hopes m _ # — " m f 

s cuts in freight busmess 3 

prices nf other main brands. '■*. 

. _ BY OUR TRANSPORT CORRESPONDENT 









« COMPANIES 


financial 


Iran spread martial Jaw tn cover difficulties should he able to r,,,.-,-,, . „ . ... _ , , . ..... 

three more towns in the Isfahan apply to court ror a moratorium. “/UTISH RAILS financial per- tnc steel industry, which in spite is being iaed excessively tn cover 

area amid fresh disturbances, the Consultative Committee of ? rrna , n CC continued to improve of the flnanciat improvement so up the'l&se number of unfilled 

A»t4Na7i niani a Accountancy Bodies says. But it sh!lp ply ihe first half of this far this year has resulted in a vacancies? on the railwai's. 

"S shnuld apply only where reason- , hlrt p a>'way trade unions reduction in the volume of husi- a meeting nf the Board at the 

n o^Tnnrfnn 9 able chances of recovery exist hav ' been wa . raed tha * another ness by 2.5m tonnes. Last year's end of last week decided to follow 

?n n S^* Sr ihi NaMnnal Front" P ** c 38 !l Ush ,s 00 * ts wa Z t0 lola ) wa ® ‘°"ne S . , he example of some Others in 

20 area for the National Front. manpower In the freight Sir Peter told the union ihe private sector and produce a 

Premium Bond £50.000 prize goes • BRAZIL’S foreign debt wilt busmess. leaders that without co-uperatinn half-yea ^Statement of results for 

ro Essex holder of Bond 7PF rcach a reco™ MObn by the end According to figures to be in improving productivity, the flrsr time. 

0S9711. of this year, the Finance Minister made public shortly in British planned investment in the new This report will show a strong 

Ronnie Peterson of Sweden won i aid ‘ -» Rad's first half-year statement, generation of freight locomotives, improvement io passenger busi- 

the AuSo Grand Prix in a Pagc 39 ,hc r f ail Freight business is head- the Class 56. might also be ness, wheje traffic is up 5 per 

rJLc ^ ,n = Fora break-even point this jeopardised. cent on Ihe same period last year 

L ° tU , . • £AM f OFFSHORE Sevres year, having lost £5.5m last year The National Union of Rail- and much of the increase is - 

Translation of Shakespeare s niade pre-tax profit of £L9™ and £66m in 1975. way men is in public revolt over on inteMtfty roules, where busl- 

compjefe works has been pub- t£l.Sml on Lurnover of £12.9m T hls wj ,j kpep British Rail the ^ demanning plan and recently ness is being stlmulared by the 

iisbed in China for the first time. f£9.4m> for last year. within the Government's guide- instructed its memhers to refuse spread of '"the 125 mph high-speed 

lines for rail freight, but longer- to work overtime, which it claims train. - 

| ?rm projections by the British 

CONTENTS OF TODAY’S ISSUE 5 t B ;ttX7,C T>. ^ j. , . . , 

Overseas news 2 Leader page 8 rapid increases in prod uctivtty. JTflOIJG QlSOlIfP HlCl 

World trade news 2 UK companies 38 At a meeting of the railways vjtfl*, UlO^Ult UIW 

f-—, J Interna, (anal empaniei, ... 39 J”'" 1 . »?: BY OUR LABOUR STAFF 

Tedmr^^pofic 8 * 4 Eoreign Exchanges 42 Parker, the railways chairman, F-^ION NEGOTIATORS and Post rate in getting through has fallen 

Arts page • Mining Notebook 39 asked for union support in Office officials were beginning From ti« v nnrmal one In two to 

‘ i — severely reducing the number of formal negotiations today to try tbe present one in four or one in 

r-r- «"«-*. marshalling yards in the network, to settle ihe engineers’ rfisouie eight. : •**. 


It certainly is when yotiVe got one 
of GRE’s Family Income Benefit policies 
behind you, 

(If youhaven’tjtalk toyourinsurance 
adviser today). 


CONTENTS OF TODAY'S ISSUE 

Overseas news 2 Leader page 8 

World trade news 2 UK companies 38 

Home news 3 international companies ... 39 

B33HW..:::™: i F " r ^ E " s 42 

Arts page 7 


Phone dispute peace hi 


BY OUR LABOUR STAFF 


Incomes policy: limits lo 

German lesson 8 

Carter’s gamble in the 
Middle East o 7 


BulldtDB NnlCS — 
Business rroin'i Clary 
Contracts & Tontfor* 
C'vsswwt ■ , . • 
Cnimalnmant Guwe 
Enrabvnd !«•»«* - 
FinAnciel Diary .. 


on 

Nome C«Mr4c|» ... 

48 

s 

Iniuranea 

39 

48 

Letters 

37 

4 

Lev 

U 

s 

Lomturtl 

4 

7 

Men and Mailers ... 

> 

42 

Shore InFonnatinn ... 

44-45 

41 

Sena . . 

S 


rPATMDrc marsnaiungyaras in me network. w» seme me engineers’ dispute eight 

rtAIUnto Many of the yards have become " a rtiid growing disruption to Calls /b*?ond Europe are far 

lo Justinian 6 underused or redundant because international business operations. m ore yaHahle and links to the 

.. .. 8 QTT nvfv F h . an ses tn the pattern OF rail The Post Office said last mehr Far been , PaJ , fj cularl y 

** SURYEi freight, resulting in SO per cent that 60 per cent of international afre ^ te d h? ihe sanctions impowsd 

Indian Industry 9^“ of goods being carried in block telephone circuits were out of by the engineers In support of a 

— trains which do not use commission and direct teipnWnnn shorter working week of 35 hours. 

» ... « T«jay- S ev«iis ... ^ marshalling yards. links to a number of cities out- Olfiriatt- of the Post Office 


« Today's EVMUS . . 


For latest 


job losses likely to he involved me situation will worsen this * a,J L JiL .-.-ihiSS 

, to, in British Rail's rationalisation week. m Uie-jWuw an te tonnd 

s is~"- ^ ;Sie of «a^ IB a ssss 

test Share Index phone 01-246 WJ2f» Rail freights problems are described " reasonable " hv m the- engineer^' working week 

compounded by the recession in the Post Office though the succesa for 40'f# 37* hours. 


Guaidian 

Royal Exchang e 

Asstiraqce 

Bead Office Roya] Exchange, !UmdonEC5Y3LS 

One of the waddfe great msiuagfficom panipg 


fSCT 

’=r£ 

M 


i .-w.-t 

I -is 


_ 1 . - 


L)P 





OVERSEAS NEWS 


French unemployment up 
30 per cent in two years 


8Y DAVID WHITE 


PARIS, August 13. 


THE FRENCH economy is brac- 
ing- itself for a rather gloomy 
-autumn. The Government's ex- 
pectations of increasing unem- 
ployment and a slow-down in 
the lively expansion which 
marked the first half of the year 
have come true in rbe latest 
figures from the labour and 
. Economy Ministries. 

The number of people looking 
for jobs rose in July for the 
second consecutive month, by 
5.3 per cent to 1.09m. This was 
about 9 per cent higher than 
a year ago, while on a seasonally 
.adjusted basis the number of 
■jobless reached a record high 
of 1.24m, the first time the figure 
has passed l_2m. and marking 
. an increase of more than one- 
third in two years. 

At the same time, the number 
. of job opportunities has touched 
rock-bottom, dropping 9 per cent 
.in absolute terms to 87,500 and 
2 per cent on an adjusted basis. 
By both means of calculation, 


this was 16 per cent fewer than 
in July last year. 

The authorities say the recent 
rise in the number of un- 
employed is a result of com- 
panies’ postponing recruitment 
in order to benefit from the in- 
centives aimed at encouraging 
them to hire young people which 
came into force last month. More 
than half the job applications 
registered last month were from 

under- 25s. 

On the other hand, a further 
increase In applications from 
school-leavers is to he expected 
after the end of the summer 
holidays, and some observers 
believe the unemployment rate 
v/ill touch 1.5m. 

The announcement coincided 
with a drop in France’s industrial 
production index for June, a set- 
back to the growth trend which 
set in in the beginning of the 
year, spurred by the confidence 
of consumers after the Centre- 
Right coalition’s win in the 


March general election. 

The index based on 100 in 1970, 
dropped to 126 In June from 127 
in May and was 15 per cent down 
on June last year. 

The Economy Ministry said the 
lower production rate was partly 
due to technical stoppages in the 
processing of natural gas and 


oil products as well as labour 
trouble in the motor industry- 


referring to the Renault strike 
and lock-out at its big Flins 
factory outside Paris. 

A recent survey by the Govern- 
ment’s statistics bureau IN'SEE 
forecast that consumer demand 
would drop slightly in tbe third 
quarter of the year, followed by 
only a modest recovery in the 
last three months. The growth of 
demand from abroad was also 
likely to slow down to an annual 
rate of between 4 and 5 per cent 
In the second half of the year 
compared with the 6 to 7 per cent 
level which France has enjoyed 
since the summer of 197& 


Ethiopian troops take major town 


BY DAN CONNELL 


KHARTOUM, August 13. 


ETHIOPIAN GOVERNMENT 
forces rolled into the city of 
•Agordat this week taking the last 
major town from the Eritrean 
Liberation- Front fELFi and 
setting the stage for a showdown 
with the Eritrean People’s Liber- 
ation Front <EPLF\. 

The fall of Agordat has been 
a foregone conclusion since 
Ethiopia overran a senes of ELF- 
held cities and towns during the 
past three weeks of what has 
become the largest military 
campaign ever fought tn the 17 
year Eritrean war for independ- 
ence from Ethiopia. 

Its main significance lies in the 
fact that the Government is now 
■in a position to launch a two- 
pronged assault nn the Eritrean 
.City of Keren which Is held by 
the EPLF, the stronger of the 
two main Eritrean guerrilla 
movements. Informed sources 
here say that such an assault 
may alreadv have begun with 
substantial backup support from 


Cuban forces on the ground and 
in the sir. 


Agordat. nest line in the foot- 
hills of western Eritrea, is the 
gateway to the Red Sea terri- 
tory's highland plateau which 
rises rapidly to 2.500 metres 
IS, 000 feet I above sea level and 
is the most densely populated 
area of Eritrea. 

The Ethiopian strategy in the 
current offensive breaks down 
into three stages- In the first, the 
Government set out to mobilise 
and deploy its forces inside 
Eritrea and along Eritrea’s 
souther border with Tigrai and 
Gbndar provinces. 

Stage one began officially on 
June 5. ' according to the 
Government’s own official state- 
ments. but it was substantially 
delayed by attacks from the 
EPLF. the ELF and a third anti- 
Government movement in Tigrai. 
the Tierai People’s Liberation 
Front (TPLF). 


Stage two called for tbe open- 
ing of three principal highways 
running from Tigrai and Gondar 
to the encircled city of Asmara, 
and the capture of all cities and 
towns along these roads. To date 
this has been only partially 
successful. 

Stage three, which involves 
Government strikes on rural 
guerrilla bases in tbe vicinity of 
the newly reoccupied towns and 
highways bas yet to be imple- 
mented except in the western 
lowlands against the battered 
remnants of the ELF. Instead. 
Ethiopia appears to be concen- 
trating its full strength for the 
ronfrontatinn with the EPLF 
between Agordat and Asmara. 
Diplomatic sources say that the 
Government plans a plncer 
attack west from Asmara and 
East from Agordat toward 
Keren with fully mechanised 
units and a heavy reliance on 
air power. 


Muzorewa 
critics 
expelled 
from UANC 


SALISBURY, August 13. 
BISHOP ABEL JUUZOREWA. 
one of tbe black members of 
Rhodesia’s transitional govern- 
ment, today quashed attacks on 
his leadership of the United 
African National Council 

(UANC) and won a resounding 

vote of confidence fro® provin 
rial delegates of tbe party. 

Four senior local part?' officials 
who had criticised the Bishop as 
politically inept were expelled 
from the party along with Mr. 
Byron Hove, a former co- 
minister of law and order who 
■was sacked from the Government 
in April, and Mr. Pius Jlurorabe, 
chairman of the London branch 
of the UANC. 

A meeting of 200 delecates also 
rejected calls for an all-parties 
conference to discuss the future 
of Rhodesia, as proposed by 
Britain and the UB- 

Tbe delegates unanimously 
passed a motion of confidence in 
Bishop Muzorewa, askin? him to 
speak for the party and the coun- 
try as be saw fit 

The Bishop yesterday addressed 
a UNAC rally in the Musana 
tribal area about 40 miles north 
of Salisbury. Press pictures 
showed him with people 
described as guerrillas of Mr. 
Robert Mugabe's faction of the 
Patriotic Front who had switched 
their allegiance to tbe transi- 
tional government, 

Reuter 


Portuguese 
leader to 
meet Socialists 


The Pope 
is buried 


By Paul Betts 


ROME. August 13. 
POPE PAUL VI was buried in 
the Vatican crypt this week-end 
after a funeral service which 
was held, for the first time in 
the history of his Church, in the 
: open piazza before St- Peter’s 
and televised by satellite to more 
than lbn people in 94 countries. 

Now the Vatican is turning 
its attention to the future of 
the Church and the choices 
before it: whether to contiuue 
on Pope Paul’s middle road, or 
to adopt a more progressive or 
conservative line. 

Informal consultations between 
cardinals are already believed to 
have started, but known opinions 
may well change during the 
preparation and in the course or 
the secret conclave starting 
August 25 to choose the Pope's 
successor. 

There is now speculation over 
the next Pope, especially since 
the balance within the conclave 
has changed with the increasing 
weight of the developing world. 
For the first time since the 
election of Adrian VI. a Dutch- 
man. in 1522. a non-Italian could 
be chosen, although the odds are 
still thought to be against this. 

However, of the 115 cardinals 
entitled to vote, more than 100 
were appointed by Pope Paul, 
and it is reasonable to expect 
that many of them will wish to 
elect a new pontiff who will 
continue Pope Paul’s work. 


Talks on NY newspapers 

NEW YORK, August 13. 


dY JOHN WYLES 


TALKS will resume to-morrow 
to try to end the Pressmen’s 
strike which has prevented the 
publication of some 32m copies 
of New York’s daily newspapers 
over the past four days. 

The non-appearance of the 
New York Times, the Dally News 
and the afternoon paper, the New 
York Post is causing consider- 
able advertising difficulties for 
the city’s department stores and 
theatres. Paperback sales are 
said to be booming as millions 
of commuters try to fill a void 
in their daily reading while 
suburban newspapers and more 
esoteric publications like the 
Rev. San Myung Moon's News 


V/nrld have stepped up their 
print runs to mop up some of 
the newly available readers. 

The Pressmen walked' out last 
Wednesday after long - negotia- 
tions on a new working contract 
stumbled oa the issue of man- 
ning. Having introduced the 
new printing technology which 
is widely employed throughout 
the U.S„ the three New York 
newspapers claim that they are 
employing twice the number of 
printing room operators than 
they need. When a deadline For 
agreement passed without a 
settlement, new manning levels 
were unilaterally fixed and the, 
pressmen reacted by striking. 


New Israeli settlements 


BY DAVID LENNON 


TEL AVIV, August 13. 


ISRAEL is planning to build 
five new settlements in the 
Jordan Valley section of the 
West Bank, it was announced 
today. 

Tbe decision was taken a few 
weeks ago, but publication of the 
oews was forbidden by censor- 
ship. It was only after Opposi- 
tion MPs protested vehemently 
against . tbe secrecy ■ that the 
Government reluctantly per- 
mitted the news to be published. 

Three of the settlements will 
be near Jericho, and the other 
two further north along the 


Jordan Valley. They will re- 
inforce the string of Jewish 
villages established In the valley 
since 1967 by the Labour Party 
Government 

Mean wh ; le. the preparations 
for the Camp David meeting of 
the leaders of Israel, Egypt and 
the U.S. were getting under way 
here. 

Mr. Mosbe Dayan, the Foreign 
Minister, held consultations with 
the former Prime Minister. Mr. 
Yitzhak Rabin, and former 
Foreign Minister, Mr. Abba 
Eban. 


By Jimmy Bums 

LISBON, August 13. 
PORTUGAL’S NEW Prime Minis- 
ter Dr. Alfredo Nobre da Costa 
will hold a crucial meeting with 
the Socialists tomorrow in an 
attempt to change their apparent 
resolve not to participate in his 
Government Socialist party 
leader Dr. Mario Soares repeated 
today that party members were 
not prepared to participate in a 
Government that was not led by 
Socialists, adding that this would 
almost certainly rule out their 
participation on an Individual 
basis. 

The Socialists are clearly angry 
at the way in which President 
Ramalho Eanes appointed his 
new Prime Minister last week. 
They say Sr. da Costa did not 
feature among die five possible 
candidates listed by the Presi- 
dent, from which They were 
meant to choose. Moreover as 


the party which- wov the past 
’ * “ ierh T - 


general election- berk with nearly 
35 per cent of the votes, the 
Socialists insist that they are 
constitutionally entitled to have 
one of their members leading the 
country. 


China accused 
‘of border raid 


HONG KONG. August 13. 
VIETNAM TODAY charged 
China with a border encroach- 
ment and .killing a number of 
peasants in the latest of the 
accusations being exchanged by 
Hanoi and Peking. 

The Vietnam News Agency 
(VNA) monitored here, said 
Vietnam had protested to China 
aver an incident on Thursday in 
which Vietnam alleged that 37 
Chinese led by four soldiers 
entered Ha Tuyen province, 
killed an unspecified number of 
villagers and burned farms. 

VNA charged what It termed 
this fresh Chinese violation of 
Its territory was planned by 
Peking to poison the atmosphere 
of the two nations' current vice- 
ministerial talks to settle their 
dispute over ethnic Chinese in 
Vietnam. 

Reuter 


WORLD TRADE NEWS 


LNG DISTRIBUTION 


' Financial Times Monday August 14 .197S, 



Rotterdam’s key role threatened 



BY CHARLES BATCHELOR 


AMSTERDAM. August 13 


ROTTERDAM IS in danger of 
losing its position as the energy 
distribution centre for Europe 
unless it Is chosen as the site 
for a liquefied natural gas 
terminal. The port’s importance 
as an oil handling and refining 
centre has already been reduced 
in the wake of the energy crisis 
while related chemical Indus- 
tries are working below capa- 
city. Mr. Henk van der Pols, 
the alderman responsible for 
the port and economic affairs, 
said. 

Rotterdam is now intensifying 
its campaign to become the site 
for a terminal to receive SQbn 
cubic metres of Algerian 
natural gas between 19*54-2004. 
Rotterdam initially seemed 
certain to be chosen for * the 
terminal hut the new harhour of 
Eemsbaven in north-east Holland 
is also being considered as a 
serious alternative. 

Siting tbe terminal near 
Rotterdam would allow the 


development of new chemical 
industries such as cryogenic in- 
dustries since Eemshaven .pro- 
vides local markets. - .: 

In addition limits on tile Mae 
of vessel which could dock at 
Eemshaven would mean Holland 
would not be able to handle the 
large tankers which will be 
needed to transport Middle East 
gas which is expected to be 
imported lata Europe la the 
longer term. 

The oil refineries in Rotter dam 
have faced serious problems 
since the oil crisis and over- 
capacity is now estimated at 40m 
tons, or about 45 per cent of total' 
capacity. Local refineries In 
countries served by Rotrerdam 
are now refining more to com- 
pensate for their’ own-; over- 
capacity and Rotterdam is losing 

its “balancing” function. ' 

Comecon countries are increas- 
ing their exports while new 
capacity will come on stream in 
the Middle East and * north 
.Africa in the mid-1980s. Projects 


already under way In Western 
Europe will add 5to tons of new 
^parity by 1885 so that in sptM 
Of capacity reductions which are 
now being carried out total EEC 

capacity will remain around 
current levels of about S50m tons. 
A further problem is that 
refineries In the Caribbean, in 
particular on Curacao and .Aruba, 
may seek to compensate for lost 
markets in North Amenca by 
switching to Europe- _ 

Shell expects to lose FI 240m 
on its Rotterdam reflnray alone 
in ]978 after losing FI SOOro last 
Year on Its production facilities 
at Pernis and Moerdijk- Shell 
has closed its largest distillation 
plant and replaced it with an 
older and much smaller plant. 
Naphtha production has been 

stopped since it can be bought 
more cheaply from Comecon 
countries and Italy. Shell 
expects its 265tn-ton refinery 
will handle only 16m tons this 
year and’ it is considering reduc- 
ing it to a purely local refinery 


with 10m tons capacity- 

Both the Esso refinery 
Botlek and BP in EUropoort z 
working at only 6065 per « 
capacity. Gulf Oil’s refinery 
Europoort is loss-making, desp 
the relatively high capacity \ 
of 70-75 per cent Only Cbevr 
achieved higher capacity use, 
per cent, because . it did s 
expand before the oil crisis. 

Rotterdam’s refinery eapac 
may have to be reduced to 
per cent of present levels, t 
city authorities said in a rc« 
report To compensate cousin- 
able investments will be need 
to increase secondary process! 
capacity. Rotterdam ul 

suffering from the decline - 
demand for chemical pro Alt 
and competition from abroi 
Less than SO per cent of eapac! 
will be kept in use in futm 
according to OECD statist! 
Holland accounts for 18 per ce 
of the European base cherala 
industry with 30 per cent of ti 
situated in the Rotterdam area. 


Chinese mission visits Australia 


BY JOHN HOFFMANN 


PEKING, August 13. 


A MAJOR Chinese iron and steel 
buying mission has left Peking 
for a one-month visit to 
Australia which will almost cer- 
tainly lead to large orders for 
Australian producers. 

The seven-member mission is 
led by Mr. . Pi Yi-Ming. the 
deputy general manager of the 
China National Minerals and 
Metals Import and Export Cor- 
poration (Minmetals). 

Other members are specialists 
in a range of mineral purchases, 
iron and steel products and 
transport of ore and iron pro- 
ducts. Australian diplomatic 
officials in Peking stressed that 
the group was a buying mission, 
concerned with negotiating and 
concluding contracts for 
Australian ore. 

China’s consumption of 
Australian iron ore has increased 
substantially since last year, 
when sales totalled about 3m 
tonnes. In 1978 Australia will 
deliver more than 5m tonnes. 


Australian ore producers and 
trade officials are confident that 
even greater quantities will be 
negotiated as China’s long-term 
industrialisation and steel' pto*- 
duction programme takes form. 

China made it clear early this 
year during a visit by the Aus- 
tralian Minister for Industry 
and Commerce, Mr. Lynch, that 
it was happy with the quality of 
Australian ore and that it would 
continue to buy if tbe price was 
right There has been no sugges- 
tion that the Chinese authorities 
are dissatisfied with Australia’s 
prices. 

It is not known whether tbe 
Chinese Minmetals group will 
negotiate long or short term con- 
tracts. Most previous ore deals 
have been short term but_Cbmese 
trade officials have" shown 
increasing interest in long- term 
arrangements which would 
ensure supplies of ore over the 
next eight years. 

In that time China Intends to 


Increase its annual steel output 
from about 25m tonnes to 60m 
tonnes- 

The Minmetals group will 
travel widely in Australia and 
explore metallurgical interests 
beyond the purchase of iron ore. 

They will talk' with mining 
companies and are expected to 
visit aluminium refineries, lead 
and zinc smelters, the Kambalda 
(WA) nickel mine, Pilhara iron 
deposits, port facilities and ML 
Isa mines. 

The Chinese mission 
expected to show a particular 
interest in Australian copper— an 
interest which has freshened 
since Mr. Lynch’s visit although 
Australia has made no copper 
sales to China in recent years. 

Nickel may also be on the 
Chinese shopping list .China 
established substantial stockpiles 
three years ago but these are 
believed to have run down. Its 
own production Is said to be only 
10.000 to 12,000 tonnes a year. 


VW outlines Brazil investment 


SAO PAULO, August 13. 


VOLKSWAGEN AG plans to 
invest S6Q0m in its Brazilian sub- 
sidiary over The next four years,, 
but it has shelved plans to pro- 
duce light trucks in a joint 
venture with Cbrysler’s unit in 
Brazil. Volkswagen’s president; 
Herr Tony Schmuecker, said 
here. 

Referring to the talks between 
VW and Chrysler, Herr 
Schmuecker said the discussions 
did not progress and the matter 
would go no further. VWs 
Brazilian unit had sales of 
Si 05bn in the first six months of 
1978. 

Herr Schmuecker denied that 
tbe Brazilian Government had 
forced Volkswagen do Brasil to 
halt its sales to South Africa. “ I 
want to make it very clear.” be 
said. “ that there was no uressure 
no tbe part of the Brazilian 
Government." 

He said the South African 
market was abandoned because 
of high taxes and protectionist 
measures adopted there. 

Herr Schmuecker said that 
Volkswagen was very interested 
in diversification because it could 
not live entirely On automobile 
production. 

In the first six months of 1978. 
the popular Beetle led VW do 
Brasil sales In Brazil. But the 
company is facing a challenge 
From Fiat which entered tbe 
market here just two years ago 
with its 147 model compacts — 
spinoffs of Fiat models manu- 
factured in Italy. 

In tbe first eight months of 


1976— just prior to Fiat’s appear- 10 per cent share of the market 
Brazil— Volkswagen while V.W’s Brazilian unit saw its 


a nee m 

accounted for 61 per cant of local sales f£ 
auto sales. But in the first six market 
months of this year, Fiat won a AP-: 

■ ,r< w, •.* 


56 per cent of the 


World Economic Indicators 


TRADE STATISTICS 


UK Cm 


US. $bn 


V. Germany . 
DMbn 


France Fnbrt 


Italy Lirebn 


HoHapd Flsbn 

/ 


Jap4i Sim 


Belgium BFrsbn 


/ Exports 
Imports 
Balance 

June’78 
2.926 
3.032 
—0.106 . 

May *78 
2-877 
3.095 
-r 0.218 

April *78 
3.000 
2312 
+0.188 

June *77 
2J7S 
32)72 
— 0397 

Exports 

Imports 

Balance 

12.126 

13.723 

—1.702 

11.754 

1X992 

-2358 

11335 

14A96 

—2^83 

10.091 

13334 

-3356 

Exports 

Imports 

Balance 

25.600 

21.700 

+3*00 

22.500 
19.400 
. +3.100 

23.900 

2O40D 

+3300 

23300 

20400 

+2.900 

Exports 

Imports 

Balance 

28.925 
28.466 
+0AS9 . • 

29319 

29364 

+0.155 

29.426 

28.734 

+0.692 

26383 
28426 
— 24M3 

Exports 
. Imports 

Balance 

May *78 
3595 
4-294 
-0.299 - 

April *78 
1824 
3.813 
+03)11 

March 78 
3.502 
3.702 
—0300 

May 77 
3413 
3529 
+0X84 

Exports 

Imports 

Balance 

9.137 

9.554 

-0.417 

8.960 

91628 

—0.668 

9.423 

9558 

—0.135 

8.606 
9X159 1 
—0453 1 

Exports 

Imports 

Balance 

7.620 
6370 
+ 1-350 

. 7304 
5.430 
+2374 

8.632 

5501 

+3.131 

6X122 . 
5.419 
+0.603 


March *70 ’ 

Feb. 78 

Jan. 78 

March 77 

Exports 
Imports 
_ Balance 

124.771 

128.749! 

—3.978-’ 

107.936 

122.457 

-14301 

112595 
122.996 
— 102)01 

104357 

109520 

-5.163 


BL wins 
£8m bus, 
truck order; 


^ * 


'i * 


BL. formerly British Leylan 
has won orders for trucks ai 
buses worth £S.5m in the Ft 
East. New Zealand, Egypt ar 
Sri Lanka In ihe past two week 
The biggest order is for-.7C 
trucks for Sri Lanka, worth £3i 
while Egypt has placed one: > 
its first major orders since tl 
lifting of the Arab boycott a 
BL products for 50 trucks wort 
£1.5m. 

Houg Kong is taking 15 
double-deck buses for £2. 8m, N e 
Zealand 28 city buses for £375.00 
and Malaysia 65 trucks for £lm. 


HK factories deal 


The daily English languag 
newspaper, the Hong Kong St&i 
dard. reports that at least 1 
large Hong Kong factories ar 
on the verge of concluding agrei 
ments with China to set u 
profit-sharing joint ventures i 
southern China, according t 
AP-DJ in Hong Kong. 

The newspaper said the Hon- 
Kong factories would be provfd 
ing mainly technological know 
how. management skills and mos 
of the sophisticated machinery 


'1 i 


Ships for China 


Ishikavrajima-Hnrima Heavy 
Industries (IH1) has agreed U 
sell to China three ships orders 
by a Greek owner but cancclto 
due to the world shipping slum 
Reuter .reports from Hong Korn 
A sale contract for a 14,801 
deadweight-ton freighter and hv 
22,000-ton bulk carriers is likel; 
to be signed shortly with Ocear 
Tramping, a Hong Konc-basct, 
Chinese shipping concern 
Industry sources said the tota 
will be about 525m for thi 
three ships. 


Saudi gas turbines 


Brown. Boveri is supplying 1( 
gas lurbin' to Riyadh anc 
Suburbs Electnc Company foi 
turnkey installation in* the—.. ... 
"■Riyadh 5 ” power station. The*^--- 
order. the total value of whiefc 
is put at SwFr 400m, consist: 
of eight turbines covered by a 
contract signed in July, 1977, 
and two additional units to bring 
tbe power station’s capacity up 
to a future 700 Mw ordered!-,* T! 

■■'lOrint 


earlier this year. 

Argentine tariffs cut 


aPi 


Argentina's Economics Ministry ‘ 
has anounced a 10 to 15 per cent 
reduction in import tariffs 
affecting 415 products not pro- 
duced ibe country and used . 
as components by Argentine in- 
dustry,. Reuter reports from 
Buenos Aires. 


Japan and China : an inscrutable alliance of historical proportions 


. THE GROWING relationship 
. between Japan and China 
symbolised by the signing of a 
: peace and friendship treaty 
between them on Saturday is the 
first modern alliance between two 
) powerful countries outside the 
! Western Framework. 

Japanese technology and 
management ideas will almost 
certainly transform China and 
’Peking's markets and raw 
materials will in turn give 
another strong push to Japan’s 
economic growth. 

. For tbe West, the relationship 

■ demands a difficult adjustment 
Japan-China negotiations ignore 
■"Westem rules of contracts and 

morality. They Force the West to 
. learn what the Iasi century-and-a- 

■ balf have obscured — that the 
; Orient has a culture which is 
‘radically different but in mnst 

.respects historically equal to that 
‘of the WesL 

Agreements between the 

■ Chinese are often brief and 
vague, but negotiations leading 
up to them are amazingly long. 
** When we say a ’ basic agree- 
ment’ what we mean is a kind 

' of * spiritual agreement V said a 
•Japanese trader whose company 
was one of the first to begin 
. extensive dealing with the 

- Chinese. Both sides discuss the 
possible implications or the 
agreement and attempt to under- 

. stand each other, intellectually- 
and emotionally. 

The process is similar to the 

- interminable discussions Wes- 
terners haw observed inside 
Japanese companies and des- 
-cribed as the formation of a 
7 •* consensus.” The word is mis- 
leading. however, because the 

■participants do not necessarily 
•reach agreement in the rigorous 
; Western sense of the term. They 
S understand, accept, and appro- 
bat e ea ch -other's positions. They 
ahare an emotional bond. Tbey 


have a complex understanding 
of what they will do under 
various contingencies. 

But this understanding and 
accompanying formal agreements 
do not necessarily prevent later 
disputes. A Japanese business- 
man said tbat when the Japanese 
cut their contracted purchases of 
Chinese crude oil during their 
current recession, the Chinese 
were just as furious as the Aus- 


violate those principles to main- 
tain economic success. 

After tbe disasters of the 
Second World War, Japan 
decided to keep as low an inter- 
national profile as possible. That 
remains its policy today, but she 
has recognised since tbe 1973 oil 
crisis that as a a economic super- 
power its profile cannot be as 
low as It was when it was a 
semi-developed country. Thus it 


By ROBERT WOOD IN TOKYO 


trnlians when Japan cut con- 
tracted sugar purchases at about 
the same time. 

• Tbe Japanese attitude in both 
cases was typical of their 
approach to contracts. They -jid 
that the situation differed from 
what it had been when tbe con- 
tract was signed, and regardless 
of what was written, the con- 
tracts would not be fulfilled 
because there was insufficient 
demand for the products in 
their domestic market 

There was one difference 
between the Australian and the 
Chinese reactions. The Austra- 
lians concluded and remained 
convinced that the Japanese 
were “shifty violators’* of busi- 
ness morality. Bu! the Chinese 
adjusted to the breaking of the 
oil contract, and soon aFter it 
was renegotiated they were turn- 
ing to the Japanese as tbe most 
reliable and easiest-fo-deal-with 
suppliers for their dramatically 
expanded modernisation effort. 

For the Japanese, dealing with 
China is the most emotionally 
satisfying part of foreign rela- 
tions. Dealing with Western 
countries is painful and confus- 
ing. Westerners hulld their 
foreign policy around moral 
postulates that are alien to the 
Japanese, and then apparently 


has begun to seek inclusion as 
an equal in tbe councils of the 
West, aod understanding from 
less developed countries in 
return for substantially expanded 
aid. 

Japan seeks friendship and 
trade with both Communist 
superpowers, both of which 
happen to possess vast and 
largely untapped reserves of 
energy and other raw materials 
which Japan needs 

However, relations with the 
USSR are complicated by several 
factors which have convinced 
most Japanese citizens that 
Moscow is a bullying tyrant The 
Russians kept Japanese prisoners 
of war for years longer than 
seemed necessary after 1945. 
refused to discuss the return of 
the Northern Islands which 
Japan claimed and built up the 
most powerful navy in Asian 
history in waters adjacent to 
Japan. 

Toward China, ou the other 
hand, the Japanese feel a deep 
cultural debt. For centuries, any 
Japanese who wanted to learn >0 
write had to learn Chinese, 
because written Chinese was the 
only writing system known in 
Japan. In all Oriental languages, 
the word for China means 
“central country,” and China 
was truly the centre of the world 
both politically and culturally 


for everyone in the Orient up to 
the 19th century. 

Normalisation of relations 
with China in 1972 produced real 
satisfaction among the Japanese, 
except for a minority who fell 
obliged to tbe “Nationalist 
Chinese ” Government of 
Taiwan. Japan's decision to go 
beyond the U.S. sod fully 
normalise Peking’s ties while 
the O.S. was bogged down with 
the Taiwan Issue can be skid to 
be her first major independent 
foreign policy decision since the 
Second "World War. 

The normalisation agreement 
declared that the two' countries 
would later sign a “peace and 
friendship treaty, trat talks 
bogged down when the Chinese 
demanded that the treaty include 
a clause stating that -both 
countries oppose the “hegemony* 4 
of any outside power- Under 
Russian pressure, Japan decided 
that an “anti-hegemony clause" 
would be a direct affront to 
Moscow. 

Russia-Japan relations plum- 
meted last year when tbe 
Russians sought a definitive 
concession of Japan's claim to 
the Russian-occupied ■Northern 
Islands in return for ■ fishing 
rights in the USSR’s newly- 
declared 200-mile Ocean zone, 
which included fishing grounds 
that the Japanese had always 
considered their own. Even the 
fishermen who were forced to 
remain in port during the dis- 
pute strongly opposed yielding to 
the demands. The Russians 
ultimately backed down to a 
large extent. But Japanese di«r 
trust deepened. 

Discussions were stalemated 
for nearly 6 years until the fish- 
ing rights dispute, after which 
the Japanese bin red the? might 
be willing to sign an “anti- 
hegemony clause ” if it specified 
it was not directed at any parti- 


cular third country. After long 
negotiations which ended last 
week, the treaty was signed with 
a vague statement that It “does 
□ot affect relations with third 
countries." 

The Japanese decision to sign 
the treaty was the product of a 
domestic mood in its favour. It 
is seen in Japan as an epoch- 
making step toward closer ties 
between the two countries, but 
the entire pact Is typically 
vague, and it is impossible to 
gauge precisely what it will 
ultimately mean. 

Even without it relations 
between the two countries would 
probably have been deep aod 
friendly. 

The agreement has raised 
speculation of a developing U.S.- 
Japan-China axis opposed to the 
Soviet Union. Even while the 
negotiations were going on. a 
Chinese delegation was Inoking 
admiringly at U.S. weapsons' at 
a Tokyo aerospace display. Japan 
would certainly like to serve as 
a bridge between the UA. and 
China, who are now her two 
mnst important allies. 

It is unclear what concrete 
functions a U-S.-Japan-China 
axis would have, however. None 
of the three countries seems dis- 
posed to spend the the billions 
of dollars that would be neces- 
sary to build an armada capable 
of defending Japanese fishtng 
expeditions from the Soviet 
Pacific Fleet and apart from 
arresting fishermen and retain- 
ing control of territories it has 
held since the Second World War 
it is unclear what kind of pres- 
sure the Russians, for all their 
military might, can exert in Asia, 
short of launching aa all-out war 
of conquest Russia. like China, 
needs Japan’s technology much 
more than the Japanese need 
anything Russian. 

If the direct implications of 


the treaty are unclear, however, 
the implications of China and 
Japan’s rapidly growing 
economic relationship are drama- 
tically obvious. The two 
economies are perfectly comple- 
mentary. Japan has tbe tech- 
nology, organisation and co- 
ordinating skill tbai China 
needs. China has the market 


contacts with Taiwan, for 
example. 

A recent survey lists 17 
different major industrial plants 
that the Chinese are negotiating 
to day from Japan, including a 
steed mill for Shanghai that may 
cost YfiOObn <S3-2bn). 

' Most of these. will be. sold on 
credit, provided in a way that 


AngUhChinese trade can be 
expected at least te triple or 
quadruple over the next few 
years, according to British 
sources following the visit of 
Hr. Edmond Dell, the British 
Trade Secretary, to Peking. 
Anthony Rowley in Hong Kong 
twites that China regards this 
as a “ conservative " estimate. 

Initial Anglo-Chinese trade 

and industrial co-operation i s 
likely to centre on coal mining, 
oil* chemical plants and 
possibly steel. Although none 
of the industrialists accom- 
panying Hr. Dei] on his Peking 
mission is understood to have 
signed any major contract yet, 
die prospects are felt to be 
good. Sources close to the 
mission say there were clear 
indications that China was 
prepared to buy from Britain 
on a substantial scale and tbat 
a “ signal ” had been sent hv 
Peking through the relevant 
parts of the Chinese Govern- 


ment machinery to co-operate 
with the UK on trade. 

Ibis co-operation, as ■ one 
source put it will be based not 
so much on Chinese regard for 
Britain, but rather on tbe 
Internal political pressures on 
the , Peking leadership to 
“ produce results ” in terms of . 
material progress and on 
China’s desire to diversify 
away from Its trade depend- 
ence on Japan towards coun- 
tries such as Britain. West' 
Germany, France and the U.S. 
Mr j DeR, who had meetings 
with the Chinese Vice-Premier, 
responsible for economic 
affairs, Mr- U Hslen-nlen, Mr. 
U Chlang, the Foreign Trade 
Minister, and Mr. Hoang Hua, 
the Foreign Minister, among 
others. Is understood to have 
received the Impression that 
China- would prefer to trade 
with ** traditional suppliers " 
such as Britain, which already 
supplies aerospace and mining 
equipment to China. 


that Japan needs today and the 
raw materials it will need in a 
few years when world supplies 
become tighter. 

There is little likelihood that 
the Chinese will let ideological 
considerations interfere with 
ther use of Japan's skills. Tbev 
have all but abandoned their 
insistence tbat they will deal 
only with companies that avoid 


satisfies China’s desire to 
maintain a facade of self- 
reliance. While the Chinese 
have largely lost their ideological 
fervour, they certainly have not 
lost their pride in being the 
M central country ” of the world. 
A key element in Japan’s 
financing scheme will be deposits 
by. Japanese banks, in tbe Bank 
of China. Economically this is 
the exact equivalent of a loan. 


but somehow it is more tolerable 
to Chinas sensibilities. 

The most interesting and 
probably the most important 
of t ^* e ne:rt few years 
will be the extent to which the 
Chinese accompany their borrow- 
ing of Japan’s production tech- 
nology with borrowed ideas from 
Japan’s economic organization. 

The indications are that this 
type of borrowing will be sub- 
stantial. Even during the 
ascendency of tbe “Gang of 
Four," Chinese experts stationed 
in Japan were reported to be 
studying the mechanisms of the 
Japanese economy — mechanisms 
which the West has so Tar Failed 
to understand or appreciate. 

Already, without deliberate 
imitation, there are at least 
Superficial similarities between 
the Chinese and the Japanese 
economies. China has industrial 
communes: Japan has Industrial 
companies with “ lifetime ” 
employment and almost complete 
isolation from the desires or 
demands of private stockholders. 
Both China and Japan expect 
communes or companies to 
handle day-to-day production 
decisions, but expect Government 
to coordinate their activities. 

The Chinese . industrial com- 
mune or enterprise could be- 
come the basis for finance, 
management, subcontracting, and 
competition organised on the 
Japanese, model. 

The Japanese, for reasonable - 
fees, stind ready to teach China 
all they know about scientific ■ 
management and supervision of 
finance. The results will surely 
be bistorie. 


Editorial Comment— -Page 8 


eiUHnAL Tnm. «Mbbcd AUv neen 3uo- 


U.S. smwer sV«7i» 


. V ? 00 r *f oei anniin. 

Seamd class ponut pud u Net. York, N-V. 


l 





i 


JL 








HOME NEWS 


3teii| 




ce 

continues 


6Y TERRY DOOSWOWTH, MOTOR fttOUSTRY CORRESPONDENT 


BY DAY© FREUD 


• NEWS ANALYSIS — HYPERMARKETS 

Time to check out 
what’s in store 


fiurTejwof tha British 
lotor industry- concludes that 

• K vehicle mmnrfacturBis have 
■_ -Jffered ‘hwrihF s *0*:. ‘EEC 
. n ports . in t£eir hctae market 
i. ,the :past Se*^y«afs with- 

; V l gaining - -aEyL“Tra»parabIe 
. -i ^enefit from .expQrt sslfes .to the 
\- OlDJOUnity. : .'; „ 

. .The. report,- "puhitohed" .by 
; T aing and ... Chrickshank, . . the 
. . • on don stockbrokinfe firm, shows 

• j >at since *}075 • the rise in - UK 

- . “ imports' ;has v been almost 

ntirely due-to increasing .sales 
■■ f vehicles origkiating - in . the 
iEC,. ... _ 

These increased their chare 
. f the UK. market from . 18 -per 
- eut at the -start -of '19re"to 34 
. er cent by. the, end bt: 1877. 

apanese Imports, ever the same 
,,'eriod rose from BX percent-, to 
1 per cent., while imports frhm 
~-^U other countries increased 
roni 3.5_ to 4.5 per, cent” 

, By contrast.- the. report says, 
l iv the most alarming aspect oi the . 


export figures^ has bepatbe near 
halving of sales 'to Europe. This 
is particularly disappohtting.8S, 
between 1971 and. -1975; total 
registrations in "^exclud- 
ing 'the TO r^ hy^&.ft 'per 
cent.” . " • -i o ■' }■, •. • 

Over, the .five^.yeai^^he^ -UK 
manufacturers’.-, share lofj -the 
European c2r naarfcerisii fallen 
-from 5.0 to 25 per cent vui was 
- Still -falling. -•. “ If. -UK gwnufao- 
turers had succeeded-Jar^dMing 
their 1671 share of ^JBsropean 
sar 'market.- parduction.vroald he 
240^100 . > tnfifc -above ^thal at 
-present.” "• -.-,.- 1 ";. ' '.- ' * 

■ : The: survey r goes 1 : ett-fe 1 show 
that, tha trend In fWohr^jf other 
areas of- the EEC bas^so- pro- 
duced a marked deletion in 
Britain's *■ ^flnport^espnw&^ance 

in .vehicle components - 

• “Over this period t&e-ralue of 
{components) imports tiaer risen 
by •32 n per. cent whife^pat- of 
exports has risen by oxojF 6 per 
cent- -fn- valuetetms? imports 
are approximately luSWtbe 'value 


ARTIFICIAL SCHEMES to elimi. rules Vto the problem of avoid- 

Ofarafirtt nate ttx are stlU being promoted ance- . V: BY DAY© CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 

•J ng *■“ Ip.w 211 in spite of the passing of retro- These, lay down that Tory ' " ■ - ■ , , t 

a t- 2- . r 'y° .y ears ago. ;. . spective legislation in the 1&7S legislation against any avoidance ^ MAJOR study of the effects willingness to work with local because of their cost — about 

inis deterioration, .. it: argues. Finance Act which outlawed one scheme shall date from the day of allowing hypermarkets into authorities and develop . super- £40,000 per appeal— and their 

is Decause of the .Increasing particular' avoidance scheme a warntag ls formally announced LoQdon is beiQ S carried out stores on inner city sites. The drain on executives’ time. . ■ : 

°,L;[? r ? Vgn ‘ whiqlAS M)ii Legislation banning the -Coro- in Parliament by the Greater London Coun- other hypermarket ■ groups Tcsco was fortunate with its 

modi ^ Can 7 scheme was Mien- In . ‘'essence, this approach. « L * 15 f p ^5 r J e f 5 fc WlUinB 10 «w superstore at fosK E 

imriw. L cars) l 4 ^ e J r owth of ded t0 deter taxpayers from spelt out by Mr. Peter Re« of ? ue to be completed m the next traditional hypermarket concept that it was a site approved by 

imports by multi-national car using such schemes.' thZ Shadow Treasu w it two months before going to the of "green field” developments t fc e local conncil ririPiiUtiw 

Se AVoidance specialists say that identfcS -Mo that ^vhieh 'has P? 011 ^. 1 for dGbale. v'ill consider on the edge of town, accessible p. w. Woolworth had planned ia 

mtergfit artificial The' -Labour Government | " ; S' Mr. Peter Shore. Environment but when it decided against this, 

to^ British . eo mpon enti . overseas. 5ehemes . The impetus is away abandoned this approach ™^. deveIopment m Secretary, has. however* adopted Tesco stepped in. -- 


schemes. The impetus is away abandoned this approach devel,, P ment m tbe secretary, has. however* adopted Tesco stepped in. 

that ? ora **“ biR H off4he-reg” becap?e : tlie time lag between the The GLC's move has been a consistent policy over the past The superstore, which is jat 

fan devices towards schemes of a marketing and discovery of the tv” two y ears in arguing that plan- Pnsea near Basildon, covers 

fall significantly m^lSZS a/ter s i iTriitf . d aohlicatinn 1p« which Prompted by the fact that the nin? and industrial l^lnnment 82000 ko ft with-—-*- - 


iTowdowi n S n Si 1 SS3i ; lhnlted application, less scheme?, which were usually JSf , snnermarket muitiSe ning and industrial development 82.000 sq ft with a garden centire 

U SWOndi'lialf Of likely to amuse the concern of upheld -by the courts, allowed must be aimed at regenerating comprising -another 14.500 sq h. 

™^^ m ^ n ^.- becaaBe '^ e the authorities. huge amounts 0 f tn to be ESBJFiS? ISrtlSinl *** inner dties rather than dis- and a 20*000 sq ft selfWice 

SfSf 1 dedme.-in-peraonal du.- Operator of ' avoidance avoided JSSS r°^n vm SSSS Parsing jobs and commercial petrol station and tyre bay. It 

?- nfl “■ schemes are awaiting a general The. Government claimed that activity even further. employs about 600 people, cost 


breatang into the poten^llv the inner. ones rather than dis- and a 20,000 sq ft self-service 
lucrative London ? ^market P ers ?S Jobs and commercial petrol station and tyre bay. jit 
»SI activity even further. 


Houiditv schemes are awaiting a general The. Gpvernment claimed that Already Tesro has reached the aclivity cven furtfa er. employs about 600 people, cost 

fir&iy P S d BriS'm» 0 f^ 5^ "S? T ^° ^dSf^JSS . This attitude was borne out to_dmrelo % «id has 


turers ZfSSKZ a t new J“ Hc ^ Rowing the m ia^76 tiirough organised i^newly^pened superstore- last week in a major review of Peking for up to 3 000 cars 
fft further madret Snare | retrospective, precedent aet in ayoida^ee and the losses were fbelleved’to be the biggest so far hypermarket planning appeals either on site or nearby. 


“Alport adds tiat' the ^2™*^ r ^ Although^o te relucW.to 

present I?Mn<rinn m *, If *■"*£* ?^ e Conserva- ^ 1 iiS^ 1 ated m , tbe 5ndust p i n Essex, some 30 miles from Donaldsons. This showed that dolose the store’s takings 

5mmSeial P iSK Sir ^ ' niaionty. the: bigger that .WOJW people used the the^pit^L while Government planning «nce it started just three weeks 

slow vSfh S5 beTries ™** M come back into Commodity Carry scheme to in October, Tesco plans to open inspectors appeared to be adopt- ago, estimates put weekly tum- 

£ i favour, because the. Tories avoid^btoc. on income totalling up a s«^ £ ft supeiitw-M Ing « more lenient attitude to over at up to £lm when the store 

ccnf np. next yrar. opposed the full retrospection to £®PV nrefera the terms to hvnermarket hypermarket planning appllca- reaches its peak: 

p rts will continue to climb, used in the Act One: person reported to have p: T1 „hi*. u «« th? nn Hh sn . rion* in “ereen fioM Writes. Mr. Tesco firmly believes that 


. roni 3.5 to 4^ per, cent.” • *•' exports has risen by 

l<I . • contrast, the. report says, cent -In value tecmsr% 
Jb «« most alarming aspect pt the are approximately haJWtbe 

} ^ !n ,^ Campaign seeks official 
1 ac{ i#aid for Britisfrfiims& 


5°?. me ^ al chicle market, will schemes misht'enme back into Commodity Carry scheme to 
, w,tB registrations ' only favour, because the- Tories avoid tix on income totalling up 
fmnoU opposed the fun retrospection lo '£3ft*' ; 

vmports will continue to climb, used in the Act. Onec person reported to have 


• . . * . by usA wood, . : ry : ' r : 

'* VRIT AIN'S TNDEPENDJ2^T film- 
7 . . roducers yesterday laiuiched -a- 

- >hree-mohth campaign ." '••& 'get 
' ctive Government support „for 

- : ndigeiwus. ■' film -'making on 

- iJritish' lhetnes. . 

* ■.<;■ During the .past thfee' years, : 
-wq committees have v examined 
be role and difficulties of. ' the 
British fihn ; . indusfry. - Two 
eports have been published in 
- . vhich the Government was asked 
' take a substantial xole In- the 

" ndostry by estabUshing'aJRrilpeh 
K 1 ( -* ? ilm Authority, with the provi- 
" * • n -; felon of £20m equity capitaL 
■ 1 . • ... But central lb. the Association 
- if Independent Producers* zrgu- 
.nent Is that the -reCoriq -ipro- 
. .josals gave :na . Idai^-of .t vnjat 
. . Mlicies the new film body.shoriUT 


■ foil owl - -In parti 
-'net'-definetbe 
Hite rests- in- -the 
As the produce 
report, - published 

the BF A TO be a 

: independent prodo 
to; be. "become v 
duopolies? " . (By 
association refers 


which 


dominate the 1 
_ ‘ The association* „ 
duly if thesfr chaindr 
: up -would British ’** 
a healthy, compel 
1 which to operate 
■ They suggest a 
fn whigh the - Gi 
ports indigenous 
'British' themes. 


The Tories have said that a used scheme is Mr. Georee outskjrts of London. This will Shore was more restrictive. 


Finchley on the northern tions in “ green field ” sites, Mr. 


future Conservative administra- HarriSoa-. a member of 
tiob would . apply the “Rees . formor Beatles pop group. 


Tesco firmly believes that 
superstores will be part of the 


. . 

Insurers urged to study 
claims procedures 


- . T - • future Conservative administra- HarriSoA. a member of the j,e followed bv a similar-sized Out of seven appeals for hyper- retailing scene for the forsee- 

IfQrifAW-'' would, apply the “ Rees former ^Beatles pop group. store m Tottenham north market development which the able future. Bur in a new 

JL’dtCLUiY • , ; London, in 18 months’ time. And inspectors upheld. Mr. Shore discussion document published 

. w- * ■ • if Brent Borough Council gives vetoed four. today the company makes clear 

'Tr»riu-ir*Ayc< nv«rTA/l cfurlfr Snal go-abead, Tesco will ^His policy was formalised in i] talso sees a future Pit the small 

riaoirm ■/ - . lliS lIlcrS UlSCQ-lU SlUQV • buil d a massive 100.000 sq ft Departmemal guidelines pul> riiopkeeper and traditional Hieh 
flrdulk'. O -•]« v superstore in Neasden, behind tished late last year which made Street retailer. 

V Wembley Stadium in north clear that “green Beld" develop- The document, called “Retail 

- • • • -;c l ISllTlS Timf rflltFcS London, on derehct British Rail ment on ihe edge of towns would Planning for Tomorrows World. 

• "~i" .. VAUUUH! vyvUHftwu .. on i y be allowed if Inner area says that the decline in the mtm* 

S0fl ’ ' BY HUC SHORT ' ff?.'.’ ” Tesco is not alone in seeking sites were not feasible. her or small shops is coming so 

- ; • • ' -•. "i- f . . - to extend the hypermarket form ’ Most- of the hypermarket an end. “Small units cMenns 

j:-.- THE British insurance Ass on a- • Tt^^onsider carefully the ofretailing— pioneered mainly groups were disappointed by for the everyday, convenience 

ones Reporter - tion is asking member companies pubhc/^relations implications j n yjg n0 rth of England — into these guidelines as they failed needs of the neighbouring com- 

* -V.-. < . .. to review procedure for settling and tq have regard to the “ State- London. Asda. the Co-operative in their opinion loigive specific munity," must, says Tesco, 

Y in Bath 'used for claims on householder insurance mectef insurance Practice, the groups, J. Sainsbury, and Carre- guidance on the ^criteria for “remain a staple of the ‘industry.” 

ture and assembly of policies. code ,«f -Operations. four are a u act jvely seeking sites hypermarket development Tesco. But Tesco also believes :it 

»ffice furniture, was T^ request is. made in a The association told members j n London. But Tesco appears however, made clear that it was likely that “ Britain’s High 

►day as one of three letter to members- by Mr. Roger thatJ-Mr.' Peet had asked the to have the edge at the moment willing to build wherever local Streets will, in -future, concen- 

contemporaiy build- Bardell. secretary-general of the Household insurance Panel. f or two reasons. authorities wanted, subject to the trate increasingly on specialised 

i-countrv which are association. under the chairmanship of Mr. One Is the existence of its new site being commercially viable, durable items.” This is already 

become ma$ttermeces He referred to recent criticism Pat' SBattruro, to undertake a Basildon store which It hopes Mx. Ian MacLaurin, managing occurring, says Tesco, with the 


imes Reporter 


‘ BY HUC SHORT ' 

THE British Insurance Associa- 


Call box credit 


■ mn^ r foiifnriJ llrt l( a “ — •'***’' “ "■r-,”’ — ■ -o w — 4 uiuj« iu . uuiiuuu. *v ■Mxauivw uio . wmpojij j HAwwwtva. uvru-jvi««ovii ouupo, 

an muier; impozy.was nnder household claims, where into household policies. ; East London is marginally within willingness to work closely with and record and sports wear 

-also the> baipsoury there was underinsurance by the UnfieT the practice of averag- its catchment area and Tesco local authorities within the De- shops. 

ae ^sua/.-arrs-at the application of averages. ing, • the amount paid under a hopes that word of mouth will partmenfs guidelines. In addi- Tesco argues that the develop- 

i S 110 Because company policy word- clayiLUf scaled down in proper- spread its retailing message and tion, Mr. MacLaurin said that ment of the small shop and High 

l inemre m umaon ingg and claims settlement prac- tion w' the degree of under- help overcome local objections Tesco would not make any more Street retail trade' will comple- 

ri ^ jn ' tice varied widely, it was insurance. If the sum Insured to the giant stores. planning appeals for “green ment rather than conflict with 

i Royal institute of inappropriate for the association under rtimtents policy Is £4.000 But more important is Tesco’s field" superstore development the Dew superstores. 


Row Institute of inappropriate for the association under irbontents policy Is £4.000 
iitects, in^announfr t„ reply pubiiely to these com- wheu ffie - value of the contents 
ttuttfs architectural meTlti . i 5 . flkO^’for a claim of £1.000 

this year. Mr. Ron Peet chairman nf the the otffiment made would J>e 


■ .. • • 

- THE POST OFFTCE is Consider- 
ing introducing a. credit-card 
system for use in stnhe -telephone 

' kiosks: . - • - - '•7.; 

r.. The ’ cards.:- termed J . '*.* eaxd- 
1 • '-phone," made of stiff ptestic: and 
...to range in value from' flop. to 
£ 50 . would :be purohaned -from 
post offices and sffi>pa>; 

.• • :• .The ^arif would' he-finserted 
. "into a slot and the oiB fltadsefii 
the notmal way. lt would deduct 
. . Ihe cost of calls from tha vaWe 
.. ,of the cards until used iip. -. . , ■ 


The Post, Office it 
th*.- -.proposil.: .. 

resea rohbasheen 
so far. 

Tile Post Office 

serviced <■ was 
^.(.roved-w^- . •“ Gardpbo 
replace coh^opera^d 
in. a number of lo 
do not see _tixem 
Qoiii telephones. 

: Britain has 
te 


awraou- .pay 

pbhlfil^ofcses 



atute’s architectural meT jts. is flLG^'for a claim of £1.000 

this. year. Mr. Ron Peet chairman nf the the .p^ment made would -be 

le attracted 325 en- association, felt that insurance £500 — rae half. 

> buildings received companies would wish to con- ‘ prndeSfcal Assurance bas an- 


Eisteddfod seeks cash aid from EEC 


23 won commenda- sider the matter carefully in the nouncq 
lighest number in light of this criticism and in duce a 
’s 13 Tyear-history. autidpation of inquiries from sums Ih 
drawn from a wide interested bodies, such as the msuran 
iiding type. Only one Office of Fair Trading. problen 

be made in each of . Three points requiring par- insurau 
i the UK the build- tlcular attention -werer— to staF 

being considered to • To 'ensure that their office next Yd 
mt of 'its ■ kiad, practice was cleaT and that it TbHl 
>f size of cost” ' ' was known and Understood by house® 
commendations art :tho ^ employees responsible for holder^ 
tidings which, while claims. . ~y the cha 

.awards, were coo-“ • Where the practice mduded ’- The ; t 


hat it intends to intro- 
fstem of index-linking 
red under householder 
-policies, to overcome 
arising from under- 
This is not expected 
before the middle of 

sdential bas over -2im 
policies and policy- 
ill be informed about 
fc wifi- in advance: ' | 


EEC FINANQAL backing is 
to 3>e sought for the 
Eisteddfod, Wales’s annual 
cultural festival. 

An - Eisteddfod delegation 
plans to visit Brussels in 
autumn to seek an annual 
grant of £200,000 towards the 
festival, costs of which have 
soared in recent years. . 


The staging of this year’s 
Bsteddfod in Cardiff, which 
ended last night. Is expected 
.to have cost £5204)00, more 
than double the expenditure 
four years ago. 

While the organisers expect 
to break even this year — 
partly because . of. a one-off 
Government grant of £275,000 


— they see an urgent need for 
new income -to guarantee the 
festival’s future. The 
Eisteddfod . plans to seek 
greater sponsorship from 
business and industry. 

Backing for the approach to 
the European Commission has 
been given by Dr. David 
Owen, Foreign Secretary. 


awaj-ds, were con-' • Where the practice irtetaded Tbe-ffiq^ltekihg wilL.operate 
7li? v^«lffi^enUy aT1 element of scaling-down" -in auto raafi calf, unless the policy- 
thtaglnafive and pertain circumstances, to ensure '.holder specifically informs the 
U> deserve' public ’***'■ it was supported- by up-ti> ^company that he does not wish 
* date legal advice, having reganT:tlus to be done. In such cases. 

to' the wordlng. of the proposal ao underinsurance clause would 
form end policy document- - ^ be added to the policy. 


LAIK)I R NEWS 


Doek workers told 


.BY NICK GARNETT, LABOUR STAFF 



.B 



DOCKYARD WORKERS, whose 
sanctions in support of a pay 
claim have disrupted naval 
bases, will be advised today to 
suspend industrial action while 
they consider a new wage offer. 

A circular , from Mr. Mick 
Martin, the Transport- and 
General Workers Union public 
services national secretary, 
advising the workers to lift-sanc- 
tions, bas been, sent to all naval 
dockyards: 

■ Meetings at most of the yards, 
including the Polaris submarine 
bases on the Clyde, -where sanc- 
tions have affected work on 
the submarines and the Vessels’ 
movements, are due to take 
place today to consider the new 
offer made on Friday. 

The - 'offer. which affpets 
183.000 industrial civil servants, 
involves a peace formula a creed 
by Ministers and trade union 
leaders. 

The union circular 'mokes it 
clear thar union necotiatnre 
believe the deal is thp best thev 
can ._ obtain ip . talks ' with 
Ministers and that the negotia- 
tions have come to -ah end. It 
gives thp dockyard workers until 
August 25 tp respond. 

National union officials said 


yesterday that first Indications 
were that shop stewards might 
agree to the new pay formula. 
Pickets around the Parian e 
Polaris siffimarine base on the 
Clyde were withdrawn late on 
Friday as;an.act of good faith 
pending a ■meeting there today. 

Mr. Les Chaplen, Amalgamate d 
Union of {Engineering Workers 
convenor a $ the Portsmouth dock- 
yard, Hid : last night that some 
workers at least were now_pre- 
pared to accept the offerV . 

The formula involves consoli- 
dation of the £6 .Phase One 
allowance and £2.60 of the Phase 

Two allowance into basic rates, 
together with an additional 9 
per cent. Craft and supervisory 
allowances- will be boosted by 50 
per cent. \ . 

Some pay anomalies would be 
corrected. ^r»d 30.000 low-paid 
workers would receive between 
£1 and £1.56 productivity bonus, 
based on • 'a special efficiency 
scheme. V-.' 

Talks op - next year’s wage 
settlempjij will take into account 
comparable, jay and conditions 
outside the Civil Service, and 
there wi ill. be^ negotiations on 
altering r he- settlement date. 


Heseltine attacks 


union 


BY NICK GARNETT, LABOUR STAFF 


The Association of 
International Bond Dealers 
prices and yields at 
July 31 

will now be published 
in the Financial Times on 
Tuesday August 15 1978 


MR. MICHAEL. HESELTINE. 
Opposition • spokesman on 
environ ment. yesterday entered 
the growing political squabble 
between senior Conservative 
Puny, officials and ihe . TUC 
when- be mounted- another Tory 
assault on the trade union 
leadership. . 

“Our attack is not: on. trade 
unions,” said Mr. Heseltine. “ It 
is on leaders so intolerant of 
Other political views than their 
own .that they seek to limit the 
genuine democratic choice of the 
ballot box." ..---■- 
. The Tory attack, Mr. Hesel- 
tine’s statement went On, was on 
union leaden who puraaed 
socialism' when elected to pursue 
prosperity. They were deter- 
mined to : use their economic 
strength for ihe political purpose 
of imposing socialism os a non- 
socialist Britain, - 


Instead of. setting up their 
operations to benefit from the 
free*cnierprise system, union 
tenders ' - Prefer tiaht little 
socialist huddles where no ideas 
but tbeir own are ever heard." 

Mr. David Basnett,' chairman 
of the TUC and leader of the 
General and Municipal. Workers’ 

H ni00 v*rm^ »®ekend advised 
Mr. tfjJUffin . Whitelaw. the 
deputy Conservative leader, to 
do some homework on - union 
democracy... 

Mr. Basnett told him. tbat -no 
union gfnerel secretary, could 
survive it he ignored “ the demo- 

craiically-oeterminej poUdeg pf 

his own Union.” ' 

Last night Mi; Basnett replied 
to Mr- Heseltine: “To attack 
trade union leaders Is. to attack 

the unions themselves.” 


FINANCIAL TIMES 

EUR0PES BUSINESS NEWSFAPER 














Financial Times Monday Augnst l4 19.7S 



EDITED BY ARTHUR BENNETT AND TED SCHQETERS 


• PROCESSING 


O RESEARCH 


Blows dents out of drums 


e SAFETY 

Warns of 


• AGRICULTURE 


GEC centre solves 
a tough problem 


SILICON on sapphire (SOS) is 
one of the more difficult tech- 
oologies that can be applied to 
microelectronics to improve per- 
formance by higher packing and 
better operating speeds of sub- 
components. 

To date, only Hewlett-Packard 
appears to have bad the deter- 
mination and the cash to push 
the technique through to the 
point where it can be called a 
commercially viable proposition, 
albeit at a cost of about 520m 
and several years' work, includ- 
ing microprocessor development. 
The company is now reaping the 
benefit both in the way of launch- 
ing new products with higher 
performance or providing exi st- 
inging products with drivers that 
will do the same job at lower 
cost 

Now Hirst Research Centre of 
General Electric Company has 
announced successful completion 
of development work on silicon 


on sapphire complementary MOS 
integrated circuits in a pro- 
gramme _ funded by the 
corresponding Ministry of 
Defence procurement executive. 

The work at Hirst has involved 
demonstrating the levels of 
integration to which this process 
can lead 3nd the production of a 
fast seven-stage binary counter. 

Marconi space and defence 
systems and Marconi avionics 
have collaborated with Hirst in 
identifying best areas of applica- 
tion for components made by this 
technique and the directorate has 
placed a contract with GEC for 
the development OF a series of 
large scale integrated circuits 
based on SOS. 

Hirst will be responsible for 
devising the production process 
and the two Marconi companies 
will work with it to design, test 
and evaluate the preferred 
circuits. 

Hirst Research, East Lane, 
Wembley, Middx, 01-904 1262. 


NEW IN the range of drum 
renovation equipment produced 
by Caldwell Burner Develop- 
ments of Rishton, Lancs, is a 
de-den ting unit for processing 
4Q£0 gallon drums. 

Semi-automatic in operation, 
the facility is capable of restor- 
ing damaged drums to their 
original capacity at a rate of 
approximately one per minute. 

Removal of surface indenta- 
tions on used drums is effected 
by air pressurisatlon of the drum 
Interior, accompanied b.v a roll 
forming operation to restore the 
external shape. The drum recon- 
ditioning Is carried out in a 
safety chamber, which has pro- 
vision for automatic cut-off of 
the air supply until the chamber 
door is locked. 

In the reconditioning sequence, 
a damaged drum is loaded 


manually on a .turntable "Within 
the chamber and is contained by 
a hydraulically-operated 
damping plate. The chamber 
door is then locked and air fc 
introduced through the head 
bung of the drum. The external 
shape is restored while the drum 
is under pressure, with two pairs 
of side rollers maintained in 
contact with the rotating drum 
body. 

Suitable for use by drum 
users and reclaimers, the new 
reconditioning -unit can he 
supplied for direct operation 
from an existing compressed air 
supply or complete with an air 
compressor. The floor area 

occupied by the basic recondi- 
tioning unit Is approximately 
6 feet by 5 feet. 

Caldwell operates from Sands 
Road. Rishton, Great Harwood 
8S5257. 


gas or fire 


Clearing the field 



WHAT fS claimed to be . an variable and depends on pressure 
effective low cost device. to fight put on the trigger release, ruei 
DETECTION, alarm and subre- bush fires (by quickly creating consumption works out -tfj 
quent remedial control actions Ere breaks) and dear farm fields kilogramnies of Itqoeflca pciro- 
axe all catered for m equipment has been developed by Valor teum gas an hour, 
designed bv GP-Eliiott Electronic International, in collaboration Valor international says tnai 
Systems ;o counter fire and gas with Kruger National Park tests m sugar cane regions snow 

incidents on offshore platforms, authorities in South Africa. that two workers equipped with 

The equipment, ordered by The device is a powerful the gas operated flame throwers 
BP Petroleum Development for mobile flame-thrower which sells took one hour to clear a hectare 

the SulJom Voe terminal tn the at £59 and consists of a 2.25 or of canefield. while it took six men 

Shetland islands, will give the L15 metre long burner attached a full day to do tne same joo p ov «Mnfl niVi 

earliest possible warning of. a to a gas cylinder, supply. It with conventional firing equip- A J. UUl 

fire or gas hazard, showing the emits a two-metre Jet of flame ment - - 

locality of the problem and the at a temperature' of more than . Full details of the equipment 
status of the automatic fire fight- 1.900 degree C and will .ignite can be obtained from Valor 

ing equipment. damp undergrowth, from a International. Rjversiae nouse, ... • 

Gas, Same, hear and smoke distance oi three metres. Corney Road, Chiswick, VJ4. INCLUDED IN Fluke s series r 

Heat intensity is infinitely (01-995 4101). 


INSTRUMENTS 


calibrations 


HEATING 


High efficiency boiler 


6 CONFERENCES 


Information processing 


THE next conference and 
exhibition of the International 
Federation for Information 
Processing. “ IFIP 79.” is to be 
held at the Wembley Conference 
Centre on September 25 to 28 
next year. 

Conference emphasis will be 
on the practical and economic 
aspects of computer applications 
and a “call for papers” leaflet 
is available from the British 
Computer Society, the UK IFIP 
host responsible for the practical 
arrangements of the conference. 

Organisers of the related 


exhibition, the Business Equip- 
ment Trade Association (BETA) 
will be aiming to make it 
Europe's major specialised data 
processing exhibition of 1979. 
Most hardware and software 
aspects will be covered. A 
preliminary stand layout is 
already available and the “ floor- 
space-only*' charge will be £45 
per square metre. 

More from the BCS, 1-3 Mans- 
field Street. London W1M OBM 
(01-637 0471) or BETA at 109 
Kings way, London WC2B 6PU 
(01-405 6233). 


Applications programming 


AN INTENSIVE one day seminar 
is to be held by Intel on Septem- 
ber 4 on applications- procram- 
ming for the company’s RMX-80 
real time multi-tasking executive 
software which operates on the 
SBC 80 single board computers. 

This is an introductory course 
intended for persons familiar 
with microprocessor-based assem- 
bly or high level languages, but 


unfamiliar with real time execu- 
tives and operating systems. 
Speakers will include experts 
from the U.S. and the seminar is 
aimed at all who design, imple- 
ment or test micro application 
software. The registration fee is 
£25. 

More from 4 Between Towns 
Road, Cowley, Oxford, 0X4 3NB 
10S65 771431). 


CAREFUL ATTENTION to 
design and rigorous attention to 
experimental evaluation bas 
resulted In a commercial/ 
industrial gas boiler from 
Chaffoteaux that achieves an 
efficiency of SI per cent at full 
heat output rising to S3.2 per 
cent at 20 per cent output 

With many equipments on the 
marker the efficiency drops with 
decreasing output — an unsatis- 
factory state of affairs according 
to the company, which maintains 
that sufficient data is now avail- 
able to show that commercial 
boilers spend much of their time 
trying to match loads equivalent 
to 20 to 49 ner eenr output. This 
is frequently done either by 
modulating boiler output nr 
allowing a fixed boiler nutput to 
cycle with shorter and shorter 
fl red-up intervals, giving thermal 
inertia problems. 

Chaffoteaux uses a modulation 
technique, but has been able to 
maintain maximum efficiency 
over the range by using a servo- 
motor-controlled damper, linked 
to the gw valve, to control the 
amount of secondary air intro- 
duced. The primary air supply 
fnr combustion is completely 
separate. 

As the heat output is reduced 
by progressive closure of the ‘•as 
vn’ve. secondary air is simul- 
taneously reduced, ensuring an 
optimum air/gas ratio at ail 
stages of modulation. 

Other design steps taken in- 
clude the use of copper in a 
relatively high surface area to 
output ratio beat exchanger, 
increased turbulence over the 


exchanger for higher efficiency, 
even thermal loading over the 
exchanger's area and extensive 
insulation tn reduce radiation 
and convection losses. 

However, the burner area and 
profile, secondary air modulation 
and insulation have been opti- 
mised for the 20 to 40 per cent 
output range. 

Known as the Econoflaine. The 
unit is available with outputs 
from 100 to 500 kW. 

Construction is based on a pre- 
formed steel chassis with refrac- 
lorv brick-lined ‘ com bastion 
chamber, with glass wool, alu- 
minium foil and air saD insula- 
tion between combustion 
chamber and outer case. Baffles 
and burner bars are in stainless 
steel. 

Electronic temperature detec- 
tion is used to control the servo- 
motor and can be related to 
outside air temperature if 
desired. 

The company says that the 
boilers have so far been examined 
by Nederlandse Gasunie. the 
independent Dutefc authority, and 
the French and German gas 
corporations. 

Findings were that the Econo- 
flame bailers had as high an 
average efficiency at full output 
as “other combinations Tested," 
including automatic burner/ 
boiler arrangements. 

But at outputs below maximum 
and particularly between 20 and 
40 per cent output, the Econo- 
flame was “by far the most 
efficient boiler examined." 

The company is at Concord 
House, Brighton Road, Sal fords. 
Surrey, RHl 5t>X (02934 72744). 


detectors are appropriately posi- Heat intensity is infinitely {01-995 4101). - microprocessor Jjj&E? 

tinned throughput u»e terminal. thermometers is a umt for to 

the data they provide is pro- _ calibration of both anaiopup an 

cessed, and the position shown 0. QUALITY CONTROL digital *h er ®!iff 

on geographical wall displays. ^ tor3r ana 0I V?l te 'P 3 * 1 ? 05, - 

The information U continuously T?in/lc 4~invr £ m nnMC Model Y2003 calibrator Isi use 

updated, providing progressive lflflS Fill y :IQ1 IIlS III CdiUb In cnnjunrtion with the 21S0i 

data on any incident. * microprocessor thermometer f- 

If specific hazard conditions in HIGH volume can mannfac-" begins when two can-ends are form an integrated call bra tie. 

occur, the system initiates the turing — 150,000 cans per day or loaded on the test heads. By system. 

release of halon. water or foam, more— it is essential to maintain pushing two safety start buttons. The calibrator generates a 

and logic sequences can be made the highest standards of quality a vacuum is produced on the ggrrenriy stable, high-resoiino 

to start fire pumps and dose control, minute by minute. When bottom side oF the can end, while dc voltage, which is supplied i 

down process plant. checking for possible can Teaks, two air-driven cylinders seal the parallel to borh the 2190A an- 

The company is at .61 High the often-used dye penetrant' and top side. A predetermined mix- £h e tnsmimptit to In*, tested -o 

Path. Merton, London SW19 (01- bubble test methods may require tu re of compressed air and calibrated. This vnltaee may the* 

=.«a i«.m. several minutes to indicate: the helium is delivered at the be adjusted to simulate tempeiy 


543 1241). 

• PRINTING 

Plate made 


vacuum tightness of a single.. can .required pressure to simulate the tures over the total input rang 
or can-end. During this time the real working renditions of The ft,* un ir under test, thus pm 


production line continues to pro^ can. The helium wll pass through an accurate and measure 

dure thousands of rejects. cracks or holes at n constant flow able comparison check with tit 
Using Variant Model . 936 rate, according to the size of the oiffflA. 
helium leak detectors for testing . leak. The unit immediately reads Fluke international. Garnet 
cans and can-ends, certain manu- the helium flow and provides a q ow , Watford WDO 417. Q9Z 
facturers are now maintaining a “good" nr "reject signal. 33066' 

continuous control of their pro- When the test is completed, the ■ 

duction lines : The 936 not only cylinders are raised and the can-. 

provides sauiolings, but . a feed- ends are vented — all In a matter 

DrRECTOLITH. a new plate- back in real time and a record of or seconds No operator readings 
making material from Agfa- the yield per shift as weH. . , are required and the work takes 
Geraert, allows, a single sheet The 936 tester can detect Teaks place at 200 cans/honr. . 
of material to be exposed from smaller than 1 millionth of a Varian. Russell House. Mnles- 
a paste-up or film original pro- cubic centimeter per second, ' ' Icy Road. Hershsm. iValton-on- 


in single 
operation 


ELECTRONICS 


cessed for only 60 seconds and 
then used directly no an offset 
printing machine. 

It will accept projected images 
from one side, producing a print- 
ing plate surface on the other, 
eliminating the need for optical 
reversal attachments on the 


The leak detection cydt Thames. Walton 28766. 


Automatic 

testing 


• MAINTENANCE 

Easy access for cleaning 

camera; the image passes through men and their equipment the outrigsersjhe ground space . ^ 

the film by diffusion transfer and t0 a lotal weight of 660 lbs f300 occupied is 2-S ‘fnr th 3? 


STORN‘0 has expanded iti 
Camberley. Surrey, manufactnr 
ing facilities for radio com 
mun'eations equipment by ia 
stalling a new department 


thrir 
also to 


appears on the other side "the kgs) can be raised to a height Known as the Heigh tshrinker 

right way round” and m positive of 20 ft (about 6 metres) in FM5O0. the unit s driving motor g'J*- . 

form. . , under half a minute using an can be fed from single or three ttuus at component reyw. 

Dlrectolith thus entirely dis* eiectrieallv-powered ttaree*taeo phase supplies. But if no mains 
penses with any intermediate pfctform *put on the market by supply is available the platform 
film stage, in which a negative faimpendeU Welding (Sales), can he raised bv a self-sustaining 
is made and then a positive plate . . ___ h . hand winch. To give extended 

for use on the machine. T . f . necessary th' B . - working space, two of the units 

After exposure the plate is Jailer-mounted towing behind can be coup ] efl with a 13 ft 

passed through a small in ex pen- medium ^d^OTnrar and (4 bridge. More from 

sive processor containing activa- should he attractive to au tnose eoni p. in y ar Ebbems Road, 
tor and a minute later is ready concerned with mam- Hemcl Hempstead, Hertfordshire 


corrert 

locate 


for checking before bong put on »"«>«. ™ a p “, ir a »3 d h „ c | , l 3 ! i ^ tion <0442 36011. 


Included in the new depart- 
ment are facilities for automatic 
resting or complex logic circuit 
boards for use in large scale 
communication systems cur- 
rently being installed by local 
authorities, nationalised indus- 
tries and large. industrial 
organisations throughout Uht 


the press. 

The material is designed for The four-wheeled base' permits- 
quality runs up to about 20,000. easy positioning and adjustable 
More from the company ar 27. outriggers are swivelled out to 
Great .West Road, Brentford, give stability.* T ’ , ~* fnrm ci7p “ 
Middlesex (01-560 2131). 


CONTRACTS A 


TENDERS 


NIGERIAN PORTS AUTHORITY 


Tender for Hydrographic 

.7 

Surveys in Nigeria 


Tenders are invited from reputable Hydrographic Survey companies for 
the Survey of Nigerian Ports, their Approaches Channel^ and Estuaries as 
administered by the Nigerian Ports Authority. j 


2. Full details of all the survey areas and frequencies of surveys for each 
area together with existing charts of the area and the Fbrt limits and necessary 
specifications are obtainable from: 


The Principal Hydrographic Surveyor, 
Nigerian Ports Authority, 

26/28 Marina (3rd Floor), 

Lagos. 

on payment of a non-refundable deposit of N240.00. 


3. All payments should be made to NP-A. Finance Department 26/28 
Marina (3rd Floor), Lagos, and receipts obtained presented before Tender 
specifications and Charts are released to Tenderers. Tender forms and charts 
are also obtainable from the Nigerian Ports Authority’s Representative, Mansfield 
House, 3rd Floor, Room 34-37, 376-379 Strand, London, W.C.2, after payment of 
the equivalent of N240.00. 

4. Completed Tender Documents in sealed envelopes marked “ Confidential 
— Tender for Hydrographic Surveys in Nigeria ” should be returned to the 
Secretary, Nigerian Ports Authority, 26/28 Marina, Lagos, to reaeh him not later 
than 12.00 noon on the 30th September, 1978. 


5. The duration of the contract will be for one year. 


6. This Tender may be cancelled or withdrawn or altered without any 
reason given for so doing. Responsibility will not be accepted for any loss or 
losses incurred by Tenderers in preparing or submitting their Tenders. The 
Authority is not bound to accept the lowest bidder and will not enter into 
correspondence with unsuccessful Tenderers. 

(J. E. Kalu), 

Ag. Secretary to the Authority 

N.P.A. NOTICE No. 3130. 

DATED 25th JULY, 1978. 



Description 


■7 

VlPjt 


1M TON CAPACITY COINING PRESS by 
Taylor and Cha lien— virtually unused — fully 
automatic — 160 s.p.tn, x 24 mm stroke. 

IN LINE MACHINE for simultaneous surface 
milling both sides of continuous and semi- 
continuous cast non-ferrous strip up to 16 M wide. 

9 DIE, 1750 FT/MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
20C hp drive, 7ST horizontal draw blocks. 

22" vertical collecting block and 1000 lb 
spooler. (Max. inlet 9 mm finishing down 
to \£ mm copper and aluminium.) 

8 BLOCK (400 mm) IN UNE, NONSLIP W! 

DRAWING MACHINE in excellent condition 
Q/lOOOff/min. variable speed 10 hp per blc&k 
( 1966) / 

24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton (1972). J 

SLITTING LINE 500 mm x 3 mm x 3 con capacity 

TWO VARIABLE SPEED POUR HIGH RQLUNG 
MILLS Ex. 6 JO" wide razor blade stripy 
production. / 

MODERN USED ROLLING MILLS, wir/rod and 
tube drawing plant — roll forming machines — 
slitting —flattening and cut-to-lenjjfh lines — 
cold sawS — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. capacity 
1000 mm 2 nun x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27~— 29"— 31" 
diameter drawblocfcs. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25. hp Drawbiocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 

5- OOOfr/Mrn with spoolers bv Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1.700 mm wide 

7 ROLL FLATTENING MACHINE 
965 mm wide; 

COLES MOBILE YARD CRANE 

6- ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE IQ" x 8" rolls x 75 hp 
per roll stand. Complete with edging rolls., 
turks head flaking and fixed recoiler. air 
guaging etc. Variable line speed 0/750 ft/min. 
and 0/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE { 1973) by 
Thompson and Munroe. 


I Tele phone 


0M2 42541/2/3 
§ Telex 336414 

A90Z 42541/2/3 
r Telex 336414 


SCHULER 200 TON HlGH SPEED BLANKING 
PRESS. Bed 46" x 40" 200 spn. Doubly noli 
feed stroke 35 mm. excellent condition 

TAYLOR & CH ALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition » new. 

VICKERS 200 TON POWER PRESS. Bed 40" x 
36". Stroke 8" NEW COND 

MACHINING CENTRE. Capaciry 5ft x 4ft x 
3ft. S Axes continuous path 51 automatic tool 
changes. 5 tons mam cable load. Main motor . 

27 hp. Had less chan one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 21 6SP AUTOMATICS 196) and (963. 
EXCELLENT CONDITION. 

4.000 TON HYDRAUUC PRESS. Upstroke 
between columns 92" x 52" daylight 51". 
stroke 30" 

ANKERWERK 400 TON INJECTION MOULDER. 
Reconditioned. 

UPSET FORGING MACHINE 
4" 750 tons upset pressure. 

200 TON PRESS. Double action bed area 
132" * 84" 

2.000 TON PRESS. Double action bed area 
1 32" y 84". 

WICKMAN Automatics 6 Spindly. 


0902 42541/2/3 
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0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
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0902 42541/2/3 
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0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Tdex 336414 
09CQL 42541/2/3 
Tdex 3364 M 
0902 42541/2/3 
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0902 42541/2/1 
Telex 3364 M 
0902 42541/2/3 
Tdex 336414 
0902 42541/2/3 
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0902 *2541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Tdsx 336414 


0902 42541/2/3 
Tdex 336414 


01-928 3131 
Tdex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 313! 
Telex 261771 
01-928 3131 
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01-928 3131 
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01-928 3131 
Telex 261771 
01-928 3131 
Telex 26 177 1 
01-928 3131 
Tdex 26177] 
01-928 313] 
Tdex 261771 
Telex 261771 


UJC and the tfidrilc East. 

Equipment ranses irom. basic 
.systems usinc programs punched 
an paper tape and operating 
directly under paper tape con- 
trol, and other new hardware 
including interface merhanicar 
test beds and visual display units. 

Built of the automatic testing 
currently being undertaken at ■ 
Camberley is associated with 
the manufacture of 900 TER00/. 
5015 data terminal units. They 
are part of Storao's contract at 
MADE BY Steibel Eltxon In main supplier ,for. the . worlds 
Germany and available from the' largest fully automatic vehicle 
UK subsidiary at 25 Lyvedon monitoring (AVM) system 
Road, Brackmiqs, Northampton being installed on Dublin ril 
(0604 68421) is anelectrical hand bus services entire fleet bf'-ff* 


HYGIENE 

2i'& Dries when 
the hands 


drier which is equipped with a 
prpjdmity switch to start the unit 
when the', hands \re brought 
sufficiently close. 

Suitable for office, factory and 


buses carrying some Stfila 
passengers each year. 

Dublin AVM is based on « 
dual computer arrangement 
, . , . . which automatically collects 

institutional premises* the unit location data from each bus wv 
should he of particulaY interest a route. The results are pre-' 
where hygiene Ls important for seated on visual display units li 
example in hospitals, food plants so that controllers tn sevefi 
and restaurants. ' • garages can see at a glance the , , 

Known as the BTE, the device actual, and scheduled position^-* 
has a 1600 watt heater and • a of all buses on a particular 
56 watt fan, both operated by the route. The system is due to he • 
proximity switch. A huflt-ln i n full operation by the middle >• 
timer switches the unit off after of next year and will provide | 
a few seconds of use. Measure-. greatly improved services. "• •; 
ments are 247 by 240 by 200 mm Stomo. Frimley Road. Camber- 
and the case is made of poly- ley. Surrey GUM 5ES. 0276 
carbonate. 29131. 


n 





* In 


WANTED 


MODERN USED ROLUNG MILLS, wire rad 
and tub® drawing plant— rail forming machines 
— stirring — flattenine and cut-to-lcnjth lines-— 
cold saw*— presses— suillonnn. etc. 


0902 42541/2/3 
Telex 336414 




In the days of office boys, their grandmothers traditionalVhfld 
funerals on the afternoons when the local football teams were 
playing at home. 

' if only their firms had been able t» use Plantime flexible 
worting hours systems, the boys could have been free to go. 

They could have made up their time on other working days. 
find they would have done their jobs that much better because of it! 
- • Today everybody can benefit from Plantime-the employees, 
the administration and personnel staff, and the employers. 

. A. Plantime system gives employees freedom to come and go 
within' agreed limits to suit both work in progress and their private 
lives. Nqone need ever be late i Everyone has'a personal plastic 
key which instantly records hours in the system when used : and 
1 the total is known only io the individual and the management. 

• ; All hours worked are.momtored and the arithmetic is all done 
on the print-out. This does away with a lot of tedium - and cuts the 

post of administration. 

. Most rmoortant. a Plflnrime system improves staff 
. relations and increases efficiency. Hundreds of 
organisations tn the public and private 
sectors of industry and commerce hare 
proved it You can prove « during a tnal 
period myour company. Send off the 
coupon for information now. 


:' !I H. 



TolXfl-C. (Europa) Limited. Shakespeare Industrial Estate. 
Watford. Herts WD2 5HD. Telephone: (09231 44300 


Ptosaegivetnefuli information about your Ptsntune system. 

Name. — — — -.Position 

Company 


\- v 


Address . 




‘-f 


Number of employees....... : ‘.Telephone No 

Or please attach lettetheading with this coupon. WApnjpnE. 
FLEXIBLE HQU RS the key to a more agreeable life!^h<r ^ 


i 


r 


r 




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v ■ 


1 


A 





Financial Times Monday August 14 1978 


The Executive’s and Office World 


; EDITED BY CHRISTOPHER LORENZ 


i. ’.TO CALL mss to repentance 
. *st . . . but then also . . . to 
iv * ve them the opportunity o( 
' '■.bowing their repentance and 
^ ringing forth fruits. This is ray 
. tea of a tailors’ association," 

. Thus F. D. Maurice, one of 
^yae leading Christian Socialists 
the last century., explained 
Is aims in promoting the 
‘ ’"■;»stab!ishmcnt in various craft 
.[ lrtu st rips of what were, then 

fi/c.iUed associations of labourers, 
' nd what we would refer to 
t u . owTtdays as Workers* Co-ops. 

‘ J { i Ernest Bader, who more or 
1 1,1 !ss gave the successful com- 
any he Had built .up' to his 
orkforce. sees himself mainly 
' a Christian Socialist- And 
tough in contrast to Bader’s 
access the enterprises spon- 
ired by Maurice and his friends 
ided uniformly in disaster, 
sere are specific parallels in 
te outlook of the two men. 


Religion 


Just as many of us will feel 
neasy about Maurice’s attempt 
» link religion with production,. 
>. Susannah Hoe tells us in her 
cw book, there have been 
mse among the former 
mpioyees of the “ man jvho 
ave his company away " who 
ave resented his attempts to 
lix the world of work with 
le world of prayer: “ People 
sed to say 'They’re up there 
raying while we get on with 
leir work V’ 

The institutionalised. if 
ilunrary. Monday prayer meet- 
j.?s. briefly attempted at Scott 
ader in the early 1950s, which 
^revoked that reaction, were 
ijst one expression^ of the 


enduring preoccupation with 
the next world which Ernest 
Bader has always coupled with 
his enduring preoccupation with 
successful .business. . . 

Ernest Bader, a naturalised 
Englishman of Swiss' farming 
parents, started op the road to 
business success when he set up 
as a merchant and trader in 
chemicals in 1923. The business 
was called Scott Bader, his wife 
having been born Dora Scott 

Twenty eight years later, 
after a move from London to 
Northamptonshire and a switch 
from trading to manufacturing 
chemicals, the Bader* family 
made a present of 90 per cent 
of the enterprise's shares to the 
Scott Bader Commonwealth — a 
charitable holding company in 
the direction of which those of 
tile company’s Workforce who 
chose to take up membership 
became entitled to participate. 

Then, in 1961. the family sold 
the remaining 10 per cent of 
Its original shareholding. to the 
Commonwealth, and Scott Bader 
became the pioneering “com- 
mon ownership ” company in 
the UK 

The phrase " common owner- 
ship ” was chosen deliberately 
to reflect the fact that there are 
no individually owned shares in 
the transformed Scott ’ Bader. 
The Commonwealth’s members 
own the enterprise as a eollec- 
tive. When they leave or retire 
they have no individual shares 
to sell, just as when they join 
they have no individual shares 
to buy. Ownership, is “• neutra- 
lised.” • . • 

In this respect as in' some 
others, the Scott Bader “ com- 


The man who gi 
his company aw 


ye 



m on ownership company” 
differs from both the traditional 
“ workers’ co-ops " which go 
back to the last century, and 
from the highly successful group 
of mainly industrial co-ops 
centred on the small steel mak- 
ing town of Mondragon in the 
Basque Province of Spain. 

By 1953, when the Bader 
family took its first and major 
step in divesting itself of 
ownership, Scott Bader was 
already starting to move up 
from the small to the medium 
sized enterprise category. It 
was then employing 151 people, 
with a turnover of £625,000 and 
net profits of £72,000. Twenty 
five years later, in 1976, the 
corresponding numbers were 
42n. f 14m and £1.23m. 

Of course, for most of that 
quarter of a century chemicals 
were a strong market All the 
same, at the very least, the 
growth record is respectable by 
private capitalist standards. 
Moreover, by a mixture of the 
far sighted purchase of U.S. 


licences "immediately after the 
war. and its own research and 
development work, the company 
has achieved a position of 
leadership in the UK market 
fur unsaturated polyester resins. 

Thus, whatever else is true, 
it is clear that the controlled 
divestment by former private 
owners of the ownership of a 
successful business need not 


BY ROBERT 
OAKESHOTT 


lead to disaster. Admittedly the 
lesson is not new. The experi- 
ence of the John Lewis partner- 
ship points in the same direc- 
tion and predates that of Scott 
Bader by more than a couple 
of decades. All the same, to have 
the lesson repeated for a 
medium sized manufacturing 
enterprise is a matter of obvious 
consequent e and value. 


On the other hand there is 
a sharp contrast, in the Scott 
Bader experience, between the 
speed With Which ownership wag 
transferred by the Bader 
family and the relative control 
which it still retains. The com- 
pany^ constitutional arrange- 
ments are neither simple nor 
static. But Godric Bader, the 
founder’s son. remains in 1978 
as chairman for life and still 
appoints, subject to democratic 
approval, a majority of the 
board of directors of the operat- 
ing company — behind which the 
Commonwealth stands as a kind 
of “supervisory" holding com- 
pany. 

Scott Bader has frequently 
been criticised for this state of 
affairs, and the position has 
been compared with that of a 
colony in the transition to 
independence, when the colonial 
Governor retains crucial en- 
trenched powers. 

The criticism seems both just 
and unjust It is just in so far 
as the "company’s power struc- 





Ernest Bader — a pioneer in the 
field of common ownership in 
Britain 

ture still reflects the kind of 
high minded and top downwards 
paternalism which characterised 
the “giving away” of the com- 
pany in the first place. It is 
unjust to the extent that it 
overlooks the real difficulty 
which must face any democratic 
enterprise or workers’ co-op — 
the difficulty of reconciling the 
need for ultimate workforce 
control on the one hand and 
the need for efficient profes- 
sional management on the 
other. 

There is. To my mind, a more 
serious criticism of the “ com- 
mon ownership” model which 
has been pioneered by Ernest 
Bader and his family'. And 
though it has had various, 
mainly smaller but not 
altogether unsuccessful imi- 
tators. I am doubtful whether 


it ever could^or indeed should 
— be widely replicated, i 

And not because it seems 
improbable that successful 
entrepreneurs are ever likely to 
come forward in large numbers 
to give their companies away to 
their workforces. The point is 
rather different. Common 
ownership may appeal lo the 
high minded— whether to those 
in the traditions of the Webbs, 
or of Ghandi or of Mr. Glad- 
stone. • But it overemphasises 
the social ilhat is group mem- 
ber! needs of ordinary workers 
at the expense of their indivi- 
dual needs. It may be all very 
well for the saintly or the hair- 
shirted. But it may be an in- 
efficient motivator of ordinary 
people, whose altruism needs to 
be encouraged by a very palp- 
able extra ingredient of self- 
interest. 

Thar is why I would imagine 
that the arrangements of the 
Mondragon co-operatives — and 
some others — which seek to 
combine elements of both indi- 
vidual and collective ownership 
in a most sophisticated and 
judicious blend, are likely in the 
long run to prove a better hot 
than those which Scott Bader 
has pioneered. 

But whether it is the Scott 
Bader or the Mondragon model 
—or another version which 
comes to prevail if, as some 
believe, a workers’ co-operative 
sector starts to develop over 
the next 10 years, the debt of 
future co-operators to Ernest 

Bader will remain considerable. 

For by his action In pioneer- 
ing common ownership he has 
probably done more in this 


country than anyone else to 
encourage the search for new 
and more human enterprise 
structures. Moreover, because 
he is an extraordinary man and 
because of the element of 
theatre in his family's “ gift “ of 
Their company, his work has 
inevitably attracted more atten- 
tion than would otherwise have 
been the case. 


Susannah Hoe has rightly not 
attempted lo write a commercial 
history of Scott Bader, And 
though some will find her 
excessively preoccupied with 
Ernesr Bader's emnplex per- 
sonality and motivations. I 
would not. No rinuhr in the 
long run it is for lhe results of 
his work that ho will be remem- 
bered. Bui. as this book dearly 
shows, you can never really 
separate the man from his 
actions. 

If Ernest Bader was an 
ordinary man— <>r anyway just 
an ordinary entrepreneur — the 
story of the company ho Founded 
and later cave away would have 
been very different and far less 
interesting. Both the author 
and lhe publisher are in be ci-uu- 
mpnded for giving us a far frnm 
idealised picture of a quite 
exceptional man. 

The Man Who Gave His Com- 
pany Away. A biography of 
Ernest Bader, founder of the 
Scott Bader Commonwealth 
by Susannah Hoe and with a 
foreword by the late K. F. 
Schumacher. ■ Heincmann, 
£5.95 


. USINESSMEN do not always 
lil the screen test, as was aug- 
est ed in last Monday’s article. 
Unlike Nicholas Faith, who 
nrked on Thames TV’s “Time 
>r Business" and was the 
uthor of last week's article, the 
lam behind Anglia’s . “ Enter- 
nse ” programme has found 
usinessraen similar to most 
ther people in their attitude to 
Revision. 

We have not found them un- 
til)’ sensitive or shy. Even 
then tackled about delicate or 
Hvbarrass'.ns: issues, they have 
een generally, helpful. 

One of the reasons may be 
nat, in contrast with Time for 
lusiness. Enterprise has re- 
enily been transmitted at a 
euk viewing hour— seven pm, 
laving been brought forward 
mm 10.30 pm in spite of the 
■nmmoreial pressures on In-. 
Impendent Television. . . 

This went down well with 
lusincssmen. OTiey liked being 
■onsidered important enough to 


Encouraging businessmen to show a bold TV face 


warrant maximum exposure at 
peak time, rather thari being 
relegated to the usual, ntitoight 
hour. •' 

But there are other; .pore 
fundamental ways,- in Which 
top businessmen can be en- 
couraged to appear iyibn- the 
screen. - ‘ 


Cynicism 


Programme makers^- some- 
times forget that other^irorlds 
are different from television, 
business particularly so.;|U 
Mild cynicism, the language of 
journalism, may keep praajirfng 
reporters sane, but -it c»be 
taken amiss in business, vjhere 
standards, dress, outioo&'#ed& 
thing, are usually the oppfcUtf 


of those accepted as tbe norm 
in television. 

It is often the small arro- 
gances that offend: a young 
interviewer with little more to 
offer than cockiness and a de- 
gree. who pays insufficient re- 
gard to a man's* age and 
experience. Or too many “ pun- 
dits" who preach -at business- 
men but never, of course, have 
to put their money where their 
mouths are. The line between 
being Informed and a know-all 
is blurred. 

And yet there is no doubt 
that Nicholas Faith is in the 
majority when be complains 
about businessmen’s reluctance 
to appear on television. 

When we took Leslie Porter, 
Tesco's chairman, on a surprise 
trxur of inspection of one of his 
6 tares. (he. described one display 


as a “pig’s breakfast" and a 
department as a “bloody 
disaster") one critic wrote 
about the piece with such awe 
that it was as though we h3d 
just secured the world's first 
exclusive with the Deity. 


BY JOHN 
SWINFIELD 


Sometimes powerful people 
play hide 3nd seek behind lines 
of secretaries and public rela- 
tions men. But seeking is half 
the fun of journalism. Once 
located, the quarry needs 
approaching honestly — perhaps 
more honestly than most be- 
cause he usually has .more a ta 


lose— end to be treated with 

common courtesy. 

Businessmen get sore when a 
programme is interested only 
in trouble at t’mill. For months, 
perhaps a lifetime, they quietly 
prosper 'or fester with no one 
giving tuppence for their 
fortunes. But a spot of trouble 
brings an onslaught of cameras 
and microphones. 

It is when programmes are 
short of resources that some of 
the real sins are committed. A 
“ story "breaks, the programme 
needs an instant pundit, and so 
a researcher rings up a light- 
bulb maker to talk about the 
whole wide world of the inter- 
national. electrical industry. Tbe 
light-bulb maker nips down to 
the studio — and realises, too 
late, that^be has made a mistake 
by coming along, at all. ; 


Cross any member of the 
business establishment and he 
will put the word round. But, 
if he respects your approach, 
he may also be helpful in 
prompting other members to 
appear. 

One has to. guard against pro- 
ducing programmes that merely 
curry favour. On the other 
hand, it should not be one’s first 
intention to try to do a 
hatchet job. 


Villain 


Business television breeds 
value judgments. It seems to 
attract people who want to be 
in political or sociological tele- 
vision. 1 They expect inter- 
viewees?: to slot into the- 
category of villain or hero. 


Many people in current affairs 
have forgotten that they are 
merely messengers, to provide a 
platform for other people's 
views. They should not hog 
microphones themselves. 

Perhaps Enterprise has 
secured a galaxy of known and 
unknown names because they 
know they will be top of the 
bill. Some programme makers 
seem to place most emphasis on 
having Unde Tom Cobley, 
financial tipsters, economic 
seers and that ilk in the studio, 
all taking precedence over the 
poor blighters who actually 
have to put their money on the 
line. 

This attitude has given busi- 
nessmen an understandable 
chip on their collective 
shoulder. On . Enterprise, we 
cater for real businessmen, not 


the men who make a business 
out of Talking about business- 
men. 

Among the " names ” so far 
have been Sir Maurice Laing. 
of the Laing group, discussing 
nationalisation. John Salisbury 
on the supermarket war, Victor 
Matthews of Trafalgar House, 
estimating that he could say 
goodbye to 30-40 per cent of 
his newspaper workers. Sir 
Marcus Sicff of Marks and 
Spencer. Selim Zilkha (Mother- 
care), Laurie Barratt, Britain's 
biggest private housebuilder, 
and Clive Sinclair of micro-TV 
fame. The list continues. . 

So all is not doom and gloom. 
Businessmen can speak interest- 
ingly and informatively to an 
enormous audience. All you 
have to do is spend a lot of 
time giving them a little 
confidence. 

John Swinfield, formerly of 
BBC. 2's "Money Programme,'" 
is the editor of the AngliarTV 
programme. Enterprise. 








£350m airport 
project J 

V MAJOR expansion of Baghdad trof tower and communications 
ntcrn.irionat Airport has been bijlding, a cargo terminal, a 
imposed. Likely cost has been i Ver ?f’ ve 7 j*P°rtant P*™»- 

, . _ .■'k ages "terminal, various ancillary 

»ui at over £o50iu. Aulldings, roads and services. 

One or the first moves has Other members of the consul- 
urn the appointment of Scotj, tants team include, Dunwoody 
)j i int'i) rigs* ^ and Turner 2>y ' an d Partners, sendees engineers, 
^taunsell Consultants to. assist and British Airports Inter- 
Tatrrr with preparation of national. 

(. ‘ * 5efid« , r documents. Completion of tender doeu- 

; *V Facilities in be provided mentation in planned for Xovem- 
* nctiido a 4,000 metre runway. beT and work on site is expected 
.'our passenger terminals, con- to start early in. 1979. 

Milton Keynes Marriott is 

■ j |V|%-i-lTl- to undertake a £2.Bm contract for 

_ j. v 2 *** the construction of 218 dwellings, 

\ i j: • a ■' . •, . including roads, services and ex- 

«?.* j; j£i\& T TO ternal works at Heelands for the 

■ ^ * T *** . Development Corporation. This 

r (jy • % /G • a a contract starts on September 11 

Vil- f! rriQlt and ta ' ke 8® weeks lu com- 

contracts worth over For Corby Development Cor- 

' portition, Marriott will build four 

.b-rnort (Fremh Kier Group i. f a ^ arv units providing over 6.000 
)«or Northampton Development squa £ metreiTof Hoor space, m- 
l,r i'i eluding office accommodation. 

^ Srac,- The 

. nr Hi over £3.1 m— 'involves The fourth contract, worth 

.tads, services and otlier ex- about £iin is for the construe- 
i-rmi wurk in addition to the lion of an abattoir complex at 
S-.n-lliiinv Work -is due- to start Crick. Northamptonshire fur Mid- 

•n September 4. kind Meat Packers. 

£3m Sir R. Work worth 

VI c Alpine over £3m 

» - GEORGE WIMPEY has won a 

rl ’Vi T l*fl contract in a " design and build " 

v? ui ** competition for . an exhibition 

4 CONTRACT worth nearly £3m lwlL to be built for the Royal 
gone to Sir Robert McAlpine Highland and Agricultural 
im] Suns for the construction Society of Scotland on us per- 
mit foundations, piperacks, roads numem showground at ingbston, 
W services at the fluid catalytic just outside of Edinburgh. 
Srrarkisig nnit being built at The building will be about 100 
t’embroke. South Wales, for the metres long, 60 metres wide and 
Pombrnke Cracking Company. S.5 metres high and will have a 
Work which is being carried full length main exhibition hajh 
dui for Srtamprogettl is now 42 metres wide, flanked by 
starting with completion pro- lary accommodation, including 
’ -iraiuuied for lale 1380. restaurants, kitchens, bars, 


VI c Alpine 
award 

4 CONTRACT worth nearly £3m 
ia.«; gone to Sir Robert McAlpine 
•md Sons for the construction 
,,)[ foundations, piperacks, roads 
services at the fluid catalytic 
jf:r.irki:ig nnit being built at 
Pembroke. South Wales, for the 
Pombrnke Cracking Company. 

Work which is being carried 
oul for Sftnmprogectl is now 
darting with completion pro- 
grammed for lale 1380. 




changing rooms ;md toilets. A 
9-metre wide gallery, located 
above this will run the full 
length on each side of the main 
hall. The contraci. valued at 
dElUm is due for completion 
before The Royal Highland Show 
in July 1979. 

Down in the South Wimpey 
has been awarded two contracts 
jointly valued at over £l.6ro. 

Tbe larger worth over £lm is 
for the Swaythling Housing 
Society for the modernisation of 
148 two-storey bouses in 
Southampton. The other is for 
the Borough Council of Basing- 
stoke and Deane for site prepara- 
tion for tbe second phase of the 
Basingstoke town centre. This 
is ..worth over £648,000. 

■ From the City of Salford 
Corporation, Wimpey has won a 
£320,000 contract for the 
modernisation of 80 council 
dwellings nr Abbey Drive, 
Swinton, Lancs. 


£lm worth 
for Mears 

THREE contracts. together 
valued at about £lm. have been 
awarded tn Mears Construction. 

Awarded by the City of Liver- 
pool, the largest is worth 
£357,000 and involves the con- 
struction of a two-storey health 
centre including a caretaker's 
flat together wllh drainage and 
external works. 

:-A' second health centre is to 
be built by Mears for the Hamp- 
shire Area Health Authority in 
Larflshill, Southampton. This 
contract is worth £286,000. 

. .The third contract, valued at 
£346,000, is being carried out for 
the Maritime Housing Associa- 
tion ..in Liverpool. It calls for 
the construction, at Birkenhead, 
df -■ S3 dwellings made up of 
terraced houses and Oats. 


C- F. Muller, of Arhuus. Den- 
mark, in association with Roger 
Hobbs- John Corbey and Asso- 
ciates. Henry Cooper and Sons 
are the quantity surveyors. 


Pumps for 
Libya 

ABOUT £l-2m worth of pumps 
and associated equi.i ,ent for a 
big sewage disposal scheme in 
Libya is to be supplied by Sig- 
mund Pulsometer Projects, a 
member of the SPP Group of 
Reading Berks. 

The scheme, which is being 
supervised by C. H. Dobbie and 
Partners, covers the three towns, 
Zwarah, El Jmil and Regdaleen. 
It allows for a present popula- 
tion of 30.000 increasing to 90.000. 
and includes construction of a 
new regional sewage treatment 
works as well as nine pumping 

stations in which the equipment 
is to be installed. 

The main civil engineering 
contractor is the Arab Union 
Contracting Company of Tripoii. 






■ * ,v 


srtf ' » 
: **&ir&* 


First stage 


Homes in 
East Anglia 

GOUGH COOPER and Co. has 
been awarded a £870,503 con- 
tract to build SO homes for the 
Orbit General Housing Associa- 
tion on 6.7 acres at Stoke Park 
Drive, Ipswich. 

Work on the sita which is ex- 
pected lo provide 42 houses and 
38 flats, has just begun and is 
scheduled for completion at the 
end of the year. 

The company his just com- 
pleted two other East Anglian 
projects for the same Housing 
Association. In a £L2m scheme 
at Lowestoft, 145. houses and 
flats were provided. While at 
Hetlesdon in Norwich SO homes 
have beeo completed under a 
£651,000 contract. 


The structure of this 11-storey building for the Bank of Credit and 
Commerce International in Dubai has just been completed by 
Bernard Sunley and Sons. The building wi» be faced in blue 
- glass and is due for completion in February next year. The 
architect is Fitzroy Robinson and Partners. 

Housing the Renovation 
workers work 

INTERNATIONAL System J 

Building of ' Wyllfe, Gwent, has COHlUlCIlClCti 

been awarded a £Jm contract for vViiiiMviiuvw 
the suppb of accommodation for AMONG THE 30 buildings which 
worker* In Kuwait. have received awards and com- 

The " village ” for 2.S00 men mendations in this year's RIBA 
initially, will consist of resi- awards scheme is a most interesl- 
dential units, dining quarters, ing piece of renovation and re- 
TV lounge, offices, supermarket, construction in Leeds, 
barber’s ••'hop, . recreation areas This is St. Pauls House, Park 
and ancillary service units Square, now enjoying a new 
together with bungalows and existence, as offices. It is recog. 
leisure units. All the units are 113 onc ^ the finest saryiv- 

transportable and are' being in S examples of high Victorian 
sited 25km from the city itself, commercial architecture. The> 
The main contractor, Impressa structure was designed in 1S7S 
Casielti. »S supervising erection Thbmas Ambler as a com- 
for International Construction, a b ‘ ned warehouse, factoi? and 
Kuwait company showroom tn exotic Moorish 

Palace style. 

By the time work started on 
its restoration, it had reached an 
advanced slate of decay. The 
designers were called on to re- 
store the shell to its original 
state and to construct a new In- 
terior. Their solution entailed 
the introduction of new floors, 
aligned with the existing sills 
and transomes; new internal 
planning with open plan floors, a 
vertical circulation and service 


BUILDING SOCIETY RATES 

Every Saturday the Financial Times publishes 
a table giving details of Building Society Rates 
on offer to the public. 

For further details please ring 
01-248 8000 Extn. 266 ' 


THE FIRST phase of the Grund- 
fos: Pump Group's Factory com- 
plex at Sunderland, Tyne and 
Wear, has been awarded to 
Fairclongh Construction. 

Worth flffm, tbe contract is 

IT* Tho n-M.innH aC 1 JCQ cr< 


metres of office space. 1,974 sq. 
metres of ancillary space and a 
production area of 5,046 sq. 
metres. 

Pairclough is expected to com- 
plete phase one in October next 
rear. When the overall complex 
lx-. completed it will be one of 
toe largest pump factories in the 

world. 

• Architects for the project are 


Piling in 
Egypt 

ABOUT 4,000 steel-encased and 
cast in-place concrete piles for 
gram storage sites in Cairo and 
Egypt are to be driven by Ray. 
mond International of Delaware. 
Inc, a subsidiary of Raymond 
Internationa! fUK). 

Work on the £2m sub-contract 
for tbe General Authority fOT 
Supply Commodities, an 
Egyptian Government agency, is 
to be completed before the end 
of this year. 


Merchant’s 
new depot 

WORK HAS started on a new 
West Midlands regional distribu- 
tion depot for Rnymp on a 
Wolverhampton Borough Council 


ysi^i^r iu j 

Lane. WiHenhall, Staffs. 

Tho ~lm depot for this 
builders '.tod plumbers merchant 
is bein4 btolt by Tarmac in time 
to start trading in April next 
year. It will include a large 
warehouse and showroom and 
will be the twelfth depot for 
Ruymp. which is part of the 
Coalite and Chemical Products 
Group* 


example of the way to restore 
buildings . . . The extensive 
restoration is not apparent and 
even the substitution of Sbre- 
glass remfr>rced plastic for terra 
cotta has been done with decep- 
tive skill and care." 

The architects for the scheme 
are Booth, Shaw and Partners 
tjob architect John P. Denison) 
and the main contractor is Fair- 
clough Building. 

H^N. BROCKMAN 

Workshops 
and car 
showroom 

A START has been made on 
new showrooms and workshops 

in Bishopsfcate Road. Eastleigh. 
Hants, for David J. Sparshatt: a 
main Mercedes "dealer. The 
development is by Hillspan 
Macdonald Developments of 
Eastleigh. 

Main building works, as well as 
site piling, will be' undertaken by 
A. E. Jukes and Son and steel- 
work and sheeting is to be 
supplied by Hillspan. 

Contract value is over £210.000 
and work is scheduled for com- 
pletion in early spring, lS'S- 

Awards to 

Taylor 

Woodrow 

TWO warehouses with accom- 
panying offices are to be built 
on the Nursling Estate. South- 
ampton, by Taylor Woodrow 
Construction. 

The contract worth £450.000. 
covers construction of two adja- 
cent units. One is being built 
for Share Drug Stores and the 
other for Wilkinson Transport. 
The architects are D. S. Tucker 
and Partners. 



tlic.sinews ^ | ^ 
Of industry . ' 

CRENDON 

. precast concrete-; 

^ structures 

Igrendqn c o nc ret elco Ct D; 

I VThame Rd.^Long'Grendrjn. 
Aylesbury, Bucks. HP18 9BB , 

; Tel: Luna Creadon. 208-231. 


Under a £100.000 contract 
Mytoo, a member of the Taylor 
Woodrow Group, is to carry out 
alterations to the entrance hall 
of AJdwych House, London. WC-, 
far the Legal and General 
Assurance Society. 

.Another job for Taylor Wood- 
row is ihe rehousing of a branch 
of the Midland Bank at Kings 
Reach Dcvelnpnieni, Siamford 
Street, London, SE1. 


IN BRIEF 

• The Contract Services Division 
of GKN Mills Building Sorvic>?s 
has been awarded two contracts 
totalling over £lSn,000. They are 
for access scaffolding and olher 
temporary works for the develop- 
ment of the 31-acre Tottenham 
Court Road, London, site for 
EMI. and for scaffolding for 
London Borough of Camden. 

6 A computer room is to be 
constructed at Peggy Middleton 
House. Woolwich New Road, for 
the Loadon Borough of Green- 
wich under a £171.000 contract 
awarded to John Laing Construc- 
tion. 

O New Ideal Homes has been 
awarded a contract valued at 
nearly £500.000 by the Greater 
London Council for the upgrad- 
ing and modernisation of 200 
pre-war flats in the Oval area, 
in Lambeth, South London. 

• Sales of Sarabron rough 
terrain materials handlers 
reached record levels in June 
and July with orders approach- 
ing £1.5m. The Hieh Wycombe, 
Bucks, based company has 
forward orders la house worth 
over £lm. 





Park Square. 

Most of the parapets, minarets, 
architraves and strong courses 
have been replaced and newly 
cast in moulds taken from pieces 
of the original terra cotta. 

The July’s assessment stated, 
inter alia, that "The rehabilita- 
tion Of St. Paul's House provides 
the right celebration for the, 
building's centenary* nd is a fine 




1 1 


I-. 

r 

*- 


-6 

LOMBARD 



: • by Arthur sandles 

■ FOR THOSE who like holidays would haPPfifl to that money in 
■with a touch of disaster about years when everything went 
-them this has been a bumper smoothly- 
■summer. As if the rain in Whatever the Jaw says, justice 
Britnin and much of continental might suggest' that the rough 
sEurope were not enough, there edges could, be taken off this 
™ ***“ tje queues for trans- situation. The -first point that 
^Atlantic flights and considerable has t0 be made, howew Ls that 
fo f’ I . t i os « h °P i ^ £ ™«:h ta ere is no action that can be 
ranp-ln f nna«i1n*° n thc Meditei " taken which can give either cnm- 

reached gig -* 

into Hays rather than hours the ^ ^ * * des 

Whole question of consumer ' • . 

rights was -raised yet again. It Anothe- aspect of 

seems once more that law and Mlul J on is lbaf 

fostlce'ttiay not be the same. a majorexpense. 

£ As, it has been interpreted so jf nrtI rtP - of ' a 
tar the law is. straightforward. house, wr or. carpels., J£ it is. not 
IT a tour operator has done his satisfjct"0 there is no residual 
bpst to filler the contract, the val . u « and *“ defective • part 
holidaymaker has no redress which can be produced. in court 
should . the time of departure or ? or e x anuna «on. a. lost holiday 
return 1 he changed. Since recent 13 a ,oU l oi A either to the con 
inlays have usually been caused sumer' who cannot take Lt again, 
by actions way beyond its control. or to the operator, who cannot 
provided the flight takes off as Se| J * l 3J,a . ul Il ■ 
soon as it can, a tour company The cost of tptal protection — 
has parried out its side of the a full refund jf the holiday is 
bargain. Tf the holidaymaker not precisely _ wbat you ordered — 
decides that a 24-hour wait is might be prohibitive, A premium 
too much for the family croup of £50 — £100’ for a peak season 
and goes home it is he who is holiday. this year has beert sug- 
ip breach- of contract. . not the gested. However, the cost of a 
tour company. . . built-wi rale of compensation 

..The major d-lsagre«menit wiith might be acceptable: In such a 
tHu.s view is tflao opinion that scheme t snlajl premium added 
aVoelay of, say. 4$ hows, in the to the total holiday price would 
departure oF a one week tour is go into a central fund which 
a fundamental breach of con- would then compensate, holiday ■ 
tract., which puts tt . into a makers for major delays. Up to 
different legal -league and could six hours de.iay would get you 
ntake the operator responsible, nothing but a cup of coffee. Over 
whoever w«s to blame. This view 51 x hours you might . get '£1 an 
iws -vet to be tested in tie hour compensation and the right 
Courts. <0 cancel with full refund if the 

■ delay was more than 38 hours 
- I.n a year without.’ delays the 

I ■" money raised would go. into next 

. . y&ar . s J pot aBd tber ® might Mt 

.The dilemmas are tfiese: need to he premiums. 

Should a couple with two babies The main argument against 
in .arms be forced to wait a day such a scheme is that consu- 
of' more in a -crowded airport mensm has already, gone too far 
with no idea' when their flight in rhe travel industry and further 
might leave arid not have the attempts to protect the traveller 
aright ■ to say “enough is against the normal prohlems of 
enough ?” Should a tour opera- transportation smacks of feather 
t-or wiho . insists on customers bedding. Any additional fees are 
turning up at 4he airport For a seen as a had thing in a highly 
pre-arranged departure time on price-sensitive business, 
a full catering holiday not give Such opposition is, of course, 
«bat full catering, even if it illogical. It might he argued with 
happens to be in the airport eC|Ua i strength that travel, like 
terra-mar • other commodities, should he 

.But, since- the action of the P aid for on re «iPt rather than 
French air traffic controllers was ln advance, and that tour opera- 


THE WEEK IN THE COURTS 


financial Times Monday August I4 I975f v 


CRICKET 


BY TREVOR BAILEY 



BY JUSTINIAN 



JUDGES in England behave as they are out ot.topch wits ^ CI 7* Js linriVaUefl In any other I reason t^e*iJ^pUased batsman^f toi^iitSnSioQal 

lession. * w jfh the events of this sammer calibre, should be scoring- his who have even contributed the 

been an nihil- inns for Worcestershire' (a occasional spectacular innings at 
New .eeutnry against Essex bn a diffi* international level without ever 

„ . well cult pitch on - Friday and a half- becoming England regular; In 

His Majesty's | oa the way to their second defeat century against Kent bn’ Satur- this connection John Ham’pshirte 

""" mind, 

except 
much still 


a breed apart. One moment they da i 
are practitioners 
engaging in the 
fighting their clients 


^ ^ „e M ™ ft. refereea. WXMSS -SEW ** "" ~ T £ * 

J . urtl *e a * <"“«/ had defected to Packer and.wtt^ . The deficiencies of both touring toe Wes? ESf« of I97t wfia 


than 


mnt* , zr - — v „ , - the . West' Jodies, of I97R, who. 

teams ! this summer have tended trounced an Enaland Xl as good 
unais: to- camooflage chinks in the as ; and arguably superior to, the 


whistle -is thrust into their hands Mn no “' n ' n “" "* mhKV J1JU l ourT " K,n •" ■ T^,7, T — * ‘ - - — — • ’ '' ' “ w — - PerspecUve. 

rcfcrcfiS, 

s thereafter in^mbw of the public. -. h : vucui D aa omucu ™ 

the abruptness P^hiJc debate. \\ti> the Uie glpnes of : our country, and, an attack - weaker t 
from the scene J, he breakthrough taken so loot- jndecd, of modem civil isation," counries. provided 

nn “we-mnst not in- tinguished opposittop • - England batting. Average? can p'r^e'^" 0 M.“"if SST^rThSS 

Bench. Until devoid ^ SgftW havinr^cbTved^ tha? 6 eS ^i^ould 

home which as High * Court «-e — »vcv : ^ S ^ JSid^?erhS tesK^wwS 

judges they do for nearly half 
the law year, they reside 


Their existence 
merely endorses 

of their departure . - ... 

of professional lives ranging Co " c, l v ." ■ a “OM?S that 

over 25 or more years and their MuCh ' of- it has _to do f «tli advertently 
removal to Olympian aloofness, reenuunent to the 
When functionin’' a wav from reocnt tirae3 ' appomUiwnrf were f Qr w ; 

« y rnnrf exclusively from a han* f araoUs 

rut .uf highly succes.sful advo- above all the 
cates reared- and nurtured in quality and integrity 


accommodation occupivu cauu- ■ - . tVT _ . -- . .— «* •--j-* «« u> 

sively by themselves, with their pubhe- a-hool, Oxbrldst a.iil the branches of the profession.. — 

own domestic staff. Temple. - This - do ored - 1 dp. not believe/-, he con- teams who never won a Test,. let c ■ z 

No longer do they frequent ^ t ?i? me w Sf sb Z? c r d lL'* !^ ue ?J “ ^ a .t W«e which we | alone own ^ v - Stroke makers.- 


; d exclu- m «nastic style— prep school, an d of 


New Zealand 


fortune or beiog in charge at the 
right time, as demonstrated by 
his unbeaten record as a Test 


the ordinary nuhlie nlaccs— the reeem ycar3 b y a ,ars< ; r take in our judges or In our law- The New zeaianaejs; atuek match captain- 

as? ■ra^LS.f^ sv^“ IrSs ^ 

S&na.- .2S2?£~ a SSSSsa 

SSfHHHif Ssf-awS - ® *3KSSS« 

the donning oF the judicial a <^st literally wrapped. Jnat Mr. Just me. 

mantle doe, impose constrainLs «™J SSuiSTS. Us' eCma.ioTSl tt™ orUHR. 

believe .ba, bis independence Enslisf fi SJ*Ef 


that other men do not undergo. 

Eut what of the time, at the 
end. of a da.v in 
wigs and robes are 

The public is not disabused 
oJ this .image of separateness 
or 


m I* 1 "*!. Financfal and ’ ' n.rsonai that of Sel cKich »»V aMMF-ttsr-”** a^ljlu*.. 


integrity are elementar;- -luall- The 


tors, like farmers, should bear 
■ the costs of Acts of God and Air 


designed to disrupt just such 

arrangements as those of Bnlons- i 05CS J ,r ° T uo ? anQ *" 

heading for Spain, should the contr ° ,,ers Wlth such 

°uJd pas- holiday contract once it is clear 
firnuMe 8 Lhfu^^d.agajnst the that there are senous faults in 
rk P fi hh &f * mdustnaJ . the package, whatever the cause. 

Could the tour corn pames build A delay of more than 24 hours, 

.A Cienit , proSt to and the Threat of similar delays 

cover themselves against such on the return voyage, might be 
problems; and if they did, what considered just such a fault 


.-■■-■■•standing pace 'howlers available, 
’ /an impressive .and ‘ ever- 

improving 1 le firmer, a woHd- 

chccfeuSon iud*» e = who h7ttins Jine-up- Howa«^Parker t side miss ins? -■ class. . . all-rounder, a quality 

uus .image or separa«t-»ic«. ficat j ans fnrludiciai oflice Thev suceumh nur 9 ii= «rr atid ‘Wright fall rate the. com- simply-, is that. ^except for Boy-’ opener - .and a frne wicks- 

self-imposed apartheid, by the J put m jeopmei' once as salutarv ^ foJ^oihers^ A P^m county' player category, ^ they are; of iiisa. keeper— plus the bonus of 

rigia adherence to the conven- f h | ™ ^ m es J a hid and jud^ o?dh.arHv % Jto5? king thorigh.' Weight . -could jbrJ / ,?rea r iey. apart from - the-' had briUiaitf .flelffing and runs from 

nan that judges do not engage in u ^ ^ s ^ ^ i n -Ls W ^ilmoo^^ destined for a higher ratmft patch from which- it Is ^ good . the lower order. ' • , 

public debate. isoiating him from uroinary one of ? rthal sK^to uDbraW Their captain. Burgess. bUMt- : iB see that he has .escaped, has Winning has given the team 

-Their pronouncements on the m()rla ] s . him for his^ mntifleatimi' ™ t*ct stniek his best .form. Congdpni.yet; to make a .eenlury; in -Test .oonBdcnce antT a belief in them- 

social scene are restricted to ; lIuch of th(? ^ in 3lli;u de Icssh^s ^ aSi coJr is «IH ^eir most accomplished- cricks r, Radley is- a dependable. selves. In addition, as so often 
what they may sometimes i s reilectcd in what -the jjdges- available oblv^ • ^ eorreS h s technician. isTn his Ms. Anderaaai county, player <vh6' has^cove red happens, the breaks and the 

judiciously and inappropriate!.'. had lQ say in tbQ .- flret m e:nen- errors of Imkmen't. nn h has so far failed to master MMOdp- certnin technical: deflcreBCMi.aecifluns are Tending to go m 

say from the Bench, to the occ?- t0liS bro'adcost Mr Ju-i ice manner of lud^ni- 01 ^ England opening; attack:-. .Ahft' -hv ' application and ‘ determtna- their favour, and they are under* 

sionai lecture to an academic Te mpleman, a ■ Chancer.- juc/se The most revealine remark Edeair. • remain .iui excjHng :tion.. Gnoch possess abflity Ijut :flfandab]y we U-satlsfied wtih their 

- ^ ' Mmapif captain,- who has directed opera- 

tions with considerable skilL 


Royal Commission 


Legal who summed 


likely 


ry excep- Services, was the '.most sprvghiiy aporoach- of to-motTow’s judi- 
newspaper spe aker and he wak-fonhc-nnng cial?, prompted bv this pro- 
. inaui^ca -hout a tudee’s mb* ■nr-.mm, ...’ 


an article in a recognised 
journal, nr even, ^cry 
tionally. in a serieus new; 

i Lord Scarm#-i once .induigea about a judEe’s role. gramme 

his advocacy of a B,, J of Rights Hc instanced three pitfalls On aopointment a lot of people 
m the Press). . for anybody sitting in tne seat ma k e a fllS g 0 f the judge. This 

Those instances apart, judicial v f judgement — com;.l:icene>. can inflate his importance beyond 
silence out of coun is severely irritability, and the UIu-i'*n of what Js socially desirable ' 
maintained. The judges' isulation infallihiliiy. It was rofre?bing «. vvhat vou have to try to 
is well nigh complete. to hear a-senior judge publicly master is that when -vou are in 

As a result, it was not until- acknowledging that it is all coo court you are doing a very im- 
lasi Saturday that judges had easy for a member of the bench pnrtanr job but when you are oul 
ever taken part in a radio to say to himself? “ that he is n f C Q Ur t you are Just the same 
broadcast discussing their role a judge and a good jud.v mo:” parson as you have always been ’’ 
and the development of the law, That Gilbertiart •’ sentiment * 

talking ahnut the difficulties of reflects the decree «*f \idf- © Justinian now- .goes on holiday, 
judging and even answering the adulatio/T that Etfgiish judges His next column is due to appear 
commonly voiced accusatirvh that have bcCti addicled<toranc which on October Z 


audience or learned society, to 3nt | jbe judicial member cn ih e came from Mr. Justice Peter Pain I P r nsP“ L 

»*i *i i nlfi m •» rn/uinri I can | JJ yV ri l r*- ...... i » _ r I _ t T • ■ <v> <• r 


It Hierefore makes it all t$e: fnlly- 


GOLF 


BY BEN WRIGHT.. 







: V. 


BBC 1 


— ' ' ”j i- 1 1 j 7Y ' i. r^mAm\Z ' - 

- 7 . • . e . ■ : j..- . . r . ■* 


t Indicates programme hi 
, ' black and white 
6.40-7.55 am ' Open University 
(ultra High Frenquency only). 

945 Paddington. 10.00 Jackanory. 

10.15 Grange Hill. 1045 Three's 
Company.' 1145 Cricket: Second 
Test—' The Corahill Insurance . . 

Test Series, England v. New-Zea- following thnes: — 
land; 1-30 pm Mr. Bcnn. ' 1.45- WALES— 140-1.45 pm Pili Pala. 

Neivs. 2.10 Cricket: Second Test— 5.55-6.20 , Wales Today. . .6.50.. 
England v. New Zealand. 4.18 Newydd. '6-S5"7 50 Twndish. li.55- 
Regional News for England (ex- -News and Weather for "Wales. • 
cept. London). 4J20 Play School. SCOTLAND — 555-020 pm Re- " 
(as BBC-2 11.0 am). 4.45 Roobarb. porting Scotland. 11.55 News and 
4.^9. Help’. It’s the Hair Bear Weather, for Scotland. 

Bunch. 5.10 Go with Noakes. 5.35 NORTHERN' IRELAND — 4.1}t- . 
Captain Pugwash: 4^0 pm Northern Ireland News. 

5.40 News. 5.55-6J20 -Scene- Around Six.- 11.55 

S5S Nationwide (London and News and .-Weather for. Northern _ 
South-East oniy). • Ireland.; 

0^0 Sounds of Gold. ENGL«4NI>7^^5-6J20 pm " Look 

6.50 Come Back Mrs. Noah. East (Norwich); Look North ", 


F.T. CROSSWORD PUZZLE No. ^,744 


Z30 The- World of Jacques (Leeds, . Manchester. Nwc«rttel;>e*j- - -fcflcr Bees < «s Anffui_.?ifcws. s-cvfce e*cesi; 

Cousteau. Midlands Today (Birmingham): v 

8.10 Headmaster. Points West (Bristol); South. To-. Vs22 t 6 ‘ # 


120-US p.m. Pciundau 
2-0O-2JO Bamddt-n. 


d3 y (Southampton )V Spotlight 

925 The Monday Film: "The South West {Plymouth). noo gcnituon. 

SSSSr 1 ^ BBC 2 - . .. ATV 

uS Saffi/Rfsion,] Naws. ,5 m' 'n!r'"caoSf° Universit5 '- «»!5Z V» »fni. u» »« m. 

All Region^ as BBC-1 except at 3 7 


10.50 Tlie Brian HTv Wesi-Aa llTV General Serrire 
11.00 Law Centre cx>.-«pt: 1^0-1.30 P.m. Repnn West Head- 
lin-.-:. 6.Z24.4S TtcpoR wisr. : • 

SCOTTISH, 

10 . 2 a a.m.- Th** a<a'.hcomhcra. 


[THERE IS no cannier golf per- hole. He had to go eight holes Ballesteros demonstrated his- 
forraer than Le Trevino, winner-again.-t the black golfer Lee immaturity, which is half bis 
i>f the Benson and Hedges Inter-* Elder in a play-off for the. charm. He never has any inter?- 
national Open, at the fourth hole MJ Iwaukee. Open JUttle** more thaq lion of playing, safe and, having 
of a . sudden'^ death— ;pIay-off ^ -’manth later. So’ he Knows taken the lead from his great 
against England's vrete can Neil whaMhe extra-time basrness is rival, Faldo, with a- glorious 
Coles. and Noel Ratcliffe (Aus- all about. birdie at the second hole, he 

tralia) at Fuiford Golf Club. The Mexican- American set stupidly hooked out of bounds to 
York, on Saturday evening. himself afluhl by holins a one- ^ke seven at the fourth— a five- 
The trio had tied-at 10-under- j^h shot that Bcw T 206 yards slroke swing with the eventual 
par 274 in driving min. Trevino for a magnificent eagle two at ™nner. . ... , . . . . 

won when Coles id in ve mto a jhe 45S-yard fourth hole. Out in. Ballesteros will. uKe Amoid 


nay acnuui. • ■. Sutbad Junior, wjaaumrr.. r .'viwr .\non- rsn?r i.jas. UJ« p.m. uarnpmnB TOflas --- — ------ _ liL-u D«ln, a , hafnro him ha 

pm Cricket:. Second Test— t-g ATV ;»••«*«"#. 200 m»siy Break. i.2s Nows *nn Rm *ai nvather. ti2s where the Austmlnn missed his to complete his round m 66, “HI* rne r n e i ore pi m n e ■ 

England v New Zpalsnrf 150 B'Jrnlly Him M.mncc: "TJ»* TruUi ■ Monday Kiim Ma>iree:- ’■TiiOir ; sm." par after a poof drive and three ■ Will Win millions of fans ID the 

Ooen Unlversftv . ! ’’ Abnuf- Sprlna."- ^rr,ni luylry-. Milb. siorr.ri &n^rRoi;rraart _ Edward. G Dutt , ' y A ' ' process. 


bush after the two hod recorded 31 shots and. knowing the value i°se many tournaments 

-j--. three sucressive. 1 pars. They got 0 f setting an early larger, he “ nti * he settles for playing wuh 

IW «w o.«™ !M„ ;!S ”f 5^»|ft'^JteL h 2S “"■"m 0 ™ 1 *. 'hereafter J» 


6J5 Open University. 


■5JS In Span. A of 


j putts. .? Aodtpciuva - 

6J3 crimcdesk u.30 world ivonh K«p- Trevino hatf forecast to me at ' .Tj He got back info the fight by 

sub-titles. . . . DnT1 u rr ; . tn.- u.otj Lat«f ob. 11.05 kemvai breakfast thtft he fancies his Ratcliffe always fights; aggres- chipping into the hole for an. 

7.05. World- Chess - Cbamploiv- HUKutK . -cm-.ma uso The bib Break. - chances if ttfe two young lions, sively; but on this occasion he eaale three at the Inna 13th. but 

Re P°„ rL -/ SOUTHERN ’ Seve Ballesteros' of Spain and could not quite make up the he dropped a stroke in the worst 

?1S rIElSe • J 55^ lS? S-^m. C c-rtJS ^ idao ..m ff!ir”wSir: uwo England's- ^ck Faldo became srouild to oveihaur Trevino of the weather at the 15th after 

7.w varapevnne. - - . .day., ruo Horflier News • 2.M Bousepam, Toir Me why. ' ms Magic' cirde.. ujo involved in' a- match-play situa- Coles earned his place in the another wayward Tee shot. The . 

8-ju Harry ftiortitners worid-ox ; )ii5 M^inee: .--The Card." Turetas Aimr.-Tho p JK r Lads, .12J8. p.m. Farm Pro- rjnn sioctf they were drawn to play-off bv boiing putts of 15 ft final birdie to tie with the trio ’ 


. _ _ „ ... . .11 a.-«, W. wi . ri-'.'.dlT All is 440 Rnbin^on 5.15 Wei: 6.00 ScoHam) Tortar 

7.00 News on 2 Headlines with aTV Today. Iojo-McMjIIjti and Wife. 


900 Agmln Call for MolKre. fSTianS. °t3 S£ SX 3 P'W “eVier .fast out. fire™ jn'.' lllh *M W®, ' fiKSJ^ES3 - hSr l 2l , 'l? Ad 

9.50 One upmanship ' Didraonr^ia.so- Look who's TaiwojiMJercSr of the Affair" ctasnng Van Jobnadh. revels 10 this. At Memphis, This was a ^pirel^ouT^eous television— -eluded him, as it did 


10JS.0 Hospital. 


.Batey talks to PuPea .and Le-.-. iw® Laie 5os ijivem..- ami sluripy. 6J» nay hr jTennessde, earlier this season, performance from the English ‘Faldo. 


11.00 Late News on 2: "■ . -to^rNm SlnS^'" & KwS he “^-from behind with a last- M h?is , H, W “ 3 marve,lous finish 10 

ich- • . > •. round 66. to reach a sudden death ace wine, at the age ox 43 he is a tot 



11 JO Cricket: Second -Testjfoigh 
lights. • . J 

13.40 Closedown (Reading). 

" LONDON /: 


CHANNEL TYNE TEES 

14S p.m. Channel. Lnnrhiirne-NevJ and 9.2S a.ra. The Good .Wnrd -(ollowyd ■■hv l W as in/thp final Daii*hlC. 

- Whar's Ob -W here. T2J5 The -»aday Nonh Easi Xe«w Headlines. . JflUB ■. 

. Matinee: - -The Man. In .GreT- 10 535 Gear. 1I.1D Ma*ie Ctrriv. JUS The] . Trevino lost tttat n^v- 


Carroori Time. 340 The ffdT.emnrvs' Of 
Mnh'-Unmad All i • 535 " PnetidB er Man: nBitlMA 

640 .Vnnherti Ufe. 640 Pnlkv Gall. U30 KALRivU BY DOMINIC WIGAN,. ~ 
TTw Revolver. 1135 -Whlcker*8 World.- lilS-aan. 


ACROSS 

1 Red Indian doctor hunting 
bird (fi) 

4 It shows a measure of intel- 
ligence (8) 

10 Exhausted'- by rearrangement 
of- garden rug f 3, 6) 

11 Diehard, (born ’51) joins 
member (5) 

12 Big cut converting North Sea 
fuel to hydrogen (4) 

13 Footballer for HQ to share 

(8.4)/ 

15 Plants offering rest to the 
complacent (7) 

1G One would return in small 
hours, to- expand (6) 


DOWN 

1 To fs?d a rich husband sounds 
like a bloomer- (S) . 

2 Least bit of work gives 
Factory workers nasty shock 
1 5, 4)’ 

3 Parcel .fur f4) 

5 Out of bed with an appoint 
ment to be modernised (7) 

6 Board joins clergy in offer 
ing cover for consumers (5, 5) 

7 Zeal I dissipate pn Shaw’s 
flower girl (5i 

8 End before leaving warning 
(3. 3) 

9 Monstrous woman making 
advance without public rela- 
tions initially (6) 

14 Beastly ringleader (4-6) 


19 Corner right man with rod 17 a lot drunk maybe to induce 

(6) change of mind (4. 5) 

21 Excellent specimen of snake 18 Foliage seen by novelist, on 

(7) - • railway fS) 

23 Gambler spilt up most (6. 4) 20 Salesman gets more pay for 
23 Transfer payment' outside sotte second time round (.7) 
right made' available ‘(4) 


27 Feel it. may be. out of play 
area (5).. 

28 Under-covcr . support for 
cyclist (S'. 4) 

29 being booked (8) . 

30 Chqap-atapble gets boring (6) 


21. Eager for artist to phono (6) 
22 Love a. fish to take the bait 
by -the way (5) 

24 Support tied up in hayfield 
(5) • • 

26 Revealed by Shakcspoare-and. 
Shaw to- a superficial -extent 
(4) 


R. B. Chesne shows true fon 


tournament that is as well run 

play-affi'against Andy Bean, who getting belter. as any on the tour. Despite the 

Eventually the whole thing weather, the event was as 

... . v-bff tri turned cm the' last pair of successful as any so far in the 

Rciurn 10 ihe Planet or id, asks. -640 secret Lives of waido -Kitty mfrl a modstrous.pQtt at the first extra Ballesteros and Faldo.' For once, calendar. 

9.30 IIS It's Life with David Channel News. 63H Sfcjppy 1333: Channel p.m. Last of Ule Wild. ' U0 '- North j 

Bellamy 9.55 Be a Sport with .*■«■? News M.3Z Code ■■ R - ILDO Late-. East Mews and- Lookcround- . 23S 
Rrpnrfnn 'Fnslpr in!0 '(kriir 10 J0 N«hr Movio:- “ Dsp 5 cr Rom-?.- 1235 a.m. Th^ .Family . 3JH GencraHon Scene. UJ 

SfVSSg:- !tS 

2lst Century. U-45 Fefix .the Cat. GRA-MPiANj '' 

12.00 "Paperplay. 12.1(1 pm step-' VJS ajn. Kirs* . Thine.- jUUQ TTw Revolver. I 

ping' Stones. -1230 Untamed vof-ageum. 10.45 Teu Me whjv. Eulloghc. 

World. 1.00 News pins FT index: W- 1 * • • fIT <^rp R 

^■Walfwin. 150 dbout -Bri tain. Grampian News Headlines.'* 12JB BtomiaT 1049 a.m. Lost Udand. ■ .1840 TuilL Me 

2.00 Summer After Noon.. 2.35 Mailnce:. .-.pnele Silas V sijrrtn*. Jean Why. U.05 .Matrtc Clrde. UJO Paper 

Monday : Matinee: /*’ Among Vul- Simmnns. . S35 Ou: nf To«rt. ' 640 -Lads. UJO p.m. Out of Town. " . UO 

tures."-420 Clapperboard. 4,45 Grampian Today. 630 Tn B cliifr- UU0 -Linwhilnw: . 24S Monday Matinee: 

Ehld Blvton's Famous Five. 5J5 ^Oeciliiiis. X0J5 The Mnndir -«Un: " A " Melba.” . 438- Ulster "News -Headlines. 

Batman. ' * -• ALTHOUGH Be de Bourbon took he encountered on Saturday. By Royal Hive achieved an almost ■ 

5.45 News. ■ HMdiUM Grsrmx.n lws NUihi main, prize, the £21,000 for Brigadier Gerard, a stallion who, comparable racing record. 

6.00 A ‘T.own Called • • ■ rDAiuint Fireside Theatre. U3S Bedtime. the winner of the Geoffrey Freer contrary to what -might be Winner of four. races last terra 

Maidenhead. . uKAIYAUA ’ WFCTWiRD Stakes at Newbury on Saturday, expected from his racing record, including the Park Hill Stakes, 

6 45 Th^Kenn^Everetf Video u ® ^ ^nSTsow' L 12^^^ .. vug a.m. sinppr. Mr whr. ^ far .the most impressive per- gets a. .high proportion ol out .Royal Hive was beaten by only 

6.4a me Kenny tveretr video GqHoptI1JS courmei. o mi 233 u.05 Manic circle. ujo Paper Lads formance of the day, in my a nd-ont. .soft-ground specialises two lengths by this country s . 

Mnmisy MnutiM.-r v Day" 0 n .-i , Bo^p^IlJ^.'. , UU7' p.m. Giis Rbrnoybini's Birthdays opinion, was that by R.B. Chesne. such as Leonardo da Vinci, IT. B. top stayer, Sbangamuzo. in tie 
SSrcWS’ l^oSli?SS* ,i, SS “ T £3E/'^ , i'!lSS - That mnu** COIL >4ob l OumU_*m^ flwy tgg! . m CUP at Royal Ascot tills 

mis is Your. Rieht. 6.25 Gafioimiiine. Maunec; 7 The- Man. tn- Grey." Marrma had dismissed as probably being mare. yjve ja Beine, a, tun sisiec. June. 

1 M JO n.iw Eiii-nunr-’ra of .-.-r.qas- skids: jam*** Aanw. ' 535' Return ro ihe Piawi n o more- than useful and a long to Vaguely Noble. At Windsor today. Shoe, a full 

i»35, a.m. a uuie Nh.hi Mosifc . . . w u* Ap«._ umm ^7'^ ^ay short of his ' much-vaunted Turning back to the Geoffrey sister to Banco, who scored ou 

-_ HTV aojo£n<wmt«njniu flMmwnMP.- ”SS» home reputation after he .had Freer Stakes, the connections of Saturday, ought to get off the 

lajo aim. Dypomuu The- Dag ■ wonder, tm Niuhr . Movie:., ‘-paagw Borne." scrambled home from the un- both. Dunfermline and Koyai. mark in the Long Acre Stakes. 

^ " r fancied Serge Lifarin the Sand- Hive have decided ttr call it a Here ‘a market move for the 

wich Stakes at .Ascot last month, da - v vid ^ 1 the K good fillies. :-bitherto disappointing Great 

There could hardly be two Grey Nice should not be ignored. 


Show. 

7.10 "Coronation . Street. 
8.(N) A So Ft Touch, 
turn- World In Action. 
9.00 Out. 

10.00 News. 

10.3& Appointment with 
Theatre, of Death.' 


Fear: _ _ 

. . ’ _ . Nlalir. Movie:.. 

1235 am Close: A painting- by u.w t?u mo why. 11.03 m.^ic circle . -lus a.m. Paiih for Life. 

Canaletto accompanied by U-M tji? Pawr Lads. 12 . yj P &.-Faan-- vnBL'CWfPP 

the- music of Vivafdi. !|' MW K»chon. ijo_ nepon west Brad- iUttKatlmn 


lines. L2S Repdrt Wales llr.-iriiioes.' 240 1S3B ajn. The Outsiders. 1130 Children showed vastly Improved form in , ... 

„„ a , M „ Job-Line. tajo- The Monday ‘tottnee: in 1944. uj5 wHdme ctaemi 12J0 P.m. ] an( g n g the Washington Slncer raor ? likely looking prospects 

An. EBA Regions as London ■■ Vrry Impanam Peivm." si.nrbia Jwucb. Faremua Olrtlooh. 140 Calendar News. c tate “ - g S with the paddock in mind, 

except at the following times: — Robert sen Jastlw and U-iUe-BhlUlOS. t?-2S Monday Matinee: .“ Tight Spot,' S'"™- T».infprwi!inp is a ranev hav hv 

■ (Nri r* Cax ** ^ "ukkii^w' Battle- siarrinii GUiaer Boccre and Eiiwart X. Always travelling Smoothly in Iv 1 ^ nnn 

ANOLVA horn." suttlns Peter Seller^. Sp«e MUU- Robinson. 435 -.Cartoon TJtne. . 535 The front R B Chesne had his market Derby and -.000 Guineas 

1030 ■.m. Dmomntt. the Dos Wonder, san and Dick -Emery. 6.00 F..-pSl We«. .Bcacheorabere. 640 Calendar 1 Bmley . V'.’. ■ e . . ■~.?~ rKe ] winner Of 1967, Royal Palace. 

10.40 Tell Me Why. 1143 Miulc Circle. b32 Report WjI*m. injs t'mSa Club. Moor and Belmont edmoosi., lhJp C*Ien- i-»3Ke Lily, in trouble and n ^ strathenna- whiip RoVal 

UJO Paper Lads. UJO.pjn. rn ; Search HTV Cymni/Wahs-.-vs I :TV/ General da r. IUe Best ScUers. U-00 Gaw Centre finding nothing fully two fur- u“ l 

longs ; from home. From that taWT f SKJ 


RADIO 1 247m flart antf Moian is>. 10 js L.-ririerand Seromtl^rr. SJSS Weather: pwrimmelpoint the questions were by how is'out^f the Never 

d.«« e 7 n-? 1 SIoV " ch.iimjcr music cour.-n .31. 11-23 news. 6 .H Nl*ws. 6J0 Share and ■ Share | fa r he would win and whn uhimM in^KlTlg One. « OUT OI ine Never 

540 a.m. Aa Radio t 7.D1 f Dave _Lei> cricket: Second Tew-En.-Jurui v, Neir. Alike is,. 7.00 News. 745 The Arch, 

Trasn. 4.00 Simon Dale*. 1148 Peter Zealand Inelurtlnn 1 3S Sne, iffB-Your T30 Proa Our Own . Correspond^m. .745. ,-w “' a “- u w,, ‘ u - Although she did -not hit the 

Powen j* 1 * -Jw r ^«"° Vr^SSff, 0 " <mi™.-phJ. ion Lunehn^score- The Mot iy Play , si.- 835 Near Myrhs. R. B. Chesne is certainly bred hpkdtines^in quite-the sanie wav 

Aiwlesey.- 12J« p.m. Nwrehnau- 13« board • Lifelines- llaiii- qnri Faitlllr-' OJO The 1 1 hr on the Oreon H.Ur Kaleido, handle the-testinp neaa , ,mB ? 1 , 4 “ F " same way 

Paul Burfieti. iM Ton? mackhurn. aji 7 jo p rora , -ts; Ma bie r , N . jlSta scope at Sayreoth. 949 weather, looo 10 a ^ aie “e tesuDg conditions as classic winner Dunfermline, 
Kid Jen«-n ineludliw 5J0 Nowsheaf. 7J0 Search of- Africa's .pd?i to All The WorlC TontehL MJO OriBruj. U40 

^ns Doak iMns Radio 2. «■« J«An Maznui. 9J0 L^i pi^o r^jiaJ fsi. A Budfc Al Bedtime. 1LZ5 The FmancU! 

Peel ISt. 1249-242 a -m. As Radio - 10.00 PainUnc in Clus..--up 10J5 pljlUisoilft World TonapiL HJ0 News. 


LEICESTER 

2.45 — Our Revenge 
. 3.15— Wild Card 

3.45— General Atty* 
■4.15— Solo Reign 

4.45— rStarshot 

5.45— Call Me Kate 


WINDSOR 
"2.30— Shue-** 

4.00 — Calibration** 


1 500m- and VHF ? nd <hl? ^ ,Sl? of Buntpt-jn Mu..,, ys). 1L15 ... _ ., 

l.avum ana vm j azz m Briiain : d.t«> Han.-. ‘, B >. U-« BBC ItadlO- London 


RADIO 2 

{«} Siereaptaoflk broadcast 
t Medium wave 

BraSon' "isf* 0 ^-1^01^*635 Pause for 1230 o.m. ivikMay' Ca^.'n‘‘‘«ar TJ «>- ™ SAB RuP^TJo" F ram 

Tboiudit. 7J2 Torre Wown 1 S 1 mdodl ns J-00 News. 145 CoBo.-rf. pan - frtT- 145 2®, Sh 2^i 939 flUett 

BJ7 Racing Bulletin and «.« Pause for Bach Oman Rwiial i s > P zja Maiiww ‘ Has lii? 

Thou Eh 1042 Jlimny Youns 1 S 1 . 1235 pm Musicale isV am IjWidoners. 9J9. BreakrhrtWBh. 10.99 Late 


N vhp Tom,:h ^ ^chuhert Sons- - 206m and 94-9 VHF 

ens Tons 7.M^ wlrtTmw iiVli VW**- 5.0a 6m. .As. Radio [2. MM* Hour. 

SiLvE? OJn JTr " ■ ,f >4 0^“ IV: 9.00 London- Lire 1245 p.m. CaU In. 243 


Capes snubs drug athletes 


EDMONTON, Augurt 13. 


JgS&JSTSnS Sa sra tv Bar .JrnJBtS ar^jSKSwl. *, &Orr CAPES another British Csp „. 22 k EirW p^l» country and test anyone at any 

arasr af ^ IJB London Broadcasting IfiPTSE S?-. won ‘ ** * ot with 64 ft 

3 a d.u5jpana Desk. oj9 w^emm' o a T\sr\ a ' ' V . , 261th and 97J VHF i p .!?. n 10 *‘ - -."^ e other way is for every 


ami JiMJt awn* un*. »ru*«iHicn,- n . riin 4 

.Walk. A® Sports Doth, djg -John Dimq KAUIU *4- 
si indndfnff 545 Sports Desh. 645'sp4rtE 
DeaR. 7.92 BBC Northern Radio Orrhes- i™ _ 
tra iS.». 7-M Sp-ins Desk. 7J3 Alan Dell. - W ~V ‘ i 

7J3 The — ' " — -«■«._ ««.* %-» 

Hand 
nh The 
Sports 

Ouii. ■ 10JA Star Sound 1L92 Brian 


i.,. 7.J0 Sports Desk. 7J3 Alan Deli. - w ^ ‘ tJa L v ' Reports: 140 Geoice Gale's S'O-ebKk 

Tie Dance- Band Days. 842 The Big am Todds' 03111440. LBC FtriHirts fcontmir-w 840 
Sound i Si. 9.02 Humphrey Lsuelron t^ 1 " 3 S *° After Sntbi. 949 NkBiUae. 140 a.m. (b e 

rh.- Ih-ii or ta-i on records fS* 945 JJ' ^ ™ T lri "-> tsfci « JK h, far.,' ■ 

i- Desk. 1942 Town and Coueiry ,hc Dcs®9.**.' • ,n S 


Tife sofntfod of last Saturday's prize puzzle, will be published 
with i$nie? .«f;WJi3tncrs next ^uturday. 


. . cmu-uiai uwffi . iiuw uit: Russians, — -*v“ u, “‘ "umu nut. 

there -is no point in- trying East Germans and other Eastern “P ", 1S mind dvSnitelv 

compete with countries tgnor- bloc athletes were “sorted out" a r. ou * European champiori- 
- iviiffiT- in "7' : " ■ jr, n UCSU™. 1 ". • —p the regulations on drug uguI he returned home 

astir*™- “***. 8 - B ^ • •••«. «. ^ d rTJ h : y ^ l ^ hin % «*** 

- - , . , .. Y*uri. uS Jrf.Show 1st. 949 M'nMiaei if* Commonwealth Games here f ,F * " a " ,,T " h “- '‘ c u ‘ — * - S,,, ' r ' 33 

RADIO 3 J 64m, Stereo & vw JS 7 ^ 1255 W«i»htr rinjaraniHie Dave Cub tfi. p.Pt-PefW yotm* (pi- ; , " 

^ J ■ . DCliv. 14a Thu m.im •. > 1 mim i ->j» -M.V i« TP Aitnnn fjww'n " Wp hava im» vat K«J __ 

an m -th<k we.., 

“ te " r ” r s ranr 6d. h (.1. 6. b>; w a i e ri7™ i 

should he .a grouj> of and Northern Ireland 5 i » i 
experts who can go into their Reuter Uf L ’ ■ 


L3P 







3 '• 

5 : 

I 


'i .*. i 


& 

\ t: 


/ 




m 


’ Xir 


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•Wll-ftv. 




FiiiancialTiines Monday Aagust 14- 1975 
Boyal Shakespeare Theatre 


[Albert Half/Radio 3 


[Coliseum 


The Consul 


by DAVID MURRAY 


.... by B. A.. YOU NG 

* £[5. . n jver enjoyed Lece's beautifully -on' ,hl& vid£oii»ti<m Three “'Warhi*- cVviwA »» 


branches of b\ 
the courtiers, b 
Navarrais, wea 
simple clotifei,'; 
known in advan 
adventures wotd 
•:air.- . V:.a 


bv RON AT D C R/IC HTONT A dis P ute wlUl Enslish sometimes has a foreign ring, into both of Magda's nightmares, 

uy M/i’irtLLi 1 UJN National Opera chorus has which may be inadvertent but striking a false and mel£ 

• Tanaopb Ai„A sh .'« m Tv a . . brought us Gian-Carlo Menotti’s ““ nd ? curiously appropriate la dramatic note; the pistol-waving 

janaceR died 50 years ago. Bis Tne.-.-MMs, better known, is The rinnjmJ « Bh iA ___ the context in Act 3 is an excrescence too 

music remains '.Erfesb-^indeed equalJy.indiVKluai in conception, !r®, a ?T^ n «S i C n« WCh » Fbr a work alleged to be com- The theme of The consul is not 

many are still to their delight WIlJl T ^ J^L° fil ? al movements Te “ienuy neeos none. • « mercialiy calculated and in* the horrors of a police State, but 

discovering it Yet both per- res ^ FV£ Y ■’ ror 80,0 organ and re-appeared on Saturday, and I sincere, it is extraordinary how the inhumanity of bureaucratic 

sonaUtv and rural fWrai orchestra respectively. Again (was Glad to see it back; l must little it has dated after nearly indifference to matters of iudivi- 

Eurone settine seem alreadv as tbe p f per . seems un- [declare an Interest at once, for 1 30 years. Its hits and misses dual life and death. As the old 

ra^te i pro ?if JSUa1, Janacek’si Saw lt al an impressionable age $**“ much wbat they were. Mother, Patricia Taylor sings 

S , S?diSJyfi 2 rJS 5 U && * !1- «• "W. bHiitanuy p«»s, .. s ‘ssfi. ■"W*-. «*•' 


■■ •Si.- * “ .vuu .wilu a iuiuo uuluu, lnsuperauic- wimeraon Between \ r- nr i ri B cnitn 

w5L' te3Et that. ljhntuna!^ ^the packet of fun. Costard,-when he with' Dvorak's Violin Concerto in the- tosterimjeat and the ehurcbes I 1 S{*h«b 


R iron ♦»,«, U05iara,-YttlgU »e Riiu Uivi^s TW11U wuceno a ine-msffum«ut.an<j me Churches trrititina c nf M»nnnt*« 

2*f^? n8,lc ? *»»- has finished being Potojfeyi stays between. The ban wag not whlc&vre.are told, he w^ldnS^dle^ 

- inemseives . have been simplified. All thnse donnish. - - fashionable, in th« fnwfmnt k.Mi,. .nw ^b«nTiit«iv hut th»n> Miccan « miaaie age are a guarter-ceiirury 


wsTffsssst sa rr of one of Janacek ' s <&*&■ ***** •*»«■ <25* «ar can^ss 

B?ntS a ^h S d p? 1 ^ ff ? £2!{ ?Un&lf emba ™smeut to ^a?S“ a hiB Tow Bulb*, described as a hlnTbftVJSSs t5T5 


•“as ^ paT The Ctauuf is a specially 

ring^eotmd th the solo in the sore point; The Medium and even 

“rr?* ■;.:.•■• - Amtthl. ' respectively Grand 

Choirs and soloists -had Guignol and Christ mas- card 

learned the music in Old Czech, sentiment, might have been 


Tarns Bulbil, described ai i it didn't sound very like the forgiven him, but it seems to be 


rt 1 ; rsx’SLi 

.V«»- ^S± “ . s?wtL?*:S' SSl r .. f ” SS2?« *2S5 !**>» "J-?™ ««» 


: ib'em iS§£ d b€Jonfl the 5'.^ ual ?K™ c f '“SSftJ £f ople * 8 “ f dca would fSittvffi. « wi -aim 'S which happens to bfsung rather 

- lown wS ? friend/llmSr mo it aim- iI^f de i J L C ^u 0f to few other com- invigorating— polish is not the than spoken (mostly), and in 

“«a2Es°i merriment Stops the heart. . - - posers. jet it works. The move- flrrt qhality one looks for in which characters, pace and 

Joinfflj-,ia:ffi8:iWM: i pt ll»ly played by. Allah Btoditck, The final dialogue is 'praise merits are short, there Is con- janacek* 1 The coinism wprp enmhases are all fixed bv the 

hemseJ?es e "?*' bn, ?fP 0 and - the .owl Is trast in the sBort themes them- Lorna- Haywood. Amera] Gun- musical score. Seen in that light, 

imS du 5^5^; “Jf “ an-sn^e- selves and in the evocative way son,. John Mitchinson and Don its closest match on the Coliseum 

5anto.v.. false- . be^ wfai. high^ aad I like* better ^th an the (for example the. nocturnal love- Garrard. Soprano and tenor look stage has been Penderecki’s The 

'^nres^of S Fra^^thalf^Mr 1 SS^i* 3 ! “** 2f ten ^f de mu !, ic Si* 5 opening) they are t^^oflen awkwardly high Deoils. Whether any of the music 

’Sriffitiw lf jn iXiLfSi l u P™ ,0 ng the action too used. The last time 1 heard the phrases; with brave conviction, offers specifically musical 

>f Navan£ ^ ^,r, h ^hen the j Pmcess has piece was in Vienna a few Salvatore - Accardo played the rewards (which might qualify it 

■veil her' 'iSSnSr £I - Jfi S“?® a h !f Sf raonths ^ by a vtsiting Dvorak - Concerto cleanly and as an “opera*’) is beside the 

■ 'or e romanpp" iT lhe J?f e, f e ]^. lia ?S beea Czech orchestra with greater gweetly hot rather mildly— -like point, though the acutely 

'erv'Tow b C ev' -Wchi2f y p?nn?r.P i!Si^ SXP ^ ted wei ® ht of String tone (helped no singers^ -some instrumentalists sophisticated may resent tuicon- 

: ril, ^ch_a el Penning- to_be_ text-hoan d, ^ hay.gtvep,^ Mm . ml somewhere m the; shrubbery doubt by the famous Musikverein don't 'project in this hall, and as trollably what they hear. David 


^ on s Berowne may soliloquise a ptiettj^scrae atlhe'start aE Act seems to say AhieiL : 




An June and Patricia Taylor 


Leonard Burl 


-acoustics') but lets fine ahartim* with the singers it isn’t so much Bitch's new ENO production doca 
than Mr. Del Mar and the BBC a question of power as of reasonable justice to (be work- 
players brought to it. personality. remarkable justice,- considering 

. '.'/i the time in which it bad to be 

• - f - - . . .g ^ ; ,'T : -f prepared — in Margaret Harris’s 

•London Syinphony fhsk** s 

. The stoxy, spiced with Pucci- 

by DAVID MURRAY SS n w , fi”«’. ta pSlm^f 'nK 

- who needs official papers to 

Whether by accident or by vivify.- ' exposed than its escape the country - with her 

design, PTiday's Prom was made emotional import family and join him; the in- 

up or constructed music — music Andrzej Panufnik conducted finitely slow, impersonal work- 

carefully devised, engineered, his two'- fifth symphony, the inss of the international bureau- A „ , and Patrid T , Lnjnara Burt 

welded. Something in the Sbi/mrio d» S/ere— f * music 'of cracy defeat her, and she loses 

manner of the conductor, David spheres ” In a merely geometrical everything, pie action is swift, heroine, the Consul’s secretary, Stuart Kale makes a flighty. 
Atherton, suggests - -j highly sense, for it is a rigidly con- clear^ ingenious— -as carefully j S a fine study (If a touch too engaging Magician. It is quite 
efficient ' Supervisor of Works, structjvist work in the manner contrived as any good opera must acerbic in the first act; there wrong, though, that the sad dance 
In Stravinsky’s early, tiny Fire- of somo (forgotten) experiments be (it is a needless pity that the should seem no malevolence in into which he hypnotises his co- 
tcorks, he measured out the of the*1830s. Unlike most up- ENO programme spills the plot), her). The pantherish intensity applicants should look choreo- 
fuses precisely, and achieved locate - serial constructions, its . J5 iar ?^ era l _ are of the original Magda, Patricia graphed; conversely, the macabre 

each successive detonation with formal .--blueprint’ is fairly sketched with strokes which are Neway, Is missed— she made a waltz in Magda’s dying fantasy is 
a sharp, satisfying report. The obvious .to - the ear. but it is not -so. much conventional ” as character complex enough to here weak and under-organised, 
expert concision of. Stravinsky's hardly,;. realised as music. Its familiar and natural; the libretto give alarming weight to the Th orchestral reprise of the trio 
effects - set a standard too high simple, tasie formulas are per- rises to a kind of heightened dream sequences: Ava June during the first interlude is 
for toe rest, of the programme. vasiveVta the point of affliction, prose — sometimes mawkish, often offers a simpler, kindlier figure, genuine!)' vulgar, and should be 
Not that Hotel*! The planets and fhtfr. perrnutatiOD-Hlt does telling— for the big numbers, and a natural victim. She rises well expunged at once unless the 
was less than eninvable- between not sound like development— is otherwise tonghly concise, to her declamatory outburst in scene-shifters absolutely require 
the S-hMed b^Slfy AtbeS ^me. Patches of There is no vocal display, though Act 2, “To this we’ve come." it The conductor Howard 

ton-secured for “Mara" and th* cotonr *«PP ,ied by four brass Menotti supplies full-throatediy but lacks the fire-power for her Williams rushed the trio in- 
nerfecUy faded siren chorus of ^sloistr . and three -furious singable lines where needed. In a scene with the Secretary In Act sensitively, but otherwise guided 
“■NeDtune." toe contrivances oF dnmmjers, and a string conservative idiom. Elsewhere 1 (which is arguably the best theh proceedings with sound dra* 
th* wort were orofesslonaiiv threnody, .near the end, owed the score consists of theatrical and most originally shaped malic sense: some blurred edges 
oDerated. (John Poole’s BBr non ® °f their effect to toelr scene-music, eclectic -and baldly number in the score). will doubtless be tidied within 

Sineere surmounted the nitch- locations in the grand abstract effective, and of musical tag-ends Patrick Wheatley is a staunch, a performance or two. The whole 
hazards of “Neptune" epien- P lan - 'iTamifnik's particulat —like singing commercials — moving Sorel, and Geoffrey still makes an experience worth 
didly too ) Granted that Holst's v irtues w a composer seem to deployed with bitter irony in Chard does not over-play the the encounter, for anyone not 
simple musical material is me as Comfortably accommo- the Consulate scenes and in menace ot the Secret Police Immunised by lofty musical 
zrosslv over-mstruiuented. Ather- dated IrilEhat ambitious paper- ifagda’s expressionist nightmares. Agent It is, not his fault that ideals and an overdose of good 
ton regimented his monstrous Pattern sitUi ah Iron Maiden. Menotti’s English word-setting the producer has intruded him taste. 


by WILFRID 


simple musical material Is ® e as gomfortaoiy accommo- 
groissly over-mstnunented, Ather- ambition paper- 

ton regimented his monstrous Pattern at. in an Iron Maiden. 

. . forces confidently, thongh - with- 

Forbes syrsrgfw ? aw 

-V'fi UVkJ want of gentleness to the codas 
" f- a ■ of “Venus" and “Saturn" and • 

jt-r t i-i I-, « X •' not much quicksilver in “Mer^ tc — tmm rnim* .**** cmn*tn uman 

lVyE L L HRS ■ cuiy" (taken at a surprisingly: -t*ms bv leiaAanc.nr at omoe. 

It cautious tempo): in general, 'the OPERA - * BALLET 

/ innocent /meeh anhan B of thd wl “\RU>y«35ff 

ifls a. sudden does, the Trout, it Is less prob- muslc -whic h_ ocearionally ore- 


ENTERTAINMENT GLIDE 


THEATRES j 

DRURY LANE. 01-1)6 8108. Mon. 10 010 VIC. 
Sit, 8.00. Matinees W«L & 5at. 3.00.) ™ 


A CHORUS UNE 


THEATRES THEATRES 

IlC. __ 928 7816. ST. MARTIN'S. CC. 01^36,1443. Bw. 

PROSPECT AT THE OLD VIC 6.00. Matinees Tues. 2.4S. Srts. 5 & 8. 

. . June-Sent, season _ AGATHA CHRISTIE'S 


A rare, OevaitaRns. Ioyous. astonWilral 
oaner? S. Times. 3ni GREAT YEa£ §ESJE?* wSSL "WSf J “5Sw& 


ftftls replaces scheduled peri- of^Carmeoi. 
For forther details, ring 01-240 S2S0. 
104 balcony Mats avail, from 10-00 an 
day el pert. ■' 


^ OKI CALCUTTA! _ 

“The mdtn Is ttunnirtg." Dally Tel. 
Bth Sensational Year. 


I day el pen. 

ROYAL FESTIVAL MALL. 


DUKE OF YOfUTS. 


01-856 5122. 


productions 

Two new productions will join 


Awl 21 to seet. 8. 

LONDON FESTIVAL BALLET 
Evs. 7.30. Mat. 5 b ts-. 3. Aim. 21 to 
Scot. z. 5wn Lake: Scot. 4-6. Mtad 
Ml. Tlrts. £1 to f-5J0. 


THEATRES 


928 3191. Cvenlnes 8.00. Mata. Wed.. Sat- 3.00. 
I;- Limited Season. Musi end Auflust 26. 

ALLET JOHN GIELGUD 

Lug. 21 to in Julia MtfcheH's 

4-6. Mlsed HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
“ Brunantty ■wttty no one should 

mla It." Harold Homan tDrsma). Instam 
credit card rescryatwns. Dinner and Toe- 
prtae auts £7.00. 


The Harrogate FesUval Con- tuiy, saaw.ifrCTtafls a. sudden does, the Trout, it Is less prob- music -wMc a_ occeBonaiiy pre- hatw^ ofera^. ' - ^ 1 

Crt on August fl by the Nash shaft .of-Sujught, a shadow on letnatical for modexs performers, Stove Reich— were more -ttiw^ at v.so. tm m- ^Ewinei b.oo. fh., sat. 6.i4 and 9 . 00 . 1 oem o* • performance hem Robert 

InsemWe set one a trifle toe. grass. Jrhe Nash Ensemble, Members of the Nash Ensemble . “The mmS^is^SSS, 1 ^ onw tm. ’ - ' • DcflU-on- JO n 

loomiiy reflecting, as concerts .able musiemns though they are, played it as though they found it ' _ " ^ tS5«»y m au> sansationai Year. 

•y 'Such groups Often do^on. the didn’t qu|te catch this. String satisfying, even morally good, to T 1 PW St' day 01 pm?. ‘ ■■ duke of yorics. oi-ase 5122. 

unction .of chamber music in tone - dijp’t lyrically, bloom; perform;. we listened to it with x vvw I1V ' Y T royal festival haul. 92 a 3191 . fri 1 ^ 

ur society. Three works .were piano Jfcythm missed the .satisfaction, and felt good since , „ londoS?' fotval* ballet john gSlgud 9 

■eefurraed: Schttberf^ - -Trout Schubeiaan lilt and the it defines an attitude to the TlTTVillPtinDQ aT mkn in J uliSy , I , rCT ell ’“ 

luintet. Brahm's A mlnidr-Tria laughtdrlhat is never far from Wnrid-^vadediotozy, yet proud J^/I L/vlUV/LlvyLlo mi.' Tta. si to lsjo. • ' a national theatre production 

:>r'clarinet, cello and piano,. and : tears.# ’ and ultimately affirmative, that is Two new productions will join 

newly commissioned sonata, for ' TTir ; . difference between wbrtoy of respect, whether one the RSCs repertoires later this 

. for. a mixed bag, of wind and. Schubert's ostensibly, social finds the society one lives in- year, Stephen Poliakoff's Shout 

irlngs, by Sebastian Forbes.-.', chamber . musit and his most agreeable or contemptible. Across the Ricer . opens at The 

With the Schubert there is no Phonal achievements, such as v But how is a young composer Warehouse on September 21 

mblguttv as 10 function. It was t» sirirtime quintet in C, is one inday, perhaps specifically asked (previews From September 19) ^ . w — 

jimnissfoned by a . . weal thy W'degree. not kind: audiences to write a piece to companion and Bronson Howard’s - Saratoga ■ theatres 

nateur cellist: was Intended to/ccustomed to toying with a these two masterpieces, to opens at the.Aldv^-ch on Decern- must^ndIjct^Va 

jjuue both players . andf trout .while listening to the Trout approach his task? At one her 21 (prenews from December £*«.«“■ M * t % c S3, n *“ 4,0 

sieners: and does sn. • It ». couid graduate naturally to extreme he may attempt to out- 13).' "thebe si musical^ 

;cHSionai rauwc to . toe /re^ nu^c.trtiich demands their all of Betdhoven Beethoven in en- Stephen Pol^bfrs new play, immi* 7 *’ ^Se*" 1 1 trd« 

i 3 t one may eat, drinks smoke; both, ■-■players i&nd listeners. Wfljpasslng a transcendent written for toe KSC, explores . “ i^ni^n's -bes t nigkt out.- 

id even chatter to lt: jetatoce Schubert's^ late quartets, like Ewistian experience: in which complex rdationsnip betwran >CREDrr cardj^khEcS use wi. 

improves the quality of the Beethoven’s, Are not so much case he is likely to come a a mother in ner early uurties —— - 7 BIM « theatre. oi-tsr 139 - 

?donistic pursuits, it csnxtot- hrff; jpublie'-muslc: as music for con- ..ertgper .torough presumption. At a ^d a daughter in her midteens ^'fei-s trm a'3o C iS? iS?y nw ev«, a. is. iw. m. s«, bo. jiao. 

smissed as Muzak. S^ub^polaseurs tod amateurs— an elite ^ ; other .extreme he can aim jSjSSmJftS th^bS^of ^rwJS «, 33o Zoo WB ' StSKNfflow'fn 

a composer of gen tusr. which .of those who know and those, tofatj diywsron: in which case a thqu^ai^timk welcome ts AlAN able CMv 

ill out: even. a music pt social' who "love. > Bralun’s chamber* I ^ 'difficiil tj" is that he is. unr • _ OuVER^^ I -This mui^bB^tS* 5 tiiSoiMt B u ati w f- 

'rsiflaKC mav ’ open horizons ‘nnistc also ..comes into this dftf-M to’ whom he is diverting. “* %3rVL riIi 4 i£rf?,S' Zo'Vt tiS!£ IWv 

■ruufih a Seird harmony or- a sirmiltancously peraonal and preconceptions about music .J-SH. fe S? and - -aSEIP^3MB*.»SS 

ild mudulatloo; and those ntefijary. He composed his afewwts: his audience Is likdy de ^too? b? th^Serican i . JKMSfc - 0, ^- 775S - 

nes; immediately fetchln^artd-.trio fof-a 'friend who was a Most frequently, .-.he J 

Jiisileahle,'* remain me^npreh]e ^vrartoelttet^ ■'c^ for toe knowing Him the 

her ISO years. C : intimacy of his tone rather than is uneasy This is ^^JSSKS 

k ‘Thc piece's status between pop tor- virtu oshy; .and both the 7w ^ s . has in toeplS 

td art innstc makes ity elustve pla^rt tempmmeht and his tor ise^S? 8 smd was revived frequently with 

r modern pJayers- DTiile .tastrument. were to time with s ® i£ a Jmento- Charles Wyndham in the leading 
uodiuB w -ntlaacwi - .0 cafd clegmc fiayour of Brahmas ^g.s^Be«s a imvertmento. role> ’ 

il4w. ir must remain iftfiwoaewitotc work. - t n ua^mran. The play, snbstitJed Pistols for ~ * "*S,„ga K SJ^y > «ftpRS ,OOD - 

the moments wherein: a cor>-. Since the- A Jtitoor trio docsn t player/ and* Seven - Tells the story of a young n^esku ^es. zIIsT f Ao°iSSSw? r [»£vf R w clV con- | 

rsation piece, -to- the ISto-cea- equivocate -between functions « ..Mideiiai nleLSreR a^rt. man who. “lored wisely but not ^ m tSStSttA 1 ?&?' anm'alt ffiS& # 5SSSl. , *a3K 


the mousetrap 
WORLD'S LONGEST- EVER RUN 
*6U> YEAR 


Bern of > po rtemttneo from Robert TALK OF THE TOWN. CC 01-734 5051. 
Ed d non . . . MKlMd Dcolton. John a.QO. Dining. Odnclng iBArs open 7.1 SL 


EddMan ■ . . MkJimi Deauon. John 
Snvlomt and BiMcti Bruce scoop up g 30 Supner Ren*. 

tt« l«ngh»." Guardian. RAZZLE DAZZLE 

_ Today 2-30 and 7.30 . god u 11 Ojn. 

Dwek Jacobi fn IVANOV— ChsIchOV^ LOS REALES DEL PARAGUAY 

first romeov. Preview from Aagurt 16th ~=r=r— 

•t matinee urlca- THEATRE UPSTAIRS. _ . 730 2554. 

- Rehearsed Reading 

• THE GUISE by DAVID MOWAT 

Frl. and S»U only at 7.30 PJW. 

VAUDEVILLE. 836 9988. CC. Ero. BA 
Mat- Tuei. 2^5. sat. 5.0 and 8.0. 
Dinah SHERIDAN. Dulde GRAY 
A MURDER IS ANNOUNCED 
The nenrwl •"hod unit by Again? Cnrtatl* 
"Re-enter Agatha Christie with anoUieu 
whodunnit n|t. Agatha Christie M stalk, 
log the West End vet Spain with anotner 

her fiendishly Ingenious murdnr 

palaci rr r-.-c., mysteries." Fell* Barker, Evenmg News. 

P flfeiSin«. eJSSium sSis'sVio: AtR-CONDITIONED THEATRE. 

bv Tlm^SS anT^AmtnmT^Jm^WcbtMr. V,C ^?g5B P 47^£lr 01-834 1317. 

~ — 

Evtft. 7J0. Mate. Wed, and S»L 2-45. 

WAREHOUSE. Donmar Theatre.. Covent 
Garden. K36 680c. Royal Shakespeare 
Camoany. Tont. 8.00. Pete . Atkins 
A AND R. “ Abo.o all there to Pete 
Atkins." music, which alone would mate 

rAzFi* raa^Kfia-*. b kw . 

■ICCADILLY from TZ km. 437 4506. J^S^hJSSSSl SSSSSLIL 

Credit cards 8X6 1071-3. Mon. -Thor. 8. WHITEHALL. 01-930 6692-7765. 

FH. A ML 5 A fl-TS. fTtwrior. at 7.i EygA 8.30. Frf. and Sat. 6.45 and 9.00. 
SYLVIA amp ; pajro OSCAR lominee Paul 

PANV." w Play DV .. “‘“'PE. CC. OT-437 8312. 

■vm™ WILLIAMS T*nce Nightly 8.00 and 10.00. 

fJS* -- ®Jg Mrl ®5 IP"*? V Za 5 rSS present* 

POwar ol this groat nrlt£ IT “snoilng THE EROTIC^^Wri|nce OF THE 

hi !., BwwB r- c ? r c -nM.fflsuv* « 

pattntsglbu^oa 

^°™ — Mr. 3 00 Thor - B -*eJ58hSaiK* Kb?* •■ S8: 

by Tim Rfce and Andrew List'd Webber. VERY FUNNY.” Evening News. 

Dfractap bv Karma printe. Mary O'Malley's sma£h-h:r comedy 


at matiaea prices. 


PALACE. _ CC. 01-457 6034. 

MotL-Thur*. BJ>. frl. & Sat. 6 & 8.40. 
_ CWUST.-SUPERSTAR 

bv Tim Rk« and Andrew Lloyd-Webber. 



Uqcfetr his audience Is likely ^esignea ay one riummer. . - 

■fee- Most frequently he the American ' 

promises, knowing that the Plains** Hronsoii H°ward, w^ 
promise is uneasy This is written in 1870 and was adapted 
aj&Se’bastian Fortes has done; for toe > EntfM istree as Brighton 
t^unclassical precedence his J” ^togland the play 

g foV for ' mlsed wind and was revived frequentlj- with 
suggests a divertimento: w >‘ n<lh ? m in toe leading 

owte jirusic be has written, -n,- niov cnhetitic^i *n- _ 



WILLIAM. DOUGLAS HOME’S 
Ntmt play 

_ THE EDITOR REGRETS 
Evan ins* 8.0. Sat*. S and 6. 

HAY MARKET. 930 9832. Eras. 8.00. 
Wed. Z.30. Sat. 4.JO and 6JJ0. 

PAUL SCOFIELD 
HARRY ANDREWS- 
ELEANOR TREVOR 

BSON . PEACOCK 

and IRENE HANDL la 
A FAMILY 


innlnn i. ,1* The Play. SUbstj tied Pistol? for __ -J - - 4 new. ploy by RONALD HARWOOD. 

W?W an?a1S^^ ^ t6 ® ,Se story of a ^ VST^Sk ttSfc - Jte l S5^ 1 £W« R gSa* c«w 

denraf ^leasures^^^d; I « l0 I^ 'ZiZrSZsStv pa^ck WU anhalt ft^KS 

IHes are th. wnErK"™ ** m^ j*j ~ *■ 


„ ’ vieux -Carre 

<7ha " Ola Qaaruir - ot Nta Orlaan*' 

' For those who dalhnt tn the continued 
PONar ol thli groat writar . • . U»w:ng 
oB hit marvcBona co mic gin." T met. 

PRJNCt EDWARD .CC. | Formerly Casino) 
01-437 6877. Pertonnances this week: 
Evgs. 8-0. MaL Thor. 3 . 0 . ml 3.0 8AQ. , 
„ NOTE CHANGE OF SAT- PERFS. 
Frara Soptembor 2: Sun. z.OO and 8-00. 

by Tim Rtee am) Andrew Llovd Webber. 
Drroctad by Karma prime. 


a new play by Ronald . HARWOOD. Dfraciaa by Karma prime. Mary C 

IS livt- Directed by Casper WredE. 

ea. 2.45. "An admirable ploy, honaat. well con- PRINCE OP WALES. CC. 01-930 B681. “Snsreme 





6 % bearer. Notes of 1971 ’> - 

-■~Vritei9tyi9s&: : i 

EUROPEAN .D^^£ENE®ASK 


Kotes belonAipg to Kedemptioii Grbup No. I 
. - , - _ Witte rateaned-oa ani afer ^ . . 

SEPI^BHk 15, 1978 

to aceat^anee vith drawing effected on. ' . 

- jjujv 26 > 1978 pursuam to tbuTcrms 
\ «f aM GotvdtoottSv ' • •- 

A«eirf».Y 

■ Amstsrdwto&o^-itoin BankX.V. . 


“^°o^o^ d b«2t2sS ^rtor^teR^aW^ tod an 

Sa?®j#®S to BSs?s aab- .“*sbap j “ 

jiff.Sy SSS p7tt?ra ttes a new produrtton of Bqy apollo. ’Zf&jwf 

“ ' .2 Mintons play Scum ori anally Mote, nurs SptCsat. s.oo *ad iuoo. 

felnaTS JS%5 — *- “ . . jByi, 

Forbes -generates -tingling • - 

«w, that exhilarate and. In .. .. ' , 

JWOTd movement, momenta ' Arfc pAimre f- **” ’^^IsraPPAR^' 838 2,sa ' 
fcsolotory calm. Nonetheless. ^rVITS vA)llnCli . - , 

aslda? »'hst has been ... : ■ *XB, 


ONCE A CATI 

X) 8. “ ceieec, p ropar fy worked oat, freahhr _«nd Evenings 5-0. Sarurdavi SjbVrK) 8.45. with 

miir HAtT ^ aatsag .r^dwZ^^^Wical M iy^T\ o R u --^,^ iTH 

JK'Sr • • HJR MAJESTY'S. CC. 01-930 6606. sHrrin^OOU^ASKWITH CINEMAS 

SIU-M “ CREDIT 0 ^ ^iSJ^^O 0846 ABC 1 A 2 SHaSS^AVE.-^ S861 

^top-otk* vaul. toBisoH I E BkXmj—m — 

; raM ff STFw ?■ IrSSYrtd.^ 


sex and religion." 
a non 

HAKE WITH 
Guardlifk 


•woud movement moments!' A '■— *« r , rt n^AiT - 
teolutory calm. Nonetheless. I .-ATXS V^OUQQli . 
te Jeft asking what has been j ; 

a •' spiritual experi- 1 . jazz bursaries 

^-^•SS" er *r« u !l pi l the «' The Arts OjubcD is invlttog 
^lapplfcations tor bursaries ; tor 


APOLLO. 0;- -«7. Z0K5. Evening* 8.00., 
Mot*. ThufS *jPtL SaL 5.00 Odd 8:00. 
DOf^Cb SIN DEN 

“Actor ol fn AiWOf. - * tvenlng Standard. I 
" It ” nklW. 

■ SHUl SWR.iVES AND 
- V* ffSPC *ncla NO 
" W4*ejjy fbflny," Titnaa. 

ARTS THBATWff, 1 01-838 Z132. 

T ^ST OPPARD-S 

. . onnr.jdNEN . 

, - Hilarious ■ jrjiAta It." Sunday Tlflte*. 
Monur » “npBay 8-30. Friday and ■ 
SaturWTM.V.OO and 9.16. I 


tbaatre." O. Moil, “ Make it a mint/ 
Eva Dina Standard. LAST WEEK. 

KING’S MAD THEATRE. 352 7488. 
Mon- to Thur. 9-00. Frl., SSL 7.30. 9JH3. 

SS,ySS£.B , B! 0R sE?1?i 

LONDON PALLADIUM. _ 01-457 7373. 
- LAST 2 WEE^-S- ENDS AUG. 19. 
Mon.. Tues., Thura. odd Fri. at B. 
Wed. and Sat. 6.10 and 8,80 
THE TWO RONNIES 
hi aSpeetacblar Comedy Revue 


JAMES VILLIER*. 


1. 20fi1i A SPACE ODVSSEY \U». 70mm 
Wk. A 

Sun. 2JW. &.15- M5 

CAMDEN PLAZA loop. CamdM i Town 
Tuteu 485' 24 43- Max OohiHs* fMtest 
film LOLO MONTES (A). 2.10. 4 .20. 6.30. 


«8fiMaBa^Afc 

REGENT^ ^^^7,9662-3 


ASTORIA THE 


WbroltairtO 

r«i va 


~ ---- .siipijuduuns itir ouimies juri •JiLya 

l2~r a °° ..Diverted . The j jazz musicians - for ’devising and! “ iiBecgou%. * Brtg 9.- i®o* ttanudwi oao 
ite auffience’s ahsiverf™K-o«i«- 6 *tk-I hmw- fSSwr. seat* £2^3 a- 


/ > - ; BahIc iviees A Btopc W - 

picrsOtt } HcWring&i*jersonXV. ; 
^ liit Amsterdam ' 

•• . ' ’ eni . . 

■ T*«fi q>i^^teiprBle dn ImxBahtHgg 

• ... . r ■ • ■ : v - in Luxiti&cfitig’ 1 ' \ > . ; - : 


par i- an ^- i ™ nK 11 lover 60 jazz, musicians have 

^ ®^d DerSnal?r ^nmShu? 11 o™ ** m< ?re awards.'- cj^jotd«. JfidJ 

“I^Ui personally responsible. . Applicants, for bumries 8 ’ !gja 

iS5l-v.\: should have at. least/ begun to m & T g 

VtarrpsiiT fmmrlc • lestabHfift themselves protossiou- 
■raTCcail rounds [8Uy as practising jazz musicians. ... 

-rn I They should' be Of British ° taaar «"* 

S - mime - scnooi . I nationality and resident to Eng- rmfucsTts 

*el Harcean. the Frenchr^b- or if • foreign nationals ' A z.aoJr* 1 
■■ artist, is. to head a new should have resided in England 
of mlnie .in. I^aris. Known j for - a number of years. Students the a«to 

Ecole de unmodramn 'are not eligible Application comedy, • 

TUtoeeau, It will be! forms are available*, from The w*- 
*™wd’ by the City nf Esixsl and ^sic Officer (Jazz), Arts Cotm- eow"». jra 

W%3ntttally: take :100 students 1 ril of Great Britain, 203..Picca- ,a thcMj£r& 

ott ^orto-year course. . This will ! diliy. London. WIV OAU. Closfar . --JSLx R -SSK ir I*; 
/not - only mime, but I date for recelpt’of applications is orm^= ‘ 

fBBqB(dL.--*- ; acrnKalLMi'. dimtoni I AnJEURI ' 35. . T “ fib 


Marccau founds 


* iney ae Ot Brittsh Oimar a™ te«e- 88.75 mcl- 

liiljnc- SCaOOI . 'nationality and residtot to Eng* chicmbter ^3- ■•••• 0243 81312 

■cel Marcean. the French} land- or if foreign nationals * u o'clF* 1 * ^ ” 

■artist, & to head s new| sboa2d have resided in England A^^jz r **i 9 DLU *a 


> and 9.15. 1 LONDON PALLADIUM. 01-437 7373. 

■ ■ ■ Scotoitiber 4 . For o«c weeK only. 

CC. During cross MAX bygraves 

Mon--Tbora. 8 go. *»itb Special GoeK Star 

.SlW *%£ JOErHETHERTON 

uric) ■ — - — 

LONDON PALLADIUM. 01-437 7373. 
foot stamping ana Swoember 25th. for one Weak Only, 
ver. Seats £2-00- UNA martell 

e thtm beet avail- : < ■ - " — >■■■ . 

iL-fhara. ana FrL LYRIC IKEATRE. 01-4S7 36B6. E n. 8JW. 

-c ._ Mot. Thors 3.09. Sat. 5-M am 8-30. 
MH£ .YEAR JOAN FRANK 

SRD AWARD PlSMfRIGHT FINLAY 

— i WUHWiA 

; 6056. Mon, to by Eduardo ac FlUPPa 

Aturaay 3-45 ana Directed by FRANCO ZEFFIRELLI 

"TOTAL TRIUMPH." Ev. Newa. “AN 
, EYENT TO IREASyRE.-' D- M«r. - MAT 
Han Mmkal IT FILL THE LYRIC FOR A HUNDRED 

fe^£R.Trii W ^ ear ‘ YEAR5." hnnoay Tlmte, 

r year ‘ MAYFAIR. 629 3036. Air land. Evs. B. 

nut -88.75 tael. 5it. 5-30 and 6-30. Wed. Mat. 3410. 
— WELSH NATIONAL THEATRE CO. 

0243 81312 DYLAN THOMAS'S 

M7.o3TAui. l7 UNDER MILK WOOD 


_ _ BAOC3TAGE | 

81 Vi&dja 

CREDIT Tard 
01-637 gi 



CLASSIC 1. 2. 3, A. Cbifard SWft. (Opp. 
f 16 * TottMium court Rd. Tube*. 636 0*10. 

w &o F .s 

iIan 9882-3 THE "" PEREGRI N u NTERS ’tuff TW 
Sf" GLITTER BALL 0J>. ^ • , 

5n aiwf go U and A prog. Chtidren BatT-prlcr. 

1- Walt miners herbie sago to 
JNGS MONTE CARLO lU). Progs. 1-30. 3 AO. 

l 5 LAlr 0 3 , DAYS. Deag McClura WAR- 
LORDS OF ATLANTIS ?A>. PrOjB. 1.10. 

4. 0 THE LAST WALTZ fin. Progs. 1-20. 
3-45. 6.10. 8J5; 


ROYALTY^ Crwh 


838 $056. Mon, to 
•^Saturday 3-43 and 

.fOMBl' 

■ African Mittlcal 

^£5t&i« ,r,or ' 



"MOP 


— — WELSH NATIONAL THEATRE CO, - (VMS IS , . . Tb'S lupTOffW mIH1» Of BUT 

0243 81312 DYLAN THOMAS'S NewS! 

8 Ot 7.00TAui 17 UNDER MILK WOOD “Tbll firort Art^KSuld b« bf 

ur LULU ■ MERMAID. 245 76S6. _ RaStaunilt — ObvHynr. 

' IS at 780 . 9* 15 - SAVOY THEATRE. 01-836 8886. 

, 01.930 2J578- A Olay ^BCtore and oreiwstra by TOM " «Hi Jifip 

SW. SUM and also STOPPARD A ANDRE PREVIN. Seats £4 -A MomeNTOO? m av SHEH „,-r v#%i. 
ulM ■ £3 IM 13, "NO ONE WHO LOVES TO SEIflT URGE V0U 

dOWADn TMF PMfil KM I ancivaM AMD Tuc - .L* r ?r 6 *'• .WltnfillL 


„ _ LEICESTER SO. fHEATRt 01-930 52S2. 

5fe "sSra BBS- BSST-kSSS 

4. 2.30. GEESE (AAJ. Sep. PR8A Wkn. 1.00. 

!AU 4-30. 8-10. Laly ibtro*7Frt. and Sort, 

mime « our tluiS am- S^U may be booked In 

L M b. 

vr. ODE ON. HayuarfceL 01-930 2735*2771 

MIDNIGHT EXPRESS (Xl Sea , proa*. 

01-936 6886. Dir., ootrro open 2.00. 5-00. 8.00, Ml 


Crtd !LSE!? 7.3£ 4772, Tom conn to seats bookable. 
whose UFE «s_rr ANYWAYT : — — — - 


a P%1)GYSPTH E s 1!ti!i! 

Sn. procs- Oly. Doors Open 1.4S. 4.30. 
7,43. low sberm Thun.. Frl- Sot. Doon 


° «yt . uniy mure, OBI I iot acceipc w appuwuwm IS -or any ape “®a»y tontoVC £-*ra; fiio wsmod w J 

6. , Rcrab&tire; modem ’■ A-ukuei - ^.5BS5?ot 8 Sln owir^wATiig. 

Maasrie dancing and ; Bursary ■ applications -are HE?* ouvier tepSr^^j 

riaation Tv . iesaminml bv fh«. iarr enb. s5*. F .r«o ciunrr orcharBT 


THE ENGLISH LANGUAGE AND THS tv*, it *o A m „ I ?XS- Lm aSnm Thun. Ocofi 

iL , .lp^Sc c S^.. A 1 PT T /^? Vim - *“• 545 and g - <5 - ^ hkwT 

MISS THE PLAY. S, Tlmot At tarn SHAFTESBURY. CCL m obi bcob Oflfce or by Post except Thun, 

a meaningful oita_ brilliant and saftens *S3 t toSL in i M Sfe. 01-963 EE9B. l.Na. 

potmeal pmv.“ Q tv* BarntJ. NY Pott. 5Mn *“ ,ln ' A S5L M 23ft,JWOeri« entfi. ■ 

Run exuiuod to Septemoer 30. ™Sl£s71 c 


- \ ,v . j examined by . the, jazz . safe- SI a £T 

, ^w ach qol, .at; the Theatre de j committee of toe Council's music g " fllnfl - - - wj 


Bv MKJuel 
WOMAN. . 


onaiB w jbbm—mct ay. • GtSDSPtLL 

'HEATRE. 028 22S2 ILKMO^? .y 17 -* .ENJOYMENT." D.t- 

Wh ttMO) TOBY 7JID THE ^,*9 »i>tt £2-50 »sJipur 

CHARD J by. Ctekner trtito. SS'VP'KJ'VJ* ,*»«*. £>«" 2nd 

Frays. Tomor. ?JSO THE "27*." 1 ' JfSS-lttHir. 6.15, .Frl. 


of'-ttte' world. 


- . jthe Council- tor ratification. 


•ns Itanirte day at serf.' Car oarir. 

jSSS W s«i ^ Crw,ls ® rd 


«nd “L 5JD and &S0/ Trans, to Dukb PRINCE CHARLES. UMe. So. 01-457 8181. 
of Yofte, August 26T MEL BROOKS. HIGH ANXIETY lAi, 

' ; Sep. Pcrf*. Wv. Hue ,5on.i 2-4S.-fi.1S, , 

STRAND. 01-836 2660, -y-n-jigs 6 00 f - ® 1 - - . L *to. . 6W» .PH, and Sat 11.45. 

Mat. Thiira. 3.0jL*sat 8 JS. Bootebta. LkTd Bar. . 

■ vnrRT STT/CHO I Oetocd Circes. 01-437 S300. 

■tt’WSS'jaiaV gi.'SS.MiS: “■ 








Financial Times Monday August 14 1978 


FINANCIAL TIMES 

BRACKS* HOE5E. CASS ON STX&X. LW®OM £Ctf «BY 
Telegrams: Finanlimo. London PS4. Telex: SSB3U/2, 8S3SS? 
Tel qA-rnc 01-248 S00B 

Monday August 14 197 b 

Reacting to 
Peugeot 


Incomes policy : limits to 
the German lesson 


BY CHRISTIAN TYLER, Labour Editor 


E VERYONE ■ is tiresj of committee, :Tbt ostensible 
inannes policies. Those in reason Tot the rupture was a 
pwppnrmenl and in Whilfr lawsuit hmnsM the em- 


tired of c om m i ttee. 


ostensible 


Wi g IffPfliT fgwrennneni and in While- lawsuit brought bv the em- 

B 5. haS ' ortro beJiCTe Britain cannot ployers chaUea&ia g tfie const*- uMU 

55 ^ V dispense with them are tiled of tutional proprietary of lbe la’ea 

devising magic formulae that- industrial democracy rmdt:-'- t 

IT WOUiaj !« nofterstaudaifle introduce new inode}?, to wi 33 restrain wages without besUmarangl *g» which came 
if Minis ters and civil servants maintain operations at the five sending thousands of workers into fun force on July 1 this ‘-SmoK: 
who negotiated the Chrysler priotipal 1TK sates and to on the march- The anions hare year. The suit,* which will be 
r«CTe operation in 197a felt flag UK company an important lost patience with crude heard by the Federal Conrti- 
aggriev ed a nd resentful at the and espandiflfe role' within the attempts to remove their main tulionai Court to Karlsruhe on 
* a>est torn of events. The -worldwide group. ‘ fimetinn — to extract the best November 25, is to find out if 

rescue was widely criticised at Since Peugeot presumably available deal for their mem- shareholders' rights to :heir .. ■' 

tire iime. msde as -well as wants tile financial assistance hers — and the economic pundits property axe being- abridged by \ ' / ■ 

outside to e Covernm ent. for from the British Government to are tired of pointing oat how the (almost equal) presence of 
bang unduly faronralde to the continue, it way be xvflliag to inciunes policies distort the worker directors on the super- 
American owners. Members of offer similar nadortahasga. The labour market- visoiy boards of companies- v 


fic-ft/ 

r&r. 


Ike . Industrial Development Govennnent may even he able 
-Advisory Board felt that the jo harden the commitment on 
scheme- did nut offer the nlanr closures until the end of 


There i$, as a result a curious Tnvre s«em to be deeper y " 

consensus developing about reasons than that, however. ^ 


V” S s “‘c’^ “ *£Tz a*. “E ™ - a— js~ .j 




iears Wier. w oivesr itself of hut not many. If the UK part llIC V* “““ fr?T iw » •£, rXTi™* fett 

its British business on what of the deal becomes too iro- separate bargains. Whichever the ™ l0 ^ J2 

appear to be favourable tens, attractive. Peugeot could with- P«*F W1CS _^e next general 

draw from it That- is a posst election. employers and unions ftgamst them. Because of its 
Attractions bilitv which Chrysler, aswfl w * u *e invited to disenss very S2Ze - caanABee 


Union leaders join a demonstration of striking metal-workers last March in Stuttgart, and, 
light, Herr Heinz Oskar Vetter, German Trades Union Federation president, who refused to 
attend a meeting of the concerted action committee. 


faUune *, fca ^ to ao'oopes 


* 4 -^^ ifS. mSS^SSS^lA 33u5 c^e a droa^ talking sbopas ^ ^e rest c£ the Labour Party would presumably these constra.nts there will be tor the Goreromen ,t t to set m* 

J.2L ^"iraons fora of the system. These ideas toe paru^ wad out their polwy d^af*. That debate begins with like to find some way of free collective bar, gaming. 

The danger In the Peugeot are based on the assumption Similar complaint* have a cquq^j independent econ- guarameeiug that, there can. he (Although the word free ha>» , th . di(1- 


tiSL-io nialn focus nf interest and and educate the rest of us in Secondly there, bare been her. James Callaghan has made ^Conservatives ara iMnktne of hinvt. .. 

mn _ ^ ,1 ? nl5 a principal factories are oo the what, for that year, would coo- complaints from below that the vcar for instance, they plain, any Government of. hi$ using the .National' Economic The public services w mhf bp 

,, totegrai part o ff a la rger ^ Them mar be a stftale a “ responsible ^ wage onion leaders are going soft; said that an increase in all «1H continue to set targets for Devulopmont Council— a hard> - : subject to cash limits set In the 

JSS" SSS*- SJ^/JeTSTi « 4 S,' STTJ2S 


European and international 
vehicle manufacturer — was 


S.-STS Srsr^E Swasssaxs S^srsrs aeaswK 

weakness of Chiyder Corpora- g“* fSte \ZJ^ ba ^ "** ^ ^ ^411^ ^2r w (corr^ ^ttato^-^uid ?ffeci. toe t™™ fiMneia^tirgets oriSt 

■ 0tl ' dSlTr'n ^edrSinTindt?- y 25 a JS 2 seriensltoikes. ^rtoters and SvJijEflSI mutual confidence where the concerted a.-tion committij. any furthcr Uovernmem.inier- 

On the face of it, the sivitph line ihp weakness of BL With metalworkers, regarded ** a mem's ^unofficial 7 per ivnt cnidities of tbe present pollcWS with the difference that it might fere nee. The LBI wants, a 


should be u i improvemeiiL hMne and m , a^ficapi ^ th iShti aoi) theTDC Ik *»t* axe ore. incomes' poiic?) n-as translated «rn pi oym- - are no longer ■ up bvhvwn NoveniberjiQd >Apni 

sssss ?*iS 5 S s ^ cmt for • .,•/ 

ment record. One cannot pre- ™-L^t^ r aT u^I. of1bc SS-ZS 1 ?" aIld . I( * Settj€mttlt5 - ^ - towards ** educition ” of unions those m the private sector 

diet how it -will fere in the producer or to toke on the I!!!?*? ^ 2 ^h* ^u-l^rhl S £Sr ^n* Afw T I tile fiT L*? sfr , m t? haC€ Battle SpiQSt and workers in the economic M -here toe go mg tote would be 

intensely competitive conditions f \ bn»ad undemanding wlndi was toe figure the reported, toe Federal Govern- . « ,? - facts of life. determined. 

likely to pre^l orer the nest fSSiS m IS ^ ^ SSuTt^^iM enf m “ l *"*«« a " annuaJ -. UlflatlOIl . > At the CBL which has been AIl lhne proposals, of CnuhC, 

few years; toe digestion of toe latter choice is followed Tbere is nothing particularly •™ l *“[ *2SL^ ,h ^lt ect,nom5c T*pon in Janaary. . n , a i m . r , t 'developm 2 its policy ahead of assume that the thousands' of. 

ssffavns a S SSarS ssMsn t&t SSSJsms ws a^ss ^ Atsa ssrs. aajrr* 5 ^ia 

”ofSSii“Brt ^ **** 2 ^? 55 S t 2 l "n yS 3 ^ 5 S 5 S* ^-’SS^ysStaS** we,ghl m tha «mS r \uh B u 4 S“^ 

aaawtvs s» ars S 3 SS 555 s s-swre abs 


towards “ education - or unions those m the private sector 
and workers in the economic where the going tote would be 
facts of life. determined. 

At the CBL which has been All these proposals, of cnurirt. 


j . >T • rt r th _ the Consen-atives. one ot tne shop stewards and local union 

dau - that mar * » » ">""«• is » official, >vho nojotiate pay with 

al i FnSwhite ^employers more weight in tho emD loyer a in Britain— In sham 
““ h,ianre. contra,, „„h West Kennany 


of the ether big 


Goveraraent's view ln lhe inherent’ «m trad ic- countries — v-tll he sufficiently 


QUCCU 1 CUI WlijaiCi iAUUUItf" mUdKeFieriL pnwui:u* 4 l>, au. ^ - ., r * — . unicumc iMIodUiiLlij, A II'- I r%tl III lit 4 MIMI « !W-Il«r 1-1 Ml*. 

tion is barred from redDdng labonr relations and product ^ u thl iTOOines .P 0 ^ ® between Gnrernment. .unions, cpr s members— many nf rhom iidtional interest. As has been 

its ownership in Chrysler UK development. One hopes that ~Lj*I SSuiJSi tfa *2 m0 £? “??.? *“£ c ?®™ rf e ^“ Md employers about the maxi- are fl ,r genuinely free enlleo shown time and again, it is not 

below 80 per cent as long as Peugeot vriil do better than ^ starSrf^Q , aitbo^h the conduct mum level of e a rn m ?s w h i rh^ ve bargaining— have objected enough to persuade the genera) 

loans from the Government are Chrysler, but whether the new ** aonu-toong has^beeu is compatible with keehm* 'Infla- that : central, mechanisms are secretary oE tiie TUC that the 

outstanding. The Government owners will be able to elicit the figUTP ‘ sionoftoe economy ag a whole m±:mm-WKoaf. and toe tion under coptronn the HabWVto ' end .in wage-fixing .it country, can only afford X per 

is unlikely to agree to the necessary changes of attitude The Consevatires, the CBI finideline has bewrdramatically mg 12 moutts The pOHcy ^for toe -centre, .and throw the CBI cent this year. The TUC jus; is 

change- of -ownership unless among "toe^mplcyees remains and the present Prime Minister . nfiAtiwy a. nfeqMgion- of jay lcnvefled in. *_ AYhite Paper next year (that Js l?7S-«9) has itself into the toils of the cor- not like that. The debate is 

Peugeot is prepared to commit to be seen. Neither the British and Chancellor all point to the . shortly befbre the begrarung of been shaped so as to permit a porate Slate. in danger nf misfiring even 

itself to toe declaration of Government nor Peugeot can AVcst German system as toe , The rederai GoveramenL * Q ® ne ^ roun, L aow transition to ^such longer-term I?s latest policy document before it begins. When trade 

intent or something like it, guarantee the long-term future most promising model for ‘Wund oy the framework of law informally fixed at August l arrangements.^ calls for a central 'mechanism union leaders say their hargam- 

which Chrysler signed in of Lirrwnod and the other UK Britain. tost surrounds the whole Ger- ™ JW. a The Conservatives start— like that would b-> linked’ to Partin- mg will he responsible — and 

December 1975. This declare- plants, any more than the Leavine aside the mi^n toan apparatus, is obliged to i oraivn irom isui the vestea tfee Q ermans a nif the present meat and which would operate nearly all do — they do not mean 

tion, while not legally binding. Government can guarantee toe whether German attitudes *nd 5“^"? w ?^.« a Tf „ _i ir- ?. , Ktonch Government— from lhe in two stages. The firet would that they want someone else, 

set out Chrysler’s intention to continued existence of BL. union structures make rhi« i T .f“ dcl, . ne 1,818 if things look '' ItnBter ^ basis that the mgeey supply will be for a Part is mem ary seiert even the TUC. to toll them what 

reafetif^Ss^Ihe 44 , S-.* 8 I ng «W- fccrfflstogly, '* '«!5?55 d ^“"SSRSS «t the parameters. Cash limits committee to take evidence from “responsible" means in terms 

# A -■ M M S to |JS3ifS;iSt Lrt ^ J** W 5 1( * «• e a ' n f ^l ^ would govern Re public sector, all the parties and report on of pounds and pence at any one 

drld\knl i t4?v^ lhe ptofte «dor vould econwnlc prospects in early moment, 

nl d § § ffl>3 a known as •* crncerteri acrinn^ reasons. Ascribed Dm-nmg Street be allowed M° return to autumn. That report wmild be For all the consensus about 

wl llim feAVMW'l , bro'-en down. as norms or limits — were de- The motives of the com- “responsible? and realistic'* debated by Parliameni and the need for a new approach, 

.. fining tlic going rale for pay. batants in Britain for wanting bargaining, in other words, if colour the public expenditure the suspicion mu«t remain 

H_ * A 9 summer the unions Pri me moroT in the German to change— or institutionalise— you' ask for no much as a union White' Paper and the Budget, tliat if Britain's trade union 

Y8 announced that they were not system is the independeat wage determination are notali or if. as Employer, you give The second stage — which structure were susceptible to 

Alifll/ALlvIikJ en,n 2 1° attend an? more sts- Bundesbank, which sets its own the same, of course. Although; too mach.&ou will be out of a would not necessarily bp called •• concerted action"; we would 

sions of toe concerted action money supply targets and the it has not spelled it oat. the job or ouf of business. Within into play every year — would he have had it hy now. 


EVEB SIN'CE the death of with Moscow over the post-war . 

Chairman Mao. China has been occupation of tour islands at toe 

developing an increasingly southern end of toe Kurile m m mm 

active foreign policy, iu both chain. lib ll n Ml 

political and economic terms. it would be a mistake to IVfl ET ii {llf l 

The political aspect of the suppose Hurt Japan has chosen ■»■■■»» 
equation is that China has -friendship" wi to China at the 

adopted a more overt challenge deliberate expense of the Soviet Hardfv Rfltaih’S 
to the Soviet Union's role in Union. On the contrary, Japan's 1 * w ; 

the world, while the corollary policy continues to be one of Vlfltdg’e year/ 
of its policy of rapid economic impartial good relations with all J > • 


MEN AND MATTERS 


Bremen?" If the growers havh ^ven if toe D. of E. keeps silent, in Moscow is the Central, cm! 
a sense of grievance at toe Beading's building control toe, second floor of a rundown! 
moment, it is nut ‘merely officer wiB need tn be. assured .block. My colleague Anthony j 
because of the weather.- -They that toe 150 ft spire can be Robinson has been there, invee- 


ox Policy or nipia economic regions wixn an . - - . 1M the Gdvemment ^ not demolished without showering tigating the steamier Vide nf 

nrpvth at home his been a countries. *ntl u has a massive >eu m.^ht rell inuginc flui th€ take them ^ d rit>Q 5 lv tnasonrr nn thp hnu^c hpJmv 'c n «H A » r**ty*n\ ic ^ 

mure open attitude towards interest in maimaii.ing good weather we have .had this so- JS^^StSJSS } S 

business dealings with the out- relations: with boto China and called summer would have put ? excise duties I^s time ■ ' ■ - ■ . .■ ■■■ .. In 

awaited their fates during the 


because both countries are ite ling industry-top British wine -S Aubrey'S Option 

Symbolism Close neighbours, but also be- growers. But I was assured SL V* f J * V Y . V*** ^ ? etfes ?«** \ he 

■ . . . cause it rtands io benefit cub- yesterday bv Maior-Geoeral Sir , ^ray* to offer thenj ; grants Alter 18 years at the head of er a of Stellas purges: also 

This month the new Chinese Really frem pJrn^Mrion in <Sv SXn&nSmuit who pr£ p f Wlous ktods. Srriohs grow- his company. Aubrey Wilson ,s nearby is Chndren's World, a 

policy takes a quahtauve jump econonuc development djo- duced 26«S^ bottles in ? his !"* takes . ,TlRmte CB7?:$ l r -Soing back on the road. But it hvee toy emporium which incon- 

f..nvart. La ST ^u,TiiT Peking ^^wM^^^eJopniempia. >j especting ,n Jrtrirerthis i< h^Tjl. a tal, of disaster: at srMusir ffires KGB h«4- 

signed a friendship treaty with * ln«f The Vnevard- «*riainlv wreh frp371 Champagne 5.7, tlie man u-ho claims to have quarters in DwMrhinsky Square. 

Tokyo, and thi< week Chairman Affinities nopri <nn_fn Vr*n<*e\iR wpI! hare the .safne - made industrial research Jnsido. soliciroos old attend- 

iii., nn ^..;.!rA. “ neea sun— ill r ranee as wen as fWalfcv «n(| Bc nurtfiroc*. a-nrf «««. 


K.-iMPiu. lAisi uo. ‘ vo,w, b record vpar- “The battle is -not uarruv a tai« oi msasrer: at Rruuusiy nna> 

signed a friendship treaty with 71 i_, t ■■ The v ; tievards neriainlv wee * f 70371 toe Champagne 5.7, toe man urho claims to have quarters in Dw*r*hinsky Square. 

Tokyo, and thi«i week Chairman Affinities need <nn— Jr. Vranoo’at: well a< rH * l 5 n — ! “ to e - v hare the safne ** made industrial research Inside, soliciroos old attend- 

Hua undertakes visitf to " , , ^ heSLSJdThe Snes F halky 5051 ®«r»elw»T *n* respectable" is leaving the mats supply white cotton robes. 

Rumania and Yugoslavia. Now. . . ^ et # ^ Kunle I. lands - it is not just on England's chairmanship of 12IR Ltd. to hirch twigs, loofahs and beer to 

there is a sense in which the f 3Cp ] , ^ T ear i v Xoremhor “It will be a snulliern fr,r| ges that thi grapes concentrate on airing his ideas tite clientele, who are foungine. 

China-Japan friendship treaty small cron “m S4-v4?^Jd1 Sir wil1 pros ^ r * ° ne 'ioftywfi is ar seminars around tbe world gossiping or eating salted fish 

can be discounted as mere g* a 4d 1 S ”f s ^e w wtt near add to handle indWidnal consul- and cucumber. Every now and 

symbolism, and it is quite likely Ihikl Ian ^' Wntedti sold UCR five then someone goes through the 

that the symbolism nf the visits tSS I to ! to Audits of Great swing doors leading to the 

tu Bucharest and Belgrade will jS£ n ff tti!^ ^ ^?k2 1KL But w cwld sfiU p^aw ' ^ ' Bnta to for £350.000, then shower-rrom and antochamber. 

overshadow any immediate prac- FiScuda. toe Japanese Prime some good vine." Poles aoart to stay on a. substantial Through toe steam, large bodies 

vpr who-, » -Japanese prime some goou wine. r%?ie5 ajwn .contract. It shows that In can be seen on marble slabs 


and to handle individual consul- and cucumber. Every now and 
Taney. Wilson sold TKR five then someone goes through the 
years ago to Audits of Great swing doors leading to the 
Britain for- £350.000* then shower-room and antechamber, 
agreed to stay on a substantial Through toe steam, large bodies 
contract. It shows that In can be seen on marble slabs 


firil rnncaaiipnoes Yet whpn a ... .. . 7 ., ' .. , ’ - " - - ;j. r ' , tuuuaa. u snows mat in can oe seen nn maroie siaos 

omin+nr phirvfl’e flmtmiftnc Mmuter, is acjug a partj- Another of Britain's growers ~ • J ?-rt. . business there can be as touch being pummelled and massaged. 

■ , rpnttaT en>nrfh leadership toe end is Norman Cowdetny, a direo- AIthou«,h the- Church t^moiiSr money in preaching as in prac- Another door leads tn the 

f,® . ^ Potential of this year, and since his stand- for of shipbrokers H. Qarkson. si oners _ have written - “ tiring, since he started - the banya proper, with its blisier- 

3uDDts a new illLCrDSUOlUi inp in flip nnhlir nmmrm tiMIc n « ^ .l e s unpftmnrGfumnp • Tahak in - : . _ ■ vT 1 - 1 . . 4 *' r ‘ 


si guinea nee or uie preliminary, oumc^ P w,aou. sham> Sussex-bad survived the ,ne "pparmrat ™ sale textile firm. Tears later pantons. 

ceremonial gestures wnich mark Chairman Hua. by contrast, weather. Cowderoy was one ot he took a course tn economies .The whole process inter- 

the change. appears to be firmly in the the founders of the English * R’jj* 11 ; Lhl? u ‘7' • ?L S2 and P lun ^ d into industrial snersrd with massage, shampoo- 

Symholism was paramount m saddle at home, it is difficult Vineyards Association, which ~f . toat thej Polish ni rt fel research. He seems to -iaa, harboring and of 

the Sino-Japanesc friendship to see consistency m an aspects now has 200 members, and of in *? a ? DS vants^o relish lhe complex jargon he chess, takes several hours “ t 

treaty, for the mam point of of China's current foreign policy ^ieh Salisbury Jones Ts presi- ^ t tt l n ^ 1 lll ^ 1 h, ' b . ul has invented, but says the key a m not surprised thev are nn. 

contention was the anu-hepe- eitoer in the provnearion to rient. Accordiuc to Cowderoy. , n “L lc * 0 T1 ^ ar JJ 8 *?® to his success was easy: M Wef Tine rest ess down* in !h»» 

innny ” clause which the Japan earlier this year oxer the Tj!e fn „t is still too *mall . to C S° hre * X ’ v ? specialised— and never touched ' suburbs without if' 

Chinese finally succeeded in Senkaku Islands, or in the hare been knocked down by the *™!H i . noataI ^ ia among ^ 1S . ennsumer research." Robinson ’ 55 

including. On the face of it, deterioration P f rotations with recent heaw rains • parishioners. . 

nothing could be more inno- Vietnam which has effectively ’ . The continuing furdre . is. ■■■■■■ . : - _ 

cuous. But both sides knew— driven Hanoi more deeply into In ' a nerve-racking for th e Bishop . % • ' 

the Chinese, intended, and the toe Soviet camp. Bur the forth- 8iw«* produce jJMNbonk& of Reading, the. Rl Reverend Soviet U n f lj n#a 

Japanese feared— that it would coming visit to Romania and wlnch may be tiny vhen set Enc Wild. Yesterday a group. **nC 

he taken in Moscow as an anti- Yugoslavia, the two leading aRamsr rhe Eurnp^a wiro^kes. of residents living near St gweat-ShOpS My coileamiu B R. ipvmi,. 

Soviet clause, despite ill the -**!*£" countries _ in the "£.» *S H/SSL^ fiSi! tS?.i w «* '«w_ ^ who teh 


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similar friendship treaty with speecnes »no w 
Japan, with a mirror-image Chinese leader 


ever i Fortnum and Mason 


». cvicsociet? is also-bombardnig someixnng oenveea a sauna and : J"" • » », mijw power 

Bishop Wild with missives. The a Turkish bath. Now citizens ffar l ^‘ n ' A he wanted 


of their long-sunding dispute ambitions 


export it to Hamburg and the church closed yesterday l«t-. Onie of the best-ioved banya 


Obser 


BRANIFF 

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str 




• . - a *&. t'W/.vCyV. ;*- < • - •■"■■■ 

- • • ; • •. .‘TV * ; v- >. 

ft’* •• • «' 

•:.' ■■ ^±4/; [ r:W.v' ; ;' 


; There is controversy over the io?e of large-scale industry 

in India’s development, but Indian manufacturers and contractors are 
. hedonfing a stronger force in world markets. Given the right encouragement they can make 
. v v a'crucial contribution to the Janata. Government’s social and economic objectives. 




1 - -"S': 


•areas ■ 

By Geoffrey Oweri' ' 

j; IT IS -IRONIC that at . a time 
'/when Indian manufacture 15 ^. 
' especially in newer^jncLusiries.: 
like engineering, are begi Doing 
' ’ to make a significant, impact on 
1 world markets, tiw.-wh. 6 le- thrust 
' of industrial, policy over - the 1 
-.past SO . years, should be in- 
creasingly- questioned! izuide the 
country. ... 

With the help o£ .stringent 
-v import- controls -and. massive 
■ public sector investment, India 
-.has created. a large. and diversi- 
fied industrial base which 7 pra-- 
. . vidcs most of the country's 
. needs in consumer and capital, 
... goods. Eut critics argue . that. 

• -. the price for, this, achie^enjehf 
has been the serious neglect of 
. agriculture, which stiil uccounts 
for nearly three-qiiarRrs of the. 
:i labour force, a proportion that 
‘ has stayed unchanged for more 
than 50 years. It .is the rural 
areas, they point." out, - ‘which 
suffer .from chromic under-: 
employment and . widespread s 

• poverty.: The growth oflarge-' - 

• scale industry, . much of it 
'capital-intensive- in character;- 

has made a negbgihle-einitribu- 
lion to. the creation:) of : new 
jobs: it has been .tbrr dependent 
on the demands of at: narrow 
elite- in the big'elties-There 
must be a radical-shtft-W twllcr 
towards the cmcouragement' di 


labour-hatensive 7 ' cidttage./. and 
small-scale vii- 

Tages; tins .is;** eetrt^^ture 
■ of the new devjelopra&feitfateBy 
being .pursued- bi tife^ janaia 
Government under '3#P£ Mbrarj j 
Desai- > . . ".-.’•■ISfii- 

" Yet/tiiis eb ange of- WPb asi s 
can. be ^plejuesFt^'^Wftout 
abandoning-' ; theV'Vj^hfftriai 
achievements ' 30 

years.-; Indeed, jt jfe'. the 

interests' -of large-^l^UJdusUy 

that the sbift sbnujff !%€? place. 
From the vmd-t9fiQs ^e impetufi 
to Industrialisation 
Iron import bnd 

investment - -In .' Jttftmwcture 
began ‘ to. peter ,u 
oE the past. ten . 3 
activity . has been 
most . sectors: op 
below; ! : tipacity . 
incidence of, 44 sick 
(many of ' which 
rescued by the -, f 
increasing. . Neither, 
sinner market 
higher-income 
development of 
▼tiled ' ait . adc 
growth and new in 
If . the Janata (3 
Implement its 
to agriculture 
development, this, 
large and: sustained; 
the products .of 
Irrigation, erectriflf 
building, '• fertiliser 
programmes needed 
agricultural produ 
require machinery 
materials from the 
manufacturers. 

: Moreevetttbere is 
‘ih prlnciple%hy the, 
ment-pf cottage inti 
small-scale; ‘\ r v Cent 
should be at the esp 
large-scale Tmanufactu 
long as dne-'regaid' is 
the comparative advaht 
Of each sector; on^shcra 
cbmpleraePwry tb the" othef: 
the extent tbatitVie'G 


cture 
most 
rial 
with 
well 
•the 
paoies 
been 
ent) 
con- 
the 
the 
pro- 


ar; to 


THE BUSINESS .EM VTR ONMENT 

Industrial Policy 

The Man In Charge 

Small-scale Seeter" ■ 

Labour Relations 

The Private Sector . " : 

The Public. Sector - : ■_ 

Trade Policy ' ' 1 e ; ; ; 
Sources of Finance . 

West’ Bengal 
Foreign Companies. . 

Bombay - 

THE CORE INDUSTRIES 
Steel '• . 


CONTENTS.) 

Construction 

Cement . . . 

Fertilisers 
Petrochemicals 
Power - 

RAW MATERIALS ' 

OH -i. ; 

Bauxite 

Coal . : 

The Knrtremukh project ' 1 - - - 
Iron Ore •' •= r- 

THE AGRO-BASED INDUSTRIES 
Tea ■ 

Cotton Textiles , 


-Leather XXI 

Jute XXII 

Sugar XXII 

ENGINEERING 

Pace-setter in Exports XXIII 

Joint Ventures Abroad XXIII 

Shipbuilding XXIV 

Cars • XXV 

Commercial Vehicles XXV 

HIGH TECHNOLOGY INDUSTRIES 
Aircraft XXVI 

Defence XXVI 

Electronics XXVII 

Pharmaceuticals XXVII 


IS* 

*■£'- K, 
if 


geared 


rural 




imposes a -ban on expansion bjs 
large<!cale- manuficturers" in' 
certam fields or erenjo compul- 
sory cessation: of --prodLictioo. 
problems ace. bound to. arise in 
individual cases. Much- 1 ; wall de- 
pend on the flexibility'- with 
which the policy is applied, but 
most managers in large-scale in- 
dustry support its general ob- 
jectives. . 

Distortions:: 

Indian industry, despite the 
distortions arising from indiscri- 
min ate import substitution and 
some mistaken Investment deci- 
sions. represents a. variable tool 
which can be used by the 
Government to achieve its social 
and economic goals. 

The conditions, for raising the 
industrial growth ' rate are 
unusually favourable. India’s 
foreign exchange reserves are 
high, thanks in partVto the flow 
of remittances from . Indians 
working in the Middle East. 
After three ^successive years of 
good crops there are large 
stocks of:.£ood grains. . More- 
over. there aTe signs that 4hc 
increase in rural incomes result-, 
ibg from 4be good harvests is at 
V$t . being reflected in: higher, 
expenditure on, both consumer 
'an^ investibenT goods. 


.In the past six months or so 
the pace of economic activity 
hgs quickened markedly. The 
Government is aiming 10 
achieve a growth in industrial 
production of 7-B per. -cent in 
1978-79, compared - with only 
3.5 per cent fn .the past finan- 
cial year. - 

.In the short tenn the main 
threat to the achievement of 
this. target is nq .longer lack of 
demand, but bottlenecks in sup- 
ply. There 15 -a chronic shortage 
of power in several areas, stem- 
ming partly from lack of invest- 
ment but more seriously from 
managerial and operating weak- 
nesses in the state electricity 
nndertakings. 

Shortages have appeared in 
cement, coal and steel. It seems 
that the margins in parts of the 
Infrastructure are so tight that 
a small increase In demand, or a 
sudden interruption of supply 
due to a strike, can cause severe 
disruption. "While large-scale 
investment programmes are 
being planned in several of 
these sectors, the immediate 
problems will require . emer- 
gency action, to deal with short- 
ages, including imports. . 

In the 'longer term- the 
Government . must ■ create the 
conditions in which industry^ 
can do Us job. Since the intius-- 


trial; ■policy resolutions of 134S 
and 1$56 • the primacy of the 
public ' 1 sector over the com- 
manding heights of the economy 
has been, established, but it has 
been recognised that the private 
sector- would continue to play 
an- ; important supporting role. 
Apart from coal and the com- 
mercial banks there have been 
no deliberate acts of nationali- 
satitoibr political or ideological 
reasons: 

While there are frequent 
arguipents over where in detail 
tbe- boundaries should be drawn, 
there is a generally accepted 
framework in which the private 
and juiblic sectors can co-exisL 
Arguing, for the first industrlai 
policy- resolution in 1948, Mr. 
Nehrp said: “ I have no shadow 
of a doubt that if we say 4 lop 
off the. private sector.’ we can- 
not' replace it adequately. We 
have not got the resources to 
replace It and the result would 
be - :1 that our productive 
apparatus will suffer." 

This .)• pragmatic approach, 
with: foliations of emphasis 
along Jbe wav, has continued.- 
One mfe the first acts of the 
presenttMinister for Industry, 
Mr. Ceorge Fernandes, a 
Socialfeftifid > former trade union, 
leader, approve -* 1 long- 

standing application by a com- 


our 



pany controlled by Tata, the 
largest private Industrial group. 
tO' build a big power station- jn 
Western India — a sector of 
industry normally reserved for 
the' public sector. Similarly he 
has encouraged investment in 
new cement plants- by some of 
the business houses whose 
management methods and com- 
mercial practices he has often 
denounced. 

Yet there is a deep-seated dis- 
trust on the part of many poli- 
ticians and bureaucrats, of the 
motives and behaviour of “big 
business." To some extent tilts 
distrust may be justified by the 
malpractices of certain large 
companies in the past, but the 
consequence has been the erec- 
tion of a complicated apparatus 
of controls and regulations de- 
signed to inhibit the big com- 
pany's freflom of action. Some 
say that this apparatus has be- 
come a vested interest for both 
sides— for the bureaucrat . be- 
cause it gives him power, for 
the businessman because he can 
manipulate the rules to his own 
advantage. 

Many of the controls have out- 
lived their usefulness and.il 
should- be possible to dismantle 
them without departing from 
the .principles of a planned 


economy in which the allocation 
of resources is decided cen- 
trally. There have already been 
moves to simplify the licencing 
system, whereby all proposals 
for large new units, substantial 
increases in capacity have to be 
approved by the authorities in 
New Delhi. There is also a wider 
recognition of the damage done 
to several industries by price 
controls. 

Some tensions are bound to 
persist. Quite apart from the 
ideological support far the 
public sector, the large indus- 
trial groups are always likely 
to be regarded with suspicion 
in a predominantly agricultural 
country- .The difficulty of re- 
conciling social and political 
objectives with the need for a 
viable, proRt-makmfr - private 
sector has proved almost in- 
superable in certain industries, 
most notably cotton textiles. 


Squeezed 


The. mill owners, though by 
no means blameless themselves, 
have been squeezed between the 
interests of the cotton growers 
on the one hand and consumers 
on the other. A * complex 
system of price aurt other con- 
trols has severely limited their 
ability to make profits, with the 
result that modernisation has 
not taken place and a number 
of non- viable mills have had to 
be taken over by the Govern- 
ment But the new textile policy 
just announced in New Delhi 
appears to go some way towards 
meeting the industry’s needs. 

In this and some other sectors 
India's performance over the 
past decade or so has been dis- 
appointing, especially compared 
with countries like Brazil and 
South Korea. But the reasons 
have more to do with politics 
and policies - .than any lack of 
industrial skills. - 


. < - 

V CONTINUED ON PAGE 111 


Until the recent moves 
towards liberalisation. Indian 
manufacturers have been virtu- 
ally free from external competi- 
tion in their home market. At 
the same time the licensing 
system, the restraints on expan- 
sion by large business houses 
and other controls have greatly 
reduced internal competition. 
The incentives for cost reduc- 
tion, for the development of 
new products and for thfl 
use of marketing skills have 
been weak. There has been 
a tendency towards over- 
diversification within companies 
and within factories, uitit 
inadequate attention to ecomv 
mies of scale. As more manu- 
facturers become exposed to 
world competition through 
exports— and if the trend 
towards import liberalisation 
is maintained — the necessary 
structural changes may be 
allowed to take place. 

Despite all the difficulties.', 
the strengths of Indian industry 
are considerable. There is a 
long entrepreneurial tradition 
in India, both in trading and; 
in manufacturing. The best-. 
managed companies, in stictf 
fields as commercial vehicles.- 
automotive components antf 
some capital goods, have 
achieved levels of efficiency and' 
quality which compare favour- 
ably with their leading Euro-’ 
pean and American rivals. At' 
the small-scale end of the 
spectrum, Indian entrepreneurs 
have achieved impressive sue-' 
cess in such -fields as the- 
manufacture of bicycles and in- 
the development of the diamond- 
polishing industry. • •’ 

Labour unrest has been a 
constraint, especially in the. 
period immediately following- 
the end of the Emergency, and 
it is : often provoked by inter-', 
union riyadry- But although 


. i 

vV— 


BHEL is also vitally involved in the 
development of India's basic industrial 
infrastructure — through a range of 
sophisticated equipment and systems •. 

catering to a variety of core industries. 

Alive to the future need for other B 

sources of energy, BHEL- is working on „ 

the development of non-conventional Cl 

energy resources like solar energy, wind 10 

Vower and MHD. BHEL has recently Nf 

entered the market with Solar Water 
Heating Systems for industrial, institutional 8 ! 

and domestic applications. . l 0 

BHEL— a world of confidence . ’v - 

BHEL has acquired a level of ’ 

technological sophistication and 
: infrastructural capabilities that have placed 
it on par with international stalwarts in the 
field of power engineering. Today, more 
than 30 countries have recognised BHEL's 
capabilities— their growing confidence 
demonstrated in a number of repeat orders. 
Libya, Malaysia, Saudi Arabia and 
New Zealand are countries 
where BHEL is currently engaged in 
.. executing major contracts. 


# 


more than 
products 
a total service 
farenfirgy 


Bharat Heavy 
Electricals Limited 

1 8-20 Kasturba Gandhi Marg 
New Delhi 110 001 , India 

8 South Audley Street 
London W1Y 5DQ 













iO 


vow 

-THIRD UIORL0 


PIPEWORK PROJECT 



And how geography can influence 
its economics. 

In an international project, the management 
of resources to economise project costs, is 
of vital concern. 

We believe we can contribute effectively to your 
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With over 40 years' experience in pipework 
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approval of international inspection agencies. 
Their skill can save you high labour costs. 
Besides, our strategic location — virtually the centre 
of The third world — promises lower freight 
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Why not get in touch with us. Our skills and 
■. \ experience assure economy without any 
compromises on quality. 



STEWARTS AMO LLOYDS OF INDIA LTD. 

41 Chowunghee. Calcutta 700 Oil. INDIA. 

, Phone : 24-8194 (S lines) Tele* . 021-774S 
_Cables ■ TUBE MAKERS. CALCUTTA. 

Excellence through experience 




EZ ? " 



More than a 
a. feeling. 


:ioth. 


Evqimi;* b'rnd of sto’ oi'-j 
ic;!moiogjr ind Jnaeur an — 
Indian cocton; Exo:ic. zi only 
(he East can be. 

Co?:en mill industry in India 
w:rh capital investment of US 
5846 million, about 20 million 
jioind'ei and 200.007 loom*, 
produce* nnnvaliy 1070 million 
W r-. of yarn ard “tfOO million 
of clo:h i: * 

C-|» cf India maicr inr-i^n 
p < ; .- • ? earner: ’ 


TEXPROClL .promctej the c*par;i 
of cotton textiles and mada-upi. 
assisting foreijn importers and '■ 
solves th»ir problems without 
any obligations. . 


TEXPRDCIL r 

: 

The Cotton. Textiles i 

Export Promotion Council 

i'ljincJnn^ cen?r». ■# Road. 

n.-.nhav-aTO l MIMA 1 


THE BUSINESS ENVIRONMENT 


-ijinaucLai Monday Auguai 14 

INDIAN INDUSTRY II 


The environment in which Indian industry operates has 
been dominated by import substitution policies, restricted internal competition, 
extensive bureaucratic controls and a large public sector. . But the present Government has 
made some moves towards liberalisation, increasing - the area of the economy in 
which market forces may be allowed to operate.: 

Industrial policy 


THE PRINCIPLES which have Many people in Government widely dispersed in rural areas a somewhat tougher policy vetoped ancillary industries as national 

guided India’s industrial policy now recognise that the licensing and small towns. *‘It is the towards the large, business, component suppliers and sub- them ntanuiacuin. tn»* 

has produced unintended policy of the Government that houses. These companies are contractors. Philins India, for components in-nous^^uy.oe- 

the industrial whaterer can be produced by already subject to the instance, has 560 ancillary cause a component suppjy*«x jP* 


since IMS have included a system 
dominant role for the public distortions 



lie industry ruies oi me aair aw wm m uusrnes ... a tuii-sc;ue siuoy uj i 

demoostratioi] strictly enforced and the large which they have a genuine coin* appaia tus of controls 

^ . ... — -g|.iMauvaivu skills or as houses will be obliged to rely paratlve advantage— particularly sidie * , s under way. 

units nr to undertake suhstan- forced by indiscriminate import monuments of irrelevant foreign more on their internally gene- in agm-based industries where ^ 
tial expansion have to obtain a substitution. **Afew industries technnlo«r” its ta«k will belo rated funds for expansion. the raw materials are locally et;flI1 

licence from the central Govern- have been set up” the authors orovide ‘the’ basic materials ' available— then the policy may - 



sector in key sectors of the structure. The Draft Five- Year small and collage industries Monopolies and Restrictive suppliers. 4S0 of which have dustry did not exist at toe ««• 

econuinv and strict control over Plan for 1978-1883. published must he so produced.” The list Trade Practices AcL whereby turnovers of less than Rs J.am they were set up. uoncemxatum 

private sector companies to earlier this year but not yet of industries exclusively re- all proposals for expansion or jabout £100.000); these ancil- and specialisation, to aenteve 

ensure that their activities are approved, admits that high served for the small-scale sector diversification require specific. latfes employ about 25.000 economies of scale, has D«*n 

in line with the Targets set nut manufacturing costs have mme- has been extended to 

in successive Five-Year Plans, times been the- direct outcome 500 items, compared 

The first has involved heavy of the Government’s licencing ISO previously. Big ... — * llia - . 

investment by the State in such policy. “Where the demand will be prevented from expand- portionate growth of large apparently continue to be en- possible for inefficient methods 

areas as steel, engineering, ship- was large enough to susiain only ing in, or entering, these houses." Much of their growth - couraged. but the Government of operation to persist. A limi- 

building. telecommunications one plant of economic rize, sectors, and the role of large- has . been based on funds is determined to stive an extra fed ihake-up. to eliminate some 

equipment, chemicals, petrn- several" plants with suhoptsnial scale industry in supporting the borrowed from public financial push to the development of 0 f these distortions, is now seep 

leuni and mining. The instru- rapacities were licensed in the programme is dearly defined. institutions and banks. “This small-scale sector. If the t0 be necessary. Some. control* 

mem for controlling the private name nr diffusing ownership “The Government Trill not process must he reversed." Tfie development of small-scale in- ha . e already been relaxed and 

sert«»r has been the licensing and preventing monopolie-." favour large-scale industry rules of the 1IRTP Act will be dustries is based on products in a full-scale study of the whole 

•system, started in 1951. whereby The problem of fragmentation merely for the demonstration strictly enforced and the large which they have a genuine coin- apMi -atus of controls and sob- 

companies wishing to start new and high costs has been rein- fJ f sophisticated 

hus the area of thi 
economy in which market 

up.” the autnnrs proride the 1 basic materials available — inen ine poucy forces may. be allowed.) to 

ment. of rhe Draft Plan point out. essentia) for infrastructure c* "f* •' 5 uecee d- “ ut whether it will 0 p erate j S being expanded. 

Apart from the regulation of “which cannot be low-cost P r0 * -.development, such as steel MSDIHCSHICG ' make a significant contribution SimiJar tendencies are at work 

investment and production inducers by International ce men t and oil: to make the ° , * > • -' to alleviating rural poverty ana jn po jj cies towards public 

accordance with Plan priorities, standards. While this may be capital goods needed both bv -Tl1 * P ract,ca! F’Snlficance of unemployment will depend on flr enrerpr i SC!ii which are 

the objective * " " “*■“ * ' “ 

to protect 

stale industry , 

trial units with a capital invest- These cost disadvantages which need large-scale pro due- Minister for Industry. Mr. Centres which are now being ^ more selective approach to 

ment of not more than Rslr.i. or might have been more accept- tjon and are related to ajgricul- George Fernandes. _ nas no set up rhe rescue of sick compantes 

about £157.000). to prevent the able if the heavy investment by tural and small-scale industrial do i,bt = about the radical nature So far as large-scale Indus- n js !on car j v lo speak 

concentration of ownership and t he public sector and the development such as fertilisers. of h,s P r °P 0M| s (see interview. try is concerned, the Goi*ern- turning point in Industrial 

to promote the balanced H rnwth of private industry had pesticides and petrochemicals: wlour). ther f a™ hopes that meat , is attempting to improve , f hejS p developmenrs sufe. 

economic development oF the helped to solve the country's and to make the other products the reservation of items for j ts efficiency by Injecting some '■ ■ *. at fh determination to 

different regions of the country uneinpluyment problem-. The which are outside the list of * f a p ,n l u Hr , . es . • competition into the 5 > %rpm » ornhihit reeuUtp and orotwL 

The performance oF ihe pub- whole factory sector, including reserved items for the small- a PP* ie “ ‘ n a nexih.e-way ana partly through import liberalisa- . v ».| P u u- s iw>on built into the 

lie sector, described in a later power generation, mining and scale sector but are essential for , the necessary Inter- atl j partly through a loos- K * * Iu e ^ 

article, has greatly improved in quarrying, employs no more economic development, such as dependence between large and e.ning of the administrative con- lA' . b becinnmc to Joie iii 

the last few years. Although its ^ an g m workers. This repre- machine tools, organic and in- sma ^ WI ^ Te c °S nis ®d. -j trols. in several industries there e orpe 

overall financial rebuts are hHd ^^5 about a third of the organic chemicals. Many big companies point nnt are a number of factorie> whose 

down by badly planned and labour force in the organised The statement also Includes that thev have consciously de- Capacity n too small by mter- 

badlv implemented investment sector (including organised ... 

decisioTit in the past (and by Hie trade), but only 24 per rent of 
large number of sick companies ^e country's total labour force, 
taken over by the Government). Each year industry has created 
it r* nn longer the drag on the some 200.090 new jobs, corn- 
economy which it seemed to be pared ' to the annual increase 
«ome ten year* ago. But the j n the labour force of some 
licensing system and the olher sin. 

controls over the pri-at^ sector The number of people em- 
havp failed to achieve their ob- P !„ypd in the cottage and 

objectives. Their effect has been small industries — the so-called *'A REMARKABLY intelligent, by a large majority. - He was pension of 

roiniiibit modernisation and ex- unureaniFed sector— Is much pragmatic man who knows how invited by Mr. Desai to join the countryside. 

pan<ion. and they have not fuc- higher, but their share in indits- tQ things done " a rahhle Cabinet as Minister of Com- He takes 

concentration. 


Geoffrey Owen 


The man in charge 


industry in the 
... as an example 

ndustrial trial production has been dedin- ™ ^ munications, but was switched . wattiies. where one company, 

ing. Th« disparities between ” “‘"J. after a few months to the In- Wimw. produces 30 per cent 

regions have been accentuated: worxsnop. A political light- dustry portfolio. of the country's outpu: in five 

the poorest areas hive become weight who has no real power j was Fernandes who factories employing about 

Poorer .• .• / base in the country." These are i^ely dtewupthe iiidustHal ‘‘fS.W workers while the* rest 


-n . -iir., .n .iiifr ld_i ULtT* up LUU miuiwuioi 

a few o£ **** wnfltettng com ' poucy statement of December comes from the cottage and § 




George Fernandes 



Perittissions 

A$ Mr. T. D. Thomas, chalir- 

Si .‘i. T»S. d "*KS I**-** =■»““' P r * mott «n •» «W*» •.«?*•'*. .,TI»/ntlr» 

to 
the 
trans- 
hands 

up against more-and over the , h * dose interaction beriv'eVn dustr *’ u ^ 

years the obstacles have -been the agricultural and industrial Born in Mangalore in the £*** k,,- 

madc more difficult and numer- p/rts of .the economy. It points southern state of Karnataka, U S.® a nSSSS II- - 

ous. If takes a lor qf stamina Stt that an improvement In Fernandes trained 1 for Uie AanLes are k , J T ? 

and endurance. Paradoxically, agricultural output and pro- priesthood, but gave up his * 1 m 

•!us is one of the main reasons, ductivity requires inputs such studies at the age of 19 to join thw will S S! f® 11 ? 1 

•hat in India only large conij as power, steel, cement ferti- the Socialist Party and became chU-e in nl ? £ 

»anies can afford to seek, growth Users, Farm roach in eiy and a trade union organiser. He P™ 4 ™* meture^of 0 our ^ 

they have the resources to other industrial items. At the moved to Bombay ra 19o0 and btructure of our recognises that large-scale 

;ope with this obstacle race and came time “the distribution of later became president of the country. / industry, even the privately 

.he occasional total frustration, income arising from a. broad- All India ' Railwaymens He does not accept that the owned part of u. has an 

Smaller people get elsminfted based growth of agriculture and Federation. In 1974 he led a switch of^roduction from large important role to play. - Public leaders to prepare proposals on 

*r even ruined in the cafiier related activities in the country- national rail strike, one of the companies to small will involve ownership is not the be-all and “is. 

-:lagc? of the race.'' Mr. Thomas ‘idc jus to provide the basic events which Ied_ to the the creation of high-cost, non* end-all of Socialism. * Fernandes works long hours 

- /industries which will fj e *-anls to see a profes- and is regarded as one of the 

be kept alive by the siunalisation of management in mo«t effective Ministers in the 
«... ^ theri? rhe big business houses, su that Cabinet, but he says he is "per- 

, ....... ^ p^ s are no longer soiiaily not very happy with the 

he tlrlay i- due to Gowrnnieni is fo b^ the promotion of nominated as a candidate for a lusufiea by tne -uciai and ry^yred for. member* of the Idb. though it ha* its plus 
prni cdur.v / r<*:»ag<* ^n.1 small industries in Bihar and ■••.■or p^onomic fall-out from me rli^- family. He warns industry to points.” At this, state m India n 

grow vertically rather than develop rnent he would prefer to 
horizontally, so tliat economies be working more directly on the 
of scale- can be achieved. He problems of unemployment and 
is unhappy about the definition poverty 
of large companies under the Ir > a louglnterview with Blitz, 
Monopolies and Restrictive a . weekly newspaper, he has out- 
Trade Practices - Art and he ! l n,? d bis plans For a national 
agrees that some of the con- reconstruction army fiYRA). 
■rols which eonsri-ain and delay The idea is to organise the mil- 
industrial expansion should be hereof the unemployed literate 
removed. He does nut believe ant ^ illiterate into a large work 
tliat Tpreign-owned companies f° rce to involve them in the ta*k 
have too much power in India of nation-building — to build 

and he sees a continuing need dams, roads, bridges and houses 
for foreign investment in uer- on a ma,ii s scale, to reclaim fal- 
'.aln sectors. “ Tf anything we low Jand and to develop tile re- 
have taken steps to make the S °w rcfts which are lying idle, 
clituato more ■ conducive to It would be a volunteer army 
foreign investment in this living a communitv life in 
country.” camps, with a regular diain of 

command and with an “anxi- 

Onnnnpnt bri s aci ^'' Of consultants 

WppUKICIlL with specialised skills. The NRA 

He is a determined opponent Jf n ot government policy, but it 
of “ red-tapism ” and claims that ! he iact 


i&ina .... 

.‘snmates that it ha». fa ken demand for a wide range of imposition of the Emergency, viable 

year? between / the industries producing articles of He wa* arrested and imprisoned, have tp be kept alive b; 

-led sion lo inv»-t and ih^ start- consumption.'' ‘ *»».«; when the elections were Government. But even if 

•ip of production, and ifi* 1 half The niain thru*! of the policy called . In. March. I9tt he was were a vo?t penalty, ir wm; 

■ • V . a - I . ■ .£ ■ n n a a frtr O iklCtifinrl hf T SnPtOl 


With determinatio n 

they make the sUn shine at midnight 


At HBB too, the determination to 
excel as a company and in our 
product field drives us night and day, 
to create technological 
achievements... quietly. 


For tr.«ss \o'jng ind'srs. tba . . 
o->- er.pi cr. -f v. hgr. tfta jcb is 
dene. Th#y ir-ow wnat the 
country neecs. The'/ a-e 
deterrr.:neo tc work :ovva-cs ’ 
tulf ,: r.c the - ''. 

deterr. cax.or., s-r.ailest 
beg n'.,r,5 iaacs to a rrm^or 
b'Ukth.-ougn. 

At H.33. f.a ve-.‘sa.T.e iF-: t 
t.«svss *jS. io urderstsr.d tr.e 
courf/’s r.e?C£ r ore oeepr/. 

To f„ f 1 mern v.-.Jh hard work 
£r.Cl hour®. 

Det«-.v->.ir c'i ied us to sjcp'y 
«..* a^sfCirc.i.l S:*i«e:s 
*cr t-.e wuntr/s first 400 «•'* 

7 rans? ss ; cn me n the 

£ub-stction : J.P. 
A-.c tc r.s.-'e snj evc:-t : : .s 
CjJPt-vs ‘irst 210 *rV C'ICJ.t 
B'e&ker. Tna first o.o ■ . 

300 MY A Indoor /-.ir Bi jst 
Circis:? B.-eaker was also made 
bv wS. 

State Electric tv Scards all over 
the rduriirv 1 . usi.n^ tf- 
o-cer nc cvr 0>cuit treaVe-s, 
dea.g-fid fo- total raHab-iiv. 

In the field of power: 
□•Switchgear □ Furnaces 

□ Project Engineering 

□ Electronics □ Motors 

□ Transformers 


7~.ese b-eakers are r.ot only 
f'» f il.ng me cour.t-/s power 
nsad;. but a:e &;&£■ Mwir.g over 
Ri. *i00 n.ili.Or, in fore.Qn 

e. -.char-ge. 

Tn?se i-e just a few of t u .® 
sen. ever. «?:.ra c.‘ our S-.wrcbgear 
c vision. Cur cmer d>/ssOns too 

f. v.e acr..Bvec some formidable 

p-&.KSi.-o^or,s. . 

Tre S & D a 'vision ?s hard at 
work da'.e.opir.g to r.O: row's 
tech o ! o *3 i ow 1 

Ever. tons. - , the p c-duct 
aev , e!cpn'e , ''t v. 'r.q Is pe.-fcctT.g 
a number c* new products. 

It 15 the del str.'l." alien of 
evv-yo r >e at-HiS has made 

ell th : s happen so soon. 

H 8 B's tterrendcus growth 
rr.oir*ent«jm v. : ii Accele-ati? in 
tr.3 future tg meet ;o.TiOr.*ov.'’s 
r.*eds even more successfully 
To make India a little prqude'r 
by makmfl tne future a batter one. 


HINDUSTAN 

BROWN HOVER! bringing young Indians a time to be proud of 



maa hb» icoa 


r 




no application to. hir Ministry anata Party does not 

has to wail longer than three ^dl« th ( T„; k,nd . cdmmi,teji 
months for a decision. He points lo . U1 » ve a 

to h/s rapid approval, soon after w ^ e People intot aetloa. 
taking office. -of the Tata power . ,? r * et what you were yestcr- 

eay- he told tiie readers of 


station project, which had been 
nendlng under ' the previous *°oa> 

Government for several years. 

As for the efficiency of the 
public sector, he believes that 
«ime of the companies, such as 


you are a pioneer 
for the national cause, com- 
mitted to the eradication' of 
poverty and unemployment, 
creating national wealth 


BHEL. HMT and Air India, have 'oUmtatr effort, 

become highly efficient by J\ ot ^^®/ t {Tt th t e ho wa11 c?ock - 
world standards, “but the prob- ,2? 

lem is that we have yet to un . n ^ to 

develop the right managerial -JJ}* jj. 

culture” He is giving much JEZFE5- I th Ae 

>hn„gh t to .he g 

pJm’SISlM- triBioat losing its aW™ "of™’''' pr °“ 0tl0n - 
rharartpr 1 am .talking of a revolutionary 

hJ ISS nieltoB that the , ^“re ■ -Wa* 

^nipr manasera are a real through the NRA. ■ 

1cm. but he is pressing for a •‘The nhiiAunhv fi. 

restrirtinn of the Varies that ^ 'SSSSuX ^ 


•-•an hi* paid fn the private 


•nr Mo wants to encoiiraep "“WW®** ««r country tliat 

levels Ithoitsh h os m n oast irl tllP pn>c ,„ rreate vondiiioi," 

* 

representation) . and. he. has . r\ 

asked a group of trade union O.U« 

• • •: • - .'•••• ' - • ‘air- 








* 





PHnanclal August '1^ -1978 


INDIAN INDUSTRY m 



he 


er 


PAKISTAN 


Knic[fe r 


“GUI A.S VTvi 



A RECENT survey of Industry r 1 " ■■■-■ .{ 

in Ifidia reveaTed tb^t for every 
Rs 100,000-' invested' -in the • _ -■ •; -..v.-; \\ 

*aal?-scale- sector;. 22 people. - : S_ 

found jobs. This Eompareswlth; ■ ; 
sis . people', finding employment ** ^ K1 ® TAM •: 

in factories requiring". capital- -> 
investment of between: Bs Im • ’ \\.’ ,\j 

and Rs 2.5rar unfi just '.three' ‘‘ . ' jr 

people In units requiring mare ; '* jr-- 

than Rs 2.5in. - The survey also '"jZ ^ ■: 

found that -the smsfll-scsQe sector v 
created more job. opportunities -tow - ■ 1 

at a lower pier unit cost of nut- . ■". --vljsa , R ; f J *J L ‘ 
put. This -is indicated- -by- the VtEI • - 

average . employment - value. ' yJ?- 

added ratio,, which was as high 
as 20 people for every- Rs 100.000 r^iu - JUmirfato 

of value added- .-in the small- 
scale sector- compared with the a,«at 

all-India average of. ten people ' ‘ dJiai 

for the same amount. 

Since the Government ' is ’’ ’* 
committed to - eliminating • un- A A . • - lyffi 

employment wi thin --ten years; - m mii wiil 

the industrial - development --■■ ■ - 

strategy it has chosen is based- •’ * ' 

on small producers^ The mam 
objective is to‘decentralise and 7 '• 

distribute the. 'industrial base 
widely -enough to expand <3i3 

employment opportunities- and : ' 

reduce regional imbalances. in. 
development '. * 

The findings of the survey 'V^vh 

provide the rationale of " the .5"!*: 

policy. In the context of the 
relative scarcity of ^capital !n fi.jp 

India and > regular and sizeable 
expansion of the labour, feree. ... • 

reliance on : the - amali-seale s ,’?.' 

sector is aimed at creating the . .. • 

necessary employment genera- 
tion. An incidental, though not ■■■■—« " ■ - . " . J 

unimportant, result is'that pro- ■ ' T 

vision of purchasing power in • .'-./A 

the hands of a larger number ; . 

of people will stimulate demand • .... 

and hence the economy as a 
whole. .. •••'/•' ■ -y 

This is the cornerstone offfie. V "' v 11 " ■ ; • * ’ ' . 

ruling Janata Park’s' industrial ' ‘ Area * - 
policy of last December when Population ' 

Mr,. George Fernandes. Minister 

Of -Industry, announced. that it 

wa^ the^-flrpic |iq'iicy/iT- this •: GNP per. capita., . 
lOjfswTteJj.; the Carreniy: 


HIMACHAL 

PRADESH 


3'rinm 




RftJ A^ -T'tiftTN 

... s__ jA _ 


E- P.A l 
LKcknow— N^r_- 




f — - n? /ohnphri 

* TMPUSA I 

* 0 $***^' '' e \ 

' iQfer : % 

BsfSfc'-. Kl 




^*£ l& v 'j 

madhya pra'dssh^ 




OR! 5S A 


Abtit 


) ^t-Binkaisswar 


BURMA 


MJL 


^-ANjPHRA 




iv?.'- : -PRADESH! 

LKaKWaK^ y j 


STTELPliHTS 
KAJOR PORTS 


WORE 

OH and GAS 


. . ... .._ 

' ' V , /TAMIL ^ 


OPERATKHWL 
mm SCOTS 


orPUn 

DEVELOPMENTS 




SRILARKA 

. TSc. - ■ 


BASIC STATISTICS 


Area' 

Population 
GNP (1076) 


einiSiajfis from- industries. 
T^ thaia thru^ ^^^new - 

aiut. • small ;:-^ui«^-.^idely 
TnjaV' areas : ddd 

M..11 . ll ill' it <2> 


1JS sq. miles 
598.1m qwST 
Rs. 716.82bn 
RsflJUId 
£1 =Rs. 15L480 


-Trade (1977yt r ^ 

Impo rts 

■ Exports 

Imports from UK~ 
Exports to .UK — 


_ Rs-olbo^ 
^Rs. 49.5bn_ 
_£277i9m^ 
£384J4m 


frm- 


small toMhis; It ^ the poricy^f _ 4^ r 

1 he . Government , thaz r ;vrtiatbver . trtbuti ® ir to v^^ 


can: ^ produced -by smaii' add 

cottage indusiries-r-nwi.qi only J 


is equally “giekne® " In small industry is trf rural areas! on the one hand 
by small higher than is any other sector, and with specialised institutions 
Rs 8-7hn,. the conclusion'is inevitable that on the other. 


he . so producedj’i daid Mr. pa^cent over the there, is a link .between the size 

FeriCaudes. ’•' ’ T - "• •'• ■'.•■ previous year and account mg for of' dn industrial unit and its 

. v ^ ’ •". . - . • o^er 17 p# cpbt of the country’s mortality rate. 

.total exoprls. . Many of the ex-; A. recent seminar on small 

!■■*• • ■'■• pons wdre in relatively new pro-. industrv nointed to the need 


This - experiment has just 
started and there is no evidence 


Poc/ifwhil * total exdprU. . -Many of the ex- ; a. recent seminar on small a ^!S bie yet «S determine- its 

KCSOryCCl,, v . -•’: ports wip in relatively new pro-. industry pointed to the heed effecDve 2 es5 - t Jh e scheme seems 

■‘■Owp o0U items ihade by in- &***-£ The 0 ' m ^ D f product for 'dearly defined criteria of ?hJ 

dustry arc' iraw^reserved for the grouw^mified by the Ministry -.“illness" to be uniformly SanSer oMts foSSonC sW 
small-scale se«dr and ftieWnn^ of ^&xstrsr were- «ngmeerin» applied to small ’units. .It “? s £ e 
Polios . and ResLricl^.e/Trwe of nonps or to ^ °J deJEI 


poUes and RestricliVe " ; TfjWe g°o# -corton .garments, cotion worked out a set of nomas' or “ emSlaSs to develop 

Practices' Adr is io beimeriH^f ?<># b. totthed JmiIw Md' inffiratora of “healiV* of 5 «nit 2“ “ KSJU. SSS 


rractices Acr is io ue.amenued .if*- 7 ’ ^ r'“ jjvmui ul a h.ui . indnstrv Trainer! 

to give this statutory foree. The'^Ff manufactures, marine which could be prescribed, add experienced’ pSo^rto 
policy goes a step further by ducts, woollen hosiery* on the basis of these indicators “f 

giving a special place to what £ feew kernels and cashew aM^a-. composite index of perfor- wUl^i toiJS 

called the - tiny” sector consist^" »* ,? ias j* *** a^it^could be 


giving a special ptace io wnai rs JT, ~7 T V- — . * . ITT V nw»fl and rhpw will be dnrum 

called the** tiny” sector consist^" S™ U P S ,,ke .? ,as . tlC T ® f * t UJ,lt , j^ 1 * 1 b ® 'S ,Jy w aSSle toSw 

ing of units with an investment** 1 “ d Processed food are ii> prepared which could be -used 

rn wmitunent and m*r*ini>rv # creasmgly fintimg a larger Share to.diamDsethe “ sickness ol a -r2K£ 


in equipment and macfiinerv^tff creasingly finding a larger share- to. diagnos^-the 

«p to Rs 100.000 (abdut £6.Mfe) smaH-scale hidustry's exports. nniL 

and locaicd in villages and lowiis Yet for - aH its. key role the • „ . 


ana iwsivu in villages ana u/wiis -xct ior du us rwc • t 

with a popuialiou of .less^than'.. small-scale sector needs to be XjTlOrity 
50,(100. • j/ looked after carefully because it . - • • J 


trial units. This is a sensible 
move and their experitse will be 
available to the small map, 
although the role of the experi- 


tVl - enced executives cannot be any- 
The most important are the th . „ . , 


-Special schemes arer.io be*is, more vulnerable to opera-: most important are tne faat advisory since they! 

drawn up for making -;avairabie tional -problems and the v ' a ^ cannot devote an their time to] 
margin money assistance to tudea of the economy. Small ^^al aud noiwifficial st °«V*s running the centres. 

“liny- uiiiti. The ; IndtBtrfai units'have proliferated for more shown _that the most t . w . 

Development Bank of India than .a decade wito the £ 


Linking small units to larger 


-%x,_ -],M>mr>h ac rhpv *tp not bfe'B 1 ™ 11 to small inaustry, Danxs ca me- obvious way mar larger 

=SS£4 = V yr — 

public financial uxstltixuo ns. . non. v nt . _ lc _ 

Yet the Government's policy There is in fact an alarmirg-^.Altoough finance is Nearly in 

is not exactly new:. The small- mortality rate.' In 1« thMJj main problem, there are n 2rby^oratioS^ * 

scale sector has beengiven pre- Commissioner of- Small-Scale ^er contributory: ..factors,- * SSM’bodv of 

fercntlal treatment for the past Industries made a compreherh re are fadures in .respect, of JJ * 


scale secior nas oeen gnren pre- commissioner oi- Thsw » «tmne Wv of 

fercntlal treatment for the pist Industries made a compreherh ^re feUures m .respect, of “ * fSthfmS 

two decades, even .though the sive census of small umtsafijtth industrial- operations as 

attention given, to, its progress over the country. Of the m^wessment of project mabfiitr. 

has been baphaxard and there units cm-ered, as many as 24 M&awum and marketing. 

has- been no real monitoring of wore unlradeable- and anothe^^ince the units affected are ^ ‘ “J* 

! “ ir u blS! ^expa^ou 53 J4S, . although _• traced. had .gnaU .they have . smaller 

has ■ been Papid- I»- tfl72, for closed down. . - ,;^tauung abiUftr and hence are “blto^ri^teMorT Tbe 

instance, there were^Am small •; This sugg«wts that as mm P™J® ]J fnterrelatiSn of toe sm^‘ sector 

units producing goody worth a thirdr-and-.m some Staief^to. - twi iis. recognised by ^ sectors ' of tbe 

U, o«hn- «n 1077- tjnjriberl mri-* hair—nf-mnlL units tha#TQte. Government, which has at T UJ /_ zL_. 5 


units producing goody worth a third;— and . m some Slat 
Rs 2.6bn; in I977jlhe number; even a half — of- small units th 
rose to '2.69m ' and': the TSiie of -Twere. started ” proved to 1 
production, was «slimatod al. ynviable r The implications i 
Rs 7.57bn or rougWy 25 per- thlk -iir terms of blockage j 
cent of the total industrial bu(“ rapitoI; loK.of production at 
pui in that year. ; . - rise' unemployment ai 


be Government, which has Wlth other sectors of the 
teed- multi-purpose service ^oorny cannot be ignored, 
irganisations at wbat could be 5“ os ^ the industries reserved 
illed grass-roots level. Because * or the s® 111 ^or are, in fact, 
p the jpast the multiplicity of dependent on the -larger m&nu- 
?:h ernes' and agencies to help errors as suppliers of inputs 


"■ r.. " , . _ _ - ±-£*8 decided to shift the focal Ew some of the finished 


CONTINUED FROM *A0E r 


labour can bd bom militant and reflect a . eonfHict of views, aboug 
volatile, there-' is. • ta Aisle development -strategy; a lmmhgFg 
problem ■ about motivation, ; aitt of., state" . iGoveriunents. ■ wbiofi^ 
tades to - wori^- orvlftctory liave, considerable econcautoj 
discipline; agreements made, powers of their own, aresgo^ 
often after long/ahd through .an unsttwe^ 

needtiations, are '"- generally period."' 1 ' „ ”'7*3 

honoured- . -The. directioo ot the Govern** 

- Whether Tndrar»:induStty.^d m strategy* .with . a 
the economy as A whole,’ makes devdopm.Ont as its centrepiMe. 
the best use of Ufe opportunities bommands 7 general support, out 'j 
now a«ril*bJe wHl,of courseibe-to , : tnake it work requires -A-i 
profoinutiy -influenced * by; ,tbe -degree. • oC commitment 3*^;* 
polirical’fiituatlon. - Some Indus- organisation at- all ieveis^ 
trialisisl^ ^ in" ff»e public as -well ’especially ; in the viilag^ j 
as In the' .private sector, corn- ^heioseives, which . has often 3 


qini of development for small soods manufactured by the 
ithretry -.away from state wuaI! sector are taken by the 
iqritalf and cities to district lMfiW units, and this determines 
eadquarters (a district is the location of small industries 
s&ic. administrative unit in the mainly around them and in 
mixtry). ’ large cities, something that the 

, , . . Government is determined to 

iSiSS avoid - 011 the other hand, as 
DK VMo°Wh d ft dEI' ,|h# Federation of Associations 

roMB&undef ^ STriffffl tob "£3^ 

fstlgatiott of the -district'Sr.raw S5? c ^ fUl ^ 

SSrials anti: other' resources, made * o ffi oals point out to 


ZTi ™uto ensvre ^ sm ^ n ^ pwsper 

there is riMtSS 


rural-^ut proviston of raw materials, (o V^^ - 
9Piece.-»in8mMhts. for .. credit facili- ™ ms ' .. 

rt. *n effective ' set-up .‘for Among, the Items, however. 

Lres ^a.^'^^ting and a^'cell for' quality *** many already bang pro- 
: research and extension, duced or marketed by the 

le**lv%Th- ' 'ceintras 'will have a laI ^ er “ nits •** eVQa the mnltl- 
iiS Ste^^for^ofa^e? nationals ' ™« ««r of 


special nSeds cottage and 

USsbold Industries, ac^srinrt ^ Io ?? been a d«tabnising 


competition 


tnS^d£SS& J&'S “*««■! -Wf skill* Cl^e-’links yAl ttS HgL2?Sft 1 1™,*?*** 


S -hte ^^.^^s-a^oimenr^d^ P»W«as stin r to to ^ed. 

xr • ■ : alBo prohlemi Res in xmplexneni3rD0U. ^tne banc units lor development Jk. Iv* ouRTIBa 



Everything from single 
process units to fully integrated 
grass root projects 





_ 


33* 





■■■ 




x -^ : 




j : • :r . 

*■ ‘X- 



%■ " "■ J \> 

■ i !• '. v; r :;/ • ' i 

m 

fSj! 

ItM 








’''MZM+l- 












mg-i; 








n 

t : : '■* *1 



n9 In Refineries 

Petrochemicals 
Chemica Is. Fertilizers 
III Cement. Paper. Power 
gr Metallurgy. Ocean 

B L engineering. Ship- yards 
Wr As active as the tailor- 
ff-bird who builds nests for 
;i:;, others, EIL is a 3000 
K strong team of well 
V experienced personnel 
y including highly skilled 
% engineers. in every 

fe" discipline 

ESL's most recent 
• achievement is a giant 
^petrochemical complex 
.. for IPCL at Baroda, one 
xif the largest integrated 
i assignments 

EIL has served and is 
-v serving organisations in 
.- Somalia, Sri Lanka, Iran 
Algeria, Iraq, Bahrain and 
'? . Syria. Both at home and 
' abroad, EIL has involved 
. itself with projects of all 
dimensions, often- 
collaborating with 
,.; International companies 
of repute 



' *H.O: 4, Parliament Street 
New Delhi. INDIA 

LONDON OFFICE : S, South Audley Stre^jg 

London wi-r. 

Telephone: 409-0922 




.12 



Financial Times Monday August 14 1978 

INDIAN INDUSTRY IV 




deteriorate 


IN THE past year the number 
of days lost through strikes and 
lockouts has climbed back to 
levels typical of the years before 
Mrs. Gandhi's Emergency. The 
government has had difficulty 
getting to grips with some of 
the problems but was due to 
.introduce in Parliament this 
month a long-promised and 
much-delayed Bill to overhaul 
the whole system, offering a 
chance of improvement. Judging 
•by the issues still causing 
trouble, though, labour problems 
will continue to dog Indian 
industry’s progress. 

Although the incidence of 
labour trouble is by no means 
universal, workers have long 
resoried to strike action and. 
Increasingly over the past 
decade, to “gherao" f •encircle- 
ment”) tactics against em- 
ployers. Disputes can be 
lengthy, perhaps lasting months 
on end, and occasionally violent. 
Short of another emergency, 
this scene seems unlikely to 
change. 

• Employers too have not 
stinted in taking direct action. 
Last year just over half the 
number of man-days lost were 
the result of lock-outs, and the 
proportion over the past few 
years has rarely been under a 
third. With the total number of 
man-days Just in 1977, roughly 
the same at 21.21m as in 1975, 
1973 and 1972— the 1974 figure 
before the Emergency was 
much higher— the figure for 
days lost purely as a result of 
strikes is actually the lowest 
since before 1970. once the low 
1976 emergency figure is dis- 
counted. 

This point is not lost on the 
Government. Mr. Ravindra 
Varma, the Labour Minister, 
drew attention in Parliament 
last April to the high lock-out 
rate when he came under pres- 
sure from critics. His line 


marked a change from the 
Government's earlier stock ex- 
planation for che resurgence in 
the number of man-days lost, 
namely that it was a “ release 
of pent-up frustration ” by 
the wurkers following the 

Emergency. 

But one cause of the high 
lock-out rate, on which Mr. 
Varma did not dwell, is the law 
requiring employers to obtain 
permission to lay off workers or 
to close down if more than 300 
workers are involved. The sug- 
gestion is that with such per- 
mission unlikely to be granted, 
empluyers have resorted to 
lock-outs. Certainly govern- 
ments in India put a high 
premium on jobs, tending to 
take over factories rather than 
allow them to go to the walL 

Labour problems are nnt 
helped by tbe hopeless frag- 
mentation of the unions. 
Employers in India have some- 
times been criticised for follow- 
ing a “ divide and rule ” 
policy. But the workers have 
not helped their own cause. 
They are not grouped by funo 
linn or even industry — a total 
nf five trade unions represents 
coalminers at the national level, 
for example. Nor have the 
unions shaken off the close 
as-ociatinn with political parties 
going bark to the struggle for 
India's independence and sub- 
sequent party rifts. 

As a result unions compete 
with each other for the allegi- 
ance of workers in plants all 
over the country, and the 
employers actually complain 
about the “inter-union rivalry” 
that arises as the unions’ for- 
tunes changed. Changes in the 
relative strengths of unions are 
expected as soon as State 
Governments. change hands, and 
the same has begun to happen 
with the installation of the 
Janata government nationally. 


During the emergency trade 
union leaders were locked up 
and their places were taken by 
people more sympathetic to the 
Gandhi Government. 


Avoided 


Employers also complain 
about the intervention of “ out- 
siders." This partly reflects 
their own aim of preventing 
employees becoming too well 
organised, but as Naval H_ Tata, 
the president of the Employer’s 
Federation of. India, said in 
May: “ It is pathetic that even 
after decades of trade union 
activity in our country there has 
been no visible progress nf 
leadership from within the 
ranks of the workers." Tbe most 
successful companies in indus- 
trial relations terms, are 
generally those who have 
avoided inter-union rivalry in 
their plants and have tried to 
bolster the authority of the local 
leaders. 

Last month Hindustan Motors 
in Calcutta was hit by just these 
kinds of problems. The Centre 
of Indian Trade Unions jClTU), 
assnciatpfl with the Maraist 
party which now rules in West 
Bengal, clashed with a more 
extreme Left-wing anarchist 
grouping of Naxaiite workers 
determined to upset production 
as part of their strategy to dis- 
credit what it regards as a 
“sell-out" Government. The 
State Government, anxious to 
resist labour unrest as part of 
its effort to prnvo that it can 
govern and to restore Calcutta’s 
image as a place to invest, inter- 
vened and sent alnnv its f.abnur 
Minister to help the president 
of Hindustan Motors settle the 
dispute. Pnlice had to patrol 
the plant for several days to 
help keep the peace. 

CTTlTs growing support at the 
national level is naturally 
viewed with some concern by a 


few of the country’s well-estab- 
lished unions, including the 
Association of Indian Trade 
Unions IAITUC), linked with 
the Moscow-oriented Communist 
Party of India, and the Indian 
National Trade Union Congress 
fINTUC), which has diversified 
its support (and probably 
diluted its strength! to the 
point where It can claim to be 
politically neutral while retain- 
ing its association in th*’ public 
mind with Mrs. Gandhi's Con- 
gress. 

There is also concern as the 
ruling Janata Party moves to 
spread its own influence in the 
union movement. After coming 
to office, the Government re- 
convened the almost-lapsed Tri- 
partite Labour Conference of 
national and state governments, 
employers and unions. This pro- 
duced a 30-member committee 
to recommend a comprehensive 
industrial relations law- that 
would rationalise and improve 
existing legislation. But the 
committee generated a report 
which simply documented the 
wide gaps between and among 
each of the groups represented. 

Out of this two developments 
have occurred. Janata -associated 
unions bave first of all put 
themselves more firmly on the 
labour map. Ten years ago four 
unions dominated at the 
national level — AITUC. INTUC, 
rhe United Trade Union C-nn- 
gress (UTUC) and Hind Maz- 
donr Sahha (HMS). By late last 
year 11 unions were claiming 
recognition at the national 
level. 

The Government has ordered 
the first “verification” pro- 
cedure since 1968 fit is sup- 
posed to happen bienniollv) to 
establish, their membership. On 
the outcome hangs the key to 
representation by unions on 
national tripartite bodies, but 
the government has already con- 





Workers at t)ie Rishikesh plant of Indian Drugs and Pharmaceuticals 


ferred- de facto recognition on 
them through inviting them to 
the reconvened Tripartite 
Labour Conference in the first 
place. 

Secondly, the Janata Indus- 
trial Relations Bill whicb the 
creation of the 30-member 
committee foreshadowed has 
been badly delayed. This has 
ostensibly been because of the 
lengthy and detailed process of 
rationalising various pieces of 
labour legislation to be incor- 
porated into the new BilL But 
it has also been because the 
Government has had to arbitrate 
on the issues which produced 
no agreement It was expected 
to introduce the Bill in Parlia- 
ment in the session which 
opened last month and finishes 
next week. 

To judge by well-informed 





■ • . . ■ . • • • 


: "• • -> .? - 


< • - V"- kv 






• ■' ' ! i'; 

■ ;•> •«.. i. 


leaks to the newspapers, the 
new Bill will stipulate that a 
m inim um of ten workers will 
be required to form a union in 
places employing up to 100 
workers, and a minimum or 10 
per cent where more than 100 
workers are employed, A union 
will be able to act as the 
workers’ sole bargaining agent 
if at least 60 per cent of them 
owe allegiance to it (as deter- 
mined by a secret ballot), and 
as chief negotiating agent if the 
figure is above 50 per cent A 
" composite ” negotiating agent 
would be necessary if support is 
less than 50 per cent. 

A list of unfair practices will 
also be drawn up which will 
apply to both employers and 
employees. 

How far all this wall go given 
existing disagreements is un- 
certain. In any case other more 
immediate issues have come to 
dominate the labour scene. The 
most import am is wibat in India 
is called “bonus.” Tbe Janata 
Government restored the 8 1 per 
cent annual bonus (a 13th 
month's pa y) which Mrs. Gandhi 
had ended during the Emer- 
gency. This was payable whether 
tbe company concerned could 
afford it or not. a matter of 
concern to the employers. But 
•it dad not apply: to people- like 
railwaymen and postmen,- who 
did not count as /industrial 
workers. Nor was 4t acknow- 
ledged by the Government as a 
deferred wage. Apd it was to 
apply for one year only. 

The undone depute aid these 
points. Some demand that the 
bonus be offered more widely, 
something tbe^Goverinmemt 1 m« 
resisted because it would cost 
hundreds of jnMUoas of pounds 
to pay a lSth^month to all publ ic 
sector workers. Some also insist 
that ik be cabled a deferred 
wage, iiu order to head off any 
Government move to abandon 
bonus payments in favour of 
some sod of spread-out pension 


scheme — soroetiwnig the unions 
would accept only an addition to 
the bonus payment, not instead 
of it. 

By la«t month the Govern- 
ment had still to announce its 
decision on bonus payments for 
money earned in 1977, the 
restored payment having 
applied to 1276 only. A decision 
was expected by this week, in 
time to amend the relevant Act 
before the Parliamentary ses- 
sion end ahead of the 
holiday season, when the lump 
sums would be most welcome. 
Government permission was 
widely expected, but only For 
another year pending a review' 
in September of income and 
wages policy based nn the 
‘Bhnntal ingam report of last 
May. 

The Blioothalingam report, 
which the Government insists 
was a study and no more, has 
proved controversial on the 
labour front. When the group 
was originally chosen there was 
a hue and cry because nn 
unionist was appointed. When 
one was, the outcry grew 
because the choice had not been 
made in consultation with the 
. unions. The unions refused to 
co-operate. 

.This. had. an indirect impact 
elsewhere, . illustrating how 
.labour relations can become as 
confused in India as anywhere 
else. In a separate develop- 
ment in mid-May. public sector 
unions Had - issued a notice that 
they would strike On June 28 
over guidelines issued by the 
Bureau of Public Enterprises 
detailing what was and was nnt 
negotiable in the forthcoming 
pay round. The unions had 
decided their negotiating power 
was being withdrawn. 

When the Bhoothalingaro 
report then came out a few days 
later recommending (among 
other things) that bonuses be 
replaced by long-run benefits 
like retirement pensions, the 
issues became confused and 


what has been called Janata’s 
first confrontation with the 
Indian working class occurred 
as tempers rose. Two days 
before the strike was due four 
Government Ministers met the 
unions— Mr. Varma, the Labour 
Minister. Mr. Patel, the Finance 
Minister. Mr. Bahuguna, rhe 
Petroleum Minister, and Mr. 
Fernandes. the Industry 
Minister. They explained that 
the instructions on pay were 

merely guidelines,” clarified 
the status of the Bhnotalingam 
report and the strike, was 
averted. 

The unions have since exer- 
cised their reasserted right to 
negotiate, in a settlement at 
Bharat Heavy Electricals. High- 
level intervention has also been 
necessary to head off a strike 
threatened by coalminers for 
July 17 and an earlier work-to- 
rule bv Food Corporation of 
India employees. Whether such 
intervention will be necessary 
under a reformed regime of 
industrial relations is not easy 
to predict — much obviously 
depends on how readily it can 
be implemented. 

The need for high-level inter- 
vention nevertheless Illustrates 
how delicately balanced is 
India's industrial structure, to 
the point where even with 
fragmented unions industrial 
action or the threat of it can 
invite Ministerial involvement 
of one sort and another. There 
are a good many .employers 
who, despite all the difficulties, 
have achieved stable industrial 
relations in their factories, and 
clearly the main responsibility 
for avoiding strikes and en- 
couraging a constructive dia- 
logue between manasement and 
labour lies with individual com- 
panies. But efforts at this level 
are more likely to succeed 
within an orderly collective 
bargaining framework, which 
can only be established at the 
centre. 

Chris Sherwell 


MAN-DAYS LOST 


-In- 


-Ln- 



Total 


By 

pnhlic 

private 

central 

State 


(m) 

strikes 

lock-outs 

sector 

sector 

sphere 

sphere 

1970 

20.56 

14.75 

5.81 

2.06 

18.50 

2.94 

17.63 

1971 

16.55 

11.80 

4.74 

2.25 

14JJ9 

1.93 

14.61 

1972 

20.54 

13.75 

6-80 

3.35 

17.20 

1.80 

18.74 

1073 

20.63 

13.86 

6.76 

3.39 

17.23 

2.92 

17.70 

1974 

40.26 

33.64 

6.62 

13.09 

27.17 

11.36 

28.90 

1975 

21.90 

16.70 

5.20 

2.15 

19.75 

1.55 

20.35 

1976 

12.75 

2.80 

9.95 

0.87 

11.88 

0.37 

12.38 

1977* 

21.21 

10.54 

10.68 

3.90 

17.31 

1.89 

19.32 

* 

Provisional 

NJ3. The totals may not necessarily tally 
Source: Director, Labour Bureau, 

due to rounding off of figures. 
Simla. 


• * 


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PinandMl Times Monday August W 1978. 


& 


INDIAN INDUSTRY V 




J 


-f*. 





V' ^-^3 


■3?SL 


iwjp* > t ki 
• “ 


f. f 

^4 


A FEW weeks ego Xr. G. D,* 
Birla, one of tbe leading in- 
dustrialists in India, issued an 
extremely gloomy statement 
about tlie future of the private 
eector. “The present Govern- 
ment,^ be said, '‘though not 
socialistic, still cannot get rid 
of the bad features of socialism 
because of the legacy from the ' 
past Unless - this -pattern js 
ri tanged drastically, there is no 
scope for the growth of the 
private enterprise which alone 
can promote industrialisation.” 
Hr. Birla pointed to the 
numerous rales and regulations 
which inhibited expansion, to 
the extreme difficulty of raising 
new money on the stock market 1 
and to the conc entr ation of 


employment in the organised sector 

: . • • IN 1977 


Ftantatioiu, forestry -. — 

Mi n i ng , quarrying 

Manufacturing 

Construction 

Pobfic utilities ". 

Transport and eomnabdcation 

Trade a nd , commerce 

Services ’’ 

Total .......... i-.... 


Public 

Private 

sector 

sector 

474 

837 

749 

130 

14122 

4^57 

1,010 

82 

554 

35 

2,465 

- 71 

607 

459 

. 6,739 

1,082 

13,819 

6^54 


engines told me; “they can 
supply the local farmer with a 
cheap product which is reliable 
enough for his purposes, and 
we find it difficult to compete 
with them." The development r 

of the diamond polishing in- 
dustry. mostly situated in the 
rural areas of Gujerat, is 
another remarkable example of 
initiative by local entrepreneurs. 

The big houses are frequently 
attacked for what is called 
family management and Mr. 
George Fernandes, in particular, 
has called for a much greater 
degree of “ professionalisation ” 
in the appointment of top execu- 
tives; he has suggested that the 
public financial institutions 


savings in the hands of Govern- the view held by many poBti- neurial tradition. Several of ilie which lend money to big com- 
financial institutions, part rians and civil servants that the big houses have diversified into Ponies should take a more active 
of whose loans were convertible large business houses have en- a host of industries, a practice their management, 

into equity. “The general im- ricfaed themselves.-by. dishonest which is in part the result of is true that some houses tend 
pression an- overthe worid," he means, have exerted undue poli- the licensing rules (restricting t0 *>« dominated by members of 
said, is mat the investment tical influence and. have used expansion in areas where they the same family dt community, 
dun ate in India simply does not the Government’s ,'t^nancLaJ are already strong)* but. which 1,111 there is a trend towards 

not institutions and ". teenlatory also stems from the -old British greater reliance on professional 

* *. __ system to their own advantage, managing agency system. The executives, in the private as well 

How seriously this newer entalSnSui, who “ P nblic sectors. The 

exchange of msalts be started their businesses since increasing complexity of large- 
SS 6 “Businessmen are too independence, have been more scale industry, especially when 
investn^nt climate was escel- inclined to blame the- .Govern- inclined to specialise in a par- overseas projects are involved, 

J5?_ ^ ment for everything* Wchair- ticular sector of industry. ' demands the recruitment of the 

of a Calcutta-based com- In the early days the growth *** ?“ a ? lfi ® d what ‘ 

frSf^ivate bSSS pany ttld me; "Mir* 1 **# that o£ industrial entieprenS«hip ever the,r background. 

SS there is a fairly weiU, established came particularly from three , 

gy^V, ,? e 1 . p ? tpted ■ 0U i bis framework which gives the pri- communities, the Parsis, Gu- 
“32* * ad “5* \ vate sector plenty room to jeratis and they ^ d P lldl 

number of applirations for ex- expand. There are, minor varia- continue to carry great weight AH companies with a capital 

pansion from leadingbiKiness tions from time to time, but the in the business community, of more than Rs^OOm (about Jf„ pr?pd The 
lncludlnx tte big companies Maeleast to especially the lS ofteSrS. flta) are subject to the Mono- 

1®*™ _ ,,, ■ complain about since they have It was a Parsi, Jamshedjee Tata, polies and Restrictive Trade BUb;3ect t0 001 , 

UI ??^ tes, x “ grown fastest; the ; more they who built India’s first steel- Practices Act When they want condltI(ms - CCDlCIlt 

grow,- the more freedom they works in 1911; the company to expand their operations or The MRTP procedures are re- 

The cement issue does, how- 



Cutting rice in Southern India. 


company to manufacture cigar- 
ette-malting machinery; since 
there -were already several 
established manufacturers, the 
question at issue was whether 


it The price controls were 
changed to make the investment 
attractive, and even a company 
with a large share of the market. 
Associated Cement, Is being 
allowed to expand. 


an exaggerated form,— the 

apparent lack of rapport be- want togrow even further- 
tween the business community . 

and the Central Government— 
a lack of rapport that has (P OTlfTfllQ 
existed long before the Janata uu 




which be started, Tata Iron and to start a new venture, they garded by some houses more as 
Steel Company, respite curbs on have to seek approval from the an irritating obstacle to be 
its expansion, continues to per- Company Law Board. Normally overcome than as a positive dis- 
form better than the public they are free to expand in the incentive to expansion. The fact 
r < sector steel plants created after “core" sectors of industry, but is that the big companies have 

Party took office. Sonne Despite Goverament^contrals the Second World War. But in other areas, if their pro* the financial resources and the 

businessmen feel that t heir c on- and slow economic ghjjrth the entrepreneurial skills in India posals are likely to be detrimen- management to expand into new 

tribution to the country is large Indian hooseS^-Tata, are by no means confined to the tal to the interests of medium- fields and the Government needs 
deliberately misunderstood and Birla,: Thapar, Sfiriram, large houses. Even without the and small-ticale entrepreneurs, them to do so. In the past few 

misrepresented, that profit is. a Mahindra, K&l&skar, support they receive from the they will be rejected. Where the months the Ministry of Industry 

dirty word, that - those entre- Mafatlal .and others — ha&, con- Government (including tax con- Board is in doubt, the proposal has invited and approved a num- 
preneurs who took great risks turned to do well.. To settle ex- cessions), small-scale manufao may be referred to the Mono- ber of ■ applications from the 
in the past and built up sub- tent this may reflect .;tKeir turers have proved themselves polies and Restrictive Trade large houses to build cement 
stantial industrial undertakings ingenuity in finding a w^roi^nd highly competitive in certain Practices Commission for ful- plants £beca use investment in 
are now being discriminated the controls, but India isrwrtnn- fields. “It is -misleading to call ler study; In one recent case new cement capacity is badly 
against out of feelings of envy ate among developing cm&tiies them. unorganised," a manufao- the Commission was asked to needed \ and only the .large 
.or spite. On the other side is in having, a strong, entrepie- turer of - pumps and diesel examine a proposal by a large bouses can afford to undertake 


ever, illustrate the lack of 
consistency in Government 
policy which businessmen justi- 
fiably resent Private sector 
investment they say, cannot be 
turned on and off like a tap; 
they need a stable framework 
which provides the opportunity 
to earn a fair profit Mr. Fer- 
nandes accepts that price bon- 
trols have been counter-produc- 
tive in several sectors; in effect 
they have stimulated investment 
in non-essential at the expense 
of essential products. While he 
is hot prepared to let the law of 


the jungle prevail he is trying 
to move towards a more flexible 
system, using the Bureau of 
Costs and Prices as the monitor- 
ing agency but without inter- 
fering in every price decision. 

The same need for simplifica- 
tion applies to other controls. 
The Government's decision to 
set up a committee on controls 
and subsidies, the Dagli Com- 
mittee, implies a recognition of 
the fact that the existing 
plethora of controls places an 
unnecessary burden on indus- 
try. Yet another committee, the 
Jha Committee, has recom- 
mended radical changes in the 
system of indirect taxation. The 
cascading effect of the different 
taxes— customs duties, excise 
duties, sales taxes Imposed by 
state governments and other 
levies— have had a distorting 
effect both on final consumer 
prices and on the pattern of 
investment. 


To expect the present or any 
foreseeable Indian Government 
to proclaim the virtues of 
capitalism and the market 
economy is clearly unrealistic. 
The smms desire for a more 
egalitarian society is bound to 
create tensions, as the present 
controversy over top people's 
salaries illustrates. There is a 
lurking anxiety among business- 
men that short-term political 
pressures may force this or some 
other government to nationalise 
a majur company or industry, 
just as Mrs. Gandhi nationalised 
the banks. But present trends 
are not wholly discouraging. The 
movement, albeit a halting one, 
is towards a pragmatic accept- 
ance of the private sector's con- 
tribution to the economy and a 
gradual move towards a frame- 
work of rules which is less 
restrictive and more promo- 
tional. 

G.O. 


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{Janafrican Paper Mi!6, Kenya's largest paper mill, 

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Services during - erection, construction, start-up, 

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on & long-term agreement Nigerian Paper Mill is also 
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Developing expertise 

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14 



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INDIAN INDUSTRY VI 




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the public sector 


THE PUBLIC sector of industry and Influenced by the Public manager told me, “but we are and their capacity has been 
consists of some 140 enterprises Enterprise Selection Board, a long way from that situation.” under-utilised. This applies, for 
with a total employment of L5m whose recommendations are There is a feeling that the instance, to the Heavy Engineer- 
people, out of a total labour rarely ignored. = Despite low bureaucrats are more interested in S Corporation at Kanchv set 
force in the factory sector of salaries compared to the private ^ matters such as how much up with East European aid- in 
some 6.5m. Most of these under- sector (especially at the top the company spends on enter- the late 1950s and geared to- 
takings were deliberately levels), the public sector has t ain ing foreign customers, than steady increase in Indian steel- 

created as part of the indns- been able to attract- and retain j n the real problems of the making capacity which has not 

trial isati on programme; this executives of high- calibre. One business. India Is fortunate in materialised. This is a. large 
applies particularly to steel, advantage which- public sector that the public sector has employing - more 

heavy .engineering and enterprises have over some large attracted some outstanding in- than 20,000 people : Itne need to 

chemicals. Except in a few private companies' is that sem° r dividuals, in companies such, as use machinery for purposes 

sectors such as coal mining positions are genuinely open to Hindustan Machine Tools and for which it was_ not designed 
state control over the command- candidates, whatever their the Oil and -Natural Gas Com- has been expensive. .*...., 
ing heights of the economy has background. . mission, who have been strong The conflict between commer- 

not been achieved by national!- yv . enough personalities to resist dal and social consideration* is 

sation. But the list of public I Jli lUlTi aTir - interference, cut through the most acute In the case of lame, 

sector undertakings includes a . re ^ tape and build up highly ducks, or, as the Indians, call, 

number of companies especially 0nc of ^ *** aspects of successful enterprises. But, as them, companies which -go sick 
in textiles and engineering P uWic sector enterprises in the in the UK, the right balance On numerous occasions the; 
which have been rescued by the P 35 * has been their lack of between accountability and Government has stepped in :t». 

Government from financial diffi- attention to marketing. Opera t- interference is elusive. protect employment in com*;, 

cuitle^ in a protected market in which A second problem is the vir- panies which, whether through 

tv ■ ■«, , . * they were often the dominant ^ impossiblity of closing mis m anagement, eupidity ar T a. 

fh! supplIer ' these companies were down companies or factories change In market conditions, “ 
1960s the performance of the under no pressure to sell: they wb j cb have no chance of paying had run into a financial crisis.* 
pubtic sector came in for a great merely bad to produce. While their way> There have been Often the responsibility lies with - 
deal of criticism inside and a degree of complacency in this some investments which are now the former owners (including 
outside the country. The bad respect still exists, there has recognised to be mistakes: one foreign ones) who have milked 
choice of investments, inade- been a distinct change for the persistent loss-maker is Bharat the company dry and ignored 
quate -project — - — - - ■ — - 


THE PATTERN OF INVESTMENT 
at the end of 1976*77 


Ste61 

Chemicals and pharmaceuticals — 

Coal - 

Heavy engineering 

minerals other than coal 

Petroleum 

Transport equipment 

Medium and light engineering 

Consumer goods 

Agro-based enterprises 

Sendee enterprises 


Amount 

Percent 

(Rsm) 

of total 

28,643 

25.8 

20,762 

16.7 

12.771 

its 

8,033 

7J 

7,042 

6.4 

6.897 

6J! 

M54 

3.0 

2,158 

2.0 

1,782 

1.6 

115 

0.1 

19.402 

17 JS 

110,965 

100.0 


TOP TEN PUBLIC SECTOR ENTERPRISES 
IN TERMS OF SALES (1976-77) 


Bs n 


Indian Oil Corporation 

Fund Co roo ration of India 31 ,iSl 

preparation, better. Where competition does Ophthalmic Glass, which makes the need to modernise or to *-. Hindustan Steel 10,769 


inexperienced management, no t exist, as in oil distribution, ophthalmic blanks. In one or diversify, 
bureaucratic interference from the necessary disciplines have to two cases the Parliamentary • - 

the centre— these and other be self-imposed.' But some of Committee on Public Enter- Hrimnal 

weaknesses produced poor the companies nowliave private prises have recommended that vJHqIIIiU 

financial results. In some cases sector competition in much n! undertakings should be closed jn West Behsal the Govern, 
there were production short- their business. For example, down, bat the political obstacles ment ic the ownerof three laiW 

comings which held back the Bharat Heavy Electricals faces are formidable. The nearest the formerly British-owned prfcl- 

growth of the economy. While competition in all segments of Government can come to an ad- nee ring companies Jfcsson. — - 

these weaknesses have not been its business except for turbine mission of failure is to merge Braithwaite andBurn Standard ~~ ^ 

completely corrected, perform- generators. Some of the public a sick company into a success- _ w hn Se nripmal business had Plant and low labour produc- products (often with foreign 

i. — 7 — wnose origmai ousmess naa , task: technical collaboration) and 


State Trading Corporation 16,739 

-Minerals and Metals Trading Corporation S.435 

Bharat Petroleum 

Hindustan Petroleum 3,114 

Bharat Heavy Electricals 4,702 

Air India - J.723. 

Shipping Corporation of India 2 *568 


increase the factory 


CONTINUED ON NEXT PAGE 


Analysis 


ance has greatly improved in the sector companies, because of ful one. been the supply of wagon* to 4l*lty. is a formidable 

last few years. Even private the recession at home, have Some of fte pubtic the railways; they employ a total retrenchment of labour is thus 

sector businessmen, whtie they been obliged to compete for sect()r undertakings were set of some 36.000 people. TOrnfak ^ virtuaUy impossible, the main throughput 

resent having to deal with export business and this has up ^ Qptimis g. assump- these companies round, with Priority is to introduce new A not dissimilar situation 

monopoly suppliers in certain sharpened their competitive Uoas about industrial growth their legacy of old-fashioned 

sectors, admit that in the last edge. The new import policy 

five years the quality of should also have a salutary •••._ 

management has improved. effect 

As an indication that the 
public sector had “ come of 
- • -age," it was decided last year 
The creation of the Public to withdraw the price pre- 
investment Board in 1972 has ference system, whereby 

led to a more sophisticated Government under taking s were 

analysis °f investment proposals required to buy from public WITH THE Government’s sophisticated machine tools, severe recession of 1967-70 when be Justified on commercial 

ana to speedier procedures for sector enterprises If their stress on labour-intensive small- hm t hag expanded its own for the first time the company grounds, for the HMT manage- 

notaimng decisions on tzjem. prices were no more than 10 scale industry it is somewhat research and development pro- slipped into the red. After this ment is determined to maintain 
me Bureau of Public Enter- per cent higher than those of surprising to visit the Bangalore grammes and its need for experience the management its financial independence. Its 

Fh e ?L. a ^ agenc 7 set up under pr jvate suppliers, subject to factory of Hindustan Machine foreign technology is mainly looked for business which targets, set out in the last 

me Ministry of Finance, . has satisfactory quality and Tools, one of the leading state- confined to certain technologies would be more stable than annual report, include an annual 
me . - . res PonsiDmty for delivery. This was replaced by owned companies, and observe such as hydraulics or elec- machine tools: in addition to growth of 10 per cent in sales, a 

a purchase preference scheme, the development work on tronics. rather than complete expanding, .watch production minimum return on capital em- 
ail jkimic sector enteiprise^tlts whereby, the public sector numerical control, machining machine tools.- However? an HMT-.' has .set. up plants for ployed of 16.5 per cent and a 


Hindustan Machine Tools 



p tries such as the Some serious problems accuracy and efficiency in the lines for mass production; HMT project fo r - ma king metallurgical pre-tax profits, of RsSOm (about 

remain. One is the ever-present machining process. co-operates with Cross" in export. instruments. . £5m) on sales of Rs907m (about 

The Bureau has helped to danger of political and bureau- HMT has come a long way markets and this h a s> brought in Machine tools now account for £66m). 

instil tighter management era tic Interference. *’ Most man- since it first started making a substantial ordeif from Iran, lees than half HMT’s business. The setting up of HMT was 

disciplines and to upgrade the agers -consider they are doing lathes under licence from HMT is current# exporting but the company believes it has strongly opposed by the private 

quality of financial and economic exceptionally well if they get Oerlikon. of Switzerland, 25 10-15 per cent o| its machine evolved an appropriate struc- sector— a British machine tool 

analysis in the public sector. 80 per cent of their decisions years ago. In the early tool production, /but aims to ture for. managing a .diversified en gj n eer 

Pricing policy has been re- right,” says the chief executive years the company gradually raise this to at lc "" * 1 * "" 1 " ' 

formed. In fertilisers, for of one public sector enterprises, broadened its range into mill- Competing for 

example, prices have been set •• Jut our masters insist on 1U0 ing, drilling and grinding raise this to 

that plants operating at per cent.' 1 The result is that machines through licences from cent Compel 


so 


ing. drilling 

The result is that machines through licences from cent 
80 per cent of capacity, and people are reluctant to take any many of the world’s leading is seen as 
assuming normal inputs of raw (decision at all. for fear that it manufacturers. It was not the comp; 
materials and power, should /will infringe some rule or that, until 1966 that HMT produced competence. / 


. __ . . . . . ~~c predicted that it 

1 20 per cent bu&iness^There have been sug- WO uld be a financial disaster-. 
jorts is seen gestW feat H MT could diver- but thanks able and deter . 
least 20 per sify even further, into the manu- mined leadership it has 
for exports facture of cheap, rugged pas- managed to reconcile its 
way of testing senger cars, for sale in India national responsibilities as part 
s technological and for export. Since the of the public ^ 

company already making tree- commercial drive. Although it 


achieve a 12 I per cent after tax if it turns out to be wrong, it the first machine tools of its HMT has' diversified within tors. dieseH engines and most J b y"7ar the 7araT7ndian 
return on net worth !n cement, will lead to accusations of 0 wn design— electrically con- the machine tool industry and of the machine tools required machine tool manufacturer if 
steel, pharmaceuticals and other corruption. ... trolled milling machines for outside iV Watch production manufacture, the tech- has private sector competition 

m ° re Rational PpcifS Formal and informal Inter- the Government’s small arms was started in 1961 with the aid nica l problems would be man- hi most of the product range 

„en introduced, ference from Ministers and factory. Orders from the of Citizen Watch of Japan and ageable, but co-operation in de- ^ ^ now ukely to face greater 

... t0 senior politicians still seems .to be Ministey of Defence Production this diversification, made at the sign with a foreign car pro- competition from inroorts 

™°ns are > the extensive.^ I would prefer a helped the company establish request .of the Government, was ducer would be essential. 

* m, '“‘ “ ' ^ helpful in the Sudi a project would have to G.O. 


areas 

policies • have been introduced, ference 
Appointments 

management positions __ 

responsibility of the Minister in system where the Government fteelf Is rman^artmer’^Tmore p'artcuIarV 
the relevant. Goverament set the policies avd left it to the 
department, but he is guided Board to carry them out," one 


< 

€ 



That's what 
ittakestobeNoLl 
in the commercial 
vehicle industry 
of India — 
the world's 
10th lamest 
industrial 
country* 


Indegenhis! * 

Developed by TELCO 
(Tata Engineering 
and Locomotive - - 
Company Limited) 
over the last 
twenty-three years. 

At its Engineering Research 
Centre which continually 
strives to improve upon 
its own improvements. 

To add to the acknowledged 
high quality, 
safety and durability . 
of Tata Diesel Vehicles 
and Spares, manufactured 
and assembled at 
TELCO plants 
at Jamshedpur and Pune. 

That's what It takes 
to put well over 
3,50,000 Commercial 
Vehicles on the road... 

In India, 

And in over 40 countries 
around the world. 

A wide range of vehicles. 
Trucks. Buses. Tippers, etc. 
For a wide range 
of operations. 

At mining, construction 

and project sites. 

And cross-country operations. 

Indegenius. That's the total 
vehicle technology— 
products, processes and 
professional expertise 
developed in India, By TELCO. 



TATA ENGINEERING 
& LOCOMOTIVE CO. LTD. 

148 Mahatma Gandhi Road, 

Bombay 400 023 INDIA, 

+Jntia has bean acknowtedgad 
the mritfs 10th largest industrial country 
Jn statements issued imently by 
the U.S. President, 
the British Prime Minister 
and die Prosdem at Indie. - 



From Fertilisers 
to Pain-killers^ 
From Paper to 
Petro-chemicais. 



If It'S a 


plant 

ismrt 


VVflNn Vw vary feat daewto ol It* 

openboiKBWVhHi 


marvolr ol process squJpnwnt 

wctinotogy- 

- BHPV tsjoetoy.sInguJsrfv 
• qurffiad to mM< Th* proCMS 

- * oqulpman newt* of a w «J* 
variety ot indmOre*. FertiUwBa. 

ChemjceJ*. Drug* and 
nieimacBOtiealK. PauecMmieala. 

- Petroieum, bon end Steal, 
Ahmiinlwn. Paper and Nuclear 

. Power. 
PHPVb niaRwfectoring 
• pegntim includes: Pmsurv 

. VcmoJo, Hoet Eachangna. 
QduniDii Shhbbo Spheres. 
Mukilaw Hfeh Praawre Vessels. 



TonaaoeOwnan and Nitrogen 
Ptentt, Low temperat tire Purifi. 
cadon PJano. Crwpmfc. Swtaga 
.Tanks. And a honor pans like 
■OWtad Ends. Finnad Tube*. 

*" Cofiimn bitanulg and 
ChaoibtHlon Tray*. 
Sons, BHPV expects to enter 
- number ot ereexUqukl 
nitngen plants and oyoQenlc. 
eorc^nenlor uanspoimion of 
frozen bull semen Indhrfduat 
quick- freezing eouipmemfof 
mevuadon of marine products. 
UcatW nitrogen systems for . 
transportation of ppiulwble 
food OrilDnqandpiadualon 
plactanns Ibr afWxn oil 
. ^xploratien. 
Today. BHPV haatha axpamae. 
experience andfaciBtloato 
desonandmanulactwo pracen 
ootapment Ol any ns, Capeoty 
or oomp to rity.andtB offer 
coMpM* project service* on a 
turnkey baaii. 

BHPV-atAacoraof 
cor« industries. 




Bharat Heavy Plate *n«| - 
Vessels limited 

A Governrnent of India Undertaking. 
Vlsakhapatnem 630012, India 

Crih:HEMrtHLfc . 

Tib . om nim m 






4 





■1 




[,) V Y ... . . 

A ] 'Slnauci^ Times August 14 1^78 


"'i 


INDIAN INDUSTRY YD 



IS. 


" ■«, 


‘-A 


'S“waSe Tn‘^^port£ J?*L V the .e^gedng Engineering apprentices at the TatOrMercedes-Bem factory at Jamshedpur. 

i ties for importers. . ' Unless these tendencies are 

- Under these arrangements 14 TQ ®! rit0 , Uity ™ comp^ aimer- areas which the liberalised leather goods, where India's engender ' complacency over checked, resistance to import 
industries, main]; in priority ™P°rt Polics vriu create will be mmpetifee position is strong exporKli. 1977-78 Ore growth liberalisation within India is 

■SMMiSS E“SS3®S S’ M=fe£2 “ ’ m™, Ss S’iit M3 

G.O. 


immediate concern is to ensure the 

.invite Slobal tend^fornapital slin^Zk-'a 11131 fte "» <* foreign decrerat -Is parti, explained by 

^“h^intte^a^Sn^l «“* th ?J?«!j the does not the ante wiiich the Government 

Swt^i <^EH!wl 5 , 2 l sf KSSS “ ld a f “ and *f '*> “r^y 

scrutinised by a technical ■ - not s oing to follow, an import 

^ *“« *»’««« «» *rhd»r- poUcy which causes plant 



The one stop for a 
whole range of chemical-based 
quality products. 



And CAPEXIL offers 
its free package of 
services to assist overseas 
buyers. 

When you are searching world- 
wide for chemical -based products, 
it helps to know that there is one 
supply source which can cater 
to your varied needs... India. 


Indian chemical-based 
prod ucts of international 
quality 

India offers a wide variety of 
chemical-based products of 
international quality. Ranging 
from rubber products like auto- 
mobile and cycle tyres and tubes 
to rubber and canvas footwear, 
from paints and varnishes to glass 
and glassware, from plywood 
products including wood an 
furniture to paper and allied 
products. Plus ceramic products, 
minerals, refractories, fertilisers, 
crushed bones, ossein, safety 
matches, explosives and numerous 
other items. 


up-to-date market information, or 
even arbitrate after a sale. 
Moreover, should buyers choose 
to visit India, CAPEXIL will plan 
the itinerary, arrange personal 
meetings with suppliers and render 
all possible assistance. 

As for adherence to specifica- 
tions, a II chemical-based products 
compulsorily undergo strict pre- 
shipment inspection. 

Today CAPEXIL has the 
confidence of buyers in the USA. 
UK. West Germany, France. 
Australia. Iran. Iraq. Egypt, Japan. 
Malaysia and numerous other 
developed and developing 
countries. A fact confirmed by the 
1 60% growth in exports of Indian 
chemical-based products during 
the last 5 years. 

The next time you need a 
chemical -based product go about 
it the easy way. Come straight 
to CAPEXIL. 


And for any or all of. these 
items, there is just one contact— 
CAPEXIL 



CAPEXIL— a vital buyer- 
ssdar connection 


CAPEXIL assists overseas 
buyers in a variety of ways. Be it 
to locate a suitable supplier, 
ensure prompt delivery, arrange 
buyer-seller meetings, provide 


CHEMICALS &- ALLIED 
PRODUCTS EXPORT 
PROMOTION COUNCIL 

World Trade Centre 
1411 B. Ezra Street. 

Calcutta -700001 Indie. 

Cable : CAPEXILTeJex : 021-2488 
Phone: 28-7733/34/35 


will be 
committee 


in the Ministry of s 


keep toem.oit their ' 


'There 


that if the price and delivery eaymd ^ hnt Govrawent 
' that 

"””5hf ft iSSLi iiiBproeedures wm 

the fact that an lndi^pnous j j 

/supplier can produce the equip- 
* ! ment will no longer be decisive. 

In addition, a number <rf . ** is toa eariyrto jud^Elfie 
• 'capital goods has been placed m P*ct of the new policy. 

: on open general licence (OGU). so ™ e . sector ; as 
Some ‘items remain banned' or fl - polyester fibres, jt a 



' restricted, but the Mart -includes “?atthe piwtebHity gt domssmS^^ouid be. . y Oos has brought 
• '• '» vartety of machine' c tools, produMrs has been squeeped, > 


of 


closures and unemployment on 
a large scale.' 

India's approach to imports 
cannot be divorced from indus- 
trial policy as a whole. Largely 
because of the chronic shortage 
of foreign exchange encourage- 
ment of industry has. in the 
past, been based on the pirn 
ciple that.!! anything which can 
feasibly, .be produced in India 
e. . "ites 

variety of machlne^'toois, producers nas been fiqu f^ a i ! $bdut a remarkable degree 
•• 'textile and garmeht-making^ ^ Fears have; been j^ressetptiiM self-humdenor. and a highly- 

-machinery, leather-processings those sectors where pro^hmty giyej^fied ^sg e of industries, 

'equipment, and the like, which *® already depresseatiy slack jgut there -has been little 

. are required by Indian manu- demand and tow capajflty work- conscious effort to develop 

• facturers for factory mpdetnisa- tog could be ,-tianuged by a.tndustries in which India has 
- sudden upsurge in imports. Will comparative advantage, either 

the authorities ■'permit com- because they are laboor-inten- 
panies whiiaf cannot compete to ijjve .dr. because they, are based 
go xinder?j# on locally available raw 

The autfars of the Draft Five materials, or both. In several of 
Year Plan state confidently that these, industries, such as cotton 
“ indesdfes which are basically textiles, India’s share of world 
unviabl# or cannot stand up to bade has declined while that of 
limited? international competi- other - developing countries 
tiori \i certain specified product notably South Korea and 

Taiwan, has moved ahead. The 
question now is whether, with 
the improved availability 
foreign exchange, India can 
afford a less rigid policy which 
lays. ' more regard to "the 
of international 


-EXPORTS 


BY DESTINATION 
' (Per cent shares) 
-1971-72: 1975-77 
Western Europe _ 293 

Eastern Europe 21.4 15.4 

Americas - 193 JA5 
Middle East 6.4 • : 15.8 

Asia, Oceania 25.4 22.4 

Africa 6.7 43 . 


FOREIGN 
, CRslra If 

/ 


IDE 


p77) 


Main exports 

Engineering goods ...... ;55.4 

Tea - ...4.': 293 

Leather and leather .. 
; manufactures .......... 293! 

Apparel, hosiery 27# 

^.Cotton- textiles : 25.4" 

'Gems, Jewellery . 2A2.. 

Iron ore 233 

Itil cakes — ;.. : 22.4_ 


- .Main' Imports 
Fetrolemn : ...! 14 L 2 principle 


Machinery and trans- 
port equipment 

Foodgrains 

Metals, ores and scrap 

Fertll&ersr 

Chemicals : 

Textile fibres 


rti 


per; 




PRIOMTY INDUSTRIES 
(Those Which may toviteglOhal tenders fcir capllal goods) 

^.Fertilisers. • " . ' - " ' ' v - ^ 

* _,:^S'I«vspriut and paper.' “ * ; 

pjjilv'feasic drags. - - • • - • 

^ Basic technical material for pestlddes jaid weedidfles. 

Power generation, transmission and distribution. 

Mineral exploration, mining and benefidatioiL ' , 

Petroleum exploration and pfodurtlon. . 

Petrochemicals up to the stage of polymers. ; 

Manufacture of professtonal electronic components. - 
Waste disposal and ettoeut treatment , ! 

Materials handling projects atlKHtA *"■ >' • ; . • 

Sugar. ' . ' • ■ • .* / . ; r . : 

Ccmentandcmcntproducts- 
100 per cent export brleitfed Industries. 


J* 


serialisation. 

1003 . -^Sich a policy would imply, 
873; among other things, that manu- 
4I-I facturers who achieve inter- 
2A4 national competitiveness should 
bO:' On Courage d to expand, even 
203 /if. ’this means increasing their 
share of the domestic market; 
they must also be permitted to 
earn Sufficient profits at borne 
td aiipport toe development of 
export business. This applies 
particularly to engineering, 
iStttch should certainly con- 
^oue to be one of toe fastest 
growing: items in India’s e x p ort 
tri&s, but which suffers from 
some weaknesses in relation to 
scale of production and product 
-devSopment. 

•-"jlwe. generally. ■; policy 
ba^prf on international special- 
would -imply a selective 
appr oach to export promotion, 
war special emphasis on su«* 
itimk as clothing, jewellery and 
rater handicrafts, marine pro- 
finished leather and 


'it 


Public 


CDNTINUro ntOM PREVIOUS FACE 


GROWTH OF PUBLIC 
(figures 


ENTERPRISES 


•ould arise in tlm .bie^e , 2ndQS‘ 
ay where several Ja^e private 
reeior piante "hawt jww! ^irito: 
irouble. though in tffls^case the 
iroblera has arisen less from a- 
toange is market Teqtnrahents 
ban from sew - competition 
“rom small-scale entrepreneurs 
n Northern India; the use; 

»f cheap labour aj^crionsiye 

iub-contracting ; they - from. toe. private, sector. While -tlj^ei^emanagemmztchanges- 
ichieved far lowcr -prodaction 'weakness- stems partly ^ffie lake-over of sick units, hy 

:osts than the older, integiw- Government policy to- hw|thy. companies . is' being 

ed plants which w<scfc;.bu2t't6 the- textile industry,.' enjcmmaged. A number of ap'pli- 

nanufactnre most, of the coni-. ^hich iis sow .being revised.; for -such, mergers, have 

Mincnts in-hoose.- ■-^Thri'e' ,is' sgjjjQ bf.-tf« 7 luills are almost' b^i'^broitted to the Govem- 
•pcculation .that- toq ■ Govern- certainly beyoud'redemption. . a^.in tofr longer- term the 




1972-73 

3976-77 

Investment — 


. 55,710 

110370 

. Totnover v.-.^v. - — ......... 


52390 

145 , 420 - 

Pretax profit 


: 830 

4.760 

Betnm on capital employed ... 


. 5 J% 

9 . 7 % 

Namber of employees 


• 93 m 

. 153 m 


nent may set up a '^eW- hlcyrie ^ Mr. Georae Ternandcs, Miff wCQSighesa of toe 'Govemment 
•orporotion to ; tafte^ oveT . toe iijfcir: Vof Industry, recentiy'-.tb ; :^ ^ lame ducks die .win 


)ldcr factories and modernise innonneed a new policy towards d ^ 
hom. perhaps Investing in. -we; siiik itodustrfes which involves ney| 


on the speed with which 
bs. are being created to 


a ore advanced of J^cydA -a;-ew«iBl screening of possible - abaegs , the displaced workers, 
■or which there is x xtrong cy- rt^sgue cag es, both to establsh In iather sluggish climate of 


»rt demand- . " '•. - whether! theroisa genuine pros- the| 

Yet there is a growingreaiis- pecifol'viabnity and to. work nut ' 

»inn that policy sick remedial action which falls 

companies has to ; be morel 6riee-;^iori^ ^o£-;full-8cale . nauonaiisa- . , 
nvo and that some nf th^will -tion. The . financial; institutions, 

U. - - ■ An 'uJJrtK'. o cwMil ACSnCV 3--I 


tritew years preservation 
loyment has been the 
Idittg heed. “Tf we' can 
a steady; industrial 

t-nf .10 her; cent a', year,", 
servant remarked,' ~ we 
mw relaxed about 

IIUmilUK . Ht - UK KIBWWII.-. . . . - . . ; - , I- -wi • MAflt. . .fiOTCfi®" • (O 

tile Coromratlfih^ -^Wch" ;«iwa'*;3hd^;. may be asked to proi'td* 
more than 160 milk taken bro .triiipacary financial support 


GO* 


Asnrveyon 


Greaves' engineering, manufacturing 
and marketing activities cover the key 
areas of Indian industry, contributing 
to the growth of vital sectors. 


Anticipating customers' needs in 
advance. Greaves haYe brought to India 
the world 's best technology. 


Over the decades. Greaves have built up 
technical and marketing skills which __ 
are backed by reCaMe supply base and 
expert advisory service.’ 


Through its various divisions. Greaves 
serves such important sectors as 
aeronautics, electronics, defence, mining, 
petrochemicals and fertilizers, steel, 
shipbuilding, and many more. 


Aviation, Electronics 
and Defence 


Greaves' Aviation & Electronics Division is 
the sole concessionaire in India for 
international! onally famous 
manufacturers. Greaves have 
brought sophisticated m 
technology to India for j 
aero engines, avionics; 
flight instruments, radar, 
simulators, navigation and 
tele-communication 
equipment ' w 

The division played a vital role in w 
securing the licensing arrangement between^ 
the U.K. principals and Hindustan Aeronautics 
Ltd., for the manufacture of aero engines 
and aircraft systems which helped indie to 
become self-reliant. 



Petrochemicals & 
Fertilizers 


Petrochemicals and Fertilizers 
are other vital areas where 
Greaves' products are 
known for proven 
performance. David 0. 
Brown Fadicon industrial 
gearboxes, Fluidrive 
couplings, variable speed units, 
boilers and thermal equipment, 
are widely used. 



Now, -Greaves have directed their sales 
efforts towards overseas markets, with 
Greayes International Limited growing into 
one of India's leading export houses. 

Greaves International not only exports all 
the products manufactured by the Greaves 
group of companies, but with the es££ 2 e» 
help of Greaves' extensive network ' , " v ‘ 
in India, it makes available to 



overseas customers every type of 
Indian er^ineering and non- engineering items. \ 


Products marketed by Greaves International 
guarantee the same high quality for which 
Greaves have won a world-wide reputation. 


Greaves Group: 


SteeS 



Greaves' associate company, Greaves Foseco, 
manufactures and markets a range of foundry 
fluxes, exothermics, heat insulators, 

metallurgical additives, mould _ 
dressings etc. which areused 
extensh/efy in steel production. 

Greaves also markets wide 
range of steel from V 
commercial quality to highly 
alloyed steel for various ! . 
industrial applications. ' 

Greaves' Project Division in 
association with its West German' 
principals, Hoesch Handel AG, put up India's, 
first spiral welded pipe mill at the Rouikela 
steel plant. 

Shipbuilding 

GreavesV activity in the marine field 
covers, the merchant marine as well 
as the Indian Navy. - 

Greaves' Marine Division is one of 1 
toe major sources for supply of 
a wide range of marine 
engineering equipment and< 
also for technical advisory 
services: The range offered 
inckides marine propulsion ■ 1 
units, auxiliary gensets, marine 
gearing units.dedtauxiUaries, 
communication systems and radar. 


Diesel Engines 

Greaves introduced the world famous Ruston 
Proctor Engine to India as far back as 1 889. 

In the Iate30's,it began production of 
Ruston engines in India and since^ 
then, Greaves have introduced 
Ruston power to every - 
application, from agriculture 
and construction to industry 
and marine. 



Manufacturing Divisions: 

Greavestool Division, Bombay. 

Greavas Light Engineering Division, Bombay. 
Greaves Nasik Plant, Nasik. 




Marketing Divisions: 

Aviation & Electronics • Construction, 
Mining and Drilling • David Brown • 
Greavestool • Industrial Equipment * 
Lombardini • Marine • Metals • 
Oilfield • Ruston • Textile 


Now, Greaves Lombardini 
Limited In collaboration with' 
worldrfamous Lombardini Motor?? __ 

Italy, has set up India's largest diesel engine’ 
plant to manufacture the world's most 
advanced diesel engine, toe 'Lombardini'. 

This has opened a number of new avenues for 
original equipment manufacturers in India. 


Mining 


Greaves' full-fledged Mining • 
Division offers the widest 


Subsidiary Companies: 
David Brown Greavas Ltd. 
Drayton Greaves- Ltd. 
Greaves International Ltd. . 
Ruston & Hornsby (India) Ltd. 



range of machinery for every 
stage of mining, including turnkey, 
iFrom 


project implementation. 
Gresves , 


reaves own manufacturing units 
come diamond drill bits, diamond 
drills and rock cutting roller bits.. 
Greaves supply earth moving, * 
construction and mining 
machinery through their f r 
associates both local arid 
International. 



Associate Companies: 
Crompton Greaves Ltd. 
Greaves Dronsfield Ltd, 
Greaves foseco Ltd. 
Greayes- Lombardini Lid- 
New India Fisheries Ltd. 



GREAVES 


GREAVES COTTON &CO.lTa 

Registered Office, 
1,-Dr. V. B. Gandhi Marg, Bombay 400023. ! . 


■ % 

U.K. 

James Greaves & Co.' 


GPO Box 406, Brazennose House. 
Brazennos® Street, Manchestary 


-i 






as 


The Rane Group 
contributes 
to the safety and 
reliability 
of India’s 
road transport 


Engine Valves, Tie Rod Ends, 
Steering Linkages, Steering Gears, 
Brake Linings, Laminated Springs, 
Air-Filters and Ciutch Discs are the 
products manufactured by the Group. 


AH manufacturing facilities have ' 
been established in association with 
renowned British manufacturers of 
motor components. 


The Rane Group 

Engine ,Vaives Limited 
Rane (Madras) Limited 
Rane Brake Linings Limited 
Jonas Woodhead and Sons 
(India) Ltd. . 

India Filters Manufacturers 
Private Ltd. 



32, Cathedral Road, 
Madras-600 086 
. INDIA.. 



4th All-India Machine Tool Exhibition 
9th-20th February, 1979 


A unique apoonunitv U look cfcKOly attfia 
tvKtat nrga of machim tools and oSi-d products 
roods m IrxS*. disptayod under one roof. 


Ova: 200 ia»dirg manufacanre wN prondpiro to 
avMHI almo-a tha aniira rangs <rf maul cutting 
■nd Inmtirg msctilna teats. DiBHie roid wokttng 
nvitfli^tiy. gtu cutting and foundry aquipmanc 


until and euuing tool,, preetdon maaEcring 
tools, deotrtc* and mochaw root aeeoKonoi. 
IMTEX 73 wBl bo tha l«ga<t scecaRsad 
erfibilion of rta Wnd to ba luid in India. Daagocd 
and itiannad accenting -o inn intvniticnil 
machina tool axHbUion-. of Hanover. Thar* will 
ba a Special accent on nc-.v radirio&ginl 
datd opma nta and export (voductwn 


Fr" <unh«t inlomation on 
IMTEX 73 contact: 


o p'Utwm 



Indian Machine Tool 
Manufacturers’ Association 


E2 Jell it Makar Oiambn No. n. 

2Z5 Nariman FOiRl. Sorabav 400 021 . India. 


HaancUa Times Monday August 14 1978 


INDIAN INDUSTRY VUI 



Problem guidelines for the 


financial institutions 


PRIVATE INDUSTRY, partial- credit to the Government — they feel they should derive the involving a_ total assistance of functioning in the 
larly the larger groups, is often because of Mother forces operat- benefits of profits made by use RsS.fibn. Until then they had months said that uie sen 
criticised by spokesmen of the iug in the eeonomy and eon- of funds provided by them. exercised the option in just 64 had neither taken on tne grou 
Government for Using funds tinuation of the tight money ^ Df new uroiecLs cases and had nominated nor gathered momentum 

given to - them by the public policy is one of industry's main ^ 0Dt j 0 n can be used after five directors 011 tlle * K,ar ^^'- 0 ^ 687 respect of the cotton 

ial institutions solely to complaints, especially now that “ B § 2g to tfaecS concerns.. But ; to jute industries. The Amount 

ite its growth. It is pos- effective demand is rising and Q f ^bstemtiai expansion the ioduslrialists this is sufficient sanctioned to 59 cotton inriUa i in 


financial 

promote 


sible that there is some sub- the need for finance is increas- dectrio?^r U be C tek^ M ^Uer rausc for alanTL this period was Rs462m but 

stance in the charge that the Jog. ofthTfoan rnbe That the clause Has beeh a actual disbursement was just 

P™ 1 «_ sector does not^plough But there are two major and converted varies from 10 per major hurdle^ in the way of has bccn a gUghl 

recently up to the 
euu ui last. 49 concerns 

tors where the incidence of The first is the threat that there r “ 

“ sickness ” is high. Yet indus- will be a lowering of the debt- -p 
trialists can hardly be blamed equity ratio from the existing JF G3.FS 
for borrowing from the public 2 : 1. This is now being _ „ 

financial institutions. The examined by the Government TIie Government and 



is available from the removal of bee ° ^occ 0 * ° ft . 

the clause in agreements ior totalling Rs266m, an 
“soft loans” provided by the ment of eighteen Iter cent . o 
.. financial institutions to' "sick” the previous year. Jket this 
.5j units to encourage them to take hardly the result ejected for 


capital market Is relatively uu- The second is the right of the financial institutions . feel that recourse t0 public funds and Plans to ginger up ailing sectors 

• a a . v a. _ _ _ _ thO TOOIV nf lTlrtltcftMOl K?tC flhftllT _ r _ _ •• _ P- a. 1 Irtrt I VI fT 1 T Qk PV 


developed in India and a large public financial institutions to * ears Industrialists about Rurse themselves back to health. the economy. The Industry 
.... the convertibility clause are •*- • «*■>—,» 


proportion of savings are convert loans into equity. 


w. AfMtAUQrt >VOAM UILV. CMUIV* _ ' -I,r • . lUlUilCIl .in llliO a^UUgiUUUU , j 

siphoned off by Government Guidelines issued to the ^-^sggerrated. They argue that they would not seek the is unhappy over the manner and 


impneu rn is recognition KMUrter. Mr. George Fern^^ 


agencies with the result that institutions hi June 1971 in most cases the option will be jf {he convertibility danse P ace in whl , c, ‘ the scheme is 
ings by private stipulate that the convertibility used only to take advantage of were lQ be inserted. ■ ... being operated and remedial 


The guidelines say the 
Government attaches the highest 
importance . to employment 

Generation, particularly through 
rural and village industries. 
Lending institutions am 
required to ensure that 
adequate finance is provided to 
rural and village industries "as 
well as to projects where a 
large part of the benefit is 
likely to How to the rural areas.” 
They have also been told Id 
examine the possibility of sub* 
st tinting automatic anil capital, 
intensive processes with labour- 
intensive ones. Broadly speafe 
jug the guidelines . classify 
industries as high priority,, 
negative . and public sector 
undertakings — Uie second 
category will find it almost 
impossible to get term loans,. •/- 


The “soft loan” is operated 


measures are expected. 


market borrowings r 

companies are virtually non- clause be inserted in all loan extremely high profits so that 

existent. agreements where substantial these can be used to replenish . - , inv uu«».»i iu«nu,.v— 

More important, ever since assistance is given. With this for further industrialLsa- S themselves point out that their 

ore important, smee .. ^ ^ nominate ^ rarely _wfll itbe_used ^ of India (OWD to assist overa1 , functioning lS ]im.tedhy 


The financial institutions 


Delicate 


SS*S*«"K -ys 

in 1969, public financial insti- manufacturing units concerned poticj'-maldng,- especially if Mm “ Jg on the basis of purely com- 


jiiuacLuriug units cunceruvu ^ — , * * j +ovtil^= turo . ntxjntmt 00 l,,c . — , 

tutions have a near-monopoly of so that the financial institutions JJ 1 ® concerns are well managed. certain ensineerihe mercial ,10rm!i ' even tho * , 3 h 

loan^le 'fimds. ^THe^few can actively participate in policy e ^“H Uves ^ ! HK-E ara espectcd 10 sh0W 

Indian banks in be private sec- formulation. iSSSi !SS mmmum profits. The govern- 

tor are relatively small and The actual exercise of the that they do not have a isuffi- indusmai _nmmce Lo^auon menf Kccatiy pres cnbed new 

their operations m omitoed option to convert loans into cient number of quaked penpte ideJinC!S which establish 

uiciL uiroiauuun me nnwiKu ... . . - tn t o boards and this Investment corporation of India “ rioritics [ or gram of credit to 


to particular regions," wMlT^ equity depends on the nature of t° nominate to ooaras ana inis ‘ Priorities for grant 

t — : f. : c Ihfl nmioM onrl tha ovnoriAfi in itself is a major safeguard fICICI). pie three are the J 3 sectors led by fertilisers. 


frictions on foreign parti cipa- the project and the expected ~ main tcrm-lendin" institutions actu, ‘ a •“ w -' *y« «*«*-—. 

tion prevent them from becom- yield on equity. The public SSSiwiSfSiSo. f ^ S“Sie cSSnS with ^tbe IDBI ceme,lt ’ Sl,ear ’ essent . ,al *S U '~ S . 
mg a major source of finance financial institutions justify the convertibility clause. - m the ^ countiy with the IBBI ^ e ,e C tricity generation. Term 

for industry. There are four convertibility clause nn two If actual figures are a guide, ** loans have been ruled out for 

major term-lending institutions main grounds. It enables them there is some truth in this. Up Despite the removal of the 13 industries including cars, 

in the public sector (and some to .prevent industrial units from to the end of September last The convertibility clause, however, air-conditioners, refrigerators, 

specialised agencies). There is going in the wrong direction financial institutions added the the “soft loan" scheme has TV sets, toilet goods, cosmetics, 

clearly discernible* mutual and to monitor their procress, convertibility clause to 1,236 old made little headway, A working alcoholic beverages, cigarettes 

suspicion between them and Secondly, and more important and new loan agreements group which examined Its anri other consumer goods, 

established industry, even \ - 


mpiaint againsT 

sti tutions used ; j. - - . v v* 

in processing *■'- 

. r> > ■ • .. ■ .« >■?. r * 


though their primary role is in- 
dustrial development. 

A constant complaint against 
the financial institutions 
to be delay 

applications for loans.. Pro- 
cedural delays remain and are 
inevitable in cases when 
accountability is tn the. Govern- 
ment and the reserve" 'bank 
which issue guidelines and V- 
norms the institutions must 
follow, although recently pro- - 
cessing of applications has be- 
come speedier. The institutions 
are also limited by haying tn 
function in accordance- ^wltb' 1 ' 
priorities' prescribed for "them. 
Under the Janata Government, 
for instance, "they must cater 
increasingly to the needs of 
small-scale industry, although 
so far a faltering start has been 
made in this direction. 

They are also bound by the 
Reserve Bank’s credit policy 
which despite recent relaxations 
still calls for relatively high 
interest rates on most- loans 
(the only exceptions being* 
those to the "priority sectors”;' 
and selected “sick” industries)'/ 


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Such a classification Adds 
difficulties in the way of tending 
to established industry sines Uie 
financial institutions have to 
perform a delicate balancing. act. 
Apart from the new guidelines, 
they must cany out normal; 
functions such as refinancing- 
and rediscounting, make sure 
that “backward areas” are 
developed and also play a pro- 
motional role by eiicuilr«giftg- 
new entrepreneurs. The- tost ia 
done, for instance. . by • the 
•* seed capital assistance 
scheme ’* uf the 1DB1 but its 
implementation is more difficult 
because of the careful screening 
that must be dofie. 

There are separate schemes, 
fur providing rupee resources 
by way of direct loans to 
industries witb import licences 
for balancing equipment tech- 
nology. consultancy servicesand 
drawings and design. In addi- 
tion, foreign lines of credit have 
been opened with the help of 
the International Development 
Association, the “soft loan 1 *, 
affiliate of the World Bank. 

The Industrial “Finance'; 
Corporation has started an 
interest-free "risk capital-'; 
foundation” to provide “need* 
capital” for new entrepreneurs’ 
and technologists. The IFC also 
subsidises costs of assignments 
taken up by the . technical" 
consultancy organisations. There • 
are schemes for making • 
marketing studies for Indians 1 ; 
abroad and a special division' 
for promoting ancillary 
industries. Concessional finance 
and subsidies are available for- 
projects envisaging commercial 
exploitation of indigenous tech- 
nology and a host of other - 
schemes designed to meet thr 
needs of new Government 
policies. . 

All these still form just -a 
small part of the operations o£ • 
the financial institutions but the - 
demands they make on them iifi. 
terms of time and resources is 
not thought to be proportional 
to the benefits emanating from 
them. It is possible they will 
make headway in the future.. 
But the industrialists feel that, 
for the present they prevent the/ 
institutions from performing 
their traditional role of ; 
financing the must viable 

projects that will hasten 

industrialisation. 


K. K. Sharma 


Taj-lntareontiiwntal Hotel 
— Bombay 


LETS BUILD THEM TOGETHER! 


ODaioi -Sheraton Hotel 
— Bombay 




: 4 * 






Whether It’s a five -star hotel, a Sultan's 
Palace, a hospital, a chemical factory, 
a fertiliser plant or a housing project,— we 
have the expertise and experience —to handle 
any turn-key construction project anywhere 
In the world. 


won the contract for putting up the imposing 
Muscat Palace complex of His Majesty the 
Sultan of Oman — and completed it in time. 


tm-im 


Over the last 100 years we have not only 
pioneered the construction industry in our 
country but spread our wings to Muscat and 
the Middle East — where against competition 
from the best construction companies, we - 


The multiplicity of projects carried out by us 
over several decades has resulted in the 
building up of expertise in numerous aspects 
of the construction industry. We proudly offer 
this expertise for any construction project and 
proposals for joint .ventures would be 
welcome. 


Li - 


[Muscat Palaco of His MajMty the Sultan of Omani 


Bate Saii^ 












p j mm % 

iiitess 






; .'Sri': 


mz-i 


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1 >'.^..^^.¥*77 

^ • 'Wm 


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SUMS 




SHAPOORJI PALLOIMJI & CO. (PVT.) LTD. 


j n te rr\ a Tion a !_;0pe^:t i.o n iCo'i visi o n , Eri g ineenng, ,& ■ Cdnstr.u ctTo n Contractor' 
Neyy India Centre 1 -, • J 7 Cooperage Road, Bombay .400035 ipdia' : . • 


7 




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(\ . floatacuL August 14 1978 


INDIAN INDUSTRY IX 


he 





y. ONE OF the things thattbe troelcs industries arid Brother to be set up near.Caleutta. l4fl investment Trim any. quarter, 
• Marsst Left ■ Front Ministry in to- set-up pharma ceutiad units corporation is not only a private MRTP bouses and multi- 
West Bengal did -on co m i ng to have been createii to jwromoie sector enterprise bat an Indo- nationals included, as long as 
l,;: : power wastoestabUsh a close joint ventures with. private part- British company which is these conformed to the 
rapport with local chambersof ners as a matter of poCey. Even foreign-controlled. . Its. existing national lavra governing such 
commerce. At the same time it -in the proposed petrocheinical plants are very old end have Investments. The Left Front 
•-‘-v. exhorted the working class hot venture, shares will : be- issued been considerably derated for Government’s only condition is 
:-i. to strike needlessley -but to the publicto tbeextent of their age, yet the corporation that the MRTP houses and 
• only as a last resort after -ex- at least percent.*" . has a good record as a -pro- multinationals should reinvest 

■ ’rj ploring aH other- OTenueaTbis An - indnstrial - advisory ducer of electricity. ...... . their profits in the State, not 

. . 1 rather un-Maridst- approach council has been, set: up ,:- With Its lease or licence, which was transfer them elsewhere. 

bUi inge to most political local industrialists given appro- to expire in 1980, was extended Taking a practical view of 

wsorveis. _ due* Minister. . Jyou priate representation Alongside by the former regime up to the things, MRTP houses and the 

"■ Basu Justified it. -boiw^«v <m representatives of the;: Govra- year 2000. Mr- Base’s justifies- multinationals in the State do 

1 “® the L^ft Front meat and workers,, where all tion for extending support to not disagree on this point For 

“ faut < ? IMf matters relating' to new' itfvest- the corporation for ..-its new them the remittance of profit of 

-• ox^tbe Statesof the Indian union ment and toe, problems. erf. local venture is that if the company a new project in West Bengal 
• which has a mi xed economy, industries are freely: and mean- is to work, as a private under* js not- very, important at this 
and *he institutional - limita- ingfully discussed, V^; ■//.-' taking up to the end of this stage. Strengthening- the 

. Sons of a State Government be- Bffl ; ^ rcai -nr^dem is that ^teuiy, it should be allowed to operational base*- of their 

«*.."* ^^hat t hey ate: the West gtate GovermnenthasreaUy work welL Calcutta and its business in the country as a 
Be^al Ministry cannot choose T ery Imiifcted pewerin the matter surrounding industrial-' belt are whole is what these companies 
a different course. - . of indnstxial ; developn^tr-toat desrorately slmrt of pwer-and are after. 

“This reality of a mixed too has been mbbed.hi-’by: un- a ^MW plant would be a great For Metal Box is 

_ economy has to be ' accepted " "Mud critics— aivd^even^.; “riek” Diessm - • going ahead with a Rs 190m 

.< ... Mr. Basa explains, and. the Left industrial unit cannot be taken T , raoject with French technical 

>:r. Front is trying to get “whatever over without New r 'DeIhPs ex- IjICGHCG coflaboration, with a capacity 

,- good ” jt can out: of it How- press^approvaL Ti^*^.lndus- . for 6.75m ball bearings and 

. . / ever, those who -'knew today’s trial' houses appreciate . the Therefore, when the central tapered roller bearings. Being 
.'economic circumstances^ in businesslike and;-^-karaight- Government delayed unneces- purely an import -substitution 
West Bengal think thalT the forward way in whiefr-fte- Left sarily in issuing a licence West effort no marketing problem is 
.... Ministry’s overt friendllness 'to- Front Government VeJtpfetially Bengal took up the matter at the forecast The company would 
2 j wards business fit js'crather.big its Chief Minister, ^barrister highest level and eventually the be glad to reinvest its profit 
X. business in West Bengal sinee turned Communist;* intrude bureaucrats of New-' Delhi from this project in a suitable 
* t ‘ out of 29 large or 41 monopoly ’* unaandst/ has beei£ -.eying cleared the project They knew way given the opportunity. 

. houses . 17 have their presence tackle -the State’s majerHecono- well enough that the 340MW 
; . here) is rot a matter of tactics, mic problems in^ the . most thermal project was. quite 
but of plain necessity— or in a realistic way possible^:'.- soundly conceived and urgently x i3.nt 
/ way Hobson’s choice. The Front its limited cds^mimal needed and that finance for it 


is committed to the solution of powers apart, whktlSiFbeezL was fuU 7 assured including a Davy Ashmore India !s 
the unemployment problem, proving particularly ifmrixating contribution from the World putting up a Rs 34.5m plant in 
especially among the educated is the chronic power portage, Banfc Yet the sheer habit of the same . vicinity to make a 
' who have solidly voted, for.it, which prevents in&uftms from bureaucratic inertia and delay variety of engineering products 
and this will not be,' possible utilising their produe$ite; capa- had held up the project for nine including metal pressing equip- 
without a full blooded Indus- city to the extent -fiscal would Ion S months. rnent, extrusion presses, forging 

‘ trial revival in the state - .. like. The jute and dq^wflring It is this ktad of support to presses, rolling mills for blast 
' . ' ■ _ ■ ' industries In parti^^m^.lmve industries seeking central furnaces, auxiliary plant, eta 


trial revival m the state - .. like. The jute and enmo- 
• . •" .'./industries In partiem*;: 

,T Recession - ^ 

A variety of factors have con-, situation talk of newJLi^ffi 
. ’ tributed to West Bengal’s Indus- capaipty has become 
trial stagnation and decline, but realistic at the’ momenB|; 
the two foremost are a pro- The Left 'Front Mirrisfag 
. longed demand >recesrion for arranged to import 
the products of the engineering neighbouring Orissa teinw 
! groups— heavy - - engineering the gap, Tmt realising th|j 
.'units particularly— which form, real solution lies in an effl 
tiie backbone of the industrial utilisation of the States 
structure, ^nd y-secontfiy,-. « generating capacity ,iias . sc 
marked fall in- industrial: invest- the advice and suggestions. 
_ , ( menl whirti pver, the ygzrs . industiiiliste on' . hpw to 

caused tile -State since tbc : 1960s matters' right : in the ' p 
, bv fall behind Maharashtra in plants, some of whidi , 
. the industrial rsee^ - . - been seriously affected /a 


Imre industries seeing central furnaces, auxiliary plant, eta 
ericas Government licences for expan* It toe would be glad to have 
[eh a sion. diversification ' or opportunities of making further 
istrfal altogether new 'schemes that investment out of the profits of 
ri un- business houses would increas- this particular project 
%' ingly need. For their part the *The main hurdle is posed by 

P i chambers of ■ commerce have the restrictive attitude of New 
responded to Mr. Base’s gesture Delhi. However, tile business- 
of cooperation by submitting men in West Bengal, moiiifling 
schemes involving an invest- those representing the MRTP 
ment in the State of Rs 3bn houses and multinationals, are 


tiie backbone of tbo industrial utilisation of the States Kwn (£200m) onnew projects as well happy that a Marxist-led 
structure, and y-secontfiy, a generating capadiy.has .sc^gli as oa substantial expansion and MJnistry is takfng a benign 
marked fati to industrial; invest-^ ^the advice and saggestionsfc|y diversification. These projects interest in tiieir affaire, in an 
mete which pver. the ywa.b^lndv^Wjdiste on b^rw to lpt^are bang . scrutinised by the obviously constructive spirit to 
caused ttbe -State since the -1960s '. matters . right yin the ' po^er?" depertmfluts concerned to he bring about an industrial revival 
to; fail behind MaharaAtra in plates, some of whidi iiave forwWded' . \o the Central i n the State. They are happy 
(he industrial raee^ . ..been seriously affect^Jmy A Government for final approval, too .that labour has not been 

The industrial boom' in the Peculiar ptditics^ rival^amoog Dr. \^soke -. Mitra, Finance encouraged to become difficult 
1960s was not so much the result thelabournnions, ^Jeartb of Minister, - ' saya.that so long as and that law and order in the 
of public investment, although sparM and veiy sa tisfactory r jnvegtment. proposals conform industrial belt is on the whole 
ttet prayed an par^ naintaffance 3^nd^rdK /te tfcfe main goals of the Left ‘satisfactory — more so than it is 


.. ms of massive private invest- When 
ment. especially by the ' ■5®*?* 

maligned muljiiiationals. in the Minister 
. various sectors of- the State’s' over the ] 
industrial economy: The Left- enterpria 
-Front Miuisuy is perceptive could tra p 
enough to understand ihat lh- good him 


dustrial regeneration on : any. aHfpn 
worthwhile scale will ; 'dot be 
possible without the active .and / 
wholehearted ■ co-operation of 
the busineas bosses 
operating here. -. ' "tiaps • 

On its own tijie 5tate Govern- . ^intr 
ment has taken out a letter of ^eyivit 


in^intrfpid. businesri-Front Ministry’s industrial In other industrially advanced 
ingested to the Chief policy, there woufd he no prob- States like Maharashtra. Jy 
mt be- should hand lem-' about , the Government ^ 

itS>ftdl beWnd to West Bengaf have found that 

: efficiently, Mr. Basu .i Tbe main goals of the. Left forebo ^gs about 

m redly pocketed the Froirifs. industrial policy arei e Mar^st-dnmhTat«3 Minic^ 
^ inflnft- ftiY a Marxurt-dominated Ministry 


and asked the indus- (a) reversal of the 


tilsfto help revive some of towards industrial stagnation; . tavfe . 

t iling private units first <h) arresting the growth of an- . 0Mn fnia,iea 
rental ly. West Bengal bas employment and providing for In fact, it is a measure of 
/largest ; number of ailing increased, employment in the tile cordial relations between 
ts yof any State in the industrial as w^fl as agricultural ; industry and the Government 
n try/ hot ati of them worth jseehn^ ' (c) encouraging the here that when there was an 
iyit®. But the Ministry growth of small and cottage appreciable improvement in the 


-infcnl for a petrochemical cbm- ^cpects businciss bouses here to- indhstries; (d) lessening the power situation for a few days 
plex in Haldia ta p ^itmiw aiy^itive it a helping hand in bring- stranglehold of the monopoly the president of a leading 
. licence which wiM be tonvertt!* ing back the units into a healthy hisses Md multinational groups chamber of commerce quite 
into the final licence after^a condition. - bn.'fhe economy of the Slate; hastily and prematurely sent a 

definite project report Is siib- Another example of the Chief.' (eX- gradual expansion of the letter of profuse congratulation 
milted indicating the technology MtoiMbrt .good faith in seeking ^obKc sector; ^ ^and (g) increas- to the Chief -Minister. The 
to be adopted, sources tech- the help of Jhe private sector— irootrol of the achial pro- improvement of course did not 
nical collaboration and the paV and h!e in ; turn helping it to- darero—Le*. the workers— over last long, but it was dearly 
tern of financing, eta) to h?tro- utilisa tha State's productive the- industrial sector. some indication that big 

dura a much-needed diversifies- energy- better— Js the backing "'■Dr.'Jklitra explains that these business is not hostile to the 
.lion' into .the Stated stagnant -he has gives 16 the Calcutta aTOtong-teim goals, but that in Marxists, 
industrial structure. A - special EJectric ".Supply ; Corporation’s immediate future the 
corporation to promote the..elce- 34QMW .ttwrted- . power station' ^gerummt would welcome 


P. C. Mahanti 




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Export Orders executed : 

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, - 7 


Financial Times Monday August 14 1978 

INDIA* INDUSTRY X 



companies can still 




THE CONFRONTATION which 
took place last year between the 
Government and two large 
American companies, IBM and 
Coca-Cola, may have given the 
impression to outsiders that the 
climate for foreign investment 
in India had deteriorated and 
that foreign companies were no 
longer welcome. This would be 
incorrect Although India has 
never relied on foreign invest- 
ment to the extent of some 
other developing countries, such 
as Brazil, and the activities of 
foreign companies are restric- 
ted in several ways, it has been 
and still is possible for them 
to operate successfully and pro- 
fitably in India. 

The best performers have 
generally been the companies 
which have organised them- 
selves In a way which contri- 
butes to national objectives; 
they have done what the Gov- 
ernment wanted them to do be- 
fore being compelled to do so 
by. legislation. While they have 
been prevented from expanding 
into certain sectors, it has 
usually been the execution of 
policy rather than the policy 
itself which they have found 
frustrating: they would be hap- 
pier if the frustrations weTe re- 
moved. but they have learned 
to live with them. 

It is true that, as In most 
developing . countries, multi- 
national-baiting is a favourite 
sport for politicians. Fo reign- 
controlled companies are associ- 
ated in people's minds with 
what Hr. George Fernandes. 
Minister for Industry, calls 
the “five-star hotel culture.” 
Although they account for less 
than 10 per cent of the coun- 
try’s industrial investment^ the 
bigger companies are highly 
visible to the general public. 
Among the 30 largest private 
companies are subsidiaries or 
associates of Unilever, BAT 
Industries, Brooke Bond. -Dun- 
lop. British Leyland. Alcan. 
Union Carbide, GKN and 
Siemens.' But there are only a 
few sectors which are dominated 
by foreign-controlled companies: 
one example is drugs which has 
become a. particularly sensitive 
area. 


Rules 


Even before the enactment of 
the Forei gn E xchange Regula- 
tion Art (FERA) in 1973 many 
foreign companies bad taken 
steps to Indianise their manage- 
ment and to reduce their share- 
holdings. Hindustan Lever, for 
instance, the Unilever sub- 
sidiary. had sold 10 per cent 
of its shares to the Indian; 
public in l95fi and another 5 per’ 
cent in 1965; last year the 
shareholding was reduced .to 
63 per cent. The present car- 
man and his two predecessors 
have been Indian nationals! 

The FERA rules, as amended 


in 1978, define three categories 
for foreign-coptrolied com- 
panies. The first - covers those 
in which not- less' than 75 per 
cent of annual turnover consists 
of "core" sector activities (a 
specified number of industries, 
sometimes referred to as Appen- 
dix I industries, including 
fertilisers.- petrochemicals and 
capital goods) or of activities 
involving ' sophisticated tech- 
nology or of exports. In this 
category the foreign company 
may retain up to 74 per cent of 
the equity. 

The second covers companies 
which do not less than 60 per 
cent of their business in core 
sectors or in activities involv- 
ing sophisticated technology and 
export not less than 10 per cent 
of their production. These 
companies may retain up to 51 
per cent foreign equity. 

Concession 

The third category covers all 
the companies which do not 
satisfy the criteria set out 
above ; they must reduce the 
foreign share of the equity to 
not more than 40 per cent. There 
is a further provision with 
regards to exports. A company 
which exports 40 per cent of its 
production may qualify for a 
51 per cent foreign holding: a 
larger proportion of exports 
may qualify for a higher equity 
participation. A foreign com- 
pany may be allowed to retain 
full ownership of its Indian sub- 
sidiary if its production is 
wholly geared to exports. A 
further concession . announced 
recently is that foreign com- 
panies which re-invest in India 
profits that would normally be 
remitted may be allowed to 
retain 51 per cent foreign 
equity. 

Not surpris ingly , the applica- 
tion of the FERA rules has 
caused problems in the border- 
line cases. Where a company is 
clearly in the 50 to 74 per cent 
categories, no major change in 
its operations is called for. Id, 
for instance, has three main 
subsidiaries in Ind.ia-r-lndian 
Explosives, making explosives 
and fertilisers, which is 50.4 per 
cent owned (the ^ndian Govern- 
ment is a minority partner) 
Chemicals and Fibres of India 
making polyester fibres (55 per 
cent owned), and Alkali and 
Chemical Corporation of India 
(51 per cent owned), which 
manufactures a wide range of 
chemicals and plastics and Is 
npw building new plants for 
( "Graraoxone” and pharma- 
ceuticals. 

With a total employment of 
11.000. ICI is one of the largest 
foreign investors in India and 
is continuing to expand and 
diversify. 

Similarly other companies 
whose activities are clearly in 
the “core” sectors like Siemens 


in electrical equipment and is unlikely to be allowed to - 1 

TSS 25 ^-™“ |^; : rtRElSN COLLABORATIONS SANCTIONED IN 1977 

majority contreL 


and in its choice of new 
fields it will have to keep dear 
At the other end of the scale 0 f this company’s turnover is 
there has been no question that public sector or for small-scale 
a company like Metal Bor of industry. 

India, making cans and other 
forms of packaging, would have 
to dilute to 40 per cent. This XTrCIvlSHCB 
company has obtained approval 

from the authorities for the In practice this means that France 

Others 
Total 


UK 

Germany . 

U.S. 

Switzerland 
Japan 



Financial 

and 

Technical 

Total 

technical 

only 

59 

9 

59 

$5 

5 

58 

54 

6 

43 

23 

4 

19 

20 

_ 

20 

14 

1 

13 

42 


48 

267 

27 

240 


BHARAT HEAVY 
ELECTRICALS 


issue of convertible bonds which it is steered into areas where 
by 1981 will reduce the share- large-scale investment and .the 
holding of the parent company kind of marketing and manage- ' • 

to 40 per cent or less. Similarly . ment skills associated with at A _. • 

ITC Ltd (formerly Imperial large company are required. its method of making soap, lems m calculating me precis* 

Tobacco, in which BAT Indus- The Government’s preference . using minor oils which would percentage of a company^onai- 
tries is the dominant share- is for investments which otherwise have no market and ness which is in the priority see- 
holder) has diluted to 40 per generate employment earn producing valuable by-products tors. Union Carbide India has 
cent and Britannia Biscuits, foreign exchange or hefcp to as glycerine, is sophtstica* a dominant position m batteries, 

53 per cent owned by Associated develop backward parts of the te ,j technology- The claim has not a priority sector, but it is. 
Biscuit in the UK, has country. Thus ITC has versa- investigated by experts also In petrochemicals, is build- 

announced plans to do so. fied into hotels and into nuafne appointed bv the Department of ing a pesticide plant and. for 
The 40 ner cent-owned com- products. Metal Box is build- Science and Technology and ap- export purposes, has invested m 
names are treated on a nar vri»h in 3 a P*®* t0 “atHifaeture. p aren tlv accepted but the prob- marine products. The company 
E °bu? somTof bearings, a product which* is la \ 0 t yet resolved. In the is confident that *«««•* 

them are “large houses” as 511 PP 1 ? * n India = meantime Lever has been diver- the 60 per cent ratio within a 

defined by the Monopolies and early 1980s some 25-30 per cent si£F i n g into new areas, with a period J C 5!5 la t b h l^ . 

Restrictive Trade Practice Art o{ ^ company s turnover is'laree investment in phosphoric authorities and thus retain 1 W 
S^eir abm^me^anl ***** * *>* » non^acteging Ud and other chemicals due present 50.9 per cent shared* 1. 
and diversify is restricted. If a fields. . on stream shortly: by the mid- mg. • ~ . 1 

company already has a dominant Difficulties have arisen- over 1980s some 30-40 per cent of the Negotiations with the author!, 
position in a particular market, defining what constitutes sophi* company's business may be out- fjes can be time consuming and 
as ITC has in cigarettes (about sticated technology. For -in- side Unilever's traditional lines. sorae observers believe that the 
47 per cent of the market), it stance. Hindustan' Lever claims Similarly, there can be prob- border line companies would be 

better off to accept a dilution to 

r j'*' '• rri.y*'* 1 

.... . ; • 

^V^v.-V • .tv . ■. ; . jV. i « -v 


40 per cent Several British- 
controlled companies have- 
found no difficulty in adjusting 
to a lower equity boldine. Since 
the rest of the shares are widely 
spread, the change from 51 per 
cent to 40 per rent makes no 
difference to management con- 
trol and relations with die. 
parent company need not he 
affected in a drastic way. But 
to some American and Con- 
tinental companies the loss of 
majority control is a consider: 
able psychological hurdle. An 
Indian manager in one of those 
companies worries that after 
dilution to 40 per cent the 
Indian company will no longer 
have the same place in the 
parent's worldwide network and 
access to new technology will be 
more difficult “It will no 
longer be a matter of walking - 
In and pSekhYg itJj whaTeret-j-cra ■■ 
like.” He also sees no great 
attraction in diversifying into 
industries like deep-sea fishing 
where the company has no 
experience. 

There is criticism among 
foreign companies of the un- 
imaginative way in which FERA 
has been applied. It is arguable 
that even within th.e FERA 
rules India could be making 
better use of foreign invest- 
ment. Philips, for example, 
which is diluting to 40 per cent, 
finds itself squeezed between 
the public sector (Much has a 
dominant role in telecommnni- 
cations and some types ftf 
electronic equipment) and the 
smalKscale sector, which has 
preferential rights to certain 
consumer* products. Several 
electronics companies feel they 
Could be. making a bigger con- 

CONTINUFD ON “ 
NEXT PAGE 



An oil rig belonging to Bharat Heavy Electricals. 


IN THE PAST technical agree- 
ments were sometimes based on 
the desire of. the foreign 
collaborator to offload outdated 
technology on the Indian 
partner, while keeping advanced 
know-how to himself. As Indian 
industry has matured,- the 
need for foreign technology has 
changed and so, too. have the 
attitudes of foreign companies. 
The State-owned Bharat Heavy 
Electricals, for instance, which 
started in 1955 with a collabora- 
tion with Associated Electrical 
Industries of the UK, has in 
recent years invested heavily In 
its own research and develop- 
ment. It reckons to be - well 
up with the leaders in several 
fields, such as solar energy and 
new methods of coal combus- 
tion. but has no qualms about 
buying in technology to supple- 
ment its own efforts. “ If some- 
one else has already done the 
work we are interested in,” says 
Mr. £L N. S ha ran, engineering 
director, “well buy it” 

In a deal which has aroused 
some political criticism BHEL 
has signed an agreement with 
KWU. the Siemens subsidiary, 
for know-how in turbine genera- 
tors of 200 MW to 1,000 MV. 
BHEL is now-making 210 MW 
sets . based on Russian tech- 
nology, but plans have been 
approved by the Government to 
build four super-thermal 
■stations which will incorporate 
500 MW sets. The first will be 
built by Tata Power in Trombay 
and the first 500 MW set will 
be largely imported From Ger- 
many, though with some items 
manufactured by BHEL and 
FUR engineering involvement 
by the Indian company. . 

‘ There is a clear under- 
standing that it will be an open 
door policy between KWU and 
oureelves.” says Mr. Sharan. 
H Our engineers are involved in 
developing the designs. Our 
engineers can go to rheir 
laboratories and they are free 
to come to work with us here. 


It's a 15-year agreement and 
we're not just talking about 
products — we are interested in 
power station engineering” 
KWU will take part of the 
royalty in the form of equip- 
ment manufactured by BHEL 
in India. The rate of royally 
is a sliding scale starting with 
4 per cent for the first five sets 
and going down to 2. per cent 
after the tenth set. KWU was 
selected out of a list of 11 
manufacturers; the jhott list 
included General Electric of the 
U.S., Brown Boveri, GEC and 
MAN-Alsthnm. V 

BHEL, which employs over 
50,000 people, is determined to 
become one of the- ’ world’s 
leaders in power' station 
engineering: it has developed * 
sophisticated organisation for 
research and product, develop- 
ment It has the volume to 
support a substantial research 
and development programme: 
it will soon be in * position^ 
to supply equipment with * 
generating capacity o£ 4 ,<H )0 MW 
each year. But it recognises 
that gaps exist between its 
technology and that <rf the main 
international supplied and that 
these gaps cannot be filled 
quickly enough by ..in-house 
development. 

BHEL has sought agreements 
in specific areas with companies 
which have a strong R. and D 
base and experience in trans- 
ferring technology successfully; 

apart from KWU, there are 
agreements on boilers' with 
Combustion Engineering of 
U.S.. on transfonnets with 
Alsthom of France aiid 'several 
others. The company ' is 
impressed by the example of 
the Japanese, who have become 
competitive suppliers in world 
markets, of know-how' « well 
as equipment, while continuing 
to absorb technological . input 
from foreign collaborators. 

G.O. 


¥ 



For Kirloskar Pumps it has been 
an expanding world. In the last - 
fifty years the range has. widened— 
and so have the markets for 
Kirloskar Pumps. 

Today, there is a Kirloskar Pump 


for almost every application— and . 

' they are sold in over 40. countries ’ -. 
throughout the world. 

Kirloskar Pumps, Trusted around 
the world. . 


Kirloskar Brothers Limited, 

Pune 411 002 (India) 


I 


0 Registered Users: Kirloskar Brothers Limited 


s 




- 




!■ 








Financial' Times Monday August X4 1978“ 

■’•Kv- 


INDIAN INDUSTRY XI 



WHILE NEW DELHI is Xiw 
political capital, Bombay is the 
commercial capital of India. 
Indians visiting the city for the 
first time are struck by the fast, 
ir mechanical, pace at which life 
moves. Unlike .many Indian 
ciUes, it lacks a personality of 
ilo own except that it is very 
commercialised. It is cosmo- 
politan, and the largest single 
linguistic group, Marathi-speak- 
ing. represent only 40 per cent 
nr the Tni population of Bombay. 
For a foreigner, it is little 
different from any Western city. 

Bombay contributes one-third 
of the total direct taxes 
IRs 24.15bn in 1977-78), paid to 
the central exchequer. It has as 
many income tas officials as 
eight of the country's 17 states 
have. These taxes are collected 
from individuals, commercial 
establishments and industries, 
located within the city and those 
whose registered offices are in 
Bombay. For instance, the 


manufacturing plants of Tata 
Iron and Steel Company and 
Associated Cement. -Companies 
are outside Maharashtra, whose 
capital is Bombay, but their 
taxes are credited to Bombay 
because of the location of the 
registered offices. Bombay is the 
seat of many other business 
houses such as Mafatlals and 
Birlas. 

About half of the .Rs' 62.33 bn 
customs and . excise duties, a 
type of turnover tax imposed on 
manufactured products, by the 
central Government, comes from 
the city alone. Tts contributions 
to import duties are the .highest 
because the locai harbour caters 
for the entire western* central 
and northern regions of the 
country. 

Bombay has been the' tradi- 
tional centre for international 
trade. The Bombay Cotton 
Exchange, the . biggest after 
New York. Its bullion- market 
is the pace-setter for tfie country 


CONTINUED FROM PREVIOUS PAGE 


tribution and they are frustrated 
when they see their parent 
devoting more attention to 
countries like Brazil. 

The supply of technology 
without ' financial involvement 
is another way of participating 
in the Indian economy; the 
partnership which Siemens is 
developing with Bharat Heavy 
Electricals in turbine generators 
is one example. While its 
attitude to the terms of such 
arrangements is regarded as 
unduly restrictive, the Govern- 
ment welcomes such collabora- 
tion in particular areas. But it 
will not accept dependence on 
foreign control, or foreign 
technology. That is why the 
future of the drug industry has 
benune such an issue. 

The Government . wants to 
reduce the . dominance of 


foreign -controlled companies in 
favour of the public, sector 
companies, Hindustan Anti- 
biotics and Indian .Brags and 
Pharmaceuticals, and flf- Indian- 
controlled companies. The price 
of drugs and the role of foreign- 
owned pharmaceutical com- 
panies is a sensitive tissue in 
most countries ah<Mt-3s not 
surprising that Indian.' policy 
on the matter has become, in 
the words of one critic, “an 
unhappy compromise [ between 
doctrinaire economics; ind the 
pulls of different -sectoral 
interests.'* But even If. the 
role of foreign companies in 
this sector is reduced, itshouJd 
not be taken as an indication 
that the Government Is not 
interested in what foreigii.com- 
pauies have to offer. . 


j tie bulk of gold used to 
l be smuggled in from the Middle 
1 ~ ast - Over the past two 
decades, Bombay forged ahead 
of Calcutta, which was the early 
base for British businessmen 
wuh interests in the jute and 
tea industries. Cotton textiles 
was the main agro-based 
industry in western India and 
the humid Bombay climate 
attracted scores of textile mills. 
What the textile entrepreneurs 
have done is to diversify to 
chemical and other modern 
industries giving a Blip to the 
industrialisation of Bombay. 
The Naxalite fa party owing 
allegiance to Peking) trouble 
in West Bengal eight years ago 
resulted in a flight of capital, a 
substantial portion of which 
came to Bombay. 

Bombay has thus been the 
magnet for industry, big and 
small. A comparable infra- 
structure and a ready market 
for the products produced are 
not available elsewhere. Above 
all. there is an industrial cul- 
ture. In areas where indus- 
trialisatinn is now taking place, 
absenteeism, lack of punctuality 
and attitude to work are worry- 
ing factory managers. The 
Bombay industrial area has 
gradually expanded and now 
extends as far as 60 miles. 
Satellite industrial towns have 
grown up in Pune, Naxik anti 
even Aurangabad, where the 
famous Ajanta-EIlora caves are 
located. The contribution of 
Bombay to the country’* GNP . 
is more than 18 per cent, out '< 
of 23 per cent by Maharashtra. 


Q-9 


Tne growth of industry in the 
city has been haphazard bring- 
ing in its train problems of 
urbanisation. Civic amenities, 
like water supply and sanitation, 
are just not able to cope with 
the expanding population. Town 
planners have recently devised 
measures to take the pressure 
off Bombay by designing a new 
city called New Bombay, com- 
prising 16 divisions or 
“ NODES", each separated from 
the other by a green belt and 
each self-sufficient with a popu- 
lation of 100.000. The township 


> of Vasbi, the first phase of New 
! Bombay development, has 
» already been built to accom- 
I modale 15.000 families of 
r workers employed in a satellite 
i industrial centre, known as the 
I Thane-Belapur bell, where 
i more than Rs 3bn were invested 
! during the 10 years to 1975 in 
I 90 units engaged in petrrj- 
1 chemicals and their downstream 
products, drugs and pharma- 
ceuticals. rolled steel items, 
aluminium foils. electrical 
equipment, canned foods. These 
units belong to Maratlals. 
Wad las and foreign companies 
like ICI. Plizer and Union 
Carbide. 

The external trade with the 
West has enahled Bombay to 
develop into a financial centre 
as well. Foreign banks, known 
in those days as exchange 
banks, established offices in 
Bombay to take advantage of 
the expanding trade. Fired by 
"Swadeshi” spirit, some pro- 
gressive businessmen decided in 
set up their own institutional 
framework to mobilise public 
savings. That flush of 
enthusiasm brought into exist- 
ence many commercial banks 
(Centra! Bank of India, for 
instance). The location of the 
Reserve Bank of India in Bom- 
bay gave a boost to banking. The 
city has emerged as the premier 
banking centre with head- 
quarters of six major banks — 
State Bank of India, Central . 
Bank. Union Bank of India. 
Bank of India. BaDk of Barorta : 
and Dena Bank — accounting for ] 
60 per cent of the banking I 
system, ail located in Bombay. ] 


Base 


Three financial institutions — 
Industrial Development Bank 
of India. Industrial Credit and 
Investment Corporation of 
Hidia, and the Agricultural Re- 
finance and Development Cor- 
poration — have their base in 
Bombay. Also, there are the 
public sector general and credit 
insurance companies. the 
Deposit Insurance Corporation 
and Agricultural Finance Cor- 
poration. besides a host of 


| stale-level financial institutions. 
( The proximity of financial insti- 
t unions has enabled indusiry 
, and trade tn secure bank credit 
! at the expense i*f other stales. 
: The credit-deposit ratio in Bom- 
' bay is as high as 110 per cent. 

The impact uf industry on 
science, higher education, medi- 
cine' and art has seen the 
establishment of a chain of 
institutions. Tatas have helped 
set up Tata Institute of Funda- 
mental Research, an institute 
of social sciences and advanced 
cancer research centre. Birlas 
have ' established a well- 
equipped hospital and medical 
research unit. The airline set 
up by Tatas Innueri ihe nucleus 
for India's national carrier. Air 
India. 

The 'Middle East bnom has 
thrown up Frc*«h opportunities 
for expanding exports. The 
business community of Bombay 
has taken the initiative to 
establish, in co-operation with 
the Maharashtra Government, a 
Rs 400m viirld trade erntre, 
which will give overseas 
visitors an id^a of the country's 
technnl ogival achievements and 
the produce India can offer. 
Also, it will brine: under one 
roof all the acetifies. sources of 
information and business know- 
how connected with interna- 
tional trade and enable buyers 
to undertake financial trans- 
actions.: . 

* R. C. Murthv 


The centre of Bombay and t below) an engine overhaul being carried out at 
India's engineering base at Santa Cruz, Bombay. 




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20 



THE TRUSTED NAME IN 
(ELECTROLYTIC 99.95%) 

AND 
(99.99%) 

ARE ALSO ESTABLISHED (SINCE 1974) 




OF VIRGIN 


SILVER & CADMIUM 


MINES 


ZAWAR GROUP 
(RAJASTHAN) 

MATON ROCK PHOSPHATE MINES 
(RAJASTHAN) 

RAJPURA DARIBAM1NES 
(RAJASTHAN) 

SARGIPALI MINES 
(ORISSA) 


SMELTERS 

ZINC SMELTER. DEBAR] 
(RAJASTHAN) 

ZINC LEAD SMELTER. VIZAG 
(ANDHRA PARDESH) ■ 

LEAD SMELTER, TUNDOO 
(BIHAR) 


ENQUIRIES SOLICITED 

HINDUSTAN ZING LIMITED 

(A GOVT. OF INDIA ENTERPRISE) 

6, NEW FATEH PURA UDAIPUR-313001 


Look what’s 

infb.ersa.geot 

our forging line... / 


/ 


Bharat 


Some of the world's hot 
favourites.... crankshafts, 
rear dead axles, gate valve 
bodies, conrods.... a variety 


We have the men....2200 skilled 
workers. And sophisticated 
equipment 12 years’ experience 
and a good name....The World Bank 
rated us India's No. 1 forge shop. 



ti' ■' 



And an increasing popularity 
ovsiseas...our crankshafts go to USA, ' 
UK. Australia, South East Asia and the 
, Middle East. 

Quality forging is our line of action™.. 
and there could be lots of thinp 
you'd want. Maybe we could adc 
’ them to our line. Shall we? 


Bharat Forge...a respected name 
in the world of quality forgings. 


537HW- . 


Factory & Registered Office : 

BHARAT FORGE CO. .LTD. 

Madtim, Pune 411 036 India. TeL No. 7391. 7451. Cable : 'FORGE' Funs, Telex : 145-234 (FOF.G IN) 

. Kindly mail your letters to : 

EXPORT DIVISION 

16, Mahatma Gandhi Road, Pune 411 001. India. Tel; 25515, Cable ."ERFORGE’ Pune, Telex: 145-339 (EXPO IN) 


THE GORE INDUSTRIES 


Financial Times Monday August 14 1978 

INDIAN INDUSTRY XII 


. ti 




THE 


Despite heavy investments by the public sector 
hi the early years after independence, the level of efficiency 
in some of India’s basic industries is .still patchy.- With the recent upsurge 
in demand bottlenecks in the supply of several 
key materials have appeared. 

Steel production 


* DISAPPOINTINGLY blended with the local product provide the right mis and there invited by J** 

mixed performance of India's for use at Bhilai and RourkelB.-- will continue to be imbalances consider expansion, and 
steel industry since the -war Thus no one is sure that this between categories of steel. sioneri a report irom i ippen 

has been one of the factors year's high targets will be . Th<? new Bokaro plant, built SleeI 

encouraging the Janata Govern- achieved. On the other-band ^Uh Sovict coUaboratton. is not 5T? ^ 

ip money was not 
ive years later 

barring sophisticated tech- tops the theoretical 100 “per SSTndustry needsTthoi^h Wme 3J SC °, iSmiEif 1 1 allowing 

nology. Despite the enormous cent, while Bhilai, which was f s a0 nar ends' being exported ■ phascd .wodernisanon VJg 

resources devoted to It by sue- built with Soviet coll* bora tit* ^ is go t? the * “g* S?SS &X£ 
cessive governments m the is operating at 98 per cent and countrv’s defence industries. A " a i‘* ™,„ h* Vhat ^mansion 
drive for self-reliance— often at Rourkela. built with West SSw 32.000-tnnne cold-roiling ™5bo~in the puhUe SJtar At 
the expense of other develop- German collaboration, at 94 per ^ mplex at Salem, pro- ™ St e ^ ofia^m^hitw, 
ment projects — the industry has cent. Durgapur, built with help dicing sheets and strips of nc the result J 

failed to meet production Ur- from 13 British steel complies, s^nUss. electrical and other # tSdy and t godhead 

gets, capacity udiisation has continues to languid i at closer and mi id steels, will not the Government 

been low. the scheme to to i0 per cent, and USCO below completed until 1981. Bokartfs expansion plan has 

develop a network of electric oO per cent. ; . The fortunes of the ministeel meanwhile gone ahead, though 

are .furnaces (the so-cailed These plants produce .-86 per plants, which were intended to somewhat behind schedule, Tts 
nunisteel " plants) has bare/y cent of the country's, ingot stefel augment production in. flte'early third blast furnace was com. 
worked, the country is still and closer to 90 per cent, of its 19705 when a shortage suddenly missioned in February, marking 
dependent on imports For cer- finished steel. Their improved seemed likely, remain blighted, completion of the first stage of 
tain specialised steels and over- capacity utilisation— -the aver- This is partly because insuffi- t.Tom tonnes. Last month the 
all consumption is not much age level in the integrated dent thought went into the junior Minister for Sled 
higher than it was five years plants was only 65 per cent in crucial matters of power and hinted at expansion to 5.5m 
ago. ' 1973-74 — is partly due to better ( scrap supplies, but it is also the tonnes, well beyond the 4.73m 

For all that* it is partly supplies of iron ore. coal ana result of a shortage of working planned by 19S2-S3. Bhilai is 
thanks to the slow growth of P° wer than the y received then, capital. Some plants have closed presently being expanded from 
the past 20 years that India's But a ' so reflects an apparent down altogether, others have 2.5m to 4m tonnes, 
steel industry today is well-off turn-round in domestic demand done so temporarily: few can Apparently in anticipation of 
by comparison with its counter- from the ,ow P° int of eari y lfl77 - hope to work profitably. a belter future, India is also 

parts abroad. - In the' words of Already the large steel stocks. The Department of Steel and planning the cnnMruvtion nf 
Mr. J. R. D. Tata, the chairman built up in the recent recession Mines in its latest annual report further plants. Apart from -the 
of the Tate Iron and CLeel are falling with the improved admits that the electric furnace Salem project, which, was, 
Company (TISCO), which runs off-rake- Stocks with the pro- industry has been “languishing approved last year, detailed 
the. country’s only private sector d deers had come down below for some time.” Against an project reports have also been 
integrated steel plant. “Had the L2m tonnes at the end of 3977- installed rapacity of 2.88m submitted on a 3m*tonne steel 
unrealistic expansion plans aFter standing at :1.6m tonnes tonnes, production in both plant ar Visakhapatnfcm and 
then laid materialised, our 12 - months earlier. Exports. 1974-75 and 1975-76 was just another plant at Vijayanagar. 



V 

V 


i 




1976- 77 maintained last year take second place to domestic level of production, says the establishment of a coast-baaed. 

hforhor iiim this requirements. simultaneously report, they were finding it diffi- export-oriented blast furnace 
vear Rnmp neonle are actually S^ng unfortunate “stop- cult tn sell their products, partly complex with an annual capacity 
Lkins whethe/rhe industry is So ” image to the outside world, because of their high costs of of lm tonnes of saleable pig 
ft i«? It S ?L, L ida * The underlying reason for the Production compared to the iron, to be built on a "produo 

encouraging ^gns-appear$°to^)e integrated steel ptams. tion-compensation" tosh, or 

PnWPr an upsurge in building and Producers generally have suf- under a rouble credit arrange- 

ru TT Cl construction activity. But India's *red from a policy of keeping Russia would provide 

To judge simply by its per- industrial economy is delicately Prices artificially low which the resources India jack* and 
formance over the past three balanced, and just as the.suppfy has benefited consumers at take the pig Iron, while India 
months, the answer would of steel can be rupCnred dlreCtl/ their eipense.- reduced profit would acquire ap lnvestmetW in 
probably be no. Overall pro- by power shorties-" or erratic m$j*s»ns and*hampered modern i- tutiire for- a 

duction'of ingot steel from the raw material supplies, so can Ration- of plant and machnery demand has grown substantially, 
six integrated steel plants was it be affected indirectly if while costs of raw materials. However, opinion Ui moving 
planned to top 10.05m tonnes in cement production /alters and fuel, power and spares have *way budding further tnte- 

1978-79, a substantial rise on the hits construction activity. risen. Biit the Government grated plants in whim pig iron 

1977- 78 output of 8.4m tonnes. Equally, howetfr. the re- appear to feel that higher- w produced I in blast Jhimaces in 

but already production in the orientation in economic policy r *ses than the small ones they favour of the direct reduction 

first three months is well down to favour the aural sector is llave recently allowed might of iron ore to sponge iron. India 

on the corresponding quarter of widelv expectedto offer new retard its power generation has the iron ore and coal to 
last year. opportunities, dbrticularly if it P lans - im P air niral growth and develop this procjM for itwLC. 

This is partly because of achieves its aim of raising niral have - unacceptably large ripple C T , ? 

power shortages which have hit incomes. It iJreckoned thai 20 effects throughout the economy. of Steel have Prelect 

the Bokaro.and Durgapur steel persons can fiid emplpj-raent for MeanwhUe, however^ the sub- 
plants as a result of restrictions every additional tonne of steel sidles continue as the losses j 

in the Damodar Valley Corpora- consumed vj the economy. ron higher. Hindustan Steel, the « 'veU India Is ftrias a 

tion output Both plants, along The needTfor imports of steel SAIL, division operating Bhilai. *5? UiT l« B 

with Bhilai, have also suffered nevertheleA continues. Though Durgapur and Rourkela, had y J™ -“JSS* 

from bad industrial relations, the counqor has had a surplus run up a cumulative loss of fnr t. he growth of its domestic 
mainly inter-union rivalry. On of pig iroh available for expnrt Rs 858m by March of this year. \ 

lop of this Bhilai and Rouricela over most of the past decade. TISCO, on the other hand, using be only if jnere Is 

have needed capital repairs, and has been in a position to plant and machinery installed ? “° n f? external demmuJ. Tne 
though these are now complete, export .finished steel for about in the 1920s. has shown a tidy ^ have sho^ iro how 

rnnfra „ T _ widpcnrenfl half ^ period. Imports of profit (TRs 180.5m in 1976-77) unreliable mat position is. and 

»nMnn*mai MirmiiT nmHpms P lates - sheets and other pro- for many years. India has benefited by not 

hav? not iert^ 1 portion! 6uc ** °l “gl 1 carbon and alloy . But even for TISCO there are 1 ! eipg ^pendent on it 
though the record coal stocks ste ^ bave been necessar y to frustrations. The company was Cans ofierwetl 

two years ago had been halved 
by the beginning of June this 
year to about seven days’ con- 
sumption, and coke stocks were 
put at '200,000 tonnes. Efforts to 
guarantee .coal supplies for the 
steelworks are already being 
made. 

Steel industry representatives 
do complain about the quality of 


plants, is awaiting tenders for 
the supply of lm tonnes of 
coking coal from abroad, which 
would be experimentally 



Capacity 
- 1978 

STEEL OUTPUT 
(’000 tonnes) 

. Output 
-1976-77 



Ingot 

Ingot Saleable 

Pi!T 

Ingot 

Plant 

steel 

steel steel 

iron 

steel 

Bhilai 

2,500 

2,302 : 2,019 

854 

2.371 

Durgapur — 

1,600 

1J)92 901 

- 204 

1,091 

Rourkela 

.1,800 

1.503 1,174 

63 

1,409 

Bokaro 

1,700 

956 736 

707 

933 

nsco 

1,000 

667 541 

— 

651 

TISCO 

2.000 

1.907 - 1.550 

— 

1.968 

Total 

10,600 

8,428 6.922 1,329 

Source: SAIL. 

6,424 


Output 

1977-78 

Saleable 

steel 

1.930 

864 

1,178 

815 

50B 

1,601 

6,894 


™ JS 
iron 

699 

102 

16 

512 


1.329 


Projected 

capacity 

1982-83 

Ingot 

steel 

4.3(H) 

1.600 

1,800 

4,750 

1.000 

2.000 

15.456 


■vw—jt 1 !". j t -t-t -*- >***#+ ..>{“? is'*' vrr'rrrrr’ 1 « -.- 

. : . • ■ 1 V V --' -■'}■■ \ * ' 

.. •/. v . *. .V s *: ■ . r.-v.'V . >Vr ■ 















< ^ NSTRU ^ T ! 0! 5 E ro ?^ t5 itVJtoore- than struction companies are many: contracts. Already, big business 

ttivily— it is bp S rwn C p d ^r 1Qb n ’os 016 EaS V J' sht exchan 2 e control right bouses, whose growth is at 

rsed^as an* indus^ hv^th^ ij r^' “ 5 c0 “J a * u< ^ ■ Inclu1 ?; from the stage of opening an present stifled. are showing 

^ L Gamm « n I^ ShaP 00 ^' overseas account difficulties in interest. Birlas has set up 

I veTrs^ iraporlm 2 machinery from third textile milts in Indonesia and 

^ cu t Shah Constn, ^ OD ' **■ G - countries, and cumbersome Thailand and are explonng 

h ° f Shirke ’ *Z ^a^ng OBt build- procedures for sending labour possibilities of joint venture in 

h-nse buildings for offiws ing construction taantracts m to overseas jobs. While the Philippines. In Arab countries 

Lhav W»*Abo curbs are intended to restrict it is exploring pS S 

. S. .^5 emi5€s * or Dha ?!' • Ma “>‘ more contracts bogus labour recruiting agen- manufacture of caustic soda. 

n . Il 0t, r ' HU? been W5 : b "I fn I CleP ’ they are huTtin « even the soda ash and other chemicals. 

ns and bridges under the five- the lira Lied experience tn hand- reputable construction com- The difference between the 

r plans. ling such overseas contracts and panies undertaking work contracts undertaken in 

Tntil recently, the private sec- tbe inadequate financial sup- abroad. For instance, the countries to the east of India 
had the field to itself. Over P ort *-' Also, the industry -is not companies have to get registra- and to the west of it is the type 
past five years, central and prepared to take risks^Sorae- non with the Government every of Indian labour used. While 
e government* have started -««*es. even if the companies time it gets a construction job it is skilled, semi-skilled and 

ir own corporations to carry •want intake risks, tlieiabankers overseas. unskilled labour in Arab 

public ‘sector con struct inn do not approve. The action Observers see possibilities of countries, the Indian labour 
J"K The entry of the public is that if bankers issue^a velo. further changes in the character deployed in Far East is 
swfnr has increased the oppor- ™ contract can be taken upvby of overseas operations. The engineers and technicians. But 
twiities available. The fortunes ; Indian, construction,, centres,-! building boom in the Middle even the Arab countries will 
of bnildPTS previously 1 depended All the overseas -const^ertmi ^ast is expected to slow down soon need Indian engineers and 
on ihe flumiatfons in private contracts are dealt Vf/tli ."by in another five yeans. But the technicians rather than some 
-srrinr construction activity, an Inter-institutional ^vorkmg corvstruition industry is launch- unskilJed labour in the next few 
which depended on .Government ffroup. -which clears^'proposals ing other development projects, years. 

pnfincs such as the urban land and guides... them the end. which gives scope for Indian ' 

ceiling, funds for hire purrbase The problems faegd by the con- industry to bid for turnkey R. C. Mllltfav 

schemes Kv financial institu- * 


: - , “Today, as the world’s 10th 
largest industrial nation, India has 
enlarged the scope of her 
international trade to cover over a 
hundred countries in five continents. 
Items exported range from traditional 
commodities to sophisticated 
engineering goods, while an equally 
impressive range of imports come to 
feed India’s growing needs. No 
wonder that India’s world trade now 
is over £ 6600 million. 


And in the forefront of this 
trading activity is the State Trading 
Corporation of India (STC). India's 
premier trading house with an annual 
turnover of £ 660 million. The STC 
handles about 10% of the country's 
trade with an export list of over " 

300 items. Imports include vital raw 
materials for Indian industry. 

It is this multi-product, multi- 
market experience that gives STC the 
expertise to serve both the buyer and 
the seller with a rare degree of 
professionalism. And this expertise is 
available in any of the 1 1 offices 
within India and the 20 offices 
located in important world markets 
overseas. 


LONDON OFFICE : 

S, South Audlev Street 
London MY 5 DO 
TEL: 01-493-2995, OT-493-2996 
TELEX : 22712 ESTICT I DN 
CABLE : EST1CI LONDON 


OTHER INTERNATIONAL OFFICES AT 
Acu* York. Frankfurt, Paris, Milan „ 
Moscow, East Berlin. Belgrade. 
Budapest . Nairobi, Dar-es-Salaam, 
Kuwait. Baghdad, Jeddah. 

Colombo, Dacca. Singapore, Sydney , 
Tokyo , Hongkong. 


The State Trading Corporation of India Ltd, 
Chandra lot, 36 Janpath 
•New Delhi 110001 

TELEX: 031-2167, 031-2168, 031-3057 
CABLE: ESUCI 


THE STATE TRADING CORPORATION OF INDIA UD. 


schemes by financial institu- " 

lions, availability of steel and -J ( ." 

rement and above all public . i 

pxoertations of real estate 9 - 

Government Imposed a" ban on 1C C M Cl fTAC 

/OCllUUo ollUltClftCo 

cement for more essential pur- x: 
poses. That was lifted only in * 

January 1976. 

Many uncertainties that / /^\T /> <4" 

doened the private construction?- ( I I f I I I 111 

industry, no longer exist Aj V-/ JL 111 I 1 

shot in the aim for construe^ r 

the building hfwm in. MidtC , , lsst few m , In 19 " -78 the industry pro- discouraged new investment and 

M . - - . ■ • InrOA niimhpr nt nmnOta 1 c fnr ilnMii 10%. x r.:Ufi . . 


■ nif uuuuiiu; uuuul. jjj-nuacue . . r — * ^ i,i. n imwuucmana 

Fast countries. Indian com- ,arse ninnoer of proposals for dived 19.3m tonnes of cement, failed to produce an orderly; 


r.asr conn in fs. xnoian -com- - — 1 — ** — ^ ccuicm, uruerjy 

panics, both in the private' and establishing new cement plants representing 89 per cent 0 f growth of capacity. In the 
public sectors, are trying to have been submitted to the capacity; this was about 2 m business community the hope is 
grasp the nnporturuties..3ieali9- central Gorernnwif. some of tonnes short of demand. Th*> ^ at 016 Government’s attempt j 


* ■ ' — u'lO U«3 OUUUL -iUl " ' r — . 

erasp the npportunities..75eaJi9- central Government, some of tonnes short of demand. The waI °° vernment s attempt 

Ing the potential to export the them from companies with iu* ^ Government has arranged for 10 L“, rre ? “ ese ern 2* wil1 not 

human and material resource^ pr CT h>us experience of the ^tanual impons. but prices u % a tW one ' off exemse 

the Government has decided to j n j |lslr _ Thi . , nnpars tA 'b»ve continued to rise and L , d «. lth the P^ 56 "?. ensis, 

.c/ve help to the private sector. 1 Ji 5 ! 117 ' appears to .’there have bpen accusations of bu i W, V / ,8r * a w, der effect on 

Also, rwo public sector cor- , eon “ lin Wltb 1he Govcrnmenfs ^black-marketeering.” Sugges- ,nd,,slna ) P 0111 ^- 
pnrations — Ensineermg Projects intention to discourage over<tions- tliat the Government There is certainly no si an on 
(India) Ltd- and National Build- versification by large indust-;£hou2d take over the marketing ^. e Government's part that it 
ing Construction Corporation-f- ^ sroujw. it r^dects the critical'; apd distribution of cement have "is 116 : 5 to reserve the expansion 

have entered the overseas mar- situation .which has emerged ia ;been fiercely opposed by the °f cement industry for the 

ket in a big way. r he supply. of cement and whicfrijpanufa'cturers, who feel that public sector. Of the 30m tonnes 


■I in a mg way. »“= wuwni aim »“<w^nauuraciurers, wno reel that ui lisouei [onnesi 

India has the advantage of thr 6 ®^® 115 become a senoukr.cbntrol by bureaucrats would expected to be produced in 
proximity to .the Middle -East brake on economic growth. 'pnly make the situation worse. 19K1-S3. only about Sm tonnes 
id also surplus labour which Although -the speed with problems in production have come from undertakings 


and also surplus labour which Although -the speed with }*J » [Diems in production have '■ ume irom unaertaKings 
can bp profitably deployed on which demand has increased aggravated by shortages <,wner * by the central or state 
there projects. A l«o. rement was unexpected, there has beea-Pf- power and coal, which have Governments. The response of 
and steel were available, at Uttie investment in new cemegt ; 9^5 e d one or two plants to be private sector to rhe revised 
least until recently. ’-at competi-. plants over the past five years. Vwbsed down temporarily. pricing formula shows' that the 


tive prices. Despite being- at The Government now admits -^Tlie cement crisis appears to V® venu I? ent 15 Prepared io use 
z disadvantage of relatively that. prices for cement had bee.n^jliiKtraje weaknesses in Govern- u 5 ™ otlve }° achieve its 
limited in rernationaJ' reputation fixed too low. A new prirtfljg.ftjint policy towards certain ? b J ectlTes - but th: is has yet to 

a« against the world giants, formula has been established. basic industries — paper is be converted into a w>nsi«tenr 

Indian construction companies 'based on an after-tax return of another example — where the pol,cy ror mdustr i’ » "'hole, 

have won more than a dozen 12 per cent on net worth. i -.fiixiety to keep prices low has G.O. 




100,000 men 

replaced every three months 
for a period of 20 years 
made the pyramid of Cheops possible 


Herodotus gave the figures. Such a large work force 
spread over a wide span of time, quickly depleted the 
royal treasury. But King Cheops had no choice. 

Modern builders do. 

Adviced construction technology cuts construction 
time anq , costs. The slip form shuttering technique is 
an example. ECC uses it to perfection in the construc- 
tion or silos, prill towers, chimneys, multi-storied 
buildings. ECC's specialised skill in precast, 
prestressed construction is adapted to suit the needs 
"Kg**. Institutional and industrial structures. 

In adoition, v* e offer comprehensive engineering 
services. to turnkey projects in India and abroad. Our 
total capabilities have prompted leading consultants 
like onam Progetti, Humphreys and Glasgow, 

Kell ° 9 International. Toyo Engineering, 
a lot Kof T. uten Kumagai Gumi to call on us for 
complete engineering and construction services, 

se ™'. c . 8S uover preliminary surveys, project 
H e c?nnsSf^ ! S ilay - schedlJ,es ' P re P arat ‘on of structural 
Irt j*™! ^awmgs, plan n in g. programming and 
£3X2“ adopting the latest construction ' 
toSnrffl^? n 5u lee ? no, ° 9y * Construction services 
imSk? n?bly 0f . t0WBrs and fabrication of equip- 

sp6c,alised welding technology, process 

Snd lliSi .' C0 , U, 7 ry r elin9 ' el6 *tfical instlllaaon 
?n a wyouti control schemes. „ 


Over the last four decades we have been enriching 
our capabilities and contributing to projects of national 
importance in the public and private sectors. Outside 
India our capabilities are crystallised in major assignments 
carried out for a natural gas liquefaction complex in 
Doha— Qatar in The Gulf and an International 
Airport at Abu Dhabi. ' 

With ECC's experience and expertise, ft is possible 
to set up major projects with speed and economy. 

* c ,j°P s answer in 2650 B.C., the Great Pyramid 

would not have been viewed against the colossal cost 
structure which made Pliny the Elder stamp this and 
other pyramids as "vain and A 
foolish ostentations of the /V 
fortunes of kings..." / \ 


CIVIU, MECHANICAL, ELECTRICAL ENGINEERS 
& CONSTRUCTORS 


(a wholly owned subsidiary of Larssn & Toubro Limited) 


P.O. Box 278, Bombay 400 038, 
P.Q. Box 343, Madras 600 002, 
INDIA 








Financial Times Monday August 14 1978 


INDIAN INDUSTRY XIV 


Major investment in 







fertilisers 


SINCE AGRICULTURE Is 
India's main industry, farm in- 
puts must necessarily occupy a 
key place in the economy. Not 
surprisingly, therefore, the fer- 
tiliser industry accounts for the 
largest single investment in any 
sector in the current Five-Year 
Plan (1978-83) for new schemes. 
The new investment in setting 
up fertiliser units is estimated in 
the Plan at Rsll.31bn f roughly 
£500m) while existing schemes 
will get another Rs5*bn. Ferti- 
liser production has increased 
rapidly, although performance 
by the country's 55 factories has 
been uneven and capacity 
utilisation in most is a major 
problem. 

Heavy imports have had to 
fill the gap between consump- 
tion, which is increasing rapidly 
every year, and production and 
these will continue. Hence the 
urgency to establish new 
capacity and make belter use 
of established units- Demand 
projections by the Planning 
Commission are that 5-2ra 
tonnes of nitrogenous and 1.6m 
tonnes of phosphal-ic fertiliser 
will be needed by 1982-33. Total 
installed capacity at present is 
3.03ra tonnes of nitrogen and 
just over lm tonnes of phos- 
phates and there will thus be 
a gap of 1.2m tonnes of nitrogen 
and 600,000 ^tonnes of phos- 
phates. 


Additional 


To close this gap the Govern- 
ment plans to set up additional 
nitrogenous fertiliser plants in 
Maharashtra and Gujarat based 
on associated gas from Bbinbay 
High and Bassein offshore fields 
and another plant in Assam 
based on associated gas from 
oilfields there. Other proposals 
include a plant based on fuel 
oil in the private sector by 
Nagarjuna Fertilisers at 
Kakinada in Andhra and others 
for additional phosphalic 
capacity based on a recent 
working group's report. 

Yet there will inevitably be 
a time gap between establish- 
ment of new capacity and actual 


production, especially as the 
plants based on Bombay High 
gas ai*? facing environmental 
and political .obstacles. Con- 
tinued imports are unavoidable 
while action is taken to estab- 
lish additional capacity to meet 
the higher demand. 

Planners have got bogged 
down in the problems of identi- 
fying sites for the new plants 
and hence these are at the 
moment just tentative pro- 
posals. It is envisaged that, in 
addition to the projects under 
implementation,' production wiil 
have to be initiated in a phased 
manner in nine new nitrogenous 
plants, six of which will be in 
the public sector and three in 
the private sector or taken up 
by co-operatives. 

Capacity for phosphatic 
fertilisers will be based on a 
judicious combination of indi- 
genous rock in Rajasthan and 
imported rock and phosphoric 
acid- But locational studies are 
just starting and these will be 
followed by feasibility studies— 
both time-consuming processes 
technically. If previous experi- 
ence is any guide these prob- 
lems will be aggravated by 
political tussles among compet- 
ing States. 

Quicker results can be 
obtained — and this is recognised 
by the planners — by improving 
efficiency or existing plants. A 
new pricing policy designed to 
reward the efficient and penal- 
ise those winch do not operate 
well has just been introduced. 
It remains to be seen how far 
this proves effective since 
simultaneously a programme of 
modernisation and removal of 
constraints to improve the 
operational efficiency of 
obsolete plants will be needetf. 
Some attention is being paid 
to this. Captive power plants 
For fertiliser plants have been 
permitted, for instance. But 
improvement of efficiency needs 
more attention than has been 
given so far to a key industry. 

Despite the problems plagu- 
ing the fertiliser industry, 
growth has been impressive, 
particularly in the last decade. 


In 1956 nitrogenous capacity 
was just 85,000 tonnes; it is 
now 3m. Phosphates have 
increased from 85,000 tonnes to 

915,000 in the same period and 
capacity utilisation In the 
industry has Improved from 
69.4 per cent in 1976-< < to 
79 per cent in the following 
year. Further Improvement in 
capacity utilisation is expected 
following introduction of a 
plant operation improvement 
programme with the help of the 
World Bank. 


Feedstock 


One problem is the wide 
variety of feedstock used by 
the plants. This includes 
□aphtha, natural gas, coke oven 
gas. lignite and electricity. At 
one stage the Government 
decided that future plants 
should move away from naphtha 
and use fuel oil or coal. 
Accordingly six projects were 
planned on the basis of fuel oil 
and are under implementation, 
while two large coal-based units 
have been taken up at Rama- 
gundam and Talcber. The trial 
runs of the coal units have 
proved satisfactory and it is 
possible that another- such plant 
will be established- at Korba. 

With the discovery of oil and 
gas in the western continental 
shelf, the policy has been 
reviewed and it has been 
decided that the gas should get 
first priority. Coal comes next 
now that the two plants with 
coal gasification technology 
have prayed to be feasible. Fuel 
oil is . to be excluded while 
naphtha will be used only if 
quick implementation and low 
capital costs justify its use. 

Much of the fertiliser ndustry 
is in the public sector. To 
improve efficiency the Govern- 
ment has made a controversial 
restructuring of the industry 
and the giant Fertiliser 
Corporation of India and 
National Fertilisers are to be 
reorganised into four companies 
based on regional and feed- 
stock considerations. 

Other public sector companies 
include Fertilisers and Chemi- 


cals Travancore (FACT) and 
Madras Fertilisers, a joint ven- 
ture with AMOCO of the U.S. 
and the National Iranian Oil 
Company. But’ by far the most 
successful is the Indian 
Farmers Fertttieers Coopera- 
tive (IFFCO). the only fertiliser 
producer in the co-operative sec- 
tor and a uniquely successful 
experiment. 

IFFCO's authorised capital is 
Rs 2bn and its paid-up capital 
Rs 589m, out of which the share 
of the co-operative is Rs 204m 
■while the Government and the 
National Co-operative Develop- 
ment Corporation .account for 
the rest. It runs hiighly efficient 
and profitable plants at Kalor 
and Nandi a and expects to com- 
mission a new plant at Phulpur 
next year. So successful has its 
performance been that it has 
been given one of the two plant# 
in Gujarat to be. based on asso- 
ciated gas ErtmvBoihbay High 
to implement/ making it the 
largest sl^e fertiliser producer 
in the country. Appropriately, 
the co-operative - is owned 
largely by farmers whom it 
serves in a number of ways — 
an experiment that other Third 
World agricultural countries 
could usefully emulate. 

There are seven major 
operating units in the private 
sector— Shri ram Chemicals in 
Knta, Rajasthan: Indian Explo- 
sives in Kanpur^ Uttar Pradesh, 
which is controlled by ICI. 
Cnromartdal Fertilisers in Visha- 
ka pa to am. Andihra; Gujarat 
State Fertilisers in Baroda. 
Gujarat: Zuari Agra Chemicals 
in Gna; Southern Petro- 
chemicals Industry Corporation 
in Tut-icorin. Tamilrwdu: and 
Mangalore Chemicals and Fer- 
tilisers in Karnataka. Together 
they have an Installed capacity 
for manufacture of T.2m tonnes 
of nitrogen annually and 247.000 
tonnes of phosphates. Their per- 
formance is not entirely satis- 
factory and promotion from 
these units in 1977-78 was just 

719.000 tonnes of p&rngen . and 
122,400 tonnes of phosphates. 


targets being fulfilled to the 
extent of 73 per cem in the 
case of the former and 76 per 
cent in the Inner. 

Public sector projects under 
implementation Include Gujarat 
Narmada Valley Fertilisers in 
Baroda. a new company formed 
by Gujarat State Fertilisers in 
association with the State 
Government whose ammonia 
and urea plant -is fuel-based and 
is being implemented with 


collaboration with Diode of 
West Germany and Progetti of 
Italy. The other is Nagarjuna 
Fertilisers and Chemicals which 
holds a letter of intent for set- 
ting up a fertiliser project based 
on fuel oil at Kakinada in 
Andhra, to be partly financed 
by British credit. 

K.K.S. 



The fertiliser plant at Kandta set up by the Indian Farmers ««d Fertaisers Co- 
Operative . BcUno is the petrochemical plant of NOCIL near Bombay. 


Now 


you too 





Cautious approach 




industrial capabilities 


*■ 

to petrochemicals 





tto.ii. r"- 

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• ; *.We offer the se^^'coit^iriatfen ; 'X-' foreign- offices \ 7 : - v 

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t/ ' CHAITRA.SBI-373 




CHA1T RA-SBI-37 3 


AFTER A relatively slow start 
in petrochemicals — there ‘ is 

really just one major complex 
(at Baroda in Gujarat State) in 
operation — the Government now 
feels that the recent discovery 
of offshore crude and natural 
gas on the western coast pro- 
vides new hopes in this field. 
Its approach has been cautious, 
however, largely because of the 
capital-intensive nature of 
petrochemical projects. Officials 
are now studying a cost-benefit 
analysis which has shown the 
advantages to the economy of 
the use af petrochemical pro- 
ducts in place of conventional 
materials without adversely 
affecting established industries. 

Many such uses have been 
identified — though not yet 
fully carried out — including 
plastic products in agriculture, 
irrigation, health and communi- 
cations. Synthetic fibres are 
being more widely used as a 
substitute Tor cotton to supple- 
ment the country’s clothing 
needs- Studies have demon- 
strated the potential employ- 
ment opportunities .in conver- 
sion of petrochemical products 
into consumer end-products in 
the small-scale sector. Following 
such studies, substantial new 
investments are planned 
although, taking into account 
the gestation period for new 
units in the petrochemicals 
industry, production will take 
time to materialise. Meanwhile, 
imports will fill gaps in supply. 

For the present, decisions 
have aready been taken to 
establish an olefins complex 
using natural gas or naphtha as 
feedstocks based on techno- 
economic considerations at an 
initial cost of Rs 459m (about 
£30m), an aromatics plant for 
recovery of benzene, toluene 
and xylenes at a cost of Rs lbn 
a DMT /TP A plant with a 
capacity or 120,000 tonnes at a 
cust of Rs 400m and a polyester 
fibre project with a capacity of 

45,000 tonnes at a cost of 
Rs 400m. Foreign tie-ups for 
some have been negotiated but 


this expanding area leaves wide 
scope for more technical col- 
laboration agreements within 
the framework of the Govern- 
ment’s policy. 

The Government’s overall 
programme for petrochemicals 
leaves substantial scope also for 
the expansion of the private 
sector. Important areas iden- 
tified for It a re PVC, vinyl 
acetate, phenol and phthalie 
anhydride. Since production 
of thermo-setting plastics like 
urea formaldehyde has re- 
mained stagnant, this is an 
industry that is particularly 
amenable fo decentralised pro- 
duct ion by small and medium 
sized entrepreneurs. A study is 
to be made on the possibility of 
harnessing the full potentiali- 
ties in -this area, including 
fuller utilisation af existing 
capacity. 


Landmark 


So far, the major landmark 
in petrochemicals is the setting 
up of the massive complex of 
the Indian Petrochemicals Cor- 
poration (IPCL) at Baroda 
where a naphtha cracker and 
downstream units are being 
commissioned this year, A 
beginning is being made in 
Assam through Bongaigaon 
Refinery and Petrochemicals, 
while the West Bengal Govern- 
ment has been given the green 
light for another complex at 
Haldia. The State is pursuing 
the project vigorously and is 
seeking private investment and 
foreign collaboration in what it 
hopes will be a major new 
industrial project in West 
Bengal. 

IPCL was launched in 1969 
and its Baroda complex consists 
of an aromatics project and an 
olefins project comprising a 
-naptha cracker, pyrolysis gaso- 
line hydrogene ration plant, 
benzene extraction unit and 
butadiene -extraction unit. Us 
downstream units will make 
low density polyethylene, poly- 
propylene, ethylene glycol. 


polybutadiene rubber, acryloni- 
trile, acrylic fibre and detergent 
alkylate. Approval has been 
given for fresh investment in a 

55.000- foniie VC-PVC project, a 

10.000- tonne acrylates project 
and expansion of the DMT plant 
from 24,000 to 30,000 tonnes. 

Various units of the aro- 
matics project went Into pro- 
duction in 1973-74 and output 
nf DMT in 19 < « at 24.496 tonnes 
was higher than the installed 
capacity, while that of xylenes 
was claimed to be the best 
possible based on the aromatic 
precursors present in the 
naphtha presently available. The 
olefins project consists of a 
naphtha cracker (with an esti- 
mated .-annual throughput of 

450.000 tonnes of naphtha) and 
associated- units for extraction 
of benzene and butadiene and 
hydrogenation of pyrolysis 
gasoline. 

Downstream units have been 
approved to make use of various 
gaseous streams and other 
liquid products availahle from 
the olefins project and these 
will lead to substantial produc- 
tion of low density polyethy- 
lene, .polypropylene, ethylene 
glycbl/ethylene oxide, polybuta- 
diene rubber; acrylonitrile, 
acrylic .fibre and detergent alky- 
late. The olefins project and 
its downstream units, involving 
a rotal investment of Rs 3.468bn, 
are in the final stages of com- 
pletion and many have been or 
will be commissioned this year. 

The Bongaigoan refinery ana 
petrochemicals units ere also 
nearing . completion and the 
latter should be ready by early 
1980. The. Investment involved 
is Rs 1.27bn but this is likely to 
be revised, upwards. 1 A project 
for manufacture of pnlyester 
filament yarn at Baroda with 
a capacity of 3,500 tonnes 
annually (and to be raised to 

7.000 in the second phase) is 
being implemented by Peirofils 
Co-operative, a multi-unit co- 
operative society in which The 
Government has a 60 per cent 
share. 


When commissioned ft will 
be the biggest polyester fila- 
ment unit in the country with 
its poly condensation unit rop* 
verting DMT into polys ter chwj 
and the spinning unit mala rig' 
the chips into filament yarn. 
Production from one of the 
spinning lines started last 
November on the basis of 
imported chips. The three 
remaining spinning tines are 
expected to be commissioned 
this year and the poJycondensa- 
tion units next year. . 


-i-. -r 
- • S) 


Funds 


Few gave much chance to the 
Haldia petrochemicals complex 
when the Centra] Government 
gave Its blessing to it without 
-promising that funds would also 
be made available. This has not 
deterred the Marxist West 
Bengal Government and it has 
already invited tenders from 30 
selected companies in Japan, 
Britain. Romania. West Ger- 
many and France. Quotation* 
are expected by September and 
the State will take decisions on 
technical collaboration soon 
after that. 

It expects to start preliminary 
work from next April, having 
already received letters of 
intent for five prnduris at a 
total investment of Rs l.Bhn. 

* re L fora naphtha cracker, 
PVC. high density polythene, 
ethylene oxide and ethylene 
hexanoL Exercises are now la 
progress to identify which parts 
of the plants can be fabricated 
in India but foreign collabora- 
tion will almost cenalnly be th# 
eventual answer. ; 

This Is no precedent, sin* 
IPCL’s units have collaborate 
announcements with companies 
from many countries and rniire 
proposals are to be invited, the 
State Government, which/ is 
studying the possibility of Gett- 
ing no downstream units' lpsed 
on imported feedstock./ has 
limited the foie nr the private 
sector to third-tier end-mwners. 


J5i* 


KJK S. 


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.••'■• -. '• ■ -v i :;;* i .‘*fr 5 v. , :V , *‘' ^ *** ? -.-.» y • ^* V . -‘ '.-• • •* -.:*... . f 

•'*.*••'• From SMbar \ - ’Then came the. Industrial boom. Take welding for ii 

T^r^noSC#*^# "\ • And from making sugar, we went welding procedures 

4 IcWinQJwgy,,* a step further and started manu- * radiographic-quality > 


• ’ Wafchandnag^lndustries Limited 

fcavery^yna/hic, multi-rdirectional 
enterprise." B qr For over half a. 
century, fa name has been ' ' ' 
synonymotfs with sugar. 

In the earlydays, our entire life ' ■ 

revolved arjlind sugar. ' . ® 

We grew sugarcane. We buiit a •: ■ * n V 


Then came the industrial. boom. Take weldirtg for instance; Proper 

- And from fnaking sugar, we went welding procedures for achieving 
a step further and started menu- - radiographic-quality welds ware 
facturing sugar-making machinery. developed, and welders were 
Before long .we had. the complete • trained, for performance quSKfi- 


mtli to crusl 
In ever incra 


•it. And we made sugar, 
sing quantities. 




f * • . capability to set up entire sugar 
plants. * 

_ Our first plant was commissioned 
• in 1961. To date, we've set up 
' • . 35 plants on a turn-key basis, in 

. -y * . India and abroad. Taking total 
r . . responsibility for project design, 
manufacture, erection, commis- 
„ Zoning and performance. And we F 
/have what it takes to undertake any M 
stich job, anywhere in the world. W4 


cation. Earlier studies jn welding VIII specifications, 
metallurgy provided a sound base * _ _■ . 

for critical welding, particularly - ■»XO Sequential 

Vessels. 8 " Nude,M ' Reactor : trepanning. 

Constant research and development The end shields are machined out 
lave paid off. of huge, 70-tonne slabs of steel. 

/*• - One of the most crucial stages of 

rom manual .>• its manufacture involves highr 

drlirvn • precision boring of 300 holes of 


design, have paid off. 
nmis- -r 

£«• From manual " 

r !d. welding... 

R *rk KaiIofo Today we can handle any critical - ' to aevise a comp 

Dollars. welding job, no matter how big of ' • trepanning' procet 

As a ’direct offshoot of our how complicated it is. We have . ' that distortion limit 

nvohrenient in sugar tec hnoiogy, the facilities- and the expertise in s maintained. over the 
s starts# making boilers. welding by shielded Metal Arc, . meter area, 

ially/ttfey were made specifically 9? s Tungsten Ar , c ' Gas Met »J Arc Another highly co-ordin, 
ur own sugar plants. But as various metal transfers such extremely critical operatic 

lopulBirity. grew, we started 35 short arc/spray arc,, semi- shjrink fitting of the 70-tor 

more and more orders to automatic or fully automatic slab assembly into a stainlei 

ture special purpose submerged arc as well as submerged Hat y&hich itself weighs 22 1 ( 

g*. - ooirers to customers' specifications. arc-orbital welding. Tube to Tube This cails.for highly regulated 
r- Naturally, ell thisjjjeeht We had and -Tube to Tube sheet welding ' . hsating : and expansion at 

-to develop new technologies, . using the fully automatic gas . temperaljpjs as low as 25p°C in 

.-special skills, innovative methods Tungsten Pulsed (cool) Arc method, a special Kmetre by 5 metre 

n.nJiintUn ■ Annthor nroa uud haua rlawn In rvorl -Fr.«S ' ■ ' 


' ; v 200 mm diameter. For this, we had 
at •' to devise a complex sequential 
jf ' . trepanning' procedure to ensure 
that -distortion limits of 2 mm are 
; maintained. over the entire five 1 

.mete/ area, l n 

Another highly co-ordinated and oun 

extremely critical operation is the impo 


massive, high-precision, manu- - VUoVo rtoarorl - - 
facturing projects— we've built *t ycareil 

dump tanks, end shields, end shieldi'VTOr dCtiOrii 

rings, fuelling machine carriages— ' v ... _ ... . 

all to very critical ASME 111 and Talking about massive jobs, wa ve 

/HI specifications. JR ade our mark in yet another field. 

. The manufacture of large-size 

EO sequential marine gear boxes. 

Dannkia These gear boxes are coupled to 

“ steam turbines which generate 

i shields are machined out 1 5,000 HP at 5750 RPM. We had 
70-tonne slabs of steel. to devise a special set-up for a . 
most crucial stages of Back- to- Back Test to check the 

hire involves high- performance of our gear boxes at 

ing of 300 holes of full load, full speed and overspeed 


shjrink fitting of the 70-tonne 
slab: assembly into a stainless steel 
Hat ylfhich itself weighs 22 tonnes, 
This cails.for highly regulated 


1 of evaporator station 1 


of production. 


Seller pressure « 


r ' r “*V ItlWkl IWUP ^ , m m 

. : ’C! Another area we have developed 

' expertise in is metal spraying for 

surface treatment. 

With this kind of potential, it was 

E " ‘ but natural that we diversify our 

activities. So we took on every- 
thing from chemical vessels, 

-pressure vessels and heat 
sxchangers, to complete plant and 
achinery for cement and paper, 
r biggest achievements to date 
been heavy engineering jobs 
clear power stations. Few 
in the world have the 
-^capability for handling these 


j^V-1 


gasrfired fqjmace; The Dump 
Tank.too calls for exceptional 
precisian in fabrication, it is made 
of 304 L stain!®** steel end 
measures 8000 rifan x 5000 mm x 
3200 mm and w«ghs 70. tonnes. 


this, we had conditions — a procedure that 

uential had never before bean carried 

ensure out in the country^ 
lm are That, of course, is nothing new 
ve to Walchandnagar. , 

In fact, we've made a name for 
3 ourselves for taking on seemingly 

> impossible tasks, and coming 

through with flying colours: jf you 
have a challenging fabrication or 
machining problem that needs. a 
solution, come to Walchandnagar* 

You'll get action. .. 





•" v' 

■ 

v ~l ■ 






Gear assembly 



Cement kiln 


Grinding plant with cenUa^fisdrarge mill 



walchandnagar industries limited 

•••■■ Construction; House, Walchand Hiracnana.Marg. Ballard Estate, Bombay 400 038, India. Grams: Waisakhar, Bombay. Phone: 268091. Telex: 011-2780 
Marketing Divjsipn:65B, JkM. Road, Deci^h pymfeharia, Pune 411 004» India. 


Works: Walchandnagar, Dist Pune# Ma haresfx^, ifldta. 


• UMMIM'WII 






.. Financial Times Monday August 14 1978 ; 1 

INDIAN INDUSTRY XVI 


In the United Kingdom, 

New Zealand.Turkey, Kuwait, 
Libya, Nigeria, Kenya, 
renowned industries select 
TEREX ‘Made in India 
earthmovirig equipment. 


Loader 


Bulldozer 


Dumper 


Dumper 


General Motors chose 
Hindustan Motors Ltd. 
as partners in manufacturing 
TEREX' earthmoving 
equipment in India. 


HM 


4> TEHEX «* * iratto 0* Gwwral Moms Co*poranon U.S.A. 


Dedicated to building 
earthntot'ers of greater reliability . 

Hindustan Motors Ltd 

Earthmoving Equipment Division 

PO Meinallathur 602 002. Tnvellore. Tamil Nadu. India 


The.tia&gti Bydel project. 


Third 

Indian 
Engineerins 
Trade Fai r 


2-16 February 1979 
New Delhi, India 

VISIT 

INDIA’S TECHNOLOGY SHOW 

ON DISPLAY WOULD BE: 


★ Automobiles and Auto 
Ancillaries 

★ Basic Metals 
★..Castings and Forgings 

★ Construction and 
Earthmoving Equipment 

★ Electricals 

and inanv other products 


* Electronics and Instrumentation 

* Hand tools and Cutting Tools 

* Industrial Machinery 

* Pumps 

* Shipbuilding and Ancillaries 

* Technical Services 

* Welding Equipment 

of Indian Engineering Industry. 


The meeting place to negotiate sub-contracts, 
direct purchases and joint ventures. 

ASSOCIATION-' OF INDIAN ENGINEERING I NT) I STRY 
P2 lor Bagh Now* Delhi-! 10 003 India 

abie : BUILDPOWCR • Telex ; 031*385? Al El IN • Phones: 62.4620# 61 SU 


\c^\±k£> 


by power supplies 


MOST INDIAN business execu- 
tives are philosophical about 
labour trouble but they are 
seething with anger over the 
erratic power supply which is a 
major constraint on production 
they can do nothing about. Re- 
porting the loss of 4,000 vehicles 
in 1077-78, Mr. S. Moolgoakar, 
chairman of Tata Engineering 
and Locomotive Company 
(TELCO), devoted a major part 
| of his speech to the company’s 
annual general meeting to a 
blistering attack on the Govern- 
ment for its handling of the 
power situation. Mr. MooL- 
goakars was an unusual speech 
but it is an indication of 
the frustration that all Indians 
are experiencing and it is worth 
quoting at some length from it 
to show the depth of feeling : on 
the subject. 

‘While industrial unrest is 
I hopefully a temporary phase. 

] ihe most distressing part of the 
power shortage is that there is 
no respite in sight for your com- 
pany— or, indeed, for practically 
the whole country — in the imme- 
diate future. This is the result 
of the confusion that has 
plagued the entire area of 
generation and power plan im- 
plementation for quite some 
time. It has been a characteristic 
of all our Five-year Plans that 
there have been" increasing 
shortfalls in meeting power 
targets. 

Inefficient 

'The inefficient utilisation of 
our public sector thermal capa- 
city. the enormous transmission 
losses and thefts of power all 
speak poorly of tbe management 
of power undertakings.^ There 
continues to be a total inability 
to enforce even a modicum of 
discipline and the power crisis 
has now grown into the single 
largest deterrent to investment 
and growth. 

1 Comment on the power 
crisis is perhaps futile. The 
example of your company is 
adequate proof, if one were 
needed, to show how the 
enormous wealth producing 
capacity of our manufacturing 
industry is being impaired, how 
employment opportunities are 
being permanently lost and 
how the national exchequer is 
being deprived of hundreds of 
crores of rupees of badly 
needed revenue — all because of 
tbe crippling power shortages.” 
The Planning Commission 
has boldly set a target of creat- 
ing additional generating 
capacity of lS.SOOJIW in the 
next five years — just short of- 
what was actually achieved in 
the last 15 years. It admits that 
even if this target is fulfilled — 
and if past experience is any 
guide this is a futile hope— 
there will be continuing short- 
ages in parts of the country. 
The only suggestion that the 
Planning Commission and the 
Government are aware of the 
situation is the vague statement 
that “ interim measures to 
alleviate such shortages are. 
under consideration.” This 
hardly provides comfort for 
the long-suffering power-hungry 
consumers In all sectors of the 
economy. 

The Government recognises 
the importance of power genera- 
tion not only for industrialisa- 
tion but also for agriculture, 
which it is committed to pro- 
mote. The “rolling Plan” for 
1978-S3 has more than doubled 
the outlay on the power sector 
from Rs TObn in the Fifth Plan 
to aver Rs 157bn. which includes 
commencement of work on three 
“super” thermal plants and 


ifan Petroleum Corporation's fuels refinery at Chenbar, Bombay. 


commissi/ning of two units in fully carried out It is widely 
the Madras atomic power station recognised that availahility of 
and thafe rst unit of the nuclear power can be increased and 
plant At Narora in Uttar shortages mitigated to some 
Pradesh. Of the 18,500M\V of extent by ensuring optimum 
additional electricity to be utilisation of existing capacity 
generated in the next five years, and operation of plants to 
13.000 will be thermal, 4,500 maximum efficiency. Steps are 
hydio and 925 nuclear. being taken to improve effi- 

The Energy Ministry wanted dency of thermal units and to 
the targets pitched higher, a check losses in transmission, 
surprising projection in view \yhat is lacking is the toning 
of past failures in implemema- np 0 f state Electricity Boards, 
tion. For instance, against a majority of which are ham- 
target of 9.284MTW of additional pg^ed by political interference 
capacity during the Fourth Five which need to be 

Year Plan. - only 4,580 was thoroughly overhauled, as a 
actually created-. The story in repent Parliamentary committee 
past Pla.ns .is similar, with the-Qj^eryed. _ The power situation 
result that the -average install a- fsoftenhlamed on the monsoon 
tion of additional capacity ant j the lack 0 f adequate, hydro 
annually works out to a rela- generation. The Industry 
tively insignificant _ l.iOOMW Raster's recent package of 
compared to the requirement of measures to stimulate indus- 
3,700. . trial production takes into 

— ' " account the power situation. 

J[ arget Silt It depends largely on hydro 

° ■ .generation, which at present 

It is hoped to achieve what does j| 0 t account for more than 
is dearly an ambitious target 40 - per cent of power supply 
through five “ super thermal capacity. The main, reasons for 
plants to be operated by the recurrent pbnntages are in- 
central Government at Sing- effective functioning of the 
rauii. Raraagundam. Neyveli. dermal stations and huge trans- 
Korba and Badarpur. although mi^cm losses which range from 
there is considerable doubt over M m u c h aa 33 per ce nt ln 
the country’s ability to to IS per cent in 

factnre parts of the 500MW Maharashtra as compared to an 
stations. A major part will have average of "just eicht per cent 
to be imported, although by the ^ .Western countries, 
time these are to be installed, Tir . 

Bharat Heavy Electricals, the ■ hi 
Government-owned electrical ^ « 

equipment company, hopes to Government appointed a group 

!•- > ««- * «■* « to&'zsxu'TSL zjtss: 

a dd^nnar^^cle^^apan ty * f buUUs ' reported* to 

have been highly critical of the 

SSL th P r- h a <f h^n U a ^ “' operational efficiency of the 
sidenng there_ has been a slow- rtwrinal- stations, the mainten- 
mg down in the nuclear energy ryj*/ -i 

SKIS' 5li aW Su.Kr' l r iC *‘ * ot vhich l s far 

after India's nuclear 

«*. « l S"or Uti lSj,Vn ’of 
m e s r°i"n ^ S ™P 


i 


io- 7 -j _,jn l has -recommended a complete 

Sin?tro“bIea E ™il e “/^e s.ations af.ar 

tW in* parts of heavy wator from ■W&ZL&S ? "?. e j 


SS “StS -1 aeiereralnesieet » the man- 

p£S£ isTL/or canL foftSeF* enKnts of 
power shortage in the northern- -.W* > managements, in their 
region). A number of heavy tiirit, -have blamed the faltering 
water plants are planned indi- performance on the poor.quality 
genouslv but none is at present "and erratic supply of xoaL This 
functioning. is a major factor since Indian 

The heavy investment in, coal has a high ash content and 
power generation is obviously the}; quality of supplies varies, 
intended to - overcome in- BtulerSi *1°* gptting coal of tbe 
adequate allocations in the past right, specification and consist- 
for power and to make possible e n*T* get damaged easily and 
additions to generating capacity, cause maintenance problems 
But these an?. essentially long- and breakdowns, 
term solutions, even if success- Experts believe that if 

s ■ ‘ ; v ‘ •• 


utilisation of capacity caa?. 
improved by even a small p 
centage, much of the immroh 
problem will he solved. ■$& 
it is basically due to pnor M 
agement that ntilisation:^. 
capacity is low and broakdqa 
frequent, almost every 
roittee appointed has 
mended a shake-up of ; ^ 
Electricity Boards so 
are managed entirely by 
cal men and not by politis&r 

Notorious 

It is not uncommon to fi 
the Boards are headed by pt 
tirians found unfit for W 
posts. Since they aren 
principal agencies for carrj| 
out power development fi 
grammes, they are nntoriouit 
only fnr inefficiency but 
rnrmption. Says a 
mentory committee or ^ 
method nf executing power ft 
jerts: “ Hardly any perceptfl 
improvement has been 
in the institutional arrangeroj 
for survey, investigation,. $ 
partition of power reports, « 
mnnication of sanctions. % 
with the result that proje 
drag on for years.” 

The present govern men*, 
making efforts, albeit ad hoc 
nature, to improve the pot 
situation. Because nf the ct 
fortable foreign exchange pi 
tion. imports or generating -s 
are being permitted and ind 
trial units are being encourg 
to establish “captive” pla? 
These will either stipplcm 
supply from the public sjrt 
or cater entirely j» their nef 
although ihey will take time 
establish, certainly more ti 
than is available j q ira pp 
industrial production. 

Meanwhile, monopoly rest 
lions are not beinq allowed 
come in the way of establish 
fresh ca parity — the sanction 
of the “super” thermal stal 
at Trombay for the Talas, 1 
proposal for which had In 
made nearly five years ago 
a major example. Bharat He 
Electricals is importing 0 
ponents to stoek so that mi " 
tenance needs of plants origli 
ing from almost every ma 
counrty in the world can be n 
In the absence of standard 
tion of the plants this is cn 
able. But these measures t 
are not expected to mattrit 
alter a difficult situation j 
power generation will contii 
to be ..a major constraint 
years to coma. 


K-K. 




4 








Financial Times Monday August 14 1978 




1 V 


At 



RAW MATERIALS 


INDIAN INDUSTRY XVII 




Quite spurt from her agricultural resources India is 
T>eil endowed with industrial raw materials, including coal, iron ore and 
bauxite, and some big expansion projects are now under way or planned. Improvements 
in internal transport facilities and in the ports will be 
needed to make tbe best use of these investments. 



20 

rut 

i 

_ i 














An oil rig near Bombay. 


1 

iiV 


record tame.- 

Dramatic 


"s' A SHOUT : while before this 
year’s monsoon, tost the western 
j\ coastline of India in June, crude 
; and watitm) gas slanted flowing 
, • . r down, idle 208-fcm dual pipelines 
v from tbe Bombay High offshore 
)\ o-Ufield to tbe coast. This was 
’■ an important achievement 
- the Govemment^wried Oil and 
. NaruraJ Gas . Conunissaon 
(ONGC). Even a: week's delay 
would have meant posbpone- 
: merit of the' pipeline' project 
until September since work tin 
it is impossible .during the 
rough weather of the monsoon.' 

“ ' - It would have resulted ia.aoter- 
*■ <; rtrptions in crude supply from 
Bombay High where. orl was. 
until the pipelines were com- 
missioned. stored in a large 
~'~- s tanker and then shipped ashore 
aboard smaller tankers which 
da not always sail in - stormy 
seas. 

More important, completion 
jtf the dual pipelines means that 
^ pi n. associated gas from Bombay 
W -High is no longer flared in. the 
i ,«eas. As much as lm cubic 
^ V : metres was being wasted every 

day and this quantity will now talks with Bunn ah OilTni' take- and Oil India should con cen- The Government has decided 
be available as a vital feedstock over 5® per rent share), trate on exploration of onshore that no foreign companies will 
for fertiliser, petrochemical and According to the last, annual reserves. This may not be as b e granted any more concessions 
power plants. Unfortunately, "port of the Ministry of cheap as thought since recent ^ te w CT0UDS drilled hrieflv 
A ,* rniitical squabbles have come in Petroleum and • Oieniicals, strikes are in such inhospitable j Kutch and Bengal basins 
I— *i live wav of formulation of nlam crude imports reached 14.7m and inaccessible areas as Aruna- * JL„ .“Jr T Cn8al Daslns : 
' ' «— <" ^ f* other p.rt, of north- »£““«£« 

» natural gas is for the moment m ° rc ^ an ' n .J??®* JJ n * a *' Ind,a - Problems of distri- imp f ess j on t j, a t thev did the 

he;n" used mainiv for nnwer lp77 crude throughput in the button of crude and gas avail- “fj, «!*L ,h 

=£S£S Bssm !R : S» S?3 

in two years, will gas be avail- ™ * neany 1005 1351 in offshore exploration, largely 

able a? domestic fuel. Yet a yC * P ' because of ** accesses in the 

'VI - ', beginning has' been made- Production will jnpreaseboth J 3 ‘^ 5 * r * fields ^oart^rom western continental shelf and 
.inwards ONGC's direct con- from offshore and qushore ° cate ^ ** expertise it has gathered in 

tn but ion to India’s industrial sources but s o will consumption {JJJf ‘ oSshore Ihe process ' After all. the 

.growth and it richly deserves at ‘ * J 8 Per, cent prestigious Bombay High went 

: commendation for completino an P uaU >” by 1980 requirements S into production just three years 

project wHI be about 30m tonn «» ?roni f ” 1 «■* ® £ from the time tbe first strike 

.the mal pipetines project in present proven oilfields, both J was made, a performance that 

onshore and offshore, .produc- p'S t,,l I a J erp3, , n T lJ on thtf f « probably unmatched, 

fion bv then will be ronehlv ea ^r* has not been fruitful, 

15m tonne! or suffiriwt' to a 'though efforts continue. ONGC » plans to explore the 

meet S £ counti^ rSjir^ bas fina,ised » P^n for intea- concessions abandoned by the 
Until now ONGC’s dramatic ments lintSm c^So^ s,ve exploration in the eastern foreign groups, but inevitably 
discoveries in the western. con- are that j n J ia wi .j need 475m rea ' 0D for next flv c years [ aces resource constraints- Now 
t mental shelf have been con- tonnes bv 19S7-8S which includes drilling in f* at Government feels there 

fined to crude production. The Va * ■ . ' . Assam, ihe Arakan basin, the K " ot J b * sarae urgency for 

major finds are restricted to Brahmaputra Valley and Tri- !i.A UP -" g -J h , e 

( Bombay Hi 

• soon to be 
, and other 

-b.Mirh.iod Outwit from the off- A "^ v " auction rate .from the region “"i, s u VVB 

‘ tdinre is eSeclcd m 3 bip den ‘ in l° fQreipn «# nsc from fhe existing 2 . 01 m tonnes. and g** : India less than half of 

4EJ {5S toSteTSS bv ^ en ' Gs and «POrt ^mgs. ONGC feels that on the basis OPEC rates. But since 
^ ' e 5 Pn0 ^ h25 ,^'. now of available data and geological aIrernatl J e »“«« of energy 

• Wi ir ! L vpjr This adjust I ed t0 **»* ' vor l^ 0,1 P nce studies production of 5m tonnes are Proving difficult to develop 
. /eve! c»r 5rn twines a j ear. This sstua tion f as is antrent from annuaUy from its eastern con- —there is currently a coal 
. equals approximately a sixth of the rapid ..jrise-yMn foreign cesjyons^ is a distinct possibility, shortage while the nuclear 

1 r ^fwwa s needs or half of domes- exchange r«erv« and the rom-. Tb| s WO uld be in addition to P° wer programme has suffered 
..“‘ 4 : /tic produciiuD. Plans ■ are to pa rati v e h|ck- Of inflationary qjj rndia's cootribution from ra*j or setbacks— nil will still 

. praise production to 30m tonnes pressures.'^ This is the main y, e re gi 0Ili to which its opera- bave an ira Portant place. In 
fhy 19S0-S1, 'although the Plan- reason fta the Planning Com- tjons are at present limited. Oil fact the pla Q nin & Commission’s 
■i»in? Commissi cm has recoin- mission’s/ caution about using ju^a h epn n| ven another a H° cali on in the draft plan for 
mender! tliat output should be oil rexeepes since the prognosis onshore-offshore concession in shows that it attaches 

hunted tu Am tonnes so that is that? oil prices during the the Mahanadi basin which it is foormous importance to J 
reserve* are conserved for the coming decade will reach S2U a pursoing rigorously since ils caiI ‘ lion 1 13 therefore 
future when foreign exchange barrel and more and foreign seismic and other data have Vfbal Puzzling, 
could become a ciuistraint again exclilmge Ls unlikely 10 be shown promising possibilities. It 
and world prices may be higtwr, easily available then. plans t0 spud its first well there 

Thar thought can be given to The Planning Commission next January. Other onshore 
rcsfrictinu production is a has not made it clear whether areas being explored by ONGC Not so well-known are 
mr-aMive of the remarkable per- it wants the entire gap in pro- include those in northern India ONGC’s efforts abroad, probably 
fonnance hy tlie country's two, duction to be met through — where gas has been found in because they began recently and 
exploration organisations, ONGC imports or whether it wants the hilly regions — and the in a small way. It bas success- 
and Oil Indja (the latter is cheaper methods of extracting south, but so far without fully explored for gas in Songo 
exocrted 10 he fully owned by crude to be used. If the latter success. Songo Island on contract for the 

th* Government by the end of alternative is to br explored. Inevitably therefore the Tanzanian Government despite 
this year following prolonged the suggestion is that ONGC emphasis has shifted offshore, an initial blowout. Its concession 

in Iraq was also operated 
successfully and oil was struck: 
unfortunately, the flow was not 
sufficient for a country already 
rich in oil, although the strike 
would have been commercial in 
India. Iraq, has. however, 
agreed to use ONGC’s equip- 
ment and personnel for contract 
drilling and this is a tribute to 
its expertise. ONGC has won a 
concession in Syria and opera- 
tions are to begin there soon. 

Collectively, after winning 
laurels at home. ONGC has per- 

THF INDTAN GOVERNMENT mine in Andhra. tonhes of aluminium annually, formed satisfactorily in the 

is positively euphoric about the Even bigger is the project placing the country in a com- short time That it has been look-; 
hi 1 u re 01 jin* aluminium indus- that the French croup msqding position in the world ing outside, and Third World 

♦iv al\»-r the recent massive Aluminium Pechiney — u mens aluminium industry. But pro- countries which hope to become 

rii>cnvci:os of bauxite deposits the four largest aluminium pro- dirction of lm tonnes will need oil producers have sought its 
.1 Inn? Mu* Kinfcrn coasL The tlucers in the world — has been about- five power plants each of assistance, 

sice! ami Minus Minister. Mr. asked to launch. It is ti* make a 5WHHW capacity: the prospects At present there are 10 

tiiiu Pdtnuik. says the dis- Feasibility study for a large for'ereating this capacity solely refineries in India with a total 

Tiirlc, nn “Iho h.'iiiYiTa^iIiiTniniitnt .'rtutrtlpV in Ntarinn tn fViei naarif a f lha Kvri . 1 ... of— .. • _ . .. 


oil and 
some- 


Big 



of bauxite 


reverse? put India on “the bauxite-aluminium complex ia catering to the needs of the two capacity of 27m tonnes in terras 
nurM map f»r the production Orissa State.' This envisages a projects is bleak in tbe context 0 f crude throughput With the 
of alumina or aluminium and bauxite mine, an alumina plant of- India’s acute electricity commissioning of the new 6m- 
raise the hope of large of 600,000 tonnes to 800.000 shortage. Even if foreign finan- tonne unit at Mathura, now 
alumina or aluminium com- tonnes annual capacity and an ciers are available for the power being built with Russian help, 
plexes which could transform aluminium smelter with a Projects required, there is con- and the expansion of the Koyali 
the situation in regard to non- capacity of 160.000 tonnes. siderable doubt whether the refinety by Sm tonnes and com- 
forrous auftal production end Like other projects that Mr. Government will commit itself missioning of the Boagaieann 

supply in the country.” Fatnaik has sponsored for to schemes which are almost refinery, total refinin? eepacitv 

Ilis'noriniism «em« from Ihe development of the stn'i an d entirely export-hase.d and which is projected to reach 3‘7m tonnes 
fart that white known bauxite m&usiry. this complex wW erode considerably the real by 1980-81. 

reserves in India just five years a,s0 export-bafed. To ^ mam in both Ori.>«t and , ndian 0iI c^rpnrorJon. the 
acn were only 25Ibn tnnncs. the foreign fitiaaeier will m a la I Andhra. largest company jn the country, 

eastrrn roa.st finds have raised Vld ® the funds lo develop The ever-nptimistic Mr. Pat- remains the - piant. althoush 
them dose, in 5 hn Tonnes, or project, the complex will supp . naik -feels that expioitatton or other public sector companies 
around a fifth of the world’s a major part of the a,u _ ,11, ‘ ■ th^ bauxite will bo part of a have started functioning now 

rwerre*. Mr. Parnaik t* natur- possibly as much as «' • " package " of which power that the foreign refineries (Bur- 

ally ■■excited 1 ’ by the prospect tonnes annually. The snan o development will be a part. His mab Shell, Exxon and Caltex) 

and feels that tlie newly dls- ,raTS bas “ ready shown in1 / l 5 ‘ ' Ministry bas ‘dodged the have sold out to the Govern- 
rovvred deposits couW set oft a ,n ™ 8 . l f , e ground' vo y K ‘ question of using coai reserves ment (they hove since been 
cumulative growth process ® croae-for-alumma deal n — «a'd the related questions on renamed as Bharat Refineries 

“that could surpass the past been laid. thei economy of thermal and and Hindustan Petroleum). The 

rates of growth of all industries On the face of it. it would super-thermal stations — by only foreign interests are the 
in the country/' seem that the only constraint is referring to possibilities of minority bolding - of the 

- -The Government has moved India’s ability to use sufficient using .hydro power. But this National Iranian Oil Company 
quickly to exploit the deposits. Iranian crude to generate the ignores not only- tbe much in Madras Refineries and of 
-The State - owned Bharat substantial rupee resources larger investment involved in Bnmips Petroleum m the 
Aluminium Company has signed required for investment in the developing hydro potential but V 1 !!^ B £ l ^.r ^ ta * e ‘ 
couiract with Russia’s Travet- complex. . also the longer time this will A ? jl *. s 5f ra 

imentpromexport for making a But the big obstacle is avail- take, -particularly in the eastern 9‘* L„?LS e «°,S 

‘feasibilitv studv for an alumina abilitv of power, a major input region. jndustfy ^ ent i,rely wirh 

•plant of *600.000 tonnes annual for both alumina aad aluminium- The power situation in rela- JJ® 1 Government and funher 

capacity on the east coast of Mr. Patnaik claims that m tbe tion to the aluminium industry ,JhfI raclwr,a8 

SAndhar State. The Soviet agency course of time the two projects is such that some senior indus- become inevitable. 

C\s ah<o uxnucied tn make a study would produce a total of ,^ have suggested tbe 


("for .the setting up of a bauxite 


CONTINUED ON NEXT l»AG6 


K.K.S. 













fy\, *v <\y-A 









. * i* 




Playing a constructive role. 
In India’s development. 


Tunneling through mountains, 
spanning turbulent rivers, 
building dams and barrages. 
It's all in the day's work 
for the Hindustan Construction 
Company. We've built jetties 
and docks, airports, factories, 
nuclear plants. Our list covers 
some of the most imoortant 
construction jobs in India. 

For example, the Farakka 
Barrage, the Idukki Arch 
Dam, the Bhilai Steel Plant, 
Raii-cum-Road Bridges on 
the Ganga & Brahmaputra 
rivers, and the Kota Atomic 
Power Plant, Recently, we've 
played a major role in the new 
Bhatsai Water Supply Project 
—the largest of its kind 


In Asia. And we're handling 
the civil engineering work 
•at the Kagera Sugar Project 
in Tanzania. In fact you 
could say that all the projects 
we handle help build up 
India's image. Both at home 
and abroad. 



Hindustan Construction 
Company. 

52 years in the construction 
of dams, barrages, 
aquad-ncts, tunnels, 
bridges, pile foundations, 
buildings, townships, 
industrial structures, 
power plants, marine 
works and environmental vj 
engineering works. 


The Hindustan 
Construction Co. Ltd. 

Construction House, Walchand 
Hiiachand Marcr, Ball aid E state, ±. 
Bombay 400 033. India. Grams, S- 

r>,Mna- “LnvTi-rHTiT” nrndiiv •*•’ 


Cables: "HINCON" BOMB «r. 
Telex: 011-2IS0 WALGRUP. 






Indian 
engineeHm 
' At home, 
around the world . 


Indian engineering has' today 
emerged as a major task force 
the world over. From being 
an importer of engineering 
goods in the *60*s, India has 
become, in less than a 
decade, one of the large.st 
exporters of engineering pro- 
ducts to international markets. 

Today, a wide range of engi- 
neering equipment and 
accessories leave our shores 
for highly developed countries 
tike the U.S.A., Canada and 
others in the East European 
and Far Eastern regions — 
ample proof of our inter- 
national quality standards. 

No wonder that'in 1977-78 
alone, our engineering exports 
were worth as much as 
US $ 781.25 million. And it 
is estimated to rise to 
US $ 1 1 1 1.1 1 million by the 
turn of the decade. 

Indian engineering— 
from start to finish 
Turnkey projects have become 
another area of specialisation 
for Indian technologists 
today. Developing countries 
in the Middle East. South 
East Asia, Africa and 
South America have reaped 



the benefits of a total range 
of technical consultancy 
services fron> India. From 
feasibility stucfles, preliminary 
surveys and project reports 
to planning, designing, 
erection and .commissioning. 
For steel, sugar, cement and 
paper complexes and in 
oiher areas-TtkSrport and civic 
development;--' 

E E PC 

The Engineering. Export 
Promotion Council is playing 
a dual role today. It has a 
membership -fist of nearly 
6,000 Indian manufacturers 
and exporters. Through a 
network of seven foreign 
offices and other territorial 
offices, the Council helps 
members find the best markets 
to sell in and acquaints them 

with market; conditions 
abroad, fn'the same way, 
helps international buvers 
to locate the best markets to 
■shop in. It ensures that they 
buy the best at competitive 
prices, that deliveries are on 
schedule and that their export 
ventures work smoothly from 
beginning to end. For the 
international shopper, EE PC 
is the guide to.Industrial India. 


!j. > 




/M . TV 4 



Engineering Export Promotion Council 

LONDON (U.K.) : 28/30 Cork Street, 
London-W-1 

Head Office : 'World Trade Centra*. 

1411 B Ezra Street, Calcutta 700 001, INDIA- 
Other Foreign Offices: Chicago (USA), Dubai 
Duesseldorf (West Germany). Manila <PWtippines) 
Nairobi (Kenya), Singapore. ' 




26 


-rnmmM a 





On a mountain top, 
enlightenment for the world 


.-The mountain tbpr-CToty, . y. ■_ <:'. 
:':.lndlaVThc.iroessage: ... 
Hindustan. Photo Flint',, 

• thanks toits'a d v-auced ; 

.technology an d sop histi cat erf 

know-how, manufacture;- a 

• rango of - , 'lNT>U‘''photosen- ' 
'siti'ied products equal to, - v . 

the bent made anywhere in 
' t’Hiv world r - ->''•. ■ •'.••; -• ] •• - 

'..2230 JC' iwc 1 '.ah . ;"• 

• .;0'oV,> Jndia/nsr.the 'Hincostso; • _. . : . 


./ :q-rfa , “alf'.g<spf , ."ss , ahd‘ h? ' - 
' radio io c] : : ,t-? a ; '■ ■pre-fe :■ i N.D 0." ' '• . 

y'l.VaUi too, can taka your pick " • 
>j frorh the IWDU rqrigo — one 
; of the. world-' s widest,: ... ... ,V'. 

■iCipe'rtiM'.ive ;^2i2iC':c-2Scutj...: 
\C'w ' rf. . 

"•■ ;-X ; r’c.VV 6 ~ Tr--z co';;-c .'ir.nd.Ppi; a- .." 
•'.stftf.-bss': ’v’Vrfiuf/-. t;' r . 

o’ J: j ^ p'ti'-D : .-T- e^i ’-.i . 

^•Efrc-ytvtrfvrvosiw^^ 

. i' ■ (? h.clfo’trr 2 r hi O' CS r.i ciS' S : loe : . . 

' '• k'ii tilt : iriey ‘‘'i ~i _U X-Vuy ProSpiJTg-: _ ; 
OV'.CKOrr.jcs \. - 0 . ..' 


INDUISEILM 

> :'r X i"; V Feaicaddrp^’/ciar.e'^u^Lt ic . , , . • 


SAA.HPF7392 


Financial Times Monday August I 4 ‘ 1973 1 

INDIAN INDUSTRY XVIII 



in the 

continue to 



mines 




( 


the miners hewing coal in 
underground mines in Bihar. ^ }at[ere[ ^ 
perhaps the poorest of the eight 
Indian states the industry 
covers. 


From Bali to Kuwait.... 



COAL INDIA’S richly-panelled the ' problems . of persistent performing below par. They 
headquarters in the centre of power - shorta ge , unsatisfactory point to inadequate pricing 
Calcutta’s business district, steel output, irregular coal sup- policies, low prodetirity, stag- 
stand in stark contrast to the plies and unreliable rail trans^ nant output and under- 
poverty-ridden pavement life' to port, which are ail being blamed mechanised mining methods, 
be found on the streets outside, on each other in a great bout Though a more coherent long 
.They are said to stand in even of buck-passing 'now preoccupy- term policy is now in train 
greater contrast to the life of jng the public sector, appear to under the rolling ten-year pex- 

have left coal looking the most spectire plan known as Project 

Black Diamond, much renuuns 
Coal India's chairman, LL to be done. 

Gen. K. S. Garewal, insists that as in Britain, India's coal tn- 
Iu fact the position of the no Production has suffered in dustry has suffered from its own 
600.000 miners in the . industry India for want of coal, and offi- stiat of the country's second 
has improved considerably since dais say the noisy complaints Plan of 1956 the railways wore 
September 1975, when Goal about coal are comm? from the the single largest consumer. But 
India came into being under a 9 = Der POnj: .u mers w ho ' mil § rea:er of engines 

second restructuring that fol- !* p pe _ r Zr «* electrification, rail demand 

lowed nationalisation under Mrs. ta ^ e *? per eent uf L ^ e output. f e y f though it was over- 
Gandhi in 1973. For une thing Bul “ e shortfall is worsening by demand ■ from the 

the miners have received large the under-utilisation of capacity power steel and other sectors 
wage Increases from the paltry across abroad cross-section of. as industrialisation proceeded, it 
sums of before, and can expect Indian industry and the prob- t 00 fc ^ crisis of 1973-74 to 
more when their agreement is iems remain unsolved, although put * n gw lease .of life into the 
renewed at the end of the year, stockpiles are . being u=ed and industry. 

That, however, has comri- committees have been convened whi j e production 

buted to other problems. Hi to help co-ordinate the various rep eatedlv fell short of target 
spite of passing on the higher sectors concerned. Indeed, the - m ^ third and fourth 

wage costs. Coal India’s prices flow, of coal has recently begun p i qnB _p ar n y beca UM not 
remain so low (one-third the.to-'lniprove. enough licences were granted to 

price of oil) that its losses are - Production of coal, a key import parts for plant and 
continuing tD mount (a record source of power in India, has machinery — the first two years 
Rs880m last year) and are itself suffered from power of the Fifth Plan saw annual 
becoming a political as well as shortages. Mines need the elec- targets exceeded. But demand 
a financial headache. At the tricity for ventilation, for rais- turned sluggish, output stag- 
same time those coal price rises j ngt hauling and loading coal nated and pithead stocks 
which have occurred are being an( j j or wasberics. Coal climbed. Then with a turn- 
used to decry nationalisation as India officials .describe these round last year, power shortages 
a failure. shortages as their biggest prnb- and labour troubles struck, and 

Worst of all for Coal India, lem, having overtaken last year's stocks had to be depleted. 

chief bugbear, an explosives ^ 5^^^ in demand 
shortage. an d supply is what makes 

The explosives shortage was Lt-Gen. Garewal emphatic about 
caused mainly by industrial the need far a proper national 
action at two companies. Indian stocking policy. He says every 
Hbcploseives and Indian Detona- consumer should have 45 days' 
tors, though power shortages stocks, tbe cost of keeping them 
bad an impact on explosives being less than tbe cost of not 
production, too. The effects are having coal available at all. 
still being felt Coal India is Whatever the case, this year 
importing over the next two or people are talking of scarcity 
three months anything between in the midst of plenty because 
3,000 and 6,000 tonnes of of tb evarious problems between 
explosives in order to avoid a coal-face and customer. Pit- 
hold-up in production as head stocks are too low, but 
seasonal peak outputs start productivity too has not im- 
being reched at the end of the proved enough— it is still a frac- 
year. • tion of European levels. 

The need for greater mechan- 
isation is emphasised by the atr- 
. . , - . , . . ges set under the present draft 

Industrial action has taken its g^ e year plan, which envisages 
toll in the coaj industry as well, production of 144m tonens from 
Mines suffer .from go-slows and pu blic sector mines by 1982-83 
strikes over anything from (another 5m tonnes is to come 
housing to the effects of power from the captive mines of the 
cuts, and with five unions repre- TISCO and IISCO steel plants), 
sentiug the miners rivalry Thus is optimisitc by historical 
between them is inevitable, standards; last year's ootput 
Absenteeism is also a problem. ^-35 barely 100m tonnes. About 
This year's negotiations are j, a jf expected to come from 
being approached particularly open-cast mines, 
cautiously by Government and 
management 



f - f ^ ^ ^ 

V' ; '. -w.’*. 1 

: • ... 


>• .... r 



A beach resort hotel in Bali ? A mini-steel plant in 
Malaysia ? A petroleum refinery in Kuwait ? Pahar- 
pur has supplied cooling towers to ail of them: 
Paharpur. People who have built more water cool- 
ing towers than anybody else in India. People who 
have learned a few things in the process. 

Learned how to design towers to do more in (ess 
space. Make them serve dependably, longer. And 
perform to specs under an almost infinite variety of 
ambient and terrain conditions and limitations. The 
same performance reliability for which Marley is 
famous the world over. 

And learned that the only way to make sure it's all 
done right is to design and manufacture the major 
components themselves. So everything works toge- . 
ther properly and keeps on working with a mini- 
mum of maintenance down time. 

When you're planning your next project talk to the 
pros at Paharpur. But for now, think of the five 
million U.S. Dollars worth of cooling towers which 
they have exported. 


Nobody takas the heat of t tike 


PAHARPUR COOUNG 
TOWERS PRIVATE LtDj 

Home Office s 1 -B JUDGES COURT RD. 
CALCUTTA-700027 . INDIA ... 

PHONE : 45-8966 (3 LINES) 

CABLE i-WOODJ Of NER 
TELEX -.021 -3293 

WfISB to us for our tHOCfiuro : 

"Can Paharpur of India give you th« 
World's Beat Coo I mg Toast 7" 


In Technical collaboration with The MBrley Company. USA. 

Sales Representanwes in : SINGAPORE, KUALALUMPUR, KUWAIT & TEHERAN 


A frotd end loader produced by B/wra£ Eart/t Movers. 


Housing.: „ 


Thus there is unbappiness 
that an exporting steel . plant 
depends for success on cheap 
coal which, if it was exported 
directly to those demanding its 
widely sought low sulphur 
qualities, would yield even more 
money and earn Coal India the 
credit it now fails to receive. 
Opponents have little answer to 
this but retort that Coal .India 
needs to improve its manage- 
ment, and its.industrial relations 
record. There is much talk of 
again restructuring the whole 
industry. 

In spite of Coal India's claims 
that no production has suffered 


because of a coal shortage, the 
export programme has had to 
be reconsidered. India had 
planned to export 2m tonnes in 
1977-78, and the Minerals anti 
Metals Trading Corporation last 
year launched an export drive in 
Western Europe to take half of 
it. Altogether 648.000 tonnes 
were exported, about half to 
tbe EEC. 

Programme 

Coal India says its commit- 
ments are beinc met. bur that 
it is J not accepting new obliga- 
tions at the moment. Countries 


abroad are nevertheless seel 
to buy Indian coal. Earlier 
year Japanese companies *1’ 
rated they wanted a Idngtf 
coat import arrangement, It 
was a reluctant seller. 

Over the next four-five y* 
it is said, exports are unlilf 
m exceed 1.5m tonnes annua 
On the import front. 1m tons 
a year is planned by 1982= 
mostly of the high qnal 
coking coal which India Is i 
able to produce for Itf 
because of the High ash conf 
of tbe local coal. 




Ban 


CONTINUED from previous page 


The serious railway -bottle- 
neck. which has a powerful 
impact because 80 jer cent r.f 
coal rained goes to major con- 
sumers by rail, is partly the 
product of incompetent railway 
management and labour prob- 
lems and partly the result of 
inefficient manual wagon hand- 
ling at the mines. But the main 
difficulty is the shortage of 
wagons caused by the need lo 
move large stocks of perishable 
food grains and much-needed 
fertiliser and cement Tbe mon- 
soon has simultaneously added 
to the trouble. . ... 

The tumround tittle for rail- 
way wagons hi; increased sub- 
stantially in recent months, 
perhaps by as much as a half. 
In June Coal Indiia took over 
Eul' responsibility for marketing 
and distribution of coal, with 
the real-ways acting as earner 
onJy. 

Experts say, however, that 
even without the rail problem, 
India's coal industry- would be 


The real complaint from the 
producers, however, is over low 
pricing. Coal prices were raised 
for the second time since 
nationalisation in January, 1975 
when miners’ wages were in- 
creased by over Rs 100 a month. 
Aitogetber prices have risen 
about 290 per cent since nation- 
alisation. while wages have 
climbed 400 per cent. But both 
remain low by European stan- 
dards. Coat is Rs 60 (£4) a 
tunne at the pithead. Coal-face 
workers, for whom the fatality 
rate ls high, receive only Ks 130 
U2l a day. 

The main complaint is not 
that prices are not matching 
wage awards but that no. price 
rises are allowed to cover 
depreciation and interest At 
Rs60 a tonne, prices are about 
Rsl2 below break-even point. 
Meanwhile it is being purchased 
at closer to Rs200 a tonne on 
tbe west coast, away from tbe 
mines, because of the rail, 
handling and insurance charges, 
which have been allowed to 
rise. 


Government /hould consider 
exporting barnnte for processing 
into aluminium on a “ toll 
basis” to /countries having 
adequate qSwer supply. They 
believe itdwould be to India's 
advantage/ to persuade Japan 
and the Scandinavian countries 
tike Norway to use their surplus 
power for processing Indian 
bauxite^ as was done in the case 
of zinc/concentrates many years 

ago- 

As.it is. lack of power has led 
to. ;* tussle between the 
aluminium industry and the 
State Electricity Boards. The 
most recent is the confrontation 
between the Uttar Pradesh 
Board and Hindustan Alu- 
minium which has resulted in 
a recommendation by the State’s 
Power Minister to the central 
Government for nationalisation 
of the Birla-owned company. 

Considering the optimism of 
the Steel and Mines Minister 
over the future of the 
aluminium industry, it comes as 
something of an anti-climax to 
find that India will be short of 
the metal for the next five 
years. From an exporter just 
Iasi year, imports of at least 
20.000 tonnes. are to be made on 
a “ craih ” basis (ironically, 
mainly tn meet the needs of the 


power generation sector). 

■ The Planning Commission has 
studied production trends and 
come to the conclusion that the 
deficit will rise from 53.000 
tonnes in the period 197S-S0 to 
as much as 97,00n tonnes in 
1981-82 and to 103 000 tonnes 
in 1982-83. This is based on a 
high 85 per cent utilisation of 
capacity (compared to the 
existing 65 per cent) and the 
requirements of the Central 
Electricity Authority, which has 
an - ambitious Rs 150bn pro- 
gramme for rural electrification 
that will need as much as 
290,000 tonnes of electrical 
grade aluminium in 1982-83. 

. At present the insUtlled 
capacity for aluminium produc- 
tion is 260.000 tonnes. Although 
there are 55 units, the bulk of 
capacity is accounted for 
by four companies — Indian 
Aluminium (96.000 tonnes), 
which is controlied by Alcan. 
■Hindustan Aluminium (50.000). 
Bharat Aluminium (50,000) and 
Madras Aluminium (25.00m. 
The public sector Bharat 
Aluminium Is likely to expand 
its capacity by another 50.000 
tonnes by the end of this year. 
Hindustan Aluminium has 
asked for another 25.000 tonnes 
but this has run into trouble 
because of its tussle with the 


Utfar Pradesh GowriuMd$ 

The industry is presently, 
the paradoxical position of hi 
dependent on the power gep* 
tion sector fur its main: til . 
and of being also the SW& 
main supplier. This . tq 
dependence has taken the; ft 
of a much-criticised dual piric 
policy under which a 
price ( fixed by the Govenune 
is paid for “ levy metal.*: 
electrical grade aluminium,; 
which plans (or transin iss 
and distribution of P0' 
depend. 

The Bureau of Indush 
Costs and Prices has submit 
a report on the prices for 
aluminium industry and it 
widely expected that so 
modifications to the pnri 
policy will he made. This 
complicated by .the rise, 
excise levies in .the 1 
Budget on commercial ffft 
aluminium, the price of wh 
was raised by the industry 
compensate it for losses 
account of higher taxation. N 
that large-*calc imports "W 
become necessary, the . tfi 
pricing policy is 
expected — at least in alutbipf 
industry circles — to coinejt&' 


end. 


K-Kj 



One name 
says it all 
for most things 
engineering 


1ACNEILL & IMG OR 




The Macneil! & Magor Group of 
India, an associate of Inchcape 
and Company Limited, London, 
and of the world-wide Inchcape 
Group of Companies, is a national 
organisation with operations 


covering the whole of India through 
Regional Offices and through 
numerous branches spread all 
over the country. This marketing 
network of competent engineers 
and service staff ensures personal 


embracing a wide variety of semi- contact, and efficient, after-sales 
capital and intermediary engineering service, not only in India but also 
equipment. The Company's in overseas countries where 
engineering factories are supported equipment manufactured by the 
by a sales organisation of engineers Group have been sold. 



MATERIALS 

HANDLING 



PUMPS 



GREY IRON 
CASTINGS 




VALVES 


INDUSTRIAL MACHINERY 




GEARS 



MINING 
EQUIPMENT 


INDUSTRIAL DIAMOND PRODUCTS 



O 



For further details, please contact 

MACNEILL ft MAGOR LIMITED 

Principal Offices : 

4 Mangpe Lane. Calcutta 700 001 . India 
2 Fairiie Place, Calcutta 700 001 , India 




\ . 





iirmrifT 


Sense of mission 
at Kudremukh 


ATMOSPHERE of urgency 
■ails the unim posing off-white 
.building in Bangalore which 
bouses the Kuctiemukh Iron 
Ore Company. The first indica- 
tion is a sign prominently dis- 
played adjacent to the reception 
desk: “538 days to go,” it pro- 
claimed starkly one day last 
month. Inside, workers on each 
i.floor more rapidly about their 
r business as decisions are taken 
;and orders are executed. A 
sense of mission penetrates all 
‘levels. 

: .. The focus of the activity is a 
■mountainous site 360 kins 
further west, where mining of 
ja vast I.lOOm-tonne outcrop of 
mainly magnetite iron ore must 
begin by 1980, feeding steel 
plants far away in Iran. Some 
30,000 men are working against 
the clock to beat what, without 
the Government's political com- 
mitment to the whole scheme, 
would seem an Impassible dead- 
line- As it Is, India's largest- - 
lever mining project and the 
enormous construction scheme 
-associated with it could be one 
■ of the most -efficient operations 
.In the country today. • 

The main target is December 

1970. for the “mechanical com- ^ ln September 1980. and is 

nlntinn nf wni-lrv H ntin* f. “ . ■ tt r 





The Kudremukh project. 


demands, shouldering 


pletion of works prior to test- a $63o ra .ioan in U.S. about 22.6m tonnes of material responsibility as project con- 
ing and commissioning. This doliars t0 pay f or it. will have to be-mwed every year troJler. 

includes construction at the . ,. , „_ e te obtain the 7.5m tonnes of Shanker Paul has no com- 

sife of storage silos, crushers, ■ ™ 4 " gur f e 0 iJ r reDOrt finished product that must be plaints about the support he 

.concentrators and . a dam for ; ram .. V? shipped, a level which the com- has receive^ both from the 

tailings, and completion of the faiiea Japanese pany j,opes to reach within Government and from the main 

a township for 3,000 mine- J* 11 * 1 “ ad r v ITC j t0 3 \, ir rv three years of starting produc- contractors. “ No one is allowed 

workers having shops, a cinema, * e€ “ being shipped as a siurry; The mining equipment to sit on any paper," he says, 

..hospital and a club. h 13 ?® . no mention of tne poix ^ ^ ^ largest ever used in so the procedures to be followed 

facilities a£ India, and the ore will have to In - ordering and contracts go 

JT’ilfrafirtn India now undertook to i build, ^ concen tntted, made into a -quickly: likewise the con- 

* filiraaion and has since been outdated by __j th __ rP rnnstimted tractors, all of whom are Indian. 


ieea oeing snippeu a* “ £ tion. The mining equipment to sit on any paper," he says, 

made no mention of tne poix ^ ^ ^ largest ever used in so the procedures to be followed 

facilities at Mangalore that Indi ^ ^ ^ ore t0 j„ - ordering and contracts go 

India now undertook to build, ^ concen trated, made into a -quickly: likewise the con- 

and has since been outdated oy th^ reconstituted tractors, all of whom are Indian, 

fPhAW* knH rimnllf hPPfl * * _ _ i. . .. - _ • . . ... . 


Generating growth. 

In various fields. 

That was our goal. To achieve projects in precious J, green 

if mm n f ....... 1 1 1.-n/4 






-- It -also includes the laying of ,nfla£l0n - had simp y b n *° into a precisely specified form have been right up to the mark, 
a uiS road a^d ^^ nfpe- 2,0 - tune t0 conmu5aan a new suitable for direct reduction in Paul reckons there are people 
Une toMangalore* onthe west projert reporL , the two electric arc furnace all over the country involved 

coast, construction of filtration The contract for the sale of steel plants which Iran is build- one way or another in the pro- 
and dryin" plants at the port the concentrate therefore con- ing, also against a deadline. ject, end that it is demanding 
and completion of stockpiling tains a clause allowing , fnr a Thfi Kudremukh Iron 0 re ^ *£2*ji 
and shiploading facilities. On rise in the selling price of Corapjmy jtself is p^p,^ wit h 

top of this the Mangalore port L, ; s - cents a tonne for eve it w j, 0 have experience both Sfilfin f “ntVkm 

ttJTjJBZLA - ■ ■BBTJrST C S%rJS35-5 

WSMS, — as: JSj ff chairman- 

awarfiffi swsss-ssys sSsESSsjS 

eyes on the ore body in the prices and shipping costs tl?e B okaro ^1 plant, a bigger Sc^nre Drerent bein- cired 

Western Ghats for years, and at As for the Kudremukh Iron project than even Kudremukh. dlStance pre?renl bem 0 cured, 

one point in 1974 India's Ore Company, that had still to _* Kudremukh 

National Mineral Development be established, the whole deal a S / ■■ Th^e OpeetJ 

Co^-tion ^ rirtuaUysewn haring 3\ pS Speed has meanwhile become 


200-km radius 
is unaffected, 


IpSiw L the M “>**■ and with ® v ®rybody geared I H simply 

SSL L *S£SJER rh airman- 10 Kudremukh a problem of full , to scSro 


railway bottlenecks beyond tiiat 



it, we started at source — 
the Waterways of India. We 
layed pipelines, established 
water supply schemes, 
played a major role in hydro- 
electric power projects. 

So that cities could grow, 
farmlands flourish, factories 
spring up. We've provided 
all kinds of pipes— steel, 
Hume steel, prestressed 
concreLe, etc. — for water 
supply and drainage 
schemes in all the main cities 
of India. And for irrigation 


revolution" land. 

We've fabricated and erected 
over 70,000 tonnes of steel 



penstocks, contributing to the ■ n Ji, an 

g eneration of about 40 So ,000 
ilowattsof electric power l HlUHC rlpC 


And we’ve supplied railway 
sleepers, to facilitate 
transport and communica- . 
tions. Nov/ we're venturing 
further afield, offering 
the benefits of our experience 
to other developing 
countries. Contributing to 
their growth. 


HumePipeCo. Ltd.. 

Heed. Office: Co n struction Hocae.^ 
Walchantf Hlrachnnd Iftbg, 

Ballard Estate, ■ 

Fort, 3omhay 4d£> 033. 


up a deal with Japan to supply 


JirtAnn^f V.B crave 

haring been concluded by the . aT1 J^a 

Indian Government in anticipa- “ ■ 

tinn ,hlo +n ft.lfil thf. 1 * « dO0 t tHeOt it 


Speed 






..... . . 


a penalty Speed htw meanwhile become 
We have the essence. Timing has become 


““ -oiiltc n.rt tion of Heine able to fulfil the u aon 1 iu we essence, riming nas necome 

Iron ore pellets from the out- uon or oeing aoie id iuuu uic -jihi « Workers are there- ,n •!»>,» that , n a >1.. j.i,. 

■%E£L 5&£S? 

» d TSe” *,Z' i*?M svS2f5£ ^ "»»**»*• to0 " r n ^ u ivSh" f ;rT im ‘ 

f- ■'followed. of the bureaucratic and account- Canadian Met-Chem. housed ‘ n ’ OI ( ’ fle “ vy 

!«••• Under the sale and purchase ing obstacles. In August 1976 in the same building and con- ’ t0 SU P‘ 

•.‘. contract signed in November Canadian Met-Chem, a sub- tracted by Kudremukh to take p rr nic"»i nnint ■'« a i-r 
'.-1975. Iran will receive 15fim sidiary of U.S. Steel with expert- entire responsibility vf or super- ^ ,. ar » «? 

! tonnes of iron ore in enneen- ence of a similar project in vision and execution of the , , " hpn WP id Pr s aari 

trated. virtually powdered form Canada, were appointed con- project, has a other semi-skilled workmen will 


in?" (a euphemism for heavy- 
pressure) to encourage sup- 
pliers to fill their terms. 

A critical point is also 


over a period of 20 years start- sultan ts. 


Canadian citizenship 


workmen will, 


auiiaiu*. . ".u. be aeeded in fajrly large 

numbers. Such Indian workers 
are in short supply these days 
as many have taken their skills 
~ » f • -d • to the Middle East, where they 

i n I i can earn beUer mone y ° n 

Bfl r^Tirl H I 1 II Short contracts. So far the 

1 1 I LI C JL 1 18 1 Kudremukh project has not run 

w up against this problem, but it 

is clearly a cause for concern. 
In addition, though testing 

• and commissioning will take 

-d only three to four months in 

iSf lfll ft VI ft j early I9S0 if tI,e schedule Ls 

J.X y/ 8 8 V-/-8- kept to, the leeway this prorides 

for the September shipping 
deadline is nnnamal because the 
Kudremukh site receives 
" 7.000 mm of rain— -the second 

IRON ORE OUTPUT SSI? 

(m tonnes) problem confronting workers at 

— ; — this moment even though it has 

1373 ' T been allowed for in the 

1973 73-74 74-75 75-76 76-77 77-78 82*i schedule. 

Production 35.7 35.7 35^ 42.5 44.4 41.6 65.0 cost of the 


Nonsense-. 

% Who ever heard 
■M of India exporting 
m automotive 
m knou/-hou/. 


(m tonnes) 


THE KtlDREMUKH project ■ — — ■ ■ ■ - — 

- takes India another step to- 

wards realising its enormous inVN uns 

.potential as a major iron ore janp,, 

- producer. Estimates of reserves — — . - — . 

vary, but reliable calculations 1972- 

*put proven reserves at about 1973 73.' 

7.5 bn tonnes and inferred 

reserves at about I4bn r T od ” c ^® n : • ** 

tonnes. Last year India pro- # F which: 

duced an estimated 41.6m *?<*"«» wnsomphon ... 15.1 12 

tonnes, marking little change Exports ZU.6 23 

on levels of the previous two tProjecte 

years. Most of it -was from 

haematite ore. Kudremukh ~ ■ . 

fi Se Japanese shipments is said to the 


OUTPUT 


of which: 

Internal consumption 
Exports 


wwPT^irnn contmt magneSte reached some 14m tonnes deposits. P 10 neewsary equipment 

• lower iron content g e Mjrnh lagt year . In 73 The chances of actually reach- bought, he hopes the figure will 

re 5f I 7 es - . ' . months to March this year ing this projected output will be now become an upper limit. 

■ Only about 40 per cent 01 i ndia . s total exports were 2,8m improved once -new port facili- Khauna is also broadly optl- 

output eoes towards meen ing t0nnefi ^ ort o£ ^ 24^ m tonne ties come on stream and bulk mlstic that the predictable prob- 

the r® qiu reme n ts 01 inaia s siee Though some dent in the carriers can be handled, but lems can be overcome. Most of ! 

stocks may be possible with the experts doubt that it wffl be the steel is ordered and 

TOe mdust^ s growui nus pickMip in ^ c steeI mar ket at reached intheintendedtime.lt delivered. The dependence OD 

highly flepenaem o o home is cont j nu iog cn n- is also reckoned that the profit- the railways is not great be- 

;marketo. ^ine. ^epanm o cern at jjus trend in the market -ability of iron ore mining and cause of Mangalore's proximity 
thnt thearufr rprJi- abr °ad. The Government is expon sufEers by high transport and the new road. Kudreraukjh 
for if 77 '/ 8 c . u *. . reported to be considering a and freight costs. Both points is dealing directly with Karna- 

S10n il n j ti ?« T in Hcmaiid scheme under which Japan suggest that the long term taka and Kerala states over 

-insulted in a siump 1 a a wouW lec h n ica]iy increase its future of iron ore in India may power supplies. And so far the 

,,»« n ro- offtake, so that production could well depend as much on supply labour position is satisfaetorv' 

inventories at the oontinue. but would not physio- factors at home as it does on Haring been behind scheme 
du^Ins large mventones at me ^ receive ^ orei ^ hlch demand factors abroad. six months back, the project £ 

r21 jl^__ mn i 0 whilf, >c would instead be further stock- In addition, with blast furnace now said to be on target Twn 
>A? a ™inr inl^rter of India’s Piled. Negotiations between the technology now tending to years ago the Kudremukh site 


35.7 35.7 35J> 42.5 44.4 41A 65.0 *9"““ 8875 ^ C0St of 

project is now put at S7l7m, 

15.1 12.0 13.2 15.5 I7J 19.7 25-0 representing an escalation of 

20.6 23.7 32.3 26.1 26.0 21.9 40.0 less than 10 per cent annually. 

* a r i se '« f be “ Proud and 

, &- rwjecteu. and which he says has been con- 

■■ - — rained by the low equipment 

prices available during the 
to the development of new world recession. With most at 

nes deposits. toe necessary equipment 


development 


ports, railheads and mines. 


whirh jc WTJUiQ insieaa oe turutEr siocr- in aaaiuou, win oiasi iuruare nuw saia to oe on target Twn 
•A^^finrimnnrtpr of India’s P i!ed - Negotiations between the technology now tending to years ago the Kudremukh site 
the major- J two sides took place in April, favour tiie sinter and pellets pro- was a beautiful wilderness. At 

tarn ore, per coo, ^ ^ an |mportint duced from iron ore - flue, - ttis moment 30.000 .1' 


Many countries 
exportyeh icles . Some 
have even set up assembly 
plants in other countries, 
in collaboration with local 
companies. 

Bit a very few 
countries in the world 
export automotive know- 
how. India is oiie of them; 

Indonesia makes 
Bajaj scooters and three- 
wheelers under licence. , 
Taiwan produces Bajaj 
scooters. 

And between than 
they have paid India over 
Rs. 3-7 million as 
technical know-how fees. 

Scooters and 
three-wheelers, too 

Of course> Bajaj 
Auto also exports large 
numbers of vehicles. 



In Taiwan, Bajaj Che tales- are made by 
Paijifa Industrial Co Ltd. 

The P.T. Tunas Bekasi Motor Company, 
-Indonesia produces Bajaj Super and 
Bajaj Cbetak scooters and Bajaj tiiree- wheelers. 


; is — *- t*» KLtvar??w S»5 Skjw 

; , ; :.\:r 


Qver 23,000 scooters 
: and 9,000 three-wheelers 
have gone to various 
countries in Asia, Africa 
and th$ Middle East, 
bringing in over Rs. 110 
, million in hard currencies. 

Plus, the Government 
lias received more than 
Rs. 650 million in foreign 

exchange .for priority 
allotment of Bajaj 
scooters*; 

How does Bajaj Aato do.If? 

•: 7 v'. - By malring the best 
rijxjoters and three- 
'-wheeifers in the world* 



,-^s tv - 








<Tf” total exports, is reported to Japan has been an important ««“ ‘ 30 ®?° " ork «s are 

lave takwonlv fira tonnes of market both because of its rapid L h ® ^“^10° to **“ area ‘ J” ftv ° 

six jaft.rjj.saas 

KSd ? °£z a wE" ™"- 4 — -*-55. 

Trading^ SfJ’S KFlfM SSSSS’^SSS"*^ 

(MMTC). the body handling urld niarkel, ivhu.h by 13 of 1Sm tonnes, and a this view. “The project has to 

about half the tonnage sent was pm at about 4.3 p r lbird , Sm tonnes p j ant dlie s-ucceed." he savs “ because to* 
abroad. As a result. MMTc drew rent. Certainly production. is producTion ^ year wll | bo wna]ties of f^Iure Tre ^ 
up plans to cut output frnin scheduled 1 0 increase under the shi ppj ng its ent]rc ou1put to great." Kudremukh is Urn* » 
Bailadila. Protests at retrench* country s draft p ' Japan under a 10-year contract, important for India as it is fnr 

ment by one of the pnvate com- with a torget in 198--S3 »f some There a re now proposals for any of the politicians com 

panics resulted in police firing tom tonnes | including th t n nv0 f urt her 2m tonne export- panies and individuals baektoe 
at Bailadila in which at least (mines from Kudremukh).. and or jented pellet plants. it. n ®| 



11 workers were killed. the National Mineral Develop* 

Altogether the shortfall in meat Corporation is engaged in 


cs. 

>• 












28 



We’re no 
strangers! 


To textile buyers the world 
over, we're no strangers. . 
They've come across our 

name in international 
markets. They’ve 
put their trust in our 
products worldwide. 
What you might be 
a stranger to is our new 
Commercial Group. 

And wbar it can do for 
you in India. 

It can do just about anything. 
Get you the best of Indian 
handicrafts, textiles, 
garments . carpets, jewellery, 
spices, tea and such traditional 
articles, to sophisticated electrical 
and electronic goods. Get them to 
your exact specifications (not a shade 
of difference between the sample 
and the lot). Get them to you on time. 
Call us. Or rather, call the 
Commercial Group of Madura Coats. 
“What ! The same Coats* 
of Coats Patons U K. and 
Coats and Clarke of U.S.A.?” 

The very same. 

So you won't be dealing with a total 
stranger. 


Madura Costs 

Commercial Group. 10/4 Kasturta Road, 
Bangalore 560001, India. 


* Other Coats associates in: Australia — Coats Pa ions •As/rfa— Harlandcr 
Coats G.rn.b.H. « Canada — J & P Coats •Finland — Coats -Fin/ayson Oy • 
Italy — Cueirini Can ton i Coats S.p -Ae Neie Zealand — Coats Pylons* 
Philippines— J & P Coats Manila Bay Inc. • Spain — Cia Anon. H Baturas 
de Fcbra y Coais • Thailand — Thai Coats Thread Co. Ltd. 


GOA SHIPYARD LIMITED 

(A Public Sector Undertaking) 

Centrally situated in the Arabian Sea on the 
West Coast of India in one of the busiest 
Iron Ore Handling Ports — MORMUGAO 

We are Shipbuilders. Shiprepairers and Engineers. We 
are specialists in Hull, Marine Engineering. Electrical Radio/ 
Radar repair work. We undertake construction oE Pishing 
Vessels, Tugs. Dredgers, Barges and Harbour Crafts. We 
tackle, on demand, repair jobs on board sea-going vessels 
calling at Mormugao. We also carry out repair work in 
connection with Annual Surveys and other maintenance jobs 
on Barges and Harbour Crafts. We. have four Slipways. We 
are the approved and authorised Agency for Testing the 
Ships’ Derricks, Lifting Appliances. Life Boats, Fixe Fighting 
Appliances and Safety Equipment ori.„ behalf of the Dock 
.Safety Inspectorate and to MMD requirements. 

Our Shipyard is an ideal “Terminal - " check point and 
■ offers wide range of services to suit -your specific needs for 
shiprepair work to beep your vessel at Sea. We operate a well 
equipped Floating Workshop to provide repair services to 

• the ships in the stream at Mormugao Harbour. Our team of 
-competent Marine Engineers backed up by modern and well 

• equipped workshops in the yard ensure a high standard of 
workmanship. We are always at your service to attend to your 

1 vessels and maintain them in a sea-worthy condition. The 
: ships attended to by Goa Shipyard Limited can be assured of 
[ trouble free sea voyages. For dependable and reliable quality 
’ services and workshop assistance you can always contact us 
and summon us for help by ringing Vasco Da Gama Telephone 
Nos. 2151 to 2156 (8 lines). 

Telex: 0191-218 
Grams: 4 GOA YARD * 

GOA SHIPYARD LIMITED 
VASCO DA GAMA 
GOA: 403802 


THE AGRO-BASED INDUSTRIES 


Financial Times Monday August 14 X97S 

INDIAN INDUSTRY XX 


■ - ■ There has been criticism that Lidia has tended to 
neglect the agro-based industries, in which she should have a comparative 
advantage^ in favour of capital-intensive heavy industry. These, industries account for a 
substantial part of industrial employment and of exports, but the scope for 
' expansion, given suitable encouragement, is considerable. 



worries 




t hk DOWNWARD course in few months, more, all healthy 
tea prices since the beginning gardens ate hound to get ® t *- 
of this year r— at both the Lon- The Government -is not as yet 
don and Indian auctions — impressed by the pleadings of 
seems to point to an inevitable the tea producers that the 
conclusion. The boom which export duty be abolished or 
began early in 1974, and grew suitably modified forthwith if 
into a superboom in 1977, is the industry is to be saved. It 
fading, and sooner or later the feels, and also says, that the 
tea industry in India as well as industry Is manipulating 
in other parts of the world may auctio nprices and even export 
have to face market uncer- shipments to pressurise New 
tain ties like those of the lean Delhi into abolishing the duty, 
years before 1974. The industry has suggested 

But this pessimistic con- that at least an export ceiling 
elusion is not as yet fully war- can be announced, a lower one 
ranted by market trends. The of 200m. kilos against the pre- 
London price has come down vious year's 225m. but that is 
from 241p a kilo in April 1977 something the Government is 
— the high point of tea’s pros- not willing to do. It would like ■ 
perity — to 118p a kilo in to be sure of the size of this 
recent weeks, but it is still con- year’s crop first, 
siderably better than the 63.6p What the 1978 crop will be is 
a kilo which was the average anybody's guess. Because of un- 
for 1975. Moreover, gom e ex- favourable .weather in the north 
perts in the tea industry think the Indian crop op to June was 
that the world market is likely Jtl5t gm fess than at the 
to witness an upturn within the corresponding time last year, 
next two or three months as Bu+ sinc e then Weather condi- 
global production is running tiens have greatly improved 
behind the previous year’s crop and rainfall in tea growing 
and may not match the esti- areas has been quite adequate, 
mated international demand for most likely that the deficit 
tea in 1978-79. will be made- up and a crop 

of 550m-560m kilos eventually 
emerge. 

If exports da not go up at 
least 200m kilos, hot only will 


Decisive 

Indian producers, - however. 


crossed. For them the decisive 
factors will not be -the level of 


change and part of the estab- 
n - MB lished and lucrative market' 

a*» wnlt be .Jut too moot. 


policies and attitudes of their 
own government which has 
completely gone bade on its 
word to abolish the export duty 


tea for the domestic market to 
absorb. That would dangerously 
depress prices, with ruinous 



lu auuuau me c-vuun uuij r „_ 

when circumstances e2l for it 2*2“ 

Although the year is over seven 


Farming in Maharashtra. 


What seems so far to have 

. . , . . . escaped Mr. Mohan Dharia, 

de cided _ bow much tea export Mjn ££ Coamma is aat 


months old, it has not yet 


to permit- 


while India’s tea exports, par- 


The Rs5 export _ duty adds ticulariy to London, have been 
something like 35p to the falling. Britain has not stopped 
landed cost of Indian tea in importing from other sources, 
London, taking it to 132p a a nd thus so some extent 
kUo, where the realisation on obviously at India’s expense, 
the basis of current auction Kenya, for one, is . exporting a 
prices comes to something like lot more than usual- to Britain, 
llSp a kilo and less and Sri Lanka, though" with a 

common grades of tea. smaller crop so far this year, 

A loss of 14p to I5p a kilo is also gaining markets from 
can hardly be an incentive for India. 

Indian exporters to send more Commenting on the decline 
and more tea abroad. As the in Indian exports, and to' 
Tea Board’s figures show, Britain, at a greater rate than 
India's tea exports in the first to other destinations, the Tea 
half of 1978 are down by 12m Association of India, represent- 
kilos. The lack of interest is ingv what may he broadly 
keeping exporters away from cabled non-sterling tea in- 


OUTPUT AND 
PRICES 


Indian output 

Loudon 
auction 
.. prices 
Pence per kg 

1973 

m Kgs 
47L9 

average 

45.7 

1974 

489.5 

60S 

1975 

488.1 

63.6 

1976 

512.4 

84.9 

1977 

560 

198.00 




recoup the lost ground.” If 
this really happens or is be- 

srasrsii isr ^ *«*** 

that at tea sales all over the cent of our tea exports go to Indian tea s uncompetidveness 
country 50 to 60 per cent of the itondon, and it is extremely at the moment the n no t only is 
offerings are having to be with-/hecessaiy to be cautious in the Indian 
drawn for want of sufiSden/ dealing with the London centre, markets now but clearly its 
buyers and adequate priced. The switch of British blenders long-term interest is also being 
One major plantation assoda- from Indian teas to other teas banned. . . • . 

tion has already warned that if will have a far-reaching effect The committee which the 
this situation continues for a and it will be difficult to Commerce Minister has 

appointed to report, among 
other things, on the wisdom of 
continuing to send Indian teas 
for auction in London, has not 
submitted its findings yet — 
but it would be very surprising 
If it found really weighty 
grounds for ending the London 
connection. As the president- of 
the Indian Tea Association. Mr. 
M. Ahmed, has remarked, Lon- 
don sets the trend of the world 
level of tea prices. ” Being the 
biggest importer of tea,” he 
goes on to explain, “it [Lon- 
don) is watched carefully by 
other importing countries which 
pay according to levels existing 
at London. The last two or 
three years are classic examples 
of the sway London holds over 
world prices. The tea producer 
hart to wait two decades before 
prices started moving up in 
London and the moment this 
happened the rest of the world 
responded.” 


It needs to 
ever, that I 
in Indian 
has taken 
the exp am 
which 
and is 


abS 



Auctions 


Whatever the eventual deci- 
sion the Commerce Minister 
may take about continued par- 
ticipation iii - Loudon auctions, 
India as the world’s largest 
single exporter and biggest pro- 
ducer would have to continue 
to take a close and active in- 
terest in the world tea market, 
whose barometer happens to be 
Mincing Lane. 

The current policy of regu- 
lating exports in .the context of 
a rapidly expanding domestic 
market, over and above an ex- 
port duty, amounts in some 
eyes to a policy of “ de- 
emphasising exports." That may 
not have been the Minister’s in- 
tention. but .it is very ironical 
that India, having worked .so 
consistently hard for the ex- 
pansion of tea markets overseas, 
is itself restricting exports. 

At the same time. it. is an 
active member of the Inter- 
national Tea Promotion Asso- 
ciation which will come Into 
being soon, with the specific 
object of exploring new outlets 
for the consumption of this 
beverage. The contradictory 
attitude of the Indian Govern- 
ment has left producers per- 
plexed. 

It can be reasonably argued 
that domestic consumers 
cannot be neglected to feed to 
export markets. It is -equally 


true however that a reasonable 
level of exports, at least 40 per 
cent of the total output, has to 
be maintained to keep, the In- 
dustry in sound financial health.. 
That tiie current depression, of 
auction prices rely Aipl'to. 
poor export 'demand 'demon 
strates this feet vivi 

The big domestic/market is 
important for futum planning. 
In a perspective rfan for the 
industry covering yP to the year 
2000, a target of /,2 00m kg has 
been set up by Jne end of this 
century. OC that/arget, domestic 
consumption ii scheduled to 
take 720m kg. /exports the rest 
‘pointed out how- 
impressive growth 
output since 1974 
lace not because of 
domestic market, 
i over 300m kgs 

_ by an additional 

llm to~ I2m kgs annually, but 
under tfie stimulus of a strong 
international demand (which is 
reflected in the auction prices in 
London). Exports are too vital 
an aspect of the industry to be 
treated casually or carelessly. 

India’s share of the world 
market has fallen from 45 per 
cent in 1951 to barely 27 per 
cent in 1977, but tea has re- 
mained a substantial foreign 
exchange earner. India’s share 
in world exports has not gone 
down so much absolutely as pro- 
portionately because of its 
failure to win for itself a bigger 
share of an expanding world 
market. If its exports are to rise 
to 480m or 500m kilograms per 
year by the end of this century, 
the industry and the Govern- 
ment will have to think out 
their strategy now. 

An aggressive or effective 
long-term marketing strategy 
can be worked out with an 
appropriate organisational struc- 
ture. Large and efficient groups 
are needed to provide the pro- 
fessional and go-ahead manage- 
ment that successful export 
enterprises all over the world 
require. From this point of 
view, the Indian Government 
should help all the sterling tea 
companies convert ■ themselves 
into rupee concerns in terms of 
its Foreig n Ex change Regula- 
tion Act (FERA), and not let 
them be harassed by some con- 
troversial tax liabilities as the 
majority of them are at present. 

The sterling companies have 
the financial, and managerial 
resources to be efficient pro- 
ducers and exporters of tea and 
the Indian tea industry has 
attained the heights It has 
largely because of their efforts. 
India has already achieved the 
distinction of having the world's 
highest per hectare yield in the 
main tea growing areas of the 
north as well as the south, and 
this feat has been achieved in 
the organised plantations run by 
the sterling companies. Exports 
apart, the industry now urgently 
needs much developmental 
effort by way of extensions, 
replanting and new planting 
requiring an investment of at 
least Rs. 500m per rear, without 
which the industry will begin to 
decay sooner than most people 
imagine. 

Experts say that a rational 
reorganisation of the industry 


to take care of all the emerging possible time in the mtewg. 
financial, managerial and mar- of tea’s long-run. growth anp. 
keting problems of this very prosperity.. 
important sector should be p f A4aho«#i 

brought about in the quickest . .*• manaiia 





world standards 



;Jessop &Co. Ltd., established in Calcutta 
in 1788 are pioneers in the heavy 
engineering field in India. 

Manufacturers and exporters of highly 
sophisticated and modern cranes for the 
-steel plants, shipyards and docks, railway 
rolling stock, paper machinery, road 
—plant equipment, ropeways and other 
material handling conveyors, structural 
and industrial machinery, Jessop has 
always assured world standards of 
■technological excellence both for the 
home and export markets. 




.vl 



Jessop & Co. Ltd. 

63..NetajiSubhas-Road, Calcutta.: 700001: 


■■ ■ I 




j 

■ i 












Mbwfey August 1* 1979 


INDIAN INDUSTRY XXI 


-JJ® COTTON textile Industry, 
the latest stogie manufacturing 
■ecba- tolhe co^txy. with a 

. wd^strial pioductliOT indei has 
, : own going through so many ins' 

. . and downs that _: it does ; not . 
really know how to fcact to the 
announcement by , ^bv«cni- ,t 
. went Of . tteftrst integrated : 
; textile policy. - jfa xpokesmeu' 
have flnblftsiy .‘r deacrited ' Atlas'. 
.- Policy • • as M realistic^ -antT 
: “ pragmatic/* ■ JE^itfcfc fa ah - 
~ '••>. initia l- • •• • ‘Teactfoiri ■ -stp rmniTip 
larKely . lima the • 
mills are freed at 

". to produce-vrtiat Is-tiaOta lV cpn- 
ctoflL~ : Thby iave- 16ng , 
i,. . *** be ta bfa mlfifr thfa ^economical 

t . L — *. . - nnlnnrflnH. - a; ,• ■ 




' > -rr ■ 

£*>•*»* >.-y v 

•v •...- - 








-.,. .** wcu mis uneconomical 

.‘.; 1'^-. gwttfon their" ailments' 
shiCe they haveio earmark sub- 
2? 1 ifapacity to produce Jo*-'. 


■ „ t — . _ ■ - w j^auuutiO ^Utt* 

P*wed;r<abtlt-.. J meautp- -for: the' 
4 R? 0 ^ sections of -the popufci 





tA ^wyyonumnn has let them off 
” fte-hook.- Som^sensctoere fa a ‘ 



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ft 

*■*’ ::rv i 

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-^wlbicak ^iti'e ' -' r : : '•' .'.r:fS5 

industry will quicl^realise. In _.' V . :■ *■ ; ;. ■ "■ -. 

Eernand^s- has iadleated^tSr J^^fi T ^ rgani5at ^ 
\ V*i the "flnaocifei xusation . and expanse 


The implicati^r^f *bu&£’ JK 

unspelt ,** financial burden " w h :°f i ^SfflP 

have not yet .filtered thwiigh. 

Privately, representatives of the 
mills are worried about this 

since the fear is that some tend T^^S^LSSLoKB 
. .. of now levy will be imposed on 
l.tho industry.- Mr. F^andes 
• has said that the l«V«oo»^SSw£ Gi terwSM 
sector is to be . encouraged, and 
: r .:win eventually take on together 

S l Corporatioa .; (NTCJ past year but' its nerfonmn 

;, 3a hppulatfon. . •' ■ i gnfliMtw ■ ■■■W 

| .'. Since subsidies. ! ara ' V ow ;tb ^ - Ht'M : / 

f, 43W^**e to: and end. .apt JJMi rb».iffl-m&:tbqpm hi 
-4 i®vernment has saldthaj “there Installed #pacifr of 2J 
f w ^ bo n o burdcuv.on the splhdfaS a#-^»ont 44, ( 
a ©tcheuijar/’ , some; ^ scheme' looms, 1 ^rtikjr i«5 per. cent 
gpesra to bejpihe Offing. Quit, the t^pihnag capacity and 
force^the:“,03^ per cent Mpih weaVlng capac 

*?M.tKiiisa)me theropUieial 1 mi rdetv" ^ the ynfile industry. Und 
•3r , -^S^W(te tesrfcQe iptll^owi^^i ;f e ar, . the new jR egrat&d textile poli 
A< V|l jffibdqgh they.have still to h fafc p the.Nlwhas been given a k 
” apprehensions public, that' role. .M will produce a maj 

the GoVernment has glven part qpfap -SJCta scruare meti 
fiff (hem with one. hand it ^ttake- of- M Jwxolled doth ” which 
W <^vay with' the . plheh^-ahdyo fc#the mariiauin limit 1 
possibly add to their -sector. Private sect 

There fa Uiu versa! acknowr «^as. v will have to bid for pi 
that tbe.^jn^anfae^ of the remaini: 

in trtmblfe. Thert.are jpount that the corporatii 
< 1 ^ i^« i | reseM ^ Qian: 700 mijls.jPinnot take care of. 
^^y^^W.^pinning. uni t§ and 59d conjy^/ This is a puzzling part of ti 


The Adarriyi textile , mills. 


fitt- it at a price not exceeding the varieties and export products. 
Sfart cost at which ’sunflar*' ^dbth is However, they may well find 
poch manufactured by the NTC mills, the Government has left them 
pde*" At any rate, in keeping with to fend /or themselves, and 
£in- the Janata Party’s commitments, despite the welcome given to 
gpal there will be no further increase the new textile policy they! 
My m the weaving cm&city of the might find it will boomerang 

p- ■ organised ” sectdr^Thfa mehna . on .them. ■’ 

' Mbch depends of course on 
^3 SL ■*« success with which the 

103 lBvels - Expaof PP wjn he per- handloom sector -fa promoted. 

B -JjSf some serious question 

marka about Hus since imple- 
e substantial since the mentation of the poliey of 

P™ motin & the “decentralised” 
ud equipment, but any sector will nrrrf pvt^ncinn 

mritaSS'Jj “ f UcSU "SmlSSS™ 

rs Jill a coastralnt and “ 

»fr loM" scheme i» 

off the. ground slowly. ~. ^, be w ‘ . 

; ; -power looms to be-- ^b®- Government has gamed 
This bkn s Q JDe . experience of schemes to 
!. gi^en' statutory force Prbmote hamUooms.* Atprifaent : 
'larep number nf .in- there are in operation 21 


wxgT ^pia o? : / and >he large number of im- Jff *** . “ - ! opera “ on . 21 • 

ubiifrifAB VfluaiClW: ; / ; t r.*ttthorlspd power looms will be ^tensive handloom develop- j 

jF- ■ f ^ .^recognised only on payment of ment sch *“es w formulated and i 
f? 1 T^ rffC^nfflfa to^Gier have'^.« pen£ty” implemented by the State 

Pt has eaiift^.“therq : ho- Instilled ^pacj^ of 2.9me..- ; _ • • > . p ^ _ . . Governments under an agreed 

no burden: von tti^. splhd%S ; ^JSoot 44.000 -^^ Io ^ os t ? us I et P? fle pattern of financing by S 
\ VMHt ^scheme' Ioozns^, whkjr idfc: per. cent of*^ jJJ®* : m new policy Central and State governments 
» be^r jhe b^ng. Quit, the t^pinnap Opacity and 20 5 a ? ly - -^- cause _ promotion of Each of the projects is expected 

^w5SS^ Ctor t0 cover 10J00 ° b^dloomTdver 

ti^fcu^ciapmrdeu^ ^^ mie mdustiy. Under '^ e -^hig par^ s commitment a period ^ five years . ^ ■ ta s 

^e^flPw¥^ fear;.t^ textile policy f being implemented y in 18 states, 

hey have still to Make the-Nt#has been given a key ^al unlts Hence the decision 6 * - f T. ~' 

ehenslons puhlic,tba trole. # will produce a major; ropiddevelopinent oTthe .£*“[ ■ 

Sovernment haa given Wn* ofe® ,4p0m- square metros ^?^ n ^. aIlsed b ?*^? r ;», u!duding around 40 (KM looms haVe^Rn 
onehand it Vtilttake pf “ JSroUed aotb ” which fa-^J 00 ? 9 ;^ 0 * f« teen famchid ^tbmS, S 

th J the . otte^-aadito MTthe maximum limit for S®??* “ fl ** “S^^sation of *“ rt , “ 

Jdro^irtSS^^J^tr«.rt«r intnr ^ipteyinent thereby.”* After most handlooms m the country 


MiSS : Private sec or thereby."* After «* handlooms in the country 

^U have to bid for m-^ out of mill-made “ con- «« worked by cooperatives, the 

in Olathe remaining S&W- doth,” subsidies wiH be new Projects are obviously 
Irt that the co^oratiM SFwed T only for h and _1 corn and ' V 1 ™*** 


production of yaim.\arid jdSah^ \eronomieaI -“controlled cloth," » 
ihnr remained static forj’two their owners are now wondering .^ 
| . years. For some years tww’ why they-.: Wilt be expected to : ^ 

^ : 'wills have faced high^ pro^io- --jhakeV competitive bids for. 3 

*1 <-’*iion costs and slack m^ttK'lr- wearing this: variety, especaally: * 
. ifa only In the past few- moatifa as they, will fee -inquired to sell T ffl 


Scope in firished 


• -.. • -• .• . *«vo Miuwni iram uw. .leces 

DEVELOPMENT OF the leather Curbs on exports of semi- .a^pell as help in tbe procure- &ion — which fa just showing 
.ndustxy provides an important finished leather have caused fijeBt* of chemicals, dyes and signs of ending. 

^st of the Indian Government's problems for the tanners, who ^mp nery.- There are also . The “soft loan" -scheme 
•-••" ibility to exploit ^ indigenous iiave found it difficult lo make 3 p|p : for f* common facility introduced to . encourage' ' the 
. vresoorces and encourage snuH- :the switch to ptodteing finished ” to assist., the smaller mill's to modernise has not so 
'' icale entrepreneurs, ip a sector.. leather^ '.'they have also caused tBjlftr to .get his Senil-fipished far teen successful since the 
.which has great . export irritation and inconvenience lo -fggy .,and skins converted into industry is uncertain about its 
potential. " . ' - -' r overseas .- customers. The ^ped leather and to provide future and individual units 

■ India hap huge resources of -principle of moving to products ^ifi re etihg assistance. . import have been reluctant to make 
"’tide* and skins.- About of higher added value is deirly^Mjg-.-^ leather processing newinvestxnents. And many 
seople are Employed in the right. rbut- thej use of export .-m^jaej-y have been reduced, applications for loans fronrtte 
eathcr anil Itother goocfa induST- q^s ^ OT has been - Wj^e a part from the interna! ^ustrial Development Bank 
ay; of these about-.85 per cent costly, and disruptive .. of the in dustr y. J <*DBI) were' rejected, 

ire in footwear- aud lea&er iii I97fian "apex body " WBSL Mpdepends on the ability to ? y , tte ‘ end (rf -1977 WAl 

tKa'- MmnlnitBa . in *«._■' n. . T ..thav VriXEIt.. . ... ... ... nan rVMmarl *’ m 


y’.wiit. cater almost excht-' sector and its problems Cannot 
dy for the poorer classes, - be ignored. 

f tlie policy works, the mills f^nntrAlc 
l 1 from now on prodw« LUUlfUU) . 

“ y “e ao« =wenslve ne mmt^cmnplrted in 
f .. ; .^ the past that price . ftintrofa 

^ ■ W: were the main reasons for then* 

a 7: | . v ‘ ’ troubles since 1 they were not 

IO " compensated for their losses. 

| I fi . fl I The new textile policy .seems to 

tjif • A JL w V» '■ have done away, with this by 

£!»_■ !' removing the obligation, but 

f - .. much wiH depend on what the 

tjft, - - new “burdens” imposed on the 

» - - , Wills and the entire textile 

I ^ -- industry are. The industry as 

HrA 1 • a whole ia at present shaky 

- •• beiause since .197?. its: finances 

f; '.■"■•'■ • have suffered from the. roce* 

as help in the procure- sion— which fa just showing 
of chemicals, dyes and signs of ending 
pneri?.- There axe also . The “soft loan” scheme 
|.:fbr “ common facility introduced to . encourage" the 
»$” to assist., the smaller mill's to modernise has" not so 
£tr fo . get his Semi-finished for teen successful since the 
l,and skins converted Into industry is uncertain about its 
lied leather and to provide future and . individual units 
pstihg assistance. - import have been reluctant to make 
oii leather processing new investments. • And many 
tfnery have been reduced, applications for loans' from tte 


ay; of these about-.85 per rent «»tly, and disruptive - - aj 

? ire in footwear- and -leather- - in I97fian “ apex body " was q 
>oods and the'. remainder in set up," the Bharat Leather 3 
canning limS finishing, ■-■ . - Corporation in-Agra, to act as a w 

/ . In recent, yews: policies Save ^ eataiya for-the growth of the q 
been .' ahact^, at "TOriihur^thb' leather industry .either through ft 
tfsxpbrfa. -hf Mdifa: : jBpif : kelsi' Ifa ovm efforts or by working 

1'Maished- leathtt’ih-fewo^r of wiQj Leather- Develop- « 

^^nfahed goods, tet tiiero are menu' Curporatlorfa. . The aims -oi 
great organfaationat . problems. are to achieve. A -sustained and* -st 
mvdlved in .tiifa shift ~Tte «HTrdinated growth, in the iU'-to 
tinners are ■ primariBy coucen- dustry. witii spedfie reference ft 
bated around Madras and .to a to the small-scale sector, and to G 

* lesser extent near Calcutta and ensure that; this growth yields = fa 

* -ffiay havc tei'ditiohaDy exported additional . incomes to . the 1 ai 
y$tach - of their semMhished.artisanS: and_craftsmen engaged 

W(fei^ dire«ly, • especially 'to to the lowest .'rungs of the to-; to 
Westpro Europe- . The m»nu- . dustry. There are major cultural g? 
.ifeetoBBrji 'of and other; probJein* Involved in improving - 

- jilitifahed cencM the ^uHily of . cow hides-, most .« 

[waroand Katmur. Agral Bombay «£ .which are recovered from ^ 


Jfatouad Kanpur; Agr< Bombay of .which aro recovered from gh^p ^ ” increase d P e P«hHc rector -. .Cotton 

;^Slad Calrot^mP« bf.these aro Wien -animals by members of 435, a ? feart cent ^JJf^dn of India, has been 

^P^iniaU. or’ cbttage " induioics,"the- k>west :«istes. It is at ttos^ terbium cver the nraS'Tew ask ^ d to; operate a buffer stock 
using local suppliers of .leather, sfase in the la f n, "S r-eontrib'ute signS th ™f h ® wptow 

3?^ : Tbero -aro a «nall mimber bf>pat Improvements jv w^'to'- the • GovwnmS 1 , pMtl -production years 

^ .^Wysfrale shoe manufacturers, .-technology, are ^^.objSvbs of 4all : ?cSeS2 imports- when 


Pop and, maintain. links with *5®^ _received _ ^1S3 applied 
facts customers. This will re- ” 0n \^° r , sofr totalling 

p -close collaboration -with g 5 - of - winch 40 for 

ten' manufacturers - of S36m were rejected or with- 
m leather goods. There drawn. ^°f toe' balance only 54 
’probably- be a need to con- appticatipns for loans totalling 
tato the export - effort on 85 401m . were sanctioned. • ; 
tofod rather than high- Capon availability and its 
JB6 ;1 lines. .'All this will wl ^ e y. 'flmrtuating • prices are 
tirolnter-action between the ® t “ er . Problems. Recently the 
aemaent's advisory bodies, Government made it compul- 
.local tanners and cobblers for' .the. mills.; to use at 
^e'targe companies whose ‘ eas t.?0 per cent rtf' nnn-cotton 
pfariunng an d marketing imports of- whi<to , .have 
ffltonv .' fould be. used : to been , made in substantial 
|fer : effect - quantities. .This has helped to 

2 SSf. S£ 

|te able Sto«^c^? C pubHc - 

&4by at Lrt lh^ eem ^^oratlon of India, has been 

SS J , J5- C £2 ***** to; operate a buffer stock 


.terRe-seale shoe manutactorers, lion «d;technology. are bbj^es of ^all'.^e todu> *tototemenfeOy impwjg- when 

Including BATAi bjrt v • ' . - tl #§^lbpment 'ahd 'employ- ^ i e ^^^ -^ rt oF ^ he ^ 

for only' about l 8 to °ut ' Ite ^o^term plans indude . . - .. pours* that -the industry is 

• «f the; 220m pai're br leather the' . eKtablfahment of a : watching warily. 

-Qioet^prodiiccd every year. - * . machinciy and materials “bank-- G«U. " ‘ - .. ' K.K.S. 


Casting 
around fo*r. 



■A : i: f-ff 

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■im 

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w machlhc tools in particular, 
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?? ® re of the few companies tools-— sh aping ro a chines, - 
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if mm 



Meehanite Technology in 
castings. In fact, we were the 
first to introduce Meehanite 
in India. And the first to - 
manufacture diesel engines. 
:As well as India's first textile 
loom. Plus the country's first 
turret lathe and drilling 


machines, horizontal and 
vertical boring machines, high 
speed universal gear bobbers 
and special purpose mach- 
ines. we've exported them to- 
countries such as the U.2C, 

U.5. A. .West Germany— to name 
just a few. And, whether it's 
machine tools, diesel engines, 



machine. Our two huge foirndr- automatic textile looms 
ies a ^ e ca P a Dl® of producing . or castings, all our products 
any Meehanite casting?r- have one thing in ^rnmnw 
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Among our other products . -^tevThe world over. 

are a whole range of machine 


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Marketing Division : 658. J. M. Road. 
Puna 411 o04, India. Talax: 014&-215. 
Machine Tool Division: Chinchwad 
Pune 411 010, India. 

Telojcr 0145-344. 

Telegram: COOPENG, Chinchwad.. 
Diesel Engines, Looms ^ 

& Meehanite Metal Division: 

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Oiie sixth of 
the world's best. 

The lakshmi Group, in technical 
collaboration with Rieter.Schweiter 
and Ruti of Switzerland, is 
^ one among six In the world to 
U manufacture both spinning 
A and weaving machinery, 
n The Lakshmi Group has already 
1 R made major breakthroughs 
w in the Asian and African 
B textile machinery markets. 

B It exports cotton fabrics 

H and yam to the U.K. 

MB and EEC . The Group has 

B set-up turnkey textile 

B mills in Malaysia, Sri Lanka 

B and Tanzania. And more 
W such projects are under way 
f in the Middle and Far Eastern 
countries. 

. Lakshmi 's textile machines are 
the best in India. Our ambition 
is to share it with the rest of the - 
developing world. . 


Biqufrito may plsase te addreesad to: 

Lakshnd Textile Exporters Limited 
341 Avanashi Road, Coimbatore 641037, India. 


Our biggest achievemenL a world-wide reputation. 






Financial Times Monday August 14 1978 

am tnbtistry xxn 



... *.*i * 


Jute’s tough 


,:-" K 




ELECTRODES 


ANODES 


FOR ELECTRICAL & METALLURGICAL 

INDUSTRIES 


% 


JSSSSS'.?' W 

r 





'W 


IMPERVIOUS GRAPHITE COMPONENTS 
FOR CHEMICAL INDUSTRY 



r^«rasaE3i:j 






fGfl 




SB Wi'i 






■mis 




THE INDIAN jute industry has 
a special place in India's de- 
veloping economy — as a 
major foreign exchange earner 
and employer of at least 2m 
people, .directly and indirectly. 
The unfortunate fact about this 
industry however is that it is 
peculiarly crisis-prone. It is 
hard - to think of a time in 
recent history when the jute 
industry was not going .through 
one crisis or another. It was 
either a crisis of the market 
due to .sharper competition 
from Bangladesh and U.S. and 
Western synthetics, or disrup- 
tions caused to production by 
industrial action; or a critical 
raw materials shortage; or diffi- 
culties about getting enough 
electricity; and all these came 
— as they still do — in a 
regular cycle. 

Even the splendid break for 
India that came after the OPEC 
action to quadruple oil prices, 
which made rival synthetic un- 
competitive overnight, and the 
emasculation of the Bangladesh 
jute industry in the wake of its 
civil war, lasted only about IS 
months. The U.S. synthetics in- 
dustry shook off the effects of 
the oil crisis fairly quickly and 
found a way of making its 
products again cheaply, relative 
to the landed cost of Indian 
jute goods at any rate. Then 
came the .U.S. economic reces- 
sion with housing activity 
reaching an all-time low, which 
drastically reduced the demand 
for Indian carpetbacking, the 
jute industry’s most lucrative 
item. Since then the industry 
has been through several ups 
and downs, but an atmosphere 
of crisis has always been there. 

At the moment seven mills 
remain closed due to serious 
problems of working capital, 
and five have been taken over 
by the Government There is 
a look of u sickness " about the 
industry as a whole. It needs 
stressing however, that it is due 
to circumstances largely outside 
the jute industry’s controL For 
instance, barring a few re- 
sourceful units, the rest of the 
industry has suffered from a 
crippling financial situation due 
to years of low return, so suffi- 
cient resources have not been 
available for modernisation or 
diversification to increase effi- 
ciency or to expand markets. 

Secondly, being a highly 
labour-intensive industry, man- 
agements have to devote a 
considerable part of their 


energy to tackle labour prob- 
lems. Wages form as high a 
proportion of the industry's net 
sales as 30 percent, (the Indian 
Jute Mills Association's figures) 
and the industry can survive 
only when there is freedom 
from labour disputes. In indus- 
try as a whole, according to a 
Reserve Bank study, wages 
work out to only 16.01 per cent, 
which just shows how produc- 
tivity is particularly important 
in jute. However, productivity 
in the jute industry is often 
not good. 

At the moment, jute workers 
are seeking a new wage agree- 
ment — the old agreement ex- 
pired a few months ago — and 
predictably, there is a demand 
for substantially higher wages, 
house rent allowance and other 
benefits which the industry’s 
present financial capacity just 
will not be able to meet. Con- 
sequently, the management’s 
response bas been cautious, 
while an indefinite strike has 
been threatened, ■ The confron- 
tation may well lead to some 
unrest in the industry in Use 
near future. 

Minimum 

Thirdly, there is the all 
important problem of getting 
an adequate supply of raw jute 
at a reasonable price. Raw jute 
accounts for roughly 60 per 
cent of the industry’s costs — 
so the profitability of the 
industry depends always on the 
price at which it Is able to get 
its raw material. To protect the 
interests of millions of growers, 
the Government has been follow- 
ing a policy of price support 
— the instrument of enforcing 
this policy is an official organisa- 
tion called the Jute Corporation 
of India — but during the past 
year at least the Corporation 
has not had much to do. 

Due to a small crop of 6.8ra 
bales the ruling market price 
has stayed way above the sup- 
port zrantinram announced by the 
Government — in fact, such was 
the runaway tendency in raw 
material prices that at one time 
the Jute Commissioner felt 
obliged to fix a ceiling of Rs 
181 per quintal. This was in 
addition to limiting mill stocks 
to a bare four weeks’ consump- 
tion. Yet this celling has not 
stopped prices rising to a? high 
as Rs 260 to 300 a quintal. 


There Is a black market with 
veiy little jute available on the 
open marker. Consequently, in 
a year when export demand for 
jute goods has been reasonably 
satisfactory, production of jute 
goods in 197T-7S declined to 
1.17m tonnes from LISm tonnes 
the previous year. 

The 1978-79 crop (crop season 
or year Jnly-Jtme) is now* esti- 
mated at 7.5m bales. It is a 
normal crop but this will still 
mean a hand-to-mouth existence 
for the mills throughout this 
year as the carry-over from the 
previous season's stock is. the 
lowest on record. This means 
that the crop prices will remain 
much above the statutory, sup- 
port price of Rs 150 a quintal 
or even above the ceiling price 
of Rs 1SZ a quintal. The mills 
are worried that due. to increas- 
ing competition from synthetics 
in the U.S. and withdrawal of 
subsidy on hessian (these con- 
stitute 50 per cent of India’s 
jute goods exports) they wfn 
not be able to contain their 
costs or keep up their exports. 

Most of the acreage under 
jute went to Bangladesh (for- 
merly East Pakistan) with the 
partition, but India made it up 
by expanding her own acreage, 
and attained self-sufficiency in 
a remarkably short time. Not 
much attention bas been paid to 
the quality of fibre grown, and 
there has been little research 
put in to develop fine quality 
raw jute. Not much research 
work at the international level 
has ben done either, such as 
has been done, for instance, in 
the case of cotton, another cash 
crop from which India could 
draw many lessons. 

The much talked about Jute 
International organisation which 


the jute goods producing 
nations— India, Bangladesh and 
Nepal— have been considering 
setting up bas yet to -be 
formed. The idea of a Jute In- 
ternational was conceived 
against the background of a 
growing threat from synthetics 
against which it was felt that 
only a combined and concerted 
effort by the jute goods pro- 
ducers could lead to survival. 
One vital part of the effort was 
to be research and development 
work in the production of high 
quality fibre. Since it is not ceri 
tain when and whether this Jute 
International will be fanned/in- 
di victual producers are still left 
on their own. Bagladesb. which, 
incidentally, bas not been very 
enthusiastic about tbe “Inter- 
national,” bas ambitions plans 
to expand its jute cultivation, 
reportedly with World Bank aid, 
and at the same time lx is work- 
ing to improve its fibre quality 
which is already very good. 
With more fibre produced, 
Bangladesh will expand het jute 
goods capacity, too, and that will 
mean a harder competitive 
struggle for India.. . 

Quality fibre production must 
be India's priority along with, 
modernisation and renovation of 
machinery. Realising that the 
industry as a whole has not the 
means to go in for modernisa- 
tion and renovation of equip- 
ment on an adequate scale,- 4he 
Government has provided a 
Rs 2.5bn soft loan facility, 
through one of the public finan- 
cial institutions, the Industrial 
Finance Corporation of India 
from which loans will be given 
to mills. Indeed, many applica- 
tions have been made and loans 
have been sanctioned, but the 


disbursal has been unaccount- 
ably slow. The mills, it is said, 
have become loss enthusiastic 
mainly because of stiff er com- 
pletion from Bangladesh and 
synthetics and due to the discon- 
tinuance of export subsidies on 
hessian and the industry’s two 
promising products, wool packs 
and cotton bagging- 

Uncertainties 

’ ’ The industry’s chronic market 
-uncertainties arise from two 
factors: its dependence on the 
U.S. market for SO per cent of 
its carpetbacking output (which 
is roughly 30 per cent of the 
total output apart from being 
a most lucrative product) and 
secondly, on the USSR and East 
European countries for a large 
chunk of its hessian output 
(hessians account for 50 per 
cent of exports and also 40 per 
cent of the total production). In 
the U.S. market, challenge both 
from synthetics and Bangladesh 
has been strong, while the USSR 
also buys from Bangladesh, 
mostly on commercial considera- 
tions. but also on political 
grounds. The prospect of 
increasing exports of hessian to 
West Europe and Japan has not 
materially reduced India's 
jieavy dependence on the- U.S. 
and Russian markets. For 
example, in 1977, India's jute 
goods exports went up by 20 
per cent over the previous year 
because of increased purchase 
of hessian by Russia and of 
carpetbarking by the U.S.. but 
in the first half of the current 
year, the USSR has been buying 
on a much lower scale and this 
has depressed hessian prices. 

The internal market for jute 


You are welcome to 
itilise India’s largest 



goods has been expanding- 
much faster than could h 
visualised only five years agi? 
This is largely hecause c y 
bumper harvests and rising prt r 
Auction in industries like suga: i 
cement and fertilisers. In 13ft > 
as much as 00 per cent of th 
output was absorbed in !h 
internal market In 19< 
despite a fairly sharp drop of 1 
per cent in the domestic snppl 
the total demand at 881.00 
tonnes was still well In excess c 
50 per cent out the output. Bis 
the domestic market take 
mostly lnw-valne products lik 
sacking — while all the his 
value products like carpetbad 
ing hessian, woulpacks, cotta 
baeging and other specialties^ 
abroad. It is ihi'se export 
which naturally largely deles 
mine the industry’s viability. 

Traditionally an export I* 
dustry, jute cannot afford to los 
these markets without losin 
its 1 own viability. There is n 
need lo lose the basic characft 
of the industry. The work 
demand for packaging materia 
has been on the whole growinf 
despite shifts in preferences 
particular types of goods. A1 
the exercises done by inlet 
national bodies like th© FAf 
and the World Bank point tn ai 
encouraging future for all pads 
aging materials, of whirh jut» 

■is th© cheapest and sturdiest— 
its strongest sales point. Whatii 
really needed is a suitabH 
restructuring of the Indian juft 
industry through amalgamation* 
amt mergers and the introduc 
tion of thoroughly professional 
management in every unit. 

The Indian Goveromefrt 
recogtnses that the need has 
hcocmt* more urgent than pre- 
viously. It has just set up a 
committee through the Jqte 
Manufacturers Development 
Council ta body consisting of 
the representatives of the.- in- 
dustry and the Government)' to 
prepare within two months or 
so —an integral plan for restor- 
ing the viahility of the Indian 
jute mill industry.” The main 
part of the committee’s terms; 
of reference is on short and 
long-term projections of growth 
in production of raw jute and- 
jute goods, and of .export and; 
domestic sales. > 

When the committee submits^ 
its plan, it will be dearly seen' 
on what lines the industry needs 
to be reorganised to increase its 
competitiveness. The Govern- 
ment has acquired something of 
a base in the industry by taking- 
over five mills which include the 
largest and most modern mill in ; 
the industry and may take over 
a few more of the seven units 
which are now dosed. Perhaps 
the intention may be to shut 
a restructuring experiment with 
these units for the rest of the 
industry to follow. 

P.CJW. 


Sugar mill lobby 


facility at BEL 


Carryover 

from 

previous 

year 


SUGAR STOCKS 

(m tonnes) 


Total 

supply on Home con- 
October 1 sumption 


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components in India with multi-million 
dollars export earnings to its credit, BEL 
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sophistication in electronics, total integrated 
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Microwave (both in LOS and troposcatter 
modes) communication equipment such as 
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omnirange equipment for aerial 
navigation etc. 

Precision professional components include 
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Bangalore 560 001 INDIA. 


Export 

Total 

offtake 

Canywe* 


0.44 

3.96 

0^3 

. 

0.94 

4.41 

1J1 


0.97 

4.64 

083 


0.37 

4.11 

3J7 

. . 

0.65 

5.15 

2.42 

. 





THE OFFICIAL policy for the ~ 

new sugar season beginning in ... ' ?!'■ 

October, has generated xra- ‘ SUGAR STOCKS 

usually keen interest. Everyone (m tonnes) 

concerned with sugar — tbe cane •' - ' 

grower, the sugar mills, the * Carryover ~ — 

trade and the consumer from . Tota j . 

is watching J* e previous supply on Home con- Total '■£* ' 

tataSjf O ntpnt yeaJ Export offtake 

ing with the Janata Govern- 1973-74 3.95 0.84 .Y 4.79 X52- <M4 3I16 083 

men t’s policy, .or the status -quo . 197(M3 4.79 0.83 £82 3.47 0.94 4L41 i«« 

is allowed to continue, the __ a— «* 

stakes are high. feriLl*. Se 1975 ' 76 3.67 0.97 4.64 ILS3 

sugar mill industry is lobbying 1976-77 4.84 0.83 5.67 3.76 0.37 4 .H jj ;7 

for the status quo with a decl- 1977-78 6.00 L57 7.57 4^0 0.65 5.15 o a 2 

sion to create a buffer stock of ■ 

lm tonnes to take the load of 

accumulated sugar stocks off its .&■ 

S?piiJfbu?dM offateTOst^d J 8 to *" r 1 ?.? ti “ uJate dem *ad atiUs is because of a slump 

godou-n charges. “ * e fo* sugar withrn the parameters the world sugar price to\sW 

* ^ ^ Public distribution system for of its policy of dual pricing and as $190 per tonne-^tmn«r tine- 

On the other hand the trade the minimum heeds of the controlled releases. Domestic third of the don^S? 

wants decontrol, since a return masses. The philosophy of the consumption has risen steadily price. uc 

to the market mechanism will dual pricing envisages meeting but rather slowly, from 3.47m Despite the anna»^«+ 
allow it a greater role in distn- the requirements beyond the tonnes in 1974-75 to 3.76m Government S?® 

button. The consumer wants the minimum from the "free mar- to <L50ra tonnes in the follow- courage dommrir 

sugar price to come down. He ket." The free market price is ing year, mainly because of in- tion. It has exemoSffLS^SS:'*; 

was fleeced in times of shortage bound to be more than double year, mainly because of in- excise duty the . 

and is now being forced to pay the levy price because of the creased releases and the in May-September 

virtually tbe same high price high excise duty on "free sale" consequent drop in the free of the coreespondinp 7 ^^,!? St- 
even when sugar is abundant sugar and the need to recover market price. year. The XlEr £ *2 iffSl ■ 

Within the Government there subsidy built into tbe levy The increased releases stirred quintal of“frei «le " 

are pressure groups represent- 5uga: price. .. the hornets nest end sugar RSUSO .. 

i Lobby SBSsS 

=-zzsr wh0 wl " geK^M^hi? d r si ^rr Ki 

The general impression until the industry to pay a good price economic by the industry. The season is a moot point 6 
recently was that the farm for sugar cane and keep the mitt industiy claims a loss of Recovery of suear from Mite : 
lobby was strong and the Gov- farm lobby happy. Ensuring a Rslbn "as a result of the dual declines by 1 per cent in <VnriT - 
ernment was therefore expected good return on cane is impor- pricing policy this season. 3.5 per cent in May and 1 nec 

to do nothing which would harm tant politically for many Mini- The dilemma of the Govern- cent in June. The lo«s r « 

their interests. With the fall sters at the Centre and In the mant la how to shoulder the Percentage point deelinp te • 
from the Government of Mr. StaIes - A s against the statutory burden of the buffer stock sugar content of cane « Tcnnr 
Charan Singh, an outspoken ? rice of Rs S5 per quintal Pun- scheme. Already it is facing a industrialists, is rJw ' 
supporter of farming interests, J ab has 0X42(1 Rs 120. Sugar problem with exports. Under quintal. . 

the balance has tilted and the i n the co-operative tbe International Sugar Agree- The indnetr^ 1 

sugar mill lobby has acquired Maharashtra have paid ment India is allotted an export which wav "Etching 

an edge of the cane growers. Rs l60 - quota of 650,000 tonnes of sugar move It is nronnr^ n l n,<?nt wi,J 

e ^ ' Aa offshoot of this policy is for 1977-78. It bas released so d^»r«i w?*? 4 t0 opt for 

Sugar production readied a- t f,e elimination of cyclical far less than half of that quan- a Iv k rs 0Wn tp nns.. 

1977-78 ^season 6 but 1 'market flu S tuat ^» ns ln cane Production tlty for export through the State tishe^d he ,? stab ‘ ' 

JE? continue to rule l\ ° uN Corporation. The a fr ^ ^ ' 

Rs 4.500 per tonne, considered put ^ nse ^ or years m leases are so made as to cut new situation. « th 

high by Indian standards. There “**“ 7 U8m tonnes the losses. . - SStaS ^nrobahw \ the 

are two reasons for the pro- J n iSro-'G to 4S4m jn the fol- OF .the 300,000 tonnes redneetbo eanr* ^ J ahe !? :; i 

valence of high prices in a year lowing year and tn the latest released, 175.000 tonnes are it considers ^ ,e . vel '■ 

of record production. First the record of over 6m. On the basis “levy” sugar, which is made of the Sod In * v,pw 

Government is following a of cane seedlings, sugar pro- available to the Government farm lnhhv ***".? th * • 

policy of dual pricing for sugar ducuon m 1978-79 is placed at with’ a slender margin, and the Singvi erit from £ haran ^ 
and. releases are controlled so 6m tonnes. remaining 125.009 tonnes are menf a romD7omiS ^ OVern ' : 

as to keep the market The industry is at the cross- ■' free «ale" suaar. The laek of on cane 

price high It is lifting 65 roads of its d'evelopment, C The entClaTm « *t£ ^ tUKaU h * TOled out - ^ 

per cent of production at aGovernment is in a quandary part of the. Government and R.C.M. 


j4 


A- 








mmm 




India has a large and diversified engineering industry ;• 

parts of wlileh are elearly capable of holding their own in world' markets. Some ; 
weafaieSsess m stalurejertist, stemming from past Government policies, but if greater 
competition in the domestic market brings about the necessary changes Indian * 
companies will become more formidable in world markets* 


‘■r;’ 7 , t0 ? itTt bfeea able .to parent company’s technology- years to 850; this is a fraction pamesas Stas’ T«atfte ’EaeiaH*^ 

i and others havfe taken steps to of the volumes achieved 7 by £ng /Texmaco. is' one 

™ ost :• dynamic of competition -between them. negotiate new. licence^ But as Komatsu in Japan or Caterpillar ' ' .---fi * ■-- . _ 

' ? f “ . export ^ ic - In somt ****& ,«s. fi°w fi r these companies seek- to develop In the U.S. and Europe. esamsfle. -I***® Toirtwo 

- ;.Ttm lessjhan 2 per cent -of equipment the eompetithm: is their export business there is Yet these disadvantages can has 8a ^ ed equipment for 

• eXiJUrts ^ - the tendhxg' to iacrease* >B3gL’a a greater recognition of The be offset to some extern by low fertfirae* • ®«tfeata and oiflier 

IJfy. npw accopat m?in by smess- is in. terhine need for ta-htrase research and labour costs. It is remarkable plasms .overseas. EMC won a 

• ’ : ^T^ U T^vi 0p ^^ at ^' the Se ^^ JS d development • ' . . bow competiUve some Indian wnteaattp taste! a 132 kVover- 

1 hl 8 ^ VP A cafie ^ I» 4nl is textile companies can be even in an head -te y s naraw n iime in 

J s^erese rate of growth^has gear,, while the private - ®qm - machinery. Some valuable con- industry like tractors,, where Dubai, ta asaoctatocHi with Fro- 

■ ■ m tract5 ha,e V™ to -other there is strong competition 3«jts «mA .Eqnhxnent Coqmnt- 

~-Zr itoSSl - *S? 'ff ■ developing conntries: tot yeart from large muIti-Mtional two. Wehtendnessr Jnta- 

Bs-SSm., tamiegr contract in groups. Those compsnies. that tries hne aoppJded a eon vtete 


h£S55?‘S-^ •« " f Btdian mannfccniS^wai- a their labour-cost advantage with ^ 

percent ; a yean. jw^pweji. i<*. Mm* .a' JtoW-'itSpMate Sf/to* ^oH^cSsMy^d ™» ■«*"« 

v . toy,. Imt Indian companiM -ar* ®^P? r yearTtefme the todnstoy is in by . international standards. 

r rvf tP iA^^Hrfl^ 4O0kV tranifoim^ ft- * - * ' ■ position to absorb the latest '> There are Indian engineering to 

,, r oticeable impact -.In' markets- wMkk h»vp »ehi«T«ri <tase arngnerowJ rafeteons. EPI 


j. ; -//uch. as the Middle East, Africa- t • -V '- ? v'- 
-.; ..nd South East Asia. Thera is 1 
:« ;t ato impressive deteimimtton tb; ; . ■ — 

:: lain tain the export moinfe nfagm. ' • v ® unosaal je 
. .'ifaile : structaral i- weaknesses' en^neer^ exports, 

;. ;.xist In parts 'of the -industry,: to ' 

, exposure to iatecnatioaal ^^prie^ Js fhe 
‘Trade through, exports-, and ^ 

^vough partial .-import liberali-. 5?5 t ?~^ ap ^ ^ 00d f 
. ; ; : atfon should , improve. . the. ““ v “? 

'7 idustry*? • - - eompetitiyenesx 
. ‘ .e ngineering companies in the - G ^. tr i c ^ p ; 

developed countries are now “ .< yL.r* 

" : aving to take Indian toannf ac- . r unlike, 

■arera mote seriously ^ com. ™S? ,tt S 

" -etitors. as suppliersTand 'as-v^4’ 

• srtners in thirt ^ 

rejects. - comparative atfvan 


« piaiauu iu uuauru OU5 idlWf • 1“SI= U -i . limnTiniiil — t-sj_ _ 

technology. Potential customers, factories .which have achieved 

even in m>b ^mrairtnirva ■ wnrM levels of oradufrtivifv • Pom- ™ s huaft^ a large ttnvBisbafp m 


Indian manufacturers 


The hulk o£ the engineering «*pand their share - tM 


'V- : •- even in tdae developing world, levels Of productivity ■ com- ™s <n» .» wwasmu an 

may be rdnetant - to' commit parable to Jthe best in Europe. ' • 

a > s themselves to bteolete 'One' example is. the.. TELCO :■ ' 1 

machinery ’ coiomercial '..vehicle plant, "W^ j 

There is &&& an^^h* dr^i^.b^tto roUatorion.: tJ-J I I | 

of- Indian manufacUirers that pro- West Geman^s . Daimler- , ■ • : Sf : V ' XAA 1 
pro- grass in exports could 'be' held Benz. Another is toe vehicle -. ^ 

; tex- back unless they bring thfiir “ m ^ nent , P 1 .^ 1 • of ^ Ml 9 0 ' * ACQUISITION OF - what is 
•and designs and their production J 060 * 1 ,- «®hsidiary based at somewhat ■ vaguely called 

Bangak)re which employs over - appropriate technology” has 

I few have"the scale onerSuS 9 ' 000 ana ex P° rts T3e V ly 40 P« r been toeibasis of the debate on 
or the fi nan dal ^so^^to ce ?J sub^t of technical know- 

undertake larve it and -n nro- If an effi dent Indian company how in India. Havmg accepted 
™Sm2^ oSr SBt 5 P K of a *** concept-forthe country, the 

^ European or American rival’s Government has found little 

technology, .it is .likely to find difflculty .in persuading other 
d^SnJnr ® PPrpaCh -.- t0 * ready market The last 5 per Third '- ',Worid nations that 
, ' ■• -' cent of sophistication can add “appropriate technology” of 

The problem of fragments disproportionately to the pur- toe same kind is what they need. 


.Kuwait wMcih twM brought in 
cansddecable orders for other 
- Indilau engSsteetmg coaztpanaes. 

In opening up new markets 
Indian companies have had two 
' spedal problems — credibility 
and finance. They have had to 
convince the buyer— and more 
important the consulting 
engineers who advise him— 
that Indian standards of work* 
manship and quality are accept- 
able and that they are not 
simply competing on the basis 
of cheap labour. If that hurdle 
can -be overcome — by showing 
plants in operation in India 
and elsewhere — the entry of a 
new competitor is Often wel- 
comed. especially by those- who 
feel they have • been * over- 
charged over the years by 
Western contractors. 

The Indians have been able 
to demonstrate that it is not 
only toe South Koreans who 
are capable of carrying out 
complex engineering projects 
cheaply and reliably. 

The financial problem is more 
difficult. Several bids have been 
lost as a result of what the 
-Indians regard as uncommercial 
offers of cheap credit There 
Is presure on toe Government 
to create an Export Import 
Bank which would concentrate 
in one body the various forms 
of financial support now avail- 
able from a variety of public 
sector institutions. 

In contracting and in exports 
generally the objective must be 


to exploit India's strengths. 
Some foreign companies - with 
subsidiaries in India, such as 
Semens and Krupps, are will- 
ing to use India as toe source 
for certain machines and 
components which can b$ more 
economically manufactured 
there. Similarly Indian com- 
panies with a minority foreign 
participation can often persuade 
their foreign associate to use 
toe Indian plant as pit of 
a worldwide sourcing system; 
for example Mahindra and 
Mahindra, which makes jeeps 
and tractors, uses its associations 
with American Motors and 
International Harvester in this 
way. 

Some companies have made 
arrangements to manufacture 
certain items for British and 
other foreign companies, for 
sale under the latter’s brand 
■nam e. For example, companies 
in toe Kiri oskar group make 
pumps, welding sets and 
machine tools for British 
manufacturers; other arrange- 
ments. are under negotiation. 
Several companies are. seeking 
collaboration with foreign firms 
on the basis of a division of 
work, with those parts of the 
contract most suitable -for India 
to be handled in India. For 
example, Stewarts and Uoyds 
of India (now controlled by 
British Steel Corporation, but 
the. foreign share of the equity 
will' go down to 40 per cent) is 
the leading pipework engineer- 
ing-company in India. The local 


management is planning to ok 
operate with overseas partners,! 
including BSC, in pipework” 
projects; its prices will be; 
especially competitive in the 
Middle East and South East 
Asia. In power equipment 
BHEL has collaborated in some ' 
recent bide not only with KWU, 
but also with GEC of toe UK 
and General Electric of . too: 
U.S. 

The Impetus to export has' 
come in part from toe recession 
in domestic demand for capital; 
goods, but most of toe leading-, 
companies are determined to ; - 
stay in the international mar** 
ket BHEL, for instance, expects - 
its exports next year will exceed';' 
20 per cent of its turnover.^ 
“Exports are essential to toe- 
health of the business,” a 
director of BHEL told me. 

Clearly Indian companies are. 
more likely to succeed in - 
exports if there is a large, grow- : 
tag and profitable home market’ 
for their products and if toey; 
are encouraged to expand to 
take advantage of that growth;' 
a home market/export ratio of . 
roughly TO : SO is generally 
regarded as a reasonable 
target At present the range of- 
India’s engineering exports, like . 
the industry itself, is probably 
too diversified and there will -i 
be a need to concentrate on the 
sectors which offer the greatest 
potential 


G.O. 


foint ventures abroad 


idust ry is in markets, win -toey^ Wj^taoeBn in swe^ sectors, chase price and many customers wimt this means in effect is 

rivate ‘ settor; altoough.: there” hold tomr 6im fte^Mld 0 tii. P artl y as a result ef-^Govern- do not need it •' - means, in effect, is 


re some Important public pa ni cs : 3n , the 
• "*ictoE companies in particular . tmrntriw, pt^iipw 

- "elds, such as Bharat "Heavy volume and - offeii 

- lectricals in power equipment advanced teclmolQey?- 
Jindustan Machine Tools in Most:-’. Indian ^ ci^ 
lachine . tools, -Bharet*^Earii - companies were - start 

■ • lovers In construction equip the help of frauign; i 
"tent and Heavy Engmeexing ■ tion, eitoerflaanoal or. 
orporation hi steelworkrplant or Boto. u ' Id -the -a. 

■ ' "id othfer heavy machinery «h dota«tic m*rkrt tiiere was 
■ o port ant role in securingturn- -incentive i^-kcep their 
sy contracts overseas is played, iqj to.- ^ate;: -expBnditi 
. . ,y public . sector e dm pad ie ^ product - dev^pmeht- -ah^ 
principally^- Equip ment Ibo? research, ’wifi * setae excep 
tets (Iddia) . : (E FI)?, and Jjas traded to be tow. $he 
.rejects and EnginWridg Cozv.uumber p^mppufacturftifc 
. '^tioa.(FEG). . ^ T.y^.vV.ura-'^ia^ .by 

The public and - private: sec^ companles have aa»ss . ti 


m m 

C4«n- 




fr 






eSSS; “ b1 ^ • trie,' Is hot suitable ' for toe 

^cers, ^^. to^STif developing nations, which need: 

monoDolv has sometimes nre- ^eprada-.»ot.-oo*y -an . toe peace to create, employment opport- 
vented the iarcer comoanies ' ^ ^ unities rather than ' displace 

fi^TeccSi^S - -^ e ^ ^ laboiir.-The highly sophisticated 

sca j e tobour, . boito unririUed and technology . developed by toe 

In some fields toe ^ ' Indian sidled, needed for instaliing advancwf - countries for toear 
market is too small to permit 3a to madatatojng^the equipment own tise^not considered to be 
.manufacture- Aon -an inter- ^ ^reject-based exports, -espedr, always . ^appropriate ’’ for 
nationally competitive scala.In-»^^ to to® Middle East Sooth- Indian c&aditions; totake the 
heavy earthm trying equipment Asia and Africa, - hove -argumratSjne step further^ it is 
tastanqe, Eharat Earto flayed a big .part ta .the giowto. n °t suits' for countries 
overt,.-. a‘ - 'sucbessfal • public of Intoan en^eering . exports- similiarlyraiiced. 

- ptg ducipg . e®d ■ consanae . to^-do sol ; -. IjfdiaV, ' pxc^- 

::wito'o^- : --.Tfe i textilem3cb8neiy deaiS kj: gramm’eil'hepn sdqie ..years 
rise in.. a tow. Tariesanca, dnwoiwiaffi such com-- before most other Third World 


countries started .thinking along 
the Mm* lines and research and 
development accompanied pur- 
chase of foreign technology and 
collaboration arrangements. 
What emerged from this is an 
abundance of 11 intermediate 
technology” in a number of 
areas which Is suitable for the 
country. This is being increas- 
ingly transferred to Asian and 
African countries — and there 
are possibilities- of taking It to 
Latin America also — through 
the form ef . joint ventures 
abroed. 

Until recently these were 
limited to export of capital 
equipment and the “ appro- 
priate” expertise; a new Govern- 
ment regulation now permits 
Indian entrepreneurs to make 
financial investments abroad 
also. This. is partly because toe 
country's Improved foreign ex- 
change position makes' direct 
investment abroad possible with- . 
out strain. But mostly. It is 
because experience has; shown, 
that countries are wary -of com- 
panies which are unwilling to 


take a financial stake in ven- 
tures they are associated with. 
For the sake of uniformity, toe 
Government insists that Indian 
investment abroad should be a 
minority share, a stipulation for 
foreign investment in toe coun- 
try. Indian entrepreneurs have 
thus to find local partners and 
this is not always easy. 

Investment 

* But it is expected that such 
investment will grow, especially 
since economic co-operation 
agreements with a large 
number fo developing countries 
specifically provide for institu- 
tional arrangements for. joint 
ventures.. 

Such, ventures are of recent 
origan “but by the end of 1877 
as many 'as *322 had been 
apprevedVby toe Government 
Of these, V 135 have already 
started fuitoiDning white an- 
other /82 areVp various stages 
Of implemratrabn^The process 
has ! mat teen -flwWess and/ 


mainly during toe early 1960s, - 
many of the approved ventures ■ 
fell by the wayside; by now, »: 
105 joint ventures approved *■ 
have been abandoned for a : 
variety of reasons. These 
include lack of experience and ‘ 
inadequate spadework by 
Indian entrepreneurs which 'J 
often meant that, for instance, :' 
no market survey was organised } 
for the particular product to be « 
made. But toe overall progress r. 
has been satisfactory- 1 ; 

In the 217 joint - ventures / 
either commissioned or being ? 
implemented by toe end of 1977,, : 
toe investment involved totalled: - 
Rs497m .(about £35m) from 
which earnings in toe form of 7. 
dividends, technology fees, ) 
managerial fees ' and royalty •» 
amounted to Rsl58m. More ' 
.important, they led to substan- - 
tial exports from India both in 
the form of supjrfy of machinery - w - 
and equipment (toe value of " 
which . was converted into : 
equity) and direct exports ; 
totalling well - om BsSOOm. • •- 


CONTINUED ON NEXT PAGE 




I: */i 

Be Jr» ’ • . Vw * •/* 

rr 0! i n 

* • / • /l • rn'rn/^ f 

• * « a // • ] 


ByViswa karma, 
we'irshow the 
world yet! 


- ^ > - ) .mk \ 

3 * v . / w . W 


i m# 


Today HECr M gigantic ; 

21 SO million project# is not 
mly supplying a whole array 
; >f capital equFpinertt to core 
: ndustriea irvlrwjia# promoting 
'.elf-reliance in V^ayr- • 
nit also contending in the 
vbrld market. ^ - / 

Current wpoit orders ;i 
. worth ffs 320 imlfltpn -7 
> ■ Yugoslavia has ordered 268. 1 
'jlectrolyser pots forrtsaluminiuni 
>lant in Titograd. Most 6f these 
Kits have already been shipped. .^ 
’Sulgaria and Egypt have already f 
wen suppliBd vrfth H£C coke t ^ 
>van equipment., : 

; Orders undvaaMfCution 
include coke oven eqiiipmeM f or 
turkey and Eg^t EOT and 
r uagnetgrab ctades fof^ulgaria 
md Hungary; Jb^;*bif4d0.:-ra- 
oader cranes for Gubaj steel 
' netting shop eq^tJpmBnt f or Sri . 
tanka; a contkluous casting : : . 
Machine f or tudeey; and 4 roU ^ 
rushers for Bulgari^Turkey and; 
Jugoslavia. ./ ; / f;’ V T ;‘. ’r 

Advanced Desert 
fnstitute for Metallurgy - >; ; 

®t Minins . • .. . 

' , ;? t With CO- operation from ■■■'. ■' . , 
tpunirte Rka USSR USAjsnd : 
(^miany. HEC has^nteated 




design and c 
grammes f ™ 
cast and 
. portable crush 
"cast mines; side 
tipplers; and la 
/PlamEquipme 
. mbdemisation 
.m4h&existing 
/; ^eguiprnent. . 

^ ^1 this is irr 

r vast archive of 
plantequipmer 

> cnishieva etc. al 
bythe HEC. E 
/office. 

Plans open fi 
".Consultancy; 
V From Feasibj 
V.ecpuIsHnent 
■ •■commissior 
Services ari 
. id diefoilo 
>; iCefirent Plants 
--Pelfetlsatipn Pfa 
Sponge Iron Plan 
^jowlemperatura 
• Plants . 

, Architectural & T 
’iJobs ; ‘ 

•*lord Vi 
.- Divine 
... presiding 
workshops 
■ building site*. 


for open 


ft mines. 


deep open 


arae wagon 


Book your orders 
for HEC equipment 


on to the 


for.steel 


nes and 


established 


Design 


ices 


msatiori 


Planning 


|| ;;4i. 1 

m/t: 


: KSf$ • 

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L;^'«ther wojds, 

| you like best about 
[British I«ylaii4veliieles 
t ^ whatyou ? U:i|ke bestv ; 
= '■ about AshokLeylaiid- : 




WP. 'i l 1 wj yi* « j ■ nyy ■ i >, !,W"ww i -ww : » 

• ;• Rug^.Reliable. -A nd •• . ' •• . Yes, rthetpsto-SeJ , " • " 
"«corTOmicaHri thelong . ^ part of the sanWfamjty- 
rwii .:::>••'"'•.••••• {Bees use then the 

Brk^i^lanid^ skm 

rorid-wirie reputation neap.) 

Ashok Uyfandiiniitsd, .' 
Ensipre^ madras. INDIA* 


Fernanda! Times Monday August 14 197ST 

INDIAN INDUSTRY XXIV 


world-wide reputation 
incommerciatvehicies. 


A reputation shared 
in India by Asfcok LevUind: 




UNDER THE draft 1978-83 — — 1 

plan India hopes to increase 

the tonnage of its national flag 

fleet from 5.35m grt to 7.77m 

git, but in doing so is unlikely 

to make more than a strong tiJt 

at the principle of greater self- 

reliance. The expansion itself order book at end-year ....* 
aims to maintain rather than 


.yards and fleet 

1975 
'000 

Ships GRT 


increase the proportion — now 


Completions 


shout 42 per cent — of India's National fleet 


1974 

’009 
Ships GRT 
56 178 

6 30 

451 3,485 


67 

7 

471 


394 

41 

3^69 


1976 

’000 

Ships GRT 
60 379 

24 46 

£26 5,094 


1977 

'000 

Ships GRT 
67 441 

11 35 

566 5482 


Sources: Lloyd's Annual Summary of merchant ships completed; Lloyd's Statistical Table 


overseas trade carried in 
“national bottoms.*' And with 
India's shipbuilding industry - 

small in relation to its national 

fhJ Over the next three to five years builders will find it difficult to missioned and global tenders 

is obSSd capacity is supposed to increase improve substantially on the invited for the yards, which 

from two to four 75,000 dwt res- meagre share they build of the would be expected to build 

te o^nedS Se Se sels a year. • country's national fleet, the ships In the 3CH50.000 dwt 

and pu^^ ™rS^ from Hindustan Shipyards, which prospects are that a growing range. 

forei^Sa?2 1 operates Visbakbapatuam. has percentage of the counts N# deciston ^ yeE ^ 

To this e^Tthe Government *«“» * b * Ht J s ^n on whether there will be 

has taken advantage of the vessels m its three-decade his- 9 °^^ed at home This ™d OIie ^ two yards, however. The 

country’s healthy foreign ex- tiiry, in recent years producing is encoura 0 ed 7 existing gripping Ministry appears to 

change reserves to make Rs a bn mostly a Pioneer-dass 21,600 G<raroraerrt believe there should be two, the " 

available for the acquisition ves * eJ . built to » West and * ubsi . Knoning Commission is thought 

elsewhere of 486.000 grt But German desigm Here too e^anr Under the so-called pan lo prefer oae , certainly the de- 
by last month only Rs 2ba had sion in capacity is planned,from passu clause, for example, the f 3r ^jiips in India over ■ 

been taken up. Orders placed 2 1 ships a year to four, and the Government aims to protect the coming years is only one fa c- ' 
at Indian yards are put at some British consultants Lrvesey and and subsidise the industry lt>r b^ing takea into aco^mt in 

125.000 grt, while the plan Henderson have °?Vi£ ed same lonnage , they * 0 ? lu ™ the matter, which is as political* 
envisages an increase in output schemes for even greater expan- abroad, a regulation it is in ^ India ^ it WOltId ^ 
from these yards from 66,400 sion. The yard is reported to theory able to enforce because other country 
grt in 1977-78 to 238,000 grt in have completed designs for a jt provides the permit for pur- ... 

1982-83. The general picture new series of vessels of various chases abroad. In practice the According: to a report pro* 
thus appears less than types from 14,000 dwt to 27,000 rule is said to be difficult to duced earlier this year by a . 
satisfactory- d’wt which use a minimum of apply because of local capacity committee of the National Ship- 

For all its growing role as a imported equipment and constraints and must remain Prog Board, the setting up of 
trading nation India has given standard components. largely notionaL It is regarded, additional shipyards is a “ soc:o- 

surprisingly little priority to its Apart from avoiding too great however, as a useful lever for economic need ” rather than a 
own shipyards, In spite of the a diversification, such standard!- some government arm-twisting, purely commercial proposition. 
jods tnat such an “ assemoiy sation helps shipbuilding orders The real subsidy to India's Apa rt from increasing the 
line ** activity generates both become more centralised. But shipbuilding industry comes country's self-reliance, it says, 
directly and through ancillary order books are lean and from the institution which ^ would create jobs directly 
industries. India has neverthe- capacity utilisation at Vishak- actually finances shipping pur- £®n_crete employment in an- 
less grown to become the world's hapatnam and Cochin is still chases, the Shipping Develop- ciliary industries, ensure fuller 
twentieth largest shipbuilding as low as 60 per cent India's merit Fund Committee, whose utilisation in steel plants and 
country, though it is still weU two other main shipyards — work has probably been respon- encourage an Indian market for ' 
down in the league compared Mazagaon Docks in Bombay and sJbie for the growth of Indian shipping spares, 
with other Third World ship- Garden Reach Shipbuilders in shipping since independence. « , 

builders like Brazil and South Calcutta, which come under the The fund provides loans for up UOSlS 
Korea. Ministry of Defence Production to 90 per cent of the cost of a 

Those shipbuilders themselves — appear to face similar prob- vessel to be purchased abroad, But much obviously depends 
would like to produce a greater lems, even though they have a with an interest rate of 4* per on whether overall costs can b* 
range of vessels and offer ready market in the Indian cent to he repaid over 15 years brought down to make pur- 
speedier delivery. Certainly lead Navy. with a moratorium for the first chases from. Indian yards more 

times are high at three years, Formerly a shiprepair yard two years. attractive, and that ;s «m- 

often because of problems in until recently building snail For purchases from a local tingent upon orders being won 
obtaining marine equipment, naval vessels, tugs, barges, yard, however, the terms are and greater standardisation 
which in many instances has to dredgers and so on. Garden easier, being up to 95 per cent achieved. The report says ship-, 
come from abroad because the Reach is now producing com- y^th a repayment period of 17 building should be regarded as 
local equipment industry (as m pletely indigenously designed years but carrying the same an export-oriented industry w" 
many Third World countries; 26.000 dwt bulk carriers with interest and moratorium period, enable it to save in taxes, and 
remains underdeveloped. In one Indian marine equipment in- Loans ftom the Ks5ba foreign suggests that concessions be 
case, said to be typical, a ship eluding a marine' diesel engine exchange fund earmarked for given on excise duty forth© raw' 
was ready to be launched but re- produced at Garden Reach. The acquisition of ships abroad were materials used, 
quired an imported anchor import component? of these repayable over 12 years. 


chain. For six weeks an asset vessels is put at 
worth Rs 150m went unused. Garden Reach’s 


Senior officials at Indian ship* 


per cent, including., a . two-year tnora- . . 

lbn engine torium, afc-7* per cent Interest c omplain sztox^s abo%.t 

Shipbuilding remains a high- plant only recently completed. Beyond, tins the yards them- 
cost industry in India, in spite will be able to supply engines selves receive Government «« tv* 

of the cheap skilled labour that to the whole industry,, so the assistance. Yards are com- A 

is available, simply because it country's reliance on imports is pensated to the time of ten per S Sh is 

produces a limited number of expected to fafl. cent of international prices for gUSSS 

nips in far from modern ship- Mazagaon Rocks, like Garden us ing certain, more expensive “.‘l * . ' ■ V; 

ards. A greater degree of Reach formerly a British-owned home - produced components. th ' 

standardisatioa is thus also yard, can also build a range of They receive three per cent of S2?hicSS 
sought, and the Ministry of ships U p to 26,000 dwt Its the vessel price under a subsidy 7?"* 

-upping has now selected four activity has grown in recent which is expected to phase out aJpiufSnllned ELur force 
ship types for the two yards years thanks to a 10-year expan- in toe next few years. A a ' Ikell -< 11SC; P jaoour r . 
falling within its purview, at sion and modernisation pro- rebate is available under which It is difficult to know whether 
Vishakhapatnam and Cochin. gramme, making it now India's a proportion of profits is not the Government will finally com- 
The Cochin yard, India's leading shipbuilding and ship- tasted if it is ploughed back ruit itself to building two new 
largest building dock, was de- repairing yard. The yard lias into development. yards in India when the spare 

si Sued' with the help of Japan's completed a programme of six For all the problems facing capacity abroad shews no real 
Mitsubishi Heavy Industries and Leander-class frigates, though it the industry worldwide and the signs of diminishing. The 
formally went into production in has faced fitting-out setbacks obvious difficulties at home. Finance Ministry still has to 
February 1976. But it has yet because of delays in eucine India is seriously considering make its views known. But as 
to complete construction of its delivery. Production of the first the construction of two more one Indian official says, ship- 
first ship, a 75.000 dwt Panamas- warship of a new type for the shipyards, at Paradip in the building policy need not be 
type bulk carrier for the Ship- Indian Navy has begun earlier State of Orissa and Hazira in either economic or rational, 

ping Corporation of India built than planned. Gujarat Detailed project ^ 

to a design by Scott Lithgow. Thus although India's ship- reports' have already been com- 


Ventures 


CONTINUED FROM PREVIOUS PAGE 


Today over 8000 
earthmoving equipment 
railcoaches and trailers 
manufactured by BEML 
are spearheading 
a great movement 
in the core sectors 
of the country's economy. 
Moving men and material. 

Clearing the ground. 
Making way for progress. 

In agriculture, mining, 
irrigation, power projects 
and transportation. 


BHARAT 

EARTH 

movers 

LIMITED 

Bangalore 

India 


However, considering the India’s industrial capabilities, the West at considerable cost 
number of ventures involved From this has emerged an Feeders have come from 
the gain so far has been mainly image of a benevolent Third countries like Argentina, Brazil, 
In gaining a toehold in toe World collaborating country Iraq, toeUnited Arab -Emirates 
countries concerned and estab- whose Government -is not only fln ^. Kuwait for setting up joint 
fishin g a base there. actively promoting, joint ven- projects for manufacture of 

in. tiires as a form of mutually „„/. u»ar reactors, -minin g equip- 
profitable development but is ment . construction materials, 

fflasag i?* — — — ■ - 

to- “^reasons ] ° ra - 

dustrial houses are being mitSto ft? totewSof ^ e *** * 5 ««nt ventures is 

encouraged to invest surplus Sptentco^tiy 1 ?^ ventures in ‘ confl ^ es eithernearlndia 
funds abroad. Many of them wf ,e ^ve?^on^^mLv to or in V 1 * Mine «gion since 
have already taken toe initiative v “ fnr ^therin° « eo S raphy P v 2 toe county an 

in this respect Tata, for ISJJJ. »Set LfShStim advaDt ^ e m 4he Indl ? n ° Ce ^ n 
instance has gone as far as toe 5™ "5”. ®a«et information. area _ ^ concentration is in 

Caribbean in proposing a plant ^ ev ^Save nnP f™? ■ Asia and Africa, although the 

for assembly indevestual pro- trend in toe 1960s to invest in 

duction of heavy commercial ^ This^S Ethioma, Kmot and Nigeria 

vehicles. a^nl ^ ^trSp^^Tre 

Tedmological collaboration, compelled them to improve the to the 

agreements alone— with such efficiency of their own under- ^ast and South-East 

countries a s Iran, Argentina tafeinga in India. ^ ddIe “ ana Mnin “ I 

and Zambia — have led to the The scope for expansion is Asia ‘ 
earning of fees of over Rsllm vast So far more than 60 per 
until last year and these are ceu t 0 f th e machinery exported T7 n vrniirofl 
certain ro increase. The rate of to launch toe joint ventures is Jl aVOlll cU 
return from the viable joint ven- f 0r SUC h well-established areas , 

tores has been calculated at in India as textile, sugar Malaysia is easily the most 
around 9 per cent of the capital cement, chemicals and paper kroarod and accounts for as 
employed; this compares favour- machinery (textiles head the manjr 88 5 8 pr ojects approved 
ably with foreign minority with 23 projects in as many ^ toe Government (although 
shareholding companies ope rat- countries). More sophisticated 10 of the f® airc ^ d7 ’ ***“ 
ing in India. items like electric motors, traris- abandoned;. For the past 

Earnings and income are pos- formers, switchgear equipment decad< ^ . “JJ? 

sibly the least of toe benefits and related engineering pro- been £ ^ zc< ^ :ln J^ J . 1 0^ ^ la, 
tot accrued to Iudi^ ducts occount foTlIhout 25 p« Mlippiues. ™land, Sn 

especially as Indian entre* cent of the exports for setting Lanka Smg3 . p0re . , n 
preneurs are being encouraged up joint ventures. But surveys t 

to plough back profits to expand have revealed that prospects are ^i5 rt a uS2f,^h 

successful joint ventures bright for Indian entrepreneurs m 

(making sure that they remain in areas like leather, PVC, the sucCMSful achievements 
minorily partners). More vegetable oil, pharmaceuticals, here **“" m ^ a ^ y r. p I°^- s 
important, joint ventures have diesel engines, light engineering set up either on a turnkey basis 
led to an increase in export of goods, electric fans, radio sets, or on * P artne ^ hl P ° asIS 
capital goods machinery, spares, sewing machines, automobile consortia., working for local 
construction materials and tech- anciliaries, rubber goods, steel partis* 
oology and have improved pros- products, electrical equipment. That Indians, and their 
pects of further exports of these bicydes and other consumer Government, have learnt from 
items. They have widened the - durables that most developing experience is apparent from 
host country** knowledge of countries currently import- from toe fact that recently promoted 


joint ventures have not failed. 
Vet the abandoning of as many 
as 105 projects mainly in toe 
initial stages caused concern 
and an analysis made of the 
reasons for their fall a re has 
helped in malting new ventures 
viable. Finding the right local 
partner is the main, handicap 
but changes in the attitude o{ 
foreign Governments, especi- 
ally in Africa. 2 re also respons- 
ible for the hesitant start made 
by Indian entrepreneurs initi- 
ally. They have also been held 
back by toe Indian Government 
and its mesh of procedural 
hurdles which are only now in 
the process of being dismantled 
(permission to make financial 
investments abroad is a notable 
example). 

Among the points that India q 
entrepreneurs hope to establish 
is that the Government should 
not insist on purchase of capital 
equipment from this country 
alone, and orders will increas- 
ingly be made on a global basis, 
A beginning is being made with 
India and Western countries 
starting ventures jointly in 
third countries. This provision 
is also finding its way into 
economic ctwoeration. agree- 
ments and is intended to benefit 
both private investors and 
public sector units, the latter in 
countries where the Govern- 
ment has dominant role in the 
economy. 

Rules for foreign investment 
abroad are being scrutinised 
and relaxations are expected. 
With this there should be a 
surge in Indian investment in 
other countries wUh a prefer- 
ence for "appropriate techno- 
logy" of the kind that has been 
developed and is being used in 
India. 


; K.- 

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K.K*5» 


£ : £-*3S3ii' 




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> ‘V _ •; ;>v 7 V: - " ' 

: FgoahciaL Ernies- Mpnday August 14 ? 1978 





:s3 




INDIAN INDUSTRY XXV- 


VEHICLE OUTPUT 






0 STAND fa a Bombay, trafficprodncti on. 
im, to spend over an ■ hour priced at 


a home 
export 


The Ambassador Is of Mr. Sanjay Gandhi is enough said to have reached an less priority than two. and three- suocesftU company nr 
riving a A n ^ --l- 0 !?’ to cut grave doubts -on -the- advanced stage .to purchase wheelers,; -scooters and motor- its long-term plans on 

S in a * » &&*>} « tte fectorr gatftjut- whole idea. . Morris Marina dies from British cycles. 'The country has a large marhT^ertoo 

iKAiTvh C *T e ? r ^ n ° *t beyond the reach of flU (iny**rnmPTTt rPRnnrrf«r Leyiand, as it then was, before number ;t ef scooter manufac- hooes. 

^^m^n^thatSdU £ so nSt M if * rBcent ^organisation helped tnte^ri&oply four hav? into- Production of motor-cycles by 

SbabVy pit- deciding *V*£. Bot get pasit^aS^ cSS pro ^. Ttle «“*“£ * grated ^toties-the • rest are India’s four main manufacturers 

Aether or not" it wints the 0ut ^J “ ?^ - toQ - Iow V hfiw ' mission and the Finance {Jjf coasldenn ^ ■- Vauxhall their lfoeBsees. has grown over the past decade 

nctner or not It .wants the ever, Both vehides areinjteavy Mil|istxy ^ ^ loadd*. ^ The pacesetter fa the scooter from 23.000 to a pei of 73.000 

Sij-: . demand, even - though .. makers, tion the consequences such a Discussions have taken place roari«rt..» Bajaj Mottws. India in 1878 before tailing off a little 

r. -EffiL Pjwt would have for the exist- ** JL. Genera! IMota^ and is the sepood largest producer last year. As with scooters, the 

■ iat cars are a luxury /or the heartily s^' of ' the - same 2 old" ^ factories in C^tci it t a and others. One possibility is to of scoofert'ki the world after technology needs upgrading— 

i:-w, and compelling statistics monels, Demand' shot^p. tost Bombay would be little short introduce the Marina body, Italy— one ‘of the few engineer- but future demand looks less 
#y conflrni a low level Qf car ye ** fouowrag a ltt 5, OW. price of Catastrophic, and mean a loss -together with the van and pick- ing products for which it assured. 

... . i.h the country ..at Md. more, cara wpim pave 0 f jobs that would be.nnaccept- up derivatives, and to dJeselise can mote .such a claim — and The industry as a whole now 

‘ •5,'^rge. Fast reluctance* to intoji .W*^ s>ld out for a ^components able to the state governments, the 1498 engine. This proposal Bajaj produces over iwo-ohirds wants flexibiirity toshifi produc- 
tpodela^ .a . ._yast .shortage an ( d labour troimj^. let alone the national Govern- « believed to be favoured by of them, ^ which about a fifth tion between cars and cotnmer- 



Installed 

capacity 

1977 





1977 

1976 

1975 

1970 

Commercial vehides: 
Telco 

27.000 

18.000 

23,545 

7.863 

26,444 

9,340 

25269 

7,513 

24.463 

5,263 

Ashuk Leyiand 

Passenger vehicles: 
Hindustan Motors.., 
Premier Autombtis. 

36.000 

19.000 

20,401 

17,594 

16^37 

16,009 

9,444 

13,683 

23,325 

12,054 

Scooters: 

Bajaj (Vespa) 

100,000 

*30.000 

83,199 

*24^25 

80.988 

t4,975 

60.745 

32,091 

SIL 

100,000 

16.489 

28,054 

10,595 



*16,278 


API (Lambretta) ... 

39.000 

2L610 

32,986 

29,754 

25.335 

Motorcycles: 

EZL (Enfield) 

EL (Rajdoot) 

— 

20,894 

29,623 

17,872 

25,728 

18.S62 

23,975 

10,215 

16^00 


new 


Additional packs, t Additional export packs. 


iber of scooters and enoi> - While the leading 
ous demand fjpr -bicyclei-may^ manufacturers produce .^nore- 
i'^ so suggest that the ' Janata than- lm vehicles- a year a q«n»i 
* .'toyernmeat’s ... •‘'small; is 


world meat. 

This 
most 


Hindustan Motors 


and could 

.. - bring some useful business to 
land 


_ . , coal ve&bcies and to change 

h ewd L.Mr- Kabul Bajaj,. bas models, which means a greater auanptBoo. 


leave* tha 'third <and~ aMWC UJia iu u " ,u ™ «» a atmuM*. wraiu xiajaj,aas moaeas, wo win means a greater susmpnon. traffic in both carriage of goods 

MOBJisserJi -** - P^^ress towards imple- operated -independently of his use of imported technology. Action on road development and transport of passengers has 

luiraaocu/ mentatmn an n pars tn navo (nnu, . iXtollsMi — .1.2. .u. 1 ■ ■ “ 


^ ‘'small; is output at* Hindustan/ JfiiJliaa ^- Jnentation appears to have former 

dutiful economic. ; strategy oxOy exceeded/ 2S.m-^S for ,^ enufii ¥- tiie slowed. PVagsnos 

■ dwrtbuAr arrived when it in the earl, 1070 S , and ; afflaiiy £”JS ,n^S Alrh ougi- Government plans skme of 

nes 10 ears. - , dump* to-, dismal Map rtm pob“ ^Sr « ««»•*" *»£ the mannf: 

Teaehed .^iS5£^Sg32..“>e *®le iiOprattr 'uTL^ ™‘. t0 P iral tone “ «>» 


•ic /turning point, and thfe Govern- feavy engineering- actmti^rfead 


"'“•j tuenj™i«5 MVUV1UW a*«ati saiy foreign technology some- l ndu *bry today, policy in the a long r „ l . OM1J . MVU 

• Is. having difficulty in not J° bow doing whatSe«[r com- &** **$ traded to give cars ing tost- ^ Whatac that a tioax ratter than w rt.ean'of"wn- n^^r. The share of road 


n^roming.mflre involved in^lts llj?2? nbered Sfi? t ? ^^SSSS panie s 
E — --naent in the ’ ™ fc ' * ■ !ULOftn - p ■ 

industrialised 




bow doing what, the car com* 
themselves allegedly 


Jea^an a^teborators Beyond this, toe industry wants j S a iso sought Although the increased In past years, and 
^ 1971. His oocopaiiy a new outlook from toe govern- draft plan emphasises rural seems likely to improve further 
tqe four main scooter meant on toe function of toe growth and the importance of if production is to become 
in India faces a passenger car in national de- rural roads, the industry decentralised and backward 
v exeeis of supply and velopment, in which it is seen as believes a bigger plan for con- areas are to develop, 
period and wait- an kern necessary for produo- sanction and improvement Is 


OS. 


jv^opmenr in i the way that couJd nQt *» e,en they pooled 

ost industrialised , countries _?__? r °d 1 ? ciil 8. -dkr-lw their revenues. The Idea “ 


l : 'h z 


countries 


• '-w.r"* — vvuuuj.ca i lM j f . ^ -io onn j*-- -- - • incur revenui 

• >.p-k'i'?e . doneL Indeed^, what fona v 4, 01 - 18 * 000 mits-A.v--. -- - reported to b 
:--s r^at involvement will, take-is i--/---: ■ -.Vv-,iv'. * in ug^t of a 

■ bumtog. issue in JiKiia’s' Shortage •' 1 sion not to 


^industry. 


r t.'-ij^The country has^four maim-. 


'eturers, but- only two, of 'any /&dpfrhegging, dealers 
*gL . consequence: Hindustan- to have done as well 


_ consequence: 

itors, based in Calcutta and ■ out . « the shortage— yep 
! Producing the Ambassador (the ■ea®®® . for complaint 
’ ; .' Morris ; Oxford)' and Producers — and the' 

'- Tender Automobiles. / j^'-facturers feel they 

' -’ombay, which produces the 
’•ti .iemier (£ Fiat)’. -Both : are 
■ Tifvate sector Companies .. in 
** vuch the Government: effoe- 
’k.'ely owns a 30-40 .'per cent 
are th rough its bank/ and 
Riding agencies. . Both are 


their revenues. The idea la 
have been advanced 
Government deci- 
.. _ allow individual 

. , .'*f?T :; *> manufacturers to import tech- 
As a result;- enstpoiiSEV^have' nology on their own because .the 

duplication would be too costly. 

For their part, the mahufao- 
turers say they want taxes and 


Morel commercial vehicles 



INDIA’S TRADITIONAL reli- 15 per 
ance -upon the- railway system The co 
to tooye passengers and goods • quickly 
has begun to moderate in recent demand 



^.holding in TELCOl 
s diesel market was 
and additional 
a growing export 


The,, other big commercial 
vehicle producer is Ashok 
Leyiand, based in Madras, in 
Which £L has a 58 per cent 


duties redueed and the price of yea rs. Road transport has sub- market iatl from the 'defence shareholding. This company 


petrol cut 


d f ii. j 7. „ — . _ — , autuciiuiuiufi. nud tumpojij' 

xacturers ieei tney M» J»era ^, hefhpr stratially increased its share in sector \sjar encouraged expan- employs some 6.000 people and, 

restrained in • their* rjd^ion- Jbe carnage of goods, particu- sioxt. like 

J^y op^^ti^J^g whu * ^-'^and has slowly improved ite 

lost, and anew era^hoiddl^f re ™ 14 - . B4 “ ch - w ? ?} d share of aU passenger traffic to 

iwmutt.un.wiUBumwpu. depend on what plant capacity under hal f. This overall 




more 
improving 

and extending the mad network, 
the. resoufixs he The. trend has buttressed the 

, - . , .. expansion and underlying emphasis in govern- 

'.■The problems can be . put nationalise tbe whole r fe8dastfy, m °denusation. , . • . ment road transport policy of 

-■4ite simply. The .bodies are an option which has'^aome In the view of Mr.. P. N. giving greater priority to com- 


and, although it operates In a like Standard, whose main 
difficult area for labour rela- activity is in toe light vehicle 
tions, it has not been serin Only sector. Bajaj Tempo and 
hit by strikes or labour unrest. Mahindra & Mahindra are in the 
Asok exports about 10 per field too, and both expect to 
cent of its production and it increase their capacity signifio- 
receives some marketing assis- antly over the next few years. 

the industry’s judgment The rritical /, actor is likeI , y 

♦" the economy s 

a higher 
new commercial 


J - point Where they cannot go. Jr^. regime might 


TELCO, has ambitions 
TELCOjhas managed to built P lans *pr expansion. Its 
up ah integrated system of pro- licensed capacity stands at 

auction, lb the point where the W '°W vehicles a year, mainly supply and demand of cpmmer- . . . 

compwiy'ihakes its own machine *be 12-tpn Comet truck, and dal vehicles more or less evenly : 

tools, t&oyi reasonable econ- ^is will be expanded to 15.000 balanced in 1977 but because « or 

back onits by l98L Ashok is seek- demand was less than expected ^ I lf’ 

ing approval for a further -owing to increased costa 

. expansion to 30,000 vehicles^ a which eroded road transport's thf *^1^ 

Tbe- company has just opened year “d this will . involve a advantage and the slower-toan- “ SSS 

WWeSoo-unit 3 plan^ •* widenin S & tbe product range, anticipated growth, of the 07 


,S 


omies ,u£ scale, ploughs 
profits; abd conducts its 
reseanto and development 

also believes that a better 

vnuvmu^ w lilt piuuuti iaug^ - ut _r _ n# , 

v. - - - . » K »wu — — — — ... o a — — r-»-v — — - v. . l } ^ probably bringing the company economy— production was below dl *P**s*l of economic activity 

oduced using old dies-^-lead- political pressure behind'i^.\Li Vencaatesan, Premiertf manag- mercial vehides than to scooters P°om m Maharashtra on top of intQ more a^ct competition target Indeed, in the view of wnu d he, P “d so draws 
5 to too many rejects. and too prevailing ' circumstance!*^ ins director, the best thing for or cars. Planned production of its .or^gm^i.27,000-unit plant at TELCO. TELCO, toe industry's whole racouragement from the Janata 

Premier would be to. expand commercial vehicles began in Jamshedpur' in Bibar, and is 


ich spotwelding— ^and caunot move would also sati 
made sufficiently rust-pfoqf. • demanding some firm/ 

■ -r .'tie engines are out of date, uu- from the Governmenl. 

- 7'iable, costly to maintaih and This possibiiity is 

-e too much fuel. Cart coming unlikely, however. ss'ISSa of a i 
; ..J the assembly ’ line, ht second ' option, buildiSjia pletely new car. It 
. . ndustan Motors barely ^reach loo.OOO-unit puWic sector ' 

.. . - -.on Genertl Motors indoc of making a new caiv Quite „ 

. P^b^^froin conflictmg inth ohl, 

*• ^' Whereas West- German- uouncements -about -ears 
....•J U.S. plants regularly "fop a - iuiraiy^ contention 
i) or even 130 l . . facturers rejected as incp 

/./Jhxes. and duties* meaaWhtiep/tettt-v ^iile pries . con 
'..Ifb car prices up to 50 per_ continued (up, to 
, higher than - tfeef -already -jti^puto— ^Ke^^sai^us :pre 
“ ga, levels caused .by limited deftt set by the Maniti p 


in production in stages, changing 1953, and now two companies th** 5 h) a position to take advan- 
the look of the car and| in .-time, dominate the truck- and bus tage of. any upturn in the mar- 
improving the engine. The cost market the Tata Engineering keL As r to® company sees it 
whole plant for- a ‘com- and Locomotive Company this plant marks a new era for 

(TELCO) and Ashok Leyiand. itself and. for an industry which 
Both produce diesel-based has a "pivotal role in the drive 
vehicles, and operate at the fur rural " development The 
heavier end of the market Government has asked the corn- 


development 


is felt is 

simply too great 
• This sort qf . incremental 
change is something Hindustan 
Motors is seriously contemplat 
ing- 

rjhe 


iUJ aiauv/v, aiiviuouy 0 tf**w*w p nvprnm p n p- 

Ashok has been consistently growth and development has °r7 t ruj enL s 
one of the most successful of never been anywhere near its 51x81 egy * 

BL’s overseas investments and potential. Beyond this the budding 

the UK • parent bas few com- Without explicit government export market offers additional 
plaints, abmtf relations with the moves to favour road transport opportunities. Indian trucks 

Indian Government. which or reform taxes, future demand rad buses nave done well 

have been constructive and projections are being treated abroad, even in countries like 

helpful; recently there has been cautiously for heavy and Taiwan, South Korea and 

more Malaysia where the competition 


some relaxation of policy on medium; vehicles. A - 

„ ... TELCO.- manufacturing mainly P an y t°. * ™ rt her ex- payments for .foreign techno- optimistifi.view is taken for light strong. They score because of 

The, company already has in the 7Kon range, produced Pension ftK &0.000 vehicles per ] ogy , nueeded to update the vehicles as a result of toe their ruggedness and reilability, 
capacity . Jo expand well well over three-quarters of toe ye ? r ' . product range. There are no governments, emphasis <m rural espeaaljy in markets where 



beyond present levels, and .is trucks made in India last year. In 1977-®. TELCO made pre- expatriates in the company and development and toe suitability overloading and irregular main- 

iw.. cpnsjdgring various possk The company has benefited J&gm .tax pmfite If Rs lQ4m on turn- funds for expansion .. are. of light vehici^ JbT transport tenance are common. 

. apghsg the Ambas- its original collaboration with over of jgla^hn. aqd exports generated or raised locklly. -within c'ities. ' *' *: « 0 

{. .Negotiations were Daimler Benz, which still has a rose from Rs2B4m to^Rs 373m. Levels of efficiency are good This should help ; companies Lo. 



the first ride, the first position... 

in India 


.s service 67 years 
a’s pioneering 
illary industry. 


m the early sixties, TVS starts 
. ■ joint ventures for its various 

• manufacturing units atMadras 1 - 
with leading British 

• organisations. 

Wheels Ind&i, Incorporated 
in 1960. In technical 
collaboration with Dunlop 
- Limited, UK. From this unit , 
roll out wheels for India's 
commercial vehicles, 
passenger^eaxs, jeeps, 
tractors, rollers for tanks 
and even Wheels for India's 
bullock caife! 

■ -Lqcos TVS limited- Incorpora- 
ted in 1 961; As a joint venture 
.of TVS andjLucas Industries 
Limited, UK -This unit 
. specialises^ the manufacture 
. of the compete range of 
automobileielectricS 
equipments 

Sundaram Cfeytoa Limited . 

: Formed in :|B6L A joint venture 
with Claytoii Dewandre 
Company limited, UK. This • 

• unit manufmires the entire 
range of etSipment for air 
assisted br curing systems for 
cormnercia&efides, tractors, 
trailors and bffhighway vehicles. 


Brakes India Limited. Formed 
in 1962. As a joint venture with 
Girling Limited, UK. This unit 
manufactures a complete range 
of foundation and hydraulic 
brake and clutch actuation 
equipment for cars, commer-i -■ 
cial vehicles, tractors, earth-. ‘ 
movers, tanks and off-highway 
vehicles. 


Snndram Fasteners Limited. 
Formed in 1963. And this is one 
unit that has pioneered the 
design and development of . • • : 
several critical application high 
tensile cold forged .? •/ 

bolts and nuts, both ‘V 

for the automotive and non- 
automotive industries. . . ,r. 


v 'ftfhe ckxikMc^TolSlL • <km& 1929 , the ori 



v om Madras^ a ^ 

* monster shor^^ ^andataxts. 
iw ad veiituroiissouls . 

- Sat's the first ever b^is ; v 
'iivice in South India; r - 


: 7 Uecmne alinutedhaKlity 


foundation of the future 
growth of TVS . 



. pes more than takehis 
. assengers for a ride.. y. 




. r IhdiahAuiomohve^ - ■ ■: / 


jred as ‘TVS' in 1912^; 

. ^bus^service company . 

.^atinues to fluor^h-rtoj -. C v 
e’anauto 



' a direct dealer for General 
Motrin India. * n - 

TheSecond Wwld 
War, a victory for TVS 

Petrol becomes scarce.. . • • 
'TVS introduces guspiants 
iso tot charcoal gaa^oanbe 
utilised instead. ’ ; ■ ' ; ■ 

vSpares-arLd accesstaieistoo 
ilaecome scarce- -TVS t^iens 
service stations— to me^ . 

;the shortage of recoaditiomng 
-and rebuilding .of motor : . . .. 




Right on top gear 

TVS expands and develops 
into a dynamic group of - V 
: companies to offers fully 
.. comprehensive service to the 
automobile androad. transport 
1 industry in India; 

And a move to Britain 

By now, the quality and 
’ ..services of TVS^ organisation 
have become so well 
' established in me Indian sub- 
. comment that the name and 
fa n e have started spreading 
overseas.. . World-reputed 
manufacturers inthe field • • 
J begin to show interest --— and • 



What TVS is today: 

Armed with a staff strength of 
over 17,000, TVS Group's 
interests today include the 
largest privately owned goods 
transport system in India, a 
wide distribution network for 
commercial vehicles, cars and 
automotive spare parts, a- 
chain of automobile service 
stations— acclaimed the largest 
in South East Asia, tyre 
retreading facilities and body 
building services for trucks 
and buses. It also manufactures 
organic automotive, non- 
automotive and industrial 
friction material in collabora- 
tion with Abex Corporation 
of the USA. The Group's other 
interests include the manu- 
facture of sewing machine 
needles in collaboration with 
M/s. Singer, USA plus general 
finance and textiles. 


TVS products in 
the world market 

The proven quality of the 
products and engineering of 
' the TVS Group of Companies 

• is so acclaimed today thatthe 
; products are accepted in the 

international market, including 
'• Britain, naturally! And that's 

• • really covering a lot of ground 
‘ since the first ride in 1911, 

1 -don't you? 


Wheel s Ind ia Limited 
Lucas TVS Limited 
Sundaiam Clayton Limited 
Brakes India Limited 
Snndram Fasteners Limited. 


SAA/TVS/037 




■ii iuilV-KEC 


If you want to 
set up your plant 

in Xanadu ••• 


linandal lines Monday Xngttst 14 107S 


HIGH TECHNOLOGY INDUSTRIES 


XXVI 


India has an ample supply 
of well tramed engineers and scientists: 

In the concloding articles of tins Survey oar correspondents 
examine the impact they are making on the 
country’s high technology industries. 


New markets for aircraft 


W' 


we’ll erect it 
for you 

W* vs been doing this wc:k... erect: r.g, L-afttSHag pianis 
ar.d equipment. -.in difiereni parts of the world for 
Inter ns ;ianaiV , . r rameus clients. 

For Fives-Cail Eahoock (Fraacei it Kuwait: far ASEA 
(S-.ve-ier.; -,r. Iran; .for. Toyc Engineering Ccep. (Taper.) in 
Aigeria; icr IwrLCO 'Mid, East), a subsidiary of Mitsubishi 
Electric Cqrp. (Tapani. \r. Iraq. • ■ • 

‘Ve er.ee; and commission Boilers, Turbines, Pining 
Systems.- Instrumentation for Power Stations, Sugar 5»iilis, 
Cement Mills, -Pao&r Mills, Fertiliser Comdex and 
Pstrc-Cr.etnioal Complex. ..and any other plant 
that you name. 

This job is our speciality. So. if you want to set up your 
plant. ..anywhere but anywhere. . . v.-e’re reedy, 
v.-ith ail our resources. 



WESTERN INDIA ERECTORS LIMITED 

Sahyadri Sadan.Tilak Road. Poena 411 030 .India 



EXPORTERS OF WORLD FAMOUS 
SAND UR MANGANESE ORE 
OFFER 

VERY LOW PHOS. PIG IRON AND 
LOW ALUMINIUM FESROSILICON 
produced in plant at Vyasankere 


SMIOHE, SaHDDB 
DEPENDABLE SOURCE 


/ / Please contact: 

9 >• The Sandur Manganese & 

. \ Iron Ores Limited 

) ] “Lohadri Bh avail’ ’ 

\ j Yeshwantaagar-503 X24 

\ / Via Sandur, Bellary Ut. 

\-S Karnataka, INDIA 

Cable : SMIORE, SANDUR (INDIA) 

Teles : BANGALORE 427 
Telephone : SANDUR 33, 61, 91 
Bangalore: 321 7S, 28262 


GS 


INTERNATIONAL 


GURMISKH SINGH 
& SONS 


LUDHIANA INDIA 


30 YEARS' EXPERIENCE IN THE TRADE 

Manufacturer of Automobile Suspension Parts for 
Commercial Vehicles. 

Similar enquiries welcome for Export. 

LONDON OFRCE— OAK REACH LTD, 

219. Bishupsgale. London EC2M me 


LAST MONTH a small team 
from the Bangalore head- 
quarters of the State-owned 
Hindustan Aeronautics (HAL). 
India's only aircraft manufac- 
turers, spent 10 days in Malaysia 
and Singapore on a mission that 
marks a new tack in company 
policy: a search for export mar- 
kets. The two South-East Asian 
countries both operate Alouene 
ill helicopters, and HAL manu- 
factures these as the Chetak far 
the Indian Air Force, complete 
with tlie Artouste IUB engine 
originally made by Turbomeca. 
With Aerospatiale in France 
closing down its Alouette III 


line, HAL sees an opportunity 
to supply these and other 
countries with spares and com- 
ponents. 

If a deal comes off it will be 
HAL's second exports success. 
Earlier this year, along with 
Bharat Electronics, India's fore- 
most electronics company, it 
won a §750,000 order from 
Yugoslavia to supply specialised 
airborne and ground electronic 
equipment, which is now being 
made entirely in India. A 
successful south east Asia mis- 
sion would thus underline 
India's desire to become a com- 
petitor on the world’s aircraft 
markets. 


The new export • orientation 
follows years during which HAL 
has worked virtually exclusively 
to supply the Indian Air 
Force. Through licensing and 
collaboration agreements with 
foreign manufacturers, such as 
the ones with Aerospatiale and 
Turbomeca, the ' company has 
built up experience in the pro- 
duction of aircraft and heli- 
copters. the . manufacture and 
overhaul of aero-engines and 
the production of various acces- 
sories and related equipment 
helicopter, HAL is now manu- 

Tbus. apart from the Chetak 
factoring MiG 2IM .supersonic 


HINDUSTAN AERONAUTICS 


1 BANGALORE COMPLEX 
Aircraft Marat HF-24 (+ trainer) 
division 

Ajeet (Gnat ML 1) (+trainerV 

under development 

Kiran KJT-16 

HFT-32 under development 

Engine Orpheus 701 and 703 
division - 

Artouste II IB 


Par t Mk-53 1 

Helicopter Cheetah SASlo ( + agricultural version) 
division 


Ground attack 
Ground support / 
Ground attack 
interceptor S744JKH) 
Jet trainer SI. 031,400 
Fist on-engined trainer 

For Ajeet and Marat 
(and Kiran) 

For Cheetah and 

Chetak 

For HS 748 


Hawker Siddeley, UK 


interceptor fighters .(together 
'with the engines) in col labors- 
tion with the USSR, Ajeet 
interceptor / ground, -attack 
fighters (otherwise known as 
the Gnat), with Orpheus 701 
engines under agreements with 
Hawker Siddeley and Rolls- 
Royce. the ■ German-inspired 
Marut HF-24 ground attack/ 
ground support tighter powered 
by Orpheu* 703 engines^ and 
the Cheetah helicopter with 
SjNIAS of France and Turbo- 
meca. • 

In the process an indigenous 
industry has been created, as 
the Indian Government fibbed. 
The Indian Air Force’s Kiran 
HJT-16 jet trainer and counter 
insurgency aircraft -was de- 
signed. developed and hunt ht 
HAL, and a Mark H version is 
now being developed, -powered 
by Orpheus - 701 engines - fir 
place of the imported Bristol 
Viper Mk. II engine. Tbei com- 
pany has also designed and de- 
veloped the versatile Basant 
agricultural aircraft, already in 
extensive use. 


Rolls-Royce (1971). UK Trainer 


Turbomeca, France 
Rolfc-Royce (1971). UK 


Transport, observation. Solas. France 
re&euc S433.480 


Chetak (Alouette III) 


Advanced fight helicopter under devpt. 

Foundry Aircraft /aero-engine quality castings 

and forge and forgings . 

Overhaul Overhaul of jet and pision engine 
division aircraft, piston engines. Instruments 
and accessories 

2 MIG COMPLEX 

Korapnt R-H-F2S-390 engine for MiG 21 


Observation, rescue, 
rural medicine, 
antisnb. antitank, 
strike, rescue $458,400 

' To replace Cheetah. 
Chetak, 1986-87 


Aerospatiale, France 


division 

Nasik 
division ’ 


Overhaul F2 engines 
MiG-2 Ut ah^o-air-missile 


3 ACCESSORIES COMPLEX 
Hyderabad MiG Avionics 


division 


Lucknow 

division 


Kanpur 

division 


IFF equipment - ; 

Missile subassemblies - 

ATC radar . t - 

Electronic components }j 

Accessaries for aircraft*"*! engines 
Hydraulic and air conditioning 
equipment ; / 

Wheels, brakes and panel instruments 

HS-748 / . 


Basant 


Twin turboprop 
passenger and transport 
plane for Indian 
Airlines and Indian 
Airforce $2,865,000 
Agricultural 
aircraft SS6.950 


On tap of this, HAL is de- 
veloping a trainer version of the 
Ajeet. the first prototype of 
which is due to roll out in 
1981, an advanced light 
helicopter to replace - the 
Cheetah and Chetak In 1986-87, 
and a piston-engined trainer, the 
HPT-32. which is expected to 
be available for the market ~by 
1981. The company, which began 
life in 1940 aj; . Hindustan 
Aircraft and was.merged with 
Aeronautics India ia 1964.' is 
thus the embodiment of India's 
blossoming aeronautics in- 
dustry. 

Like most countries with an 
aeronautics- industry. ' however, 
India is not completely indepen- ] 
dent. While manufacture rff- 
many of its aircraft is from the 
raw- materials stage, imparts. of 
components and parts are still 
essential. The fapttrhJcHiri- 
ponent of HAL‘s aircraft nnt 
greater than 30 percent, .how- ‘ 
ever, and it is sajn that lho 
figure could troncewably fall to 
something like 10 Jer cent when 
fence . Product! o/ starts ■ pro- 
a public sector F om P an y heinc 
set up by the Ministry of De- 
duction (in a.*oupJe or years* 
time) of the iphisticated licht 
alloys used By the aerospace 
electronics »Dd nuclear in- ! 
durtries. / 

The stramgic decision to aim, 
for a hi ih. degree of self- 
reliance fins undoubtedly been 
costly to India, however, and it 
is part# because of this that 
HAL’s fixture will be rather dif- 
ferent ifrom its past • For a 
start, the company is no longer 
pricing its aircraft on a “cost- 




INDIA HAS in its armed forces 
something like lm meo whose 
needs are being increasingly 
met' from within the country. A 
chain of defence establishments 
run by the Director-General or 
Ordnance Factories produces a 
wide range of weapons, ammuni- 
tion and equipment including 
guns, tanks, bridges, missiles 
and all kinds of “software'* 
needed by the military. In addi- 
tion, nine public sector defence 
undertakings make aircraft, 
ships, electronics, heavy earth- 
moving equipment, machine 
tools and the like. Defence offi- 
cials in India — like their coun- 
terparts all over the world.— 
are secretive about production, 
but a measure of the scale of 
operations is available, from the 
Fact that more . than 150,000 
people of various skills are em- 
ployed in defence undertakings. 

Of these, 92.000 are employed 
by nine major undertakings 
which are under the wing of the 
Defence Ministry hl,r whose 
activities arc very much part of 
the country’s industrial effort. 
With a total lo vestment of 
roughly Rs 2.75bn. their produc- 
tion io 1977*78 was worth about 
Rs 4.3bn. All make substantial 
profits since production far de- 
fence purposes- Is roughly half 
(heir total. The rest takes care 
of civil needs and they have 
substantial export earnings — 
an impressive Rs 294m in 1976. 
1977. 

Ma&gaon Docks is the biggest 
foreign exchange earner — -its 
markets lie mainly in the Middle 
East but it also has extensive 
repair facilities nt Bombay — 
and others are forging ahead. 
Bharat Electronics, established 
to meet the more sophisticated 
needs of the armed forces, is 
the leader for professional and 
consumer products within the 
country and recently won a 
prestigious order worth Rs 340m 
from a European , company: its 
experts orders in 1976-77 were 


over Rs 100m. • • 

Indeed, by establishing indi- 
genous manufacture of a num- 
ber of items — frequently based 
on their own research: and de- 
velopment efforts — the defence 
undertakings have given a sub- 
stantial impetus to sophisticated 
technology. Examples include 
aircraft for defence and civil 
use by Hindustan Aeronautics; 
electronic communication equip- 
ment, radar and professional 
grade components by Bharat 
■Electronics, naval and merchant 
vessels by. Ma?.i3oan Docks: 
large capacity dredges.. tugs and 
hulk carriers by Garden Reach 
Shipbuilders: heavy, earth- 

moving equipment of various 
kinds by Bharat Earth Movers: 
and high-speed cutting tools by 
Praea Tools. 

They have - also stimulated 
industrial activity in the small- 
scale sector bv Drnmotin? ancil- 
lary and subcontracting work. 
Hindustan Aeronautics, for 
example, is in the process of 
adding 12 ancillary units to 11 
already working lor iL Bharat 
Electronics has 14 such units. 

Since self-reliance is the basic 
aim of the defence industries, 
their research and development 
efforts have helped to improve 
their ptufi lability. Hindustan 
Aeronautics' design bureau has 
designed aircraft of various 
kinds, including iet fighter? and 
piston engine aircraft such as 
the Basant u^ed fnr agricultural 
spraying. Bharat Electronics 
has been equally successful. Its 
range of facilities' for the 
design, development and 
engineering of modem profes- 
sional electronic equipment and 
component; meets the needs nf 
not only the defence services 
but also the police. All India 
Radio, TV statinns. the Civil 
Aviation Department, Overseas 
Communications Centre, Posts 
and Telegraphs and a host of 

other customers. 

Efforts nf Bharat Earth 
Movers' research - and develop- 


ment division at the Kalar gold 
fields have resulted in four new 
products, of which the 2.3 cu 
metre track shovel is already 
being produced. User field trials 
of a 4.5 cu yd front end loader 
and a 1.3 cu metre shovel are 
nearing completion. The proto- 
type of a 32-ton bottom coal 
hauler.' after completing trials, 
is being set for user field trials. 
The design of a 2 cu yd articu- 
lator from -end loader bas been 
completed and a prototype is 
almost ready. It is -hardly sur- 
prising that the major defence 
industries have no major prob- 
lem of idle capacity — perhaps 
the only sector Lo Indian 
industry to have this enviable 
record. 

Technology 

Efforts are now being made 
to maximise M indigenisation ” 
in the defence industries, 
mostly through their own 
research efforts but also by 
importing technology. Imports 
of certain ranges of sophisti- 
cated components needed for 
aeronautical and electronic 
industries will come to an end 
when a new super alloys pro- 
ject. Mishra Dhatu Nigam, is 
commissioned soon. 

The Defence Ministry says' 
that an added push has been 
given to “Indigenisation’* in 
the past year or so. and units 
like Bharat Electronics, Bharat 
Dynamics and Bharat Earth 
Movers now make somethin? 
approaching SO per cent of 
requirements for end-products. 
In the case of Leander-class 
frigates being built at Mazagaon 
Docks, there is an increasingly 
indigenous input of impressive 
and sophisticated weapons con- 
trol systems, electronics equip- 
ment and machinery. 

In addition to the major 
defence undertakings which are 
run virtually in the same 
manner as other public sector 
units, ordnance factories in 


India have grown In number? 
as well as diversity and sophisti- 
cation. They have -achieved self- 
sufficiency in such items as 
semi-automatic rifles and car- 
bines; tanks, infantry anti-tank 
and anti-aircraft guns: specially- 
designed mountain guns, field 
guns, light and heavy mortars: 
fuel for raissiTes; fire-control 1 
instruments; Kruppman bridges: 
load-carrying tracks and patrol, 
vehicles. Since peace-time use 
of- many of these items is' 
minimal, production caters also 
for civil needs and exports. 

New items are continually 
emerging, with projects cover- 
ing a wide range of technology 
tike production engineering, 
metallurgy, chemical and 
explosive technology, vehicles, 
clothing and leather. About 
40 new projects being imple- 
mented will create capacity for 
production of improved versions 
of various kinds of weapons,, 
rocket and ballistic propellants, 
ammunition, pyrotechnic stnre-i 
and the like. One example of 
the kind of help given to civilian 
needs is supply of commercial 
blasting explosives to Coal India , 
to help the company increase 
production of a scarce source of 
energy. 

Five ordnance factories 
making various items of 
clothing and related products 
devote nearly 30 per cent of 
their capacity to civilian needs 
and to exports. They take 
orders from government depart- 
ments like the railways, police, 
para-military units. Increasl 
ingly they are supplying other 
countries. While the bulk of 
exports consists of “ software ” 
items, it is now admitted that 
small arms are also being sold 
abroad so that at least a small 
part oF India’s defence produc- 
tion capacity is being used to 
tap the lucrative international 
arms market. 


•plus” basis, having moved re- 
cently to a " tixed-quuration * 
regime, under which cost over- 
runs will come out of the profit 
guaranteed by the government. 
The incentive thus exists for 
expanding HAL's scale of pro- 
duction. 

Along u-ith the search for 
potential export markets, there- 
fore. additional work is being 
sought in the civilian ' field. 
HAL's Kanpur division has pro- 
duced over 70 HS-74S medium 
transport aircraft under licence 
from Hawker Siddeley. powered 
by Rolls Boyce Dart RDn 7 
turbo-prop engines also manu- 
factured at HAL. These are in 
service both with the Indian 
Airlines, the internal airlines, 
and the Indian Air Forre, and 
‘there could well be scope for 
further growth. 

More ambitiously on this 
front, HAL Is now looking to 
take advantage of the booming 
business in passenger travel 
which Indian Airlines is pulling 
in, and wants to produce a short- 
haul 20-sea ter turbo-prop feeder 
liner lo cope with customers 
wishing to tly beyond the main 
centres. According to HAL's 
chairman. Air Marshal S. .T. 
Da slur, a collaborator has not 
been chosen, hut a committee sei 
up to look into the matter — in 
the running are Dormers,. Beech- 
ers ft and Saab aircraft manu- 
facturer- — is due to produce 
a report shout now for the Civil 
Aviation Ministry. 

■ The more controversial aspect 
of HAL's future concerns India's 
proposed purchase- of' what is 
known as a Deep Strike Penetra- 
tion Aircraft. Apart from the 
MiG* and Marut fighters pro- 
duced at HAL. the' Air Force's 
670-odd combat alrtraft include 




Soviet SU-7 aircraft. Hawks? 
Hunters and Canberra bombers 
Mow it has under considers tioi 
the purchase of die -Anglo 
French. Jaguar, the Freud 
Mirage F-i or the SwedisJ 
Viggen. each of them, a mop 
advanced aircraft said to' ia 
capable of pinning Pakistan* 
Air Force to the ground — > 
point not lost in Pakistan 
whlcfi would hope to aeqatn 
American A-7 aircraft if Indt 
goes ahead. ’’ 

A high-powered Indian., dele 
gation visited Britain. Franc, 
and Sweden, earlier this yea 
and submitted its report to tin 
Cabinet soon after returning 
mid-March. Since then report 
have emerged, subsequent^ 
denied, that wide differences^ 
opinion on whether (ne acquis) 
tion is even necessary han 
appeared between the Defend 
and External Affairs Hints trie* 

It has further been suggesta 
that the delegation recoin 
mended the Jaguar, a view ^ 
will gam strength with Jag 
month’s reports that the Unite; 
Sracs uill not allow the sale o 
the Viggen. which has America 
engines. Selection of the Angiq 
French Jaguar would also hay; 
the merit of not .arousi^ 
political sensibilities.' 

No decision has yet beci 
made, HAL is obviously hopiuj 
to he able to build the. new atg 
craft, and the suggestion ha 
been made that the chuic* 
depends partly on how willinj 
each of the manufacturers is U 
allow* the technology to be trans 
f erred — perhaps over a period a 
years — in order to accomplisl 
This end. India would pre 
Ktimably want in time to tie ablt 
(o export the aircraft as well 



--tf 


(years In India 
and 



./ : ,s 


years of 

overseas branch banking. 


Makes a difference 
When it comes 
to banking. A 


?•; 

.-■-V 


Tp offer assistance and 
gdidan’ce on every possible 


And we’ve travelled around the 
world tool With 14 offices-ut-V 
the United Kingdom and ' 
38 others in Belgium, Fiji ■' 


banking problem, xs only one Islands. Guyana, Kenya, 


aspect .of our expertise. 

For 70 years, we’ve been 
. adding to our experience.. 
Spreading out to touch even 
ibe most remote corner of 
India. Through more than 


Mauritius, Seycheiics,Suftanatc 
of Oman and United Arab 
Emirates. ••■.f 

So when you wan t connections 
in India, for business or 
otherwise-, get friendly hfllp ‘ “- 


,-wNrt «i * . . mss-, gBi uicnaiv insip. 

13)0- wdi-co nnected branches, from Bank of Baroda... tod#! 


Bank of Baroda 

A Gdnanimi of tad. UMouilnt 



The story of UBI is a 
part of the history of 
industrial development 
in the Eastern Region 
of India, which is also 
the Bank's major area 
of operation. 

UBI had from the begin- 
. ning deep involvement and 
commitment in the trade, 
commerce and industry - 
of Eastern India. UBI' < 
has substantial invest- 
ment in a number of 
major industries^ Some 

of these are— -tea, coal, 
heavy engineering, iron 
and steel, textiles, 
chemica/s, fertilizers, . 
drugs and pharmaceu- * 
ticals, plastic, auto- 
mobile, tyres and tubes, 
electronics etc. 

UBI’s credit assistance 
takes various forms : 
loans and advances to 




existing industrie^or^^V 
the newer ones for I 
meeting their capital ! 
requirements, financing. .! 
sales for their produc- '. I 
tion. acquiring raw I 

materials for processing < 
and movemen, of goods 1 

UBl s te mn loans help > 
asset formation in indus- J 
try- fn addition, UBI | 

helps the cause of eco- t 
nomic development J 
by providing resources I 
to other financial i 
institutions.. 4 

Wth a concentration of j 
ooi branches in eastern * 
states out of a network 1 
of nearly 800 branches I 
mlndieand with Agents 
and Correspondents at l- 
mportant centres of the I 

world, UBIis geared 
to meet your banking 1 

needs. “ ! 


United Bank of India 

i A GoMmiMM Ol India UrWrtwfano) 


1 









,tv i 


kuiamma iinjes Monday August 14 itfig 


66 



INDIAN INDUSTRY XXVII 


A rush for electronics 



INDIAN TELEPHONE INDUSTRIES 


THE THRUST of official policy Jeettd a production ftfRs7.30bn avoid a monopolistic trend 

jn electronics is to achieve ao for 1S78-79. which has become an emotive’ 

JTwS* Se m P r ®“ uc ^ on ‘ Electronics production (Ox- issue. As a result of advances 

* natiirai growth of eluding defence hardware) rose in production techniques and 

« assup>e r ^ ® a from Rs 3.15bn in 1975 to automation, the international INDIAN TELEPHONE Indus- log systems is a difficult one. executive put it. “if you can 

production to meet only felt jjg 4,53^ in 1977— an annual trend Is for increasing the scale tries, the State-owned maim- Much pf the existing network is tackle the problems of tile 

1D * rea * average growth of more than Production. The Commission facturer of telecommunications based on Strowger and the ITI Indian telephone network, you 

wroout 8!^ arofiaal .boost to jo pier cent,. Consumer elec- has worked out minimum viable equipment bad a disastrous management is well aware of can tackle anything.” But the 

any sector. •_ ■ Ironies, whose growth had capacity for component units experience when it introduced the danger of jumping too management is also well aware 

Clearly, this is a major- policy decelerated the. previous under; Indian conditions and in Bombay the Pentaconia quickly into the electronic age. of its limitations in technology 
shift since the rthinkiDg six three years,- provided the neces- th ^e will be kept in view while version of the Crossbar system At the same time it is reluctant and has no qualms about seek- 

year* ago was to achieve maxi- sary push. Therural market is licensing new capacity. in collaboration with ITPs to commit too large an Invest- ing foreign assistance, 

mum acceleration of growth the backbone of the radio The public sector which IS Betewa subsidiary. At that time meat to: Crossbar, which may It is clear that ITI will need 

based OB exportable electronic industry. A stow, growth in supposed tn make 'good the mid-1960s— the Crossbar become outdated. Some Crossbar foreign assistance, as it moves 

items. At that time, exports "»r»l income* ha* .resulted In gaps is findin* it difficult to s ^ stera was still unproven and equipment is being imported into the electronic era and the 

were assigned top priority in a setback to sales of - transistor cope. The' Government has the peculiarities of the Bombay fro® Europe and Japan. management has no inhibitions 

view of the shortage of foreign radios. The favourable' terms funded large amounts for re- traffic pattern proved too much m whIrh h 04 non •houttW*. A major problem is 

a substantial />!»,„.«,*. industry! develop- 

. TTT _^, I have to be seen 

gramme m such fields as UHF & the of Indian 

15 electronics industry as a whole, 
stored pro- including of course, computers. 

uuuiuc i.vuuu. and n — —— 

projects initiated many years There is 


new ui Luc oimirittge or ioreign • *ire w.uuifvis iuuuea large amounts ior re- ' — “ — ; f ~ ' ~ ttt - wnlcn 

exchange reserves to finance the of trade to agriculture over the search In areas considered use- ,or “* m w ^ s forced to develop emwioyees, has 

. T . »1Y Indian rorcinn nf r 


import bill. 


to the couniry but fte » tadian vereion of Crossbar ^^d deve,opmSTpr^ ^“Pu^ots industry: dev 

Its do not yet seem to be nw be^install^on SSSe'In such S 3 TS l!S £ en J?J?J.TL ha L e 5.*®. 


past three years ^re~ boosting £ui 

ienWi ** el * etWai ' "or WM * «■» *»'» in » -telto STStoS^* systems? i, 

■ : .ritt Tnadenuate . :?*;, . “ 2 £S*T* &S U J" U1W ™ „ d olh „ 

. electronic in the sixth Plan *1 nrojects Inlawed many years Thera is huge scope for electrtmio .equipment. It to* f* “JJJSJ* JrtenatknS 

The Ac-bUte* heel **tf the **» are still in progress. The expansion in India since there carried our work successfully in deve tonmpns J SS 
Indian electronics, industry is G wern ment, however, dates are telephones third cwmtne*. .both on Its own poSfbUitlw ofToltobrS 

ration. After the Bombay 


O 978-79 to 198243) in the light 
of investment proposed on 
various sectors. The slogan is 


mZt Ai7 u .,m nfr.n.i the components sector- Poor success in transferring know- per thousand inhabitants, and to collaboration with „ r „„ „„ 

'to elwt^LTal in oS?h adS ofoSpopSS *40 per hwr for commercial exploits- compared with more than 600 foreign -companies. It is in the Swrience IT Is^nliEv to 

tries cent , of TV - breakdowns was tJOn '» * number of areas — per thousand m some advanced running for sub-contracts on the 1 


breakdowns . 

w _ . attributed to ihlsX aad tnade- riticen single crystals, tantalum countries. But as in other big Saudi Arabian telecoromuni- 

«. Pa eca *f^ of L, * 5P ? quate availability have'Jtindered el«troIytic capacitors and soft- countries, the choice of switch- cations contract As one 
Ihe strxragy gad parfl y due to packagra for Ihe TD? 312 


make a rash commitment 


G.O. 


circumstances.; the electronics 


industry. Over the past two computer which has beeft 




the appeaw'to be less doctrinaire. This does not mean dependence 
sector Gaps are to be filled in medical on the dreaded multi nationals. 


chairman of AtqtolC-^ ^ through lorati development as industries. EOL and CEL— in fields other than defence foreiga-owned sector, the public 

Commission V and^ :19TB the out- EKS? n« in Japan had done in its early controlled by. vanous ministries, and space research. In fact sector, the large-scale private 

put nf electronic equipment 5?® gone up by w pcfOSflt in d^wlonment. Some Opponents of the move put when the .public sector failed to sector and the small-scale sector. 

U> fh S sJJ^X toStm/i tt. anmpl* of Potro- ri« taita ocrasiou.' th. Cm-ern- ■ The Indi.n Government has 

ponenw to Rs 75em. for- whlQh licences to produce -new aenera- Ieum and Chemicals Ministry ment brought in Honeywell to invited foreign electronics com- 

*!■» Bh.bh« nnlttn-bii set tinn wm^enS like tSb. era •««««* «» P»"«c ««« '•» aik^Wfol panels Another panles to esteblUl. export- 

a target of Rs 3bnl and Rs 850m. . - ffew * wrougteUt tnq WOriu. additional- know-how tiliser industry into small and significant example is Siemens, oriented ventures in the Santa- 

Subsequentf? the Perspective Studies, by the 'El«*mmics A debate is on at present as “viable” companies tn improve which has adopted an uncon- cruz Electronics Export Process- 

Report on Electronics In India C.ptuinission have - idectiped to how the Government can tPanagement control and ventlGnal approach. It has ing Zone (SEEPZ ) in Bombay, 

finr^l fixed new production fragmentation of instaUei capa- revitalise the public sector units, acccmntabtilty. cmerodcotiaboration to ihe pub- Progress at- the start was slow, 

tareetv— Rs 4.5bn including dty as the jhatn reason fair One suggestion -emanating The Government is now aware j lc ■ B " arat “ ea Y Elec- mainly because of the world 
def puce hardware) for T977 and The emphasis then w*. on a from responsible government of toe need to give a push to t0 thyristor recession, in electronics, but a 

R-' -~ -hn for 1978. -These are wider distribution of. ilie : avail- quarters is to hring all public the electronics industry- but in of h *3 h . er ratings, number of promising . ventures 
<»*r>t*»d-'tou-n targets, sin^e the able capacity among i” large sector production units under its search of acceotabto alterna- ng permission to pro- , has been started up. - For 

Fifth Plan document had pro- ztumbar of entrepreneurs to the umbrella of a holding com- lives, the present government .^ C L2™! E Jower ratin ^ s ^ example. Tata is planning - a 

w ■■ its factory. . joint venture with Burroughs of 

_ ”• • ft; ik*. certain tiiat in elec- the U.S. for the manufacture of 

trouicfc^Jrobably more than any computer peripherals: India 

other industry, foreign com- and Brazil will be used by 
panies trill be needed both as Burroughs as the two supply 
investor*- in India and as sup- sources for certain types of 
.pliers of technology. As the equipment It is still unclear, 
experience of III shows, there however, bow successful 
are important gaps in Indian SEEPZ will be in spreading new 
companies’ technology which technology throughout the 
can only be met with foreign domestic electronics industry, 
assistance. Moreover this is . a The structure of the industry 
field . where technology is both the public and private parts 
changing ~at an extrowfinarily of it, will need to be 
rapid rate; any country which strengthened if India is to make 
wishes to establish a position a major advance in electronics. 
In electronics has to have access 

t" .thq^tuiexnatlonal— “ club.” .. „R.GM. 



THE PHARMACEUTICAL 1th 
5ustry is in - for r structural ..' 1 . 


lions. Employees of foreign 
companies are to be offered up 
to" 10 per cent of "share IssueST. 


.-ha nges. U has been set..tbr9er.^^-.i hi ^ ^ -®R®G% HOLDINGS . 

major tbjeciives. fhe &nA nf pharmaceutical eertpanlfs with mere than SO per cent ^ 

_ ^•J**h!ch is , to double production ^reisn equity to other TERA ■ companies. 

years from the 1977-78 ^ which can seU shares to the 






level of Rs 8.fibn to reach the 
Sixth Plan target of Rs 19bn 
in 19S2-S3. Secondly, the coun- 
try is to be put witfl : on the . 
way to seir-reliance in drug 
technology and self-sufficiency 
in bulk drugs, a substantial por- 
tion of which are now imported.' 
Fhe third objective is to .make 
oreisn companies which bad 
intcrcd the country when there. . 
V'ltiliC. vere no rules and regulations 
‘ ! ’ ' ib:de by the norms -nw govera- 

ng toreign investment. 

Before the Foreigr Exchange 
Icgulation Act fFERA) was m- 
roduced. foreign investment 
culrt How unrestricted into the 
• mall-scale sector (investment 
n plant - and machinery of 


LAb 

( 

2 . 

3. C 
( 




tLabentories (India) 


Indian public at the price fixed 
Foreign by the Capital Issues Con- 
equfty troller. 


Boots Company 


4. Bgrroughs Wellcome & Co. 




3. C E. Fulfonf (India) (sab- 

iridtoiy) 1975/78 

& CUn&eigyof lndla 1975/76 

7. Qranamid (India) 1975/76 

8. E. Merck (India) 1975/76 

% Glaxo Laboratories (India) 1975/78 

:5lm). Th e'rea lisatipiTof tS }J- ™ 

rst two objectives will depend }J* Johnson attd ^«hnson ^ 

n ihe projected trebling .of J*' 

ulk dries production .from Sfcarp Md Bohme of - 

:s l«5hn in 1977.78 to ' J™? ; 

5 4.75hn m J9S2-83. £ rV;e ' Davls 

While rhe objectives are-un-.. . ..... ' 39/11/1974 

xceptional tor a developing it rediarisim Hindustan ( inch 
.umry. the slrrtegr aehiev- WlB . s . Merr yii nd C o.) ... 

is thrm is bwng questioned. 37, jfcehc prpduets 

fie Government wants ti real-^g. 5^^ (1^) 

e ’he amhiunus drug produc-’ 1!L Smith Kline and French 

■m tarset by reducing the role .. <3^^^ Branch) 

: those Torres which had con- 2 0. Wyeth Laberatories 

•ibiiied mnsr 10 the industry s . . _ • _ 

(ivtiiipment up to. ntfW. - ‘A . Hath! sCommlttee Report 

ading role is assigned io ■ ■ ■ ■ — r; 

e public sector In production 



Paid-up 

bolding 

A beginning has already 

- * 

as% 

been made with Bayer India. 

* A* of 

* Capitol 

of paldrup 

which has been asked to allot 

■ ••’year 

(Rs. rn) 

Capitol 

addltinnal capital, being raised 

> «•- 

1975/76 

0.1 

100 

to finance an expansion pro-' 
gramme, to financial institntion' 

1976/76 

QJS 

100 

and not to the general public 

1975/ft 

7.75 

58.1 

as was proposed earlier. 

I?7S/7« 

5.0 

100 

Curbs 


0.5 . 
61.8 
14.81 
75 
79.38 
0.6 
*3.6 
N.A. 

IA0 

21.0 

55.S3 


100 

*66 

65 

Ml 

75 

88.7 

*75 

109 


60 


73 


1975/76 

' ll.ft 

55 

1933 

*10.0 

80 

1385/76 

15.0 

«e 

- )£' ■ 

1915/76 

N.A. 

100 

1973/76 

9.0 

74 


On the basis of the revised 
norms for drug companies 
foreign equity dilution, there 
will now be four sectors — the 
State sector, a new joint sector 
with private foreign and Indian 
Government participation 
Indian private sector and 
foreign sector The Indian pri 
vale sector of course welcomes 
v~ 23 -the curbs on foreign drug com- 
panies. At the same time it does 
not want reservation of items 
for the public sector. It is also 
opposed to. the new joint sector 
sinrj the Government will find 
it economic to allow full utilisa- 
tion of capacity of equity- 
diluted foreign units and ex- 
pansion of capacity, which is 
considered a detriment to the 
growth of Zndian private sector. 

A point of common concern 
are the changes in the drug pric- 

id distribution of drugs. Out the foreign sector (5:1) and by reommended by Hathi Commit- ^ n S- The decision to allow a 12 
‘•the Rs 2 5bn additional in- forcing the latter to market to tee) -sand those with “high” P er f ent retorn on net worth 
■stment proposed tn : achieve non-associated fnrmulatnrs 50 technology will be allowed to ( e *p nl 7 and free reserves) helps 
ie Rs tShn production target, per cent of bulk drugs produced retain' foreign equity as to more OTlly public sector, which Is 
s Z.Dhn will he In the public by them. tiun- ,40 pec cent, the exact engaged so far in mainly basic 

ittir am* the remainder shared . <enrtr fi’^ntom and the classification dnigs, to be in the black. The 

*• t.viv«. raewr, boa has ram t.f its ”l^'»'bSS » be 4«Me4 by a s«dea ffl.thod of 6x103 “ raw*. 

aid foreija. . ' Smb LfJ i.d tb^ SOVeroieat comminee of W - the increase a lowed 

• ‘.otok dri^ production ana tne over the cost of production to 

• ■ ' ' Private Indian drug companies . . take care of marketing, sales 

PTI 1)5)1 only 30 per cent, Art encourage- The. impact of the policy will promotion and profit — is a 

CJIliai ment . to the UsO of indigenous be frit on 45 foreign companies matter of concern to Indian and 

The change of strategy is be- hoik drugs is provided for in the louj : of 2^00 drug producers) foreign drug companies. 

,:use of a- feeling in the Got- of linkage of bulk drug aegdunting = for 43 per cent of For the first and second 

• nmoni that foreign drug com- Jmpqris, whose proportion is total-.- pharmaceutical produc. categories, out of the four into 

mies have concentrated on the flxed : at one to- two. pf the 45, seven are which all formulations are 

*nfi table linos* of formulations The oft-repeated demand for branches of multinationals. In divided, the mark-up is only 40 

ilK* neglect nf bir ' drugs, nationalisation of foreign drug I* 4 . 1 others the foreign stake is per cent and 55 per cent. Fcr 

, pocially thoije considered companies has been rejected, toptojthan 74 per cent. Taken category three, comprising 

“sential * '-the country. Chit of The Government seems to have biv'^ountry. 18 of the 45 are items like vitamins and cardio- 
. e Rs 7bn formulations ' pro* recognised the- contribution of ' A *b*|rican. 13. British. Six .Swiss vascular drugs, the mark-up is 
...-iced in I974p77, Rs 232bn (43 the foreign-* - companies to drug ^nd.iqur \Vest German." 100 per cent. The new price 

' ,»r cent) were accounted' for by production when it watered .On current reckoning none oF structure coming into force 
%e foreign sector -asr against dowo the recommendation ihree The'Cbm panies is in* an uncom- next year — there is a price 

i *i Rs 630m bulk drags pro- years ago of a government com- promising mood as in the case freeze for one year — will have 

* Med by it. On the other hand mittee. headed by Mr. .1. 1* of Gocp Cola or IBM. and most to take the realities of the situa- 

te share or public rector in Hathi to reduce the foreign oTthero are -expected to fall in tion into account. The whole 
tik drugs and formulations equity stake to 26 per cent, line with the new drug policy. Price fixing exercise has been 

, prftcd out to 32 per cent and Originally, the PERA guidelines The ^Organisation of Pharma- so ad hoc that the application 

per cent respectively. • accorded a priority status to the arnica! Producers of India of even the limited mark-up for 
Si;. - L Itl i, gnw) drug industry, necessifattog (OPPJ),. which is dominated bj categories I and IT will push up 

The Gorernmem rw aennea fortigtt eqnlty dUutlon 10 74 per foreign drug companies. Is market prices, something the 
,1^ area to w torn ^ cent The Hath! Committee had evolving a definition of “tech- Janata Government cannot 

°l ^ stripped it of the priority status nology" for consideration by the countenance, 
jpratc kwpiiu. «n pending a detailed study. estpett committee. Adjustments will have to be 



companies are not driven into 
the red. Exercises are. under 


ii< neomycin, vitamins A. B-8. committee recommendatinns. A* .arogvr^mpanies. The diluted 
4S. 03 and K, msulia. afplrth. new classification of drug coni- ^wronolding is 10 be offered 

ufcmrthaein. valTetoe (syn- panies is ro be made on roc ” r i*to9nMtc : sector drug under- w l0 delermine the . of 
5«tic) and prednisolone, A basis. -qf technology employed, takings — Indian Drugs and Jjjj new m ark-uP ro er^enm 
m is ro he green to the Dnig companies employing PharmaMuticals and i Htoduston on ih'e^as £— ' " ™ 


Otow.t sector by atlouing It -a -low” technology will be ayked Ao^^Dlics — and U they are product-mix. 
, §her proportion of formula- to- dilute foreign equity to 40 not Interested, It will be taken 
„j*t&a.to bulk drugs (10:1) than per cent (against 26 per cent up., by. public financwl institu* 


of 1977 

R.CM. 



©f fecfesKslogy 



In 1958 XLO India commenced operations 
putting up a plant at Thane near Bombay to 
manufacture Special Purpose Machine Tools 
and Automotive Components. The underlying 
idea was to intrbduce the technology of the 
developed world suitably applied to the needs 
of a country which- was then in the infancy of 
its industrial development. This idea has been 
the guiding philosophy of the company in the 
20 years of its existence and in this time, XLO 
India has succeeded in bringing about a fusion 
of t^e best that the .advanced world can offer 
. together with &e new knowledge that has been 
acquired from die experience of industry under 
completely different environmental conditions. 

Today with this knowledge, XLO India is able 
to stand on its own legs, both in the manufacture 
of its Propeller Shafts. Steering Gears and other 
Automotive Components as well as in the design, 
and manufacture of Special Purpose Machines 
increasingly being used in Indian industry. 

The apprenticeship is now over and XLO India 
looks forward to a brighter tomorrow in 
co-operation with the developed world to 
expand the directions of technology from a 
country which is emerging as a major industrial 
force. 


JxloJ 

XLO INDIA LIMITED 

78B. Dr. Annie Besant Road. 
BOMBAY 400 01 8. INDIA 


o 

3 

X 



ARE 




AFTER 

THOR 

SMALLEST 

CUSTOMER 



Many Companies start life by looking after 
their smallest customers. When they've grown, they 
often seem — unfortunately — only to bother’ with 
their biggest clients. 

Not so ICirloskar. Although Kirloskgr have 
grown into one of the world's -largest builders of 
electrical equipment — with an international 
reputation for reliability — they still look after every 
customer, however big ... however small. 

Kirloskar motors and alternators, welding 
and control equipment., transformers and generators 
meet the needs of industry on an international 
scale. Remember, however, that electrical products 
are only as good as the service that backs them. 
Kirloskar service is superb ... and truly world -wide. 

A RENOWNED NAME IN ELECTRICAL ENGINEERING 


KIRLOSKAR ELECTRIC COMPANY LIMITED 

H.O. & Unit I : P.B. No. 5555. Malieswaram West 
. Bangalore -560 055. INDIA 
Unit II : HubJi-580 021 
Urut III : Peenya Bangalore- 560 057. 


Enquiries to : 



P-M'Eni 

35. Piccadilly* London. England 
Telephone : 07 -4391637 & 01 -734)068/7/8 

Aft Internationally established distribution and service network ensure# complete after sales back up 




pnATIBHA-KEC- 769 





Tatas are cutting an increasingly large 
silhouette on the world trade horizon. From its 
two-million tonne steel-making complex in 
Eastern India the Tata Iron and Steel Company, 
for instance, exported in 1976-77 its largest 
quantity of steel ever. Voltas has recently 
undertaken over 20 projects in the generation 
and distribution of power, water well drilling, 
and drip and sprinkler irrigation systems abroad 
in countries ranging from Iraq to Indonesia 
and Mauritius to Malaysia. 

The Tata Engineering and Locomotive 
Company also chalked up. its highest overseas 
sales ever last year with exports of commercial 
vehicles and excavators and spare parts. 

At the other end of the industrial spectrum, 
Lakme broke new records in overseas sales of 
cosmetics. The Tata Consultancy Services 
multiplied its exports of software by more 
than 1200 per cent in the last four years and 
was India's top engineering exporter in 
1976-77 among the exporters of engineering 
services from India. Tata Finlay teas in bulk are 
exported to every major tea consuming country 
in the world. Virtually every well known tea 
packet in the world contains Tata Finlay tea. 

In addition the company exports tea bags and 
packet teas to several countries. Tata Finlay 
also manufactures a superior quality instant 
tea powder for the world market. 


The growth of our activities abroad in the 
last few years is not unusual. What is unique 
is the philosophy behind it— our pledge to the 
overseas buyer to operate at and to maintain 
the highest standards of quality control 
and delivery schedules. The accumulation of 
industrial experience, expertise and know-how 
at Tatas is being made increasingly available 
to overseas customers today through the 
supply of Tata products and in turnkey projects 
in several parts of the world. 



Tata Steel,- Indian Tube, Tata-Robins-Fraser, 

Tata-Yodogawa, Tata Engineering and Locomotive Company, 
Tata Textiles, Tata Electric, National Radio and Electronics, 
Tata Oil Mills, Lakme, industrial Perfumes, Tata-Finlay, Tata 
Chemicals, Investment Corporation, Voltas, Indian Hotels, 
Tata Exports, Tata McGraw-Hill, Tata Consultancy Services, 
Tata Consulting Engineers, Tata Limited (London), 

Tata A.G. (Zug), Tata Incorporated (New York), 

Tata Trusts and Foundations. 


1 






Financial Times Monday. August 14 1978 


s ! '=* 

■f- 

AP,- < 

%■**" J , 


K$-l. 

sT_ 'Z 


Vv 

i • --• 



O ( 






BY JAMES BUXTON 




THE MIDDLE EAST summit 
meetins which. President Carter 
has called for early next month 
at Camp David in Maryland is 
prnhablv the last chance of 
making decisive progress in tho 
phase of the peace prpcess 
which began when President 
Sadat of Egypt visited Jerusalem 
last November. All three .parties 
to the summit know, that there 
may be nowhere to turn il a 
meeting of the two chief parties 
to the Mrddie East conflict 
under the chairmanship of the 
U.S. ends in failure. The U.5. 
Government clearly believes 
that only by dramatically raising 
the stakes is there any possi- 
bility of reviving negotiations. 

Egypt and Israel have the 
next three weeks to formulate 
their negotiating positions for 
the summit. Each side naturally 
is anxious to ensure that if the 
talks do break down it will be 
the other side that gets the 
blame for *• intransigence ** and 
" obstruction.” The U.S.. too. 
must work out exactly wbat role 
it will be playing at Camp David. 
Given the complexity of the 
issues and the constraints both 
on Mr. Begin, the Israeli Prime 
Minister, and on Mr. Sadat, the 
ninpt that can be hoped of the 
Camp David meeting is that it 
will lead to a new, | more fruit-- 
fu! phase of negotiations. Even 
a breakthrough- would, perhaps, 
be more iikeJy to take thie form 
of an apparently unspectacular 
declaration of principles than 
of an agreement on the^ttansfei* 
of territory. After 30_ years of 
Middle East conflict; even that 
would be a lot. ‘ ‘ . 

No one doubts that both 
skies need peace, badly. For 
Egypt it represents the only 
chance it has to'solve the alarm- 
ing problem of an economy 
\vh:ch is patently unable to 
meet the needs of a -population 
growing too fast for its land. 
Fond, and water resources! If 


Israel’s problem® • look less 
urgent they are no Jess serious: 
In the 30th year of its existence 
K must now devote about 40 
per cent of its budget to 
defence, and Israelis must bring 
up their children and even 
their grandchildren to accept 
the strong possibility that they 
will have to fight, and perhaps 
die. in another war. 

But the need for peace does 
not by itself produce a settle- 
ment. Since last November Mr. 
Begin ha® made what by 
IsraeJi standards are quite sub- 
stantial concessions. __ He has 
broadly offered to give n? Sinai 
and has lately indicated that 
after a five-year geriod of local 
autonomy Israel would be pre- 
pared to consider giving up 
some territory oh .'.the’ West 
Bank and The Gaza Strip. For 
a man who has sa often stressed 
the need for Israel to include 
the biblical regions of-Jiidea 
ami Samaria, that is something 
of an advance, and it has not 
been popular with aid , of Jus 
supporters. . 

Arab demands 

But this is Weil short- of what 
Mr. Sadat, has been demanding 
and ds even further-short of the 
demands of other Arab : states, 
not to mention -tire destine 
Liberation Organasatipb;:; ' The 
latter wants at tbe vefy least to 
tsee a Palestinian >sa*s^.estab- 
lished fOnhMith West 

Bank and Gaza, under, its own 
auspices, while President Sadat 
has proposed that .the ' West 
Bank and the Gaza Strip be at 
once returned respectively to 
Jordanian and Efty ptlap rule 
and that after a .five-year period 
they should have some- form of 
Palestinian government. ■- 

It is perhaps partly "because 


Israel's military capability has 
become so much greater than 
that of the Arab stales since the 
war of 1973 that its own 
proffered concessions have 
generally been seen as stingy 
and grudging. Mr. Begin has 
not looked the man to rise to 
the occasion of the pyscfto- 
logical breakthrough which Mr. 
Sadat's trip to Jerusalem un- 
doubtedly represented. His 
standing has not been helped by 
some unfortunate and fierce 
remarks. 

Contradictory policies have 
been pursued by different 
ministers, especially on the 
thorny issue of Jewish settle- 
ments in the occupied .terri- 
tories, and Mr. Begin ’s govern- 
ment has created the impression 
that it formulates policy on a 
day-to-day basis. Mr. Begin 
himself has seemed tom 
between the desire to be the 
man w ho brought Israel -peace 
and the fear of being tee man 
who gave away part of the his- 
toric land of Israel. 

All this has played into the 
hands of Mr.: Sadat, -who. 
generally appears to be the 
more generous, flexible and 
reasonable of the two men. Yet 
it should be remembered that 
in January he suddenly ordered 
his negotiating team to leave 
Jerusalem and break off nego- 
tiations just when some progress- 
appeared to be in sight in spite 
nf some tactless remarks from 
Mr. Begin tbe night before. Last 
month Mr/ Sadat stated that 
there could be no more talks 
until Israel had made some terri- 
torial concessions — just after 
his Foreign Minister. Mr. 
Ibrahim Kamel, had spoken not 
nnhnpefully of the outcome of 
his meeting at Leeds Castle in 
Tv'nt with his opposite number. 
Mr. Moshe Dayan. 

Mr. Sadat has varied his 
negotiating position this way 


13 Owpd Tmturi?* 

Miles 


feMBSCHt 

/J 

f? iksw 
son 



l & ¥ P T 




and that, in public and in 
private, since last autumn. But 
the crucial point is that he is 
asking not only for the return 
of Egypt's territory (Sinai). but 
for a settlement bf the issues 
of the West Bank. Jerusalem 
and Gaza, which are the direct 
concern not of Egypt hut of 
Jordan and the Palestinians 
(Indeed, according to tee deci- 


sion of the Ka bat summit of 
1074 Of the PLO). Yet Jordan 
has not committed itself to 
supporting his peace plan, and 
King Hussein is known to 
believe, teat the Sadat initiative 
is as good as dead. Most Pales- 
tinians are firmly opposed te 
Mr. Sadat's stance In the Arah 
world 'tire Egyptian leader is 
fully supported only by Sudan. 


Saudia Arabia. Egypt's finan- 
cial backer to the tune of at 
least $lbn a year, has always 
been lukewarm about Mr. 
•Sadat's initiative. It feels ?h«t 
any settlement which Mr. Sadat 
reaches with Israel is likely ;o 
fall well short of what other 
Arab slates demand: that a fell- 
out could lead to dangerous 
instability in Egypt and -would 
play Into the hands of the 
“ rejecuonist " stales such as 
Syria and Iraq; and that this 
would threaten the fundament- 
ally fragile oil states with their 
monarchical governments, their 

valuable but vulnerable assets, 
and their lack of human 
resources. 

The Arah world already does 
look dangerously divided and 
.unstable in Saudi eyes. The 
situation in Lebanon is 
deteriorating: a feud has been 
raging bote within the 
Palestinian movement and 
between Palestinians and Iraq: 
North and South Yemen are on 
bad terms, and the Aden regime 
appears to be more under 
Soviet domination than before. 
There c\en arc reports of arms 
being smuggled into Saudi 
Arabia from Iraq. In the past 
few weeks Crown Prince Fnhd 
of Saudi Arabia has been- press- 
ing Mr. Sadat to take a firmer, 
less conciliatory line towards 
Israel in the hope of achieving 
a more united Arab from from 
which to negotiate. Far Saudi 
Arabia this objective is 
probably more important than 
a settlement with Israel, but 
equally it wishes to avoid war. 

Israel * therefore ■ doubts 
whether Mr. Sadat could actually 
live up to commitments made in 
negotiations. Mr. Begin said 
recently that no one can have 
something for nothing. If Israel 
makps territorial conce-vions it 
is likely to ask Egypt to drop 
the propaganda war against 
Israel, or to dissociate itself 


from the Arab hoycott. nr tn 
take the first step? to normalis- 
ing relations. These are things 
which Mr. Sadat may not be 
able tn give, m view of his 
dependent*** nn Saudi Arabia. 

That is why hrael now seems 
tn be looking for a formula 
which will enable it tn appear 
flexible on the issue of the West 
Bank and Gaza without actually 
committing itself tn withdraw- 
ing from occupied territory. It 

has Tint made any concessions 
in the past few days to enable 
the talks to go ahead, and the 
U.S. appear* to he pinning its 
hopes on Mr. Dayan's offer at 
Leeds Castle to discuss torn, 
tnrial compromise if it wn«s pro- 
posed by Esvot. Israeli officials 

stress thar Mr. Dayan also said 
Israel would never return to the 
pre-lA67 war borders regardless 
of what serum y guarantee it is 
offered. 

Compromise 

There is probably a mainrity 
withm the Israeli Cabinet for 
some vague niT**r of territorial 
compromise and if Mr. Benin 
shares this view, as it now 
appears he doc*, it ean be 
hardened into a negotiating 
formula in the next few weeks. 
At all cost? Israel wants i*i 
avoid being seen to be the party 
which caused »he negotiating 
process tn break down. 

But Israel fears that the U.S. 
will take the opportunity of the 
Camp David summit *o put 
pressure on the Jewish State to 
he more forthcoming than it has 
been in the past. Indeed there 
is a suspicion in Jerusalem that 
Mr. Cyrus Vance, the U.S. 
Secretary of Stale, may have 
given some undertaking tn 
Mr. Sadai winch resulted in his 
decision lo attend the talks. 
There i- uncertainty’ about what 
Mr. Vance nream by saying that 
the U.S. would be a " full 


partner " in the talks. Both 
Mr. Vance and Mr. Carter’s 
national security adviser, Mr. 
Zbigniew £:-zezin*ki. have 
emphasised that the U.S. is 
prepared lo make its own pro- 
posals if i lie talks bos down. 

On the other hand it is the 
theme uf Mr. Sadat's policy over 
the past seven years that oniy 
the U.S. can bring about a 
Middle East settlement, and that 
it can du so by putting pressure 
on Israel in the form, for 
example, of reducing aid. Ho 
Would no doubt like to see Mr. 
Carter produce an American 
plan which the U S. would have 
to push through, and which 
would inevitably bo more to the 
disadvantage uf Israel than 
Egypt. A U.S. plan scents un- 
likely. however, anil pressure is 
a weapon that would have to be 
used cautiously, not least be- 
cause with nud-terin Congres- 
sional cliTimns due less than 
twn months alter The summit 
Mr. Cailer may led the need to 
please ilic Jewish Democratic 
vu ie. The Jewish lobby has 

lately indicated deep disaffeo 
tern for his Middle East policies. 
Nor is Then* any point in apply- 
ing U.S. pressure lo obtain a 
settlement which turns out to bo 
politically unviahle for Egypt. 

The U S. intention appears to 
he lu reach a declaration of 
principles nn the lines of that 
agreed between Mr. Garter and 
Mr. Sadai at Aswan m January. 
It included ihe provision of 
secure hnreiers for -Israel in. 
return for a peace treaty . with- 
drawals from the occupied terri- 
tories. and the participation of 
the Palestinians Building on 
ihis. a way might be found for 
Mr. Begin tn put hi** name to a 
statement ai ihe end of the 
September summit that was 
specific enough on the i.-iue n£ 
withdrawals to enable the peace 
process to loniuujL*. 




e * 


r* • 

% 

■ v;- ’ 

M r > 
.v - - : 

&'•*' i 

• 

? j 


Letters to the Editor 


British exporters and entry to the Japanese market 


From the Director General 
Keidanren 

Sir. — According ta my under- 
standing, Mr. N'lcbol, chair man 
or Japan Trade Advisory Croup. 
British Overseas Trade Board, 
l“ Dialogue with Japan," Juljr 
~5). is ’in the best position to 
promote British exports to Japan 
by giving up-to-date and correct 
Information to British: exporters 
on tbe Japanese market. I am. 
however, very surprise# j*nd< die*, 
appointed to fwd that ift;bir 
letter he mentioned ■ several, 
points u-h'ch are based upon out- 
of-date information or mtsunder* 
‘.landings on the Japanese 
market, which thereby, tend to 
d'^courage the efforts of British 
exporters lo increase their ex- 
ports to Japan. Up-to-date and 
correct information is as 

follows : . . 

Japan's “national economic 
strategy.” as stated. by Prime 
Minister Fukuda at the Bonn 
mi in m it. is to keep !“the total 
min me of Japan's experts for the 
flj-val year J97S at or below ihe 
Icwi uf the fiscal year 1977.*’ The 
volume uf export* in the first six 
months has in fact been sieadv,- 
The “ strategy based nn economic 
urnwih " no longer operates to 
promote exports. 

The *■ low level nf imports of ’ 
manufactured goods’! is not. as’ 
Mr Ncbnls simaesti” 

•'deliberate.” The level reached 

30 per cent before 4he quad- 
rupling nf oil prices tn 1973. This 
was reasonable for A country >o 
wholly dependent nn imports for 
jrs raw materials and- fuel. 
Orsamration of Petroleum Ex- 
porting Countries' prices de- 



pressed the level to Stt'per. cent reliance of importers for credit was more profitable under tbe 
but in June this y«ir it had on the big ten trading com- terms of the Japanese business 
alreadv recovered t6- nearly 30 panles.” Importers might not methods. The pressure now isj 
percent. 1 f- trade and prokperitv turn down credit if -the British less, and where such joint ven* 
return;.' the'- level will eveniuaNy exporter could offer comparable tures still seem to make commer- 
rise higher. terms. ’ cial sense they should now offer 

**Adnjlnstrative guidanM." by The reflex action of big indus- an easy °P en,n .B for whatever 
MITf is now conceatratedt^n cur- tries in Japan to close in nn components can iof more cheaply 
tailing Japan's iaports. ind tn- foreign fifms making substantial Jmpone^rom Bruain. 
creasing imports/t'nforvUnately inrORd^ lias been “swift and Tt * *5 uT' 

it is’less effective now W ftSrbins insrin.'tiye.” ; According to the. P°rt of British Government ins • 

’ RHllopiiKj indivstriep v\* ^vWnnmaittni nfkUi*v rxf tutiops ^xiu ihohcj, tnerc iws 

.fameriy. iiLjtuiiUtig^teeih' 
the softest pathfi.ot.expjy. 

But to the extent to which it is obiiyed to change its production «?*r. tee results have reemed less 
effective tt now opejtttes in procedure, after great difficulty, than proportionate, this >> m" 
British favour, and not against and later, as the situation became due to the problems :n tee 
the UK. : . - - / / worse owing to inflation and Japanese marke^ .but it may pe 

It) tee .Tapanesp- rthlrihution depression, they strongly pro- due to the inefficient advance 
system some more direct tested against the adrsn-e made market research or tn made- 
channels ’are coining up: but by Dow Chemicals which, how- nuate citltiyaiion o. importers, 
the- system is - older than the ever, after a long and hard distributors and consumers in 
Japanese V* big business" enter- struggle, wer* finally accepted Japan. In Japan, more ihan most 
prises, wfiu are not the cause of. and- succeedrd in winning the cmin tries, mmual ronfinenre ano 
its complexity. Had they been- place to '‘'hurh they were en- tnist between the seller ann ine 
in a position to ronirol ita titled. Hitachi were less buyer at every level is of tec 
development it would no doubt successful in the.r attempt to set highest importance, 
be mdfe efficient by now. up in England. Ere n when the generosity of 

. , . thr British Overseas Tra-ir 
ana tow B 0ar{ ^ h aS brought the seller and 



th«* outstanding flexibility. L have » erai dwpaten of trade rmssit 

ability and’ re liability uf exist- J^niTer or company to? executives is i 

rog ^b-comrn-'ters hcf„re tee ^rehSt^entees fDr m^s still rnou£rh 10 br,n; aaoai fruit 
Japanese assembly Plants dare jSen irtees f results, 

switch from their present misted.- .- Kee pnce6 ' Masaya Miyoshi. 

suppliers. Even here sonte stnali..> The *' pressure on foreign in- Keidanrcn. 
beginnings have been made anit-cxestor* to go in for joint ven- f Federation of Economic 
the major ear nianufacttirera'jures ” has bfren been wei'romed Organisations), 
are seeking to expand -hes**. .vlby the foreign firms, due to the 9-4. Cnemachi I-chome, 

Mr.' Nichols complains of *' the : ; realisation, that a joint venture LTiipodo-fec. Tokxo- 


Bureaucracy 
at work 


bureaucracy must justify itself.^etandards of qualifiration : for people who 'wan* borrow it to 
And -it the cud of three ye are engineers sod thus raise their buy property: (2» pride theaa- 
fthc first period for tbe hoidHiy'ttitws. selves on being a secure invest- 

or a licence), surprise. surpriee; : ;~But surely. Mr. Gainsborough ment (in money terms, unfortu- 
the licenre has gone up. barking up a very wrong tree nately not in real terms): (3) 

Will- the new system help foe;-af-he: and hi? instnution- think carefutiy 


From Mr. D. Lewie 
Sir. — 1 received 

other day a letter acKnowimig- thin c lhp obsession with me true: scan dards. (and 
mg my appi i ration for a standard interest rate objure- tee fact ^..ca) led elitism of w 
heenre undiir the t.nnsnmer j^is may be related »° tee actual; FcbBtitHtion is at 
credit Act, 19,4. and giving me a | nan ant j nn t tn other i ’h®J'2*s "accused*!. 


and sensibly have 


h * te < n t sto m#'rs in their search foc-that any statutory persuasion established guidelines based on 
r . r ? rtit - } dM '‘ , te Jn 'K so For one-^uld be u-cd to enhance experience relating tec sire of a 
acKnowjeus- thine the obsession with me tmeisiandards (and thus support the loan to income — actual and 


support the Joan to income — actual ar>d 
hich bis potential — in order to proven: 
apparently borrowers from over-esi ending 
teem seives. thereby also impruv- 
secunty of tee lender’:- 


teinkinj aoom unc errevnve way in .ir*i -'“iiquakfication or enter a purlieu 

the whole Totsbw rfetre Of the a dishonest Intermediary is ‘OR profession not harder. The 
lirencing operation , and tec * companv not id deal with ' n ;2*.j^rea l e r statutory conirol of nnirom um t i 
department which )S to control * nT er recent years ha^ "™o f young 

the system. What is actually easy a solution tor ba'e>nrarar.j unrd | 2 . |pd t0 3 ra , sirig of jJILy. 1 ® 
going to be achieved? One thing which ii, settkins c*»r 7-^khdards and one fears tee ^ 

I jo know is teat Ihe speed with mydiously to coatroi tec thine would happen in th 

which my rheqiie was presented workings nf nic nusincs? w or.u. ■■■ ■ 
for payment was exactly the tiftrid Lewis. 


. engineer ms profession, with a - ■ f ^, . , . . - 


Another first principle, which 
a lot of people are choosing to 
ignore, is that it' ls natural and 
normal teat a significant propor- 
married women 
numbers which .Wi<: 
in most cases prevent them for a 
uhtie from eamiiis money to 


opposite to the Ions delay D^W Lewis (Financial i tt , c have 

tncarly a month) before I MneciJn Hnuxe. 
roti-ivi d uhla 1> only an ark- JP0 1 .Rronirtjiehf Road, 
powleriaement nf an appUcation Qteims/orti- tasejr 

and nnt a licence itself. And H. — 

as tee reference suggests, at least. 

TO.iino applications are i*r have 
hi-L-ii applied for one' only has to 
multiply that number -by say £45 
to ?cp tbo kind of money 

involved. 


teot tee iateresits of. mifir alia. 

these young women and their 


Edible 

bread t . . 

From Mr J Morn? . gjeaucracy. 

Sir.— 1 was giratiy entertainM Wer Mason. 


certainly support tee lEE's ana inuir 

. -.'.owp-raising of standards as those a ? d in.esunen^ «; 

“r& my own institution are or a wiin ,end tne *- « tee 
order and this ha? nm «■««« pnnnples under 
dfterred our many appiicants aon.e exist 

attempt ins to reach them. This is.r.ai “j>ex:*tti " or “sex 
- {But 1 esnnor ^upmm tee ?££■•= discrimination." it s:;np,r 


upnort 

d«lre for the deadening hand of normal bus inti- stn>:e :<j i-mi: 

the kJHti and tee consequent 
repayment* J o a ieve! which the 
borrowing eaup> can afford. Tee 
possibilily. ur even probability, 
teat the* young t' yawn's income 
wiil bp elimlaaiwl for a period 
is one of the factors to he lak&r 
into account when assessing tee 
borrowing couple's future finan- 
cial position. 

ir, as. Lady Howe jrr.p’ie;. tee 
_ . . . _ ia-v permits norma! commercial 

F rom‘ Jfr. J. Scofield considerations to be applied to 

Sir.— The fwf« about building men bit* prevents the uppiica- 
roweties tanking young married nan of the sx nu* eaav.de r a taccs 
wf:an)en's salaries test than those to yonne women, then .sure;', 
df nien seems to be goinag- out this i> ihe: real di.w.sisna*.i<o 
of hand with headlines such ’3' and ihe law should be chanced 
yours (August 4i " Mon^y \ tinai point; mvcrhirs might 
“ and your corropon* nnt be loo happy in ontrusunv 
M Of the ,v.-nrd5 funds lu h iiuilding srufieiy 

’secretary MI offenders" and ”diseri.mind- which- iemfcj thc-m to penile :<;• 

r 4 ( El er tribal tio? “ to. describe - building whom the normal criteria 

ability to repay have cot been 


So what will this money be pv the bakers’ 4 ' hopeful nftii«n nf tPasi-President. Institution -tf 
used for? I suppose, for a st-rt. fonninc a Bread Adverttsins-’ StrueRiral EngineRrsi. 

to reimburse Government for Croun ' ("BAG” n e iuiK I Jreli ‘Frirehnumi and Fanners, 

the large advertisements, placed «hould : ihtnk)- with Its atiendaitt' 1 ^:^ Manchester Square iff. 

in national papers and. fiMJSj*: stnn^of dough-pitchjnp agen«ues . 

tines indicating - that lipetictnjs ( Avigmn lt» This is wholly tec - ..yif - » 

was on its Then there were wrong- approach. ‘.Ml fliey **** ■•'rJtlOlHC 10311 

the books aettiBS out tee require- t0 ^ substitute something . 

ments of tbe Act for teosgj whose edible fnr what they produce Q0W .': rdnlriniTC 
activities were covered by the John Morrts. ... . 

new law. Presumably searches <15 Smeton Azenun 
Upon tbe applicants have, to •>*.***««. w. Midlands. 
made ihroitsh credit bureaus. and — 


criminal files to sec if there arc ^ ’ r 

any advene entries. I aolk do .. I ||jP SI21IUS Ol 
nnt see that addins up to C4» sn ;. 

1 «ispert that there will b« blher. innrttnpprc 

jnj«; in come For example, bow. vJ *v V- * ■ 

s^niit half-yearly return- show msr .From Mr P .Moment . . « h d*~irc „7 

the number of case, dealt »•»&_•; S,r. - Mr. '. i.i a i n ^ r, /° J .^- 

i forms to bo rnmj'Jetetf in trip!)- (Augii<>. 4i 

».ur nf rnur-ei pud . prnrire' Jn^ritrfiinn • . , — 

datflils uf app!i''.ant': ages, amount Engineer*, consider* •hat ‘he auciciies and their acts .. . 

hems borrowed- jnd purpose’ 0 "f registration anrl sTjlutery licens- us get hack to first pnn- applied, 
i^an"’’ mg of engineer.*. •’ ,c 7 p enm-;cip!es, Building- s^cieiies — f 1 1 Joan M. Schofieid 

The potdt J a;n making is. of mended, by his instititi'on.^s- j_ medium (or bringing Grey Gobies. "Slid/ilc Avenue. 

course, to show that one® set up necessary to improve 


is- are -4 

tee tb*®te«r iefldor* of money to FOro/iont, Surrey. 


GEXEKAL 

Balance of payments figure* 
(July). 

fmfe? of industrial production 
(June, provisional). 

Retail sales (July, provisional). 

The Queen returns from cruise 
in the Western Isles and goes to. 
Balmoral. < 

Solemn requiem mass for Pope 
Paul VI. Westminster CathedraJ, 
1U5 am. 

From today, all prices shown 
for consumers must include VAT, 
or dearly -how the basic pnee 
plus the amount of VAT in cash 
terms. This applies not only to 
goods on display bin also to ser- 
rire« ranging from repairs to 
profession ?1 charges. 


Today’s Events 


OFFICIAL STATISTICS 
Turnover of catering trades 
(2nd quarter). 

COMPANY MEETINGS 
See week's Financial Diary on 
Paee 41. 

BALLET 

Gala Sea«on. with stars of 
world ballet. Rova! Festival Hali, 
SEl. 7.30 pm i until August l!i). 

Asa mi Maki Ballet of Tokyo. 
Wimbledon Theatre. S pm t until 
August Uti. 

MUSIC 

Richard Coupon » organ). St. 
:.Ii«4u*el. CornhiU, ECS, I pm. 
Clifford Curron (piano).; Isaac 


Stern (violin' and Pinchas 
Zuckerman ivioia) in prosTanune 
nf Schubert. Queen Elizatieth 
Hall. SE). 7.45 pm. 

EXHIBITIONS 

National Pofial Museum. King 
Edward Street. EC4. Open in 
to 4.30 pm. Monday to Friday. 

Historical development of 
heraldry m Britain from it* 12th 
century origins. British Museum. 
WCI (until August 27). 

Henry Moore drawings. Tare 
Gallery. Millbank, SWJ (until 
August 2S). 

Georg/* Romney drawings. Ken- 
wood House. Hampstead Lane. 


N"'3 (until September r.». 

Sir Gilbert Scott centenary 
exhibition. Print Room Galleries, 
Victoria and Albert Museum. 
South Kensington. SWT (until 
September lOi. 

Exhibition of 17th remnry 
Dutch painting. National Gallery, 
Trafalgar Square. WC2 i until 
Sepicmber I7i. 

.in«mh Wfidct'-ood exhibition. 
Science Museum. South Kensing- 
!nn. SWT (until September 24). 
SPORT 

Cricket: Second Test. England 
v. New Zealand. Trent Bridge. 
Swimming: Ace-group ehampion- 
sruos. Coventry. Tennis: British 
nnrier-2l rhampionteips. Man- 
chester. Show jumping: Junior 
championships, Stanmngtnn. 


Tin, announcement appears as a marrer of record on.'y. 


June I97S 



•ObN 


Yen 10,000,000,000 

Japanese Yen Notes due 1990 

JUGOBANKA 

united-, bank 

y- 

I . BELG.RADE 

managed by 

D.4IWA SECURIDES CO. LTD. 

THE YASUDA TRUST AND BANKING 

COMPA.NT, LIMITED 

THE FUJI BANK, LIMITED 


THE MITSUI BANK, LIMITED 


Tnese r.c:es have been pjfvaidty 
placed ir. Japan u idi thejblltwlKg instbnihsr.s 


Tne "Vasuda Trjsf and banking Company 


Federation of Labour Banks 
Thr Mitsubishi Trufl and Banking Corporation 


The Daiwa Bank 

L;mit=d 

The Mitsui Bank 
Limned 


The Fuji Bank 
L:tni:;d 

Mitsui Mutual Life Ins.urance Company The Mitsui Trust'and Banking Comnnr The Bank of Ikcda, Ltd. 

■ - limited ^ 

Tnc Indystrial^B 3 n fc or Japan Tnc Sumitomo Trust and Banking Co., Lid. Asshi Mutual Life Insurance Company 

The Bank of Tokyo. Ud. Tnc Chiyoda Mutuai Life Insurance Company . The Chuo Trust and Banking Company 

Lir.-.ir-d 

Tii- Gunma Bank. Ltd. The Hokuriku Bank. Ltd. The Long-Term CreditBank of Japan Minato Credit Association 

Limned 

Nippon Daniai Lift Insurance Company, Ltd. The Tokyo Credit Association The Toso Trust and Banking Company 

^ • Limited 

The Chiba Kogyo Bank, Ltd. 


The Yasuda Fire and- Marine Insurance Company • 
Lrrrutd 

The Daibyaku Mutual Life Insurance Co. 

Tne Nippon Trust and Banking Co., Lid. 


The Bank of Kyoto 

Limited 


Tnc Sumitomo Marine and Fire Insurance Company 
" Lm..;rd J 


The Nicfildo Fire and Marine Insurance Companv 
. ; Li.:i;itd 

The Oguki Kvoritsu Bank Ltd. The $«ritama Bank, Ltd. 

The Shikoku B3r.k Lid. 

Yamaio Mutual Life Insurance Co. 


The Tpkai Bank 

Li.uhrd 





COM P\N Y NEWS 


Star Offshore turns in £1.9m 
as rate of profit growth slows 


Ratcliffs 
ahead to 
£ 0 . 82 m at 
midway 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

THE BRITISH offshore support *"*** — ^^*“ ■ - — 
services croup. Star Offshore BOARD MEETINGS 
?!!Tl^ P ^ dU ^ d ^ e,:o . rd P™ fits STm-uwMb compand hi vSSU 


fill SIOW 3 ON SALES down from SlSMj to 

r BAB IJ * lv m.47m laxaHa profit of Katdiffs 

(Great Bridge),' brass and copper 
strip manufacturer. advanced 
Earner Ujj's year it ordered two from 1683,300 to £8 17.209 in ate 
drvtnn support vessel? from June -30. 187S, half yesr. 

British shipyards and will shortly Directors say that both Great 

Hi-lnrr Inrn cflpni’o a nno.m2n .. . ...i 


again last year bur is pianning .to dim of in -he bring into service a one-man B , ifi aii jL canaavn sub- 

sell off at least part of its tug Kk&mk?. 'urn mecnn$s usually atmospheric submersible, cidiaTv had ■ ILj fir.t half, and 

and barge fleet. h*M for Oi-» uurnos-s of >:ansfc!erlini Total turnover last vear «-as *hLf iLfr-ai! ^OOd f| rt j 

. . , ..... antf-rls. Official in«iic3-jon? *r<- not C a *L y £? r ,!J2? iha* pros-pect* for the re.-a.naer 

in its annual report published v.-jui-h-.' riiTMcRd^ concern*!? are against £9.4m in Wa 9 of t he year are saiUf^clori ■ 

today. Star shows pre-tas profits ou«n»s « Snais and rh? <nh-din«io^? which is a 3S per cent improve- , t . -ecord 

of £1.9m. compared with £l.Sm "How" b »«d aumiy on Iasi ment. Earnings per share are I™*!? 1 ' «fimrsnr<i 


FUTURE DATES 


of £1.9m, compared with £t.Sm ■tiow" s-'w «rs ba«d aumit on I 
last year. In 1977 profits were rws t-awi-t:.*. 
boosted by £0J2m from a vessel iniertw— Hatum s.'-tLsb and Chcson. 

Wle. S'i'ic'frt'v S2io Cana!. Royal Worcea 

This represents a slowdown in cm**.: 
the growth of profitability from wmiim i Tnisi vitropiam. 

the first three years of the InMHro _ FUTURe DATES 

company'? life and is mainly due Eov . 9;rr S Pat 

to problems In the tugs and barge Brawnier >K . auk. 

sector, which has been hit by the Mwrafc Trust ab« 

low level of platform construction £■***” ■ ■ ■ ■ *«■ 

work available. o.ivcs p*yr 74ia Am. 

Star 'sees no prospect of an s«„ .STi^dturai hWs aur 
improvement in this area of ils «ua t-ii l. iiuunnu .. s-pt 

business in the short term and is V't™ F*in>-.-» srpi 

actively seeking buyers for ils v I* pa R'*'^** Ana 

four tugs and single barge. No """ ‘ST? 9 Ans - 

derision has been taken to sell RnnK-rf^ -Peien . . . ans 

rhe whale fleer, but thi? appears ^.p-. .iriiiun. .. . . aiu 


Inierlws-Haiuw sT^sh and Chcson. «•£ a " d *• final dividend is 
S'nrt'iw Slrip Cana!. Royal Worcester, “-"*P !? . . Sh are » making 2 


ll-Mp. compared with ]2*tp in 01 1I - 6 H* < hI5?°to 

1977 and the final dividend is *”J t ** *™*P ' ,077 oeV 

335n net per share, making 2 5^ ' Mrd t0 repeat ih? . J* 


toM of 148a. fonnance In the current,. year, 

urn Much depended on- lb? ability lo 

hold export markets in the face 
„ , „ B P i c f n l oF a strong sterling exchange rale 

s ,°=* ” JttnSlOi bused on doubtful inflation pros- 

S* J* pe2t5 ‘ 

AM. 1; Maaium After tax of £400.000 (£335.6001. 

}? j - net profit was £411.100 (£347.900). 

Aug. n down so far Thj interim dividend is ahead 

W S With attendances down 3 5 per g" HPulSl WlS! 

a..= is cen r and totalisator turnover up ™*' s - h rollout 

1 cbJSse in ite'ux 


. S^at 11 

.. AUK. 39 

- Ali« IS 
. AM. 17 
An?, is 
Anp 17 
.. Aug. V 
s-pt r 

Srpl « 


Bristol 
Stadium 
down so far 


derision has been taken to sell B0r . k .. rt . o ™- .p«er» aus ts Rrbtol Stadtnm rose from £345.103 

the whale fleer, but this appears m-u-. •iviiiun- .. . . A i« 17 to £271.907 in the June 30. 1978 

to be a possibility if buyers kon^r and n*nmnr“ m»i. imr .\r K rear. After a reduction in inves*- 
bcccme available. ? tunsh Trust . av,- 34 ^ en , income from £14.694 to 

Star is al-o vorried ahont the i, ‘' r - KIS » £2.109 taxable profit fell from 


wwt ^A-ttnnrp m»i. iruj- .\>ts ?9 year. After a reduction in inves*- TT _ _,xv A 
? nculi .'"-strrrent Tnist . Aw,- 34 men f income from £14.694 to ilSWlflOril 

, , , r n _-- “ £2.109 taxable profit fell from 

development of ove r re parity in £34.147 tn £1 P.238. Dnl'or eoturnc 

anchor hsndhnt: 'itpnly ships in After tax of £9.494 (£17.704) net DdKcl iClUrUa 

the North Sea. Tiir annual report by variou? lTv shipping companies profit was JS.764 (£16.333). This 

warns that the influx of more and financial instimtions. has in time there was a £106 profit on +/-v nrnfif 

foreign. miinly N'orwesian. recent months moved towards the redemption or preferene* «■“ Pi Uill 

competition may «erve to force greater specialisation in diving shares. For all last year taxable „ 

rater dow nwards from the higher and ?nb*ea maintenance open* profit was £60.742 and a dividend A5 > FORbCAST at na.r-ume. 

levels achieved in early 197R. tioo? as a hedge against of 0.344 p net per -V» share was Hawthorn Baker returned to 

Star Offshore, which is owned competition in other fields. paid. profits in the second bait of the 



Lynton revalues properties 


May 3L 197S. year with a £40.307 
surplus, reducing the 7 re-tax loss 
for the year from £3^332 to 

£11.593. 


Mr. Donald K. Bedford, chairman of Manchester Ship Canal 
Company, who is due today to announce results for the first 
half of 1978. 


Burt Boulton outlook 
not encouraging 


Financial Times Monday August- 14 1978 3J f H f - * 

Breathing space^tiif 
plan for problen 
companies 

BY DAYID FREUD 

cmrPAN'FES IN financial diffi- often caused a danger 
I^SSrt for 1 * le"al b moratorSS\v '“Sc^mmittcc proposed .! 

Z~ZI&*£ZSS h- 

proposed. apply to court for the immed: 

In a submission to the Co™ ap p 0intmen t of a provide 
committee on insolvency law, the liquidator, followed by a i 

consultative there- ventlonal appointment at a h 

accountancy bodies wad mere „ 

was need for ^ were Winding up under the fu) 

cases where ,ision ** cmrt sbnuW 

in hand to ^P ro ” de abolished and the remoi* 
capital, for the ■*{? “ f J1J 1 rt j al J three categorios uf IiquWal 
where reconstruction was P*an shouW ^ renamed court liqu 

ned. tmn,' creditors’ liquidation 

The court should accept the S harcliolders7meiTibere‘ diaa 
application only where it was tloQ 

satisfied that this was In the f ^ n un oppascd petition - 
general interests of the com* co ,, r t liquidation — now « 
panv. creditors and employees, fompulsury liquidation— shi* 

The conditions of ths order be granted automatically with 
should be stringent and avail- formal hearing. The hearing 
ablp onto whore the company petitions for compulsory [iqu 
c 0U M demonstrate reasonahlc (ions should he heard os vaca-. 
chances of recover?*. business to avoid delay*. 

Other recommendations were The aveuuntant> propose ■ 
aimed at speeding up the initial all directors who hnd offlri 
0 f a liquidation. The the previous six months t b< 
amntant* said that the time be compelled to attend the 
JSm to appoint a liquidator meeting of creditors. 

Share prices forecast 
at peak this year 


w * Directors say this v:?< mainly [|(H t^nCUlird^ftlU! FINANCIAL TIMES REPORTER 

A revahntinn of L»ufnu Hold- he an int-orae deficit on the pro- As previously reported the tax- owing to the success of pos'nve vuvvma u Q au 9 i , ttpwaRD trend in con- On the general economic ft 

!?,5C'? T . srm8n i?, r T^ e v S,n ih(! PW when let . able surplus of l^mtun far the prerensitised litho plare. which THE CURRENT financial year at result that the sale of bitumteops SD >»ndine should take Charterhouse says it stnUdp. 

IK Belgium and Holland has pro- Mr. Lambert says that in the LK year rose from £Q47m to £0.56m first went to customers in Sep- Burt Boulton Holdings does not products has decreased and road p U_ nfit '| growth and , _, tn _» cjr 

duced a tt-aon surplus in the the group has not yet succeeded and during the period there was tember «ud for which orders look encouraging Mr. B. works, in the south, hare been «2ak1SJkbv the a ** ** ?u f iB - 

March 26, i9iR. year lor a total in letting Its office building in a £io4,966 reduction tXi.09m In- continue to increase Kilpatrick, the chairman, says, difficult to complete. Recently sb^e pn^to^aR lereis Dy tne 0 „ tpu t over the next 12 mm 

vaiual>m or £32,97m. Norwich but considers that pros- creaS e) in net liquid funds. At . “ . ‘ ,, y.= Competinon for the smaller total there has been an improvement end of this ) car. accoroing 10 w 3 further me trt UAOmp 

Overall, the total property vain- P crts , are improving- During Hie year end current assets were no dividend ’*•']“* market is keen and great efforts and it is hoped to regain most the latest issue or Busme^ rare- ment , s forecast, 

ation in the accounts is shown ai > esr * 11 ' ^, f . urbL *, h - £ 4 -2Pm (£5.72m) and current P*' d . The last ^ needed to majr.tain the of the lost ground. cast. th " th*» S2r!e? The Retail Price Index 

146.37m. and the chairman. Mr. ment of the listed building 12 liabilities I5.I6tn (£7JJ5m). net per 25p share n JJ4-/5 current level of profit As previously reported taxaWe review published b> the Charter- ™ u rrcr uracx 

U Umbert «ays in his annual Austin Friars, and achieved a when profit totalled £60946. He *avs in his annual statement profit of Boulton fell from £Lttm house (.roup. I#'u252««r ftK. 

SilSrrai FT Share «82SS S&H 


On the general economic ft 


■atuaUTO or £3-\s,m. Norwich but considers that pros- crea se) in net liquid funds. At . - .. T J . •„ 

Overall, the total property vain- Poets are improving- During the year end current assets were „ , da ' ^l e " d r . 

ition in the accounts is shown ai >' esr * h /ompUted (he refurbish- £4 . 2Pni ( £ 5 .72m) and current Paid. The last payment was 3.. 

46.37m, and the chairman. Mr. mcnt of c . l,,e l| sted building 12 liabilities £5.I6m (£7-35m). net per 25p share in 18»i 


M. Umbert says in his annual Au«' n f ^r'ars and achieved a 
statement that directors have succcssf'd letting to Commerz- 
reduced the existing brx.k value Tl1 ° eir^ondumned building 
or ils soon to be completed T0.M0 ‘ inder rnt \ r . nic,,on ,n W 15 du ? 
square metre office development f S r c,,mr,lel,on u ne « ■P r . l *W and 
in Brussels in view of the present th " VT*mx\j has been let o a 
marL-ot mnditinne tenant of undoubted covenani. 


in vic’v'of the present {hR P rn i 1prl - V has been let to a Sprviff 4 prumaoip parocuuny »« ----- reduced margins and rising costs. nVofits from equity investments. levels can also oe expected, 

irfitinnc present (cnan{ n f undoubted covenani. OC1 VIL-C second half. Sales of both sheet materials The softwood side In particular prob,s irp 1 v . 

mian s -~s that much of t on« deration is hem- chrn lo Tbe following security has Turnover of the manufacturer and building materials for home had a poor year, and was — — ’ 

flic LcniiolfJ ihr d’.'vel Knment of other pro- been added to the Share Infer- and supplier of precision equip- improvements and repairs are responsible for much of the • T J T 

n'lte S vV.r’S ^i^ PPMri,,s ,te SS’MS'? SS5 r*" BR paymg Labour and L,berah 

,U d,C,a '" * a S!S*Kf S "'“ ,SeC,i0n: tST. ™ c£f\.r“ ^°r%?*SS*5£5SSi BRITISH RAH. U contribute! Pjpcr bad the «*« r„, 

_ 1 r>sc - ltMrrc 1!!! ■ I "- I : |ir,1|< g; c.ieciricaisi aiera un crroi. l -j- msrgm, and i; is difficult to fore- with a Mew to sUbsmntially t o Labour and Liberal Party ship. 

' Si rt* aSS? Eara.n S s per JlS l ™L n *J«! ... _ political funds by adverttsing in _ £r. Fowler wrt a fulLp 


market conditions. tenant o, unanuutea covenani. ~ 7 

The chairman s.-rs that much of iJonsideration is bemg given lo jjr'i 0 T ,n S. S c? uritJ? , , 

f he vacant sf'-ro in the Leopold ilie d'-velonment of other pro- been added to the Share Infe: 

Quarter of the rjty has been pen res held by the group or to matlon Service appearing in th 

uivupied in rim past year anil he acquired, but markei condl- Financial Times: 

although he experts rental Ji-veK tiona on - mne to dictate a Clifford and Snell (Section 

to* soon hpgm to rise. Iherc will i-rucoih policy. Electricals) 


BR ‘paying Labour and Liberals 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of El.0fhTf-25.0nq accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Bates for deposits 
received nut later lhan 1.9.78. 

Term? (year?) 3 4 5 5 7 S 9 in ' 

Interest % 131 11 11* 114 11J 12 12 12\ 

Rates for larger amounts on request Deposit-, to and Further 
information from The Chief Cashier. Finance Tor Industry 
Limited. 91 Waterloo Road. London SEl SXP (01-028 TC2. 
■Ext. 177). Cheques payable to “Rank of England 3/c FF1." 
FFI is the holding company for ICFC and FCI. 


•'!. ,'UiLih2^:-rrrenj CdiXtdi’. * 
>:o;C\.nS‘ON stfiEET cc^’nic.'nd • ■ 

• 7r’.- . -Jckpfio3«- 0K3ci42^ • r > r _ 


Rates paid for W/E 13/3/78 


ca "Si i MSBM) - F'imirr’4 per .roa »■.«= increasing ns acimues. po itica tunas oy aaverusmn 

*hr£n J i^Tn icJo Prefit from softwood trading this Lowes Road Sawmills had a their official newspapers while 
snare are shown at 1 p i ip |0 -. i. he says. Other sections of good year and the production of ,v. rnn<prvative one 

A revaluation o, .ils Dunstable t he timber companies are beina high quality oak at HVheelers is ic? 0 \^ rm an Fowler Conserva- 

property resulted ln an apprecta- developed and are making useful now profitable and. export orders J5 r - mk^rSnd' 

t:on from the bock value of contribuUons. are being developed. -» ?lL e trensP° rt „ ■P® R “J n , a ?“ 


advertisement in I.ahour Wee 
cast more than £500. - 


£195.705 to £865.060. 



Call 

7 day 


%**■ 

pa- 

Mon. 

9.774 

105:0 

Tues. 

9410 

9E63 

Wed. 

9.313 

9 772 

Thurs. 

9.299 

9762 

Fri./Sun. 

9.368 

9711 


CORK GAS PAIS 


C W U vaSries of the English a ' "m^OSTB? net 1 Sutton Coldfield, declare £100,000 gift ~ — 

climate m the first part of the asse ( S were £6 7170 f£6.48mi and yesterday. r r ra eonrph --1-2.7 

-unimer have played havoc with fixed assets were £L28m (£2;9Sm). ] n a letter to Sir Peter ICjCAIUI i- l * 

(he su rf a cs dressing season but Meeting. Brettenham House, Parker. British Rail’s chairman. THE HAYWARD Found*! 


by increased efficiency both by W.C., September 14 at noon. 
An unchanged faierim dividend the local authorities and group 
cf 2.275p net per II -hare has subsidiaries the programmes 

been declared by. Cork Gas Co. should be completed. BIDS AND DEALS 

Last year a final dindend of The weather in Italy during The 
2925p was paid on record profits Ian few months has not been 


of £2. 67m. 


much better he «ays. with the ELUS & EVERARD 


rj« v i .-. > a '~:± r t i '• -M-tr:. ■ 


TELEFONAKTIEBOLAGET L M ERICSSON 

9 V 4 % Bonds 1991 

S. G. WARBURG & CO. LTD., announce ihet the redemption instalment of U.S. 61 ,750.000 due 15th September, 1973 has been met by purchases in the market to the nominal 
value of U.S. S35C.000 and by a drawing of bonds to the nominal value of U.S. $1,400,000. 

The distinctive numbers of the bonds, drawn in the presence of a Notary Public, are as follows: — 


35045 

35070 

35034 

35120 

35:45 


33319 

36343 

3536S 

25-92 

55541 

355t>o 

355?0 

356’6 

35640 

aiwsa 

5561 3 


35863 

35587 

00 0i6 

36061 

56035 

36110 

361 :4 

35285 

36393 

2.6552 

36358 

36582 

25533 

36556 

56560 

36605 

26S33 

3G T 51 

3G396 

56630 

36355 

26336 

37C.3A 

37060 

3VIJ64- 

37109 

37.33 

372SZ 

37307 

37231 

37357 

2'381 

3~556 

37561 

37605 

37630 

37634 

37393 

57228 

37622 

37878 

37302 

3S0E0 

32U76 

33109 

38125 

3SU3 

5S2^3 


58347 

33372 

33337 

3SM5 

35570 

3059* 

38520 

5264< 

237P2 

3S5I8 

3S842 

38867 

323^1 

3*!9£4 

3-L'989 

39113 

39139 

3*. 163 

33311 

39337 

3?361 

39366 

3?l 1 0 

CC559 

?3f.S4 

29603 

39-533 ' 

335S3 

3J-305 

J7.?3J 

31656 

3?S94 

2?9J9 

40101 

40125 

40150 

4C175 

40200 

403rl 

40326 

404:0 

<0436 

J0160 

40S23 

406 53 

40678 

4Q714 

4-3779 

403.-5 

40i*81 

41016 

<1047 

4 1 .>-6 

412i3 

41239 

41263 

41283 

4! 312 

41CC-1 

41436 

41510 

41536 

41360 

4l7ri8 

41733 

41753 

41783 

J5907 

a 1156 

41961 

42005 

42030 

42054 

42203 

42223 

<'4252 

42278 

4:202 

42-15'') 

424 76 

42500 

42525 

425 J9 

J2r.?3 

42723 

42747 

42772 

J 2 7 37 

42945 

42970 

42334 

43020 

42-M4 

43152 

43213 

43242 

43267 

->0231 

•IMiO 

43465 

434 ?3 

43514 

4 S' 33 

435-37 

4 371 2 

43727 

43762 

4j7i6 


J j.760 

4i'J£4 

44009 

<1013 

44132 

44207 

44221 

44257 

442-31 

44423 

444^1 

44479 

44504 


4-1577 

44702 

44726 

447S1 

/O 

445Zi 

.14943 

44*373 

449*13 

45022 

45171 

45197 

*5221 

45246 

4*/270 

JCJ73 

45441 

45-163 

4E493 

45313 

.ail's 

45691 

45716 

4S’41 

4?7t5 

4h5*. 3 

45939 

45363 

45983 

46012 

46151 


46210 

<5236 

J*j260 

4‘3<:C3 

45153 

<o4o3 

46483 

4-.-^7 



467C5 

46730 

■»67riJ 

4 V .13 

46923 

<6952 

46979 

47-102 

47150 

47176 

47200 

47225 

47249 

47?. ?S 

47423 

47447 

47472 

474 '»7 


47*: "0 

47654 

< .*720 

477-U 

47«!.Z 

47918 

47SL2 

47367 

47:71 

4S140 

4P145 

4c: 39 

4821* 


4S"'37 

49412 

4-3457 

4S:32 

4< -i > 


5 $378. 58402 
5r$25 56349 


FAMILIES NOW. , 
SPLITTING UP 

After 130 years /o-.e associa- 
tion. the Ellis /nd . Everard 
families are to spii/up. Mr. -A. N. 
Ellis ts resigning«rom the Ellis 
and Everard boa 46 and has been 
offered a positio/on the board of 
Travis and Art old, the timber 
group which if taking over Ellis 
and Everard 'a building supplies 
operations in Ideal worth £3^Sm. 

Resigning vith Mr. EJJis from 
the board isjnr. D. A. BiJJson. who 
has been oaered,a post as senior 
executive v*th Travis and Arnold, 
loth bavor been associated \rith 
E and E'a building supplies divi- 
sion. j 

The details are revealed in the 
letter tq shareholders regarding 
•he burners' merchanting opera-, 
lions. .’ 

ir. A. J. Everard, chairman of 
EUis and Everard. explains that 
the disposal has been caused by 
he high cost 5 of maintaining a 
large branch cetwork at a time 
when condrtoins have been dull 
n the construction industry. With : 
increased competition margins! 
have been eroded in a time of low j 
ales ’and the building supplies: 
iivlsion has not produced satisfac-, 
•ory profits since 1974. despite the , 
insure of some branches." 

A pro forma balance sheet 
shows that following the >ale 
Ixed assets at the year ending 
April 30. 1978 drop from £5.37m 
0 £2.63m. while current assets Fall 
->m £11. 2m to £8.66m. Currenr 
liabilities, on the other hand, fall 
•»v 60 per cent — from £8 69m to 
£3 55m. Bank overdrafts of 
;i 67m are eliminated. 

associate deals 

J. Henry Schroder "VVagg and 
Co. on August 10 on behalf of 
associates purchased £10.000 
Rowater 7 ner cent comer li hie 
stock at 90 per cent. 3|.uno 
Imnerial Group ordinary at Sflp. 
20356 Bowater ordinary at 213p. 
and £50.000 Imperial Group 8 per 
cent convertible stock at 70 ; per 
cent- The company also sold on 
behalf of associates £24.240 
Imperial. Group S per cent con- 
vertible stock at 77 j. per cent and 
1 1.000 -J B Eastwood ordinary at 
1 431 n. 


Mr. Fowler said the five full-page has allocated a further £l00.f 
advertisements involved “ suh- to the University of Birmlngh 
stantia! financial support” to to endow a lectureship in I 
the parties that until recently engineering In the sub-dep 
formed the Government coali- ment of geriatric medic 
lidn. He asked S'r Peter for a headed by Professor Bern 
ytatement on “these coatrihu- Isaacs, 
tionsto party political funds” This brings the Found all' 
and added that the decision was gifts to rhe University to * 
open to challenge on coinnier- mote care of the ased to at 
cial grounds, since the Tory £600.000. 


U.S.$25.000,000 

The Tokai Bank, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series F Maturity date 
17 August, 1981 




In .accordance with the provisions of the 
Certificates of Deposit notice is hereby given that 
for the initial six month period from 14 August 
1978 to 14 February 1979 the Certificates will 
carry an Interest Rate of 8|% per annum. 

Manager & Agent Bank 
Merrill Lynch International Bank Limited 
London 


LOCAL AUTHORITY BOND TABLE 


Authority 

(Telephone number in 
. parcRiJrarcsj 

Barnsley Metro. (0226 203232 > 
Knowsley (0-il 548 65551 .. 

Poole (02013 51.il) 

Poole (02013 5151 j 

Redbridge (01-47S 30291 

Thurrock (0375 5122) 

Thurrock (0373 5122) 


Annual 

sros> 


Interest Minimum Life 1 
payable sum bon 


r 

YH 

J-year 

25(1 


f-vear 

1.000 

5-7 '* 

Lypar 

.“.(HI 

5 

>-'Car 

SH0 

s-r 


200 

J' 1 

J --yrar 

son 

4 


wo 

3 


■ili . 

5-: **. .. 


42c :4 

4. --,60 

4966* 

40 0 3 

j?::3 

455S2 

4%W7 

42931 

<8957 

43581 

4^129 

491S4 

*9179 

49204 

4,'.;.’8 

4-1377 

<3402 

40423 

*9451 

49476 

<■3674 

49649 

<967.1 

<9690 

407:3 

49371 

<3337 

4-3921 

43916 

49370 

SOM 3 

50:41 

WM5S 

50193 

r-0218 

50366 

50791 

5041 6 

504*1 

■>5<es 

ksii 

50620 

f-0663 

5C-6S3 

=0712 


50556 

50- 1 0 

SC.ijS 


51109 

51123 

c 1 1 ;i3 

5 1 ! R.J 

51207 

F!.\ : 6 

:-1351 

5 1 <05 

51430 

5i*=;4 


b6903 ««7 

67750 6*174 


On 15:h Septambor, 1373 ihere Will become tide and payable upen each bond, dra.-.n for rsdempuon the principal amount thereof. toflSthM with accrued interest to said" data at the 
office of:— 

S. G. WARBURG & CO. LTD. r 30 Gresham Street, London, EC2P 2EB 

or one of the other paying agents named On tnc bonds. 

Interest will coaso to accrue on :ha bonds called for redemption on and after 15th September, 1973 and bonds so presented for paymaot must ha«te attached all coupons maturing 
afiertha: date. ' 

U.S. £31 .500,000 pommel bonds will remain outstanding after 15th September. 1 97S. . ' 

The tplio-.ving bonds. drai..n for redemption on the 1 5th September. 1 977 have not yet been presented for payment. 


jf-015 

35075 

350*5 

351 1 5 

-£• 1 15 

251 75 

35195 

35215 

55235 

30375 

25? 75 

<o<15 

35-;a-3 

js::-5 

75475 

35695 

35675 

36795 

36315 

37555 

3*1045 

33095 

336 »S 

33715 

33795 

33955 

*0735 

<1035 

*1055 

4*075 

410?5 

41115 

*1135 

41155 

4117& 

41135 

43215 

41235 

41255 

41275 

41 235 

41315 

41-25 

<1255 

41275 

*1295 

41*15 

41435 

*1455 

4147S 

4 1 435 

*1515 

63255 

60275 

62235 

60315 

60535 

60535 

61155 

63375 


To the Holders of Common Shares of 

Weyerhaeuser Company 

Weyerhaeuser Company fe offering to purchase up to 3,500.000 of its Com- 
mon Shares at $32 net per share in cash, on the terms and conditions set forth in ihe 
Offer to Purchase dated August 9, 1978, and the related Letter of Transmittal. The 
offer is not conditioned upon any minimum number of shares being tendered and 
the Company is obligated to . purchase all Common Shares validly tendered up to 
3,500,000 shares. The offer -will expire ou August 22, 1978, unless extended. 
Morgan Stanley & Co. Incorporated will act as Dealer Manager for the Company 
in connection with the offer. As provided in the Offer to Purchase, the offer will only 
be accepted in the United States. Holders of Common Shares of the Company may 
obtain copies of the Offer to Purchase and other documents from certain banks and 
other linancial mstitutions.nl London and other major financial centers or from 
Morgan Stanley International, . J, Undershaft, Leadenhall Street, London. England 
EC3P 3HB (-Telephone: (01) 626-9221) or 4,. Place de la Concorde, 7500S Paris, 


France- (Telephone : 266 03-19 ) . 


SO, Gresham Street, London, EC2P 2EB. 


14th August 1978. 


Weyerhaeuser Company 






feaiKdal'.^iines Monday- August 14 1978 



etable 


The dates when some of-the more important company dividend 
tatements may be expected in the nestf few weeks are given in the 
allowing table. Dates shown are those of last year's announcements, 
xcept where the forthcoming board meetings (indicated thus*) 
ave been officially published, ft should be emphaalsddrthaf the 
iviacnds to be declared will hot necessarily J»e at the amoinits or 
3t'-S (> per cent shown- in the column headed ** Announcement last 
car. Preliminary profit figures usually accompany final dividend 


*1M 


nnoun cements. 

AHnoonw- 

- Date-, meat htet = - 
year 

Uhrlehl and 

wuswt.jmir. it. lht.z - 
uipln Am; • 

. Corpn- sX.:^pt TV final dna 
W. tiairte* A lift. » Pinal 0.4329 

lu brock St i ■ 

- WHrax,.^pt IS InLSJSB- - ■ 
Ik. Scotland ...ScpL&l lal. &.+(£ 
arlow Rrwt. Gp. Sept lBPinal# duv ■ 
tell'A.i v. .Sc pi. 21 'Final 441632' 

v-St«hi-U Sept. 1* Utt. 5.W15B1 - 

lift- . ...... .Sept. 6 . im. SJ5 ... 

narlwootf 

Hfldsff.-SoK- S' Jim. 0.9677 fart. 
H»» Circle ... u Aug. -23 1m 9 aft 

s-vAr-r \ ' 

fcQmnen ■ „ Sept. IS ’ bit' sj 

'7>«nler iw_ 4 

1KT , -fool. 4 Pinal 3.828. 

K-ltish 

• Petroleum Sept .- 1 VSL 6.981 ' 

‘ridon SepL 14 InL 5.3, 

niisn Vita ... .Sept. 15 InL 1.04 

ISR Srpi. 12~ Ini. 1 JSSS 

ITR Sept. 14 lot 4JI2 

nidburr - 

Schwpppfa . JSepl.- 8 Int. 0.95 - 

arpeia im, ...Spol 7 mr: I.BS " . 

nwih T.._Aog. -i? bit 0-8 

pstaln tFL) _Seot 0 FbuTttKMS 

roda InL Sept- IS lavftWS 

alceip .Scnt.lZ Final S.437B 

o Bi-cnr Cond. Aug. 33 InL 17? cents 

ec.*a .„...5epL 5 . Final V. 85352 

KG — -.. S<SJL 20 IM- 7,353 

aslo siar septa lnL.3.. . ' ' „ 

lOTopcan 

Ferries.. ;6epc U Tat i 
Expanded : , . . 

Metal - Sept IV lot. 1.835 
uardlan Royal 

Ext*aaBe...SepL 6 

KN -Sew. 18 

tnnnwts Peat.. .Sept 2 
all Eng's — .Sept. 15 
ppwonb 

Ceramic ..Soot. 7 Int L.S5 
on Chong St 

Shanghai Bk. .Aug. 23 
of Fr after.. Aug. IV 
awdeu lAlexl . Sept l 

:i ._ Sept. 7 

3 7m nr Cons. ...Sept 7 
Man. St Firth Sept. IS 
iJeimrort - • 

Benson.. Sept . 28 
adbrohp .........Aug. SI 

Bird Group ...Sepr. 3 
tad Investors... Sept. 1 

aporie ind*. ...Sept. 31 
■v 1 Land ...:.. 'Sept. 20'- lot. 8J - 

pad lndti „SepL 15 InL' 13 3 • 

ex Service Aug. 17 InL 1 .388 - 

on. Merchanr 

ScCb....Sm>L '8 Final 0.813 


Date . 

London TJM. .‘Juk. 28 

Lour ho -Anff 24 

-.JJatihews . . . 

Wrlshtsou . SepC 9 
Menzies ij.> .AepL 30 
*MHU donum . Sept 4 


Announce 
- meat, test 

. year . . 
Ini LAS ■ 
IULtffl 

lOLX.337 
Int l.T 


Int. 4,335 
lot. 4,844 
Pinal 8.452 
InL SL21S - 


Int. HKM Iff * 
lUL 1:68834 
Int. L5 
InL B 

Final L3Q cents 
. Final AJK21 

InL LB' -r 
InL 3 
till. 1.48 
Final 1.6 . 

•Int. 2.706 • _ 


Mtxctincreie 1 .Seor.'X Int. 1.OT9 

•Moraan 

Crucible. .^epL. 7 JM. 3.B72. . 
•NottlnKham 

'. Man „A ML IS. -InL B.S02 
Ocean Tra nipt. ..Jinn. 23 a InL 19007' 
Phoentt Asses J-ShpL ~T 'int<57ff.-' 

Plantation •; 

Hold mgs.:. Sept. -3L- UOr 3.1785 _ 
fhre. FfnancL.-Scm. B'lni.LffiB' 
•PTC Bldgs. .:4.Aus- 13 Inr: USB - 

Reckltt It 

Colman . 5>PL 13 

' Rcvmex ActK. 3 

RTZ StoL21 

Bodrvrare ....:. ,.;5cpt. 31 

Holls-Royce . ...... 

Moiors^-SepL U InL L8* 
Rowntree '• 

Madklmnah—SepL XL Xnt.'S.ffi: 
•Hoyal Dntch 

Petroleumi.UAug. 17 
•Royal Inace; - ..Auc.-l? 

Sell rotters .SepL05 

Sedgwick 

Forbco.l Abb.' 25 Int. 3JT 

■Shell 

Transport:. An*. 17 
Simon Eng. ..^epL IS 
•Skmt* Estate*. .A»». 38 
•Smith and 

Nephew-Aug. 19 at; 0.791 * 

Sreeriey Sept 14 XK-L48ff'' 

Stone Flan ._.;.Sew. 15 Tut. 2.284 
•Sha Alliance' ...Sent. 0 IulIA '. 

Tarmac SepL 16 Jol 9J7 

Tilling (Tboa.l~Sept.i4. 1 bl 2 . ., 
rrranspL r»e». .. aob. it . iiiL £ib: 

Tricentrol'..; jSepL 19“Hir Mff 

Tube Investxnxa. AWL 15 int- 8329 
•Turner and , ' r . 

NewaH-.SepL 13 ML' 4 
. Unloo Corpn. . ' 

Group . .SepL I Final dtra ®» 

XKd.', Biscuits.. AenL 19 ML r 

WadMn SepL 28 ML 1575 

•Wagon Finance. -SepL V - inL'JCSS . .' 
Walker 

GoldamltlL.AepL 24 Ftnal LI33M 
*Wetr Group Aug.-oa 1 dl JAVt *' 
•Woolwnnh- * -. : 

(F.w.v.Aue..M intiass . 
yoBihal . - > ' Vf 

- Carpets . Sept. 9 InL-lVtf ./. 

' •Board meetlngv Intimated. " TTUHWr 
teue BtnCB ■ made. - ITax tree: ~* Scrip 
issue since made from resem*. 


Int 4.86 
MLi.TS - 

tiLSJ- " 
Ml LOSS ' 


ML FISH 
InL 8-512 . 
InL 3 


UL8JXt 
Im.27 •: ■ 
ML 0.75 ■ 


IMI RNYI IOWI ( OMI'WY NEWS 


S9 



’s foreign debt to 
‘$40bn by year-end’ 

RIO DE JANEIRO, August 13. 
BRAZIL’S foreign debt will' surprise International bankers. years-has been accounted for by 
reach, a record $40 bn by the end ’ It represent an increase of 25 borrowing from international 
of 1978. Mr. Mario Henrique per cent from the $32bo of end- banks, it has gone substantially 
bimonsen, 'the Finance Minister, 1977, and broadly maintains the to finance large-scale projects, 
said here, reports AP-DJ. . . average rate of expansion seen many of '.which are aimed al 
' But - Mr. Simonsen said, the over- 1976 and 1977, when there increasing : exports or cutting 
uoverninent was not concerned was a gain of-SlObn. At S40bn, imports. . 
o’ver thte . because , foreign the . debt .would .be .some four Unlike meny big international 
reserves "were growing at a fast times that before the 1973 oil borrowers, Brazil does not have 
Pf**i a °d were expected io.reach price rises, • to repay a:bigh proportion of its 

in Deceinber. . - Tfie increase in . reserves debt in the" near future. 

The foreign debt now. stands already achieved this year has -Meanwhile the" international 
at about S37bn. according to taken, place ' ia'.Apite of the Monetary - Fbnd has authorized a 
uovernment sources, and. th$ realising of a trade deficit of $7lm loan to Morocco, to help 
country has $8.8b'n . in ' foreign '5456m in the six months to. June offset -the country’s decline in 
reserves. —which has disappointed hopes export eafnlPg?- 

_ Government" officials, safdthat' that the ro untry would ' record a The IMF said that Morocco's 
Brazil would have to; pay some further trade surplus, or at least export earnings Iasi year, mainly 
57 ® Q .“ 1 f° r eiis loan repayments a balance in- trade, for the whole from fhfi saJe of phospates in 

ana mlerest- chargey. m. 1979. • year. * world markets, were down about 

• Our financial staff adds: A. : Virtually all .the Brazilian 5 per cent from the. 1975-76 
debt figure-as high as $40bii may ; foredgn debt increase in recent average. :: 


HCA to 
expand in 
Australia 


RECENT ISSUES 


EQUITIES 


5 _ 

? ~ Ct 

fa; 

3|- 

ime 

_ Stock 

'1 

I£ a 

p 

+ OF 

*8 

► E 
£< 

hr 

H 

*3. 

l« 

< 

Hin*» 

I/nr 

rl 

I- 

0 

5 

ft? 

r.e. 

r.r. 

v.p. 

F.l*. 

FJP. 

51.-8 

677 

8/9 

81 
1C»4 
IBS 
l » 

149 

' 

•‘‘i 

14S 

85 

138 

Ortlrr- Svfwfonte.'..- 

Hooray ^ ..... — 

knn«Wrm„..' — 

Hunting Pete. Set-rice' 
Joora (H.) (Jnw'lrajlOp 

is : 
10- 
162 
93 
148 

±T‘ 

M2.31 

(■2.64 

4.65 

36.6 

3.1 

iTo 

3:0 

&1 

« 

6.6 

J 

7- 1 
i ri 

6 JB 
IM 


V. i T 


FIXED INTEREST STOCKS 


i? IS-- 

|| p| a 


1/8 

im 




v.w 

K.F. 

• , l F.P„ 

a>4' f.»\ , 
C 0U:iO 'l6rl2| 
r.l*. 1 15/9 
F.l*. 29.-9 
K.H. >n 
K.r. 16,8 
K.l'. - 

F.I-. 25* 

V P. >Z9i9 

r.r. | i»,a 

F.P. |1B> 3S*J 

F.r. . — 

KHI.- 
P.I-. ! 9/B 

K.r. ^ 

K.p. 1.9 
F.P. .15,9 
Y.V. il59 
*•.!■. ( ~ 
HY|i-4b ;JO 10| 
BI4J K.l'. ( — 
3i ( [L-25 1159 

• 1 FJ\ 1(9 


36 

.n 

!1« 

' 00 


9 s j 


1978 


High I Low 


Steak 


a a, 


941 eP | 
UBI4 
,8616 
too 
. U* 
86 

98 

■ B6J«i 
lYNji ' 
iCBap 
103 14 

99 

V 

■*?2| 

-*6n 

9aie 

'97 

100 
443 4 
Jnr 0 
2Mj 

Mpl 


•MHAlrflfrw SLronmJinei! 10^ Prf 96| 

9h>]Aili»t Beuilev B] Pn 4 . 94 J 

93 eirmlTiglwro UAte 6^8b ^i._. 991? 

98i ; 

Vm. K»te tteiL t8S6..,_^..._^.^ lOO 
J0l* IV. \Ht% KeiL llesh-f- 

*■ --a i rvv tv i • n as t y 

■iwby 

96 IhiuM Anglin 




*1 a itboeroflod tot Prcf « M '.. 

y SprMs Interior* 1C% P ret — 

Yngim Wn«1a J*V>1. Ptel. 1985. 

101 1,] tied cnto-t'&J In^JtUce 10XQ«12ritlOiuu ProE 
994(JBjinbUnifa Vu». KtieWS.. 


1168 
90 
9B 4 
W 




Dealers protest over sales of 

cars to workers 


BY GUY HAWT7N 


FRANKFURT, August 13. 

the 


DAIMLER-BENZ, the West another person right outside the council which represents 
German luxury car manufac- . showroom door. There is very employees' interests, 
turer, is under attack from its depreciation on a new Not only is the management 

indeoendMri Aea Mercedes in its first year, and unable to . change these terms 

Th. P M«, Q^ier3. ern pi oyeeSt w b 0 buy their cars unilaterally, but it has long been 

ine Motor Traders Association a t-a per cent discount, can a practiciiia ^ most German com- 
has protested that private reasonably expect to make a parties for employees to be able 
customers have to wait for up substantial amount over and to buy products at a discount. AH 
to four years for delivery'of- the above the price they have paid motor manufacturers in the 
smaller Mercedes models! widle for "their .vehicle. Federal -^Ifepublic offer their 

the ctoud's workers are able to Last.' year -the .group’s 132.000 employees^discounts. 
hn,rtWm S •■^o^LSIS * wJ? UbouT ‘ farce ordered about Daimler-Benz has at ready taken 
buy them at I2 r monthly. Inter* 5o t ooo .Mercedes cars. This measures to alleviate the ^itua- 
vals - • • — accounted for about 12 per cent tion. An agreement reached with 

Bitterness over the facilities of the group's total production, the works council in 1976 stlpu- 
allowed to Daimler-Benz but — to the concern of the lated -thit' Daimler-Benz workers 
employees has mounted as the dealers— some 23 per cent of the taken on after June 30, 1976, 
delivery periods for the highly- total registrations of Mercedes would have to wait IS months 
popular, expensive smaller Mer- cars- in the domestic market Toi 5 before being allowed to order 
cedes models has increased, year the number of cars ordered their first ■ car. with delivery 
Dealers claim that the group's by employees Is esrpected to be taking place 12 months later, 
employees are robbing them of somewhat higher, although this After that, like other employees, 
business as. they can sell the cars, should not materially increase tbey would be able to take 
after owning them for 22 months, the percentages. deliveries- of their cars in a 12- 

at a handsome profit • it . is difficult to see what monthly cycle. 

Already there is a form of Daimler-Benz can do in the face The group was able to do little 
“ black market " in Uerbedes of the criticism. The question of to change the rules for longer- 
cars, in that an owner 'who takes sales to employees is decided in established workers without 
delivery- of a new model can sell negotiations between the group's changing :the conditions' of em- 
it at a handsome premium to management and the works ployment 


By James Forth 

SYDNEY. August 13. 
THE WORLD'S largest hospital 
management group. Hospital 
Corporation of America (HCA) 
plans to spend AS45m |$52^m) 
over the next three years to 
establish an operation in 
Australia. 

The American group has 
established an Australian sub- 
sidiary, Hospital Corporation 
Australia Pty., which has bought 
a private hospital at Baulkham 
Hills, a Sydney suburb, for about 
ASllm. The managing director 
of the Australian company, Mr 
William G. White, said * there 
were plans to acquire five more 
hospitals before tbe end of the 
year. 

Ln addition, tbe company plans 
to construct further hospitals in 
an expansion programme which 
will require A$30ra by early 1980 
Of tbia amount about ASlSm will 
be provided by a syndicated 
medium term credit facility. 

Mr. White told a Press confer 
ence in Sydney, that the group’: 
long range projections for 1982 
indicated 10 hospitals with 
around 2230 beds throughout 
Australia with emphasis on the 
eastern states: 

Goodyear 
Australia 
in the black 

By Our Own Correspondent 
SYDNEY. August 13. 
THE - U.S.-OWNED Goodyear 
Tyre- and Rubber Company 
(Australia), which has been 
operating in Australia for more 
than 50 years, returned to profits 
in the June half-year The 
directors reported earnings of 
only AS507.000 (U.S.J590.000 ) 

for tbe period, but this is 
major recovery on recent per- 
formances, whicb had resulted in 
losses amounting to Ag21.4m 
over the past three years. 

Goodyear losses were mainly 
due to competition from im- 
ports and late entry into the 
radial tyre market. The group 
has. since invested heavily In an 
equipment modernisation pro- 
gramme. 


Currency, Money and Gold Markets 


A sterling performance 


and a quick 
increases ' in 


caused problems 
succession of 

Treasury bill rates and bond paper 
has given a clearer indication of 
_ the authorities' determination to 

, , . _ _ . ' . .. rnr h,.* w -»h support the franc through Interest 

Currency movements m the from a general lack of confidence, fined to the UK, but wire tne rale3 as oppoS ed to a devaluation, 
foreign exchange market are The latter has rendered it valuer- probabriitYvpf an early general 
never a straight forward affair able- to any of the numerous election, sbbh politically sensitive 
and list week proved to be ho rumours circulating at present, issues are likely to command a 


GOLD 


wisjftiwnew Km*. 13.1*3, hek — — .f '99igj - — 

93 If [11. R. HoMingA 10** Prf_.._ -h .'ul 

lOSpLHanurana Kenten iTW L... 

Jennnra Princes 1% Cam. Preu ...... 

LlUivtmtoi HiPreL ..— . 

|llnpk»y».13%JftMTJy Gone. l T n«, tin. 'BB-'Bh.l 


»/v 

BS- , . . 

wj'lMoreiri p MT»ii'iqj;Siul Cum. 
BB^l.Si^thnnipUji Vnr. KMe KndJSSi-... 
tflpil'cw^* IUZ l*rrt „....„. !T S 


nitlA 

l Pn-< . 


**e 

wit 

* 3 

WSfl 

24 

Stipl 


Cum 

aotiwliy rtrWe Berm* 9* Coin. I’wf — 
Vftr.jgiu- ttai. l»lf— 

1^, KdUUttn.^. — .._ 

W«ndncortb V»rt»b(e KSJ 

W«rt KttnTTnl«- L^JJeh. I«» 

1’oanj* S Ca^Ur,-wwy9ig'PreI 


lospf :::: 

us 

99i2rl 
B9r%| 
IOIiJ 
96 1 = ' ...... 

95 u I 
flBiji 

99J 8 ! 

96i 


“RIGHTS” OFFERS 


s_ 



Stock 


CJo-jng 

Price 

Vl 


+ ot 


13, Ul 37 jotj 1 £b*uu|A?lZu,^. 


SI 

1B;1( lB/8[ 

26-7) IU>el 
2o,7> 16ibl 

U9> 

10 -b: 21.8 
3 .'Si 1/9 

tfb-'ll O.M, 

14/81 8--9I. 169 

26; ej 22/9 19|im Wpnii 
IS/ff 15/9] iJpin] 8pn»j 


npmjfihcftwi-^ 

3l>KW**®.Tuol knSu. 

7(Pti|Uircau>uUi Jnvu.'..— 

Unpick . Uoppw^.. 

HMullam Cos^Ii*.. ..... 

UU.P, 


31 I T9 
L-9 4917) 46 

id iapmj ioj« 
lu; '7^ 6b 


Leech (Wm.) 

Nonun ilV. M.L 


Praparty.PahneroUpK-, 
jnuicUITe bteakman^— 

[I'PCnZpioll 


Wl IU«IU lOtJ 'to 'oUftJUfte vCni KdPf | 
Viwfcatiin! Uheoiical* _ 


' 94|in.[— 1 

2 Ipml 

49 ‘ 

24 ij 
19 
57 
06 
01 
46 

lSpIL 
69 
.159 
19pm 
12pm 


+ 1 


Rctiimciathm - date osually last day for deafing Iree of *Ump dots-, b Futures 
i tin prospectus estimate, (/.Assumed dlvtdend and yleitL u Forecast dividend: 
r bas»i] <hi previous soar's ea/nlnsB. r Dividend and yield based os prnsp>.-ctus 
* tvr nil ci at vsUrutes ter in. « QrosaC " r WsteeS assutoO. t Cover allows 
onrersion of RhAn-s not now. nuddna ter dividend or rank Inc only for restricted 
ii-mts. i PlaclhK price w pn^Uc- Pt neneo imlnss offttnvlse lndlrauML t Issued 
fb-ndcr. (fUffriTtl tp dmlders oti ■ onUnair ‘ share* as ,m rtebts.” • •“ Issued 

tl-wt -it rapuausarinn. tt Minimum lento- price. 55 Kamrofltod. n issued In 
: ‘iK.-ctu'n «-nh n-ocganlBailna merser or take-over, yy lurroduction. O l*aert 
nrmcr preferenre holders ■ AUotment tetters (or fWly-paldl. • Provisional 
•anh'-pmd aUnttnent ten era. ^ WUh warrants. • . . 



BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank „..^10 % 

A V Bank Ltd. ... X0 % 

Henry Ansbacher 10 % 

Banco dc Bilbao 10 % 

Bank of Credit & Cmce. 10 % 
>Bank of Cyprus ...... 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. *,.10 % 

Banque du Rhone 1 Q}% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Qrem.ir Holdings. Ltd. 11 % 
Brit. Bank of Mid: East 10 % 
Brown Shipley 10 % - 

Canada Perm't. toxst 10 % 
Capitol CSlC Fin. Ltd. 10 % 
Caywrr Ltd. 10 % 

Cedar Holdings ^-.^.v,'10i% 
Charterhouse Japhet— 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits.^ 10 % 
Ccwiperative Bank ."...;.*10 % 
Corinthian Securitlea 10 Sh 
Credit Lj-onnais ...... 10 % 

The Cyprus Popular Bk 10 % 
Duncan Lawris 10 .% 

EagiJ Tmst 30 % 

English TransconL ... 11- % 
First Nat Fin. Corpn. 13 % • 
First Nat Secs. Ltd. ... 12 96 
Antnny Gibbs 10. % t 

Greyhound Guaranty... 10 % . 

Grindlays Bank tlO % ■ 

! Guinness Mahon 10 Vn * 
I'HambTOs Bank 10 % # 


a Hill Samuel 510 

. C. Hoare & Co. % 

Julian S. Hodge 11 % 
Hongkong &■ Shanghai 10 % 
InduBtriaL Bk. of Scot, 10 % 

Keyser. Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 
Lloyds Bank 10 % 
adon Mercantile *10 % 
ward Mans on & Co. 

Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P.- S. Refwm &- Co. ... 10 % 
Rossminster .iV... ...... 10 % 

Koyai BfcCanada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11* 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered 10 % 

Trade Dev. Bank 10 % 

. Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank' of Kuwait 10 % 
Whiteaway Laidlaw ... I0i% 
- Williams &- Giyn’s 10 % 

Yorkshire Bank 10 % 

glKoten of du AcceDdos Hoase* 
C onm t at o. 

• 14a 9 (teMfttt T%, teKBb dcnoelu 

wt. 

t f*dw . aepMta pa poos of mow 
aua nnto 65*5, op W £S,000 Tl 1 *. 
xrkd over CO.fflW Si%- 

c*u tompit* over n,0 M tv 
D wtund (tepqsfti 7*^.' 


G. index Limited 01-3S1 3466 One month Gold 212.0-213^ 

Umont Road. London SW0 OHS. _ 

k Sel5SmSS5 B fB5»res market for the smaller Investor. 


Exception. ' A -brief glance would however iH-founded- It would also good deal attention from jbe 

kSvow the SoDAr continuing to sag show, not surprisingly, a majority authorities over the next month 

under the weight' of US, economic of the stronger currencies gaining or so. -. 

problems and tbore significantly large chunks at the dollar's Interest rates still renwm artifi- 
• • expense. daily high with MLR at 10 per 

.. .. .. ... ^ cent and an annual rate of infla- 

sterling .-is ahghtiy_ afferent tioil nearer half that figure. How- M£ '™ ,ae — 

however, or at least has appeared ever it seems likely that last Aitonmm tiring.... 


Gold SuIiiod n finej 
ounce] 

Clo*e — 


CURRENCY RATES 


Angnnt n 

. Special 
Drawl np 
Bights 

European 

Utette; 

Account 

Sicjrflnk 

045U6S 

D46A7V 

u.v«nU<u 

l^rwi 

UOSZB 

Canadian dollar 

U5322 

1.47029 

Annflaa. sriiDUng ... 

UL1SS7 

186199 

Bpteten fnrae 

MJisaa 

«jua 

Oantali krone 

8.450S3 

7JSS92 

DcwkUe Hark «... 

261<F1 

266989 . 

Gafldsr 

2.73883 

2.78886 

kmicb franc - 

56Z28X 

540731 

um r„. .. — .. 

1061.71 

US3J9 

Yen 

239.921 

242.751 

Norarecten .krone .. 

66X197 

8.79238 

Pw«* 

.950838 

97X896 

Swedteb krooa 

■ 563699 

5.74S10 

Swwr^franc' 

2J2337 

ZJUS2TS 


Abb- 11 


S2103-71U 
52033 -2104 
S 209.85 
f£ 108.9081 
S91l.f 
(£107.589) 


9217-219 

i(£l11-11ft 


manner compared to say the bwiss only delaj b y two or three weeks 

franc or the West German mark, any fa n Jn MLR. 

The authorities are faced with .while the 'stronger currencies ”" 

something of a problem in that continue to appreciate, the New sorereicn, ismj bw 

last week’s UK money supply Belgian franc has beeo fighting ns ^ isu/ui' 

figures although not in the least own battle within the European 0hi s°'W* — fiffi"?., 

alarming, did show a noticeable snake.” Over a one week period oortuo.n- • * 

rise in eligible liabilities, and it- ^ Belgian National Bank h is international it i 
follows that a concerted effort by been obliged to provide some Krugerrand 
the authorities to sell sterling in H - r i0243bn fc support of its _ {'Aim" 2 ' 

an attempt to maintain some currency which has been trading Aew Sorere1 ^ — p/jg®, 

stability would lead to an un- on or around its lower interven- ow Sovareigm- iS6S6i 

wanted mflux of money into the: jj on p0 j n t afiiinst the West \.uwi 

sy5tem ' '• German mark some time. -Tie Kwj»- — 

Not that this problem is con- D-mark's rapid-appreciation has i^o..]!"”'"’!‘fsiTi.ii4 


-A-ofi. 10 


82073-208 
52063 236* 
S2Q6.BS 
!c*rif B-7541 
SZOBJjD 
(£115.9191 


S2I5J-2153 
ii'UHA IIDi 
9 86 60* 
)K4»-.M> 
(5594-8061 
I £50-81 1 


52153-2163 
.£1094-1106) 
5696.606 
■£50-311 
S466-SO i 
(£30 -41 1 
S292-2-4 
5146-1BD 

S1066-IOP6 


Public Works Loan Board rates THE DOtlAR - SPOT 


Effective from August S 
Quota loans repaid Nan-cpmta loans A* repaid 


FORWARD AGAINST $ 


.'Yrara byEIPt Al natnrUrS bf ElPt 

up *# s ui m ji* i2* 

Oyer :k up to 10 uj 41} izj • ig| 

Oyer-Ifi, np to 15.' 1»J J2j T2} 12] 

Ovef'JS, np to 25 I2f 12} UtJ 13} 

0r »f 12J. 13} 121 13* .. 

:2? Io,, - , Tuot* loans B are 1 per cent higher in each case than non- Nnwni; Kr 
quota Job ns A. t Equal instalments of principal, t Repayment by half- 

annuity ffixed equal half-yearly payments to include principal v'^ dlBh ^ 
anf;.frteEest). SWith half-yearly payments of interest only. Austria Scb 


At 

12 * 

a 

13* 

131 


Aoauit 10 

mtturlurS caiud'o 9* 
12] G under' 

12 1 Betel an Fr 

m - Panisli Kr 
P-Maxh 
Port.Es 
13| Lira 


BE POUND SPOT 


FORWARD AGAINST £ 


Swiss Ft 


Das’* 

spread 

B.880M.982B 
r WM1M 
3Ufifr3L3Q5 
5-4500^4750 
LVaSOUKfi 

S3435B5J0 
SM0UL2M0 
a iimujsa 
9.42254X920 
UMURU' 

L68TKLIM9 


Close 


Oh month 


P-i. Three months pa. 




V 

Unlkter: r*f 

W»ni ik'Kr. 

PuiL' 

S**a; 

Un' 

S 

Kreoatfi 

-*wertWnCr 
Yea ' 
AwHrti&faj 
■Iwite Ffc 


iffiEki 

rates) 

% 


r 

4k! 

6 
9 
l 
18 
. B 
lUf 
7 

91? 

6'e 

8>e 

.«'« 

1 


Day's 

8pmil 


1.9655- l.iBffl 
|t*14B 2.2M6 
4.176-4.K1 
BQ.65 61.06 
10.E2- 10.69 
6.846-4.98 

r87B0-tB.5O 

1147-10 147.45 
1.1)964 1-8316 
70.19 10 23 
a.aQ-8.446 
S.BO-d.tBa 
390-599 
27.75-27.S0 
J.2S-5.2B 


Clc 


One month 




moutlisj g fkA. 


•U£. cents . err Canadian S.. 

OTHER MAMETS 


0J9BMSW8 
2.1505-2-1515 

3L255-5U80 
5^730-5.4750 
L-tASO-LVaU 
75J7-7SJ2 
B34JS4QUL5S 
jjCOUw 
4JO9&AJ205 
442304420 
IS6JO-197J)0 
-141150-143250 USLUrpm 
L6*78-3_i«a 


0JJ5-0.B3C dls —0-53 OJ2-0.D9C dll -0.47 

054-0AbCpm 2-43 J-lO-XJBc pm 1.71 

D.Bcillt4incpfl-2A (MBcdls-O-OlciH— (LSI 

0-SMAJpf pm 4.94 253-2.47** pm 409 

3 .05-3. 49 Ired Is -4JH 9.85- 10 -601 1 red* --i09 

paMUBc dls -0.93 0504.70c dis -L21 

759 3.25-3JOy pm L&3 


U5-140C pm 7-59 3J2-3J7e pm 7 A0 


15965-1.-845 0 .fia-B.60e.poi 
|2J!29B-25306. D.G0-D.66r.pte 
4.196-4.201 23 4 .|J t c.pm 

60-90-61.10 20-10 c. pm 

10.856 10.696 | ure pm l*wl— 0 JS i3-S ort.1ia 
6.866 5.871 ^6*^6 *4 pu> 

B7.»i7J5 70-170 r- rfis 
14750-147 4 > fitteixi) eOL-.dK. 
l.b286t.tS76 2-4 1 tee dl 
10.21-10.22 . 2J-J Mlvprn 
5-2 l*. pnj 

9.65-4^9 2i-i 00“ pm 
6e4-3*6 . 3.80-356 ypm! 

27,85 E7.S0 19-8 %rr\ pm 
5.<8-354 B6u-2Sfl iLptn 


6-38 '15S-1.43o.pin' 3-01 
256 1.40- 1.50c. pm; 2.42 
6.4Z |5i0-47a c.pmj 5.1! 
2-96 68-45 r. pm Z_29 
. 150 

d 9Jl !6i-7| 14 pm : B.K2 
18.401189-600 f. dUL—16.49 
■r j60cpm- BOojI m. par 
L21 76-96 ure «ti* L- fra 
2.06 :3i- H ore pm; 

559 fiir-46 c- pm 
1.75 M-ii ore inn 
11.29 |d.l0-8.7D vpro 
6.60 i40-o0 gro pm 
11-59 t9i-9i c-prn 


Adr.11 


09 
CL SB 
2-59 
156 
9.77 
5.02 
19.92 


Argentina Few— - 
■ AuMralia. Uc-llrr.... 
Flnlanil UaitLlot — ,1 

braxtl Cruieire-.-. 

Greece Dracnm«.-. 
Hcmj! Ron;: 

Iran Ubu --— 

Kamil isinMr « K l*J 
Loxemboarx 6'tancl 
Malaysia Dollar—-. 
Sew iSmlanrl DoHar] 
tiwidi Aratua H'ra 1 
Siosapore Dollar — 
bevnth AirieaO Raort| 


51590-1,594 , 

, 3-6870 I.&920 
|8.PI50 8 0300 
3&S5-a6.S5 . 
69^28-71.640 
9.34-9.27 
- <La5.|41 
-6.527D.337 
-60.90 61.00 

*4.486-4.601 

L84I5 1^486 
-.6^6 6,66 
4^86 4.406 I 
16955- 1.7 196| 


^ B^teXatL Tme is for convenft le cranca. 
riwa^t franc CL 65-82.75. 


Sis-jownh fonrard dollar S.fl2-2j2c pm, 
12-momh 488HJ0C pm. 


1 

£ tO 

NMp Koten w 


27.30-26.30 A 
b2i 8 -63J2 es 
10.50-10.63 ar 

8.37 -8.47 ta 


4.0665 d.OB35l Den mark 

35.60-56 48 liiomunr^ 

4.7080 4.7100(1 la ijr 

3 oO 3.90 “ 

1595 1525 « 

0.2683 -6 J2V34]Xrtierb.'iri. 

31 02 31.04 |v«rw 

4.134.23 nf 

10.10-10.20 

U2 89 Ul 

144-14718 
3.E3 3.a3 jj. 

1.9V76 1.9375 lK 

37 37.40 

fir 

O.9380-D.84IGJ -pain 



MINING NOTEBOOK 



and down-under 
diamonds 

BY LODESTAR 

CONTINUING last Monday’s sur- of furthering the mining 
vey of autumn dividend prospects industry's eternal struggle 
for the South African gold pro- against bureaucratic restrictions 
ducers we come to SL Helena, on its natural growth. 

This mine's star ha> dimmed with Fittingly, the Miner, in iw new. 
age as operations have moved enlarged, and now Sydnev-hased 
southwards into lower-grade form. leads its front past with 
grounds, resulting in a drop In the scintillating diamond esplora- 
gold recovery per ton from 14.7 tion scene in Western Australia, 
grams in 1972 to last quarter’s 8.7 the pulsating share market side 
grams. of which is now even evokins the 

The impact of This has been question of which will be the 
compounded by increasing costs, next Poseidon — perish the 

and the dividend rate has been thought! 

more than halved. The higher gold Fortunately. - ihe discover* 

*!? illation w ’ hich has snarkod most of the 
ThI 9 inV S - d ‘ strlb .V£°? excitement. .Ashton in the Kim- 

KPfi :s :„ 1 Jk e /KJSS berley recion - ha<s «« main 

from 60 to 80 cents and the final protagonist a major company, 
could be 85 cents making a total , he RTZ Krnup . s Co J nzine Rjjimto 
® f l«a compared of Australia. Not that this is 

en,irel ^ an insurance against wild 
Capital expenditure ia now at outbursts of speculative cnfhusi- 
relaliely low level following nsm f or shares of the junior 
completion of the new reduction e x p] 0re rs. After all. It was 
works which will also treat ore Wesrern Mining that made tbe 
from the new Unisel gold mine, original nickel boom find, 
fees from which should start to 
accrue to Sr. Helena next year. 

The shares are not without 
some medium-ferm attraction? 
although St. Helena was not 
among the “buy” recommenda- 
tions in a number of recent 
brokers' circulars. The best ver- 
dict was Thai rhe> are worth 
retention by shareholders. 

Western Holdings is now very 
much in the waning stage of its 

fa0,er a •' M 

The only candidate I can think 
of is Malaysia Mining Cnrpnrn- 


The other question being ,-iskrd 
is whether there is likely to be 
a rush of new flotations for 
diamond exploration. Those Tor 
nickel used to come along at ihe 
rate of two or three a week. This 
seems unlikely. There is enough 
debris left from ihe IbBII-Tl up- 
roar to satisfy the demand, one 
would think. But Ihe question 
is strong enough to arouse specu- 
lation in Sydney that one of the 


yield considerations. The remain- 
ing life is generally put at around 

10 years, but it could be longer. .... . ■ . • . 

though with a verv much lower J' on - ,,s b cr trpr,t slake in 
grade of ore, if the gold price - Ashlor l 'eniure It 

remains over S200. ^ d T a , ° u fnr ^' K , po r rlmn 

Medium-term dividend pros- h * ,he for a 

oecte are eood Th P interim was P llb,, C offering which in the 
lifted from 140 to 190 cents and wnu, | J undollh t' 

the October final could be 225 , u L, a " d 

rpnte ray KpHpr That rfltp would ^ hfl\e the poliliCiil ad'flti- 

make S lff^'totaf of 415 corns SS 0 rt f r 'SZXSZH? 1 * Austrnlian 
(243p) compared with only 280 


cents last year. 

There is a bit of uranium spice 
to come through the company’s 
share in the Anglo American 
group’s joint metallurgical scheme 
in the OFS. although revenue 
from this source w-dl be small 
compared with that From Western 
Holdings’ gold operation*. The 
50 per cent stake in Freddies 
Consolidated has been sold to 
Free State Geduld. in which 


slice of the equity. 

Presuming rhat CRA is still 
regarded by the authorities as 
an overseas animal the only 
straight Australian siake at pre- 
sent is Northern Mining's modest 
5 per cent. Some of the enthu- 
siasm for its shares is based on 
the tenuous theory that it could 
be a vehicle for the required 
*' Australlanisatinn” of the prn.ioct. 

If MMC did come up with a 
flotation it would he of interest 


Western Holdings resuVtently has to t C |lrpl«n K* 1 'rf**' n hI" Ch ii S 

a shareholding to add to a port- Si-dJE*?? the Hh.' 

Folio which aki) iticliMipq ct Qirccuy in IhP doivn-unnor nin- 

Sa Southvaa? aSd Ste loS: ir,ond pla> ' ,hr0lch 2SR per 
,on * cent of MMC and 25.S per cent of 


dormant -Jeannette. 

This raises the intriguing possi- 
bility that the end of its mining 
days might not see the end of 
Western Holdings itself, which 
codld conceivably continue in 
another role within the vast 
Anglo American empire. So per- 
haps brokers Williams de Broe ___ 
have more than medium-term mprril^nnlnrnip^nn ?' Jnt nnte 
reasoning on their side when ^? A 2 uanl,t,e> and not on1y 
they advocate s switch from Free at AsMon - 
State Geduld into Western Hold- * * * 

tngs. 

A bright light that - led many a Tasminex W33 a strong mark®: 
crusade in the Australian mining on Friday at J35p. As previously 
scene has been 'dimmed- The reported here, this notorious relic 


Selection Trust. 

The fact that the latter, with 
its background of diamond-mining 
expertise in West Africa, is be- 
coming such a significant partici- 
pant in the feverish Australian 
exploration rush is doing much to 
foster the belief rhat diamonds 


ebullient iron ore magnate Lang 
Hancock has closed his lively fort- 
nightly the National Miner. J 
use the word dimmed, because 
the paper has been sold to the 
family interests of Sir Asher Joel 
and has resultantly been incor- 
porated in Queensland's The 


from the past has attained pros- 
perity and respectability through 
a wolfram mine in Tasmania and 
has even paid a dividend. The 
latest news is that drilling to in- 
crease the ore-bearing area Is 
giving encouraginc results while 
the big Canadian group McIntyre 


Miner which is printed at Mount Mines is sufficiently confident to 
Isa and will. It la to be hoped, be entering on the second stage 
carry on the Hancock tradition of its exploration option. 


NSURANCE 

June fire damage 
up £3.5m on May 

BY OUR INSURANCE CORRESPONDENT 

WITH the pace, of inflation theme Stop Britain Burning, 
temporarily at least slower, the One-hundred county fire panels 
fire Insurance market must have and supporting groups will be 
been hoping if not expecting organising conferences, displays 
that the country’s monthly fire and training courses to help all 
damage bill _ would show some kinds of businesses to reduce 
signs of stabilising if only for a their fire risks. Courses will 
short while. But .the British show how to spot fire hazards 
Insurance Association's monthly and how to brain staff in fire pre- 
assessment of fire damage in vention and control. A packet 
Great Britain (excluding of publications, posters, leaflets, 
Northern Ireland) shows that guides, technical data and so on 
amount will be available In September 
f25.Bm. £35m up on May from the panel at Aldermary 
ch itself was £2^7m up on Rouse. Queen Street. EC4 at a 
ii. The association's total post of £5 a package, 
mate for the half-year 


to £146:7m and this 


new feature of this annual 
iy week will be the final:- 


Rate Ktven for Argentina Is free rate. 


Without correction for infla- 
this moving annual total is 
£60.5m up on the cost of 
damage for the similar 
period in the 12 mouths 19fifr67. 


EXCHANGE CROSS-RATES 


■OH 

ViHino 'ilKrilxjt 

L'.o. UtAuit 

LteuiteMlUTk 

l-,p»mtoe Im 

fteaefi Franc 

JWI' 7 1 owns 

lliibsu tiuu.Ki 

Ibuitu Lira 

Lana ■» 

curtail Kmic 

rtwwffteritajj 

1. 

1.964 

3^68 

364.5 

8.4 IB 

3.233 . 

4. IBB 

1687. 

3.230 

Go.ee 

u -*S.T3Ster 

0.509 

1. 

1.969 

135.6 

4JZB6 

1.647' 

2.137 

828.4 

1.135 

31.03 


0.259 

0.508 

1. 

94.25. 

2.176 ; 

0.835 - 

2.085 

420.7 

0.677 

15.76 


2.743 

6.588 

10.61 

1000. 

23.09 ! 

8.87fr 

11.52 

4464. 

6.118 

167.2 

KrencE ffmae jc 

X.1B8 

3.333 

4w595 

433.0 

10. 

3.845: 

4.987 

1933. 

2.649 

72.41 

^wfu-enuw 

0,309 

0.607 

1.196 

112.7. 

3.502 ; 

li-. 

1.208 

503.9 

0.689 

18.84 

UuMtriiulfcJOf 

a 338 

0.468 

. 0.921 

86.84' 

2.005 

0.771' 

1. 

387.6 

0.531 

14.52 

Italian lint I.0CV 

0.615 

1^07 

2.377 

224.0 

5.174 ; 

1.988 

2.680 

1000. 

1.571 

37.46 

'^radian Dpitet 

0.448 

0.881 

L.754' 

163.5 

3.775 

1.451 

1.882 

729.6 

1. 

£7.3B 

I'riateiv franc 10P 

1.641 

3.233 

6.345 

598.0 

23.81 

5.308 

6 .807 

8669. 

3.659 

too. 


*BJ$f BATES 

NEW YORK 

Prime jute 


LONDON MONEY RATES 


Ped.'f tmHj - , ?»Wf 

S*«I7'K BX (13-WKK) 6.TS 

TOMorsJWlte (W-WfieU 70S 

GERMANY- .' 


Aug- 1 
liffc 


.11 


Discount gate 

(iverutefer 
Ow- mams ... 
nures' mag tits 
SI* WOBttf 


DlWOWH-Ust* 

UTCrtlste ... : 

Oas'-mams ... ... 

Three mooflfc ; 
SIX MMIif 

JAPAN- ; 
Dttcwnt Raite 

call <UocQfttttioiM& 
BUIS DifltiD0Bt Aau , 


3 

2.95 

3.5 

a.i 

4.15 


94 

13S 

7,4375 

rjsa 

7 .575 


IS 

4.379 
. -4.825 ■ 


merlin* 
Certificate 
of rtepnriu 


i Loom (L«nb< a ““4 
teWrtnai I AaLbority J owe 1 **® 1 * 

{ -lepowt* l W" 1 


Ovamtebt—...' 
itiun notirtJ 
7 ri*v» or 
7rf»vs nou«_i 

One month 

Two mombx...! 
Three month- 4 
Sw monUiB 
Nine month 4 
One veer..... , 
Two vwr.... 


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»A-93« 

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936-01. 

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634-10 


914-91. 

91fl-9i4 

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Local anujotur and Huanc e bouses SeVet* da?*’ nolle* otbera nrau nay, fixed. * Lonjter-ierm local aotborttr uuntiur 
rate nominally three rears IU per cent; four tom tu-h* Per eem; uv& renrs iif per cent. 4> Bank bill ratea in table ire 
buying rrnes for prone paper, Bayun rates for ftmr-mocin bank bin, 9} per p3, [; rtmr -toon ill trade bills '0* Per rant. 

Apc.osiauta selling rates for one-momb Treasury nilte BKS&s? per cs«; and twn-montb 0£>u per cent: and three- monz b 
8 15 H, -827 M t»r cent. Assnolmaie atfflna rate tor one^nmwB bank bin, q w cem; rurwnomh WJHis per cent: aid three- 
month 9*u-H per cent ime-montb trade bills 10 per rant: rwtwnqBtb 10 per cent; and also ebree-momh 10 per cern. 

Finance Htw Bara Rates ( published by tbe Finance Aasocterion) 196 per rani from Aorni 1, 1978. ctearbiB Bank 

DoposB Rates (for small turns at seven dan' notice} «t-7 m cent. Clearing Bass Rates for te«i»ny 10 per cent- 
Traamy 8 Mk Averasn tender rates of discount 8J02S per ««■ '. 


have taken part in qualifying 
rounds, receiving fire training 
along the way The finals will 
be held in London at the City 
University on November 
From time to time, the Fire 

Protection Association aims its 

But one has to Member that propaganda a: architects, whose 
at the end of last year we had job must surely Include careful 
a firemen’s strike and that the consideration of fire hazards in 
extent of fire damage sustained the buildings they design. To 
last winter therefore was help architects appreciate more 
abnormal'. Again, without taking f»Uy the problems they face a 
into account inflation a com- residential course on structural 
parison of the months fire precautions, starting on 
November to January 1977-7S Novomher 20. will be held at 
with November to January l&Tfi- Burwalls, the residential centre 
77 shows that £65.2m e*tra fire at Bristol University, 
damage was recorded. Th e course will deal mainly 

However one juggles with W ith problems of existing build- 
^ is . stage. ins* but will look at the require- 
^rAnrihltrnr th^'SE" 8 mcnIS new buildings as well 

Wl1 ' fi ,0 - W an< j l ^e association reckons that 

‘mprovement in , he counw be nr j nteresf not 
it in ***} terms ' onfv to architects but surveyors, 

hti-ierniin^thf^ Worsen,! l 2 engineers, building control 
SESSL SllSSSI^iS nfficer,! and architectural 

thi teachers. Course fee is f75 and 
Ew applications should go to Miss 
Si Barbara Brown. Of the Depart- 

change: weshallnot^ave so ^of^Tristol^^S 

ST nafor° K* ^ S ^ ^ 
present events .and future 

trends. There are two other association 

There is no doubt firemen's conferences coming along: a two- 
strike or not and whether infla- day one at Eastbourne on 
tion 1 b in Single pr double September 19 and 20 will deal 
figures that fire wastage remains with training for fire safety, 
a national problem. The central security against arson, and 
fire liaison panel, which CO- materials and fire safety, and a 
ordinates nationally the work one-day conference will be held 
of organisations concerned with on September 27 at Sutton Cold- 
fire prevention and includes in fi^id on fire prevention for the 
its councils fire officers, the Con- engineering industry. Inquiries' 
federation of British Industry, on these conferences should be : 
as well as insurers, is organls- addressed to Mrs. S- J. Bond, at; 
log a national fire safety week the association. Aldermary 
starting oa October 80 with the House, Queen Street, EG4. . 

















































40 


Financial Times Monday August 14 1078 


MOTOR CARS 


EUROPE’S LEADING SPECIALIST AUCTION CO. 

VICTORIA & CO, 

PROUDLY ANNOUNCE THEIR NEXT BUCKINGHAM PALACE ROAD 

PUBLIC AUCTION 

ON SATURDAY 19th AUGUST AT 11 sum. 

If you have a fine vintage or classic car allow us to show it to over 2,000 prospective pur- 
chasers and realise its full value. 

Hurry and consign today. We may still have a space for your car. 

Cars already consigned include: 


1936 V12 LAGONDA Saloon 
1927 ROLLS-ROYCE 20 h.p. Tourer 

1947 ARMSTRONG SIDDELEY 
1956 JAGUAR XK140 Roadster 
1961 MORGAN +4 Coupe 

1956 ROLLS-ROYCE Silver Wraith 
Limousine 

1967 ASTON MARTIN DB6 Volanti 

1973 FERRARI DIN0 246GT 
1964 BENTLEY Sill Continental 
1936 ALVIS Speed 25 Charles worth 

1957 BENTLEY SI S/Steel 

1964 ASTON MARTIN DB5 
1933 VAUXHALL 24 h.p. Tourer 
1938 ROLLS-ROYCE 25/30 by Mulliner 

1948 DODGE 4Dr Sedan 

1965 BENTLEY Sill Continental 

1974 FERRARI Daytona 

1948 DELAHAYE 135M Drophead 
1965 TRIUMPH TR4A 


1947 M.G. T.C. Concours condition 
1958 JAGUAR XK150 Drophead 

1961 ALVIS TD21 Drophead 

1969 MERCEDES 280SL Roadster 
1965 SUNBEAM TIGER V8 

1963 AUSTIN HEALEY 3000 

1960 CADILLAC Coupe DeViUe 

1962 ROLLS-ROYCE SCH 
1977 ASTON MARTIN DBS V8 
1957 AUSTIN HEALEY BM7 

1972 JAGUAR V12 * E " Roadster 
1950 ALVIS TB14 Tourer 

1963 MERCEDES 220SE Drophead 

1973 JAGUAR V12 “ E " 2 + 2 

1970 MARCOS 3 Litre 

1961 DAIMLER Dart 

1963 JAGUAR 3.8 “E” Type 

1964 AUSTIN HEALEY 3000 

1971 ROLLS ROYCE S/Shadow 

1961 ASTON MARTIN DB4 

1962 ROLLS-ROYCE SCH Drophead 


PLUS OVER 200 FURTHER CARS EXPECTED 

Prospective bidders must register prior to the auction and leave a refundable £100 deposit 
to obtain a bidder’s card. 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 
U.K. £4 OVERSEAS AIRMAIL £5 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.1. 

Telephone: 01-730 9438/9. Teles: 886838. 




Ctepne/fofors Ltd 


633 CSi January 78 (S). Manual, Reseda metallic silver 
green, green leather, electric sunroof, tinted electric win- 
dows, Mahle alio/ wheels, central locking, blue spot, 
stereo radio/stereo cassette plus auto electric aerial. Only 
6.000 miles. Immaculate. £14.975. 

Phone us for details of leasing the above and other fine 
used BMWs in stock. 

Delivery on new BMWs on application. 


> Cheyne Motors Ltd ! , 

?■'■■■ . • 'iOl -2(33. ; c 6 m 6 riy = v= ,7 ; 

’ Putney/ -Lendon SW15 ' ^ / 

< /'V Telephone T' ' 


S 7 youVe locking for somelhmg 




Experience our ex perience. 

A.F.N. limited Falcon Works. 400 London Road, 
Isteworth, Middlesex. Telephone: 01-560 1011 Telex 261 135. 

Abo showroom at 12-16, Madrid Road, Guildford; 

Surrey. Telephone: GuHdfortl (04831 38448/9. 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


, There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film 
; projection facilities. National Panasonic Vz" colour 
i video tape and Philips 15Q1M video cassette 
! viewing. Electrosonic 3601 slide presentation 
| system. And luxurious private dining rooms with 
extensive catering facilities. 

FINANCIALUMES CINEMA 

AH enquiries to: E. J. Dorrer, Cinena Manager, 

The Financial Times, Bracken House 10 Cannon Street, 
London EC4P 46Y.Tel: 01-248 8000 text 670). 


(Chipstead 


are proud eo announce cheir 
appoincmenc as 

LOTUS MAIN DEALER 
at 

CHiPSTEAD of KENSINGTON 
01-749 7387 
CHIPSTEAD OF 
HAMPTON COURT 
01-943 0971 

Lotus 

HAND BUIIT CARS 




Mercedes -Benz Dealers 

CLOVER LEAF CARS 


2400 W123 1977. Signal red. 
parch, cloth, man., oaa.. radio. 
H.OM miles £6.999 


250 W123 1 9 77 CO. Medium red. 
parch, cloth, crulso control, fi. 
windows, iroirt tinted 9.300 
ml k». C6.995 

Telephone David Jacobs 


CONFERENCES 


Riverside Conference 
Room 

(Suitable for between 12 to 
150 persons) Now available 

Fully Btud (or andlo and visual 
'aciiiiiM. Individual Banks of Lighting 
’or show and exhibition stand dlsplass- 

Superb Riverside 
Restaurant 
(Open 7 days a week) 

rabiv d’hote lunch or dinner £5.50 a 
uead incl- v.\T or choice A la Carte 
nirnu 

Christmas Party 
Bookings 

Now being accepted. 
Accommodation for 300-700 
persons 

Smaller party inquiries also welcomed 
Tel: -Mr. Michaels or Mr. Kamcitaw ai 
London 9M59 T24U or Maidenhead 
<M2S» SHS9. They will be deitBbled 
lo «uoi«* and personally edauro 
success of your funrtion 

S KINDLES HOTEL 

Mahtonhcad Bridge. Bath Road, 
Maidenhead. Berkshire 
•40 mins, from London) 

(15 mins, from Heathrow) 


COMPANY NOTICE 


CREDIT LYONNAIS 
7977/1983 US $80,000^000 
Floating Rates . 


Bondholders are herebr informed that 
coupon No. d of the above- loon will 
be payable as from February 12 1979. 
at a price of USS46.18 per coupon, 
representing 18BI3G0th of an Interest 
Of B l, ir.*t per annum and Cowing 
the period from August loth 1978. to 
February 11th 1979. inclusive 

The Fiscal Agent 
CREDIT LYONNAIS— 
LUXEM'OURO 


Corrected Notice > . 

CREDIT LYONNAIS 

1976/1982 US575,000|000 

Renting Rate* ... . 

Bondholders are hereby idformed that 
coupon No. 6 of the above loan .will 
be payable as from February 9 1979. 
at the price of US«4e.64 par coupon. 
•’wrownMng 784/360 ih atrwr Intenat 
of 9'«^« per annum and covering the 

CREDIT* LYDNNaS— 
LUXEMBOURG 


™E GRMNCRon SSfATE 
COM PANY LIM ITED 

NOTICE 15 HEREBY GIVEN that the 
Annual Genoral Matting of the above 
company for the year 1 970 will b* heiu 
an WMnesdjy. 6th Sentenibei' 197B at 
12.00 hours at the aHSsen Of Mmn 
Wilkinson Marshall . JnSSm 

27 Grain ger Street. Newcastle; noon Tvn«. 
in order to receive the Directors’ Report 
and Statement CM Accounts iM tfM7 Audi- 
tors Report thereon, to declare a dlvi. 
aend : to elect a Director, and to appoint 
Auditors. Special notice has been recehrea 
of the Intention to move a- 1 resolution 
reappointing Mr. Edward - Gibson, who 
attained the age of 70 on 20th March 
1974. a Director of the company. 

■Any member entlllod In attend and Vote 
at the above menti oned meeting N entitled 
eo appoint ■ pnwy. who need, m be a 
"tflnr of the Comoany. to- attend and 
vote on Ids or her behait. ■ ■ ■ 

A- E- CHARLE5W9RTH. 

22 Eiuson Place. S * e 7 t * ry ‘ 

NEWCASTLE UPON TYN4 
NB1 5XT. TYr ?“ 

3rd August 1 978. 


PUBLIC NOTICES 


THE MERSEY DOCKS AND HARBOUR 
COMPAMV 

[NOTICE IS HERESY Gtv£x that the 
‘following Terms and ConcH turns, which 

a "Lam clauses limiting and excluding the 
mpany’s liability, have been revised -and 
• are now effective, vi*.. . . 

1 ] " STANDARD TERMS AND CONDI- 
TION^ .FOR handling general 

2) " COMMON USER TERMS AND CON- 
DITIONS FOR ROYAL SEAFORTH 
CONTAINER TERMINALS 
5J ■’ TERMS AND CONDITIONS RELAT- 
ING TO GROUPAGE AND ASSOCIATED 

SERVICES AT ROYAL SEAFORTH 
DOCK AND WATERLOO GROUPAGE 
TERMINAL. LIVERPOOL/’ 

Cooles may be obtained at tbc address 
below t»y application to t** 7 Finance 
Department. Operations DivIiIoil- ■ 

LIVERPOOL. 

Merseyside 

C3 1B2, . - 


ART GALLERIES 


FI ELD BOURNE GALLERIES. 63. Queen’s 
Grove. St. John's Wood. 586 3800. 
LANDSCAPES .»* Royal AcademWans 
MARBLE Car rings. YOMA SASSURGH. 


EXHIBITIONS 


R.W.S. GAI.I.FBIE5. ZG. Conduit St.. W.l. 
RWS Art Clob and Society of Miniaturists 
Exhibition. Daily 10-5. Sals. 9-SO-IZJO 
until August 29. 


CLUBS 


EVE. 189. Regent Street. 734 055?.. A ll 

E. ,rw g r AH - in. Menu. Three Spectacular 
Floor Shows- 10.45, 12.4,5 and 1.43 and 
music crt Johnny HawfteMWtft 5 Friends. 
GARGOYLE . SB . Doan Street, London. W.l. 

S*?AT BRITISH STRfF 

Show at Midnight and 1 lid, 

Mon.-Frl. Closed Saturdays.' 01*437 6453. 


HOME CONTRACTS 

Hunterston 
steelworks 
rail link 

Final rail link in the current 
developments at the British Steel 
Corporation's Humerston project 
will be made by GRANT LYON 
EAGRE of Scunthorpe, under a 
contract valued At about £900,000. 
The company, a member of the 
Royal* Bos Kalis Westminster 
Group NV. will lay 9 km of 
standard gauge track. 

★ 

GIB DEVELOPMENTS has a 
contract from Vickers Shipbuild- 
ing Group to supply life support 
equipment valued at over 
£800,000. for tbe Royal Navy’s 
latest nuclear submarine. The 
equipment comprises high 
pressure eledrolysers for the 
production of oxygen and 
molecular sieve absorption plants 
for tbe removal of carbon dioxide 
and other contaminants from the 
submarine's -atmosphere. 

Protection for the new Moffat 
gas pumping station— a link in 
British Gas’s bnlk transmission 
system in the Scottish lowlands — 
is ter be provided by GRAYINER. 
Designed to provide a compre- 
hensive fire and gas protection 
system, the contract is valued at 
over £150,000. 

★ 

Amoco UK has placed an order 
for a Seal ion 60 D crane with 
PRJESTMAN BROTHERS. The 
crane, costing about £300,000 has 
a lifting capacity of 60 tons ar 
30 fee*t radius, and a flameproof 
diesel engine prime mover. To 
be installed on a North Sea plat- 
form, this is a pedestal mounted 
crane with a ' triple hydraulic 
pump assembly, providing power 
to the upper gantry structure 
which carries the three winch 
drums. 

• * 

A contract worth £55.000 for 
refrigeration plant has been 
awarded by T. Wall and Sons (Ice 
Cream) to GRAM REFRIGERA- 
TION (GB). This plant will 
operate In conjunction with exist- 
ing development facilities which 
are being -transferred from the 
Wall's factory in Acton to 
Gloucester. ~ It will provide 
refrigeration for the various 
items of freezing, cooling and 
chilled water plants used to 
develop ice cream. 

k 

Four contracts, together worth 
£510,000, have been placed by the 
English Industrial Estates Cor- 
poration for ‘.Tie construction of 
advance rac tones at Crook. Co. 
Dumam: Hatchmoor Industrial 
Estate, Torrington, Devon: St 
Michael's Road, W'idnes. Cheshire: 
and Haydon Bridge. Northumber- 
land. The contractors are A. 
LAX AND SONS; S LEE MAN 
CONSTRUCTION: F. AND F. S. 
WHITE; and THOMAS P1UCKLE 
AND SONS. 

Worth £100.000. a contract to 
supply industrial television 
systems for use in the safe 
handling of irradiated fuel, has 
been placed with MARCONI 
AVIONICS (a GEC-Marconi Elec- 
tronics company). The camera 
systems have been ordered by 
GEC Reactor Equipment for two 
nuclear power .stations being 
built at Hartlepool. Cleveland and 
at Heysham, Lancashire. Cameras 
are also to be installed at Wylfa 
nuclear power station, on Angle- 
sey. for use in a new dry store 
for irradiated fueL 
* 

HADEN YOUNG has an £80,000 
contract for general plumbing 
and effluent drainage at the 
Guinness Brewery. Park Royal. 
Work has started, and is 
scheduled for completion by the 
end of September. Main con- 
tractor is John Laing. 



U.K. TRADE FAIRS AND EXHIBITIONS 


Date 

Current 

Aug. 22 — 24 ... 
Aug. 26 — Sep. 2 

Sep. 3—7 

Sep. 3—7 ...... 

Sep. 5—7 

Sep. 11—14 

Sep. 17—20 ... 
Sep. 13—21 ... 
Sep. 24—27 ... 
Sep. 25—29- ... 


Sep. 26— 28 
Sep. 23 .... 


Title 

International Gifts Fair <d. Aug. 17) 
Etiucanoff'and Communication Technology Exbn. 
International -Motor Cycle Show 
Intertatioital'Watch and Jewellery Trade Fair 
Giftware and Fashion Accessaries Trade Fair 
Electronic Displays Exhibition 
Electrical and Electronics Exhibition 
MAB ‘International Menswear Fair 
Firefighting and Prevention Exhibition 
International Garden and Leisure Exhibition 
Furnaces, Refractories, Heat Treatment and Fuel 
Economy Exhibition and Symposium 
Mailing Efficiency Exhibition 
Petroleum Equipment Exhibition 


Venue 

Olympia 

Holland Park School, WA 
Earls Court 
Earls Court 

Bristol Exhibition Centre ' 
Mount Royal Hotel, London 
Bristol Exhibition Centre 
Earls Court 
Eastbourne 

Nat. Exbn. Centre, Bintfhaa 

Nat Exbn. Centre, RirinTiri 
Bloomsbury Centre Hotel 
Treetops Hotel, Aberdeen *. 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Current 

Current 

Aug. IS— 24 
Aug. 25—27 
Sep. 5—8 .. 


Sep. 3—5 


Sep. 9 1 5 ... 
Sep. 11—15 
Sep. 11—15 
Sep. 12—15 

Sep. 13—17 
Sep. 13—21 
Sep. 19—22 
Sep. 19— Oct. 
Sep. 22—25 

Sep. 24—27 


... International Fair (cl. Aug. 20) 

16th Overseas Import Fair (cl. Sep. 3> 

... lntefriatiohal-HtFi Exhibition 
... International Men's Fashion Week 
.. Third IhteEnational Offshore North Sea Technology 
Conference and Exhibition 

...; Int. Hardware, 'Tools, Household Goods and Gift- 
ware Exhibition 

Internatioatil Leather Week 

International Electra and Mining Exhibition 

...... International Mining Exhibition 

Internati onal Congress and Exbn. on Data 

Processing 

Int Trade Exhibition for Home Improvements 

...... International Engineering Fair 

Coffee Symposium and Trade Fair 

1 ... International Trade Fair 

Exhibition and Trade Fair of the Turkish Textile 

ted ; -Ready-to-Wear Industry 

Quojem: Hardware Trades Exhibition for retailers. 

wholesalers and manufacturers 


Damascus 
Berlin " 

Dj is.se! do rf 
Cologne 

Stavanger 

Basie 

Paris 

Johannesburg 

Belgrade 

Berlin 

Stuttgart 

Brno 

Montreaux 

Tehran 

Basic 

Paris 


BUSINESS AND MANAGEMENT CONFERENCES 


Aug. 21 

Aug. 29— Sep. 1... 

Aug. 30—31 

Aug. 31— Sep. 1... 

Sep. 3—7 

Sep. 3—8 ......... 

Sep. 4—5 ......... 

Sep. 4—5 

Sep. 4—7 ......... 

Sep. 4-8 ......... 

Sep. 4—8 

Sep. 5 


Sep . . 5 

Sep. 5—6 

Sep. 6 

Sep. 7— S 

Sep. 7—8 ......... 

Sep. 10—15 ...... 

Sep. 10-15 . — 


Sep. 11 .... 
Sep. 11—15 
Sep. 11—15 


Sep. 11—15: ...... 

Sep. 11—29 

Sep. 12 

Sep. 12—14 
Sep. 13 

Sept. 13 / 

Sep. 14 



APPOINTMENTS 

Mr. Michael Usher has been 
appointed a director of FLEDGE- 
LING INVESTMENTS. 

k 

Mr. R. A. Crouch and Mr. L S. 
Wallace have been appointed 
directors of HARTLEY COOPER 
AVIATION. 

★ 

For health reasons Mr. Frank 
A. Robinson has resigned as 
deputy group managing director 
i»f HARGREAVES GROUP and 


f 


British Institute of Management: Selection Inte> 
viewing— Theory and Practice 
Institute of Personnel Management: Practical Nego- 
tiation Skills 

Financial Times: World Aerospace 
Ml Inst of Management: Effective Speaking— 
Practice and Coaching using closed circuit TV 
Esoman Value for Money in Market and Social 
^ Research 

British Veterinary Association: Annual Congress 
Brunei Uoiv.:' Ergonomics of Workplace Design 
Local Authorities Management Services: Negotiat- 
ing Skills 

British Farmer and Stockbreeder: Outlook for the 
English Wine Growing Industry 
Institute of .Personnel Management: Work of the 
Personnel Department 
BAC1E: Techniques of Instruction, Part I 
Manag emen t Training Consultants: Current Trends 
in Management and Supervisory Training 
European Study Conferences: Safety Representa- 
tives .and Safety Committees — Making It Work 
Institute of Personnel Management: The Secretary 
in Personnel Management 
Brunei University: Noise in Industry - 
Brit, lost of Management: Management Accounting 
for Non-Financial Managers 
Brunei University: What is organisation develop- 
ment? . 

Inst of Personnel Management: Advanced Inter- 
viewing and Assessment Skills 
Bradford university: Practical Skills of Managing 
People at Work 

Bril. Inst of Manaaement: Unfair Dismissal 
Ahrasas: Synectics— Innovative Skills 
Brunei University:/Prnduction Management and 
Human Behaviour; also — Workplace 
Negotiations/ 

•Inst. jW. Cost -and Management Accountants 
Rummer School; Achieving Productivity and 
"Reward 

Transport Staff College: Strategies in 
Passenger Transport— Present and Future 
M Foundation; Selling Solutions — not just 
White Space 
nst Personnel Management: Manpower Planning 
Henley Centre: Background Forecasts for 

Corporale Plans and Budgets to 1983 
Context Training: Managers' Course 
Inst, of Marketing: Trading in the 1980s 


Parker Street, W.C2 

Hcmingford Grey. Cambs. 
Royal Lancaster Hotel. W.2 

Parker Street, W.C2 

Bristol . . 

Lancaster 

Uxbridge. Middlesex 
Leicester 

Wye College, Kent 

Embassy Hotel, W£ 
Sackville Hotel, Hove 

Leicester 

Kensington Palace Hotel, W.f 

Whites Hotel. WR 
Uxbridge, Middlesex 

Parker Street. W.C.2 

Uxbridge, Middlesex 

Oxford 

Bradford 

Parker Street. W.C.2 
68 Churchway, N.W.l 

Uxbridge. Middlesex 

Surrey Univ., Guildford 

Farnborough, Hants, 

Daily Mirror, E.C.4 
Whites Hotel, W.2 

Carlton Tower. SJF.l 
CaJ6 Royal. W-I 
London Hilton. W.l 


the Board/ has appointed Mr. 
Robert B. Strachair in bis place. 
Mr. Rohineon remains an execu- 
tive director. 

* 

Mr. N. - J- Walker-Robson has 
been appointed a director of 
CROSSWAJLL REINSURANCE. 
The chaimain, Mr. Francis 
Perkins, has resigned because of 
his commitments with BIBA. Air. 
J. D_ Spooner has been appointed 
chairman. 


S 3 


PROTEA HOLDINGS LIMITED 

(Incorporated tn the Republic of South Africa! 

ABBREVIATED 
PRELIMINARY YEAR END 
REPORT TO 
SHAREHOLDERS 

The estimated trading results of the Group for 
the year ended 30th June, 1978, and the actual 
results for the comparable previous financial 
year are as follows: 

Year ended 30th June 
1978 1977 

R176,028m 11167,308m 


Group turnover 
Attributable 
to ordinary 
shareholders 
Shares in issue 

Earnings per share 
(cents) 

Dividends per 
share (cents) 



R8,266m R6,495m 

29,521m 29,521m 

28 22 

14 13 

Hie 27% increase in per share earnings over the 
previous year was due not to any .significant Improve- 
ment in the market (turnover increased by only 5%), 
but rather to effective control of operating costs in the 
favourable conditions taken last year in eliminating 
various loss malting activities. Hie financial structure of 
the Group is sound and it is very well placed to benefit 
from any revival in general bumness conditions. 

The Board has decided to declare a final dividend of 
10.5 cents per share (1977 — 10 cents) payable to share- 
holders registered by the close of business on 25ih 
August 1978, which together with the interim, dividend 
Of 4.40 cents (1977 — 3.5 cents) gives a total dividend 
for the year of 14.40 cents <1977 — 13 cents). 

Johannesburg F. J. Beard 

9th August 1978 Aiden Beard 

Directors 



Dfls 45,000,000.- 

7 m bearer Notes of 1971 due 1975/1978 
of 

REPUBLIC OF SOUTH AFRICA 

FOURTH ANNUAL REDEM PTION INSTALMENT 

Notes belonging to Redemption Group No. 3 
will be redeemed on and after 

September 15, 1978 

Paying Agents: 

Amsterdam-Rotterdam Bank N.V. 

(Centra] Paying Agent) 

Algemene Bank Nederland N.V. 

Bank Mees & Hope NV 
Pierson, Heldring & Pierson N.V. 

Banque de Parts et des Pays-Ba s N.V. 
in Amsterdam 
and 

Banque Generate du Luxembourg S.A. 
Banque de Paris ei des Pays-Bas 
pour le Grand-Duche du Luxembourg S.A. 
in Luxembourg, 

August 14. 1978 


European-American 
COMMODITIES CQNFERENC! 

October 2 and 3, 1978, London Hilton 
An essential conference for all who use. regulate, effect 
and are affected by commodity markets worid-wide-food 
processor, farmers, brokers, bankers and traders 

This is a unique opportunity to hear experts, advise on 
current trends, forecast significant developments and provide 
critical analyses of the U.S. and European markets The 

I conference fe structured by New York University and the Chicaof 
Board of Trade to encourage maximum participation from and 
discussion between delegates and speaker 
I Course fee: $US 310 (including V.A.T.). 

| For further details complete this coupon and return to the 
■ address below: ■' 


Name 


Position- 


Company 


Address 


Telephone 


New York University ff 

School of Continuing Education 
. Division of Career and Professional Development 
34 Stanford Road, London W8 5PZ. Tel: 01-837 3 is' 


34 Stanford Road, London V 


4 . 


* 
















Times A&nday A^tist ' 14' 1978 

-?*S */‘ : V ftp. TriiK “'V .!' ■ 

£*ar. Aiw «**:;• ^ ;l gtete::' ,- Wf 

MTridt '“. •■ .>:wwiwib M nufKti rtret^ 


■*«*! *JW*o teift, "i.7te 




H'S'ywrt ° aH v-ft*i* * Hie 

2.6^ W# ’^ G*n*r«J Tnnr Fund 

M«iS^.JJ255S?- «“■ ?!£z? J'V 


a>reps*Bt 


.na* ciMttos 

Silo. Canal 


Mflrmi TC i 4, WCB «*- ZUS79 X 

sS^iSSS 

n2&®?2 SeS'-W. i touts' mk ' 


WEEK’S FINANCIAL DIARY 


41 


anchaatw _.,.„. 
gft'Woruanr 


■ oryioewD & rwTFRKT paymckts— 


**“Wreo tWCda. Red- 2lAt9 lo»c 

Atowte* Trust- 4<>cDb. 2ps MM “ 


.,, •••,-•• wntMn Trust- 4nrOb. 2pc crefeJ ■ 

WVWPWJ * Wfiwetr : 

wmnwdoi ins. Tr*w Income' ab ;T '■■AaoeUjefl Nnmpaptn 2.959c ' 


B.F. oVsiV&7b and 0.3 3So 

iffi ?8 p a * 7 *-< 

, GWfte*l Laundry. (Worcester) DJ8p 


. a uavnar* (Worcester) djj# i-nasc Mimara 

16 spe-in-a^na Chtafte C^ouo 3.7OT7P. te«f..«1<M 

■h. JO cents - Cto«e1»od n 9pf Bay. Red- ■ 1 3iX«0. IWC 


■h. 'SB cents 
W** Child and Qcney 2s 


Sffiwra SSu"~ * w *“ n25Q 

aSAi"' ?-*■■■ * 

®*irm»ta ON -CcmHBy Ln,ri%»c ' 

SSrtBUQsffi Sfe 2,nOT 

3.7977p. 


TOMORROW 


'•Bit 


CMfltte Patmoilvf 25 cents 

g •■;•:• ‘ 

9«&S &2 BC UudwWe /!«•*•*-«*■ 

COMPANY MEETINGS— 

i ■ mjho {Robert H.) 8, croaiif So.' FX- , 32. i Stockholders Trot*. W». - SKPI. 1 
.- $.. ^VasT**' °* >rt * 9 CmK / H0 * f - Cn«t Yarmouth 7teB«a; |fek~»&f»9 

, J L IJDC ^ • . 

-*• ■ • Srm^LJ-f ntJo " ' 6S «* THO-lit'M : 

HWl Peak 7? a ocBds. Rad. 3AV09 xWasoc 
Blt - Racowtrwdoo- wl 
. Pcvefo pmeotSpc 1 977-8 2 -»!w e- ' --- - 
.hHnotun 9oc8<K. Red. 13SZMO *ksc- 
Jjmalc* StK 1517-52 3pc ,-- .> 

Kemra Soc 187ft, 8= 2feec * 

Lendu Rubber Estates Dr*. &7» J . ~ . 


*g== SB TW 

&i»asj s - , “ y ' 

ft22S«l , 9? ds ii Red - 2112/79 XMitfc 

7to cBt ^- Red- 2li'K7fl 3Ui»e 
£**?* . ' "ternaocma 1 z.OMSu 
Remhla Rubber O.dSb 
5 y"e'd O rd. 6.«i* 

S!2Z‘f w R'*ber Estates D.tlKo 
scowaii Metropolitan Prpertr Db.‘ 31*. 

S-wkm 979.841. Ul A'iPC 
cSuk Hoh *W6s L n . 3 **pc 

&X’S‘,s.r' jm ' ,s s “-‘ 

5‘fPi.we General in*. 2s 

ewj?f*W w 25"®**- Rea. 3H2T79 JBuwe 

1“°“ 7W?ds Red. Z1A<79 3' 4 i*pc 

Th3SS**2“ !'“«***»■ ««*• z lL i7B 3 ' ! ‘*» c 

Thanet 9oc8da Rea. J3T2.-90 4-,pe 
Tridonl 7 V^Bds. Red. 2112/79 S^MPC ' 
Vw" 3 ‘ Xlt * : te l M2 

Warrt netgn 7TaicBcts. Red. 21/2,79 3««oc 

wS« VJS*l 0l *g|gL Red- 19-2/82 5t« 
3‘*lsnc 0r ** ,f * 7 * txjsai - R*d- 2^«t79 
W^refl 9 b. SijoePf. ISZSoc 
W«on Aa mo rose i ShpcPI. 1.9Z5S 
WEONESBA^AIKMISTIS 


The foliowiug is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims of 
finals. The subdivisions shown below are -based mainly on last 
year’s timetable. 


«*■ 

WttjWt* ftltfCSdS. RM. 184.-78 
U.ZoOn 

NsrtlMiroB BteBdS. Rod. 18IBI78 MJ608 
Nunsatan 8UpCBd). Red. 16.070 £12 606 
P/rrbb (J. T.) 3.83SP 
Electronic* Z.ISa 

SaRorfl SUp/BtK. dm. 18|B-*78 £4^606 
Swtb Shropshire BUocBds. RM. 16 878 
£4.2606 

Southend-on-Sea BUpe Bds. Red. 1981-83 
4 Hk 

1 *SS9ff 22*P m ' m *' toc * as - RaL 

Wlltshlm B<«pcBda Rm. 1616-78 £4.2606 
W retain BUpcBds. RM. 16.-8.78 UJ6 06 


Needier* 

Re* Bn». 

Royal Dutch PaMeum 

Royal Insurance 

Shell Trans oert and Tradliw 


George Howl. 


Transport Development 
Wood house and Rhoon 


Negrem and Zambra. lOO. Breed Street. 
' E.C.. 12. 

Town . and City Prop.. 1O0. Old Broad 
Strret. E.C. 3. 

Victoria Carpet. Green Street. Kidder- 
mliueer. 3. 


Tabe In**.. 
Woo (worth 


THURSDAY, AUGUST 17 


COMPANY MEETINGS— 


BOARD MEETINGS— 


8OAR0 MEETIHC 
Fhtatn 
|M In*. 

IPeMrt 

Iltai and National Trnar 
Electric IntnL 


. O*’ 

Jfi 


COMPAAIY MCCTWGS — 

. Metropoi* Hoeel. Birming ha m, 12. 

^^Cflooert*. 333. Banbury RmST i&tert. 


FMbs 

Ewart Naw Northern 

Carlo rd-Llllnv Inds. 

Metodv Mills 
Regional Pwns. 

Webb aoserti) 
interfCMt - 
Barrow H ep b ur n . 

Brflamrle Assurance 
BrltUh Aluminium 
Dreamland Electrical AppllaneaB 
Maoralde Treat 
OINcs Paper Mill 


T&ar Ott a’nc/ National Mllllitfl 


DlVIOeNO * REST PAYMENTS— 
Adur Btapcfidi. Red. 16.8/78 £4.2606 
Cambridge BteBfll. Red. 16.8.78 £4.2608 
Decorum Bp 6 1618/78 £4.2606 

pjvefRry £ege*0s. Rea. 16(9:78 £4.2508 
tin Swted • 8l«peBds. rm. 16,*78 

E ®?a &«6W Mwo " «“■ 

Great NortMCp^ In*. Trust i jao 
Hackney BS^frRed. 160GB £4 .2608 
Harr/sons '8R8. Crosheld I7.4p {subject to 

"sSfc &sr ,orv ' *'****>• **-. 

Kn owiley *£££ B *4. 16/s/7b ca.a 806 
Lancaasr B ta PHMla Red. T 6/8/78 £4 2606 
LVaneW avSteTfied. 18W78 £4 T|w^ 
. 8l - c "«- IBW8 

Moeis (tobetp 1-06696P 


Allied R cUHers. Strathallfln Hotel, am- 
m/ngtiam. 12. 

Carcio Englneirttid. Oueera Hotel. Leeds. 3 
Greene King. Theatre Royal. Burr St. 
Umunm. SuSolk. 12. 

Scottish and Newcastle Breweries. King 
James Hotel. Edinburgh. 12. 

Svmands Engineering, Great Eastern Hotel, 
E.C.. 11.38. 


BOARO MEET IN 


fme 

U«0kS GowyrtOfl 
Fiat Scottish American Trust 
GeHer /A. and J.) 
lacks- (William) 

Norton, and Wright 
In l e t m a t 


DIVIDEND A INTEREST PAjTMEbnv— 

Baker Perkins 2.*p 

CaldcrtJjle 1 1 lancBdv Red. 13/880 VisdC 
Chester l2pcBth. Red. i;i«l 6ot 
Chrtwrn llhmc8dS. RM. 1318.-80 5 B i«pe 
Davis {Godfrey, 2.53517Io 
Exeter TOpcBdt. Rep. 161879 5PC 
Groat Norttiem Teiaorapn K r . G-*8 
Greene. King 4.5787c 
Haringey iZocSus. Red. liaafil fipc 
Lanark IDpcBds. Red. 15/8-70 SBC 
Langoaurgh IZpcBds. Red. iZ'Bvfll Bpc 
P llklngton Bros. 5.763 d and D.D87p 
Rhymner Valley TOocBos Red. 15/879 
See 

Rosourgh M iinc/Ms. Red. 15/D80 '5*i*M 
Setapno Rubber 6.3927 Sd 
S outh Tyneside H'aPcBds. Red. 13«'?0 
S*mPe 

Sleet Brefc. Cgmutsorv ton version of me 
S SpcNon-Ciim.Cnv.Red. pj, snares or re- 
payment it par Meet ion lor- repayment 
not later than 418 78) 

Vale ot Glamorgan t0pc8ds. Red. tSr®r79 

Virtoria Carpet 0.9701 d 
W est Lothian lOocBds. Red. 15/8.79 5t>C 
Westmlnner 10«Bds. Red. 16/8,79 Spc 
Wfmbonw lOgcBds. Red. 1KW9 Spc 


IngMyb Care OotMng. 

Huddertbem. 2.30. 

May and Husell. Grand Hoi«. Bread 
street Bristol. 12. - 

Pater sen {R.». 77. ChartotNb C teBow. 

11.30. 

BOARD MEETINGS— - 
Finals: 

Gold Fields o' South Africa 
Investment Co. 

PifCO 

Stirling Knitting 
_ Interims: 

Pye Holdings 
Ward Holdings 


DIVIDEND & INTEREST PAYMENTS — 


Ashdown Invest. Trust t.So 

Bath and Portland l 6p 

Ben Bros- 0.767p 

Brabv Leslie 3. 2 So 

Braid 0A7S82P 

Breni Chemicals mini. Z.OIp 

Combined insurance pi America 26 cures 

Dundcnian 1.1796a 

Guardian In*. Trust 4':pcDb. 2 pe /195*i 

Hilnu 0.2736D 

Jotori Tea 6 kP 1. 1.61 lac. 

LCP 2,790 

Newcastle upon Tyne liijpcBd*. Rod. 

161181 Stage 
Piccadilly Theatre 1 .7 Bp 
Scapa la 

Scottish and Mercantile In*. Orel- * NPH- 
Vw. ^ p 

Standard Chartered Bank 1 1.&00&> 
Symonds Engineering 0.9Z045P 


Alight and Wltaaa 


Cerah 

E»ode 

Lex Servlca 




FRIDAY. AUGUST 1> 

COMPANY MECTINGS— 

Ariel Ind, AUen House. Ldcemer. 12. 


SATURDAY. AUGUST 19 
DIVIDEND ft INTEREST PAYMENTS— 


Caterpillar Tractor 45 curt* 
PMeraeo <80 1.51 p 


NOTICE OF REDEMPTION TO HOLDERS OF LANCASHIRE COUNTY COUNCIL 530,000.000 9\% BONDS T978/8T 


^ J’ Wnb L et ^._ b f* n ... dra -" rUcmptiori ot. ISth September 1978 at the reception price of 100% of the prindpa! amount 


d 


4 ; - A,- • 

4S ■- -* 48 — 

112 Ilf . .T 119- 

181 132 1B4 

258 282 . 274 

312 313,. 214 

.»» *B* . .- . -293 

440 44Z* - :-445- 

504 SOS SOB 

SGJ 557 . . S6T ' 

Ml . MS 

6B7 7QB. ■ ■ . 709 

767 773 - -. 774 


813 816 
865 872 
936 937 


ere\ 


982 
1042 
1097 
1145 
1235 
1288 
1355 
1435 
1454 
' 1558 

' ;ss 

1699 
1755 
; 1825 
1889 
1957 
2015 
2068 
2156 
2217 
2209 
2346 
2399 
2496 

tut 
2680 
.-2741 
2811 
2865 
2914 
2976 
KMB 
3T1D 
3167 
3212 
3303 
. ‘3364 
3446 
3306 
3568 
3628 
3675 
37S2 
• 3831 

3l*99 
3952 
4009 
4070 
-4131 
4193 


983 

1044- 

im 

-1238 
1293 
1356 
1437. 
I486 
. 1SS9 
160Z 
16S7 
1700 
1759 
1827; 
1032 
T9S9 
2021 
2069 
2159 

■inrt 

2293 

2347 

2416 

2505 

2556 

2626 

2682 

2744 

2813 

2873- 

2918 ■ 

2985 

3055 

31T»- 

3171 . 

3214 

3307 

336Z 

3*49- 

3512 

357*’. 


«2A . 
574 
■ 942 
9B4 
1050 
1103 
: 115B 
1 241 
1296 
1357 
. 1442 
1489 
‘1561 
1606 
1656 
1702 
.1770 
_ 11829 

- 1SB5 
1961 
2031 

, 2095 
2171 
2328 
2295 
2348 

- 2411 
2507 
2565 
2628 

.2685 

2754 

-2817 

2874. 

■ 2920 
2986 
3057 
5115 
3179 
3237 
*3310 
.3382 
3451 
3514 
3578, 


13 

54. 

122 

■' 276 

. 521 
397 
447- 
513 
563 
629 
710 
775 
825 
875 
947 
9B7 
1052 
1105 
1168. 
1242 
1297 
1364 
.1443 
1492 
1562 . 
-1610 
1660 
: 1705 
-1772 
.-1B37 
■1920 
1967 
2033 
2096 


IS , 
61 ' 


124 

166 

277 

322 

398 


514--- 

566 

634 . 

716 

776 

829 

«7»- 

951 


19. 

65 

?tr 

280 

323 

399 

■449 

516 

571 

63S 

721 

777 

831 

862 

952 


130 

32 

236- 


■mi 


,■6*0.-. 
-. .729 

■m 




1058 

-. mo 

1175 

’M7 

1300 

1369 

■.-?» 

3S»'’. 


1057 


■: 22 

BO 
-132 
.200 
■290 
34B 
405 
460 
523 
■ 585 
641 
735 
782 
8X6 
. -837 
954 
999 
1055 


26. 


will become -due" ami payable on 15th September 1978. Interest on each such Bond will cease to accrue on or after such <*»»» 


81 


4314 

4377 


3634- .<-3636 
3676 3679 

3763 3764 

3533 3537. 

3900 5901 

3961 3966 

4015 ' *016 

4074 . 4075 

4136. 4139 

4198 : .4204 

4262 ,-4263 

4315- : .y-4316' 
4395 


2177 
-2233 
'2296 
2353 
-2416 
2511 
2568 
2630 
2686 
2761 
‘ 3«2* 
4876 
2923 
2998 
30SO 
3118 
3181 
3253 
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3362 
3452. 

, 3516 
35B3 
3639- 
- 3704 . 


3772 
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3902 
3970 ’ 
4024 

«?- 


4273 

4322 

4397 



.44*1. 

.4443 

' 4463 

4519 

4S2T 

4532 

* 4526 

A57S 

4579 

45ft! 

- *599 

4658 

*661 

4663 

466ft 

4713 

4714 

• <4721 

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4764 

*7601 

4773 

4774 

4439 

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•••• 4844 

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-- 5005 

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5087 

5136 

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5/141 

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5190 

5101 

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5242 

5248 

52S3 

-525ft. 


' 1614 
1861 
1707 
-1779 
1B40 
1923 
1 ;1975 
2037 
2105 
2V7B 
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2297 
2155 
-2422 
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2572 
26A0 
2689 
2763 
2628 
2882 
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3063 
3119. 
-.9163 
32S4 
3322 - 
■3364 
3456 
* 3539. 
3SB7 
3642 
1705 
■3779 . 
3849 
3906 
3971 
4025 
4090 
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4208 
4275 
4324 
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1064 

11V1 . dais . : 1117 
1162 - '=1369^- .1191 
1249 " . 1254 1257 

1307 - 2313 ;• 1314 

1370 • 1374 , 1386 

.1456 S4S6 -.1459 
. 1 502> - -ISO?;- -*'13509 

_ ■ 1S77 

1622. 1625 

• IMS' :iB74 
iTSSr.'. -1721 
.17»0\l.N1 
".-ladSA." -1846 

»v..-3SS 


1568 

1616 

1664 

171*- 

1781 

1841 

1925 

T905- 

2040 


.1987 r V 1968 
-20*3 2048 

am .^siu 1 -— ails 

2180 ‘2i«.t ~,-2T8S 

2247 '225* 2259 

2305 JSS:',' 1 12310 

2357 ,-. ari',-- 2370 
2*35 S»- - - |**1 

2517 .2559-. 2520 

2574 - -2574- . -2500 

2641 '26& r 2645 

2691 - • - -2B9* . 2700 

2769 S77IT*-: .-2774 

.2829 . v- .23S3’.^t^2634 
Z«SS --2894-,' 2597 

2934 -2935 . .. 2948 

3005 '3O0B.-:\ .-3010 

2065 3067 '.3071 

3121 — -, 3624-. -'3126 
-3184. ■ *185 „ -3166 

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*3324- -3325 

:. .3394-.- ■_ 3395 
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3593 

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im 

3779 

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16298 16X00 

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16399 16400 

16487 16*91 

16578 1S5B2 

16613 16614 

T 6870 16672 

1673* 7674D 

16825 16829 

1686* 16885 

16947 16964 

17003 17005 

17057 17067 

17126 17129 

T7214. T721S 
17281 17284 

17334 17340 

173B7 17568 

174*0 17443 

17*93 17*96 

175*6 17549 

17614 17517 

17665 176B6 

17706 17707 
177*9 17750 

17808 1 7812 

-17889 17891 
17962 17963 


18032 

18083 

18176 

18227 

18289 

18367 

18*53 

18515 

18508 

18635 

18693 

18785 

18837 

18891 

18944 

19017 

19078 

19160 

19199 

19248 

19291 

19344 

19420 

19467 

19533 

19593 

19667 


18035 
18086 
181 BO 
18229 
18294 
18373 
18*55 
18516 
1B590 
18636 
18698 
18787 
18842 
18893 
1B9S3 
19018 
19080 
19165 
19201 
19251 
1929* 
19352 
19424 
19470 
19540 
19597 
19673 


19725 19730 

19798 19800 


20150 

20217 

20Z62 

20321 

20378 

2045*. 

20509- 

20560 

20631 


19854 

19H96 

19959 

20009 

20079 

20156 

20222 


19856 

19902 

19962 

20017 

20080 

20364 

20225 


20265 20274 
20a23 2y326 


21 31 S 

21399 


2*627 21628 

21697 : 2T707 


21764 

2 = *73 


21771 
21*10 
218*9 21892 21895 

219*7 2 1 949' '. 21951 

22036' 22042 

22HO 22127 
2=7 W-V 27'93 
=774* 223*5 

2=283 _ 222"* 
27138 2?SV» 

22413f> 22*14 
2=*67 . 22*71 
3=515 '-.“22523 
:356ft... 22 573 
72630 .22630 

=2686 - .22687 
32762 , 22755. 
37812 -.. 2281* 
22B70 =3979' 23081 

22929 2=930 . 22933 

. 1 QRt- " TTGU 


1 = 02 * 

f 2 1 1 5 
21*1 
23=37 
72273 
2?y*5 
22*12 
22*53 
22512 
22561 
226=* 
22679 
22760 
22804 


22980 22981: -' 2298* 

23035 =3038 . 230*0 

23111 23113..- 23117 

23176 =3182. - 23191 

232 73 2 3278^7 23288 

23381 23365 23371 

23419 =3*25.. 23*85 

21*93 23501... 23902 

23572 =1577 ■ 23579 

23624 2 3632 J. 23636 

2368= =Z«85 i- 23698 

23743 2V749 V237S2 

. 23*19 1**20 . 73*31 

23B9S 23906 

23955 =3951 1 i. 23962 

2*002 7-J " 240*9 

24039 240*6 7^.24052 

241 00 =*’pT 24105 

24154 2* '65 - -.-24177 

2*238 2f;f*'r-'2*2*5 

24313 =431*.. 24X15 

24T71 2*17* -2*175 

244 38 =**f9 ;*2/4M 




973 

9784 

9837 

9924 

9993 

10055 


10119- 10122 
.10176 10179 


10243 

«T 

•10370 

10437 

10538 


102*7 

10=98 

10371 

10438 

10542 


244*3 Z-H2-.S 24501 

24 593 24 5*9 -Y. 24808 

2*661 =*663 2466* 

24705 2^SJ.:J*7 08 

24771 2*772 ■%!,'77S 

24835 :/tU liMMS 
24*95 2*525.-34910 
24980 2*987 ^24988 

2 5033 2503* .. 25036 

25099 2510* -25106 


2080T 
20B72 
20949 
21018 
21DB0 
211*8 
21203 
21259 
213*1 
214-1 1 
= 1407 
2TS46 
21*31. 
21702. 
21774- 
-21 •51- 
2190V 
2 1959 
22045 
22135 
27197 
22747 
=2287 
2?X*6 
22*17 
22472 
22526 
2*57*- 
22641 
22697 
22788 
228=0 
22882 
2293* 
22987 
230*1 
23125 
25193 . 
23291 . 
23375 
27*36 
23503 
23S8T 
23639 
23689 
23760 
23032 
23909 
23967 
24010. 
2*053 
24110 
2*179 

=4250- 

2*n6 

2*3*1- 

2*451 

2*502 

2460* 

24668 

24715 

2*779 

24849 

24921 

24990 

25042 

25109 


20387 

20*01 

2051 2 

20563 

20642 

20696 

20756 

20813 

20879 

20963 

21029 

21091 

21153 

= 1209 

21266 

21357 

21419 

21497 

21563 

21637 

21713 

21780 

21839 

21904 

21971 

=2051 

22138 

22202 

222*9 

2230S 

22358 

22434 

22476 

22532 

225B2 

22644 

22700 

22773 

22625 

22889 

2=939 

23000 

23044 

23138 

23202 - 

23302 

23379 

23439 



10584 

10587 

10589 

10600 

10602 

.. 196*2 

106*4 

106*5 

10649 

10655 

10726 

10730 

T 07X2 

10733 

10742 

1DT79 

10750 

•10789 

-10793 

10795 

- 10SS2 

: 10857 . 

10660 

.10562 

10963 

10925 

- 10927' 

10928 

- 10929 

10936 

10970 

10981 

10085 

10986 

10992 

110*8 

11050 

1105* 

nose 

11057 

„ 11109 

1111* 

11115 

•11120 

11123 

■ 11190 


11194 



11259 

11260 

11265 

iiaes 

11=7* 

11300 

• 1*311 

11321 

11322 

11323 

5 . , J 



% 11415 


■ten 





-.11531 

11536 

11551 

113SZ 

11S61 

I'M 

11608 

11617 

11613 

11617 

11678 

11660 

11683 

11608 

11721 

11723. 

11726. 

11727 

11737 


11800 


11809 

11827 

11875 

11076 

11808 

11889 

119=0 

T 1926 ■ 

■11920 

1193* 

11930 


251 85 S 5IH '-35190 25191 

25242 25=48 ;.25J*9 2S2S5 

25295 2S296 ,-.25301 25304 

2S3S2 =5356 .j*. JS365 25367 

25405 2S*0T .'.3 5403 a5412 

25465 25*69 * 45475 - 2S477 

25527 2E.S30 S 2SS32 25534 

2SS91 j3S5«4 ■ 25597 

25629 25^31^25437 25643 

25698 25700 : <35708 Z571 S 

25782 257*4 -25786 25791 

25819 zSj‘0 -251*24 

25895 =5897 / 25^0, 

25962 2S9<1 -V2S975 

26045 2fi?53-^60i* 

=6102 26”?' --2B119 

26179 26181 -28187 

26=29 2*239 .'46349 

26329 =6335 >.'2fi3 3 8 

26382 26391 '■ Us U 

26491 26*50 26461 

2652= =65=4 ..=6526 

26802 26603 -2681* 

2*863 26665 25573 


258=6 
25906 
= 5976 
260 56 
26120 
26190 
26251 
263*0 
2639 B 
26464 
26528 
26615 
26676 


20305 
20457 
20505 
=0562 

207SO 
20811 
20877 
20950 
210=2 
21088 
= 11*9 
21207 
21260 
21340 
2T41S 
21492 
21556 
21635 
21708 

217-9 

21637 
21903 
21960 
22050 
22136 
22198 
222*8 
2=301 
227X2 
22418 
22*7 3 
22527 
= 579 
2=6*3 
22698 
22769 
=2822 
22887 
22938 
22999 
230*2 
23131 
. 23200 
23300 
23377 
23*37 
23513 2351.5 
23582 23583 

=3648 23650 

23696 23699 

2376* 23767 

2T®38 2»»43 

23914 23917 

= 3968' 23969 
24011 2401* 

2 4058 24062 

2*11= 24118- 

241-3 2*1*4 

24256 24258 

24317 24318 

- 243*7 243»S 

=4453 24455 

24SD3 24513 

24605 =4607 

24669 24672 
24718 24719 

24701 24782 

24850 24852 

24928 24930 

2*992 2*995 

250*3 2S044 

2511* .25116. 
25192 25195 

25259 25264 

.25311 25315 

25399 25372 

• =54 1 4 =5*10 

25*78 25481 

25541 25542 

=5509 25903 

256*8’ 25S50 
2571 S 25723 
25792 25794 
25*29 =5835 

25907 25911 

=5983 259*5 

■ 2FQS8 2W61 
26121 26124 

26102 26200 
262S7 26269 
26343 26344 

26405 .26408 
26*69 26470 
265*0; 26541 
26617 26618 

26679- 265*0 


12000 

sr its# 

*8:. imi 

S .12216 


iassa V- 14801 126W 

12660 --12668 1=670 

12707 12708 :. ¥2718— 12727.. 4272ft; *6750- 1275 

1381* 'ffX0:-.V.na%>'-\12825- -lag* IMS. 

12872 '12877:. -12087 12091 12095- r 12894. 12B98 

12027 -TzSSx^r .««*?. 'T2939 - - 'laMUr-eMSST- 1M45 
1=9 DO • 12986 T3W87 12»?S “ ??*** ^17991 ' 1299? 

13050 15052 *15035 ‘ -taOM 

13091 ism* sfflft-'.’ 13096- 
1S14B -t3*47.<. :13»4B ■ 13150 _ 

T3195 13204 - .1=18 •' 1322* 

1X295 1329ft ... 1X290 1 3300 

TS364 •1336#^ 13370 

1X427 : 13423 13429 

*348= - r 15885 -1348ft 

13572 ’r. .13575.-. 13577 


124 OS 
-12465 
12561 
12628 
.“«R 12693 
jWjft 12746 


;J2Saa 128*8 


130*2 -.13044 
ISOTft *13167 




13363 

1541ft 

13*78 

13860 


130*7 
13% 06 

13162 

T3Z2X rrSUJ'- .15228 
13301 13306 .. .13309 

t5372 33373 ' 13376 

13478 13430 13432 

13 SCXZ . 73803 13507 

13578-- 13379 . - -.13590 



12001 
12034 
.12006 
12164 
1=19 
12=53 
12360 
12*09 
1246B 
1 2587 
12640 
12696 
12752 - 
12850 
12910 
12958 
13006 
13068 
13127 
13172 
13272. 


13837 13659 • 13641 .13550.- .--1 3636 .t35S« .1365® 

1 3705 * 5714- *1372? 1S737 13735 «J3S ■. ' -15740 


13770 1 3704— .13788 . 13790 21H1 • ’3JM- *5797 

1 3839 130*5' “fM6S * 13864 T3M5 13067 1387= 

13906 13908 -7 *3910 . i 301 V 15914 1MI I .13920 ' 


J3317 . 133=5 ■ 133=7 

IJMf -ISH- 33380 13390 

: 75551 ! wsfl 1 3*bz 

13S15 ,. jltalft. 13514- 135=8 

' ^SSS 13609 

: 3S2?' ,3 M7 1 3602 

T3701-. 15762 ■ lays* 


|J»= 


13957 ' 13970 .'13972 

'•180=4 140S8-.. 14417 

.14090 .1*1=1 14*02 

14137 - 1*139 ' 14140 

14107 . *4190.1419* 

1*233- - 14239 .14242- 


13982 

i*ts=- 

14105 

14141 

1*195 

1*25B 


T38« 

13076- -~r 13880 13184 

13923 .,138=5 . 15920 

1.40*2 c-JW.. -14050 
1*107 T.tMDft'-'iTifE 
14*42 1141SB i-TAUD 

14198- ■ -,1419ft - i SSi 

1-43*1 .JUg- 14345 143*7 - 14340 

T"?" ’ IS??- 14410 ’ 14411 14412 


144*? - ItM?; . 1*445 1*463 


13M7 T3950" la^S 

.14018. 1*015' 1M=2 

14035 1*088 14089 

14™ . 1*131 . 141W 

1*183 1*184 . >4585 

14X00 14307-' -1450ft— ;i*3*4 .1*3 16'. 1*330 1*%31 

14165 14559 1<m ■ : 1*300 *4380. T45B1 *43« 

iiafs 14424 ' 14*23- 1**30 1*433' 1443S' ***» 

lull 1*S0=. 14905 14505 1*911 1*914 2151® 

l*t*S 1*549 *4584 . 14595 . 145M 14S6S 1*570 JIfiS7 -t.cj, -vrr; 

X*eal 1460*- ■ .140rt.-.-‘-'W8W-.— Tftftaf MSJ* --1*635 14|*' 44544 14648 

m-M ?*■ ‘88b.: .-dejffl'- « 
sjI h# aB’.-w^wg* am 

18077 .15078 . .13083 . :T|0W^ . 1509V *M98 


13807 - 

13888 

13930 

13995 

1*054 

14119. 

14161 

14207 


12002 

12035 

12089 

1=165 

12220 

12293 

12365 

12421 

12*79 

12E70 
12641 
12697 
12766 
12851 
12913 
12959 
13010 
13071 
15128 
13173. 
18275 
. 13334 
13395 
T 3*63 
13531 
13610 
13684 
13765- 
.13013 
13890 
13936 
14001 
-1*058 
14126 
1*156 
14211 
14280 


12003 

1=036 

1=090 

12180 

12224 

12=97 

12388 

12423 

12486 

12575 

12642 

12700 

12788 

12855 

12914 

12966 

13012 

13076 

151X1 

13180 

13277 


12004 

12038 

1209ft 

12183 

12=29 

12298 

12369 

12423 

12499 

12583 

11647 

12702 

12799 

11959 

1291 S 

12968 

15021- 

13081 

13152 

13183 

13279 


26704 26109 . *B7t3 JB714 =6715 2S716 

SlUo ' • 2* 1*7 26758 36761 26763 

=6794 26799 -=6B0 J 26803 26811 2681 5 

26B37 Mg39 *' 26845 - 25B5* . 26880 26863 

26000 =6902 '. - 2691 S 269*1 2692* 26932 


269S6 

27017 

2707* 

=7141 

27201 

27=79 

Z7314 

27J94 


5S2?fl tgssa 

27018 ,. 27020 
27077 27084 


271*4 

27= OJ 
272 BO 
273I| 

27X95 


27*45 =7**7 

27493 27*“ 


Hi* 5 

pf 

2732 T 
£7399 
J7449 
=7*95 


26962 

27021 

27085 

271*7 

27211 

27=85 

=7328 

27400 

27*50 

27506 


26965 

27028 

270P6' 

77151 

27222 

27286 


26968 

27030 

S 70HB 
7161 
2722* 
27=89 


27330 2733S 
274C1 27405 

27*52 27*57 

27508 27 509 


77569 2<|70 .-M57* =7577 27580 =7591 

27527 =76*5 276 33 2 76*5 275*7 27650 

2 7701 =7703 =77 1 0 77712 2771* 27718 

27TS7 2T7 *} • ^ 27763 2776* 

478 27 

27903 


13340 13549 

13397 13407 


13*65 

135*4 

13611 

13686 

1IT67 

13021 

13891 


13470 
13547 
. 1362S 
13687 
T57S9 
13531 
1389* 


13937 .13940. 
14003 1*006 


1406* 

1412B 
1*160 
14217 
14283 
14355 

14413 14415 

14459 . . 14*60 1*464 


1*065 
14129 
14170 
14220 
142 8* 


Mgi .: J*S*.:-»43=5 • 14527 14S38 14537 V* 

1«15 cH2?5 .-105ft* .1*588 1*550 . 1*590 1* 

14551 '1*ftS4 ' 

. 14728 
14797 
1*882 
14893 


*540 

4582 


1*707 

1*777 


■T471AC 14722 

.»/a . . 147S5 


1*8*4 ' -'1* 5*9 ^1*851 


1*888. -;-.T469T7 1*892 


14720 

14802 

14832 

1*894 


146S6 1*658 

1*727 1*730 
14803 1*80* 


. .15100 

.15171 15173 - ,15175 


'"'-'viSS-'-lf® 4 * 1*953 - 1*958 

15911 159?*'- JSCX2 150*6 150*9 


1515® : ijfl jg.j.^15- 15126 ' 15132. 


-15177 


80 - .15151 . 15303 


14056 

14904 

1*060 

10055 

15133 

1518* 


14358 . 14X61 

1*420 

1*488 
145*1 
14597 

1*605 

14740 
T4810 
1*862 
1*900 
14966 
15007 
1S14S 


1*859 
14908 
14903 
15084 
1 5142 

isiaa-. ism 


2782* 275=? 

=7886 2789? 

27948 279S6. 

280=7 2BH29 
28091 2J0?| 

=81=8 25’J? = 

28203 =B=?S ■ -28=13 

38265 =«!6| =5173 

28823 2J329 

2*412 28*17 

28479 =8*05 

5 854 6 29|*7 

2605 28616 

Z8SB9 2SB«= 

267*8 28750 
28813 2 881 6 

2 8860 2807^ 

28962 28964 

29033 =903* 

29070 2607* 

29163 S9’70 
29216 =9S'5 

29=89 29200 

293*1 293*? 

29*09 29411 

20470 =9*91 
29553 2956| 

29631 29632 

29688 29889 

>745 297*7 


IS 


27828 
— 27906 

=79« 27974 

=5038 28044 

=■095 28090 ■ 

=8=4* 261 47 
28=15 . 

*=--- 28277 

=8331- 28340 

284=3 28424 

=8494 

*5|5l 2SS5X - 

=K=5 =0626 

=«700 .28703 

1553 =5755 

2W25 =8929 

28BBS - 

55*07’ 28980 

-40038 290X6 

« 23 07f =9080 
172 29175 .. 

219 23222 

SJ2S8 .23299 
2?347 29349 

2«12 29*15 

-=0*93 --Z94S4 

S2S5 .ggg 

?f?4» 20756 


777F8 27777 
27835 27842 


Z79C9 

27975 

.280*5 

28103 

29160 

28=16 

U2S3 

28X51 


27911 

27981 

28047 

28*04 

2BTRB 

28=20 

25295 

28357 


15225 
15294 
1S35D 
15437 
1 5505 
15546 
1 5596 
15638 
15695 
15767 
15859 
1 5906 
1S9B5 
16056 
10102 
167S8 
162Z5 
16301 

16350 
1S416 
16493 
15585 
16615 
16677 
16741 
1683S 
16388 
1696S 
17007 
. 17068 
17140 
17222 
. 17287 
.17344 
.17392 
17444 
17*97 
17550 
17623 
17670 
17708 
17756 
17817 
17903 
* 1/973 
18057 
180B9 
. 18185 
18ZSS 
18302 
18379 
18*58 
18519 
18591 
18637 
18701 
187 88 
18843 
18894 
18956 
19019 
19081 
19168 
19204 
19252 
19=97 

19360 
19427 
19474 
19544 
19606 
19677 
. 19736 
1 9802 
19O&0 
19906 
19974 
20022 
. 20081 
20166 
20226 
20279 
2uJ35 
20380 
20*64 
=0515 
20565 
20643 
2 0701 
20758 
20815 
20882 
20961 
21030 
21093 
21154 
21211 
21269 
21359 
21421 
21502 
21566 
21643 
2171* 
21783 
21852 
21906 
21974 
22058 

22141 

2=203 
22252 
•- 22307 
223*0 
22436 
32477 
22536 
22584 
22646 
22703 
22779 
22S26 
22894 
2=945 
23003 
23059 
23137 
2X211 
23307 
23381 
234*0 
=3523 
235<*5 
23651 
23793 
*3776 
238*9 
2X070 
239=0 
2*019 

2*064 

J41Z2 
2*’ 1*6 
24267 
2*320 
24X08 
.3*458 
24532 
24608 
. 24678 
2*722 
2*793 
2*855 
2*935 
2*998 
25046 
15117 
25200 
25266 
25318 
25373 
2S421 
25483 
2554 ft 
25608 
ZS651--- 
25727- 
257*16 
258*9 
•25913 
25993 
26070 
=6125 
26=0* 
26772 
=6353 
26413 
26*73 
265*7 
2F619 

2668S 
Z&TJ7- 
26764 
26819 
26864 
26934 
26W9 
27039 
27100 
=7164 
27228 
27=92 
27337 
27*21 
27*50 
=7520 
27595 
27553 
27721 
27783 
270*4 
27013 
279RS 
280*9 
28105 
28169 
28230 


15231 

15234 

1S237 

15239 


15243 

15245 

15262 

15=66 

15299 

15300 

15306 

1 5X07 


15312 


153=5 

15327 

1S360 

15361 

15365 



15377 


15301 

15392 

15430 

15443 

15*46 

1546S 


15474 

15*77 

15470 

15462 

1 5606 

15507 

1S5DB 

15509 

15512 

15516 


15528 

15529 

155*9 

15561 

15565 

15S6S 


1SS6B 


15573 


15599 

15601 

15603 

1560* 


15607 


15611 

15616 

15639 

15644 

15647 

15653 


.15667 

15674 

15675 

15676 

15609 

15700 

15702 

15705 

15709 

15720 

15722 

15724 

15727 

15768 

15770 

15773 

15775 


15782 

15801 

15813 

15821 

1S861 

15869 

15070 

15872 


15882 

15883 

15890 

15891 

1591 D 

15914 

15917 



15940 

15950 

15959 

15963 

15988 

15989 

16002 

16004 


1 bQ1 1 

16D20 

16021 

16023 

1 6058 

16061 

16066 



16075 

16078 

16000 


16106 

16107 

16108 



16118 

16129 

16130 


1616S 

16166 

16173 

1617* 


16180 

16189 

16192 

16193 

16226 

1S227 

16Z30 

16236 


1624= 

16245 

16254 

1 62 bO 

18307 

16308 

16310 

16X12 


16316 


16321 

16326 

16351 

16358 

16359 

16363 


16366 

16370 

16374 

16375 

15419 

16421 

16422 

16*23 


16432 

164X8 

16443 

16444 

16496 

16505 

16509 

16512 

165(6 

16522 

165=5 

16530 

16538 

16S06 

165BB 

16592 

1659* 


16600 

16601 

16602 


16622 

16628 

16632 

16637 


16644 

16646 

16648 

16650 

16680 

16684 

16685 

16659 


16608 

16703 

1 6709 


16744 

16745 

167*9 

16753 


16777 

16781 

16705 

16790 

16842 

16843 

16844 

16849 


16853 

16854 

1 6863 


16008 

16889 

16592 

16695 


16902 

16903 

16921 


T6972 

16974 

16978 

16979 


16902 

•16985 

16992 

16993 

17006 

17009 

17012 

17014 


17026 

170=8 

17031 


17076 

17082 

1708* 

17097 


1710* 

171 06 

17109 

17115 

17156 

17160 

17176 

17181 


17186 

17189 

17191 


17=30 

17232 

17233 

17240 

17242 

1724* 

17247 

17250 

17264 


17295 

17296 

17303 


17306 

17310 

17313 

17316 

17545 

17347 

17350 

17352 

17355 

17357 

17360 

17360 

17369 


17396 

17*04 

17405 


17*08 

17413 

17*20 

17422 

17*47 

17450 

17459 

17*66 


17472 

17473 

17*75 

17479 

17498 

17500 

17504 

17505 

17510 

1751 1 

1751 2 

17514 

175=7 

17551 

17555 

17556 

17563 

1756S . 

17583 

17585 

17591 

17592 

17629 

T7630 

17634 

17635 

17636 

1763B 

17643 

17640 

17649 


17673 

17675 

17877 


17679 

17E00 

17500 

17690 

17710 

T7714 

17716 

17718 

17722 

17723 

17728 

17730 

17734 

17757 

17762 

17763 

17765 

17767 

177 a* 

17786 

17787 

17790 

17828 

17832 

17834 

17838 

17844 

17546 

17B49 

17052 

1786* 

17908 

17912 

17914 

17923 

17924 

17926 

17927 

17941 

17943 

17977 

17978 

17991 

17997 

17999 

18000 

18001 

. 1 B0O4 

1B016 


18040 
18090 
18188 
182X9 
18305 
1 83 BO 
18474 
18523 
18592 
186*1 
18705 
18789 
18845 
18896 
18962 
19029 
19083 
19169 
19213 
19254 
19300 
19362 
19*29 
19*77 
19552 
19611 
19678 
19741 
19606 
19668 
19909 
19979 
20023 . 
20086 

ni$ 
20281 
20340 
= 0395 
20465 
20516 
20572 


18042 
18093 
18189 
1B24X 
18315 
18387 
18*75 
18529 
18596 
18650 
18712 
18795 
10849 
18697 
1096S 
19030 
19088 
19172 
19214 
19256 
19301 
19364 
19430 
19478 
19S5S 
19623 
19685 
197*4 
19810 
19B70 
19915 
T 9980 
200X0 
20088 


180*4 
1 8094 
18192 
18247 
18317 
18390 
18479 
18537 
18597 
18652 
18713 
18799 
■1 0650 
1 8890 
18972 
19032 
19097 
19173 
19222 
19258 
19310 
19367 
19434 
19485 
19564 
1B624 
19687 
19749 
19813 
19872 
19924 
19982 
20039 
20089- 


20645 


20173 . =0181 
20230 20234 

20290 20291 

20342 20350 

204 05 20405 

20466 -20470 
20524 20530 

20573 20574 


=8425 20440 

' 28499 2B509 
28562 28563 

28627 20635 
28709 2071 1 
28761 20767- 

26BX2 _ Z8B37 
2889S 20894 

28989 28992 
29030 =9041 
' 2OO0S 2909ft 


*$P 


29177 
=9227 
29304 
- 29350 
29*26 
29500 
29576 

=9638- ... . 

.19700 . 29705 

Iff 78 -JKS 298=4 

29871 m 7 J -HS®*" -290B3 29891 

*9958 . 29956 39961 29953 


20178- 

g 228 
312 
29355 
29430 
29X07 
29579 
395*0 


28358 

28441 

28511 

.28568. 

20638 

28713 

28772 

=8842 

28805 

28994 

290*2 

=9179 

29179 

292X7 

29316 

29SS7 

29*31 

=9511 

Z9583 


20845 299S1 


29704 

29762 

29827 

29894 

29066 


. 0702 
20759 
20820 
20883 
20972 
21032 
2 1 096 
21159 

2llfl 

21364 
21431 
= 1508 
21569 
216*0 
21718 
Z17BS 
= 1857 
21907 
21981 
22064 
22148 
22208 
2=754 
2=314 
=2369 
22437 
22*02 
21539 
Z25"5 
22647 
22704 
20781 
22032 
22895 
2=948 
2X005 
23066 
23138 
23212 
23316 
23309 
2X4*2 
23533 
23SOO 
23653 
2X704 
23777 
23853 
23928 
23971 
' 2*022 
=4060 
24126 
2*194 
24=69 
24X23 
2*401 
2*460 
24515 
24611 
2*682 
24731 
24794 
2*863 
ZJ940 
24999 
25051 
2ST26 
25=0= 
25273 
25322 
25379 
25431 
25*85. 
25550 
25607 
' 25653 
25729 
25799 
=5850 • 
25918 
25946 
26079 
26125 
2*207 
26280 
2*559 
26415 
26*74 
265*9 
26622 
2R68S 
26718 
26768 
26822 
26866 
269X9 
26973 
270*0 
27103 
27160 
27=29 
27293 
27S40 
27*2 2 
=746* 
27522 
27503 
27660 
277=4 
27785 
2754 6 
27917 
Z7996 
280S2 
28106 
2C17* 
28232 
2P2®7 
28364 
28447 
28515 
28570 
288*0 
28716 
28777 
=8843 
28901 
38990 
29044 
-29120 
291 B4 
292*8 • 

29317 
29358 
29432 
=9526 
=9589 
=9653 
29706 
=9766 
29820 
29899 
29977 


20647 
20712 
20762 
200 = 1 
2D&B6 
20973 
21038 
21108 
21162 


21279 


21372 

21435 

21511 

21575 

21650 


I8f?5 

20764 

20822 

20892 

20974 

2IOSO 

21114 

21172 

21216 

21285 

21373 

21437 

21522 

21577 

21652 


100*6 
18095 
1819* 
18254 
18321 
18391 
18*00 
18536 
18599 
18653 
18714 
18BOO 
1BB58 
18899 
18973 
1903S 
1910* 
19174 
19223 
1926* 
1931 2 
19373 
19*36 < 
19486 
19S6B 
19629 
19688 
1 9750 
1981* 
19875 
19925 
19983 
200*0 
20097 
20183 
20237 
=0295 
20351 
20*14 
20471 
20535 
20580 
20656 
20717 

2 0826 
20893 
20976 
21031 
21116 
21173 
21230 
21208 
21376 


180*9 
18096 
18195 
18255 
10324 
18394 
18*81 
18539 
18600 
1865* 
18719 
1 8804 
18862 
18902 
18975 
19036 
19110 
19176 
19224 
19265 
19316 
19379 
194*0 
19491 
19571 
19630 
19689 
19755 
19820 
19876 
19935 
19985 
200*1 
20101 
20186 
202*5 
=0298 
20352 
2U4I6 

!8£i 

20584 

20659 

2072* 

^0773 

20B31 

20903 

20979 

21058 

21117 

21175 

21235 

21288 

21382 


18053 
18100 
1B199 
18256 
18327 
18401 
18483 
18540 
1B601 
18658 
18721 
18B09 
1BB69 
16909 
18978 
19039 
19115 
19179 
192=8 
19271 
19320 
19386 
19442 
19495 
19572 
19633 
19697 
19756 
19826 
19B77 
19936 
1 9908 
=004* 
201 06 
20188 
20=48 
20302 
20355 
20418 
20479 

ISI3J 

20663 
20726 
20774 
20839 
20915 
=0991 
21089 
= 1118 
21177 
21237 
= 1302 
21X83 


18056 
18104 
18200 
182 SB 
18329 
18407 
10486. 
185*5 
18819 
18664 
167=7 
10810 
18872 
10911 
19979 
19040 
19116 
19180 
19229 
19272 
19326 
19389 
19443 
19497 
19573 
19646 
19699 
19758 
19829 
19880 
19937 
19989 
200*9 
20110 
20192 
202*7 
2030* 
20357 
20*38 
20*80 
20543 
20599 
2066* 
207=8 
20778 
208*1 
2»18 
20998 
2 1 060 
211 = 1 
21182 
21238 
21304 
=1387 


18061 
18105 
18213 
18260 
18330 
18411 
18490 
185*7 
18620 
18665 
19729 
18813 
18878 
18918 
10991 
19042 
19137 
19101 
192 30 
19=74 
19327 
19393 
19444 
19504 
19574 
196*9 
19700 
19760 
19032 
19081 
199*1 
19991 
20050 
20111 
20202 
202*9 
20300 
Z03S9 
20439 
20484 
20547 

20609 

=0668 

20730 

=0700 

208*6 

20925 

21000 

21062 

211=4 

21189 

21244 

21M5 

21390 


1B06* 
18110 
18216 
18262 
10331 
18417 
10491 
18562 
16622 
18669 
187X7 
18816 
18879 
18919 
18994 
19049 
191*2 
19189 
19233 
19275 
19330 
19399 
19*49 
19507 
19S78 
19652 
19711 
19761 
19B36 
19882 
19947 
19992 
20055 
201=4 
20207 
20251 
=0310 
20366 
20441 
=0489 
=0548 
2061 0 
20673 
20731 
20784 
2005* 
=0930 
21001 
2106* 
= 11=7 
21191 
21=46 
21307 
21X93 


217=5 21726 

21786 21708 


21860 
21912 
21983 
22065 
= 21*9 
22211 
22256 
22317 
2737 S 
22*40 


21 862 
21913 
21987 
= 2069 
22156 
2=2=0 
22261 
22318 
72X77 
22*41 


22*90 22491 

22540 225*2 


22586 
226S0 
22712 
22785 
22033 
22896 
22950 
2 5009 
23070 
23139 
23215 
23317 


22S92 
=2651 
22716 
22787 
22038 
22904 
22953 
23010 
= 3076 
23148 
2X220 
23321 


23395 23399 
2M48 2 3449 

235*1 2354-3 

23605 23608 

23657 2.3660 

23706 23703 

23783 23785 

2 5 "55 73056 

23929 23933 

23972 23973 

24023 240Z4 

24067 24070 

24T»8 7*1=9 

24196 24709 

24273 24Z7B 

24331 24332 

24402 244017 

24461 2*465 

24538 245*4 

24813 2*617 

2*606 24668 
2*725 »7X6 

2*797 =4798 

24869 24872 
2*9*5 2*95= 

= 5004 Z5005 

25058 25059 

25127 251 37 

25211 =5218 

2 5276 2S277 

25327 =5328 

25X82 25303 

25433 25*39 
25494 25496 

25552 2 5553 

25611 25613 

ZS&S5 25661 
25732 2S73S 
25800 2 5 BO* 

25"55 2SB6S 
29921 25934 

=5996 25999 

26000 28061 
26133 26139 

26210 26213 

Z6295 26297 

26361 26368 
26418 26418 

26476 26400 
26567 2657S 
2662* 26631 


21523 

21 524 

215=5 

21 §29 

21511 

= 1534 

21578 

21586 

21596 

21601 

21602 

=1606 

21 665 

21669 

21677 

21680 

21602 

21684 

Z1732 

21733 

21740 

=1742 

21743 

21750 

21791 

21792 

= 1798 

=1005 

21009 

21080 

21 81 6 

21 966 

.21889 

21877 

21879 

21885 

- Z 1916 


219=2 

219X7 

21939 

21943 

21092 

22000 

22001 

=2002 

3200* 

2=016 

22092 


5=102 

22105 

221 06 

=2109 

22158 

22159 

2=166 

=2167 

=2170 

22172 

22221 

22223 

2 = 2=5 

=2529 

232X3 

2=235 

22262 

22263 

2=265 

22=68 

22269 

22=70 

22319 

22329 

=2330 

22331 

=2332 

22333 

2=380 

22385 

2 = 389 

2=3"S 

.22399 

2=400 

22443 

224*9 

=2*53 

22458 

22460 

2=462 

22495 

22*96 

22498 

2=503 

22S06 

22508 

22543 

235*8 

22551 

23553 

22557 

22558 

22593 

32598 


2=602 

22609 

=2612 

22656 

22661 

2=665 

22668 

2=675 

22677 

22720 

23737 

22730 

22755 

22756 

22759 

22790 

22791 

22793 

22796 

22799 

22803 

22843 

228*4 

==847 

=2056 

==850 

22859 

22910 

22913 

=2914 

22917 

22921 

=29=3 

22953 

22956 

22960 

22964 

22968 

2=973 

23015 

23017 

230=2 

23025 

=3031 

=3034 


28090 

23095 


2X090 

2X101 

23150 

23185 

=3165 

=3171 

23173 

23174 

23233 

23237 

33242 

23155 

23261 

=3259 

23322 


35327 

233X9 


23357 

23402 

2K©7‘ 

= 3406 

=3410 

23411 

23412 

23453 

•29461 

=346* 

23469 

23477 

23*88 

23545 

33547 

= 3549 

23550 

23552 

23568 

23608 



2381 5 


23617 

23562 

23669 

23571 

23674 

23079 

23601 


23718 

=7721 

2X728 

23798 

23727 

23731 

2X786 

. 23787 

23793 

23807 

23808 

23861, 

23936 

23870 

-=39X8 

Z5»8a 

2 3"74 

23875. 

23950 

23879 

23951 

=3890 

23954 

23975 

239B1 

33005 

Z599S 

23900 

24035 






24075 ' 

,34079 

=4093 

2*09* 

24095 

240*>fi 

24131 

24133 

=4139 

24148 

2*149 

24152 


• 24213 

24216 

2*21.7 

2*718 

RL V hi 

24278 

24*79 

24=M 

24740 

'24*07 

mnitm 

24333 

243*9 

. =4756 

35X54 

2*363 

2*365 

24411 



24 427 

244=9 

244X6 


24471 

=4472 

24476 

=4490 

2*491 

24549 






24622 

3*638. 

2484= 

=4 654 

24657 

24659 

24689 

2*890 

2*694 

24695 

24698 

2*701 



24761 

24762 

24764 

24765 







24874 

2*878 

2*882 

24086 

24889 

24892 

24955 




24971 


25006 

25009 

25013 

25020 

25023 

25031 

25060 

25006 

= 5067 

250A1 

35083 

25097 


25153 

25156 

25160 

25161 

25164 




2533d 

2524 0 

25241 


25280 

=5282 

25=87 

= 5289 

25=90 


25343 

25X44 

25346 

25348 

25349 


25389 

26392 

25 393 

25395 

254D0 

=54*2 

25444 

=5452 

25453 

25455 

25461 


25511 

= 5518 

2SS22 

25525 

25526 


25580 


2S56S 

= 5576 

25SB3 


25616 




2562* 


25881 

= 5683 

2568* 

25885 

25697 


25805 
25069 
35940 
2 6003 

z6oea 

26148 

26218 

26301 

26371 

26*21 

25*81 

265B1 

266X2 


25807 

2*073 

25941 

3E«W 

26DS5 

263S3 

26219 

25304 

lint 

2548ft 

2«5"6 

26834 


25758 =5761 

25010 2581 1 


2«879 25004 

Z5»*3 25944 


=6019 =60=3 
£(.006 26080 


=6162 
= 6721 


20305 26310 
=6377 28370 


26*33 26*39 

=6504 =6508 


26589 26690 - 266ftV - 25692 
26721 26726 2872? 267T9 


=6507 26595 

=66*1 26647 


2*769 25772 
26623 26825 
26873 26574 

26940 =6944 

26975- 26977 
27041 27044 

27110 27112 

27175 27181 
27244 27250 
27294 =7298 

27342 27X53 

27*2* 274=9 

27*65 27467 
27525 27528 
=7606 2761 3 

27662 27664 

27727 27731 
27787 27790 


27953 
2792 1 
28007 
= £*058 
28110 
2«i "O 
28233 
2B29B 
20365 
="448 


=7858 
27928 
28012 
2&0&4 
20113 
2R1 89 
28238 
28301 
2B37S 
=0*5* 

28517 20519 
2BS71 26573 

28652 28554 

28710 28723 
28781 28783 

28847 28840 

28912 =8921 

28999 29000 1 29014 

29048 290*9 . 20053 
29127 29137- 291*7 

291 85 29198 . 29196 

2S2S2 29253 2925B 

=9318 29321 29324 

=9368 29376 29377 

29*46 29447 .29*52 

29520 29531 29S35 

29592 29600 29604 

298SB 29558 29660 

29706 197% 5 . 29716 

29768 -29770 3977= 

29835 ZfiB-U 29659 
29907 29909 29916 

=9978 =9985 29989 


26777 

26828 

260B1 

26940 

26978 

27052 

27120 

27106 

27257 

27X00 

27368 

27*32 

27470 

=7529 

2761* 

27668 

277X2 

=7795 

270S9 

27931 

28013 

2B066 

20115 

28191 

202*5 

-28303 

20376 

2B4S5 

28520 

2BS74 

28650 

28727 

38760 

2»05B... 

2"923 


26780 

258=3 

26889 

=f*M6 

269W 

270 SB 
2712S 
27191 
27262 
27301 
37370 
27437 

m 

27616 
=7869 
27737 
2779ft 
27862 
; 27012 ■ 
30015 

IBS 

28193 

20247 

20304 

35389 ■ 

ZW56 

28523 

28587’ 

=8661 • 

2B730 

28780 

28853 

2 BOSS 

29019 

2005* 

29152 j 

29200 * 

29286 

29226 

29383 

29*53 

2953ft 


2669* 

26740 
26783 
26831 
26892 
26*47 
269"? 

2706* 

27132 
2719= 

27271 
27393 27308 
27J7X 27377 

=7*38 274*1 

=7*77 27*01 
27536 275*4 

276' 7 =7620 

27675 27F7S 
277*0 277*8 


26699 
26742 
26786 
26833 
26893 
26951 
2 6999 
27067 
271 XX 
27193 
27272 


27700 

27P6S 

2793* 

=•80'? 

20071 


27814 

27KT7 

779X5 

20020 

2W76 


2B117 28119 
2*195 2 "197 
=82*8 2 "25= 

28X07 28312 

2*3*8 2*399 

28*59 28*62 

2*5=9 2P5XB 
2059= =8593 

28666 28667 
28731 20735 

287^0 28795 
28855 28857 

=yq«2 =£945 
29020 29022 

29059 =9061 

29153 291 55 


art»- 1 

=3783 

29862- 

=9917- 

29997 


29202 

29=70 

29385 

29*00 

295*0 

29621 

29670 


29203 

29273 

293=9 

29387 

29*63 

29S42 

29623 

29671 


29729 297SX 
29786 297 88 
29803 2906* 
29925 299X4 


25771 

25818 

25885 

25947 

■26032 

Z50B9 

26171 

2622S 

26312 

2*379 
26*40 
26516 
26596 
26652 
26702 
267*5 
2678S 
2683* 
26896 
26952 
27004 
27072 
27135 
=7197 
27273 
=7310 
27179 
27442 
27*04 
27551 
2762 3 
27S79 
27751 
=7818 
27 "00 
27937 , 
2-022 
28081 
26125 
28198 
=8259 
28316 
28400 
28470' 
=8543 
2 "601 
29684 
287*0 
2B798 
2 8 "63 
2BB52 
29026 
29063 
29151 
2920S 
23282 
29338 
29*01 
29467 
295*8 
29625 
29672 
29758 
29803 
29B66 
299SS 


25772 
25817 
= 5893 
25956 
26037 
26097 
2M72 
262=7 
26323 
263 RO 
26*50 
=6519 
26600 
=6660 
26701 
26748 
26791 
2683 5 
26897 
16955 

27D15 

27073 
271 S7 
27200 
2727S 
27311 
=7389 
=7444 
27490 
27S6E 
27624 
27697 
27756 
"7R22 
=7584 
27938 
=8026 
2B0"3 
28126 
28=01 
28262 
2A32Z 
28*05 
28478 
28545 
28603 
28E87 
28742 
28089 
2886* 

= 8960 
=9029 
29065 
29162 
2920B 
29288 
29339 
29403 

29*68 

29550 
29629 
29576 
29740 
29013 
29 "68 
29042 


' > 


: -m*?; ism- W154 - ' i5i? 

U ° d “ WOR *7 - y-W — M— I-4MM ftAN-M.a-M EUnlc, Frankfurt; Ortnural 


Bttlkd May Ywfc 

''Eftdi fiend redeemed wM be'iWth cot4jpdn 4 and &CA. 
Dated 14th August WiC' ' 


National Westminster Bank Ltd 
Registrars Dept, Bristol. 


i • 











INTERNATIONAL BONDS 


Swing round in D-Mark sector 


Financial Times Monday August 14 1975 



Borrower! 


: CURRENT INTERNATIONAL BOND I5SUES 

Amount ' A*, life Coupon 

m. Maturity * Prtct 


BY MARY CAMPBELL 


US. DOLLARS 
J§Ccea Cola Bottling 30 

IfExjj. D«y. Corp. Canada ]2S 

gTcxas fait. Airlines 25 


Lead maM8*r 


Blyth Eastman DHlon 
Salomon Brk. Wood 
Gundy 

Smith Banwy* Harris 
Upturn 

Nikko Seoiritwt 

csww 


THE INTERNATIONAL bond 
markets continued to chart what 
to many was a perfectly amaz- 
ing path last week. Despite the 
collapsing dollar, and increasing 
reserve inside the U.S. about 
U.S. interest rate prospects, 
dollar straight bonds continued 
upwards or beld steady. Mean- 
time sentiment in the D-Mark 
sector swung round completely. 

After further sharp rises in 
prices early in the week a cloud 
passed across the dollar sector 
at the end of last week. But it 
awaits this week's experience to 
confirm which way the wind is 
blowing. Eurodollar interest 
rates, sharply down earlier, 
moved up marginally at the end 
of last week. Nonetheless, prices 
on average beld steady on 
Thursday and Friday. 

The big change was in the D- 
Mark sector. If the dollar’s 
collapse on the foreign exchange 
markets did not seem to affect 
dollar bond prices it certainly 
was a big factor in pushing up 
demand for D-Mark bonds. On 
the domestic front, German 
investors adopted the view that 
the Government's financing 


requirement was sot as bad as 
they had feared. 

According to some sources, 
the Government has In the last 
couple of weeks sold several 
billion D-Marks* worth of schuld* 
scheme and kassenobligationen 
which in itself will reduce 
pressures on the capital market 
during the rest of this year. One 
estimate is that by the end of 
last week the German Govern- 
ment needed to raise only about 
DM 3bn per month (gross) for 
the rest of this year, so succes- 
fui had its recent selling 
programme been. 

While a substantial proportion 
of the Government’s sales will 
have indirectly found their way 
abroad, the improvement in the 
market did enable BHF-baok to 


re-schedule the DM65m issue for 
United Drapery Stores which it 
had postponed due to dreadful 
market conditions only a week 
earlier. 

Another major factor in the 
improvement in the D-Mark 
sector was the increased liquidity 
of the German banking system. 
The inflow of foreign money was 
one factor in this. Another was 
structural: from the beginning of 
this month state governments in 
Germany were for the first time 
allowed to place idle funds with 
domestic banks rather than only 
with the Bundesbank. According 
to one source this resulted in a 
multi-billion flow of new deposits 
into German banks. 

German bond market sources 
said on Friday evening that the 


BOHDTRAOE INDEX AND YIELD Hit 

1971 

«OH 11 Aom 4 HM Lm 

Median tern 99 J* MM 99.N an 9134 (19/4) 9M6 GN/*> 

Lens term 9305 8.71 32.91 8.75 94JT7 119/0 9254 (29 /W 

EUROBOND TURNOVER 
(ae mlwal value b Sm) . . . 

IIS. dollar bond! other hoads 

btndi pmrtHsndik la* week peering* weak 
Eoractear ■ ■ ■ ■ M7S3 J39L8 288* 298.9 

Cede! «2J BML4 133.9 28 U 


calendar of D-Mark issues for 
foreign borrowers which was 
approved at the meeting of -the 

Capital Market Sub-Committee ° Q 

Friday afternoon made provision 
for between BM5S0m and 
DM730m worth of issues in the 
next month. This compares with 
just over DM500m in the month 
to August 1L 

The first of the Issues, DM 150m 
for Norway’s Statoil was lau nched 
over the week-end (for details 
see table). The rest of the 
calendar includes a DM1 50m to 

DM250m issue for Australia via 
Deutsche Bank scheduled for 
August 23-4,. a DMIOOih to 
DM 150m issue for the Brazilian 
Pevobra* via Westdeutscbe 
Landes bank scheduled for 
September 4 and a DM 30m issue 
via Commenhank for Toyo 
Rubber. . 

Commerzbank is also 
scheduled to launch a DM 100m 
issue for a European borrower 
on August 21-22, and Bayensche 
Vereinsbank to launch a 
DM 50m issue for a non- 
European borrower on August 
2S-29. 

There may of course be Issues 


by supranational bodies on top 
of this calendar, while Japanese 
convertibles also do not have to 
be scheduled via the Committee. 

Two issues have already been 
scheduled for after the next 
meeting of the Capital Markets 
Sub-Committee on September 1L 
They are DM 60 m for a European 
State guaranteed borrower on 
September 13 via BBF-Bank and 
DM 100m for a non-European 
borrower via Dresdser Bank on 
September 18. 

The Y15bn Euroyen issue for 
the Asian Development Bank is 
likely to be launched later this 
week, market sources said on 
Friday. A 10-year maturity with 
the coupon set between 5 j and 
6 per cent is reportedly likely 
with Deutsche Bank and S. G. 
Warburg joining Daxwa as 
co-lead managers. 

A 5J-6 per cent coupon would 
be substantially lower than that 
necessary on a foreign bond 
issue in Japan. 

• Robert Gibbens writes from 
Montreal: The Export Develop- 
ment Corporation, the Federal 
Government’s export financing 
arm, is going ahead with its first 
public issue in the New York 


D-MARKS 

± Chase Manhattan 10ft 
i Nippon Steel (steed 
Ind. Bfc_ of. Japan) Iflft 
{§Murata Manufacturing 40 
Mitsubishi Petrochem. 

(g’teed Mitsubishi file) 85 
§ Fujitsu Farmc 30 ~ 

§Trio- Kenwood ' '41 

UDS 85 

Statoil (g’teed Norway) 150 


YEN 

IDemnartc 3Qbn 

SWISS FRANCS 
{World Bank 250 

• Net ret priced. $ Ft* 
ft Es gUt e nd «Hh ILS. SmrWei aod- 


capital market next week. Pric- 
ing will probably come on Wed- 
nesday. Underwriting ■ sources 
expect the yield on the SUS125m 
five-year note issue to be between 
8£ and 8$ per cent It has a triple- 
A rating. The underwriting 
group is headed by Salomon 
Bros, and Wood Gundy. 

EDC has already raised about 
$500m from U.S., European and 


7 51 

- 3* 


WctfLB 

Deutsche Bank 

Bay. Vertinibank 

WestLB 
D putsch* Bank 
Deutsche Bank 
BHF-Bank 
Deutsche Bank 


Dahra Securities 


Swiss Bank Corp. 


** pi int. f Fteattag tats note. II MWiw**- S 
Yield* hv c »> o < l * c sd « AIBD M*k- 


Ne«n Tleld* ws 00 MBO ****** 

Middle East investors through 
private placements of notes, and 
expects its total borrowings on 
world capital markets this year 
to be about $600m. Including the 
latest issue in New York. 

EDC has stepped up its export 
financing operations sharply in 
the past two years, as the Govern- 
ment realised that Canadas 
manufacturing industries needed 


to get into world markets ig' 
order to back such orders as tht 
near-Slbn for the development , 
construction and equipping o; 
the big Cerro Colorado Copptf. 
Mines in Panama. Texasgulf. tbt 
big metals producer one-tidi* 
owned by the Canada Develop 
ment Corporation, has been dotaj . 
the feasibility study on the 
project. 


Indices 


GERMANY 


NEW YORK -DOW JOKES 




j Aug. 4 

} July 28 j 

July 21 

(Tear ago approx) 


1 5.25 

; 9.47 j 

6.68 

6.03 


STANDARD AND POORS 


Adi. Auk. Aoi. Aoi. Aug. Adi. 
| II 10 9 8 T 4 

J Industrial 1143* 114.67 11630 116.03 114.46 11431 

♦Compile 103-B6j 103.66 10456 104.Dlj 10256 103.3 


InddlY. yield % 

Ind. PlE Hallo 
Look Gov. Bond yield 


1978 [Since CompU»t*n 

High low High Low 

116.68 IU! 13434 S32 

ff/3) (6/5) [U/l/73) (3CV6/39 

10430 88.90 126.86 M0 

(9/8) (B/3) (11/1/63) (1/6/32) 


Jnjy 28 i Tear ago (approx.) 


Australia ft!) 62236 
Belgium (|) 9 738 j 
Denmark (** 38.87 
Piane* (tl) 763 
Gennanyltt) 8IB3 
Holland H$)j B 6.8 
Bnng K o n^j 824.22 

Italy (I III — 
Japan id. 4183B 

Sing a por* 289.14 

(*) 


! 6225)4 622 JJ 6 
8734 10 LW 
96.74 96^87 

•J « 

817.7 8 19 A 

863 a 7 J> 

61438 624 J 22 

63.70 64 J& 

418.02 42 SJ& 
. (W/T) 

38632 389.14 
( 11 / 8 ) 


Spain W — 102.46 llu.73 87.8b 

(a/Oi (17 A) 

Sweden w 40 sas 40L04 4ue.08 i».74 

(4 K) (i/ll 

Swfcwrl'dU 2B33 ZSS.4 A36J* 2793 

(28/6/ gD/4) 

Ind tore and Duedaie* (aB base values 
100 except NYSE AH Common — 50 
Standards and Poors — 10 and Toronto 
300—1.000, tbe las named based an 1975 1 . 
t Excluding b ond* 1 490 Industrials. 
1400 InflntfrtaU. 40 DtUtues. 40 Finance 
and 20 Transport, f Sidney All Ordinary. 
|| Belgian SB 31/11/83. - Copenhagen SE 
1/1/13. ft Paris Bourse 198L C Commerz- 
bank DetL, 1981. u Amsterdam Industrial 
1971. ii Bans Seng Bank 31/7/61 ||ll Banca 
Commemaie IlaBana 2/1/72. a Tokyo 
New SB 4/1/flB. b Straus limes 19M. 
c Closed, d Madrid SE 30/12/n. c Stock- 
holm Industrial - 1/1/58. I Swiss Bank 
Corporation, a UnavaQapta. 


6.2 
8 J6i 7.0 
B.T9 6.8 
B.ia 4.9 
18 1 2.7 


JOHANNESBURG 

HINES 

August 11 RiM 

Anglo American Corpn. ~ Alt 
Charter Consolidated Ul 

East DrteftHUein — . 10.00 

Ebbing — - — A 45 

Harmony - - m, m 7.85 

Kinross ..I - 75)0 

Kkxrf .. - — . ZLOA 

RosrenbnrB PlaUman 1.75 

Sl Helena — — - ' 17 AO 

SotKhvaal — 10 A0 

Gold Fields SA -27J0 

Union Corpora boo 3.48 

De Been Deferred 7 JO 

Btjrvoorutartcht 8JS5 . 

East Rand Pry. 7J/6 

Free Stale Geddd 34.48 

President Brand — 1&25 

Prestdem stem 17 JO 

SUBonteln S30 

WeBcom ■' 8-10 

West Driefootein - 47S9 

Western Holdings 4U0 

Western Deep 1135 

INDUSTRIALS 

ABO 333 

Anglo- Amer . Industrial - 1038 

Bartow Rand 437 

CNA investments — - 135 

Currie Finance — — — 034 

De Beers Iodostrial 112.00 

Edgars Consolidated In*. 2.50 

Edgars Stares ..... 230.00 - 

EverReady SA S2.0S 

Federate ValkSbclegglngs 2.03 

Giestermans Stores 2.60 

Guardian Assurance (SA) 230 

Snlerts 130 

LTA 2.10 

McCarthy Rodway ... - 139 

KddBmfc — - . 238 

OK Bazaars — . - 730 

P rpmiiw arming . .., 630 

Pretoria Cement — 13.40 

Protea w ^htiny . Lm 

Rand tones P t Op aUe s _ 235 
Rembrandt Group — ^ — 235 

Rat CO — — 031 

SAPPI ZSS 

c. G. Smttb Sugar 4.45 

SA Breweries LS0 

Tiger Oats and Nad. tag. 1139 


AUSTRALIA 



Audlmeo 

Aim Oil A r.«i 
Buoho 1‘wk QnW 
Blue Metal Ind. 
Bouipiunlle Copper 
Beam trie* tndoMrico. 
Broken Hill Ptr^netary 

BH Booth 

Cbrilon United Brewery.. 

USH (SI) 

Cockbura Omcoi.— — . 

Uolen (D. J.l 

Cone. Goldfields Aim— .. 

Conuioer (JO — 

Uonzinc Klntmto ........... 

Uosteln Australia— — 

Dunlop K libber (8b — — 

EBCOK — — . 

Blderomli h 

KA lartuririea. — — 
Gen. Property Treat — . 

Hameraley 

Hnoker — 

IC1 Australia — — — . 

I pte r -Cujiper — — 

Jt&oioKi Ind usttd ea 
Jones iDarld). 

Leonard Oil. 

Uoiais Uiptcndcn 




BL1W4JI 


J ncques Bond. 


iTTTi J 


Prirtl 

fij 



l|T 

n 

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WUSTfllAL AMD CdlAMERCIAL 
CONSTRUCTION 


financial tfimes Monday August 14 

1 FOOD, GEOCERBES— Cont ' 



FT SHARE INFORMATION SERVICE 


BONDS & RAILS—Cont. 


BANES & HP— Con tinned CHEMICALS, PLASTICS— Cent ENGINiS^ING— Cont5nued 


Lot Wt % Red. 
d Gross TleU 


WsUeod* 

Psid 


Henry Bccst Construction Limited ^ 
London 01-373 S494 Sheffield 0246 41 Q111 j 


BRITISH FUNDS 


TleJS 

Irt | Bed. 


y fay 1 Hun*. -M ass 55 25 4% 5.01 

SlDIeetandSiPcJS-ffl 66 38.5 - 12.71 

iju 10 J Ireland T^pfEl -83 83b 12.6 7% 1221 

1M IS Dd9McV1-» 83 >2 Til 95 12.71 

LJ ID Jepan4pc'10As_. 417 li — — 

20J 31D Do Spc '83-09 „ ■ 71 50A 6 K Lfl 

1A IGjPera Maly: 140 3.4 3 21, 

207 31D S.G.I.S;|K 1GBQ 75p 33.fi 6% B.t 

i May 1 TorinflfelM! 594% 25 4 9.E 

ISA 150 TnrinWgpsf ISftl DM91 17.4 6% 8.® 

! IFJHjVJ.'. Uruguay Jjpc 97 25] 3>j 3.U 

C.S. S & DM prices exclude inv. S premium 


(Lives ap to i ivs Years 

*77% 1’3 5 03 
?ll?pe'?R- 301-Va j 811 JO 
^3<*7rs Kirt 321 3.12 
■P, pe T-'-Tf — fo: 4 i:.C 4*2 


4-. PC i-:-ir i..sl *■<».: 

y U-ijpc T#.. ICO \l] Til 20 40 

.. SfcpcTCS __ 95 .5,1 10.4 Z 66 

siy skimp— 99A«j :?.t ?.w 


BU-FPClW?— 
.XT*:*?}?— 

L‘Mi73’-pc'7T-9>_ 

Driinaftpc 
cteqner irpc ESPIt 
■ccrar? iU-pc Win. 
— 1373-51.. 
T&ibc 

*nc ISFl 

*Jkil 

1581 

ristfe T.? J— 
iz ’(is isn ji — 

lAiKWttS 

rr.-wmv Jpc 


97% I'il 5.03 9.M rtUTUCifl 

01-Vd 3811J0 £.42 IHiMwuh 

KArt 87] 3.12 6.82 Pad Gt«F 

fc!« IT.; 4*Z 7.76 

ICO-* n?20C0 9.58 |Aor. Ort ASA 

95.5, 10.; 3 66 7 .12 September AHPSfcCcOT.W-. 

?9Aw ;?.7 “.(Vi 5.55 MaJu-SePe, Area* SI _ 

" 2,1 7‘ 957 99S Ja.ApJy.0. American Express. 

■4,1 4j 3.72 684 Anril Amer. Medic, int— 

99% 9.5 5.57 8.65 December Asarcolcc 

ZiiSSr 12.5 12.42 10.60 SioFaihLAii EsierlntaLCaraSl. 

261;*. S.illlJl 19.65 MrJa S. D. Barnes Grp. »%— ! 

SSVfO 10.71 3.83 7.92 DAJrJtuSP. BcodixCom.S3_. 


AMERICANS 

See* | £ !*?[ 


411 ,2-2 Jvne PecJKias t Shat Bp. (A 

— 12.70 May Not. K7<?nrMr8J._ JOG 

pj Aug, Apr. UnytlsU 230 

Vt 12.70 Jan. Sept, Itos'HFw.SJp. S3 

Sept Herein? Seet-„ 130 

6 10J5 July Apr. Midland Si _ 366* 

3 2J7 Dec. June Da7J.9.8H3„ £03 . 

f-S Jun « °« Do-l<Vi»-S8_ £081, 
,9 5-52 JolP Minster 63 

6% $-Ba Jure Dec.^aLELAnnSAi. 230 

3>2 3.60 Jan. July .TatrimGrp..,,., 79 

premium Aug. Mar. Vjlw*«.£j — 2S8af 

May Nov.uSchmtferst!.^, 420 

Jan. JolrSen9nriK5K£l. 220 

Nov. Jam* Smith St Acb 83 

» i Aug. S-jHtfd Canto. 428 

[13 d June tirade Dir. jj J5. 59^ 
Gra* 1 Or [ Sr’s gept Mar. l : n ion Disci i_. 338 


Lati Sir TTd 
a I Net Or Grt P/E 


XHrUeadi 

Paid 


tUi i^A*9 AW 

25 15J} t0.*2 12 

212 l 4 Tfr 351 TA 

515 6T7f OSMb 

£118 a£)Ql£f -J 

480 J7i{ 1677 la 
42 12^355 W3 

SO 126J2J2 43 


inn rm | Stack j prfw 
(H"n Jm. July Asbk.^^^ 33 

i 

M S’ ^S- MS 

•1 Dee. July A«w *l -■• , - 
Tj. No». M^Bab^SF^: 145 


Cc'dri 177] 3.« 3J4 ApJy.QJa. recrrouaiis 

■=5\L JC.J 9.89 10.54 Mr/nSeDc C3S 52.SL 
15«, 17A12J9 10.98 J-ApJy.O. CJ.ilSij.. 


95 : ii 6 
F5: 3 mi 1G. 


yl*K'.ti —I 10SA»dl » 832.00 1LC9 1 Mr J&SJ). ICliKebrwj^ jl„ 


zriabie 32:'j_ 

yffjpc-a: 

(CBS! 

VclKZA 

iprlJS 

lf c n sz 

lfi£ 


1C.M FJfetAaJI. raerpitlM) -ZJ 
7.94 Fjy&Au.V.fefcaseaTitarm.- 
1LW MrJ&SJ>.KliKebroachji_ 


SIS-'? 17.7)11.63 

.fi£ Gal AZiU.68 


1C -30 U-19 MrJn^J). Chrysler i»» 

£ 96 HI! MyAaJN.F. ClweryW— 
954 1133 tfeAuKF. CiiylDv.J]35 — _ 
o'-ja 1U7 MyAnNJ. DaCic.Fd.Bll_ 

556 1L23 nMatr. Cjinae-P.li 

11 £3 7.91 UaluAilfe fCdtlndiSl 


nvffjr: '.53 | Wh \ llij’6.01 1 U30 

Five io Fifteen Tears 


1 L24 M*-AN-Fb. Com. Illino«SW_ 


celS83? 

Sl.-ne'K-SItJ. 
:’8W5Ji. 
7^:. 

(-. 3tv ”-S3 _ 

- 13 pc 13Ki$_ 
i, ; rsKi — 


■n>> f« m * Limn-nwiuunM, 

^ PJtA*. Eaton Crp. 1060— 

,»■% J* J.OEsnark 

ln£ -i i 1-1 ?nt? »4-Ju-S.D. EsroaS 

fS7 id J.ApJy.O. Firestone Tire g__ 

s ip u ^aisItiKasfc 

ife thn gs SXSS: a S Mra - 

s*-. 91 10 25 1—26 Atw Oct. Ren. FteetSZU 


£ ; «« W S’- ,d l W.7112J3 1 1231 mFjTs.d; HJSii-SaZZ 


Over Fifie?n Tears 

rr.injiy i J^ypc SC 101 m 

ur/.nsCf-^ te'-Jr. — 67 n <r3 

.'■^T7TT IJVj* JSlJtl 111 

up.- :^,pc , Sni4 _ llc^u! 

: ".t;PC*ri 20-?irrf 

y fine JUS HI 

y!Ae-aS 9S1, 

VJW 46'- 

svu 

; t »e! 7 ir>dK: Jit* _ 1C5'« 

rear4.p9KTC , !^„ 7Sija 

IJ.wTKii- 1214, 

17Virc9jft. 1G31 2 

45V 

^rcKi;- 1% 

HUjwISFT. 87ljrt 

avrci^t*-. 75V»I 

CtfcMW. 

I2SV 

ISprlSJ S9J : 

-7&ivlR9»_ SUa 

yTJ ; pcI=2l__ €9 

e'5WHfi:sdc._ 15V 

;3i z p:'»«4— 37 

vScctC-fCtJ- 70 V 

vtsctySirpolia-lUt. «7>jal 

npyTipr'JS-iaiJ. fefcg 

’’qw 'ia-17 975, 


SJUC'n. btS.vden-6Cai.Sl 
7 WIT «3 12 :7 M.-Je.SJ). L V. latwcatinoaffl 

11C7 FJtyAuN. Kaiser AL »*. 

125S ApJuOJa KaaC Han. Wfl.® 
1151 JuApJyD. '-Uwaasu JP>(iSC3 
1244 N. F. Ry. Aa. r.'rrtac Sloan Ine. SL 
li.6? MJniiJ). DKcns-UI.li.12S_ 
1? ~4 Ja.OcJA. Quaker Oats nSS5- 
9.61 Warch SeliacreMlI5 

1213 JAJ.O. Rep. N.Y. Carp. i5- 

12.W F-MyAuN. RernordU. 

HP" S.DJlrJu. HfchdsiL-MrlLSlt, 

11’r3 MrJuuSJ). SwJiB F.lSj 

12 33 KrJfcSJl. EhdIOUSI 

993 UrJaSDec. £inr?s , i5i0i_ 

12<q. AaJf.FJSy. Snsn? Band SOJM _ 

12.24 JtaJoSeDec. 7BWIntSl», 

1197 FdiRr AbSx Lernoci . . .. 

1169 Juae Dec. Da 10% La. Sft PI S). 
1?.76 J- An. Jy. O.iIesfroPt CStSGJSS^ 


Ua£2ted 

4pe 

mjirzrt 1 

-acWAl 

v3rc05.V*. 

2t.j« 

ItfC 


32.071 mrju^j.t/.ii unemc. 

17 I JaApJn.0. |Tran-t.3»erica SI 

UL52 MtffJ5SpDctutd.Tach.SCSS 

1593 MrJo.S-D. [Oi. Stwl SI 

12.59 Mr-Je.EJD. [WcoiwnrthsSJIj 

1174 ApJy.OJ. [XerozCorixSl 

U.c-7 — (XcsirsineJOc 

12 .it OJaApJy. |2apaiaCarp.2ac_ 


21% ra 80c — 
Mtz 159 5% - 

32j£ 4J SL75 — 
31 3.7 JL40 - 

23V 175 30c - 
12b 15 40c — 

27ijri 10 64c - 
19V 25 5 90c — 
33V L6 SZ28 — 
20 at 4i $1.30 — 
12!) 153 40c - 
13V» 17-7 70c — 
64% 206 SIM - 
49V 277 S2.4G - 
40 27i $2.50 — 

4»fHS 14.; 5160 — 
27V 36 52-20 - 
20V 25J 94c - 
98Spd BS 51.00 — 
21V 266 $106 - 
13J-W! 37 5100 — 

225jri 3.7 S2 - 
273 27.7 SIM — 
32VS 3.7 $2.10 - 
25 VI $132 - 
21-Vd 7J 5140 — 
2S^d 4.0 $1.90 - 
45 25 J *51.40 — 

31Vzd 18 5125 — 
24 136 S184 - 

36i-.nl s.fi 53.20 - 
lOV 266 $110 — 

19 66 5110 — 

30V 266 5120 - 

3&Vxd 26 7 $3.20 — 
24ri 7.E 52 JO - 
3 16 52.20 - 

23% nl 267 5160 — 
5SV 22J 52.20 - 
IStz 2fJ 50.68 — 
227x3 48 S11.52 - 
4-fed M S3.cn — 

20 218 2£e — , 

VXp « OTc — 
27V nl 7.8 S160 — I 

31V 22.3 $2.03 — j 
39»e 213 5220 — j 
15% Of 5J./i 76c — 
lBVta 7£ $116 — 
® Xil 53.04 
28ij«] M 15c — i 

29% ugsi.ao - 

livd -li 63c — 
22 121 Wc - 

5C4p 117<J - - ! 

2&xd Li S1C0 — 
15V 1951 80c — 
377, 23,64 $112 - 
32Vnl 7.8] 3X80 - 
24 % h! 78 5200 - 
151 30J 10% - 

869p 14.9 — - 

20ri li 52.00 - 
39J) 222 SL50 - 
14Vai RLfi 83c - 
39V 215 $100 - 
22V 15 $163 — 

35% 13.4 S140 - 
48% 255 S2J10 - 
715 p — 7Ve — 
14% 12A* e30c — 


“ _ I J. A. Jy. O-MliFirsoIa-. £24% f 


1 = 8 = 


C.-^TO^iC 

34i0j 69 
27J tL29 
-3< 7.94 
J4 t4.84 


63] &1 Dee. Jnh> knv r*.^ _- - 

!2-a T. Nob * May BabcnSSP^I 

April BaflwfC.aLl. 

ST "mTSSESS^ Hi 

May Not. ^ 

Zfl-t-Non. MayBartmftSK^ S 
^ seatart 
2-a li E*' Oct BeraHPJJSlL. 
S3J-S «»• SfP*. BjnmdWE 

ril 3 H Jaa - July iGanehm-Mit, 

|-9 §3 Aag. Feb. RfaaMsRbi 

jl 5.7 June Dec, BbctaFdH^re. 

lilJi SSK.’S 


9S6| B- 

m m 

34 j 135 

3.4 536 
272 5.95 
15J5-W 

17.4 533 


"?S* m 

_ rd^dslfltCPp 
Jaa. Juncf&da'.uiJ r*v-p 
jib. OetW--^"- 

iffi: Steitac 

Etinned JfS." aob^? 1 < * riFf'Ofjrt.j 

jan. Jnnt|R.vlc*''d'5 P-od\ 

Ota [ |]TiSl--i Feb. S*pt- aiLnnislC?-— 
M [C%rJCr*| P/E j M JuJv Hinttm i.AJlflP— 
_ 1 1 1 a M-Je.S D*. SrailSW-.ir*" 

33* OA'ieJx^ J uJlF Ita* jWkSta.Cj’fe' 

Is Sits* »«• 

J6 j id si 43 J«>. Oct tanftwdHWSJi- 


ffl B kil 
Siii* [sit' 


« De«rabc^U>ct«v& — - JU 

- LwcUiOP — » 


13 331 Id 

65at 70 AUjtj 

25 247 tlSl id 

57 217 d2.7J ai 

69 aUXlJOf.^] 
n*xi 7J4.94 Lfl.1 

m Mi 2.95 J il 

E37% .25tt}£aj23 
98 \M th2«| 2S 
% EildLlB SI 
160 .11 liSil'fi 

118 110 3J5 \5* 


aU.j 6% I 27^0.21 


I-6K4 3 7 

mb™ 


3.0 4.7 10.7 - llo '23|5J8 « :• 

Vi ?!? (Aft Apr« N«v. WTnricSjJ-. 82 ¥ •*■ 

3% 51 7 9 Mac. .\ufi Mixi'wUMW. 5J « ;• 

i e i i t’b NOTCtabcr llrmrsV- JlOP- ^ t ?■ ■ 

’llfll 8J -VuglApr. MK^rcraFi^- lg7»9 H * 

6 8| ♦ Oft JSv NuiUlnPX Wp- W gflisf "5* £ 
U 107 *1 Dec- Si In f 


3? ai TO Novewncr uerreran h-'k- 

■!3ll Hi i 5 ® . 

£1? 47 Sl^OJw. JulyRKM™—-^ M 

-s Jaa. Jtrtv Rohcitwa 130 

S.H Jan. JunculiwstreeH Sip. 41 


La Feb. AuE-tCaUle'* 'Rd£SI K 
1? May CieS'crerrJCa 

5A — Credit Date 1 

3 5 Aug. Jan. L'lyosiStnU 

2 R Feb. Jose LncLSctJialOa 

to — Jimrgaw3fere.il 

a q Oct Mar. Frur. FsumctaJ 

09 Mar. Sept Stale. CrefdtlOp. . . 

5;2 - StnriaHJ.lE3.lfc 16> 2 774 - - -I - 

3_5 April Wagon FiaanctL-l 43 ] 27i[ hZ.07 1 2-»| 65] 51 

y BEERS, WINIS AND SPIRITS 

5.7 Sept Mar.lAUiedBrrss.-- 86 2661 tflif 2-l| 7.fcpl0 6 

Xfl Feb. ScptL5eaJ.PotPr.iao, 35a 72 076 115^42.7 

41 Jaa. 4umEn5sChar‘5‘B_ 17D 315 t4 ?1 33] 43jl05 

52 Dec. JunejEeU ArtharSJpL. 236 17.4 W F5 2-51 25172 

33 — jBaiiumtaSreveiy. S3 374 — — — J — 

3.4 Slay Dec. (Bond ingteni 1C6 V . 4 h2o5 2.E 3.7T14R 

3.0 Jan. JalyteonierS raw's — 84 155 3.5a 2 C| 6Jjll? 

|-6 Acg. Feb. Bro*3 'Hatthe-' 121 26.6 +3.83 2« 4.W13J, 

3. 7 Jan. JuJyicBcHcy’sBreT'.- 51 125 l.fH 25] 53|107 

17 April Aug|'ButasrRJ.>_~ 135 247 67? 20 7.4j^l). 

4 0 August Bortanrcod 173 24J 3.45 * 3.ffl 8 1 

4.4 Feb.Auf.ICilyLan.Dei — 57xd 75 2.70 9 62] 

133 +5 24 3 J 

13 7.37 <13.31 


CINEMAS, THEATRES AND TV gS SI- “ 

i en i kummi til ;nl Mr*: July B^asacDrri. m\ 53 


„ ~ „ CINEMAS, THEATRES AND 1 

« &- z “ r S SSSS?#; S gUS* li il 

S OTJ® 19 _ _ 217 May OctiHT. N.V 133 34|+s670 25 7j 

m SI « « 2 3 65 Zfli Apr. Oct IlRT.A---- 1« M 7628 25 6 

36. HI 144 « 61] * £>■ 


24.D 1.46 3. 

37.*»bl-il 2 
24 7l 162 •»■ 

7.B433 ❖ 

47yd0.53 b9. 
107] 2J7 _ Z. 


December ]?yVe -WJ 1 I^P-- 1 

— fWnMBbrpWp 


9?t5.1i ■**«. JtaBdBsmtteeM afr 41 « 

5 E 5.6 In- Juwsj&tBbW'-JJ-- 2^3 
52 e S^inlHrlSauTWlCX--- 73* 

22 7.1 Felt Jarwgwllta?---;- - S'aieL 

67 ax Oct AprjSyriwii B Bl3^ - 40 p3|nJa. 
ii.fliii Anr. SentiSIwltlvcmFaix 


A«M3J6| 72 
7fl#161 li 
Hi] (UJ7 SJ 
3?ij J.fA « 
l*l]+d0W .M 

sSiua si 
12dd6U 3J 
/ a 3.77 4 


aesHtiiiai&aBii 


64-V tt.7|613 »3tl4J 


» SS: X SH5g?§£ 


1., Juae!7esnz.-d77H%4 26V 1 155] 7X681 19{ 1 

DRAPERY AND STORES 

■. Ang-jAEri Fetal! 1Q»{ 96 I ZUpuOXti 29* ‘ 


T1 April 
Zi Kay Sp 
H Apr. At 
S! Apr. Se 


3 3 451D5 Mar - Ang. .UL ! sd Fetal! HS> 
A 2 5 17? Apr. OetUsdKr Day 19a _ 
rao. Jcne^fptssKSqja 3p_ 


4.4 Feb. Auf. CityLon-De! S7»4 75 2.74 <> 62 * 

4.9 Apr. Oct KbikdiKOwn- 346 133 +5 24 33 5.4 85 

61 Feb. Oct pbtiBera50p — 199 XI 7.37 <j3.3 5.7 9.0 

33 — WK*>aILit0p_ 27 77* — — _ — 15.4 

22 Not. July Cwsh Bros. 3ip. 62 -116X84 l« 65 9.S 

4.9 Aug. Feb. CreMallWhltiar 135 305 t2.66 4.1^ 2.9 127 

5.9 Auk. Feb.PirecucKlng 300 24.7 7.37 2C| 3.714.6 

10 Aug. Feb Guinness — _ 167 26i +7.U 24 64 Hi 

3.8 Jan. Juij]eiKhl dD:st20p. 143 17.4 294 2^3.01205 

22 May Oct In*ercw<!oe-~. 133. 116 226 5^| 25jl23 

25 Aug. Feb.|lrish Disuflen^ 160 266 +355 4 0.91 «■ 

25 April .Vov.ltoaUan, Gfen_ 355 3.4 4.69 2 3 2JR43 

3.5 Jane J an .pf trian d£l 520 33.5 12.64 2&] 3. H 15.7 

0.7 Jan. JunefSanderaan 60 DA 234 il 5.a 4 

5.1 May AuiJ-^ott&.'levSOp, 72 .10.7 3.46 2 2] 7.2j 75 

3.3 Oct AirniTnciaUt 12® 3.4 3.05 26| 31114.9 

3.0 Mar. Aug.jVeus 124 3SJ +J.03 SAi 4.fll27 

31 Jan. J GjyfShi i'nreed *A*__ 102% 305 450 2M 5.S 68 

26 Jan. J unfair. Ewtfley 212 116 +5.3? 3.» 4 J12S 

3-5 Dec. JttLp'onngBrWA'JUpl lb8 12i|x23 3i| 2S]lS5 

Ti BUILDING INDUSTRY, TIMBER 
IS AND ROADS 


ni vTm 4c STtunPoc. Jcnel'Da.-Aap 51 

1 c^ 5 ?c 63 lL«r une Jen. AcdietnaictC^ 19* 

1^3 

HI 

133 +l% t ’ 5 1 l5F^- S®? 4 - ^^^£05? 14% 

435 5:^ tafe ip 

12A5S4 To 6fl 96P® 1 - Jut Bn*. HoawSTs,- 212 

4’ 2^127(^6 Aug. BnwafWBp— 33 

SjBt 6 2 a x3jHg5. 

aj JS 5 isi iSSAUsSt “ 

S9I£. “ ?“te i!I5p - » 

^4 1 m 5 Jt^jcoah.£ng.^Sjp. 122 

395 1& 25 3®7j-’»- J ulyjc ope Spwis 5p « 


19uf 75;d0.2 
45 2fcShdD5B 

,03 15 5i hl55 

51 30^236 

3a I7.4( L20 

18 87H - 

14% 3.U0.99 

10 V 2811 0.63 
59 155{3.68 

02 155 636 

33 3Jj251 

(Aid 72 152 
55* 7^152 
35 133 +107 

50 1%5 ?218 

78 3.4] j 42 

22 2*319 

44 12.61 bal8 


X9]95]64s^m£ 

May D«. 

ies % 

29* 4.9 35 Jan. June 

3.0 h.t 62 Jaa. June 
XI 4.3 115 Oct May 
35 4530.9 Febu July 

— 16 — Feb. July 

9.0 3.9 8L9 Oct Fob. 
65 25 7.7 Jan. Slay 

4.6 27 12.4 — 

2.5 5.0 12 J Aug. Feb. 

— — — Aug- Feb. 
35 105 35 June Dec. 
XI 3.E 152 Feb. Sept 
X0 9.8 14.9 Jan. Apr 
20 4517.1 Mar. Sept 
12 105 (63) Mar. Aug. 

— 1.4 — Aug. Fdx 

— 1.5 - Feb. JnJy 
15 Z-c r95>Mone Dec. 

4.4 65 55 (Sept Jan. 
7 3 29 7.2 Jaa. July 

3.7 4J) 95 Oct Apr. 

9.4 0.6 25.9 Apr. Oet 


Jan. J uljHr npc S cotis ip _ 44 lZ.6lh0.l8 9.4 0.6 25.9 i^sr. t 

f — CemeliDrsHSp. 14% 67« — — — 255 February kWwa 

May Nmr.tairs'A* 121 133 355 42 42 75 Jan. JmwbdtaH 

June Sent Cun73 216 Z5J 4 61 4J 32 115 Feb. Jr 

Inly Jan. Cnsuaa^iclOru. -16 5T 7 ] 4 — — — — Mar. J 

Jtn. July Defcen, u ^nE 93d 7 S’ 532 17 86 (87) Oet ft 


^pril Biw*tTboL__ 49 
7 Sept Bretkttfc-SP.je^. 135 

r. AnaBrawnSTawt. 127 

'■ Sept jhwnftfaa^ 460 

6 Mar. BnQeatfsOp 135 

f pec. B^«aPnxL~ 47 

:'fSK§ 

-3^1 

V Fob. CongAff.^.. - 97 
e Dec, C®CMEtaclflu_ 43 
k Sept CoofcW.att^ju. 40 
. Apr. CeaKr(FHift>_ 23 
■. Sept Cooper Indi-i^, 21 
■- Aug. Canwrcmaaep. 65 
!■ Feb. CrOfliio Group. _ 43 

(. July Crown Hook 58 

e Dec. Craaid»TOlK_ £97 
t Jan. DanksGawiitoit 67 
. July Daitnrthto.to. 24 
Apr. OnhUttZAiSp 28 
;. Oet Dwylni- 276*1 


u. 1 Tija 

r: 3 *7 
133 71X34 
1«J <15.90 
3.6 1 66 
7.S 3.W 
155 02.73 


« 5K s» ga m «£■ sg ap ? — & 43 \ 

« iS a3j 1 R'r 43 jS‘ June l.'ni^BiwmlsJ 91 J 

JS ]' j e£S2 A9i7.71fi3Aug. MarTwauoaPUp. ldp| 55 I d 7i 7T.47 1 -M f 

§ 3liS $2 ll « HOTELS AND CATERERS 

VJIOH J 551 ; 


316 1252 3.91 7. 
6.45 4 7. 

10.7 4.SS 3.6 5. 

U.2 SW 9.7 2 
;+.7 1625 5.0 5. 
lli +2?7 44 7. 
£4.7 2.38 4.7 4. 

£6b +3 56 2.4 7. 
U.6 214 67 3. 

24.7 3.05 4J 6 

3.4 h3.7S 24 & 

1Z.6 dLB3 XI 6! 
126 +X31 61 2 
7fi ?.81 3.0 7.; 

25 4.46 3.9 a: 

107b — — — 

107 551 45 5.1 

24 7 tU7 3.0 5.' 
30-5 +2.43 34 8! 

is: 21 * ai 

u j tX02 3.0 6- 
311-1 g0.91 4.6 6; 
24.7 -6+4.21 2.4 *. 
M.7 +X4a 24 8 
7.E 3.4 9 8 

505 03 Vi — 33 
U 216 62 4.' 

1X4 ll~7 4 A 7.' 


77103 Aug. »ar.iw»i«iriup.iupi 

S h HOTELS A ] 

H M 

44 63 D«. KroilWajl^Sp.. 
7'4t66> Dec. Jun. yty Hu.cLSta--] 
j'7 Af. Dec. Juac Del we Hotcis.-. 
AS 55 EtiCCfeSp \ 

no 72 Apr. Oct. GrwdMft j)!^ 
15 70 March Kcml (M ItcJ 
U 90 Mar Oct l£d£nAr 10?-- 
78 .-j v June ifLCbarinactOp 
HI 4 8 i\pr. Dec. Fjrtilf WIMP- 
- 1 7.8 Am-- OcthfentatoSP^. 
50 45 Dec. JaneNorthU* .1 HOp. 
87 81 July Princeriffo.a- 

IS V SE S5 BHBSL 
tS 

«; a Feb. Oct y.-wrHflU'.VBp. 
38 — Jao. AugfWlwriertlift* — 


Hi 

d034 
636 
hUH 

ara 352 
+a25M 
+6.33 24] 5 
M [1212J1-30 * | 5 

SnWI 7514.92 ♦ ] 1 


■ 3 ] dl.53 


INDUSTRIALS (IffisceL) 

OctKAJL 1111 / 1x3 65a l«I 

lunrJ.VJ; Search. *116 Z4.71X4S l * I 


— 7*. June Not. Aberdeen Const. 97 ' 
“ s-2 J2n. July AhertinvCen.. 154 
“ rlFeb. Oct Allied! Float JOp. 16% 

— r! Feb. Cct ’jml'jee Shcks- 76 

— 2 1 F*b. Ant SPBlStSOp 263 

K7 February BytmidscBit. 34 

” 16 7 May Dec. Bailey Ben ICp 13 

“ "T, Jan. Aug. Hambsrg^re. 60 

55 May Dec. fcrrattficr. Iflp_ 115 

— Vi Feb. Aug. BeectaroodlOp^ 23% 

“ li - SrahaSOa 20 

— f-SMay Oct EefifordJLIOp— S3 

4.0 U ' A..- 3rMS-i- v/ LO 


r V Mar. Auc. ?“ttBrcj.2&o 60 

2-i Aug. Oct. Siockta?s20B — SL 
“ haOcT Maj- 31aoCnttat1 — 293 
“ Apr. Not. Blnadell Fran — 81 
J ■“ Oct Apr. Ereedon Ume_ 106 


52% Z6S1236 - 

31% £21152 1X1 
3&V sSiB.Cl - 


SJL. List PnsxAvm JMr-% (b aaed on OS5X9828 JKr £l _ Brit Dredgmg- 


Coowrdto factor 8 jS457 (6S439) 


1H1254 

u!l2.C6 

2X312.45 


TaraPipc’IMl- 1 
olT'-piiasi — 

.C.K'ipc-W 

DalDjtcldfi! 

•fi«niDM£.~ 

UpcT?® 

•wT^-.-cTwa- 

van 

> '/ott L «S^T 4^ 
sp cw-ia 

DoSliPSTTAi 

DoStpc+E-SI 

DoMjcHWH 

DOPrpcWO 

Da3pcT0Af* 

VpclSffl. , 

k^.pe’wa. 
!3i 2 ?il£83_| 


TEGNAL BANS 

1 34%) 7.7] 5.921 

TIGN LOANS 

■JMl-I 95%ri| 


— Ma.SJ.D. |Bt5!<M!rea!S2 

— FJ+yAo-N. Bk Nr.? Scot 

. AJjDJn aeDCrmadaSaS 

May Nor.9<w Va]lert_ 

oyn Oct BraKanf — 

F.liyAaN. CarJ^pBlc J2 

Jnly Jan. Car.PacifirSS 

July Jan. Do.4>%Deb.£100- 

i-nt J.ApJy.O. Gulf Oil Canj 

ApJr.(Ua ff>«fc!rSid.Ca*.||.. 

lire FJ,IyAuN. Ho'Jn»fiSf« 

■•17? Aor. Oct Hodsnn’sBaT.i 

ir.^Jap.. July rfnd3.OilG.S2V_ 

lOM MrJ&S.D. InpaulOilll 

Jan-AeJ.O. Inco 

tty, FUjr-Au.N. InlNatOsSl 

“ -irJeSJJ. M»*-7FareJ 

11 14 June Dm. Rar.lficBet n 

9SK “ P1h»C«3L.~_- 

inoi June Dac Klo Alvun— — - 
um lLJe.S.D. Saj'al BbCntSS — 
nK S-3DeMrJui^eagramCaCSl_ 
itS FJtyAuN. tar.DmaBh.Sl_ 
JA-5.Jv.0_ Trans Can. Pint- . . 


CANADIANS 

tzudc I 16% id | 25 J 


25 J] SX12 -I 
a£ 96c — 
96 542 — 

85 12izc - 


May Not. Srom Jwl Mr 

Jan. July Brmnlae 

Dec. May BiymtiDiUs 

Aug. Jan. RttrnettiE 


U.7H - 
17.ai.C2 


i 05 n fj -ijr in n Pune Sent Curryt 216 

a ?} MP3 4 9 lX7puly JartCiKaaajicliJp-. -16 

HSr 2'^ 56 6SH^ July Detent 93d 

iSjlillunn. Nor. Dmriiirs: lfip_ 76 

*■ a riWfe-jgsflaaBC: ^ 

7, TIMBER “ 

. uan. JuIy-FaitcAle Tect 5p 25% 

S pan. JniyjDa'A’Sp 25 

... _,pm. JulyirineAriDenLop 60 

f6? ^2 1-3 OctlFordOTbnllDp- 35 

b|6 2.9] S7fiSr. SeptlFKJSUBtwIOp, 162 

(M2 ?? JuMFesterBitt 146 

4.3; Xl| ?-^-53pnne DecJFrceiwuis'Lan)- 375 
7 '4 4.7- 4.4 £3 OctXeiIcrf.AJ.l23p. 42 

M.7 XJW.JlOAfaiy FebJColdtcsgA 76 

ldQ55 1 ^ -ri^-fPec. J unefGw±r.3n Br. 5p. 12 

323 b X3 8.S IlLfane Nw.^rafto Ware — 332 
(BIS J?J| 5JRjnr. Dec [G*. t r riverscL_ 326 
1® X4I.13Z0AES-: B^vivoSZZ 327 

AprlGn-MiHStslOp. 52 

.f-Sl ■SP® 1 - Oct|BsdyfFazn)_ 4C*d 

MX73 ti J 43f 9.4 Oct! Du A NV 35* 

328 40 7J£4f Sent |EelenaLna.I0u. 23Vnt 

9.43 35 4| «k^^JSreto.H KW 

J293 +.2 5.4] _67 frej,. o«!Be5i«TsaS.S3iu M 
5J5 X7 /.A 1X5 [May Ti'ovjHeariqceiA lOpt 20 

i.5 artofcWSSSSSSp^ 


17.4] hl34 5.0 2J 
50 1| 2.43 - O 22 
2i L93 12 9.1 

17^689 26 42 

-• il t in n -9 c I 


10.7 323 
25 taie 
266 1.83 
875 tO. 76 
DA LF5 


t3 li z t 


H6L38 . 
=«i 118 . 
5C3 XB6 

lirtuzos 
V. 424 
50iiE9 ! 
25 603 
T2 +261 
385 4J7 
3 IT b£76 
17.4 £64 
Ud 837 | 


26 61 Dec. July 
25 * - 

9.8 124 Dec. May 
4.0 14.4 June Dee. 
— 5.7 ban.- Oct 
69 5.8 !Feb. July 
7.0 5.7 Jan. June 


E 69 5.8!Feb. J 
7.0 5.7 Jan. J 
4.6 126 Uan. / 
9.0 121 Kay i 
4.0 * | Jun< 
3.0 13.9 'Aug 1 
24 13.7 iMar. ( 
93 67 Sept / 
8.2 12.9 FebT / 
9.4 4.9 jDec. Ji 
64 103 ban. Ji 
3° 12.7 fiat. J\ 


771j !5i 5-10 
raM.Mpw 42 30 5 rXM 

tendBOpi-X 152 305 10.12 

Otter— 142 3* 5 bG 

uebneUp. 32 l£o.t!2J2 

efcSteC. 52 X ZJ-82 
0eSlMta_ 116 3.4 +5 16 

at 73i» 30i 456 

efHlrtpJ. .. 207m 75 6 35 

ft(BJ__ 137 Hi: 5 41 

Card C tab, 89 IP ' 3-t*3 


i t, n jl .-\pr. uruiAa *** •^SSrS 

BO (BP j3n - Jun P{AM Sgyob-- XJb S - ! 

ga Oct Ajw.lVif««MRrB5.1^) 77 Bj J&5 

to ji.iT. OfUAhacj WL. - — 9© Ai OIK 

99 5J9 Feb. OctiAirfir lnds. 3Jp - B U.U Xg 

c c 74 July Dec.klpii'c il !'lf W ^7®*: 23-5 252 

id's Oct UnlmLtaliilClL jA2 J|.« 1605 

10 - S it Jan. JunJ^An-A^Wt- 53nt TI 27 
Tl it Julv DeclAMTOlAJiBo. 69 lZiVdXW 


? I Oct VaytUoLfitaCariCri.] 
S c } Jan. Juc Ci '.as. Aa.V'jW*. -] 
£1 (July DecJArenwalAJ !6p_| 


4.6 126 Hon. Aug &a ladiohiei — 103 
9.0 121 Kay Oct Expanded Mg&L 76 

4.0 * [ June Fanner (S.WJ — 332 

3.0 13.9 Aug May FtnaderlireBOO 1H 

24 13.7 IMar. Oct FnthvaoU^t 32 

93 ,8.7lSept Apr. Flnidnrr3}p 85 


tdl.73 bi V 4. 
3JS8 4 0 7. 


5.2 66 KT 

il l* Jan. 
7 ~l 5-4 Se 

« H June 

5.4 67 feb, 
7.3!IL5 w„ 


1631 837 q33 3/3127 Jon. Aug] 
W.7]tL78 35 5jJ(£Duune Dec. 
7 ^ 02 — o!t 1 — I — 


1216 287 87 - taa? 
247 5.0 4.4 6 6 gug 

dXB3 0.7 13.7 153 Not. 
+233 22 4.3 14.7 Anr. 


13.9 Aug May FmaderUreMO 11% 153 - 

1X7 IMar. Ocl RrthtOBJOp^ 32» 7% 25 

93 87JSept Apr. Flnidri^Sai 85 24.7J4+X37 

8.2 129 Feo. Aug FolkesH&MiNSp 27% ;t>JdL39 
9.4 4.9 |Dec. June Franrisladt— 1 75 15?>« 

64 103 ban. June GEHstnLS?5i_ 97 a. J 4.21 
127^’ow. Jane Gartun&gfel ‘87 m(5.»9 

127 Jon. Aug CreaEog^idJOp 15. 3J|0 33 

63)Uune Dec. CTynired .'..-. 120 155j520 

— T — Granges KIM 925 6'c| — 

- Way Oct Grewbankimt. 50 IT.ddhltt 

5.6 Sot. June Green's Ee<m— 68 17 A |-iJ , -0 

— May Jan. GJtN.El 2B4 17 H 13.89 


30 7 2 *9 1 July Apr- aa^iltiv 31 ?77 2 - — - 

4 ffl 6 rI 41 Ijaiu July RatFaer itd. Rifle. 258 33.5tD2Bc 2« 6 

MiSS lSlr "auir&»A T.-A- 125 155 SS 66 6 


230 7.71 

+2 29 

d2£9 11.01 


Jane! Hans’ efLorcse. I 64 


Apr.buri Eonttcall- 173 W^dlO.ls 2 M 8 9 63 

lumiu' RnHav-A’ UVi I £1 1 <uq+*7 1 J hi A 


fS[Nor. Jc3>t 


.Rotny'A’JOu- 

tTwlerlGM) Up- 

arrdceaX— 


n%3 ssSss= iS 

2 DA* 235X44 - 3J& M 

w K 97c - 3 jfijj* sssS^ “ 


4*6] — 121 


Ti TivwT sept. Apr. brocmia 

3-2 Not. Apr. STIFuni 

1 1.7 7.71 iXO _ Marie lths, 
Xf-Ji \ U 7-fban. July Marks* Si 
L9 3.21(15 j- Feb. Jul» BartiiSe 


“ j+PApr. OcttocuclasRoW-H. «G 

~ tpAnrO OctD-waagGitBp 245 

Z tl Mar. Sept EeanaiOp 9* 

S' — W Feb. Oct Ellist&aanX. 95 

_ Z _ Not. MayErith 102 

mt, B = Dec. June FJ’AChisI'd— 20 
_ Z ^- June FairdOTSiCooa, 74 

5X38 -23 *.**• J u ]y “2“ ?. 


251-Pl j IB.7] SI JO — I M l? 


Can Pipe. 


\}. kW, Ms 

o.o — 


EmmaJ9p 

EUisiEvaant. 
pi th . . „ ■■■_ — 
FJAOnsl'B— 
PainilOTjiCaoa. 
Feb.IaU.10p — 
Da‘A'11^— 
FeALauWcHtd. 
Fnslwn CfahaJlCa— 
Francis FteKp. 


ZALTS & AFS5CAH LOANS 


- ! iTransCJm-Rpe— | | 2ti| 103c | - | 43 

SJSL list P t e ml iUB 54%% (based m 7 . 72X 2 per £1 Jan. July Fnr.cb Kler 

Apr. Oct GallilbrdBr.Sp- 
May Gibbs D'ttaAICp 

BANES AND HIRE PURCHASE 


S?pc"i5-'!3 
L "”*rT-«_ 
'?!■«_ 
75-X- 
w J8fl0_ 


Z3.3 554] 9.82 
JL5| 5S5 | 1163 


Dhidtnds 

?au 


vjiv 

Thpc^-ftj 

Afnra(S ; pcT3J!L 
dSl;pc«2D. 
. TM1 


S3 XX2g Jan. MyfiNZSAl ] 290 

iti ,?■?? Apr. JulyiAlesanderaD-El [ 2J0 


a * ^*^**^«“ July. OcttalosfopUiJ- 
Last] D|r 1 lYTdl Feo. Acg.E’ghCaooerSOp. 
8 Net Fir M BE ^ S e pt|ALGrp. »Jt- 
.... * J Feb. Sept {Hebeal Bar 


9SVri 2E7 641 18«7 ffa Ab £ 
S3 LSJ 9.16 15.99 f, P V 


EFUfflJl £134 I 


LOANS 

Pnfc'ic Board and Ini 

Vt5pe‘S«9— 61 j I' 

I!7%pc75^?4 — 5? / 15 j 

('tr.^pfR' 22w)| 1 9 

.C.9sc!Jffi 150 ) 15.5 


HS p?l Apr.WlaiHiOTeyfl. 338 

aUlOJl 1247 d?z. JoneUniedlrUb 2M 

3W — — . JuneWri»ntlniotX£X_ 162 

IFfiS] — — Mur. SepOcSvAnirJLSB. £21% 

• 1 July JrmiML Ireland £1 412 

. ' • ' Mar. SeptlDalOpeCoae— £189 

.j May AucJPX Lean El 18 

“* Au& FeS!]3kLeusi(UEl£l ISSad 

T JJI 327 1 XL42 Jsn. JulriBtNS.W.jAS— 5E8 
15j\l2 96 J I3.-P? Nor. ^ayllUpLScotlKidil 292 
13110.69 1257 A- J- O. JajB<aitesN.Y510. £30 
IS' 601 — Aar.Oct Barelaratl 5Khd 



— | -—I — Jan- Jri 

— 1 80] — Jaa. Jan 
2 JA 4.4] 9.4 Jan. Jol 


Hentftx'A'Vta- 

HewdenStlOp- 

Da Tpc Coot 

Hcyra Wic. 5up_. 

HIs3«6Blll 

H<wriagfiaa.^_ 


"S£ki wi u3|u -“ 1 M Ji SteSKfiE Si UlBu 

-PKJW 1 «?r-| ICfiing lift Fet IS^aSSSSl ^ M cEc 

S-12 - lav ]Can'7bk DU10A- £18% 577 Q13% 

‘iH™ March ^ipiUbtKrlS'l £20 73 Q13% 

,•*. &-i| IJ-i/ July OcLkV1niI1u.11 10p_ 29 25 0.71 

£:.?* h-% May pd-FranraFK S22h ST7Q9i« 
H-»Jnn- Apr.R%wwiG.W— XS 183i - 
^ S - PnfcrSeBrtmB!. 021% - Q18H 

- F.C.Fraanrc 77 25 203 

^ ^ BlJ - FintXat lOo — 3 974 - 

*S?1*2 S-JJ - [no.wni8.is-as. h - — 

in-1t?‘c5 Hr? — Fraser Ana. 10p- 101* 876 — . 




■4x55.. 

t'X-JK Drt. •*«!: .. 

fljjrfn 

'P.jpcLr^lT 
.I'wCul.x'S™ 
. iI'ipiGnll.n. 'Pl„ 

TtpcADrJi. WBS - 

.Ti.nrADb.Di?!-. 

ync-A' '91-^1 

' n La. 'JUG 


62V*5 7 

73%«l 7 

Tl’j' ]0 


155761 — 53 - Dee. Jane BI«3«tHlll 90 

266 1023 — 9.4 — Jnn. July Havering haa_ 06 

35 Q94c — 25 — Jan. July DaHeaV+t — 98 

305 1523 — 5.5 - Mar. Sept Howard ShaLlOp 29 

1X2 019% - S.4 - Apr. Dec. LDJLHta US 

85 Q16% — 29i — Not. May (bKoctJoiinsea. 187 

73 7.47 X5 1 7.4 13.4 Apr. Oct !m. Timber 145 

12.6 +Q30c - 3.2 - Jan. July r.XHoldingilfti- 64 

27.4* 3lC5 3.6 5.7 7.3 _ LC2.6. 25 

305 W-OT — 5.7 — April Sept InriEiIJ 173 

7.5 0328 5.7 53 5.6 Apr. Sept lBBnta?E$Aa»_ 109 


4.6 * Dec. 


Feb. Aug. fofcwm- Richard*. 109 
July Dec. looRsEJpd. ICp. 10 
:May. Nov. Sent (K.F.) iOp _ 40 


17.4 t363 13 33 , US 
14 1X3.00 33 4.S]i9.7» 
126 L73 1.7 7.3IXO 

19.1 h234 12.4 1.7] 7JS 
24J+dl21 X9 3.adSi 


273 M CZ 
152 533 
14 517 
130 9.51 1 
2JlyJ.55 
15.‘ dL79 
l£i dl.79 
34 133 
474 — 
1'7=. - 
5.9 d359 

as lib 

1131 XI 2 
3.4 LE5 
Mil +1 Jff 
UJO 3.92 
10.7 5.36 
16.1 X04 
14.9* iX03 
155 4.43 
155 hL09 

S* SP 

25 3.50 
25 231 
2i 2.11 
303 dX7« 
13: d9J2 
34 5.23 
1337J5 
155 USB 
277 +2.52 
13J< 9.61 
3 !|tQ20c 


| — nnoSHiH ti*F — 14 

bet Apr- Ladies FrideiiOp 6M 
□an.- July LeeCoopcr. — _ 130 

Way Not. i.iten7 170 

p£ay Not. SaKca.9ta.0rl- 161 
Kept Apr.LinOTftK.lCp_ 5b* 
JNot. Apr. sripHnineii!?. 115 

_ Marie lfie 3 

uan. July Mads* Spencer 83c 
[Feb. July BariinNews — 247 
■Ton Jill* 1 178 


7JfithX96 
30-51 hl.39 
2Hh293 
2311293 

niSSm 

15i| h2J5 
124+670 


4.3 14.7 Apr. O 
,2£1X5|FS. Ji 
43 12-3 &*ar. Sei 

WJ- fpr- fm 

— 242 Jan. Ji 
4.9 7JMJuiy Di 
22 4Sbct Ai 
26 9.4 June Di 


ig. Jan- dibit Pndiiaa 5p 32 

iv. JuneHadaCuxier— 115 
K. Oct HanEBfl.50p_ 113 
*. JulyHaBUStwr— . 234 

v. Sept HallSe Kp: 160 

ir. Sept Hanwsoc 13 id 

n. July tZ+fcMachy. — 20 

iy Dec. HaateSilt 244 

t Apr. HiB &Sndtt__ 80ri 
ne Dec. Hopkinsoo»SOp- 115 


i7.«iaia 3 j 
17 "J 430 2; 

17H15.S9 l.< 


28 9« 54 July Tec. PanrorHcpbcrn 
4 * Aug. Mar. BatbiForlmJ.. 

ulhluiQ*! — BjrirrTraicflri. 
_ _T- Dec. Kay Hoafiec Clark_ 


I 29 14111.16 
82 :0.7ftlJ5 

GB% 3aSQJ85c 
152 3415384 


155] 7.92 

!55|7.1 i » 
U.ij 6 55 


72 rtfl.77 * 


5 9|iaiFeb. July Mid. SdncatSOa. 100 33 4.73 

XC 57 July Jan. Hotfcerrar- lap-. 174 155 2.96 

7.2 f Jnly FcbJNSS News Bp_ 116 305 +235 

§3 t7|jane DetOc-a&wn 113 25 2S9 

|-3i?«P an - July totalise *31 IOp. 20 1112 — 

i? Apr.. Cct Paws3BfWI4_. 420 135 025 
XPXn.4 ion. ‘ Apr. PdcsStrcs IOp 52 . 174 WL02 

72] 87 _ FoL'v Peck 10? _ 9 ITS — 

,S-?j S« Fob. Sept Preedy i Aired)- 73 JU 289 

2 i Dpc - J®* 1 ® SanarTe*t5p- 9% 1730 WL22 

7-4 “J Mar. SepthatneralOp 73 303 0.43 

— I — . Mar. OctJRaybcctl^) 103 itl 3138 


63 27 85 Not. Mar. Howard Madff- 29 

X9 9.4 33 May Oct BowiJea Group 76 

24 26 192 Jan. U^mudlloscnqiSp 2« 

- — Oct LSLL 64: 

23 3.6 17.7 jAug. Mar. lettonJtHBSp. 32 
45 AO W July Jan. festeiCattaiL 80 
72 20 lflA'Jan. June Johnson (Filth. 67 

— ~ — (Dec. JunelamGrocpMp, 73 
• 73 * May OcL Iooes51lipman_ 14*» 

35 25 17.1 Jane Not. Laird Groap 96 

53 2i MO bet Apt. Lotai Sfliot— 52 

“ aiss&at s 


20 2: 133 

944 15314.14 

OTsi 7cl <1222 
35 2515.14 

29 U3] U 23 0.6 

76 W 415 * 

26*j 34i +0.71] 3.9 

64% 13 5.34 
32 Z4jfrd0.92 
80 1212] hX13 
67 1551 44.76 

73 !7ili.63 

V> 34*5-46 


_ _ Dec. JIn> Boafc<«Ctark_ 152 3*5324, 63 4 

?! lja Feb. Aug. Beechon — — 710 12M18L76 fJ22 X' 

o'S 77 Jan. July RriloirCot. 10p- 19 ifl75( r- ■* - 

"JglS Oj|jii!s«?VSfc:.= if «.« oil 

I ti 1 y fit- sg ssaaE=: jp s » p | 

a » sa etssfti; s ^iar a« 

X.i.0 55 « jub-,S,HaaiJ.»IOP .. 42 126 X19 H 113 

[3 B10 6 Dec- Oet riackAnwSflp. SSxd 7^X83 « 72 
2I1SS Jan. JuVEUAEdclnCCp 116 17.4J657 13 84 

a? 41 Slav Oct aiackimiram - l£2ad U 6.46 • 66 

67 86 J“ta K*r. 3otf>wttInt'l— 74 25 276 42 M 

* May Ort Copid tVL*.V IDo- 36 13J +X82 43 75 

■sS'-r 1 Jan. July Booker KcC.SCp. 293 15 S 7.43 46 5ft 

4 0 98 Jf-uc BttK«6Hawba_ 182 J14 5J6 46 42 

77 75 SecriEemyij^j. 145 27.4 <S9J2 1< 96 

l i »» a; ntflfl 4+ iff 


lint* i 


34 FeMyAnNv Sa»-W.USJ2S0. 
iji^I July Not. I5<iwslerD— — 
a Jan. Aua-ferahyLKUelOp. 
ni Jan. Aue. Brady Ind»- "A -1 . 


4 h271 3.SI ? 2f(7B» Oct Bo? SnaaatiRJ29p- 

4 356 xliSaS? L._-r.»“ d?rec - 5 ?- 


L‘J“ Dec. Jaiy Rea<ucnt3P— 
July Dec. Rsed Aostn ’A'_ 
£-P Apr. Sect EMia JiDrSl^u 


: -F£ & 


66 7.0 Apr. Sept EMin.-a^Siep- 3Sj> 

7-5 72 .. ResffiH5p 17 

86 7.0 • — 86V Stores l»tf 36% 

65 66 - Do.ZSVFElSiip 17 

93 6.3 Feb. July Sataaei (B) — l£5x 
93 1X6 Ibcc. Juu FeSncoortSp — 28 
7JB * — 5fc«TO2n(S)lDp- 34I 2 

,il5| Feb. JuIySnjlhSF.E/A-Mp. 190 
7-5 4.9 May Not. Stanley AIL Sp^. 138 
25 53 Sept Apr- Sutra D!sct IOp • 182 
£2|| — Oct AFr.SrintolCp — . laid 
4Bj(X9)ijEn. July SnmneJji — 29 
X* 45 Jen. July Tfae Freds. IOp. 205 

X7 15~*Feb. July UDS Group 103 

XBj 9.9 June-Dee. U^oofQ'A’— 37 
93 * Oct May Vaahm:0p — , 130* 
1X5 17.9 Dec. May ta8des"A'»p- 60 
5‘9 Z-fiP*!*? Not. WattsrOasJ— . 98 

7-6 89 May Not. DaS.V 97 

25 S JL Jane Jaa. 5ft-'?blflp- 205 

A \ ° Mcy. Nor. Faring AGCCow. 323* 
85 * Jan. June ffevweQ5p — , 33% 


381 843 
161 738 
385 m 
17.4 290 
471 £U9 


friuKouriSp — 
StenrsnfSllDp. 
Snithy.i-A'Iflp. 
Stanley AH Sp_ 
Sutra Disci IOp. 
StEtnIie«II!j — . 
&nnne23n — — 


.3*2 5751 - 1 - I - I - 



75% 265)53? 


9^% 5C51XS3 IX9f : an ■ 

95% 50 5 U.?2 2239 n ' ‘ 

T.% M i 1235 1250 ™ 

ASV Ila 11.42 I2.-J _ 

•l.w c.: Ti Ui) 


577 Q9£7% - 
I8M — — 

- Q13% — 
25 203 25 

974 — — 


GN BOOTS & RAILS 


faPly..' 

W 

d»«od -m. 

Var.4Jjpc. 

pc Arc 

LAJnnCr'aiFleb.At- 
IOIDdIpcMwwJass - 


n-ltn'cSIirV — Fraser Ana. 10pu MU* 
0 rjX.,50 | 13.K- Jane Dec./Gerrardflabi^ 192 

n >T*n M"T h'OTJCi&bs tAJ — , — 48 

SAILS • Mar- Au£JrillcttBim£I„ 23W 

[^ik nw.^#ss5— M 

I d | Grass r«U Apr J OcLjCnlBiK« Peat— 250 

_ Dsc. JamHambna ISC 

_ ._ Dec. JuiyfaillSanmel.— 98 

_ nifl — Do. Warrantor 3BP 

4i, „ • Sent War. HooKSlffigaSO. 354 

3i> 1660 KOT.Lf**dT«5nb«- 64 

. i CM - , ' y5 - JuncpKcpblLeDlLl- 210 

4 f465 Feb. Aug-iKcyscr ninsnn. 50 


MU* 87H — — 

,92 25] 8.29 - 

48 jit 223 — 

30rd 7J3 15.41 - 

24 17.^ 0.13 — 

36 3.4 279 7J 

SI 50^+10.15 - 

80 Z4.fl9.76 - 

98 ».(J4.97 - 


Z-9 — Aug. DecJ 

Te _ Ti pr ' 

1.5 — Not. June] 
3.9 14.7 Jan. July] 

— — Apr. Not. 

— — July Not. 


HIShMitO. Ilrp. b>.. — I 

mtfltP.liOp- 40 25 +209 

fri+wSAFJOO £»5i 57 M5JS* 

Not. JucelLaing iiobid ‘A". 204 13 X17 I 

Jun. AugJLathamiJ.in— 143 24.7 7.73 

Msy Nov. Lawrence <"W 1 — 17 ' 6 « 

~ '■ eehriVBLl»jL 50 VA H674 

stand Faint ._ 8H 155 3.76' 

uevFJ.C 78 i7.ri2.54 ' 


JatQMc - t — Uan. Sept ffbaif Mill i0?t- 
24 7,180 72 25 75 play Not. wiCcsnTarfiiu 


irhiVaLlZCp. 
tand Faint— 

wFJ.C 

idon Brick— 

ell <T. JJ 

HdHGronp- 


7.81C.P — 1 

|| J| ELECTRICAL AND RADIO 

8-1 b June DeciAB. Electronic « 129 

10.1 82 Apr. OcL Allred iisutawra 72 

11.2 A January Audio Fidelity ID? 30 

7.0 5.3 Not. May Anrotcd Sec. IOp 107 
45 7J&uJr Jan. 3ICC50» 125 


180 25223 62 U 

38 17.4 W.94 25 4. 

L83 24.7tri4.I2 M 3.- 

laxd 72 d0.96 4 81 

29 I2i L52 22 7J 

S» 12.6 171 1U L 

L03 385 5Ja X5 7J 

37 17.4 228 M 9J 

30* 7£ +5.23 53 61 

60 m t204 33 Sl 

98 3A *236 45 3J 

97 34 *236 45 3a 

«5 247 04.06 55 XI 

23* 7.B 359 * 4J 

33% 1275 - — - 

n 187 X44 - HU 

76 1« dE 39 23 11U 

72 13J 434 U it 


pan. Au; 
pan. Jun 


JumJw.'A'Sp m 

SepdCondonAHitfld. 99 
No^tX Holding— 1M 
mtf Mangm Ennce- 79 
Jmfe MatcnairZOp— 290 
Jjn. UcKedmxBm . 201 

fpr Meggfttfip 29 

Apr. Vririrai 5p 50 

Duly JOdl«ndiTKte.Sft 43 
nber HiaingSnp. IDp_ S&a 
Sept BilcheUSoniiOi} 63 
July McieiJOZCp — 28 

Not. Xotiw— 142 

Jan. HossEng’g, 67 

Oct KegpwmC— 46c 
Nov. NoUDasiHd*!- 109 
Not. NcwnumTouka- 61 

Apr. Horthem Eng. 116 

Feb. Norton (W. E ) 5p. 47 


oj -.---- i, 

96 63 Jan. Ma 
9.7 9A Peb-^P 

82 in 3 A ^- 

1 6i 82 Jfn- J? 71 


053 ? a 67) 75 May Not British vita-, 

453 * 7 3 4 May Oct Brittains— 

431 « 4M S N'w- May B.H. Prop! 

191 9 5 3 6*33 J™- Jufr Broi'VStBr 

+5 42 30 OILS Jane Break, Wat 
♦552 2i 751 77 JnlytFrpnnBw.I 
Jflffl 54 3 n| Q3 Oct Mnr. BrnrimsiMi 
bXffi Sill ill 93 PWi. NOT.Pr.raoDeo*. 
fdl.01 71 ~ 


Bridpori-G 29p„ 37 

5B6EA.„ 56 

MntCtanT.iap^ 53 
Brit Strictest. 2-i« 
[BritSytAunSCp. 621* 


Oct(Briltaias — - — 27% 
MwB.HPropSAl _ 74S 
JuWBroi'VStBr.tilp. 7S 
June) Krenk, Wat 2Cp. 39 
JttjjHBrpqi Biw. Kent 54^ 
Mnr.lBnmUmaiMansL 106 


247 t2.49 
7.4 104 
25 9.66 
M (1677 
174 X05 
126 X.19 
711183 
1X3657 
7.8 646 
25 876 
13J +182 
15 S 7.4S 
D 4 5J6 

27.4 MJZ 
393 B60Q 
!&l QB-tO 

sp 

?.S 35 
34 4 2b 
117? - 
34 623 

17.4 1213 
3J 2-72 

2M X52 

T$- 

si a 

34X52 

25tQ30J*c 


— Apr. Aug. HKMf&Stlm- 212 nlj 7. 

— Jan. June MalLtaMO-Denny 57 

— Not. JnneMudersiHldgL. 9A 


7B 17413.28 3.7] 63] 6l]Apr. Not. BSHIQp 105 

52* 713.93 3.fl 6.4|f4.4l Duly Jan. Berec 166 

37 5177J _• » ■— — _ -Bet Mar BestiMay IOp- 65 


•» Wen. JuadBowitainJelOii- 
73wun NOT.]Broctal9n___ 


S 15A1 -nag - Dec. A^.IMareJnriel 357 

033 — 0.3 - Aug Mar.Stoicj ,87 

179 73 5.1 68 Mar. Oet HarriaUsfHM- 123 

+10.15 - 61 - Feb. Ang S«? 4 Hassell- £0 
9.76 — 8.J — Mar. Aug. Mean Bros.— 

4.97 — 7.6 — Jan. Ju& KelriDeD.tW.. 

- — — — Feb. SeptitocrplonLL.1. 

hQ59e — 2.0 — Oct Feb. Mitten 

hi. 32 — 7.7 — Apr. Not. Milter &Unl IOp. 


IS 238- 4 52 -3.9 12.9 |Mwy Not. Botaia-A'Sp 28 

Z7.il t5.08 hS.'A 4.B 7.3 |Apr. Sept Cabtoorn 5p — 84 

T2tjii253{ 351 43 i73)f June Caapbditahwd. 130 
•1 4 C « 4 -7*1 7jt Q uuly Dee. CUnrideCrp. — 128 
5.C 37.6uune Dec. Clifford « So. 5p. 23 
t <51.91 Rug Feta Com 8 Sere. 5p_ 150 
95 86Upril Not. CrayOtroiuc Wp_ 26 

7.6 6.1 [.Apr. Oct Crelloa IOp 171j 

73 6 L — DiItaCim'S-B- 19 
67 ia.0[Dec. May DaipEtect I0p~ 176 

661X3l\pr- Cec.Decca 495 

1X0* E.OLApr. rec. Do -A' 465 

60 44lFeb. July DcrritrenlOp— 22 
7.6 45 [Sept Apr. DcwSonf.V IOp 15l ; 
4.4 4.5 [May Dec. Dowdia^ k iS. 5p 27 
72 5.9lC>ct June OreamtemtlOn-. 34 

60 5.4 pan. July Dubflicrip— Z3»; 

7.4(K#lpnly Jan-EJUSOo 153 


mfl a?4 — 62 — Oct 

3051 867 — ] 2.0] — (Not. 


Not. May JfatEnpnean- 57 
Jan. Jb% Kank W 88 

Jnn. July HawIenCJJ Xe9 

Jan. JnneN-WBrthlll£l — 165 
Jan. July KowcsiHobt — 96 
Aug. Feb. N«LBriek50p_ 290 


D.l 3.08 12. 
123(1253 3. 
D 2 iW‘ 

24.7 3.11 • 0.1 
361 U.78 0j 
lSi,234 21 
M7 4.74 2j 
Z"t h2;44 6 

is do J6 -t; 

14 324 X' 
:i 174 X' 
M7 356 • 5.' 
-2j 6.60 21 

vi] <W.91 7.i 
126 4.65 3J 
lC.7ltlX72 X 


FINANCIAL TIMES I Feb. Aut|?h’X*nlj: Timber . J 165 

Jan. July Poririns 143 

BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY J™ D«. ^ 

Telcr: Editorial SSSS4I/2, SSSS57. ilriverfL+aiHcnt5: SS5C33. Telegrams; FUuutima, London PS4. Oct jaay sm ffalliop £3 

Telephone: Ci-243 8809. . *S 

For Share Index and Business News Stunozy in London, Birmingham, Dec. July Kowuracnilw- S3*c 

Liverpool and Manchester, Tel: 24fi 882S not. « 

INTERNATIONAL AND BRITISH OFFICES J «L S^££ fDCTt -,S 


Apr. Oct Dime De*t IOp- 53li( i7-'|4t2ft 
Not. July Pariytr Timber™ 114 | l -4 552- 


DA 5.15 
272 C.I9 
2811 d233 
25 +134 
153 736 
133 4.34 
?D5 4.34 
303 3.09 
155 X64 
155 3.45 
355 133 
27 2 3.3 
305 2.94 
2fii X22 
1X3 058 
26.6 fb<C-3S 
30IML47 
U — 


— toilet Coin. ■B-EL. 19 _ Q12% 

~ MayjDateaert. I0p~ 176 243 g2.76 


July Not. Rot 
N ov. Mny Rail 
Jan. June Rug 
Apr. Oct SGB 
Dec. July Sabi 


1 Group — 36 

■Oita 40 

iP.CEoeat 88 

nmp 170nl 

TjbwtI^p- 39 


EDITORIAL OFFICES 

Amsterdarn: F.O. Bnr 12P5. Amsterdam^l 
Teles 12173 Tel; 3W 555 
Blrminshan: <3»r(e House. Heorse Road. 

Teles 356S50 Tel: (El-434 IJK2 
Bonn: Prc-shaur ti.-ir«+ tfoussallee 2.10. 

Telex R8li9343 Tel: 21KC9 
Brussels: 39 Rue Duci>Ir. 

Teiex 33SS1 Tel: SI2-9Q3T 
Oriro: F.n Pax 2040. 

Tel: 9385TU 

Dublin: 8 Fttarilliam Square. 

Tele* M14 Tel: 7KB31 

Edinburgh: 27 George Street 
Teles; 73484 Tel. 031-226 4130 
FranWurt: Im Sai-hsenlocer la 
Telex; 416263 Tel: K6730 
Johannesburg P.O. Rns 3138 
Telex 86257 Tel: S3S-754S 
XJsbnn: POTca da Alecria 53- ID. Lisbon 8 
Telex IffiKi Tel: 382 50B 
Madrid: Enpronceda 32, Madrid 8 
Tel: 441 6772 


ADVERTISESSENT OFFICES 


Manchester Queen's Hou«e. O-ieen Street - 
Telex 60813 Tel: 061-834 8381 
Moscow. Sado vo-Samotec b naya 12-24. Apt lta 
Telex TWO Tel: 204 3748 
New Yorte 75 Rockefeller Flam. N.Y. 1001ft 
Telex 6(380 Tel: (2121 541 4825 
Paris: 36 Hue du Sentler. 7M02J 
Telex 220044 Tel: 230-37.43 
Rio de Joneirw Arenlda Pres. Vargas 413-10. 

Tel: 253 4348 

Rome: Via della Merced e 33. 

Telex 61032 Tel: 078 3314 

Stockholm; c;o S»enaka DaRbladet Raalambwragfin 
Telex 17608 Tel; SOW 88 
Tehran: P.O. Sox 11-1879. 

Telex 212634 Tel: 682558 
TofcT*v- ah Floor. Nihon Keital Shim bun 
Building. 1-9-6 Otemachi. ChiywU-ku, 

Tclea J 27104 Tel: 341 2020 
Washinpton: 2nd Floor. 1329 E. Street 
N.W.. Washington DC. 2D004 
Telex 440229 Tel: 02O2i 347 8678 


Oct May Stans® i Fisher. « 
Dec. Jn-nn Sntmrt (J.l IDp — 46 

OcL May ScnthamCon-Sp 3 
Not. July Streeters IOp — £3 

July Not Tarmac rOp lfl& 

July OcL Taylor Woodrow. 420* 
May OcL 7i}bmyC(c£l~ 296 
May OcL Travis 6 Arnolci. 154 
Feb. Aue-ToimriBSOp — 302 

Feb. Aug UB1I Group 77 

Auc. Feb. VectiJSwwlQp. 38 
Mo-, Oct 183 

Apr- Oct Ward Hides. IOp. 40 
Dec, July HimBChu— 50 


* 1! o.aa •* • <* 
155 +d4.M .5- 
17 ri 5.86 2. 

75 4.25 i * 
174d457 2 : 
15 5 4J9 21 

- 254 3. 

KfidUBfi ta 
.M.5LS2- 21 
17.4 225 • X 

susa« 1 
n +5 3 * i! 

155X65 4.1 

305 fal.92 2J 
21filtd2JB 4 j 

4TT — 

7^6 L72- Sz 
Zi 9.95 jL 
75 7.72- 5. 
Di 2034 X. 


^ 7.2 6.0 (Aug Feta Do t%%C"nr.'31 E97i 2 1 

4.0 t [Feb. OcL Elecl'camp* 13p. 535 2SJ 

4.4 6.9 — lElcctrcuicMarL 23 TJ 

61 8.2 Mar. Aug. Elec. Rentals lf)p 142 Tl 

3.0 4) Jan. Aug. Energy Sem. Wp. L9V 10 
S.2 I 6 .S 1 lane iVovofaniriV Efcc 2Ua 33S 15. 

bA 8.7 luly Jan. Fidelity Rad. IOp 79 39. 

3 6 125 rilay Not. FomrdTech.50p. 343 l 

2.0 6.7 Mar. Oct Git—. 3QO* 7. 

&3LDJI Januar? HigriaadEL2% 47 3U 

8.4 9J Oct Apr. loses Slroud SS £7. 

6.9 M Ian. Jun. Kobe InL 136 3. 

4.7 S.4 Mar. Oct Lanren«SMtt„ lOfcai 7, 

64 4.8 June OctLecReirig 76 17 

65 65 Jan. July'X.n, Qeccric 2Z4 IQ 

66 55 an. JulyiBusrhead IE 30 


176 242 g 2.76 4, 

195 13J +MS.B6 3. 

«5 133 71036 3 

22 10.7 8.74 3. 

15^2 247 fO-64 1 
27 25 TLI0 2 

34 155 hL29 3. 

23% 12i ¥L01 1 
153 155 9.38 L 

:97i a 11 QBJ*% Z7. 


M 5J nUpr. Aug PrattfFJ — 
45 3J> 7-l^ai. Star. Meat (Bent 
45 35 '7j[Ju& Dec. Praarll^pcS 
55 31 65Uune Dec. B-OF-HoWr 
# 41 ’ ♦ foec. Apr. Rainc Bag's 

— - ♦ Only JiulILE? 

— IQ* — Kay Not, R'nsonxnSli 
2J 105 .64 War. Swit Rtadifielnd 
X3j 85(32.9 Not. May RjWSflsfGi 
_ _ ' Oct Apr. BeeoAtP.idg 
[)IO Apt- Cfct H'dnn Frau 

. Any. Feb. RenoUCl.-. 
2J 60 UA j+ot. BJctardsofl 
67 (SjSlFeb. Aug. Bidi'iuWeft. 
35 105 43 ipet May BobinswiTi 
4-2 UU^ June RolreklOp. 

^ July JanSmtasoato; 
H it Mar - Oct SaviHeG flO 
43 3.9 76 Nov. June Sen htrEnjfs 

*. \5 i- Feta Aug. Sank 

4-3 3.8 7.7 Oct Apr. ShakcspTeJ 
H ti ii‘o’ Ja,L ^uly Sbso Francis 
ti Jan - Ao& SbeepbridfK 
f, J.Im. Jlxne Siraoo Eng's 

T7 m if“n *** Jm - ®QQfoep__ 
August Smith (WhiL 
2 cl 5* J* 1 - Ma ? SprarSJacl 

4- $ o 2 JuJf War. Spe&cerCIL 

23 85 75 jan July Spencer Cew- 

— — — Nor. June Snrw-Sarcc 
J-5 ®-| ~ _ July Feb. Spooner lad 

5- 3 H JfJ Mw Not. StaruiteZOp 

2- J \\ 3J? July Jan. Saveteylad 

33 14.6 May Stone-ratL 
H !■? »?■? Ort. May SrteaiEenri 
H H Apr- Oct TtaKlCp— 

3- 3 f-3 1X6 Ian. May TaytorFaUi; 
li ?■! ,f5 Jan- July reealemli„ 


- ttshy- 176 
rCbtaLaip. UX 

fFl 71al 

tfBenl 9»- 

rll'ipcSMJ £S« 3 
Wings, 48 

_ §- 
Slm.£l 165 . 


atcliffelnds 70 

£dm(G£ i„ 84 
enKdRittaway. 76 
'dm Frau IOp 60 

cnoltin 138 

JdutrdaofUrit SB 
idi'uWeft y>p_ 61% 
bbinsini'rau.) 78 

aiwkiop 67 k 

Hder5oaKaifer. 67 
tavineG. (10p4_ 24 
enkJrEne'+lOp 26>j 


hakespTeJ.Sp. 301; 
tiro Francis ap, 28 

beepbodge 75 

ioocEnCB — 278 

JQGroop 99 

mith(Whil.i5p_ 14- 
pesr&Jacbnm. 126 
peurerCttahi. 29 
peneerCewsSp^ 17 
pirax-Sarco__ 1® 

poonerlnds 94 

tanriteSQp U4 

tamteylads-El. 300 

tone-H*t__ 12T1; 

yteafEenry) — 9B 

feelCp 23a 

VyhaTaUiaer, 93 


78 1751 

67K TjA 
67 17.4 
24 U2 

s* a 31 

90 365 

30% 14^ 


14 0.42 8. 

V 72h J 
36! 4.22 2: 

7J 3.24 6 

B5 M648 2.1 
-3.4 t4.ll 2j 
25 6.09 X 
247 HX68 « 
264 T.81 31 

1S5 5J5 4. 

75 +458 X 
732 556 6 

1 SS 1 

133 0.88 1‘ 

305 3.90 2j 
753 867 21 

30 J 4.78 ♦ 

113 +X93 a; 

24.7 t5.02 21 
13J +L84 5. 

10.7 950 X 

17.4 3X1 4.1 

D A 4.60 X 
17 A 3.43 3.. 

IM dhXZl 7. 
17.4 4.45 X 
D 2 dX48 X' 
. 25 1.19 2J 


51 li! Not. FctroDeaa 

75 ■’•5i 5J5 Apr. Pec. 5urml<?iic5ju_— 
* zH l May Not. Emus Amift ICp _ 
« ta? June Fcbjc.n.h»rta.iop_ 


56 (Mar. NOTJCanrari2Bp — 

M5 L 


« 1? 
17 2 

42% 17, 
.3* * 


34J7J11 

KritiWj 


7 4 May Not. 
di Dec. July 
Sl Jan. May 
7j[ Feb. June 


elaututries. 

JanProtife. 


(,2 [Mar. Sept (Caravans lot I 


53 9l7 gw OCL 
1 6-6 67 Fc-v Ang. 
f 72 5J2 i'^PteuAtt 
flOJ (65) July 


olestioo ind. 5p 
entrelBUg. lip. 


V77 402 
75 13.94 
17.4 833 
12.6 436 

SI J3T 

71 3.83 
1X7 +0.76 


xdioJio.9 July 
x«ic.a s.i If* Aug 

2JW 45} 77 Mar. Not. 
2.9 7.ffl 51 . March 


Dec. JulHCentSbeerid 
Sept Feta]Centrea»50| 


t>taaPi Wo. 461, 
^ Sires JOp. 23%d 
ifCanPUBp.. 23 


* 1021 6 Apr. Oct Chnatte-T.IQp 83 I 

8.7 35 4 7 Nov. May ChrisriralatlOp 125 

23 99 75 Dec. Ang. CdUbbSOp 139nt 

5.8 4.7 41 Feb. June Ctorkert’lcaieat) 76 j 

X5 10.4 (82) Jun® Dec. Cote iRH.i 132 I 

44 7.2 40 July Dee.CmftnCrtbSJp. 47 ; 

X71X2 82 MrJaS.D. C;’,' ill Grp. $1 £24% I 

3.4 66 68 Apr. July CcoLStauofl'y 10p. 36 

7.2 2.7 65 June Feb. Cope AllraanSp. 68 I 

X7 9 9 41 Sept May Cowrie* IOp 33 j 

X9 9.2 47 Apr. Not. Coral Leu. !0p„ Ite ! 

2ft 67 41 Jaa. July Cosait 71 

1.7|1LC 3.7 May Dec. Ccc rtn« Pope 28p _ &1 

2.5 9.6 63 S l “ r - Oct CosrandeC-n.lOp~ 70 

X6143 67 Ju] y Jan. CreanO.lKta 180 

X7 46182 Apr- Not. CredNichni IOp. E9 , 
48 42 75 Nov. July Crosby Houw Cl. 166 
29 62| 44 , . frnsbrSpr'gJOn lw 2| 

3.9 i — J»u- July Dmles&fTwnn. 131 


£ 663 1.7]1XI 
95 ] 25 9,i 


155 258 
AU 431 
155 739 
226 414 _ 


48t 2 155 2S0 
461, 26 fi] 2.27 
7ft tO.41 
23 HLfl tX6 

83 24 7 4.82 


17.4 332 
zaire 
Ki|239 
25] 3.77 
li« 4X99 
izi] $2.20 
2M256 
155] t3J2J 
15ft 227 
25j609 
30ft k 226 
3.ri 62.42 
30.1 232 
liri +85B 
272| +3.41 


9T5 - 

liris.os 


CRIMj 


o? ^al Feb - rex.Abrns 10p_ 

H *-4 k*, niyacn DmlQ„ 

il *" Apr. Oct rMrimur R 5p. 


22 65 45 Jan. JulyfSLK Electric 214 

4-i 66 55ukn. JuMWuirhrad IE 

— — — Jau. July Newtsan bids 90 

5.41X1 4.0 Mar. OcL WewinnrfcLouis^ 203 

22 9.0 7.9 poly Jan. KoncmdEl SOp. 47 

5.5 17 1C.0 (Mar. Sept. f*jk:ii-iln»r4pc-. £101 
2510 3 52 fen. July Pel bcvHMgttfn 125 


19V 107 03 41 

335 155 670 3.4 

79 3X5 521 X< 

143 25 b660 Li 

309*d 7.0 4.07 61 

47 3128 <11.39 U 

S3 272 424 * 

136 3.4 4.77 3J 

lCfad 7i 5.03 * 

76 17.4 d2.63 S.I 

214 1(17 5.9 4.1 

IE 305 tS.08 3.1 

90 305 5.08 3 . 

203 Sl t6U 5J 

47 lifi 2.37 2J 

£100 li; Q4«4 14.. 
125 26.6 fadJJS 4> 


. an- Aug. Triplex Frinc*.. 100 
J2XP«ay Oct Tube lB*e!U.LI. 412- 

June roniff -75 

Apr. Not. lyaekWA'lOn 23 


IfiKaai u i? g«' CuL Sort 10n_ 57 
2§IJ?^ July Feb, Old Spring l&p_ 3® 
?'nl??n July Jan. Hid. WireG roup. 68 


XS 3.5 24.1 Apr. Oc 

M 5 ? « Not. JiS 


li J.Hffi Oct K, 

52 S-fDet. July 

41 137 * ,U,r 

l i H i Dec. June 

f < 35 sept aar . 
42 ta5 Jan. Anr 


KkarsII 186 

icioc Products. 194 

r.c.i 120 

IsdUnSfo 133 


Waaoclodustrl. ISO 
ValkeriCA W.)_ 124 

Wirdff.W.i 79 

WaraeWnrWlOn- 56 
WrwickEnu 20p 3V 


25 0952 10 1X3 022) Dec. Aug. Ce La flue 452 izS 10.05 44 

30.5 dZW 1.7 12.5 72 Apr. A“T_^btTrar? IfiQxd 7ft 5.42 4 731 

23 h055 35 4i 9.0 .Vav. tamiFfteCr.ttMl £S6 13ft Q9% li4 Ml 

17.; 6454 2.8 3.8 13.7 feb- Sept ftanajodStflOp 24 JOdLOO 4 iS. 

345 42.68 3.4 4.3 9.9 J. 3 "- June DjnJacucelSp... 17% IT t]+bO 26 41 3i5 

17.4 t3.53 8.3 4.tJ 75 Apr. SepL Diploma 1 Inw — 200 lift 350 5.0 2« 

^6 9J4 45 45 61 Sept Mot. DAm Park IOp. U7al 7.8 M.06 2 7 -3 

14X66 4.8 4.3 5.B {S^i July Dtsm HW» lPp_ 82 26.Vd4.71 6 M 

1M 325 47 4.9 8.4 MaJnSeDo O^Lwal'Sill £37% 22.305X20 — 1A 

7J IZ7 3.9 62 3.9 JfB- 25«* Sterol IB- 46 15fl256 2.6 73 

O.J 455 3 A 73 60 May Oct Drf»3ita*Ll0p J8 3.4(hX43 14 56 

WJ 1556 53 5 2 47 £'<» w - Apr. DanbeeCnn. i<h» 160 17 4 5.66 3.2 5A 

ZU 3.07 * 76 * -»unp Feta riimdoiuan 20p „ 51 126 2.16 i| t3 

-17.4 Qn% XO 2.9 33.9 - 1 ®**: OnplelnL Jp 2lu fte 70 60 4 2 62 

I 7J 0.97 * 63 0 Aug. Apr. Dcrepipe 147 2b 6 414 3 J 42 

2£t 4.70 4.8 7.0 4.9 Dwekti'rwpIOp. 11 jflSOK 90 2 2 

34 2127 2.9 7.7i3.1i rcb. Aug DykrjuJ j 36 677 - _ “ 

155 259 52 4.8 4.4 Apr. Ort CVvw.J.t JJ__ 66sl 7S 3 63 * 42 

I' 153X38 32 44 5.B Apr. Oct 6o.-.V 65%rt 7.S IS 3 H 

305 225 26 5.9 9.7 — F.C. (asea IOp — 2<i. 97- - _ 

12j 6 +1-47 33 7.3 63 . De^.. ^sicro Prod Sip.. lw‘ 3Q5 4 42 44 65 

155 4.76 22105 64 Jut;- Not. EibarlnriioOpu, 260 15 £ g!l2 64 4.1 

155 9.96 27 8.0 63 April Not. EUurfSp 15% .VO 115 *1X8 

135 +3.08 4.0 24160 May Jan rlreolPp 48* 3.4l+dL78 25 55 

.366 5.89 2.5 7.3 7 6 j®£ July 56 25 3 04 21 11 

' 25 59S X7 67 5.0 July Jan. EniotiPDYa Wp_ la M7!lS Z - 

02 7.63 6 7.9 6 J* 0 - Jun«Elsont8olih:ns. « 17.6 «+« ai 40 


NS 0.20 
677 — 
7S 3.63 
7.S 3.63 


re Jau, Apr. Weeks Assoc-lOp 
9 - s |JaiL HayOTeirGroup—^. 
— Mar. Septraeilman En; s,„ 


Zft d3.87 62 3.« tipsy Dec. Philip* Fin. S'*** £54% 15 j 05V^ — 

lari 1X14 22 5.5 42 Dec. May PniUpsI# FW.. «5 12!»Q17% 21 

1 1.6(437 11 8 5jlS.fi (Apr. Get PifcoKlds4.a>p. 105 174] +274 41 


July Not. WpOsPUIk 125 17. 

_.lan. July West brick Freds. 55% IL 
* Jen. June V.'ctfern Eros — E5 li 
Apr. Sept. ffh atlmre Mp— 42 24. 

Not. May Whiruli'uiUbp- 40 3 

Mar. OcLfflasmsCro. IOp 53% 13 
Oct July ft'JsoHC'umnlly) 143 z, 

May Oct[wlaipQ-(Geo) — 93 2 


S mi il 

40 c7;id2« X0 

50 253 3.18 Iffl 

25 17.4! bX84 3.B 

55% 2L6JL5Z 
E5 li^ t5^9 0| 

42 24.7j 261 3.0 

40 3(1X01 4J| 

33% 13 ft +157 22 

43 Z5|d254 10.H 

93 23 QS9 !5J 


S.9 47 |Apr. 
83 225 (July 
1C.0 114.41 lApr. 
92 19.4 Upr. 


ir. OctlDa'A'Mp 108 

|y JcaJ?te?s(y50p 302 

:. Not. Frejatc ’.Op l$5 


HS-ff 9 WA. 9 Jm. July W-BtooSp's IOp.. 
rJpH xTn JuJy Feb. WestlaaJ 

is !! H TlS SaS£2T^2 

?£. .4h(» 2£ M| 8ECS l £ 


CHEMICALS, PLASTICS 


BinnlnRham: Georpe Houre. Ccorgo Roata Manchester Queen's House. Queen Street 

Telex 338HJ TSf: 02I-rif4 0K2 Te£ex «ns313 TCi. 081-8H 8081 

Edinburgh: 37 George Street New York; 73 Rockefeller Plaza. N.Y. 1001ft 

Telex 73*4 Tel: 031 226 4139 Telex 238408 Tel: i212j 488 2300 

Frankfurt: Im Snchrc-il.icer 12 Fans. Rue riu Sender. 75002 

Telex 18363 Tel: 5.VK567 Tel at 2200*1 Tel. 236.G8.0l 

Leeds: remanent House, The Head row. ToV-yn: Kasahara Ruilding. 1-frTO tTehlkandn. 

Tel: 0532 45490 Chuoda-ku. Telex J 27101 Tel: 2S5 4050 

Overseas advertisement represenutivos in 
Central and Sooth America. Africa, the Middle East Asia and the Far East 
For further dcrnilj. pi-.-nnC contact 

Overseas Anvcrtisernent Department, 

Financir.l Times, Bracken House, 10. Caution Street, London EC4P 4BY 


SUBSCRIPTIONS 

Copies obtainable from newsneenta end bookstalls worldwide or on renilar subscription tram 
Subscription Deportment, Financial Tinea. London 


Jan. MayfAKZO. 

Oct itajlAIbrifiltt Wilson. _ _ 

July Dec. Aldnatc’wt?..,. 308 
Jaa. June s.Uda Pact IOp — 89 
Apr. Seita AlTd Colloid ftp. 24 
JaJr Not. Anchor firm. 73 


Jajy Not. 
July. Not. 


erAC.DMM. £551* Tfibl 


£11% 5T3 — 

ira 133 >458 3.3 3. 1 

302 15i dl4J.7 21 7.1 

W I2fi 642 1 21 % 

M 24.7 1.72 * 3. 

73 15dl22 24 Si 


Oct ‘ Apr.[B!asdeaNoakca, 270 _ 

Not. Ja& Sreat Cheats IOp 204 107 M3.17 6.0 2 

Mar. Sept Brit Bouari IGn. 24 8ft 05 1 * 3- 
Feb. Aug. Srlt.TerPrd.10p fiS% left (231 1 2fi] 4., 
Jaa. July Burrell 5p„. — 

Jen. JulbriCarlessCapel IOp. 

Jan. MartCstalio *a. 17AI29D xsiiu 

Dec. June CinG’# Tk'V La £91 J< Q7% ^ f3.i 
Mar. Sept DeSKMUK. C91 3< Q8S 0 f9., 

filar. Sept Da3^%Cnt82'Sa £<n% 133 0ft*% * f9. 

C<jaliteCb#m_„ 74 12 6 282 4.7 5- 


551* 24fi {017% h 
70 ’Jl 1238 1' 

104 10.JM3.17 61 

24 82 05 * 

45% Ici (211 2 

11% 155 0 93 O' 

34 1?« 0.93 ■* 

42 17.4 290 I 1 


8.2 19.4 Apr. Oct PyeEld^s. 98 

3.4 1X7 Feb. Aug. Pjcal Etectnca_ 3C4 

4JkO.OJan. July LiriWaaou 94% 

93 822 Apr. Oct RntaOexC S. IOp 49 

9.3 S.4 May Not. SdialesrGH' 273 

32 7.4 Inly Feta Sony CaYSO. _ 652 
7.0 9.6 October Sound Ihttsn.sp. 41 

26 5.7 Apr. Not. rriefusion Sc 39 

13 9.0 Apr- Nov. Du'A'N'Y3p_ 3a 

Dec. June Tdt Rentals 150 

Mar. Oct rnora Elect. — . 3% 

Apr. Dec. nirpeF.ff.lOpS 76 

Apr. Oct InilechlOp 253 

T™ Oft Apr. Ctd. ScleTKific 347 

70 at Feb. Oct ffardtGold 92al 

A fn Jan. Aug. Wcllro Hlds. ap^ 23 
5-; 5* Mar. Oct Westinghw*.^, 59* 

»» mt December Bturafrih El. Sp 23 
®« 3-? if™ rw -i*. in 


25 549 1 

34 +274 3: 

3A 3.62 4. 

,766 3.94 6.: 

j? 12 si j a is 

^ 1 n 1? iS,?f Apr. Not. rbwcllFdr.il 

om ¥ nl Apt- Auta tfeodiSW.iaj 

4 “ft S ^ Apr.Hrh-scaia.12-, 

L’J TX19 35 4.5l(fi.7) _____ __ 

Dft+LW 3.6 4.7}itSi FOOD. GI 

155 5.93 20 5.913.0 _ “ ‘Tr' “ * 

301 13.62 3.4 4ft 9.7 July MjriwStAp 16 

3 : +249 33 2ft 9.7 J Bit Juae AABieenttSO; 

13 2 4.05 <6 40 4 Apr. Sept Affl.BriLPdt 

liS M609 60 2fill4.fi Fet >- Oct Ass. Dairies.-. 

U 454 4> 7.ft « Apr. OetAa-FlAeria 

15i LU5 HI 6 1 64 Feb. Sept AftoaGreupS 

7ft +236 33 55 61 “ay Nov. |imte(Stfaw 

17 10 667 37 4 ft 9.6 . — _ Bart»6D.10| 

112 5.92 5 4.81 4 Apr. Oct SarrfAG.i — 

273 NdllTS 23 9.3(9.91 J 000 «»■ BanwSliBiaj 


68 : 15J 4.76 21 

186 155 9.96 2! 

194 13J +3.03 4J 

120 .266 5.89 21 

133 2i 69S 31 

150 27 J 7.63 9 

1 28 3F5 609 «.l 

79 . .266 t4.14 21 
56 34 268 3 j 

38% 266 054 X 1 
31% 305 132 C 
133 DA 538 3.' 

54 WSXM 4 
33 . 264 bdS.99 5j 
36 ttJ 43.18 1.1 
1334 2t.7lzi7.13 * 
TS 383 +467 3j 
17tt 26.8 h059 3j 


!8g 15 £ 8.12 

15% 24 71115 

YA 1“?J£J eroi - t, P-s A8 3.4j+dL78| 25 

Jan. July Elect ina&er_ 56 £5 304 ■> 1 

July Jan. EnioaPli'ra 10p_ is 247 325 — 

... ^ J* 0 - JuneElsoai Robbins. 47 l+.a +3 is 41, « 

.0 75 53 June EtawwbH'perSp 19 2U.b tl 00 S3 77 

1 7.8 9.4 Mar- Dac. EmfiartCon>.tl. £34V 63 520 _ 33 

.4 73 4.6 May S«pL LmprersSm.llh,. 12Vy ji jo 2 - II 

.9 33 28.4 Fcbruaiy 2nfi.i0\«sl0p 31 3I1Z0 3A - 2.5 

.7 63 3.6 J**Jy April Sac. China Cbrn 82 2nftt3 97 22 72 

.7 S.i} 5.a »«■ Kovtftwennzalfibp. lei 30 1 +516 3C 55 

8 S “ hf:6 S i 

B «ivK ja.S55^; a* atg* 5 ; % 


55 6i j^r 

X9 122 


Jazu JuIyjWiUtamsiV)'ii.__ 


ilaKi.larp*— 98% 
foUEteiL Tools 109 


^■lutily Jan.Wolil’yHueliw.. 220 
.rflApr. NOT.rbWllFig.lOp . 22 
*t B ptpr- Au8.tfeodi6W.iap_ 39 


I’scfliai 12bp I 


lay Oct|?i1eafeFis.aipJ 168 
Lpril |\Vigall(a.i___»| 235 


^ZA_: tT ST+4.67 3.8 9.5 4,2 June Mibaira La«S; ti 

myWlsa.|bp. 17a 26.plh0.89 3.0 7.E 5.2 {“■ J«*>eF«dcxlCp.,^ 34 

ieLittSfe. 96 15MB2.32 * 3.1 * Aug Jar reonerj. .■/.»_ JM 

a iairoitfd'L 23 .liHdl.15 A? 7.4 41 juIj- F rroianalnd.^. ijj 

iKi.larr*.. 96% 3ft 2.4? 49 3.8 8.2 f* 40 - Sept Fcrik>s»sn20p«. 26 

(Ele:i Tools lS^. 3ft hLM 74 1.9 11.3 Aw Not. y.ixUayiAB-L,. <7 

SiVHudWs. 220 15ft +680 3.6 4 6 Z.4 Jun « 38 

well Fir! IOp TO. ] 17ft 122 >Z° 8.3 63 Anr. Dec. FlWilion 48 

d(6Wiar 39 24jld4.35 ~ 17J — J} 1 *? Jan. rksrlloC.Jttf... 61 

FOOD, GROCERIES, ETC. &KR3SSE; ^ 

* ■ _ rWl. Mni PfimpK TKnii in*s 1 n 


dfcTO 22] 
324 3.6 

236 4,0 

M.79 19.4 
130 35 


zavnaFeb. Not. F rmcb Thus. IOp 60 affix?* 
60 SS?*?* Apr. Friedland l^t.„ lp7 iS « il 
?9 l t5jBjy jan. CJtiHdgsta™ 17?u» u< qff 

Siii*! Apr- £^CfaaK\Z: 1*7 Bi Sft 

i 44 2-®“* 91 34 257 

3 1 * t^!.* J “ m 5! Wk *2'Si 200 174 3 35 


15.5 MS 08 24 133 

J5.5 1 40 11 6J 

10.7 J680 2 3 W 
2b.c 609 2.4 75 

110.41 A 2{ 
165 1 "3 23 6J 

i+5 2.01 1? 7.5 

- T.< 
:hfil+:.ai 35 6* 

IM 9* 2i 

15; 4.65 27 11 

15 630 U 93 

30.5 V'30c - 2* 

:6h «.54 43 6 : 
3* 3.18 4.4 4‘ 


7.4 A Apr. Oet Ass. Flshema _ 46 ■ « Not. June RlbhoestSi 

ti M St » % =i ?i H U S ft siEsS^ 

M J 6 Apr.-oct i? | ^ fl « m 

9.0 m J™ 8 »«. 8utwMillias_ TO ^5«1X>4 i7 19 J 4.9 October SwrofetnlBn 


Jfi 0 93 "4 4.1 4 | 

7,4 1V1 1910 3 7.8 L April ACL»EWBBy. 

3« 07V tf I3.C — Oet JuneAAV.SOp 

3< Q8% A f9.1 — Apr. Sepu Acro*. 


ENGINEERING 
UACHINE TOOLS 

CXllPdllBBTft 107 | 1383.43 | 

P.V.SOp J 250 174 S.SO 

w«r 1 to 1 D2 155 ' 

152 155 


Jim, • July 
Jan. July 
Sept Jan 
Jan. J 
May 
Jan. Au£. 
Jan. July 



12.fi 182 
135 13 h - 

155 236- 3.8 46 
17.4 Q.6B .55 3-9 
2.5 122 3J 5.9 
2.1 tf-67 54 16 
12 61 4 . 58 . LD 352 


_ -Apr. Sept Da-.V 100 

5.7 1 May Nov. V.wki f.nju p_ 273 


881 — \kae.\laiRi:inn_ 163 

8S [Nov. Feb Allen f£t Balfour 49 

] sykJcL Apr AUentfH W 

I 6 7 tlan. July Anal Paver. 156 

jlO 5 Feb. Aug Aadm S'clyde_ 80 
111.7 L — . Anfilrfwiw— . 36 
| « jOcb Mbyiiut&LkC? 127 


11215.92 4 I 4.81 £ A P r - Oct Ban’tA.G.i 08 

ffaSdUT# 2ft 9-S(9-9) ?«■ BwrwHdbns- 70 

Jnn. Au& iasssl«G*oi 147 

.nrr Feta Sept Batters York IOp 65 

lAWt Oct April Bejamtflp 72 

ts May Sept. Eibb7U.m_._- 760 

WLo Jaa. . July Bish<8»'sStares_ 16S 

ii 97 » 3d a Mill {“• Jul 7 Do.-.VK/Ve™ 130 

m II Si o, Apr. OcL Bta*irdCoii_ 77 

J?5 f fg l' 4 II J 2 Sept Mar. Brit Sugar 30p_ 135 

* Is * Mar. Not. BriLVeiffJiOp. 31 

“™» il I & fissassat: & 

fig* Sigaa aaciBet § 

ZBJ 25 5.4 a.Tl Dec May Dc."A"2bp-__ 124 

ynw ? e to an 4??; May Danith Ecu' A'fil 110 
i/ftdtaH ifii 7.91 M Fab. Dac]£»flRttdctt#_ MS 


ffip' i"H « wS 1 Kfer, IL! 

370 * 65 * ^ 17 I 

wiX47 Id 3.1 «0 i atL JuWaawaidiZ 76 

&63 3.9 2.41X7 App ’_ ^ L GmL*S5r“ 5 H rf l 


J.< 257 

Hi «5 

IS 5 454 
1X7 2.94 
272 3.98 


U 2.84 
13.3 0.5S 
305X07 
lift 4.05 


710.43] 4,7] ,2.f 


2LHd2-63 35 3J 
.l^h2,07 45 4.1 
T55r+b4.32 4.9 5. 
19flt52 75 Z\ 

2ft+2.« 3J 8.! 
423.09 X5 7, 
UU t2-67 3.8 7. 
1MX94 4.0 ta 


4 0 63 A*? 8 , 0et fog^T TtatiSp. 
ti ai ^ 3 uws C^^ellCafip. 

Jf Jan. Aug HBl!wSI(®Jflp. 
" Fob. Au&Hslmal0ji.._3 
7 1 Nmr - Apr. Hanulbmc 


17.4 XW 
K3.439. 
10.7 04 
I J74 6.78 


4X44] 6 


! seasssb 1 

d'e li if Feb- JulyjRiiuMoTruS I45 

5 f sT si Mnr. &cpt, DnS{KCir*Btn £S 5 

in 21 i 1 ™- ^obiHaisrtmes2fiju » 

in fires Jfln - Aus. Harrisir*! iSDp_ 92 

12 I w 7 May Nn«. HaniifcShddm.. 53 

* li * -fnly Fata BrntaMfiTIpsoa. 75 

* 9 — Ksatmta 313 


47 7t2 2.40 34 ji 

33 Bi 1.02 li <1 

34 117 zojtt 92 X.” 

47* 107 hfi.67 7A 21 


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46 


«r 



I THE MOST 
* EFFICIENT AMD' 
WIDELY USED 

LORRY" 
LOADER 

_ GEORGE COHEN MACHINERY LTC 
Hi II 1 4.WS SUNKiAM KUAU LONDON 
NW10 6jF T£L£PHOMF 01-^65 6588 


FINANCIALTIMES 




Monday August 14 1978 


Japan businessmen Vauxhall talks 

happy with treaty resume in bid 

BY ROBERT WOOD TOKYO, August 13. ■ ATlfi 11 1 

kPANESE reaction was almost Apart from the anti-hegemony faces a re-election fight in LvF U. JLlJ IJr fUt 1/ 

rallv Fiunnnhlp tnriav rn th« claiiSE. the rrsarv fsillo in uaonp. npM>mh«r fnr Thp nrpsiriinrv nf ■ • A 



the lex column 


TOKYO, August 13. 


JAPANESE reaction was almost Apart from the anti-hegemony faces a re-election fight in iU vltu uuuutv 
totally favourable today to the clause, the treaty calls in vague December for the presidency of 
Japan-China peace and friend- terms for developing peaceful the party, which automatically 

ship treaty signed an Saturday, relations and improving cultural implies the Prime Ministership. BY NICK GARNETT AND ARTHUR SMITH 
The business community parti- ties. The treaty had been pending ___ „ „„„ _ , , 

cularly welcomed the pact. Japan's exports to China, since 1972 when Japan and China NEGOTIATIONS RESUME in meeting of L7Q0 toolmakers has 

Mr. Yoshiriro lnavama, chair- especially oF industrial plant signed an agreement normalising London today to end the dispute authorised the committee to act 

man of Nippon Steel said that it and equipment, have been soar- ties between them. !*i Vaushal^s Ellesmere Port as it considers necessary, 

was an axis for promotion of in 3 recently and the diplomatic David Sarter writes from; plant, Merseyside. which Common to the grievances of 
peace in the world. Dozens of agreement was expected to sup- Moscow: Russia condemned the! threatens to dislocate production the skilled men is frustration at 
big companies signed special ppr * furth ®r growth. treaty as a Japanese capitulation throughout the company s the impact upon differentials of 

advertisements hailing the agree- It will have an especially to China and added that Japan factories. several years of rigorous pay res- 

ment. favourable effect on Japanese may be led to participate in The Vauxhall plant will not traint. Management hopes ofj 

Most commentators pointed to tourism, where the Chinese had China's chauvinistic Foreign reopen this morning after its averting damaging disputes. ; 

the anti-heaemonv clause as maintained obstacles policy. three-week holiday shutdown which v.auld throw BL back into 

being the most substantial con- Mr. Takeo Fukuda, the Prime Tass the Soviet news agency, because of a strike by 3,000 crisis, are pinned upon rapid 
cession China has made It has Minister, has traditionally leaned gave no indication if Russia, Transport and General Workers pay reforms, 

agreed that the pact should not toward Taiwan and many pro- which has consistently opposed Union assembly workers. Derailed negotiations on a pew, 

affect the position of either con- Taiwan Japanese legislators are a peace treaty including an | supporting a. -dispute involving incentive scheme, which might 
tractin** party over its relations members of his faction of the “anti hegemony" clause *00 drivers. yield workers up to £15 a week, 

with third countries Liberal Democratic Party. directed at them, would take Another 5.000 workers, trill continue this week. The 

China had tried for some time Mr. Fukuda bad consulted them retaliatory action against the members of the Amalgamated unions may demand a ballot of 

to incorporate a clause which during negotiations and thus Japanese. Union of Engineering workers. the workforce, 

somehow would condemn any minimised their opposition. The Tass said that the provision in mainly producing components ot Discussions are also advanced 
attempts by the Soviet Union lo only public protest to the treaty the treaty pledging both ! he P'^nt, are being iaia on M introducing a new grading 
seek hegemony in the Asian came from three Parliamen- countries to resist attempts to fr °!TJ “Us morning. structure to give toolmakers and 

arena. tartans from the Righr-wrag establish hegemony has “an Tlie P laot produces vivas. Dli j er billed workers the im- 

Japan bad wanted to make it Seirankal (Blue Storm Society), openly anti-Soviet character" Cheyettes and' a wide range at proved differentials they demand, 
clear that any anti-hegemony Mr. Fufcu da’s conclusion of the ap d serves only the "selfish ? 1 [ l .P n £^l ea, !? 0Jces 3 ,*.< 4 The skilled workers* militancy 
clause was not aimed at any Japan-Chfna treaty is certain to interests " of Peking. * C3r , . might be undermined by 

third country in particular, strengthen his position in the Feature. Page 2 troEfc developments at Longbridge, 

Russian has made known its Liberal Democratic Party. He Editorial Comment. Page 8 IJLnlS • unstafiIe n a T irucK Birmingham, BL Cars' biggest 
vigorous opposition to the anti- plant, with 25.000 workers. 

STORES “ d “ Ihe Continued from Page l Sr’hS.-BS 

^ -as? ^szsrrsi Credit offer to China rr psEr., ii? -s ssMSi *£ 

■•oooosPri to efforts hv anv other V*! VUH UllL'l t-VJ V/Illlltl Jr? 1 * ? .,71.'. 1 tiees in return For immediate oav 


a legal 


exporting company fall due. 


ciduat: was uui aimeu ai auy uvaiv Ia tci uuu w _ — ■ r ™ huuwuiiulu »ji 

third country in particular, strengthen his position in the Feature. Page 2 developments at Longbridge, 

Russian has made known its Liberal Democratic Party. He Editorial Comment. Page 8 ELJiJ " • le n T Birmingham, BL Cars' biggest 

vigorous opposition to the anti- th. Hrs. w », DM heen claim- P ,ant - with 25.000 workers. 

sgyy ^se “ d “ the Contimied from p^ e i sr’hS.-Bs 

Credit offer to China ii? & ssMSi 

“opposed to efforts by any other ^UU U11CI tVf V/IUIia atiSn SMciaf meal allowances *»«* ^ return for immediate pay 

country or group of countries to buyer's credit to China grow for making credits of more as well as attempts to improve awards of about £13 a week, 

seek hegemony in Asia, or any larger, syndication of the loans titan Bve years available to I the company’s plan to alter the Stewards demand that wages 

other countries, Japan appears among banks Is now expected. China, for specific purchases drivers* hours in accordance with at Longbridge, one of the lower 

to have prevailed on this issue. Pending the working oaf or under the so-called “deposit” EEC resulations. paid P !anti - should be raised 

Some observers predicted that rhe details of the massive system. Meanwhile, unofficial leaders immediately to the level of the 

the treaty would lead to a new credit arrangements in trade. This Is a mechanism by 0 f BL Cars’ 14000 craft workers highest, to secure agreement on 
era in Japanese diplomacy, and with China, it appears that two which the banks place are today urging a one-day stop- greater mobility and flexibility 

the anti-hegemony concept London banks will get credit deposits with the Bank of p age j n pursuit of improved dif- in use of labour, 

become a pillar of Japanese department support for China while payments tu the ferentials and separate bargain- BL wants to introduce a new 

foreign policy. schemes they have proposed exporting company fall due. j n2 rights ’‘team work concept" of pro- 

Today’s response to the strike duction, based on practice at Fiat 

Tn« . . m 1 call might determine whether tn Italy. That is seen as the first 

Figures expected to show end £ iKSSs 

__ __ _ _ _ _ raon aim. Mr. Roy Fraser, chair- replacement programme. 

Zw% man oMhe unofficial toolmakers’ • Mr. Fraser last night raised 

(|T fiPPIltlP in mTI$)rinn committee, said last night. the prospect of coordinated 

”-»■ WWIlllV IU Iftlilil LJLvrU Leaders of the toolmakers at industrial action with the tool- 

BL Cars, whose four-week strike makers at Chrysler and Vauxhall. 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT last year brought the slate-owned He said such action had been 

corporation to the brink of finan- discussed in Coventry at the 

OFFICIAL CONFIRMATION that the 12-month rate will return interest in the trade figures, c - a i collapse, meet on Wed nes- weekend by the Engineering 

that the year-long decline in the to double figures early next year, which have proved extremely dif- d ay- Mr. Fraser has declared Craft Committee, an unofficial 

annual rate of retail price but several commentators have ficult to predict recently in view t j,at the failure of management body set up after the Leyland 

inflation has come to an end for recently become more optimistic of the sharp month-to-month to discuss their demands is toolmakers’ strike, to link skilled 

the time being should be pro- about the prospects for next variations. forcing a new confrontation. A workers throughout the industry. 

vided later this week. But any year. Some have even forecast In June there was a current ■ — ■■■ ■ ■ 

acceleration in the rate in the a continuing single-figure rate in account surplus of £14ra. Most 

next few months is expected to view of the recent encouraging City analysts seem to be expect- a f 

be very slight. trend in wholesale prices. ing either a rough balance or a \ fhy/XQftr* AA yWOQyph 

The retail price index for mid- The retail price index is one “S 1 sufplu 5 . XJlVI UijIKlvV 1 WvUl W1I 

July, due to be published on of a batch of economic indicators . ^ mo " ey sup P ly 5% re * have 
Friday, is expected to show a d ue t o be published this week. beep made more difficult to . 

small rise in the 12-month rate The list also includes ihe tradp predict by the ambiguous char- /x a - ® i x / a/\ ii b 

compared with the increase of fl^rei and retail sali and acter of tbe banking statistics CftST S C8llSfi COilCGlIl 

7.4. per cent reported for the BSSSttaT ^ production indSS P ub i ished ^Tuesday VUUVW1U 

period to mid-June. (due todavi the waees and earn- 1116 ? eneral v, ®w is that sterl- 

H would be the first increase fngs indices and cyclical in * M3 broadly defined BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

for a year. There was a 0.1 per indicators (expected on Wednes- supply Including cash and 


Figures expected to show end 
of decline in inflation 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


forcing a ne w confrontation. A workers throughout the industry. 

Aerospace research 
costs cause concern 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT ! 


A ®”d Gross Domestic - Pr£ leas, in the month to mid^uly. “ Sh!B ol w >^b « 

1 ^ d0Ct estiraate on Friday - and the Junl in 6 nred?/ lhe Snancia l responsibility for be financed only out of profits. 

R?r S Rw Hatterslev the Prices There indicators are expected n iXx arc geJSSy eStS civil aircraft e 7 en wh , lch ' asl ?ear amounted to 

S.S 1 . 1 K ta. rtSSiV «W ttal 2 S analysts 'o Sh',?. Alr^ 0Ut ° f 1 ° 

Ihe 12-month rate is likely to ^i nforce.ra therfh a n t0 under- leveI - of econom \c activity. 

fluctuate from month to month , incr “ sed Industrial output in particulaV. E » tabllshment at Farnborough. 1 

around a level of about S per ^onndence in financial markets ma y show a recovery following British Aerospace accepts ^ at I 

cent for the rest of this year. about prospects tor the economy, the relatively depressed May research directly applicable t0 WvEgl » FaT dww^|p 

Some Citv analysts believe There will be particular market figures. ' specific aircraft programmes. 

1 — — such as the 146 feeder-liner. 

---w i -w • i -m m could and should be borne by ^ jqDAY 

Pubbc sector may be given sr ~ agjMaga, 

•* “ Cloudy with occasional rain, 

temporary accounts system 


The Take-over Panel Is atert 
lo three well-publicised cases of 
missed profit forecasts that 
share a common character. The 
forecasts arose out of Lphriio’s 
bid for Dunford and Eilioti, put 
of Eva Industries’ bid for 
Stockfls, and Frnehauf Intema- 
tianal's bid for Crane Friighaof. 
In each case a forecast' .made 
by the offeree cmmpaityTiroved 
completely inaccurate; : Ifi payb 
case the "actual result” was 
that announced by disgruntled 
new owners. In each case there 
is the possibility that.' the new 
owners will now seek redxcss 
in court 

The Panel does not feel that 
there has been a general deterio- 
ration in the quality oftorecasts 
made in bid situations. . It is 
not, in fact, continuing the 
detailed monitoring of forecasts 
and their outcomes which it 
undertook in the early 
seventies. But it is- almost 
certain that the Panel will be 
drawing public conclusions from 
these recent cases and that some 
of these conclusions will focus, 
yet again, on the -printed 
assumptions that underlie every 
profit forecast 

Better prospects 

Recent howlers notwith- 
standing there is a strong ease 
for continuing to encourage 
companies to make profit 
forecasts when they ire bid for. 
Bids tend to arrive when the 
j offeree's recent record is 
uninspiring. If its prospects 
are better than this recent 
record it is important that the 
share price should be -allowed 
to reflect this. Clearly a fore- 
cast made under siich imposed 
circumstances is likely to be less . 
reliable than on^ made at a 
moment chosen bf management 
—at the time o ( a new issue, 
for example, or/at a moment of 
confidence dtuuig the business 
year. / 

It is signpeant that in the 
U.S., when! the information 
released hy companies is con- 
trolled imder Securities law, 
there is i move afoot in favour 
of the profit forecast. Till six 
years ago profit forecasts were 
sternly prohibited over there. 


Qi£m= — : — . . j 

boo ' 

D 1972 "73 *» '7S *7# '77 '7» 


Now the SEC has published 
guidelines showing how a fore- 
cast and its underlying assump- 
tions may be presented. These 
guidelines are still not law. 
however, and U.S. managements 
are still extremely wary of 
publishing forecasts. They [par 
that without a “safe harbour 
clause’’ they will be sued by 
shareholders for forecasts that 
prove erroneous. 

It is an irony that as the 
SEC considers ways of promot- 
ing the profit forecast in the 
U.S.. the conditions under which 
British companies and their 
advisers play this game are be- 
coming steadily more rigorous. 
The refinement of the Take-over 
Code has affected profit fore- 
casting in general. For example, 
it is due to the code that profit 
forecasts made at the time of 
new issues now have to be 
endorsed by accountants and 
financial advisers — the Stock 
Exchange has taken its cue 
from the panel. Thanks again 
to the Panel it is more risky 
nowadays for a company chair- 
man to make an off-the-cuff 
forecast during the business 
vein if he subsequently be- 
comes embroiled in a take-over 
he now'has to sustain or modify 
tiiat 'forecast with the endorse- 
ment of bis professional 
advisers. 

American fear 

The Treraletts case of 1975- 
1976 demonstrated that pro- 
fessional advisers could be 
legally vulnerable to a disap- 
pointed bidder. The recent 
examples of missed forecasts, 
have re-introduced merchant 
banks and auditors to the 
American fear of litigation. 
They should.. on the face of it. 
be less vulnerable than the 


managements they advise^ i* 
generally assume fulT refj 
bility for profit forecasts, 
insurance policies against .* 
ages arising out of profess 1 j | 
negligence can make an 
or an accountant meatier, 
than his forninr client. - 

Legal action in the takt • 
arena is not something-.'' 
deplored. Where a Torecw 
been based on outright ’« 
on negligent book-fceepiaj( 
auditing such action is £ 
the appropriate remedy.; 
problem is that excessive 
nf litigation will tew 
repress the making nf fnn 
rather than encourage the 
ing nf good helpful ones, 
the very -least it will ehew 
managements to surround 
forecasts with asbestos hla ,- 
of vague and imponde- 
assumptions. ' vO ’ 

jf the law must Inolc, 
cases of overt neghgene 
fraud. »t only the ! 
over Panel which 
improve the standard 
profit forecasts wl 
discouraging companies 
making them. The key 
helpful forecast is a helpfi 
of underlying assumptions, 
code already gives quite riet 
guidance on the assump 
that should underiy. a j 
forecast but the response o r ^‘.’ ' 
City to these suggestions 
heen poor. The Panel « 
make its point more firmly 
selected one of the recent 
easting errors and- lo 
deeply into the way the for 
was made and at the ip? 
ment of City advisers. •' 
necessary, the Panel sJ ( mm -± 
enlist outside help— say a' • 
of accountants— in analysis 
case. It should publish 
resulL 

Bold type 

Improved assumption* 
help the professional jnvq 
assess a forecast For the 
professional majority the E 
should encourage campanil 
indulge In less spui 
accuracy in presenting 1 
profit forecasts. A figure. ^ 
to three places of dwfniac 
bold type has.-'db aur*-.:. 
established, mith about " 
however- -sweeping the us 
lying' assumptions (in ^ 
print at the back of the b 
may be. A forecast exprq 
as a likely range of profit lg 
a more honest impressibt 
the guess-work that has j 
into it. • 


G SJS 11 M^ nt the e wff C fori sunny intervals developing. Max, 
also to pick up tne mu torj ( 7 ^ir. 75 p\ 


BY JOHN LLOYD 


aiso io pic«» up uie «... 22 r.*» 4 C ( 72 F- 75 FI 

“ Pure ” research, pot directly re- E EnriandL Midlands 

the S&r«nSta«™b later, 
intended to keep the UK. in tne * 1K >C-* , 4C (72F-75F1 

forefront of civil aviation pro- Sgl^ S-W^' Channel 
Sress. Isles 

- 1 J?c 0na, i s ^]^^ S p« 5 r!S. , l t Drizzle in places, becoming 


■AN ACCOUNTING standard, cedures in state industries was The standard specifies that The nation alisefl body says that in D i a ces becomina 

introduced in January, is IikeJy justified. where assets are depreciated on in the U.S. and Western Europe. hriahter in sheltered Diaces. more 

to enforce some measure of The accounting profession is a historic cost basis, any sum pure research, for. example into ,jj . t Max. (T’F) 
uniformity on the accounts of sceptical of Uie compaints made set aside for replacement or new materials, new. '.methods of N ‘ NW N£. Rnriand. 

nationalised industries, which by the chairmen of the as sets should be clearly marked aircraFt construction, new wing - . ■ 2 ** 

have been Lhe target of criticism nationalised industries in a letter oB from the historic cost depre- shapes and new types of aircraft outbreaks of rain, 

for their widely differing methods to Mr. Denis Healey, the Chancel- c “tion, and not related to it. controls, is financed by Govern- M 17C-19C (63F-66F) 
of calculating depreciation. lor, last week, that the lack of There is still debate within ment bodies. Borders. Edinburgh, Dundee, 

However, the Government may uniformity was due to the tiie profession on whether or In the LTK. nut of £40n> spent Aberdeen N-E. Scotland, Orkney, 
itself set temporary inflation absence of a commonly accepted not *bis extra sum should be a annually on pure research. £15m ' " shet lands 

accounting standards for the guideline on inflation accounting, charge against profits. Is allocated to aerospace as a Rain, becoming brighter with 

public sector if the proposals of Mr. Rohert Willott. technical P 10 nationalised Indus- whole of which £ 5 ni goes on civil 5Ca tte red showers. Max. 15C-17C 

the Inflation Accounting Steer- director of the Institute of tnes chairmen hove not yet had aircraft research, including £2m ^ggp-^jF) 

ing Group (Mnrpcrh Group) on Chartered Accountants, said Uiar a response Trom the Treasury to to Km at the Royal Aircraft s/vv ^ Scotland. Glasgow, 

inflation accounting are delayed ihe accounting standard on J he,r ptea f01 ! guidelines, it is Establishment. Cent Highlands. Argyll, N. 

much longer. depreciation (SS A P12) had come known that the Government is i The Government's areument. Ireland 

Mr. Robert Sheldon. Financial into force in January. While it in difficulties over what through the Department of Showers, rain later. Max. 16C- 

Secretary to the Treasury, told did noi cover the’ results or standards sbould apply. Industry, is that tfle Aircraft tgr; (filF^4F>. 

the Commons last week: "We companies reporting for financial A uniform depreciation proce- and Shipbuilding. Industries Outlook: Changeable, cool. 

cannot live long with the pre- years spanning IFTT-7S. it bad dure of any type would erobar- Nationalisation Act- -places the 

sent srale of affairs." He con- been available' as a guideline if rassingly emphasise the losses of onus for promoting civil aircraft BUSINESS CENTRES 

ceded that the criticism of the nationalised industries wished to some companies, or the high research on British '.Aerospace. Y 'djy i Vila* 

widely varying accounting pro- use it. profits of others. ■ British Aerospace- says that MWda^ Miadsy 


BirN wwM m atxiBKajBn&ji.* z. -(.ta ■ vwmA 


...big where it counts. The first major consortium‘s ^ h 
bank; its members have aggr^ate assets of over:<i 

£34,800 million. % 

■ - ‘‘it 

...small where it matters. Your business will bei 

handled at senior level by experts who pride theRK 
■ selves on providing a fast, efficient and, above 
personal service. = 


Outlook: Changeable, cool. 
BUSINESS CENTRES 



IS 


Nigeria loan tangle nearer solution 


Y djy j Vday 

MMriaH Midday 

•C ’C "F 

Mnvr-rtlm F IS M Madrid S .11 SR 

Athens S n SS Manchesrr S 19 tut 

Bahrain S 37 9* Melbourne C 9 4S 

Barcrlona S is 77* Mexico C. -S 33 74 

ft?lnn s a si Milan C 24 73 

Brliaxr R 13 U Mnnnyal S M 7? 

Rclcrade C 2T 7 H Moscow F is B4 

Berlin C 19 Its Munich F 17 63 




BY MARY CAMPBELL 

MANAGERS OF the proposed 
Slbn "jumho" loan to Nigeria 
are now hopeful that the 1 inter- 
national banking tangle which 
has arisen over the loan will be 
sorted out this week. 

Progress on the loan has been 
Virtually at a halt for a fort- 
night. It was announced just 
over a month ago, with half of 
the total underwritten by the six 
lead managers. 

In the first two weeks after 
the announcement, commitments 
for a further S175m to '9200m 
were arranged, mainly from six 
other banks, but since then only 
one more has come in. 

In trying lo arrange the loan, 
managers have come up against 
two major problems. 

One concerns a commitment 
bv a consortium of German 
hanks, led by the Deutsche 
Bank, to provide DM 750m 
worth nf project finance for a 
-Fteel plant at Warri in which 
■German exporters have been 
heavily' Involved, 
f The other is a more general 
problem of commitments hy 
basks -to support customers 


tendering for projects in 
Nigeria. 

The German banks' commit- 
ment meant that the bulk of 
these did not want to use up 
lending capacity by participat- 
ing in lhe loan. According to 
the loan managers, it also pro- 
vided a precedent oF project 
financing which has discouraged 
other banks from participating 
in the “jumbo" loan, which is 
not directly tied to individual 
projects. 

.lr was relt that if the German 
banks were staying out of the 
“jumbo" to reserve lending 
capacity to support their 
German customers' exports 10 
Nigeria, then Japanese banks 
and banks from other countries 
might well feel thev should do 
the same. 

The more general commitment 
of international banks to support 
their customers should now be 
less of a problem than two weeks 
ago. 

According to the jumbo 
managers. Nigeria has now made 
IT clear that it i« planning to 
finance all projects by untied 


borrowing, 

German banking sources ex- 
plain that the contract Tor the 
Warn project, signed late last 
year, originally committed the 

Nigerians lo paying cash, and 
has since been re-negotiated so 
tbat the bulk of tbe foreign 
currency costs would be covered 
by borrowing from German 
banks and a DM 1.2bn loan From 
the German export credit 
agency. 

What the “jumbo" managers 
and reportedly the Nigerians 
want is that the DM75flm 
German bank credit should be 
added Into the “jumho." pushing 
the total well over Slbn. 

The German banks would, it 
is proposed, he given a letter 
from the Nigerians guaranteeing 
that tbe foreign currency for the 
Warri project would be made 
available as and when necessary. 

An answer from the German 
banks is expected at (he end of 
this week. Nigeria’s prospects 
currentiy look much less worry, 
mg than a couple of months 
ago. 

As of early August, total 


external assets of the Central I 
Bank of Nigeria . (which holds I 
over 90 per cent :,of external j 

reserves) were approximately i 
N1.3ba (32.09bnV; down from 
around the NlJSbn mark at the 
end of June and NL6eSbn at the 
end or May. 

Although the ; decline in 
reserves has continued through- 
out the year, there has been no 
further dramatic drop like that 
recorded between April and 
May. when the bank's external 
assets fell from N2.167bu lo 
N1.664bn in one mOOth. 

Expenditure of foreign cur- 
rency was even greater >n the 
■first five months thau these 
figures would suggest, since it 
was during this time that the 
country was completely drawing 
down its first Slbn eurocurrency 
loan. 

However, rising oil production 
and import curbs introduced in 
lost April's Budget should bring 
about a significant amelioration 
of Nigeria's balance of payments 
problems in the next Few months, 
and the fall in reserves may now 
be nearing a halt, - . 


Rlrmnsfim K 
Brfnrnl P 
RnisMl* P 
nuddp^t K 
R Aires S 
nairr S 
Cardiff F 
Cbicaeo X 
Cnloznp C 
Cnonham F 

DiiOiln a 
Edtiihim C 
KrsiiRfiirt n 

C.en-va C 

Glasaow K 
Rnlslnkl H 
II. KOILi S 
Jn’hura S 
Lisbon S 
London F 
l.nti-mhnr c . 


«| Xcwcanle 
S 3 Xew D^ihi 
«t Ww York 
nA Oslo 
Fills 
Perth 
Pracue 
7 r Tli-ykjavik 
w Pin <Je J'o 
SB Rome 
58 Sliwawre 
fli; Stockholm 
87 Srrashrg 
W Sfdney 
Ali Tehran 
3a Tel Aviv 
S 7 | Tnftyo 
»? Toronto 
*S Vlni-iiii 
7 ? ’.Vjrsdw 
At Znnrh 


F IS « 
C X St 
c -jn 74 
S 19 88 
F M IF 
F 12 31 
C 18 81 
C 11 B 
C 24 7* 

s » a 

S 31 SI 
S 17 83 
R 14 57 
F 13 5S 
S 33 82 
F M W 
S 33 91 
C 28 S3 
F 20 SS 
? 17 Si 
C 17 ffl 


....wide ranging and flexible. 'Whatever voUT: 1 
particular need. MATBL mill tailor a finance 
package to meet it, whether it be the provision i£*' 
working capita], project financing, leasing Of . 
restructuring debt 

;iruly international. The scope of our sertices 
spreads throughout the world, so that we can assist 
you wherever you need our help in bringing your 
plans to successful fruition. . . ? 


HOUDAY RESORTS 



AJjitId S 
Aiders S 
Biarrlu S 
RlachpMl S 
Rnordoaus F 
Ronlosne S 
Casablnr* s 
f'api- Til S 
Ctrl,- s 
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72 Locarno F 

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75 Malafci S 

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77 [Nairobi C 

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77hiic<«ia S 

so jnpnrin S 

77 KlKldM S 

73 Oialzburz C 

81 TaniMor S 

fit .Triwnfp F 

43 Jo i»« F 

87 >'?kKM S 

s; jvcntoa c 


S— Sunny. F— Fair. C — Oood7. R— Rain. 
B— H*lL 


MIDLAND AND INTERNATIONAL BANKS LIMITED 
26 Throgmorton Street, London EC2N 2AH 
Telephone: 01-588 0271 Telex: 885455. ‘ 

Representative Office in Melbourne. Australia. 

Subsidiary Company. MA1BL Bermuda (Far East) Limited, Hong Kong. - 

Metnbrr Banks. Midland Bank Umiled:Tlie Toronta-Dormnion Bank; rhe Standi Chartered RankL«niteJ ; 

Tbe Commercial BankofAiwralia Limited. ^ narw ™ BanK umrea ' '_ ! 

hTi, .. ■.S' J :u£k. 

R«w«rea ai the PO a 4 *?*- fc p "P lwl J* Clement-, PreaTTwTniT'mjiili^ri ~77' 

by i be Financial Tliiwff L Bridten Home. Cannon strati. Lurtoi EC™P «V - : • 

' ® T|M ' ‘■''"•‘Waal Tinw's Ud., I97S