Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


No. 27,474 . 




W N 


Wednesday February 1 1978 ** i5 P 


{the UWVEM 1TY Or iORDAtil^- 

»PS UGSAW . . kttr% 


Cost-effective 
developments 
for industry ' 
and commerce 


f-•. | kc. ho.— %*7 \ 

"'■ r -' r mUWG PWCBi AUSTR IA Sc»i,15; BBXgUK ■ ftjfc DEHMAXK KrJJ; FRANCE FrJJi>T GBtMANT DM2.0; ITALY L.5B0; NETHERLANDS F13.Q; NORWAY KL§3Jj^^ORTUGAL E*c.?Pf ' SFAIM — 


m&iil 


S Mi SWEDEN KrJiS: SWITZERLAND Fr^i EIRE 15p 


prospects 


MARKET SHARE DROPS TO 20 % CODUllOnS 

Government clash 


Government 
backs changes 


worry industrialists at Leyland 


over 

race 


BY JOHN EUUOTT, INDUSTRIAL EDITOR 

3* WTOCK row sharply for A continuing lack of industrial confidence, fuelled i 
. ' v.i/r- tbe.vsecoad day running, with K v wnrripe amnno inrli.e**>;<,: mMA i CBI INDUSTRIALTOBTDSSUR 

*' lon ~ standard grade cash tin closing Worries amon & industrialists about the impact A«YOU more OHlASSOPTWBsncABOUT 

:^ r - ,an smith s MioaestaD/^—--“ of the rising nonnd and Britain s general nrosnects wwExpwnprosPHnsKRTOtKXTtvravE 

* Government smoothed refatunw fe n n I P ytonM 1 amain s kenenu prospect Hwr>srHMtmvMHMm**THSABO? J 

? with hfehop Ahei Muzdrewa’s export markets, was reported by CBI leaders _ 

i/ United Afrfcan Council, eTeitr- ", fflllT I yesterday. | A 


m 


I , with ftfehop Abel; Muzdirewa’s 
. United African CoancH, • eteitr- 
^ing the way ,'rgur’ resumpttim ol 
vinienul ; talksto bring; about • 

^blacfcrnJe. ’ 

Rr > --After .a meeting be*ween Mr. 

7: l Dava; -Snuth, Beputy ' Prime: 

Sjt-Ministeiv and Mr. : .J nines Chiker- 
i?j;ina. GANG sice-president, the 
^cbuncU said' il-'wonJdlake pari., 
p.m talks, to-day. .thus ending, a , 

^boycott.[yj^chf.-oego& when the 
y , r bishop ’stormed but of a meeting 
s T Iastr-#fWay.-P..?v!v 
>;v ■' :Malta. Patriotic Front 

’ S ieajieis: '• pifesenied “Mr. David 
f OwerUv-Foreigrt-Secretary and 
f.- .-.Mx.- Andrew. ..ybnag. U.S. envoy 
P to the rtr.jjT.iifwiUi- ceasefire terms 
I'' ; wEiiD&7i»i^fligrajed^hD wide gap £190 higher at £0,375 a. tonne. 
JL. . betweerv^heir:de»aknds .and the making a rise of £3375; in two 
ifeVAnglp American proposals. days. Page 23 
E- . Natrona list-' officials indicated 


riBBi H 


£ 

n 


This contrasts with optimistic “ Any confidence in the economic 40 f\ i/k ‘ 

•»peeches made recently by the and financial world has certainly a . I »V | 

Prime Minister and other leading not reached buck into the indns- . r \ \ f I, / 

members of the Government, and trial situation *’ The survey, he n r ^ : \ / I n / - \ 

will lead the CBI to call for a said, was “ not vpry cheerful _ /uf Vl| I \ 

significant economic boost in the reading. * ^ 1IJ 1. 

spring Budget to promote growth However, the CBI does believe * V 

and expand demand. lhut rhere may be some evidence 40'—*— 1 - : ->—■—-— : —— 

The details or the CBl*s sub* of an improvement in retail sales. i* 7'68 Ts- 3 j , 7 i - t 2‘73 , r' 75”* , 77 t« 

missions to the Chancellor of the which are not included in the - 

Exchequer on the Budget are survey. 

now being finalised and will Some leading retailers who The survey also indicates thai 
broadly back calls from the TUC belong to Mr. Pennock's com- th B level of employment in 
for substantia] refla*ion with a mil tee have reported that they manufacturing industry is noi 
considerable amount of the believe an increase in cunsuiner jj^elv lo rise much in tiio short 
'?conomi(£ boost stemming from spending which started before lenil * because companies are if 


The survey also indicates Lhai 


outs in lflcome tax. 

But the CBI will opt for a 
'over figure than {he Eton, 
reflation proposed t» the TUC 


Details, Page 7 
Editorial comment. Page 14 


anything, cutting back their 
labour forces. 

The CBl’s concern is based on 
evidence from the 2.11K1 com¬ 
panies responding to the survey 


I , r .-watwnaHsr officials indicated and will aiso urge in contrast to- "t UM! ujc 

^‘^nm-pmvided for an • EQinTlB$_' ‘suffered_ } he v^w S o?unron iea5ers «p!d Christmas may prove to have Kv" in “Euua^ t '3 

I.J :lnteritn • ; ^nst-ceaseflre admrnis- Losses, butmajor shares madea relaxation of exchange controls, continued beyond the January ” ^“a7 n d SSro f.nt P for 

.ifojniMted by the late improvement. The FT The general lack of confidence sales. * KS tv mSacruwS 

^RatriOtt^._.Front leaders and Ordinary iadex ciosed 3.0 down imong ■ industrialists, accom- But yesterday, the CBI was C0Ul *“* p raanuracturea 

^underpinned, by guerilla forces. a j 467.0. * oanied sby a warning that “ the adamant that this has yet to feed L v . ... 

^ Baefc Page : •• • .• recessitm continues.** was spelt through to manufacturing Indus- ±'."Ik ^ 

. .. • GILTS closed with falls of $, 

? Snow soreads in Stlfte df better news of the auhffsh«d its quarterly survey of steadying of price and wase ' i r"ri“,i l irin? t nu.'ro 

* |f Vr**”* US. economy. The Govenunem uaoufacturing industry trends, rises, coupled with a con ' KiDeniTv anioM 1KS 

tr Snow spread southwards bring- s^^nritles' index closed 0*3 It prompted Mr. Ray Pennock. tmuatinn of strong investment « „ilcnnfrin 

v ihg- chaos to many . parts of C,OSed ®“* 3 a deputjcha.rman of id. who is intentions, ns the hopeful I°xo?ri 7?de« ^Is "Sir? 

Britain'asIhe search for victims . ■ -.- ,n 'V 1 . • _ rbainnaU of the CBl's economic counterweights to the wider eip r ‘ at ' 11 5 J ' er - 


export 


1 in the Scottish Highlands was ^ STEBUNG^^ rose 25 points lo ’ituationj committee, to stale; worries. 

* hindered by new btoardi Freed but its rentfe-weighted -=- 

falls grounded eight of the RAr aT . ......t 

>^ ]fi rescue helieopters. but crews \ _ _ 

/'managed to rescue four ^ *°Orf*.6epit*iaUou *ryry 

■... from deep drifts at Aviemore. widet^d to 4-05 per cent from . |J * |j m C\ /TMAl 

', A; man who had. tw*en-trapped.-450 .pir cent. 1 

” for almost four days Was-^ound ; A ’ ** A -ct 1 ^ 

[*••• olive .last night in his rut. The # GflLQ rose SJ to Sli52>. 

P;: death, toll in the Highlands _ u : AT.Tr:!ie TK ii?RT £ ’■ ■ 


mufacturing industry trends, rises, coupled with a con- /V/lm 

It prompted Mr. Ray Pennock. linuatinn of strong investment Prominently ^ "Jn^es 1 winnin" 
a deputy^chairman of IC1. who is intentions, as the hopeful P? r rders P -ti Is 
rbxiimiad of the CBl’s economic counterweights to the wider eip _ r ‘ 0tr 11 _ _ d ' er ‘ 


- Imnefiii t0 P rcver!l companies winning 
the ^der esporl f,l ' ders - " U is J ver - v 

Continued on Bark Page 


BY OUR INDUSTRIAL STAFF 

MR. MICHAEL EDWARDES, 
chairman of British Leyland. 
has gamed broad Government 
approval for the plans to. re¬ 
organise-the company which be 
will put to a meeting of unions 
and .management in Birmingham 
to-day. 

The proposals have been con¬ 
sidered by :i Cabinet committee 
chaired by Mr. Erie Varley. the 
Industry Secretary, and Mr. 
Edwardes has been u>ld that he 
can go ahead with his reorganisa¬ 
tion without need of further 
Government approval. 

This support for his proposals, 
which involve trimming some 
projects, reducing the labour 
force and introducing a more 
decenirahsed structure, will pul 
him in a strong position to take 
a hard lice in dealing with 
opposition from the UDions. 

So far reaction to Mr. 
Edwardes' ideas, which he has 
already outlined to senior trade 
union officials, has been muted 
But Leyland shop stewards arc 
mobilising a campaign to enlist 
support front MPs for their 
alternative campaign to expand 
car oulout rather than cut jobs. 

Mr Edwardes* case against this 
expansionist target is that Ley. 
land cannot hope to rebuild its 
marketing position in the U.K. 
until confidence in its products 
and ability tn supply returns-. 

The company's sales, which 
slumped Trora 27 to per cent, 
of the U.K. market last year, have 
fallen further in January to only 


20.7 per cent. 

In the last few days Leyland 
sales have been 17 per cent, of 
the market, only about twice as 
many us those of. Datsun. the 
leading importer. Despite an 
improving stock position and a 
January market of about 150.000 
units—the largest for several 
years—Leyland is now trailing 
about ten percentage points 
behind Ford tn the U.K. tables. 

These results underline the 
gloomy message which Mr. 
Edwardes has already pressed 
home in preliminary talks with 
national trade union oQicials. 

He has given them a broad 
imiicatioD that jobs could be cut 
this \ear by between 10,000 and 
15.000 in the cars group, depend¬ 
ing on what market share the 
company finally achieves in the 
U.K 

This share, he has said, could 
be between 20 and 30 per cent. 
He has warned that if the out¬ 
come is closer to 20 per cent, the 
British Leyiand Board will not 
shrink from recommending 
drastic action to cut the com¬ 
pany's car-manufacturing facili¬ 
ties. 

His other proposals to-day are 
expected to outline the creation 
of two separate car-producing 
organisations based on the 
former Austin Morris and Jaguar 
Rover Triumph companies, plus 
a parts business. 

All the plans must go to the 
National Enterprise Board. Le.v- 
land's main shareholder. 


tfc.'Vwearti** rs- fniwast as''February c&rupsfrftS^ increased their cash 


EEC agrees on two-stage 
green pound’ devaluation 


Fishing policy 
talks collapse 


BY MARGARET VAR HATTEM 


BRUSSELS, Jan. 31. 


f the end ofthe month.-. ■ liS EUROPEAN Agricultural Mini- livestock producers, leaves scope adjustment forced on it by the 

V Parliament, Page .19; Forecast, ' W1U1 aters to-dav rescHved tbeir for EEC members with strong House of Commons. 

Back-Page. Font schoolchildren- sao-oion-.in differences over Britain's request currencies to protect their •* I abi Frankly a little more 


ft*;' a...;-- Page 3i" -National 'Iranian Oif ';“ui| ,1 ““ ,a v >«>“““'■ -“*■ iiunucis arc ir>» uap^y «uu uk 

ff^CairO talks • has re-opened-negotiations oh its A 5 per cent, devaluation of The outcome is dearly a vie* agreement. Herr JoseF Ertl. 

> v.- ■ \ , V 20-year supply agreement with the “green” currency rate by tun* for Mr. John Silkin. Agricul- German Agriculture Minister. 

S.- e^jt;.5nd Israel resumed mlll ‘ western oil companies. ’ 1 • which Britain’s farm prices are mre Minister, who has emerged t0,d the Council he accepted the 

» r JSWi-.h&Wtiations .in Cairo after p age calculated, is to take effect from from the bitter wrangling of the compromise with reluctance, 

r. an aU^pected meeting between - - - * Thursday in the two most past week with every- indication " He backed an earlier remark 

k- Gen^ Gjunassi. Egyptian war * A SPECIAL Government fund troubled sectors, pig meat and of having enjoved himself almost bv Mr. Alphonse Van De r Sieiv 

ij.- Mfp&ifer.'.aqd Mr. .E>or Weixman for revenue from North Sea ■ oil beef. , as much as be has irritated his Dutch Agriculture Minister, thai 

^ IsraelL 'Defence ; Minister, in has attracted significant Cabinet ■ Further adjustments leading to EEC counterparts. the EEC was becomino a menu 

ItV AJgicrhi 1 rejection ' front supoit. A. White Papare on^the a full ?i- per cent devaluation in reputation in Brussels for from which members'" selected 

L-5ta^ planned counter-moves.. US e Q f the revenue will be pub- all sectors will be tied to final bu ndo2in- tactics comblSd Vith only th e parts that suited them. 

- Mshed later this month. ^ UlStS «err Ertl «ld he hid yielded 

_ n | Pafie ; m-frp 1 exnected 2 to potiticians and Press does not only on condition that all member 

l ^rage deal : v. J under wav afte? ^e d P?ench appear 10 have Mates entered the price negotia- 

fer-'FrAdce has beaten off U.S. com- R aillll iEll StAft . General Election in March. He has displayed masterly prejudlce for a fal1 

£-'• pet&ian to sell 18 Mirage; F-l These will include a further timing—expressing outrage that Beef ' d „ Droc ]ucerc can 

| .fighter-bombers wortii-8800m. to —,^1^ 2| per cent devaluation for pig anyone should challenge the now ct some ^^3^ 


TALKS un a Common Euro¬ 
pean Fislierii-s policy collapsed 
in total disarray to-night, hours 
before the present temporary 
regime was due lo expire, 
writes Margaret van Hsttem. 

EEt^ Ministers concluded 
their negotiations without 
setting any date for a future 
meeting. 

From mid-night to-night, 
therefore, the present regime 
lapses, leaving Britain lo go it 
alone, while the other eight 
abide by a temporary regime 
for (he rest of this year, in¬ 
corporated in a draft Council 
resolution, which all but 
Britain have approved. 

This resolution, drawn up at 
the unofficial fisheries’ meet¬ 
ing in Berlin last week—which 
Britain boycotted — includes 


BRUSSELS. Jan. 31. 
the Commission's proposals for 
1978 fishing catch quotas and. 
for conservation measures. 
This ensures continuation of 
(fie bans on North Sea herring 
fishing ajid on Industrial fishing 
which depletes white fish breed¬ 
ing slocks in the so-called 
Norway pout box area. 

Mr. John Silkin. the 
Fisheries* Minister, out 

until the end against this 
resolution. 


£ in Mew York 


-fanuarv SI Prevluu* 


S ',4 ; SL9470-&WX 1 M.»Sy. r J&W 

I liu wiili 0jj54ii.06pn*ni| RiirJ?jJ?|.wii 

" muni I >- jOJsW.Mjwtni 0.21-56 v«n» 

1? iimnth' 0.Wuj.i5C>jir».ui,Cf5CMj.E<‘ prrm 


By Richard Evans, Lobby Editor 

THE DEVELOPING row over 
immigration produced an abra¬ 
sive duel between Mr. James 
Callaghan and Mrs. Margaret 
Thatcher in the Cnimmins yes¬ 
terday. It illustrated vividly the 
political beat that could be 
generated should immigration 
become a major general election 
issue. 

The Prime Minister challenged 
the Conservative leader to state 
specifically bow immigration 
could be reduced. 

Mrs. Thatcher reburied 
criticism that she was being 
racialist in declaring the need 
for a virtual end to immigration. 
She challenged Mr. Callaghan to 
admit that stricter controls were 
necessary to maintain racial 
harmony. 

The crux of the Commons 
clash was the Prime Minister's 
argument that if the Con¬ 
servatives meant virtually to end 
immigration, they had only two 

Parliament, Page 10 

Editorial comment. Page 14 
Mrs. Thatcher and immigration. 

Page 15 

options—to renege on their 
commitment to U.K. passport 
holders and the immediate 
dependents of those already 
here, or to send back immigrants 
already here who had been here 
for several years. 

Earlier, in a BBC radio inter 
view, Mrs. Thatcher hinted that 
the position of Immigrants who 
arrived after January 1. 1973, 
hut had not yet acquired U.K. 
citizenship, was being studied. 

“We did say in 1971. that 
people should be able tn come 
in lu work but not with the 
right tn selile permanently. 
Those who came in after the 
legislation was enacted in 1973 
haven't necessarily got the right 
to settle permanently.” slu* t aid. 

She argued that race reiatiuns 
vwjuld he •letter if there were not 
; vast numbers couiins 10 and the 
i prospect of many more arriving. 

The latest Homo Olfice statis¬ 
tics show that just under 2S.0U0 
immigrants arrived in 1977. 

Mr. Callaghan said in the Com¬ 
mons that numbers were 25 per 
cent, down on the previous year. 

Mr. David Steel, the Liberal 
leader, argued that vague talk 
by the Conservatives of reducing 
immigration without being 
specific merely encouraged “fear, 
uncertainly and prejudice." 

Mrs. Thatcher’s recent remarks 
on immigrants wore reinforced 
yesterday by a policy dcclaration 
in Conservative Monthly News 

Pointing oul that the number 
of immigrants entering Britain 
was running at nearly 50.000 a 
year, the niasa/.inc asks; “Does 
any responsible person really 
imagine thaT this can he sus¬ 
tained without subjecting race 
relations to grave strain?" 


BAIL UNIONS have begun 


fcVfiv^iter-bomberfi worth S800in. to _, J. rt l|_ c 2| per cent devaluation for pig anyone should challenge the now est>ect some imm^jiaie 

I Spain.. .. General Dynamics had p3J I3JKS meat and beef and a 7i per cent authority of the House of Com- he} intervention prices 

I .Ho.bnt •“& ss bu siit«. of jifr r ss; 

I .Greig dismissed^ j& JLS £*S ~ of US SStt 'SSTT 

f; SussexjCnuhty Cricket Ciub has industry workers were confer- respective marke ting years. ’ 5 per cent, devaluation sought tS should ve?v 

t ; overturned its decision to re- mg an. miprovedI 9.5 per rant. xhe agreement, while .provid- by the U.K. was econoiuicaily exppriers ' Inte sn ° l n er - 

r ap^oinr . Tony Greig captaia. offer after turning down -.8.9. j n g immediate relief for British sounder than the 7J per cent. Continued on Back Page 


Greig dismissed 


P appoiw Tony Greig captain, offer after turning down: 8.9. 
lb Page in BackPage 

rf.:-- ^ CfVIL SERVICE unions repre- 

t Briefly ... >. senting a fm. civii servants fiave 

«£-. 1 Bnv/bnev 71 Soviet put in a claim for substatniar pay 

“^ aay . “ the 10 per cenL maximum would __ _ 

Kv public.engagements. Page be “ totally unacceptable.’* ftge 8 

K -Mr Jack Jones;,. general secre- . MR. JACK JONES, general secre- great difference between the The four companies say their 

ff^tary of the Transport, and .• PRESSMEN at Ford’s Hale- tary of the Transport and offer and what the men would deliveries may be cut by between 

K : General' Workers Union, has wood plant have voted io^con- General Workers’ Union, said accept. 25 and 40 per cent. The cuts 

I& been appointed to the Royal timie their four-week-old strike, fast night that he was optimistic The four compamcs were yes- couId bc worse jQ Scotland. 

ftxaBiimission on Criminal . Pro- J?age 8 ... -r that a settlement could be nego- terday studying how to reduce wherc a sho slewards decision 

f . • NATIONAL Freight.-Corpora- £^fers’ and W the tour oil^m ^TTiSr^ere^sorae' signs or tu i° ir> th4f ban is apparently 

V -atf-'.-LReter .Jay, British amb^- ti on will still be stniggh^ for . threatened bv industrial panic buying of petrol, although being regarded as binding on 
,. :■»*«*> the U.S., is in London viab ,Hty this year in spite of ^ eateDea inausm *J pjn Duy * or pe u ’ b drivers at almost all 'oil com- 

;■ TPr=^s;.with his fatiier-'in-iaw.: financial restructuring and a * SDe3kinc after r „ r panies. 

i/Mr-lvass CaJIaehan; £».5m. l” ra ng meeting with Mr. William Rail and gas talks Back Page ^ Scottish Motor Trade 

^;A TiS?: Stale Department em-profit last year. Page .. . Rodgers, the Transport Secretary Labour News Paee 8 £ Associulion is expected to 

rT ployee- and-a Vietnamese were m siiprrmaRKET croups’ pro- at the Minister's invitation, said ’ ° mount a publicity campaign 

cvamsM '-^n Washington on •' ° . . reduced if the food there was an area of “common —-; --- aimed at persuading motorists 

1-cSwgtt of^‘spying for the Hanoi i c0 “* a D ®L- nue « the eftalr- ground.“ • the companies say the direct to ration their petrol usage. The 

f.TGovm-hmenL^ of^lnteroationat Store? the An overtime ban by drivers effects of the ban may not be felt Motor Agents Association, the 

^Gom^tounty Council is to RAT lndUsSes supermarket for the four companies was due for several days.- ' Automobile. Association and the 

v V°“ Dg .. '- -I B , A l intiusffira f to beein at midnight. The companies have been look- oil companies have asked con- 

sSHmi? v chain, has wfl e. Mr.^ck Ashwell, the union’s ing at ways of improving the use sinners not to panic. 

'''4W01ZirB.'dfl(l. KcOTulll' . ‘ • _ _.nr. ■,miTC>HDiE'C mnnrtprf Mnfatqm? ci'rl Iha nf tnnbArc tho rli'cnnto m.. __ u_I.... .ct—.j 


Petrol: Jack Jones sees hope 


BY NICK GARNETT, LABOUR STAFF 


Are you wide awake to 
the investment openings 
you dream about? 


Effeets of ban. Page 14 pa "I es ' . sf # _ . 

Rail and gas talks, Back Page 

labour New? Pasre 8 Associulion is expected to 

Labour News, rage 8 mounl a publicity campaign 

aimed at persuading motorists, 
the companies say the direct to ration their petrol usage. The 


R - V - v 7 u " nf " ...AWfind tQ bfiein at midnight- laut cuuiuduiuh uuvt: uetru IUUXV- mu luiu pamco ua»c aoncu LUir 

■ chain, has wa ed. j^Sck Ashwell, the union’* ing at ways of improving the use sumers do! to panic. 

o * • BAT INDUSTRIES reported transport secretary,, said the of tankers during the dispute. The drivers have been offered 

\n armed raider robbed two • fits for the >eir to early resumption of talks with Shell drivers have decided to increases of about 15 per cent., 

security;.guards of ..£35,000 a & eDtein | Jer 30, 11 per cent, up the four companies. Shell, Esso, carry reduced loads in the including 5 per cent, producti- 

Worihmg. Sussex, bran«i of ine Rack and Page 17 and Lex.\ Rp ^including National) and largest tankers, in addition to yity pay. Negotiations at most 

Vatlonal Vfest&tinsler Bank: • • Texaco was now a “strong working to rule and refusing of the other oil companies are 

Soccer. FA- Cub tie. fourth • REED INTERNATIONAL pro- possibility.” There was not a overtime work. still going on. 

round;NoWngham ' Forest, fits for the thirt qiurter enflM 


r several days.- Automobile Association and the 

The companies have been look- oil companies have asked eon- 


I* . ruuM-*,/ iwiMusodiu- ruiou, u» 

h: Manchester;CityU.QPR fi. West December 31 feu oy rim 


CONTENTS OF TO-DAYS ISSUE 



European news . 

American news .. 

World trade news ... 

Overseas news . 

Home news—general 


—labour . 8 

—Parliament ...10 


Effects of . the tanker 
drivers* overtime ban ... 14 
Mrs. Thatcher add.the row 

. over Immigration .. 15 

Irish budget; Gamble with 
(be economy . f....... 2 


Technical page . 9 

Management .;.11 

Arts page . 13 

Leader page . 14 

UJt. Companies.. 16-18 

Mining . 18 

FEATURES 

Importance or riee In Thai¬ 
land politics . 3 

Wool textiles: Carpet threat 

from India . 4 

The Innovative threat that 
faces Europe .•. 11 


Inti. Companies .. 19-21 

Euromarkets . 19 

Wall Street .22 

Foreign Exchanges .22 

Fanning, raw materials ... 23 

UJK. slock market. 24 


Donbts over airline dis¬ 
counts in U.S.. 19 

Spanish banking: 

The Navarra crisis .21 

Poultry production in the 
Bahamas ..23 


Appointments .. ja 

Crossword .“ 

Eiucrufcraciri CbMc U 

FTJtctom-rtW I odUes » 

Cardoslnp . “ 

u.”LJ== S 


Lombard . 

Men and Hallers - 
Money Market 
Rating .- 
Share Information ... 
To-day's Bniu ... 
TV and Radio 


Unit Tresis . a 

Waal her . 28 

Yatirtiitg .. . 12 

ihterim statement 
R c*d loti. . 1* 

ANNUAL STATEMENTS 
Howard Machinery 70 


Japan loti. Bk. 

Pollman . 

Scandinavian Book 
Uld. Spring and Steel 

Base Lending Rales 



When you ’re nodding off 
that's just the time 
New Zealand is buzzing 
with activity. 


SoisNBNZ. " 

The \ationai Bai ik ol’ \«vv Zeuliuid. 
Ufeliave an enviable pioneering iyjlxiit! 
in New Zeal and nnd the South Paciiir 
with the advantage nl'ljeini(paii ol llie 
Uq\ , ds Bank Giuup - just the sun of 
company you want lo keep when you 
one seekiiig new investment oppor¬ 
tunities or developing export nuu-kets. 

We liave branches here anti 
diroughout New Zealtuui. wlien* 
we are the only wholly-owned 
British Bank. And remember when 
tile tinie comes \«v ZcaJajid is 1 be 
idealstepping-slune lu many 
Pacific maikets. 

As wurriRVl slep cull i'ted.At km is 
on 01-B06 8311. H may prove lu be a slep 
in the right direction. 



UteHatiotudjkutk 

41 tmZeoiml 

a member i)l the Lim it. lLink onuijt 


For latest Share Index ’phone 07-246 SO 26 


Till- .WIIOM-U. a\\K OF \av /KV. WD Lru, S AKXIitLAlt. LO\DO\ 1C!R t:DB. I l.LWHUM: in-ux. ylll 










































Spanish government may 
have to nationalise steel 


BT ROBERT GRAHAM 


MADRID. Jan. 31, 


GISCARD ON TOUR 

A day in 
the life 
of Precy- 
sous-TM 


Br ezhn ev reappears after 26-day absence 


PARIS. Jan. 31 


THE CRISIS in the Spanish steel The most precarious position dustry remaining essentially VJX X_ IvVJ 
industry has reached such pro* is that of Altos Hornos Medi- private; or nationalisation. The v 

portion* that the Government is terraneo which, according to Ministry of industry feels that, . f ■ ym • 

faced with little option but the informed sources, will be unable if the former course were OAllC I rif I 

politically hazardous course of to pay its 5,000 workers next adopted, it would have to impose jif j— I Hit 

nationalisation. month. controls to ensure that the 

The main shareholders In the The Ministry working paper money was properly spent 

steel industry, the private banks, traces the steel sector's problems Therefore, although more contra- BY DAVID CURRY 

have resisted this idea in prin- back to 1974. Then, instead of venial in principle, the nationsh* 

ciple. but are now grudgingly revising growth projections in sation solution ^ is considered PARIS, Jan. 31 

coming round to the view that the light of the energy crisis, more “ honest." and would precy-S 0US-THIL on a wet 
this may be the sole satisfactory tiie industry decided to expand certainly find favour with the This is not the Bur- 

way of recouping large invest- capacity by some 3m. tonnes, opposition Socialist and Com- ^ ^ Cote d . 0r and the 

ments. This resulted in heavy new oiunwt parties. vineyards. This is upland cnun- 

Meanwhile, the Ministry of investments at a time of in- Nationalisation would also ^ ^ plateau of Morvan. 
Industry is canvassing the idea creased overheads, a tightening make it easier to reduce excess ^ ^ hiIls etche d in 

of nationalisation in a low-key of credit, and the beginnings of capacity which the Ministry sn 0W and the wind sweeps across 

working paper on the restructur- a decline in international and claims is essentia , despite the ^ ^ earth . 

in? oF the industry that will be t *°® e ** lc . . . , . -.fSe , 0 Problems involved w j nd ^ gygijQg down the 

discussed by an inter-ministerial mid-1977. the industry s The banks themselves have made st ^ wrapping the red. black 

commission on Thursday. Phght was disguised by increased little public comment so far but d ld b iml« of Burgundy 

The accumulated deficit of the «!»«* « highly competitive belligerently round the flagpoles 


BY DAYID SATTER 

MB. LEONID Brezhnev, the 
Soviet President, reappeared in 
public to-day after a 26 -day 
absence during which he was 
said to be recuperating from a 
severe bout of influenza. 

The 71-year-old Soviet leader 
met Mr. Piotr Jaroszewiez, the 
Polish Prime Minister, hi the 
Kremlin, thus bringing to an 
end another of the ageing 
Kremlin leadership’s recurrent 
and Utile explained absences 
In recent years. 

Mr. Alexei Kosygin, the 
Soviet Prune Minister, also 
attended the talks with Mr. 
Jaroszewiez which concerned 
Soviet-Polish economic co¬ 
operation and specialisation of 
production in the two countries 
along tines agreed by Mr. 
Edward Gierek, the Polish 


leader, and Mr. Brezhnev--,In 
Yalta last summer. 

Mr. Brezhnev showed no 
signs of HI health in a brief 
televised news broadcast on his 
meeting with Mr. Jaroszewiez 
hut be Is widely believed to 
have been seriously iiL 

Although Mr. Brezhnev did 
appear in public at a Kremlin 
awards ceremony on Janaaxy 


see Mr. Hoar! Boomed ieunc, 
the visiting .Algerian President. 
Be also cancelled a long- 
awaited visit to West Germany 
next month to allow.him time 
to recuperate. 

There Is unlikely to be a full 
explanation of what was wrong 
with Air. Brezhnev, but the 
question of the health of top 
Kremlin leaders Is certain to 


a, he 2ms actually been HI. fa' - &ov] more sensitive as more 


most or the past two months. 
He was also out of public view 
during most of December after 
appearing on December 8 at 
the Red Square foneral for 
> T*rshai Alexander Vasilevsky. 

. Daring the course of his ill¬ 
ness. Mr. Brezhnev cancelled a 
scheduled meeting with - Mr. 
Foreign Minister, and foiled to 
Sunao Sonoda, the Japanese 


ruling Politburo members pass 
their 70th birthdays. 

Mr. Kosygin, who is 73, 
disappeared from public view 
for three months in 1976 and 
was reported to have suffered 
a heart attack, and Mr. 
Brezhnev was not seen for 
more than a month in late 
1975 and early 1976 


MOSCOW, Jan. 31, 

after reportedly contracting 
unsumoma^ 

Mr. Bmhncv has some long¬ 
term. problems, includ¬ 

ing a heartTaiimmit, jaw and 
' dental problems ■ and bearing 
difficulty. . Diplomats who hare 
met him: have - .often been 
Impressed by ius TutTdify and 
stamina but there have al^o 
given rise to exaggerated re¬ 
ports of ■ physical ; incapacita¬ 
tion. 

As has .been- customary 
during past periods of illness, 
Mr. Brezhnev’s signature has 
appeared under various Soviet 
■ Government decrees in recent 
weeks, but the extent to which 
he is fully recovered may show 
In the speed with which he re¬ 
sumes his normally strenuous 
schedule in the weeks ahead. 


the red earth. 

The wind ta gusdng down the IRELAND’S BUDGET 


JJT SSSSH'lf «££<£ “o n ric9s - ■" "»l»t half Of 1977 lion it ihelr am.udc. R-amU,. ^’SETtS; 

reach Pias30bn. <S365m7) at the J??L?S ^h-n^h^FFr fo head BaSeS* de ViS-an skv is grey ^ low> s P luttering 

h d ihl 3 ? 2 f°ii 1 2 n ,thc main ex P° rt markets), appointment largely aimed at w Tfa Pres jdPnt u tale and the 

EvM sjsbr,',^: ?. duf'ping 0 &&S; issfs «sra £ 

EM* M,ms,iy of Indu * 5 =l 3 -**r*fit as? SjmsA8V«s * 


Fianna Fail’s economic gamble 


BY GILES MERRITT IN DUBLIN 


irv sources. :~j ~ - .,L rtr , it rhp nrirp upm rieht w **« u s >NO PRIZES are being offered In stimulate industrial investment 

ThP dPfieii nrimariiv affects P roductlon l ust under Ilm. short. the [P™-* wer * nght. some ster0 passages about the i Dublin for guessing the contents in the private sector. More 

EL*“ ep “ b,e ,0 the ,u - er.'Z ss-mb 

, v.sss."ii4 , 3a SJ w«y£ "jssyMKLi„ ... “Sr*. ^ •s s 

Ensidesa a'one has major shift from tradiuorial pageant in the local Maul | ,£? DlU fLower House! leading aimed for will not be of a 0 tc- 




h a e?J'i,!' 3 rVe n sm,r;„ C fdi':eTo^ 5 ° rae 4fi, -° 00 '° anm strei S r. pa0ish eC ° n ° miC P0 'if y ' ^ SSh-» Tot « the 'same “ c e on “ U J 5 *To.ete r iiT ttl ^budget, hut nf a aober^ 

5SJ sre^iSsris-'-ssss-s ssss^js w ssfSt“ “ e s “ sgeit “ g piere of 

TSg *dS excess capacity and SSL? int'v^'-SI *5 KiDg’S fOOlS « ’S £22* by Kr V &R tSw^SjSSSS^Si 

Viecaya. plus some foreign steel heavy financial burdens, the of the industry's financial prob- JVlUg S 1UU1S 1° .!>' presented by ar.^Curg, 197S rimw.Act yniljm muitm 

interests in the form of a size- industry faces two basic altema- lems. however, makes this diffi- 

abiv U.S. Steel stake in Altos lives: a massive injection of cult. 

Hornos de Vizcaya. State funds but with the in- Spanish bunking. Page 21 


Spanish hanking. Page 21 


W. German industrial pay tension 


Presidents visit. W jn no t. social legislation, 

ir* * i_ rt l P The elements of the package The real significance of the 

JVing S lOOlS to be presented by Mr. George 1978 Finance Act will be that ltis 

J ... Colley, the Finance Minister, the statutory instrument imple- 

. They huddle in tne village jj ave “jj een co m i n g 0ll t thick and menting Fianna Fail’s self- 

hall— king’s fools, men-at-arms. ?ast S j nce before Christinas. On confessed “ gamble" witii the 

herdsmen, coun ladies — most recent evenings Govern- economy. That was how Dr. 

packets of cigarettes oui or menc despa t C h riders have been Martin ODonoghue. the econo- 

dnuhlet and nose. Tne wore “ i ca jjj B g 2f newspaper offices to mist turned politician who heads 



^ fa»v a tarn and u nas . i._* -• .. ra! , inie5 . economic background Jess than a month a^O in his 


BY ADRIAN DICKS 

ti'EST GERMANY appeared to- restarted. 


.Ian. 31. 


nm- the president of lU-Druck. '« sh9pherd V mh a bulbous 


nisili in he facing the prospect As ihc first sicnJ/lcanr seiilo- H-’rr Loon;.id MahJcJn. ••ailed on ... rheeks and how->as 

of an unaccustomed wave of nient tbi*- year, the dockers’ fi.4-7 ih c publishers to open a fre>h r i« (^e sauare “I c: ;ne 

industrial unrest, as wage nego- per cent, had already been round nf negotiations on Feb- V, un f rnm Paris this morning 
Mauons in the major sectors of attacked for exceeding lo-< ruaty S or 9. , .v.;, #|lszui«e ” he con- 

the economy move towards a greatly the 5.5 per cent, which Against this increasingly un- ..,- m supposed to be a 

ciima.v. the Government had declared settled background in two ’ s ^ pn anv lii^clv 

In a surprise development late only last week la In- the destr- hig'nly-publicised disputes. a '<hpnhprdesses-’ Ris .-ompanions 
last night, a majority dF dockers able upper limit for .ncleases c.. C ond round of wage talks wa* w0 ' n *i SP0 70 u^ain. 

rejected a 6.4-7 per cent, pay this year. The strike had been reported to-day to have ended c ~! ?l ' j, nu . *h e .-,‘iarni is 
settlement reached by their called after OTV had rejected in deadlock in the North Rhine- ■ The mavors of the I 

union leaders over the week-end. an arbitration award of 5 3-5.5 Westphalia engineerin'.: and; f., nPS shuffle into line 
It way not yet clear whether the oer cent.. later slightly improved metal fabricating industry. This; ° fr llf ,i,e town hall, tn- 
meii would resume the strike, by the port employers. Toniaht is the largest single group of sashes smoothed down 1 

vhich they began on Wednesday the employer? .-aid that they ‘.vnrkers in the sector which Vhe imrulv wind. The! 

ef last week and which was stood ready to resume negotia- rraditinnali; dues most 'n set the , “ VP terins heavv with age and 
°nded by a return 10 work on tions at any time. wage level for the entire indus- stamp ’ nut »hv»r 

Monday ordered hy the union In Stuftsart. meanwhile, the trial economy. cigarettes? and unfurl their ban- 

on tile basis of tne provisional executive nf IG-Druck. rep.e- V/hile m'-iiM.’aiin-i pnwedures ' ”_ s -fhe inudspeaktre groan 
settlement. .-.enting printers, rejected an out- are by no means exhausted yet. U:..,' inin ifithcentun 


•' ranirl srailimes. economic oacKgrounu -ess Loan a inuntn a-. 

J 4 ' rntn. The retreat • P documents and—the key to them While Paper, 

back to the warmth 01 be - • a i|— a White Paper entitied Briefly. Ireland’s 

The ctsaretles come <1111 Xauonsl Diveiopnient 1977-SO. pooiinn is this. In ‘.t 

A #n ; p J e, ?h.2?,„S Taken together, they point to a half of last year. -J 

nu^e. purple ^becks. a f roe . s3Cn ding. pump-priming having a smail ar.d 

lacks across .he square• 1 c ;‘^ •* d , sh ‘ for grrwrh" that will orientated economy. 1 

down troll! ' J ris th S > nn I'm piirrpm hinifi' Rpi-.ihl:i< «hor Tn thp U 


economic 
he second 
'hanks to 
d export- 
the irt?h 


A 

tjJt 

Mr. George Colley 


The . ‘ Government's critics 
argue- that this can only work 
if a very specific set of spare 
capacity and future demand 
conditions coincide, and they 
claim that this is not going to 
happen. The danger that Ur. 
Colley and Dr. ODonoghue are 
therefore, being warned against 
is that their- policies could 
cripple the state's finances while 
only marginally improving 
employment. 

The Lynch Government is con¬ 
vinced that its strategy is correct, 
although senior ministers have 
conceded privately that there is 
an element of risky split-second 
timing involved. To achieve the 
ambitious objectives of halving 
unemployment and reducing 
public spending,, while maintain¬ 
ing hi?h growth and Tow infla¬ 
tion; the various forecasts thp 
Government has made must fall 
neatly into place. But nbw'ilie 
central bank, has warned that 
exports may be lower and • im¬ 
ports • higher than has been 


ion? at any time. wage level for the entire Indus- ‘ dal ; sump’ ou» the»r 

In Stuftsart. meanwhile, the triaJ eoomvny. cigarette* and unfurl their han- 

xecutfve nf i«.,-Druck. rep.e- While ni'sm.’afinj procedures 1 n The lnudspeakc.-rc groan 


flmiiS' nthP hofftper cent, annually. Tf tcansus- Public ?pendins. And that rs resume after the Budget has been . 
! « n' ^ ^uch growth. Ireland Will Where a number of leading digested. Even if the unions do ; 

i!v «» ,ii s uni mn confound critics who have been econcmists. and the central bank, not seriously expect to receive ; 

t?* d ,‘L", , { „!? « n .S forecasting that it wa; doomed take issue with the Government, the 12 per cent, wage increases 

<oc!a welfare s^nio Si' owe? 10 ia? far:her and Ja^r During the last few years in they are demanding, the sort «rf 

rt XnrlVr* VSi " nehind the rest of thr EEC in the economic doldrums the Cos- settlement they can reasonably 

"a term? of living star dares... zr ave Government borrov/ed hope Iot could have serious con- 
*he T-iFo’Afon- cn^tlna The^sr six month? h«W!*: *^H v r^. c, ? ,,c,n S.p ^.bn. sequences.. The Economic, and 

! revenue 2 change in Irllamf natonal dent not*? mbps up-a Social Researeh Institute fo Dob- 

11 nJ ° lh ? ‘ ? Suddenly the Republic no quarter 01 state spending—and ijn, 'whirh advisee the Dublin 

• " longer is at the bottom of all the yet Fianna Fait intends through Government has said ihat any 

: There remain The Tn com e-tax EEC performance charts, busi- to-day’s Budget to increase gov- pav increase much over 7-8 jrfr 
I concession* embodied in the- ness confidence has leaped ahead eminent borrowing still'further cent, could, stop the fecbnomic 
. r«ian:fcrto. and with the budget and Dublin Stock Exchange has Last '-car it was equivalent to recovery and Jead on to - mini¬ 
being looked on by the electorate outperformed London. But the about 10 per cent, nf GNP. and uul growth” in 1979. .. 
j 3 of political sincerity, transformation is skin deep, for 137S that ratio is being Sour notes aside, it should be 
, th';. are almost certain to come Unemployment is still over 12 pushed to 13 per cenL Gambling stressed that the Lynch Admmis- 
j T "-day. The lax cuts are designed per cent, ar.d presents so deeply that he can use public sector tration is so far looking well 


peggir.g It at a aan. in 10 c son n 
tly. If t can sus- Public spending, 


ro'ume. ihc rules nr the union, tne implementaticin of new that they may hr.- spoiling for a 
the public services OTV. call for printing technology, which had fight. The emnlnycrs arc re 1 
a 75 percent majority. Yet the appeared iwben it was reached ported not to have budged from ■ 
dockers’ rejection of the pay deal lh days ago) to speli the end of their original offer of 3 per cent.. 1 
clearly leaves the union leaders a series of stoppages m news- while the uninn. the huge 
hrile latitude for when talks paoers. magazines and genera! JO-Met.rii. )s demanding an, 
with the port employers are printing companies. At the same average of 8 per cent. 

Karamanlis backed on EEC 

BY OUR OWN CORRESPONDENT BONN*. Jan. 31. 


cording his 


MR niVsTiVTlXT k'ABAMiV ii.Hoaa ir. t,-,,-* it,, .r Kr.n.nna ,k, _* 'IlDeraiciv. nip ••' 7 --J —.. ,- * |J> sun u-c-1 1- pusaeu in 10 per cenL *iamiuing iiirowu ui<> uvruyuvu .nuui>ni»- 

Lts the^ Greek PnnIe A 51niter foi ihlfoin- fo!' LZt ; lhe occasional spectator, now j t.-day. The lax cuts are designed per cent, and presents so deeply that he can use public sector tration is so : far looking well 

^eciirid' lo-da- a Gibin' .inmise West German Go -A nien • 0 rnmmfmifv 3nd a « a,n deviating for the sym-: to ho emungent on a a per cent, rooted a structural problem that employment and the construe- on its handling of the-economy.. 

frSm ChaSinnr He mil i,-hS di si aid un and be c?.in^rtJni mi- Commumtj. ; bftllc handshake. Almost vulner- j national wage agreement that Snoin, a solution is the core of tion industry a s a flvxvheel that Apart Trora the recent dramatic 

that Wet? GermanTimid m?.! thos? stU! a?-tivfll- in r u iur of A ‘ 3 sim nr German esteem.able in his manners he wear* = the union* are so far rtuhnrni;. Fianna Fails policies. Some wit help the whole economy to improvement in the Republic's 
port thi? ai'oe^eratii.n nf Greece’s Greek ^ntrv inm t’h« foilumin^- f,jr Mr - Karamanlis himself, if his presidential dignity as if n re^s.mg. but u 15 unukely that calcul^tiun? now suggest that one turn.faster. Mr. Colley hopes that economic . performance — and 
negotiation* with thn Furopean Herr Schmidt offered hi? -uest ' AJS aniiuiiiKed thi* evening that;were a cloak that might slip nff withholding in Sve 0 : Irelands population of he can quickly boost the state therefore its morale^ihere .is 

Cnmi, unitv *id in STrSSS Si^further « ^ Greek Prime Mmistvr has.if.hc bent ton far -\ou enn them. The trills of budgetary 3m. plus are on or near the revenue? before the defied .gets now a elear-cuf programme for 

th -,1 Gpi man fnthiLs.n rAw ^ ilnnl i.H V." r . r .l been awarded the Charlemagne almost see mm holding his I policy will Include modifications nreadlme. and thaa*s to western -mi of hand. Bv f^Su he and Dr. tackling, tile medium- and long- 


srtuude towards SATO He once for format entry b; Afoenf no Meet the now Turkish Premier.' ^^^behfod .* 1 She'looks WW OT 8 iCftArTCfi O A S HaXlUlOanK 

again offered Bonn’s help in try- later than the end of 19.ft Mr. Bnlent Ecevit. 0 discuss u cold, strained and almost ” " C&it UI ry. 1 

in? in settle differences between In pnvaie. leading West Cyprus. Mr. Kara in in Us repliedihou<>h she tries ^ 5 O . OcrrPPS I IITK^V 

Greece and Turkey over Cyprus. German officials share many of cautiously, that “loRJcai" pro-J bl . aveIv to chat to the children BY DAVID BUCHAN ) BRUSSELS Tan 31’ & U > 

while making clear that it was the hesitations about tne oracU- posals must hist be forthcoming dancms W ilh cold in their thin ‘ uhloulw, .uh. Oliarilni^aC 

not seeking the role of arbitra- cal problems of enlargement from Ankara. Bui he stressed ,esters" dresses. ! THE ELT50PEAN .Coa! Pro- Paul Garden?, director-general of tion- »sts made broof of -domo- 

ln| '-, . . , .. , tn ^ 1 have been _expressed in that Greece a future role in. There is no room for focr. un ducers Organisation.- Cepceo Charbonnage* ae France, said: ing j ipossible.- *.;1 |The /■ V.S:'.:Eawrt-Tirtjjdrt Bank 

Coming at the end of his lour other capitals. »et there has VATU remained dependent .on, ^ jj a j re steps: the mayor and; warned to-day that unless EEC " ti'e c3Qnot“build a Chinese wall Ce' ceo is ajso asking for EEC ' 1 -gmaranfee?’.' covering 

or major Coimnunilv capitals, never been any doubt of Bohd s the solution of the Cyprus 1 ^ j ad y, the President and. gnvoromccTs ton k .'action to en- Around 1 he ' industry.” France, airf ' o -build more -*eo 3 l*fired ^tfQi-’ fo'cfimraerriai loans 

Mr. karamanlis talks here must support f o r the pol itical neces- situat i on. ... (Madame Gvscard d'Estaing. courage coal use and -'tern nsing though one 0 : the four' EEC po-ve$ plants, the’, ex tension be- }.W'Ttirkcqt AP-DJ reports from 

(Someone hands up in her the imports, the industry’s long-term coal-productc; countries, is also vond 11981 of coke stocking sub-''Yaxhinjston. Eximbank officials 
D5J j TB jr • TB a 1 • j • 1 posy of flowers she should have ability m meet the Community’s 2 big importer of third-countrv ^idie? and the imronucion of a thewe loans, to be^cstended 

Bid to break Mam Portugal opposition nri M .u» ^ wouW "*■ eodJ1 - ^ ^ «,»«»«« 4" J ^ *, !^ ri s^s! w h s ,t «s 

deadlock at party opts for moderation SR&rl SS' 

A/1UX7I> Folic • ' ^ J ^ S,Mi pi-?™I™i r? \v5iflSn-- Frar?e-?i mentt ’ power companies and th( the Common Market the I piiyine The Eximbairfc did not 

JVltSr K talks | BY JIMMY BURNS LISBON. Jan. 31. what m a tk-rs an d P |h^!^ the M ,ardenl said coal-j^oducing -member Slates, identify the U.S. lenders, although 

' ,V,J v«Inc nr:;,rmr.r,'iP am -■■■■'/.« ‘.. n h-,r-L- v ‘ rflilt c «P«o is asking the who do not always agree .even it is understood that Citibank of 

VIENNA. Jan. at. \ PORTUGAL’S main opposition This includes the return of rJiSL ?! M fn.- r!mm?in’itv"‘'nn.HurVp^ Community to do on an inter- araunl themselves, are oulnum- New York, is primarily involved. 


of EEC coal shortage 


BY DAYID BUCHAN 


U.S. Eximbank 
agrees Turkey 


Mr. Karamanlis’ talks here must support for the political neces- situation. 


BRUSSELS, Jan. 31. ' _ , '' 

>sts made proof of-dump- 7 

possible.- (The . U.S;.: Export-Tn^drt Bank 

eo is ajso asking for_£EC; apprflymd. •-guaranfeesv; covering 
) -build more - v-obl-fired -in .'commercial hank- loans 

plants, the extension be-tt®'•’Ttirkeqt ’AP-tJJ rdfwtta .from 


Bid to break 
deadlock at 
MBFR talks 


j OUIL 

Main Portugal opposition jn 
party opts for moderation £ 


I9SI of coke stockinj 


; Washington. Eximbank officials 


and the imronucion of a *“ d , be ^S nd S 

il F.FC ?rr«i'kinn iid i*® Turkeys central bank by 

ii bt-L stocking aid. private lenders., would be used 

^y Ministers of the MtieU 0 "restructure and consolidate* 
een unable to agree on any | short-term supplier credits which 
se—for the simple reason | Turkey has had difficulty in re- 


n I BY JIMMY BURNS LISBON. Jan. 31. whir 'matW'and' The! o'ricc of : Belgium said hp're that''the coai-proaunng -meinuer aiaiw. laeniuy xne. u.> lenuers. aiinougn 

? J .kri,.c nr:;,rmr.,iV,'iP .n, -■■■■* ,* u n h .t-L- Vwnat Le P‘-’« is asking the who do not always agree .even it is understood that Citibank of 

VIENNA. Jan. at. ! PORTUGAL’S main opposition This includes the return of frnm £ mSuO? f for romnifinitv"' nrodurer^ at Community to do on an inter- araonl themselves, are oulnum- New York, is primarily involved. 

NATO GOVERNMENTS pressed party, the Social Democrat Party some or the farming land ex- )ea<r the "^onal level is negotiate herod* by the five purely coal- ■ ^ ,, 

to-day for a quick exchange of: t PSD). ha 5 opted for moderation propria ted in 1975 to its original Jfj® beoe^CenUv doi?n at the growth of im pun- from countries who share an Oilfield Stoppage 

milnaiy manpower figures to. rather than outright defiance of owners Sr. Sousa Franco, would gj “®' °* 0 |e Us { ea]ti j. in rapt nuriide the Omnmon Market. ^ he ‘ ? ’ as ]t la n0A dfJ,n ? for fit cheap coal, usually A pay ^rike at an oUSeld in 

help break the deadlock in the the new Government, by appoint- also like to see a drive against P* P ‘ reiavs their This, be said, would bring the , imported. Dlyarbakir province. eastern 

east-west negotiations on mutual jh« Sr. Antunio Sousa Franco as corruption, a sore poiDt for the ’French Communitv back -within sinking To/and, which Jevei pegs with Mr. 'G. C. Shephard of the U.K. Turkey, has cut the country’s oil 

balanced force reductions il* new leader. Socialist party which only have wroressed their distance ” 'of lh f taicet set bv *be U.S. as the biggest exporter National Coal Board hit-out at production by more than half, 

(MBFR i. He rt ., lJaces Sr Francisco Sa recently had one of its high rank- ^_j evances for cen turies Then the Council of Ministers in 197^* to the EEC. again was the target the C«uncil of Ministers-for re- Reuter reports from. Ankara. The 

Both NATO and the Warsaw.Carneiro. the main representa- mg members arrested on charges « strikes the theme of of ’J55m. tonnes in EEC produc- f0 , r accusations of dump- Tregin# on the target they set in atomw^e- by some 

Pact reported continuing stale-, tive of the PSD right-wing fac- of J lle / aJ Possession of weapons. « W e have neither the lion hy 19S5. »??- L ® a, fc p t ro l u “ re . bav « . ,0 «S 1974 for future coal production employed by 5>hell. has_ stopped 

male—but smne hnpe-as the 19- tion centred on small farmers of Sr. Sousa Franco s appointment n0J . the means t0 divide EEC coal production, reduced £«««* *»* P° ,an t d - in and «id that since then Britain all proauclion from foe com- 

nation ennforen.-e reassembled, the north. Sr. Sa Carneiro has ** l f he P t u ? lS Se ,t° h ?^ e us” The president nntes the hy short time working in several * on J®f r( I° *5^ fad -quadrupled its mveslmeDt ' 

five years lo the day since the now resigned. ' ^ a victory for those witiun the h ’ rase; it £ ^ message from major coal fields, fell |a ? t year to EEC^mtOoes at Prices 30 in coal. . around 2 S. 000 ,barrels a a .. . 

two alliances first began bargain-! _ party who regret that Sr. Sa v ra nce" ii e hoc hepn ~0m. ronnps. imports rose to P er cenL below EEC prices is Th£ NCB, which mines more _s . - -j- " t ■ i 

in? over a Central European cut- Sr. Sousa Franco, a soft-spoken Carneiro's outbursts against Sr. S p e vi nE ' redress the balance 4Sm. tonnes, while Community dumping. than Stalf of all EEC coal,. is iLflStlyCTUtail traVGI 

hack agreement. I Roman Cauiolic professor of Mario Soares and President Eanes ^ D arties producer stocks of coal and coke However, EEC officials said investing £340m. in 19 >y- 7S alone. EastGeriinaiiy aairf yesterday that 

r«»nadian H»ip?at» Cor p conomics is expected to set his spoilt the possibility of a Social ' ’ rose to 50m. tonnes. later to-day that the Commission All this had been based. Mr. 73 : per cent: ' of its population 

rionVnv siiHrh-ii HiwSiini,* nn‘ partjr on a course of what he Democratic alliance in govern- V QlPfllPtinn Cepceo fell short nf demand- still w-as pot planning to take Shephard said, on the “pledger *raveiled ahroad last year, and 

dafo wan ahnnW h* «lwn terms ’■selective” opposition to mem with moderate members of T AitUXUlUU ?n! . th(? introduction of tariffs or any action, because the con- bv the council to maintain coal urged a United Nations human 

hi-h nrioritv in the tipw "i4fh i 5?* e °. ew S ove rnment alliance of the SociaUst party. DresideIrt alarts * 0 roe alc- quotas on imports, however. M. cealed nature of Polish produc- production. - : rights committee .in Genova to 

ni^n pnority in he new lorn Socialists and of Christian Demo- They have not ruled out the ni^ in!n n ^ o n ( look, at its Jaw s restricting move-, 

round of talks, following a sir-' Mt . /mci Th« per* u. n ,.M nnfe iKii;r v tiie capital importance, of agn- -. jnpnt m an “obiective and un¬ 


round nf talks, following a six-. r„ f * n’ns tC n^ciKiitv nf thi. .7^™. ca P ital importance, of agn- 

week midwinter rer-ess crats (CDS). The PSD would possibility of this at some later t^ e Qeed ( 0 develop 

acquiesce m the general aspects stage. There is a chance, how- tourism how to make life on 

The conference resumed with of the new government’s ever, that Sr. Sa Carneiro might attractive for vnu he 

a sharp warning from the Soviet economic programme, but insist return In the future as leader, «,«, ^le »«,- artisan 

bloc that production or deploy- 0 n the implementation of legis- This is the second time that he t5p riflagers irten All the 

tflpnt nf 1 h.* US nciifrnn hnmh l.>;— ...ki.i. o ;_ 1 ;, : -j i. „v_ _iiawsu. n-n uic 


Powers grow in external affairs field 


look, at its iaiv* restricting move-, 
•meat ifi an. ** objective and un¬ 
biased-way,” Reuter reports. 

Swissrefuge 

Switzerland granted asylum to 


creased defence spending, “have hesitant about 
become a close danger to the — 

generally acclaimed policies of 
promoting detente.'* XYUDfll 

The 12 NATO and seven O Tr vUJ 
Warsaw Pact delegations met 
in the same room of Vienna’s 


mom Of ihc US ru-mron hnmh | ,”■« ^ is -“.-5* v 13 ■ tMt “ The villagers listen. All the BY A H. HERMANN, LEGAL CORRESPONDENT Switzerland granted asylum to 

ment of me u>. neutron nomb. iation which the Socialists with- has resigned from the party eenerations are there, faces worn ' -■ . ■ ■ , ■- 1 ,055 people last year, nearly half 

3> we,! as NATO plans for in- in the Government might be leadership in less than three 0 ^ wimpd chiselled and THE EXPANSION of EEC tion of the mineral resources of lessor Simmonds said that the from Eastern Europe, .official 

creased defence snendine have I ij^tant about months. knotted bv the wind and the rain powers and the limitation of the seabed. Court established the Com- figures disclosed yesterday, 

------ a mj the sun of the Burgundy member states'freedom of action The significance of the issues munityfs capacity to enter, into neuter reports from Berne. 

O J* I a -jv-* » #. uplands • in the field of external economic raised by Professor Simmonds is international commitments over . 

\WPnKh I jpniirv nillrC Tte ‘speaker picks up the relations have far outstripped indicated by current Community the whole listed field of objec-. Strasbourg bid 

KJTTCUiall l/cpmv X ItX U LLIl^ mayor’s theme or unity and folds progress in arranging consulta- developments. The lecture came lives is Part l of the Treaty of ® 

STOCKHOLM Jan. 31 notes. He slips off his tions between Community insti- at the height of the fisheries Rome. ■ o?..wr- ta a hhT5 

. ynm „ lc ^ _ bA ulm, Jan. ji. JJSctades and shouts his valedic- tutions and scrutiny by national dispute id the Council of As far as commercial agree- pSHSSIL tJS £mcnr to. 

SWEDEN’S LIBERAL Party seats, is the smallest nartv in -- ---p™. newer tempt the Eurppeao-.parliament-la. 


STOCKHOLM, Jan. 31. 


res 10 ran. fc- Ml lug _ / - - . . t 

Jine . Strasbourg js to build a now 

A. far » commercial agree- I'.® 1 S K 


■■■ *— vv 117 -™-v . - _ rn.TiJi v rn™ ^ gnflfftaffl &R arm snouis nis vaieoic- luuuua duu sliuliuj uy uauuuai UlSUUkG vuc uuuuwu UI (Vl 1*1 w vuuiiuwwai |W A T?,M nnnn A nnnli-mianf Vn 

Hofhurg Palace where prepara- SWEDEN S LIBERAL Party seats, is the smallest party in “Vive Precy-smis-Thil, vive parliaments, according to Pro- Ministers, and on the opening menu are concerned;^the power Reuter ’ 

Tory discussions began on Leader. Mr. Per Ahlmark, to-day Prime Minister ThorbJorn bta2e lnt0 Marseillaise. The fessor K. R. Simmonds. Professor day of negotiations in Brussels of the" Community is exclusive. SmSkvSSSS Pffimlln. 

January 31. 1973. Full negotia- aanounced he was resigning as Falldin’s coalition of Centrists, gendarmes stiffen, the crowd of International Law at the for a commercial treaty between In other fields, : including Sti-aibnnr^s claim for !be 

twos started in October. 1973. party leader and as Deputy Conservatives and Liberals. f tands silent The battle hymn University of London. the EEC and China—which has fisheries.’ the Court- ..left to SSou a r5r«^ announced- that 

YJe two sides have already Premier and Labour Minister, for ^ strongest candi- of the Revolution is snatched up Delivering his inaugural iec- in turn raised expectations of a member States a residual, con- homeland meeting rooms 

exchanged overall statistics on P e ™ onaI .. . dates for th e Uberaflead^hip by the wind and hurled into the ture in London yesterday. Prof, further intensification of the current power until such time as SSum' be for .** 

ground and air force manpower . The 39^ear-oId former M 0 , Tn. sten ar black elms behind the town halL Simmonds pointed out that the Commission’s contacts with the Community itself exercised "Eurocrats.’* • ' 
in Central Europe, but NATO journalist, Sweden s youngest MjnisT ' ’ £ International The official party disappears European Court has failed to pay Comecon countries. its own functions. In respect of -■ j . 

is seeking more detailed data on party leader, told a news con- Dejetom^rt Assistance and into the town hall to sign the attention to the rules of inter- On top of this the Community fishing, however, all the power W. CpTmiMr ifiSKITeS: 

Warsaw Pact strength to prove ference. A tragic event m my i i 7 ini j K ^u 0ni ^ j an .Erik “golden book" of visitors. The national law applying to external has some 80 treaties in force will be-concentrated exclusively r'^Tr currency 

Its claim that the Communists immediate vicinity a year ago has wiksboem 45 Minister of Edu- gendaraies rev their motor- agreements of the Community with over 90 non-member States in the ..Council from the sixth West Germany^ putmnr. in 

outnumber NATO by 150.000 radically changed my view of Stioa and’SlteS SaJra. Cycles: the presidential chauffeur aod its members. He regretted In 111 pits Of tte world. Ute year after Accession, thatis from nzm . 

ar *°- . , . . ... . .. ,, __ . strokes the engine of the big that the Court did not draw a line estimated that agreements in January 1, 1979. X? 11 *:*«i^^tobefrJ»nuary to 

Agreement was almost readied Mr. Ahlmark saida new IJberal Prime Minister FaJJdin to-day Peugeot into a low purr. A final between the internal powers of force at the end of 1975 alone The European Court's require- Si^„? 0 ^Sai^^Bundesbank 
In December on a supplementary loader wouW be elected at a regretted Mr. Ahlmark s decision wave and he te off. The next the Community relating to would fill some 7,000 pages of ment that member states which Emminger said 

data ^Change, which would special conference in March. He and said the progress of the stop is Vitteaia and it looks like national fisheries waters, on the the Collection ofAg^ente- exercise, the* YJdm "con- S2ffi a ^B»TpSorB £w>m 

break down global figures into would stay in Parliament until Liberals under his leadership thunder, while in Sombernon up one hand, and its external published jointly by ^Council current * powers should proceed 

smaller categories, but tbe con- the next election, due In underlined his declaration that the road the ehildnm in the newer* relattne m hi eh ««« nn CUC1 Frankfort - 

*™« .jessed without com- September. 1979. political reasons did not dictate nursery school are rehearsing the other. This, he said, will AnSysing Se European imported should the pS«nt ^ o,iu • 

Dieting details. ^ {bera1 Party, the resignation. for the umpteenth time the song necessarily have a bearing on Court’s judgments concerning fisheries disagreements^lead tn ■ 

Henter Wife 39 of fee Goverament’s tai »«,!«• th™ win J™, +* Pr-iid-nt ic*n« th* il 1 nsnene-^ msagreemenis. te.au xp SSSff.r-eai 


nursery school are rehearsing the outer. This, he said, will Analysing the European important should the present *nCj!riu.VmEVwxfi*"!;' 
for the umpteenth time the song necessarily have a beanng on Court’s judgments concerning fisheries disagreements lead trr ■ 

they will sing to the President, issues concerning the exploit*- export credits and fisheries. Pro- further legal disputes. • ^ kkN?* 


I wife 39 of the Government’s 180 Reuter 


v 'j* ..y±~:. 

•V>- 






"• ’• —~ m „'i,V. ^ ^ .., • __ J*: ’* ^. 


- ; ^£s' r v 









.11978 


KRSKAS NEWS 



'V 




IMF tfeM 


•'•■■ V- tv? ■*■■■-1 


in 


February 


By. 

" * --Z'^VSXKaI Jan!-31. 

V; ANBrTSWATIONALMoaetary 
. V . Fund-“{IMF) : ' delegation is 
%'i- expected in- Zambia shortly to 
“.O. -'.discuss'terms of assislanee to. the 
country's hard-pressed economy. 



oil-dollar 
, says Kuwait 


BY ANTHONY McDERMOTT 


KUWAIT has publicly suggested newspapers and In aUTazirah, the 
that , the .Organisation of . Riyadh daily, as saying that 
Petroleum Exporting Countries' OPEC should tell the U.S. it had 
fOPEC) should seek a basis other to maiotain the dollar’s value, 
than the U.& rfollar £0r caiculat- IF riot, he said, “we should 
ing oil prices. The suggestion search for another means either 
came the day before a. meeting-in by adopting special drawing 
Geneva : of the. Oil Ministers'of rights or other currencies." He 
Kuwait, Sicudi Arabia, Iraq, Iran called for a " new pricing formula 
’and Venezuela, to'discuss price based on a. flve-year period 
ilevels for varying:types of heavy during which prices would auto- 
■ soiuri^. said to4ay that the vimUenjde.: . . maticaUv be 

_ *. nnniiM. . lalcn n ara in ..... .. .“ 


■-’■I 
■ >1 




should • take place in . mig- 
February. " -.\ f\ 

• Banking - and other - business 
sources here are hoping- that 
assistance could, total some 
SDRs.400n£- (5480in.); part- of 
which: , would,g6. towards clearing 
Zambia's import pipeline—goods 
ordered but not paid for—of 

about £2S5m. aod stretching back 
over 12 months in some cases. 

Were assistance- on a sub¬ 
stantial scale to .-be forthcoming, 
it would help explain President 
Kaunda’s frequently expressed 
belief that the economy should 
pick after raid-year, in spite Of 
existing problems. 

- The move, which follows fast 
Friday's tough budget, is not un- 
c v ; expected. Last November an-lMF 
-.'^delegation.. headdd-^fcy Dt- Mj 
-.’ i-JRusso -t presented President 
:. ; Kaunda iwiitb i frank assessment 
of the country's economic difficul- 
ties, due mainly to the sustained 
ciiiinp irr 1 copper prices^ '"It has 
>, led to .balance of " payments 
defirils Of £lS8m.. iu 1975, £97m. 

- . i in_ 19761 and-- about IEIOObl last 

• - year. . •' ’ 

- In an ■ faitervievy: on the same 

- day, iDrU'Kaunda said it was an 

assessment- •- ; with ; - which his. 

economic ■ advisers ' '.concurred, 
and .indeed ' had .reached 
independently... -.... i ;'. 

• •.. Concern - -'. v •••’.- y-' -• - 

.' Most -observers ^-agreed that 
-- among probable .areas-of discus- 
* sion with the IMF were the rapid 
; increase . in" recurrent Govern* 

• ' ment spending, and the level of 

capital■■•v--expenditure' • and 
subsidies’ .Ther^. was also, con- 
r ■ cerh, pubUciy -"shared by Govern¬ 
ment officials,- about the-rate of 
•Governraen tborrowin g from the 
Batik of Zambia, 

Mr.' "John Mwanakatwe, the 

■ Finance Minister, presenting the 
udget last Friday, pointed out 
•at recurrisig spending had 
! ared- from £3l3ni. in . 1974 to 

(4S4ra: last-' year. The -1978 
mdget 
hndllA 

... ecurreht .__ 

• - ture, . 'and a reduction in sub- 

sidles..:;Given an inflation-rate 
of 20 .per cent last year, the nuts 

- " arc substantial in real terms,. - 
*: Government officials to-day 
...!maintained that -. last Fridays 

budget .which involved substai* 

■ Iial spiendiiiB cuts should hot b*. 

. -Y. seen. as ifuraiment -of any IMF 

'^preconditions. But they aeknow- 
J ledge > would “ have a bearing 
'ran the type of arrangement 
f leached.” ' ... 

Urgent assistance is required 
with, the • balance-of-payments 
; probiera. a symptom-of which is 
the '• £285m. import pipeline, 
described by one leading 
businessman recently as an un¬ 
official-- ., forced loan which 
damages Zambia's international 
icreditworthiness. Some overseas 
[suppliers are now refusing to 
distend. credit, with the result 


raised every six 

Earlier ' This month' Sheikh f™ th ^!; i a u i ; ear in 3 re ^rrabi e 
-Ahmed Zaki VamanL Saudi ST* acceplabie manner." Mr. 
Arabia's'Oil Minister 'confirmed 

his countries position that oil the dollar had caused beav> 

prices, should^ fe-frozen for the L»^ e V 0 ,£ uwai , t "~ ® bout ^9 P. er 
-whoip nf 1078 Riithii addprt fhit cent, in the value of our oil 

if the vi^of ie dol^ con- ^ n t t J lp ° s ther ma * or oil-exporting 

h^iSSId’S-AftoffS 0n Januar> ‘ 17 - Kuwait an - 

t S e ' k 3 * 1 * oi noun ced a reduction in Govern- 
several. currencies. ment sales prices for 31° API 

Yesterday. Mr.'Abdel-Muttaleb-crude of 10 cents per barrel, 

al-Kazimi, Kuwait’ Oil. Minister from $12.37 to $12.27. with effect 
was. quoted in three Kuwaiti from the beginning of this year. 




, Israel resume 
talks 


THAILAND’S VITAL RICE CROP 


A shortage may provoke political trouble 

BY RICHARD NATIONS IN BANGKOK 

RICE IS politics in most of serious mishandling of the rice imposed on private rice exporters export quota will he. handled by stahliiise domestic rice and 

Asia, and is of particular politi- market could easily provoke a —export taxes and premiums as government to government con- paddy prices when production is 

cal importance in Thailand—the return to - widespread wildcat well as loses on compulsory sales tract sales (to Indonesia and short and export demand brisk, 

world's largest rice exporter last strikes. to supply the Government's cheap Japan; to ensure a stable Thu is partly hecause the 



country s inflation rate in g^purtgi^ to the Government Officials are confident the con- The vurrenl price of paddy the other end of the trade cvcle. 
general. warehouses—has heen flnelv work and exports will is about 2,800 baht per tonne when over-production threatens 

Thailand's last military W ned since the days of Field be contained within desired —Jo to 20 per cent, above this a glut pushing prices through 
Government to allow over n are hal Thanon. limits. This means ceding first time last year. Since ri*e pro- the floor. The buffer slock 

exports following a bad harvest place in the world rice duction this year fell by only-.scheme necessarv to implement 

—that of Field Marshal Thanoui Tp;_L,+ on . or | exporter’s league to the United 10 per cent, due to droughts an effective price floor poliov 

Kitukachorn—was toppled by HgnieilcU States. It also means foregoing and floods the farm sector costs no less than 2 5bn. baht on 

massive street demonstrations ^ hjrvest t h is year is esti . the opportunity to break inlo should be better off in aggro- the Commerce MinistrVs own 

four months later in October m(lted at on j v 13 . 5 m. tonnes 12 the Vietnamese market—thus gate, although there are of estimates. 

lVto partly as a result ^nt. down from last year's >' e *r Vietnam is projected to course pockets of acute distress 

^ ? e ,» SItuation T.r?.v. ev . e u record 15.45m. tonnes. This will import well over lm. tonnes. in drought hit areas. Investment 

?ied C tt al,ow onl >' 1 - m - tonnes for ex- Meanwhile, the Government w . 

S5J.2 ; *1 - falU . nB ■ port, less than half last year's Prioritv has stepped up its sales of cheap , Most previous administrations 

k ° irl tonnes - Bul with export jrr,uril J rice to the poor in Bangkok at ^ve only window-shopped in 

crease inflation anyway, tue sorr pr i C es having risen to S337 per-. Bangkok has decided to give prices subsidised by compulsory “is line and turned away when 

of double digit Inflation expected tonne by the end of last year, JIrst priority to ASEAN coun- sales from the private exporters. Presented with the price tag. A 

nnHiinoi^rn.ihii in Th«fii Ulf 3 " 1 the Government has tightened and its traditional market This has helped to keep the free growing number of officials. 

P in up the controls to prevent export Hongkong, which together will market price in line also. But among others, however, now 

Primp Ministi ind^un^ml dma n£ I from running away with take up most of the exportable there has been a worrying up- think the Kriangsak oovernraent 
Commando? Gen KrianSk domestic supplies. surplus. Indonesia alone, for ^d trend in the past two weeks W1 » have to make the investment 

commander, cen. Knangsak instance is exnected to imoort which officials are watchinc now if it is to be able to stabilise 

Chamanand has managed to pre- A 500.000 tonnes export quota i s?m tonni to import c] aicning farni prices after the next 

serve the goodwill of Thai unions was announced for the first lonnes - 

’>y promising liberalisation while quarter of 1978. around 42 per The Government is also keen QfahiCice 
retaining the martial law ban cent, of the estimated total for to manage these exports to ■ Jiauuia * : 
mi strikes during a time Df de- the year. Simultaneously last benefit the farmers. Thus over The Thai Government 
•lining real wages. But a month, the total tax “burden" two-thirds of the first quarter's reasonably well equipped 


bumper harvest—and if it is to 
redeem the first pledge of 
KriangSdk's domestic programme 
is uf giving u better deal to the 
to farmers. 


BY. ROGER MATTHEWS 


CAIRO, Jan. 31. 


Cambodia warning 
on regional balance 


BY RICHARD NATIONS 


BANGKOK. Jan. 31. 


[CAMBODIA to-day welcomed a Observers here see Mr. Sary's 



MILITARY TALKS between these were exploratory, informal 
Egypt- and Israel resumed here talks, a view also expressed bv 
to-nigbt after a break of two amd Mr. Kamel. "We heard from Mr. j 
a-half Weeks. The resumption Atherton views which he brought 
tended to be seen here as more from the other side and we are' 
a desire.by-both sides- to main- studying them,” he added. 

^dy h been b bi^t S rath^ l th^fa1 Alters: Fw^Trab fhro^n mhiT-1 h - 5sh ' lev ?' visiTins Thai dele S a ' speech as an attempt to alert 
an opr—" " ’ • 

stantial 
Hr 

Defence Minister,"said on arrival schwTuied" to^srart' orT Thursdav’ I J, 15 ow n survival as an "indepen- tit-al balance is tilted in favour of 

in Cairo that he would taking The me “do” which’ w.V SESkd d ™ 1 and st, h verei * n sla,e/ 5?,l L th tS’SK '5 

for roal results and Ihat the bv Mr. Abdel-Aziz Bouteflika. J n “ n nbvj ous reference to Po* re- 1 ” 16 11 ne has already 

meetings' should not be AloeriaV Fofei r, n Minister at • wbat Phnom Penh has frequently provoked a quiet response among 
characterised as just “talks." 'the Aurassi Hotel on a hill over-1 denounced as Hanoi’s attempts lo Thai office's who have recently 
There were ' all sorts of looking the bay of Algiers, groups i invade and annexe Cambodia, allowed themselves to be quoted 
problems to. discuss, be added, those Arab countries and the*5?*- lan S Sar >% the Khmer anonymously in the Bangkok 
and the meetings were “another Palestine Liberation Organisation deputy Premier for Foreign SSSr ; n b r 3 

link In wbat is unfortunately a fPLOi. wtuei are opposed to, AfiFarrs. said: If democratic Vietnamese take-over in Cam- 
difficult road-towards that which President Sadat's initiatives I Cambodia does not enjoy peace bodia. 

we ail want, that 4s a lasting However,. the importance ofj ilI1 d security due to any act of Th e Thai Foreign Minister’s 
peace between . our two the coming summit, which is countries banquet speech dwelt on Bang- 

countries." - beine attended hv Aleeria. Syria. I ’ n South-East Asia will also not kok’s o’t-repealed desire to abide 

Mr. Alfred Atherton,'-the U.S. South Yenien. -Uhra and ’ the ®njoy peace and security." by the principles of. peaceful 

Assistant Secretary of State, who PLO; has heen sreatly diminished , Mr. Sary’s remarks came in a coexistence with Cambodia. But 
arrived here last night from by the absence of Iraq. i banquet speech honouring the in an apparent reference to the 

Israel- to<lay discussed with Mr. A spoke-mann for the meetine arrival of Dr Upaflit Pachari- Thai Comrauni.t Party operating 
Mohammed • Kamel, ' Egypt’s here said t£dav that an asenda yangkul. the Thai Forei>- Mini- from bases in northern Cambodia. 


JAPANESE INDUSTRY 


MITT forecasts more jobless 


BY CHARLES SMITH, FAR EAST EDITOR 


TOKYO. Jan 31 


ONE out of eight workers in all six major aluminium refiners tels under Miti guidance. The 

six major recession-struck are in deficit. draft has been hitterlv attacked 

Japanese industries may have Five out nf the eight steel by the Fair Trade Commission 
losi their jobs by the end of the makers are expected to pass their which appears to believe that 
current fiscal year the Mmislry dividends this year as well Miti is using the plight of some 
of International Trade and Indus- as the six aluminium companies industries as an excuse for 
try has warned in a “policy and five out of seven synthetic drastically extending its powers 
document distributed lo other hbres enmpanies. to control industrv e 

'i^r/cono"!” policy CtraCer ' , “ i „^iti report h a s no t been Some of the ‘'iodostries ,o 

p y ’ published and copies were not which the new legislation would 

The industries concerned are available this afternoon to apply have also launched 
electric furnace steel making. fore, £ n correspondents. It has. vigorous attacks on iL The 
aluminium, synthetic fibres, cot- - 
ton 



.U.S. officials emphasised that summit. 


isadors with Phnom Penh. 


mutual frontier. 


jS, Africa examines prisoner rules Gandhi loses over symbol 


spinning, wool spinning, 
paper and board and chemical 
fertilizers. 

Miti estimates the number of 
employees In the six Industries 
at the end of fiscal year 1976 
at 206.000 and estimates that this 
figure will have fallpn to 232.000 
by the end of the current fiscal 
year April 1. 197S. 

It also paints an alarming 
picture of the low levels of 
capacity utilisation and the 
chronic unprofitabilitv of all sis 
industries. The electric furnace 
•deel makers, says Mill, are 
I operating at 50 per cent. . of 
i capacity according to tho official 
index (but rhe true figure is 


JAPAN’S industrial production 
index grew by 4-5 per cenL in 
calendar year 1977 or about 
one-third as fast as in 1976 
according lo preliminary 
figures published lo-day. The 
year ended with a orovisiunal 
0.3 per cent, decline In 
December fallowing a 2.9 per 
venl. rise in November. 

On a quarter-lo-nuarler basis 
industrial production rose 0.3 
per cent, and 0.9 ner cent, in 
the first two quarters uf last 
year, fell I per cent, in ihc 
third quarter and then rose 2.2 


per cent, in the last quarter. 

The Ministry of International 
Trade and Industry is forecast¬ 
ing a 1.6 per cent, rise in pro¬ 
duction for. January followed 
hv a 2 per cent, decline in 
February—in other words a 
continuation of the see-sawing 
tendency which has charac¬ 
terised the past few months. 

Last November the industrial 
production index jnsl passed 
its previous historical peak of 
November 1973, bringing 
Japanese industry effectively 
back In where it had been four 
years earlier. 


I- BY QUENTIN PEEL 


CAPE TOWN. Jau. ‘M. 


BY K. K. SHARMA 


NEW 



fliat many-firms face acute short-, 

ages of imported materials. ; Attorney-General, the senior law 


NEW MEASURES for. the pro- officer in the province, to decide SUPREME court to-day Ihe elections ... 

tectiQD. of political detainees and whether any policemen shouJ d i rejected Mrs. Indira Gandhi’s held on February 

prisoners In South Africa are be prosecuted. ' • appeal against the Election Com- she must make u .... 

being considered, and all police However. Mr. Kruger defended,mission's decision not to award if she is to stage a political i utilisation rates ranee from b0 stantially correct." The dneu- •• faKCistir*' 

instructions, on . their treatment the actions of the security po.ice | t j, e symbol of the Congress Party comeback. per cent, for cotton idown 14 per men ( j S intended to influence 

are being reviewed, Mr. Jimmy m Port ^Elizabeth, where Mr. ,| 0 her. The Janata Party—which must cent, from one year agoi to 62 jmer-Ministerial and Cabinet The Miti legislation was 

Kruger, Minister.' of Police; Biko was peld for three weeks With this, she suffered another also do well in the elections jf( per cent, for fertilisers. (In each consultations on proposals Tor originally supposed logo before 

announced In Parliament to-day. before he Hied. _’;sctback in her bid ’to capture it is to establish Itself, as a| case tii e real figure is believed sweeping new legislation which the Diet this week but the 

He was answering the first full- 1 ON 6THER PAGES , control of the organisation. national organisation —15 in to be some 10 per cent, lower W0 uld give Miti the right to ministry admitted to-dav that it 

scale Parliamentary criticism ■ -- - - She formally split the Congress trouble because of claim's for than the index figure.) mastermind the rationalisation was redrafting the Bill in the 

over his handling of the death International Company News : [early this month and the grant spats by its five constituent units. Miti surveyed the business of recesrion-struck industries. face of almost universal criticism 

in detention of Mr. Steve Biko, J. Ray.McDermott payment |of the symbol, the cow and calf. It has also failed to make situations of main companies in Miti has drafted a law which and would need ten days or so 

the black consciousness leader. . disclosures :to her faction would have meant electoral adjustments with the leach of the six industries and would make available emergency m come up with a revised ver- 

and he revealed that Ube record Spanish banking crisis ... 19/20/21 its recognition as the official powerful Marxist Party in most found that all eight leading elec- low interest rate loans for com- sion. Officials at the Miti 
of the - , Biko inquest had been Farming and Raw Materials: [Congress. of the six states as well as with \ trie furnace steel makers were panies to scrap excess facilities industry Policy Bureau were ev- 

referred to the Transvaal Bahamas poultry farming ! With this. Mrs. Gandhi will other non-Congress parties in the\ running at loss while six out of and at the same timp promote peeling in siav in the office 


Soviet meai output . 23 ' have to begin from scratch in key state of Maharashtra. 


r-seven synthetic fibre makers and the formation of recession car- through the night. 



WHY DOES IRELAND 
THE LOWEST MANUFACTURING COSTS 


IN THE EEC ? 


When Ireland initiated her industrial revolution in 1950, her planners needed to offset two 
serious handicaps to attracting overseas industry. One was the virtual absence of coal and iron. 

The other was a minute home market of a mere three million consumers. 

Given this, Ireland-with the objectives of becoming an important industrial base-has had to 
compete much more strongly in other directions to attract overseas investors. 

For instance, labour costs have been kept to a keenly competitive level-and so have employer 
contributions to social welfare. 

Trade union thinking has been influenced constructively. Irish unions realise they must compete 
as an essential feature of the industrial environment As a result, Ireland has been able to negotiate 
and adhere to her National Wage Agreements. 

Other overheads have been kept within bounds. The costs of industrial sites, buildings, rates, 
power and transportation are modest 

And this progressive attitude by Ireland towards business has paid off. Over 700 overseas 
companies, bringing important and sophisticated industries, have already come to Ireland. 

For the financial advantages of operating from Ireland are indeed substantial-and of particular 
appeal to U.K. companies thinking of expansion. 

INDUSTRIAL IRELAND -GOME AND 
erv urmr it htvyd rc 

nifW ■ ■ MflviK PI 9 rmmites from London by sir. Any company with 
^ mm mm mm WAiaiw expansion in mind should get a first-hand picture 

of the special advantages the Republic of Ireland offers. The Irish Government’s Industrial Development Authority will gladly 
organise a personal presentatka and visir to suit your particular interests: fednry visits, fianktfiscti^ 

industrialists operating inlr eland, meetings with trade unics\s.. .whatever radwhoeveryouwamosee. 

The IDA is responsible for all aspects of industrial development, including 

a dministrati on of foe unique financial package which the government offers 
expanding, exporting industry. The IDA has helped over 700 overseas 
companies-almost 500 of them European-to establish factories. Ills the 
only organisation your compan y would need to negotiate with. 



QfflfidtirtkilToHa^i Alston. Director. IDA Ireland. 23 Bruton Street, London WIXTDBw 
Telephone 01-499-6155. Telex 05I-2475L 

Please telephone me with a view to tfeoisaing an inveaiment package to spit mv company and n trip to Ireland. 


namely 


.POSITION 1 . 


COMPANY- 


ADDRESS 


.TELEPHONE. 



















Financial Times Wednesday TeEnja# 1 1978 


AMERICAN NEWS 



WORLD TRADE NEWS 



W. Germany wins contract 
to supply U.S. tank gun 


BY DAVID BELL 

THE U.S. formally announced 

to-day that West Germany has 
won the contest with Britain to 
supply a new gun to be used on 
the main U.S. battle lank after 
the mid-1980s. 

But Mr. Clifford Alexander, 
the Secretary of the Army, said 
that it was likelv that most of 
the first 3.000 U.S. XM1 tanks 
will be equipped with existing 
U.S 105 mm guns. The XM1. 
due to go into service in 1980. 
is expected to continue in pro¬ 
duction until 2,000 and the 
Secretary said that “thousands" 
of U.S. tanks would thus be 
armed with a German gun. 

Tbo date for the first instal¬ 
lation of the German 120mm. 
smooth-bore gun will not be set 
until further resting has been 
completed three years from now 
The Defence Department said it 
expects that, from 19S4. the X-ttl 
will have a German-designed 
gun. produced under licence in 
the U.S. nnd ^lightly modified to 
Bi the US. tank. 

As expected, the anrmunce- 
mem today mark* the end of 
B.-iiish hopes lu -imply Jhe new 
gun The British army had 
worked furiously to prepare its 
220 mm. riflcd-harp weaonrj for 
tests which the U.S. held last 
year Mr. Alexander safd fhar 
the British and German weapons 
had performed “equally well, 
although the German gun was 
slichtly more mature." 

The Secretary said that the 
U.S. army had finally opted for 


tbe German gun, because the 
large number of German Leopard 
tanks in Germany would mean 
far greater “inter-operability" 
within Nato front-line forces by 
the end of the next decade. 
Britain has some 900 Chieftain 
tanks in Germany or ear-marked 
for service there, whereas the 
Germans have five or six times 
that number of Leopards. 

The Carter administration has 
repeatedly emphasised the need 
for greater intcr-operability with¬ 
in Nato, in line with its increased 
commitment to the alliance. The 
Germans have put great pressure 
on the U.S. to accept the German 
gun. and this agreement may set 
the tone for future cooperation, 
would continue to work with 
Britain on new ammunition tech¬ 
nology. and did not rule out the 
possibility that eventually the 
XMl might Ere British ammuni¬ 
tion. 

Although tbe announcement 
will he welcomed in Bonn, it is 
by no means the end of the 
German gun problems. The U.S. 
is not promising to install the 
.gun for a further six years, and 
even this commitment was 
qualified this morning by Mr. 
Alexander who said that its in¬ 
stallation was subject to the 
proviso chat tbe gun “ meet tests 
between now and 1951.” 

Furthermore, the Pentagon 
now has to satisfy Congress that 
the extra expense—which Mr. 
Alexander pul at about SI6.000 
ner tank—is justified, in par- 


WASHINGTON. Jan. 31. | 

ticular, it must meet the other j 
objections expected from Cpn-'j 
gressman Sam Stratton, chair-; 
mao of the House Armed j 
Services Investigations sub-eom-| 
mittee. 1 

Although he will be somewhat I 
molLfied by the fact that the! 
Pentagon has now persuaded the 
Germans to allow the gun to be { 
produced under licence in his; 
home state of New York, he has | 
already expressed doubts about 
the need for the 120nuu gun. 
There has been widespread 
scepticism within the U.S. Army 
about the need for a 120mm gun. 
Some military analysts reckon 
that it is marginally only more 
effective against existing Soviet 
armour than the 105mm gun. 

Mr. Alexander conceded this; 
to-day but said that the German j 
gun would be much more effec¬ 
tive against future generations 
of Soviet armour. 

Adri&n Dicks adds from Bonn: 
The West German Defence 
Minister. Herr Georg Leber, said 
that the decision was “a mile¬ 
stone in the realisation of the 
two-way street in NATO procure¬ 
ment announced by President 
Carter." 

The 120ram gun. as their only 
serious weapons sales prospect, 
had assumed great political 
importance to the West Germans. 
Bonn sets no 1 ess store on the i 
U.S. official attitude towards the : 
A-300 European Airbus, now ueii j 
into its six-month trial with \ 
Eastern Airlines. 


Canadian 
Minister 
quits over 
forgery 

By Victor Macltic 

OTTAWA, Jan. 31. 
MR. FRANCIS FOX. the 
Canadian Solicitor-General, has 
resigned from the Cabinet 
because it became known that 
he once forged a document to 
help a married woman, with 
whom he had had a liaison, 
to obtain an abortion. 

Mr. Fox (38). made (he 
announcement in tbe Commons, 
leaving MPs stunned. Hr. 
Pierre Trudeau, the Prime 
Minister, had-learned of the 
indiscretion a week ago. There 
is no indication as to who told 
him. Mr. Trudeau denied that 
there had been any attempt at 
blackmail. 

Mr. Fox will continue to sit 
as an MF. lfe has been in 
touch with tbe Ontario provin¬ 
cial Attorney-General, Mr. Roy 
McMurtry, who is sending 
police from Toronto to take a 
statement from Fox. The Cana¬ 
dian criminal code provides a 
maximum penalty of 14 years 
in prison for persons convicted 
of forgery. 

Mr. Fox told the Commons. 
“ A few years ago before 1 
entered the Cabinet. I was 
involved in a brief liaison with 
a married woman who became 
pregnant. She subsequently 
applied for and secured the 
required permission for a 
therapeutic abortion. On 
admission to hospital, I signed 
In the name of her husband 
on the admitting document.” 

The Justice Minister, Mr. 
Ron Dasford. has been named 
actin g-So I it Uo r-Gc n e ral. 


U.K. considers finance for! Ro “ 

_ * , J steel move 

£25m. Vietnam ships deal) bv u.k. 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


BRITAIN IS considering giving 
its first substantial tranche of 
overseas aid to Vietnam since the 
merging of the north and south 
in ah effort to help Austin and 
Pickersgill of Sunderland sell 
cargo ships to the Vietnamese.. 

A financial package is cur¬ 
rently being put together by the 
.Ministry- of Overseas Develop¬ 
ment, the Export Credits Guaran¬ 
tee Department and a British 
bank. At present the deal is 
being considered under Section 2 
uf ECGD business, whereby con¬ 
tracts are financed on their com¬ 
mercial viability. If these nego¬ 
tiations fail ft is stiff possible 
that ECGD backing may be pro¬ 
vided under Section 2 if the 
contract Is considered to be in 
the “ national interest.” 

The deal, which the tV'earside 
shipbuilder has been pursuing 
for over a year, is for between 
two and five SD14 cargo vessels. 
Tbe ships are worth about £5m. 

each. 

British aid to Vietnam since 
the war in South East Asia has 
been confined to small sums for 
food and medical equipment 
totalling about £2-5m. 

So far no approach has been 
made to the Department of 
Industry for a contribution from 
the shipbuilding intervention 


fund, of which about £ 10 hl 
remains. 

Austin and Pickersgill, part of 
British Shipbuilders, has made 
it dear throughout the negotia¬ 
tions with Hanoi that price com¬ 
petitiveness is not the critical 
handicap but the Government's 
view of Vietnam’s credit- 
worthiness and therefore on 
whether a financial package can 
be put together for the deal. 

Although the yard is one of 
the most successful In Britain, 
it has not taken an order for 


almost a year and badly needs 
more work to justify the 
sophisticated series production 
facilities it has constructed. 

There are a number, of 
precedents for using overseas aid. 
for backing tbe sale of ships, 
the most recent being the 
support given to Sunderland 
Shipbuilders in its £52m. order 
for the Shipping Corporation of 
India. In this contract, which is 
expected to be signed shortly, a 
£3m. to £4m. payment from the 
intervention fund is also likely. 


India sets contract date 


BY K. K. 5HARMA 

SUNDERLAND SHIPBUILDING 
has complete technical negotia¬ 
tions with the Shipping Corpora¬ 
tion of India on six 16,000 d.w.L 
multipurpose cargo liners. The 
final order for the ships worth 
£52m. will he placed in the 
middle of February when a 
formal contract will be signed at 
Bombay. The Indian Government 
has agreed to the order which 
will be financed from British 
grants. 

The technical negotiations have 
been successfully comp'eted by 
.Mr. James Gilfilian. chairman of 


NEW DELHI, Jan. 31. 

Sunderland Shipbuilding, who 
was in Bombay last week and has 
now joined a British shipbuilders 
delegation which to-day met the 
Indian Ministers of Petroleum, 
Shipping and Transport. Tbe 
delegation, led by Mr. A. R. 
Belch, managing director of Scott 
Lilhgow, left for Bombay to-night 
and next week will visit Pakistan. 

Neither Mr. Belch nor Mr. 
Gilfillan disclosed the terms of 
which the Indian Government 
and the shipping corporation had 
agreed to place the orders for the 
six ships. 


Move against Soviets planned 


BY OUR SHIPPING CORRESPONDENT 


Carter economic plans endorsed! Grenada 


arms 


BY )UREK MARTIN. U.S. EDITOR WASHINGTON Jan. 31. 

PRESIDENT CARTER'S econo- price controls. The Ruundiabi* said. “would seriously add to 
mi*.: pulicj initialivi-s have sreups together the heads of 5u the tax burdens of U.S com- 

rcceivetl a raihci suipmmg en- of the largest A men low corpura- panics in the competition for 
do i-m: m on i—--villi rob lively few uons. export business” and seemed 

c-Tttats —Front ihe Business The sUk'/ntnl amooi th;tl "nny “ especially counter-productive al 

Roundtable, mu.- of the most m- involvement of Government in a time when our country is run- 
flueniit/l corporate iw/":- groups, wages or prices i* unsettling" niny u trade deficit approaching 
This stands in con 1 ran to the l>ut >:<id that business leader? !i?30bn. a year." 
z^neralG-mixed ivcc-ttinit to tfie should meet Government officials Q n Capitol Util, approbation 
budget, tiie tax cut package and if they were assured that such , . .>ark-«".« in oarticnlar 

the voluntary anti-inflation plan sessions would he conducted out- i 

Cisewhere. side "the full glare of put- >"tpos»i>le t0 ° na > 

Conares-. in particular, seem-, (icily.’* Congressman Al 111 man. choir- 

Intent on dismembering and then Trie exceptions that the man of the Ways and Means Lorn*- 
re-arranging the tax programme Roundtable took come as no mil tee, slated that there wouiQ [ 
in u -rubstanttall;. different surprise. The;, arc the proposed be “a different mix oi tax cuts.i 

manner than that advanced bv phasu-uut over three years of ti;e «ith ai net vlnmtms ofjnorc like 

th- President. export ?ubsid> known as DISCS si3-2Ubn. than inc M4 non. whicn 

The Round i a -tie, however, in and uf the u:< deferral on foreign tin* Adminfs(r.i'mn Ivlievc*, is 
a .-.tatenunt issu.-d laid niuht, >.ud earn in its required to serve economic 

that the effect of the Presidents These proposals, the statement needs, 
recent ceonum.c pronm.incenii.-ms 
should help dispel corporate un- 

L ea( iing indicators rise 

about 1 right J for 'stiiifuiaUve pur- BY OUR OWN CORRESPONDENT WASHINGTON. Jan. 31. 
poses, aiihouuh it suggested that ' 

(ho effective date for the* cuts THE U.S. INDEX of leading raatiun released to-day was tbe 
should be advanced to July I. economic indicators, which points growth in December for new 

rather than October 1. as pro- io future economic activity, rose orders and contracts for plant 

posed bv the Administration. i>>- a vigorous 0.7 per cent in and equipment 
The statement. i-»ued under December, according to pre- The Administration is predict¬ 
ing names uf Mr. Irving Shapiro, hiutnarv figures released today mg that capital investment, an 

r i-.. ... -. t,. ■ . > X - in ■•nnfiniinn 


of the voluntary anti-milalion . 


<n mv v .iu.ua.,. tmn\ contention i.uai me ”. V r ; 1 ,V.. P 

consultative prucess. Ths* ha? onom .. ,c orcseniiv ” luunri." , -I ? 0 .u fi £ ur s f ,ri 

been roundJv stacked by L on • s • '■ falltole guides. Ihe Decernoer. 

huiine« and labour as step «n Certainly, the most encourag- findings appear to lean towards 

ihe mad to ultima ie wase and mg single element in the infor- the Administration view. 


, hc to., optimistic a projection. 


GENERAL Oscar Moiin:. Palin- 
chia. tbe Peruvian armed force* 
chief, took over as Prim'’ Minister 
to-da>. following the retirement 
of his predecessor 
Gen. Guillermo Arbulu Gat- 
liani. Premier since July. 1976. 
automatically gave up his govern¬ 
ment posts on reaching ihe age 
to retire from the army's active 
list. His additional positions as 
War Minister and commander of 
tbe army, are also being taken 
over by Gen. Molina, who is a 


close friend of the President. 
Gtn. JFraocisLu Morales Ber¬ 
mudez.. 

President Morales. 57. also now 
retires from active duty, but is 
to stay on as bead of state for 
the next three years. He was 
confirmed in his job last May by 
the three-man military junta, 
until Peru returns to civilian 
rule through general elections 
scheduled for 1980. 

Gen. Morales came to power in 
August. 1975. when he toppled 


LIMA. Jan. Cl. 

the more radical Gen. Juan 
Velasco .Alvarado in a coup 
within the military hierarchy. 

Gen. Molina was political vom- 
mtfisar of the sugar co-operatives 
under the late President Velasco. 

He will be succeeeaed as bead 
of the armed forces by Gen. 
Pedro Richter Prada, who was 
interior Minister under President 
Velasco for nearly five years and 
who has considerable influence 
ai many levels in the army officer 
corps. Reuter 


DROUGHT ENDING IN CALIFORNIA 



cheers farmers 


SY ART GARCIA IN SANTA BARBARA 


ALTHOUGH STILL, cautious. 
no mo official-. in Cali forma are 
beginning to hupe that ihe two- 
year drought winch has parched 
Inc slate finally mav be over. A 
steady three-week soaking by a 
•-cries of storms from off the 
Pacific raised hopes and reser¬ 
voirs, prompting some communi¬ 
ties to begin easing water restric¬ 
tions and rationing. 

So thorough was the drench¬ 
ing, that flooding and widespread 
storm damage replaced lack of 
rainfall as the current crisis. 

Up to the middle of the month, 
it has been the wettest January 
since 1969. dumping more than 
six inches of rainfall on the Los 
Angeles area or more than twice 
the normal amount for the 
season. Reservoirs in Marin 
County north of San Francisco, 
which had the most stringent 
water restrictions in the state, 
by mid-January had reached 87 
per cent, of capacity. In Santa 
Barbara County, 100 miles north 
of Los Angeles, rain during one 
recent downpour Fell at a rate 
of an inch an hour for four hours 
and focal dams began spilling 
over into flood cnntrol streams. 

“The drought is over for this 
year." is the euarded assessment 
of M.r. Ronald Rohie. director of 
California’s Department of Water 
Resources, but he quickly adds 
that next year could be a dry 
year. The state's Drought 
Information Centre, while con¬ 
ceding the particularly hard hit 
northern part of California has 
received above normal moisture, 
still is reluctant to admit the 
drought has ended. 

Reservoirs that store snow melt 
run-offs from the Sierra Nevada 
Mountains still are substantially 


below normal levels. It points 
and ground water supplies 
in the central San Joaquin' 
Valley farm heft are 6.5m. acre- 
feet below norma] (an acre-foot 
is about 326,000 gallons, the 
amount an average family uses 
in one year). Ground water 
tables were badly depleted in the 
past two years by an estimated 
10,000 new wells drilled by far- 


Over the previous two 
winters the average 
amount of rainfall in 
California was about 50 
per cent below normal 


mere and will need a lot more 
rainfall in order to be replen¬ 
ished. 

" if you want to use the dic¬ 
tionary definition of drought, 
which is the absence of rain, 
then, yes, the drought is over 
because it's been raining,” com¬ 
mented Mr. Don Foley, a mem- 
her of the California Drought 
Emergency Task Force. “The 
qualifier, however, is that the 
effects of the drought are still 
with us. So while we're getting 
good rains now, the state's big 
reservoirs still are only at about 
50 per cent of a normal year's 
level. If we have normal pre¬ 
cipitation for another two years, 
we’ll perhaps be back where we 
should be,” He said. 

“The absence of rainfall is 
over, but that doesn’t mean the 
effects of the drought are over.” 

The irony of that remark is 


that the Drought Information 
Centre at the peak of the latest 
storms was designated the state's 
Flood Control Centre. Some 
areas of California were placed 
on a “yellow alert’’ flood status 
as officials worried about serious 
flooding problems that threaten, 
if the heavy rains continue. 1 

Meanwhile, California's snow-' 
pack in the Sierra is 25 per cent 
above normal after tbe most 1 
recent storms and particularly 
encouraging is the high water 
content of that thick blanket. 
Because of the deep pack, Mr. 
Robie said the state may be able 
to deliver its full contracted 
amounts to State Water Project 
agricultural users. 

Over the previous twD winters, 
the average amount of rainfall 
in California was around 50 per 
cent below normal, but In tbe 
northern two-thirds of the state, 
which includes the central valley- 
farming region, it was nearly 30 
to 40 percent 

All in all, California, and other 
states in the western- U.S. 
managed to weather the weather 
in 1977. registering a year of 
steady progress supported by a 
bousing boom and overcoming a 
reces&OB in farming. It was tbe 
region's second year in a row 
oF healthy recovery from the 
steep 1974-75 recession but 
early indications are that, while 
197S may be another good year, 
those state economies will not 
grow as rapidly as in the past 
year. California’s normal rainy 
season extends beyond February, 
however, and if the rains con¬ 
tinue falling that seneral out¬ 
look may brighten considerably. 


purchase 
queried bv U.K. 

By Hugh O'Shaughnessy 
THE POLICY by Grenada of 
buying military equipment 
from the Chilean Government. 
nhile receii'ing large quantities 
of development aid from the 
O; iTv.-as Deictopmcnt Minis¬ 
try in London. Is being 
questioned by tbe British 
go'criimi-nt. 

It i> likely that, when fiir 
j Eric Ga\r>. the Grenadian 
Prime Mini-ter. makes his next 
I ap|i2;catie:i for British funds, 
his arm—buying policy will be 
examined before British aid is 
made available, according to 
officials in Whitehall. 

Sir Erie’s government and 
the Chilean administration 
have had an increasingly close 
relationship in the past two 
years, a Chilean military 
mission has visited tbe island, 
and Grenadians are in Santiago 
receiving training In security 
techniques. 

Chile is selling Grenada 
military equipment, albeit in 
small ' quantities For the 
security forces or a country of 
which the population is only 
about ICiMWQ. 

Last year. Britain gave 
Grenada £436.879 in capital aid 
and £29,737 wurili of technical 
co-operation. There ha- been 
criticism in the p|si that 
quacffries of British pid have 
nni lu-cn properly accounted 
for. j 

As a result of Ihej visit of 
Mrs. Judith Hart, the Over¬ 
seas Development Minister, to 
the Caribbean last nibltlh, aid 
policy towards iha Guiry 
guiernmeni is liciup jcvicived. 
It is undersioori riijai other 
governments of the Caribbean 
have been fold of the British 
view on the matter, iand are 
unlikely to take is&ie with 
Whitehall if the cuts are 
imposed. { 

Judge disallows 
oil lease sale 

By Stewart Fleming : 

NEW YORK. Jau. 31. 

A FEDERAL Appeal Judge 
rejected attempts late yester¬ 
day to allow a proposed sale 
of off-shore oil exploration 
leases near Cape Cod to pro- 
ceed. The sale was' tu .have 
taken place this morning in 
New York. I 

The judge supported the 
state of Massachusetts- which 
opposed the leasp sale and 
called for environmental safe¬ 
guards to be effected before 
the auction occurred. Oppon¬ 
ents of the least* salp have em¬ 
phasised the importance of the 
Georges Bank, the atya heing 
leased, as one of tbp richest 
fishing grounds in the world. 

The Appeal Court jndge said 
that few issues could'tie more 
important than that Involving 
the future of the oceans and 
life within them. The Govern¬ 
ment Indicated that it will 
seek an expedited hearing to 
appeal against the ruling ux 
the Supreme Court. 

Nicaragua radio 
stations cut off 

MANAGUA. Jan. SI 
THE NICARAGUAN Govern¬ 
ment today launched an offen¬ 
sive against private radio 
stations In tbe country as an 
anti-government general strike 
went into its second ^cok. 

The National Director or 
Radio and Television, Col. 
Alberto Luna, announced legal 
action against four private ! 
radio stations which had con¬ 
tinued to broadcast news of the ! 
strike* despite Government i 
warnings. He said that they 
were accused of ‘‘fomenting 
the strike,” something specific¬ 
ally banned under broadcasting 
laws, and coaid be fined. 

The opposition newspaper 
La Prensa reported that the 
fonr had news programmes cut 
off In mid-transmission this 
morning, as they started to 
read a communique In support 
of the strike by the Managua 
journalists' union, 

Reuter 


BRITISH shipowners have out- 
lined to Government a three 
stage plan for dealing with the 
rate-cutting Soviet merchant 
Heel which could eventually lead 
to the Imposition of quotas on 
the movements on Russian ships. 

Mr. Ronnie Swayne, vice-chair¬ 
man of the General Council of 
British Shipping and chairman 
of Overseas Containers, said ihe 
Russians had still failed to pro¬ 
vide any evidence of their will¬ 
ingness'to curb their merchant 
shipping expansion in spite of 
bilateral talks last year. 

In seeking a common response 


Companies bid 
to build 
Venezuela 
steel complex 


from shipowners throughout the 
EEC, British owners are now 
suggesting an agreement first to 
gather information an Soviet 
shipping activities which could 
then be used! for selective action 
by individual states c a the basis 
Of their own merchant shipping 
laws. Finally, the owners believe, 
ft may be necessary to resort to 
commonly imposed quotas. 

Mr. Swayne said that in seven 
months, Soviet tin ex had taken 
25 per cent, of U.S. West Coast 
to Australia general cargo traffic 
and that undercutting by as much 
as 30 per cent, on Europe to 


East Africa routes continued to 
pose a serious threat 

In addition, the Trans Siberian 
Railway was now carrying 10 per 
cent of all Europe-Far East 
general cargo and 20 per cent 
of the higher value Europe- 
Japan business. 

Although Whitehall is broadly 
in support of the shipowners' 
line, it is unlikely that there 
will be any concrete develop¬ 
ments before June, which is the 
next date tbe EEC Council of 
Transport Ministers meets to 
discuss the subject 


W. Germany ad justing to 
rise in value of D-Mark 


BY ADRIAN DICKS 


By Joseph Mann 

CARACAS, Jan. 31. 
NINE companies, most of them 
international consortia, yesterday 
entered qualification proposals 
io tbe Venezuelan Government 
regarding the construction of tbe 
Zulia steel complex in western 
Venezuela, a project now esti¬ 
mated to cost some $2ba. 

In its first stage, the Zulia mill 
will be capable of producing 
1 25m. tonnes of liquid steel per 
annum, or about 1.1m. tonnes of 
finished steel. The project is to 
have up to 49 per cent of private 
equity, with the rest to be held 
by the Venezuelan state. 

Among the consortia present¬ 
ing proposals on the project was 
Davy Ashmore International 
heading a group made up of 
Morgan Grenfell (acting as finan¬ 
cial co-ordinatorl. plus French, 
German and Japanese partners. 
Other members of the Davy 
group were CEC Enterprise, 
Credit Comercial de France, 
Demag. Deutsche Bank. Mitsu¬ 
bishi Corp.. and Mitsubishi Bank. 

Of two other major foreign 
consortia, one was made up of 
Creusot - Loire Enterprises. 
Banque de Paris et des Pays-Bas. 
Voest Alpine, Ferrostaal and 
other partners. The second in¬ 
cluded participation by Krupp. 
Kobe Steel. Hoppers France aijd 
Technodepro of Venezuela. 

The remaining participants in 
the qualification stage were: 
Nippon Kokan. Italimpianti and 
Ttalsider of Italy; C. Ttoh: a 
group made up of Siderbras of 
Brazil and Kaiser Engineers of 
the U.S.; and a local bidder. Sade. 

WORLD TEXTILES 


1 WEST GERMAN manufacturers 
of capital goods equipment have 
' suffered appreciably rrom the up- 
. ward movement of tbe Deutsche- 
! mark during the past decade, but 
appear to be well on the-way to 
adjusting their product range so 


. petitivfty. 

; This is the broad conclusion 
:of a study published to-day by 
; the 1FO Economic Research 
institute, of Munich, into tbe 
: sector generally regarded as tbe 
j backbone of West Germany's 
{export performance. 

; According to 1FO, the effects 
[of a dearer D-Mark first began 
i to show up in die sector in 1&75- 
1977 in two ways. West Ger- 
j many's share of the Western 
'world's total exports of 
i machinery and machine tools 
! dropped in 1975 by a full 3 per 
cent., from 26.2 to 23.2 per cent.. 
j and was virtually unchanged in 
!1976. 

in addition, imports into West 
Germany of these products grew 
by 40 per cent, in 1975-77. com¬ 
pared to an increase in real 
! fixed investment by West German 
! industry of only 12 per eent. in 


BONN, Jan. 31- 

1976. imports of capital goods had 
reached a record 1S.5 per cent, 
of the total spent on plant and 
machinery - in this country. 

. IFO attributes part of this to 
increasing specialisation among i 
the. world's manufacturers of, 


it also accepts the validity, at 
least in part, of the conventional 
wisdom that price is often a 
less crucial factor than quality, 
after-sales service, delivery or 
compatibility with existing 
equipment when major fixed 
plant investments are being con¬ 
sidered. 

Because West Germany has 
performed well oii v ail these 
counts. IFO concludes. “ it should 
not be surprising that sales 
.should only be affected when 
the price advantage (to competi¬ 
tors) has reached considerable 
proportions. This threshold may 
bflve been reached in 1973-74." 

>The study points out that dif¬ 
ferent branches of-a large and 
very varied sector have . been 
affected in differing degrees, with 
tbfe main burden falling on pro- 
dopers", of standard - machine 
ro^ls. 


U,S. attack on protectionism 


i MR. ROBERT STRAUSS. Special 
J U.S. Trade Representative, criti¬ 
cised the “ Toices of protec¬ 
tionism,*' yesterday and said he 
1 anticipated that President Car- 
; ter and Mr. Fakuda. Japanese 
1 Prime Minister, would take a 
strong lead" toward a "‘more 
: enlightened trade posture *’ at 
!this summer's econacim summit 
! in West Germany. 


In Tokyo, Mr. Usbiba,-Japanesej 

S al Economic ' Affairs] 
sr, said the European 
inity would not take any j 
iate protectionist steps, 
Japan. However, .in 
is, the EEC urged' Japan 
> speedy action to reverse, 
end. of Japan's growing 
s in trade witb the Com- 
r. ■ 

I ' 


THE DEPARTMENT., of Trade 
announced yesterdayfliaet, follow¬ 
ing detailed consultations with 
the European Economic Com¬ 
mission, imports from Romania 
of a wide range of iron and steel 
products would require indivi¬ 
dual import treences with effect 
from midnight. 

Licences will be issued on n 
case-by-case basis at a rate 
approximating 25 per «att- af 

total deliveries of steel products 
j from Romania in 1976 for goods 
in transition or before Jammy 
31. 197S. and for otber imports 
up to March 31. 197S, When 
considering applications for 
licences, account will be taken 
of the volume of deliveries of 
steel from Romania in the period 
January L to 31, 1978. 

The Department emphasises 
that m traduction of t&ese lice us¬ 
ing arrangements is an interim 
measure, to remain in force until 
more general arrangements con¬ 
cerning future steel imports from 
Romania into the Community are 
finalised between Romania and 
the EEC ComnrissfhtL 

Lucas boosts export 
sales by 31% 

LUCAS INDUSTRIES, which 
launched a £50.000 campaign to 
promote the 1977 Export Year, 
increased overseas sales by more 
than 31 per cent to £147im, 
writes Arthur Smith, Midlands 
Correspondent. 

Mr. Godfrey Messervy. man¬ 
aging director, paid tribute to 
the team effort of the 69.0WV- 
stroog workforce when be pre¬ 
seated awards yesterday in 
Birmingham to winners of the 
export year suggestion scheme. 
The company received 25-.700 
suggestions, of which more than 
half were implemented. 

Float glass licence 

Pilkington Brothers of the 
U.K has granted a float glass 
licence to Turkiye Sise Ve Cant 
Fabrikalari (Turkish Glass¬ 
works) Kenneth Gooding writes, 
it is the 28tb licence negotiated 
by Pilkington for its float pro¬ 
cess. 

The plant will be built st 
Kirklarell, west of IstanbuL Start 
up should be at the end of 198& 
hut talks are still going oi 
about the capacity. Turkish' 
Glassworks, a private company, is 
Turkey’s sole flat glass manufac¬ 
turer with turnover in 1977 
equivalent to S200m. A previous 
technical arrangement with Pif- 
kingtou covered sheet glass 
manufacture which is carried out 
at cayirova. ' 


" A definitive agreement has 
been signed in Dublin to imple¬ 
ment an earlier agreement m 
principle for the construction 
and operation of an alumina 
plant in county Limerick. 
Lreland, witb an annual capacity 
of 800.000 metric tonnes. The 
estimated cost is 8500m. 

Signatories to the agreement 
are Alcan Ireland with 40 per 
cent participation, Billiton 
Aluminium Ireland with 35 per 
cent., and Anaconda Ireland Com¬ 
pany with 25 per cent 

Motor link 

The South African subsidiaries' 
of Fiat and Alfa-Romeo have 
begun negotiations on the 
.integration of their operations, 
Bernard Simon writes. A link 
between the two companies 
could'be the forerunner of fur- 
rationalisation agreements 
^tmpng -Sooth Africa's 13 major 
:motor manufacturers, most of - 
’Whom are,believed to be operal- 
ifcgiat a loss;. 

£9m. Iran contract 

Brown Boveri of Switzerland 
has signed a S60m. (£33m.) cob- 
tract to expand the electricity 
supply network in western Iran 
in cooperation with the State- '■ 
owned electricity company i 
Tawanir, the company reported- ) 


Carpet challenge from India 


INDIA. ALREADY one of the 
main textile exporting nations, 
is embarking on a major pro¬ 
gramme of expansion in its 
carpet industry which could see 
it emerge over the 19S0's as an 
important supplier of craft and 
industrially manufactured car¬ 
pets to world markets. 

Carpet manufacture, particu¬ 
larly the traditional oriental 
carpet which is stiU woven 
lately by band, is seen as a 
means, ef providing a large 
source of employment for the 
Indian economy, as well as hav¬ 
ing the advantage of using 
locally produced raw materials 
such as Indian wooL 

India claims already to have 
replaced Iran as the world’s 
largest exporter of hand-knotted 
carpets, and has diversified into 
reproductions of other tradi¬ 
tional hand-crafted products. 

Equipment has afro been pur¬ 
chased from a number of U.K. 
textile machinery manufacturers 
for the expansion of conven¬ 
tionally-produced carpets. By 
the middle oF this year India 
will have a new semi-worsted 
system carpet yam spinning mill, 
its second tufted carpet manu¬ 
facturing plant, and its first 
patterned Axminster weaving 
operation. 

| Tbe main market for hand 
I loom carpet manufacture so far 
! has been Germany, followed by 
the U.5. and over the past five 
years exports to all markets have 
quadrupled from R135m. (£8.6m.) 
to RflOOm. (£3Sm.l last year, with 
a target of Riba. <£63.Sm.) set 


BY A SPECIAL CORRESPONDENT 

for I9S0. Kashmir. Rajasthan and around-with machinery- supplied by 

i o achieve this, a major pro- Agra, but more than 90 per eent. James Mecfcfe and Sons, the 

gramme of training .has been reproduction comes from eastern Belfast-based textile machinery 

Ifcn?* 1 L aun J? ra ^ se Uttar Pradesh, India’s largest and mdhttfacturers. 

sRius so tnat toe finer Persian most populous state. Some 35,000 ? "pait of its output of 100 per 

handled ‘nSc looms are concentrated inn obdL" ■; wool yarn will be 

in th th ‘ f s h ^t containing the two towns of. channelled to some 6.000 cottage 

t 'ssz":ts 

S^STSM W SUM, Sp. WBWBiStf - ^ * 

These, however, have come estimated that a further em < SS535 n “ Modi 

under increasing pressure from 4*000 hand weavers would have.Sged for »S3e undeSte 

, . . ■ — i -;-—-!- = ■ ?. ; a number of trials with Indian 

a major training programme has been launched wool on their pilot spinning 

Which vrill aim to raise skills so that, increasingly. Sf E 

the hner Persian styles can be handled. . .. . and distributed to cottage 

"“’ — . . — ■ - — weavers, with ' outstandingly 

machine-made reproductions and to’be trained if the industry is to successful results, 
from rugs and runners produced achieve its 1979-80 export target, r-Tbe balance of the output from 
Svo C ^o e «iI.^j I !, t i ns « ma ! Chines * an - d Close on lm. weavers .would be the Modi spinning mill will go to 
WpW urnnrrr-ua m required to support such an out- a new tufted carpet ajanufactur- 

Hpr nnS^Aat and it is thought employment tog plant erected beside the spto- 

n™ o et ta ° tla 1 on this scale could provide the fling facility- Three cut pile 

ereatpd^arnHnrf^thu S'-m necessities of Ufe to a rural popa- machines supplied ;by PJckerin* 
StriLif iatt ° a 01 ^people .. another UJt nmeUneiy »*»“- 

sation In Iran whielfhas Temotpri ' n,e industry takes an facturer, have been, txistaitod in 

skilled weavers awav from their increasing proportion of India's this new MOdi^ehteipi^®* a u ^ ! ^ 

w00i ^ estimated at 77m.. Ib taltWjM“ 
and oil centres. per annum by current reckoning, styles 

Other countries, including with an offtake ot around - 
Pakistan and Turkey, as well as 1S P- ^ carpets now. outstrip io .eaXfti i -SL3nE 
India, are trying to fill the gap. end-uses, - such .JJKSd 

but tbe Indians claim to have a fPP."® 1 “A deience, as fhb mill wtw? ■^?5 s J??La3 a SS 
lead over their rivals, having single outlet 'jS&ijJiLniipd 

already diversified successfully Some finer wools, are also 

not only into Persian but into needed for bieudliig in.'with by^®^rid. J Crabti : ee'anfl oon p* 
Chinese, French Aubusson. North Indian varieties and these wiU ^radfOTdl -. Located near ueinu 
African berbers, and Caucasian be provided by. thfr commission^ it will- have a decided exporx 
carpet styles. ing of a new semi-worsted system .orientation, especially ^ owa ^?' 

The hand loom carpet centres carpet yarn spinning mill at-Rae- contract applications in rn 
are fairly well scattered around Bareli in Uttar Pradesh. Owned. Muffle : -;East such ; ns note** 
northern India, notably in by Modi Carpets, it is equipped palAces’vtnil .banks;. 











Tl- 

•f-v r:. \ Jl. • v’ : . 

•r r- .S I\ •. 2- . -- 


‘v.y ..> • 






; ■: ■ itby offering outstanding value for money, 

j- • •: ; ; : Things haven’t changed: the Morris ns 




giving away aprizeatweek during the two-month period from the 
heginningofFebruary tothe end of March: the prize is your new Marina 
at the 1913 Morris BuLlnose price of just £175, a saving of over £2000. 




- i V ' JV ' s- . 

: *.’j. * ’ tf; ' T.-. • . V •• •.. • 




.Hie choice ofprize is no accident. In 1913, the first Morris 


’ - get. Convertthat£175 into today’s prices and you end up with a figure of 
*; £3022^3fet the 1978 Marina range starts at well below £3000. 


Not only that, hut in 1978 Morris are building cars that are' 
unmistakably a result of William Morris’s philosophy: cars with 
uncomplicated, reliable engineering, classic and unfussy styling, useful 
space, low fiiel consumption and high specification. 

To that we now add Supercover protection, and the back-up 
service of over 2000 Morris outlets. 

Win a vintage Morris or £3022cash. * 

Even though you may not be buyinga new Marina, you can still 
enter the Morris Centennial Competition simply by visiting your Morris 
showroom and collectingyour Entry Form. Until March31st, you could 


price, £3022in cash. 

"Sour local Celebration. 

Apart from the two Centennial Celebrations, you’ll find lots 
goingori^t Morris showrooms throughout the country. Visit yours soonJ 
YoXz'll find that, more than ever in Morris Centennial Year, 
Morris me&ns value for money. 










■#. U 




















«•* < ■; 


. jBB V 7 




wmmm 

HI'..:. ^ 










we 








it 

• 


i 


Marinai 













8 


• / Ffeancial Tiifces Wednesday;l; 197& 


HOME NEWS 




Abbey National predicts 
rise in house prices 

BT MICHAEL CASSELL 

SUBSTANTIAL increases in ii soems clear that a reluctance market should be permitted to the move was not designed to j 
average hou&e prites look certain to spark off any hectic buying react freely. "buck the recommended rate' 

this :• ear. according to Britain's activity has been behind some They would not welcome any system** hut was regarded as a. 
second biggest building society, of the modest price rise move to control events artifici- sensible solution to the problem! 

the Abbey National. projections. ally, such as any suggestion that of an “excessive surplus' oil 

Mr. Tim Timbcrlake. chief The Government is known 10 they should reduce lending pro- funds. • 

genera! manager, said in London be oartifulariy concerned to grammes already agreed for the According to the Abbey, it will i 

yesterday that he believed bouse a\o:d an; major leap in prices year ahead. cost the society £1.6m. a month j 

prices would rise this tear much ?nd has been trying 10 damp Reasonable price increases, to maintain a 6 per cent, net in- 
fasier than predicted. do.’, n any suggestion that the they believe, would not be terest rate on deposits lodged by! 

Hr suggested :hat So some stable picture of the Iasi four damaging and could stimulate the end of January, rather than 

ca*o« prices couid rise by ai or fi*.e years is about to change. ? revival in output of new the 5.5 per cent, net rate which; 

much as 25 per cent., although Thy societies arc quietly con- ouilding. takes effect tor most societies to- 

he emphasised that he did not vmecd. however. Hut"the return The Abbey yesterday an- day. It also continues to pay b.i 

expect this to be Lbe- norma! m » low mortgage rale of nouoced record results for 1977 per cent, net on deposits made 

pattern. p*>r cent. is. in itself, a potenti- and defended U« decision In oefore October 31 last year. 

It is nevertheless, thought, that alsy hisnilk-am inflationary continue io offer many investor* \esterdaj s results irom tne 

the Aboej. like '-ever* I other factor. Combined with rises in higher interest rate* 1 than those Abbey underlined ju* 1 ; 

societies and the Building re.* incomes and record mort- recommended hy the Building *iicccasflll the society wa* during. 

Societies Association itself, cagi* iending programmes, ji Societies Association. 1977 and explains it-, efforts to 

believes that avciagc price rise* could lead to more buoyant The Abbey move, first taken provide a bonus for at least some 

of between 15 per cent and ‘JO prices in ihe month- ahead. Iasi October and reaffirmed last investors._ Its .total assets rose 

per cent, could be recorded If prices do hegm to move week, has since been followed from I4.H4hn in £5.41bn.. a. 

Until nov. forecasts nave more rapidly—and there arc by other major societies growth rate of 24.5 per cent., 

tended to project average rises of already signs that this is happen- Lord Hill of Luton, referring against ju»i over 17 per «.ent. 
around only 10-12 per cent., but ing—the societies believe the to the Abbey decision, said that id the previous year. 


New shape 
for Schools 


By Michael Dixon, 

Education Correspondent 

TM.HTC.VLYG of bureau erotic 
control over school curricula and 
examination? in England and 
Wales was ensured in London 
jesterday when the School?" 
Council'* euvrwnina body broadU 
approved proposaK redu* in-j ib 
function in ihat of a " lalHng 
shop." 

Thr- governing ■ ••uncil. em¬ 
powered io make recommenda¬ 
tion.: on < ui'!':cula and examina¬ 
tions directl;- to the Secretary • 
fnr Education and Science, has 
77 designated seal*. 

Of these 36 are held by educa¬ 
tional unions and one each by; 
the CBI. the TUC. and the. 
parent-teacher associations. 


Angus 
Murray 
is new 
Fairey 

chairman 

BY ANDREW TAYLOR 

MR. ANGUS MURRAY, 
recently dismissed as chair¬ 
man of Crane Frueiiauf 
—after ibat company's take¬ 
over by the Frnehauf Corpora¬ 
tion of Detroit—has been 
appointed chairman or the 
rescued Fairey Engineering 
Holdings hy the National 
Enterprise Board. 

Mr. Murray, aged 58. who has 
several other directorships 
which include being chairman 
of Redman Hecnan Inter¬ 
national, will take charge of 
those Fairey group companies 
purchased by the National 
Enterprise Board for £ 20 . 3 m. 
last December, two months 
arter Fairey had gone into 
receivership. 

The appointment which 
carries an as yet undisclosed 
salary takes effect from to-day. 
It is believed the appointment 
is unlikely to be short-term. 

Mr. Murray is expected to 
spend between two and three 
days a week exclusively looking 
after the interests of Fairey 
Engineering Holdings. 

The National Enterprise 
Board came In for sharp 
criticism when it outbid 
Trafalgar House to takeover 
the main pari of the engineer¬ 
ing interests of the Fairey 
Group. The group went into 
receivership after its Belgian 
aicraft manufacturing sub¬ 
sidiary-^-hich had a key role 
in producing the Islander rTght 
aircraft — .ran into serious 
financial difficulties. 

The Fairey companies 
bought by the Board and now 
under iRr;' Murray's charge, 
exclude only the aviation 
interests. represented by 
Bri Hen-Norm an (Bern, bridge") 
and Fairey SA. and Fairey 

q C Warden of Xll Souls an equa * number of lay and Press h? thought the general st.iadard. Stainless and Fairey Elec- 



Nuclear station 
hit plant computers 


BY IYNTQN KcLAIN, INDUSTRIAL STAFF 


£•> ;V< - y y ? 


Elliott makes Board changes 

BY JOHN MOORE ! 

ELLIOTT GROUP of With Mr. Edmund Smeetfa rbe Willraot’s assistant.and has been ^ 

Peterborough, the portable build- chairman. he been with Elliott for six months. 

wontif responsible for development of A row broke out in December 

ir) S. company recently at the lhe P 3r0lips Middle East markets, after Elliott's disclosure that a 
ccnirc of a Lit} row over direc- \ 0Q -Board appointments £»*m. Saudi Arabian order which 

tors’ share dealing*. announced announ ef*d arc of Mr Peter the group had suggested . was 
further Board changes jC'ferday. Brindley” as secretary and Mr. "firm" ’.vas not likely to be 
Mr. Norman Smith, a former Tony Howell as group financial clinched, 
a.-ciriam education officer for controller. They replace Mr. John At the same time, it was d:s- 
PeitTboroiigh. romes lo the Board Wilmot. a mam Board director, closed ihat Mr. Smseth and iwo 
vuh a special responsibility for who had previously done both non-executive directors. Mr. 
■iverseas activities. including jobs and is now leaving the coin- John Gnnisdale and Mr. Ian 
those in the Middle East. He pany. Waterfall, had disposed of large • 

joined EUiutr in 196S a.? a sale*- Mr. Brifidlry i> the financial personal <hjre holdings after) 
man and his most recent position director of Sharp Brothers an< announcement of the order. A 
has been that of group sales Knight. Elliott's joinery sub- Stock Exchange inquiry into ti»e 
director. sidiary. Mr. Howell was Mr. deals is still in progress. 

Press Council chairman named 

BY MAX WILKINSON • 


? LONG DELAYS id building 
' Britain's advanced gas-cooled 

• nuclear power stations have 
ruined computers installed 
before plants were ready for 

: operation. lbe Nuclear lnstaila- 
; tiocs Inspectorate said yesterday. 

• The worst case is at the 
Ducgeress B plant in Kent due 

• for completion in 1970. out'not 
expected to be finished before 
19S0. The cost has risen from 
an estimated j-SSm. is 1965 to 
£320m. at last year s prices; 

Useless computer equipment 
’has been replaced and a .'cor¬ 
roded oipeiiae Linking the Mew 
reactor" with the A statics - has 
been refurbished. 

These problems would apply 
“io a greater or lesser extent” 
o', almost any station. Mr. Ron 
Caustics. chief inspector .. of 
- nuclear installations, said at a 
conference to launch the inspec¬ 
torate's first report. 

Two more advanced gas-cooied 
reactors, bzsed on the more 
successful Hinkley Point B 
design, were announced last week 
by Mr. Anthony Wedgwood Benn. 

Energy Secretary. 

They will incorporate new 
' safety features- including greater 
access, more emergency .equip- 

exees* 

. . tajr.e«iop But no -- -- ^7SSn»'~«e5»nw- T 

cb ^L* e .i L “ tb ' h .. **51 industry. management .Britain's earliest nuclear power 

-4noJ,er t-pe ddnouneM bv „* ov er<wesure- s tenons - _Ma;n« plants - 

h«sunsea *_. ._ ___ J..rTT.n Unfir fr> IQFiP 



Ashlev Ajmzoood 


NT. Ron Gaasden, chief Inspector of Nuclear InstallatioHa, 
peaking at yesterdays conference. 


iSifhp" bilityofmoresafetyreliefvalves station workers received < 
no end-sreel-^s - *. P- «!£*«: 


sure vessels, 
bv Ib industry. 

wIte- Be rea?n* ^ P ^mSSan of’workers ‘to radiation during dating back to - .1956. These did 
rfsf-VL A ^'a'i nn ff^ 1975 and. 1976. Overdoses also not involve tnc release of 

•!a*c??‘coa;d Sot d '“be"'made for occurred on construction sites radiation outside the sites. 
t’A-'o o r three vears. Mr. Gausden where radiography was a major A proceS a to reduce waste from 
" contributor to over-exposure. plutonium contaminated workers’ 

A studj of a working American . Failure to monitor radiation in C [ 0 thes. gloves and tissues was 
PVR bu-i: by TVestinghouse in industry led to an increase tn not available. Metal drums 
Oregon involved major issues of the number of overdose cases to j Qr s t or ing the clothes had 
oressure vessel integrity, reactor If during the period, while of CO rroded yet were stilt stored 
shut-dowa systems "and reactor workers suffered radiation oyer at M agt ,os stations. 
hehaviou- after coolant loss. • official limits in 19<6. three more.. - 

More work was needed.on the than-in the previous year, . Health 
U.S. designs, including the possi- But no Bntisb nuclear power. Znstiiltafions, 50>£2.f5- . 


and Safety. ' Nuclear 


This body will be changed into 
a convocation of only 56 THE NEXT chairman of the mendations of the Royal Com- sey and Guernsey, 

members, the TUC and CBI press Council is to be Mr. Patrick mission on the Press, will have . Mr. Neill said yesterday tha 
nommuting tvo each ^- e jn 

But the power to make direct 


representatives. at the British Press was rehson- 

Mr. Neill has heen a leading ai>ly good and had been i;npro\- 
on October 1 from Lora Shaw- fi 3ure )n the commercial bar. He ma in the last few years, mainly 
cross, chairman since 1974. took silk in 1966. is a Bencher because of the Press Council’s 

of Gray's Inn and was chairman influence. 

... .. ... . w . . of the Bar Council and the *' 1 think there have been 

_ . c " 3 fourth independent cha r- s ena te of the Inns of Court and fewer violations of privacy and. 

associations; and 12 by teachers' man. He takes a re-eon?muted the Bar in 1974-75. Me is -fudge in general, standards of aceurac;. 
unions 


recommendation? to the Educa¬ 
tion Secretary will ffcttvcly pass 
to j finance and priorities com¬ 
mittee of eight appointed by the 
Department of Education 3nd 

Science: eight by local authority 


College. Oxford. He takes over 


Mr. Neili. 51. will be the coun- 


'council, which, following rccom- of the Courts of Appeal of dor- nave improved. " he said 


ironies.- 
It uas announced last week 
that the latter subsidiary bad 
been «oid to Racal Electronics 
fnr £700,000. Meanwhile. Sir 
Charles Harrfic. receiver for 
the group, is continuing to try 
io negotiate the safe of the 
remaining subsidiaries. 


Citroen and Honda follow U.K 
trend to higher car prices 


CITROEN car price* are to go 


VBl ,,„ w __ It follows a receojt decision by comes, as Honda 

up b\ an average of 3.3-per cent, the company to cut its replace- increased _sliaje 
. from to-day. The increase follows menl pans prices by 16.5 per raa i ,?h,. K „ e 
a round of rises in the last few cem. - . oud-uctooer. 

weeks affecting the leading 


plans an 
Of the U.K. 
last rise was in 


PULLMAN INCORPORATED 

Chicago-Pullman Incorporated reported for 197?. a 
net income of S33.121.000 ($3.03 a share), against 
$30,309,000 (S2.77 a share) in 1976. on revenues of 
$2,034,730,000 (S2.0S5.33S.0O0 in 19761. 

Earnings have been reduced by additional after-tax 
provisions of $7,800,000 ($0.71 a share) relating to 
the New York City Subway car contract. 

S. B. Casey .Jr.. President of Pullman Ineonxirated. 
noted excellent progress by rbe " engineering and 
construction " divisions, mainly responsible for the 
boost in PULLMAN INC.’s consolidated backlog to a 
new high of $4.2 billion ($3.1 billion a l the end of 
1976). He voiced a note of optimism for new freight 
car business and more domestic truck trailer sales 
in 197S. 

Pullman Inc. declared a dividend of. 80.35 per share, 
continuing the corporation's 110-year record of 
consecutive quarterly o-h dividends, unmatched by 
any other U.S. industrial company. 


AFINANCIALTIMES SURVEY 

WORLD 

MINING 

March 1 1978 

The Financial Times is planning to publish a 
comprehensive survey on World Mining. The 
editorial content will include: 

Introduction and new challenges 

Emphasis on energy 

Undersea mineral potential 

Reviews of metal and mineral prospects 

Investment 

Taxation 

Australia 

U.S. and Canada 

South America 

The Far East 

The U.K. and Ireland 

Southern Africa 

Developing countries 

Mining equipment 

Exploration-and new mining techniques 

Labour 

Coal mining 

For further detail* or the editorial synopsis and 
advertising rates please cun tact: Neil Rogers, 
Financial Times. Bracken House. 10 Cannon Street, 
London EC4P 4BY. Tel: 01-24S SU00 Ext. 572. 
Telex: 885033 F1NTIM G. 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


The- content and publication dales or surveys in the 
Financial Times are subject to change at the discretion 
of the Editor 



««« ““g* “? -"Fai Enmpta ot tk* new prices are: „*“&?{“ iMo^lirf^oo^GL 

*!sap* s 

wiil be S«^DPl *0D new. Injcctioo fS.tHO. (£3.1S5i. There is™ ebanse m 

showroom.stock, is !ow*i,than: -Prices of Honda cats also 

the average 5 ner cent, charged'up from to-day by an average of pick-up (£1,383; and the 360 -van 
by moat of its competitors, ; jusl'ov\br 4 per cent The increase f£1.567>. -i ■ ; » 


of expenditur 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 



THE ECONOMIC assumption* 
lying behind the Government's 
public spending plans have been 
strongly criticised by several 
leading economists in back¬ 
ground papers for the Commons 
Expenditure Committee. 

A dozen papers from promi¬ 
nent academic and City commen¬ 
tators were published this week 
as the committee's general sub- 
commiltc headed hy Michael 
English. Labour MP for Notting¬ 
ham Vv'esr. started a series of 
public sessions with Treasury 
officials on ihe recent White 
Paper. 

The idea is to broaden the 
range of comment and anlysis 
available lo members of the sub¬ 
committee beyond the usual de¬ 
tailed memorandum from Mr. 
Terry Ward, their specialist 
adviser from the Department of 
Applied Economics at Cam¬ 
bridge. The result is 150 pages 
of generally stimulating com¬ 
ment. if hardly light reading. 

Published 



any Budget changes. The 197S- 
7£ figure would be higher a: 
current prices. 

H? warns against the con- 
elusion that there is considerable 
scop? for raising the borrowing 
■ requirement in view of the likely 
“very large increase" in tbe cor¬ 
porate sector's demand for 
finance as economic recovery 
gathers pace. 

He sees this as potentially a 
different sort of crowding out 
from the mid-1970s which will 


New Act a “major 


m consumer 




95 


BT OUR -CONSUMER AFFAIRS CORRESPONDENT 

movement was Other- kinds of Exemption clauses exardple 


of the kind of com- 
new panics which will have to change 
their ways. 

National Car Parks, the big- 


THE consumer , 

in a euphonc mood yesterday on "'ill become subject to 
the eve of the new law limiting test of reasonableness, 
die use of *• get-out” clauses in “Get-out" clauses have been 

contracts. familiar features in many service "['d £■ 

The Consumers' Association, Jit* terday that .'the new law would 

which has long been lobbying tbera oj signs like ^ot mean it -would have jo 

for such a move, described the w«t Aficept no.-Jj i*aoge its terms of busines 

event as “historic." while Mr. \\hatever for loss, damage or agH p ni but that it had made the 

Mn.iin> ««(«< . M- H John Fraser. Minister for Prices tnct L - necessary, changes over , three 

require moaesi public borrowing. 2nd consumer Protection, said Tfce Consumers’ Association years ago with tbe advice -oHhe 
Tbe other main economic issue : the Act would be a “ major land- sa td the new Act-meant that con-' .Office of Fair Trading. - Since, 

discussed is unemployment Tbe mark in consumer protection this sunjers would not be robbed of then, it had =not excluded liability 

White Paper projects a growth ■ decade." their basie legal rights by such for negligence.'- 

in productive potential of 3 per The Unfair Contract Terms clauses, and hailed it a$ an,end But there was nothing in-Che 

cent a year, after taking account • ^ct sponsored bv Mr. Michael lo -r tbe reign of terror of the new law to'prevent the company 

of North Sea oil and growth of ; Ward the Labour" AfP for Peter- exclusion clause." .from continuing to display 

the labour supply, and an j n . borough, means that from to-day. The Act will have a major im- notices .excluding liability -fof 
crea.se in gross domestic product' companies cannot exclude pact on the travel business and accidents ,ori its premises whioi 
or about per cenu a year. 1 liabilitv for death and personal esttfe agents. Car park operators had nothing to do wjtb negfi" 
sufficient to halt the rise in unem- injun-resulting from negligence, have also been cited as an gence. .'f ■ 

pl'i.’ToenL ' t .. 


MR. MICHAEL ENGLISH 
In the chair ■ 


Mr. Ward questions what he 
calls the “very pessimistic" 
Treasury view of tbe growth of 

p Pftf i n frrr, =,,-*■ »«., -„o P. r0 «“*U« potential. Similarly. 1 
Prof. Minford stalCj thdt ine [ ae National Institute notes that 
total of public spending nov - ;my faster growth of underlying 


National Institute or Eco- Planned is too high and. does not pruductivirv* would mean that 
lie and Social Research: Sir ? ,low f o r a sufficient reduction there is little chanci> of anv 

* r.aimprn«- Prof Puln.<k IH ta\ rales. ThOl P ihftUld bo ra.l,i/,*lr.« _‘ . - 


CaO to ease 




Apart from Mr. Ward's, papers 
have so far been published from 
the 

nomic _ _ _ 

Alec Caimcross: Prof. Patrick m tax rales There should be reduction in unemplovm*nt on . 

Minford of Liverpool University: a cut in the overal. yield of rhe^e estimates." The Institute A CALL for further easing of upiiard pressure on sterling by .sonal. tax if they took an ri®- 


BY OUR INDUSTRIAL CORRESPONDENT 


maintains that on the official the rules on exporting capital is confalbuting to an 
projections unemploy- 


Mr." Terry Bruns and Dr. Alan taxes un personal income or 1 U 

Budd of" the London Business P«r «em.. which implied & zero growth ... v . w%lwr . unemmnv- 
School: Mr. Robert Bacon and S«'owth target for public spend- men t would still exceed m ^n 
Pr. Walter Eltis from Oxford: mg from the estimated l9n-iB msi. 60 lm ' in 

Mr. Nigel Lawson. MP: the level. 

Fabian Society: Mr. Gordon a middle view is taken by Mr. Single fifflire 
Pepper or M. Green well, the Burns and Dr. Budd who esti- „ 61 Hgure 
brokers; Mr. Tom Congdon of L. make ratios of general)Govern- Prof. Minford suggests 
Messel. brokers: the National ment spending to gross domestic Pross domestic product can i r'I “r," F r-' 

Federation of Building Traaes producL They suggest that the realistically be expected to grow ' * e ” eral 
Employers: and the National ra ti 0 should decline " 

council of Building Material estimated 39.5 per cent, m a*/*- *— ■-**>«, un^iviug a moderate ; nan ^»• ; n it k 

Producers. 297$ to 3S.-I per cent, by 19SIS2. downtrend in jpensatoiy Investment in the U.K. 


outflow bn quate personal reward out ofths 
business. 


that 


contained m the Engineeering capital account - -- 

EmpJovers Federation submis- The other key area covered by There was utile incentive » 
sion to the Chancellor on the the.submission from the federa- see the business grow as prtwg 
-orine Budzet »>on; which has B.000 member would be increasingly ' hi^ 

T. companies employing more than taxed. An owner could not e** 

Present controls, meaii that . Jn - people- is ^ 0 £ direct taxa- aim to pass on a thriving busi- 
many possible overseas projects ^ ness- tq "nls family, 

are not even considered, says the n' was a sieniffcant factor in Tbe federation urgesr: W , 

v M __ ... u. u , to grow ■ J2!®r*VS’ rWn™ d ir»S a S' a niajor problem facing the eaf Government to increase Uw 

National ratio should decline from an at a rate of 3 to 4 per cent, a vear ! i«™ e IS[ 0 r5:„K il’ ginjering industry—shortage of come level at = which tax is 

. .in 1977- in 1977-1950. implring a moderate ; ecrt * i ? ly d , Des skifled mbour and of suitable paid, reduce The. highest rateof. 

j- I9SI-S2. dowmtrend in unemployment J pensa or> ' Investment in the UJv. caQ djdates for many qualified tqs to rate consistent wtth ftaj .. 

The main debate is about the This comnared with a oeak of fn £2 1S7 ?- In add j tio J 1 - tbe controls staff and middle management fn other parte »f the EEC^ 

projected size of the public 41 ^ per cent in 1 975 - 7 R st ^34 9 . The « >s considerable discus- created a burdensome amount_of jobi . . ; V ’ «2 SSSp™ 

sector. The National Institute „or cent ^n lf»V-r> The ^bare V°5 about diffi culty i n estab- ! paperviork and administration “There is little incentive to-lntfm nte bmmcjiUMle,- 
questions the restrictive fiscal nf »5 n din" on coV-d/ and ser- tbe Planed rise in ex-which may prevent a small com- acquire sta te or work harder if should W 

-- *—•*- - 01 sppna,n - on ? or,a ' anrl * e - r peWafhire nest year compared ‘ investing abroad. th eye ward gained ispgnfficanUjcost-flHivingindexed. as shrow 

with the substantial underspend- *“ 1 : 

mg in 1977-7S. 


v,ce s should decline by. 1981-63 ^cr^ie S in overeeas invest- reS^d^hy --h^h^te VodVVnd>e fcvejf 


stance implied by the plans. 

The Fabian Society rejects the t o' near' the'early Ts70s‘i eVei." 
official view that restraining 
rowth of public expenditure Difficulty *? r - suggests that total 

increases expansion of the ' real outlays will increase b» just 

economy by stimulating private The programmes were eonsis- over 2 per cent, in cotf terms in 
demand. lent with a growth or the money 1978-79 and hy Si per cenr in 

It maintains that sustained supply of about 11 to 13 per volume on the assumption of 
expansion of the public sector cent, annually over the three tlbn. shortfall, 
is required tf unemployment is years from last March, although g UI if underspending »»» m 
10 be brought down ro accept- there is little margin Tor error, be a s large next year as*recently-, 
able levels in the next few a financial pohev would he then expenditure would fa’li 
- ve £ rs : . ’, feasible which just" maintained raher than rise in 1978-79. 

This view ts suronglv disputed single-figure inflation, though the j n C0DlrasL v r i^ nn a 

b * M . r u B *T an , d Mr \. Eft(s - risk of rapid monetary growth. To ^ Fr0 n? Bench snokesman 

say that the plans ‘- raise the a f 2 u in the exchange raifi aM and' a fornier member of ihe 
“, n T. accelerating inflation s ulKomniTtt« savs tha the real : 


.-tli mcic^se ui u, cl scan icuuvcu “j ““.euu.i. —— ------ j 

ment would not only encourage Owners of small businesses .at-wm^h capital transfer tax anu 
exports; it would also ease the suffered from high rates of per- capital gams tax became payable- 

BAT launch in U.K. ‘imminent’ 


BY STUART ALEXANDER 


A NATIONAL launch of BAT poof and Southampton -factories cuftfpg by Wills, Player 

,_I_■__ _ TT T* .. 2-__ _.V. rt 1... SntVIn-.nr 


and 


a industries' cigarettes in the U.K. to dope with th e launch. It has Rothmans. . - . 

was •imminent.’' Mr. Peter also: been recruiting a.sales and. .. BAT wili- also .seek U>* expfln“ 


- . --- -—..^ *u«-buiuiiiius«. savs mar me real Macadam, the company’^ chair- majlceting Force for the U,m, its Middte East anddefftraLA?n 

° f PS fi ? ra ,- resourc ® s be present if major incwne-Sx nse nsrt year is 82 per cent. [ D,an - “ w yesterday. based at Woking, Surrey. .eaporrt■:bade atid 'iSStvpMA 

available by me growth of the cut5 were mad e as Well as pr 3 S 4 oer mb? ifTfc \o date was riven but it is Although the brand .launch overseas interesfeOf^:^- ri .g L 

be'^pre-empted y hv" !ndexstion al, “' pro- i be in - * 

sector.” threatening to Prevent , S“Ppo rt /« » med | i ™S jec J lon )s. taken into account. | the whole of the U.K. market by of 

continuing output growth. financial slraten' is also advo- He -claims that 


They reiterate their well-known cated by »P«vUn8 phenomenon 

tests about damage to the in- *"**5 pu W “ « 

iiitriai anri sector ^* v ant ^ fis ca l policy. caviji&r ,ashiOn. 



In aaother paper an financial The views of many of .the :t h?L BAT cigarettes were only 


ifer.:-jDi.. _ . 

• pt?'Ce;' aT. the company s. 


thesis 

duitria] and commercial sector 

rrom a likely resumption in the in aoouier paper 00 uusuuciai iqe views or many or .the "fM " C1 , C “•“J' T,any mav decide not to ho mto taktoB-w-*-.. 

growth of public sector employ- aspects. Mr. Pepper concludes economists appear summed up outside Britain—plug a L Northern Ireland S - Bragifum atthsldlag-*.-Souza Cn» 

mom. from the White Paper's tilus- in the comment of Sir Alec j Ieast one Araencan brand. No .details have been released 'vBritiAAmwkttii - Tobacco h 

instead of extra public tralive projections that the cairncross, a former uhiefj Cost-of. the launch is expected on pricing policy, but Mr Mac- the largest-tobacco company »P 

s-oendins. demand should he public-sector borrowing require Ecoootaic Adviser r 0 the, Vo be at least £om. and the com- a dam said vesterdsiy the' saiuetBe'wOrid outSdd€:l^e Chinese 

raised by tax cuts which "will ment should decline from £6bn. Treasury, who wonders if it party is to concentrate od king- policy as in the' test market writ- he cbmpfeVingAvjfti its largest-- 

lead to a faster rare of increase 10 the curroni financial year rn be “possible to produce size filter cigarettes, areas would be adopted iriiteb- he^competiDS-Wth its laqtest; 

in thp ecoOumy’s supply £5 Ibn. in 197S-79 at 19/6-77 sfifflething at nnce livelipr. more! BAT has been re-organising ‘suggest* that RAT intends to fe 'sinrie-“'shareholder. Imperial 

potential." prices before taking account of lucid and more enlightening.” j production schedules at its Liver- in line with some, of the price- Tobacco, • 


r 


--V 



















Financial Times Wednesday February 1 1978 


HOME NEWS 



Jobbers 

give 

evidence 
on deals 


British Airways cuts ! Council 

charter flights | SSs 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Financial Times Reporter 


| BRITISH AIRWAYS is to cut its being completed. does not affect the airline's large 

program me of charter flights The airline, which in the past volume of holiday inclusive tour 

i from Heathrow this summer, has operated such flights from flying, which wiU continue from 

| because it would be unprofitable Heathrow with Trident and Tri- bath Heathrow and Gatwick. 

:to transfer them to Gatwick Star jets, believes it would be The passenger revenue on the 
Ttvn %:Tnr>ir =■ u - .. i under new Government regu- uneconomic to operate them from charter flights to be eliminated i 

j K B * c “? nse Jobbers lations effective from April 1. Gatwick. There are no engineer- would normallv amount to about i , .. . . . 

5 out 6 tbrnu^h »“ JKi f y *!From that date, the Civil log facilities there for the Jets £3m. but most of it would be ! *"!(• JflJjKJ* 

rc»sum*»rt h hL»Sn- ^? LnlE the ! Aviation Authority , acting under and the amount of “re- eliminated anyway by the Wgb Jj^mment Md toe 

charS? T-atr-f 0 T rt f n rirfn P t t y i Governraent instructions. wiU positioning” flying — in addition operating costs, according to toe 1 L^ur over plans for 

against London stock-■ “whole aircraft” charter to extra maintenance — involved airline. i cl0 *? r ,? Ul 

Robert Carnn Altman 59. and | fjjgh^ !lt Heathrow — that is, between the two airports, would A „ e w company. London Air- aathorlty activities and finance, 
'ourt vosilTrrfau 31 ‘ at Gui *“ ha *‘ 1 flights filled solely with charter, eliminate the small profit margin wavs, is being rorraed by British j The party’s national executive 
tlt ' passengers — and require such on charter flights. Caledonian Airways, to run I committee has rejected propo- 

'..f J i remy 1 flights to be operated from Sn the airline plans to jointly with British Airways j sals for an independent institu- 

indttf Anthunv sfrinnv’irons’' Gatwi ck. eliminate 100.000 charier seats iHeiicontersi. a new helicopter tion at nationalI level to any out 

Ef S ‘and Son S ! The aim is to cut the volume oF this summers move bound to link between Gatwick and ' effleenev audit, and value-for- 

asked by defence counsel’if thevi air Iraffic at Heathrow tu avoid make the already severe shortage Heathrow. 

knew whether? l a congestion, and make more use of seats more acute. The single fare for the trip 

Knew whether u. Altman and Co.< Xhe deeisioQ covers only wII be £ 12 , with half price for 

whole aircraft” charters and children. 


to rift 


BY DAVID CHURCHILL 


Fan a “shop” in Isle of Man 
Associated Investments shares. 

Mr. Williamson said be did not 
know if this was toe case. Mr. 
Jenkins replied that L. Altman 
and Co. did not seem to do a 
great deal of business in Isle of 
Man Associated shares, as toe 


of Gatwick. where a £100m. 
modernisation programme is 


Oil groups win private hearing 


and 1 efficiency audits and value-for- 
i money studies of local authori¬ 
ties. Such a body was suggested 
by toe Government in a recent 
consultation paper on local gov¬ 
ernment finance. 

The consultation paper said 
that the projected institution 
should not take over the existing 
functions of auditors, who would 


I continue to report, as now, to 

turnover in its stock vias quTte 1 SHELL AND BP yesterday won pipeline subsidiary are claiming pipeline subsidiary sought to stop 


small. 

"irB? x^EI*"****"? h "' M S£u.s?5ih.£ffStr P T™ 5 y?o‘i,ppV=“irtr^;dir, 

together with Mr. Carnes denies of sanctions busting by action but gave Lonrho leave to Lonrho claimed that toe oil | comparative Md vmuwoMQMiey 

conspiring with solicitor Judah j supplying oil to Rhodesia. appeaL companies “treasonably induced” 

A Hieh Court iudee ruled that The judge held that Lonrho’s the Rhodesian Government to 


Binstock and other persons to 
contravene exchange control 
regulations over dollar premium 
transactions in 1974-75. 

The transactions are alleged to 
have netted more than £ 2 m. for 
the defendants and six other 
people, including Mr. Binstock, 
out of currency deals involving 
£ 6 . 6 in. 


studies initiated by the institu¬ 
tion would “act in certain cir¬ 
cumstances to strengthen toe 



patues should be dealt with by five other companies. Therefore. In the 1952 agreement, Lonrho J tion the need for a wider role 
arbitration, in private. under the 1975 Arbitration Act, undertook to construct and: for toe audit service, considering 

Shell and BP are among 29 the court was bound to stay the operate a pipeline between Beira j that local authorities can devise 
companies against which Lonrho proceedings against Shell and BP. and Feruka in Rhodesia, and] their own schemes of financial 
i and its Mozambique/Rhodesia He said that Lonrho and its seven oil companies. I control. 


National Freight 
‘still struggling 
for 



BY IAN HARGREAVES, INDUSTRIAL STAFF 

FINANCIAL reconstruction and 
a £ 3 . 5 m. improvement in trading 
profit last year would oot end 
the National Freight Corpora¬ 
tion's struggle for viability this 
year, Mr. Peter Thompson, the 
corporation's chief executive, 
told a Commons select com¬ 
mittee yesterday. 

Earlier, Sir Daniel Pettit, toe 
corporation's chairman, had told 
the committee that preliminary 
results last year indicated a net 
overall loss of £ 10 m., compared 
with £15m. the previous year and 
£3Im. in 1975. 

At a trading level, the corpora¬ 
tion’s surplus rose strongly last 
year from £4m. to £13-5m., but 
with interest charges at £16m. 
and toe provision of pepsions 
to talling £3m. to staff associated 
with formerly raiiway-owned 
companies, toe organisation was 
dragged back Into subs tan t i a l 
deficit. 

It is these interest obligations, 
relating to an over-valuation of 
the corporation's original asset 
base which toe £50m. reconstruc¬ 
tion is designed to offseL 

But Mr. Thompson said that 
the corporation would, even after 
reconstruction, require trading 
profits of £18m. to break even. 

This represented a 15 per cent 
return on capital at a time when 
Corporation studies bad shown a 
likely road haulage industry 


average of 11 per-cent 

Mr. Thompson. described the 
£18m- trading profit target as a 
significant financial- strain and 
“ not a fair basis for .giving an 
enterprise a fair start in life”. 

The corporation will be lobby¬ 
ing throughout the committee 
stage of the Transport Bill, which 
authorises the reconstruction to 
widen toe scope of toe revalua¬ 
tion of assets to- include com¬ 
panies other than those formerly 
owned by British Rail. 

The corporation's volume - of 
business last year grew slightly 
with turnover at £392m., against 
£337m. in 1976. 

Last year, National Carriers, 
the former British Rail sundries 
division, returned a trading 
profit for the first time, givug 
it a net loss of £7ra. Its trading 
loss 'was £4.1m. in. 1976 and its 
net loss £14nx. 

Roadline U.KU toe parcels 
carrier which lost £XBm. in 1976, 
improved to retnrn a £lm. sur¬ 
plus last year. 

Freightliners, the container 
carrier controlled by toe Cor¬ 
poration, but which is tg be 
returned to British Rail under 
the Transport Bill, had a trading 
surplus of more than £ 1 ul, a 
similar figure to 1976. The rest 
of toe Corporation’s sub¬ 
sidiaries had an aggregated 
trading surplus of 


resulting in a net loss of £lm. 



payments 

‘less 

than fair 9 


By lan Hargreaves, Shipping 
. Correspondent. 

A’ CONSERVATIVE 'Industry 
spokesman is urging the Govern¬ 
ment to take a more generous 
attitude in assessing compensa¬ 
tion for aircraft and shipbuilding 
companies nationalised last July. 

Mr. Norman Lamobt. has writ¬ 
ten to Mr. Eric Variey, toe Indus¬ 
try Secretary, saying that the 
£2195m. interim payments to 
these companies announced last 
week were less than fair. 

In . particular, Mr. Lament 
takes up - toe case . »f Vosper 
Thornycroft and Vosper Ship- 
repairers, two of the companies 
to which no payments on account 
were -. made. They could 
not be legitimately valued on 
the basis of a notional share 
price during toe reference period 
from September .3973 to Feb¬ 
ruary 1974—a period, which 
coincided 'with exceptionally 
depressed share prices. 

Because of delays to toe 
nationalisation Bill in Parlia¬ 
ment. companies such as Vospera 
had every right to expect account 
to be taken of their sharp rise in 
profitability after the reference 
period. 


CM warns of little significant 
shift from industrial recession 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

A WARNING that there is little mained strong, but warns: “ As fibre production, ferrous metals, 
sign of any significant shift out long as there is a substantial and electrical consumer goods, 
of the recession In maoufactur- gap between changes, in the cost “There are few. if any bright 
ing industry, and that export of labour and in the productivity spots, but the smaller firms do 
prospects arc poor, was issued of labour, toe possibility that appear to be a little less gloomy 
yesterday by the CBI in its latest some of these intentions will fail than the large.” 
quarterly trends survey. to bear fruit Is a very real one.” The CBI finds a marginal im- 

Reporting the views of some The survey does not indicate proyemeat in new orders in the 
2,100 companies in the first half that the level of employment in past four months. But some 
of January, the survey says that manufacturing industry is likely parts of manufacturing industry 
industrial confidence about the to rise much in the short term —electronic goods, instrument 
general situation had not and the trends were we.akest engineering, printing and pub- 
changed much over the past four among larger companies and lishing—report that toe past 
months, though confidence about those in chemicals, ferrous four months have been good for 
export prospects had “fast dls- metals, man-made fibres, spin- new ort iers. 
appeared." ning and weaving. Optimism about export pros- 

‘ "Output is sluggish and .Nevertheless, sho *2 a 3e pects has deteriorated to such 

demand weak. Export markets ski'Jed labour was one factor an ex tem that pessimism about 
are much less buoyant Lack of * JlLJSSZ th * out,ook for exports is as 

price competitiveness Features ^ r ( l as - widespread now as optimism was 

even more prominently among ■ p, SS 5 i J" °"!R?! & months ago. 
the factors likely to prevent firms SSP,*’ ° f c ii L rt Sf C =<,f r ! This marked deterioration has 
from winning new export orders." Jr ® 1 nrasSnt been associated with a waken- 

But companies covered in the falVe pre ent «ng trend in the volume of Dew 

survey—which employ a total of B.ft'in various branches of export orders ' 0nly 14 per cent - 
some 3m. people and account in] mrinelrin? in- ^companies judge their export 

for about halF the . country’s JJ5S?m IrhinUtStS u well Ts onler hooks above nc,rmaJ whl,e 
manufactured expo ^reported "* c 4 f r ln * 1 a?d toJ 38 per cent ‘ said lhese m 

that price increases are toe £Ljta T„ l ° r a ?JL£? below normal. Trends in the 

least widespread for five years, JgjiSror 1 ■hort£ef iSre volum l ^ evport de | ivenes a J so 

"Escalating costs are at last beinf reported quite widelv seem fA^ s buoyant n0w *** 
becoming something less than De ng reportea ^ mle w,Qels m mid-1977. 
a universal experience.” accord- . Many ' companies expressed 

ing to the CBI. WeakeiUHg worry about the effects—some 

But. while Investment inten- ,, r lin . ki ii pri i abour already being felf—of dlmlnish- 

tions remain strong, employ- -S’USsTte the^otor vehicles in§ price competitiveness abroad, 
roent prospects were not improv- SiStaoSS* where °8 per cenLof Pe dectine in tWs competition 
inn because manuFacturinp com- otismesse., wnere - pe ce has happened despite consider- 

tun* nbly .es, »idesp r ead ™ I. 


Details of trends 

TOTAL TRADE—2,100 respondents. All figures are percentages 
on a weighted sample. Figures in parentheses show toe response 
to the survey carried out last November. 

More Same Less 

Are you more, or less, optimistic than you were 
four months ago about toe general business 

situation in your industry . 19 63 18 

(18) (64) (18) 
More Same Less N/A 

Do you expect to authorise more or less 
capital expenditure in the next 12 months 
than you authorised in toe past 12 months 
on: 

ia> Buildings .-. 25 

C23) 

rbj Plant and machinery . 44 

(42) 


37 

(40) 

32 

(35) 

Yes 


29 t 
(26) ( 10 ) 
23 ■ 1 - 

( 21 ) (t) 

No N/A 


Is your present level of output below capacity 
ithat is. are you working below a satisfactory 

full rate of operation) . 66 33 I 

(S3) (30) (1) 

Excluding seasonal variations, do you consider that in volume terms: 


laj Your present 
order book ts .... 


total 


(b) Your present stocks of 
finished goods are . 


Above 

normal 

12 

(14) 

More than 
adequate 

17 

(18) 


Normal 

4t 

(40) 

Adequate 

59 

(58) 


Below 

normal 

46 

(45) 

Less than 
adequate 

9 

( 10 ) 


N/A 

2 

( 1 ) 

N/A 

14 

(14) 


janies were, if anything, cutting 


back on the numbers they ^ n , raI 7 e TeT was 4 per cent «*«** P™* 5 ' „ 

employed. SvlFar toe^important P n urut aTld seHi , ng 

. “There is little sign that any DO tenti?l consents to pro- prices - 87 per cenL of 
revival in consumer spending is Suction over the coming months reported that average costs per 
yet reflected in manufacturing w as a “hSrta''^of orfere w Se? unit of outp,rt hav ® n *“ ow 
activity: recession continues. g y %° per ceat of “J *«* and 4 per 

Surprising C 7h P e*°)“ mnLri. . pro- “tfe 

. - In such circumstances, appre- nouoced weakening of coin- . halancp’ of 63 suggests that 
ciation of the exchange rate is P an,es tota increasing costs have been less 

unwelcome: the price competi- 48 senenl since September than at 

tiveness for British industry has order books to be below normal h eviou 41 

been eroded. The . need tor and yeul’ the CBI. Expecta- 

genuine pay restraint, made m.il. The balance or J4 per ^ f lhe ncT , four months 
easier by a continued reduction cent, between these two figures ( pointed to less widespread 
in the rate of retail price mfla- is toe least Favourable recorded ",5?™ costs than at 
tion. and^for strong improve- since the survey took this issue t he past few v e ars. 

mnnLs in productivity is under-up jn its questionnaire last Turing to awrage prices, the 

in 


Excluding seasonal variations, what has been the trend over toe 
past Four months, and what are toe expected trends over the 
next four months, with regard to: 

Trend over past Expected trend over 

four months next four months 


Volume of total new 


of which: 
Domestic orders 


Volume of domestic 


ing 


in 

11 The CBI admits it was surpris- Order hooks were specially Iw f ^ 1 term^that to^ra^r nf 
that investment intentions rc- among companies in man-made priee increases ’ ma y he siabili<=- 

"ing. with little change in reports 
over the past six months. 

On overall business confidence, 
the survey shows that, while 

Companies completing these questions have direct exports ex- Aj* 55 p ® r i„^! 

ceedins £10.000 a year. Number of respondents 1,468. ^ ^- neral 


Stocks of: 

tat Raw materials and 
brought in supplies 


Export trade 


Average 
of outi 


costs per unit 


More Same Less 

Are you more or less optimistic about your 
export prospects for the next 12 months 
than you were four months ago . 12 


N.A 


business situation is toe same as 
it was Four months ago, 19 per 
cent, are more optimistic and 
IS per cent less optimistic. 

The smaller firms lend, on 
balance, to be among the more 
optimistic. Mounting pessimism 
is specially apparent in toe 
Ferrous metals area, but con¬ 
fidence is returning with some 

ixeJnrijn" seasonal variations, what has been the trend over the groups elsewhere—the furniture. 

*r?sftir gsa -d '*■«.«"—«"• rorih * B “ i sstEBJTLS^srLsss 

four months, with regard to. 

Trend over pdst 


Average prices at which: 
Domestic orders are 


Up Same 

Down N/A 

Up Same Down N/A 

19 

»1 

27 

— 

13 

62 

25 

— 

( 22 ) 

(56) 

(23) 

(-) 

(17) 

(M) 

(19) 

(—) 

28 

45 

25 

8 

29 

58 

20 

3 

(29) 

(46) 

(23) 

( 2 ) 

(30) 

(60) 

( 8 ) 

( 2 ) 

23 

46 

27 


28 

60 

9 

3 

(23) 

(48) 

(27) 

( 2 ) 

(24) 

(«) 

( 10 ) 

( 2 ) 

26 

50 

23 

2 

31 

56 

12 

1 

(24) 

(50) 

(26) 

(H 

(34) 

(34) 

(ID 

( 1 ) 

24 

51 

24 

I 

30 

60 

9 

1 

( 20 ) 

(51) 

(28) 

( 1 ) 

(29) 

(60) 

( 10 ) 

( 1 ) 

20 

55 

23 

2 

15 

66 

17 

2 

(25) 

(54) 

09) 

( 2 ) 

(15) 

(62) 

( 21 ) 

( 2 ) 

22 

57 

14 

7 

15 

65 

13 

6 

(26) 

(56) 

( 12 ) 

( 6 ) 

(IS) 

(61) 

(16) 

( 6 ) 

25 

46 

76 

13 

16 

56 

15 

13 

(24) 

(46) 

(17) 

(13) 

(16) 

(52) 

( 20 ) ( 12 ) 

67 

29 

4 

t 

68 

28 

3 

1 

(74) 

(23) 

(3) 

(-) 

(70) 

(27) 

( 2 ) (—) 

43 

49 

7 

1 

55 

41 

3 

1 

(52) 

(42) 

( 6 ) 

( 1 ) 

(54) 

(42) 

(4) 

( 1 ) 


53 32 1 

(51) (25) (3) 

Excluding seasonal variations, do you consider that in volume terms; 

Above Below 

normal Normal normal N< A 
Your present ,::port order book ts ( M { « ( ! ( 


four month> 

L'p Same Down N/A 


Expected trend over 
next four month' 
L'p Same Down N. A 


A'lunie of total new 
export orders . 

Volume oT export 
deti'cncs . 

A*eras 0 prices at which 
export orders are 
booked . 

MTiat fartors are likely to limit jt>ur ability to obtain export orders 
over toe next four months: , _ , . 

Delivery Quota and Political or 

Prices dales import economic 

/compared with overseas Credit or licence conditions 
1 competitor!) finance restrictions abroad 

63 l» 5 12 

(61) <*) (58> 


30 

41 

25 

3 

23 

53 

16 

;; 

(20) 

(42) 

(26) 

(4) 

(33) 

(51) 

(12) 

(31 

27 

50 

22 

r 

26 

58 

15 

1 

(28) 

(46) 

(23) 

(4) 

(35) 

(on) 

(IS) 

(3) 

31 

31 

15 

Z 

47 

42 

9 


(34) 

(52) 

( 10 ) 

(4) 

(43) 

(43) 

( 8 ) 

14) 


Other 

<4 

(11) 


and machine tools, tor example. 

Investment intentions remained 
strung, especially in larger com¬ 
panies in the chemicals, motor 
vehicles and electric*! engineer¬ 
ing areas. They were hut so 
strong, however, in textile? and 
ferrous metals, the survey notes. 

Two-thirds nf industry was 
currently working below capacity, 
while the information on stock * 
pointed to some reduction in the 
past four months in raw material' 
and bought in supplies, but in¬ 
creases in work in orogres~ and 
finished goods. 

CBf industrial Trend* Sun ev 
.totiunrij 1P7S. No. 67, Full 
Result*. Annual subscript ;or: 
£.iff / £20 to nan-member* 1 . 21 

Tothill Street, London. SW1. 


Approximately now many months' production is accounted for by 
your present order book or production schedule: 

More 

Lea'Jiknl U) 4-6 74 10-12 13-18 than IS N/A 

14 42. 13 4 3 3 2 18 

i 14) (40) (16) (5) (3) (2) t3> (17) 

What factors are likely to limit your output over the next four 
months: 

Orders Skilled Other Plant Credit or Materials or 

or sales labour labour capacity finance components Other 

77 IH 4 II 3 5 4 

(74) (191 


<-i) 


II 

(10) 


3 

(3) 


Job creation loans 


S SCOTTISH Development 
■ncy is offering low interest 
is to small businesses in rural 
as in an attempt to create 

■he scheme, which follows a 
miso made in the Chancellor's 
unin budsot statement, will 
vide up to £30.000 ai between 
and 9 P er cent., depending 
the repayment period, which 
about 3 per cent, less than 


present commercial rates. 

The loans can be used for 
machinery, buildings or for: 
working capital and are avail-, 
able to companies in towns and’ 
villages with fewer than 15.000. 
people. They will not preclude, 
the recipients from qualifying 1 
For other aid, such as regional, 
and Industry Act grams, but: 
retail, agricultural and bortlcul - 1 
tural concerns are excluded - 1 

1 


Thorn to take 
over lease 

THORN is to take over the lea--c 
of the former Courtaulds Bjlttir* 
hosiery factory at Dnwhs. South 
Wales, ana hopes to create an 
extra 200 30 b.- 
U intends In I ran-ter the 
manufacture nf tungsten fila¬ 
ment and coils (o Dowlis. in 
provide more space in n- 
Merthyr Tydfil factorv for in¬ 
creased production of electric 
lamps- 


(7) ( 6 ) 

Factor* likely to limn jour capital expenditure authorisations on 
building-, plant and machinery over the next 12 months: 

td> l have adequate capacity to meet expected demand . 74 

(75) 

ibi Alinou-’h I hare adequate capacity. I have also capital 
inre.-mien: opporluniiio which would be profitable at the 
prc'-i.-ni cost of finance, but I shall not be undertaking 
some of :hem for the following reason or reasons: 

hi Shortages of internal finance . 9 

(7) 

li<» Inability lo raise external finance . 2 

( 2 ) 

1 m 1 Shortage of managerial and technical staff . 2 

(3) 

ut« .shortage of labour . 2 

( 2 ) 

1 vi uther . 3 

( 2 ) 

tci My capacity ■« not adequate to meet expected demand but 
I do not intend increasing my capacity. This is for the 
the following reasons . 3 

( 2 ) 

in Not profitable because of the cost of finance. — 

<—) 

t;:i Shortage of internal finance .. J 

C—) 

i,:;i Inability to raise cnternal finance. — 

(—1 
1 

C—) 
1 

( 1 ) 
2 

( 1 ) 
25 
(23) 



project hoMied? 


1 r -1 shortage of managerial and technical staff . 


m i Shortage of labour 
Other. 


■,d» Jrece e; the adore 1 .- applicable.. 


The source for plans, designs and 
techniques is the human brainpan. 

We mention it because the Norwest 
Holst group has a proportion well above 
the average of qualified design, technical 
and engineering staff. 

Our brainpower is in all the 
specialised activities 
that make up our total 
capability. Combined 
with our experience it is 
vital in realising our 
sophisticated manage¬ 
ment and planning 
techniques. On site, you 
can see it at work in the 
large number of trades¬ 
men and skilled oper¬ 
atives we employ; and 
project managers have the 


mental calibre and ahtnnomyto keep every* 


Onr brochure shows spmeofthe 
many ways our thinking fa t ranslated into 
practical achievement Send for ft today. 


fabrication andcoraiivc&dn.R includes site 


Send me by remm the brochure on 
Norwest Holsr total capability. 

Name 


exccPDatum, pipe and 


Position 


Company 




Address 

* . 




.FT8 


tad structures, all kinds of 


andnfurb isk m g .AU 
activities are availabiB and 


urithmtheNanoestHolst 

group. ‘ . 



Norwest Holst Limited. Dept. FT8. 35 ChGsham Place^London SWlX SHB,. 
Telephone: 01-235 9951. Telex: 917047. v 




























9 


Financial Times Wednesday m™xf. I 

•r ■ - . ’ - '• • • • ■ " ' ; r :Mt - 5.-. i 


COMPANY NOTICES 


CAISSE NATIONALE DES 
TELECOMMUNICATIONS 

7j°; Loin 1971-1984 oF FF lU.mn.IIin— 

Redemptions due on 1st March 1978 have been made entirely by 
repurchases in the market. A sum of FF 5.000,000— w as 
provided. 

The amount remaining in circulation after 1st March 1978 is 
FF M0.000.000—. 

Financial Agent, 
Banque dc Paris et des Pays-Bas. 

Luxembourg. 


M.I.M. HOLDINGS LIMITED 
'Inconwated in Queensland 


NOTICE IS HEREBY GIVEN that the. 
Siiarc Registers el Hie Comoanv will Be 
closM from 1 Tin February. 197 a Co 23ra 
February. 1978. Both dates inclusive, lor 
the Nvnvnt al an interim dl/iMna or 3 
cents '&UST1 oer share miMt on 10th 
April. 1978 

HILL SAMUEL REGISTRARS LIMITEO 
London Registrars. 

B. Greenccai ffacc. 

London SWT P ipl. 

37th January. 1978. 


PERSONAL 


DIAMOND INVESTMENT seminars Hreci 
For derails contact QT.403 0345 

D.amond Select'on Lim.ted. 57a. Hatton 
Garde" London ECl 


uss2o.oro.roo 

JUGOBANKA 

Floating Rate Notes Due 1983 

In accordance witn utr pro* lawns 
ol the Notes notice Is hereby gitcn 
that lor the six months Interest period 
Fanruirv 1st 1978 to August 1st 1978 
the Notes will tarry an interest rate 
al 2per cent, oer annum. The 
interest oavacie on the relevant 
interest nawment date. August 1st 
1970 against couaon No. Z will he as 
lOllQws: 

Nates 'i Denomination* ot USIl 00.000 
M4E2.1S 

Notes in Denominations of USSIO 300 
M4B.2Z 

Notes m Denominations of USH.OOD 
r -4d 63 

Bv The Chase Manhattan Bank NA. 
London Fiscal Aqen; and Agent Ban*. 

Frb-uarv 1st. 1978. 


CAISSE NATIONAL! DCS 
TELECOMMUNICATION! 

8% 1971-86 
LOAN OF USSZOdQDO.OOD 
. US51.10O.0Q0 of the US53.OflO.DOO 
issue due for redemption on 1 st 
March. 1978 hu Mon repurchased 
in- the Market. Tn*. remaining 
U5S90O OOO was drawn by lot an 13th 
January 1978. "i the oresencu al a 
Notary 

- Bond nnraban drawn 

NOS 11459199—11 521F1Z379 

Inclusive 

Amount outstanding alter 1st March. 

197S-. USJ16.000.000 
The bonus which have been drawn 
will cease to bear interest on is: 
March 1978- Bonds presented lor 
repayment mult be complete with 
rfiupons far >st March. 1979 and 
following "attached and will he paJtr 
in accordance with the .conditions 
shown on the nonds. 

AM bonds reoirvbht on March 1st. 
1977. have been presented lor 
reoavment. . 

The Paying Agent 
BANQUE UE PARIS ET DES 
PAY5-BAS POUR LE GRAND- 
□UCHE DE LUXEMBOURG 


I THE COMMERCIAL BANKING COMPANY 
OF SYDNEY' LIMITED 
I tlncoraorated in Now South Wales) 

! INTERIM DIVIDEND 197B 


NOTICE 15 HEREBY GIVEN that the j 
Transfer Boobs.and Register of Members; 
will be Closed from 3rd March. 1978 to, 
10th March 1978. Doth days Inclusive.. 
lor tnc purpose of payment of interim 1 
div>eend. I 

Transfers lor registration prior to such ■ 
dosing must be lodged before 3 o.m. on 
Monday. 20th February. 1978 

By Order of the Cnigf Board. 

J E. SEARLE. | 

Chief Manager. London. 


BOND DRAWING 


CASSA PER 1L MEZZOGIORNO 
6% Guaranteed Bonds 1985 

S. G. WARBURG 3: CO. LTD., announce that the redemption instalment of U.S.$1 ,200,000 
dui let March, 1978 has been met bv purchases in the market to the nominal value of 
U.S.$270,000 and hy a drawing or Bonds to the nominal value of U.S.$930,000. 

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as 
follows — 


17J69 to 1735J 
1764 1 :o 17'>E.D 
1to f 73J0 


17360 to 17397 
17656 10 17685 
17S43 to ! 7865 


J 7J99 to 17=41 
17691 fo 1770D 
1 757e to J 7S90 


7 7545 TO 17605 
17706 to 17740 
19143 to 19537 


17616 to 17635 
17786-10-17315 
19529 to 19569 


On I >t March. 19?3 there svili pecomt due and payable upon each fiond drawn for ledemp- 
t ! on, ;l-.e principal amount ihereo* logether with accrued miei^r io said dale at the" office of:— 

S. G. WARBURG & CO. LTD.. 

CO. Gresham Si reel. London, EC2P 2EB., • .... • 

or one of (he oiher paying agents named on the Bonds. 

inieresi will cease to accrrue on the Bonds called lor redemption on and after 1st March, 
1972 and Bonds lo presented for payment must have attached all counons manuring after that 
date. * 

U.S.£8,200,000 nommal amount wiil remain outstanding after 1st March, 1978. 

The Following Bonds, drawn for redemption on 1st March, 1977 have not yet been presented 
for payment. 


5733 to 5770 
3433 to 8535 
8693 10 8717 
9010 9011 


5315 to 5824 
8536 to 8533 
8 724 to 8763 
9033 to 9047 


5341 to 5875 
8542 to 8550 
8794 to 8803 
9061 to 9063 


5885 to 5869 
8601 to 8525 
8822 
9067 


6049 6050 

8671 to 8695 
.8918 to 8975 
.9096 to 9178 


30, Gresham Street, London, EC2P 2EB. 


--1st February, 1973 

"i '• 


MA5ILYE5T SJL 

Sftdfldacfe de Inv-stimento DL 
No. 1401 

Notice of Extraordinary 
General Meeting 

Th« Comiucy nas groan ootize ttu: 
an oxtraoroinarr srcncml meeting o* 
its snvaMidera will be item at in* 
Company's offices, rm Dirytta. 250. 
5ao Paulg. Brazil, at lEJO hours on 
Friday. 10 th February. 1978. to 
apprpvo certain amendments to t h * 
coraorato statutes of me Company in 
compliance with the requirements of 
the new Brazilian Corporation Law 
'Law No. 64041 ef 15th December. 
1976. to e’eet HW unBeriatifiioneO as 
members of (he administrative council 
and to approve the remuneration o* 
such members and ol the board ol 
directors. 

The inaf draft of the revised 
Mamies together with an Eogiisn trans¬ 
lation of the above mentioned notice 
and in explanatory circular letter to 
shareholders o) the company relating 
to the amendments are available on 
request, at the offices of cue paving 
agents whose addresses are given 
below, to holders 1 including sub¬ 
scribe™ of depositary shares) itflird 
series) of • international deeosKary 

receipts i" iDR's") representing 

depository shores of the company 
issued bv Morgan . Guaranty Trust 
Company of New York. 

(1) The following summarwas the 
motor amendments to bo con* 
Sidered af the above mooting, 
til The replacement 01 the Board 
of Directors by an Administrative 
Council, as the policy* malting 
body, and a board of directors, 
appointed by the Adoinustrative 
Council, as the executive body. 
The Administrative Council will 
be elected, and may be dismissed 
at anv time, in general meeting 
and such amendment will Shore- 
lore not prejudice the share¬ 
holders’ present degree of control 
ovir the company. 

(b) provision lor the oayment In 
each vear ol a minimum dividend 
fo shareholders, suhiect to reduc¬ 
tion or deferral in certain circum¬ 
stances. proposed by the Board 
of Directors to be 25 per cent, 
of net pront tad I us fed tor certain 
allocations to reserves) 

■2) As a result of the amendments of 
the statutes, the general meeting 
Will be required to elect members 
et the Administrative Council to 
OITiee and to approve the annual 
remuneration ol the Administra¬ 
tive Council and Board of 
Directors as an aggregate sum. 
The following prooasals nave been 
submitted: 

(a) Council Members: 

Messrs. MaretUo Marques 

Morelra. Fernando Roberto 
Morelra Salles. Ate* Harry 
Haegfar. Gabriel Jorge Parreln 
and jullo Cesar BcftHrlo vianna 
raff of whom are present mem- 

_hers or the Board of Director*). 

tol Renroncrotlon: Cr. 5,90.00 In 
total. 

Holders of depositary shares and 
denositorv shares rsecond series) and 
subscribers of depositary shares- (third 
series) who wish to nave the under¬ 
lying Cr. S shares voted at the above 
meeting must deposit instructions, to¬ 
gether with the -*Hevant IDR's (where 
issued), indicating how such Cr. 1 
shares should be voted or allowing 
Morgan Guaranty Trust Company ol 
New York to give a discretionary 
p.-o»y to a person designated by them 
at any of the oaving agents 
MORGAN GUARANTY TRUST 
CY. OF NEW YORK: 

Avenue des Arts. 35. 1040 Brussels 
23. Wall street New York NY 10015 
35. Lombard Street. London EC3 
Ctocki-i-sh-asse SB. CH 8022 Zurich 
By not later than February 8. 1977. 

12 a.m. 


LABOUR NEWS 


Pay rise ! 
sought by 
civil i 
servants 



ini. 


union backing 
sought on jobs 

BY ALAN PIKE, LABOUR CORRESPONDENT 


*.jf = ■ SSj-Ss 


•c-r 

- • • • V’•:** 



BY OUR LABOUR STAFF 


.By Philip jJbBU 


iTL'C SEPKESENTATTLEES footwear employers. _ 

argued strongly in favour of cdd-'. ' Ministers yesterday outlined' 

■ rinuation of the Government's: the proposals which they _ will).THE - - UNOFFICIAL STRIKE 


: Temporary Employment Subsidy .Introduce, if necessary, to both 
servants vesterdav put in a claim in its present form at a meeting.union representatives and 

*„r •* ciihctantini"" pa> - = with Mr. Albert Booth Employ-.employers from the three lo- 

*“■ . ment Secretary, and other mim- dustries most directly involved. 


which - has -stopped ■ production-^ 
at the Ford car plaht: al 
wood, . Merseyside, woisenetfirv 
yesterday as 1.000 strifeiBg p£ess-T-. 5 ' 


short- 

which 


REGIE NATIONALE DES 
USINES RENAULT 
7^5%—1972/1987- 
loan of FF 2DOTOO.OOO 

We inform the bondholders that the 
Mtrch (5. 1978 repayment Instalment 
af FF 3.000.000.— has been made 
by purchase an the market. 

Amount outstanding: 

ff iaz.ooo.ooe .— 

The Print to il F aying Agent 
50CIETE GENERAL* 
AI3ACIENNE DE BANQUE 
- 15. avenue Em*fe Reufer 
LUXEMBOURG 


MORE THAN 350.000 cir.I 

errants yeslerda 
for substantial 
They gave a warning that 

offer below the Govenunents 10; Tne Government met union, possible to introduce a 
per cent, maximum for wage, officials and employers' rep resell-, tup e working scheme, 
rises would be “totaily unaccept-- w^ves from the industries which would be restricted to the three 
_ h i„.» would, be most directly coo-' industries will be introduced id 

30 . cerned if it is forced by EEC Parliament in about a fortnight. 

A consortium of six civil ser- i^orrmisiion pressure to restricT Employers believe that "the 
vice unions representing a total anplieaton of the subsidy. proposals would be less desirable 

of 254.000 civil servants made 'Neither unions nor employers than the present subsidy: nl- 
it clear In a letter to the Civil believe *ma: the proposed alters.though better than nothing. 

nninrrmph* rh-i iHp- • oarive —z &hort-r.me worKmg.. .llimsters have not yet’ gi. 
berrtce Department th«i the.. 3u5jS ; d -_ wou i d j, e a5 effective as up the fight to maintain the sub- 

would not be prepared to accept ine ts ;nporary employment sub- sidy, under which employers can _ __ 

any pay .offer which discrinii- 5 id;-. ‘ _ 'claim payments of ^0^per per-1 0 ^ s are **jii e }y follow 

nated against Dublic sector “ “ " c 

workers. 

The letter from the consor¬ 
tium—which was set up to press 
a claim for all civil servants, 
until two of the major unions : 
decided to put their own claims' 
forward independently— said: 

“ There is now widespread • 
evidence of the general level of 1 
settlements, and we make nc, 
apologj- for making it clear 
beyond possibility of misunder- 


An enabling Bill making it 1 room workers voted to stay otrt;:%. 

No plans for a further meering^- ^ 
were made at the mass meetings- 
in Liverpool, and-the effects, of.. 
the strike, in its fourth,.?v^Bek..'..r- 
have started to spread.T<r 
rest of the companS- .-V 
A sbortage of body..jane 
from HaJewood caused - ,6K) of'-Ss 
I the 2.500 workers 'at Ford's ■ 
yet given isouthamnton plaint-to. be'; 
off last .night. ' 

More production cuts and:lay* 
lr--, 1 I. 1 . 1 » Mt«L- - -porir-. 



•Jie subsidy is having a distorting lieve the subsidy is distorting 
effect on competition in some.competition as Efre and Denmark 
industries is n arbitrary '* and have complained. It stresses that 
“ iDassroariate in current cir- the -subsidy has helped many 
cumsiaaces." . companies back to a firmer flnan.- 

A TUC statement described pia! footing, 
pressure by the Commission on . However. the Commission 

the LVK. Government to modify could try*through the European 

the subsidy as an * unwelcome court to" force the Government 

intervention ” which took . in- to restrict use of the subsidy, and 

- adequate account of the disnip- ?tfinisters would almost certainly 

standing that any proposal which. tive effect which such modified- not wish tD take the fight so far. 

below this level will be i tior.s could produce. ..- British afiicials are confident {practices^^ : it 'is - trvmg ■to'-'hriiig' T ^’: 

totaio unaceeptabie and wll»- The committee is concerned that the short-time wo rkingljQto Hale wood. - - 

produce the strongest reactions. ■ about disproportionate use of the scheme. - despile the reservationsr Bur at tbe L mass mefeflft&-TSe 

; temporary employment subsidy of unions and employers, would I mcn had returned to the pdsitWd:’.^ 

:r. the textile, clothing and foot- receive Commission approval { they held almost at the sfarr fllj ~ 

since it woutd 20 to people- who ( the dispute by . opposing 

pcrmt8 aJTectrog supernisiop 


of raw mat^alsi. and 
there were laid ofE. . 

This brings the total' -laid • 
to nearly 10.000.- AH production: 
cars .gearboxes' and 
has been haltod. 

- 

Points opposed /j;: 

Ford said at the weekend - that •£-- 
only ode point was outstanding; ^', 
in the nine^ibinr plan of yrOtKV-l 


Other claims 


The two civil service unions 
which will be negotiatics inde¬ 
pendently □□ pay. the 230.000- 
nieniber Civil and Public Ser¬ 
vices Association, and the 
105.000-member Society of Civil 
and Public Servants, have both 
said their pay claims exceed the- 
10 per cent, guidelines. The 
Society's claim is believed to be, 
for around 20 per cent ' 

The consortium has not given 1 
any details of the rise it will 1 
ask for, Zt seems determined J 
not to accept any offer below j 
10 per cent, but its members feel 
that claims for as much. as. 20; 
per cent are unrealistic. 


wear industries, ^ . 

At present -HJ5.000- oJ~ Jt)ie''.wcre not-workina for part of the| 
1S0.000 toiai,.subsidy payments..week, rather than ■ maintaining 
are going to fexule. cJothingt and l thein m fall-time jobs: 


Steel committee 


loss of production. 



BY PAULINE. CLARK. LABOUR STAFF 


New issue 
February 1.1978 


AH of these bonds having been placed, thrs an¬ 
nouncement appears for purposes of record only. 




INTERNATIONAL BANK ^ 

FOR RECONSTRUCTION AND DEVELOPMENT 

Washington, D.C, 


DM500,000,000 

5 %% Deutsche Mark Bonds of 1978, due 1990 

Interest: 5-iSp. a., payable on February 1 of each year 

Redemption: on February 1 of the years 1987 through 1990 in 4 equal annual instalments 

by drawings of series by lot at par 
Listing: at all German stock exchanges 

Issue Price: 99% 


^ a 



C *ON AND 


Dresdner Bank 

Aktiengeseflschaft 
also for 

Bank fur Handel und Industrii 

A C len^csctlsc 



AHgemeine Deutsche Credit-Anstaft 

Bad/sche Kommunafe Landesbank 
- Girozentrale - 

Bayerische Landesbank 
GirozentraJe 
Berliner Bank 

AWanseailbehflft 

Bremer Landesbank 
DG Bank 

Deutsche Oaiiosgenschsftsbinir 

Deutsche Unionbank G.m.b.H. 

Hallbaum, Maier & Co. 

Hardy-Sloman Bank GmbH 

von der Heydt-Kersten & Sohne 

Landesbank Saar Glrazentrale 

B. Metzfer seel. Sohn St Co. 

Oldenburgische Landesbank 
Aktkngesgllachgft 

Gebr. Rochling Bank 

Sdirddo-, Munchmeyer, Hengst & Co. 

J. H. Stein 

M. M. Warburg-Brinckmann, Wirtz & Co. 


Deutsche Bank 

Aktiengesellschaft 
also for 

Berfiner Orsconto Bank 

Aktiwigcagflachafi 


Commerzbank 

Aktiengesellschaft 
also for 

Berliner Commerzbank 

Al»wa««li»chstt 


Bankhaus H. Aufhauser 
Bank fur Gemeinwirtsehaft 

Aktisrigesalfcchaft 

Bayerische Vernnsbank . 

Berliner Handels- und Frankfurter Bank 

Richard Daus & Co. Bankier^ 
vormais Hans W. Petersen 
Deutsche Girozentfale 

- Deutsche Kommunaifaank - 

Conrad Hinrieh Donner 

Hamburgische Landesbank 

- Girozentrale - ' 

Georg Hauck & Sohn 

Banidiaus Hermann Lampe 

f'.Oram,ridrlgtaol[»chijtt 

Landesbank Schieswig-Holstpin 
Girozentrale - 

National Bank 

Aktiingesdtechoft 

Sal. Oppeqheim jr. & Cie. 

SaarlancEsche Kra^itbank 

ABiwrtgoMUKturit 

Schwab i scheBank " 

AktiBnga««aschatc . .: 


Trinkaus & Burkhardt. 
Westfalenbank 

A*#sng«*BUKi>stt' ' .' 


Westdeutsche Landesbank 
Girozentrale 

Baden-Wiirttambergische Bank 

AktiengeogJlscruf-. 

Bayerische Hypotheken- und Wechsel-Bank 
Joh. Berenberg, Gassier & Co. 

Bankhaus Gebruder Pethmann 
Delbrlick & Co. 


Deutsche Landerbank 

AUJengetallachait 

Effectenbank-Warburg 

ALtienauflllsctiatt 

Handels- und Privratbank 

AkuengHBllBetian 

Hessische Landesbank 

— Girozentrale — 

Landesbank Rheinlarid-Pfalz 

- Girozentrale - 

Merck, Bnck & Co. 

Norddeutsche Landesbank 
Girozentrale 

Reusehef & Co. 

Karl Schmidt Bankgesgh^ft 
Simonbank - 

AnnengaseUEcriait 

Vereins- und Westbank 

AkUangasellsctiiiiE 

Wurttembergische Kommunale Landesbank 
Girozentrale 


on 


THE GOVERNMENT is urged. - Mr, Sirs accused the Labour 
to-day to .sack. the select commit- Tarty's representatives -of;pEay- 
tc*e on steil as‘Vthe bes.*. service/ing the Tory game in putting 
the Government cotiia sive - the"iheir'Hames to a report on steel 
steel industry." ‘ closures other than those 

Mr. John Boyd, a leader of 
the engineers" union, adds his 
voice to growing union criticism 
of the body in his unions jour¬ 
nal. published to-day. 

The general secretary of. .the 


?' - r -./rti:.-. 

■ Mr Eric Cooper. Transport- and-; > . 
General ‘Wankers’ j_Unioiy^ eon- -^y 
venor in the. - prfSsropon. 1 -faKl>:: , ; - 
hfter the meeting: ’’We 
wait for the. managennsoti-.td -- 
Fapproach us with firm proposals.:---: 

' lit is up to them.” • • 

- A - Ford' ofiieial 7 at Hilewrod : - z . 
said: “ We are extremely con*- 
cerned and are . reviewing ^the ; 
situation.” * - 

• A strike by SO workers at the k • 
Leyland ‘Carrs Inngbrfdge; {fiaot [ - 

hit productioo' oP the Mrifr ?e ££&■ 
terday. when .{he companjf. halted-Jr^- 
ohe of the Three "Mini assembly.^ ;; 
tracks. The men claim ^that the 


management ignored p^oefidure.^? 


in closing the line.-imt Levland : <± 
said that the trade was halted 
“in the interests of efficiency ^.- 


»c» -jiT- \ m ‘. 


closures other 
the Beswick list. - - 
Mr."Boyd calls for BSC and. 
union ■ encouragement of jolnr’, 1 and productivity/’ 

planning of a more, cost-conscious-j _!_ 

industry fit to compete, on the 
world market. 

en^freerip" aecfion tif thf» Amal- “The humblest greaser or 
ulmat-d i r "ion of En«ineeSti« ->4wer * n any steel works could 
Worker* deSoes them;;! I he committee)/that 

hypocritical". in its behayiourf-g^j^^^ circumstances, Sir. _ 

His continents follew-the ^jj s - nonsense 'that' facts ' ' 

:r.inee's recent row-rwriibi -BSC-- a rfd‘ figures have - been witheld [XBOUT UJOO^meOf aii^ade* - -/ 

revriomf et f er 4 ,i h t ls a11 so ” m ' lc ' h s*Uy superficiality " ‘ M *“‘“ r * J 

r.used .oss evpctation of about against the serious economic 

facts, which even a blind man 
can see.” 

Mr. Boyd, a former steel indus: 
try apprentice, shop steward, 
convenor and chief union nego- 


Overtime ban, 
may cause 
Tyne lay-offs'; 


£520m. this financial year was 
concealed deliberately or 

through negligence. 

They complement a recent 
attack on the Labour members 


of the committee by Mr. William-'tiator-and -author ef i-book-n 
Sirs, general- -secretoy--of — th e t h e industry : wag'a ftramter mem- 
Iron and Steel Trades Confedera- her of the industry's trade union 
l,on - consultative committee. ' . . 


. workers laid off 
as lorry strike continues 


FINANCIAL TIMES REPORTER 


-—nearly one-third-bf- tHtf>lotal 
workforce—are due to be' lfii# =4 
off by theend .of the week-inJher/. / 
Tyne’s six nationalised ship- 
repair partis, because .of a.hniler.-i.„ 
makers’ overtime h*Pimposed . 
a week ago: . . *■"- i * 

_ The ban has already . 

-group—a- dozen—ships -a n d - the 
yards are now rapidly running ' 
out of tbeir present work. Some •%- 
wiif-be empty with in a few days, j 
l- Many of the workforce have 
already been ^eurhomeon “idle 
'.-time” ef-£52 a- week for ^riled 
grades, less for ancillaries. 

But Mr. Eoben BuUer, chief 
executive, yesterday told shop 
stewards that this was no -linger 
economical. Starting to-morrow 
men wotifd be laid: off on'ite the 
dole. - - .; s 


i-mcenttye: 
payment - 
can go 


STRIKING lurry drivers main- i^onds'were drying up. 
rained toe:r picket lines af Sooth .lloo? than 2.Q0Q arivers. mostly 
Wales ports and big factories Transport and General Workers' 
yesterday m their campaign for Union 1 members, are on - strike, 
a £53 50 basic wage. - Employers, members of the 

Tne strike, which began on Rnad ;Haulage' Association, have 
.Monday, has already led to the .offered a 10 per cent, rise on 

laying-off of 4.000 workers at the £4Q. basic wage for a 40-hour 

Hoover’s washing machine fao- week, but the drivers demand 
tory in Merthyr Tydfil. consolidation into their basic 

Hoover says that a drivers' pay of-previous pay rises amount-1 
picket line has prevented lorries ing to £8.50. before the 10 per 
from moving in or put forcing cent, rfee is calculated. 

t to lay off mort °f its workers. Some South Wales members_ _ . 

The strike has also begun to of the.Road Haulage Association)group the ElectricarContiactori 1 
hit food supplies for farm anu have said that they are prepared Association’has eikimed - r -'' 
mals. The Farmers Lmon warned to meet the drivers’ demands.! i 

that animal? would start to stan e but tRere are no signs of officiai 

soon as supplies of manufactured negotiations being renewed. 


r.g- 


3:.' 





Financial Times Reported t 

f.TKE DEPARTMENT of Emplpy* 
trient has allowed ^-fip per'-.hdur 
non-incentive payment-for^BWOO 
'electricians. the', etftpfoyeris 




NUJ to review sanctions 
at provincial newspapers 

BY OUR LABOUR STAFF 

THE NATIONAL Union of The Newspaper Society, repre- 
■Tournalists will hoid an enter- senting the employers, said" last 
gency committee meetins later night, however, that many NUJ 
this week to review the effects of chapels ■ were not applying 
journalists' sanctions on pro- sanction s 

vinclal newspapers in a pay row. The. pay rd.w follAws! union 
The union aiso says ir is seek- acceptance of a national 10-per 
ing iegal advice on what it des- cent, pay offer from the society 
cribes as a “lock-out” yesterday and centres on the..employers’ - 
on the Kent Messenger where S3 bah on.- further pay negotiations 
journalists were suspended with- being pursued at house level, 
out pay for applying sanctions. • A pay dispute has meant that 
The union claimed last night Tor the . second - , week r unning 
that the “vast majority" of Reveille"has not been printed, 
union chapels had implemented Mirror Group Newspapers said 
union instructions to withdraw last night that machine-minders; 
soodwili and co-operation from members of the National Graphi- 
the beginning of this week, ca! Association, had claimed 
Sanctions include an overtime -parity with compositors. The 24. 
ban. a ban on night jobs and a men refused a productivity deaf 
refusal to use private cars or and despite a pica by ‘union 
handle advertising features. officials‘..refused to print 


I The non-incentive - : paywenL 
which provides fall-back r.-jw. 
raents for . electricians oii -con- 
traet, who are unable to sennre. 
bonus earnings from new pn^ 
dactivity schemes,.-was. pprti-Qfj? 
pay ‘settlement which .was-agreed. 1 .. 
by the Association and tfae’ Elefh! 
trica! and .. Plumbing -'Trades - 
Union, hut to which, the'Depart'- .- 
meiu objected. ; ... .; . 

■The Depaftment^dry^^^S-: 
that talks.. with representaliv&i 
from the industry--wew, 
going on, ’ '. 

.. The i electricians’^urtidn r . ' 
urged its'member® tb takfe ,-A 
■trial action is necessary 
^lenient the-full pay 






Hospital 

go on 

THE DEATH of a htispftai pbrter' 
has led to a walk-out by 2fld 1 
fellow workers at Westminster-: tjj 
Hospital. : and... two'. .associatad. 
hospitals. * ..t 

. They . claim that Mri;- Lore® > 
Galano, a' -35-yeaIff-'Eifitftite- 
who died on. Sion day v was-Jeft 
without medical ’ attention 


k n: 




Effectiveness of A CAS queried 

BY OUR LABOUR EDITOR ' " - • 




ONLY 10 per cent, of employers trial Relations " Review and leetive representation 

have granted union recognition Report The authors claim that The survey says 

following a recommendation-by AC AS-' recognition' work “has tfen-hf 93 cal^o far have" e» , 

Conciliation «nd had only a ltniited effect on the ployers granted reringaltiexU7Jh l 

: -S-i* Secvlce - To ' 60 ^ ll ’ development - ■ of- collective 18 cases they i 

is claimed. b^gainiag.. . . . .- to revoke its findings.'■ 

Many employers have asked - They attnhuter.this to lack of In the wake o?Gruairiri^ : 
ACAS to reverse its findings., teeth in the., legation, and to successful resistance 

some have challenged the the time an ACAS inquiry takes; 'through thee>urts.Wd ? Oftith«r. , , 
agency in the courts and others Under the Employment Pro- less-publicised 
have ignored the findings .tecti-on •:Act, employees cannot .proeeditfes^rnow the^iTiieerJrf- 
because they .-cannot: Ae statu- --seek esforcemeilt Of union recog->:am«idiiiglegislatiofi-^f 
toriiy enforced. . nition, but can ultimately appeal Labour KPs — 


V 


a. ■ 


Thes^ 
surre. 
m tixe 



A 




mW i V 


'seriously *d«n agfii 





L 




























HANDLING 


RETAILING 



Curves give Point-of-sale systems warning 


conveyors 

flexibility 


■“bourse 

fS£>? 

f* 

S ^ ■ 
: - 

$iZ£*r* j’ 

* ion ««£? ' 
*3*?* and. 

jj u PnJSijJ 

3 co «Po QK J! 


*eekiers( that 

W** 

to b r 3 ; 

; ruee’irv; *l. 

Jhft ?o,m w . 
" *nc ,i -n iif 
^pc-a> UTl 

ipervjc; g ^ K4 

T.^r-o'.n M j 

. Ln;jn C01! . 
ist*rovni - «aid 

“We wii i££ 
inapeui^nt. ;q 

ire I'ropiijji, 
3* Hr.l^vprsj 

xtre-v.y m 
reriwinj .raj 

Worker? at ij. 
tjrbrid??: rian 
ih» Mr*i t*. 
ompany hsbH 

Will .••'fT’.V? 

»hi» tr-; 
roc Ti r>:t±L-! 

b.: - Lc’tM 
«■• ■■.* r.ihi 

fi f '< r - e-'r 


e ban 
se 

-offs 

rresponocot. .- 

i n- -.-. <:arta 
i of T.-: Mi 
iii* i'j ue S»d 
»u ■.» •.?;'« 

sni> 

i;e a ,l0i;e 
L-jr ::r-r«sw 


*. '• LING SYSTEMS can supply 

a major market ' ; SlC&se 

•• .- • w »% ■>•*. 766mm (SO inches) and 941rom 

AVi2ir!cBE<Te(»nt.angmsttiqb'of ultimately -In’ .Atistrafca .and (37 inches). Eleven standard 
Interdefign Incorpora^ed,.Sunny- Japan. Meanwhile, senior Fer- belt widths are available between 
- y e rri anti is »»ti technologists will be going 325mm 03 inches) and 1,300mm 
planning;-* tiiajbr^HnUzstios of ^ Sonayvale. - on : a semi- (82 inches). 

aaL.-tiCSan^ m “7" 

POJJfiJtft- market for ita TlljV 1 fnr tjnpiint.Oji&. there. advantage over other types of 

: ■ of the situation is Powered conveyor bends In that 

■nblogjiyfor .'fe^odnetion 0 fbasic circuit technology they are maintenance and adjust- 
integretfe*- rirr m t» -mgtomers* 1 ttPderiyia S ULA is-one that was men t-free a n d the belts used do 

' thought of at Bell suffer from tracking problems 
■".■v.&lub* but not pursued. -Now, ^ce they are sprocket driven, 
.■ jspy gwr-w Fi g ian o a l 'a: fully developed jttate of the Made from injection-moulded 
Ttoetf^esteid^>^ob^rt': W. art, it is going to be sold on ank * 10 ^lass reinforced nylon 
Towniey,^. preslqeirt.iDr. Inter- home ground; so to speak, by a 6, hinged with corrosion-resistant 
d©0ga^i^<i^d : 'Ferran'tfs DLA company which was . convinced steel rods » the belts withstand 
and^winpan y's own Mono chip from the outset that the process tou £b working environments and 
a^^tecSM^jas.cdmplemen- GDI, had considerable promise ^ hygienic, making them parti- 
tarE:: amiability 'through despite initial development cn!ar, y suitable for food pro- 

Uita^efflgn-'Of,.TJIiA in^the U^. problems; cessing. applications. They are 

wherethe-niai^etior custom, and At present; the marketing easily cleaned, using standard 
senEHa^oro^ devices was,, esti- breakdown-in . the by Inter- brush rollers, hot-water, steam or 

.matsd.:a^ahcmb..g35Qm.; a year design^ Js-between 50 and DO per detergent baths. Id the event of 
rfwnld^epI^Mie comblned ven- ^enL industrial^ 30 per cent con- accidental physical damage, 
market between, sumer and the remainder mili- individual links can be replaced 
ip the fairly : taiy,.with the latter store tending cheaply and rapidly. 

Interdesign s tarn- ft, grow though the company has Temperature range is from 
®*?r ltFiiv/y was $5m^^^ se far made no particular drive D1 ’ nus 40 degrees C to 120 
.riT&^&raction of both-methods on this market degrees C. Because of the tough 

^ mzoiit- design Is that they : For its part. Ferra-nCi has Future of the belt, beavy loaa- 
jtettoSt.'a; manufacturer of elec- scored some major ‘successes' in m f s . can be accommodated. 
trooaC:eqtj^)nient. to: inatch his custom circuit design in Britain, _ .*_ n g Systems is at Unit S, 
engineer^ specifications' much one °f which was the production Station Road, Gambungay, 
njoje'inlphely than by '^adapting °f tbe complex, high performance Sanfl y* Beds. 076 < 50101. 
iiigh^vplnine standard products. large scale integration chip for a 

At -thie-;.same time, tbe cost of range of digital meters produced a MAlllTritiANCF 
customising is not high since by Racal. and sold by the latter “ mum i tiwuivt, 
Infeplesign; for instance, takes worldwide. w-ni .i 

’four.-vre^s and .charges $2,800 As in the case of Interdesign. | 1,0QTIC Till 31 
for, all;tooling.. Some two-thirds users here have found that the V/lvAllij 6,11.V* 
of ; ’^WJocl»ps delivered are stocking by Ferranti of a selec- 
■desi^ned'hy;the user. tion of ULA devices on which CB\X7pi*r 

■ TWsT ; 3oes not mean that pro- ^munbers of functions are VT vl O 

duciftmpf the resulting devices :NAilED THE Whale Combina- 

must be ; a' llmited run. Never- ot tion, the latest cleansing vehicle 

theless, .Jbe-daim Is that Mono- from Wbale Tankers is fitted 

. wU1 W ate lvS e l^iSfSiSSSr boUl “ aod . a 


POTENTIAL users of the new 
European Article Numbering 
system (EAN), launched in 
Britain last week, have been 
given a warning on too rapid 
adoption of fully automatic 
systems based on the code. 

Bil] Patton, vice president, 
marketing, of MSI Data Corpora¬ 
tion indicated that while it was 
the intention in the future that 
the majority of grocery packaged 
goods would hare the EAN pro 
duct code symbol printed on 
their containers, its implementa¬ 
tion might be very slow. 

All retailers — particularly 
high-volume Operations such as 
supermarkets—would be affected 
and "the unique numbering 
would allow automatic capture 
of information on coded articles 
for such tasks as stock control 
and sales reporting at point-of- 
sale terminals. 

American experience with the 
Universal Product Code symbol 
(UPC i, announced in 1973, 
showed that it would be several 
years before packaged goods 
manufacturers had marked a 
sufficiently large proportion of 
merchandise to make point-of- 
sale systems viable. Any con¬ 


sideration by U-K. retailers 
should take into account this 
delay—and also the fact that it 
would be a long time before all 
manufacturers were registered 
un the EAN number bank. 

Slow implementation in 
America was underlined by the 
fact that in August. 1977. the 
Food Marketing Institute there 
reported that out of 200.000 food 
stores, only 173 hod point-of-sale 
systems with scanning operations. 

Patton said suitable point-of- 
sale terminals with scanners cost 
around £3,000 per checkout and 
required the support of an in¬ 
store computer. The cost oT the 
latter must be spread over (he 
number of checkouts in the 
supermarket. !n the U.K. super¬ 
markets had an average of eight 
to ten checkouts, far less than 
their American counterparts. 
Total cost per checkout could 
be as high as £4.500 in Britain. 

At a far lower cost, retailers 
could quickly take advantage of 
the introduction of European 
Article Numbering by adopting 

a stock replenishment system 
using portable data terminals, 
such as the units made by his 


own organisation. 

MSI’s approach was simple- 
Sbelf labels, rather than the pro¬ 
ducts themselves, could be 
printed, showing a description 
and bar-coded EAN equivalent 
When reviewing stock for 
replenishment purposes, the 
retailer would pass a wand 
scanner attached to an MSI ter¬ 
minal over the bar-coded shelf 
label and record the quantity 
required. Then, by coupling the,, 
terminal to an ordinary tele-" 
phone, the information could be 
automatically transmitted to a 
computer centre or warehouse. 

Even though he had no com¬ 
puter. no distribution system and 
no warehouse, the small in¬ 
dependent retailer could use the 
MSI system if he was ordering 
principally from one supplier as 
in the case of symbol groups. 
All he needed was a simple MSI 
terminal costing around £1,000. 
and shelf labels. He could thus 
get 90 per cent of the benefit of 
article numbering for a fraction 
of the cost of cash registers with 
scanning devices. Patton asserted. 

MSI is at Data House, St. Ives 
Road, Maidenhead, Berko. 0628 
33121. 


• DATA PROCESSING 


Micro keeps boilers efficient 


■ rerramf 4 intends to . market FemStdf S u£a S eilt ,rto power ls available 

Monochip^n-jBurepe and-perhaps 061 681 2000. for the pump. 


to abrasion 


Mono^hlplin -Europe aad-pexhaps 061 681 2000. for ** pump. 

■. - •' Other fittings include a 

a-'imwb la.. - hydraulically raised 6-inch bore 

W MATERIALS gullyarmwith.remotevalvecon- 

‘ trols. hydraulically driven high 

Resistant to abrasion 

. w WMi iUMUU • for straightforward vacuum 

SPECIALLY -formulated tough SFt. x 4ft and i. i and i 1 inch tanker work, 
pdlynjSjfiiime (Shore hardness of thick. They can be cut and Internal load filtration and a 
an ‘an embedded open ^rilled with ordinary Jiand tools, system for separating oily sludge 

lattice'^frinrcerneiir of are. sufficiently -flexible to from the rest of the load is in- 

conform to a curved «“*»■ The corporated. and the tank can be 
Wc|E.Steel |s now available m s heets have a moulded pattern partitioned into two or three 
sheet- -T i-TOr m. for applications of holes for bolting to a sub- compartments. Tank capacity on 
where, resistance to wear from strate. and polyurethane caps can the first model is 2.600 sal. 
handle--, -, bulk materials- is be supplied , to cover-'the bolt t n addition to jetting and de-i 
required. • _ heads and provide a completely scaling work in sewers up to 

Tufsfieet is stated to have Audi surface. 6 feet diameter, the high pressure 

impact, shear-force and abrasion Typical applications are for the water system is designed to 
resistance betterT thfii Ordinary protection' of silos, chutes, power turbine driven rock cut- 
rubber, sheeting several times as hoppers, dump trucks, dredgers, ting heads used to cut through 
tjbfck. JtV'is/ T claiw^rto '~’resist^stc- -.The sheet is also said to collapsed and blocked drains and 
materials;suth,as:fi:on orft eoke. reduce tie noise levels when sewers. A high pressure hand 
coal, ash;^ndH^®raVel, and sand. falling material strikes it ‘ water gun with Its own hose reel 
and |ot.b e unaffected . hy low More from the maker, Hytek can also be fitted, 
temperirthrar, wter, weak adds. Mouldings, Hallcroft Inddstrial Details from the maker at 
tar aria|<ffl*-/sc,. . Estate. . Retford. Notts: DN22 Ravenshiw Lane. Solihull. West 

Sbeets^f&aiWble measuring 7SS (0777 700126). Midlands ^91 2SU (021-704 3191). 


COMPUTERS and Automation 
division of ERA has developed 
for Westingbouse Electric, the 
software for a microprocessor- 
based Model 218 oxygen analjser 
system which facilitates opera¬ 
tional self checking and auto¬ 
matic dynamic calibration to pro¬ 
vide an improvement in accuracy 
over standard systems, without 
any need for human intervention, 
routine calibration or 
maintenance. 

Accurate control of the fuel/ 
air mixture in fossil-fuelled 
power station boilers results in 
maximum fuel efficiency, 
minimum pollution and on oil 
fired units, minimisation of boiler 
back-end corrosion with its 
attendant maintenance and down¬ 
time. 

One of tbe effective methods of 
implementing this control is to 
monitor the tixygen content of 


the exhaust flue gases. The basic 
Westinghouse analyser is already 
well proven. lis use, however, 
does require additional ancillary’ 
analogue electronics and to 
check or calibrate the actual 
probe demands manual flushing 
of test gases. 

Westinghous-* decided to 
design and build a four-probe 
system to provide * completely 
self-checking. seif-caiibraling 
system requiring no human inter¬ 
vention apart from when a mal¬ 
function is detected: also to pro¬ 
vide a means /or complete 
system and accuracy checkout 
and calibration on command — 
either by boiler operators or by 
the efficiency department — 
remotely, from the control room. 

Automatic calibration of all 
probes is achieved by flushing 
test gases .of known oxygen con¬ 
tent through the probes sequen¬ 
tially every 24 hours. 


Generation of a single "main¬ 
tenance required’’ signal indicate, 
locally and remotely, that a fault 
has occurred in the computer, 
probes, controller or test gas. 
together with diagnostic fault 
indication. 

Execution of all arithmetic is 
to sufficient precision to maintain 
the probes to better than 5 per 
cent, of reading accuracy 
capability. 

The new equipment has 
already completed over 2000 
hours of operational service at 
a major power station without 
the need for software revision. 

It is conservatively estimated 
that, in a typical installation, the 
improvement in fuel efficiency 
and saving in maintenance alone 
will recover the unit's capital 
cost well within a year. 

ERA. Cleeve- Road. Leather- 
head, Surrey .KT22. 7SA. 03723 
74151. 


• SAFETY 

Dispensing 
from drums 
made safer 

EQUIPMENT THAT enables low 
Sash point liquids to be dis-i 
pensed from drums as required, 
without the usual accessories 
needed ■» for preventing sparks 
from static electricity, has been 
developed by Justrite Manufac¬ 
turing Co.. Chicago, U.S. 

Grounding cables and bonding 
wire between the drum and con¬ 
tainer being filled are not neces¬ 
sary when using the company's 
n on-metallic safety can and 
transfer pump with seir-bonding 
hose. A safety drip cun is also 
available—this' is lidiess with a 
perforated fire baffle over the 
opening, and a capacity of one 
gallon. The equipment has been 
approved by the U.S. Factory 
Mutual System, and the Under¬ 
writers’ Laboratories. 

Marketing in the U.K. is by 
Molnar Machinery, 6, The Broad¬ 
way, Woking, Surrey. GU21 5AR 
(04862 64616 >. 

• INSTRUMENTS 

Easily used 
generator 

DESIGNED with the servicing of 
mobile communications equip¬ 
ment in mind, the SSG 520 syn¬ 
thesised signal generator from 
Famell Instruments can carry 
out measurement, test and align¬ 
ment tasks in the 10 to 520 MHz 
with maximum convenience and 
efficiency. 

Speed and accuracy of 
frequency selection is helped by 
the use of thumbwheel switches, 
and ranging is automatic. No 
frequency meter is needed—the 
frequency is set precisely on the 
seven digit thumbwheel display. 
Resolution over the entire 
frequency range is 100 Hz. An 
added convenience is a frequency 
memory: no re-tuning is needed 
after a power switch-off. 

The voltage output level can 
be set to within one decibel over 
the whole band and the rotary 
controls are arranged with 1 dB 
click stops over 119 dB. A 


EMI means more 
than metal 

Imporial Mctallndnrtriej Limit* 

Boil ding prod uni -Heat exchange 
fluid power - General engineering 
i'sp l.iMi-nrrs 

PX'Inod and wrought met alt 


vernier provides continuous con¬ 
trol between the steps and an 
edge-meler also shows the level 
setting. 

The company claims that the 
instrument permits “totally un¬ 
ambiguous” sensitivity measure¬ 
ments down to 0.2 microvolts tor 
to 0.05 microvolt usiDg a 20 dB 
pad). For easy servicing, most 
of the instrument comes apart in 
module 1 form. More from Sand- 
beck Way, Wetherbv. Yorkshire, 
LS22 4DH (0937 635411. 

• MACHINE TOOLS 

Automatic 
nut tapping 

SUITABLE FOR both short and 
long runs, the latest Streicber 
automatic nut tapping machine 
uses bent shank taps, and a 
clamping fixture to ensure trial 
the thread is tapped square 
to tbe nut face. 

Control is by a closed loop 
hydraulic system, whicb keeps 
the feed synchronised with th* 
spindle rotation. It can he 
quickly set to the required pitch 
and eliminates the usual 
mechanical parts such as cams, 
change gears, etc. 

For small batches, components 
are fed manually, but an auto¬ 
matic feed can be fitted for long 
runs. 

Driven by a 5.3 h.p. motor, 
spindle speeds from 30 to 320 
rpm are available. Tapping 
capacity is from M24 to M5S 
(150 m.m. thread diameters! and 
output is 40 to 600 parts/hr. 

The machine is primarily in¬ 
tended for tapping square, 
hexagonal and octagonal mils, 
although round parts can be 
tackled in conjunction with 
special work holding equipment. 

Marketing in the U.K. is by 
Elgar Machine Tool Co.. Bee 
House. Victoria Road. London 
N IV 10 SXY 101-965 89111. 


-mm 


DRAWING 


_-h‘pT *?•*» .... : L-:y_ r .^ T . 

.i t .’-f ^r ^ 


. IRELAND 

7% Sterling/Deutsche Mark Bonds 1981 


G & CO. LTD., announce that Bands for the nominal amount of £532,000 have 
basndt^vmfn^die^jressrice of a Notary Public, for the redemption instalment due 1st March, 197S. 

.2;•TM4iitribers.pf the.Bonds so drawn are as follows:— 

• £500 Bonds 

?: TiftJ- 'tivs,7a*f/t :i:S1S 32S «36 838 83a -848 to 853 

868 V ‘-t-V 874 to 878 891 896 898 300 io 920 

822 .-' 8Z5- 934 to 936 941 io 943 953 954 . 956 to 964 

.:S68*B '“ 972^1: 985 988to 991 995 tD 999 1 003 1004 

. lOllTto -1018 1020 1041 to 1049 1 058 1069 1 069 1070 

IQfll 1092 'V" . 1097 1106 to 1115 1121 . 1123 1125 1126 

1128 to 1430^>£^1T37 to 1142 1157 IIBOto 1162 1172 to 1181 

V 1187W :.t^ap^/&U92 1193. 1195 1220 1223;to 1226 123110 1248 

T250. V 1256 1265 to 1268 1276 to 1282 1284 1285 

- 128910 ;i309 to 1315 - 1326 to 1332 1 334 1335 1337 to 1342 

- 134^^-^.1349 10 1354 1364 1366 to 1368 1371 to 1373 

. .1378 . : .-1Safe"?l£i>*l3a2 to 1384 1425 1429 to 1433 1442 to 1454 

1486IO - Tl49<iiV." . ’ 1492 1500 to 1518 152? 1623 1525 1526 

1533 tb’i-TiWtff/V-^iwi to 1555 1561 to 1563 15701 a 1581 1613 to 1615 

1617ifcW.l6l3^>:^2lS22 1623 . 1629 To 1632 1640 1643 to 1649 

:7>V>185l£;/“r --'1659 to 1683 . ' 1689 10 1Q95 1 704; 1709 1718 1719 

- 1721 to L ,’;1724 r ; , S V- ■"■*802- to 1805 1811 1812 1821* 1822 1825 1826 

1832 to *;983K-r-'N r :1842 '1846 1847 1851 1852 - 1S55- 1866 

T8B»tp^ia70T'' 1877 to 1881 1888 10 1890 1893TO 1895 ' ,9 25 10 -222 

'1933 . 1936 1942 to 1949 . 1953 1963 to 1989 

-,.-1997 2000 2002 TO 2102 2105.W 2112 2115 to 2130 

' 2202 ‘2213 to 2219 2224 to 2229 2251 to 2321 

233*:; r?’224^5'-’ -2415 2450 2451 2456to 2458 2464 2465 

• ' 246a^.^24"7p-- 2472 to 2489 25-11 2513 to 2S1S 2518 2519 

2S23^o~^»^ ..2533 to 2541 2543 2553 to 2572 25801O 2592 

2R2*^264JV : 2646 2653 to 2660 2675 to 2677 2679 to 2680 

2694^£3i5ic: *• 2703 2704 2711 to 2714 2718 to 2725 2728 to 2730 

. &3fWjz7Jta: 

. £100 Bonds 

3230aaikaS263- : 22267 to 22269 22271 to 22277 22280 2223 1 22283 to 222S7 

22295TQ&2299 ■ - '22310 to 22324 22342 22343 2 3 34 SI to 22373 22377 to 22388 

2Z33tt.to22430 - 22412 to 22415 22421 to 22426 22432. to 22442 22451 to 2246S 

224715&J22489 . • 22491 22496 to 22506 2251210 22517 22529 to 22537 

2254S iu'22B31 - • 22633 to 22639 22643 to 22686 22592 to 22699 22713 to 22717 

^^^22720 22722 to 22734 22736 to 22767 22769 to 22777 227S2 to 22825 

-£283310 22850 22852 to 22864 22870 to 22884 22894 to 22896 22898 to 22935 

229p* Tq 229B3 22993 to. 22999 23002 to 23006 23009 23010 23015 to 23022 

23TO2 to23041 - 23043 23046 to 23055 23057 23058 23060 23067* 

23063= txr2308Q 23083 23086 to 23093 23100 TO 23109 23121 To 23129 

23T^^23132 - 23140 TO 23146 23148 231SS to231S7 23160 to 23165 

231681023194 23200 to 23205 23213 to 23226 23232. to 23263 23271 to 23277 

^23110 23330 23333 to 23338 - 23342 to 23377 23379. to 23387 23400 to 23418 

S® SJ- v 23425 23428 to 23443 23446 to 23448 23454 to 23457 

23460 i 23463. : 23464 23466 to 23509 . 23511.TO 2352 T 23524 to 23527 

23533 tq m™ 23643 TO 23550 23553 23556 23560 to 23577 23579 to 23583 

kSSSIm . 23S95 2360410 23631 23637 to-2374l 23744 to23758 

StSS 23766 23772X0 23776 23778 to 23783 23791 to 23794 23798 23799 

23821 io 23835- 2385I tO"23881 23887X0 23894 23906 to 23968 • ‘ 2 3 ®Zr 

23992 to 24021 : 24024 to 24043 •. 24045 to 24061 24057.to 24085 240SB to 24093 

24095 TO 24097 . 24108 lo 24124 , 


953 954 

995 to 999 
1058 1069 

1121 . 1123 

1160 to 1162 
1223, to 1226 
1276to 1282 
1334 1335 

1366 to 1368 
1429X0 1433 
1522 1623 

1570to 158T 
1640 
1704* 1709 

1821' 1822 
1852’ 1855- 

1893X0 1895 
1953 
2105. XO 2112 
2224-10 2229 
2456 to 2458 
2513 xo 2515 
2553X0 2572 
2675 » 2677 
2718X0 2725 


848 XQ 853 
900IO 920 
. 956 10 964 

1003 1004 

1069 1 070 

1125 1126 

1172 to 1181 
1231X0 1248 
1284 1285 

1337 TO 1342 
1371 to 1373 
1442 to 1454 
1525 1526 

1613X0 1615 
1643 to 1649 
1718 1719 

1825 1826 

1856 

1906 to 1908 
1963 to 1989 
2115 to 2130 
2251 to 2321 
2464 2465 

2518 2519 

25801O 2592 
2679X0 2690 
2728X0 2730 


22260 22231 

22295X0 ^299 22310 to 22324 22342 22343 223461to 22373 22377 to 22388 

2233ato224JQ - 22412 tO 22415 22421X0 22426 22432.to 22442 22451 to 2246S 

' 22471 $£22489 • 22491 22496 to 22506 22512to 22517 22529 to 22537 

' 223*5in'22631 - 2 2 63 3 to 22639 22643 to 22686 22592 to 22699 22713 to 22717 

■■TSHSSs2272a . 22?22 to 22734 22736xo22767 22769X0 22777 22782 xo 22825 

,2283310 22850 22852 to 22864 22870 to 22884 22894 to 22896 22898 to 22935 

22!?SS to 229B3 22993 to.22999 23002 to 23006 23009 23010 23015 to 23022 

23U27 to23041 23043 23046 to 23055 23057 23058 23060 23061* 

' 23QG3 1 txr2308O 23083 23086 to 23093 23100 to 23109 23121 To 23129 

231^^23132 - 23140X0 23146 =3148 231SS to231S7 23160 to 23165 

23168 to^194 23200 to 23205 23213 to 23226 23232.to 23263 23271 to 23277 

^28110 23330 23333 to 23338 - 23342 to 23377 23379.XO 23387 23400 to 23418 

23*20^23^4 - v 23425 23428 to 23443 23446to 2344S 23454 to 23457 

23460 23463.: 23464 23466 to 23569 . 23511X0 2352T 23524to23527 

23 5 33 4 ”™ 23643 TO 23550 23653 23556 23560x0 23577 23579 to 23583 

SSwaSEo 23395 236041023631 23637 to-23747 23744x023758 

StSS 237» 23772X0 23776 23778 to 23783 23791'to 23794 23798 23799 

23821 to 23835- 23851tO - 2388T 23887X0 23894 23906 to 23968 • ' 

23992 to 24021 : 24024 ts-24043 ■- 24045 to 24061 24057.10 24085 24088 to 24093 

2*095 to 24097. , _ 24108 to 24124 , 

: On-1st-March; 1376, there will beccjme due and payable upon each Bond drawn far redemption, 
ttoiptiacSpbl amount thereof, losetherwth accrued interest to said date at the office of;- 

- i- S. G. WABBURC3 & CO. LTD., 

/ : r.- : 'j.- “ -30, Gresham Streer, London, EC2P 2EB„ 

oriivith'xme'of tha other paying agents named on the Bonds. 

• Interest will tease to accrue on the Bonds called for redemption on and after 1st March, 1978 
«ftd-Bondsso presemaf for paymem must have attached ail coupons maturing after.that date. 

• ’£1,762.009 framing amount:of Bonds will remain outstanding after 1st March, 1978. 


22283 to 22287 
22377 to 22388 
22451 to 2246S 
22529 to 22537 
22713 to 22717 
22782 to 22825 
223S3 to 22935 
23015 to 23022 
23060 23061* 

23121 to 23129 
23160 to 23165 
23271 to 23277 
23400 to 23418 
23454 to 23457 
23524 to 23527 
23579xo23583 
23744 xo 23758 
23798 23799 

23972 
24088 to 24093 



Short of money for research and development? 


£109 Bond Mosi- 


£600 Bond Noes 


£500Bond.Nos; 
£lQG'Bond Nos: 


1st March, 1973 


11133 to 11137.. 11860 to 11663 
1st Match, 1974. 

4197 , 4198 

1st March, 1976 


3834to 3 B3 7 


£lOQ'Bond Nos* flOOSondNus: • 

2T30&to2131Z ’21345 -213SJ 21362 21601 .21772 ; 21773 21980to 21982 

. 1st March, 1977 

309 to312 368 373 37tf 415 to416 . 438 600 9801 

*12392X012395 12470 12*71 126471012633 1291 

SSb^AI 9M 26905 ’ 26933 to 26936 26941 26942 26955 2691 

27087; -27167 


12960 
26955 26956 


Street^ London; EG2P 2EB. 


1 st Pebruary, 197 S 


The Research and Development Requirements Boards 
aim to improve the technological competitiveness of 
British industry. 

We can help you with some bf your costs 

If you have a project for the development, processing or 
application of materials or products in any of these listed 
areas of industry, the relevant Boards could make a 
contribution to the cost, repayable only if the venture 
becomes a commercial success. 

Ferrous and Non-Ferrous Foundries 
Plastics and Composite Materials 
Steel Products and Applications (e.g. Tool Steels) 
Tableware (ceramic) 

Office Machinery 

Food and Drink Processing Machinery 
Packaging Machinery 
Drop Forging Equipment 
Hydraulic Machinery, Fluid Power, Construction, 
'and Earth-Moving Equipment 
Computer Aided Design and Manufacture 
Vehicles. 


If you have projects in other areas of Engineering 
Materials, Mechanical Engineering and Machine Tools 
you could still be eligible for assistance. 

It's in your company’s interest to find out more about 
the scheme. 'Phone Dick Goodchild on 01-211 4793 who 
can provide more details. Or send in the coupon. AH 
discussions are, of course, in complete confidence. ^ 




To; Mr R T Goodchild, Department of Industry, 

Abell Hoase, John Islip Street, London S W1P 4LN. 

Please supply me with more information about the Research and 
Development Requirements Boards' assistance to industry. 


Company- 

Position in the Company- 
Nature of the Business— 













































■Financial times Wednesday Tebrdaiy-1? 


PVKI.I \\n.N I AND POLITICS 




leaders 



THE SMOULDERING controversy over immigration 
flared into a major Commons ro wyesterday with 
Mrs. Margaret Thatcher, Leader of the Opposition, 
engaging in a long and bitter duel with the Prime 
Minister. 

The abrasive tone of the two leaders was 
matched by the partisan mood of MPs of both major 
parties during noisy exchanges, which took up all of 
Prime Minister’s question lime. 

The Speaker. Mr. George Thomas, repeatedly 
called the House to order as Mrs. Thatcher's words 
were drowned by Labour chants of “Racist.” 

Tory shouts of “Rubbish" greeted Mr. Callaghan 
as he defended the Government's record and 
claimed that ail the loop-holes in immigration regu¬ 
lations were now closed. Mr. Andrew Faulds (Lab.. 
Warley E.) could be heard referring to Mrs. 
Thatcher as “that bloody woman” as the Speaker 
ordered him to control himself. 

The row broke when Mr. Callaghan declared 
that, in the light of her hard-line television remarks 
on immigration, Mrs. Thatcher had a responsibility 
lo make it absolutely clear what her party was pro¬ 
posing. She could no longer lake refuge in saying 
that she wanted “a clear prospect of ending 


BY JOHN HUNT, Parliamentary Correspondent 
immigration.” 

He said there were only two ways she could 
fulfil such an undertaking: either by sending hack 
immigrants who had been living in Britain for years, 
or cutting back on the number of relatives allowed 
in. 

“I have never wavered in my view on the 
significance and importance of limiting immigration 
in order to have good race relations.” the Prime 
Minister told the House. 

As Mr. Enoch Powell, the former Tory Cabinet 
Minister, shook his head in dissent. Mr. Callaghan 
said that only 2S.000 new immigrants came in last 
year and up to October 1. only 750 came in on the 
basis of work vouchers. Numbers were 25 per cent, 
down on the previous year. In addition. 16.200 
already living here bad been given citizenship during 
the year. 

'“It must follow that the numbers are likely to 
fall and this is. indeed, what is happening.” he said. 

“I know of no better policy than that and 1 will 
stand by it." 

There were roars of support from the Conserva¬ 
tives as Mrs. Thatcher recalled that IS months ago 
the Prime Minister had agreed that the number of 


on race 


immigrants entering the country was an important 
element in racial harmony. 

“Do you still take that view?" she demanded. 
“Arc you proposing to take no action whatsoever 
to tighten up the immigration rules?” 

Mrs. Thatcher claimed that 28,000 was not the 
full figure, and also wanted to know the total 
numbers entitled to come into Britain from the. 
Commonwealth. If they were all allowed in. hw 
could It be reconciled with Mr. Callaghan’s earlier 
statement that numbers were an important factor m 
race relations? 

But support was forthcoming for the Govern¬ 
ment from Mr. David Steel, the Liberal leader. He 
maintained that vague Conservative talk of reducing 
immigration only encouraged “fear, uncertainty and 
prejudice." 

The row ended with Mr. Callaghan appealing to 
MPs not lo engender too much heat on the issue — 
a forlorn hope judging by the Opposition jeers whidr 
greeted his remark. 

Whoever won yesterdays verbal battle, one 
thing emerged for certain. Immigration has now 
been made "a central and emotive issue at the next 
general eicetion. 


Deakins denies 
‘muddle’ over 
new drugs law 




Bill raises 
limit 
on Co-op 
deposits 

THE LORDS yesterday supported 
a hid by Labour peer Lord 
Jacques lo raise ihe legal liin't 
on the amount of money which 
may be paid int»» Ccooperative 
Society depns.il accounts. 

Under his proposed Bill, which 
was given an unopposed second 
reading. Lord Jacques had in¬ 
tended to raise the limn on the 
amount held in an account for 
£50 to £500. and the limit on 
individual deposits from £2 to 
£ 20 . 

But he said he was prepared 
to accept Treasury advice that 
the increases should not be so 
large. The Treasury supported 
£250 and £10 as the new maxima 
and he would seek to change the 
Bill at a later stage. 

Lord Jacques said the frustra¬ 
tion caused by the old limits 
had Jed to a decline In the 
amount deposited with Co-opera¬ 
tive Societies. The holdings had 
fallen from iim. in 1966 to £4m. 
in 197fi. 

It would fade away altogether 
if -.ome change was not made in 
the maxima to correspond with 
inflation. 

For the Government. Baroness 
Birk .supported the Bill, pro¬ 
vided the Treasury suggest inns 
were accepted. “The Govern¬ 
ment accept e there i., j dear 
case for some increase.” she 
said. 

For the Opposition. Lord 
Cullen also supported the Bill. 

Job measures 
cost £402m. 

ESTIMATED EXPENDITURE 
on special employment measures 
for 1977-To is £402»i.. .Mr. John 
Golding. Employment Under 
Secretary, .aid in a Commons 
written reply yesterday. 


Pym urged to reveal Tory 
line on Scottish MPs 


BY IVOR OWEN. PARLIAMENTARY STAFF 


PRESSURE FROM the Govern¬ 
ment and minority Opposition 
parties to force Mr. Francis Pym, 
chief Conservative spokesman on 
devolution, to admit that he 
favours a reduction in the 71 
Scottish .MPs. once the Scottish 
Assembly is established, failed 
in the Commons last night. 

He doggedly refused to' go 
beyond reiterating the formal 
position adopted by the Conserva¬ 
tive Party that the question of 
Scottish representation at West¬ 
minster. after the transfer power 
provided by the Scotland Bill 
takes effect, should be examined 
by a Speaker's conference. 

Mr. Pyra moved a new clause 
requiring the appointment of 
such a conference when MPs 
fcsumod the committee stage of 
the Bill which, under the guillo¬ 
tine procedure, will be completed 

to-day. 

He reneated earlier warnings 
that there would be dire conse¬ 
quences once it was generally 
realised that decisions in the 
Coitions on issues of vital impor¬ 
tance to England and Wales 
could be determined by Scottish 
MPs even when, because of 
devolution; they were no longer 
able to decide such matters in 
Scotland. 

The day that the «ntes or 
Scottish MP< caused the Com¬ 
mons to decide a mailer for 
England in a wav which English 
M p s did not accept, “ail this 
will be blown out or the water.'' 
he declared. 

Mr. Pym stressed rhat the 
Conservative Party had no de.iire 
to reduce the number of Scottish 
MPs. nor anv desire to alter 
thmr responsibilities. 

But. if the Bill were carried 


APPOINTMENTS 


into law, despite the anxiety 
expressed by the Opposition 
about its potential threat to the 
unity of the L?.K.. the position 
would have to be reviewed. 

“Once these responsibilities 
are transferred to the Scottish 
Executive and the Scottish 
Assembly, how can 71 Scottish 
MPs be justified? ” he asked. 

Mr. John Smith, Minister in 
charge of the Bill, claimed that 
by posing tbis question Mr. Pym 
had implied that the number of 
Scottish MPs should be reduced 
as a consequence of devolution. 
“ Is that what you're saying, or 
is it not? “ he demunded.- 

Mr. Pym replied that the pro¬ 
posal for a Speaker's Conference 
was designed to enable proper 
consideration to be given by a 
procedure which had the support 
of all the political parlies to the 
situation which would arise when 
devolution diminished the res¬ 
ponsibilities of Scottish MPs at 
Westminster. The task of the 
Speaker's Conference would be 
to examine the case for a pos¬ 
sible reduction of Scottish repre- 
sentalioin. 

Mr. Pym maintained this posi¬ 
tion in the face of further 
challenges from Mr. Enoch 
Powell cUU. Down S» and Mr. 
Alan Belth tL.. Berwick on 
Tweed!, who pressed for some 
indication of the proposal*- w hich 
the Conservative Party wished to 
submit to the Speaker's con¬ 
ference. 

The Conservative Party would 
be giving evidence to the 
Speaker's conference, but it 
would not be disclosed in 
advance. Mr. Pysn declared. 

He contended that the Govern¬ 
ment's desire to see the present 
number of Scottish MPs remain 
unchanged after devolution 
reflected a determination to 
" gerrymander." 



Cadbury Schweppes 
finance director 


Mr. Pym . . . refused to 
. disclose projiosals. 

Amid Tory cheers, he insisted; 
“The object of the Bill i.- lo get 
those Members here so that their 
votes can be used to continue the 
process of imposing Socialism 
on the United Kingdom." 

Mr. Powell said that the Tories 
wanted to invite a Speaker's 
Conference “to address itself to 
the squaring of the circle, the 
resolution of the irresolvable.” 

H added:.*'Under the gui.-e of 
referring this question to a 
hypothetical Speaker's Con¬ 
ference. we are once again 
examining ' the built-in impos¬ 
sibility of maintaining a unitary 
Parliamentary state ’'.bile estab¬ 


lishing home rule in part of 
mat stale." 

Mr. Po.vcl: said it would be a 
” manifest absurdity “ if the Scots 
and their own Assembly out were 
still able to vote on *’ cruscia! 
decisions'' in Parliament that 
affected only England, Wales and 
Northern Ireland- 

“It is unreal to suppose that 
we can separate one category of 
our business which affects 
England, Wales and Northern 
Ireland, but not Scotland." he 
said. He and his colleagues would 
oppose the Tory prounsal. 

Mr. Tam Dalycli (Lab.. West 
Lothian) -aid: "this is the rock- 
on which' the previous Bill 
foundered and no Sneaker's Con¬ 
ference would put a detonator 
under that rock." 

If the problems of the Biil 
could not be reduced by 34 days 
of debate, they could not be 
solved by such d conference. 

Mr. Dalyell claimed ihe only 
thing that was keeping the Bill 
alive was the “ misplaced eni- 
barrassrneni '* of some Monster 1 
and colleagues. He urged the 
Prune Minister to "*• admit with 
ail the (.race and charm he has 
that hts endorsement of devolu¬ 
tion was a. mistake." 

Scottish Nationalist leader. Mr. 
Donald Stewart, said that when a 
Scottish Government was in 
operation with genuine and sub¬ 
stantial powers, a Speaker's Con¬ 
ference could usefully discuss the 
Tory proposal. 

Until then .it was *i;nri;. an 
example of “imperialist divide- 
and-rule tactic*.." It was devoid 
of common sense. relevance and 
justice, and should be rejected. 

Mr. Din Id Price tC Eastlershi 
said that all members of the 
House vusl be equal. “ I believe 
that if this Bill becomes an Act 
of Parliament, there must be 
reduced Scottish representation 
in this House " 


Minister 
flies to 
snow-hit 
Highlands 

SCOTTISH Under Secretary. Mr. 
Harry Ewing, was flying to 
Inverness to be on the spot for 
retief oaerations in tae blizzard- 
ait Highlands. Mr. Bruce Millan. 
Scottish Secretary, told the 
Common? yesterday. 

Mr. .Miilan said that four 
people had died as a direct result 
of the storms and one man was 
sril! missing. Ho expressed his 
sympathy to the relatives of the 
dead. 

" Because of the disruption to 
communication:; by road, rail and 
telephone, information about the 
effects of the storm- on the more 
remote areas, particularly north¬ 
west Sutherland, is not compre¬ 
hensive.'' the Secretary of State 
added. 

He was keening .« close watch 
The people on The spot who knew 
the local cire jui stances.' 

Extra rno.v clearing equip¬ 
ment was being sent to the area 
and ihe RAF was bringing in a 
large snow-blower from Switzer 
land. 


A TORY atempt to delay a new 
drugs law beyond mid-n>snt ‘ 
«>ght was resisted by Mr. Erie 
Deakins, Health Under-Secretary, 
in the Commons. 

Dr. Gerard Vaughan. Opposi¬ 
tion spokesman, protested: The 
Government has created an < un¬ 
believable muddle over this. 

The new law restricts the sale 
of some popular pills and medi¬ 
cines by chemists without pres¬ 
criptions. 

After complaints that chemists 
had not been given enough lime 
to learn of the new restrictions, 
the Government had announced 
in a Commons committee, earlier 
yesterday that they would be 
given an extra six months. 

But it will take about two 
weeks to amend the law in which 
nine chemists will, technically, 
be breaking the law if they sell 
the restricted drugs. ^ ^ 

Dr. Vaughan argued that the 
MPs would not wash the change 
in the drugs law to go ahead 
that night when they knew it 
would be changed again in two 
.weeks time. M _. 

Mr. Deakins replied: There 
has been no muddle, it is absurd 
for members of the pharmacy 
industry to come along now and 
say thev only knew about this 


at the last minute" Consults, 
turns had gone on for four yean 
and details of the new .few h# 
been made, known more th*a 
three months, ago, be said. 

He assured the JlpuSe lbs* the 
. vast majority of homii reicedfe* 
would continue to remain ata& 
able without prescription/ : 

Mr. Graham Page.jKL, Grosljyj 
asked Mr. Deakins in. recognise 
that the Government Ltd ms&- 
a blunder. He asked whether 
chemist* would he acting iU*. 
gaily during :be time 31 .took to 
introduce the amendin 5 43 rdtav. - 

Mr. Deakins . denied. - 
blunder. He did not-think that 
anv chemists would disobey. 
law. What the Government toft 
done was to make a last-minute 
concession, in response to ia*f: 
minute representations -from 'the 
pharmaceutical industry. • 

. The pharmaceutical isdtuuy 
bad received very goffd nodes 
—over three hionrhs^f the 
Government’s ' .'intentions,.' TXJja 
Minister declared. 

A request for an 7 emergency : 
debate on the effect of ine Govern,., 
menl's actions - on -: veterinary -i 
medicines was made by .Sfr. j 
Patrick Maybew (C.. Tunbridge 
•Wells). His plei was rejected 
by the Speaker. ' v '-■'-v ■■ 1 


MP pleads for choice 
to work until 70 


CLOSE ON the heels of a peti¬ 
tion that the pension age for men 
should be cut lo 60. MBs jester- 
dav beard a plea that compul¬ 
sory retirement before the age 
of 70 should be banned. 

In the Commons late ' on 
Monday night. Mr. GreviUe 
Janner (Lab.. Leicester Wl pre¬ 
sented a petition with “ hundreds 
of thousands of signatures’* 
calling for pension age equality 
between men and women. % 


Yesterday. Mr. Ivor 5tonbrt>rt 
(C_ Orpingtonj brought forward 
a private member's Bill to enable 
men to work until/70 if ~-Etaey 
wished. The measure was girtti 
a formal first reading. •' -- - • 
Mr. Stan tiro ok argued that the 
idea of automatic retirement in 
one's sixties was ridiculotwly 
old fashioned and fuddy duddjr." 
It was a terrible waste of still 
and experience. 


TV licence campaign 


MR. MERLYN REES. Home 
Secretary, warned- yesterday that 
there ■would be a -crackdown on- 
television licence dddgers this 
year. 

An estimated lm. licence 
dodgers were costing about £15m. 
in lost revenue, he declared. 

Mr. Rees said in a Commons 


written reply, that .a working 1 
party from the.HoTTuML$qe. P®t 
Office and-, the BBC>,was.; 
investigatmg the 
of the licence systefi).-.-i 
It was “ carefully, 
these figures' with 
initiating an tntei^vfeaBrapwpn 
against licence. *vasi6h:3i» 
year." . 


men is for motorists and other 
travellers, many of whom h*d 
been , trapped by the sudden 
bi:z;:ard« 

Mr. .Miilan promised to study 
advance warning arrangements, 
and said -that the Government 
would also look xym pathetically 
at clamis for cash aid when the 
final situation was clear. 


Wage buys more whisky 

HlE AVERAGE British worker. 

now has to spend 7.6 Yer cent per-,centv v 

of his uMkl, net wage to buy a T ^ agn^ w. ftt aife-r by Mr. 
botle nr whisky compered with ffLSe 

14 per cent, m 196* MPs were writen reply. ‘-They were baitf- 
told yesterday. But outlay_ on on the average.TratidnaT Yfage^if 
one pound nf sirloin beef has a married manual "voits^r~inih 
risen from. 1.9 per cenL of the two children. ' 


Drink revenue Crime inquiry team named 


THE LATEST estimate of 
revenue in 19n-7S from wines 
and spirits is £1.155m. in excise 
duties and about £200m. in VAT. 
Mr. Robert Sheldon, Treasury 
Financial Secretary, said in a 
Commons written reply Yester¬ 
day 


THE MEMBERSHIP of,the Royal 
Commission od Criminal Pro¬ 
cedure, to be chaired \by Sir 
Cyril Philips, former^. Vice 
Chancellor of London University, 
was announced yesterday. 

-The members are Professor 
Michael Bantoh;-- Lord Justice 


Michael Banton, Lord'' Justus ' 1 
Mr. P. L. Fox, Mrs. Daphne Gao;. 
Ms Dianne Hayter, . Mr. Jade i 
Jones. Mr, C. T. Latham,-^* 
J. C. K. Mercer. Mr. Waller M#- 
ricks, Sir Douglas Osmond; dfr 
R. H. Pamplin. Sir Arthur Peffr 
son. Miss Joan Straker and CbiaS* 
Wilfred Wood. - 


Mr. MichaH (iifTord i* ;« 
Iwconic croup finance director nf 
CADBURY SCHWEPPES m the 
end of March. H>- will be 
succeeded a-* chier executive of 
Cadbury Schweppe* Australia lj% 
Mr. John Urquiiart. now managing 
director or rhe Australian e.-nm- 
panyV confectionery dividun. Mr. 
Clive ThompsetL ul present chair¬ 
man and manngini; director of 
Cadbury Nigeria, replaces Mr. 
Urquhari. Mr. Robert Mmterani 
has been appointed regional 
director Africa, raking over Him 
regional re.-rponsibifuie- of Mr. 
Thompsclt and Mr. Rrlan Dice, 
the regional direcinr of Easr and 
South \frica. who i- to succeed 
Mr. DouuliLs Simmons a., .-.c-crciarj 
or Cadbury Schweppe- inter this 
year. Mr. Richard Clarke has 
been made a director of Ladburv 
Nigeria. 

DEBE\HAM V > slater that Mr. 
Eric Crabtree has retired as chair¬ 
man of its fashion multiple divi¬ 
sion but continues as chairman 
of Hardy Amies. He also remains 
n director ni Debenlianis in a 
senior executive and advisory 
capacity. Mr. Edward Raync lakes 
over the cbairmansiiip of ihe 
fashion multiple division, which 
involves his appointment as chair¬ 
man of Haney \rchoL and Co.. 
Lotus. Cresla Silks. Debt-nhams 
i Manufacturing and .Supplies), 
and J. and S. Bickley. .Mr. Raync 
retains his positions as chairman 
and managing director of H. and 
AI. Raync. 

★ 

Lord Lay Lon. a former execu¬ 
tive Board member of ihe British 
Steel Corporation and managing 
director of the Steel Company 

or Wales, has joined the Board of 
WOLFF STEEL HOLDINGS ihe 
steel and tinplate associate of 
Rudoif Wolff. Wo Iff steel Hold- 
in partnership with the 
BSC. owns Afnn Tinplale, a tin¬ 
plate service centre. 

From March j. Mr. Peter 
has been appointed City 
of,London regional manager of 
MEPC. Mr. Iain Barraclough will 
be assistant regional manager. 

* 

.Mr. R, tv. Holder has been ap- 
R’JSied to Ihe Board of UKO 
INTERNATIONAL as a non¬ 
executive director. Mr. Holder is 
chairman of Bndpnri.f.undrv 
(Holdings) and a director of 
Stone-Plali Industries. 

-*■ 

Mr. Itavfd • Evans has be^n 

«rK*«Srxrl?5 aSI,1S direclnr n < 

SCA1FOLDLN G t G RE.\T 


BRITAIN) He is a director of 
SGB Group .ind chairman of its 
French subsidiary. 

★ 

Air. W. Fox. managing director 
"I Kier and of Charles Brand 
unci Son. and joint managinj 
director of French Kier Construe 
lion, has been appointed a direc 
lor of FRENCH KIER HULDLXGS 
★ 

Mr. Niall G. Macdiarmid has 
resigned from the Board of 
SKETCH LEY. Due to pressure 
from other and earlier commit¬ 
ments. .Mr. Macdiarmid resigned 
a-* chairman of Sketchley in July 
last year but agreed In remain 
on the Board as a non-executive 
director for six months. 

* 

Mr. P. A. Snell has bpen ap¬ 
pointed to the Board of BRITISH 
ELECTRICITY INTERNATIONAL 
us a full-time director (projectsi, 
★ 

Air. G. D. Saul has been ap' 
pointed a director of the north¬ 
ern regioal Board of LLOYDS 
BANK which sits under ihe chair¬ 
manship of Mr. Roland A. Cook- 
son. Ur. Saul is managing direc- 
lor of the Teesside Division of 
the British Steel Corporation. 

★ 

Mr. W. M. Peacock has been 
appointed deputy chairman of 
NURDIN AND PEACOCK. 

¥ 

Mr. R. G. Gee. who recently 
ceased to be secretary of rhe 
RUGBY PORTLAND CEMENT 
COMPANY, has resigned as a 
director. 

■** 

P.H. POINTER ha> appointed 
Mr. Duncan Spruce as managing 

director of Plastak i.Nomichi 
and .Skateboards. Mr. Simon 
Pointer has joined the Board of 
Skateboards as production direc¬ 
tor. 

Mr. R. E. Wilson has become 
managing director of the Fuel oil 
division of HARGREAVES FUEL 
AND SHIPPING in place of Mr. 
M. G. Murray, who has retired. 
The company is a member of 
the Hargreaves Group. 

i*r 

Mr. Mel Ford has . been 
appointed to ihe Board of 
SAVTLLES HYDROLOGICAL 
CORPORATION, part of Brwt 
Chemicals International. 

★ 

Mr. Raymond Darcr. formerly 
managing director or the Manage¬ 
ment Projects Group, has joined 
the Board of HOUSE OF 
HOLLAND as sales director. 


t 



The choice is yours. An Aifetta GT with a 1 
top speed?of 112mph and a price of under 
£5,000. Grits even more powerful stablemat^ 
the 122 mph Aifetta GTV at some £8(X) more; 

© Both share the same stunning low drag 
body. And boast smooth unstressed twin 
cam engines of 1.6 litres in the GT and2iitr® . 
in the GTV . 

A rear mounted 5 speed gearbox and 
unique Alfa suspension deliver perfect : ^ 
balance and stability witha silkenridsaS 


m piiip 


'W 






" ;r»V. r 








As 




""ti-M’X 




m/f: 










: 0$£ 






















«***$mt 


SwfT; 


















Wednesday February 1 1978 




les 




he Managenient Page 


EDITED BY CHRISTOPHER LORENZ 




HOOffiYSAttBYlOF PRODWHimy workers!^) 

TBBK^^asaasasastssasaass M i ■ 1 1 m an ■■■ niv 

■yv : A t. . Q 1 ■-■2:': -3 • 4 


Christopher Lorenz reports from Davos on possible 
effects of Japanese and U.S. product strategy 





icui*.- 

SL'SjrS 

Uovn ''"M 

iat*. Hp " u" 

!h„ -j; ^ 

0 I b r *E|«- 

. . Pa ?‘* 1 f. 

atiS - * r.“5 
! *--lalOnt '"‘kt, 

la h- ,, 

-be I 

suseadi-/' 

ias 'Ht 

did n« ,, l 'J e ; 

v-/. * n «l» 
* 

1T — lO.V 

* * lJt l i 

fff&S * 

aroo • 

for 

eSe.- 0! . 

** "'cW 

^ ■•-• t,;v 

* ^ ** 4 


>ice 


Mr. f»u: ^ 
un- is,. 

a‘.L -.: - t •; ■. , 
?k ry 

e 

it re Jk i:?;. 

™'.-K -V. 
arai':.- r.-ijr^ 

* ."r:d:ci 

■a ti'C 

nee. 




Part'trrpe vrorter* 





NUMBStOFE 

<x>toua ty 


t^ornpany 1 ■ ■ ^ 1912- i; 

■ Mzmuhfta f ■ 


!LOyEESJN 

ICTORIES 


NUMBER OF COMPONENTS 
IN A 20 INCH COLOUR TV 


Component* 


Panionk) '• 9,825 "' ' 5.900 circuits 

5 £®&£i; 2J78 Transistors 

Ottor-wer . 

iaqylrnm. 2/4,462 . .. ; 14,7 00" Piod ” 

PrSS^S^hiSiwlSoS^irper 

cent, ‘from SAn. *ets in' 1972 to E ^ ectnc power 

10^nt^9^l97-6. - • \. consumption 


ign 


EtjBSPE&N ' INDUSTRY has 
been taiang a. defensive; * tech- 
noJog 3 Fpushed approach to pro¬ 
duct 'innovation oyer the past 
; 'terf -years,; and much of 3t.. is 
now'indanger'ofbeing r swamp^j 
by the more rapid andaggtest- 
sive market-pulLed i im ovation 
• of. fee Japanese and Americans. 
> This bieaie message- was pre- 
•eased-in ISwitzeriaaL at the 
Week-end to over 600 European 
chairmen arid chief. executives 
bjr orieaf the- Continent's most 
rejected research ■ managers. 
Professor Umberto. Colombo. 
Montedison's director-general of 
research and development, and 
President of- the European 
IpdosOiaX . Research - Manage- 
meitf Association! - 

Rehrfotdng; Ms - thesis with 
case 'sfetdies of Japanese and 
American product strategy, and 
"examples: of hoyr Government 
ihvdiyan'epst'can both help and 
harm- Vtfte. ■ Innovation process, 
Profeissoi:. Colombo's two papers 
havevsri'-far proved the high 
pnintrttfr-tfie' exclusive Davos 
Sympo^um, which is organised 
each year' by the European 
Management Forum. 

Wien- the, delegates return 
homer.in the next .tew days, 
mariv^ of them will still have 


Professor Colombo's words ring- 
s ing in -their, ears: “Europe has 
a dramatic need for innovation. 
; But it Jacks the thrust necessary 
;io."1 "diffuse. innovation in the 
• market” •; Seen against the 
underlying theme of this year's 
symposium, that' innovation is 
all the more necessary now that 
so many of Europe’s traditional 
industries are declining—thanks 
to competition from new coun¬ 
tries, the slow-down in world 
growth, and other factors— 
Professor Colombo's warning is 
of paramount importance. 

■Professor Colombo was care¬ 
ful to point out that his judg¬ 
ment was not one of complete 
gloom Some sectors of Euro¬ 
pean industry were maintaining 
their -market strength through 
innovation — sufch as pharma¬ 
ceuticals, dyestuffs and other 
fine chemicals. But in general 
Europe's continued invention at 
.the levels of theoretical science 
and experiment were not being 
diffused into the marketplace, 
thanks in port to-the traditional 
hierarchy ' of economic, social 
and cultural values hi Europe. 
Whereas Japanese industry and 
Government , were ^-getting 
together .to.-promote new tech¬ 
nologies, Europe’s . industrial 


cartels had a largely defensive 
and conservative character, and 
were therefore not conducive 
to innovation. Innovation in 
Europe seemed to be mostly of 
the “ technology-pushed ” type: 
there bad been successful 
examples of this genre, such as 
direct reduction in steel making, 
and Pilkington's float-glass pro¬ 
cess, but in several cases — 
polypropylene, optical fibres — 
such innovations had been 
better exploited by American or 
Japanese companies. 

Professor Colombo's analysis 
of Japan's typical product 
strategy, in at least 14 major 
product areas, identified several 
distinct elements; a much later 
stan than Europe and the U.S.; 
confinement to mass markets; 
adoption of a low-price, high- 
penetration policy: followed by 
product diversification and 
extensive cost reduction: re¬ 
sulting in major world market 
shares and high profits. 

The most vivid case study he 
'gave was in colour television 
manufacture. Since inflation had 
added extra urgency to the 
strategy from 1970 onwards, the 
Japanese manufacturers had 
reduced the number of com¬ 


ponents in each set and intro¬ 
duced advanced automation 
techniques. As a result, product 
quality had improved, the 
number of employees had been 
dramatically reduced, and pro¬ 
duction volume had soared. 
Examples were given in a table, 
part of which is reproduced 
here. 

Of all the significant differ¬ 
ences between the social con¬ 
text within which European and 
Japanese industry have to work. 
Professor Colombo pinpointed 
two which are seldom identi¬ 
fied: the large industrial groups 
usually have behind them a 
hierarchy of suppliers and sub- 
suppliers. with very different 
situations in terms of trade 
union protection, wage levels 
and job security. Not only did 
labour costs fall as one went 
back aloog the supplier chain— 
"with a remarkable difference 
between men and women "—but 
dramatic cost reductions could 
be achieved by combining tech¬ 
nological change with "labour 
expulsion, mostly by exploiting 
the- lower sratu$ of female 
workers." The chart illustrates 
some of the salary discrepancies. 

Turning to the other half of 


the product pinrer movement on 
Europe, Professor Colombo 
made much of the new 
American policy of " infratech¬ 
nology’’ currently being fos¬ 
tered by the Department of 
Commerce for traditional sec¬ 
tors of industry which are 
lagging behind foreign competi¬ 
tion, and where new technolo¬ 
gies and products need to be 
identified. 


Subsidised 


In the shoe industry, for 
example, project teams were 
being formed which would 
include production people from 
the industry itself, engineers 
from production machinery 
companies, and specialists in 
automation and materials. 
•‘This initiative wiff be highly 
subsidised by Government 
agencies and help will be avail¬ 
able from a Federal laboratory 
consortium." and could lead to 
a completely new, automated 
way of making shoes — "with 
very severe effects on European, 
and especially Italian industry." 

Combining his depressing 
analysis with some positive 
pointers towards a solution. 



Liabilities of a 
parent company 


* “<■ t! 

J : ■ 

f * v i : 
a : ‘ 
lC 1.. 


whiskv 


•. -I- CJ 

■ LV.-’.O; 


Two into one 
WILL go! 


The complete Exhibition & .Conference facility 
set th the heart of super Hamburg 

t-™ ftV 'f. .Vflngtif Ih» taat-ofypuy eff i lf en e e or E ttfcitintt- 
•**'—‘V '• '• 11m HMnhuWfara mid OWfumcn QnW SHtK 

WnfllroSVflBlIo . you total fjialbflfty »Wth ywry up to dra.md 


-> IM 


'Wfnjrn*r th* lfc*-of ynut eAnhrme or Exhibition 
■ itM HUnburg Fflin «hd Cmiwci Cantrt offir 
. v«u Total flaxMity;w?lh pmy up dma.anl - s 
’ moijanV j iivl o rStowflwa ti»Vi»cgm>e'OfH«nbiitV 
•nd.yn-khqniiKi jurroumfing* tfn Confoanc*. 
Centre of ler* maeung reqiiirwriana in aw mi'W4 
from 30 - 3,000 pnon mMi' r ratri madiy of • ' 
7.500. Careplutv tadutierf/audlb, vbusl and 
vafdnion sovicBtognher with full outing 


mca 


j,;:.. . ••.-■xa 

D.:r. 



O.K. Cvftcs LftSi^-rlousa,_238 Hiofi Steet, p «?l«, Oor«T BH15 TOY. .• 
. Tmnhonc:: ■•Pc-il.e tD 2 b 13! 4450.. i;:j 


CAN P.\RENT companies be 
held liable for the behaviour of 
their subsidiaries or are they 
protected by the ■■ limited 
liability" concept in the same 
way as private shareholders? 
This old question has been 
asked again recently this time 
in connection with a shortfall 
by the liquidated subsidiary of 
the U.S. Badger Company 
which had to be made good by 


TIME 

REFORMING THE a.'. 
‘Under donicnij rrwjurr 
Tier idem Carter and hi j nenr 
Ditcciorarc 'ettinc netwscala 
\ :«r tht aactvn-. 

\ BE?r~PIES 
Britain; liiiellieenire jtc rest in 
Euk-pc - at'icr rhe KGB. 
REPAIRING TH t PEACE 
L T >. effort- b»\e helred set 
Middle fcaor i'lRice talks Faelc 
on ilic tr.t^k. 

- SCTV : IET FOOTHOLD 
Russian' in Ethi^rean eoatflce 
»l th eft* on Gulf Tanker route*. 

REDENERC-V 
China - irnpiovin- oil recot'ery 

■Russia - new find- ir iheNorth. 

FASHION: 

The female form it back. 

This week in Time 
on sale now 


By A. H. HERMANN 

the parent company fully to 
compensate the 250 former 
employees in Antwerp. Badger 
Company Inc. itself is one of 
the 14 major subsidiaries 'f 
Raytheon, an important, science- 
based engineering group with 
a large stake in sophisticated 
defence projects. 

Professor R. Blanpaui, who 
specialises in labour relations 
of multinational enterprises 
and acted as consultant to the 
Belgian Government in this 
matter, collected, some of the 
relevant documents together 
with his own notes in a book" 
which claims that the OECD 
guidelines are useful in con¬ 
vincing multinationals that 
they should abide by their 
moral obligations. 

This may weil be the case 
sometimes but Badger denies 
it in this case and one cannot 
help feeling that dispuies of 
this sort could often be solved 
without recourse to inter¬ 
national moral obligations and 
the ensuing fuss and publicity. 
Though the Belgian courts have 
not yet been asked to decide a 
case which would in all respects 
correspond to the Badger ease, 
they were quite willing in the 


past to remove the limited 
liability of the parent company 
when it was dear that the 
autonomy of the subsidiary was 
only a fiction and. in cases of 
bankruptcy, to extend the 
liability to the real master of 
tlie company. 

The doctrine of limited 
liability, formulated by English 
courts iu 1S97 in Salomon r. 
Salomon mrj Co. had the 
purpose of protecting indivi¬ 
dual. mostly private share¬ 
holders who were only capable 
of participating in the risks of 
a venture to the extent of their 
limited means. It was not 
desrgned for the protection of 
shareholders who were finan¬ 
cially more powerful than the 
company and controlled it for 
their awn purposes. 

A whoie mass of 20th-century 
legislation, ranging from rules 
for group accounts to the Fair 
Trading Act 1973. has restricted 
the application of this doctrine 
and so have the decisions of the 
courts, in 1969. Lord Denning. 
M.R., said in Lirtleicoods Mail 
Order Stores v. CIR: " The 
doctrine laid down in Salomon 
t. Salomon and Co. ... has often 
been supposed to cast a veil 


Professor Colombo said tire 
technical aspects of innovation 
could become sterile if they 
were not accompanied by 
equally innovative marketing. 
The best example to his mind 
was Xerox, where leasing was 
the crucial marketing step, 
since it shifted the cost to the 
consumer from initial invest¬ 
ment to day-to-day use. In the 
future a similar approach could 
be applied -to other products, 
for instance solar heating, 
where initial investment costs 
were too high compared with 
competitive technologies. 

Another lesson European 
companies should learn was 
that product innovation in par¬ 
ticular sectors often came from 
outside—for example the tran¬ 
sistor was not originated -in 
a company which produced 
vacuum tubes; nor the ball¬ 
point pen by a fountain-pen 
maker. 

But Professor Colombo was 
not particularly hopeful that 
the Europeans would be able to 
put these lessons into practice. 
European industry tended to 
anchor itself to the technology 
in which it bad specialised, 
whereas “ a young, immature, 
non-traditional society tike the 
the American, and an aggres¬ 
sive. opportunity - taking, 
imaginative society such as the 
Japanese." were less vulnerable 
to such innovation threats from 
outside. Much depended on 
whether, in spite of signs to the 
contrary. European companies 
would prove flexible enough to 
adapt their attitudes and 
behaviour in order either n 
penetrate a new technology and 
then keep pace with subsequent 
developments in it. or to 

over the personality of a limited 
company through which the 
courts cannot see. But that is 
not true. The courts can and 
often do draw aside the veil. 
They can, and often do, pull off 
the mask. They look to see what 
really lies behind." 

Tlie employees, as in the 
Badger case, though often 
classed as privileged creditors, 
are not the only category of 
creditors who. together with 
minority shareholders, are pro¬ 
tected by the laws of many 
countries against the unbridled 
application of the doctrine of 
limited liability. German statute 
law specifically designed for 
groups of companies (Konzern - 
rechi > goes very far in this 
direction and is likely to 
influence strongly the EEC rules 
for groups of companies which 
are one of tile Commission’s 
projects for harmonisation of 
company laws of the member 
states. 

The * J piercing of the cor¬ 
porate veil" has already been 
completed in the area of com¬ 
petition rules. In the U.K the 
Fair Trading Act 1973 treats as 
"one person " companies which 
are " members of one and the 
same group of interconnected 
bodies corporate.” In the EEC 
the Commission has adopted the 
same attitude in several of its 
decisions and the European 
Court approved of it in 
Commercial Solvents v. Commis¬ 
sion when it ruled that because 
of the power of the U.S. based 
Commercial Solvents over its 
Italian subsidiary and their 
united action, the two com- 


remain successful in a tradi¬ 
tional area. 

The conservative attitude of 
industry to innovation, the lack 
of substantial public incentives, 
and the anti-technology mood 
still pervading public opinion 
would all have to be overcome 
if Europe was to progress in 
an ever-changing environment. 
Professor Colombo said. 

To one of the key themes of 
the symposium—whether more 
or less government interven¬ 
tion would be conducive to 
industrial and product regenera¬ 
tion—he gave no completely 
Clear answer. Though praising 
the American belief in market 
economics as the key element 
favouring innovation, his refer¬ 
ence to the Department of Com¬ 
merce seemed to imply a belief 
that governments have an im¬ 
portant part to play, particu¬ 
larly in the cross-fertilisation of 
new ideas between govern¬ 
ments—including the military— 
and private industry. 

Interference 

But he agreed with a direc¬ 
tor of Hoechst, the German 
chemical group, who argued 
from the floor that research and 
innovation were more likely to 
get off the ground without 
government interference. 

It would be particularly help¬ 
ful if more people realised that 
Europe's current economic 
problems were not primarily' 
caused by short-term business 
cycles. Last year's influential 
McCracken Report to the 
Organisation for Economic Co¬ 
operation and Development, 
"towards full employment and 
price stability" was "short¬ 
sighted ” on this point. Professor 

panics must be deemed an 
economic unit and are jointly 
and severally responsible for 
the conduct whicb infringed 
EEC rules of competition. 

The general trend of 
present legal thinking on groups 
of companies has been well 
expressed in this case by Mr. 
Advocate-General J.-P. Warner 
in his conclusions. He said that 
common experience justifies the 
presumption that a subsidiary 
will act in accordance with the 
wishes of its parent and that 
unless this presumption is re¬ 
butted the parent and the sub¬ 
sidiary should be treated as a 
single enterprise for the pur¬ 
poses of EEC rules of 
competition. And he added that 
he thought it to be almost 
impossible to rebutt this pre¬ 
sumption of united action and 
of joint responsibility in the 
ordinary case of a parent and 


Colombo argued. '* Policies 
aimed at unemployment com¬ 
pensation and at temporary 
Government-created jobs ignore 
the fact that many former jobs 
are disappearing because some 
major sectors of the economy 
are in a long-term decline." 

Pointing out some of the less 
obvious, high-value technologies 
which would be “ appropriate w 
for Europe in the future—some 
of them labour-intensive— 
Professor Colombo cited 
recycling plants, small and 
flexible steel plants, and agri¬ 
cultural and related industrial 
activities (including genetics). 
The removal of many bureau¬ 
cratic obstacles to this sort of 
innovation was a major priority, 
he emphasised. 

If there was a sting in the 
main body of Professor 
Colombo's argument, then 
the tail was also far from 
harmless. He reported that, by 
buying foreign licences, several 
Italian companies had rushed 
to secure the new technology 
of making single-cell protein 
from paraffin, and had received 
Government subsidies for their 
factories. But the surge in oil 
prices, and the low price of 
soya—the main competitive 
product—had made this invest¬ 
ment uneconomic, he said. 
Montedison Itself had been 
more cautious, and had stood 
back from this technology for 
the present: Professor Colombo 
claimed that hfs position in 
1972, as chief of the OECD’s 
committee for scientific and 
technological policy, had given 
him an inkling that oil prices 
were likely to rise. In other 
words. product innovation 
should not be just a question of 
what but when. 

subsidiary carrying on a related 
business. 

What are the practical conclu¬ 
sions for managements of com¬ 
panies big and small? First, 
it is fairly evident that it is no 
longer safe for a parent com¬ 
pany automatically to disclaim 
responsibility for the debts and 
illegal acts of fully controlled 
subsidiaries, even if not fully 
owned, and for loss caused to 
minority shareholders either by 
draining away of profits or by a 
takeover. And. second, that 
creditors, and even more so 
agencies enforcing competition 
rules, stand a good chance of 
penetrating the protection of 
limited liability in ordinary- 
courts without having to resort 
to voluntary international guide¬ 
lines. 

*The Badger Case, by 
R. Blanpain. 1977 Kluieer t 
Deventer (Holland > 210 pp. PB, 
D.fl.52.00. 



GI¥ET 





between main services, free routine 
servie|g|i^for the first27,000 miles 
and ari^all-in’ purchase price. 




buil<Ht^one good fast sports car. We can 
pffe^^ou/thechoiceoftwq.. 










:.'Sib 4 > '-j 


’mm- 


;:" isir 1 V' • Vi -.;*- : 'A ' 

; f wmfBmmMmrnW'r ■. ; 

- * ' ijk- -fr. * - : Vy v- ‘ it -, ,. ■*" ^ 'J i -. V ' V 


through the Charities Aid 
Foundation to £LL your 
favomite charities 

The aged, the disabled, the mentally handi¬ 
capped, child care, your church, animal 
welfare, the arts, nature preservation, even 
disaster appeals... 

$ You can support all these causes, and. 
many others, hv having one deed of 
covenant- with, the Charities Aid Foun¬ 
dation. Then, the charities you choose will 
benefit from, the full advantages of tax 
concessions. 

sfc By giving out of income in this way, you 
will have at least half as much again to 
distribute at no additional cost to yoursel£ 

Other easy ways to give 

sjc The FOUNDATION FUND For the 
expert management of lifetime gifts and 
bequests, permanently safeguarded by 
Trustees of the highest standing. 

5jc PERSONAL TRUSTS to suit your needs 
with no setting-up costs or administrative 
charges. 

% TRUSTS BUILT UP FROM INCOME 
producing surprising capacity for support¬ 
ing your favourite charities. 

Charity Credits 

All account holders with the CAF are given a 
book of Charity Credits. You write them just 
like a cheque to benefit any charity you choose 
from your balance of tax-privileged money 
with the Charities Aid Foundation. 

Please write for further information. 


";.y 




To CHARITIES AID FOUNDATION 

48 Pembmy Road Tonbridge Kent TN9 2<3D 
Please send me the following booklets > 

THE FACULTIES OF THE CHARITIES AID F"“ 
FOUNDATION- a guide to methods of riving to chant-. . — 
PERSONAL CHARITABLE TRUSTS- 

jggtrietaif those irhp wish togivo capi tal. 

PERSONAL CHARITABLE GIVING- 

a guide for individual donors. "" 

COMPANY CHARITABLE GEVING- 

agmdefOT corporate don ore. ■ ■ ■ 

CHARITY CREDITS -anaxpTanafonrleafipi. _ 

PROFESSIONAL MANAGEMENT OF 

COVENANTINCOME—acoyenantsarrimforrlifttitarah _____ 


















































12 

lombard 


Let us suppose 
we are tenth 


Seeds are still the best 


financial Times 


BY IAN DAVIDSON 


THE TbinK Tank report on 
Britain's overseas diplomatic 
representation, which argued 
that our diplomacy was bein^ 
run on an old-fashioned and 
extravagant scale out of keeping 
with our reduced circumstances 
in the world, has come in tor a 
good deal of dak. The counter¬ 
attacks have been of variable 
quality, and most of them have 
been motivated by personal or 
institutional interest. 

It was not entirely surprising 
for example, that the BBC should 
have given a substantial chunk 
of air time last Saturday night 
to its former director general. Sir 
Charles Curran, to launch one 
of these counter-attacks, for the 
BBC's overseas broadcasting pro¬ 
grammes are singled out by the 
Think Tank as a prime example 
of a luxury we can no loncer 
afford. 


Modest view 


Yet Curran’s talk deserves to 
be taken seriously, for it made 
a Stab at rebutting the funda¬ 
mental assumptions on which the 
Think Tank’s report is based. 
The Think Tank argued that in 
recent decades Britain's power 
and influence, as measured in 
military and economic terms, 
bad declined relative to other 
countries, and therefore a more 
modest view of our diplomatic 
capability, and thus of our dip¬ 
lomatic requirements, was called 
for to fit our more modest posi¬ 
tion in the world. Curran tried 
to destroy this case bv arcuinp 
that there had been no decline 
of the sort described bv the 
Tankers, and that therefore 
none of their conclusions 
followed. 

I believe Curran overstates 
hi® case, with the risk of in¬ 
validating it. No one can 
seriouslv doubt that Britain has 
declined in power and wealth 
relative to a number of other 
countries In the oa«t ouarrer 
centurv. Several countries that 
used to have a smaller gross 
national product rrnw have a 
much larger gross national oro- 
duct and on a sim'lnr calculation 
our relative military position 
has also declined 

For all that. Curran is right: 
the fundamental assumptions of 
the Think Tank report arc deeply 
flawed. Let us spree that Britain's 
relative position in the world has 
declined: and then let us con¬ 
sider how far that decline has 
taken us down some arbitrary 
totem pole. 

After the war. let us jay. 
Britain was. in some sense, the 
third most important country in 
the-world, after the U.S. and the 
Soviet Union. Since then a 
number of other countries have 


become more important than 
Britain: West Germany, Japan, 
France. China. Who else ? India ? 
Italy? Brazil? Saudi Arabia? 
Iran? 

No doubt some of these coun¬ 
tries, like Iran and Saudi Arabia, 
have unique influence in certain 
spheres; no doubt others, like 
India and Brazil, could become 
more important, in some sense 
or other. But I find it difficult to 
see that at present Britain can be 
lower on a world ranking than 
seventh. Ail right, let’s say 
Britain is only the tenth most 
important country in the world. 
That is tenth out of a United, 
Nations membership of 140-150 
countries. I can understand a 
certain nostalgia for the great¬ 
ness of the British Empire. I 
cannot understand the Think ] 
Tank being so carried away by 
despair at our relative decline 
that they should seem to believe 
tbat Britain has somehow 
dropped out of the bottom of the 
whole system. 

They would have done their 
job better if they had shown 
that they can count up to tea 
and if they had then produced 
a shred of evidence or argument 
to show what may be an 
appropriate level of diplomatic 
representation For the tenth most 
important country in the world. 


AT THIS TIME of year, my 
thoughts turn to those who 
bought new gardens or moved 
houses last year and are now 
beginning to look beyond the 
fact that the carpets cost'more, 
than the house and that curtains 
are for the short windows only. 
Their plans, I Imagine, turn from 
time to time to the garden, jt 
only to picture how they can 
spend a summer holiday attack¬ 
ing it and make a virtue of 
staying at home. 

Perhaps, coo, their attention 
has been caught by a nursery¬ 
man's catalogue and quickly lost 
in horror at the discovery that 
common Ladies Mantle costs 40p 
a go before VAT and delivery. 
At five plants to the square yard 
—the impatient could well plant 
more thickly _ the herbaceous 
border begins to rival the cost 
of sham rush matting. If you 
choose a shrub, you will eventu¬ 
ally cover more ground at £1.80 
or so. hut who knows whether 
you will still be in the same 
house and job after the seven 
years in which the miserable 
little Sfcimmia, recently offered 
to me at that price by a well 
known Hampshire nursery, will 


be struggling to show its head 
above the weeds? 

Shrub roses, cheaper and 
quicker, are one point at' which 
to begin: bulbs, if you shop 
a Found, are an obvious com¬ 
panion. which you' could also 
take with you if you had to 
sell your house In a few years' 
time. But the best value, stirL 
is to be found in seeds, not only 
in the annua] flowers which are 
the quickest return for new 
gardens but in the seeds of 
plants which last for a year or 
more, the ones, in short, which 
the new lists now in the post 
will be listing as biennials and 
perennials. 

The brightest tilings in my 
garden, last year, hail generally 
invited themselves into it. I do 
not mean the dandelion, though 
the average length of its tap¬ 
root after rwo dry summers has 
now almost passed belief: soon, 
we will be drilling it oui of the 
ground. I mean the more way¬ 
ward perennials plants which 
began life some years ago from 
a single packet of seed and have 
spread themselves wherever 
there is a pap to be filled. 

The best buy of aU from a 


seed catalogue still seems to me 
to be a salvia called Turkestanica. 
It has one vice, which I will 
mention first: it is smelly. The 
three-foot-high stems give off an 
unfortunate scent, of the stale 
shirt of some energetic 'gardener, 
sharpened, if anything, by a 


flowers fade a little and the 
bracts remain distinctive. Thus 
von have a bold background 
Diant from early July until 
September, three or four feet 
.high, variable from seed but 
never unpleasantly untrue. 
Strictiv it is a biennial, so if you 


GARDENS TO DAY 

BY ROBIN LANE FOX 


tang like some /ox gone to 
ground. There are those who ex¬ 
clude it for this reason. Note, 
however, that it only gives off 
this scent if you rub it or brush 
against it. ft is quite harmless 
if you allow it to stand freely in 
a bed of roses. Why, though, is 
It so good? 

Its colours, for one thing, arc 
not matched by any others. Its 
stems taper into spire® of white- 
ish grey flower set off by pa':e 
purple bracts, a subtle match 
which will mix with any colour. 
Better still, they hold ibeir in¬ 
terest when they die. as the 


sound seed this spring, your 
plants would be at their best in. 
I9T9. But i would bet that you 
could push them on lo flower 
this autumn if you bought wed 
now. sowed it. under glass 'and- 
kept it boxed and potted on un¬ 
til you moved ft out in late May. 
It is a plant which is stiil .seen 
more often in National Trust 
gardens than in private ones. It 
is easily grown by anybody.and 
sows itself by the hundred after 
one year in flower. If you have 
a slope or a bank and you - can 
be bothered to gather up its 
seedlings, you can mass them 


so That they seem to pour down 
the hill when their tail spires of 
flower appear. I am intnguea 
bv its >oung leaves, because their 
surfaces seem at times to S»sten 
.although they are only a plain 
green, whose. texture Is broken 
and uneven. If you can^avoid 
the smell buv it and consider it 
this column’s blessing ttr your 
empty , new garden. ■ - 

With it. saw one oF those 
plants which are so easy : afld so 
common' - that most gardeners 
now overlook it: the biennial 
Evening Primrose, listed^ as 
Qeuoiiigra /VQnMxrcfcitMH.' True, 
it is almost too obliging. It will 
seed itself everywhere apd thus 
spread through any border which 
is not attentively hoed. But last 
summer, in . those long ..clear, 
evenings, I began to wonder why 
we all bothered to contain or 
ignore it in favour of less 
obliging plants. It is talL Some 
three on four feet' at least. Its 
single yellow dowers, like 
saucers. are such a . clear and 
luminous colour, the best butter- 
vellow, that they standi out-, in. 
the half - light, in a way which 
grand gardeners try tq ..equal. 


with their , rare whir* 

Four .or five plants in the 
row of a summer border 
outshine any lesser jun^so^'. 

Place them all rooBfh'jijjg, 
garden* for they show up.in 
summer, evenings tike- urii be. 
patches, of light.-Again, {t.fejrc 
easiest plant imaginable aal iSp 
sow itself abundantly from.ytgg 
to year. Its tap-root. 1- bofife;, 
was once thought edible 
cheap alternative .to the 
Again, it is.a plant which . 
bulk to a. new garden. - - Ss£ 

There are others, .« . 

not least the.tage.silrer IMtilfe.' 
or Onopordon. some six feot -oL 
more in a dry season, so • 
that three or four down the bifo 
of a long boider will draw 18* 
eye away from, shrubs ip■/&»£■ 
:whieh-.' are still -' 
maturity. But for those who ] 
a cheap and easy brightness. -foe.’ 
Salvia and Evening Primrose ^, 
in a class by-themselves; HttaJ 
them out in.;those 
which are now. going. : *auad' ftr- 
gardens, thick with 
ilarigohte . and othar .rij^j, 
alternatives.' . .. >’ 


Poor Boy has a chance 


Slow to learn 


WATERLOGGING cancelled 
Windsor a year ago to-day and 
it is to be hoped that the story 
is not repeated with the meeting 
this afternoon. 

Although the ground at best 
seems certain to ride soft the 
weather forecast for the area 
last night was not tun bad. 

Principal event is the three- 
mile Boveney Chase, in which 


Jf anything, the available, 
evidence 'hows that we need I 
a hotter diplomatic service. The| 
report from the Think Tank- 
advances the amazing proposi¬ 
tion that political reporting bv 
embassies abroad calls for no 
soeclal intellectual ability It 
does not appear to have occurred 
to them that, if we had had 
slightly better political reportine 
from Reykjavik, and better poli¬ 
tical assessment in London, we 
misht not have had to endure 
three Cod Wars with Iceland, ail 
or then p red lets hi v disastrous 
Or v.-as it simply that our poli¬ 
ticians are as slow to learn the 
facts of international life as thev 
are to grasp the rudiments of 
economics* 1 

When four or five are gathered 
together in the UN. or NATO 
or the OECD, or GATT, do the 
others sav* “Don’t Jet us brini- 
in th» British; they’ve suffered a 
relative decline"? 1 doubt it. 
But that i> certainly what th^ 
'•ill say if the enthu^a*** at the 
Thmk Tank hare their way 

Yet President Sadat seems tq 
think it is worth his while to 
include Britain on hts forth¬ 
coming tour of Europe and North 
America, is it possible that we 
should pay more attention to the 
actions of Sadat than to the 
assumptions of the Think Tank? 


RACING 

BY DOMINIC WJGAN 


provide the answer to the open¬ 
ing division of the Brocas 
Novices Hurdle at attractive 
odds. 

Eyecatcher, third in the last 
two runnings of the Grand 
National, will have an outing 
at Wincanion to-morrow in the 
Corton Denham Opportunity 
Chase. Tbi.® popular mare wii* 
make her last attempt at the 
Grand National on April 1. 

Another well-fancied Grand 
National hope. Shifting Gold, is 
expected to run in the £10.000 
Leisure Caravans Chase at San- 


down on Friday. If The Dealer 
does not run. John Francome 
will partner Shifting Gold 
because Micbaei Dickinson wrii 
ride Broncho II. 


Sussex dismiss 
from captaincy 




BY STUART ALEXANDER 


WINDSOR 

1.45— Tickets 

2.15— Ravensbouriie*’' 

2.45— Poor Boy*.* 

3.15— Gamlingay 

3.45— Comet Kobouiek 

4.15— Tuparon 


Poor Boy, from Darid Morlcy’s 
rejuvenated -Bury St. Edmunds 
string, tries to concede upwards 
of 10 lb to his seven opponents. 

A fair third of four behind 
Menehall on his seasonal debut 
in the Bingham Chase at Notting¬ 
ham when still a lone wav short 
of his best. Poor Boy then let 
his supporters down badly at 
Market Rasen. finishing a well- 
beat en last of five behind Arctic 
Challenge in a two-mile, five- 
furlong handicap for which he 
started 7-4 favourite. 

Last week, the Charlottesville 
bay showed that a return to fevnt 
was on the cards and 1 hope that 
this afternoons modest prize 
will not prove beyond him. 

There was a lot to like about 
the way Ravensbourne shaped 
on his debut over hurdles’ in a 
race won by Ruby Wine al War¬ 
wick a month ago in particularly 
holding -ground, —and - --Res 
AJkebursfs five-year-old could 


More watch dog racing 


• BY STUART ALEXANDER 

GREYHOUND RACING in the 
U.K. .attracted 1.03 per cent, more 
people last year, 6.58m. compared 
with 6.51in. in 1976. In the last six 
months attendances went up by 
4J? per cent. 

Totalisator takings rose up by- 
six per cent, on the year, to 
£70.7m. The increase in the 
second half was running at 7 9 
per cent.. . . ‘ . 

Over last year as a whole there 
were 76 fewer meetings at 5.847. 
.The number of tracks fell by one. 

to 48. ..' 

- New • registrations • of • -grey¬ 
hounds rose from -“,363 in >976 
to 7.400. according io -statistics 
released yesterday by the British 
Greyhound Racing Federation. 
The number of British-bred ruse 
to 33.S per cent, compared with 
34 per cent, in 1976. The re¬ 
mainder were bred in Ireland. 

Prize money went ut> by-9.4 
per cent, to E1.87m. The three 
-most successful tracks were- in 
London.—White City totalisator 


takings at the 134 meetings, 
topped £7.47ni.' ■ Walthamstow 
took £6L7Sm., and Wimbledon, 
£5.6m. • • 

The most successful track out¬ 
side London was Belle Vue. 
Manchester, which turned over 
E2.36m. at the totalisator. 


SUSSEX HAS overturned a 
decision to re-appoint Tony 
Greig as captaiu of its county- 
cricket side reUowiog a two-hour 
emergency committee meeting 
yesterday. 

This is the second -u.dp vritbm 
a year that Greig has ■ .been 
racked as a captain. He tost the 
England captaincy in May last 
year after anneum-mg his in¬ 
volvement with the Kerry Packer 
“ circus:”' 

Recently Greig criticised the- 
present Englahtf captain in & 
Sydney newspaper and this 
prompted the Test and County- 
Cricket Board to ask Sussex to 
reconsider its decision to appoint 


Greig as captain for the' 1978 
season. 

Greig's contract runs another 
year-with Sussex .but it is not. 
known whether he will play this 
season.- At the moment Greig is 
still in Australia as captain of¬ 
the World XI in the Packer 
series, 

Mr. Stanley, Alien, secretary 
of Sussex, said yesterday- that 
■the club deplored Greig’s 
remarks about Boycott — Greig 
accused. Boycott. of .consistently 
avoiding : playing- thei world's 
fastest bowlers—and their deck¬ 
's! on to drop Greig as captain had 
been unanimous. 

But it was a very sad day for. 


him personally and ftfcfoseitei). 

Recently both Lancashire *nd 
Nottinghamshire asked-4ba- Tfest. 
and County Cricket BoanTln 
consider .a proposal -MO -expel 
Sussex from the-County cham¬ 
pionship because of-vtitsur re¬ 
appointment of.jGmg, . ^ T , 
Sussex now - • hopes "that-; rib* 
resolution, due to be considered 
by ibe Test and County Cricket 
Board at its meeting-oa HkTaith 
9, will be withdrawn. _r. ,v 
Last season Sussex waft-fined 
£500 aad Gteig reprimanded 
after he strongly criticised, the.. 
Old . Trafford pitch and-.'the 
groundsman hr a .■newspaper 
article. - ‘ 


New economic 
director named 


Veteran outstrips newcomers 


WHEN SHE sailed, into'Rio de. local race off Capetown-aboard..-: Pea Oulck. is: still (indfir. the ■ 
Janeiro as leader .of. the. Whit- the professionally crewed.British:/Cloud.of Ineligibility as a cpm- 
bre?d Round- -lhe .world- -race, iyaebt Kings Legend, -l "tasked- petitbr. following^ the anomalies 
fleet last Saturday. 34 jniimies: James how it felr io- bE^abtard' of ;ibe:_yslidilj'. of ".her . Jfcttos - 

-w_i -r vu - —■ r__ ' - _u.__I _r_rn nn .n kn. ' 


By Oi/r Belfast Correspondent 

THE: :aew- Northeffi . .Ireland' 
Economic Conned ha* seconded | 
Mr. John Whit I aw. an as«isianij 
<L-ereiarv in the Northern Ire- 1 
land Deonnmer.t of Commerce, 
to act as it-, full-time director. 

His semodnient comes three 
months after the reshaped coun¬ 
cil adv?rti e ed the £l2,000-s«year 
uost, but :tt has apparently been 
imabie to. .find a suitable candi¬ 
date/-'. 


actual .time for the full SlJiQQr time to sec who is about to'kili-inouth && a non-combatant_~~-: 
mile distance from Portsmouth to you™ he told me. \ - - - ~ Sflij at-flea aboard the veteran 

R\o b;. a mere 2i hours from the In. Auckland. 7500 miles later. Trence Trotn Exmjrt, the hmidi- 
handieap leader, the Dutch ketch James tuld me .that he..realised cap leader from Capetown 'lo 


Flyer. 

Grebt Britain H seems to 
become more remarkable the . 
further she sails. She took over*; 
a!! honours for the fastest circlin'--, 
navigation in the first Whitbread- 
race four years ago . - ** 


YACHTING 


BY ALEC BEtLBY 


Auckland,, is medical -student - 
Eric '.Letrosne.. who fell and 
broke his thigh hone out.of 
.range of hefp aast of Cape Horn. 

■' The yacht has met Jimmy 
- Bianr’s 'Japy Hennes% 3tid3r.: • 



f Indicates programme in 
black and while. 


BBC 1 


9.15 a.m. For Schools. Colleges. 
10.45 You and Me. 11.00 'For 
Schools. Colleges. 12.45 p.m. New s. 
1.00 Pebble Mill. 1.45 Mr. Benn. 
2.01 For Schools, Colleges, r.,53 
Regional News fur England 
(except London). 3.55 Play School. 


4J20 Touche Turtle. 4.25 .lackanory. 
4 40 Screen Test. 3.00 John 
Craven's Newsround. 5.03 A 
Traveller in Time. 

5.40 News. 

5.55 Nationwide cLondon and 
South-East only). 
Nationwide. . 

6.50 Sykes. 

750 Wednesday Film: “ Hell In 
The Pacific." starring Lee 
Marvin. 


F.T. CROSSWORD PUZZLE No. 3,582 


9.00 Ncw.s. 

8J25 I Didn’t Know You Cared. 

9.35 Sportsniglit. 

11.05 To-night. 

1IA5 Weather-Regional News. 

All Regluna as BBC 1 except at 
the following times:~ ... 

Wales— 2.18-238 pjn.. For 
Schools: Hw-rit ac Ytna <4) Ser y 
Nos. 5.05-5.40 Billdowcar. 5^55- 
CJ20 Wales To-day. 6.50 Heddiw;. 
7.10 Trem: 7.40 Young Scientists 
of the Year. B.10-9.00 The Oregon 
Trail. 11,43 News and Weather 
for Wales. 

Scotland—Il.OT-ii-20 a.m. For 
Schools (Around Scotland t. ^S.IK- 
2.38 p.m. For Schools. 3.55-GJIO 
Reporting Scotland. 1145 News 
and Weather for Scotland. 

Northern Ireland—3.53-3-55 p.m. 
Northern Ireland Xejvs. 5.55-6.20 
Scene Around Six. 9.25-9.55 spot¬ 
light on Northern Ireland. Affairs.. 
11.43 News and Weather for 
Northern Ireland. 

England—5.35-6.20 p.m. . Look 
East t Norwich): Look Nortj* 
(Leeds. Manchester.. Newcastle); 
Midlands To-day (Birmingham): 
Points West (Bristol): Knuth 
To-day (Southampton); Spotlight 
South-West (Plymouth). 


LOIN DON 


9.30 a.m. Schoula Programmes 
12.00 CJoppa Castle. I SLID' pju- 
Rainbow. 12JO Sounds of Britain. 
t.00 News plus FT index. 1-2Q 
Help! 1.30 ■ Crown Court- 2.00 
After Noon. 2.23 HadJeigh. 3^0 
Heart to. Heart. 3.5O.Coagtes.. 4J20 
Michael Bentine’s Pottv-Time. 4.45 
Pop Quest. 5J5 Emmcrddle Farm- 
T5.45 ;\ews;. 

6J)0 Thames at 6.- 

6.35 Crossroads. 

7.00 This If Your Life.' 

750 Coronation Street.. 

8.00 I'm Bob. He's Dickie. 

9.00 ITV Playhouse. 

10.00 News. 

1030 The Shoot 

11.45 World Snooker. - - 

12.20 a.m. Close: Readings by- 
Geoffrey Hin.*.liife from 
Peter- de Rosa's A Bible.- 
Prayerbook for To-day. 

AH 1BA Regions as London 
except at the following times:— 


GRANADA 

IJQ o.m. T'll* t-i Y-ur H 5.1fl T.i:5 
1- Vow ni&tl • ‘-.xt'lll -0 V?£ Lcol 

iV.3-unl J'i ^ruaranvi;-. 5.15 
wif? dJH Rupi’rH 4-0 W;sU 

Yon Werv Hen .. . - 111.45 The Vr.- 

’ou^taaiijs 


1.J9 p.m. •WeiC-infaiiWoft. 1.25 

P;oon Wal-ii K?Vd!;h»r '1M F!-:T? Your- 
.Mil 505 Oedo rfie- Spacr Kid. 5.20 Crou- 
P..-oor Wes:. 4.15 Reoon 
Vi:» 630 W.<!i You Vert H. re ... 7 
11.45 C-1-bn-j Tracer.: Dionac Warwlcke. 

HTV Cymru Wales— As KTV Cereral 
..xceui: 1.2W-25 p.m. Pocawdau 
t.'“i Jdlnn y DriC- 4J3 Miri .;;a'*r. 
(t.UM.as i. n Trn. 6 00-6JLI V Cy<M 1030 
-Bliw>d. 11A5 Celebnly Coucen.' - 
• HTV Wcsi—.Ys HTV n«r.vral S^rrtce 
t'V.’.M: 133-1.30 p.m. Rt»-t WcK 
lir.'.’S. 635*30 RvPOR.ttVfi. . 


and"**©--*.-with a totar o* rfw.OOfF-Buli.t fon.tbe job. bothers., was T - . 

miles' nr' competitive calling' hblbing. to.slop btm tforo dicing '' f 3 ? ^ ets 52?» tens 

under her keel she continues to line .honours fpc. .the-foU dis- F J )’ e G_^iird - into 
iiold her own against more tance on -sheet "boat speed.. xaalns. overatl bangicap - leaaer . 
modern yachts. This was his ambition as be 3eB 5*?. set w retain-rols lead: 

On this occasion much credit sailed from Auckland ar Christ- m°.® Wngs Legend.^.Uiough - 
goes to her 30-year-old skipper, mas. He knew it was in reach noming has been ••heard of'the . 
the chuliieni Roheri .lames. His hut that foe leg,'-round Cape' British yacht for mWeAhan tec -’ 
crew are all paying £4.000 to sail Horn, wa* jcritfcal if- he and 

on the race and before the start , crew were to succeed.' ! Flyer also «eras'' set," barring' 

more than-30 per ceirtilhad no - With a suspect BiaSt and vtftlv'acridfents, : to^ Tafte The: ovBraH 
sail ins experiences ;.'■• A ; legbtiTlng-r-bavinsr damaged-alMianaicap'^prite at Portamputfiln : 

-• Robert -Jantes.-^iith Chay.B4y!b fiiectrdnic navlgatjotia^&qutp-' A'prff : but-' whether, r 6ver ':-tiie- • 
who owns the yacht, (ashed them ment, he and his crew held their 5.500-miles to the finish. -Great 
into shape in a four-week train- lead round Cape Horn over all Britain IT can bold the 24 hour 


in^ period before ihc race. except Eric Tabaily's Pen Dtiick lead on actual, time still stays*?*., 
W'hile sailing with him in a VL • -wide optn- - J 


FT industrial architecture awBrd 




SCOTTISH 

.135 .-p.m. Ntfti-i arifl roaff 2.00 

Wom^n Only. 535 Rad- Rv.««. 533 

Cry^roalf. b.D0~ S->y:ljr4 63D 

V.vir’a Awtiab. 11.45 ■ La-.e Uj 2. U30 
Oui ot To'.riL " " 


ANGLIA 

L25 p.m. Anglia Kcn-». 2-W Hous^pany 
535 Mr. and Mrs. 6.DO About .Mifilia 
11.45 Polio? Surgeon. 12.15 a.m. TUc 
nig QnenlDD. 


SOUTHERN 

1.20 p.m. Sourbem Xe^s 2.00 House- 
n.m?. 535 Brrtr Bods i-Td Crossroads. 
6.00 Has by Day: Wudr.rsdn? Eilra. 
11.45 Souiiiern Xfws Esrra 1135 S-alUiy 
E^iingL 


n 

IT’ 

18 


1 

fTrk#l 


m 

JO 


□ 

XUJ 



BBC 2 


ACROSS 

1 Allow the girl rent and damn 
the consequences i3. .3, 3) 

6 Church with an oversize dis¬ 
order (5) 

9 Pick me up a keynote (5) 

10 Living rooms disintegrated 
without money (4, 5) 

11 Persuade uncommon chap to 
become Fleet Street tycoon 
(5. 51 

12 Appear in diocese with 
Frenchman i4l 

14 Scolded for baring century 
screened (7) 

15 To handle an oar like this is 
an achievement by female (7) 

17 Too old to surpass ... ( 7» 

19 . . . figure taken one month 
past by Pole O’) 

20 Britain's once premier river 
(4) 

22 Wedding at public sebool 
becomes a sporting contest 
(5, 51 

25 MoiHb ancient city gets fit to 
offer, excellent expectations 
(5.4) 

26 Book for those making it 
snappy (5) 

27 The French can produce such 
language (S) 

28 Plaything for Edward to carry 
(5.4) 

DOWN 

1 Allow superior to relax (3, 2> 

2 Fruit needs flavour—Ireland 
takes the point 1 9) 

3 Rfemove obligation tu collect 
tax (6, 4 1 

4 Stop whistler taking shower 


5 Dramatic withdrawal during 
sporting decider (4, 3) 

6 Country inspiring young 
reporter over article (4) 

7 Make up not long after noon 
(5) 

8 Appliance on the decrease 
after getting into hot water 
(5, 4) 

13 Georgia's firm with public 
utility (3. 7) 

14 Demand to stop near thing 
(5.4) 

16 Eighth lab adapted to nerve 
fellow diners (4, 5) 

18 Wise to give strict moralist 
part of Bible (7) 

19 Trifled while fish last some 
blood (7) 

21 Number of sportsmen in a 
row lo) 

23 Classic poet always returning 
to base (5) 

24 About managed a quantity of 
fish <4> 

SOLUTION TO PUZZLE 
No. 3,581 


a.m. Gharbar. 

Parosi. 

Play .School us BBC 1 
3.53 p.m.l. 

p.m. News on 2 Headlines. 
Sisters and Brothers. 
Newsday. 

Julian Bream Festival. 

It’s Patently Obvious. ■ 
Play of the Meek. 

Arena: Theatre—The story 
of “The Cherry Orchard" 
by Chekhov. 

The Light of Experience. 
Late News on 2. 

Closedown: Bernard Hepton 
reads “The Double Nature 
of White " by Molly Holden. 


1.20 p.m. A TV Xeirsde'r. 505 iTr. and 
Mrs. 6.00 A TV Today. XL 45 Hie Bailie* 
Grand Masters Dans ChanipnuasWp. 


TYNE TEES 

4.20 a.m. Tie" Good Word. ia:.o-....-s as 
Nuns Ed»: N>w't Headlines. L29 pjn. 
North Earn N’>sKS huH Loo^irouna. 2JH 
■voutra Only 5.15 ITajoy Days. 6-00 
Northern Li!. 11.45 W lS :snItf Medlea:. 

12-40 a.m. Epilogue 


BORDEB. 

TUB p.m. Boids r New*. 2JM House- 
party. 535 Horses in our Blood. 6JH 
Loakaround Wednesday. 1130 The 
Biullns Grand Masters Darts Chamolon- 
sJDd. T12.U Border News Summary. 


CHANNEL 

Lll P.m. Channel Lunctiilnui News and 
What's On Where. 6.00 Channel News. 
*J0 Dvnomutt—the Dos wonder. 2038 
Channel Late News. UJS Pro-Celebrity 
Snooker. 1230 a-m. Eotln-ue -followed by 
News and weather in Kreneb,- 


ULSTER 

1.20 p.m. Luncb’.mie. 4.18 Uis'er News 
Headlines. 535 DrcTOioit die Dos 
Wonder. 6J0 Ulster Talerluoa News 
6.05 Crossroads 630 Reports. XL4S 
world ChaxnplmishlD Darn. 1239 a-tn. 
Make tr Count, followed by Bedame. 


westward 

1236 p.m. Gus Honeybun’s Blrtbdays. 
130 West ward News Headline 6-00 
Westward Diary- 1038 Westward Late 
News. UJB Pro Celebris Snooker. 
1230 a.m. Faith for Life. 


APPLICATIONS ' Can" now be' 
received for the. 1978 Financial 
Times Award for an outstanding 
tvork of industrial architecture^- 

The purpose of the award '— 
the I2ih — is to encourage rndus- 
trial- building 7 'and engineering; 
works which in many cases will 
be initiators of a new man-made 
environment of aesthetic inter¬ 
est and practical purpose. 

In circumshnces where no 
industry has previously pene¬ 
trated, on sea and lake' shores; 
in river estuaries, or in new 
towns, the impact of great or 
small works is of prime import¬ 
ance. 

Aesthetic suitability is of 
equal importance in (hose areas 
which will remain agricultural 
and where the development -of 
farming techniques demand 
buildings of. a. different kind 
from usual. 

The award is open to aLT 


designers of industrial bulldfogfr-a'reeepUb'n to bp held on Decern- 
irrespective of their' professional bfir'l: ; ■-? : - ' •• •' - r - : ; . 

- buiWitig : ; 'AbpIIca(ti on forms . can . be - 

manstry. -ffom - 

- The'.two arcbitectj-aa^ssbralTimes, lll-Cahnon Street LAinffoit ' 
thisT-"year are ; Leotwrd £C4P^.4BY : Envelope? Should 1 ml, 
Mabasseh and Mf, - .Tllchael.marhed' Tln.- the - top. 'left-hand . 
Manser, .members. &Ithe-H oyal cbrner .^Diiustrial ArchltectJiW ; 
Institute: of British: Archttectsr^Award "r .. . ’: : _ -... - 
which' supports the awanL and r . - - ' 

the : lay. assessor Is Sfr Charles .. - .- - - <•' 

Troughron, British Couneif ■ .. - ”"-T 

chairman. ■ MAR IP fUIRIP*- 

Provided the completion ■ date ' - l " nc ?'r vvni k 
of the building foils within , toe life 1 * "-Wm-ic r*»Krkud 
time limit for the current award, . twmiiiinrr>n <*ncfcr mni^.'.wiw. r - 
tbos?: who have prpvfously sub- " ^ V 


time limit for the current award, . iwmiiiinrr>n' etnetr m»oing..-.w»™v.. 
those, who have prpvfously sub- - ■ 

mit&i applications -but, failed to- . SSt. 4 nBSti? 


gaip. an award or a commenda-1j senfiwsry witii .eonattov. t,-' 

lion;,may submit them again forll gift. w,b»ju««. rW* «'*»!. wsri.t-J.,; 


a second appraisal. p«Kripfl*.-.ib«fUe 

Applications must be received vrjirtbmtion ■yiifabJ# -tram 
no later-than Friday, May 5. The . --Tht frrn^tTr 
name .of toe winner and'those i24SUJ4u«5TJittT, i<»a; 
commended will be azuknmt^d^tfeS- ' .-.■iv? 


• <«■»* 
124Sti3APff5TWOY 


GRAMPIAN YORKSHIRE 

4.21 a.m. First Ttilnj-. 136 P.m. 130 pjp. Calendar News 535 Mr. and 
Grampian x*w< H'-wUlnes. 6JJ0 Grampian Sire. UK) Calendar 'Em ley Moor art 
Today. 1030 Police Wonaar.. 1135 Reflee- Belmont edJUooa). 11.45 Adams ol Eaab- 
lions. Luke. 


..'■zppr*,' 


FINANCIAL 


m 


RADIO 7 247m raJ - ten. pan 1. Brahms. Crsis tS>. 

1105 p,m - ln Shor ' ^ Lrterne 

, „ «« Festival, pan S: SlbtUus *S»- 1M News. 

T;®1 IJH cotwen HaD »S». 2.05 New Music 

craw ol Scotland iS>. 230 Hamish 
MUna F lano redul: Liszt iS». 330 No*- 
»-W Tony flbckbnn. <, ®L , ®2i_ jr * ,lsen casrte FestiraJ 1877, chamber music con- 

.V w SSr*’ J’¥. S 5? S ?!?m teTt - Dan I: Krwnnier, Beethoven «Si. 

niiinu R8 ®* B J 11 ? “L10 Inierral Readlms 4J5 Newcastle 

a - n }v As Festival, nan 2. Cnisell. Hummel- s« 

VHP Stadias l art 2: 6.00 a.m. With Build ins a Library ol ret-orQs iSi. 5.45 
Radio 2. indudtno 135 p.m. Good Listen- Ronurwart Bound »s>. 645 News 640 

Ins. ibji 2 With Radio 1. 12.BO-12.65 a-H>. Homeward Bound •vontinueri*. 63® LKe- 

wub Radiu 2. lines: LansUase and ComnunlcattaiL 

D a r-\n-A -> i 30Um and VHF ™ t-oots Coupenn harnsletwrO rectial 
RADIO 2 ana -S-. 84B-BBC Sj-nnhwiv On-hesira. pan 

6.M a.m. Kry,a Summary. 6.02 Ray 1- Mendelssohn iSi. S-35 Gf?arae Crvlrif. 
Moore 'S' with The Earty Show tndud- <^iant < ’taltc br william Feaver). asSRiUT 
ine 645 Paasi- tor ThauhL 732 Terry Svmpbony Orchestra, pan 2: Bruckner 
Wosan -Si including 8.27 Radny Bulletin. >S>. 10-15 The Quest Tor Junius (flte- 
art 0.45 Pause Tor Thuusht. UJC Jimmy mind lath by John Cannon > 12.45 Drnrak 
Young fSl. 1245 pjh- waatwirra' walk, on record «si 11.05 The Arm worldvrtde. 
1230 Pute Murray’s Open House 'Si In- 1135 News U30-U46 And tonight's 
eluding U6 Sports tk-sP 230 Da\m Schubert Smw <5'. 

Hamilton iSi lncluditis 245 and 345 Spons t Madium Wave only 

Desk. 430 Wassonere' Walk. 4.45 Sport* D , , 

Drsk. 447 John Dunn (S' including"5.® KALJll# 

Sports Desk. 645 Spnru D«k. T42 Sinn 434m. 330m.2SJm and VHF 

Something Simple «S». 7JO Uslcn lo tl5 a . m _ Np , w _ tl7 Fanm^a To-doy. 
the Band with Outlie ChcHer .-Si. 845 *js vp Tn Tbc Hour. rVHF' 

SemprinJ Serenaihi wilt; 'be BBO Radio Rr^onal N.-ws 7.80 New 74D Tcwlaa 
Orchestra 'Si 9.02 Bins- the story of 7J5 Up Tn The Honr icnntiian:iii. 7J2 
Bln* Croshy part 5: Cioln= Solo. 9.B ivHK' RHurnnul News. 8 X 0 News. 040 
Sports Dusk- 1042 The News UuddHnes. TcmU? Inrliwim': heurthn^. 

ULM TJe Show u-lih Ten Leas starring paw-rs. wr 045 Ycwrtoi in Part* 
Ed-he.Brahcn. 0.82 Brian Matlhe.w with mi'ni OM Neva t9JS The LMna World. 
The Late Snow. 1400-12.05 a-m.. News, yj.u ^ Mnuetrat' . 10.00 Neirf. 

n i rim -* juin Stereo & VHF ,n Britain Now IQJO ■Dally Ser- 
KAUIU 3 •*T*m,3i«rev« »nr v(rp naas MnmiiD! Story- tlUO News. 

6J5 a.fH. Weather. 740. News. . 7.05 tU45 You. Ttw Jarr 2240 News. 
Your Midweek Choice, pnn I '•S'. 8-08 1242 p.m. You And Yours." .1237 Wtui 
Ni-irt. 8JH Vour VHdm-ek Choice pan 2 Itn* 1255 Wnailuw. orveramm** 

•Si 835 Rural Rtiyiiius treaUnxY. 9.00 twu-« YI|F .«vvm J.nndon'.'aiid NE' 
Neva. 945 This W>eKV' rajnpOKi>: R-ilunnl News 140 Th.- '.Vnrtd At Ope.. 
Fliui and Moi’rnn »Sj . 9JS : Kmlu-h OMi7 130 Ti*e Arrfrrrv tVoman's Herr 

Music (S'. 1935 Thoom; Dvniull chamber f: inun *? iw «n. lurfinu 200-242-'! , :o«n.' 
music concert tSj. U30 Lucerne Fesu- «45 Linen With Mother. 340 Mews. 


BE0HH3-- -EKEBHBIHS 

'j-'-fty.ztr vpi a. h -w' Mk 

3HH3REH5Q •' CHS HQ 

3 ' a a: b a--a- m a 
rafflSG EB!5BSE3aaf3 
n_Ef -5T w 0 0 - 5 

mHcianea. 

r 4 ft a ■ ci s 

_HEaaEQ.- ESGBfflSE 

S’ ; Q.f:.g -: n 

BfflCj0nCiaQ[iG - E 

^amia. -aagcnQasci 
a- a :h 

SE50EB39 g@aa!3H 


345 Afternoon Theatre »5-. 330 choral 
Evensong. 435 Story Time. 540 PM 
Reports. 540 Serendipity. -JUS Weather, 
pragnunme news cVHFi Regional Neas. 
640 News 630 My Music iS>. 740 
News. T.05 The Archers 730 Fftc oc 4. 
8.00 Lord Peter W'lnisey £38 The Relih 
Lectures 9.00 Science Sow. 930 Tcrtay 
In Synod Report on The General Synod 
Crf tbe Church nr .Englart. 935 Kalenlo- 
st-pne. 939 Weather. 1040. The World 
To-idphi 3830 Round Europe Quia, vt.nn 
A Book At Bedtime. 11.13 The Financial 
World To-night. 1138 Today in Parl^- 
mcni. 1 1 45 Kn-s 

For Schools (VHF only} 1.05 «-m. L?.99 
and 240-340 p.m. -■ - 

BBC Radio London 

2Blm and 97J \TIF 

6.00 a.m. As Radio- 2. 630 Rash Bow 
9.00 Holiday Scene. 9 jb Lordon Live 
U4B In Town. 1243 p,m. Call In. 243 
;nfl Showcase. sjA Home Run. WO took. 
Stop. Listen. 730 In Tosn las 1IJB j.m.i. 
830 Jo Concert 1SJJ3 Late -N'lghr London. 
1240-Close: As Radio ! 

London Broadcasting 

206m and 94J8 VHF 
540 mi. Morning Music 640 “ A.M.”. 
nondrop news, tmtL sport, reviews, 
inronnailon. U40 Brian Hares. UM pan. 
LBC Reports, including George Gale's 
n O’clock Cap. 840 After 6-wi3i Ian 
fifletatst. 900-140 a,m; .Ytstfflnc. 

Capita} Radio 

• 194m a nff 93^ VHP 

640 *jn.- nrahapi .Bono's Brea Mas) 
Show. iSr 940 Midori -Asp?/ /Si 1248 
J>uvo_ Cush wriili .Cash on Odrvery *SJ. 
140 p^n. 5cwt with Ua Three 

O-Ctoch Thrill -S*i Zffl.'.tulrelnn Today 
■ 738-Adrian IpeeS Open Line *st. 

.irtfrarftan ~Kinx •£:. XL So Tony 
■Myatfs Laie stiou '.«» Ido a.m. Dtiacan 
Juhuiun i. Night FUgbi uSl 


^ BRACKEN b<jus&, It), CANWt/M '&ilfijgit, 

Telez; Editorial 886342/2, 88389? AdvertiSflnt«titfc moXS 
»- «: Telephmjr. (n-^«'8(Hi« 

. For Share Index ancT Bosioess News 

Llytepool at^ Mmctefte^xelfii 

tNTCRNATIONAL AND ^WTOH OFBCfiS 


EDITORIAL OFFICES -. 

Amsterdam: P.O. 804 1296, Amsterdam-C. 

Tele* 12177 Tei: 340 855 . * 

Birmingham: George House- George Read. ' 
Telex 33S650 Tel: 021-454 9922 
Bonn: Presshaus U/104 Henabaitee'2-lB.' - X. 

Teles 8869542 Tel: 210039 - v > V .' 
Brussels: 39 Rue Dtscalc. , v- K 

Teles 2228? Tel: SU-99S7 - : . 

Cairo: P.O. Box 2040. v- . 

TeL 938510 -i. .>.•. 

Dublin: 8 Fitzwiilhar Square, -l." ■, 

Teles 5414 TeU 785321 •• 

Edinburgh: 37 George Street 
Teles: 72484 Tel: 031^2204120 ; ; ^ ' l r . ; 


1 eici, 0 + tei; u»i-S2U-4149 ■, < 

FrankfUrt:'Im Saehsenlagcr IS. ' 

Telex: 41626? TeI:-555730 : 

Johannesburg: P.O. Box 2128; . ‘, r ; s ; 

Telex 8-6257 Tel: 838-7S45 
Lisbon: Pracs da AJegria 58-lD, fisboh t 
Teles 12533 Tel: 363 ^ -f. 

Madrid: Espnmdceda 32* Madrid. 

Teb 441 6772 


StoeKMMRC'.'e/^ 
^ ZiTflte; 
Tehran; P-OJJk 
--Telex^liSai 



'ADVERTISEMENT OFFICES ': ; -.V- 

.BlnriingbJun: George House; Georg^ RwKL " 
Telex 338650. Tel: (BI-4S4 0922 
EdiubraEfc 37 George Street ^ ; 

■ Telex 72484 Tel:'931-226 4129-' • -> 7 ;: 

Prankfnrt: im Sachsenhtger T3.- > l. *. 
Telex 16263 TeL-554687 -1 




. JRaodtpsten,^ 


"Sew /Ybrifc 75.^ 
.-• Tfck* 423m: 
Parta:3d'Itued 

'Tetex 220044:: 


% 


SUBSCRIPTIONS- .. ■ V-;■?.;... 

Copies...obtainable fo.om, aejvsagorts and bookstalls'‘ 

from Subscription DeparfroftnL'Finhrrcia* 





















7 *e Sv«.‘ a > • i 

. fc/ . - • . .-v, 

$^7 Hy ... tfftf - ••' ~ “7L--• r,.-;c. 

of ’l-:'-rf... : "• 


want Abbado at La Scala 


by RO^AL’D CRICHTON 


^ of ■ -l'-i- 1 ■ • • 

./•' I.--- • 

j ^ •Sbr Xaitadi of 

*ar. :-'^<:>; r 4 .Min^\;<ann 8 raial tele-^. 
i^Uve .. audience research 

B» ’^;W|3ifVln^neepaiJ»a.:st eHeni 

at.. jr • 1 ‘r;advertising agency where' 
: sj-." - ■ i’sffr * .trainee briefed-us^ to - 
jptv " ‘S .’’ i.'w$ television campaign aimed. 

r v;^ 'Sjf aver ««e viewer ”Ttos: 


-bjrfWINSTON FLETCHER 


- *yi. ~ 

»jv«. 


Jisnpefvi, ' »- 

. ■ '■j’S *• V 


f ;l s 


JtJy provoked ah apoplectic 
etween two of _tbe agency's 


'■ jW*! each fewnmiced.thtt h» 


i.e r: > 5 - . r ;-> jwipelewatrhing. habits ■were' 

i.■ tor*■ ./ > ; ,/irJore archetypical : A*;both. 
5 w 4 / : -r dined out VitK. clients 

k *. ' ■- jv^^.eyepuigs. ' -neither.".; can 
ZiuS 2 >v ‘‘^aplL 7 ' hwe resembled 'the 

, *v 7 >- -vj- ■■>mn|Seiu]al Bqaare-eyed_vTewer 

r» p '■ ‘5% oriyenioron, as. they ■ ■wees 
s& B3d c'/eV' >- ’as^P 1 y called; *t : tirf. time). 
I' CJE'. £ V to® the only average thing 



4». 





v # 5 i#r- ^ 


4-4 


I^Jsal^C'lf 

^ V » x-x* 


X . cu* ■ - * 

5s arc - 




: i-. the f 
WRt:;. "'regain 

imUis y\ Times 

■Coun •■ 1 *“*>. Eevwa 

idcr j, 'I:.*’*' 1 'bf on 
€* ff»*— ' - fee .1 

'Ukij-- .v ■_ j*-'-' "‘ Own. 
sintme,-: ( L .- even 

;SSO\ i . •’ ' ;• • .-’• those 
’• - Yet t 
he Ti-.■ ', cham 
*4 ... from 

fluSCu: .* . show; 

' ' thrbt 

i— most: 

inclu 

- ^ ■ Stre< 

^ATVkAMf Irai 


?- r ’* 0 !rifce directors ' was their 
, ‘HBffqtormctipn ftat .th&.pxo- 
• ,{rra?5 they ii^atcbed we». jaje ; : 
’ '■.famelKthqao watched by “the 
-y fegt ^he. populace. Working 
r,..' in ed isfng I, staH, frtquemfiy 
*lf :lflvolVed -ah aflanost- 
metaj cal disputations with 
s Vhiisun en who'wish to-adver¬ 
tise ii s- Week, of wbkh they - 
are ues;: rathdr than in 
Crdssr which they, have 

hardij ? =|«l : of, ••-let/,-alone 
watchi The. phtJoStopmc pedi¬ 
gree « sir argnmenla" can be 
traced to Berkeley the 
BislJt? >0 was unwilling to 
concet re existence of any- 
tbiug mldn't see.) 

In t expect the ephemeral 
brrmdcfcedja are quite unlike 
the pi and magazines. We 


^r. i 

t: > 







: ;* •■'' ■ <4' ■ - ''■■*■ 

3E5"P ”■*' >--r^v' £&+;#'*: 

W' :V.~. '.v.:. 4.- r-S ' 


lers of The Financial 
. Harvard- Business 
w full rail that most 


Doris Speed and Fred Feast m ‘ Coronation Street 1 (Granada) 


fdf but >ewife customers read not be There. Last week for the world's resources of ill us- This Wee* and ReeoUttxm at the ness and with 

•-•fce.p Mirror- and Woman’s example, a father, advised - his trio us bigwigs willing to suffer Mirror. If you did I expect that mav since the 

- Own. ave seen and -felt tod; prospective son-in-law to live with a public investigation of their the News depressed you and the threatened, d 


Own. 

■ even 
. ’those 
- Yet t 
: ... .chant 
•.', from 
..‘■jams 


Milan this January was mouse- to her husband. Miss Verrett was what could be seen of the action forttss-Lmo where toe notes aro 
quiet and dark in cold drizzle: a once more the fioe. impassioned, at the final scene sug7ested an rather too effortful):-* pressed 
straggle of people in the shops decisive artist remembered from unusually convincing staging.- out. She has presence and a 
f J r , of lbe s ? les T bu t. in her mezzo-soprano days. Adriana 0fm CarU> ^ foiiouinz even- fens e of urgency—qualities even 
the streets e.en the Italian Anelti. a new name lo me. is J nE broucht a cast different both ,nore abundantlv presetn in the 

traffic -**s muted Outside L. the leest -queeky of Oscar., a f? D m™ “ open[ne o% 'n Ebcli of Elen, Obra^ova. On 

**}.**’ h r« e lf r ’.. Hous ® foil pleasing singer wfatK« lack of December dwenbed here bv U*is evening the Russian mezzos 

notices were stuck on the daily brilliance could be forgiven for A\ r ilLlam Weaver and from the ^ oa fatale" w-as slightly das- 

posters aanouncinc Ln boilo m the complementary lack of pert- more recent television-rum- ■PI»intinc. but in the trio in the 

^fsTSrv-'“If’ Z« C *T broadcast^ SS ?TSZ Eg* f *«« — *«* 

S2 coSted hi tiTe theatre-s The Ulric *‘ lhou ? h lBvWW « Carreras had Th « integrity bn »^ a "t vehemence. 

artistic director Claudio AhOado. “*L Jt erch ; w “ ?S! y 2, nd S \? nP i thet,c 3 Ui t h \ y as bis »“ch about Luca Konconi * 

stcadilv affirminz hi< position as a ^ lb e , 2, th^ stning contralto Riccardo the night before. He eye-filling but self-indulaent prn- 
ihe finest Verdi conductor of his mne * . nf Patricia Payne. Renato was unspann S as well as well- ductmn I found tiresome, -with 
generation. ,n lhl5 Performaore was the judged m his singing, but one the endless series of backstage 

...... . , , Latin-American bass-baritone hopes he won’t be called upon processions from audience richt 

bn balk, was a revival of a Guglielino Sarabia. whom I had too often to perform such .i to left each one com"” ?o a 
produeiion fi\e years much liked at Dusseldorf a few marathon. Cappuccilli. solid and halt hefore disappearin'’ 6 ’ as if 
sea50I,S 380 as Ascbenbach’s evil reliable as ever, was Rodrigo: in therew^ atrXS'inthe 
about Renzo Mongiardmos sets. senms ilx Britten’s Death in vocal bloom a liiUe below par. w j n g S The trappin- and cos- 

- woriieJ y performa^e 5 - packed 1 *1**' He haS develo P ed fro . m Ji rdetim? tbe J ine at climaxes tumes nf Luciano Damiani are 
but and 1 was luckv to be ? char . acter sul Ser into a promis- with a touch of coarseness. elegant, ingenious, beautifully, 
saueezed into the Press box at ing Verds baritone not quite Yevgeny Nesterenko bad moved inade inventions—but the way 
the side high above the orches- cf)mmani hng enough.. perhaps, up from the Inquisitor to King tb ey make a pretty spectacle out 
Ira well with only about a fr>r . lb,s ,ar?e houS€ - hut too Philip, impressive for his black death and rynmny is un¬ 
quarter of the stace visible— mu ^cianly to resort to bluster, tone and burning utterance in wwthv nf Verdi's music, 
strange experience,' to catch ^ ‘“teresting arxiat. Ellagiamraai m'amo ’ <t and in Yet when with the arrreaJ of 

only a glimpse or two of the As the names Ulrica, Riccardo the restored L^mmosa scene Philip m the aulo-da-fe seen* 
page Oscar and not to we the and Renato imply, this BaUo is after Po6as death, at other m0 vement stops and the 
fortune-teller Ulrica at all until ser. not in Scribe’s Stockholm nioniOTts strangely neutral in cr0V vd is allowed to mass, the 
she took her curtain call! but in Somzna's 17th century , Tbe Ru5s > a n timbre of result is a splendid realisation 

Standing next to me behind colonial Boston, with the Cover- ™ ^ an eP'^de ton often dia- 

the early birds who had nabbed nor's men m stiff Puritan collars. ine ttiqiusitor at this perform- pleasing or absurd or both, 
the front seats \*as a junior The sets are based on wood, real ant -£ pi " as *Jri u?1 , Rr,ni - ll ? e matching Abbado's overpower- 
trombonist trom ihe orchestra, or simulated — from simple Tn -.^ e ,„? ,„i r . , nre « ,Tr tI! 1 ‘ in gly incisive direction of 

not required for this opera hut shacks for the harbour scene to re ' 7^» e ri ‘ ■ i. r ,?s ■ Tt5an orchestra and chorus tone detail: 

in full employment. I gathered, ornate, gilded and painted panels usuan - «**»'■ anni FfH-ani. t h f . pi ermc h deputies don’t sing 

for the following evening’s Don for the ballroom changing. Drott- The young soprano Mara Zam- sturdily like a choral society but 
Carlo. In no time he borrowed ningbolm-style. in a twinkling pieri. heard at MontepuJciano shyly plead and wheedle.. The 

mv opera glasses to quiz his from the plain wood nf the last summer m l masnadierf. insurrection, when at last the 

chums in the pit. turning to me Governor's srudy. A further made a hit as Elisahetta. The crowds move m the opposing 
with a smile of triumph each transformation back to plainness voice has individuality, with a direction, from left to right is 
time an especially eloquent piece at the moment of the assassina- quick vibrato and a not unpleas- another success. A1 every point 
of playing sailed up to us. This tion seemed superfluous, achiev- ing edge to the tone. As yet the grandeur of the musical 
was often—the playing was mag- ing nothing that could not have she moves too abruptly from conception outweighs the weak 
nificent in breadth and tender- been done with lighting, but expressave soft smeinkg to a full points of the staging, 
ness and with sj times what one 
may. since the singers were never 


'omen; 


ra. i^sETOanuTettana pruspecuve son-in-law iu uve wuu a puoiic mvesogaaon of tneir tne news depressed you ana tne threatened, describe as a can- 

en time ta time- read his daughter in a trial marriage curriculum vitae shows no signs three news documentaries dis- cuforahio ferncitr x eid*. 

ose tnable publications, before deciding to get more of becoming exhausted. Last appointed you. Perhaps it's ^oueh voices and orchestra 

it 41 s a better than evens irrevocably spliced. Phew! week w’orld champion motor ray imagination but of recent reach the ears as two distinct 

anre it we never, escape Quicker than Mrs. Whitehouse cyclist Barry Sheene, MJBJE.. months the quality of news experiences svnehronised vet , ^ , 

am fMneward-bound traffic could -say Longford. the after registering the obligatory documentaries. though still jmVnpsjj-j does not hetrav this D n U y-^-t -ma 

ms. immuter trains edrly daughter’s mum — aghast and initial astonishment and mutter- generally admirable, seems to theatre’s superb acnustic** llfl 1 GTl IjOlTTl bv DOMINIC GILL’ 

kwj new. the most popular horrified — had spoken up for ing a few five and six letter have dropped from its past f* 5 “ P 1 "T V/11UU1111 u u ,u ^ kJlL. 1 ^ 

•ogr s on the box. all. clean living folk and four letter words, threw himself supremely high levels. (Though ’The east at tins performance 

Tht vertising industry’s vehemently castigated her filthy i 11 * 0 schmalzy proceedings on Monday evening Torn Man- wa£ headed by -lose Carreras. 

re JICTAR audimee ^pou^e, who . loohed suitably with the dutiful gusto required gold’s intrepid study of Ter- gallantly (since he was to sing Schumaan is not. so far. one of poetical understatement, an iot»ntir. n . imp*twwo 
sea now ripely mature, cowed. .... ' ot all participants. After their ronsis International almost Carlos me ioiio.ung eieningj of the romposers closely asso-essay in pionissimi so marvel- Quibbles apart—and no one 

iow t week-m week-out nloddine' little 5? ba 5. ass,IIB f i ,lure ^ Da ? ny S"™? v tha u trend , *!"* Ie - p a ^t?i nri nf the IJr n «S C!ated wlth name and tously contained, and of such indeed ever hits ali of the notes 

to, the year the nations aU matt. JJJ| UttlB Blanch flower, who sraiply walked handedly) \vhereas lastTues- ^ " r tn ® thin ? s of Daniel Barenboim: or not. at deftness and delicacy that one of the second movement’s coda 

ost 7 viewed programmes P JOls . n r terae aia off the show, the producers pre- days Revolution at the Mirror soon notices from a stage box Jpa< ^. 0 piann olaying longed to hear it repeated at it was a macnificentlv coherent 

ich to™™*™ 1 S^a e uff h ^ d&^ted S v ^ n ?he 9U ^2 bl 7 ***** a11 PWftJ* Proved a damp squib, never quite f e wh *" *artini thoush “ his Dth ^ roJe^ con- once: but in knottier more mti- performance.Strong- MfSttinglv 

tret l This is YouV Life. mm uirectea witn tne guests to ensure they are suftably catching fire. The scene was is which singers stop acting ducior Barenboim has marie mate less vastv snace than the secure iuminnus in its inn* 

raf any of them, neither ***** and jolly u ^ ion aeeotia ' 2ft' finereSings of Schlf- SSuV^Half ^ fiPaC ^ ffn^mJS^SS fascin?ttng°’K 

do most of you^. So “ y J u .^ , ^ re _“ at Fascinatingly, This is Your |?« and Mirror Group emeu- »J>ch ™ ma,n «" ^ ™ ]e *7~ mann's symphonies. 1 can't For the Fantasie. Barenboim detail. Camaval. too. had its 

WL 1 ? a pure, factional vereion 1 S rtb *remember, in fact, haring heard necessarily took a broader, measure of quirks (why change 


-. pvpnimti Schumann is not. so far. one of poetical understatement, an intention, impetwwo. 

of lhe romposers closely asso- essay in piantssimi so marvel- Quibbles apart—and no one 


i uiufidMmi» : — ----- - - - — mi me buuw, me 

s. Coronation °SUe which thexactors manage gun ,ably pre-vet 


ja. I- 

l.of 

or 'V • 

i,; . 

■Witir... • 


last J'made a special effort Li}e is a P ure - factional version mta separately ana uirar» •* »> jne remember.'in fact, haring heard necessarily took a broader, measure of quirks (why change 

to aiome early and be one 5 ^ ^ soap operas. Each boastfully revealing to the second category. a whole-hearted ^ ptoy a note of Schumann grander canvas: and as a result the famous pedalling at the end 

of t&ulace. It is mrt, un- Jit JL her °’ s b V 0Kraph ?- M nfo, * s in a ill » be£ore Monday, when b e gave some of the smaller dramatic of “Pierrot but then, after 

hapifr experiment I can ^aVd^ of L sunpIls ^ c . vlgT,ett0ff * lla 3 recital devoted to three of details that had shown up so all. in what Diece better to free 

lUy recommend.. Rest .OSFiL wnth ^ characters acting, out or “ dw ° u,d win »he forthcoming Riccardo s solo scene before the Schumann's greatest works for fine in Kinderscenen were indulgence? The most exciting 

uVe been making the CM t be narrating little potted plotlets ba ttie over pay and conditions, f.,which _ can^em one of piano. Kindersccnen. the C major smoothed over or. more rarely, ihinas happened once again in 

fon all these years. Ifs wr °ng. can uiey. even' hit as sad and tearful or Sadly, it was all downhill from Verdl s less m.pired pages. Fantasie, and Carnaral. blurred. Here and there one the quietest dynamic ranges: a 

: more fun slaving late In the ratings race Crossroads glad and cheerful as their then. It was impossible for an Shirley Verrett. now officially Greatest, of course, is not to sensed a too easy, even a super- sudden, melting shiver, at the 

hot desk (or warm beats-Gemmation Street as often counterparts down Coronation outsider to feel much sympathy a soprano, sang Amelia. The big say largest: and it was in the 13 cilious, treatment of a key note very edge of audibility, in the 

• as hot; despite the fact that the Street or at the Crossroads. either for the well-paid unionists aria in the gallows scene was a exquisite miniatures of Kinder- or a key phrase: there were one central part of ‘‘Reconnais- 

efs, lii case you don’t Sfrqet is far-finer folk culture— If the trio of eternal loved or for the jovial, bumptious Mir- little anxious. The top notes scenen at the start of the even- or two oddly literal readings— sance"; a quadruple-piano re- 

s on air at 6.35 pjn. wittier. less pretentious, a wee ones—together with such inter- ror managers. The negotiations, were there, but they did not ring ing that Barenboim showed us I remember especially an un- peat of " Chopin." the barest stir 

i a week tiiroughcmt hit unpredictable and bearing at mrittezut series as Starsfey and like most negotiations, were or float or expand. Low notes his art at its most perfectly expected and strangely jarring of sound, each half-voiced note 

a descendant of Dick' -toast a passing" resemblance to Butch. Charlie’s Angels and tedious, repetitive and pro- were strangely colourless. The poised and sustained—from the tempo giusto for the skittish left perfectly placed. Memorable 

The Archers-without reality. Maybe Crossroad* suffers George and Mildred —were the traded. Doubtless the pro- duet with Riccardo (calculated hush of “Von fremdeu Laen- hand of the etwas langsameir evening: effortlessly rounded 

live lunancy of the from Hie strain of Jive, trans- great British public’s nap gramme was trying faithfully to to make any artist of mettle dem ” to the breathless shadows section of the second movement, with a pair of Fantasiestuecke, 

the cuddly charm of missions, a week While Corona- choices last week, what did FT mirror the reality at the Mirror; self-forgetfuli unfroze her. Here of “Kind im Einschlummern ” which the composer marks, so “Des Abends’* and “Traumes- 


Life is a pure, factional version 


I u vc ucen maxing me “ —-,,—„ 

ion all these years. Ifs ***& ^ 


to - *• 

• piii 

Si-a* •: . . 

.. .. c 

p* r • ■_ 

kne 

'It-Juvr 

: five 

ssir.-J 

' the 

Kl.< - 

T”. Bai 

S 

the 

.■t 

V L'. 1 ‘ , . 

for 

te :-.i • 

the 

roa 

X- 

- fan 

- “ii 

f-U-: v -• 

he-ff.*--- • 

•''-;' wh. 


f the cuddly charm of missions, a week While Corona- choices last week, what did FT mirror the reality at the Mirror; 
r. Almost every Cross- ^ on Street only..-exposes itself readers choose to watch? (Apart but the reality was a little nasty, 
isode Is watched by twice; maybe the arch, middle- from The Muppets to whom rather brutish, and far too long. 
H more than 7m. homes class milieu of a mqtri is hanter everybody I know is now com- StjH it wasn . t tran cn, ittpd i 
.an 20m. people, a total ,_**&“*> until quite !ate % it ranTbare 


mu'. - 
t. : -• 

ts *: •• ■. ‘ 

f K- :• 

sh * 


it™ : • • 


ward 


ri lTmT II ■W —ri lT • orimiy um«. os-axe sias. c«*n> ■ mcrmaid. 244 ress. n«t 244 • tosatub upstairs. rs<i zsss t-n.7. 

£iITKK I AINRIRJNl , <*W. Mon.-s^ u& Mat. wed„ Mdj5att 5.30 Crucib'e The-atro. SbeOWa, m 

Sit. S.OO. ' DAVY -JONES., MtCKY DOiCNZ bv Ron Mulchmson 

CHORUS LINE -- --- 


GUIDE 


*ion mqstly takes place omm* between them. A -people’s televiewing procLivitiw. crap h, from say 6J0 p.ra. until ! 

Itgtel .at a road, junction ®toeet is .a gossipy, nndramatic when we^lan television adver- close, the average nightly num- cc^n-» »«««> 

venue permits a P la ce; crossroads create tensions, aim ad. at businessmen we ber of viewers (measured by I R* teNpi»o» or *t ba* ono*. [ 

fafavrilerato eomeand go, ^? d colliBions. In any gtm en d up hypothesising, con- JICTAR) against the average 

™thriJJs. spUls and excite- way the con- jecturisang and rowing apoplec- quality of programmes OPERA ft BALLET ■ 

W> the humdrum lives of nuns crumble. tacaHy fcke my directors of (measured on my patented TV «»-n*um. creds c*rg» 01.240 xus. j 

®jI staff, as they travel Equally. often to be found yesteryear. Critics Qualityometer) to see If enoush'‘national oe^tA 1 

fflriras mi their way. Being among the people’s.most popular Since therefore nobody will he there is a simple inverse corre- j 

toted ear»y in the evening, programmes is This is Your Life, able to prove me wrong. I can ) a tion. And if there is. what <* 6 Jn£Z ‘ 

M when thq children are Earaon Andrew’s weekly live assert confidently that last week would it prove? Just that S£Ttf 

a unlikely .to be asleep, canonisation of toe celebrated a goodly proportion of you nobody’s tastes are typical of --- : - , 

All Human Life can- and successful. Astonishingly, watched News at Ten, Panorama, everybody^ I suppose. »,’* ix? 6903 i r 


A CHORUS LINE 
BEST MUSICAL OF 1 


raams. ass B24s. Mon. » u*i,i 
CG-TMtf tr.«>ti«9 sc .xpe «srt»*= credit j ***•■ 8 -®°- * wl ®-°°- 

M by tetepeone w * tto b« olte , ^ NutSlf ™ 6. 

i 8Ml SENSATIONAL YEAR. I 

OPERA ft BALLET _ — . . . .... 


"A WINNEfi.^a T Mlrr.:r 
.•MR tx*eta fi1.Z5-E3.S0. Co ne lea * 
dinner-meati* ticket £5.95 
BUN EXTENDED TO FEB. 25tH. 

NATIONAL THEATRE 92 S 2252 


Wi H sM 

Not ilnCB "The Hostage’ Uve • see* 
»" Ir»gh May ina: has g-*en me *ue* 
und'luiee pleasure.’ Gtf". 

VAUDEVILLE. 836 39&S. E>gs. M %, 
Mats. Tues. 2 45. Sals. 5 and 8. 

_ Dinah Sheridan. Dukte Gr«/ 


PUN. OF YORK’S 1 *5?^3S i 

*oSS. MW J?n K U ?r; at 7.0o!'t^. VS j ^ ABO * °^ khw W,nl “* M!ClwH ! ^ 

QUENTIN iViTELTON «Yos«muni itwi. Toj^!! ’’ Re-enter AgaUia with another wb»- 

T»*krjsn lU ^1“., Tom or a and 7.45 THE GUARDS-; dunmt hit. Agatha Christie Is st*JWna 

'v i MAN Snr Mclnar English version by Frank > the WeM End vet again with another on 

4-week season ONtt. I , ncr scld'Sht/ ingenious murder 

-—; OOntSLOC «malf audHortumi: Ton't and' tenes." Fell* Barker. E». News. 

FORTUNE. 836 223B. Evas. 6. Thor*. J. Tcmor S HALF-LIFE bv Julian MitchelL;-——---- 

Sat. s.O and 8.0. > Man-' em*ll«wa cbean seati all 3 meatres. WAREHOUSE Donmar Theatre 836 S3M 

Muriel Pa*tow as MISS MARPLE In , da" o!_Beri. Car oaric. RMtaurant 928' Pov^l Shakesneare Compamr. Tods- 2.4JI 

AGATHA CHRISTrfi'S I 2033. CrodK card bless 92S 3052. i i 3.15 MACBETH bold our. Adv. EUegs. 

MURDER AT THE VICARAGE f -- . Aldw-eh. 


_RH** s :u-, orcharo DTchfiSS’ mm •- ; 


e Sheridan. OaKlc Gra/ 


of York's 


COVKNT GARDEN. CC. 240 108S. | AGATHA' 

* S » T ^ 0, *a'V-’ credit card; 836 6903) .- MURDER AT 
. THE ROYAL BALLET Third & 

ToMWit A Sa". 7.30 p.m. The Dream. - 

Mo no tones. The Four Season*, fri. 7JO ' tmeatk 

»™. La Fttle mal urdda. . Sat. 2 pa 1 


Sat. 5.0 and 8.0. 

Muriel Pa*tow as MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year 


i - , 


Quentin Crisp by MI CM AM) COTWK'E Y 


6 Mon. 730ij.ni. La BavatHte. A Month | 

Rl Hu —5^. S a£££i* lam - ERIC FLYNN and ROBIN RAY j ALL FOK LOVE j MOr. » Fn. Mau. Wed.. THura. 

_ _ . THE *®TAL OPERA I bAINT JOAN ** 3. Sets, at 2.00. 54)0 and 3.00. 

SggT- \ - T ~ : "BRILLIANT MUSICAL ANTONY fc CLEOPATRA • C'lMrin-n andSePior C'ts.haH.price 

- 5 Amphl_ «eat» ter all owtfe. | ENTERTAINMENT." People. ToMoM NAMLfiT 7.SO. avaUaeic. . *■*- 2 and 5. Pa- at doors. Enaulriea 

on tale from 0 a.m. on day of perf , BIDE BY 5IDE BY SONDHEIM I Next weeK: SAINT JOAN irpin F«o. 7Hi. 902 1234. Spacious car park. 

,. M _ Z -:—"—I "’ GO TWICE." Money. Punch. J Sunday Feh. 12 at ’10 . . _____- - - - 

.ISf* 1 ?.!!.. | M «3 THREE TIMES." S. Barnes. NYT. I TVt MONSTROUS REG I Nit NT FBTMIIheTER THEATRE! CC 01 -834 OM» 

7B - '-— wttn Jilffi Dench. Michael Wilua/n*. : Evos. 8.00 Mar Tiiprs 3.0 Sat 5. A M 

_ DOYVY CAHTE OPERA CO. , . r _ 1 Tickets £1.50 :o £* 00. 

In fMlbiit ft SuUivAo. Eve. 7.SO Mat. Stti. *4®***.^F‘ 01-437 1592. Evenings fl.l 5. | PAUL. IQNES in 

Yontnh* & ToQW iOLAMlW. ! S®!Aa 6-0 *fld B.40. Mai. Wed- 3.0, ! OWN SPACE- 307 6969. Prfr* 1^. 6.0. DRAKE’S DREAM 

w ».us «nato«. . '^ n A ^ Q v°Y H ^R Q p u , ENTiN i yamfii 


Tomor. I. Togs. 7.30 p.m. Adadoe auf - 
N«rae. 65 Amphr seats tor all oeria j 
en tale Wont ■ 0 a.m. on day of perf } 


Third Great Year OLD VIC. 929 7616.:- 

—— --- 1 PROSPECT AT THE OLD VIC , WEMBLEY EMP«RE POOL until Fed. 1L 

■AMUCK THEATRE. 01-834 4601. Soritw teeio- Jan. 16-Marcn 2S j 

En. B-a. Wed. Mat. 3.0. Sat. S.T5 & 8,30,’ In ^ _ HUMPTY DUMPTY 

JILL MARTIN. JULIA SUTTON NAMUrT I ^Sheer sparkling spectacle. D.^TeC 

ERIC FLYNN and ROBIN RAY I ALL POH LOVE , ffor. to Fn. ;-^=- Mats. Wed.. Ttaj 

in the ! SAINT JOAN « 3. Satf- at 7.00. 54)0 and 3.00. 

"BRILLIANT MUSICAL ANTONY A CLEOPATRA ChHdren andI Senior Cits, halt-prtw except 


TOaloM NAAOLET 7.SO. 50At* availaete. . Sat. 2 and 5. Pay at doors. Enquiries 
N«w week: SAINT JOAN iron F«. 7th. ’ 901 1234. Spacious car park. 


2 .. ..... . , , . ... .. l * O M he rt A SvlU*a«L En 7.30 Mat. Sate.! 

ran urisp hAs,J»con>e, in skull of a- donkey who cashed was a traitor to the cause by not Injustices suffered by baxuatity 

p word*; wsratidiig of a in on his individuality by becqm- sounding more militant!y on this at large before those endured by 

brder guru " 'and here he i°£ a wealthy wrestler, and the subject. Bat Mr. Crisp, as himself in particular. He has no - 

r iTKJ *w „ “ Countess of So-Ho ” who, revealed in that wonderful TV concept of charity. Everything 

I for challenged by a judge as to why film by Jack Gold. The Naked boils down to bow well you THEATRES 

f Addressing an 3 b e waa stripping off in a cetne- doil Servant, is "one of the express yourself in your own aweuwi theatre. cc_ oi-asa ?e*i. 

Ice in’.’a/totoDer' quite tery replied that, like any seif- stately homos of England” and interest, «*«** H&Uln'mSr' ‘niqht 5 ^ 

ptingly-r’iHnaffteted yet respecting' woman, she was will not be seen dead on a It is, however. Impossible to nts musical musical 

stive -of.'.^Jai^e Proops dressing for dinner. In a smart march waving a banner. dislike the man. He admits to tPfcCTACt _ t captivating ton** 

ped as an,unfre£*ed monk, drefift retrieved from a garbage His ideas about the young are be travelling on his own band- and racy oomeoy." s. pm*. 

[ off. such can. To achieve style, avers Mr. ridiculous, as is his view that all wagon and much joy may it hwtant conhrmed credit card 


DONKEY’5 YEARS c 
fry MICHAEL FRAYN 
Tw» Ee« Cormrdv pi Yen' 
L«a 3 Yyefks. 6ntu. FeO. ip. 


THEATRES i-—i 

<j£NI THEATRE. CC. 01-«M M. TSSS^Su'^'SSr oJ «'t 

LeHfeoN^^'BEST r *NtQHT S Q4?T 7J>m Suh9 - * 1| P S - ».-0- Mil. Satjl 2 JD. ' 

LONDON S BEST NIGHT OUT. > TNI IDEAL HUMAMO 


PALACE. 01^37 6834.1 

Mon.-lnur. 8. ML F-:. 5tL fa.00 Alio MD I 
JESUS CHRIST SUPERSTAR 1 


' Encltira." Fin. Times. “Many MerrY 
Refrain*,” E. News. - Bouncing Vigour. 
E. Standard. 


JESUS CHRIST SUPERSTAR 
PHOENIX. Ol-BIS 


THE IDEAL HUSSAMD Oy Osorr 


iARIE cU, i 


i off. such can. To achieve style, avers Mr. ridiculous, as is his view that all wagon and much joy may it fnstamt conhrmS credit card 1 

Jges ,iff_jnonejVna," "Never Crisp, you need neither wealth strikes are motivated by envy bring him. But bis view of the bookwcs on gi-bss tom, 

| the'pf2^';'te»re ^iu live nor talent—not even looks. And and that, in the good old days, world is a sad one. formed by auuuky. b» sere, owsh am mw 

er tre^/ie^p ^j'yritih the he cites tbe case of Sarah Bern- when class divisions were bitter experience in a society J?*’**- 1 

ies—dragidtifeirn'^aown to hardt. in the silent movie of stronger than they are now, that, until recently, has openly a inousapidtimes welcome is i 

lcvel,-lj|a i Mieaper and ComSIe. people knew their place and were despised him. I wonder if he *H*AiOHJou5i&si^r S FVL -rut**. ( 

irork ii^mifiiaiitgo, is tq be After tbo mterval, Mr. Crisp happy to crawl to work as long felt that his persecutors in the m Huoo ., t ^ fortniK ,... •' 


(OENIX. 01-BI« BSII. 

Oomuwi LUrcJi 1. 

FRANK FINLAY 
THe Le-Uia Er-tuise MustoN 
KINto ANU U.OHNS 
DxKted ov M«l ShASITC 
Reriuoea once prevlpvi* from F*t». YT. 


of anri 


A THOUSAND TIME3 WELCOME 15 I 
LIONEL BAHTS i 

MmACULXXFS MUSICAL. FV*. TvnVf^ I 

Oliver 

ROY HUDO'i *ptond«! oMtmim." 

. Taf. ■■ TalentMf JOAN TURNCR." D*v. • 


MAYMAKKET. 01.910 M32.. DrtCCied bv Mel ahAWrc 

Evas. B.O. Mat. Wed*. -.30. lat*. 5.00 ! Rertucea once preview* from H*>. YT. 

ina 8.15. Tirr.e* al 5at. eeri*. *i^m ' —— --—--- 

F ‘^M«5tn'raDriu*N 00 • PICCADILLY. 437 4506. Credit cd-tf IMP*. 

' vvpnSv B ^?i?ibb N ■ From Thin*. EvtL i 5»L 

- WENOY HILLER ln(1 B .,S lo Ft*, er 71 

oaSracY ernff* blst comedy of the year 

n LMILA Ivc. 5W. AwarO and b*£T Award 

WATHts nP THj Rovji Slufcewieare Comsw* to 

"Tnorid bS ° F H,,V Bv 1 ftote?^P ADE 

D m|S 5«- ' " HU&i.Y M tNTESlAJNIMG 

y nlWBr >lWcrtl - *■ >>tlrrof -, EXTRAVAGANZA." 5. Turns*. 


'Wendy HiMer .* •itoerb." 's. Mirwi 


irad.EatipnJitf’-a 1 paity''invites ■ questions and, having as they bad enough to eat. How past had style, or that they were *. tn. T«ienc«* joan tlwn€r.” d*v. kh majesty s. cc. 01-9306606 ' 
/> emJCpejthbvterM where delivered himself of iraeix aUy w»W he explain, then, the birth bring admirably true to them- ••oliwm return! i ^ 8, ° 0, cftiSrs^otwi 00 Md eo ° : - 


PRINCE DF WALES. CC. 01-930 8681. 
Monday to Friday el 8 p.m. 


?! < iremaik to^t^t to its heyday, are obviously dripping with not .—- - 

“ _ 3ns mustlmsreitoofeed liks. an^-much^^ else except style- A f 

i«.Vr : - r VWert. ;;wtoffbw during a foolish' spokesman- for Gay WOVCVTC UBiaon 
inl s' 5 - 1, ‘ irers’ strik|*v ; i»hlch explains Liberation denounced from the 


reo-rtoiro I _ ... — _ __ _ __ OF LAUGHS." News of the ’Acrid. 

Today EDO and 7.30 A MIDSUMMER HCM CC. 01-930 0606., INSTANT CONFHIMEO CRtDIT CARD 

NIGHT’S DREAM. “ Enduntnwfrt Is en- 1 1 BOOKINGS ON 01-930 0646. 


sott spDbtor.sucti endearing stalls toe evil nf family lifoa“ d T ^ T7-11 ^ 1 — — A I ™e 

ntr»s>Btoeapetotowitothe dmously. felt that Mr. Ctup I p ~[ j j g U13.X vj3,rClC'C| -?=I? 


dumtment once Mato” T*tn«». Wrtt*- _ _ _ FOIBYTH _ __ 

S rwjrt’3 THE DAYS OP TOE COMMUNE] " iTyr t ?. V .r,?!?***^ 1 ** quaPM’S - 

amor. fn.). Cmeve'a THE WAY OF ; T T£!?4^S, fc S!S!S.SJ? w £\STbD. 


{WHITEHALL. 01-930 663r-77€5. Ooetx 
- Mon. Feb. 13. Crgs. S.30. Sat. 6-45 f* 
9-0. T»to Sensational Set Revue of re* 
Centu-v 

1 „ DEEP THROAT 

I Now Lf-e an 5U;ie. Boo* Now. fja**ie«f 
Season. 12.week seiFon prior to WoHs 
1 T DL>r. 

WINDMILL THEATRE. CC. A47 6312. 
Twice Nlgmlv at J.OO >n a 10 - 00 . 
OPEN SUNDAYS 6.00 ard 3.00 
PAUL RAYMOND oreieto* 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
i . „ MODERN ERA 

. Tehee to unprecedented Itoirts wMrt in 
• •MrjjFjiible on our stages" Evse. New«. 
You mil dr.nfc and smoke in to" 
Auditorium. 

WYNOHAM'S. 836 3036- Credit Car* 
boowns 836 3692 (ex. Sat... Mon- 
murs. 8. Frl. and Sal. 5.15 and 8.30. 
’•ENORMOUSLY PICH 
very FUNNY." Evening New*. 
Miry O’Malley'i fmajh-ltlt Conwdr 
; _ ONCE A CATHOLIC 

S tto eftre com»d“ on sex and riHI g toai,*r 
Daily Tetegraph. 

“MAKES rou SHAKE WITH 
_ LAUGHTER." Guardi an. 

YOUNG VIC (near Old Vlei. 298 6385. 
Toil's 745 Rosencrana A GuUdentrtaPs 
Art Dead (Seats 90m. 


THE WORLD <5aL m A el. RSC also at 
THE WAREHOUSE AM onder W) and at 
Savoy Theatre. 



BErSSFJ&M* TB«. 5 ?’sS2 K"-; 

. 5IQ6HAH MCKENNA_ R&KY HOimOR Wofe ■ 40 ’.‘ 


by CLEMENT CRISP 


m Sarah SernhanR In MCM OIR 
wttil Ml ALL BUGGY 

" P-iHut. a »ona oI triumph.- s. H on . i 
_ Stodeot Ucfceti £1. _; 

U«U0. 01-4X7 2863. Eaga. 8DO 

MM. Then. 3DO. Sat. 5.00 and 8.00. 
DONALD SINDfiN 
Wtolsr of The Year. E- SNJ 
“IS SUPE«.” Na.W. 

■HUT YOUR EYES AND 
THINK OF ENGLAND 
“ WICKEDLY FUNNY.” TitoM. 


HOW IN ITS 5Ul ROCKING YEAR 


TOMMY STFP1F 

“ ? Telegraph. 

A . SUPERSTAR.” D. Eapreu In 
HANS ANDERSON 


YOUNG VIC STUDIO. qm M8 L 

Dantoa ASiei GOW m JANUARY 
Tw'ght at S. 


CINEMAS 


Wth DEREK GRIFFITHS . £v * fc BX> ’ gfL> S '°J nHSiJf^L W8Q * 1 ' D ’ YOUNG VIC STUDIO g M KWV 

TOE O^'cmfSTRY ‘ dK"? V StT» UD GOTOI W 3&W? 

_ ,rom M*rcti T6. A New Play BV ALAN BENNETT. Tw'jto* at 8. 

««»« THEATRE. 352 740B.I "^T ^^1^' _ 

Mo "- THF nrt k 9 v Q 'mAdo cLASo B,, °- 1 df?* *?? Pu, *® r ‘ Utndon critic* award. 

iai^M R ?ii?cii W or5v\^r 0 SL«« ° 1 '* °* the most notable theitntai , riNCMAC 

omooh plu^ D fuM R “c! N 45^73. j SaSE^iSSa? ?^* , CINEMAS 

NOW UNTIL FEB. 25 nim v *’ 1 - >*""■ suniuy Tmum. A PC 3 A I SHAFTESBURY AWL BJf 

ewa. 7.30. Mats. Wed. ana NO. 2 AS.. RAYMOND REYUEBAR rr m -., • .m, S8«1. Seo Peris. ALL SEATS BKBLB. 

TOMMY STEELE 1 A 9 ■ m i 1: THE CHOIRBOYS »Xi. Shirt Down IU>. 

“ ? •RAESI5TI8LE." D. Telegraph- ; A 7 P paul RAyJqnd ^222 &Wj ’: wk - 4 Sun : 1.1-5. 4.30. 7.50. 

i ' A ; su ®^*“ ln ; ™^^v,vAL c Sr"“ ; f'jrh.srvsr *'■ Wfc - * ^ 

Re«l 1 9?,^ IT , I0N ^.°- v<,u ; CAMDEN PLAZA, OOP- Cam<|eo Town 

Good Seats Avail idle Now a: Tftca:re *.< ***’*' ttxi *"’«**’ >» the audWorw”. Tube. 435 244 3. 7ariani»’ PA DR K 

Agents idlso at Doors excepr Sa;,..---1 PADRONE -Xt. Grand PriK Cannes ’77. 

CREDIT CARD BOOKING 01- 734 5961. 1 ROYAL COUR T. 730 1745.1 “ *th MONTH 11 4.05. 6.25. B.BO. 

ONDON PALLADIUM. CC. 437 737^ : World Prermerr* r> of B ’ 5 °’ I CLASSIC 'a *■ 3« OijlOTd St, <Ooo. 

NOW UNTIL FEB. 25 ONLY i LAUGHTER! ’ Toiiwham Court Rd. Tubul. 636 0310. 

■•vc. 7.50. Mats. Wed. and 5*13. 2.45. ; , be Peler Barr*-r.. . ?!f, E < fl?^r r S* s * a - 45l .?- 5a - 

TOMMY STEELE See also Theatre LJhum . b - Da - 8.15. Laie snow tl a.m. sterna 

SALLY ANN HOWES I- — _| Saund. GENESIS -Ui. WHITE ROCK <U>. 

■ml ANTHONY VALENTINE to ROYALTY. CC 01-405 8004 f.? 11 . Pi D, i l 5. pl -^“ s *A. Peric. 


Kightftwi years and two days who suggested so amusingly that I M „ iulns andSson 01 *" ln ; 1 h, bSS1?4 1, " • “«» .s.™*oa 

—and 191 performances—after it there might be some difficulty! ^ms supe^^ '^w R^F^if^c^nme^^ Mu ^- 1 ^ w conditioned. v«, ^ camoen plaza, oop. Cto» Town 

was first peen at the Opera House, in hoisting himself through the I ■HKL &»d sens . Avaiiaote nowS: rnea^^At **' 4t and »» re* awMcna-*. ■ r 0 &e. 4as 2443 . 7«trieni»^ paork 

Ashton's Fille is still a joy. On haif-door of Simone’s farm-house: _ _ , ____ M1 a5(ol VMV111 , ao l .^ l __ _ 

Monday, as ever, the course of these are slight details in an auto theatre, aiea. i L^n ' ^alladium cc * I classic T. 2 . 3 . 's.~om st.’ .o w . 

true love went its merry way, interpretation having charm, tc SIbty 0 un^? 5 I lo now until U fes. C 2 s only' 171 '! w ^Hughtex! • Toiiwndm court rs. Tubui. 636 osfo. 

with Lesley Collier winning delightful humour, and an un- ■■ Httanou- ...»*«.■• sm*« t*—. \ ^ 7 . 30 . m«j.. w«i. *no sua. 2 . 45 .: ^ aot NE g? 5 * ??■!.m 5, 

Stephen Jefferies, and not show-failing dramatic intelligence. M ^L^« in a 1 7'.oo'“ n< i sally ann Bowes i-—-j b^V^- 

irjg the least discomposure that Add to this catalogue a bright thfatm. c haf toa c*^ Rrad ! ^ ^2S w I»maN , “ *" ’ R M^"fhu^v a: E . Ml 2°°* 1 *:a^V oo""od. T*: 

she was originally- intended to ebullient technique, and the 01-734 4291 . Nfane* rut*: Totta-tAHn ; *■ dazzling success, rich, colour- , 3.10 aiw s^s. satuJffav^ 3 . 00 °and r e.«L! rXim DlJ,a 9 ,J * 

win Anthony Dowell, who has quality of Jefferies 1 Colas 1* at 80 ^ Fri ‘ — “-j w *’ /. A K. ENTB| - \ bubb^bbSSW^gar , 5 : ^t^“'0 AST - g 

injured his foot- Our regrets least defined. ELVIS Goad Seats AtaiUble Now al ThMira 4 But musical ol 1977 . ' .■**'• Proas- ’-55. 4.10. G.2S- 

about Dowell have their com- Leslev Collier's Ltee is an ira- evInjng S standardawa5o i credit*card* booking ^ 01 ^ 734 ^ ‘nki. — ■ * cwptga i—_ c r ^ ! : 100, ?00 -5 00 . 

pensation in the excellence of nersanation of no 1 pm winnm* 7!?*“ ei-m-£J_5o. e*i rin .our * 0 * ■ -- savoy, cc. oi-836 bbsb. Eyeninss ■" ; ' °°' 9 L,rfl 5 ° ,ref * wgh; 11 p m 

i«i»mroT,hnn perSOJiaUUU UI no less W mnm g licensed Restaurant or BiiHtt BN- limoi- ; LONDON PALLADIUM. 01-437 7371. Mats. Thun. 3.00. Sit. 5DD 5.3C 1 CUR2DN Curaon Street W1 Jflo rrxr 

Jefferies interpretation. ways. The edge-of pugnacity that 2ffi? tS'WSSS; ^conSK march zoo. one week only | Rl "“^ ® AFFAiRF’^^Ergiisn 

Here iB a true dance-actor, who oloure her relationship with her w-i«w^I!eto' co.so. J gingerrogers jAMKi RD coMTOs S 5^ A Bern£d^ P sniSF*; cSmMMi^iMPKtef ^ , Sne«!r'bv F Y55 

gives, his character roles such mother, the clear ring of her - lnfKtious . ^ffo^S D wu!liam^ N '■■ i D ‘^' e t' KKinWo? a: 200 

vivacity and such credibility that dancing — perar-work hke bn*-******.- otarar. [ * jjgw evewns-s ENTEHTA m Me N T 1 cioug, ot j w »«n ta P inA.ni, To ws.» ; Sun '- ■ s - 5 and *4 °:- 

they can eeeni newly made for Gautiers-steel arrows rebound- *<**«*«, i \ l I^ r a^S!! e ^.^ (9 ^? 


Good Seats Available Now al Theatra A But musKal ol 1977. 1 B .f. <-ruaa. ,.«. ,. 1U . o.a&. 

: Apenu fAlut at Doart atewrt 7w. Mom. acceptes. Major crrtil .-■ , nn m 

; CREDIT CARD BOOKING 01-724 8961.-- _ * 4 ' / r7S - 1 ’ 00 ’ - 00. 5 00. 

W —- SAVOY. CC. 01.836 8886. ErenlfiSS ■ " ’ - 9 - D0 ' L,W Sn0 " ^ nw *" 

N-, LflNOON PALUkplUM. 01-83 '7 TSTl., Mats. Than. 3.00. SJL 5.00. _ S.3C. : CURJON. Curaon Slrnet. W.l. 499 3737. 


vivacity and such credibility that dancing^ — point-work like 
they can seem newly made for Gautiers “ steel arrows rebound* 
him, Jefferies, as we know from ing from a marble pavement;” 
bis Lescaut, his Mercutio, his impeccable musicality that 
Petruchio, and a dozen roles with rounds out each phrase of move¬ 
file Sadler's Wells company, is ment—*re part of a truly happy 
essentially of the theatre. Be and beguiling performance, 
has that rare gift of seeming The company’s support: was as 
completely natural, completely happy, from Brian Shawfs 
spontaneous on stage, Simone to Leslie Edwards’ 

The playing of his first scene Thomas (as old, or perhaps as 
with Lise on Monday — coming eternally young, as the staging). 


SftJSPfS*" 6 COMPANY ' ! PARDON MON AFFAIRE' iXl ttnollto 
1DD-MC» ticket CB 50 GINGER ROGERS I ?jfiI?A RD Tn«?Nc HAMPSHIRE, . 5u5-titles.’ ■■ A Sparkling New French 

ticket £8.50. j ^“aN^SUKRMAN^"^^V ' fgg&i **■ 2 00 

"Infedious. lojHMUInB. toot-ltwwto* mn; DONALD O’CONNOR CLIFFORD WILLIAMS. " I^Tin a ' uS Sun i * 05 2,00 

hWKMttvmpitifl." Observer. [ A HUT EVENING'S ENTERTAINMENT J cloud of joy !>«Tite pl nn.ng To ml**’, ’ ' 

... . ... WtT Kiitlrk 1 r rl ?2ScriY F S l i!ra eST i ~-T l ri’lf*’ — ftS C »hp at AtowvcF and ! LEICESTER SQUARE THEATRE (950 5252) 

"I *** NMpH HhHY MBaht W itt h. c arried M n l i^S A , l :^5, OM r £D . V T^NAtrej, Credit Card booklngi i STAR WARS »U». Sen. emgs. Dly. Z.DO, 

•tong Sy K- BOOK NOW Shj £-.-£8. , KCeMCd. L4M 2 Weeu. Season ends ; £.15. 8.35. Se«ti bLfrle. lor S.15 ft S.X5 

verra and V** 0 ** «* Swn - **■ LO *tn4»N P 4 ti &ninu rrni' 227-*^ ■ _ ^ "■ _: »«9S. SEATS STILL AVAILABLE FOR 

ELVIS 1 LONDON PALLADIUM. CC 01-437 73/1. , -—--. MANY PERFS HURRY’ 

*’ S teggrrtofll-W wiwl f TOf TWO RONNIES flKA«r. 01-388 1394. i --- -- - - 

ELY15 ! FROM MAY 2S to AUG. 10. MM1. Tun.. Thurt. Fri 2.30, Evoj. 7.30 ODEQN. LNcester Souare. «9SD 01113 

Perfamied wKti a vene rare to My; -- - - - .. . . . _ , Pfrt - Mo"-' TOE DEEP fAJ. Sep- proov every riy*. 

muKals. Trie show hterallv hed Ht* i LYRIC THEATRE. 01 -437 3086. En B O! AN INSPECTOR CALLS ; Sea!i may be booked. Doors oow il 

■usance tfandno '".the *me*. TO!*] Mats, Thurs. 3.0. Sau. S.O and 8JO. NJ B. Priestley. 1.20 4 30. 7.45. 

EM* ta marveltous. ■ S. tom JOAN PLOWRIGHT “Highly Entertaining " D. 7H- y ^r - 7 .-- — — -— -- ■■■■■■ 

ELVIS ■ COLIN BLAKELY . •-—. ....OOEON. Marblo Ar'h. C72s 201 1-23 

PATRICIA HAYES to l STRAND. (H-836 2660. Eventon F 00. f‘yP R f Y , 0 Rl ? AA, ‘ ^ Wks - 

EVENING 5T A NDARD AWARD I FI LUMEN A , Mat. Thur*. 3.00. Sal uriuwt s.-tf* e 7.n ^ 3t >. S-20. 3 JO. 

1 he. before Show any available totmtoi bv Eduardo tie Filtnoo. NO 5EX PLEASE— PRINCE CHARLES Loie So n- nts.i 

tkketa £2.50. Ohected by FRANCO ZEFFIRELLI • WE’RE BRITISH : wion kitty B ~ 

Mdq-Thura. * FN. 6.0 pert, paly. i 'TOML 'TRIUMPH." E. Newv^VAN > 1W« WOR&? GREATEST , f245. 's’l S. 1^0 uS’sKl 

AMBRtDGE.CC- 01-836 6506. IMon. to t ^»^l T R^y5YJ?VdR D !_LAUGHTER MAKER_F, g. S>t . H. SS . Seats 8Wl. Uc « 


along by K- retowaoratod by it* 
verve and apectarte of «,'* Sun. 


iae cvuipiutyfl suppum. wm as elyis - 

Simone to Leslie Etfcwards l br. before 5how any available t m HprVa 

■momas (as old, or perhaps as M^.-Th^^'M. 5 !',! 0 '^. Mlr . 


_ DJweted by .FRANCO ZEFFIRELLI 
-TOTAL TRIUMPH," E. New*. *’ANi 
EVRNT TO .TREASURE." D. Mir. " MAY > 


down toe ladder from the loft, though I find Wayne Sleep’s view! TnuS 1 bj». Fn. sai. s^f.'a.sT.' ,T P,LL YEMS" R s5ndS» R Ttoi«I JNDWD i irT 


_ WE’RE BRITISH 
TM€ WORLD’S GREATEST 
LAUGHTER MAKER 


leaping to announce himself to of Alain rather too consciously pulsating^ musical■■ Eva hw 
the girl bent industriously over appealing, and lacking in pathos. |9^ 7 .jjMg L 

toe chum, and puzzled because When FiUe was first seen in DtoSw aw tao-wit* seat files'm*, 
she does not react to his appear- January 1960 it looked toe criterion. ex. oi-uo sti«. 
ance—was as fresh as if it had sunniest of masterpieces, and we ** en, »»» *• il^PH 1 1u p's 111 ' 3 Ml 
never been seen before. Nor can rejoice that it still does: time "totweeatito . . a master.*' Si*^. TltoB* 
have I.ew known another CoLas lues lightly on it 


*’PULSATING MUSICAL.-’ Eva. Ngwg. • v «air Tt- -—_ 

THIRD GREAT YEAR *^r Y '* ,R - _ CC. _ 629 MSS; 

SMI P'icn £2-00 and f5,0D. &!»,."» /A*.* A* 7 c 0 t B % ^ 1 

Dinner ana :ap.pri« seat E8JS toe, l Mw '- “ GOR S DCHi 0 'aiA'TlR 30 |n* nrf W5, ‘- 
UTERI ON. C.C. 01-930 3716.: TOE ELOCUTION OF j 

Venlnga 8. Sits. SJQ. 9-30. Thurs. 3.00. BENJAMIN FRANKLIN 

LESLIE PHILLIPS try Ste«e J. Swirt 

'ito B deegato . . . a. mage r. • Si*'. Titoei : “ mmnouSht funny . . Ptcfsttr & * I 
.a SEXTET l nteving," Variety. I 

' HfLASfOUSLY FUNNY - H. « WwH 1 Pyre5- Wn*9*n « «JJ I 


T. MARTIN’S. CC. B35 1443. Evgs 9.00 --- 

Met. TIi**. 2.45 Saturday* 3 and 4.. SCENE I A 2, L#*c. Sa. rtVanftwr Sf l. 


AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN. 
Zfith YEAR 


439 447C. 

SCENE 1: A BRIDGE TOO PAR iAA>. 
Pr«|*. ‘2 50 4.10. 7.40. L*t“ Shew Fri. 
4 Sat. tl-00. 

SCENE 2; THE PINK PANTHER STRIKES 


(talk OP THE TOWN, CC. 734 £051.' AGAIN i'u . Sun.-Thur. : M S 33,'9™ 
3.0C. Dihiftfl. Dancing. 9.30. Super P*wu* F rl * Sa:. HAD 4.43 3.4S ’.2.*5. 


RAZZL£ DAZZLE 


TOE RETURN OF THE PINK PANTHER 
j -U’». Swn-Thu' 3 23. 7.30. Fri, A Sa*. 
1 S.3S E40, ‘.0-40, 













14 




FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON KC4P «Y 
Telegrams: Finantini©, London PS4. Telex: 886WI/2, 8S3S9< 
Telephone: 01-248 8008 


Wednesday February 11978 


No credit to 


Mrs. Thatcher 


THERE IS one central fact 
about immigration to this 
country which Mrs. Thatcher, 
the Opposition leader, seems 
either to have forgotten or tn 
have deliberately overlooked. 
That is that the great bulk of it 
has already taken place and 
there is a sizeable immigrant 
community which Is here to stay. 
Since that is so. the key task of 
politicians, and indeed of 
society as a whole, is to seek to 
ensure that race relations are 
as harmonious as possible. That 
is not just.a moral obligation; 
it is also in the interests of the 
immigrant and indigenous 
populations alike. 


Muddled 


IF Mrs. Thatcher had started 
from there, her televised 
remarks on Monday evening 
might have been mure 
excusable. For she did. after all. 
make one or two sensible points. 
It is a matter for regret, for 
instance, that it was nut always 
easy to get dear figures about 
immigration from the Hume 
Office. It is also true, as she 
said, that immigration is a 
subject which people talk about, 
and that political parties ought 
not to shy away from. The 
fact that the big parties have 
tended to do so must go a long 
way towards explaining any 
success achieved by the National 
Front One can accept, too, that 
there is a case for having 
another look at the present rate 
of inflow and the pnssibie future 
trends. 

All those are reasonable 
statements; it is the manner in 
which they are made, however, 
that matters. Mrs. Thatcher did 
not start from the central ques¬ 
tion of the immigrants who arc 
already here. She mentioned the 
need to ensure equality and 
good race relations only in 
passing. She did not mention at 
ail the question of discrimina¬ 
tion in jobs, nor the high level 
of young black unemployment 
and its potential social dangers 
if nothing is done in alleviate it. 
She seemed unaware that hy 
far the biggest increase in the 
immigrant population in the 
next Tew years will come from 
births rather than new 
arrivals, and that there is not 
much that can be done about 
that. Instead she spoke as if the 


problem consisted of the con¬ 
tinuing inflow. 

Yet there is. in fact, no 
reason to believe that the pre¬ 
sent Government is any more 
pro - immigration than the 
Tories; nor that it is .any more 
liberal towards the immigrant 
population. Neither Mr. Callag¬ 
han nor his Ministers exactly 
so around the country preach¬ 
ing the need fur reverse dis¬ 
crimination. Indeed one of Mr. 
Callaghan's first acts as Prime 
Minister was to dismiss the 
liberally-inclined Mr. Alex Lyon 
from the Home Office. The fact 
is that successive British 
Governments—Labour and Tory 
—have repeatedly sought to re¬ 
duce the inflow, but have run 
up against obligations which 
have made it impossible to cut 
the flow completely. To that 
extent. Mrs. Thatcher's remarks 
were at best spurious and at 
worst positively misleading. 

They were also muddled. Mrs. 
Thatcher said that the present 
rate of inflow, which she gave 
as 45.QUO-50,0110 a year, was too 
high, bur was unable to say 
what would He an acceptable 
figure. At the same time she 
said that compassionate cases 
would have to be allowed in, and 
implied tlm obligations would 
have to be met. Yet there is very 
little evidence that cm that basis 
the rate nf inflow- would be very 
much lower. On the contrary, 
there is every reason to believe 
that if previous Governments 
had been able to cut back 
further, they would have done 
so. it is also not without interest 
that Mrs. Thatcher’s own com¬ 
mittee «n the subject has been 
unable sn far to come up with 
any specific proposals. 


Election 


There was another disturbing 
looseness of language. Mrs. 
Thatcher said that she does nor 
intend to make immigration a 
“major - election issue. Yet it is 
very difficult to see how she can 
regulate between major and 
minor. Ai the very least, she 
has already made it a major pre¬ 
election issue, as the exchanges 
in the House of Commons 
showed yesterday. She has raised 
a sensitive question without 
being able to put forward any 
alternative answer and without 
taking proper account of the 
problem already on our door¬ 
steps. 


Pessimistic on 


exports 


LAST autumn rhe Treasury 
forecast growth at a rate of 31 
per cent, between the second 
halves of ia77 and J97S; the 
revised forecast may well look 
for growth of tin* order only 
after the sizeable tax reductions 
expected in the coming Budget 
The Confederation of British 
Industry i s forecasting growth, 
on the basis nf unchanged 
policies, of only 2 per cent, in 
the coming year. 

Its latest survey of industrial 
trends is certainly not cheerful. 
Optimism about the general 
business situation, admittedly, 
has scarcely changed in the past 
four months, but the answers 
given to more specific questions 
are less encouraging. Two-thirds 
of manufacturing indusiry is 
still working below capacity: 
there has been only a tiny 
increase in output since the last 
survey (which may be accounted 
for by an involuntary increase 
in stocks of finished goods i; and 
the short-term forecast does not 
suggest that industry is expect¬ 
ing much improvement In the 
immediate future. Far and sway 
the most important constraint 
on higher output in all industry 
groups is a shortage of demand. 


more likely to reduce than 
increase their labour force in 
the immediate future. The 
demand for skilled men may 
show up in the official statistics 
of unfilled vacancies rather than 
in failing unemployment. The 
buoyancy of investment inten¬ 
tions. too—the C.BI estimate is 
much in line with the latest 
Department of Industry finding 
—may not be either as surpris¬ 
ing or encouraging as it looks. 
It is only in restricted fields 
th3t there is a shortage of plant 
capacity. There is a widespread 
complaint about inadequate pro¬ 
ductivity. Despite a slight 
deceleration in the growth of 
average costs, therefore, it may 
be that much of the projected 
investment is intended to 
economise in the use of labour 
rather than to increase 
productive capacity. 


Investment 

The recent intake of new 
orders has been up for more 
firms than it has been down, 
but the difference is slight, and 
in this—as in several other 
respects — small firms seem to 
have been doing rather better 
than large. Moreover, a size¬ 
able balance of firms regard 
their total order book as he!ow 
normal and a comparison of 
orders with output suggests that 
order books are getting shorter 
Although the level of demand 
is the main constraint nn higher 
output, there are also some 
bottlenecks in supply. Shortages 
of skilled labour and inadequate 
plant capacity are important in 
particular industries. 

So far as employment as a 
whole is concerned, this latest 
survey indicates that firms are 


Exchange rate 
It is the export section of the 
survey, however, u'fuch is most 
gloomy. Pessimism about the 
outlook here is now as common 
as was optimism a year ago; 
export orders are no longer 
buoyant and 63 per cent of 
firrar questioned suggested that 
their export business would be 
restricted by relative prices. 
The proportion of firms report¬ 
ing an increase in export prices 
has. in fact, dropped off sharply. 
The CBt declares that the 
appreciation of sterling is un¬ 
welcome, since it has eroded the 
competitiveness of exports. But 
it does not expect this to be a 
lasting problem. It considers 
that the effect of a crowing oil 
output on the balance of pay¬ 
ments writ be more than offset 
by 1 the sluggishness nf world 
trade and the impact of a 
consumption-led upturn, and 
that sterling is unlikely to go on 
appreciation against most cur¬ 
rencies beyond the middle of 
this year. Whether or not it 
regards this as an improvement 
in the situation may become 
clearer m its coming Budget 
representations to the Chan¬ 
cellor. 


Tanker men 



and the 



BY RAY DAFTER and NlCKs^ARMETT 


T HE BIGGEST Threat faced 
by major oil companies 
from the overtime ban 
among tanker drivers is that 
motorists will panic and hoard 
petrol. 44 If there are shortages 
over the next few days, they 
are likely to have been caused 
more by motorists than by the 
tanker drivers.” one oil execu¬ 
tive commented yesterday. 

But there were signs yester¬ 
day that many motorists were 
rushing to fill their tanks. They 
were urged on by the news that 
from to-day Shell drivers are 
joining the overtime ban already 
imposed by delivery staff of 
Esso. British Petroleum, 
National, and Texaco. Between 
them these companies account 
for 23.000 of the 30.000 filling 
stations in Britain. The com¬ 
panies sav that deliveries could 
be cut by between 23 and 
40 per cent. 

The result will be a consider 
able disruption of road trans¬ 
port and, to a lesser extent, 
trouble for those industrial, 
commercial and domestic users 
nf oil products who rely on 
unker drivers for their 
deliveries. 

Now that the dispute—about 
wage claim exceeding the 
Government pay guidelines—has 
spread to Shell, one of the main 
British nil suppliers, the alter¬ 
native sources of supply are 
virtually closed. There is little 
scope for the other companies, 
among them a host of independ¬ 
ents. to siep into the breach, 
even assuming that their own 
trade union employees would 
allow if. Wtasi is more, it is 
quite possible that the overtime 
ban will spread to a number of 
che second-tier petrol . com¬ 
panies. 

There is no scope for switching 
oil products from road to other 
forms of distribution. Even If 
the unions countenanced such 
a switch (which they would not) 
oil companies would quickly run 
into unsurmountable difficulties. 
It has always been the boast 
of the road haulage industry 
that however much the railways 
or coastal shipping are used for 
trunk transportation, only lorries 
and vans can reach the cus¬ 
tomer’s front door. 


distance, as against 10 years be. That will become apparent prospects of 
ago, Is pertinent to the dispute, only within the next few days- There I s a international 

Tanker drivers may refuse to set Tbe marketing director of one PKjjWjt* on the intexMttanal 

out on long trips if they believe of the companies involved said market. ; 

that completing them will yesterday that there was still As a second optteLthefe » 
require overtime a lot of good will between the limited scope for varying fire 

llo , r . ia , tltrtfc . r _ -r _ drivers and employers, and that re finery . mix. Jt might-vl* 

oSS t or£ might have a bearing on tbe possible, for example cto 

in JSS? r d ™ h mlT w tbe dispute is handled at reduce output of petroLind 
MnriM ^ P> 3m lerei - Increase production, of naphtha 

premises rail pine’ines. and Even so the Government -will for the phemical- iudusdr-TBujU 
water-borne tnuraMTt hare an he watching closely how sen- again,ifcere 
important part to play in the iously fuel deliveries are dis- available on the international 
movement of oil fr«»m refineries rupted. Following the enersr market. . ^ . 

to distribution‘centres, to power crisis some four years ago tbe- Thirdly, and this seems most 
stations, and to large industrial Government has armed itself jikely at the moment, oil'com; 
complexes. with the Energy Act- By means p^ues could reduce refinery 

In 1976 for n<ranre coastal of orders the Energjr throughput/ That would'^help 

J "Z, Zp 033 strict the t0 balance ihe supply and-W 

shipping earned tonnes saJe and ^ o{ certain oil of petrol, but ‘might cause a 

and a further 5m. tonnes was products, for example. shortage of the heavier - , oil 

tr ®? 5l ? 0 ”f d by s,tT1 . al, J tan * e ” one option being considered products used in power stations 
and barges on nland water- in evenr Q f ma jor disruption and industry. Providing, the 
ways. The railways accounted limit severely sales of reduction did not persist the 

for around 13 .d per cent of igjl l! pri"* motorists in companies would probably , be 
?6^onne“ra a "r KtoTtS as far as pos- ab^T make up the shortfall 
MOm rnnnll sible deliveries to public trans- by acquiring some <£ thb 

JtehJ port, industry and commerce, surplus products available on 

fX ^ there is a good deal of There appears to be no intention the international market :;. , 
double counting in the distribu- ? f acoupon ration scheme being All of this is hypothetical of 
tion of refined products; a sub- implemented. course. Knowing fat they have 

siaorial Tonnage ;s conveved bv The dispute has come at an The ability to adjust raitnery 
two nr even rhree forms of awkward time for the oil runs, almost at the turn,of a 
transport- industry. The refineries, as a valve, oil corny' -»es stm are a 






1 TeTn».Klrlr 


Consequently, road transport 
handies almost two-thirds of the 
refined oil products moved and 
consumed in the UK. The Insti¬ 
tute of Petroleum'Vfiftures Tor 
1976 (the last full year for which 
data arc available) show char 
some 50m. tonnes of the 80.3m. 
tonnes of refined products were 
moved by road. It is estimated 
that there are some 6.000 road 
tankers operating in the UK. 
each capable of carrying some 
1,500 to 6.000 gallons. In the 
past few years, oil companies 
have been rationalising their 
distribution systems, reducing 
the number of intermediate 
storage and loading centres- 
As a result, over the past 
decade the average journey has 
increased. Most journeys are 
within a 50-mile radius. Even so 
the lengthening journey 


- However, the- statistics do 
illustrate the degree to which 
British oil users are dependent 
on road transport for their 
deliveries. It is also a measure 
of the size nf the problem now- 
faced by the oil industry and 
by the Government. 

it is expected that as the over¬ 
time ban takes effect, perhaps 
with panic buying a wen matin? 
the impact, many retailers will 
ffWi'seTheir own‘mean? or meet- 
ins the pressure. As in the 
1973-74 energy crisis, when 
petrol and other fuel products 
were also in short supply, 
retailers could restrict sales to 
a few gallons per customer. 
They might even give priority 
service ro their regular custom¬ 
ers. Some might open garages 
for a limited period each day; 
others might sell their restricted 
stocks as quickly .as possible and 
shut down untQ- the next 
delivery. • 


The problem in trying to 
foresee what will happen is that 
no one. not even the nil 
companies, is certain how dis¬ 
ruptive the overtime ban will 


whole, are being run at well 
below optimum level. Stock 
tanks, including those of the 
distributors and retailers, are 
full, as is usual at this time of 
the year. 

This may be beneficial when 
viewed from the garage fore¬ 
court and by heating oil distri¬ 
butors—for it should provide a 
measure of insuiatinn against 
the drivers' action. In the case 
of garages, stocks might at any 
rate last a day or two; those of 
heating nil and fuel oil should 
last considerably longer. 

But a big problem will arise 
if the dispute continues for a 
matter of weeks. Then refinery 
managers may he faced with an 
imbalance of the products 
coming from their plant. 

If, for instance, the dispute 
hits deliveries of petrol more 
severely than other products (as 
is quite likelyi companies will 
b* faced with three basic 
options They can continue 
their normal refinery opera¬ 
tions. and try to switch the 
excess petrol into storage and 
export markets. But their 


long way from 1 making detailed 
contingency plans. Mud) will 
depend on the next-few days: 
how the tanker drivers will 
wield their power;- how oil 
customers — particularly the 
motorists—react: and on the 
success, or otherwise, of talks 
intended to settle the dispute. 

The oil companies had offered 
increases of about 15 per cent, 
including 5 per cent; for pro¬ 
ductivity. The drivers’ attempt 
to wrest more from them is not 
simply, the action of a relatively 
powerful group intent on -dis¬ 
regarding pay guidelines by 
pursuing a “ greedy ” claim. 

Officials of the Transport and 
General Workers' Union to 
which the men belong say the 
claim—which started out at 
30-40 per cent.—partly reflected 
the anger of drivers about the 
way in which successive years 
nf pay policy have .eroded.the 
rewards they received fo : r work¬ 
ing productivity arrangements 
agreed in the 1960s. 

The tanker men are also 
worried by what they believe 
to be the possibility of a steady 


.lessening of work during the 
next few years, and. this .has 
shaped tbe claim and the way. it; 
has been presented. 

National productivity arrange¬ 
ments ' were. agreed In. 1986. 
based on increased flexibility..of 
working, tor which the' tanker 
drivers received higher wages. 
The tanker men had already 
been treated to some extent as 
an elite among drivers because 
of the inflammable cargo they 
cany, and the productivity deal 
put them even farther ahead of 
other commercial drivers.in the. 
wage league. Pay, policy has. 
reduced the differential to the 
point where the tanker men 
decided they wanted to increase 
It.once more. 

Settlements for non-tanker 
drivers have been running at 
about 15 per cent, in breach of 
guidelines, based on the national 
average of 124 hours’ overtime 
within the industry. . That in 
itself has helped to .steel'.the 
tanker men to push for. a little 
more/- According to tbe oil com¬ 
panies, the improvements that 1 
have been sought by the drivers- 
would mean an overall advance 
of about 20 per cent 

■ Mr. Jack Ashwell, the TfSWU 
transport secretary, said yester¬ 
day that fears about the level of 
employment in the industry .was 
now " a big. worry ” for the - 
tanker men. Shell ha’s-already 
announced that-within the next 
five years it will be ending, its- 
contracts with one-fifth of the 
filling stations selling its petrol. 
Their sales are so small. Shell 
says, that it loses money supply¬ 
ing thenL.Uoion officials say the 
off companies are not replacing 
the tanker ; drivers who leave 
their jobs, and that there is a 
growing tendency b use outside 
contractors-, rather*, titan to 
require overtime ■ ffciwn istaff 
drivers during peak, supply 
periods... .. \_ . 

-The result officials say, is' 
that there will be- a steady 
decline in the amount.of work 
available to -the drivers. Mr. 
AsfiWell went so far earlier this 




tv/; 


week as to describe es' ka;« \ r p.y 
“ dying industry.” ' 

Union negotiators^^hat;^ 
this is the principal Km why^r 
Ithey are . trying to ifoir s' 

HO per cent rise 
after c onsol klation, Clad ing 
productivity, in r». 
cutting down on iwfi,»r 
\ it youTd he - ■ 

panics then, Mr.. AiQiSu&i 
to decide* by Ibe pnf /of p-; 
overtime they offer, 
to stay within'the gUnep; 

'This, argument is. 
by tbg .oil. companieiVBraga 
overtime .is curren|xtmiqg* 

-at a Sate of eight toTofift * v;.: 
week\ou top of thettkl-4Q'.- 

hOUTS-- r . -f. ;‘ rV-'i' 1/'... • 

Thai overtime,-w^ : fiiits 
to be Vw&iked, thejpanies;.v.* 
say. and a better defcjb^c-' ; .‘ wuv 
pay would 1 -be outsgmdi-i:_- 
. lines. The- -compa; *■§*££.: w - r , 
already . said; that ' s iafe: -; . SIS' 
seriously . the. threat 
ment. sanctions if thefthaes^;' 
are breached. 

The offet made 
companies affected bjo^fr-v : V; p - 
time ban is pf about - 

Including productivitpaa^.- V 
with new maximum egs-of :V : ' 
around £115. y V. ; 

Union officials rWaaSEw:'. ' 
to what is beihg offek-tte.: ^ 
way of wage 1 consolhr -b^ . \ 
say that , if a -strike . 

starts the drivers mteafr 
for, a .tniget ‘as biigh'^aev-.. 

£80.; • -Manyofthe oil 
doubt. -, however, whitfij^-f;. 
meii Vtli. go on^strUc^^-j£. 

The Government ^ 

patties have been 1 trfr tfeir; {f> 
dispute in a low key Uww; 

Earlier this week, 

Wiliam Rodgers,; the 
Secretary, said ' that : ; 

would .damage 
Government offiditis^^'g^'v 
yesterday to arrange^M?^^ 1 
wlth : senior- union 
discuss the situation. ‘ 


-Mr- 






men dig -in and«try ' 

>haii> 'wsu tfiHnnoS ' " 




their way through,' 
coirZd.be.the kind of ~ 

disrupt] op na one likes. - 

about. ' 




MEN AND MAHERS 


Zimbabwe’s place 
in the Strand 


It was all black militancy (with 
a strong da*h of white radical 
chicj in Covent Garden yester¬ 
day For the launching of a 
book about Rhodesian guerillas. 
Novelist Janies Baldwin, who 
had flown over from New York, 
daringly called himself a nigger 
and joked about the end of the 
British Empire. Everyone was 
united in the conviction that a 
few months more of “Black 
Fire”—tbe title of the book— 
would mean the end of Ian 
Smith. But there was consider¬ 
able disunity about who might 

take over from-him. The bishop, 
.foshua. or Mugabe: who could 
say? 

The answer to this mystery 
may also prove of interest to 
someone Mving just around the 
corner from the Covent Garden 
fiesta. He is a Scotsman named 
Dempster, caretaker of Rhode¬ 
sia House id the Strand. Fnr 
more than .12 years this desir¬ 
able property has been awaiting 
its new occupants; when they 
move in tr will doubtless be 
renamed Zimbabwe House. 



perfected in Canada is taken 
up by the farming industry. 
Researchers in Nova Scotia say 
that by keeping broiler chickens 
in the dark the birds can be 
fattened up to oven-weight on 
low protein rations which cost 
some S36 a tonne less than the 
usual duckenfeed. 


Fanners, who normally light 
their broiler houses, will save 
money on electricity, too. 


The research team reports 
that the birds spend their lives 
in a semi-somnolent, highly- 
relaxed state. Male birds, which 
normally have to have their 
beaks clipped to -stop them 
pecking the life our of the com¬ 
petition. can b«? I**ft alone, since 
in the half dark they apparently 
become a lot less perky. 


use of its available talent irre¬ 
spective of party affiliations. 

Tbe present fedora! president. 
Rudolf Kirchschlaeger, for 
example, was Kreisky’s personal 
choice for the post of Foreign 
Minister when the Socialists 
came to power in 1970, although 
he was not a party member. lie 
then went on to ensure that 
Kirchschlaeger became -the 
party's official candidate for the 
position of Head of State. 

Tn choosing Korea for the 
central bank job. however, 
Kreisky has gone one step 
further and appointed the man 
who was not only Minister of 
Finance in the last conservative 
Government but also the 
sharpest critic of the Govern¬ 
ment's monetary policy ever 
since. 


After bidding farewell to the 
freedom-fighters I strolled down 
to tbe Strand and rang the 
Rhodesia House side-door bell. 
Dempster, answered on the in¬ 
tercom from his topfioor eyrie. 
but refused to.come down and 
discuss whether he looks for¬ 
ward to the end of his lonely 
vigil. ■ 

In charge of the premises is 
a body called the Rhodesia Pen¬ 
sions Office, working discreetly 
from St. Albans. Hertfordshire. 
Their main role is to care for 
Rhodesian pensioners and stu¬ 
dents in this country, although 
one of the staff comes to town 
regularly to see that Dempster 
is in good heart. Peering 
through a window. T saw only 
lines of filing cabinets, standing 
as they were abandoned after 


L’DI. Later. 1 was assured from 
St- Albans, that portraits of 
Cecil Rhodes and his pioneer 
lieutenants still hang in their 
appointed places and a hand¬ 
some desk of finest Rhodesian 
(sorry, Zimbabwean) wood, 
awaits the first black high com¬ 
missioner. 


The Foreign and Common¬ 
wealth Office says that as mat¬ 
ters stand. Rhodesia House be¬ 
longs to Britain and will only 
revert when there is a legal 
government in Salisbury - again. 
If there is an internal settle¬ 
ment. and Bishop Muzorewa's 
men try to move in, that might 
present Dr. David Owen with a 
tricky decision. But if the 
Patriotic Front wins through, it 
could fittingly offer him that 
portrait of Rhodes, as a trophy 
of the struggle. 


Kreisky’s choice 

Bruno Kreisky. the. Austrian 
Chancellor, came in for a enn- 
nderable amount of flak from 
both sides of the political 
spectrum when he chose SB-year- 
old Stephan Koren as the new 
president of the ' Austrian 
central hank, the National bank. 
For Karen, who takes over his 
new post to-day, js not only nqf 
a member of Kreisky’s ruling 
Socialist Party: he is the former- 
chairman of the Parliamentary 
group of the opposition People's 
Party. 


What has made the contro¬ 
versy even more fierce has been 
Press revelations that the . post 
of central bank president carries 
with it the princely salary nf 
around 4m. Austrian schillings 
—some £140.845 annuaHy.-This 
is believed to be. 60 per cent 
Higher than the salary enjoyed 
by Karl Klasen of.-the West 
German Bundesbank, nearly five 
times higher than William 
Miller’s at the U.S. federal 
reserve. I Us a sum which makes 
Gordon Richardson’s 1977 salary 
of £32,000 (of which he waived 
£ 6 . 000 ). positively miserly.' 


In Kreisky?* view Koren. an 
economist and former university 
professor, was clearly the best 
qualified man for the job. But 
the Chancellor also dearly 
enjoyed hearing the outraged 
rries from the opposition that, 
hy choosing one of their leading 
economic spokesmen, they had. 
in effect, been ** nobbled." 


Matter of taste 


Cooped up 


CSiickens w-rll be going cheap 
if 4 rearing process being 


It is nm the first time that 
Kreisky has insisted on the 
principle that Austria is a small 
country which must make full 


Overheard at the theatre tiricet 
counter in a Kensington hotel: 
“ I may just be able, to get you 
a couple of seats, madam, bur 
it’s an extremely popular show 
—therms sometbing in it in dis¬ 
gust everyonev". 


Observer 




rtf*. 


ter 


?*p. 


Excellent 

RegiorialDirectorBtq.assist asnt&taStfife * 
the 

' in Europe,^ ‘ — 

Middle'ancrRireast 




Lv* 


A-*- 


. .$uc-cAfwuiouiu nave ^ 

•v products orservlcesj to 
‘f'.-odmrrrar^ 

' - a --^ ^ '» _ “7■ • r L* - i-i!:T aiA-' 


; pfofltand Idss^riepie^l 
, v.adv^tegei-.’- \ 


| • r c ' 


7 Usraffringe benefitsitBiocaSonfep^sS^S 
|‘..'>etc. • -f - - • !**£■ 


5* Wooaiord^Gruup PersonneJ 
f.TftjomasSoofcUd , 


^Peterborough PE3fiS87 f 7/- 

'• "..7 'V : '-P y < 























( . >5?. . v s 



W : > 


E-fcWfc* 

^itteac 


t ^eajjle are ;'reiHy rather 
aid that this errantry might 
rather swamped -by people 
h a different col tare."—Mrs. 
rgaret Thateher on teievistoa 
Monday night. 

-3w- total H tamigrantr’-.popth 
on of Britain is around i'.Sm., 
tudang an arbitrary figure, of 
^ 00 . for illegal; immi g ran ts 
total “ black" population— 

I Scan, Asian, West. Indian —ls 
' siderably Iqwer—aboutX 5 m. 
you go back to/thd "larger 
tie, . ghd - thuf "-include 
atmSi' ...Maltese,V-' Chinese. 
■■$* 3215 , Malays, and' a dozen 
w groups- from the. scattered 
{pants of Empire, the grand 
" mines to something- under 
cent, of our present popu- 
■ According to the best 
We estimates this propon- 
ndght be . doubledby 
f H) 0 . but the balance , of 
(iUty is that It will mot. : . 
fe not easy to get dear 
front the Home Office 
immigration,"—Mrs,. 

Statistics: .-, coverin g 

and destinations .of. 
s from every, country in 
world ; are published 
'3*."by tbe Home Office,' 
•brought up to date in: 
r *. statement .. every . 
See “Contrbl ' of 
atiori Statistics. 1976." 
died: as Cznnfl 0883 by Her 
t?’s Stationery'Office, and 
d ecessorsf or the past-five 

most recent, dated 
ber 21, 1977, tells us that 
c third quarter of last 
he backlog of dependents 
Pakistan accounted for a 
r cent, increase in the 
t of Its nationals,accepted 
ttlement, as against the 
quarter of 1976. But the 
“ figure, taking in arrivals 
other “ New Common- 
f> ”• countries was 33 per 
down. 


ETHNIC MINORITIES IN BRITAIN 

(thousand*) 


! foefiah-- 
?akin*nI T - 

African >stan> ; 
Total Asian.;' V ' 
African ~ 

West Indian 
Cypriot A Maltese* 
_F ar East-& Others 
. Total - 

. ..i InejHdfm tsioMwh 


Mid-WI 

population 

307 

171 

*8_ 

' 540 
4? 

553 . 

140 
61 


2 tndadlnz GlfcnHir A Goto 


Death* mljratiofi population increase 
T 38 390 27 

1 35 246 44 

1 B4 160 115 

il 147 796 46 

1 13 97 4) 

8 - 5 604 9 

3 4 159 14 

T 36 115 03 

24 195 1.771 29 

S Hoof fonx. Singapore, Malaysia, Samoa. Fiji. ate. 

Source; Office of Peculation Cc.uui and Curran 


peoples' fears on numbers" 
—Mrs. Thatcher. 

Takins official published 
statistics and Professor Brass's 
work, it is clear that the fears 
nn numbers have no basis in the 
likely growth of the West Indian 
population. There is now a 
small net outward migration, 
and the birth rate is right down. 
Because there is a large number 
of young West Indians living 
here rheir total population wiii 
grow faster than the rate re¬ 
corded by the indigenous popu¬ 
lation: rhe degree to which 
tiiiure our-vard migration may 
offset this is unknown. 

Tile Asian population is still 


■Mr, -CaUggh a a ■ said in the “There wah a committee West Indians was even sharper: offl,eT l ^ 15 ls unknown. 

Commons yesterday that num- which.; . . said that if we went from fourlu just over two. And The Asian population is still 

ber-s overall were a quarter on as we are then by the end of for Asians the drop was from coming in. mainly because their 
down'.Jsst .-year.-.-A tightening the century there would be six to four, with a sharper major wave of dependents is 
off the rule fpr people who 4m. people of the new Common- drop For the better-established still on i J -:- wa>. It is relatively 
marry British vivea accounts wealth hr Pakistan here.”—Mrs. Indians than the newlv arriving such a young population that it 

for parr of this; deliberate but Thatcher Pakistanis. will produce, many babies. even 

unacknowledged aAninistrative Id paragraph 15 nf it* report In short, ail ihe evidence if its fertility raie falls. Pro¬ 

delays may account for another the Franks Committee bints at points to a converging of the fessor Bra^s calculates that the 
part. - a figure of about 3.8m.. on un- ■■black" birth rales with that total “New Comm on wealth “ 

“ What -we want to know, changed policies. “The number of the indigenous population, population »iU grow by about 

and wh a t the Home Office have of future immigrants and their No recorded fail like the Asian 600.UQ0 by toe end oJ the 

never been able to let, us know, children is likely to account for one from six to four has ever century if ail its ethnic groups 

is the numbers who. under a smaller proportion of the in- stopped there: u would be reproduce ar the native British 

present, law, are entitled to crease between now and the end against all demographic expert- rate from nor on. and by a 
come here.**-^rs. Thatcher. of the century than will those ence if it did not continue down further 200.000 to 300.000 if the 

The report.of a Home Office- born in the U.K. to those already to two. _ ‘ Asians remain exira fertile for 

appointed committee under the here." said the committee. “If you want good race re- a few more years. His best 

chairmanship of Lord Franks Following the publication nf lations. you have got to allay guess on the likely in-migration, 

(Command 8698), published in its report, further work based 
February -1977. 'explained the on the 1971 census and subse- «■■■ 

complications of a register of quent registrations of births. “NEW COMMONWEALTH ,f POPULATION 

dependents of people already deaths and net migration be- _____ 

living in Britain. It is not came available. Professor W. OF GREAT BnlTAin 

possible to predict how many of Brass. Director of the Centre (thousands) 

them will take foreign husbands for Population studies of the Mid-year to mid-year 

or wives, of any colour. It is University of London, put them 1971-72 1972-73 1973-74 1974-75 1975-76 

not particularly., useful in through some standard statist]- Population at 

include white Australians or cal teats. beginning of period 1J71 1.453 1.547 i.*is i.6fi 

Canadians who may be entitled He started with the fall in the Births I 4 r l" 4 ? ”*5 

to come isince they are not “total fertility rate" t likely 5 cathi *. A A Jj 

regarded as "people with a completed family size on present ' ncr * M * _ S2 _j* ZU 

different culture but a trends t for the whole British chanseTn year -82 -94 -68 -76 -so 

register that set out racial population between 1909 and p opu f ai j on „ end of period T.4S3 1.547 1.615 1.691 1.771 

criteria would run into the diffi- 1975. Leaving aside his decimal —-- — --- :- 

cult question of how many points, this was a remarkable per eent - o.^home population ^ ^ 3 Q 3J u 

drops of non-white blood one drop—from an expected average - a —-—- ; - r ! —,-- : --- : - 

would have to ha\j to be of three children per family to * including Pakistan. 0<Ti;e ro „. CtMJt 5jr -.« 

included. just under two. The fill'fnr 


Including Pakistan. 


Snki. i2.T.;e a- Cf.iui c’* 


based on present policies being 
unchanged, is" a further 6001100 
—bringing the AD 2000 total to 
some 3.3m. to 3.4m. 

“ We must bold out the clear 
prospect of an end to immigra¬ 
tion."—Mrs. Thatcher. 

The Conservative leader 
spoke of “between 45.000 and 
50.000 people coming in a year.'’ 
which she equated to two new 
small towns. The actual annual 
overage for the five years to 
1976 is 39.000, net. as indicated 
above, it has since been fall- 
ini;. The average rate of natural 
increase over the same period 
was about a thousand a year 
higher, and 11 can be expected 
to rise. 

"... except of course, f«r 
compassionate cases.” — Mrs. 
Thatcher. 

A clear !i>r of .-aiegone: of 
dependents at present admitted 
for entry ir contained in the 
Franks Report. (There are very- 
lew work permits granted now 1 . 
The first is ” wives and children 

nf those already settled here.” 
Under the Conservatives 1, Immi¬ 
gration Act of 1971, all imrni- 
grants settled here before Janu¬ 
ary 1, 1973 can bring their 
wives, and children tinder 18. 
All are. of course, subject to 
clearance on entry. 

Arrivals since 1973 may not 
apply to register a; settled 
immigrants for the first live 
years of their stay. We will 
not know for at leasi a year how 
many of the firs! year’s crop of 
post-1973 arrivals will apply for 
settlement: only they would be 
permitted, under present law. to 
hring in dependents. It is thus 
not possible in calculate the 
numerical effect nf cutting off 
this right. 

Parents, grandparent- and 
other rotative? living in 
distressed circumstance* may he 
brought in. subject to clearance 
the rules for >uch ca-es have 
been progressively lightened. 



Immigrant organisations believe 
that it is already very difficult 
to pet anyone in under this 
provision. 

Fiancees and. since 1974. 
fiances, may he given temporary 
:id mission, and accepted for 
settlement on marriage. The 
loophole for engaged men 
from abroad was widened by 
Mr. Roy Jenkins; it is the one 
thought by most people to be 
the. most likely to be closed if 
any rules are tightened. On 
past figures, it might reduce 
immigration for settlement by 
two or three thousand a year 
—hut then prospective spouses 
could sull come m as students 
or visitors, marry, and apply for 
settlement. 

“You know, the British 
character has done sn much for 
democracy, for law and done mi 
much throughout the world .. 

—Mrs. Thatcher. 

The Franks Committee ipsra 
graph 21' says "The reluctance 
of Parhamen: re^n-peelively 
take away tli>- enutiemonN or 
expectations which pcnplv nad 
already acquired !•= must elcany 
exemplified :n tic repeal'd 
prescrvatinn -nice 1P82 of the 


All.lm AthliPTfi 

ri^ht uf s Comm on wealth citizen 
seiiled in the tinned Kingdom 
1 that is. lawfully here free uf 
riuiditmns on his stay) in bring 
his wife and children under 16 
1 m practice under ISi 10 join 
him. Fnr those becoming senlecl 
since the 1971 Act look effect, 
the entitlement :? nut to be 
found in ilie statute law. hut in 
the Immigranon Rules approved 
by Parliarnen!.” 

“* .\re the dependents coming 
in nnw ibe wives and families 
nf people who came in arter 
1973 ? If they are they have 
come without the right to per¬ 
manent settlement ” — Mrs. 
Thatcher on the Jimmy Young 
show yesterday. 

The provision* affecting such 
people, spy* the Frank? Com¬ 
mittee. " reflect rhe ratification 
hy ihe L'.K. of, lor example. Ihn 
Kurop-an Convention lur the 
Protection of Human Rights and 
Fundamental Freedoms which 
ill a tamper infer «iliu the right 
;•< marry anti inunil 4 Tanuly. 
and respeei fnr privaie and 
family tii r -. . 


Joe Rogaly 


Letters to the Editor 


m* 

rfer- 


rz - 

SWf- 
Wr- ■ 

f 

•? ■ 


&r 

j»':W 

Sk 5 ^' 

- 

r: ■ 

ha** 1 -:' 

fe . ■■ 

fn->r. • 
fV-"i 
r^Jvfr 

|r 


febate on 
ergers 


■ jfMr. N. Stacey. 

r-^^Correspondeace In your 
; . LJi8 (January 19) on 
Pnra runs the risk of being 
Packed from debating the 
P' -Points originally raised, 
jpiy. these are'the assumption 
- mergers tend to reduce 

. ititaon and fb) merged cobi- 
. '; .tend to be less profitabre. 
^ Drs Meeks declare, for 
lice, that a. “merger 10 an 
tery makes com petition less 
tj: it would otherwise have 
generalisation difficult 
Jibstantiate and only ■ r fi- 
. ■. -j’ 'plausible... Statlstictaos 

.^er-conceroed with the out-, 
'of - firms ‘and- Ignore the 
-at for its products—which 
inely to be highly competitive 
^ vulnerable to imports; so 
. ^capi-mergers reduce compe- 
*1 in the real world as 
^jed to io Utopia ? 

Doctors also feel keenly 

• “disappointing w profit per- 
*an«e-pf- merged companies; 

- ■> Baders may feel quite 

• ily- tas this one does) that 

• Jy coi^flhles:tni*rged between 
i - and? .1976.!. could- scarcely 
. avoided showing dlsappoint- 

;} profitability In subsequent 
fc S—" much . the same 
i«?nr as so many of the non- 
%ing 'firms did during this 
od. . . 

J itanagers and capitalists" 
— y opt industrialists and 

T agree .'..with toe 
ors, learn quite'qmckiy from 
rience; if' they-Han't learn 
“ managers " £et7fired and 
“ f“ a PitalistsgoybankrupL 
| S Ilf is ■ what, impels' when 
■S * • ’•i e y is ^t^stal^„a^jjppoied. to 
[' *le«int ^^nneiits- But 
ytever.- : -\buph^Sfien.: - have 
ot Wouhii r be difficult; to com- 
I cate-To.rSCepticS^ dVn am ic 
nn- 

•ar; WtthTfkkyt^5hg; Deci- 

ifF-m^efcarenietH rivari; 

• i^t^itj^biei^sinee' this 
ty r ^i^Btftmera^ in mathe- 

* V* j^fcal:.-^apincmi|^ -.it -..must 
*rv> ( - J -^rdfessonai 




mm 




•HJ. 





is this: not 
: BjtoeieBnj^p6- r (mccesaful, in 
{ ■companies. 

. Koi^edW^eiUbtishments 

axe, '.too!- more 
• 5ucces«fol 
. is recognised 
i^Kcyfe-.'-beeh y.unfruitful 
there heen so 
,. 3S'Jth«rC5iowever, that the. 

^ainment dught to take a new 
I ^ lialifterger-legislation 7 And 
there have been so 
unsuccessful merged com- 
; dt>-.. these—more than 
. ifuT uninerged finis—pose 
iretically .of course), a rising 
it-of monopoly as they most 
e Meeks dictum (above) is 
ved; or. are the critics im- 
that managers, and 
•" . .alists ougbt to be saved 
their follies V a 

-nalistic Government? 

either I nor anyone else 
? ?b whether or not 50 per 
of all mergers have or 
, . not been .“ siiccesrfnJ M — 
'. [ doubt if more than 50 per 
-; ' of all companies or partner- 
•">; in Britain are successful 
'■>be same profit yardstidt as 
by Doctors Meeks. 

,'f’ hat 1 would like to see is a 
' ..r-'dj in toe current discussion 
oergers—away from a cata* 
of the characteristics of 
+: Accessful mergers a subject 
•".■■has been over-stimulated, it 
: bore to concentrate OP ua- 
--*• ass* all the time, a -posture 
■’ j lachrymonious academies 
t . y. I would prefer a--wid.fr 
. ‘ ing discussion an, and re- 
*“ :b Into, the factors which' 
lead to successful- mergers- 
Issues about .monopolistic 
' • /-enstties may also be studied 
. monopoly must . not be 
•". ited with mergers or rice* 


Academics and non-academics 
must join forces- in exploring 
these contentious questions if 
the 'intentiotf is to make practi¬ 
cal businessmen more' aware, 
theorists more practical.' and 
government action—if needed— 
more wise on mergmrs. 1 opt 
for public debate, and open gov¬ 
ernment in discussing - these 
matters. When .realised that in 
1977 alone perhaps more than 
£6O0m. changed hands hy the 
acquisition and merger of com¬ 
panies then it seems that setting 
up a Rond- Commission to con¬ 
sider the. matter in a much 
wider context may be desirable. 
But’ whatever —happens, in 
mergers as well as in other 
spheres British business needs 
a • calmer ■ potiticaf-econoraic 
miTieu'rin which to work and 
prosper.■• • • 

Nicholas A. H. Stacey. 

Reform Chib. 

Poll MoU. S.W.I. 

Windmills on 
high 

From lhe'Ghairmari. Batatas. 

Six ,—Ydrii Science Elditor’s 
article, January 26. includes a 
map-to indicate areas of bigbest 
available wind energy in the U.K. 
whicb omtiis Orkney and Shetland 
—the areas of highest available 
wind energy. It may be that now 
Orkney and Shetland are major 
oil terminals wind power is not 
necessary. Or it may be, now 
that Joe Grimmond bas arranged 
u separate referendum for them, 
that they wiJJ opt out of UJC 
in favour of a return to their 
original allegiance, Norway! 

, During too 1920s and early '30s 
tny father built a wind-generated 
electricity system in Orkney. Just 
after the war the Scottish Elec¬ 
tricity Authority built a large 
modern windmill at Costa Head 
in Orkney to feed electricity; 
from an asynchronous AC 
generator - into the local grid. 
But attempts at large wind-driven 
generators fail for two reasons: 

(a) If they are in areas of 
bigbest wind availability they 
are-subjected at times to very 
short gusts of wind whose speed 
exceeds 130 mph. This either 
demolishes the tower or sets up 
flutter in the blades which even¬ 
tually fail due to fatigue; (b> if 
they are In areas dear of high 
gusts, tbe frequency and duration 
of periods of almost no wind 
are’ such as' to require large 
-uneconomical energy, storage 
schemes such as pumped storage. 

In general wmd-generared 
electricity has, as yet. been 
effective where only Intermittent 
supply is.necessary (for esampU^ 
heating of water or for raising 
soil' temperature by resistance 
beating) . . $>ma!i. . windmills 
generating up .to 10 kw at maxi¬ 
mum wind rorce can be econo¬ 
mical in fairly remote areas such 
as Orkney. Shetland and North 
West Scotland when used for 
purposes where a continuous 
supply is not.required. 

(Col.) A- L. Work. 

f.l College Place. - • ; 

Southampton. 


Low cut-in 
speeds 


FnJm Mr. J. Nichols _ •. 

"Sir,—Recent - correspondence 
op the use of aero generators 
for the .supply . of electricity 
hove concentrated on'WW units 
feeding into- the grid and have 
talked of the..power needs, of a 
house in terms of electrical 
energy. 

I. believe th*t your correspond 
dents have overlooked a few 
basic Tacts which must be under¬ 
stood before an opinion can bp, 
expressed- on the suitability of 
wind power as a useful source 
of energy." 

We would not he considering 
it. unless we : were concerned 
with; ^energy conservation. It 


makes no mare sense to r&ik of 
a domestic power requirement 
In terms of electrical units than 
it does to express it in terras of 
bushels of coal. You get very 
little ligbt from a red hot coal! 
No sir, we must use the best 
energy source for each domestic 
requirement Let us suppose 
that space heating, water heat¬ 
ing. and cooking is fuelled by oil. 
gas and coal. The remaining 
domestic requirements will be 
met by electricity, and in these 
circumstances 2.5 KVA will meet 
toe demand. 

With transmission cos’s as high 
as they are a small community 
generator of 80 foot span pro¬ 
ducing 40 KVA direct to groups 
of 6-12 -houses would be far 
more efficient than a 2*3 MV 
unit feeding into the grid. It 
should be remembered that oaiy 
150 years ago there were 10.000 
aero generators at work in this 
country producing between 20*30 
KVA. There was no argument 
then about mean wind speeds, 
and the advantage of putting toe 
engine on a high hill in Scotland. 
Each windmill was ar the heart 
of its community, where the 
millere would have talked about 
low cut-in speeds, sot optimum 
wind speeds. 

There . are other means of 
storing 'energy than . rever¬ 
sible hydro electrical schemes. 
• Although l have looked into this 
.method is relation to a tower 
.windmill. I can assure your 
-readers that electrolysis of water 
or thermo-chemical storage show- 
more promise. 

May 1 say in conclusion toot 
the use of community wind 
generators In country areas 
representing about 75 per cent, 
of this island would lead to a 
considerable saving in energy 
both in terms of power used bv 
the consumer and in power line 
and transformer losses, and that 
in. relation to the pylons of ihe 
MW generators ir can he said 
of them that “small is beautiful.” 
J. W. L. Nichols. 

Mill House, Holton St. Psrer, 
Halenoortfc, Sufolk. 

In danger of 
hell-fire 

From Mr. L. Clark. 

Sir. — “ . . . indexation (of 
capital gains tax) would virtually 
eliminate the tax altogether 
Treasury pronouncements, 
stretching back for nearly five 
years, endorse these closing 
words of Mr. S. W. Penwill's 
letter of January 27. 

The tax has become, almost 
entirely, a tax on monetary gains 
due 10 inflation. Such a tax is 
not on tbe statute book. Tbe 
Revenue attempts to justify it 
by passages in the 1965 Finance 
Act detailing toe definition of 
cost of chargeable assets, which 
were drafted before the great 
inflation of recent years. Bueklev 
J., in hta supporting judgment 
in the case Secret 3 n v. Hart, 
bases his argument on the same 
passages. 

John Hampden, refusing to 
contribute to one of Charles T’s 
forced loans, pave as his reason; 
“ because I Fear to draw on 
myself that curse of Magna Carta 
which is to be read twice a year 
against those that Infringe it." 
The curse was excommunication. 

Those.who pay, as well as those 
who administer, the unindexed 
capital gains tax would seem to 
be in danger of hell-fire. 
Laurence Clark. 

6 Temple Garden*. Moor Park, 
Rickmanstcorth. Herts. 

Antediluvian 
. tax basis 

F>W! .Vr R. Hqrrop 

Sir.—Mjr. David Wainmans 
article on the assessment of bank 
interest does not fully disclose 
the absurdity of the law on this 
subject because he deals only 


with toe case where toe deposit 
on which tbe interest is paid doe* 
not .change. 

If anything is added to or taken 
away from the amount deposited 
then the opening or closing pro¬ 
visions must be applied in respect 
nf the change; the ” preceding 
year" basis only applies where 
the source is not changed. The 
effect is that, provided the rale 
of interest is unchanged, toe true 
basis of assessment is equivalent 
m dssessmeni on toe actual 
income of the year. Yet in over 
(iftv vears 1 have never found a 
iax'district where the legal b3?is 
of assessment, under Csse III was 
known until referred 10 the 
relative sections of the income 
Tax Acts. 

Tbe vast bulk of taxation is 
now collected. I suppose, on t'nc 
basis of the actual Income of toe 
year of assessment. The preced¬ 
ing year basis with the opening 
and‘dosing provisions can be 
unfair both to toe taxpayer sad/' 
or toe. Inland Revenue: they can! 
also be exploited for tax avoid-1 
ance purposes. 

Why do the authorities stub¬ 
bornly cling to the' antediluvian 
preceding year basis in Schedule 
D, Cases 1 to V? 

Reginald Harrop. 

The Penthouse, 

St. Lucia, \Fest Parade. 
flexh:'H-<m-Sea. 

Computing the 
gains 

From Mr. L Gosiin. 

Sir .—Tbe trouble with Mr. J 
Bennett's proposal (January 20» 
that the capital gains tax base 
date should be brought forward, 
is that many people sitting on 
targe paper losses prior to toe 
new base daie would be unable 
to off-set them against future 
gams. 

Like Mr S. Fenvili (January 
27 1 L manage investments, and 
as toe years go by find it in¬ 
creasingly tedious to compute 
toe gains. Name changes, 
capital returns, scrip issues (par¬ 
ticularly in toe form of prefer¬ 
ence shares or loan stock), pan 
sales, take-over bids in toe form 
of various bits of paper, etc., ati 
lend to complicate metiers and 
increase toe work load. 

A typical example is a sale of 
ZCI loan stocks which 1 made 
some years ago. This involved 
Bancroft Mines bought pre-1965. 

sbsre exchange bid by 
Nctaanga, a further bid by ibe 
Zambian Government involving 
shares and two different loan 
slocks, toe conversion later of 
one of the loan stocks into 
shares and yei another loan 
stuck. Complicating matters 
further was a take-over by the 
same parly of ray' Bhokana 
shares in a similar manoeuvre. 
Details were fed to my lax in¬ 
spector. and after spending whaf 
must haie been a considerable 
lime on ihe matter he came upi 
with a pain of £S.97. This how-, 
ever, had pre-supposed that an! 
odd 5(1 Nehanya shares had come 
about as a bonus issue. 1 pointed 
out that they had been bought 
for £90.40 on May 15, 1967. Noth¬ 
ing further was heard, but some 
rime Jarer a small refund from 
toe Inland Revenue dropped 
through my letter box, with no 
comments. With a Bed and 
Breakfast deal lined up for the 
residue of my ZCI shares, it 
seems 1 will hare to go through 
this whole dreary rigmarole once 
more. 

All in all. I think Lex (January 
391 has the right idea—tax-free 
gains up to say. £1.000. This 
vould help small investors like 
myself to at !ea«t circumnavi¬ 
gate the more tricky ones. It 
would also take 9 lor rf the 
burden off the backs of toe tar 
inspectors. 

L S. Coslin. 

“The Cottage." 

S. U'vJte Olirer ffd., 

Preston. 

Weymouth, Dorset. 


GENERAL. 

National Ecor.op-.ic Develoamerii 
Council meets under chairmanship 
of Prime Minister. 

International Monetary Fund 
monthly ?old auction, Washington. 

World Energy Resources report 
published. 

Mr. Michael Edwardes, British 
Ley land chairman, makes state¬ 
ment on future cars' group poiiey 
to union leaders and management, 
Birmingham. 

Peirol tanker drivers' overtime 
ban due to begin. 

Pay talks resume between Iron 
and .Steei Trades Confederation 
and British Steel Corporation 

Unfair Cot 'met Terms Ac’ 
comes into force. 

CPI ismailc: Firms Council 
meets. 


To-day’s Events 


Ona-day seminar on Energy 
Sanng in toe Plastics and Rubber 
Industries, organised jointly hy 
Rubber and Plastics Research 
Association and Department of 
Industry. Leofric Hotel. Coventry. 

International Cricket Con¬ 
ference meets. Lord's. 

Sir Peter Vamteck. Lord Mayor 
of London, and his Sheriffs attend 
Fletcher*' Company dinner, 
Barber-Sursreons Kali. E.C-2- 

PARLIAMENTARY BLSLNESS 
House of Commons: Scotland 
Rill, completion of committee 
.-tasc. Motion «n community 
Dm era' Hou:= Rui*a iTemporarv 


Modification?) Reculatiorr. 

House of Lords: Debate or. 
alternative energy sources. 

Select Committees: Science and 
Technology 1 General Purposes 
sub-co remittee!. Subject: Dur¬ 
ability and efficiency of electric 
liaht ?ources. Witnesses: Depart- 
1 sub-committee Bi. Subject: Elec¬ 
tricity Council lepori and 
accounts. Witnesses: Electricity 
council (iij.455 am. Room R». 
Expenditure 1 Social Services and 
Employment sub-commute* •. ^ub- 
.Kic»: Employment and Tramn.- 
Witness ■ Atanpnurr ,; ervices 
Commifeion t-I.Sft p.n;.. Ronrn l.ii 


COMPANY' RESULTS 
Piewey Co. 1 second interim.! 
COMPANY MEETINGS 

Glenmurray Investment Trusi. 
V Crosby Square. E.C.3. 0.30. 
Ricnards. Aberdeen 12 

OPERA 

English National Opera produc¬ 
tion of Rigoieno. Coiiseum 
Theatre. W.C.2. 7.30 D.m. 

BALLET 

Royal Bai!et dance The Dream. 
MonntcriP-. un*:! The Four Season?, 
Count Garden. WC2, 7 30 pm. 
Misti: 

TIi:* 1 ir ■ Chamber "rchesira, 
<vmrliic:u:' Mh-Ivh-I Dob?on. per- 
:or:n Rr.r'i iBrandenburg Con- 
4 Mid 11 : »wl Yr,nidi iTh* 
c *.nir ■-ea-on-i. Oni.-f.ti Elizabeth 
Heli. S.E I. 740 p 10 






Fastest to Sydney 

T-n«tw witFi tVir* nnlv nvrvcfTM-i 


Faster, with the only two-stop \ 

service to Sydney. 

Choose one ot ten long-haul 747B’$ ~ j\ 

a week with morning or evening departures." • • 

IfistesttoMelboume. 


Faster, and from Febmar\- btli - 

1 1 1 ■ .1 i'L 


cverv day ot’ the week. 

XX^ith more 747B > to Melbourne than 
anyone else - choose morning or evening departi ires. 

Fastest to ftrth. . ^ 

Faster, three rimes a week 

witii the onlv overnight, one-stop ^ v 

service to Perth. ' ^ * 

All in the comfort of a long haul 74TB. 


Faster, twice a we^c, two stops j 

to Darwin, or three to Brisbane p P j^i i 

by Jumbo 747B. j* ^ 

Ry Qantas Down-Under. 

Thone 01-9951344 for reservations. ^-£. 3 


THE AUSTRALIAN AIRLINE 





. ,*i«:vo!s.-Q*aascava5gpa::sr^eai.'orBer?o'!4 1 cr3i!n^-C-’ r ":.C v ;0'J£cnrtSr“- i*i i-~ “ 

C-ar^e: Cca.^ Scar.d.1 Crai-wd:Hi^.- - t - mU ^ •.crj&r.V.'f :fO-^rotr.^ 


.1*.:: 4..i KctcC'atiotU Ci-995 U44* 















Financial Times Weifces&y reWHary^^ls^ 

Thns Ward loolirii t 


Howard Machinery declines to £l.51m. 


Hopeiul signs ior inu». 
Electronic Machine for increase 




-'•'V 

u-v. • i; J 4..*-' 


FOLLOWING a second balfpre- metal pressing drrarfon ai|4Pmi' HSSUIJES J’°S r Jj? ST^eeted : 

ravlow of £105572 against £28.405 continued to-.make substantial at Ifco* W. Wamju* jaogt tjjfQcUft smce.theiast whtt.^V . 

rt ESwtwnte MaduM Co„ which Josses to October 3L 1977, totol- tofl^v an^ir^nri«m«it <>b the After* disappointing 

3$J£* H*£i5£ K* * * W* * 

S3 1 JUSfecf i MLiSSa £ * ** *f 


FOLLOWING a second half pre- metal pressing divasion ano«uMi naavutB*** ~~ expected the,aaraplntfos&y wasrae«£*?.:,• 
r«ln« of £105572 acainst £28.495 continued to ...make substantial at «mw. W. Wartjaw nHWtdiffimilt smce.the iast TOT.;?.-’ ■ 


PRE-TAX PROFITS of Howard 
Machinery declined from £3.26m. 
-to Il.alra. for the year to Octo¬ 
ber 31, 2977, on higher sales of 
£74.45m„ compared with £69.34m. 

At halfway, the directors said 
that owing to difficult conditions 
in some major overseas markets, 
profits had dropped from 
£826.000 to £21.000 and these con¬ 
ditions were unlikely to improve 
during the ye8r. 

Full-year earnings are shown 
as 2.4p (a.lp) per 25p share. 
While a final dividend of l.lSSp 
(same) maintains the total at 
2.233p net 


M76-TT 

157^76 

£»on 

PMX) 


68.342 

. isa 

J.2S3 

S10 

1.797 

. . 7K 

I.«l 

16 

720 

644 

&U 


ST.7 


Company _ 

B. A.T. Industries 

Bertrams _ 

Boulton & Paul 

Burmah _ 

C. G.S.B- Holdings 
City of London 
Coimnd. Bk. Wales 
Dyson (j. & J-) 
Electronic Machine 


INDEX TO COMPANY HISHUGBTS 

_ Page Col- Company 

s 17 1 Gesham Life 


Page Co), 


Howard Machinery 

ICL_ 

[DC_ 

Ley's _ 

Reed IrttL _ 

Sterling Credit 
Utd. Spring 
Ward (Thos. W.) 


J6_1. 

16 4 


interim dividend is payable on 
the Ordinary and "A" non-voting 
25p shares. 

.Ml the equity of the company 
is held by British Electric 
Traction Company. 


ICL falls 

below 

budget 


six months to October 3L, 1977 on munua w vuuwl uuuvuw. The aaancet iw mow «a 

turnover of £L3flm. tSSJSSSSR t?a£g * i 


L , . “ . , remainder of the group s trading, .at Keeton and proms irow .*•»» t0 bs eanied, he sayi--x : >“ 

The directors, however, anticl- they add. struct!on should be .t current year the grn»u^ 7 

pate that as a result of the action They explain that over the test though -voitiroe dehvenes. of iJf-rSmaieted-4» ale oSsSE- 
they have now taken the wading year the group has experienced cement are not expected to w i5L~as3te and stock and worfc" 
results for the full 1977-78 year a severe strain in liquidity as a by m**, if at all. . {“*5? Thomas sStfrSi* <- 

should not be materially worse result of these setbacks which, Motor distribution results are in for £ 1 . 45 m. zhi' 

than those for the current half with the support of its bank Jt expected toimprove, the «b*n»» go” ‘"ti SSi fT •' 


wiw we support ui 113 U nil ft. it Mjwcten to SZtpnive, ~-j . - Dn .K>ment ,v • 

year. has managed to. weather. Con- says, with- further growth in sa&^BrHS^-i . 

Turnover for the year to April tracts, have now been exchanged industrial services. Ajnd®J“2' gZS?Wpo2.tlw J%GbuS^' : 
30 was ahead from £1.6Sm. to for the sale of three of .the surestaken fa tiiecompany’sierg- fjffiSjSljLm Jl^? glT ^hrfrfw >'- 
£257ra. and.pre-tax loss was in- group's freeholdsifor & 00.000 and neering activities give the three- o rL» iad®' 

curred after £70548 mil) pro-the sale of a furtoer freehold is tom hope of improved profits . utMMg* *? • V7 

vision for slow moving stock, and being negotiated. Jherantunpate there. ■ ' • . also states'tbit- -' 

research and development expen- a reduction m group’s borrow- As reported on January 5, pre* * - 

ibture £27.143 (£20,651). mgs of about £550,000 as a result ^ for tie year to the group' anmou^OT. tno^nuK,^ 

-STsSfl-SS 

& which has now been Realised in Srb'So Cram* a£tf*ttes 

against 38.220. these property-.sales and the lS AKt^nTwith a 2565p were transferred during the .year. . 

The directors state that the W h 0 le of v^ch has been credited {3.65625p) ^nee the-year end Gw property^ • 

earlier indications of improving ^ reserves. - ^ «ar medhm-tann has-been soW for £470.009. - : . • 

performance in the metal press- Year * n^vu- arraafied. • FoUoWing the inOation. acbount*4* ■ • 

ing division was not sustained, wsww i«ws 2™“2? £ ^ ftig method set by the Hyde G>»& 

and moreover worsened due to a •_ * -u _ by roe year mUtcc the adjusted profit before^ - 

low level of economic activity m ---— 'ujk was dr T v f D . n ?Z n Z?'ri tax is’ri.wnafter de'-^f 

consumer durables and the motor Tax credit ls.ioo ;4 sot = ah5**o?SSL Stia/^d^>recialion adjustmeot v.;' . 

car industry. Bmraenwaiy debit — - ««• wntb incroaae s midw E^ 44 mand cost of sales adteb. [' 

Furthermore. Panas. due to a — sis.^ n^frnii?s. generated ment fl.45in.: bom the^tradinT::'^' 

number of factors, did rot achieve -.vftcr arovtaton ior sW uumcc stdCic The group's long proflf HIASbl ;'^adding ..■tile,gear-. 1 

production of its new jnstrument m.S4Hni}> aod reseanA *nd Avr^nea WTaJtinf sms. is to lrur adjustment £1 52m. and d&r.; 

range as anticipated. Both the «****«« S7A« umi>. tPreat * S S^r^'c* SEtt»SSt:I»#»a.-'W*W;- 

—— — 2SLS duo&ms to scrap prices *we had 

__ ' to^Wysia of trading profit the efEect of reducin^ti^ cost of 

. DIVIDENDS ANNOUNCED ^ •‘T S»«iit 

Current T s^Steg ^ •’'Sj&jff 1 ''ijTiSSSnS^m ' 

payment payment div. year year TOe camnnanwyn cr^se ^ ' •••;. i^. . 


Prc-tJU profit .. USU i.253 

Tax- .-. S10 1.797 

XGt profit .—.- !V- I.Mt 

Minority Interestt .. 76 tSD 

Dividends _ «4 «« 

To reserves —. 4: sr.7 

-Consists of overseas tax ETK.OOO 
(£1.327.0001 and U.K. tax £83.000 -£470.0001. 
or iota! 1973-77 lax charge. £103.000 Is 
deferred. 
tLoss. 

• comment 

Howard Machlnerj'*s second half 
shows some recovery, but not 
enough to prevent futi year pro¬ 
fits falling to under half that 
achieved in the previous year. The 
reasons for the underlying poor 
performance are both economic 
and climatic. Farmers in general 
have been tallying less new equip¬ 
ment and in addition some are3S 
of the world—Australia, South 
Africa and some parts of the U.S. 
—have faced drought conditions. 
And within a smaller market base 
Howard has faced stiff competi¬ 
tion from the Dutch Brm Le)y in 
the field of rotavator equipment. 
The rotavator, which was deve¬ 
loped by Howard in the thirties, 
is the bedrock of the business and 
still accounts for some 40 to 50 
per cent of sales. 

In the UJC, Howard has met 
this increased competition by 
introducing an improved rota¬ 
vator. This has proved successful 
in warding off the competition in 
the U.K. but Lely is still a major 
force particularly in continental 
Europe. The outlook for this year 
remains unexciting and so l he 
shares are unlikely to move out of 
the trading range established over 
the past few months. V :.t the 
company maintained the dividend 
was enough to send the shares 2p 
higher to 35p, where the just 
covered payment yields 10 per 
cent. The p/e is 14. 

GLAJMFIED 

LAWRENCE 

The Board of GlanBetd Law¬ 
rence states that consequent 
upon the disposal of Ordinary and 
B Ordinary shares by a'HTrector 
in November. 1977. the close com¬ 
pany status has been recalculated, 
and it would appear that close 
company provisions no longer 
apply to the company. 


J. Dyson 
sees £2.7m. 
for year 


REFRACTORY MATERIALS and 
fire resisting goods manufacturers 
J. and J. Dyson reports pre-tax 
profits up from I0.96m. to £1.37m. 
for the six months to September 
30. 1977. and forecasts full-year 
profits to be in the region of 
£2.7m. Profit for the 1978-77 year 
was a record £ 2 .3m. 

The directors say that despite 
the recession in the steel industry, 
resulting in difficult trading con¬ 
ditions , the compands diversifica¬ 
tion policy pursued during the 
past few years has minimised the 
effect of this and any possible 
shortfall in profit has been more 
than compensated by substantially 
increased profits from these other 
interests. They add that this 
policy will continue in the years 
ahead. 

The interim dividend Is lifted 
from 1.55p to 1.925p net per 25p 
share, and the directors forecast 
an unchanged 1.675p net final 
under present restrictions. They 
say that the forward looking 
policies of the group enable them 
to face the future with confidence. 


M. and G. Trailers, where there 
has been an upturn in the de¬ 
mand for articulated vehicles, 
possibly due to the Government’s 
recent clarification to hauliers on 
their attitude towards heavy 
vehicles. Meanwhile, the group's 
improved cash flow lessens the 
need for the mooted rights issue. 
At the forecast level, the shares,' 
at S2p, are on a prospective p/e 
of 5.2 while the yield of 10.7 per 
cent is covered more than two 
and a half times. 


Good start 
for Utd. 


Spring 


SIMON CLARKE 
PRODUCTIONS 


Simon Clarke Prod actions was 
compulsorily wound up by Mr. 
Justice Slade in the High Court 
yesterday. 


• comment 

First half profits of J. and J. 
Dyson are 44 per cenL higher 
and margins have improved by 
more than a point, but this com¬ 
pares with two previous half- 
yearly growth figures of S4 per 
cent and 68 per cent. Dyson Re¬ 
fractories, a major profits earner 
in the past, is still suffering the 
effects of the world-wide reces¬ 
sion .in the steel Industry and 
protracted labour problems at 
the Midland works are yet un¬ 
solved-. By contrast 'however, 
there was a strong performance 
by the company's other refrac¬ 
tory company, Pickford Holland. 
Here, new products and exports 
did weD because of higher activity 
in the special and alloys sector 
of the steel industry, and more 
stable raw material prices are 
helping to alleviate the company's 
casb flow problems. In the mean¬ 
time, the expansion of other in¬ 
terests has left Dyson 'much less 
vulnerable to the problems of 
the steel industry; in particular. 


Mr. D. Westwood, chairman of 
United Spring and Steel group, 
told the annual meeting that the 
spring division continued to make 
steady but very positive progress 
with all the manufacturing units 
working well both individually 
and with each other. 

The steel division got off to a 
good start and was gaining some 
benefit from its increasing con¬ 
centration on selling to users of 
higher quality material. 

Profit for the first three months 
of the current year had shown an 
encouraging increase over the 
same period last year, and with 
signs of a slight improvement in 
industry generally, Mr. Westwood 
viewed this year with more con¬ 
fidence than he did last year. 


FIRST QUARTER 1977-7S turn¬ 
over and profits of ICL fell below 
plan, Mr. T. C. Hudson, chairman, 
told the annual meeting in Lon¬ 
don yesterday. 

There was a slow start in the 
first two months,^ due substan¬ 
tially to industrial relations prob¬ 
lems and consequent difficulties 
in achieving the planned output. 

But the position recovered 
strongly in December and output 
has since been flowing well, be 
added. 

The chairman reiterated his 
earlier statement that the direc¬ 
tors remained confident of fur¬ 
ther significant growth for the 
full year. 

On new orders the 1977-78 
budget for the first quarter was 
significantly higher in value and 
actual orders taken comfortably 
exceeded this much higher 
budget, Mr. Hudson said. 

To a question from a share¬ 
holder about the company’s Sooth 
African investments, the chair¬ 
man said that South Africa would 
continue to be a viable market 
for some time to come "and we 
intend to stay.” However, the 
situation was constantly being re¬ 
viewed. 


DIVIDENDS ANNOUNCED 

Date Cozxe- Total 


IDC down 


BAT Industries . 5.51 

BAT Industries .int. 4.4 

Daejao HJdgs.Int 1.55 

J. and J. Dyson .inti 1.93 

Howard Machinery. 1.19 

IDC Group.. 6.81 

Sterling Credit .int 0.74 

Warren Plant .int 4.62J 


Current of ^ponding 

payment payment div. 

.. 5.51 April 1 4.73 

t 4.4 April 1 3.5 • 

t 1.55 April 4 UL4 

L 1.93 April 7 L55 

1.19 April! 3.19 

— 6.18 

March 23 0.88 
April 4 3 


iua W. iuuwj) ■ «/ ucv 

in bank bverdTOfts r id *. 


ISSUE NEWS 


•’ :?i}~ 
■ .'if"- 


Dividends shown pence per share net except where otherwise' stated. 

v Equivalent after allowing for scrip issue, t On capital Increased 
by rights and/or acquisition issues, t Corrected. 


Yearlings climb to 71 


but upturn 
foreseen 


Midway rise 
by Boulton 
& Paul 


Structural engineers and wood¬ 
workers Bonlton and Paul reports 
pre-tax profits ahead from £2.fl7m. 
to ££2.74ro. for the six months Jo 
September 30. 1977, on turnover 
of £30.11 m. against £2 tS.lSm. For 
the whole of the previous year, 
a record £6.7Sm. surplus was 
achieved. 

After tax of £1.43m. f£3-39ni.l 
and minorities £19,000 (£33,0001. 
attributable profit for the half 
year emerged up from £L2om. 
to £1.3m. 

.4s in previous years, .no 


AS EXPECTED, taxable proBts 
of IDC Group declined further 
in the second half year leaving 
the figure for the 12 months to 
October 31. 1977 down from 
£l.Q2m. to £0.43m. However, the 
directors report that the current 
year is progressing well, with 
enquiries at a high level and a 
satisfactory number of confirma¬ 
tions, which should result in a 
substantial recovery towards pre¬ 
vious levels of profitability. 

At halfway when the director 
made-their forecast ol lower pro¬ 
fits. the faD was from £422.000 to 
£191.000. 

Turnover for the year amounted 
to £21.75m. l£22.51m.). Tax took 
£220,514 (£651,941) leaving the 
net balance at £205,545 (£368362). 

Basic earnings per 20p share 
are shown at 9.5p (17.4p) and 
diluted at 7.6p (14.0p). The net 
final dividend is 6 . 8061 p, raising 
the total payment from 8E614p 
to 8.9SD2(X 


Prospects 
for Ley’s 
Foundries 


IN His annual statement, Mr. 
Francis D. Ley, chairman of Ley's 
Foundries and Engineering says 
that the profit margin being 
earned is too small and is very 
sensitive to changes in the 
volume, of business, so that the 
current year outcome wiB much 
depend on an improvement in 
demand for products and free¬ 
dom from serious disputes In the 
automotive industry. 


■ ■ — i■■■ i— — I.— . .. I. ! Tha capon rate on Hie weekly Grow commence to-day - follow-j* 
provide the type of contracts local, authority on6 year bond ing^the requote, one-for-ona* 
being sought bybrokers. Atpre- issues has climbed this week from rights issue and placing. t 

sent the .bond market is par- J T* r ““V i«?-‘ TlimT Alvm 'RATClf "v” 

ticularly buoyant because-of the bonds are Issued at £991 ^. (par l ast 3DDLANL/ KAJNjA.- Tr¬ 
active marketing by brokers. . ’ ana due on February 7,. STATISTICS • 

. ' - V This weetfs issues are: City of - statistics' compiled by the 

City of London of^ew^wiey^ratodl- 

w* J i. in UKby the issue bfinarket^ 


RrPWPrV cbnwc Council StiriinB District j securities ‘ In January was" 

Brewery shows 


m . , U/UflCU (XfZU./, iff*3 Jicvcavui T _._ _ " 

improvement 


After management expenses of Council Bury * Metropolitan 

55.184, against £57,314, and tax Borough Council City of 

p from £405.282 to £422,525, CRy Salford (£jm.). „ 

f London Brewery and Anvcst- Fenland District Councff has 


over half the total, including, two 


or Lionaon wmreu ana-nnai- remanu uisuia -Mm, 

mentTrott impTOVetf nee*venue raised £*m. through S 

for the half year to December 31. bonds January 30, 1980 at par. "S^ts issues of Ordm&ry 


Holders of £|m. of United 1 


As reported on January 10, pre- for the half year to December 31, bonds January 30, liffiO at par. seven rzgws issues at utumary 
tax profits dropped from £3.lm. to 1977. to £752,858, compared with Swale District Council Is rate- »-«tinnr> 

£1.6Sm. for die year to Septem- £680^06. Total revenue was ahead ing £}zn. by an issue-of 9} per UiNIItD cNurKw 

ber 30, 1977, on turuorer up 9 per mim. at £l-24m. cent bonds.at par due on January INDUSTRIES * 

cent- at £35 3m. The dividend is At half time net asset value per 28 , 1981. .. .. n . - Holders of £|m.' <rf United 1 ^; 

lifted to 4^p iSJBop) net 25p deferred stock unit was TS.lp Cambridgeshire Dap^ct industries* 7 per*' 

Mr. Ley reports that the coo- (675p> after deduction of prior Council 13 raJring £Jm. of vartawe Convertible Loan Stock-r- 

turned growth m export sales of charges. -ratebonds d?ted January 1988-93 have- notified the com-*-, 

castings from the malleable at par, and the _ Borough ot that they require their holck’^ 

foundries was insufficient to com- ! • Thamesdown is raising asm. ot f ng t0 ^ converted into Ordinary’ 

pensate for the reduced demand r T T T :il rt - r ...variable rate bonds repayable at . .• .. 1 

from customers in the British J? 4 J* V>« LliivY y P®t on January 2 fl, 1983. Rox- 

aufoanotive industry, with the s , „ _ burgh District Council is raising terer BROMWICH v 

result tiiat the tenn^e of cast- ° vU engineers F. J. C Lffley £ im . 0 f variable stock dated * . . v I 

rr>ox uAt/i xatu fiM UuMcf tnr announces the formation of a new January 26. 19S3. . .SPRING . > ' v , ! 


—' ~ iitui luuc ui;l «act vaiue “—-. . . 1 * noiaers ui tyui. w viuwo- v . 

25p deferred stock unit was 78.1p Cambridgeshire District indostries* 7 per; r 

the con- (6 72p> after deduction of prior cent Convertible Loan Stock.-;- 

sales of charts. • rate bonds dated January 27 IBffi. -^,93 notified the co^- 


foundries was insufficient to com- 


ABDUL JAULALFAHIMA3SD SONS 

US.$17,000,00ftSECUEEDFLOAEINGKAEELOAN 


bctamecfioiitnBifhe f 

ABU DHABI HOLIDAY INN 


result 1 +iat thf» Mnnn^p of past- itm. Ol vanauie umeu i , »• ■ - 

inffs sdW was the lowest for five announces the formation of a new January 26. 19S3. SPRING > . V-, 

yo£j. x a "* . 1 * subsidiary, Liiley Construction, i n all cases the first interest West Btomwfcb Spring, us paj-.. . 

As renorted in Mav 1977 the whicb ^ ti,c svoup’a payment next August wiB amount posing a capitalisation issueJrf., , _ 

severe mduSrii cH^mtes at the e3C Pansion and development.^ t0 q^sS per cent.' .. one U| per cent CumidaHve 

factories of some of the group's This will amalgamate the con- mo* £E e , P er l cent - Ctncuttalatlve 

main customers^were^ the^mator st ™ction activities of the group’s ARLINGTON — 97% ■ -• Preference sfaarw_ for. 
factor in bheriib^nbi reduc- five niain subsidiaries: F. J. C. Approrimately 97 per cent 

Son in fee profit earned. UHey I Contractors), F. J. C. the 822,468 shares offered by way te.be issued by .way of prdinacr~-.« 

The steel ftnmdrv ^erienced (Marine), F. J. C. LiHcy of rights to shareholders of share capitalisation). , • 

difficSlt ^SS I™*****), F._ J.'_ C.__ Lfitey Arfingten Motor Holdings- .have . . . * >"^V 

throughout the year with low 1 Northern) and Laliey-Wadding- bemi taken up. ■. *• -“ ” .7-TT : A- 

demand for castings from the ton - The balance of new Ordinary . 1W NEW THROGMORTON . - 

heavy engineering and ship- The new company will be run shares hot token up ^.have-been • . TRUST LTD. 

budding Industries and intense *a divisions under the following sold maccordance witnthe terms • - - 

competition for any orders titles: water and drainage, marine of Hie issue for the benefit of the Opital Loan Stock Vriwdioi» 7 * , . 
placed. The engineering company 30(1 bridges, industrial and build- Ordinary shareholders who did 3Iit January, 197$,. L 

was not as busy as tt bad been in “S and tunnel and benoto. LOJey not .take up, their provisional T j, fl Net Asset Value per £1 e£ /' 
1975/76. particularly in toe export Plant will remain as a separate allotment v: - . Capital Loan Stock h 'll75Sd^* 

field, and recorded a lower profit c 9^ p f ay k?* tun i - r'uuiyc tdacc Sicuridw valued at iaAitt. *■■■ 

In January. 1977. agreement was term the plant division of OtbKb OROSS . _ no * "Lul BuWh : ' 

reached by lie group to purchase Construction. Dealings tn the shares of Geers- • _• 

from the Receiver most of thej - ' ” ’ . —rrrr , .. ?.r^ L 


Capital Loan Stock yduatioirelf 
3tit January; 197^,. _ 


I The Net'Asset Value par'£f.-.e^pi 
[.'Capital Loan Stodc fs 11755pi4tj 


SMurldw valued it middii market 

’ . pHcw.- ■■■■.:■ 


Arrangedby 

AlraDIiabilavestmeDt Company 


Managed!?? 

A!ra Dhabi Investment Company 
Khali) Commercial Bank Limited 
UBAK financial Services Umited 


assets of The Beeston Boiler Co. 
and a new company was formed 
for tins purpose. 

In the first eight months of 
trading by the new company a 
firm foundation has been laid, 
states the chairman, and while a 
small loss was Incurred for the 
year, he hopes that a profit wall 
be earned in 1977/78. 

Expenditure on fixed ossets 
during the year was £l.7m. in the 
three companies which were sub¬ 
sidiaries throughout 1976/77. The 
largest single item was £450,060 
for equipment to improve the 
cleaning of exhaust gases from 
the main melting plant at Hie 
Lincoln foundry. Expenditure at 
Beeston, including the initial 
purchase amounted to £540,000. 

Meeting, Derby, February 22 at 
noon. 




Limited 


Gresham Life’s 
new bond 


Consolidated Profit Statement 

for the 9 months ended 31st December1977 


Co-Managed by 

Arab Bank for Investment and Foreign Hade 
The Chartered Bank, Ofi^oreBanldi^ Unit (Bahrain) 
MerrillLyndilTiteniaiiQnal Banklinatted 


Promdedby 

Arab Bank for Investment ana ForeigaTrade 
AbuDhabi 

Banco de Vizcaya,S.A. 

Banque Aiabe et Internationale d’Investisseraent (BAI.T.) 
The Chartered Bank,Ofishore Banking Unit 
(Bahrain) 

Giindlays Bank Limited, OSshore Banking Unit 
(Bahrain) 

Investment Bank forliade and Finance LLC - 
Investbank-Sbaajah 
MerrihLynchlntemalional Banking 
UBAF Arab AmencanBank 


Arab Finance Coloration SAX. 

Bank of Credit and Commerce International. 

(Overseas) Limited 
Banque de PIndo chine et de Suez 
Offshore Banking Unit (Bahrain) 

Dubai Bank Limited 
Hamb/os BankLimited 
Khaly CommerciaiBank Limited 
Sodete Generate (Fiance) Bahrain Branch 
UBAF Bank limited 
Union deBanques Arabes etEuropeennes 
-UBAJE-Sodile Ananymo 


Agent 

Hambros B ank Limit ed 


Sth September 1^77 


Gresham Life Assurance 
Society, an associate company of 
N. M. Rothschild and Sons, has 
launched a new flexible Invest¬ 
ment bond, in the usual form of 
a single premium life assurance 
policy. There is a choice of five 
funds to which the bonds can be 
linked—equity. International, pro¬ 
perty. gilt and cash—all managed 
by N. St Rothschild Asset 
Management 

The minimum investment is 
£1.000 and the money can be 
apportioned between the funds Ip 
units of £1.000. Switching facili¬ 
ties between the funds are avail¬ 
able at very low rates. The 
charges consist of a 5 per cent. 
Initial charge, which is included 
in the price of the units, and $ 
per cent, per annum on the value 
of the fund (J per cent, on the 
gilt fund). 

There are the usual withdrawal 
facilities for investors requiring 
Income of 3} per cent, per half 
year of the initial investment Tax 
would be completely deferred 
under such an arrangement until 
20 annual payments have been 
made. There is a share exchange 
plan available under which gilts, 
quoted' fixed-interest stocks and 
equities can be exchanged for 
Investment Bonds. 

This launch represents the 
second step in the move by 
Gresham Life, a long-established 
traditional life company, to 
become Involved in the uait-linked 
field. Last March, the company 
took its first step by marketing a 
gilt band—primarily a pflot test¬ 
ing Of the market. The next 
logical step after the present 
move would be to launch a 
regular savings plan linked to 
these funds and then self- 
employed and executive pension 
plans. 

Gresham Life is moving towards 
becoming a broker-orientated life 
company and therefore needs to 


| 3 J Months Ended 

31.12.76 I 

1 31.12.77 

£ million ( 

unaudited) 

399.1 

407.6 

202j4 

213.6 

196.7 

• 

188.1 

29.5 | 

27.4 

15.1 i 

15.5 

14.4 

11.9 

(9.6) 

(8.5) 

19.9 

18.9 

12.2 

12.4 

.6.8 

5.7 

6.4 

6.7 

7.7 

6.5 

2.1 

2.5 

5.6 

4.0 


SALES L „ 

Uniteti : Kingdom and Exports 
Overseas ... ■' 


, 9 Mofiths Ended ■ C 

3t.t2.77 \ 31.1ZJQ ' 
fnx&ofl (uiwudiMdi. ■' 


1207.3^*1067^ 

-- 553LBW tXQOJis 


OPERATING PROFIT; 

United Kingdom ■ ' 
Overseas ^ , 




'mm 


r.-303$fri 


INTEREST 


PROFIT BEFORE TAXATION 




iMAMiiura. . $ 

.Unrted^ngdojT). : ^^00 S 

Overseas ; .w’ -• w '£;■ ^| 

PROFIT AFTER TAXATION r\;; ^ s : I 

MINORITY INTERESTS ; ^ ^ 




4.0 I PRO FIT attributable to Sharshokiffl’s siL’, j y 


EARNINGS PER ORDINARY 
SHAREGFCl . . 

for 3;months ended-31st Dftarnbsi'' 


5.0p 3-6p . M for 3;mahths_endecf'31st 0&B8aftibi : .- 

for 9.^ months.esddd SI st December;•* 

• for 12 monthsended.31st IWarch 1977. -fV.-CX 

■ NOTE: TfwOvara^'O^mtingjPRj^ 

30th September 1977. ' .. 

REED INTERWATIOWALUMITEP; REJbD HOUSE 

















• - * . ._. 


* quarter 

Over the current year, the group WITH THE overseas cwitrrbutjon 
Vfx •** rv* k: a fru2^ 1°.RO ARB MFFTMRQ Rians toJal capital expenditure of shoving u marked decline, and 
vj^jp ■'Vv££ Industrie* ®V*- . some £l 80 m. ii!30nij. A large despite u substantial drop in 


Reed fall 
in third 
quarter 


Prom atlribinabl- . 

See Lex 


.'f • t-rating pro tit tram £5m. to£Sm. ■«**"»*• currencies. a nu*«i- /-.^ rn . 

advj. ; . _ p ;-^ ; sales^or -noan. (rsinj.l. The "Computed on the same basis as .?*r P r unprofitable lines to I KSK PPIS 

'.. ■ _;C«r.companies fn the division■ "in-.previous-years, profit adjusted improve its base for the fuiure. *5 

pccat:r*»s '; /formed;satisfactorily -with-the for inflafion.would be reduced bv Sak? Fifth, Avenue raised ^rr * 
h»o i£ - >■■'••-jdrity' showing . growthj n £32xa: The directors margins on increased sales but (J|| [(} £ 

24m. .fits - -. - cwjynezjt.ibst it. is not yet' dear these were offset by rising rosix 

fleeting, i'C Ir. Peters Macadam, the tHait- whether the Hyde Guidelines are including pre-opening expenses of nn/i J c f or f 
-Spin. said later that he r was.con-an improvement, on the group's f° ur new stores. Sales by Kohl LUUU Mdl L 


•lit . that. the. gnjup had tha intlhpd of adjustment. ■ were higher but profits were 

uicial "arid., organisational .. During the year -the., cigarette i°"‘cr due to competitive pressure Staling that he looks forward 

?ngth to. continue to develop business of Lori liar d outside, the on niarsbis aod the co»ls of new to good results for ihc current 

•ing the coining year/ rather t ; .S. was acquired. As much of sr ° r ^ openings. _ - jear, Mr. Eric C. 5. Buisi. chair- 

n stand stiu. evon If there is ibis business comprised soodwill International snores in the L.k. man of motor _ engineer*, and 

rapid overall improvement in and trade marks, JESlm. has been .substantially improved its opera- distributors C.C.S.B. Holdings, 

economic prospects. set against reserves. In addition benefiting from the open- tells members in his annual state- 

111 /iUe stressed -that although the goodwill relating to supermarket ins of further new store* and the ment that the year has started 

^ ' fierim payment had 4*war in- chain- F.- i. Wallis and- other acquisition of F. J. WaHis. well for the subsidiary company 

co—-ri tased, ihe group would .bait -smaller businesses purchased has The Brazilian operation Pa.vnler and Stadium. Profits are 
i'~ r remain within- the dividend been treated similarly. accounted for most of the growth y.ell in excess of ihc correspond- 


tb to 7K 


organisational .. During the year -the., cigarette lower due to competitive pressure Stating that he looks forward 
timje to develop business of Lori liar d outside, the on niar «his aod the co»ls of new to good results for ihc current 


he goodwill relating to supermarkei ° r further new store? and the ment that the year has started 
in- chain- F.- 4. Wallis and- other acquisition of F. J. WaHte. well for the subsidiary company 

ue smaller businesses purchased bas The Brazilian operation Pa.vnler and Stadium. Profits are 


iT4Tl«Tifr " of-Controls under the size of 45.6 per cent, to 46^ per.cent. : At t;r0llt , 
•x.wiai irseaa assets criteria. =‘ year-end, medium- and long-term Tndn« ptbsT..." 

■Satist.-cs r.i---. Jroup earnings per . 25p share borrowings amounted to £32Sm. Jnvcsunom mnnuc 
Ua*rd tank i stated at 62,4p ioUtpl basic. (£46im.) arid short-term borrow- ft*™*"*., r ^° t * 


inas flS4m.^£iS8m.). .: -SmS m 

Tax reductions relating'to prior, Taxation .. 

e see-jr.• ' to lMlp-ll0.7»p> wur-e-final years, arising -chiefly from .a Net profii . =: 

"ra. c"~'r... -o.alp. An Interim dwridend of.change in the method of-capitaiis- ..--- ■ 

iUirs ’"'p (33p) for 1977-rs .is also. : ing reserves ifiCennany, reduced re leniioa ; 

•tih'ie !.v',. louneed. - the average group rate- of- tax. nivifle.id* . 

rwt. * The -directors pignt-out;that Total'-group-tbs-was maintained.-ouifr wenuon* - "H 
A *: T«b of.fhe group'S.aRMfer..at.SWm/(£JWSBi.i ■' '-'if.. SetrLex 

«»sh 'jcVA'' ■' *;■ ' ^ •' .. '•' 

Ipht f *Vl _ .viiiivy’ll: : • 


2m. r .- 

» r.~v: -T^r:[ 

Kir.t'.u cv» 


JP. : . 


'•Si also made satisfactory progress 
J .-l towards a profitable year’s trad- 
cin ing. 

As .already reported.- pre-tax 
profits for the year to September 
IS 30, 15*77. advanced from £184.090 
;i io £323.047. nn turnover ahead 
170 from £11.26m. to £13.7m. 

^ Mr. Buisi points out that 4S 
^ per cent, or this profit came from 
activities other than those con¬ 
cerned with cops and light vans. 

The contribution of Buisi Motors 
was slightly better than the pre- 
•. ioiis .year. Due la . property- 
. revaluation in 1970 a higher renl_ 
had to be paid and also higher 
insurance premium*. Further- 


• » . . •;<. 2 ’. •• - *'■ • .t ;■ ... ; - 111 r>u I diiirt; pr^iiijuiii^. r anner - . 

JW has decdSed to Help mwa. If the/, da not- w»h io scil- when .competition Tor m.-ulmem }!?* 'i 111 ?? 

ts ofX50-or-»BS af^^the they, are'asked, to- di»e*ard the finance business was CspcciaUy . re L?Li T ii« 


tint CToir -*“ l »unnaji/iw has decaucfl .to'-nejp mwu. -it tncy.awn 
' I Kf tS .• bolder.s of J30 or-fess of'the' they, are' asked.' to- 
' -.r. . per cent* unsecu'retfLoan stock letter. 

M Wf5i’v !aaa«K..-8-Sl. 7*! per cent' uiusecurEd.. _ ' ~ v -'' ’ ■ "'.*3^. 

- i stock 198T-88; ^rid fil pee. '.~ 

** i,: ‘‘ ■' nt. unsecured Lban^stdcft I99t- f-' ATlfUTI r 
:*6 who -wish tb Teafise their-- ^ 

’His*'wfli “be done 'by arranging Of -WfllfiS 
. . their holdings to be aggre- - -a - rtn d 

VT.Sf B.qO.\ffl>d and sold in tbk market as TiP2K xtitf 
PR] \ ' e or more large brockf/JB^mah 

u_, .....also concerncai ahoa^r.lhe^^b .pre-taxprofit for-Iff 

S v- - -'r^iniiTr'-cS^fo* pt„ Wal« 

* ? •' ' .‘.'"'-.sing -th^rKofdings.13 3 ^?X‘Wiu / TttKp £51 


fierce, tbev sav ' bi«lorically high level. Taking 

It is exopcted ihai liw "roun ,hcsc raL ' lor ^ jnt0 account. Mr. 
will conUnuV*)" ^greiT dtiriS? Buis, cowlder, the..result to be 


1973 in all aspects of il> buiincss. 


not unsatisfactory'’’ 

The value of the group's pro- 


■ Tradin'- nrofir was un from J nc ' a,ue 01 ,ne W 5 P ro 

11.96m. To 2.06m. and the net 355!?* w ” Semcmb!:'?"^ Ui 7 " 

' •SSJ'Mr'lrf," “« 000 CS«0M ™.s rwulwd in P 

-iSvrJSo.' V X2Sb ’ 000 average increase in value of 6 per 

* r ' *.L TT.-™ -Ar. y,. cent. However., h is not proposed. 


,, > .. .SI os TOUII Ui 05 «r io per cent.- mmr uwwrw.i/ ^ 

r ;'. . ,_The comtaan^is prepared to pay record £fi4S,000 and the diVectors HPTtf RHIS - 10SS croup'? d-olovce.s be: contracted 

m llL. ' ... • Stock^Excbange-costs.of dig- say that-1B7£. should, see a Ut-iuauw 1UM into ,he new Slate Pension Pian- 

r , Jf C , “ .1*^1 but;i»{ .Cfiprtjl Galas Of mgnffleant -furtber Improvement iiimmc tn and the group’s own non-eontrihu- 

. .ironalTbBfsqfer.i^pc.' ' ■ ; ul profilAility.,of. the group. * jUUip IU tory plan is to b- made up. The 

*/ - t:'number -ptrjsiy mtaiU tipld- Customer aecounu m_ -ail /- Af\ present life cover for death in 

* ;s of these-.stocks have-resulted categories ^increased.- by 3»- per T/Jy hall service will continue and be paid 

»m acqu&tloris made by the ednt'.-amk the volume or clearing ’ f Qr by the company. In addition 

--—-"Ttpafly . wheiT'DOSti 'slock TSHS"‘business.. transacted ■ almost Paper and board machinery a voluntary and selective pension 

KE KEW 7 HPCiH?ued - air.'.part-dC,-the wmsldera- doubled. Savings and Deport manufacturers. Bertrams reports plan plus a cash benefit plan on 

tbikt'TU n - The-ctttqpanyiie aware that accounts ooiiwue- to grow,-the a ;.pi>-ljut.; loss, foc.'the. year to retirement is being investigated. 

,hU5 " ’ ;h- holding Sr arc-wry often.un- d&evlprS .etaftj and the-total of OctobW.: '2.' . 1877.; /mdrc.'.'Uian The AGM of the company .will 
pftoi Uc*.i St?:? Vtractive 5 id.-'the ; hofair*, is Xhe deposits the greup ah the .doubted irj&h £112.843“to J239.640 he held in New-castle^upon-Tyne on 

Jilt l?ii.erest r^eived'fiJMiegHglble, but erid-or^Uhe year-'wcceedea ilam. ■; midwaiv the'.deficit, had been February' 24 at 'J.30 p.m. 

.*■ . 4 '.^ogmses.^tbat -the='.costs- of -overseas Banking ^xm,W)q to £09-500. ' ***. =- 

T^posak: would: ~be.-L4Uproppr' subadtaries in Jersey and tlic- fPuijtover fof the year 'totalled 
»r*al >:i- 'natelj high ip r'elauoii to the Jsde of Man.bave ,both had^satL?- £2:Wtn v r(£i,fl3‘jnj/and 'the. tax 1 '’ n 

ir'usi -• -- :• -=*t proceeds. : factor yearn w*»ni regard teTiad credit was £73,667 (£40-S4n. There HRlPSl FODS- . 

-■ The letter' transfer forms,for-Hie many and frequen t mov e- was _ap_ extraordinan'-dehix bL w “ 

-= sve - beea-diapatchecF5ng^-'tSwe mwts-m-Tnteresrrates. thnttrecf^^ -J.;*-*- ' 

io wish to-take:advantage are tors add. Commerciri Bank of Again there is no dividend. The SCCS HUVSDCC 
-n utred: > :«inmr^ tfaa—irtrtns Wate&^Jorxey 4- now offers- a - f uU- -fetr - Mvlwgwr~v?ar a ' total' l'^Ss 

■"^**^^^^mpleted . by not-VUter than bankiing service- _ . _ net in respect of 1974/73. v r r t h-^ioc tho chairman 


Hales Props, 
sees advance 


mpleted by n6£' : ' laser than banking service- 

bruary 38- ’' Turnover and profit of Fortn- 

The Board stresses that there right Finance increased sub¬ 


net in respect of 1974/75. Mr. R. J. Hales, the chairman 

of Hales Properties, says io his 

n, ir - .. interim statement, that during the 

sterling six-months to September 30, 1977. 

. . sales started at the hew develop- 

1 t 1 rfrrlit QltPOri ment in Bromwich. Demand 

v-1. CUll dllCdU has continued to be satisfactory 

. and results, he feels, .for the fuJT 

^. Vrrth income unchanged at 1977-78 year wiUreflect an 
£t.07m- taxable profit., of Sterling improvement over the £132,412 
Credit Group advanced £15.000 to ] as r year 

:235.000 for the _jix months to However, shareholders should 

. n °t anticipate that the second half 
The interim dividend is stepped of the current year wJJl show an 
^up-from 04>6p to 6.7372p net per increase equal to the 56 per cent. 

| lOp share—the previous year’s improvement in pre-tax profit 
I final was 1.1354p paid from achieved far the first half, he 
j £287.000 profit adds. 

i" First half profit was struck As reported on January 28. tax- 
after expenses of £918,000 able earnings for the September 
,-(£926,000).- but before tax of 30 six months rose from £84.098 to 
£21.000 (same), which is ACT £131.411 on sales up from £112.423 
j written off as it will not be to £4)3214. .Net interim dividend 
, recovered in the next two years, is increased to O.Sp (0.73p>. 


ions 


nn obiigirtiou-bnieipckhdlders stantialiy during 1977 witii by far ■ CfapUnn 
take ad vantage-of-fbe arr ange- the best results to date, at a time . _ OlvlUllg 

rvAf w A ¥* '—I Credit ahead 


rW'Sfi 


With income unchanged 



977 


S ,V£2^ii5 

ILHL^v 



itoa 

Lynch 


- Attested in d ollar invespnent^ Now yonJwvc 
an eppormnity to pick the brains of Merrill Lynchj 
thelfflgestsecniilies dealer inthellniied Stares. 

Qu 9th_Febmary at 6 p jil, Merrill Lynch are 
holding a fomiiron dollar investment at their offices 
^fe’IiraeljifeSaildirz& !53NewBond Street, 
London Wl It will esanune iheimplicanonsjor 
UKinvestors of the recentabolitionofthe 2 d% 
surrender rule; and it will review the latest 
investment opportunities inthe US, and the 
prospects for its economy. - 

Ail serious UKprivate investors are tvelcome. 
YouTvill find itusefid, stiimilaiing and-in the ‘ - 

long run-hopefully prc^table. And it’s free. 
Taxeserve a placeposi the coupon today, or phone 
Valerie Woodmansey on 01-4937242. _ 


wc Merrill Lynch - ™ 

145 Pserce Fenner & Smith Ltd. 

; »vmedJoJ&iHunoitkr. ■ _ 

Merrill Lvnch,Pie7a^enncr6:SinithXtd, 153?vcw‘Bond Street, __ 

LundoaOTSI^ .. . . 

Please reserve—— placets) for me’at your Dollar Invest¬ 
ment Fortim op- 9th February- 

I do H1. do not □ have investments In the US at present. 


This announcement appears as a 
matter of record only 

GEERS GROSS LIMITED 

acquisition of 

RICHARD K. MANOFF, INC. 

£700,000 5 year Loan- 
$2,900,00010 year Dual 
Currency Washable Loan 

The undersigned advised Geers 
Gross Limited in connection 
with the purchase financing 
and arranged the above 
mentioned term ‘loans through 
Manufacturers Hanover Trust 
Company 



Nanonajuy 


Telephone 


JAMES FINLAY 

CORPORATION LIMITED 

MERCHANT BANKERS 

Finlay House, 10-14 West Nile Street, 
Glasgow G1 2PP Tel: 04 J -2041321 Telex: 77544 
_ Glasgow —rLondon — Houston 



■Rt 1 Z*'™-. ..- •>': divjs,on trad,ns profits ,nL ' reaf,cd For the nine months, the profit 

: 1 ^ ■ il results; generally' SSSTbctow^? bStl^“ fl r ?, WS w C]] in e«.f?s of iocai shows a £4nt. improvement to 

.-■•‘i.-.s-Ftnriied to improve*vrith operat- wit's. ta«*fwbir. - - inflation, but in the L.S.. Brown £a8.3m. The overseas content has 

it •*.■»« -‘os ‘..proBt. up-at £348m^ (£324ro ; ) -t»aV • ® nd Williamson’s market share declined by £4.3m. 

\ (aTawtrVand fm*rl«i»-Brtosh T>i«jsiT7K: Cfemrewv dec V ned sU 8 ht, y in '* static XVh _ n rDnorl1n ™ a . the halfwav 

3®f»-e {* m . +s .vdiyJsion increased: hs shan of SenrWn. noianls. UeKar Seeorftici, market. e t n hA ri 

Cfi v “L-. .7" fron w/wlri m&rtfit •’ ' VbolfiUlc. firripna..' - SoitZH PriiT ill RrpHI Miini’pd StSfiC dirGCtOrb 5lTCSSCd Ln33 

^ Aitojectnc.-anSg; S,,Jj„iSr tSSjS. increasing losses in Canada would 

• rv. MOvery confiBUed m,the paper Drayton totm- Wwt. Pronn „,L»S CC k 111 ^ car ' exp nt !, have a -reater impact on the 
r : .^;feioh where Operathw^ profit' Gram. Stedkix .Trwi. • mg market share, turnover and nd h sir rwitis 

■&CUa !r - '.'-iped 58 per mt. 4im ' . . FUTUREhatas' ; nrefUs. and in other parts 0 f “c 01111 hair resu!la - i 

IwcV,'. ^4m.) . Aon «*W Jus -7 "' . Latin America and the Caribbean, For the quarter earnings arc 

SETS’.*' ” i : * »•- 57ug. .. Better productivity cffiJrfiSte? 6 * ZZT'^ «•' ■■ W* 5 flftd pr ® fi V. * dvanced - ^ « 3 -®P . PfL £ ’ 

ricn w AJed Wiggins T& 2 pe to.^achieve' Mlniw SnupBea ...7..^.'...Feb. 8 Interyersa in German} improved against op. ami for the nine 

> '^iUbsiantiaj increase in profit £ rMS Tw ^,..Feb. i.v profits despite a small faU lnmonthstheyarcdownfroml9.jp 

s‘ - r '- hi ^be latter: pact oriJfcVtfear!; twSSS j * overall domestic volume. For the to 14.7p. 

*13^ ■■■*. getting denarid arid - craS-SSr 1 sales were higher ^"«SS 

we t?, n :r' r -* ‘ '•• V pricing pressures'in'-^TBurnna^-.r fNwrt - . ....’:_77 ..,. '.:>FA. 3 wan the previous year but profits lm an. 

to?* , 7 ded.thS profit. CTpwth:' 'the w«oTicanwJa mveaxment Trust Feb 13 declined slightly. Exports from Sake . i:o;.z i.oer.r 

* wlV .“^r r .:/«aetuB say: ' ‘ ‘ K * h , the U - K - 5hovved a substantial r K. >m» cspbrs . . j ^-0 

^>W€Ter,^ the grpa^^Buffered. ^ r^^r« Vem,Jl1 in bolh sales and opotS^ prom %'.< set 

gB3e*hnV In-its retail operation* STff. . Feb. it P r °“ ts -. V.K . . . s:.4 f- 

•*V«7r in rnwiAtfr** v .—. f*?- " Overall, sales and profits in Asia ovrrs^as xi.o :if.j 

TSSSmTcaSSriliS'"KSffwKr&iir^^X'fa: 5 .fwmH ««pt ;n wwi <i« j*js« . fjj jy 

tfriir- >7" ~y ^ -' ; >;7-.s Fifth-, 'jfvshae . .retaiang Tribune tetfsnp^p- Tmjt petj. o t0 Price competition. Indonesia TBSa ,j 01l -- s m ? ; 

4 T Jv r ' rating^profit^feB to £ 24 m ^'Y2^^ flBfr4,a<lrles - ..- Feb. M achieied good results while. “ K . .. v.i i ils 

-. . : ; 3 rn.i i« p Bfa-. rfVliMim t-AiatnU*}.. . despite higher sales, profits o*enr«* K* 

S : .. ^ 28 hrL)^ ■■'.fr. 1 11 V " 11 " 1 1 ■ ■ •mffei-ed in Africa because of the >>■ profl. . sts 

f atlju j ; - «oorp^rftwmance. by Jermaine . ' tZ-- Incria'p 10 obl!jT ’ a ^ e ^ uale r,rice Pro'm'auribmThi' ' i«‘< i»!r 

r akjjy-;-,.. V.-.-iwaH in atw U.s. oyarPkr tom,. conducted-overseas and the in- mereases 

2*8 .5I4mi. :. :-6 and -by Yardtey in-the UJv. c p «se m profit is reported after In retailing. Gunbets accelerated 5ce Lex 

“Op* :i D.S.' <iepreyed cosmetics af1<wi n S': for’ appreciation of >ts prngrannne or renovation in 

1 eae. 7 ; V^' .'rating profit from £ 5 m to £Sm sterHng- against most currencies, owst stores and eliminated a num- rr , cn 


THE 105-ACRE 

EH C O E EFOR 


I 

k 


rl 


T 

k 


i 

i 


: The Lothian Region of 
Scotland, with Edinburgh.at its 
heart, is a great place to do 
business. Ask the companies who 
have taken sites on Edinburgh's 
Industrial Park at South Gyle. 
There are now only 22 acres 
left of the original 92. 

And to meet the demand, 
an additional 27 acres is being 
made available next year, with a 
further 78 acres after that. 


1977 1676 

lm. £m, 

1.207.3 1.667.7 

651.8 jij.O 

531.3 «0.7 

SM S6.7 

s:.4 4 ?- 

.--1.0 :3.3 

2s.i :*.J 

Saj S4.3 


A 105-acre encore is a powerful indication of what Lothian can offer to industry. 
Or ask any of the 147 thriving companies, with nearly 11,000 employees, who are 
already established on industrial estates owned by the Regional Council throughout 
Lothian. There will be more companies setting up business on these estates this year. If 
you think you may have a place among them, consider the reasons for this success story: 

First. Lothian has 22 fully-serviced industrial sites available right now; 665 acres 
ready for your factory immediate ly. 

Second, Lothian labour is diligent, dependable, easy to recruit and to train, it has 
won international recognition. 

Third, Lothian is one of Europe's foremost funding and investment centres. 

There is no better place for commercial money. And, of course, Lothian is a full 
Development Area with all the grants and benefits that go with Development Status. 

Lothian offers you an unrivalled --— . . ^ rnym 

choice of sites. Five minutes from the docks. -TV*: nFE '•;* 

Ten minutes from the High Street. Right on 

the national motorway network. Thirty . Bif.vir 

miles out into rural East Lothian. There just . "lothia^regot > 

has to be something that suits/ou. ,HlA " 4 

Sites and facilities apart, we have a long . • wrA 

record of successful industrial development. ;..••• '' 

Our professional experience is ready to 

work for you. •; : ' pT 

"Fly up and see us, and we’ll tell you : 

more,But first, contact:- " " 

R. I. Shanks, L ~t^V°o^ f»£) \- 

Industrial Development Manager, j JJi 1 

Lothian Region Development Authority, js&sre t=¥i=3 
18 St. Giles Street, Edinburgh EH11 FT. %Rwrn#mAI 

Telephone: 031-229 9292 Ext 3432. 


LOTHlAto REGION 


m.. 


/100' 

m-f' 


Cy ; 






DIAL 

031-229 9292 EXT 3432. 


DEVELOP WITH THE LOTHIAN 





Bankers Trust Company 

MEMBER OF BANKERS TRUST NEW YORK “CORPORATION’ * 


CONSOLIDATED STATEMENT OF CONDITION, DECEMBER 31. 1977 


ASSETS 


Cash and due tiom banks. 

Money market in-, e&lments 

Interest-beannq balances v.-r.h banks 
Other investments, including federal funds sold 

Trading account sscufiues. net . 

Investment securilies - • - 

U.S. Treasury • - - • ....... 

U S-r'goTemment agents arid-corporations-.- 
Stales and political subdivisions . . 

Other . 

Loans less reserve for possible loan losses 

cl £103 Si 1.000’ . 

Lease financing - . 

Customers’ acceptance liability. 

Accrued income receivable . 

Premises and equipment, net. 

Other real estate . 

Other assets . 

Total assets . ; . . . . . . . . . 


I.£07.459 000 

1.12" 425.000 
933.144 000 
290.964 000 

102 79T 000 
204.435 000 
350.6r3.G00 
2O0.624.0G0 

.409 049 000 
132.497,000 
739.450.000 
185.822 000 
110,986 000 
144,510,000 
663,575.000 
.158.411 000 


LIABILITIES Deposits 

Demand...S 6.308.302.000 

Time. 3 024.437 000 

Foreign offices. 7.352.C53.000 

Total deposits. 16 534 792 000 

Funds borrov/ed. 2,950,950.000 

Acceptances outstanding. 797.804 000 

Accrued expenses and taxes. 17? 332.000 

Other liabilities. 612*821.000 

Long-term debentures and capital notes. 11.571.000 

Total liabililies.\ . S21,203.270,000 

STOCKHOLDER’S Common stock, S10 par value 
EQUITY Authorized, issued and outstanding: 

20.000,000 shares.. . . . S 200.000.000 

Surplus. 447.022,000 

Undivided profits .. 306,112.000 

Total stockholder's equity. 955.141,Q3Q 

Total liabilities and stockholder's equity.£22 158.41 1.000 


0.?rseas Eranches. 

LONDON 

BIRMINGHAM 

MILAN 

PARIS 

TOKYO 

SINGAPORE 

NASSAU 

PANAMA CITY 


international Banking 
Subsidiaries: 

Chicago 
Houston 
Los Angeles 
Miami 


An international 
Banking Network 
of branches, 
representative offices, 
subsidiaries and affiliates 
in over 30 countries 
on 6 continents. 


DIRECTORS 

ALFRED BRITTAIN III 

Chairman of the Boa rd 

JOHN VV. HANNON, JR. President 

CARL M. MUELLER Vice Chairman 


GEORGE B. BE1TZSL 

Senior Vice President and Director. 
International Business Machines 
Corporation 

LEE S. BICKMORE 

Chairman of ihe 
Executive Commniee 
■ ■ Nabisco. Inc. 

HOWARD VV. BLAUVELT 

Chairman of the Boa-c 
and Chief Executive Officer. 
Continental Oil Company 

JOHN W. BROOKS 

Chairman of the Board. 
Ceianese Corporation 

JOSEPH F. CULLMAN. 3rd 

Chairman oi the Board 
Philip Morris Incorporafed 

WILLIAM M. ELLINGHAUS 

Vice Chairman 
American Telephone and 
Telegraph Company 


RICHARD L. GELB 

Chairman of the Board 
and Chief Executive Officer. 
6 r is.tol-Myers Company 

JAMES E. G/5B0NS President: 
Sackman-GilEiland Corporation 

PAULA. GORMAN 

Director and former Chairman 
of the Board, 
international Paper Company 

VESNO.V E. JORDAN. JR. 

Executive Director, 
National Urban League. !nc. 

RICHARD A. LENON President and 
Chief Executive Officer. 
International Minerals & 
Chemical Corporation 

PLATO MALOZEMOFF 

Chairman of the Board. 
Newmont Mining Corporation 

WALTER-A. MART1NG 
Chairman of the Executive Committee. 
The Hanna Mining Company 

WILLIAM F. MAY 

Chairman and Chief Executive Officer 
American Can Company 


donald F. McCullough 

Chairman of the Board and 
Chief Executive Officer. 
Collins & Aikman Corporation 

WILLIAM K MOORE 

Former Chairman-of the Board. 
Bankers Trust Company and 
Bankers Trust New York Corporation 

CALVIN H. PLIMPTON, M.D. 

President 
Downstate Medical Cerfier. 
State University of New York 

FRANCIS C. ROONEY. JR. 

Chairman of the Board and 
Chief Execufive Officer. 
Melville Corporation 

PATRICIA CARRY STEWART 

Vice President, 
The Edna McConnell Clark 
Foundation 

WILLIAM P. TAVOULAREAS 

President, Director and 
Vice Chairman of the 
Executive Committee, 
Mobil Corporation 

WALTER N. THAYER Partner, 
Whit com Investment Company 
and Pre5id**n{. 

Whitney Communications Corporation 


MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION 


-0 








































18 



Results for the year ended 30th September 3977: 


Turnover 
Pre-tax profit 
Taxation - 
Earnings 

Earnings per lOp share 
Dividends per share 


1977 

1976 

£'000 

rooo 

19 s 950 

19,017 

7 65 

633 

318 

355 

405 

378 

4.09p 

2.85p 

1.452p • 

1.3p 


Extracts from the Giairman’s statement. 

"... I am pleased to be able to report an 
encouraging increase in the profits of your 
Group for the year under review.” 

“In July, we acquired the remaining 80% of 
the shares not already held, in Robert Riley 
(Holdings) Limited.” 

“ .. our borrowings have been considerably 
reduced.. 

“The current year started well for both the 
Spring and Steel Divisions.. 


D Westwood JP FCA Chairman 


Copies’of;the.full.Report and V/. 

Accounts can be.'obtained. fiom:' 
The.SecretaryrUoited Spring & Steel- 
Group- Lijnited-,'Hii’A r tluirn Work. 1 .,. 
Smethwick, West-Midlands 
' Tel: 021-55^2791.- •' ■ .. 





Durban Roodepoort 
Deep, Limited 


(Incorporated in the Republic of South Africa » 
A Member or the Barlow Baud Group 


The Board of Directors announces that a large uncontrol- 
able inflow oF water, resulting From the excessive storms in 
the Roodepoort area during the pasj few days, could not be 
handled by the pumping installations at the mine. The 53rd 
level pumping station at No. 5a sub-vertical shaft flooded at 
23h00 on Sunday night, :19th January. 1978. and the lower 
levels of the tnine are at present filling with water. Ao 
emergency purup station is to be installed oo the 48th Level 
to stabilise the position and limit the Hooding lu below 
this level. 


The effect on production of this flooding is expected to 
he limited to 12 000 tons per month. Endeavours are being 
made to offset this loss of production by increasing the 
tempo of operations in other areas of the mine. 


Johannesburg. 


31 sf January. 1978 


CONTRACTS AND TENDERS 


PEOPLE'S DEMOCRATIC 
REPUBLIC OF YEMEN 


INVITATION TO TENDER 


The Government of The People's Democratic 
Republic of Yemen (PDRY) expects to enter into a 
loan Agreement with the Kuwait Fund for Arab 
Economic Development in participation towards the 
cost of construction of Rivan Airport near the City 
of Mukalla. 


Qualified International Contractors are invited to 
bid for the construction of the Airport. 


Tender Documents can be obtained as of 1st of 
February. 197S against a non-refUDdable charge of 
U.S.$300 (U.S. Dollars Three Hundred) from: 


Civil Aviation Department. 
Ministry of Communications, 
Aden P.D.R.Y. 


or from: 


Dar Al-Handasah Consultants, 
(Shair & Partners). 


in London: 


91 New Cavendish Street, 
London W1M 7FS, 
England. 


in Beirut: 


Verdun Street. 

Dar Al-Handasah Bldg., 
P.O. Box 7159. 

Beirut, Lebanon. 


Tender Documents should be simultaneously 
returned duly completed to The Secretary. Central 
Tenders Board, Ministry of Finance, Aden, P.D.R.Y. 
on/or before April 15. 197S and as instructed in the 
Tender Documents. 


GHANA SUPPLY 
COMMISSION TENDER 
EQUIPMENT FOR UPPER 
REGION AGRICULTURAL 
DEVELOPMENT PROGRAMME 


Ghifii Suppl/ Com minion mvii«i 
tanderi from U.K. manufacturers and 
suppliers far the i apply of rte lollow¬ 
ing items, which should be wholly 
produced or manufactured in the 
United Kingdom: and payment of 
which shall be made through the 
U./Ghana Loan. 


Maize Shelters 
Mobile Maize Sheller! 
Threshers 
Mobile Threshers 
Single Row Seeders 
Seed Dibblers 
Seed Cleaners 
Seed Treaters 
Groundnut Lifters 
Groundnut Threshers 
Ridgers 

Interested manufacturers, supplier,, 
etc., may obtain a see el under docu¬ 
ments for a non-rcfundablc fee or 
£75.000 (setenty-nve pounds only! 
from the Ag. Purchasing Liaison 
Officer, Office of the Ghana Supply 
Commission. 58-59. Berners Street. 
London WIP 3AF, from the 24th 
January, 1978, 

Tender* duly completed tnd tuinni 


1. 

2 . 
3. 
• 4 . 

5. 

6 . 

7. 

8 . 
9. 
JO. 
11 . 


n t 

Ghana Supply Gwnmusmn Ref. 


URAQEP 00OS, should be addressed to 
the Managing Director to reach the 
Com million not later dun 3.00 p-m. 
on l4rti March. 1978. or deposited 
into the Tender Box not later than 
3.00 P.m. on the above date. 


LEGAL NOTICES 


\|>. mil™ Ilf 197K 

In iI k- nice CUUBT «»F JUSTICE 
tJliaiK-i-rv Iiivihion Companies Court, fu 
Ibi* M.Htir oi HAMILTON CRUISE 
CLOTHES LIMITED amt in the Matter. oi 
The i.'umpanli-s An. 1S4S. 

NOTICE IS TIF.RETIY CfVEJi. that a 
Pi-liuoti lor thn u-indiDu up of Ok- above- 
miimtl CMroonr by >hc uaih court of 
Jusiux- li-as on the ISth day at January 
ipns. prcsunti-d ;o the said Court i>y LES 
TISSAitRS Rt'ANVAIS, M-ftcx,.- r-.-MlstiTi-d 
office is sliuaK- at lu. Rue Emile-?: olrOL 
4i'j0b Ruaiiee. n«d*a. Frame. a i-oiupany 
Inuorporaicd under ihe laics of France. 
Cloihins Manufacturers, und that the said 
Punuon Is Uln.-ned io hi- heard before the 
L'oun siHina at (he Royal Conns of 
.Insilce. srrand. Lund on. wnSA 3LL on the 
loth day or February 19TSL and any 
i-redunr or runtnhmnrr of the said 
Company desirous IP support or ani'Otc 
thv maUInc of an Ordrr on the said 
pi nriou may appear m thp tunc- of hear 
mu. in Ddn*in or liy his counsel. for rhei 
piinuu'-* and a ciwy of (he Petition will 
he furnished hy thv iindc-rsignod to any 
entfiior or romrlbuiory of the said Com¬ 
pany n-autrtiw su-Ji copy nn payment uf 
ilie reunlBK-ti ctwrce for the same, 
i.'A.MPRRLL HOOPER i 
Al!STIN WRICHT. 

13 JrrfUVtl St mot. 

lolvlon. SW 1 V BLT 

Ref • • :SJ • PMIV Ti t.- OI-i-M, mi. 

SoHcitori Tor the Pt-nilon-r. 

NOTE.—Any pvrson who intends to 
anneal- «n th<- liuurine ot the said Petition 
must serw on. or send hr oust «o. rtm 
shnvo-nanutl nonce In irntinc or his mira¬ 
tion so io do The notice must state the 
name and nddrew nf the Demon, nr. if a 
firm rft»> name and addn-ss of lie firm and 
muM be stewed hr the person or firm, or 
his or their soliritnr lit any) and tflusl he 
wired or. if untied, niom h* sent by post 
In MfflcieHi time ro n-ocb /ho above, 
uom-d no: later than four ovlocK in the 
afternoon nf the toih dar nf Fetiniarv HW 


EDUCATIONAL 


CLUBS 


EVfi, 189 Resent street. 73* 5675. a la‘ 
Carte or All-In Menu. Three Spectacular! 
Floor Shows I0.J5. ti.JS and t.45 ana > 
mukc ol Johnny Hawk,worth and Fnena, - 


gargoyle. 6s. Dean Sucot. London, w.i 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
Show at Midn-pnt alio 1 j.m. 
Moi.«Tri. CIomkJ Saiuroats Ot-417 MSO. 


FRENCH INSTITUTE 

Evening cImics in Franeh Language, 
CiviliHoon and Tramlinen. Rcgiltra. 

non from 25 th January co 9 th 
February. Courses commence 2Dib 
February. 

Detolli from: 

14 Cramweti Place 
London SW7 2 JR fSAEt 
Tel: 589 6711 (East. 45) 


■ • ;V cv*:- 


Tlnancifll. Tunes 



H & C offer for Hareros 
goes unconditional 


T. & N. joint 
venture in 


Spain 

Turner and Newall is taking aj 
50 per cent equity , stake in a new 1 
company* -Rexltaliic lb erica, 
which will manufacture industrial 


SsS SSiSfSr&SS SSSS mmm 


u5dch*was^tS^fferTS ^CaSnove and Co., associates of The group said ^exkalUc gaskets manufactured 

no longer prepLed to buy Hareros Hanrisonssand_CrosfieId, Mnotww ^ miheVSL 


shares”for 90p cash. that* on January 30 they purebased operated in T. and ?Ts.l interest wiU be 


and Crosfield and Its 3,000 Harrisons and Crosfleld mic circumstances last year, while managed by Engineering Qom- 
«.hSd£SJ? Svied 19 7 ner cent. Ordinary shares at 341p on bebaU pressures on prices bad mtensi- ponents. its subsidiary responsible 
S thp hid was Of an associate of CazenOve. fied A weakened Canadian dollar for Flesitalbc operations wortd- 


of Hareros before tbe bid was 
announced and bought another 
12.4 per cent. Persons acting in 
concert, which have not yet 
accepted the offer, own another 
4 7 per cent, and acceptances 
amount to 1S.9 per cent so far. 


NO GROUNDS FOR 
CASINO SALE 
RUMOUR 


had res lifted in exchange hisses, wide. 

In addition, Tioxide is expected Th e move' has been prompted 
to make a reduced contribution by the belief that industrial]sa 
to consolidated profits. non will substantially increase, the 

The terms of the offer are 33 Spanish market for industrial 


RitmnfirJ That Mavfair casinos Daigety shares for erery 100 gaskets over the next ten years. 

The total of 50.7 per ceot mean, «* Jflhi cS™“ So 

that H. and C. is obliged by the Club to American interests were <4p a share - petrochemical capacity._the_ two 


FISONS BUYING 

BRAZILL4N 

INTEREST 

Fisons has completed negoua- 


maior markets for Flexitallic 
gaskets, are at an advanced 
stage. 


airco looking 

FOR RIVAL 
TO BOG 

NEW YORK. Jan: 3L 
Airco has enlisted the aid oif 


Takeover Code to declare the offer unsupported by evidence, a High 
unconditional. Court judge said to-day. 

Rothschild Investment Trust has Mr. Justice Templeman dis- 
tacitly admitted defeat in trying missed an application by Pleasur- 
to block the takeover, by announc- ama for an injunction restraining 

in ,T yesterday that it intends to Mayfair Casinos and some of its _ _____ _ _ 

accept H. and C.’s share offer. The dk-eclors from selling the dub t i ons w ith William Pearson (Hold- 

shares might well be kept as an without holding a proper Board ings j f 0r uj e purchase of Its in- 

investmenL meeting. - vestment in Pearson $A BraziL 

A spokesman for Rothschira A temporary order banning any Consideration will be determined —- - — ... - - 

Investment Trust said yesterday sale—granted to Pleasuraraa last over a five-year period but at one of New oorks leading invest- 

that he did not regard the con- Friday—expired yesterday-. current exchange rates this ment banks. Salomon Brotners, in 

sortium‘s blocking tactics as a Mayfair Casinos is ow-ned 23 per approximates to U.S.$500,000 be- Its search for a company wluiiig 
complete failure. The average Mn t by Pleasurama and «s per lW een the Brazilian subsidiaries to lannch a takeover bid to block 
price paid per share for Hareros cent, by Chippa. both OF whom involved. In addition Fisons will Interuataoirtl s attempts to 
was only 73p. And rhey had sue* nominated directors to the Slay- gjioj. gg goo Ordinary shares. increase its control of the com- 

cessftfUy drawn attention to the fair Board. Pearsons has traded in Brazil pa fV v ‘ , e . 

real value of Hareros and Its The judge said the case was for most of this century and Pear- ^ 

investments in H. and C. related j]j e result of “bad blood” between soas 5 ^ „. as established in tbe resistance to BOC. Airco repeated 
companies. The stock market chippa and Pleasurama following ear iy iJ40s engaged initially In f 1181 , 11 ,B s f iI1 considering 
valuation of these companies had a mgh Court action in which it lbe ^manufactureand sale of dis- w CD i?i n aS^ ins * 

risen-as a result and he hoped uas he id that Chippa was bound |Sf ec tamproducts for agriculture, £ l * e ou ®£ 


_... ___Chippa _ _ 

this would be reflected in any t0 buy Pleasurama's 23 per cent, veterinary and domestic uau .. ... _ 

later rationalisation of the H. and holdii Tor $1,162:000. The Br^iL ° "Hght take, it seems tkely that 

C. empire. judgment was now under appeaL 1 The" conanany has its manufac- * e company will be lo okin g at 

However, he did concede that Rumours of a sale reached luring ^“dmiSsSiive “hid 


Lhe defeat over Hareros would pleasurama. but they were never in Rio de Janeiro Esti- J . 

make Lhe consortium bid for pul to Mr. Alfred Barnett, a fn? 1977^ are^ US S3m b eLeves u ha 5 acquired through 

London Sumatra more difficult director of Mayfair Casinos and aiUes * or 19,1 are its recent tender offer. 


Rothschild bekeves that Hareros controlling shareholder of Chippa. 
owns lD.o per cent, of London -All l have are rumours,’ said 
Sumatra which will now be added t be judge. 

to the 21-~ per cent. _ already There vvas no evidence that 
t . hou <?? lt ,T i an ? s h r aI | l ij’ Pleasurama had grounds for 
Another unportanl stake of 11 : 4 genuine fear that the Casanova 


Tbe transfer of those shares to 
rr\j- cTnPc 1 TP BS 3 C w0 «ld Increase BOCs stake 

t - /ir In .Airco from 34 per cent, ro 49 

STAKE IN per cent, and put the company 

BELHAVEN in a virtually impregnable posi- 

Commonwealth Development tion in a contested bid situation. 


per cenL in London Sumatra is ^ u b would be sold in breach of Finance has exercised its option For'at such a point. BOC would 
held by Harrisons Malaysian the la „. and in breac h 0 f the on a further 500.000 shares in no longer be bound by its agree- 
Estates which is 29 per cent shareholders' agreement between Belhaven Brewery Group bringing nients with Airco restneun* its 
mvned by the H. and C. group. chi ppa a nd Pleasurama. to a total of Im. the shares sub- freedom to increase Jts share- 

The R1T spokesman said that scribed for during January. All holding, 

the . igin of the intervention in lheS e have been placed with Mort AVall Street observer 

Hareros had been to help defend lUV>iN & V,lll institutional holders at 37 d ner believe that, even without a 49 

Us stake in London Sumatra. A COMPLETES share P® r cent - holding in BOC’s hands. 

RIT consortium is going to make VUM neg 0 t j at j 0ris on thc sa(e The total capital of Belhaven is the current 34 per cent stake 
a llOp per share offer for London of Berke | e> - Square House in now 7.225.000 shares. Major which BOC has wiU make It diffi- 
Sumatra, and this U now siroph- London - s West End for £37.5ra. shareholders are: J. Lyons—19.1 cult for Airco to find a suitor wiil- 
fied by the resolution of. the tfl ^ Br j t i sh n a ]} Pension Fund percent (last year 25.1 percent) iD S to challenge BOC for oontroJ 
Hareros conffict. He was waiting arM j Airways Joint Pension and. Belhayeir now ceases to be of Avreo. *. 

“with bated bre8 “V *,°f Fund have been concluded. an associated company of Lyons; 

recommmidation or «henxise by Town and C!tJ - Properties. Scottish Amicable Life Assurance \SSOCD. PLASTICS 

d f d Which acquired the 300.000 square —3.3 per cent, (last year 7.1 per AssS^d Plastics Group has 

shlreT or Harcrm; fell 9 o ves- feet ofllcc block when u pur ‘ ce "V.l’ „ u purchased the entire capital of. 

Shares or Hareros fen JP chased Central and District Pro- Allied Bre«cries retains the British Organ Blowing Company 

,. ri c < pash Offer while London Parties in 1973. aimounced jester- option under convertible loan to of Derby. : . 

.ind C. & cash offer, utuic Lonaon day tha , lhe> Prudcm i al Assur- subscribe for approximately 9 per >APG js changing its name to 

ance. the head leaseholder, and rent of newly increased equity Durafan Group and the plastic fan 

T and C hjid sold their freehold capital. factor^ at Bolton will trade as 

and leasehold interests to the two Durafan. 

AND TRAFALGAR ,,0 -?g' e on ^ c r " 1 ?o™ u M r t u f th* COMET SPELLS w PNir , 414]n 

Trafalgar U ouse the property. r and c dL . posaJs programme OUT BENEFITS J V - 9 F 

shipping and publishing group. %v hi c j, has realised over £240tn. Comet Radlovision has sen; a In exchange for b95,9l& Ordinary 

has bought u further block of .... 

2.500 shares in Voting 
and Young, at a price 


terday to S2p, the amount of H. 
;ind C.’s cash-offer, while London 
Sumatra shares feU Up to 112 p. 


YOUNG AUSTEN 


whicl1 ha - realised over £240m. Comet Radlovision has sen; a .^jStaJi , 
■ b °A L |^fen ovcr thc past lhree and a half strongly worded offer document SlSJjiiaSffh? 
nf A K-n a - , ' ears ' 1 nder lhe Sd} *’ Wc £o shareholders of Hetuy WigfalL “JSfjf 1 *!} 

ZlJZ* Prudential takes about Film, of _The chairman of Comet. Mr ?.LSSS? 



on in 


BY ICHWETH- MARSTON, MINING EDITOR 


DESPITE low prices for base-passed its latest quarte rly . 

metals and a none too helpful dend owing to the deprese^ ,- .- 
attitude on die part of govern- markets for base-metals aaf v ; - 
mental authorities, the news from fertilisers. . . . t.. 

Canada's mines Is not all gloom. Finally,-Robert Gibbens reports} I 
In his latest round-up our man m from Montreal that' the Quefe%' * 
Toronto, John Sogamchi quarts Resources department' has he^f - . 
.with the news that Kaiser authorised to sign a SCan^om-v •; • • 
Resources, tbe south-eastern-contract with the SNC. Mentseat 

British. Columbia coal producer. Engineering group, : to sthdjT.tte ' 
has raised its 1977 net income to feasibility of a iCan^OOm* sbdi- 
$C57J3m. (£26.6m.) from 5C52.4m. gsb production project in thePoft .t. 
in 3976i ' - Daniel area • of the -Gasp^ 

Sales rose, in value to $C299m. Peninsula, about 800 miles uonfiv: 
from $C262Jm. while shiptoents east of Montreal. - 

of metaUurgical coal increased to Soda ^ ; s dsed mainly, vh- t£:f ■' 
4BSm. tons from A5Sm. tons. g i na <; and paper- Industries' and li-I 
Most of this coal went to Jap^» chemical -products. The salt iafc 1 
but exports to._ o^icr material Would be shfppfed r j^ 

were usefully higher ■ at 896.000 from a new salt mine pTaiing- 
tons against 493,000 ions. -. -for the Magdalen IslandsiT^4 
In the Yukon the big Jead^ne Gu jf of St Lawrence. Caal-wmifit';] 
producing Cyprus Anvil Mi n ing come from."new mines b 
has made a net profit of $G4.9in. developed in -Nova Seotia 
for 1977 following a. loss ~of. limetrtmie' from' nevw- - m 
SCl^m. in the previous year.., Ii^piann^. for the Gsfepe. 
the latter period - labour strikes project is en vis a ged for the 
at the mine aiid mill resulted In half 'of the 1980s. 
sbut-doTvns for more than half Chemlcal-Canndtrfc'the - 


IIC 


***?»»° P aS 5 bSM» ti hf‘ it* "fliMniiit producer of soda ash- iq. 

In additton to ite with capacity of aboof' 

tons S it'AmhS 

trator has a capacity of 10,000 Ontario, i An “ official ,of' 

tons ner dav— the com Dan v is 


tons per day-the company is S ^J? ^rTare dod^: 
ac ^ e . b , a5e ;^ e ^;. about tS retum .on hwestiS-' 

available from the Gaspe_projw?T 
per cent. ae YlBCfirihari. • hv : thfc" AiipW I 


Cyprus Anvil" is 63 

STi h L^ S - Gove3?Gowt Sl 

’ distribution of 

by ,If«n Bay Trast. Canadas chemieiri.soarces say it.would S. 


has an SO per cent interest in an P^O tuilt tasnily Hi Wyoming 
Iron ore property (Calm or Iron < . .. / r . • ; 

Bay Mines has the remaining 2& ‘ TO'FlVP-ll' ttlKVFV" -V 
ner eent_l in north-western rALI^Vn >3«Ja\ y A -. 


> 1 - 


per c&nU in north-western _ 

Ontario which- leased- and VPTVFmFr'A - •- 

operated as the Griffith J tine by " \ ' , 

the Steel Company of Canada. ■ The - ; etate-owned - French 
The trust receives royalties oni otgahisaSion. Bureau de iRfr. »>,>; 
the iron ore pellets produced^ r A cherches. . 1 Geologiqiros et'Mhil^« Ml^ 
recent development-is that'"the" fBRGM). is. Td belp 'make' juir*^ - 
trust's income qualifies 'for-the inveatbry and eveDtuaUy erfvfe. 
resource' ‘allowance of -25 per some of Venezuela’s -rida-emMSy' 
cent of royalty reveme. The.mineral resdurce'fc 
effect of this is to exclade-from - -'This Is the outcome of an agree--: 
taxable income 25 per cent, of ment BRGM. has signed- wilh-'thr. 
the amounts paid- to holders of 1 MitMstry. of Energy and "Mines fo 
the Iron ■ Bay units. ^ . . vv- «Caracas. BRG51 wlH also act a& : 'a ; L . 

Regarding .the Tecent acquisl-:consultant Ab, Ch&' ItlnUitry’ OB'. ' 
tion. .by -the Anglo .American geological projects and-proridal 
Corporation group's Hndson Bay technical assistance. -stC? 

Mining and Smelting of a lead-. : The agreement--is . llhfced JtL- 
zinc prospect near Reed Lake .-in Venezuela's:: developmept : : - plamlg 
itanitoba. Soganicb' points out which seek to, reduce thej 
that this is far more.than a ta vt dependence of the country on. ; off; 
prospect. The property, contains revenue, and follows- a looser 
the Spruce Point-. - copper-zinc co-operation . agreement':, signed, 
deposit together* with several between the Government '-in, 
other indications of economic Caracas and the L'iC. 
mineralisation which have not The Venezuelan mlning ihdus;, 
been "fully tested.-"' - • - '■ try »laig^ly confined-te. icon oreti.|i : , 

Hudbay’s • exploration 'arm .which represented 93.per cenL of ; 
estimates the Spruce 1 Point the -total value of production 
deposit at 500.000 tons assaying 1976. Small quantities - Of 


2S pec cent copper and La per diamonds, coal and. gold are prt- 
cent. zinc per ton. Substantial duced. ‘. However:' -oon-fetrous 
expenditure will be needed; to metal, deposits have .been out- 



Tho news, which nas countered 


, C said yesterday that the book sunier.” And he goes on to 

by a toung. AUjten Ntateiiient VB j ue 0 f interest in Berkeley comment that Comet traded profit¬ 
advising shareholders io ignore iquare House was £ft. 3 ra. ably at a time when Wigfall was 

any documents from | Traralgar making a loss. Wigfall attributed 

sparked off a 18p jump in lhe RRlTf'iH l AND loss 10 difficult trading condi- 

shure price of \oung, Austen to nniii^r! L'tiiu tions hut sav* Mr Hniiin'^berv 

S2p after 90p. Young. Austen is British Land has agreed to J J h 11# of Comet shoI^Lhe 

therefore valued at £2.72m. at acquire from a crouo of insure- [£fdUig chmate Sas noi so bad 
67p. but has a market capital Isa- lional investors in Propertv In- al, “ 

tion of £3^3m. resiniem and Finance SOO.OOO C omet believes that tbe applica- 

Tht Board or Yoott, Austen. iti “skti/s ahd^ectofques 

sssi-sss^bu^av. 

i B p'n^JTi d |nvl r ^?^,c ?nH handled “syrapathetically ” 

LSwSte Tte “ f Com * 1 


MONEY MARKET 


i’Vir 


Large assistance 


sions of the building industry, has 
one Trafalgar representative. Mr. 
D. J. C. Berens already. 


Bank of England Minimum 
Lending Rate frS per cent, 
(since January i, 19781 


gave assistance by lending-a large day, but this was outweighed .by: 
amount overnight to six or seven run-down balances carried overby 
houses, at Minimum Lending Rate the banks, a fairly large net take; 

„ . .__ _ . of. 6i per cent. Discount houses up .of Treasui^ bills, and. a 'rise 

Sennment over-tbe last day or buying -- 1 rates for - ihe note circulation. 

in fnp r.nndon mnnpv marL-Pf _ Lm. ....... n?:_• ul.__ — 


ASSOCIATES DEALS 

N. M. Rothschild and Sons on 
Monday purebased tbe following 
Hareros Investment Trust Ordi¬ 
nary shares for the under-named 
croup of associates ai 90p: 
Rothschild Investment Trust 


riiu/iL-c II- phw.wu y/iu.iiiuy siwrej, a _ a -|f nrPPas » #haf the rnm. r—~—, *—- Buying-- rates tor -im-ee-morar -in ipe. note circujanpn. , . 

(approximately 1S.3 per cent.). pany . tt n« i ncrease profits sub- 10 ^ Ij ? n j 0 n .i5 30ne o ® arke * Treasury bills were slightly Discount houses paid around 

Sally fdr the yMr endmg S as , ^SgesieA that Bank oF firmer, taking rates further above 6^* per cent, for secured.call 

I ng ^r» U f3l^n nd the E 52J t * 16 P®!* 1 ! ^ or a cut 


Paul E.^9hwScr *Mpr and aKence °, r t flture.^and teSded 0 ^ The amount of help was ^uL 6 ® 5 werp - taken at 

- In the interbank market ov^ 

- as be _SS , » 5 £^ brIn ° forVkflrd night loans opened at ftf-65- per 

120.000 Wigfall shares II day-io-day aurplus ba ] ances-^ cent and fell to 54-51 per cent. 


Co., acting on behalf of the Credit they intend to double the dividend make diioun {houses very wUUn- 
Lyonais London Nominees and rate (0 7.1p gross. 5 sSl m mnv Tmlsi?7bllh m 


w-nnf. isk- iw pbh fln behalf 0 f the Credit Lyonais bought 

L.J.00U, ^*P*^^A 4L6bi. McLeod L on< j on nominees 214.000 shares betweei 


between December 23 


““g 1 Si iTwc nln-Hinep *"■ W- Coodkiad and Sons frepre- January 10 a( 247p ro 149p per , » Short supply burscr . t . 

20.S3o. FOUOM mg this purchase 21.4 per cent ) from Gil- share. But then sold 25.000 shares yesterday, but the authorities only ments to the Exchequer ‘ yester- nominal in some cases. 


and shor tag® of money. Fairly large Government dter before closing at 6^-64 per cent 

Funds were in short supply burse meats exceeded revenue pay- Rates in: the table below are 


the above-named iiroup held 


'? a ,„ ea ^reup oeia braj -Holdings. Theae ?harcs to between January 13 and 16 at 

„ «-a 5 be held as an investment. 135p to lBlp. 

equivalent to l-S.-itf per cent, of the 

capital. The consortium bought r-ucrx nr- Art- 

further Hareros shares oo Tuesday rEU. CHEMICALS 
morning. ‘ ‘ The official offer document for 

Laing and Cruickshank has sold the agreed share bid for Federated . . JTOrn i a hi 

12.500 Talbex Group Ordinary Chemical Holdings by Dalgety has _ ^‘Chartisons \\ estgarUi has S-aUx..} - 
shares at 2ijp for an associate. been sent to shareholders. Il a cflhirea For _401,JS0, the capital v day, vr 
Cazenove pinch as ed 20,000 contains a warning that Feder- 5._ .V"* 1 ,.7* r .. ® arn ?" uout-e...- _ — 


RICHARDSONS 

VVESTGARTH 


J*n. 31 
L97e 


steruus 

Cemticate 1 Imertunk 
ut •Jepo»it« | 


5ta-6Sfl 



Lq»i Amb j Fmancfc 
negotiable j Brniae 
Dopewio 


} Discount [ -. .-• Hlipblel - 

Company |. market Treaaurr! Built iFine Trad*- 
D«pn»Ui j rteportt j Bute * 1 Bnte* \ Bills*'. 


_ 1 . _ 


61» 


6*4 ; 5lg-6ls' 


SHARE STAKES 


sleeJ -stockholders located at Hull. Onemootii.....' 6 ^ 6 t< 
The consideration has been met ***•• ; &3e 64 

by £300,035 cash and tbe issue of ^ "X *• tiiiU 
£101.345 II per cent, unsecured xioem.mV.:"! 1^-6^ 

Alpine Holdings—10.000 shares to 75.000 shares f5.06 per cent.) Uan noles 1983 ’ 85 - .I ?r *_ 7 * 

have been purchased on behalf of was incorrect and should he with- RiCCrTT CYTnixmc --- 

family interest . of Mr. H. H. drawn. k ■ u ^ 

Singer. As a result Mr. Singer's Antofagasta (Chile) and Bolivia - A ® r ? TOlen -? “Sa been reached 


6 Jp- 6 js 
fiSfi 6 ta 
eie-Gi? 
64 b- 63a 

7-7 U 
71474 


6 ia 

6i 4 -6lj 


6 jb 

6 l 3 -6A = 

* .C-. A“* ’ 


re 7S » ■ 

Si; 87a 




- 65a -65a •- 
6i=-Bt e 
61b Ola 
.65»-63e 
73g-7lg 
71 e-7i« 


01 c .S5 4 
6I2-654" 
6 l a -654 
612-65* 
6ia-7i« 

7J 4 


S5< fira. ! fl-fii4 

. 6^4 i- - .6- 

6 

65 4 ,. 6 


. : ; : i : 1 

' ' •- ‘ ; 614-6,fe f 6l«-64( 




holding in the company linclud- Railway: Brierley Investments Holdings to tocat ainliorm«s and unance tioosea seven lays noure. otbers sewsn days - toed LorweMeno local . ottwnw u». 

in- family interests) is 1.027.916 holds 735.000 Ordinary and Re ? us To <\ P !^ It ?WMOt w cent.: 8ve sears ttW-UU per osau. 9 Bank Wfrcws io — 

10.28 per cent. 37S.000 Preterence shares * kRs business from Mars, With are ba,rf,, « Pa,ea for wn0Je Oarer. Buying rate for four-month bank bills si i«,-6i per cent- lour-monih treds oiUs s*-« per cai» 

n.ui. 1 . _ 11 V, t J._ Warn,- ltrinKi -and I _effect from February 1 at a cost _ _ _ _ _.. _ _ a 



Janies Finlay-Arbuthnot Pre- noM ’ holds 199*99 

ference Share Fund holds £50.000 L„ , : P Vr e,,u -,. „ .. 

411 per cent. First Preference TMpps: Mr. B. H. 

Stock 10 per «*nL Arbuthnot ,V- n ^ b ?r'j! n has . disposal of 
Extra Income Fund holds £25.000 ■ .^ d l nary o?H-? Sl S* duanz 

First Preference Stock 5 per cent. r ,n ‘^ est w J 1 *- 0 ® 1 . sha !' es - 
and Arbuthnot High Income Fund „E a 1 na S.‘ aD , an , d ‘■oreign Invest 
holds £25.000 First Preference 3E5* ""vi London ^nd Man- 
Stock 5 per cent. ™ Assurance Company. 

L»n,y Products - National S Ih a er t0 .'', ,l “ f iS, 

Farmers Union Mutual Insurance (50 s Der J c 4 p 0 ' l ! B - 1 L rd,nur ^ 

Society announces a disposal by r j an -: s ^ ms . p‘. 

SoM^Sad^Sn'-Ss'h^ h3s ' di! ' posed 

ah, iKK) rebtticteu voting snares bs-i shares and now hniWa r ks ,\n. 
reduced total holding to JToJmo ^"’ot^thot cLs ' f ‘' > "" 
shares lS./a per cent.) ot that Trafalgar House* Kuwait 
class 95,000 held by NFU and Investment Office h£ acquired a 
bO.UWi by Avon. further 122,000 Ordinary shares 

Flexcllo Castors and Wheels— and now holds 9,122,000 shares 
Mr. M. Menko sold 20.000 -.hares fo.71 per cent ). 
a( 4tfp on January 24 and 20,000 Xeediers: On his appointment 
shares at 47p on January 23. and 10 the Board on August I, 1977. 
now holds U 82.211 Ordinary shares 'H - . X. R. Glassforfi held 5^50 
f20 per cent.) Britannic Assurance Ordinary shares. Subsequently he 
purchased 25.000 shares on acquired 20.000 Ordinary and 
January 24 and 20,000 shares on 2 >?a 0 Preference shares. 

January 25. Britannic now holds . Campari: Directors have sold to 
400.000 shares (12.08 per cent.), institutions 70.000 non-beneficial 
Hall Engineering (Holdings)— Ordinary shares and 30.000 bene- 
Marcbwie] Holdings has acquired Scial Ordinary shares at I31p. 
a further 70.000 Ordinary shares Sale made up as follows; H. H. 
bringing total Interest to 871,999 Lipian 30.000 beneficial. H. H. 
shares, an interest in excess of Lip Lon 26,000 non-beneficial. G. K. 
7 per cent. Benscher 44.000 non-beneftciaj, 

AG Stanley Holdings—Throg- Black 4fi,000 non-beneficial, 
mnrton Trust baa disposed of M. A. Saideman 20.000 non- 
70,000 Ordinary shares thereby beneficial. The total non-beneficial 
reducing bolding to 219.675 shares disposal represents 70.000 shares. 
'■*•64 Per cent). duplication arising by reason of 

Prince of Wales Hotels— joint interest in settled shares. 
Broderick Investments has dis- Frank G. Gates: Mr. C. D. 

posed of entire interest in the Hughes, disposed of 270.000 shares 
company 70.300 shares. between December S, 1977. and 

MvddJctun Hotels—.N'otrflcation January 6, IU78. and now holds 
reported on January 28. that 238.000 shares, less than 5 per 
Tyndalls has increased its hording cent 


M 


We are pleased to announce that 


Kent L. Pietsch 




m 


has joined 





> -?..S 

,v» 


as Vice President 






ril 


PI 



:• v. -/-■;;- ;■p*; 

CONTINENti^; : ^^ii«il»f 

CONTIA'ETITAL ILLINOIS NAI1QNAL BANK-MO: TRUST - 



14 Moorfields HighwaD^ London’-E 
Tel: G1-63S 6060 Telex 















i-L • Jiv 1 .;-- 

;•: r»^-. J V*-V’V ■>> r.:^.'rV.- '. •,-.’ 





atfay Fhbruaxy. .1 1978 


19 



llEWS 


4L FINANCIAL AND COMPANY N1.WS - • 


AIRLINE DISCOUNTS 




BY STEWART FLEMJNG 


fOR 


i 

^*VRAY McDEKMOTT. a dding 
-rasnmfac- 
tfiatte 
. Mr. 

«... — . -Jtwiia' 1085 

jf*“" < -d 1074, according to a -report 

y Q - ^ .J r, the Wall Street Journal. The 

title::nr, disclosures,- to filings with 

3j&.' - r-~ rj j» u.S. Securitie&.&nd^i&xpbange 
vv, j: nimifi&ion birM^Deemott. indi- 
'' - >le that the transactions were 
: much larger gums and (or 
, 4 -o' onger period of time -than had 
■*ij::. ; eviouBly been reported. 


from 
on payments 






. iking __ - ,-- 

;; arging him- with taking com¬ 


mercial bribes from McDermott 
effidab.. 

The Ten need suit alleged that 
Mr. McCollum, .-.had taken 
§509,000 .in. commercial bribes 

by- causing "Tenneeo Oil to enter 
into several eihoititantly priced 
cost, plus •. contracts with 
McDerajott” .. 

The-Tfinneco soil alleged that 
Mr.McCollum conspired with 
Ale. Roger- Wilson, a former 
-McDermott chief executive officer 
who is now dead; It also alleged 
that Mr. Wilson- told his sue-' 
cessor at McDermott. Mr. Charles 
L. Graves, of bis arrangement 
and that the conspiracy con¬ 
tinued after Hr. Wilson's death 
in 1971. \- 5 - 


NEW YORK. Jan. 31 

McDermott itself has said that 
it will defend itself and its 
officials against the Tenneeo 
suit Early last year an internal 
in vesiigadon by McDermott's 
Audit Committee disputed the 
contention that McDermott 
executives had bribed Mr. 
McCollum and speculated that 
Mr. McCollum -may have for¬ 
warded the moneys to other 
unidentified people for other 
purpo&es. 

McDermott's filings also dis¬ 
close that the company made a 
payment of $750,000 to Tenneeo 
in December in settlement of 
the civil charges Tenneeo filed 
against McDermott. 


VMC announces labour cutbacks 


BY JOHN WYLES 


NEW YORK. Jan. 31. 


“r ;• .4ERICAN MOTORS (AMO.ha? to more serious problems of domestically produced car sales 

,'en forced by the continuing dwindling marker shares Despite in December was the lowest for 

.'•"■-“t -.-'de 'm its passenger car sales ^reports that- the American car any month since September, 

■ lay off 1.200 hourly’ paid market hks gone soft, the fact of 1962. 
r r,: - ! .C, rkers at its-Wisconsin manu- the matter is.that sales of domes- AMC's labour cutbacks are a 
- 'zi Muring plants. ;_r; .i: tically" produced cars and of result of its decision to reduce 

' the same time; Ghryder Imports to December was in line the daily production of its 

'-'I.t rporation. ..-Detroit's .number; with the average sales rate for all Matador and Pacer models! from 
,4' '■ ~^-ee car .maker, is-reported to-Of last year. 380 to 170 units. Chrysler is 

■ >. planning lay offs, and cuts In Thus the problems- of AMC reported to be considering lay- 

production rate of two of- its and Chrysler cannot be Warned produce not only the Volare and 
-oblem models, thfe Aspen and on a general weakentog of the the Aspen but also the Lebaron 
-,Volare. - . - market but are 'more due to and the Diplomat. 

‘■•■'•Both companies have... shut consumer preference .for other Chrysler dealers are under- 
>vn some productions on a. man-companies'products, in particular stood to be holding stocks suffi- 
i j nh.r of occasions since last tor imports. AMC’s market.share eieni for 122 selling days and 
_ ’ 'l n'Jtober u> prevent excessive has fallen-from JL8 per cent, in AMCV for 114. Generally, the 

:!\E7L FI \ ckpiling but the resort ro per- 1976 to less than 2. per cent. Industry aims for an average 
" . 7 .. L ' uient layoffs of workers points while Cbrysler’s II per cent, of stock level of 175 selling days. 



fcTV 


■hes Goi* 
i\l». 

itory 
o! -.; 
rai rt-.- 
is; - 
: RR ' •: 
>rry !• 

-a?. :>*.■• 
i»ifj r ' : 

T"--'- • 
s«rai 

t - 

•'■vt-.r 
9*?A\ . 

' 

it 

a • - . . 


•lU-M 
'•Ma-.v ,| 


Setback at 
Merrill Lynch 


Kennecott down on year 


BY OUR OWN CORRESPONDENT 


NEW YORK, Jaiu 31. : BOOSTED by the' sals of a maintaining its 60 cents a share 
'’'•'SHRILL LYNCH and Co.-molybdenite, deposit In New dividend which some analysts bad 
: iminced net earntoes for 1977 Mexico for $5.7m. and interest feared might be in danger of 

> >,«< _ sharp BMinst 3 01 income of SlB^m. delating to the being reduced as a result of the 

. , H*™*- .-I. 1 sale of Peabody Coal; Kennecott depressed profitability. 

-:>tnously. . Total net ea ^ Jn5S Copper, the largest U-S- copper Kennecott. which is still losing 

f PW4UW.- ■ J: rnunev an it, copper operations 

: ...Te ^.9m ogoion * 108 . 801 . for Oerter oet profit of. *U.«L in spilc , cost , rutIin3 dri « 

•’•'** “. D «e® b * r -®V \ V . b which has elimiooled over 10.000 

_~6. Revenue • was -53-lbn.. Kennecott,. which jibs been - m - •„ .. ,. n , 

linst Sllbn ’ suffering from tbe recession In jobs at toe (wrapany. said that 

-.-a/ wootc - MirtMi-'Utt*'-copper industry.. disclosed demand for copper improved in 

-JlLyJr V) 1977 /prpjjraim that , for the year, it earned a the Fourth quarter even though 

or^/’cents^^re profit o f 37,ffra or22 cents a share customers were continuing to 

' ■ linst S2R3m or 74 cetus for compared with SS.^I- (27 cents draw down their stocks of copper. 

' week * pmtod ^ a share), in 1976.,. >• • It added that although prices for 

'ore Revenues 3804.5m. -Sales re venues were 5925m. copper began to improve in 
’ iinst SSO^ 6m. compared .with $956m. in 1976. November they began to decline 

encies ** The oompony said that it was again in early January. 


Peak in 
cash 

dividends 

By Our Own Correspondent 

NEW YORK. Jan. 31. 
COMPANIES listed on the New 
York Stock Exchange, the 
largest US. siock market, 
increased their cash dividends 
on common stock by a record 

18.5 per cent . in 1977 to 
$36.27bn. This compares with 
ihe previous record of 
530^1bn. 

The Exchange said that the 
increase was (he largest per¬ 
centage rise in 27 years and 
(he largest dollar increase on 
record. U added that Ute 
median yield on all dividend 
paying slocks last year was 4.5 
per cent., up from 4 per cent 
ip 1976. 

Of the L549 corporations 
with common stocks listed on 
the NYSE on December 31 
1,134 companies declared 
higher dividends than the year 
before. Only 165 companies 
paid (he same dividend as last 
year and 70 paid less or 
omitted the 1977 dividend. 

Among Lhe varions categories 
of corporations, the largest 
percentage increase in divi¬ 
dends was registered by com¬ 
panies In (be leather and shoe 
manufacturing business which 
paid S82m. in 1977. a rise of 

44.5 per cent. 

Aircraft companies, up 27.8 
per cent, electronics and elec¬ 
tricals up 27 J per cent, 
furniture and office equipment 
up 26.5 per cent, and building 
up 22J per cenU also reported 
big dividend increases. lit 
doilars lhe petroleum and 
natural gas sector paid lhe 
largest £ums to its share¬ 
holders, amounting to S5.35bn. 

None of tbc categories 
showed a decline in amounts 
paid. U.S. corporations have 
been increasing their dividend 
payments as a matter of policy. 
In pan this reflects a recovery- 
in earnings coupled with the 
big cash resources many com¬ 
panies have built up at a time 
when they have not been 
committing huge sums to 
expansion - either through 
capital investment or through 
building high $1nrV«. 

In addition, however, com¬ 
panies have been conscious 
that some investors have been 
increasingly aware of the divi¬ 
dend yield of iheir Ordinary' 
share investments. partly 
because of the attractions of 
the bond market’s vields. hut 
also because the weakness of 
share prices has cut back 
prospective capital gains. 


MEDIUM TERM 

LOANS 


Doubts on earnings i increasing 


1 AS THEY contemplate their 1977 
| balance sheets, senior executives 
jai America’s 11 long haul trunk 
■airlines may well be reflecting 
: on the old adage about ail that 
[glitters not necessarily being 
gold. On the one hand, the air- 

■ lines have turned in record 
■aggregate net profits approach- 
ling $650m.: on the other, they 
idid so during i >ear when dis¬ 
count fares became a prominent 
! feature of the domestic air travel 
■marker. 

i Since close to SO per cent, of 
! their revenues come from 
1 domestic operations, there are 
•keen anxieties within several air- 
jlines that discounting will erode 
the fragile profit recovery* which 
ifor many br&an in 1976 when 

■an aggregate net earnings of 
; $343111. pushed up the average 
j combined earnings for this 
i decade ID a meagre 970m. a year. 
The airlines are not at all certain 
■where discounting may lead nor 
iare they keen to say just how 
'much of a contribution cut price 
! fares made to their earnings. 

1 However, ni'M of the Industry’s 
, analysts believe that tbc revenue 
i.lost on cut price tickets was more 
1 than made up in greater traffic 
[volume which by the end of the 
year was 7 per cent, up on 1976. 
Nevertheless, the quality of the 

■ industry's earnings was not quite 
{as good as the combined figure 
; would suggest, for sales of older. 

! less efficient, aircraft probably 
; accounted for about 8200m.. while 

j tax allowances, a retrospectively 
{applied increase in Federal mail 
• payments anti .i lower long-term 
j debt burden, aiso made a substan¬ 
tial increase lo net earnings. In 
J addition, some airlines benefited 
{from their diversified operations, 
[for example, more than 60 per 
icent. of TV.Vi record gross 
i profits come from its Hilton 
[Hotels and food service sub¬ 
sidiaries while hotels and foreign 
exchange gains aiso contributed 
(more than 17 percent, to limted's 
I net earnings. 

Whatever the source, higher 
'profits are a welcome means of 
j strengthening the industry's 
[balance sheets after the extreme 
! difficulties caused by falling 
[traffic and sharply increased fuel 
; pests which in 1974 raised 
j questions about the future of Pan 
[American and TWA’s airline 
operations. Among other Things, 
(the industry's gearing is being 
{reduced so that iis debi equity 
{ratio, which stood at 5S/42 at the 
lend of 1375. had improved to 
: 45/55 by September 30. last year. 
! Such an improvement is mani¬ 
festly important as the airlines 
.look at their requirement for an 
1 estimated ?60 '»r. of new aircraft 


BY JOHN WYLES IN NEW YORK 

by the end of the next decade. 
The airlines are well aware that 
higher profits are needed in 
order to finance this capital ex¬ 
penditure but are divided as to 
whether greater pricing freedom 
from Civil Aeronautics Board 
fCABi regulation is needed to 
achieve this. Congressional sup¬ 
port for greater deregulation and 
price competition became evi¬ 
dent three years ago and has 
been an important factor in CAB 
decisions which first opened the 
way for more cut price char¬ 
ter operations on domestic 
routes, which in turn provided 

the stimulus for discounting on 
scheduled services. 

American Airlines '“super 
saver" fares from the east to the 
west coasts were the trail blazer 
last April and subsequent CAB 
approval for a wide range of 


importance 
of yen 


By Francis Ghiies 


Some recent airline results 



1977 

1976 

1975 


Sm. 

Sm. 

Sm., 

TWA 

64.S 

36.8 

(863) 

Delta 

116.6 

79.4 

(49.2) 

United 

92.9 

19 

{ 5.3) 

Eastern 

34.7 

45.2 

(49.7) 

Pan Am 

59.0 (Est.) 83 

(46.1) 


Figures in parentheses denote losses 


cheap fares on other routes has 
already, it can be argued, intro¬ 
duced a significant measure of 
de facto regulatory reform. 

Under its new chairman. Mr. 
Alfred Kahn, the CAB has put 
cheaper air travel at the very 
heart of its credo and -.-tressed on 
December 12 that “the offer or 
the failure to offer low fares" 
would weigh heavily in its in¬ 
vestigations into, an airline's 
applications to open up new 
routes. However, there is some 
confidence that the CAB will 
strike to keep a balance and to 
discourage destructive competi¬ 
tion.- Mr. Kahn's past record as 
chairman of the New York State 
Public Services Commission 
shows him to be a rate of return 
man," says Mr. Robert Joadicke, 
airline analyst with Lehman 
Brother Kuhn Loeb. 

The optimum aim of introduc¬ 
ing discount tickets on any par¬ 
ticular route is to fill empty- seals 
while ensuring that ?s high a 
proportion as is possible are 
occupied by passengers paying 
the normal price. Thus, on most 
rnut**s discount tickets are 
hedged about with certain re¬ 
strictions which limit their 
availability. However, '•ompeti- 
tion between the airlines has 
resulted in CAB approval for a 
fares structure which falls short 


of the ideal on certain routes« 
such as New York—Miami and [ 

Chicago—Los Angeles and there! 
is little evidence so far that the i 
Imver priced tickets which are = BORROWERS ON the medium* 
more generally available are j term market, are increasingly 
stimulating the increased traffic' raising Joans denominated in yen. 
to offset the reduced revenue. [The huge Japanese balance of 
But some analysts like Mr. I payments surplus means that 
Joadicke believe discounting will j Japanese bunks have plenty of 
establish air travel as a genuine i excess liquidity iq recycle, 
mass transportation medium and ■ Furthermore borrowing in yen is 
that it will not only generate ■ cheaper at present than raising 
greater traffic but will also medium-term dollar funds. Tbe 
courage more efficient operation ; attractiveness of borrowing in 
oF aircraft and. Hence, greater!yen could be further enhanced if 
profit yield per plane mile. He {ibo long-term prime rate on yen 
predicts combined profits of up is lowered later this month, but 
to S700m. this year and foresees < borrowing in yen remains more 
the coming of a shortage of capa-| expensive than in the other two 
city within the airline industry j strong currencies, the DM and 
which is evidenced by the fact!the Swiss franc, 
that many airlines are increasing Siderurgia Brasik-ira. the 
the number of seats in their! Brazilian stale-controlled steel 
aircraft. He ako cites the steady | company, has just signed an 
rise last year in second-hand agreement for a two-tranche loan 
aircraft prices and the fact that ,j{ about Si 12ui. One tranche, 
aircraft manufacturers’ long' : denominated in dollars, is for 
order books will be an obstacle S50ni. Maturity is eight years and 
tn any substantial increase in;jbe borrower is payinc a spread 
capacity until the early 1980s. ■ 0 f o* per ceni. over "the inler- 
Moreover. the 117 aircraft that hank rate. The other tranche is 
the trunk airlines have on order• denominated in yen and pays a 
will not add much new capacnj margin of 0.7 per cent, over the 
since they must replace older ■ lon^-term prime rate on yen 
less efficient jets that must he; (Ylfibn.i which current I v stands 
retired because they cannot meet at 7.5 p£ . r wnt . The borrower is 
Federal noise standards. thus paving much less oa the yen 

The more optimistic near-term ; tranche, 
future is bringing a revival of- The Algerian stale oil company, 
investor interest m airline ; sonairacb. is raising Y 12.5bn. for 
stock*, after more than five years seven years and paying a margin 
in which the airlines have son- of 0 tj per cenL over" the lung term 
stantially underperformed trie ^ prime rale on yen. This is the 
market. I first loan of" this kind that 

____■ Sonatrach has’ arranged. Lead 

manager is the Long Term Credit 
Bank of Japan. 

The favourable margin offered 
lo Sonatraeh is probably due to 


Steel Co. of Canada 
holds steady 


THE STEEL Company of Canada. ^.^ 0 ^^^ 


Canada's largest, earned SCaO-anC P an . les ' 3 l S0 !? an ! :s - ,™ S' 
or SC3.36 per sharp in 1977 jn°ie closely involved with a 

against SC90.6m. or SC3.S7 in' I 11 _ 11 ', ;,nd _ " 0 ' 


an 
more 


DM sector 
active 

Financial Times Reporter 


3?6 on sales of$C 1.4 bnagai nst [ 8 ». P™ducer. 

:*Ci.3bn. Fourth quarter earnings [ 

! were SC1.Q2 a share against S5 \ EUROBONDS 
. cents. | 

1 Demand for steel was weak; 
j generally during the year. How-1 
j ever substantial tonnages of semi- \ 
finished steel were sold enabling 
. primary facilities to run j 
' efficiently. Shipments during the' 
first half of 197S should be good' 

' except in’heavy construction and PRICES OF DM bonds moved a 
pipeline products. Outlook for fraction higher in lively trading 
the second half is less certain- ! yesterday. The delayed DM200tn. 

+ ^ 1 bullet bond Fur New Zealand 

v-.r,, .x- , J .... 7 .. should be announced later this 

CANADIAN Industries Limited. Lead manager is Cummerz- 

Lanadian arm of ft 1 *'^ bank, and the terms are expected 

per cent, coupon 
. car maturity. The 

-,-,0 _ . . DMSOm. bond tor tbe Finnish 

SL613.n_ Fourth quarter earnings ., )W(rr L . onipjmv TV fj was priced 
were 4i cents against 46 cents. at $ 9 ^ 

the dollar sector, trading 


, unaaian arm ui * 1 m ■ bank, and the tv 
■earned $C24.9ni. or*4-2.32 a share t0 i nc i U rt e a 5 - 
! against SC24.4m. or SC2.47 in on an c ,Jhi-vi*a 
' 1976. Sales were 90667m. against • n\TSOm “bnmi 


it.’i-. 


J.S. QUARTERLIES 


- IDA HE GORP- - 


v— A3IEKADA HESS 


ARMSTRONG CORK 


CONTINENTAL GROUP 


NATIONAL STEEL 


PHILLIPS PETROLEUM 


SOUTHWEST AIRLINES 


inrth Quarter 

profits .-,-— 


W77 

,59.2m. 

■9.0m. 


(ff-'i-i per share,., .1.09 - '0,82 

ISS.Fm. - 92.8m. 


t profits . 

t per share... 


26.7m. 

3.26 


llti Favth.QMrtor Vn 
S.'. 5 

_ — Revenue.1—bn : 

«.5ni, Net proflts —y. - 22.0m.- 
. r 0,82 Net,per share-" 0 56 
raw ■ ■; 

Revenue4.6nn. 

lJ.Bm. Net profits -. 179.0m. 

1.70 Net per share... •’ 4 49 


H7i Fourth Quarter 1977 1976 

' S S S 

l.Obn. Revenue . 275.0rt. 242.0m. 

47.0m. Net profits ...... .3.7m.- 72!m. 

1J9 Net per share... 0 14 027 

Year 

3.9bn. Revenue .. 1-Obn. 9S1 Om. 

153-0m. Net profits. 40.4m. 52.3m. 

3.84 Net per share... 1.55 2.01 


Fourth Quarter 

Revenue . 

Net profits. 

Net per share... 

Year 

Revenue . 

Net profits. 

Net per share... 


1977 

s 


1976 

5 


S63.0m. 825.0m. 
27 5m. 20.1m. 


0.72 


0.68 


3.7bn. 3.5bn. 

143.9m. 118.3111. 
+.44 4.01 


FuurUi Quarter 

Revenue . 

Net profits. 

Net per snare... 

Y«ar 

Revenue . 

Net profl-=. 

Net per share... 


1977 

5 

r5S l)m. 
16.5m. 
0.S5 

3.1 bn. 
60 Om. 
3.12 


1976 


1977 

1976 

Fourth Quarter 

1977 

1976 

S 


s 

s 


s 

s 

644.0m. 

Revenue . 

I.Tbn. 

l.Shn. 

Revenue . 

15.3m. 

S.3m. 

15.0m. 

Net profits . 

147.0m. 

126.0m. 

Net profits. 

2 . 1 m. 

l.lnt. 

0.7« 

Net per share. . 

0.96 

0 .S 2 

Not per share... 

103 

0.54 


Year 



Year 



2 Shn. 

Revenue . 

6.4bn. 

5.8bn. 

Revenue . 

49.1m. 

31.0m. 

85.7m. 

Net profits . 

516.nm. 

411.7m. 

Net profits . 

* 7.5m. 

5.0m 

4.53 

Net per share... 

3.36 

2.69 

Net per share... 

3.7S 

3.15 


■ in the dollar sector, trading 

■ was quiet with prices unchanged. 

Banque Nationale de Paris is 
launching a 975m. Heating rate 
noie carrying a four-year 
maiurift. The con pun is { per 

■ cent, above the half-way mark 
between the bid and offered 
Eurodollar inter-bank rate, and 
there is no minimum coupon. 

: FNP i* managing its own issue, 
as ii did for a similar bond in 
Januarj. 1977. 

The sterling sector was active 
. with good two-way trading. 


fo-. 

ffstv 

mm' 


This Advertisement appears as a matte- of record only 
These Nctcs.have bees sold outride tbe United States of America and tbe Netherlands Antilles 


raw issue 


1st February 1978 


U.S. $500,000,000 


, n rtqd$l 

CorpO 1 * 


Shell International Finance N.V. 

8| per cent. Guaranteed Notes 1990 

Guaranteed jdntly and severally as to priiicipal, 
premium (if any) and interest by 

The Shell Petrolenm Company Limited 

and 

Shell Petroleum N.V. 

Issue Price 99 per cent. 

These Notes vere underwritten and. placed by 

Union Bank of Switzerland (Securities) limited 

Credit Suisse White Weld limited 

Swiss Bank Corporation (Overseas) Limited 


Deutsche Bank AktiengeseUschaft 

Amsterdam-Eotterdam Bank N.V. 

Banque Nationale de Paris 

Dresdner Bank AktiengeseUschaft 

H3I Samuel-& Co. Limited 

Morgan Stanley International Limited 

• N. M. Rothschild &. Sons Limited 


This Advertisement appears as a matter of record only 
These. Bonds have been sold outside the United States of America 

NEW ISSUE 1st February, 1978 

U.S. SiOO,000.000 81% Bonds due 1st February, 1988 

U.S. 5100,000,000 8J% Bonds due 1st February, 1993 

EUROPEAN INVESTMENT BANK 

issue Price of the 1988 Bonds 991 per cent 
Issue Price of the 1993 Bonds 99i per cent 

Interest payable annually on 1st February 


Union Bank of Switzerland (Securities) Limited 


Deutsche Bank AktiengeseUschaft 
Amsterdam-Rotterdam Bank N.V, 

Banque Bruxelles Lambert S.A. 

Banque de Paris et des Pays-Bas 

Den Danske Bank af 1871 Aktieselsfcab 

Klein wort, Benson Limited 

Kuhn Loeb Lehman Brothers Internationa! 

Societe Generate 


Algemene Bank Nederland N.V. 

Bancs Commerciaie Italians 
Banque Nationale de Paris 
Barclays Bank International Limited 
Dresdner Bank AktiengeseUschaft 
Kredietbank S.A. Lnxembonrgeoise 
Salomon Brothers International Limited 
'Soci£t€ Generate de Banqne S.A. 


! . ; , I 

I : ' I 

i ' ' 


J i! j i 


-'•Mi 
11: i 

! I 


Westdeutsche Landesbank Girozentralc 

Sanqmr Pcputaire SmseSA. Laxembourfl Caiae des Depots et CondgmtlMS Citicorp Inlmadmul Group 

Couunhtdk Credit I^tmais First Boston (Europe) Limited Goldman Sartre IntennliofUf Corp. 

Crospenait des Binquiers Prises Generals Haabm Baidi Limited Kidder, Peabody Inlemat focal Lind led Laard Frenss and Co. 

Manafiiclurm !-Uao*cr Lhailcd Merrill L)ncb Imeraatlomii & Co. M or Ran Stanle;- lotcnutioaal Limited Nomura Europe N.V. 

Orton Bank Limited >*. V. RwbsrtriW & Sow- Limited J. Henry Schroder Wagg A Co. Limited Skflndinarisks Enskitda Bankca 
Snmfc Barer t. Harris Cptum & Co. lororporaietf S*>iss Bank Carpuralkm (Ovmeas) limited L'BS-DB Corporauon 

& G. Warbttqj A Co. Ltd. Wood Gund} Limited A. E. Ames & Co. Limited nano del Gottardo Burn Nukmalc del Lararo 
Bank of America ImmuiiiiQa! Liroiled Bankers Trust InltmatioaBl Lnrnled Bank Julius Baer Internalinral United 

The H«mL of Bermuda Ltd. Bnk Leu Intcnathmal Limited Banqw Arabc el Inlcnatinnk d'ltneslbsetnent IBAJ.L) 

Bailee FiMprfMdsCooaicrceEatdrieir Banque Jntenuilioaale a LttundMarg S.A Banqne de i'L'eiw Ewop fatme 

Rariap Brothers & Co., LMted Bnyerkcbe KjolWaHri Wedad-Baak Ba>erbdie VereinstMak Berrmcr-Handeb-und Frankfurter Bank 
Cedrsle Rabobank. Chase Manhattan LhnHed Cndkmstali-Buhrercin Credit Commercial dc France Credit Industrie! et Conimcrdal 
Crrdho Italians Damn Europe N.V. Uen turske Crafithank Donuhc Giro 2 eutraIe*Dcotschc Kommmnlbank- 

Dnbcte Landotank AG Eurorapltal S_^. Enromobiltare S^lL European Banking Gmupaay limited 

Robert Fkmirtd & Co. Limited Getina Iraeraulional Limiied GeoanorectiaflRdK ZentiaBnak AG-Vkma 

Cirazeinnfe nd Bank der 6esferrddUsdieti Sparkauen AkikngeseHscLrft Handebbank N.W. (Overseas) limiied 

Hill Sarand & C*. LW»d Isthuto BUeario San Paolo di Torino KamaSs-Onke-PanUi Kjsbenharns Handdsbonk 

Kuwait FbrdKH Trading Contractile; & TavoInsert Co. (5.A.K.) Kuwait Im eslmenl Corapeoy S.A.K. 

Kuwait Inletnaikni Inveurai Co. s-a.k. Merck. Frnck A Co. Samuel Montagu £ Co. Limiied Morgan GrrafeU A Co. Limiied 
The Nikko Scrnriiies Co- (Europe) Ltd. PKbaaken RorlbcbUd Bank \G Sofia* S.p^A. Sirau>«. Turnhull & Co. Sreartka Haodddumkctt 
\ erband Sekweirerl^ctier KaalimalOanLen 1 ereinv4Bd Weubauk AklicngCfcUscluft J. \*uniobc! & Co. Williams, Glin & Co. 












■•■J. -S 


20 


. Financial Times; Wednesday Feto^a^-i '&■ "$ A 


Israel Discount Bank Limited 


Head Office: Tel-Aviv 

Condensed Conso lidate d* Balance Sheet as at 31st December, 1977 


ASSETS 

Cash and dye from Baziks 

Israel Government obligations. 

U.S. Government and US. Agencies obligations 
Other Securities ... 

Deposits with and loans to Government ... 

Loans, Bills discounted and other accounts ... 
Loans in connection with deposits for loan, purposes 
Bank premises, other property and equipment 
Customers Liabilities . 


{Sterling 


1,031,447,393 

32,012^338 

.9,954,74$ 

112,779,345 

439,603,670 

370,743*403 

310,322,183 

13,436,866 

119,436,594 

£2^39,736^38 


LIABILITIES . t 

Capital, Reserves and Capital Notes including Minority Interest 
Cbnvertible Debentures issued fry Subsidiary Company 

Deposits ( demand, time and sav mgs accounts) . 

Government, Banks and other Deposits for loan purposes ... 
Other Accounts. 

Debentures issued by subsidiary . 

Liabilities on account of customers . 


64,441,074 

1,080,450 

1,615,939,390 

442,286,097 

37,850,990 

158,701,943 

119.43634 


£2,439,736438 


£ Sterling ■= I£29.3763 

* Including the Balance Sheets of Barclays Discount Bank Ltd, The Mercantile Bank of Israel 
Ltd, The Israel Development and Mortgage Batik Ltd\ Industrial Finance Bank, Discount Bank 
(Latin America) S*A. 9 Montevideo and Israel Discount Trust Company , Isew York. 

Total dumber of Brandies: 230 
UJC Representative Office: 89 Duke Street, London WJ. 


Baring Brothers & Co., Limited 


announce the opening of their 


United States Representative Office 


Miles J. Rivett-Camac 

Resident Director 


Baring Brothers & Co., limited 
United States Representative Office 
450 Park Avenue, New York, NY 10022 
Telephone: (2X2) 755-6170 


I\ Ti FINANCIAL AND COMPANY N1 AYS 




Retailer lifts earnings by 


a fifth to $A19m. 


SYDNEY. Jan- 31. 


BY UAWACNCE STEPHENS 

AN INDICATION of the fortunes gainst SB cents in the Previons access has StA cj 

nt ct.iur! m the year and u5 cents in 1974-75. conirals on costs coupieu win. 

of Australias retailers ;a the nroDitious exnansion. In the 

current year was given 


controls on 

current year was given to-day Coles FatesUialf W n“^permartets 

when nationwide retail chain, ^ preferring not to equity were opened and another nine 
G. 3. Coles and Co. reported acc0 y Dt j ts 4 g per cent, stake in are scheduled to begin trading 
profits rise of almost a fifth— discount retailer K Mart In the in- the current six months. 

19.2 per cent-—to 8AlS.88m. past year t^ e company did not Directors said two variety 

take its maiden dividend from stores. 12 food markets and a. 


for the six months to December 


31. The result sets the com- sou rce of $A735.000 into supermarket were closed under 
pany well on the way to eclipsing account antil the second half the group's policy of terminating 
1??L, s of the year. small and unprofitable units. 

.. -- Vybile there is no indica- But the expansion of the K Mart 

tion vet of the likely dividend group, which is controlled by 
from K Mart this year there is the S. S. Kresge Company of .the 
no reason to expect it to drop. U.S., gathered momentum with. 

Coles Is one of the few Aus- five new stores opened and three 
Indian companies which does more planned, 
not take to account the relief The profit, was earned .on a 
obtained from the stock valua- 15.5 per cent, sales lift to 
tion adjustment, introduced over SA794.4m.. giving the company 
year ago by the government a profit of 222 cents for each 
navm?t“i f the leer'd’halfnerfor- to hel P companies allay the sales BA against 231 emits a 
P a / n -p T mn^he? that of the first' effects of Inflation on stock pur- year ago. An extraordinary 
?£ mo££ £t<££ chstributkm chases. The adjustmem fpr the provision of SA468.000 for build- 
last year of 4 cents was followed 
by a final dividend of 6 cents a 
share making a total of 10 cents 


SA29.95m., especially since con¬ 
sumer spending is expected to 
increase next month when per¬ 
sonal income tax reductions an¬ 
nounced in the budget last 
August, come into effect 
To mark the earnings lift 
directors have decided to in¬ 
crease interim dividend from 4 
cents to 4.5 cents a share, indi¬ 
cating a possible hike in the final 3 






i 


at Messina 



JOHANNESBURG, Jan. SL 


BY RICHARD ROLFS 

THE DECISION by Messina 1977, the Profit coatHbutiaa*:^ 
‘ TVveionment to swung round with a .vengeance, ,^ 
CT ^T? d * ) ■ SSmfihhnM Net profit fell tu_R£L2m. of 
pass its interinrdftidentf should mining accounted for Oflper cent..? 
not come as a surprise to snare- ^ t,?-, 

The-veteran producer " yivu 


holders. 


irj,,. Datsun-Nissan,. wmui iitaae^ 
ofiMpper in Somtb R1Snu net, was, more, than 

w. losses at _R2.3m..« 


performance 
which made' ^ 


mto uadustry m recent 7 «b,» m ' oljUe and Rim. at Leasoxt a. 
duced its final .^^end for tte Crane fifro sahadfarj- ^ 

fS? 8 ™ 6 ”” 4 year to Sep- ^ 

f - uLmtar the chairman Group breakeven pbiat tra its ^ 
Co^a^der cSmfell. copfBrmiBes was K900 per 


period rose 
$A1.2Sm. 

In recent years 


from SA613.000 to jug depreciation was offset by a 
capital profit of SA477.000 from 
gronp'6 the sale of non current assets.. 


the 


Israel Discount Bank peak 


TEL AVIV, Jan- 31. 


BY L DANIEL 

ISRAEL DISCOUNT Bank (IDB) The bank's capital means rose Mr. Daniel Recanati. IDB's 
—the DrinciDal subsidiary of last year by more than LOO per managing director, also reported 
T^/r, 6 0 - c , jnt t0 reach £I.1.9bn. that the bank recently received 

IDB BankhoJding Corporation Q ut of {he opera ti n * profits, a approval of its application to 
and the country s third largest fina j dividend in the gross establish an agency in Miami, 
bank—reports that L977 was the amount of £I.S0.9m. has been set Florida, one of the first to be 
best year in its 40-year history, aside. The cash dividend will 'oe granted under Florida's recently 
LDB is the first of the big three 15 per cent., and there wtil be enacted international hanking 
banks to report its results for the a 25 per cent, bonus share issue. law. 

past calendar year. The increase in the net profit The agency, and the establish- 

In terms of Israeli pounds, its (after payment of £I.505m. in ment on January 1, this year, of 
net after-tax profits soared by taxes <70 per cent, rate of taxa- a new subsidiary bank. Discount 
152.4 per cent to £I.256 .Siii. tion) was also bigger than the Bank (Latin America), in Mon- 
($16.7ra. oo the basis of the ex- rate of expansion in activities, terideo, will give IDB a broader 
change rate of £1.15.3583 to the For instance, deposits by the basis for operations In the 
U.S. dollar in Force at end- public increased by 94 per cent., southeastern U.S. and Latin 
December, 1977), or to £1.10.60 loans by 80 per cent, and savings America. 

per share, a rise of 21.3 per cent deposits by 72 per cenL This IDB and its subsidiaries cur- 
Consolidated assets totalled disproportion can be attributed rently have seven branches 
£I.71.7bn. at the end oF 1977—a iargely to an extraordinary in- abroad (in New York, Uruguay, 
rise of almost 95 per cent, over come in 1977 of £L46^m. (less Grand Caymen Islands, Nassau 

end-1976. than £I.lm. in 1976). and Luxembourg). _. 

Both rates of increase are far 


above the rate of inflation (42.5 
per cent.) and above the 75.8 per 
ceoL rise in the value of the U.S 
dollar in relation to the Israeli 
pound, the rate having been 
£LS.7524 at the end-1976. 


Scandinavian Bank Limited 


Group Accounts 

Extract from Audited Consolidated Statement of Accounts 31 st December 1977 




Authorised Capital... 

Issued Capital.-. 

Reserves and Retained Profits.- 
Total Shareholders Funds ... 

Subordinated Loan Notes ... 

Current and Deposit Accounts... 

Cash at Bankers, Money at 

Call and Short Notice_ 

Deposits with Banks..- 

Loans and Advances 

(a) under one year.__ 

(b) over one year--- 

Acceptances.-.. 

Total Assets..... 

Profit before Taxation.... 

Profit after Taxation... 

Proposed Dividend... 

The Bank will be pleased to send copies of the latest Report and Accounts on request. 


1977 

1976 

F000 

COOO 

25,000 

25,000 

20,250 

20,250 

10,563 

8,039 

30,813 

28,289 

15,750 

17,626 

753,232 

638,722 

160,875 

142,207 

137,922 

131,730 

209,654 

191,882 

270,934 

206,558 

31,112 

28,081 

851,889 

729,809 

7,251 

6,503 

3,739 

3,185 

1,215 

810 


Scandinavian 
Bank Limited 

Head Office 

36 Leadenhall Street, 
London EC3A1BH. 

Tel :01-709 0565 
Telex: 889093 Scanbank. 


International Offices 


Paris 

Madrid 

Representative Office 

Representative Office 

Hong Kong 

Singapore 

Tokyo 

Scandinavian Far East Limited 

Representative Office 

Representative Office 

Bahrain 

Scandinavian Bank Limited (Branch Office) 

Sao Paulo 

Representative Office 


Registered Number 949047 London. 


New York 
Bermuda 


Representative Office 
Scandinavian finance Limited 




AL SAUDI BANOUE - PARIS 
SAUDI ARAB FINANCE CORPORATION 
ARAB FINANCE CORPORATION (INTERNATIONAL) 

announce the opening of: 

Saudi Finance Corporation Saudif in S.A. 

GENEVA 


CAPITAL: SF 10 MILLION, FULLY PAID 

* 

International Finance-Underwriting and Securities Trading 
Money Market Operations - Foreign Exchange 
Financial Services-Portfolio Management 

* 


/. quai dc Monr-Bianc. I20f Geneva, Switzerland 
Telephone: (022) '32.64.00-32.64.09. Telex: 289 395sdfch 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia 3}pc IPS? .. 
AMEV Sac :&7 . 

Australia ?jpc 195? 

Austria. M Sr S. 9,pc '9? 
Bart Jars B3o* S.’p-: ifcu . 
ftQ'vawr Ripe 1W? 

Can. N. Hailway .?U>o ISH 
CrWIt Sit loan Sipc i SS* 
&■ mnarV. 5: pc I9>i . .. 

ECS 9pc 199} . 

ECS SJpc 1997 . 

ElB SIpc UW? . 

EMI 9.-PC 1559 . 

Ericsson Sipc I&S9 . 

Esso Spc tPSii Nov ... . 
Gt. Lake* Paper 81 pc ISS4 
Himerslry 9,pc IflR? .... 
Hrtro-O'icbte Sue 199? .. 

ICI S pc :987.. 

TSE Canada ?;pc Ms* 
Macmillan Blonde! 9pc '92 
llas»:y Fcrsuson 9ipc 1991 
Michelln 9^pc 19SS .... 
Midland lm. Fin. *Ipc \9K 
NatnL Coal Bd. 8pe IBS7... 
Sami. '■YsimnstT. 9pc IP8B 
.N’cwnoundland 9oc !9S9 
Norses Kom. Bk. SJpc ‘S? 
Norpipc «‘pc 19S0 
Norsk Hydro Sipc 199? ... 

Oslo 9pc I9SS . 

Pons .Autononif-s 9p: l»i 
Pros. Quebec 9pc 
Prtjv. Saslratch Sir* - 195* 
B-.'il International 9pc 19S7 
RH.M 9PC 199? 

Sc lrt-.ton Trust ?iD" 19*9 .. 
Strand. Enskilda 9pc U>B1 . 

SKF 9pc 1937 . 

Svnriten 'FC'dcmi F.’pr.- :»?7 
United BiSiUl'S 9pc )9S9 .. 
Volvo Spc 19S7 March . 


Bid Offer 


W 

nsi 

54; 

97s 

9*.* 

9nl 

38 

07: 

55 

9Si 

P*» 

9Si 

971 

96i 

99: 

99 
*M>i 
Bui 
9*i 
IB?’: 

9S 

19?: 

1W>i 

9S« 

94 

IDlj 

98 

Hi 

RVi 

95* 

100 
R?i 
9 

9A! 

94 

W 

hi: 


■>> 


p?} 

Oil 


9J: 


9-i 

u* 

33t 

95 
971 
97: 
961 
M; 
pa: 
99 
“7 
99 
9£i 
97 

11101 

9&i 

101 

96 

97 
IKS 

965 
T07 
101* 
975 
947 

in?: 
9 91 

9fi| 

9n 

90 
Kt(*4 
99} 
9fi> 
991 
94T 
941 
9?i 

os; 

91 
O’' 
!>»: 
9?1 


Nabisco MP-.- 19S3 ...._ 

Otvi-US Illinois 4-pc 1937 .. 
.1. C. Penney 4 : pc 1987 ... 
fi-' Ion 4:pc 1987 ... 
B-n-nolds Metals dpc 1 SSS 

Fondvik 6Jpc 19SS . 

Sperry Band 41pc 1987 . 

Sqoibb 4lac 19S7 .. 

TV«m» J.’pc I94S .. 

Toshiba ihpc 199? . 

Union Carbide 4:pc 199? .. 
Warner Lamberr 4 9 PC- 19S7 
’fattier Lambert liPC 1 SS 8 


MOTE5 

Ausirallo 7-pc 19S4 .- 

B-U Canada Tine 1957 .. 
Br. Columbia Hrd. 7ipc '55 

Can. Pac. 81 pc 1981 . 

Dow CbemicaJ 6pc UtM ... 

ECS 7Jpc 198? ....... 

ECS 91 pc 1939 -- 

EEC 74pc I9S? .... 

EEC 71pc 1934. 

Enso Gutzcit 91 pc 18. J 4 . 

CotavcrVcn 7£p«- 1995 . 

k'oekums Spc 1983 .. 

Ml.;helm Slpc 1983 ... . 
Stomrea 1 Urban 5,'pc 1981 
New Brunswick 8 pc 1984 
.New Bruns. Prov. SJpc 'S3 
Now Zealand ?*oc 19?>t 
Nordic Inv. Bank 7;p r 1994 
Norsk Hydro 7Jpc 19S? . 
Norway 7lpc I9S? 

Qnrano Hydro ipc 1987 ... 

Snucr SCnc 19??. 

S. of Scot. F.B-iv SJdc l.»8J 

iveden iK itoon 7ipv 198? 
Swedish Stele c»>. ;.-pc ‘sa 
Telmes 9Inc !S<4 . 

T. : nneco 7;pe I9S7 May ... 

Volkiwasen rjp-t I9S7 . 


P4‘ 

94 

9.11 

«: 

97! 

931 

98 
9*i 
9kj 
9«H 
97* 
97 
W l 
Pflr 
Srt- 
101 i 

371 

94; 

97: 

9ii- 

94; 

99 i 

dpi 

97 

94 

JK 

o-j j 

Ki 


93; 

Wi 

»4i 

991 

?f/ 

?r.i 

m: 

97 

97 

97 


97; 

mo* 

ion 

97 

lit! 

95 

9.15 


05 


07 : 

931 
IQlIj 
W 0 
9 72 
9K4 
«St 
93> 
94 


STERLING 80NDS 

Cnunaulds 9fpc 1989 . 

ECS 1989 . 

EIB 9:pr 199? . 

Finance for Ind. 93pc 1987 

Fi«ons Wjpi? 19S7 _ 

Total Oil 9tPC IBil .. 


9<i 

100 

r* 

99t 

ipoi 

RSI 


97 

wo: 

952 

190 

im: 

99 


DM BONDS 

Austria rfjpc 1935 
BFCE 7Pc 1987 


19*1 

W41 


D..'tunark «{pc 1983 . I’M* 


EIB fiipc 1084 
Grand Met. 7pc IBM .... 
Rydrn-Ouehec 6Jt»0 1RS7 . 

ICI 61 PC 19S7 . 

Montreal 7pc 1987 . 

Norsea Gas 7pc 1989 
Norsk Hvrtro Wnc 1389 

Norway Slpe mss. 

Shell (Hoc los» . 

Spain «dc 1954 .. 

Rn^den filpe 1954 . 

World Bank 6ipc 1987 . 


1(W 

10! j 

wii 

W5i 

in?- 

in* 

104! 

10.11 

I nr? 

109) 

104r 

KK1J 


107 

Mo 

107* 

I«? 

10 ?* 

10? 

MS 

in* 

107J 

MV- 

in 45 

1M1 

iei i 

10j* 

1M: 


FLOATING RATE NOTES 

Bank of Tokyo *Si Tliiipc 

BFCE 1984 7pc . 

BNP 1993 7pc .. 

CCMF I9S4 lilltspc. 

Credllanstalt 1984 7ipc . 
Credit Lyonnais 1933 bipc 
DG Bane ism? 7lii*pc ... 
GZB 1SST Tint; .. 

Inti. WsJmnslr. 'Si ilbioPC 

/.lords 19S3 7fPC . 

LTCB I9S? fi(ipc . 

Midland 193? Spc . 

Midland 1987 7U; s pc ... 
OffB 1963 Ripe 
SNCK 1951 6l3|f,W 
Smdd. and Clirrrd. '« fi’pc 
Wma. and GUms 1934 7dc 


93! 

9S1 

«*» 

»se 

93r 

lone 

094 

lie) 

90* 

ton 

99 * 

9> 

fti* 

93’ 


Source: White Weld Sc.iintics. 


93r 

04! 

994 

9«! 

35J 

OT7 

inn 

iOOC 

■n: 

MOi 

w. 

101 : 

w; 

SSI 

W 

99» 

100 


CONVERTIBLES 

■Unencaa Express 4ipc '87 
VxhJarx} 5 pc 1983 . 

Babcock k WHcot Sloe S7 
Beamon Foods 4jpc L99? 
Beatrice Foods 4! pc 139? 

Bcecham fi’pc 199" . 

Bordeo 3pc 1992 . 

Broadway Rale 4-pc 19S? 

CaniaLon Ipc 19S7. 

Chevron Spc 1968 . 

Dart «pc 18£7 . 

Ei-tmao Kodak 4)pe I9ffl 
Economic Labs. i!pe 1987 

Firestone 5pc 13S3 . 

Ford 3pe il«8 .... 

General Electric 4)pc 1987 

Gillens 4fpp 1957 __ ... 

Gould 5pc 1987 . 

Gulf ami Western 5pc 13R3 
Flams jpe 1092 .. 

Uoney-V.-U >!pc 1939 . 

irr R.pe isn? ... 

IKA Spc 1997 

incheape sipc 1992 . 

rrr 4ioc ms?___ 

Jnsco fine 1992 
KntnaLan 7ipc 1990 .. .. 

J Ray McDermott 4*pc '97 

Matsushita Sinn 1990 . 

Mitsui 7}pc 19W .. 

J. P. Korean 4iuc U87 


73 

W 

S3 

93* 

190 

87 

99 

731 

"S 

114’ 


■ m 


SflJ 

77* 

SO 

81 

m 

7fi 

110 


1X5 

07 

Si* 

B-'J 

19? 

74* 

104* 

>IK 

174** 

T19| 

MO 

Ml 


81 

91 

94 

9ii 

10? 

98 

J01 

"31 

7Si 

1I«J 

34)1 

ft?i 

794 

S? 

S3 

Si?i 

78 

112 

73 

1SS 

<1 

5*14 

94 

19.1 

74) 

Wi 

107 

1324 

1=01 

197 

M* 


Source: Kidder. Peabody 


Brrf 

Offer 

9S4 

1001 

mi 

HW 

74 

76 

19K 

107* 

S3 

si 

Mi 

ISO 

se 

82 

77 

78 

m 

Wi 

97, 

toi 

90 

93 

7S 

60 

73 


76} 

7SI 

Securities. 




i,l} 


conunanaer n. r . ?- Grenfell, ^ correht LME^ L ' 

made it clear that without some. - paurralent of RL050 Sc d • 

f? SSufm 6 lS profitable overall, with, rising''i 

SMalS?™^ 

cord has not been . 38 . fjom the andent Messina ndneur^i 

£y* w *B3i^ , S , SSSS Soua are under serert 

ever it exist- pressure through 

SL™ *“5, nfttS part fi5e rigorous Rhodesian caH-u^ 
business. So n W requirements. 

years, the annua) dividends have 

seesawed from 43c, . to 60c, to Trich v<mhirpc -V-i 

35 c, 45c and 30c, a pattern more UlSu YeMOres ... 
appropriate to a commodity Prospecting . has . been -bv- 
stock than to . the cautiously, creasingly directed outside South 
rising trend the South African Africa. Activities' in the NW ; 
mining houses generally try to Cape with Selection Trust and, 
achieve. .. U.S. Steel were discontinued last? 

Like many other companies year. -But using Funds generatei^T, 
with one basic product—in this by a Canadian company, Storwa^i^T !l 
case, copper—Messina in the 60s acquired -last January; Mesrida^l ■ 
had a choice between sticking to is' channelling funds, into 
the business it knew best and tures. in Ireland and has 
paying out distributable earnings -prospected in the Shetland Isles?;™- 
in full/or of using its cash flow The group, has long attracted:; 

—which from copper can be interest as a takeover stock. The:' 
substantial in a- good year—to biggest shareholding is.. 12. petLl 
diversify. cent, spread among the Angte 7 

. . American group, with Unisee? 

Diversm cation - ' holding about 7 per cent. Hence:- 

The decision was. to'diversify M«sina is an ftp* Mo. £ 
and to-day Messina controls -P* TOPj*. 

Datsun-Nissan, which has ‘ an J 18 ^ shareholder^^ 

exclusive franchise in South balance sheet; 

Africa from the Japanese auto m .. . . T 

manufacturer; Steelmobfle, a eon- In 
tainer manufacturer; Premier 

Metals, which - holds various a 

franchises from Clark,Equipment e *? ph ^J^ h L < ? w ^™ 
rnmnanv* anil Airttirast a loinf accompany any setuemeot._in .. 

venture ’with Birmid Qualcast ^ ^ 

which makes c^tii^s such as V™* ^antiaUy fran. 

cylinder blocks for the ‘.car problems remidn:^. 

industry. : steelmobile had difficulty las^J: 

These industrial companies j 0 coping with 'thcT. . 

now rival the mining side in asset tolerances reauired on its cqh-^T . 
terms, with total book value of with seasonal ' 

R72m. before R22m. accumulated duc ti on -riiru occasioned bv thrri. 
depreciation, compared with 3nnua ] S vn‘tch from standard'tn- j._ 
mining assets of RStm. A year r ofriaerated cmitarners.' Datstpi- -1, 
ago—a reasonably good one for Nissan faces the need for. new t 
copper—the industrial side aJO de) launches and the ptob 

aggregated 53 per cent, of net ] pms arising from the apprecia-- * 
group profits, after tax, of R3.9m., ^011 of the ven In the .foreign 
a performance which suggested exchange market. The problem*;-', 
that the diversification pro- are as diverse as The group and ' 
gramme had begun to pay hand- more than the “good heart'* 
some rewards, by exceeding called for bvrthe chairman in Ins 
copper profits for the first lime. statement may be needed to . 

But last year, to September 30, overcome them. 


HOWARD MACHINERY LTD. 

GROUP RESULTS — YEAR ENDED 31st OCTOBER; 1977 


SALES 


1977 

£’000 

74,450 


' 2976 ; 
£’000 
69,342 


PROFIT BEFORE TAX 
Tax 


1,522 

(810> 


3,258 

(1,797). 


PROFIT AFTER TAX 
Minority Interests 


702 

< 1 «) 


1,461' 

20 


DTVIDENDS 

PROFIT TAKEN TO RESERVES 


686 

(644) 


1,481 

(644) 


42 


837 


Earnings per Ordinary Share 
Dividends per Ordinary Share: 

Interim (paid 3rd November, 1977) 
Recommended Pinal (to be paid 
1st April, 1978) 


2.4p 

1.045p 

I.188p 


5.1p 

l,045p-. 

l.lS8p 


2.233p 


2.233p 


Tax Charged consists of Overseas tax £722,000 if1976 £1,327.000) and United 
Kingdom tax £88,000 (1976 £470,000). Of the total 1977 tax - charge, 
£163,000 is deferred. 


JU 





1 33 




M 



1 


ASIAN INTERNATIONAL ACCEPTANGES 
& CAPITAL LIMITED : 1 u : 


m 






1 


1301 Hutchison House _; 
Hong Kong 

A member of the WestLB Group 




:?S 

-V-'J 


1 **» HH . **• 

• m. * 


3 


„ 1 




Monitor.. 

—Money Service —. 
CALL ASIA' - 


^■di 












We are pleased to inform our clients and market partners that wih E 
effect from 1st February l978 we shall contribjating onrY^es^i " 

DM Fordgn Exchange^andTteposits between^ amu aa»i 
time to the Reuters Monitor Money Sendee ; v'- ; : • 


& 


JUST CALL ASIA 




Tel: 

Dealing Room: 
Teles: 


5-259206 

5-264223 

HX75142 


















































ANiSKBANKING 

' • *. ' . . . ■: 


-February i 197»; ; 


« prr.8. ' J *' 

^<1 V.-rl ®Sfc 


on Navarra crisis 


BY ROBERT GRAHAM IN MADRID 


■y, was in- This package has been rejected 
bank with by the Bank of Spam. | 

It was the The Banco de Navarra's demise; 
assessment has also affected another bank., 
m deposits, m \ well known small commercial, 


Optimistic 
note in 
Flachgias 
report 

By Guy Hawtln 

FRANKFURT. Jan. 30. 


Modest earnings rise at 
Skandinaviska Enskilda 


BY WILLIAM DOLL FORCE 


STOCKHOLM. Jan. 31. 


, PRELIMINARY, unaudited eluding depreciation, were he operating prufii t*cf;»ro 

'.figures released to-day by Sian- restricted to a 9 per cent. rise, depreciation, reserve allocations 
' dinaviska F.Dsktlda Banker, partly through a reduction of and tax was up from Kr.llSm. to 


country. 


equity. The merger would also Jn jj\i 730,11 'Ibis means Kr.S after adju>nm*nl fnr last in general liquidity resulting genera! decline in liond and share 

include an old established Cala- .Kai turnover e.\ pa tided In. milt .'ear's share split, which doubled I™> ra the growing deficit on the pikes. 

Ian Bank. Banck Jover. in which a fraction loss ibjn J97tf : .« 15.3 the number uf shares. state budget. Ine banks lend- the net result after _'ax 


Bankumon has 


small slake.: 


is . ‘-r.-i. bang, .with 65 .branches, inspected over a;period of two the eighth lar-est bankiog group Together li 

isjar,..'- d-as number 62 in Spain months by Bank . of . Spain \ n the lounfj-v. js not a by- de P°«t s of 


per cent. when > il^« 


Together this would provide total i f roill -,he previ.iin ;.ejr’-. low uf K 


j I Si j recommends a payment grew by 9.8 per 
■ r.-l.7iu.. i»r 1011 ghlv Kr 3,000 Kr.Sohn. 


rms .of--deposits and was inspectors who- suggested-that standor. Last year it sold a small The overall sums involved in The concern *.-.d slur Hie jmI*-*. ,,n T"l5 nn of 

VentIg hard to become a recog- there .were no fundamental commercial bank. Banco de the Banco de Navarra are not• rise wa- lirimaril; vciuTaieil i«y • 'Hilimeo *>> inetiidQJi^euient la« l^IVIUcilU UU dl 
ur cS national commercial ~bahk. problems. Toledo 10 the MPI group. If large. But given the intimate increased denuri.i fi..m ihe d,ld . uflll ' n stl 1 ,, 10 i _ 1 ■ 1 > 

art of an investment Following this-inspection the MPI cannot deliver payment by involvement of the banks with, motor industry— .. m-jur 0J lfte a,,n " 3 Seocrai /\nQ61S0anK6tl 

. that was involved Banco CerrfraL'on# of the'two March, lhen Toledo tdeposita all sectors of the economy, the, factor in 1976 * miprmciiieiii. 11 1 ‘* r,t y ... . . - R u.. » 

and property finance, largest ; commercial banking Pts.l30m. i will revert 10 Ruraasa. reprecussions are much greater. | However, there *s, jl«j siren?' h ^ n , ^^"97 3 ,^ ^ ar b hy COPEXUAUEN'. Jan 31. 

~ I • • 7 ~ • ' — ' ~ ~ “ 1 connIron 1 comi^me, ?mo!lved \mcreM income increased by’only AXDELSBANKEX. Denmark 

. ‘ _ : m the renovation of older bu.ld - 5 - 9 P*r »<• Kr.l.08bn. but fourth largest commercial ban 


eposits of some PtsSObn. 

The overall sums involved in 


level of DM551 :ini i»‘bMAS5.Riii t( * t?avh ciiiiilnjee. under the 
The concern ».-.d ilu: Hie **l ->. mofit -b.iriiig schenve. which was 


.... _ med part of an investment 
MPI. that was involved 
Ac \;-V .'Mperty and property finance. 

«Rth :r. * , -_i_ ■ ■ . 

ee: v.\- - c ;J 1 l v 

; V:^V1G offer 
Hammond 
ucepted 

’ f .'« c . .. 7 Giles Merritt " “ r .~'“ 

t 4 r1’: . DUBLIN, Jan..31. 

•*pr 1 .the Irish -engineering 
«ar> "...> that last jew was. the 

a ui.-' - ... /. “ ilic’s. lop • performing 


Following 


K$ lend- The net result after tax 

cent, to increased frum Kr.Jm. in to 
Kr.SSm. Iasi yar. The bank's 
accuunl balanced at Kr.10.3bn., 
. an increase "f ilfi per cent. 

J 2X Advances rose by Ifl per cent, 
and dcinih'us by 10 per cent. 

pH The bank said riut it i/ill ask 

shai-f'htil b.Ts lu raise ihc limit 
on foreign subordinale capil?!, 
Jan. 31. from Kr.-00i'i. lu Kr.300]ii.. w»ib 


“ : ^ 77 ^ r ‘ contin* from companies nvolvcd Interest income increased by only ANDELSBANKEX. Denmark's a view u. seen ring the capital 

•. • ‘ ; ' ' z\ : - m tfae°renovation of older build • 5 J * P tr cent. 10 Kr.l.08bn. but fourth largest commercial bank, base necosar.. Tor funner b.mt 

k ‘J* 1 ^ 1 ,n tc -jiihnii-h fnr firo 1 , 1 , 1 s. • earnings from commissions and plans 10 increase the dividend growth. Th»* ratio i»f cn»:;iv 

\ fig OQ1V1Q 1T1 lU// isince !«»?•* there yJ an'improve- .arbitrage dealing climbed 9.7 from 10 per cent, to 1! per cent., capital m baoiliiicc 3 , the end 

^lllUad MIUTTS gallfio 111 17 / / ' mem in co^fruclmn .ndusirt cent, to Kr.XUm. Costs, in- after an improved result in 1977. of 1974 wa, H.:'> cent. 

• : • • • •; > • ! rales or products for new 

BY CHARLES BATCHELOR AMSTERDAM. Jao. 31. i building* j . j j 

«FAS. . tbe Botterdauf-'based some of which have been making The Dutch dredger construe- liceoce^Vor PtiV"tiisiunV* noal 

iurabce'company,-said that its Josses on their motor insurance Won industry as a whole will pro.•<••<. -.•••* ::w rtenian;! %J it 

□Visional accounts showed that business, expect to be able to operate at a loss for a number f n ihis seimr h:<«l "i*-v,. d ^.i1 fur- _ 11M 0 „. 


AMSTERDAM. Jan. 31. 


• . .... IAMFAS. tbe Ttotterdanf-'based some of which have been making The Dutch dredger construe- licence Nr PtIJ •n:iiin's fioa; kZ> 

■ :Giles.Merritt , ' ^insurance'company,-said that its Josses on their motor insurance tion industry as a whole will pro.•«•.-<. -.<-.1 deman.-! 

", " DUBLIN, Jan..31. (provisional accounts showed that business, expect to be able to operate at a loss for a number f n ihis ->.-winr h«1 ’•i.-i--^il fur- 

rrtsh ;engineering'profit.rose^by 18 per cent, raise their premiums shortly, of years despite plans for A ■ ih«*r. The I’op-rni. -ii.n of ii- BY OUR 

• '...7'.“^* « st J©W was the] j n; r 977 , on turnover which was according in Amrux. Such an thorough reorganisation. But • third floal-^Ia-' r»n plant 1 r.f ucti ,pp 

hes.. Top _ performing l5 per cent . higher. The net increase would be the third when international demand for'in ihe Umur Ni!avp:,i,. would j ' V . 

has received acceptance I^ofit was Fls.29^ti. compared within a year. ncw vessels recovers the j further 11 ... the ermp'- = n " lA \* c 

■‘j- iSi-J «Stwf ,r, - th in 1976. whMe Amfas' share capital and re- specialised Dutch -.ards. which c-i.iipcHMver!.?^ »n rf> 

'£t [til rnowr was FIsJ90IU, compared serves rose lr , Fi s :j20m. in the have a large share of the total i Evpuri d-mand t>.., 

j^u** lh Pl ** 3to ' ' - ' ‘ - vear - f r<'m Fls.253m. with the market, should be in a sound . .-trnng. v/ilh ev-r • -V- 

' Hi a rwmmcnit The company did not specify increase due in equal measure to competitive position. ' proporilun »>r 1 ..-«■»' i 

:^,o!der S accent a combined:Profits’from ta varioW dM«M.^capital rise and the increased Tbe s h.phu.ld,ng indi.strv l*' - 


Strong start by Perstor] 


jT.i A 

■-'< — C 

(Wm. 

iho C:.' 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM. Jan. 31. 


’ERSTC'RP. the Swedish Tbe Board approved a one- All five division* of Th--- crun- 
heniivals* concern, coniintieri tii fur-five bonus issue uf shares. pan>—forest industry, rubber. 


’ ; - ; :rj-ie Investment Bank of- Ire- hmriness w u lower Than in 1975 ^ n r . IHc. The committee plans for 

*”"• " l»oM» a furOier 18 ,' ^ ^nunai profits at Fls.15.4m. a group employing 2.900 based 

?nt.. is also-accepting the j Profits per .TlMjmjM r amstfroam Ian Tt nn IHC companies aod the 
- •:.fr;dffer._ The .balance of t&ejgw™--™* «xr un. . smS , independent shipbuilder Werf 

-••• :r-. are understood to- be if ls-I4.98, desprtethe^O IHC HOLLAND, the specialised van Rees. At a later stage five 

-• dispersed but it is now increase jn capital. undertatari Dutch shipbuilding company. raore » Hr L . ornDin ;p S ant i an 

.-it unlikely th“at any counter Jasi JW A^fbsespeets anotber-expec^ its . dredger-building X?ate of VaT Rees woSld h? 

...will b* made.- . “ -good;year, rt-i??8r;-..-: • acUvities and one'of its offshore SnSS with the Soud which 

.- ..<? . fc WA- , «.M,«l..iU.' ■ i^-rnn^tnintir.n Hiuieinxe (n Vv,,L-o raer B ea *»«* lnB grOUP l.niUl 


Elf-Aquilaine 
invests more 


■ Z 4 which .' through - Mr, ' Total- premluin...income; in- construction divisions to make wou f d rheD hav „ . tvnrkfnrce nf ! PARIS. Jan. 31. -acquired’ tbo Wa 

-el SmiT&fs Holding is creased I3 percent to FIs.7d2ni losses id I97S. But its oil plat- 3S(Jfl .f'OXSOLIDATED turn.ivef-uf^tnc 1 cvncerft—?rt 1R7» 

■y linked with Ireland's Income from investments '.and form construction and invest-” ' ..... , ; Kir. Anuttaip* nil *nuiu increased "ains from the 

-—U-KI,. There are initial plans for an ■ ^ A |U1 31 - u '’ 'ncre-ir-eu j iV - 


• — ano bnisnea at Hop. -. irJtzwani.imo. >.m*ernvcm _ smiuiu pui “P ^rs^.i 

sales for,1976. the la^T'.Premiiifiiv'inchme! on li/e in- one uncertainlv is the price be,w ? en Pls50ni.-70in. of the Krs.Sbi 
ear available; were £9-lm jsuran'ce : rose'15 per. cent-Tto IHC will get Tor a drilling ship slarung capital to meet expected E)f 
,-r-pre-tax . earnings were 1 Fis.386m^'and accident.)nsurance which it is now building for its ,<,S - WS! an<1 he| P finance invest- p rSi ^ p: 

. 1ft TT »m mnnri lTnMmnc t I MVAminm inaemA m^ie 11’nni* nnyi t -. ^_a r-_ .1 _v- r> — 


Hammond Holdings’ | premium income was 11'per^^dent. own account aftpr the original merns 


, '^ . ... ■ _ ^ ’ . ; rcimnt-n an ini-reaw in iui-uj icvi.-i ni ajn-nuin^ in nu.% area an imre.i.se oi tf*.4 per i;cnl. (n 

16 per c-nt. t- era..fly iirwfii, i«l |.. a| . n m“» nf «iver 21 per cent. t« Mr. Karl-Erik Saiilluu-g. Hie Fmks.silm. -\.i!- 1 .*. like uiu-t 
,be , PJ'■cur conc-vn * ^rc . ; >r 34 m (fixm 1 Tor iJte three managing director, forecasts a Finnish coin pained suffered 

r :, I, V r ri 'V."' 0 ^ n,T Y ' 'n*-'!! Il'^ etui mg December 31 and aood perfnntuince in.1977/78 but from Momdiu prolilomsihmug'n- 

irnm >urKiai“.. vn;i ; .inics nfl| . Cf>nl elimb in turnover the real upturn in business is not nui ]P 77 . only sinci ecnnoiiii?- 

also saiinaciory. j i t , K;.::7l‘m »i'4lJhn.i. expected before 1979 Over the reductions nf' fnvvr.lurn-s- pn f 

- j The it.ind lirsi-quarter per- next five >' ( ‘ ars Perstorp is postponcniem -.f mveslmenf 

formaocv rulluna the 46 per cent. J !ChetJuJ i n S an expansion bring- project* eiui-lcri it i» pi-udiicc 

171 c a profit bor.se recorded in 1976/77. sales to over Kr.2bn. and is as good a result as it <IM. 

Lll-AQ0!l2*ne I The current profit growth is s.niultaneously Planning Invest. 

• 'attributed panic to the bourn in ments in tiie Kr.400-o00m. range, c- , f 

invests more i business in Brazil and in OUrpi US lOf jkSHuiH 

‘ . ; England. where Perstorp f*, vi n l .; 0 Ca |ac lift IN A PRELIMINARY report P.r 

PARIS. Jan. 31. acquired tbo W nrent e laminated l" uw “ bdlCs HIT 1H 77 Skamlla. the Swedish m.-ur- 

COXSOLIDATEO uunnvefuf tnc f ^onceririn 1976 and ’paf-tiv^in' "" '' HELSINKI Jan. 31. a nee concern. SJinivk j surplus'of 

Elf-Aquitaine oil grnup increased-"ains from the devaluation of ny NOKIA AB's results for 1977 Kr.I 6 O 111 . from accident piviiminis 
in abmti-Krs.37-r,n -year-fromr ^ ,e I^ ,ona -- • - .. .- . showed some- improvement, compared wrih Kr41m. in Ihc 

Frs.35.9bn in’ ?576. the'priiupT" "During the first 'qua nor Die wTites Lance Key won Ii from previous year. The <t(rp>((s <s 
announced U-d.i> '\i4i How „l Pen.ierythrilol plant at Toledo. Helsinki. According lu Mr Kuri made up from a p.-uhi uf 
the end of 1977 stood alj'dini. which Perstorp look over Kairamo. ilie company's 111 a nag- Kr.35n>. on im«:inalir,nal m.-ur- 

Frs.5 33bn. again-? just uniter) from Pan American Ul/emiraJs iny direcior. in his p/rlintinary a nee. a .surpiuj on i-npiui] costs 
Frs.abn. j year earlier. I last year and lias rebuilt, started survey, -consolidated turnover of of Kr.lTfJm.. anti a loss of Kr J5 ih. 

Elf - Aquitain*- inw.--.irai; deli'-ene*' The management also the group increased by in 4 per in the Swedish sveiur. 

FrsS.95bp m 1977. u;> from j reduced cosi.> by integrating the cent, tn Fn>ks.23Rbn fl'3.5m. i. The board recnninu-nd* nn 
Frs.S.59bn. The jr-uipK in\c>t- industrial pruducis division. The figures for the parent com- unchanged dividend uf Kr.S per 


Surplus for Skandia 

IN A PRELIMINARY report r-.r 
1977 Skamlia. the Swedish insur¬ 
ance concern, idimi-k j iiirpjus "of 


Frs.abn. j year earlier. 


er to end March 1977 was [ higher.' aLFls.3l6m.. . s . ... N'orwegiaa buyer cancelled his IHC. Van Rees and the Govern- ments in 1977 s.n> *e(i- u n increase which has been affected by the pany showed a rise or 8.4 per share. The forecast for I97S v.-e' 

. .and.-prerUx .profits, were 1 . Dutch insurance • companias, order, . ... _ - meat would all participate in the of Frs.4bn on ]f;76—j growth J »Lump in uvders from -tiie cenL to Fniks.LBbi). The pre- >hal proiunim income m ill rise ;r, 

B0:- ; -■ - * ,-i.^c_ri- • ^-:--• group but none would have a •similar in that rvuuded -in 1976 1 electron it.--companies -with the dictum for 197S is an increase K-i'ohn. with an ope r.i tine profit 


Y { th neco JiSHiig/" > 
Liu paki&'J wt 31 ^ 


group but none would have a •similar in that rvuuded -in 1976 1 electronic.--companies -with the dictum for 197S is an increase Iv-rabn. with an operatin' 
controlling interest. . AP-Dow Jones chemical products division. of about 7 per cent, in invoicing, of about Ki HtHim. 




OKU;. 


ECO INC. is aj>plyJ«tC;to-j . a - <f 

..share is shrmkmg 

UCt,0n nfa U t0 J* .“gWJ 8Y MARY’CAMPBELL ■ . 1 

, mq Lyonnals° n and Morgan LONDON’S share of the Euro- by David Ashby, economist with 

: -y Inter national. Tenneco market has shrunk from over 41 Bankers Trust suggests 

•turn over of S7.5hH. Tn 1977:.- per cent of the total- to 35.7 per The ° iain financial centres 

r . - ... cent since 1974, a new analysis which have increased their 

. ... - ■ . - .market ..share, jover the same 



NOTICE 

“T To the holders of the Ffootlng Rote London Dollar 
Certificates of- Deposit -due August, 1982 of: 

7SOW BANKING CORPORATION 

~.rf 108, Fen church Street, London, E.C3 

hereb/Certify that the-.rate oF .interest payable on the 
.-ove-men tinned Certificates .of Deposit for the Interest Period 
ginning, op 2nd. day of February.-1978 is 8f per cenc. per 
-*num anif'the'Interest payment'Date relating thereto is 2nd 
: .y of August, -1978. 

y m [ EUROPEAN BANKiNG COMPANY.UNITED 

• • Vi ** ■ '■ •{.■ .'j 

" - i.s .:...: :—>a.. 


period are-the Bahaaiao-acd Cay¬ 
mans (moviog from 9.2 10 . 13-5 
per cent.). Bahrain (from nil to 
2 percent*) and Singapore ifrom 
2.7 to-3:1 percent.). 

Writing-la an- -article in The 
Banker. Mr. Ashby says that the 
proportion of international bank¬ 
ing'business going through the 
European centres as a whole has 
shrunk from 7S.9 to 72.4 per cent. 
since'Hhe'cnd of .1973. 

The overall size nf the Euro¬ 
market. according to the article, 
increased from S3l7bn. at Ihe end 
o7^1973'to-$635bn. at the end-of 
last year. ■ 



New Issue / January, 1978 



l.I^V 


$ 125 , 000,000 

ngdom of Norway 

8Ve% Notes Due January 15,1983 


ow 



Interest payable July 15 and January 15 


The Notes are direct, unconditional and general obligations of Norway for the payment 
and performance of which the full faith and credit of Norway is pledged. 


All of these securities having been sold, this announcement appears as a matter of record only. 


Salomon Brothers 


‘EPT 


.- vPi 


Goldman, Sachs & Co. 


Estrset from Accounts at 51st December 1977 


Issued Capital 
Retained Profits 
Subordinated Loans 
Deposits 
Loans 
Total Assets 
Profits before Taxation 
after Taxation 


1977 

£000 

10,800 

3,350 

5,249 

354,289 

191,800 

381,154 

5,048 

1,428 


1976 

£000 

10,800 

2,462 

5,872 

352,480 

216,665 

379,319 

2,988 

1.388 


; p2 r - 

f0U? !tV 


bu'-rtr' 


..Shareholders 

Fuji Bank Daiwa Securities 

Mitsubishi. Bank Nikko Securities 
Sumitomo Bank ’Jfcmaichi Securities 
TokaiBankr. ■ • 

7/S King Street, London EC2V SDX 


Lehman Brothers Kuhn Loeb 

tnewporatad 

Merrill Lynch, Pierce, Fenner & Smith 

Incoipontod 

The First Boston Corporation Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. Dillon, Read & Co. Inc. 

Incorporated Incorporated 

Drexel Burnham Lambert E. F. Hutton & Company Inc. Kidder, Peabody & Co. Lazard Freres & Co. 

Incorporated Incorporated 

Loeb Rhoades & Co. Inc. Paine, Webber, Jackson & Curtis Smith Barney, Harris Upham & Co. UBS-DB Corporation 

Incorpoulad Incorporated 

Warburg Paribas Becker Wertheim & Co., Inc. White, Weld & Co. Dean Witter Reynolds !nc. 

Incorporated incorporated 

Arnhoid and S. Bleichroeder, Inc. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. Weeden & Co. 

Incorporated 

ABD Securities Corporation Andresens Bank A.S Baer Securities Corporation The Bank of Tokyo (Holland) N.V. 
Basle Securities Corporation Bayerische Vereinsbank Bergen Bank Christiania Bank og Kreditkasse 
Daiwa Securities America Inc. Den norske Creditbank EuroPartners Securities Corporation Robert Fleming 

Incorporated 

Hambros Bank Kleinwort, Benson Kredietbank S.A. Luxembourgeoise Kuwait Investment Company (S.A.K.) 

United Incorporated 

New Court Securities Corporation The Nikko Securities Co. Nomura Securities International, Inc. Orion Bank Limited 

International, Inc. 

Scandinavian Securities Corporation J. Henry Schroder Wagg & Co. SoGen-Swiss international Corporation 


Union Bank of Norway Ltd. Vereins-undWestbank WestdeutscheLandesbank Yamaichi International (America), Inc. 

AkticnacMibtiuK Girozentraie 

The Bank of Bermuda Caisse des Depots et Consignations Hill Samuel & Co. 

Limited Limned 

Nippon Kangyo Kakumaru international Inc. 


New Japan Securities international Inc. 


Hill Samuel & Co. 

Limned 


Wardfey Limited 










1 

I 

% 


WALL STREET + OVERSEAS MARKETS 


U.S. Steel news reverses early rally 


Fljiaiicial Times yv-ec 


+ I UK1-1C * i> JiAl n \ 


K ■ r 7- *-' *V~fr-' 



BY OUR WALL STREET CORRESPONDENT 


A CUT m U.S. Steel Corps divi¬ 
dend rate reversed an earlier 
advance on Wall Sir eel to-day. 
ending slocks lower in active 
artiling. 

The dividend cut from 55 to 40 
rents a share, affecting about a 
quarter or a million shareholders, 
came on top of the corporation's 
poor earnings in the fourth 
iquarter, frustrating any hopes for 
a market rally. . 

The Dow Jones Industrial 
-Average—1.73 ahead at It a.m.— 

TUESDAY’S ACTIVE STOCKS 

Clwuiju 


l i Steel Com. .. SW.rOU 

Fibertooard Carp. U7.S03 15 

. Marshall Fit Id . 33‘i.lM 552 

Golf Muted Corn. 25.IW Wi 


Srocta> Clu&lru; on 
traded price day 
sw.rou -ij 

437.MJ3 15 -1 

SLIM 5S2 


Clilcorp. . .. 

F.li Lilly 
wamacu Inc. 
Aim Inc. w d 
atddcx com- 
General Motors 


im.ooq J Hi 
[48.000 -ail 
Z41.ttW '3 

141.200 SPi 

13m. 800 II: 

130.300 


finished ai 769.92 for a loss of 2.52. 
This was slightly above its "low” 
or the day. 

The XYSE AH Common index 
closed 4 cents down at $49.41. 

The earlier market rise was 
ariributed to a 0.7 per cent, gain 
■ in the index of leading U.S. 
economic indicators for Decem¬ 
ber. reported by the Government 
as trading began. 

Volume, at 19.S7m. shares, was 
up 2.47m. on yesterday’s level, 
with saining and losing stocks 
balancing each other out at 675 
and 679 respective if. 

[.'.5. Steel dropped $3* to 82S{ 


after trading resumed just 
seconds before the exchange 
closed. A block of 537,000 shares 
was traded at off S3i. 

Some other steel issues also 
came under pressure, as Kaiser 
Steel dropped S2I to 824$ after 
reporting a loss for its fourth 
quarter. Bethlehem Steel declined 
SU to S22J. Inland Steel S5 to-SSTJ 
and Republic Steel to 3241. 

Aluminium Co. of America fell 
3 4 Mo 3383 

.Among prominent losers in the 
"blue chip" and " glamour “ 
categories. IBM fell to $265 {. 
Bauseh and Lomb SU to S49i. 
Tcledyne S; to S66j. Du Pout Si 
10 $106$. General Motors to 
$383 and Burroughs $5 to $65J. 

Flbreboard. one of the most 
active stocks feU 81 to 815. 

Price move ments were mixed 
on the AMERICAN SE. The index 
closed 0.03 down at 121.39. but 
advancing stocks' outnumbered 
losing ones 2S7 to 251. 

Volume was 3 23m. shares 

( 2 . 0 Sm.). 

OTHER MARKETS 

Canada steady 

Share prices remained steady 
on Canadian stock market yester¬ 
day, with the Toronto composite 
index creeping up 0.2 to 998.4, but 
declines marginally outnumbering 
advances. Golds rose 7.9 to 1,371.3. 

In Montreal only the Utilities 
index recorded a slight Joss. 
w *" Forest gained SCI 


Indices 


SC2II and Du Pont Canada to 
$ 02 » after both reported higher 
earnings. 

Cacraj Resources fell r5 cents 
to $Cl-lo. 

PARIS—Shares eased on lack 
of business. In weaker Electricals, 
though, DBA was withdrawn at 
the upper limit after Lucas Elec¬ 
trical said it agreed, subject to 
Government approval, to pay DBA 
826m. for the 51 per cent, of 
Duceilier et Cie. it does not 
already own. 

Automobiles and Constructions 
eased, while Banks were, irregular 
and Stores .steady against the 
trend. Camfonr gained Frs.2 to 
FT8.U42. 

BRUSSELS—Mixed with a 
majority of issues lower in 
moderate trading. 

Vieille Montague rose B.Frs.46 
to B.FrsJ.390 and CBR B.Frs.10 
to B.Frs.1.122 while Hainaiit- 
Sambre. Coro el ra, and Tabaeofina 
also gained. 

Union Mini ore. however,' lost 
B.Frs.S to B.Frs.728, Hoboken 
B.Frs.55 to BJrcJLSlS and Solvav 
B.Frs.40 to B.Frs^,460. Sidro. 
Asturlenne and Clabecq also lost. 

Petroftna and its Canadian and 
American units rose. 

GERMANY—Prices closed show¬ 
ing mixed movements aftrr 
opening firm under tbe influence 
of Wall StreeL 

Stores fell led by Karstadi— 
down DM16 to DM308 in continu¬ 
ing reaction to its statement that 
last year's earnings would be 
significantly below those for the 
previous year. 

K.T.S.E. ALL COMMON 


Bin Chemicai groups eased by 
up to DM1.20. 

AMSTERDAM—Closing prices 
were narrowly irregular with a 
lower bibs. 

In Dutch Inlernaliauala. Uni¬ 
lever advanced Fls.0.20 to 
FU.12I.70 and Ruyal Dutch 
FIs.0.JO to FIs. 126.8(1, but Akzo 
losi Fls.0.40 to Fls.21.9. 

Insurances dosed htqhcr. while 
Banks were unchanged to lower. 
Shippings and Transports were 
mostly lower except for KN'SII. 
Gaining shares included Robeco. 
up Fis.1.00 to Fls.l 66.50. Rolinco, 
ahead FIs.O.SO to Fls.116.30. and 

Deli. 

.MILAN—Widespread sains in 
slightly more active trading. 

Generate Immoblkure gained 
sharply on optbnjstn ■ that banks 
will accept rescue plans for the 
company. 

VIENNA—Generally very steady 
in quiet trading. Slight improve¬ 
ments were seen among Engin¬ 
eerings and Metals. Union Bau 
Geselischaft. however, came under 
selling pressure, losing five 
poiDts. 

OSLO — Banking, Insurances. 
Shipping and Industrials were 
quiet. 

COPENHAGEN —Mixed in 
moderate trading. Banks and 
Communications ended higher. 
Shipping and Industrials irregular 
and Insurance and Commodities 
lower. There were isolated firm 
spots in Comodities. 

MADRID—The market con¬ 
tinued indecisive. Banks were 
again unchanged, although Utili¬ 
ties showed slight gains. Some 


Sines and Falls 

; Jan. 31 1 Jan. 30' Jan. 27 


NEW YORK-mw jokes 


, 1677-18 iSincea’tnpilatwn 

1 .Inn. ! Jan. . Jan. ' Jan. • Jan. Jan. I ■- ' — — - ■ - ( —. - 

51 1 SO 2? 26 | j 34 High » Low High j Law 


Industrial.. 789.82 772.M 794.12 785.S4 772,4* 771 .571 999.76 I 783.34 ; 1061-70, 41.22 
I : i<il,'77i i2&rl,'18!ill/]^3i pfieZi 

H 89.62; 89.40 99.27' 89.33' 89.63. 89.64 9547 ■ 88.5S I — — 

I : i t7|9i (26/1/7B) 

transport_208.66' 208.7 1 208.71' 209.50 211.43' 210.26 246.64 j 199.60 j 279.86 ; 13.23 

| i I18IO) | (2a/101 i (7(2,139) '• ,3,7.32) 

1 Ulit-ea.... 104.77' 104.91 104.64 105.14' 105jB! 105.75 118.67 i 104.77 [ 163.32 ’ 10.68 

i i.22i2) ’iSlil.Tff) (3J.4.€9\-2B,4'42> 

Tra/llBS TijI ' I I 

0W'« t ■ I9.87C 17.400 17.600 19.800' 16.690. 18.820 — • — — — 


Jan., Jan. • Jan. 
31 1 30 , 27 


31 J 30 ; 27 1 as i Hifib 
<2.411 4S.4S 4S.08! <3.07! 57.07 


i___ Issues traded_ 1 

1 ■«- . BE—.zd 

57.07 ' 4B.0S CnebanRed-- 

(4;1,771 ItglildS) tow . 

Ne» UiR). 


1,840 1.837 | 1.778 

67S 845 I 567 

679 i 527 • 725 

486 465 ' 466 

- 9 12 

52, 78 


Industrial ; I65.85 1 165.23! 166.471 163.91! 186.47 (17,3) : 158.02 (25.1ft 
Combine)/ I 171.02 170.62[ 77M8j 171.64, 187J5 <1S/L77i ( 165.60 'ISllOi 


TORONTO Composliej 898.4j 898J 1 TOOWj 1004.3 1087.4 (13/7) j 861-0 (26(10) 

jn TT/im rgBmrRG , 1 » 

Gold 215.7 216.6 j 218.6 215.7; 216.E (27/1/78) 159.4 (24/5) 

lnrtu-ir»l« ‘ 211.8 211.8 | 212.1 211.2; 214.4 (4/1/78) : 169.1 .2£/<i 


* Hhsi> ei inn-t i^ianjeo >rmr» anguia JA _ ____ 

■Inn. 27 j Jao.20 ; Jan. Lj j Tear ago lapprox., 
lod. dir. veilo v I — ■ ■ - ■ ■ —■ 

6.02 5.92 I 6.93 ! 4.27 


STANDARD AND POORS 

-:---:-L57TT3— Sin*;* lompilac'o 

' Onn. ; J»u. 1 Jan. Jan. i J»Q. i Jnn. i-—■ i 

31 • 3>) > 27 ; 26 | 26 • 34 ; [ Lov ' Uigb \ Low 

iTn luitnal, 9IL35 98.44' 97.61 1 97.47- 98.59' 98.26; 118.82 j 87.47 I 134.84 J 3.52 

, • i'S. 1/77| JJ 6/1/72) (li/l(73'i.i30/6:32) 

{Composite 89.26 99.34 8B.5B. B8.5EI 89.59 89.86! 107.00 8848 125.95 | 4.40 

! _I 3,-1/77) l''26/l/7al flI)L*73v >1(6(32) 


Ind. dir. yield 
ln>L P'6 Kano 
L-ns Gi'it. BmuO yivH 


1 Jan. 26 j Jan. 1? ' Jan. 11 J Tear ago lappnu.) 
; 5?ii ' 5A3 t ilia ' 3.87 


Australia 464.71 
Belgium iD 9333 
BenmirkC^) 96.97 
France Cri 1 ' 60.1 
GermanyCt;': 7933 

Ho lland H\>- 80.5 

I 

Bong Kong ; 405.32 
IuJy uC, W.24 
Japan *i) 58£.0< 
Singapore ; 266.02 


; 215.7 216.6 218.8 j 215.7; 216.5 (27/1/78) 159.4 (94/5) 

• 211.8 211.8 | 212.1 | 212.2; 214.4 (4/1/78) i 169.1 >2£/<i 

' Jan. | Ft*. ;t9l(-lo ld7/-ie 
Zt ; s-iout ■ Htcb Lon' 

er- 1977-76 1977-78 --;- : —,- 

us Hlsb 1 Lw Snain 9535' 95.51 JiCUv. 9*^6 

^ -|c0 I2 i- .25<W1c 

>. 96 1 <79.<i I 4L/JUO Sweden 56c.77 I 364.E6 1 4l6.ob I 2 ce.ffi 
' >5/1/7?,, (1l »3foil ,<04/11. 
1.40 • 99. li- so.JZ. Switerl'dv* * 512.0. 309.7 1 old/ iiu.o 
.U, 1,77,12.1.-78 1 .3 3) 


; Prer- 1977-76 1977-78 

feu ■ . High 1 L>«* 
<66.96 ■ <79.431 4L/JUn 

;'5/i/7tr,i iicft 

■ 95.40 • 99. Ifi 90.45 
. .Ti), 1,77,12/1/78 

i 96.88 .107-9i I 96^4 
•9.61 4s2b.ll) 
60.4 ; o£.i I 45.3 

:fI»liTW (10,6) 
797.0 ; ULi j , 712J) 

. , »17/llJ rW'3) 

’ 80.6 S3.* | 76.9 

, (4,6 1 1 (ffl.'Si 

<06.74 | <S6-17 ! 323.44 

lll/6) 1(15,1/78 
. 56.63 ! 75.71 M.9u 
l U$,llTi\'(Z2ll2, 

580.05 1 59095'360.49 
• (29/3) |i»/ll| 
365.15 1768.021242.28 
l (29(8) ' i5.bi 


Indices and baae dates <al) base values 
100 escepf NYSE All Common—aO 
Standards and Poors—10 and Toronto 
50n.i,0Ui>. the last named baud oo 1973* 
1 Exciudtnii bonds. : <00 (ndusiruis 
4 400 lDd-.. <» UtUIDes. 40 F/oanco and 
2D Transport. •*» Sydney All Orfl. 
• ||) Belgian SE SI.*12/63. i'-i Conennag-n 
SE 1,1/a «ni Pans Boun^ 196L 
iri Commerzbank Dee.. UZ3. i«> Amster¬ 
dam Industrial 1970- •.**' Hane S-nc 
BaiiV fll ;•«. «KB» ItlUn 2/1'73. mj Tokyo 
New SE 4/L’fiS. tbi Straits Ttmev I8t« 
(cl C1o«e. tdi Madrid SE M/12/77-tnBh 
and low for 19^ only. (d) SiocStbolm 
Industrial 1-1'56. tt) Swifts Bank Com. 
•hi Unavailable. 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. at S2.60 to £-—73% <741^1 • 
Effective rate (at 1.95001—291% (305%) 


NEW YORK 


riceu 

Jan. 

ol 

Jan. 

30 

■noirk . s l 

30 

tom Ins; Glare*._ 

48'* ; 

475 8 

. 1 L PL Int'D tionalj 

43 i 3 | 

43 1 8 


Jan. Jen. J 
51 1 3-1 


Jin. ■ Jen. 

51 50 


AddrtSb-.qnipLi. 
Aetna Luc J. Can- 

Air Pn^Iuele. 

Ainx*. 

VlcanA lurolaium 

AI . 

Allaubenv Lu-ll.. 
Alles'ienv Power 
Allie U-bomnwi.. 
Allied “-ftfes... 
Allis l Uslmerv..' 

A MAX. 

AnienvJa Hes=... 
Ainer. Alr.me . 
A/ncr. Knnih. 
Amur. Broadwl. 

Ainer. V*n.i 

Amer. GvaaamM 
Amor. tie.-. Pu«. 
Amer. Ksuron... 
Amer.BtuuePit-i' 
Aniei. Me.lk;<i ., 
Amer. Motors...., 
Awev. Nal.Ofc .. 
Ahmi. Swo-tem ■> 

Amei- stole.*.. 

Auer. lei. a. lei- 

AmeieU. 

.»MF. 

AMP.. 

Ampex. 

Au.-hoi Hikkitu- 
Anueuw-i Bug'Ll. 

Arui.*) Steel. 

A->.A. 

A»uer& Uli..... ; 

A»i». 

Astilsn-I Ull. - . 
An. lii'.btieirt.... 
Aut» Data Pro. . 

A Vt. 

Avm. 

A too Pn«1u'7li..' 
Hail Gas blv.'l..,. 
HanK America- 1 
Hansels lr. N.7. 

j. *.»,>. 

Baxter Tnveuui. 
Heat) Iw Fka»t.... \ 
Be.-umUi.-bensou, 

Uei) «v Uuseii. -. 

Heudix. 

Beo^uet <mo- ‘B\ 
Heililebein ateei. 
Huu.'W A Uevkvr 

Hoeiun. 

1V.4se Casoade.— 

HurJeU . 

Per 1 : IVaruei .... 

Hranitt loi. 

Bn« an -A*. 1 

Brif.lv- Uywfc— 
Hril. Peu ADR...! 
Hrocfc «aj Glass. .• 

HrunsWiok. 

hueyrua Erie.. 

Pudd... . 

Hulova Walrh. 
HurlNitm, 

Hurwuj-ba ... . . ■ 

LampLai soup, 
t.'aitadian rtcihcl 

l auai lUudoipb.. 

t*rn*Ui>n. 

I^O,rrn» A General; 

barter Hawley ... 
tjUarpIl ter Tracts 

IBS. 

CelaWwLrirpu..., 
ueutrai & 
tortuDteed.! 

Ceaw» A Ircrart 
Cbaso Manhattan! ■ 
CbemUal HL. NY! 
Uhesebeab IVmt .. 
Cl«saloS.Faten»..,l 
Chicago Bndse...! 
Cbromnlki.v.i 

Chrysler 

Cinenwia.-.. ..... 
Citu. Mtlacxoo ...I 

L lUCWp-. 

Citle* aervlve.-.. 
City Luveating-. 

Cooa Cola-- 

Cdctue Palm .2.. 
Cg/lKU AUttiuuz-. 
.Columbia (>h...,| 
Columbia PIcU...: 
<jora.latCo.blAm 
CombObUon En^., 
Combustion ho- 1 
C'm'w’tb Edison.] 
Com'wth Ull Kell 
C orani. bateliln-.l 
vl omputertmencti 

Cnnric.,....,,.< 

Cuff. hdlfCa .V.V.j 

Consul Food*.J 

Consol Nat. Gao.-I 
Consumer Puner! 
A oOUneiilal Grj,.- 

lootinottai OH..1 
i^ntiueDtal Tele 

font mi Data.• 

Cuoper indue.j 


CiwkerXu-.I Zdt 2 

. Crawa^eiierbaefa| 315* 

, t-urmninhtn^tDe. 34 U 
Curt-IVrltht.| 18 

Liana.I 22sa 

j Dart Iqriuatnes..! 553a 

i Deere-.I B3a B 

, Del Mouse .f Jf3(< 

I Uelu.ua.J 

j Dentsfly I nter..., 18 
i Detroit, EdlsuD... Id; 

! DiamondShamrkj B7U 

■ Di.iaphoue_; ll'.s 

l Digital Bquiu~.5a 
j Disney iM'aJti...J 33*8 

I llDwr Corpn. 383j 

! Dow Cbemii-nl^..; «53e 

Dresaoc. 39 

I Du W>ui.' 106=j 

! Urine, industries: IBta 

j Eagle Picber.I 181; 

East Airlines. : 7)g 

I Eastman Kolak..: **534 
! batou. 34 lg 

' 6_ G. A U. ' 16 ,'e 

I bit Paso Nat. Gas. 15 J® 

! Eitra... 1 B63i 

j Emerson Electrto| 3BU 
1 Kmery Lir Fr'gtil'. 371; 

1 Eintert.. 1 28 U 

I E. 11.1. 3is 

. Engelhard. J4i2 

1 Estnark. ■ 2734 

i Kill vl .| 19i« 

; Exxon.... 45/.) 

] baircbildCunera; ie6sa 
1 t*e>J. Dept.’Stone*; 06 
| Firestone 1 ire^..' 15 
; Kst. Nat. Boston. 1 ualx 

: Ftexi Van..^.. 161a 

I Plinikou .20 

I Pi.jri.la Potter....I SOU 
[ Fluor.| <j2i» 

I E. U-L.: isorg 

j For.I Motor. 41a* 

| foremost Muk....: 77Jg 

| b'oxt--*ro...; 30 U 

FrmuMin Mint..., 71 a 

r reeport Mineral; 18l< 

i Fruebaul..■ 24.3 

t'aqua Industries' 9&a 

G.A.F.■ 11 &, 

Gannett.., 361* 

'.■soAmer-la_■ 9 

G..U .1 .,....1 25i* 

Gen.Cable...^.' 11 a* 

Geo. Uynaouca...: 41 
Gen. Elei'Crkn-...! 45a* 
General Foods....] 29la 
Gunerai ailiis-., [ 271* 
General Motor*,..I b 8 <g 

! Geu. Pub. L-til_' 19 

(Geo. vttfiuf. 25a* 

• lieu, lei. Elect...! 25); 
Lieu. lyre.| 245g 

Uenevco. 52a 

innrgui PaatHr >..i 24 lg 
Gbll.v Oil.......... 1591* 

Lunette..25 

Goo.lrt-hF.F. ; t9ig 

Goodyear'Li re..., 16i» 

Gould-. £ 81 * 

Grace\V. K.„.. 8 bla 

G*t- Atiszi rite lea- 7ia 
(irt-.Nonii Iran-. 30J* 

I Greyliound __mj a 

GuU is. Western...! 11 '-a 

Gulf Ull__ 241a 

Hatiburton.j 591< 

Hanna Mlame-' ! 36la 
Uaraucbieger....] 15'jg 

Harris t-urpn.1 4 1<* 

Herat a. J.. 553* 

Heub/eld.I t5is 

He»'M£ Pretax!; teis 

I biHiday lana.. l«jg 

Homffltate.......... 56 

Huiuiy well......... 44 

J Uixira .. llJg 

• Hoaf. Corn Amer,; 23 ^ 

| Houhou N'aUUra:* 235g 
[ Hunt(Pb.A.)Chm; 11 

| HuttundLf 12 
1 . C. Industries...- 83 1 g 
ISA.-. 36U 

laceraolKand. 66 >8 

inland Steel...-..' '471* 
lastlw.......—... | 121 * 

InietiHDi Enenji: /a* 

; IBM...B65.S 

j lutE t lavwirs.; 301* 

j Inti. Harvester.... aeiB 
{lull. MioACbeiu- 395 * 
lull. MulUlwis.. 20 oa 

! it«u.; 15 

I lad. Paper. 39sg 

■ IPG. *7Jb 

• I 11 U l^“.liber. B 

j Ini. Lei.i lei.... 28.* 

. I««*a Beet- i7i* 

IL Iutemallrual 11 lj 
jJimlValte:.J 27>* 


Johns Alanvllle... 1 
.Johnson Johnson 


311* K JUsrttjjrp. 

341« J KauerAIutnuu’rn! 
! iaig : hauerIndustrie*: 

.... i Kaiser steel-. 

.Kay...■ 

: 45 1 iveunsvit-. 

; Z4 Eeri M.Kiee. 

; 22 -3 • ki.j.fc Harter.. 

1 ,2?® ’ bLml»ney Clark.. 

I 161* ; hralL....: 

; -71* buoperco.-1 

I J* 6 * ! Lari Strauss.* 

4X.J Libby Uw. Food-..; 

| 33ig I 

i ?§* a ! Liwtett Group... I 
I 25ie ■ Lilly >Eli. 

I 32 s * I Lm.jn ltklusi_; 

■ 107 Lockheed Ahtr'H’ 

I I Luae 

! 183® Loq^ UUnd Leri.) 

1 | (xiisX&nal^nil-..! 

, ^6 j Lubrisel.. . 

1 34 I lucky stores-.—! 
in-, i L'kttBlTunaat'wn. 

, *”;■* I MacHIlian. 

j I Ubl-> k. a- 

1 |Z!2 1 llcr. Hanover.-. : 

Ill* Marathon Oil— 

! Marine MMland. 

: 2 5,* Marsball Field 
27t* 

• 191* Mar Dept. Store* 

. *s MCA... 

: 27 McDermott.. 

35'. g McDonnell Do op 

15 M'.'Gm<v Hill.. 

. 25 j Ueracoe*.— 

. I 6 I 2 I Menra.—. 

20ig r JlmriU Lynch .... 

| 29 j* I Me** Petroleum . 

I 531* 1 MGM—.—.. 

j Mini, MlnaAM tg 

i ifi 1 * ■ Mobil Corp—. 

• ^2 , MiHbllttO, . 

’ iZ i Motgan J. F....... . 

J 30sg . Motorola -. 

i , 1 s * - 

*9 1 Nabiaua. 

; 24, a NaLvjCbemieal... 

9 j 2 J National Can. 

, 115s ' 

■ 35lg j Nat. Duallem..., 

' 9i* ■ .NbL Service ind. 

■ 25/4 I Natrioua! Steel—J 

■ llSa i .Vatomaa. 1 

411* j-VCJL.-.- 

1 45.3 Neptune Imp.j 

291 3 | Sew bn^tand El.. 

■ 876j ' New En^riandTei! 
1 58Sg Nlapsra Mohanrki 

19 Niagara share...! 

■ 251 2 A. L. industries.) 
i 2513 N orto HA Western' 
j £35* North Nat. Ua*...; 

I ni 3 Ntnii States Fwr] 
] 24Tg Nth weal" Airlines; 
1 1S8 Xtiweu EafliwrpJ 

, g 6 . 

; IQ,® lUoAtenuUferoli 

I irH i Ujnlvr Mather... 

' 28 4 I Ub ' r> IMiwn.-..,.- 

• 2S.« J 0lul “. 

• ' Dversena Ship.....' 

1 | Owens Coming... 

i 10 Direna lliinoia....: 
! ai-* ( WbliIil-G as...—: 

.S 8 / e luu.. 


■ Is>< |» l “-. 

• oo ^ 8 ‘ Dvecsena Ship.....' 
1 | Owens Coming... 

I , ff* Direna lliinoia....: 

£1‘‘ ftu.be G»...-- 

, la? Pacin'Ltg briny..' 

VK.Pwui.iZj 
\ Pa nAm World AG 

I Parker Hannifin, 

Peabody lot ..— 1 
I S25* Pen. Piv^Lt..-.., 
/ ; Penney J 

1 6G5s Pdiuuotl. 

, 14 tg Peoples Drug- 

! 36 Peoples U&)_ 

1 44 Pepsin. 

115 3 

5?!!? ! Ppriua Elmar.,,..'. 

2«'8 * Pet_ ■ 

10'B , Filter-—■ 

j !!■« i Phelps Dodge—! 

1 «4Sfl . K)it)arfn)phh. Hl s , 

I ffc PbUtn MoiTO....: 
! S ?? 8 I PhUtjpa Pettol’m 
| “i* Ihtatnuy- 

■ lz, a ! Pitney Howe*.-.. 

'\i. ] PtriAroD.—... 

‘ 266.871 LM AU|{ 

1 «0 4* . 

8B3* POiHri'io. . ; 

■39"a I PoUxoae brais-... 

■ Ml 1 Fit,, tndostnes.. 
1413 [ Pri>_-ter Gunri >.. 

. 397j Pub Serve Elect..; 
27 13 : Pill nvia ....,. 

BI(S I Puiyx . 

, 29/a 1 Dusker<Mta.. 

1 U / ltap/.i American. 

87.’* Kavlbeui. . 

Ills -Kt-.V. 

I 27.g 1 Kepublic SLeei.... 


I Eer/wi.. 

| Ucrnulds Metals 

; Reynolds K. J. 

: Kich'son Merrell.; 

! KurWsrell 1 nter _.| 

I Uolun 4 Haas 

! 

: Horai Uutrli.I 

1 U1E..! 

I Kusa Logs.; 

; Ryder System 
1 Safeway Storea...* 

: 3 t- Joe Minerals.. 
St. Kegio Paper..: 

Santa Felnda. 

Sun Invest.. 

Saxon lade.... .j 

Sublit/ Brc«rias„ 

5cUlurabetxer.. 

SC«.Z——__, 

scan Paper.. 

j sworil ilra. 

S. -uitr' Duor Ve«i| 

Sea Containers...' 
Seagram........... 

Searle iXl.D.).-— 
Sears UoebniA...., 

SEDCu_1 

Shell Oil. 

Sbelllransport...' 

Signal. 

1 signed* ..' 

| simpiicitr rat... 

: Singer.-. 

. smith Kline_ 

. Sunt run.. 

Southdown. 

Southern Cal. Ed.' 

' soutnern Co. 

:Sitiu. Nat. lie*... 
i Suutfaeru Parlli.; 
SoutbernKaihray, 

; Suuiuianrt.... 

: S’w’i Baa..whare> 

I Sperry Hutch. 

; Sperry Band. 

' Squib.' 

'. Standard Brand* 
st.y.C(i/CaJ(('M-a/H ‘ 
jStd. (Jil Itvliann. 

|SW. Oil Ohio.• 

| snuff Chemical. 
Sterling Drug ... 

I oiudefcaker-.‘ 

■ Sun Co.... - 

I aundscrand. 

syntex.. : 

levtraicoior.-- 

Tekt/raniz—-- 

ieiedrne -— 

I'elea..—-.j' 

L'eneeo.. 

Iracro Petroleum 1 

Texaco—.—. 

TeXagUlf . . 

Texas Insun.j 

Texas Oil'l Gag. j 
Trxai Utilities.... 

Time Inc....._ 

Tlnvea Mirror. 

Timken... 

Trane... I 

Trau«rnerica 

Ttanu-o-....... 

Ttana Lamo. 

Tea assay tni'mll 
Tnoa World Air. 

Travellers. '• 

Tri Cu rt t in ea ral... 

T. K.W.: 

VAb Centmy Fox, 
CAL ...I 

lakgo.. 

uisi.! 

UOP.. 

Call ever.. M ..i 

Unilever >'\‘. 

L'nkni Baucurpi...! 
Union Carljliie...; 
UTtino Coiruneroei 
Culun Oil CaUf...! 

Union Parthu.. 

■ | Cnuvyal.-. 

Called Brands...! 

• Untied Corpb...— 

I US Bancorp. 

j US. Urpaom.• 

, UaL Slioe..■ 

1 Cs. Steal.I 

! U-TechnAlaijieg..) 

I UV Industrie*...., • 
Vl*wiuia Elfc.*...., 

Wa^jweo..—.; 

WarnerA'omran./ 

J IVarner-Lambert 
I Wttate-Mau'raenl 

Wolls-Farao. 

j Western Bano.n 
j H'aatnra ili. Amei, 
Wesieni L mnn... 

1 Wcr,tiugb*e Eleui: 
i Westayci .-u . 

; Wnverhan..ser. „ i 

. WbirJtwo!. 

• Whim ijm. rn- 1 .. 

1 "T||am C*. 

| Wuronain tlvci. 


40T 3 . 40.'a 
30 ' 293, 

s3i* 53 >* 
21sg 213* 
29Jg 29 >* 
29 j* ; 29: e 


Ml'ot/wwtb. 18 ; 18 

1 Wylv_. 01 , ■ OJ* 

Xcri-.x.. 45U 1 4415 

Z-l-ia. 16/t . 17 

letiilb lUuil.) .... . Iaig . 13 3* 
• L.S. I um* »\ » #4 . t94,* 

[ Ls.lnw'Jivn.i;' 101 y, + 8 iis 
I L.S. 91 Day bllK.j b.39 r, 1 6.41^ 


CANADA 

Vt'ltlM Paper,,.,,' J 

, .\ njio.' Eagle. 

' UcanAfumiiiiuni. i 

i Algol >m steel. 3 

A-hetru*. i 

' Itankot Mom 'cal 3 
B* n k N 11 .'i !»< ig 3 
• Havre* kivwne*. 

BellTeiepiiui.e. S 

j bow- Valiev Inns., i 

1 BP banana.. 2 

. Binvnu. I 

' Bnib.n.1; 

I utiyirj' l\*cr....; .“ 
Canada LVintnt.v 1 
{ Cana.l* h W Lmii.i’, J 
. b»ii ImpBnkCuuii' 1 

1 Caiiailn Iraluct.... 

' Leu. fViri.'-.. 

j l‘s,i. IVi*itf.' lllV..; 

1 Caii. snp^rOiC... ! 

. Cnriiiiu O'Kerte..' I 
j '.aresiar A«be*<U«4 

■tvi.*rin 1 ii . i 

| '.•■UJIDl'J. 1 

. bou*. Italburat,„.i ■ 
Cnu*nnier (■«••. 

l-.VlalD L'u-li. 

UcniKfl Mhk*„ ! 

B<in»11iw»..' 

Dome Petroleum' t 
lAmnmcu Knitgej t< 

1 Lb. nitre r.. 

; I/upinl.‘ 

i rticcn'c* Ni^ke. 
roiu .llolur La,i.„ f; 


[ ianiklai.■ 

IttauL Tei’wknie. 

' GuJlUil Caiuma...| 

| Hgwkei sub Can, 

Hoi linger..; 

I Homo j 

Hudson Bar Hog; 

! Hudson Bay.._, 

I Undcout^uA tiai> 

1 i.a.c.: 

j Imperial Oil,.; 

| iuira...J 

[ llalal.■ 

Inmurf Nat.(«aa.., 
luCpr’i PipeLine' 

| kaiHn- l(e-*«jt 

I LauirnT FmCVrit'. 

I Lilian bom. 'B'. 

I Uc'lllln'll Ulnnll’ 

I Mn-u/v PensuHon': 

l McIntyre. 

i Mianesvrpu.: 

| Now n- U VI 1 D«... 1 
-''wveu Euetj;v,..i 
Nthn. lriexmi.... 
Nuinre. Oil A fra,. 
Cakwnrgl Pfrli'i,.- 
Paul lie Copper AI' 

PacilicPelrnieum 1 
Pau. Can. 1'et‘ui! 

ftrtiuv.• 

Peoples Dei it. a,., 
j Place Gas A 
Placer Developiui, 
fascrGaienu'ii 

1 Pnce._. 

; ijnriiec -sturKenu! 

. Uangcr Oil.,,,..,,./ 

' Read 5hair.. 

• Rio AIuooj. 

i Koval Uk. tii Can.: 

. Uovai lruet.; 

' sccptrrUesoLjic*" 

[seitgraujs. 

! Shell b'aaailn,—; 

, sbtrriuU. Miues 
1 aiebens U. G....... \ 

a/infradlr.' 

■itey 1 .’I l axwila... 
SUav '.‘■"IV I roil. 

1U > b ■ ua-ia.... 

I'.nu.lto LK'IU.Bk.; 

I twM*bR!ll*l|«Ll>. 

1 mis Mini,it Oil, 

Itiwv. 

Llrlvti liare.. 

I " *1lit H main....' 

J Wh-i f—i IVn. ’ 

, I?r„. ... 

! 

, ■ A.‘>M |!*1 » 

[ I Traded. 1 


: 26 
l 13 
■ ZB 
6 

‘ 30 
1 39Jb 
I 161* 
j 175a 
, 42'g 
1 /U 
; t87i« 
1 187g 

i IbiJ 


p 1 * 1 . ; a area. 
New ,ioek- 


NEW YORK, Jan. 31. 

second-line companies were in 
demand, notably La Seda de 
Barcelona and Santa Barbara, both 
overbid. .. 

S WTTZEKLAND—SUghUy higher 
in fairly active trading, stimulated 
by yesterday s firmer Wall Street 
close. . , 

Markedly firmer slocks included 
Blektro-Watt, up SwJTsRJ to 
Sw Jm. 150Q, CIba-Geigy participa¬ 
tion certificates. Sandoa 
Registered, and a few higir- 
vieiding shares such as Itato- 
Suisse. Pirelli and Sued-EIektra. 

Leading Banks and insurances 
were well Tnaintained. 

HONG KONG—SUahUy easier 
cm scattered local selling in dull 
and featurless trading. Volume 
totalled SHKIS.72 (SHK2SJ20). 

Among “blue chips / 1 Jardine 
Matheson lost 10 cents to 
SHK12.10, Hong Kong Land 5 10 
SHK6.60 and Hutchison Whampoa 
5 cents to SHK3.55. 

TOKYO — Sharply higher in 
active trading on selective buying 
interest mainly in ** blue chips ” 
and export-oriented issues. 

Voliune totalled 310m. shares 
(330m.) and the Nikkei-Dow Jones 
Average rose 34.13 to 3,111.67. 

Toyota Motor, up Y10 to Y845, 
Honda Motor, up Y21 to Y531, 
Sony, up Y70 to YL840. TDK 
Electronic, up Y30 to YL3S0, 
Sharp Corporation and other 
export-oriented shares were 
bought on tbe belief that the yen's 
rate against tbe dollar has stabi¬ 
lised for tbe time being. 

JOHANNESBURG—Golds weret 
generally easier in quiet trading 
ahead of tbe EMF gold auction. 

Heavyweights Vaaf Reefs and 
Uarties rose against the trend, 
putting on Rl-15 to R23.o and 
20 cents to R20.10 respectrveiy. 
Elsewhere losses ranged to 50 
cents. 

AUSTRALIA — Easier, with j 
Banks losing ground on expecta¬ 
tions of lower interest rates. 

Bank of NSW eased 4 cents to 
SA5.20. after touching SA5.18, 
while the National and ANZ each 
lost a few cents. 

BHP gained 2 cents to $A3R2, 
while Properties finned on 
prospects of easier home loans. 


NOTES: Overseas prices siiowa belov 
exclude S premium. tu»tg(an dimenes 
are alter ivltbtioidlDa tax. 

4 DM50 deaom. unless odienvtse stated; 

V pi as j B 0 deoom. unless otherwise stated. 

Jk Kr.lUO denora. unless otherwise stated. 

® Frs j00 deoom. and Bearer shares, n. . g-^j. 

unless otherw ise stated, t Yen S9 denotn. J Sf55,JJ2S? b *l[ [ 7 sl 7Tq 

unless otherwise stated. S Price at 

ol suspension, o Morins. h Srwmn 7 « |o°oyear- i 7-s«77 8 7 * 8-753 

■: Cents. J Dividend after pendms rights 
and/or scrip Issue, c Per share. I Francs. 
n Gross, dir. h Aasnmed dividend alter 
scrip and-or nshts issue, fcA&er local 
(axes, m % tax free, n Ftancs; ineiurttnp 
I’niiac div. p Nam. a Share split, s Div 
and yield exclude special payment, {indi¬ 
cated drv. u Unofficial uadlns. e Mlrumty 
holders only, u Memer peulng. • Asked. 

♦Bid. I Traded, t Seller. rAssnraed. 
ctEx ririus. xd Ex dividend. xcEx 
strip issue, xa Ex aJL * Interim since 
increased. 


GERMANY ♦ 


H.n-.: 

iVrvimhf 
it.Xed.wrts. 
b'oiiimvr*l)ank.....l 
lonti (.ninraii. 1 


—5 
:-l . 

78 0.7 


Daimler Benz.'. 311.5-0.1. 


Dupurra.. 
Denire^ .... 


156.5. 14 


Deubdie Bank....I 306 —1.7 


DrewJuerBank. .. 
Uyi-hv-rboff Zemt. 
Luteli.-iffnira g.._. 
1.1 "jd. 

Ran^cer. 

Hiei-Lift............ , 

H.ittrt,. 

H.irtcu.• 


248.5 . 80 

155 --5 4 

212 l -0.8 12 

113.5 -1 12 

233 +1.5 • s9 
125.8 -0.5: 16 

43.1.' 4 


TOKYO 1 


— , ...- 454 

„„ 6 0 Casio-- l! 660 

..l 399.. 

20 ■ SJt ■ Dai XippoaPrinU 612 

-- ‘ Fuji Photo.- Jl .545 

18 : 4.1; Hiucbi. Ml • 

~ — • Honda Moton. 631 

19 3.1 j House FootL-.11.020 

IB 3.3 ] t. ;tob . I 230 ;.. 

19 9.5 1 Ito-Vokado_!l,860 ;_XO ! 

20 . SR-Jaos__! 584. ^-15 

80 .4.0 .|2,700 17.-... 

,9 ; 1J Kanaat EtMbPwJl.060 1 . 

12 | 2.9 ; Konawu—. 1 301 1-4 

; 5-2 . Kubou .—. 1 379 •—1 ■ 

=9 33. Kyoto Ceramic.—.2^00 1+10- 
16 . 6.7! Mataushira Ind-.l 580 +6 
A I 9.6 : MlisuMahiBank..' 279 _ 


ire-K-mrea™.,.....-- l 

iS I | Aaaoc- Con. Lndoatriea-.— .')!» UM ' 
ic 1 \'n Aunt. Foundation Invert— fOJ>5‘ 

22 ) U-B3 p.:.. .. . 

3Q I ?'o Auitlmro.___— jO.43 MUW v .. Source; Rio de Janeiro SE 


35 1.7 
22 2.8 


Til 1 10 | 4.2 . Mitsubishi Heavy] 145 


18 11 Auw - 0il * “M-. tQ^9 !+ttJDB . 

_ j tl Blue MfltaJ lucL__ J tO.S 8 +0J2J . • 

in J 4.7 Bougainville Copper—..—. ■ f0.96 r 1lJ02 •„ 

IB ! so Broken HUI Proprietaxy- t8.38 +(Lm I 

a I Bff Axirtt_1093, -Ml . . 

« H CarlKra Chined Hnnraxy- 11.87 „. .. 

S5 0.7 o. J. Oolea..—..^1, JL9Q ‘ L 
M CSe<SH_;.—- ■ t3^4. 


liali und self.....,, 147.5-rO.7 ; 9 ! 3.1 • Mitsuhlshi Coro.J 416 '—1 13 
KafB.lt.—( 308 .—16 1 20 | 3.2 ) Mitsui A Co..—316 i. 14 


Kauilivf.. _ 

Kj.-«.-k-nerDra 100.] 

WfD . 

Krupp..... 

Liu.le.: 

Loeenbreu 100. 

Luftbansa.. 

MAX. 1 

MHQQf-mann. 1 

Mcta/lpes.- 

M unehvner Unot-I 

Xcnkenuaiu.; 

PreusMS Dm 100.! 


2 2f = _ M : 20 i 6 -° I Mjtvukeshi.....j 521 

i'* I ta Te. •' i >PP on De»»—1.150 


201.5 . 

168.5 —0.5, 

232 •—2 , 
523 +11 ! 

113.5—2.5 
117 —2.9 


RlwinWest Sleet. 1 189.3 1 .- •! 16 


Stherlnx.— 

Siemens. 

Sud Zuvker. 1 


258 —1.2, 
293.3-0.7 
250 + 4 ! 


Tli.ram A.G. 119.B—0.2 

Varre.-.j L73.5 -0.5 

TBB\.- 114 +0.5 

1VreraJ;1Fev, Bk.| 304 —1 

Vnlk'tva**ri.■ 207.7 —2.3 1 


7 . 3-2Is**!,,,!prefab. 945 ^35 

12 ; 3^i^hiH«Iu.: 969 [4-26 

14 1 3.5 I Sony—.— 1,840 i+70 

10 1 2.Z jTHfahoMarine.—j 252 +4 

18 ; 1.7 TakedaChemIaU.i 312 —3 
— I — {TDK..11,530 [+30 

7 I 5.9 1 Tejin..«l 122 !.. 

16 | 4-0 . Tokio Marine—»! 496 +6 

30 1 53 J-ToldoEJeetPovrV. 1.120 .. 

16 , 2.8 1 Tokyo Sanyo...—i 269 —3 

17 ; 3.6 ; Tokyo Shlbaura_.j 134 —8 

11 • 4.6'toray-1 133 « , 

14 ■ 4.11 rov.;.ia Motor-... ; 845 +10 1 20 

20 ' 33 ' Source Ntkfco Secnrtdee. Tokyo. 

2 ‘ ? I BRUSSELS/LUXEMBOURG 


^ 11 cse«l)-:.-.-f; 

J, QoldflaMo'Aiu'.;— 

if 16 t ^ aSftineP _~—.—J 

14 2.2 CnnzlnoRlOTtatdJ..-_ ....1 

20 1JJ- Cdsutin Australia—. 

15 0.7 HunJop Rubber (fL).—., .: 

12 1.0 BSCOR—...--- 

16 LO Shier Smith.——_—— 

48 1.6 R2. Induatriaa.—c. 

12 2-9 Gen. Property Trnirt-— 

30 1.6 Hamera/ay-—_... - 

20 1.0 Hortter___: 

40 1.1Anrtniia --- 

11 HR Inter-Copper- 

.15 2 A Jennings industries.—-- 

ir\ ! If Jc ‘ n * 8 (David)..... 

J? i Exploration.-- 

WjLl MJMHoldljiink.-_«... 

• X f _ S Slyer Hraparium.. I 

J 2 H Sbw i—.—j 

XO 4.0 Oiujliolffs laLenmaoml^—.l • 

10 3.8 North Broken Hidings (SOcT 
20 1 ^ OakbridgA—-- 1 

rr- Oil Search;_..-.I 


: H J6 topi *' 
tio - 6 i5 



i Pioneer Concrete.-—.-1 

I Reektn.A Dolman.J 


to 23 rl\ Jhwary Si 

U »1 {&&" 

fLOO -| East - 

10.16 - ...... I slsbont 

tl.70 1—0.02' Harnjnay. 
tl-86 —. j Kinross 

12 . 80 .. Kloof ■ ... 
1056 . +0211 Rtddvnbnr*. 
tl.16 _/ Sl .Hetena 

Jl-76 M) J171 Sontbv»»i 
10.08 |-0.Bl.'Cdld F 
tt.46 (-0.02 < Union 
n&a v +oRB • r ~ 



AMSTERDAM 


A h. >ld iFl^aii_, 

Ak*>.> il l- D)..] 

\IU+ruBnkiKL100 
A met. 1 FI.IO 1 ... ! 
Am rvBanki 1‘1 £D\ 

Bi.ienk.irf—.j 

BokaWest'irtiPlIO: 
Kalirm Teltvr.^ie' 


nr Div. ThL 


Jan. 31 

Price 

j+or 

~Drv. 

Fra. 

Yld. 


|- Fra. 

i 

•Set 



_I ELC-Sley h^..--—....I ,10.7,6 +0J11.|: ; 

HT’!.,., 1 Torah iilLi ilrn ‘ T,E . —---J . tO-19 _ .J p 


% | Arbed.-.2,025 


TVaitcoa ... f 

’Wettera Mlhmg (60 oenufl.) 
Wootwcstha.I 


-•—2- —_ I Bn. Brx. Iamb.... 1,422 Ul4 t 60 4.2 l. 

1 —2 ■ 24 I 4.7iBtkBrt“B"-:1,725 U-5 112 6.5 '. .. 

.9—0.4^ — > — -CJ.B.R. Cement.J.1,122 .1+10 90 8.0 • 


Tl-75 ‘ - r 

NJ.95 g 

+IJL4 r —0.02 p 

-L 66 I Staftmtrtn 

/ ; . W’.IVAm - 


331.5'.- ASSLtf 6.8 I C«raerill.| 353 f—7 — — 

79.5.Aa44 5.5 I HBES.— 2,405 !+10 177 7.4 

67.3 —0.1 ' 22 i; 6.7 : E(ectro»»l.J5,940 {—10 430 7.2 

80.5—1 1 23 1 5.7 l FarbtiqueNat.—12.460 +10 170 6.9 

118.7 -0.3 ] 70 « 5^ ] G.B. Inno-Bn,1.900 1+5 130 6.8 

67 —0.3 85 | 7.8 Gevaert— — 1^24 <—2 ' 8LL 6.6 


__ , . . ,Di». YW. „ 

170 6.9 '• irtB Ert' — {FIs. %■. AfiCl . .->■ 

ISO 6^ — ■ — ■ . 1 . -AdghHtaxT. 

aa 6.6 - 773 1 - 6,8 4*2 a 6 BMtos 

160 6.0 AlriqneOccid't'le] 299^^5 27.1ft 7.1 CN6 


Elwrivr.Pl^a,...! 25S 1+03 121 I 1.71 Hoboken.'2.615 


EnnuiX.V.BMm' 138.5 + 1.6 | 32.B] 4 JS \ Intercom.*1.825 \JZZ -iMB 1 7.8 lAirIJqui -1 841 


E u ruConi C-AF l. Iff, 
GJftBrorodei' P/O 


Heineken (PlJ&i.l 102.8 —0.4 1 14.3.4 \ P* n Holding_'a .480 _ 5151 

BooEOvenaf K13))*; 26.7_: 10.26' 8.0 I Pecroftna._(3,990 +65 174 

Hunter D.lF. 100) 23.1[—0.4 » 12 I 5.2 1 Sou ©an Banqne~|2,76e +10 189 

l.H.C. Rollaod—| 13.8—0.3: 10 7.1 Bee Gen Belgiqu^l.885 +10 136 

KLMiFIKH..; 129 0.5 j — — Sofina-”'2,910 +10 205 

lot Muller .120,.. 39.8+0.2 { 18 ! 9.0 Solvay_.'2,460 -40 &2H 


iv+ii c r 1 ivju 1 .; 

lot Muller .120,.. 

V —■ 1 VIIA 1 1 


Jj—3.6 27.16 7.11 

U? | leil 6^|-gr**e 

*)—O.lJ 94 } 7.6 ^ 


62 +0.6'94.6, SA; KjtvUetfcsnk._6.120 t 80 266 i 4.0 “—-• — 01 94-[ 7.6 £5'?®— 

39 —0.4/ 32 j 5.6 1 1* &rvaJe Beij®., 5.270 f—30 305 I 5.8 -— - ^4 1L16I 3.3 

02.8—0.4' 14 i 3.4 1 p* n HoVii^f^.2.480 _3.3 353.5 —l.fl 31.86( 9.0 

26.7_I0.2B 8.0 I PecroftirarT-._13.990 LfiS 17*1 4.4 Bu^N.Gerrai»._ 343 +1 3Z_8;11.7 


Van Ummeren.-.i 140 —1 1 8 ,5.7 SWITZERLAND • 
PakhoedrFl.30)...: 44 j-1.8' 31 ; 9.6 

Philips fPl.lft._ 1 26.9-. 1 81 ! 6.2 - 

lUmScbVerFLMO; 63.5 -0.7 J 16 1 — ' 

Kuhei+xFlAOi...,.! 166.51+1 — ,7.6 J<n. 3t i Prt. 

Knllra-o 1163+03 A&Z - -!- 

Knrenfu(PlJ50*... f 130.7-0.1' — * 3£ ■ ... 

HorslDuu-h 1 F 120 126.8 +0.1 'A60 I 7.9 Alo min ium._|1.S35 


U«renru(P>Jift....| 130. 
Ko.valDuu.-h 1 F 120 126. 

Slavenburg.! 235. 

StcvLnGrp iFI^Oi: 147 
Tokyo Pac Hi. is S.l 90 


Alnmimum..11.335 ;+20 

BBO *A’.'1,700 . + 10 


COPENHAGEN * 


Andent»nken....l 1403*1+1* ( 
Burm’strW 4/S432 |+41s 1 

Danube Bank. 130 +U 

East. Asiatic Oo_. 239>* +*a 

Flnanhenken — 115U.. 

Fur. Bryggerier.. 324 - i^l 
For.Paplr..80 [—l* | 

Handels bank. 1321*,—' 

G-N’tb’nHjKriO 254 +1 | 

.Mel JEabtr._ '2675*;+ 11® j 

Ollelabrli ..! 66i*]-lS* 

Prt vat hank.| 136 1 —I 

Provlnabauk..; 1483*1—1 


235.4—1.8 ! 19 i 8.0 • BBO '.V _, ... ;i,7O0 . + 10 . 

147 _... 27a 3.71 LihaGeigy/Pr.KU'l.lTO j+10 

90 1 _• 30 j 0 . 8 ' De- Pt. Certs—- S65 +30 

Dnllncer (FLHh-i 121.7;+0.2 iA9L.8? 6.91 l>o. ., 

Vlkim;Resinv3L 42.6—OJS i 20 I 1 . 1 1 CrednauW 2,380 +8 ! 

IVestliinrl'q.Battk! 405.5+0.51 52 I 5.91 Electrowatt -J1,800 + 35 i 

! FiadieriGeorgeH 760 + 6 I 

-1- HofiimraPk.C*rt389.7Sai+5qO l 

Da. (small).._18.973 +25 i 

LoteribodB-_(3,375 -23 

JelmoU(Fr.lOO)—fl.BSS +10 
a -.Vertle (Fr.100). -13,680 -10 

T- _-Do. Reg-.(2,340 +15 

Price ■ -For-Dtv.'Tld. Oerlfkou.8.fPJ3BO,B,44S ,+S 
'*va er; — 1 % \ S Pttem fiiP(P-ieO!)l 29i |+s 

- — — Bandoa. iFr^50j_!4.000 f._ 

1403*1+1* , 10 7.1 Do. PsrtCerw- 600 [+5 
432 [+41a [ 16 3^ i SefalndtecCuFlOM 314 [ -■ ■■■ „ 

130 +U 11 B.51 Sotjer cu (P.100) 380 +3 


JsSfi 3 3 _ 353.S-1.S 31.86 0.0 ggw*.. - 

+65“ 174 4 4 5*N.<N , » ,1, ._ 343 +1 

1 10 189 68 0ftr refour„__ 1^42 +» 6tM 4.8 

+ 10 136 7 2 °*°* 0 -- 261 '^8- SLjdlO.6 

tlO 20fl 71 O.I.T. AlcatoL_ 804 Cl3 68.31 73 SM?;- 

-40 SSi b a m^Baaeafte-336.S« +0.5 » W.iSr 

5? » P saasss: Sb «ss SL 

* iSS 8 c g££p: Sff 

• ■•- rr. PetTOJwv—- 97.1 —0.3 14.10! 14.64 . a 

GhO. Ocddeaule ’ 178/3 —Lfl '4#| 4.6> .‘ Hunhwi 

Imetal- ttAi+OM OjflW) 

—j- A — — - Jacques BareL.._7 ‘ 90.S—3.T —5r*£ j 

i + or lDtf.'Tld. LkfiirOT-...- 138 [-0.1 10^}3J 

I — S % UOrMl—'L.L.; - 

-j-- LegrandW42 ilfsaS 2j6 ^ ^ ' 

„ ; ■ HaSamThanit-. 6*7 T :. 

-=-?0 I 6 2^ . ftLofaaHu -B"—; 1,089 -.12 32*5! 3.0 V”** 1 _ 

+ fSlMoetHemusqy :. 387, ^ 1 lg^SH SeCOPiti^RaawT; 

4 i 2 S 2 LflMoulittSx.134.W&1 JB ~ ■ . . .. 

*l Q If 2.31 Pnrtdas-1383*cJ-0.1119-85 14A -. SRAINt^ '- 

+5 82 3.&’ Pecbh»V—_69,7!_ 7,S18H'l^ 

+8 16 3J1 p-rood-Hichani- i 30 v. ; 


io ce .8 

. 5 ( 3.3 


. Price ■ -for : Dtv. 
Kroner; - I J 


PechUwv--6fl,7f- 7.5,t8^^ 

5-£ P«srnod-Eicha»d+.{ 191.2*1-0.3 13. \ VJS * / 1 .j 

it JSXKSSn ‘gJ-Z* ' 

0.8 Radio TentmkpiaJ 208 85.S! 8^ !**»'- 

0.6 BedcMle7J .484; 1+5 J) .24 l 
3.0 Rhone Poulenc^.’. *62.^+0.1 9 +10,01®*®? 


30 1.3 -6L Gabeifl__ 

36.8 8.3 Skfe HosaignuL.-. 

362 3.6 Aib- 

14- 6.7 &l«n«uiqra:.., 
16 6.1 Tbtmwdn' Brandt, 
26. 1.6. Crinnr— 

26 2.6 ••---r 

9 1.5 - 

H STOCKHOLM 


18 5.0; Swtealr (FJSOi... 850 +2 (8.57 SJS 31 WJVnm. 

13 1 1.4 Sarisi BeuWFJQO)l 421ul'_10 2 J . ■ 

*5 inn 6wl« (B*lP 260)J5,000 -"40 LO Jan.31' 

8 10.0 Cnlon Hank._8.395’1+5- 80 2.9 -:—— 

11 Zorich In*-111.7751+25 40 1.7 AGA Ab fKrAO 

“1-5 I . J. . AlfaLavaLBOCi 


..., 13 11.4 SwfaBaulyTJOftl 

- ; ^1 12 3.7 6^Us 

80 1* | 8 10,0 Cnlon Hank 

I32l<|-; 11 Zorich Ine... 

254 +1 12 « 

'267S*; + ll« [ 12 4.7 --— 

801*1-15* — — ; 

136 _I 11 8.1, MILAN 


* 68 .r+ 0.1 fl- t 10 .a 
114 -2 . UA«A Sana) 
,;600. +10 .39 2.3 
809 L-US r 2S*12.1 
- 608 -4 22J& 4^ faBcO 

128 f-1 1W61L8 &J**- 

19.8 i—(LB {.— ^no?. 


- ;■ jj frnpBr 
Dis vm. 1 Bsuf.union; 


Provlnefaeuk..; 1423.!_| 11 7.7 I 

6nph. Rereadsen-j 35712!.. 12 ! 3,3 j 


duperfoo....... 


VIENNA 


Crediutnrtalt.• 350 

PL-rlinra+er. 260 

Selorta... 577 

Srmieni.1 SO 

#iw Dairaler.... 1 196 
Veil Maun?*>'■--- 225 


192 -1* 


I Price ! -)- IDtvTi’ 
[ Lira i oi^JUrai 


LtrelS 


Ante.I 122.6!+2 Ji — Blect'laxTB'OCJ 

AuaotueAnic_| 990 1 120-12.1 Btfca®‘B’ffiri 


-- Jan.31 - -l&ona. — {"Krrf g; 

AGA Ab fKrAOu 183' -iti -1*6- : 3jD £ C • 
AltatoWJBOtrM ISO lU-i. :.5-}’3w5' 

asbacSt^_" 1-924 /jafA* 

Atlas-CopcofKr&Sj- 121 L —l^P' 6;{ 4^9 

wuerod-—.+.D. ■- as • +1 -- iea^a.-o 

Boforre—11T +3" i-Aj.Zjo 

CetdD-+...J .12-. 3-0'^° 

Ceiiuinsa^—. J T210 . & 

. aiecthnxTBf CK^q ,130 - S.B i 4J0 


Lr^-| 6.6 i 4JS 
,1-4; ;6.] 4i&; 





---—+55ftii^jE*a 








































































































































3 


• -'. • *e.. • 


tipi 


February 1 1978 


'ARM 


. AND RAW MATERIALS 






/;-A~ >**%•. **1 ■ 


.■y -vW ‘ >--' 

?Sir 

'fif ■ :. -<**(5 ^ ’ 


3.V&&S: 


l .J** A' jy-yvV v _v ^ ^ . 


W’SlUliv 


w-. JiS-.i.i 


ia»a? ' 

?>&** 


wIcb, - Our Commodities Staff 

**t rtEC V^:-.-. PAIN’S. FROZEN food com. 


I year for world 
market 


BOCA RATON - . Florida. Jan. 31. 


Tin market 
recovery 

v 

accelerates 

By John Edwards. 
Commodities Editor 


BAHAMAS POULTRY FARMING 


TV'*.-. which are suffering) TH ® COFFEE industry faces a the impact on output of the 1975 producer." But agreement is; Commodities Editor 

:•£{; v through the worldwide- 1 crucial-year this'year with buffer Brazilian frost, aggravated by differences in pro-: xiN' prices accelerated up- 

^j. 1 ! -b tb 200-mite ffBhiijg limts, stocks,- export quota .trigger “Without those stocks, prices duction costs. ■ wards on the London Metal 

-r—\ a , : imported fls^ fo be aRowed prices- - and'continued 'recovery of would have skyrocketed even Supplies, sharply curtailed j Exchange yeterday continuing 
: the U.K. duty free to supply and demand at a stable farther.’’ he said. since 1975, are recovering. July t Hie recent recoierv in values. 

Lr;;-.* iath.• their • jaw material and acceptable price level key Mr. Ford said the Brazilian is crucial as minimum Frost; standard grade cash rip 

ITT. ’■ lems. areas - ’of concent. Mr. George stock is nearly exhausted. “I damage in Brazil would mean closed El9l> higher at £6.375 a 


ICrie. 
*=W-: 
’fiern- , 


BY NiCKf KELLY IN NASSAU 

I MR. LYNTtEX PlXDLIXG, the had worked for 10 years with 5 cents so that foreign eggs eaa 
Bahamas Prime Minister, has several Bahamian-based banks be imported without loss. The 


JfcElGN 


■tnrrr, 
wr«r-»n, 
we:*-;. . 
yroimier, 

Uklj,', 

•Ir. u. 

a.lrt -1 .. 
Inc. ... 

. . 

r.t.. _.. 

KlWt 

6<c^.. 

■nil.. 


sAiry'f-i ,y- ( ^5;' 

•;SWs:.. 3?,.S3, 

T«R\»» fcViD *V 


^■esenr high Drices attd shArt SIawllse » * n soes smoomiy, ne ^uuiing me reasjoimy or * v i\. consumption rcn ean> i lopinc in iho weeks ahead. 

n Jy of demersal white-feh buff *»' an d its finance. Buffer last year when prices rose and: gon'ic ^ nr% i Mn > buying at 

• — « s .fjueh as harfdnrtr- *nrf Mr. Ford said buffer stocks can stock buy and bell prices, the re- consumers turned to tea. | , he ]owcr pr ; ci . \ n Lon- 

Denmark has VnnlLt! to considered but’.net established lattonship with quota triggers. A battle rould develop between ( dun and p cnunt . ha* guen ihe 

— ^ ' J CEC Commission for *ueh » under the International coffee and M?o of a stock need to be rotiiblc and wholc-beao coffee ma rkct a steadier undertone 
• --rmaion. - Agreement. . ; . determined. producers as automatir coffee- ro ,| OM -ine ih.- speculative 

i : .V r s producers told Mr Bishoo An ICO group Is studying such The quoU trigger price is un- maker promotions try in draw ^^Kr-oui that sent values 
over -»h« na«t 'Hvi» « stocks and will report .to the der consideration an d will be liters from soluble coffees to: | Utn Kn,»B in the d;«<i month 

“I IS a? rlSS y TE5 executive Board on a date which reviewed, and ma> be revised. beans. f ,u £u !irli wealed 

! ; !,.ed from 450 MO tnnnJ .2 should be known when the Board »n September The present But coffee promotion? are; |ha , Huco Ban „. r . Bulixian 


ffsh proceesiitg about He said the v«lue of stockpiles an asreemeot. The first such statistics for 

! ./ n P ora . r ? r efftpfoy- was shown when Brazil's stock. “The object will be to set first-half of last year were 

■ ^H DS c 'u ey *?}?• “Sus- which soffte sources put at three prices that are fair to the con- released yesterday ip London. 

- • °f} ® E the tariff will not years report supply, cushioned suraer and remunerative to the Reuter 
all the problems but Jl win a . • . _ _ _ 


: . 

. 

:«t>r . 

■•jwK---..- 

i*-' . . 

nv 

* • 

9-. U A \ 

•• 

J^ri ■» 

;ia... . 

laoiOv 

■si . . 


nrup. T. . *• ir»*» 

- ■ Hj^the industry to ■ keep going 
... . 4e longer.** 

3viet meat 
v itput target 

MOSCOW. Jan. 31. 


Oilseeds profitability warning 


BY OUR COMMODITIES STAFF 


r w ncpriu r> -j EXCESS ’ CAPACITY, dup to year of record oilseed production arrangement for oils and fats l exporter. Australia, yesterday 

: „ . *•' JAB - ■ I poor oilseed harvest iff 1976 and can be said to provide* a firm should avoid disrupting existing' advocated wtnns uji an inier- 

SOVIET Union has raised last year, was undermlains the and permanent basis for further markets or raisin? prices arti- 1 governmental prudiicer-cnnsu 
rget for annual meat pro-, profitability of the oilseed crush- increases in capacities." he ficially. lunderih? long-term con-j mer hotly io mcklc world prnh- 

. - in tiuring the^lSTB-SO 8ve*l jpg industry. .Mr. J. E. Randa?. added. >uniption growth. letm, of «%»-r-M»ppl> and low 

plan by. SDO.QOu? tonnes president, said at the Iplema- Mr. Randag said ihe UN Compensatory finance schemes. 1 prices, report Renter. 

.. tonnes, vlesteni agncul-; ^j ona ] Association r>t Seed Industrial Development Organisa- such as the International • They supported ihn eonccpi 

experts Said here. • , Cnnhurc pnnsrfrsn in Kuala uon (UNIDO! must make mire Mnnei.rv Fund schema nr 111 *- in differing degree*, ill 


.. tonnes, western . agrfcul- it F i0 nal Associatwn- Seed Industrial Development Orgamsa- .such as the Internal.onal They supported the rnneep. “ naH *“* r?^ l '™ ,SS° t 

experts said here . j Crushers congress in Kuala uon (UNIDO) must make sure Monetary Fund scheme or lh»-' in differing degrees in ln J.1 J) 1 ',’ j''?.*. ^ ° ??’ f .? frfl 'J - h .. 

• improve- »i5 RSS Kg fZSSZl'. Z St « m r.Sn e ; ff^nt 


FORWARD SATEmfivsupplies of Uil. soyabeans in Uncompetitive 9eed crushing tries, he said. 1 _ 

...- _ . V Y* “““5 the - 1977/78. season to I.B8bn. plants would he underutilised or But a price stabilisation plan 

- - I I Jr lasr year. Uie experts baa j, e ] S ■ . ,-y subsidised, and waste scarce using international funds to buy rLonn^r -frt^Sntrr 

~T~~t (MMa Wiifi 13.0m. “But Uim lscImUijlJWble d ««l«wmnldeveToping coump. vegetable. UDaDgeS iaCing 


Some htavi irarie buying at The trouble rc*i> with ibe crowding. Lasi March 20.000 the Hatchet Bj.v ran titles" 

ihe lower priev Icwrls in Lon- Bahamas Agricultitra! Corpora- chicks imported from Florida T | lt- o e neral manager was dis- 

dun and Penanu has giien ihe lion’s Hatchet Bay poultry suffocated aboard ihe aircrafr , n i ssc .j" t j ie fcilluwin? month, 

market a Readier underlone plantation in Eleulhera island, hringin? them in after Bahamian According in the Prime Minister, 
rollou-inp i hi- speculate e Thi ? J.50D-acre fat in. American- customs officials refused to clear Board had losi confidence in 
shake-uut thai sem values owned fur 40 years, was bought them because the farm had failed hlJ . ab iij,y t0 handle the situa- 
tumhling in the pa<i monih. by the government for Sim. Ihree K* pa> the import duty. ii yn However. liitl*» has 

in La Ha/ ii was reieaied years - ayu as pari of ns plan for The five-hour delay produced changed Eggs are still in short 

that Hugo Ban/er. Bulhian proinuiinc agricultural .self- « 824.000 loss Tor the Agricul- supply as are chicken^. Con- 

President. seni a mile io Jimmy sufficiency. ^ lural Corporaiion. At almosi iht- tinueil feed shortages coupled 

Carter. L-.S. President. proie*>1- Although the farm’s profit was same lime U S suppliers began with inexperienced management 

ins about ihe rcicriimi hv rurt- onlv 8200.000 over rhe previous cutting off credit because of mil- arc- reported to have resulted in 
sumers of producing conn trie- ir r n years the Prime Minister standing debts of nearly S500.0QQ. the deaths of ”7.000 more 
demands' for a rise in the described Hatcher Rav as a viable ThP - government's onlv re- chickens and losses of at least 

Jniernaijunaf Tin Agreerneni operation purchaser! at an sn , jnse icTafiesations of wa/te and ttW.OOD over the past year. 

price rance^. . extremely sr.r.d price. mismanagement came from tbe A loophole in the law. which 

c " Izl-ZL The terms of the 33m. pur- Prime Minister at the opening of excludes jumbo-sized eggs from 

lie ,iiiimio hV ,h U n»Jt Tin chase l r »an made front one of the Hatchet Bay's new poultry pro- price control, has enabled food 
r«..neii meefin" ■ Wit «. commercial banks was not dis- cessing plant in May. It was when Florida. But the retail prtee, 
I-rnrL^H ' „ * closed, but ihe Opposition warned he remarked on the farm’s great after payment of the maximum 

r * ni.^n- " 1^:1 b\ the time that the Government success. Ironically, the processing tariff, cargo insurance, freight 
cnriltn rin frAm -. - 0 ra»I«ri^ w being more ide^l/sric than plant was forced to close a few and import duty is si.69 for what 
!»n?knfle ^ practical 'if it thoughi it could days later when Hatchet Bay's would be a 70 cent carton in the 

siocKpue. make money under such condi- chickens had all died. According u.S. 

-SrnSSIv?s .. v W 1° f arm } 0U ?* S - lh ? Corporation lnformed sources say it will 

r EfT and a , impVriant Until the governmentt takem-er lacked funds to import more stores tn j m p 0rl these from 

exporter \uMraRa xT-Svrttav m M l irch }* ,i} farm had chicks from Florida. lake at least Sim. to put Hatchet 

iTorZ'd senin- u.. an lnier- ”™ lK * " wm * ° f ^ By mid-1977. eggs were no Bay back on its feel. The 

governmental gru^ucri-cunMi dc,fr, v^(c riiarkt'i ror a> wc.f longer in be found on the shelves Agriculture Corporation has yet 
mcr^Tod!-Vo^lacklc , S D?n!l ^ l ,r, » v ”* ,n « P™ » r >- m.lk and jn grocery stores as tourist-filled to produce any financial state- 
Ictus of a\i-r-Mi»nK and low K ' c ‘ Scteral smaller fartii? hotels snapped up all available menls nr terms nf the purchase 

prices .reports''iJ-nier -uMted ihe remainder of supplies Poultry was also in loan, although interest charges 

Thcv support pi) the to nee pi Bah3n,lan ri0 - tls short supply. Because eggs are are estimated ai $300,000 

in "differing degree* in |n Dm-inhor. 1975. a Baha- pricecontrolled. food store annually. Meanwhile, rather th?n 

speeches at IN meetirt-s on mian was named manager operators have asked the risk total collapse, the govern- 

stabiltsin -1 market supplies and *>' Hatchet Bj;-. He wax a long- .government in lower protective ment is said to be negotiating for 
prices of "copper r,m ' J ’supporter of the governing tariffs from the maximum 60 a Miamitused poultry company 

v Progressive Libera! Party and cents a dozen to the minimum to run the operation. 


surplus tin from Us strategic 
stockpile. 

in Geneva, leading copper 
consumers Japan, ihe li.S. and 
the EEC and an important 


y. 

ih,*'- --S 

V';- r ’ 

»*.- : 

Ah*.' 

■ 

I>-. 

■ • 

't-u 


'WAZSL 


Grain Intervention problems 


Palm oil expansion 


1975 grain harvest ;; 4 . - ■ .v' . . ;.1L . ante* existing ‘and potential com- THE LEAD industry will j BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 

A11 OVnonCIAfl merclal sales would not be I experience b:? technical changes!__ „ ... 

—— -- - - • .X llll vAUdilolUli displaced, he said. !in the next decade, particularly THt Intervention Board pur- with an “instant” meter and over lo per cent. 

_ " • ' . .f “It would be essential under jin vehicle batteries. chased 6.950 tonnes of grain if it shows 145 per cent, the The graln had been - dried 

OCkOlle Tor ■ THE PREDICTABinrbf palm to international funding for new such a proposed scheme to en- - Markei po./th will he slower | ..* nu fE i? i? on do wti to 14 per cent, and" portions 

- *7 • • .... oil-output compared with'annual oil palm projects. sure that only those countries: due to cost escal-jlion and higher; -nj*'. 5 ‘ a> * ..jj?',“ p , u h * “ “J Z-? th of the bu,k n,ust have absorbed 

kiifli Knrpa crops Sich : as soyabean shewed “Under our development plan receive oils who are unable to environmental niitlays. a study. '-.ereas Authority. which and li is on the^oven^ teat that moisture in the silos. 

lUin iVOrea to prevent runaway price infla- we see a continued role for the make purchases on world; by % the Commodities Research operates the system. the calmlat.on for payment ,s undt . rIjnes The need for 

H KOREA will ‘ import tion on world vegetable-Oils ^nd expansion - of our palm oil markets because of limited | Unit out yesterday forecast. During the same period 791 m » de - .. . ihu.v dJlirerinc -ram to make 

soyabeans natural rubber fats' markets in 1973 and last development programme as the foreign exchange resources. In The shirt to iu - .v antimony and tonnes offered were rejected for Th e pro ilenu of delivering . \ ® ll *' . lh 

her .ommodftS this vMr yew Jaib Vlihtmti Primary world supply of veuetable oils ibis way oil imported under such calcium type minimum servicing n «t twin? up r c , intervention “rley within narrow limits can - " that u meets he 
fertta.? and fats 5?l? have to expand Co a ,chenie would, constitute an batteries in the U.S. «M .sundanU. % £2 offJ?e wil^ be hable fo \hl 


ocknile against possible! Industries Minister, saiireports and fats will have to expand to a Mneme wmira wrhiiuic ■»> oanen vs ,n me u.a. iSJla ndaras. - offerer will be liable for the 

ges, government economic IReuter Dorn Koala Lumpur., meet the growing requirements expansion in , Tulal - 0 7a™?n^of've^m^V^ad^^nerv -hi'^h A n,a J c ' r reason fur rejection of barlev from ray farra lo a cost'of the return transport. 

:rs sav Re-uter reports “This feature of long-term of an increasing world popula- not merely a replacement of ventionat lead battery. «.ni,n js nii.isiure content. The J™,ii T . ... ... , 

defining 1SS SL^ZJt''£1 f«r -condary ! »Sd mol^e "rea^ ^ 

' 4*000 toSS of S Se wJpes?' * imhiitrr' is -expected to raise seed markets over the past year, lead producer-w.l! be shared by ^Vtakifan ho^? o? more ^ CCaUS€ of un ^ ini > about the 

' ■ ora tonnes commenting op\the output of lopaljy,processed palm Mr. Randag criticised excessive mines where rism? capacity will laKes . aT1 n< >ur or more, to 15.5 per cent. w,tb an aterage .Sieen pound and the fact 

•” ' . T '7US. soy* producCTs' DppesiUon bii to"nearly lm. 7 tonnes in 19S0. s 


industry' is - -expected to raise seed markets over the past year, 
out out of locally-processed palm Mr. Randag criticised excessive 


speculation. 


exceed demand. 


Tn save lime a test is made of 14.5 per cent., with three loads that prices will rise next month. 


MMODITY MARKET REPORfS AND PRICES 

\SE METALS : , Uta?ta^?*ononilna.c«att wirfibars traded business prominetn. pas bet) the mariiei 


veal: Dutch hinds anl ends M0 to 


PRICE CHANGES 


.Markets 


>ER_5toady on the -Lmidoit Metal :.aj. 4 Cathodes, ihrm (combs £K 4 . also heavy buylnc from one particular ™ “'.‘O. at, London physt-a! markci. F^ir mien 

me alter a d»v oT Rood two-way Kerb: Wlrehars. cash £SSL" throe months quarter. Ttie bartwardauon ludtned- But E twills -.J'.M. 131 *-----.03 foj the res- 1 i, r ouahout th- Say ulowaa qiuel. Lev 

although there were no fresh {£ 41 . Afternoon: Wlrohar*. three months profll-taklns on the tsie Kerb pared taliji peeme shipment periods. Tam ana Jni j p^ 3t repored ib^i Malaysian podcr. _ 

s on the market. Porward taeud ■ nex 5-S. B. d-5. t. fter^t W 1 rebars, cash and the close was £B. 1 U>. Turnover X-(»s clout pnccs firm. pnee »-as 2 in -samei cents a kilo 'buyer. tJO VLf t-i.n kj -p-. 1 !. 

at DW4.5 after an even peitor- 'oii. tittermumh& SStf ti.5. T. 8.5. 6 . 5: tonoes. ^ ^, in ^ February. 

in New' York ovemlKht and there- ; n»—stronow w«ti the market for for- Morning- Standard, wsb^tt.m 10 . .«. COFFFF- 

. raded in a narrow range of IBM Wfln j -in«fl udtlaBJ - higher at IB.UB 20 . three months-0.170. *». •». v U1 ■ .. . , YMC#|Vjir -. fmtim 

4r before closing on .the-Kerb .«t - ^izer gahis^to th* East overnight. Steady I6.2W. 10.. ZB.m. 18.190. Kert. After earlv firmness Robustas slipoed ,,cV : done . Hc-i 

" Tunjover 12 .HO tonnes, . , • twvmij tbraasib our the day. with short. Standard, three months . Is.190. 9a. ln face of trade setting. Urexel Burnham ,LS — . o! ^ _ 4 ° Be _' 


Price* per tonne unless 

stated. 


Pork: English, under !W 1 lbs 35.0 io-i-,- 

to 42 0. ICO- 1 20 lbs W 0 ;o 41.1. 12D-150 lbs . .. . ~ .. ' 

25.0 io «. 0 . ; +■ or . Month , 

Hares: EngbsO. large. 1M0 to »fl.O I | “ . “K 0 

each 

Partridges: Old. 9B.0 io !'5.0 each .-. 

* Very tuab quality produce in limited „ . , ' 

supply Ketalo ; 

___ _ , . Aluminium.£680 ■.E6&0 


raded in a narrow range of IBM wat tf meta! udtU» higher at IB.Hll 20. three monUu-IRlTO. *5. *. vv,ri LL v , buud*, F^iout 50 «-0- 'IMP + ' i 

47 before closing on .xhe-Xertt aftlT gahn’to th* East overnight. Steady 16.200. 10.. £B.SW.. 18190- Ja. Kert After earlv firmnesa Robustas slmoed - A' ;1 ^^ Hares: Engbsh. large. 100 0 to 29U.0 I 107 I “ c " , 

t _ - -Turnover 12.800 t^w*,_ _,^. ■ ■ bn^na rimwabour the day. with short. Standard. three trunibs . I*. 190.m race of trade setting. Drexel Burnham . - 1 . ^ _ _ each 

f. - _ _ __;_ ' - ■ .• ■■ •: j : _ £6.200. Afternoon: Standard, cash. IB.-JO. reports January position expired at , Partridges: Old. 9B.0 io !«5.0 each : 

i ... a.m': Ff^rf p.n*., .Vt»^ --‘"V' r- «:in7 : ~ H- erf j>.m.-' |t+or SO. three monma £6.210. &>. K.20B. 10 . la. r,.900 as late speculative long* forced to ; . s fi(] ,, - y,, R Ra 4S 7n * Very Jucb quality produce in limited „ 1 

■ B1 ‘. Oflteigi | - ] Ii«JnfUa*li : — ‘ - TIN ' 1 OIThial F~ I L'nnffU-l«l| - 20. 25, High Grode^ three monthsi 18220. cover bringing Tall nr I1M from highs. At " 2-gi5'ff *uppb- ^ttUa ^ . ; , 

.- ■ ■ . — - — - j -- - •_ • 35 SO 35. 40. 45. Kerb: Standard, three close valu-s £3 to rii lower on day P&fleci- April.... 46.85 ..DO 4o./u- b.uu _ — _ B1 _ . . _ _. Aluminium.^680 j.........I 6 oO 

■ £'!'£> £ Tl 'af’ -ry-_ v n I aTI e ■ £ months £S,2U). 03. 16.200. £6.100 SO. TO. resurgence of "bear semhnent as spot Apr-JctC *7.50-47.45 47.tO-47.25 47.io-4i.a0 COVEHT CARDEN 'Pricrs to sterttna Free Market feik- \S 960-70 . >960-Hn, 

K - ' - - ■ 1 "• L-- -ij.1n6 6k70 BO +130 LEAD—Firmer on bear and short cover- Ushnie^s cased Jly-swp.. 40.95-48,(6. 4fl.tt-4B.60 48 20-48.60 P .*r p.ickase unless s.aied> Imported toppercaab W. B«rs4;655.5 +3.5'i661.26 ■ 

s • . trS 6M S : 2 •' 63sV;'*ta r^TCiJffoSwin lnS siSoJo i <0 m* although trade selling *nd profit- ° _Oct-Dw- 50.70-50.75 5O.t5-M.20 60-00-50.10 eroduro: OrangM-Spania aalusdanas m> ^ |b , 4o . do. |£S47 ^-3J!B 1:675.76 

'? r. • SuuiiiBrLBB 1 iaalx* * mo**t3k«w|629C^BOO + 110^62*0-50 140 emerged at the higfirr levels, t or- ,Teneiday , » Jen-Mr- 62.50 J2.80 5I.8E-5I.90 52.25-61.30 i"J \a«eK --Jh^eO i.«*h i/rrhode.£624 1 + 4.2516S0.5 : PH 

:■ : nt ^Sos f - l! rtl PJ3 6320 I 185 _ • '" wmrtfiheial stanedai £32« and reached COFFEE ,Jl<yUr +« r l Bu*io«*» AprJn* &C.S5.64.50 iSM-HM 54.4Q.M.85 ■ J !V-J.*Sf ^ momb* da. d«.f636.75.-3.85 fb64.a j lat: 

nl 630.5.+ *; -- fr— Stajtdgr® rojjts tfHrinp tfte memlas beferc falling 1 - UfF6-t - : - ' Done J;.r.Se{ fc ^^55-75-53.60 55.00-55.10 55.90-35.65 Bgp, an. HUM -,5A 0ffM .Tror nr.;5175 873, +0.75--16S 125 1 

.^ 6 ZO B-l +2 5-- 6iiA^4 iF+4 26 "XTi iSu5?«i !iS sm's + 27 5 m»'» 0 027.S. In the afternoon a hl«h j; per tonne Oci-Ue^-, 67.26-57.20 63^0-56.66 67.50-57.85 -'OPMLan. '-•►.i 1 "; Orel*. -.. 0 _ Lemons ^ ^.i^25 '-5.0 L - 354.5 ' *»« 

• . - SKVTot -Ti'S 3_mwttb«..; elB5-_90 ;+l 20 6220-5 -+1Z7 y, day Of 1330 WB» touched Out ihe -- 2J2 >'2!^.. . L , rp ™. 5 month*.£328.75+6.0 US3 ! vat 

H*-' 5 !:; 8 S, M - S» , « n y-i .55?? +,S7 I ~ ;. Close on the Kerb ii+s ££». Turnover January. ; - . 2166.0-1800 --- ^ ^ m - x "-'kel...’ . - 0ri 


ess otherwise 1 C* _ 

__ bugar eases 

as precious 
'kaaJ. metals firm 




New York. 


ndex Lihilte^' 0I-33.L-3486. 
moot Road, Loodoir $W10 OHS. 


Three month Lend 3231*9291 


the Kerb was 1+19. Turnover January-... ; -- . 2166.0-1800 ' 

es M*r>-h ........ 1 74B.0-1750.0 —04.6 1778.0-1740 Sales. 022 >ajrtic' toia of 15 lonnes. 

_. •_ -.— Mav.1616.0-1619.0—Q9JJ 1646.0-1612 Physical closing prices 'buyers, were: 

i *.m. •+or] P-m. :+oi j„i v .154B.D-1550.0-16.5 15BO.O-I545 Spot 46.5p name: March 47.5o (47.26-: 

. Ottciai ; — iunudfelAl: — sepifitnter ..-1485.0.1490.0—Sl.o: 15M.O-HSO April er.Tip . 4 : 5 .. 

—-- , --"T-— Suranjbor... ,1449.0-1460.0 —15.0 1480.6-1451 

,.l. J ““* .SOYABEAN MEAL 


: ay. cn kilos : Q e: Jaffa 20 kilos 2.S0- 


i . Aluminium.£680 .E 6 SO IB 1CLdi.fiI 91 III 

Id ftCrtlDA Free Mark« (cik-iS96Q-70 I S960-nn , •■■**^’*'■**0 All* 111 

*• oppercaab W. Barw£6S3.3 •+3.5 'Eb 6 1.26 • ..... ... _.. , 

■■'"i-mb" do. do. |£647 ;+3JB 1:675.76 Ntn U>RE. Jan ,1 

■1 k uwi •-■•h i. - »rb'Xle.£624 ' + 4.25 1.650.5 : PRECIOUS mel+].- tJosvd firm on i*pci_i*- 

1 , r month* da. dft.£636.76.-5.85 ^‘b64.3 i lative concern on President Carter’s 

-n .Troror.;? 175 a. - ’3 l -r0.7j.'l65 ir5 1 ShSuMnr rauoinn* plan. topper Held 

a Leadi.Hfcb.'£325 '-5.0 £354.5 sicady on llghi drblirase buying. Sugar 

p t ;,“ ojX" i months.£328.75+6.0 iJ53 leased on h«j^- sellinc in light volume. 

1 "J im e’en Nickel..'.' .' — Ciraws eased on comtiiLrciaJ hedge scUIng 


EGAL NOTICES 


140. M97.0I 1979.- - 
le HIGH COURT OR J’USTICS 


£ I £ ■ £ • £ 

Lteh. 322-3 1+7.82-522.3*3.5 +6 

i mintha.J 327.8-8 -7.0| *88.69 +6 
dwrt’im'ntl 322.5 ,+7.75i — .... 

y.Y.gpot.! - ■ 1 - ■ 


SMti'in/ntl 322.5 +7.76| - . Sales: 2.017 < 1.4591 lots or 10 tonaes. Yeuenlym +or; bu».ne« 

1 • • x y ' _ : . ... — >_ ICO indicator prices tor Jan. 30 iL : .S. *-luoe — . woe 

1 ' _____ —--—*--— cents per pound*: Colombian Mild ----.--—— 

Morning-. Cash E32V.3. 13. 2 . three Arabluas 20440 'Same»: unwashed Arabi- £usrtonne 

No 247 of 1975 months 1326. 7, S. 64. S. 74. 8. 7. 6 . C.i. cat 214.00 (same': other mUd Arablcaa Pehroary~... 105.10418.6 —0.45106.00 

” ■ - ‘ '...cTirv 7 . 7.3. 8 - Kerb: Three months £3274. 2u3.U0 i 202.67<: RobuuUb 178.00 isaroe*. Aprils.105.70-08.8 —O.lb 104.60-05.70 

In tbs HIGH COURT OF justice Afternoon: Three months I3S7.5. 28. 28.5. Dally average 190.34 rigo.34'. June_103.90-04.0 —0.10 104.40-23.90 


NO. 247 of 197S 


__ ,nl.1 I-.~T. r t« ““ sr:. —- ------- Arteroaon: inree moruns acen.a. -t.+ uauy average ibu.m dune.. -v. iu 

,wr nf mStrrSK^ttMJTCn iid C2JMce7:y f5/“ ^SSOr.i 28. 39.- 29.5. 28. Kerb: Three months LONDON ARABICAS-Lifeless and .tinker.'HM.fiO-to.O—O.iO UX.i 

vltflrM ATT? t6e ._. Matt f r „^rr, CKI ? A ? JA 029.5. 3d. 29,5. 29, 28.9. failed to generate Commission House, Ocieber.10£.0WJ5.6 * 0.25 106.40-05.' 

matter Of tBB COMPANIES act supplt UM1TCD and In the Mat.er 2 |hC—S teady with the market moved interest. Preset Bum bam repo ns. Values L>wmber... 104.50 064—0.10105.70 


Hungarian: Red DCrt^ tq ui_ 7 .00: ,PAg»h; Producer* ™.™'s60u‘ 6 Q 0 Copper—Feb. 47.40 '57.40'. March 58:00 

V'J - PNJPd Macintosh 0 06-0.12. SP»r““S «. . 1 '57.t01. April 3S.3U. .Mas’ 39.W. July 60.0D. 

Pt 3 K—ItsUiti Ppr pound vllB [ 1 ( i Seoi. 60 Snu n«t> *■■■'■ *511 Tati ct cn sin r .h 

pj^airafMik' O.Ofi-0.12. Mum» S. J-Oconoi (PUI) iM «. Sb60r »63.7Q t May 64 SO July 65 50 S+ni 65 60 

.\m. an: Sania Hosa 1M5 )b per pound Oroundnui.™..^619 ;.-.,£597. 1 D et »00 Sto 


rv ro nrimnr riinrM of The Oomp«U<i. A rt. I9W- , by the same factors as lead although 90c tower to SI48 higher *t close. 

NOTICE IS -HEREBY Uiat_a mjdmg v,-as thinner. Forward m-tal Prices fin order, buyer, seller, c h ange, 

Peuuon foe the winding up af the above- g^,,^ at c^ 5 . m ov«J up to S 86 and bnsinessi—April 206.73-2074P. +148. 

D,raed comnsm? by the then fell hack to I28S. In the afternoon 207.73-307.00: June ]93.60.i03.m. +6.07. 

?? ’jg?. ■“g.-*Lrj? l, 5!- Justice was on the 5Srd day ofJamury ^ held between £Ml and £282.6, closing 19545.19340; August 1S0JHMS043. -0.63. 
' ^rSr « presenieil io the said Court by m Kert at E81 Turnover 4.373 1S2.09.18040; Bee. U3.00-138.00. ■‘-L 43 ml; 

..7 BE L Ca *2'^r g - 4.C- MEDICAL EQUJK.JENJ IWUMS. Feb. 147.0B-1474D. +1.V2, 147.39. Sales: 

ants, of IffT'ChaPt Farm Road, UMITED. p O- Bo* 2 . East Lane. ■ ■ _ _34 *33 • tots of 1743D kg. 


February.’10 f.5(MI8.6 -J.75 - 

Sales: 47 lots of 10<1 tonnes' 


■resented - to the ’ said Conn by 1970 sresented to the said Court byi-- , h( , Kl>rfa n , «« 

CEE tg arml. taartered g»c MEDICAL EQUIPMENT Kerb al 1381 

ants. Of IMT'Chatk Farm Road, ujRtEIX - P.O. 80 * 2. East Lane, f t ^ Bn * * 

.. NW1 8 EB^:aftr Ihg*. the Wtd Wembley. 3 id dieses, and that the said 1 - 

is directed to be heard before- Patriot) is directed to be heard before 
m girting at the.Royal Courts of uj C gating ai the Royal Courts of 

Strand. London. WC2A ILL on -j u e 8 ce. Strand. London WCSA 2 LL. on 
1 day of February 1978.' and any ^ 07 ^ day of February 1978. end arty 
Or contributory of the said freditor or contributory of rhe said 


In person or by We counsel..for. lns tn person or by his Counsel .lor that siocni 
nose: and a copy of rhe Petition purpose; and a copy of ihe Petition jjgj 
fumabed by. ibe understgnefl to «[q furnished by die undersigned to Three 
diittr or cohtrlhatory of the said _any creditor or contributory of the said ^, 0TWt>< 
r requiring meb copy 00 payment Company requiring such copy on paymem biiw iim 
ecu I sied charge for- the same..', or the' regu lated charge for the same. rCeoi 
HAROLD STERN & CO.. • JENKINS. DOflCETT & CD.. unoffici; 

5 Uoibom YiaducL . . a. MuHords Hilt. > - _ 

London, EClA 2 AR. Tadley. Cf] 

Ref: B 8 . Tel: 01-238 96M Baslngsfdfte.^ - 

SoUdiors for the. PatUloBor- HWJU. RGS 6 BJQ Silver 


•-in. 

Official 

r- 

p.m_ 

iCoofficiil 

:+ «■ 

i- 

1 £ • 

■ * 

• r 

258-.5 

i+4 

25S-.6 

-5.25 

762.6-3 

. + 4 

, Z62-.5 

-2 


1 * 4 

— 

1 . 


• . 

' 50.5-51 


Cash 

£258.3. 

three months 

i. 3. 4.5. 

4. 3.5. 

3.25. 3. 

Kerb: 


JJS“-. S Pcarv—itallan• Per pouted Oita I , 

- Jwiogs'fl— O 50IB5.4 PjvacragMne 0 06-9.12. PIuit»-S. Loeonui, (Phil)-;S660r )->562.5 

O^Sh^r'. Q-.'oftS'BTn'jS 05 -10-115 60 Aftn-an: Santa Rosa 12-13 lb per pound Oroundnui.. '£619 ;._.|£597. 

iO’ WBS I o'lo 105 70 '' 6 ° P 7J-144. Crapes—Spanish: .Umeria 3 . 00 - Lmeecd Crndefo)..|S265 i-^3.0 ; ; 

“ .inj'loSHln'Is .12*: Catlfornian Red Emperor per pound V*lm Malayan.^-.jSABS? C..>.)5517 

Febr^r.i...^ I • 75 - -gjsMUPs S African: Alphonse 9.00. i ’ 

Sales: 47 1 *? ■ lots of tCl tonset. rjocen of ihr Vineyard s.oti Apricou— I I l 

6 . Afncan: Per pound 0.35-0 40. Bananas 5 m da j ( 

CIir.AR — Jamaican: Per pound 0.1G. Tomatoes— t-^pni Pbillip-{S385y <—8.5 5580 

JLUflJV Per 6 kiios. Canary: 3.5tM.20. Melons— Soyapegn iL.S.I.._;S23B.4.- .._N247.6 

LONDON DAILY PRICE lor raw sugar Senegal- Vellow 3-15s 9.30-S.00. Capsicums 

fill iflIOi a tamre Ctl for Jan .-Feb. —Canary: Per 13 lb 3.0*. Cucumbers— g-_ ln , 1 

shipment. White sugar dally price was Canary- 2.3(-2.Stj. Onions—Spanish: 2.30- £*“**„,. 1 

faed at 017 •4113.39.. :: tw. Cautinowars-^J-?rsr r - 6.00: French: H»mp toi" oeVs Znaa'rm- 

First traded unces for March and May 6.00 Potatoes—Itaban: 20 -lb 2.40: canary: ururer_.^ 73.5 —046-70.8 

NrK »om« 50-75 points above kerb levels. 25 ltllos 5 iu Celery—Spanish- li 46s 3.0+ ^ "V—..^ 

New crop accounts showed link- itnprtc- Jfrom.-b No.o Am.£97.5 1 .t9S 


SUGAR 


LONDON GRAIN FUTURES tGArTA.- ^ ^pVccounlTshowed liltK- improv-: ' '' w-h^ N0 ’* 

riheac buTfound good tonwmer bnyrng «ms °a«u Enql,s i' pro fXo. 1 K»i Spno;, £B4.5 


profit forced values bath to clow between 


unofficial ekiw t SM Mr olcul. 

SILVER 

SUvqt was fixed 6 . 6 u an ounce lower 


Dec. 6 S. 00 . Salei. J.300. 

! Cotton—Xu. ?: March 55 76-33.83 • 83.85 1 , 
I May 5648-56.55 «59.69‘. July 57.75-5744. 
! Oct. 59.60. Dw. 59.10-3940. March 39.60- 
,60.10, May 00.18-60.90. July 8048-81.30. 
1 Sales. ’>25.000 bales. 

! “Gold—Feb. 175.60 '174.20.. March 177.70 
. 1 173.4(1'. April 173 90 June I 6 I.. 1 O. .Auc. 
J !W.iO. Oct. 196.70. Dec. l£P.4i> Feb. 192-20. 
1 .April 195.20. June I9S40. a us- 201.20. 
•Oc:. 284 SO De... 2074(1. Sales. 6.000 
; + Lard—Chicago loose 2l.0u >same>. New 
• Vorfc orim,; st<.am 22.50 traded ,samc■. 

'Maize—?.Jarch 2Jdt-2’.'ii -22s;,. May 229:- 
229. • 220 ;,. Julj’ 229.. Sept. finJ-JJn:. Dev. 
.226-2233. March 2 J 2 l-' 222 i. 

SPIallnum—April 21 v H>-219.90 '2!6.(K''. 
JnJy 223.M.X:i.70 'I’fO.M- tier. «748- 
22. 70. Jan. 231.20. April --’24.50-215.1)0. 


2-bU'. Man.h 
. May 307.00. 
c. 532.00. Jan 
532.10. July 


crop barley well bid and dosed 90-95 
higher on miwmal trade, reports -Adi 


Cunlerence *«.w. rr,7 -^ V’’ »-t'***ipf > « i 55 »- w * Se P f 3*7.50. Dec. 37940. Sal«. 

Sprout*—Per pound O.to. Parsnips—Per =‘*I i «AjL» -sa2S4o:-«bU./(i 3.100 Handy and Harmer spot 4Q4 10 

2*-lb 0.50-1.00. Turnips—Per 2S-lb 0.69- ^ug«r iKiW}_.. jem j+?.0 1 1*10? !.493.38'. 

. AL..L.U. «h„a A IV nfllLlffR hdt ' OCT,. f Q?rt. i 


March .1120.76-21.00,182.16-8245 122.26.20.60 5 »*• Rhubarh-Per D-Jimd 0.21-B.22. t ^>--{ 267 . 


.—Any penon who intends to ’ NOTE.—Any person who tniwiils , to ^ delivery in the London halltm WHEAT I B 

JO Ute bearing o* the paid Petition j appear on the hearing of the earn penuoo market yesterday, at 2G3.6p. U4. cent 'Yesterday'* + or -Testerdar 

ro on, or send by pojr to, the must servo -on or eend W P» enoivaleflls of tbe Uxutg levnls wen: spoi M'nth 1 rlon ■ — [ ck*e 


rre on, or send by pogr to, the must servo -on or send W.Wf W *|J* eQoivalenis of the tixins levels wen: soot M'nth' dote ! — j 

nned notice. In. writing, of WS abovt-naroed. noth* hi writing u nis 495 c, down O.Str three-mocth 5fl34c. down _;____ 

1 so to. do. - The hotlco num InunUoo so io do. The notice must Bute 07c; su-monih 5124c. nochansaj, and liar, i 05.75 t-O.M 

t name and addHtcAf flit.nman. ihe nme and address of the person, or. uta. Hnvn o &c. Th* imual «■ - 1 an nn 1 _n ii 


~-l I Soyabeans—March 5641-363 «5704>, May 

I ]72j-a72J <3771 1 . July 3, i)-577. Aug. 577*- 
Onquowd. a Seller’s quota. I ^ 07, SSSi-MW, Jan. 571-571*. 

i pound. 0 Ex-tank London-! IlSoyabean Meal—.March X504M50.ro 


t name and address-of ffi# person, the name and address of Ihe person, or. jj-nxrmi, 332.9c. down 0.4c. Tbe nteial jj 8T ’ ] bi.10 
firm the name and .-address or Ilf a firm, the name and addrem of the ppe^ at 254 .K 55 .ip (495*^970 and aeut. 1 © 4,40 
1 and must be., akned by the i Arm, and tm»t b*Upml Br& omm u . 55.^5 i4»7-4W*e). Kpt. : 06.90 

3T. firm, nr hla nr aoHr+or 1 nr Arm. or his or their solicitor 1 u any>, _____ I 


H-.firm. or bis dr. their solicitor or firm, or his or their aoiiriior irf any*. , , , -,- 

and most be served, ot If posted, and mast bo «ervod o r. jf posted, rausi I ! , . : 

.■ sent by poet in sufficient moe be sent by 0 «t in snffldcnt tane to -silver bunion 1 + L-XLH. H- or 

-' ■ the abov»nained nor-later than reach the above-named nor hw iwra .- ppr tlaidtr — I dew ■ — 

^'dock in the afternoon of the four o’clock in ihe afternoon or me frpvwc. pricing ! [ 

’ of February 19& 24lh da y of Fehrnary 1973, — - -- 1 —|—+1-‘- 

+uj ^253.Bp ■—0.6 253.6Sp -1.25 

a . . f mj 6 month*./257.5p [—0.7 2S7.7p -1.58 

i complete commodity isfcss?. : 


,r Inw, «Rn “Irnt March .|155.25-33.7blM 1 6O-56.M,1S4.M.53.05 i-p.9^; OB plys 589P uer fcg.l.w. t+0.8.. Fe b. » Fet 

\ r° -D5 Slav....!lS5.S.5f,a'1!7.00.57.55! — England and wales—Cartlo numbers down April, w, 

S;« cts SSJ5 |Tos - i «. VTi-L _ S^’Sr^TSSi “■ 

here. ■ 06.90 1 + 0.00 82.40 tQ. 36 Tate and Lih ex-refinery price for r— 1 . 0 *: Pigs up 1.1 ner cent-, average 

___ _ ' : _ 1 granulated basis while sugar was £-£.49 53 .;, p r+o. 6 t. Scotland—Cattle down ioj 

rtnr.i_iwhnM-ir.n-f. cc injfi n 'Miiitit tonne Tor home unde and £176 per cent., average tt.SQp f+£Si: Sheep 

,or . «. p0 ^ - dotro 10.7 per cent., average l**P _ 

Slay sS-IM'^Sa. SepL K^O-W^D, NOV. Internatleoal Sugar Aureeinen*—Inrt'ca- unwn n.i ner cent.. F 


beiw/+M. J^L F * b - pOAprtL rDec.-,*133.80'. 5,ay 153.70-153.50 (156.001. July 
timbers down *Mareh-AprU. uFeb.- 156.5O-156T0. Aug. 157.80. Sept. 137.00- 

MMn tlfSr "*■»*■ »Jac.-March, c May. 1-7 ^0. Oct. 156.00-1*1^0. Dec. 157 jO- 

tmirr xPer 1158.00. Jan. 13&2S0-159.W. 

«Bt., average l Soyabean Oil—March 20.40-20.50 120.261. 

anls down 10J Mai- 20.22-20.48 ( 20*3>. July 20.40-29.30. 


t complete commodity 
futures service 

lether your interest lies in one or in a dozen 
the commodities traded on the London 
ures market the CiC.S.T. information, advisory 
j brokerage sendee can be tailored to your 
»ds. Up-to-the-minute prices and background 
a?s are constantly relayed to our clients and 
ding advice given when required, 
r those not wishing to make trading decisions 
: ms elves we operate a comprehensive 
inaged account service. 

U details of our range of services can be 
tained by contacting Mr . L. J. Clarke on 
4R0 . or HTiting to *' 

X.SX Commodities Ltd 

= ^ | Walsingham House, 35 Seething Lane. 

)! London EC3N4AH. . 


•Jr - _=4 per cent. Fob. SB.23. March sttJPi 

lke—T urnover 180 (MOi lots of 19.000 transhipment East coasi. D.S. Hard 
ounets. Morning; Three momte '357 7. IVlnier uriiinzry uD4iiuicd. AusmJltn 
7 J. ;jf. 7 . 5 , r. 4 ." 7.a. 7 . 6 . Kerb: Three wheal unquoted. EEC milling wheat 
months 237-6, 7.7. .Afternoon- Three unquoted. 

months 259. 9.1. $. 8 . S.7. MaJa: y.s.- French Jan «m Fob 

i rnrrt a ^ So<11 ^ Vnt-an unuuoied 

[ LUvvA Barley: Unquoted. 

After.yeady opening, values drifted lo hgca—E i-farm spoi prices Jan. 31. 
j imtureiess trading lo. uMC barely swadi. other mmins »treat: Humberside £90.50. 
reports.Gill and DaBus. Gloucesit-r £».!» Fean wheat: Hnmber- 


S'«- UB rSHf* mSS; '"“rnatlonal Sasar Agreement-Ind'ca- ,+ 2 . 5 .: PUs dtwn 13.1 per cent- 
,, Barley. March Iar prices >U.S cents »r pound fob and ;eera«e 61 Op f+1.0- 

■u.io-.3May 78.15-i6.B0, SepL oiL Nov. '^owed Caribbean porn: January .ID- 

i..48-aj.Sa. Sales: 73. Dally pnue S.75 isamei: 15-ddy average __ 

IMPORTED—Wheat: CURS Xo. 1 13* __ ^ , HinnOY I I K 

per lent. Jan.. Feb.. March LSL5D Til- EEC IMPORT LEVIES—Effective to-day AilwIlC I 

bury. US. Dark Northern Spring No. .* tur denatured and non-denamrod sugar 0 

:4 per cent. Fch. S3.23. March £81.7=1 m Uhtis of accowt PCI M Kllw -pro™ cnDOnmOat 

transhipment Easi coul. U.S. Bard ‘"Ji rac 5 e jf k Whllg: J.,a '-4.01-. Paw: MltCUliitfll 

Witter ordinary unquoted. Australian 1938 * ... 1 

wheal unquoted. EEC milling wheat __AufTIllT IlLTOlV 

unquoted. WOOL FUTURES OUlpllI UKcl\ 


1 Pence Mr mini 

^Australian Yvricmia.r + ur bnsmes* 
l>rt(ivlT'<.l Cl.r-r • — ‘ L»un<- 


YeatardayV+or 1 Bmnneaa 
COCOA ; Ctosa — ! !>«*»• 

lio. 5 C’dA j 

March._1BW.0-6I.0 r-13.5 1S89.0-16M 

J&v..1478.5-78Jl j—9.25 1484.0-1471 

July_:_,1460.0-62.6 l+OJo 1462.9-1440 

*_ o Kit l+u n iMi 


Glouceait-r f».l» Feed wheat: Humber- jr.-,.*. . Ei2.0-a7,O -1.0' 834-0 

side £79.70, Gloucester *76.90. Feed -]?S 2 nj 4 o “ _ 

barley: R umber aid t HQSu. Gloucester j u j r . j« tn gj.a S].o _ 

£78 - 2fl * On'otarZIfiM-^-O ; - 

December —240.0-43.8 +0.5 S3E.D 


COTTON 


• March..1248^45.0 1+1.5; — 

Slav-..-.[245.046.0 +4.5- 2*6.0 

Jolv—.,.p4S.O-4B.0 -4.0 246-D'i 


July - i COTTON. Liverpool— spot and shipment ■»«it..~... pared WiTfl lu.iom. Last year, it 

sepi- JimTnl fi !“i n iMLniMB B * l * i amounte d ^ » toanw bringing sale#: 15 • I0> lots of 1509 kilos. attributes the expected rise Of 

Dev. 405.8-06.0 1 + 1-0 4Jfcu mhb the total , for iha week 50 Tar to 1.740 SYDNEY GREASY no order buyer. s | a uEbterinCs TO a resumption Of 

March.17|5.048.Q ,+6.5.1380-^1686 r ^. e «™ dv 5._« u ^»? «U«V bOSiMB, sales»-MIN ran.Contract: J^^p^ET^glSSrn, wiS 


By Our Commodities Staff 
U.K. SHEEP slaughterings this 
_ year are expected to be substan¬ 
tially higher than last year, says 
the Meat and Livestock Commis¬ 
sion. 

In jts latest Market Outlook 
report the commission puts 
slaughterings at n.35m. com- 
_ pared with 10.18m. last year. It 
attributes the expected rise of 


financial times 


ZB6A1 j289.77 j 333.95 | 260.62 

fBaSa: July t_ 1052=1001 

REUTER’S 

Jan. 31 Jan. 3ffiTonth ajdi Tear agu 

1401.4 1399.5 j 1421 .9 j 1610 .0 
/Base: September is. i*n=imt 

DOW JONES 

“Dow | Jan. Jan. 7 Mmihff*»F 
Jdum I 51 5u | inn I agr- 

spm --tf47.62l349.15'$47.07 391.68 

Fntnro4S30-aa;M1.84!33T.74!382,?4 

[Average 1924-^26=190) 

MOODY'S 


--- Jna. Moutb Tbu 

Moody'g | 31 { 30 apj bk'- 

Spla Comn»y)889.2‘896.4.88 2 .5 :E95 j 
[ December 31. (92t=IWi 


Mav—.*173-0-78-0 1+20-5 WTO th« offtal-v was narrow, but funner Jtaroh 5s9.£*r -38 V. 540.0-33S.5: Ma 7 j 4 j.fi. IDO USU8I marKEtmg pattern, Wllft 

„ , ■ mieresi was tttn m Middle Eastern s* 4 .». s <4 5v445: July 5J0.5. sji.o. 361.5- a much lower carryover to next 

I SaJ«r 4.0W I4.S421 lots 9' 5 lOtiDes. tfljaliq« including Russian and Turkish. 339 . 5 .. Oci. V54 l. 354.4. 255.^3»1A: D«. VPar (han !rnm laif veir tn this 

laiematlona! Cncaa OrganteUtw iLV5. y w Tuners*Ms mms. cs 7 . 33U.ll. PW.1KJ9 8 : March ;<S 4 . S6S.2. ,J2® n '/?S- 851 ^ 1S ' 

nRS!T l MiSj£fia EA.MS.T FISH-Suppiy rcodiram. SmBa SafSis. *sV *««.* In 19.6 ll.O.m. sheep were 

Mu Sw* "SS i!!S' W ito inland lair. «Prki» ai ship’s side un- July Mfi.u. 3t.: a. nil sales 144 slaughtered. 

ssrsus ssii^sjijist meat/vegetables , lD ^ final q F uart r last s ir 

If FTC f 4 .otf- 5 . 20 . medium I 3 . 5 M ro swan E .00 itic/a i / slaughterings of sheep, other 


IIVTC f4.5tfs.20. medium I3.5M(jo small n.oo » / iLULinuLLJ slau^hteringF of sheep, other 

* 4 -.. . 349 : igrgf pimce C 6 O-S.S 0 . medium smithfielo 1 dkc D-jr ppuiidsec/: than owes and rams toialled 

. DUNDEE JUTE—Vflrw Hem. but quiet D. 48-13 JO hen <araU L> 00-£3.4n; Urc^ Sdltrh klllcrl side 47« ’f 49.4. >]> : ||«h) ., «« «ilh 'filim in 

Prices ai £275 lor BTC afltfai and al skinned ncsMiJi 48 30, oediura £7.00 sides SI w Eire imvtoBarters 57 5 ip 59 » r l ’ comparea w'Un _o—tIu. in 
£2;M c and' 1 G.K for Jaa.-Feb. snip, sguhc n ju-j.M. lorcquaricre S7.p » wo. the same quarter of 19*6. 


slaughterings of sheep, other VF(iFTARf F flfFS “uW iv r w id. hnsh c i , n rior-’ 
B«f: than ewes and rams, totalled 77 „ P J :4 Ib ““'"‘i. ‘Cmi: p^r 

>:ll*d o i-?rn rnmnarfri wilh 7 'Mm in LONDON PALM OIL—Closins- Feb. ’'liC !S Ih WMbel rr-warehom.- j» r C f.i, p- r 
5S n “‘^ rl ■ compared Wlin A.j itu. in sj art p -j;o.(»-2sO.M)- April Mav jane. ’-*■ lh bn^hvl, es-warrneusc, l.rtH bushel 
the same quarter of 19.6. Jub. .Aug.. Sept.. o«. -jcu.c-o jtc.i-o. mis. 


Aug. 20.22-20 30, ScpL 19A0-19J0. OeL 
j 19.35-15.40. Dax 13^5, Jan. 19.10-19j0. 

Saaar—So. 11 : March 9.40-942 

tunavaU.i. May 9.85-9 76 lonai'all.i. July 
i 9A9-S.B0, Svpi 10.04. OOL 10.1S, Jan. 10 .li 
.bid March 10.66-t0.70, May ;o.$ 1 bid. 
.Sales. 1.963. 

Tin—5S1.O0-507.OO aak-d is*cni-. 

•*Wheat—March 2661-266! < 2 : 05 .. May 
2721 .27«?. July 277i-277. Sew. Suit. Dec. 
; 290. March 3». 

WTNNIPEG. Jan. 31. *vRye—1K.0O 
bid 1 110.30 bid' July 106.50 asked iios.fft 
nom.riel. 107.40 asked. S’ov. 109.0’) 
asked. 

ttoau—May 77.60 bid «7 t^ 0'. July 74.90 
.bid 175.7b asked'. Oct. 75 80 asked. 

JSartoy—Maj’ 77Al 1 75.101. July 77 » 
I bid <78.20 asked 1 . Oct. 76.79 asked. 

! SSFIaxseed—May 210.60 bkl ran.Do hid'. 
1 July ros9 oci. 2 ii.ro asked. 

| Nov. 217.80 asked. 

! Wheat+SCWTRS 13.3 per cent, protein 
j content cil Si. Lawrence 400j «403». 
j All cents ner pound e*-warehouse 
I unless otherwise stated. * Ss per troy 
: ounco—luO ounce lots. + Chicago loose 
]Ss per inn if»—Dept, of Ag. prices prt- 
uons daj. Pnmr Steam f.o.h. XV bulk 

■ tank cars. : Cents per .76 lb bushel cs- 
varebouie. '■ nun bushel lm,. 5 55 per 
irnjr unner- for -Mi oitm.-i* units of 03.D per 

. cen’. pucitj deliver'll >.’A". ' Cents per 
, troy ounce- es-uarehouse . xow *■ T; '• 
contraci m 8 s a short ion for bulk Jolt 

■ of ! 0 fi -non tons delivered f n.b carv 
; i.hicaao. Toledo Sr Louis and Alton. 

tv r 60 th. hnshci tn sloroi 
• ’ Cents p- r 21 lb hitsfi, |. ' C; ntr per 






24 


Financial Times Wednesday February 1 1978 


STOCK EXCHANGE REPORT 


Markets subdued again but equities close above worst 

Index down 3.0 at 467.0 after 464.5—Properties weak 


Account Dealing Dates 
Option 

•First DecJara- Last Account 

Dealings tlons Deal! n gs Day 
Jan. 16 Jan-26 Jan. 27 Feb. 7 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 34 Mar. 7 

Ume " dealings may lake place 
rtwn Ut a-m. two business days earlier. 

Stock markets made another 
drab showing yesterday wi*h 
further widespread Falls in all 
the main sectors. British Funjs 
opened slightly firmer on better- 
than-expected news overnight 
about the U.S. economy, but lack 
of follow-through support left a 
further broad list of net falls, 
generally to and the Govern¬ 
ment Securities index shed 0-23 
for a four-day fuss of MS, or lj 
per cent., at 75.01. 

Sentiment continued to he 
adversely affected by the growing 
pressure* on the Governments 
pay guidelines following the addi¬ 
tion of the railmen and .sas- 
vorfcers to the already lengths 
line-up for hefty rises in "the 
public sector. To-day's start or 
the tanker drivers' overtime ban 
and work to rule continued io 
overshadow the market, while the 
CBI's latest survey of indii®tr!.il 
trends did nothing to brighten 
the afmonshere. 

Leading equities were lon’.-insr 
set to repeat t^c previous dnv's 
perfnrmpnce, hot the lenders 
raTl'ed from early falls to close 
wcl] above the v.*o"st in nlnces. 
The late improvement w.?s Jarrelv 
technical but owed something to 
some good m-e-lment buying fo* 
the en-jineerin-' maiors wh’ch 
have under-performed the mark?t 
recently. 

As on Mondae. the bulk of the 
day’s Tails in the oqiiiiy leaders 
had been registered j n the early 
trade with rhe FT 30-sha r e index 
Tecording a loss of 3 2 :<t 11 a ' v v- 
the day's lowest was at noon when 
the index was o.o down, hut thu 
subsequent rally loft n ner fall 
of 3 points at 4/17.0. Second-line 
stocks Tailed to partiefon’e in the 
late improvement as reflected in 
the near 6-to-l maforil® of falls 
over rises in all FT-quoted 
Industrials. 

Widespread falls in the FT- 
Actuaries equity indices were 
usually limited to around 1 per 
cent, the All-share being 0 9 per 
cenL off at £03.94—.just over 10 
per cent, below' its 1977-78 hi'll 
recorded last October. The 
imposition of new regulations on 
the dispensing of med : eines left 
the Pharmaceutical rnd-x 1.6 oer 
cent, down a* 247 56. while 
uncertainty in *he Pr*>»vrtv 
market engendered by differing 
opinions about the Hou®e of 
Lords decision in the Fitzleet 
Estates v. Inland Revenue case 
referred to by Lex yesterday left 
the se«or index 2 per cent- off 
at 2SS.U9. 

Official markings yesterday 
amounted to 6.388. 

The U.S. December trade 
figures were less bad than ex¬ 
pected and allayed recent fears 


about protectionist moves by that 
country; this ted to slightly 
harder quotations in the early 
stages for CiLt-edged. Genuine 
buyers failed to show- any real 
interest, however, and prices ran 
back to close with losses usually 
limited to about l at both the 
long and short end of the market. 
Trade was again quiet and feature¬ 
less. The long tap Exchequer 101 
per rent. 1995 shed ) further to 
274 for the £30 stock issued at 95 
about three weeks ago and yet 
to he traded other than on a 
notional basis. Treasury 10J per 
cent. 1999 eased i more to 53: 
the (in.il call due nest Monday is 
for 40 per cent, and not 44 per 
cent, as mentioned io yesterday's 
issue. 

Firmer initial rales for invest¬ 
ment currency were not held and 
on scattered arbitrage offerings 
coupled with other small sales, 
the premium reacted to 72_ l per 
cent, before closing a net I; 
points lower at 73 per cent. Yes¬ 
terday's SE conversion factor was 
0.7701 i0.756Sj. 

Banks friendless 

The major clearing Banks 
remained friendless. Ln front of 
going ex- the £96.4m. rights issue 
to-day, Midland drifted down 4 to 
34Sp. while Barclays ended a like 
amount easier at 3l2p. Discounts 
mirrored tbe dull trend in gilt- 
edged securities. Guinness Peat 
came on offer in Merchant Banks 
at 20Sp. down 7. and Mercury 
Securities closed 5 off at 12Ip. 
Stcriing Credit gave up 2 to 45» 
in response to the first-half 
figures among Hire Purchases. 

Quietly dull conditions pre¬ 
vailed in Composite Insurances. 
Threat® of Government sanctions 
continued to cloud sentiment in 
Sun Alliance which relinquished 
S mare to 541 p. after 54Op. 

■jiiset by a chart sell recom¬ 
mendation. AP Cement fell 9 to 
240p. Elsewhere in Buildings. 
Tunnel "B" cheapened S to 2H4p 
and losses of around 6 were re¬ 
corded in Marchwiel, 242p. John 
Mowleni. 12.ip and BPS Indus¬ 
tries. 242 p. Magnet and Somber ns 
recoded 5 to 190p and Comben 
Group shed 3 to 2Sp as did 
Streeters of Godainiing to 33p. 
By way of contrast, buying in 
belCed response to Press com¬ 
ment lifted Nottingham Brick II 
to 227 1 '. after 230p. while iUilhiirv 
rose 8 to !l5p on speculative de¬ 
mand fuelled by bid hopes. Ben- 
Held and Lnxley hardened 3 to 
23n as did Bryant Holdings to 
4Sp. 

ICt eased to 339p following ad¬ 
verse comment but picked up 
late on bear-closing to finish un¬ 
changed on tbe day at 342p. 

Elec. Machine down 

GEC closed 4 cheaper at 259p, 
after 255p, bnt EMI and Plessey 
both rallied from initial dullness 
to dose unchanged at lS2p and 
89p respectively. Elsewhere. Elec¬ 
tronic Machine fell 21 to 18Jp on 


the latest loss at the interim 
stage and statement on prospects. 
G. H. Sc holes were lowered 15 
lo 2S0p In a restricted market, 
while falls of 5 were sustained 
by Ever Ready, I56p, Louis New- 
mark. 170p, and Telephone 
Rentals. 129p. Sound Diffusion 
encountered further profit-taking 
and gave up 3 more at 43p. Deal¬ 
ings started in Automated Securi¬ 
ties S per cent. Convertible Pre¬ 
ference shares which closed at 
37p premium. 

A resilient showing by leading 
Engineerings owed much to the 
presence of institutional support 


and Geo. Bassett 4 to 14Sp. but 
revived speculative support left 
KeedZere 4 dearer at 32p. 

Reed Int. please 

Standing a couple of pence 
firmer in front of the third- 
quarter figures. Reed Inter¬ 
national were marked up to 137p 
on the beuer-than-expeeted profits 
before closing 7 dearer on 
balance at 135p. Other 
miscellaneous industrial leaders 
closed quietly dull. The prospect 
or new regulation® which would 
make some remedies for minor 


towards tbe late evening and 
British Petroleum, which had been 
stagnant throughout official 
trading, ended 2 better at 798p. 

In similar vein. Shell recouped an 
early loss of 2 to close that much 
higher at 494p. Secondary stocks 
were featured by continued 
volatility in Oil Exploration, down 
to 20Sp before reverting to tbe 
overnight level of 218p. and fresh _ ,, , 

easiness in Lasmo “OPS,” which GolQS lOWCT 
shed 6 to 372p. 


statement Longbourne held at 
228 p; we regret that a suspension 
sign against the price was shown 
in error in the Share Information 
Service yesterday. Elsewhere in 
Plantations. London Sumatra, 
currently in receipt of a cash bid 
of 11 Op per share from McLeod 
Russel/Sipef SA, reacted 11 to 
112p. 


190 


180 


270 


160 


150 



140 




1977 




MAY JUN JUl AUG SEP OCT NOV DEC JAN FEB 


which countered routine sales; 
GKN ended 3 up at 270p and 
John Brown a penny harder at 
272p. after 20tip. Hawker picked 
up 2 to JSSp. after lS4p. Young 
Austeu and Young bounded ><> 
OOp on the approach from 
Trafalgar House, down 5 at loOp. 
before settling its up on the day 
at 82p, while West Bromwich 
Spring finally put on 5 to 37p. 
after 42p. in response to the capi¬ 
tal proposals. Relief over the 
dividend maintenance tthc 
sharply lower profits had been dis¬ 
counted) caused firmness in 
Howard Machinery, 2 better at 
35p, but many secondary issues 
were dull. Porter Chadbum were 
adjusted 6 lower to IIOp, Pater 
Brotherhood shed 5 to 115p and 
Manganese Bronze reacted to 87p 
prior lo closing a net 3 cheaper 
at 89p. Tccalemit lost 31 to 110jp 

George Whllehousc slipped 3 lo 
90p: in yesterday’s issue, the price 
change should have been shown 
as up 61, while the J977-78 high 
and low should have been 
adapted to 93p and 8Jp respec¬ 
tively. 

Foods continued on a down¬ 
ward path. Fresh losses in Super¬ 
markets included Nurdin and 
Peacock, down 4 at 93p. Northern 
Foods. 3 cheaper at 116p. and 
Kwik Save, a similar amount 
lower at 190p. Pork Farms lost 
8 to 405p in a restricted markcL 
Confectionery issues gave further 
ground. Rowntrcc eased a to 365p 


ailment* difficult or impossible to 
buy without a prescription 
dampened sentiment in BuoL* 
which softened 5 to 20un and 
prompted sympathetic falls of 10 
in Beecham at 630p and Glmo at 
57Sp. Elsewhere. Pre.^s criticism 
of the Allegheny deal left Wilkin¬ 
son .Match 10 down at j.SSp. after 
JS7p. while £. Fogarty declined 8 
to 112p. Sstill drawing slrvmMh 
from tbt? good half-vearly results. 
5} Hone added 5 more at 10 ap and 
1CL hardened 2 lo 24Sp in 
response to the chairman's en¬ 
couraging remarks at the annual 
general meeting. 

Garages and Distributors 
succumbed lo a further bout of 
selling. Charles Horst reacted 5 
to Sop and Appic.vard Group fell 
4 more to SSp. while Heron were 
3 cheaper at 105p. Smaller-priced 
issues to give ground included 
Hanger Investments, 27.jp, and 
Reynolds. 25p,- down li" and 2 
respectively. Lucas provided the 
only bright spot in Components, 
rising 2 to 252p on the acquisition 
of DuceJIier and the deal with 
Toyota Motor. Dowty remained 
on offer at 138p, down 7. 

North Sea oil-orientated News¬ 
papers were easier and Asso¬ 
ciated closed 5 off at 323p. while 
Thomson ended 10 cheaper at 
630p. Elsewhere. Associated 
Paper shed 3 lo alp with the 
9} per cent. Convertible 4 points 
easier at £99. Recent speculative 
favourite Wace. lost 5 to 33p. 

The Oil majors hardened 


Properties sour 

A sour tone in Properties fol¬ 
lowed a Press article about tax 
and accounting procedures. A 
defensive mark-down failed to 
deier sellers and. although most 
leaders raided from the lowest in 
the afternoon, tbe bulk or second¬ 
ary issues remained at the worst. 
Chesterfield fell 1G to 29?p and 
Imry also sustained a double- 
figure loss al 305p, down 12. while 
Property Holding lost 9 to 328p 
and Property Security, a recent 
speculative favourite, reacted 8 
to 136p. after L35p. Bernard 
Sunlcy gave up 8 at 202p and. 
among fairly liberal falls of about 
a or so, Berkeley Hambro slipped 
to lOOp. after 98p. Of the leaders. 
Land Securities dipped to 209p 
before recovering to dose only 
2 cheaper oo balance at 2I3p, 
ME PC shed 4 to 12tp. after 119p. 
and Stock Conversion retreated 
5 to 250p. Town and City, slightly 
easier at lot, derived little benefit 
from confirmation of the sale of 
its freehold and leasehold inter¬ 
ests in Berkeley Square House, for 
£37.5m. Speculative enthusiasm 
lingered for Property Investment 
and Finance, which packed up 2 
more at 95p; the unusual ex¬ 
change deal involving British 
Land and the company's Ordinary 
shares was announced late in tbe 

evening. 

Although Trusts lost ground on 
j broad front, losses were 
generally modest Harcros Invest¬ 
ment. however, dipped 9 to 82p 
cii the announcement that the 
bid from'Harrisons 3nd Crosfield 
(12 dowa at 330p) had been 
declared unconditional Else¬ 
where. falls of around 3 were 
sustained by London and Cart- 
more, 55 p, and }Y Interbottom, 
175p, while in Capital issues. City 
und Commercial, 94p, and M and 
G, lWp. reacted 5 and 6 respec¬ 
tively. 

Quietly dull conditions in the 
Shipping sector left Furness 
Withy 5 off at 325p. 

Textiles encountered scattered 
selling. Losses of a few pence 
were sustained by Vifa-Tex, 42p, 
and Jerome Holdings, 50p, while 
Blackwood Morton eased li to 
274p following news of the 
do'sure of its Canadian manu¬ 
facturing operation. Among 
Tobaccos, Bats Deferred eased to 
273p on slight disappointment 
with the annual results before 
picking up to dose unaltered on 
balance at 228p. 

Among Teas. Warren eased 3 to 
I87p following, the half-yearly 


Optimism over ttie outcome of 
to-day’s International Monetary 
Fund gold auction took the bullion 
price up to S175.875 per ounce at 
the close—a day’s gain of 75 cents. 
South African Golds, however, 
were restrained by the fall in the 
investment currency premium and 
although they picked up a shade 
in the late trade losses were still 
sufficient to lower the Gold Mines 
index by 3.6 to 151.0. 

At the dose losses in heavy- 
weights ranged to 2 as in Rand- 
font ein. £32J. and West Driefon- 
tein. JE17J, while falls of a half- 
point were common to Vaal Reefs 
and Western Holdings at £111 and 
£15 respectively- . . . M 

South African Financials drifted 
in idle trading with sentiment 
affected by the weakness of Golds 
and tbe tower premium. 
“Johnnies" dropped a half-'point 
at £124 and Middle Wits sttpped 
10 to 160 p. _ 

“Amcoal" fall 5 to 450p despite 
the rise in tbe price of South 
African coal sold in tbe domestic 
market. 

London-registered Fmamrrals 
were featured by Gold Fields, 
which despite a late rally, closed 
4 down on balance at 193p, after 
191 p. Charter gave up 3 to 12Sp 
and Rio Tinto-Zinc 2 to 176p. 

Uncertainty over the current 
settlement talks prompted modest 
falls in Rhodesians. Falcon Mines 
were 7 lower at _ lS3p and 
Rhodesian Corporation lost a 
penny to 2lp. 

The decline in overnight domes¬ 
tic markets coupled with tack of 
interest here caused Australians 
to lose ground. BH Sooth receded 
3 to 69p and Bougainville a 
simitar amount to 67p. Elsewhere, 
Murchison dropped 10 more to 
245p, after 240p, reflecting pre¬ 
mium influences. 

Mersey dock 
traffic grows 

THE SPECIALISED container 
terminal in the Royal Seaforth 
Dock on the Mersey is to receive 
15 vessels carying 6.000 unite in 
the next five days. Mersey Docks 
and Harbour Company said last 
night 

This increase is due to diver¬ 
sions caused - by industrial 
troubles and congestion in other 
U.K. and Continental ports. 
Pressure of work at the nearby 
grain terminal is keeping bulk 
carriers 18 miles from the port.; 


FINANCIAL TIMES STOCK INDICES 


- 

la a. 
31 

jar - 

50 

Jan. 

37 

jsr 

26 

Jan. 

ffi> 

Jan. 

M 

Ayear 

ago 

Oovanunoas tiaoe. __ 

75.61 

76.8+ 

78.19 

78X7 

76.79 

78.67 

64-99 




8008 

80.47 

80.60 

80.70 

08.53 

InOnstrlat Ortirxry _ 

- 467.0 

470J> 

477J5 

475.8 

4838 

485.4 

395 J9 

Gold MIhm __ 

1S1.0{ 

154.6 

156.0 

188-7 

leuo 

159J 

98.1 

qni. Dlv. rurid_ 

5.73 

5.69 

5.61 

3.64 

OJ37 

OAT 

BJ34 

Bnrntms rwafnUjn 

17^d 

17.84 

17.10 

17.39 

16A7 

16.99 

18.63 

KaUo (net) C*t)_ 

saa 

8.17 

689 

8^5 

8JJ5 

854 

7.7S 

DeaUsaa nuked_m- 

CLSSfij 

6.500 

5.104 

5.018 

ejsas 

6J3R 

7JB18 

turnover ftn 

— 

64.96 

85JJB 

8&84 

83.31 

03.67 

8038 

Kqaltv leieiln total. 

— 

19858 

16890 

14,53 lJ 

14J885 

16,385 

17^445 


10 a.m. 488A. 11 nan. «4A Noon «HL5. 1 hjb. 46SJ- 
7 P-TH- 4D.4 3 pja. 40&8. 

Late st Index VU296 80S. 

• Based an. 52 per cent, corporation tax. t NU=S-W._ _ _ „ 

Saab 1 W G«m. Sees. JS/10'SS. Fixed Inc. MSB. 2nd. OnL 1/7S39. Cold 
Mmra 12 /By53. SB Activity Joly-Dec. I9C. 


HIGHS AND L.OWS 


S.E. ACTIVITY 



1977(78 

Since Compilation 


. High 

Low 

High 

Low 

Oort. 6 eca_. 

7 9.as 
(S0f9) 

60.46 

ftll 

127.4 

(9/1(3® 

49.18 

i5;im 

Fixed Int_ 

81J87 

(B/lrt 8 > 

60.49 

(4/ti 

160.4 

i.Kriwrv 

BO .53 . 
(3/L75J 

lad. Ord-.... 

649^3 

(14/8) 

357.6 

(terii 

5492 

(W/9/77V 

Aq ft 

W5 

Gold 3CInaa. 

274.5 

iisiun 

95.1 

(UZ> 

44 SLA l 43.5 
(2Efe/76)| ffif/lD/T!) 


—Daily 
GUt-. _ 

Ind 
GpeooIsUwk. 

TotaJa-, 

6-day AVraoe 
GtU-Bdaed 

lmtriali 


lzuiuBtdds... 
Swcntakt- 
To tal- 


Jan. 

31 


21S.7 

210.6 

<^2 

145.4 

800.0 

8 Q 6 JI 

aoJB 

1374) 


Tan. 

SO 


200 .9 

217.4 
S2JS. 

143.4 

1M.8 

304.3 

65.0 

135.8 


iBcnur,® 
Tomkinsom 
TRUSTS 11J 
N.Y. & GjrQnoro 

RUBBERS (3> 

A aplo- Indonesia o Bradtral! 

Bird (Africa i 

1VE7V LOWS (5) 
AMERICANS <11 

Kaiser Aluminium _ 

BUILDINGS (1) 

Wears Bros. _ 

TRUSTS CZ) 

Jardln* Japan Tribune lirr. 

MINES II) 

Zambia Copper 


MONTHLY AVERAGES 
OF STOCK INDICES 


— I Jan. | Dec. 


Kov. > Oct- 


Finannfal TSmSS 
Unrninnv dta-r 
Tixul In teres) 
lihtustnalOrHj 
Gold Mine*.... 
IMInr* mW 

F-T. AetnariM 
Ind oat. Grp.... 306J/5 

300-Sbara-228^2 

Kuatnotai Nm. 173^2 



206Ai 202J& 217J6 
228.471 227gl 24L80 
158.161 162.50 17457 


RaUDdm _ 

65.1* 

SlOy 63.17; BZ50 


High 

Low 

IndiutriaJ On) 

*973/6th) 

467JD (31st) 

AH^baca ..... 

817.99 (BtW 

003-9* (Slat) 


& ' 
S ' 

■i ■ 

\ 

i: 


{ 

i 

i 

f; 


i • 

11 


OPTIONS TRADED 

DEALING DATES land, Wilkinson Match, Yeses* 

First Last Last For Highland Distilleries. Burmah 

Deal- Deal- Declan*- Settle- Oil, Lonrho, Bath and Portland, 
ing y Logs tiou ment Geo. Stnrla, British Petroleum 

Jan. 24 Feb. 6 Apr. 27 May 10 and Stocktake. Puts were trans- 
Feb. 7 Feb. 20 May 11 May 23 acted in Coral Leisure, Associated 
Feb. 21 Mar. 6 May 25 Jun. TLeisure, Brent Walker and Racal 
For rote indications see end oi Electronics, while double options 
Share Information Service were arranged in Fitch Lovell, 
.Stocks to attract money for the .GEC, Racal Electronics and Bath 
call included Fitch Lovell, British a nd Portland. 


NEW HIGHS AND LOWS FOR 1977/78 

The following iccnritits Quoted li» the PROPERTY. 11) 

Sherc Information Service Yesterday Prep. ln«- A Fin. 
attained new Highs and Lows for 1977-78. 

Hlghams 

NEW HIGHS (17) 

BUILDINGS (4) 

Benfleld A Laxioy Mllbury 
Bryant Hides. Nottingham Bride 

CINEMAS li) 

Green G ' wp BLecTr . lcAJ _ s {1> 

Buigln iA. F ^ MGrME£|t(NG Q2) 

West Bromwich Sonne 
Young Austin & Ynuno 

HOTELS (1) 

Norfolk Cap. ... 

PAPERS (1> 

Olives Paper Mill 


RISES AND FALLS 
YESTERDAY 

Up Dm Same 
British Funds - .. 3 65 *. 

Cpp. Dam. and ForahM 
Bonds - T' 13 41. 

In dus tri al s __ 1M SM R 

Financial nd Prop. „ 31 i2S 1» 

OHS_-___1 U » 

Plantation _ 3 S 23 

Mints_—_ 4 m M 

_r 5 35 34 


Totals 


vn urn urn 


NOTICE OF REDEMPTION 
To the Holders of 

ENTE NAZIONALE IDROCARBURI 

E.N.X. 

(National Hydrocarbons Authority) 

6 Yz% Sinking Fund Debentures due September 1,1981 

"NOTICE I? HEREBY CI\T.\ that, pur^nuni tr. ihcp^visinns cf ihc Sinking Fund for the Debenture® of the 
aboienh^iTiUil i?sii'\ Mu nan tiiiarjilly Tru-t Cm a pan y .,i| New Yi.rk. jv Fis«al Acent. has selected by lot tor 
riii**ni|»ii..n un M.in-h I. I"78ai lhu principal amount thereof51,1U2,IJU0prin-jpalam.jiuti otvudDelivalureS 
henriut: llie lulluv* in -4 mtuI numbers: 


DEBK>TLiliES OF L A #LII00 tAC'H 


JC-ll 2700 4055 5101 
SO 27 01 40S.1 5HM 
91 17IT 40C7 5113 
737 2704 4U74 3110 
37X 2720 4080 5119 
;isi 2730 4103 0144 
400 2744 41*2 5143 
4117 4114 5l!*T 

423 2783 412*1 5200 
425 2801 4134 02U2 


40 

51 _ 

025 2842 
57f 2917 
011 2920 
643 2925 

am 2032 

315 20 U 1 
S2U 3014 
820 3073 
32 7 3074 
835 3078 
J--50 3087 
3038 3U89 
3053 31US 
3»W2 3124 
H52 :nae 
1245 3147 
3248 3174 
19D2 3105 
1968 3203 

1983 3210 

1984 3211 
2035 3248 
2001 3280 
2109 327S 
£123 3277 
2128 3281 
£189 3231 
£104 3310 

.2209 3335 
£230 3332 
£233 3495 
£238 3499 
2255 3502 
£258 3566 
£270 3597 
£449 3617 
2453 3620 
£506 3628 
£523 3630 
2535 3747 
£529 3748 
2503 3871 
£568 3903 
£577 3926 
SIMM 3934 
£011 3942 
2615 3952 
26ZS 3977 
2648 3990 
2657 3997 
2672 4001 
2678 4040 
£683 4042 


2818 4145 5204 
2822 4147 5£2l 
41U6 0££4 
4211 5251 

42 [2 5293 
42£;i 53>H 
4226 3325 
423S 5233 
4239 5340 
4243 5357 
4273 3376 
4201 5384 
4405 53R5 

4416 54iH 

4417 5413 
4422 5420 
+433 5428 

4435 5438 

4436 5443 
45U3 5462 
4509 5439 
4316 5492 
4559 5501 
4723 5503 
4751 5516 

4700 5542 

47ft! 5561 

4769 5578 

4770 5601 
4785 5610 
47«« 5620 
4798 5624 
4816 5631 
4841 5633 
4655 5647 
4862 5650 
4866 5684 
4881 5697 
4008 5698 
4911 572 9 
4919 5738 
4939 5742 
4949 5773 
4963 5780 
4S74 5802 
5004 5803 
5022 5832 
5024 5834 
5042 5857 
5050 5859 

5063 5862 

5064 5871 
5071 5885 
5079 5886 
5097 5907 


5943 

;-947 

SB48 

5973 

5985 

5999 
6021 
G*:er. 
6024 
6045 

6000 
6079 
COB l 

mra 

6125 

6)45 

6147 

CUES 

6169 

GIBS 

6289 

6194 

G195 

6200 

6234 

6236 

£243 

C£45 

6251 

G£S 2 

G254 

C256 

6273 

6292 

UE9S 

0298 

ftioc 

6325 

6328 

6342 

8343 

C355 

6386 
0375 
6376 

6387 
6417 
6432 
6436 
6439 
6445 
6450 

6479 

6480 
6493 
6497 
C528 
6533 
6645 
6555 
6559 

6572 

6573 
6576 
6595 


8606 

6644 

6652 

0670 

6676 

GC77 

6mo 

0714 

6713 

6738 

673J 

C758 

6780 

0790 

6793 

OHIO 

0622 

nraa 

6854 

0862 

6868 

6883 

6891 

GS98 

6005 

6908 

6919 

6932 

6941 

6966 

6972 

6977 

6987 

7010 

7013 

7027 

7034 

7041 

7058 

7072 

7079 

7067 

703+ 

7103 

7107 

7108 

7109 
7116 

7121 

7122 
7124 
7152 
7160 
7167 
7187 
7192 

7195 

7196 
7199 
7209 
7219 
7223 
7244 
7257 
7269 


7264 
7288 
7290 
7299 
7329 
7X73 
7T4 i 
7251 
7357 
736U 
72G3 
7391 
7397 
7405 
7410 
7413 
7415 
7417 
7434 
7442 
74-16 
7455 
7485 
7498 

7498 

7499 
7507 
7518 
7522 
7540 
7545 
7549 

7578 

7579 
7534 
7598 
7610 

7621 

7622 
7637 
7649 
7657 
7668 
7674 
7679 
7682 
7688 
7691 
7716 
7725 
7744 
7752 
7733 
7763 
7769 


7785 

7816 

7819 

7821 

7827 

1846 

7847 

7855 


7870 

7882 

7906 

7924 

7J*26 

7911 

79T12 

79.16 

7343 

7957 

7965 

7987 

7993 

7934 

803U 

8031 

8032 
8044 
8048 
8050 
8064 
8066 
8082 
8112 
3121 
6141 
8142 

8144 

8145 
8151 
8162 

8165 

8166 
8186 
8187 
8195 
8215 

8223 

8224 
8240 
8242 
8231 
6297 
8298 
8304 
8332 
83+4 
8346 
8350 

8356 

8357 
6364 
8387 
8375 
8393 
8397 
8411 
8423 
8434 
8442 
8468 
8463 
8475 
8488 
8503 


8520 

B525 

6323 

8331) 

8556 

85G7 

85*4 

8337 

8008 

.'i'.£2 

8820 

3627 

6029 

864G 

8M7 

8699 

8724 

8729 

8730 
8733 
8741 
8748 
8777 
8782 
8785 

8796 

8797 
8800 
HB15 
88 SC 
8857 
8861 
8866 
6884 
8892 
8908 
8910 
8931 
B947 
8949 
8953 
8380 
8993 
6997 
8998 
9022 
9D£<* 

9030 

9031 
9035 
9051 
9076 
9086 
9063 
0091 
■9123 

9142 

9143 
9162 
9180 
9162 
0187 
9195 
9198 
9210 


9237 

IC38 

«2&S 

9269 

9234 

9293 

«C<J* 

fi:((J 2 

9308 

9314 

9330 

0331 

9338 

9345 

9350 

9374 

9377 

9395 

9409 

9431 

9435 

9445 

9447 

9452 

9473 

9465 

9488 

9489 
9492 
3503 
9507 
9568 

9582 

9583 
9593 
9616 
9627 
9630 
9C61 
9689 
9694 

9699 

9700 

9705 

9706 
9712 
9721 
9723 

9730 

9731 
9736 
9752 
9951 
9958 
9980 
9988 
9993 
9998 

10000 

10002 

10005 

10081 

10094 

10098 

10127 


10136 
10150 
10163 
I 01 B 2 
Hi’83 
1UI85 
I'ftttl 
10212 
10219 
10927 
KC29 

10237 

10238 
10263 
10271 
70273 
10278 
10281 
10284 
10307 
IB318 

10326 

10342 

10344 

10355 

10364 

10388 

10381 

10404 

10429 

10431 

10432 
10453 

10473 

10474 
10502 
10511 
10515 
10524 
10571 

10581 

10582 
10538 

10583 
IOC 02 
10605 
10607 
10611 
10619 
10C2B 
10643 
10671 
10073 
10679 
1 U 6 U 8 
10720 

10726 

10727 
10730 
10735 
10743 
10791 
10808 
10897 
20908 


10913 

10921 

10937 

10939 

10940 
10067 
10970 
11002 
11011 
11025 
11036 
11066 
11075 
11095 
HUM 
11105 
11149 
11167 
11174 
11176 
21210 
11232 
11240 
11245 
11267 
11368 
11273 
11308 
11310 
11321 
11331 
11347 
11352 
11366 
11395 
11414 
11416 
11410 
11447 
11454 
11488 
11491 
11493 
11513 
11515 
11551 
11556 
31M9 
11592 
11601 
11755 
11759 
11766 
11819 
21851 
11854 
11858 
11861 
11863 
11955 
11968 
11971 
12010 
12022 
22031 


12035 
12035 
12072 
12113 
12115 
12135 
12150 
12107 
12170 
12184 
12221 
12063 
12086 
1S9V7 
12913 
12917 
12944 
12950 
12952 
12981. 
12984 

12991 

12992 
13012 
13014 

13024 

13025 
13073 
13077 
13031 
13073 

13098 

13099 
•13104 
13113 
1314V 
13142 
13148 
13237 
13328 
13353 
13302 
13363 
13366 
13371 
13388 
13394 

13409 

13410 
13412 
13432 
13453 
13462 
13477 
13501 
13503 
13560 
13572 
13596 
.13600 
13762 
13770 
13772 
13774 
13794 


13795 

13825 

13830 

13847 

13873 

13874 
13878 
138SS 
13913 
13942 
13961 
13964 
13979 
13964 
14014 
14274 
14277 
14280 
14379 
14391 
24392 
14397 
14438 
14700 
14702 
14718 
14631 
14679 
14909 
14920 
15040 

15043 

15044 
15054 
150R7 
13093 
15103 
15116 
15120 
15406 
15417 
15443 
15457 

15462 

15463 
15500 
15505 
15533 
15575 
15584 
15586 
15SM> 
15699 

15718 

15719 
15736 
15733 
15741 
15751 
15757 
15T76 
16102 
16142 
16156 
262S0 


16306 
16334 
1G338 
16350 
16353 
16355 
16383 
16530 
16533 
16545 
lfiSKJ 
16095 
1CKIJ1 
1 KJ 0 B 
161142 
JK»53 
1C954 
16361 
10964 
16985 
17032 
17034 

17064 

17065 
17072 
17093 
17097 

17102 

17108 

17109 
171 IS 
17150 
17171 
17177 
17133 
17192 
17194 
17196 
17204 
17214 
17226 
17246 
17249 
17264 


17283 

17288 

17313 

17320 

17240 

17349 

17356 

17374 

17378 

37387 

17397 

17802 

17824 

17826 

17846 

17859 

17868 

17906 

179J7 

27924 


17940 
17962 
17964 
17981 
18007 
16009 
16030 
18033 
18049 
1807U 
18114 
18117 
18164 
16189 
IK 197 
ie 2 l <6 
18209 
18212 

18243 

18244 
18254 

ie=sc 

18291 

182 92 
182l>;i 

183 R* 
18304 
18517 
13545 
1K551 
16555 
18566 
13568 
18980 
18539 
13663 
ievi3 
18716 
18738 
1&75S 
1ST <57 
13777 
18789 
1B735 
18801 
18920 
18924 
18929 
18933 
16935 
18949 
19120 
19122 
19126 
19138 
19150 
19160 
19162 
19160 

19204 

19205 
19216 
19220 
19233 
19232 


19236 

19275 

19282 

19296 

19410 

19420 

1MJI 

13444 

13452 

10466 

19467 

1?473 

19474 

19483 

VMfO 

JiV.S 

19323 

19032 

19534 

13553 

73550 

19557 

19570 

19575 

19203 

19Clu 

13622 

190*i 

19692 

1D6C4 

19672 

19040 

19712 

1973*. 

19739 

19741 

19760 

19777 

19735 

19BOO 

19816 

19221 

1983* 

19851 

19355 

1987+ 

19873 

13S83 

19887 

19f(5» 

19901 

19909 

19919 

19935 

19139 

19358 

19368 

19973 

19977 

19980 

19984 

19988 


On March 1.1978, there will become and be due and payable upon each Debenture the principal amount 
thereof, in such coin orcurrency of the United Stales of America as on said date is legal tender for the payment 
therein of public and private debt®, at (he option uf (he holder, either (a tat the corporate (rust office ofMorgan 
g uaran ty Trust Company of New York, Ji Broad Street, New York, N.Y. 10013. or I b ) subject to any 
Jaws and regulations applicable thereto with rerpect to thepayment, currency of payment or otherwise in the 
eoantr® of any of the following offices, at the principal office of Banca Nazionale del Lavoro in Rome or the 
principal office of Banca Commercial* Italians in Milan or the main offices of Morgan Guaranty Trust Company 
of New York In London. Brussels, Paris or Frankfurt or the main office of Al^cmene Bank Nederland N-V. in 
Amsterdam or the main office of Kr edict bank S.A. Luxembourgeobe in Luxcmbourg-Ville- 

Debentures surrendered for redemption should have attached all unmaCured coupons appurtenant thereto. 
Coupons due March l, 1078 should be detached and collected In the usual manner: 

From and after March 1, ly78 interest shall cease to accrue on the Debentures herein designated for 
redemption. 

ENTE NAZIONALE IDROCARBURI 

By: MORGAN GUARANTY TRUST COMPANY 
or SEW tou, Fiscal Agent 


January-T.I"73 


NOTICE 

The following Debenture previously called for redemption has not as yc: ».vn pn—nlii] for [Moments 

DEBENTtIRE OF US.SI.OOO 

M-15Q88 


fi 

It Hi 

i«;t 

H:u'l I*w 

£100 

_ . _ 

!'* 'f • lOOtj 

£1 

n:l ! — 

fo|>l.l 3/r|rfll 


r. r . 1 an 

••Vi:. 4K|,|„ 

— 

r.r. - 

)ul;i 

•• 

K.l*. 21'2 


£100 

I.!*. 4..X 

•* i 

£99 

£5. , 3 4 

“i‘ : dill 

it i. 

f.t*. - 

■li i-.-': 

-1J. 

» .P.| - 


4t*J 

‘.H. - 

>+•- f9f:* 

£ 10 - 

£lu 344 

1 .- 1 * II f+ 

ill! 

r.i*. - 

1 /•. 

*-1 JO 

- 1 - 

U. , 9i-i 


).fo- - 

'.*•• ' I'.' *: 

.-£99 

r.V ! 5 3 

ioc:. 

£90 - .; 

r.r .1 3,3 

Iv- • •*" 

- 

j\P. • - 

. s* 


RECENT ISSUES 


EQUITIES 


i- 1 . 

| = 5 7 k r 1377/8 

tone I: « r - = =- Stuck 

im ., a 1 - 4 ? ~ 1 

i5 r ~ High 1 u,w 


p: 




104 

52 


I r.K. I — +1^ [ XS£ tlWO l I!U>1. 

F.r. '20.1 LI? ICH Fnrnicr .. 

i F.P. 127 1 £'7*2 :• 1.11.1.. 


1425 
.123 
,* 58 


-6 

—Vt 


“I H 




F 2 i I — ! 
V7.59' 2.3 
*6.23! 2.7 


3.9 - 
9.3! 7.0 
8.6 6.2 


FIXED INTEREST STOCKS 


Stock 


! fp !* or 

! I* - 

- 1- l 


Jen 'Let. VnrUhif IW ... 

8 % L'nr.Ciim.Pref__ 

la:!, I, 1 - l'<.rU»liuv Cum. Prei.. 

‘i-ain.-rf-.ir llj L-U'ii. 1're.'. ....... 

■- 1 , 1 .-t- + survrrf--..i I'.'o Ld». Ln. 

■ rmv-il^n H«v.K-S; I95j 


n Vnrial.ie li*c 2 .. 

I*n»i : 4 v I- tv- U:i_.. la .... 

Ih -« I>'j. ISj-.—... 


L99M 

U 


27; 1 
C.P. — 
X 10 29 4 
r.i*. - 

r.r. 6 i 


1 . 4 s !. 


r = : 

Kit- 

Kll' 


tLh>. VsruUc l 32.„.__ 

I rf - 1.-1 ■ VatlnlrH- l*i----- - -- 

Vn'-.ilii-. l J :2 ....... 

Ui - K,-:il Water 1 % 13:1.... 

*t. Hrirfit-. I U% 1-Vi. IW. 

V-^i, P:p. X.l*. t.% ijiinr. Note* tS9 

'!*•! I -iuntui* IV: i nm. l'rei... 

Vans:-It- I'JtS. 

U- K^.% Irf-I '-<4:.. 

U iiiut'i it-* Liuu. Prei.. 

L-ri. Trtlirr |>>« Pn.4._..... 


lOQl* 
|57jtrn; 
,100*4 
■ 1Q5 V 
, 107 [« 

' 90 ‘ 

I 

98 l = , 

'*9612 

SSSi* 

! 181* • 
lOJie 
.100 r 

-too ! 
101 ; 
.'lOOio- 
97 

.104 • 
.'1001* 

.. 84*- 

. 10Si>| 

: i06i> 


-is 


-«4 

u 

>3 

-l 9 


r I 


“RIGHTS” 

OFFERS 


S _ • Lelr-t __ 

!*■>-« r = Kvi'i'JS. , !*ji7 i ! 

Fn-.-e =2 ’ - 

p: : < L ' 9 Hitf'i L, tt 

Stc-efc 

[Closing! 

: Price ;♦ ■ ,f 
! p: 1 — 


95 ■ 

r.»\ 

| 41 1- 

24.2 

IE 

117 . 

SO ■ 

y.M 

6 2 

10S 

id 


32 • 

p.p. 

3? 1 

27 2 

61 

or 

18 ' 

Dll 

2^ ^ 

•O 4 

T*— 'J 

J—a' 'in 

190 

:r) 

15 1 

10 2 




r.r. 

. 24.1 

c 2 

13 

l-'iK 

6: > 

K.P. 

6 1 

10 £ 

-j«*. 

:; 

10 

f.p. 

1.2 

— 



21 

nil 

- 

— 

► - urn 

i*m 

®.\ 1.73 

r J 

17 2 

3 3 

fl'-n 


34 i 

3.a 


— 

l.' L. 


1/:] 

r.i*. 

23 12 

16 1 

: j 1 • 

ji 

56 1 

nil 

— 

5 5 

in'in 

I7i-*i* 

70 | 

‘-.p. 

' Id 1 

5 a 


j 'i; 

K.l*. 

16 12 

27 1 


e* 

l- ! 

K.P. 

1„ 11 

lb J 

lr 1 

11 

165 


■!.* li 

la l. 


■Jo» i 


\ruugi-o Motor.. 
*. v-irft-.-r-.ii. 


Cl,—-i\ UntN...^.^..^.. _ 

■-.'"iti-li. tirfnk --I Au-intll*. 


119 ,-l 
69 1-5 

45 


Kt(*ir I n-l-j-i ri*» .... 1 

I-»)3J1-»U + tit -dm.......... 

i\c-ritiiiu: M>4>ir.. 

Z■.rr.i. . Im.-nml't-inl................... 

'■lan.-l-rfnf-p Gurr ... 

Nau--uu tlank 01 Aiimralasu. 

>*:'» ...... 

" . L.. 

... 

.I - .-.. 

-I, • l.'i-istxai.. 

71'1-ln .. 

■I t... -xl-.l-ll.. 


.1 4a P mi—l 

' “iS n 

38 i + 1 

6*”pni ... 

47pm —2 
6«ia>—1 

32 »- 

80i'tu —7 

39 -1 

88 

14 . __ 

288 ..... 


Renunciation u.jallv US' day for ■li-a'inu free of stamD diitj. ft Fiaures 

dav.-C on srni>-ciu: i-i;.outtr a 4ssumed dind-.-rKl - jn.i yn-ld 1 : Korvcasr duntlcnd- 
enter based nn cr-'-ious year's carnmsa , Uivia^nd and MtW ho^.d cm nrusiK-v-rui 
or other official csfimsti.-* for 1373 v Grras. r Mgim-t iii-cumed. 1 Cover allows 
for conversion ol shar-s no/ now rantang for dividend or ranking only lor restricted 
iivfdeads s Placme on« ro nubile « Pence unl-ss otherwise mdicuicd. r Isss-.-d 
b> fender. 1 OHrtwi :o hold-.-s of Ordinary shares as a ■■ nntns.” *■ Righb 
by lea-y of capitalisation. ** Miamtom lender once. 1 * Reinrradiiced. f* Issued 
tr. cocnecUon btUi reoraaoiMfion fiwneer or fake-orer. iw rotroduction. Q Issued 
to former Preforence holders ■ Allotmom loiters lor mily-Daldt. • Provisional 
nr raetlv-said silnrmoni letters ■+ With ivarratirs. 


ACTIVE STOCKS 

No. 


De no min a 

- of 

Closing 

Chance 

1977-78 1977-71 

Stock 

non 

marks price ip) 

on day 

high 

low 

BATs Deferred ... 

25p 

11 

22S 

— 

260 

202 

1CI. 

£1 

11 

342 

— 

44B 

325 

BP . 

£1 

y 

798 

+ 2 

966 

77 G 

GEC . 

25p 

9 

259 

- 4 

2S4 

163 

Rank Organism. 

25p 

9 

244 

- 4 

276 

12S 

Shell Transport... 

-*>p 

9 

494 

+ 2 

635 

45* 

Boots . 

25p 

S 

206 

— 5 

244 

115 

European Ferries 

25p 

s 

108 

- 3 

116 

331 

Grand Met. 

50p 

s 

9S 

— 

109 

62 

Koval Insurance .. 

25p 

s 

:;d:i 

- 3 

400 

230 

Beccham . 

25p 

7 


-10 

693 

372 

Brown (J.i . 

n 

7 


+ 1 

280 

*JS 

Cons. Gold Fields 

25p 

7 

193 

- 4 

224 

137 

Courtaulds . ... 

iSp 

7 

in 

- 1 

135 

mi 

Marks £ Spencer 

25p 

7 

140 

- 3 

173 

W 


FT—ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Tiroes, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


CAPITAL GOODS (J701_ 

Building Materials i2T—— 
Contracting. Construction <20- 
EiecaicalsOS)., 


Engineering Contractor (131- 
Mechanical Engineering (721- 
Metals and Metal Forming (171. 
CONSUMER GOODS 
(DURABLEN53)— 

U- Electronics. Radio TV(15). 
Household Goods (12)_ 


Motors and Dlstri butors l2B). 
CONSUMER GOODS 

(NO.VDURABLEKI7S)_ 

Breweries (141..- .. 

Wines and Spirits(6). 


Entertainment Catering 


Food Manufacturing (2Z).. . ..| 

Food Retailing (16), 


Newspapers. Publishing (Q). 

Packaging and Paper (I5i_ 

Stores<33>_ 

Textiles <25>.... 

Tobaccos 1 3).... 


Tonaad Games t6)_ 

OTHER GROUPS (97). 
Chemicals < 20/_ 


Pharmaceutical Products(7t~ 

Office Equipment(8i_ 

Shipping 1 101- 

Miscellaneous 1 54'- 


INDUSTRIAL GROUP (496) 


Oils i4i_.— 


5M SHARE INDEX 


FINANCIAL GROUP (IN). 
Banks ig)-- 


Discount Houses 1 10)_ 

Hire Purchase (5)- 

lnsurance(Ufe)fU»_ 

Insurance (Composite) (7). 

Insurance Brakers(lO)_ 

Merchant Banks 1 14i_ 

Property {31)_ 

Miscellaneous (7)- 


Investment Trusts faOl. 
Mining Finance (4>— 
Overseas Traders (19»_ 


ALL-SHAKE INDEX <5731. 


Tues., Jan. 31, 1978 


Index 

NO. 


203.47 

184.43 

325.65 

436-01 

287.85 

16034 

16135 


38589 

224.20 

17236 

11237 

19232 

21228 


23634 


24986 

188.08 

191.62 

330.95 

328JL7 


38187 


T73J4 

271.24 

100.71 

185.78 


2U.9S 

24736 

126.42 


45930 

196.40 


199.60 


44581 


22037 


16336 

18283 


20539 

159.18 

138.86 


328.93 

30533 


8011 

23889 


105.73 


18689 


8988 

27082 


203.94 


D *?• 

Change. 

% 


-LO 

-L8 

-13 

-12 

+02 

—03 

- 0.6 

-LO 

-11 

-0.4 

-0.9 

-0.8 
-0.9 
-LO 
-0.7 
-0.7 
-08 
-LI 
-03 
-13 
-0.6 
-01 
-0.7 
-LO 
-02 
—L6 
—L7 
-13 
-12 


-0.9 


+03 


-0.7 


-11 
-08 
-12 
-13 
-OJ 
-LI 
—L2 
-20 
-28 
—08 


-08 

-18 

-L6 


-0.9 


EsL 


Yields 

(Maxj 

Corp. 

TaSW 


17.41 

1634 

3781 

3525 


2038 
1827 
1932 

1821 

15.93 
18.06 
2L93 

1634' 

3533 

1723 

1537 

2120 

1426 

9:87 

2039 
1038 
2910 
2184 
20.49 
1785 

19.93 
1131 
20.96 
2L43 
16.09 


1682 


1533 


1635 


26.95 

1133 

1413 

Z91 

24.12 


332 

3735 

17.74 


Grou 

Di*. 

YleW% 

(ACT 

at 34*) 


5.72 

5.73 
389- 
486 
657 
6.45 
8.47 

4.99 

3.70 

680 

6.62 

5.93 

324 

5.84 

688 

5.67 

4.77 

3.77 
987 
437 
7.62 
814 
5.90 
584 
372 
4.01 
4.89 
637 
624 


5.79 


.4.40 


539 


539 

5.68 

884 

4.92 

5.97 

624 

430 

5.97 

287 

7.46 


392 

652 

720 


537 


an. 
P/B 
: Ratio 
(Net) 
Corp. 
Tn3» 


8J3 

839 

8.17 

9.44 

6t72 

785 

6.78 

7.98 
9.07 
737 
6.76 

0.93 

989 

.8.70 

9.75 

6.71 

1020 

1523 

6.98 
14.81 

629 

6.Z1 

632 

7.96 

.7.05 

1134 

619 

533 

881 


8.401 


7.78 


830 


5.66. 

1272 

1035 

6416: 

580 


30.17 

6.71. 

735 


Moo. 

Jan. 

30 


Index 

Na 


20535 


18789 

330.76 

44153 

28737 

16108 

16232 


1B7.71 

22615 

17329 

11334 

294.25 
21423 
239.04 
25167 
189.43 
-19325 
334.77 
32834 
18342 
174.87 
22144 
10139. 

187.66 

.24940 

25147 

12&U 


46512 

19884 


2EL47 


443.80 


22L83 


165.45- 

183.97 

207.86 

16164 

13982 

WAS 

309J7 

8LM 

24383 

10638 


188.45 

9132 

27520 


20570. 


FrL 

Jan. 

27 


Index 

So. 


208.41 
189.96 
334J3 
45036 
28986 

163.42 
16333 


19030 

229.68 

17345 

115.08 

196.74 
21735 
243.14 
257.02 
19167 

195.74 
33534 
13036 
18533 


17623 

22SJ6 

102.73 

19085 

25238 


254.49 

13250 

47087 

200.78 


2B415 


4® 33 


224.47 


267.96 

186.04 

21227 

36286 


14114 

13279 

312.® 

8268 

24686 

10883 


18958 

92.46 

27880 


20821 


Times. 

Jan. 

2S 


Judex 

So. 


209.43 

191.40 

337J4 

453.07 

29436 

16378 

163.® 

19L09 

230.96 

17436 

13564 

19788 

21935 

24082 

25838 


19258 

19787 

34026 

13182 


18637 

177.05 

22784 

10437 

19084 

25292 

25475 

13343 

47589 

20221 


20539 


44730 


Z2S37 


16929 

18784 

217.99 

36285 

14287 

23389 

315.45 

8239 

25822 

W45 


19141 

91.78 

279.01 


20933 


Wed. 

Jan. 

25 


Index 

No. 


23107 

192.68 

34035 

45582 

29586 

16554 

164.® 

19188 

23135 

17421 

11634 

19988 

22179 

24331 

26130 

19378 

20025 


34033 

13221 

18930 

177.93 

22733 

104.02 

19225 

25582 

25633 


13338 

478.® 

20386 


206.82 


450.07 


22732 


173.95 

20125 

22159 

16435 

144.71 

13844 

318.92 

8286 

25102 

10987' 


19190 

9324 

284.88 


21171 


Index 

No. 


4 


Year i 
ago , 
(npproxj- / 


? 


13730 S 
152.88 1 
34842 f 
8980 i 

mu' > 

16052 : 
16830 ; 
19109 * 
15951 j 
145.99 i 
233.91 } 
99.89 f 

12108 i 

13852 ; 
22075 < 
84 % \ 
157.82 * 
219.® \ 
080 

89.® ( 
42587 f 
158.® ‘ 


FIXED INTEREST PRICE INDICES 


British Government : 

Tuea. 

Jan. 

31 

J 

Day'a 
.change 

xdadj. 1 
To-day j 

*ss?- 

to due 

1 

Under 5 years- 

10625 

ZZL5D 

-0.U 

-an 

-025 

0.42 

031 

■ 0.06 

123 

3 

Over 15 years — 

12919 

— 

4 

Irredeemables_ 

343.88 

-038 

— 

0.00 

5 

All stocks 

118.94 

-0.17 

028 

0.94 


FIXED INTEREST 
YIELDS- 

Br. Govt Av. Gross Red.' 

Tue*. 

J “- 

31 

Moo. 

Jah. 

30 

Year 
• ogo 7 
(approxj 

1 

Z 

3 

Low 5 years-— 

Coupons 15 years—;„™ 

- 25 yeszs._ 

7.61 

9-79 

3038 

738 

9.75 

2034 

838 ; 
1179 : i 
22XL 

4 

5 

6 

Medium 5 years......— 

Coapons - 15 years.- 

25 years-.: - 

9.96. 
1025 ■ 

1087 

9.93 

3071 

1033 

1L77 -■ 

12.68 \ 

1300 : 

7 

6 

_9J 

High 5 years-- 

-Coupons .15 yearsu.,— 

'25 years.. 

1051 

1172 

3175 

1032 

1168 

3173 

1230 
-13.98 .'i 
3423 i 

10 


:il« 

1L44 

3423 . ? 




Tneaday, Jan. 81 1 

Ucmd+y 

Jan. 

30 

VdSay 

Jan. 

27 

Thun. 

Jan. 

: 26. 

Wei 

Jam¬ 

as 

■ 

Tuea. 

. Jan. 

» 

Monday 

Jan. 

23 

Friday 

Jan. 

20 

Year 

ago 

(“Wwoxj 

Index } 
A'o. | 

■new j 

% 1 

IS 

-0-yr. Red. Deb. & Loans (15) 

62.64 

T1L85 

62.65 

62216 

62.97 

65.25 

63.44 

63.67 

63.26 

50.38 

28 

Investment Trust Prefs. (15) 

6T.O* 

Z8J4 

57215 

67.05 

56:34 

67.10 

57j60 

57^7 

57JS7 

4833- 

17 

ComL and IndL Prefs. (20) 

7803 

11.65 

70.15 

78.13 

ra-« 

78^7 

78.47 

98 £5 

78J53 

68.72 


Mownimn ran. hibm im kiwi record. Due dates and mtaas and cenutuant dunBee are PobOshad In Satardaj 
A " cw 1 * 5 . WMJftueat* Is .anllaMe un Pa ras ha s, tae WnancUi .Times. Bracken Haase. Quh 

Sired. uiMMi bu. PflCfl Mi. tty put ??p. 




T 















-Wedne^ay 'February 1 1978 


OFFSHORE AND OVERSEAS FUN 



eo. £ 

J ®-S dh. 


Dl£tt T^ M^. Xt<L {« W . Brttnnlr ’bra-CtnUatied 
.afaro g fit £ alB>itt>fa«gy: • ■'. Q2B63fHl Pte/tOmal*.. ^..WMjr * 
•ffyCajataJi^QQS ; 4 Cl, PropwiyStanyo. U42 


•*tv ,' 

E^.MeyQ«T. 


BO.tj -• .... - ... 5 • --._ . 

d^, Jed HaraJ>ro ^raup ~f*j <gf 


S3ib SWrid ~ 
- 441 . StainsChfiojc, 
5H7 .UatoffiMOifr _ 


- », ura-niw ... 

i-CS. e , 1 ft tac. i- 

n ._ 3 - J S t ft .tad Dor 
E2a* s 4j ad Capital . . 
■ B, s - e,. ibroFirad.. 
,>e * B5.J, ■'fttbnte FU-- 
■3a l: la » ‘ *4$ or Faada ■ 
■-O 5 ’4 u Wield Fd-/. 
jc , -<J4lllidotiie -V 

it .- - 

_ - -sellout Fonda 

7 ! motion*] • 

raj - i.ofAmwlM'-j 

*3. :»;■/*'! fic Fund 

l^-iafMt Food* ■ 
'liesCo' 4 Fid 

S Sta lr Ca'*H . 

P , arerj Sit* . 

—-r «cnsa-i£3fc-. 

.Stair Oq 1 * 


JtWldore Hmuz Tlmhridie Wen*. KLOHf Sri 


li-£ 


W 4S '|S Brown Sbish* * Co. LhLV . 
,72.3-04 4 60 UfU£H;FluuutonCfc'.ECI 01-6008520 

105 . 3 -Lb r6.7tt BSUnitsJail.I 224.81 ... I CM 
OT21-Ifi 4.5B; Do7Arc)Is*.3DZ7Uj4..| 460 
•_' .* - Oceanic. TfoUa.U) M . 

>6h - nna»cw .•■' jsaio.g «.w. 

■ 6Ml—g.£l - fcfl General ■ . mi IM-oj 4a 

Wlhjl -0 «f 3® GrowlliArciim.. m.O . • *5J -0,7 £J0 

” . •.. fln.wlhlnwmw_-.hc6 - £m -0.4 S10 

a -a^is 55-31 52 

- ‘ PertoroMB«ce___.[54J.- 5fiS -0.9 4 . 9 s 

HM. 4 a-.-SjI- fteeway_....Si* 2L7 -0.2 SAB 

4?5j-ff3| SOT, Bowk /ml lo._l.J5« - 561 


23. BlomfleJd Si. tX~ 2 M 7NL. 


zzca... I 
Z7&JU 4 . .1 


filial 


•*’Income-.. p91 42W . | 840 

)*■ A.C .,053 JT.fl -2 7 * 70 

iaiA f> FarFast* -1194 213 . DM 

Heating ‘Too. ttWed. 


01-3884111 KarCartl-ii 
.. _| 8 40 American Fund 


jia * r « r-*w - |*i.p ail . I 

Jjg Dea[inz ‘Too. TtWed. 

Govett fJohnlV 

«.». 77. London Wall. EC 3 01 - 5*4 

Sin £2‘ il J r J * n » ■ -DM-* U0.» .. . I 
f-?S Do Arena, Ufrff (2478 155«. | 

1|| Next dealing day Feb 2. 

166 Grievesoo MansRcmnit Co. Ild. 


2*3-0? 3M 33 Boulevard Ro;-*l. I.uxerabourj: GO. ?:AV Dec 30 -I Sl'SlM.M |.| - 

I.:! «.r. »a«^«e n ( un. Ld». 


Practical Invest. Co. LltLV lyMO „ ^ " V . • 7“' 

44.Woomab.ir*SO.W'lA-RA oi c3«w: B » k - of L " dn - & * Amena Ud 
PrarticaUan.a-..[139 5 1483 I «15 AMdQudrnVt«oni 01 MO 

Accufli l*mts .|»4 9 20711 | 415 Ale>i«idcrFiJn<i . l*l>S41 - |.| 


40fl8.Quc«i''l«ons£t.t.'.4 01-M0 3313 

Ale bander Fund . III'fSW - |.| — 

7tei aiw value Jan 2“, 

Ban 4 IBF Braxelles Lambert 


SAV Dec. 30 -I 5L'5164.95 \ .| — rwi \ccum 

G.T. Wanagement Ltd. Ldn. Agts. KWM| r FS2d! d 
Park Hie. 16 Fiwbur-- Circus, London EC2. >LB Japan Fund 
TeJ 01-028 BI31 TLX'SSBIOO KBI S.GwlhJ 


, averjSit* . - B 2 ' «.«1*3 *94 «A«jum. I'mlJM.*.. Bwo J07 4 . 641 _ . ^ „ 

SfSi Mm It CcJtv - K7 "59 a - 5M IIt.TTnUTrf nan Endear J Bn 31 _.. .1155.0 162-3 2 71 Qu liter M*P aft cment Ca Ltl 

^UwfimiwXl wmMi U6 CMM*I Ufa UdB TB-M0«rf. Ltd.? lAccuni Unll^ ...hM 1 1676 2 73 ThcKlk &rh»ec YjT>K WP 

. . - Cibel limes) Bfndt. Ud.V - BW4]E*rhanice.BC3P3DV. 0 I«»«)I 1 f'pponumi, K4 (SB 5 62 6| ■ 

ya-rtuUTojB* B6SI-08! 4« SgaTOa... 4||- 

}*: 1 WeSUB(3V7JA.. v ' Ol-ffidOSTK Capita]..B43.-2.2j 3.76 Henderson AdmmistTOtiontaiui 

$ Monthly Fuod-JIMO HSfl .....4 130 Inwme-.J73». -- • S3-0-3 1M p, T .Admin.. Ravlejgb Road Ridgefield Management Ud 


•S-g 5flGr(nhimSl., EC2PEDS. 
Jot Barctn JonlS. . 0022 
iS L'nll*! , [219.0 


III SESZIJSr'r- C °- U SL m n BW BtaxeUe, Lambert 

rrollfir Unit* . 1710 7S Jj - 1.M ' J.U = ".“VtLn Bu 

Hifh Incnmc |lW 5 lU.fl-2.2 7 69 RetilaFunriLF H.95J 2M3| -21 830 


MatuuaeDl International LUL 
c n bt of Bermuda Front St- Hnmltn. Band*. 
Anchor B" L’nit*.. IR'Sfl.B O.M-f: .. I L95 
Anchor Ini W Sl'S3» 4B« - J L99 


K B I S.Gwlh Fd. 
Sicnel Bomuida'.... 
•InifondMDKi 


70.4 751 . 

SUS9.41 
st.:M053 
SLS25 63 

non 

SIS4JI r 
1810 1910* 


Schlcsinsrr International "'yijl. Lul. 
- 41.1^1 Motto KL.5L H*lior.J*;»-p<- ow . 

rf .5*3F S-Ati.... 175 0 EOC.-i . I t ft* 

■'•■9a JHS SADI.. ... Ml SI final . . 1 J-3 

■1 10| 11.00 i.niFrt. ... J«: :<!4 . Ill-: 

I nil Fd.JerM-.-_... «0 100" ! 1 

'lJ« ~ Inir.l Ftl.l.\mbrR. 39C4 «9i;|. ,| .. 

Schroder Life Group 

Enterprise! I'm.-.n. Pori ^nwu'h. CT r. V~ZZ 

D *t°en l«em*iloii*] Fend* 

6 cji CfquiU . 102.4 top 41 ' _ 

. 5-t? SEqullv 112.8 12P0 .; - 

iFised Interest.. 140 8 149-r . . _ 

*”■ ion S»«o4 Inienr.i. 1020 ’09 5 . — 

- ivX . 121 b 1293 

SMomifirri . 107 5 1M3 . ' — 


01410844.73 
. J 426 


Anchor Ini Pd fSX'S3» 4BW} . ■ ] J. 1 
r,.T. Bermuda Ud. 

Bk ol Bernmda. Frpnt si, Hamlm.. Brad* 

Berry Par K .. . 53758 J . --1 LI 

i7T iFd __I 5US645 . 0.1 


'KB act u London pa vine asenu only. 
Lteyds Bk- iC.I.l VfT WIrtk. 


a*o .1. Henry Schroder Wncs * <’•» 
y- 120 Cheap7:db.E.C2. nr.-V 

rhesp&Jan :m. . I JlS’0 56 l*nvi 
TraHcarricr at . I jrS104 74 ( ( 


la POBoxlOS.Stt Heller.Jerscj- ft 

1-07 Lloyd* Tm 0>eas. |47 2 49 6| 

0.78 Next dealing date Feb. IS. 


muvui A*jan Fd. J*n. ISt . tT'SlJVt 
ws 7 “"yj rmrliiieFnri K\S71 
-I 303 Japan Fd Jan 2fi [M VS54 


;;^* XeroL-TV KL2 494| ... 14.63 

*■' - •rV.* - ^l;tbaclMr Unit MgjnL Co. Lid. 

']3.i lie SL.BCTV 71X^7' . Ol-OBMSltl 


4 26 liolbom Bar? EC 
691 Frudeahiit 

6 41 

2 71 Qnilter Manai 

? I? The SI k. Btchwih 
igi Cuartranl Her. Fd 
jj] QuAdmntincume 


Lloyds International Mgrant. S-\. 


-nraaLBHMHCSKiHP nt«no*i7: Borclajs lworn lnt ti.o.Mani Lid Management Uer 5 eyi Ltd. 

„ .. .. Du.AuJ.Mln 23* 252 -08 540 DT Asiahlcrling. IQ0 83 11-341 . | 176 Thrw Qu^-_ Toae 

Kehanre Lmt .Mgrs. IJo-V Du iJrtr racijjr 5*B We . - - n*ak mf Benaiult <Gvem*eyi lAd. _ AtlanticOtJanJi 

Rol,anceHw.7uiiHndgen-elKKI 08M 22271 S? i n i l J, n "2* S’ ** SS ? , *»-1* W*. 0«K*W Alixl Tx Jan 23.. 

ripcK»nuniM K4 (58 5 6261-’.'J 5 49 °° l. 01 U ?, n 7 s1 . St Si M ... »M Kcnj-ParStrlc _p9A.O» 21 AEfl. L47 rmld Ea Jan 25 

-. 22 I. 2K Do Manx Mutual . 23 5 253 . 329 Am-horuili Rrico ..Eo.73 W 79 -0.01 1177 i.iiij* J 


« Rd, Hone Kong p„ Pcx ^ Haml „ on rs 

23 7311 I 2.00 TRuedu Rhone. PC Box 179.1211 Geneva ll Managed Fund .... ISLf04S 

SUM 1-00*1 530 Uoydalnt.Hrovth.t-rt’tn 3BIM I 175 

_..J LloydsIht income |syasil# 1U59|.} *30 singer & Frledlaade 


Sentry Assurance Intrrnntionr.- \Zz. 
PD. Bov rtlW. Uemilinn fy Bermuda 
Managed Fund .... |iU : 0*3 3c;i| . | — 


747 l.inirom AuJ Em 
D o AuJ- Min . 

Do iJrtr Pacific 


7-66 Guardian Royal Ex. Unit Mgrs. Ltd. Rciianc*Hs<<.TunbridgewclKKi osm 22271 SJl n !|1x55*55 
Rp?alF-achanKe,El3P3DN. 01-8288011 r.p^umfjKdL (58 5 *26j -22| 5 49 Manx Mutual 


>utbnot Securities Ltd (nKcl . 

ryl; London FC4RIBV 012383281 1 ** rU ° l 


wt • I • - Rjal »f Benradi iCwvemteyi Ijd. Atlantic 

63 0 ] - I 810 xi-32. lie Pullet, Guernsey 0481-26298 AuS k? 

>\1’3 ■ ■ ■ 8*8 Kerry PacSlrlC _|2#4.00 21654) ..... | L67 ,-mld Ei 

•.53[ ..... | 3 29 Anchor lull Edge ..[£10.73 10 79|-0.0l| 11 77 (ni ln rt. 

I* s«-. Ltd. Anchor JoJi-yTsi |22.2 23 9rt( . | 337 i'Acciud 


Lloyds tut income tifssoo insot.) *jo ginger & Friedlaader Ms. \ctn:* 

u » gm - 3i.CaBP.nnSi.ET4. «'«!“!] 

W & G Group nekaltind* ..IDttajs rw .. j 

Three Quar- Toner HiU EC3R 6BQ a\J!X 4388 Tnl^-nTm Dec 2J» | 51*3:9.16 ... ir-i 


Atlantic Ct-Jan-37.. H>247 
_ Ansi Tx Jan 23... irSLTT 
*■*7 .-rfjlrl &* Jan 25 n.‘SU«l 

Island.-.109.9 

3-17 fAccum ... 153 5 


778/-0X , 

u« ■ ■ .Surinvest ijcrseyi Ltd. in 
jj 7 _u) L'o'aj f3« FO Bov88.Si Kelier .lerroy 
163 51 93 40 American lnH.Trt,.|£6b2 6 7; 

* ' 1 Copper Trust. £9 86 10 01 

Jap Jirdev T-V - KE M 3 61 


-J'AVu.ii -1 * a Income Fd... 

i-itx. 6J;v!a«-Fund 

• L?7s turn. Ualw.. 1 
'i Wdn*I.UtR.i 
trance Fund. 
'Neum L'aibi.. 
_ talFoud' . 

iDED SSKfiS? 

. Wdrvrl .u ftl 

^'■Wnson 

nrho I®'®’--;:' 

a,.,!- 


wne-.173 77J0 Premier i ’ T .Admin,, npi'letrih Road «.*6ni™ Hwuassu*™ ~ 

pnee* DO jerb. i pim dealluc Feb. IS. Srcnluo,.^ Esjxk g ter7227»w PT’Bo\41». Rani Use . MWfhar («l 23S8531 r, S, H 1 " "I 

»llal ,!»-# «u IM thto taitei DpAUitrallan .p0 a9|-0J| 196 g'djwltejij Ini l_ T |g 0 BBOid | 2 86 COUNT- Jan 3[ £2jSi - 

ITUOl Unit fU Mgn. ud.9 (WO LOpL.TOiith Inc - two *301 -0 t] 374 Ridgefield Income |9S0 Ml 01 J 907 Oncm*l!v is«uert ai 'J|n and —£1 00. 

Ilbura Hwine. NeweUrtleADWO-TynO 21183 . l a C’■ro-stJi ACC. [40.0 43 91-0 7 374 RAlhcehild AcbaI Man adPmiMit (0i I Drifltfa IKanawmpnr 1 ■ A 


cr .irrrrv • -?i v 

«a-oH 512 Bishopsgate Commodity Ser. Ltd. AnchorJaJey.Tsi |22.3 23 9«* . | 317 cAMwVni»> ... |lS35 163.31 - 08 | 93M A*nennnl»I.TM..Ebg ‘>'3'^, 

[Ltd P.O Box42.Dn ue ji».i..\t oEwswn Ganmore InvesL Ltd. Ldn. Agts. 4 . ..„ . _ jap^mJevT.v . Rem 8 6il-ic:| — 

„ r AJUiAC'Joi’.S -I Sl'MfcW J....J- 2Si Mar>.\*e.lotidon.Era 01^833531 *■*»*« MOIltagn UO. AgtS. 

B0rf**l | 28* SmwpMml* I - flamnore Fund Xnp. .Far East) Ltd. 114. Old Broad SU t« 0IS3BMJ4 SurinveSt Trust WanaRePS Ltd IX': 

1 907 --SS J -ti«r flfSF pss :d is i&TJgZ ^“* 1 

jfwstiiat-tew ^.- = :»sa5i?.r.sr .ah’!: is SissiS**' 

Sloj-:T^! A-to?.j ^3 : raw r - mu Bonn Fund kstoot l«WWd.n»Bfl 9«1 - K&SESKa iSS^ 1- 

97M -0 l! 2 97 1 - D|-I Ofl. uv. Hnnc Krnr. r.artmore ImeMmerU Mart. Ltd. Do l^olc B«1 9S 9 Id-’, ll -t J — 

44.3-12 ?S N,p|i>n Fd lan’M ISVM11J ? 1301 0.93 PO Eo*32.Douglas IftM. «S4239|II MlMTB}*. Johnstone (IttT. Advistrt 

753-01 21* Ev.«iock NktiL n2 e i>SS??* no<: sill K i« Hope«.GUfeow.CE 043-2513521 TSB Unit Trust Maencors iC.T.> 7..d. 

I5a-0-a Rritasnh T.l MniT-ni iri.tU DO Lromn .- ,.p»o oau-u.^ .HnneSlFd .... I 51:53731 ! ... J - ■n.-.i-ll-Urf g, __ <vra - v'-' 


U2.9f--I-0.7J 10J5 MUbura House. NewttrtlMtpon-Tyn* 2128& Acc - - 

<&9ii -0 4 CarHol_{*34 - *B* -:-| 439 !!®SB n - ■■ 

3«s —03 9.30 Do Aeetutt L-ultS-m* 77g . 439 JSSinm »prtt"" 

59.1b -83 -9.H0 Do. IQah YieU_,«!■' . — 786 

27Ja ...... 3200 po Acton. UjjHjr_K3 ,5.4 786 f 5|ioi. S A a^ST 11 

4L8u . 12.90 Next de^ dale Feb. L 

S! ■■ • 1 7„ ' • = : l 1 -I- ig'Nlh \meiiean 


. IS Cbarteriumoe JepheCV 

514 . auf LPai*ro«mcRw.B«. 

183 -03 -SJ5 CJ.Tnter nall 
403n -0.3 3.58 AemmUirttg 

4K6a - 0.2 3 50 _ CJ.Iucome^. 

M7q -HM 527 CJ. - 

421a -03 327 Accum. Unit*„ 


N A CrovyJon 27 fiOlb 


01-3483990 Dil&Nai . 

I 166 W Wd '»« 27 
, "* I ill tBiCabot . . 


-0 5 8 08 NC Fjigy.ResTM 413 

-0 3 5 98 N<‘ Income Fund 148 8 

226 N l [nil Fd 'lnc.< 71 2 
127 NC Inti Fit t Acc. 712 
. 2 44 r* C smllr Crwr. Pd 145 6 


2 J 5 Rothschild Asset Management (gj Bridge Management Ltd. 

2 64 7"-iO >lnrc6oiJ-c Ftr) .vierburv- 039639*1 pb Box ftOO. Grand ‘.j; man. Carman ii. 
339 N f Equity Fund (1520 16101 -201 322 N-bashi Jfun .1. T12 647 | ..,. 1 - 


0I-HB64IM Surinrest Trust ManaRerg LUi. (x’: 

. ? 5? «. Alhel Street. Dcuslas. I n :.! fCEM .WJ.1 

,'nm 215 The Silver Trust. 96 9 V) ;|_f.T| - 

0 ® « « Richtwind Bcn-d FT 1F9 6 1T9 6; -0 °l !B Cl 

. Do Evcrgreea 2361 14oJ'-C : | t li 

Do Platinum PJ 104 4 lab".-1 9| — 

Do Oolc Bd 9a 9 104.11 -0 ^ ~ 


Hi ••••• 2« aagmw-w J$~n iz 

5 ft> 2.L. 3.92 'For iax exempt funds only 

l?e 372 Hil * s»muel Unit Tsi. Mgrs.t fal 

306 3.72 4R BeechSL. BC2P21.X 01 B28R0U 


397 Rothschild & lAmndes Mgmt. (at 


4 ji Britannia Tst. Mncmt. tCU Ltd. 

. 30 Bath SI. S' Holier. Jcr.-ej 0539 73114 

.. tlrourthlnvefl . (319 jgSul .| 4 40 


Hambro Pacific Fund Mgmt. Ltd. 


■ Pak . mru America . 128 0 30, 

> FOR 1 Q 7 x\ust.Acc._ .540 5R 

' WR *07Jau« Inc.428 46. 

PROPte-v .Capital,-- ui « 

•. t F - 0PtRTr -»i iemnt T*l _ U42. im 
it-,.,-,. Sxtralnctnne 27.6 21 

1 - x • 'i-U •!• Miuracial- ... -. S7.S- 11 

Gar.v 5 -. U - R ' 1 s general ,. .-.,-. 243 \ Jk 
Ritftacnr . iiwih Arc.* -391 _41. 

dc.t. BUBBE ?S .:i ncotneTsl „78.0 S3.9i 

r-ci • i:, C Prf.A'DBTflt.pliSJ .141 

ice* si Jan.SLN'CKt sab. d 

u^i 

Si ^ 

GLI—. 1 KG 3 1 ur um T 665 69 


tishfiSni■asK»» -- isFsaaaai^jK vss^a . 

S-Z Jg Prices Jtw.36. Nest tJe^nfi Feb. L *gg “'T U 

‘ ^ 261-6j im CtdeftabiTruBtWinagcrB Utlftahg) iftKljfcKSL-—Si ,H3 |g 

VTSJja Am' - ,u,u ^ •-.AiWBtomh*!»3 3LM-0JJ 2.7S 'btlncemeTrust— 25 B 27 7 -0 3 770 

.Alijtavr Unit 1XL Kgs. LUL 1 -t,«c, ggSSSffi-p, gp| ISiSSi1Y.Jf|t.Bi W * SIS 

•acal Livciroui^.RishHoiboni.vcivTNL. oi«3iem. bm|c acnr*. iw-pi* _■ a«|-*3|_ •« j H teL? laKgi 

JTtland. riS ■tJadVliP^xr atil^dly’Fii. t!* COIlfcSdfarStioa Fund* Mgt. gld.0 (aJ is.Oinaophcr Street. Era 01 2977S43 

. «, - .... ; 9QCtan«^iTUBe.TOtAiaE 0I-!»XQ!«t intcl J,, ‘ ^0. —1».2 W44 -] 4J 660 

—s.-clays Unicorn Ltd. (oKgWO Growth Fund_(385 a0.4f-l.7| 436 Key Fond Managers Ud. faXg) 

-orn Ha252Romford R<LE7. 014315944 ,. - 25 64116 41 r<9i,'fliv 111 ftisyrn 

wrn America .WO 3411-031 Cosmopolitan Fund Managers. KeyEnere* InFd 1693 73 71-0 7 3 99 

HS CnjdluDAre..LondonBCSSR7JX ; 62802B KcyEanliyA-'ien.-foj 675 -Ob S07 

5| »*-;-» 411 ^ -03 ^ 

8M Crescent Unit TsL Mgrs: UA fal(g] HS 


-\KCr.iCtNS... VMwidc Trust 


GUI'.SlKGS I UTUDi 
TRUSTS.:. 1 


Ing Brothers & Co. LULt (aRx) 
Mines .i 'eadenbaJl Sl.EC.3. 01-S6B283 


2ffl Cosmopolitan Fond Manage*. K ej Enw inFd“|W 3 73 -0 7 399 «“«■ ■?. Kdinhu, 

|-S CojdhaDAre..LondonEC2R7JX ; 62802B Kcylinlo-A iJea.-Ej 675 -Ob S07 ^alinyrt in 01-SS9 B89B 

bS CtaH8BBiaXaikJn.117« •" MJj — I 491 *Key Rvempi Fd ,M0« 1494 6 50 have & Prosper hec 

fs y—* T 1 , KcyWpiwFund p74 82.3 -03 819 Fuad. 

«7* (Wnt Ihilt TVtt. Mptrl Ud. faifff) p,,iWl f,,t - Fd ..K X 66 fl -0 f. 1188 

!s KeySmiH-oVFa .[86 0 91 4| -0 7| 667 ? 

IS CnMeenU^rth^.jaJL *" 2f.M^0.4T 429 *Qeinwort Benson Unit ManagersP i*nh itromh . ^0 

Sin Cres. Inlenutt L_M53 44q .1 ®50 20. Fl-nchurchSi. E.P3 01 B23«W IndMuIng Inccuue Fund 

ClVS Rich.Dlvt _W32 - :«JU.~0 3( K.B.UnuFd Inc .1834 9031 | 4b3 HiSh-VwW 1534 

Oreft. Beservee, . tM.9 . - 4L7[-0.4{ 430 *K R i.'nltFd Ac. (lOLl 110 bj | - Hi Bh , nMn „ Fund. 

fb* Discretionary Unit Fand Managers L & C VmH Trust Management Ud* KjJ 

5J| 82. BJoraDdd SL, iX21f 7AU 01-084986 ^ ^ l | F ' chi,DE t; ^ U t und* 

Jg DUcInromu.. —11584 / . . .1 5J4 [jf {Jf, ^ Kd g?** ^|| j ^KLnu.n 1411 

4 ‘ E. F. Winchester Fund HilgL Ltd. 1-awson Secs. Ltd, VfaKci eL™™ 173 5 

|x) OldJewiy.EC2 01W21B7 t3George.Si.IVJioburghiimiUU 031-2203011 t’fF*' 1 • • • P** 

R—iimniAMin 1111 .i 772 (Rat- Miior.il. 1140 in 71 1 Til 1 - s - l»2 2 


"S3 2£ si Suiting I BUI-. Utn.EC* H1.ES435A Inml Fd ‘ ' '*0 5 65 4>3 100 

-Oil *» Ncw-O Eiempf ./nj70 134 OJ ( 3 72 Jersey Encrn-Tsi 13c 9 1*8 On . 150 

f*nce on Jan Ifi S'm dealluc Fch li. Unl«j Dir T*t 

; - f I"' Rowan Unit Trust Mngt Ud. j Vajuc Ju 2T Nr-. 1 dealing F*eh 8 

Hie. Fim-bun-sq.K2 01 - 8 D 6 HW Butterfield Management Co. Lid. 

^ | SSSSSMBfi ig|-. n 58 

SS gj sj (g SSSBSS.Jb IS---I ?S 

-I l nwSISrlB Jan-30. 70 3 7A0Jdf 319 Pncc*. at Jan 9 '-c- s-ub day Feb. 8 . 

lay 5 ja 'Accum » mtw -|85 7 *8 3| . 319 Capital International s.A. 

-oil 810 Royal Tst. Can. Fd. Mgrs. Ud. I XT rue Notrc-Dunu*. ! uv«*mh«iirr. 

‘ 54.Jrrm.nStrnnt.S W I 01-6298252 CapitalI bl Fund I 51*1521 I .4 — 

01 2477243 CdpudI Fd . -Ml 67.^ -13| 336 Charterhouse Japhet 

-J4J 660 lnr,,mrrt I 1, 3 TTOI-I-I BOO j_ paierntM er Ron- Ft J 0IJ4839M 

« |U1 -Save & Prosper Group Adimpu - ms*» r.« . 5.70 

'* 0 * ] rj,,-! ci iipUu, rnndfm rP'iP frp \dWrbd _ . . ^ - 0 J 0 5.45 

n 6067070 rH?r-V Kondak . » 31IB -0-10 fcJO 

m OUP^Jl Jm F.ditinursh r.H2 4.*\ Fnnrliti li^!25 0O ■" 111 Lif. 

-U 507 IVaJjDHH 10 01 -W BB» or 0 CII* 2 » 7X51 fiS^rorKiid Sl «R _ 

6 50 Save & Prosper Securities Ltd.V Hirpam. .. ILs***® «6n(-0.05 19* 

vf« inP^iiarinual Fund. Cornhill Ins. tGucmseyi Ltd 

-UbtllW --- »«* 34 4rf -0 ti 3 51 PO Box 1 ST Si P*.i-.-r ^orL Guernsev- 


440 - 1 ^ Connaught Centre, Hoc 14 Kong 

100 FarEartJ« il25_1947 9 OT| .| — 

150 Japan Fund... . ISLASU STTJ. 4 —. 


'■« 163 Hope St. Glasgow. CTL 
, -Hope St. Fd .... | 51/53731 

L "Murray Fund._ . .| SUSS 99’ 

•NaV Jan. IS. 


\ ~.i - 


Negit S.A. 

-I f Ugnhrnc iCiirrntn-l 1 tri I 30a Bonlcwd Royal. Luxcmhnur* *»*.*» ■«*.*i»v nuimu),’ .-..*. 

i • I X 00 Ji J-.-J »* -' , r ■ .J NAV Jan. 27_1 5US10.B2 I 4 — In tun M»nwcmfni r« N V, •."um-—*.. 

>b « Hambro Fund Mgrs. Ltd. nav »-r char-j an 22 si:*-. 4 ? 

.Lid. PO BonM-Cuemsex- 0481-28521 %egit Ltd, 

lUJullri.Ivrlir-o iKtS-nhi a'S «d Bermuda Bid**. HnmilLon. Rnuda. Tokyo Pacific Hlelas. -Sr*sbo-rd l *•. 

... | ?09 iiriS- ■— W-SS 7 Is? NAV Jan. 13- 1 054 ]_J - inumi. Manaarnmn: .*« !K-.C^. 

2 49 I til Fai-iniai-j’..Jl>T80 2 S3 -DM1 830 ^ _ , N4V per ahai- Jan. 35. Si'-STO SI 

Feb. 0 . i n , savniE5-F'.uvsj.w loij .... 230 Old Court Fund Mngrs. Ltd. 

Pncex on Feb. 1 Next dealing Feb, B. p o 58, St Juliana CL. Guernsey. 0481 36S31 Tyndall Group 

Henderson Baring Fund Mgrs. T.ld. EqFrJan 31-K8J 5U| •].4| 2.65 p.n E» ISM HamHlon 5. tv-rmuda. r-2T:.i 

. 4 “ POBrotNWSi^^Mrororo iSS Fd Jan V"-”. mV M ' i* RSSTlfcu? ‘ &HM | - 

OI^MPO ^^Tan“i'^deaH^ 8ntCp.FdJaa.il .3^4 1*1 -u| 322 MSaytalJan 18 \~ 

■ .J 5.70 Hili-Samuel & Co. (Guernsey] Ltd. Old Court Commodity Fd. Mgrs. Ltd. TnreLJim.ds! , ' r ‘|£6^5 : ' itfitf 

5iS fc?n 8 LoFcbiTc SI. Peter port Cocmsey. C.I. FD BoxSB.St Jul ions ft. GucmRcy048126T41 »3Tj - 

^ Iluemrov-IM . 13430 153.« -3 91 336 O.C ComdtyTrt',,1125 4 132.91 .1 171 TASOFJan 2f. . D5 5 £9 | - 


BaKalellcild Si Sa-.i.-.ur. Jcr-c" 0S>" 
Jersey Fund .143 3 45 6:6-1:1 

Guernsey Fuad . ..|C3 3 *5 6.? —ill 

Price; on Fch I .'-■svt mb o.t- Fit 


Tokj-o Pacific Hoirfingx: X.V. 

In tun l* Mnnncemcni i~u N V, 

NAV per rbaro Jan 23 SUfVi-JJ 


lnomi* Mnnagenicn: i*n S'", '.‘-jy'-im. 
NAV per jfr»r» Jan. 23. JDST521 


t (aiMz) Old Jewry. EC2 OI-OOSSlffT taGjxarKe!>i_ X>liobur*hIiH22JG 031-2283011 :’j , F an 

Ol-mama Gmitvrnwhester.-lua »7d.J 7.72 tRaw Material< 349 3871 I 723 1 " 

Ol-mran Q Wincb'iir 203ld . ~ 1 538 *iAccum rmls. 37.8 *2 B . . 723 Sector 


CaBiLal 
III’ . 

I "nli llrotrlb . 


311M-OJ0 6JL0 

r. 1 W 6 16 
A IT)-0 05 T9* 


?-7s B LcFcItitc Si. Frier port Guernsey. C.I. rO BoxSe.St Julian sH.GuemwytHBi 28T4 

w “Vi* >» gfSHf&’S.'xlKL Sir I i T 

r M Hlir Samuel Overseas Fund S.A. ■Pi-ices on Jan. js Nc.xt dealioe Jan 31 


132 0 34 4n# -0 3[ 

E 6 14 Sj -0 2\ 

[57 0 612 -0* 


■Growth Fund 545 59.3 

'lAccum L'niLii . 59 * 64 6 

rtGiilnodWamaaL 33 7 37.4 -] 

± American r d 20 2 21 fl 

t'Accum Uniia; . 210 227 

"High Held . 49.8 541 

“lArixun foitxi 67 * 733 

Deal. K6tan. 'Dies itWed. IThur 


Copter ' TZtk, I ITT* 1KW ( x® Gt Wtaeb-mr ffroMih* 20JW - - 1 538 *iAccum Intis. 37.8 «2B . . 723 

'■ "Klfc ©3 "."I IS ■GrowthFund 543 59.3 311 

“ ccu " "■•'' E*«w« * Dudley ra- nogumt Ltd. ,, >» 

——-- 30. Arlington Si,S.W.L. . - 03-«87B51 ISienJiVd 20 2 218 11 oS 

lopsgale Progressive Mgmt. Co* Emwm Dudley*nst_|67* - 72.71-061 510 iAecum Dniia-. 21 o 22.7 osj 

ikooteote. E.C2 ~ O1-BBB82B0 " - "High Yield . 49.B 54 1 1030 

'rc i vn r BM 1 17911 Tjm Eoaitas Secs_Lld.P(a)G£l •■lAcnai iinit*. 57* 7351 id30 

>ES AND .a!^ ,“j. 184 4jm*faop«a(e^C2 . .crass ass i Dcal - Wton - ’ T,1 * s tiu, * d - * T1,,,r ' " Fn 

aeratjm.ai pu.l ttJgig-jLfl Fmgiailm^_H0.7 641['-0^l *«4 Legal & General Tyndall FnndV 

YESTERDl N<aCt " b ’"*T feb ‘ k Egui« y *UwUn. lV. W ttKbHc) 

ige Fund MianngerstUKc). ^5*1^ ,AWUm ^Sac nH’R 1 4 92 

i.-William St. EC* ROAR 019S2S4S51 -Bqo | fa’*Uw-1 41 ®:.. *•^“‘>‘9 5 44 . 

_ . >hi.*.Ml 510I-1J] 6.01 . ,„ 5 t tiA Leonine Adamus trail on Ud. 

F “- d ' {eCap. Uie-t._b27 Mi ... IS FVa uiUng tmi Unit M». U&. 2 PufceSi. London '.VIM asp Ol^sywi 

>am an- J-,.-. le rap Acct ..fe6- •»<! .:. 329 >7. Inland'Yard. «C4B SDK.; W-34BB971 _ . fmju 7«1|-07| 534 

>am. an. »B.a«pLt T BS0 M20a — .3g -UMi .UM r { 383 |«Aew5V |ll.P 78 b| -0 si 50? 

St “Jjj -Jj £^ li« Uoydfl Bk. Vnit Tst Mngrs. UtLP (a) 

- 1 1«w » D *^ Jni -Tu«. 1W«1. Do Accutn WOI... 4 258 rmmh^, Dept. fionng-Mfc 


__ . 723 Sector Fundi 

59.3 311 fouiniodilj 1651 

64 6 311 F.n«sr*> Ml 

37.4 iu2 Financial sec* . (62 7 

■J* UJ HiRh-BUnlmoni Fault* 

Si i?in SeWi Iniernat [214< 

55 1 J8-8 Select Inrorne . . & 7 


Select Inlemat [2144 22621-111 

Select In rome . . 6l 7 S45|-0 j{ 

Scotbits Securities Ltd.P 


£f3 -8 2 *02 lohil M-ii Fd 1163 0 377 51 ..... | — 

6121-0*1 216 Delta Group 

r-r ■■ nr. PO Bos -.mi2 ■!i'W Bahamxji 

57 41-0,1 6 b4 J.,au 4 | 5 ui 2 Z"| ..f - 

6*.d 0 7 ’ 811 D * ulsc her Im-pscncnl-Trust 

46wln*j 8 22 Porflach2C6-5EiehercRN*e(5-|rtCtFwFranl«iirt. 

lonccnira li-MMJI) U.bH I — 

u , , Iol Renienfnnd* |E**-!T3 20 T530| . .1 — 

Drex-fus Intercontinental Inv. Fd. 
79.01 *0 .V 2 98 Pfi Pok N3T12 Ntusau Bah.-unas. 
fX.P- 0.3 AVJan S» .. lPTlifl H741. 1 .. 

674J-PW 318 Kmson & Oudley Tst.MgLJrsy.Uti. 

■m ni n<j att PO Bo.\73. St Holier Jew UN34^OSBl 

E.DICT. -11179 125 81-381 - 

b? 4| -D a[ 2 94 F. & C. MgmL Lid. Inv. Advisers 
1-2. Laurence Pounlr.e- Hill EC4ROBA. 
2621-111 2.9* 01-62? *m> 

S4Sj-0*| 730 cent Fd Jan 25 ! SI S4.2S I / — 

V Kideiitv- MgmL. & Res. (Bda.1 Ltd. 

14uf -0 51 4 03 PD Bttt 670. Haimiion. Bermuda 
52 4|-0b| 6.B3 Fidelity Am. Am. . | SV519 65 I. I — 


Hllr Samuel Overseas Fund S..\. -Pncc.' on Jan. JS Sejct dentine Jan ?l 
r.7. Rue Nrire-Danw. Ijacmbourg iPncc on Jan. =3 Scxt dealinc dale Feb. 1 

. T Ui lr l J' Phoenix International 

Inicrnaiional Pacific Inv. Mngt. ttd. TO ^ w *. p« or ^ oueT^er. 

P'1 Rui R1M7 Sfi Pin. SL Sidney. AujL Inter Dollar Fund |51S2 a 2Jt(.I — 

.la-.ellD Equity Tj IS187 2 02d ,} — 


TriFSL Jan. 26. £6 a 5t5«f >« 

lAcrun Fliarcx . £°70 10 jx! - 

TASOFJan 2f. .75 5 W.9l ~ 

• Acckiin.Share*. 7 53 so X 

.ierscTFund.Inn35. 147 b 20 * 61 -s 8 C 

iNon-J.Ace Uu i... l 27L6 223 31 . - 

GilIKuad J.xn 25. 115 6 117 *..* 27 

1 xccum. ^hirc -1 (7*14 I*“ «’( 

Victory DdprIo*. l*le*>f Hsu. R52- 3NC? 


Inter Dollar Fund ISL SJ 21 2J4(.) — 

Property Growth Overseas Ltd. 


.I.E.T. Managers ijerseyi Ltd. property i*rowtn w 

PO Bo* JO*. Royal T;t l|#e. Jer-iwO&U 27441 381nrh Ton-n.Gibraltar. 

■lerw; EsU-nl T-i . 1113 0 130 01 .(- ^ T PSl ] t^ 1 ' r1 - 5 X 

A.X III Dec xn »ub do* Jan. 31. Sterling Fund ....l £1 


^.| _ Managed Jan. Ifi. ,|127 2 13* W i 

Ltd. l‘td. Tntnl. MngmnL 1 C.L 1 U*i. 

ii'ihunMi I*- MuluAiter Pucci. 51 llclser. Jew 
, noM. .( -f-£7ao I I 

I .... I — t; n :«.A C‘.. a . X/-- !n!l Cr 


70.01 -06) 

S?I:§I 


’} , nv p d “ Janline Fleming & Co. Ltd. 

* ‘ 40th Floor. Cor.naucht Genue. Hone Kooe 

, JariftncE'tn. Tst. SHK21139>s .3.40 

1274). 1 .. JxxrtmeJ pn. Fd.** SH1267*9 . 1.70 

IgtJrSV.Ud. JanflncS.E-A . SL'SlLJa . 278 

iku-JtftM Jardmcphlp Trt. Sl S10*0m 3.6B 

Jardine Flem InLt. SHKBMd - 

1258) -#8| _ JJAV Jan 14 K^uivnlenl SUS580Z. 

V. Advisers Next rub Jan. 31. 

ecir oea. Kcmp-Gee Management Jersey Ltd. 


Rox-al Trust 1 CI 1 Fd. Mgt. Ltd. 


nil PnxlM. Royal Trt. Hae . Jerxty. 0634 27441 V S.TA ltlf Fr.«S I 


United States Tst. Inti. Adt. To. 
14 Rue Mdnnger L:.ven*.^iiirc 


3-5? R T Inti. Fd.ItrSIM 


J-3® RT lnO iJey iF<L 


SIM 94Ij .. I 3 00 
l 35l ... 1 321 

Next dealing Feb. 25 


Prices at Jsn. 13. Next dealinj: Feb. 25 

Save & Prosper International 

Dealing to: 

37 Broad St, St Holier, Jersey 0634-311537 


VIS. Danar^enatnliiairil Fund* 


:lel ixncl J.xn .V». 

S. G. *Varhnrg & Ct>. Lfd. 

30.Gresham FtreoL B.T 
Cite Rd.FdJ.xn 39 _ SI'S* 32 i 

Enr.-.ItnJjn.'F 1 , .. 5l-i>75?9 :■ 

*..r StSFd DccJI . 51.56.56 1 

Mer.Eur FdJanTS JVS9 95 1" 031 


1 ChanncOwas £L Holier. Jersey. 053* 73741 Dir Fxd.Jrd “J... 


Kemp-Hee ■ Capital .184 7 8731-331 _ 

KcmpJiOc Income [liSS 67 6)-2.*| 798 

Ke}-selex MngL Jersey Ltd. 


Internal Or t_16 04 

FirCarttrit.[32-56 

North Ucnant Q36 
sepw>-n.112.76 


9 92/.f 7.06 Warburg *nre«>. Mact. Jrsy. 1 ~! 

5 5j|-0.071 I Cw. U LVIur I... I-I nr-lj- - 


5fbl7 95 
SL‘S38J5 
SFSll 97 


_ PO Bos PR. SL Helier. Jersey. iLnq 01-606 70701 it«rllii)i 6nioftlni tfd Fund* 


352J^00M — 

lisira = 


Furdr. 

lam. an? • 


le rap Acc t.. 
je Etom|H.» - 
’(elntLlacf j. 


' 01 -348 BOT1 LeoD,XU _... 
A . . j 3 83 lenArcum 


•isH 

ial »*: p 


H teIntiAcc.tjJl*.? 15.7J ...1.42 

- ices Jan TMtSS. Deallna "Tues- TWcd: 




Leonine Administration Ud. 

2 Duke Si. London 'VIM 8JP ' OIAnVbH 

LeoDixu . . (70.4 7«J[-07| 534 

ImAccum 74.9 78fl-0M 502 


Pnee* at Jan 2* Next sub. da«- Feb 8 


Senes A < Tntnl i 


Schlesinger Trust Mngrs. Ud. taHz) | Series B(Pacific». 
____ T „t-.-T.. Senex D ,,\m a. 


Mil n-a «** ilncticpcralinj: Tndent Tru.*tai 

3^ i« ssssr-w;"' « 

(Hf Am Griro-Ui --[2(6 


FotiMtlcx . 
KcjrcleJi infl 
Keiselcx Europe 
Japan Gth. Fund 
Key seic^ Japan 
• "ent Assen rap. 


1458) . , 3.00 Channel Capital* 12X2.6 2238c 

b38-ao: 4.70 i hannel Islands*- 1433 150.9n 

433 3 90 CommodiD-^t ., 136.4 1217 

2165., - Si Fxd lnl."*t 123.0 130 1 

B.fcs — Prices on'Jan 31. "Jan. 25 

37 -0 0b| — iWoekly r-calincs. 


• anma Trust ManagementtaHg) 
odon Wall BuikUngs. London WalL . 
, on JEC2M SQL 01«B0478(0i 

U-. ..._166.0 .7».«-13H 5. 

!-aJ Ace.-. ..B77 5lS -8.6j 4- 

n&Ind-. 6.6 S55J-0a 4: 


FrieUds* ProydL Uult TuvMgrW 


northing. West Sussex 




> -aJ Acc._•— 

n&lnd . 

! acidity- 

Mile- 

~.i?t>con>c ZIIZ 

'■Uri-^.-:—_ 
xeialSecs..„ _ 
6CesmI.— 

-^fe^ssrr 

growth__ 

inftTj t -Share»_ 

jjgiBhtoci,x.r 
“*lasue —. 1 — ... 
j Atnerrcsm,. 


FHendaProv Uta..fe0 .. *.i 
Do Accum... ...poS •' 54./ 

577 G.T. Unit Managers Utjf. 

3 g 78, Fltfshuiy Clmu EC2M TDD . 
I** G.T <^p. l*ic.„ ^-[785 83As 

2S DaJW-j.. —-BM- ' 

G.T; Dir. F&. []tt..A>RH-.4 3A9J 

°- T O- 8 fcOro- - tSoj H7.j 

■f* a.V JapanAGen...pZ2- 23fA 


sgT6.9f First iBafncd' NOD SUM-Obi 43B lni.i>mctiist l<0 4 

. ; OS06 6086 Accum. £5.0 698 -1.0 4M {^-Wdiil. - 311 

-fl.« 4A1 J«C®"d'Capi gg 49.2 -05 3 67 Inin' Growth.. ..403 

(ya. en 1*0 lA^cann. 56.9 611 —0 7 3.t«7 fn\ t^i i niK 23 5 

451 Tbirt‘Income. 77 9 83.7 -0 5 619 

Do lAccum.'. M46 X12C -12 619 -NilYield* . ...... 271 

Fourth (Ex Inc i. . 57.4 6L7 -07 751 Prcf t Gilt Trust. 2*8 

M4W8131 »o tAccunu-|u? 68.*}-flil 751 Propmy ShareJ-T S 9 

1JJ> Lloyd's Life Unit TsL Mngrs. UcL ml 

7.90 T3WB0. Gatehouse Rd . Aylesbuiy 02005941 f.K. tilth DitsL .. 186 
2^B Eqoily Accota —. 41*42 151JI ... | 4.22 •'Vest sub 

-11L.K.& G • G;:s«i*Uy)fcMW. ...... J. Henry Schroder 1 


Exempt Hifh Vld.' 
ni |}m| 7*mo Kxtffnoi Mkl Ulni ■ 
Fxtrtlnc.Trt .... 


IS G-TIntTF9nd._-.D044 
.- -GT Four YtbFH..^. 

*G. C & ; A- Thirt (a) 

445 5. Rayleixb Rd.Dr«nwood 
ZV0 ft ft A-.i-pOi 


19 

265 -0 
276 
261 

38.9a -0 
43 9 -0 
33i -a 
*33 
25J -0 

M-2 -0 

29.3 
253 *0 
279 -D 
27.6 -0 
2X8 -0, 


OJT/th 864*11 
| 293 
.ox ?*i 


*03 293 
1 823 
I 402 
-00] 969 


-0.4 414 

-0 3 


353 Abbey Life Assurance Co. Ud. Eagle Star InsurfMidland Ass, 
4 74 I.R St Paul's Churchyard. EC4 01-2489111 I.ThreadneedicSt.Ei^l 

J-S SQtiltyFund.. _. I3?.7 35JJ -OJ - Kari^Mld Lniu; MB7 

8J7 Equity ACC .... 34 29 9 -0.7 — Equity & Law Life 

^28 proSertv Acc’"1**5 w'S “ AmmhamRoad.HighV. 

£n SSJSS* Fu-i" - SS* ibS-lO Z Equity Pd . . , . DM 0 

£2 cS??rtible Fund 127 9 134 7 -01 - gWWftKd • «£ 

529 ssrtt^ : l£l 3Si3i z SSF^ ■ S 

« lasaatv p?7 jh-^s _■ S£a+«tJi fi 

S? Pth-- JJaniiced 1661 174 9 -2 0 — euRanholuDicw'.; .W 4 I 1 

» JRLWL. ist it?-. 4 -' = RSSllsaaL Ins 

?s "»?:»? z sssafWcJK 

347 TCoro-. Fd Ser 4 1M 3 1X31 +0.1 — 2 Prince o( WaIc* P^i. 

347 vKoney rd Ser 1 .1074 HJl -*0.1 - 11 .L 1 .'ash Fund 1950 


-0.4 4.57 

1 007 


258 Three (fuan. Tower Hill. EC3R PBQ 01C8 4508 
7 00. See alxn Stock Exchanee Dcilinrs. 


See also Stork Exchange Deal lacs. 
American 301 40.7rf *0.1 096 

■Accum. l/nitsi—. 398 413*0.2 096 


•ve-.t aub Fob H Xtn,. [Topert* - iblO 

J. Heury Schroder Wagg & Co. LULV g*^? - $[ 7 
lao.atcajside. E.I .-Z . 01210 MM Pen.- Mannced 1661 

taviuIJan RI -_TO8 96H-3 6 254 pen#; Equity. 148 4 

‘Accum • -11135 1155) —* 3| 2 54 ePrcp Fd <er J 1X96 

Income Jan. 31.—,.U74« 


the lLs:i:u«rfJi 


CLIVE INVESTMENTS LIMITED 
Royal Exchange Ave., Loadob EC3V 3LU. Tel.: M-283 1101. 
dex Guide as at 24tb Jaonary, 1078 (Base 100 aM4J.77.) 

Clive Pfeed Interest Capital......Z. 335.06 

Clivo Fixed Interest Income ■....’'-JIj:.....134.73 

CORAL-INDESi Close 465-470 1 

INSURANCE BASE RATES ~' 

t Property Growths— 

Cannon Assurance .. ' 41% 

t Vanbruglr Guaranteed 6.68% 

♦ Address soown under'InsDrance and Property Bond Table. 


S : BASE LENDING RATES 

^.B.V. Bank .VZ;.Z; - .*7: ^ 6 j% C Hdafe & Co.t 6 i% 


a 1 is.:-- JJHed Irish Bankf-Lhli,'.64% Julian S. Hodgfr . 7i% 

H it?." '.raerican Express-3M- 64% Hongkong & Shanghai 6i% 

. ,.mro Bank 6|% Industrial'Bk. of Scot 6{% 

:*■: '• ‘ P Banjc ltd. .v:.ii.Z.-.-6*% Keyser Ullmann. 61% 

?5 "ienry. Ansbachet^i,^'.-0i % KoOwsley & Co. Ltd.... 9 % 

M ' I’jtf :.;«nco de , Lloyds Back . 

m ; vJ — lfm :uak of Credit & tiac$;{l Hi % London & European... 8i% 

xiank of. Cyprus-‘ . London Mercantile. 61% 

-j - ; c .^ 'lank of N.S.W.. ^3% Midland Bank . 6?% 

^ T'anque Beige Ltd.^Zw ■ Samuel Montagu. 

« * 3 s.::s ,.anque du K&dnff^^:-7; % ■ Morgan. Grenfell . 61% 

a? If-' •» ‘iiarclays Baufc > Z..-Cj. 4B£%. National Westminster 61% 

a = ' - : :’i Barnett Christie Lti“ r .' 31% Norwich General Trust 

« ; ;remar ;HoldBbgSiZ|ta:. 71% P. S. Refson & Co. ... 8i% 

. 5 «f y 'f;'" ;-riL Batikof Mid/<3Bast- '6^% Rbssminster Accepfcs 6] % 

u >7 ;-rown Shipley Royai Bk. Canada Trust 6J% 

- • rz. ■ Canada Permanent APT "6i%' Bchiesiiiger Limited — 61% 

«x - s i- - apitoI C& GFin.Ltd. 9 % E. S- Schwab . Si% 

.* —- ?; -- u ;ayzer LttL i._.^. 7 % Security Trust Co. Ltd. 7J% 

" *; 7,'edar Holdings',..'.. 1 ;...; 8 % Shefiiey Trust . 9|% 

f. -*-r -harteihoiise: japhet\..- 61% Standard Chartered ... 6j% 

S . -= : r^ ;f: l: E. Coates J...;. 7i% - Trade Dev. Bank . 6{% 

T, t a- z ':onsoIidateri-Creditjs — 6^% Trustee Savings Bank 6i% 

T: ";-c? -\~i >o-operativeBahk * 6J%‘ Twentieth Century Bk. <4% 

-‘-i 'orinthiAn Securities.., 61% United Bank of Kuwait 6J% 

‘7. •• --redlt Lyn pnaw .:... 6i%.- Whiteaway Laidlaw —. 7 % 

Cyprus Popular Bk- 6f% Williams & Glyn’s ... 6i% 

5*. Y-" ~~ ':>v-unican Lawrie” 3 6|% Yorkshire Bank —.. 6f% 

_K. \\ ;;r:‘^'agil Trust ... 6i% H Members of the Ansptiflg Houses 


iTHmz?r300 AuHti*f«9lun. - ... 2(9.7 
1? ll -0 *1 479 tAccnm. L'nltai_. 40 0 
32JL- 0 -‘i 9 79 . . 62 2 

IAcnint WU 1 •670 
1 Compound Growth. 96 0 

Conversion Growth 475 
c ronvmim lnr ... S74 

9OT 1101 Dividend . .. Ill 4 

lArcnm. Unitiii. . 206 5 
-14.1.77.> European . . «S5 

qe nit lAcroni.ritlUi. . • 46.1 

«-DO Extra Yield... .....82.6 

24.73 lAccxim linllii -.1075 

Far Eastern.. . .37 7 
■ Vriun Unit*- 40 9 
Fundnf Inv Tirt* . 566 
(Accum Unitsi . . 678 
Cvrtrml .. 154.2 

lArcum Unitsi - 235 5 
High Income .— . 97.9 
iAccum. Unitsi— 1595 
Japan Income U91 
fArcunv Units' — 119* 
Magnum .. ... 177 4 
lAccunt Units' .. . 22LI 
Midland.. ... ... 1565 

?. i Accum. Units'._. 253 7 

1 Recovery __ 775 

-- - iAccum. Urnm ... 7BJ 

Second Gen_158.5 

(Accum. Unitsi._ . ZM9 

Special. 1485 

I Accum, 11nitsj. [154 8 
....t 6i% Specialised Fund* 

Troslee. [138.7 

L" i e'er «Accum. I'nllsi. ..2622 

nal 01% ChanbondJan 34. 1 

•bL 6{% CharUd.Jan.3J ... 103 

a*;? 'Accum UniU'. _ 1712 
.... 0'% Pelts Ex Jan 30 1232 


43 0 -6 
66 9a *0 
72.8 

103.2 -0 
511 

61.1 -0 
118.6 -1 
2199 -2 
48 7fi -D 
49J -0 
8E-8 -0 
1145 -0 


-0.2 2 84 

Ni 


■H 'loncralJan 25... [77* 


512 • Accum Umfu. 
512 Europe Jan 28 
3« 'Ac.-um. Units' . 
428 *F«"Ch.x Jan.W 

a 0 * •Sn"*i Jon u 

7 92 •Rbctnciy.'.-m II 


0 07 Eauitv ».cc 23 4 

+Q1 11.46 pS& Fd . _ 123 7 

"ni trim Property Acc-1*4 5 

“ni CM Selective Fund.. 325 

“Sj-T |^2 Com crtlblc Fund 327 9 
-0 6| 5.29 OMoncx Fund . 1189 
Pen*. l*roperr . J62.0 


75* Prnr Foully. 148. 

2 54 pPrepFd<erJ 314' 

7 00 puflui. Fd. Ser I .G2b: 
7 00 9EquiG Fd. Str 1 . « 6 

3 47 tConv. F"d Scr * 10* 

3*7 pKoney F’d .-xcr 1 .10? - 
159 Price* .it J.m M Vnhi 


4 do Albany Life Assurance Co. Ltd. 


389 01.Old BiirlmcionSt.W I. 
4 80 vKnuitvFd acc .1178 8 
•Fixed tut. Acc .1381 


nee Dealings. CapiUlJan 31 --928 961 -3 6 754 Fenj. tVjully. 148* 156.3 -J.9 

*0708 ♦01 1 096 'A«um. -U15 US5 -4 3 2 54 pprop Fd S-r J 1146 125.9 .. 

415 *0 2 0« IncMiteJon.31...— 17*4 lS0 7a| -59 7 00 0Mlin. Fd. Sor 1 .i!2b2 132,9-18 

0.7 -of 2 04 'At'-um Until.*- 2539 263 1 -S ? 7 00 oEquiU Fd. Str 1 . 31 h 33 3 -07 

4JD -0 2 2 84 '•oncral.iwi 3... 77* BOAa 347 TConv. F'd Scr * 109 3 USJ +0.1 

66 9al --01 512 'A^ciim Unifn. <B 3 998 . 347 TKoney F'tf Acr 1 .1074 U3.1 +0 1 

72.0 ' 512 Europe Jan 28 . 27 0 28.7 159 Price* at Jim M V.iTujtion* nernwltj 

‘Hi JS -feSM -. Sf< nffi . iS •'«««■■ V"c Assurance Ca. U 

611 -02 8 6« *Sp<wt fcf Jon 11 2146 333.2 3 89 RI.QId DurhnconSt. W I. '*1-4 

1186 -1J? 7.92 •Roco*ctyJan H fl828 1884 4 80 vEqmtvFd Vcc .1788 188 IF 

219 9-21 792 -Fi.r i.iv cxctnpl fund* onlv • Fixed IfiLAcc .1381 1*5.3 

% ? j fS ***** Equitable Fud. Mgrs. Lld.r ikS . 

880 -0 6 818 28 SL Andrew x bn bdmbursh U3I S56P101 prrop fd Act «»9 lUJ) 

1145 -Off BIB Ir.romiMn.l- |4S1 5171-2 61 5*0 •M’r'lelni Acr P50 2 168 N 

40 9 *0.1 3 21 Accum I niD . |54 3 57 7(-2 6| 5*0 Equity PcaPii v.c ZW9 2M.9| 

*4.4 *0.1 3.21 iK-alinv d*y Wedneadai Fixed l.Pen Acl- 172.6 181.6 

72* -oi <IS Pebag Unit Tst. Managers Ltd.V (a> IntlMnP'nKdAc.^ Si* io;| 

1*5f4 -19 |96 f /BoySII Bcklbis- H.-V.EC4 (1(23(13090 N I 

- = 1 Sebaj! Capital Fd. .132 1 33.71 -D?| J73 M-pIcInv.Pcn.Acc [M3 VHS\ I 

1699 -0 9 IS Peh*c IncnmcFil |29 7 311| ... | 790 AMEY Life Assurance Ltd.V 

127 6 -lz 145 Security Selection Ltd. Umall.-ie.AlninRd.ReieBic Roigxu 

lW9a -07 454 IM». Lincoln » llln Field*. 16C2. 01-01003*0 5jS^SS^ lJ ' ISfl?’! U2 ol-2« 

“55 -09 SIS UmltthT*, Acr 123 1 «U .. I 3 83 SS OT B M }gj J&? 

166.7 -1 J 659 l n*)GlhT>lltie |205 216). I 3 83 aMTV Mad Pen Fd 100O 1054 -18 

270.» —1 7 kw Stewart l<nit Tit Maitaffprt 1 Id ial -tME\ Mud Pen'll 100 7 1063 —- w 

825 -05 452 ***"*” 4 *!“ * a * ' M " ,a e lpr * Flexlplan . . 99.7 104.91 -o5| 

83* -05 452 45.rhartoU.-i-q EdinhurCb. 031-2283271 , •, 

-1? JS Smu Aaerim Fbri 

^2 -?3 ??? SLnndardI'ni'r . H37 5711 .| 175 ’V^ d ^i 2 . .... 0, “ 

1582 -11 4 17 K7H fcl i.1 I _ Set_Mk.Fd.> &.V nL 1615 65.U 


Eagle Star Insur/Mtdland Ass. M & G GronpV 

1 .Threadneedlc St. ECS. 01-SS81212 Three Quays. Tower Hill EC3B OUQ 01JBS AD3B 

KafJc/.MJd Unit* W8 7 50S -OJi 6.07 IWs. Hctuton*** _.Cfl6J — J ...... — 

Equity- & Law Life Ass. Soc. Ltd.V com- Depoait*— usi 122.0 . — 

Amcrsham Road High Wycotabc 0404 33377 rSri&TMn***”1348** ~ 

SSSSSVd- :f«2 M:! 1 z ^3 ::: : = 

ri[d t oiSS. r i?FH ‘ Wfc* lri" 05 ~ InienSrtnt Bond'*’ B5 1 89 5 ".. — 

*?K^vS?* lr ™ rmro i m3 - “ Manaaed Bd“* 1237 U94 . — 

General Portfolio Life Ins. C. Ltd.V tVz* »2 “ 

OuBanholotnew*.:. Waltham Crow. WX31371 H»vo very PdM" 6Z2 65* ... — 

PurifolloFund I 1299 I . J — ^5S"g 1 n £3. Bd • S3 251 

Gres’ham'llifc .fcs. Soc.^-ld. ~~ I ’ TlcM otl ' Jan - •» ” li,n - “■* “• ,an ~" 

2 Prince pi Wale* P-rt B mouth oac Tprsao Merchant Investors Assurance* 


,-ntuat'On* nermallr Tucs r, J. F.niilix Fund 
uinnw fn. Ltd. C LUili Fiir.d 
tntnl Fund 


"Hinaw ti.r.Pvt 
) - Growl 


— 120. HlcF Street. liwUi.n 


7 90 AMEY Life Assurance Ltd.V »•*■» 

\lma Use ..Clmn Rd .Rcigatc Roigale40]Q! uc> * 

iur\'u..., u .i 1-00 H lull II . 


i«.l* '.‘alb Fund [958 HHUf — 12f>. HIcF StrccLilr 

r. 1. F.nuly Fund 95 0 100.0 _ Fd 

'! L ‘jilt Fiir.d 95 0 100 0 _ litotJevMrkt B - ” 

r!"U2j B r rd S-S ?SS - fn* M«n>d 

Ci.U P|fU' 1 und 95 0 100.01 — ;i e |. i m p« v dw 

Growth & Soc. Lit- An. Soc. Ltd.V E^Vnii 
WeirBant.Brai w.n-Thamw.Bc'-k.- T e | 24S84 Prop Tt-ru- 
F'lcxii'le-Finance 11.083 I I - ' ’ 

I and bank Sees 5558 j - i*. nK 

IjLndbihkfw.. Acc 112 3 117 z| — 

'..AS Super Fd. £0.067 i I -• M«n MM. Pen* 

Guardian Royal Exchange ,\EL Pensions 

Ruj.l Exchance E<''3 Ol.^art .P? Hl|u , n c , iurt Iwrk| 

Property . .4165 9 172^j-#91 •• \>l C xEq Cap 

Hambro Life Assurance Limited V Nelex E» .\ccimt ' 
7 Old Park l^a.-p.-. iXHirion. '*T 01-4991*01 Nejcx Money Gap... 


l.rhannpCroM.SI. Kclicr.4i> '"I f«J ~ 
‘."MF Ltd. Jan. 28 . _lSL ; SU*i 1173J — 

rmud Jan.as., pi** 11 . 7 * .. - 

Metals Tst Jan 18 lOl 17 ’!«. 

TUT Jan 12 . b-3C91 »U .. — 
TMT Ltd Jaa 12 |fS.T9 902| . — 

World Wide Gro-srth Man^geaer-.i 

If’a. Boulc*a*d Rn>nl. Lu-.enibon'C 
Worldwide * lib Fdl 31. SIS *1 1—r. 5TJ 


Scottish Widows’ Group 

TyiRoxS^.Eriint^rchEKJ^jSr 

lmr.Pty.Svnm I W .2 9° O'. 

lnv.rfr ScriesC _Bt 5c.— 

lrv Ca.vhJnn.27 ...96 J Ml,- . 

F.x Til Tr Jan I a J13«5 140 3. - 

Med Pen. Jon 20 . |?46 2 252 E — 

Solar Life Assurance 
itr-.iieMps'dc. EC2V «iwj. c: 

Solar V.an.-icedS..- 124 4 lilP -31! — 

Solar Properh S ..104 7 119; . .. — 

Solar Equllys .„ V9B M7 7 — 1 r., - 

solar F\d. Int S U3 3 12* 3 -f< 'A — 

Solar CaxhS 99E Wfl - 

Solar MonxcedP .12*2 13CE -0 5. - 
Sotor Properiv p JC- 5 3'n "• — . 

.'War Equity 7- . 249 6 2*-7.' -i C-, _ 

■toWWilIntP. 118 7 . 325 0-0-.! _ 

.solarTosh P .937 !W9i . — 


oi.«9Din •asssf^i 


■MefriNil Int 
Solar Tosh P 


ZJt ( - - -■ i — 

12*3 -Oil — 
K.5 (3 - 

130 E -0 5 - 

i*-ri r- — 

325 0 -n -.1 _ 
JW9l i — 


2355] -D®) 

166.7) -1 J 


man AMEV Manaued . 129 2 
AMEV Mgd B- 187 2 
; 2; AMEV Manor Fd 103J 
3 113 AMEV Med Pen Fd 100.0 


336-1| -2.9 Property .. 054 4 

1129J-2* — Maiweedi'ap . 133 8 

103 51 — Ma muted Are . 1M4 

:«54}-18 — wierwfc- 115* 

-7? — r.ili Ed Bed . 123 2 

*■05 — pen.F.t.Dep'iip 126 3 

Pen. K.I J.VJI* Acc .. 145 3 

__ I’m. Prop Cap . 1969 

01-.40 Sill pen l*rop Acc -250 

I — Pen. Man.'/op 2P8.H 

— TVn Mjil Are. . 254.9 

J Pen Gift EdK. Cap 127 7 

"■ Pen. ill It Ed;l. Are . 132 7 


Accum UniL-. p7 3 6L6 

Withdrawal L'diix ,|44 2 47.1 

Stewart British Capital Fund 


n " 


145.3 -4.1J 
i7ja -4 a 


Pens Kx Jtto 30 11232 130.81 .. . t 5» S»F« S Jan 34 (£201 

Manulife Management Ltd. eTbr ramify Fd («7 

5L George's Way. Sun ctufie. 043456101 Target Tst. Mngrs. 

Growht'nito.1*96 52 21. I 389 si.nreahamSi . Rif 

Mayflower Management Co. Ltd. X ar '*‘5 Tommu-liu [3LB 

M'WGiwhamSt.ECaVTAr 016068009 T^ISSSi" |t 
umMin. ii nil t 111.m t HI r/*?**;-- 1 _ . 


‘fbandard HSJ "I? 5 75 saBRomlordRrt F-7 

Areum Units ... IJ423 1541)-5 7[ _ B^urbond.*- 

7 64 Sun Alliance Fund Mngt. Ltd. 

In Sun Alliance Hr*. Ilorrbam 0403 64141 1 

Kip Fg Trt Ian 34 [£20U0 211 Ml | *3* Manac«l 
•The Family Fd »47 98U-I2^39Z Monty . 


Arrow Life Assurance 

.90 Uxbridce Road. W12 Ol 

Sel-Mk.Fd.Vp.UnL 161-5 65.1i 

.SelJfhFd^l.L’nl -|V77 I03i[ 

Barclays Life Assur. Co. Ltd. 


I _ Man Pen; - . 132 7 

Kqinty Pcnr. 165 0 

I’oro.Dep l* 2 nK 13k* 

Jton MU Pen* 106 1 

NEL Pensions Ltd. 
H, b* , n Court. lurking. Surrcv 
lir a NelexEq Tan . .IBS D 

mtCO V Neles Eo Accum. 107 6 J 
01-4990031 Nelcx Money Tup... b2-7 

1 _ Nele* Mon Acc. 651 

_ Nelc-.Gthlnc Acc.. 47 j 

| _ ftclexittlilncCap 475 


Sun Alliance Fund Mangmt. *.*.d 
Sun Alliance Hon-*?. i]<,rshx-n "s-C.H.-: 

ExpFd.Jnt .ton 11 IEi59« 165 2- | - 

Jn( Bn Jar» 31 .1 £19 2S t-P n - 

Sun .Alliance Linked Life Jit'.. ' ; - l 

sun Alii mcc llou*". I tor-ham *" ■ J". 


842 — 

1132 -l: — 

65 9 - 

685 . - 

50.0 . . — 

so.ot . — 


. Fired Interest Fd 10 b 0 
MU FToperV>’ Fund - 98 0 

— IniernnicnnJ Fd . G3.1 

— Pcpc*it Fund __ 95 2 

— Managed Funo . 96 6 


19?.lj I - 

*83-111 -• 
- 


Sun Life of Canada rt.f.K.': ; Jr'. 

2.3.4.CockxpurSt.RWIY'Bit o:-w9<,.--- 

Maple Lf OKU _ I 195 7 j . I — 


Money— .... 

043856101 Target Tst. Mngrs. Lld-V (aifgi I 

> 31.OreilianiSi .Ri-.- Dealing KS6MM1 j GIKErtcPenj Are 

Ltd. Tarpjri TomDIO-JHi I3L8 J4 2I-0 2I 4 49 I pp.rniflul . 

r>. mommi Tantift FitLsncia I {58 9 64 M -0 7 4 *2 I Money Pens .xe. 


Incoroe Jan 24-IUD.2 U6.0J J 761 Targri fc-t Fob 1 

General Jan. 'M _. [711 74.8r .( 5 75 at>o t r r Tilt' 

Mercury Fnnd Managers Ud. JS&Wg* gy 

30. Gresham SUKC2P2ER. 01 600455S Tare ol lntl , 22.1 

Mete, lien Fch. 1. . 167 1 177.B-51 4.74 On Heir.* I nil.* 741 
Acc Vis Feb J — 2}4 7 2284 -76 474 Ta, cc .tlro 279 

Um.lnt.Feb. I— 561 59-7 . . 191 Tarjn Pr Fth. 1 . 150 0 

Accm Uls. Feb. 3_ 60-3 641 -*0.1 191 Tgl Inc 28 6 

Ifere.ExL Jan-20. , 2119 220.7U +118 415 Tyt Pref (l«2 

Accum.Uls. JanJS.. 252 9 26361+17 4 415 t o-.-ncGrowth Fd 


64 0 -07 
J8.3 -0 6 
211.7 -9 5 
200 8-126 
1259 . . 

38 4 ... 
23 8 ... 
25 9 _ 

i2M -6.7 


124.8) 
112.b! -0 


1019 -1 3 
IDLi -13 
102.9 -13 
10LS -13 
1026 -0.2 


0I-5345&H Pen. B.K Tap 
] — Ten BJi Acc. 


— Hearts of Oak Benefit Society 


^ ■ - Managed Fund .. .205 6 216.41-171 — 

Kuyton R.tad London.Mfl OJJB75Q20 Eouity Fund . - 322.4 3393 -4 3 — 

. HomolOaK . -1371 3511 | — Property Fund_120 6 126.9 — 

VHill Samuel Life Assur. Ltd. SiS iovz ~ 0? ~ 

NL.VT*t . Addisrombc Rd. Tro;- 4255 Sor^L'nil Jan. 15- 2053 T — 


Next ai»l» day Feb. 3ft Maple Lf Gnu _ | 195 7 i-|- 

Ncw Court Property fund Mngrs. Ud. SJpJef/'SS* - ' • SS ' 3 

SL Swilhim. Lone. London.EL'4 ni«S6435C PervnL Pn. Fd | 20J.6 ' 1 — 

NCLPr.F Pec 38 .(1143 121.41.. | - _ . ... , _ . . , 

Next ;ub. day Mnreh .11 Target Life Assurance t. O 

NPI Pensions Management Ltd. J‘3* Houw - Pur. ^ 

48.Graceclmrch5 l,EC 3P3HH. "14384200 rl an . F un.1 ln e _.t?44 ‘ JC2.5, ' "| 1 “ 

Manajed Fund —I146J 152 4) -5 0) — Man Tund Acc _ . L14 3 ^15 J — 

Price* Feb. 1 Nut.l dealing Man-Ji J. Pi 0 p Fd Inc, _ 102 6 1C37 : _ 

Norwich Union Insurance Group RSp Fdlnv . w’o I “ 

PO Box 4. Norwich NR12NG. i«U22SP0 Ftxed'lni Fd.'lne. 10*8 3161 I — 


I Midland Bank Group 
Unit Trust Managers LltLV lai 
Court wood House. SiU-er Street. Hr*d 


2634+17 4) 415 I o-.-nc Growth Fd. [180 189)-0 4| 4 

Target Tst. Mgrs. rScotland! lallb) 


Sheffield. Si 3RD. 

Cammocaty AGen-.K* 59Aj -0.6i 6.07 irtroinrww ra 

o^Areum-y* Sx zgl |5 Trades Union Unit 

Be Acwim lZ_ So 3t4 -03 3 57 10U. Wood Sfreri. E.V 2 

CasHlaL_ 23.9 25 6)0 -0.1 3.84 TUUTJan 3 _ .[51 3 

So S3 41 IS Transatlantic and 

Do. Actum,.--S J 573 -0 5 625 Ot-BB New f Jindroi Rri. 

fatrenadonaf-»3 41* -0.4 2.81 Burt,icon Jon 36 ..I7S.B 

go ^rrum-«5 g| J « JOl i Are um. Unite ( . 115J 

mphlirid—-Ml -^3 820 Bartjiuro sj . ao.l 

5° — 8-1 f-S Buctan.J«n.26 76 6 

EouJtyRxempt*-- 10S.4 1091 .... 526 lAcPum . L ; atCa > 7} 3 

mvAccunL'..-...-. WA W9U i 526 Colemio Jan 57 — U9 1 

I • Prices M Jan. 31. Nett dealing Ftob. 28 ,Accum UqiU.' 142' 

master Fond Managers Ltd. {!*» - 

Mitlbter Hw, Arthur $t_E.C.4. 014B710M lilcn Jan. 31 . . I 51.0 

MlxBterJan.30_133 0 361H -0 5) 554 iAccum ... 

Excraw Doc 31 .. .fcU 89*1 -1 3 592 Marlboro Jan. 31.-. 45 8 


10. AiJinlTrcsrcni. Edm 3. 
Tcssct Eagle. .. 1218 


6 26 Do Initial . (96 5 UL«-04| _ 

6.10 rtTurreni unit \aluc Feb 1 

S-12 Beehive life Assur. Co. Ltd.V Mm 

486 71. Lombard SL.ETA n 1-623 1283 £‘ x ' 

2 24 Black Horse Bd I 125 53 l-*96) — ^ 

Canada Life Assurance Co. Pn.* 

4 45 2-8 High St. Poticrs Bar. Here. PBar St 122 , 

,?94 i-.rth.Fd.nre.S J 59.3 I i - 

1113 Rctmi Fed Dec 6 I 116 5 [. I — Imp 

Cannon Assurance Ltd.V •*" 

b> I.Olympic Wy.Wembley HAS0NP m 90USKE . 


♦Property Unlit 
Property Sene? A 
Managed Units 
Manugcd Senes \.. 
Maniceil Send C. 
Money Units.. . . 
Money Serief A 
Flaw Int Scr A 
Pns. Mgd Tap 
Pnr Mt«J. \ec . .. 
Pn.* uui Cap 
Pn> Gtd .Vcc. . 


-IS, — 

-0.9 _ 


C03 222P0 Fixed Ini Fd. Inc. 10*8 

t 71 _ Hep Fd Ace In'- . 97.0 

4 3 _ Ref Plan Ac Pen . 71 ■ 

_ ReLPlinl'jp Pen .S97 

[ 1 7 _ ReJ.Plan.Man .••re 120 1 

_ Rcl.rTanMeii.Cap 2171 

_ Hill Pen Acc 133.3 

Gill Fcn.C.xp U3 0 


Phoenix .Assurance Co. Ltd. . 

4-s.Kuut wiiiiam sl.ftjpahr "M-.38B8T6 Transinternatioiioi Lite Ics. -. 


— Wealth As™. - . 11024 107.9] 

“ Ebr Ph A» .. - .1 71.7 

Ebr Ph£qj: ... .pn.7 74^ 


_ Imperial Life Ass. Co. of Canada 


Prop. F.guity & Life Ass. Co.V 
It#.CrawfordStroer.wjH 2 A5. fi WiW 

R SlIkProtxBd . I 169.3 I | - 
Do Equir-' Bd — .1 72 7 . — 

Do F* Mny. Ed. Td.| 154 0 | -1 5| — 


•J Irrcam Bldgs . EC41N' 1 m-u-VJ 

Tulip Tnve**. Fd . 1320 17 r -0 — 

Tulip Kbncrf Fd 1061 US 6 — 

Man. Bond Fd 10 S 6 1’4 3 

Mon Pen Fd Can 111 a 117 2 

Man Pen Fd Are. 127 0 12 ? i 

Trident Life Assurance Co. 1 
Renal.ide Hoijxo.lilnuri 1 - ter <MK" " 


Tel:07427PW2 Tflrpri ThnaJc ... 


Oll^uastUl 21 Equity Uoli* . . 


1601 _ 1-0111 — 


- Mlish MUMbb-... S % . imk tfeo«as 

1 ! ;lTst London Secs. fil 1 ®* 


j Ida] 6M I Equi^ond;ExeC..p0.78 12411 —0C8] _ 


t, 2 S Transatlantic and Gen. Secs. Co.V 2nd Equity . 
625 Ol Bp New 1-cratUm Rrt Chelmsford 024551651 “"2 - 


407 Erira Income Fd ..fUi 65 8 | -0 3) 9 79 Fn>p. Borid/Exre U2£0 

jE Trades Union Unit Tat, ManagersV DeiwiBond Ln, ‘’ M3 
357 lOOLWmd Street. Era 01-828 8011 Equity Are um - 163 

3.84 TllUTJan 3 _ |513 MU. I * B 8 ?£? 

’4»-V 2 nd Equity . . -JS7.7 


03.78 — 

1-522 _ 


?■!? Bari.ican Jan 36 .. I7S.B 
JSi iAreum. Unite.i . 1152 
~iS. Barb-Euro Jan 25 . 90.1 
l-S? Burton. Jan. 26 .. 76 6 

i.tcrun toils* BJ 

s Jjr ColeniLOJBn57—U9 9 
- 28 iAm:urn Unite.'. K2* 
Curorld J.un 25 .. 53.9 
.i Accum Unite' ... 575 


Exempt Dec 31 -. .185.4 89 4| Jj S« Marlboro Jmt.3U-.« | 

MLA Unit Trust MgemnL Ud nSSiTS 3i! *6 7 

Old «Wn Street. SW1H0JG. 01-8307331 ■ Accum. i BIte; -. »9 

«*«—• *«-w «■ {S.'WBSa:So 


c c* 2 nd Manager) . 

ill 2 nd Deponl_ 

i-S 2nd Gilt. 

j u 2 nd Eq. Pens -Are 
4 <S 2 nd Prp Pens.-Ar<- 

2 ¥« 2 nd M(»l Pens \yr 953 ICO J| -0 4 — 

Ijn 2nd Dep Peny Arc 95 6 10U3 — 

f l! 2 nd mIt Pern. Are. 95 0 IMLSj .. . — 

JS LiE.SJ.F »J 39J)[ -O5 — 

fij LftESJFS [26 0 28 o| . — 

gjj Current *alue Jan .XJ 

JS} Capital Life Assurancef 

S S Cools ton Houm; Chapel .Ash Winn 0002 28511 

XM Key invest Fd .|- 11003 I .... I — 

jS Paecmakerlirt Fd i 100.67 I .. I — 


— I-' 1 ! — 

92.5 —O r — 
M3.7 . — 

99.4 4-3.8, — 
101.1 .. — 
100.3 . — 

933 -0 8 — 

1061 . — 
100J -0 4 _ 

lOUZ — 


Imperial House. iiuiJdfard 
ilrwlh Fd Jan 27 . DO I 76 3) , ..I — 

Pens Fd Jnn 27 [65 4 71.l| . . | — 

Unit Linked Partial in 
Managed Fund 9* 7 99 71 

Fixed Int Kd. 95 0 1 00 0 .... 

Secure Cop Fd. 195.0 100 01 ., 

Equity Fund. .. 195.0 100 Or 

Irish Life Assurance Co. Ltd. 

11 . Finsbury Square Ei.71 01- 

Bluc Chip-Ian. 27. [685 72JJ ... 
Managed Fu id .12135 22471 . . 

TTop Mod Jan. 4.. .[165 4 174.1 .... 

Prop- Mod. Gth - 11792 1 B 8 . 6 ] .. 

King & Sbaxson Ltd. 


Hass Property Growth Assur. Co. Ltd.V 


, ..I — Lena Hou!f. Croydon. L"RP ILU 
- ■ I — Properly Fund 170 0 ... — 

Property Fund (A ■ 168 9 — 

_ Agricultural Fund 6053 . — 

' _' \cric. Fund i Ai. . bfi0 6 ... — 

_ Abbey Nat. Fund . 1482 — 

_ Abbey NaL Fd >A/ 148.1 ... — 

. j ' Investment Fund. 65.9 . . — 

^ Investment Fd i Ai. 65.7 — 

01-0288253 Equity Fund ... 1637 -13 — 

1 5 00 Equity Fund (Ai_ 1633 -13 — 

_ Motley Fund .. - 136 6 — 

_ Money Fund iAt. _. 136.0 ... — 

_ AcLunnnl Fund— 104 5. ... — 

GUl-edred Fund... 1264 

Gilt-Edged Fd.'Ai. 1264 — 

" *Retire Annuitj.,. 1703 — 

dimmed Annty 137 0 — 

Prop. Urawth Pension* A .\nnuilirs L4d. 

Ml Vlher Ac. Uli. 129.9 136.-R - 

9.AI I Weather Cap.. 124 4 13UB .. - 

dim Fd. Uls. 135.0 ... - 

Pension Fd Uto ... 125 * ... — 

i"nni Pen.-. Fd 139 4 — 

Cnv Pro- Cap Ul 12B 5 .... — 

Man Pens Fd . 1743 ... - 


.JSzH 


S 2 .Cornhill. ECU 014C35433 ©Retire Ainuit> ... 

Bond Fd Exempt [U3 24 ll*67|-033l — *1 mined Annty 

- mS** ^^liSS 1 I Prop. Growth Fensl 

■.ni Sn- Bd . . -1130.2 13? D 0 | . | — All Vther Ac. Ute. 
ijnghara Life Assurance Co. Lid. 9 mi weather cap., 
'-angluin ll». Hultnbrmk Dr. .\W’4 U1-203 523J pins!on FdUto 
langhum A'Flan .163 8 6711 .. I — i- nr ,i Peru, Fd 

- Cm- Pro C.p Ul 

Wisp 1 SP 1 Man T d [74 3 78 2j ] — Man r>ns Fd . 


*i: : ; T;« ..uinness Mabioa 64% s^-; 

r.arobros'.BanKi". .61%' n r-day deportu 34%. Thu** for 1 
,M:N Samuel Deposits over u.wo nesotrable. 

- ’j'" ^ 

RESIDENTIAL PROPERTY 


CHEYNE WALK, CHELSEA 

SPECTACULAR HOUSE 

• reception rooms over 10 metres, 4. bedrooms, 
; bathrooms, office, internal courtyard, self- 
Dntained maid's fiat .. : Bulletproof windows. 

Beautiful view over River Thames. 

5 minutes from Houses of Parliament 

•/ - £|m. 

; Tei. 01351 3181 Telex 35104 


Mutual Unit Trust ManagersV iaKgl lAreum Unite 1 •< o 

U.C^iAre-a^ TBU. 014W4TO . . M6 

Vutua] Sre. Phis-. 488 S3 U-0.11 679 W| c hDi*. Jan 27 . 66.3 

Mutual 2 DC TH . . tea 700^-03 J 6Z Dp. Accum . . . fril 7| 

Mutual BlueChip.. |*19 45 Zj -0.l[ 6.73 

MfitL-ttlHigc™ . ,tf9J 637| -0 4| 132 Tyndzll yianugers LKLV 
National and Commercial is i.in>ngcRnaitBriMor. 

w- SL AO drew square Edinbu«h 031 558 0151 JggS^®' ll?64 1* 

IncomeJan.18-146.8 •• 5*7 u ap j an .a_ .. ... 120.4 XU 

JAreum-Uiutsi ■ 1962 »!«.... 5K ^crum. Unite) 1670 17! 

Capt.Jtm.18 . - - £3.2 m.ffl .. 3M ExemptJaa.2S ... 1102 11! 

(Acedia. Unite-. (14*8 1542].. 354 iAccum UnitM - 152 0. lit 

National Prwidmt Im*. Mngrt. UtLV SHpflJ*- Jf, 8 a 

48. Gracechurrh SU. EC3P3HH 01-623 43X) Im. tan) Jim.25 236 8 

N.pl Gth UilTM . -|44 4 473 -1.01 3 75 (Accura Unitsi .2616 

lAocom. UnlUi* -533 56«~1^ 3 75 Scot Cap Jan *J5 133 8 

Nn0se4KTntet Ul * II 73 .. 3 20 1 Accum I'm u> .1564 

(Acretth. UnltM" ■ 1178 1247} | 3.20 Scot. Inc Jw 25 (16J2 

"Prices on Jon 35 Next dealing F*h 3. l-nue- Hd| Groan 
■Prim Frb. J. Nau HhIihs Peb. 15 f^SlGro«hT![779 

National WestminsteiVtai 122 


|S cbarleriiousf Magna Gp.V 

■ ■ In 18.ChequereSq. Uxhrlilj;*UBS INE 5218] 

Sj» CttnhacEneTO-. 05 0 36 8 ... — 

829 Cbrthae Mono -W-? 308 — 

8 29 Chrih»e Mnnafled. 38B 40 8 — 

Chrthge Equity 35 0 36 8 .. — 

lUajpia Bid Sue 124 6 — 

027232241 Magna Managed 1534 — 

~ 744 City of Westminster Assur. Soc. Ud. 

•••• J-35 Rings!ead Hou>r fi. WHUchors* Road. 

JS Croj-don UftOilA. 01«HPfi€4 

5 S First Unite [1U0 12LW-4M - 

rS fTopertJ Unit* l53f 55.JJ *-0 3 — 


lanRhum Vflan .163 8 6711 .. I — i- nr ,i Peru, Fd 

*p«p ftind .tea 9 1462 - cm- plc.p Ul 

Wisp 1 SP 1 Man T d [74 3 78 2j ] — Man Pans Fd . 

Legal & General tUait Assur.) Ltd. Mm Pro.* C».ut 

KitUNwciod House. Kings'*uod. TadwcrU', fi 

fMEP** m. 


Ltd.V *3®- . . 
oi-nwiri09 propL-m 
.. .1 — Equirt-'Americnn.. 


— E^uirt-'Americnn.-rrS 2 8 S ^ I — 

_ f K Equity Fund 10 Z .5 1.18 5 -C.-! — 

_ tlieli Yield 142.6 1510 _ 

_ GiUEdfled 127 2 13«- 

Wonf/ . 120 2 124 7 

_ liuemaljanfll . 93 7 1 ® 3 

_ Fi*cu] _ . .129 7 137 i 

— Growth Car 12E 2 135 f 

_ t.rowlbAcc. . . 130.9 1317 

_ Pon.i Mnitd 'Jap 112.3 U 15 * . . 

_ Pens Mnp-1 Are ... UjJ HI t 

_ Peru Gtd Den.Cap 100 7 105 i 

— Pc ns'Bd. Pc n Acc 103 4 IC'5 . 

Pens Ppt- Cap L1L2 117 S 

_ Pen-. Pty Acc 11*12 L27.C . 

_ Tlrits. Rond . 35 7 ;i 7 

— -TTdl GI. Rond . 100 9 -C 5 

•Fash value l**r tlbo prcci.'-ra. 

— Tjudall Assurance/Pensions' 1 ' 

_ IB t'aoyspi' Brad. bri*toT KT. 


Do Accum . 95 S 100 9 — 

E 52181 Equity Initial ..1111 117 0-19 — 

__ lie..Ari-iim ...Uls 117# -1C — 

' _ Fixed Initial _U35 13« - 

_ Ho Aui-urn 114 0 120.0 — 

_ Managnd Initial . 112.6 11B6 -l.D — 

“ Do Accum. .... mi 1141-1.0 - 

_ Property Initial..... 9S3 100.4 . — 

Do Areujn -.957 1008) — 

SOC. Ul 

. , I^Sal ft General 'Unit Pftultnci Ltd. 

flG&aofiM Exempt Cash Inn. |9S4 10051 . I — 

01-WIW04 llo AciJl]xn _ 957 130 B — 


_ Kdc Soc Cap Ul 


* ropitalGronth — [779 ’ 

Do. Accum- 77 9 

. __Extra lnr Growth. 559 — 

1EL Lheapade. EC?! dEt - 1 bJ^?P . _ Do Accum 40 0 43, 

Capital 1 Arnim.> •• S72 615 -0.U 4.79 FinancialPr'riy 165 17, 

Extra tac _.. . Ml WJ -ON 7^8 Do Accum.. 199 21 

Financial . 3L8 -13 534 High Inc Prion(y .. 509 63, 

Growth In*-80* M-JS “S? I Si London Wall iw . 25.7 27. 

Income . . . - 3*6 372 -O fl 653 Special Site . BB.8 30. 

(SSy^.-jH »!: .1 is TSB Unit Trusts <yi 
NEL Trust Managers Ltd-V (aHg) 21 ' Ch " , ^S^ d f ^J? s ^ 

MiUtmtoriDoriting.Surrey WU njiTSBC«tM]^14L7 4 O 1 

Nelstar . _ . — .1592 • 62.3] -1J] 534 |j,, n. a/v- irm 51 J 56. 

Netetar.Hlghbic ...W.8 5li|-oil 9 49 ib! TCBlnewie.:".. 57J 

For Mew Court Fund Managers Ud IfejJ?P *F3P IL -S?- 

i«« Roduchlld Management. TSBScntliiii .. . 718 76, 

Norwich Union Insurance Group (b» Rmw'fai 

FO.Box 4 ,3iorii.1ch.VRl 3NG «B322aM ^sfer Ban^ al 

GnuDTM.Fd.--.f337]] 3S47J-J.8I 505 V-armfStnel.Beltat 

urouD Jftteo- -h* "V (blUUier Growth .|»9 38 b 

Pearl Trust Managers Ltd (aMgtfzi .__ , u , 


Iki Accum . 957 

, .u . Exempt Eqo lnu 995 

yg FropertJ l flit* 153 0 55.N *-03 - 110 Accum . Wfi 

5.45 City of Westminster Ass. Co. Lid. pSTSSJm* - lni1, 97 1 
SJ| Rmuxtead Houle. €. Whitehoriic Ro*d bemD^Mncd lmt. 99 5 

UroidctLCROUX 0 I WW4. ^Areum . WB 

4 86 W«iProp Fund. 570 .658^13 -- Exempt Prop Inlt 954 

8B6 Manat™ Fund 1666 17531 -0 9 — Do Accum . .. 95.7 

*'» " £. 7 S3-S3 - * General i 

Money Fund - U96 125.8]-0 3 — ll.Qpeen Victoria St 


222.BtehbfB.6ate.ECi OK- 

Ttp* Mannsed Fd. |117 2 12341 | — 

Proi.GpjhFd .103.4 10S.M - 

Gilt Fund an Jl24l 130 71 -0 91 _ 

Prudential Pensions Limited^ 
HolbornBnri EClX —JH 01- 

EquILFd Jjn. IB . IT23 23 23 9SI 

Fxd Int Janie 09 44 1970 
Prop. F Jan. 18 (£2403 24.771 . . 

Reliance Mutual 
Tunbridge Wells.. Kent. •» 

Kel Prop Btte | 192 2 \ 4{i 

Royal Insurance Group 

?(«,•* Hall Mace. Uicrpoul. nfii: 


— Fqulr> Jan 'P 

1516 

— Rond Jan 10 

i«: 

— PropenyJan. is 

1004 

— neoosil.ljn IP - 

iz;.? 

— :;.Wa« P-m.J.-n. 19. 

1Q3 

— o'seas In* Jan. is 

610 

— MnPnS-WJaj, 3.... 

167 2 

— r«j F^uit* j»n n 

... Im Bond Jan :t 
1*10- j «r. Prop Jan n 

K9 6 

m: 

61 E 


Vanbrugh Life Assurance 

41-4.1 Madrtn, St. Mn. WiRpt.v 


-0 9| — Managed F '1 
d4> Equity Fd 

huiBltss inml- Fund 
01 -W 0 W— K, xc d inlcm Fd 


Prow-rty Fd 
iV.lt Fund . 


i*5 7i-p:J — 
226a| -2"! — 

isa* o; ! i 


!T GALLERIES 


Money Fund . [U96 125.ffl-fl^ — 

Gill Fund . pj 6aja-fl.a - 

Pl'LA Fund [172 6 1760)^^11 - 

Fuad rarreaUy cloned to new Im o n neBt 
perlorm Unite I lio* | . | — 


Legal & General Prop. Fd. Mgrs. Ltd JtaraiflhwMn «30 5 mot-23 - 
n.ijuron Victoriast BC4N4TP ot 2489«7» Save & Prosper CroupV 


Vanbrugh Pensions 

narazci ■« m 3 Maddox st.um xvirpi.-. nnjuja 

..nil - Managed |95 0 ItCOI i — 

,4<l!| “ Equity teO 100 C . - 

Fued Interest. ]95 0 103.0] ... j — 

■^744K F ro P ert r . 1950 lPQDl 1 — 

3 _ Guaranteed see 'lnr Bnee Fair' mein. 


«-fK I WPV viMivaiiT viHKH •** mm 

2« Pertorm Unite I l*«84 | . 

4J8 Commercial L'nioo Group 
IS St HclePM.VxdcrobaH.BCa l 


Variable AtvAc I ts j 5254 |. J - 
Do Annuity Ute.. I 17.65 i . -I - 

Confederation Life Insurance Co. 


-q.a _ Ift-G h-,.u.Fd 4«n 1199.7 1MD| .... | - 
*-tl| — Next Sub Day Feh 1 

‘““‘j * 1 Life Assur. Co. of Pennsylvania 

“ :«SU2Seiv BondM .WlTHRCf. 0]-t8383» 

l_4LW Unite. IUUJ 10451 . I - 

O1-2837M0 Lloyds Bk, Uvn TsL Mngrs. Lid. 

; j _ 71 l-oiQbard SI .EC3 01«2312£8 


Welfare Insurance Co. Ltd.? 


4 . «jt St Helen's. Lndn . HOP 3EF 01-SJ4 6W9 Tlw U-*». Fftlke'tone. Kent 


(bi Do Arrum.-5BA 

TSB Scndixh .. .718 
■bilio Acrum 762 


56.fi-a.? 
-D.7 


OMttim so. Chancery Lane. WC2AIHE 01*2 

a p *„ fEquity FVod. - /146J l«A[*fl4 

■S-5 22? OManaged Fund -.1777 187.0 -0.1 

■d.7 PemonalPen Fd. 7D6 743 -rfl.4 

'Sll 2-S Enuih Pen. Fund.. 214 j ■‘U4 

-0.7 7^ Fixed Int Pea Fd 199 6 -18 

■S-i IS ManaeedFen. Fd.. 178.4 -1] 

-OJI 2.83 property Pen Fd 124 J> ?0.5 

VPruiecJerf'lD. Pol 36U4 -110 


11041 10951 ...| 7 41 


p.hJ in*. Fd [1169 
Property Fd*. 1459 
•:ill Fd . ... 121.1 

PepprilFdf. 122.2 

romp Pens Fd t... 198 6 
Equity Pc asFd .. 1648 
PTop.PwixFd • _... 204.4 


1 / nnj i» v 41 OU-Bond St-* .FOX B4U4JW6S. *«'“*■ r,\ccunjUfllli!..|2S4 274j -fl > 469 FUJI 

‘ 01^29 617S.- 106 ai ANNUAL W. ‘ bvBrl R«n ««t fgg* Pw| lnr. Mf S 2 -9 3 J ft . 

RCOLOUR EXHIBITION. U«H, 3* oilysA MM Wert- Pearl Unit Tst... fill 35.61-041 583 Dn A 

~4OT. -Frt..9.30-0.30. Thurt. unttl 7. ‘*** ZB *- 6 - vlnK i.wcu® tuitst . fel 45.51-Oil 5-03 

®*f 1, , 1* S3. n 2_-- s £: r»ft* HwirraEgr cAiAgMga. isa. stoane PcBcaa Units Admin. Ltd. (gbai • Kins 

tTlANO SMXt ln° gf ttritt, In «d St- W.l. M ®5"K*-«MM*nln 3 iirteTO«QnSl Pt Fonnlaln Sl_ Mxnrhf&ler Ofil ‘365685 lncw 

Untn a wan*. Mon.Frt. O-iO-o. .so. aiSrt 0 . 0 B- 1 .P 0 . 


FOX GAUftmES. ExbHuijWT Ol Hhe Mlnt- 


028233231 Cornhill Jnsurance Co- Ltd. 

.'j' "' r~" (blUlxierOrowth _[K9 38 64-131 *76 33.CnrnWIl.JJ.U3. 0W 

Pearl Trost Managers Ltd. <aHg»{z» 11H CmtulJan is R1B5 - .| 

25 £Hicb Hnlboro. WCIV7EB 01-4050441 ^'t*it Trust Account if Mgmt. LUL GSSpM.Jin.15 r?® “I 

SScwSSKB SSI-MM' 01«34«l Mn.Glh.Fd.j sn 28 [l65 0 17* oi . I 

'AccraColt*'..ted 274 -fl5 469 ^rl*rAH.*c; Fund.-1144 8 35? M | 497 Credit & Commcrtc Insurance 


38 bd -131 476 33.rnrnhlll.tU3 
■ Mnrot lid CariuJJanlS, 


“ Lloyds Life Assurance 

*04 l2LeadenlwlISL.EC3MTUi 0!-8236821 

-01 Z MlLCihJaaO.t L30063 ... — 

-04_ Opt. 5PrpJan. 38. ^22.^ 1289 ... _ 

Il.'4 _ Opt- 5£qte- Jan 30 12J.1 1275 . _ 

*18 — 'h* 5 Hy Jan 36 .. 163 3 168.7 ... — 

-11 -- Opt 5 Man Jan 28.142 4 149 9 . . . — 

-Oil _ OptStept Jen 35.1197 126-U .. - 

-it — London Indemnity-AGnl. Ins.Co. Ltd. 

16-20. Tire Furbur*-. Readme 6835II. 

01-6055410 Monejf Manager . . [302 32.31 -0.1| — 

Vl M.M. Flriuble_275j -0.1] — 

.I Fixed Interest . 3621. 1 — 


nit Pans. Fd . ..ft! 
fiepctePens Fd.T .i96 0 


123.8) I 
1544 0.2 

127.5 -0J 

127.6 *01 
176 7 

174.0 -17 
21SB +5.9 
*9.4 -0J 
101.1 .. 


32 7^-0 3 6 66 WiderRnli Fnd ...£9.7 
35.6| -04l 503 Dr. Ac cun ,BJ7 
45 J 1 -o 51 SJ 3 w<fIer Growth Fund 
[*“• tgW*' • Kins william St EC4R0AR 


a- 


The London & Manchester Ass- Gp.V M n ~ d 3 , Jan ,J’ 

Theljcas. FoJteMqnc. Kcni 0003.^7333 M«2w.(j2iTro 


Pnre*. on ’Januar> IB. 
■W'eehly dcalini*. 

Schroder Life GroupV 

Enterprise Houw. Porte mo nth. 
JBquiu* JuatM.. 21X6 [ 

F>iuiiy 2 Jmq 24 „... 2S9 2 220 3 . 
Equih 3Jan 24 .1142 120 3. 

Flyen lnLJju 21 144 C 152.1 , 

Fixed Int 3Jau 34.155.1 16JJ . 
Ir.t ITJani-t. 114 3 120.3^ 

V ft S Gilt Jam 24... 154.0 157^ . 

K&RGvt.Sc.JunJM 130 2 U?<3 . 

Mnad iFix-Jan 24 127 5 154.3 

Mn^d3Jan7> . 140.2 147 6 . 


r^WS- UB S5Io ,B ?2-» f,, -^ 9T08J iSSTFteFd. 

rftcMwjdFd .11210 130« l — oftirmut Prop. Fd 

Crusader Insurance Co. Ltd. of**.,'n* T »t Fd 

Mumble Fund 


aiSiBSpffSfs sib i«ass 

«on *Prt- VJO-O* ^ 35 l s soT saS. 10 . 00 - 1 . 00 , 


-- ni« "Ii"in>».».*iunn Vliw to i< u-... T«u.r bi t.~> aiv»inii iiihuuii rung 

Ml man incomern.to-[297 SLW.I *M . 

M.11-B.9J 5J4 Accra. Unite__jS-T . 3fij] —J 3J0 ] teth. Prop. Jaa I- [65 9 7Z .%—j _ Property Fund 


0303<i7333 klnne>'.lJan 24 115 S 131 6 

— Depttell Jan 34 1119 117.9 

— Property Jan 2 * 1 *** 1526 

. — Property 3 Jan. 34 l a 27 130 2 

— BSPnCpJanW 117 6 

— HNPn Are .Jan a* 1251 

.... — Sin Pn r v .lin.24 . 192.2 2fli« 

...■i — MaPnjtw JanJM.225 1 237 0 




Moneymaker M | 1012 I I — 

For Other fund-. plow-’ refer to The Loatfea i 
Maochrstcr nrr.up 

Windsor Life Assnr. Co. Ltd. 
l HichSireeuWiDdMjr v.’mdjr rfKlM 

Life In* Plans. .68 4 72 91... .1 — 

FuturaA-jjd.ijlhtai. . 19.0 . — 

FnturcA^d.Gthib, 470 — 

Ret A.*m 1. Pcnr £27 75 J — 

Hes lac Growth lflft.4 1120 ... 1 — 


NOTES 


Prices don« include 1 premium cxcert’-h-rc 
indicated t and arc in pc.ire u^Ja.** otw.." 
indicated Vie Mi teht.*n in la* 1 , tn'iinr 

atlc* for all biyinEOx-pciii«r*.s Ctf ere? rr:>-** 
tnrludc all expenses bTiidm’s in:- 
r VIcM ba-cd on otic.*- pfiri 4 E.'.:nr.' 
a Today* opemne price h ;• j.-t.u'on 
id l*K to»(^ p Pcnod'c pfemium - 

piait' * i'dirfe. prccuu.r "*-t'*j.T.. 
v Offered prtee indurtc** r!i e*.pen-^ - *.-**.-• 

Pdcn*'> commi5*ion * mfereo r"*c*-... . 

all e-rpem*?! i' bouehi •i*.w-*».\'> .,*.*. 

i prcvioka day -. pnre * *.r • o'. > 
■eal'-ed f»*pii«l c,>in; .»n|*.* i*> j .-*.••-■; , ; 
• Guvn.-.cv r»~».* a •'ch-i*. t **.•*.* 
before JUu i Lz. .^o.- 






Financial Times:W^e^'^saa^l 

j HOTCI^CoritinnM' 


m 


CHRISTIE & OO 

32 Baker.Street London Wl 
Telephone 01-486 4231 

Nine regional offices 
Specialists in the sale of privately 
owned businesses and companies ■ 
Valuers - Licensed Dealers 


FT SHARE INFORMATION SERVICE 


AMERICANS-Continued 

n | j j+ of} Wv. 1 

m Stuck £ 1 - J tii» !i 


BUILDING INDUSTRY—Cont. DRAPERY AND STORES-Cont. ENGINEERING—Continued 


^BRITISH FUNDS 

1977-7? I | !* or} Yield 

HielrLw i Stock l E I - | Ibl l Red. 

•‘Shorts " (Lives up to Five Years) 

301 u 55 *. nre^uir 9 jv am. ., J w 5 a 

104 \ w, TIWMUJ HtogTftK 102& 10-26 5 2 

M 0 »c Wi Bidk.Hw"#i 8 K - 5g Si 

107 95i lYeafur-liiipe-^ . 104A +k ILK 7i 

57.'4 84" tNMio ape-9ft - . 95^ . I S 

5834 85k Eiettnc+4pcT4-79 _ 96% . 4.« 67 

10c 'X 92 Itea<ur\10%pr7&ti.- 103ft-A MIS 83 

o?; s &F 5 EJerinc3%pc7E-T9. . 95 3-*§ £5 

107 87V Iterante-IMI? - 101% d-% g.W g A 

10534 38-3 TWMJOftPfTMJ - 101 1 ; —% 936 8.7 

96 SO 7 ; Treason V&c 77-0/ 93 V -% 3.73 6.3 

53 '4 852 KuodTf.Vjpc 78*fe- 94% -% 535 7 7 

U2A. %ft Exchequer 13pc Mm 107^ 12.05 9 7 

103$ 9.VC rrejMtf>l» 2 Pt lS 6 l« 104% -,i 1101 9.7 

wi 77^ TTcasun:U;pH97Mi HM-V 3.86 69 

104 86 7. Trevun K»p«.- ISBltt - 99% -£ 976 97 

97' 95,; E-.oli «‘*j> 1B81 .. 95 <b -.1 |61 9 7 

IC^i' 9i% Earft l«t- Wold ?55 97 

«£i t 87 & EwIiSkUMI . 87Vn! 3 42 6 9 

4fV Treis Variable 8 !i$ - 56% + '. 6 50 7 3 

113 ;; %’j L'cuKitiKm?— it®% -,i 117 s 9.3 

- - - 96*3 . . 8 80 

85«l 3.53 

112 V -‘4 12.42 
95'.*+A 6 54 
94% 8.73 

971; -i f 9.45 


1977-78 I \ 

HjjjJi Ln | Stock f 

345- 20 3bnf.lfa!L 1737^4 

48 26S Morgan OP'LSSla 

1714 12 Scrtiin Simon Iaeii 
25 131* Owefls-lIJ.Si IS . 

22 14'«s Quaker UBtst'SSa. 

21% 14% BciianccS02S_ .. 
24 16V Hep. NY Corps 


104*i| 82 r 4 Tr«nsSl^eVMSS .. 
931-1 7lS Troi.ur- ">pc ■££; . _ 
119,11101% Treasury HpcKt; 
°3'j 1 95"j Jrea* 1 Viable Sl4? 

98-j 1 95>. rrea-.ui; 3*4^'"41 - - - 
1021(1 95% £..<* Wipe ISB2 . - . 


25 13** OiraUs-lBSUS - 

22 14*r Quaker i.*ats'SS5. 

21% I4«i &lccS02S_ .. 
24 16V Rep. NY Corps 

16% 10% RnnuniSn. 

22 14i; Ridutc. llrrHST^ 

406p 247p SeultB F-SK-. - 

33% 18% Shell OIS!.- 

20% ll i SityxtiSlO*- 
361 • 22 Spem Rand SO Vi. 

33 18% TRW[ikS 1V . 
33-a H 1 , Tmnfttv.'... _ 
151 133 iv, w-« m S4k 9I-9-- 
14i; 505p return FY fS9»lCs. 

241* 16* TH*-oWS . 

31i* 22*4 Tirnelm-. 

135; 365p Transa.Twrwa SI ... 

34 21V L'liiTeeh. Sl‘S5. .. 
41V 19V IS Steel SI ._.. 
19V 938p V«co».«- . 

22 lib nojIwuithsSPj . 
49% 28l£ Xef<Rf'orp.Sr.._ 
13^ 385p Xante*Inc. lUc- - 
12V 758pZapaaCecp.Sc. 
S.E. List Premium MV* 


215-ni -h SI.92 - 
| 27l e <D -‘j SZ.36 - 
-‘4 76c - 

S -v hSlOfc - 
SL04 - 
16 r ? +V 15c - 
181; S1JD0 - 
ll'j»c -V 80r - 
14UiC -V 9th - 
1h1\> *3 - 

19V, —'e hSl M - 
12?* «h- - 

22-pS . SI 12 - 

lfo, -1; SI WJ - 
1B7 S +! S S2-00 - 
136 *1 101* - 

533p -11 SlOO - 
17% -H S2 - 
23i] SI30 - 
925wt3 -18 30c - 
22\ + 1 ? 52.00 - 
21*3X11 - 1 -, 52.20 - 
14SW1 ... . 20c - 
133 -h S140 - 

297 a «j -i s S160 - 

45Bp ... 7*10 

HVtd - 1 * *3fie - 

(based on $CSI.9SSS 


Conversion factor 0.7701 (0.7568) 


CANADIANS 


Five to Fifteen Years 


87 ! * I 21*4 Evclir.pc Si . 

21-Jij 95J T-»-3ji;n 12pc I983S . 
IOII 5 %'i Trwi'Ui>5«4&. ffl .. 
9-.K 725; himilinenitfit ffi-WJs. 
lOOVJ 773* lr^-.'ir> RTpc W 
87’- bob Furdiri^dijir CF-RiS 
94 6S 1 ; TM-uoT^c'fliySirt 

74,; 49ij Tnir.-pon Spc 7IM8 
7h‘i Trea-ur 5u-ifrfi9 , 
121-4 90 Trea-ur> kV 1WW .. 
9 U 4 6H; hWur Wi879t! 


Bli;oJI-ij 3 67 
!883£. llJl, -i £ 1133 

SI . . 97i 4 9.56 

£JUJi. 87*4 632 

W, 9.02 
S'-RIS 85'« -ij 7 77 

■a5J«4 87»s -k 8 91 

7fW« 65V — *4 4 58 

rkW , 72 '; -V 7.05 I 

l9S0iJ.. llli; -i 4 1L72 

86V -V 9 63 | 
1 - IS9! 102% -V 11.53, 
■B7-61X 72'- 4 -‘4 8.19 

c92jr - 208-v -V 11.78 

1901.... Wjnl -V 10 TO 1 

104id -V 11.69 1 


3J1 Ie3u rvc.-«.?Hij*TO! 102%-u 

7b'-; 1 S3V Fm«linuj'4p':'87 6ix 72'-i -‘4 
llj I 86-'j TrejjTio (SpirVcSS - 208^ -V 

<V, m* Treasuiv Iftpc 1901.... Wjrt -‘4 

115 |S9i; EwhlSiprV. IMri-V 

Over Fifteen Years 

316V 84*' fnoa-.LrUi.pcVir; 106"; -< 4 

73 l ; 3V» ruwSiftjjBpc l993tt 695; _i 4 

0*1 Tre-x‘"jn U';pc 1(«W 116% -V 

j:9V '9 Troa«n 138V>d -V 

114U 94'i Evch. ll'rpc 1634 . 105-V 

9u cb-4 _ 81 h -V 

13DV ?7’. Trtaiiirv L>: W . .. 103d -V 

51“ ?2 ; c '7a.rp>;‘9rfu5._ . . 49 7 b 

>0' 371, E:«*MVfKft5'£ajpd* 271; -i, 

129 A 87 Trea-un .. IIOI 4 -V 

° 2 '- toV frrei-'ar>9pcT92S81J. S7H -V 

133V 101's lYeatio 15'jpc 9Wi- 127V -V 

124 SPV E**heqilM|.i l »pr , 9dn. 113'j -V 

• 50 31V kwrtfitfmn.lprlidb-M 43 

122!; 87 U Th*vnr> I3VI*. WU . 111K -V 

9f:>; W 3 fcilttoaerHMdieUBiri 92 ‘?iB -V 

8 a '-. : 64’. Trranu> 8 ' 4 pc 1997£ Sl^d -V 

. 72V WV rrea-ur6>4pc9fC«c;. 68 7 ,-V 

1361; 10 V- TliWjoc-Wtt 131V -V 

07 c5', Treaiur.i^clfoan 87 r *» -V 

ab^i 53 Trbi- ltf..pr1S 'SJapil 1 53 -V 

441,-. 275j (furdin^j‘;pc , 9&fK .. 401- -** 

37'j 57i; Tre*ui}8pc - ffi4»R.. 77*; -V 

50 4 j:_, TretounZjtcr&izt 55*- -V 

80V S’V TrejsurjTVpc I2 -(Sb 73d -V 


10 , 1 . BkHontniaiSi 
10A BtNovaScutiaSI. 
130*4 Bell Canada 25c. 
1IV Bow Valleyl .. . 

825p Brascanjl .. 

1 13% Can.lnpBk.S2. - 
94Op (.'aiLlbri/icSa 
26*-* no4pcr*h.£100 

: 16% GulfCnlCan.il . 
320p Hawker Sul Can II. 
16% HolLnaer©. . 
935p Hirlwn'.s Rat H .. 
|23 i 2 Hud B.OitC £ 1 '; -- 
IIV (mperiafHlfff .— 

“B5p ln«». 

585p Inl.Njt Ha-SI - 
Sfcf p Mas?e> Fcr^H . - 
20% Pacific Pel $1 
32p Place lias Si — 
15 Rio.Manm..... 
14'i RflvaJ fitCaiL Si.. 
13>e ScacraniC'j *751 . 
955 p Tur.DumBk.SI. 

840p rraiii Can Rjn-X*.' 

. List Premium iSTs'* 


M Uh. j | YU 

Gim |C*r|iirk 

lOial-,1 51.06 - 5 2 
U%al -,‘ 4 42c - 4 2 

31Vm S4.08 - 6.5 
12% -'e 10c - 0.4 

865p . S1.00 - 5.9 

14 Art 5144 - 5.1 

20.\«? f-*j 47.- - 5.8 

S.V 4% - 109 

16 7 «d 51.06 - 32 

345p -5 40c _ 5 9 

lfilo . 5194 - 5 5 
10,;+V 65c - 31 
26 SI 7b - 3 0 

12% +*> 55.4c - ?.* 
9% P +5 S1.60 - 8.2 
645p<d BOi- — 6 ? 
890p 51.00 - 57 

22% 86 4c - 20 

55p •■. — - - 

15% -V 51.08 - ib 
15% -*« SIftb - 4 9 
1 13 ft-V 92c - 34 

10m 7bf — 0 0 

89Sp *5 10.V 64 

I baaed on V 2 . 1 fCB per £1 


BANKS AND HIRE PURCHASE 

I3T7-TH I f 1+ ori Irik [ I rid I 

HI ah Um I Stoek [ Pricr | - | Net [CitI Wsl PIE 

137 232 ANZ&At ... 245 -7 tgibc - 4.1 — 

105 180 AleiaodenD H 260«1 . 14 33 * 8.4 * 

(114 £38 AJceneoeF) tuO £98% 25 3.6 70 

195 350 .ylenHarnyU 480 -S l30.Z - 99 - 

.68 87V Allied Irish . 155 -1 IQ100 - 6.E - 

LS5 105 ArbuthnolLfJ. 165 ...W25--8.5- 

(25*; C13V Bank Aoer 51 565 -% Q94e - 3.7- 

163 195 BtIreland'] 333 ....03.25 - o.Y - 

(165 £100 Do lOpcConv £.150 ,... 010% - f6.S - 

27 U BfcLmmi (£(__ 17 . Wi3% - 26 - 

SO 170 Bkl^uni >VK€I 170ul 7.36 15 6 615.2 


Undated 


ie'. 2th. «»ul -;«r . 3S*;d 11.27 - ^ 

iC-i '--jr Lo-ii.'VjcS .— 3o 989 — 

39V 2b j '.>ot 2;p: Si Ah._ 37 v -V 9.54 — 

23’* 20% Trei i .ur>Sp>'a : Ji .. 27* 4 -V 1142 - 

.24V 17V ••rr«*k2'jj*. 22% -«* 10.02 - ^ 

24 )17l; lTeiu^"!jx - 22V -i; 1141 - £= 

**!NTESNAT30NAL BANK tj 

36V | 75% hp-Moi-k-r:*;. _ ..j BTikalt ... | 573 | 8.43 3 

^CORPORATION LOANS i 


67 BinnhaluO-.w'TMl 
81% En4ol7»ifkr 79*81—.. 

93 1,1.1. 121 J»C._ 

95 V Po I2';u; I9S< .._ 
55'; |*«ujw iVfyJt 
7? ; , I-ca-. .*•.•« “TWl - 
°0 J ; Li .cn-Jul.Vjpi. TfrTR . 
59* • r 'i, 840-W*! 

123 V thi yjx-lrretJ . _ 
fi 0 l^r. "jt.. tP^r7>78. 
73 rvj P‘-|x-S+85 ._ ... 
85 ; L> |-8rc~6.79 —. 

741; [V5';|ie “451 _ 

b0% U.S'sw 8S*4 . 

5;.; |li.r>teKV87_ 

5U S& 90 . „ 

20 iki I'pc'JOAII . . . 
7b-4 AI 4 PC IERU . . 

34V -iitfc^nc 78^Tl 

°0< iVar*i-U2i;M9W... 


97V 

92V -V 
105V . . 
105«d . 

% -V 
92d . 

&:* 
29 V +V 
9973Xd . . 
97 -I; 
%ri . , 
92 

80% nl -IV 
75 -l; 

74*jhI I 

25% -V 
92% . 
93V -V 
105V -V 


C0MH0NWEALT9 & AFRICAN LOANS 

1(10% 881 "WiL^K TA-Tb.... 100%.. .558 755 

*%: 741, ••(•>■ 17 ;[■?..4j .... 9+V«d .. 5.83 B.7B 

88V 69*4 ••l>.- s !-jvr8l4£:. . 87% .. b.42 976 

t<: -4 8b'; -'wHfic 187878 . „ 975 e ^ .... 432 7 58 

9i‘. 37% ■|wH\ , aW# . .. 93Vid . 64 0 941 

to TUi-Ras . . B7id .. 8.71 9 99 

°‘ 63 >rii Mnca3*;pc 7981. 94 10 37 12 33 

•ii .11 vi: Hhr*i 2 *mh TCV7P 67 . - 

45 -*7 to«PuT8df._ 91 . - - 


tfn-TH 
HI ah Low 

337 232 
105 180 
(114 £38 
595 350 
168 87V 

195 105 
£25% E13V 
363 195 
E165 £100 
27 17 

210 170 
500 365 
315 222 
£34V £21% 
350 228 
210 115 
360 225 
95 50V 

238 167 
•Q4*i£Il 
£21 £14*j 

24 6 

£18% £ 11 % 
157 55 

£103% £84% 
83 25 

3% V 

1 l 3 
12% 7 

210 128 

55 37 
280 155 

31 14 

126 53 

230 150 
257 140 
116 73 

£10% 400 
341 223 
B 8 54% 
187 102 
52 21 

88 57 

134 76 

300 185 
52 25 

177 80 

402 245 
E92 £64% 
£99 £69% 
65 40 

’247 172 
81 58 

300 205 
485 210 
290 173 
100 57 

430 293 
W% SB 
515 285 

56 14 

£24% £I5V 
74 37 


-15 Q30c - 
-5 ft 9 4.1 

-% QS3.00 - 
-4 tlO.04 4 9 
. tB 42 - 
-3 tU.57 - 
-3 #4.77 - 
-2 tQ16c 26 
-% Q18*V - 
• - 
-2 Z0 2 - 

. Q9.B7". - 


LOANS 

Public Board and Ind. 

J4 l\ar.c ‘H YpeaBBB .. 63 -% 

to% Ak-J-s 10%?.- 89-EU . 90«d . 

22 VirapcP. 1 . - 32V 

l<n I <-Ii <>p. I Si) llfl tl 

"H? *>« 'Aiiiwu^arTknb 94 . 

S4 riiraiji.ir"pc7S73 100 . 

Financial 

54 ( -TR i;'p.;U; . 105Val ... ' 

*9 W N;. 'TP . 108 

li)CV TV: I4»r S3 . 111% +% 

o3 KFCS-jh-IM. f«4ii 83V +*■> 1 

b 7 V I BI«. . 8C% + % 1 

95 lu WNpcCiL-LiL fW . %* 4 .. 1 

“5 Ho llpcl'n*Ln.*® - 93% .. 1 

■io nu.HVp-L'n* Ln. 7 * 99% +V 

51% l—i 7' { pc.U*i.i &?-' .■. 69% id . I 

32% D-) iV-A Dh 91-34 .. 69% .. 

57 l.<i<9r< VV1M ... 83 -% 

59% lAi8;r.-La 92-37. . . 75%J . 


FOREIGN BONDS & RAILS 


ANZSAl ... 
Alexander.: 0 £1 
AJcemeflefl luO 
.Ulen Harvey U 
Allied ln$h . 
.Irbuthnot LII. 
Bank Amer 51 565 
Bk Ireland £1 
Do lOpcCom 
BkLeumi (£1 — 
Bkleuiui iVKCI 
Bk.KS-W.SA2. 
HackScwlaiidt; 
Bankers N.Y510. 
BarrlajiLl . .. 
Brown bbpleyd. 
Cater R.'deri) 
CUie Dis’m flip. 
rom'I Aus-iSAl’ 
(’nroriik USUW- 
ChcnHW.KrlOiJ 
Curinlhian lOp 
Crwt Frao«fT3 
Daw«i*i R.'. 
teiubeBnkliVM 
F C Rnabce . 
First N'aV hto 
Do.Wrrta 7WB 
Fraser Ans 10|« 
ijerTard Virtnl . 
iJlbhs 1 A. 1 . . - 
ill Men Bros £1 
Goode f*'tMiy5p 
'irindlay> .. 
iTumnessPeal.. 

Hambrw . 

Hill Samuel.- - 
Do.WunraiU.H_. 
HonaShnc.5230. 
JesseJ Toynbee . 
HjbephiLcoid _ 
Keyser Ulnaim 
Kmg4Stiax3)p 

Heinwcn&L - 

Uosdsll. 
.MansonFln.3yp 
Merciu> Sett. -. 

Midland £l. 

fr> 7is%82Sfl- 
Do lu*^.9iS8- 
Ifinster .Assets . 
NaiRk.AustS.Al. 
N'aL '.uiu.nrp.. _ 
N ji. West £1— 
iSdirodeftil- _. 
Se«om6eMC£(. 
Smith $4. Aub .. 
Stard’d'^unll 
Trade Dev. 51 JO 
VniunDbctl. . 

l.DT . 

Wells Farri.Sa.. 
WuitnistSOp 


Hire Purchase, etc. 


6 6 15.2 i 

I q - 7 - 
! 5.2 71 

7.4 - : 
,49 6.2 
61 - 
9.2 - 1 
,100 - 
5 3 72 

H = 

1 441 ‘ . 


_1 . 't^Mi 7 i 331931 


1977-78 
lliflh Low 

23 9*; ' 
23 ll 

40 13 

32 12 

15 4 

47 28 

36 13 

66% 31* 
28 14% 

54 19 

.57 34 

84 37 

44% 261; 
bb 17 

30 20 

66 47 

142 88 

60 18 
£Z30 £80 
70 26 

96 35 

70 2 7 
64 20 

33 19 

117 75 

lb4 73 
139 6b 
69 27 

45 24 

197 % 

114 70 

352 144 

17 8 

45 21 

£30% £19% 
105 26 

171 69 

135 84 

108 53 

Sb 42 
69 29 

39 34 

38 15 

86 40 

9Q 43 

55 32 
21b 110 
55% 28*i 

93 56 
294 113 

98 44 

101 74 

Bb 47 

31 19 
5b >« 

94 44 

15 25 

13 9 

68 43 

79 20 

6b 23% 

143 44 

186 45, 

10: 52 

'230 105% 
58 21% 

11 ? 62 
199 b4 
92 42 

36 11 

14? 71 

’61 86 
79 37 

100 51 

100 4Q 
35% 14 

41 17 
91 4b 

J55 54% 

37% 27 
50 23 

48 21% 

11% 6 
42% 27% 
220 127 
504 244 
254 176 
148 76 

287 134 

79 34 

29r 19 

162 34 

39 15 

39 17 

•177 102 
43 21 

5B 40 
52 2u% 


-% - 
. 0.03 
-1 8817 
. 2.00 
-3 F1495 
-1 0.82 
-1 tZ 54 

-7 rio.o 

-2 (932 

-3 *4.32 
-25 - 

-3 1062c 
-1 1(4.03 
. 48.01 
-1 0J2 
-i 13J9 
-1 *3.75 

. . 4326 
... 1-279 
-5 339 
-4 414.73 
-1 Q?%°a 

... 5>«v. 

-4 I01«e- 

«a«| 

10.40 

-10 12 06 I 

-1 74551 
-5 T17 59 


122 37 

91 S7 


] Stmt I Price 

Feb lull lup_ 21% I 

[ni A - lop. . 201’ 
Fed Lara) t Bid 36 
Fmlin'Ji/ne.lOr. 27 
Frarviunc lUp 13 I 
FiBflr l ', | iR'Hlp. 96 
French Kier . . 30 

liallifWdBr ?p. 63 

CihfaeDdyAlop 26 

I’.keooniMJ 10b 46 

CkftjopW l-J. 56 
I’.'ch Cooper 20p 76ul 
R.VT.Qip.lOp 37 
HamsonJltlp.. 58 
Helical Bar - 29 

Hewfsn-.VlCfp. 65 1 
HendewniJ W • 142 ’ 
HewdenSt Hip .51 l 
Co TneCiKH . £220 1 
He'wiiWm.aOp 67 
Hi^stHill. . 82 1 
Hoimnafiatn _. 70 

Da lies Vis -. 61 

HounidShut lOp 23 iS 

1D.C 20p-110 

IbsUickJobiuen 145 
LA.Timber.. .. 126 
J.B. Holding 5p. 60 

u:z.c, . 25 

Jar.isiJ 1 . 188 I 

JejinintsSAU.au. 100 
jnsn-RcbtlsnCm 327 1 
JcnesBd'id.H^i 14 
Kfim'SLP.ilOp 36 
J-rfarjeSAfitxi £19 7 s, 
Lai urge ur; . 94 I 

laniRiJohm'A' 147 
Uiiuun'J.<£l . 123 
LawTCnce'W 1 . 98 1 

LeechiWmiaip. 8a 
Le\ land Pain! - 63 

Ljfiei'FJ.l'.. . 76. 

bPeru STchlOp 32 
London Kirk 67 
bncli-YJ* 83<d 
.McNeill Group. 53 1 

.Abend & 5th rt- 190 id 
Abilin. 1 '>n Venn;- 47 
Atanden-'Kids* .92 
Marchvnel 242 
Mar l-i . 66 

MnnlullH.Htv 9B 
M 31 & itan^li 77 
Msar-Bm 19rd 

Melville D. i'A 44 
Merer'Mum L - I 82 
Uilbu-. 95 

MillwT' "Hlsin • lijp 1 11 
Umrt'fii.TWe. / 61 1 

Mi») Engineer- 1 ' 39 
Monk.V, 82 

.!Jl1llJl>In■J•... 1125 
Vewanhill £1 161 

Nunes! H'dq 1 94 
NHt RnokaOp 227 
i fme CVih Id? 52 
ParkcrTimhor 110 
H* 1 * nix Timl* r 157 
luchiie- _ . W 
ruuline.' Rriy- . 18d 

RM.C . 125 

HedlamJ. 138 
Rcil’rls Wall lUp 75 
R-ibertsAdlard. 97 

Rawimwn 10p-5 100 
Ruv'toGroup 31*; 
Bulierwii 34 

Rucbi V Cement 84 
S/7B Group 150 
^hablicp'er lup 34*2 
Scarps 4 Fi-dicr 44 
SnumJ’lhp 43 
Swiih-craCon 5p 7 
Streeter* lUp . 33 

Tarmac SUp . 135 
T:ii lor Woodrow 3B8 
TiihuryClfid. 248 
Traiis &Am<ilil 138 
TuqiuU 8 Slip 264 
CBM Group. . 74 
VeeiaSlcnctKp 25 
fibropfant. ... 262 
WardHWiM’ip 38 
Warpnflon . 39 

WaibKa-ke. - 157 
WcstbrickProo, 22 
Venom Bros 57 
WhaUinpi ^»p 44 m 

Whifeh'm W'® 28 

Viusift-Con Hip 24 
VilvOD'i'ortnelli • 116 
W'unpoj(Ge<j*... 76 


M % NUIue 1 

|." tdL5?| nliisj 79 1 
!-% t2 03 1.7 8.5 10.3 


1-1 d354 

1-1 1.65 
-1 184 
-1 7349 
1-1 5.2S 
+% U95 
-2 472.54 
1-1 10? 

! . t3.96| 

. 7 54 I 


-3 - 

-2 *312 
1 .. 7189 
-2 tL89 
.. .. 7L56 
... 898 
-1. *538 
. 16.29 

.m0.97 

-1 1.51 
... 8.60 

y-sr 

. 0.92 

-3 2 0b 
... 01375% 

. . fl.Oj 
-3 +286 
.... tM.7: 

. . 6.5 
-2 508 
-2 P 3 7 
-1 u2 5 
-1 il 31 
-1 +2.9? 
-1 3.89 
J2.89 
-5 +812 
-2% t2 54 
rial 
-6 +31 
-3 d249 
-2 W5.24 
. 

-1 1.78 
. 2.48' 
-1 t4 IB 
+8 tL3S 

. WU7 

. +2.9 

.... tdh!4 
. rh319 
-5 165 
-5 J4 47 
-4 +4.12 

■ell 11.55 
-2 262 
.... 5.44 

. +3 38 

.... d4 62 

. 063 
-2 77 

-3 +3.B1 
-2 +d41 

-3 +396 
+42 Z3 1 

a? 1 1 

-2 +?17' 

-3 5.25 ! 
..1.48 
-1 2.15 
-1 did 81! 
-1 M83 
-3 +nl5J 
-1 891 
-4 tb.9 1 
-3 18.191 
.. +3.46' 
~8 t9.9 I 
-2 4^6 1 
.. . 1.46 I 
. . d95* 
-1 d2.64 1 
+3 'I 
.... $4.0 
. f2.%' 

■ ■ ftr 

-1 0.43 

155 

-3 12.2b 
-1 0.62 - 


16116 81 

2.7 7.6 7.4 
3.0 7.4 6 8 

, 2.210 2 6.9 

35 6.1 7.1 

2.4 9.4 6.6 
<t> 1D.5 * 

3 .1 8 0 4-9 

4.8 6.6 47 
\2 10.612.4 

1 33 92 5.0 

2.3 8.0 8.2 
4.0 3.8 9.6 
2»« 02. - 

b63 5 ij2 
I 33 4.1131 
33 4.7 9.7 
3.8103 3.9 
1 » 13.2 8.1 

3.5 5 8 7.4 

2.8 7 8 6.9 
1L7 2.5 53 

19 92 87 

3 2 6.9 67 

I 61 f.O 82 

1.810.0 8.5 
! LB 8 7 9.7 

33 10.9 2L6 
43 3.3 94 

4.6 3.0111 

2.6 83 71 
2.X 10.2 7.3 

* 9.6 * 

32 8 9 5.9 
41 5.0 73 

2.4 6 2100 

30 66 76 
« 716 

I 2~5 6.5 9.6 

33 82 56 
33 3812.2 

13.8 19 49 
a 4.4 <p 
£8 82 66 

4 0 5 5 5.2 
4 14.2 « 

2.8 8 5 6.4 

33 77 48 
S.O 3.S 8 2 
12 i 7.B 

1.6 75128 
26 95 63 

36 5.9 71 

5.4 7 9 7 0 
91 42 43 

4.5 6 b 5.0 

34 77 46 

14 76 'Ill- 
4.0 7 5 51 
13J2 37 22 
51 7.8 3 9 
0.3 53 - 

2 8 7.0 83 

3 4 4.2 95 

1.7 8.3>B.6i 

3.3 6.2 7.4 

8.9 3 4 5.1 

Lb 9 3106 

2.5 5.710.0 

* 5.4 ^ 

65 6 5 3.5 
24 7.4 86 
46 64 51 
0.9 i 93 

4.8 7 0 4 5 
2.210.0 6 8 

6.1 2.7 93 

2 . 211.1 6.1 
73 3.8 53 
ZB 5.9 9.4 
Ll 8.7:155- 

15 9.0 6.7 

1.4 9.0 llfl 

1 103 <6 
5 12.4 22.4 
3.7 3910.5 
Ll *.9.4. 
0.8 t - 
4 S.E * 
109* 23 6.1 
20 10.2 73 
97 3.0 53 
12.3 1.210.1 


1K7-78 ! 
Bid* Uw 

66 43 I 

•16 5 ' 

46 29 

137 29% 

£20 . 450 1 
£20 425 
60 30 

126 31 

17 5 

173 % 

244 98% I 

305 U2 
11 6 

85 70 

54 35 

Zlfl 101% 
117 48 

8b 44 
23*; 16 

36 11 

43 18 

8 3 

84 30*2 

12% 5% 
110 17% 

71 36 

37 23 

98 32 

27 15% 

13*2 4 

2 ® 8*2 

22 8% 

273 111 

28 10V 
11 3 

168 67 

140 65 

137 38 

15 9 
28 12 
123 39 

99 53 

30 17 

132 77 

70 27 

40 27 

103 32 

102 -31 
60 33 

91 46*4 

I 23 11 

28 15 

71 44 

I 69 48*2 


House of Lcrose.: 
Knot! Mill 10p... 
ladies Pride Jflp 
Lee Cooper. ... 

Liberty. .. 

tpNonVfldrcOni 
Lincrnft K. !0p _ 
HFI Who use Jflp 

Maple 20p_ 

Malts 8r spencer 
Martin News - . 
MenziesiJi. — 
JHrhaeW'IOp_ 
MW.Educn.itrp 
Morris BJ ate>... 
Afotlwreare wp_ 
SSSXewslOp _ 
c.iwenOvrHi. _ 
Paradise'B» lOp. 
PawsrolW.L!.- 
Peters Sums lup 
MljPedflOp. 
Preedy'Alfredi 
RamarTM-5p- 
RsdnenlOp— 

Raybectiop. _ 
Readicul 5f _ . 
Reed Austin .V. 
India'HiiS'Wp . 
RoseOlSp - ... 
S4C Sto» 12*jp 
Do 25*iFF. 
Samuel 1 Hi* A'. 
Selincounap.— 
Sherman <Si Wn 

SoUhV H*A‘35 f 
S taDlej- .VG.5p . 
Status Ducl \0p 
SWohendOp-- 
Surarieam ... 
runeProroi Wp 
CDS Group ... 
I'ptooiEr.V. .. 
Vanmca'JUp- 
t enwPFa.ro rip 
Wadea'A’-JJp.. 
V£ft«iJa».i — 
Du N.V - - 
Wailis lOp 
Waring X 1 lillow 
WearwolISp . . 
Wharf Mill II^vj 
ttllknin Wortun 
Vools.orth- 


]+ or Pi< J JTMj .. 
Price j - ! Net | Or! tirt| PL 

62 ._..itd392 Z5 9.6j 6.0 

16 ; — — 27.7 

45 -1 thll 3.4 7.1 63 
108 .... i+hl.65 9.8 23 31 
^ .... +29.75 8.7 2 3 7.7 


10B ... • 
£20 .... 

£20 . 

59 .. 

116 .. . 
16 -*2 
140 -3 
233 -2 
298. -4 
11 . .... 

85 * . 

50 ... 

174 
109 

80 -rl 
20 
34% 

42' -1 

6% .... 

83 . 

lOTui -1 
67 -2 
34 .. . 

81 -3 
17 ..... 

9* ::::: 

2M 2 -2 

26*i *% 

10 

155 -2 
128 -5 

127 c) +2 

115 

91 ... 

28 

131 -1 
69 -1 


22 N-l 
67 • 

66 -% 


+29.75 8.7 S3» 7.7 
.3 49 « . 9.3 * 

396 20 5.114.7 

386 12 *?169 

6.6 48 4 3 5.5 

+4.26 5.6] 12115 

. t424 25 16 10 
4.17 LO 116117 
Hilbbi 36 2.3 !&2, 
, 112 51 30 99 

+2b 3.9 ‘5.0 8.Q 1 

. *1.07 - j - ! 

dl W L3 T6 32J 

lias 52 52 3 I 0 : 

0 63 53 7 7 (I 61 

+0053116 0.8 ILl 
+3 03 2.1 6.810.4 
+144 3 2 6.4 7.5 
+2 6 3.7 4.9 8.4 

1.19 MM.6;2t*, 


+761 19 43112 
bl.3 43 7 0 531 

hL9S 44 L9 182.1 
td53 1.6 6.414.7 
4.06 » 43 * 

d0.87 I.V RS153, 
L27 L2 6 9183' 
+L52 8 7 20 8.7 
437 13 8.113.1 

128 03114 - 

S4.68 4 2 5.4 6.8 1 
+279 19 6.1 85 
2.01 35 17 5.0' 

d!15 4.6 3.5 73 
d!15 4.6 3.6 7.1 
151 4.4 6.9 49 

h3 3 3.0 61 82 
- - - 206 
L44 15l 9 9 MUZ 


14 57 ( 2|il0a 6.6 
{4.01 { L2{ 9.2|l3.8 


ELECTRICAL AND RADIO 


70 3 3 45 

E He 


CHE»?ICALS, PLASTICS 


63 47 51 
15 92114 

- 4.2 - 
54 b.5 51 

22.0 194 - 
22 0 el22 - 
' 11 91 8.6 
I « 4.9 * 

5.1 53 5 5 
4.4 59 59 
1 — 3a — 

1 - 80 - 

- 93 - 
39 6b 53 
3 7 OOM37 

- di 

! - 4.2 _ 

- 7.2 - 


42% 15% t ade'i «Hd?s. 10p 351 3 
£44% £28 fie Bure Fr.lW. £32 
— - Credit Data lOp. Gj; 

129 57 LJoro.:iSioLa)p . lt» 

51 17 Lndikps.Fin.liip 38 

15 11 Sliwrjuiellen run 12 

120 59 Pnn. Financial 97 

47 16% Stria.Credit lOp. 45 

15 6% Stunartj 1 rriy* 13% 

117 44 Wjjion Finoni'e 90 


BEERS. WINES AND SPIRITS 


rxn-iR 1 

Hiuh Ion | Sunk 


Price + orlnie. 'll Red. 
£ — ] Gross I 5>]d 


22% 15 tr.HbiSL-'Mftli _ 19% .... 

.'7 J2 i'<jfp<l > iv: _ 33 

‘rfi 95 1 rdwn Mi.itsl 93 

?55 143 'rt.-r3LinYnc.-t>2pr 355 

60 4o '.rxtfkTB. A..- . . 4b . 

55 lb Lhifli- 'isuh As-. .. 46 . . 

44 38 >)4pc Him) A.--J 4Z 

42 Hens LS Ass . 42 . 

77 48 Ic*Hsndi>*jpi-H3-88 74 

a 0% 64% Ireland TUpefli.33 87*» +% 

91 bb [M3%pc9l-»i. . 89% ... 

287 229 J.i r>un Ape IU Ai. . 275 

65 PotipeUMB_ 85 u) .. 

165 1^0 ppruAwr+pe . 160 . 

75 75 SGI 6 * 1 ^: 1880. 75 . ... 

59 «* 504 Turin SpcIWl. -S97% . 

1-V85 DM71 Tunn^jpc IfiiX .... U3183%nl.... 
94 <»2 Irusuailtljpi; . 94 | . 

L b. 5 & DM prices excludu inv. 


K — 

3 £3 07 

4% — 

3% f7 77 
6 T653 

4 {4 7 8 

4% 6 39 


6% 8 b7 

4 9215 

6% 9 90 

31+ 4.03 

5 premium 


96'; 57% 
39 lb 
Ibb 86 
236 79 

43 2b 
142 82 

72 46 

112 62 
47 ?0 

177 97 

160 7b 
bb 39 
150 bO 
193 1Z0 
21 11 
505 193 
22 % 12 
54 24 

108 55 

240 152 
198 124 
158 52 

100 34 

133 41 

320 115 
395 255 
60 • 33 
71% 461; 
107 43 

415 228 
%% 59 
201 111 
150 88 


Allied Brews 
AnuL Dm.Ft Wp 
Bast- '’hnrgtun 
Boll Arthur 50p. 
BriPa-.en Breoers 
Rorldinjrinns 
Bonier Rrw'v . 
Rrmm iMaUbetfi 
Buctlej’+FJov. . 
Bu/inenHJP. 1 . 
BunoDwnud. . 
City Um. l»ef . 
ilarinMaubew- 
Du+ilferr.iOp... 
Eli-iRiriimdiSp. 
GlenIKct . .. 
Guidon «L< Mp . 
GouriiBrcr- 3Jp. 
ijwnaJlWhitlei 
Greene Kin^. . 
ivinnesi.. 
Hishl'd Pis*. 20p. 
Imeremrdon. ._ 
Irish uistlllen - 
Ma-mlian.Glen 
.Morbnd£l . 
Sandeman . .. 
SoOtT h New 2Up. 
Tomatvn.. .. 

I mu El__ 

Whitbrwa'.Y 
Woh Dudley 

Yuocc Brew -A 50p 


-1 3.93 
■*■1 m0.25 
-1 4 84 
-12 t4 78 

u7?i 

-4 t 3.19 
. 392 
+1 +1M 
.. L'6.6 
3.10 
. 2.4 
+2 5 21 
-1 6 54 
... . 113 
... b4 02 

' 2.84 
-2 162 
tb 53 
-3 7.02 
-2 2.9 

. +2.03 
*2 335 
462 

. .. 12.45 
... ? 34 

. . t3J 
-1 2.72 
16.07 
-1 +3.57 


191 7 5113 
- 1.1 - 

32 5.3 8.8 
61 34156 

2": 4 3 147 

1.5 7 1LU 

2 2 5 6 12.1 
27 55 99 
2.8 75 7 5 

5.1 3.1 94 
L6 6.3M9 

33 5 3 8.6 
31 b.U fll 
L2; 9 7 12 7 
8 0 12 U3 

15 B.b 

3 8 5 810 5 
Z.8 4 512.4 
2.b b.O 84 
2.3 5 0 22 2 
3.0 3.3 ilU- 

4.2 4.3 75 

23 2.3 223 

2.6 4.8119 
0.6 7.1389 
2.0 7.110.5 

16 4.2 22 3 

24 6 2 10.1 
2.6 6.3 91 
30 4 3 lli 
38 3.013 4 


£12% 600 
131 78 

300 205 
112 52 

100% 45% 
96 41 1 

47% 15% 
£54% £40% 
24b 122 
205 91 

29 19 

62 29 

17% 9 

51 30 

49 38 

£94 £79 
£104% £89 
£10? £39 
78 43V 

60 49 

77 45 

20% 12 

72 43 

25% SV 
60 43 

48 33 

60 44 

3°7 220 
17% &% 
608 295 
553 376 
£144 nil 
446 ?25 
51 3**% 

73 42% 

130 84 

£44V £22% 
85 42 

150 73 

62 34 

92 64 

1°5 150 

151 74 
21 12 % 
36% 14 

176 105 
148 85 


AK2»* . . 

Alt-rich! W'iLh’K 
Alainate Inds. 
AKdaPad-lup. 
Ail'd Colloid nip 
Anchor! hem 
Ball.WW.- .. 
Baser AG. DM 50. 
Glaffen Nftike- 
Er<cit Chens-1 Op 
Brit. Renzc! lOp 
Bnt Tar Prd I'Tp 
Burrell 5|» . 
C«r!*"'. ape! Wp 
fatdrn . .. 
CiwG'itTV'iLd 
Lk> K’cCnvfll Ai. 
£ws8i i ,, +i. , Riai96 
CioliteChem .. 
1. B p O> 

L*o A '\1 
fufiiHoracerSp 
Croiialm lup 
Crystal ate 5r. ■ 
Eoaion rfavt>c.- 
Farm Feed . 
Federal edCh 
F1s*in»n. . 
Halstead ■ 1 >1Up 
Hksn Welch nup. 
Hneehsl DM5 - 
[nhcKD.l'a-.La. 
Imp ■'hem. £ I 

si . 

fm-ftunt 
Ijuutefti'i. .'ip 
Nur-AH KrUJ. . 
M;*u Jim 

Ran<vmwm lup 

Reniolnl |ijp 
Rciene'. . 

SoA A" lr,d £1 
Ste*-iar.Fla<tics 
Wardle-Her W+, 
liiHrrw- f'rr, Jllp 
Wul teni-.ulmi- 
VurL>Cttem>— 


-13 - 

-J +4.19 
...Tdl269 
-1 +575 
-1 rdiiL54 
-1 +dL3.75 
♦U.B4 

-i SS 1 

. t236 

::::. i.« 

. . 10.92 
-1 +0.83 
+2.72 
+1% 07% 


148 %®* 

-1 J2.78 

. t 2 .ll 

.... +Z 11 
0.60 
-% +198 
-IV 90.66 
.. 4 52 

+3.b2 
♦+3.34 
-2 tll.69 
-‘■j 032 
-2 1038 
*14 Q163i 
-1 010 °. 
+15 01 
33 

-1 rh?.D 6 
-1 *6.76 

-% Q12 B o 

-3 +HL26 
.... 2 79 
. rhL43 
. 4.93 

+117 

-1 <12.81 
. +L16 
. .. hfl 84 

. g7 89 

.... J4.33 


3.3 6 b 6.3 

2.1 fa.611.1 

23 92 57 
44 3.4100 
2.0 8.4 BJ. 

4 7 5.9 6.1 
L4 33193 

44 7.8 8.8 

5.8 1.9133 

5 6 j 2.8 
29 4 7 113 

3.1 9.7 76 
4 2 3 610.1 

24 8.4 76 

« r 7.9 - 

4> 18-6 — 
4 . f 8.8 - 

3.5 6.1 7.1 
4 7 4.4 7.3 
47 45 72 
3 7 4 b 9.0 
3 7 5 5 73 

6.2 5 2 5 8 
* 132 * 
11 i 100 

33 71 65 

2.8 4 7 B.7 

3.7 3.0 >102i 

8.7 3 0 4.7 

1.6 5.1120 
- f3.5 - 
31 b.bl 69 

7243108 - 

45 43 61 

2810.6 4.8 
15 4.2 A 
6.2 24103 
b.9 2.B 77 
23 4.214.5 
29 9.1 5.7 
15 8.7 1L8 
55 3.5 8.0 
L7 8.8103 
51 3.6 12 
3 8 6 9 6.4 

34 7.5 6.0 


142 56 

67. 42 

40 22 

5b 5% 
137 85 

151 8b 
54 34 

bb 35 
87 41 

24 14 

162 64 

129 91 

35 IB*: 
115 29 

24 13 

44 15 

39 17 

162 62% 
585 233 
560 223 
17 8% 

11% S 
76% 38% 
71 38 

24 15% 

M n 

18% 9% 
254 176 
£136 £101% 
365 83 

24% 14 
124 45 

14% 4% 
210 118 
242 77% 

90 50 

no 86 

284 163 

1 “ if 

106 52 

13b 44 

90 55 

215 85 

193 13a 
75 32V 

180 90 

45 27 

£88 £61 
202 117 
£64 £51 
E10V 710 
112 47 

109 46 

117 62 
77 3b 

114 38 

270 UB 
93 63 

54 28 

295 190 
860 456 
49 7% 

43 18 

42 17 

142 81 

44B 1% 

59 22 

101 55 

293 92 

118 56 

27 9 

Sb% 29 
19 10 

13b 5b 
272 94 


LftSectronii . 104 !-. 
Allied JarmJntoT' 67 ■ .. 
Audio Fideiitj Wo 32 
Auto ted See. lOp 56 a* j * 

ElCCSup. 104 I 

BSRlOp. . 90 i- 

BeslfcMaylOp . 52d 
BtAthnrpeWip.. 58 .. 

Brocks HJp . .. 72 { 

Rulcin A‘5p 24 * 
Carap+iellbhwrd 135 
Chloride Grp. 99 -. 

Cohen Br» (Op 35 
CoarBSenJp. 103 - 
iTifB iwmr U^i Zim 
I'rellon UJp_ 29 
Cropland ap. . 39«J 
Cole Elect I0p 143 - 

[lec+a. ... 460 - 
Lift-A .... 450 -. 
Derrirron 11W_. 17 

Dewhurn . • tap lOiitd 
Dorman 5m. 20p- 75 ... 
Do A’Wp . . 70 . 

DoKilijlI&M.Sp 22 
Dreamland ICp 39 
Imbilierap. .. 16% .. 

EM150P_ 182 - 

Do.8i.Vwn HI £104 
Heci'eumps I UP 335 
BwtroiueMat.il. 18% - 
EJw. Rentals KJp 121 -. 

EmssrSen* Wp . 12 V - 

Eier Read?- 156 - 

Parnell Her 3ip 212 
Fidelity Rad lup 76 
F-jnraruTKh jnp 108 - 

G.E.C.- . 259al — 

Highland El 2up 23‘; . 
/•MtesStrwid 88 - 

hodtr Ini- ...... 8b - 

Laurenn* Swtl . Ill 
LecBefn-j .... 80 

M RBcctne.... 172 - 

Uairhead... 182 . 

Settman Indi 71 -! 

JCentnartcUiUL-. 170«l 
.NiirmandEL J*p 44 
Pcruc-Hrofrlpi F71 
Fabowitldjltip 192 - 
Philips Flik 55**0 £571; 
Pliilip.Lp.FIIO 772 -I 
PifwHlo?s.20l' 109 - 
Du va+p . 107 

Pte+seyaOp . 89 
Prcs>M ltip — 72 
PteHldvj- . . 103 - 

Racal Owtncs 207 - 
RediHusion ... 88 
RotaDcxG a.Uh> 53 
SfholesiCHi.. 2B0 - 

Suqru 150. 512 L: 

Sound Dilfm :"ip 43 -. 

Telefu-'ion 5p 39 * 

D.C\SV5p.. 38 
Tele. Rental: 129 - 

Thom Bevl ... 356wi — 
Th'rpeF.H' tOpO 56 
Unitevh lUp . 92 

I'td Sriontlfti. 275 - 

nanfd-Guid 99 
WellcolUds Sp. 25*- - 
ATesunghuiue . 47% 10 - 
5VhiwpnhEl..'>p 16 ... 
ffhltale FI-;. 3+p 130 ... 
Wlflfalltil 1 _ 266 ... 


-2 5.07 
... L55 . 

dZl ! 
*2 tlJ2 1 
. 16.71 
-1 F4.S9 
.._ +274 1 

. +L48 

?3J6: 
*1 t:.3i 1 
. 2.68 1 
-3 +4 67. 

.(♦thUT^ 
-2 hd2.1 
... +L33 
, . ?L51 
. ♦♦1JI5 1 
-3 2272 

-10 nr? 
- 1010.7 

.. + 0 . 66 1 

.0.83 | 

.... ♦IO. 3 ! 
... +h3 3 
. LOB ' 
-1 +25 I 
... 0.99 I 

..9.24 I 

.Q8%M 

- 2 % 

-2 *150. 
-% Oi 
-5 +3.89' 
. . fb.5 
-1 +4 71 
-1 D67 
-4 t3 64 
. dl07 
-1 4 24 
-1 J4.7 1 
-2 fa.O I 
+dl >5 
-2 b5 80 
. . t5A 
-1% 5 0 
-5 +b 02 
. +2.59 
-1 W’s 

- 1 «#. 
■8 lb"b 
-1 2.7 

-2 2.7 

.... 4 91 
27 

-1 +2.94 

f 3 ,? 

. .. PI 6 
-15 16.55, 

f foT 

*1 1 17 
. 1.17 I 
-5 +55 
-4 Tho.37 
.... 1.47 ; 
. 362 

-2 1760 I 
' +M07, 
-% 05 

-% 2 L3 
.. C .06 

. +4.79 

. 44.B4 


29 7.4 7 2\ 
24 BO 8.1 
f 9.9 * 

4 0 3.6155 

15 9.8 tliS 1 
48 7.9 4Jj 
24 8 0 8.0 
42 39 85i 
1.9 7.112.0, 

1.7 76ZL4 
99 32 S.i 1 
21 72 <82) 

2.6 9.8 5.91 

4.6 3.1109 

23 96 62 

3.0 * i4Bl| 

2.6 4.9122 1 
42 2914.4 
33 3.5 132 1 
3.3 3.612.91 

b32 5.9 6.8 
6 119 * , 
21 6.7 103' 
21 7.110.1 

20 7.5102 
Ll 9.010.91 
L7 9.1 9.8 
29 7.7 6.8 

273 f8.3 - i 
65 21 U3 1 

4.1 6.3 87 
1L6 L2 8.5 

5.8 3 8 01 
3 4 46 96, 

21 9.4 7.7' 
Ll 9314.4 
72 21 9.B 
l.B 69120' 
32 7 4 6.4 
26 83 64 
3.0 7.0 73 i 

5.8 4 5 6.0 

3.5 5.1 7.8 

3.7 ^2 23-2, 
:b3.9107 16 .I •! 
! 51 4.9 53: 

16 8.9103; 
14 4115 8 - 

26 6 .B 94 

I - noj - ! 

1.9 5.110.31 

4.9 38 8.21 
I 4.9 3.8 82. 

20 8.4 73 

24 5.7 113 
3 9 43 9.1' 

5 0 2 3 202 
L 8 731L2 

5.1 4.610.1 
13 90132 

U.O 0.9 213 
5.1 5.8 5.4 

3.6 4 5 16 7. 
3.61 4.7 16 S 1 
23 6210 8 

5.7 27 9.7 
53 40 71 
10 b.O 123 


1977-7* 
High Lew, 

92 51 

25% 13% 

121 74 

34 - .I®! 
58 26 

£14% 450 
60 28 

92 65 

369 260 
28 21 

110 71 

99 62*2 

206 96% 

14Z 92 

-12 SU 

28 Ifi 

214 113- 
M3 27 

106 52- 

53 29. 

70 38 

30 15 1 

68*2 42 I 

Ifll 37+2 1 

31 18*j 

80 28 I 

63 30 ! 

65V 46*2 

86 42 | 

126 64 1 

52*: 26 

96% 44 ! 
65 43 I 

7b 28 | 
24*j 15*2 

64 46 I 

37 18 1 

78i; 64 

16*4 fl *2 
14V 8 *s 

82 44 

21 15 , 

9d 48 

101 13 

160 91 

96 58 ' 

15 6 % 

41 14 

44 19 

92 28 

tb 24*; 

27% 10 
132% 94 1 

74 - 45 

45 30* 2 

93 66 

40 16 

71 3? 

171 48 

39 9 

90 40 

209 152 
IB 9% 

127 5t 

70 49 

.79*1 46 
£91% £65*; 
46V 21% 

18 12 
661; 50*2 

152 % 

80 30 

76 38 

-92 57 

b2% 27% 

166 1 W 

57 «V 

62 36 

72 57 

160 80 

67 40 

23% 16 
28 16V 

120 42% 

40 25 

37 25 

100 55 
250 128 

83 53 
n 7 

172 110 

33 27 

31 13 

290 136 

58 26 

74 40 

261 162 
147 93 

112' 45 

261; 9 % 

82 4fi 

122 44*; 

67 24 

905 no 
19 20 

*430 310 

S i- 

52 20 


Glynvred—'_ 

GtEtlJcfllSlL-S - 
GrahTnWoodSJp 
Granges K100— 
Green tank it]p_ 
Green's Earn. 
G.K.X 

Bjiril Prwisum# 

Hadw Carrier^ 
flill EnalSOp 
HailSShpr—, 
HalliieSQp.-— 


Hafw31aEfey.... 

HawtecSid—... 

mil&rbeuth__ 

HoptansonsoOp.'. 
Howard Stehy- 
HowdekGtWp-- 

HontMoscnjpSp 

DU. . __ 

Int Combustion. 
JactetJUlB5p. 
leaks 

leums CTper lOp. 
Johnson tpirth.. 
icaes&buplOp. 
1 ones Shipman - 
K»ildonn20p.. 

Laird ftuen_ 

LakeiEDfet— 
Lane 1 Percy! lOp 
Lee.i Arthuri 15; 

Lloyd fF.HHZ 
Locker mop— 
Do.‘A 5p_ .— 
Umdon&l&dTd. 
Ivndaieiflpf..—. 
ULlltadnigs.— 
Mur.gar Rr rmrp 
MartonairSOg^. 


pn«l f -1 Blcwi 

85 -3 t5:7 24 

20*2 . h0.97 3.1 

103 -1% 753 13 

m . 42-52 23 

57 ; 2.4| 

77 .... 430 25 

270 +3 *15-56 2.4 

25 . .d2-D * 

92 -3 7.91 L7 
01 +i VMM 23 

186 . «« 2 ? 

140 . +5B 3-S 

10 .dhOjbfl 2.S 

22 L8 1.0 

188 +2 t3.72M2 
37 • . . hdL-99 3.9 
82 -1 +4.6 3 7 

35 +2 223 


H*ttlrot5p-! 

Midland lads.5p, 
Mining Soil 10pi 
MilcheuSoDLlOp I 
ttoieoaate.—. 
Mdim • - ... I 
M0£sEBSfi-=.— 1 
Seepsend-— 


Newman Gr.lOp. 
Newman Tonka _ 
VaatfsTbs lOp. 
NortosaW.EjSp. 
Osborn®— . 
PefJer-Hafi'nle!._- 

Peomd-- . 

Dorter Chad.-20p. 

Pratt (FI-- 

Priest iBen*— 
ProcnrUiptaMB 
H.C.F. Holdings. 
RnaeEng'glUp. 
RHP-.--— 
RnsranesSim.£l 
RawbIfeTnd6._. 
RalcMifsiOE-U-. 


82 -1 +4.6 3 7 

35 +2 223 +J 

58 -1 3b5 m 

28 ... 0.7, 3 9 

58 -1% «3.Z9 27 
101‘ . -».90 26 

28*2 -1 0-91 f 

78. -2 tiltf $ 

60* .6+2 96 b2| 

59 -2 t4.69 2Ji 

Jt r.-flfc a 

& ;r & I| 

22% -% L45 LW 
S9 . 43 * 

36 dZO — 

71 t432 2M 

15. . +0-78 3.3 

1*2 . +0.78 

78 -1 *4.76 2.7^ 
20 Jl.33 « 

88 .3.92 3.0j 

89 -3 1.88 8.S 

152 -1 534 2-3 

•87 -1% 4.95 3.71 

15'' ... .. 0.4 6 

38 : tdhliE 3.8 

. 41 -% HO. 99 d> 

63 .... Ll 6.1 

58 -1 +142 6.9 
25 -1 037 4.6 

107 -1 6.6 2.11 

70; +1 4.16 2| 

42 _: 2.94 L3I 

89 .J*6J8 22 

35 ...... +L24 31 

TO- . 3.64 22 

168j» .... 42.72 63 
31 -2 +0.62 SJ\ 
80 +1 3.57 3.4 

164 . g7.68 3.8 

10t» - - 

110 -6 +4.79 3.6 

64 . 4.81 « 1 

76% .r.... b5^8 23, 

£87 QllVIb - 

38 -1 12.72 1.4' 


36 :... 
63 .... 
140 ... 
6Bxd -2 
59 ... 


027 26 

3.84 2 0 

+776 2.9 
471 ■ * 1 
1.73 72 


R' i+nro H'imn I rip 

Behold £L-_-1 

RtehudsafLeic 
RtchnsMeS-^p- 
ftohiosoutThos.; 
SotarkJOp ...-._ 


Si;ie 5.1 

9 :::: M* U 

53 - -% 417- 2J 
64 ...... +3.08 4.1 


KMiaea*]8 


Serefe___ 

Sntesp'reLSp. 
9uw ftaarisiop. 


Seulhfwroti5p- 
fpear6Jackson. 
Spencer dlt»p. 
Spencer Geanap - 

Spirax-Sorco_ 

SpoonerJnds_ 

StartriteSOp. . 
Stiuelcylnda £1 
SteofrHaH..-. 
SrtesiHauyi—- 
TarelOp—. .„ 
Taylor PalhsieT 

Tecakarft- 

Tes.Abras.IDp.. 


123 td234 7.7 

B£ S :::::: 8S B 
* n -r &F H 
« “» H 
r-: -A ± 89 lo 

78 +1 +3.71 3.1 

i5p. 8. __ tf-25 3,9 

torn. HO . 4937 15 


GrtlP® 

10-21 69 

7 2 55 
1U10-4 
12.8 5.2 

52I9JI 

Mli4 
85 63- 

8.7 62 
111 + . 
13.0 6.9 

6.7 7.4 
5.2103 

6.4 7.9 
10.4 5.0 
125116 
3.0 4.6 

82 4.9 
85 48 

10J 66 
9.6156* 
3.8103 

51 6.2 
12.0 . 85 

4.9 

2.7 lftfl 

7.7 7.9 
12.0 (421 

6.013.0 
63 8.1 
4.6f25> 

52 52 
8.913.6 
7.9« 

9.8 80 
11.7 * 

8.4 d> 
103 63 

8.0 63 

83 5.9 

9.3 62 

an 

8.7 4.7 
4 J 8.4 

4.2 n 

II to 

3.7 53 
23101 
93 72 
9.0 75 

10.710.9 | 

10.9 a? 

5.4 7.4' 

7.9 8.7 

25 9.9 
3.0 6.i; 

6.8 4.7 l 

7.16.1 

66 651 
12.0 "4 1 
10.7 62 i 
032 - ' 
10.810.4: 
BJ 7.1, 
93 82! 
8 4 8,0 
105 * 

4.4 431 
8.0 4 1 

5.1 37 
103 t?li i 

92 4.8 
1L9 61 

73 53, 

26 64 
9.0 &4 

III 5.0 

7.4 7.4 s 

9.9 75 
7.0 63 

■aa- 

H ft 


1977-78 
High'to* 

210 80 
43 * 

52 21 

46 * 22% 
105 40 

30% 6% 

166 6f ■ 

77% 33 
35 28 

13 5*2 

201 - U 1 
Wi 12 
290 100. 


.A«Cfc<riH!*10P 
Myddtetor.SOp-- 
Norfolk Cap op.. 
North (OI F.., JUp. 

Pbnt+arniqp - 

Prince of Vfate-_ 
Lb^'.-.MoarSp. 
RowtooHuteV-- 
S4tp+"A 7 H5— 
StakjiiROorKBv.. 
Stan Ri-sn Iec V- 
Trust H.F 0 TO-- 
ffanarHti.'A ;‘J»- 
ffheddrsllfti— 


- <nf THr 7 •:. 
Price'j-- I Net lCir 


.17:. f-V 
210 L™ 
43 i-2 
45 .... 

4 a - -1 

10 a . 

26% -1 
164- .-1 

74 . 

35 

175]-2 
29% -!? 

288 


■ Fbi i 4.51. 
06' }-* l 

m 

td012 33 
+5.7 

• i.82- 2.« 


fc 


-llUliK 


INDUSTRIALS 
. (Miscel.) 


242 144 
90 51 

92 72 

117 69 

125 82 

227 72% 

64% 39% 
45 29V 

33 TO 
33 M 
148 72 

50 31% 

42 15 

71 40 

89 33 

107 51 

17 8 

93 8* ; 
24% 15 

90 35 

152 58 

2D0 93 

21*; 14 
48 29 

52 26 

90 30 


TtanWnjFJlop. 

TnpioFdriesi_ 

Tuhelmests.£l- 

rurrifi. ___ 

TraditV A.110. 

uww^iIhip. 

Vickers £1—_ 

Victor Produets- 
W(li.-:- 

WaronlB^isti'l.. 
IFatter+C* V.t. 
Ward iTW. i..._.. 
WarneKri?ttli+p. 
WnrickEng.ajp 
Weeks Assoc. 10p 

WeirUnmp- 

WdlHanEnifg.. 
W BrauSp'j. lOp. 

Westland- 

To^n-EraniMp-, 

Whessoe- 

WnewayWtan-ap 
WhkehouseSOp- 
B'iHi.trnsiW*k... 
81 ms k James— 
Wolf E3«L Tools 
WolsTyHuahes. 
WTnreUF^lOp 
W«nliaw.i3C+p_ 
W’h'seRisn R!%p 
Voting A'st'n&V 


S5 -r 

3 ■ 

noh - 3 % 

7M -5" 


Si ±. 

731 

25' .... 

& £ 

« ::::: 
114 ...._ 

50 :::::: 

29m. 

31 .. . 

104 +1 

T* 

51 . 

0 - 

90 b ~3 
24 . 

18 r. 

190 - 


,S!f I 8 

% y 

n 

I^V 15 

g3.6 5.4 

+i75 23 

ill 


f a 

4.6 53 
4.9 93 

B9S' 

4.9 63, 

6.7 981 

A1 tl 

n ?.i! 

4.8 75 1 
82 6.0 1 

9.9 86 
8.8 7Xi 


122 76 

89 32 

73 41 

42 IS 
25*; U 
62 41 

56 26 

50 18 

46 17- 

22 11 

282 208 
85 55 . 

41 • 2D 
62 26V 
33.. W: 
13*2 6V 
205 74 

68- 39 
114 7 D 

*83V 62*2 
291 147 
*168 93V 
38 14 

208 144 

73 37 

54 36 

103 28% 

192 67 

693 372 ! 

15*2 n%; 
31 16% 

62 '31 

57 43 %' 

164 122 
86- 6&' 
56 26 

40 - 24 
29' 10 I 

123 67 I 

137 70 1 

72 - 32-I 
30 20 1 

212 84 I 

157- 87. 
244 115 I 
£27*; £17 
223 160 ; 

90 60 

75 58 I 

117 45*4 

*18 ia 1 
172 104 | 
39% 29 
72 38 | 

59 26. j 

64 24%; 

90 43*a 

28*2 B 
715 385 
71% 32 
38 17*; 

55 -19 

123 83 

63 36 
19' 8%. 1 

- 40 - 16 , 

74 48.-1 

•33-- 13V- 
332 25. 

1TO-. ,67. • 

82 46%. 

67- 34 
135 95.. 

8 36 

34*; 
175£ . .57 
166 88 ' 
37- 11% 
73 42 

54. 24 
183 54 

571; 27% 
41 1915 

■ 35 5 

m 16*1 

g- 

y s 

30 20 

£3IV£20% 


AGBReswfri* -- 

AarewmBnis Wp 

Abbey Ud. - .... 
Abrasives tatty* 
AwBxIsds.SOp- 
Allied Irtvs. ap~ 
.AHiedFnbuwr-. 
Alpine Hugs. & 

AjcdlDdastt..,. 
Amal. Metal-£IL 
Alt Aw AsptaK- 
ArenaOiHAiltyf- 
AascLascreap- 
AaStoFtmW- 
AHimFiLer+Wp- 
A«m Rubber U. 

BMSfef 

BOClntnL- 

jrrR-:- 

KairdtWmjO— 

WSras: 

Ban-A.W„Vr.‘A’ 


-l J h5.5 

rl 

+179 


RdUreCbs-lOfl.- 
Bentuni——i~ 
Bensfords—— 
Berwicfnmiw.- 

BestoAeU- 

BuldteHktes— 


wi 




I.4224 . 

-1 .+L64 ; 

J+127 -’ 

,. ,H3& ,L 
-3 +2.42 3; 

- 1 . ta w -2 
-i izn.i 

+v' 0J5 ; 3» 

-3 927 SS 
-Z - +2:16 23 

-,+51* .2*' 

I -1 313. rdf- 
+1. §91 -ilf; 

.s' 19.14:'-zS 1 

-1 0.9T- 3*. 

± « 

-i 

-10 

ft 

:r. SsT.r™ 

-1. +2.7? ,1 

'2- &sn 

-1 +h2ib -i« vm* 


ji+i 

fa 


Bodvcore^^l- 

BogodPel'A'^:, 

Boos8r*Hmte_ 

BtMtiBenrylSQp. 

__ _ 

Bni»W.L3$Z50. 

g^aterg— 

BramnierlHjap.: 

Briri«ted Prac. v- 

RridpOlt-Ga)p-. 
8B&EA.—— 
BritlSwT.lS+a) - 
BnL|tedCo8sl. 

Brittains:_a_ 

B.H-Prnp.SA2„ 
Brook St-W: Wp. 
Brooks WaL2Dp: 

Brotfri Bor. Kent 
BrnnUuatMuajj. 
BBTCoDean-J— 
BunuteneSp— 
feroi Audi's Wr~ 
Btnrltaco iT+ff 

Cjftlmfls-Tty*- 


i ^ u 

-“i” @ ■ 

~4 +4.6 . ftM AU 
d8J5 2.4 ; 

-X g. jti 

.Z'.. tV2 J- "Aa Affl i 

ZZ +614' ?4 -S I 
tLL A2 & J 

_fZ48 -«-4! f 

.113 ' 34 ;?; § 

1“ t& : Ji :ri r 

rl +UL94 73 .S f 

' & a a 

i-'K'lB* 

-1 a.o . 

. 3J2' 

j 1B3?-. S' 


De^ atMwUp- 

ItS- 

.■fon^f WarKlBp 
DaiCwftiPtMp. 
Christie-T 10p:- 
ChrtttiesInL Wp 


+8.92 4.9 
3.03. 33 
g59 2.0 

538 33 

16.92 2.1 
Xb.o 53 

a t, 
fe il 

+d4.8 34 
+217 2.6 
WUl 5i 
3.18 ' 1.0 
+2-77 32j 
4.6 3.9 

itO.3 24 
Z1 * 
L01 4.0 

2.24 4JA 
13-73 7.7 

6.70 32 

.12 ?9 

(1387 24 
121 L7 
4h3.07 18 


a 51 

103 » 
98 51 
. -* 7.0 
6.4 5J 
7.0 5.7 
~7.3 .41 
48 66 
1031481 
5.2 78 
7.6 51, 
7.1 B.9 1 
38 * , 
64 53 

5.8 58 
L810.9 
.5.4 66 

9.9 53 
13.9 48 
10.8 61 
5.7151 


ENGINEERING 
MACHINE TOOLS 


CINEMAS, THEATRES AND TV 


47% AiidiaTV-A". 
69V A»j Tele "A 
18 Gramnian A'Wp 
33 Green Group l«p 
10»i HVnlWj-daip 
47 HTVNA 
80 LV.TA 
55 RrtWTVPrei 
23% ,Vwt T\ -a" Uh> 
31 TrdITV t Wp 
35 U?1erT. • . 

15 ukaumTA ltp_ 


+1 633 A 119 * 

. hb55 b23 9.1 7.5 
I t20 21 8.9 7.4 

-5 <J4 B 28 6.5 91 
- - - 86 
s6.b 2.1 9.1 8.0 
-2 619 2.5 7.8 7.6 

... 6.04 19.6128 - 
-2 +2.14 55 5.4 52 
-% 2.B3 2-8 81 6.6 

. 393 « 1LG * 

-% 165 1.7)101 8.6 


DRAPERY AND STORES 


AMERICANS 


19T7-+8 I I 

Wish ion | .^ocl | 

Iff- 13 4f.\ . 

tlV 58 AMF V,Lom .. 
4°% 32 Aiiia.iSJ 
30 w 31% .iwnran Co>re»J 
14 l901p .\jr«r Medic hit. 
11V|373 jj Asarculw 
45 38*4 SaiffrJnnl t'orp 5) 

lb% 12> Barm.-.Grp 5*>, .. 
35" 33% Boniiivi'ora Sn.. 

34 : U Beth Steel SB. . 
a 35p bWp Pnr.cn'” Fur clfPj- 
141,- Ba [• Srunsvru'ktVirpnJI 
77 5 42V BuTTnushst’orp Si 

51% ?0i; iTWSLM*. 

44% 2 $V ih' si. 

49 % ;’b I'Jk-.-pillaril 
3P-'c lr, Cin-e>?7itn5I21.. 
23'; 1 ;.<; t'lioebrounhSl —.. 
in 8 i 2 p ciajricfSS'*.-,— 

r*V 13% >.’Ki»wp54 . 

13V 733p I'lrilnt SI 25_ 

22% 14V Ui Cm.r*rf BS1-. 
33 ; . 12V '.I'liaiv-I' St. . 
4 r A: 39 'XlllUh £l . .. 
25% 13% t.'uul liltiMiiSW 
• 1 % I’ fort ‘HISS . . 
58V 2(rii [''ro'.vti+i'ilSS .. 
37 14% (•-■utler-HaimnerSi 

?7% 22 Fj'.ar.' Jp SOI 
IS*.* i:<4 EwrA . . . 

4:‘i ICV Kturnli . 

3d 944p +'irerf.sKTireH 
l q -.' 11 V iFirei 1 JwajeSS 

35 20V FluuT'.Wrp 5% ... 
41% 26 V I l-nr-i MiH'ir R;. . 
2i* t ih% -.\rx 

7.V-.. ji-o.- Bei'Ii’% . _ 

35V I ?% 1* itllelie SI. 

45% 23 IHoucvaolSl fO-.- 
9.'ip r-TtyilfiiilfulLr 
2i'i 1'1 'I B A! ■ vn. S4 - 
to . ; ?l .If.-v-.4l.ls5: 

Ip.'C'pr" •••'-r- v.*«31. 1 
2 :* j"!'?l . ‘ I"-*-: i.oioualj 
5' j 1 iv Pwim.:. u 


14+; -V 
60% 

23% -H 

22 %«J r-x 

Uv -% 

10 % -v 

29% -\ 
12V -% 
22%«d ... 
15%m 
66?p -U 

925p +24 
44*4 «1 **s 

. 3 
28 V . 
33% -% 
18S;«I -% 

14 -V 
867p 
13%«f -V 
833pol .. . 
15%m . 

”se:i 

as-' 

131 .J _r s | 

3um +v I 

10 m -% 1 

ll T r • . 

22% til -% I 

28rt -% 1 
16* -V 
30'aid -L 
lfc**uJ 
29% -V 1 

806p 

ITS -2 1 
36- -% 
760|i *20 
758|« -12 

15 -1 


Dh. | I rid 
Gross jr+Tinf's 

«k- - 32 
5^> - f4 7 

51.75 - 4.3 
5140 - 3.5 

30c - 14 
40c - 22 
64r - 12 
90c - 4.0 
52.28 - 5.7 
SI .00 - 3.6 
40c -- 34 
60c - 37 
S1.00 - 13 
SZ.00 - 3 7 
S2.50 - 4 9 
5180 - 31 
S2.TO - 6 7 
84c - 34 
Sl-OO - 6.5 
5106 - 4.4 
5100 - 68 
52-75 
51.00 - 4 3 

52.75 - 3 5 
SL32 - 4.7 
5140 - 4 4 
51.90 - 51 
SI 40 - 36 
5225 - 5.7 
SL04 - 5 7 
S3 2D - 6.1 
5110 - 6 2 

96t — 4 5 

51.20 - 31 

53.20 - 65 
5250 - 83 
Sl.W - 29 

i +8 - n 

506 0 - 04 
SOI .52 — 3 2 
S2» - 4 4 
25c - 19 
90. -I 67 
51*0 - [ j.l 


BUILDING INDUSTRY, TIMBER; 
AND ROADS 


46 Aberdeen Const 
74 Abentau Cer.. 
7J> .AJIlnJ Plant )0p 
3it; .AnmlazealinK. 
153 vP *re3ient£l . 
18 Bi.‘A2Uo . . 
104 BPBlnd* . 

21 I%s:erldife OrV 
7 Rail 1-7 Bun Wp 

23 Bainbridce t(jp . 

28 Bamber«rs.. 

55% BarriUDir. pip. 

15 8«cim(wl idp.. 
IQ BenfieMIL-JQp 
29% BemoniM.10p-. 
27 BeCEw 3p. 

38 Flucld(;s20n . 
38 Blundell Perin.. 
59 Brwdon Lime. 

16 BriL Drodsmt- - 

24 town Jfan 31 p 
37% Bruvnlee . 

}3 Priam . 
6? BumcUiiH . . 
130 BurtBouH«n.. 

17 C Hobe> '.V Wp 

16 tal’caer GS lup 
16*3 ‘.'ar+iJnhn'. 

40 Carroir.... 

54 CcDtnt P.oMjwik' 
13 ‘.'tmibenGp lOp. 

132 '.‘ustaip R.__ 

9 Cuumr>*ide‘ip. 
43 1 +r»olci Hoe 

22 i*rouchiD>2np.. 

23 t'ranch Group | 
M De» i»j : 

35 M 1 

103 b«niirc(^tt sop 

25 teens wr> 

64 Qli> 1 E-.eran* 
5D Cun ' 

* F r K > »:.< r 
37 Fjinliu;i«'.in* 


92 -2 
154 -4 
16 -% 
72 -X 
240 -9 
120 . . 
24? -6 
34 . 


48 -1 
110 -3 


170 1-3 
183 -1 
24 . 

23 ... 

45 -1 
58 

120 . 
Z 8 1-3 
254 -4 

35nl -l 
TP . 


167 . 

102 . . 
{ 'OB 
69 -I 
89 -2 
77 I. 

22 1-1 


3.6 69 61 
37 60 68 
61 6.9 49 
L2 9 2-116. 

24 5 41L9 
2.2 2 9 24.5 

4.6 4 j 7 6 
4 10 4 « 
1.8. 1143 
37 60 69 

3.1 9.Z 54 

2.811.1 4.1 
20115 6.8 

- 41 - 

44 48 71 
* 39 A 

31 75 67 
6 71 4> 
f.9 8.010.1 

- 1.9 - 

53 t - 
2.B 60 8.7 
2J 6.5101 
99 2.3 66 
3 5 8.4 5.2 
23 46 68 
27 80 71 
71 3J 70 
17 9.5 7.8 
2.0 5 214.B 
2 2 8 0.69, 
9 5 2.1 7.7 
L9 5.1 ‘U * 
09 9.] >Z00' 
27 63 89 

25 64 94 
37 4.6 9.0 
55 4b 60 
34 71 S3 

54 83 44 
11 BVlSb 
17 9.b 9.4 
1 9* 7 9100 

, 3.7 6.4 8.0 


199 7b% 

41 21 

40 20 

40 18 

43 27 

31 15% 
B3 44 

32 !« 


15 8 

53 38 

243 138 
36 20 

142 50 

130 37 

32 17 

45 28 

196 57 

101 50 

43 30% 

13 6% 

no 7 1 
241 78% 

23 7% 
120 66 % 
60 26V 

177 61 

2b'; 14 
19% 14% 
’201 33 
16% 6 
20 1 i 

16 S 

48 19V 

34 21 

137 45 

86 39 
322 126 

35 24% 

71 40 

11 7 

159 75 

54B 183 
347 17b 
461; 13 
52 24 

44 23 

19 7% 

170 |lto 

87 37 

2 b !i 
bb 30 
ill 60 
158 69 


Allied Reiail Hip 
Amber Day lOp, 
AquascutumSp - 
Do 'V5fi 
Audiot+nnic Hip 
Baker; Sir* Iftp 
Beattie. Ir.V . 
Bewail? Wp_ . 
Biter 4 Cun Jir, 
BtardmunKo.ip 
Bnllno Tcri ip 
Bremncr - 
HriL Hums Sir^ 
Broun i.Viifci 
BunonGip .n'p 
no VNVaty. 

1 . amriro A 'Jp 
Casket >S > Wp. 
t'Witth 

Comb fin*. ISs* 
CopeJ?purt.'IlKi. 
1 'i‘mell Dre*- ip 

Courts A . 

Lurrjs. 

Cu4UiU3K Wp... 

Debenhawr. . . 
Dorlur.-a Wp. - 
L<i\+ns Photo lup 
Maud iijem ]ijp 
Ellis £r'3nld 3 ji.. 
Empire Sicn-- . 
Ewt+ilevSJp 
FairdaloTe't ip 
Do M'.Tp 
Fire An Lwi' 5p 
Ford 1 MTin 1 Wp 
Fanuia-icr Wp 
fester Bps 
F reemen .'1 Lv.' 
'.nftfen.AJ i liJti 
tWW*»av A 
GijmirwjhRr .ip. 
Crplljii Wart- ( 

U Ooiwrwil 
Du A iird 
'.ire Milieu* i'Jp 
Manly.Furr.- .. 
IWA \T 
Helene Li'n ittf, 
rnj «"n- Pn 
Hrfijvr-nK J-p 
l!»nri4iK- A Wp 
l;rt : wk > i"i> | 
11c***** 4 fc .:>"n !'*i-1 
llvw*-u-'rrasof 1 


198 +1 

38*; . 

38 . 

38 . 

39 . 


30 . 

I 1 :::■. 

1% -5 

36 . 

122 -3 
118 .... 

32 . 

45 . 

195 . 

B4 ... . 

75 . 

10 

95 -1 
206 -I 
21 -1% 
100 -1 
56 . 

162 m l-l 
25 . . 
18% -% 
168 -f 
16 ... 
16 .. 

15 .... 
43% . 

32 -1 
136 -1 
85 

262 -2 
34 . 


128 -5 
290 . 
284 . 

«% -21 
31 -1 
30 -1 
17% .. 

165 .. 

66 .. 
23 

6i -Z 
120 

139 .. 


d+7.92 29 
tdl.95 3.0 
L3S 3.7 
138 3.7 

f33 L2 
d0£5 6 
h2.10 42 
1.08 2.2 
1.04 0.4 

0.98 3.1 

0.62 0.8 
+3.86 13 
+5.71 22 
£12.55 1.5 
1.5 - 

1.5 

12M L5 
1.96 4J 
+3.07 7 7 
+2.94 42 
drfJ48 T.O 
{03 L5 
r?J8 4.3 
4.12 4.8 

046 - 

F522 2.4 
flL74 3.7 
+2 IB 67 
♦L75 14 
Tl.73 0.9 
$4.82 2 6 

106 24 

106 29 

4181 2.4 
+128 1.3 
+*13.78 6.2 
2.59 3.0 

t5.4 4J 
+257 L9 
T3B 14 
H0 75 31 
+53 25 

t7.43 3 1 
+7 43 3.1 
Q.75 32 
02 - 
02 - 
0.62 5.9 

12®. 1L7 
d2.?l' 5 4 
<11 83 2 0 
23 27 

M3 29 3 3 
I-V54 2.6 


6.2 S.6 
7.8 52 

5.5 7.2 
55 72 

f 8.4 

4.6 * 

3 7 9.6 
5.4127 

, 66 40V 
124 29 

8.2 223 
11.9 9.9 

4 4 165 
124 98 

L9 - 
L9 - 
10.0 i8.4i 
6 6 5.4! 
! 24 82 1 

5.3 b.9 
L0 25.il | 

j 5i To 
3.0 10J: 
33 - ! 
I 7.9 16 6 ) 

4.7 81 
2.0 7.7 

10.6113! 
H4.2113, 
44133 
17.0 
10.0 52 
10.7 4.9 

6.3 10.1 
,10.8 13.4 

4.2 5.91 
4.611.0 
2.9121 1 
1L6 681 
911221 
;103 47; 
1 6.3 95 
39126 
4.0 12.4 
6212.5 
LO - 
LO ~ 

5.4 4.9 
1L0 - 

52 41 
121 6.2 
57 98 
4 211.2 
4 7 126 


UO 72 
250 133 
11b 60 

98 51 

286 152 
£144 £71 
76 41 

57 29 

138 52 

57% 34 

42 22 

124 93 

% 3 
29 22% 

23 12 

100 56V 

99 56 

174 113 

153 70 

a s 

50 24 

55 34 

53 39 

50 29 

22 6 
18 12 
74% 53 
75 50 

70 45 

92 50 

45 22 

24 17 

21 14 

44 Z1V 

17B 67 

36 23. 

37 22 
9% 2V 

12l 81 

90 51 

63% 44 

40 24 

40 30 

24 11 

120 45 

100 74 

280 98 

136 65 

38 22 

70 29 

*63 38 

89 33% 

68 35 

62 30V 

28 17 

46 30 

48 28 

82 42 

95 76 

175 140 

115 64 

49 34% 

34 17 

17 7 
18V 9V 
57 34 

43 25 
53% 32V 
£14& £83 

81 37 
17 8 
28 10 

298 146 
26 16 
81% 45 

39 28 

160 105 
138 63 

34 25 

154 103 
87% 57% 

155 105 

119 56 

208 50 

107 52 

78% 55 
85 40% 

23 b 

56 33 

82 41% 

26 15% 

70 28 

83 47 


.VC Z Machinery 
A.PA ai-. 
Aeron i&flr* 
Do.'.V 

.Adv&a Group. 
.tfcanOncuft - 
Alien't 1 Balfour 
Alien WC. 

Aral ftwer.. 
Aorfsi S’clyde. 
Anglu-Suis; 

.Ash 4c Lao 
Aw Brrtfth 1 a%p 
Assoc Toelinz . 
.Astra lntll Wp. 
Aurora HJds. • 

Austin. J Hum- . 
Awjs. . . 
DabwcktW.. . 
Bailey'L' R* . 
Baker Perk. aOp 
Bamterd«20p. 
BimroCons. *p. 
BartoniSon.' . 
BeairfordWp-. 
berneriLwa. Itlp 
Bemn.DF inp.. 
ijirmid Quatett 
Bnmuhnx Mint. 
Btiam rtdiet lap 
Blackw'ri Hodee 

Blakeys_ 

Bearer Eni2ip 
BocltonWmlOfi. 
Braham Mill lOp. 
Brail twukie El _ 
BreswayiOp- . 
ffhouse Dud. Wp 

Bristol Channel. 
British Northrop 
BriL Steam 20p . 
Brockhouse. — . 
Brain's Cast 5pF. 
gram Eng. lup- 
BnnkeTpol- 

BrotfnfcTsWK... 
BrmuJolinEL . 
BuUoughMp.... 
BuTEHsPraL .. 
ButrerileW H»y„ 
Curfurd Eat top.. 
CapperNeiU 10p 
CamoEnu.—. 
CarrenyhlK HJp , 
Castingsjto .... 
Chemnncnp. .. 
tlirisy Bra*-.— 

CoheniAiiS^. 

Comp.Vir._. 

CoKearivlOp- 
Cookl Sll?f.24p. 
C*»periFnl(»_ 
Cowpe+lndi lop 
Comcreroft 3ftp. 
CromteGroup - 
ChraaHuifee .. 
Cummin:, IS.*.. 
DanksCowerton 
ftutmUifm.Su 
DisiMeiWU+p 
Dat.yl.iL _ . 

DeLwnlOp 
Delta Metal. . 
Dennis j.RlOp 
DeritwdSOp-. 
[>oo utter. —. 
Itoaniehrae lOp 
Ductile awt- 

rhra«+_ 

EdDra.HldRS> .. 
EUioaiB'- . 
BVCCanftfuth 

Eva Industrie* 

Espandeti M»tid 
F&ria 

Finnifler lire .nn 
Flrth-t.MiWp . 
Flmdnie 20p 
FolVe- Hi* n \ ;ip 
FranrnindL'. 

lQ iitinl. JU|<_ 


110 

195 -2 
Z14 -2 

82 -1 
252 
£143 
55 -2 
44 

125 -1 
46 .... 

35 . 

113 .... 

8 .... 
2&ri 

21m -% 
94 

96 -2 

159 

113 -1 

8% -% 
94 -1 

43 

53 . . 

50 -3 

50 

21 -1 
17% 

65 -1 

bb . 

66 . 

78% .. 

44 -1 

23 ... 

20 . 

37 .... 

144 . 

36 ... 

34 -1 

8% -'4 

100 -2 
86 

61 -1 
33 ..... 

36 . 

24 . 

115 -5 

94 -2 
272 +1 
132+d -2 

» f- 


62 -21; 

66 -1 


308 42 42 87 

h5.2 43 4.0 7.6 

228 3.8 3.1111 

L28 3.8 43 93 

no.O 4.8 6.0 6.9 
£4% - fb.4 _ 
440 M.412.1 7.8 
K2.B2 3.5 9.9 4.8 
15.2 44 63 4.6 

2 57 1.9 83 16 8 i 


FOOD, GROCERIES, ETC. 


75 

90 

142 

98% -11; 
44 .. . 

27 +1 

16 ... . 
17%«d .... 

36 -1 

48% -I 
£83 ... 

76 

Z6% -% 
27 -1 
233 +2 
20 el 
69% -1% 
36 -1 
157 

128 -2 
34 . . 
123 -1 

65 .. 

135 . 

97 -2 


64 ... 

49*2* - 

7 -% 
35 -f 
644-1 

21 v .... 

77 i-r 


td603 3 5 
I B— - 
23 0.6 

+101 2.9 
t5.2 3.9 

*53 2 2 

+528 2.9 
4525 33 
OZI 0.7 
+3.91 4.4 
tl.76 7.8 
h235 33 
+2.97 3.6 
+■33 03 L2 
♦0.75 3.2 
pL33 23 
+4.05 21 

4.42 0.9 

i28b ?3 
♦+1.9B L9 
+131 2J2 
1.37 L9 
+KL45 35 
th387 9.2 
d03Z b93 
+116 23 
h0..2b 09 
06.0 - 
h4.67 L9 
3-62 4 

20 20 
gl37 4.6 
LO 4 
5.78 43 

+438 3.7 
T8.5S 7.9 
5.6 4 

233 29 

+213 2.8 
63 51 1.7 
ffii.92 5.0 
C3.12 4.1 
14.0 2.8 

+0163 24 
1.29 * 

L231 5.9 
+3.99 3.5 
+2.03 10 
t4.98 6 0 
3.62 33 

239 3.4 

fdl 55 2.9 
LO 6 
gO 9 4.6 

+290 1.8 

2.42 « 

hJ.03 L9 
Q3\% - 
115 62 

COS 2.8 
tL20 4.6 
199 2.B 

dl.52 0.6 
436 17 

282 * 
59.02 l8 
th5.08 3JJ 
2.11 1.9 

5.08 4.8 

+4OS 634 
+5.69 4 3 
+4.8 35 

tZ.66 5 7 
14.8 3.9 

5367 22 
♦LB ♦ 


i4.03 0.9 1 10.0 

i,32 * 7.9 ♦ 

*d 1.241 33 8 7 5.0 
,'.t.*37 3 3 9.1 49 
+3.77 10 7.4 10 3 


8.1 53 

- 45 l 

134 202 

7.3 72 

8.4 15 

8.6 8.3 
5.0 92 
7.0 5.1 
3 9.H5. 

6 3 5.6 

62 63 

63 7.2 
9.0 4.7 

92 7.4 

5.4 8.8 
115 62 

9.4 7.9 
10.1162 
12.9 f 

55 53 
7.0 11.7 
Oh B.l 
10.4 <631 

5.9 52 

4.1 4J 

2.1 7.7 
9 7 bfl 
4.81366) 

9.2 4 
8 2 10.0 

9.1 6 

9.2 83 
6.0 5.6 

Tib ti 

7.1 5.8 

4.8 16 

6.4 4> 

93 5.6 
481X6 
93 9.9 

4.7 6.5 

7 2 tl 

101 8.8 

9.2 7.0 
43 4 
8.0 S3 
81 53 

5 J 33 

5.6 73 

8.3 4.0 

9.8 5.7 
95 * 
76 34 
83 103 

102 ♦ 
95 8,6 

4.5 - 
43 3.6 
74 -8.1 

67.4.9 
65 7.7 

113 >&2' 

9.9 7.2 
12.0 * 

8.7 6.2 


*133 64% 
9b 57 
77 47% 

295 142. 

71 35 

34V 14V 
76 46 

15 3% 

210 140 
100 65 

157 68 

58% 23% 
83 38 

229 99 

230 145 

205 55 

183 60 

510 310 
33 7 

56 38% 

59i 2 35% 
47 28 

50 42 1 

39 X , 

% 67 I 

96 51 

133 91 

107 57 ' 

15% 6 

.35 22 

117 45 

14 6% 

72 4 

26 13 

51 28 
66 18*; 1 

69 40 

300 89 ' 

109 39 

£42*2 £26% 
267 123 ' 

45 28 

m 100 

126 55 | 

40 14 1 

132 74 1 

125 47, 
164% 88 I 

92 62 

100 50 , 

45 28 I 

242 80 

126 64 ' 

121 43 I 

27 17 I 

420 124 1 

35 23 I 

19 7% I 

53% 37% 
150 75 

434 200 
253 133 

57 32 

40 ' 25% 
37 25 

182 86- 
279 188 
137 • 94 

52 33*; 
571, 42 
177 131 

70 36 
*238 138 


.AfpmeSofi 0 (Bp— 
Ass. Biscuitaip.- 
A3*.RritFifc 5p 

Ass. Duties. 

Ass. Fisheries— 
Avana Group 5p. 
Banks (Sidney C.j 
B arter 4.D. 10p_ 

tairfA-G.)_ 

Barrow Milling. 
Bassett 1 Geo)— 
Baileys York-lOp 

BejamlOp_ 

8iMr<2-(£7 — 
Bishop's Stores - 
Dft-A'N/Ve.. 
HnebindCoii— 

BriL Sugar £1... 
Brit Vend’g Ulp 
Brooke Bond —. 
t^dbuTvSeh*ps.. 
Can's MULinyi-.. 
□ittontDaine: 

Oft T*T. 

Cullens 3ki__- 
Da“A”3ty>._.. 
Danish Ben. 1 All 
Eastwood UBiSp.. 
Edw'd^lAJU.t fiji. 
BngiaiuiUJllSp 

FlshenAo5p!’JT 
Fitrii Lorell ISp- 
Ghas GJater 5p.- 
GoMrei Foucard. 
Hariwr'd'sPiOp. 
Wgh«*teftJ 50p_ 
HfllardslOp.— 
Hintim(A.i 10p_ 

KnftSUO^,-. 

KwikSaveWp... 
LennonsGp.l(Jp. 
Unfood HHss.-.. 

Locteoods__„. 

LovdUlli'i_ 

LtrMWm.)20p_ 
LTOHSfJ.lO_ 

SmttheuritBi._ 

Meat Trade Sup.. 
ffiHsiAJJ— 
Morgan BdblOp. 

Morns'nfW.riDp. 

.Northern Foodv 
Hardin FTtlOp-. 
ftoloiP.llto...^ 
Pwk Farms 10p_ 
WefWj.llOp- 

RakuseoGrpIDp 

... 

Sobertsini Foods 
Rmn*reell50p 
iiainstsTT J.|._. 


116 -2 

77 -1 
58 .-... 

223 . 

m. 

r :‘b 

93 ... 

148 -4 
57s -1 
65 -3 
210 . -3 
180 

145 .. .. 
167 -1 
WM .... 

W *:!! 

S ± 

44 

36 ...„ 

78 . ... 
TO -2 

120 -5 

96 fll -1 

14% . 

.34. 

73 -2 
Had -% 

63s) . 

24nf ...... 

48 - 

58 _ 

60 . 

195 . 

n -1 
£28ij-5a 

190 -3 

34 . .. . 

147 -1 

215 .... 

32 • 

114 -2 
208 -1 

140 . 

86 -2 
10(W ..... 
M .... 

138- . 

116 ■ -3 


TL5- 4.U 8L5 8.7 
th2.73 JL8 5.4 85 
t2J . 4.6 5.5 5.7 
h0.78 19.4 03 24.7 
+L27 8.2 -3.0 63 
+0.98 4.6 46 73 
d3.b 3.7 12 5.8 

6.46 4 4.8 6 

001334 L7143 63 
5 33.53 (63k 

M3.31 L9 8.8 93 
hL45 4.0 - 3.4 U 
+5.94 43 43 8J 
+rf236 05 2.0 9.0 
td236 83 2.5 72 
4.62 AS 42 6.6 
19.0 <153 63 2.9 
m047 43 2.2153 
2.76 33 93 33 

2.76 2.0 73 9.7 

233 33 8.9 35 

L74 3.4 6.0 75 

174 3.4 73 62 

457 13 7.4 13X 

457 13 ,73118 

tbb.03 4.4 73 -2J6 
392 65 -6.2 27 


7.3 53 J3 
■2.8 t 35 
L4 8.81ZO 
14 9.7 103 

t.6 7J ts 
1 — aouj 

23 103.5.4 
.53 -3.4 .-53 
A1 55 6.8 
23 4.6 95 
33 4114.4 
.23 3.7 LL4 
22 85(611- 
45 4.9 M 


Squirrel ITLli^p. 
StcfkFUosrofv:. 
TattiLyieu - 
Tavener RuLap 
Tteeoaji— 

Unicalfe™.. 

United ffisciata. 
Watson Pblp. top 


405 -8 

34 . 

15% -% 
46 -% 
140 -2 
365 -5 
175 .a... 
.57 

.30 ....„ 

£ ::::: 
208 .„... 

110 . 

■39% ...... 

53 r% 
156' -1 
6l%»fl 

142 -2 


55 2J 
+7:69 1* 
+8.38 4.* 
4726 V 

0,m * 
in . i* 

TdZOS 5J 

II . 3.! 
ThL68,4j 
+156 2J 
tcB.49 -Si 
d0.66 Q.* 

329 UJ 
+52 -3J 
+7.42 . 4J 
ttfi.47 3.1 
3.38 r, 
2.19. Vi 
138 • 21 
3SZ &.! 
13.14 <a* 

+d528 Tl 
+148 -3.1 
+31 2j 
b538 3.1 
2.43 4 

L7.5- 3.< 


73 6.0 
105 92 
92 3.8 
123.92 

.Ills 

M -9.9 
1712.0 

9.1 3.9 

3.1 8.7 
'2.91382 

109 ?.fr, 
5.6(63) 
3.1 93 
4.710.6 
■9.0 6 2 

15.1 6 J- 
•5.812.1 
24 75 
4.B 4.7 
7:3 7.1 
5.7 83 
91 ~1S 
52 93 

nt* 


9 

78 29V 
150- 90 

76 28- 

140 94 

M - 6 
BO 72V 
88 50 

314 131 

!&£ 

20 9 

20 10 
180 56- 

79 37 

66 39 

£36 £24+2 
38. 25% 

26% VC 

47 34 

m n 

64*2 24- 
*14 a 

150 42 
U 4% 

39 20 

60 32 

57% 29% 
Z7 12 

95 21 

156 40 

225 140 
16% 9 

Wi 19*a 
47 32 

: -04 m . 
78 37 

iS" 

220 119 
116 53*2 

% 42 . 

.27 .15 
105 65. 

62 24V 

36*2 23% 

151 111 

105 37*2 

41 19 

30 20' 

40 12 

46 25 

S3 28 

220 47% 

214 137- 
.93 70 

524% 485 
10- .40 • 
% 53 

427 225 
190 126. 
69 32' 

190- 51% 

96 30 

«J 23: 
71 .36 

667, 401 
43- 32 
24% 12. 
.86 -40, 
*iz - 46 
100 - 40 - 
■56 28 ■ 

24.. M - . 

21 7 

.64 . 1* 
-36 2? 

96 -6 8? 
161 .100 : 
£91 £67 
61; 38- 
'82 -45 
53*2' '3*V 
74 41 
11*4 ' 5 : V 
43'. 20 
196 55 

lMJ*j 38% 
143, 74 . 
.21%. 11 
51- 33 

155 -76 
46 - ;2fl 

6r« .57 
73 : -34 . 

148 “. .71 
(.415:. 185 
92. '24. 
130 55 

Ha 17 . 
.218 : -7.4 . 
B2J.62- 
,63- 47 


UnptnWoftZOp. 

CmtlGruSr.^. 

Cope Altaian 5p. 

UtWdesiftito- 

CDr4LesSi£H»- 

Quran debit lOp.. 
CredaM.lSto-.. . 
Crest NkbrniOp. 
CttBljv-fftwseff. 

SlfS: 

DaiiwzrfJflS.)^ 

DeLafi'je- 

Depiwrare— 

I 

Ktotiaia Ints;_- 
DMfienPirSItyi 
DoDiHldgs. Hto._ 
DmtrCup r»l_ 
0ovsf.Siiilil.1ty> 
Dfakejtodi— 

DurefoniJin2ty).- 
DuplelnLap.:— 
Durorepe:—.-_ 
Dwek&oup [Op. 
Dykes a j— 
Dpan(J&J.)~ 

tVx’A.'-- 

ECCw*10p... 
Eastern Fred flip- 


1 Mk #« 

-1 +3.42 3% 38 
111 
I'fi 


iisr 


HI 


ghid^—__ 

EJearltfpt- 

3aeLlmLSec_ 
aifemPli'ro wp.-. 
Ebon & flattens. 
BtaricklTperSp 

Eng-VOrer's lfei 
Big. China Clays 

JSrpenmaH % P - 

WiFteries-J. 

Patohauu Lnan. 

FeedexlOp- 

Fenner U. Hi-_ 
Feguaml«£_ 


F+tarartfelOp. 

FtmriftOT_ 

PTradloC.iW.. 
Fossr^(Ei—._ 
Ffteeco Mnsep- 
FettarillHarrer^ 
FrankfinlfliBjb- 
FrenehThosMto 


;jURdgSl5ty^= 
tatetnefA'-— 
Sbbons Doili^- 
5bts3B3(S)»C.^_ 
JewsGroep-s. 


WWBni— 

U»Haai SWsriop. 




rfi- in 5 

hd5JJ7 26 || 

S 3 % P 

-3 ft 71 n ^ 

;:z ®5 os zH 

+2- 13.6 2J« 

vl 325 UM 
-h gA5 2$ J 

'Z... 185 J- M 
. _L_ JlflJO ji ^ 
-% 1.02 171D3 

-% dl.75 AIM 

.2.72 ' 21 P 

-1 03.9 r li -S 
... ill: .4.1 M 

, -% +0.82 z? ^ 

-% .02- 3 
i-T Z035 
I - 355 *5 11 

I -1 +5-06 |j & 

■3.'jgrjj 

9 : P -11 

-4 67- 

=«p|l 

-s tb 2.« n a 

... .. +06 

, -is lie’ 


-7 1S99: Si. 
-1 3:95V 9fcj 
-1- +6227 « 
-It 43S 5^ 


BmkfflTrast— 

fDft®a*Ciw8M3 

n? 

^g^ahQTBC- 
HjEj^eupt top..- 

HRUdiasjil to. 
ftet Maf'aaS®. 
8oUten(Aj_i^_ 


gtfriwnMa^Sp 

BasfeWsVH2to. 

H owriT tmend,- 

StDSrig^AEOC.a 


-L 479, M 
-41 1027 4J 
-i- 254 - pi 

-r. w .' M 


,,: r lA9_- 


mm 


-4 ML. U ; ; 

:i. 'g i 

l^LSP 'Lf * 

TcT'-soia 

-i it&. 3 

“2-» ^ li J 
+r jj I 


HOTEI5 AND CATERERS v 


41 12 Adda Int IQp. 38% 

£36*2 £13 EarelU.iFr:iflQ. £1312 
52 24 Brent Walter 5n. 51% 

IDS 70% City Hotels 3ta_ 98 
178 82- DevnyHoSs_. 166 

M9 6? Grand Met ato. 98 - 
£124 £76*j Ityw* ticrfifai £209 
86% 75 KuRaal-TilleS 86% 
215 89 iadbtote «*>..._ .195 

68% .17% Leisure Gea H|>. 68% 


•2.0F—' 
116 ?.l 
33180 
6.0 9.0 
19 30.9 
J.7 74 

si i-f 

73 200 
.5.4 8 5 
5,5 1*0 


770 .MB- 

448. <340 
.24.: 18 : 
.75 :44 
10% 4% 
Wi :2o' 

356; l4- 

W. 

-27'- 
500’. 300. 
43, 20: 
32 * 19% 
136-.; 48.' 
m : - L4 ■ 


HjinfflUL*3A5pi 
LC.lndiutnoR _ 
rCL£3_._L_i. 

unnaSematt^ 

Lter-OtySOpw 

feMOcfau^. 


-h 3 
248\-*2 

342 - +2£ +8? J 

stai- 


wawnotuKv. 0 -:. -4 
iotam«6r:& ^70 . -5 fl2» 
Jounsarmop- -40,- Aft 
KdatateoerJDp-: <30- -1, 15| n 


vS.’fl* :C27^, 4«- Sp. 

as& ±w: m- 


yHSnfirAi:™ 













27 







*~s. 

OSt:- 





!C*lS*twj 


1,1878 
INSl^^CE-^^fimwd 


raOPERTT—Cottflimed 


1NT. raXJSTS—Continued 


FINANCE, LAND—Continued 


Sftj?.’’ 

*XJ:- - ;; 

KS-, 

ryafi:' 

aifep. iv 
^tv, i . 


•is 

■?- 


2- 


** 2 S* 





|jps|,p'^Mi 5 

letusHsauujj 


L*»ei -- ri 
LgEMrtlflp^l 

UdenlOp_« 

Li ndjsj-4; Wes 
lindratries ... 
Loo i?illm Grp: 
kmc HrabJyjOp.1 
ion Trans .. 
llefninsL , 
LiwtBonaraOp 
2 |3J.YDaitl DaZ' 
JdifimeLiJifsp. 
WiMJQpi 

HSeSsT 

.1 Maqmsmaffl.l. 
MtraeTta’drfp.L 
Magmas Group.) 
Mnwnt Agi uS 

forskiuL'xj. 7Q 

MarshsD’sUniv_ 

Hirfin - Rlar% __ 

'2 Baboons 'Htpel I 

MajuirdsaS!” 

Sfedminsterlop. 
MnuaoreSe^ 
fetal Bot£L. 
♦Metal Clowres^. 


‘ 1877-78. 

H!# Low 


Start 


S? 3 - 6 ' 

mr* 

thsr 

WPri". 

SMP _. 
«Cflr: he 

§V:. 

«£7>mr< 

ipfiJstt! 

reabKitvi. 

itAfrvw Vr ' 

wmv 
m *-i' 

at 

feflfci: ' 

afcTLl 

ytefc.'. * 

JB.7i f • 

ft-.. .. 

S' *! ; 

iJifEj • 

i. ,b ■ 

>S*#'£ .*;p 

iiJiSoc. F.r--: . 

4ra*-tft--- • 

Sites 

Kftwfc 

SSu-ft':, ^ 

SUftv.r‘ 

aL.. _. 

'*£26? 

qSft*. ••-. 

*OT%irr 

aoc?.. 

atwsls-. .•: 

: 

iJtire-.-. ' 
S*** '<■■ 
iafrfrlv'- :. 
fiStac"*: • 

‘ : 

&T ; :," 

Sfe'J* 

arrkv-i 

aEfcfi.-. 

ESV 
SSSr-: 

f hr 


fc-".. 

fev 


Pi 


33Ki 

If 

ai27 
,ul© 
IM.03 
«1 - 1 
td2.M 
T2.a3 


tiOl 
4t IJt 

m. 

d3.it 

.413, 


[66? 

116 


•370 

63. 

591'. 

1115. 


IIW 


ItonAllihnrciL. 
£uflfjfeai^-.._. 
frusta Mar £hh 
frwdp .Jude twin 


WilltiFnljer. 


(Ha 


-i 


+1 


1-2 


-1 

”2" 


t?r 
D; j 


g 

15? 

*5 

5& 

■*j 

1*3 

132 : 


7' : t 

*3; 


3c 
2‘- - 
oj 


3&K- 

SiPiTnr. , 

**u*si 

jC-'l- " ■ 
W”' 

««* ii'-,,: 

SSfc 

$*%< 


asaa'..;!' 

■' 

K*V' 

*rw- 


r."VS >• 
TR-lf- 




i 

r 1 !*'-" . 

4jr. ■ ■ • 

r\jV "• 




ili." 


■ fiv- 


+3 


-1 

+1 


\-h 


1-3 


mdi 


Win Mr«rt 5Dp: 
MC«ttiTr'»L- 
'18 JfsantoSfwfct. 
MomUnftfAlto.. 
BoreanCruiSblo 
HtaTaD(Aheli:_ 
MosatRobt-ilOp.. 

• Monies 1 to ' 

.-. HysonGp wp. 

NarngFlSos..' 

1 N«han;B-4Li J . 

: * KaCrb'ig 

KCJL4%3 
'•■ N'oreniLZanbra. 

Sea&Sp'neerlOp 
.:. N«w Equip. IBpi_ 

;• Newey Group £L 

UfflW05_.__ 

Nortbtni Era_ 

NormatWrlJOp- 
NorvicSeraiOp. 

. .• Nn-Swi7t5p_ 

•. l OceKnmeeCv.., 

:j OffiwlKtect_I 

) OfrexSDp^, 

: I OfesMona 12J*. 

;i- PiA-lBoWiDg*!^ 

-• ParterKMirA-ri 

•-17 • ;* Psulifc Whites.. 

27- .• ;l Peerage 1%_ 

27 _• PentlandM®. 

~j ‘ .-i PWiUKlOn.... . 

:is fclWCilaJSBl 

i? -I PetroconlJijp-. 

Hi » Ptalll»P*tenm. 

-v ’) PhotaxiLmn- 

1“ U M»to-Me50p__ 

i RHanmoo-BrELl 
• > PjtnyBowwLii 
J PlracConS ]flp. 
Pleaiurajna5p-; 

Fob-mark _ 

iPartals__ 

.PoweDDofl50p.| lrt |-2 
.. jPrwstWaiSp^. 

,.l [Prestige Gtoup- 
TPnicrard S»».5p 
Piw Uunds.Sp. 

Pullman RiJ.5p 
IRFD GnrtipJOp 61 
RTDOlitmSOp. 
anluuMHtriSjp.. 

RamM JJL IDp- 

RunrinlU . 

aag ft* 1 

RedlcaraOass^ 

SlnlL£S.::|l» |+7 

ReJjmJreW^- 
Renown lflc. Y5a 
Rmroick Group 

Restn»r„.- 

R«mme _ .. . 
Rile»fE2.M0p_ 
Rocmww._— 
RopnerHldgs... 

Do-.V. __ 


ift, 

mil; 

tiaa 


%i 

t4Ji 

12.2 

ar 

3.05 
132 , 

jST 

, tL82 

10.89 


365 


MOTORS, AIRCRAFT TRADES 

• Motors and Cj-cles 

17 [RnYtalaiidoQp 


-2.6 a s 63 

4 6 --6.fi -43[ . _ 

2.6 7.8 6|[8 9$.' 

52 =^-j'£3lf*[£38 |Tnieler«Sasn.. 
2-4 4,61331310 
M'.74iaM^ 

12 3.4 2fLl| 
b22 S* 134 
JA-19-&2 

4-7 J! 


23 +JK1 
2310.2 4.4: 

24 114 5.4) 
5.6 61 33 
B4.4 8.3 32 

h II 63' 

4i 15 4.4 
U M3 (8.8i 
43 52M.9 
n &3 ioj 
7.9 23 93 

« k2 6i| 
13 7.413.6 
53] 53 52 


Price 

541 
99 
695 
165 
Cl 8*0 
260 


1 + «i I)h' I IT’ld 
[ - I JcriCralGfr p* 


*1832 ~ 

51 

711 - 

48 

TVlO^H — ■ 

07 

17.64 - 

7 fl 

03128 - 

40 

17.61 zM 

4.4 


13 


•* 

17 


185 


16 


■ a 

■- 

■54 


I'r.iu 

LouicCarlOp .. 


20 





195 


18 

1.7 

E.B 

39 

-i" 




6 

66 

-li? 

tiv 

23 

M 

£10 


Q12% 

0.6| 

7,« 


% _ 

«9i||762 [VofroKOSp ^ _ 


Commercial Vehicles 

CranPFrusti ltip 
EPJjSWbsj— 
rodeaf (5Gpi.— 

Pent In teat I0p 

iPIijttoai 



JXi&TnilerlDiL 


99 

161 

58 

120 

64 


-2 


IS" 

W 

i IS 


8.6 

^5 


L* 33(23.4) 


64 


3.1 


5-3 83 

.2 * 8.1 


'* HOI 

23102 6.4 

22 .13 9.6 
33 92 4.61 
42 6.7 4.; 

O. 7 12517 

23 ft.O'— 
17 18-6.9 
1113.8105 

P. 7113185 
6.4 6:6 

,7.0 7.2 
&<n 7.8 53 
4 0{5.1 7.3 
' 95 69 

145 

»sVll 

" “ 8S 64 
8.9( 5 7 
JU-4 


113 



50 ml 
77 

-.... 

82.64 
f4 47 

is 

80 

88 


-it? 

Z04 

3.S 

56 

ZJ7 

-1 

4.69 

3,4 

61 

91 

-3 

1.86 

8.1 

31 

64 

-Z 

3 67 


87 

2S 


*1 06 


70 

£15 

->0 

tfll24c 

3.7 

47 

158 

-7 

4?1 

37 

4ft 

84 


tol 

36 

96 

103 


2.59 

40 

3F 

12 1 * 

~x 

0 25 

10 

36 

,55*4 

10 71 

35 

?4 

252 

*2 * 

8 22 

47 

SO 

37 

-1 

hP.77 

b3A 

3? 

llStd 

4 1 

3 99 

6 

53 


-1 

♦2 8 

4.9 

67 

94 

-3 

thj 41 

5J 

55 

111 


40 

2.7] 

55 


:s 


9 .^ 1.1 

J402 

7.2 72 
23 8.1 
3 7 8.2 
9 9 

8.2 ;« 

43 6 
7 8 6. 

53 123 
85 7.5 
48 7.2 

4.910.9 
62 8.7 
73 44.4 

HB 

9.1.48 

3.9 92) 

9.4 64 

w ,49 62 

mh., 

5.7 10.0 70 
14.8 5.6 78 ; 
7 i 92)108 
OS 


Components 

jAbief'PJui^s— 
UnOmrAffitm- 
Anast’aS Eq. 10p 
AjMc.Eai'fi— 

[Aulomalftp-_ 

amend Bros.. _ 
BimraBruTOp. 
ftsaaC-orp- 

DuSto^'iI- 
FHtfllWiMilni? 

HrttoSmb JOp , 
Kwk-F«HW 4 sJ?p-J 
Luculndi.il... 
SumiCrowplto 

Tomer Site.- 

Wilmw Breeden. 
WoodHeadiJ.u— 
ZernDfASOp-. 


Garages and Distributors 

[Ad amf Gibbon 
Aleianders Sp ». 

AppltsirdGrp. 

ArHngton Motor 

!• BSSlat.lOp .— 

\ Bttid Group to - 
BritCar Ak 10 j> 
rfi.S 2 - lOlt— 

C*B*nsSh».—_ 

Co»ie‘T.i5p— 

' Dm Is Godfrey —. 

Dorada-- 

Jlutlori Forshaw.. 

Gates (F.GJ- 

GlaufleWLwr-. 

Hengerlnra. 10p- 

HcnisiOBfl'.Cj— 

. Hartwells—.:— 

1 Bra lya 3^.— 

Sf.-imJtfr.Grp.- 
DaffipirCnT — 

Burst [Gharle*>„ 

JessopsTOp- 

KemungMir- 

LerSmirtGrp 

Lookers-- 

U-oofclyM ... 

2 Manchester Ito. 

NblsusDnidSp. 

Pea nine JWrJOp 
PerryiHtSItrs... 

•' Prtta t Clarke- 
1 Quick IH *J )5p 
ReimrfdsWJ 5p 
GisiOhi«r(5p ._ 
s TawoiLMdi^. 

1 WadhanStr J0p 
WettemMlr.__ 


53 

(23) 

66 

4.7^ 

7.5 


132 

76 

103 

44 

10 0 


65 

12.7 

4 

4 

51 

10 


89 

-1 

4 01 

4.1 

68 

5.5 

IT* 






E 8 

-4 

4 4? 

7b 

y 7 

77 

US 

-J 

17 76 

7* 

10 r 

72 

39 


riJ 1 

25 

8 7 

55 

42^ 

-Its 

1.38 

6 

44 

« 

-»? 

1.98 

3.5 

7n 

10.7 

23 

-1 

142 

9 

98 

4 

105 

-1 

5.84 

2J 

84 

8.6 

39* 

:fc, 

til. 7(1 

« 

66 

<6 

81 

13.03 

55 

57 

49 

74 


4J.9 

1! 

86 

141 

43 

-1 

♦2.76 

2.6 

97 

60 

% 


143 

1.25 

4.8 

3.9 

56 

8.3 

4 


-ii? 

d0.42 

9.7 

21 

68 

UD 

-1 

tdi 7? 

3.t 

51 

79 

88 


3.98 

3.0 

6<i 

75 

U8m 

-*i 

6 59 

« 

8.5 

4> 

105 

-3 

WV 3 

31 

47 

10.2 

£153 

-2 

yin'i 

2LK 

f6 6 


85 

-5 

d5.45 

3.1 

97 

49 

40 


1 55 

at 

S9 

5.9 

SOto 

- 1 ? 

4 IS 

4 

78 

« 

73*? 

-1 

li 41 

21 

7(1 

98 

52 

-3 

246 

♦ 

74 

♦ 

82 


j*>6 

?7 

114 

58 

27 

-1 

as 

41 

42 

64 

7*? 

- u 

- 



* 


-V 





Z61 

-2 

tj .93 

46 

4 b 

70 

518a 


♦in? 

♦ 

n 

4> 

45 


41 6: 

4 S 

55 

67 

25 

p0 bJ 

48 

37 

92 

**4 

-*a 




191 

52 

-1 

0.63 

136 

\ R 

64 

38 

-2 

122 

79 

89 

10J 

70 

-2 

20 

5.3 

44 

6.5 


1484 5.6 
:te3.91 24J 
16254 


m 


Roa-anABodcn. 
RcyttJ wor«s - 
RuaeUL6)10p. 
Si-GobnoFtsi®. 
SWeTOnra.,.. 
toad/inrst«ui« 
Sa open Grp ... 
Senna Group— 
SduombergecSl 

Snrtcms—:- 

SeoLHentaWo^ 

S«it.*L‘oJavs_ 

Sear* 1B*5. -- 

SecurlcorGR— 
T»a'A; N-vC— 
Serum-Semm- 
Da J A‘M-Vi.il. 
Shams Ware 20p 
Siebe Gorman.. 
Silndd^UOp.. 
Slhwrtte'.VSp. 
SiIrTtton>el0p_ 
SimpspulS rA- 

_„ L*» 

Smiths Iwfe.50p. 
Salic Law2Dp— 

tonne— i-_- 

SotbetffP.B —. 
SjHtrmiG WjXp 
Spear 

Staiis. Pcttr. . 
DofiVJiCm.LB.) 

StaOalM_ 

SugFmUtnre 

Sieetl*y-„— 


125 -2 


, 73 52 
-8.3 62 
6.4 64 
7.0 92 

oS % 
IMl 

221114) 6.3 

-53 7.6 
4.8 



& 


t 63 62 

48 151 
9.1 
62 
601 


NEWSPAPERS, PUBLISHERS 

120 lAssecNbwi.-— 

B2 Am.BoekP.2to- 
26 BPMHkfe.’A- 
2&i Benn Erdbers — 

50 Blaek(A 6 Cj— 

62 Bribed Pat_ 

97 Colinxs William _ 

97 lta,-A'*»J-. 

m [lailrtolA'Mp - 
34 ' E. Md. Allied "A" 

60-- irfo-dnriDWcb.. 

30 HomeCaiMtiei- 
40 Independtot5__ 

42 L-pwlD.Tteia!p_ 

31tj Marshall Car 10p 

82 Korean Grajnpi- 

lr Nenslur-- 

.04 Lospsaa 

22 PsramidWn— 

65 Rootledge 4 KP- 

54 SharpeiTOi 

165 Thomson.__ 

94 Ctd-NeyOsnen 
13 WeMteraPob 5p 
18 Wilson Brat Zip. 


PAPER, PRINTING 
ADVERTISING 


154 


15,73 

41 

51 

72 

170 

-2 

13.66 

6‘ 

33 

74 

46 

-1 

2.37 

24 

95 

58 

62 


2.13 

?« 

5? 

101 

75 


4.46 

16 

9f 

10.5 

IDS 


1S.B 

2.2 

A1 

84 

134 

-2 

t4M 

44 

Si 

6 4 

134 

_o 

14.64 

4.4 

5.2 

64 

323 

-5 

til 61 

14 

54 

203 

74 

-1 

13.6? 

44 

7< 

58 

90 


*264 

4 1 

4 4 

81 

60 


tiw 

75 

90 

66 

120 

-2 


2.6 

A? 

71 

123 

-3 

t6 b 

7t 

fll 

66 

53 


LJ% 

IS 

10 3 

84 

200 


42.65 

hib 

2.0 

14 5 

269 

-1 

1812 

46 

46 

73 

175 


5.44 

44 

4/ 

72 

40 


WZ.71 

23 

B4 

82 

153 wf 


1*? 

34 

37 

10 7 

136 


W3 03 

5.(1 

.34 

91 

630 

-10 

63,91 

19 

14 

62 3 

330 

-2 

11771 

29 

5 8 

90 

■29 


Cl 22 

2.9 

64 

101 

«*? 


1L28 


4.8 

79 


Mow 





725 

gf 

6625 
ltbl% 

§? 

aafif* 

mS, „ 

mmm 




1-2 


1 SunlightSBT.IOp. 
Suicfiife Speak -< 
SKedishMaldi K5P| 
SwirePaiaflc80c| 
Syitwie^— 
TalbwSp.- — 
Tebbitt 

Tbenaalimid..-. 
Th-TunesviLfip. 
j TiliiMJ.lft)^- 
TuotiSiR.W._- 
Tcf¥_- —- 
Trslakar H.®p. 

: t Trans. L'O: L'Sa » 
Transport Ber. * 
Tran«»o(iGp6p 
Turner S7iew.n_. 
frurner pun 5p 

I'KOlml._'_ 

l inromJrjBrt'jw., 
iTuUdlOPi— 

Unilever_ 1 

■2 l.'n'v N V-FI12— 
I'td. Carriers lOp 
, United Ga^luds. 

U Gcaraateeto". 

l'-nochiwne.„-_- 

Valor., j_ 

Vrnesia._... 
Vines? 18p_ 

: VintenGt^iMpu, 
W* Ribbons JDp: 
Wade Pads. Tfpt, 11 . 
Walker Hue. to.- 
WarreaUajr.jO; 
'AaeriordSp —~ 
Walsham'?.. id 
*Jtsnr 8 'RWp?i 
Wedguoo(L-_ii 
WestrcfioariUQp.., 
Wstnuo-'ACrtr. 

! W1ock.-M.BX5T. 
-fiifflwiBAnMb 
WhilefrtkWi 

White Child A B- 

WbltlO-BiiW.. 

• WilketU.i:__ 

WUkinsMhdW. 
Wft-mJfirf,!?. 
Da IOkChw.^ 
WiniamaiJ.).—— 
Witts 1 Georgej 

WtodfcSras^.. 

woodiArthurlSp 

Ward X811:._- 

Zfittcrsdp.-_ 


A-U 


’3.71 


mi 

, 3.7 a< 
121,5 


m 

'.WJlf 


2Q269 
.82 

r i9[ 661122 


ftlBkl 
022 , 
1822 
.M.93 
ti2.79 
nii36( 


(EemrAe . . 
BnkPrmUflg. 


Lhapsun BaL 5fo 


Delrr 20p -- 

DRG. ;.. 

(East Lancs. Ppr 


FinJasHoldings.. 
Geers Gross Ito 
Harrison k Son * 
llPGIOClJ. . . 
EnereskGrp 30p.. 


Mdodv Mills 


ISbMcM Hjp. 

27= Kanth ■!> id>2Dp 
ISmuri'MJeflsn 1 


liherWaHwrlOo 
Waccr.roupZJr 
Waddin{!tnu<J >. 


51<d 

-3 

2.89 * 

86 

£99 

-4 

Q9*?S - 

»1 

321? 


11.S? 2.4 

8.6 

67 


fJ.77 2.8 

5.6 

45 


3 23 0.9 

10.9 

61 

-1 

t3.46 34 

86 

59 

-1 

t3.46 34 

89 

105 

-1 

t4.B8 4.4 

ft 

48 


174 33 

5.5 

18 

-J. 

• -- — 

w 

75 


3 98 tZ 

6 0 

63 


12.87 ZS 

64 

57 

-Z 

t? 97 41 

13. 

21 

..j! 

101 3.8 

7.7 

21 




117 

-3 

16 37 Z 3 

8.2 

47 


1297 07 

9b 

65 

-1 

5.08 41 

li.S 

67 

-1 

hZ56 31 

5.8 

112 

+2 

b7.7 1.6 

107 

51* 


K3.0 23 

0.9 

66 

-2 

3.52 0.8 

S.b 

£38 

-k 

tOSlR) 3.6 

ny. 

75 

-1 

14.79 Z3 

9 / 

178 

-2 

1881 17 

7.3 

238 

-Z 

,14 24 2.1 

91 

68 

-1 

19 42 

b.S 

135 

-2 

tZD - 

2.4 

84 


dj.09 12 

5b 

£255a 

-*i 

[QiaOc 3 7 

3.1 

28 

+1 

tU7 2 b 

b.9 

52 : 

-l 

t2 47 ~ 

72 

102 


413' 4 

bJ 

85a 


12.42 sa 

4.3 

183 

-3 

KJtttZS 22 

45 

73 

-2 

R4 93 3.0 

10 2 

65 


3.5*1 Z4 

n 

54 


12 97 3 4 

8J 

35 

-5 

L42 3 ? 

62 

217 

-1 

Fll 0 44 

77 

84 


h2.2S 5.2 

41 

u 

— 

— — 




is! 5 .71 
4« 5.5] 


8 


PROPERTY 


- 1 - 


- 1 - 


irrV 


l-Hil 


; rM-48 _. 

2 M- 
U34 
u3.3 
1.29 
40.9 

#( 

M2 IS 

1680 
14335 

’fe 

J&I 

330, 
tdOl 
?S37 
010% 

.e.75, 

^0-41! 

'■9323 

tIk 120(10.6] 

tO .6 

0 81 

4B4 , —, 

1.16 4.8( 


im. 

l92)J 
69 


INSURANCE 


65 
. 41 
10 
'55 
.02 
.05 
13 
97 


Iftwrinsif T 1 -. 

BrenimllBd lDp. 
jflriiannicnp--, 
k'aabiPrtAn JL4 
(Canffl- Union _ 
lEade^ar—— 


SdinlbM Im.lDpJ_17 - J. 

Euna.rKB’-iCar -[ 

' 06 Equi6 t.Uw5p. 

' 5fl GeiLAecident.-- 
' .67 Guardian Royal. 

.74 Han*roUf6—. 

37 Hfifld)lCE.)20p. 

122 U HcffiRnbiratin- 

HcwdeniAiKSL 

■.'Si LSStfSlfc 

90 Lon.4Uan. 5p - 
54 LwHteBl-flUAtf*- 
*i85 MaHbwWraip. 

' 1M1( MioetHldgs-ZIp- 
43 MomriChnnSIP- 
184 Pear!5p—— 

-ISO Phoenix _— 

100 Prafi<fent"A"— 

100 rpa^E-i .-i— 

110 Prudential Spo^. 

.. 58 Rdu*e5n.__ 

m : Sfit-aK.^.^- 

225 tods Forte lfip. 

88 Stcnhmqe-^i.-Ji 


106 

.50 

164 , 

£10>4i^ 

143 

144 


-3 


la*' 

835 


2-31 


SoJi 

*r- 

ta.i 

SSj 
S. 6 4 

% 

5.19 

£i\ 

362. 
1L44 
J9.41- 
7.42 

1604] 

. «4?95) 

1939 : 

4.05 


.... 9 A 

ir 


B.0 


AU'dLoflton lOp 
Allnatt London.. 
kasd|UBaitdSinH 
Ansuw Hldss 
Apes. Preps. lOp 
AquU Sce» to.. 
Ai-eaueCl*20p 
Bank A Com 10p 
Beaumoni Propx, 
EeaMtH'.ii tinp. J 5G 
Bellaray HJdM—] 5®’l 
Bartele* Haunw-1 lOO 
BUtonlPm? 1 


1 Bril Aaramap... ■ 
HnlttliLand - 
Do )2peCni JOK 
i Bnxinoliiaie— 

I Cap. & Uounliis . 
D« Warrani^ — 
Cardnig Group Sp.. 
i Camsglflulm ^ 

1 Crntrov-inaaiaJp 
Do Cap 2Dp— 
Cbisiariclo — 

1 Our. 1/1 toe*- 

Cburrlib'ty Est_ 
GtyOtflcM_ 

1 Clarke NickolI?_ 
r Control See. 10p 
OttnfjtducpelOp 
CntiyXeuT Wp- 
rnLvfcDis lOp 
I Daejw Hides - 
1 uare.Eiiae'lOp- 

1 1 DornmBr® 1®P~ 
Eng.Rrpp.J50p— 

1 . DaffACnv.— : 

Do tfpcCnv — . 
1 EriLfcAgeoa- 

1 2 Esu.fcOc.aSp. 
ij Eslt Profr Inv_ 

Evans Leeds— 

I FainterEsulOp- 

. Gilgatelto,_ 

i GbnfieMbees— : 
' O. Portland aDp- ! 
Green IttjlOp— 

> GnencoaiSp_ 

Hanuwreon'A'. 1 
Hml(j lod TiLeSp 
i- Haslemer p lOp— '■ 
HKLand BESS . 

1 tervPpop«« . 
20 . lofeHTOpAL iflp 
Jenronlmen— , 
LanahtvesL—- 
LradScr&aOp'. - 
18 £» 3«rCbv S3- : 

Do 6W«iv *- ■ 
)6 DolOV'tot.tt j 
tj Law Land Sta... , 
Tj Lend Lease oOc.. 
ij lijn FrovShp lOp 
I«n Shoo Prop.. . 
LvntijnHdgs.aSp ; 

liEPL'--- ■ 

. Mattofcnw _ 

. Mdnemej-IBP - , 

1 , .McKay Sw‘ 20p - 

UidSuHiWb 10p — 
Mounmea ?p - . 
Martlwi' AfcJ ' ■ 
• V'olim ...—- 
Peachey—- 


-1 

1-4' 

i—5" 

cl- 

-li 

-3 


13 2 
d4 0 


-1 

-1 

-16 

tj 

-1 

-2 

-1 

-3 

3U 


I 

-4 

1^2 

3" 

-5 


-6 

-1 

,-iy 

-7 


* 


hl.85 
d3 86 

♦242 
3.5 
0 61 
13 


265 

1553 

tb.10 


Ql^i 
Si 91 
U.0 

18? 


3 63 

142, 

tl36. 

tl-8 

2D 

10.66 

10.79 

1296 

tZSl 

233 , 

0.42 

031 

,U1 , 
Itfadl.lti 


-W538 


8.56 

3.96. 

dL36 


505 
0.66 
, 12.97 


1.41 

1.2 

hlK 

.20 

0.99 


13i 


E 

3 

5.0 

2.0 

0.9 

23 

2 A 

23 

14 

13 

16 

L2 

1.7 
22 

13 

li 

11 

11 

17 

3.7 
3.7 

14 
2.0 
Z6f 

oil 

l3 


10 

Of 

ul 


2.4 


iH 




330*1 


3 31 


4,0)263 


9.D|i UA 
169 


n?.7 

17 
61 

18 


m 


2.11 


1J 

Toi 

34 

h.7[ 


75 

62 

ni¬ 

si 

50 

46 

84 
44 

85 
30 

47 

53 

80 

22.2 

23 

85 

7.6 
83 

-24.9 

52 

( 6 O 1 

123 

64 

56 

227 

8.7 

7.7 
10.1 

4 

68 

15 9 
58 
6.6 

54 
7.5 
81 
7.2 


11.2 


5.6 

2.7 26 9 

Vs 313 
39.2 

5.8 24 2 


25.4 


29 2 
9.4 


55.6 

21.8 

9.4 


HD 


i23» 


443 

371 


20.4 


|(H 1 

88 

'224 


461 

28.7 

333 


2.M319 


65 


4.920.7 
19 423 
6.013.1 


1.9082} 
4.6 1681 
M 1993] 


1219 

_553 

3.4)28.9! 

M3 

Ul 
6.91 


(274)1 
12.4] 

44.4, 

_. (S*, 

28 219 


378 

: 27.1I 

IZ 7 I 

4677, 


WtW 
ffigh L** 


suck 


nice 


|+jwj Wr | . |TV1. 


Vrt |l?wrfGr'jfPJ® 


347 

4S 

216 

4ft 

Prop HWt fc fnv. 
T*rp Sn'-iTin £1. 

328 

95 

-9 

+2 

Bb 54 
t« D 

13 

0.8 

30 

64 

425 

315 

1? 

U 


70 


Tl 54 

2 fl 

? t 

Z25 

115 

17b 

Prop 4 Km... 

300 

-10 

d4 69 

16 

2* 

42.8 

156 

44 

Prop .to" tat .tty 

Z36a 

-8 

T1.B3 

— 

2.1 

— 

6*4 


PvCjlan iTnp.Sp- 

i\ 



— 

— 

— 

16 



12 



*— 

— 

— 

85 

^0 

RremnaU'ropu.. 

80 

-2 

0.65 

_ 

1.2 

—. 

77 

79 

Do .V 

64i? 

-31? 

0.65 

_ 

1 5 

— 

115 

ffl 

fiuih i T.iDUklU 

109 

-4 

12.61 

2.1 

36 

151 

96 

34 

Samari Prom . 

86 

"3*7 

21 

05 

37 

453 

118 

5B 

tom Mrirep 20p 

106 

-2 

fil.94 

13 

it 

481 

431, 

241. 

tornodi'iij JOp.. 

40*? 

~h 

L73 

Zli 

65 

lli 

1?9 

75 

Slough Esu .... 

117 


82.26 

1.5 


37.0 

£.174 

fU4 

Do.lO'iftmr'M 

062 

-4 

W10% 

11.5 

B.93 

— 

770 

158 

Sock Too reran 

750 

-5 

b70 

24 

ii 

52.0 

230 

«) 

SunlevtBilov 

202 

-B 

3.97 

02 

3.1 

— 

il 

32*? 

Sure ProperrieB 

3S*? 

-7 


1A 

6.1 

9.8 

/O 

74 

TcwnC mure 

63 

-7 

4 

20 

♦ 

•17 

5 

Town fc City lftp- 

3Stj 

-1 2 

0.01 


- 


90 

39 

rnSordPark_ 

92 


3i>5 

U 

6.t 

17.8 

24 

290 

lUi? 

182 

L'iL Property _ 
t f (d Real Prop 

22 

267 

-1 

-6 

5.17 

L4 

- 

Z.9j 

35 S 

140 

75 

Earner EnaJb. 

i3sa 

-3 

266 

« 

?.9 

* 

285 

17Z 


282 

-3 

i4 86 

16 

76 

35.6 

20 

v< 

WcbbUM>5iJ 

18*? 


dh0.48 

24 

4.G 

15.6 

19 

Vj 

16 

WnrinflerP SOp. 

17 


_ 

_ 

_ 

_ 

321? 

WiinmnEds- _ 

31*? 

-i 

Lib 

U 

5.6 

20.4 


SHIPBUILDERS, REPAIRERS 


76 

162 

181 

295 


23 

40 

73 

1140 


HawthortiLSOp, 
3wan HunterQ.. 
Vos per- 

VammSOp_ 


67 

-1 

_ 

_ 

143 


686 

18 

16Z 

+1 

14 13 

18 6 

270 

...... 

4.62 

5.ZT 


SHIPPING 


323 

212 


285 

-3 

t8.*2 

41 

45 

298 

143 

TDtamon Pm 50}i 

193 


5.81 

__ 

46 

170 

*>4 

Fisher'l'. . . 

117 


thl 3S 

6 L 

IS 

554 

?M 

FuratSiUnfli £1 

325 

-S 

17.43 

63 

35 

510 

140 

Hunuoti.ibfn il 

215 

-5 

io.ab 

6 7 

7T 

41 

25*? 

Jacob: >i 1 >20p 

38 


ci as 

4.6 

7 4 

b/V 

33*, 

Lon 0 Sets Fnn 

37 


337 

3 fl 

138 

172 

1.T6 

T ,le Shipping 

143 

-f 

♦4 46 

44 

♦ 7 

2H 

215 

Mar Liners20p 

25b 


5.10 

16 

50 

?4 

b 

Mrrv> PL. 1 r.iu 

18*? 

->4 

_ 



QS 

46 


79 

-1 

2.72 

4 % 

4 , 

179 

17 T - 

*>ean Transport 

126 

-1 

17.44 

37 

9.0 

175 

109*, 

PH' l*ef4 fl . 

111 

-1 

tS.9S 

26 

31 

21S 

11 s 

Rearttdn Sra. rflp 

118 

-7 

±164 

39 

t 

04 

>« 

Do -.4 Wp. .. 

39 

+1 

}l 64 

34 

T 

*129 

101 

Runcim*niW.)_ 

110 

-2 

t8.16 

25 

1L2 


SHOES AND LEATHER 


22 

68 

67 

104 

3b 

72 

60 

«0 

40 

50 

66 

34 

85 

55 

j; 

73i? 

35ij 


10 

35 

36 
67 

?7 ,! 

26 

31 

f 

45 

21 

56 

17i. 

18 

1° 

11 


Allebone 10M— 
Bofflhi Intn’li_ 

Footwear lnc._ 
Gamar Scotbbur 
Head lam Sian^i_ 

HilloulOp-._ 

KShora- 

Lambert Rib. 10p_ 
IXertddt Burtell 
GlircnGi A'„_ 

PiltardCrp_ 

Stead fc Sim "A 1 .. 
Sironst Fi«her.. 
Stjlo Sh-x- 
Turner i. 1. Ifip 

WardWfciio. „ 

W^ana Ito. 


17 

-*? 

± 1.01 0.9 


65 


♦4J9 4J 

102 

65 

-l 

d3.89 Z4 

9.1 

101 

-1 

t4.5 6J 

6f 

35 

-1 

|1.25 45 

S4 

70 


4.42 12 

95 

56 

-1 

127 3.7 

61 

38 


291 2.5 

1L6 

40 


12.S4 15 

9.6 

50 


11.71 1.9 

5.7 

65 


tz.s: 57 

5.9 

38 


lhl.92 16 

7.6 

70 


4.24 4.1 

9.? 

SI 

-1 

1 5b 23 


31 


n 58 :.9 

: 0 

6*>l; 

. !■. 

*2 7 5 3 

Sd 

29 

->? 

151 2 6 

64 


SOUTH AFRICANS 


15? 

04 

Lbpri-nr.i pil 

85 

- 3 


21 

:o s 

550 

KH7 

LnjilnAra in Ki 

4SS 


ttfir 

24 

31 

m 

79 

Ant Tr«lmt .to- 

90 


ylflr 

3b 

L > !£ 

17 

17 

Ei1*ri»rt;' Hi 1 

37 


Q4r 

29 

6 & 

1171, 

41 

field FM< PW 

85 


Qto 

12 

56 

230 

315 

Fir inn-" \ ;4r 

135 

-5 

y36r 

06 

1?9 

IK) 

S'/ 

Huleil .<i pit Kl. 

110 

-2 

«331r 

14 

i 

45S 

288 

OK Raraarr.to 

310 


^58v 

1.9 

i 

lib 

77 

Wmrv-flOrt'. . 

37 


glOly 

* 

nr, 

224 

Ihll 

Ke? T'jriwn t.ifc 

160 


Q28r 

1lJ9i,r 

40 

10.7 

6fl*v 

40*7 

.«.A Bre-i, 20: - 

63 


2.1 


550 

395 

Tiger'.'a'.sRl. . 

460 

-15 

iQ-llr 

34 


68 

46 

Lniwc _ 

58 


:QLD*?c 

1J 

10 e 


83l 


115 

58 

12 

4 
(2 

5 

30 

0 

bj 

3 

i55' 

133 

4 

5.4 


7.0 


53 

ID 

15.0 

4.1 

12 

4 

14 

6 

4 

5 


TEXTILES 


177 

73 


133 


15.9 

2 5 

b 

92 

52 

-0 


52 


* M 

p T 

97 

5.9 

67 


ft-Jei -l U)p 

59 


t2 h? 

5L 

h 

ec 

74 

46 

FirfiOlUJ] A lOp 

70 

-1 

h4 49 

2( 

9 i 

7 E 

30 

lb 

Rtftvtnood Mart. 

2/*? 

-1*? 

0.82 

li 

41 

*1 4 8 

34 

Ifl 

Rond Sf. Fab. lOp 

34 


26 

2.* 

Ilf 

4.5 

4? 

27>? 

eriubt'Johni— 

38 


2.46 

li 

9.1 

9.2 

9*4 

lb*? 

?i 

BrigwyGrpSp- 

BriL ELikaliMi _ 

& 

— 

— 

— 

— 

46 

43 

24 

Rnt Muhatr _ 

38 


M 

3 < 

m 

45 

48 

29 

PuiinwL.Tib 30p_ 

45 


26 

9.5 

6 J 

47 

13 

Cat rd • Dundee' 

14 

-1 


— 

—. 

— 

n 

41'i? 

Carp«»loi -K'p. 

421, 

-»z 

*559 

06 

X 

11 B 

41 

22 

CarrsinV 

391? 


12 01 

12 

1 9 

94 

34 

22 


31 


E2 42 

24 

1Z.5 

5.5 

fltl T 

=6 

i.'oaLiPaont 

68 


t2 9b 

31 

6.6 

45 

39 

161, 


361? 

-1 

101 

19 

47 

19.3 

ny 

89 

7/ti/UuMi . 

121 

-1 

Tb.31 

s* 

85 

■56 

iw-t 

EbO*? 

IVPiDebKlT 

I79U 


u./% 

24 9 

di: 

— 

45 

23 

rnmhcrtJ. .. 

36 

-1 

(L60 

— 

2 5 

. * 

114 

49 

[Ijnjnn Inti... 

112 

-2 

I3."fl 

39 

46 

37 

1'lR 

48*, 

I«,-\ . ... 

110 

-2 

♦3.38 

89 

47 

3.7 

6 ? 

.-4 


60 

-2 

♦238 

2.6 

60 

95 

y. 

IS 

taflr-C'fcM U*f' 

30 


L80 

17 

9 1 

E 6 

33 

16 

'■osier John. 

27 


l.W 

IS 

9.3 

95 

82 

109 

55 

:10p 

108 

-1 

h0.67 

19 b 

09 

89 

63 


89 


♦6 48 

n 

114 

101 

14 

a 

fTteid Bro.‘ ip_ 

71*? 

ii ! 

0 75 

0.2 

1VI 

-- 

50 

lighiffi;.. 

50 

21 9 

3b 

as 

50 

64 

>5 

iJcUa.-GrpSp .. 

57W 

1« 19 

16 

111 

.7.2. 

64 

45 

4«ni'ra> . ... 

55 


d5,12 

* 

86 

4 

34 

201? 

D! ;«»nt M.20p 

30 

-1 

1 34 

3.1 

o 6 

64 

34 

17 

Do. M'*P. - 

30 

. ... 

1.34 

il 

62 

44 

40 

26 

ogram'H -Ito 

31 


d2.81 

15 

13 9 

72 

52 

3U< 

leroit'e'fiidc.'vi. 

50 

-2 

hZ 77 

3.1 

a* 

5.8 

4(|lj 

73 


40«C 


hi.51 

5.8 

5 ; 

45 

18 

10 

Eh Mills- 

16 


dl 05 

28 

49 

55 

i8h 

7 

jr.es ■‘ip - 

18 


- 

— 

— 

- 

42 

22 


37 

-I*? 

01 

— 

0 3 

* 

74 

33 

L.lejiS i5Dp_ 

64 


4.5 

22 

id 6 

bb 

49 

23 

Markav Uu«h . 

47 

-1 

d3 30 

12 

10 b 

12 "2 

46*? 

11 

Machnnon Seot-r 

2 %r* 


lb5 

♦ 

102 

♦ 

85 

36 

Martin*A.'3Tp . 


45 7 

34 

6« 

6.5 

37 

Z2 

Vdler'F ilOp_ 

37 


♦145 

31 

t>C 

S3 

bO 

35 

Montion- 

60 


t? 17 

28 

e.c 

69 

108 

6U 

SvTU. MarJg.... 

106 

-i 

tZ.94 

3.b 

42 

IQD 

43 

b*; 

NotaJerset 20p. 

ib 


♦0.5 

/.b 

22 

8b 

fib 


Parkland-t 

70 


M2 88 

66 

62 

3.4 

15*? 

ii»> 

hekJesiW 14 Co 



T0b7 

24 

6 5 

9b 

10'? 

f 

■Po -A XV 10p 

10 

. 

t0 67 

24 

20 c 

b 2 

82 

73 

SLK 7 10p . 

73 


4 34 

2 (J 

♦ C 

8.6 

47*2 

76 

T9 

Ridlf, Fashuwi 

47 


J3.94 

28 

121 

4.3 

35 

Peed Krn 1 

73 


MOB 

2.4 

85 

7.3 

41 

13*, 

Belianre Ken 20p 

41 


2 B9 

2.9 

10 7 

3 7 

25 

13 

Richards lOp 

23 


103 

32 

a 3 

7.0 

63 

12 

SE.E.T 3)p.... 

57al 


♦ ■Jl 65 

9 2 

4.4 

3.2 

31 

Id 

toatt Robertson 

27 


1.86 

32 

10 4 

45 

20 

22 

•inters Ml Kip 

13 

. 

*1 12 

1 7 

94 

45 

28 

14*, 

Shav CarpeU Wp 

22*, 


±0 88 


+ 

_ 

104 

62 

Sidlau Ind., j»p 

W»d 

-1 

b 02 

4- 

67 

+ 

51 

30 

tordir 

57 


dir/ 

3.3 

7.5 

41 

7F. 

79 

-, 711 . 1 11 a Tiflirjj . 

20 

... 

±203 

I'll 



!19 

21 i> 

in 1209 

35 


e_ 

_ 

— 


85 


l>o Pri, Liao. 

2?‘j 

. ... 

-- 



• - 

49 


So.-nrv-r 1 'jW .1 .. 

46 


rihl.K. 

17 

75 

Ill 

79 

14 

Siodoanf'A . . 

31 

-i 

1 32 

60 

64 

i.9 

78 

10 

Stroud Riles Dr d 

24 


H.Ol 

73 

64 

28 

3 a 

10 

Tcrnilonruirc . 

26 

.... 

10.63 

64 

37 

4.4 

29 

11 

TcMrdJro -bp 

29 




- 

42 6 

9fl 

72 

Tomkinjons__ 

58 

-z 

3 75 

09 

0 E 

1/3 

si*. 

31 

Town! . 

47 


12 48 

Zb 

HU 

73 

42 

?9 ; , 

Tara, Y.30 — _ 

371? 


010°. 

1.0 

3 0 

144 

45 

13 

TraUard '.'arpets 

30 


♦206 

18 

10.8 

77 

57 

24 

TneovilielPp — 

57 


187 

55 

49 

52 

7J 4 

3 

L L lean I0p . 

7 


— 

— 

■- 

63 

49 

2b 

'• jLa-Tev ±bp 

42 

-2 

325 

22 

12 0 

5.8 

79 

74 

inrt* Fine# 3DT 

38 


167 

52 

bf 

45 

80 

41 

Vwgjia).- 

M 

-1 

±V8 76 

O.fl 

•4 

75 


TOBACCOS 


308 

260 

460 

86 

58i, 

66 


p5 

202 

210 

64 

32 

27 


BkTImfa - 

Do Drid. _ 

Piuihill AiIOp- 

Impena) _ 

KMhnu?l 2 <;n. 
SlcHtorfB Hu Wp -I 


27S 

-1 

13 01 

♦ 

7 3 

228 




_ 

348 

-5' 

17 92 

6.5 

3 4 

771? 

-Ja 

5.15 

1.8 

101 

46 

-f 

t2 04 

90 

b 7 

60 

-2 

1275 

32 

691 


TRUSTS, FINANCE, LAND 
Investment Trusts 


52 

143 

Ul 

94 

224 

124 

183 

68 

61 

46 

44 

101 

52 

136 

44>, 

79 
44 

121 

131 

54 

90? 

62 

80 
61 
56 


9?.2 9fa 
1 IU 1 175 


298 

146 

S9V 

595 

i 7,J 

S 

VO* 

166 

146 

97 

76 

66 

280 

72 

70 

89 

245 

106 

125 

139 

106 

113 


33 

1103 

67 

67 

1166 

9L 

El 

36 

27 

30 
28J 2 
79 
33 
86 

31 
52 
18 

93 

94 
35 
481? 

B* 

41 

T 2 

|208 

96 

9 

[S84 

22 

3 

49'? 

74 

JZft 

"B 

42 
DB7 

ff 

95 
81 
90- 
85 

73 


Aberdeen Inis.. 
Aberdeen Tnm. 

Ailmlm _ 

.AllianceIn\ 
lAHianrcTmtf. - 
|.\llllnrvd lue. 50p. 
Do. Capital sdp 
Ambn).«ini.lac. 

Da Up-.- 

LAnmcan Trust. 
Do.-B". 


'AnsteAmSae*.. 
Anglo-faL Div. _ 
Do A5S£(SIis.— 
(Angle-Sect lnv._ 
Arthimedtslnt. 
Do.Cap.50p. 
Aren Inv.tSAlj— 
Ashdmm lnr— 
Atlanta Bali. lOp 
Ailantir Assets- 

Allas Oeet_ 

Ana fclnttSDpL 
Bankers'tar. 
Retry TVtUt. 
EfehmisptePWp.^ 
BuhopagtUeTst- 
!EorderfcSUm.aOp. 

Do Conv._ 

Brazil Fond CrSl 
Brazil Im - . Ml.. 
BremarTa— - 
Bndgenter lOp. 
BriLAm.4Gen- 
KnljsbAaeij— 
Bnttad.4Gfin_ 

Bntlnwa- 

Bmdsu»ae(20pj 
Brunotrlnr— 
ayWTtSJp— 
d-RJ-Ins— 
Caledonia lnvs.„ 

Caledonian Tst- 

Do -B“_ 

Cambrian and Get, 
CameL'fa Inn 
Can fc Foreign— 
Capi tali.Cat.— 

Da-r.._ 

Cardinal Wd_ 


86 tOrUoilcv. 


52 

127 

106 

85 

201 

122 

149 

61 

55 

39'? 

38 
87 
46»i 

124 

39 

73 

35 

115 

U4d 

76 

54 

51 

Vs 

160 

258 

126 

5Vt 

S95 

22 

7 

37 

621, 

93 

146 

138 

87 

74 
62 

248 

$2 

61 

89 

195 

% 

113 

106 

96 

101 


-1 

-h 

-iy 


-1 


' 12.08 
4.67 
♦4.12 
2.49 
+6.35 
t7 31 
+0 36 
T4D6 

CL2 

268 

2.94 

1.61 

5.15 

C589 

4J)4 

05 

0.41 

1.62 

2.7 

2.33 

0.87 

t5J3 

75 

QW44 

QSS21 
J05 
0J2 
1142 
12 
3.4 

♦t4J7| 

4.57 

355 

214 

19 

t7.67 

142 

,35 

184 

13.35 

4.0 

iis 

♦t3.75. 


li! 

M 

11 

1.0 

1.0 

1.0 

11 

T12 

U 

U 

Tol 

* 

* 

il 

H 

i® 

10 ! 

u| 

I 

q 

iS 

*, 

q 

:lo| 

u 

2.8 

1.1 

10 

a 


S.9\ 

4.4 

4.9)30.0 


9.1 

10.1 


4.6130.0 


4.7 

9.4 

63 

10.7 

To 

5.4 
15 
08 


4.6|30.7 
».9 
22.4 


m 


234 


61 

5 &24.7 

24.1 

34.2 


16.3 

139 


30.0 

15.4 

245 

« 

♦ 

5?7 

40.6 


56.6 


301 

30.7 


37 

»5 


3.4)29.8 

6.«2®1 


243 
268 
245 
133 5 
271 

as 

263 

263 

38,9 


23.9 

1384 

27.1 

27.7 

27*B 
267 


WMS 
Win Um 


67 

126 

4S0 

5b 

2FL, 

123 

5b 

100 

66 

B9 

1? 

70 

69 
245 
209 

115 
126 

83 
30 
44 
474 
89 

212 

170 

192 

134 

146 

3Uj 

195 

70 
245 
64 
97 
166 
230 
113 

93 

77 

77 
103 
108 
1B6 
280 

«2 

81 

93 

153 

50 

34 

73 

131 

139 

84 
150 

116 
106 
83*j 
102 
B7*j 

84 

68*I 
66 

1221a 

59 

75 
U0 

83 

& 

85 
95 
<»3 

1% 

78 

76 
£9 
775 
53*? 
134 
7b 
150 

12 : 

5 

20b 

153 


46 
83 

1235 

40 

174, 

64 

43 

71 

36 

52 
4 

is; 

. 80 
ilDl 

47 
13 

* 

ny 

143*2 

noo 

114 

23*i 

42 

47 

bi6 

S’ 

68 

56 

53 
61 
62 

1116 

173 

42 
69 

117 

29 

25 

43 
98(, 
42 
60 
49 
77 
74 

«■ 

51 
48*2 
71 
42*? 
49 
74*? 
61*2 
24 
38 
56 
61 

4 

35 

8 

6:0 

-to*; 

47 

52 
307 

88 

54'i 

161 

10?>; 


Stark 

1 Cedarinr __ 

Ctiarrt l» Inc.El. 
Du Up .. 
K’hanrrTiu.'i 
li'iii & i'ijiti lac . 

im Cap •■I' 
[uyfcVor. Inr _ 
Cii) fc lairrn n . 
fCil> c/ Oxford. „ 
jClav erhouscSOp 
(Clifton Inn- Ibp 
CTj-il«daleIm._ 

Do -B"__ 

CulBEia) Sera Mi 
CoBtinm'lfc Iqd 
Cononentt Unm -] 
Cres'nt Japan sop. 

Cro«ftra«.- 

Caiaaluslnr— 
DaoseilM-uNpi 
Do (Cap.*10p._ 
Debenture Corp. 
(DerbyTst Inc. £1 
Do Cap.oOp. •_ 
Dominion £ Geo. 
(Drayton Cornel „ 

Da Cons- 

Do Far East err 
Da Premier — 
DuaJrest Inc. 50p 
Do. Capital Et... 
lDundeefcLnn._ 
l&finbursh Am. TslI 
Edin.fc Dundee. 


]+■ ori Oil- nd 
ftice I - J Set frr Gr’i WE 


Erfin.inv.Df.£L. 
BwmlnvTa.. 

'Sect fc Gen_ 

Eng.&lmenutL 
EntiN.Y.TmsLJ 
Eng L Scot. Jnv_ 

Equity Const Cl. 

DO. 

Equity Inr 5Up.- 
F^UicDunn£l. 

F AO Euroinin. 

Fnmih In, Tfl . 

'First Sc« Am 
Foreign fc Cot 
Fl.GlT.R0i-. 
Fiindiii,e»i In,- 
n.. Cap 
|G T iap-ari 

>n A I'nirm •. 1.. 
kien. OonvrK'id . 
iGeaeril Funds^. 

Do Own lOp— 

E Janes on-_ 

.Scottish .... 

to* St'hldn— 1 

idevoa iov_ 

DO.-B"__ 

JGJeanurrai-Joc-.. 
Qo.-FOrd.-_ 

Globe Inr.-- 

Got di Europe_ 

Grange Trust __ 
ft. North'a lnr _ 
Greenfnar fnr_ 

Gresham lo>_ 

Group Im'&torx. 
GnannanlirtTs.. 

Haabrw _ 

Harcrwlm lOp. 
HiIliPhibpi_. . 

Hume Hlds 'A 

Do “B'__ 

Imiuni■ 5<_ 

IV, 

l,idu,»Ti.-il A - 
tm i"3% : :i i 
Inirrns:I in. 
iv h •. 

IK ;n .mi. 11 -« 
n-.f-.l.ir' iV:- 
ir.'rlr. T • i- 
1 jr-l-r,- 'ii-.ir. 

7251.1 ~D>j l-ichri' r 1 -; 

143 1107 r • 11 : 

262 llEv hr-, r. •' 

28L. *<■ H- idc: 

28 In. v In' Ir, !.i 
2 IV Ur II¬ 
S', U.i-uvl’ .••Vl 
33 Kii:a..itol r 
6*, Lake Lie.' Is- 
34 Lum &l>*n Ir 
69 Law tw>ei;u.-r , to 
26 Ledo Ir.-. ir.. J?p 159i;'d 
12'< Deiap.V, I 25i; 
18 Uf\allon,-i li.- | 30*? 
9'i Lupj. A ..J.1 i iloj 12 
38 Ul\ MlalWtr . I 58 
Lo"..\i:*‘ In-:». j 130 
Lor. & i-W , 55 

L’liK i : li-- 101 

l"i 65 

t.,o 11 j. t"|' .. 17 

l/ra A Lo:r.*‘-,.t 66 

Irm Ailcrm-e 167 

Lem ft I'm- . 47 

Iwfin Pr.iorn'li! 68 

'hwfts’.V.l* . 3715 

Inn M nil _ 188 

U»-.lar.r In . 50 

’■I St GiUi.1 ii !(■:■ 183 
In, Up .'-P 1 104 

I'. 3fld Par 1 Is- 84 

t*0 1 . i-p 4t- 19*j 

Jian £• U-. T ‘->\< 21 

Veldrjm In 43 

Vi-r-.anii.nin 35*? 

Men nar- - ■ T . 65*? 

Vtot-rn-.r-; 441j 

Jliaii F-i*"..r. ; ftp 51 

P„ p.iti. £1. 27 

IJWi,-.., -j. . 47i? 

-MuO/iJ- la' . 80 

alc,>r*ide1rart . 92 
'•"c;:i - A SI M 600 

Nen Tiling Inc 20 : a 

l.„ ( si- ft 91 

Lh.•• >Vrr. 161? 

M A-Gartmure 35*, 

l«S8h.?-: 191 

Nlr. \i.:,r.:ii. to>- 81 

\V)r ..rru-r.'in 86 

Nortniro toi> . 100 
1,1 f. ■,--x In 59 

iuiuio ic, 4® 

h.-r.Cdn.J In' 1071? 


49 
51 u 

140 

511? 

40 

43u 

101 

42 
261- 
>5 
12 
7fl 

112 

©J 

111 

73 

21 

7S 

181 

US 

73 

431? 

194 
54 

195 
136 

85 

25 

S’ 

34 

li 1 : 

:0 

58i? 

33 

58 

w 

°7 

37 

22k 

123 

23 

55t? 

211 

431? 

98i? 

102 

66 

56 

1171? 

72 
291- 
123* 

40 

26*; 

1761? 

1.45 

:65>4 

652 

F43* t 

481 

88«? 

61l? 

8] 

1®0 

70 

120 

88 

43 
18] 
133 

39 

4»>? 

ue*? 

1471; 

100 

131 

87 

SB 

84*? 

143 

79 
78 

1S4I. 
450 ‘ 
117 
60 
115 
157 
71? 
93 
5 
95 
44L? 
195 
26*? 
104 

73 

£112 

73 

130 

167 

670 

67 

179 

108 

139 

110 

M 

128 

19 

95 

188 

980 

104 

621, 

310 

186 

86'? 

B3*i 

172 

30 

7 

80 


77 
43 
83 

'.7 

13 

45 

1139 

83 

45 

(124 

|12® 

BO 

54 

11 

1? 

25 

21 *a 

35 

40V 

40 

16 

24 

47 
b& 

600 
U*a 
21 
5 
2b 
IbO 
7® 
71 1 ? 
66 
flB 

78 
an? 

b~ 

16 

48 


63*? 
126 
470 
51 
24 
44 
49*? 
42 
62 
80 
10 
61 
59b 
240 
182 
106 
117*2 
75 

30 

39 

* 
TOM 
158 
180 
115 
131 
27 
172 

64 
208 

58*? 
88t? 
167 
211 
991? 
61 
82 
69 

65 
98 

107 
ISO 
275 
37 
79 
79 
136 

40 
37 
55 

98*.id 
129 
7b 

133 
102 

95 
75 
86 
75 

74 
62*? 
591? 

102 

5^2 

71rd 

9W?«t 

73d 

59 

51xd 

741? 

B4 

82 

174*? 

75 
74 
£9 

. 625 
r I 46 

I 70:? 
j 150 
; 110 
I w 

104 

I 1CJ 1 ? 
82 
! 107 
I ‘”'9 
! 45*, 

I 44 

; 5*.’ 

134 

I 49«C 

31 

I 431; 

96 


-10 

-1 

-5 

!-i 


-2 

-2 

-Z 

-2 

-1 


-2 


2.5 

Q12S 

” 1 ? 

11.6 


4.07 

U.05 

13.25 

1L67 

7.U 

1584 

12.89 

3.32 

0.8 

t2.87 

t279 

13.43 

6.H 

4.06 

4.7 

0.81 

609 

T4.18 

23 

0.91 

t3.55 

(6.3 

4 37 
el.45 
355 
12.5 
2.23 
15 44 
596 

5 53 
T7 61 
0 85 

13 65 
t; 59 
?94 
KjSUff 
2.40 

rl’oi 

r4 ®2 

1315 

4J.6 

3.45 

T3D5 

12.2 

tl.66 

17 


15 

1108 

33 

£4b-’< 
467 
r *2: 
1.325 ' 

69 

42 
: 0 

1103 

43 
88 
53 
761? 
90 

1105 

25 

75 
®1*; 

,111 

7 0 
104 
72'? 
71*, 
t>5 

143 

61 

57 

143 
300 

87 

47 

76 
ill! 

4? 

77 
131 

67 
69 

121 

18*? 

60 

42i? 

no 

4R 

77 

126 

!5*5 

4W? 

92 

72 

94 

90 

29 

% 

13 

75*; 

144 
600 

68 

44 
1218 
|l41 

64 

61 

210 

17 

*1 

49*? 


llw v- i.T : JM 66 


Tfo-lrLij! f irir-' 
RiK-hiirn 

in' . 

Sijhi- v 1.- ,.3p 

fti'/ri ’’in- 
Li-.r-r I i.,u £«d 
Hobc-Hr >71.91 
ho Mib to'-. 11.1 
Rolir.n,-.V FiaO 
)V ,_i Si#FT, 
liomn,*- Tra-J 
fivreciie>ndini- 

lU- rt > 

ro. h'fhili! fa Trip 
.W-.-gui’d Ind . 
V 4nu.--.-M Tm 

v n- .'.t. 1 - j". 9ip 

Vo' A " >.ri' In-- 
VnC.' llH- .4 
?,,,) -'i- 1 In, . 

v.ot L'i-roufan 
[v-oiii nin.. . 
Srui ilv.: £7rt 
;..v„mal 
Verb era. 
S'.ui iT.uno 
S.»- I :■< In-. . 
tool. V.c*-era. 


-1 

-1 

-2 
-2 ! 


-2 


26 -a 
109 td 
37*? 
24 

163 
137 
£491# 
491 
£341? 
345 

77*? 

58 

57 

164 
69 

107 

79*? 

43*? 

171 

118*? 

34 

87 

101*? 
130', 
W 
117 
75i, 
76 ' 


tow V.i-la_R‘ .j 74 


to. ,M ii- .e iL. 
Sc • ir,-* 1 Nthc 

l>u U . . 

Sccisnri-V T Sr 
«;,.’l: »J', fl #' 
ISair, "to 
seuc-li lto: . 
: Sph»-:-|r.. 

hMJTliu :o? 

SPLIT tip idp 
ISlanbuyi-iiCB . 
Merlin; Ts . 
tw-thp-ivnlqi 
Tnchr.',!-S'- . 
|Temiilt Li- . 
Throe 1 isnrb. 
bu 1 -P El - - 
Thru^nMidoc. . 
Do P : : ,Loan 
Tnr lr>i,:.lpc . 
Do I an 
Tran- «^^nu 
Tnhun^lr, 50p 
[Ira!<- «- IntSOp . 
lio Ufiialtl 
|7ru41 non ... 
Tnirve. > . orp_ 
[Timeiae lev— 
I. pdown Ic» .. . 
I'ul Kni sec*.. 
rwLCajMU!* . 

I S Qi.-h t'orp . 

II fcGwcialTii 

rSTw- FnndJl. 
\ iir.- Rvumrcer 
V,' f 5 i ATeioiMr 
Venn.- In, £1 
Winii.-rfioilom. .. 
IViUnlu.- 

Do. 'It- 

lefrSHfljR' -- 
Vuriw. A Laqv*... 
Vnrlgrc, n 10p._ 
Vounpo>lnc£l. 


171 

bo*, 

66 

162*? 

350 

131 

59 

102 *; 

160 

5b 

90 

155 

83 
841? 

175 

2S1? 

90 

67d 

C108 

74 
105 
152 
575 

631? 

140 

96 

126*? 

100 
53 <u 
113 
19 
33 

173d 

625 

84 
611, 

287 

175d 

75 
71 

166 

29 

6 

74 


-i: 


-1 

-b 

-Uzl 


-2 


-1 
_ 1 

2 

-*» 

-3 

-fii 

-3 

-3 

-1 


-1 

-4 

-1 

-k 

:!f 

:!f 

-i 

-1 

-j 

-1 

-1 

-1 

-1 

-h 

-3 

-1 


-2 

-2 

-5 

-1 

- 1 , 


u4.1 

1.8 

2.1 

387 

3.45 

59 

2.39 

13.3 
♦11.73 
7.01 
13 71 

t/'Dc 
W®4? 
ij 45 
WlSr 
12 37 
<2i :■ 
t; 45 

1 6f 

t6,1 

on 

iQ45< 
2 3 

Mil 5 
lit Oo 

»3^ 

60 

2 25 
1213 
158 
4.06 
2 77 

♦2 03 

233 

(267 

♦W9,; 

(0 5 

U 45 
*0 
2.13 
t?: - 5 
15 05 
♦244 
1 38 
ISO 
21 
11.35 

l5~0 

0 «*£ 

tl.67 

0 96 

i2o 

1142 

OBb 


♦307 
♦♦4.06! 
t} llc- 

Fl 54 


B 3 
T7 67 
27 

2 35 

♦ 3.05 
♦l®d 
hi.28 

3 45 
7 54 
1! 35 
?.70 
♦106 
010 
♦7 31 
t5.0S 

|li—2* 


♦? 39 
t3 86 

5.56 
13 b 
r? 71 
25 
1 2 
BO 
13 75 
FI? 
2.5b 
3 05 
3 45 
234 
U.0 

1 75 
193 

5 67 
♦3 7® 

♦548 

SS 

15 
♦2.®4 
t9 19 

t2 73 
♦4 

2 05 
2 28 
8 53 
1 88 


10 , 

0.9| 

10 

10 

13 

10 

13 

10 

10 

1.1- 

121 

« 

11 

12 

11 

121 

11 

10] 

10 ) 

13 

1.1 

10 

11 

ia 

u 

12I 

H 

1.2i 

131 

10 

il¬ 

ia 

10 


4 9j313| 


4.1 


6.7{2L8f 

4.0)38.3 


U2| 


5.4|23.8! 


10.01 


5.U24.7 
"123.9| 


5.4 
53 
43 

5.4 
9.9 

to 
16 
33 

4.5 

b6 

3.6 303 
20.4 


50 
33 
78 
90 

Z.I[ I 6| 
111 3.i 
11! 6.3! 


10] 

7.7 

bl.6 

1.1 

1.0 

To 


"a 

4 

* 

4 

2.0 

110 

1.0 

20 

1 

LG 1 

13 


24.ll 

* 


17.5! 


220 

21.8 

M2 

379 

z7.i 


29 a 


U9i 


24.6 
285! 
25.1 
153 

1247] 

743 

<450 

36.6 
212 


29.7 

23.6 
155 
22.2 
17 5 

30.6 
346 
25.0 
! 27.fl 
466 

9.8 

152 

47 7 
251 
215 
325 

377 

15.6 
39 8 
461 

'36.7 

20.0 

263 

4 

* 

4 

16J 
30 3 


4.9(312 




4 91 
10 
6 ~{ 
:3\ 
4 ® 
n 4 

10.5 

6 8 
7 . 0 ! 

4.0! 
5.5 
6.4 
10 6 

101 


70125.6 


4 18 

4 95 
0 4J 
50 
133.1 
♦ 3 99 

t: 34 
♦4 06 
♦13.74 
1.75 

H4 03 
10.91 
311 
5.44 
QlOr 
0.91 
D.S1 
10 81 
4b 
13.95 
0 06 
lb ®3 

1.35 

13.35 


10 


12 6| 
♦ 

Hi 

iJ 

12| 
7 7| 

I ll 

* . 
L0 
081 
HI 
4 

IS 

♦ 

4 

II 

3 A- 
10 

1.0 


5 8 
0 7 
1.0 
118 


25^ 
453 
24 8 
15.8 


296 
444 
25 7 
190 
440 


29 6 

23 5 

17.7 
22 7 
14 9 

♦ 

4 

36.6 

25.7 
23.1 

* 


19 0 

3T4 
24 6 
28 9 
30 0 
309 
313 
2S3 
27 2 
23 3 
214 
4> 

19 4 


14 0 
24 2 
35 7 
28 5 
,30 6 
tJ75 5 


Iffr-W 


W*b 

Im- 1 Start: 

Prier 

- 

.V« 

54 

221, Mr.tdiehi! Wp.. 

54 


0.68 

75 

50 Ma-an-RptSp.. 

64 


598 

fl?*. 

920 Ma.«pA):!ly 

930 

-■lb 

QS116 

Ifi 

23 S'.lriD 

18 


1.3 

?:s 

200 Vcisir. Wp 

216 

*1 

— 

141, 

5'i raraate Wp — 

9*, 


— 

231? 

Id P.iri, i'laveln'. 1 

23*; 


10 

207 

120 !'vi;u,'i'? Artio- 

185 

-2 

6.19 

f57 

£41 

£4®b 


09 4% 

1? 

7 hi. tieorie lOp — 

10 


10 44 

in 

47*? Seal.ft Herr A'- 

125 


3 02 

£51 

£40 S E £ftpc Amu. 

£51 


04.25 

61 

37 Smith BriK._ 

59 


4.47 

13 

7*i Sthn. Pac. HE50C 

7*2 


— 

FStfii 

£271. Suer Tin. NF100. 

£30*11 


Q22*? 

flOlt 

900 Trans. Mil TsL Ip.. 

925 


LJ41 

?B 

22 WsULtolecLalp. 

28 


7 01 

37*? 

22 West of England. 

37 


138 

79 

33 Yule Cano lOp_ 

74 

— 

tL24 


Cir|S![lW 


07 


2 w 6.4 


3 7 


Ll' 




L9I370 


142 


7BI - 


10.9 


5.1 

6.1 
60 
3.7 
83 
1LS 

94 

H.8 


9.7 


19J 


26.4 

242 


125 

3.5 


10.9| 83 


8.7 

13.6 


OILS 


128 

187 

966 

79 

83 

£64 

OM, 

66 

34 

£18^t 

550 

170 

12 

45 

145 

£1094* 

418 

526 

23 

£23*,\ 

3U 

£50J, 

6)5 

691, 

350 

£66 

204 

266 

157 

98 
43 

99 



AttockSOp- 

1320 


4.26 

no 

Bril.Borneo lOp. 

132 


16 . iJ 

776 

BriL F tiro I'm. £1 

798 

42 

822.10 

60 

Do fftePf.CI— 

75*2 



41 

BurmahEl.._ 

54 

T-rniTfl- 

— 

£40*7 

Do 8*j Lit 9195 „ 

£59 


QP?% 

no 

!*ttT\tii.Sea£]_ 

£10*4 


— 

44 

Toiniry lOp __ 

49 


12.43 

18 

Lfrutrterhaii 5p_ 


T*7 

— 

f !?4« 

Tie Fr. PemileiB- 

fl3*? 


QHllr. 

400 

rtCluOGilU — 

425 


— 

mo 

IlClrde Petrol □ 

134 


— 

s 

EndeanmrSOe 

10*2 

. 

— 

KHA . 

32 

-1 

Z0.1 

16? 

LASMO-.. 

178 

-2 


£841? 

LA5M014^1881-83 

rooi*? 


Q14% 

?60 

LASMO-Opt"^. 

372 

-6 

_ 

78 

WIEtp) 30p— 

21 B 


192 

B 

Premier Cons 5p 

16*7 

~h 

— 

£14*, 

Ftancer Oil_ 

£16 


— 

IL 

Fievholdi Div 1c 

It, 


— 

175*, 

454 

>.-.! DutohFiJO. 
SMI Tran.-. Reg. 

E37h 

494 

s 

rJ4 2S 

>4 

il 

67 


49 % 

S8 

riichi^'-l L il 

270 



rss 

Tm«'.o tla : «Cni 

f.5/*? 



ion 

Trcetiiro!_ 

152 


Ul> 

! Hnmar _— 

226 



8*1 

Oo Tpi v'n>. _ 

137 


7 % 

=43 

tieek* Sal lOrts. 

88 

-3 

— 


Do Pfd uni Ito 

89 

-3 

Q1S>4C 

49 

Woodi.icle.S50e.. 

59 

-2 

— 


0.9 
L6 

3.0 _ 

33U lL2f — 


3JS 

19 


331 


2 5| 
4 7j 
1146 


45| 
23.0' 


(30Ii 
.16.1 
4.21112 


1 

13.1 


03 

ed49 

13 


H 

4.4 

11.3 

fFbi 

o.el 

74 1 

103! 


3.9 
68.1 

5.9 

6.2 


35.4, 


19.7 

7.6 


OVERSEAS TRADERS 


309 

93* 

. 4 lnran Lakes_ 

KIR 

60 

AusLAgric. 50c_ 

?75 

IM 

BerisJoraiSiW.i. 

239 

174 

BwkerMcC aOp- 

96 

70 

BorJnrtctiTTiW :S0p 

31 

17*? 

BoiuteadllOp*. 

319 

ISO 

FialayijEr )50p- 

?40 

161 

Sill 8 c Duifus— 

C 66 

M9 

Gi.tthn.nD-. 

425 

776*1 

Ktia'vs. CrwU. 

92 

69 

Hoffnun* fS.>__ 

428 

335 

Inchcapetl_ 

24 

9 

Jack.* lint._ 

25 

10 

Jamaiva 'ucar_ 

•Hb 

62 

Loorto . _ 

4“ 

36»; 

M:ir drift ‘0115_ 

?75 

146 

>:E -run Ei<,- 

103 

7 , 1 , 

X-rjr.V.ic.: 20p 

240 

rs 

iv 1 w .5* r. i 0 t- 

■»:>s 

rvi 

tv A \ i'Jp 

•%7 

j] 

4*B.-e.-'JfT .'Up 

in. 

4J- 

4 vis ne ter Vif. 

120 

6.3 

l^trac- iisri" lOp 

36? 

.-ns 

*.r>’- .-,*p 

S0»r 

» 

T.i.rrKent £>p 

FV 

n-.u 

I',, S}>-Ifl. HI 

S3 

ro:. 

1 1 . 11 . M.v I0r 

53 

211; 

Iv Jiijv In i8p 


295 


hZ75 

305 

L4 

60 



— 

_ 

210 

-1 


6.1 

210 

-3 

{7.08 

S.l 

70 

-1 

6.2 

11 

735 

26*? 


1 S2 

12 

&9 

293 

'-4 

fi 6.54 

7.0 

3.4 

214 

-2 

hfi71 

32 

6.2 

£52 


012 % 

tl2.72 

73 

71 

350 

-12 

3.8 

VS 

71 


4J6 

2.1 

91 

350xd 

-9 

115.0 

3 2 

65 

22 

-1 

20.66 


_ 

11 


_ 

_ 

— 

74 

-2 

6 SS 

4 

14.2 

451; 


3 4 

11 

11.4 

270 


n 37 

12 

b j 

84 


62 24 

35 

J 1 

215 

-S 

;o 

79 

44 

205 

-s 

70 

79 

5 7 

49 

-1 

Ait 

13 

13 7 

8 

4 . L 

R - 


_ 

95 

-1 

<135 


? 7 

362 


♦tirs 

44 

=■? 

42 

-1 

’■09 

?5 

11 1 

£90 


IJ 8 *, 

10 7 

ro j 

50 

-1 

hO 75 

11 0 

1 

50 

-1 Iwio-v 

312 

lib 


74 

Tj 

S.8 

9.6) 

*13fci 

5.4 

7.0 

73 

78 

63 

8.6 

92 

* 

61 
19 fc- 
70 
3® 
3 7 
86 

11 5 
54 
53 

61 



WTT-T8 
High Low 


BONES—Continued 
CENTRAL AFRICAN 

Dir. 


195 

24 

165 

164 

80 

42 

27*2 


20 

127 

128 
325 

65 

112 

35 

242 

105 

24* 

120 

12 

144 

55 

£13 

29 

555 

lbT 

75 


70 

9 

52 

115 

70 

27 

10*? 


Slock 

Falcon Rh 50c ._ 

RfiotfnCwp. HPjp. 
Roan Con; K4_ 

Tangan,'ifci50p_ 

Dtt. Prcf. 8t*p — 

WankieCoI.Rb I _ 
Zain.Cpr.SBD034— 


Price 

183 

21 

60 

134 

78 

37 

101 ? 


TM 

ICwl&'B 


-1 


AUSTRALIAN 


30 

57 

69 

U19 

IB 

77 

^10 

1125 

10 

1 

79 

8) 


.Acmes 25c— - 

BoajUini die 50 Toes. 

BH Sou lb 50c_ 

iConanc BjMuU'50c. 
G.M. Ralg write SL 
iHampic Areassp- 
afelaJs Ex. 50c 
IMJJL Hides 30c _ 

Mount Lj dl Kc_ 

Nevrmelal 1 Qp_ ... 

XonilB «i«30e_ 

Mb Kalgurli- 

DakbridceSAl_ 

20 IPariiicCopper_ 


1575 

8 

345 


iPancooTI 115c _ 

Psnnca 3li£a 5p_ 
Peko-WallrendSOc. 

Fl»eidoa20c- 

Wmin. Mining.iQc. 
I Whim Creel 20c_ 


22 

67 

69 

165 

50 

92 

13 

127 

21 

2 

88 

8*? 

337 

34 

775 

U 

398 

7Ss* 

87 

40 


1 

=> 
-25 
-7 
-2 ‘ 


Q50c 

037 

*5110 

Q9*« 

Q7*?c 


QlOc 

Q9c 

145 

Q9e 

Q8c 

Qlle 


Q15c 

Q6c 


13^.6 

4.3 41 

U 85 
164 9.2 
14 173 


9J 

» 

24 

4A 

7.5 

Fo 


23 

43 


TINS 


39 

395 
57 
260 
570 
13 
325 
145 
100 
10*, 

85 

490 1260 


, 18 

155 

260 

|l®0 

72 

60 

7 

30 


410 

46 

70 

215 

90 

73 

210 

305 

160 

60 

20? 


AnuLNiEeria __ 
[AyerHiiamSMJ„ 

BerabTln_ 

(Perjunlai 530_ 

iGeeior_—_ 

Geld fc Base 1S^>_ 
GopengCcas._ 

IhnnpV.wf 

lldri* lOp. 


1217 

40 

50 

133 

35 

55 

77 

148 

57 

10 

42 

45 

93 


UamarllLp- 

fKarawiiineSMOoO. 

KiliinRhall_ 

Malay hred ring SMJ. 

APahang__ 

Praskalen lOp— 

Pet aim? SMI__ 

ISami Piran- 

■touibCrrrfij IBp.— 
'South Kinia SMQ50 
&, .hn Malayan SMI. 
Nintei Is.-’-jS»*l .. 
vipri-i.*-' <-n- smi 

r.inii>i>c i.'.f 

T-msk.i’, H-i r SMI 
1r,m.-bS’.;i .... 


30 


2.91 

16 

255 


041b 7c 

0.9 

51 


3.75 

23 

205 


±*J6dr 

4 

450 

-i-S 

118.15 

3.4 

10 



_ 

265 Ml 


13.2 

l.S 

245 



_ 

90 m 


1.14 

3.0 

10 



4 

70 


24135c 

0.7 

450 


Dirs 


285 


0955c 

» 

45 


1W 5 

ns 

55«d 


&*W 

13 

170 


mvjLV 

10.9 

54 


Gl.99 

♦ 

55 


h4.12 

IS 

145 


t</77 Rr 

1.4 

245 


iQ13Dc 

35 

142 


_ 

— 

60 

lOD-it 


Zl^lOc 

♦ 

7a 


|U. 

16 

158 

. 

zi»6c 

2.0 


12.7 


6.1 

7j 

15?4 

7.8 

27.8 
7 i 
5.6 

15.4 
16 
5.6 
114 

11.5 
113 

76 

93 
[6 5 
43. 


RUBBERS AND SISALS 


19T7-7* 
Uitth Lour 

Sock 

Price 

+#r 

Div. 

.Vt 

rid 

fir Gr's 

(to 

*4 

tnjle-inrtont: r. . 

89 

-rl 

7 54 

24 

43 

77 

43 

SdriamCocf lOp... 

77 


35 

1.4 

6 ' 

IS 

6 


15 

+1 

... 

— 

— 

365, 

18 

BraduaJI lflp . 

3b*_, 

*'? 

hi.27 

1.0 

53 

POO 

87 

'. 3-iJe/jfM JOp .. 

290 


>2.8 

« 

2 ^ 

51 


i.hcr,onc.,£- llip . 

5b 


201 

1.1 

t»b 

108 

fr 


103 


yi 2 u 

1.2 

I 1.6 


:s 

GadW. '-lalij iviu 

52 

-1 

£71 

21 


a:. 

Si 

Grain O-n'nl l**p 

9 1 ? 


QS5 

■t 

93 



220 

-2 

♦30.15 

l.B 

71 

V- 

J9 

tlj.-rt ,-r M v. :.'r 

7b 


i«S 

_ 

D 1 

to 

3b 

Hiahwnn. VtoK 

641, 


♦ViTijc 

— 

4 : 

48 

M*.' 

Kir-lu Kvu-j.-is VS, 

44 

-1 

Q15-. 

4 

e !> 

■A 

:o 

riKulim .ISj. 

33 *, 


•Ill to 

1.1 

1 b 

1 21 

j(» 

L4n Sumin 1 ( 1 p.. 

312 

-11 

*?0 

34 

2 7 

S/i, 

31*, 

Malalirfi '-IS 1 ... 

51 


ton. 

1 7 

46 


l(i 

■•t.,ia.n!4fflinp _ _ 

32 

-1 

♦1 15 

04 

55 

•33 


Miiar (fiver lap 

32*? 


h 0 « 

31 

71 

to-; 


F'lgrbtii'r. lup 

'■(IK* Knar. Cl 

63*, 


42.18 

23 

s.: 

£23 

cm 

£23 


50 77 

3.7 

3J 


COPPER 

1°8 184 iMer^na pn Jn i 90 | :i-jJ0c| 1.9) i 


MISCELLANEOUS 


Oi ; I 

125 

rfiO 

475 

247 

70 

£14»* 

55 

160 


1 ° 

S3 

F.irna >li.v I7*?p { 

7 ’ 

■ 1 

1 _ 

- 

?7S 

Coh-.Mur-.il lr*. .. 

24*; 

-10 

QSOc 

•» 

.’SO 

.'•onhptc*.il.| 

R12 -J 

260 

-5 

—. 

37 :'. 

17b 


18.5 

43.1 

28*, 

,ahi.w(nd. ’-3i _i 

38 




BOO 

T.tr.lAptn --1 ... 

SOQ 


_ 

-- 

>9 

45 


1.3 

2.5 

121 

YiilwoCun.* Cl....| 

127 


Q7c 

1 4 


* 

ll 


43. 

3.3 


NOTES 


TEAS 

India and Bangladesh 


24 
20 9 


128 


24 9 
282 


5 0 294 


23« 
2B9 
28.D 
303 
25 0 
17 5 
♦ 

318 

200 
22 3 
16 5 
164 


29.1 
15 3 


24 8 
173 


5 2128 3 


4 Ef32 1 


4 1 

7S ! 

1121 

99| 

ra 1 

10.1 

!4 

3 2 
9.5 

4-1 

57 


♦ 

34 3 
19 3 


ao 

32 6 
29 B 
34.1 
'3D.2 
318 
47 0 
39 5 

292 

362 

28 8 

15 9 
326 
29 3 
18.9 

229 
315 
414 
35 9 
18 4 
143 

4 


?15 

33 : 

'.i'a.-n l»no3r*£j 

175 


♦9 31 

59 

n 2 

420 

150 

Ar-am Fror.iiwU 

305 


♦h813 

4 S 

41 

116 

52 


no 


70 

37 

96 

2B 

5 

♦jiipsre ftahb l<ip 

211? 


♦ 198 

16 

111 

250 

l?:’- 

JntaiCI .... 

223 


ISO 

35 

8.; 

’SI) 

BS 

lur.chi'unteil . 

228 


10 0 

bfi 

61 

US 

UK 

\1;LeodRu->IEi 

230 

-5 

10.0 

27 


415 

324 


390 


15.05 

49 

5.° 

27., 

B»? 

hinsluHid^i 't'|i 

22 


♦ rl 72 

32 

12 4 

, 0 : 

in 

••'j-rwPtar.p* 

187 

-3 

PI 30 


Wf 

17b 

ao 

V-i.liim-entl 

144 


90 

47 

9 5 


Sri Lanka 

185 | 55 IL-jiu' f i i. i 175 |.|3.b3 | 1.0| 3.1 


.Africa 


410 

165 


1*0 IBiar.i-.rr-.; . 

50 |R-JtJ Eriaie* -_ 


400 

130 


21 >5 20 8 8 
7 60 1.7 S 9 


MINES 

CENTRAL RAND 


7b5 1129 [Tiurir£.i Deep RT 
478 1178 iUnriPrv Rt 
£34*? £19 Rar.dlcr.: n r.,i Vj 
207 |113 (tteitFJndRl 


307 

-30 

_ 

_ 

374 

-22 

rt55c 

16 4 

£321; 


i2350c 

35 

147 

-1 

Q13c 

<P 


EASTERN RAND 


23 8 
37 0 
160 

27 5 

24 6 
27 0 

4 

28.4 


7.5 25 6 


Finance. Land. etc. 


285 

8 

& 

66 

£111? 

241 

35 
23 
59 
56 
16 
27 
180 
22 
13 
37 

36 
16 
42 

10D 

62 

23*? 

15i? 

126 

17 

97 

120 


PAS 

3 

T 

1102 
42 
850 
1196 

13 
12 

27 
36 
12 
15 
64 
17- 
2U 

8 

19 

4 
25 

9 

48*? 

14 
14 

a 

28 

20 
34 

60 jM-fcG.Hldg5.Sp. 


Armour T*. lOp 
AuihonO Im SOp 
Bntannia.Amnr 


M?clj-£1 .— 


Ecp'oraiBn fa Sp 
Fashion t Gen. 5p- 
Finantefc Ind llip 


'Kakini J5-.- 

Hlch'ii Taykrr lOp 
Kwaho lOp.— 
LunuiHub lOjrf 
Lampatocs 50p 
Lon Elm Grp .. 


240 

-2 

20.0 

47 

l*6f 

7 


■— 

— 

— 

S'* 

_ 

_ 

_ 

— 

21*? 


— 

— 

— 

15 

-*? 

— 

— 

_ 

110 


Q171? 

3.0 

6.4 

59 

+i 

3Jt 

+ 

8 b 

£11 


Wit 

1J 

7.4 

222 

-2 

2.1 

8.0 

31 

+1 

1.0 

2J 

49 

141? 

—*2 

__ 

__ 


58 


10.99 

6.C 

2.6 

47 

—*1 

1.72 

21 

bb 

15 


L01 

1.7 

10.5 

25 


f049 

5.3 

30 

170 

-3 

t4.49 

U 

40 

IS*? 


10 

19 

8.2 

11 

-*I 


— 

•u— 

27 



_ 

__ 

32xd 


t!64 

43 

7.B 

Jf* 

+*2 


— 

— 



w- 

— 

— 

19 


«94 

3.1 

7.5 

82d 



3.0 

9.C 

62 


— 

_ 

22 


165 

13 

11,4 

15 

31 

24 


0.1D 

' 

1.0 

77 

-3 

tl 25 

4.2 

9 ft 

106 

— 

3.46 

4 

4.91 


24 7 
♦ 

70.1 

1M.2 

♦ 

4 

3b 3 

24 3, 
211 

216 


Z6, 


52, 

♦ 

174, 
12.7] 
188 
10 9 
12.81 
8.6 
20 . 6 , 
105 

9.1 


4.61 


10 4! 


or 

55 

Ml 

574 

5Ji; 

i:i 

93 

79 

67; 

57 


710 

£10H 

108 

32b 

735 

153 

£13»; 

5P5 

545 

506 

■j96 

C141; 

209 

£23-. 

C40 

534 

241 


12D ) 70 
£U'ti7S7 

12b - 

464 


55 

RrackenRi 

76 

^9 

(?75c 

15 

Q 

East Da^gaR! .. 

24 


ti}20c 



■Tamm!. Areas to.. 

14C* 




52 

'jrool-.IeiJihr . 

127 

-5 

y’4c 

4 

20? 

Kirroi'91 

327 

-8 

934c 

18 

20 

Lrs:iv6,i .. 

47 

-2 

93c 

12 

4 0 

Mine- ale FiflaO 

88 

-1 

QUbt 

l.S 


Alncan Ld ".&■ . 

68 

'j['? 

»W2*rti 

1U7 


'•LUKil«r.RI . . 

52 


iiZ5c 

* 

*30 

*'■ infcclfiaj s Pit _ 

627 

-17 

Q66c 

17 

16 

A t lx .. 

52 

-4 

— 

— 


FAR WEST RAND 


249 

Oi'-.vor^S 1 

307 

-7 

1 v«bt: 

23 

510 

F.jlfcL R2 ,.| 

850 

-27 

'VLiO, 

14 

55 

£i«ilir»a!RiiJu 

93»; 

-4 

-- 


Ji8 

bivrvlvr:ein Pi . { 

254 

-11 

♦915c 

52 

47-C 

La-: Drie Rl | 

634 

-16 

Q78c 

* 

37 

rlsadirar.utjin J!h , 

214 


_ 



Lirb'trcHi . . j 

140 

-6 

98V 

10 

aoo 

'fartcb-.-fti Ri.... j 

□ 0*4 

-U 

!Vi35c 

15 


Kieef'w*MM3 - - j 

467 

-11 

W30c 

23 

lli 


480 

-13 

♦9*5c 

3 2 

755 

toutr. iit.to . .. s 

480 

-IS 

921., 

* 

1 IB 

Ai'ti'me-.r -to . 1 

257 

-/ 

922 c 

■> 

812 

’. sal Rfv- :6| . . 1 

£11*? 

-ll 

9U5c 

♦ 

70 

<rn.er,y*fi R; 

254 

“t 

ti>5c 

1 3 


1'. rnt-R. j 

£17^ 


92S0t 

lb 

no 

Ke-U-rr. tn-H. PI . 

217 

-li 

91 to 

ib 

544 

, Ar*!criii>re;i R5. [ 

651 

-27 

982 to 

4 

i.'O 

H-ndpaji F-: . | 

154 

-2 

♦922-. 

10 


O.F.S. 


13J 

?20?» 

703 

qr-t 

206 

252 

£37 


5;: 

572 

a;:; 

950 

155 


£17*; 

£12 

£15 

230 

186 

150 

[155 

59 

500 

230 

55 

312* 

230 

294 

80 


63 

2Jf. 


£0 

750 

475 

DO? 

108 

lie 


lF7«SiiieDe: 30c 
F * ijeduld 50,- 
K 5 >aa:plai5 RI . 
Hsnrtonj 5L-. 

Untnrlil __ 

TVr? Stand _ 

Dre> Siejii^tK_ 

!«!M.-aRl ... 
I r.i«o! . . 
','cImw. 10i 


£i0*?[« hofdto.. 10-- 


90 


931c 

£13*. 

-1; 

9240c 

101 *, 

-li? 

_ 

3M 

-14 

1950c 

123 

-4 

96c 

859 

-22 

Vl30c 

667 

-i3 

920c 

77b 

-34 

4115'.- 

180 

-3 

-. 

217 

05 

-3 

-<? 

93to 


FINANCE 


1370 

\r.£ Am 'J«! jflr. 

450 

-5 

♦940c 

4.3 

1*5 

v.jtlo Anicr V* . 

260 

-4 

9165.- 

2li 

£-*1*5 

’m; Am i.<nMRl.. 

£15*? 

-*i 

4 

621 

AniA sat.to 

660 


9105c 

34 

10b 

*h4rteri.oav 

128 

-J 

t7S 

IF 

Ui 

1'iiiis 'rfld Fields 

193 

-4 

19.05 

2ft 

lb 

Fji'RamKflq lOp 

24 

-1 

10 

15 

— 

Vduidlm fll_ 

2460 


Q40c 

25 

CIS 

Gen ‘lir.icsRi! ™ 

£14*? 

*4 

W 10c 

2.0 

83 

'ncl! uid. :A ito 


-*h 

9ll0c 

4 

£10 

Iv biirjCom,R2„ 

£12*, 

-lj 

9170c 

2? 

135 

Middlett:i25c 

160 

-lb 

vn?c 

13 

12n 

Miwri-uSBIiJ ■iO_ 

135 

-i 

VL> 


73 

vev. V. itnOc _ 

112 

+1 

915c 

0.6 

5b0 

Patino N\ Flj 5_ 

905 

+5 

ii*. 50c 

4 

>t 

Rand Lonrien 15c_ 

53 

-1 

Ij95i.' 

30 

370 

Selutwm Trust_ 

390 . 

-5 

16.72 

IB 

US 

tonCrurt 

164 

-2 

T92ft? 

1.1 

33 

.'il.tnmnc.- 2*?p_ 



3.5 

20 

9 A 

T raal Cv’n-.Ld.fll. 

£12 


CJ95c 

3,4 

317 

IXlMHlRl . 

214 

-2 

950l- 

11 

1/0 

I’nioo Corpn fi.Sc. 

250 

-2 

936c 

W/ljc 

IV 

40 

\cjel.‘2*jc— 

45 

.... 

* 


1-6 


113 

b 2 

?e 

31.2 

t 

:b 

p: 


1 41 74 
2710.8 


1.9 9.6 
15 11.1 


DIAMOND AND PLATINUM 


£331; 

“0 

ill 

£11*/. 

n 

99 


(£19 

47 

188 

'S50 

4? 

b0 


Stffi'P'JiiePl- ;i> 
lie Ewrr III to . 

IH/ 40p n F.;. 

L-.de n 1'.ire IQiy .. 
fiu.- Hal lOr_ 


£30 


ryJlOi 

11 

80 

-2 

97 It 

♦ 

285 

-4 

♦935i. 

24 

ClOl; 



7S.M 

62 

2 

9? 7.- 

4 

92 

-1 |9*'jC 



82 
% 1 
'7 3 
13 4 
26 
16 


I nihi.THiv inrlirated. prirr» and ncl dividends are In 
piner and deDominailons are 25p. KvUmalrd prlce/earnlngu 
ratio* and (pin, are based on lalett annual reports and anon n(n 
and. wlirre i»r.-.|blr. are Updated on haU >earl} ricnm. P/Etira 
■-alt ul*ii-il on ihr ba,i, #( net rii,rrlbution: bracketed figure* 
■tiHivaie IO per cent, or mare difference if calculated on ~nll” 
di*(n6i«ioB. Caver* are based an -roaiiftram" rfistrihutlon. 
Yield-, air h*,e,l on middle prices, are gross, adjusted 10 ACT of 
34 per row. and allnu for value of drelarrd disirlbulioa* and 
rirhtv Srruniie. »llh denominations other than aterUng are 
•luoied incla-.i,r of the ln'<r.lnwiil dollar premium. 

MerSmc d- mminaicd securities which Include investment 
doll.,r premium. 

• ' Tap MiVk 

• Hicn- ur..lmarl -1 ihus have been ndjuated to allaw 
l,.r n;hl- i' . i--» lor ta,li. 

v lul.-nm -mve m* r>-;i—..r r«-,ii;ue,i ( 

; Inia-nei m>v e il'n-'-fl p.i. •■.■■1 r.- di-f'-r-etj. 

£{ t - .-.- irr,- n-.i- • -ir. ni'eti. a'li-a. 

*■ li;.,r,-- „r ni~*r, .>« ai'.eil 
rt I nli-ied in . 1 * 

9 f'lii-i- at 11 UK 01 ii.|-< n.|>-r 

■ 1 roll> .iii-d •*,' ->i> 0,1 .iliir r-endiii; >< np and or ri»ht&i3Eunr 

m- it relate ■ I*' !•'»"• dr i-i* r,d er ii*rcva:l 
•• f r, ■ ‘ I v:«n.|i I'ul 

• Mi-r.vr • nl „r r, ■■r.-.'in 1 ..«i;•■!. in pn-s.l-j- 

i \nl i--JW>.1|.>1,l> 

a> -iaiiii inli-i-ici r- di.I imaf •'vnd "r i'-dje»d earninga 

mili.-.-.lxl 

• lor.-vi • di-t.ierd .. on • ,mir.r- .ipiaied bj- latest 

ir.lv 1 in, •i."ili.ir--i.l 

; I'ni-er alien - (.«: • nnv«-i»|...n-. r-.-t , isnkir.g foe 

•ti i.l. r..i v.rkir.; ■•->[' l»i >n. ■••d .li- 11 -nd 

• .. ,1m „••. nil.--. .. , hvi-|, i|,.e iar.k for 

•li.id.i .,1 ,t iiitiir.- .|.i»- "... I- K ... provided. 

V i;-. l.nlinit n tin.il vli liter..* .1. • 'arniK ii. 

■J it> cut..' r-rii-.- 
1 "... i-.ir > .'lue 

a 1.i% i>. >• h lij'irv n... • n r-r- r— "i- or iwhcr official 

r-1'm..i. e -Vnl* d I.trod rat.- |...id »• r p;. able nn part 

•■I . -i|.i i.tl .. l.d-ml ..ii -.1 ult-i,., ..r, mil ■■fliotai. 

e |:.,li ni|iiinr. ,i.-l,l I ft.,: • ■■ i-l r .•.% uri.-.l dividend and 
-I'-I.l li -sinn.I di-id, no and -k|.i titter *«-np ivur. 

1 I'li. i:.enl ti--.in i- ipnial .,.iir< k K.-nva ni Intenni l.iclier 
ir.aii ,«r..- 1...1 i..i ii n li. l'M. I- ... |.. nilir,? q Korrnns.-s 
I'.l.^I .,r pr.-lin.io.iev (j.-nr..- r vuaralian •.•u.T. , iiev 
, f ■. • id"-,..I .■■>'1 ' ■< 1.1 •• .-lii.l. a •i.i-it. 1 |u- np.-r.l 1 Indicated 

di> id'-n.l .vr p !:«• • pu- j..;i • di> ,J. i»t I* if ratio hj,ort 

■to f.i:»-»* ..nnu.-l i- inunu u fni-.., 1 -iindi-ni! •■•••.t-r haacf 

on .. -v.ir • • . 11 - 1 , 111 C-- > r.i. Iivv u| I,. JO|. in Ihe t 

» i.-lu nlte«- r,n < nrri-uiv • Ip,,,, , 1'i- idvnd and - ipl .1 

1.. V....I . n nt. r:er l.-rtil » |i .irt.-r.l and ' ield inv-Iiirle a 

l«e.-I..1 p.r. m -ni .. .lo.-- n>« i.t' -,. .|n,-i jl l-a.vnwr.l 

.1 \i-i rii',ii<-ari ar.ri . >1 Id V- J 1 ,oii-r.litidemf dialed <w 

lrfviT»»l 1 '-,.n..iliari I.. .«nl I 1 K r..M.n-,.ludv- pf-lil, 

of I K dnV-|>.il. -.ll"- Idlari*-. ♦. I |TI v- F flui.Icnli 
I ■ i. |.l l.s - l nn i-r.« )miu- hi ..lit.-■ ..-'li. 1 . 1 I c 'iniale. for 

7 7:: t. v- .illicit .li...Ii.r.l .I • n !d ..fi.-r p.-ndinn r rnn 

ami vr ■ :£l>l .. II l'i’ .ilrr.-l > 11 .1 _.u-M I'.urd ,. n 

?rO'|...| 1-i• »r i.llii-r ..tfn nil -1 • (.-i IlCtf .. K l ijnr, i 

ha-'i-tt "ii j-r.. |..-.-lu- nr i>ll,i-r -■■-■■•■a! c.liniiile. 1^1 tpTH 
SJ In-iH.nd an. 1 ! ,!.-ld '..•...■■I ..i: |.i..-|....tu ... .vii.ri nflirt.,1 
e'limale- f.-r ImTK N |i ,,rt. ml .in.|v..-l.t r.;.-cO on |C«,|iMl.iv 
nil,, r ..fllvta! •• -1 1111 . 1 U— Ini JUTh p Pi' him. ! asd - r.-ld 
I/Jvwoj ,-n j.ii. 'ii- >-r >Kl,t-r »'i 
U 'ir*'-- T l-is-ure- . 1 --.i-ij.^l I 
Ta' p..,al*li- V. IMvnl--,..I 1 • 0 ^ I i. 1 

1 .. * cni-finr 1'tf.o.ir, It.I! tl.il.*-la*. 


■ » I 


in! • .ti.-nuli- tin 1.077 
. -i;nifi'-..,.i '. ,>rh".vlri.n 
• liie {: ", n'.I ta'—1 on 
in. horned .ms 11 maturity 


.r■ ni . .Ui-■ .1 ■ liter.d ■ 
. . ni'il.il di J.-il.ufi.irj 


1 r ri?f>i*-. a e* 


" Kctrenl Issues " ami •• Rights " Page 24 


This ^rrvit-e is available In every Company dealt ia on 
Slock Kkchan^o throughout llie 1 ‘niled Kingdom fora 
fee nf £490 per annum for each seeurily 


REGIONAL SIARKETS 

The follnwmr ■- u - .-lev 1 ion »f t.nntten q'li-l.ilmnot 'hare* 
prwiou-1. Iioivd onlv ir. regionnl marl..-,-- |-ii.-vi or Irteb 
l*hlie.- nw-i nf >vht.-li at. n.«i .»fii. iall\ iislv.l in London. 
Ale a-, quolv-il nn 'ho ln*h liniij;. 


Albanv Ini -Mj" 
\.,h SjiinniPM 

Ken ant 

Bdg'Htr i.'l Jijj. 
v Inver' rtifi 
''raipt ll'-vil 

I Jf no'll i R- ■, 1 

hills A- ’.|i lid 

irv.vny Kr h Hip 
Hiered . 

Kilo Kt.rJ.- 
Finlav t-kj; 5p 
• ■ruin Ship £1 
Hip«oit? Hrcv. 

I (J M Sin il 
f I Oil iJvr 0|> 
V'.hn G 0 M.-a. 1 ih 
It-anjc'--. H • 
Fvei Mill: 
Slicffl. l.f Unvk 


il 


19 


;b? 


22 


400 


35 


68 

53. a 


17 

47 

201? 


240 

83 

IJS.1 

_ 1 

245 


bo 

-l' 

130 

IT 


47 



"hen Kcfi'hrat 
M-il.il. Spi mi 
Sindnll: iv 111 • 


50 

19 

85 


IRISH 


1 on- S"» ?4l RJ 
Miianei-iia* 
YmuJi 

■ 'aiTulliPJ ' . 

I lOll.JillitlTI 

' ..'in n-tr Dpids 
H v-iion illlvljj,.'. 
Ip, i.'nrp 
In'Ii Tfcpes 
.la-.ut, . 
sutiln-ani .. . 
T M >: 

I nnJ.-ilv.. .... 


£47'j 


70 


325 


100 

-3 

85 


125 


51 

-l" 

165 

-10 

120 


60 

-2 

26 


175 


70 



OPTIONS 

3-monih Call Rates 


IndiiMrlals 
A. Ftn-v. 

A 1* '.‘enieni 

u a r: 

[iabcoek 
Lun-luiaHanL j 
r.Ui.M-fiani 
liaitis Ur up 
Bun alien 
K.A T 

tirittehUiVRi-n 
iJrnvvn 

Burton*A . 

I’adbur.' 
LOurtaiild.- .... 
LHrbvql'WJn-. 
IHeiiller.'- 
Liitnlup . 

K#/! I v star 
K M I 

t- it.. Acciii'.-iil 
Jen fcleoinv ] IS 
ililVO j -W 

imrul Vrl ..} 9 
S -.V .. 

viuaitliaii.. 
i..K \ 

Hawke-- «id*l 
lnu«-idh'f.*.-e. 


1 '•-* .. 

23 

•|j:,p*".__... 

7 

in . 

20 

Iiitwk. 

7 

h'. A 

5 

. 

1/ 

1 A-;nl A ttcn... 

14 

!•". SL-r iiv .. 

l 

Mui d- Hunk .. 

Z2 

' 1 -O! ?■ . 

i 

».iv..inn Kri'-k 

b 

1 nnrhM .. . 

7 

1 .liras lnils ... 

25 

L' nn.-. i.l 1 

13 

"Mam.' 

7 

Mrlv* A >pni.r 

1.1 

••Ii.IIji-iI b'lillk 

25 

•' h.J 

70 

NjS : M'i'-i Ei.iJv. 

22 

Ui V.armuL' 

1(1 

I-\ v l.'fd. 

iti 

.. 

4 

r.- H ’•] 

5 

n.mk'.ir-.- V„ 

18 

ist-fft mil 

14 

r-PllI'.-T. 

4 

ri-.-.-i. 

4 

Thnrn 

ftft 

I ri|,l il'iH.-'.V 

‘is 


Tube Invest. 

I'nilever 
I'til. Drapery., 

V iwJicra... 

Wool worths....| 

Property 

Hrn land 
• mu Counties. 

K !• ... 

Intr.-uropean 
1-nid Secs....... 

MKPC__ 

f'cui-hey.. 

Si’tiiuel Props.. 
TowniCitj-™, 

Oils 

Bn: Petrolrum 

Bunnah C«iJ. 

i lihrlerhall.... 

Slivt! _ 

I'll ra mar_J 

Hines 


barter Cons.. 12 
■ms Hold..... 20 
!;i»t Zjnc-.._ u 


r 

5 

4 

IB 

W 

10 

2 


22 


A nt l <pii<.’' irsde.i is unen on tfae 

Lun-Joii MueIt tii-iiant 1 - Report page 
















28 



FINANCIAL TIMES 


Wednesday February 1 1978 


Creating ii ivws for liidusliy 


Lorry pay 
deals put 
pressure 


rail 


on 
union 


Ministers back 



for special oil fund 


Shops chief 
warns on 
cost of 
price war 


By Elinor Goodman, 

Consumer Affairs Correspondent 


By Christian Tyler, Labour Editor 


THE SPREAD oF 15 per cenL 
pay deals in road haulage 
threatens to complicate the 
negotiations that began yester¬ 
day for 177.000 railwaymen. 

With 10,000 lorry driver mem¬ 
bers looking for a settlement out¬ 
side Government guidelines from 
the National Freight Corpora¬ 
tion. the National Union of Rail¬ 
waymen, the largest rail union, 
is under extra pressure this year. 

Yesterday’s rail talks opened 
a week of negotiations involving 
the big battalions of the public 
sector, steelworkers. miners, 
power workers and shipyard wor¬ 
kers. and ending with the 
engineering industry, in the pri¬ 
vate sector", on Friday. 

Manual unions in the gas 
industry were yesterday made 
an improved 9.5 per cent, offer, 
just within the Government's 
earnings limit. They had re- 


BAT Industries supermarket 
chain, International Stores, 
predieted yesterday. 

His forecast, which follows 
warnings from other super¬ 
market-groups about the . im¬ 
pact of increased competition 
on the trade, is the most pes¬ 
simistic yet 

Mr. Hill said that the latest 
round in the price war. pre¬ 
cipitated by Teseo when it 
dropped trading stamps in the 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

| THE FOOD price war conld 

PROPOSALS for a special the oil revenue and its use from The main work at present isi result in the total profits OT the 

Government fund to use North the rest of Government finance, on deciding the right tone andj big supermarket groups being 

Sea uil revenue are attracting This could be presented as wording, and. considerable re- cat by more than half. Mr. 
si*mificant support from mem- being consistent with the general drafting is being carried out. Laurence Hill, chairman of the 

bers oF the Cabinet theme of not wasting the principally by Dr. Bernard 

This is in contrast to a few revenues in a spending spree, but Donoughue's Policy Unit, inj 
weeks ago when the proposals using them positively. Downing Street, 

appeared to have little backing. while there was sizeable The White Paper is likely to j 
The question of whether the support for such a fund at last emphasise the need for - boosting 
fund's revenue might be used Thursday’s Cabinet meetlDg. the industrial investment and em- 
for additional public spending or issue is still far from decided- ployment, while indicating scope 
culling taxes is still undecided. j n talks last November at rbe for tax cots. 

The final shape of the Govern- TUC-Labour Parly liaison com¬ 
ment White Paper on the use of mrttee. the idea was criticised-by Economic growth 
North Sea oil revenue is now the main economic ministers and 6 

being discussed by the Cabinet, W on support principally from Mr. This reflects the view of the 

and the document is likely to be Anthony Wedgwood Berin, main economic ministers—that, .. - un¬ 

published between the middle Energy Secretary, and from Mr. cuting taxes and a commitment; summer, could cost me zu or so 
and end of this month. jack Jones, retiring General to steady growth in the economy | 22Jj St rt ,F r °” PS as ma “ 

Secretary of the Transport and as a whole, apart from boosting ; *5wn. this year. 

Jobs boost General Workers Union. living standards, will provide a Net through 

The rniin emphasis wlil be on More recent., the pier. hj. STLg.'teS’S> „ 

the need to avoid “ frittering ’’ received backing from Dr David t 3d to industry » Last year, he estimated, these 

awav the benefits in higher per- Owen Foreign Secretary, though l o industry. ; ^ made profits of about 

sonil consumption but to take be and other advocates of a fund But some emphasis will be | £150in . between them. This 

the opportunity’ to strengthen are believed not to favour Mr. placed on the need and intention; year they might hate been 
industry and boost employment Wedgwood Benn s preference for to improve public services and . expected tu make around 
The Whip* Paper is likely to uwng 11 t0 boost direct 41 “ t0 on the fact that a large part of] £i70m. but for the cut in 
form the heart of the Labour industry. the required investment in) margins. 

election manifesto and the draft- The White Paper is unlikely to energy will have to be earned | Mr. Rii! said that, although 

iag reflect!- this as well as the indicate a decision on the issue, our by the State. / International’s own profits had 

lertPi?VrtMi"worth'sq D*r U i!cnL>Prime Minister's desire to avoid since it will mainly list the But the vie w of the majority ] been eroded since last summer, 

overall P .'Cabinet divisions over differing various options without any of the Cabinet is that the bulk of- his company was in a better 

'priorities before an election. specific new policy commitments, the revenues—estimated at more] "" ririn " **•••>» 

Increasing support for the idea though a low priority is likely than £3bn. a year at current i 
of a special oil fund partly to be placed on any significant prices by the mid-JPSOs—should 

^ ^ ^ _ reflects the view that there are further easing uf controls on be used towards reducing the 

April, U 'will"wait to see how the! electoral attractions in separating direct investment overseas. tax burden, 
miners and power workers tackle 1 


Of the three rail unions, the 
TCUR at least intends rn bide its 
time. With the present- agree¬ 
ment expiring at the end of 


the Government's ceilin_ 

It tabled a claim foi a "sub¬ 
stantial ” increase, to include 
consolidation of the supplements 
from the two years of TUC- 
Government pay policy, and 
restoration uf differentials. It 
also wants to be able to reopen 
the agreement within 12 months 
if the award is eroded by infla¬ 
tion. 


Detailed claim 


Iran resumes talks 
crude supply pact 


on 


BY OUR OWN CORRESPONDENT 


The much smaller but more 
militant fuolplaleuien'.,- union. 

ASLEK. yes lord ay made a de 

nnSf .rf h J"dS. f t25r'SSoSS : TKE STATE-OWNED National af the western 
drawn up as Phase Two expired., Iranian Oil Company has re- ndll0ns - 


TEHRAN. Jan. 31. 


position than most to withstand 
the increased competition. 

With the backing of BATs, 
International would continue to 
expand, be added, though other 
companies might be forced ont 
of business. 


Other groups 


industrialised 


The 
in ore 

National Iranian demanded re- oi '’ bul 


A number of other super¬ 
market groups such as J. 
Sainsbury, have warned in 
general terms about the pres¬ 
sure on -margins, as have some 
City analysts. 

But the most pessimistic 
forecast from the City has been 
that the price war would cost 
the industry' between £6Dm. and 
£70m. 

International, which took 
over the F. J. Wallis chain last 
year, was one or the super- 
Ie £° nsor ' u,, [\ ‘j 1111 exports oiar |j e i groups to pick up some 
■\ ^ aT, „- J ra J! -S i of the Green Shield trading 

stamp franchises dropped by 


National Iranian basi 


This demand Is for l-rb u week .’opened negotiations on its -'0- pq tahl»s h ed ii«»lf -«s -i malm-e\-i 

on ihe pre pay policy basic raie ivear cr u(le-oil supplv agreement vision of the agreement after the ”, r ,!l;n i, 1 ; X 1 Apt-'- Tesl0 - 

of a driver of £53.10. giving u .‘ ... , ' . ' f e , purchasing companies asked for P orlyl |n il> own u-ht. atera^-] Yesterday, Mr. Hill said that 

new basic almost as high as cur-;*? lh the consortium * b . 1 financial alterations. Iran had ! n | 1 - m - baireis a d * t -* J International would continue 

rent average earnings 2 1 companies in which brmsn blamed the western companies 1J !: > ear n . ... . Ml using stamps unless conditions 

-•Petroleum ha.? a 40 per cent. far a S3bn. shortfall, in its 1975 Dj * Fallah d!d mi 1 ruJe oul. .. determined otbcmlse." 


Mr Ray Buck ton. general 1 


sorrel ary. gave a warning last 


! interest. 


night that unless the Government 
gave British Rail the freedom to 
negotiate rales appropriate to 
skill and tesponsihility there 


iui u ouvil. Ju-jLLian Iti HO 1*MU , . , .1 . -i ^ 1QTO uvirtwmrii vtuvix^v* 

oil revenue resulting from a ihe-.piisstbtlity that tisq .laid: The terms or International^ 

• ■■ ■ _a<?rppm<»m will hr> riiscni-iipH en -1 - - _<-l. u 


TU. two sides met this week to fall in daily «* ™ »"te 

agree an agenda for a top-level P ,Jils - exactly what Iran will be seeking are ' bowevcr. oeuexeu to ne 

The companies said they could ’SlUSSw TO? 1 ">•«! ">“» " , *> r f »™ er 


meeting in the spring on the 

U(l „|, h - nf'trained !whole future of ** 1973 asree * DOt ***?*} “?■* Iranian °j‘ be ; agenda i s ex peered w be'fi n a Used 

would be a walkout ? r . lra * ne 2; ment- cause of its high price, and that at , econc i uiPftin 0 earlv in 

men and “ chans in the industry. th -s r 10 » n 15 cenk a harrel oro- ^ \ secona 

ASLEF is again pressing hard Iran suspended the negotiations k, nc ,t enoueh 10 meet invest -,^ r r 

to recover the position it won-in April 1976 pending the out- nbU^Jinnt under the 19TA _, l .!2 n if. sU 1 a m “ 10r S0Ulxe ,f 


three-year agreement. 

International's parent com¬ 
pany, BAT Industries, yester¬ 
day reported pre-tax profits for 
the year to September 30 up 11 


to recover me position u won m /\pm wip praams uie out- , 0 bJiov»,ons under the J973 7hi bp ri^nn ^ the year to sepiemt 

from a 1974 arbitration award.: come oF discussions between ^. rnnn^ ^rom he per cent, at £418m. 

and which it -ays has been lost-Saudi Arabia and the Arabian J «‘ eerat * 11L - lifted bSm ronne.s Trom the f K TI ,.. .«..««• 

because of incomes polity. 1 .American Oil Company JAramcft) 


The International Stores’ 
figures, which will be published 


Amvuw.uvi.wu, Dr. Reza Fallah. deputy chair- country in 1976 out of 3 total _ 

Following 'esterday's pre-jon the takeover of \'Aranico's man of National Iranian, stressed from all sources of 1/'in tonnes. | |^ av ' ' ani ] which will include 

11111 in?rie?. "the rail unions expert < operations in the country. *, tha \ a i 6lU frm, WI “ * .. 

Wiihm a Week British Rail om- 1 . , would have to be worked out. from ns new sources Of supply 

posals for a self-financing '. Thft- two sides had M secret lu the North Se_a and Alaska. 


the F. J. Wallis business, are 
expected to show pre-tax profits 
up £l.&6m. lo £5-65ni. on turn- 



Court approves tanners’ 
challenge to NEB 


year to help economic recovery Minister. But the main purpose —- —. -■ - -■ „. T . . f , 1C p.. ou 4. 

was to open the way to renewed reflnerv in ibe near future : DATs plan for L.K.. ^Page ti 
negotiations. Kuwaitis on $ payment. Page 3j Results. Page 17 


BY KEITH LEWIS 


AN ATTEMPT by the National cent stake in British Tanners, 
Enterprise Board to block a which took over the lossraaking 
move by 14 U.K. leather tanners tanning interests of Barrow 
lo challenge its partnership with Hepburn. The latter retains an 
leaLher company Barrow Hep- equal slake with the NEB. 
burn and Gale was rejected in The 14 tanning companies 


Bishop Muzorewa to return 
to constitutional talks 


BY TONY HAWKINS 


SALISBURY. Jdn. 31. 


. BISHOP Abel Muzorewa. leader These are the proposals for The white seals would be 

the High t-.ourt yesterday. representing bo per cent of J“ e ;of the United African National separate voters'rulls—at least Tor retained for at least two general 

The action brought against the tanning industry, argue that tne_ Council, announced lo-day ihal the first ten years of Zimbabwean .ip.-tion-; or ten years wmcnever 
NEB by ihe limners, which NEB move was contrary to its he would return ro the Rhodesian independence-and the composi- f tl , 'T r »nu.never 

alleges a breach or the Board's guidelines, which requ.re ‘t* 0 constitutional ' “ ' ... ■ - K .. th. Inr 

• -*-.* act on a commercial basis. The!- .* 


talks here lo- tion of the security forces. 

I morrow. He boycotted Monday's Meanwhile, an African news- 


is the longer. The reserved seats 
could then be amended by a 


operating guidelines lo ihe delri- “ Cl 0(1 a , . , . . ... ... 

men I of the rest of the industry. J^ nne ^ s s tf£ D a . CO j rl declaration j sess j 00 in protest at the “ abusive paper lo-dav publishes what M simple parliamentary majority. 

that the NEB had no power to l e .. he c i ai , us was used by f P ' - ....... 

make what they allege was a dis-[ Mr David Smith> Rhodesian 


will now so to trial. 


■ ^ r ' Forbes said in his criminatory grant. Thev claim 

judgment thai the case involved damages for breach of duty, 
a point of law or great public Mr Richard Southwell. QC. 

mteresi winch should he decided companies, said that they 

by trial. He added that the trial 01 ight now ask Mr. Sam Silk in. 
niighi be of beneflt to all. m- Attorney-General, to join their 

eluding the Secretary' * or side as it raises a matter of, ... . . , 

Industry. public conewn in case the trial iSiL^n. i? e t U^ erences . 

The case Follows the NEB's judge rules that they have nojj” ,*5.+ 
acquisition for £3ni of a 50 per legal standing. 


Finance Minister. 

To-day’s planned meeting of 
the four heads of delegations was 
called off after a private meeting 
between Mr. James Chikerema. 
the UANC deputy, and Mr. Smith 


Indications last night were 
that the discussions in Malta 
between Uie Patriotic Front 
Nationalist Alliance and an 
Anglo-American team would 
end inconclusively to-day arter 
farther talks. The two sides 
would then lake slock before 


The agreement also sets out 
while safeguards—covering an 
independent judiciary, a 
justiciable bill of rights, dual 
citizenship where applicable, 
reimttable pensions foniy for the 
civil service!, an independent 
army, police force, prison service 
and public service. 

The formula under which these 



RAINY SPELLS'spreading from Dundee, Aberdeen, Central 
W.. bright intervals later. Highlands 

London, S.E.. CenL S. England, Occasional rain or sleet, snow 
E. Anglia. E. Midlands on hills. Wind mainly W.. light. 
Rain spreading from W. Wind Max. 5C (41F>. 

S.W.. moderate to fresh. Max. Moray Firth, KE- N.W. Scotland. 
BC 14-IF1. Orkney, Shetland 

W. Midlands. Channel Isles. S.W. Showers, snow chiefly on hills. 
England. S. Wales Wind W.. light. Max. 2-4C (36F- 

Periods of rain, brighter later. 39P1 
Wintry owr hills. Wind W S.W.'Scotland. Glasgow, ArgvlL 
moderate lo fresh. Max. 7-SC w , , . 

1 45-4BF). N - Ireland 

!■;. Cent Nm N.E. N.W. England, Showers, heavy and wintry in 
Isle uf Man. Borden. Edinburgh. P^ces. Wind W.. moderate to 

-r fresh. Max. 5C (4IFI. 

BUSINESS centres Outlook: Becoming colder. 

Long-range 


meeting again. 

out last Friday were resolved. 

A UANC statemeot warning says i s the text of last week’s “entrenched clauses" might be 
that its “constitutional differ- “agreemem" under the head- amended within the ten years is 
enees" with the Rhodesian line “ The aareeinent that never that at least 78 of the 100 MPs 
Government still have to be came off.” must support any amendment— 

resolved is a reference to the The text calls for a 100-seat that is all 72 blacks and at least 


two issues on-which the Bishop House of Parliament with 2S six of the while MPs. 

! has disagreed with the other white representatives elected on a ■ 

I three delegations. white roll. Men and Matters, Page 14 


Continued from Page 1 ! Continued from Page 1 

‘Green £’ I Export prospects 


said 


Mr report yesterday which repeated 
earlier worries that the country’s 


Y'dav 
-c 'I 


Vriar 


.\I-Srtmlna 

s 


T^.Luxpinbrs. 

F 

■J 

.vinaiiMin. 

V 


.•g«l Madrid 

V 

V 

.\l hr 113 

1- 

u 

57JlunelT5|r. 

SI 


P.jhrim 

S 

19 

*(u Melbourne 

i: 

17 


s 

M 

Moils? 

S 

'.'0 

P*.irut 

s 

19 

r,41 Milan 

l-'B 

-1 

BrKdSt 

c 

4 

na Mnntn.il 

S—16 

fi-lgradc 

!•• 

G 

4:; Mmcov 

Kn—4 

Berlin 

i 1 . 

3 

:i7j>Uunicft 

C 

U 

B rtnRhm. 

SI 

* 

35 XoUMSth' 

C ■ 

—1 

Bnslul 

R 

a 

37 1 \p» York 

S , 

—5 


F 

3 

n; ] Osin 

sn 

1 

Budapest 

Sn 

0 

iri 1 Paris 

t: 

4 

& Ainia 

c 

ci 

Tu j Pvnti 

F 

37 

Cairo 

s 

19 

HK1 Praeu? 

K 

2 

CurdilT 

K 


41 iRevklavlh 

r. 

1 

CinvJir.a 

h—l-S 

.-.’4in dc 

•i 

so 

• u'of.nf 

Sn 

•J 

M.RoniB 

< 

70 

(*■.*■ ■*! 1 in s,n. 

s 


“7 Sincanpr** 

s 

19 

Ui^-lln 

c 

7 

4-, dui-i-hiiim 

SI 

11 

tidiriiMndi 

SI 

7 

■W.Sira'diri. 

V 

5 

VmJ'Iihi 

I- 


it Tohrsm 

R 

n 

»5- if—. 1 

l« 

\ 

•C T-l U|» 

R 

li 

CllS-.'ain' 

R 


■17 Trjkvn 

1" 

7 

|l..|4l>lk. 

1- 

—li 

•*1 fiirr.inr, 


—■! 

II Kmii. 

1. 

14 

-'Y-iina 

r 

• 

.Iii'inirj 

t! 

75 

-■H iw 

v l| 

-1 

I • r' -m 

K 

r « 

w iiurith 

c 

■1 

L-iiduit 

» 

3 

»■ 1 




forecast: Rather 
Miii-uav cold and changeable, giving way 
-c «k to milder weather before mid- 


HOLIDAY RESORTS 


-3 Elai^pnol 
jq Rnrd'.-aiis 
tJL Botflofcnt 


n; Tn. S 

Sfl I>irtll F 

29 t-, n-hrbvr.ik Ti 


-J 36 Malarca 
t <j]Ma1.m 
3 37 Mafia 
is in f\airnhi 
"4 T7 IVaal.-s 
W » Xtii* 

r i i-'dro h if; .p opono 

li I-Iin.-Iul K 16 61 Rhort.-s 

qi-'ii-j.-iur r isi 'i Si ijriiTTE 

d II S jTaBv’-f 

4n InmhnifV S'l I li 1 rife 

Invnriwts Nil | »I TlDlls 

".'I U ii* ’Ian R i 4n Vi|Ii-r|i;ia 

... l'.>;n:hMl r in .111 i’«n!> r 


definitely encourage a firmer] tough situation," 
market for beef. j Pennock. 

The effect of the devaluation •* Manv people in industry, and ewnoa,ic recovery could tie hit 
on Danish bacon imports will be : particularly heavy industry, a consumer boom leading to 
to reduce thp monetary subsidy: w ,i n( j er jf ciiy and the balance of payments problems, 

by about £44 per tonne, reducing.monetary authorities have yci despite the gains from North 

the total subsidy to just over-really comprehended the impact Sea oil. 

£200 per tonne. The effect _cf; U r ihe current sterling exchange Ray Perman, Scottish Cofre- 
this on the market for pigs will, rale.” spundcnL writes- Scottish manu- 

not be as certain as for beef.| The prob , em was nol j us , the facturing companies are even 

rate Itself, but- the Tact that n less confident than those else- 

wa* rising a^am-jt a background where in the U.K. about Ihe 

of flat world markets and a U K general business prospects for 

end the farm orico review oro- rtaTion r * lte aI ,easl ,wice tbal the J 1 ** 1 few CBI 

end the farm price lev lew PJJj of its overseas competitors. trends survey fnr Scotland 

The problems caused by the SJ * 10VkS ' 

. Dairy fanners will be dis-' exchange rate were worst for The results reflect the end of 
f ^ 1 appointed that they will have to j heavy manufacturing industry, the relatively easy passage 

£■ lfi 6i j wait until the farm price reviewi Mr. Pennock added, acknowledge through the recession given to 

f ir 5*‘for the benefits uf their 71 perj in .*? that some companies companies north of the border 

s 34 juicenL devaluation. ’ i round it a positive advantage h > the impact of oil develop- 

•S f* Mi ; J* n. U—nl.....t. :j .1. .r ' ho «1 .. «.« ^ p jjlfTlt, 


las Danish exporters may decide 
to absorb this themselves 
| Both groups will beneflt further 
.Jwhen the Council >n Ministers 


V'dav j fday 

Miil-dai-, iLd-dur ■ hah i., 

■O •I*" °C °F | ^ aD V 411 < llU LAIC-* i cl 

; ia R 4 38 another 2/. per cent, devaluation. 

' U 37 l.as Plms. C IS Ri 
9 4SI Locarno 


■X S-Su- 


i-—i- jir. <: 


1-6—F 46- SI—Skirt. So—blluw. 


s is si'• Sir Henrv Plumb, president of j because ti cm the cust 

f i 6 m: the National- Fanners Union, imported raw materials. With the slackening of ordera 

r j3 -w|said “The Council’s decision tu In addition, it maitercd less from the North Seethe pattern 

? -; t ' uoslpune the devaluation rur] where quality and nul price (for in Scotland ii reverting to that 

c iv in [ milk until afler the Euronean ■ example in precision engineer- fnr the coantrv a& a whole 

{!■ 'i -il Price deiennination is likely lo.lngi were the main factors Sonw- 27 per cent of Scottish 

t . ^jagsravaic an already serious. determining ihe ainounl a coin- companies canvassed in the 
•i r. k: Siluaiinn caused by thn large : pa »tv ex non yd survey «aid they were less con- 

R-iiau, . c Wpn»n* into the U.Wi of heavily • The _ CBI ab» pub}i<h«d its fident* now than four mouths 


-ubsidised European butler.' 


monthly ceuiiumic situation ugu. 



Although the cuttum for the 
full year at BAT Industries was 
a little below the market’s 
hopes—pre-tax profits have 
improved by just 11 per‘cent.-to 
£416m. after the 14 per cent 
gain at half-time—the ; under¬ 
lying trend appears to be quite 
satisfactory', and earnings per 
share have benefited from a 
lower tax charge. Sterling^ of 
course, began to have ah 
adverse influence on (he pub¬ 
lished figures, trimming about 4 

per cent, off-earnings, and these 

could he more problems in This 
respect in ; the current year 
given that sterlujg, has, 
appreciated by another 10 per 
cent against the dollar since 
the September year-tod. But- 
there is no stopping BATs 
overall advance in Us world¬ 
wide tobacco markets, with the 
volume growth rate .picking up 
a little to perhaps & per cent 
in 1976-77.- • 



reaction 

case down. 

On' the other htod;l 
a number 'o£ 
firms . which 
decision.: provides' 

Revenue ;wSth_ 
raising ‘ 

other - than; 'thosev :i 
interest, tranisf^r v 
consolidation 
jmaitt uncertainty' 
companies which have 
the , - tramsf«: .'. 
reserve ’’ .device and 
.tax aceocntants ,v 

.Inland Revenue may 
• take ano^ber.i,"test J casfe 
Lords to clearv up . 

Although ’the' scale p/ 1 
problem is nnclbar,.itis-( 

^that .’property coi 


' ^ > .general , J cah. ^<£xpect. a tom ■ 
The. main. reason is. that nearly approach, frain the Revem« 
■half the loss of" over £iim.^tnr -a'>esuIt 4^ F!tzleeL : ±h'. 
lOp per share) which is. ex- . • : - - >*i . 



Brazil .continues, -'td' 7 ipake 
excellent progress^ while profits 
improved modestly in Germany 
and Brown and Williamson in 
the U.S. turned . m ^Ughtly 
better dollar figures. 


Of the operating divisions, 
only tobacco continued to show 
any profits growth in the second 
half-year. Paper slipped back a 
little from first half levels, 
although this division still 
showed a gain of more than 50 
per cent for the full year, and 
BAT appears lo be pleased at 
the way its mostly speciality 
paper products are holding up 
in a tougher competitive climate. 
The group must be much less 
happy, however. ' about yet 
another setback for stores, wi ih 
the rerail division contributing 
just £5in. in April-September on 
turnover of £7U6m.. Stories of 
reorganisation at Gimbels and 
Saks in the tj.S. have a familiar 
ring, and Ihe near term outlook 
for the UK grocery side must 
be very difficult. 1 ’ 


for R faiuf : '-C'..dhairdsf'^'. 
£2.15m. The consortium 
that the .^aifce cost if £f. 
but it is ttear that R 
Investment Tmst had a. 
time. of it lhan its- associ; 

The venture was. co: 
as a tactical thrust, to 
Harcros’s 105 per cent-S 
in London:'Sumatra, a p 


But so long as the tobacco 
juggernaut continues to roll, 
BAT can absorb these problems. 
Further modest overall growth 
is likely this year, and at 275p 
the shares are firmly backed by 
a yield of 7.3 per cent, and a 
p/e, duly diluted, of 4.7.. 


Reed Lot. 


After nine months, attribut¬ 
able profits at Reed International 
?re down from • £19.7in. to 
£16.4m.. and £20m. looks like 
the best hope for the year com¬ 
pared with £27m. in J976-77. 


credits .available to^redaee this-. 
heavy burden.-• " •- the_ Ro^is^ld cofteo 

This deficit will be inflated to «Hrfound the Harnsens 

some extent by non-recurring T . _ 

re-organisation costs. Yet further Ih7«tment Tr^t^Mes it 
substantial losses seem probable; lD S ^ -P®? ■ 
for some quarters to edme "in e< Biuy, -which 
Canada K which accounts on-a 
calendar year basis) given the 
current very depressed price 6t 
pulp, and high stocks around 
the world 

The picture may be^ clearer 
by May, when Reed; comes to 
deride it*: future' -dividend 
policy. An unchanged gross 
payment uf 23n per share would 
cost £l4Jni. net and the group t ions company in which 
will probably also have to cope, sortium has a 27 per cent^: • 
with unrecovered ACT.. In addi- faIliire,-' attS- 

tion. retentions will be depleted returns to the cansortiuaAV 
by write-offs following the dis- for London Sumatra ofj&r.- 
posals. which at the interim . . . -; - 

stage amounted to £7m: So at ; ; V ../.{sas: 

the moment the probability is ’ yVtith: : parcros - under. - ’ 

that, the dividend will be ciit 1L and. C and assoe^ies^ 
significantly,' unJess some way'effeotiveiy concrot 
but of the Canadian mprass cah' cf London Sumatra.- Tho 1 
be found. The shares are uia- sortium’s. chances thus * 
likely to recover their lost lifted and the price of 
status while this uncertainty Sumatra sha^es accordicg^^- f 
continues: they currently stand by 12p yestoiday to llip.-^f-.. 
at I35p. • Nevertheless ,‘tftis' 

which compares with 
- end of lak . year—snggeslfr^f : 

. Y ester day's note about' the the story is not- expected. ^ - • 
implications of the House nf. here. Robert Fleming. - 
Lords decision in the Fitzleet to London Sumatra, 

Estates ease -:has'.'' generated weighing up - the ...epnsocfltffli 
heated discussion. among..pro- cadi; bier- If Fiemingf^flj: 4 
perty specialists. .Opinion differs .“.yes ” and the H and; 
considerably about how far’the blocks the offer, 7.UQ&'” 
decision affects ■ the various shareholders ■ “ in 
devices which have , .been Sumatra will feel 

used , by property companies miffed* and alert H. and"C 
for capitalising / development holders might have a few-gef-. 
interest The property industiys tions to ask! ax welL ; ; 


stsrrs 


(.411^ 


Property Tax 









the Bank of England and the StockExchange, is the ariswet ^:' 

For those 1,800 tonsfbrm part of the fabneof; :■ ■ :: J 

Anaei Court - ths ClhA mftrt rpcpni nffieia Wai/alhevnanf '■' • 


There are 19 storey^Sdmpflsng ;• ' 

air-conditioned accommodatbn.nowa^aWe.fpr i- ^!-" 1 
letting. Amenities, include banfang, shopping and’..'. ? >=? 

rflrfai iinnf famlrfian •(■nnn^knmiitk i:_■■■ • 


St Quinlin 

^ Son tJc Stan !('•- 




Chartered Surveyors 
Vintry House, Queen Street Place, 
London EC4R1ES 
Telephone: 01-2364040 


§ 3 P-S 

64 C 6 mhfll^-l. ' : .;. : -Vi. 

: ; LondOriEC 


«^i*ru j- -m^ 
ii* Hi- I- mai:i-jal Tnuci 
V H