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'■vrial M etal Iadn rtrita Limited 'Bunja^taiii' 

Bui/dj]iSl«'^'^‘J^ai«iidniBj>e i ''Hiiii[lp<fncr ' 

UnnT.ilrxvsinprrios ■ Zip Uxtatert 
Jtcliufei and ujniipln jittiils . 



No. 27,475 


Thursday February 2 1978 *i5 P 





COtiTINeNTAt.-.SELUNC PRICES; AUSTBtASctnli; BELGIUM Fr.I5; DENMARK Kr.3.5; FRANCE Fr.JJS; GERMANY DM2.0: ITALY L-SDOs NETHERLANDS Ft.j.fl; NORWAY Ur-3J: PORTUGAL Ex-10; SPAIN Pm.40; SWEDEN Kf. 3.25; SWITZERLAND Fr.l.Q; EIRE 15p 


S SUMM. 



BUSINESS 



' • lon and the South-East are 
. to luive a new airport, at 
until after I960. Until 
Heathrow, Gatwick, Luton 
vStansted will he expanded, 
cet air traffic growth in the 

• .• .JDL 

~ :: is is the theme of the long- 

' * . led White Paper on Britain's 

..--'ft strategy which was pub- 
' d yesterday. It contains con- 
rsiai decisions to develop 
ick to cater for 25m. pas- 
-UluioH v frs * ye!ir and t0 lake 
^jted up, to iuir and Liiton to 


eventual fifth terminal for 
• brow is rejected and even 

proposed fourth terminal, 
iffTirii ~ 1 (j a t improving the airport's 

■* '.:ity to SSixL passengers a 

aJjahSe • - - • is to be subjected to a pub* 

jffi in ‘ * lf l uir >- 

^6* i'« : 5bter controls on ,aircraft 

kfc til- ■- * are proposed; the effect of 

E ' - ■ ~ ■ . b will be to eliminate ail 

... . ' present-type Boeing 707s, 

^ VC-lOs, Tridents and One- 

■ ‘ms from British airlines by 

gjpfevr ' ' _ary 1, 1986. Back and Page 
jafes. tv Parliament, Page 10 


up 2.8; 
Gilts 
improve 

• EQUITIES reacted to the 
gloomy CBI survey of industrial 
confidence. Trading was thin 
and hear closing left the FT 
ordinary lodes 2-B up at 469.8. 

• GILTS Improved early, and 
covering of short positions 



^ ten returns 

lit--.- . David Owen. Foreign Secre- 

ft--,- . . returned to London from 

„il,. 4 last night after talks on 

' Anglo-U.S. proposals on 

” lesia bad ended with little 

rent progress on the main 
-s. Internal settlement talks, 
■ h resumed in Salisbury, 

w ■ * : soon bogged down when 

op Muzorewa, United African 
onal Councii leader, demand 
a change' in the already 
ed formula.ior the, election 
dnority represents tiy^-Tage 

telfitelaunch 

Soviet Union has launched 
her satellite.. Cosmos’ 987, 
orbit. Two more pieces of 
>1 debris ’ from a crashed 
jt satellite were, found- in' 
nern Canada, One of . the 
cts was emitting' moderate 
ition, a defence official said. 

Jia visit . 

first Chinese delegation to 
India since the 1962 Jwrder 
is due to arrive in Delhi next 
c. Page -& CWoa's first 
ese English dictionary _ is 
g printed,. the hfevv China 
s Agency reported. 

-ster baby^hot: 

by boy, aged.^1 nroritbs, was 
•usly ill in?a Belfast hospital 
night after a.shbdting. ioci- 
He Js the .^pn'of a man 
:e case wa?-iaS»n. 4o the. 
,>pean Court : .pn-;>Hunian 
ts by the .Irish' Government. 
TovisibnaT-Sion^mh. polF 
wing. of thp:;-provisional 
said. Eadie^ a^ipin'b fex- 
sd in a central Belfast shop. 

trui bo ml* 

enade,exploded in i crowded 
jt square, killingi-tipe- person 
wounding 17. Midesfit, 1 Page 









map' 


^htship adrift 

«B Seven Sthnes^ lightship was 
last night in. mountainous 
&off Land’s EndL : in. the same 
a 320-ton coaster, loaded 
explosive^, '.lyas being 
^ted by a .tug. The oil rig 
fltTel. Orion, was -drifting dan- 
[^xsly off Guernsey. 

father pledge 

J-hlt parts of northern 
id will receive Govern- 
aid,- Hr. Harry Ewing; a- 
. ifib Under-Secretary, said In 
. -ness. Weather conditions 
ij iii the Highlands and the 
. link between .Perth and 
- '■'fries® 1 was re-opened. 

‘ iefly . - . 

men were jailed for five 
and six years.at the Old 
iv for stealing computer 
from ICI and.blaclcmailins 
orapany !or-E275,000. Page S 
inal Hume, Archbishop of 
minsler, addressing the 
-ral Svnod of the Church of 
and, said that divided 
itianity was " a scandal.” 


resulted in. gains .of The 
Government Securities index 
closed 0.49 up at 76.10. 

• STERLING fell 15 points to 
$1.9485, after remaining: steady 
most of the day. Its - trade- 
weighted average * was un¬ 
changed at 66-5.- The dollar 
showed little movement and its 
depreciation, narrowed to 4.57 
per cent. { 4.65). 

© GOLl> rose $i to $l?6j. At 
the IMF auction nearly 525m. 
ozs of gold were sold at a xecord 
$175. • " 

• WALL STREET dn^dV: 42 

up at 774T34; / ■ ' 

« JAPASTS gold and foreign 
exchange reserves increased in 
January to a record saJ^Tbn. 

• SWEDISH palp and paper 
association has complained about 
Britain's refusal to-raise the duty- 
free quous for''Swedish imports 
for 1978. Page;* 

Dublin axes 
wealth tax 

• IRELAND’S Budget provisions 
include abolition of the wealth 
' tax, - .which, the Fiauna Fail 
finance .minister says, has cost 
Ireland jabs and investment and 
■has been demoralising. Page 3 

• ELECTRICITY industry 
chiefs, .unions and the Govern¬ 
ment will meet soon to discuss 
future strategy for the industry. 
Page 8 

• ELF-AQUITAINE, whose 
accumulating refining losses has 
forced it to seek aid from the 
■French Government, has made 
a ..significant oil and gas dis¬ 
covery . in the West Shetland 
area. Pages 27 and S, and Lex 

• UK. SHIPOWNERS may face 
increased labour costs of between 
£3Im. and £50m. a year by the 
beginning of the 1980s as a result 
of proposals to eliminate pay 
differentials between British sea¬ 
men and foreign ratings on 
British-flag vessels. Back Page 

• OVERTIME ban by ancillary 
workers-at Smith's Dock on Tees- 
side may affect the contract to 
build three of the Polish ships 
order. Page 9 

• BSC has increased its pay 
offer to 67,000 manual workers 
from 6 per cent to 9t per cent 
in return for co-operation in 
economies.' But union leader, 
Mr. Bill Sin has said that there 
could be no settlement under the 
10 per cent, guideline figure, 
and talks ended last night with¬ 
out agreement Rack Page 

• ACAS has intervened to try 
and end the strike by South 
Wales lorry drivers. Page 9 ’ . 

COMPANIES 

• PUESSEY pre-tax profits im¬ 
proved from £27.99m. to £32.19ra. 
for the nine months to December 
31, on sales £33.3m. ahead at 
£441.6m. Page 23 and Lex - 

• PRESTIGE GROUP second 
half pretax profits rose from 
£3.46m. to £3.77m., pushing the 
whole year. figure to a record 
£6^5m. Rage 22 


Unions give qualified! support for survival plan 




oranges 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


MR. MICHAEL EDWARDES. the 
new chairman of British Ley- 
land, won qualified trade union 
approval yekerday for bis plans 
to trim the Leyland Cars 
workforce by 12,500 this >ear 
and to introduce further cuts in 
the future by “natural u-asrase. 
redundancy programmes, plant 
closures, or some combination of 
these." 

Support for these radical 
proposals came after he bail 
ftiven ao uncompromising speech 
to 700 union and management 
officials at a Kenilworth botel. 
Mr. Edwardes. who emerged 
from the meeting in euphoric 
mood, later described the 
gathering as unique—** maybe a 
historic meeang the like of 
which has never happened 
before in this country.” 

This was the first time that 
Sir. Edwardes has appeared 
before a large meeting of Ley- 
land senior management, and 
shop stewards. He took' the 
opportunity to offer a bleak warn¬ 
ing on the future for a company 
which had "become the bun u’f 
cartoonists from Tokyo lu 
Detroit." 

On the central issue of Ley- 
land over-manning, ht* said the 
question was not whether I'm: 
company de-manned but by how 
much. “The less we are able 
to produce quality cars steadily 
—and thus regain market share 
—the mure serious the do- 
manning will have to be."* 

This message, and a resolution 



. W -; j 



THE NEW STRUCTURE 


LEYLAND CARS, renamed 8L Cars, will retain common functions 
such as central bargaining, but will have three subsidiaries: 

e Austin Morris will manufacture and market volume cars. 

9 Jaguar. Rover. Triumph will manufacture and market specia¬ 
list cars, 

9 BL Components will embrace parts, SU-Butce, foundry and 
body operations, supplying Leyland and external customers. 

Wirhin BL Components, Pressed Steel Fisher will be restored 
as a separate subidiary company. 

Land-Rover will become a subsidiary company of specialist cars, 
responsibcl for expanding output of four-wheel drive vehicles. 



LEYLAND INTERNATIONAL, renamed BL International and shorn 
of responsibility for exports, will manage certain subsidiaries and 
trade investments overseas. 


TRUCK AND BUS GROUP becomes Leyland Vehicles and will 
extend range of models. 


SPECIAL PRODUCTS GROUP renamed SP Industries 


Mr. Edwardes: a *■ unique and historic meeting." 


CENTRAL engineering department creared to co-ordinate long-term 
product planning. 


lo “ liny up manning lotcls and 
production cap a oily with market 
needs." was warmly received by 
the meeting, jllhnugh some 
people present suggested ifaat 
Lord Ryder, the former bead »f 
1 he National Enterprise Bu.'ird, 
had been given a stronger wel¬ 
come v. hen he addressed a 
similar meeting just over two 
years ago. 

But it is clear that Mr. 
Edwardes will raw deep opposi¬ 
tion from ionie quarter* if he 
resorts to large-scale compulsory 
redundancy programmes. Several 


warnings v«.rt- given during the 
meeting that, while the unions 
supported moves io raise produc¬ 
tivity. they would not acquiesce 
10 Im gif-scMe eiii-hai-kv. They 
are *ltll ‘foking fur a more 
expansion!?) pniic;.. with an 
aggressive .-ppruach 10 sales. 

Asked a: a Press conference 
later about his plan* in trim 
the workforce. Mr. Edvard*?.* said 
that la Iks ••ou Id now Si art 00 a 
jilant-by-plant basis. 

On plant cIushuvs. he said ihe 
group ;vi«s looking closely at ai) 
its Jo»s-iiu king operations at 


home and overseas, and would 
take the necessary action once 
this examination was over. But 
commenting on the 11-week 
strike at the Speke. Liverpool, 
TR7 plant, he said that he would 
“not be infiuenveti oy short-term 
considerations in our long-term 
strategic planning." 

Mr. Edwardes jl»u made it 
quiie clear that he intends tu 
press ahead with hi? reorganisa¬ 
tion of Leyland Gars aDd the 
wide-ranging reshuffle of 
management in ihe organisation, 
io spite of recent criticism of 


these moves and the spate of 
resignations. 

He described ihe present 
organisation as having “all ihe 
problems of centralisation such 
as remote management, 

excessively long management 
chains of command, poor per¬ 
formance and very Lew benefits." 
To cure these faults itr is aiming 
10 create a decentralised struc¬ 
ture with three profit centres for 
Aus t in-Morris—which, he cun- 
firmed. will be run by Mr. Bay 
Horroeks. the former Ford and 
Continued ou Back Page 


BY OUR FOREIGN STAFF 

OFFICIAL!? in several European 
[countries moved swiftly yester¬ 
day to head off a possible threat 
\ to health posed by the discovery 
. or' mercury in Israeli oranges. 
1 Extra precautions were being 
■taken after several had hern 
I found injected with metallic 
mercury in West Germany and 
Holland. 

None have been detected in 
ihe L\K. and ihe Israeli Citrus 
• Marketing Board said there was 
i no danger to British consumers. 
J The Ministries of Health in 
[Holland and West Germany said 
{letters had been received 
{threatening to poison Israeli 
! fruit. The letters came from a 
.group calling itself Ihe "Arab 
I Rc-vo luminary -Army—Palestine 
Command." 


Serious 


Text of Edwardes speech and reactions Pa“t‘!) © Editorial common! Pane 20 



BY JOHN ELLIOTT, INDUSTRIAL EDITOR 



EF PRICE CHARGES YESTERDAY 


:es in pence unless otherwise 
indicated) 

RISES 

sury 93PC. 1981 £100^ + -vt 
sury l3pc. 1990 £112J + i 
\equer lfiiPC. 1993 
!0 Pd.) .2£1 + | 

days Bank . 317 + 5 

iimont F*ropS-..97 + 8 . 

>-n (J.).284 + 12 

ke Nidudls . 80 t 5 

t v . 164-1-6 

.... 276 -H 6 

iland Distilleries 155 ’+ 6 

zfg Supplies .- fiS + 5 - 

^ Devs. 3S rr a 

leman fG.). 5? T 

jsh & ConL lnv. 63*J + 20 


Sunley (B.) ....... 

Tarmac . 

Tate & Lyle .. 

Vnochrome .- 

"Weir Group . 

Wilson .Bros. 

Oil. Exploration . 

Elsburg . 

Rustenburg Plat. 

South African Land 

jSouth Crofty. 

Viakfontetn . 

Wit Nigel . 

FALLS 

Giaso . 

Hillards .- 

Alorrison tWm.) . 

Heed 3ntL . 

BP . 


20S + B 
144 + S 
212+4 
15+2 
111 + 7 
45 + 4 J 
280 + 12 
147 + 7 
96 + 4 
+ 52 
5 

56 +.4 

57 +.5 


731 

60 


56S - in 
1S5 - 10 
175 - 13 
130 - 5 
7S2 -16 


THE Prime Minister yesterday 
set the scene for both sides of 
industry to co-operate in spread- 
ihe unurrst undin;: ano 
impact of the industrial strategy 
in individual companies. The 
Government regards this as 
essential if Britain's manufac¬ 
turing industry is to improve ils 
share of world markets. 

Mr. James Callaghan launched 
his initiative at a meeting of 
the National Economic Develop¬ 
ment Council. lie confirmed 
that there will be no early legis¬ 
lation on the Bullock Report's 
worker director proposals and is 
to meet the Confederation nf 
British Industry for talks on ibis- 
next week. 

He also indicated that there 
would only be limited Govern¬ 
ment intervention in industry, 
including some new and 
expanded financial aid schemes. 
Generally the emphasis for ibe 
coming months would be on 
voluntary co-operation between 
Government, companies and 
employees, with £250.000 allo¬ 
cated for a special State-funded 
communications exercise. 

After the meeting Mr. Denis 
Healey. Chancellor of the Ex¬ 
chequer, said it was for “ private 
entrepreneurs " to pick the win¬ 
ners in industry and to decide 
bow to “invest their money 
wisely," indicating that there was 


no though* oF national planning 
machinery Tor choosing between 
*. winnerii and 

Air. Eric Vai-ley. industry Sec¬ 
retary. opposed the view nf many 
leading Labour Left-wingers 
when he said that although the 
Government had been unsuccess¬ 
ful in its voluntary planning 
agreement policy, be did uor 
think new legislation on indus¬ 
trial mailer 1 ! was needed. 

A paper presented to the meet¬ 
ing by Mr. Healey and Mr. 
Variey. which reviewed the first 
two years of the industrial 

Industrial strategy reports. 

Page 29 

Editorial comment. Page 2(1 

strategy, put the economic 
growth rale above GS per cent, 
if the industrial strategy suc¬ 
ceeded in modernising key sec¬ 
tors of the British manufactur¬ 
ing industry to increase exports 
and reduce imports. 

Ca leer lati'ons showed there 
could be an annual gam of at 
least t'S.Sbn. on the balance «r 
payments by 198U. and between 
5O0.OG(t and 2m. jobs could be 
created, mainly in service indus¬ 
tries. 

Mr. Callaghan's statement on 
the Bullock Report confirmed 
what has been clear for some 


time—that tne Government's 
rari lament:*’., position makes 
l-igisla..- , visible before the 
nv*t i/.vo J7-?. But bis words 
showed he >s still trying to win 
joint support from the CBI and 
ihi- TUG for a White Paper pro¬ 
posing only gradual moves 
towards worker directors, with 
some statutory rights to employee 
consultation aud disclosure of 
information. 

Mr. Callaghan saw TUG leaders 
on this recently ami will discuss 
prospects with the CBI on 
Monday. 

But there seems In be no 
chance of CBI co-operation, with¬ 
out which the Government would 
have to “state its views” in a 
White Paper not subject to “ un¬ 
due delay," Mr. Caiiagban said. 

The prospects of a White Paper 
before Easter has therefore now 
receded, and the Government will 
to-day publish a consultative 
document on employee share 
ownership schemes, the result of 
its pact with the Liberals. 

Several Government industrial 
ait> schemes have emerged from 
i«k-as put forward by *,ome of 
rhe 3S sector working parlies 
operating within the industrial 
strategy concept for ihe past iwo 
years. Yesterday, the Govern- 
Continued on Back Page 



BY JONATHAN CARR 

HERR GEORG LEBER, West 
Germany’s Defence Minister, 
to-day offered to resign—a 
move increasing speculation 
lhat a big Cabinet Tesuffic may¬ 
be in the offing. 

His offer vanic at a Cabinet 
meeting ({tiring which he said 
he had unintentionally rubied 
Parliament over bugging activi¬ 
ties by the military counlcr- 
imeHigeuee sen ice. 

.V Co\ eminent spokesman 
said Chancellor Helmut 
Schmidt had urged the Minis¬ 
ter Hi reconsider but it is 
widely fell that by the public 
announcement of Herr Leher's 
action the die has been east. 

Over the past 3ear or mare, 
the Defence Ministry lias been 
Iu\otied in a series* uf contro¬ 
versial affairs, most recently 
uicr espionage and bugging 
activities. There have been 
clear signs that, besides facing 
severe criticism from the Par¬ 
liamentary opposition, Herr 
Leber has also been losing the 
support of the Social Democrat 


BONN, Feb. 1. 

■and Free Democrat eoalitiou 
parties. 

There is a growing fear in 
the coalition that his continua¬ 
tion in office could prove a 
political liability. «This year 
sees Tour major itov Incinl 
elections in Most Germany. 

To-day li was also nsvealod 
lhat Herr Helmui Rohde, the 
Education Minister, had told 
Jlerr Schmidt he wished to 
leave this year to devote him¬ 
self 10 more S PD parly work. 

The specific point ou which 
Herr Leber has offered his 
resignation involves his state¬ 
ment during a stormy Buntfes- 
tnge debate last week that the 
apartment of one of his 
secretaries had been bugged 
by counterintelligence which 
believed—incorrectly—lhat the 
woman might be involved in 
espionage. 

To-day, Herr Leber told the 
Cabinet he could no longer 
stand by that siatcmenL No 
details have been revealed of 
what other bugging cases there 
have been. 


Israeli security services were 
consulted and the Gurus Market¬ 
ing Board launched an investiga¬ 
tion to trace the origin of the 
contamination. 

This new terrorist threat 
could have serious implications 
for Israel's fruit exports. Citrus 
fruit represents Israel's main 
agricultural exports and accounts 
for about 6 to 7 per cent, of the 
country's lota I exports and 
around 22 per cent, of total 
exports to the EEC. 

West German retailors were 
quick tu remove Israeli Trull nf 
all kinds from tiieir displays. So 
far as was known, no one had 
eaten on; contaminated fruit. 

In West Berlin the health 
! ministry ordered shops (n stop 
' selling the oranges and residents 
' were warned over the radio not 
' to buy the fruit, .laffas were also 
' taken off the stands at a big 
international food fair being 
held there. 

! in Maastricht in south-east 
; Holland. 1 races or mercury ton 
'email tu bo a danger to public 
health were found in 14 oranges. 

i in London Ihe Department of 
’Health advised Hie public tiiar 
•oranges from Israel marked 
'‘•Jaffa" would show signs nr 
silver-grey droplets in the ilesh 
'after heinst peeled and divided 
i if they had been tampered with. 

Threat to exports Page « 


£ iu New York 

f\ (•n.ni, l 1 l’r*\ ■■nit 

>|,4 SI.W'XSrjV 

j ftniKii, i>> ("Cti 'j.oi-'.’.fefivt" 

... v.2i-O.L‘7 |.n 11 . '.IxVujM-eiri 

IT ■ii.i'iiIi- ... 


Sun Alliance pay row grows 


BY ERIC SHORT 

THE Department of Trade told 
Sun Alliance and London Insur¬ 
ance last night that it would 
force the company to cut pre¬ 
mium rates to compensate for 
allegedly breaking ibe pay guide¬ 
lines after it refused to discuss 
making voluntary cuts. 

All is set for a confrontation 
between the Government and 
Sun Alliance unless the com¬ 
pany, which now plans to take 
legal advice, is prepared to drop 
its plans to make its staff pen¬ 
sion scheme non-contributory. 
The Government claims the pro¬ 
posals are not included in the 
lifting of restrictions on im¬ 
provements in company pension 
schemes. 

Last week Mr. Stanley Clinton 
Davis, Under-Secretary for 
Trade, wrole to the company 


requesting a meeting and point¬ 
ing out that under the Counter 
Inflation Act 1973 the Minister 
had the power to restrict insur¬ 
ance premiums. 

The Department wanted to 
discuss how to achieve this on a 
voluntary basis so that the cuts 
would produce a total fail in 
income equivalent to the extra 
money being paid to staff. 

But Sun Alliance said yester¬ 
day that its proposed increase 
of salaries by an overall 9.9 per 
cent, was within the guidelines. 

It .repeated that its additional 
plan to improve the terms of the 
staff pension scheme by convert¬ 
ing the scheme to a non-contri¬ 
butory basis was exempt from 
the 10 per cent, limit. It 
rimmed that this had been con¬ 
firmed by all statements of 
Government policy, particularly 


one hy Mr. Stanley Ornie, the 
Social Service Minister, on 
July IS. 

The company says that it is 
being punished for a settlement 
made in good faith and in line 
with any norma) interpretation 
of the wording in the Govern¬ 
ment statements. In these cir¬ 
cumstances. it contjnds that 
Section 9 of the Counter-Inflation 
Act does not apply. 

But Sun Alliance further 
believes that even if it did. it 

could not be used to reduce 
premiums. 

A statement from the com¬ 
pany last night went even fur¬ 
ther end questioned whether the 
use of any olher power dis 
criminating against the companj 
tu punish or tn mark disapproval 
would be (awful. 

Black list row Back Page 


CONTENTS OF TO-DAY’S ISSUE 


European news.sr*.. 2 Sri* 

Overseas news .. 4 

American news . 5 

World trade news . 6 

Home news—general $-9-29-30 

—labour . 9 

—Parliament ... 10 


Technical page .. 16 

Marketing ...«*... 17 

Arts page . 19 

Leader page . .ts-.m 20 

U.K. Companies .22-24 

Mining ..24 


Inti. Companies. 26-2$ 

Euromarkets . 27 

Wall Street .32 

Foreign Exchanges ......... 32 

Farming, raw materials 33 
U.K. stock market.34 


Ufe or death scramble for 

aero engine orders . 20 

Economic Viewpoint: Jobs 
and protectionism ......... 21 

Business and (he courts: 
Advertising standard:. ... J8 


FEATURES 

How British industry pro¬ 
motes Itself . 17 

Cyprus: Economic chasm 

grows wider . 17 

Asian Common Market- 
Co-operation resurfaces 4 


Car i com crisis: Trinidad 

holds the key .. 5 

Ilford by-election; A guide 
to Labour's fort ones .... 10 
Capital markets in Japan: 
Growing internationalism 27 


Appointments . 

Appointment Advte. 

Books . 

Business CPPts- . 

Crossword ... . 

economic indicators 
Enurtainmoni Guide 


12 

FT-Actoarics Indices 

24 

Saleroom . 

13 

22-15 

Jobs Column . 

12 

Share Information . 

»-37 

m A 

Lcucrs ... 

21 

Today’s Events. 

21 

25 

Lc* . 

32 

TV and Ratlin. 

IS 

18 

Lombard ..- 

IS 

Unit Trusts . 

35 

31 

Mon and Maum ... 

20 

Weather . 

38 

19 

Rating .. 

U 

Winter Sports. 

18 


INTERIM STATEMENTS 

CeUrcway . 22 

Plcssey Company .. 24 

Takeda Chemical . 27 

ANNUAL STATEMENTS 
Raeburn lnv, T«- .. 22 

Base Lending Ratos 35 


For latest Share Index ’phone W2-246 S»J26 



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EUROPEAN 


CYPRUS 



The economic chasm grows wider 


BY MET1N MUNIR, RECENTLY IN NICOSIA 


THE CAROB trees In the 
“ Turkish Federated State of 
Cyprus" are slowly dying—of 
neglect Since the war of 1974 
no one has been treating them to 
prevent rats nibbling at the base 
of the branches. Almost all the 
thousands of carob trees in 
northern Cyprus have a dead 
branch or two and brown and 
brittle leaves. 

An evergreen of the Mediter¬ 
ranean like the olive, the carob 
is a symbol of Cyprus rather as 
cedars are of the Lebanon. Un¬ 
like the cedars, it is also a source 
of income, its fleshy pod being 
used for fodder and to make 
treacle. All that the carobs in 
northern Cyprus signify now, 
however, is the sickness of the 
Turkish Cypriot economy. 

Although making some 
economic progress, Mr. Rauf 
Denktash's Turkish Cypriot Gov¬ 
ernment has been unable to raise 
GNP in the north to the pre-1974 
level. The Greek Cypriots for 
their part have surpassed their 
pre-war GNP in spite of having 
lost 36 per cent, of the island to 
the Turks. 

The economic chasm between 
the Turks and Greeks, one of the 
principal causes of inter- 
communal strife, is still widening 
and will make it very hard for 
the two communities to co-exist 
peacefully without / physical 
barriers to separate them once 
the Cyprus problem is settled. 

The recent visits to Ankara, 
Athens and Nicosia of the UN 
Secretary General. Dr. Kurt 
Waldbeim, have created a new 
bout of optimism. It is expected 
that the in ter communal peace 
talks, discontinued for nearly a 


year, will be resumed by March 
this time. The new Turkish 
Prime Minister. Mr. Bulent 
Ecevit bas promised Dr. Wald¬ 
heim concrete proposals on the 
constitutional and other aspects 
of the problem. It was the first 
time that Ankara agreed to 


It la generally accepted now— 
even by the Greeks—that the 
island will become a federation 
of the two communities which 
will live side by side, under a 
joint central government 
A question bothering very few 
people at this point is bow, given 



produce a map—In effect accept¬ 
ing to give some conquered land 
back to the Greeks. 

The Turks have had a map 
ready for a long time—in fact 
several maps with alternative 
territorial concessions—but not 
a government strong enough to 
bring them out. Mr. Ecevit 
apparently feels strong enough 
to negotiate a settlement. As the 
man who sent the Turkish army 
to Cyprus in the first place he 
has enough prestige at home to 
give away land to the Greeks 
which will be anathema to many 
Turks. 


the large disparity in -their 
economies, the Turks and Greeks 
of-Cyprus will live once a federal 
solution is accepted on paper and 
the island's territory is appor¬ 
tioned. 

The rate of inflation in the 
Turkish sector last year was 
close to 30 per cent, while an 
the Greek side it was about 5 
per cent. Probably the only two 
things which are cheaper on the 
Turkish side than on the Greek 
are imported whiskies and cigar¬ 
ettes. If the line dividing the 
two communities was lifted there 
would be very few Turks not 


shopping on the Greek side ^nd 
very few Turkish shops not going 
bankrupt. 

The Greeks are strong enough 
to swallow the Turks economic¬ 
ally in a few years in an un¬ 
divided island. Mr. Denktash 
would never let this happen 
because it would lead to the 
economic ruizz of his community. 
"We do not want to be kicked 
about as we were from 1963 to 
1974," he said recently, referring 

to the period of intercommimal 

strife preceding the Turkish 

intervention. 

There are many reasons why 
the Turks are lagging behind the 
Greeks and that the gap will 
be unbridgeable unless Turkish 
Cypriots receive sustained 
foreign aid. The Turks, who 
number about 140,000, were— 
and still are—'ill-prepared to 
utilise the economic potential 
left behind by the Greeks when 
they fled to the south. For over 
a decade they had lived in 
poverty-stricken enclaves as 
second-class citizens, cast outside 
the island’s economy as well as 
its administration while their 
compatriots prospered. The 
Turks were the farmers, shep¬ 
herds. small shopkeepers and 
civil servants. 

Before the war the Turkish 
Cypriots were screaming for 
sympathy and getting very little. 
After the war they screamed for 
help and received even less. Help 
from abroad has come only from 
Turkey but not in adequate 
amounts. Itself bogged down 
with political instability and 
grave economic problems, Ankara 
failed to provide the money and 
technical and managerial skills 


required to develop the Turkish 
Cypriot economy in a way it 
would reach the standard of the 
Greeks. 

The new Turkish Cypriot 
ministries and civil service axe 
inefficient. Capital accumulation 
is low, and the shortage of 
managerial and technical skills 
as pronounced as ever. There 
are virtually no foreign currency 
reserves. Without a central bank 
and an efficient finance ministry 
the government has little control 
over the Turkish lira which re¬ 
placed the Cyprus pound as legal 
tender soon after the war. 

There is, furthermore, no 
coherent development plan or 
even annual programmes. The 
government has so little money 
that it is finding it difficult to pay 
civil servants’ salaries. In brief, 
as a new fortnightly put out by 
Mr. Denktash’s son, Raif 
Denktash, put it: “ The situation 
is chaotic." 

Another major obstacle is the 
economic sanctions imposed on 
the Turks by the Greeks. The 
Greeks have kept airlines from 
the Turkish Cypriot airport at 
Ercan and ships from Famagusta 
harbour which very effectively 
undermined tourism and exports. 

Any solution that may be 
reached in Cyprus cannot be long- 
lasting if it does not take into 
account the poor economic con¬ 
dition of the .Turkish Cypriots. 
Indeed, there may not be a solu¬ 
tion at all: the Greek Cypriots, 
continuing to prosper, have little 
incentive to yield government 
power to the Turks, and the 
Turks, not prospering enough, 
dread that they may fall even 
further behind the Greeks. 


Iraqis cut 
oil supplies 
to Turkey 

ANKARA, Feb. L ..' 

IRAQ has shipped no crude oU 
to Turkey since the beginning 
of the year because of a dispute 
over payments, the Anatolia 
agency reported today, quot¬ 
ing Foreign Ministry officials 
and saying Out negotiations 
were continuing betweenthe 
two countries regarding a .re¬ 
sumption of supplies. 

Iraqi crude is pumped to 
Turkey through a jointly-built 
pipeline which runs from the 
Keckuk oil fields in northern 
Iraq to a Mediterranean termi¬ 
nal in south-east'Turkey. Iraq 
provided about two-thirds of 
Turkey’s 12m. tons of oil im¬ 
ports last year. 

As of the end of December, 
Turkey owed Iraq $234m. in 
unpaid oil bills, according-to 
government officials. Payment 
on SlSOm. of this debt Was 
postponed to April by mutual 
agreement. A portion of the 
rest would be paid back in 
Turkish exports, particularly 
wheat, to Iraq and the re¬ 
mainder would be paid back' in 
cash along with any new debts 
to be accrued from daily im¬ 
portation worth $&5m. 

Turkey has been facing diffi¬ 
culties in meeting its import 
payments because of a severe 
foreign currency shortage and 
huge foreign trade deficit. 

The oil supply problem has 
been farther aggravated by a 
strike at oil-producing facilities 
of the Royal Dntch/SheR Grnp 
Shell in Turkey. 

Meanwhile, Mr. Bulent 
Ecevit, the Turkish Premier 
bas decided to visit the USSR 
this year. 

AP-DJ 



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To progressively update a banking data transmission network that spans 
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transactions of most of the hank’s more than 1,700 branches. 

The customer 

Canadian Imperial Bank of Commerce is one of the world’s largest hanks 
with assets in- excess of 30 billion dollars. In Canada it has the largest 
network of branches with representation in all ten provinces and the two 
northern territories. Several remote communities in the Arctic are served 
; by aircraft while a shipboard service is available to communities along the, 
i St Lawrence river. 

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;To install intelligent hanking, terminals at most hanking locations. The" 
initial order calls for the installation of 1,400 Olivetti TC800’s in branches 
in the provinces of Quebec and British Columbia and in the city of Ottawa, 
the country’s capital. 

|The choice' _ _ 

i The bank had excellent experience with an earlier generation of Olivetti 
hanking terminals. To integrate into the bank’s main on-line network the 
branches in which these earlier units had been installed and to expand 
the network to many other branches, the TC800 was chosen because of 
its intelligence and outstanding.capabilities in large ‘data processing and 
transmission networks. 

Companies everywhere are choosing Olivetti systems;' 

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140,000 data processing systems and personal mini-computers; 65,000 
terminals and data collection units; 350,000 teleprinters and telecom-j 
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QisettiLtcL, 30 BerkeleySquare, Londc m'WXS 6 AH 


put to Italian 
Christian 

BY DOMINICK J. COYtE ._ 





ROME, Feb. , ^ 

DEPUTIES AND Senators- of There is- unlikely 'to. be'afc£ 
Italy’s ■■■• long-ruling ■■ Christian -material -affvancfr : ta'-flaorts..fr i.. 
Democrat {DC) party had sepa-' iohm a jnew ■ Gaverrahcstt pending;] • 
rate meetings here to-day to the outcome o£ the~ oonBXB^ea 
determine whether backbenchers .meeting. ^ ' • 

would accept an outcome-61 the Maaaw hile «wre ;: . 

country's present potocal ensu £uiifeer ..^yutforeate qf seribos / ‘ 

nate, S:g. Giulio Andreotti, is Oidex movement, who warn.j ^ 
said to be attached, is unlikely, .. 

to command wholehearted ; DC stitote . the .<*ttlawed - Fascist... 
support, and’ a - decision... has Party. • j - "tV/ . 

already been made to call the The jud^eaiti -whieh'fol4o^St J - , 
party's central committee to-a ■a fomrin g <a«tnng in mnnaw, V 
special meeting at the week-end, been as" “ incredible*, j 

probably on Friday. “ " V 

It remains unclear, too, ^ sections’ of tfie nUkfitt" ' 

whether the Communists..would- here. 

settle for such a compromise. " ■ „■ /■".■•••■'r 

The PCI leadership is still insist- . The -aumnEttees-' have. new. j 
ing publicly on the' establish-, assigned j>oMcs.- gaords . 

ment of an emergency govern- three judges ' bxvo&ved to: fite - r 
meat that Includes Communist; Case afiertee Rome iprosecata^ | . 
ministers to deal with the Sag,, Retro Pascaimo,. said 4jKt, , ' 
developing industrial recession anonymous telephone caHS/mii 
and the deteriorating law and pouting '.to come-' from. 
order position. - The DC has extreme Left. “ Red Brigade# 1 ; 
replied with a firm "No/"’. .. *! faction, doomed that “a switt-i' 
Many Christian Democrat ctf ^tempts "' wcuricl f - : 

backbenchers are knowh. to.be against tee judges. ■ 
opposed to any farther com- - .....\ 

promise with .the Communists. 

The DC leadership may :call a of Charges agaSnst manjrjtf ■: . 
meeting of the party’s.. National a t t e au ptto? to reviye 
Council to consider.the issue, Ptej? vas^basea, tei•; 
even assuming that the principle 6timnce.'®it charges. against^iSr.-’ 
of a * contracted majority " the original 113 accused -. -r 

should be endorsed by the bee ^postponed, pending thdoafc ; 
central committee'at the week- come- of other trials in. wSticfi- U 
end. . they aie snvotaecL.- • .^'r.' c Vy-l-- 


New ceasefire offer 
by Basque 







BY ROBERT GRAHAM 


MADRID r ’Eeh.C' 


,-U' - 


THE MILITARY wing of the - military _ __ 

Basque separatist movement the provisional : wmg.o£ the IRA -. ' 
ETA has made a renewed cease- —insisted that armed struggle ■ 
fire- offer in return for fan was the sole guarantor of-their, 
reaching concessions. on demands.,being met . 
sovereignty for the hegioh. While Since then the‘Government bas ':’ 
there is nothing new in the de- made creeping concessions, bat! 
mantis, the timing of the offer made it clear that .a. fatij i 
has roused considerable interest sovereign Etiskadi only loosely"- 
The speculation; ttt and it is tied to the Spanish state was un- 
still only speculation ■— is that acceptable'-and wholly node-’ 
having launched a new cam- mined its policy .’ of regional ; 
paign of violence last Septem- autonomy throughout Spain. The. 
ber. the hardliners within ETA concessions began with ..a polite- 
are once again seeking to probe cal amnesty-and. were then. fol>: a 
the Government on how far ij lowed by the legalisatton of twol 
is prepared to go la granting extreme Leftwirig. parties 
autonomy to the Basque region. September—HASt- and LAfA.- 
Thfi i^st ;knowri serious attd^Pt^Thia waslollnwedite^ahaary^^^ 
at negotiations -.-between the tbevlegalisation of the Marxist-. 
Goveropaeat and ETA»was last, orientated Basque revolutionary 
May, just before the ejections, party, EIA. Thus ETA. in all 
Since tbe- beginning "of Janu- its fissipwlons forms, is the sole, 
ary, the ETA military jwing has political group not legalised. ; 
claimed responsibility ‘ for the- Parallel with this, a provisional 
assassination of two senior offk autonomy arrangement for the. 
dais. Including the i>ollce : ehirf ’region was agreed at .the end of 
of Pamplozia, -while three, of . its-,DeCember which fell far short of 
members have died..as a result- tfie hardliners’ demands, 
of police action. ~ ^ . V ; . .It- is questionable whether a.-- 

Ihe ceasefire offer was first 1 sincere basis for dialogue 
circulated In the northern in- between, the. Government _.and i 
dustrial town of Bilbao on Mon- ETA, and its military wina, is 
day and apparently has already .possible. There is superficial 
reached the . Prime Minister's evidence for new internal dls-. 
office. The specific, dehxands, agrgement within tbe separatist.'., 
however, were made ktiovto''o1ily\ ; 2novenreqf over tactics. For in- • ' 
today. '.. ’.-. '^'steace. twq weeks ago tee mflU; 

The Ceasefire is'based-orf'fpflr ta^y Wmg denied p tirni narinn of ' 
minimal concessions. These are: ^one of its members in 1973, only ’ 
removal or all security forces-!tp tetract^tbajpdenial last week- 
from the region and the .substl- mad when faced with continued’ 
tution . of local control •. of'accusations-^by relatives of the 
security: legalisatron of, -' hnd missirig yotith»' i ' 
amnesty for, all political partiw, : There, are-also efforts by the 
including those supporting Inde- six mate local political parties- 
dependence for the . Basque to adopt , a cormndh ■ front .On ~ 
region; reeognitiob' of- hatfonaL Basque autonomy..- - Perhaps -it- 
sovereignty for- Euskadl ftee was no.- accident-?"tha't- these' 
Basque name for the reglori), partis, met on: in San - 

and use of Enskera (Basque) a& Sebastian at thei -moment'when. . 
the official language; and a radi^ifie: new ETA>'ifrifitary wing^s 
cal improvement- in the social ceasefire offer began to be cirm- - 
and economic conditions of the bated. However, these polititel 
region. parties seem more concerned 1 

It was basically round these with a coBUflQh'\_fmnt '- Ag ains t . 
same set of fundamentals that pressure from tfieruational UCD 
previous negotiations foundered; centrist party '.oT>.§lg. -Adolfb" 
Then there was also disagree- Suarez and the 1 Spannlsb Com¬ 
ment -within ETA as to what munist Party, .than trying to > 
policy to adopt Some argued in: coerce ETA into moderating its 
favour of dialogue, but the demands. 


Lisbon coffee scandal fear 


BY JIMMY BURNS 


'LISBON, FOl L' 


LESS THAN a month after tee in-thtestreet ia- asking' who has 
arrest .of Sr. Edmundo Pedro,.been responsible fbr.makteg huh...I 

a member of Sr. Mario Soares's pay 'so imndh'for his 'dally cup:--. 

Socialist Party, during police -of coffee. =. V - r L,v:.-.” 

raids in connection with a sus- .AitlknMifej&od*.'.costs offirially 




is -involved whh k -major coffee iies "(^axlx' 'revet&kf' the iekriti V, 
importing company’,that stands burden.-'fhced :6s -wage eexuei^^ •" 1 
accused of illegal,profits of $2m.. whose inontiily .tsfciirihe; pay'^rZ'. 

As the new Government pre- J -abdut SI50. . ,v 
pares to present II^programme^,. <X®ee,' vteich. tee Portugal ' 
to Partiamemt . backed : by ^ncexonsumeti;wkhorrt a’tbot^hl - 
assursmees bote by fttme Min4- - fnr ife- price, '' is becourihg'' a? • 
ster . Soares and Presldent luxury ftentr BetwCen Juae, ; 
Eanaldo'Eanes that it-has (teancesl'an^ ''■priae-'-Of . A 
of success, the Portuguese man- roff^ tecreased by-143 per gate 



v- 



* r - 


- Osaka ¥'■ 

Adjustment of the CortYwriotr Price ’ 

DMSPtOOO^KK) ^ o 

. Convertible Bearer Debentures 1976/W37 ^ 
By the noolirtiqn'of tfie Board of : Oirector5; = 
■° f Deceraber l Si IS77^Sekhu» Pr^ab fjomeS, 
Ltd^. makes a free distribution of: ..shares if- 
. C^mmon.Stodr.to’lts-sharehorder^of^recbrd:^ 
on January 3J, .197^,'in. the rate of ont neW 1 ; 
share for each ten shares -heTete, TK«’efbre.'‘c:, 
the conversion price of the Gi^grfebnvertiirfe- 
Bearer. Debenterei 198?Vfilf 
pursuant to 5ectipnV4- , if r fW-t&&-VPen«s^ 
. effective Febriary,■v 
to -Yen- 878 f or- e acB- shire c^jSjp»jsroh'Sfioc)Cc 
Kence, Yen 87g prlndpal- ^tnoftot: q£ .Corwt- 
vertible 

for DM I, are conve^te:inter£^iiwi«#' : l^' 
Common 5todc wkhri .jw: 
per share..y•' f' 
feini > 


Dresdner 

"Afctienges^lsdstfe 













































BY MARGARET VAN HATTEM 


?Rre 

ffcbl ^ 

,y J 

JCjSi;. 

«4av{Vi;, . 

%* T . C-jV.-' 

®Q£e ;« "'J 

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•nsfbJy £ .‘. J* 
•afon -t‘ " r -' 

Jroer.j ; <■ . - 

«* *,Wi; 

2 &ed :-•• 

C;;a 

fr, 0 

fife. j'Jlj r .. , 

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fte'.T.j c .;.. 

SYjijo::.- - "; 
iiw - ";: 
ftbt? ;.. v*v .. 
«Qn. £ij--. .... 

a*ren/.vs •" 

iftt tn - ,. 

ae Cuur - r 
terae- ■_.?• - 
spline 

* V.", 

anoe s-i 
ae arii.^j' 
vpnsiriMr"*- ” 
£■ oF . 

■»re tr v ■■ .; 


ire 


fiw real obstacles to EEC fish pact B . a ™ hits Irish wealth tax 


abolished in 
expansive Budget 


common 


''ropean fisheries 'nn7*w T ftTi** ThisUiT*.** ictokhMr Tnhn T" 81 "** »“* ,n « seclude w/r aui ine commission's revised 

• : %*■* EEC >JP , S5.Saaj«4 SSS25; rsss-r'wffi 

^EEC^artSS 611 1 F fliSt oiw * l SfcrtfKdtogSn much From substantially more than it had 

^ sTta.hBrt^lS/Sf^i.'2 wiS= K«bS * »**> 1 tep rret^otltH*. a quota 

:- i_d against n Council of Minis- Commissioner.’ made at a news , While fighting to compensate which Mr. Sflkin has found 
• -q' ‘S resolution arce'Dted'-lnr the conference this morning. for losses in non-community more or les-. acceptable. Since 

*’ [ i 6r ei B irt to £? a-reiv Britain as the only member waters after the introduction of n is incDiporamd m the uommis- 
:■■.... unaWe to accept the Council 200-mile fishing limits, and while **V%°fi* «* Brmjb quota 

: naming obstacles - 3o ..not resolution, must’"tell the others pressing for mutual restraint to ,s appr0Vcd b - v tbt olber 51 S ht 
:f '* "'pear to be major-on^y,' exactly what it wants and how it combat the over-fishing which it Britain’s two biggest single 
,;'*:.Wor does the collapse jof talks shaeJd--b«^achieved., said Mr. alone appeared to have recog-demands on conservation—the 
■7; - 5 -ive the Community' totally Gnndelach. / »■ . nised. Britain was the most North Sea herring ban. and the 

f i , thout a 'fisheries.. regime. - :> ‘ 


: Itain is still'‘hound b'yrConx-' v— 

■ unity law. as set'out'in. the *- g SriM vmsi 

,‘eaty of Accession and. The vjfll 14 Sfl lil ttl 

'-V-igue Agreement: Under lirnse. - mmmtj 

-Viv-j. can‘introduce fisberfra xoniser- ry PirwAim MOONEY 
a tion measures- in its own .. BY RiCHARO MOONEY 

astai waters; providing the y BRITISH FISHERMEN said 

■ - not discriminate between EEC yes terdav they were relieved 
7-^ embers, Are . demons^bly at u, e ^rdng stand taken by 

pessary, and are approved, by M r. Silk in. They had feared a 

wu.rnW.k- “sell-out? bat are.now. hoping 
'■■■■ • other- eight members are ^ Britain will impose real Is- 

''.W'Sr'iS lit Sk conservation 

ent to observe the Council ♦l.i -hun.. or on 


Silkin move cheers fishermen 


7 “sell-out? bat^^are.now. hoping 

- The other- eight members are a * Bri tain will impose real Is- 

- rScM tiC Xm conccrvalion 

en J- . to . .obsei^e the Council {n the absence of an 

. -'.solution, jncoiporatmg most of 
£J -:;e Commission’s proposals bn ^ wpme. 

V:-hicb. it is hoped, the final 1 While recognliang that the 
: " : u« vfreeinent may yet be hasedi Minister's failure to agree 
The main ostensible, impedi-' probably will result in a con- 
ent to an agreement . is . tfimatioB of .the “ free-for-all ” 
■:r ’ -.ritain’s demand that its fisher- pattern of fishing .in European 

l. -j . en should have dominant waters, they see possibilities of 
7 ^ference in a 12 to- SOrmi.le Britain establishing once and 

.. y "\ iastal belt. This woofd secure ’ for all its commitment to the 

m. Jrmanently for Britain most of need for conservation. 

7. « J?^ 8 ® ia The British Fishing Federa- 

■ r ocKS expected to result from lh nthi»r eieht com- 


The British Fishing Federa¬ 
tion said the other eight com- 


t *«* it, more than other states gteadfasUy -even to consider 
*5 IOUgnt. __ . . -mllcH* MiiarmrlAn ntMWrpe 


Rnt T realistic conservation measures 

ms tWVs untSkbU? tS hot that the UJK. Government 
ember states, Herr Josef Erti. "WM now be able to Impose 

a Wort Damian A arianl^i THMS UrCS- 


irms, this is unacceptable to 
_7 '-iember states, Herr. Josef Erti. 

-is West German Agriculture 
- XJnister, made this point un- 
quivocally at the end of last 
ight’s meeting. But despite the 
crength of Dutch and . Danish 
An iterests in the North. Sea, a de 



These could be the farther 
restriction of industrial (fish¬ 
meal) catches and the limiting 
of areas for industrial fishing; 
prohibition of fishmeal pro¬ 


cessing at sea: a prohibition on 
the carrying of nets of 
dilTerent mesh sizes; raising of 
minimum mesh sizes and polic¬ 
ing mesh-size regulations more 
strictly; limitations on the size 
of beam trawls and the activi¬ 
ties of purse seine fishermen; 
and the designation of spawn¬ 
ing areas with a view to ban¬ 
ning fishing during relevant 
periods. 

These measures could he 
applied throughout Britain's 
200-mite limit provided they 
did not discriminate against 
other EEC members, the 
Federation said. 

A spokesman said the carry¬ 
ing of nets of more than one 
mesh-sire was a practice that 
the Federation was particularly 
keen to see banned. This 
enabled foreign fishermen to 
practise “ the most blatant 
contravention of conservation 
measures.” There was no point 
in talking about fair shares in 
European fishing until adeqnale 
conservation measures were 
agreed. 

The Federation agreed with 


Mr. Silkin that the Eight had 
not moved to meet Britain's 
basic minimum needs and that 
proposals for "fishing plans" 
failed lu give firm assurances 
on conservation. 

U.K. fish processors are 
severely disappointed »f the 
failure of I his week's negotia¬ 
tions, however. The Associa¬ 
tion of Frozen Food Producers 
said I here was now little pros¬ 
pect of casing (lie country’s 
fish supply sitnation. “ W ( - are 
hack where we were Vi months 
ago,’’ a spokesman said. 

He confirmed, though, that 
the processing industry wanted 
to see a good deni for Britain’s 
fishermen. “We would not 
have wanted Mr. Silkin to make 
a second-rate dual,’’ he 
declared. 

The industry feels that the 
EEC’s failure to agree a 
common fisheries policy puts 
further obstacles in the way of 
third-country access agree¬ 
ments which it considers vital 
to the assurance of adequate 
processing iisii supplies. 


BRUSSELS, Feb. 1. 

halt in industrial fishing in the 
Norway pout bnx. a largs area 
north-east of Scotland—are in¬ 
corporated in the Commission's 
proposed regime. Sn are most 
of its other corse nation require¬ 
ments. such as percentage 
restrictions on bycatcbes (fish 
other than the- specie? sought) 
and minimum m>.-sh sizes, some 
of them admittedly somewhat 
watered dowo. 

Given the significant accom¬ 
modations made on both sides 
over the pa^t 16 months, an 
agreement does not seem to be 
far off. ft couid come within a 
few months. Talks had broken 
off before—when Britain uoi- 
laterally introduced the North 
Sea herring hjn for example— 
and will probably do so again. 
This seems lo be part of living 
with Britain which the other 

eight member slates grudgingly 
appear in be realising. 

If Britain docs not stand to 
gain a great d<-al more from a 
common fisheries policy, it prob¬ 
ably does nut have much vn lose 
by lesistins line. Mullers nF 
retaliation in nihuT areas do not! 
yet seem in have much founda-' 
tion. 

But in terms -if Community 
polities. »he issue is //Oienlially 
vmy dam tgiag. Persistent 1 
refusal tu swept ;bat the Com-, 
munity exists would undoubtedly 
generate a great deal of bad, 
feeling which inn irsiies at stake i 
do not appear to justify. 

In the short term, the abseneel 
oF a fisheries readme will cause 
inconverucnee to other members, 
rather than real hardship. Funds 
allocated for the coastal patrol] 
vessels of Ireland and Greenland 1 
will remain blocked, so will 
funds for restructuring the ' 
fishing icdusiry. Negotiations! 
with third i-oururics can pro-! 
ceed. bill enls will prnb-. 

ably be cuncludoci up to iht end 
of 197$. 


uer !n German engineering pay threat OPEC backs 

. M., .v. : ... 1 TUV TiPCIAVIC ATlClV i»F T>Mrn- ti 


GENEVA. Feb. 1. 


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" BY ADRIAN DICKS - 

y-:i -HE RISK OF widespreadinflus- 
rial action in the West German 
_:-ngineerin^ and metal, fabri- 
gating sector increased slgniff- 
antiy ttniay, when regional 

- mion 1 wage negotiators for 
•60.000 workers- In- -North 

-- Vnerttemberg/North Baden won 
r packing from their national 
... acecutive for their judgment 

- hat a deadlock . has-arisen in 
‘-. heir pay talks with employers.. 

.After several rounds of talks. 

. t became clear a few days ago 
.. -r.hat employers in the region— 
: he first to have begun serious 
j- .^age bargaining.. this year— 


-iw»Kcr*i TIMES, pabfisked <taSy euw Saa- 
‘Miys bsM hoDOay*. OA tartmmprioo S2D0/I0 
air treiabu S360.00 (a,r jnafl) per- a nnom . 
. jceowl class nwue pmUl it New Vork. N.V. 


would not go beyond a 3.5 per 
cent. Increase. IG-Metall, the 
union representing-3.6m. workers 
in the metals and engineering 
industries, is demanding 8 per 
cent more. 

This morning. 8,000 workers 
in North Wuerttemberg/North 
Baden held token protest strikes, 
which, have also been held in 
other parts of the country. 

In Hamburg, however, union 
and- management representatives 
agreed on a new wage settlement 
for the country’s 20.000 dockers 
tonight after union members 
threw out a 6.4-7 per ceDt. in¬ 
crease which the union’s leaders 
Nad accepted. . 

The dockers will”, receive a 
lump sum. of JPMI15 - .in-’addition 


BONN, Feb. 1. 

to a 7 per cenL rise agreed last 
weekend and taking effect today. 
They originally demand a 9 per 
cent, rise and staged a crippling 
five-day strike last week, iho 
first in West Germany for more 
than 80 years. 

In the third major problem 
area in industrial relations, the 
printers’ union. IG-Druck. pub¬ 
lished its own proposal to-day 
for amending the “outline" deal 
with employers which ended a 
series of stoppages last month. 

The union made clear that it 
wants permanent job security, 
following the introduction of 
computerised, cold-type printing 
technology, for men with skilled 
jobs under the existing hot-metal 
process. 


I THE ORGANISATION uf Petro- 
ileum Exporting Countries 
iiOPEO to-day approved recent 
moves by Kuwait to tut ill. oil 
prices in order t«i keep its share 
of the market, ending a year 
of squabbling over price shaving. 

The approval by five member 
States meeting here meant that 
OPEC would permit Kuwait to 
underprice its heavier varieties 
of crude in relation lo those of 
Saudi Arabia. Iran and Iraq. 
OPEC secretary-gc-nera I Ali 
Jaidah, in announcing the deci¬ 
sion of an OPEC sub-committee, 
said that Kuwait would be per¬ 
mitted to make further cuts in 
the future in light of its “ special 
circumstances.” 

The statement said the Minis- 


ter« noted Kuwait’s special cir¬ 
cumstance.-' and difficulties and 
its decision t>‘. take required 
measures. 

Kuwait recently cut its heavy 
crude oil prices by 10 cents a 
barrel. 

Sources close to OPEC said 
countries like Iran, which face 
decreasing exports to Western 
industrialised Slates, are con¬ 
cerned that the reductions rouUl 
take away even more of their 
business. 

Mr. Jaidah said OPEC was 
concerned at the effect of the 
falling dollar on oil prices. The 
five countries — Saudi Arabia. 
Kuwait. Iraq and Venezuela—did 
not discuss measures to combat 
the effect of the dollar’s slide. 

Agencies 


out at 

! Mitterrand 
in poll row 

By Robert Mauthne- 

PAKIS, Feb. 1. 

THE FRENCH general election 
campaign has suddenly come 
alive with a public quarrel 
between M. Raymond Barre. the 
Prime Minister, and Mr. Francois 
Mitterrand, the Socialist leader, 
over the constitutional deadlock 
that a victory of the Left might 
produce. 

The spark which provoked the 
row was a statement by M. 
Mitterrand that the French 
Constitution did not provide 
adequately for the cohabitation 
of a president and parliament of 
different political hues, and that 
this could well lead to serious 
difficulties. 

Though this problem bas come 
up in all general aDd presiden¬ 
tial olerlions since the revised 
Constitution of the Fifth 
Republic was adopted in 1962 
and has been one of the favourite 
subjects of political analysis for 
years. M. Barre immediately 
accused the Socialist leader of 
wanting to bring about a con¬ 
stitutional crisis. 

• M. Mitterrand, the Prime 
Minister, said, had at last shown 
himself in his true light 
M. Barre said that the Socialist 
leader’s statement was extremely 
serious because there were 
oarties in France who were 
intent on undermining the 
enuntrv’s institutions. 

M. Mitterrand quickK riposted 
that b* 3 had nnthina of the sort 
in mind. He had mcrelv pointed 
our that there was a dancerous 
cap in the Constitution, hut that 
iF the President of the Bepuhlir 
behaved in a responsible wav 
and respected the choice of the 
people in the parliamentary elec¬ 
tions. there was no reason why 
the constitutional difficulty could 
not be overcome. 

At the roor of the whole prob¬ 
lem lies the fact that both presi¬ 
dent and parliament are elected 
bv universal suffrage and that. 
so far at Jca^t. the two elections 
have never coincided. Each can 
therefore justly claim that they 
embody the popular will. 

But a president, though he has 
been given enormous powers by 
the Constitution, such as nomi¬ 
nating the prime minister and 
dissolving parliament. still 
depends on the National 
Assembly to pass the legislation 
which his government has ini¬ 
tiated. 

President Valery Glsrard 
d’Eslains himself slated clearly 
in his “ right choice ” speech 
last week that if the Left won a 
parliamentary majority next 
March be could not prevent the 
implementation of the pro¬ 
gramme on which it bad been 
elected. 


Br GILES MERRITT 

IRELAND'S three-year experi¬ 
ment with a wealth lax is to be 
abolished as part of the Fianna 
Fail Government’s stimulatory 
1978 Budget. 

Presenting a free-spending 
package of tax cuts, concessions 
and State aid designed to boost 
employment and investment. Mr. 
George Colley, the Finance 
Minister, said to-day, that wealth 
tax cost Ireland jobs and invest¬ 
ment and had been demoralising. 

Mr. Colley told a packed Dai 1 
that abolishing the wealth tax 
introduced by tin; Cosgrove 
Coalition Government would 
cost only about fStim. this year. 

"It is insignificant in com¬ 
parison with the hundreds of 
millions of pounds uf new job- 
directed expenditure allocations 
and the across-the-board tax con¬ 
cessions 1 ara providing to-day.” 

As expected, Mr. Colley’s 
Budget heavily increased the 
Stale's indebtedness, pushing the 
Government borrowing require¬ 
ment to 13 per cent of gross 
national product from just over 
10 per cent in 1977. 

But the range of tax conces¬ 
sions. which included increasing 
tbe married income tax allow¬ 
ance by £630 to £1,730 aod giving 
direct aid to industry, was also 
designed as part of a calculated 
political Budget. 

In an attempt to persuade 
trad* unions to accept a 1978 
wage pact giving increases of 
i about 5 per cent.. Sir. Colley 
spelt out the tangible benefits 
contained in his Budget. 

On top of a III per cent, in¬ 
crease in social welfare spending, 
which will raise pensions and un¬ 
employment benefit, he said that, 
including Fianna Fail's abolition 
of rates and road tax on all hut 
large cars, the average family's 
disposable income would he in¬ 
creased by at least £9 to £10 a 
week by his measures. 

Tbe outline of the Budget had 


DUBLIN, Feb. 1. 

already been made familiar hy 
Fianna Fail's election manifesto 
lust June, and was elaborated 
cm earlier this month in an 
economic strategy White Paper. 

But the extent of the Irish 
Government’s measures to stimu¬ 
late the private sector has come 
as something of a surprise. 

Existing arrangements for free 
depreciation for new plant and 
machinery arc to be streamlined, 
and will in future cover indus¬ 
trial buildings. 

Reduced corporation taxes on 
manufacturing industry will 
depend on work-force increases 
hy the eompanj. Small com¬ 
panies trill be encfturaged tu ex¬ 
port hy a package of tax 
measures. 

Capital sains lax is to be modi¬ 
fied in favour privaie investors 
ore Terence to “ speculators.” 
and capital acquisitions tax is m 
be eased. 

Although Mr. Colley’s BudgeT. 
with its decision nor to take the 
traditional excise bite out of 
beer, spirits an<J tobacco, is 
being seeu as a give-away Budget 
wifh something for everyone. 
Ireland's farmers were singled 
out for higher tax contributions. 

There was loud heckling and 
jeering in the Dail when he 
announced that the multiplier 
used to calculate farmers’ 
notional incomes would he raised 
from 65 to 90. thus increasing 
the farmers' total income-tux 
vivid from £Hm. to £24m. in 

1978- 79. 

Air. Colley emphasised ihai 
his Budget would be followed in 

1979- SO by determined pruning 
of Government expenditure. 

This year’s £"27bn. package 
has entailed a borrowing require¬ 
ment of fS'Jlm. But lie said that 
to-day's package was designed to 
achieve a 7 per cent, growth 
rate this year and sustain it 
through to 19S0 at that annual 
level.* 

Men and Matters Page 2d 


Polish currency move 


POLAND TO-DAV revalued 
Western currencies in terms or 
its zloty by more than 50 per 
cent, for the benefit of Western 
businesses operating in this 

country. 

The new rate fixes the U.S. 
dollar at around Z1.33 instead of 
about Zl-Q—the same as the 
Western tourist rate—and will 
give the businesses a saving on 


WARSAW. Feb. 1. 

local stall salaries, public utili¬ 
ties and other zloty expenses. 

Western business and diplo¬ 
matic sources here said one aim 
of tbe revaluation could be to 
attract more businesses to 
Poland, but they noted that there 
had been a dramatic increase 
in some residential and office 
rentals recently. 

Reuter 


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Financial- Times Thursday Feliniaiy 2'397S, > •> 



THE RHODESIA TALKS IN MALTA 


The delegations narrow the gulf 


fir MARTIN DICKSON 


VALETTA. Feb. X. 


BRITAIN, the U.S. and Rho- But while Britain foresees the Lord Carver, the British resident Mr. Ntanw a “JI Mr. ^u„a 
desias Patriotic Front nationalist UN playing a major peacekeep- Coraraissioner^esigiiate were m- 

alliance to-day emerged from ing role, the Patriotic Front conclusive and would be the sub- the partus to the internal serne^ 
three days of talks in Malta, to-day insisted the “sole guaran- ject of further meetings. raent negotiatJoiis in SdlisbuTy 

having found a basis for further tor of the irreversibility of the Conference sources said Bn- —the 

discussions and somewhat transitional process shall be the tain had come to Malta with its and the .. t ^ re ® ??5J?S?!SLSSSS 
narrowed the euif that separates liberation forces." own ideas already prepared for nationalist organisations—might 

them on the terms for a The Patriotic Front announced such a body-a departure from participate m counci. 
Rhodesian settlement. -------— ... ^ “ a ijS 


Ethiopia 
criticises 
Britain 
and U.S. 


F ew return to Soweto 


- :-;T 


BY OUR OWN CORRESPONDENT - .CAPE TOWNrFeb.-l* f| 

ONLY A trickle of pupils meeting had urged, pupils to go 1 : DeparUnent ha^ ^reed nottp^Jj* 
returned, to school today-iin; . back. "■ " i PU v^° Ti gqe&j* (& * 

Soweto,, and a crowd "burned However there were four re-:- 'Students*- because . .. 


application forms. in protest 
Elsewhere in South Africa,, 
blade schools were reportedly 
better attended on'the first .day 
of.the new school year, fo£- 


ported arson 'attempts .-at . endanger their lives.*: 
schools last night* and at two Dr. Andpies Treurnidit^ pep*#^'. 
primary schools children were- Minister of Ban til Education^ 1 


ordered out of., their, .classes 
to-day by older students. 


lowing almost jwo years of. In Gape Town, there was gener- 


boycotts. 


ally good a tendance reported,’ 


claimed in Parliament to-dayV:! 
.that3Jack education.in 'Satan; 
Africa was “as good as it coWd'- 


The discussions ended with the Rhodesia’s Internal settlement 
two sides still very far apart on j a ih s which reopened with 
the central issues under discus- aJ1 _ n(lan „ e b „ fom de i eEa . 
sion—where power should lie in *«*■»“■* oy ail ronr aeiega- 


BY JOHN WORRALL 

NAIROBI, Feb. L 


Only 13 secondary schools out. although officials said--.they 


qoestton of »P»rate voting /“‘the p“ tod THE ETHIOPIAN goveninem 


of 40 reopened in Soweto/ In 
spite of the claim by educa¬ 
tion officials, that “ thousands *’ 
of pupils had registered, only 


could not give a figure for 
several days.. However 


Africa was “as good as it cotOd' 7 -' 
be." He suggested there vrasY:' 
master mind ^ behind "intnnprv 
Bator?who persuaded 1 pupflj-. 
to stay away- toffli sehoot-'. 


observers believe that many Speaking in the opening debated 
of the students are waiting-to - of the Parliamentary session^ 


^ , ... . . betoe nlaved by the Patriotic has haIlded worded I handfuls turned up for classes, see what happens in-Soweto, .Dr. Treumicbi said bisdeparts 

It was widely believed here gerng protest notes to the embassies of . Few teachers appeared, 200 of/ where any renewed confronts- ment planned to involve home* ;/ 


the transitional period leading to tions were again bogged down 
independence and who should by Bishop Mmorewas’s demand 


hv fl RiZ»MSSe?.^de2SS S£ he t 25h Britin-lhe Front playtnS Germany. Italy. Saudi -Arabia have. withdrawn^ resigns-;. police could restart a-wave of ^education Jta 


control law and order. 


for a change in the already 


.—--- ----- j!h Britain—the Front niavine oaum mm/m nave witnorawn toear resigns-., ponce couxn resum e ware y± cuuwugu ui 

rolls-at least for the first 10 role and toe U K. “d Iran, according to Addis tions. nationwide protests. \. Earlier, Dr^ Comue-.MnMer.^it.; 

yeare of ‘ l sHnenlsonr rele. UA * Ababa Radio. The notes were in the other key -area of student Mr. G. J. Rousseau, the Secre- new overlord; crf/hlack affid j* 


Mr. Andy Young, the U.S. lives, ^Tonj Hawkins writes 


Ambassador to the UN, came from 


to the talks with the co-leaders No statement was Issued 


of the Front, Mr. Joshua Nkomo after a two-ond-a-half hoar 
and Mr. Robert Mugabe with any mee tj n g, bat sources close to 


LUliUUI !■** IUIU V» MX. m . - - — _ | J LUIJ VI --- , ■ AUdUd iUUlIUi I IIH UULCb WClC 

Neither Dr. David Owen, the agreed formula for the elec- pendence.” Bot at last Thors- a supervisory role. identical and accused these 

British Foreign Secretary nor tion of minority representa- day’s meeting, the Bisbop with separate internal settle- countries of openly siding with, 

Mr. Andy Young, the U.S. tives, Tony Hawkins wnies surprised the other delegations ment discussions taking place in and, “ providing diplomatic and 

Ambassador to the UN. came from Salisbury. when he said this was un- Salisbury, the two sides in Malta military assistance to the enemies 

to the talks with the co-leaders No statement was Issued acceptable to bis United do have a vested interest in try of Ethiopia. 1 * • • 

of the Front, Mr. Joshua Nkomo j^,. a two-on d-a-half hoar African National Council.' ing to reduce their differences. Before the notes were delivered 

and Mr. Robert Mugabe with any mee u Ilfft bat sources close to The conference is to meet „r at least present the appear- accordin'- to Addis Ababa radio, 
degree of optimism. 0 , e taiic s said the Bishop was again to-morrow to try and a nce of doing so. they were "approved (on January 

Observers felt it was some -digging in his heels” on the break this new deadlock. But Dr. Owen denied that the 30) bv a crowd of 300.000 

achievement that the two sidto ,, Malta talks were designed to inhabitants of Addis Ababa, to 

r a jffipvrt iin'hT’decided at a news conference that the the Anglo-American proposals sabotage internal discussions. At W h om they were read by the 

Vhpr^ anneara to have ’been British Government had accepted published last year. the same rime, be did not think Ethiopian leader Colonel 

aE riementte Malta on 0^1 vwS its proposals that there should But the sources indicated that Britain and the U.S. could lend Mengstu Haile Mariam, 

.hen n toe broadest be a governing council during Britain saw It being largely an their authority and influence To Meanwhile toe first official 
Issues ana men in « lu “ u . ral _ __In T nrrt l7wrT7*>T cnlntinrm that will pnntinue the 


protest; the townships sur¬ 
rounding the motor industry 
centre of Port Elizabeth,; offi¬ 
cials estimated the turnout at 
around 40 per cent, after a 
student representative council 


t&ry of the Department .of 
Bantu Education, to-day 
Issued' figures- that 1 less than 
20 per cent of black Students 
failed to sit for their exams 
last year. However, the. 


as Muzister ofjRastu 
teatioo, annbttoced that vK^V.- 
would-institute a five-year ptei;? u 
to meet the-major giAfTOneaS"'' 
of urban -blacfa; in Soutit'^ 
Africa. .iC' 1 ■ 


degree of optimism. 

Observers felt it was some 
achievement that the two sides 
had agreed to carry on talking 
at a date yet to be decided. 


toe talks said toe Bishop was 
“digging in his heels” on the 


Blacks aim 




BY QUENTIN PEEL IN JOHANNESBURG 


SSSS|| t ii. The first was that toe ^ n ^J 0 0 “gfcVoS- p^r! LAST WEEK. Mr. John Vorater, black, while in 1975 the figures no moi* than ,a piei &&&'- 

S! Patriotic * Front^nlay ° “some rioi Sd£SKi “ tote bod?, as incorpoSg all" the any chance of a peaceful settle- Sg£*™£Jg C^a spoke? South Africa’s Prime Mtototer. were MBM and 

5 ir^SSJSvSSS. well - &.t of the powers of nationaiist movements. _ ^ 

-—- bv the radio 1 of Government ministries con- Johannesburg educationalist and list of what ve.want, amijvejntt- r 

-mm He claimed that Somali armed trolling black affairs in South former provincial chairman of it. There m na ce^g.. . 

Peking will not Fnvni lilSIB2 Ved at offer S s s ^L^ s^£1 'IS ■ 

act as mediator ^ U1S1Ud ^ CU ai *5 S‘iS'WrSl B. 

dLl uieuidiui MATTHEWS CAIRO, Feb. 1. S* SSalff^baSSed iSS P™ test b y children and that means white Bchoqfe might not omplF-axKiilt 

• T J /^i - fuantltiS of tSda l!d subsequently produced a have to take a slight drop in tory W, fbr .. 

Ill Indo-Chma THE mmned military talks of toe neeotiatinE nrocess which U.S. friendship, Mr. Sadat sug-(hp-iJvirtual state cf anarchy, in dozens funds." _ - ' '' somucii less 5 vrfl = qmtofled. 


Peking will not 
act as mediator 
in Indo-China 


Egypt dismayed at Israel offer 


BY ROGER MATTHEWS 


CAIRO, Feb. 1. 


so much less well qualified. 


n. > CMri .1 r»rrKMHiiHit Between Egypt ana israei took we are trying u» neip uul. e»i«u uiaL u« ycvyxc nuc Jn Ethiopian hands. Somali ", ~zz 

B L * 5 * -. place here today in what was But it is understood that there beginning to question why Wash- soldierswere also captured. throughout the conntiy. _| ___ ■ ° f te 

CHINA HAS indicated that it described ^ a businesslike was little in the Israeli proposals ington was not taking a firmer ReuteT adds: Somali forces Events in black urban areas _ . ^ ■■■■ 

will not act as mediator in the atm 0 S pb erei 0 n the eve of the that Mr. Atherton brought with line on Israeli attitudes. " completely demolished " a town are no longer predictable, follow- The disparity between ' Afithough he’ admits 

present border conflict between meeting in AIgiers of Arab him to suggest that an agreement He said he had also instructed in eastern Ethiopia during a tog toe countrywide' security is ^metolHg ^ 

neighbouring Cambodia and , eaderg opposed t0 president on a broad declaration of pnn- General Gam assy, the War Minis- major battle fought there clamp d o wo ordered last October, ULdCK aim. wmie ^ exa^lten, *fid wtirally h 

Vietnam. Mr. Huang Hua, to g a( j at » s peace initiative. Both ciples was near. Mr. Kamel is ter, to reach agreement with Mr. recently, the official Ethiopian blit it seems highly unlikely that education IH South. 

G - U .S J 0T *JP I JSSS* iwin/f sides tried to refine their posi- believed to have been less than Ezer weizman, the Israeti De- News Agencvy (ENA) said in a Mr. Vender's move will have any Africa is nrnnenfiP that Str 

visiting Canadian Foreign Minis- tions on some of less im . enthusiastic about the Israieli f enC e Minister, in their current disnatch received here to-dav. material effect on the numbers of Ulrica Ml I^uneilbe Uldl argues tlurt it is Betting toe 


ter, Mr. Donald Jamieson, that mediately contentious issues. In position. .talks — but not-at the expense The agency, in its first report black pnpils who stay away from black StttdentS are ' 

china favours direct negotiations keeping with the mood enccn . More alarming is the growing of Egyptian land and on the battle, said toe Somalis e sebondary schools that open /.vnical alirtnf auv rfflitn 
between the warring parries dered by the f^jure a fortnight feeling that President Carter sovereignty. _ were thrown back by Ethiopian tiniay for the first time for - J -I 3 ?™ 

following a withdrawal of forces. aB0 of lhe Jerusalem political will have little new to offer Mr. David Lennon reports from Tel f ° rc « but fighting was months. The children are de- that they Can get a fair 

Mr. Huan^. said China didI not committee, officials are anxious Sadat when they go to Camp ... . . j.. EK L )I1 ti Que ■»<! continuing. mandmg much more than cos- ila-T fhrnno-Ti minnr 

role out toe possibility of United not t0 provide ^ details or t0 -— ^blish StUemeiits“J^the Wert The agency did not name the metic change, and If they do go Oeal through minor 

Nations intervention. give any Indication of whether Syria has given Palestinian B«mk, and has not promised to destroyed town nor give toe date back, it will be more out of adjustments. \ 

At a Press briefing last night pr0 gres S is beta* made. j guerillas pei^iission to reopen ^Tthls activ?rir Mnshe of the battle. But on-January 23. frustration at the lack of real J __ 

Mr. Jamieson said the Chinese when the talks adjourned bases on i tsterritory, accord- Tj avan the Foreien Minister said Mogadishu radio said Somali change by the Government. 

foreign minister had assured him later, a ioint communique said in<r *« ».<.IIJnfArmpri cmm-K *_“Sr.T* mmuiici a<uu Thp most rnherpnt statpmpnt Education itself - fits nmnnsi 


Afthough he" adntits ■ that 
Stweto is’ something of an-S ^ 
exception, and actually . hag-;kT-'»' u 
much better teacher-papa.' ratiolVi » * s 
than-other, areas, Mr. Strydom '[ 
argues that it is setting toe pace ■ IN if Hi 


for toe department- as. : a wbolev 
Insistence - that .ceztitin subjects 
should' be learned in Afrikaans 
—the spark that-led to the-first 
Soweto riots—was quickly drop¬ 
ped. AH secondary-^schools can 
how choose their nekton , of 
instruotion. .Sihce they were 


OiuS 


foreign minister had assured him i a ter. a joint communique said inc t 0 well-informed sources 
that China was not a major sin]ply that both sides had dis . to-night. Reuter reports. 

participant in the dispute and cussed “ basic subjects on the - - - - __ . ^ re ^; 

y5.JJS.J2 ft * ense **“ committee-s agenda.'* No date David ms weeken d. The Ameri- JSsi 

Ca Sl ?°J d mn n ie S °on said the Chinese “ d ,0r tbe neXt raeeUns - ~ continues to be on 


avan the Foreign Minteter said Mogadishu radio said Somali change by the Government. . •• taken over..by toe.rtatelast year, . I 

aj , LGU aaiu £orces bad Qgaden town The most coherent statement Education itself (its proposed Soweto . secondary schools wril . •{ 

tj«. lb. of Babile the day before, of the student demands was new name is the Department of now be divided not on. tribal 

President t-arter said on Mon- rr J . , i.„ a. r™ >f.. m ^— —j nwJsZL_* 


ivik. <u aiaiLoUll ddlU UiC wuuwv. _ _ 

were clearly eoecerned at tbe 


nrosnect of the fiehtine escalat- ^ visit here of Mr. Alfred closer together without offering 
fn° P Th?v do not relish toe Atherton, the U.S. .Assistant Sec* that which Mr. Sadat believes is 
prospect of a potential serious retary of State, who this morning vital—the exercise of consider- 


disturbance & Touto East Aria ^ able presSUre 00 the IsraeUs ' to^laytoattoiswas not theem 


uisiuiuauLC XU vJUULU *-loot naiu -- ■_a l- i l.W-U«J VUUI Ulij •«uul LMb ■ —— 

he said. Sr - Mohammed Kamel, Eg^pts Sadat gave the first clear The Minister said all he had ON OTHER PAGES 

4 Vietnam yesterday accused b or . el " n ~i etore bint of Egyptian irritation at promised was that for a few - 

Cambodia of making renewed on t0 see ^resiuent Anwar t>auat. what js seen as the essen tially months while intensive peace International Company News: 

attacks along their common Mr. Atherton confined himself passive role of the Americans negotiations were in progress Elf-Aquitaine crisis 


offering j Se °no new settlements in the while any part of his country was J hensive plan of overall improve* dedicated educationalists and. The Bantu education budget,—; - 
ieves is accuoied West Bank subject to ** Somalia's aggres-1 ment in Bantu education, though equally dedicated exponents of the Government argues, has-' • 

onsider- Mr navan told the Knesset- sion -” ithey recognised a separation of the traditional National Party increased in the past year--by-''.’ 

,eUs - to3?v that this was St the Sri _i^e immediate aim—- to ensure view- of Bantu education, more than any other -Govern- •- 

st clear The fitinistS sSd ati he hid on other pag« ! those who are capable and expressed by the former Prime ment department, indudii* • - 

tion at iramteed was that for a few ON OTHER PAGES , WHnt to learn are given every Minister, Dr. Hendrik -Verwoerd, defence. But toft 'figures la* ' - 

eu daily Sionths while tensive peace International Company News: gjg? StiSS W Jp**?"* [ 

lericans negotiations were in progress Elf-Aouinine crisiT SS5? Y 10 ^ included, under_ other . . 


anachi aiong incur common mi. nwcuuu i-uuiwbu uuuaui ruie ui ujc iiuicntdua ucBuuauuus wens in jji ugxess cir-Aquitaine crisis nriorit.T oilnMttnn ,«tii niathpmatlM liihiin ha Mnnnt hco i. - I”-”" 

border and said there had been to tbe bland comment “ that when he spoke to a visiting group Israel would tarty out new Carter Hawley bid terms 26/27/281 fopS nty h,pt it in° caim0 ; ^ a . 

many civilian casualties, there are still difficulties to be of Jews and Christians yesterday, settlement projects within the Farming and Raw Materials: i lit risrijwhereas lrifact • - 

swtwu Momng Hernia overcome and that is the purpose While stressing appreciation of framework of military camps. Brazil coffee policy doubts 33 1 *f acj3e f2 • sc “°p" —an« One ofr the leading ooocationar .the .actual increase was 2t per 

i. .. . ■ ■ . .— . ■■■ ■ ■' ■ .. . - ■ « ' ■ - - — - -— the ultimate aim, which was'’lists - is: Mr. Jaap Strydom, ^ the -cent * il 

• ' ' ' —*- •” ■ ——— -- ~. . — parity with white education, that man seconded-to Johannesburg to The educationalists comnkiu- 

. .. is, free compulsory-education for sort;, out. Soweto’s .school Maedy that the: xtfonns they. ' 

^ y re be lli on. He ■ mai ntain s th .6 Jxsvc inttoducsd have not been- - 

The disparity between black Verwoerdian view has been presented as such “Tihey -wanrV 

nll/f whita nHiiAatinvY in Cmri-k . oltVimTnVi 4-kn • ‘ .. " - “1- ?.* 


cynical about any argument that the black children is simply not But even V the value of toeir' : 
they are getting or can get a as great as that of their white reforms is accepteithe problem. • 
fo.r deal through minor adjurt- counteroarm. remains. For 

merits. Government figures for Mr. Strydom believes he can of black education- in South 
tSw^EL 11 » SI i eilding * s ,fe > A W 11131 answer all the children’s com- Africa is still an ideological. *. .: .1 
l l 5 > ‘bf-H 816 . ,j p on eac J P lainte ^ The students call for the battle - between the proponeriii': 
white child, and £10.60 on each scrapping of Bantu education is and antagonists of apartheid. /?• ;; ' 


SOME OF THE TOUGHEST MARKETS 
CAN BE THE MOST REWARDING. 


As the Shall visits the subcontinent, K- JL Sharma Teports 
from New Delhi, on a key issue 


Asian co-operation 
surfaces once more 


Semiconductors to the U. S. electronics 
industry} inertial navigation systans for 
Japanese aircraft, integrated circuits to operate 
German cameras, computers to control pro¬ 
duction processes intheUSSR. 

These are some Ferranti successes in 
markets usually considered particularly tough 
for outsiders to enter. 

How is this achieved? 

Wehave a Ferrantiphilosophy: to he 
inventive in the laboratory aggressive in the 
market place, profitable on the balanee sheet. 

^ Howaiewesupportingthis philosophy 
practically? 

For the next five years we have set 
ourselves constructive yet realistic goals: a 


number of new jobs, and the achievement of 
a sufficient return on capital to generate the 
necessary funds for our plans. 

From this firm base we canlookforward 
to continuing success in selling our high 
technology in the world's most difficult 
markets. 


FERRANTI 

Selling technology 


THE SHAH of Iran's conception 
of an Asian Common Market is 
certain to be a major topic of 
discussion when he begins his 
four-day visit to India to-day. It 
is currently a matter of con¬ 
troversy In India and In Pakistan, 
which the Shah will also visit 
briefly. Neither India nor Paki¬ 
stan wholly support his view, but 
they cannot openly dismiss a 
proposal emanating from some¬ 
one handing out largesse in toe 
sort of quantities they need. 

The Shah is known to have 
long favoured the formation of 
an Asian Common Market 
stretching from Iran in the west 
to Bangladesh in the east—and 
conveniently keeping out both 
the Arabs and South East Asia’s 
socialists. Obviously this would 
make Iran, with its petrodollar 
wealth, the dominant partner. 

India's policymakers do not 
mind this, as Iranian investment 
is greatly coveted. But they see 
major political hurdles in the 
way, largely because relations be¬ 
tween India and Pakistan remain 
cool and because of the diversity 
of the various countries’ political 
structures. 

The Shah, who knows these 
arguments, is also aware of the 
uneven economic development 
which makes these countries, and 
particularly toe smaller among 
them, suspicious of each other 
and of India and Iran. It there¬ 
fore came as something of a sur¬ 
prise when Mr. Morarji Desai, 
Lhe Indian Prime Minister, was 
told by an Iranian parliamentary 
delegation last November that 
the Shah had asked for his pro¬ 
posal to be conveyed to him 
afresh. 

Just a few days ago, Mr. Atai 
Behari Vajpayee, the Indian Ex¬ 
ternal Affairs Minister, made two 
speeches in which he referred to 
the desirability of Asian regional 
cooperation. Significantly, he took 
it far beyond anything that the 
Shah can accept He said: “"What 

I anticipate and earnestly hope 

Fnv "ic an Pnlanrad 


What Mr. Vajpayee is suggest¬ 
ing is something like the pro¬ 
posal for' regional economic 
cooperation that was first made 
nearly a decade ago, with tbe 
“Asian Highway”., from West 
Asia to Singapore. This never 
got off the ground, in .spite of 
concerted efforts by many coun¬ 
tries. 



The Shall of Iran 


tries. did some Qhick~salvage opera* , 

• Now Sri Lanka's new ; Govern- t ^°“ s by officially communicating.. .. 
ment has proposed increased to Pakirtan that Mr, -Vajpayee.is 
regional - economic co-operation “P* making his visit just: to seek 
that would ultimately end in an tinnsit rights. : 

Asian Common Market Tbe tins is bound to be raised, -' '- 
Government has said it will raise especially as the Shah is• anxious 
the proposal in the “mini tiiat an overland rofute.be estal>*~ 
Commonwealth summit ” to be Hfihed between .India and Iran.: 7 - - 
held in Australia later this year. Trade and economic relations- - 
Both the Indian and Sri between the .twoi countries are! '. 
Lankan suggestions enlarge - the increasing rapidly,, azuf among the '• 
Shah’s proposal in a manner that tangible results of - the ; Shah’s -V 
~ - — ■ , , . visit' .will _'be. greater. pgrtlcipa -;.'■/■ _ 

Pakistan's deejMeated fear of tiod by Iffiiia'in^lEan's:develop- ; 


” ^ U«v|iwucu lead or - rrry 

falling politically and . eco- men t programme and vice-versa. 


nomieaUy under India's thumb , It is known ' 'that the . main • 
has been sharply revived by' thrust df.thS Iranian monarch’s 
toe seemingly Innocnons pro- ^proach to, bilateral. co-opera- ^ 
posal for'an Aslan, Common tion,- emphasises > -investmeot --^ 
Market, David Hausegq reports 'Among projgcts to '-be •finalised - - 
from BawaipindL There . ft". »re an “altnnina plant,. a giant 'V 
resistajlce t0 tiie idea, piper and paper plants the useiif:’.' 
of .Pakistan providing rail and -. the Rajasthan . desert- for &anls- . i 
road transit , rights to India food needs and toe laying of -rail-: ; 
and fran, her more powerful - way 'Hnes in Iran-by Indian Rafl> ' - 
neighbours. Any concessions ways. Iran’& congested potto" ^ 
^iaol-Haq, the' cannot, cope with: the vastly 
military .ruler, would further Increased volume of . that-'. • 


_ '-IWMUU& VLUUKvUJW:* , 

undermine the martial . law •‘‘vrifl--result and the _dveriaia - 
regime.; - . . . routewtnfldTie.the ^“1 

. .1 - ' Biilrfatn m - .. 


------ - Pakistan has resisted use of Ity '.h :• 

is unlikely to beacceptaWefo road mid rail commtkfirartioi^for^ j _: 
him. Yet by offering a wider transit on tbe grdjiptasrthgt to^y ' ■ 
grouping, he cannot really.reject ^ i bariffiy ; adequate':fot'RS%>to\ f ~ : ^ 
it This means that when the ; P ur P ose ®- ExeeptUms were made_ -' 
idea is raised later this.week,it fw. Jtisf twor.brudal 'ddsnnns^/- 
wUl probably be so watered ^ Year at tbe:ShahV pefsdnalV :. - 
down as to become just anbtoervnquast,'. ehd : Hie■•••.■- wteafe -- 
proposal for Asian regional co- ^overtimiant-has-Tet It be : knowri-'r 
operation that has done nothing that .billions of dollars, -spent 
to lower the tariff barriers Asians -over a poSod-of years. wouM^bfe^ ’ 
have, raised against each other.. needed to make, the - oyartod 
Pakistaa- seems even .more ^dte-fwm. Indie toT»mi f p^told.J i V 
reluctant to accept toe Shah’s ~ But;:the maihi JmrdleTn : 4 ii^>v 
proposal. Mr. Vajpayee will way-of-Arian re^onal jecbnoTHic- ."- 
•mit Islamabad next week■'m co-opejaflon. no • . 


Feii^IiiaIt£d,HDlImwood, lancashire QL9 7JS 


lf62£B[ 


of commerce, economic and.cul¬ 
tural cooperation ' and ideas. 
What we envisage is a commun- 
ity of equal and kayereign 
natons, enriching each • otoer 
with Uieir national assets, econ¬ 
omic. scientific and technological 
achievements." • 


T j- - .-j|. • , • “ * . wyfOj me m iia mmy -xa 

India wUl seek transit rights meanihgful^' eontacts 
?faT,nS?l e ■ myiih ^ an and r ASEAH.-. : thaiii ikarfM+lfiafi. 

Afghamstan. ... tainty- over' -v&aitksnB* w?th- 

This ap^ehenrion^ reached nations.: the^&ah&icbming-viat 5 
such proportions that what. is may start "af-jpro&ew^oFmnlii- 
essentially. a goodwill . visit 

started, ThoJndian Government rola.t&ns.: 














5 


--v-\- — * 


M: 



^^4 




j v.- • ; x" • • •».- .■ »f • - - •' 

?niary •> ^ \••': 



‘Tfaurs^ay- Febraary 2 197S 


AMERICAN N 



a 0 ?^. 


I" ^etauaT ^ • 

T ^eir ju **■ £3: 
es »r- Jn ' 


v ej 


—U.K. air landing 
^fitein|^sniite intensifies 


o riS'ku 

in 5*J' 

^ efiucJr.JJat. ^ DAYfO BELL. 


New talks 
on miners’ 
stoppage 



at UN to revive 




WASHINGTON. Feb. 1. 
the demonstration activities." The 


By john Wyles 

NEW YORK. Feb- 1- 


rit u.k. n;.- taken j major uf new French disarmament pro- thei mm-Misned countries 
MANAGEMENT ud »nton! .phMxe r „f S . <W»« 


£ uj* eoAl-^dminlstrator of- the jreoerai- ^ v, tj^Lm Tls and I0r a 1 ”™-- . 

w“h, m '=^i viati0 " Atoml^aoi. -..US- ™ SuftaSSS " 

tfineri . k„.Sed a withering. ■ iattack. - 'On tamg j'n its- evidence to ihe . Qt+ .- nT1 „ V i«rprriav British 
ivcr^^ v oi; f >essey; whii* has iirod^etf the j Dte n^ion^ Aviation y ^ at & e neW 

ffJo yrbat system,. Rs lobbyists. and. x f v ^ antennae, which is vital to the 

f- ConaiSV'Ve UJC .Civil Aviation' SSLS-^A^SwSendhoSSg U.S. system, will not do what 
«0iti of Authority. E-fTer^ffTlK used the UR. originally claimed that 

to* 1 0/ £a* a <W Bond.:said: .-" While Fte* JwSB; “ would, and that latest FAA 

.anneuncort %v's financial- L stal^-in- the s - -- ' tests, evidence of which was 

stitute g ‘Outcome of the 1 rTVdidiberirtioDS The FAA adndiusteafor said, made available only recently and 
tte i’ <0 , S5rt^^«5SMW--li«nh allegafiMS' »y, Britt* not to the ICAO, indicated that 

tn bl 3 cx.- r 3t ^imnle to-understand why their interests” struck, not only at the installation of these antennae 

' “ i,bbyist is-'conducting such a U.S. landing t^e__ reference without much further testing 
iciouscampaiga- on: their behalf, scanning beam (TRSB) system, might be disastrous 
ae °reasons - behind the -.CAA/s but also . “ at the integrity of m r. Bond stoutly defended his 

—- n our research- development ana agency to-day, saying that it baa 

indeed acted properly, but that 
the FAA had been met with a 
“lack of co-operation from tbq 
CA A 

_ The Administrator said that. 

BY OUR OWN CORRESPONDENT WASHINGTON, Feb, 1. nearly a year ago. the ICAO all- 

s j it a -v™ **-;•*.— - ° p ~ ^ 

ie in- v_. Tfiwrv Fund • to-dav auctioned, mav be- an indication that the , 


parit 


t ctions are jess dear.” 


Record gold auction price 

BY OUR OWN CORRESPONDENT WASHINGTON, Feb, 1. 


longest since joint national-, 
bargaining was established for 
the soft coal industry. 

With most or the major issues 

apparently settled, negotiations 
broke down in the early hours 
of Sunday morning on ihe ques¬ 
tion thought least likely to 
cause a problem-*-pay and 
fringe benefits. Since the 

breakdown, the Federal Media¬ 
tion and Conciliation Service 
has sought a basis for bringing, 
the two sides together again. I 
The meeting to-day almost eer-j 
tainly Indicates a willingness on l 
both sides to try to find a com-j 
promise. 

New 


F 

By Alan Riding 

MANAGUA. Feb. 1. 

, DESPITE Government claims 
British j that the len-day-old national 
Aiis-;strike in Nicaragua is beginning 
most:to collapse, business and labour 
countries,[groups to-day continued joining 

---- - ev’cept France. the protest movement against 

. Unlike the French proposal, A ma j 0r feature of the British! President AnastaSio Somoza. 

The British plan calls for the British plan has the backing pr0 p 0sa ] S j s a recommendiiUon'• ln lhe pasi 21 hours,-petrol 

assurance? by nuclear powers of most other major western ^^at the disarmament role of the 1 distributors,, hospital workers 

ihat non-nuclear *!atees will not powers. United Nations be stepped up | an( j evcn economists in the Cen- 

be subjected to nuclear attack; The British draft action pro- an ^ much greater use made in \ Bank have joined the strike, 

the creation i*f regional nuclear- gramme will be the main future of international peace-j wtm . h WJS t . a ji e d i 0 press for a 

free zones; cumvritiuns banning Western contribution to the UN s keeping forces. ' mote thorough investigation into 

chemical and radiological woa- special session on disarmament The U.K. says the so-called (mu rder of an opposition 
pons and sic*'-- to restrict the due 10 be held in New York “confidence building measures j leader last month, but is now 

conventional :-rms race, purlieu- from May 23 to June 28. agreed by the 35 participants »0| aimed at forcing the resignation 

larly in developing countries. Other less detailed draft pro- the conference on security ona> n f Gen. Snmoza. His family has 

T». ... "***' '«■ « 5s? ^ ■ 

weeks anaounvomcDt of a series tabled h% tnc Warsaw ran, 1 


is sales ceilin 


- «Vi ; ?eHE INTERNATIONAL Mope- began. . Sources said that mis (AWOP) had approved the U.S. 
e kev ana J®ary Fund ' to^lay- auctioned may-be-an indication that the system Qn w hich nearly 5100m. 
m. ^-Mmost all the 525,000 ozs of gola^ demand for the metal is now ha( j n i rea ,fy been spent Since 

A'e W4nt'.B?' n offer at its latest auction.for principally from Indus- then Plessey. its lobbyists and. 

3 no r-e’qfr 1 -* record price of $176 per ounce. ^ trial users of gold, as the rise in t 0 a lesser'extent, the CAA had 
per - j-V- 7116 Fund .said that a total of th{J p ri M . bas- caused other been engaging in **a last-ditch 
wbrv riV 1 * 524 - 800 ozs was sold and that bu yers to pull back for the st^d j n attempting to over- 
:her*;‘in i^ucc&ssful bids ranged from 51 r5 aomen i. turn'’ the ICAO decision. 

5. Tn,. 3181^5. The average of these - ~ tfwlav means - The U.S. and the U.K. are 

result {£ rtf *^>ids was 8176.35, which, . coni-. f ' JiSr *SB0J5m- for^the IMF's currently conducting tests of 
•black l4S? a ^ ed t w !f trust developing nations, both systems ai Brussels air- 

weii ouaiS 5rice ‘ to-day:which was $176, “JgI h f ™J r ,. st i lldi at Sl.lbn. port. More tests are to start 
he*»r» >er ounce. . c..«s«sful bidders will soon in New York. On the basis 

amcL- Bids w^rewwdjf^only the to- of these, the ICAO is expected 

EL cr icj 98.400 ozs. Iherlowest numper. of be releusea oy either to make up its mind, or 

. mnees bid for since the auctions morrow. call for more lests 

nc admits ■ '' ■ ■ __ 

something ij • • • 

’tf. t hsr.?|j^cA RI COM CRISIS 

; rejs. !.i r . c Ln : - 


WASH1NGTUN. Feb. 1 
ilnient 


ruled Nicaragua since 1933. 

The President has reiterated 
that he will not step down be- 
I'nre his current six-year term 
ends in 1981. and he claimed 
to-dav LhaL lhe strike was end- 

dozens of cars queued 
1 outside lhe few petrol stations 
to the [<tin open, while those banks 
■which continued operating re- 
I ported that there was a sharp 
would say.rise j n cash withdrawals. Some 


. 1 rise in casn vnnaru»«s. 

. « pi weapons export •itiicd it win ieaiauuanu was t h a t the requests by ! bankers 1 eared a shortage of 

month pension cheques this! a ii ou - j n the fiscal v-.*:iv beginning non-ceilmg countries shourn De M ijdle East nations wouldniouuhtv in the next few days, 

morning because their fund ,s | in October. worth about S1.5bn. be " matched ” to their need for, j n capital of Managua, 

now empty. This is the first' on the fa-.-t -01 n this amount In his statement, the President weapons. -there were nn reports of dis- 

tirne the joint industry P ensl ? n i lo an y per cent, -.-ut in weapons ga ve no indication of his deci- r . iin , h . finu iuirbanecs as heavily-armed 

fund has failed to meet f rnIll .he in-. ,.-| of ihe cur- ““on . on requests by Saudi At « 5 > a okgro Un d bnefing c Vrd«uen pattoUed 

obligations since 1M9. renI fiscal j-.vr. but so coin plica- Arabia. Israel and Egypt for new ^^'Jii^oriweLoris L es in jeeps. But. in the northern 

ted arc the SLiuvs and the rale- advanced aircraft. .But he did ^ J Matagalpa. two days of 

a ones into "nidi various pro- refer io the “ histone interestof be ^h^moreof defence ex-: riots have left several people 
jectsare d.udc-i itoi it w^not the VS in ihe « ? 0 rts not rdhted°to arms u.llldead and numerous others 


Money will only stari to flow 
into this fund again when there 
is a return to work. Even if 
there is agreement on a naw con- 


u se:tji 3 a. 1 
il mc-M s# 


11 K-rtsia stj. 
rnca ;n ^ipj 



^e. :.J >. 
-was q-ca-.. 

Sia:-c -^4- 


holds the key 


BY DAVID, RENWJCK IN PORT OF SPAIN 


‘■* e ^r.i 
darj si-boo* 

lea r.o; on'": ..... ' . 

the r^clfn-.i COUNCIL of Ministers of , Barnham, the Guyana Prime 

— SSSS 

er.t .rrj?:. consider how to resuscitate the CAMCOS! w! “ • 

,h? " " -^«™orlb nn d regional,: ^ ttri 

fi 1 '- . - - M___WWllW. 


aa\ !• ■ 


sartuM'.i. 

• ini 1 ' 

Su: ti-.e 


for s:... 

!■: : , r 

eludea 

ir.icr 1 

1 to >0. 

i 50 

riat*. w l 

:: 

iniTe^si. 

. . . 

' *: -i 

2 ati.-r...:. ■ 

> :;r 

at the r 

:"j“s 

bleed hu 

2 :-: 

IS sllC." 

" T::0. 

ader 


he - 

• ■ ( -ij 

i.” ij; r 

'llVlL '!• 

f rho ■ - 

J \ v! 

iCCi»n:.'« 

rui;m. 

• -.n' 

^duc-: 1 

' ... : 

Still i.‘. 

■i. / , 

sen 


iaic= • 

v_c 

rts 

*r..: ’ 

i 

m 

*. 

S' - 


m- ■ 

l 



:e. i;:i. - joint action, on foreign this has "been to let « he known . . 

-aT-'-''- 1 health. Iaw,.iri5uraiice, education, unofficially that he .would not be WXXXi yOU. 

rtmvi ^S ganAsom --.^g ! f^ t Z *Kt“too mo«S We have desks at every 

Regional ttside : . / .. ^io^J^TS; Budget speech. major UK airport, so you can 
V ~ beavered ^hiscapaa^ of . , fr nT n where 


Although h'o. official 'figutes are- 


1 jirsc hi 

three ! mirt™: ■ of-1977 ttit: C&toCOM- „ raUsttopWc 


ihe first nine aeciinp m x 


COM’s predecessor^ s^ 1 ^ 1 ^ W* "local entree 

was rtKOsaedmidwjwaro aSO--'' of the position of loca ^ 

Tbe imports ftom CAMCOM 


known: "ihfev' 


• “-ate 



jamana-Ju»u-:Ui*o»™i **“.y 2 uILTintai cnltaDSe 

stationVand in town mid city 

a JS“SS^3^S^S&ilSS “rK^oori centres aU over the UK. 

' &i15 No olher car gives you quite 

'mportCft^^^eriitariesln the CARICOM to - - - 

the 12 ^emher-^^ 7 ;V- the “break-up erf toe ^ 

Trinidad.iaha-'-T^jago,;-which integration movement for wmen 
accoSSS^^tiei^ap^df total such a long struggle has taken 

_/ .-1 . • nfiturallv til SIM. _ - _-- 

fil ALL MAJOR AIRPORTS 

Godfrev Davis are the official car rental conlrac- 
' ' Airways Inter-Britain flights, 
s don’t need to book in advance— 

f jnuuic . C uwu 1 « . 

ana August «n icu-.au » aillwn -- a Godfrey Davis car is guaranteed on arn^val. 

into d^eitronMtsr-fion-pQ trade in* countries such as Brazil ana| -r ... 

fZiiTThwik ' - .hirari' fhftliph Pnl nm Ki U 


iiiajui uix cm ^ j —:- 

drive straight off from wherever 
you land. 

-And we have the widest 
rent-it-here, leave-it-there net¬ 
work in the country, so you can 
leave the car wherever it suits 
you. You’ll find us atlnter-City 



Not even your own. 


r-cv 


with Guy Tfeveii though Colombia. ala0 

Guyana’s-o\ra'/exports to -Trim- The Government would wso 
• ' were reduced’during the seek markets in 1 (i ® v T ^ n 

countries such as the U.S.. Japan 


dad 
period. 


ABERDEEN 
,g)224) 723404 


; - .:#!>' 
'’.Jr'Vd'-' 


,. '%£*:*£* -or iart .ear. Sff STfia "S 

the Trinidad-an.d Tobago Govern- tal-intensive, energy Das 


shortly to coinc on 


BELFAST 

as- 

021-742 4461/2 
BOURNEMOUTH' 




1 

:;.v 


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-.IS' 
Tr-r 




“* 


- - l u^’ 


• ..;f f*; 1 
r v>- - . .v 


5 lZ- : 




• 

■ * ^ 

: 

vP: 


ine liuuDwniuf-iuuaau 
merit, under.pressure.from manu- dustries 

facturers. cTaiming that the loss stream. , Williams’ 

of markets in'- GARICOM was A careful stady of Dr j 

affectine their viability, declared address to the pany conve 

stePf* a?=saH| mr* 

An officisd committee was restrictions m Trinidad's 

appointed . .wKJch "identified 40 Guyana have done to ' 
companies serWusly.. affected by exports, tbe« ft c0 u ea gne£ 
the restrictions: in other r CAM- himseK and ms couedga» 

COM states. Jt.recommended 23 centres- on the J . 

prodnets; or-product-gpups ior VenCTUela has been ™M»rjged 
protection asauist- competing by other CARICOM memoe^ 

W ' ^ a ™gly. -III. 

irSrfd ^ GSvSroneS^roro intentions of Venezuela towards GUERNSEY + 

brtn^mg the^rutter lo 0. e Hoyse the E^Ush^kmg Canbbeap l0481 , 37 fi3»/!l 
nf R^nresentatives and no action Three years ago, he went w 
Sis yeXn-taken adimnistra- as to accuse Caracas of neo- 
rivelv on the recoinmendations. colonialism. 

, - The few CARICOM optimists still , u - „ 

:;i=" around see this as a good mgn OlStinCt blOC 

and an indication that the Tnni* • wj| .. v j ew j S ihat the 

dad Government may' be w^ting 4 Dr. Wii „ ^ hi£ t 0 rically 

i fer^jsss: 


HEATHROW til-897 tihll/5 
INVERNESS 
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JERSEY 110634 >44715 
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'Serriced by heal office. 


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meeting before vrithS which the English M SOUTHAMPTON 107U3l->:63L: 

spefl StalS-ofV CAMCOM tomwriesfo™in tottnrt M*; Or call your Travel Agent 


1 iBmtuiistt io— - -— . . . 

He apparently sees nothing con- 

£§5 SE *Sr“ Choose fr0Bl a wide -- ange u - Fo/d —— 

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least StveCAMCOM a be^r uu ad ^ itted frankly to his 
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SSEk 



SSSSS.sS Britain’s biggest car rental company 





ing came 


















6 


• Hrumcial Times; 


[ WORLD TRADE NEWS 


Kuwait to 
sign major 
gas deals 

KUWAIT, Feb. 1. 
KUWAIT wil sign contracts later 
this month for the sale of ail the 
output from its new Slbn. gas 
liquefaction plant which is due 
to become operational nest year, 
the Oil Ministry Under-Secretary, 
Mr. Mahmoud al-Adasani said. 

He said in a statement 20 major 
companies have agreed to buy 
the °as under 10-year contracts 
to be signed on February IS. 

They include Royal Dutch 
Shell, several U.S. companies in* 
eluding Gulf Oil, Phillips Petro¬ 
leum and Continental Oil and 
Japanese companies including 
Bridgestone Tire, Idemitsu Kosan, 
Maruzen Oil, Mitsubishi Oil and 
Marubeni. 

The plant is due to prodnee 
3.15m. toones a year of butane 
and propant when it is completed 
in 1979, and will start production 
in September 1978. Propane will 
account for 60 per cent, of output 
The statement said Kuwait's total 
liquefied gas production will 
reach 4.5m. tonnes a year, worth 
about 8550m., when the plant is 
operational. 

Reuter 


Power station order 

AEG-Kanis Turbinenfabrik has 
obtained an order worth over 
DM60m. for six 25,000 kilowatt 
compact gas-turbine power 
stations from the Venezuelan 
electricity utility CADAFE, 
Reuter reports from Essen. 


ISRAELI ORANGES SCARE 


Serious threat to exports 


BY L. DANIEL 

THE ISRAELI Citrus Marketing 
Board is considering the possi¬ 
bility of temporarily suspending 
shipments of citrus — Israel’s 
main agricultural export item- 
following reports of alleged 
sabotage of oranges shipped to 
! Western Europe. Mercury con¬ 
tamination has been found in 
Israeli oranges in Holland and 
West Germany where the cases 
are being investigated by the 

authorities. 

The Marketing Board and the 
Ministry of Agriculture have 
strongly denied the claim by the 
Palestinian body, calling itself 
the Arab Revolutionary Army- 
Palestinian Command, that the 
sabotage had been carried out in 
! Israel by Arab workers employed 
1 in groves and pa ckin g booses. 

If this were true, they claim 
the fruit would have arrived 
rottea at its destination. Doe to 
the concentration of the 18 cases 
i in one particular area (and some 
I suspected cases in a German 
j town), it is argued that the 
: sabotage was carried out either 
: in the supermarkets themselves 
or on the way from distribution 
centres to the stores. 

Ministry of Agriculture officials 
! said this afternoon that it 
would be possible to take security 
measures which would prevent 
a recurrence 

Even If the incidents in 
i Holland and Sooth Germany 
prove to he isolated ones there 
can be no doubt that they will 
have a very serious effect on 
overseas sales of Israeli citrus. 
There are no alternative outlets. 


Home maker demand is rela¬ 
tively inelastic while industry, 
which could take additional fruit 
for processing and which hitherto 
used mainly culls, pays prices 
which do not cover production 
costs, let alone the total Invest¬ 
ment This is very heavy since 
it takes about seven years till 
citrus growths reach the full 
fruit bearing-stage. 

Outlets 

The season started in the 
second half of September. Pick¬ 
ing of the Shamouti variety of 
orange Is currently in full swing 
and will be followed in the early 
spring by oranges of the 
Valencia type. The Citrus 
Marketing Board's plans for the 
1977-78 shipment season called 
for the export of 48m. cases of 
which 40 per cent, had been 
shipped so far (though not all 
of this quantity has as yet 
reached wholesale or retail out¬ 
lets). The expected foreign 
currency yield was put earlier in 
the season at $200m. 

Citrus represents Israel’s main 
agricultural export and accounts 
for about 6.7 per cent, of the 
country’s total exports and 
around 23 per cent .of total 
exports to the EEC. Last year 
Israel exported about 1m. tons 
of citrus valued at 8180m. of 
which 70 per cent, were oranges. 
Other citrus fruit shipped 
abroad, almost entirely to 
Europe, included grapefruit and 
some lemons. These figures 
covered only citrus grown within 


TEL AVIV, Feb. h 

Israel’s pre-1367 war borders. 

Close to SO per cent of the 
fruit goes to European markets 
with Britain the leading outlet. 
It is for this reason that Israel 
recently remonstrated against 
the raising of the tari ff o n 
Israeli citrus by former EFTA 
countries so as to bring them 
into line with the tariffs pre¬ 
vailing among the original EEC 
members even though it bad been 
understood, when Israel con¬ 
cluded its agreement with the 
Common Market, that tariffs 
would not be higher than they 
were then. 

Israel is the biggest single 
source of oranges sold in the 
UJC. Last year .imports from 
Israel of oranges, tangerines, 
mandarins and clementines 
amounted to £211m. of total 
U-K. imports of these items of 
£70Jhn. and total U.K. imports 
from Israel of all products of 
£159m. Next main sources are 
Spain and South Africa, imports 
from each totalling £16Fm^ then 
Cyprus (£6m.), U.S. (£3nr.) and 
Morocco (£2m.). Israel is also 
the largest single source of other 
citrus products imported into the 
UJC (grapefruit, etc) account¬ 
ing for £7.4m. of total imports in 
this category of £25m. 

Apart from Scandinavia, 
Britain and Western Europe, 
small quantities of oranges are 
sent to North America, a limited 
amount of grapefruit to Japan 
(an outlet which was opened np 
three years ago) and oranges, 
lemons and grapefruit to a few 
other limited SE Asian markets. 


Fiakt wins Swedish backlash against 

Stokers U.K. and EEC paper policj 


Ail these securities having been sold, this advertisement appeals as a matter of record only. 

: ¥ 

US$50,000,000 

Occidental International Finance N.V. 
8V. 2 % Guaranteed Notes due 1983 

Unconditionally Guaranteed as to Payment of 
Principal and Interest by 

' Occidental Petroleum Corporation 


Dean Witter Reynolds International, Inc. 

Algemene Bank Nederland N.V, 

Banque Arabe et Internationale d’Investissement (BJLLL) 

Banque Bruxelles Lamberts.A* 

Banque de Paris et des Pays-Bas . 

Kredietbcmk SJL Luxembourgeoise 


Abu Dhabi Investment Company 
Amsterdam-Rotterdam Bank N.V. 


Alahli Bank of Kuwait (KS.C) 


Bache Halsey Stuart Shields 

incorponrtad 

Banco Nazianale del Lavaro 


BJLLL (Middle East) Inc. Banco Comm ere 

Banco della Svizzera HaUana 


if (KS.C) A. E. Ames & Co. / AmexBank 

4 Limited Halted 

The Arab and Morgan Grenfell Finance Company 

Limited 

Banco Commerciale Italiana Banco del Gottardo 


Banco di Roma 


Banco di Saato Spirito Banco de Vizcaya, SLA. Bank of America International Bank Julias Baer International 
Bank Gutzwiller, KurzJBangener (Overseas) Bank Landau&Kimche AM. Bank Lea International Ltd. 

Bank Mees.& Hope NV BanqueErancaise da CommerceExt&rieur Banque Generale da Luxembourg SJL 

Banque de Undo chine et de Suez Banque Internationale it Luxembourg SJL Banque Louis-Dreyjus 

Banque Nationalede Paris Banqnede Paris et des Pays-Bas (&risse)SJL Banque Popvlaire Suisse S.A JLaxemb ourg 
Banque PriveeSA. Banque Rothschild BanqneWorms Baring Brothers & Co* 

Bayerische Hypotheken- and WeekseLBank Bayerisc he Bund esbank Joh.Berenberg, Gossler & Co. Bergen Bank 

Gimmntnd* 

Berliner Handels - und Frankfurter Bank Blyth Eastma n flfflon & Co. Caisse des Depdts et Consignations 

Cazenove&Co. Christiania Bank og Kreditkasse Commerzbank Compagnie Mon&gasqne de Banque 

lOtiwiM rlbrfci ^ 

Continental Illinois County Bank Cr&dft Commercial de France Credit Industrie! d’Alsaceetde Lorraine 

Limited Uatlttd 

Credit Industrie! et Commercial Credit Lyonnais Cr6dk daNord Creditanstalt-Bankverein 

Credito Italian o Daiwa Europe N.V. Bichard Daus & Co. Bankiers Den Danske Bank 

mndtSooKAteoa aJlWTt AktiatUkob 

Den norske Creditbank Deutsche Girozentrale DGBank Dillon,Bead Overseas Corporation 


Creditanstalt-Bankverein 


Credit a Italiana Daiwa Europe iW. Bichard Daus & Co. Bankiers Den Danske Bank 

wrmak Bma It Petersen aflgTt AktiotUkab 

Den norske Creditbank Deutsche Girozentrale DGBank . Dillon,Bead Overseas Corporation 

Deutsche Ktunnmnalbank- ******* 

Dresdner Bank Effeclenbank-Warbarg Earogest&pJL Euromobiliare S.pA. European Arab Bank 

Akliengadbdmtt ALtiragmeUmkofl ■ Cmpagam Emjmpai b UrmohiO a r a 

European B ankin g Company Finacor FixstRo stonJ Europe) Robert Flemin g & Go. 

Genossenschaftliche ZentralbankAG Antony Gibbs Holdings Ltd. 

Girozentrale und Bank derasterreichischen Sparkassen Goldman Sachs International Carp. 

The Gulf Bank KS.C. Hambros Bank Handdsbank NW. (Overseas) ILHenriques jr. Bank 

UaM Limited' AMttombkub 


Hessische Landesbank R 

-Girozentrale- 

1stituto Bancario San Paolo di Tbrino 


Hill Samuel & Co. 


E. F. Hatton & Co.NV 


JBJ International 

Limiltd 


Istituto Bancario San Paolo di Tbrino JardineFle ming' & Company Kansallis-Osake-Pankki 

Kjpbenbams Handelsbank Kleinwort, Benson Kredietbcmk N.V. Kredietbank (Suisse) SA. 

rjpiUw i 

Aoim Loeb Lehman Brothers International Kuwait Financial Centre SJLK. 

Kuwait Foreign Hading Contracting & InvestmentCo. (SAJC) Khwatt International Finance Co. SAJC. JJFCO 3 

KuvraklnternationalljrrestmmttCo.SMJc. Kawait luvesluienl Company (SAJC) hazard Brothers&Co+ 

hazard Freres et Ge UoydsBa nkJM anatianal McLeod, Youn g, Wei r International 

Merrill Lynch International &Co. B.MetzIerseeL Sohn & Co, Samuel Montagu & Co. Morgan Grenfell & Co, 
NederlandscheMiddenstandshank N.V. Nesbi tt, Tho mson Nate Bank The Nikko Securities Co* (Europe) Ud. 
Nomura Europe N.V. Norddadsche Landesbank Sal* Oppenheim jr. & Ge. Orion Bank 

.. GawatNb Limited 

Osterreichische LQnderbank Paine Webberjackson & Curtis Peterbroeck, van Campenhaut, Kempen SA. 


Nomura Europe N.V. Norddeatsche Landesbank Sal.Oppenheim jr. & Ge. Orion Bank 

.. Gowatnb Limited 

Osterreichische LQnderbank Paine Webberjackson & Curtis Peterbroeck, van Campenhaut, Kempen SA. 

Alchaogmelhdmfl SeeurfBet UmHtd r 

Pierson, Heldring & Pierson N.V. PKbanken Postipankki Ptivatbanken Rothschild Bank AG 

MBmcbkab 

N. M. Rothschild & Sons Sanwa Bank (Underwriters) A.Sarasin&Ge. Saudi Arabhtn. Investment Company Inc. 
Scandi navia n Bank /. Henry Sch rode r Wagg & Co. Schweizeiische Hypotheken- ™d Handelsbank 

Skandinaviska Enskilda Banken Smith Barne y Har ris Upborn & Co. SociithBancaireBarclays [Suisse) SJL 

Sociite Generate Sodete Generale Ahar.ienne de Banque Saci&kPriv&e de GestionFinanciere 

SocieteSequantnsede Banque SofhzsSpJL Strauss, Ibmbull & Co. Samitomo Finance International 

Svensku Handelsbanken Swiss Bank Corporation (Overseas) JbkaiKyawa Morgan Grenfell 

Hade Dwefogment Bank, Hadition Internationals A. Union Bank of Finland Ltd. 

Union deBanques Arabes etFmncaises-URJLF. Vereins - undWestbank J.Vontobel & Co. 

AkUmgetc B tdmfl 

M. M. Warburg-Brinckmann, Wirtz & Co. SG.TKirhoig & Co. Ltd. Wardley 


Westdeatsche Landesbank 
Girozentrale 

February 1,3878 


Wood Gundy 


Yaimuchi International (Europe1 

TJmlmd 


By John Walker ; 

STOCKHOLM. Feb. 1. { 
THREE LARGE orders for air; 
pollution control equipment — 
one in the U.S. and two in 
Canada—have been won by 
Svenska Fiakt, the Swedish in¬ 
dustrial and air pollution-control 
group. The orders are valued to¬ 
gether at about S20m. (film.). 

The Ohio Valley Electric Cor¬ 
poration (Ovec) have ordered 
from FISktfs American company- 
five electrostatic precipitators for 
installation in the five 2l5Mv 
boilers at Ovec’s Kyger Creek 
power station near Gallfpolis, 
Ohio. The five precipitators have 
a combined value of about 
U£.$9im, and are scheduled for 
installation during the autumn 
of 19SL . 

The two Canadian orders re¬ 
ceived by Fillet's Canadian sub¬ 
sidiary consist of electrostatic 
precipitators for Unit Six at the 
Calgary Power Company's power 
station in Sundance and for Unit 
Five at tbe Alberta Power Com¬ 
pany’s power station at Battle 
River, both in tbe province of 
Alberta. 

The two Canadian orders are 
valued together at about 
TLStelm. Fiakt already has 
delivered precipitators for Units 
One to Five at the Sundance 
station and One to Four at Battle 
River. 

Yugoslav trade 
gap widens 
to $4.38bn. 

By A. Lebl 

BELGRADE, Feb. L 
YUGOSLAV foreign trade figures 
for ‘ 1977 are disappointing. 
Exports were 8 per cent up by 
value but down by volume as 
prices increased 13 per cent On 
the other hand imports were 31 
per cent, higher by value with 
the same price increase as 
exports. Exports totalling $5.25bn. 
and imports of S9.63bn. resulted 
in a §4B8bn. trade deficit, com¬ 
pared to one of $2.498bn. in 1976. 

As invisible earnings are not 
expected to differ ranch from 

1976 when they netted some 
52.24bn_, the balance of payments 
gap (which will not be known 
for some time) is going to be 
quite substantial. In 1976 there 
was a small surplus of about 
8150m. 

This, however, will not be 
reflected in foreign exchange 
reserves which by the- end of 

1977 amounted to roughly 
82Bbn^ slightly more than 12 
months earlier due to extensive 
borrowing abroad. 

Of the $4J89bn. trade gap 
S3.395bn. was with the developed 
countries, and within that group 
the bulk of it was with the EEC. 
This is the reason why the Yugo¬ 
slavs have been reproaching the 
Community for not showing 
enough good will, except 
verbally, in helping them to 
achieve a more balanced trade. 

. Yugoslav planners hope to 
partially redress the situation 
this year. 


BY WICUAM DUUFORCE 

THE SWEDISH Pulp and Paper 
Association' is angry about the 
British Government’s refusal- to 
raise the Arty-free quotas for 
imports of paper and boardJrom 
Sweden in 1978. 

It also protests against .the 
demand by the .EEC paper 
industry that tbe Brussels Com¬ 
mission once again freeze the 
ceil ings for paper imports from 
the EFTA countries. 

The Scandinavian companies 
were harder hit by the recession 
than their EEC. colleagues and 
were not to blame for the diffi¬ 
culties facing ■ the ' European 
paper industry, the Association 
states in its .monthly fceport. 
Swedish public opinion would 
consider any freeze on imports 
“ difficult to understand and very 
regrettable.” 

Under the free-trade agree¬ 
ment between Sweden and' the 
EEC Britain can raise the 
Swedes’ duty-free quotas by 
5 per cent, a year to maintain 
the tariff exemption prevailing 
in the 1960s. when Britain was 
a member of EFTA. 

The Government has refused to 
raise the quotas for 197S except 
for a few products, which give 
an increase of about 1 per cent., 
overall. It permitted no increases 
in 1977 and an average increase 


of less than 2 per cent in 1976. 

The quotes;-cover aU- types bf^ 
paper' and • board except for 
newsprint The Swedes complain 
that - for most products .their, 
quotes are the same as! in.1975 
despite tbe rise in Rfith j h con¬ 
sumption the feet-that-;the 
profit trend In. British { paper 
mills, has been better than , that 
for their own companies." . 

At the same time as imports 
fnan Scandmavia were bedpg re¬ 
stricted, “ paper to streaming to¬ 
te Britain from the-.Continent 
following the: abolition ; of the - 
internal 1 EEC tariffs last year,” 
the Swedish association.^ states. 

There is tittle the Swedes can 
do about the British decision but 
they are - stillcontesting ■ the. 
freeze on their -ceilings in 
Brussels. •. • 

The background to the Swedes’ 
disappointment is to be found 
elsewhere in the report. Last 
year they had difficulty in hold¬ 
ing even titter traditional share 
of the British market in wood- 
free and printing papers. They 
were able to operate only at 65 
per cent of their capacity, which 
has been substantially increased 
during the 1970s. 

The Association notes that 
American exports of .kraft liner 
to the EEC, -.now. to be: investi¬ 
gated on charges of dumping by 


STOCKHOLM, Feb. 1. 

tbe Brussels Commlsaaon, hav% 
also? affected Swedish: supplied 
Last -year- tim v.Swfedes. Were 
forced to mqserdwm towards tee 


mitket loss .sh&ilar td .fhat tbey 
harveesperienced-ia marfcetpulp. 
■~ '€apa«ty utifisation among the 
Swedish .c&enaeal pulp niiBs was 
-under 76 -per cent 
duction of -market pulp totalled 
only 3.4m. tonnes, a falls of 165 
per .ceit compared with 1376; 
when the Swedes were stock¬ 
piling, and total pulp' exports 
were still 30 per cent below 8*. 
1974 leveL Stocks were reduced 
to about 900,000 tonnes by year’s 
end. 

The iaU last year in prices for 
palp aid several paper products 
meant that the value of Swedish: 
exports remained: virtually un¬ 
changed at around Kr.ll.6bn.- 
(£L3bo.) despite increases in 
pulp, paper, and board ship. 
ments. Paper and, board output 
in -Sweden rose by about three 
per cent, last year to 5.1m. 

tnrmpc 

Tbe Swedes foresee no teal 
stimulus for their industry in 
1978. All parties must restrain 
production, they argue, to bring 
about the stabilisation and.the 
Improvement in prices which the 
whole West European paper in¬ 
dustry needs. . 



Call to improve U.S. exports 


BY STEWART FLEMING 


NEW YORK, Feb, L 


THE U.S. must make a political This is the conclusion of a tion in the foreign exchange 
commitment to improve its pessimistic analysis of the prob- markets to support the dollar 
exports if it is to adilwo<adast 

mg improvement. In fte’ trade gg ■ bSte' -V-,I^ r’i. •* ' ! 

balance and in the strength of Trust, in fis' monttOy • Worid - Th* wlU 

the dollar. A better U.S.. energy Financial Markets. r : - = 

policy, although ■tetal, will not be Morgan Guaranty: .estimates '??^ 

sufficient to reduce tbe current , tiiat, over-the'past . - 

account deficit. . the U.S; government’s interven- ' i ? 1 ? era .- tt vg -' ^sulataa- 

' tialiy the rarr^taceotintdefirati 

S - Tj r - lii terms^of^at*itej$ng'this 

. Korea warned on shoes ^ 

WASHINGTON, Feb. £ tbat a better UsS/ .energy, policy 
THE U.S. HAS warned South that are to be .enforced by the: can do mud mors than stabilise 
Korea that it may have to halt Asian countries.’ ‘ " .. ’* .•petroieum aupdrts'Ntor a- few 

temporarily certain footwear Because the athletic footwear- years," • "■; ;r T . v . 

imports, if the South .Korean imports from SouthJxorea appear . 

Government refuses to hold down to be approaching the 12 month'. 

sssf Dea few ss 

south * 

between June 28 and December take to slow such stepments. '* c “ a ^ 11 “ear-tenn .: ■ 

3L shipped more than 18m, pairs At the some time, TLS. Cus- lt qacstion^ tiw. Sfnaiysis^ that 
of athletic footwear, induding tarns supervisors at various ports mare rapid, growth fa Emppe and 
joggers, to tee U.S. market, when/ have been directedfo stait mom- Japan might wlpe. : bjrf SlSbn. 

the quota for such imports tn the toring the imports- from South, current..accdunt 
12 months ending next June 27: Korea “ on a dally basis.” iU:S. instead teat 
totals 21.5m. pain. .—trade.offidalsaid. -. rf ..- ; :pro&lemslreInits4ectiningstiare 

The U.S. has “'urderly-maricet- -. South Korea's- total quotas of : ; world '/«xport^ 'ma4^^' and 
ing " agreements with . South the year ending June 27 J978, .particularly : : ^vjreiati^whip 
Korea and Taiwan that restrict for both .‘-feather and so-called wite . Japan, and' -tee’, non-oil 
their footwear exports for a. ‘‘athletic” footwear, amonnt to exporting, ’ - )efiSer^veipped 
three-year period, unc^n- quotas 33m. pairs. AP-DJ chantries.' ■ ' 


India tb ease imports 


BY K.K. 5HARMA 


ASEA extends 
project in U.S. 

By Our Stockholm Correspondent 
ASEA, tee Swedish heavy elec¬ 
trical engineering group, has 
signed a new agreement with 
the American Electric Power 
Company (AEP), the largest U.S. 
investor-owned utility, extending 
t heir joint ultra-high-voltage 
(UHV) development project for 
electric power transmission at 
voltages between 1,500 and 2,000 
KV. 

The new agreement covers a 
period of five years to the end 
of 19 82, and the final choice of 
system voltages will be made 
during this period. 

As part of tee work, ASEA 
will build a prototype gas-insu¬ 
lated sub-station a ad a shunt 
reactor, aod test these with ser¬ 
vice voltages of up to 1,800 KV. 

DUTCH DEFICIT 


INDIA'S IMPORT and export 
policies and procedures are to 
be further liberalised on lines 
suggested in a report of an offi¬ 
cial committee submitted to-day. 
It recommends the elimination 
of red tape that has harassed 
industrialists and traders for 
three decades. 

Apart from recommending sim¬ 
plification of procedures, the 
committee urges that imports of 
industrial raw materials -and 


NEW DELHI, Feb. . 

items not actually on tbe banned 
list should be relatively unham¬ 
pered. Industries should be 
allowed imports on tee basis of 
their past year’s .fignres plus 10 
per cent, tee report says. 

The committee, headed hyjDr. 
P. C. Alexander, Commerce 
Secretary, has also recommended 
“liberal and dynamic* 1 import 
of technology by keeping in view 
national priorities and ' •: the 
present state of development d£ 
indigenous technology. 


Sino-Indian trade hopes 

THE FIRST Chinese delegation to indicate gradual improvement 
to visit India since the 1962 bor- in Sino-Indian relations since 
der war is due to leave-for New diplomatic ties were restored at 
Delhi in about a week at the ambassadorial level in 1976. 
invitation of four Indian indus- The delegation of about 15 
trial and trading corporations, people is expected to attend an 
informed sources said yesterday. 11-day. engineering fair in New 
The decision by the Chinese Delhi before going on a fact- 
to accept the invitations appears finding tour. 


mo 

DON JAMIfiSON;-Canada’s 
External t Affairs,'. Minister^ 
ended three days of talks with 
Chinese :G6veriaapat Ministers 
fu Pekutg yestezday by explor- 
iag pbsstijllitles-fdr .exjrinding 
Canada’s trade vtth. China . 

rsjwa^ian ^oqrces said fitr» 
Jandeson,- ob l * ^hp*ty visit, - 
had ao hour^eng meeting with 
LI Ctiiapg, Foreigir Xra^e 'IHIn.- 
' ister, -fen iteich they disenssed 
prospects for ttade--curreatiy 
ninteg: heiyiif in -Canada^ 
favour because’ *4- wheat sales. 

Canada estimate fig exports 
to China last’ yaaar'’ totalled 

j Analysts iu-PeMng speculate 
teat China may have to buy up 
to 6m. tonnes of wheat this year 
after a poor harvest hi 1977. 
Canada seemed assured of tbe 
major part of any order because 
©f its close-ties with Peking. 


Blame on gas and the guilder 


HOLLAND'S EXPORT problem 
has tinned Into a heated debate 
and industry generally places a 
large part of tee blame for its 
difficulties on the appreciation 
of the Dutch currency. However, 
tee Central Bank, the Finance 
Ministry, and to a certain extent 
the commercial banks believe 
the problem lies elsewhere. 

Both the Central Bank presi¬ 
dent, Dr. Jelle Zijlstra, and the 
treasurer-general Dr. Amout 
We i link, have warned against 
seeking an export advantage in a 
depreciation of the guilder, 
arguing that Holland's firm 
currency has been a protection 
against Imported inflation. West 
Germany and Switzerland, with 
firm currencies and low rates of 
inflation, are put forward as the 
models for Holland and not tbe 
UJK. and Italy. 

Holland’s largest trading 
partner, West Germany—which 
accounts for 30 per cent, of 
Dutch exports and 24 per cent, of 
imparts—has maintained a strong 
export position despite seeing a 
currency' climb even more 
strongly than the guilder. 

In tee first 11 months of 1977 
visible trade showed a deficit of 
Fi&4.6bn.; compared with a 
surplus of Fls.2.8bn. in tee same 
1976 period. Dutch exports 
totalled Fls.97.9bn. in the 
January to November period 
(Fls.96bn. in 1976) while 
imports were FIs JQ2fibu. 
(Fls.98.2bn.). 

The Government’s Central 
Planning Bureau revised a 
number of forecasts in November 
to show exports wonld fall 1 per 
cent, by volume in 1977 (it 
earlier forecast zero, growth ) 4 It 


BY CHARLES BATCHELOR IN AMSTERDAM 

forecast a 6 per cent rise this exports, excluding gas, are grow- the top of tee worid wage leaene. 
year (earlier estimate 7J per ing faster than the growth of Hourly wage,costs in. industry 
cent). It has also revised down- world trade despite the guilder’s were 5.7D -European -units of • 
wards tee 1978 current account .firmness. Dr. Wellink’s- piedecafr-account -’in.- tats: -compared! with ■ 
balance of payments surplus to ear at 'the Treasury* jyri .Coen 5.20 m West Germany, 4.10 in ' ’ 
Fls^Sbn. from Ffo&bn. forecast Oort argued. France; and 2,70 in the UJL 

Tbe firmness of tbe guilder has Banque de Suez Nederland The' Dutch Export 1 Federation ' 
largely been due to exports of pointed out in a recent study pels some ©f the-blame for 
natural gas which some estimates that Hollan d, which traditionally Holland’s poor export per 3 
pot as worth Fls.l5hn. in 1977, has a deficit on visible trade any- formance down- to a lack - of = •- 
counting - actual exports and way, achieved record current willingness .on the part rf 
savings on oil imports. There is account surpluses of FlsAShm exporters to tackle new markets. - 

- ; With the exception of tee Dutch*- 

Holland’s visible trade deficit has led to a con- 
siderable debate about Its causes. The appreela- . 

tion of the Dutch currency and high wage and ?o per cent*S”^irts A go Il to‘ 
production costs are blamed. * ~ O.^r Oomman Market members 

____ • • 25* 80 per cent, are within 

• . 1 •' ■ . —‘ Western Europe, 

no doubt this has masked tee and Fls.5fibn. in 1973 and 1374 The Government is worried • 
worsening economic situation- .when the effective guilder rate a “°* r T tela situation - and - has 
Gas revenues have been used rose at an annual rate of £L5 and 1 5“ cen - “ e ® sures to boost sales 
to increase public spending 6 per cent. • abroad. It has appointed a second 

rather than improve tec health The bank argued that Holland’s Secretary at the Economics 
of private industry. But the 1977 deficit was incidental and {““■****» probr 

previous Government's “l per due ta factors such as. hiuh levels Jftofi :an<T additional loans'wffi 
cent" policy; aimed at keeping of domestic confiumptiob—car to . which 

the growth of taxes and social imports were a. major Item fegt' 00 5™ lrt * toesports. : ’ 

security premiums below 1 per year^anito a revised system of LX-' e ? p0I % s *<*&& - to® : V 
cent of national income a year, registering oil imports which u!?- m r ess „ Holland adapts a . A 
has marked a turning point* added Ffcl5bn. to tee imuort ^ ^ for eSWHts- Tbvy . -•< 
Government policy Is 5251*^ i****™**™ <* a *iataal;> •. >; 

aimed at improving the 'profit- The bank does not foresee a whSi'' • 
ability of industry rather than trade surplus in 1978 bSthen 

’weakemng of Holland has only run a visible policies to-promote export® and .V. 5 ! 
exehanliil? r Tn 00 rt for ^ gI1 toaj* a»pl}» to four years—1978 see ’cnrrent^tetektog-~8Uch" as 

open ^' til a Du5E5^i£ 

account for 60 per cent of GNP The causes pinpointed by the 

—and with a high degree of wage monetary authorities and* tee ■ eay they do 

;S r v SSEa t,0 S of S e and not 












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1 Rna&ciai Times... ’iftursdsjr Feftruaiy" 2 19E8 ; 


Wmmm 

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BY KAY DAFTER, ENERGY CORRESPONDENT 


Mil 


By Our Own Correspondent 


A MAJOR nitrogen fertiliser 
producer in The south-east of 
England. Thames Nitrogen, hopes 
to start production this month 
after a break of nearly a year. 

The company, which employed 
350 people ut its plant at Rain- 
ham. Essex, stopped making 
ammonium nitrate- last March, 
when it could no longer compete 
with Imperial Chemical Indus¬ 
tries. 

1CI holds a dominant position 
in the nitrogen fertiliser market. 
Jis prices had been kept at a 
level well below those in other 
West European countries, 
because of the advantage it 
derived from :» 15-year supply 
contract for cheap natural gas 
from the British Gas Corporation. 
Natural gas is the raw material 
for ammonia, the major inter¬ 
mediate for nitrogen fertilisers. 

The 1C1 contract with British 
Gas was renegotiated late last 
year, leading to a 15 per cent, 
increase in fertiliser prices. The 
higher pnccs mean that Thauies 
Nitrogen can compete again in 
fertiliser markets wirh ammonia 
bought on the world market. 


THE ELF offshore oil group has 
made a significant oil and gas 
discovery id the West Shetland 
area. 

It Is expected that the find, 
on Block 206/7, will lead to a 
spate of wells being drilled in 
the area which, in spite of con* 
siderable activity last year, has 
still to be confirmed as a region 
with important recoverable re¬ 
serves. 

The Eif find has kept alive oil 
industry hopes, however. Elf 
said that u four-company consor¬ 
tium tested an aggregate oil Sow 
of 1,700 barrels a day from three 
producing intervals through a 
tbree-eigthths-inch choke. The 
well also produced gas at the 
rate of 3.9m. cu. fL a day. 

The commercial significance of 
the discovery would not be 
known until further exploration 
work had been carried out in the 
area. 

The consortium. which 
includes British National Oil 
Corporation. Conoco and Gulf, is 
releasing the exploration rig 
Pentagnne S2. 

The rig has been operating on 
the block since November 10, 


making the well one of the most 
expensive exploration exercises 
in that offshore region. Industry 
estimates put the cost of the well 
at about £5m. 

Stockbrokers Gilbert Eliott 
said yesterday that the interest 
generated by the well and explor¬ 
ation last year could lead to a 
drilling programme costing 
betwcco £20m. and £30m. this 
summer. 

Ten new wells might be drilled 
by companies with concessions 
west of the Shetland Islands. 

Only Mobil is braving the 
rough weather in the area. It is 
using the rig Kingsnorth U.K. to 
drill an exploration well on 
Block 206/9. 

It is possible that the structure, 
now being evaluated by Mobil, 
is linked to the Elf discovery and 
to the earlier find by British 
Petroleum on Block 206/S. 

Industry reports suggest there 
is a similarity between the heavy 
oil found in the BP and Elf 
blocks. 

Although the possible produc¬ 
ing structure is thought to cover 
a wide area, the oil-bearing 
sands are said to be thin. 


BY LYNTON McLAIN, industrial staff 


mil 


ELF ■ 

OIL FIND | a*;: \m i \ 

206/7 ■ wtrstatbirf: 


BY ROY H0D50N 


MOBIL WELL 
208A J 


ELECTRICITY industry stra¬ 
tegy is expected to. be dis¬ 
cussed soon by the Govern¬ 
ment, industry chiefe and the 
unions. 


202 203 5 M i 6 

Qj-j' i j-i m iiEi 

a J- Tjlj- 

f f it 

“y is-HT 

Mini 
— f i .Tz T T5TT 

fgXtuH imrini 


As a development programme 
would probably have to include 
some 'form of costly enhanced 
recovery system, the- commercial 
potential of oil and gas so far 
discovered is still far from clear. 


Elf-Aquitaine seeks aid Page 27 


Court told 



of trips to Zurich 
ok hy stockbroker 


RNANCIAL TIMES REPORTER 


By Kevin Done. Chemicals 

Correspondent 

HUMPHREYS AND GLASGOW 
has emerged as the most likely 
contractor for the construction 
of u £30ni. chloromethanes plant 
for Imperial Chemical Indus¬ 
tries. 

The 200,000 tonnes a year 
plant, which is claimed to be 
the largest ever planned, has 
still to receive main Board sanc¬ 
tion. This is holding up the sign¬ 
ing of contracts with the chosen 
contractor. The plant is planned 
for the Mond Division site at 
■Runcorn, and will be based nn 
a joint licensing agreement 
between ICI and Stauffer. 

It is 3 imed at meeting the 
increasing world demand for 
methylene chloride, estimated to 
he growing at between 6 and 
S per cent, a year. Methylene 
chloride is used in various out¬ 
lets as a solvent—in uses such 
as paint strippers—and has 
application in the oil, plastics, 
fibres, pharmaceuticals feed- 
stiiffs and adhesives industries. 

Meanwhile Vulnax, the 50/50 
joint venture formed in lale 
1976 by ICI and Rhone Poulenc 
to manufacture rubber chemicals, 
has announced that it expects to - 
start its investment programme 
initially in the speciality rubber 
chemicals field 


DOCUMENTS INDICATING that 
an accused City stockbroker, Mr. 
Lewis Atiman. had been to 
Zurich and Bangkok in an effort 
to contact people who could help 
Treasury inquiries into large- 
scale dollar premium transactions 
were produced at Guildhall 
Court yesterday. 

They were put to Mr. Derek 
Kemp, a prosecution witness, 
and former company secretary 
with the stockbroking firm L. 
Altman. He said that one was a 
copy of a document circulated in 
the office after Mr. Altman had 
made notes about his own over¬ 
seas inquiries. 

Mr. Robin Auld, QC, for Mr. 
Altman, told the court: “There 
is no suggestion that either Mr. 
Altman or Mr. Kemp knew any¬ 


thing about possible dishonesty 
by Mr. Judah Binstock, If it 
existed, in the course of his deal¬ 
ings with the firm." 

Botli Mr. Altman, 59, and his 
partner. Mr. Robert Carnes. 31, 
deny conspiring with Mr. 
Binstock and five others to con¬ 
travene exchange control regula¬ 
tions in 1974-75 in currency deals 
of £ 6 . 6 m„ from which £ 2 m. profit 
is alleged to have been made by 
some involved in the alleged 
scheme. 


Others named in the charge 
include a number of foreign- 
based businessmen or company 
executives. 

Mr. Kemp, who continues bis 
evidence to-day, said: “ 1 had no 
reason to suppose that Mr. 


Binstock was not a thoroughly 
reputable person. 

“He regularly came to the 
office to see Mr. Altman, but I 
was never completely aware of 
tbeir relationship. 

“ He was always in a burry 
when he visited the office, and 
was a robust and outspoken 
character." 

He thought Mr. Binstock had 
introduced some Liechtenstein 
companies to the firm for 
business reasons. 

Mr. Kemp said that when the 
Treasury began its inquiries in 
1975 Mr. Altman’s firm was very 
busy with a potential merger, 
which later ceased, with another 
firm of stockbrokers, and this 
could explain some delays in 
answering Treasury queries. 


Sir Frauds Tombs, chair¬ 
man of the Electricity Coun¬ 
cil, told the Commons Select 
Committee on Nationalised 
Industries yesterday that gen¬ 
eral policy discussions would 
start soon.. 

The industry is awaiting the 
Government Bill for the re¬ 
construction of the industry 
broadly on the lines of tfae re¬ 
port of Lord. Plowden’s Com¬ 
mittee and the statement to 
the Commons last autumn by 
Mr. Anthony Wedgwood Benn, 
Energy Secretary. 

Sir Frauds said that the 
proposed new functions would 
allow area bodies to manage 
day-to-day running of the 
£L5bn. a year industry. 

Centralised management of 
the industry would be Invested 
in an Electricity Corporation 
which would monitor invest¬ 
ment, national industry plan¬ 
ning, research and develop¬ 
ment, tariff structures. Indus¬ 
trial relations, and national 
commercial and industrial 
policies. 

The industry is now spilt 
into 14 organisations—the Elec¬ 
tricity Council, the Central 
Electricity Generating Board, 
and the 12 area electricity 
Boards. The Plowden report 
recommended — with support 
from Industry — a more 
centralised structure. 


GOVERNMENT CONSUMER 
Watchdogs 'who yesterday were 
accused by MEs Of giving un¬ 
satisfactory answers to a Com¬ 
mons committee investigating 
lightbulb life are to be recalled 
for a second time. 

The officials first gave evidence 
on January 18. But yesterday 
Mr. Arthur Palmer,. chairman,' 
said, after two hours examination 
of officials from the Office.of Fair 
Trading, and Departments of 
Prices and Consumer Protection, 
Energy and Industry, there were 
still gaps In his knowledge. He 
was far from satisfied with the 
answers given. 

Mr- John de Pauley, of. the 
Office of Fair Trading, said that 
there had been 'allegations of 
unregistered cartels in Britain's 
lamp industry. These had been 
Investigated but were of. no 
substance: -Some agreements 
between lamp companies were 
already on the office register, but 
these did not concern -unfair 
trading. 


Mr. Ted Leadbetter. amenjber 
of the. committee, refused to 
accept the explanation, and 
demanuded more information on-: 
the. cartel investigation. - The 
Office had talked to three local' 
authorities and were shown' com -1 
petitive tenders from lamp com- 
parties, said .Mr. de Pauley- 
The . committee asked Mr. 
James C h illis, an Energy -Depart¬ 
ment official, about tests on vary¬ 
ing lamp voltage, as this could 
cut efficiency. He said .that | 
efficient lamps could cut 1 
Britain’s lighting bill by a third, 
but the Energy Department had 
failed to talk with lamp com-; 
p aiiies. ' • - 

The public was not interested 
in higher efficiency lamps, 
claimed Mr. Don Clark, an 
Under Secretary at the Industry 
Department responsible for 
Industrial technologies. Accused 
by Mr. Palmer of drawing loose 
conclusions, Mr. Clark withdrew 
his remark saying he did not 
have enough data. 


f] ill] i I 


THE POST Office .has created a 
senior financial ■ post to co- 
ordinate its £4bn. a year 
activities. The job, as deputy to 
the Board member responsible 
for finance and corporate ptan- : 
ning, has been, -given to Jttr,-- 
Charles Beauchamp, who has 
been with the Post Office since 
1939. 

Mr. Beauchamp, aged 5& will 
work closely with Mr. Frederick 
Waterhouse, who was appointed 
Board member for finance in 
December. He. will support .Mr. 
Waterhouse in r unning key Post 
Office departments — central 
finance, central audit, and 
statistics and business research. 


Ismaili home 


Two jailed for £lm. 


‘fantasy plan’ 
to blackmail ICI 


LONDON is to be the new hoine 
of the Ismaili Muslim Sect's 
Western world headqnartes. 
The Greater London Council 
decided last night to lease the 
former National Theatre site in 
Kensington to the Aga Khan 
Foundation. The centre will 
serve London’s 8,000 resident 
Ismailis. 


Pension answer 


Sir Francis told the com¬ 
mittee that disconnections for 
failure to pay hills were drop¬ 
ping. la 1977-78, disconnec¬ 
tions were expected to fall by 
about 20 per cent below the 
1976-77 level of 103,000. 


£50 cash limit for giro cheques 


Bill Francis 
appointed 
by Trafalgar 


Financial Times Reporter 


CASH LIMITS on Fast Office 
giro cheques are to rise by £20 
to £50 from April, Sir William 
Barlow, Post Office chairman, 
said in Bootle yesterday. 

The move is part of a package 
aimed at improving the giro 
service for customers whose 
salaries are not paid into Un¬ 
ban k. 

Charges for cashing giro 


cheques at post offices will drop 
and cheque books and prepaid 
envelopes will be free. 

Sir William said that he 
wholeheartedly supported the 
idea of providing better customer 
services at lower prices. 

To help to nay for some of 
ihe changes, drawings on any 
account holding less lhan £50 
will be subject to charges. Thp 


present limit is £30. . 

tt The Post Office is .to spend 
£400m. in the next five years 
developing the telephone service 
In the North West 
Sir William said that no 
decision on Increased telephone 
charges had been made. "We 
are to hold them for the present 
and I can assure you that any 
future rises will be kept to a 
minimum.’' 


A £1M. M fantasy ** plan to black;- would have taken six men years 
mail ICI for stolen computer to replace. • 

tapes turned into a “Keystone The two men later'dropped the 
Cops ’’ farce, an Old Bailey trial £lm. ransom demand to £275,000, 
was told yesterday. but their plans to pick up the 

Rodney Cox, 27, computer money were “very inept, said 
operations supervisor, was jailed Mr. Geoffrey Robertson, defend¬ 
er six years, and Peter. Jenkins, mg- 

27, computer assistant pro- They were caught In a chase 
grammer, for five years. Both in Oxford Street after they tried 
are of Thornton Heath, South to snatch the case supposedly 
London. containing the money from an 

They pleaded guilty to ICI official, 
demanding £275,000 from ICI M n that ^ 

with menaces between January 9 9 “ d 

and ™ tnid- war were stored at ICI computer 

Cot state the* tapes because, centres to . Holland, where Cox 
he said, he wanted to prove & s *i l 0 f*£• °“ e 

inadequate security precautions jf.5® ./S?hSi* had per ' 
at the ICI computer centres: 1111581011 t0 han ^ them - 
Jenkins, who ran his own com- The plan started as a joke and 
punter company in Holland, was then became reality. The original 
brought in to assist him with ransom sura was dropped when 
the plan. ■' the man who was to have 

It was stated that the two men switched the £lm. “ round the 
hoped that the missing tapes world" decided he- wanted noth- 
would put the management into lug more to do with It . 
a state of panic and wipe, mil-: Once the tapes were stolen^ said 


MR. JOHN HORAM, Under- ■ 
Secretary of State for Transport, 
told 'a Commons committee 
yesterday that he could not 
accept - that the Government 
should involve. itself in the 
policy of the trustees of the 
British Rail Pension Fund of 
Investing in fine/arts. 


Royal visit 


PRINCE CH ARLE S is to visit the 
Occidental North- Sea group’s 
Piper and Claymore oil fields on- 
February- 2A. The fields are about 
120 miles north-east of Aberdeen, 
This is the first official visit he 
has made to a North Sea installa¬ 
tion. 


Hotel rules 


HOTELS in England, Wales and 
Scotland are now required by law 
to display prices for accommoda¬ 
tion prominently in their 
reception areas. •. . 


MR. BILL FRANCIS, the former 
vice-chairman of Tarmac who 
'resigned in September after 
announcements that a Tarmac 
subsidiary faced £ 12 m. losses in 
! Nigeria, has been appointed an 
I executive director of Trafalgar 
- House with responsibility for 
Cementation Holdings. 


a state of panic and wipe, mik: Once the tapes were stolen^ said 
lions off the group’s stock mar- Mr. Green, Cox phoned a senior 
ket share values. ’official at ICI in London. The 


Chemical fires 


Mr. Allan Green, prosecuting, ransom money was to be handed 
said that the 48 discs and 540 over in London in £5 and £10 
tapes stolen, valued at £150.000, used notes, which were not to be 
contained information which in sequence. I 


illlllllllilll 







'/* V *•.'via/-V'S/’X'’ 


|% ; 1 



Mr. Francis was the Tarmac 
director responsible for the 
£5.3Tn. purchase in April 1976 
of Hotund Hannen and Cubitts, 
the construction arm of Drake 
and Cubitt 


Tesco buys superstores 
from Debenhams 


THE NUMBER of incidents 
involving chemicals and 
hazardous substances reported by 
the London Fire Brigade went up 
sharply last year. Firemen 
attended - 240 incidents arising 
from spillages, leakages or fires 
involving chemicals, - compared 
with 1&5 incidents in 1976. 


Small boost 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


By last autumn Tarmac had 
pinpointed an estimated £ 12 m. 
losses in contracts being carried 
out by Cubitts Nigeria, a subsi¬ 
diary of Holland Hannen. 

Since then, both Drake and 
Tarmac have been involved in 
legal cross-actions over whether 
warranties In the sale agreement 
for H H and C cover the Nigerian 
problems. 

Like Tarmac, Cementation Is 
an international construction 
company and one for which 
Tarmac once bid in 1970. It was 
acquired by Trafalgar after a 
stiff three-cornered contest also 
involving Bovis. 


DEBENHAMS IS selling its two 
superstores and one department 
store to Tesco for £4fim. Tesco, 
already runs several large super¬ 
markets and will operate all 
three as superstores. 

The sale marks the end of 
Debenhams 1 bid to establish 
itself as a superstore operator. It 
found it made a better return 
from department stores, where 
margins are higher, or from the 
conventional supermarkets run 
under the Caters name. 

The superstores being sold are 
the Scan, at Walkden. Manches¬ 
ter. and the One Stop Superstore 
in the Victoria Centre. Notting¬ 
ham. 


The latter was formerly'ran 
under the Scan name—originally 
chosen for the Debenham super¬ 
stores—and was changed to One 
Stop last year. Debenhams has 
department stores in both cities. 

The sale of the third store—on 
the outskirts of Bradford—is Sub¬ 
ject to Tesco getting planning 
permission to re-develop it as a 
superstore. It has been cut off 
from.the city centre by the new 
motorway network and Deben¬ 
hams believed it was not worth 
spending money on- refurbishing 
it. - 

The store's proximity to major 
roads,- however, make.it a good 
site for a superstore. 


THE SMALL business sector in 
Britain is prpbably Well placed to 
meet the demands of new. tech¬ 
nology, says a'report by Barclays 
Bank.. It says that small busi¬ 
nesses, “so essential to - the 
conntriFs economy and employ¬ 
ment,” have always proved 
adaptable. • 


Bn3ders’ protest 


SIR MAURICE La mg will be 
chairman of a committee to fight 
Labour . Party proposals to 
nationalise the construction 
Industry. . Tfae campaign is 
backed by the National Federa¬ 
tion of Building Trades. Employ¬ 
ers and the Federation-of Civil 
Engineering Contractors. 


Tories seek full indexation 


County campaign 


of tax on capital gains 


BY RUPERT CORNWELL 


A PUBLICITY campaign to high 
light the dangers of transferring 
responsibilities for some public 
services from the counties to the 
cities is being considered by the 
Association of County Councils 
A special working party is : to 
consider the feasibility of putt 
Ii rising its case. 



FURTHER DETAILS of Tory 
strategy on tax reform emerge 
to-day with a report from a 
specialist working party urging 
full indexation of capital gains 
tax to make up for the erosion 
of inflation. . 




only Gulf Air have direct 
ts to Abu Dhabi, Bahrain, 


I mm. 


The paper, from the taxation 
subcommittee of the Society of 
Conservative Lawyers, is in 
response to suggestions made by 
the Inland Revenue last October 
which opposed indexation on fhe 
grounds that it would he too 
complicated and would place an 
extra burden on an already over¬ 
stretched tax administration. 

The lawyers 6 ub-committee 
claims that ° datum point in¬ 
dexation ” could overcome these 
difficulties. 

The basis of their plan Is for 
the purchase and selling price 
of any asset liable for capital 
gains tax to be calculated in its 
equivalent in 1974 pounds, the 
base year for the retail price 
index. 

The gain or loss expressed in 
1974 terms would then be con¬ 
verted into current values and 
tax levied on that sum. 


The working party also recom¬ 
mends an annua] threshold of 
£500 for real net gains before 
tax is charged, that re-investment 
relief be extended to all assets, 
and that people over 65 should 
be completely or partly exempt 
from tax. 

Tbe document favours main¬ 
taining a flat rate of tax in pre¬ 
ference to a tapering levy and 
alse calls for a rise in the u chat¬ 
tels” exemption from the 1965 
level of £1,000 to £3,500. 

It argues that an asset sold 
to-day for the same real value as. 
in 1965 will nonetheless be Uahle 
for tax of one fifth' of the pro¬ 
ceeds. Tax was also payable if 
an asset was sold at a paper 
profit of 100 per cent, when in 
fact its real value had fallen by 
a' third. 

Peter Riddell writes: Income 
taxes would have to be -cut by 
£4£bn. this year to restore the 
real personal tax burden to the 
same level as after the last Con¬ 
servative Budget in 1973, accord¬ 
ing to Sir Geoffrev Howe, the 
shadow expert on Treasury and 
Economic Affairs. - 

Is a- report prepared for the 


Conservative Party’s Finance 
Committee, published yesterday, 
Sir Geoffrey said it was “high 
time” to put the expected tax 
cuts in (he spring Budget into 
perspective. 

With anything less than’ a 
£4.Sbn. cut “we should stilt be 
paying heavier income’ tax than 
after the last Conservative 
Budget” 

■.The .total of £4Bbn. includes 
cuts costing £ 2 - 2 bn. to raise per¬ 
sonal allowances from their pre? 
sent level to the same real value 
as in 1973. This would,; for 
example; involve raising the mar¬ 
ried allowance from £3,455 at 
present to £1,653. . . 

Restoring the real 3973 post, 
tion for. higher-rate taxpayers 
would cost some £600m. ‘ The 
starting.point for the 40 percent 
rate would- have to be raised 
from the present £ 6 . 000 : to I 
£10.079. For taxpayers at the top 
rate — now 83 per cent — the 
starting pqint would have to be 
increased from £21,001 to £40^318. 

Cutting, the basic rate of in-, 
come tax from 34 to 30 per Cent- 
fas in 1973) would cost about 
LLSbtu, Sir Geoffrey said; 


Datsun prices up 


DATSUN is to raise prices a 
all car and commercial vehicle 
by up to Tperceht- from Febn: 
ary 14.' The Cherry will cos 
£2,279 and the 280C saloon rise 
£212 to £5,347. ’ 


Grant talks. 


THE 1 GOVERNMENT will • nit 
local authority associations be 
week to discuss its concern aba 
declining financial support-! 

local , education committees £ 

students on sub-degree coora 
many of them specific^ 
Intended to develop work sfcfi 


Baggage hint 

BRITISH RAIL should' en 
its booking and carriage d 
gage - conditions to see.;wti 
they, still matched ’tip. to 
could be expected Of a pu! 
owned,. ... socially-respoi 
undertaking In. 3S78, Mri G'i 
Borne, Director-GstoeraT- of 
Trading, .'said yesterday. - 


•\\ No other airline has direct daily flights from London to the Gulf's five-richest trading 

^ centres. Twice a day, every day of the week, at easy-io-remember departure times, there 
• =^'1 are Gulf Air flights from London Heathrow direct to the Gulf, with an extra evening 


National Insurance cut urged 


Cheaper fares 


\'i\ “y departure each Wednesday and Thursday. And on every flight you can enjoy the five-star 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


V 


quality of Golden Falcon service and the quiet comfort of our spacious TriStars, The fact 
is, if you’re flying to the Gulf, it pays to fly Gulf Air... 


GULF &WL 


Corner ol Piccadilly & Berkeley Si.. London W1V BHF. Reservations: Tel. 01-403 1351. Tele*. C8591 A B GFRES G. 
■Birmingham, 021-632 5931. Manchester, 061-832 2S7T. Glasgow, 041-245 6331 or eoniact your local Travel AgenL 


A REDUCTION in National in¬ 
surance contributions could be a 
more, effective way of tackling 
Britain’s prime economic prob¬ 
lem of unemployment than 
merely cutting income tax. it is 
suggested to-day. 

The Fraser of Allander Insti¬ 
tute at Strathclyde University 
claims in its quarterly commen¬ 
tary 4 that the Chancellor should 
reduce taxes on employment in 


his spring Budget rather than 
rely simply on a boost to con¬ 
sumer spending. 

A cat in the employer’s con¬ 
tribution to National Insurance 
would encourage the recruitment 
of labour, while a reduction in 
the employee’s contribution 
would go some way to increasing 
disposable incomes. 

In development areas, such as 
Scotland, such a policy would 


offset some of the damage done 
ijy the removal of regional em¬ 
ployment premium at'the begin¬ 
ning of last year.- The commen¬ 
tary says that this had the-effect 
of increasing wage .bills by 4J> 
per cent, resulting in the loss 
of 20,000 jobs is Scotland. 


RRITISH RAIL is .to introduce - 
more cut-price, iares- im,dei ft?.--; 
Big CitySaver schttne. wlaeMSSrr 
already made sabstantial intoadS'- 

into coach traffic-^betw^eh'^o®*- 
dbn and Glasgow dnd Lond 0 ® - 
and Sheffield. Retdni tickets- Qt> - 
. selected trains wHf be sold-at 
single fare -or-less. 


'Ovortert*.. ecamme : Coimneiaon». 

E 5 F p ££ J WSr 5nsUtMc ' IfetoeraJww 

•StniUtctWii?, 100 HootrovStmf, GtattuL 

KftL 


Money, supply’, ; 

THE GROWTH-vof ine mweS 
supply should he :b*ck; imdef 
control when thfe'rflgbres- for^bf 
.last luonth msi;'. pafiilsKe&r'fiwrt? 

brokers HoareX^GdreftVpi^ilfitJ?! 
their ..latest' review ;bf theCsi IP 
edged market^-- l ' *-r! 


33C3& 






















r P, 


irtjtesi outlines survival 
for British Leyland 


'Point 


BY ARTHUR SMITH/ MIDLANDS COWttSPONDStfT 

NO GOVERNMENT was, pre- regarded as central .activities. A 
pared to pot iaveslaae&t capital taskforce wouM .be set up to 
infto British. LeyJan^ iinJe^ ii recommend.the most effective 
improved its performance, 2£r. organisation - of the products 
Michael Edwardes, the <3iairman, .engineering r division. 

■said yesterday. He-COW man - The broad-. stmcture of the 
agemeut -and untoa-represgnta* new cars organisation will be: 

am ■ TT a T r^iifi v i'l ' -H»Uftt* Anct4r» - VTh pi in' will htrtn 



ACAS 

bid 

to end 

drivers’ 

strike 


Overtime ban may affec' 
Polish shipping order 


BY OUR LABOUR STAFF 


wm 






: ■■ -j^ „ L P0i» vide security of enptoyment for '-bridge, Cowley and Abingdon as 

T^n ", the inajorxty-oftbe 135JOOOwife- well- as powertrain and trans- 
ii n.^7' fei(L force an thetanfftriin.' : mission factories-.that currently 

ee un* . ^ * If we try to ,make toe size; of s“PP*y the volume car range, 

s beer. LC,r ?orJ the business te-up. Ada- tie Kover Triumph. This 

Beauf't-, ” ,Ve fl number of petple we new- em> have assembly plants at 

’“V with .\irc ■ +>,. don. The -engine and transmis- 

*ho £ J* S e *ion factori^snpplymg these 

etnoer 'n. ^ ra,v ^ r erias facing the plants would-be part of the new 

r - He v.iif iw^ioTT^h^ 250,00 ^ company. A separate subsidiary 

f» in J“ - ^LiJ aai !l e t 5 f ^Jhayi Laod'Kover, would be 

tepartmen-^ ^ ^ sUl efitablisbedjo- develop four-wheel 

cental * - f P° or of production bad drivehuSmess. 

and businr. 3ud ’t P^ x ™® , wij o i ^ business at risk. Im addition to producing cars 
re^ Nothing k more damning Austin^Morris and Jaguar Rover 
* than- our steady decline in Triumph would have responsi- 

nOme market stare against a rising- bility. for selling the vehicles 
jlc , market; people are literally walk- worldwide. 

?«» - re ril --i» P® st our showrooms without a. -.-Lengthy and searching, discus- 
3J uilia second -look, Is it aaywoudei sions with distributors aod 
«or»d he:^ our dealers are worried and some dealers-indicated the need for. 
aier /.ornior, 7 are defecting to our competitors the companies to be brought 

£l c ni5ht >o W aa d strengthening the. bold ' of closer to the “sharp end” of the -■- 

aaonai Ti)e 3 i r . ir imported cars in ibis country?” business. . Hr; Edwardes said: « r nerek Robinson chairman of British "Levland'u ioiot phase ope ana two Pay in- 

W. l °T^ e ruSSS ffr^tfe £S5?bf iflS lS f Sd J sSd2Ta^ h mu«°be sh °P stewards' committee, arrives for a meeting of union whSTsj/ll^ai^ ZTmo fS-^a 

mdon\ soon ? I^SSffs of^Srket shaS linked as dirertly as possible to axul management reprcsentatives. Shop stewards at the 40-bour week, before the 

15 throughout the world meant it the factories that produce the meeting passed a resolution pledging their support calculation of a further ID per 

would be able to sell no more cars.” ; _, . ... **"*• ***?• . . 

« ^ than S19.000 unite. To achieve To-morrow 3&r. Edwardes will sfanf :.,? nm-n-amm* i* »nniiiin» tn« «r n,.rtM . They ,nsisl t,,at toe eonsoli- 

a answer that a27 percent share of the address 2,000 ^distrftutorsand Q( , eded for updating existing s uSered1>y the company through- h ac ‘^ ep ‘f l \ 

EK H'iRam r UK- mariset Was necessary 2nd JeaJw* te ajgjDrlls PjMf r models while we introduce a out the world. “You don’t saa-i- Sd Pl «.a7 
of Sta'e riv^Tvi company had gained only 21 taejdiM Leylantfs_ probtems. corapletc new middle-range car fice 250.000 cars in one vear of Sn ^ dent 


SMITH DOCK South Bank Ship- Haverton Hill shipyard on the more than the industry’s baric 
f • • yard, on the Tees, which was Tees have called for an urgent rates and benefit from national 

awarded three of the Polish inquiry into industrial relations increases only through improved 
Ul X T vX Ij bulk«carriers lost by Swan at the yard. overtime and other indirect payi 

Hunters, has been hit by labour British Shipbuilders bas con- meats. 
m-m troubles. finned that a letter, signed by Mpmhpr* rif Thli chinHniM..... 

Shipbuilding union leaders !?f P rnanual*workfn^^rl ^he aj3d Industries P Manas«- 

Slime yesterday began informal talks d sii^i^sorv meot Association—now part of 

on thefr claim for a new national !5^ aod Managers 

pay agreement in the industry, “fj association—vesterday began an 

BY ROBIN REEVES Brit^^b?pbSde?s S£S e h ™ £ 

workers, members of the Traos- fj^^^alinionte^to £uch Eritish Shipbuilden^^ 11 ' 10Q 
THE Advisory. Conciliation port and General Workers +-nlt n ew d Jpu,^5c British Shiobnilderc has 

fA d r* S wS fln . JS2J« H™ n \ b f! naHf.nnfr^The have ^dVeat deferred a d!Sn on reco"ni- 

hW C ^o > end l thi a> »h2SSviw nmblem ha-fbe^o caused'br tbe straining their members from Don pending discusions with tho 

s^i\“ s'o\Tic2“ gSM*^^ss 4 i«5 aa retiJiatoiy “ ai -jssi-on seX ,isUon and 

lorry drivers. a PP r0 ? e “ incr ““ due “ li savs Mr. Georse Parser, the " Uo" a n ShipbmWer 5 ore u, 

Representatives of the inde- January 1 = company’s managing director, build the last three Polish bulk- 

pendent general haulage con- -liL and thV offer b v the com- had t0,d the workforce that he carriers, switched to the Clyde 
tractors affected and unions -R^tich c>.in sees no future for tbe Haverton from Swan Hunter s Tynesid* 

were invited to the Cardiff EJfSS f?r ^oroval "fall within Hill yard. yards. At a meeting in London 

headquarters of ACAS last gj 1 'M pSr int *£+ SS! U H*2L' 


Mr. Derek Robinson, chairman of British Leyland's joint 
shop stewards’ committee, arrives for a meeting of union 
and management representatives. Shop stewards at the 
meeting passed a resolution pledging their support 


headquarters of ACAS last Sr* 1 lri run emt British Shipbuilders will give yesterday the Confederation of 
night “* Seines P 3 forraal »P*Y to the national Shipbuilding and Engineerimi 

The employers were led bv ShSp stewards have met repre- claim, which is similar to the one Unions* shipyard committee 

Mr. Tony Frieod. South Wales sentatives of British Shipbuilders b . eu3 S Pawned by the Confedera- agreed to tell the Govan shop 

area chairman of the Road to ask whv the pay increase tion of Shipbuilding and Engl- stewards to go ahead with the 
Haulage Association, and the cannot go ahead, but evidently peering Umons in the engineer* i_om. orders, 
union team by Mr. George without success. in ? industry, at a later date. The stewards had requested 

Wright, regional secretary of When Smith Dock was awarded Many shipyard workers have such an instruction from the 

tbe Transport and General thf* contract to build the three already received 10 per cent. Confederation to try- to avoid any 
Workers Union. ACAS has Polish vessels the workforce increases in the present pay conflict with the Swan Hunter 
kept in close contact with both gave guarantees th3t there would roand and British shipbuilders workforce, 
parties since the dispute he no labour troubles. British will insist that any new national Govan will now build a total 
started last Mondav Shipbuilders said they did not agreement must be introduced of four Ib.oOO-tou and teu 4.400- 

Thp M know at this stage whether the gradually on the anniversary of ton bulk carriers, the lion s 

r action bv the ancillary workers local settlements. • share uf the ^vessel £ll3m. 

demanding, consolidation oi wou ih affect the position. As in engineering, many ship- Polish contract with British 

phase ope and tiro pay in- i Workers at Smith’s Dock yard workers earn considerably Shipbuilders. 


a answer 

horam 

of Stare f 0r 
Commons 


union team by Mr. George 
Wright, regional secretary of 
tbe Transport and General 
Workers Union. ACAS has 
kept in close contact with both 
parties sinre tbe dispute 
started last Monday. 

The _ lorry drivers arc 
demanding consolidation of 
phase one and two pay in- j 
creases into the basic wage 
which still stands at £40 for a 
40-hour week, before the 
calculation of a farther 10 per 
cent. rise. 

They insist that the consoli- 


Civil Service unions 
aim to break 10% 


service 


BY PHILIP BASSETT. LABOUR STAFF 


The present Leyland Cars establish a market in Japan. niannAd tn continue produce the number of vehicles! —••»»■*■•»»«»»» ««» *j 

structure with a central corporate “ Oimously there will be a cer- ™? dels jjy ° t Sj! f hat fit the number of people we * asic - r “ d “ so would 

aDnroach had not worked, in the. tain amount of business in all_ i piarq ° nnu> ornninv ic nM nn 'That tviavl breach the Government 


approach had not worked, in the rain amount of business in all 
time available. Mr. Edwardes parts of the world.by both com- 5U ”* S:s - 
snntliphted the nrohlem<: _ of Danies. but the main thrust for Jr 


lull was L 1 CP 1 JJiniACl JJJUll'dUUUO TT—f—» A __. 

B jaguar -and the January figures will ?™*Jge AmoraUm was not 
e refine- make even more despondent in €p ^r5 d P J 0 t * ,eyond the 
readine—and simolv a^ree to 10 per cenL mcrf, ase as a 

continue produce the number of vehicles laslr^ Tn P rfn eineilt t0 i, 1 th h £ f° 
S that fit the number of people we ?L° A d “ so or 7 ou ‘ d „ be fo 

“ now emnlov is not on. That mav lhc Government’s pay 


2HARTFile, time available. Mr. Eawardes parts ot tne worm.oy notn c 
1 No-i 1 '" 511 spotlighted the problems - of panies. but the main thrust 

I ciavn'o-eriP? remote management, excessively exports most he to. our 


PAY CLALMS varying from 14 over the last two years and on v mi was- nk/ 
to nearly 2S per cenL were the union’s comparison with unrmurnni'Fvc T ,-m«v 
announced by the two biggest movements in outside pay rates. IrtlcS s ! int» Sm' 
Civil Service unions yesterday. Tbe association says Civil Ser- .h -1 S J , 

The two unions, the Civil and vice clerical grades have fallen Soared *ft nresent to In^ente^ 
Public Services .Association and well behind comparable private- Rf 


iccess." now employ is not on. That may JJTS',,-!,. 0f1 M < meats pay Publil , gervires Association and well behind comparable private- prepared at piesent to intervene 

Mr. Edwardes spotlighted the ti^slid ' sanctions, { ^ Q Society of Civil and Public sector work-more than 20 per dfstribution^enfre in 


24. The ■Seioji*' 
north-?a<» of Abe 
5e first o.'Sci’l tr 
!o a XorJi Sezir 


rules 

in. Eselara - . Wsj> 
ire so;- reccjirsc? 
rpncc» for 
acnircc:!;’ :a 

areas. 

ca! fires 

JMBER of oi 

rilOU'.iCi!: 
Btihst'iEcc; re?RE 
■n Fire Erij^je v: 
last year. 

240 r 

tftp p.f. 

;. cheiric-’.-, joc 
act dor-; • -1T5. 


THE NEW STRUCTURE 

BRITISH LEYLAND 


wl new Rover models as what the crisis three years ago.” It was 
typified both the best and worst too late for taking 1975 action in 

,mm 4 in British Leyland. The cars 19 £8 

■ _ __:____ a Mnw \BP- havp no ontinn hut 


S3s^«aK"£ivs an dPub Uc w**. b^r^.. 

is io remind noth sides of the ____ c Q r,-.. n) c u.->,i P h ppnroBPnrc «« >.*■»* 


were runaway winners and the “ Now we have no option but res _ onsibt |i f ^ dently of the rest of the 

envy of many in the motor in- to consider getting out of mar- Jh j. ■_ ■ ... g .. Service unions, who this 

dustry. In im of investment ««**. to stop ur ^es ,o the^sLlT P“t in their own claim f 

of £90ra. in new plant, Solihull fl 2,5 y ^'Jh*£ The strike has off laree "substantial” pay increase, 

suffered tile P . " fbreie^Sr^nCT has weakened BnJpUw^ol^hiSeS/anlhS „ The likely response frou 


CORPORATE STAFF r- 


BL INTERNATIONAL 


in the region. 


LEYLAND 
. YEHICLES- 
The renamed 


-f-SP- 

INDUSTRIES 
The renamed 


Norris Rover components Truck and Bus Special Products 


Triumph 


in British Leyland. The Cars W78. ^ . . OMMMrt nMriiiL w mining their claims indepen- Servants, which represents He was responding to com- 

were runaway winners and the “Now we have no option but JJJJJJJKJ 1 * ia dentlv of the rest of the Civil 105.000 members, yesterday sub- plants from both sides of the 

envy of many in the motor in- to consider getting out of mar- Si rem.ii*Service unions, who this week milted their claim for pay in- House that in the- three years 

dustry. In spite of investment Rets and models to stop our remain wtb the put jQ the ., r own cIain1 for a creases ranging from 22.4 to 27.9 Didcot had been opened, it had 

of £90ra. in new plant, Solihull losses mounting day by day. U.K sh .j. h f?. , "substantial” pay increase. per cent. , received only two train cargoes 

suffered the worst production 00513 bave sbot up -. nDlip _ of hnlLSirf^Jih? The likelv response from the The claim relales 10 s:danes of cars from Cowley because or 

and quality problems in the f^en^ has weaRmied Civil Service Department is to ranging from £4,i82 to m.”09 a alleged restnetive practices by 

whole company. “It is an over- ^TomAv ?mprov £ ?teSgi«" ^ offer ao ideotical increase within ^ a L a "lr ,orry dr,vers 

simplification to argue that our the pay guidelines to all the oE between £1,166 to £-521 a 

problems stem from clapped-out output perman - unions. year. -:- 

machinery and under-investment. our competitive position. _ The association will present its _ society basesits claim on 

when there is the example of ^ _ LTirArvinM claim ^ th e Civil Service Employment Department figures r 1 

Solihull to prove that heavy in- SVITiDStllV -T lTvIIlrtfl Department to-day for increases 11131 show, tt says, the reason 311 m.C 

vestment does not necessarily UipaiUJ uvxuhu of between 14 and 24 per cenL why Civil Service pay has fallen Midland 

get results." Mr. Edwardes turned to the ^ , (from April 11. This will mean behind private sector pay - MOKE THAAf 4.W0 Midland 

The most pressing priority controversial issue of redundan- rPTBICDfl rises of from £6 to £19 a week. ? ecaose A of *******• because o' a 

within specialist cars was the cies. ^The plain truth is that XvllJ.&vU The union wants an underpin- m the first stages of the pay jjghtnin* strike bv 30 winding 

need to rapidly expand produc- even at current levels of produc- ning minimum rise of £6 a week policy. engineers at the Littleton Lea 

tion of the Land-Rover and livity we are overmanned and • • . • for their 190,000 members and Mr. Gerp Gillman, & eperal 6 Cannock No 5 M nri hran- 

Bange Rover models. even if these were to remain iniVlfinTinn consolidation of their two sup- secretary of the-society, said: It Sfr^5S2S2L «L ...i 

Mr. Edwardes said Leyland unchanged, out current market lilj Ull^LlULi plements under earlier stages of is a responsible, reasoned and e ^ 1h a [ e t 

would be spending vast sums of share—and future share based the Government's pay policy. researched claim. There is no nQt sa r!lf d SfniivP 

money over the next four to five on our most optimistic estimates A MOVE to stOD the London Fire The claim is based on the loss question of the Governments “*{■ ■ DOrfru 5 mtenme 


whole company. it is an over- **&“*"■■ * w 

simplification to argue that our stop the rot at home, by improv- 

problems stem from clapped-out "ASSF" 

machinery and under-investment. ,n ° our competitive position. 

when there is the example of ^ _ 

Solihull to prove that heavy in- SyiTlDathV 
vestment does not necessarily J “ •“J 


CAR*. . I • ••. 'I vestment does not necessarily ^ “ -“J 

.■—■- ,,w—r,.- • " - LEYLAND : •:** »SP - i-. get resolts." Mr. Edwardes turned to the 

j. . VI - , .[• — . VEHICLES INDUSTRIES The most pressing priority controversial issue of redundan- 

Austin/ "‘ BL -■"‘''Therenamed ' The renamed * within specialist cars was the cies. ”The plain truth is that 

• ■ Norris ' Rover components Truck and Bus Special Produce need to rapidly expand produc- even at current levels of produc- 
Triurtiph • Group Group - tion of the Land-Rover and livity we are overmanned and 

Ranee Rover models. even if these were to remain 

1 Mr. Edwardes said Leyland unchanged, out current market 

i . . ' . __. would be spending vast sums of share—and future share based 

l° n f I w 5!? mone y over the next four to five on our most optimistic estimates 

d very - few ? ^(SSiSJSv^S^fSmin. J® 315 « nd needed unqualified —require us to reduce our work- 
benefits.- A third Company, BL CompO- Trnm tn fnm<. Ktt at lAact 19SnO RllT 


Fireman 

refused 

injunction 


Coal strike 


lightning strike by 30 winding 


aTwtth« " money over the next four to five on our most optimistic estimates A MOVE to stop the London Fire - ..,.. t 

lew ana ^ aevetopi^ cqunrnw. rs and needed unqualified —require us to reduce our work- Brigade sacking six firemen con- of members' purchasing power ability to pay it 

iJ l? !2..S? a 2£ # 5Z:-S support from employees to force by at least 12,500. But victed of theft failed in the High __ 


the Coal 
scheme. 


Board's incentive 


sooor... „ .1.1 "il?oStoaS^o“o4r°Hon P s^ dc , Iared ^ n0 w *?. Jupp refused a test 

hnnet AU i? U TH ^ <)VRr ' .'J.yf' 1 ' 1 ; Mr- Edtj^rdes said be would contract^ would be placed outside bave excess capacity. Tbe ques- ^temuora^uraiiwraurha^f 

DOOSt and Tnumph into aj^Leylasd ^ b e .going for “instant re- Britain, if it exceeded £lm., with- tion is not whether we should fiSSJTfvL.5S 

,t i i... v . -, 4 ,[■ Cars, AH that-has happened in organisation.” Management of OU f hie oersonal nermission No de-maa but by how much. nil V» ^- Greater London Council 

proHiiV : ,cL^i would be strong. mt£ aK “The probleS must be tackled J^SS. 

■: -a- which .shouldbe our-.- major ^hened considerably and the new wnnM nlaceri overseas with- by natural wastage, redundancy r 0101 * ,re Onicer, from dismiss -1 
vs a r-ir>'\ 'orttr. wohld be given time to de- out ^ autimrity of tbe British programmes, by plant closures [J* or suspending him without 

^ I ;rS'. vjriopiiieir companies. “WewiU LeyiSd Board. or by some combination of these. P^- 

^ P ^ ive ou rselves the whole of 1978 Leyland Vehicles, the renamed 7116 less we ^ ab , le 10 produce Mr. Edwards sought a tera- 
50 '*■* Tokyo to Detto?|. „> to allow tbe organisation to tn^if and hus group.would have quality cars steadily—and thus porary injunction to prevent 

ecoaD "r. J But Mr. Edwardes insisted the evolve.” This would enable the overall responsibility for design. ^3^1° market share—the more them acting on the notice until 

tave -•’> -2. 1 - w>rnitaHrtn nf tha riinmne names anrKifn+mAnt ftf.*t»nall task forces serious the de man nine will have the case Ctarid be areuerf ftillv in 


“There is no doubt that both 


Murray indicts judges 
over trade union law 


BY OUR LABOUR STAFF 


econoir; But Mr. Edwardes;insisted the evolve.” This would enable the 0V erall responsibility for design re 3sm market share—the more them acting on the notice until judges yesterday of often show- Parliament had sought to dis- 

jave 2 - : r reputation of the marqne .names appointment of small task forces manufacture and selling of serious the demanning will have the case could be argued fully in j ng a "‘lack of comprehension ” pel misapprehensions about 
could still be re-established. “I to consult employees. vehicles. It would take over its 10 be - ... court. 0 f industrial relations law and a trade unions being conspirators, 

intend that we should use Them • Mr. Edwardes stressed the own export selling from the "The alternatives are stark. We Edwards’ application was misunderstanding of trade “But some judges still think in 

nrr.IPSt for all tbey are worth and they need to turn round Austin Moms international Company as soon S “» H observe all our procedural backed by the Fire Brigades unions as conspirators against terms of when two or three are 
r ” . should form the. basis of a new into a profitable organisation and practical The large-scale invest- obligations and we hope for your Union wWch js conC erned that society's interests. gathered together, and take this 

/RICL' LS.7.Z cars structure.” ... .. . its interdependence with the ment pr Q gr ^ me already UDder full ci^peration. If we don the men face disciplinary action Mr. Murray was commenting as the starting point wben ex- 

nf a l3l-: A new- company,^ BL Cars. *P e ?£ -w ? t C F S f®»Pany. NwaMW way t0 maintain its position as a 5®* jj. nu! under the GLC’s staff code rather on publication of the TOC a mining trade union impact on 

Part" would' berformed-as an.umbrella could stand alone against com- major commercial vehicle manu- b ®. than under the Fire Brigades’ evidence to the Royal Commis-employers, trade and individuals 

^ h- • v.*W- oreaSSS^Wts^i aSete Petition, and the dealer network facturer would continue. ^ K L 1948 disciplinary code. ° sion on legal services in which who they do not see in terms 

■ The L .. :-.rvr could not survive without the share m the U.K. and overseas. . , a union committee urges an end of trades unionists” 

, -hp \. ^aws^oneratian^K^ combined ranges. FnitinlnV The BL Board will have to Mr. John L^wis. the unions present class structure of It was this concentration on 

;,riltv r : r ti !? On product development. Mr. COmpiCX rake a view about our first steps nauonal executive member, said thc ^ pro[essloQ . individual rights. Mr. Murray 

tun.. - •• • - Edwardes : said ; tlus deasion gave broad support to _ , in tbe very near future. This is later that he would be “strongly Thi« ii pvnliiopd is seen said which showed a lack of 

rie Ft':-. - 1 " followed strong representations or i«inal Ryder concept but The Special Products |roup, neither the time nor the place recommending" to Friday's on l ... av n j' ensurLns that comprehension about tbe cora- 

. by employee representatives for wou u?be differences, which had remained profitable f 0r a debate, because there is meeting of the London area com- L, r( . i a wv^ ^nd iudaes are utemenm^ inroortanre of collec- 


three are 
! take this 
when ex- 
impact on 


THE ADVISORY. Conciliation 
I und Arbitration Service replied 
J yesterday to criticisms of its 
j effectiveness on union recogni- 
j Hod cases by pointing out tiiar. 
of 1.038 references since Feb¬ 
ruary - 1, 1976. full recognition 
had been granted in 200 and 
partial recognition in another 50. 
These were references that did 
not reach the stage of a final 
report. 


* the > -• 
jildtra r:.ce 
he Fk‘: : - 

tig C-.::; ;• :,, - r 


Second Rolls 
work-in 


Dy employee xepresenxauves Tor said there would be differences, wuicn nau remaiueo pruuiauje for a nehate because tnere is meeting ot tne L.onaon area coro- 
the need tn retain - a central “Tjne Mini will continue. We tbrong&xit the problems of the proper participation machinery mil tee not to go ahead with 


share in the U.K. and overseas. oim. punary eoae. ^ ^ committee ur<-es an end of trades unionists” ! r • 

“The BL Board will have to Mr. John L^wis. the union's ^j e p resea i class structure of It was this concentration on WOTHC-IiTI 

rake a view about our first steps nauonal executive member, said thc ^ ^ proression . individual rights. Mr. Murray 

in the very near future. This is later that he would be strongly This, it was explained, is seen said, which showed a lack of rLERICAli staff at Rolls-Rovce 

s^^,“5L^L2rs jzsz »• •«..*??.° f “*™*««S55S"-*! «5“L."2- *£2«&*X **^ 


T .nnriATi i>nm. . . ! . . T *■ T .-.— “ ,, aerw eiisines piaoi ui rtiisiy 

m idiMd vrirh futurB . ]aw > ers , and Judges are plementiwy importance of collec- Coventry, began a uork-ir 


™ neeu- reuuu • a. icllihi Mini will continue. .We me y‘ UUKU *» «*■ proper parucipauon raaemnery imiiee noc io go aneaa wim w j*h th«» nrnhlems live rir«ht< which in kooip mcm “ ' ° ” ' 7 J \ 

■ caropaifn “LiiSSl f^ 001 rela ' 2S SSea™°p iSStriS" b= re ' w ®SS^a?J5ia%,?£t “«»»«“««!«'•!!?2SSL«St. °* suspend S e “ 


:iTV 

darters ; 
rc : :r 

in -f - .... 

i u-.irk.2-' _ j;l - 

the 

;s case 

i prices U P 

-s 10 

w :, ‘ r :Vvo 

* rev « 

Vue t-j’v-.-,, 
d the " 

5.347. 

talks 

xrtT} 

ix**?i>" • * -/ 

final:*-; 
on ?••>: r 4 


b ,nt 

RAIL •*. 


on industrial relations Jegisla- tribution of relevant finance. > claim for re-grading. 

PAY AGREEMENTS AND PRODUCTIVITY 


aic ixj uv >v . . . .-, nomoH CP tn/hrcrrUx J,;. - OI SOCIUIV iiriu rspccidiijr iuuk uuo luc WUJ mcana ui cir,n (0 SUSPCnU them. 

ttftns.-poUdes?*.-. a good selling tine which is vital iiL jf 5 :^ th t ■Edwardes pledged his com- r. Merlyn Rees, the Home of workers and trade unionists, establishing individual rights. _ _ , , , . .. 

ex-- !T ■ - . lo our distributor network. A th ® r ’ SaJ< jntirnSai Secretary, yesterday gave no Referring to the Law Lords* The committee, chaired by Mr. Tb® 77 staiT belong to the 

SCDSfilfiSS- ■ new small car will be Produced add ^ d w St m assurance that the Government's and other judgments on tbe role Teriy Parry, general secretary Association nf Professional. 

• CU T^ C _- to be made alongride ft at Long- senerally as a^nm nw look for a ^promise every p romise 0Q the Neman's pay of the Advisory, Conciliation and of the Fir e Brigades union, ff^utive. Clerical and Computer 

“A great deal'of effort has bridge just as f> soon «,-« JSrt t ^f u r‘^rmin P wa^ S M d loneer 11 f ° SBt 3 P0S)UVe deal applies to fire officers also. Arbitration Service in the Grim- calls for the introduction of a s f n, f u . n,on 1h<? 

been made to .introduce com- humanly possibly. feasible However Levland had 1 “ d Tf one liKten-e to the debates when he met the latter for pay wick trade union recognition new post at Cabinet level to shop-loaders who have been stau- 

uion bargaining,, dates and _ The new car was the n esulrtof complex and widespread and^eSVerides on a line tltis Tbe officer s are prepared case. Mr. Murray said interpre- take responsibility for national in - a *ork-m for the last week, 

rensible wages policies through- intensive study of oianu^acturfn® facilities overseas fc D ^»?miniwmPTit 10 10 per cent. now. with tation of Parliament’s intentions policy on legal services and dis- The clerical dispute is over a 

2*** i as zssr-fSESia. ’ssssrarapssssssn**««“'*•««-»*»■ « T * M, ° ns ’**«*• «**»•» ^^ 

fwa^sS^ in this the original concept nf the car. partnership with Government i believe the whole workforce is - 

diTertio?" ? code darned AD088. “The and local te MML A number of itching to see more decisiveness a Kl AI VC1C p&V ArDBCMCMTC A wrk DDAm I^TIUBTV 

oirecnon. . . new car is not, never has been, these would continue to be con- ^ more success.” NEWS ANALYSIS “AY AGREEMENTS AND PRODUCTIVITY 

Beneath BL Caro three sub- and now yrtU certainly not be a troiied through International Mr. Edwardes said the Govern- _ _ _ _ 

sidiary companies, would be direct replacement for the which would take the name BL meni not provide the ■ T ^ • _ _ _ ___ A J B_ _ *_ 1 _ ___ • a 

“srH-trie.»»«o,: -you ^^r^feSLt 1 ^ unions count their bonus points 

ponents with responsibility for ftwill he more than a 3 km n and *’e will not hesitate to take c^Ser dtS Mt BY CHRIS TIAN TYLER. LABOUR EDITOR 

b uSn’esJ 0 Md 17 the^ bod^wera mot wi^ETbe - maSets S o^^o^clos^^actories ^PP 01 *^? the Japanese wdfl ex- the FACT that miners and that will undoubtedly have been that co-operation have been sus- about three points by ihe follow* 

business and the body opera* delator w >,ere losses are being incurred.” P»t tar unemployment to power workers both start hard reinforced by the size of last pended during the last two years in g year 

BL Cars would have an over- different driving characteristics." .Mr. Edwardes rejected *be Jnlara..No-one wiH have a bargaining to-day on their week's firtt payments in the Not-. The present maximum bonus The EPTU argues that the 

all model. strateev ' T?he fune- Mr Edwardev also emphasised case put by shop stewards that grain of sympatiiy for ns, if we national wage agreements is a tingbamshire coalfield, where, a power worker can earn is £0 figures under-represent their 

Time nf RmSfmi oroduct th^ irnnortance of the middle Levland could raise its produc- act like a great dinosaur, lumber coincidence—but the coincidence admittedly, seams are good. a week, but it is related to the members productivity cnntnbu- 

nhnniD! anS Seed Miai- ranee of cars if Leyland was tn tion target this year from 819.000 ing around making a lot of noise underlines the impossibility of Some coalface workers earned 1974 basic rale. During the tion and reflect mainly the fact 

E^rSe 8 forotecS between five rebSd its market share after to lm. This was not realistic and but not making a lot of head- regarding tbe two sets of nego- as much a* £39 extra in a week, incomes policy, pay rises have that the ratio of skilled to un- 

SS n ii' veare awavf %mild' be lwo disastrousyears. “A sub- there was no shirking from the way.’ tiations as distinct. compared with the £23.50 set for been in the form of supplements skilled men has increased 

ana to years away; .wouia ue iwy “««w uua J - .. ttn» ctnminni Th«» laact tn mnrtari On the samp nuesunn thr? 


Unions count their bonus points 


BY CHRISTIAN TYLER. LABOUR EDITOR 


body opera* not bSv te'^ar«r but it will be -markets or to close factories support us the Japanese witi ex- FACT that miners and that will undoubtedly have been that co-opera tion have been 

body opera notonty oeiarger where losses are being incurred.” ^ ^ their unemployment to power workers both start hard reinforced by the size of last pended during the last two > 

Lin. ^haracferistics.” -Mr. Edwardes rejected tbe Britain. No one will have a bargaining to-day on their week's first payments in the Not-. The present maximum b 


have been sus- about three points by the follow** 
ie last two years ing year, 
iiaximum bonus The EPTU argues that the 
can earn is £9 figures under-represent their 
i related to tbe members’ productivity enntribu- 


underlines the impossibility of Some coalface workers earned 1974 basic rale. During the tion and reflect mainly the fact 
regarding tbe two sets of nego* as much as £39 extra in a week, incomes policy, pay rises have that the ratio of skilled to ini¬ 
tiations as distinct. compared with the £23.50 set for been in the form of supplements skilled men has increased 

Tho lint- A!. i 1P reaching the standard. The least to earnings and have not counted On the same question, the 

earned by a surface worker—- towards the bonus. National Union of Mineworkers 

summed up in one word, produc- ^ wfcmn the power station With IfftI nrim w, r Qt can. and undoubtedly will refer 

bvity ' worker usually compares himself to. the 1974 Pay Board 


ever, is that the miners have 
already secured productivity pay- 
ments, free of the Government’s 1 “J uu & cl 


3«5 '*1 
; rt> •*«»•-• 
s-*- 4 * • 


fares 


KAif- - 4 :ct 

-*■ ' ■ ,-^L. , ./■ 

tsvev 'f\ 

jads ^ 

*, r-.il'■■ ' .-i «-■„ 
•*V; Sl s.y' 

■»U. ;;V 

’■ ' 

V dZ 

- JfllpP ! . V < 


' r v. ., /. — A j a ^ -m summed up in one word, produc- w j, 0111 l ^ ie p0 wer station Wirh uttl can. and undoubtedly will refer 

Qflfi llfl 10HS Satisfied ^e.onirial difference, bow- compareshimseIf uTit^sie^F^ aw|d l th a flettfed ihe^'nauonal 

MCUIllVca <uiu loiiuua sdiiMicu Pa * ^ .<** 

mr. S M JAME&MOORE, a go go’ for British Leyland, He out of chances and this could self to British Leyland for three ^dSneT S miners’ payments \ mov *% ! l* t l** ] * f betwee , 1 { “onf r bi a ttat°their P e5nSi^. 

Lk^vwialSitic programme well be the last chance we have years wants our support. Sions to’ elSiritv su ddTv^I t?S!S*^2ir» P S2S£ 2?? Md mi?ht ho?e t0 rese relative to manual manufactOr. 

ser^ce with Leyknd, said: “After and” won theeonfidence of toe ^ es^rfLevaand rv^T ^hiSe .“ Yoa iave t0 gjf wmeone in have to persuade the Government picture will emerge, but the size ^ c ™ ce ^ 10IL ing workers, declined 18 per 

iUn uncertainty, what Mr. vast majority. Leyland Cars. I tl^K a reasonable chance and that they too will qualify. of miners’ bemuses whatever - Second, there may be room-centage points oetween April 

MwSdes had to say hoosted'my Duffy declared tbar tbe ^laS^to^Solutiw? ^ ^ 2 d maMgenent are This suggests that the power basic wage they settle for on [°* Ap «!v 19 7'th , r „ , 

morale and belief in the future “conditionT are right for ns to a PP lau ^ toeresoiutton. prepared to do this.” workere* negotiations will be March 1. will set a target for ■JJJ™ 0 ®"W► About a fifth of that fall is 

of the company- Mhoy. of my forge ahead in a joint programme flj 1 . BWser, the Tortmakere Mr Grylls, vfce-chafr- m “£ h tougher than the miners’, the power workers—and a £7 revival of electricity attributable to the failure o, tbe 

colleagues felt toe same," • for tbe future.” leader, described.the meeting as man of ^ Conservative industry The irony—at least from the bonus is already nearly 10 per demani across-the-board bonus scheme. 

Other senior executives, who Mr Fitrile SfcGarry, vice- 5, £f no i?, committee, said Mr. Edwardes* P°^ er nnions’ viewpoint—is that cent, of the average power wor- Or it could press again for now—-after much bitter argument 

A bSSRw toe A„r n fthfSSd S Mr - Edwardes. “I think everyone pr0 p 0S ed new projects could cost Mr members have registered ker’s weekly earnings staff status for manual workers, -replaced by local incentives, 

stewards would - recetaT Mr. oLSne^id that tfe f iSTth J ,ppnHch ’ mpuy hundreds of millions of substantial Productivity gains m Tbe power unions, led by Mr. invoking an unfulfilled part of The extent tn ' which new 

Fdwardefi* blunt apprmsal of .toe rSSion ctflled for “ all hands lcl5 " s the bl T unt l ™ th - . pounds. recent years while the miners. Frank Chappie of the Electrical the 1967 productivity agreement, bonus pay a HI offset the dechrk 

nrobtomf aSS toey^rerelioved t Ttoe pump” Splitting Leyland Cars into ting would argue, have not.. . and Plumbing T.-ade 3 Union, are All this is bound up with a « upmTi.anam*T not appear 

of-cirticism-- . ' P P f ^ three corapames would shorten i blarii G ^ ernmenr ,s tnsistmg not looking merely Fnr a produc- feeling that a productivity- until the rammer. 

On! executive summed up The stewards will report bae, the chain of command and pro- "S' B8 ^to?r “SmSf l hat , or S r 10 reraain exetUDt livi1 ^ deal - but « appears to be conscious industry * deserves a The National Coal Rnard. 

tbS feelhS‘“Everyone seemed to sbopfioor meetings at all Ley- dime a greater sense of identity JJJJ? "TOJ n d JtoSS from - - 10 SF cent - ,iroit on obvious way of reconcil- high place in the earnings vhich could make an offer to 

to^ecoaSS that this was a iand factories tow week and Mn between workers and their pro- Smite ^imnroved earain2S J IB . the currenl round, ing tbe unions’ demands with league. Government estimates the (unit of the guidelines 

We either £ a for- McGarry said he was qdte dU cr. Snctiritv improved neW productirity deals must be the Governments strictures. show that newer workers have to-day is probably more confi- 

^rtnwn" - * sure" they would accept the de- Mr. John Barker, a Transport J a , on an . “earn-as-you-go ” basis. Tbe starting point of the moved up the industrial league dent than for many years past 

nnffv Amalgamated manning—if it was achieved by and General Workers Union The Tones would insist that They cannot, it says, reward past EPTlTs ease on productivity is fairly consistent^ in the past that a deal will be reached reia- 
Workers nflrnTs[ wastage or voluatazy re* official in Birmingham, com-Leyland matched the taxpayer's concessions. that since toe industry's 1967 seven years. lively painlessly. 

awSmSto number for dundaricy. menfed-: “We recognise that we investment pound-for-potmd ont The power workers' suspect agreemenL the manual workforce By April 1976 thev stood 6 per However, th e Electricity Coun- 

said- “Mr Mr, McGarry added: “ It taper- are at the crossroads and that of its own ^mteaially generated" that toe miners have been set has dropped From 141.000 to cent above the national mannfac- cil. a mile away across London, 

Edwardesbasclicked* It a -go] fectiy clear that we are running this man who has pledged him* profits, “soft” output targets, a feeling 82,000, but that the rewards for turing average, slipping back must be less sanguine. 











Financial Times Thursday February 1 2 1978 


PARLIAMENT AND POLITICS 


Freight row 
action call 
by Tories 


S ilkin pledge on fish 
wins Tory support 


MR. WILLIAM RODGERS, Trans¬ 
port Secretary, said yesterday BY IVOR OWEN, PARLIAMENTARY STAFF 

that he did not feel it would help , .. 

at this stage for him to intervene WITH LABOUR backbenchers lateral action and stressed that Opposition Denies pat toe 
in the inter-union dispute affect- praising his determination and the first step must be further dis* Commission had taken tne view 
ing Didcot freight depot. even “ ruthlessness '* in recent cussions with Britain's fish ing that a 5 per cent, green POubci 

But he told the Commons that EEC negotiations, Mr. John industry. devaluation would have been 

he was prepared to talk to any- Silkin, Minister of Agriculture These would cover “how our Preferable t0 
one. anywhere, at any time, if and Fisheries, made it clear in own industry may enforce, per- the dalr^ng sector or Bnusn 
he thought it would assist. the Commons yesterday that he haps, their own sort of self-dis- agriculture, output was at recora 

m. taw intends to maintain his tough pInline toev have -for example levels. It was not in urgent: 


Growing 
signs of 
Thatcher 
bid for 
allies 


FOCUS ON ILFORD NORTH 


A taxi driver’s 
to Labour for 



BY PHILIP RAW5TORNE 


Mr Norman Fowler, Tory intends to maintain his tough clpline as they have -for example levels, it w 

transport spokesman said that stand on key fisheries and farm j Q mackerel-fishing, with a view need of neip. 

both political parties wanted fair prices issues. to looking ahead to the next few He agreed t 

competition in the freight trans- Even Tory MPs, while con- months In particular. 


He agreed that a large amount 
of butter would come into 
Britain—there was a lot here 


MtSh O I ll DC EVEN WITH a score of amateur With unemployment well Ilford has certainly given hkn 

° . i nrnr^ wf I S I FX theatrical groups already per- below the national average—this every encouragement. Nineteen 

forming locally, Ilford North is the home of Plessey and thousand Tones — a solid force 

in urgent waits with critical anticipation Kelvin Hughes electronics • as achieved by superb organisation 

By Rupert Cornwall, Lobby Staff f 0 r the political histrioncs of next well as Laporte chemicals—the during both 1974 elections — 

a*™™* _ month’s by-electon. area teems with life. Politically, turned out in the GLC elections 

horS A HAKD riiTiiNG speech by _ it eives to mzy ** more Conservative than last year for a victorious sweep. 

&S3=££k | 

a close associate nf Urn important pointer to Mr. James thflKA nn +he hoce Council last July, the Tones 

cl . ose . assocxaie or Mrs. ra ii. ahon i. «hann>t of a success. " quarter oi mose on too nu 8 e r nh nn , 


port industry. He urged Mr. demmng his failure to secure Mr. Silkin countered Tory pro- SxSdS—Sut eorSimexs wo5d !£«.■ r* i TES Labour’s pSfonuance trill be an H**?™ m “ In a by-election to Redbridge 

Rodgers to “use your good full and immediate implements- tests, led by Mr. John Peyton, ? 0r ?inS ? ecret f 17 « nd importantpointer to Mr. James, f® Council last July, the Tories 

offices" to reconcile the dispute, tion of the 7* per cent, devalu- shadow Agriculture Minister. „ gilkin indicated that ™ olose assomate of Mrs. r ., . phBn » s F chances of a success- £ 2? ai ^f r 01 ha fi e caotured anoflier Labour seat 

Mr. Peter Temple-Morris (C„ atiou of the green pound Imposed over the staged devaluation of ^ ,£s£i«r , gj ^as added to specula- election run in the pinault MUnml (State have now 

Leominster i complained that in by the Commons vote lariweek, the green pound, with a promise m lnimal increases in tlie^ortta- iIS 6 tfiSFV-Zn ^ autumn. For Labour gained the been sold to their former tenants. popular!^has vm- 

the three years Didcot had been pledged continued support for to lead a Labour campaign to W ntinp farm price steppmg np tbcir campaign to t ^ October 1974, by 778 votes Besides the social concern evi- orove d since then. Mr BendaH 

open, only two tain ooo.ii< to ensure tocpnser. spread the «-«. «tat ft. S ^SZSSJm Si 1*52!?™°"“ Tories' 20-yelr hold on dent in the yoiuntw_welfare 


Government's popularity has im- 


been vation of fish stocks in Britain’s Conservative Party was actively «3Sr,JnUi JnniTiKP« 1 

. weton n,n4nn. , uj... tnnA » MJUClUrai SUIpUiSeS 


Message 


cars from Cowley bad been vation of fish stocks in Britain’s Conservative Party was actively "structural suipluees” in the port at Westminster. it had been loosened by boundary services, there'is a strong urge *e iSleraiF SSnehas won 

handled there, even though that waters working for a “dear food" £££ turiu y 1116 The speech fallows pointers Ganges. to ambitious self-betterment. One ]Kn nffStii naa 0re 

was one of the prime reasons for There were cheers fromi ad policy. ^ ^ He nodded in agreement when t° a reconciliation between the mQTi provides an unlikely- Iocal pollster suggests that H ™ u *“ • . 

its existence. sides when Mr. Silkin emphasised Mr. Peyton argued that the Mr. John Biflen(C. Oswestry) Party and Mr. Enoch Powell moWna settine for anv dramatic toe Tones regain the seat with 

Mr. Rodgers told Mr. Michael that after the latest failure by Minister, having accepted the de- argued that the proposition that fUU Down S.) and comes on the TihaarLiL It lies on the hh.i a majority Of less than 4,000, . Moccorm 

McNair-Wilson (C.. Newbury) the EEC to reach agrament on cisiou of the House that the tbTEEC price reriew 5 mSS of a Unionist bid to delete noitteeS Knctai h£- Callaghan, could still count IVieSSage . 

that he had no powers to instruct a Ckimmoa Fisheries Policy, he green pound should be devalued lead to further price increases proportional representation for pi J2 the fringe of Epping and 11 35 a favourable result. ■ recent . rt, QW ed mas. 

5M.ffiraa.-ss ssr^r ^ EIec - JSaJSsrs sfES-SrS 

D r r SS* '= SM ssra S “ saa.M«w rS«Si£ 

Derby “Onr ri.ht «o tnjee further Xpos^ning eedon on cUiry p C ^ Z2?t£Z X ZSgtt .°f„ r ^ ^iSTSSSSWSE ^ “ 

Mr. Rodgers agreed that there Impaired, he said. further large quantities of totally prices policy for commoditiesin donderrv °° “ 5110813 of deveiopers. ^re-war specal&tars vivaciously .appealing, of a primary school, ana Ilford- 

were means of solving the dispute Mr. Siikin refused to be drawn unwanted butter imports. structural surplus at the-moment d ° 6XTy ' have been followed by post-war -poiitieally, she stands In the born and bred, has the task of 

outside the House of Commons, on the timing of any new uni- Mr. Silkin reminded the escapes me” Mr. Neave stated that the Dub- public welfare architects. Labour mainstream. Her views defending both.the Liberal vote 

lin Government, in its “extra- The London to Colchester road have been shaped like those of of more than 8.000 and justifying 

r -—^ . m m w a -_ _ _ _ ordinary” behaviour of recent slashes through it with brutal her predecessor, Mrs. Millie the electoral advantages of Mr. 

fc ./ 1 4 -* '4-+-Z 1 3Z 11 19 - __1- A _ ^ ^ _ i_"H weeks, was fostering a policy unconcern, sweeping aside the Miller, the MP whose death David Steers LiM*b pact 

1 11 1 IwkBl Kill fi|T ll luVlTW lAIOPTOIfl which would divide the Province, local traffic. “ No right turn ” the caused the by-election. Local Liberals claim recent in- 

f LIVUiiitJU Ulli VfX XVIjLili)) I vlvvivU Thanks to the Irish Govern- notices exhort in political over- Ms. Jowell, assistant director (U^sinpai^mambersh-lp and 

u a—^ v meat, he added, a power sharing tones. “No left turn.” 0 £ M3ND, the mental health. ® healthy bank balance promise 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT administration in Ulster was no But whatever it may lack in organisation, haa been a member 

oi jvnn nun., rHnuMPicmmi kUKKurunucNi longer practical politics. Instead, physical appearance. Ilford of Camden Town Council since historical tradition of. a strong 

THE GUILLOTINED committee neer claoee inserted ,o proyide with considerable scepticism on A Conservative backbencher, on S5SSPS am S M ‘'SciS^s^rtS^sn'd ^Mr. Freeman, k Methods 

SL'VevSssr^..^ Stei^r^e^s is; i[ab H r se wa^ suWd £tt£ss: £■«*— 1 “■ sssss 

days of often-beaited debate. In proposal Mr. Leon Brittan, an it would increase the power of be tied nut iniSv l h which aU parties would work to- Londons tarn-cabs disappear at on fce Government’s success to H e believes that it wants to 
the last minutes, of debate, the Opposition spokesman on devolu- judges It uTSpens! Jf Parila- ploptoof ScotlSd ^ sether ’ - cal ed for a thonra ^ ^-,4.000 tacWtog Ibe couotry* a financial ^ ^^TdoSinrire^UtiS 

Tories unsuccessfully tried to tion. declared: “It is entirely ment. T b L!?5a«L,„ Te«raminatioo of present owners and families offering a and . ec<yoon ^ c problems — a-?®" ISh flSS zS he 

push through an amendment to apt to include a Bill of Rights Mr. Brittan conceded that a wo^d S? arrangements. comfortable nde to victory for that ^ b e emphasised SroriaSm th^SfSesS'tbat 

prevent the devolution of as a Umitation—but a positive Bill of Rights would involve bSSSan Si? Sorition d ^r P ^S The speech, was immediately the pohtician who hails them. in^Marobby the achievement of S^totim^ayio 

forestry to the Scottish Assembly, limitation-on the Scotland BilL judicial interpretation but main- SSSS?- seized upon by Northern Ireland single^gure inflation. . .^JaSSved 


\ Scottish Bill of Rights rejected 


community kotirities "should 


forestry to the Scottish Assembly, limitation—on the Scotland BilL judicial interpretation bu 
They were beaten off by a It seems to me there is a strong tained: “The sovereigi 
Government majority of 40 case for using this opportunity. Parliament will not be dim 
1 255—215>. His case, however, soon met by one jot or tittle.” 

As MPs prepared to vote, a 
solitary protest came from Mr. 

Robert Adley (C. Christchurch ^ .. i „ p , - , 

rport^S^^cu 0 ^ Guillotine drops for final time 

irSiu^Sl ITthe 52* 500 *' re 


, uvuwu.™ lUE wu .ui«,« . , stogle^gure inflation. -more moderate .and devolved 

^ of Engiishman. °rifmri‘ Cnpisilllp She will also rehearse the Gov- Government. 

»t be diminished But Mr. Brittan explained that cratic^n!' Labour S pfrtl reprel ^OCWDlC • eramenfs Mkely general election Local controversies over educa- 

Je - in such an instance the English- spntine most of Ulster’s Cath? Indian restaurants and Irish theme of spreading the ensuing tion; conservation and town 

man would have bis redress at hVs ' said last night that Mr banks cater for more recently benefits between tax cuts,* development may help his cam- 
. one remove through the Euro- Neave “had placed himself arrived minorities. .. industry and better social paign. But they are unhkely to 

[imp pean Convention on Human firra i y j Q the camp of totransi- Ilford is sociable, positively services. • have much influence on nrord’s 

LUUV Rights as interpreted by the ^nt unionism.” gregarious. There are ten friend- virian BendalL the view °A “. e f? an ° Da \ P 0 ; 1 .-, ’ 

e dl. OHver N^je, » RMlStS' 

, of «iois,o re C ,Mgelr oi ta It^SVSS Sma ^ rStl0n . ”« 

JH iissjrs & KSrr® rsarasrs 

iS£a£2$!r everyone’s right to life should f-renSSo took at P e^tald re?- P« eon fanciers, numismatists, Ufords mwnory. comnninity tojoo stoong, the 

be protected by law and that no- tSSStion tor Ulrterat W?st- naturalists and esperanto Mr. Bendali has been prepar- Asian immigrant too few^ for it 
•!*£*® rkne ? one should be subject to torture iffnfir f 1 WCSt enthusiasts. ing for this fight that long; and to find any room for advance. 

R Tight to ont _ j d—i-_ a _j __i. iiiiuawri. # . . ~ 


Bendali, 


- have much influence on Ilford’s 
view of the national politicals 


guillotine. 

Donning the traditional top 
hat, which MPs wear to raise a 
point of order during a division, 
he said that the procedure made 
”a farce of democracy” But his 
protests were not taken up by 
his colleagues. 

Earlier, an attempt to get a 


THE GUILLOTINE dropped 
for the final time after over 
85 hours of debate, 49 divisions 
and four Government defeats. 

Under the time-table pro¬ 
cedure. only 25, or less than 
a third, of the Bill’s original 
83 clauses have been debated, 
and only six of its 17 schedules. 
Of 638 amendments tabled. 


Notice of Re&empiion 


about 500 were never dis¬ 
cussed. 

The main task of Ministers 
is to deal with the two main 
reverses inflicted on the legis¬ 
lation— those which inserted 
a 40 per cent, mlninmm “Yes” 
vote proviso and gave Orkney 
and Shetland the right to opt 
out of devolution. 


Transocean Gulf Oil Company 

8% Guaranteed Debentures Due 1986 

NOTICE IS HEREBY GIVEN tha.t.pnrsuanfc to the provisions of the Indenture dated as of March I. 1971, 
Under which the above-designated Debentures are Issued. S1 .eoo.ooO aggregate principal amount of such 
Debentures of the following distinctive numbers Du been drawn for redemption on March J, 1978 therein 
sometimes referred to as the redemption date;; 

SI,000 Coupon Debentures Bearing the Prefix letter K 

1 1805 3236 6232 8513 10089 11480 13267 14689 15873 17319 19018 20845 22511 23956 26399 27526 

10 1837 3246 6235 8516 10090 11482 13268 14704 15975 17336 19028 20857 22517 23964 26419 27528 

18 1840 3253 8236 8594 10093 11484 13274 14711 15086 17839 19029 20868 22522 23971 26434 27566 

28 1685 3266 6346 8597 10113 11569 13333 14732 15989 17340 19037 20880 22532 23S79 26451 27573 

37 1905 3279 6347 8600 10115 11574 13330 14738 15997 17349 19057 20891 22590 23985 26530 27681 

53 1906 3288 6348 8602 10119 11581 13340 14739 16000 17353 19059 20906 22594 23987 26553 27685 

55 1914 3298 6403 8656 10121 11583 13348 34748 16004 17369 19063 20916 22600 33995 26S66 27891 

79 1928 3303 6404 8658 30123 11658 13402 14750 16011 17372 19071 20926 23608 24008 26568 27692 

101 1936 3310 6405 8661 10141 11664 13403 14761 16017 17378 19090 20938 22663 24009 26575 27799 

136 1942 3354 6406 8664 10X44 31665 18431 14766 16030 17388 19091 20949 22671 24021 26S99 27800 

139 1945 3358 6433 8666 10145 11670 13413 14772 16038 17399 19095 20960 22678 24119 26610 27807 

740 3369 3360 6434 8703 40147 11731 13460 14774 16030 17405 19106 20966 22684 24123 26619 27809 

142 19E1 3369 6435 8705 10149 11735 13467 14781 16033 17408 19120 20979 22732 24132 26621 27912 

367 1993 3377 6439 8708 10161 31738 13470 14786 16043 17417 19124 20989 22741 24351 26643 27917 

171 2010 3405 6549 8709 10164 11740 13471 14794 16045 17426 19125 210Q1 22749 24358 28652 27918 

209 2023 3412 6550 8715 30169 11742 13511 14796 16050 17436 19135 21D04 22760 24368 26685 27923 

215 2043 3418 6531 8740 10274 11793 13519 14799 16053 17443 19147 21017 22797 24464 28669 28023 

218 2076 3422 6552 8765 10276 31796 13533 14806 16057 17454 19151 21027 22808 24468 26689 28029 

229 2073 3478 5554 8767 10280 11601 13556 14812 16067 17463 19156 21039 23816 24471 26709 28033 

239 2099 3477 6613 8770 10285 11846 13560 14816 16068 17466 19162 21052 23829 24477 26712 28128 

254 2106 3480 6615 8774 10289 11850 13564 14819 18070 17467 19176 21 066 22863 24576 26736 28136 

270 2136 3483 6616 8783 10370 11854 13569 14823 18077 17483 19186 21075 22871 24580 26740 28236 

2S2 2157 3487 6617 8785 10372 11971 13573 14827 16082 17485 19188 21078 22880 245B2 26751 28240 
316 2158 3534 6649 8888 10373 11972 13598 14835 16085 17491 19199 21089 22894 24680 26753 28246 

333 2182 3538 6850 8892 10379 11078 13600 14838 16087 17492 19206 21106 22929 24684 26778 28255 

343 2183 3539 6651 8696 10384 31982 13GOA 14843 16088 17505 19212 21113 22935 24686 26780 28338 

359 2186 3541 6770 8898 10452 31985 13613 14844 16201 17507 19215 21118 22945 24687 26792 28345 

382 2194 3603 6771 8976 10455 11999 13615 34846 362D2 17513 19233 21127 22956 24780 26795 28348 

405 2205 3605 6778 8980 30461 12001 13635 34853 16206 17518 19231 21140 22989 24788 26818 28359 

415 2213 3606 6779 8983 10516 12063 13639 14958 16306 17526 39239 21145 22999 24789 26833 28436 

448 2236 3670 7083 8985 10517 12068 13642 14961 16310 17528 19249 21153 23010 24876 26840 28448 

572 2238 3671 7084 9045 10519 12069 13651 14966 16314 17537 19254 21180 23019 24887 26854 28450 

654 2241 3672 7085 »046 10520 12072 13635 143(59 16319 17539 19261 21172 23046 24892 26806 28460 

656 2262 3673 7087 9091 11)323 12075 13667 15067 16409 17547 19270 21175 23057 24972 26875 28531 

663 2267 3739 7123 9053 10568 12181 13672 15068 16410 17549 19274 21185 23069 24980 26880 28545 

C93 2372 3742 7125 9054 10573 12184 1367P 150T8 1 8417 17857 19281 21190 23062 24981 2S&S2 28549 

698 2302 3743 7Z2G 9099 10576 12187 13683 15079 16420 1766Z 19285 21202 23100 24988 26896 28557 

70S 2321 3812 7131 9100 10577 12188 13689 15080 16424 17667 19289 21203 23112 25068 26912 28627 

2342 3813 7153 9102 10613 12195 33897 35105 16506 17668 19296 21215 23125 25075 26918 28644 

2348 3814 7154 9105 10619 12373 13701 35166 16511 37873 19299 21218 23135 25157 26P32 28655 

2364 3887 7156 SI37 10622 12375 13709 15176 16312 17879 19410 21332 23164 25158 26938 28723 

48 23B2 3888 7267 9139 10624 12380 33714 15177 16519 17882 19419 21233 23178 25169 26947 28736 

62 2386 3889 7268 9142 10C45 12381 13718 15180 36592 17976 19420 21247 33193 25242 26954 28737 

2391 3965 7269 91«3 30647 12383 13726 35257 16597 17977 19425 21263 23211 25247 26907 28754 


and inhuman treatmmt Unlmisl MPs generally 

It also underlined the right to reraaine d cool about re-forging T^i 1 • 1 . : . 

K*auj=r.taaiE£s Emphasis on nuclear energy 

should respect the citizen s of dlrec t rule by Mr. Edward Mr ...... /_ 

“private and family, life, bis H eath in 1972. Mr. James « . , « —- . 

SSAFC^gq-VsrSrS research queried m Lords ...... 

common cause in favour of a Unionist whip . said that to win / . • ’ . . 

SriSssed that hie’ nrSjsalB wTre his su PP° rt Conservatives DOUBTS ABOUT the'wisdom of The number of sites with conservation through making 
not intended to wreck the Scot- ha , ve V 5 “ I 2L store wh ^ they channelling nearly/fill Britain’s favourable conditions for using maximum use of <Htt.substantial, 

land BilL The suggestion should destroyed—the Stormont Parlia- energy research into the nuclear wind energy was limited and coal reserves-as ttie oil and gas 
be considered Onits merits. rnent and Government field were raised to the Lords could prove unacceptable to the run out’’ 


with conservation throngh ; making 


be considered onits merits. rnent and Uovemment - field were raised to the Lords could prove unacceptable to the run out’’ 

Thp Government’s Legislation However, it would be astonish- yesterday. public. But the Department of Requirements would also be 

was in effect providing a°written in 3 if Mrs. Thatcher had not Lord Stratbcona and Blount Energy had commissioned and met through the nuclear genera-, 

constitution for the people of seriously pondered the chances Royal (C.), speaking during a jointly funded a design study of tive capacity and by developing 

Scotland anyway Therefore it of reaching an understanding debate on alternative energy a large machine with an indns- renewable onergy sources, so. 

was only just that they should wi,h tte Unionists if, as many sources, said it was clear that by trial consortium and the Scot- they Could be readily Introduced 

have the benefit of a written observers believe, no party wins the end of the century we would tish electricity Boards. in the tight of future needs, 

document guaranteeing their an absolute Commons majority need a larger contribution from Lord Peart eaid the Govern- Coal would continue as the 

rights. at the ne3rt election. nuclear energy. But he ques- ment was spending more than corner stone of energy policy.. 

He personally believed that The backing of even the sue tioned whether it was nght to £6m. on research and develop- The Government had announced; 

the whole of the UJv. should official Unionist MPs could be of spend m the preponderance of ment in ^ soLar energy field, orojected expenditure of £10m. 

have a Bill of Rights. There was vital importance in enabling the 100 to one on toe nuclear sector water and space heating had tor research on alternative 

a case for Scotland acting as Tory leader to form a Govern- compared with other energy *,een identified as the area of sources of energy, 

pioneer for such legislation and ment There are obvious difficul- options, which should be pre- greatest return. ' Wavfe energy offered great 

later extending it to the U.K. as ties in the way of a deal with served. CnwmmMif? muiqm-to- P° te “W In principle, 1,000 kilo- 

a whole. It was, be said, a either the Liberals or the Scot- Yrind power and solar energy * ne ^oas^n metres of wave energy devices off 

unique opportunity. tish Nationalists. were among those alternatives, toe North-west coast could supply 

be added. mm *T oqu!valent to half our 

I _ * jcm -m-m Lord Peart, Leader of the four years, and toe package electricity needs. . 

¥¥7111 -foil House ’ said Britalfl had one of Lo * a Peart £2.5m. had 

ill ill IV B /I 3 Is flla Wt I E G JAli the most suitable tidal power would cost £320m. in tnefixst been allocated over the next two 

Y» ill A.£lr.U. sites to toe world in the Severn * our years, would save £700m. or three years because of favour- 

Estuary. Energy harnessed from a year ^ able progress. The aim of the 

• j ¥ a a "1 - ¥ • that would save 7m. tons of coal He added: “The country’s wave energy programme was to 

¥X7lTilfY|1|f fTlllCFn annually-The project would take energy requirements in the conduct trials with a full scale 

TT J-feAmrUtL B.U iflC.ll 1£¥JMULV' Y some 14 to 20 years to complete longer term will be met^hrougfa prototype at sea by toe mid- 

c - 7 o* at a cost of £3bn. to £4bn. increasing attention to energy 1980s. 


tish Nationalists. 


Immigration will fall 
without tough policy 
says Labour group 


796 3403 3966 7272 9167 10654 12453 13727 15259 16538 17980 19525 21266 23217 25256 26975 28813 

2420 4046 7339 9168 30659 12458 33735 25264 36602 17987 39S34 21279 23244 25324 26980 28827 

325 2446 4047 7340 9172 10660 12464 13744 15267 16606 18063 19536 21280 23287 25330 26992 28829 

831 2474 4217 7341 9188 10676 12520 13750 15271 18671 38072 19540 21289 23296 25339 27000 2884S 

835 2491 4218 7343 9190 10G78 12527 13751 15345 16679 18075 19841 21294 23306 25347 27010 28900 

846 2497 4308 7344 9191 10706 13533 33757 15347 16680 18078 39613 21305 23319 25406 27015 28914 

379 2498 4309 7384 9194 10712 12578 13770 15348 16686 18155 19616 21308 23336 25409 2703L 28923 

890 2531 4403 7385 9197 10713 12583 13776 15354 16689 18156 19735 21313 23349 25419 27032 28935 

963 2534 4604 7386 9306 10724 12584 137BO 15420 1G745 18166 19742 21319 23352 25429 27043 28984 

995 2546 4711 7389 9308 10726 12590 13788 15421 16795 18167 19744 21329 23382 25485 27052 29002 

1002 2550 4623 7391 9310 10732 12592 13795 15424 16758 18235 19746 21334 23397 25489 27064 29010 

1006 2564 4324 7413 9311 10835 12628 13903 15425 18763 18238 19835 21335 23398 25499 27067 29021 

1014 2580 4941 7416 9318 10840 12634 23906 15433 16766 18250 19839 21342 Z3408 25508 27116 29069 

1035 2593 4963 7417 0398 10842 12638 13911 15480 16616 18252 19840 21351 23426 25561 27129 29091 

1046 2827 5067 7413 9403 10B35 12642 13915 15493 16824 18312 19841 31258 23442 25365 27131 29094 

1059 2633 5069 7424 M09 10936 12642 14010 15494 16828 38313 19932 21359 23445 25580 27145 29108 

1101 2636 5091 7538 9468 10938 12674 14014 16499 16837 18327 19933 21367 23453 25964 27147 29155 

1102 2655 5092 7539 9471 10940 12678 14022 15508 16838 18329 19S37 21375 23471 25638 27158 29174, 

2107 2661 5093 7549 9474 10946 12686 14105 1 5551 36885 38399 20022 21384 23484 25655 27164 29176 

3114 2663 5197 7615 9478 10952 13688 14108 15558 16891 18401 20023 21394 23486 25660 27176 29196 

1136 2668 5198 7617 9479 11018 12691 14110 1 5563 16682 18457 2002S 21401 23499 25708 27177 20235 

3137 2677 5199 7619 9522 11021 12717 14114 15673 38902 18458 20104 21406 23525 25728 27185 29254 

3166 2697 5227 7620 9335 11024 32719 14117 35611 36904 18488 20106 21411 23528 2S737 27199 29259 

3180 2709 5228 7622 9529 11025 12724 14199 15613 36945 18470 20108 21418 23562 25777 27205 29278 

3182 2711 5336 7699 9553 71033 32729 34301 35619 16951 18621 20181 21432 23573 25779 27209 29312 

3220 2723 5369 7701 9B03 11090 12736 14206 15633 10996 18522 20184 21425 23577 25794 27214 29331 

3221 2737 5371 7702 9606 11093 13752 14339 15865 16965 18534 20185 21433 23632 25808 27230 29343 

3237 2738 5479 7706 9007 11094 12758 14345 13669 36966 18540 20186.21436 23640 25851 27236 29357 
3245 2742 5481 7724 9609 11096 12760 14348 15678 17000 1&B80 20254 21441 23650 25863 27238 29387 

7263 2766 5517 7725 9616 11100 12764 34360 15685 37009 18581 202S7 21553 23670 25876 27245 29409 

1290 2785 5518 7727 9620 11147 13773 14406 15715 17013 18589 20883 31551 23875 25908 27259 29431 

1320 2796 5519 7732 9633 11150 12782 14409 15719 17021 18602 20320 21558 23685 25917 27285 29434: 

1327 2803 5520 7842 96JT7 11152 12789 14414 15725 17028 18635 20330 21561 23689 25933 27269 29463 

1336 2815 5631 7843 9643 11157 12794 14424 15720 17051 18610 20339 21668 23707 25941 27386 2948ft 

1351 2822 5632 7844 9649 11159 12795 14462 15737 17065 18657 20397 21CTO 33709 25980 27290 29496 

1367 2858 5633 7847 9653 11194 12803 14465 15784 17076 18659 20402 21673 23722 25997 27297 29512 

1384 2878 5834 7920 9658 11108 12808 14466 15775 17082 18712 20408 21878 23737 26007 27315 29MO 

1422 2898 5675 7923 9662 11204 12815 14470 15788 .17101 18744 20410 21781 23743 36036 27317 29562 

1430 2910 5676 7925 9763 11205 1282Z 14481 15804 17113 38760 20461 £1784 23755 26040 27320 29569 

3441 2921 5792 7926 9768 11211 12823 14514 -15805 17114 18765 20467 21786 23780 26059 27323 29591 

3443 2950 5795 7973 9774 11234 12829 14517 35816 17130 18792 20473 21889 23789 26074 27305 29612 

3455 2963 5840 7975 9773 31237 12837 34521 35817 17132 18796 20476 21890 23775 26095 27397 29833 

1460 2985 5843 7978 9B5B 11245 12845 14529 15831 17150 18810 20521 21891 28785 28101 27339 2964ft 

1472 2987 5860 7979 SS59 11250 128S1 14535 13842 17159 38818 20528 21893 23793 26118 27404 29681 

1522 2993 5862 8036 9862 11252 12855 14569 15644 17161 18836 20534 219S7 23803 26151 27423 29708 

3558 2997 5S63 8037 9865 11270 12859 14S68 35855 17177 18840 20538 21991 23805 26163 27428 29718 

3567 3035 5964 8030 9870 11273 12864 14368 15857 I 7l8ft lfgffl) 20578 21995 23817 26178 2743S 29735 

1571 0046 5970 8041 9936 11278 12872 14576 1B870 17200 188B4 20585 22084 23824 26194 37441 39748 

3594 3060 5972' 8157 99ST 11386 32875 14S87 158TB 17308 18877 20SBS 22086 23832 26208 27448 29772 

1648 3064 5973 8158 9940 11303 12981 14603 15884 17219 18884 20800 22087 23837 2G220 27451 28788 

1655 3080 6016 8164 9943 11327 12984 14610 15889 27S32 18903 20635 22093 23871 26239 27463 29803 

1678 3083 6017 8340 9996 11331 13086 14613 15896 17231 18907 20643 23180 23818 26250 27467 29S1S 

3682 3093 6020 8241 9990 11337 13087 14618 19805 17241 18918 20656 22182 23884 26267 27472 2S843 

1701 3106 6021 8243'10001 11339 13092 14031 15910 17248 18929 20662 22189 23B00 28274 27477 29855 
172.1 3138 6041 8246 10003 11340 13093 34645 1 5917 into 18943 20743 £2268 28904 26295 27487 29873 

1740 3145 6042 8247 10004 11547 13178 14647 15923 17267 58947 20752 SS273 23911 26307 27489 29885 

5742 3148 6043 8298 10043 31358 13181 14653 15932 37282 18960 207B9 22278 23917 26320 27496 29909 

3765 3156 6152 8299 10046 11362 13184 14859 15940 17285 l&9g3 30701 22277 23S2T 28326 27501 29920 

1761 3178 6153 8302 10051 11364 13186 14670 15044 17297 38980 20800 22392 23329 26348 27307 29973 

3792 318& 6156 8304 10055 11365 13187 14680 15947 17X03 18987 20800 22399 23940 26368 27509 29988 

1801 3191 6205 8308 10081 11487 13359 14683 15938 17305 18996 20817 22362 23945 26371 27522 

1802 3208 6209 8SU 10083 11475 13264 14688 1S96S 17317 19004 20835 22368 23952 26379 27523 

The Debentures upccJllpd above are tft be redeemed far the Sin kin jr Fund fal at the WCG-Anncr Ser¬ 
vices Department »f Citibank, V.A. (formerly First National City Bank), Trustee under [he Indenture 
Ttlfrwd to above. No. Ill W 2 II Street, in the Bo ranch of Manhattan, the City of Xe* York, or lb) =ubleec to 
anv laws ur regulations applicable thereto, at the main offices or Citibank, kjl. in Amsterdam. Frankfurt Main. 
London (Citibank House), Milan, Paris and Citibank fEelcium' S.A.. in Brussels, and citibank 1 Luxembourg) 
S.A. and Xredietbanfc S.A.. Ltutembounreoise In Luxembourg. Payment* at the offices referred to In (bi above 
will be nude by a United States dollar cheek drawn on a bank jn New York City or by a transfer to A 
United States dollar account maintained by the payee with a bank in New York Cur, on March 1. 1978 the 
date on which they shall become due and payable, at the redemption price of 100 pnernt of the principal 
amount thereof, together with accrued Interest to the date fixed for redemption. On and after thd redemption 
date. Interest on the said Debentures will cease to accrue. Upon presentation and surrender of such Deben¬ 
tures vuh aU coupons appertaining thereto maturing after the date fixed far redemption, payment will be 
made at the said redemption price out of funds to be deposited with the Trustee. 

Coupons due Much, l, 1378 should be detached and presented lor payment in the usual manner. 


says Labour group Work travel Airports policy stops 

BY RICHARD EVANS, LOBBY EDITOR ^ ^ ' ’' ' 

FIGURES WHICH point to tightening of policy.” toe group ® 1FI 1T11 f|l^k—1^101X- 

immigration into toe U.K. falling states. UUkJ- • 1 Wil 

significantly in the future with- 3. Commonwealth citizens who y O vV ACA 

out the need for a tougher entry had been here for more than _w m,™ rnwrcN-wirNpr r ... ■ 

policy were released yesterday five years on conditions. It had THE GOVERNMENT was urged n ollwtog firmermf oroa- 

by toe Labour Party Race Re la- been the cause of the largest yesterday to adopt a flexible jLfl•* 

tions Action Group, whose chair- increase in immigration figures pay policy approach to travel pH?° i n ^?, e a . dde ^ : -' Thf ] Whlte 

man is Mr. Alex Lyon, former since 1974, when this category assistance given by companies to yontmons y^terday for not spell- Paper provides a sound trame- 


FIGURES WHICH point to tightening of policy,” toe group I 

immigration into the U.K. falling states. LaHtIdiI* 

significantly in the future with- 3. Commonwealth citizens who y J? VI YV |C1 

out the need for a tougher entry had been here for more than _ * 

policy were released yesterday five years on conditions. It had THE GOVERNMENT was urged 


Home Office Minister. 


increased from 8,000 to 18,000. their employees. 


The group argued that, whole In 1975, it rose to 19,000 but Mr. Norman Fowler, shadow be ^, ond the mid-1980s. 


ing out its future airport policy .work for. the future development 
beyond the mid-1980s. of our airports.. Of course, we. 


it was right that immigration dropped last year to 12,000. 


Transport Secretary, said 


Commenting on the airports are dealing".with', a.^ fast-moving 


should be discussed, Mrs. since the right to have condi- the idea of allowing flexibility Nott said that Industry ^ahil ihe Government 

Thatcher, the Conservative tions removed after five years to companies setting up travel- J? w ° j ^9, 

leader, should make sure what only applied to those who came to-work schemes was a “ construe- traffic demands until. 1984- poucy-m consnitaoon with those 
the facts were “before opening to the UJC. before 1973, this tive suggestion for progress” 19 lfL . . _ _ - . ' ' . 

her mouth on such a sensitive right had now expired. Accord- While agreeing to take the But the White Paper begs the Mr. Ddu, was asked -by Hr, 

subjecL” ing to toe group, this means that suggestion seriously, Mr. William P* 301 . iss ? e L of , ^ wliat ^happra& -RusseiL Kerr <Lab, Feltham and 

The facts, according to toe in 1978 without any change of Rodgers, Transport Secretary beyo , nd date when the Heston) if he would look again 

group, were that one-third of policy the immigration figures said that it would benefit some’ P 1-0 ® 1 ® 111 ® , of accommodating-at the ( proposal for a fourto . 
new immigrants were white and should faH by nearly 12.000. people but not others. international traffic will begin w terminal at Heathrow and il he 

of those who came from the 4. Fiances. Women have Mr. David Crouch rc Canter. teU *” he . . • would listen to "local opinion' 

new Commonwealth, the vast always had a right to come to bury) protested that toe 16 nn Nutt added: "Onee again, which was very hostile, 

majority fell into the following the UJL for marriage, but the cen £ in rail fares broke toe lt . looRs “ t&e major decision. Mr. Dell replied that the fourth 

categories: right was denied to men from jq P er cent rule will be left to us. '■■■■ -'-terminal was subject to a.public'. 

1—Wives and children under 1&6S to 1974. Male fiances from Mr Rodo*™. ^ id be ^ co- Mr. Edmund Dell, Trade Secre- -inquiry at the moment Although 
18 of men who were settled here the new Commonwealth in 1975 cemed about rising rail fares. He 5late ?Pi£ a ?°?5?! £ fourth terminal was needed,' 

before 1973. Since their number totalled 5,000 and from the rest was conv that the cmith^nst wan Wh 1 *®. Paper, said it .took the he hoped the rejection of a fifth 


- -- m V**V - ... , f - W K WtiMUUp UUt UiUv Wuu Uig TO»J ■■■ _m . m - - _- m • . _ , 

number of applications in India B gu 5 e i. v l ™ tttinae . some real problem of avoiding fare rapidly riiMgtog forecasts, of For the Liberals. Mr.' Mb 
bad nearly dried up, those in ^ une .* rT ^ nt toe pressure to marry Tises w hen MPs did not want a rad nee d traffic Jn-the‘South-East, Par doe said that although the 
Pakistan had shown a sharp fall, foreigners comes not just from subsidy. ? commit vast capital expends need for a shift of SHKlawe 

and only Bangladesh still ^ Geffrey PaWe (G,, tore h^re itvms nec^saryr of air traffic away-from- tbe 


children came from the new ^ rS e Thatcher will incur the service. 

Commonwealth, but last year JJ2? wUte ,f Mr. Rodgers replied: “ There Is 

top fiviire had rimnm>ri y to !^ r . da . u § h ^ rs “ nnot bring a problem. I have a great deal of 


toe figure had dropped* to SSE wi? 81 !! 6 ? “ nn « bring a problem. I have a great deal of .SppATIfj phsHTlflAr cfll#Iwr • 
28.000. theirJinsbands to bve with them sympathy with the difficulties of LJCl/UIXll V'llillllUvl V- • 

coto^s^to^East^Africx Each group challM ses Mrs. wlStoSS aie^ommittS^o BY RICHAR D EVANS ' . 

head of LanHy could brins hie SV£ comm!?- ^STtSSLlT' 5S“ TS*"?:' ^^v*****^ 

family to Britain if he was ments, almost ail undertaken by Mr. Stan Crowther (Lab C £ mi !^ S ? i0Iie<1 3 -which-academic researchers.'' ,v 

^ n ^ ut AinCa ‘i^ F u e Conservative Governments, she Rotherham) said the real com^ s ^° u ^ ^ completed by the end snbject of Lords reform is 

thousand vouchers could be would now overturn. It adds that muter Droblem -was that dpodIp toe year on the place of a certain to feature in the neict 


BY RICHARD EVANS 


vouchers could be would now overturn. It adds that muter problem^'waT'that'^people of the Y® 31, 00 toe place of a t0 f oature- in the neict 

wsueu eacn year, with usually before she gets too carried away lived too far from their work, second chamber within the campaign: because Ot 

tIt P , eo r E o^^L V0U , che . r ; by her desire to votes at oil He wanted the Location of Offices British constitution, 

a toj? 1 of -0.000. In 1975, only costs she should remember that Bureau to move offices away from It will be carried out bv Mr to™ 

12,000 came and last year, tins any such withdrawal was likely central London. David Watt, diiwtnr «f tootLiS’ - ^^ing CdnseryatTve 

had dropped to 1,000. to be a breach of the European Mr. Rodgers told him that many iSState- ■ 

Both these commitments are Convention on Human Rights of the problems of travel to work Affairs anil former * C&rt&gton. toavp- 

finite and both will end within winch the Tories were pledged arose from decisions tafegn over editor of th« FlnanHai P Ti«« recently put forward proposals • 
the next few years, without any to introduce, the years. Dr. JanS Morgan?^5 SL 


January % 1973 


Transocean Golf Oil Company 

By: CITIBANK, NJL. as Trustee 













































Financial Times .Thursday February 2: X978 


THE JOBS COLUMN 


Loggerheads over prospects 


BY MICHAEL DIXON 


NUMEROUS callers tell me that 
the state of the United Kingdom 
economy six months hence can 
be predicted with fair reliability 
from tiie present state of the 
country's executive employment 
market The reason, they say. 
is that organisations with the 
most sophisticated economic- 
intelligence operations also plan 
their manager-recruitment well 
ahead. 

The Jobs Column is, of course, 
grateful to know of the theory. 
Before proceeding to accurate 
predictions of the future, how¬ 
ever. I have one small problem. 
It is how to determine * hat is 
going on in the executive em¬ 
ployment market now. 

Although this year I have de¬ 
layed my look at managerial job 
prospects until the market re¬ 
covered from its post-Christmas 
turbulence, my checks among 
professional recruiters show 
them still at loggerheads in their 
forecasts. 

On the sad hand, we have 
Harry Roll of MSL declaring 
that, on past experience of 
movements in demand for ex¬ 
ecutive types, it could well 
already have passed the peak of. 
its recovery from the abyss of 
1975. Even if the market has 
changed its behaviour, the best 
he can foresee is a distinctly 
sluggish overall increase over 
the next few months. 

Among tlie gloomy I must 


also include Geoff Crosby, of 
the Government-sponsored Pro¬ 
fessional and Executive Recruit¬ 
ment agency, even though he is 
chuckling about PER’s own per¬ 
formance. With increased 
billings, the agency’s hitherto 
heavily subsidised recruiting 
activities now seem sure to pro¬ 
duce about £3m. income in the 
year to March 31. So while 
PER's welfare work such as 
counselling will still be ■ tax¬ 
payer-tin anced to the tune of 
£2.6m.. its ** commercial" 
services should show a marked 
improvement on the previous 
year's £300,000 deficit, if not 
actually breaking even at long, 
long last. 

But, when forced to look 
beyond his private glee to the 
likely U.K. demand for man¬ 
agerial workers in general, Mr. 
Crosby also expects at best a 
marginal increase. 

Take for a third example Ken 
Hampton of PA Management 
Consultants. In a lecture to the 
Royal Society of Arts last night, 
he was bold enough to estimate 
the total cost of executive 
recruitment in the U.K. at 
£150m. a year. But there is no 
boldness about his expectations 
of demand for executive bodies. 

He sees no reason why this 
year should be better than last. 
And he can sec several reasons 
why it might be worse. 

These forebodings, shared by 
several fellow-pessimists, in¬ 


clude a reduction of managers 
movement between jobs, and so 
of employers* need for replace¬ 
ments. as a result of an easing 
of pay restraint; the expected 
adverse effect of sterling’s 
recovery on export expansion, 
and continuing proneness to up¬ 
sets in industrial relations. 

The executive jobs market 
appears now to be very sensitive 
to shifts in business confidence, 
which in turn seems extremely 
edgy about industrial disputes. 
Demand for managers dipped to 
mark the power jndustry 
trouble last autumn. It genu¬ 
flected to the firemen's strike 
before the Government substan¬ 
tiated its promise of resistance. 
And a faltering noted by some 
consultants over the past ten 
days or so is thought to be con¬ 
nected with the threatened 
action by petrol-delivery drivers. 
Which passes us from the sad 
hand to the glad hand. 

When talking about these 
fluctuations in demand, the 
optimists concentrate not on the 
market's dips, but on the way 
it has swiftly recovered from 
them. In general, they seem to 
interpret this as a sign that the 
underlying trend of confidence 
is upwards. 

“ Although I wouldn't say that 
there is bullishness everywhere, 
or that a biting industrial dis¬ 
pute couldn’t crush what there 
is, the evidence reaching me is 
encouraging." says Philip 


Egerton, soon to leave the 
Inbucon-AIC consultancy to set 
up on his own. 

Last year was our best year 
this decade. Since we came 
back after Christmas, my diffi¬ 
culty has been to keep up with 
the inflow of work, and I believe 
that barring outlandish accident 
1978 is going to be a good' year. 
Why there’s gloom elsewhere I 
can't be certain, unless it is that 
market behaviour on the 
employers' side is changing.” 

Optimism seems even greater 
among consultancies concetrat- 
ing on head-hunting previously 
identified candidate, as distinct 
from advertising for them. With 
last year’s business up by about 
30 per cent, over that of 1976. 
Graham Lindsay of Kom/Ferry 
Dickinson is expecting a similar 
increase in the six months to 
June, and this sort of confi¬ 
dence is evidently shared by 
other head-hunters. 

Indeed, Mr. Lindsay seemed 
surprised that this outlook was 
not general. “ Although re¬ 
cruitment by executive search 
looks bound to grow at the ex¬ 
pense of advertising over time, 
when search business is up we 
tend to assume that it must also 
be up for the advertising side 
as welL If it isn't there might 
be some change in the demand 
pattern. 

“But we are continuing to 
get assignments to replace 


people who have left, and were 
also getting more work to find 
new people required for plan¬ 
ned expansion. So, with the 
obvious caveat about strikes and 
so on, I’d say there are good 
times ahead." 

The same view is held by 
Terry Ward of Brook Street 
Executive. “From what I see, 
there’s more recruitment work 
available than for a long time 
past Of course, we’re relatively 
small and, £’d claim, more flex¬ 
ible than bigger consultancies 
tend to be. 

“ So possibly the demand 
from employers is getting 
increasingly channelled through 
smaller consultancies that can 
gear themselves to setting up a 
suitable shortlist of candidates 
quickly. After all. if companies 
have a pretty specific idea of 
the type of personality and 
skills they need—and I find 
they now tend to be much 
clearer than they used to—they 
don't want to wait three or four 
months for a short-list," . 

Possibly, however, the most 
striking difference between the 
optimists and the pessimists 
among the consultancies .1 
checked, is that the bulls were 
largely concerns concentrating 
on recruitment at salary levels 
of at least £8,000 upwards. This 
suggests that the 1978 demand 
for a - manager's services may 
depend to an important extent 


on his or her place in the pay 
hierarchy. 

If so, people in the £4,00$- 
£8,000 bracket—with the likely 
exception of apparently scarce 
specialists m electrical,’ elec¬ 
tronics, and instrument engin¬ 
eering and, as usual, account¬ 
ancy—will probably have to 
resign themselves to a fairly 
thin market. . The 1978 race, 
unless it is called off by some 
confidence-killing action, will 
most probably go to those who 
have been swift in the recent 
past. 

That is the only , even hazy 
conclusion I would risk drawing 
from my start-of-the-year spot 
check on recruiters’ expecta¬ 
tions. And as for the theory 
which I mentioned at the begin¬ 
ning—if the state of the UJC. 
executive jobs market now were 
a reliable predictor, then the 
only word that would describe 
the state of our economy six 
months hence is “confused.” ' • 

By contrast, the sample of 
recruiters expected a generally 
continuing plenteousness of 
demand for British executive- 
types to work overseas. Accord¬ 
ing to some of the sample, how¬ 
ever. there has of late been a 
reduction in the willingness of 
British candidates to leave this 
country. 

While this may indicate a 
general slowing of the boss loss, 
it does not mean that there will 
be an insufficient supply of 


ready and willing British can¬ 
didates to. meet the expected 
overseas demand, especially 
among younger managers still 
significantly below the £8,000 
salary mark. And Geoff Crosby 
of PER, in particular, is 
emphatic that while interest in 
overseas jobs may be turning 
down, it is doing so-from a very 
high level. , 

About one in every three of 
the thousands of job-seekers <m 
PER’s books are still expressing 
their willingness to; ’ work 
abroad. 


Bulk order 


THERE HAPPILY cannot be 
much doubt about the confidence 
of Michael Herrmann, managi n g 
director of Trafalgar Watch, 
because he is urgently seeking 
an assortment of four people to 
expand the company’s output 
and sales of electronic time¬ 
pieces. 

With big extensions of manu¬ 
facturing capacity coming. into 
work, he wants a production 
manager with experience in 
semi-conductors and knowledge 
of the methods of wirebonding. 
This job will also include- re¬ 
sponsibility for research . and 
development, and ' like the 
others will be based on London. 
The salary , is expected lb be 
around £8,000. 


. Similar pay—but plus com. 
mis sion—is likely for two 
people who are "wasted on. the 
marketing side. The first is a 
special accounts manager in .the' 
u!K ' whose 7 managerial duties 
will be combined with a hefty 
slice of personal selling, par¬ 
ticularly to retail-store groups 
-of various kinds in this country. 
Experience of that type of. 
market seems .to be more impor¬ 
tant than technical.experience. 

The same broad qualification 
applies tti. the’ company’s new 
jobfor.an export sales manager. 
As far as I can gather, no par¬ 
ticular ■ area of the world has 
been, marked out for the new- 
■comer. Trafalgar seems to 
market abroad , by selling in 
bursts in countries where pros¬ 
pects seem best? Germany cur¬ 
rently, for instance, and possibly 
Scandinavia next. So this is. 
dearly no job far - the bureau- 
erotic brand of export specialist. 

- The fourth opening is for a 
manager of the ' company's 
department ; dealing " with" 
servicing. Once again, success¬ 
ful experience "of the same type 
of activity is" more important 
than knowledge of watch tech¬ 
nology. The salary indication is 

£4,ooo-£4,5eo. : 

.’ V Applications; should be sent to 
Mr. ~ Herrmann ~at Trafalgar 
House, Grenville i Place.. Hale 
'Lane. Lbndon NW7. Telephone 
inquiries to 01-908 0311. 


Phillips & Drew 

Chemicals / Pharmaceuticals 

Phillips & Drew are seeking an analyst with some experience of 
the chemical and pharmaceutical industries in order to expand 
their coverage of these sectors. The successful applicant will 
join a department with a high reputation in the City and in 
industry. Remuneration is competitive and there is scope for 
rapid advancement for the successful. Benefits include a profit- 
sharing scheme and a contributory pension fund. Please apply 
to the Staff Manager: 

Phillips & Drew 

Lee House, London Wall,London EC2Y 5AP 


MANAGING DIRECTOR 


1974^ 


A dynamic, qualified' engineer is required to lead the future 
expansion of this profitable machine tool manufacturing company. 
The company operates autonomously within the B. Elliott Group. 
Applicants must have extensive practical engineering experience,, 
financial acumen and be sales orientated. 

it is unlikely that the successful applicant would be in excess 
of 45 years of age. 

Salary and commission will not be less than £15,000 p.a. 


Apply in confidence to: 


The Chairman 
The Butler Machine Tool Company Ltd., 

Mile Thorn, 
Halifax HX1 4ER 
West Yorkshire. 


NEWLY QUALIFIED ACCOUNTANT 


London SW1 


circa £7,000 


Our client, a specialist financial services company, itsell part oi a large group, can oiter an 
unusual opportunity within a demanding but highly rewarding environment. 

As a member of a small highly skilled team, the successful candidate will be groomed to 
develop an expertise in tax planning, cash control, general management and related areas of 
finance and account i ng. 

Applicants, male or female, should be qualified accountants seeking lo progress their 
career with a specialist service company and in particular, they should have an interest in 
developing a tax expertise. They must be quick thinking, have the ability to communicate at alL 
levels and generally possess a professional, commit led approach 

For farther information telephone, or if you prefer write to, Nigel V. Smith. A.C-A. 
quoting reference 2973. 

commerc^^ 

Do ugirrt T Irngh icm Aw o ciat es Ltd.. 

410. Strand. London WCZB ONS. Tdephoc. 01-0360501. 

321 St Vincent Street. Glasgow G2 SHW. Tetepbono: 041-226 3101. 
and in Edinburgh. 



I 


Gas and Gas 
Liquids Specialist 


London based 


Phillips Petroleum Company 
Europe-Africa is an integrated oil 
c o mpa ny producing large volumes 
of natural gas both in the Norwegian 
and UK sectors of the North Sea. 

The vacancy is for a specialist 
who will become involved in all 
technical and commercial aspects 
of the purchase, transportation, 
processing and sale of natural gas 
and gas liquids, including 
'negotiating, drafting contracts and 
making project development 
feasibility studies. 

Applicants should be graduates 
in engineering or science who have 
an additional business/economic 
education, 5-7 years’ related 
experience and the initiative and 
drive to operate successfully in an 


international environment The 
ability to speak a European 
language would be an obvious 
advantage and freedom to travel is 
essential. 

The salary will be highly 
competitive and other benefits 
would be as you would expect horn 
an international company. Write or 
"phone for an application farm to 
Phillip Peters, Recruitment Officer, 
Phillips Petroleum Company 
Europe-Africa, Portland House, 

Stag Place. London SW1E 5DA. 
Telephone 01-828 9766 Ext 46a If 
more convenient . - 

use our 24 hour 

answering service ) « ( 

on 01-828 2993 ( 

and quote ref: P122. V grtWy 



r 


CONTROLLER 
OF FINANCE AND 
ADMINISTRATION 


South Coast 


£10,000 plus 


Our client a substantial company with an internationally 
known name in the consumer industry, is seeking a Chartered 
Accountant aged around 40 to head its finance and 
administration division. 

The Controller will have responsibility for all accounting 
matters and related data processing functions, including 
financial planning and control systems. He or she will be 
appointed Company Secretary and will report to the 
Managing Director. 

Candidates will already be holding a senior financial post and 
will have gained broad experience in a modem accounting 
environment. A knowledge of French would bean advantage. 

Initial interviews will be held in London. Please send brief 
personal and career details, in confidence, and quoting 
reference A76, to 


D G Mizorr 

Whinney Murray & Co 
57 Chiswell Street 
London EC1Y4SY 


f'lin \\K\V 

M 


Trainee Investment Analyst 

The scale of our business makes us the biggest institutional investor in the 
country and we need a large professional staff to research into and manage 
our portfolio of investments. 

We have a few vacancies now for Trainee Investment Analysts. The ideal 
candidates will have a degree in Economics with a Mathematical flavour, but 
other graduates will be considered according to aptitude. 

Starting salary will depend on the class of your degree. A London Allowance, 
Christmas and productivity bonuses are also payable. You will work at our 
London Headquarters in Hoi bom. 

For full details, please contact Sue Branden, Staff Department, Prudential 
Assurance Co. Ltd., Holborn Bars. London EC1N 2NH.TeI: 01 -405 9222 
Ext. 2474. 

Prudential 



ESsisi® 


US. Corporate Research and Sales 

The company is a relatively young but weit funded and 
profitable international stockbroking and investment, 
banking firm; ft speciaHses 'in therdevelopment of 
.institutional business In the United States and Far 
East, through, offices in the. U.K., U.5. and South East 
Asia. Company growth is rapid and is 3 fhm record of 
theievel of expertise of the team., , w " . . 

A direct result of the.expa as ion is .the need for. a young 
man or woman with entrepreneurial flair, considerable 
confidence and the ability to 'make a mark with the 
most senior corparate executives. The post, which is 
•London based, offers an unusual and satisfying 
combination of undertaking investment research into 
U..S1 companies, and making recommendations to 
and teMiiief&IJnvesjo&at 
qualities include numeracy; commercial intuition and 
a good all-round understanding of U.S. and World 
economic. Ipctoip. Candidates would most probably • 
have experience, iri securities' sales, or a background - 
of Law, Accoun tancy/Merchant Ban king'or. Economics : 
with a preferred, age rang'd oi middle twenties to early 
"thirties;. .'' > V. ‘ 

Career, prospects for a self-starter, aCHe to work in a" 
small team, are excellent. Starting salary.is-negotiable 
but would probably lie.io the £8,000 to_£W,CXX3 range, 
depending on ag & T arid- experience;' with annual 
performance-related bonuses : dh<£ the rprospecL .of 
equity participation in due course. .The successful 
candidate should be prepared to travej .overseas, 
including regular trips to the United Strifes; • 

Applicants should write withrtuH details of education 
and career,-quoting reference i908. Letters wilf be 
forwarded to the clientby our Security Manager with 
the strictest confidence^"" . 

Charles Barker-Coulthard 

. M ), farringdon St reet,London,LC4.-\ 4 LA. . 

. telephone: 01-2 3b 0526 


Credit 



Kuwait 
Tax Free 
Appointment 


Upwards of Equivalent to £15*000 : 
plus other benefits 

A major commercial and engineering group with a work force 
already in excess of 2,000 and equipped with an NCRCentury . 1 
201 Computer with on-line facilities requires a Credit Manager V j 
to supervise the operations of its "in house" H.P. Crexjit : > 
Department having a portfolio Jn excess of £30 million arid. - V ~- 
atso other credit facilities. . 7 . LLr .'j 

The successful candidate will probably be beiweeri.30 skid 45 : - 
years, ideally with ah appropriate Accountancy/CredJt'- z 
qualification, and must have an adaptable and responsible " , 
personality. * • -; ...V";'-;..' j’"■ 

You must have-had extensive experience in iheconsymar-:;. 
finance field, tociuding several years in aaimiiarcapacity In th&> 
U.K, either with a finance house‘or an “in house" credit' *•-, i LV 
department You should also be accustomed to computerised'’ 1 
records with on-line terminal units.. •/.' • v 

Terms of employment include renewable contracts of two' .-' Vert 
yearsduration, assisted housferental and-furriishirig.a free . - 
company car and theriigbly.attractive taxtreesatary wHt '"- 
provide an opportunity forexportablesavfngsr - ; 1 ". 

Telephone: Barbara Bailey,; '■■■ 

’ London ( 01 ) 2357030 . -L T T 


Appiicktidn^rew^comei&on^rt 
both Tnen ^rid women. ’; r > m 



Professional 
& Executive 
Recruitment 


FINANCIAL DIRECTOR 

A small progressively expanding .Company: requires 
a young qualified person with , a good business 
acumen to control the Company's expansion!^ : >p. 
Must have good knowledge of cash' flow ."qontroV 
investment, and, above all, be prepared to - work 
hard. : -. -. v -... ; *\y.v 

Salary commensurate with experience^and jhiTi fy T 

v yWrite JBox 6247/FinancjaI TirripXrVT-. 



























es 


^^^'^etruaiy 2 1978 

°f|s An opportunity for an Accountant 

c% 0 to move into Stockbroking 


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. Loridbn E.ci Up to £7,000 

, A major firm ^Stockbrokers wishes tp recruit an ambitious young Chartered 
AMOuntant^^) to strengthen its successful equity team which specialises in 
prime investment areas with an emphasis on the expansion of business activity. 
The socttessftrf applicar&witl probabfybea graduate trained with an international 
practice,-aSp to- comnuinlcate effectively with institutional clients and to 
demonstrate an unusually high degree of self-motivation and enthusiasm. 

The ffmrofferiexcellent training fadiities; previous Stockbroking experience is 
not essential.' . 


A 

/iMM* 


1* c &* 


■ Telephone James Wheeler on 01-588 5105 
forfinther details or write to him 
.. -andosing a curriculum vitae to 
CARES) CARE EXECUTIVE 
:. {Recruitment Consultants) 

-4T-42 London Hbfl, London, EC2M5T8 


c # 

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«$ss 


Dr 


Kuw^fV 

Tax^ex 

Appoi(W er 


- in’ 

>nttc 

metos 


•. . • _■ ■ ■■ ' ALCAIU *» 


From £9500+car 

Gardmer AIamin, a .recent acquisition-by the Alcan Group, is being 
integrated with .Alcan Booth Systems, within the Group’s Finished 
Products Division,' and the new organisation will specialise in the 
design, production and marketing of prime and replacement al umini um 
- windows, doors and solar panels.. 

We seek a Financial Director to play a vital role in the integration and 
development of the re-organised company's financial and management 
accounting procedures, as well as making a significant contribution to 
its anticipated long-term, growth.' Annual turnover is currently in 
excess of £io million. . 

In the new appointment, reporting “to - the Managing Director, the 
successful candidate will manage an established accounting team of 
about 30 and be responsible for providing, to tight deadlines, a com¬ 
prehensive service for budgets, forecasts, management information, 
credit and cost control. Advice and assistance in the development of 
computerised accounting systems wDl also be involved. 

Candidates,, aged 30 -K should be chartered accountants with good 
operating experience at management level, ideally gained in an 
industrial or manufacturing environment. The ability to motivate 
and implement change, plus managerial and leadership skills, are 
essential. 

Salary'is negotiable from ^9,500. Above-average benefits include 
executive car and generous assistance with re-location expenses where 
appropriate. Development prospects are excellent and group-wide. 
Location is an att rac tiv e rural setting m Weston-super-Mare. 

Please telephone (ax-629 1844 at any tune) or write - in confidence — 
for information. F. L. H. Whitney ref. B.7851, 

This appointment isopentomen andvxnrien . 

Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 



Madrid/ Circa ptas 1.2m 

Legaj&Generfi require a Sales Manager for their Spanish 
■ Branch'based in Madrid. 

Vou must have a sound knowledge of Life marketing and sales 
with at least 3 years experience in the Spanish or South 
: - American market. 

You would • ■ 

•’control our existing network of Life and non-Life agents, 

• develop the network, 

• ; establish and implement a marketing strategy through the 

• -<■ ■ : design i ng and selling of suitable Life and non-Life products. 

: - '■Ypii^bould be British or Spanish, aged up to 50 years and 

v jiu-xi 1. Z- ■-'±. • .. - : ' 


,^ r C ; feiSaiiendionirn^rotiable but basic salary-will not be less 

j-VJ: J^tria 1 With, the fringe benefits and ;. _- 

: .’i®ig*SjgiBe*3?o^ti«iu3d:-eaEpeQt firoxn Jt / 

:.,r/ PEeasewritewithbriefdetails f o: -y gM. V 

• Per^rnnel Manager (London), 

' Trinpl^Gourt-, Ltd " Legal 

- j. : ll Queen Victoria Street,. . rLv*%rkiv» 1 

' LondonEG4N4TP. .2 UClUirdl 


•TfTiH 


c£10p0()+important benefits 

We sedcan execntive with strong European experience and outlook 
to cnordinate aid control budget operatic^, develop and monitor 
business infonnadcsi systems. He or she “will report to the Chief 
financial executive. In a major European service company, part of a 
laigeintematiOTal: finatxx group. 

Yon should have a degreem business administration, economics, 
accounting or njatfieniatics with good finstnaal expenence. 3 years 
plus in budg etin g or planning at senior level; previous management 
experience in multi-national business; and a servi ce/ fi na n r e industry 
background are each and all desirable. Age 30-35. 

: Abonfe average benefits include good mortgage assistance and car, 
Career prospects significant. Please write with fullest, but concise 
personaldetail, orphobewithin? days for application form. 





Pi nancia I Cont fol ler 

■ Lagos. Nigeria /- ‘:- 

: ^N;2250O§1®. 

(£19.500 approx) 


Our client Ific major subsidiary of an 
Sntcmalional trading orcanisation is seekinf 
lo ITU this important post in. tho ivnior 
management tisjm. 

Witfi a turnover art excess of 
million and widely diversified, ink-rests, it 
•will be .seen, that This p"SifMn idlers 
challcneing prospects i'o£ tho pviwii Who is \ 
appointed. 

Responsibilities aro •wide- Spread and, 
□nciude financial control and advii-c to Th* 
UoarU, development of computerised s\s- 

lcms. management audit and adiiiinisiRition^ 

The successful candidate Mill be a. 
Oiartered. Accountant or equivalent wirli a. 
proven jeeurd oC achievement jn linaneiaL 
management at x senior Jt*u?L and invoke-* 
jnent in the corporate jiunagenient ol! a. 
diversified company. 

Fxperience overseas Mould be an nd- 
Tanrage bitr is not essential. 

Ot her benefits include free Inmsine, car, 
medical cmer: free air passages, education, 
allowance, and two months leave per annum. 

AppJiralions givinp brief porM-nal amt 
career details to Position..Number RP1 : 306, 
Austin. Knight ‘Limiied, 35 JPetet: Street^ 
JUanchesler. M2 5CD. 

Applications are j'oiM'jrdetl io ilk.- client 
concerned, therefore o-in panics ia vhiek 
you are not interested, should be Ji-.it.-d in a. 
■covering- let tec la liui PoMUan. Number 
Supervisor. 

(ak) ADVERTISIIMG y jA 


ACCEPTING HOUSE 
REQUIRES AN 
EXPORT FINANCE 
BANKER 

to develop their existing substantial Export Credit and 
Project Finance business. 

The person selected will be able to demonstrate proven 
experienee in these fields and will possess the ability to 
handle complete development packages which may well 
include export and related linancing from a number of 
countries as well as equity sources. 

A five figure salary, with fringe benefit*, reflecting the 
important nature of the position, will be offered. 

The position will suit someone used to working in a rapidly 
developing environment. A flexible yet mature outlook is 
more important than formal qualifications although a 
working knowledge of at least one European language 
would be desirable. 

There is also a second vacancy for a less well qualified 
banker, to work partially upon project linancing and 
partially upon the Bank's expanding trade portfolio. 


Initially, applications should be sent 
will i full career details to 


KH ADVERTISING LIMITED (REE E.EB.) r 
37 FLEET LANE, LONDON EC4, 
indicating any organisations to whom you do not 
wish your applications to be sent. 


KIDDER PEABODY 
SECURITIES LIMITED 

INTERNATIONAL FIXED 
INCOME SALES 


Kidder. Peabody Securities Limited, one of the leading 
specialists in the Eurobond market has a vacancy for an additional 
Sales Executive. He/she will compliment one of the most 
experienced Eurobond trading teams wich the full backing of a 
highly sophisticated fixed income research and advisory depart¬ 
ment. A thorough knowledge of fixed income securities is a 
pre-requisite, although this could have been acquired in markets 
other chan in the Eurobond sector. This appointment, therefore, 
could appeal to U.K. gilt-edged or industrial debenture 
specialists. 

The successful applicant will service some of the world's 
largest financial institutions and will liaise closely with our 
net-work of international offices. Fluency in another language 
would be advantageous, but is not essential. The initial salary 
will be highly competitive and overall earnings should increase 
rapidly within a short period. 

Please reply, enclosing a brief curriculum virae. to: 

Mr. Robere G. L. Smith. Managing Director, 

Kidder. Peabody Securities Limited. 

99 Bishppsgare. London. EC2P 2LA. 


EXECUTIVE EMPLOYMENT BULLETIN . TECHEXEC 
A McGraw-Hill weekly airmail bulletin for engineering and 
from England Transcribes verbatim technical executive 
from leading European and U.S. . jobs to which anyone 
newspapers and direct sources regardless of nationality 
dozens of management recruit- ' may apply, 
meat advertisements of - Verbatims for both bulletins 
positions suitable for .' include name and address of 
internationally minded -' advertiser, name and date of 
executives. .- newspaper. 


UK - pasted First Clam -13 weeks for £15JM prepaid. 
Elsewhere • posted Airmail - 13 weeks hr seOJU prepaid. 
Kalitair envelope marked “ Cvpfldemlal." 


Order toiih cheque, specifying which bulletin you require to: 
INTERNATIONAL MANAGEMENT 
EMPLOYMENT BULLETINS 

Box 148 MeGraw-HiU House, Maidenhead, Berkshire SL6 2QL. 
England. 


MARKETING MANAGER 

To handle home and export sales promotion for a division off 
a successful medium-sized publje company based in Lancashire,! 
producing special process plant, dryers, waters, lamina tors. etc.B 
Terms of contract negotiable for the right applicant. 1 

Write Bov A.6248, Financial Times, 10, Cannon Street, EC4P 4BT.I 


DIRECTOR 

and 

CONTROLLER 


Scope and challenge abound in this new appointment to the 
main Board. It is central to the business of this rapidly expanding 
and successful British group which]-; poised to double in size quickly. 
Growth at home and overseas by acquisition, joint ventures, and 
licensing is the route. Interests are diverse including chemical 
processing, merchanting and distribution which currently operate 
through 14 profit centre subsidiaries and 6 associated companies. 

Board responsibilities are broad and will include accounting for 
■profit, balance sheet management, appraisal of opportunities, 
planning, and full involvement m policy and key decision making. 

Proven success in the total finance function is required within 
.a technically based group. Particular emphasis will be placed on 
the financial control function through the development and 
operation of integrated management information and control 
systems l manual and computer based) that focus the opportunities 
that management of subsidiary companies have to improve profit 
and reduce costs. 

A qualified accountant is required and a science degree 
advantageous. Experience in companies which, have exploited 
opportunities successfully from marketing efficiency and 
technical proficiency is sought and in which the standards of 
performance are stringent and the tempo fast. A background in 
the process industry or international chemical plant contracting 
would be relevant. 

Age: mid 30's. The salary indicator is £15.000 with attractive 
conditions of service including car provided. Location: Midlands. 

Letters from suitably qualified men or u'omen. should include 
a curriculum vitae including salary progression tu date which will 
be handled in confidence by Dr A1 / Roach. 


PAAPW 

JL i* xJx\jL-Aj£ x 


A G ROACH & PARTNERS, 

S HAL LAM STREET, LON DON WIN 6DJ 




Portfolio Administration 

Vacancies in City Merchant Bank 

Due to expansion. Robert Fleming Investment Management Limited, a leading 
Investment House, has vacancies in its Portfolio Management Department for 
administrative account supervisors to assist in the day-to-day management of 
clients' portfolios. Applicants aged 19 to 26. should have Stock Exchange or 

Banking experience. 

Vacancies also exist in the Tax-and Trustee Department age immaterial.and for 
young clerks in our Securities Department Any previous experience an advantage. 

Attractive salaries with worthwhile fringe benefits are offered. 

Apply: Tom Phillips. Robert Fleming & Co. Limited 
S Crosby Sq uare, London, £.C.5. Tel: 0I-65S5858. 

ROBERT FLEMING 







Taxation Accountant 

London—City From £8,000+car+benefits 


Our client is a multi-national group with diverse interests and an 
annual turnover approaching £2.G00m. It now wishes to strengthen 
its established Taxation Department at the London-based headquarters. 
The appointee will be responsible to the U.K. Taxation Manager for 
the preparation of the taxation provisions of the U.K. companies and 
the submission and agreement of computations with the Iniand 
Revenue. Candidates should have at least three years’ proven 
corporation tax experience and be able to discuss all relevant aspects 
of taxation with the senior management of the group. Some U.K. 
travel will be necessary. 

Applications to Miss Marion Williams 

Reginald Welsh & Partners Limited. 

Accountancy A Executive Recruitment Consultants 
123/4 Newgate Street. London EClA 7AA Tel: 01-600 8387 


1? U. WTu.)’>u^.’n r rtv | 


, - ■ ,1 

' 

EXECUTIVE POSITIONS 

WORLDWIDE 


J< mathaa Wren ♦ Banking Appointments 

TTie j^rtonnel consultancry dealing exclusively with the banking profession : 


. GENERAL BANKING MANAGER c. £15,000 

1 VICE-PRESIDENT STATUS + usual benefits 

A prominent regional American bank opening in the City requires a person 
experienced in international banking operations, personnel, administration 
and Bank of England reporting. Some commercial credit background is 
necessary. Age: 40/50. 

Contact: Mike Pope 

STERLING MONEY BROKERS £ Negotiable 

A leading firm of money brokers requires two fully-experienced Inter-Bank 
brokers aged 25-35. Excellent terms are negotiable. 

Contact.’MikePope 

CHARTERED ACCOUNTANT 

CORPORATE FINANCE to £7,000-1- 

A well-known merchant bank wishes to engage a Chartered Accountant with 
two years post-qualifying experience. The appointment is within the 
Corporate Finance Department, and further training will, if necessary, be 
available to the successful applicant. Preferred age range is 25-27. 

Contact: Richard J. Meredith 

CHARGED SECURITIES £3,500 

A leading merchant bank wishes to recruir an ambitious, well-educated person 
with a clearing-bank background. Applicants should presently hold Grade ill 
Status, or possibly be a recently-promoted Grade (V; the level of experience 
required is a good grounding in general banking with an introduction into 
securities work, preferably including a bank-arranged course, coupled with 
good progress in the A.I.B. examinations. The successful candidate will 
enjoy excellent prospects of advancement to an executive position within 
the lending field. 

Contact; Richard J. Meredith 


; 170 Bishop.sgate London EG2M+LX 01-6231266/7/8/9 












































Financial Times Thursday Fetroary'S 



5 m 





Senior Deposit Broker 

SINGAPORE 

Charts Fulton (Singapore) Limited, one of the longest established currency brokers in South 
East Asia, has a vacancy for a Senior Deposit Broker to head its dollar deposit operations m 
Singapore. They will be involved mainly in deposits and extensive experience in this field is essential. 
A working knowledge of Foreign Exchange would be an added advantage. 

The ideal person will probably be married, aged approximately 30, and have not less than'4 years’ 
broking experience in dollar deposits in the London market. 

The appointment in Singapore is for a fixed period of 2 years, after which time, the proven person 
would have excellent opportunities to continue their career at a senior level in the Group. The 
Company considers this to be a most important appointment, which will therefore attract a 
competitive salary commensurate with the seniority of the position. Obviously, the usual overseas 
housing and medical benefits etc. will apply. 

Please write, giving full details, to: E. H. N. Davies, Deputy Chairman, 

Charles Fulton & Company, Limited 

34-40 Ludgate Hill, London EC4M 7JT. 


Manager -Internal Consu 


Qualified Accountant 35-40 • 

- London based to £14,000 plus car . ■ y ■ 

This vital post has arisen through promotion within a neandlpW or" she will control 20 

function which is recognised as providing excellent and , Applicants, aged 35- 

varied prospects of career advancement. Our client is a Xj ru>H accountants will have-had significant line 

multi-national manufacturer and distributor of business .. an £; qu ^ ience at plant or Divisional Controller 
equipment and supplies. The successful candidate wdf up «$0?6 of. 

manage an important function in the internal consultancy - level ^ Internationa P European locations.' 
providing international management, at ail levels, witha time will be spent at UK and European .ocauomu 

• Male or female candidates s ^°hid telephone in confidence fo^ Persia! Hjrtory Form to - • 

LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street ^witoc 


$ i miljm 




THE PLEASURE OF YOUR COMPANY G5 REQUESTED AT 
THE CAFi ROYAL. REGENT STREET, 430-8.00, THURSDAY 2nd 
To Informally Discuss Your 
CAREER OBJECTIVES 
Over a Glass of Wine 
RSYP—ANDREW SWIFT 01-437 5811 
GRADUATE APPOINTMENTS LTD, 

, 54-62 Regent Street, W.l. 


They promised 
you’d make an F/X Dealer... 
hut it hasn’t happened yet! 


We are one of ihe lop companies in Ihe 
U.K. computer services bustness — and 
also pan of an international network. 

Our major clients include leading clearing, 
foreign and merchant banks and other 
fmanejal institutions in the City of London 
who use us lor a variety ol computer 
applications including on-line foreign 
exchange systems, credit evaluation and 
i inane ial management systems which are 
widely acknowledged as being the best 
available. 

E' pansion of these services into new areas 
within banking creates an exceptional 
opportunity m our customer support ieam 
for a young, ambitious man or woman. This 
position involves working closely with our 
clients, advising them how they can make 
best use of our services and then 
supervising all the aspects of the installation 
ol their systems. It offers a stimulating 
change horn a mundane desk job to a more 
challenging and rewarding career. 

I! you are the right person, we will irain you 
extensively both m the use of computers 


and ourspecialised products for the 
banking community and learn how our 
customers benefit from our services. 

We would like you to be aged 23-27, 
ideally with a degree, and have 3 years' 
experience of Foreign Exchange 
Operations, preferably witha foreign bank. 
Some involvement with on-line computer 
systems would be useful. But equally 
important is a keen desire to change your 
career course and the confidence and 
potential to succeed in a professional 
marketing environment. 

We value your foreign exchange 
knowledge and will pay you up to £8000 
p.a Our attractive benefits include 
Company car expenses. B U PA, pension/life 
assurance scheme etc. 

We are a young organisation -individually 
and as a Company. If you ate seeking a 
dynamic activrty where personal effort is 
encouraged and rewarded phone:— 
Nicholas Birtles on 01 -222 5665 or write 
to him at: 


Comshare Limited, 

32-34 Great Peter Sitem London SW1P 2DB. 


COMSHARE 

making the computer make sense 


ABU DHABI INVESTMENT AUTHORITY 

MANAGER 

Money Market & Short-Term Investments 

The Finance Department of the Abu Dhabi investment Authority requires an, 
experienced individual for this challenging senior post. The appointee will 
be responsible for managing-deposits and short-term investmentSin a •• 
variety of currencies plus certam other duties. 

Candidates should be over 30 years old and should have obtained a 
professional qualification. They must have had at ieastfive years practical 
experience in analysing and managing short-dated investments. - 
Candidates must be prepared to live in Abu Dhabi. The contract will be for a 
minimum of two years, renewable thereafter. Salary is negotiable and free of 
tax in Abu Dhabi. Free accommodation, transport and medical facilities 
will be provided. 

Please write or telephone for an application form, quoting ref. 906/FT to: * 




W. L.Tait, 

- Touche Ross & Co., Management Consultants, 
4 London Wall Buildings, London, EC2M 5UJ- 
Tel: 01 -588 6644. 


Bank Management 

LondonWl C. £10,000-£12,000 

An International Bank with a very impressive growth record in the UK 
is seeking a person with exceptional management ability and sound general 
hanking experience to be responsible for its Branch in the West End of 1 
London. 

Candidates probably aged between 35 to 45 wiH be completely familiar 
with the Sterling and European currency markets. The Bra nch's area of 
activity is mainly domestic but also includes international trade. 

Our diont is seeking a person who will be able to make a major con¬ 
tribution to the continuing success of the Bank and in turn can expect an - 
excellent and reward ing career. 

Applications in the strictest of confidence should be addressed to 
Hugh Harvey, quoting Reference No. 275 


International Banker 

A leading international bank, with a well established and expanding 
London operation, seeks a commercial banker to be responsible within a 
defined sphere for the control of existing credits, the extension of credit 
and the development of new business in sterling and other currencies. 

Candidates, aged 30 to 40, must have experience in the above fields in an 
international context, including a thorough knowledge of corporate 
finance and traditional banking transactions, and be accustomed to 
negotiating at senior level in major international corporations. Know¬ 
ledge of French would be an advantage. 

Salary negotiable into five figures. Profit sharing and extensive other 
benefits. 

Please send relevant details - in confidence — to P. Hook ref. £.26386. 

This appointment is open to men and women. 


Management Consultants 

Management Selection Limited 
17 Stratton Street London Wl X 6DB 



** Lloyd Chapman 
Associates 

125, NewBood Street, LondonWIYOHH 01-499 7761 


Major European company is looking for a 

Finance & 

Administration 

Director 

Nigeria 

The successful candidate will be responsible for finance 
(budgets, planning, accounting, cost control, treasury, credit 
management, tax. etc) and for administration (legal 
coordination, insurance, personnel, etc). 

This position is based in Lagos. Nigeria and will require several 
tnps to Europe per year. Previous experience m a developing 
country is required. 

Compensation and fnnge benefits should .‘rttract oui&uiutlirig 
candidaies. Annual home leave of two months. 

Please send a full resume to ftei No MAI 03, Robert Marshall 
Ack i «n;singb'rmed.3CiVVe!iingioriLtreet.Londonv'v , C2E 7BD. 
All applications will be foi warded to the Consultant handling 
the assignment: Replies-, will be dealt with m sme! confidence 
and will not be divulged to ihe client company without the 
prior permission ol candidates. 


Robert Marshall 
Advertising Limited 



SHORTLOAN 
INTERNATIONAL LTD. 

Currency Deposit Brokers 

are expanding and looking for the following staff: 

1) Two experienced brokers for Dollar, Yen and/ 
or Currency Deposits. 

2) Trainee brokers, preferably with some market 
experience. 

Good salary. Normal company benefits, holidays, 
pension etc. 

Applications will be treated in the strictest 
confidence. 

Apply to: 


R. F. Laidlaw 

Shortloan International Ltd 
4 City Road, Finsbury Square, 
London EC1Y 2AU- 
Tel: 01-588 6292. 


Company 

Secretary 

Birmingham 

required for public company parent of medium-sized 
.engineering group based in Birmingham. The person 
appointed will probably be a Chartered Secretary, under 
-40 years of age. who has had some experience at a senior-' 
level in the secretariat of a large company or in a 
professional office. 

Duties will principally embrace statutory duties, legal- 
matters and advising group companies on commercial and 
industrial legislation. A successful participation in the 
management team will lead to advancement. 

Salary will be negotiable, the past is pensionable and a 
company car will be provided. 

Please write with full personal career details, which will 
be treated in strict confidence, and salary required to: ■" 

Box FT/512, c/o Han way House, 

Clark's Place, Bishopsgate, London EC2N 4BJ. 


FIRST-CLASS OPPORTUNITIES 
amiable n qualified, student and 
experienced accounting personnel. 
Contact Alex Moore or Brian Cornet 
on 01-628 2691 




DRAKE 

ACCOUNTING 


EVANS EMPLOYMENT 

AGENCY LTD. 

Will welcome your enquiries in 
strfet confidence about positions 
in. stockbraking. 

15. Copt hall Avenue. 
London EC2. 01-628 0985. 


TAXATION 

FAMILY COMPANIES 
CIRCA £10,000 7 - 

The City office of a firm of Chartered Accountants requires 
an experienced Chartered Accountant to.assist the Tax Partner 
In supervising the Tax Department and dealing with .the .tax 
problems of Family Companies, Individuals and'Partnerships. 
A thorough knowledge of corporate and. personal taxation 
including C.T.T. will he required. 

Please write to Box A6244, Financial Times, 10, Canuoir'Street 
EC4P 4BY. \ 

All replies will be treated in the strictest-confidence. • 


SENIOR EXECITIVES 

1NTEREXEC gives positive assistance to Executives seeking 
new.employment or to improve or change their careers, 
'Where to start looking for a job. Which Agencies can help? 
How to find uhadvertised vacancies?'What are conditions 
like in the Middle East? How to succeed at interviews 
How to find the right job at the right salary INTEREjXEC 
maintains all the information you need, provides a com¬ 
prehensive advisory service and does all the ground work 
or job hunting for you. enabling Executives to explore 
the market with, confidence, and secure- the J right 
appointments faster.. 

Wh y l egate time? Phone t or de tails:. 

THE INTEREXEC REGISTER LTD, 

The-World Trade Centre, Loudon El 9AA. 

Tel: 014X8 3400 exL 53 




BANK OF AMERICA . _ 
EURO CURRENCY UNIT LONDON 

Foreign 

Exchange Traders 

Eurocurrency 
Deposit Traders 

r Minimurafive years market experience is 
essential.. Excellent.salary and^fringe 
benefits, to be offered. -Please address . 
complete curriculum, "yitae (which will be 
treated in strict Confidence!' to: 

^. • Attn:.Operations Officer -'- r - V* 

-.3 :. i Bank-of- America BFGTECP^ ' - 

ris..' Jt WatHnr^ 

-. i .V-- ■ LondoSEe^P4KC" S-W- 


BANKof AMERICA 


MARKETING DIRECTOR 


0LD ESTABLISHED LONDON CONFIRMING 
HOUSE WITH SUBSTANTIAL: EXPANSION. 

. capital ayapAble. . 

Responsibilities 'would include:?—. -. 7 . 

(1) Development of existing andnew maricets; :. ... 

(2) Monitoring of clientele dlrectly ahd through overseas 

• - representatives; : ^^ .. - 

f3) Assessment-of new-business.''^ • 

The successful candidate would have:— 

(i) Experience of Internationa]-'tirade.-:- finance -and 
. procedures probably-acquiredIn' a merchant bank, 
j confirming house or International trading company; 

(ii) The ability to mix'with and assess people of varying 
nationalities and background; 

(iii) Willingness-to.travel extensively ■ . 

and probably have;—. •/, • 

(iv) Training in accounting, baiiking .or law;'" 1 '- - •■ 

fv>. Some linguistic ability.- -- : :. • ; 

Preferred age bracket; 3045'years. 

Salary would be hegofiabfe according to experience, etc. Other, 
benefits would include company car, non-con tribtttorv pensioh 
scheme, BUPA, etc. ■; - ' 

Replied with curricula vitae, "will be 7 treated in stri&est 
confidence and should be serrtto;-^ -‘y ~ 

\ . Mr. I. B. Kotifin, Dtechwr .'« • 

' DOMINION SHIPPERS XIMITED, ' 

17, Stamford Stcaet,-London, 


INVESTMENT ? 
. ■ ANALYST 5 

(EDINBURGH) - v 

- -ar. 

The Ufe Association of;-S(»tland Ltd;, ^ 

an analyst to join hs sroail .investment.team. 

-The successfol appfi_cant will be aged under 30 with i. 
.a-degree or professionaf qoriificdtran and have ftid * 
two to three years' experience of investment 
search. .He/She.wilhbe ■ expected to make a p6j{tJveV :< - 
pontnbytion to tbe-manigemfeht of the -portfolio - 
.«-ah_ e.ariy «age.- , •....- ■ y\\ 

commeniurateJv 

w^h quaJIfications and experience. The usual fringe- r - 

benefits assoaated with'i'life assurance cbmpmy --' 

wDLapply. - v .- .r -- ; . r/HV'.-- 


Please write giving 
details of education 
..and. experience to: ‘ 


J. Iijnes^-Staff Mirtager, L 
L Tfte life Association of . 
B Scotland ’. L 
"\ 10 George' Stfeiet. 
Edinburgh 6H2^Hi 


MARKETING 

EXECUTIVE 

poit .In BMHliuin- pzed'Minmir. 
at Industrial produce company wicfcim: 
to expantf saiu mi/or axport to or 
with Cemnl and -Latin Aineriea, -32 
year* oW, British ridan rnldins In 
BrrdL flutnr PortogutM, Spanish irxf 
rreiKt Eighc ynva’ **p*rt*ne*. j,, 
wnntioiai ;«in and Fullr - 

. cvrkelBa i " nppUri « 

:revoenu 

Wrt in Financial Time*. 

*0. Cannon Street,’ EC4P'4BY.- 

































































































































































i marl 


Hweer, 30 

or actuar: 




::>•••• : •;;^ , DEMURS 

A well i-espect&t ir^eniaitronar b&t&is. sceJSing two forex dealers and a sterling 
"dealer with, drive and ambition to'join their expanding dealing room. The successful 
candidates are likely tobe25. to 29 years of age with a minimum of two years’ 
:3eaKiigf experience, wishing to join a prime bank offering excellent career prospects. 
Salary: £ 8 , 000 . 


FORESBAOC-UP 
An International bank expanding its 
foreign exchange' business requires, a > 
person aged ^ to 35 with a sound. 
knowledge of : foreign exchange com-:' 
bined with teles experience. This is an ' 
interesting ppsition_ .with .plenty- of 
^responsitulity Salary: op to £5,300." '■ 


TRAINEE CREDIT ANALYST 
Ve have been requested to find a 
.young banker to be trained in credit 
analysis. A good education, sound 
banking experience together with an 
appreciation of loans work or balance 
sheet analysis would be ideal. Age: up 
to 24. Salary: up to £4,000. 


"V ‘ These; positions are/open, to male or female applicants 

Camion Street, La^m'EC4N5AX TMqbm 01-623 7317, & 01-623 9161 

■: \ ; V-■ v {Raruitmeat-Cansultaats) 



SENIOR CHIEF DEALER 

“A LEADING CONTINENTAL BANK 

which: is establishing a London operation now requires a 

FOREIGN EXCHANGE MANAGER/SENIOR CHIEF DEALER 

Applicants should have several years’-experience in Foreign Exchange, 
Deposit Dealing and Money Management, and applicants with a back¬ 
ground in general banking will be given special consideration. 

The position, which is a senior position, carries an excellent salary 
plus aU usual fringe benefits. 

Please send full career details in the strictest confidence to 
'■ Box A6245, Financial Times/ 10, Cannon Street, EC4P 4RY. 



Portsmouth Polytechnic 


Central London 


BICC is the largest organisation in the world with , complete facilities 
for research, manufacture and contracting in che transmission of electric 
energy for power and telecommunications, it also has significant world¬ 
wide interests in civil, mechanical and electrical engineering. 

in order to strengthen the taxation function the group wishes to 
recruit a taxation accountant whose principal responsibilities will include: 

* The preparation and subsequent agreement with the Inland Revenue 
of computations for a number of UK resident subsidiaries. 

* Provision of advice on personal .taxation matters particularly those 
relating to periods of employment abroad. 

* Assistance in the negotiation of selective assistance under the industry" 
Act 1972. 

Candidates should: 

* Be qualified accountants or have passed the Inland Revenue final 
examination for inspectors of taxes. 

* Offer at least two years post qualifying tax experience. 

* Be seeking to broaden their experience and be prepared to tackle 
many different aspects of tax work in the process. 

Salary is negotiable to £7.000 and benefits include private medical 
insurance, subsidised luncheon facilities and contributory pension scheme. 

. Please write with particulars of education, career and salary pro¬ 
gression to: 

Mr. C. Garnett 
Personnel Manager 
BICC LTD. 

21 Bloomsbury Street, London WC1B 3QN 


INVESTMENT 

MANAGEMENT 

A financial institution in Edinburgh has a vacancy for a person 
to assist in the management of a U.K. equity portfolio. The success¬ 
ful candidate will have a degree or professional qualification and at 
least five years investment experience. 

Salary negotiable at over f8,000 p.a. 

Write giving full details of career to date and present salary to 
Box F.C.B., 10, Cannon Street, London, EC4P 4BY. 


of the Regional 
Management Centre. 
Portsmouth. 

Applications are invited for the new post of 
Dean of the Regional Management Centre, 
Portsmouth. 

The Dean will have an overall co-ordinating role 
in the Regional Management Ccnrre and an 
executive responsibility for the Pholytechnic 
School of Management Studies in which he/she 
will be assisted by a seperare Head of the 
School of Management Studies. 

Candidates should have appropriate qualifications 
and considerable management experience. 
He/she will require a comprehensive 
Understanding of the management education 
needs of both the private and public 
sectors and have the dynamic and personal 
qualities to foster the co-operation of industry 
and the constituent colleges. 

Salary scale (including current pay supplement) 
within the range of £.8.799 to £9.675. 

Application forms and further particulars from 
Staff Officer, Portsmouth Polytechnic. 

Alexandra House, Museum Road, 

Portsmouth, POl 2QQ, 

to whom completed applications should be 

returned by 21st February, 1978. 

Please quote ref. L19. 


INVESTMENT 

ANALYSTS 

Several of our Clients—lead¬ 
ing Firm* w>d Com pima — 
are Veen to meet experienced 
Analysts. 24.3?. who seek 
career advancement specialising 
in one of dit following 
sectors or markets: 

STOCKBROKING 
Banks cT.oao-ao.aoo 
CHEMICALS £6,000- £7,000 
ENGINEERING £4,000- £5.000 
OILS £7,000-£l0.000 

PROPERTY £6,000- £ 8,000 

INSTITUTIONS 
EUROPEAN £6.000- £7,000 
U.K. £4.000- £5,300 

U.S. £5,000- £7,000 

The funccion, responsibility and 
Partnership potential cbviouslv 
varies according ot each 
position. 

Please contact us far all In. 
for.notion and an initial toll 
in total confidence. 

Stephens Selection 

35 Dover i- tm t, I ondiei W'» jjHA. 
Recruitment Consultants 


ACCOUNTANTS 
£8.D00-£10,000 

FINANCIAL ACCOUNTANT 
The pasition invokes the de¬ 
velopment ul sophisticated 
accounting s»stems working in 
an elficiem and progressive 
ennronment. r sold promotion 
oros peers. 

INTERNAL AUDITOR 
An ambitious accountant re. 
nuired with experience in com¬ 
mercial internal audit to ran 
this department ol a large 
crganisation. Excellent pros¬ 
pects tor candidates ol high 
calibre. 

Stephens Selection 

Sm Dover London Y.'lX 2EA. 

01-1 *>0617 

.Recruitment Consultants 


SELF MOTIVATING 
CREDIT ANALYSTS 

with minimum rvvo years* experience 
urgently required by expanding Consortium 
Bank. E.C.2. Salary to £7.000. 

SENIOR LOANS 
ADMINISTRATION CLERK 

required for U.S. Bank. Excellent pros- 
sects offered. Salary negotiable (. £4,SOO. 
Both vacancies offer excellent fringe 
benefits. Lee Personnel. 01.409 1944. 


SOlfcrr: 

IFl'-i.-.. 1 . 

O V.v.\ :: : 

P 4BX 


mcA Ol 

MRECTOI 


ON 
I a I. r. 
LAB! 5. 

i i r. « • 

- "i .. . 


e:~ 

s-rt T7 

itir-rr- 


Coi 

nti 

rol 

ter 

Director Designate 


The Woodhcmse and Rixsoa group is one of 
Sheffield's leading forgemastere and engineering 
compantesJt’s growthand profit record over the lest 
decade is enviable, arid, its management team is 
yoimga^dynamic. - • 

!Tie Board wishes to appoint a tough and 
uhcompromismg chartered accountant with general 
management potential whose outlook is Oriented to 
rontrolinthewiderlmsuQess sense. • ./ 

•’ ” "• ■ ;.r-"• 

Candidates probably aged over35 must have 
gainedtheir experienced a nnin ber of public 
companies.This willhave included direct 
responsibility for all the usual accounting functions 
and, most importantj thereiniffit have been emphasis 
on tight budetary control. Experience is also sought 
tolbeiormidahcm of corporate financial strategy, 
capital manipulafipri,^tauting of major capital 
expenditure acquisitionevaluation and ideally, a 
broad knowledge oInternational finance^ 

A suitable car is provided and there are the 
uaual fringe benefits including generous help on any 
removal cost Salary is negotiable around £15,000. 

Applications, enclosing annp-to-date 
curriculum vitae^ shouldbe addressed to: 

The Chairman," 

Woodhouse and Rixson (Holdings) Limited, 

L F.O. Box ?4, Bessemer Road, Sheffield, S9 3XS. 



Senior General 

Management 

Appointment 

/ —around £17,000 

Chief .Executive of" multi-national group, based tn 
London, needs an executive with muiti-diserpline 
experience,' either in marketing, production, finance 
or jengmeering,.«tnd who'has the potential to be his 
replacement The post, is not Deputy Managing 
Director as there could be . other candidates within 
the oompanyi.. 

The exeattive required would need to head up the 
.corporate - ; planning function, in-the first instance, 
which would give him access in... a relatively short 
period to all aspects of the company’s activities. 
While this would be a staff job, it would he given 
equi valent line support . . 

After a period in the planning assignment the 
executive selected could be jpven line responsibility, 
either as'LUvkddhal Chief or Managing Director of a 
subsidiary operation. 

The requirements are: 

A good systems mind; able to identify key objectives 
and plan objective* achievement' . 

Experience in'at least one -of the above disciplines. 
Proven administrative ability. ' ' 

Skills, in" identifying mid developing management 
(Past personaeI/industrial relations experience couia 

be an advantage:) _ . . . „ • 

Analytical ability founded on development and use 
of computer inform ation. 

Remuneration 

Basic around £14.000, plus, incentive compensation, ; 
plus company, car, etc. Apply to Personnel Director, 
Box A-6250, Financial Times, 10, Cannon Street, 
EC4P 4BY. . . ‘ . 



Eurokapitaalsnarkt am 
international corporal 


(Divisional) 

John Mowlem Co. Ltd., international building 
and civil engineering contractors are now 
seeking a qualified and suitably experienced 
accountant to be appointed Finance Director 
of a major division of the group. 

, Mowlem have a substantial growth record, , 
expanding operations overseas and a turnover I 
of £150 million. They seek a qualified 
Accountant who will be part of the manage¬ 
ment team and responsible to the Divisional 
Managing Director for all aspects of financial 
management. 

He or she will manage a Head Office Depart¬ 
ment which consolidates and monitors 
management and financial accounts from 
divisional operations, as well as being respon¬ 
sible for budgeting, banking and taxation 
matters. 

Candidates, aged 35-50. should be ACA, 
ACCA or ACMA with experience of the 
majority of these functions mentioned, prefer¬ 
ably in the construction industry. Some over¬ 
seas travel will be involved. 

This is an opportunity for a commercially 
orientated professional. 

An attractive salary dependent on experience 
and ability will be paid, together with com¬ 
pany car, pension scheme, life assurance and 
other staff benefits. 

We advise suitable candidates to write, in 
confidence, giving details of their experience 
to Mr. H. K. Douglas, Group Finance Director, 
John Mowlem Co. Ltd- West gate House, 
Ealing Road, Brentford, Middlesex TW8 OQZ. 

Mowjen^^^ 


Senior Corporate 
Banker 

for International Bank,Denmark 

■ This fs an excellent opportunity for an experienced 
barto to join the Corporate Banking Group of Citibank 
in Denmark. The Job will appeal to a young banker who 
is prepared to accept responsibility and who is motivated 
by a sense of achievement 

Following a short period of orientation your job 
responsibilities will include; 

* Marketing the full range of the BanKs products 

* Sole management of a given number of corporate 
client relationships 

* Credit evaluation and preparation of crecfit 
applications 

* Achieving budgeted volumes of new business and 
obtaining corporate profit goals within responsibilities 

* Planning and development of relationship strategies 

This job is a senior position within the 
Copenhagen branch and will carry official status within 
a short periocLYou should have: 

* A university degree and at least five years’ experience 

in a similar position, either in a bank in Denmark or 
abroad 3$* 

* Fluency in English and Danish-both written and 
spoken 

* Ability to negotiate at the highest corporate level 

Salary benefits will be negotiable according to 
age, qualifications and experience. 

Please write in confidence to: Mr. R F. Forbes, 
Manager, Corporate Banking Group, CitibankNA, 

Nikolai Piads 34,1067 Copenhagen K. 

CITIBANK C 


Binnen hetEffectenbedrijf van de Amro Bank 
houdt de werkgroep Buitenland van het 
direktoraat Effectensydicaten zich bezig 
met het leiden van en participeren in 
transakties op de intemationale kapitaal- 
markten alsmede Internationale corporate 
finance aktiviteiten. De Amro Bank behoort 
tot de leidende Internationale banken op 
dit gebied. 

Wegens degestage groei van de aktiviteiten 
zoeken wij versterking van dit jonge team 
met iemand.die kort geleden zijn/haar 
akademische studie of soortgelijke opleiding 
heeft afgerond. 

Om deze funkiie go.ed te kunnenvervullen 
worden eisen gesteld aan: 

- kennis van en belangstelling voor 

. intemationale financieel-ekonomische 
ontwikkelingen 

- kreatiefvermogen en kommercieei gevoel 

- schriftelijke en kontaktuele vaardigheden 

- kennis van moderne talen. 


Na een periode op het hoofdkanloor in 
Amsterdam behoort verdere opbouw van 
ervaring, bij affiliaties in het buitenland, 
zeker tot de mogelijkheden. 

Een psychologisch onderzoek maakt deel 
uit van de sollicitatieprocedure. De uitslag 
van dit onderzoek kan voordat rapportage 
plaatsvindt aan de Amro Bank besproken . 
worden met het testbureau. 

Voor verdere informatie kan konlakt 
opgenomen worden met de heer O. de Roos, 
telefoon 020 - 23 36 49. 

Schriftelijke reakties kunnen worden 
gestuurd naarde Amro Bank, afdeling 
Kaderwerving & Loopbaanontwikkeling, 
Herengracht 586 te Amsterdam. 





FREE LISTS OF VACANCIES 
SALARIES £1,500 TO £8,000+ 

To receive om* of our lists of vacancies for accountants just ring, write or call at our office. When you contact us please 
mention the reference number of the list which will interest you. 

J?e/. MF100 Commerce & Industry. A wide range of ReJ. PFJW. The Pmfcssion. Positions at if 11 levels in publn 

vacancies offering £3.500-£8,000+ in the U.K. and overseas. practice in Britain and abroad offering salaries to i'S.UOG-f-. 

Ref. QF50 Over fifty jobs for part-qualified accountants and bookkeepers to £4.500. 


Richard Owen Associates 


Cross Keys House. 56, Moorgate, London, EC2TL 6EL. Telephone: 01-63$ 3S33 «24-hr. answering service) 

Onr service, which finds ihe rjchi Jobs Tor hundreds of ., crown an is. every year, is personal, i-ouJiUvnual jml Iriv. Livcuscd in a.x'6nJaiii.'e will 
Uw Employment Agencies Act 1KT3 No. SEiAiftW. 


COMMODITIES APPOINTMENTS 


COMINCO (UK) LTD. 

requires the followiDg stafE to join its rapidly 
expanding LME team. 


CLIENT LIAISON OFFICER 

Age 22-29, experience in client liaison work in 
metals desirable. 

TRAINEE LME TRADER 

Age 17-21, previous market experience desirable but 
not essential. 

Both positions offer three weeks' holiday, non¬ 
contributory pension and usual fringe benefits. 

Phone Mrs. Gameys on 01-606 1883, ext. 47. 


SENIOR TRADER 

REQUIRED 


A Senior Trader with Director potential and good connections 
required for lone-established City Merchanting House, dealing 
in raw jute, jute goods and bard fibres. 

Substantial basic salary and benefits by negotiation. 

Please write in strictest confidence to Box A.6240, Financial 
Times, 10. Cannon Street EC4P 4BY. 


I U-n--:.vi:.ilM*fi. jpi-c. 1 Ccni i;-'.'y - * vj • 

7' 




SENIOR TRADER — EDIBLE OILS 

A Senior Trader widi Director pocenna) 
ind vegecable oils backgrourid required 
eo expand luccenful Edible Nuts Division 
of long established Merchanting House. 
Subscjnti*! basic salary and benefits by 
negotiation. 


01-4391701 




COMMODITIES APPOINTMENTS 
VACANT OR WANTED 
APPEAR EVERY THURSDAY 
For details contact: 
STEVE NEVITT 
on SI-248 8000 Ext. 591 





















































EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


0 



• PROCESSING • METALWORKING 


O COMMUNICATIONS 

Step towards better 
phone service 


Solid wastes Welding technique cots mill 


E^S 11 ! ~ roll repair costs 


AT SOME point In the future 
when the U.K. telephone system 
becomes digital both from the 
switching and the transmission 
point of view’, the Post Office will 
be faced with the task of con¬ 
verting the speech output of each 
of the country’s telephone instru¬ 
ments into a digit stream. • 

The technique is well enough 
known and has been applied for 
a number of years in inter¬ 
exchange links using pulse code 
modulation. But built with con¬ 
ventional components the circuits 
are bulky and expensive and so 
the corporation’s research 
department fa as been developing 
a micro electronic chip known as 
a single channel “ codec ” (coder- 
decoder)- 

Low cost semiconductor chip 
production will mean that each 
phone tine could have the device 
reasonably cheaply, paving the 
way for digital switching in local 


telephone exchanges with all the 
customer benefit^ which it could 
bring. 

Prototypes have already been 
made at the research centre at 
Martlasfcam and contracts for 
developing production versions 
have been placed with Ferranti 
and General instrument Micro¬ 
electronics. 

Although the aim is to produce 
a circuit that will be cheap 
enough to work in any part of 
the phone network,' first likely 
applications will be in the Post 
Office’s replacement for the 
PABX, the customer digital 
switching system or CDSS. It will 
replace existing electro¬ 
mechanical designs of PABX 
(private automatic branch ex¬ 
change) used in offices, shops 
and factories. The codecs will be 
used to convert analogue speech 
signals generated by individual 
telephones into digital form. 


Data buoy to move 


HAVING completed IS months 
of trials in the North Sea where 
it has been collecting and relay¬ 
ing data about the sea and the 
weather, the U.K National Data 
Buoy is to be redeployed in the 
spring in the south western 
approaches. 

It will collect data for the U.K 
Offshore Operators Association 
(an oil company organisation in 
the main) and will provide 
essential background informa¬ 
tion for eventual oil and gas 
exploration In the area. 

The buoy is designed by the 
Seatek association of companies 
consisting of EMI Electronics. 
British Aerospace Dynamics 
Group (previously Hawker Sid- 
deley) and Elackwall Engineer¬ 
ing; W. S. Atkins and Partners 
act as consultants. 

Disc shaped and measuring 
7.6 metres in diameter, the 30 
tonne wave-riding buoy is 
equipped with advanced sensors 
that measure wind. wave, temp¬ 
eratures and sea currents. The 
data will be sent back over the 


ISO miles to shore using an ILF. 
radio link and a government 
modulation technique called 
Piccolo which can work in low 
level noisy signal conditions. _ 

The buoy's data handling 
equipment has 90 channels, trans¬ 
mitting information from each 
every hour and it also emits a 
real-time 20 minute transmission 
every three hours concerning 
wave data. 

The main objective of the 
buoy will be to build up an 
environmental pattern so that 
worst conditions can be predicted 
with accuracy, easing the work 
of structure design engineers, in 
this way the structures will be 
built with that much more cost 
effectiveness and will also be 
safer for the men working on 
them. 

But to build up an accurate 
set of statistics it is necessary 
to make the measurements over 
a prolonged period and under 
all conditions. That is what the 
buoy will do over the next year 
or so. prior to actual work start¬ 
ing in the area in earnest 


FROST & SULLIVAN 

announce their 

FIRST ANNUAL CONFERENCE 
on 

NATURAL GAS & SYNTHETIC NATURAL GAS 
& ASSOCIATED TREATMENT EQUIPMENT & 
ENGINEERING SERVICES MARKETS 
IN EUROPE 

FEBRUARY 15 & 16, 197S. MAYFAIR HOTEL, LONDON 
For details, contact: 

Chloe Haslani. Frost & Sullivan Limited 
104-112 Marylebone Lane. London W1M 5FU 
Teh 01-486 8377 Telex: 261671 


UNDER A £1-Sm. order from 
the City of Edinburgh, Peabody 
Holmes has been appointed main 
plant contractor for Stage 2 of 
the Phase 2 extension to refuse 
incineration plant at PowderhalL 
To be completed next year, the 
plant will process a minimum 
of 800 tonnes of refuse/24 hour. 

West Yorkshire Metropolitan 
County Council has awarded a 
£L2 hl, contract to Peabody 
Holmes for the supply of 
mechanical handling and high 
density baling equipment capable 
of handling 50 tonnes of refuse/ 
hour, to be installed at Birkshall. 
The bales will be used for land¬ 
fill—each will weigh 1.25 tonnes, 
and will have an approximate 
density of 65 lb/cubic feet. 

The company will also supply 
a 6.7 cubic yard stationary com¬ 
pactor to the Council Designed 
to handle a min imam of 400 
cubic yard/hour, it will form 
part of a refuse transfer station 
being built at Todmordeo, 

• HANDLING 

Big vacuum 
cleaner 

FRENCH BUILT, the latest 
machine in the Manutair range 
of mobile suction plant operates 
from a standard three-phase 60A 
welding socket and is rated at 
22k W. It is claimed to be 
capable of “pulling" materials 
through 300 metres of pipework. 

Air displacement is 1380 cu. 
metres/hour at a maximum 
vacuum of 5 meters/water. The 
unit is normally fitted with a 
100 mm. diameter flexible hose, 
and is capable -of handling a 
range of non-flammable 
materials, including dusts, pow¬ 
ders, pellets, and in certain con¬ 
figurations. liquids and slurries. 
One of the first machines has 
been delivered to Pilkington to 
handle cullet (broken glass). 

The machine has a 9 sq. metre 
main filter, which is automatic¬ 
ally shaken by a pre-set timed 
vibrator when the unit is shut 
down. Collected material is 
deposited in a 500 litre <0.5 
tonne) capacity hopper, which 
can be pivoted and discharged 
into a standard skip for disposal. 
Three versions are available— 
wheeled on-road; wheeled off¬ 
road; and skid-mounted. Weight 
of the latter, intended for vehicle 
mounting, is 1.215 kg. (empty). 

Marketing in the U.K. is by 
Envirocor. Langton House. Bird 
Street, Lichfield, Staffs. (05432 
52335). 


BRIGHT SPOT in' an otherwise 
gloomy prospect is the world¬ 
wide operation of Sardad Inter¬ 
national, set up less .than a year 
ago by the Swedish' welding ex¬ 
perts ESAB and the British 
Steel Corporation, but already 
showing a profit. 

Basis- of the operation is the 
general development of the Sar- 
clad techniques which permit the 
surfacing or repair of process 
rolls by a welding technique. 
But the company i&.not offering 
just that—the manufacture of 
new and reclaiming used rolls 
—it is also seeking to promote 
the dissemination of the tech¬ 
nology, with the sale of the 
welding consumables and the 
welding plant, both to the more 
sophisticated steelmakers and 
to those countries which are de¬ 
veloping their own steel indus¬ 
tries. 

The Sarclad approach is to 
offer a package deal under 
which a preliminary survey is 
made of the suitability of the 
proposed operation on a fee¬ 
paying basis. 

If the survey is approved, the 
company then can follow up 
with the supply of all the re¬ 
quired equipment and the tech¬ 
nical and other training to 
enable local personnel to pro¬ 
duce all types of Sarclad rolls. 

Sarclad stands for Submerged 
ARc weld CLAD ding and its de¬ 
velopment stemmed from the 
need felt at BSC to cut down 
roll costs by repairing used hot 
mill rolls effectively and pro¬ 
viding high performance weld 
surfaces on a base of less ex¬ 
pensive metal. 

The partners—-BSC and ESAB 
—had a number of major prob¬ 
lems to overcome in stepping up 


weld deposition rates and secure 
ing uniformity in * deposited' 
metal. 

A breakthrough in this work 
was the development by ESAB 
of a special welding head oper¬ 
able with twin or stogie elec¬ 
trodes and with welding cur¬ 
rents up to 1250 amps.. The nnit 
was made robust enough to 
operate for long periods, pro¬ 
viding deposition rates of better 
than 20 kflos/hour.. 

Continuous flux supply with 
recovery of unused material is 
provided and- there is constant 
monitoring of flux level. 

At the same time, weld metals 
have been formulated with in¬ 
creased resistance to the wear 
and thermal fatigue processes to 
which the surfaces of mill rolls 
are constantly exposed. 

Six compositions are provided, 
with varying percentages of 
cfarome and additions of man¬ 
ganese, molybdenum or nickel or 
combinations of these, according 
to the final hardness range 
required. 

Economic reclamation of rolls 
is at the moment limited to 
forged or cast units with a 
carbon content of less than 1.5 
per cent. And when the roll 
barrel and the journals meet this 
criterion, they still would not be 
accepted where deep thermal 
cracking had occurred- 

One of the most significant 
achievements to date of the tech¬ 
nology is the production of a 44 
tonne, 3.6 metre wide roll dad 
with over 7 tonnes of weld metal 
for a roughing stand of a plate 
mdll. The roll yras finish-ground 
and found to be completely 
without defect. 

The process is also being 
used to repair a 25,000 lb roll 
which would otherwise have 
been scrapped. 


Dr. K. A. RidaL executive 
'director of Sarclad International, 
estimates that use of Sarclad 
provides cuts in manufacturing 
cost and imp rove meats in ser¬ 
vice performance-such that aver¬ 
age saving runs between 40 and 
50 per cent 

For every pound spent on 
Sarclad, rather than conventional 
approaches, there is a saving to 
the user of. £L Another .way of 
looking at the problem, says Dr. 
RidaL is to consider how the 
approach saves scarce resources. 
The weld deposits represent be¬ 
tween 5 and 20 per cent of the 
total volume of a roll. The con¬ 
sequences are that only a frac¬ 
tion of the energy otherwise 
needed is employed applying, 
Sarclad. 

A further' very important con¬ 
sideration is that the process 
permits design of rolls with 
unique properties, coming much 
-closer to the precise requirements 
of a given operation. It allows 
makers to provide guarantees of 
service life with much more con¬ 
fidence and at the same-time cuts 
maintenance and down-time. . 

Dr. Ridal disclosed that dis¬ 
cussions have been held with 
potential users in 15 countries 
and that both Spain and Canada 
have placed contracts with 
Sarclad for detailed technical and 
economic evaluation. 

The next step in development 
will take the process into an area 
of-very great potential. Under 
study is the use of Sarclad in.the 
production of rolls tor continuous 
casting operations. 

But the duplex structure .of 
Sarclad rolls 'with their ductile 
cores and hard surfaces is 
expected to make them suitable 
for many applications, especially 
as the metal deposited gives 
better wear resistance. 


• MATERIALS 

Improving 
the quality 
of concrete 

HAVING processed mid supplied 
about 100,000 tons of its Qaaolap. 
pulverised fly ash for use m 
concrete in 1977. Foz&lanic ib 
setting out to exploit the poten¬ 
tial market which it reckons 
could be as much as tons 
annually. 

The materia! Itself costs noth¬ 
ing to produce as it i s the 
product of the combustion- of 
coal in Central Electricity 
Generating Board power stations 
which are only too glad to 
dispose of it. - 

Pulverised fuel ash (FFA), 
which can be used to concrete 
as a partial replacement for Port- 1 
land cement, is a poizzolana, a 
siliceous 'material which has no 
cementitious value in itself but 
will in finely divided form and 
in the-presence of water react 
with calcium hydroxide produced 
d uri n g the hydration of Portland 
cement to produce other 
hydraulic **** cementitious com¬ 
pounds. 

Principal use of fly ash pozzo- 
lanas is in the improvement of 
the properties of concrete leading 
to greater durability, easier 
placing and better surface 
finishes, better pumpability and 

• MAINTENANCE 


Makleniwad, ‘ 


Fluid Transfer. Control : 
; and Rltratfra 

Lubrication Systems 


great density.' i; ■. ; 

Pozzolanic is^t present sup#*,- ■ - 
ing the material from Sroijat^r-" 
power ■stations where 'the■ 7»• 

pany does all the Wfiewsr*jri* V" 
cessing before delivering. 
customers In 20-ton road vehkdfe*^ -;.' 

The -company.is cmxehtiv^ w^ J 11 
phastsing that the material pnt.. 
vides a safeguard .againat cock-.- 
ing - of concrete caused > 15 - . 
chemical changes: such^aswjg'iiv 
discovered last year in riectrieri; 7. 
installation, foundations at' sena. - 
sub-stations in the. soUtitweat^;" v 
England.' 

Pozzolanic, which -is at Njchrikyr. 
Street Mews, Chester, CHL ZN§ ; : •: 
(Chester -49104), is.a Jubaidiasjc 
of Blue Metal.Industries Group =v; 
In Australia, and ite product■h^*_ 
already beenused onL-majotvpfoix> i 
jecte such as-the Ninian oil p?a|i7: . 
form, Thames ■ barrage >hbi|^ 
Dinorwic - pumped ; _ stopfer.:- 
scheme. However, the company^-: 
thinks that'-a larger part of jti - ' 
sought growth couldcome 
the many smaller users oS-gxmc. 
crete who have yet .to. be coot," c 
vinced of the -advantages offered . 
by using FFA In concrete mhRte «=• . 


Ready for exploitation 


DEVELOPED FROM its 2 kW 
carbon dioxide laser (now in 
commercial production by BOC), 
the Welding institute’s 5 kW laser 
has reached a point where it can 
be offered for commercial 
exploitation. 

Using the same principle of 
fast axial gas flow as its smaller 
predecessor, the new laser is 
believed to have a higher metal¬ 
working performance than any 
other comparable laser. 

In early welding trials it has 
been used on mild steel. 18/8 
stainless steels, a titanium alloy 
and an aluminium alloy in 



Thousands cflypesarrisizeskisteckfor immediate delivery 
•NO MINIMUM ORDER «NO MINIMUM LENGTH 

LONDON 01-5G18HS ABEBDEENW2A)32355/2 

TRANSFER CALL CHARGES GLADiyAGCEPTED 
31Hr.EMERGBMCY NUMBER01 6373567 Ext. 409 


thicknesses up to 8mm, and at 
high speeds—for example, a 
single pass weld has been made 
in 6mm thick stainless steel at 
I2Q0mm/minute. 

Joint preparation Is square 
butt, similar to that for electron 
beam welding. The resultant 
weld resembles that achieved 
with an electron beam, but can 
be made without the associated 
problems of working in vacuum- 
The weld itself is about 1mm 
thick. . 

Current work indicates that 
welding capacity should reach 
12 mm thick shortly, and it is 
expected that when the beam has 
been turned downwards through 
90 deg. and a co-axial gas 
chamber fitted (to provide a 
shielding or cutting gas flow) the 
laser will be capable of cutting 
steel up to 15rnra thick and 
aluminium up to Gmm thick at 
high speeds, with a narrow kerf. 

The Institute says that the in¬ 
creased penetration capability 
will allow the laser to compete 
economically and technically not 
only with the weH-estabished 
electron beam welding applica¬ 
tions, but also some of the arc 


welding areas. The beam can be 
focused to a spot of less than 
05 mm diameter* 

By folding the beam, overall 
length of the machine has been 
kept to only 35 metres, identical 
to that of the 2 kW laser—length 
could be further reduced, but 
only at the risk of possible power 
loss because of potential, mis¬ 
alignment if farther folds were 
introduced. 

Major advantage of high 
powered laser welding is. the 
narrow deep penetration welds 
produced, resulting in minimal 
distortion of the component, 
which reduces or eliminates sub¬ 
sequent machining of precision 
parts. 

The Welding Institute is now 
inviting research member com¬ 
panies to apply ..for licensing 
agreements for the manufacture, 
of a commercial version of.’-the 
laser. It is understood that the 
cost of a commercial version te 
likely to be in excess of £100,000. 
Details from Mr. D.' Russell- at 
the Institute, Abington Hall. 
Cambridge CB1 6AL (0223 
891162). 

TONY FRANCE 


times more effective as an binations of Skato&kato-.-'-miinE^Ji.v , 
insulator than asbestos, accord- toolheads and brushes .to :■ 6^: > 
ing to two companies launching linked to various sizes of .Nfissfc.' - 
a joint boiler tube cleaning industrial suction :; ■- 

equipment marketing drive. ^accessories. This allows bofl fe^ .' 

They say a soot layer inch tubes from } to 3J inch. . . 

thick can reduce boiler efficiency-, diameter to. be-- descaled, aral^f;. 
by 24 per cenL, and this is made vacuum-aeaned: in on e •■pas&r.y - ■ 
worse by the hard scale -that without creating "tasrdorfjjjjy .' 
builds up beneath the dust. • clouds of dust and .soot. for. 

Newman Industrial Controls, operators.;’ 
which markets the range of--Both products,past of.course,^;. 
Skatoskalo flexible drive boiler heseparatedand nsed tode- ^ 
descaling machines made by an. penitently when required., 
associate company, ;■ Flexible .Details from-’- - Newman - ':: 
Drives (Gilmans), has mads an Industrial.' Controls, Kineton ~ 1 
informal marketing arrangement Road Industrial Estat e, Lea rning- .-r'" 1 
with Nilflsk, which specialises in ton . Spa, Warwick, CV33 0DS 
industrial vacuum cleaning and (092681 3818) or Nflfisk, New- 
polishing equipment .market Road, Bury St Edmunds, ' 

Special guns and snouts have Suffolk, IP3S 3SR (0284 63163), 

0 COMPUTING ■-•T 

Consulting share records 


IMMEDIATE access-can -be. given 
to' lnfbnnation/0n r675" shares, 66; 
gilt edged stocks and. 52 Finan¬ 
cial Times Indices, held in a data-' 
bank toainfained by ScIcon Com¬ 
puter Services. " v. 

-The databank, developed; In 
conjunction with, a .leading stocky 
broker, Js updated .-dally atod'prq?; 
'vides . complete:, historical 1 
record of . every entry:, from 
January 2,4975:.. 

Basic subscription to the ser¬ 
vice Is £500 per year and Scicon 
Computer Services are prepared 
to add further shares to the datar 
bank if required -The- coat of 


terminals “ and computer time 
actually -* used v are- charged 
separately, : ft Is based on the 
: use of .SdcBtfs"' - interactive 
statistical >; package Interstat, 
which provides,-the. vehicle to 
carry out; statistical analyses of. 
the data and present the results. 
;in tabulae ge form. 

-Many' ‘cbmpfe'^ahslysis routine* 

1 are-.hvailablei v ■> . .- 

Interstail command language 
has beep .designed to; be-.easy to 
-use feVen by thi^.'n^ .to com- : 
patiagi '* 

‘•Sctcpn, ./Brick 1 -. Close,, Kiln 







Mmm 

IP 


NEED THIS NEW 
TECHNOLOGY. BUT (F WE 
RAKE MORE CAPITAL 
WE'LL LOSE CONTROL OF 



I 


en we backyou 

we keep off yew back 

If you’ve gotagoodideathate sound advice based on our 


a genuine technologicalionovaiion, 
NRDC can shoulder half the nskby 
providing the finance for half the 
development andlaunching costs. 

You don’t have to pay a penny 
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throughout 

NRDC’s money and technological 
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asking. The very least wel give you 
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great experience in technological 
innovation. 

Contact theNationalResearch 
Development Corporation, 
KingsgateHouse, 66-74Victoria 
Street London SW1E 6SL. 

Or better still, ringBrianMann 
now onOl-8283400. 


Finance for innovation 


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Tr aasfer > 


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;*vV yf;■*. ■*•;'■*"' . "•** 

JFIaa^al Times Thursday February 2 1'97S 


The Marketing Scene 





INEVITiPkBty. the volume of f 
pabU'cits/«omment and Govern* £ 
raent concern that is aroused* - 


^rn r J3ow : strenuously does industry promote its products? What does it spend? Michael Thompson-Noei reports. 


„ * ^ periodically by the role of pro- 

‘“S® CDUinh. motion^and advertising in bixSi* . 

ness me- tepefy to focus on .areas . 
iSticn £»,„■ involving' fast-moving . ;.mass- 
‘‘alflBw market consumer' goods, snch as 
^fuod, clothing, drink, : tobacco, 
toiletries, cosraetittr.and cars, but 
^■V, ^'almost never—or at lea fit--very * 
is ril 'Seldom—on industrial products: 

3ater.-i:‘ Superficially, there is at least. 


How British indu 





s. exhibitions and technical media advertising budget* as a 
jruduci literature. result of turmoils in the 


CQnr“v- J i ' a *'‘3s <, . eclair - 

. l '*r a r_ c 


considerable -way towards eslab- component parts showed broadly reports. 

♦ V. _ VMA1A.' #tVl OTOntatiio^ nn -.2_■ « _1*1 _ 'll. _ _ - I. 


1C bulk or media edvertieing 1™°“^ 

» ( 7mu P oe 2S. By Kwl 1 {.J5' , S£ 

. \.nile companies increased their 

‘riisinn aLcounted fur an for pr trade shows. ex- 

^ fcjbitions a nd direct mail than 


to *< Sl ;V; - v£'prowote.^^sell themaeives... visits*by directors 
i, - -■■i" Whether thjs is tree. partica- nf resnondents) it 

sen M n ' i;f 8 itre ? .a» e U.K;’s record in ing (BS^per cent.), 

\ * r. ..r.* 3 : numerous international industrial product Uteratiire 
= ^ l.i- y :r product. categories, is at least pr ( 65 -per-cent) 
i,:c " ’ Jr .:V-«pen to doubt In the meantime ^ns (64 per cent 

puias**it is useful to understand how (Bl-per cent.) and 
ko*.^ promotion actually, works in per-cenL). 
dX - J British rndustiy, which is why Tfae-range of act 

o-iv/r: c- j : ~ ;*?■* Industrial Market Research, a lively correlated < 
5 -i’.alii.r subsidiary of AGB, has just pro- size. Except possib 

•*> ■■ 1,1 duced a report on the subject, of personal sellin 

?hi; British Industry Promotes, with fewer than 5 

PF '/ by Susan Gentry- and Professor showed consistent: 


ately " th<> same rationale behind media expendi- 
ishj'n 4 ' their cor- lure * n lhc industrial sector, and 
° found that smaller companies 

,. . . _ ■ looked i.o advertising to help 

jlso deb.e into boost their sales immediately to 
i companies so 3 much greater extent than 


■ ^■British rndustiy. which is why Tfae-range of activities is posi- important organisation was the company mrore than 1.000 Z 138 as V^ 1 * 111 f , , , a there are no -eaIIv hi* surprise* Respondents were given a 

Industrial Market Research., a lively correlated with company advertising agency with three- employees! spent between JJf na , 4 J? rf ..'JJJ' * l£ wlal pru_ —inti also i..ak ' arTow^thev number ot possible objectives of 
subsidiary of AGB, has just pro- size^ Except possibly in the case Quarters of the respondents £200.000 and £300.000 compared mouunai ex^.-.iauure. reeled to the recent economic media advertising and asked to 

r duced a report on the subject, of personal, selling, companies using one either regularly or with an average of £100.000 for Media advertising, particularly ,*ri*is Again the results are assess their relative Importance 

,,. u How British Industry Promotes, with fewer than 500 employees occasionally. Ad agencies_ were medium-sized companies (501- in professiunj! and trade jour- nor iviidiv*dissimilar to ihe sort on a five-nnmt scale ranging from 


. 'tes- with fewer than 500 employees occasionally. Ad agencies were medium-sized companies oOl- in prores-nuju! and trade jour- not wildlv dissimilar to ihe sort on a five-point scale ranging from 

: by Susan Gentry.-and-Professor showed-consistently lower per- followed by exhibition designers 1.000 employees! and £50.000 or nals. was found In be the nf finding onp miaht encounter nrtf ail immirtant ill to verv 

“ P ‘J: Leslie Rodger. It is the third centage scores for all types of Hi per cent.), press cutting less for smaller ones. F*ir55per mainstay t.i in- smaller com- in ihe consumer goods field but „ rr ,.. rt ,L tkp 

in a series of reports by 1MR promotions, especially when it agencies (3a per cent.). PR coin- cent, or res t>on dents. Lbe iota! panics - pn •million a I effort_53 thev make inu-rest’n” reading ,ul P orurit • 0I - 1 ^ 

*-—•-*- *405 came to participating in trade panics (35 per cent.) and promotional budget represented per ceni.-^f u«tji expenditure fur p'roress<ir Rodeer 'and Mi«s nieijn scores recorded for each 

shows rad. exhibitions at home specialist creative consultants less than 1 per cent. oC annual those will) up to 100 employees_ Genirv repon that 24 r.er cenl objective, based on the five-point 

228 and abroad. According lo ihe (32 per cent.). gross sales revenue: for a furiber mainly at the expense nf trade M f respondcai? cut back their scale, were as fullows: 


on different aspects of marketing came to participating in trade panics 
practice in industry. shows rad. exhibitions at home special 

The authors received 228 and abroad. According lo ihe (32 pe 




t? mSportfi goods—the pace quickens 


respondent cut back their scale, were os fullows: 


(1/ To achieve a cumulative, 
long-term impact on sales, 4.1S; 
(2» To create a favourable alti¬ 
tude towards the company as a 
potential supplier. 3.9-i; (3) Tn 
reinforce favourable attitude* 
among existing customers. 3.64; 
(4* To remind people that the 
company's products exist. 3.62: 
tai To achieve an immediate 
impact on sales. 3.09; <6i To 
reassure and motivate saies 
representatives. 3.04; «7) To re¬ 
assure and motivate distributors 
and agents. 2.M; (S> To reassure 
existing ruflonu.-rs that thev 
have made the right choice. 2.73; 
(9) To advance the date of pn*- 
dnet purchase. 2iifl; iitij To 
impress sharc holders, t .4X. 

Alihrmeli ihe use «r advertising 
to impre-s =haivholdr*rs rematned 
at the bottom of ever>one‘s list, 
ciiinnjnies iviih mure than 5.000 
employees mcniioned it with 
much greater frequency than 
smaller organisations. 

As Aubrey Wilson, chairman 
of Industrial Market Research, 
says in a preface to the report, 
the survey has produced many 
pointers, the overriding one be¬ 
ing that industry at large appears 
not to be inking full advaniase oT 
the numerous promotional oppor¬ 
tunities available, nor °r the 
specialists available at relatively 
low cost. The L-ali. says Wilson, 
must be for ihe substitution of 
fact for folklore and the creative 
interpretation uf marketing 
situations and needs. 

Hoic British Irtiiusirij Proniotex . 
hit .StLion Genii'u nod Prof. Leslie 
Rodger, is atuiloblc from ludti. - ?- 
irial Market Research Ltd.. 77 
Riukingliam Gale. London. S.W.l 
t til $34 7914 i. £7.-4i». 


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DID YOU KNOW that 48 per data unearthed by Novasport, the 
cent of male tennis players have new subsidiary of Kangol. as 
a 40-42 inch chest? Or that 14 part of a substantial market 
per cent, of the population research exercise which served 
appear to own a fishingrod? Or as the preface-to-its recent £lm. 
even that the approximate. age entry into the sports equipment 
of each pair of football socks market, writes Michael Tfaomp- 
owned in this country is two son-NoeL 
years, five months?' No. I don’t News of the Novasport venture 
suppose you did. But these are was announced two weeks ago. 
three representative nussels of since when it has engaged in a 


frantic round of presentations to 
stockists in the London Weekend 
Television area—its initial target 
market. Although the new com¬ 
pany says it has no intention of 
rattling the big boys like Dunlop 
or Adidas, nor of introducing 
unseemly price competition into 
what is a highly fragmented but 
reasonably profitable and 
certainly growing market, its 



3.7, r ' ' 
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For tfie test launch of their unique ’Coat & Cook’ cooking aids For meat, in the 
form of seasoned coating mixes, Homepride chose the Southern Television area. 

Their reasoning? The size and scope of the region makes it a representative yet 
economical test maHtet. A, receptive audience for cooking aids and a sound trade base 
were also factors in the decision. 

The £44*000 campaign, by Geers Gross, showed that the reasoning was 
right Because the test market results show a brand worth £2 million at the 

national leyel, 

tiffle wonder that 'Coat & Cook' has now been extended into two other areas... 
proving once again it pays to test market with Southern. 


. s - : -03* ’ lifftewonder that Coat & Cook has now been extended into two other areas... 

c?pcv " proving once again it pays to test market with Southern. 

now w <. r _i 

S£3 SOUTHERN^-TELEVISION 

, tw»c£. ...For further information contact Brian Henry, Marketing & Sales Diredor, 

Southern Television limited, Glen House, Stag Race, London SWiE 5AX.-Telephone: 01-834 4404* 

SlSll Wfliy the finest hotel in town 
^ seems a long way out of it 

iiac:; ”- Tt-nig Tiksbridge maybe the chic, colourful heart of all _ 

r s« s ‘. s Vis’ thafsexatingiDJjoedoB. But thers’s oneplaceinKnightsbridg© 

where peace and quiet prevail 

: :. Behind the doors of SheratonParklbweE 

Here eveiything is quiet el^ance andluxury.Here all 
the bustle of city life gives way to relaxation^ 

' YotfUfmd every fadlity forcomfca^ Delightful spadous 
7.T- V- 2 rooms and suites look out across parkland or vistas of London. 

. i And in bars, restaurants, lounges, priva te dining 

^ xodms, you’ll enjoy the kind of excellent 


■_ .r,"ih v 

j*» 

' *' '\~rrt£ 

-vr: 




Peace and quiet in the heart of Knightsbridge 

imTTTiIghfaiTm>I gB, T^mdnnS WlX7RNIKleiphniB:01-235805Q Teles917322 


ambition is to achieve 2 per cent 
of national sales when it exiends' 
its distribution io the rest or the 
Ll-K. next year. After that it, 
should be able io push ahead at' 
a reasonable rate. 

Diversification into sportswear 
and spurts equipment makes good 
sense for Kangol, which turned 
over £I9ni. last year, chiefly in 
.headwear—hats and caps—as 
well as safety gear like car seat 
hefts and crash helmets, its 
profits last year were approxi¬ 
mately £lm. which in turn repre¬ 
sent around 35 per cent, of the 
international profits last jear of 
its U.S. parent, the American 
Safety Equipment Corporation 
of Encino. California, wbicb 
bought Kangol five years ago. 

But neither headwear nor 
safety gear are vibrantly expand¬ 
ing markets, so as it had the 
money. Kangol not unreasonably 
decided to diversify. 

Kangol itself, which employs' 
1.700. is essentially production- 
orientated. For now. though., 
Novasport is almost exclusively 
a marketing operation, although 
it may venture into sports goods 
manufacture eventually. The 
general manager is Roy Rank- 
more, formerly with Kimberley 
Clark, who has assembled a 
22-strong team, virtually all of 
whom are marketing specialists., 

First off, they spent a fair 
sum researching the market, 
which in total is expected to be 
worth £220ni. this year at manu¬ 
facturers’ prices through some 
3.200 outlets. There wasn't much 
growth last year, partly because 
oF the weather, partly the squeeze 
on incomes, but former levels 
of expansion ought to push the 
sports market beyond £400m. at 
manufacturers’ prices by 1985. 
The RSP total Tor 1976 was 
£275m.. which broke down 
roughly as follows: £75m. on hard¬ 
ware (javelins, discuses, etc.). 
£l0em. on sports goods (racquets, 
golf clubs, etc.) and £94m. on 
clothing. 

Novasport is leaving the hard¬ 
ware alone. But it is getting 
into sports goods and clothing 
in a relatively big way. claim¬ 
ing that with 400 products in 
1 3,000 variations it will have the 
largest branded sports goods and 
clothes range in the country. 

| Under the Novasport umbrella, 
products will be sold under a 
variety of brand names in order 
to establish their individuality. 
Bay Rankmore believes he has got 
bis’products right—Novasport has 
formed a technical panel of lead¬ 
ing athletes and sports persons 
to evaluate and test all products 
and advise on future develop¬ 
ment. and says it has found 
exactly the slot it was looking 
for, “marginally above the mass 
market but not at the top.™ 

And he reckons be has got his 
timing right. 

Now Novasport will get down 
to selling, and says it will offer 
retailers “a range of advantages 
such as they've never enjoyed 
before.” Retailers that agree to 
handle tfce-Novasport range will, 
become Novasport Centres with 
a flashing blue and red loggo sign, 
to prove it, stacks of leaflets over¬ 
printed with their own name, 
early buying and volume dis¬ 
counts. fast delivery and sales 
and display advice from Nova- 
sport’s own merchandisers. 

The company is also planning a 
total advertising and promotional 
spend ti?is year of £190,000 
<£50,000 below the line) which 
by the standards of the sports 
goods market is quite a big 
splash. 

Can Novasport make a go of it? 
If it gets too uppity loo soun it 
can expect the wrath of the big 
boys like Dunlop, who’ll brook 
no nonsense in their own back 
yard. But the men and women 
behind Novasport say they have 
no inteatioa of making that 
mistake. 

What seems certain is that 
they have entered the right 
market at precisely the right 
time. In the U.S.—in California, 
any way—it is becoming fashion¬ 
able to wear track suits in the 
office, so respectable is the 
joggmg/sporting/keep fit craze. 
In (he U.K., operations like The 
Frisbee Company, which is also 
heavily marketing oriented and 
which recently added the U K. 
distribution rights for Spalding 
to its Frisbee and other 
interests, are demonstrating how 
rapidly the sports goods market 
can be extended and expanded 
if tackled with bravura. 

The market's there. It’s up to 
Novasport to take its share* 


wB 


IN AN ACRIMONIOUS split-up 
at Ted Rati.*?. London's -cighih 
biggest advt-io'ng agenc;.. chair¬ 
man and eh:*i executive Michael 
English ha> iircu his deputy 
chairman and creative director. 
Norman Sharani, and his manag¬ 
ing director. John Milton. _A 
third dirwior. Howard Gottlieb, 
has walked out. It is thought 
likely ihe il:s:id*ni trio will 
form their o\.n agency if back¬ 
ing i 3 Kuihef,ming. Ted Bales 
is currently tilling £26m.-plus. 

Mr. Shi.ram said yesterday 
that the !uv.\ brewing for some 
lime, m'.ul ed differences of 
style and had come lo a head in 
the past few weeks. “The style 
adopted hy Michael English is 
much more in ihe Civil Service 
manner lhan the mure creative 


[Brow 


approach to running an agency 
preferred by myself." 

The firings and walk-nut are 
said by Mr. Sharam to have been 
the result «.if organisational and 
personality strain? indicted by 
tne decision in October. 1975. to 
integrate ine interests nf Milton 
Sharam and B.uc-s i£4m.t with 
those of the main agency. Hobson 
Bates aud Partners (£17m.». 

As a result of disagreements 
that developed. Mr. Sharam said 
he hud. asked Mr. English to un¬ 
scramble Ted Bates and allow’ 
him to le-establish the MS and B 
business once more. “ Mr. 
English thought it would be a 
highly profitable plan." said Mr. 
Sharam, “ but turned it down 
because it conflicted with Ted 
Bates' U.S. corporate interests.” 

Mr, English said yesterday 



that morale in the creative 
department had sunk to such a 
level that last week he decided 
to give Mr. Sharam's job js 
creative director to Gerry Fitch. 
“It is my per son at-"View.” said 
Mr. English. “ that no Ted Bates 
business will follow the departed 
three.” 

Bates’ billings last year im¬ 
proved unspectacularlv from 
£24.5m. to £26.1 at.—it lost the 
£600.000 Manikin Cigars account 
to KA1P—but already this year 
bas taken on board several new 
accounts, including the £600.000 
launch of Cadbury Typhoo's new 
instant milk product. Pint Size, 
and the fee-based Thomas Morsoa 
Pharmaceuticals account 

Q ADDITIONAL FIGURES from 
the IP As statistical survey (FT. 


December 35> show that produce 
tivity per head, in the IPA’s top 
20 agencies improved from 
£71.000 to an estimated £S6.00ft 
in 1977 against an 1PA average 
of £67,000. IP A agencies’ esti¬ 
mated turnover last year was 
£925m. (£762m.i. The number 
employed rose from 13.300 to 
13.900 110.500 in London, a gain 
of 700: 3.300 outside London, a 
fall of 100). 

9 NEWTON AND GODIN, the 
agency that " relocated from 
London to Tunbridge Wells six 
years ago.” says its 1977 billings 
doubled to f3m.-plus and expects 
similar growth this year. 

@ SANATOGEN multi-vitamins 
are being advertised on TV for 
ihe first time by Fisnns and 
its agency. McCormick Richards. 


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Hunk* to an ovcrwhelinin^lv suevessfu 


nr Radio LuxemK'uin-.our nJcs force, under tlx* direction of " 
Tony Logie, h:is (,TO^ n ro 2.J. people. 

It Ills .iIso outgrown our ofliccs in Herctord Sr. 
So we've packed them off to >+-3> Taeim Street. 
London \\ r, 1 V 6Df (Tel: Ul--i3v7-i01), where the\-'re known .is 
Radio LuxcmU «ury (London) Ltd Airdme Sales. 

W Vvc made our move. 

Nott it's yours. 


Radio Luxembourg. Britain’s only 
national commercial radio station.RW Khz 


BUILDING SOCIETY RATES 

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

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




OTfe e r j djwbi^efi; i ri^ acci 6 uini t a nsg griq eji tf;-v, 

; :: ^rriar>cetirig 


















V- • r. 


Financial Times Thursday 


LOMBARD 


BUSINESS AND THE COURTS 


-v; 


Housewives’ 

liberation 


BY A. H. HERMANN, LEGAL CORRESPONDENT .• ;• .'.V. "ft 

of another morale imposes on the advertiser the «Unmimportedimo (fenmmy 

nomok «i#® 0 Hiitv to .take particular care not without the makers consent telefaon 010-15141L. in £ W t intentionally 


Miller, a wholly -owned ; 


--- IS HAPPINESS a cigar of a motion of another morale imposes on ‘T • evidence — vmemer. miner 

particular brand, and does one booster, namely coffee. duty to .take particular care not ^thout ^ the in, fact intentionally 

BY ANTHONY HARRIS f or get all strain, stress and The Federal Supreme Court’s^ojead ■ Sfi? *?f **2*5^^ EFb&tt&ZBC rules of competition 

Ovation afteTa pint of a co gee decision (Be}. I ZR Mduat 

ONE DETAIL of the Meade Re- meat The most underprivileged particular beer as TV advertise- 62/76) of'November 25, 1977, be J^J? n “ ntate ^ t ? fa ^ . 1*5 on the5o?of KlrCh- frtwi laftihgtiik ASPCli^^tn ^ps* 

pore on tax reform which got group of women in the country merits seem to suggest? Should but only now published, con- conclusions. . - • • h PT B f or +he fifth time.' : r '.‘ N-tig' : "Sprin t ? " tradBilonairiiL.iniriagfemfiPt -oecause It-mjejj-v 

sar s52“s sss. -*ac 

tte n mo S st P mo£tiona“ entirely unpaid; furthermore, if meats ^be scientifically true? question and answer session did not ^American SSTpxoan^'lS^^eMarkl^w, isconm^y sidiary of MCA Rec^s 

Ihe Ke report It is the pro- these women wish to go out to The Office of Fair Trading has The questioner said he Jsuffered and its effect ffl* the human- S^yEthSt vJ£c Trfating to- ,!he/U.S. company OfthfiHCA^roqg^ 

mitt tt.L a payment to w* ttey oust pay someono just set up a working par^tt £rmn cenain health ■ problems body. Ua^x^^h^r^on Semite a produ«r . !«*mm 

parents of young children to re- else to do their job at home, and examine the extent to which and wondered whether they that any^unpleasant effects or _ . tahleW-irnmu-rfHOn It ashed the Botch, records, tapes and tHSs^tts:^" 

cognise their home responsibiii- unless housework and child care Pr<?Ss and magazilie advertise- ajght not he due to the fact coffee drinking aredufe to roast- M* court It Se^ft-Germany. MrV.^ 

mths ■ar^ss^': zaiSoSsjsm 

ZSSZM&toSSZ KX«3^S.2Mg ^ «A i—m of JS&. 3T«2\? SftSte 

Mts»« s-£ ssrMs: «« 

an expenditure tax or for is taken into account Liberation men ts. One of the objectives sume d, but to undesirable pro- *.. * •"* - : > Miller’s -appeal, arad*that-th*i 

PAWAT. J« k « chanty, &hould he sm at of lthis research will be to pro- ducts of roasting contained in CENTRAFAS3T is at it again. gW^y between the two . v ^rf^'j&iOoniinisjlBB did ncitTirore ttar 

It is also revolutionary- in an- home. ride facts for the formulation it . y 0 n should therefore drink Having provided the European •. ■ ■ this restriction in :fkct affected""; 

other sense, in that it attempts The Meade committee proposes of Government policy, particu- improved IPEE-Kaffee, which is Court with three earlier oppor- - In both, countries the tede-jUter-*H,.jf for noxnuis^ » between' member Stated 

to insert rather ] ate m the day, t o recognise this problem in lar i v with an eye on the EEC kind to the stomach. You will tunities for curtailing the pro- marks are owned by AHK,- le^t - terause a janj may refected by' ihe^AdvtH®^ 

tion for all the economic libera- full y proposed in non-djscrimi- “S* • tast y 311 d agreeable. rights and phannaceutiral re^i- ^ advice -This seems to bb. the lawed, it was' eifengh^tlS^. 

lion of women which has caused natory terms, so that the odd In view of the tantalising The Supreme Court was deal- latioiu provide to exclusive Brother of Taplow^ ^nd me y «f Mr- Advocate General"restrictive practices*^may:Bffea >; 


mors ..iseresiM. iire wiui>w-wjwKkiwu. — - . - . ■• ■ .y- ■■ .. . -•. 

fion if the product is vaned -with the;Bhiropean Cwrt.. _ 

slightly between the two eojjh- ■ '.r-*: ■* ; • J.-.. Miller’s ^ppeal, naipelj^mrf-thei 

tries ■ v • LATimiRSMAY be of somej^etCommission did i no £W^.tiat. . 

• to hofli countries the ^de^ter.^. jf ttr ."SS- 


lion of women which has caused natory terms, so that the odd In view of the tantalising The Supreme Court was deal- latioiw provide to exclusive Brother pf A ^P io, J^-v- I, ^ Mr . Advocate General restricti 

so much fuss fapd thrown quite house husband can also escape questions about the effect of ing not for the first time with distributors maintaining a Braeinx trade mark to WJ op -w-rmcrivh? rffiwwBn^-'tnidg 1 ’ 

? number of women out of worki from the economic treadmiU and d nars and beer, it seems a pity the advertising of the Hamburg higher price level for a product Laboratories BV of P.wno jwo „ ftTltv> , Qhmll fl 

in recent years. Up to now. the p Ursue a rewarding career if he that thp W orkine nartv w in not distributor of IDEE-Kaffee It obtainable for less m another a member of the AHPC group, the European Cpurt .to j^ pp , 

whole womens hb nonsense has wisbes ,. There could «UU be £ at p “* ™°dwfthWm SSSSZiS miSi!Sat'ca£ member «>untxy of the Common Cen&aform used to buy Serenid tte fine of £64,000 .nwfliy 
been, in economic terms an quite a problem, though, in trans- be concerned with commer- araepiea tnat a au-seranoi com ]Z * has moie tablets in the U.K repack them the EEC Commission- on.Mffler; earlier. 

attempt to impose discrimination i a ting principle into practice, if rials. However, we have the meraal does not ffive enoug nondine in Luxembourg and sell them in containers prd-International Shanplatten.-CIdibBr mended 

against the largest single class this particular proposal should benefit of some homework time to discuss all the possible case* pending in Luxemooiirg._anfl sen memin ramajnerspw' ~T <~i$e?No- ordered 

of working women in the coun- evcr come to the pSint of legis- done by the Federal Supreme causes of aU sorts of aUments. One concerns ^padqng yided "Jjj* ^SSS/77‘5 t^toe ComS^on to appeal.' 

try: housewives. At the 13th iatj on realistic payment is Court in Germany on radio pro- But the Court ruled that (with the Roche trade mark) of mark Seresta and the / ) . . . • • , •. _ 

hour an all-male committee, expensive, and the taxes to __ 

with its mind on other matters. fiq ance ft will be unpopular. At — — 

has .proposed to right this in- what poinL then, does a child • _1_Oi /'/"A i 


He. tiiereforB reaax& -- 


justice. 


Equal pay 


financial compensation and I Coins make £123,660 total 

renewed attempts to ski deep faced with a huge, steep bowl . There ,» a deadly . ttyatafr, 


On deep powder snow 


---- -ENGLISH ana loreign coins som me exeuumrs; wnica unam-u *uim r—— -r .” “I/: 

fichool age. when a mother has = London yesterdav by Glen- £5,270. The six sessions began Caledonian Antiques was success- into a business trip 

thanratinu lv Trap irinminm 1 . 1 . A t 1,1 . “ . J ..... ... w . xr_■_ i/vrn mv. n ___— r..l £1 ROfl fn, Ifi imTinoimr ronnivori attPmQts tl 


minable business, as I have dis- possibly 
covered more than once. The asset? 
more provocative approach is to 
explain that since a very large ^ 
number of men. ancj hardly any J>JJS 
women carry responsibUity for 
the financial upkeep of a family. a™,,, 


chargeable domestic 


Basic justice 


Arguments of this kind do not {piece of 1S39 


, ■ « - _ ••luuwiiia wi kiiij ixuiu uu uuk 

their economic needs are g p ne- a ff ect ftj C basic justice of the Lion>. 
rally greater in a way which proposal: they simply t n i 

cannot be reflected adequately s jj 0W yj at boundaries in these 


powaer snow, mere u siuaj uu <ji uew pvwuw suun. ■ .■ i>Tta^r BfinhiPriS 1 ?^ 

Mr. Bord. £7.800 for a George iv a wimara sprang \.±ne ^recn wi>u,» 5 u ese . «cul w — greater ski plmn than ofr^^went^He plunged^wSy-that hetweea-Geneva and Zurich’- 

proof set of 11 pieces (1826) from Dress) went to the Fine Art f1,300. new tracks on three or four feet off we went He ptung The Colorado resort nearDeuver: ' 

£5 to a copper farthing and Society for £1.700. and D. Perrin English and foreign silver at of new snow. Europeans vmh som^ h^s managed to snatch -alt-the 1 --; 

£4.600 for a George II (Lima) of Canada gave £1,500 each for Christie’s totalled £S?.04O. Koop- set a chance of such excitement neat linked turns, vwim.sotae- ^ lMWt nwr iW fta P RaH ici 

five-guinea piece of 1746. The two Russell FUnts, both pictures man of London paid £2,S00 for a from their own'mountains.:Rocky what len ,^ e ^? c ®_ r L- 0 ® 0W * i ‘ wfth Q 1te clean, trim^Mormori - • 

Swiss Credit Bank gave £7,400 of Vivien Leigh as Cleopatra. set of four George Hi plain oval Mountain s powder is much diyer I fell within 100 yards. . ... _ image. B U t the Utah sW-ing areas - 

for a Queen Victoria-pattern £5 In Chancery Lane works on sauce boats by William Lutwyche than is usually found in tne Alps. Tb aL morning gave me ? are cdnsklerahto closer to their : - 

piece of 1839 (Una and the travel and topography made and John Vere (1763), and £2,400 However, in these days of ever- greater insight into powder ski- gat^^y airport tbap are' places 


in simple tax allowances. 


matters can never be drawn to: 


wick's world philately sale 

for "tmiitting^oi^ 3 that* l &mncial ^satisfaction^ ^Another stt^'u'cSon^vri^the^total reac^ CAl PDflAM wcre bought by Hendriks 

aUoraces^for parenthood“re Meade Proposal, in favour of , f 183,726. Australia was in SALEROOM Imports, U.S., for f4,700. The 

Sot Sires to^ndulge the a P Dther «ononucaliy oppressed de mand With record prices being nv DjiMC1 A same buyer gave £1.800 for a 

tastes of toose who I « g tiSs Head for “»W 1 ’’ , A § 1913 ° Y MMElA IStfa^entury walnut library 

highly expensive hobbv. bui a Jpmst La—coujd equally lead £1 brown and blue in mint con- _ centre table. : 

ration" of the fact Uiat £SaT e 1Sld ^ in Flanders and Germany by Oriental. ceramics and works' 

children are people with needs ^ m a d e V ice P fo?“ax avoid- ™L£ S *“ d r0Se iram ° Samuel Prout and £L0O0 foV the ofart auctioned by Phillips made 

of their Q'jro-a point that the ^ Again a basic injustice— realised £1,400. Brunnens of Nassau and the £33.400, while at Bonhams three, 

militant childless seem unable to tbis t5me betw-een owner-occu- Other world records were for River Lahn by George Barnard, volumes of Trollope in a first 
grasp.) The result is that equal ier ^ private tenant , w b lc b a Canada 1851 Prince Albert Sotheby’s Belgravia had 3.5 per issue binding went to Pickering 

pay, so far as it is effective, tends j s oeneraliv overlooked in 6d. slate violet on laid paper pent- unsold in the sale of and Chatoo for £320. The sale of 

to lead to social injustice. popular argument—has been tfine used) at £650 and a Falk- English furniture and other books totalled £11,190, 

This approach is provocative identified and remedied in- prin- land Islands 1913 £1 centenary 

not because anyone disputes the ciple in this admirable study, (mint) at £750. A Great Britain TnPmiOir 

facts, but because tbe libera-That is a strength of a study 1929 Postal Union Congress £1 LjOIlltJ U V S X (Jl U tliiT JLUUIU 
tionists are not particularly in- which argues lucidly from first block of four unmounted (mint) w j . 

terested in facts, thus demon- principles at every point My fetched £2,300. SOTHEBY’S AND ito Torquay L.e original artists drawing of 


SALEROOM 

BY PAMELA JUDGE 


travel and topograpny made and John vere (1 <63), and £2,400 However, m tnese aays ui ever- greater insight into powaer ski- ^tewav airdort than are' nton 

. £21.161, with only two lots un- for a large Victorian two- growing enthusiasm for powder ^ And once again led me to -(fa: Aspen ahd : Vail tb ; JSfaivw ; .'^ 

Tn Ruobv Warwick"and^War- s0,d - K ° ch of Germany gave handled circular bowl. __ _:— curse the fact that, like so iMny. Y6ft ^aq-gefa- mqtel'rwdn niarsie 

ick's world philately sale £1 * 1M for faorimdes of sketches At Christie’s South Kensington - learned to a tin^. salt Lgke for"arou^^OlKnight. 

icluded four new record prices - two Oriental lacquer altar tables WINTER ^en ^ere was so mu^empha- & the winter aid ^ir,the xttra^y: 


recognition of the fact that JJhJrwSsI^this nrnnSat rmild ditioa fetched 1550 and a . 1931 ; in 

children are people, with needs ffi™*® d ^ri ce P SHli avoto- l93 , 6 - E c bl ?^ »“ d rose <ram ° Sai 

of their own-a point that the Agato a basic ffustiS- ^Used £1,400. |? 

this tim ® between owner-occu- Other world records were for Ri, 
grasp.) The result is that equal pier and private tenant , w hi c h a Canada 1851 Prrnce Albert < 

pay, so far as it is effective, tends js gener ^jy overlooked in 6d. slate violet on laid paper re i 

to lead to fiociai injustice. nAm«ig«» nrfiumAnt_hue Knon t finp used! at £650 and a FaJk- Fn 


WINTER sis on downhill weighting, by *miting■ 

CDflDTC 7 Powder requires equal asttlbur / j,^rt frT^h t , TTS > ' ■ 
SPORTS tion of weight on both ^ds ^^ t 0 _c'ost.conriffprabli'4e&ih^ 

__moving the centre of gravity hack it^l than In Colorado : -■■■■:'< 

BY ARTHUR SANDLES a tittie. keeping your, tips 

G1I1I v tin? rrrv an *^ steering with your jonees. , am jSouttii be shot-full .of pain-^v" 

S3ALT LAKE CITY Weighting ti><“ »: Jdller. and. Ioadfti dnfa a 

_ • mgrained. m me that. adjusting has ;bewt-^ 

to these different conditaQiis-was fantastic hat’ now hhene, hearth,^ 

this time between owner-occu-l taner worm recorcia were iui River Lann Dy ueorge mrnara. volumes yi n wnunc I you need to move fast, if you are extremely difficult But Aullp-bin- Shp«e> anff WwSi’ y.' 

pier and private tenant which |a Canada 1851 Prince Albert Sotheby’s Belgravia had 3.5 per issue.binding went to IhckeriDa j nol t0 g^d ft has been carved to having passed the Alta initiation, ^ beckon'stroaff ■■■ -~' r ' s 
is generally overlooked in 6d. slate violet on laid paper cenf. unsold in the sale of and Chatoo 1 for'ISiO^The sale of I jb . b y enthusiasts. test!tt was off to the heUcopter teIev ■ ^ -• 

-t __ ___ JL 1 1_ _ _ I ifirtn 1 YKtn OTlH 4 M O 1 L-_ TTl _ J 1 .. __ 14-ia nn n*ir1 ntVin I* Krtnl’C f nthHA/l Tl I 1 Oil I * I « • a.. _ 1 A ^ ■ JL • 


you need to move fast, if you are 


This approach is provocative identified and remedied in- prin- land isianas mis n centenary 
not because anyone disputes the ciple in this admirable study, (mint) at £750. A Great Britain CJ^4-1^ r I Vl^AlldV 

facts, but because tbe libera-That is a strength of a study 1929 Postal Union Congress £1 SOlUCDV S X 1)111 lldY 1UUJLU 
tionists are not particularly in- which argues lucidly from first block of four unmounted (mint} w *. . 

terested in facts, thus demon- principles at every point My fetched £2,300. SOTHEBY'S AND its Torquay L.e original artists drawings of 

strating the truth of the Old joke, great fear is that what is a In London Sotheby’s held three subsidiary Sotheby Bearne an- the house included an Art Deco- 
One is thought to be snidely strength in analysis will prove sales. In New Bond Street nounced yesterday the opening style rainbow. It was built in 

pointing out that many women a weakness in political practice, modern British drawings, paint- of a saleroom in Torquay on 193 <, t cost of £ 70 , 000 , but 

live off men—which, though Political parties, like women's ing and. sculpture went for February 22. The house, known . , f vpars Having reached 

true, is not the point So if and liberationists, are impatient of £44,697. The lots included the as Rainbow. wUI be one of the Z' D r”' ^ ° a *_;, lrpr , station. Art steer 

when the hubbub has died down, principles which do not bar- final portion of works by Dame largest salerooms outside London, when botneby uearne acquired j^gjjgp it was a 

one can try re-stating the.argu- monise with their own slogans. Laura Knight (sold by order o£ Rainbow was so named because it in 1977. still no t accnstoi 


A few days a S o th. local ski- W 11 « in “ “■ moimtaii, deep. . SNOW REFORTS . . ^ 
guide, Art Wilder, gave me a The use of helicoptm-s for; , 

taste of off-piste powder at Alta skiing is increasing worldwide. . ;■. 

which is less than an hour's &£ Adel bod en ...28 40- Good *: V 



t Indicates programme in 
black and while. 

BBC 1 

9.41 am. For Schools, Colleges, 
12.35 p.nu On the Move. 12.45 
News. LOO Pebble Mill. 1-45 
Trumpton. 2.00 You and Me. 2JG 
For Schools, Colleges. 3.53 
Regional News for England 
(except London). 3.55 Play School 
las BBC 2 11.00 m). 420 

Winsome Witch. 4.25 Jackanory. 


4.40 Scooby Doo. 5JJ0 John 
Craven's Newsround. 5.05 Blue 
Peter. 5.35 Paddington. 

5.40 News. 

5^5 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

6.45 To-morrow's World. 

7.10 Top of the Pops. 

7.40 The Good Life. 

8.10 Wings. 

9.00 News. 

9.25 European Figure Skating 
Championships. 

10.15 Omnibus. 

1L05 To-night. 


5U0 John the following times:— 

5.05 Blue Wales—L45-2.00 pjn. Barnaby. 

>. 4.40 Crystal Tipps and Alistair. 

4*45-5-05 Mae Gen I Stori . . . Oz, 
,ndon and Y D e«in Dawn us (5). 5^5-620 
Wales To-day. 6.45-7J0 Heddiw. 
11.15 News and Weather for 

.. Wales. 

rid- Scotland—1130-1L59 aon. For 

Schools: Living in Scotland. 5.55- 
6 JO p.m. Reporting Scotland. Ilw45 
News and Weather for Scotland. 
Northern Ireland —11^6-11.50 
e Skating For Schools (At School in 
1917). 3.53-3-55 p.m. Northern 

Ireland News. 5JI5-6J0 Scene 


higher Itwasa bakine dayand V bich rarely teel ^ t P a6h Grmdiewald .46-60 - Good’-'- 
“*?l r : fr ^ g ,SL?S-« kis - Through gullies, between Gstoad : :’‘4d ;>Gddd^ 

still not accustomed to labour at g; eeSi past wildlife and always Ifnriteir :4S ~84 '"Good -'-fv- 
11.000 feet I was puffing by the- jri total silence. - Eventualiy jrBm'St. : A3otoh'-&K5Sod : ‘" *>'. 
time we had climber high enough end up in the valley and the heli- ^ j ^Gohd " 

MacKeDy is 

iv nn close-Read inns bv Geoffrcv fcwta* Mwdral Best bet of the afternoon at SeattleSlew, possibly the 

pligf V.„ N«»7*iion y Dydd. 4J0 sun Maur. Towcester. where an inspection middle distance --performer, in and lhe riste.rt hasyincuxred. 
iih,“ p222LJl h Y Dydd -1 will be held this morning, should the U.S. since the days of Secre-, J. a Tobin, Seattle;SlewV4»nv :■ 

(or lid., e Pnw * #0k , «r4Kai , %k CW„I srn.ee __ ttriat, may have run ilutVlBBirt .Swap, ■; 


9.00 Georee and Mildred. 
950 This Week. 

10.00 News. 

30.30 Time for .Business. 
11.15 Kitchen Garden. 

1L45 What the Papers Say. 


4.S5 Break umo. SJS MaJibn Beach 
Party. 5J0 Crossreads. 6.00 Report West. 
MS Report Wales. 635 Brst in the 
West. 7.05 Risws Damp. 735 Thursday 
Mystery Movie: Lanuan’s Rabbi. 1035 
.tan Canren—Ceurse Kelly. 1U5 
Terror:. The Day or the Triffids.” 
sian-ing Howard Keel and Xleote Maurey. 

KTV Cymru,Wales— As HTV General 


for To-day. MTV West—A s PTV General Semcc 

TOd b w ; An , „ r _except: 1^04.30 p.m. Report West Hcad- 

JifA Regions • as London lines. MM35 sport west. 


except at the following times:— 

ANGLIA 


SCOTTISH 

US tun. News and Road Report. 2.90 


11.45 Weather/Regional News. area. ll 40 News i 

All Regions as BBC 1 except at Weather for Northern Ireland, 


Ireland News. 555-6-20 Scene v.m. Anglia Newt- 2.00 women Women Only. <L20 PI pet and Fnends- 

Around Six- 11.05 I Didn't Know ^ S ^ cro[ v ^ l<1 , 0 5J0 Crossroads. 6.00 Scotland Today. 6.30 

v .„ n-iraA ak Aiou-e j 5oIi> One. 535 tromerdBle Gamock Way. 7.00 Enunerdale Farm. 

YOU Cared. 1L45 News and Farm, un About Anglia. M0 Arena. 7JO Charlie's Ang*ls. 830 Rising Damp. 


RACING 

BY DOM/NfC WIGAN 


miu. ftoio one. 6o5 c.nmKTdBle Gamock Way. 7.00 Enunerdale Farm. i,:- inint numert Mlrlrv 'Tsvthr. 

Farm. UM About Anglia. 6-20 Arena. 7 JO Charlie's Ang*ls. 8J0 Rising Damp. h Ti n ,j._ Ti r . rcp f phaiianwr QIS j hiST 

70» Bygones. 7J0 TTte Bionic Woman. 10.30 Wish You Were Here, n nn Late be Jini Old S Dorset Challenger, and Dr. JUB HiU (who have him 


tariat, may have run his-last qtteror: m last -summer’s Swaps 
race. ” . . ; . Stakes at fldllywood^'.'Park, is 

The Triple Crown winner, who expiected to bW ^or Jhe .Charles' ^ 
was sidelined recently by a bad JL Strhb" Stakes, 1 $200,000 event ■■ 
fever and a low white «li count, over 1} miles at Santa Anita on .. 
has responded to an infeisive Sunday. . , 
course of antibiotics^ However. ..j. r -f . ?■ ' 


F.T. CROSSWORD PUZZLE No. 3,583 



England—555420 pjn. Look *- 38 Blcss This Rouse. UJQ Police Call. 1L.D5 Thursday Cinema: " L 
East (Norwich l- Look North Woman - " 77 - K.W The Monsler." starring COristopber Lee. 

fSU J1.™ch«ier, JKSS'r I ““ r ' ^ “ SOUTHERN 

„ a tv .S-BWAKS 

To-day (Southampton): Spotlight ^*r,* TV Nenrad»lr. 3J0 House- too Day by Day. frJO University Cbal- 

Couth-Wpsf (PIvmonthi party. 535 Happy Days. UW ATC Today, icnge. 7.00 Emnwrdale Farm. 7J0 

&OUU1 west (t'lymouinj. 7J» Enmwrtale Farm. 730 The Bionic Hawaii Five*. 830 Riiins Damp. UJ0 

DDfi 7 Woman. 8J0 Rising Damn. 10JO police Elaine, the Singer of tbe Song. 11.00 

UOV/ At Woman. 1IJ0 Master Golf. People Rule. 1130 Sotnbera News Extra. 


MacKelly. 

The Win canton meeting 
been abandoned. 


APPOINTMENTS 


covered with a $6m. policy) are 
has reported- to be considering 
retiring him as a result- of his 


l : 7- ^ TOWCESTER 
IfW—Dancing-in-Irish 
L30—Jave River . -" : 
2^9—Wlltrae; > ? 
3^rfflacKeHy«* - 


BBC 1 


11.00 am. Play School. BORDER 

6J0 prn. Open University. tun p.m. Border News. 5.: 

t.vO News on 2 Headlines. UO Loofearound Thursday. 7.01 

7.05 Your Move. dale Farm. 7J0 Mr. and Mrs. 

7J30 Newsdav Streets Of San Frandseo. 10. 

iTw Pnif—jif™ Woman. UJ0 Wish Yon Were H 

Golf—the JWIer Way. 1 12.00 Border News Summary. 

8- 35 World of Difference. tvtivtct 

9.00 One Man and His Dog. CHANNEL 

9- 35 Korea Entertains with The L '™5 hl ii ne 

Korean National Dance 

Company. 7.0# The Big Fum: -• Tbe Vikim 

10J20 Men Of Ideas. Cbannel Late News. J0JZ In 

11^5 Late News on 2. ; ■ - r °“ ^ Tr P su £°' T . 

1U5 Closedoin]: Bernard Hepton N S 
reads Snow in Southern 


BORDER TYNE TEES r€ I AQI 1 

1 5 !? wfc BJ "- Thc Cwd Wortl Allowed by JUML 1 

Me Lot^round Thursday. ..00 Etamer- North East News Headlines. L20 p.m. 

dale Fann. 7J0 Mr. and Mni. 8JI0 The North East News and Lootcaround. 2-00 ..... .... . • • • ... ■ 

streets or Sm Francisco. 10 jo Police women Only. 5J5 The Brady Bunch. Mr. D. F. MacCallan has been of Dartmouth Auto Castings. structure are Mr. R. P. 0gd€a aod/ -i 

^ No ^ , ^„ LJ/e -n 7 - ra -^ n ^ r,ulc appointed managing director BP - . J r Mr. Seymour S. Prestim IH. ■ > 

IMMlMttnur. 5“R B a*SSSS5-»tg,“a5 <®U. «m ™tl >J reptaced u Mr. Carl Drn, will to jototaE . - *-'• 

CHANNEL Rich Man, Poor Man. ms a-m. general manager by Mr. E. W. J. the management team of BROWN :Mr. W. “iL Ptnkertb«/'prbauc-"? ri 

4 l 5? , JJ ne News and Epilogue. Reynolds. KNIGHT AND TRUSCOTT .^ tion directof of- A. H,'McINTOSH,: :- : 

ULSTER „ - . - * Rtt „ . technical_«rector. •• /.. ,has_been appointed,tq.the majh:^ 

7.00 The Big Fum: - Tbe Vikinsa." UUS L20 P.m. Lundnimc. flJS Ulster Metre ®* r : ’^ a ^ n ®*. ■“*“ “SS heen Boards . ... ... 

Channel Late News. JBJ2 In St-ucfa oT Headlines. «d» Big Bins Marblo. «5 appointed assistant m anagin g Mr A.'GL*Went has been ap- • -it! i^jT. 

.. L - *5“ „ Tl S?™£ e ' JJ-S 1 o’,- 5 *?*! 1 Little House.on u» Prairie, uo Ulster director of the NORTH WESTERN pointed director of marketing of \ M r ' Brian juit ' fias • 

••Can Ellen be Saved?" 1245 aan. Television News. 6.05 Crossroads. 640 NEWSPAPER COMPANY (Thom- ih7 usWWX 

News and Weather m French. Reports. 7.00 Emmcrdalc Farm. 7J0 1 the BARDKN CORPOKATION appOlhted mamifa«unng, dSrefctfli 

fiD A Vf PI AIV TIKsBianic Woman. «jo Risms Damp. son Regional Newspapers). (UJ\.). of RUH3RY.OWEN HYDRAULICS. 

UKAIVLrlAi> 10J0 coimterpoim. ilh Mind Your * * He was Tjraritmsl»> nTndiiPt&h v i 

H2S Ml. First Thins- i.» p.m. Lansuase. U40 wish You Were Here, Mr Stephen White has become c W • u OB ha-- previously. -PZTJtj.ugaaa ■ 

Grampian News Headlines. 545 Mr. and lollovcd by Bedtime. ^ ftTS Mr - S - KimptOn has been manager,-.. —^r'l 

Mrs. 6.08 Grampian Today. 7.oo wish „,rcT« 7 j n n P®***™? on the . Boa f“ appointed vice-chairman of the 'X:J. 

You Were Here. . . ." 7J0 Mystery WESTWARD o£ WARD LOCK, a member of NATIONAL^UTUAL LIEU ASSO-. • Mr JimiM " .WiwmtW 

M otI o—C oliMUw, lojo ReSeoiJonb.. 1045 1247 p.m. Gus Honeyhnn’s Birthdays, the Pentos Publish! and B 00 ^' CLATION OF AUSTRALLA and 

press^aod Jourtm! 5pons Pcratmaiity L 2 o Westward News Ueadiiues. 545 selling Group. He was previously refinqulstui^ _ his positio^ as.’; 

■7,. 1145 Baretta. Mr. and Mrs. 6.00 Westward Diary. 7.00 ^ f h MpGrawJIili Biwk Conmanv I ^ , B ? anL managing director. 0 I 1 FORMICA'.f. 

GRANADA B i? F, . lm: "P* vikincs." starring w>in McGraw-WiD kook company F. Peter Johns, Vice-chairman, abd-from March bur Vnll remain. dn4- 

WKAINAUA KJrir Douglas and Tony Curtis. UL 28 Mr. T. P. Scott have retired from thX tord 

UB p-m. This is Your Right. *20 Westward Late News. 1040 Westward + - ^ Board 

sa^j-^A’aasyrsssss-^Jtrsai'sa:** ^ 1.. * ...,:.SSSSS^^S3SSS^ 

SS?-« S ^.“SS YORKSHIRE KS ISSotImiSlSmw! 0. A. .Pri or i te,q w«l -byrnt. ii^ag ^rt^g 

"An Affair to. Bomber.' 1 smreing Cary U9 p.m. cakndar Nows, uo Look a member of the William Leech appou!ted managing, director .o f For m ica^ .midvt ^t^b&'. rgthrq fefc-^ 

Orsanisoiion - ■ L-OiuNJauus . rirtKinT tl ftL .-Jiunr- JonaDnegburg 1 -.tw.lafce 

* COMPANY In succession, to Mi^ this : new . appointment at - the-; .?' 

Mr. W. O. Robledo has been $ ^ .«*?** *** beginning ^ V^- ^ 


BP Coal managing director 


England " by Ted Walker. 

LONDON 


GRAMPIAN 10JB Counterpoint. ILH Mind Your 

HJ23 a.m. First Thing. l.a» p.m. Language. UJ0 Wish You Were Bore, 
Grampian News Headlines. 545 Mr. and [oUowcd by Bedtime. 


„“I— i-..-™iiiDPCirnrjin, ju, , i 

Reports. 7.00 EtnmerdaLc Farm. 7J01 __ -D pl ri onn i 

Tbe Bionic Woman. BJO Risms Damp.l s011 Regional Newspapers). 


Help! 1L00 For Schools (con¬ 
tinued). 12.00 Animal Kwackers. 
12.10 pan. Rainbow. 1220 Make 
It Count. 1-00 News plus FT index. 
1 . 2(1 Help! 1.3D Crown Court. 2.00 
After Noon. 225 Shades of 


ACROSS 

1 Under orders and appetising 
<S) 

5 Dad's bird is aver the hill 
<4. ->j 

9 Unpunctuality may change 
net sales iS) 

10 Where we proceed to let our¬ 
selves go (2, 4) 


7 Wherein the waverer is « be 
found (3, 5) 

8 Dwelling for people in prin¬ 
ciple (S) 

11 In addition we may get a little 
cross (4) 

15 ** Our refuge and strength; a 

very present help-" (O.T.) 

(2, 7) 


Greene. 3i20 Looks Ftttniluir. 3*50 Kranunei. 5-15 crossroads. 6.00 Granada 
The Sullivans. 4JS0 Little House Reoons. &JB Emmerrfjfe Farm. 7jB0 
on the Prairie. 545 Mr. and Mrs. "**. Affair to Bomber." s*“Tina .Can- 

<r js; Grant and Deborah Kerr. 10JQ What's 

lsews. n„ II M tin,nr tVia p.„ K e,„ • n in 


£.00 Thames at 6. 

635 Crossroads. 

7.00 Wish You Were Here ... ? 


Mrs. 6.08 Grampian Today. 7.00 Wish 
930 SLID. For Schools. 10.48 You Were Here. . . ~ 7J0 Mysiory 
Bin! 11-00 For Schools (con- Movie—Colombo. lojo Re&jL'Uonb. 10JS 12 

E&d). WSiiSj KwacS. s^ffafisr Sp0ns Pcremailly m. 


WESTWARD 

12.27 p.m. Cos Iloncybun's Birthdays. 


Pd a 7vr a n * Thc B| 8 Film: "The Vlkluss," starrlms 

uK/iltAUA KJrir Douglas and Tony Curtis, jc .28 

US p-m. This is Your RighL 4J8 Westward Late News. 1040 Westward 
Code R. 548 This Is Your Right (second Report U.80 TV Movie: " Can Ellen be 
chance to »c Lord Wlnstanley's pm- Saved?" 1245 a.m. Faith for Life. 


—J via, uniwu VnnTrnmnn 

Reports: 6J8 Emmerdjfe Farm. 748 YOR KSHIRF 

An Affair to Bomber." Starrluu Cary 129 p.m. Calendar Kuws. O Look a member O 
Grant and Deborah Kerr. 1040 What's out. US Run, Jihj, Run. 545 Organisation. 
On. 11-fiS What the Pancrs Say. 1120 Survival- 6.00 Calendar nsmli?y Moor ° 

Police Woman. and Belmont editions). 72» Emmcrdoic „ _ 

jttv Farm. 7J8 tuning Damp. 080 The Mr. \V. O. 


manager. - .. .. - ■ : 

Mr. ., Barnes 

refinqufstung his. pofiitioiF. •: as.' = 
managing director.' oI ^FORMlCA'C 
from March bur VnU remain. bn§- 
. the Board: of r that-ounp^ay^an^ri;. 

concentrate <mJ ids 'intefttafionaf 
responsibilities:. Mri-' -rlaitrWWts.> _-. 


COMPANY in succession, to' Miss this : new : : eppointiuent at 


Streets of San Francisco. 19J6 The [ appointed 

Prankin Vnnnh,, Ch,.,„ Ti tn ,oi.l v_I . .. 


7JI0 Mvsterv Mnvip* T nnlean'c 1 - 20 pjn ’ .ffCDOTt West Headlinos. L2S Frankie Vaughan Show. lLRj Wish Yon 
iuysiery movie. Lanjgan S Heport Wales Headlines, im Women Were Here . . .7 L2JQ Man and 


. w. O. BflbMo btt been 

inted to the Board of ”’ *. ^ -. . 

t y\/ d aotj a Km criM ' T - r. nhltft -■ fisft - -. MOl 


Only. QJD Dynomxm—The Dos Wonder. Woman. 


RADIO 1 


247m Act 2 IS'. 3JS In Short (talk). 4 jBB News. 
"Dialogues des Carmelites." Att 3 (S). point. 


7J5 The Archers. 


■■DUiogncs des Carmelites^" Act 3 fS). gomt. 7.45 The Night the Bast Coast mem as investment secretary at 
6-50 Gcmttdanj «s>. 5J» a Second Sat*: the flood of January 51, WK. 830 rhn onri of limp 

Chance To Heal «S>. 545 Homeward Ray Gosling with the BBC ‘sonnit Arrfiim-i JUne. 


did you miss your Station? Edmonds. MB Stmon HAik. 115 Paul Kj* .7? viJi a'fn ?*!Ss wi ,‘5u tile B ® c <iolmd Ardiives. 

(O q «v Sttiwt Inclmtlmf 1? ta o m 2 #un 5 lS - r,ea ?- Roflwwvrd »A5 Anatpjig; vvbow Fingers to the TUI? 

>-,4,4/ mciuouw 12JB pai. newmcaL Bound innUdned'. 630 Llfellnoj!! The 8J3 Todnv in gvnwt> r.kam ah 


630 Lifelines: Tbe 833 Today in Synod: Rebort on the I Mr. Douglas Faithful! has been 


\-| * C IT 1 , .. CHmiMihimir hw^reef WMUVbuty t-AAUlciUW, -'Ll, 3 131- IWUH. TM NIEDI lUC EjSl CfiaSt. 

12 Fiaeh makes William in a bad H To take unjustified action— ^ ^ GcmWwj tsi we a second Sank: the flood of January 51, ism. 830 

temper (9) did you miss your Station? Edmonds. MB Stmon >u:es. h.m. Paul .Jf* t «K r -4^; ?j!c wi i5 u lhe ®® c Archives- 

13 Characteristic expression of jj- 3 - 3 ). Bwmd ,M ” Uaned ‘- *j® LUeiit^Tbe ojs T^SS i ‘m”s?Sod' nS &rt t «ii 1 SS 

Amin with order (5) 18 Depressions about the river w? 1 7 ^ d Wider World. 7401 The prisoners <scries) Gvwrat Synod of the Church of England! 

14 Explosive source of riches (4> for upper or lower sets (8) ST* aLnSSh^mfS &.*£ ZmfnJrtilh t£ SSS fti’SKSJS 

16 Bob has a success with a 20 It's favourable publicity-put <s.. awaffi a^n. as Radio 2 , STboWbS Aw iK 

fellow in Wilts (7) that jn your pipe (4) ^ V ? <F . R ? J| ”., 1 & ?L **.*!": Wia part 2: Tchananrsto fs>: 8JS Drama Financial World Tonight. U38 Today tn 

19 Surnass public work (7) 21 Arrived With many at and°iiflSS?S 5 N . QW , ,Sl - ErlUsb Chamber Parllanwnt. IL4S Mews. 

21 tSSnFS^SS competi- Arthurs place ,7) Si »JS SSS-* ctZosSTtsSTR sSWTJST '* ara ^ M 

tors (4) 22 Attack included in one of the RADIO 2 L^OOm and VHF njs News, ujo-ujs And Tonight's RBC Radio London 

24 Excel with alfresco party (5) __ best RAF efforts (6)- mb a^u Kew* Summary, mu Ray 5™*- ansmuid <u ^ vhtt 

KHigh church m Greater » Not tte product uf stole HADIO 4_. a, 3 


dMMVJiuco iu UI*; iAfpiu VA 4 .. • u . rr..i a 

HENRY BATH AND SON. '• „ _■ J. ^ ' • V. ■ ' '-l- 

* Mr. David Tegg has become appointed,fb the Board of KINGS- 

b ,-c. ♦» chairman and managing;-director - . GASHETS - its- Szascial 

■Baud i-tisafJBJBk -- 

— Iby fflr. Keith Stevens. Mr. Rteh^d 1kadJ> ; 

the ead of June. ..... « * ' ' ■ apjiointed - tq ' the -. Boarii,?af;; > 


London? (9) 

27 Class gets by in Lancs (61 

28 Jolly capers in one’s Sunday 
best (4, 4) 

29 Comparatively reckless with 
the breakfast dish (6) 

30 A good man we have to 
encourage to fish (S) 

DOWN 

1 Comfort current In lonely 
surroundings (G) 

2 Behaviour of one in a London 
suburb (6) 

3 Secret societies with a grasp 
on things (5) 

4 Observance about extra- 
sensory - perception gives a 
breathing-space (7) 

6 A bone found round the Swiss 
mountain for the native (9) 


walls said the tkk* ffit M 5 for Tuwsn. vjz r e rr» 

am 7“* L??*“ J' . Wdsan (S', including S77 R&dng Bulletin 

Jo just not a dinar— can you get and sas Pause for rtmught.- iojh Jimmy 
any lower?- (5) . Young <Si. 12J5 P-m. Wise oners’ Walk. 


SOLUTION TO PUZZLE 
No. 3,582 


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member company Terrapin Inter- MARDORF PEACH AND ‘ - ’■; ; 

national. + of Ass “ ia ^ 4 r W«iw" 

Mr. John Middteloa, formerly . '•* . .: BKFTISB 

home sales director, has been R-' W: EWrldge.and 

appointed group sale s director of <*. Moore..have joined ...the dii4ctoo-at Msav/s'retme^ 
PEARSONS OF CHESTERFIELD. of HIREPLANT. -. > 

Mr. John Lihgard-becomes home. - - .J- * v .• i ^SSSSSSSSSSSSBS&i^ 

Mies manager and Mr.. Roy “T: ?• ScaB has jbeen ‘ 

Brooks has joined Pearsons from appointed chairman and manag- parrat concei^^^^ 

Dema Glass as export sales big director of KRAFT FOODS in • .% ■:(- 


was managing director,: has ' been 


Wtean (S'T inclwJing £5? RadnTBul^fin 434m, 330m. 285m and VHF Carry on Goonciflor. 9.20 London no “e sales director, has been . V«£ w. JSiarugc 

and BAS Pause for Thought. liJH Jimmy TMcdlum Wove oab U vc - ^-IB In Town. 12,03 rjn. Cafl In. appointed group sales director Cff g* M OOre Jiave j 

Young (Si. 124S pjn. waaconere' Wilt. , «"■ Nows. 647 FunnJns Today. 133 2K Slmwesso. 0 JB Home Run. 640 PEARSONS OF CHESTERFIELD. “Part Of HIREPLANT. 

12J8 Pew Murray s Open Rouse :si L, P J® Hour. 6J2 (VHFl Si®P. Listen. 7JO la Town fas Mr. John Lihgard' becomes home. - ■ 

including US Spurts Drs.t. 2J0 Da^d Regional- Nct% 7JI0 News. 740 Today. «L« ajn.i. 838 Soul 77. .1043 Life j^ip, raana^^* 11 anrf Mr Wp J 4o icfi F Sn.11 

Hatnllion (SI. mdudlns 2.C and 345 7JS Up To The RotB- (continued). 132 Night London. lMO-dase-. as Radio l SS*. . Ko ^ 

Sports Desk. <138 viaggoners 1 Walk, ivhf) Regional Neu-s. 8.00 News. 840 London Rn> 3 ii P 9 sri nff Brooks has joined Pearsons from appointed chairman ai 

•AS snorts Desk, a.* John Dunn iSi. Todas ineiuduig BMi-s headlines, weather, ji,,.™, Dema Glass as export sales big director, of KRAFT 

ladudins 5,® Sports D-sk, 6A5 fonts PAOOr *'MS Yesnutlay m parUa- _ -film and 97 J VHF manager. the UJC Mr ■ Victor TV- 

Duak. 7JK Cvuuiry aub <S'. Ml ™"i- MAS These You Have S^» ml Morntas Music. 6.08 ■■ AAL ” b \ua« kftZinolnX 

Fotkweave fS;. «s Svorls UUB Loved. UBAO News. JW.8S From Our noiwiop news, travel, sport, reviews, * was marlflp,n ® BltWAr 

Two By Two.- *038 star Sound Eat.M. 0*® Corespondent. BUS Dally Sorslcu. information, UM» Brian Bares. LOS p.m. 

XL02 Brian Matthew with The Late SW. 5 Morning Story. JllJM News, tti-05 LBC J*«om, Including Ccorse Gale’s 

l 2 .OM 2 .es aan. News. . Dowd Your Way \isJis Buckrastielfih. 5 O'aock Call- BJO ,Mter S—vrilh lan 

n i rsTf\ *3 acini Stereo & VHP Deton. UL45 Speakin* For Myself, 12J50 Cilehrtet. 9JH-L88 aan. Niahillnc, 

KADJLD 3 iMULarereo*. vur 12 m *.«. you And Youra. 12 S Canital Radio 

635 m weather. 7.00 Nmm. MS The BurUss Wav. fiajpg Wesihcr iwo- ^ d F JUU - Haul® 

Overture 'Si. 8A0 Xcvra. 80 S Morning Rranime turws VHP 1 except London and 194m and 95£ VHF 

Concert (Si. 9J0 News. 9js This Week's SEi Regional News. LOO The World At 6 -® *wo. Grab am Dene’s Breakfast 
Composers: Flnzf and Moeran fS'. MS One. L30 The Archers. IAS Woman's s1,ow f Sl- 9.00 a.m. Uichad A 3 pel (Si. 

Weber concert 'S). 1BJ55 BBC Scottish Hour it from 2.001 including ^.oa-S.Ol LL00 Dave Cash with La* on Delivery 
Syafflhoiw orchestra fSt. liOO Mozart News, J2A5 Listen With Mother. 3.M ' S1 - 3> ®* P-"- Roaer Scou with his Three 
and Schumann Chamber Music (S'. LOB News. MS Afternoon Theatre, 330 Jack O'clock Thrill <S>. 7M Lord Gcoree- 
N*WI- l* Jluehtaw Midday Concert, fle Maul# Precisely includhiR 4,00-4,05 Brown's Capital commentary (Si. 711 
248 Operas of the French Revolunon: News. 6J5 Story Time. 530 PM Rcpons. London Today (Si. 730 Adrian Love's 
“Dlaluaues dcs Carmelites." By Frauds 500 SerenllDlty. ISJ5 Weather, pro- Open Line fSi. 4.00 Jonathan Kins (Si. 

, "L ords ®2. ra 2? c «njs (VHFI Rccionai Nears. 1LD0 Tony MyaU'a Late Show <Si. 2 . BO 

(tfukl. 3JH Dialogues Ucb CanncUtes, Mil News. 6JS Top of Uie Form. 7.00 a>m. Duncan Johnson’s N«l« t'Uiit (Si. 





























JW 




js^asSal ■'■- 

>pNMhSpw«e : 


2 1978 


» 


in ^H. 


Oa .!&£•,'.■morning of tfce 
uneral, Arthurs coffin standing 


— * uja* v “ l * *>*“•*•*■■ wuu» tuiiiuing- - 

‘^SfSfC fresfles iat the'-ntfe of Wr 
>8 0{ % i^itiing-TOOin^ .we meet a family.--' 
as th* J ^fl? eTO ^ dof ” ly " pleasant character^ : 
was whatever- Mabel, • tbt'.. 

sst h(i ' a *ai*■ W* {June Brown), isabuiiy. 

adr‘c, : j * *kl - a nymphomaniac >' -..Carol '; 
a ^-daughter, 

MCA fc * 0 bbWs signs of becoming a HoBy: 
Shy of , erself, biit as her young -min 

>dUcer r' ^P-\v onaJd : (Geoffrey Larder) is' so 
spe^ acd*, ,(r 4 ct xnigtet turnout welt " 
Thl ‘ Mabel's broa^V-Ted 

®xporu r r ..® arr033 )» who . loses no. .1 

tS Gernn- . in making love to"his niece 

to _ .:; 


ace m 


Page 31 


0 wy tie co« t : 



Record review 


Vivaldi tercentenary 

bv NICHOLAS KENYON 


Covent Garden 


- c oufilT5eV ^ .. v ^ _ .L ; . 

mauj *;• Book Reviews 

r.an,*> 

'•>a did Q.,/^ 

it ton ; n 7 ^ 

We or »>, la, " , 2J -\ - : ;’••••• 

rted’h"’ more. seriously *.to Bis. 

a e sa A Agister.' His wife Edith " (Stella , 

- w .‘. Vi fanner) is'a cipher, but a bad- 

* Pr&cL* e3 '^^ one? -and .with reason, 

iso" he e,"n Timms;.(Harold <Joodwin) is '. 

ave orr.-w U,a '>. 'Old", man from the #$,. 

rtnit' ts!*','. 051 Mberal Club., rr.-Liberals aren’t 
Ha Thft° S*y 111 those, dim northern 

***** • V •-• • 

Michael Sharp's prefabricated 
3 -i r.rtalogue is" spoken at aa appro- 
■riateiy funereal pace .under 
Jadhav Shaxma’s direction. But 

■iter the- cremation,- - when J. ■> Jill Dixon, Stella Tanner andKeith Barron 

he sandwiches have' been re- finding" ; Mabel alive and not woman, Susan (Jill Dixon i. re- exciting as yesterday's evening 

a oved from the coffin .and eaten, Arffiur as; she expected, dies in veals herself as Arthur's mis- paper. Any deviation in either 

dss y; - - -kings begin to happen- Aunt a •bedroom upstairs. Mr. Timms tress for the past ten years. from the wholly predictable 

OTbcrV. "r| ‘ ,r who entered on the Arst- loses 1 his teeth down the outside The characters are as flat as seems like the result of despera- 

1s u 7.7 T ,. 2 ict curtain-line; and fainted at lavatory. A sfrange young pancakes, the situations as tion. 

Ihfr r-t.. 7. - ' 

f and1 '• -■ ^Nottingham University 


Trcrur /lunipicmrs 


rcs./jj r -ic,- r - 

v- 


while S B! r 'l£?. 

cl-.un. tram 
at the U: 
dcrebly 
airport • 
m aii'j 
get a :r 
- for 


Richard Goeur-de-Lion 


-He • ■ - ' 

-Ki-uv 
’4‘ 

:i '7 

.“Vi ^ ^ The Opera Group of Netting' MehoJ, Boieldieu—faded away, popular spirit and appeal with have the lion's share or the 
.iam University, usually devoted They ‘ became the preserve of.sophisticated craftsmanship, music, which goes rather to the 


by RONALD CRICHTON 


i»er a-i the lftth centnrv Teuertorv niusical gourmets like Beecham. They breathe lost innocence baritone Blonde). Both roles were 

\ 16 ^ ‘ . t who mounted Gretry's Zemire et mixed with ancient wisdom. Like firmly sung, by Ian Kennedy and 

‘IV, r"V alter Massenet s Le f e Azor at a Bath-Festival many other opera-goers, 1 knew Michael Butman respectively. 

■a s ‘/.i^Mhore tuis year but Sound the. Hichord is a decidedly un- Laurette's “Je -crains de lui par- The scene of mutual recognition 
W; t. ..Mr.-. - ..st.n .1 MMMriMiin.Miliiib - - • -- rescue ler la nuit" from the haunting by Iheme-song came off very 

_ from U 5 ® Chaikovsky makes of it in vvell. Both Marguerite iLynne 

Danubian The Queen of Spades. I cannot Wayraan) and Laurette (Linda 

--the remember when I firet heard Rands) had strong moments. 

ru - -• --ta —• ——- 7 T.T- Crusades, r In Sedame's libretto Blondels Une fievre brulante Li nda Darnell as the village boy 

Th.- jretry and composep Jike hi^ he is found ^ by the, faithful - »t seems always to have A nl or,io set 3 good standard at 

^ vvh° wrote delightful music and minstrer Blondel and freed with been there. ^ SeSnnli" with the her fresh 

her. ,. . 3 , published the opwwx^ue .^e aid of the private anny of the There are other good thm^i J^ e VoupIeL that are 

! a Ul ? , f ndre i ^ °f Countess Marguerite d'Artois. — lively twos, with an especi- ccor^ n ost pieasfn^ 

nore, are utterly neglected , not conV enJentIy passing through ally piquant one in Act 3 for ^bers An^onv'Walker Mofe 
’f.r> east in “their own country. the ^iu age 0D; her way to a Blondel, Laurette and Sir Mo ?!^ 



s\m\ f!M- 


ire try’s Richard Co&tr-de-Lion convent, to mope for the King Williams (sic l. Blondels aria 


croft, Graham Belchere and 


rrii - rnuntrv others among the not easily iden- 
uethin 0 of tifiab | e smaH parts made their 


bet 


ivi 
r. Sr 
ai*::: 
n ! 

;d ii 
•to 

j S:..- 

Cf'i 


; :: -:ias been .high on my Private list wb om she never expects to see “O Richard. O mon 
•, •'»/wanted operas for a very long ggam. What strikes us now as a dances with something „. .. . ... . . 

. -ime.. r ; ■ child’s picture-book adventure in Rameau's earthy tang. P^-J f .{? 6 , 

, !.; Andre Ernest Modeste Gretry.eariy-Romantic style was part of turesque set-pieces for orchestra. ^ norus ana uausually uveiy 

; was a Belgian from Liege, trained the revival of- interest in the Some numbers are simirar in flam ' er - s - 

■ ; in Rome, domicUedin Paris. He Middle Ages and even in mood to the first scenes of Paul Goodwin conducted, 
lived on mto Napoleonic times, historical authenticity.^ For the Fidelia — an opera indebted to Michael Rennison (also respon- 
'Us operais were immensely'period- (1784); Blondel’s-theme French models. Others are like sible for the English translation! 
• popular in his day (an imper- song, which he uses to . prove Gluck without -the grandeur and produced in decorative sets by 
... onent parrot whistUng a^tphe lUchard’s. identity, is-jot a" bad dramatic genius but with higher Mark Wheeler. The nocturnal 
; From Bidwrd during.tile Teiror shot At- a troubadour melpdy. polish . __ Qretry once said of imbroglio at the end of Act 1 
i.- sad its .head CToppqd^ off*._but Though for a Uni verity pro- qjii^ “ j merely aim at a little was rather obscure, but the final 

' SSSSL^L hS SLPVSL P Iace beside but added Qn battle, with prancing hobby- 

—^ n!2 ttSTSiSSiSS/Sf another occasion “ Gluck nearly horses and a gradually collaps- 

Sf nSV si'^ced me.” ing castle, was great fun. It 

essr Se^^proX £ u ®f h N ^is? , ™ l sr f !™hSss 

11 ffiSnnv ntAfitprnipr^ i - Thfif^ U'Mrlv nf u tpRcuc QUGrzi ^ ^oush spiced with orchestral Lohor€ % but the stage in tn£ Great 

not a'‘single person Who does and of the use qf a theme song dissonances uniraagined by Hall is really better suited to 
not know it by heart” Later" that'Richard is^worth reviving Gretry. was Sound eoou ? h lu smaller things — so why not a 
•-U'.Giretry’ff mnsic, like that of other today. .The mu^ic. on any count, make the merits of Richard systematic exploration of 
ris.- talented' ifiriters : pf opera- is too good tb-Tose. Gretry bad abundantly clear. The lion- Monsigny. Mebul and their 
; — continue — Monsigny,- Pbilidor. the knack o$ tunes combining hearted King (a tenor! does not successors? 


VIVALDI: Ii Cimenio dell 
'Armonia c dell 'Lnventione 
Op S. “The Four Seasons.” 
Alice Harnoncourt (violin). 
Jurg Scbaeftlein (oboe!, Con- 
centus Musicus of Vienna/ 
Nikolaus Harnoncourt. Tele* 
funken Das Alte Werk 6.353S6 
EK (2 records/ n.zQ 

VIVALDI: Orlando Furioso. 

Marilyn Horne. Victoria de las 
Angeles, Lucia Vaientitti- 
Terrani, Camion Gonzales, 
La]'os Knkma. Sesto Bruscan- 
tini. Nicola Zaccaria, 1 Solisii 
Veneii/Ctoudio Scimono. Era-lo 
STU 7113S 1 3 records) £14.25 

VIVALDI: Magnificat. Gloria. 
Teresa Berganza. Lucia Valen- 
tini-Terrani. New Philhar- 
tnonia Chrous and Orch./Ric- 
cardo Muti. HMV ASD 3418 
£3.99 

VIVALDI: Five Concertos for 
Oboe. Strings and Continuo 
RV 451. 453. 455, 45T and 461. 
Heinz Holliger (oboei, I 
Musici. Philips 9500 299 £3.99 

The V : iva!di revival has 
advanced by leaps and bounds in 

the last couple of decade*: can a 
tercentenary dr, aov more for 
him? On the evidence of this 
first group of SuOih anniversary 
recordings, the answer is yes. a 
great deal. Fur they help to 
j rescue him from the "traricalure 
of being purely a composer of 
virluosic concertos for the 
orphan girls of the Pieta in 
Venice (and even worse, of 
being the composer not of 500 
concertos but of one concerto 
rewritten 500 times, as Dalla¬ 
piccola put it in a phrase one 
hopes he regretted!. Vivaldi 
wrote sacred choral music: he 
was an impresario, who promoted 
opera in several Italian cities 
besides Venice; and above all he 
was a figure of European import¬ 
ance through the publication and 
vast popularity of his works in 
Holland. France and England. 

So before Vivaldi becomes 
loved only as a provider or harm¬ 
less 18 th-century background 
musak for mandolins, this new 
selection of records an help to 
make us aware of the range of 
bis achievement. But can there 
possibly be any thing new to say 
about that most amazingly popu¬ 
lar of his popular works—already 
televised with Tull meteorological 
details, already arranged for 
Japanese folk instruments—‘The 
Four Seasons'? Again, the 
answer is a most emphatic yes. 
and it is given by Nikolaas 
Harnoncourt's Concentus 

Musicus of Vienna in their new 
recording of all 12 concertos 
published as Vivaldi's Op. S. 

Harnoncourt has provided a 
recording which, even among the 
dozens in Die catalogue, stands 
out as utterly original: at times 
infuriating and at limes revel* 
at pry. it makes a quite new' state¬ 


ment about the work—and not 
by means of any gimmick, but 
simply by going back to the 
original sources. Harnoncourt's 
technique is to suxt from the 
detailed programme of “The 
Seasonswhich Vivaldi pnv 
vided in the poems published 
with the work, and to mould 
the work with an unprecedented 
Freedom to illustrate that pro¬ 
gramme. Thus the drunken 
peasants in .4zfZ«mtr really do 
stagger. rhythmically and 
melodically; the music does 
really slip’ and fall around on 
the ice in Whiter; the rainstorms 
of Summer lash the ground With 
brutal ferocity. The conflict 
between Harmony and Invention 
(the title of the Op S concertos) 
is brilliantly drawn in the open¬ 
ing of Spring, where solidly 
rhythmic ritornelli alternate 
with twittering, jagged bursts of 
birdsong from which all strict 
rhythm has been eliminated. 
Countless other touches—the bag¬ 
pipe drone, the yapping dog. the 
unearthly stillness of the summer 
heat—are all reinterpreted with 
a new force, making the most of 
the sudden 3nd acute contrasts 
which Vivaldi's music provides. 

There must be one reservation 
about this set: the solo violin 
playing of Alice Harnoncourt 
simply does not match in sturdi¬ 
ness and nimble accuracy the 
playing of the whole band—she 
is an excellent member of a team, 
but this solo part realty demands 
the more extrovert authentic 
approach of (say! a Jaap 
Schroder. In the remaining 
concertos of the set there are 
two contributions from the 
superb oboist Jurg Scbaeftlein. 
as well as three other program¬ 
matic concertos which are no less 
fascinating than The Seasons. 

Claudio Scrrnooe's new record¬ 
ing is as welcome as Harnon¬ 
court's. though for different 
reasons: the interest lies not in 
performance siyie but in the 
con lent for ii is. as far as I 
know, the first recording ever of 
a Vivaldi opera. Vivaldi claimed 
to bare tiriiten some 94 operas, 
though we know of only tl) 50 
and more or less complete music 
survives for only 20. Orlando 
Furioso is a version of Ariosto's 
famous epic (which served most 
18 th-century opera composers at 
some time) in a libretto by 
Braccioli: though the sorceress 
Alcioa and the princess Angelica 
are prominent characters, the 
whole of the dramatic action 
centres around Orlando's mad¬ 
ness — a somewhat restricting 
device, as all his gre3t mad 
scenes arc solitary. 

Moreover. these mad scenes 
are almost entirely in recitative: 
highly dramatic and varied 
recitative, vividly (if rather 
fruitily) delivered by Marilyn 
Home, hut nevertheless without 
any except the occasional 
blustering unison intervention 


from the orchestra- Vivaldi's 
orchestral skills are heard only 
in the arias: there's a lovely one 
with flute for the bass Ruggiero 
(an unnecessarily lugubrious 
Sesto Bruscantini), and a lilting 
one For the tenor in Act Two 
(Lajos Kozma. light but rather 
too sot to roeei. Most dis¬ 
tinguished among the singers arc 
Lucia Valentini-Terrani. a husky 
and evil-sounding Alcina; and 
Victoria de los Angeles, luminous 
and distinctively inflected as 
Angelica—though unstylish, the 
is. in the words of her Act Two 
aria “Chiara al pari di iucida 

Stella." 

However, it is difficult to judge 
the effect of many of these arias 
in their context because of 
Scimone's editorial methods. 
Necessary though it is to cut 
what would probably have been 
a five-hour work, and admirable 
though it is to try and retain a 
good balance between recitative 
and aria (instead of cutting all 
the former). Scimone's re 
arrangement of the opera leaves 
much to be desired. Good arias 
are taken from excised scenes 
and placed in others: the whole 
of the second act is re-ordered 
to accommodate some cuts: and 
Orlando has no less than three 
arias at the start of scenes, all 
of which are jarringly un¬ 
prepared by recitative (and one 
of which 'is an insertion that 
seriously changes tbe idiaruJtcr 
of the parti. Though this set 
can be wholeheartedly recom¬ 
mended tu any admirer of opera 
serin, and though There is some 
satisfying singing and playing, 
particularly by I Solisii Vcnetf. 
it is a pity that this important 
recording of a Vivaldi opera 
should be, in some respects, so 
misleading. 

Two brief notices of single 
discs. Riccardo Muti's full- 
blooded performances of two of 
the berter-known Vivaldi choral 
works have a full measure of 
Jlalianatc warmth and luxury 
about them, aud there are some 
moments of success in Teresa 
Berganza's solo arias iu the 
MngnfJIrat. But the approach to 
the choral sections is alarmingly 
large-scale: a vast, woolly chorus 
and orchestra recorded in a far 
too resonant acoustic. Little 
detail comes through, and that 
crisp precision which is the hall¬ 
mark or Vivaldi's style is lost- 
Nevcrlheless. it's a better Gloria 
than that which Jean-Claude 
Malgoire provides on CBS. and 
so may be mentioned even tvitta 
reservations. 

By contrast, Hein/ Holliger's 
new selection of oboe concertos 
is an unalloyed joy; no pretence 
of authenticity here, but a highly 
sophisticaied. highly musical 
romp through five delightfully 
varied works. Vivacious support 
from 1 Musici: a record to prove, 
if proof were still needed, just 
how wrong Dallapiccola was. 



During ibe past two .evenings 
the repertory programme of The 
Dream. Monotones and The Four 
Seitscms has been shown with a 
variety of cast changes — and 
rather more than were origin¬ 
ally scheduled since the boards 
in the foyer announced DoweJL, 
Wall and Sleep all indisposed. 
In The Dream on Tuesday 
Dowell's injury brought forward 
by one day Mark Silver's 
scheduled appearance as Oberon. 
Silver made a fine impression in 
this role at his graduation per¬ 
formance in 1973. LaiierJy he 
has been dogged by injury and 
his showing on Tuesday night 
was somewhat under par: the 
statement of the choreography 
looked at moments anxious, and 
unfocused. But last nighl 
Silver's gifts of elegance — he 
makes Oberon coolly command¬ 
ing and otherworldly — and his 

lively response to big impulses 
of movement. were more 
assured. 

Unfamiliar and pleasing cast¬ 
ings in The Dream came with 
Andrew Moore and Ross Mac- 
Gibbon as Demetrius and 
Lysander: but the ballet was 
dominated in nn uncertain 
manner by Graham Fletcher as 
Puik. This ^eems to me as idea! 
realisation of the pari: youthful. 
mischievous, blight in accents 
and in character, it ha* a dazzlmc 
energy and buoyancy, i find it 
the most authentically Shake?* 
pearean thing in the entire 
staging. As a note in passing 
let me observe that the Brompmh 
Oratory Junior Choir give the 
best account rhus far of Ye 
spotted snakes" with brave and 
excellently tuned singing: and 
let me ask the Opera House for 
some explanation of what the 
moon does during the course of 
The Dream. Unless my eyes 
have faded me completely, it 
makes three unrelated appear¬ 
ances in the khaki murk of the 
backdrop: on the third of these 
it goes back on its tracks. Very 
quaint. 

Or the two Titanias on view. 
Jennifer Penney floats through 
the dances. Ann Jen tier sparkles 
along on their surface. Both 
are charmei-s in the role, and 
wild horses would not drag any 
statement of preference from 
me 

New casting in iliounjones 
found Marguerite Porter. 
Michael Batchelor 3ncl Ashley 
Page in the Thre Gymnopedies 

— divine gymnastics divine! 

danced. Four Season# a iso pro- 
vided novelties. Stephen 

Beagley takes to Spring's 
ardours with tremendous dash 

— his performance very attrac¬ 
tive in the way one can sense 
the youthful surge of energy in 
his dancing, like sap rising; and 
Wayne Eagling was new to me 
in the Autumn trio. Here was 
the most distinguished dancing 
of the evening. 

CLEMENT CRISP 


>st. John's, Smitb Square 


TUW< 

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—Mack' 


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by MAX LOPPERT 


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After the La Scala premiere, of 
O Guarani in 1870* Verdi. 
reported to have said, pf Carlos 
Gomes, “Questo^lovane comineia 
la dove fihisco lor". ;That the 
Brazilian opera composer failed 
to develop far beyond this 
beginning, or live np tp Verdi's 
hopes for him L is a' point hardly 
worth labouring. - . /For ..outside 
Brazil hie is now a name, half 
forgotten, -with r.bnTjr^:the occa¬ 
sional revival pt/DjGuarani or 
the occasional- -recording of a 
Gomes aria :by - tenors from 
Caruso to'Del Monaco to nudge 
it towards-the light "Tbe. cause 
of rediscovering him wa^-m fact, 
an apt one for-a group £uch as 
Leslie Head’s-pro Opera; and it 
was taken up in concert on Tues¬ 
day- Tbe work chosen was not 
G Guarani but Games'- second big 
success, Lo sckiaoo-tit 1889; this 
was Its British first performance. 

Verdi bulks large; In Gomes; 
this is surely what :the elder 
composer detected in'O .Gwmwii, 
In that opera; as Julian Budden 
has pointed' out, the seed as 
dropped by Verdi's AfeSro. with 
its Peruvian setting, bore fruit; 
and in Lo seh&mo, -with Its tale 

Festival Hall 


'of Porfuguese masters and rebel¬ 
lious Indian slaves in a Brazil 
several centuries before Gomes’ 
time, the seed bore fruit again. 
Although Gomes did not develop 
the Verdian model of tbe middle- 
to-Aida period in any significant 
fashion, his opera is Verdian in 
idiom and intention.' Tbe con¬ 
struction and connection of 
scenes into., four acts show the 
influence; so, too, the style of 
the vocal writing. The enthu¬ 
siasm roused in pre-Republican 
Brazil by tbe rebellious choruses 
was much like that roused in 
Risorgimento Italy by Verdi — 
although in truth there is very 
tittle of. Brazil in the musical 
invention. A. naively attractive 
dawn Prelude in. Act 4, with birds 
cheeping and reveille sounding, 
is one of the touches of local 
colour in the score. 

. The dramatic potential, the re- 
vivabitity. of such a work-is 
hard to judge from conceit ren¬ 
dition. What struck one re¬ 
peatedly, following the perform¬ 
ance with words but no* score 
to band, is the painful dullness 
of'Paravicini’s libretto. The dic¬ 
tion is stilted, the expression 
etiebd-ridden; more important, 
the dramatic situations are feebly 
predictahle, and at more than 


one point apparently faulty in 
dramaturgy (the gun of the de¬ 
nouement is jumped well before 
the end). The characters are 
from dustiest grand-opera stock: 
Indian slave and later leader 
(baritone); Portuguese noble¬ 
mans' son.and idealist (tenor); 
the Indian slave-girl and focus 
of their rival affections 
(soprano). A second soprano 
role, invited for Oscar-like 
Sparkle and coloratura contrast, 
lasts only tbe length of Act 2. 
disappearing in the cloud of 
contrivance that had brought her. 

And yet the surprise on Tues 
day even with ~jh orchestra and 
chorus often unequal m their 
tasks, was the innate warmth 
and natural ]«Ttcal explosive¬ 
ness of much of tbe music, its 
ability to rise at le^st tem¬ 
porarily above dramatic con¬ 
straints. Prom very 1 i:Ue. it 
seems. Gomes has the ability lo 
pull out an aria (the tenor’s Ad 
2 romanca a noLible example j 
or an ensemble with a time (bar 
swings wide and catches one up 
in its momentum. The ability 
to maintain cueb momentum is 
only intermittent—Act 2 alone 
achieves some sense of con¬ 
tinuity—and there are empty- 
patches in which Formula takes 


the place of invention. The 
parallel with Gomes, on this 
showing, must be the Ponchielii 
of La Gioconda—also in Verdi's 
shadow, also with a gift nl 
lyricism that was small but 
genuine. 

Apart from Its choral and 
orchestral weaknesses, this was 
one of the better Pro Opera 
manifestations. In his conduct¬ 
ing Mr. Head once again evinced 
great feeling For broad-spanning 
Ilalianate cuntabile and care for 
its moulding, if not always on 
equal degree of security in keep¬ 
ing all the elements syn¬ 
chronised. Terence Sharpe was 
a strong, sensitive prime* bari¬ 
tone. Though in that romnnza 
Derek Blackwell was no Caruso, 
his clear, keen tenor sounded 
far more grateful in St. John's 
than recently it has elsewhere. 
Marilyn Hill-Smith was a charm¬ 
ing soubrette. flicking vivaciously 
around and above the top of the 
stave. As Ilara, the slave girL 
SbeJagb Lawrence disclosed a 
dark, shining soprano, but one 
that was easily allowed to 
become strident and squally and 
that reduced words to long 
stretches of con son ant-1 css 
vocalise. The performance was 
given in Italian. 


O 

'd ’•'] 





by RONALD CRICHTON 


(wan 


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Mendelssohn's, cantata Qie 
erste Walpurgisnacht js a setting 
of words by Goethe —.not .part 
of Faust, but a separate poem - 
about Droids . celebrating their 
Rite of Spring and ' routing 
Christian intruders by dressing, 
up as goblins and evil spirits. 
Judging from. last night’s per¬ 
formance by the BBC Symphony 
Orchestra and Chores, the work 
isn't likely to win.a sure place 
again in the repertory in spite 
of the renewed esteem in which 
Mendelssohn is properly held 
to-day. 

Goethe's verses, though they 
don't show the Sage of Weimar 
at anything near full stretch, 
have the virtue of speed and 
vivacity. Mendelssohn fashions 
out of them at least two scherzo 
numbers in something approach¬ 
ing his best vein--with a sense, 
of . physical mischief unusual in 
bim^some passages . suggest 
Falstaff being pinched and 
prodded. by those other false 
fairies. There are also some 
finely, handled transitions, 
notably the change at the end of 
the Overture from stormy winter 


to- radiant spring. The tenor 
solo.. for a terrified Christian 
guard is effective. _ 

Tbe conductor, deputising far 
'Christophe Dohnanyi, was the 
Swiss Erich Schmid—excellent 
choral-singing, respectable work 
from the orchestra. Anthony 
Rolfe Johnson had the best of 
the solo work and, in spite of a 


bad throat, made the most of it. 
The other soloists, with less in¬ 
teresting music to sing, were 
Helen Watts and Benjamin 
Luxoo. One couldn't escape a 
general feeling that Mendelssohn 
had done it all better elsewhere. 

The rest of the concert was 
given to Bruckner’s _ Fourth 
Symphony. Mr. Schmid gave 


what might, if it hadn't been 
for some superior orchestral 
playing, have been written off 
as a tidy little performance. The 
first movement provoked the 
suspicion that the conductor was 
out to ignore or dispute the 
symphony’s label “Romantic”. 
The Andante, much ol it very 
well played, was un-numinous. 


Wigmore Hall 


Kevin Smith 


The counter-tenor Kevin Smith 
is one of that regrettably large 
group of singers far better 
known abroad than here in Eng¬ 
land. Though he recently had 
considerable success as the first 
modem counter-tenor to s mg the 
title role in Gluck's Orfeo at 
Wexford. I had previously 
encountered him only in small 
concerts‘here, and (in glorious 
voice) singing the alto of 
Bach!fs B minor Mass in the Hol¬ 
land -Festival. 

His Is a bold, penetrating 
-voice, - which can soar above an 
orchestral texture with an ease 


and lack of strain that few 
counter-tenors can match. Last 
night, though, he was partnered 
only by the various lutes of 
Christopher Wilson. In a couple 
of numbers he managed to re¬ 
duce bis voice lo a cleanly- 
controlled falsetto: all too often 
he overwhelmed bis partner and 
(as if aware of this) tried to 
restrain the top oF his register, 
causing it to become forced 
His atractively designed pro¬ 
gramme presented French airs 
de cour, ftalian monodies 3nd 
English lute songs, ail from the 
first years of the 17th century. 


Caecini’s “ Dolcissimo sospiro” 
was deftly articulated, and 
Rosseter’s “ Long have mine eyes 
gaz’d '* was beautifully and 
quietly sustained — both these 
attained at times a real purity 
of line. But the Gu4dron and 
even more the Dowland songs 
sounded awkwardly disjointed 
and uneven: almost as much so 
as Christopher Wilson's lute 
solos, which though crisply 
articulated and purposeful in 
mood, totally confused the car 
with their wilful lack of phrasing 
and rhythm. 

NICHOLAS KENYON 


ENTERTAINMENT 

GUIDE 

C.C.—These cMtPH accept certain credit 
Urdi bv telephone or at in.' bo* omce. 

OPERA & BALLET 


RcMrvatit’T.s Ql-o36 ii 61 
ENGLISH NATIONAL OPERA 
Tanioni 7.iU Uit peiTonnance ci O-pheui 
If) tne Ur.fttrwO'td: Temor and Tuct ne.l 
7 00 Carmt-n: Sat 7.30 R.goleno: Wed 
ne»: 7.00 Duke Bluebeard's i_asile-GI*nni 
SjtiCthi. '.Cl4 balcony seals always a,an 
flay ol perl. 


CRITERION. CC. . 01-9SO 3216. 

•• SD0 - 

“ impeccable ... a master." Sun. Time*, 
in SEXTET 

•• HILARIOUSLY FUNNY.'* N. Of World. 


COVENT GARDEN. CC. 240 1066. 
(Gardencnarge credit cards 636 6903) 
THE ROYAL BALLET _ 


S Man. 7 30 p.m. La Bayadere. A Mpnui 
■r> ibe Country. Elite Syncopations. 

THE ROYAL OPERA 


on sale 


SAULER'S WELLS THEATRE Roseaery 
A.c EC1 M7 1672 until Feb r la. 
DOYLY CARlE OPfcKA CO, 

In Gilbert and Su»l»an. In #.SJ- Mats 
one Weos 2 So. Unt.l Wed «M 
M.M.S. PIMAPwBE inurs Feb 9 lo IS 
THE GONDOLIERS. 


THEATRES 

ADELPHI THEATRE. CC 01-636 7611 
Eves. 7.30. Mats. Thurs. 3.0. bats 4.0. 
9 ■' LONDON'S BEST NIGHT OUT. 

THE MUSICAL MUSICAL 

SPECTACLE. CAriluATlNG TUNES 
AND RACY COMEDY." S- PoOOle. 

IRENE _ _ 

INSTANT CONFIRMED CREDIT CARD 
BOON iNGS OH 01-336 7611. 


ALSERY. 636 3676 Credit card btrps. 
.636 3962 lex. SaL'. Mon.-Fn. 7.46 
Thurs. mats- 4.30. Sals. 4.30 and 8. 
' A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS mUSilal—F in. Tunes. 

OLIVER tl 

POY HUOD'S splendid oortotmanM. 
5. Tel. " taler.iecS JOAN TURNtR Dir 
•uiaif ■■ Capital fun • • tt'C (5 ^ 
Si ' 3. Tel. OLIVER RETURN:, 

TRIUMPHANTLY.. CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE Tu SEE IT 
AGAIN." Ol*. Mirror. 

NOW BOOKING THROUGH 1978. 


AlOWYCH. 836 6404. Ini 836 3332. 
ROYAL SHAKESPEARE COMPANY 


in repertoire _.ve 

Ton't lomor. 7.3u Breent s THE DAYS 
OF THE COMMUNE "So acM. Gdn 
With: Congreves THE way of ml 
WORLD 'Sat. rn A «). RSC also at THE 
WAREHOUSE (we under Wj and at Sa»0» 
and Piccadilly Theatres. 


AMBASSADORS. 01-836 1171. 

Eras: B 0- Mats. Tues. 3 Sals. 5. 
SIOBNAN McKENNA 
sarah Bernhardt *n MEMOIR 
Nitlt NIALL BUGGY 
■■ Perfect. A sons af triumph. E, News, 
student tickets 61. 


APOLLO. 01-437 2663. E»HS. 8.00. 
Mats. Tim'S. 3.00. sat. 5.00 and 8 00. 
DONALD SINDEN 
lAciar ol Tbe Year. E. siuj 
IS SUPERB.'■ N.O.W 
SHUT YOUR EYES AND 
THINK OP ENGLAND 
-WICKEDLY FUNNY." Tunes. 


ARTS THEATRE- 01*836 «->j2- 

TOM STOPPARD'S 
DIRTY LINEN 

•• Hilarious - • see it. Sufldar Times. 

Monday ia Thursday 8.30. Frjd»» ana 
Saturday at 7.00 and 9-IS- 


ASTORIA THEATRE. Charts Cross Roaa. 
01-734 4291. Nearest Tune: Tottenham 
Ct. Rd- Mon.-Thure. d.O p.m. fri. & Sat. 
6.0 -no 3AS. £Lvis 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Ttcms Li .50-£5 50. E»t i* our luilv 
licensed Restaurant or Bubet Bar lunch¬ 
time and before and alter shon—book¬ 
able in advance. Combined Dinner and 
tdp-pnee ticket 

■■ Inlet no us. appealing, foot-stamping and 
neart.thumMng.'- Observer. 

ELVIS 

•• i was absolutely caught up in it. caiT'hd 
along by tL reinvigorated bv the sheer 
verve and spectacle of it." Sun. Tel. 
ELVIS 

*' staggeringly effective." rm«. 
ELVIS 

Performed wllti a «jrve rare In Bnti&h 
musical* The shew literally had the 
audience danCntg in the aisle*. This 
* Elvis' ■* marvellous. 5. Express. 

ELVIS 

BEST MUSICAL OF THE TEAR 
EVENING STANDARD AWARD 
4 hr, Before Show any available top-price 
tickets £2 3D. 

Mon.-Thors. i Fri. 6 0 port. only. 


DRURY LANE. 01-836 6108. ^ Every 
night 8 00 snaro Matinee Wed. ana 
Set. 3 00 _ 

A CHORUS LINE .. 

"VOTED arsT MUSICAL OF 1976. 

DUCHESS. 836 8241. Mon. «o Thurs. 
E»9S- ft. 00. Fri Sal 6.13 and 9 00. 

OKI CALCUTTA! 

■■The Nud>w is sTunrnnP' Tcleqraph. 

8th SENSATIONAL YEAR 

DUKE OF TORK'5. 01-636 5122. 

rvgi. 8 00 Mat. Wed. 3.00 

QUENTIN CRISP 

Tidre-.s 12.50 Inc glass d W'"e- 
-This is without douol me most c■ fa ; 
ordinary er.icrtainmcnr in wondon. 
E*g. News. 

L.m.ted Season ends 25th Feb. 

FORTUNE. 836 22 33. Evgs. 8. Thurs. 3 
Sat. 5 0 and B.O. _ 

Munel P».low as M*?SMARPLE , n 
AGATHA CHRISTIES 

MURDER AT THE VICARAGE 

Third Great Tear 

GARRICK THEATRE. f 

E»S. 8.0. Wed. Mas. 3.0 Sar. s^t5 A 8.30 
JILL MARTIN JUUA SUTTON 
eric Flynn *re> robin ray 
■ n me 

"BRILLIANT MUSICAL 
ENTERTAINMENT " N»ll. 

SIDE BY 5IDE BY SONDHtIM 

CD TWICE " Money. Punch. 

- GO THREE TIME> '' S. Same,. NYT 

GLOBE CC. 01-437 1592. Even ng> 8.15. 
Salt 6 0 a-.a 8.40. Mat. Weo.3.0 
AMANDA BARRIE JOHN QUENTIN 
in -.he SECOND YEAR ol 
DONKEY'S YEARS 

Or MICHAEL FRAYN 

The Beii Cimed* o! the Year 

Lari 3 wevrii. Ends Fco. 18. 

GREENWICH THEATRE. 01-359 775S. 

Opens Tonight at 7.0. Subs. e«gs. 7.30. 
Mil Sal*. 2.20 THE IDEAL HUSBAND 
br Oscar Wi'dc. 

HAYMARKET. 01*930 9832 

Ergs. B O. Mat. Weds. 2 30. Sals. 5.03 
and 8.15 Times ol Sal peris. Irons 
Feb. 13 4.30 ana 8-00 

INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE CUKA 

WATERS OF n THE MOON 

*' Inpr/O Bergman makes the stage 
raoia'.e—unass2 Ublc charisma. • D. Mail 
•' Wendv Hiller n superc." S. M.rror. 

HER MAJESTY'S. CC. 01-930 6606. 

Evas. 3.00. Wed. and Sat. 3.00 and 8.00 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN'S 

CAUSE CZLCBRE 

■■ RATTIGAN REVEALS HIS MASTERY." 

S T. ’■ Pourcrlul drama " E.N. 

•'GLYN5 JOHNS plavs brilliantly.'' DT. 

HER MAJESTY'S. CC. 01-930 6606 

Opening Marti, 23 

BRUCE FORSYTH . , 

In Lcshe BrtCuM- and Aninony Nedleya 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 

Directed by burt shevelove 
P reviews irom March 16. 

KING’S ROAD THEATRE. 352 7488. 

Mon. to Thurs. 9.0, Fri.. £al. 7.30. 9.30. 
THE ROCKY HORROR SHOW 

NOW IN ITS Sin ROCKING YEAR 

LONDON PALLADIUM. CC. 437 7373. 
NOW UNTIL FEB. 25 ONLY 
£v0s. 7.30. Mats. Wed and SaL*. 2.4$. 
TOMMY STEELE 

Sally ann howes 
and ANTHONY VALENTINE m 
_ HANS ANDLB5TN 

"DA22LING SUCCESS. RICH. COLOUR¬ 
FUL MUSICAL REAL FAMILY ENTER¬ 
TAINMENT.' E. News. 

Good Seats avaiuoie use at Theatre & 
Agents iam at Doors encp: Sat.i. 
CREOIT CARD BOOKING 01-734 8961 

LONDON PALLADIUM. 01-437 7373- 

MARCH ZOlh ONE WEEK ONLY 

MISS 

GINGER ROGERS 
and Special Guect Star 

DONALD O'CONNOR 

A GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 

BOOK NOW—Seals £2-£6. 

LONDON PALLADIUM. CC. 01-457 7373. 
THE TWO RONNIES 

FROM MAY 25 to AUG. 19. 

LYRIC THEATRE. 01-437 5686. Evs. 8.0. 
Mats. Thurs 3 0 Sats. S.O and 8.30. 
J DAN PLOWRIGHT 

COLIN BLAKELY 
and PATRICIA HAYES ir> 
FILUMENA 
bv Eduardo tie FiiiPDo 

Directed BY FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH.” E. News. "AN 
EVENT TO TREASURE." D. Mir. ” MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS. * Sunday Times. 

MAY FAIR. CC 629 3036. 

Prtnrs was. at 8.0. Opens Tues. Feb. 7 
at 7.0. Sub. evgs Man. Id Fri. at 8.Q. 
Sal S.SO and 8-«S. 

GORDON CHATER in 

THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bY Steve J. Ssenrs 

* Dutrageoirslv funny pretoundiy 

moving.'' Var.etv. 


CAMBRIDGE. CC. 01-636 6506. Mon. to 
ThurS. B.00. Fri.. Sat s.45. 8.30. 

IPI TDMBI 

•PULSATING MUSICAL" Evg. News. 
THIRD GREAT YEAR 
Seat prices £2.00 and £5.00- 
Dinner and tep-er>ce sear £8.26 Inc. 


MERMAID. 24B 7656. Rest. 248 2635. 
Mon.-Sat. 8.1S. Mat. Wed. and Sat. 5.30 
DAVY JONES. MICKY DOLENZ 
>n HARRY NFILSON'5 

THE POINT 

” A winner D. Mirror. 

Stall tickets L1.25-S3.S0, Combined 
d<nner-theatre ticket C5.95 
RUN EXTENDED TO FEB. 25th. 


NATIONAL THEATRE 928 2252. 

OLIVIER .open (URr): TonJ »nfl Tornor 
7.30 'red pr prcvsl THE CHERRY 
ORCHARO bv Cheffiov irans ay Mlcrart 
Frayn. 

LYTTELTON (Proscenium stage-: Today 
3 -red or mail and 7.45 THE GUARDS¬ 
MAN br Molnar Bnphsn versL'/t bv Frank 
Marcus. Tomor 7 4 5 The Ladv trom 

COTTESLOE ‘small audltonumi. Ton't 
■mj Tornor B HALF-LIFE bv Jul an Mil- 

Man r excellent cheap scats an 3 tneatres 
day c,l Bert. Car parV.'» Restaurant 

1 2033. Credit card bltps 928 30 p2 

THEATRE UPSTAIRS. 750 2554. Ton't. 
lomor. 6 Sat. 7.30. Last peris. 

Crucib'e Theatre. Sheffield, m 

SAYS 1. SAYS HE 
bv Ron Hutchinson. 

" Not since • The Hostage h*«c l seen 
an Irijn pi>v that has given me such 
undiluted pleasure '* Gdn 

WAREHOUSE. Dormar Theatre. 836 6308. 
Royal Shakespeare Company. Tori t B.00 
James Robsons FACTORY BTRDS. 

' Tahes o« like a rocket.’’ Times. Also 
ion.gh-. 11 IS Char,tv performance. All 
seats £1 5j. Ad*. BVOs. Ala«»ch 

! OLD VIC 9-3 76.16. 

PROSPECT AT THE OLD VIC 

Spring season Jan 16-Marcn -5 J 1 * r*p. 
HAMLET tonight Thurs Sal ■ Ju- 
ALL FOR LOVE F'i 7.30. Sal 2.10. 
SAINT JOAN opens Feb 7 1 

ANTONY AND CLEOPATRA opens Feb 

^ ' Seats available. 

Sunday. Feb. 12 at 7 30 

THE MONSTROUS REGIMENT 
with Jodi Dcncn. M;thae» Williams. 

WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH PANTOMIME 

HUMPTY DUMPTY 

’ sneer sparkling spectacle ' D. Tel 
Mon. 10 Fri. 7.4 5. Mats. Wed . Thurs. 
at 7. Sits, at 2.00 5.00 and 6 00 

Children and Senior C'ts hal'-price esceot 
Sat 2 and 5. Pay at doors Enquiries 
902 1224. Spacious car nark. 

WESTMINSTER THEATRE CC 01-834 0253 
Evas. S.00 Max. Thurs. 3.0. Sat. 5 and &. 
Tickets £1.50 to £4.00. 

PAUL JONES m 
□RAKE'S DREAM 

England's Greatest Musical Adventure. 
" EjiCinng." Fin. Times. ■ Manv Merry 
Re’ra.ns ' E. News. Bouncing Vigour." 
E. Standard. 

joPEN SPACE. 587 6969. Tucs.-Sun. 8.0. 

1 A DAY FOREVER bv M“-.hael Sharp. 

■ PALACE. 01-437 6834. 

, Mon.-Thur. 8.00. Fri. Sat. 6.00 and 8.40. 

| JESUS CHRIST SUPERSTAR 

rilOENIX. _ 01-83U 8611. 

Opening March 1 ■ 

FRANK FINLAY in 

The Leslie Sricusse Musical 

KINGS AND CLOWNS 

Directed bv Mel Shapiro 

Roducea price previews fom Feb. i» 

WHITEHALL. 01-930 6692-7765 Open. 
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Centur* 

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I best play of the year 

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RICHARD PASCO. SUSAN HAMPSHIRE 
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VINCE HILL 

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Dinah Shi.-rvflan Dulcie Grav 

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terics." Felix Barter. E». News. 1 

StfNE 1 * 2. Leic. Sa. 'Wardour 51.1. 
423 44/0 

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Fn. A Sat. 11.CO 

SCENE 2: THE PINK PANTHER STRIKES 
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Fri. A Sot. 72 40. « 4S 3.45 13.45 

THE RETURN OF THE PINK PANTHER 

1U1. Sun.-Thur 3.2 5. 7.30, Fn. A 
t.SS G<0. 10.40. 




20 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET, LONDON KC4P 4BY 
Telegrams: Finanlimo, London PS4. Teles: 886341/2, S83897 
Telephone: 01-248 8000 


Thursday February 2 1978 


New broom at 


Leyland 


WITH THE benefit of hindsight, 
it can be seen that Lord Ryder's 
reoganisation of British Leyland 
suffered from two major weak¬ 
nesses. First, it was too 
ambitious and based on too opti¬ 
mistic a view of the likely 
improvement in the company's 
market position. Second, some of 
the managers appointed to top 
executive positions were not 
good enough. A third criticism, 
that the integrated organisation 
of Leyland Cars was Fundamen¬ 
tally unsound, is more 
questionable. 


More rigorous 

The new chief executive. Mr. 
Michael Edwardes, is deter¬ 
mined to avoid the first of these 
mistakes. It is no use basing 
plans on a UJL market share 
of 30 per cent, or more if the 
company's actual penetration is 
closer to 20 per cent.; the be¬ 
lief that the decline in pene¬ 
tration is due to lack of avail¬ 
ability is contradicted by the 
evidence of sluggish sales of 
certain models, especially in 
the middle of the range where 
Ford is especially strong. With¬ 
out abandoning hopes of recap¬ 
turing lost ground, British Ley- 
land must adjust to the world 
as it is. 

This greater realism affects 
attitudes to manning, to invest¬ 
ment and to the model range 
itself. Many of Leyland's plants 
are seriously overmanned in 
relation to its competitors and 
the overmanning has little to do 
witb inadequate investment. The 
Ryder Committee agreed that 
productivity was too low, but 
suggested that the reductions in 
manpower necessary to achieve 
greater efficiency could be offset, 
at least in part by an expansion 
in sales. Given that the 
improvement in sales has not 
been achieved — and does not 
look achievable until the model 
range has been improved, which 
will take some years—the more 
rigorous approach to manning 
levels outlined by Mr. Edwardes 
yesterday is welcome. 

Mr. Edwardes’ organisational 
changes will cause considerable 
upheaval; much depends on the 
calibre of the men appointed 
to run the new companies. But 
of all the decisions which he 
has to make, none are more 
crucial than those affecting pro¬ 
ducts. British Leyland stands 
or falls on the acceptability of 


its models in the marketplace. 
The remarkable transformation 
of Volkswagen over the last few 
years was not simply a matter 
of management and higher pro¬ 
ductivity. though thesd were im¬ 
portant: the key to it was the 
new model programme, care¬ 
fully designed and skilfully im¬ 
plemented. 

Leyland’s position is particu¬ 
larly difficult, because its scale 
of output puts it midway be¬ 
tween the genuine specialist car 
producers like BMW and the 
big-volume companies like 
Volkswagen, Fiat and Renault. 
To abandon volume cars at this 
stage is hardly feasible. Quite 
apart from the political objec¬ 
tions, it is extremely doubtful 
whether Jaguar. Rover and 
Triumph are viable on their 
own. They depend for bodies 
and other components on fac¬ 
tories whose main volume comes 
from Austin Morris; if Austin 
Morris disappeared, the econo¬ 
mics of those factories would be 
undermined. Whatever else may 
not have been achieved in the 
ten years since the creation of 
British Leyland, the extent of 
inter-dependence between the 
various car operations has cer¬ 
tainly increased; to reverse the 
process would be damaging and 
unnecessary. 


Cash injections 

Support from the Government 
will he needed for some time 
to come, but tbe present system 
of making cash injections 
vaguely dependent on good be¬ 
haviour is unsatisfactory. In the 
financial reconstruction which 
seems likely in the near future 
the cardinal principle must be 
to put responsibility for Ley- 
land's future where it belongs— 
with the people who manage 
the company and work in it. To 
the extent that -they are unable 
to generate funds out of their 
own operations, a further con¬ 
traction must take place—and 
this, too, is a matter for man¬ 
agement to decide. 

There is no reason to suppose 
that British Leyland is. unman¬ 
ageable. It stiil has some 
important areas of strength 
which can be built on. But no 
recovery will be possible un¬ 
less Mr. Edwardes and his col¬ 
leagues are allowed Jo get on 
with the job and to take what¬ 
ever actions are commercially 
necessary to secure tile com¬ 
pany's future. 


Unanswerable 


questions 


THE GOVERNMENT’S indus¬ 
trial strategy, work on which 
has now been going ahead for 
two years, has two important 
advantages over Labour’s earlier 
and short-lived National Plan. 
In the first place, the economic 
assumptions on which it is based 
are less precise and less 
sanguine. In tbe second place, 
R is designed to operate by col¬ 
lecting information from specific 
industrial sectors and trans¬ 
mitting it to the centre for use 
in the formulation of policy. 
The sector working groups, 
which have now submitted their 
reports, are each made up of 
people drawn from manage¬ 
ment unions and Govemment. 
Thc habit of working together 
in an attempt to increase effi¬ 
ciency is itself likely to be 
valuable. 

But the economic situation 
has become considerably less 
promising while these reports 
were being drawn up. The 
industrialised countries as a 
whole, mainly because of the 
sharp increase in oil prices, 
have experienced rapid inflation 
and high unemployment 
together and do not expect to 
be able to extricate themselves 
quickly from this situation. 
North Sea oil gives Britain a 
special balance of payments 
advantage and a useful breath¬ 
ing-space in which to reverse a 
long-standing relative decline of 
her industry, but it H not itself 
more than an opportunity. 


over the next few years. 

None of these three factors, 
the paper admits, can be pre¬ 
dicted with any accuracy. But 
on the rough assumption that 
future pay settlements can be 
kept well within single figures 
and that world trade in manu¬ 
factures grows at an average 
rate of 8 per cent, i which may 
be optimistic) over 1977-83, it 
estimates that a small increase 
in efficiency would be enough 
to allow a growth rate of 34 per 
cent, and a gradual fall in un¬ 
employment The more substan¬ 
tial increase in efficiency'which 
the work of the sectoral groups 
suggests may be possible would 
make it possible to reduce un¬ 
employment faster, nor directly 
—the new jobs would be in new 
industries and services—but by 
running the economy at a higher 
level of demand. 


Employment 


' Financial -Times 


, i--3? ->?. • 
' J? f-S /tj - pi *ij 


North Sea 


Perhaps the most- significant 
statement in the paper pre¬ 
sented jointly by Mr. Healey and 
Mr. Varley yesterday to the 
NEDC, therefore, is that North 
Sea oil alone will not allow us 
to run an adequate balance of 
payments surplus at full employ¬ 
ment. However, the relevant 
terms are defined, the Govern¬ 
ment clearly believes that a 
marked improvement in indus¬ 
trial efficiency is needed to 
reach this objective. It is the 
competitive performance of in¬ 
dustry, together with world 
trading conditions and the 
course of domestic inflation, that 
will determine how fast the 
economy can be allowed to grow 


About half the groups have 
made estimates of future im¬ 
ports and exports, which 
together amount to an improve¬ 
ment of £2jbn. in the trade 
balance between 1975 and 1980. 
The Treasury calculates that an 
improvement of this size would 
allow 'between im. and lm. 
jobs to be created, spread 
widely through the economy. 
But the wide range of this esti¬ 
mate and the great uncertainty 
of the assumptions on which it 
is based should serve as a 
reminder that economic fore¬ 
casting is by no means an exact 
science and -that a number of 
questions to which all those 
involved in the industrial 
strategy would lake the answers 
are simply unanswerable. 

Ministers are succeeding rea¬ 
sonably well, however, in learn¬ 
ing from tile worst experience 
of the National Plan. They are 
not claiming too much for their 
overall figuring, nor are they 
seeking to ensure Chat it comes 
out right by picking industrial 
winners themselves. Their most 
important lesson, however, 
which has an obvious relevance 
to job assistance schemes, "is 
that the growth off employment 
overall must mean an actual fall 
in those industries where there 
is most scope for Increasing 
efficiency. 


ROLLS-ROYCE’S FIVE-YEAR PLAN 


• ;.Sr-4iQ 



or 



for aero-engme 



-_ T J» 




BY MICHAEL DONNEl Aerospace Correspondent 


R OLLS-ROYCE has told the 
Government, through the 
National Enterprise Board 
(which owns the company), that 
it is likely to need substantial 
amounts of money during the 
next five years for new engine 
programmes to enable it to stay 
in the forefront of the in¬ 
creasingly competitive world 
aero-engine business. 

The Government has declined 
to give even the barest details 
of the company's five-year plan 
for 197S-S2, on the grounds that 
it contains “commercially con¬ 
fidential" information. But it 
is now widely accepted in the 
aerospace industry that while 
the company is not making any 
immediate specific cash demands 
it has identified the major pro¬ 
grammes it is likely to be work¬ 
ing on in the future, and has 
estimated their likely cost — 
amounting to several hundred 
million pounds. In that way, 
Rolls-Royce has served notice on 
the Government and the NEB 
that it may need money quickly 
for certain ventures in the 
period to 1982. to ensure that, 
when the time comes for the 
company to make requests, the 
Government can respond 
quickly, and thus ensure that 
Rolls-Royce does not miss any 
major market opportunities. 


Biggest 

yet 


Many in Rolls-Royce itself, 
and more widely ia the aero¬ 
space industry. hope the 
Government will view the plan 
sympathetically, for it is now 
becoming increasingly clear 
that unless it does so. and pro¬ 
vides the cash the company 
needs at the time it needs it, 
Rolls-Royce could miss some of 
the biggest markets yet seen in 
world aviation. 

Markets will open up because 
many of tbe existing jets in 
world airline fleets are ageing 
—some have been in sevice for 
nearly 20 years already — and 
many will have to be phased out 
by the early 1980s. Moreover, 
because they embody tech¬ 
nology first devised more than 
20 years ago, their engines are 
inefficient users of in¬ 
creasingly expensive fuel, and 
unacceptable environmentally 
as noise regulations at many 
major airports become more and 
more stringenL One era in the 
development of post-war civil 
air transport is thus coming to 
an end, and another is about to 
begin. Every airframe and 
engine manufacturer in the 
western world for the past three 
or Eour years has been discuss¬ 
ing plans for the new 
generation of airliners, but 
hitherto, airlines have been 
reluctant to commit themselves, 
because of the cost 

These problems now appear 
to be passing, and it is widely 
believed that this year will see 
an end to the uncertainties in 


the world airliner markets that 
have bedevilled Rolls-Royce as 
much as any other engine or 
airframe manufacturer. By 
midsummer, one or more of the 
new generation of jet airliners 
is expected to have been 
launched formally, backed by 
airline orders, especially in the 
U.S- This belief has given rise 
to increasing speculation — and 
some bitter commercial battles, 
still in progress — about which 
engines will be used in this new 
aircraft. There have been and 
still are heavy commercial 
pressures on Rolls-Royce to 
ensure that it wins some share 
of markets that are expected to 
amount to as much as £40bn. for 
aircraft alone in the period up 
to 1990. of which the engines 
are likely to account for about 
one-third, or over £L3bn. 

This forthcoming “re-equip¬ 
ment tide" is likely to be the 
last of its kind to be seen in this 
century. It will be so expensive 
that whoever buys new fleets in 
the next three to five years will 
not be able to afford another 
new fleet for 20 years or more. 
For this reason, any airframe 
and engine manufacturer which 
fails to win a share of it will 
be effectively out of business for 
the same period. This accounts 
for the unprecedented scramble 
for business and tbe extra¬ 
ordinarily high number of 
different suggested airframe and 
engine designs that have 
characterised the past few 
years in world civil aviation. 


future for this -engine, wife 
potential development into the 
50,000-pound-thru5t class and 
beyond. 

If Boeing and Lockheed con¬ 
tinue to develop their aircraft 
to cany trigger loads (Boeing 
haring plans for up to 1 , 000 - 
seater Jumbo jets), they will 
need engines with thrusts of 
up to 60,000 lbs and even 
greater. To keep up, Rolls- 
Royce must continue work oo 
the 524, p ushing it to even 
greater thrusts. 

2—Development of tbe Dash 
535 version of the RB-2I1—a 
’* derated ” or “ cropped-fan ” 
model of 32,000 lbs thrust, 
intended for use in some of the 
nest generation of short-to- 
medkun-range airliners now on 


RB-432, of around 20,000--Up¬ 
thrust. which would be in' effect 
a replacement for the exi s tin g- 
Spey engine, widely used in 
such short-to-medinm range air-, 
liners as One-Elevens ^ and 
Tridents. Such an engine would 
be ideal for airliners up .to the 
150-seat category, such as-that 
now being discussed by British 
Aerospace and its-counterparts 
in France, West Germany and 
Holland. This market, for .the 
smaller short-to-medium range 
jets, is one of the biggest 1 of 
those now emerging, estimated 
at around 1,060 aircraft up to 
1990, involving between 3,000 
and 4,000 engines.' 

Tbe problem here is that 
Rolls-Royce, having, concen¬ 
trated so heavily in recent years 
on the RB-211 family, has left 


£200m., but because it is in wha| 
is'likely to be a big “bread and 
butter" area for the ^ture^t 
is-probably an engine that Ron* 
Boyce will.want to undertake. 
* 4 —Another entirely new ear 
gme, theRB-401, is intended for 
business jets (perhaps also 
adaptable for light-combated 
training aircraft) in the 5,500 
lbs.' thrust class and upwards. 
Here also a limited amount of 
money has been spent, but toU 

- engineering development has 
-yet to he authorised- Of all fee. 
four programmes mentioned, 
the RB-401 is probably the 
lowest on tbe list, although it 
could be vital for the continued 
long-term success of fee com¬ 
pany in the light aircraft field. 

- The overall five-year plan is 
likely to cost not less than 



It is against this background 
that the Rolls-Royce five-year 
plan should be viewed. Some 
aerospace industry observers 
believe that Rolls-Royce is 
behind its rivals in preparing its 
plans, and-that in some areas of 
the market — for example, the 
so-called “ten-tons thrust" or 
20,000-pounds-plus category oE 
engine — it is already too late. 
It also remains to be seen 
whether the Government and 
the NEB either have the 
resources, or are prepared to 
allocate them, to enable Rolls- 
Royce to pursue every pro¬ 
gramme it would like to under¬ 
take. But at least the company 
has now identified the four main 
engine options it believes are 
open to it 

They all lie in the civil field, 
for the military programmes on 
which it is already engaged or 
likely to undertake are covered 
by the annual defence budgets. 
The four programmes are: 

I—Continued development of 
the big RB-211 engine in all Its 
versions, but with special 
emphasis on two models. One 
of these is the Dash 524, of 
48,000 pounds thrust and up¬ 
wards, for the long-range 
versions of the Lockheed Tri- 
Star and Boeing 747 Jumbo jet 
airliners. The Dash 524 is 
already in quantity production, 
and about £100m. has been 
spent on it The company sees 
.a big continuing long-term 



Viscount. t . _ 

service in tiie eariy 1550s,;; 
parts - and. Business \ tbf'e^ 

hatded-engmes ”-,ix- ■ ■: 

yielding the; DJG qver - £3Qfl^; ■' ... 
4 year from oveiseas^hgtein wj ^: - •. • 
compared, with’, about'-fiSh*'- • 
from the sale ofnew engn® 

What is: unc9ri3fer is \^^«[ ; ;"• 
the GovemmeotjYriB'-^evjffe;: 
pared - to 'consider 
simultaneously 

'major engine- programBaeg^^ 
tkmed, or if. it didr ifeetfaij . 
Rolls-Royce would have fee 
duction resource®' to : a^ei^... 
them/ in -addEtiqn.in -its nriShe^y * 
programmes. It is posable . 
hotihL Government and' the.jcS 
pany may have to m&ke - L 

la that case, the deciding*^ 
is. most •/ 

jnand. If Rolls-Royce ' 

orders for its xriodel 535 ve^>jj ', - 
of the RB-213L, itiHay.w^lj^^ 7 
cenixate on that at tfe espeBti":. 
of the entirely nBw 'RB-432"12; ■' . 
or vice-versa.At'tfaas 
one knows which --W«y:fee?si&Rv' .. 
ketwillmove. 

That is why 
has only been able h> 
the . most ■ likely ■ 
grammes; andl tb warit fe^r 
eminent, of: .fee likely- mi 
needed 1 for each/. The next' 
te. for . fee company 
canvass' theworid .nwii^ssj 
Win orders, and theh ceme ^i 


for the necessary support 


-na- 




ContmuQtisS- 


One of the aircraft now being offered world-wide with the most powerful version of- the 
Rolls-Roycq RB-211 engine, the Dash 524, is the long-range Series 500 Lockheed TrlStar, 
on order far British Airways. The picture shows the Series 500 engineering mock-up at 
Lockheed's Burbank, California, factory. The Dash 524 is also on offer in the-.projected 
Lockheed Series 600 short-to-medinm range version of the TriStar, and is in service'with the 

Boeing 747 Jumbo jet , ’ ' • 


offer from Boeing and McDon¬ 
nell Douglas. 

Boeing, for example, is offer¬ 
ing what it calls its "New Air¬ 
plane Programme" which en¬ 
visages a 180 - 200 -seater airliner 
for short-to-medium ranges that 
would be available in two ver¬ 
sions—one with two engines in 
the 42,000 lbs thrust class (for 
which the existing Dash 22 
model of the RB-211 might be 
suitable), and the other with 
three engines in the 32.000 lbs 
thrust class, for which the Dash 
535 should be ideal. Rolls-Royce 
has been holding extensive 
talks with Boeing in recent 
weeks, in a bid to get its 
engines chosen, and it has 
made it clear to the Govern¬ 
ment feat it regards the 535 
as one of the engines most 
likely to need large sums in 
the immediate future. 

3—An entirely new engine, the 


development of the RB-432 
rather late. It has done some 
work on it, but nowhere near 
as much, as its rivals. Snecma 
of France and General Electric 
of the UJ3., have done on the 
CFM-56, for example, or Pratt' 
and Whitney of the U.S. has 
done on its model 209 version 
of the JT-SD, with a new P and. 
W engine, the JT-10D, also now 
emerging as a competitor in this 
field. 

Thus, it seems that if Roll- 
Royee wants to get into this 
market for a smaller type of 
short-to-raedium range airliner 
of up to 150 seats, it will have 
lo accelerate work on the RB- 
432. The company has looked 
seriously at the possibilities of 
international collaboration on 
this engine, especially with 
Japan, and with Motoren-und 
Turbinen Union of West 
Germany. Developing the RB- 
432 might cost as much as 


£400m. to £500m. to implement 
in full While some of fee cash 
could be' found internally by 
Rolls-Royce,-the <rompany would 
still need substantial assistance 
from the Government Most,of 
fee money would have , to : be 
committed, before any signifi¬ 
cant’ commercial! returns 
emerged, since such Is fee long¬ 
term nature of fee aero-engine 
business.' .. ■;. 

Rolls-Royce is confident feat 
such returns would eventually 
emerge.. Any major new aero¬ 
engine takes between five and 
seven years to develop, and lip 
to 10 years from conception, 
before it is in commercial air¬ 
line service. Profits do not 
start'to flow.until about feat 
time,; but thereafter, tend to be 
sustained for many years ■— 
sometimes-as long as 20 years, 
as is currently being shown with 
the . turbo-prop Dart engine,' 
begun . in fee late 1940s for the 


busiii^s • 

So fttr. thereiix no 
of fee , fiav p-ramraf ft 

reactions to. the ftve-year_8b*r 
It. is hardly. likely* ' 
that it Wm have beeitairprisa : 

-by the extent of the .progcamfi&H 
envisaged.' It iias -always faciggr* 
stressed, since the 
fern of Rolls-Royce in 1971 a 
following fee collapse "of- fee' 
original company, feat artOr'* 
.engine manufacture is-.-* . 

tinupus, and- pot a aW&Zfr&k.C* t 
business^ and that m order, tii ] 
keep Rolls-Royce In fee 
league ” • of world. .'eqgijtB. 
builders,. continuous Ipje&iim 
of devdapmerif and prtidnefien 
money- would' be heeded, nfflh; 
nb , guarantees 

substantial profits. ■_ This shut 
tion .has ■ not -changed.’ • 1 /r... 

' The importance of .fee fivS.; 
year plan now submittOd to at. 
Governm e nt and the NEB^t.' 
that it tries ohee again to matt/ 
this- fact clear, 1 by ideirtifyiflj 
fee likely - major areaS^jf 
activityr; and" their' respeetw. 
cash needs. ThuSj tfie Govern? 
menti wffl have. been: warned 
before i fee -compaiiy L cirifijijF. 
seeking dtiveloimieht cafe-/in ■ 
a burry r 1 sis -it may; 
do- later this year. What fe?; 
company would regard 
would be for it to. win a pHo- 
in; tbe'world market for, oneiwi 
more of its: engines,- only?S: 
have -its request for develop? 
ment support rejected, or - 
stahtUlly delayed white 
Government <tebated/'^d: 
request. ; • " . ‘ ;'/•£> 


try 







Scientists shape 
up to UN 


Another global “north-south” 
collision is looming—this time 
in the rarefied atmosphere of 
science and technology, with 
governments as anxious on¬ 
lookers. Two men in the midst 
of the furore are Sir John 
Kendrew, the Nobel prize¬ 
winner, and Juao Da Costa, a 
Brazilian lawyer and amateur 
sculptor. Next year in Vienna 
the United Nations is staging 
what has been billed as "the 
scientific get-together of the 
century"—the U.N. Conference 
on Science and Technology for 
Development (UNCSTED). All 
the world's governments will be 
represented and a British “posi¬ 
tion paper” is already being 
drafted in Whitehall. But Da 
Costa, as secretary-general of 
UNCSTED, has left nobody in 
doubt that he sees this as an¬ 
other chance to voice Third 
World anger against the affluent 
nations. 



"We're either approaching 
a river or British Leyland.” 


Increasingly gloomy about the 
shape of the conference that 
sculptor Da Costa is moulding, 
international scientists met dis¬ 
creetly last month in Paris 
under Kendrew’s chairmanship. 
Apart from being director- 
general of the European 
molecular biology laboratory in 
Heidelberg, Sir John Is also 
secretary-general of the Inter¬ 
national Council of Scientific 
Unions (ICSU). 

The scientists decided to 1 
arrange a colloquium, which 
lesser mortals might call a pres¬ 
sure group. The basic aim is to 
ensure that fee UNCSTED 
gathering gives proper attention 
to global cooperation in the 
transfer of technology and 
■accepts that the problems of 
both developed and developing 
nations are indivisible. In short, 
they do not see much future in 
yet another conference devoted 
to “ bashing the rich." 1 gather 
from fee Paris office of ICSU 


that Dr. Maurice Goldsmith has 
been appointed convenor of fee 
steering committee; he is direc¬ 
tor of fee London-based Science 
Policy Foundation. 


It seems feat there is a 
further reason why the 
UNCSTED project is stirring 
emotion among fee international 
agencies. Da Costa used to be 
in the Brazilian team at 
UNESCO; he is now busy creat¬ 
ing a separate scientific empire, 
and the Paris headquarters of 
UNESCO—where fee "S" also 
stands for scientific—wonders 
whether it could soon be down¬ 
graded to UNECO. • 


from the Dail—despite a police 
raid in which nearly £10,000- 
worth of transmitting equip¬ 
ment was carted away yesterday. 

This is fee latest phase in fee 
bizarre Irish radio war. The 
residents of Cork are already 
complaining feat they do not 
have a single pirate station, 
seeing that Dublin has three. 
The longest established. Radio 
Dublin, had its equipment seized 
by a police squad from a subur¬ 
ban terrace house a fortnight 
ago. But the businessmen 
behind this daring venture 
ensured that that station was 
quickly back on fee air, using 
the old Radio Caroline fre¬ 
quency. What is more, Irish 
telephone engineers were busy 
soon afterwards clearing 
blocked lines so feat the 
station's phone-in programmes 
could continue. 

Suggestions that Radio Dub¬ 
lin might be driven off the air 
produced a teeny hoppers’ pro¬ 
test march to the Leinster 
House parliament buildings. 
Politicians soon saw their 
chance: John Kelly, fee fon 
trier attorney-general, is claim¬ 
ing that the RTE monopoly may 
not be constitutionally legaL 
All this is ominous for strike¬ 
bound RTE. since the pirates 
are claiming four times bigger 
audience ratings and are al¬ 
ready luring away its adver¬ 
tisers. Now the formidable 
Gaelic movement Is planning a 
pirate Irish language station— 
or even all-Erse TV. 


somewhat smaller property, lies 
hidden 1.300 feet below sea level 
in the Peak District, at Harpur 
Hill, near Buxton. 

Like the caves of Kansas City, 
which started life as a storage 
depot for surplus tanks and 
guns after the Second World 
War, the Derbyshire caves began 
life as an Air Ministry bomb and 
ammunition store,. 

They then became Europe’s 
largest mushroom farm until 
that closed down two years ago. 
The caves* American owners, 
Country Kitchens, sold out to 
two local cheese factors, David 

Birt and Alan Mars den, who 

decided feat fee darkness, con¬ 
stant temperature and humidity 
were ideal for storing cheese. 

Since then business ' has 
boomed to fee extent that the 
phrase “ cheese mountain," well 
known to all EEC-watchers, has 
taken on a new, literal signific¬ 
ance with 5,000 tons of cheese 
from Holland, Denmark. France, 
Ireland and Germany stacked up 
in this subterranean world of 
tunnels and chambers. ‘ 

If filled to capacity, Harpur 
Hill could stockpile 30,000 tons 
of Cheddar, Edam and fee tike. 
Then it would certainly justify 
tbe exclamation of a character 
in a novel by Surtees, after 
poking his head Into a musty 
cupboard: " Hellish . dark,. and 
sraeHs of cheese 1 ” 


Natural order? 


Cheese berg 


Eirewave warfare 


Irish ears were cocked yesterday 
for Budget news, wife tax cuts 
jn prospect They listened in vain 
for the state broadcasting 
monopoly. RTE, because its 
journalists were op strike. But 
the capital'K boldest airwave* 
pirate. Alternative Radio 
Dublin, was bringing news hot 


The first time I learnt feat a 
decent-size hole in the ground 
can be a very viable- commercial 
property was last September, a 
globe-trotting group of 
politicians and businessmen 
from Missouri extolled fee 
virtues of 4m. square feet of 
underground limestone caves 
near Kansas City which a local 
consortium had transformed into 
a “ foreign trade zone.” 


One of fee bitterest issues in 
South Wales just now centres 
around fee gypsies in Swansea. 
Attempts by the local authority 
to give fee gypsies a place to 
establish a permanent camp hog 
mel wife fierce opposition from 
tenants' groups.* The feettngs of 
fee supporters of fee .gypsies 
has been in no way soothed fay 
recent advertisements in Welsh 
newspapers for an “Animal 
Pound Supervisor / Gypsy 
Warden,’’ 


Now I hear feat a similar, if 


Observer 


INSEAD 






f -e: 


Fontainebleau, France, 





tV t Available toBri tiish 
Candidates shoidd 
^ imiversity 

pt<rfessionjal i^alifiesrta^^ 
xrkmg languages ^ 

fprlOP rvF.C Z ai'n> nw. «« - - r ■ 




knowledge 







AdznissicinsiFT - 
INSEAD " ' 


(Eiiropeau Institute 














21 


' -.j'i.T — 'V""'"-!- ~ 2 ■ J *i «.T- ^! —: ■ _ ■ 

r * . %- .V7- ‘? -•- -. . 





-Ml 


1978 


^« -fa. wAuui. • 

’ • ■ ~V : ; CV- 


ECONOMIC VIEWPOINT 










THANKS PARTLY: to t&e'^^ : «ent^sii^dy)^1ia||^been cod-T his does not mean that a 
Mice of floating rates Ltite.\«ntrated- 4" million more people are 

Western' world has heed “-.‘Trade^flows pir which Testne- employed, 

the threat, of -senera! :Vote^tioto haye- been-Imposed in the The reas0D W hy it does 
Uon imposed for balance of last, years are esti- not m lhis ^ ^ a 

'££*•** whi* ? a ynien^ reasons. A cqmfilna. mated by GATT to account for ^ 0tferseas account* have in 
^theearly »£•*»»: of•«* "“rid the end to balance. Exports 
^ busine^Hments aur inrjmttori^^tal ^. But economists and in d ital flows ar T off . 

agines j* <*aow?s has enabled ■nustindus- (writing .in v, tilfiir, personal set b imnorts and outward 

hdieve.this to-be an {£*7 Sis Mo£rfe 
■om arersea. .^eir accounts, since: tfterlffTS- nnder^sdmafe of thelr. restnc- case fioatin p rat p bm 

3 with t™ cdeulsttons „ h ap “ " e v en “ ”d e ^ 


any 


“ of ** .created a gurfe^BurpIus-in relate/to gristing-trade. not to exchange rate regime, if im- 

^'tnododn^ ^ Ports ^11 exports must eveo- 

*rmnent *Most • countries.-ba\>e - on * the taken place without the restnc- faII off V 00 for riven 

* eonsid^ 11 ::^ 2 ^irar_^r ■ a^xey do^not-itake into state of a* SpMacSum. 

^misly on ai,S he OBCT: trade.fptedg^w account measures; sui* as anti- The UK ^ wouJd not ^ able to 
Ogme proorllVram,. from ^/; ; compe^ve dumping which are m pnmcp e ^ up its reserves indefinitely; 
or « - !t legitimate, but which certainly n0r would other indU5trlaI COUJfl . 


to find new jobs and would see 
tbe value of much of their 
capital destroyed. To them the 
loss could be hundreds or even 
thousands of pounds per head. 
Can there be any doubt who 
would make the most noise? 

When jobs are easy to find 
these sectional pressures can be 
kept at bay. The tyre industry, 
in the hypothetical example, 
would still make a noise, but it 


GATT authors many of them go 
back in origin rn the 1960s, but 
they went unnoticed at the time 
because in conditions of excess 
demand, the weaker sectors 
could continue to survive. 

The GATT authors instance 
the Japanese lead in steel pro¬ 
duction which could not have 
developed overnight. The table 
shows that the ■su-called prob¬ 
lem of de-industrialisation — 



JOBS AND CAPITAL FORMATION IN 
RICH AND POOR COUNTRIES 

(average annual percentage rate of change) 


1969-73 1973-76* 


likely to ~jjp^hon of quotas' for currency UGt.yef bean imposed. ins sector of countries such as 

ft RoIIs-Sq! treasons, w e have had a gradual Cfarniofinn lhe U.K. or France or the 

or its m^.^wmposition of _ restraints on a .DWgUflltUU US. are offset by jobs lost in 

US-211, jt ' : ^; { elective basis for imploynien£, There-are two generalisations ex-ports. 

that at .\ M ' firea ? ons - Bp* tiie pp<t.result may wfiich.caiii.be fairly made. One Nevertheless the pressure 
entirely nen-p^ ot ^- e so very different. XJ. V 'is that-Trade.- restrictions pro- for protection is not all that 
versa. At tfcij Accordingtoa General Agree- ll/e-rife in times of high linem- puzzling. Tbe threat to jobs in 

iws which u a .'•fhaent on Ttade and\Tariffs ploymfertt ‘or stagnation of out- the import competing sector is 
more. ay **'GATT) study by’Mr. Jan iftimlir P^t: ■ They were a feature of conventrated among groups of 
is wbv Rolls.!? and associates* the" rbstradnte the. 1930s 4nd their present organised workers or In parlia- 
? been ;-bi > ‘ ? * ,ave been concentrated.in four vogue is related to the severity mentary constituencies in a 
3 St ]ik*l*-' C ^.^reas; textiles (including'’doth-or thp’.'^1974-5 world, precession position to make their voices 
3S, and in and shock)^steel; transport and the. weak -subsequent re- heard. The threat to jobs in 

* 0 £ Equipment, (iruunly-khips>> -and coyery. •/ Conversely; the two ejcporiing industries from trade 

Tor each miscellaneous ‘light ‘ engin- periods when free ,trade made restrictions is delayed and 
the co-in 1 ftfeer mg.. sucb-> a& - TV sets and greatest progress were tile third diffused. It is difficult to locate 
the vir^* Accessories,-bkll... bearings -and quarters of both, the I9th and particular hard-pressed indus- 
er« acri th “^ry-celi batteries....-In .these the'20th centuries,-which were tries or areas. 

^eo-ssaV- ‘’ 5Kectors imports -into .Western also periods of bomn in output Consumers, who have to pay 
*- ^PPAr^uropeandltfprtb Americafrom and ernployroent r . - higher prices for less suitable 

lapan and the devdoping conn- The-.-second gepemlisation is goods, are even more widely 
^UUOUOli^cs have increased muriifaster that r hnpon -restrictions or scattered and difficult to 
L. • Than imports'from-anywhere domestic subsidies da not save organise politically. Let us sup- 
OUSIllGSS plse - Ver ^ trade xes- employment in-'tiie crude and pose the Japanese invented an 

r, there nn traints hav ® been - bilaterally simple', wiy' .usually . supposed, everlasting tyre. Each motorist 
L* Gov.:. r ^,^ e e otiated and technically Let us riippbse that the Govern- would save a few pounds a year 
is to in- ty^- : ir0 ^ untar y- But .it is interesting meat .published .ft list of jobs and would be mildly in favour 
liardlv • ; i-Bi v ' ? ? that 11 in these very, same supjMjsedly “ saved ;by : import of importing the new tyres. But 
will have i a SL * reas 11141 domestic aid, such restraints in different industries workers and managers in the 

.m.J. ■. ' eaa 5is the UJC temporary employ- and the-tot^,came td.a million, home tyre industry would have 

eAieni •.>. in*v snis . 

»d. I ' ' " “ 

L Sl!5t 


DEVELOPED COUNTRIES 
Employment in manufacturing 

Gross fixed capital formation 

1. All nan-residential 

2. Manufacturing 

-1-1.8 

-!-7.2 

-rfi.6 

+ 0.2 

-4.6 

+3.0 

-2 

_ 2 

— 4 

DEVELOPING COUNTRIES 




Employment in manufacturing 

+3.6 

- : -5-5 

+ 3 

Gross fixed capital formation 

+ 6.4 

-8.6 

+9 

■ Frovinonal Pinnate only 


Sourer: Cute 

would be easier to ignore it or 

that is, the- 

tail in employment 


to buy it off if there were ’_m. and investment in irianufactur- 
unemployed than if there were ins— is not unique to the U.K., 
1.5m? Both managers and men but common to most industrial 
will make less fuss if there are countries, 
plenty of other attractive era- The root of the#? problems, 
ployment opportunities. is as of so many "tilers, in the 

The easy way out therefore is malfunctioning of the labour 
to impress on governments the market. In a free labour uiar- 
nced to boost their economies by fcet wages would tend to rise 
injecting more demand into the less slowly in industries subject 
system thereby stilling the pro- to import pressure or declining 
tectionist clamour. If only it for other reasons, than would 
were that easy! wages in expanding sectors. 

In fact, the present high level This would both slow down the 
of unemployment may owe a loss of jobs in the declining sec- 
great deal to the same structural tor and act as a signal to new 
maladjustments which make it workers to look elsewhere, 
so difficult for Western coun- But political and union pres- 
tries to cope’with imports. These sures are exerted not merely to 
difficulties did not develop sud- prevent differentials from 
denly after the oil price expin- widening, hut i«i narrow the gap 
sion in 1973. According to the between exist ing ones. Attempts 


are made to bolster both wage 
and employment levels in 
threatened industries — which 
can only be achieved by pro¬ 
tection or subsidy. As a result 
of this inflexibility of relative 
wages — or flexibility the 
wrong way round—the incentive 
to acquire needed skills is 
blunted; and while unemploy¬ 
ment is still very high, firms 
report shortages of skilled 
workers. 

This is not just a theoretical 
nightmare. The chairman of 
A crow, Mr. R_ A. de Vigier. men¬ 
tioned in a letter which 
appeared in the Financial 
Times this Monday that “every 
heavy fabrication works and 
almost every large machine shop 
have long-standing unfilled 
vacancies for skilled workers 
such as platers, class one 
welders, skilled machinists, etc." 
Each worker recruited in this 
class would bring into employ- 
input many other semi-skilled 
and unskilled workers. Mr. de 
Vigier put the stress on union 
opposition to dilution, but I 
suspect that relativities have a 
great deal to do with it as well. 
What would happen if welders 
were paid as much as investment 
analysis? 

This attempt to shore up 
existing industrial structures 
makes jobs more vulnerable 
rather than less. Moreover, 
Governments that yield to pro¬ 
tectionist pressures pile up 
problems f"r themselves. 
Neither quotas, tariffs nor sub¬ 
sidies are painless. The U.K. 
"temporary" employment sub¬ 
sidy. the benefits of which are 
so heavily concentrated in 
clothing and textiles, are paid 
for by workers in other sectors. 
Eventually the penny will drop 
and the other industries will 
demand their fair share at the 
aid. 

The French Government has 
popularised lbe slogan of 


“ organised free trade " and the 
British Government has shown 
some sympathy with it. But 
quite apart from its being anti¬ 
growth. such a policy would 
place on governments the re¬ 
sponsibility for deciding the 
size of all import competing in¬ 
dustries, and indirectly of all 
industries. On what possible 
basis could such a decision be 
made? 

Many of the costs and benefits 
of protection fall in unsuspected 
places. When Government 
u persuades ” importers to limit 
supplies and raise prices, it is 
depressing the terms of trade 
against its own citizens. In the 
exporting country. existing 
firms—-which can take part in an 
informal cartel arrangement— 
benefit at the expense of 
potential newcomers. 

New workers 

In practice there is no 
dividing line between import 
restrictions and “ selective aid " 
to firms under a so-called indus¬ 
trial strategy. Both are designed 
to maintain iu existencejinprofi- 
abh- industries or firms at the 
expense of the ordinary 
u-iiizens. Neither kind nf help 
will promote more employment; 
at best it will be buttressing 
particular jobs. This may be a 
justifiable cushioning deiiee for 
established workers, but if 
subsidy and protection are used 
to attract young people or new 
workers into vulnerable indus¬ 
tries. then the whole policy 
becomes a cruel deception of 
just those people about whom 
the interventionists are sup¬ 
posed tu be so concerned. 

The dilemma is that improved 
employment prospects are 
politically necessary to reverse 
the drift to protection: but a 
greater willingness to adjust to 
changing international markets 
is a pre-condition for a lasting 


improvement in employment. Is 
it really necessary to emphasise 
that adjustment will not come 
about through the projections 
of Sectoral Working Parties, 
which w e have had with us for 
decades under one name or 
another? 

The only signalling system so 
far developed to inform man¬ 
agers. workers and investors of 
the required adjustments is the 
price mechanism—that is the 
movement of relative wages, 
prices and profits, not the over¬ 
all averages with which Chan¬ 
cellors are so preoccupied. This 
does not mean that all wages 
and prices have to move over¬ 
sight with marker forces, irres¬ 
pective of the human cost But 
it does mean that the direction 
oE movement should he right; 
and that aid to the hard pressed 
should be given to individuals 
outside the market, rather than 
to entities such as industries or 
firms. 

Failure to observe these 

simple- principles—which have 
been known to market socialists 
as well as bourgeois economists 
for the better part of a century 
—is the failing of U.S. energy 
policy. British industrial policy. 
French trade policy, German ex¬ 
change rate policy . . . and one 
could extend the list. The de¬ 
fects oF the political market 
Place are to some extent scll- 
correcting, as are those of the 
commercial market place, but 
only in the very long run. In 
the meantime indignation 
should be directed not at poli¬ 
ticians who respond to pres¬ 
sures in a conventional way. but 
to the scribes, clerics, and ad¬ 
visers who mistakenly seek to 
rationalise interest group poli¬ 
tics as some form of superior 
economic wisdom. 

'Trade Litcmlisaiion. Pr«/..vtiuii<«tn nnrf 
JiiliTtfL'pnNii-iirf. Gmvrnt -torivnitut im 
1 rartc iifld Tnn)h, i.cnca 

Samuel Britfan 


- V 


na-- ahr^' 
tec- Celi 

f Ro!:--Rfiy;» i 
ag Tho Ml'ispa'. 

I com Dsn;.-. ^ 
menu's.;jre 
>, and r.'it a oa® 
jfi r and ;hat is ar , , 

joiis-R^:-* claims 

■s f 

Jlopme: 
woui 

■arantee; _ _ _ _ 

jlial pry;. — the. economy ami therefore to the capacity of future govern- 

as n ok crania. tcknowled^Ofe^.H^flitj^^ -the Africans. Political and social■ nients to raise the revenue to 

ltnpir:?: 
tan 
intent 


TbetteiS to the Editor 

Cofflinn «nwiA ■' history. teLls me .that, economic fits for all past years. Even the 
i3t?lLUfl£« tdlclr •„ decline and all thebitterness and Si per cent, fixed rate for those 
w ■’ " •-.tensions; which .enSito"from it, who leave can be changed every 

provide just'as much oil" to the five years or so and thus the 
: fire; of political • and social liability remains uncertain for 
instability as the .. oil; of a a contracted-out employee, who 



shoulders of the Government 
Actuary alone. 

In these inflationary times 
some form of index-linking is 
essential but if the experts can 
come to a common agreement as 
to what is a reasonable deduc¬ 
tion. should it not be possible for 
such a formula to apply to mem¬ 
bers of private occupational 
schemes so that they cart enjoy 
the same benefits as civil ser¬ 
vants and other employees in 
the public sector? 

T. A. E. Layborn. 

5. Heath Rise. Kersfietd Road . 
Putney Hill. S W.15. 


uity iu 

never mind about after 30 years, 
no attention Roy B. Colbran. 
livelihoods of Martin Paterson Associates, 
South Africans, jo, Hertford Street. 

ry — i- ■: - waicn m wm>«»w As-far as*I can see, worsening Parfe Loiw, W.l 

»r this >t*:. beaefitsof the Marine economic* 7 instability and its _ 

nv w.n rvzarc s‘hce ^ Contract,, sain, v vnam& results jwraid make white South 

fir- r v ,oi 1,ately Africans even more reluctant to » J I “ 

. occurred and^its cause, and er- jjjti-jg anv change in their fTldPY*llflkinSF 

woria y..^ - ent have been determined by an Millar system AUUCA UlUVlUg 

frf u= ' ^ssessmetfl--or - ,'StHctly speaking, it would he TlAncinYlC 

it3 TP?.:-. '. ■ - t '.'ause > found to .be. r^ated to a ^ Britain’s self-interest to give JiCUSiUUa 


ITS 
Support 


,'ierU insured against.tiie Insarer^njaximuni support to the South From Mr T. Laybam. 

c-n« Will honour. --- May I recommend those 

in public-sector pen- 

. , . . —___ study ail the implica- 

0 This automatic avpnabiUty Qi ^e mineral resources, tions of tbe 11th report of the 

be indemnity ts contractual tit . Tlie situation is a dilemma for Expenditure Committee, chapter 
lature and insurers./Who witn- eve ryone. But dropping every- VI? The views expressed therein, 
nold it to suit--their^systems are tf,j n g and making a run for it,-particularly on the subject of a 
prejudicing. tn^\fqtiire'\with Rogaiy seems to be sug- deduction of only 1J per cent. 

£lient aiid ‘ 'v -gesting. is plainly absurd and from gross salary as being the 

N. CJarite-. is a negative attitude which does value of tbe index-linking, are 


B ttorgoa-nnd Company j; 

Insurdnee-:Brokers,- . 
124, Rcgent Street, W-Xl? 


less School 
France 


Synthetic 
rubber : 


unine 


T. R. Berchten- 

r ‘ • University of East Anglia 

‘ ’ Kesldences.. 

. _ hi Filers Lane, Norwich. 

From Mr. A. l/nswdrtfti,. :. - 

Sir.—I have read .with interest ri . « 

the article and correspondence -(.hflllgP TOr 
(January 30, 2i.utd.16) on poly- • . ® 

isoprene ahd lhe fputidering of tUp hptfPF 
tbe UJC-syhthati'c.nibber project. IUC vcuu 
It is .a pity, that'the petro- From Mr. J. Brodricfe. 
chemicals working party,[report .gif ,—i spen t about 
is unpublished as weiddnot know weeks' in South Africa 
what facts have been considered, before Christmas, not 


no one any good. Pushing the most illuminating. 

Soutia Africans about is counter- The Government bas taken 
productive, as has been shown, notice of some of the criticisms 
Economic involvement in South voiced in that report and a doeu- 
Africa is nur last chance of in- ment has recently been placed 
fluencing the situation, positivdy. jn the library of the House of 


Commons entitled “The 1977 
Agreement between the Official 

• and Staff Sides of the Civil Ser- 
■* vice National Whitley Council.” 
V' This, to my mind, is quite a re- 
- -markable document, and many 

•v_ people, I fear, will feel that no 

• real prrwer or authority will rest 
with the independent members 

v of the Pay Research Unit. 

According to this agreement 
three and answers giveo by the Minis- 
just ter of .Civil Service to Mr. Paul 

__ __ __ _ having Dean, MP (see Hansard. January 

It would be^interesting to know visited that country since 1970. 13, col. S45) the position is as 
If the following pohrta were j was impressed by the obvious follows: 1. The chairman and 
covered; tlm .toqiecied increase progress that had been‘made In members of the Pay Research 
l n consumption .’of “ natural seV en years not only in tbe Unit Board will be appointed by 
rubber by China and tite develop- standard-of living of the black, the Prime Minister and will be 
. rag comMbs hJ r w next 5-10 coloured and White peoples but unpaid, and this body will be 


Lashed to the 
wheels 

From Mr. G. Finsberg. MP. 

Sir.—I could not have pre¬ 
dicted. when I wrote to you in 
support of Mr. Minter, that 
another Liberal candidate ^dr. 
Baynes, January 30) would think 
of claiming fo"r his Party the 
credit for the partial improve¬ 
ment in the economy over the 
past 15 months. Of course, this 
is rubbish. 

Months before the Pact with 
the Liberals, the Government's 
need to borrow money from tbe 
IMF had forced it to cut back 
spending and control tbe money 
supply. The contribution of 
North Sea oil to our balance of 
payments bas also helped—and 
what was the role, if any, of tbe 
Liberal Party in finding the oil 
or bringing it ashore? If the 
Government is now seeking lu 
conceal some of its unpleasant 
policies for tbe future and is 
waxing lyrical about tax cuts and 
small businesses, it is because of 
the pounding it has already 
received at the polls, and its 
desire to avert even worse when 
It eventually goes to the country. 
Like Mr. Cyril Smith, 1 am con¬ 
vinced that the electors will then 
mete out fair and equal treat¬ 
ment to both the Labour drivers 
of the chariot and their Liberal 
victims, firmly lashed to its 
wheels. 

Geoffrey Finsberg. 

House of Commons, S.XV.l. 



;hip s 

h dtiz efl5, 

lid li*' e 

* equivate 11 

are 
with 


coiild be in ahort suoply by 19S5- where I could observe working full-time survey officers, out oj 
1990 onward! Worldwide;'as Ve&et- relationships between black and which .only four will be recruited 
able oils become.shprt the priee white, - these seemed to have f r0 m outside the Civil Service, 
increases and when this occurs become much more matey. I Those four, will he expected to 
more land is devoted’to'palin use that word quite deliberately, have five years’ general wrperi- 
oil at the expense .of 1 natural, gven if the South Africans are ence in personnel management 
rubber which will also increase not solving their problems as including two years’ specialised 
in price - if China increases its rapidly as we. would lik* to sea, work in job analysis and evalu- 
consumotion of vegetable oils to should they not get VK ation of salary administration, 
20 kgs per capita by 1985 there bceaSibna] "Brownie Point’ for and will be paid between £5.887 
could be- a shortfall -.of 65m. what .they have achieved? 
tonnes assuming ! tiie'cbnsump-- John Brodrick. 
tion/capita elsewhere , in ' the '13, Cunningham Hill Road, 
world is .unchanged ,-from 1975 Ajbww, Hert/ordshtrc. 

onwards; there is a..trend for ' : - . ■_ 

Malaysia to go downstream with • 
rubber—that is there will be .a 'W_ " j, . 
greater tendency lor Malaysia .to I .ORirflCilWg IB 
export finished rubber products. ■ • • 5=7 


A. K. Unsworth- 

— -vjA L Court Downs Rood, 

Ji'aflW Beckenham, Kent. 

ana u ' 


or out 


and £6.8S7. 3. There will also be 
a Steering Committee whose 
functions and duties are fully 
set out in the agreement. 

r hope, on this occasion, when 
carrying out their comparison 
tests, they will not overlook, as 
they have in the past, the value 
of “job security.” Very few per¬ 
manent civil servants lose their 
positions through either ** limited 
efficiency." “discipline,” or “in- 
Hymans efficiency." 

I suggest it is important on 


March- & 


Influence in 
South Africa 

From Mr. T. Berchleru 


- From Mr- R. Colbrcnti 
Sir;r-Following Mr. 

(January 30). perhaps we should _ __ tc __ 

set out tho insurance that the this occasion that the. Govern- 
statescheiue gives to an employer ment Actuary and his depart- 
.‘who cotittacts ih. By paying his ment which, in the past, appear 
National Insurance contributions, to have had the sole say in 
tha state will completely take off regard to what is a fair deduc- 
r . DeiulKlh .him the Inflation-proofing of all. tion on account of pensions being 

Sir.—Mr. Roaaly's message of benefits (at state tovelj as they index-linked, should be joined by 
Januarv 24 seems to be that due are earned. For the employer, representatives from the Trea- 
to political and social instability, concerned that cost is known sury. the Institute of Actuaries. 
British investment in. South year "by year and guaranteed-the Britishi nsurance Association 
. Africa is at’ risk, and efforts once paid, .. and the Life Offices Association, 

should he made to- “ take out. .This is in direct contrast to the It is quite wrong and unfair, as 
„ . what we can while the goina is position:"-of- the contracted-our the 11th report referred'to above 

*c« .. good” : '■ _ • .. ,. employer,who hasthe continuing points out. that such a responsi- 

My* tobidedge <if conteii^orary liabiitiy to inflation-proof .Mb^. bihty should be placed on the 


Hold tax in 
real terms 

From Mr. T. Davies. 

Sir.—I would like to join 
forces with the comment in your 
issue of January 26 in welcoming 
the original thought resulting 
from the Meade Report. I find 
it most refreshing that the basic 
inspiration of academics, draw¬ 
ing on theoretical analysis, was 
tempered by the practicalities of 
experience. As an accountant T 
often wish that the many draft 
recommendations dealing with 
most critical points had tbe guid¬ 
ance of those involved in their 
implementation. 

My conclusion is that however 
meritorious or original tbe re¬ 
port may be. it failed to comment 
or draw attention to tbe largest 
failing oF to-day—a way of curb¬ 
ing politicians, especially those 
of the Left, from absorbing 
income granted to them from 
inflation. 1 know, as one of 
Samuel Britton’s middle Income 
beings, that whether painfully or 
otherwise the some amount of 
taxation will be taken from me. 
If either academics or those of 
practical experience could pro¬ 
duce a proposition to hold taxa¬ 
tion in real terms we would he 
starting on the road to solving 
the problems of creating incen¬ 
tives. and creating a political will 
to reduce inflation. 

T, L. Davies. 

" Kitauiyu" Old Avenue, 

Wart Byfleet, Surrey, 


GENERAL 

Treasury issues figures of U.K. 
official resen es for January. 

“ Green pound " devaluation of 
5 per cent, lakes effect in respect 
of pin meal and beef. 

Pay talks between National 
Union of Mine workers and 
National Coal Board. 

Electricity supply workers’ pay 
talks resume. 

President Sadat or Egypt begins 
seven-nation tour, during which 
he will visit Morocco, the U.S., the 
U.K.. West Germany. Austria, 
Romania and France. 


To-day’s Events 


First full session ends in Berne 
of Internationa! Cocoa Organisa¬ 
tion advisory group on world 
cocoa economy. 

British Petroleum main Board 
decides whether to close com¬ 
pany's high-technology investment 
in Sardinia. 

CBI South Western Regional 
Council meets. 

London Chamber of Commerce 
Economic .Affairs Committee 
meets. 


Church of England General 
Synod continues. Church House. 

Sir Peter Van neck. Lord Mayor 
of London, attends Skinners' Com¬ 
pany dinner. Skinners' Hall, E.C.4. 

Sir Bernard Miles reads from 
Samuel Pepys' diary. St. Olave, 
Hart Street. E.C.3. 1.05 p.m. 
PARLIAMENTARY BUSINESS 
House of Commons: European 
Assembly Elections Bill, com¬ 
mittee. 

House of Lords: G unbarrel 


Proof Bill, third reading.- Medical 
Bill, third reading. Judicature 
t Northern Ireland) Bill, com¬ 
mittee. 

OFFICIAL STATISTICS 
Capital issues and redemptions 
during January. Building society 
house prices and mortgage 
advances i fourth quarter;. 
COMPANY RESULT 

Associated Fisheries (full year). 
COMPANY MEETINGS 
Akroyd and Smithers. 55-fil. 
Moorgale. E.C., 12.30. Brockhouse. 
West Bromwich 12. Trans-Oceanic 
Trust. 12l». Cheapside. E.C. 10.30. 



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22 



COMMENT 


DIVIDENDS ANNOUNCED 


Prestige at peak £6.3m. on £55m. sales 


A SECOND half advance to tax¬ 
able earnings Irom £3.46 m. to 

£3.77ia. by Prestige Group 

expanded the fulltime figure fn* 
1977 by £Q.Sm. to a record £S25ia. 
External sales were better at 
£S4.89m_ against £47.93m. 


INDEX TO COMPANY HIGHLIGHTS 


Current 
payment 

A. C. E. Machinery. 3.38 

Areolectric....- 052 

British Dredging .ixU. Ntl 

Centrewav . Int. 6 

Daejan Hldgs. .inL 1.162 

Drayton Far Eastern TsL 0.6 

Robert H. Lowe ... 3.0S 

three Hillards .inL 1 

McKaye Securities ... inL 0.78 


1977 by £Q.Sm. to a record £8 25ra. Company 
External sales were better at * 

£54.89 m_ against £47.93m. A.CLE. Machinery 

Income from short term invest- Arcole f tr lE- 

meats was lower at £232.654 British Dredging 
<£331.397) but there was an Centrewav 

exchange rate gain this time of - . y -- 

£89,642, compared with a deficit Drayton Far East, 
of £281,89-1. Hiir.77ir~*- 


Page Col. 


_ Com pany _ 

Plessey_ 

P restige Group _ 

R adio & Allied _ 

Record Ridgway _ 

Scot. & Continental 

SteriingCretft_ 

Tu rner Manufa ct uring 
Whole sale Fittings 

W earra __ 

Wiggins Teape 


basis of 14 for every three Hillards .mt 1 

Preference. McKaye Securities ... inL 0.78 

This would give the Imperial plessey .int, 2.42 

Pension Fund an S3 per cent Prestige . 3.SS 

Page Col. holding in the company's equity- Wholesale Fittings ... inL 2.D3 


Date Corre- Total Total 

of spending for last 

payment div. year ^ear 

April 6 3.03 338 3.03 

April 3 05Z 0.41 041 

— 03 — * 0.3 

Feb. 28 538 — 10-9 

April 4 1.14 — 2.9S ‘ 

April 4 0.62 0.9 0.8 

March 13 2.62 3.9 3.49 

March 22 1 — 4.41 

March 28 0.7 — 1.4 

July 1 2.2 — 4.84 

April 6 325 5.5S 5 

April 7 1.82 — 357 


Financial Times Titarsffiasy 2 ; ■ 

Small rise so far 
by Hillards 

REFLECTING THE sharply In* vance of only S per.oeat^Jgte* 
creased competition which has 10 par cent, decline. in 
occurred throughout the retail maxgua- If the price vaglltt 
sector and the overall decrease In any worse .further trimnggs 
consumer spending. pre-tax margins nngnt be neeae a-. 
profits of supermarkets operators Hillards’ ^distinctive pries 
Hillards were ody m&rgLosJly has already been seriously 
improved from BJUm. to £U5m.. tod* and. 

for the 28 weeks to November 12, Hillards has batlt Itself _tm 


In return, the (company is Dividends shown pence per share net except where otherwise stated. 1977. Turnover was higher at pnee cuts. Meanwhile the ran 
acquiring from the Imperial * Equivalent after allowing for scrip issue, t On capital 530.91m. against £34.42m_ ia emoanong on »«“■* 

Pension Fund for £16,362 the out- increased by rights and/or aquisition issues, t Corrected. Trading profits advanced from puymcal expansion. 


1 x “ 0i 03 ^- Hillards 22 7 Sterling Credit 22 3 

lV.™“ , °4tlVr r ° i t na ^p%.a?" B _4. Tu rner RgMjl 22 _5 

and the nei total dividend is Lowe (Robert) 24 2 Wholesale Fittings 22 4 

fiS P |f 3. 8345 p 5 5845P (5P> With 3 McKay Securi ties 2 3 4~ Wearra_ 23 1 

At year end the balance showed Norwest Holsc 24 1 w '88«ns Teape 23 4 

a strong position although cash, ^ 
short-term investments and loans, 
net of Foreign bank overdrafts, 

were down to £3.03m. (£3.5 4ib.I, over and pre-tax protits both There was an exceptional credit 
the directors say. This decrease rising by 14( per cent, while sales relating to the temporary employ- 
ln liquidity, despite the - positive volume increased marginally—and ment subsidy of £171,000 (£251.000 
cash flow generated from profit- at o time when U.K. volume sales relating to profit on sale of assets), 
able trading, is mainly due to high of consumer durable goods fell Receipt of the subsidy is depen- 
U_K. corporation fax payments. by around 21 per cent. The faster denL with other conditions, upon 
Total tax. however, amounted to growth came from overseas where the company adhering to the 
£3.07m. (£2.9lm.) representing a profits are still recovering from a Government’s pay guidelines, 
decreased percentage charge of slump in 1975 when profits Pauls Federated Merchants, the 


standing minority in Sterling 
Credit's subsidiary, the Equity 
Group Finance (Holdings). 

The company is further acquir¬ 
ing the outstanding minority 
interest in a second subsidiary. 
Sterling Motor Finance (Kent) 
from certain executives to be 
satisfied by the issue of 25.000 
ordinary shares and £27,730 in 
cash. 

First-half results for the com¬ 
pany were reported yesterday. 


were dowrt to £3.03m. (£3.5 4m.}, over and pre-tax profits both There was an exceptional credit AipCQ September SO, 1977, the directors would not be met 

the directors say. This decrease rising by 141 per cent, while sales relating to the temporary employ- ▼▼ ll\/lCo<llv oF Centreway, an Investment hold- 

m '’duidity. despite the - positive volume increased marginally—and ment subsidy of £171,000 (£251.000 ,_ ing company, reaffirm their fore- - 

cash flow generated from profit- at a time when U.K. volume sales relating to profit on sale of assets). 1 i’'md-4-a cast made m the 19r6-77 report A |AAri*T /% 

able trading, is mainly due to high of consumer durable goods fell Receipt of the subsidy is depen- F ILLlIIj'iS that tee fuU-year surplus would /\rHllCH.l 11^ 

UJv corporation tax payments. by a round 2i per cent. The faster denL with other conditions, upon ™ show a material improvement over 

Total tax. however, amounted to growth came" from overseas where the company adhering to the ‘ the previous year’s £639,000. • . 

£3.07m. (£2.Him.) representing a profit* are still recovering from a Government’s pay guidelines. Cl V 3 ¥1 First-half turnover advanced to Ti"l 

decreased percentage charge of slump in 1975 when profits Pauls Federated Merchants, the T ** llvVkJ £3.3Sm. (£2.46m.), while earnings J A 1 III U>3 IU 

49.1 per cenL (53.3 per cent.). slipped from £l.53m. to £862,000. 73.37 per cent, owned subsidiary, WITH TURNOVER higher at are shown to have imnped from S * 

Spending on fixed assets during Meanwhile the shares (American was sold during the second six £7.72m. compared with £o.73m., 11.9p to 23Stp per 50p share. The P/1 / 7 1 

the year reached £1.8m. ff 1.66m.) Home PrnducLs Corporation holds months. Wholesale Fittings Company fntenm dividend Is raised to *T11 jITl 

and ai December 31. fixed assets 74 per cent, of the equity) yield There Is no interim dividend, advanced its taxable surplus by 6.001p (5.375p) net—last year’s w T ^' JL c " rvr 

at enst, less depreciation, totalled 5.5 per cent, at 13-Sp and the p'e For 1976 the only payment was a £190.000 to £647,000 for the six final was 5_52lp and was followed a JUMP in taxable earnings from 

*S.8firn. is S.9 which appears to be a fair net interim of &3p per 25p share, months to October 28. 1977. For by a scrip issue of one 11 per cenL £ 199.400 to a record £323,069 was 

Medium and ln n <» term loans ratj ng grten the group’s steady, Half year Year the whole of the previous year, a Preference share for every t»o chieved by Areolectric (Holdings) 


mu cujcvi Liv tikUL3 (mu/ui uuuuiuuu 4 , asmwiu wiwuuj tivw w—- • , r _ -V Jj* -iat 

- — £892.000 to £90,000. before next IS months or oortjriMWj 

interest received on short-term Its three laxgert supernaowtgjJg 

T7i* v 1 l£ Insurance payments—are Claiming ^ os, “ 01 iJd^ed° to^^wSSw eo*Sd "cost^ver" 

F irst half -aa sstn&ss sll 

lean for &£?&£*! V s S® m±s s 

lcdli 1U1 builder and property developer J®-®®? T A*&£? P)s ?f r !L(assuming JS*bl prMtcx tor tti» 

„ r which coUapsed within days of interim dividend ^ mauv f»3l mSuwrt 

MLR Utt * n * a P“ k 35 ,? er cenL ™ r hr nrorious Se current yield is 3^ pec cgjfe , 

centre way October WTS. The conapse came wflich.is a relatfvajy 

within a year of a Cm. rights “ om rating within the sector, though 

REPORTING PRE-TAX profits issue by the group when it became record profiL the whole industry is mSSSfe 

more than doubled from £217,000 c!e ar that the accompanying fore- Mr. Gordon Hunter, the charr> Crojn the doubts surrounding iSs 

to £4/4.000 for tho six months to - rast C f pre -tax profits of £23Sm. mao, reports that progress is price war, which is botmfOTHKiii 

September 30, 1977, the directors would not be met being made on the development many investors away. 

oF Centreway. an Investment hold- of new stares. The new super¬ 
ior company, reaffirm their fore- store at Alfreton, Derbyshire, _ 

cast made in the 1976-77 report A Maa/iti s* opened at the end of November A #*111,3 

that the full-year surplus would OIaJL,IX"IL and budding work has started at . IH, 

show a material improvement over 4** vv Mieklecver. A 

the previous year’s £639,000. • . The directors say that, as in the ,1 _ • 

First-half turnover advanced to llimnC Td\ 1976-77 accounts, no provision is firfllK Tfl 

£3.38m. (£2.46m.), while earnings I U. 1X1 Uo IU being made for deferred tax as no 

are shown to have jumped from S * liability is expected to arise in-the o/Y- 


Areolectric 
Jumps to 
over £0.3m. 


ACE 
drops to 
£0.32m; 


were lower al £2.71m. (£323m.). uncxciiiny, record. 

1977 I97K 

r r 

Rxi<rrnal ^ales .54 *W 407 47.9.-M +a H W • a •_1 

TrsdJnj; pros I . 5.415.! 99 3.4<7.!44 llfi ICfl 

l/wxnneni income ... ;k.a-4 111 .n 1 ; a Uta/Jl* 

1ni-ivs« . 415.119 -Aims 

Pre-la* proRt . L2W.JM S.9S3.US „ J_ 

Tax . 3.071.711 JWTo 8 0 V Of 1 

N«t proDi . 3.150.441 •4.3<4.*wi» JL/1 VUwlIl£L 

Tn minorities .. .... — 67.C?! 

To capital r*vr«Ml ... 29.J7* 35.699 1 * ,][ _ 

lOSS midway 

r»rrl. omdiiMi . 1 on.W ftii.r.os r> .„, ... •• 

RetomcO . ?.ur.vi 1..54-..993 INCLUDING unexpected trading 

Prnv<tlC forvarrJ . ll.«r.l» S 9i.i «6.‘ Josses of £725,000 on certain con- 

Cjmed forward .. . irvu in* n.457.$59 tracts in the engineering division 
t For redemption of Preference shares, this time, pre-tax loss of £153.000, 

against a profit of £40.000, is re- 
comrnenx ported by British Dredging Corn- 

Many of Prestige’s fcitehen and pany for the first half of 1977. 
domestic products (from pots and Turnover was £Q.3lm. up at 
pans to carpet sweepers and bath- £7.fr2ni. 

room cabinets) are at the lower- During the second 1 a If the 
priced end of the market and with Board concentrated on the elimi- 
demand for ns goods Fairly nation uf loss-making operations 
constant the group has tended to in Dunkirk, Dordrecht and Brugge, 
he less susceptihle to sharp falls together with further loomies in 
in consumer spending. Conversely the U.K. operation. 


External sales . 

Trading proBi 
lnr<irmeni mcoroe 
1ni*rvs» 

Pro-lax profit .. 

Tax . 

Net prolli .. ... 

Tn minorities 
To capital »vn»st 

Pref dividends . 

Available . 

r»rd. dmil®iHis . 

Retained . 

RmtKftc farwanf ... 
Carried forward 



Half year 

Voar 


19! • 

19T9 

io;a 


rnno 

£■'00 

tnno 

TiimoT'’r .i: .. 


r.«u 

16.W1 

Tndinrf lerts .. .. 

?,~7 


654 

Sh^rr. associ. proBis 

31 


•* 

Exrvpt. L-rvdits 

m 


tjfl 

ricprtciauoB . 

3'«7 

367 

j;;s 

10 t»-r«sT .. 

X£1 

w 

708 

F.sohancc law . 

— 

?4 

34 

Pn-tax loss .. 

IV! 

140 

L0T3 

Tux credit ... 

19 

171 

■?! 

.\e( .’ass ... 

U.i 

:t 

893 

Minorities .. 

7 

e 

n 

Extramrd. crediL., 

— 

44 

44 

At mb. loss . 

■ Loss, t Profit. 

12S 

i durst: 

111 

946 


__P/k foreseeable future and conse- -i-l| 4/m V 

ftVPF til jiTl quently the previous -half .year 

U T results have been restated to qespjhE A small upturn in- the 

A JUMP in taxable earnings from reflect this procedure. second half, pre-tax profits of con- 

£199,400 to a record £323,069 was ' struction equipment . makers 

chieved by Areolecfric (Holdings) • comment A-CJ5. Machinery (BoUtfegs) 


Scrip issue 
by Sterling 
Credit 


car Year t he whole of the previous year, a Preference share for every two chieved by Areolectric (Holdings) • comment a r ig Machinery (Holdings) 

B ™?5fisan?a« •r— a ssS5*w °s?'£* w z sbtS 

it £5 SSwS’^V/re^ Sffite 1 *® Took oUS ^l!- 302 ’ ■'■‘“f "n te . “ Sfffe%2f5S ^ aft t er m 5 1 h0M J l S AtSS 5 * 090 

3 is ssfSm a aaf JA «aarsw s s&irua a ^ f ^si 

»R 70S In thViM £if With a final of 0522p. The com- Sales are up nearly 19 per cenL. from SJ129p to iS88p per 25p 

^ ^ the Srst ha,f pany has close status. which takes in voiuma sTVwfli of share. 

140 LOTS of pS U h?|f t ^vpfr earnincs are FloT/irl Fliarloc After tax of £165.707 (£97.795), 3 to 4 per cent at a time when Tax for the year took £168,618 
*st 9X Q A* 1 "J?q„i h if r y ^ *he EI3V1Q I^H3ricS the net balance emerged at the national figures indicate a de- (£202.084) and profits retained 

2 2 SrMv^Jir«pn n p! ul - £157^82 (£10L665>. There is an eline of 4 per cent Trading profits emerged lower at £UB£ff 

in .siSTmtwK&j Management dehi , 01 u ^ ed ^ ^ “ * d - 

KBWHul sear', ’ ^fcorepaay is aetise h. elettrie _ . . ^ „ 

fin »M ^IprVIPPC switches and neon signal lamps. C I 


Stated half-year earnings are 


ing £70,840 (£63,431)—last year s 
final was 3.456p. 

All divisions within the company 
continued to operate profitably, 
including the newest depot at 
Crawley, Sussex, the directors 
add. 

• comment 

While the domestic side of the 


David Charles 

Management 

Services 

Unsecured creditors of David 
Charles Management Services, 
which is in voluntary liquidation, 
will get nothing, the joint Uouida- 
tors. Thornton Baker and W. H. 
Cork Gully said yesterday, 

Tn their report to creditors the 


sales with aa ad- (£170.330)* 


Win. Jackson 
falls non 000 


Scottish & Continental 
considers unitisation 


Shares in Scottish and Conti- Mr. Johnstone thought that 
A drop in hnWe profit from nental Investment Company unitisation might be a feasible 


To retain a more appropriate electrical industry is suffering the liquidators state that thev have *S57.577 to £657.576 i® shown bv jumped by 20p to 63Jp yesterday, outcome, if a sufficient number of 

balance between the capital and effects of lower consumer spend- now virtually completed the pro- william Jackson and Son. bakers, on the news that the Board is shareholders wanted to 'remain 

reserves, the directors of Sterling ing. Wholesale Fittings' changin'* gramme of realisation of assets confectioners. meat product considering. measures, including with the trust as unitholders; and 

Credit Group, the Cardiff-based emphasis towards the industrial J*nd the balance in hand is £33.452. manufacturers and supermarket unitisation, for bringing the with some 22 par cent, of the 

instalment credit and banking market is paying off handsomely. By contrast Recured creditors— operators, for the 26 weeks to realisable value of shareholders’ company’s equity held by other 


the ;roup is unlikely to show any Although this policy is proving services concern, propose a scrip First half profits are 44 per cent, largely the Inland Revenue which (Vtober 29. 1977 
dramatic growth as spending successful, it is anticipated that issue of two-for-five higher on turnover up bv a third is seeking PAYE and National £4.79m. at £42.67m. 

recovers (stockbrokers Phillips the company will show a trading The directors also propose that reflecting an Increase in volume 


and Drew recently estimated that loss for 1977, For the previous the rights attaching to 90.000 of sa j e s of about 19 per cenL WF’s 
U.K. spending on durable goods year there was a pre-tax loss of ihe outstanding 240.000 cumulative non^domestic business now 


may rise by 12 per cent. »n 19781. £U)7m. redeemable second preference accounts for about 90 ner cent of 

list year Prestige continued its The directors will follow a shares of £1, all of which are held ermin mrnwpr ami i«ni-e iii» 
steady but unspectacular progress policy of consolidation in 1978 in by the Imperial Group Pension 


sivjuv uui UIHIJCIUU-Uidi I>iu£itv>> policy oi vonsnuuuuon in ismo in u* me imperial vuuup rcnsiun j nrPPat: j n .» further while mu 

(compound growth over seven order to return the group to Fund, be varied to make them „ p Jt y 

y„r: ,2 Per cent, with .urn- prri'.l.blU'y. cnnverMb.. In- Ordm-ry on the , , and , n d X’" m d epr 


Turner Mnfg. warns of 
moderate shortfall 




ig market is paying off handsomely. By contrast secured creditors— operators, for »he 26 weeks to realisable value of shareholders’ company’s equity held by other 

ip First half profits are 44 per cent, largely the Inland Revenue which October 29. 1977 Sales were up funds more into line with the Murray Johnstone, trusts, - qnd 

higher on turnover up by a third, is seeking PAYE and National £4.79m. at £42.67m. asset value of the company, if another 27 per cent; by other 

g t reflecting an increase in volume they cannot come up with a suit-, institutions, the directors were 

of sales of about 19 per cent WF’s _ able scheme, tbe directors intend reasonably confident that they 

to non-domestic business now Tixwiam nmwnn /vf to propose that the company— wuld be abl e_to determine the 

accounts for about 90 per cent, of I IITOGF IVl M2. W2IT1S OI x vaIued at £9 Tm - at 1886 niS!tafa like & su ^ 3 of VBt ° sstl0 ^ beforo 

!d group turnover and this looks like A UA 11V1 WJ Hi UO \ price—be put into liquidation. such a sdteme wax put up to 

increasing further while pay _ 1 _ A — _1_ _ Mr. J. R. Johnstone, a director shareholders. ^ 

I” restraint persists and demand for 11100^1^11 ^1101^11 $) 11 ° r Scottish and Continental— One factor in the Board.s , 

l e appliances is weak. In (he mean- (41.V/ wllvl iJLCtll which is part of the Edinburgh- decision bad been, Mr. Johnstone 

time, while industry Is stepping up IN HIS last annual statement as of output. To facilitate further based Murray Johnstone stable— said, the abolition or the dollar 

us nlant modernisation pro- chairman of Turner Manufactar- e lansion a lease has been said yesterday that the specialised premium surrender rule- . The 

gramme and becoming more ing Co.. Mr. S. V. Lancaster warns arranged for a purpose-built nature of its portfolio inevitably company would stui be naoie to 

aware of energy conservation, the that profits for the current year factory and office block, in made its share price much more ® small amount of capital gams 

company has been gaining market will show a moderate reduction Wolverhampton, which wifi bouse volatile than the majority, of pe ios^j made smoe 

share with industrial plugs and on the record £3.4m. achieved for both companies. The move ia investment trusts. Some 65 per *5f m T 6 

sockets, commercial lighting and the year under review. planned for tbe. autumn of 1978. cent of Scottish and Continental's "f 11 „ l J pay ~, e ®i 01 °^f r ; 

motor control equipment. The He describes tbe start of the A ' Statement of Source and funds are invested In continental 88 SHJ“. ®*®-j 1101 

switch of iradine emphasis now current year as disappointing. Application of Funds show a Europe, and most of tbe rest in “^waoie agamsr “'Pra! ram*— 
means that the Christinas season and explains that this was due to decrease in net liquidity ol North America or the Far East. - * t “*j 

—a prime trading period in the labour unrest at the company’s £1,125.000 (£38,000 increase). And because investment in Mr infcMtJ.. 

l. r . 4—._II V «kai- II. I ..^11 V. T,__1_I_I OK- OKOUCiea. JUT. donnsroDO 




me two naives win now oe less atntcuuies experienced in ltirKey win oe new m w<jiveraampronr on which Scottish and Continental’s nn.ifw, mnnfiw-•-— 

marked. Tlie mild weather (until continued. February 24 at 12JO pjn. He will shares were standing to their net ■ 

recently) has had its effect on As reported on January 14, the be succeeded by Sir Monty asset value of 72p was—until - __ ._ 

demand for heating, and this has record profits for the year to Prichard. yesterday's . announcement —■ TlVf'fT KF1NTN h lif 

been an inhibiting factor to October 1, 1977, were achieved on Dana Corporation, of Toledo, running at around 40 per cent, J 

growth in the second half, turnover ahead from £19.64m. to U.S., holds 35 per cent, of the as against an average for the Inch Kenneth. Kajang Rubber 

Nevertheless. \VF looks well £25.44ra. The ratio of the increase company. sector of about 25. has received U.K. Treasury 


Merchant Bankers Kleinwort Benson announce 
the opening of their new office today at 

78/80 George Street 
(Telephone: Edinburgh 225 4774) 

where Mr. W. F. G. Lord will be pleased to discuss 
all aspects of the Group’s services, including 
Acceptances, Foreign Exchange, Loans, 

Project Finance, Deposits, Leasing, Corporate 
Finance and Investment 

Kleinwort, Benson Limited, 

78/80 George Street, Edinburgh EH23BU. Telephone: (0311-225 4774 

Head Office: 

20 Fenchurch Street, London EC3P3DB. Telephone: (01V623 8000 


placed to beat last vear’s record ,n profit to turnover was 4S per 

profit bv a good margin. The « nt - lo 29 per cent . 

iJS^tJSS^iA wtoh Expansion 

_ _ broken down on a geographical i T)_ J* 

Druvfnn TTor basis uas as follows: EEC OV JKHulO 

Lira} ion r ai countries £0.59m. : other European J , 

-r- . countries £179m.; North America ATt- A Ifipff 

r «<;tprn £2.76m.; Australasia £0.19m.: other ^ rviIlvU 

■ u markets £0.46ta. For the year to March SI, 1977, 

For 1977 taxable revenue of As two of the group’s subsidi- Radio and Allied (Holdings) 
Drayton Far Eastern Trust rose aries. Hydraulics and Pneumatics expanded taxable profit from 
marginally from £229.148 to and Baelz Equipment, share much £2,206,426 to £3.851,258, on turn- 
E23S.263. After tax of £112.323, in common in tbeir raanufactur- over of £46^2m. compared with 

against £111,447. net revenue Ing processes, the two will be £39.43m. 

emerged at £125.940 compared merged into a single company. Profit was subject to tax of 

with £117.701. Hitherto both these concerns have £M55,63g (£1.328.548) and dlvi- 

The net final dividend is 0.6p occupied premises which have deads absorb SU517.550 (£767.550). 
per 25n share making a total pay- limited their manufacturing scope The company is a wholly-owned 
mem for the year of 0.9p <0.Sp>. and to some extenL their volume subsidiary «»* General Electric Co. 


sector of about 25. has received U.K. Treasury 

Mr. Jobnstone said that there approval for its proposed transfer 
were a number of avenues which of residence to Malaysia, 
the directors wanted to explore, 

but they had been-inhibited from xxtttd xtc A.ri_^ni o/ 
doing anything about them until MUiKHLALr—VI fe - 

the announcement was made. No Midi-head's one-foMhree rights 
approaches had been made to the issue at 158p each to raise £8m- 
company. for either unitisation or has been taken up as to B0JBI per 
a takeover. cenL 


Trust limited 


Year ended 30th November 




Value of assets 
Gross revenue 

Per25p Stock unit:— 
Net asset value 
Earnings 
Dividend 


£49,758,017 £42,825,272 
£2.425,359 £2,199,729 


161.2p 

4.20p 

3.70p 


135.1p 

3.69p 

3.35p 


Interim Results 1977/78 


Half year 
to 

30.9.77 

Half year 
to 

30.9.76 

Yoar 

to 

31.3.77 

£*000 

£’000 

£’000 

3,381 

2.464 

5.756 

474 

217 

639 

228 

105 

312 

25.9p 

If. 9p 

35.5 p 

6.00 ip 

5.375p 

10.896p 


Group sales 
Profit before tax: 

Profit after tax 
Earnings per 50p share 
Dividend (net) per share 


Points made by the Chairman, Mr. A. J. Cross: 

Record profits 

Strong trading by all subsidiaries 

* Increased interim dividend 

Profits for fuff year expected to be 
materially in excess of last year 

Centreway Limited is an investment holding company, whose principal activities are 
the manufacture of metal pressings, ladies’ footwear and industrial rubber products. 
Registered office: J, Waterloo Street, Birmingham B25PG. Tel: 021-643 3941. 


BCCI Holdings 
(Luxembourg) S.A. 

39 Boulevard Royal Luxembourg 

1977 

December 31 ■ 

Capital Funds exceed.US$105 million 

Total Assets exceed.US$21 billion 

The BCC Group now has 145 offices 

'.including those of subsidiaries and affiliates) 

in 31 countries 


Principal subsidiaries of the Group: 

Bank oi Credit & Commerce International S-.V Luxembourg 
Bank Ci edit & Commerce International i Overseas) Lid., Grand Cayman 
Bancjuo de Commerce de Placements S. A.. Geneva. S\v ilzci land 
BCCI Finance fnteinational Ltd.. Honq Koni* 

Credit and Final ice Coi j/oralion Lid., Grand Ca> man 


TheCiiairman/Mr. D.MeinBii 2 jiagen, comments: 

The recoveryof sterling andthestrong perfortnanceof 
London stock market m relation to overseas markets have had 3 
major influence on Raeburn'sperformanceintheyearended 
30th November, 1977.The resultof these developments, having 
regard to the Company's large overseas portfolio, has been that 
Raeburn's assets rose by 16jJ 9 percent as compared with a rise 
of 61.63 per cenL in the F.T. Actuaries All-share Index. Thus the 
large overseas exposure which was so beneficial in 7976 proved, 
in T977 at least to be a disadvantage. 

Notwithstanding dilution of some of the benefitofthe 
increased dividends paid by many U.S. companies (as a result of 
the dollar's weakness against sterling) the Company's revenue 
available to ordinary stockholders increased from £973,583 to 
£1.107,059. As we had hoped, our franked income increased 
satisfactorily and we iookforward to the ending of dividend 
restraint in July this year and further dividend increases from the 
U.K. portion ofthe portfolio. 

Copies ofthe Report and Accounts are available from the SBcretaties, 
Lazard Brothers & Co; Limited r 2.1 Moorfrefds; London EC2P2HT. 


3 A NatWest 

mw Registrars Department 

National Westminster Bank Limited has 
been appointed Registrar^ ' 

JOHN M0WLERI&COMPANY LIMITED 

All documents for registration and 
correspondence should in future be sent to 

National Westminster Bank limited 
Registrar’s Department 
RO.BoxNo.82 

. National Westminster Court ... 

37 Broad Street 

Bristol BS997NH * 

Telephone Bristol (STD Code 0272) 

Register enquiries 290711 ■■ 

Other matters 297144 


'-SO- ' \«->Cr' ^ 




sr 



















23 






9£'£ $ 

L 9 tjvr«r<AWT' n #«Tr< 


ffejbraaiy 2 1978 . 


... 


to 


:r s 

£ Cea/Sfc. 


. at niiie months 


fejfflnao^AteR - ’teasw^-vJ,' V .'. 

meetings 

'nine mpnths-,'tp-'-- •..•«•«■••• .v '• -.-. 


not yet been determined, the 
directors feel it could perhaps 
come out at around £500.000. 




Nino numns 


to. .improve -eecest-w ■***» tinwMbfc. --. *.-a v sai« ... 

KT etecEroirife-mferests,^ '; *.• TUDATf'. • Trading profit . 

a 1 ms a fowaFfiEflrit- ”■ ttfarfMR-v Cirt«M*iiw -ladnsirji*, Dc-weciauoo 

OKrwne prm .. 

? rog.l|gie. mflMP%A. r . .,4bmber. ,S$eto*ert.vGi«tP._; ■ •: ■ Shire assocs.— 

arninra nAr r chpw. -n FlnAbi ,MMr- , MShb. Agoriatefl. tmerest received . 

oa^SopSTtiS £28p -{■“**“•• .BMomw, wns«s. am am ^h ww •—•• 

we*ra<*ds^ge^ pimmc dat«s * W S7.,!!! ' 


i over ■■> a:i lW~y AU * c ■ ■■*". -““J'O"* ^excem: war# unsi 

" 0i> ^ a bi* v s ^ s S*»®C'*arolftgs Pec■ SOgj^haEB,- ^ 1 ?”^ *. J 
* S^’e i* \2&. ,dne i*ene 728p .** 

a f jt’ ’^e&.^'-seoontf .totwta ttoWend -ls ' mtortoat- 


_ Currency rovaliutiW... 


>0U 11.808 

383 18.IBS 

«i ,<73 

Li2 15.321 

translation. 


Ccifrtta CoiMftuaated iflWt Tvt Foe. w 

'flanaor- rowncmonra ^--^-.-- Mar. a Analysis at contributions to 
Worcester Mm-.w operating profits ‘in tho nine 

r jr Bam* fow.^.,-^..,.. ™ h njgujjjj shows: telecomnninica- 

-.^ HMfc*«yabtae$ jmw ; ;T eBresent-Ww“ Feb. i, llons MlM 305 renL an d 

■ 'TTl ■ 15 £J" cenh -qif -ihe. WBpiDys■ mhmimmimmmhnm rental 0 per cent.: electronic 

Lv^. _f, _■ . v *- - -.-., .v; • i:-. .■ •. • -..,: • - • equipment 53 per cent.; aerospace 

^ ■•'Other territ'orietiaade profits of and hydraulics 6.6 per cent.: 
j l £7.ffirL (£ 4 Jtn:>?eB'rsales aim. electronic and mechanical com- 

rODS fn ^te^bvIossS^GSSrd?^ higher-at £«lin*C :..J;V, ponents S.l per cent and con- 

. T 3 10 fig ST asm.Vn^ at Garrard sumer less 7.5 per cent- 


.CE 


•32ib; 


"ejed^by ioss^at GSrd. higher^ J^: - - ponents S.1 per cent, and con- 

ttSJ UJcSiS^Sper. li». at • Garrard sumer P™*«* s 1<?as 7 * ** cem " 

med as expected and there was includes- a Ijad debt provision of No provision has been made for 
overall operating- profit of £ 3 S 0 iW 0 for^jalties that are due the fluctuation in the net worth 
•9m. (£lfi.5n>,),.. on .“sales., of froin-a.licensee..- of overseas assets at this stage. 

Sm / Pd A -' t "AJLLa * — t . . • . "• 4 i maoomantr Unhi'ann 


sssrsr. 


eauuiZ ^ItBewhare,- Australiaij 7 ,r inna^t nav * snown : 

Macbrnf?"! « CUM-***».««.se225 “'"“t ***■• 


cy movements between 
L and December 31, would 
shown an extraordinary 


: n£ £%****»* x * payable in Si foreUbie future. 

i023a >3si..7m.). on, .sal^t. ; of- £73jfia.jm the fourth quarter Jesuits and, 


Wiggins 
Teape 
tops £32m. 

PAPER producers Wiggins Teape 
Groupi a subsidiary of BAT Indus¬ 
tries, reports a leap in taxable 
earnings from JClT.&tnL to £32.53m- 
for the 52 weeks to October l. 
1977. Turnover, including dales to 
ocher BAT Industries subsidiaries, 
were ahead at £4J5.5ni., against 
£362.7m. for the previous 53 
weeks. 

Tax took £12 53m. < £75801.1 
leaving net profit almost doubled 
to £20-2m. (£10.46m.l. The rate of 
tax continues to reflect the low 
rates in certain overseas terri¬ 
tories and relief for losses in 
respect of prior years, particularly 
in Belgium. 

In addition, £1.02m. provisions 
for tax for prior years no longer 
required have released. 

The comparative figures are 
those for the-group last year and 
relate to Wiggins Teape, as the 
previous parent company, and its 
subsidiaries. Following reorgani¬ 
sation in 1977 Wiggins Teape is 
now a subsidiary of Wisgins Teape 
Group. 


Saifs . 42S.XI 352.72 

Trsdlna prom* . 33 l-'t 18.13 

Improved nenMoni 

provi&Jons . 0.60 orfl 

Pre-tax profit . XLS3 17JM 

Tut . 1211 7.36 

Net urwu .. corn ia.« 

To mliiontlu* . 0-Si cm 

jtirrlbuioUe . 1»3» o.&l 

Tu latlation reserves . . «i.M fi.Sff 

PlMdL-nds . 5.(iu 2.00 

BoiaJncd . 7.-19 l.W 

i Comprlsrg: U.K. £5.77ln. *! 2.30m. 

cn-djii. overseas £6.2un. CH.94 tt.';‘ dc- 
fuTTL-d n.37m. a3.-£!m.>: and credit re- 
lailns (o previous years fi.OZzn. mil■. 


One of our most important services is telling you what not to lease. 

Some of our most valuable advice is concerned with what our clients 
shouldn'Tdo. 

What factory premises not to rent or buy. Which location not to select for your office. 

What property not to invest in. Why it wouldn't be a very profitable idea to choose that 
particular site for development 

In most cases, this advice involves professional skills and experience that our clients 
can't possibly expea to possess themselves. 

Which is why they come to firms like ours in the first place. 

For nearly 150 years, St Quintin, Son &Stanley have been providing surveying, 
valuation and estate agency services to companies in every field of commerce and 

Today, we can offer a country-wide service in the U.K. 

(from offices in London and Leeds), as well as ail the help 
you need in Europe (through our Brussels-based company). 

If your plans in any of these areas involve property, Jjksfj&ffl 

the snags you can't foresee now could be the best reason 
of all few getting experienced professional advice. 










MISS 




3-3S^| j!0m)a: 


though, the size- of tbt cost bas 


tOT tho vp a ., 
*»> 

'~v«. l ' roB h i 


Continiied progress for Wearra 


t TH A best-ever order book including Scandinavia and USSR. 
I I flPTlfQl ed to a stronger trading £485 ^(£l?7); Africa:and Middle 
* * v ' t ft! lition at \SdbWdar- ■monufac- East £288 (£137) , arid- other 

, 9 ws and -distribotors -Wearra countries £107 (£82). 

JOriAh »OR Mf- A. * Hteri4fte"ffll^ For the year to September 30. 
XHiyn n, hopes for conthmed progress 1977 ^ profitVexpanded to 

the curnnt ^ar. . ^.-£soaL082 t£288.734> bn rales of 

•fohn*: ■{. o his annml £fi.Um. (£ 4 . 72 m.)—as reported on 

stion o December 7. The net i-dividend is 

ss*f„ a ^w*-.** 

la- althAiiDli Mciilte ' In (lip SuaTU. . 


iloh.i;: 'r a 

Stion ir:'.* 


"•••*. srnei. we ucyu.'weu awic .—•? * : 

i-ullf- ll * -^Tw^ail trade cobpled With growing, former duactor for Joss of 
* e ‘y .cnnS ;M . ^ectioriism:ted »h«* wfrgpgthgrt.^ Mr. 3.- S: Wilson ceased to 


be 2 fc|A to ct;i -2 0 f the pound; have prevented' director, on. February ^5,; 1977. 
shwc?? o* U7:i ; ; 3 6jjy growth in - sales, ^However, "After months of ^research a 
a sphere v. a: p - js hopeful.i’of0 maintaining -&cisioo jeas taken early in. 1977 
Meet share despite the appUca- to npgrade the standards of pro- 
facTor : - ••, n o£ import quotas. ■•: ‘ -• : -. ■■' duets. : to meet .the. demand- for 
>& h.id h-c/ *,j" >3xpOTts to’ the- R-Uddle -Easfc.high .quality footwear in the 
;hi* ho-. ■ c- V-~iWd'"coattaue'-fo--.rise .Wt sales t«>per price range- .and thus 
jan . r - A; EEC countries have.; not lessen' vulnerability to rompeti- 


■ini ti • r-.jn - %. ■, ru^x- bVUUUIVd • iwovu • iwiuv6HkfiMy -,W 

rrv un .- oroached ekprot3tfonipi : he sa#; tion of imported shoes..Products 

if anc- -■ A- A---wn analysis of exports' shftws. in the thedlmn' and lower price 
;*js« h £000s.- .omittedi- 7;NoWb-ranges- have also; been much 

; >UiL,.-:j ;, 7 j .^ Ariea £502 (£486); (Europe improved. . ' . ... 

-FT the '*7iyzirt ■ ■■■ • •• r* 7 -t;.; :• --; ^ • ■' • .•■ 

S s ’-- ” “-®*r • --■•• -.-•••* v 

5S:»--* ri :«:-ai -7 1 - ■- A-•• ■ 

rirTt’ i-r.;;.; j.:,-. ■ . i ■- •-.. i*:.-. ;*■,-■ r-. <■ • - t • --•.•• 

educro-:"* -.-=.Vv 1 - :- -‘v '' 

it S r-.-.- t;!dw!'.is.S ‘ ‘A - ('•" • •'■'..-■%■ ' ■. • ■- 

to t.--" ..£■—> - -r.-v. -v: ••i " : ... .■ . •■;. — . 

uior.-.:-?. - -a ... •■ 


To reflect the product improve- 
raenis several subsidiary com¬ 
panies have changed their names 
to David Scnrt instead of Wearra, 
the chairman rays. 

Apart from branded footwear 
the company has also concluded 
arrangements to make shoes for 
some of tbe leading multiple 
retail organisations. 

Last summer's disappointing 
retail trade was followed by an 
exceptionally good back-to-school 
season and the shops company's 
contribution to group profits was 
considerably enhanced. The less 
profitable shops were disposed 
of and the rest have been 
refurbished. Mr. Harris explains. 

One shop was acquired during 
the period and the goodwill 
element of the purchase price 
written off. 

Another shop has been acquired 
since year end and the directors 
continue to seek further oppor. 
tunities for investment in retail 
outlets. 

.Meeting, Kettering, on February 
24 at noon. 


McKay Secs, 
moves ahead 
at six months 

For the year to March 31, 197S, 
the directors of McKay Securities 
are forecasting profits in the 
region of £324,000. compared with 
£251.000. and expect to recom¬ 
mend an increased final dividend 
depending on legislation at that 
time. 

They are raising the interim 
from 0.7p to 0.7817p net. and 
would, if allowed, have paid sub¬ 
stantially more. The flo3l for 
1976-77 was Q.7p. 

For the half-year ended Septem¬ 
ber 30. 1977, profits rose from 
£114.000 to £162,000. including 
associates, and the directors 
expect the second half to produce 
a similar figure. 

The . company’s business is that 
of property investment. 

First j»ir 

1977 ffcT* 
OHM £<«0 

Hems and charae*. 5B8 .m 

Propt-rir sak-s . MIS 213 

Profit before tax . U2 IK 

Taxalion . 74 65 

Net nrofil . S8 W 

■» By overseas trading company. 


AP- 








sag 



A lA’A/SlittflcY- 


Chartered Surveyors 

Vintry House, Queen Street Place, 

London EC4R1ES. 

Telephone: 01-236 4040. Telex: 8812619 

and at la Park Place, Leeds 1. Telephone: 0532460235 



Fiie Joseph J 136-33 

1040 Brussels. Telephone: 01032221932 88 
Telex; 61182 


:r kf.we h 

Kcr.nrtn Kajas? E 
fcco. 1 . :u i 

3i VI- ■: .'vir 

Sience ■: "j'sj'a 

IRfJf. —4l f , 

head'- 

i! •-■ ••• »"•; 

Cr. r- 


flestme 

nited 


377 

,017 

',359 14 


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PH? 


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cofijmeri?. 

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rociv ?r 
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gBlSinr-ai^ 1 


Founded by Royal Qiart 


m 





1746 


isiiiss 


On 30th November 1977 the merchant banking operations, assets and 

whole undertaking of Bank of Scotland Finance Company Limited— 
iBK already Scotland’s largest merchant bank—were transferred to 






The British Linen Bank Limited. 

We are pleased to announce the revival of this respected 
bank which has financed trade and supported industry and 
■Piilfesv commerce for more than two centuries. 




'I ■ Jf---? 


epartm 



e dr,a5 



Acceptances Corporate Finance 

Term Loans Deposits 

Direct Investment Leasing 


flNY HIP 0 

S'S-- 1 "’ 

liT.lted 









Governor: Thomas N. Risk B.L., 

Deputy Governor: Thomas W, Walker ; C.B.E., B.L. 

Chief Executive: D. Bruce PattuUo, B.A. 
Secretary:Joan Smith , M.A., L.L.B. 9 Ph.D. 9 Advocate 


THE BRITISH LINEN BANK UMITED 

Tie Merdiant Bank of the Bank of Scotland Group. 

4 MdviSc Street, Edioburgh EH3 7NZ 031*2264071 S7 St Vincent Street, Glasgow G2 5TJ 041-2216692 











Financial TimesThursday: February;2.19.78 


• NEWS ANALYSIS — INTEREUROPEAN PROPERTY 


All promises but no shine 


BIDS AND DEALS 


MINING NEWS 



BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


Tilling offers 


Inco 


Mr. Laurie Marsh’s Lnlereuro- 
pean Property Holdings may be 
in danger or exhausting share¬ 
holders’ patience by predicting so 
many false dawns. In recent years 
shareholders have been promised 
“ uninterrupted growth,” told of 
their directors’ *' confidence in the 
future," and given forecasts of a 
future that can " be regarded 
with confidence.” In fact, apart 
from some spectacular share price 
movements sparked by abortive 
bid speculation, shareholders have 
so far seen a pretty dismal earn¬ 
ings record. 

Exceptional losses in 1074 
forced the group £1.33m. into the 
red before tax. The following year 
a £734.000 pre-tax profit looked 
rather less appealing after con¬ 
sidering a £383.000 unrealised 
exchange loss. And in 1976 
exchange losses and higher 
interest costs turned the profit 
into a loss before tax. 

Yesterday Intereuropean 

announced its results for the year 
to the end of July. 1977. The 
group's turnover rose by £lm. to 
£11 Stm. But the bad news is a 
Ll.QUm. pre-tax loss and a capital 


loss of around £2.3m. following 
the sale oF th ebulk of the group’s 
French properties. Despite the 
results, the shares closed 
unchanged at 33p last night 

The 1976-77 figures make 
depressing reading. Interest 
charges rose from £2.55m. to 
£2.95m., and currency exchange 
losses cost £ 212 , 000 . against 
£702.00. The £2.5ro. capita] loss 
following the French property 
sales slices 20 p a share from the 
group’s net worth, reducing net 
assets to around 65p a share. Only 
a nominal dividend of fl.lp a share 
net was paid at the half year 
stage, and Intereuropean plans no 
further dividend payments for the 
year. 

Mr. Marsh, chairman, chief 
executive and major shareholder, 
is not dismayed by the results. 
He points out that, although the 
£15m. sale of French properties 
did not turn out to be anywhere 
near as swift or as profitable as 
he had hoped, the disposal takes 
£ 2 .3m. of last year's interest 
charges from the current year's 
revenue account, and in his view, 
eliminates the possibility of future 
exchange Josses. 


Without the French loans Mr. 
Marsh feels that things are “ more 
rosy than they have ben for four 
or five years.'' He reports that 
the Classic Cinema. chain is now 
producing record profits, which 
will be aided this year by the 
recent opening of the group’s new 
multi-screen cinema in Oxford 
Street And he promises a far 
more encouraging picture of 
group performance when he pub¬ 
lishes half year figures to the end 
of January, 1978. 

Mr. Marsh says that Tnter- 
european’s small U.S. properly 
dealing business is performing 
well, and that the leisure, opera¬ 
tions in Britain, primarily the 
rental of bingo halls to Mecca, are 
showing improved profitability.- 

This time, now that the French 
debt burden has been shed, albeit 
very expensively. Mr. Marsh may 
well have cause for confidence. 
But shareholders will have to 
await the half year figures to 
know whether Intereuropean's 
luck, resulting in an unfortunate 
run- of on-off deals, on-off bids, 
and general air of so far un¬ 
fulfilled promise, has finally 
changed. 


£3m. for Liner 


in 


-Honra TiUin*, one of the tag .apfcd needstogetoiBY PAUL CHfiESSUGHT . . ... ^ 

JBE? fcWSSLfcfSLS to>‘ diversification programs tmdetv tasieen its on* to. to «*»*«/&* 

as the bidder for Liner Concrete, borrowings of £793,000 would have by inco of Canada, the' si tion outsider the metals field- SpSkinjTfl Sl&bh&^s 

the construction equipment meant that the S™pfaced world’* largest nickel producer, * ESB is one of the ..largest 

specialist another stagnant year. Nowwith ^ ^ left tatjlct by a decision battery manufacturers in the £SS 1 * 4 ? • ‘ 

•The bid, recommended by Liner Tilling musde behind the group, j^ed down from the federal world with S3 .plants, in 22 

and supported by Ferguson Indus- together with access to its <^ 5 ^ of Philadelphia. countries. It-has an auto nomous Tte post g£ 

«-“a? •! =22 1TL2SL?£!£ :£ ^^ 


acquit to. the addfbflfl of stocks. Irfrig 


Sal hS; totendT to markets liner should be abte to 


SS& 1 K?* 7 Let themmes 
tavlor WOODROW j-™ taketherisk’ 

BsSS 

S? m . T « SSjBS at SSti a 

ojj, (Insurance Brokers), a wholly- The Philadelphia court has now be les - ©wing to non-recurring best deal possible for the Pro.-;-. 

Those Liner shareholders who owned subsidiary of Taylor Wood- approved an arrangement reached factors \& e the closure of an in- vjnee’s power consumers m r’-j 

take up the Tilling offer will be row. has acquired 1.05m. Bryant by Inco and the Justice Depart- efficient plant and production difficult negottatmg -aittiahon^.i 

entitled to the 1111103 final Ordinary shares, representing meat, which allows Inco to hold problems with watch batteries. This is. the view of- Ontario s new/,; 

dividend. This is expected to be 525 per cent, of the equity. on to ESB. subject to certain 0 ver the first nine months of enerjp' 

the maximum possible of 2.315p Sir Frank Taylor, managing restraints. last year, ESB’s pre-tax profits Baetz, reports our Toronto cor-.:? 


• 

SV&S StSTffl i! JSBftoST*d*SKffi™ 0 ' 4 ' SBthSS 


Record Ridgway looks for 


year ending August 31, 1977, 
which is payable on February 18. 

Mr. Christopher Bostock, a 
senior executive with Tilling who 


w. E. NORTON SEES SK & aieS * 10 ^- _ _ ^ 

SUBSTANTIAL Without the clearance of the U.S. XAJVJONG AND 

GROWTH Government or the court. in»TC TIN 

w V. w«H n n ,h. Despite the _restrictions, the IDRIS AIN 


jecture.” Mr. Baetz went 
. say th*t it.wasj only supply and.": 


demand . for - uranium pver the'. .' 1 ' 

next 20-40 years which jxroJd" de- -‘ 
(ermine. that -and if. it turns out- > •••; 


6 real 5 growth this year 


A CONTINUING reduction in 
growth in historical cost terms 
offset by a significant uplift in 
“ real" profits, as expressed on 
current cost basis, is expected in 
the coming year at Record Ridg¬ 
way by Mr, A. E. Hampton, the 
chairman. 

He points out in his annual 
statement that the results of 
many companies in the past few 
years have been grossly distorted 
by stock profits, in particular, and 
declining inflation will cut these 
sharply in the immediate future 
with resultant erosion of histori¬ 
cal profit. 

In contrast a valid and uni¬ 
form reporting of real perform¬ 
ance on current cost basis might 
well show sharply rising real pro¬ 
fits. 

As reported on December 22 , 
on sales of £17.7Dm. 1 £15.32m.) 
historical taxable earnings ad¬ 
vanced to £2.41m. (11.96m.) for 
the year to October 2, 1977. 

Restated on current cost terms 
profit was ahead from £963,000 to 
after extra depreciation 
of revalued assets of £136.000 
(£115,000) and extra cost of sales 
or £1.17ni. I £883,000). 

For the time being the com¬ 
pany has suspended its attempts 
to establish a base in continental 
Europe. The very depressed state 
of trade and considerable excess 
capacity in many of the continen¬ 
tal companies visited by the 
directors did not create a fav¬ 
ourable climate Tor the group's 
own plans. Mr. Hampton explains. 

The net dividend is stepped up 
to 4.3|> 1 3.03S7P> per 23p share. A 
one-for-rour rights issued to sup¬ 
port a capital expansion pro¬ 
gramme. which will cost £ 6.1 m. by 
the end of 1980, was 94.72 per 
cent, subscribed and produced net 
proceeds of £ 1.49m. 

At year end bank overdrafts 


were down £52,000 at £415,000 and 
capital spending commitments 
amounted to £219,312 (£71,351) 
with a further £812.490 < nil) 

authorised but nor contracted. 

A geographical analysis of sales 
shows, with £000s omitted: U.K. 
£8.135 (£7.029): America £2,463 
(£2,497): Australasia £2,071 

(£2,421); Africa £2.236 (£1,672); 
Europe £1,310 (£792); Far East 
£892 (£559); and Middle East £687 
(£553). 

The overall trading pattern 
during 1976-77 was similar to that 
of recent years with a continuing 
decline in volume sales in the 
depressed home market offset by 
strenuous and successful efforts 
to expand export sales, the chair¬ 
man says. Direct U.K. exports 
were better at £726m. ff-VTm.). 

Meeting. Sheffield, ou March 1. 
at 12.30 p-m. 


Robert 


Lowe hits 


dead is 3.025p net for a 3.9p 
(3.492pi total. 

In his annual statement with 
the results, Mr. J. Robertsbaw. 
chairman, reports that capital ex¬ 
penditure during the year 
amounted to £134,386, including 
the purchase of a factory at 
Wheatley Hill. Co. Durham. This 
is now in full production and 
made a valuable contribution to 
both turnover and profits during 
the year. The directors are con¬ 
tinuing their efforts to expand 
the company's productive capacity 
and are confident of another 
successful year provided the 
anticipated upturn in consumer 
spending materialises. 

The redemption of all the 3.15 
per cent, redeemable cumulative 
second preference shares remain¬ 
ing in Issue was completed at the 
end of October, 1977. and con¬ 
sequently, it is now the directors’ 
intention to revise and amend the 
company's memorandum and 
articles of association. 

The AGM will be held at 
Congleton on February 24 at 
noon. 


“Liner is a group with a good stantial growth in earnings’’ in offse 
reputation. And we were particu- the current year, on the back of ^itions < 
larly attracted by the Giraffe site rising orders. market, 

placing equipment which has The forecast is contained in T 


ySr^on^tS^ck 5 £ ( offset r t ¥ Tnjift whiS policed only' 235 poTFert, ' 

year, on roe DacK 01 ditions ^ t be international nickel . tonnes oi concentrates last y*ar f bs 'aTurKliiin oxide h£ WnSfr-L-- 
1st Is contained in . . _ . compared with 293 and 22m; ibs by;Fre 5 tQK DhtsaiS.iv ' 


Field, *1 
executive 
directors 
present r 


• rnmmpnt \ 4 m ,— 11 ^ cenL »nroe peax year ox with £262.(HK> lor roe past year, some profits, money remains-,®,! 

commenx jSttJ" l974 - Tanjong raised its dividend total investors’ .pockets, minerals 

Tilling’s offer for Liner was not 11 was in order ,f to temper the for 1977 By 0.5p to 45p. - in the ground • and the .unett-C.tv^ - ^ 

what some punters had been I]hejmairn^ statM that total estreme „p S aJBd downs of tbe In the case of Idris producUon; ployed walk the rtreets.’’ TWPjii, 
banking on. Tbe shares bad M December 31 were meta]s tru^ness.” as Inco put it last year totalled 3021-toanea com-Jast : was ' a ' reference 5* - ; 1 

touched 38p on the announcement £1.097,736 but that recent develop 1flg t year< t p a t tbe group em- pared with 274 tonnes in 1976 brrt “hum&eds 'of jobs.-which ‘thd. ^ 

that talks were taking place with ment including the proposea barked on its diversification pro- the latter year’s sales were contracts .'-.would provide fflfv . . •- 

an unnamed party in mid- purchase of wrnte wouiaitit tnese The purchase of ESB brought up to 339 tonnes thanks Ontarians-.over the next 40years? 


January. But with net assets at too close to the current borrow- 
Liner of 37.8p including deferred lugs limits. Norton has, for 
tax or 2Lflp excluding Intangibles, instance, in the past fortnight, 
the offer looks fair enough. Latest raised a £600.000 loan from 
pre-tax profits for Liner were un- Barclays Bank repayable over 
inspiring- : —down from £702,000 to three years. . . 

£636.000 on turnover of £7J2ra. Turning to the White acquisi- 
compared with- £ 8 . 2 m. And the tion. the chairman says that pre¬ 
company is faced with a tax profits of White for the year 


CUFTON STAKE 
CHANGES HANDS 


at 90p Rothschild Investment High croft Investment Trust—r i 

Trust 145,000, SLPEF SA 48,333, Miss M. Price has ; disposed ' 

McLeod Russel 72,500. and Hume 70,009 shares .thereby reducing-ti 


“Wgto the White acquisi- As forecast test month, the 54 Holding ^Whjr 1^3 ' 

tion, the chairman says that pro- per cent stake held by Acrafield f.gfiSiSf I^jvroTshares or 1508 ^ a b^efidalraLpacity Md 3380^ 
tax profits of White tor the year m Oifton Investments, following HRS . mdS>1 


company is faced with a tax prouts or wnue jne m union investments, toirowtng per cenL The group announced ,-in a-- non-beneficial . capacity;-I 
depressed and competitive con- to last . ta successfui bid for the company *J n •p ueB ^ ay th 4 it^would Mop tbereby increasing bis interest to ^ 

struction home market. Moreover that the first six months of the m 19 , 0 , has been sohL The pur- buying Harcros shares at 90p.'V' ' 52^5 . and-; 17^00 respectively.^ 
high operational costs from an current year produced £14^.000. chasers are Mr. E. G. L.- Carter ... _ Kingerieer-'has- acquired 81.712A; 


peak £0.4m. 


THE SATISFACTORY YEAR fore¬ 


cast by the directors of clothing 
manufacturers Robert H. Lowe 
and Co. materialised, and from 
turnover ahead from £3.6m. to 
£4,93m.. taxable profits for the 12 
months to October 28. . 19i 1 , 
advanced from £354,273 to a 
record £440,333. 

At the interim stage, when the 
projection was made; the profit 
improvement was from £169,113 
to £233,S65. 

Yearly earnings per 25p share 
are shown to have risen from 
I0.32p to 12.92b and the final divi- 


EAGLE FUND 

The attractions of Wall Street 
have prompted Target Trust 
Managers (Scotland) to apply for 
a change of name of the Eagle 
Fund to Target American Eagle 
Fund. 

They are building up the Ameri¬ 
can content of the fund and have 
increased to 31m. the 3500.000 loan 
facility which the fund recently 
took over along with the assets 
of Rachan Investments. 

The managers currently envis¬ 
age an American content of over 
75 per cent, by the end of 1978 
and they intend to remain thus 
invested over the next two or 
three years. 


high operational costs from an current year produced i(+*.ww- chasers are Mr. u. L. carter ^ - - ... ... . Kingeriee.-has. acquired 61 J12.J. ' 

ambitious research and develop- Net tangible assets at November (24.1 per cent.) and Mr. J. C. y;ttfdivSFY ANTV' - - shares increasing its holdme w-T 
ment programme and rising work-30 were £544,000. Green (29.9 per cent). /-r*rTO?T - . 202,99R (7.48 pen uenfc). Mr.S.^ 

Mr. Green and Mr. T. M. Sheaf GENEKAi, . Price has disposed of ; 10^06->i- p. 

- -w—, . have now been appointed to the Guernsey and General, Invest- shares " reducing his interesf'.io ' 

Vlmicrh iH GiQiPC Yipw Clifton Board and the Board of its meats, a company .controlled by. 185^77 C6.78 per cent). ij£;; 

kJlUUCill RIVYT subsidiary Bridgewater Invest- ^ N . c N . Housden. chainnan of « nnn dcd " i. 

, . ment Trust Lord Hwschfiefd has motor dealers Arlington - Motor hLSVVICK-iaOrrtiK - 

fi nrmon n AVAl nnm PT1 1 resigned from Clifton and Mr. Holdings, hasr^ssighed^^ its rights The directors of EIswtefrHoppjr. A. 

Vjcl llldlll UCV vlU jJIIICIll M. -A. Jordan and Mr. R. W from the recent issue by Arlington ma; circular concerning the 1 


The ini 
ment coil 
spending 
ment in 


plans" to" foTSe'TaaT^drt September SO, ““““ J«. 5 nia y , ItoMtt 

feet of industrial and warehouse 1977. which were in ime ^itb the acc OCI atFS DFAT S C SnS'^escqptienalljr’high lertL.; -ii-U 

buildings in phases. Total cost estimate announced on January AaaUUAlta Ut with GGI and that GGI would . Group turnover for "the yearly =>• • • 

of the programme, including the J 6 . The pre-tax profit was £ 1 . 5 rm. On Tuesday James Warren sold have taken up its rights if it had nevertheless, eroected to sKw *V : : :: 1 

land, will be around £2m. (£516^15) on turnover of 156.7m. 5,000 Talbex Group Ordinary been able^o raise the money. ... sat f 5 ft u . t0 ry ^crease over tba ; > 1" Mil 


Norwest Holst loses appeal 


Norwest Holst, the building and 
civil engineering concern, yester¬ 
day Jost its appeal, which if 
successful would have blocked a 
Department of Trade Inquiry into 
the affairs of the company. 

Dismissing the company's 
appeal against an earlier High 
Court decision to strike out Nor- 
west’s effort to stop the action. 
Lord Denning. Master of the Rolls, 
said at Che Appeal Court yester¬ 
day “It is simply because corn- 
pames are beyond reach of the 
ordinary individual that it is 
necessary that there should be 
vigilance to see that those in con¬ 
trol behave themselves properly.” 

Last July Mr. Justice Foster 
rejected the company's contention 
that the Trade Secretary's 
appointment of two inspectors— 
Mr. Lewis Davies. QC. and Mr. 
Thomas Harding, a chartered 
accountant—to conduct the investi¬ 
gation was invalid because of his 
refusal to stale his reasons tor 
ordering the inquiry. 

Lord Denning said it was not a 
case of a government department 
deciding the rights or wrongs of a 
matter. They were investigating 
the matter as an inquiry and a 
good administrative arrangement. 
As long as the Minister concerned 
acted in good faith it was not 
necessary for him to disclose the 
reasons for ordering an inquiry. 

The Minister was not bound 10 
disclose the information he had 
before making an order, and 


whether or not his decision was 
foolish did not arise. 

It was sufficient that there were 
matters justifying an investiga¬ 
tion. Norwest** attempt to stop 
the inquiry was completely ill- 
founded. said Lord Denning. 


It is anticipated that the Rilz 
Casino will open in April or May 


1978 and simultaneously the AM 
Casino will close. 


land, will be around £2m. (£516.215) on turnover of 136.7m. 5,000 Ta&ex Group Ordinary been ameXo raise me money. ... ^crease over the v- 

another 4^-acre industrial est 3 te* dend of 7.169p will be paid in W. I. Carr?Sons and Co. bought SHARE STAKE. :■ * ,I -®^ 0US,year ‘- " ; 

“med h^sSh?wh?re a there is P]a« of a ^ making a total of 10USO Pootin’s Ordhmj at 394p ^ u .Ku^Prodentlal Group H. WIGFALL.' : £ 

some 80,000 square feet of space 44^6 9 P ]n j' es P®rt of 19/6-yi. and sold ^000 Cor^ Le^re rid n p W holds 2,29&344 Ordinary Shareholders of Henry TVJgfriL,- 

all let The company states that The Boa . rd reports ‘^Itornover Ordinary at L^jp and 900 new shares (6.02 per cent). • - are recommended by their Boards 

a substantial part of the first and margins for the current j^r Ordinary at 12lp on behalf of Crellon Holdings—Mr.. V. C. to take no-action over-the offers 

phase of the new scheme has also a re shoving a satisfactory associates of the firm Creer has disposed of 25JKM) Ordin-. from ; Comet Radiovision Services, .v 

been pre-let improvement over those for the jf. M. Rothschild and Sons pur- aiy shares. These were registered OTie WigfaJl Board is preparing a -r 

™ Q oriP iT, 9 iiv previous year. chased the following Harcros in the name of Courtways Manage- detailed rejectton document whidi f 

'Hie earlier site was origmauy . Investment Trust Ordinary for the ment. a private company of which will, be s«rt "to shareholders ' 

a joint venture earned out uith ALLIED POLYMER under-named group of associates he is a xUrector.' '• ‘ ■ . shortiyf 

Mackenzie Hill who will be tne _ ~ • . 


MECCA DEALS WITH 
PLEASURAMA 

The specialisation or Mecca in 
London casinos and Pleasurama in 
provincial casinos is intensified 
by two deals just announced. 

At present. Pleasurama owns 49 
per cent, and Mecca 51 per cent, 
of Templolnck. 3 company operat¬ 
ing the AM Casino. As announced 
on .Tune 20. the AM Casino is 
to be closed and the licence 
transferred to premises five times 
larger in the Ritz Hotel. 

Pleasurama's stake in Temple- 
lock is to be reduced to 23 per 
cent, and Mecca's correspond in «ily 
increased to 75. per cent. The 
consideration which Pleasurama 
appears to be receiving for the 
diminution of ils share js £50,000 
and Mecca’s undertaking to 
provide Templelock with all the 
capital required, which is expected 
to exceed £lm. 

The Board of Pleasurama 
believes this is “a most advan¬ 
tageous transaction *" and that 
profits from the reduced stake in 
the Rilz Casino will be greater 
in (he future than they could 
conceivably have been from the 
existing stake in AM Casino. 


The detailed contract between 
Mecca and Pleasurama includes 
a variety of options and condi¬ 
tions. some of which are designed, 
according to Mr. Edward Thomas, 
managing director of Pleasurama, 
to prevent Mecca ever finding 
itself in partnership with a party 
of which it does not approve. 

In the second deal. Pleasurama 
is (o buy Mecca’s casino clubs in 
Bristol and Sheffield for £385.000. 
The contract is subject to consent 
to transfer of gaming licences, 
expected in April or May. 

Mr. Thomas said that casino 
operations in London and the 
provinces very very different The 
London ones attracted tourists 
and heavy gamblers while the 
provincials were more akin to 
leisure centres for local residents. 
Mecca had chosen to stav almost 
exclusively with the former and 
Pleasurama with the latter. 

AH the transactions above were 
agreed in April 1977. well before 
Grand Metropolitan, the parent of 
Mecca, purchased or intended to 
n urchase its 29 per cent, stake in 
Pleasurama. The announcement 
had been delayed by the need to 
finalise leases and other particu¬ 
lars. said Mr. Thomas. 


EbS ma " aeerS »»«. in r Es p«, of 17.17*^1 

For some y ear s the Uo com- *«“ " 0,> ™ r Gn,UP 0rd ™ ary 
“«? » in fi7 g™* It now owns or tn acceptances 


_„ r Investment Trust Ordinary for tbe menL a prtvate company of which will be ' sent r to shareholders -1 

ALLIED POLYMER under-named group of associates he is a xllrectp.r.' ' ‘ - shortiy:'.''-]V 

BTR has now received accept- ^■ 


panies jointly owned a company 


called Anglo German Industrial f ' I eoual to 914 'per 


bought out MH’s 50 per cent. ^ ,,L - 

SS&itStiSSTrSZS SEAGRAM/GLENUVET 
asset, the 80,000 square foot estate Acceptances for the bid by 
near the new site. Seagram Investments Ine. amount 

to over 90 per cent of the 
PRIDE & CLARKE Ordinary and over 97 per cent, of 

Pre-tav nrofilc nf PriK* and th C Preference share capital Of 
Clarke for 1976-77 woSd hSre Glenhvet Distillers. Tbe offers are 

been £800,000 higher if Toyota “JthT'con 

“J** ra b t e h e e n r f £ySSr rertibie lotn stik°holdeJs pro- 
S S R^nanrii? 0 TnctifH P osal s tor the cancellation of the 

B „^il .ifTniL y ' 'riwPSti? convertible stock were passed by 
of only three months. The chair- thp remiixite maioritv 
man of Pride and Clarke. Mr. A. requisite majority. 

Clarke, makes this assertion in his ™ 

letter to shareholders included in recommended offer for 'the 

Inch cane's t^kcov^r offer rinru- Ordinary shares of A* J- Mills oy 
r takeover offer docu- Gibbs Nathanie | has now gone 


V 


fej rQ 




menL Gibbs Nathaniel has now gone 

ATr rinrVo .u- unconditional. GN has received 

Mr. Clarke recommends the acceptances for 441.646 shares 
offer, saying that 92 per cent, of w hich together with the shares rt 
Pride and Clarkes profits in 19<6- already owned gives it a 5235 
19u came from importing and pe r ccnt> stake, 
distributing Toyota vehicles and The offer for the Preference 
* toe long-term future of Pride shares has not become uncondi- 
and Clarke and its employees can tionaL Acceptances have been 
best be secured by becoming -pact received for only 14.825- so the 
of a larger group with more offer remains open until February 
diversified interests." Incbcape 15. 


World sales up 12 per cent to £459million 
(before currency revaluation) 




Profits 15 per cent higher at £32.2 million 




—tip 10 per cent 




MARLER ESTATES 
LIMITED 


Notice i> hereby given ot the 
appointment ot Lloyds Bank Limited as . 
Registrar. 

All documents tor registrarion and 
correspondence should in future be sent to: 


Lloyds Bank Limited, 
Registrar s Department, 
Goring-by-Sea, 

Worthing, West Sussex BNL2 6DA 
Telephone: Worthing 502541 
(STD Code 0903). 


MESSRS. COPELAND & COMPANY 

Secreraries. 


MONEYMARKET 


UK exports increased by 54 percent 


Full credit supply 


Back of England Minimum 
Lending Rate 6& per cenL 
(since January 6, 1978) 

| Day-to-day credit was In 
abundant supply in the London 
money market yesterday, and the 
authorities were prepared to 
absorb (be surplus by selling 
Treasury bills lo the discount 
houses, but not on Lerms which 
were acceptable in the present 
conditions. The bouses therefore 
declined tbe offer, and the surplus 
has been carried over by the 
banks. 

Discount houses have .been will¬ 


ing to sell bills recently, but their 
reluctance to buy is a reflection 
of the relative high cost of over¬ 
night money in relation to the 
yield on investments. Day-to-day 
money opened at around 6 per 
cent, yesterday, but fell to the 
lowest level for some time at the 
dose, at 3J-4J per cent The 
surplus carried forward should 
help to preserve more favourable 
conditions over tbe latter part of 
the week. 

Discount houses buying rates 
for three-month Treasury bills 
were steady, remaining well 
above the trigger point for a fall 


in Bank of England Minimum 
Lending Rate. 

Banks carried over large 
surplus balances from Tuesday, 
and the market was also helped 
by a slight fall in the note circula¬ 
tion. On the other hand Govern¬ 
ment disbursements were larger 
than expected, but were still out¬ 
weighed by sizeable revenue pay¬ 
ments to the Exchequer, and the 
market was also faced with re¬ 
payment »f the large amount lent 
by the authorities on Tuesday. 

In the Interbank market over¬ 
night loans opened at 6 HS 1 per 
cent., but closed at around 3 i per 


Overnight.■ — 

•jilAV-'iWK.-e.J — 

1 il«t_vs nr ] 

1 ilav> nut «.■«...| — 

One mraith.. 6 ,V 6 ,< 

JV.. nnifi(1ni...j 6 ,.- S,x 
Hirer iivntireJ 6, M b Ii; 
-is Big $i 8 

NiiKnrwitli....: 7 6 7 o 

lllto- V**r. OI 4 7lg 

l »« linn-.I — 



focal Auth 
Anthnrity necodable 
deposira bouds 


Plnam« 

Hmme 

Dep»lta 


Company 

Deposlta 


Dlecuuat 

market 

deposit 


Tmsurr 
Bills ^ 


Liable 

Bank Pine Trade 
Bills* Hills * 



613-6*4 
61 - 6(4 
6 ic- 6*4 
613 - 6 % 
• b?e-7 >b 

71- 




i*44»TMl« f» 




MBS—Sj 


Rsuiesm JKKJO's 




Z months. 3 inorr*s- _ 3 months -;-'9-m6ncf» 
to Dbg 31 ' to Oac 31'-4tb Dee 3t to l Diec-3l 


tii/XKBivrL 


AfteroorrencytraiwIation/77 


Profit on Trading 
Depreciation 


162^00 :r -; .. 468,600 

v&M.. Mtsccofcr,.44i^op? 






’w 1 rtiaa 


in*. 


rrnmkm,,, 


Profit beforeTmend Currency Rovaluxtloir 
CnrrencyRevaluation {ij 
Taxation' 



Earnings perahara (in pence] 

■Weighted average number of shares (fnthotaawtfaT 


236iu96 235.173 




h00 ® :s * ve ? da »‘ 3 ’ «*«■ "there seven days’ fixed. • Lorw«-U:nn local anihomy mortgasc 
rate nominally three yuan 9j-9, per cvhl: four years per cent.i five years per cent. # Bank bill rates In table 

are hunns rates far prune paper. Buyinc rah: far four-month bank bills fllio-fil per ctnL. four-moaih trade bills ftl-fil per cenL 


(5) to accordance with oarma! Group practice, m provision has frost made foe^fhngu^hrfb^m'nctW^tr^Sff 
Ttie movement of cunwiciassinca April T. T977 Woidtlttamthownart ex OWmfflwy; 
oanotof £5M rmffion 31 exchange rates ft&ng stDocembcr 31.JSJ7. * •. . - 

(«r) Tho Group hasntwadopted the draft racormentfatiar* of the U.K. Accounting Standards 

6 ?f n the extent that it nit become payAtein the forest,*** \ 

MUao:m *“• 


A socortd mtarm drvtdend of 2A2 pence per share wfl) be paid on July % 1 
■recordarf in the register at dose ofbutiiwss on May19.1976. This repitt 

theequivalenEdhridend paid on July1,1377. 


A “? r ™ ma,e seU'na rate lor one-month Treasury bills S3 per eeat.• tu-o-momh ansa-sas,, oer cent,- ahd 

saw.. - ss SafHSilwS 


***? <5ahli f lcd to Ihe Finance Houses Association 1 : ? par com. from February 1. lets cienriaa 

5H5f : 13 per aeariBS BMk R “” for ,comac « » T "^ 


































































:®ffics^';Febrtey:2 1978 


BUSINESS AND INVESTMENT OPPO 

“.--■r-'Vr, READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



«kiiT/ Gn 
a , 


PRTYAIE LOANS REQUIRED 


a . , . ">1. 

*°ck ii« ru-; d *brtr 

for i> 

Rer -.■’ ’•{ . 


Ammon Period 
oJUu» tottH 


.**■ r-fO' * 

• 

t tfa e ^ 

e % 

gnVDRo-c, 1 

Sio TlnrAv.^i 
Power 

■ auaiff.^ W 
«l»n* ' *' i Ir - ■•• • 

?Q!. 

aiaUitr y. .. 

' Critic <. ;v. — 

oiiid vitv 
fines' v. e -"Wfe ‘ 
Mr. bJ, >=* 
r wa. 

JfTL “■■K.-i,? 


1 ye ar 14% djl 
Rat rate 


■ ■■■*.’> Copioji 

offered repayment 1 

lst flliarge over! freehoW properties The loll sum at the esplry of lho 


s> flWB# *. 5 mss, r«% jt(C- ■ 

PUdxatt' 


oattowdwani 
■..$**** . 

t> \ £2M» 5 rev*fjs& •' - • 


in Laaiw WJL Residential use. 
SrofessfeMl vaia 9 ffli'JSSJ»B _ 

lot chaise over freehoU lnTe&lxaeht 
. property ia ttadoir WAL. 

_V*hifc ipqWX, 


loafl period or upon the earlier 
sale of die security. 

The fuu oma at the expiry of tin 
loan period or own the sale of 
ihe security. 


1st chaise gNT Wear t^setoW At the rate of St,OH per annum. 
eonHserdal ■propetty—wBioon. 5.W.T. Lump paymenti at each sear's 
Value awna-.J2WhW '. ... end. 


JSi£ .2#,dur*e DrrtfTW lewebold 

On the redocm* .’wooero—being esater tm to 

-&al»©£8- ■ • tesoa&jiiial Tf ggmi, ■ •» ' 


At the rate ol ti.BOQ per annum. 
Lump payments at each year's 

end. 


N.B. TntereaU ■ ■■ - lateiest 'acennng will be paid monthly on the outstanding balance. 
References: Supplied i>y Bank. Accountants and Solicitors in every case. 

FortmiKe^ji&Oaii: OZJ> BSOMPTON REALTy LTD^ Ref. SL or AR 
C v •_•' : • '• 97 OLD BROMPTON. ROAD : - 
\v : . SOUTH KENSINGTON, LOJtDON, S.W.? 

v ; Tel: 01-581 0495/6/7 or:Telex 24364 Astorb G. 


AMERICAN WATCH AND JEWELRY DESIGN 
AND PRODUCTION COMPANY 

(Craft Products) 

Established hj New York (666 Madison) 
in Charleston, South Carolina (1, King Street) 
and in St. Thomas, Virgin Islands— 

Is looking for a 

DESIGN AND BUSINESS PARTNER 

Well-introduced in the jewelry business to help operate and promote these 
3 sales points. Terms open to negotiation. 

Apply tD Cipher M B 18 — ll5030/Publlcitas, CH — 1213 Geneva 3. 


WE ARE A MAJOR MANUFACTURER OF 
BRANDED AND OWN LABEL FOODS 
40 v* a :;-;-at. SUPPLYING ALL MAJOR OUTLETS AND 
,* a! ' ’ • PRINCIPAL CHANNELS OF 

W 4 FOOD DISTRIBUTION IN THE U K. 

idra!t thT.vc- 3 ^ ''tye h ave established a broberage/selling operation and axe 

Eronrrjicta. , seekingfurthermanufacturersofnon-£ood items,i.e^ liard- 
«!l “^are, glass, wood, ceramics,' textiles, plastics, etc., which 

ir^ni x^ r, ?>:( £ ;;twe would market or franchise, to be sold within our existing 
t. lb# h.v ^organisation to oar well-established outlets and to export 

j sui ii-e-t through our internatiimal connections. . • -. 


5 a^ume." " “‘'Every reply will be answered and treated in.the strictest 
idt'ii, - confidence. 

V no'iS.^. 3 * ■ Write BorCul352, Financial Times, 

SwiaS • 10. Cannon Street, EC4P4BY. . . 

walk \,o ~ ~ " ~ ~— 

^-■—. T." —1 


..o i;rw ..* 


1 SMALL- BUSINESS ADVISORY UNIT 

ns OTer ; »■; 

““ Business development funding, iinport/export 

roft jn Vl ,,, ft|1 . funding, product development funding, import/ 

i- Price •••'.- "J'f, 1 ’ export development and sales, property mortgages 
S ri re jf'jV; ^dremortgaging. 1 ’■ ■ 


smith !• 

; 

nori-oi- 

inert*.-.. 

ana 

ee !■ j. 
rrtcr 
1.7 AS 
iitts :: •: 
xedc .■ 

I.t* *'j pi 


For further information contact us at:, 
136 SOUTH STREET,. 

. DORKING,: SURREY. 

. TeL (0306>' 87588. Telex 859112 


'Manufacturing, Processing and. Merchanting 
n 'Z Business For Sale ; 

TO MANAGING DIRECTOR’S FORTHCOMING RETIREMENT 

CJrC'j! LI* • • -r r-rcohold propercy extendi -to approximately l acres including Z0.OOO-l5.QDO 

:■ i. * fc. or factory premifet. and htxue .within, ?0 mile* of-London. Tliere it 

,. •• -5 ••■ h small office and factory rtalT employed and the Vualiiws has been constetwitly 

* >■ »- • Profitable with adequate reser w o - price sough: it £750.000. 


Si\ Hi '••• . : ;r-i 


Write Box G-134Z, F/noocW.JJ oim. 10. Cannon Street, G C4P 48Y.. 


£T.v 
n*..*‘.r' 
e'i c\ 
a I’.Tr-.c 

InC?.', I 

tors 

s • 

mev 

-tio'risr- 

no ..i ‘ 

out*.* l R: 

Aii'ii' I. 
i *v.n 


^ mm : 

- : ’ - :CASH COMPANIES OR 
COMPANIES WTH 

.REALISABLE ASSETS 

, , debase price high pro- 

‘ j^ rn portion of net asset%lue. 
: ■ .'-payment in attractive 
.* -apital : gains tax’ free 
rJif; : form. - • " • 
- . Please write 

- • :r:: Box No. LR/260, . 

__ Streets Financial Ltd., 

62, Wilson Street, - 
London -E.C.2. • 


ESI 


ENGINEERING GO. 

require introductions ' m .-. business. 
Have 17 year* .excellent -reputation 
ind Anance. Offer Coosiritancy cop 
fee for inonp. to H .ArV,-’ Duit'sA 
Fume. Air Cond.' de*igiii'‘warA; J j - 

TEL: DYER DORKJNGvSff?® 


Any" make of n*W cxr supplied on 
2 -year leasing contract*, wijh or; with¬ 
out maintenance. For your-quotation 
phone: . • 

.EAST STOUR (074785>.224 


NEW CONCEPT IN - 
CRUISING YACHTS ■ 

To build and develop. Mlt. ocean- 
Eoing Outing-Yacht, an inve^tmedc of 
£80.000 is.-rieqded',._Return ; would be 
flrtc yackt. ficcod out. t» tne' oigiiest 
standard at approximately £55.000. 
pJm nlmbvmmm of deviefepmeat and 
cooling cost in the form'of, a rnya'ty 
per . yacht as an on-going investment. 
Write Box G.1346, FhuncM Timti; 
10, Cannon Street. JSC4P dBY. 


A LEADING CHARITABLE 
TRUST 

concerned in - hittoricai' Md 'Wiririot 
. ,fflSV«Ci.....-_ . .. . . 

Seeks Interest Free Leans -v 

from high tax aye cal. * AH: loam *ilf 
be fully tecured and generous fringe 


Writ# Box C,t22f r '.Financial Time* 
10. Cannon. Street.,E C4P 4BY. 


tx FOB SALE ** 

Site dealing boards, individual 

console' units incorporating 

Sterdy telephone equipment for 

brokers’ lines (90-line position 

board:- per uni^>r Post Office 

key and. btmp units. 

Relay cabinets also available. 

P/e 0 *n coqpKt Box No. G.1350. 
Financial TWw, fO, Cannon Street. 
tbndnn EC4P 4BY. 


CARDIFF BASED COMPANY 
5 mins. M4 junction 
having-6.000 sq. ft. spare space 
/in modem factory, desires 
<; J3ISTRIBUTION /FACTOR ING 
7' "PROPOSITIONS 

to cover S. Wales/West Country 
• Write Box G;1245, Financial 
" Times, JO. Cannon Street, 
EC4K4BY. - 


OPPORTUNITY 

EXISTS FOR STOCKBROKERS 

with established connections to take advantage of 
the excellent facilities developed by an energetic 
member firm that has successfully concentrated on 
institutional business. 

Write Box G.1368, Financial Times, 

10, Cannon Street, EC4P 4BY. 


MANUFACTURING CAPACITY 

Precision engineering company specialising in non-ferrous materials 
has capacity available for pressure and gravity die-casting of copper 
alloys, medium to large batch machining on capstans, auto's and 
transfer machines. Quality control approval to Defence Stds. 
05-24/2 and 05-26/2. 

Please contact M.D. 

Walker Crosweller & Co. Ltd, 

Cromwell Road, 

Cheltenham, Glos. 


PERSONAL ASSISTANT FROM £290 PJV. 

OUR BUSINESS ACCOMMODATION SERVICE PROVIDES: 

Full secretarial service plus interview facilities and temporary 
office accommodation if required. Our other services include:— 
1. 24 Hour Telephone Answering 
X Handling Mai) 

3. Hand Delivery Service 

4. Photography, Photocopying & Mailing 

5. Accountancy Advice 
L Telex 

Writ* for further det4».- ic Mrt. Gw.Uim. TECHNICAL COMMUNICATIONS 
LTD.. 6/8 Emerald S>--e«(, Hoiborn, London. WCIN 3QA. Tel: 405 9117. 


Farmer and farm accountant 

with success!uI (arm and agricultural accounting Businesses ana currently farming 
a lars« acreage it gertnennia with an owner inWte fneuincs from landowners 
ano orowHMti*e investors in agriculture. Partnershto farming can no designed 
to meet a wiee range or ingmioual ano institutional raguirements and Is oar. 
ticuiariy attract I lie lor Intending buyers ol 'arm land Those Interested may 
prefer re direct *Wf in>tia ingiHrtes tOrongn Hielr proiessmiial advisers. 

Write tc Box G.137J. Financial Times. 10. Cannon Street. EC4P +8Y. 


•or la Otner words 

ARABIC TRANSLATION 

■ ' *hu> 

Interpreters, Typesetting, 
Legal, Technical & General 

' uonaci: ANGLO-ORBAN. 

8 Portland Road. London. W.11 
Telephone: 01-221 7825. 


INVESTMENT 

OPPORTUNITY 

to become a Partner hr a new Firm- 
of Exporters of nigh quality British 
furniture, porcelain, lithographs and 
other crafts. £2, SOD for one-thirtr 
share. 

Write Bax G.1342, Financial Timex,: 
10. Cannon Street. E C4F -dflV. 


•' NORTH AMERICA 

financial Services Group wltn represen¬ 
tative oSces inmajor cities oners 
professional assurance whh^— 

MERGERS, ACQUISITIONS 
-MARKETING AND 
INVESTMENT 

and lhe'lundlng therein- _ 

Managing Director making ■ imminent 
visit would consider additional soec/ne 
assignment. 

TELi 51-499 9980 


A. PRODUCT UNE 

ewaitiina of pluoc miMruis .com¬ 
bined with rneof J»nx h available 
far development. We ire looking 
for a Company who can a*e on tna 
full mrmjfactur* and poaflbly *°®* 
«I ting of a product line which bat 
appealed to the Engineering Industry. 
Write Bex G.1373. WooncW Times, 
IB, Con non Street. 6C4P 4BT- ' 


UWITEB COMPANY 

* FORMED Br EXPERTS 
FOR m INCUBIVg J 

" READY MADE £83 - 

COMPANY SEARCHES 

EXPRESS' CO- REGISTRATIONS LTD.- 
30. City Road. E-C.1- i 
Of-628 5434/5/7341 


GROWING INDUSTRIAL 

holding company 

wishes » acquire further service 
-and distribution companies 
Plena reply in confidence to Bar 
'G.137B, ffflimcldf Times. IB. Cannon 
*\ . -•‘Street; EC4P 4BT- 



FOR SALE 

Long-establafMid, medium-sized South Tories hi re-based Building Company with 
good asset base, including enwn modern premises. Small land bank available 
with benefit of proposed developments and existing detailed planning permission. 
Experienced management team. Turnover approximately £1.25O,O0Q-£l ,500.000. 
Enquiries to; 

Adtin. Macredie & Co. (Ref. K.J.), 

Chartered Accountants, 

Barkers Pool House. 

Burgess Street. 

Sheffield. SI 2HF. 


FOR SALE IN 
SUFFOLK 

Very profitable furniture shop 
and warehouse. Total area 11,000 
sq. ft. Price for stock and good- 
. will . £70,000 o.n.o. Freehold 
available plus three bed. house 
and additional warehouse space 
of 3AQ0 sq. ft. 

P/eose- write: 

Kramer. Fifer & Co., 
16;North End Road, 
London NWU 7PH. 


SPAIN 

Spanilh Development Co. with assets 
on the Costa del Sol varlued ac £3m. 
wishes to diversify. For sale . as 
whole or participation considered for 
cash and equity exchange. Principal 
resident in London. Enquiries In 
strict confidence .so; Spradey S Co., 
Chartered Surveyors, 29. King Street. 
London. W.C.2. Tel: 01-836 7372. 
Ql-240 3621. Telex: 28332. 


£250,000 

AVAILABLE 

Private company with surplut funds of 
up to £250.000 seeks investment, 
preferably in the -London arei'."Wo are 
looking for a controlling interest or 
outright purchase of a company in the 
service or leisure industries. Special 
retail situations' are ibe of Interest. 

Write Bo* G.J370, Financial Times, 
10. Cannon Street. £C4P 4BY. 


FRANCE 

Consultant in mergers, parti¬ 
cipations or associations 
between French and foreign 
companies. 

fiLEJU. (Mrs. a. F. Sahne) 
5, rue Jobb£-Daval— 
7501S PARIS 
TeL'250.77.59 


BUILDING COMPANY 
REQUIRED 

with agreed Tsix Lowes of 
between £100.000 and Q50.QQO. 
Write Box G.1348. Financial 
Times. 10, Cannon Street, 
EC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. ■ Buy, save up to 40 p.c. 
Lcase 3 yean, from £3.70 weekly. 
Rent -from £29 P«r month. 

Phone: 01-541 2365 


£500,000 


FOR sale: 

PROFITABLE 

UTHO PRINTING COMPANY 
Located in South London and estab¬ 
lished 20 years. Turnover approx. 

£600.000. net assets £150,000. 
Principal* only write to Box C.1340. 
Financial Time s. 

ID, Cannon Street. EC4P 4BY . 


Private Group of Companies ire wish¬ 
ing to diversify and, therefore, are 
seeking to purchase a company -in 
the perro-chemical. electronic, light 
engineering or property Field. Existing 
management could be retained on 
mutuaHy acceptable terms. 

Please write 'In strictest confidence to 
Sox G.1334, Financial Time s. III, 
Cannon Street, ECdP 4BY. 


ALGARVE (PORTUGAL) 
REAL ESTATE FOR SALE 
' LAND 

150,000 Sq Metres (about 37.1 Acres) 
TO ALL WHO MAY BE INTERESTED 
IN A GOOD INVESTMENT 
OPPORTUNITY 

Right in the best tourist area of 
the Algarve on the southern coast ol 
Portugal fAlbufeira). 

Plans already duly approved by and 
required authorisations obtained from 
local authorities. 

SOCODE LTD.. 

e/o Mr. J. P. da Casa or 

Mr. M. Eugilhado, 

Rua de Camopiidc. 31-1*, 

Lisbon-1. Portugal. 

Tel: 684057. 

Telex: 12623 TREFIL-P. 


MANAGEMENT CONSULTANCY 
InOemaCioaai Boswexs Anipinmo 
Wo are a-genera) consultancy firm with 
offices in Europe and North America. 
We are planning to expand our exist¬ 
ing U.K, activities and therefore w«h 
w contact- consultancy firms or indi¬ 
viduals who can contribute to mutual 
business development from an estab¬ 
lished base. 

Write Box G.1359, Financial Times. 
10, Cannon Street, EC4P 4BY. 


FOR MERGER OR SALE 

•light Interest large corporation inter- 
is ted in letting up own printing and 
varehouiing unit Single-storey London 
factory. E«y access to motorway, 
-ong lease. Currant tales in excess 
>f £800.(100. Considerable potential 
or expansion. 

iVriie Box G.1343, Financial Timet, 
10. Cannon Street. EC4P 4BY. 


£50,000 AVAILABLE 

For purchase of Company 
(London area) where sales 
ability is required. 

Write Box G.1363, Financial 
Times. 10. Cannon Street, 

E C4P 4BY. 


MODERN MILL 

French - Switzerland 

On the road Liuiannc-Berne, splendid mill, recent conception, to 
be sold, built in 1967 and 1972. situated on a piece of (and 25,000 
sq.m., completely surrounded with wire fence. Total area of 
buildings 3,860 sq.m., fully equipped. 

For every inquiry and visit, please apply to: 

INTERSYNCO SA., 

(in Liquidation). 

rue de Lausanne 26, Switzerland. 

Tel: (37) 61.2&52 


FIXED INTEREST 
COMMERCIAL MORTGAGES 
FOR OWNER OCCUPIERS 

11*% 


Please contact Martin C. Green. SJSc.. A.R.I.C.S. 

® 23, MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1252 


ACQUISITION SOUGHT 

We are a private manufacturing group with a sound financial base. 
We would welcome an opportunity to acquire an additional company 
or activity, which must be well managed and profitable, and whose 
present owners can see a positive advantage in joining a group with 
long experience of exporting industrial products and of overseas 
manufacture. Turnover in the range of £ym-£lm with plans for 
steady growth would be the right scale for us. 

Please write in confidence to—- 

Mr. C. G. Kenyon 
Group Managing Director 
William Kenyon & Sons Limited 
Dukinfield, Cheshire SK16 4PT 


LLOYD’S UNDERWRITING 

Principals are interested in acquiring 30—75% 
of established Underwriting Agency. 

Strictly confidential enquiries to; 
Chairman, Box G.1345, Financial Times, 

10, Cannon Street, EC4P 4BY. 


INTERNATIONAL OPPORTUNITY 

(MARKETING) 

36-yejr-oM British subject residing In Europe with a. mildly successful 
(own company) marketing background is looking for a new challenge 
in either Europe or the USA. Would go-ahead principals only please 
write in confidence bearing in mind that a fair share of equity would 
be required, for in investment of 5150,000. 

The Manager 
NEWRAY LIMITED 
11-15 Arlington Street 
London, SW1 


INVOICE FACTORING 

Due to retirement of 5oJe Proprietor, small North of England 
invoice factoring Company for sale as going concern. Sales turnover 
approximately £750,000 per annum. 

Principals only please apply for further details from Box G .1354. 
Financial Times, 10. Cannon Street. EC4P 4BY. 


SAUDI ARABIA 

Offices, sponsorship and finance 
on joint venture basis available 
to approved Companies. Manu¬ 
facturing and/or Service indus¬ 
tries considered. 

Apply with brief details In 
confidence to: 

ALAFAK CORPORATION, 

e/o 5 Bond Street, St. Hctior, 
Jersey, Cl. Telex 41)23 



PROSPEROUS COMPANY 
FOR SALE 

T/O £D.5jb.; Profit £0.12m. 
manufacturing range of standard pro¬ 
duct* with custom variants, mainly 
largish but simple steel fabrications, 
(jood growth potential and replacement 
demand home and export. 

for detail* please contact; 
Richard Lustig Auoc., Richmond 
Home. Whissendlnc, Oakham. Rutland. 


ESTABLISHED COMPANY 
IN SURREY AREA 

Wirtl large export market would like 
to acquire interest in press and sheet 
metal working company. New com¬ 
pany will cake over existing contract! 
amounting to £100,000 ptr annum 
and tool for additional products ac 
present being developed. 

Write Box GJ369. Financial Timet, 
10, Cannon Street, EC4P 457. 


FINANCE REQUIRED 

far facoory buildings by private corn- 
company For own inc. on ■ mortgage 
or lease basis. 12,000 tq. It. 
I.B.A.i of particular value to bigh 
rgte ax payers may be nailable. 

For particular* phone; 

A. W. MUOD & CO, 
Bilierlcay (02774 ) 55221. 


TRANSLATION -TYPESETTING 
Qualified a rail Translator^ 
Typesetters and Printing for Sales 
Literature. Exmbition Material for 
the Middle East. 
Pan-Arab Publications limited 
Telephone 01-353 B3T6 


UP TO £500,000 
AVAILABLE 
FOR ACQUISITION 

Two experienced Company Directors 
seek to acquire a business or company 
in any manufacturing or Service 
Industry. Continuity of existing 
business and management desired. 

Write Bex G.1341. Financial Times, 
f0. Cannon Street, £ C4P 4 BY. 


DO YOU NEED MONEY ? 

Wc can arrange finance from both 
institutional and private sources For 
all types of industrial and commercial 
property including hotels, factories, 
home and overseas developments, com¬ 
pany acquisitions, corporate finance etc. 

G. J. DARBY CO. 

Suite 29, 78 Buckingham Gate, 
London SW1. Tel: 222 4063 


NON-EXECUTIVE DIRECTOR 

available 1-2 days per week. 
Extensive commercial experience 
in helping to improve cash flow 
and profit in small and medium 
sized companies. 

Write Box G.1372. Financial Timet, 
10. Cannon Street, EC4P «Y. 


WANTED 

SMALL/MEDIUM SIZED 
ENGINEERING COMPANY 

Manufacturing company wishing to 
control all aspects of 'component 
production wishes to purchase or 
enter into partnership with above. 
Please reply in confidence to Bo* 
G.13 76, Financial Times. 10. Cannon 
Street, EC4P 4BY. 




GRESHAM TRUST 
LIMITED 

Permanent and long term amir:)I 
for the succes sful priv ate company 

Also a wide range 
of banking services, including:- 
Selective finance for property developnienr 
Comrnercial an d industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further inf onnation 
please telephone 01-606 6474 or write, 
to Barrington House, Gresham Street, 
LONDON EC2Y7HE. 

GrifthjmHustL; J..r.jrrinpjnnHou<»..Giv-lum r LonJ> >u l Z2V "i ; C. 

TJ: L«1-6U.’ <>1 ”4 

£imiijicbxn Officii: EdnniuJ House,New ):jMS c’Csr.i-inDir^i: jiu,Fo : .£ ,V 
TctU2l-15612“7 


SHORTFALL SOLUTION 

For private companies with high liquidity and 
risk of forced distributions at bigh ta.\ rules.' Fully 
approved and totally secure method. Nu risk. 

Just write your name on company letterheadin^ and 
post to us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted.: 
Managing Director. 

Ackrill. Carr & Partners Limited. 

Alp House. Westhill Road, Birmingham B3S STL. 



REQUIRED BY SUBSTANTIAL 5RITISH CONCERN 

Com piny must be cxp^ienced in “ba>:k-re.b«ck** cone races, bold impart ay-inoas 
with major customers, have good export connections and may be invalved in 
distribution within U.K. Sustainable profits >n the rang.- fSO-tliC.OOO- 
Preftrrcd location London/Home Counties or, lor 2-way trade, on the near 
Continent. 

Pfroie reply, in strictest confidence, to: 

OWEN-BROWNE ASSOCIATES LIMITED. 

36 Clarges Street, London W1. Tel: 01-499 2SS9 




mu wsm'rei&a ; 

in North-V/est, with pressing, painting and assembly lacilitio;. u ioakini tor j 
new products. This may well interest ; smril manuhccar<.r with production l 
problems, who could bo retained in a selling and advisory capaci:;*. We ira ! 
looking for a turnover, or potential, of not less than £106.000 p.s. Pny i 
kind of joint participation, or outright purchase, would be considered. j 

Write Box G.13S7. Financial Times, tD, Cannon Street. EC<? 4BY. . 


ESTABLISHED 

MEN’S FASKS0N SETASL CO&IPA^V 

FOR SALE 

West End Units. Turnover £1.000.000 per annum. Net profits bdsre tarszior 
in excess of £100,000 per annum. ‘Continuity of essential Mana^tmer.t Jrrj 
Staff Sale through majar shareholder’s retirement. Genuina hu/e'* oni,. 
Apply Box G.13JI, Financial Times. 10, Cannon Street, CC4P -Bf. w.:b 
financial references. 


BUILDING COMPANY 
WANTED 

Expanding Group <n tile Building and 
Civil Engineering field wish to acquire 
a well established building contracting 
business as a going concern, prefer¬ 
ably bisod in the Teesside area and 
operating mainly within 100 miles 
radius trom there, with a current 
turnover of at least £1 million per 
ynnum in general contracting and wich 
expansion possibilities. 

Reply to Box G.13J8. Financial Times, 
’0. Cannon Street, EC4P 4&r. giving 
brief details. 


FOR SALE 

As a mule of Group reorganisation we 
have available (or sale “an an asset 
vjiue" small machine shop facility 
located in a leased 5.000 >q. ft. 
factory in N.E. England manufacturing 
forged pipe unions and a variety o> 
sub-contract machined components. 

Write Box G.1360. Financial Time*. 
10. Cannon Street, ECaP 4BT. 


PRESTIGE CARS WANTED 

TO ALL COM PAM f DIRECTORS 
TRANSPORT MAWAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best fnte ior 
yaur law.mileage prestige maior-car ? 
Wc urgently require P.olls-Ka>:t. 
Merccoes. Daimler, jaguar, vanden 
Plas. BMW. Porsche. Ferrari. Mzs; r iti. 
Lamborghini. Jensen Caa>«r'.ilil,-, 
Rover, Tnumph and v*lvg Cars. 
Open 7 days a week 
Collection anywhere in U.IC. Cash or 
Bankers' draft available. Telepnanc us 
for a firm price or our buyer — ill call. 
ROMANS OF WOKING LTD. 
Braokwood flMEaTj 4517 


HEW3LETT5B 

Wc are lntercste-d ,r, stquirin,- :n 
interest in a Newsletter providing 
Financial / Economic J PrfitnJ info-- 
mstian. on a resrrmed circ-.i!i:;em 
basis. 

Please write in cercUenee- :? Spa 
G.I361. financial Tlmrs. 10. Cannon 
Street, EOrP a 3 V. 


ISLE OF MAN 

OFFSHORE TAX SAFEGUARD 
Grasp the opportunities in a low lav 
area. We specialise In the formation 
of companies Including nominee 
appointments. secretarial services, 
genera* agency work, telex and general 
consultancy including commercial 
placement. Full details from: 

R. A- Brown, BROWN BROTHERS 
LTD- Victory Moose. Prospect Hill. 
Douglas, Isle ot Man. Tel. OM2 
25GBI. Toler 628241, 


PLANT AND 


REPAIR RffiitFS TE-jlE 
UQSIB PUSTK STAY ! 

POLARCOF is I single pr:« liquid 
plastic. It's cat/ to apply tnd lasts at 
least 20 years, so sa»,np cxatnsiro 
root repairs. Sind lor deta-is to: 

PLASTICS AND RESINS LTD., 
Cleveland Road, Wolverhampton 
WV2 18U. Phone: 09C2 53215 


By Order of the Central Electricity Generating Board 

EARLEY POWER STATION 
READING, BERKS 

/Adjacent M32? Sf-ur) 

A SALE OF THE VALUABLE 
PLANT, MACHINERY AND WORKSHOP EQUIPMENT, 
OFFICE FURNITURE AND ACCESSORIES, 

CANTEEN FITTINGS AND EFFECTS 

which 

MESSRS. NICHOLAS 

are instructed to sell by Auction on Sice 
on 

Monday, Tuesday and Wednesday, 

February 13th, 14th and 15th 
Commencing at 10.00 Each Day 
ON VIEW: Thursday and Friday, February 9th and TStfs 
From 10.00 a.m. to 4.00 pan. 

Further derails and catalogues, price 80p (by post -1)- obtainable 
from Auctioneer’s Office, (3. Bridge Screec, Caversfwm. Reading. 
Berkshire fTel: Reading 4796651. and from 147. Frwr Street. 
Reading (Tel: Reading 56511). also Branches at Wokingham. 
Woodley and Twyford. 


NICKEL CAUK5SI3K3 


luwl 


Capacities from 2 to 500 AH 
from stock. P/eose send for 
literature and price list. 

AUCOS BATTERIES LIMITED, 
Airfleet House. Su/ivan Road, 
London SW6 3DX. 


Over 400 sHs in stock 
7kVA-7C0kVA 

Buy wucly from the reanufacrortrs 
with full *Her-iaJac service. 
CLARKE GP.O'JP 
01-985 75SI/0QI? 

Telex 397784 



































































































































































manciai mica 


26 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


AMERICAN NEWS 

AMCon 
lookout 
for suitor 


By Our Own Correspondent 

NEW YORK, Feb. 1. 


AMERICAN MOTORS Corpora¬ 
tion, the U.S.’s smallest pas¬ 
se oyer car producer, declared 
to-day that it was willing to 
discuss merger terms with any 
interested company. 

This finite explicit open-door 
policy was announced at a 
meeting of the company's stock¬ 
holders' by American Motors’ 
President and chief executive, 
Mr. Gerald C. Meyers. He took 
over the chief executive post 
from Mr. Roy Chapin, AMC's 
chairman, last November, and 
seems to have arrived at the 
conclusion that trading the 
company's independence may 
well be in the best interests of 
stockholders and employees. 

Most of the company's problems 
stem from its passenger car 
division, whose sales are falling 
and whose losses are draining 
money from the more profit¬ 
able bus and utility vehicle 
manufacturing division. Al¬ 
though the company managed 
a S3m. profit in its financial 
year ended last September 30. 
it is short of cash for develop¬ 
ment and recently abandoned 
plans to develop a new STOm. 
engine manufacturing plant. 

The company yesterday an¬ 
nounced that it had negotiated 
new short term credit lines 
totalling 8120m. 

Mr. Meyers said to day that 
AMC'se future could include 
affiliation with another com¬ 
pany. “We shall consider it 
if the result means a better 
company for you.” he told 
stockholders. “ The door is 
open when the right oppor¬ 
tunity comes along.” he added, 
although nothing had matured 
to a point that justified further 
discussion at the moment. 


Carter Hawley Hale in 
bid for Marshall Field 


BY JOHN WYLfS 


NEW YORK, Feb. 1. 


CARTER Hawley Hale, the Los 
Angeles-based department store 
chain, has finally launched a 
formal takeover bid for Marshall 
Field and Co. which values the 
Chicago retailer at around 
$3S0m. 

The offer, in cash and stock, 
comes some seven weeks after 
Carter Hawley first disclosed 
that it was trying to persuade 
Marshall Field to discuss a 
merger. But these approaches 
were rebuffed in the bluntest 
possible way on December 12 
when Marshall' Field filed an 
anti-trust suit recently amended 
to accuse Carter Hawley of 
•‘fraudulent and deceptive acts 
and practices in connection with 
its proposal to acquire Marshall 
Field, including untrue state¬ 
ment and misstatements of 
material facts.” 

The overtures from Los 
Angeles have stirred up some 
feeling in the Chicago area where 


Marshal] Field is something of 
a local institution. However, 
the formal bid may arouse a 
more positive response among 
some of Marshall Field's 17,000 
stockholders since, on the basis 
of yesterday's stock market close, 
it is worth $42 a share, which is 
around 20 times Marshall Field's 
earnings. 

Originally, Carter Hawley was 
seeking discussions on the basis 
of $36 a share. Before this 
announcement in December 
Marshall Field was trading at 
22] but investor interest, par¬ 
ticularly among arbitrageurs, has 
helped raise the price to last 
night’s closing level of 33$. 

Potentially, the merger is one 
of the largest for many years in 
U.S. retailing. In its registration 
statement with the Securities 
and Exchange Commission, Car¬ 
ter Hawley proposes for each 
share of Marshall Field a cash 


more than $26 plus 0.95 of Com-! 
mon stock of Carter Hawley. 

The proposed cash payment 
would be equal to the difference 
between $42 and 0.95 times the 
average closing prices of Car¬ 
ter Hawley Common stock for 
the 20 trading days ending two 
trading days before the start of 
the offer. SEC approval is needed 
before the offer can start 


payment of not less than $22 nor 


Carter Hawley is understood to 
have told Marshall Field direc¬ 
tors that it would like to have 
the opportunity to discuss its 
proposals with them. Marshall 
Field's fight for its independence 
is the more interesting in that it 
is being led by Mr. Angelo 
Arena, who until last Septem¬ 
ber was chairman of Carter Haw¬ 
ley's Neiman Marcus division. 
Mr. Arena became president of 
Marshall Field six days after 
the death of Marshall Field's 
chairman, Mr. Joseph Burnham. 


TWA to reduce domestic fleet 


NEW YORK, Feb. L 


Setback for 
Conoco 


LOWER ANNUAL and quarterly 
earnings are reported by Con¬ 
tinental Oil. Net earnings for 
the final quarter of 1977 were 
SSI .9m., or 77 cents a share, 
against S96m. or S9 cents, on 
siies of $7.5bo.. compared 
with $2.2bn. 

Net annual earnings were 
$3S0.6m.. or $3.55 a share, 
against S4569m. or S4.34, on 
sales of $9.1bn., compared with 
SS.4bn. 

Conoco chairman Howard W. 
Blauvelt said that the 814.1m. 
decline in fourth quarter earn¬ 
ings was primarily attributable 
to higher exploration costs and 
to impairments of $10.9m. in 
petroleum and SS.lm. in coal 


TRANS WORLD AIRLLVE5 is 
effecting a major reduction in its 
fleet in an effort to cut the heavy 
losses on its domestic routes. 

The airline is also planning a 
major accounting change, switch¬ 
ing about $25m. in expenses from 
the domestic operation to inter¬ 
national routes. 

The result, says Mr. C. E. 
Meyer, the president, is that the 
domestic operation, which bad a 
S42m. loss lost year, may break 
even this year and move into the 
hfock in 1979. 

Switching expenses to inter¬ 


national routes would penalise 
earnings there, but international 
operations produced a pre-tax 
profit of So5m. last year, indicat¬ 
ing the $25m. in additional costs 
could be absorbed. In addition, 
Mr. Meyer said, the outlook for 
international traffic this year is 
“very rood.” and barring a 
collapse of fare levels, the inter¬ 
national division should have “ a 
reasonably good year this year.” 

Restoring financial health to 
airline operations is of critical 
importance to TWA Hit by the 
recession and overcapacity a few 


Peat Marwick reports 


BY OUR OWN CORRESPONDENT NEW YORK. Feb. I. 

THE LARGEST of the world's various accounting partnerships 
financial accounting firms. Peat are not all comparable and will 
Marwick Mitchell and Co. has probably not resolve the ques- 
followed the lead of rivals tion of which is the largest 
Arthur Andersen a nd Price Neither Peat Marwick nor Price 
Waterhouse, in for the first time Waterhouse figures were audited 
releasing internal details about by outside accountants, 
its worldwide operations. The average gross compensa- 

The firm's annual report for tion for a Peat Marwick partner 
the year ended June 30. 1977, is 898,650, according to the 
shows that the partnership had report, and the firms total assets 
gross professional, fees of 8200m. Last year it had S69m. 
S515Bra. and allocated 5143.9m. in current borrowings on its 
to active partners and principals balance sheet date. $4.1m. in 
for compensation, insurasce and long term debt and S137.9m. in 
other fringe benefit costs and partners and principals capital 
return on capital. contributions. 

The figures issued hy the See Lex 


years ago. the company was on 
the brink of bankruptcy, along 
with some other carriers. More 
recently, TWA has recovered due 
to growing profits in the Hilton- 
International Hotel subsidiary 
and the Canteen Corporation 
food-service subsidiary, as well as 
from profits from international 
airline operations. In 1977, TWA 
reported record net income of 
565m.- 

TWA is also paring its 
domestic fleet of Lockheed 
L-lOlls to get rid of overcapacity. 
The airline is already converting 
four of the aircraft so that they 
may be used for International 
flights, and is leasing two others 
to a foreign carrier. TWA has 
just announced agreement in 
principle with Delta Air Uses 
to lease two more aircraft to 
Delta for an lS-month period, 
beginning in April. Delta needs 
the aircraft for its new route 
from Atlanta to London. 

Moving these eight out of 
domestic operations cuts TWA’s 
fleet of domestic L-lOlls from 
30 to 22, which “ is just about 
where we want it to be” to 
serve the market, Mr. Meyer 
said. This should have a major 
impact on TWA's financial state¬ 
ment. In one recent year, TWA’s 
domestic L-lOlls had a S40». 
loss, and in the year ended 
November 30 they had a $24m. 
loss. 

Agencies 


IBM warns 
on outlook 
for sales 


NEW YORK, Feb. L 

INTERNATIONAL Business 
Machine * Corporation repeated 
' that increases in outright pur- 
. chases of data processing equip¬ 
ment this year are not likely 
to match the rate of increase 
in 1977- 

In its just-released 1977 
annual report, IBM said that 
outright purchases of data 
processing equipment axe 
expected to continue at high, 
levels. 

The company said Inte rest o n 
debt continued its downtrend* 
showing a worldwide reduction 
of 10.2 per cent compared to 
the 1976 expense. 

Worldwide net earnings in¬ 
creased by $321m. or 13-4 per 
cent, over 1976. US. operations 
increased by $150m. or 1X2 per 
cent, while non-U .S. operations 
increased by $171mu 
Agencies 


Bache capital 
management 


NEW YORK, Feb. 1. 
BACHE GROUP is divesting 
its Shields Capital Management 
division, effective to-day. 

An independent advisory 
company, expected to have 
$400m. under management, has 
been formed under the name 
Shields Asset Management. 

As part of the transaction, 
Bache will enter into a name 
licence agreement with Shields 
Asset Management providing 
for certain royalties over a 
period of years. 

The move results from pro¬ 
visions of the Employee Retire¬ 
ment Income Security Act and 
the Securities Reform Act of 
1975, Bache said, 

Reuter 



BY OUR OWN CORRESPONDENT 


WEEDEN ■ HOLDING-. Corpora¬ 
tion. the securities company, has 
followed up publication: of a 
$8-lm. loss in its financial first 
quarter with' the announcement 
that its research subsidiary will 
he closed down from today. 

Weeden acquired the sub¬ 
sidiary, Wainwright Securities, 
last October, and in a > joint 
announcement with Mr.- Alfred 
C. Morley, chair man of Waiu- 
wrigbt, Mr. Donald Weeden said 
the decision “reflects the con* 


tInmTi p- TiT>nrnfltahiIity of rnstitu* New YOTlf StOCk_ op¬ 

tional research services and oior-ingitotio'n^'b^ii^.^"' 
judgment .that- .industry condi- However, , "— 

tions win hot 1 improve appre- the quart^-ended pece_. 
ciably in the 1 foreseeable was largely- attabuted io 
future.” in oyerthfrcountef T 

' Mr. Weeded, president and helped bring the coi 
chief executive of. his company^ deficit for:tne-xnast 
surprised the Investment world qu^te^.tp.?llin; . 
on Monday by announcing that Weeden says-thatthere.a 
Weeden ~ and Company would question- t hat- - it. vwiii- -rea 
cease over-the-counter trading-viable., as a .pure broker; and ;! 
in ‘ - Exchan ge - listed stocks. -It has taken/ its .dedston- he« 
Weeden was by far the largest it .saw no end.to; the eonf 
dealer in these stocks and" set-losses - in - the ~ 

Itself up in competition witiUhe market#, 



AT and T earnings advance 


NEW/YORK, 


AMERICAN TELEPHONE and 
Telegraph (AT and T) announced 
net earnings for 1977 of S697 a 
share against $6.05. Total net 
earnings ■ were $X54biu against 
$3B3tm. previously. Operating 
revenue was 836.5bu. compared 
with S329bn. Mr. John D. 
Debutts, the chairman, said that 
the Bell System companies- 
handled 10.8 per cent more long 
distance calls than in 1976 and 
added more telephones—5.4m.— 
than in any year in its history. 

At the end of 1977 the Bell 
System had 128.5m. telephones 
in service compared to 123.1m. 
a year earlier, a 4-3 per cent 
Increase. ^ . . 

"The gathering momentum lu 
demand for communications ser¬ 
vices that characterised the year 
shows no sign of abating. How¬ 
ever, it would not be realistic to 
anticipate that the same degree 
of acceleration will continue. 

"Nonetheless, we anticipate 


that 1978 will be-rariotiter/good 
year, another year of. strong 
growth," said. Mr. Dehutts. 

He reported tbgt “debt ratio 
is coming down, -interest cover¬ 
age is going up-:and we-have 
materially Increased- our finan¬ 
cial flexibility." V --". Agencies 
Robert Glbbera- adds flwn' 
Montreal that Bell Ca n ada, the 
largest Canadian.... teflephnpe 
utility and which controls the 
equipment - - manufacturer 
Northern Telecom plans its first 
mu Iti-naticmaL equity issuein the 
near future. - ‘ V-~ 

The convoy’s stock is now 
listed on. 13 major : stock 
exchanges in.Canada; the . U.S., 
and Europe:' 

“We will use each of our 
markets sparingly," says A.' J.. 
de Grandpre, “ and .we .hope to. 
be able to - redr 

between large issues. WewflT 
try to maximise size of issue,: 


without. 

spreads ’- between markets-:^ 

. wtmt is.important*!..- - jv; 

.The inmhisparfie of he^eq&Jtjpt 
' capital, ;bowreveiV;will" combat 
to be:Canada- BelL^has^ja; 
completed a $200m^U.S. Defc®. 
ture issue in New. Yorfr and^a., 
.equity isstfi&" has: been:, espgchgy 
tofqilow.f. .- \ Vii. 

- The company is 

rate -• increase 'ibeftre^Allie; 
Canadian"-.Radio-, ■rand; 
mfcnlcatioh-Cqnnnissro'n,-^baaftSe 
volume-- in:: Ontario andijnfibfc 
in 1877 fieU short elf expecttdpf'- J 
rparticularl3feia^the.hi^ily:pra 
able long-distance business:.Tig£ 
meant that returns wene'liig&Qgt 

- -The increases'sought. 'woififf-; 
produce. * .additional j'i opersfeiw^ 
•revenue of nearly §C400m. ;a‘year, 
which would be suffieienttota^ 
returns : -for ~ thewnniMaiFTto 1 
-finance - capital.spehdjae-.itnjr. 
-running'at over $lbn; a yearr : -"v 




U.S. QUARTERLIES 




i'. v 


7HTS ANNOUNCEMENT APPEARS AS A MATTES OF RECORD ONLY 


KOMBINAT GORNICZO-HUTNICZY 
MIEDZIW LUBIIUIE 


GUARANTEED BY 

BANK HANDLOWY w WARSZAWIE S.A. 


U.S. $250,000,000 
MULTI-CURRENCY CREDIT FACILITY 


TO FINANCE THE DEVELOPMENT OF AN 
INTEGRATED COPPER PROJECT 
IN POUND 


LEAD MANAGED BY 


CHASE MANHATTAN L Ml TED 
BANK OF MONTREAL 
CITICORP INTERNATIONAL GROUP 
FIRST PENNSYLVANIA BANK N.A. 
NATIONAL WESTMINSTER BANK LIMITED 


MANAGED BY 


BANKAMERICA INTERNATIONAL GROUP 
BANKERS TRUST INTERNATIONAL LIMITED 
BARCLAYS BANK INTERNATIONAL LIMITED 
ORION BANK LIMITED 


RINDS PROVIDED BY 


THEFIRST NATIONALBANKQF CHICAGO 


BANKERS ■mUSTCOMPANY 
BANK OF MONTREAL 
BANK OF SCOTLAND 

BANGUE CANAD1ENNE NATIONALE EUROPE! 

BANQUE INTERNATIONALE A LUXEMBOURG 
SOOETEANONYME 
THE CHASE MANHATTAN BANK, N.A. 

DG BANK DEUTSCHE GEN0S5EN5CHAFTSBANK 
Cayman Islands Branch 
THE FUJI BANK, LIMITED 
INTERNATIONALE GENOSSENSCHAFTSBANK AG 
INTERNATIONAL ENERGY BANK LIMITED 
IRVING TRUST COMPANY 
Grand Cayman Branch 
NATIONAL BANK OF NORTH AMERICA 
ORION BANK LIMITED 
REPUBLIC NATIONAL-BANK OF DALLAS 
ROYWEST BANKING CORPORATION LIMITED, NASSAU 
TORONTO DOMINION BANK 
WELLS FARGO BANK NA, 


BANK OF AMERICA NTSSA 

THE BANK OF NOVA SCOTIA CHANNEL ISLANDS LIMITED 
THE BANK DF TOKYO, LTD. 

BANGUE INTERCONTINENTALE ARABE 
BARCLAYS BANK INTERNATIONAL LIMITED 
CANADIAN IMPERIAL BANK OF COMMERCE 
CITIBANK. NA. 

FIRST CANADIAN FINANCIAL CORPORATION B.V. 

FIRST PENNSYLVANIA BANK NA. 

GIROZENTRALE UNO BANK DER OSTfiRREJCWSCHEN 
SPARKASSEN AKT1ENGESELLSCHAFT 
INTERNATIONAL RESOURCES AND FINANCE BANK SA, 
LIBYAN ARAB FOREIGN BANK 
THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED 
NATIONAL WESTMINSTER GROUP 
OVERSEAS UNION BANK LTD 
London Branch 
SECURITY PACIFIC BANK 
VESTLANDSBANKEN 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


AVON PRODUCTS 

Fuurtii Quarter 

1 m 

im 

Revenue . 

598-5m, 

502.9m. 

Net Profits. 

88 Jim. 

74.4m. 

Net Per Share... 

1.52 

198 

Year 



Revenue . 

1.64bn. 

1.43 bn. 

Net Profits. 

191.5m, 

16S.4m. 

Net Per Share . 

3.30 

2.90 

COPPER WELD CORP. 

Fourth Quarter 

1977 

1976 

Revenue . 

93.1m. 

78m. 

Net Profits. 

7m. 

7.6m. 

Net Per Share 

1.42 

196 

Revenue . 

347m. 

298.5m. 

Net Profits. 

16.3m. 

18.9m. 

Net Per Share 

291 

399 

CUTLER-HAMMER 


1977 

1976 


S 

S 

"Revenue . 

137m. 

117m. 

Net Profits ... 

6.8m- 

59m. 

Net Per Share t 

1.17 

0.91 

Year 



Revenue . 

517m. 

447m. 

Net Profits. 

24m. 

ISm. 

Net Per Share. 

4.12 

. 3.20 


DU PONT OF CANADA. 


Fourth Quarter 


Revenue . 

Net Profits. 

Net Per Share 

Year 

Revenue . 

Net Profits ...«: 
Net Per Share 


1977 1976 

S . • S 
138m. 120m. 

1.1m. loss 1.4m. 
0J2 loss 0.19 


534m. 458m. 

7.6m. loss 2.1m. 
0.94 loss 0.29 


LIGGETT GROUP 


Fourth Quarter 1977 

Revenue ..— 239.6m. 

Net Profits. 5.56m. 

Net Per Share 057 

Year 

Revenue ...... 943.2m. 

Net Profits. 290m. 

Net Per Share 0J2 


197# 

2369m. 

7.33m. 

0.77 


913 Jm. 
3899m. 
4JL7 


NATOMAS 


Fanrtb Quarter 


1977 1976 ■ 

S. S 

Revenue. 146m. 115m. 

Net Profits. 15nL 16.6nt 

Net Per Share * L87 2^2 

Year 

Revenue. 5899m. 418m. 

Net Profits.729m. 57.1m. 

Net Per Share , 993 7.68 


PENNZOIL CO. 


Fourth Quarter 


Revenue .. 

Net Profits ...... 

Net Per Share. 

Year 

Revenue.. 

Net Profits. 

Net Per Share a 


1977 1976 

■ -.5- - S '■ 

320.9m, 3l5&n. 
- 26.1m 53.7m. 
-• 0.75 ; 1.59 


1^5bn. Li9bn. 
1159m,- 1319m. 

.... 394 .'. -391 


POTLATCH C(WP. 


Fourth Quarter 


1977 

167.7m. 

12.76m. 

•0.84 


Revenue -•/. 

Net Profits'. 

Net Per Share , 

Year / 

Revenue .. 688.4m. 

Net Profits. .619lm. 

Net- Per Share ; a 4.09 


1976 ■ 

1569m. 

12.49m. 

692 


624.1m. 

47.71m. 

.sax 

■ ( > _ ■ • 


SCOTT PAPER 


Fourth Quarter 1ST7." 

-s- "n 

Revenue 399.9m. 

Net Profits ...::. , :7.7m;- 
Net Per Share i 020 : 

. Yaar . 

Revenue-l.Sbh., 
Net Profits 99Am.- 
Net Per- Share « •- . 256 , 




M3*. 




731m.y 
- id; 


UNION CARBIDE C-ANADA 


Fourth-auarter •• JOT -.JSIb f.j 

■ s.s-.;< 

Revenue ......... • ll3L0m. Mttpmi- 

Net profits ^.... • 6J9m.- M 

Net per share..^ -0.61. 

Year 


Revenue , 406.6m. 394JDm. 

Net proflto, : 205m. •' 32.1m 
Net pershai^;194 ' : .321 


price index. . 

DM Bondi;., 

HFL Bonds & Nomi 
U 5. S Stxs. BomU . 


VONTOBEL EUROBOND INDICES ; ‘. ' V 

14976=100% " vj,..,:- 

24.1,78 ‘ AVERAGE YIELD , r3t.K7!S 24.1.7ft 
.107,78 -.-OM Bonds 1 ' ‘6.39S: 

t03.tr . HFL Bond* & Noixtf - 7.686 . 7.799- : 
. 99.84 , us. s:s«.; Bonds-‘ 8.721 ! .'8.7M- 


11.1.78 

107.75 

103.66- 

.99:77 


All these notes hawing been sold 


NEW ISSUE 


this announcement appears ash matter of record only.'.' J “v 

‘■ ' danuaiyfi,1928.’ i; 





NACIONAL F1NANCIERA, SA. 


a National Credit Institution and Financial Agent of the 

United Mexican States 








100,000,000 United States Dollars 
Floating Rate Notes due 1985 to 1993 




CREDIT COMMERCIAL DE FRANCE 


mm 


THE BANK OFTOKYO (HOLLAND) N.V. 

BANQUE BRUXELLES LAMBERT S.A. 

COUNTY BANK LIMITED 

GENOSSENSCHAFTUCHE ZENTRALBANKAG-VIENNA 
SOClETE generale 


BANKERS TRUST INTERNA^dNAL Uft/BT^ , >J 
CONTIN^NTIU. UJJNOiS LTMTTED - 
DRESDNER BANK ANni^GESE^ r^r-5 

LLOYDS BANK INTHINATlONAL' ‘ 

. -soaetE genehaledE^banque^a. ^^ 


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UNION DE BANQUES ARABES ET FRANQAISES-U^AF. WESTDEUTSCHE LANDESBANK QffJpZDfTRALJEV 


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ABU DHABI INVESTMENT COMPANY AL SAUDI BANQUE 

AMEX BANK ARAB FINANCE CORPORATION 8JLL. 


ALAHU BANK OF KUWAIT (K&C.) 




ALOEMEHE BANK NEDERliKD fLv. .' ^ 
THE ARAB AMD MORGAN ORSHFEUFmANCE COMPANY 


■■ t • limited--.; V . 

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BANK OUTZWBAER, XUR2, BUNQENER (OVERSEAS) BANQUE ARABE ET INTERNATIONALE DTNVESHSSEMEMT (BAAL) - . BANQUE FRlblCAISEOU COMMERCEEXrfeRIRlR'i- ‘ 

unwed _ *—• . - • C ' . *• ' > 

■BANaUEFTUNIJAISEDE CRflHT INTERNATIONAL BANQUE OE WN00CHINE ET DE SUE2 BANQUE UTTERNATIONALE A UrCE^BOUROB*;! .BANflde 

Lunltod * * t ^ . ■ • j.- y ^ 

BANQUE NATIONALE DE FAftlS BANQUE DE PARIS ET DES PAYS-BAS BANQUE DEPAH1SET OES PAY5-BAS - fiAWQUEPOWUURESiJtSSE .SJL. tUXENSDlIRGl j 

oour Qroo^xiQ&ctfc UAcmoauro •/, , *• \ "v • •" 4 ^n ■■ 

BANQUE ROTHSCHILQ BANQUE DEUUNION EUROPfiCNNE BANQUE WORMS ; • MRCLAYS BANK MTERHATIONAt.' BARDIC BftOTKEBS'^CCA,''. ^”^ 

BAYERISCHE HYPOTHOCEN-UNO WECHSEL-BAWC BAYBUSaaVEflEJNSSANK BERGEN BANK - BERLINER HAfCWELS-oNo FRASB^^FER-fiAtot>-^ 

BLYTH EASTMAN OBION A CO. CAISSE CENTRALE DES BANQUES POPUIAIRES LACOMPAS*---—• ' ' ' ' - • 

LiOWCd 

CREDIT INDUSTRIEL ET COMUERCIAL. CREOTT LYONNAIS CREOtT DO NORO . CHEWT SUISSE WHITE WELD 


DEUTSCHE GIROZENTRALE-DEUTSCHE KOWUNALBANK- 


FIRST BOSTON (EUROPE) 
limited 
HAMBROS BANK 
limited 

INTERALPHA ASIA (SINGAPORE) LTD. 


. .= DC BANK 

DWtstfto OwatWBdKiffiJwnjf 

ANTONY GffiBS HOLDINGS LTD. 


FIRST CHICAGO 
LinBtEd 

.HESSKCHE LANDESBANK GIROZENTRALE 


EDIT SUISSE WH(TE WELD .' -, DEN SORSKE CREPrrBLANK• ’1 f 

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GIROZENTRALE UNO BANK DOT OSTBWfiCHlScMEN 


BiTERNATIONAL MEXICAN BANK LIMITED. 

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KUHN L0EB LEHMAN BROTKERa.INTEBNATIONAl. 


■ISTIYUTO BANCAfljO SAN PAOLO E8 

KirantT* tUTBRN ATHWIII mvcCTunrr xK, o ir r' . _ 


KOWAjrWTHUW.TTONAL UtVESTfc^CT 


KUQNWORT, BENSON 
Umllctf 

LONDON MULTINATIONAL BARK (UNDERWRITERS) MdLEOO, YOUNG. WHR INTERNATIONAL; .■ - MANUFACTURERS HANOVBT : . MERBttl 1YMCH nlTCT t»i»WiM»t- A. ctL?: ffr? = 

Limited Limited .Limited-'. ■“ -’-vT.'---' - 

MORGAN GRENFELL & CO. MORGAN STANL^-INTERNATIONAL ’ ^ WFnratAMncru i: ' 

NOMURA EUROPEN.V. OfflQNBANK OSTSRROCHISCHELXHOERBANK ' "' ' ' ' ' ' ‘ ’ ‘ 

AHtengntHMhaft 

NJL ROTHSCHILD A SONS SALOMON BROTHERS INTER RATIONAL SCANDINAVIAN BANK 
United Uihuea UndiM- 

SM1TH BARNEY, HARRIS UPHAM & CO. SOOETt I 
Incorporated 

soartE sEquahaise de banque strauss, turnbull i 


PCTERBBOECIC, YAM.CAMPEKHOttri KM^iLSA-J 
t * HENRY SCHRQOER WAGG A CO. '-^SKAND1HAY1SKA BMIKEMi^vrl 

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- bancaire barclays (euissej sa. soafft cem™ale pesjaraoE ^ 

niRNBULL & CO. SUMITOMO FINANCE INTERNATIONAL' SVEN8KA HANDaSBANK*N - ^ 


UNION DE BANQUES ARAKBETEUROPeENNES-'lLBJLE. ' UNITED INTERNATIONAL BANK 

SocWteArnsny"® ' ' Lmtlrd 

VEREINS-UNO WESTBANK. 4, VONTOBEL a CO. SA. WARBURG ft CO. LTD. wnjUANS. GLYN'i 
A W1003 OTTfccrniA 


■ LdSioA'&tert- 


90JANUARY1873 

























































lary 2 


V of- >tTimri'n- ^Tkitm^ni 


^vTfmrsday F&bnttty 2 197S 





requests state aid ?. WH *? 


CAPITAL MARKETS IN JAPAN 


IY DAViOiCURRYV; : ; , PARIS. Feb. 1. 

. ’ . • % v "*'‘.. V^V '• ^ * .. 

HJStmSiTING losses in re-^dQCtioa. ; will . ‘cost" between reserves of 35m. tonnes of oil 171.7m. tonnes to lfi8.Sm. tonnes 
ig have caused E^Aq^t«ii?fi.fFa4bn. 1 and FrslSbfr annually in and 40hn. cubic metres of gas. in 1977, mainly thanks 10 Aqui- 
of France’s two big oil com- the coaiicg .years. The group bul the cost bad been high — mine’s closure of its Ambes 
to send an S05.tothe-vi^idTiotaABABcfr-tbafe sort of around Frs.60 per wane oF oil refinery. .Nonetheless, national, 
- M?V’\v ernm€nt for flnandal. aid. .•effort, let-alon^exploration costs, equivalent jefineries were operating at no 

J 0^.hout such aid "-r probably in .without the; sort. of 5 rofitabiUty Alto°erher last vt?ar the erouo “Are than 70 P er Knt of 
■ Or>T R>.. , ■ fnrm ■ rvF BT» inmiMM -Im Aid nihinlt it h .ilWnMMnt hnnrt nf «rtO*,CTlier 18SI y«irrne group „HU aa *i n -n rtf 


«S. 2 Sd F ® , 4 SS 4 «!s 5 S 5 f & ’SPZLdTSS 


effort years. Interestingly, M. Cbalan- 
group's don specifically declared that the 
state had no intention of creating 


^ an* 1 vSiiandom the chafrman of ibc; menfs. Would, endow "the group 1 “i^^riSSSSS 

taken"He said that J refinmg :ittihe^^-19805 wrtb an annual. H. Chalandon said that spend- one ^^ na ^°”^ n co ™ p ^ 
no erfi* ' Je, -^ eswoultf - be around Frs.Ibb:-butput 1' of .gome': cubic »£ ”” diversification wonld uark by irv" 


no er f WHIM- be arbqnd Fi^lbn:,-output. of .gome : cubic fliveraineMion wonm mara £cSp 

“ e i? 5jsTiW7 and tbat this year-VwbBT4VmerW of gas a yearned around J semi-pause in 197b, though n ^th ^ ® t ate owned ' 

f ‘ n - O^l'frriy be better. r;. ;•. Iffrtj. tonne*! ofoiiannnaUy. This, he noted that the srearo-craofcer which is one-third state owned. 

"^■ast year the j^nup'spent Ssotte ctirrtrasts with. 1977: production of project at Grand points was going However, the possibility of an 
t .9bn. oriinvestment TnClridliijrlllSbn; cubic metres of cas and ahead and would be followed-by eventual “co-ordination of our 

.IBBbp. bn eTploraSon'and'l$.7ni. tonnes of;'oii. emphasising a second, larger project in the efforts’* in 10 or more years 

.3.9ba. on .ftevplopippnt .of: the-increasing onezrtation of the wes t of France- time could not be ruled out. and 

rf.fi Is and acquisitions, two-thirds group towards-gas. .. The chairman noted that for M. Chalandon thought that ERAP 

i V his iiz Europe. T SL Chalandon Last year’s effort.alone. he tbe 8rst time refining capacity would be the best placed co- 

es Wat development-of -'pro- said, tod* brought-'discoveries and in France had declined from ordinator. 

, N£V." YOB,.- — "V- ■------ 

*«<*_ 'WOBONDS ■ I D««Ir_ 


s De:v.vpn' M -- 

* impcs^a, 

Main . 

* bOiiPV.r". { '‘,“ 


^OM issues up 


Bergen Bank reduces dividend 


y Francis Ghilis 


BYFATGJESTER 


corner.- j . cent. from.-.10 per cent, u further this year, to keep pace The main motive for the 

£■ ir.e:v‘-!year-earlier, arid even-this lower with the steady rise in assets. incorporation of Nitro Nobel is 

ian K:»r‘ ‘Jg eneral]y fl ^ghC£ycstg?^ay. | pay-out I totalling Kr.36ni.) will To achieve this, tbe hank will the internationalisation of the 

atfcn Ouirr ^'^rtftJTrtfi 3011 ? * 5SU ? i have ta" be partly covered from probably borrow money abroad, group. A new operating base, 

ft in fi-> T , a I,„ l..' j. 0 1 ,*" ' n..,i. ri.i .n 1 reserve funds. •*' since Hie Norwegian market at Nobel International. SA has 

7 Seh , r L*«IS^rtS!rSS2f.l Sources here saggest the buns present does., not favour new been set up in Geneva, to expand 

iilarlv -V stcrl “ 1 Y- l - ssae ' fears that ac divid Ad-less than share issues, and loan capital Is trade in Swedish products and 

ing d. , .«V-"r V. l^'he IS Sr was'firm but 19 - P» cent, might have led some scarce. those of developing countries. 

iha:rc--ar-. h ^HtUe lshareholdero'-their shares ^ i .Nitro Nobel has been 

5- ~ " utschSidrlt ^Setnr *S' m to the State, as th.ey. are entitled New name For • y’Sorously penetrating new mar- 

W..-was .UP ' o - d0 under ae W bank ,U1 kets for the past few years. 

- e «*yt!::.;ir.- 4 | . Ul )- 1 ? idemocratisation law ' •• •' KprmiMnrfl notably by establishing the Saudi 

ie t»f . . .•,-^' ,auc ^ e d. l«irt n»Sht was a £I5m:, . ' - eiTiarVOrtl chemicals company and by buying 

wouM l- ; u 4?' yeac Jssua. ,fpr the Sears The fall in profits partly kemaNuRD, the Swedish a minority share in IDL 
is for - Like. -Rbwtvtree- Mae- j reflects heavier, imereat costs— chemicals company .has changed Chemlual s, india. from Dow 

e caps:;,: \C; os , h - t[l - * 5Sue . offers, an IndHtfue to increased borroiving from its name to KemaNobet. follow- Chemicals. Us policy has been 
IS a: cv ■ > ..,' Dte d coupon . of 104 per .cent.) |he Central Bank-together .wit.i inj the completion of its take- to take minority holdings in 

— • ' ~ impros is lead■ manager: The «>an. write-offs totalling hr.lbn». lfVer rjf ail diestock in the Nitro foreign companies together with 

~ —uc will be a bullet: repaid during the year. Managing direc- Nobel Company, write*. William long-term management contracts 

in one go at the final jor Finn B Hennksen expects DiiUrnrc^ from Stockholm. The or a majority of the voting 

tunty. . better results Ihla y»r -than in new group will have- a turnover rights. 

T F.VPLS ^ he Sears Group is a retailing I?** but commented uiat..timber y f ln ore than Kr.2.5brv. (£275m.) Recently KeinaNohel took over 

--— 1 industrial organisation sizeable lpan write-offs must be generated from plants in ten pan of Swedish Match’s match 

Quarter ich has interests, fop example,, wtpected.'over the next few-years, countries, manufacturing a wide operation in the Philippines tu- 

- Wfm rfmjnf ~ r -tr.-rn r - ; DartlPIltarJV in f hp -ch inn in a r _ _ ___ ■, 1 . _ 


OSLO, Feb. 1. 

of tbe bank's seeds, plastics to chemical raw 
id partly to an materials and explosives, 
are capital of The KemaNord and Nitro 
,400ra. Equity Nobel names will be retained 
to be increased for some subsidiary companies. 


; S .nc,tl,c Norman ra»rkct:l Notol 


f P.\J*LR 


ae .. . 
“t'fits 

tie ••• 
roSL-'. 
ar Si:.., 


: department stores, footwear, i partlculady in the .shipping range from consumer goods, gclher with local interests, 
vi^fc.ailing and manufacturing, heir!.sector 

" -S fit owns the William. Hfllj '.Bergen Bank's total assets rose ~~ “ — ” 

< 0 :anisation> and other.'areas, jin 1977. by . 15.1 per. cent, to ftSFnSHEM TFE»&/S 1 OAN^ 
turnover wns f792m. in the Kr.lLSbn.. bringing them above watSJi^W 1 k t-KSVl LUAN3 


X CAUSi!ii.: t .\N^ 


■■■' - r : *lm. in the first half of-the tiineil •iEquity capital }■ 'roi/t Two SlOOm. loans for IMI 

- Me^- 1 y„r. : --Kr. « 62 m.. partly, ttrough , BY FRANCIS CHILES 

—-] - •_ISTlTUTO MOBILIARE Italia no to those on the recent, loan to 

iii Weekly net asset^u* !" ^Banco National de Desarroilo 


lha market, each amounting to 


is raising $105m.. $40m. of which 


On January 30th,. .1978 ./ $l0om. and carrying an eight- is in lhe f orm 0 f a syndicated 

■■ •- --v- •' year maturity. One is lead by i ojn . Terms on this portion of 

Tokyo Pacific? Holdings N.V. ICompagnie Financiere do la the financing, for which the* 

^ “ " . 4 •’ ■ ' .•<■• Deutsche Bank, with terms other- agent bank is Marine Midland.} 

s ; 542:13 .,.v:• u-V^ Tr ooA S, be > |B U ? B 

Tokyo PacifidBoidingS (Seaboard) N. V. Italian-iate° wg 0 a nisations:%be ZlVloar years?' rtsffg" to !f 2 I 
U:S. S3G.7T.- * . 'Other, which is lead by First cent for the remainder. 


Uc . 

J'i'fiL- 

?r sli.tr: 


> IND;C£- 




listed on the Amsterdam Stock Exchange 

Information: Pianon. Hoigring &. Pt«wgn W.V., Herangrachl 214/Amslerdani 




Takeda Chemical 


\ . . . 




* " - ; •:; f r ’ 7 

- . . — — — -——.—————-—-« - — — 

£ 0 . 91 m Report by Mr. Skinbei Komshi , President, for the six months ended 30th September , 1977 


Mr. 5hinbei Konishi, President,, 
Takeda Chemical Industries, Ltd. 


ThkedaS itC ffl PCI 31 . ^ ^ 7 ^ 5 ^ f&i 4 it 


disappointed 
with 1977 

results 

By Guy Hawtin 

FRANKFURT. Feb. 1. 
CHEMISCHE WERKE Huels 
fCWH) is disappointed with its 
1977 results. Things went badly 
throughout*the industry last year 
with demand depressed botb at 
borne and abroad. 

Herr Karl Moenkeineycr. the 
chief executive, gave share¬ 
holders a clear warning to-day 
not tu expect tuu much. Presum¬ 
ably referring to dividend 
expectations, he said: “ With 
great probability we will only be 
able to make proposals that will 
undoubtedly disappoint them." 

Beyond this cryptic statement, 
Herr Moenkemeyer would say 
nothing further on tbe dividend. 
He would not even say wbetber 
shareholders could expect a divi¬ 
dend at all this year. 

Profits—which be described as 
“not spectacular”—were hard 
bit by the shut-down of Faser- 
werke Huels man-made fibres 
plant. Production at tbe plant 
was halted because demand was 
so low that capacity utilisation 
was reduced to uneconomic 
levels. The shutdown itself had 
cost DMlOOm.. he declared. 

CWH turiuiu-r rose by a 
meagre I’J per cent, from 1976's 
DMli.69bn. to OM’J.75bn. This 
compares with tiu- 17 per cent, 
growth rale reported in 197*5. The 
parent com pan <V turnover, how¬ 
ever, went up by 4.4 per cent, 
from DM2.35bn. to QM2.44Un.. 
although this wa» also well below 
the previous year's 1S.3 per cent, 
increase. 

These growth rales, however, 
did not give the true sales 
picture, said Herr .tfoenkemeyer. 
When construction costs of the 
new AnBelen plant were removed 
from the figures, group sales 
actually stagnated at DM2.«9bn.. 
while the parent concern's sales 
actually Fell back 1.2 per cent, 
to DM2.32bn 

Business was nut particularly 
good in the first half of the year 
though it was ihe final six 
months that caused the greatest 
problems. Prices nf many of the 
group's produt-ls came under 
pressure, and profits —- caught 
between rising costs and falling 
proceeds—dropped substantially. 
This, said Flerr Mnenkemeyer. 
was precarious. 

• Ernst Merck, of Darmstadt, 
one of West Germany’s leading 
pbarm ace uticals m an u facture is., 
is another company not pleased 
with its performance last year. 
Sales rose by only 4 per cent, 
to DM 1.48b n.. while profits 
declined—tbe company's manage¬ 
ment describes earnings as 
meagre. _ 


Growing internationalism 


TOKYO has emerged as one of 
the most attractive bond markets 
in the world. Foreign investors 
have responded enthusiastically 
to attempts by Japan first to 
widen tiie market, and secondly 
to internationalise it- 

Some cynics say that the boom 
will not outlive the yen's steep 
appreciation over the past year, 
but most Foreign money 
managers disagree. To them, 
Japanese coupons will remain Ihe 
best yen investment al a time 
when no international portfolio 
looks quite balanced without a 
substantial yen bolding. 

Put simply, some investors in 
the market will take their 
foreign-exchange gains and run 
from the Tokyo bond market 
once the yen looks like levelling 
off. but the core of investors are 
bullish on the market's longer 
term potential. 

In 1977 the market’s turnover 
increased by 60 per cent, to 
Y113.160bn. (£250bn.) on the 
strength of a massive programme 
of bond issues by government to 
finance the budget deficit. As a 
result, in a single year the 
portion of government bonds 
traded in tbe market went from 
4.5 per cent, to an estimated 1Q.6 
per cent, in 1977. Moreover, 
dealers reckon that the popu¬ 
larity of government bonds and 
tbe projected budget deficit this 
j year will push government paper 
: to an unprecedented 23 per cent, 
.of at! transactions in the 
j secondary market. 

I Foreign transactions on the 
/ market went up by an even more 
‘impressive 75 per cent, in 1977 
to *7.6bn. continuing a five-year 
uend uf increased non-resident 
investment (see table). Still, it 
would be wrong to overestimate 
; the influence of foreigners on the 
'essentially Japanese market: 
1 even in 1977, they accounted for 
l only 1.5 per cent, of total turn- 
'.over on the secondary market. 
1 However, if ‘‘repurchase” bonds 
<that is. short-term bills bought 
and sold in a single transaction 
and nff limits fn foreign in- 


BY DOUGLAS RAMSEY IN TOKYO 

i vestors) are excluded from the 
i tally, foreigners represent a 
i more respectable 3 per cenL of ; 
r the volume and growing fast, 
i In spite of the baa on trading , 
i in the repurchase market (which 
really plays tbe role of a sbort- 
j term money market for com- 
, parties with cash on hand), the 
t Tokyo bond market is relatively 

! FOREIGN INVESTMENT IN 
i JAPANESE BONDS 

| (Sm. on a settlement basis) 
i Purchase Disposal Balance 

. 1973 224 241 ~17 


free of overt controls on foreign 
investment. Tbe main com¬ 
plaints from foreign money 
managers have to do with their 
ranking in the queue of buyers. 
Invariably they are squeezed 
out of bidding for new issues 
which are consistently more 
attractive than over-the-counter 
purchases. 

Even over-the-counter, though, 
foreign investors tend to be 
awarded their bids only if there 
is plenty of that paper on the 
market. Typically, there Is 
precious little foreign investment 
in corporate issues which are 
usually small and therefore 
crowded out by domestic insti¬ 
tutions first. 

This leaves tbe foreign investor 
three sorts of reliable coupons 
to invest in—Government bonds, 
bank debentures and foreign 
yen-denominated issues. There 
is no breakdown available for 
determining rhe relative interest 
foreigners have bad in one or 
the other market, but there is 
little doubt that foreign yen 
issues are prizes for any port¬ 
folio. 

The volume of such issues 
grew dramatically fast year to 


Growth at Italimpiaoti 


BY PAUL BETTS 

1TAL1MPJANTI. the Uenoa- 
hased engineering subsidiary of 
tbe Italian state 1RI-Finsider steel 
group, reported to-day profits of 
L-7bn (about £4.5m.) for last 
year. This represents an Sil per 
cent, increase over 1976. 

The itaihnpiantf Board said in 
a statement that its prospects for 
the immediate future were 
encouraging. The company 
currently had some L.1.500hn. 
iabout £U»n.» worth of ardor* 
and the Bojrd expected turnover. 


ROME, Feb. 1. 

which totalled L-209bn. last year, 
to double over tbe next few years. 
Exports arc currentlv understood 
to account for about 50 per cent, 
of turnover. 

The company last \ear success¬ 
fully negotiated a senes of con¬ 
tracts with the Iranian authorities 
in connection with the con¬ 
struction of a giant sled com¬ 
plex at the southern Iranian port 
of Bandar Abbas. The overall 
value of the Iranian project is 
estimated at some 52hn. 


Yen 296bn. and are estimated at 
Yen SOObn. in calendar 197S, and 
since foreign investors can take 
their gains tax-free on foreign 
yen issues, there is a major in¬ 
centive to grab os much of the 
new issue as possible. 

Again, however, there are un¬ 
written rules whereby foreign 
investors are never allotted more 
Qian 10 per cent, to 20 per cent, 
of a new yen-denominated issue. 
This is because, quite simply, the 
Government is encouraging this 
market as a means to draw down 
its dollar reserves and show a 
bigger outflow of capital on its 
balance of payments. If the 
authorities let foreign investors 
exchange their dollars to take. 

up the yen-denominated issues, 
there would be no net lowering 
of reserves, and the flows would 
cancel each other out In balancc- 
of-payments terms. 

Government bonds are attrac¬ 
tive because they carry terms 
designed to keep them more 
lucrative than bank debentures 
or corporate issues, and certainly 
more so than present-day Euro¬ 
market rates for comparatively 
strong currencies—that is. on the 
D-mark and Swiss franc markets. 

In fact, the interest rate dif¬ 
ferential between the Tokyo and 
European markets have kept 
Tokyo attractive all year round 
to investors. Conversely. 
Japanese corporate borrowers 
are still keen to float bonds in 
the DM and SF markets after 
having largely quit (he New York 
and Eurodollar markets in late 
1977 

For comparison, tbe average 
yields to maturity for Japanese 
Government bonds in late 
January 1 were 5.1 to 5.2 per cent 
on a one-year maturity: 5.fi to 
5.7 per cent, on a five-year 
maturity: and between 6.3 and 
6.5 per cent, on 10 years' 
redemption. DM and SF rates 
are in each case lower, even 
though the three currencies have 
generally appreciated in tandem 
over the past year, with the Yen 
actually outpacing the DM 
against the dollar. 

So long as this interest rate 
structure continues, the Tokyo 
hond market is the most attrac¬ 
tive alternative for any investor 
seeking hoth interest and ex- 
chanc^-rate profits At present- 
the Bank of Japan is hold¬ 
ing light. It did not carry out 
rhe rumoured cut in its officio) 
discount rate in January. The 
market, which had discounted 
rhe cut from 4.25 per cent. has 
thus turned weak, hut there are 
nn major reports nf profit-taking 
yet hv foreign investors and 
(here will not he so Inns as there 
is the prospect of further Yen 
appreciation Cto Y23D per 
dollar) and a BoJ cut. Both are 
anticipated, so the downside risk 
nf investing in Japanese bonds 
is marginal. 


other, which is lead by First cent for the remainder. 

Boston (Europe), carries a Agent for the operation as a 
spread of H per cent, for the first whole is the Inter American 
two years, rising to 1» per cent. Development Bank which is pro- 
for the remainder. The terms of viding the remainder of tbe 
this - second loan are comparable funds, that is S65m. 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 




TELECOMUNICACOES DO RIO DE JANEIRO S.A. 

TELERJ 


A. 


3NAL v:-* 
NO !5 L'v- : ' 
-:sells:^ 
JNAL i-m ; ‘ 
; bAN 3%J- * 
jH0Z£U7”'* 


ffFpVS- - ■ 


sc 


ri ' ' 

pi 1 * 








would like to report on our business operations for the six months period 

ided September 3tL 1977: ■ .‘r .'. .. ;] ' • . 

ota! sales for tbe first b'alT or the 1977 8s6al year amounted to ¥174.294 

illion (U.S. S660JJW Thousand/, an It % increase over the corresponding 

;riod in .1976. Net earnings rose by'23% to ¥6,616 million (U.S. $25,061 

tousand). 

i spite of certain fiscal and 'monetary measures taken by tbe government to 
imulate recovery, the Japanese economy remained stagnant with only a 
-odest increase in dorcrcstk deHHmd and with tbe CDnlhwing.aggravation or 
igb unemployment 

i each part of our business, competition remained keen, market conditions 
err weak and we have bad lb /ace a very difficult shualion. However, as a 
suit of especially strenuous efforts, we were able to produce results which 
ere better thantho corresponding period in 1976. 
srformances by thevaribas Divisions of tbe Company are given below. 

haroKeentkab: ‘ "r ■’ 

aks reac/ied ¥97433 mSfa'on (U.S. £367,928 thousand), up 12% from the 
j (responding period irH 976. = 

1 1976, pharmaceutical prod uction in .Japan increased 24®. over the previous 
ar. In tbe first half o.F,f977i however, the annual rate was only 15%. 

-i the ethical drug market, competition for market share continues to be keen 
nd is particiiJarfy so ip tbe antibiotic foid. * 

-i proprietary products, consumer demand remained stagnant due to the 
nntuiaing dull.economy. • 

(owner, as a. remit of the expansion of our activities to support our products 
nth comprehensive knowledge and information, we were able to achieve a 
ood record in sates 6F antibiotics such as “Ulacillin'S'”, “DasenQfr", an 
nti-inflaramatory enzyme, and certain central nervous system products, 
urthennore, exports of bulk fine chemicals increased more than expected. 

bods: . ..V ., .. 

’his Division achieved sales of "¥27,175 million. (U.S. 5102,935 thousand), 
p 6% over the corresponding period in J976. • 

Vhile sales of food additives were generally good, beverage sales suffered 
rora increasingly .keen' competition and unseasonably cool summer weather 
i the eastern part of the country. Sales'of seasoning products failed to 
ebieve their target due to wholesalers reducing their stocks and consequently? 
he performance of this Division wts disappointing. 

ud ih. trial Chemicals: . 

Idles increased 11% over tho corresponding period in 1976 to ¥29,212 
nillion (U.S. 5106,864 thousand). 

rhe recovery- of demand in-tbe Japanese chemical industry is still not 
oreseen. Under-the cfrttunstances of high raw material costs and low 
..iroduct prices, the business of the whok chemical industry.is worsening. 
There was no improvement’in the supply-demand relationship Tor the pro¬ 
ducts of this Division, blit through active^ales promotion, sales were higher 
han in the correspon ding 'period of the-previeuayear.- As a result of weaken- 
ng product prices. boweYer:thc profitability of .the Division did not improve. 

. Agricultural Chemicals and Animal Health Products: • 

;; Sales of products for agticuhiirat and animal health applications totalled 
-¥20,795 million (US. 578,769 thousand), up . 12% from ihe corresponding 
Tcriod in 1976. 


As for agricultural chemicals, surplus Stocks held by wholesalers were already 
reduced in 1976 giving us increased sales opportunities in this fiscal period. 
Sales of our m3in products, such as the insecticide, "Padan^". and also the 
herbicides, “AvirwanA." and “Wider'', which wen? marketed in 1976. 
recorded substantial increases and contributed significantly to the Division's 
performance. 

Animal health products also showed steady advances and sales of our new 
product. "Enramycin”, a poly-pcptide-related feed additive, increased as 
anticipated. 

Overseas Activities: 

Exports rose to ¥10,339 million (U.S. S3u,163 thousand), an increase of 
37% over the corresponding period in 1976, 

Although the export business in Japan was unfavourably influenced by a 
sharp increase in the value of the Yen compared to the U.S. Dollar, the 
Company’s exports of bulk vitamins, including Vitamins C and B-l, 
recorded considerable expansion. 

Couplfd with a steady increase in sates of pharmaceutical specialities to 
Europe, we were able to achieve a better record than expected. 

The performance of our subsidiaries abroad generally was satisfactory, 
although there were seme exceptions in South-East Asia. 

Capital Investment: 

No large new capital investments were made during the period. However, 
existing pharmaceutical production installations were expanded to meet 
increasing demand from home and overseas markets. Modest capital 
expenditures were made to comply strictly with drug safety regulations, to 
improve research facilities and to improve production efficiency. 

Financial Operations: 

The Management took particular care to stabilize the Company's cash flow 
position hv monitoring trade receivables and stocks. These policies succeeded 
tn improving and strengthening the Company’s financial position. 

Future Outlook: 

The economic climate in-Japan continues-to be troubled by stagnation in the 
private investment sector and in consumer spending. Thus demand in the 
home market remains relatively poor. The rapid increase of the Yen exchange 
rate not only gives a serious problem to Japan's export position, which had 
been supporting its economic growth, but also may give rise to deflation of 
the domestic economy. 

The business environment which the Company faces in the latter half of 
this year will continue to be severe. The Management will concentrate every 
effort in developing new products, in strengthening our overseas activities, 
and in maintaining the high quality and safety of our products. 

We will strive to bourns our corporate structure to ensure a sound financial 
position. .... . . „ .... 

' With regard to the SMON litigation, the first aitueable settlement was 
concluded on October 29.1977 in the Tokyo District Court. 

Agreement was reached between certain plaintiffs and the three defendants, 
tbe Japanese Government. CIBA-GElGY (Japan) Ltd. and our Company. 
Wc hope we shall he able to reach amicable settlements with the other 
-plaintiffs through mediation of the courts and will continue our efforts to 
this cud. 

Your continuing support and encouragement of our efforts are highly 
appreciated. 


FINANCIAL SUMMARY FOR TflE SIX MONTHS ENDED 30th SEPTEMBER, 

- • r - - WITH COMPARATIVE FIGURES FOR 1976 

-YenMillions ''_ 


1977 


Yen Millions 


■ Property, plant and eqmprttent, 
j Jess depredation 
Investments and advances 
'Current assets ' 

. Xexrcurrent liabilities ;• 

-Other assets 

Less: Retirement 3nd 
severance benefits 
.Long-term debt 
Minority interests' 


231,113 

118,768 


KL524 

32,749: 

312,345 

17,990 

225,608 


252,315 
133377 


60.536 

35.790 


118.338 

18,728 

233.392 


47.006 

23,242 

2.733 


Issued capital of 498,768.856 
shares 

Capital and revenue reserves 

Net sales- 

Operating profits 
Interest, dividends and other 
income less interest and 
other expenses 

Provision for income taxes 
Minority interests 

Net earnings 


24.910 

127.569 

157,257 

12.135 


152:479 


160.411 


152.479 


24.938 

135.473 

174,294 

.14,290 

1.084 

15,374 


160.411 


U.S. $30,000,000 

MEDIUM TERM LOAN 


GUARANTEED BY 

fS 


TELECOMUNICACOES BRASILEIRAS S.A. 

TELEBRAS 


MANAGED BY 


CHASE MANHATTAN LIMITED 


PROVIDED BY 

THE CHASE MANHATTAN BANK, N.A 
REPUBLIC NATIONAL BANK OF DALLAS 
SEATTLE-FIRST NATIONAL BANK 
TEXAS COMMERCE INTERNATIONAL BANK LIMITED 
THE DETROIT BANK AND TRUST COMPANY 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


THE MANAGER WAS ASS1S7ED IN BRAZIL BV BANCO LAR BRASlLElRO. SA.. RfD DE JANEIRO 


IheitrteEnadrvidendsforthcyear ending 31st March, 1978, of ¥3.75 per share amounting to ¥1,870 million are not reflected in the above figures. 


IB DECEMBER 1377 





Notice of Redemption 



I 1433 2821 
1522 2825 
2924 2880 

2529 2869 

2530 2873 

1575 2874 
■ 1591 2881 
' 1601 2888 
1603 2894 
I 1607 2895 
3614 2898 
2626 2004 

1633 2931 

1634 2965 

1635 2070 
1638 2986 
1689 2988 

1671 3019 

1672 3049 
3674 30S5 
1704 3061 
1739 3065 
1743 3068 
1750 3083 
1785 2087 
3795 3094 
1197 3098 
3823 3119 
1824 3146 
1830 3154 
1842 3158 
1850 3165 
1852 3166 
1858 3193 

1867 3199 

1868 3225 

1869 322S5 
1884 3235 
1888 3259 
1698 3270 
1908 3271 
1922 3276 
1926 3278 
1932 3285 
1988 3299 
1900 3333 
1993 3302 
1996 3364 
2001 3370 
2018 3381 
2033 3383 
2049 3386 
2054 3389 
2059 3395 

2070 3397 

2071 3399 
2116 3442 
2144 3451 
2148 3455 
£149 3459 
2151 3466 

2163 8468 

2164 3475 
2106 3477 
2175 3492 
2180 3501 
2199 3502 ■ 
£240 3505 
2253 3508 ■ 
2271 3519 
£272 3520 
£275 3522 
2282 3526 
2309 3561 
3311 3562 
2320 3563 - 
2343 3574 ■ 
2349 3585 • 
2354 3617 
2361 3638 ‘ 
2378 3640 
£403 3647 ‘ 
2406 3655 
2411 3669 ■ 
£437 3671 • 
2440 3695 • 
2448 3696 • 
2457 3704 « 
2478 3722 • 
2481 3735 ! 
2484 3783 ! 
2487 3799 ! 
2506 3800 i 

2514 3803 ! 

2515 3806 1 
2519 3814 ! 
2529 3819 ! 
£543 3822 ! 
2550 3824 1 
2569 3853 ! 


i 5293 6596 
i 5306 6613 
I 5339 6617 
5342 6626 
i 5344 663= 
I 5346 6635 
1 5376 6660 
l 5378 6694 
' 5384 6698 
. 5394 6699 
5422 6704 
! 5423 6720 
i 5441 6722 
’ 5442 6727 
i 5444 6758 
5472 0777 
I 5489 8782 
5513 6785 
, 5515 6787 
, 5541 6794 
5552 6834 
5555 6839 
5569 6841 
5576 6853 
5579 6864 
5581 6880 
5593 6882 

5597 6908 

5598 6918 
5620 6941 
5625 6947 
5631 6964 
5636 6967 
5638 7007 
5682 7014 
5698 70=1 
5697 7023 
5719 7046 

5722 7049 

5723 7074 
5751 7087 
5753 7097 

5764 7106 

5765 7136 
5786 7140 

5769 7141 

5770 7150 
5780 7160 
5818 7171 
5825 7181 
5835 7187 
5861 7199 
3864 7304 
5875 7228 
5877 7235 
5880 7253 
5901 7271 
5911 7276 
5919 7289 
5B34 7296 
5948 7319 
5966 7324 
5969 7328 
5974 7329 
5985 7351 
6010 7366 
6026 7375 
6028 7377 
6032 7388 
6034 7396 
6040 7402 
6056 7420 
6037 7426 
6062 7429 
6107 7439 
6126 7455 
6148 7458 
6151 7462 
6157 7471 
6169- 74B3 
6176 7469 
6180 7494 
6184 7498 
6330 7523 
6232 7524 
6243 7530 
6257 7535 
6268 7564 
6292 7579 
6307 7588 
6316 7589 
0318 7592 
6322 7600 
6333 7600 
6360 7808 

6373 7612 

6374 7617 

6385 7630 

6386 7636 
6394 7647 


7830 8906 
7839 8911 
7841 8917 

7857 8928 

7858 8931 
7861 11933 
7876 8934 

7957 8945 

7958 8958 
7963 8973 
7965 8974 
7079 8983 

7994 8996 

7995 9001 
8019 9005 

8035 9008 

8036 9024 

8037 9025 
8045 3046 
80B0 9049 

8082 9061 
8075 9063 

8083 9071 

8089 9076 

8090 9084 
8114 9085 
8138 9093 
8155 9094 
8171 9112 
8177 9113 
81B3 9118 
8205 9127 

8207 9158 

8208 9171 

8215 9186 

8216 91B9 

8222 9195 

8223 9203 
8225 9204 
8228 9218 
8230 9225 
8236 9245 
8253 9248 
8258 9261 
8274 9268 
8306 9294 
8321 9295 
8327 9303 
8329 9314 
8335 9321 
8352 9326 
8366 9333 
8372 9336 
8377 9338 
8381 9370 
8388 9374 
8394 9401 
8397 9403 
8405 9412 
8413 9413 
8421 9424 
8431 9456 
8435 9457 
8450 9470 
8460 9478 
8484 9479 
849L 9480 

8493 9484 

8494 9514 

8496 9530 

8497 9540 
8502 9565 
8506 9567 
8510 9572 
8529 9588 
8537 9608 
8540 9626 
8554 9635 
8558 9648 
85S4 9650 

8567 9682 

8568 9684 
8509 9690 
8578 9697 
8534 9701 
8612 9703 
8614 9752 
8637 9753 
8642 9787 
8651 9788 
8658 9793 
8668 9814 
8670 9835 

8676 9827 

8677 9829 
8691 9831 
8092 9832 
8703 9841 
8720 9842 
8723 9878 




On March 3.1978. the Bonds designated above will become due and payable at the redemption price 
aforesaid in such coin or currency of the United States of America as at the lime of payment is legal 
tender for the payment of public and private debts therein, and will be paid, upon presentation and 
surrender thereof in a negotiable form with all coupons appertaining thereto maturing after the 
redemption date, at die option of the holder either la) at the Corporate Trust Department of 
Morgan Guaranty Trust Company of New York, 15 Broad Street, New York, N.Y. 10015, 
or ibt subject to applicable law* and regulations, at the main office of Morgan Guaranty Trust 
Company of New York in Brussels, Frankfurt/Main. Loudon, or Paris or at the main office of 
Privalbanken A/5, Den Danske Landmandsbank. Kjpbenhavns Handelsbank or R. Henriques jr. in 
Copenhagen. Payments at the offices referred to in I lij above will be made by a check drawn on, or 
by a transfer to. a United States dollar account maintained with a bank in New York City. Coupons 
due March 1,1978 should be detached and collected in the usual manner. 

From and alter March J, 1978 interest shall cease to accrue on the Bonds herein designated for 
redemption. 

Ministry of Finance of the Kingdom of Denmark 
by: Morgan Guaranty Trust Company 
of NEW YORK, Fiscal Agent 


January 26,1978 


NOTICE 


The following Bonds previously called for redemption have not as yet been presented for payment: 
COUPON BONDS OF 81,000 EACH 


K 126 1124 
127 1=13 
175 1237 
849 1322 
1008 1324 
1036 1353 

1065 1354 

1066 1368 
1085 1381 


5947 7680 
6546 7701 
6550 7781 
7290 8325 
7391 8433 
7532 8683 
7546 8898 
7577 8904 
7678 9017 


This advertisement complies with die requirements of the 
Council of The Stock Exchange in London 


qp 


Rowntree Mackintosh International 

Finance B.V 

Issue of £18,000,000 

10% per cent Sterling Foreign CurrencyBondsl988 

Guaranteed by 

Rovvntree Mackintosh Limited 

The issue price of the Ronds is 100% percent, 
of their principal amount. 

The following have agreed to subscribe or procure 
subscribers for the Bonds 

J.Henry SchroderV\hgg&. Co. Limited 
Algemene Bank Nederland N.V. Credit SuisseWhiteWfeldlimited 
Deutsche Rank Aktiengesellschaft Sod£t6 G6nfcde 

Societe Generate de Ranque S.A. 

The 18,000 Bonds ot £1,000 each constituting the above have been admitted to 
the Official List by the Council of The Stock Exchange. 

Particulars of the Bonds are available in the statistical services of Extel 
Statistical Services Limited and may be obtained during usual business hours 
up to and including 16th February, 1978 from the brokers to the Issue: 


2nd February, 197S~ 


Cazenove&Co. 

12 TokenhouseYatd,LondonEC2R TAN 


[ML. FI NAN Cl AL A ND COM PA NY NEWS 

f 


Trust Bank rejects 


lllli 


BY RICHARD STUART 

TRUST BANK has rejected a 
cash offer for its wholly-owned 
life assurance subsidiary, Met¬ 
life. at a price 15 per cent, above 
the level that it recently bought 
out the outstanding 50 per cent, 
shareholding that it did not own. 
The bid was made by a Johan¬ 
nesburg investment consultant, 
Mr. Johan Zwart together with 
associates and with backing from 
one of his major clients, the BP 
Pension Fund. 

The offer from Mr. Zwart came 
as a sequel to a compromise 
reached between Mr. Zwart and 
Trust Bank at meetings a month 


ago to approve Trust Bank’s offer 
for the outstanding 50 per cent 
of MetLife. At the time Mr. 
Zwart, who - had his clients 
invested in Metlife and was un¬ 
happy with the 260c a share 
Trust put up for Metlife, had 
gained sufficient proxies to block 
the purchase. 

He withdrew his opposition on 
the understanding that Trust 
would review the situation if Mr. 
Zwart came up with a solid offer 
by January 28 and undertook 
that if Trust accepted such an 
offer it (Trust) would make good 


JOHANNESBURG,. Feb. L ... 

to the minority the difference 
between the price accepted' and 
the- 260c. originally paid. • • 

However, Mr. Zwart’s offer of_ 
300c. a share, which values Met¬ 
life at R5£m„ is now considered 
“inadequate'’ for control of the 
life company. Trust Bank is 
adamant that there are-totally 
different prices for full control 
and for minority shareholdings. 
In its original offer document, 
Trust-Bank specifically employed 
two merchant banks, Senbank 
and Finansbauk, to attach a; fair 
value to a minority share* ■ 


mrt 


Utd. Mizrahi Bank expansion 


BY L. DANIEL 

UNITED MIZRAHI BANK—one 
of the first two of Israel's five 
largest banks to publish its 
results for 1977—reports an 
increase in its net profit of 137 
per cent, to just over £2m. sterl¬ 
ing. It will pay a dividend of 15 
per cent, cash and double its 
bonus payment from 10 per cent, 
in respect of 1976 to 20 per cent, 
for 1977. 

Its assets increased by 40 per 
cent in real terms (after deduct¬ 
ing the influence of inflation on 
its local currency holdings and 
of devaluation on its foreign 
currency business). 

The bank's consolidated 
balance sheet stands at £350tn. 
sterling. This reflects a 113 per 


cent, growth in deposits (both in 
current accounts and in savings 
schemes) and the expansion of 
its services, such as the introduc¬ 
tion of international factoring in 
July, 1977, the establishment of 
a subsidiary, Bank for Indus¬ 
trial Development, in mid-1977 r 
and greater involvement in stock 
exchange activities, which re¬ 
sulted in a 234 per cent growth 
in commissions from stock 
exchange dealings. 

The bank has allocated some 
£3.45m. sterling for taxes. 

9e * * 

ISRAEL Mortgage and Develop¬ 
ment Bank — the first of the 
country’s mortgage banks to 
publish its results for 1977 — 


‘ TEL AVIV, Feb, L 1 

reports an increase oE ; 70 per 
cent In its net profit, as com¬ 
pared with the preceding 
calendar year, to just over £Lm. 
sterling. Its balance sheet total 
at £128m, sterling, was up 62 
per cent. The bank Is paying a 
gross cash dividend of- 22 per 
cent, and 25 per cent bonus 
shares. Its share capital was 
doubled- daring the past year 
to n.7Sm. sterling. 

★ + 

THE MANAGEMENT of CLAL— 
Israel's largest investment group 
— at its last Board meeting 
decided on the formation of a 
50-50 partnership with the 
American brokerage firm of 
SbearsDn. Hayden and Stone, 
which will operate in Israel. 


1 - BY ANTHONY ROWlfiY ) ; 

.THE ASIA)>6iiAR’m?^fcet'^He 
grew by $U-S1.189bo. -in Dec-, 
ember (in terms Of total assets/ 
liabilities) to reach a total of 
$US21bn. at the end of tra Sfcar. 

"This is by far - the; largest 
sin gia increase seen in recent 
months, although the Monetary 
Authority of Singapore, (the cen¬ 
tral bank in effect) .attributed 
the growth partly to “ year-end 
window-dressing operations.” 

in - a market which ‘ is domi¬ 
nated largely by : interbank 
transactions, the BIAS noted, 
however, that "non-hanks' parti-- 
cipation was again: significant. 
Their borrowings rising mark -, 
edly, by $U5Jl70m, . to 


$U.S.4,782nW had departs' .;w 

SU^i98m: to- 

December. -i. -. i ". -r ■ " 

' “While the we^Satess of^ - 
UJ5. dollic -. could: . ha.vfe;- ^ : .; 
tlpued to .stimulate, jmt&abb- 
borrowings, the increase in-jSSv, 
bank deposits was lngher -t’ln- . 
expected.” “ • v r ) 
The MAS. .also noted ..■hl’#’ 
latest, monthly ' report''.- 
“ international concem dWtt^ 
weakening of the UJS. dollar cm- 
tinned-'tb' genera tea high wr v 
of -activity in the; (SingapowO' 
domestic foreign -.. erchga^i 
market,” and-that-the ’ 

tioh nf the Sirvgapore : aster.’ 
widened by nearly LS per 
in December and early Janusw; i •- 


Saudi Finance sets up in Geneva 


BY ANTHONY McDERMOTT 

AN 85 per' cetst.'- Sands-owned 
finance company, the - - Saudi 
Finance Corporation Saucfifin.SA, 
has been set up-in Geneva to 
undertake a range of financial' 
activities including international 
finance, underwriting and securi¬ 
ties trading, money market'and 
foreign- exchange operations and 
portfolio operations. _ 

The company is- capitalised at 
Sw.FrsJOm. its shareholders are 
AI Saudi Banque (incorporated 
in Paris), Saudi Arab Finance 
Corporation (a holding company 


based in Luxemburg which w- - 
control ^of '- Al JSaudi^ianq^ . 

tkm (iMernatiOBad) wha^^^^ ‘ 
incorporated ip Luxemburg^ i : j>_ :' 

H is understood, tiiat tfte.riw 
company coafceafsate " 
handling rthfi portfolio .-ofTitjdftjr- : 
dual 'Saudi' 'cMeirts, 'attracted-- 
Switzer band-by the local’ Bfii&tif' '' 

banking ;secrecy.,... t-. vj'jjft; 

The.cortfpany opened. offiefiBwIV 
at the beginning of tireyear,^:,'- - . 
has so far "been 'occupied 
setting lip' ite organisation;** - »■ 


Net income up at Mitsui 


BY CHARLES SMITH 

MITSUI and Co., one of Japan's 
two giant general trading com¬ 
panies, reports a 1-6 per cent, 
sales gain and a 45 per cent rise 
in net income for the six months 
from April to September last 
year. Sales amounted to 
$15.306bn., while net income 
amounted to $12.3m. (Y3.258bn.). 

The main factor in these 
unproved results was a 17 per 
cent rise in export transactions 
to S3.24bn. which in turn re¬ 
flected a healthy growth in plant 
exports- Steel exports were also 
up but chemical exports re¬ 
mained steady. 

Apart from exports- all other 
parts of Mitsui’s business showed 
moderate declines during the six 
month period. Imports were 
down 0.1 per cent, to S3.02bn. 
(with falls in all items except 
crude oil). Offshore transactions 
(between third countries) fell 2 
per cent to SlJ2bn. 

Domestic business also fell 2 
per cent to S7.8bn. The ratio 


TOKYO, Feb. 1 

of domestic to overseas business 
shrank from 53 to 51 per cent 

* * * 

SATO AGRICULTURAL Machine 
Manufacturing Co. Ltd., and 
Mitsubishi Agricultural Machi¬ 
nery Corporation have reached 
basic agreement on a merger 
early next year, Mitsubishi Heavy 
Industries Ltd. said as the parent 
firm, Reuter has reported from 
Tokyo. 

Mitsubishi Heavy Industries. | 
which has a 47 per cent, stake 
in Sato and 87 per cent, in 
Mitsubishi Machinery, said it has 
already approved the plans to 
create the third largest agricul¬ 
tural machinery firm in Japan 
after Kubota Ltd. and Yanmer. 

The merger aims, it said, at 
avoiding duplicate investments, 
strengthening product develop¬ 
ment and marketing power, and 
increasing export capabilities. 

The new firm will initially have 
annual sales estimated at YlOObn. 



Sime Darby 
moves HQ 

By Our Own Correspondent 

SINGAPORE. Feb. 1. 

SIME DARBY, the international 
trading and plantations group, 
has said that it is transferring 
its headquarters from Singapore 
to Kuala Lumpur. 

The move, which will be 
phased over a number of months, 
was not unexpected following 
tbe Boardroom battle at Sime 
Darby just over a year ago in 
which Board control effectively 
passed to Malaysians. 

This shake-up—which Malay¬ 
sia’s national corporation. 
Pern as. was instrumental in 

bringing- about-resulted in 

the departure from the group of 
its chairman. Mr. .Tim Bywater— 
to be replaced by a Malaysian- 
Chinese. Tun Tan Stew Sin—and 
of several other British execu¬ 
tives. 


New Sri Lanka 
air company 

By Mervyn de Silva 

COLOMBO. Feb. 1. 
SRI LANKA International Air¬ 
ways, a new company which the 
Government will float by March, 
will seek collaboration with an 
international airline, lease of 
aircraft, management services! 
and technical advice. The 1 
Government will hold 51 per 
cent, of tbe shares in the new 
venture. 

Along with another company. 
Sri Lanka Airways Ltd., which 
will handle domestic and regional 
flights. Sri Lanka International 
Airways will replace the 100 per 
cent. Government owned Air 
Ceylon. The 30-year-old Air 
Ceylon has been running at a 
loss for several years. 

A presidential commission is 
now inquiring into Air Ceylon's 
operations during the previous 
administration. M 


SELECTED EURODOLLAR BO&3D PRICES 
MID-DAY INDICATIONS 


STRAIGHTS Bid 

Alcan Australia 8*pc 1969 96 

AMEV Sue 1987 . 96 

Australia 84 pc 1992 -. 94J 

Austria. M. & S. 94PC 1392 971 

Barclayii Bank 84pc 1992 . 90} 

Bowater fltpc 1992 ... 944 

Can. N. Rail way S.’pc 1986 SGi 
Credit National Sine V986 98 

Denmark B£pc 1964 _ 9Bi 

ECS 9pe 1995 . 9S4 

ECS Sine 1397 . 964 

ElB 81 pc 193= ..934 

BMI 94pc 1989 . S3 

Ericsson 84pe 1989 . 964 

Esso Spc 1986 Nov. ... 1004 
Gl. Lakes Paper 8;pc 1964 994 

Hamer&ley 91pc 139.' . 1004 

Hydro-Quebec 9pc 1992 ... 954 

IC1 SJpc 1987 . 904 

ISE Canada 9}pc 1986 . 1024 

Macmillan Blni-del 9pc -92 984 

Massey Fencuson £>ipc "91 102J 

MIL-hello 9iVC 1988 . l«.0i 

Midland InL Pin. SJpc 189= 90] 

NatnL Coal Bd. 9pi- 1B87... Ml 
Natnl. Wstmnstr. 9pc 1986 toil 
Newfoundland fne 1939 .. 994 
Names Korn. Bk. 84pc 1993 »3J 

Norplpe Sloe 1BS8 . S5i 

Norsk Hydro 8Jpc 199? .. 954 

Oslo 9pc 1S88 . 1004 

Ports Antonomes 9pc 1991 981 
Prov. Quebec 9pe 1995 951 

Ptot. Saskatch. 8]K 19*0 99 
Heed International 8 k 1987 944 

RUM 9pc 1092 . 944 

Selection Trust 8Jpc 1989 914 

Stand. EnsKilda Opr 1291 98 

5KF 8DC 1987 .. *!§ 

Sweden (R'dom> Sipc 1987 PS* 
United Biscuits 9pc 1989 .. 984 
Volvo Ssc 1287 March «... 9=; 

NOTES 

Australia 74pc 19S*_ 941 

Bell Canada 74oc 1987 . 044 

Hr. Columbia HitL 79 k *89 94 

Con. Pac. Ripe 1984 - 99 

Dow Chemical 8 k 1988 «. 98 

ECS 74k 1982 . 90 

ECS £4k 1389 - 96 

EEC 74K 1932 ....._ 97 

EEC 73k 1984 . 964 

Enao Cornell 84 k 1984 97 

Gotaveriten 74 k I9B2 «7 


Montreal Urban 84pc 1881 994 
New Brunswick 8 k 1984 .. 969 
New Rrons. Prov gipr 1*3 1014 

New Zealand Sipc 19S6 *74 

Nordic Ids. Bank Upc 1934 954 

Non* Hydro 7tpc 198S .. 974 

Norway 71 k IWS .. W» 

Ontario Hydro Spc 1887 ... 95 
Sbwtr Slue 1982.. .. 190 


Telmmc 34 k 1984 884 

Temwco 7:pc T9B7 May ... 32* 

Volkswagen 71pc 1987 834 


STERLING BONDS 

Gonna olds 92k 1959 ™„. 90} 

ECS 9;k 1999 .. toe 

Em 95K 1992 .. . 98 

Finance for tnd. 8]pc 19S7 994 

PlHttlS 10-lpc 1987 ... Iiwj 

Tool Oil 9iK 1384 _ sst 


98 

9Si 

m 

lMj 

MJ 

100] 

9SS 

974 

1014 

102 

974 

98 

954 

98 

974 

98 

Mi 

974 

95 

935 

180 

1MI 

»2 

1004 

971 

98 

Mil 

97 

984 

99 

92! 

934 

934 

94i 


- DM BONDS jajjo piB 

Austria dlpc 1955 .. 1 M 1 10 

BFCE 7k 1937 . 1044 10 

Denmark sjpc 1883 ..1H44 IP 

BIB r.jpr I9S4. 156 16 

Grand Mel 7 k 1984 . 1014 101 

Hydro-Quebec 61 pc 1987 ... 101 } ltt 

1CI 64k 1057 .. 103} IP 

Montreal 7uc 1987 . 102} 10 

Norsca Gan 7 k 1389 .... 107 10 

Norsk Hydro fljpc 1989 104} 15 

Norway 5f« 1053 .. I/KJ 16 

Shell 6SK 1989 .. 1674 101 

Spain 64 k 198-1 .. 101 10' 

Sweden 64 k 19S4 - 1042 TO: 

World Bank 6 }pu 1987 .... 1034 10- 

rUOATlHG RATE NOTES 

Bank of Tokyo « 7 L 3 i 6 pc 984 « 

BFCE IBM 7pc _ 9S4 9* 

BNP 19S3 7-pc . 999 * 

CCF 1952 Spc .. 994 9t 

C1GMF 1984 6«16PC . 98 K 

Tredltanstalt 1034 72 k . 9M 9J 

Credit Lyonnais 1983 61 pc 994 9S 

DG Bank 19S2 7l5ibPv . 99* 101 

fiZB 1991 7 *k . 300} IK 

Inti. WStmottfr. '84 7I516K 994 95 

Lloyds 1983 74pc. inn ioa 

LTCB 1982 A4k .. 994 9fl 

Midland 1932 Spc . 1814 101 

Midland 1987 7 U»k . 98} 95 

OKB 198S G4PC . . 994 M 

SNCF 1985 BISrePC . 38 98 

Smdd. and Chrtrd. '84 flioc 981 99 

Wins, and ClyllB 1931 7 k 99} 108 

Source: White Woftf Securities. 
CONVERTIBLES 

American Express 4ipc '87 79 si 

Ashland 5 k 1968 . 89 91 

Babcock A Wilcox fljpc ft? 99 94 

Beatrice Foods 44 k 1999 93 95 

Beatrice Foods 44 k 1992 too 102 

Becrbam *}pc 1882 .• »7 -88 

Borden *K 1992. 99 101 

Broadway Hale 45 k 1W7 73} 75 

Canution 4 k 1987. 7fl fg 

Chevron 5 k 198S . ns* llg 

Dart 44 k 1987 . TSi SO 

Eastman Kodak 44 k ibss 814 33 

Economic Labs. 4toc 1987 774 79 

Firestone Sue 1938 . <0 S2 

Ford SK1S88 . 81 S 3 

General Electric 4 Jk 1BS7 804 82 

Gillens 4ipc 1937 . 77 79 

Goold Sue 1297 .. iu j!3 

Gulf and Western 5w 1983 i7i 7 » 

Harris 5 k 1892 ... 1 » 135 

Honeywell dpc 19SG . 83 S3 

ICI 85k 1892 . os} • 551 

INA Bk 1397 . *3 94 : 

Inch cane BSnc 1982 ms 183 

ITT 4Jk IB87 . 74 } 701 

JoacO fiK 1BB2 . 105J kkj; 

Knmatsn 74pe 1990 .... 1004 107 : 

J Ray MeDermotr 41 k W 146} i«i 

Mstwsblla 8tK 19W .... 121 } 

MltKul 74oc 1990 . 107 104 

J. P. Morcan «or 19*7 ... nni 

Nabisco 54 k 198* ...„ 100 ini' 

Owens Illinois 41 k I9S7 . . 1134 lift 

J- C- Penney 4*nc .1937 ... 74 7« 

Revlon 4»pe 19*7 105 107 

Reynolds Metals Sk 1988 ."3 85 

Sanrtvik Hpc 1988 ....... ]$ 4 f 39 e 

Sperry Rand 4 }pc 1997 ... . 82 

Sqnlbb 41K T9R7 . 77} 79| 

Tesacq 44pc 10*8 .. 7«4 

Toshiba 61 m 1992 . 97 98 

Union Carbide 4 Xm 1988 ... si 9 a 

Warner Lambert 4}pc 1937 73 so 

wamer Umhert 41 k 1988 73 75 

Xerox 5pc 1988 . 74} 733 

sooree: Kidder, Peabody securities. 


FOREWING UPA 

(Swedish Farmers' Meat Marketing Association) 

US$10,000,000 
MediunTTerm Loan ■: 


. /managed by , t .,. • ?. .7 ' ■ 

SCANDINAVIAN BANK LIMITED 
LONDON & CONTINENTAL BANKERS LTD. ;* 

S. G. WARBURG & CO. LTD. i# 


provided by: 

Foreningsbankemas Bank - - 
London & Continental Bankers Ltd. 
Scandinavian; Bank Limited' 
Skanska Banken 


• Agent Bank 

SCAN DFNAVIA N. BANK LI MIXED 


o' 


This announcement appears as a matter of record only 
January 1978. 


Term financing for the Aker H-3 Drilling Rig "Famstar" built by V- : 

Ftauma Repola Oy, 'Finland ' 1 ".'.m i- 


Arranged by ' ' 

Den norske Creditbank : 
Manufacturers Hanover Trust Compart 


US $ 10.000.00C 

Loan facility secured fay 
first mortgage in "Femster^; 


Provided by. 

Manufacturers Hanover ’.»■ 
. Trust Company , 
Ship Mortgage IntematiohaL 
Bank N.V. 

Den norske Creditbank .. 

(Luxembourg) S.A. 
Nordflnanz-Bank Zurich • 

. (Overseas) Ltd. . V -V: 
Nordic Bank Limlted “ • 


US $21X100.000 

Noi^^^rifretitto-for ■ 

. skip og borefai^^ A/S^ ^ 
•• J Provid^.by : ^: ^t - z]:. 

' • Manufectunari HanciiieF-: !■: 

. .TrustComparty-..A■; 

; : '•; Midland fianlc Limited 
.. ; Den -inprike.Gr&frtifa : rik-V ■^ 
jLuxeml^^.S-A 
... Noiyflnanz^nkZurich^;^ 


Agent 

Den norske Creditbank. V: IV 










































































































































T 


At 

a la - an* SUBSTANTIAL .improvement.British Industry and pur domes- 

“&■ \q 5. ik_Britain’s industrial • pejs tic Inflation rate would deter¬ 

ge?. “‘■'•S^rmance could lead to' an mine the growth rate the econ- 
the v>. anomic-growth' rate aboVfr 3L -omy cmrid sustain. 

}li 3r ■KY.r cent, wlth-.berefieiaV effects' .With a. depressed world trade, 
• to stiinio £ r . unemployment. according to Jt was recognised that there 
p&s. joint paper presented yeater- must he concerted efforts to 

^P&si’s l 3c v tD th® National Economic raise demand to tom the tide 
id" hhJ iveI °P n > ea t'. -Council -/-<see of unemployment:.; 

^tAS akr -..••• But continuing, high inflation 

monthly 1 Hik,"resented by Mr .DenisHealdy. in some countries and wide- 
^atiocai p n l, *iL iaa * e Horof the Eseheottar.-and spread -imbalanCeh,o£ trade and 
^3 of Erie Vartey, Industry Secre- payments made the. possibility 

to gene"- ■ or™’ toe paper warthe Govern-of sisoifioant growth in world 
?ity in ,■'* a t^t’s response toxeportsfrom trade unlikely, ' 

JC lector working parties on the first i : present; prospects trade 

” ana ik‘ 8d ,0 years of the industrial » manufaclumrinigM: grow 
f the 4?j i&tTategy and sbt. otrt fnture aims. 011 average, by. around 8 per 
d b >‘ oe^; ^-“°n the basis bi work! dobe'?^ nt -^ year from -1977-83. Al- 
smher air 1 Us far, there is a real prospect tboogh a marked recovery from 
** e-ri/at the. industrial',strategy will-, recent levels, this ywtid he well 
—■—' ‘ake possible " the - necessary below the trend rate 

tprovement In our trading “ j** e , 5 ^Sf lftIwd m 19805 
iw ■ ys the MDfir« The 5 tr&te? 7 -vsft 3JJu Cirly 1970s. 

iO IU long-term programme for’ fl, ^ e Government will use 

^-*Cj|versing a longterm industrial eT ®ry opportuaiftr to encourage 
rcline.” ■. /v a; higher., growth. In -world de¬ 
in L'jvvi. Industry and the Government 5*. ** ®£? D 1 S r S 

i 0 f * ould work to make the strategy f 0 ™® a bighw growth In world 

* frJtT -.^-Udj a Her known and translate it traae ' . ' 

toe™*.'/ 1 na "V. to individual company policies, /m 

>ra:ed ^ { !) Eco °f. m ‘ c Develop- Obj6CtiVeS 

un/w" Ufflce was being given an 4 

wBcersta^Q r^-tra £250,000 to help with this, - Most sector working parties 
H ‘-:W. Fur U>er financial aid was pro- saw an improvement in produe- 

r= _pc ro^W^sed, including a new scheme tiyity 'as the essential means of 
audi chi-a-u, ‘Ajr a growth sector—micro-elec- achieving their market share ob- 
:‘iand r.v »$,«. i^'Xinics in the semi-conductor Jectfvds. But success in this ob- 
ff secrec". ‘ ^ ea and micro-processors. This jetrtive was unlikely to result in 
conioan*- r-^„ as "in recognition of the an >' significant increase in em- 
bey:nabounding success of special ployweat in these Industries. 

k- ^i.dustry schemes 1 * ’’ +&»***• fair ehawf nf m>A/hv<«. 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 





-'..uusxTy senemes." If they fell short of produc- Mr. Denis Heatey, Chancellor (right), and Mr. Eric Varlej. 

:‘L potential £2Jbn., improve- tivity targets, however, they Industry Secretary, speaking to reporters arter a meeting of 
— ir^ ygnt in the balance of payments would fall short of their market the National Economic Development Council. 

I960 .would create between **aro and provide less output 
^0,000 and 1 ml jobs. . . . and cmplojment. - - . __ ftF thn - ___ 


success of the Industrial strategy Development Office budget for 
SS'V vi —a matter to be discussed with this.” 

■ the National Economic Develop- Some practical matters (invest¬ 
ment Council. nienl. product development) were 

“In this paper we have commercially sensitive and un- 
emphasised the need to improve suitable for discussion in the 
productivity., and many sector sector working party, but might 
working parties have already need to be discussed between 
identified this as the key to individual firms aDd their sport- 
increasing their sector's com- soring departments, within ibe 
petitiveness. framework of the parties' projeo 

■'They will have to persuade irons. Such discussions were 
individual companies within already underway, in the five 
their sectors to adopt these priority sectors and elsewhere, 
strategies in pursuit or sectoral “for the strategy to be effec- 
improvemenL This work will be jj V e. all concerned will need to 
considerably more difficult than bring its lessons to bear at thft 
the work which preceded it.”- level of the individual firm and 

even plant. It is Government 
PrflCTippfc policy to encourage full consulta- 

ViJj^v.v.13 tions on company plans, and 

Sector working parties' views much progress is already being 
on prospects and opportunities made with this in some 
needed to be brought to the companies, 
attention of the managements ^ ■■. . 

and workforce concerned. Trade I „OTlSUIT2XIOII 
associations and unions could 

help in this. "It will be for companies con- 

Where sector working parties cerned to decide bow best to 
have worked on problems that consult their workforce on the 
directly affect managers and forward plans which will be the 
workers in individual plants — subject of tbese discussions.” 
notably on the scope for improv- Tbese detailed discussions 
ing productivity—uhey may wish would be more effective, and ibe 
tofind some directineans of com- .sector working parties would 
municating this by arranging have more momentum, if the 
visits by experts. " industrial strategy became more 

"These and other means drain widely known, 
resources, and ibe Government "This is a job for all the 
has made available an additional parties on the council.” ibe paper 
, £im. on the National Economic concludes. 


HOLDINGS LTD. 


Notice is hereby "it cn of rhe 
appointment i >f Lloyds Bank Limited ns 
Registrar. 

All documents tnr w!*i>tr:irion and 
correspondence should in iutmv he sent ro:~ 


Llovds Bunk LimircJ, 
Registrars LVparrmenr, 
Goring-by-Sen, 

Worthing, West Sussex BN 12 foDA. 
Telephone: Worthing 502541 
(STD Code 0905). 


' K.CNORTON, A.CCA., 
Secretary. 


Annual growth 


and employment. 

'Tailnre to achieve the mar- 0 f thc,r recommendations to an annual henefit to the balance! 


■"The Government could make add therefore less scope for ex- le ®■ “f Governments com- potential bottlenecks in vital 
tly conditional forecasts of the panding the rest of the economy. t0 industrial supplies to U.i,. industry. A 

ediura-term growth of the “About half of the sector work- st v^fL‘ , hn pV”]^ 1 " 119 projects costing 

ronomy. ’ ... ing parties quantified Aheir ob- Ministers sought to meet the £ij?00oi. are under consideration. 

Given an annual growth in joctives for exports and imports, °5,*, i J„ c l " u |? d PfJ 11 ,?®- . "Further applications are now¬ 

orld trade of around S per and these imply an improvement relating to fiscal ponci, and the j n g j n a j SUC b a ra i 0 uj al it 


Redemption Notice 


City of Oslo (Norway) 


■nb. a level of pay settlements in the trade balance for their 
ithin single figures and a small particular industries of' about "‘“““o- 
iprovement in industrial per- £21bn. (at 1977 prices) t»etween 


jprovemem in industrial per- ± 2 *on- tat isni prices^ oeiweeu ri 1 hwhhiwciu lu mm luvcsmivm 

nnance, it should be possible 1975 and 19S0. l^elCCtlVC needs - Consequently, the Govern- 

*r the U.K economy-to grow by “Simulations conducted by ment has decided to provide a 

lout 3V per cent, 'in the next Treasury economists suggest that The selective Investment further substantial allocation to 

:w years. " if the Government could count scheme, the product and process this scheme. 


jout 3V per cent in 
sw years. 


Of assistance to appears likely that the JtlOOra. 9% Sinkins Fund External Loan Bonds due March 1,1988 

alfocalecJ tu the scheme will be NOTICE IS HEREBY GIVEN, pursuant to Fiscal Aecncy Agreement dated as of March 1, 1976 under which the above described Bonds were 

l« _ _ 1 & SU i«r^rn m Jnti- ' nv ?? tl issued, that Citibank, X.A.. Fiscal Agent, has selected by lot for redemption on March I, 1973 through the operation of the r'inkin^ Fund, SJ.oOO.OCO 

LlVe neecis. Lonsequentlj, toe govern- principal amount ot said Bonds at the Sinking Fund redemption price oi 100ft of the principal amount thereof*- together y.ith accrued, interest to the 

“* *2 date fixed for redemption. The serial numbers oi the Bonds selected by lot for redemption arc as follows: 


BOND NUMBERS 


ciation 


ring about a steady reduction trade balance in 1980 and allow special industrial schemes were sympathetically proposals for i lie St loot lire J4 bi ie® mso ateo 2 H 2 is52 Iwl sill mso Umo 3?ib m 

1 unemployment. A substantial the current account to deterio- set up. extending similar help to growth * 359 ®3 tow aooe i4b| 1 ™ ^|5 »gt 2 ^. oeg w aisr mst 3541 o asev 

nprovement in our industrial rate by a corresponding amount. The selective investment sectors and will consult relevant 1L 383 bso iooo 1208 iw 1702 2093 aasr 2463 2665 2835 302 ? 3is» . 335 ! 3545 3722 oeag 

irformance. however, would jobs eoiild. «be created... scheme had led to the allocaUon sector working parties as appro- 3» @1 5011 wu i «5 ^ ^ 3 ^ 112 ? m 3 ? msi 

table us to sustain a growth “Some of this improvement of £25nt. for investment projects priate. jb 371 695 ims izis uvi rtm 2096 22&0 -S4K» 2670 aase 3coo 3192 33es 254 a 3725 3802 

He above 3) per ceat-’and to wHl already be reflected in the worth £250ra. Tbese would lead The Government was carrying 21 373 g* icis 1219 i«s im 2097 aai mbo sen =859 

-ing down unempflojTnent that .projected 3J per cent growth to 2.500 more permanent jobs, out an loterdepartmental review ^5 37 ^ ^9 jnso 1221 3495 ito# 20 JN 2293 5«8c 2 I 73 2861 

tich faster. It Ls the task of the rate, but it would , nevertheless the safeguarding of 4.700 jobs, of competition Policy. , . w ^ ^ »™g |ioa 2^4 M83 2074 

id us trial strategy to bring represent a valuable additional and the provision of 20,000 man- Ministers were circulating a 33 „ ps 122 ^ ^ 49 ^ 57^1 2102 2301 2+95 2977 ssw 

milt Riiph an imnrnvement." ‘ grmrth ip emplaymem.''; years of work through orders paper on the scope for changes. 35 385 lose 1225 mb? 1712 2103 2302 mss mtb mbs __ _ 


mut such an improvement. 
The level of world trade, 
impetitive performance 


years of work through 


) 

3 LTD. 


Balance of trade could 
improve by £2.5bn. 


Computer 

industry 


HERE WOULD be a £2.5bn. ImpreKions of^the resulting ing operations to world rather 


BY KENNETH GOODING / is short 

HERE WOULD be a £2.5bn. Impressions Of--'the resulting ing operations to world rather __ 

nprovement in Bntain’s trade dfect on employment have to than U.K. markets. J. A. j&jL 

alance if the 38 industries in- be based on.-’working parties In some case, only expjotta- ff|| kll||| 
olved in tbe industrial strategy which cover; tfnly about half of tion of overseas markets win 
rogramme achieved targets the employees ip all tbe sectors, provide room for growth in 

ley have set themselves in the It appears:'that tn these sectors industries which already have BY MAX WILKINSON 
ears to 1980 employment is likely to decline a big share of the U.K. market 

Yet most of them expect to sllgbtltf over the 1075-80 period, and/or foresee low growth of a SEVERE shortage of 
leet their market-sbareobjec- “although this reduction would demand at home. computing staff is one 

ves with - little or no increase be a^great deal less than cue ran * s reported that great ira- main problems facln 
1 employment and several **** o«« ady tafcen place proveraent can be made if com- industry, according to a 

xpect a decline Those which I® 7 *' 76 - panies devote more resources to submitted to the « 

0 predict an increase in employ- * “Indeed, because this fall con- attacking selected markets with sector working party, 
lent if the output objectives tinned between 1075 and 3076, concentration and persistence. The report, by ;i sub-con 
re met, say it will be small. the achievement of the market- ^ sector wor kia g parties says: “The growth oF ll 
This is because the setting objectives could mean an have aj so identified substantial computer industry has be 

mbitious market-share, objec- increase in employment ™ some opportunities to replace imports back by wj 


45 3W 7IR 103R 3249 3504 1T1T 2112 2307 2496 2686 2870 3043 3204 3380 5585 3 

47 395 720 10i0 1250 3505 1718 2113 2308 2407 2687 287t 3014 3205 3381 3566 3739 3006 4 

49 399 722 1042 1251 1506 17J9 2114 2309 2498 2688 2872 3045 3206 3382 3567 3740 3907 4 

51 401 725 3044 3252 3507 1720 2315 2330 2499 2889 2873 3048 3207 3383 3568 3741 3908 4' 

53 404 728 1 045 1253 1 

56 406 729 3047 1254 1509 3722 2117 2312 2503 2693 2875 

59 409 731 1049 125S 1510 3723 2113 2313 2502 2692 288 

61 413 734 30S3 1256 1511 1724 2119 2314 2503 2695 288^ *iii -wo* a.-ro wu i 

64 414 737 1054 3257 3512 1725 2t20 2315 2504 2698 2888 3052 3212 3390 3576 3747 3913 4 

68 416 729 1056 1258 1513 1728 2121 2316 2505 2697 2884 3053 3213 339 L 3S77 374B 3914 4- 

69 419 740 1058 1259 1514 3727 2122 2317 25 

71 421 742 1061 1260 1515 1728 2123 2318 2507 2699 2886 3055 3215 3393 3579 3750 3916 4 

73 424 744 1062 1261 1516 1729 2124 2319 25 

75 428 747 1064. 1262 1517 3 730 2125 2320 25 

77 429 749 3066 1263 1518 1731 2126 2321 2510 2702 2889 

79 43t 751 1068 1264 1 532 1732 2127 3322 2511 2710 2890 

82 432 753 1070 12G5 1523 1733 2128 2323 25)2 2711 2891 3060 3220 3398 3584 3762 5921 4i 

84 434 755 1072 1286 3534 3734 2129 2324 25)3 2712 3892 3061 3221 3399 3585 37£3 3923 4 

86 43“ - — . 

89 43 

91 441 

04 443 763 1078 1270 1538 173% 2133 2328 2520 2716 2896 


These points, emerge 
nalysis of reports . ; 
ridustry groups workii 
-ndustrial -strategy - 



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ndustrial -Strateev Staff finum womn? pracuces, pus>iuiy could become a major constraint, a career in cwiDutinc 206 544 871 7134 1371 1577 1787 2210 237 s 2582 2775 2950 sum 3284 3462 3649 asiu sesi 4 ic 3 433? 45 *m 4 «i 4825 501- 

i-wmi -kII” "*“5; including shiftworking, can be rtl . 209 54 0 8 73 1135 1372 157% itbs 2211 2379 aseo am 2951 3125 3285 3463 3650 3820 awn «i« 4339 4503 4662 4 « 

iraws out common themes and The worudwide shortage of su s *8 ovs 1138 im 1579 2001 2212 aaeo 2587 2777 2952 3m 3 a»B 34&1 3 asi 3821 3m mss 4 fno 450* 4663 -ux< sui* 

■ecom men da tions from ■ the a £J eea - , ^ . .. JtTOIrllCIJVIiy computer analv^rs and nro- 216 531 8 IS 1137 137 * 3S8Q 2003 2213 2381 2383 2T7ft 2958 3127 3287 fesz W2 3 3fl « 4 i«o 43-11 4505 4064 4833 5020 

snJKtSuLi' rae H is recommended that dis- „ . r ... cfKr L __P™ 217 553 bts ii38 1375 isai 2006 2214 2382 aaea 2779 2954 312% 3288 3466 3053 3824 soss 4167 4542 4506 tw 4%39 5021. 

; a nous in dm dual reports- .. __ .hinwnrMno and Sector working parties have 3rd miners had been recognised 220 555 aai 1139 1378 1582 2009 2215 2363 2593 2782 2955 ■»■>■>“ ■»■>“'> **** «■=« «*« •»«■=’ -»i«i w: aw ■!«» ^ 

Ruf if «frAceo* - nr,,, cussloits on snuworRms dim . --Jationshln in France and Germanv where 533 550 833 3149 1377 1583 2 2? 1 1216 2384 2594 3783 

isut it stresses that any staEeer iTve hours shoirld take pointed to me reiaiionsnip in c ranee ana uermany. nnere ^ 357 535 1150 1378 1584 20l4 2365 2595 2784 

ittempt to add together the between higher productivity or significant sums had been alio- 227 559 ear usi 1379 isss 2016 22 ib 23SG 2396 2785 

icure^ 1 nrndnreri ttv TtflTflivnf place st plant. ie e* snd imoroved speuritv cated for tninific in fiiii? fip-id 228 561 888 1152 1380 i5Bfl 2020 2219 2387 2597 2786 2959 

iguies proauegfl py ainarent management and umons. neaoiuiy ana improvea securii caieai or training in tms net cl c- >S 3 a «) 1153 issi 1587 2023 2220 2358 259s 2737 2 bgo 

sector working parties is . ^ ^ of employment. For example. Within the Uermon. four-year 234 568 892 1154 1332 isae 2025 2221 2399 2599 2788 2901 3135 3296 3477 3061 3831 3993 4179 4349 4512 4674 4R4s 503 

lazardous since ft r«lie« on As far plant capacity, some on . giicee^ted that the ten- ohin from 1976-79 ffidm ha« 236 5*9 694 1155 isa3 issa sour 2222 2390 2601 2783 2902 mas 3297 34 tb 3g« 2 aaas 2994 419a 4350 4514 4*75 4649 5033 

iswraous swee it renes 9°^ ,., reoort sicnafi- na ® cPi n „ „ 239 572 896 use 1384 iwo 2029 2223 2391 2002 srao 2963 3137 3298 3479 36© askt 3905 4iRi 43Si <515 4(.7c 4850 5034 

natenal which was never in- WDrK1U4 ? .* ,aru .” _ tative employment target, imply- been set aside tor this purpose.” mi 574 899 1157 i3sa i59t 2031 2224 2392 2003 2791 29&1 ai3« 3299 3480 36« 3034 spog 411a 4?52 4516 4^77 4551 soas 

r>r.rle,ri T-s- _i____ rant Under-UtlHsatlOn Of exist- j HR AUBra ll »i»i»ni«tinn in »hA n... IT,, , L _ ........ 244 S77 Mil USB 1386 1592 2034 2225 2412 36D4 2792 2965 3139 3300 3481 3655 3835 3997 4183 4.153 4517 4673 4852 £036 

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_ ___ _____ _ ___ 3147 3308 3493 3676 3844 4007 4192 4362 4525 41189 4860 5W4 

.ndustrv and ’ther0forA“V*Tnont electronic consumer goods and ’",”^1:“'jT'U'*“ 265 595 322 3187 3395 1B01 2052 2234 2421 zws 280* 2977 314a aaos 3494 mtt 3M5 -h>.w -sims 4a;c 4524 4son 4061 F045 

■nwwatfy _auu_ jaereiore cannot ____ _, *_— employment conamons oeiwecii duetivitv had been awomnampHI m su? oat niu» Tatis inna sass iisas 3422 mi* 2Bfis »7R 3149 mio mbs 3b7r 3«46 400? 4194 4364 4r.2i 46m 4002 504« 


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action are Often novel." 

Performance 

■ mi_ __ _ 


been rapid exp 
■■ worldwide and 


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326 651 977 2192 1436 1888 2077 2270 2447 2844 «05 3M6 3173 3343 3523 3708 3870 4033 4225 4385 45M 4»I5 4892 »£> 

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331 637 983 1194 1442 3688 2079 2272 2449 2646 2837 3006 3175 3345 3529 3708 3873 4037 4227 4295 45jG 4j_19 4SM 519. 


( The informatSon so far pnj as iron and steel and man-made ^ jwj to be expanding their *£ ™ ™ Jgg JS SB wt So? %E am S SS Un ^ S « jag 1m 

t“S SSmSSSS^ Site the current recession. ?ubUc endlSu. on capital ***£> ^ companies rep- * « » » » tt IS?? iS? US? MSS » ■ B §31 §1 %% ^ 9 9 S* S Z f fi « 

to ail nKUiUiBLUiruig-iDBUStry, a-fwjJiLq _U 1 «S “ enmnmenL Some war kina nar. n ,e v.» AU com Hanies rep- gng 979 1193 3440 1887 2078 2271 2448 2645 2836 3007 2174 3344 3524 3707 3871 4D36 4226 4389 4555 4 1 18 4*3.5 5195 

much less to the whole aeonoray, the majority of the working par- Q P j l n ^ resenting i0 per cent, of the 331 637 ssa 1194 1442 tees 2079 2272 2449 2646 2837 3006 317 s 3345 afw 3708 3872 4037 422 ? 4395 45 dg 4tid 4SM sist 

“ But if the onnortnnitiBR ties report good bpportunmes nr recommena a long-term industry's labour force showed 333 esa ms 119 s 3444 1689 2080 227 s mso 2047 aog 3009 3176 334 « 3530 37 M 3873 403g 422 a 4290 4557 ^20 4G95 ^igs 

-tSr F»- orn r3-i mainp indiiltriai- marketfi rolling programme for public n,,.* n f ««« 338 681 1198 1447 16W 2081 2274 2451 ^ 3S 39 3010 l 177 3347 3531 37 10 se?4 4039 422 a «a»7 455« 4721 48% km 

eported by the sector working, major industrial markets sector airaenditure and counter. Ulat 1 an increase of 3-<00 people 53 B «a 987 1197 1449 i$9i 2082 2275 2452 2649 smo 3015 rnre smb 3592 3711 3075 -kho 4=30 4398 4«y 4^22 4597 535 

arties can be seized, the itr£ Opport uni ties are also seen an sector expegginireanacounier. em pi oye d—bringing the total to 339 685 sre use 1451 im 2083 2276 3453 smw 2841 soia 3179 3349 3533 3712 3878 wi 4221 4399 4|eo -,.23 4*9a 523* 

amei> nuWip utilities cyclical investment policies. o R nooL. WBO nvna^rii.,, 1 341 ees sw 1199 was 1093 2084 2277 2454 2851 2842 3017 a iso 3350 3534 3713 3btt 404 a 4232 4400 43*1 4.24 - gw 5297 

rovement in compfititrveness agnetnture, puDnc uuuw^. T , ______ objwu—was expected by ipso. 343 see sea . 1200 htb j«m sms asts 2455 2*57 2843 301 s sisi 33 s 2 3535 sm ms 4p« 4233 4401 45gz 4725 4900 

/hicb could result should enable transport and infrastructure liiming to nnance tne raemor- Tbe computer sector working mb 672 sm 1201 1477 vas sore 2279 245 * zgga 2844 3019 3182 3352 3536 3715 3379 -km 4234 4402 45fi3 4-26 4901 s?ni 

he eeomzny to be rla at higher requirements, oversea* rather andurn states that toe working p* rUr said turnover of. tbe U.R 349 674 996 1202 1478 1696 2087 3280 2457 2653 2843 3020 3183 ■ 3353 3537 3™ 4235 4403 ’ i5W 4727 4902 **•' 

evels of demand and give rise than In the home market. and ?^ n eS aT f^i!^LilmSnt C ?n e nmfli’ data , pr 'reached On March 1,197S there will become due and payable upon each Bond selected io'r redemption the said redemption price, together v.fih interest 
improved employment .oppor- especially in the Jess-developed- nearly ISOOm. in 19/6 and that accrued to the date fixed for redemption. Payment of the redemption price of the Bands to be redeemed will be made h such coin or currency’ of the 

nities in all sectors” countries. ty> . fl n Pa « thn * ■ v°j computers and United States of America as at die time oi payment is legal lender for the payraenUhercin of public and private debts, upun presuitaiion and surrender of 

About three-quarters of “the The rise in oil g w tn 0 S i,Wwl tiS! ^ripherals bad been douhUng said Bonds, with all coupons appertaining (hereto maturing after the date fixed for redemption, at the Municipal Processing Window. 17th Floor of 

iworkUig parties have set output special oppcrtumtles for toanM uecUed to achieve their every five years Ci.iWk, NA„ 20 Esci»ns"pia«. in the Bor=u,h of M„h.tt.o, Th, City of N™ Vo™ ™ ul Jrci u applicoMc hss end ™laiions. at 

[Growth objectives .and these- raa “™®^f“v HiAcai Manv mart that simifleanr in- «!?« lhc n “ in officcs oE c ‘tibank, If A. in Amsterdam. Brussels. Frankfurt (Main), London, Milan and Paris, and KnriitftUanb. S A. Luxembnurgcoi.-ii in 

pggest a very substantial im- trend vestment will be Reeded ro dofiprr nf fltftm 0 in tflnf^whfnh Lu -^ iabou , r E‘ Pa>m Bn tat tbe offices of Citibank. NA. in Europe referred to above will be made by check drawn ujiun a bank in Mew York City or 

(prevented in tbe period 1975 - engines. The continuing ttead vestment will _ De nenied o defict :of £110m in 19 b which b} - a transfer to a dollar account maintained by the payee with-^ bank in New York Citv. 


3352 3536 3715 3879 4044 4234 4402 4563 4726 4901 5701 

3353 3537 3716 3880 4045 4235 4403 4564 4727 4902 5307 


.oiTO Htt “ove?^" StiK *TS«. sophisticatod. higher achieve objectives and their w„ VpiS oftoe '*'£'S*$ZZ 

a y«r l frJi toe 1 S’Performance products and pro- abih^to «» Se finance irtll be growth of exports. Bonds aSpSS for SSi in £ 

achieved in 1971-76 duction processes, computer con- dependent on their increasing The sector working party 

Possible iThtmr Droductivitv trol and automation offers con- profitability in order to generate established an initial aim of re- 

Erowth is less spectacular but sidcrahle tiarket scope for U.K. sufficient cash flow internally or versina Uie deficit to a balance 

i* still A ttsrrificant imtjrovement compaales; to attract external finance. of payments surplus nf £200m. 

recentfrendl^-frmn about 31 "Tb'® sector working parties are Difficulties may also arise by IPSO, hut it recognised that 

Iper cent a year in 1971-76 to urging their, industries to scale ubere profitable companies wish this target may have to be re- 

Iperhaps ^'per cent in 197^80, tbeir manufacturing and sell- to expand their business rapidly, viewed. 


January' 26,197S 


redemption interest, on said -Bonds will ccasc to aurae. Coupons due March 1, 197$ should be detached from Uib 1 

the usual manner. | 

For the CITV of OSLO (NORWAY) ■ 
CITIBANK, NJV. 
as Fiscal Asent 














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ADDRESS. 




. : /Financial Times 

WHITE PAPER ON AIRPORTS POLICY 




Strategy will be greater 




of existing flying 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 




THE Government has ruled out 
the development of any new air¬ 
port in the south-east of England 
at least up to 1990. It intends to 
concentrate instead on limited 
development at Heathrow — 
perhaps a fourth passenger 
terminal—and further develop¬ 
ment at Gatwick, Stansted and 
Luton. 

The Government's-White Paper 
on Airports Policy, published 
yesterday, says these develop¬ 
ments will enable those four air¬ 
ports to handle up to 72m. pas¬ 
sengers a year, which should be 
adequate up to the mid-1980s and 
possibly until 1990. 

But if air traffic continues to 
grow, additional capacity may be 
needed, and possibilities to be 
examined would inclode a further 
major development of Stansted, 
the development of an existing 
military airfield as a civil air¬ 
port for the London area, and 
tbe construction nf a new airport. 


Runway 


The bases for the White Paper 
are new estimates made of likely 
air transport demand. “ In 1976, 
44m. passengers used airports in 
Great Britain and 31m. of these 
passed througb the four London 
airports of Heathrow. Gatwick, 
Stansted and Luton. 

“ft is forecast that in 1990, tbe 
number of passengers at all air¬ 
ports in Great Britain will be 
between 86 m. and 117m. and at 
the London airports between 
66 m. and 89m. Two-thirds of the 
forecast increase is attributed to 
tbe growth of leisure traffic." 

The White Paper emphasises 
that there must always be a 
measure of uncertainty in fore¬ 
casting air traffic growth, but it 
says the Government • believes 
these forecasts to be the best 
available. 

In addition to these broad 
policy decisions for London and 
the south-east, the Government's 
airport strategy is to make 
greater use of existing facilities, 
ratber than developing new ones. 

Manchester and Glasgow 
(Prestwick) would thus become 
the main international “gate¬ 
way" airports outside Heathrow. 

Liverpool airport would handle 
about lm. passengers a year by 
1990, Birmingham 2m. to 3m. by 
that date and East Midlands lira. 
Leeds-Bradford might usefully 
become a regional airport, but 
would need a longer runway, the 
White Paper states. 

The Government sees no need 
ror a major “ gateway ” airport 
in the north-east. It believes this 
region would best be served by a 
concentration of services at New¬ 
castle. as the regional airport. 

Cardiff is seen as the major 
airport for South Wales and the 
south-west, with Bristol serving 
in a local role. Southampton 
should have preference over 
Bournemouth in the licensing of 
services to the Channel Isles, 
with Bournemouth catering 
mainly for general aviation. 

The Government says there is 
no shortage of runway or 
terminal capacity in Scotland. 
Responsibility for airports policy 



Heathrow's Terminal 3: congestion at the largest international airport. 


4 m.—passengers a year. Develop¬ 
ment beyond Ibis would involve 
a major expansion. 

The Government .is keeping 
these options open, because .it 
is not able accurately to forecast 
what the likely traffic growth will 
be in the period beyond 1990. > 

But these options are them¬ 
selves limited—at Heathrow and 
Gatwick by congestion and noise 
problems, and at Luton . by 
terrain difficulties. Thus, while 
recognising there is no need yet 
for another “ Maplin type ” 
development, the Government 
does not entirely rule out such 
a possibility for the very long¬ 
term future. Into the 1990s and 
beyond. 


should be available to support 
the operation.of airports. This 
means that losses of £5m_ to 
£ 6 m. at local authority airports 
wall not be met by the State, and 
the authorities concerned will 
have to adjust their charges to 
meet the losses. 

Among other decisions con¬ 
tained in the White Paper is 
that the existing licensing body, 
the Civil Aviation Authority, 
wiH be expected to take into 
account when issuing route 
licences to airlines all the: mea¬ 
sures now announced. 


Edinburgh should be a • j 

for - the 


for - the proposed - Seo* 
Assembly*, - • ' : 

3 —The future oMhe 

and. Islands a&rod mn^ r.. 
should, also be derided by^tJar'- 
Scottish Assembly; and 




4—Charging policies at’TO' 
Highlands and Islands atio ** 
dromes should be developed & 4 
provide that oil-related traffic# 
these * aerodromes is not sob, 
sidised by the taxpayer. 


Biggin Hill 


sub-, , j. f 

■' 1 $ Of 11 


Scotland 


Maplin 


The White Paper says the cost 
of providing capacity for up to 
ISm. passengers a year at Maplin 
would have been £ 6 S 0 nu in terms 
of 1976 prices, while its essen-. 
tial road and rail links with 
London would have added 
another £410m. 

To provide the same amount of 
capacity at Gatwick, Stansted 
and Luton would cost about 
£150m. 

The Government is to continue 
efforts to find an alternative 
method of measuring noise dis¬ 
turbance. and will also prohibit 
the use of non-noise certificated 
subsonic jet aircraft acquired by ^ 
any U.K. operator after 
September 30 this year. 

But more significantly, the 
White Paper says the Govern¬ 
ment intends to prohibit from 
January L 1986. the use of “all 
non-noise-certificated subsonic 
jet aircraft on the U.K. register.” 

The effect of this will be to 


So far as Scotland is con¬ 
cerned, the Whfite Paper says 
Scottish airports can be con¬ 
sidered separately, . but their 
future cannot be divorced, from 
decisions on devolution. 

The Tour principal airports in 
Scotland are owned by the 
British Airports Authority and 
over the past five years virtually 
a new airport has'been built at 
Edinburgh, extensive new facili¬ 
ties bave beety provided at Aber¬ 
deen, while, Glasgow and Prest-. 
wick are well equipped to meet 
traffic demand. The Government 
has decided that'; 

Tfa^e is no need for a new 
airport in Scotland. 

2 —Any modification of -the roles 
of Prestwick, Glasgow- apd 


So far as general aviation 
concerned, the White Paper f: 5 . 
-recognises its- need for speritl »•’ 
requirements,.especially in.'Tfe '< .... 
south-east, and the r Goverainflg:^ 
has decided that; : 

1 — The^ airports at Biggin- HB£ ”• 

- Leavesderi, Luton, Nortiraltff'T.. „ ,, 

Southend and Stansted shoold^e {*_ 'V - .*• 
able to meet the demand; - - v‘ - "" 

2 — Discussions should take plat* ■ 
with the London borough^!]. 

Bromley and others' concerned vr 
with a view to establishing Biggin r 
Hill as the major general aviation i 
airport for the London ar£*,'uH) L.-..- 
to its possible acquisition by t&eF :“- 
British Airports Authority. ‘ 

3 — Adequate helicopter farilitfe- 
. should, be provided,.jJossitiH 

by the British Airports. Authority: ] 
to meet demand for helicopfecj 
services to and from "cental 
London. , - v - -. • 


fc--: 




AIR PASSENGER DEMAND IN GREAT BRITAIN 
Millions of Passengers 




1975 

1976 

1980 

1985 

1990 1 




Low 

High 

Low 

High 

Low 

High 

1 London Area 

International 

24.9 

26.8 

32.4 

37.1 

463 

57.1 

60.0 

80.9 

Domestic 

3.9 

4.2 

43 

4.8 

5.1 

6.4 

5.9 

83 

1 Regional Airports 

International 

5.3 

5.6 

6.2 

73 

8.8 

11.6 

10.8 

153 

Domestic 

6.6 

7.0 

7.0 

7.9 

7.9 

9.7 

9.4 

123 

1 Total Great Britain 

International 

30.2 

32.4 

38.6 

44.4 

55.1 

68.7 

703 

96.7 

Domestic 

10J 

1U 

11J 

1X7 

1333 

16.1 

153 

20.7 

Total 

40.7 

43.6 

49.9 

57.1 

68.1 

843 

86.1 

117.4 


should be devolved to the 
Scottish Assembly, which might 
consider tbe future roles of 
Prestwick, Glasgow and Edin¬ 
burgh. 

The future of Suraburgh and 
Aberdeen has been transformed 
by North Sea oil operations. But 
the Government has reviewed 
the future of the other Highlands 
and Islands aerodromes, and has 
decided that — subject to the 
Scottish Assembly—they should 
continue to be run by the Civil 
Aviation Authority, and not 
passed to the British Airports 
Authority. 

General aviation—ail aviation 
activities other than public 
scheduled fare-paying services 
by regular airlines—is available 
to tbe nation, especially where 
business aircraft are concerned. 
Although there are sufficient 
facilities nationwide for private 
and recreational flying, the Gov¬ 
ernment suggests further provi¬ 
sion for facilities for business 
aviation in the London area. 

Biggin Hill. 15 miles south of 
tbe capital and owned by tbe 
London Borough of Bromley, 
would be tbe most suitable busi¬ 
ness airport for tbe capital. 


eliminate from British Airways’ 
and other U.K. airlines’ fleets all 
their existing Boeing 707s, VC- 
10s. Tridents and One-Elevens, ail 
of which are older aircraft and 
none of which is “ noise 
certificated.’' 

“ Over the next 15 years, there 
should be a marked decline in 
tbe number of people adversely 
affected by aircraft noise. How¬ 
ever, the Government will 
continue to develop policies to 
reduce the impact of this 
nuisance, and to seek inter¬ 
national agreement on more 
stringent noise standards for air¬ 
craft,” the White Paper states. 


Noise 


Ruled out 


But it is on the main airports 
in London and the south-east 
that the White Paper's main 
force is directed. The capacity 
of the four main airports Heath¬ 
row, Gatwick. • Stansted and 
Luton, needs to be expanded 
from the present maximum of 
52m. passengers a year. 

The White Paper suggests 
various ways of achieving this: 

• By building a fourth terminal 
at Heathrow, to raise capacity to 
3Sm. passengers. A fifth terminal 
on the Perry Oaks site to tbe 
west of the airport has been 
ruled out; 

# By expanding Gatwick further 
From the present capacity of 16m. 
passengers a year to 25m. by 
building a second major 
terminal, but no second runway; 

• Limited expansion of Lnton to 
raise its capacity to 5m. 
passengers a year, but further 
growth beyond that being limited 
by physical terrain and other 
problems: 

# Limited expansion of 
Stansted’s currently under¬ 
utilised facilities to lm.—or even 


The Government Is also con¬ 
tinuing to discuss with European 
countries measures to promote 
the development and use of air- 
craft incorporating the latest 
advances in noise abatement 
technology. 

It plans to seek powers to 
ensure that airport authorities 
can introduce discriminatory 
charges against noisy aircraft 
and phase out the use of noisy 
aircraft at night at Gatwick, 
Heathrow and Stansted, and even¬ 
tually Luton. 

It will also finance a research 
programme Into tbe relationship 
between aircraft noise and sleep 
disturbance, and advise local 
authorities that new bousing 
developments should not be per¬ 
mitted In areas close to airports 
badly affected by noise. 


Exceptional 


Hie White Paper makes It 
clear that the Government does 
not consider there is any justifi¬ 
cation for air transport facilities 
in general to be subsidised by 
the taxpayers and ratepayers. 

Consequently, while it accepts 
that there may be some “social- 
service" operations such as the 
Highlands and Islands aero¬ 
dromes in Scotland which may 
need some aid, the White Paper 
says the air transport industry 
has now advanced to the stage at 
which further aid from the State 
for airport developments or 
acquisitions will only be given 
in “wholly exceptional 
circumstances." .' 

Tt rejects outright any sugges¬ 
tion that Exchequer subsidies 


LEGAL NOTICES 




No. 00237 of 19iR - ' 

In the HIGH COURT OK JUSTICE 
Chancery Dicvt&ion Companies Court, In 
the Matter'of CHEM-MECH SERVICES 
LIMITED and in ihe Matter of The 
Companies Act. IMS. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the winding up of the above- 
named Company hy the High Court of 
Justice was on the 23rd day of January 
IBIS, presented ro the said Conn far 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King's - Beam Boose. 
3ML Mark Lane. London, SC3R THE. 
and that the said Petition is directed 
to be heard before the Coon sitting at 
the Royal Courts of Justice, Strand.-Lon¬ 
don. WC2A 2LL. op the 27th day- or 
February 1972. and any creditor or con¬ 
tributory of the said Company desirous 
to support or oppose the making of an 
Order oa Ihe said Petition may appear 
at the time or hearing in person -or' by 
his Counsel for But purpose': and a copy 
of the Petition will be Rimsbed hy the 
undersigned to any creditor or con¬ 
tributory of the said Company requiring 
such copy on payment or Ute regulated 
charge Tor the same. 

G. KRIKORLAN. 

King's Beam House, 

. 39-41. Mark Lane. 

London. EC3R.7HE. 

S oUcilor to the Petitioners 
NOTE^Aoy person who intends . to 
appear an the bearing of the utd Petition 
must serve on or send by post lo [be 
above-named, notice in writing of his 
uncation so to do. The notice must state 
the name and address of the person, or. 
if a arm. the name and address olr Ihc 
firm, and must be signed by iba person 
or Ann, or bis or tbolr solicitor (If any), 
and must be served or. If posted, must 
be sent by post in sufficient time to 
reach the above-named not later than 
four o’clock In the. afternoon of the 
24th day of February 1878. 


F r -- 




No. .00253 of 1978 

lu tbo HIGH COURT OK JUSTICE 
Chancery Division Companies Coon. In 
the Matter of INTEfiCLOSE PROPER¬ 
TIES LIMITED and In' tbe Matter of 
The Companies Act. VMS. 

NOTICE 15 "HEREBY GIVEN that a 
Petition lor the winding up of the above- 
named Company by. the High Court of 
Justice was on the 34th day of January 
1919. presented, to the said Court by 
DRAYTON CORPORATION LIMITED-Of 
114 Old Broad Street, London, E.CJL 
And that the said Petition fe directed to 
be beard before tbe Court si Ulna at the 
Royal Courts of Justice. Strand. London 
WC2A- 2LL. on the 27lh day of February 
19»R and any creditor.or conp-tburory of 
the said Company desirous to support or 
oppose the making of an Order on the 
said Petition may appear at the time of 
heating in person' or by Ms Counsel for 
that purpose: and a copy of die Petition 
win be furnished by the understood to 
a ny c reditor or contributory of the said 
Company requiring metr copy on payment 
of the. regulated chant? for the same. 

AS HURST MORRIS, CRISP fc C6„ 

17 Throgmorton Avenue, 

London EC2N 2BD. 

„„ s? ,ci w™ tor the Petitioner. ' ■ ' 
NuTE^—Any person who,' intends' lo 
appear on the hearing of tbe. said Petition 
mua serve on or sad by. post to-the 
above-named, notice tn writing of his 
intention so to do.' Tbe.iwtlce must state 
the name and address of the person, or. tf 
a Brm. the name and address of tin firm, 
and must be signed by the person or firm, 
or his or iholr to Heitor fif any), and most 
be served -or. 4P posted, nrasr be mm by 
»ost fu SQffirimr time'id reach the-sbove- 
natnctl not later than four o'clock tn the 

wre™" 11 -€f *** 2401 of p e*roaiy 


COMPANY NOTICES 


®arteb consolidated (north sea 

EXPLORATIONS) LIMITED 
NOTICE IS HEREBY GIVEN. Dtinmant 


to section Z9& of the ConwanfcM Acl 
k Meming of the oSStwuw 
Kf .Company ~ni be hold « 


4a Htrfbmn Viaduct London." EC IP TAJ 
?!L, February. 1978 at. la 

o dock- in the tcrenoan.- lor the pdimki 
mentioned >n sections 294 and 29s of the 
uid Act. . ... 

Dated 1st Fobruanr. 1978. 

By Orner of .me Board-of Dtractors 
for CHARTER- CONSOLIDATED 
LIMITED 
: .Secretaries 
• - M.-J. C,. MIL-TON 


BARCLAYS RANK.'LIMITED 


NOTICE IS HEREBY GIVEN that The 
REGISTER OF HOLDERS o'Ordlnorv Stock 
or the Company win se closed iron,nth 
rndfusM* 78 ' to 197 ? both dans 

Secretary. 

S4. Lwiib#nf sirvet, 

LomSofir ■” : - 

Ztw February 197a. ‘ 


No:' 00255 of 1W8 1 

In the RICH COURT OF JUSTICE 
Chancery Division Companies Court'Jo 
the Matter of OSBALDESTON TAXICABS _ 
LIMITED and In the Matter of SHJ ■ 
COMPANIES ACT. 1948. 

NOTICE IS HEREBY GIVEN that 8 
Petition for the winding up of Be 
above-named Conaway by the Hish- Cmt -C 
of Justice was on the nth day of JanotiT-P 3 
UW8 presented to tbe said Court by 7HS. 
DEPARTMENT, OK. HEALTH ^ASR. 
SOCIAL SECURITY of Slate House. HW 
Hoi barn. Loudon. . W.C.1. and that. tt* 
said Petition. Is directed . to he "Wart; 
before the Court sitting at the Bow. 

Courts of Justice. Strand, London. W.CA 
on the 27th day- of February 1S7B. *M> 
aity. creditor or contributory of the sw 
Company desirous to support or oppay 
Ihe making of .an Older on the mK 
Petition may appear .at-the time:-*;, 
bearing In person or by bis Counsel .far, 

Brar. purpose: and a edny of. the PefluMr. 
will-be .furnished by the. undersigned,» 
any creditor or contributory of t he 
Company requiring such copy on paxntt* 
of’the regulated chaise for the ranBv' :- 
M. W. W. OSMOND. 

State House. •. ' .1' 

High Ho thorn. Load on. W.C.1; 

MOTE.—Any. person who - .Intend* ■ ■. 
appear on the hearing of: the sald FwHWt 
most serve on or wad by post, to tte 
above-named, notice In writing of M. 
Intention so to- do. The notice- must fflal*. 
ihe name and- address- of tira person,.Mj-: 
if .a Srai, tbe name .and addx^s 
the firm, and must- be signed, by-fas 
person or firm, nr his or' their aoHcStg; 
fif any), and must be served o r.-j^ 
posted, must be sent by poet in sufHcimi 
time to reach the ahoVe-bamed: twfittK? 
than foqr o'clock In the afternoon af;w,*- i ’- 
24th day of February 1978. • 


;-j j 


N-. 








NO. 00267 OT1979 - 
IP the HIGH COURT ■_ OP JCSnegl 
Chancery Division Companies Court. j°- 
the Matter of B ROM CD CRT HpLDgjCg; 
LIMITED and In the Matter 
COMPANIES ACT. IMS. - - . - v' 
NOTICE IS HEREBY CTVEN, that » 
Petition for tbe : Winding np of-taj. 
above-named Cotmwny by.tfie Jlteh-CotffT- 
of Justice • was. ob the 23th day> 
January 1B7S. .'presented to tbe said-Cvsre' 
hy LEONARD THOMAS HATTON of V 
Chester Street, 'Loudnu.■ S.WO, Quanricr;- 
Surveyor, and that .the said '.priSfloq 
directed: to he heard before the’CaWfc 
sitting u the - Royal Courts of Juawy 
Strand; London; WC2A ILL,- on the' 2T® ■? 
day of. February JS7B ahd a&y «tdft«i- 
or coDtribbtary- of 1 the'-: said .CnnpaM:-. 
desteons to support or oppose the makli*;.- 
of an ■ Order on- the- said 'Petition 
appear at aha time of hearing. HKpewgi' 
dr by Us counsel, for that pnnwsti MB 
»• copy of the Petition wfU he.-WrnlpWv 
by. the undersigned, to' any credllWy.-: 
contributory, of the shid Conrpaiiy 
Ins such copy, on payment of the rewdattd -' 

charge for the same. 

. L. 0-. GLEWSTER ft SONS, T : - 
260 Field Bod RokL * .'-j-- l'-*- 

-.Enrcote, Rhuup, -■ •. - — \- J 

-. Middx. RA4 SLS. .. . ... . -' - 
••SoUciron ter the Petitioned ;■ 
NOTE.—Any * person . who : imends -J*-. 
appear on tho-tiaarLog Of the said Pedttan., 
musr serve oa. or. send by post .»P. W-. 
ahovwamfed detico. -id writing of Btf». 
imantion to do jA,'"' , Jhe notteo om*, 
oate the. name and address Of the pen»m - 
or, If a'-firm, the name and . address Mr 
the4nu and must he signed by.tfw bead* ' 
or.firm, or UG'or their solicitor 
and must be wreM, or,. If _ 

be sem by -post jp sotBetent dm# If 
reach the' abovumamud not,later Uu® 
four o'clock in the' afternoon-of ote_ r 
2«h day- A. February. .-1918; — 






CLUBS 


eve- ids rhcm street Tag J* ': 

■-nWJn-fctaSr Tim.SM»ad5‘ 


Cane w Ali-Jn - Mvbki Tuna. soC^a«‘ 
rauste a».johtmv Hewi awn rtti and 


GARGOYLE. A9. Dean Street. LattdeA.- 
NSW STBlFTEAS/vfLOORSHgW- 
THE GREAT HRITtSH STRIP. * 

Show ' .. ~ 

“Mon.-Fri. 




ART GALLERIES ^ 


Feb. Mon^frt-^Sn-SaO*^Ttiur*. - ■ 

COLMACSKi. -L4-ote Borlfl. St-''tlf.' V. 

■ loan .Ejcftfrtttoo.-i tjrj 

l- sebasteapkx.' ihcta. *n •M nt«hi, _TSg3f.; n* K* 

or -the UDINE-. ART- i 

■ FUND. UiuH A Man*.: 

-Sate. 10-»v?.- -■ . -7 »„?,«; *C- 

tram *5700-1 ■' ] W* 

J3MELL. GAIOBOJ 

PreMh moohS 

Modern - -- .... -.. 


IW.. ’ 




WCW+ n m—iN fr . " A . v 7 J 



























second. 1 -, fcomn . lot'/ -.'filer 
At.^tbe; ^Trevelyans’ 
ous ‘cotn^’.'-ficmse^; 'spoq- 
ed every - r kLod" of .worthy., 
ifcw - ise from temperance reform 

JPfef town-planning. ^ ":.’\ 

Sr^ ■ > imbng her platonic devotees 
?. re SwinTaumfei Rossetti, Rtwkin . 
1 the surly,- cross^rained 
- J* nter William, Bell ScotL Swi» 

, ■ Js&Airn&r though:she bad scolded 
* ''> gently abottthiseunhonions 

W ■ libertine, Poems and Ballads. 
\ ^fclared tfiat she! was the most 
*. • brilliant ••* and appreciative'?; 
• nranr;whtr bad ever come bis 

si:., \y; ti> Buskin she was a "beloved 

^ V 4 ■ ponitress "; -Scott—she called, 

i*. a “ Mr. Porcupine " — styled- 

r his “ never-to-be-forgotten 
i^.jd angel; small, quick with 
ona! airporL itless bright eyes that nothing 
heaven or earth escaped • . 


, ^ . s a much more difficult person- 

- i- £. >ae> man of W oros and 
, l .‘ Ls my unacknowledged peculiari- 
•i-so oj aetiflhS;" and it Was sometimes 
a .HS.-er.!'. !;; jted that, like Ruskin, he might 
argm? ve failed to consummate their 

gDlami? Lr.-a j;' ^* 86 . They had no children; 
i sLoy;c > 

Le^r'X: Ssi i C «°" 


sity /Library, • NeWcasti+upcm- 
Tynle, which indhde^httherto un¬ 
published- letters -fieom Ruskin 
.to his zaonitress, Written during 
crises of his .personal --career. 
When Effie deserted' 'him and 
began- a suit for.divorce, many 
previous supporters' were deeply 
shocked, and . even J wondered if 
he were comple^fdarsaae. ': But 
Pauline rallied to-hbr. friend’s 
defence; qjaff Raskin’s • grateful 
reply - was f - characteristically 
evasive:- v "• . 

£ideed jX ;in >no 8 t ready to 
admit 1 may hive been wrong 
. itt ^several- ways .-but 
' assuredly, T&td all JcOuld for 

-. Hep to theljesl of my judge- 
: '■went ':*. , ; V As for controlling 
her I never felt myself a 
judge dp. what was right for 
■ her to do or not to do . - -1 had 
-ho capacity for watching 
flirtations — 1 might as well 
have set myself to learn a new 
science, as to guess at people's 
characters and meanings • ■ • 
The whole matter is strange— 
complicated—fuU of difficulty 
and doubt. ... 

What the prophet could' not or 
would not admit—and may have 
been quite incapable of under- 


«4WbV|ui U g VU WIUUUUU. VIWdJB, 

amused by- his revolutionary 
fervour, she. painted a water¬ 
colour sketch of him, stripped 
to the waist, his red hair flying 
out like the tail of a comet ... 
striding across the top of a 
Parisian barricade." Foolish bio¬ 
graphers have suggested that tbe 
friendship concealed a secret 
love affair; but Pauline's virtue 
was- never seriously impugned— 
it was generally agreed that she 
lacked passion; and Swinburne’s 
infatuations were apt to remain 
cerebral. He was content to 
adore his idol as a figure of 
Arthurian romance. 

Mr. Trevelyan also discusses 
his heroine’s activities in the 
field of art collection. Her tastes 
were varied. On her last 
journey through Paris, in the 
year 1866, she had hoped, we 
learn, to see the works of 
Courbet and Manet, whom 
Ruskin and her husband both 
abhorred: but at home the 
Trevelyans commissioned Wil- 
lian Bell Scott, tbe least inspired 
of the Pre-Raphaelite artists, to 
decorate tbe hall at Waltington 
with a series of enormous 
canvases depicting chapters of 
Northumbrian history which, 
althougb boldly flamboyant and 





I t ? f < 

\ \ ' fW&M 


Pauline Trevelyan—a painting by William Sell Scott 


energetic, have not stood the 
test of time. 

It is as a charmer, a wit and 
a brilliant blue-stocking hostess 
that Pauline emerges most 
distinctly. She had a warm heart 
but a sharp-edged .tongue, and 
did not disdain malicious gossip. 
“So Alfred Tennyson is going 
to be married,” she remarks. 
“ Did you ever see the lady ? 
She is described to me in a 
letter 1 got yesterday as 'a mist 
of white muslin out of which 


comes occasionally a small 
voice'." -4 Pre-Raphaelite Circle 
is a book 1 can recommend to 
every student of the period. It 
is easily, if not always gracefully, 
written: and one wishes that 
the author did no: now and then 
make use of contemporary catch- 
phrases. To inform us that 
••Ruskin played it cool.” or that 
Lady Eastlake did a “real 
hatchet job ” on his Academy 
Notes, seems unnecessarily jar¬ 
ring. 


ggin Hill > MS 


of the fathers come to roost at last 


BY ISOBEL MURRAY 


a.' Uj 

v.ed. i 
uses :(■ 
omens, 
iiist, jr. 
iCldcti l 

■saves .i-: 

2QU _:i.j 

i> me«: : 
itis t.s 

wy 

v:ev 
S in'* .:S 
X i‘o; •!: 
pwjs •• 
a A:r, 
Jro... ••• 
;Mu;l i i : 
• K rl: 
f*rt 

;v» 1 ■ 

nr,. 


— - -- ~ — chapter heading details the 

V "Woman of Frmerly by amenities and by implication 
-Margaret Blount Hutchinson, the social status of the- house 
SiUR 279 pages •; where it takes place;. . 

Si- -T ' _ ' . ' 1 ^ Joan’s childhood was initially 


"- - .. . f a 8 iu 0n ed life: but her firther 

■"■••.Tea:Singer at the_Wedding hy.-j^ so^ai pretensions—and 

r --5ruce Arnold. Hamish HamU- si^ters^-which made him out- 
Jij j on, £4.95. 285 pages . reach himself and tuinble down 

- -rt-r“—T In the world further than he had 

r ' ce Lorimer lane by Atme e a ge a n p. As this happens in the 
•. ,1 ^felvtile. Heinemann, " £iM. we ^ and understand Joan 

: -.'r. ; :.l77 pages ;' forming golden rules for herself: 

. The accidents of her ' But this summary gives no 

. ■; roine’s cfllldhpod, vduch in- idea of the richness of-the book, 

■ ..."I've constantly moving to less the precise social observation 
. V, -ubrious homes, leave the and discriminations, the ire- 
. j.'gest mark "on Joan, and every, creation of the child’s conscious- 

—U.K. ECONOMIC UNDIGATQRS- 

-’CONOHXC ACTIVITY—Indices Of industrial prodnction. manu- 

eturing output, engineering orders, retail sales volume 
• -r jo>; retail sales value ( 1971 = 100 ); registered unemploymmit 
-v; . excluding school leavers)--and unfilled vacancies (OOOs). AU 
... tasonally ad^ted.^ . Eng Retail RetaE Cnem- 

prod : output order vdl. - value ployed vacs, 

102> 1014 107 10&S 2 lfjt na na 

.^-'.'077 ’ ~ ' 

.'qtr. 1034. 1&S4 ill H».0 ,717.1 L330 na 

‘1 qtr, I0L9 102.7 104 105£... 221-5 1.JJ0 163 

. T qtr, - 102.6. 1035 108 l }’S? 

ly 102 JS 103^ 102 107.# 232JJ 1494 Jf3 

' -’-'.-ig. 1024 ' 1034' 116 1074 2374 1^14 154 

. pt. 102.7 1034 105 1064- 236.6 1,446 145 

t. 1®14 -1024. 108 : 105.4 ?S4.4 1,433 153 

,--:4 **^ ts Si 

r-nT - • 1,42s issj 

' UTPUT—By market sector, consumer goods, investment goods, | 
•:utermediatfr goods (materials and fuels); engineering output, i 
■ letal manufacture, textiles, leather and clothing (1970—100); 

-ousing starts (000$, monthly average).. __ 

Consumer Invst.. Intmd, . Eng- Metal Textile Housg. 

• goods "goods- gpdds output mnfg.. etc, starts 


ness, the ordeal by aunt-visiting 
or the horrific children's party 
in their most ostentatious tem¬ 
porary home, a party which is 
already an agony to Joan before 
the men came to remove all the 
furniture. 

Joan's future is determined in 
this first part by her reaction 
to disastrous experience, and her 
pathetic rules for life. In tbe 
second part of the book, “ Demo¬ 
lition.'’ she is married to the 
richest of her childhood friends, 
has three children, -whom she 
thinks of as Wasp, Hornet and 
Bee, and has what is politely 
known as a Drinking Problem. 

We suffer her present state 
with bar and go back to adol¬ 
escence to see her moments of 
choice, and ask, what choice? 
Kenneth, the cocky, wealthy, 
forceful young man "offering 
delusive " security, or Neville, 
weedy, fossil-collecting, useless. 
It never occurs to Joan that she 
could refuse both, as it never 
occurs to many of us to turn off 
the TV. 

Margaret Blount has produced 
a haunting, moving novel, which 
is full of a humour 1 haven't 
described, of a host of vivid 
characters, of a compassionate 
but sombre undestanding. 

Many of the same qualities 
mark Scott Spencer’s Preserpa- 
lion Ball In which an uneasy, 
insecure young American is 
wrenched back to face the centre 
of bis life, again concerned with 
youthfol experience, especially 
father. Virgil has detached him¬ 
self as firmly as possible from 
his eccentric father Earl, a failed 
composer, has made good in busi¬ 
ness and by a miraculous chance 


has made a perfectly happy 
marriage. Nothing seems pre¬ 
carious. 

But Virgil instinctively dreads 
Earl and aiJ his works, and 
when he and Tracy acquire an 
isolated dream bouse in Maine, 
he makes futile attempts to pre¬ 
vent Earl learning the address. 
Earl meantime has acquired 
new problems of his own. an 
ageing flapper for a wife and her 
antic son. obsessed with a society 
for Prisoners’ Rights which leads 
him into ludicrous law-breaking 
and pursuit by the police. 

Interestingly, Earl is not pre¬ 
sent in the long climactic pas¬ 
sage when Virgil and Tracy are 
invaded in their snow-bound re¬ 
treat by Tommy and his half- 
crazed girlfriend Melissa. But 
Earl is inescapable. Cut off in 
the house, the four face violence 
and tragedy, and the idyllic re¬ 
lationship of Virgil and Tracy 
crumbles away as he is forced 
to look into himself for the first 
time. 

The novel is well constructed 
and narrated without self-pity 
and with dawning awareness by 
Virgil himself. It is intelligent, 
welMvritten and dramatic. 

Bruce Arnold's A Singer at the 
Wedding is an English version 
of almost the same plot at an 
earlier stage in the son’s de¬ 
velopment. At 14 he is a choir 
soloist at a wedding where he 
meets a different and extraordi¬ 
narily desirable set ot people. 
Although he loves his father, 
another failure and this time a 
confirmed womaniser, he is hope¬ 
lessly attracted to a richer world 
of security and beauty, and falls 
in love with the daughter of tbe 
house, Babette, while it looks as 


though hie father may marry the 
aunt. 

The hoy has a short period of 
happiness as poa-ihi lines of 
family and stability .open up. 
and he explores a new emotional 
world with Baheiic. When bis 
father shatters aP this by an 
unexpected marriage elsewhere, 
the son finds it hard to forgive. 
Bui fee hook is narrated by the 
grown-up son. who has learned 
to understand the profound un¬ 
happiness of his father's life. 
The boy learns and the man 
accepts his own frailty and 
irrelevance, and a sense of in¬ 
evitable loss. 

This is a very promising first 
novel. 

Anne Melville's The Lorimer 
Line presents a more robust 
approach to similar themes. It 
is essentially an historical novel, 
the saga of a capitalist family In 
late Victorian England. But 
again it is the story of failed 
father and reading child. In an 
engaging and readable fashion, 
the author chronicles the down¬ 
fall of John Junius Lorimer, 
wealthy and respectable bank- 
owner. The secrets behind bis 
respectability gradually emerge, 
usually to be dealt with by his 
courageous daughter. Margaret. 

Margaret Lorimer is frequently 
thwarted by her father, even 
after his death, and her youth 
?s far from happy; but she 
emerges from heartbreak to 
qualify, unusually, as a doctor, 
and more heartbreak only streng¬ 
thens her will and understand¬ 
ing. We are promised a whole 
sequence to bring fee family for¬ 
tunes to the present day and can 
look forward to tins with quiet 
pleasure. 


In the early 1930s, literary 
survivors from the Edwardian 
period, of whom there were 
plenty still active, sometimes 
talked of Gilbert Caiman. They 
praised his talent. They said 
what a loss be was. It was com¬ 
mon knowledge that he had 
gone mad. In spite of the praise, 
there wasn't much pity—occa¬ 
sionally a conventional "poor 
Gilbert," no more than that They 
teemed to have disliked him. 

At the time I knew about 
Henry James's remarkable 
encomium in 1914. fn which he 
chose as the four leading young 
novelists of the period, Hugh 
Walpole. Compton Mackenzie, 
Gilbert Canaan and finally D. H. 
Lawrence, the last in the immor¬ 
tal words "however much we may 
find Mr. Lawrence, we confess, 
hang in the dusty rear.” James 
was a good and generous critic, 
and that is one of the classical 
lessons to anyone judging his 
contemporaries. However, all this 
was enough encouragement to 
make one look at Cannae's 
novels, and I tried Round 7?ie 
Comer. I thought fee enthusiasm 
excessive. 

There was obviously a literary 
gift, though for my taste ir was 
brandished too much. In any case, 
be was appreciably less 
saccharine than the common run 
of Edwardian novelists. But I 
didn't find him attractive enough 
to make much effort, and haven’t 
since. 1 was nevertheless 
Interested in his history, and 
couldn't discover very much. 

Diana Farr, who is a remote 
relative (her mother was a 
second cousin of Gilbert's), has 
now filled much of this gap- This 
is a biography tolerant about 
other human beings, warm with 
good feeling, out not at all 
soppy. It has a deficiency which 
ought to be guarded against in 
This kind of work. Ir is rather 
short of facts, particularly facts 
of a prosaic kind. We should be 
helped if we knew, for instance. 
whai were Canaan's literary 
earnings in his years of compara¬ 
tive fame. It would be even more 
useful if we were told the 
clinical diagnoses, and when they 
were first made. Still, tbe book 
tells us a lot about Cannan him¬ 
self and literary circles from 
around 190S to 1922, is well- 
judged in human terms, and was 
well worth writing and pub¬ 
lishing. 


Ms® 

W* 


ftaTwan was borp In 1884 in a 
lower middle-class family in 
Manchester, but a family with 
professional connections. He had 
a clever cousin, a generation 
older, who became a professor of 
economics at a London college, 
and supported Gilbert for much 
of his early life! The boy was 
thought by everyone to be bril¬ 
liant. won a scholarship to 
Manchester Grammar School, 
went to Cambridge. There he was 
“allowed an ordinary degree," 
which was a sign of academic 
collapse and, since he was bright 
enough, a clinical sign we ought 
to kno-w more about Still 
financed by his cousin father- 
surrogate, he read for fee Bar 
and began to lead the literary 
life. 

He was at once encouraged, 
promoted, courted, in a way 
which would be impossible for 
a young man of comparable 
talent to-day. Literary London 
was benign in Edwardian times, 

and perhaps up to about 1930, ^_ ____ 

to an extent which we have, so G,U,ert Connan^secreOry to 

much the worse for us, allowed J- ^ Bame 

to slip away, 

It helped that Gilbert was a s £ ges o£ , “hizophreaia. Prob- 
young man of impressive appear- y , j ° owa °[ a > s the condition 
ancef dazzling fair hair, wild wo ?! d h ^ ve bee “ ^gnosed much 
staring blue eyes. Kathleen J'.^her. Some of the letters and 
Bruce found h hard to decide Bterary fragments which Diana 
between him and her other Farr QU° tes * oul d have aroused 
suitor, who was Captain Scott, suspicions to-day, certainly in 
J. M. Barrie's wife didn't find ^ ose who . ^ had 
it in the least hard to decide experience of schizophrenics. I 
between Gilbert and J. M. Barrie haven't been able to refresh my 
whose secretary he was She memory, but I think that in 
duly captured Gilbert, 20 years ffound 77?£ Comer there were 
younger than herself, and some premonitions of the schizoid 
married him. Soon, well'before c hill. As it was, his arquain- 
tfae age of thirty, Gilbert had a lances, seemed to have thought 
great reputation, as novelist, that Gilbert was a little odd, dis- 
playwright, dramatic critic, agreeably unforfecoming, some- 
Those were his high years. one they wanted to get out- of 

Nrnni.rtj.i.w their lives. It was Galsworthy, 

!otar™?«Tfe>oSta g WtS 

now know, we can understand l nUJ£ir SW 

the fatality better than those that Gilbert was mentally a«k. 

round him could. It is sympto- He became irretrievably in- 
matic that when he was 30 no sane. One of his more pathetic 
one thought of him as young- He delusions was that he was 
had the effect of someone Captain Scott, the man who had 
authoritative, remote, much married Gilbert’s first love, 
older. The marriage was a though she had loved Gilbert the 
failure. He was bored with his more. For 30 years, he spent 
wife, didn't retain any sexual much of his time writing letters 
interest in her, had affairs with to world figures, which the 
other women, intermittent, spas- asylum where he was incarcerated 
medic, and one genuine relation, tactfully intercepted. Very few 
with a wild young girl of people kept in any kind of con- 
beautiful patience. tact Not many men of gifts and 

No one liked him much, glamour can have evoked less 
People were often captivated to affection, 
begin with. But he b ecam e in- There is one flowing and 
creasingly given to stretches, glorious exception. The young girl 
Jong stretches, of forbidding who had loved him herself made 
silence. In bis early thirties, ^ happy marriage. For 30 vears 
he was already ceasing to com- s - ae ^ & er husband, and finally 
municate, though be had s ij e as a widow, paid the hills to 
frightening and violent fugues. fteep Gilbert looked after in one 

He was in the first discernible of the best mental homes. 


Crazed count fake BY JOHN LEHMANN 


Swan-upping and wine-downing 


BY EDMUND PENN1NG-ROWSEUL 


98* 

97.7 

98.fi 

100 

.194.9 

104JJ 


98JK 

98.0 

\.mo 

105.0 


1 XTERNAL TRADE—Indices of export and import volume 
1970=100); visible balance; current balance; oil balance; terms 
if trade (1970=100); exchange reserves. 

. Export Import.. Visible Current Oil Terms Resv. 
-volume volume .balance balance balance trade Tjsgon 


A. History of the Vintners’ Com¬ 
pany by Anne Crawford. Con¬ 
stable, £10.00. 319 pages 

Tbe Vintners' Company is the 
11 th in tbe hierarchy of the 12 
great City of London Uvery Com¬ 
panies, and in the form of the 
“ Mistery of the Vintners ” dates 


back to early in the 13th century. 
Their importance was closely 
associated wife fee trade in 
Gascon wine that dominated the 
wine trade in England after fee 
marriage of Henry, shortly to be 
King, and Eleanor of Aquitaine. 
The Vintners, though not in¬ 
corporated until 1437, secured an 
exclusive licence to sell Gascon 


d qtr. 153.7 - 1424 ; -44 +405 -586 814 13.4. 

h qtr. 1484 1394 + 38 +473 -665 844 2049 

ig. 152.0 13L9- +136 +286 -182 £2.0 144 

155.7 1444 -+ 65 +215 -205 83.0 1.41 

it. 1504 140.4 + 46 +191 —231 834 2041 

3V. .. 1424 133-2 + 72 +217 -153 85.3 2049 

5 C, • 1514 : 1402 “ 80 + 65 “381 854 2046 

FINANCIAL—Money supply Ml and sterling M3, hank advances 
n sterling to the private sector (three months'growth < at annual 
ate); domestic credit expansion (£m.); building societies net 
allow; HP,-new credit; all seasonally adjusted. Minimum 
ending rate, (end period). 

. MS advances DCE BS HP MLB 

% _ % £m. inflow . lending % 


--BOOKS OF THE MONTH- 

Announcements below are prepaid advertisements. If you 
reepizre entry in the forthcoming panels application should 
be made to the Advertisement Department. Bracken House, 
10 Cannon Street, EC4P 4BY. Telephone 01-248 8000, Ext. 7064. 


BA 14.4 1.417 


327 14i 



OfflATION^-Iadices 'of earnings (Jan. 1976=100), Jarie 
Materials and- fuels, wholesale prices of manufactured Products 
(1970=100);' retail prices and fbod!. prices (1974=100); FT 
jommodity index . (July 1952=100); trade weighted value or; 
sterling (Dec. 1971=100). 

. Earn- Basic "Whsale. FT* 

imre* matis.*'untie* RPT* Foods* comgty. stng. 


1741 

18L9 

•184.7 

184.7 

185.7 
186A 

187.4 

188.4 


184.7 
19U 
192 J 
19L9 
1925 
1925 
1925 
1945 


seasonally adjusted. 


276.4 

250.0 

2395 

2395 

24L6 

23658 

23854 

23450 

226.41 


European Research Index 

Directory of establishments 
conducting, promoting or en¬ 
couraging research in science 
and technology including agri¬ 
culture and medicine. Com¬ 
pletely revised and enlarged, 
covering government and in¬ 
dependent research establish¬ 
ments, university research 
departments and research 
laboratories of industrial 
Anns. 

Frauds Hodgson 

West Europe: (2 vols.) 

Swiss Frs. 400.90 
EastEnope: (1 vol.) 

Swiss Frs. 200.00 

Survey of Published 

Aecoonts 1977 

Due out at the end of Fein 
maty, the latest edition of 
this unique reference annual 
provides a quick guide to 
stattrtory requirements, 
accounting standards and re¬ 
porting methods, with numer¬ 
ous examples of current 
practice. 

Tbe Institute of Chartered 
Accountants in England Wales 

£855 to February 28 
(£955 thereafter) 


Who’s Who in Atoms 
Completely revised edition of 
this international guide trow in 
its 17tth year of publication. 
Listing about 10,000 leading 
figures in tbe nuclear field at 
national and international 
leveL 

Francis Hodgson 

Swiss Frs. 225.00 


Industrial Research iu 
Britain 

This guide to British science 
and teohnotogy is how in its 
30th year of publication. The 
8 th edition is completely re¬ 
vised. Fully indexed* 

Frauds Hodgson 

Swiss Frs. 200.00 


Decorative and Applied 
Art of Turkmenia 
L. Beresneva (Compiler) 

317 Call colour plates illus¬ 
trating Items of domestic and 
ornamental art. A large section 
of the album is devoted to the 
famous carpets and textiles of 
fee republic. Text in English 
and Russian. 

Aurora* Leningrad 
Coffers (distrib.) £10.00 


wine Id London, and did very 
well out of it until the loss of 
Bordeaux and fee competition of, 
other wines gradually diminished, 
their power and affluence. 

Taverners rather than im¬ 
porters, they were often in con-! 
flict with the merchants, and in 
fee 17th century became increas¬ 
ingly unpopular for attempting to 
maintain a monopoly of wine- 
selling. The financial extortion*, 
of fee monarchy, fee costly 
Londonderry plantation and the 
Fire of London all weakened fee 
comparatively poor Vintners, and 
their control of the trade was 
lost. 

To this day, however, they have 
maintained fee privilege of 
exemption from licensing for 
those freemen engaged in selling 
wine (but not other alcoholic 
drinks! in the City and within a 
three-mile radius; also, curiously 
enough, in 30 named ports and 
42 post-towns between London 
and Dover and between London 
and Berwick. 

Yet, though the company main¬ 
tains a close association with 
the wine trade, and 25 per 
cent, of its 440 members are en¬ 
gaged therein, fewer than a dozen 
are “ free vintners," and only one 
outside London. 

Another Vintners’ privilege is 
the right to own swans on the 
Thames, along with the Crown 
and the Dyers, and swan-upping, 
or marking the birds, takes place 
each summer. 

Obviously much of Anne Craw¬ 
ford’s highly detailed study will 
be of concern chiefly to those 
intimately associated with the 
Company and to students Of City 
of London history, but, particu¬ 
larly from the 18th century on¬ 
wards, there is much to interest 
the general reader; and the only 
criticism to be made is that, apart 
from a brief epilogue, the record 
stops at the end of the last 
century. 

Handsomely produced, with 
illustrations of the Vintners' 
properties, including its silver, 
and of some of its Masters, the 
Company is to be congratulated 
on commissioning this addition to 
the record of those unique, extra-' 
ordinary institutions, the City 
Livery Companies, 


Comte de Lautreamont: Mal- 
doror and Poems translated by 
Paul Knight Penguin, 95p, 
2SS pages 

Lautreamoat's Maldoror trans¬ 
lated by Alexis Lykiard. Alli¬ 
son and Busby £1.95, 21S pages 

Lautreamont Poesies and com¬ 
plete Miscellanea, English and 
French texts translated and 
edited by Alexis Lykiard. Alli¬ 
son and Busby. £4.95.152 pages 

Isadore Ducasse, who called 
himself Comte de Lautreamont 
apparently from the title of a 
novel by Eugene Sue, was born 
in Montevideo in 1846 and died 
at tbe age of 24 in Paris, where 
he had lived for only three years, 
during fee siege of the city by 
the Prussians. 

Twelve months later another 
young poet, Arthur Rimbaud, 
seven or eight years younger 
than Lautreamont, arrived in 
Paris from Belgium, to begin his 
briof, comet-llke career across 
fee French literary sky. It is 
extremely doubtful whether 
Rimbaud ever read Lautrea- 
mont’s ilfoldoror, as the 1869 
edition never reached tbe book¬ 
shops, owing to tbe printer's 
fear of prosecution. The simi¬ 
larity of spirit is, nevertheless, 
striking: both poets seemed 
to be obsessed by a need 
to annihilate all the rules of 
morals and literature and to 
become voyants. seers; in 
Rimbaud's case by reckless, 
deliberate debauchery and a 
dereglement de tous les sens 
by drugs or other means, in 
Lantrearnout’s by opening the 
flood-gates of the subconscious 
and allowing all the black un¬ 
censored impulses of the soul, 
sadistic, lecherous, fantastic, 
unappeasable, to pour into the 
series of long prose poems which 
form the Chants de Maldoror. 

In Rimbaud there is a sense 
of tragic despair in his revolt, 
in his thirst for a reality, how¬ 
ever terrifying, behind appear¬ 
ances; Lautreamont, in the 
person of his hero Maldoror, 
presented as a satanic Byron, 
glories in his diabolical apart¬ 
ness. At the same time, I can¬ 
not help feeling that, compared 
with Rimbaud's ultimate of 
despair, there is something 
factitious about Maldoror’s 
wickedness. The mastery of 
language, the richness of the 
outpouring of images of horror 
and wild fantasy, seem at times 
like a literary exercise of 
supreme virtuosity, as _ if 
Lautreamont had said to ham- 
self. “1 will wriie a blark novel 
to end all black novels." 

Very little is known of Lautre- 
amont’s life, and there is no 
evidence that he ever in his own 
person carried out any of tbe 
atrocities he attributes to Mal¬ 
doror. One could deduce from 
the Chants that he was a 
pederast, though not conclu¬ 
sively; rather perhaps that 
pederasty attracted him as a 
vice, which he makes even more 


vicious by portraying in Maldoror 
an almost irresistible impulse to 
torture and abominably disfigure 
tbe victims of his lust. 

Tbe Chants, and the poems 
which followed, were in any ease 
too much for the bien peasants 
of the day. They disappeared 
from sight, until resurrected be¬ 
tween fee wars by the Surrealists 
in France, to whom his unbridled 
and eccentric imagination could 
not fail to appeal. But the 
Lautreamont cult which exists 
to-day did not really start until 
about 20 years ago. Since then, 
n large number of critical studies 
have appeared, mainly in France, 
where at least three editions of 
his complete works have also 
been published. 

Id view of the recently revived 
interest in Surrealism and its 
origins, crowned by the current 
exhibition at the Hayward, the 
new translation of Maldoror and 
the poems in the Penguin 


Classics, the reissue of Alexis 
Lykiard's translation in soft 
covers, together with bis addi¬ 
tional translation of the poems 
and miscellanea, are topically 
relevant Lautreamont will, I 
think, always be a difficult 
author for the English sensi¬ 
bility, partly because of our re¬ 
sistance to tbe prose-poem form; 
but if one can stomach the 
obscenities and elaborate sadistic 
inventions, in fee midst of them 
one comes across passages of 
prose which are magnificent in 
a Byronic manner, such as the 
defiant invocation to Ocean in- 
the first Book. Of fee two trans¬ 
lations, I think I lean slightly 
towards Paul Knight's; though 
in my opinion any English ver¬ 
sion of French rhetoric is bound 
to read a little stilted and un¬ 
couth. I should add that in 
neither case have I carried out 
a meticulous comparison with 
original. 


Year Book of Labour 
Statistics, 1977 

This 37th edition of one of the world's leading 
statistical reference works brings together in 
systematic and comparable form a mass of data 
from a vast network of authoritative sources of 
information in some 190 countries. It presents 
information for the last ten years, including in 
many instances data for the first six months of 
1977. 

44 tables corresponding to major substantive 
chapters. Texts, headings and notes in English, 
French and Spanish. 

ISBN 92-2-001859-4 £21.10 

Social and Labour Bulletin 

Its brief articles highlighting new approaches 
to problems common to many countries, cover; 
Labour legislation (including drafts of proposed 
legislation involving significant innovations); 
distribution of incomes; labour relations; major 
collective agreements; employment policies; 
conditions of work; social security; occupational 
safely and health; women workers; equality of 
opportunity and treatment; migrant workers; 
vocational training; rural development and co¬ 
operatives. 

The articles often review results of research on 
these matters as well as opinions expressed by 
workers or employers (including important 
decisions or resolutions adopted by congresses 
of workers’ or employers’ organisations). 

4 issues and annual index by subject and 
country. 

Annual subscription : £6.65 only 
INTERNATIONAL LABOUR OFFICE 

ILO PuHtefltons JLD Branch OfUea 

CH-1211 GENEVA 22 37/31 Mw ? ond S* 8 * 

Swtettfend fgilP! London WY2LA 

Trim 22271 Tri! 01-499 2084 














































32 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN 


Dow recovers 4.4 on economic news 


a ground. marginally higher. hauance^aod 

Stores were mostly firmer, with Financials lost ground, but Medio- 


• NEW YORK, Feb. 1. 

BY OUR WALL STREET CORRESPONDENT 

AIDED BY favourable signals announced by the Gov ? r "®^ n t * q^^oU Sat Stores were mostly firmer, wiui rinanca is iosr graunB, bm*. ««««- 

about the economy and a sharp yesterday. The index gained 0.7 of its six West Pembina Kaofbof gaining DM3, while KHD banca hardened 80 to 131,280 in 

:__ .i_ _i_ii__.Av>i in nommiior nftpr an me urn tn iw Enpreerings_ *- m>1 on »•••■» 

higher. Motors 

___ W TSVfl C r 

Steel, the most active plot a downward course in idle 
issue, dosed unaltered at trading. 



improvement in the dollar per cent in December after an —- in'Alberta was signific ant, 
a sain st the French franc. Wall upward revised 0.1 per cent nse ‘™r» 

Street took a turn for the better in the previous month. PARIS—Market continued 

to-day in active trading. US. 

The Dow Jones Industrial NYSE 


DM2.50 up. 

Tending Ch emicals. 
tended easier, Bayer 


Average ended 4.42 firmer at S28J. after trading as low as $27? SSN^Gcrraisc Danpne re^ed DM0 .50. 

774.34, after touching 777.89. while — the issue sank 3| points yes- 13 to Fr&330, Mjchgin b so to p u bljc Authority Bonds finned 


the NYSE All Common 'index terday on reported sharply lower Frs. 1 . 053 , Peogeot-CIttoen 5.0 to up to 10 pfennigs and the regulat 
improved 3S cents to $49.79 and fourth-quarter earnkigs and a F cs-260. 1, Pe eniney Z.Bto r rs.b7.l, j ng Authorities sold 


up to DMLS0 Banks, 
lid Daimler JOHANNESBURG—Gold shares 
were modestly finner in light 
however, trading, helped by higher bnllion 
indications ahead of the IMF gold 
auction . 

Financial Minings were quietly 
steady, while other Metals and 
nominal Minerals hardened in a thin bnsi- 


sheddins 


933 


dhrtend cut "to 40 cents from 55 and Bouygues 7.5 to TrsMO. i)M13.4m. of stock (DMSJm.). ness. De Beers advanced 12 cents 

The Napoleon-lmked 44 per Mark Foreign Loans were also to R5.70. 
high on the. cenL.^ 1?J3. _S_Ute Loan^ n>sej£ , HONG KONG-Remaintag easier 

SWITZERLAND—Stocks made a continued local -telling in fairly 

rather mixed showing in fairly ™ 6 


rises outpaced declines by 
to 427. Turnover further expanded cents. 

by 2.37m. shares to 2224m. from American Motors. *«**. «... —.-. - - -_. M 

yesterdays total actives list, put on 1 to $44 — the mtereSt 

Analysts termed constructive a company said that it is still ready aod the arm goia price. . 

Government report of a IS per to consider a merger if the right BRUSSELS—Local issues were active dealings, as some profct- 
cent. rise in Ui$. private construe- offer comes along. again irregular in slow trading, taking set in after the recent 

Among Glamour issues.. Electro bet moved up 90 *0 advance. 


tion spending during 1977, includ¬ 
ing a hefty S2.3bn. increase for 
December. 

Another helpful factor was 


WEDNESDAY'S ACTIVE STOCKS 

Change Index 


Stocks Closing on 


Polaroid advanced v to 8251, B.Frs.6.030, 
Schiumberger H to $684, and Du BJFrs2,605, 
Pont 1; to S108A. but Bausch and retreated 40 
Lomb fell li to 548J. 

THE AMERICAN SE Market Value 
finished 1.18 up at 122.57 


as 


quiet trading. 

Hong Kong Bank shed 10 cents 
to SHK16JH), whHe Hong Kong 

!-=£=" 7 S2Z ISs Si SSffik'VS'S 



i ra4ed 

price 

day 

U.S. Steel . 

.. 661.600 

2.>-S 

— 

SeblMz UreuinB .. 

. 269J00 

HI 

+ U 

Vrrox . 

.. ?<W.SOO 

:« 

+ li 

Vi .ill . . 

. 257.00U 

20 

— ’ 

Anierlran Motors . 

.. -jo.COO 

41 

+ i 

Fibreboard 

.. 3W.M0 

142 

— I 

Ini. Tel. and T*l. . 

.. 218.600 

cb; 

4s 

Euon .. . . 

.. 203.600 

■w: 

+ i 

Clilcurp . 

.. 112.9M 

un/ 

— 

Sony 

. >“.400 

77 

+ 1 


after fairly active trading. Volume 
2.45m. shares (2.23m.). 


did Hoboken to 

but Petrofina 843 in Transports. Among leading 
to B .Frs .3.950 and Banks. Leu Bearer and Vottsbank . 

Vieine Montague 28 to B-Frs.1.368. eased, but Union Bank and Credit TOKYO—Share pnees improved 

. ,» - - Suisse dosed sUghtlv higher. In afresh in active trading, led by 

AMSTERDAM—Mostly easier in recently ^favoured Public Works issues following 

FI n RO in Forbo lost ground, bat Pirelli Parliamentary approval of a 
otS^J >Ut b^le d ^irer d ed 1 DStS jg> r «^d4 ra^new high for the ^^pptem^^B^t^for 


OTHER MARKETS 


news of a 4 per cent, gain in 
December factory orders, follow¬ 
ing a 0.4 per cent, decline in 
November from the October level. 

The two reports came on top 
of another increase in the 
monthly index of leading U.S. 
indicators, the sixth rise in a row. 


Most sectors on Canadian Stock 
Markets pointed higher yesterday 
following active trading. The 
Toronto Composite Index rose 7.6 
to 1,006.0, while Oils and Gas 
shot ahead 26.1 to 1,363.8 on index. 
Metals and Minerals put on 6.6 
to 817.4, Papers 1.72 to 94.19 and 
Utilities 125 to 160.04. However, 
Golds retreated 21.3 to 1.S50.5. 


«» «*.**»«**. fiscal 1977. The Nikkei-Dow Jones 

STtKJSfof the market. Van SPAIN-Market mainly showed ^“volu^ aSSSC 

Ommeren lost Fls.1.50, KLM little alteration. Banco Santander, SSeTVsiOm.f“ oimnnB 

FIsJ2.10, and CSM Fls.4.00, but up 9 points at 349, and Sarrio - ,um - snares < aiUnL >- 
Helneken added FIs.0.70 and PapaJera, 1.50, firmer at 68.50, 

Nationale Nederlanden Fls.0.80. provided bright spots, hut E. L 

State Loans were narrowly Aragonesas were 2.50 down at 
mixed. 54.50. 

STOCKHOLM—Market failed to MILAN—After Tuesday’s firm 

establish a decided 


Export-orientated issues were 
bolstered by active baying by 
major investment trusts and 
institutional investors, with Mat¬ 
sushita Electric rising Y13 to 

trend, performance, stocks turned easier y 250 3,111 Nippoa Electnc U to 


Indices 


although Billcrud, Kr.93, and in modest dealings, the continuing 
Coliulosa, Kr.228, were outstand- Government crisis being cited as AUSTRALIA — Markets lost 
ing bright spots with rises of 8 a depressing factor. further ground, with uncertainty 

and 10 points respectively. Leading Industrials had Fiat 19 about interest rates affecting 

GERMANY—After starting on a down at LI .920 and Snia Viseosa sentiment, 
dull note, the market met support 13 cheaper at L449, although With talks still under way with 
and stocks generally gained Finsfder and Italsider were tfae Reserve Bank regarding reduc- 

-‘lions in home lending rates. Bank- 


day, but some apprehension ahead 
of next month’s General Election 
in France may have contributed ’ 
to the late pressure on the French 
franc. The French currency • 
opened at FrFrs.4.7350 in terms 
of the U.S. dollar, but fell to 
Fr.Frs.4-77-4.7B in the afternoon. 
The nervous thin trading was 
reflected in the wide dealing 
spread, and the- currency closed : 
at FrJYs.4.7725, compared with 
FrFrs.4.7382} on Tuesday. 

The dollar showed little move-' 
ment against most other, major 
currencies, - including the Swiss 
franc and German D-mark. Tbe . 
German Bundesbank bought 
S20m. at the firing in Frankfurt, 
but this was merely a market 

smoothing operation. 

The dollar’s' trade-weighted 
depredation, as calculated by . 
Morgan Guaranty of New York, 
narrowed to 4L57 per cent.from 
4.65 per cent 

Sterling traded within a narrow 
range, and was steady at around 
$1.9490 for most of the day. It 
closed at SL9480-1.9490, a fall of 



Trading remained thin in the and to 3.82 per cent from 3.34 per 
foreign ex chan ge market yester- ■cent m the international market nrae.:_. 



Opening- 


Mm SEP OCT HOT Qg JW F, 


Morning fix’dSlTO.fifr • 
”(£90.583) 


S175S,. 176ls JsnBi 
SI36V177 


s1 7«£a 7§M 
gnsjjo-^ 


Ahem’n fix’giS 176.40 


0*176.40- . 1*175.55 > 
1^-499) WE80^';| 


■v: 


Gold Coin.....} ' 

• domestkallrf -' •-. 

KrngwTWkL.i5190.19Z: • 

- • j(£97le08IaJ 

New Sav*ans. 5654-5714 __ 

](£M4-294)k^a 
<1854-56 
27^-2841 


.Old Sov'r 


*am: 


Gold Coins... 
{LuternatrTJjj 

K m g 9irTw.flri.— 


N'w8ovr , gt» 

OLdSovr'gm 

SaOEegtefc-. 


S1614-183 
f£954-944) 
$554-574 
l£284-2941 
*54-66 
7V283*) 
4-9624 



FOREIGN EXCHANGE? 


CURRENCY RATES 




15 points on the day. The pound's ^itrUop— 


N.Y.S-E. ALL COMMON 


Bises and Falla 


NEW YORK -DOW JOKES 



i i i 

Pel*. 1 Jnn, ' Jan. . Jan. [ J*u- 
1 I 31 ■ 30 | 27 ! 26 

lsm-TB 

Sineecon 

npitsdou 

Si ! High 

Lin 

H4fh 

ItfV 

1 ndurtruil... 

■ . | * 

774.R4 763.92; 773L44 TC4.1^ 765-W 772.44^ 333.75 

783JS* 

i 

1051.701 41.22 



13/1/77) 

(26/l/78i;(ll71/75)1 (2,7/5Z) 

H'meB” ad** 

89.57 89.62, 89.40' 83.37' 89.35* 89.53' 95.87 

89.35 1 — ' — 


1 ' ; 

. .7/9i 

(2R/1/TC) 



Transport.... 

210.31 208.56 208.71 208.71. 209.58 211.43 246.64 

199.60 

279.88 

13.25 


' I j 

1 (IS/Si 

(S/lOi 

(7/2«) 

iB/7/32) 

11 iliil?;. 

105.24' 104.77' TD4.9V 104.84' 105.14' T05J8| 116.67 

104.77 

165.32 

10.56 


: ■ 

; |22/2) 

31/lfTS) 

(20/4/e9|(2a/4/42l 

Trad Inc e>il 

: • i ! 

1 




000'ft t 

22,240- 18.870: 17.400! 17,600' 19.600; 18.690. — 

— 


— 


! 1 

Felt. 1 Jan. 

1 1 51 

1 1 

J 

1 Jail j Jail 

! i<3 ! 27 J 

| 1977/7S 

[ Hlcli 

Low 

46.791 43.411 

i ! 

49.49 48JJ6 

! i 

1 67.07 

1 (4/1/77) 

49.06 

(27/1/7$ 


Issues tzaded — 

Rises _ 

Falls_ 

Ifne banged_ 

New Sighs 


New Lows_I 


Feb. 1 

| Jao. all 

Jaa.50 

1.832 

1 1.840 | 

, 1.837 

955 

675 ' 

! 845 

427 

679 1 

B27 

472 

1 486 1 

465 

_• 

16 

9 

• 1- ! 

46 i 

52 


mnracEC- 1 — 1 - 

1 Feh. 1 Jan. 
j l | 31 

Jan. 

30 

-J-1377+1 


27 | High 

Low 

Industrial I 165.57; 163.B&I 
C,>mbmel | 172.80 171.02 

165.29] 163.471 186.47 /17/3) 
170-82] 171.19] 187.95 (19/1/77) 

158.02 (ZS.40) 
165.60 (2&/1C r, 

TORONTO Com pro,icel lOOfi.Qi 998.4 

998.2 

10001067.4 (19/7) j 961.0 05/1* ] 


JOHARUESBUBG 

CoM 

j 1 

j 218.71 215.7 

[ 216.6 

— 

216.6 j 

218.7 (1/2/78) I 

139.4 & a/5) 

, listURtrfala 

I 2l2.1i S1U 

211.8 

212.1 | 

214.4 (4/1/78/ ! 

169.1 (22/41 


* Rasix ni iikipt fftaruipn from Aiwusi V 


l oit ilir. yet 1.1 ? 


■Isn. 27 


Jnn. 20 ' Jan. 15 ' Year ago (appro*.i 


Fell. 

1 


Prev- 1977-7B <1977-78 
lous • High i Low 


Fell. 
# 1 


Pre- [l9/Mtajl97(-f: 


High ] Low 


6.02 


5.92 


5.93 


4.27 


Australia W 461.96 


STANDARD AND POORS 


Belgium <i]i 


' Feh. | 

1 1 ! 

Jftu. ■ Jan. ] Jan. j 

• 31 1 30 i Zi 

Jan. 1 

26 j 

[Jan. 

1 ^ 

;—raT 

rrs— 1 

rtim-eDo 

nipllat'n 

Hi«b | 

1 U " 

[ Higb 

Low 

; la-lufttrials] 99.12 1 
5Composite - 89.83 

1 80. SS 98.44- 97.51] 
89.2&I 09.54 BE.&ff 

; 97-47j 

1 88.58- 

• 

98.33 

89.59 

118.92 
(3/1/77) 
107.00 ! 
.3,’l/i7): 

97.47 154.64 

rJ6/l//81 (11/1.-701 
8858 1 12E.B6 
(2<i/l/76)l (ll/L’73l ! 

6.52 

(50/6/52) 

4.40 

(1*5,30 


Demnaxki**) 


France <tt> 


93^1 


96.65 


464.71; 476.43 41e^0 
.IfilUm (16/2) 
9oJ3, 99.12 W.43 

ivnininziim 


Spain 

Sweden 

8witerl 


Ut> 95.B6I 




SK83 100.00 j 94.56 

(SO/ia |(25/U7t 

sir rh I m «a. 


95.64 


Germany! tt) 1 796.1 
Holland (v?l| W-l 
Hong Kon^ 


96.97'107AS 

i fl/6> tas/ii) 

49.5 ( 60.1 [ 604. 43A 

■(?/l/77)i (10/6) 
7S3J ! 813^ I 71A5 
(17/11)! (10/3) 
80.5 93^ ' 7M 

(4/5) | (29/9) 


354.76 I 3S.71 i 4LBAB ! 286.68 
(22/5) [(24/11) 
312J)!5UL8 28a? 

: (Hilo) <6i&) 


312.5 



' Jan. 36 ; 

Jan. 16 : 

Jan. 11 

| Year ago lapprnx.) 

Inil. dir. yieH % 

: 5.22 ' ' 

«• i 

5.18 

3.87 

lud. 1\'H lull lu 

! 8.62 ! 

8.74 j 

8.65 | 

11.07 


Italy 

Japan 


Cili! 


404.04 ; 405.32 | 426.17 1385.44 

I (U/6) l(la/l/-fb ^ 

69.0 ! 69.24 - 73.71! 64.90 


Indices aad Daae dales lau Base values 
100 escBd NYSE AB Common—SO 
Staodards and Poore—10 aad Toronto 
300-1,000. the Iasi, named need on 1975). 
t Excluding Bonds, x 400 Indusmals. 
5 400 Isda., 40 UtUtoes, 40 Finance and 
20 Transport. ■!) Sydney All Ord. 
(Q) Belgian SE 31/1X/C3. • i“i rMMh.pB. 
1/1/73. Iff) Parts Bourse 196L 


XamuflmT, U.inl viel«l 


8^0 


8.17 


8.91 


.. . 2/12) 

(ol. 385^1.362.04 j 390.95.550.49 
(29/9) ,(24/11) 
Singapore ' 865.E6 26 &xe i 268 .ee 248.28 
«.) • 129/8) I (0,5) 


6.13 


(tt) Commerzbank Deo, 1953. (IS) Amster¬ 
dam [ndnstrial 1970. -.it) Bang Sens 
Bank 31/7/64. <R|) MlUn 1/1/71 (a) Tokyo 
New SB 4/1/68- (hi Straits Times 1968. 
(c) Close, (d) Madrid SE 30/12/77—Mgb 
and low for UTS only. (c) Stodchobn 
Industrial 1/1/58. (0 Swiss Bank Corn, 

in) Unavailable 


OVERSEAS SHARE INFORMATION 


In*. $ Prem. at $2.60 to £—74J% (73%) 
Effective rate (at 1.9485)—30(29J%) 


NEW YORK 


Stock 


I J-Vh. 


Jttn. 

51 


AUxiIh bills..> 

A'tlrwmsmpli .... 
Act nuUie A «Jas9| 
Air Prortu.-fc*.. 

AkanAiumiulumj 

Alim.. 

Allegheny Luill..! 
Allesjheo.v Power) 
Allie>l Cheml m..i 

Aliie-i Stores.) 

Allis Uhainren—. 
AM AX. 

Am era. la Be*,. 

Amer. Airline..... 
Amer. Brands....! 
iVnier. Hrmrlcii-i., 

.Ainer. Can. 

Araer. CyananiM 
.Ainer. Eliv. Pciw., 
Amur, kxprei-...', 
Anier.BoineFrc-l 
Amcr. ... 

Aiuer. Martini).; 

Ainer. Nhi. U».. 
Ainer. eianitarri 
Ainer. ai'ina..... 
Amcr. Tei.a Tel.. 

AineteL. 

AMY .. 

A II I*.. 

tlU|<C\. 

An -Inir Ut-Ainr. 
.IliWile' 

AmiSleei. .. . 

A.S. X. 

Aiuuicn Uil ... . 


A«*rw. 

A-hlnnd i.’il. 

All. KiclilieM-... 
Auto IW* Pni.... 
AVVs.-. 

Aveo .-. 

A»vn Pralucis... 
Ball Gas Kleul— 
Bank America.... 
UnnKenTr. N.Y. 

BarL-er L'u. 

Uaster Trawenoi. 

Hattri.-e Fi.a'-l. 

Be -LuaUli-Kensiui 
Beil A Uoiveu.— 

Beulix. 

Beii-jiieL Coua'U'; 
Uetbiuheni Sieei. 
Biii k \ Uu> Ker..' 

Btauuv!. 

Boise CawTule...... 

Bon leu.-. 

Hcnru Warner.., 

Braiiirt Ini. 

Braa au -A". 

Urhtm llvera. 

Brit. Het. AUIL..j 
Brocku ay Glass^j 
Bru ns wick.... 

Bucyrus Brie. 

Bud'll....: 

Bnlora Watch..... 
Buriinetou >'thn 

Liiirmuubs.' 

Campbell Soup-. 
Canadian Paeilii 1 
i.Vliiu. 1 Itandulph.^ 

CRnuiClin . 

Carrier A G enera I 
Cartel Hawley... 
I.JiU-i [iillui I'lnuit' 
CBS . , 

CelniiweCoii'ji... 

Ceiiuui A 5.W. 

Cert»jniwt„ . 

Leftsna AJrjnlt 
C-liaec Manhattan] 
C lieniluaJ Bk. .V k [ 
Cbescbrub EVtnd. 
Che8WBQ.fsseuj...| 
Chicago Bridge_.| 
ChnxnaUoy. 

ChryBler_1 

CtnHsmC-. 

Cine. M iturm n.... 


Cluwp.—. 
Cltaes aervire__. 


City InmUiu 
Coca Cola...... 

Cobrate Palm 

Collin* Alknmn.J 

Colombia i>»j-1 

Uoiumbls Plet_..j 
L oni.! dsCo.oL\ in | 
Lomb«nUc>n Kna.; 
Comtaistioii Kq...; 
i.i'rn'w'tli Liilsin, 
Con/* tli Oil l.’el 
Ci.iinni. SjloIii v...‘ 
i.’flii i pi ilerSe leup; 

Connu! . 

•.mu. Klwon N.I.. 

Ci nwH fi«K . • 

L^illsil Nut. (tbu..' 
CnosDuer Power 
contiuemal Grp.; 
Cootinenud oil_' 
C-mtinenul Tele.; 
CflQtnl DabWn— 
CooparlndiWw—1 


52: e 

141. 

a2 

>4 

407a , 

-4's : 
39 i B 1 
«9>8 i 

19Sfl ; 
375, i 
19'* | 
845, 
53S 4 I 
231; , 
iai 2 
434 
4.55a ■ 
36 i K , 
28*4 . 
234, 

34 U 
29'« I 
18U 

4 b 
41 
s4b 
294* | 

2d'« 

16 '8 . 
1:65, . 
12 
i61 2 
20 
£8>4 
21 
858 
151, 
281 4 
46ia 

V 61 - . 
107 8 . 
17l» 
45i 6 
25), • 
215 8 ' 

35 ; 
27is , 
35 S, | 
H2Sa 
*9i, 
i4J« : 
43 ig i 

: 

22Sb - 

15 >4 

26 in ' 
241r 
291-.. . 

26 >4 | 
1038 . 
i3<s ! 
3238 
15 U ; 
2B3e I 
i3i 4 : 
18va 
325* i 
. 

39*4 ■ 
b6U • 
32*8 ; 
14 ?8 
101; . 
275 b 
US, . 
1758 . 

50*4 
461; 
38 Sj 

isse : 

31*3 
31 i 3 
i8 I 
39 1 - ; 
21 ig 
337 8 
435s 
155s 

13 U 

UJfl 

i 9, « 

20U 
475a 
121, 
3 Bt 3 
20 
Ills 
28 
15lg 
131 C 
341, 
151, 
6? 1; 
th i 
321, ! 

I 

14 1 U i 
231a ] 
£« l8 * 
385, | 
23 
31*i 
26^8 
153a 
26 
42ia 


51U 
141 a 
31*i 
241, 
391; 

24 
387 S 
191* 
19J, 

38 
19Se 
243e 
341 a 
237? 
1028 
4356 
a55g 

oGis 

25 
2378 
333, 

kau 

18 

4 

41 Ip 
34U 
291; 
57.a 
28i 3 

17 
261; 
11.? 
26*: 
197 a 
k8lg 
21Sa 
84a 
15*, 
28 <8 
45 i, 
261? 
10 
17 U 
445, 
251, 
21Js 
351? 
271; 
551; 
221a 

39 U 

14Sa 

03 

2?g 

23ig 

147 S 

26Js 

22ifl 

29 

26 U 
101 ; 
13 
313, 
1SU 
281; 
13$? 
183, 
323s 

5>a 

393, 

65Br 

317e 

15 

lOls 

277? 

IIS, 

17s? 

49*3 

461; 

3S 

13*| 

el*) 

3138 

2770 

39 

21 

331, 

43), 

153g 

127 S 

*l 8 

191? 
20 U 
47l B 
121 2 
353, 
197s 
iota 
273, 
14J, 
153a 
341; 
151, 
a/jfl 
IJl* 

331a 
Bin 
20 U 
23 U 
241 g 
503, 

Z3U 

307b 

2658 

15*8 

B8« a 

413, 


Stuck 


Feb. 

1 


Jen. 

31 


C.iruui" Lilas*....' 

CPC [nt'n'tvmHi 

Crane .• 

Urt»-Ker \al._’ 

Crown ZeilertM>rb| 
Cum mins Koginei 
Cu rf- IV rijjUt...... | 


48*a 
43 U 

263, 

24j 8 

31U 

34*2 

18 


481, 
435a 
25s* 
24 lj 
315, 
341, 
18 


227 B i 


(Jana.. 

Unit Industries... 

ueere... 

Del Monte.„..i 

OeiV'iw . 

Uenteplr Inter...: 
Detroit Ediftoo...l 
Uiainond dhamrkj 

Glut* phone.. 1 

Digital Euiilp__ 

Disney (Wait)....( 

Dover Corpn_i 

Dow Cbemiesl^.. 

Unwr^ _ 

Du Pont-.] 1081a 

Liynio liiduMrieM 121* 

t«Hie Picber._ 

Airline*.■ 

(vastman kodak..! 

La ton. . 


S6 
2wl s | 
23U j 
a5, 
18 I 
161 2 ! 
27 >* 
U7a 
4148 
337fl 

39 >8 I 
2538 

40 U 1 


181; 

71a 

46 

341; 


224a 

353e 
23sg 
23 u 

33, 
18 
lol® 
27 U 
llTg 
4148 
33 i e 
38 J, 
*538 
391, 
1063, 
12<2 
181; 

7l B 

453, 

3410 


a. (j. a . 

Li l'«*r> X,l tiiii 

aura ... ! 

b’l'ierwui kle>. <, ii ii; 

Kuien AirKr’ghti 

bnibs it-......— 

b. M.1. 

Lki^ellian.l. 1 

bsniurk... 

Li)IVi -_...; 

Bruiuu .- 

taircbii.l Camera 
fW. Dept. Store*; 
Ftreeloue Tire-..' 
Ksu Nat. Bmron.: 
Flexi Van..„._..! 

Flintkote ___ j 

Florida Power....; 
Fluor__ J 


17 i 

lbs, ' 

27 , 

32* s i 
371; . 
2B1 S I 
33a i 

24 Ba : 
273, ] 
203a ; 
-.61; I 
271; I 
36 I 
15 , 

255b i 
17 ] 

21U ] 
31 
53 


lets 
1536 
263, 
321, 
371; 
28U 
338 
24 r s 
273, 
195, 
453, 
264b 
36 
15 
25I b 
16ia 
20 
30i, 
323, 


C.M.C.; 

ford Motor. 

Foremost Hck.... 

Foxlxiiu ._.... 

Fran alio Mini—.; 
r'>eepori Mineral; 

Fmehaul..' 

r'lo/ua Indnstnee, 

H.AJT. 

Gannett. 

■en. Ainer. In-..., 

U.A.l.A. 

Gen. Cable.- 

Gen. Dynamic*-. 
Gen. Kle-tni-»_-. 
General Foods— 
General Mins-. 
General Motonu, 
Gen. Pub. Util—. 
Iren, bl^nai—..... 
Gen. Tel. Ulecc.. 

Gen. Tyre._ 

Geneau..... 

GeiH-gtaRunik:... 

Getty Oil..! 

Gillette.•• 

(i.x.lrk-h F.F. 

GoodyeerTIre.... 

Gcnilj . ‘ 

Grave W. |L. 

Gi. AUan Du-Tex' 
Un. Aonii Iron... 

(■reyhiuinil —. 

Guild Western..., 

Gull ... 

Uailfiurbii. 

Hanna Mining....< 
Hainlabieu 

Hama Uorpa. 

Heinz H. 

Ueubtem_...J 

Hewlett Lheksrd 
Holiday Inns-.— 

Homestake._ 

Honeywell... .... 

Hoover.—. 

Hwp Carpi Amor, 
Houston Nab Uaaj 
HuoUPb^MCbn) 
Hiitfrm 

l.C. (nduatrier- 

INA.. 

InrtrwIKral-.. 

imaod duel. 

Irwii.e... 


21 (g 

42 
171» 
301, 
75s 
19>, 
k58e 
938 
Ills 
351; 
9*4 

25 
111 ; 
41«e 
46Lj 
297s 
27i; 
583, 
19 

26 
287 ft 

24 
53e 

25(r 

159 

25 
I94a 
163 c 

28 lj 

2bt, 
7'a 
314s 
12 s, 
Ul# 

24 7 8 
593, 
371 B 
I54e 

42 

353, 

257 S 

663b 
15K 
36 
44 Bg 

lies 

233, 

23Sa 

lli 8 

12 

83i a 

561, 

553, 

56* 

127 9 


HO r 8 
4H, 
1738 

30*4 

71s 

183, 

247 8 

968 

11 * 

351, 

a 

251, 
113, 
41 
453, 
291, 
271, 
683b 
IS 
253, 
281; 
245a 
638 

247b 
1591, 
25 
19* 
163, 
281, 
2b l a 
7i a 
303, 
IB Is 
ilia 

247 8 

59U 
361b 
IdSb 
4 IS, 

353, 
2518 
661s 
143b 
36 
. 44 

ft 

51 st 

12 

U31 8 

361, 

SS! 8 

S7I, 

1Z3, 


Intercom Knenc.\ .12 

lull.-.' 365.5 

Inti. Fbivvnri...... e.1 

lull. Hartertei...' 
lutL 3Iin A CliL'n<l 
inn. Miiliilwiin..' 

Ineo.-.■ 

Inti. Pft|ier.J 

LPU... 

Inb Haiti Her.. 1 

lab TeL £ Tbl— 

Lovent„_J 

l«ra£m..M~.J 
ID LntenatioaalJ 
Jim Walter-1 


*87« 1 
395, ' 
-Oifi I 
143, ; 

397 a 1 

i6ig 

77 8 

29ia 

lU 

27S, 

lisa 

28 ig 


ii, 
<:65.5 
203, 
28,8 
395 b 
HO So 
15 
59 Bg 
273a 

287 9 
1>« 
27 U 
ID; 
873, 


Sio-b 


Fel.. 

I 


Jan. 

31 


■lohru Man villa.-| 
Johnson Johnson. 
Jotonvon Control. 
J qy .Man nla.'t ur'»' 

h. Mart Carp.. 

KalBerAuimlnl'm' 
nai*e> IndoMrie*: 

Kawersteel.■ 

h'iy . 

ILmna-otu.. 

nen Mi-Gee.. 

Kidite W*it«r—..i 
Kimberley Clark.l 

Kofiper».._.| 

KuGr... 

Kroger Ca_—_.i 
Len atransa—— 
Ubby O w.Fcol. ,.| 


285a ■ 
70U ! 
281„ ( 
301; 
B47a 1 

29k | 

4.a . 
247 s I 
Vi 8 I 
22 ;, | 

441, | 

*73, , 

2 8,? ; 
H x * 

43 | 
2638 1 
281; ( 
26U I 


281; 

693, 

275s 

30 

244, 

283b 

478 

25 
vie 

221 ; 
437 e 
27 J 4 
421, 
22 
427 fl 

26 
281, 
261, 


Liggett Groap—.1 

Lilly (BU)...| 

Dtton lodosb....j 
Lx-Ubeert Ainer’ fti 
Dcme otar lml?... 
Lons (aland Ltd.| 
Loulftieru LataL.J 

Lubnsol... 

Lucky dluree. 

L'kerT'uagst'wn)' 

Maclilllan. 

llacv II. H_' 

Ilf r? Hanover^...! 

Alapr-o . ! 

lUrathnn Oil. 

llanue Midland.I 
Marshall Fiel-I...| 


28i, 
4ll 8 
143a 
13i, 
18 u 

1BI; 
221; 
34t 3 
131« 
6l e 

iS ,B j 

5248 J 
4548 I 
42ss I 
14i a i 
333, • 


28 lg 

40 lg 
14S 8 
13 i 8 
1838 
184b 
221, 
337 8 
131, 
6 
10 
36 
5238 
35ie 
42Ja 
14i, 

334, 


Stoek 


1 


Jan. 

31 


llevioD .. 

UeynuliW lletabJ 
Reynolds K. J_.. 
Kieb'son Menell. 
Koekwell Inter... 
Kohm 4. Haas_ 


41 “a 
293a 
55 i B 
217„ 
2 a 13 
2978 


407g 

30 
53 U 
213a 
2938 
293, 


Koval Dutch.—. 

ItTB.. 

Una* Loga--... 

Ryder System „ 
iuewiy Store*.. 
Su Joe Mineral 
St. Uegls Paper.. 
Sants Fe lode... 
Sam Incest...... 

Saxon (nds.- 

S.-hlitz Brewlns 
>-hlQmberger_. 

SCM.. 

Paper...... 

3covil Mijf-. 

>xntr' Unor Ves, 


56 

123, 

113, 

137s 

39 

263, 

283e 

353a 

37s 
43, 
14i 8 
681 2 
16i, 
131; 
20 
61; 


56 r 8 
1218 
1138 
131* 
;83b 
26 >8 
285 8 

•3538 

4 

*58 

127a 

673s 

163, 

14 

2014 

ol; 


May Dept. Store?/ 

MIA. 

MuDennou........ 

McDonnell Lkiug 

McGraw HIM. 

11 among,.. 

Mere*.. 

ilemll Lynch....[ 

Mesa Petrol earn 

. I 

M ion M ura&Mts.i 

Mobil Corp.„.: 

Monran to_ 

Morgan J. P.. 

Uoforoia.; 

Murphy Oil. 

NsMaeo....! 

NaiuoCbeinx'ai... 1 
■National Can.I 


S3 1 , , 
341, 

251 0 

24 

1748 . 
28i 2 • 
551, ! 
141, 1 
367 B 1 

266a ; 

il- 1 ■ 

59->, • 
oisa: 
41Sa I 
36ie , 
347 B 1 
49 , 

i-53, ; 

J6I, i 


23», 
333, 
243, 
23; a 
16; 8 
277a 
547a 
141a 
36 
26Sa 
46 ; 9 
59 ip 
501; 
403, 
36 
341, 
49 
26)a 
153, 


NaL Li|stlllrrs....l 
Nat. Service lud. 
National SteeU.,1 

M atoms.I 

NCR..j 

Neptune imp.. 

New Ragland EI.J 
New Bugtaml lei; 
Niafpra Mohawk 1 

Niagara share... 

N. u lndoBtrieeJ 
Notlnlk&WeBtenu 
North Nat. Gas...[ 
Ntbo States Pwrj 


Nth west Airlines 
N tliweat Bancorp; 

Kurt on 61 man.....* 
Ueridaui Petrol — 0 

Ugiicy Mitfiier_I 373, 

Ohio Edison-.: I8 ?b 

uim.. 1 


214, 

133, 

311; 

357b 

41 Ip 

16ia 

2248 

35 

15l« 

10 

164 

251; 

373b 

26 

84 J a 

2214 

1«3B 

Slag 


16 


214a 
133, 
31* 
35 ip 
4040 
155, 

22 lg 

347g 

1470 

IO 

163, 

263a 

37l 2 

255, 
237b 
215g 
184e 
211 8 
38 
1859 
Ida 


Overseas Sb ip~...{ 
Owena Corn lnc...i 
Owens IIUMHS....I 

Pd.lt.- Gas. 

rartlh.- Uriitmg.. 
HkiPwr.&Lt,... 
PanA oi Warm Air 
tbiier Hannifin 
Featxrty lac... 

Pen.Pw.4U_ 

P^mey J.C^..» 

P&nmrdl. .. .. 

^eopto Dnig - 

FeoptesGtra^^. 
Pepsico—._ 


231, 

62 

21 

S33g 

20 lg 

21 
5 


887* 

2hV 

335a 

285, 

71; 

34U 

257s 


23 ig 
611; 
214s 
231; 
1950 
21 
5 
22 
815, 
227 8 
33lg 
383, 
Vl; • 
3370 
255, 


P«kin Rimer.__ 

P« - 


Filar., 


P°eip» Dorige^.t 

PhlliKteiphra Ele.l 

Philip Moirla_| 

Phillip Petral'm;. 
Plbsbtuy 

PUnev tlowaa__■ 

Pitutnn—.r 

Plenspy Lid ADK1 


3878 

373b 

275g 
19 ig 
19 
691, 
i87 e 

39 
181 9 
231« 
IV l B 


185, 
*5ia 
271 8 
19 
19 

68 >1 

281, 

38 

io5a 

23ia 

164, 


Polaroid.._...J 

t■«.... j 


Putunuw 
PPij Iwlwcnn..! 
Pfixser (JatzjMe— 
KubSerae Elects 

Pullman. -„.j 

Pure! .. 

Quaker Oah.^ 

Haplrt Aimn- imn . 

Kaytherm .._I 

A—--J 


Hepdafic Steals 


fh 1 . 
2417 , 

79Je.i 

22ln 1 

' 

15i 6 I 

21i S 1 

6 i 
30 7 8 I 
24U | 
2438 I 


241; 

l»fta 

JS3.-8 

787* 

224a 

244, 
151, 
21 is 
6 

Bli, 

24 

241= 


Sea Containers...' 

Seagram. 

Searle It; Jl.i. 1 

Soara Koebuok._. 

SEDCO_ 

Shell Oil.. 

SbeilTrauapirt.... 

Sigum... 

SignraieCoip.. 

Simplicity PaL.. 

Siuger.. 

South k'llm. . , 

Solltron___ 

sooUidown. 

southern Cal. t)J. 
Southern Ul..,. 
Sthn. Nat. Kes.... 
Suuibern Pacitiii. 
Southern Bail wayl 


22 
207a 
127a , 
25U . 

S6ia . 

291a 

37h 

285, 

36/8 

lU, 

19 | 

474, 

1-i ■ 

20U 

25» 9 

17 

28 I 
335a I 
477g 1 


211, 

20 lg 

127, 

251, 

351, 

291; 

38 

28i, 

364, 

114, 

19jb 

47 


20 >4 
ZSy b 
17 
281, 
3358 
471, 


00 a ih land...._/ 

SV| Bancabares 


235b 

244, 


•J >* 1 * o tmm na re aj 

Sperry flruch_4 164 

Sperry 1 toad™... 34 

Squib.... 

Standard Bram Is] 


std.LN ICalifotn inJ 
Sul. Oil Indiana 


SuL Oil Ohio_ 

Staaff Chemical. 
Sterling Drag 

Stodehfikar_ 

sun (Jo... 

Sund strand.J 

syntax..-- 

feofantcolqr_ 

[ektreoR.^... 

Leiedyno- 

Telex 


Laneoo.._™._ 
Teaoto Fetreteomi 
Texaco.. | 

Texagotf..—. 

Tbmh Jnstm.| 

Texas Oil-i Gas..i 
Texas Utilities-.J 

Tima Inc.. 

Tiroes ailiror._, 

Tlroken... 

Trane. ... j 

Transmerica. 

Transeu... 

rraiw Cnmn..; 

Trausway lut'rnl. 
Trans W.irlil Air. 

rnnellers. 

Irl LVinLinenrsl...; 

E.IMV.- 

SXb Lonr urv Fox! 

L-.VL..I 

U.VKGO. ..j 

UU1 ..„...| 

LOP_I 

lallenr... 

Unilever NT...... 

Union Bancorp.. 
Union OniMde. 
Union Oonmsflncej 
Union Oil Califs 
Union Erifti 

Uatrayai_ 

United Brands..-! 

United Carp._ 

US UuoarpL- 

US. Gypsam. 

US. Shoe.- 

US. Sled........... 

U. Technologies- 
liV Industries..., 
Virjpora Elect.... 

\l#lgn.-en n .I 

IVartier-Ciimniii 
Warner-Dmil*rt; 
Waste-Man'nienl 1 

Wrfis-Fhn?' . i 

W|esxeru Uaiirairp! 
WaiLcni V. Ainer 
WBsteni Union 
Wesliiighw Heel I 

Woataycoo— . J 

Warerfaae. jer. _.i 

Whirlpool_ 1 

Whtt* Con. lud. 

William Co--.— 
ly inmnin Tilfft 


251b 

261; . 

o64, 1 

461, 

671, 

364, 

134, 

46 
384, 
0158 

2Hb 

91, 

351; 

67*8 

3«b 

2848 

8 

26 

171, 

74 

31 

20 

S51; 

22; 

47 
35 U 
13f B i 

187a 1 

344 . : 
2278 i 

26; 1 

i8< : 

301a I 

241, I 

21 

20 

8140 

146a 

39 

635s 

127 S 

39is 

62 

4€5a 

431; 
72 
71 B 
105, 
268b 
231< 
22 1 
28J; 
.0440 
181; 
14 
1640 
311; 
ail; 

251, 
oliJa 
2440 
164, 
1773 
25 • 

34 

201 ; 

201; 

16; 

271; 


2350 

241, 

1612 

336« 

241; 

261, 

364, 

46 

t6is 

364, 

134, 

451; 

587s 

32 

2U4, 

93, 

35 

661, 

3 

281, 

8 

261, 
171; 
731; 
307g 
20tg 
35 
23 !g 
46)0 
33ifi 
14 
187; 
344, 
224, 
lli 8 
261= 
19 
285a 
831; 
20; a 
195, 
21 
145a 

384, 

635s 

12*4 

3958 

65s 

46 

435, 

V* 

71, 

103, 

26 lg 

23 
221; 
281; 
o4 
lbSs 
141 8 
161, 
5060 

27 
lem 

2510 

40 

24lc 

161 ; 

173, 

26 

24 

201s 

ZOss 

1820 

27K 


Stock 


Fer». 

1 


Jen. 

31 


lVoclnorth.... 

Wvly..._. 

Vemx.. 


3a para .. 

health Uadio. 

U.S.Tren* A% 19K 1 , (94 
US.Treas4i»75/7f t81 . 
U^.»Dayibill!>.|6.4g« |6.39i 


18 
OJ, 
45l 8 
167 b 
13S 3 
tJ4 
tai5a 1 tSiia 


1778 
04, 
45*, 
164; 
la 1; 


lug issues retreated, BNS Wales 
closing 6 cents lower at SA5.I4. 

Industrial leader BHP fell 12 
cents to $.45.20. white Nicholas, 
92 cents, and Woolworths, SA 1.63, 
shed 3 cents apiece. 

Among Minings, CRA declined 
4 cents to SA2J3 and North 
Broken Holdings 3 cents to $A1.13, 
but Pancontinental gained 50 cents 
to 3A10.80. Golds improved against 
the downtrend on the higher 
Bullion price ahead of the forth¬ 
coming IMF auction. Consolidated 
Goldfields adding 10 cents at 
SA2.60. 


NOTES : Overseas prices shown below 
exclude S premi um, B elgian dividends 
are altar withholding tax. 

4 DMfid den am. unless otherwise stated. 
V Ptax-500 denom. unless otherwise stated. 

KrJOO denom. unless otherunso stated. 
® FraJOO denom. and Bearer shares 
unless otherwise Rated. S Ten 50 denom. 
unless otherwise slated. 5 Price at tune 
of BtupenttOD. a Florins. 6 Schillings, 
c Cents, d Dividend after pending rights 


and/or acno issue, e Per share. ) Francs. 
a Grass, dtv. %. h Assumed dividend after 
scrip and/or rights Issue, k After local 
raxes, m % tax free, n Francs: including 
Umlac div. p Nom. 0 Share split, s Dlv. 
and yield exclude special payment, t Indi¬ 
cated dlv. v Unofficial trading v Minority 
holders only, a Merger pentlng. * Asked, 
t Bid. S Traded. ; Seller, r Assumed, 
xr Sx rlrtits. xd Es dividend, xc Ex 
scrip Issue. xa Ex all. a interim cin^e 
increased. 


trade-weighted index, as . ealeu- u^. d 
lated by the Bank of England; was c^Mdien. 
unchanged throughout once again, 
at 66.5. The index rose to 66.5 texm. 

at noon last Friday, and has Deumhemxrk 
remained at that level ever since. Dutch guilder 
Gold rose $} to SI75>-176J m 
nervons trading aheadof the IMF 
cold auction. The krugerrand s ?/orw»r krone 
premium over . its gold content Spain peseta... 
widened to 8.44 per cent from 7.75 Swedish krone 
cent for domestic delivery, fame. 


per 


Special 

Drawing 

_ Bights _ 

hhruijfT 


0.623303 

1JS1488 

1.34660 

18.4054 

39.7630 

6.93575. 

2.58534 

2.74827 

5.76673 

1.053.18 

293.464 

6^2930. 

97^582 

5.65466 

2.40607 • 


Feb.l 


tasai 


... at 

Accoant 

JraSSrS 7 


0.630078 

1^2953 

186252- 

1&59S1 

40JX47 

7.02201 

££9388 

*2.78015 

58IS3D 

•1060.66 

■ 297.807 . 

■ 6.29831 
5.70989 
99.0611 
2.42989 


New 

Ucaxtrael-.,] 
Amuterdsim 
£tu«saiaL— 
Copenhagen 
F rankfurt .— 
Dsbon___. 
Madrid.^ 


Oalo- 


Iferia- 


BCockholm.^ 
Tokyo .. n 
yignpa j ■ i 
Zurifh.....—- 


Bxtoi 

% 




1 l;(2.W6-2.T5a5j2. IfigSiS' ' 

d *.;i -:i *V.i 


81; 

a 

8 

17 

8 

T 

Blrf 

8 

■61* 

■tts 


-MiwfietSBtw 


fisy’k. 

Spread 


L8478-1^S6£ 


4.40-4.42 
fSMJSS JH 
It 15-11.17 




TS6^6-O7J0i 
%888-IAai 
8 JH -10224 
S.25J.il 
9.06-9.88 • 
'4B6-475’7'. 
29.45-28^65 
3.K^328' 


-CWe. 


LMM-Ut*.- 


BJWSjS: T'-, 

n-iH-nS 

«.H*4.TSr ! . 
rajKTig’. - 

™psr.. 




t "Rates given'xte for crennaabhi-h me -l.- .'* 
Financial franc .OLfiMKaa. - - 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


■ Krl.. I Fraokn.tt|.\t'\i SoHtj Funs | Smb 


— * 2.1117-27 J 44.42-32 


Frankfurt..; 

New Vork ; 47.23-32 > ~ 

Fnrio.,.,2£«^S'5.02.4.7W7-7aCT 

BnoMib *..«! 16-47-62 I 5SL71-76 
Lem don _.... 4. U i-4 J2jj 1.9460-90 


B.88-91 

028-30 


.VrosvMsni.. 107.10-15! 2.261742 47^65-TM 


64*7467 


£050-95 £.05600600, 
>14.481-525 


63.70-60 

'63066-91151 


I ra»rtiin |Am«t'ii‘iD j. jfiuri^ii -. 


4414-120 


Zurich 


fU.So 1-950 U5S5G40 • 4L99S-733 Bj3671-0650h5, 



14.4648 

4.40(41}. 




87-61S-701J 


-i : ■ . T ' fKiies 

.Argeaifin*.'12BILBS-12BlJ;AzgtwUirt,|ia4^BMLl 

■Auae»lu*4lJMMJ21S' : 

U nxU 3T.48-ffL89 | 

Finland_! 7J7JJB , 

. Greece-....®. 4B2-7T.71^G«n*d»: 


106.46-00 

6056-39 


r.5. S ill Turnato Ui 2=111.15-18 ftxnxrtian rents. 

CxnaiLbtn S in.Nen- Yi>rk=29.94-96.eentft. V.S. S In UUsir 868.86-7.05. 
bietling In StlliiijfiBSDO-1690.00. 


16.49-64 

eNngspme 


Imn„_3 1M-{S3 
Kawait....: h£334LM9 
Iioxeinb’qd 63.70-83^8 
Nlalayrta 




Greece-y 
4^SJt-4JUU (Dxly 


GewrainyJ UB2JI * ~ 

imi ' 


__ _ ^lTsjwr; 

l^SfiVUlST&ajM. - 40HM. 

TNedterritf^B^--.- 
Sora«r~- UNiW . 


B.7D-E.80 

4.531-4^51 


S_Ain cft _.(1.6«4S-1.7B2Zg , orau(^L., 



(Spruzi, 
Swlfaftod! 
US._I 


tacui 'HPiivi- 

" I7.wr 


EURO-CURRENCY INTEREST RATES 


90.gE-M.28 ?J*-‘ 

to-aj tee an, . {j;jj ■«. 


Rate given for Arg entina 


Feb. 1 


Sterling 


I'gnMlhui 

Hollar 


■ Short term... 

71 lays nuTke 

.Mi.-nDi.: 

Three luoulln 1 .: 
3i\ months ....I 
One , far 1 


578-618 

O-gl, 

6^,-7ia 
64,-71 a 
71,-71; 
7-S«7 Tb 


6«4-7M 

6i;-7); 

61,-7i 8 

6?b-74 

7,V7ft 

74a-758 


U.S. Dollar] 


64,-7 

63,-7 

7-74 

710-730 

7lz-73, 

73,-8 


Dutch 

Guilder 


5-54 

5-54 

4J,-5 

44-5 

43,-5 

4?b-61 B 


6xr las 


iir.% 

, >5-38 
>■!> 
130-14 


W. Herman 
mark. 


FORWARD RATES 


i One month 


New YorkrO.02-0.12 c. ijii 
lion treat 4o.9Zff.12 c dla - 
Anut'duiill c. pin-par 


Euro-French deposit rates: two-day 91-9} per cent.: seven-day UH-11 per can- 
one-montb ii)-u; per cent.: three-momh 134-131 per cent.: six-month U4-13I per 
cenu one rear 13J-13S per cent. 

Long-term Eurodollar deposits; two years Ml per cent.; Three yearn 
per cent.: four yearn 85ib-S5ifi per cent.: five years Si-Si per cent. 

The folio wins nominal rates were quoted for London dollar certifies tegQf deposit: 
one-month 9.90-7.00 per cent.; three-month 7JO-7.28 per cent; slx-mtmth 7.45-7 
per cent.; one-year 7.65-7.75 per cent. 

“ Races are nominal calling rates. 

t Short-term rates are call for sterling. U.S. dollars and Canadian dollars: two 
days' notice for guilders and Swiss francs. 



tftwdis 

.ffi: 

Madrid -./GO-140 c. dht 

lUlaa_J8-16 lire din 

Oslo_J5-7 ere dU 

Paris _._J4iB-5ia c. die' 

. StooUiTnij3-5 an dls — 

Vienna._[2-12 gro pin 

Zurich ,.„J24-14 e. pm 


3,18-0. 

D-174L27ej&.^=, 
24-14.0-1*1^.; 
6-15“e.<Gs . “ ■ 

24-26 tFedfa . . 


Three - 


% . 


(290-370 c,db; r ■. 
(33-41 Uradhj; • 
18-BO aradaS' - 
16-17 c.d& 'v 4 - .. 
111-151 oredir L 
lO-SO^ro ib^l r. 
*578-47* flCpM 




Sixmomh f or wa r d tkfilar C40-938c & 
02 -month 0.40-9J9c dla. • - 


GERMANY ♦ 


Fei-. 1 


Prices ;+or|Div. YU. 

Dm. — I % % 


CANADA 


Abiniu Papei...... 

>V,uioo Ksgie.., 

A IcenAJ umiaium ! 

Ahtoiue ateeL_; 

Asbesto*-: 

Bank ol Montreal 
Bunk NuraScocui' 
Hsbic Kesourtses.. 
Bell Telephone—. I 
Bow Valley Lods.| 

bF L'snsda.„.■ 

brasesa —..._ 

Unn..ti..j 

Uftlpit Fower,...i 

L’anido Mjnm.j 

Lftnsita cement..I 
l anm iB KW Lsndj 
Gan liupUabUooi 


1070 

« 6S ® 

263, 

15 

40 

i/Ss 

181; 

630 

526a 

21 


■1«5 8 

m 

d9T« 

171; 

183, 

6lfl 

52 

21 


15i; I 

1460 1 

t3-2u ( 
343, 
133, 

'a 
114 
2378 


? I 

sta I 


L unsiU luiiuat....! tlb3, 


Gao. Fscjtic.... 
Can. PacitK- !nv..t 
Gan. Super Oil.—.* 
Carling l>'K eel e~| 
Csasiar Aabe*to*-( 


1658 
175b 
631; 
3.2 a 
878 


16 
144 
13.29 
343, 
157g 
10 
10 7fl 
237 b 
lcSg 
161; 
171; 
62 
3.15 
9 


AEG. 

AJIinoz Veraii-b.... 

BMW.. 

HASP. 

Haver. 

Bsrer. Hypo. 

Ihw. VhtibiIA; 

L’lbsInt.Neif.urtJ 

Cvmiiiei7.Leiik.• 

L'onri Guniuii. 

Daimler Iieiiz.. : 

DetpiNb* . , 

Demo" . ! 

Deutsche Uanlc... i 
Umdner Bank..... 

L'ycxerhoff Zemr.. 

G utebaff mi ng _..| 

Hapey Lloyd.; 

Harpener...—.I 

HnectasC.1 

Huewb. 

Hcrteu.. 

KiU und dab.... 

KarstsdC—.I 

Kaufbof..— 

KI-vknerDiu KX>. 

KHD-- 

.. 

Losveobrau XU. 

Lufthansa..—*...*. 


31 .VN. 


Manncftuuinn 
Metallgea. 

Muudiener Buck. 

Neckermann. 

Preuftseg Dm 100. 

RlielulVesk KldiJ 

S.-iierin"... 

Siemens. 

Mud Zuckei. 

Thypftcn A.G. 

Va'rta.. 

VESA. 

VeneiuiWest Bl>. 


92.80^| - 
493 8 .,18 

225 +2 ! 20 
138 +0.41 17 

135.2-0.5; 16 

286 '.: 20 

312 -1 J 
175 >15 | 

223 +2 : 
81.5,+ 3.5! 

314 '+2.5 j 

266.5— 1 

157 +0.5 

307.6 + 1.6 

248.5 .! 

151 -4 | 
213.8 , +0.8i 

112.5— 1 

236 ,+3 

125.6— 0.2 
43.5'+0.4 

131 1 + 2 
152.5’+5 
306 !—2 
204 1+2 

82.5'-1 

169 1+1.8 

238.51 + 1.5 

1.605!. 

111.5|. 

201A.J 


1.8 

4.4 
6.2 
5.9 

3.4 
20 I 3-2 

18 1 4D 


19 ! 3.0 
17 ! 3^ 
14 i 4.4 
3.2 
4.0 
1-3 
2.8 


12 


5.2 

3.8 
7.0 
4.6 

4.2 

2.9 

3.2 
5D 


TOKYO If 


Feb. 1 


■Prices !+ or;Div.!Yld 


Yen .1 - *.| % 


Arahi (ilup. 

Can oil...: 

.. .. • 

ChiUMn ..- 

Dal Nippon Print) 


3.5 


12 


169 1+0.6' 14 

S3B I.• 10 


\JcB “ ‘ i; - 


232 
523 
113 

117 I.i 7 

201 (+1.7 1 16 

258 i .j 20 

294.2 + 0.9 

250 l. 

120.1:-0.3 

172.5. 

114.7 +0.7 
303 1 


3.3 

1.3 
3.2 

3.2 
3.5 

2.2 
1.7 


1 CRTUJAlirM 04*| UUd —A 

V-ilkwaSrti.I 210 +2.3 


5.9 
4.0 
3.8 

16 ' 2.7 

17 • 3.5 

11 . 4.5 
14 j 4.1 i To 

12 5.2 

20 3.3 
10 2.4 


320 
456 
690 
402 

u*i Nippon Print; 614 

Fuji Pluto.: 550 

Hlra.-in.: 206 

Honda Motors. 532 

Hpnse Food..1,030 

C. li.Ji... 1 238 

lto-Yokado-'1.290 

Jim.—..... 610 

J.A.JU._.;2.7QO 

Konxsii BlecLl'w.l 1.040 

Komatsu..: 308 

Kubota.....i 279 

Kyoto C-eram ic.. - .2.430 

Matsushita Ind...| 593 

M ItMbbht D» n k. ,i 

Mitsubwlii Heavy I 

Mitsubishi Corp.. 

Mitsui & Co. 1 

Mitasukoshi.’ 

Nippon Denso—! 1,160 
Nippun Bbinpan. 622 
Nissan Motors...'..| 783 

Pioneer.... 1 1,530 

Sanyo Electric....! 214 
Bekism Pretab....! 950 

Shueiilo-; 990 

Bony...j 1,830 

Tfliabo Marine... 250 

Tak-edn chemical. 1 322 

TDK.1,550 

Tejln.• 122 

Tnkix Marine. 503 

ToliaKJrv* P>.» V.. 1.190 

F"kyo .. 257 

T.iLv-i Bhl Laura...; 122 

T.wav. 131 

■u Motor. 835 


;+2 ' 

i+30 
i+3 
' + 2 . 
, + 6 • 
+4- 
:+I 
>10 
i + 8 
:+30 
i+26 


14 ! 2.2 
12 1A 
85 • 2.1 
20-|-2^ 
18 1.8 

15 1.4 
12 ; 2.9 


18 

35 

12 

30 

13 


1.7 

1.7 

2.5 

1_2 

1.1 


-20 

'+7 


10 j 4.8 


279 

144 

420 

320 

620 


1+30 
1 + 13 


rJ 


10 

1+23 


I+IC 

[+23 


+ 10 

1+5 

i + 21 
th° 


!t7 

-JO 

—12 

-2 


-10 


18 i 2.9 
15 ( 2.7 
35 | 0.7 
20 1.7 
10 1.8 

12 4.2 

13 1.5 

14 2.2 
20 1.9 

15 0.6 

12 1.0 

16 1.0 
48 | 1.6 
12 ! 2.8 
30 I 1.6 
20 i 1.0 
40 1.1 
11 2.2 
15 2.3 
30 I 1.0 

10 | 4.1 

11 | 1.1 

8 j 3.7 

12 2.3 
10 ! 4.1 
10 | 3.8 
20 1.2 


Chieftain_< 

Gomlnco_I 

Cons Bathu r st.-.; 
Consumer Gas-. 
Coseka Rwoorcwl 
Contain KJcb...— 
Denison Mines... 
Dome Mines—... 
Dome Petroleum 
Dominion Bridge 
Domtar ... 


L/upnot... 

Psieoa’ae 
rord Motor Gan. 


iiicke‘| 

)rUa..| 


20i, : 
271, | 
24 ; 

161, ! 
71b ■ 
8 ! 
661; 
743, 
581; 
7213, 
141; 
121 , 
171; 
801, 


20*s 

26 

23L; 

16 

7 

J** 

643, 

76i, 

57 

T21S, 

14 

12 U 

17 J; 

1801, 


Genstai __• 

Giant Yol'nknle.t 
tiuItUnl hmiHn I 
Hawaei aid. Gan 

Hoi iin^ei_I 

Home OH W—.| 
Hudson Bay Mnr! 
Hudaco Bay..—. 
Hudson On & Gasi 
i-A-L'. - 1 


26 lp 

13 1; 

he i B 
153, 
30 
401, 
16 
17S, 
431 2 
l.sa 
728 i a 
191; 
161; 


Imasoc- - - 

Imperial Oil 

Inco ...j 

Indxi___^.i 

[□land Nat. GaaJ 
lns’pr’y Pipeline! 14 ig 
KawerKewureee. 23 u 
Laorni'lF id Corn! VL, 
Libiaw Com. •B , .i 
Me'roill'n Uloeril 
Usi+ev FefttiMrei 

McIntyre-.. 

Muom^-orpu....-.! 

.Vjnui.la Mina*_I 

Nurcen Ennsy...l 
Nthn.Tel@.oui—i 
Nuatw 011 1 lia*: 
Otkwoa) Petr’mi 
Paul he Copper M : 


26 

13S B 

281 , 

370 

30 
391, 
161 8 
171; 
43 
171, 
281 ; 
187 fl 
161; 


Big 1 9is 

94 i tlOTg 


3.25 

17 

IS 

22 

293, 

22 

17 

2bSe 

16 ig 

5.00 

1.99 


141, 
13ia 
VM 
3-35 
16£g 
I47 8 
22 
fc9Je 
ail* 
164, 
2b l« 
16 
4.75 
2.05 


Pin ScPetroleu mi 
Pan. Can. Pel'in 
Pauno 
Peoples Dept. SJ 
Place Gaa 8 011 J 
Placs-DevsJopmt 
Power Gorpaau'D 
Price 


Quebec B ta r ga Hi 
" T«r CML_ 

a 3fa*w_ 

Uto Algom___ 
Hoyal Bk. of Gan. 
Uoy&i Truer..- 


d77 8 

fia 

4.45 

094 

204, 

10 lg 

11 
L30 
264 

9 

•'2b ig 
251, 
IBS, 


371, 

304, 

153, 

4.4b 

095 

193, 

10 

103, 

1.32 

261; 

a 

tEb 

2St 8 

153, 


aceptreKraoMcea, 

;an;rems.. 

•Jbeil Canada._ 

dhemtx (i. Mines 

aietetiB o. 

SmilJStB*___ 

steel Ol Lauarta... 


81, 
23 10 
161 b 
+.55 
241, 
4.70 
-2. S [ 


sleep. Unci Inn., i :.;0 
iVsier-Oma ia.... i6i. 


. 6i, 

r.iu.nii. IKnii.Uk.. 163, 

rrau* Mount Dili I 

rnur—.„..j 

Union Gn*.. 

Ltd. bisrii Mluc+i 
Wsiatu Hiraiu^..: 

West Ct-«» Tra* | 

Weaw Geo._ 


15 

i->, 

107, 

71; 

293, 

32 

*41* 


elfl 

23 

16S, 

u.4u 

a37g 

4.75 

alisg 

2.3b 

£61, 

lbi, 

15 

9 

lwl; 
1 * 

- 71 « 

291, 

314, 

J4 


■ Assented, f Bid. X Asked, 
B Traded, 1 New Binds. 


AMSTERDAM 


Feb. 1 


Prive J -4- or Div. iVIJ. 

Fh. I — • *, : % 


Srairoe Nlfcfco Securities. T'oKya. 

BRUSSELS/LUXEMBOURG 


4.7 


AlroW (FI.30)_I 102 ‘.■ 24 

AhrefFI.B*.i 22 +0.1: — 

AlgemBnktFl.lOO 330.5,-1 1 %w.R j 6.8 

Amev. iFI.IOi .i 79.7 +0.2 iAs44J 5.5 

67 -0.3 J 22j 6.7 
80.840.3 I 23 i 5.7 
117.9:—O.Uj 70 
66.8‘—0.2 25 
250 US 121 


.ViuroBanklFI^Of 

BiieuLorf.j 

AokalVcst'ini FU0( 
liulimi TeUep>Je: 
Kherirr iFIJ0i...| 
UnnlaN .V.Beareri 
EuroCfiiiiytPl.Klj 
l ii*l Brisa.IfelFlOi 

Heine ten (FI-2SV 
PI origovenrfFlSO)* 
Hunrer D.IF. IIW) 
I.H.C. Holland.. 

KLM (FI 100). 

Idl Muller (120). 
Naanlen (FllOj... 
NatNedfns.IFI.10i 
Ned Ored8k(Pl£0 
Ned,MidfiklFU&0 

Ooe(Fl^O). 

Van Ommeren...| 
PKkhoed (FL20I.. 
Philips (FLIOi.... 
RljnSchVcrFUOOl 
Uobecu (FLbO).... 
K>tllDti> (FL601... 
n-xr+ntoiFIJO)... 
ftoynlDuTMt (FI20| 

Jilavcuburp;. 

SfeviaGrp tFI.SQi 
TokyoPse H Ids 5.j 
Uu Hover rFL20i_i 
ViLincKeh.lnr.Sl! 
West laud'ii. Unnki 


128 

62 

58.2 

103.5 


,-0.5 32^ 


-0.8 

+ 0.7 


35^1+0.1 
23 l—O.l 
13.6'— 
126.9J-2.1 
39.7;—0.1 
41 +1 


104.8, 


49.&U0.7 


+0.8 


-0.5 
— OJ 
—1.S 
—0.5 
-0.1 
+0.5 


94.5 5.6 
22 I 5.8 
14 ! 3.4 
10.26, 7.9 
12 5J2 

10 7.4 


18 

10 

46.21 

20 

20 

A34 

8 

31 

21 

16 


3.6 — 


7.6 


179.5 
154.21 
138.5' 

43.6. 

35.8| 

64 
166 

116 ,-0.3 !A2S4 - 

130.6- 0.1, -[3.4 

126 ;—0.8 A50 ; 7.9 
235 -0.4 19 : 8.1 
147 .! 27*‘ 3.7 

92.5 +2.5 I 30 0.7 

121.6- 0.1 iAil.6: 6.7 
43.1+0.5' 20 1.1 

405.0 -0.5 ; 32 3.9 


COPENHAGE N * 

Price 


Feb. 1 


Kroner — 


Andersbankro_ 

Burm’sSrW xfB_ 

Danske B»nh 

Kast Asiatic Co. 

P loan ft bank en 

For. Bryg^erier.. 

Fiw.Papir... 

Handolsbaat. 

R.N'th-nH.(Kr9^ 

Nord Kabor...... 

Ollrixbrik. 

Primljanir. 

Proving ha ok.. 

Surili. Bcrandsen. 

du/ierfin. 


1403,;-! 


+3 
+ M 


435 
1301,! 

2383, 
llSlgi + i^ 
322 l;i—11* 
793,j-i, 
M2l4„_ 
254 L. 

2571s L_i + 
89U+1 

136 I.i 

1423,. 

567la_.! 

190161 —H2 ' 


lhv. 

« 

• VLL 
o 

ii i 

7.8 

15-1 

1 3.4 

11 ! 

8.6 

12 ! 

5.0 

15 

11.2 

12 

5.7 

8 

10.1 

11 

8.3 

12 

4.3 

18 

4.7 

11 

8.1 

ll 

7.7 

12 

3.3 

1Z . 

6.3 


VIENNA 


Fell. 1 

I'riif 

■_r 

Div-VM. 

& ‘ Cf 

o -o - 

Creditanstalt. 

350 


10 

2.0 


260 

_■. 



eWeeta. 

676 

-i 

48 

3.4 







195 

-i 

»7 

3.6 

'cit Magnerlt.w. 

225 

„ .. 

14 

6^ 


-- 


i 

Dlv 


Fri>. 1 

I’rl.-a 


Frs. 

Yld. 


] Frs. 

f 

Net 

% 

Arbed. 

i2,025 

1. 

_ 

_ 

Bo. Bit. Lamb .. 

1,428 


60 

4.2 

Bek+rt -B’>_ 

11,725 


112 

6,b 

CJI.IL C+nient.. 

1,150 

+28 

WO 

V.« 


353 . 


_ 

_ 

KB La. 

2.400 


177 

7.4 


6,030 

+90 

430 

7.1 


2,455 

—5 

170 

6.9 


1.910 

+ 10 

130 

6.8 


1,222 

—2 

80 

6.6 

Hoboken. 

2,603 

+90 

160 

6.8 






h'rcd let-bank.’ 


+ 30 

265 

4.0 

irvcTiri'-mi 


1—80 

305 

151 

Hid Holding. 

2,480 


52J& 

GJ 

PelroOrts-. 

3.960. 

-40 

180 

4.5 

dor Gen Baoque.. 

[2,800 

+36 

189 

6.8 

Bur Gen Belifiqu, 

1.896 

+ 10 

13b 

7.1 

SoSna . 

2,916 

+b 

20b 

7-1 


2,455 

—5 

AS DO 


Tract ion Elevt. 

2,525 

+40 

162 

6. 

CCB..._. 

558 

+8 

_ 

—3 


720 

-6 

60 

8. 

L.-.’I’T'il ,-• 1 

1.368 

—28 

100 

7. 

SVfTTZERLAND • 


Price 

+ or 

FIT? 

nd. 

Friu 1 

Fra. 


% 

% 

Aluminium 

U3B0 

+ 45 

6 

2.1 

BBC 'A'. 

1.71a 

+ 15 

10 

2J 

Cllw Uein-tPr.lUO! 1.180 

+ 10 

22 

1^ 

1>*i. J'!- LVrU... 

970 

+ 5 

22 

2J> 

Do. He*.. 

635 

+ 1 

22 

3.5 

I. rolil Siiiw. 

2.400 

+ 20 

16 

3.3 

KlerinwaU .. 

1.805 

+ 5 

10 

2.8 

Fisr|ier«(ieuR»i.. 

750 

-IO 

5 

3.3 

HoiHuau 1*1. C mi 89.600 

g-'f'.', 

550. 0.6 

Do. •hiiuII). 

6.975 


56 

0.6 

luieo'iolU 

3.375 


20 

3.0 

Jelmoli iFr.luOj... 11.583 

+ 30 

20 

L 3 

Nestle (Fr.JiXJi.... 

3.670 

-10 

iuib.( 

2.3 

Do. Keg. 

1.3S5 

-5 

a8S.fi 

3.6 

OerH koi ,.U.(F SSH 

2,450 

+5 

14 

5.7 

>ktrnwisT*r.77i 

295 

+ 4 

13 

5.1 

Sandut. (Fr.g&Q).. 

4,010 

+ 10 

26 

1.6 

Dcl PartC'Hts.. 

507. 

+7 

26 

2.6 

Snhlndier ClaPKiO 

314 


S 


Sulzer Cto (F.lOd) 

384 

+ 4 

14 

3.6 

Stnotxir (FJ50)._ 

843 

-7 

3.37 

36 


420nl 

—1 

10 

2.3 


1,000 ■ 


40 

21+ 

MM 

3,405 

+ 10 

20 

2 A 

Zorich Ins. . 

11,675 

-100 

40 

L.7 


AUSTRALIA /' 


Feh.I 


i+« 


Aiue. 9 — 


AC MIL (26 cent)_;... 

Arrow Australia. 

Allied Mnr-Tnlg. Indus SI, 

Ampul Exploration _ , 

AmiwFPerrolcnnT.......'._j 

AkHw.-. UiDcrmis-- 

.laser. Pulp Pauer Sl.. ... 
Assoc. Gou. industries_ 

AoetL Foundation Invest- 

A.N.l._...___| 

imUraoo... 

lac Oil & Oaa_.__ 

Blue Metal Ind. 

liuugainviUe Copper. 

broken HJU Projriehiy - 
ue south . 

Carlton United Brewery.. 

U. j; CV)lea.. —.. 

CSR ifil).. 

Cons. Goldfields Ana-. 

Container (51)_,J 


tO.73 MUtt 
10.83 "UCM 
tfl-S6. Loan 
11J25 ! ■ 
IO. 77 


t0-78 

11.04 

tl.67 

10M5 

+1.53 

t0.4O 

tO.30 

+0.97 

+0-95 

tfi.20 

10.92 

+L85 

11.86 

+2.91 

+2^0 

+BJ) 


t? 


>0.02 


-ttttS 

+0.01 

J+0-08 

-0.01 

- 0.12 


-OJK 

-0.08 

-OJH 

Uo.io 


Conrine Riotlnto.- 1 

Ooetain AurtraUa-.. 

Dunlop Bobber (gl)._... 

KSCOB—__ ! 

Uder Smith_^__ 

KJS. Industries_ _ _ 

Gen. Property Trust— 

Hamereley.. 

Hooker 


♦2.1 y 
11^0 
+L34 
+1.06 
+L82 
+2.06 
•+L43 
+2.14 
+0.78 
+&D8 
+029 
+1.33 
+1.00 
10.15- 
U-70 
♦L87 
+ 2.20 
tOM2 


J-0B4 


-0.02 

+0.06 

-8.0!. 

L-O.fffi 


LULL Australia..—... 

Inter-Copper.....' 

Jennings Industrie*...—~.l 

Jones (David].... 

Metals Bxploratkm^. 

Mill Holdings. 

Myec Em porlcrm_ 

New* . .' ... | 

Nicholas International:. 

North Broken ff’dlnra (60vj . +1.13 

Dak fi rids e... +1.78 

OUBeareh... , 

Pioneer Coocrete:.1 

Kevkilt A Go!man..i 

H. C. Sleigh.-.1..... 

southland Alin in"..'. 

Tuurb (80 -—T>..I 

Walton*... 

Waders Mining (EO cenle).| 

Woolwortlia.'..., 


- 0.02 


+iox 


+0.08 

11.45 

+3.85 

+a?5 

+0.18 

+1.75 

10.94 

11.12 

,11.63 


ItO.OS 

-0.D4 

+ 0.02 


HtOl 

-0.01 


r-O.IB 
i-O JK 


PARIS 


Feb. Z 


Bente— 44- 


AJriqueOcehl't'lei 295. 
AlrUquf__ 259.9 


Aqnitain __... 

BIC... 

Bou.vguee 

B. bJS. Gervalx_. 

CarreTimr_ 

O.G.K __ 

C. I.T. Alcatel. 

Cte Bancaire..... 

Club Med iter. 

Credit Com FFce. 

Creoso Loire_ 

Dume> _.._„ 

Tr. Petroles- 

Gen. Occidental*} 


I metal ... 

Jacques Borel.--. 

La hrve. 

L’Oreal .. 


Legraml..! 1.190- 

Ifednuus Pheaix...' 633 '—12 



brazil 


....•"Febl 

CtTO 

ijrerhDiv.lIMU 

AuMtta ——:.„i. 
Banco BraiulBK. 
BehcolUnrtra OP 
Do .-jm OP —.-.. j.. 
Isijsa Ainer- OP— 
Marin>rmui Of.. 
Petrabu PP.-... 
PfrafliOP-....;... 
6auia Crux.OP.: 
Yale KioDore PP1 

' 3*80- 
*• 1:77 
.1,14 
2-88 
2.30 
a.25. 
1:95 
3.75. 
. T.68 

■ 

. VoL Cc-USBul Shares ,743 ql •» V i- 
Source: BlO do Janein/ SE. - .V 

osio:. 

■ ' Wh.1. ' 

■nw 

Kroner 

+ or 

1)1t; 

r 


t 




Bergen Bank— 
Borrdjpard.^ 

Credilbank_ 

Ko»mo*'_.. 


NorakHldrokrjBO 

Storebrand 


91.76x8—2^5(10 

4 


59^1—OJ5 
114.5 


335 


152^ 

88 


113.25ML7a 11 


+2J5 

+0-6 


12 


KM+ 

:6.T 

8.7 

60 

B.7. 

6J 


a hoj 


JOHANNESBURG 


;e 


MINES 



|rrrl 



Bi, 1 ! 



Ill 

' 1 U 


Bf7| 






■ r v 




(?jL9 





U-f 






















AECf 


52.4}_ 

91 +0.1 
137ji-OB 

473 —12 , 

i—26 a 


AII>heila^ir_11.063 |r-36_] 

lioei Henrwsty._i 323 2. 

Moulinex - ! ~I31.6«|—2.5 

PhrihasL^_....;.j J37so}—1.3 

i’ei-liinei....-.■ .. 67:1^2.6 

Fcrncri-IlkThard—J 187.58),—3.7 
Peuguot<.;itmen.J 26Q.1)—5^ 


PaiHln..—..J 88 

Kadiu Tertjnlqnp.l. 302.5j 

Ueduute.-J' 480.li 

Khane Ponlene^.J 51.95 
Ss. Cobaln...^..!;: 115.1 
Sian KuBH^noL. _ 1,591 

Huer._— 

Tri wnaan li^n j. 

Thomson BraadG 
tJBinor— — 


+0JS 

-5.5 

HJB 

-0.J6J 
—0.9 


208.1 

0)1 

126.4} 


M>.9 
7 - 


18.5!—1,3 


«L2 
•'314 
31B* 2.7 
39J9i 8.3 

J32J5S} 3.1 

H2.6I-3J 

19BS-14.6 

7.5T11.2 

•12'1:6,4 
.15 I 5J3 


. INDUSTRIALS ... _ 

-;_™. . 22Z .r-i-jHjB. 

AnghwAnner. Tiut BrtlHal. .■ ■ WiS -.,+2*2+ 
Bartow Rand 33B-"-‘ 

cna imestsoeolB —.... .,l» - *rM* 

CnrriG Finance L-AS v ■ 

De ted miM rt. LS# 

Sd?ar3 Consolidated ftnr. . L72 


f* 


«-■ 


Edgars Stores 
Ever Ready SA 


_+._ +L65 

Federate VolksbeiegBteBS - TL45 : • j 

Greateraums Stocea —' 

Cnardfaui Assurance ^SA)- UB3 rW.i 
Bnietg r ...,.:.,.—• ^28 

LTA- ■ ■ 71.76 , ;"• 

McCarthy Redway-■ 

NedBank ■ J. 230 

OR 


PrranterMjate* 


Pretoria' Cement. 

Protea Hiddiaga 



g und M lnex _Prop eniefr ... 
RsuHrudt •Groap 
Retco 


g w« . BbIiBmb ' ' 

<^C. tattTsocM* 

SOTK 


SA Brewerlee 

Tim-' Oats and NSL Mfp£. 

□msec . , , 

- Secoritic? Rand ttSJO M ~ -Jr4 


SPAIN V 


Feb. I- 
As) and 


PercwiL' • X i 
—l -'IBS ' ■ —»> •-.} 


26.9 


8.4, 

llM 
12.1 
2.4 

h-u|u.nmio 


39 


22 .' 


STOCKHOtM 


BSoen BRbao. ———. 2ST ‘ 

Banco'AlttMiw n.0WV- 212 ' •• 

Banco’Centra) 30-' _ 

Banco , Exterior +.^_i _-2U' 

Banco General zttt • — 

Banco 'Graoadx tUMB> - S5 •-f.' ?? J' rc . 
Baoco Bhpun " ' 20 *. ~ J *ll 

Banco 2nd. CaL fUNto) • JM-,’:'-' >« - p. ; H 

B.-ind. MedkenanffO — ••*"■**•• 1 

Bfrim popifiar • _ * " ' ‘’yy 1 

Banco SaH n odar (2581 • JWrvf? 

Banco Drqrtjo CLflBS) ; 

Sum Vuay* | 


MILAN .. . ' 

Feh, 1 - 

Price 

Lira 

+ fDIv ‘YM. 
or—( IJjti, % . j 


122 

-0.5 


i 

Au-mutn AmH’_ 

Un3liq>i. 

Flat. 

1 hi. I’rii. 

920 

399 

1.930 

1.625 

-70 

—4' 

—19 

120:12-8 

— i - 

ISO 7.8 

Ftiteider. 

82.25 

10.110 

+ 0.08 


- i 

Ira I* hid-.-.. 

Medirt«nca_. 

llonted iron 

127 +2 
31.280 +80 
142B6-3 

I.200I 3.8 

__ _ 

Pirelli k Co. 










Sn in Yisoosr.—.. 

449 

—13 


— 



.Banco .Zaruo&n, 

[BaaMnlOB 


.VjBRBSAJ 


Banos Anda fa iOa 
Bxbcodc- WBcor 


roc 


Dragados 




S>.a*C' !m 

'I l Hi'iyV 


E^L-Aragonesas' 

EsnnUa' Hoc: 

j^xul^-Rlo -Tinm-w .. 

Feoa '(UM) i—jjKvij 

GaL' Prtdados 
Crapo Vriazqnex 

Rtdrola __o 

Tbrtdnriyr: ^r 5 : ; 

Inmobanir ^ : h .ri, r - ’ 






























































































































































































































U-K. CHIPBOARD INDUSTRY 


U *»3S. I* 



111 y By Our Commodities' Staff. •/'V'-F' 1 ■■■.’> 

«-:s:90., fia - 3 BY OUR COMMODITIES STAFF 

« Wiii „>TATO PRICES, have startrtJ‘V- 

5i ;?'r weaken again, WitS -faVaietei'A..HIGH level.fl£ sugar export 
it*#:., Vised to diyert their labour'to authorisations at', yesterday’s 


i buying rumours 
in sugar market 


Fears over 
U.S. grain 


sugar beet harvest of 93.3m. I 


By Our Commodities Staff 

MR. BOR BERG LAND, U.S. 
Agriculture Secretary, is wor- 


' ’sesstug-out potatoes as'toectiier [EEC open market tender was 
'—renditions- nrake -Iandwork«®-'t scen'in some quarters yesterday 
«... acc*ording ; -to - thei-latest 1 ai support for TeportB that the 

tin irket . report from: tbe -JPdtato Soviet Union is buying sugar on 

3 ’atrketiiig Board. „ ; the world market;: J ;. ; . 

i ass ‘ ; >.:;-'iThe Board estimates, 'ibat .The EEC Commission 
ecae.'Avi' 011 faints -at;thb. Tend: of authorised-sales totalling 69.015 
i •*&* sscember totsdledaboritlS&m. tonnes of white suear. bUt again 
'«*?,? :- 2 a ; . Vines, excluding 1 ' seed'-required received no offers for raws. Last 
planting in -197B. ; ' wads' allotmentsreached 66 m. 

~<<This”is ^.OOO'. toaaes iiiore' tonne*. The maximum export 


It per tome 


SUGAR 


op before two Sears of abnorm- Many traders aw'' still con- 
ly poor crops: - - winced that the Soviet union is 


Sep Oct Nov Dec Jan Feb 


fc»suS>^The Board :clairaS.“ therefore, buying world ‘market sugar. { _&ep va nov ice 

r: there should he only 4 mar-despite denials from Russian 

, ?'• 5 Qrplus ; ^'supplies frarh sonrws ja Moscow and London. Purchases this moot! 

Ten a‘- 1977 crop. /But it admits Inquiries by some London raw and white sugar 

i ■ at the big, unknown factor is traders indicate - that Russian European trade ho 

- ■ i H i'« daDTaa *r, ciipar nrnrincf imr- will be about totalled abnut 150.000 


tonnes in 1977 — 3 respectable ried that American farmers 
Showing, but still well short of may not cu-uyemlc with his 
the record crop of 99.9m. tonnes plans for reducing the national 
achieved in 1976, according to acreage sown with maize and 
the detailed economic plan other feed graiiis this year, 
results just released by the He told a Congressional agri- 
Soviet Statistical Board. culture committee In Washing- 

The total came as something of too yesterday that ihe roduc- 
a disappointment after the tion would be either 10 per 
announcement late [asl year that cen t. or nothing at all, reports 
Soviet farmers had sold 85m. neuter. 

tonnes of sugar beet to the Srate jfe would announce -shortly" 
—just short Of the 1976- record jjj s decision 011 how much, of 
of S5.29rii„ tonnes the acreage he Hauls to see 

The harvest is expected to yield voluntarily -?,et aside” from 
more sugar than did the 1976 grain production, 
harvest, however, because or the g c added, however, that 
higher sugar contcm of the ear iy indications showed (hat 
beets. The Soviet news agency. few farmers seemed likely to 
Tass. reported recently that ibe be attracted by the financial 
Soviet Union expected to pro- benefits offered hr the ftown- 


A past littered wit 
company corpses 


purchases this month of both Soviet Union expected to pro- 
raw and white sugar from two duce Srn. tonnes of sugar (rom 
European trade houses now the 1977 harvest, which is a 


mem under such a programme. 
Grain prices have strength- 


* - - ree " supplies* drawn'mainlv Russia this year in order to fulfil Pound' under the new Inter-The hnai total for the record j 

1 rj,; - •--^"oin domesticLowEwof export Quota under the national Sugar Agreement. cotton harvest was given as, 

other m ' os stimSmed by the hiS 'international Sugar Agreement. Another big trade house official S-76m. tonnes. 

R •“•UtBi-iJej, a Board laW Alternatively It is argued that said he was not surprised to The final figure for the sun- 

,, . The' rate o? te'Soviet Union may simply he "learn of the Soviet dental of flower seed harvest was given as 

? ^ taking advanlaae of the eutrent the rumours, because they are 5.87m. tonnes - an il per cent.; 

' 5 ;; ''^'iSnSirouSSmarter XfrilS very low world market prices. buying not only EEC white sugar improvement over the harvest in; 

• i',} j -j- r li* E Prominent world sugar market but ‘omnibus' sugar as well." 1976. but below oven the average; 

*.sc: ii'iK ; f r- ‘ Til! operators told Reuters yesterday David SaUer writes from sunflower seed harvest during the, 


compared iSS-SS-Jp tbat they understood that.Soviet Moscow: The Soviet Union had a 1971-75 five-year plan. 

... e.iiys.f.j , Under its support-buying pro- _ - — _.__ 

** 1 *it"A-* amme.. aimed at bolstering " 

-:».^V--r-,; :,l ':arket prices, the Board Kad #m 41f* 1 • B ft j 

Brazil coffee policy doubts 

;.v-., ider contract; 


jeen put 


RIO DE JANEIRO. Feb. 1. 


* =» *=»■”- o,: 


/ARD FtATEs 


^Australian 
wool dearer 


General fall 
in metals 

By Our Commodities Staff 

THERE WAS :t general decline 
in base metal markets yesterday 
as renewed selling pressure 
developed in the wake of the 
recent period of stability. 

The downward move was trig¬ 
gered off by lead, which was hit 
hy profit taking sales—after the 
recent rise—encouraged by trade 
and speculative veiling. As a 
result cash lead closed HI 1.35 


«:-v.C:-L . 

i .a.cic... 
a- t .. ' 

... 5C • 
•*.. 

:i ■ 

?5-::c- 

- 5- S-ij 

S tc. . 

- 5.7 •• 

. a < •;. 

:-4 S 5 •' 

... 2 t; 


BRISBANE. Feb. I- 
iUCES OF ALL descriptions of 
Torino and crossbred fleece 


THE NEWS this week that Bison 
Werke, a West German raanu- 
faciurer of wood chipboard 
machinery, has finally bought 
Scottish Timber Products of 
Cowie meant; that another large 
section of the U.K. wood chip¬ 
board manufacturing industry 
has passed into overseas hands. 

Of Britain's ten sizeable wood 
chipboard mills, six are now sub¬ 
sidiaries of overseas rompanies 
and it is perhaps significant that 
the only other serious contender 
to buy STP. which has been in 
the Receiver's hands since last 
September. was Pellos — a 
Finnish company. 

Weyroc. which operates four 
mills, belongs tn Swedish Match, 
while KronosDan. with a raSH at 
Chirk, is Austrian. U.K.-owned 
mills include Scotbo3rd. owned 
by British Plaster Board: Span- 
hoard made at Coleraine in 
| Tester and at South Motion in 
Devon and own»d by Aaronson 
Bros.: and Flakebnard at Mon¬ 
mouth. There are also one or 
two smaller mill* which concen¬ 
trate on producing hoard to be 
used for further manufacture by 
iheir operators F. Hills, a 
joinery company, ha* it* own 
.■hiohourd mill as has Mai tin son- 
Denny.' 

The history of wood chipboard 
manufacture" in the U.K. is 
littered with the corpses of com¬ 
panies. but the thread linking 
must is that they were conceived 
when thu market was strong. 
look longer 10 build-up and run- 
in than envisaged, and came on 
stream just in lime to catch the 
recession which ’ follows each 
boom in ihe timber cycle. 

They were then caught in the 
full blast of competitive pricing 
from Scandinavian and niher 
European countries whose eco- 


BY A CORRESPONDENT 

noinies are Tar more forestry- 
orientated than our own. 

The one brand name which has 
survived through thick and thin 
is Weyroc. although even here 
the parent company has had Us 
changes. Originally owned by 
British Match, it was taken over 
by Wilkinson Match wbo in turn 
sold to Swedish Match. 

Over the year Weyroc has been 
the “ owner of last resort" for 
a number of the hopeful brands 
which appeared at the top of 
every limber cvcle. British 
Plimber. at Rainham in 
Essex, was one of thp first post¬ 
war mills. It was boueht by 
Formica, who sold it to Weyror 
who closed it down. Exactly the 
same process was applied to 
Tyneboard, made at Wallsend. 

Bartrev was matte a' Marks 
Tev in Essex and was one of the 
first continuous process hoards. 
The comnanv got info difficulty, 
wa* housht h’-Wevroc and closed 
down. At Thctfnrd. the Novo- 
hord mill had been in production 
for only six months when ti was 
bouihi" bv Weyroc and closed 
after a fire in the drying section. 
It remained closed for several 
vears. but is now one of Weyroc's 
four producing mill*. 

In Scotland. Naims, belter 
known for their floor coverings, 
had bouehr the Bonawood mill. 
Thev sold it to North Eastern 
Timber, then a public company 
and now part of the Mallinson- 
Denny group. North Eastern 
found Bona wood too mtich of 3 
drain on their resources and 
closed if down. Within six 
months, ironically, the market 
had turned and the mill's produc¬ 
tion was needed. 

Scottish Thnher products was 
the brain child of Mr. Michael 
Lyons, an ex-Formica man. whose 


ambitious plan was ip build the 
largest wood chipboard mil! in 
Europe at Cowie in Stirlingshire. 
Various backers came forward, 
including the Scottish Develop¬ 
ment Authority. Chase Manhat¬ 
tan Bank and Til hi 11 Forestry. 
The original scheme was costed 
at about f7m.. 

When it became clear that 
the original investment would 
nowhere near cover the devel¬ 
opment. a re-finaneins operation 

took place and Mr. Lynns was 
replaced as managing director by 
the institutional holders. Their 
Choice was Mr. Robin Pegna. 
whose merchant bankin'* back¬ 
ground included some notable 
successes at turning round ail¬ 
ing concerns. 

Chipboard, however, is rml 
like any other industry. The 
manufacturing technology is com¬ 
plicated and the two main con¬ 
sumer industries—construction 
and furniture—arc higblj cyc¬ 
lical. Last year both of ihe*e 
industries were at low poinl-. 
all Forest product* were in nv«*r 
supply and prices were falling. 
STP bowed to the inevitable and 
called in a Receiver last Sep¬ 
tember. 

The industryfuture will 
probably be as stormy as its past. 
The basic difficulty it faces is 
that il can always be undercut 
fay the low cost rore.slry euiin- 
tries at times of low demand. 

The Forestry Commission and 
our private woodland owners 
would probably like iu see auine 
form of subsidy or prelection, ax 
the industry is an important out¬ 
let for softwood thinnings and 
waste. On the other hand llu* 
mills are largely automated and 
employ relatively few people in 
mostly rural disiricts where the 
political pressures are weak. 


Landowners’ wealth tax protest 


BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


.K.*:; f.-r 
;> : i --- 


:::mainder. . . . • . Most sources said that they Poland recently of about 30.000 noticeable fail in the next crop. 

5 'Japan was the main buyier," thoughf same adjustment, in the bags, business this year had been It was still too early totore- 
.-’i, th strong supnortfroni Eastern price: guarantee could .he under limited to scattered buying in cast the coming crop with any 
jrope, the EEC and local mills, study at the IBC. but added that small amounts. accuracy. 


ANTIMONY 
PRICE CUT 

A cut in the U.K. price of 
antimony metal was announced 


_ p The Australian Government l with its president, Sr, Camillo A forecast from the Parana Trade estimates for Parana a >esierda> by Anzun. subsidiary 

tends to extend .to two years I Calazahs. at the Boca Raton agriculture secretariat of a 20 the moment are mostly about of the Lead Industries (no^jp 

om one the Wool Corporation's coffee conference..they did not per cent, fall in the States next 5ru. bags. Although some wore V,-!h a U ‘ u ivf 

. _ -er-to-purchase scheme. expect any decisions until after coffee crop because of a leaf expecting a crop as low as 4m. cost of 99.0 pei vent, fcude «nn- 

- The scheme is a trial of the next week's Carnival holiday, disease and lack of rain, brought these sources said they bad not mony to 11.900 a tonne and 99 6 

, — rporation’s commercial ability There bad been no information a sceptical response from coffee reduced their estimates because per cent, grade metal to £1,9_5. 

buy, handle and seB wool so. far from the Government traders-here. of lack of rain or “bicho Recently the company reduced 

■ :: I'-.tained directly from farmers about Brazil's January trade The secretariat said that the mineiro. the cost of anuraony oxides 

- -- -L'ther than at auctions.' - figure?.; These would be .helped 1978-79 crop estimate bad been Reuter because of poor demand. 


ns. at the Bbia Raton agriculture secretariat oF a 20 the moment are mostly about of the Lead Industries Group 
conference,.they did not per cent, fall in the State's next 5ra. bags. Although some were Reductions of UoQ «'t» c-iij the 
any decisions until after coffee crop because of a leaf expecting a crop as low as 4m. cost of 09.0 pei cent, giade anti- 


jthe cost' of antimony oxides 
I because of poor demand. 


MR. ROGER PAUL, president of 
the Country Landowners* Asso- 
ciation, has written to Mr. Joel 
Barnett. Chier Secretary to the 
!Treasury, protesting about the 
j ill-effects the proposed wealth tax 
; will have on farming. 

; Agriculture was the most 
• capital intensive industry in the 
'economy, he said. Total invest¬ 
ment per person engaged in agri¬ 
culture was 138.000. compared 
with £16.000 in IC1. 

In addition, the average annual 
investment in agriculture was 
£814 per person engaged—about 


30 per cent, higher than in in¬ 
dustry as a whole. 

Much of this capital was in¬ 
vested in land which was “ highly 
illiquid*' and earned a very low 
rate or return. This meant that 
any capital taxation which had to 
be Paid in cash would reduce the 
amount available for investment. 

About 10 per cent, of land in 
England and Wales was owned 
hy tax exempt institutions and 
other public bodies which would 
not suffer this taxation. Even 
shareholders in these bodies 
would probably find that their 


NNCSEi 


OMfWQDITY MARKET REPORTS AND PRICES 

mpr MCTil-C - tha t jn the morning i-arti wtrihars traded recovering to a das s high of £figso. 

. ?: -bAbL irUbi ALj ' at ISM, Uuee ra<inu» tt+L 43 . C.3. 43 . helped by Protective covering P" rumours 

_ , 42 . 4i.j, 43. Cathodes, thm- months EB33. of a delayed or Just shipment. The trade 

..OPPER-^aalpr although vnlnmes Kcrb . ^rep^-s. three rghnih-s £643. 42.5. wan lending to the market and as hedse 
• . • :ded on die f-oodon Metal; Exchange ^(jp rn ijoii; ..Wlrobart. cash £HV..!k, Ihrec selling came cut ifn« price fell aw.iy to 
n.- thin. Forward loeuil Ma rled yl nwy, 3 5 . ■*. 1 , K?rh: W'irc- close at £6.160 on the Kerb. Turnover 

l* and traded down dwuughout fhe ddr bJrt three .months fttD. 39 . is s 3 . 8 . 1 .M 0 mnnes. 

. th tin* market Kiflucnu-d by the (all - n a. «■ Mnrning: Sra 1 uJ 4 .nl. vasli £6.410. £6,400. 

• t lead. There was-, iuimc freih Jajulua- ' ^ _ le. 396. rhrec months 30. w). 50. «* 

■■ - It under .«I0. Cumox wa- lower m . TtM~FUiaoatedwith l*.rward nietal 35 Ht((h Grade, cash £6^32. ihree 

.-- atwrunon apd ..Ibc close on.lhe Kpadi startjnp a« MJU^yfier a nti- In me Ea«i ifi.260. Kerb; Sundard. Ihreo 

r - :«--•» JtOR.j Turnover U-'^oO tupnes- pvemlght and climbing in fO-tn. The months £8J30. 40- ;:i*. Aficnioi.n: 

rv:: \malgainaied Metal TradiuK reported price ihen fell back to £ 6.160 bemre standard, vnsb £4.360. three 1111111 ( 111 . ifl-'Cn. 

... . --- z- .. - ;o. 20. • High tirade, cash ip.JfU. Kerb: 

':: - ipi-fif ’ 5-".-' H" nr .. ^ ; t+4lf , P1 » L ; .rj! n ' . I + ' ,t .- '’iV'j i, t+ * Sundard, three months IB. 1 S 0 . ru. so. w. 

6 Official: I ■— ! LmClckaS. — • MX -J- OIU' Wl ! — . I nufTi'-lalj — . LEAD—Lott grannd a.« proflt-iateins and 

-— - ; — - i ■ ■ .■ - -,— 7 —:-,—— renewed liouldaiioii came into the 

: f 'i , ! £ J £ J. .it High Grads £ J. 7« Market. Boarlab consumptiun forecasts 

—ire bars 1 1 • 63B0-9Z -V67.5 6360-70—10 f ronl Ihe Commodities Research Unit 

ah. 1 629-.3 —T J 627.5 3 U*.7& S.inontha-16260-60 +00 1 6800-20 36 dampened yrnilmeni. Forward metal 

1 - 1 tooth*..; 6423-3 j-1-26. 641-.6 J—S.TS Se|tlMiTt.j 6398 +87 1 - 1 . waned at I326-EB7 but traded lowsr 

■ ” ttrm’nt 629.6 {— 1 I . — ' 1 .. Standard ' I I Ibrougbout the day 10 roach £315 on the 


1 a •£ .it Hlffh. Grads £ JL 7n Morket. Boarlab consumpiiun forecasts 

ire bars 1 . • . • • t-ailj.V-;-! 6388-92 +S7-5 6360-70—10 from the Commoditise Research Unit 

ah. 1 629-.9 —1 J 627.5 3 U-&.76 S.immtha-16260-60 +60 1 6200-20 —36 dampened yrnilmenL Forward metal 

iionths-l 6423-3 -1J6, «4l,.6 J—S-TS Seftletil’t. 6398 +87 1 — 1 . started at I326-EB7 but traded lower 

ttTm’nt 629.6 -II. - " I Standard ■» I Ibrougbout the day 10 roach £315 on the 

-thodeal 1' . CoSTT... 6388-92+67.6; 63 60-76 ( -10 uw Kerb before recovennfi tUghtly to 

ah.619-20 >1^. 6V7-B J—ff.6‘ ? months- 6235-49 43S.6 6190-200-27.5 dose at £317. Turnover 7.150 tonnes. 

nontbej BM.b-3 -. 630.&-1 !—8 - BetWwn.t.1 6392 |+87 j - I - -.-- --i— 

'ttTm'otii 620 U-1 - ' 


£ ' f ; £ 

57.5 6360-70 —10 


'U S. cents pr-r pound i: Colombian Mild 
Arablcas 'M.Ott uft4.Mli: unwashed Arabi¬ 
cs CUM > same>: other mild .-Irahtcis 
irn.13 1203.001; RabUSlBS 176.50 i173.00 ■. 
Dally averace 1SS.92 ilS0.54>. 

LONDON ARABICAS — Dn/I again 3> an 
irreiuilar close, valir-s wire 51.73 higher 
lo s^.jO lower on the day. Dread Burnham 
reported 

Prices i In order, buyer, seller, cbniiue 
business' — April 2OT.10-20i.2-V -0 -.’O. 

cueoii: J line ipi.su-i.oj no. -i. si. iw.r.s- 
181.00: Augum 179.15-1:9.40. -0 35. l*0.till- 
177 SO: del. 16fi.50-iea.00. -I TS. 1671»: 
Dec. 132.05-135.35, -3.50, Untroded: Feb, 
148.10-149M. +1.75. 148.00. Sales: 49 '54' 
lots Ot 17.250 kilea. 


-Ouotalions e. aud f U.K. Tor .Ian. ship¬ 
ment tu-ois -tO-luch £10.43. 71-JZS £8.01 per 
WO yards- Feb. £10.5? hi id £T.W: ilareh 
£10.63 and D..00. ■■ B" m ills: £10.29. 

r:t.s7 and £H.42 fnr ib-.- rosp-.-’tive shu>- 
nwni Yarn and cloth o ulei. 

but prices firm. 


MEAT/VEGETABLES PRICE CHANGES 


holdings would be below tbp 
wealth lax threshold. 

Because of the high value i»f 
land to-day. even a 200-acre farm 
was worth about £250,000 and 
would be at risk from the pro¬ 
posed tax. About 42.000 farms 
in England and Wale*—roughly 
20 per cent, or the total—were 
of more than 200 acres and would 
be paying a disproportionate 
share of the wealth tax burden 
while other forms of wealth, 
such a& accrued pension rights, 
would not be affected. 


U.S. Markets, > 


RUBBER 


COCOA 


SLIGHTLY STEADIER upon mg an ihe 
Uuuioi i nhiriuJt rrur+.-i. Lt’tU: inter.-at 
ihruughont ih. duj rlar-m^ un .in un-vrialn 
noi.-. Uwis and P-.-at n-nork'd that ihv 
JlalaysttiH tnarkrt n as clast'd. 

I Y«*.UnlayV Fien.iirt Bus.. 

I:,?.*. i-lcw | Huic *Ii.ni- 


630.6-1 (—8 


'ttrm'Dti 620 M l- 9tmt» 6..BS1698 | + 30 i — I- „ aJi>- rf* o‘i P-n»- i+ »* 

S.SmtJ — _l J ;Kvwyark-__ 1 ^.....! 661 - 666 1+5.5 LBAO Official | — |OnuiHctal | —■ 

” ' 7" 1 £ I C | £ C 

paab. ..... zia-s !-■ • 311 . 9-2 - 51 ; 

BUU. OR BEAR MAhKET TREND i sh!? 

Y®u can make ■ money m- coramodniw... Thai a one y N.y.rtw*. — 1 .1 — • . 

reason why Inwipri tn 31 diBirent cemntrlttt subscribe artWWlN —— ---- —- 

io our weekly com modi tin, metals and currencies ser¬ 
vice. Othe- r4\ ons xouW-be the da.called cblrts. or the 
leading indie Sturt or the tpociEc iiilcrpH. rations — jute 
some of tf» reasons why wz. service pays tot itself 

over and over igain. ' ■ I . •—.. . — 

Send far o.slnalc iesue. iSi emhi week ri|al,. £20: one-year subscription, £tiO JiJ la- HA 16.5. 17. 

- to.- CHART^ ANALYSIS LIMITED jfj ZIMC-Lower, but afier beine uiarhL-d 

' 194-260 'Btshopagate. London ECZM 4PE on. forward metal irkdvd 

•>*- —Mh di • mi • -MiMhiLai h n arrow range- The market was 


FINANCIAL TIMliS 



t-T Morning: Cash 1315. thrc»? months £523. 
J 32. 23.5. 22. 21.5, 21. 2UJ. Kerb: Three 
ft mimthx £321, 2U.5. Artornnnn: Cash CJIU. 
tbri'e munihs £320 . 21. 20.3. 20. Ul, IB. 
' IS.5, Is. Kerb: Three month-. £31". 16. 
15. 15.5. 16.5. 17, 

£ ZINC—Lower, but after be'ne uiarhi-d 

% down early on. forward metal traded 
-‘.ha In a narrow range. The market, was 
■” affected by the falf m (cad and start ott 
««*B at £251. However, gnod -fharl-covorlng in 
n thin market IkM the price steady 
and tc closed on rite Kerb at £2+1.5. 
Turnover 20100 umnes. 

I n. til. j+ or> |i.in, r+ nr 
URMal [ — jttnoflielal J — 

j 4.- I £ j j; j A- 

CaBh-.:aM.5-MJi-«22S 249-60 -8.7b 

3 namtha..! 8S4.7b-6 1-7.87 253-4 -8.75 

G'ment.j 260.6 J -8 j — f . 

Pno.W'estl_ —_I .. 30.5-31 1 . 

Moraine: Three moo lbs 1254 . 53.5. 54, 
344. Kerb: Three months £253. After¬ 
noon: Cash £248.5, D. three months £254.5, 
54. 52.5. S3. 53.5. Kerb: Three months 
£353. 52, S3. 

•Ccnra per pound, ton previous 
unofficial close. ISM per picul. 


Sralc-dou-n manufaemrer Interest 
stemmed ibv decline and aegressive Com¬ 
mission Boose buying on the close kept 
prices steady. Gill and Duff us reported. 

AMinlij'i +«r | — Business 
COCi.'A • Close — lu.iie 

No, b C’otrt : 

March. 1550.0-85.0 -8.0:1883.0-92.0 

3tar. 1476.0-77.0 -8.38 )4M.0-52.0 

•I lil'v. 1443.0-50.0 '—2.0 14SD.O-Z6.0 

elout.I42S.U-28.0 — 3.50 1425.0-Ik.0 

lie-..1417.0-09.1; -Z.50 1409-1560 

.. 1383.0-97,0 +8.50 11 O.a-rj.O 

Mat ■■ 15Jb.0+.8j +2 .50 15 76.IL 70.0 

Sales: 3.2116 H.lUol lots nl 5 loiinoi. 
Intcrnaiianal Cocoa Organlsaiion >US 

cents per pound ■—DaiK price Jan. Dt. 
129.60 il! 0 .lli. In'tieator pnc*n Feb. 1 : 
15-day average 13.1.41 U33.98i: 22-day 
average 125.32 ri35.74i. 


MBi,-h ,.| 

April.... 

Apr-fne- 

-fli -Sep.f 

der-Uei' 

.Ian- 'lr-i 

Apr-fne 

Jh-Ntp.! 


4fi.90-47.50' 
47.C0-47.60' 
47.75-48.00' 
49.50-43.56.' 
51.15-81.20' 
52.90-55.00' 
54.Sfl.fi4.7ft' 
56.20.86.30 
57.70-67.00, 


46.60-46.80 

4fi.85-47.00 

47.50- 47.55. 48.00 
40.88-18.05 45-50-49.80 
50.70-50.75. 51-25-50-00 

52.50- 52.60 SS.05-62.00 
54.25-54.30 54.65-54.40 
58.75-55.80 56.25-88.75 
57.28-67.30. 57.75-55.50 


GRAINS 


TO-DAY WILL BE APPEARING 
ON PAGE 15 

EIJS^lNCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


•1 ■ .• • 
■■' 


v*; 


iT A. y. Wc British are a peaceful' people. ^When a war is •' 
over weliicio i»trugn it to the history books - and 
*Jgl i forget ft. ’ • • • 

Wm$U£&i Rut for some the wars live on. The disabled from. 

•,£“ both SVorid Wars and from lesser campaigns, now all 
Itasji y forgntien: the vyidows. Ih£ orphans and the 
children -for them their war fives on, every day and. 
ail dav.~ . 

Jn manj' cases, of course, there is help from a 
^ pension- But there is a limit to what any Government 
||if§!' ' J Department can do. , 

Tlus is where Army Benevolence steps in.« nh 

understanding. With a sense of urgency... and with . 
mHn practical, financial help. 

To usitis aprivnege to help these brave tncn-^jid 

women, too. Pfease will you help us to do more? Wo 
Mgggggg must hoi let our soldiers down. 

The Army Benevolent Fund 

for soldiers, e\'~soldiers and their families in distress 
Dept. FT. Duke of York’s HQ. London SW3 4SP_ 


j.g. index: limited. 01*551 346fi- Three month Lead 314.4-818J 
;- ; s ,29 Lament Road,ikih.dp.ii.-SWtff-O.BSL., . . 


SILVER 

Sliver was fixed 3 p an ounue higher for 
spot delivery In ibe London bullion 
market yesterday, or Ufi.an. U.S. cent 
equivalents of the firing levels were: 
spot 500c. up 5c: ihrco-monib 508.lc- up 
t. 8 c: ste-momh 517.7c, op 4-9e: and 1-- 
month 538.2c. ud Si le. The metal opened 
Ml 255.5-255.Sp <4PP-SMHc) and closed « 
5M 9-255Jp 1487-49810. 

- i rn i I 7 

SILVER BuIHi.d [4- on L.M.E. 1 +ct 
per fixing — ' el<*c I — 

tray na. priefna | : 

i / • ; 

+wit.„l 296.&P ■'+3.0- 294.95p +1.3 

6 monthbJ 260.6p j+6.0i 258,95p .+ 1.3B 

3 montJUa..! 266.1p i+S.® — . 

a monrlK..: 276.6|| I+5.2' — . 

LME—Turnover 1ST »1<HH lots of m.«M 
ounces Morning: Three months 280.5. 
do.", 50.S. 60-7, 80.8. Kerb: Three months 
Ml, AO.fl, Afternoon: Three months 'iaB.fi. 
9.4. S^l, 9.1, 9, 8.9. 9. S-S. 8.9. 9. Kerb: 
Three mnnlfis 359. S-9. 9- 

COFFEE 

On the quietest day for several weeks. 
Ro&u&U futures moved lmle front over¬ 
night levels, a* traders showed no read 
intorest, Drexd Burnham reported. 
Values at the clone were irregularly 
ranged around Monday’s final levels. The 
new quiet pulton appeared to be due to 
many traders having Mutant positions 
after Die events <K January. Physicals 
were similarly featurelcsa. 
machine twenty-six -—— —- 


Veutorriay'h | J 

i + -|aar 

■ |£ per tuiincj 

.Uan-b ...,~«-T7E7-tt-1768.0.+ 8.5 1755-1738 

\)hl- .11615.0-1617JT'-1.5 ’ ltSS-lSlD 

tnlv....115M.0-1&M.0 -10.5' 1555-1537 

SMOrMitei...;14a£,0-1483.0:~5.0 ,14M.T485 
\iiretpijoi... •14S6.0-N40-0 — 12.0i 1438 

Iftnuftiy.il37B.O-1400.0—47.01 — 

.US0.W868.0.| 

Sales: l.OSi r3.«i7» lota of 18 tonne*. 
ICO lirt.camr nrfeu (or January 31 


LONDON CRAIN FUTURES (GAFTAl— 
Market uponfU 10 lower on old uroos and 
20 lower oo new. Trade was featureless, 
anarr from n small a mourn of hedge* 
trading, and values lost 15 points on the 
day on old crop wheat. Barley, however, 
was fairly well supported la thin trading 
and gained 20 points on the dav. Acli 
riHwned. With ibe “ Green Pound ” 
rlutrigcs HfJI known to the market, new 
crops opened 20 points easier, ibe main 
interests centring on January, which 
commenced trading at Sfl .10 wheal and 
fil.dO barley. This anracied some hedge- 
selling which brought losses of =5p on 
wheat and 15n on barley. This In mm 
brought easier markets on September and 
November. 

WHEA1 ( BARLEY 

iVestenUyV + nr ! Yesterday'•> +ur 
If'nth elos*.- j — . etiWu _ —. 

UarTl t»,50 |-0£l6i -73.60 +0.10 

Slav 67.55 M7,16' iS.US +0.10 

Sept. B4.10 i—O.BO! M.VS -0.35 

Km-. &6.40 1—■0.501 62.10 -0.60 

Jail._88.75 «... 84.45 _.. 

Business done—Wheat: March ssT7M5.5a 
May sr.TW'.OO, SenL 84-10-84.00. Nov. 
86.70-86.4fl, Jan. 39.0048.73. -Sales; 90 lout. 
Barley: March 73.45-73JO. May 
75.75. Sept- 78.90-79.70, Nov. 52.10-82.00. 
Jaib S4.50-84-40. Sales: 84 lots. 

IMPORTED—Wheat: CWRS No. I 131 
Per cent.. Fob. And March £S4.80. Tilbury. 
U.S. Dark Northern Spring No. 2. 14 per 
cent.. Feb. ftd.OU. March £51.75 iranship- 
ment East CoasL U.S. Hard Winter 
ordinary. Australian, Argentinian, Soviet 
and SEC erodes unquoted. 

Mane: U.S.-French, Feb. £9S.OO. March 
£98.00. April £100.75, iranehipmuni East 
CoasL Kenya itradc three, March no.00 
num. South African Yellow. March £67.75 
quoted. 

Barley, Sorghum, Qaw—unquoied. 

HGCA—Ex-fonn spot prices Feb. I. 
Pood barley: Ucrtiord £69^0. U.K. 
monetary co-eflicfcnt for the week 1 from 
Feb. 8 Is expected to suv unchtbsed, 

EEC DAILY GRAIN IMPORT LEVIES 
—Levies and premiums In units of 
account per tonne, effective (or Feb. S 
io order current levy plus March. April 
and May premiums, with previous In 
brackets: Com men wheal—88.40. nil. tfel. 
0J3 (3S,07, dll. Dll, nUj! Durum wheat 
—115-20, nU. nlL 13.17 £113.95, oil, oil, 
13.00 1 ; Rye—75.05. nil. Oil, Off (74.03. nlL 
all. nUt: Barley—73.66. mi, Bil, 3.39 /7SM, 
nlL ml, .3.33 1 : Oats—72.25. nil, Ml, nil 
G0.7D, nil, alt. nilj: Maize (other than 
hybrid for seeding} — 73. in. 0.54. 0.^4. 1.65 
1 74.41, (LSI. 0.51. 0.511: Millet—77.79. ml. 
Ml. nit 178.85, nil. nil. nllt: Crain 
sorahnnt— 80 . 81 , nil. mi. :i.0C tsuJ.fii. mi. 
nil. ntli. 

Flour IcncS: Wheat or mixed wheat 
and rge-ixm 1114.8.1*: Rye—116.70 
1115.37). 


Saks: -<X: > 2 H • luts of 15 ten inch. 

Fhrwal • 'Iusing prio.i <faui , vrs , i «-c-re 
Snoi *4b.5». March 4>P «47..i>: April 
4,-n 

SOYABEAN MEAL 

T’.-rnunxI t'osfd Cl.20 hiuOi-r m ihe 
spui positioi- while- the rcsi of ifi-.- marker 
i, js Top down to uucbaiiACd. r><[>oris 
Renter.’ After aimiinx slightly lower. 
most posmioris bold in a narrow raopi- in 
small two-way activity. Ilmviver. sellers 
0/ near-Feb. were- rath*-r riwn'ri. rv- 
flvcuKS th*.- possibility of a hold-up in 
nearby supplies due to bad wcartn-r In 
the U.S. and Ihe German dock strife. 

Veateril'y* +'*i ; Un-'iinr-*- 

■ Cl**v.- — ■ l 1 * *ltf 

L‘t+rt..iine 

Kvbruarv.. .. 108.00419.0 +1.20 I0G.M 

April. I05.3O-OA5—0.40 I03.70-D5.i0 

done. 106.60413.4 —O.BO 103.60-85.20 

,\ i ik 11 ii. 104.004M.2 —0.68,104.20-04 JW 

ti,4,rfK-r_ 104.20-04.8 —0.76. — 

it«-Hmlwi-.... 104.80 05.0 —0.16 
tVI*rimi>_.. ..1104.00-07.0 — 

'Sales: 712 M7»'|«s"of 1 WJ tonnes." 


SUGAR 


LONDON DAILY PRICE tor raw susar 
£111 'same a tonne CU for l-rU.-.M&ren 
shipment. UTrfio sugar dally price was 
used at £U7 rsaaci. ■ 

VtiftarT' - _ " 

l*wf. iVest’nhty v Previnur j Uiiklti^t 
Cniinn.l *.-line ! C'li+n- iti-ue 
Ureiii.} ! 

41 tier tuttiie 

Marelt.- ll9.«0-19.«l|IM.f5.2lJJ0 121.00-19.55 

Slav.I34.aft-K3.65l 124.10-24.15 124.Z8-2S.Z& 

A UK.i 125.35-28.40 l25.25-2B.5ft126.26-!5.55 

0.1, ,...,1/7.10-27.30 12f.Sfl-27.B5.l2B.00-27.lt5 

Ul-c .1128.85-29.83 129.55.29.fb l2a.40-SB.8fl 

.Man-ii32.SO-MJ10 IS3.25-53.7bl33.2S-S2.Sfl 
31«v....ila4.5fl-S6.M IjSjM-ifi.ab; 135.50 

Sales: ‘£.794 <2.4341 lot* of J lunnes. 
Tate and Lyle ux-relincry price lor 
sranuiatL-d basis wbilC Kuuar was £242.4 U 
isauiei u tonne tor home trade and £1*8 
isantet tor export. 

International Sugar Agreement—Indica¬ 
tor Prices i U.S. cents Per pound foh and 
slowed Caribbean porti (or January it: 
Dully pnee SA5 fS.73.: 15-day average 
S.8S 

WOOL FUTURES 

LONDON—Market dull and featurelns. 
Bechc reported. 

(Peace per wim 

“AuVmliHu Imenuy + ui“ Busfiu-Mr 
Gitiisy W^kiI Close | — j t*jne 


JUTE 


DUNDEE JUTE —Firm, bin quiet. 

Prices: £275 for 6 TC dtfwr. no shipment 
Offers available. Calcutta good* steady. 


31 »n.-h........E$2.B-a7,0 ., — 

Max-..P52JJ-5B.0 1.i - 

Jul.t .,,..(252.0-36,0 ;+ 1,0; ~ 

fh't.ibei-.j25fiAL42J] •+ 1.0; — 

D^wniber ...(240.0.42.0 !—0.5 — 

Alensb.E43.845.8 O.S| - 

Mai*.fe44.(U7.0 !— t.ol - 

Jnlv.... . V ...p44.^47.0_-J.0' -__ 

Sales: Nil (Ifit lots Of l.SOfi lula,. 
SYDNEY CREASY (in order buyer, 
seller, bu.-tfnuj,, aaJtS'—Micron Cpntrect: 
Wurth 335.5. .'CS.7. 310.0-SlsO. May 
343.::. 542.3. .143.54^2.0. 38: July 34S..i. 
3J9.5. 35U.j4M3.fi. 19; Oct. .152.fi, -T4:.u. 
"£4.5.353.11. 30; Dec. 357 7. 33Sil. IV* 0- 
aw.0. »; March 582.3 .163.0. unirudrd; 
May 3ui.fi. 763.5. untested: July JS5.5. 
367.5. 36&.0-5& 0. 4. Total 6dlcs: 1BJ lots. 


5M1THFIELD tprtii-e per poundi—Beef: 
Scoilish killed '-ides 47.5 Hi 50.0. Uls'cr 
hlndotijrt.'rs 57 li if 3v.0. fnrunuaruT*s 17.0 
lo 1^0 Ktre hnni<tttjricr*i 5K0 IO iMJl. 
lorcatiarter^ in 0 to SS..V 

Veal: Diireh h'n<1-> .mil ends U4.0 10 97.0. 

Lamb: Eucli'h small SM0 io '<* <>. 
tiK'dinm 47.0 in 51 . 0 . heavy :>d.b in in.o. 
Sramsh mi'diiim no to )u*uv.v 3h» 
\tt 4«6. Impfrii-kl Iroi-.n N.3. Fll 41*0 
if 4Y0. 

Pork: Eiighih. under tun lbs 36.0 lo 410. 
1UU-VJII lbs 36 0 IO 40.'J. 1JU-100 lt^ 35.0 IO 
39 0. 

Hares: Eiieiisit, Urge 170.0 to COHO 
each. 

Partridges: Youus 170.0 >o 190.0 eucb. 

Pheasants: Best iinj.it to 320.0 each. 

MEAT COMMISSION—Avcrasc fatsiock 
prices at rcprL'scniaLvc markets on 
February 1. CB caiUc 63.52c per 
Vt.I.w. i + L44' U.K. sheep 129.4p per 
Ra.cst.d.t.w. t—Mi. CB pies. SP.«P per 
ta.l.w. '-US'. England and Wales— 
Caiili number down 1S.7 per cvni., 
average once fi3 9i>p i +1.37': Sheen down 
S- - : I»T Cent., ui’ivacr i-2J>: Piss 

un ::.2 per a-.uftiRt- 59_-p • -U.'J*. 

ScoiianU—C.Tir;.- up '!■) p. r <>-n». ais-rasl 
pne.- i.J :Mp i * !*• p•- *n, '-c 'iu«n i**t 
D--T i.L-m.. uvor.iiv Tlj.4? I-KM. Pips UD 
Q.l pi-r iritr.. .r.vrj.”' ." jy t-I.Ji. 

MLi; iur<..-usi r.ni-s nl L’.K. mineiam 
L-Qiiiu,nsair'i> anipuiiis tor n«-»-k from 
February 11 'previous -vt-eVv Usttres in 
brackctsi—Fr,-sh .,r cbiiu-il he»-f . arcuses: 
26.40c [»-r k;:. i .''i.-W ■. tlr. cn bacon side*: 
1193.3 d dlt tonne • 192.50’. 

CO VENT CAROEN tpricda in sterlms 
per pjehase unless si jti'rt'—Imparted 
produce: Orange*—Spa ma: Salnstianas 
3.00, Navels 3 30-3.SO: Jaffa: 3.50-1.K'. 
Cyprus; Ovals- approx. 16 kUau M/so's 
3.WL1.C0: E^vptian: Baladi 2.50.3.8U: 

Moroccan: S.on-l.ld: Greek 2.50- Lemons 
—Italian: 100/1211 2.60-1,,J0: Cyprus: 3.W1- 

nj>u. GrapefroiJ—Cvprus: la kilos --'.40- 
2.141. 20 kilos :;.00-::.OD: Jaffa: 20 kilos 2-80- 

з. 50. Sours— Span la: appro*. 40-lb 4.70. 

Clementines—Moroccan: 2.4M.S0. Sat- 

sumas— Spunla: 2.50-2-80. Apples— 

ITciu-h: 40-lb tl rally Smith ti.80-7.20. 
GcMen ions 4.6U-5.ru: 20-lb 7?'Itill 

Cranny Smith 2.0-d.OT, Golden Delicious 
2.50-'! .30. R'.-d Delicious 2.U0-1.0D. Stark 
Crimson 2.70-5-20. luniht.- park, pri lb. 
Golden Delicious u. 18-0.15: Italian: 
Coldi-n Delii-lons 0.11-0.131; U.S.: Red 

Dehclons 'j.iIO-S .’ft: Eastern Stales: i.ilfl- 
S.40; Hungarian- Hod Delicious 7 Oil; 
Danish: Per lb Mclniash O.iO-n.12. -Spar- 
luns 0.094113. Peers—Italian: Per Ib 
Passaorassjiu- 0.t6-n.l2. Plums—S. Afn- 
ean: Santa Rosa per lb 0.50. Guvioias 
O.40-0.5V Grapes—Spanish- Alnteria 3.nn- 
n.’fl: Californian: Red Emperor per lb 
n.3IMI3$: *. African- Alphonse S.00. 

tJU'*n of the Voxerant 6.00. Apricots— 
S. Afncan: Per Ib 0.35-0.411. Bananas— 
Juniaieair Por lb n.i6. Tomatoes—Per 
fi kilns. Canary; 5-88-4 28: Moroccan: II.IW. 
Melons—Senrpa I: Yellow S 15's 6 <41-8.00. 
Cucumbers—Canary: 2 40-3.IM. Onions— 
Spanish- 2..70-2.88. Caoflflowers-viefser: i 
5 SO: French: C.nn. Pouioes— Italian: 
20-lb 2-40: Canary: 95 kilns a.SD. Celery 
—Spanish: . 15-4S-s 2.60-3.8(1. Lettuce— 
Dutch: 24's 3 fid j 

English produce; Potatoes—Prr 50-lb, 
UTaiLS Red* I.uii-1.50 Lettuce—Per IS. | 
Tndor l.tiO-170. Cabbage—Per 1-bas 
Pnmo V.M. Beetroots— Per ?*■!& 0.718081. , 
Carrots—Per ban 2S-lh 0.40-0*0. On In ns 
—Por 5fi*lb n.ai-1 sit. Celery—Naked in's 
i.uii Smiles—Per bee. Devon o 48-0.45. 

Apples— Pit lb. Derby 0.11. Cox'd 0-1G- 
0.S4. Enutilr-yi n.U-tl.lfi. Spartan.* IMS 
<1.14, Pears—Per Ib. Confi-rence C-l 1 ^ 
U.I4, Comice 0.14-O.lfi Sprovu— Per Ib 

и. tl3. Parsnips—Per a?-lb 0S0-1.M. Tur. 
nips—Per SSLlb fl.fi0-0>0. Rhubarb—Per \ 
Ib ii.21-iJ.2S. 

VEGETABLE OILS 

LONDON PALM OIL—DulL Clorittc; , 
Feb. and March ’70.00-280.00. April. Muy. I 
June. July. Autf.. Sept, and Ocl. all 200.00- 
370.00, Kales: MIL , 

it i 

GRIMSBY PISH—Supply moderate. , 
demand fair. (Prices at ship's side un- ] 
yroc«<*4 per siuihm: Shelf cod £4.00- 
£4Jii; Ludll.-us cj a-£37fi. Jarec fuddorft , 
£4.UQ-£5-00. medium £3.Su-£«.lO. small £2.40- ! 
£S.S0; largo plaice ei.jD-ciso. medium 
X-7.Wf-C.S0. Oust small £5 M-XJ.4U: medium 
skinned tloafish £7.1*: lemon soles fS-iW: 
rnckfiah C. 08 -C. 2 O: reds f2.30-£! Uu: sail be 
£3 40. 

* 

HIDES—Leeds. VcnurcBr uublcr with 
moderate clearance. Or 41-35; kllto 4.'ip 
per kiln. sO-'JUj kiloi vnihdrawti 30p. 22-25 
ktlm SOP. Light news Jar- wr k{fo. Calf 
under 4 kilos Withdrawn 150p- 


Prlivs bi-r tonne unless oiheru-isi- 
stated. 




Metals 

A dii/iiiiiiui . t‘£>8u 

I-ice Market H-W> *s6'l 70 
).'<i|<per..-a»li W. Bar-.£627,78 
piu-Hiilift -Ivw -In I'W 1.25 

Un-.li UHthdfte..|L617.5 

A niODi lis do. do.t630.78 

f.nld.Troy -..-. *178,126 

UM-ICmib.£311.75 

i month ^.tS 17.75 

NU-ltol ...— 

Fan MHrkpt fcVri...-*1.85-9.8 
Platinum l.ruv or..'£96 I 

Knee .Uaritec..hill.6 - 

tJiiii.-ksiJver ffbiL-.i. >13 j-35, 

Mirer tV<v n».256.6 

.■* iiiiMtM. 60. S 

lin Uiit.io>.365 

"> in-mi ii*-.t6 195 

iv,.ij mm.tei i > ‘5r.sn 

(|in- diUi.i 49.6 

.nil*. L'255.5 

I'i'-iilirn.>8.1 , 

till£ I ■ 

i.-vi hi) tl'l.il..' -562.5.. | 

1 ■i»oii-(iiui. L't>0.< •' 

I.iii*e+<i Ui-uileu >.. >£63 
I'niu. MiUyiiQ. i5Ql , 


■.tbB 1 

990 

--5.75Vb64.5 
—5.75 C678.5 
-6.5 1.652.75 
• -6.0 1.667.0 
+ 0.25*171376 
-11.25 £360 
-11.0 £364.25 

!!!'!..' ,>1.76-2.0 

I.£96 

-,0.4 UJhB.35 

..|)125.all 

+ 3.0 4sl.4bi, 
, S.O 255.2f. 
-10.0 .6.595 
-r7.,'5. 6.582.5 
- 1.0 • ibd.Te 
-8.76 -►'4.82a 
-8.75 291.5 
.. . 600 

..555 

.. .. C597 

>253 
-6.0 -609 


Seeds ! i 

t Pbillip..'*387.5t. .>3B5 

ekivatwao iL.fi.i... : .*237.7.>246.& 

Grains { \ ! 

lbirlr.v EF.C.‘ ; ... 1 

Home Fulune*... £73.5 1-0.7 £70.5 

.Vhi.-c. I 

f reot-U Nt.,3 ,-Vin t;98 -0.7 £97.5 

W'Ihsl 

•Vs 1 lied spnou £84. 1—0.5 £92 

A»2.BanlM lutei ; I. 

Eu K ii-Ii 11 lulu-... £94.5 . ... ; 

Shipment. .. £ 1,867 -2.0 ••1.762.5 

I nUire Mjiv -jv'l 476.5,—2.25 £1,833.7 

Li-llet- t'lluiv-.... 

-'f-r-b.L-1.616 —1.5 1.770.5 

lMU v ti-.V ln.| M> .. 65.85. '—0.05 62.1 

JuivLA aBl . «a, ... -.a ■ 

W»i/4».-i ill,...47 +0.5 ;+6.2S 

»’>** 41 LAAL.„.I 025 45 . jr3D«./ 

Mutar ilbtivi.I £111 .I fiu7 

M -ultiyis taf* fcfl,,...) £67+ >... , 270. 


Nominal, i Uoauuieii. u SelJrr * uuuia- 
tioii. c Cents a pound, r Ex-tank Lnudan- 
ilull m Peb. p Jan.-Fi'b. dAuni. r Dec.. 
Kob. a Keb.-March, t Mprch-ApnJ. h Pub • 
April, v March, u Jsto.-Mardi. -May 
< Pi-r ton. 

INDICES 

financial times 

Fell. 1 j Jail, 51 iluiiili «£i.> Imrus- 

826-51 22^41 . 253.93J 26Z.S6 
(Base: lnly'i iflVztMii 

REUTER'S 

Fob. 1 ! Jan. 51 11,wiiti Inirw-i 

1390.811401.4 i~~1415.6 Xb09.£ 

»R*S**; Sepirmhi'i tb^lHSIsillin 

DOW JONES 

Iww j Fvti. I" i jUu'iTli; lmr 
Ji-nef J I I 51 ' m:-- ■ a M'' 

6l«j& ,...|347,66.347.62 346.61393-15 
Kumrfa ii3i> 0.65|330,2B '3j'7.0L365.35 
(Auenute I93*h£»3a—liuif 

_MOOOV’S 

; Fob. Jhii. UkiiTli-Vttu 

.Vi.Wfly'b • l 51 ; *fiu 1 mu 

-file Con nnl\.902/7899.2' 882.1 8M4J5 
(Dwnmtwi 11 rtriislwn 


COTTON 


COTTON, Liverpool—Spoi amt ‘Tunui'-n; 
sok-o afimuntuff to ft;’ lunm.-* hrmutin; 
th'.- fatal lor the- week w lor m 'i.liiJ 
luumvs. Fair ui-nurai doitiunrl u.ia auam 
en-.-aumcred, uilfi atfdlfiunal suuporr in 
African anti Nurih \m. riuaii lariynos. 
F. VV Tauersall repofU-d. Tm-re was 
also renewed Interest in Turkisn. Russian 
and Colombian quahtiv'ft- 


coffee 
move lower 

neu* York. h t> >. 

COPPER on trade 'lIIiik tria(--;r- 

mt: Oiiumiuiun Huu-e siup-l--- &ak— 
PTeei'iiiA mcaJL ea.td ..n i-vciimit-iip pn-.r 
to the IMF auctinn re^uli-. Cyir.ie 
drifted I'aver in uulel r-.inrtiVi-'ii > uu 1-iek 
of (tifenr>T. but ^iwar «ra> brnadfy un- 
ebatuted an mised trade and ■.‘■-iiimi-.'-iiin 
House activity. Soyabean, were Meirtv 
r,n bmlW's from OS. in Japan anrf 
Taiwan. Bacbi- lepnrinj 

Cocoa—Mureli FH.IKi 'IJJififi'. M.i\ 
Il'f.Jo i ITl.'iji liil> l'jp uti. Sew. ill 70. 
Dee lit”.. Mareb IK'.'UI. May HI.ml 
Sj)c->- I u;lo lr,|. 

Coffee—•• I* " • uriir.rel M.ireli tMljrj. 
IHu.Oii ' i-ju mi-. Mu}. i,.'i ;j . :;ii;ai. i„| V 
l.'xl .Vi l." '.'.i Jfei'l. I jU.ilu l.'iI. ihi. Dei-, 
i v.i.or-'Ci '■<> M.it. n i a.io-i.-.h -m. :iu- ,m- 
U'li'teil. .Iu|v l.'j.llil tml Sat, - L'.,j |..| 

Copper— J-'i'l/ jii.M' un. Murvh .u 

• TiJ.iiin. \pril *7.i". \lav -V. Julj V.'JH. 
Sent, f.u IU. Dee. ul -III. .tan. i-l iu .\Jarih 
‘■">0. Mav IKJ IU. July i+.T" i’.-iti TO 
Dee 1.7.in. .S.iii->- ■j.Ju*; l. l 

Colton—N m. J. Mareb 33.Vi-',3.4.1 ■5.'..v« . 
,1f4.e 3i'..iO-5>f.a.I i in.St’i .tut' 37.311-57.1!. 
Dei. 5S.tj, Die. AID. 'I.ir-Ii at 1 'ln-0 irt. 

Jfay fiD.ihunO fill. J«|v MI 3mr,.-.MU .*jle- - 

:u„.rwH> fcjji-s. 

‘Cold—I cb. 175 30 i|7ii.wi-. Mar.b 
I"1.70 > ITT IiIi. A.n-il 17?.01. June 1sU.'.li. 
Alls. 1S3.nn, Mel. 1 S3.50 Div. I.^.l". l-eh. 

\pril 19n.su. .tune V«-;.S0. Ana 
ISSt.fD, '."I. Jir- St>. D-C. JftjSUi. Sale-. 

U.i>m InK 

tLard—Chi (*n an Iih.-i- fti.J.’- -.■linn. 
N-.-v YnrV pniiii- steam ."-u a-fced i-.mie 
traded -. 

IMafze—Miireli -.'•Jli'.-.'.'o Jbv 

July ■.■■iu,-"-:ii. Sent. Dec. 
'-92.11 .’.Inrib 

SPIotlnum—.Inrit ;2'i SM.'I.IH* *219 7«* 
July ;. , 4.S0-J_M ‘sit I22;fi0'. i’.'ci 1 ' 0 . .I.in 
2J.'.:u-2?:.40. April 21‘.0U. Sales: ! 31° 
Jots. 

■Silver— V rb. 4‘J.i .'u 'JMii.Hn March 
49BVI* '«|.«". Ipril 419.711. Mjv 5W ::(i. 
July 31U.5U. S- pi. MT.JUi. Dee. 3>H3». Jali. 
332.9(1. March 340 a#. May -1-K20. Inly 
.V'l.w. ser-i. Dec. r.TT.:■*. sale- - 

la.iffl) bit--, Htiinly and Jlarnun tiullv-n 
spnl; 4U5.0U *4*4. IP*. 

Soyabeans—March Si'ifi-iii.i; ■ ; ■_ Mjv 
373>3ra; |372", I. July &7A;. Aiu. 37i I-.174. 
Si.-pl. .ifiS. Ni'i. "4MJan. 17a:. Mjrch 
5s0. 

'Soyabean Meal—Hareh 149 .'u-Uy.uii 

■ 150.10'. May l.'iMUH+l.lV <i3.!.Mli, .lulv 
1.U'.10-13ii.."-0. Mm. 137.ri0-137jn. Sent. 
Ijr..ftl-157.;:u. Ocl. I»i.'IiM3ti.su. Dec, Ua."«, 
Jan. l3ono-l3B.io. March iiiii.SW'il.iio. 

Soyabean Oik-March 2U.7.-J0.5H f.ii+'n, 
-Mjv Jii.Sv.’O hU I'-'iUi'. JuJy '.'n 43-2ii ,TI. 
\ua. '.'0.45. S'-pt. m.9.V'n.oii. mi. VJ.3.1. 
Dee. 19..i0. Jail Ui 2 .Vin. 411 . Mauh H Til- 
nub 

Sugar— \i. 11: JIarrii U “.n-«i m . 941 -. 
May fi.7+9.7.1 iii.SOi. July o.joumi Sr-tn. 
iu.K-io.o4. ocr mil. 1 . 1 /a. fti.s-ia.il. 
March 1U.I7MU.OT. May 10 'M-lil < 11 . lulv 
nnvM.OT. Sale*' 3.I.I3 I*.l.. 

Tln—jr.l itn-.ihi: nO ilV.im-CJif.iin .i.-frert- 
"Wheat—March rHT'-v’ii?: tjiHili. May 
■irS'.-SVl' r.’7*?i. July S77'. Si-pl. 

Oi-c. »»:. Jfan-h 39>. 

WINNIPEG, keb I. rtRye—Ma> lfti'.?(i 
'105.00 bid». July lim.TO bid nnii.30 aspedi. 
Ocl. 107.00 asked. Nuv. ]0niui mini. 

+1 Oats—May TT.Ou bid '77tiu bid'. Julv 
74 70 asked 1 74.00 bid/. OH- 7r...".d hid 
JEarlcy—May "7J» '77.SO', .lulv 77 IH* 

• 77 30 bull. Qel. 7(1.30 bid. 

EfiFlaxsoed—Mas vl 1.0ft bid 'VI0.UU bid*. 
July 215.00 a*kid ivi.’.:;0>. on. ;u*'.’o 

asked. Nnv. VIS.40 asked. 

•; r Wh03i-SCWRS 1J.S lire mil. prr.iyin 
Conte'nt mf St. Lawreniv 147.41. 

AH cents per pmind tA-warehou.**- 
anJcfis oihprwK..- siaivd. ■ >s d>t iruv 
mince—100 ounce lots. CUieacu Iwm 
V s per 100 |h+-Peri "f Au. ori" 5 nrr- 
rtm» da r. Prime Swam i.o.b. NY bulk 
tank cars. ■ Chi'.* pf-r j* lb hushrl . jt- 
vvarehoiiie. 5 . 111 W htiiltcl Id's. •*> p-r 
irnv rumrr fur 30 4!tn<-!- nniia nf *hm> p.-r 
rent pitrif- d'-Iivcred ^Y. ’ *"j iin per 

»rnv •uiiii-e 1 s-»rarehmise. 'I \i-w ' P. " 
eimtriif w n -thnrt fun for bull' late 
nl mu sfinn tnti% d-.-Uv• nil US van 
riikaco Toli-dn St. Iain:*' pr-d Altnn 

■ • ri-nis t>-r ti 4 ib bushel in star-. 

• Onm f t V4 lh bush'-l * Ci-tiK p- r 

J-? Ih. Mish*.| i-T-varehriiis'. iff.-ms r« - r 
IS ffl. hush'-I et-ie.ir. house. t.iimi IiU'-hcl 
i'ii;. "• >C { 'pj- mnne. 





FnmdalT^mes TStirsi^ 


i 





STOCK EXCHANGE REPORT 


Equities better with tentative improvement in Funds 


FINANCIAL TIMES STOCK INDICES; 


Trade extremely thin but share index hardens 2.8 to 469.8 


GovensuDC dsca. •«>-J TC.J 


Account Dealing Dales have gone far enough and the turn to 23p. while SCB shed 4 to Wednesday, while small buying in comment The appMJran«^o£ jsation^ in Euro^ 

Option absence o£ sellers following an 146p and BPB Industries 3 to an Qver^ldmwtetpu^d Writ be^ed Un^hro^fl™ - F. and C. 

si s»: siss ss-w^ A *>= 

F -n« lLZ b ™ « mSErs&fe^cti^ 2E-sswSSajg*!****3? 

» ,m. « — *» p^y paid \A^rm^ ^ 3 .^ £ 3 fifX& se^e^ent^Sfe feessN* « 3^ • 

A hesitant start _ m equity 1°, issueswith similar gains took in other Components to make head- in Shippings. -• 


Fixed Interest-- 

Industrial Ordinary — 
Gotti Mfnaa.. 

Qtd. Dir. Held—- 

aKQtn^Y’wacraujn 
P/B B»«o (net) (•«— 


469.S| 467.C 
153-01 aoi.c 


79.44 .80.2 
470.1W 477. 


UU.T ■ i 

475JBM 


184.6 .185.0 
8.69 - 8.61 
17.54 17.101 
8.17 J3J29! 


1.85.0 152;?: 
8.61 .. 6.W 
17.10 17.K 


Dealing* marked—J 0.O19L 6;33E 


Bqnity tonwrer £m»- 
Hqclty baramiPB totaU 


• ~ - ‘ 1-124 




• lOain.415.8. U am. ; «S.t HoonMA i pa-WirA.r 

2 pan. -469.5. 3 pjh. • • ' - ----Vr- 

Latest’.Index BLM 8B2S. - •• • '■ 

•Based im 51 pe^cfflL■cornoratlatt ux. 

Basis 108 Govt. Secs. 13/10/M. . Fixed InL- 1S&S. -lad. Ord.. I/Tjafe 
itlnes 12/9/55. SE Actfvliy Jjatr-Dec, 1W2. • /V ;;:. J 


fiupiutcu siiunmg. *irc iukci. hueinooi ■ - maamicij WCIB lUWeTTO t LU IKUI*. ouicwyiuijf IUI u g&UI Ui -X^ tv pvaiLOiOU ——— 

helped by the covering of short hesitam in inier-omce ousmess- vat xt C m if|| pocipr the latter after the reduced 122Ip in Garages and Distributors, a penny to 134p awaiting to-day’s 
positions and in the absence of A« , ***, „ profits. Reflecting the doubled .wason B tL .were a. bright preliminary figures. Among 


HIGHS AND LOWS 


[JU311IUUS auu III LUC awii« «> __,i ~ .-lb- , ... .. _ ... .. , _ pjf«uu>. nBuenuie uwr uuuu.eu .vruaun unra. were a uiisui iJmuuuiaij' 0 

sellers, were soon posting gains to f® a .“f“3^ Apart from W. H. Smith A, annual loss, Bertrams gave up 2 feature in Publishers, rising 4J Tobaccos, favourable Press_com- 

around \ and held to the close. JfJ Snf' which Save up 4 at lalp, leading at 17p . to 45p on renewed interest Daily meet on the results gave almost 

The Government Securities Ce t- Stores turned firmer on technical Clin , pm . pfcrt . a MM “A," however, declined 5 to to Bats issues, the Ordinary rning. 

118 *?_*¥• "HSUS ha Stion s ^maied^erv thin fiSZSfi JttJTH, 2SS III?STStShL “ !!i 5 LS and «■» 8 “ 


1977/TB Sure Compilation k .. 

High } low.'- . Blgb j t*> w •'! 


'.*• .'-V '- T - 
V . ./ 'PeK: 


Govt.Sen— 79J5 60.48' 127,4 -49.1B:' i 

■ poAD .-(id); mm mim . 


4 lii «r Trf rSdm An up frorn 0“ opening rate of 73 
and Gnal call, of X320m^ on pfir cenL tQ cl(Jse a net jj po i nts 

Treasury 101 per cent. 1900. higher at 741 per cent Yesterday s 

Early uncertainty in equities conversion factor was 0.7670 
followed comment on continuing / 0770 ]) 
sluggish industrial output and 1 

demand and the gloomy outlook Mldl-nd * new » debat 
for exports which came through ^Ulliaiiu new ucmul 

in the latest CBI survey. This. Interest in the banking sector 
together with the current uncer- yesterday centred on first-time 
tainties about pay and the tanker dealings in Midland's new nil-paid 
drivers’ overtime ban left buyers shares resulting from the £96.4m. 
still distinctly wary, but some rights issue; opening at I4p 
institutional demand was in premium they reacted to 12p 
evidence while bear closing was premium in reasonable trading 
also having its effect in a thin before rallying to lop premium; 
late trade the old shares finished two easier 

Down 1.4 at 10 a.m.. the FT 30- at «43p. Elsewhere. Barclays 
share index was a net 2.9 up at added five at 3L7p; tne pre- 
noon; this proved to be the day's liminary results are due on 
best and the closing index was 2.S 23 - . ,^bed Irish 

up at 469.8. Movements in the hardened three to lp8p and Bank 

constituents rarely exceeded a of Ireland firmed four to 33/P 

few pence, but BP, mainly on awaiung details of the Irish 

Wall Street influences, gave up 16 Budget. 

at 782p although this was more Modest improvements were re- 


Geers Gross were resumed follow- Anglo Indonesian were sufl¬ 
ing the capital reorganisation, ported at 93p,, up 2, but the trend 
which took in both a rights issue elsewhere in Rubbers was easier, 
and a share placing; the shares Castlefield fell o to I85p ana 
opened and closed at 44p com- Chersonese It to 54sP- Among 
pared with the suspension price Teas. Assam Fr onti er reacted la 
of alp, while the new fully-paid to 290p and Lunctva a to 17(g). 
closed at 45p. 

A more assured tone developed iiOlClS better 1 

in Properties after Tuesday’s S(jath GoJds eD3oyed J 


IUUL. 81.27 60.49 1160.4 | 6053 


fill/TS) (*/l) (28AIfl7) 

IniLOnL.-. 8495 3S7.S 5495 

<145) U2/1) ■ (.145/77) 

Gold ■Mttio. 174.B 98.1 4425 

(10710) 0/2) (?a*05) 


lulnatTmU r _j 
Specula Eiye-ul 


10/71)) Totid_. 


relapse bn concern about possible ^ t - 

Inland Revenue /tax accounting soad day to nothJJ® S°“ 


--—r =z F.T.-Actuaries Index zrfcz 

inn |-1877-|- - 1~ I 1 ■— \ - i~ =±£ gZS 

, iyU MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB 


LI lid LIU l\ev C1IUC / UL\ dLTDUUUtti; -—T" m _j or x.;^. ar 

interpretations. Fresh selling was D ”“ 

negligible and this rather than ft $l/6.1ilo per omce m ftont eff 
renewed demand instigated the Jh e outcome of 
recovery which was more notice- te/national Monetary Fund «old 
able in second-line issues such as auction. The Gold JfflK Index re- 
Pronerty and Reversionary A. S yarned half of. the prenoiB riwo 
higher at 308p. Awaiting to-day's day’s losses with a 2.0 improve- 

p re Liminary figures. Beaumont n, £f t aI . _, , 

were similarly dearer at 97p. while Heavyweight showed mes of 
Bernard Sunley raUied 6 to 20Sp “P ». *JjL 
and Clarke Nickolis rose 5 to S5p. R«i 

Property Security rebounded 4 to fains. oE 4 «era coramonto Rand- 

140p and Slough Estates picked 'Jv^rt^^HnlShLs^v^ fU * 
up 2 to 119p. the latter helped by “ old Pp 5f*- ■ 

the acquisition of a German site. ' vs ) ? 

British Land, which has exchanged »sl^rtfd to tte hgh ends issues 
new Ordinary shares for a block 2 S C >£f c „ u HV v ® 5??™?™, 1 «?? 
Of Properly' Investment Md Jaijies ” .54 to <3Jp and Wt 


OPTIONS TRADED 


DEALING DATES 
First Last : Last For 
- Deal- Deal* Declare- Settle- 
in gc . ings tion. . ment 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May'll^ May 23 
Feb. 21 Mar. 6 May 25 Jmu 7 
For rate indications see end of 
Share Information Service 
Call options were traded in 
Lonrho, iFtch Lovell, John L 


Jacobs, British- 
Reed Internattoiu... 
and. City Properfle 
British Lind,' Ladbn 
Young AiKtax 'and-.' 
Sturla, Davenports «t 
Loodon Brick “and" 
■Gold Fleldi." So 
were dealt m for 
double options .were 
K.CA_ BrittshLandana 


NEW HIGHS AND LOWS FOR 1977/78 


The following urcartttes quoted 4o the 
Share inJormetlon Service yosterdBY 
attained new Highs and Lows for 1977-78. 


NEW LOWS. Oh^ 


dull spell and the rises:fal!s ratio Breweries were inclined harder, third quarter left Plessey 2 dearer falls of around 7 were recorded r "S r c--HS£« IZ2SSSZ tion is expected to be reduced 

in FT-quoted equities made an f-fins of a penny or so being al 91p . while other Electrical in Wheatsheaf, 135p, Wa Low, ter Ssn b J 12,000 tonnes per month — 

even showing, a big improvement »“ rd «j >" i JJSJ;. leaders to gain a few pence lQSp, Associated Dairies. 216p. addint P 't)S 1 ^turn at ^ Quarter it averaged 170,000 

on Tuesday’s 0:1 in favour of faUs. JJJP* a "J .JJJVfJSLnA womm incIuded GEC - 2fi2p ' and Thorn, ^ Kwik Save. 183p. Elsewhere ?£? n storfr Omversion closed « tonnes — although endeavours 

Most of the FT-Actuaries groups fi e,p h1ckv l 5Ynl?rf^ 35Sp ‘ Bu ^ n S interest revived in j n t he Food sector, Tate and Lyle iSre ra?252n afJer ^54 ” " are being made to offset this loss 

and sub-sections presented small m whisky export prices, A. Bell united Scientific, up 5 at 2S0p. contrasted with a gain of 4 to ° t • n. - P- jj y increasing, operations in other 

gains with Wines and Spirits ! .il£ ? hut Farneli Electronic met with 2l2p following sporadic demand, BP Unsettled areas of the mine, 

showing a rise of 1.5 per cent, on "® r 'scattered offerings and gave up w ju]e Bejam were also favoured , . ... Continuing optimism over the 

the increased export prices for “*5®'!^^’ , v . e - c ! uppor that much at 207p along with at gsp, up 3. Hotels were in- Lower U.S. adncea coupled with future course of the free market 

whisky as against the 0.3 ner cent. ,e “ aan aeman » up at w»p. Electrocomponents. 4 cheaper at c Hned harder. Trust Houses * he occasional Amenean selling platinum price prompted further 

rise In the All-share index. On Tarmac emerged as a firm 3j2p. On the oLher hand, Whole- Forte 17 7 P and Grand Metropolis order undermined British Petro- substantial buying of Platinums, 
the other hand. Food Retailers feature m Buildings, rising 9 to sa i e Fittings responded to the tan g 9l) both hardenin'' a few ,enin 31113 lhe close W “1J do '" 1 Rustenburg advanced 4 more to 

took another knock on further 144 P on •speculative demand, increased dividend and profits Den * ce *’ at the day’s worst of 782p In 96p and Bfshopsgate 3 to 83p. 

warnings about the effect on 0rrac Developments put on 3 to w ith a rise of 3 to 133p, while H. v contrast. Shell earned the distinc- “Johnnies” put on J to £12f re- 

profit margins of the Hish Sireet 35p for a similar reason, while WlgfaU closed 2 better at 26Sp mrs Bp lpadPru miVP.d tion of the most actively traded fleeting its large holding in 

price war, the sector index falling Bichard Costmn added 4 at 2a8p. after the formal offer document 1WJSC - ieaueri > miACU stock but eased 4 to 490p, while Rnstenburg. 

14 n #. r pa n L to 188 95 which is Awaiting details of the Irish from Comet Radiovision. A generally unfavourable Press revived speculative interest in Australians were featured by 

nearly 23 oer cent below last budget Cement Roadstone edged investment buyers showed their assessment of the third-quarter ^ti^ly thin trading raised Oil Pancontinental, whdeh combed 50 

October s all-time high forward 2 to 122p. Liner Concrete. hand a „ ain for /elected Engineer- figures prompted a reversal in Exploration 12 to230p. Elsewhere, to S2op as the firmness in ovei> 

on the other hand, eased to 29p in"-leaders amon» which John Reed International which, at 130p, marginal losses appeared against night domestic markets was fol- 
Partial rallv in flittc on disappointment with Thomas Brown responded sharply with a lost 5 of the previous day's gain J^ismo OPS. at S/Op, and lowed by persistent U-S. interest 
raruai rally ID UIllS TilUng’s Share-exchange terms gain of 12^ to 2S4p. GKN were of 7. Elsewhere in the miscel- Burmah. at 53p, while Woodside, here, ivestern Mining, however. 

Apart from some slightly more before closing a peony down on also to the fore and rose 6 to laneous industrial leaders, Glaxo in Australians, gave up 2 farther dipped 2 to a 1977-/8 low of 85p. 

encouraging comments about the balance at 31p: T.T. were un- 276p, while Tube Investments declined a further 10 to 56Sp but at 88p. _ ^ 4 Elsewhere. theCornish tin pro; 

U.S. economy, there was no altered at 104p making the offer picked up 4 at 392p. Demand of Metal Box improved 4 to 3Q2p and Highlighting Investment Trusts ducer South Crofty closed 5 

change in the background news worth 32p per share. Reflecting a more speculative nature raised Turner and (Vewall added 2 at was a jump of SO to 63jp inSeot- hi^ier at 60p reflecting the firm-: 

to affect British Funds, but the the first-half profits setback. Mining Supplies 3 to 6Sp, the 206p GR (Holdings) put on 19 tish and Continental Investment ness of the tin pnee over the 

recent downturn was judged to British Dredging cheapened the Interim results are due next to 420p in response to investment following the uxutisation or liquid- past two days 


NEW HIGHS (26) 


banks m 

Trade Dvlot. Bank 

BUILDINGS Cl) . L 
Wairlngum IT.) . . 

CHEMICALS. C1> 

Scot. Agrid. /nets. - " 

DRAPERY & STORES CD • 
Allied Retailers Ratners 

Txccutec # ■ ■ 

I ENGINEERING C2P 

1 Brooke Tool Spencer Gears 

> HOTELS <11 , - > 

| Swan Ryan IntL 

INDUSTRIALS'(31 

Spear U- W.i Unoctorom* / ' 

SR “"* MOTORS Cl) 

Wood bead OJ ' 

NEWSPAPERS U) ' . 

Wilson Bros. pAraR 

Olives Paper MUM . .4 • 

PROPERTY-(4) 

Clarice Nlcfcolls M«nemey 

Control Secs. Prop. Imr. & Flit. - 


' ■- AMUUCAf^S <AV , 

Barnes Groan - - Quaker Ojt» 
Bendix Corp. ’ ;U.S. Steel 

• . CANADIANS 11) •’'f* 

Inco.. -sr ^ 

BUimiNGs:U)r~c 

B6rC) C, • , - rusoRANCt iii: 

Trarefers Cpn. .. . 

SOUTH AriUCARSXl).;- ' 
Primrose. - '*• * 

. MINES 
Western Minins ■ 


-■_ '-=-~: 




RISES AND FAEB 

VESITjRDA^ 

Br'Msh Foods L.;' *f r 


TEXTILES CO 
Miller iF.) / Tricovllle 

TRUSTS at • 
Scot. & Cant. I 9 *. - SUevrell 


Carpus^ - Gen. . mi .' 

Foreign Hoods .13 

Ipdwtrtalfi _ 333 


.RUBBERS ID 
. Anfllo-1 ndonedaii 


Fmuicbl and Prep. XW 

OUs _— V .2 

PlBAtatlon . 2 

Mines. 

Recent Issues .11 



Notice of Redem p ti on and Termination of Conversion Rights 


RECENT ISSUES 


ISE Finance Holdings S. A. 


4% </ 0 Sinking Fund Debentures Due 1986 

(Convertible on and after January 1,1967 into Common Stock 
of International Telephone and Telegraph Corporation) 


EQUITIES 


NOTICE IS HEREBY GIVEN 7 that, pursuant to the provisions of the Indenture dated as of 
March 1. 1966. as amended, under which the above described Debentures were issued, S1I.I.5Q0 
principal amount of the said Debentures of the following distinctive numbers has been drawn by lot 
ior redemption on March 1. 1975 throuph the nperation of the Sinking Fund at the redemption price 
of 100*c of the principal amount thereof, together with accrued interest thereon to the date fixed 
for redemption: 

COUPON DEBENTURES BEARING THE PREFIX LETTER » 

<SoOO DtBOBliuUinii 

Z> GR S34 43T S13 730 82G MI 1124 )3I7 1572 1731 IB03 1881 1070 

117 323 5tiS 652 799 '.04 1023 1226 1469 16B5 3786 1849 1916 


o! I»77* 

*- bunk 


' j High ! Iajw ' 


! _ : t_ _| ! 

= £„ • -■ = ft 2 ae ® 

r — v + i«r — ; =c co.- — 

i£ - _ -In i zZ -- 
i- • i =< ' " 


Z87 t5 
1X3 

58i 2 ! + is 


FIXED INTEREST STOCKS 


COUPON DEBENTURES BEARING THE PREFIX LETTER X 
IS1.000 Denomiaatjonii 

X 3 395 885 3682 2681 3367 4)87 -4840 5998 7061 8224 9968 10875 31644 

24 214 Ml 1769 2704 3465 4279 5013 6309 7258 8417 10061 10980 11786 

45 329 3160 ISM 2760 3561 4388 5282 6483 7608 9314 10188 11033 11940 

83 547 1271 J97B 3031 3724 4549 5477 6623 7723 9522 10274 11185 12027 

98 619 1480 2342 3118 3906 4634 5KB7 S944 7B92 9756 10412 31382 12125 

358 732 1G52 2580 3232 4043 4799 5845 7002 8018 9913 30728 11431 12533 


22683 2322 2 23827 
12891 13358 13862 
12948 13544 13899 
13105 13631 13307 
13159 13733 
13200 13764 



The Debentures referred to above will become due and payable and, Upon Presentation and 
Surrender Thereof \ with all coupons anpertainimr thereto, maturing after March I, iq?81, will be 
paid on said redenutiun date at the W.C.G. Bond Windows—-2nd Floor of Citibank, N.A., 
111 Wall Street, New York, N.Y. 10015, at the offices of Citibank, N.A., in London (City Office) 
and Parw. nr ai the office of Societe Generate da Basque S.A. in Brussels. Dresdacr Bank Aklien- 
sesellschaft in Frankfurt and Banque Generate riu Luxembourg In Luxembourg, as the Company's 
Pajing AgenLs. On and after said redemption date, interest on said Debentures will ccasc lb accrue. 

Coupons maturing March 1, 397S should be detached and presented for payment in Uie usual 
manner. 

The above specified Debentures called for redemption may be converted at the option of the 
holders thereof and at Ihe principal amount thereof into fully-paid and non -assessable shares of 
Common Stock of International Telephone and Telegraph Corporation (“ITT") at the conversion 
price of $4-1 per share upon delivery of such Debentures accompanied by written notice addressed 
to ITT dccting to convert such Debentures and stating the naroefs), address of the personfs) for 
registration of the shares of Common Stock and whether such person(s) or beneficial ownerfs) are 
aliens as to the United States, with all umnatured coupons appertaining thereto attached, to Citibank, 
New York. London (City Office") or Paris or at one of the above-mentioned offices, as Con¬ 
version Agents, at any time until ihe close of business on said redemption date. Upon conversion of 
any Debenture, no payment or adjustment on account of interest accrued on any Debenture s» 
converted or tm account of any dividends on the Common Stock delivered upon conversion wfll be 
made and no fractional shares of Common Stock will be issued. AT THE CLOSE OF BUSINESS ON 
SAID REDEMPTION" DATE SUCH CONVERSION" RIGHTS WILL TERMINATE AS TO .ALL 
DEBENTURES BEING REDEEMED AS SPECIFIED ABOVE. 

ISE FINANCE HOLDINGS S.A. 

By: Citibank, N.A. as Trustee 

January 26, 197S 


£100 - I 

|l£l nil 
£oote F.F. 
— F.P. 
•• F.r.I 
£100 F.P. ! 


1001*; lOOls'Agrii iiort. Variable 1963....ilOOl*' . 

40pmi SSpm'Automatefi Secs. 8!£ Cnv.Cum.PreI.58Jpai' 

KBiJ SSiini'rtHli I lift h*v...;iGl !+ 


■loo I r.y. 

jlOJ I F.P. 


£1J0 |£IU | 
C10G F.P. 
Cl 00 - 

£100 , F.P. | 
if£991 F.P. i 
£981* 1 F.P. 

- i p - p - i 

- r.P. 
£99S 4 ; F.P. 
£99 U. £10 

- I F.P. 

- i F.P. 


[ icyij 98]im i i , *iii 1 ( 1 % i'v,-...;ioi (+ 

lOl|i|D«rleys rf VortBllire Cum. PreJ'-j 103|r - 

109[- 99p Centroway ll^t'iira. Pref. ... 107. 

EW ; ») Cenirai & (fhwrw(«i IU% Uua. Ln. l»ei|.j 90 

•SII 4 J 57>s Lirnnipian Ktsi.1^4% 1955... 1 60 '-*■ 

| W. : SWI 2 Hmin»*r>w V ana hie lMSk. ...I 98ic . 

59 SW SHtfUlhnr'tii 1W4.....596i 2 . .. 

.saau S96 14 1 Uu. a% Det.. 1«C....jS963 4 . 


— j 10U»S| 99/6 


ll»< iKeuaiauion 3t Che*»ea llfS IK-H(...j 12i«. . 


Variable m.....|1003a; _ 


• l'X> ! 991; Leeris VariahTe . 100 1 . 

I 100 1 LOOi? Leji-eamr Variable IWS2. 100 I . 

toil*. 100l£ JIM Keut Water 7% 19B2...:i01 I . 

I 108! 9S Si.Helena lli“ Kel. 1836...100V + 

I S97 1 $9e Shell InO. Fin. S/V. Guar. \ote» 1980.(807 : . 

1 106p] aflpiStmr Fiiroimre lCig,Cuiij. Prer^.«.109 1 . 

'lU) r i 100,; Tamwirte Variable 19E3.._.ilOOi«' . 

1 103,1 74. O.. 103," l.'nl *R4_S < Q ! ■ 


lOSfl [I... 103)5 llci *84^. 1 9 U, 

lOS/i! K4p[Wlricehuiiae (U.ill^ L’uni. Pre/.„....! 105pl 

KT*|»- 10op, York Trailer 10% Prei____j 106pl ... 


“RIGHTS” OFFERS 


FINANCIAL TIMES 


BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY.. 

Telex: Editorial 886341/2, 8838S7 Advertisements: 885033 Telegrams: FlnantJnra, London PS4 

Telephone: 01-248 8000 

lor Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 245 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam; P.O. Box 1285, Amsterdam-C, 
Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 ' 

Bonn: Press ha os 11/104 Heussaliee 2-10. 

Telex 8869542 Telr 210039 
Brussels: 39 Rue Oueale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitzwilliara Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 4120 
Frankfurt: tin Sachsenlager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegria S8-XD, Lisbon 2. 

Telex 12533 Tel: 302 508 
Madrid: Esnnradceda 32, Madrid 3. 

Tefc 441 6772 


Manchester: Queens House, Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: SadoYO-Samoteehnaya 12-24, Apt 13. 

Telex 7900 Tel: 394 3748 
New York: 75 Rockefeller Plaza, N.Y. 10019. 

Telex 663S0 Tel: (212) 541 4625 
Paris: 36 Rue du Sender, 73002. 

Telex 220044 Tel: 236.5743 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dagbladet RaaJambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: Sth Floor, Nihon Keizai Shlmbua 
Building, 1-9-5 OtemachL Chlyoda-ku. 

Telex J 27104 Teh 241 2920 
Washington: 2nd "Floor. 1325 E. Street 
N.W, Washington D.C 20004 
Telex 440225 Tel; (202) 347 8676 


ADVERTISEMENT OFFICES 

Birmingham: George House, George Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Sireet 
Telex 72484 Tel: 031-226 4139 
Frankfurt: Im Sachsenlager 13. 

Telex 16263 Tel: 5&1667 
Leeds: Permanent House, The Head row. 
Tel: 0532 454969 


Manchester: Queens House. Queens Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza, N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rhe do Sender, 75002. 

Telex 220014 Tel: 236J6U1 
Tokyo: Kasahara Building. 1-6-ID Uchikaada, 
Chlyoda-ku. Telex J 27104 Tel: 295 4050 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department Financial limes, London. 


RemnidaUDD date usually last day lor dealing tree ol stamp luty. b Ptcures 
usrid an prospectus estimate, a Assumed dividend and yield, u Forecast dividend: 
cover based no previous rear's earnings, r Dividend and yield based on prospectus 
ar other official estimates for 1979. u Cross, r Figures assumed, i Cover allows 
for conversion ol shares not now ranking Tor dividend or ranking only for restricted 
dividends. 5 Piscina price to public. pT Pence unless otherwise indicated, l Issued 
by tender. II Ollertd w holders ol Ordinary shares as a " rights." Rights 
by way of capitalisation. t+ Minimum tender price. S3 Reintroduced. S3 Issued 
lb connection with reorsannation merger or tahe-over. hit Introduction- n Issued 
to Conner Preference holders. ■ Allounent letters <or fuliy-Midi, • Provlslonai 
or partly-paid allotment letters, Jr With warrants. 


ACTIVE STOCKS 


No. 

Denoraina- of 


Stock tion 

Shell Transport... 25p 

1CI. £1 

BATs Defd- . 23p 


Closing 


marks price (p) 


Grand MeL . 50p 


GUS "A" . 25p 

Brown (J.). £1 

Distillers. 50p 

European Ferries 25p 
Geers Gross 'New' lOp 
Midland Bk. ‘New' Nil/ 
Assoc. Dairies ... 25p 


Beecharn. 25p 


10p 

Nil/pd. 

25p 


490 

342 

234 

7S2 

262 

119 

284 

2S4 

168 

1UR 

45 

15pm 

216 

630 

276 


Change 
on day 
- 4 


1977-78 1977-78 


high 

6S5 

446 

2G0 

066 

2S4 

10ft 

347 

284 

193 

116 

43 

15pm 

295 

603 

369 






























































































































































































































k/1*« 1 f.-rjp '/• 1 r »i 


Tf*V» 

» Llli 


UNIT - TRUST 


lSuF^’o- 



MbamtaTiiirt Oarti 
nrihiJr—I.*" i Tgn 

Ott 

8 

f^ZZZSSlfi- 

»3 

3Z2n 


ji.y. r t w w r 



• 1 '. V T*‘ 



^ii i i i THfajMMMt 





'.'.r ,; 11 raw 




Trrffnr’^ 


I .s a p w i tote 

Sglg 



1 

|;| 11 " lii 


m- 



i 





E3 


Sj 

PSBK5S 


E t . | ! ,, it ’ - 1 





mm 






mm, 






liiTOiraa 



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mm 


immm 




w i i 


I^KfS ir g ## 









55S55ii£ 


MPr^r 






Arbnthflot Sccnritfes iC.I.i Limited 

P.u. Box SM, St Hulier, JunH.\. >1534 72177 
Cap.TM.Urrx'-~.IXS:A 126 D] ......I 3M 

Next dealln? date F«4 7. 

Ed*iimJ.7*:;i’i .(1070 IKoJ_| 329 

r«< -.i suh. =vo. 6 . 

Australian Selection Fund XV 

Marix-t Opportunities. r.o Irish Young & 
Uutbmitc. 1 ST. S'.ut Si, Sydney 

USU than.*? . _. ftlSIJO - | | • — 

Net *c; -.ala* jar. 26. 

Bank of America international SA. 

35 B-vilesard Ko.jl. Lu»«ibour* 0 D. 

Worl tin'* Sl Inri rKT3L“ W2S| . f 676 

Price j: Jar., is .‘.cu sub. dt> Feb.!. 
Bnk. of l.adn. & S. .America Ltd. 
4046 .sJw.it.V ictoria S; HP*. o;.KJC2Jt3 

Alexander Fuel. !SIS5?J — I.I — 

J.ct i .^-1 ’.aloe Feb. I 

Bflnque Bruxciies Lambert 
S, Rue i «> la Kwnw h 10 uC> drjax«l« 

Bcpid Fuad LJ -'.—fiwa 2.0I4f *I| 8 JO 

Barclays Unicom Int- iCSl, !&.» LUL 

1 . Chanor Cross. SI. Keller, Jrw. 0534727-il 

I'nwrv IeNBC ..IKIi 53 lid_| 9 AS 

I'nidoHar Trust. -|llSlli» '.■bi] | 4M 

•Subject U> /ee ar.d nTJiholiIinc taxes 
Barclays Unicom 1st. (!. O. Man) Ltd. 
1 Thomas St. Dou.’Ja<, l.o.lL 06244856 

Unicorn AusL E»*_ ,K11 <Mi«4 2 DO 

lK.Aun.Mtn-23 4 252.... 2.43 

Do.Gnr Pscific. _ . 554 59.6 -L4 — 

l)o. Ini! taco me-— 396 42 6 -0.4 &20 

th> L«rf«aa7sL _ 4£2 515c .. . 8 .M 
1 ». Mars Muma! . 225 ;• -1 Of 2.B8 

Bishopagate Coranodity Ser. Ltd. 

rn Box 12. -.1 *» « 0624-21911 

ARMA-7 - Jan.3 • J Si <2639 I.—I — 

I'ANFHU-Jae J £L£.J1 |. — 

coi vr-j«n I cz3a f.. . t — 

urieioaily i ; .a->J a: "SI’J and *'£1 00. 
Bridge Management Ltd. 

P<« tar-c KS. Grand '.'ai-rua. Caymai: Is. 
•:'basfci Pel* _ I "'Ll B57 i~! 710| — 

u Pi« bus 'frJ. Hoi.’ Kdij; 

Kiwwn PH Fori 1 \V -1717 12791-^Q 0.91 

h -iw. Split. 

Britannia T*tt. ALagzrtt. »CTi Ltd. 

XlJbUiSuSllldirr J*t>."..\ (CM 73114 

f)re«h Insert _ 131 1 ISiuS .I 440 

JninLFd. . 1*0 5 654m . J DO 

Jersey Kner*jrT.4. 134 9 1«8Q«5...-| ISO 

frtivjtJ.Wr. is: _|S5M }3dl . -• 

Lauv>l.STa.SU .)ii:C 232i . .._l LOO 

\nJfac Jor, 27. .'.'.’it d»iiins Feb. 6 . 
i00 Butterfield Maragemeot Co. Ltd.- 
3"94 pu FM\ 105. Ka.-rtilror. Lemada. 

7 31 Buttress £q-jil; _ 12 31 1961 _1 2.M 

7.01 Burtr-.-.? tBCira*-. 12 30 143]_I 7.49 

319 Prices at Ja*». n ' ,.*xt snb. day F<b. 6 . 

319 Capital Intematiocai SA. 

J? ri«* Lti-.n'wiirf. 

Capital Int Fune_ I ll'Slijl l . I — 

Cbarterhous.' J^phet 
!.Paterrr*«trf-^-- f- . OI-34929A0 

Adirepa . . r***27 9C 3!W-0iD 571 

AinrttU. . .. [; .'141.0 n 4ft . 545 

HoidaK .t-VSl !C ? 2 » 610 

Fur..li«_ 55 ^jZ .„.. 616 

Kinf'Cror rend .T- 1 .12“ 1C|_ — 

His part'.. ... - il 1 ~iia Jfcr.l . 1.94 

Comhill Ins. (Ciuentsect Ltd. 

P.iJ. Bux 157 >'•. FVK' Pon. Gucrnscr 
Inml. Man. Fd - — .1163 3 1775| ,__J — 

Delta Group 

pn Bos 0 U 12 *la<....i ?.a.iiUES*. ■ 
Pellelnv.Jil St._lil.21 127| ,._..l — 
Deutscher Scrcs:cteat-Tmst 
Po^t/aeh 3 BfS br:^-^*±-r 6-10 won Frar.Hurt. 

Cx.nrer.tr).--. .IMCe 23 21631 .I — 

lnL KeMccior.t.. 73531 ... .1 — 

Dreyfus iaiercontLaental 3nr. Fi 

PA !«•*. Na7l3. ;.j -i’j PoB.imi-. 

AVJjr.96 - . . . T I - .’! UM ..—I — 
Enisnn & Dudley T 5 l.MgtjTsy.Lld. 
p r> Ik<\ 72* <«. 'li’Jie- Jrrtj 0SW3ltfflI 

KJ».I. ,- T.-.IU7 9 125.51 .... I — 

F. &• C. Mgnit. Lid. lav. Advisers 
Ml Uiwu'e I cirUHr. H:l!. EC4P. WH.V 
01622 

Cent Fd Jut.25 -i SIM25 I ... J — 
Fideiity Mysa. i Hes. iBda.) Ud. 
pfi r<-* 570. liar .Ilea Bermuda. 

Fi**lu> Am A->... I 5CS19.65 l-.-.l — 

Fi'ltl.lrla'.Biad.j Sfiqjg I —• I 
FrdchlrPac.Kd . S'.’S»L25 . — 

Fl*llit>Wrld*V _ 5LS12.01 -DM — 


First Viking Commodity Trusts 

S. SLGcorMVS-nouet*s.I.pSf. 

0ST4 4CK1 lain. Ajjtn. Dunbar fe Co, U a . 

53. Pall Mall. LnnOon S»17 5J17. 01-830 7«7 

Fft. Vik *7m T«t.— U1S «7)-J 2.80 

FsLVkDbl Op.Ta.|g7.0 92.01 —J 0JD 

Fleming Japan Ftrnd SA. 

37. roc Nolrr'Damc, LurembourS 

Fling.Fell. 1... . | VS3908 ] — j. — 
Free World Fond Ltd. 

RuRcHicId Bldg. Hamilton. Bermuda. 
NAVDC4.30 . ... I SI-S1M95 |.—I — 
G.T. Management Ltd. Ldn. Agts. 

I ■ail: H»e . 1 C FSnsbuty Circus, London E££ 
Tri. 01-828 8131..TUt 883I0n 


King & Sbaxson Mgrs. 


ffaaagemmt lBUroaitosal Lid. 
c 0 B*i. of JVecl Si-Hamlin. 

.Anchor 'if rDits_„JSl'a371 OWM .. .. I 195 

Anchor InL Fd-[iCsiE 435a ( 1.99 

CT. Bermuda Ltd. _ . 

Bk. of Bermuda. Front «-Kamlnu Bra da. 

UcwyPacK- 1 J ~—| JOT 

CT.iFd._i 5LS6.43 j-j 0.78 

G.T. Mgt. (Asia) Ltd. 

Hutchison Use, Harr part Hd, Hong Fong . 

IS 

G.T, Management {Jersey) lid. 

Royal Tst. Htc. Coloaherie, St. HeQer, Jersey 

G.T. Asia Sterling—t£J0 *3 1U9J-f L76 

Basic of Bermuda tGoernscy) Ltd._ 

31-33. Lc PoUeU GucrcM-v. 0481-CH268. __ 

fSSSWh 5 -i» gsimt 

Axtclro lft.isy.TSL _ |2SL5 23 W -—I 3JL7, 

Cart more Invest. Lid. Ldn. Agts. 

f.SLSlaiy Axe. London. F-C3. £>1-2333531 

Gartioorc Fund MsgL iFhr East) U<L 
1503 Hutchison Hsr. 10 Harcour Kd. ff.KOnc 
HKtrac.U.7xL„lJHK2» !SBl . ..L 320 


First SIerUng-J16.U Mill -I — 

First lull_IS177.B9 T77.90I_J — 

Kleinwort Benson Unriled 

■ 2 * 1 . Fcnchurrh St. EC3 CI1A23ISW0 

Kurinvest. l 4 is. F. J.0H J ...- 495 

iJuernrey InC 57 B 61 b - 4 23 

IV-.. AccunL. 70.4 75.1 . 4.25 

KB Far East Fd. —. 5!\«!94i . 7 48 

KB Inti. Fund_ 51S1D52 .... 195 

KB Japan Fund . SI S25 63 ... 0 62 

K.B I S. Girth. Fd, 51071 . -- 

Si end Bermuda__ Sl'S4JI7 -001 106 

-*~:*-ions 1900-Lltf fl * 


•LnifoudSiDM.- 


Scblesiager Tat-rroationai Mast. Llri. 
J t. f J ^'OlCr* sL St. Mx-.'K-r. JcrxOx’. 0.VWTISSR. 

SAIL.,,-[75C tOOif .... 406 

S.vr..L_..50.51 c«3... 465 

OlJl Fd--- |34 8 3S Of*0.l 11 DP 

Inrl Kd Juney.... »50 jooc . . ? 6 B 

InL-J.t d.Li a:t>.'fc....iS9i6 » «.[ O.Oil - 

Schroder Lift' limp 

Enterpnsx* Kuiim* F.irtMr.iuih. OW.SCTlutlS 

fulenralinaa! Fdp d? 

inquire.. [in? loaij-fia: — 

Si'iui/: - .. . 112 i 114 ul -0 el — 

fFi'crt Interef .135 4 14B 21 - i c ,> — 

SFIxcil In'.x-r*. - >i . 101 4 1094(-0.1i — 

EMaiWix!... 120 e 122 2 |-lit — • 

SK&nautd... _ 107 1 2!3 9l-0 4[ — 


•KB an as London paving ngenu only. 

Lloyds Bk. IC.I.) U/T Mgrs. 

P O. Bo* 185. Sl HeJirr. Jcryc'. 0534 27%51 

Lloyds Ttt. fl'aeax- J/T72 i9.6f-[ 303 

Mext dealing date Feb. 15. 

Lloyds (afernflllonal Mgmnfc SA 

7 Rur du Rhone. P.O. Bo* ITS. 1211 Geneva 11 

Llqydslat Growth .IStTWHO JBM!-1 1.75 

Lloyds fnt Income. Rf»«l -liSlf .—| AM 

M & G Group 

Three Quays. Tower Hill ET3T. 8 BQ. 01-028 4583 


Samuel Montagu Ldn. Agts. 

1M. Old Broad S«. E.Ci 01586 W-4 

Apnllu Fd. Jm. 25-IFF«■» 49 38}.| 3 30 


Ft’lel.lr In*. FV.-wt. 
Fideliiy Par - Fd . 
Fid*, lit* Wrld KJ _ 
FidulilvSt^r. F«L: . 
Scner. Ailrtnl. . 
Sene*B'Pacific* . 
Seri**, D tAnxAsc. > 


r.arunerr liittiorai Vtngi. LuL 
Rt'i. Be* 32 Lfusla- l<VW. MH3111 

Tnivrnati.->na( fur . [23 J 22 7[ -0 A 1140 
IhiGcowra.[546 5811 I 532 

Harabro pacific Fund Mgmt. Ltd. 

Lit 10. i. onnaucht i7«fitre. Hoag Kong 

FarKa-'i Jjtj.25_(947 »« —.1 — 

Jj[>anFund-___|l(b5S»T 5*T1 .....4 ~— 

Ilambrcs iGuemsevt Ltd./ 

Hambro Fund Mgcs. (CJ.) Ltd. 

r IJ. Box 93. Gutrx re;- 0^81-56521 

■rj.Fund-I12SS 14571-621 3« 

JbmLBnod_p’.5TKI7 iKJld .._] 8 30 

IhtEquitj-.-,1V5.9.75 10051 ——f 250 

Jnt 5a> u,i£ -A',-J'.FJJO J M . 

lnt Sarines'S".—r'-'SOW 1011 ... I £50 

ITlCx-f on Feb. I. Next dealing Feb. B. 

Henderson Baring Fund Mgra. Ltd. 

j*i-> Hf-.N4723 BnhaTiax 

J apnn Fd.114 Zi 14 85' 1 — - 

Pr.rri rrn Jac. 2D. Next dealing date Feb.«. 

KiK-Samuel A- Co. iGoerusevi Ltd. 

8 LeFchxrv * . PHi-r Port Guernsey. CI. 

ilueniW’Tit,_IUU 15?.6f+0.*1 335 

Hill Samuel Overseas Feed S-A. 

37, Rue NouMim*. Luxembourg 

|SiSli= UJJ1 .._..l - 
Intercat local Pacific for. Mngt. Ltd. 

Ill Box ft237. 56 Pin Sydney. Ait«. 

J-jrelio EqUit} Tst-.|S1ET '02i( .1 — 

JJE.T. Managers (Jersey I Ltd. 

PO Box J94. Royal Tst. Hse„ Jersey 0SM 27441 

Jersey'Ex tmLTrt ..11130 130.01 .1 — 

As at Dec. 3). Next <nb. day Jan. 3L 

Jardiue Fleming & Co. ltd. 

-wih Fl.«>r. C.innj-jght ".'entre. Hong Kong 

J-rdineE-itxTjJ. . . rH>2U39ul _ 340 

JardmcJpr. Fd j" SHK267 49 . L10 

JardmeSElA_ fl'SILM _... 2 78 

.iprdinePhlp Tst_ 5I S1043d . 360 

Jardim Flem.lnLt. 5HKB9SH . . — 

;j.\V Jaa 14 *S>|ji-.a|er.i St588.01. 
Next sub Ian. 3L 

JCeop-Gee Matt agent eel Jersey Ltd. 

J Channf Cro>s. St Rclier. Jetrey.0534 73741 

l.emp-Gcci.'jpiial 134.7 87Jj I —■ 

Kcsnp-G*re JnC'jmt?.|s5j» 67 S| .I 7.9» 

Keyselex Mugf. Jersey Ltd. 

yf> Boc98.SvHelier.Jcrsex. Enq01^007070' 

Fofibelcx.-_PrlJK 1«| . 3 00 

Kexselex IniT_£5.75 63S_ «70 

Key telex Eurt.pe— £3 34 4.23 . 3.90 

Japan Gth. Fluid— 2113 2165 ..... — 

Keyset ex Japan — £7 87 660 .... — 

Cent Assets Cap— £350.40 4-D.05I — 


3 20 Jopfest J.xn. 15_pH KB 46 969 2.32 

— Hi Grp-Jan-23- _&- e U« H«l -•■■■,1 =15 

— UTJersej-Jan 2 S. |i4Si 405j+Q.teJ 0E> 

— 117JrtyO VsJonia-tCfdr 9f7[.( — 

23ii Murray. Jchoslone ilev. Adviseri 
£15 1 ®. Hope SI . Glasgow. i22 W1-221.7521 

3 ^ -Hope St Fd_| SLSmi [ .I — 

L -Murray !- , un.J .. .1 SUSS 99 1.! — 

■S.\V Jan. Jj. 

Z Negit S-L 

70s Boulevard HoyaL Lu'enboum 
NAVJon.27_| S'-’SIO 92 J .... J — 

*5=1 Negit Ltd. 

i'S. Boat of Berrn'lda Bide* • ‘Hamilton. Brxia. 

2 M JxAVJaa.27_I C82 |-02Pi — 

330 

250 Old Court Fund Mngre. Ltd. 

*■ ro 58. St Julians Ct.GuCT.-ev. M812G331 

4d. Ec-FrJan.31-148 3 5111 .. I 2.65 

ianFd. Feb. 1-15*9 168.4J -0.t[ 6 « 

lMl.Fd.Jan.16_lEOJJ 85 (hd .i - 

— - Sm.Co5’d.Jan.21„U404 1«3 .1 3 22 

b. c. 

4 k Old Court Commodity Fd. Mgr?. Ltd. 

r P.O Box 58. SL Julian's CvGucrrwy 04? 125741 

355 Ot*.CoaKf:vTjL-_ 11220 129.7 d -3.2] 175 

U.C. DUr.Cri. T»t—IS24.99 265^ ... 1 — 

•Prices or Jao. 31. Nest ifcalir.g Feh. 14. 
tPnce oc Jan. 23. Next dealing date Feb. 7. 


J. Henry txcb.-ud'r Wagg & Co. Ltd. 
lJD.Chea^igt.i:.'. 2 . UI.5884W1C 

''heap S.’do.ol-! 5; .'•'1055 1-0011 224 

Tr.tTicarlwe.2l . SI SIM 7; I _ .- 

AnianKrt jap.22._|;i jcr .! 7 7C 

ParlincF.-id... _ i3.il 7J I.mItPJ;! 519 
Japan FdJsj-.ii. _.‘;'.V55£ S. 9 if .J -- 

Sentry Assurase.- ir.Iorcatioc^X Lid. 

P C>. Box a 2 n, Ha.iiil’i>n -‘ermuiia 
Managed FunC - ?’ M |93 — 

Singer & Friralsadcr Ldn. .\gents 
20. Connor. St.. EC 4. ni'isr^s 

Hctaionds__JPic^S :77rt-tiiai 7.w 

Tom -0 Tin. Feb. 1_.J 5"'>50 00 l+9M| 209 

Snrisvest (Jersey) Lid. it- 

P.i.'.BnxSS.St Hell-.-.Jem;. 0NM7VR3 

Amencan Irul.Tsi . [■ a 3u 6 701-5 05| 1.4“ 
■'npp-rThi-i— :9K 1OB51-D0J —■ 

Jap. InduxTit....... (£J 71 858!-ilfl:f — 

Seriavosc Trus: Tisrageri 14 d. nt 
*S. Athol s:re.-!. ih.u.*:jx. ; .< M 0C4 iifT4 
TheSiln-rTufJ .. 19C2 10981 -i 4 

Richmond Koril D7 }1B9 2 399 21-0 4 ION 

DuFnvg.m-en ;735 3 247‘I-pp. B J 6 

DO.Plat:r.umIV*... 105 > UP 6 i -no . . 

Doi>iMHd.e> lMSl'-O; — 

T5B L'nft Trus: .“tan^gers * 0 . 1.1 Lid. 
Banntei’.e E .u .m A- i.,r 1 J--r-<> 0:0473404 

Jvnev' Kun£.. .|43 3 -45 am! -. .. • 111 

Guernsey Fcnix ._ <45 5 45 1 >;; .. .( ’ 71 

Prices ur. Fen. - : : roll. >:j*- K«*j. 7. 

Tokyo Pacific Holdings N'.V. 

IhIj mix Maru-cnoc: :■ V- t,'ura-:.xo. 

NAV »k*P lU-vJ:'- _£r. SVS42 13. 

-Tokyo Pacific KJdgs. (Seaboard) !tf.T. 
kuoi.*' MiMfcinrr-; > •>. N.V., Cur.irje. 

:.' \V uor rhare ,'aa. 1 -j. SV5.Tli.Tt. 

Tyndall Group 

P.O. Bn* 1235 liaxil'.on 3. Serndi, 2-27->'• 


FrJan.31_148 3 5L1 .. I 2.65 P.O. Bn* 1235 Hamilton 5. Semidi, a-TT*'- 

,Fd.Feb. 1_-15*9 lW.fl -0.b( 6 M ■►.cr^'a.'-Jjn 23._1U'—J*9 JM-1...J a; 

.Fd.Jon.16_IE 02 85 0 >a i — i Acciiit. L nts-_I dJ| . .. | — 

Co5VLJnn.31..|l404 I49A ..... I 3 22 3-vVa*'Ini. J.ir.. 10. iHVIIo Itlll . | — 


Phoenix International 

PO Box 77. Sc Pcler Port, Guorcsey. 

Intcr*£H>narFUn«l-ISt : SZ4I 239( .-...J — 

Property Growth Overseas Ltd. 

28 [xvxbTbuTk. Gibraltar. <Gib'*6J9S 

H.S. Dollar Fuad-! 5l r S903& I-1 — 

Sterling Fund _J £12911 t.’ — 

Ttoyal Trust (CT) Fd. .Mgt. Ltd. 

r.n. Bos UM. Roxul Tn. Hmx, Jersey. OS54274J1 

RT.Int‘1. FH. -BIWM 9*21 .J 3 0 C 

ILT.lnl l.iJinr.i Fd..|81 Kl . .1 3 21 


RT.Infl. Fd. - BIWM 

Rl.lnl l.,.Jr>-.-Fd..[21 
Pncei at Jac. 13. Xc.t 


dealing Fob. 15 


Save & Prosper International 

Destine to: 

37 Broad Su St. Holier. Jersey £i334-I»SBl 
V5 Dollar-dcaomlnaied Fund* 

Dlr.Fxd lnv*T.—930 9.88-OW 7.09 

laternavGrAt_ h W K53 . — 

FarEasieni’i.-. - 3256 4531 . — 

North American*;. 356 3 M . — 

Sepro* •?.. _ . _R2-76 L3.95|_ — 

SterUnMlefinailBMed Fund* _ _ . _ _ 
ChaoiKl Capital*—12104 2nj«4-25f 182 

Channel l&laadxt... 141S 149.3M -Lei 4.99 

Conmodity—•t_U64‘ 12171.1 — 

St R«d. JnL-~C_123 0 130 jj .J ID (k. 

Prices on *Jan. 31. "Jan. 31. ***Jnn. 26. 
fUeehL' Dealings. 


? .Vn 5t. St Iteiler. Jrr vy 053137331/2 

TOFSLJan.25. _.Ku25 ibS^. .. 600 

iAcctinxShatxv_. AS77 10301 . — 

TASOFJsi* -■ .. 755 M.Of . — 

.Accum.sn:r, ; .. . 75j tan .... - 

JorteyFurvU ir.ili . 197 6 209 5[ .. . b 30 

■ NmJ.AK L'U >— 27L6 235 01 — 

CiHFundJjn.25.. life U7 6l .. .. 1C20 

iAccunvSiia.'ef,- 142.4 M5.S] . — 

Viewrx Haas:. Dealt!:*. L.lv at DS24 2S02? 
.'4xaagedJan.lv_|J27.2 254.0?.| — 

Ltd. Intel JiCngamL fC.I.‘ Ltd. 

14, Mu): ZL>leT Street, St. K -lior, Jet.ty. 

Fr-mi__1 SL:10G | .; S2T 

VniM Stales Tst. InH Adr. Co. 

14. Rue Ahfnnfcr, Lu -cnno-jr,:. 

b'.S.Tit.Ir.v.Fi-.I.-.l | -1 ITS 

;.ct niiot Jaa. 51. 

S. G. WarburC & Co. Lid. 
raj. Gresham Stn-u: E02. rutOOLW 

Cnv.Brf.FiJar.Si.. S1V955 J-3051 — 

Er.cj.Ha J.xsAI .... 51S1SJ6 -O.ilH — 

GrSv3For*e;51... SLS65B 1... — 

JlerJiur FdJacJS. JT/945 23 M) .. ,| — 

Warburg Invest. KnjL Jrsy. Lid. * 
1. Charing Croxs. St Kelicr. J.-.. -71 9S34 7.711 
«7MF Ltd. Fen. t .-.(n;U.75 LLC3f—0J2Jf — 

CM1 L:i Feb. J. .. |£11.« 11.761 . — 

V.ciairTsvJan. 10-iCU i7 *1«| . — 

TMTJar. 12-RFK91 9!fl . — 

TMTUd..iaa.l2_..|£S.79 972|.( — 

World Wide Grovr.h Ma=3geatent4> 
10a, Boulevard Royal. Lux-nahou.-s. 
Worirf-x-.de Clh Fd! StSUST J-006[ — 


P 1 W! *Xl 
- 3 05/ - 
-J.ilH — 




(Balncd.i_H&3 5L9I *051 455 

Vccumi_&K4 703^15 4JS 

' iC*p >_960 Rfl *07 365 

\ S7.1 61-j| *02 3.65 

Income 1 -712 m3 +05 627 

ffliw * 104 9 2222] -HI-3 657 

lExIucJ _E77 bid 4-03 

-—■ctnxv)._ -|M> • 6&3-HM1 753 

Lite Unit Tst Mngre. Ltd. 

80. Gatehouse Rd. Aylwbuxy. (E9B3941 

piityAccuzu. 11442 1515) -I 422 

ft G Group* (yKcKri S- Schrod-r 

M Quayv. To-er HflL EC3K tOQ. 0103 4588 130 Chw^lde. ECi 

See aim saick^chM^gaHj- Jan - 21 - 



3^ [Abbey Life Assurance Co. Ud. 


Eagle Star Ensarfli&dlznif Ass. 


IK ft G Group? 


Scottish Widows* <?rc«p 


J. Eenrv Schroder V*zgg ft Co. Ltd-V runs Select.* *.- ... 77 7 

sansatiSfc*, Si 

(Accus.Unlt>i-fej a-fi-J-H IS, 5..°--' 

_ Europe Jan. 28-.B7.0 23.71-} 159 

n rn lAccjm. Unltsi-C?5 

429 *FnTliyJ»u.2«.._.l!66i 
815 ’Spcet Ex. Jan. U—|2x4 6 
99 •Recovery Jon. 11—1x328 


c'S 1-3 SL Paul s vlnurcnycrd, EC4. 01=489111 l-ThrendcecdleSt-ECL 

DO Enuitv Fund_OJ.7 355 — Eagle,TL-lDruU-Wl 

1150 Equity acc - 128 4 29.9 — Equity & Law Life 

25B Pr*>?ertv Fd . . 138 7 145 0 . -- Am crsh«m Road. High W; 

IS SSKltSi—B5J If :::::. = sglgttj- 

531 SiS27* , K£e ,ad 'h*9 la’” “ nA^QwSrtF”Su 

TSJV^SIS.:. - Bo » •“ - SMtsr” - - Bfx 

Pen* Select.*or ._ |77 7_ 8L( — r-._-Ti t 

1387 . — 

174.S . ... — 


01-5881212 Three Qaajv. Tower Hill EC3P- 6 Bg Ol-ffifi 4338 PC> Bw W2. Edinbun:h EK169BC. 031 «3 6000 


EkKlcfMi-l. DnlU—K91 ' 5091+0.4| 6.02 Pen. Pension—1206.1 

— Equity ft Law Life Ass. Soc. UtLV Cony.Deposit--mi 

" Amctyham Road. High Wycombe M94 33377 - I5i4l . 

Z Zquirt-W-.-1M5 l»3-05 - pS&fiS-ZZnoj -J . 

_ Property Fd— —102.1 1WJ — Gilt Bond—_ 106 9 1J23(. 

— Fixed ‘ntercrt F. - V -La 117 4+0.0 — lniernalivL Bond”. 351 . 

__ Old Deposit Fd .. 97 * 102. .... — Managed Bd—_123.7 129.9 . 

_ Mixed ydl.._ 1B51 UO tj+0£ — Property Bd“ .-.3*78 155.3/... 

__ General Portfolio Life Ins. C. LttLT E-_Fd 54 -_ 77 4 Bid -15 

Z ®B«hnU. Cl ewC« wauhmncms. 92X3WH gj fil ^ 

— S^SMiriSi soc ii-' “ pa -^ b »■ " Jaa: 

— 2 prince of Wiles Rd- B 1 mo nth. 0292 7876S5 Merchant Investors AssaranceV 

— a J- Cash Fuad 195 0 1W«.I — 125. High Street. Croydon. 01-fiS< 

rues. CJ- Equijy Fund... |J5.p J22-9 *v« — Com-.Dep.Pd-1 126.8 I — I 


IZZ^+flJ 
_1355i . 


— Inv-.rle. Senes!—197 0 — 

— Inv. Pfy. Series 2 .. [=1 7 «.«-£« — 

— ".nv.t'n‘hJan 31 _.r96-« 1915j+0J| — • 


97.01-2 01 — 


: LEADERS AND LAGGARDS 

_ The feUnrin table shows the paramse cbmtsT which hare taken place 

ilnca December SL 1976. In the principal equity sections of the FT Actuaries Share 
(■dices. R also cowtzta the-COM Mires .Index.;- .. 



1B2J -O' 
SOI - 0 : 
60.0 -L 
117.7 -O . 1 
2182 -L 


sS VEquiVFd Ser 4.. 316 . 33 

lc W.'oov Fd Ser. 4— 309 3 115- 

uMorey Fd Ser 4_ 107.4 U3 


EaI LTr Jau. 18... 3345 
Mgd. iVn Jan.3l-I«1.3 


SflajJ - 


— Solar Life Asscrance limited 


ill 


. . . on «Fcr Cs&edpc fends only fEquivv F <1 Ac e— - 

—i-/ . /.JJ ^ VFi«*d inL Acc. — 133.1 

“2-1 5-22 Scottish Equitable Pud. Kgrs. Ud.f *n;td5tor.eyFd_Ac-U25 

til M Its JsijfttfaSs SR 

-0.4 3 24 Deal,ns day Wodnasdey. K2fi5£SSirBtt. 

Ipi iiS Sebag Unit Tsv. Managers Ltd.» tai 

-0.9 5.W POBocSl L Bridbry. Hse, EC 4. 01-236 KXO 

“1-5 .I; SebasCnP'briFd.~!32.1 33.71 — ..I 3.73 

2^5 Sebag Income Fd.. |ZS5 3Q.9i-ail 3.P2 


Contracting and Construedoj» 

• Hire Purctee 
ElectruBlc5( Radio and TV 
Engineering Contractors — 

^-Office Equhnnont - - 

■;* Property .—-r^--— 

L..BBQdlaa Material* 

Z Newspaper^ ud PtJfitoJiWS - - 

:• r Electricals •___^. .'~a...-- 

r.j Conwnner Goods fDarabfel Croap 
.» Capital Goods Croon ...——. 

S ; Wines and . Spirits. —Z"~_ 

■J' Fond ftntnBhqT - 

Metal ad Metal F armies —_ 

Motors *«d fHstrBmur*___.V 

Insurance (Life) --- 

'.*■ Textfles .—;_;_ 

::J HonsehoW Cnods_ 

.... Entertain Blent aqd Catertaa ' _ 

- r Bmmrtes ... . .. 

Industrial- Group 
r.t Insurance ■ (Cwiqwslte>...- 


■+• 97.96 Padcaslaa nod Paper .. + ttl9 

+ 97.78 Obis. Goods (Non-Dor.) Grasp ... + 4240 

■+■ 74.60 Financial Group .. 4- 40.90 

+ WJ* Merchant Banks -- + 4fcfl8 

+ ZUf raw sad Gnaws .-— + 39*98 

+ 71.72 .500 Share Index...+ «*T» 

+ 4*14 AB-Share Index ---. + 3*21 

+ SJ.77 Dtocnure HnoKf ...+ 33J05 

4; CUt.. Herb an teal Enineerins_-. + 3057 

+ 63L97 Other Croups .-—.+ »-*2 

■h UKB Overseas Traders --+ ZMl 

+ 54J5 Pond Manufacturing ... + 2654 

+ 5M» Grid Mines P.T.... + 2M4 

+ «LZt Banks ---+ 2557 

■f 4653 insurance Brokers.. + 2529 

+ 4653 chemicals ...... + 2L92 

+ 0453 Investiaem Trusts ..+ 1M0 

+- 0 M 6 supping -:--- + XA3S 

+ 43.91 Tobaccos .....- + B20 

+ 43.75 Mining Raance . + L47 

+ 42.78 OHS .... + 2 .88 

+‘ CL44 i Percentaso changes based on Tuesday. 
+ 4251 January 3L 2977, Indices. 


uonw—— 
eld- — 

Units;- 

tern__ ! 

_Utdts)-— 

Fund of Jut. Tsts— 

--Units/.—- 

TJoHsi— Z 

anne -.. 

__Units)-- 

Income- 

n -Onlttl- 

-. Units) ZZ 

1 - 

.Units)- 

Hacovmr- -— 

[Aecntn. Unite'- 

Second Gen.- 

CAccmn. Units).- 

uESjm. Uota)—~ 


158.1 _ _ 

1455 . — 

US 4 .„.. — 
202.0 —. — 

1115 . — 

368.6 - — 

220.9 . - — 

lfiLfc . — 


. Z 107 Chropaid-.-. EC2V 6DC. 

IVe — Solar Managed & .. 125 0 

_j 7 __ SolarProrv?f>'.5— 17*4* 

_n’o Solar Equ it?-f* -.-1505 

t/t'o _ FoJa.-Ftii loi.F... 1356 

Jan 27. Solari^JiS_585 

Solar Managed r— 124 6 

iceV Solar Propcrt:-- F._IC-4S 

ro txa m-i Solar Bquit* P. 1505 

Ol-Kd 91.1 5olar PtdJbt. t*_119 4 

— — Solar Cash?,-53.7 


II riaAJIFI I 

- 

13C.5 t-0 G — 
215? ri )8 — 
105.C .. — 

«14 -Db — 
110.1 . .. — 
1533 -*0.S - 
125 ^ -t-0.7 — 
104.S . — 


snxf Znt bS BebnfCopitc!FdL-B2-2 

gj ifj Sebag Income Fd.. |39 j 

127j —03 L 6 a Secarity Seleciiou Ltd. 

I?)-) "?4 ism r ir coin'*. Inn Fields W( 


Equity Pcn.Fd.Acc. 2099 220.9 . ■ — 

r'lxen LPen. Arc— 172.9 16L6 - — 

Id .Mon f>n-Acc.. 1256 J3L2 - — 

fidlJHn PnFdAcc— 10Z4 107.J . — 

J-rop-Pefi-Acc— ... U 8 5 . 12*7 . — 

M'pie Inv .Per Acc. 194.3 204.51. — 

AMEY Life Assurance Ltd-V 

Alma Km?. Alma Rd.. Rriaate. RcigMC-bllOL 


KLBs -0, 
8X7 -O. 
166 9 b -L 1 

1996 -3j 


453 45. CharioSe Sq. Edinburgh. (JBI-2W3271 

5» stmn American Fuad 

5 S Standard Units-153.7 57J —J 1-75 

^3? Accum. Units.. — QTX 614|-[ — HLULta'pi 

^ Withdraw:) Unite.,|445 473j-1 — sjc-tuKFrf-SLl 

Stewart British Capital Ftmd . . 

fS- -Sanderd _R2S5 13ED}-1 3.75 3arda>S mJ 

Acctiin. L'wis-(l<23 2543j . [ — 252 Romford H 

b, iir-mjv iTnnri gcnirt 1 lA Carelaybotidr 




• ••.:»-. CLIVE INVESTMENTS LIMITED 
1 Royal. Exchange Jive^ Londoo EC3V 3LU. TeL: 01-283 110L 
index Gtride as ai 2ffb January, 1978 (Base 100 at 14.1.77.) 

Clive Fixed. Interest. Capital. 135.06 

OJve jplxed InterestTacoine. 124.73 


dose 467-472 


INSURANCE BASE RATES 

t Properly Chinrii.. 8i9& 

Cannon-Assurance . 4J% 

,t Vanbrugii Guaranteed . 6.65% 

+ Address Son outer Insurance and Property Bond Table. 


BASE LENDING RATES 


Trustee _P37.4 J45.Of-pi 63. -Sander<3 _R 2 SS 135CJ- 1 3.75 

tAectnn. Units) - 259S OAll -2-5 6 ^ Accum. L'mis - [142A 154 Jj | — -2 Rdmfnn 

Sun AUIjmce Ftrnd Kngt. Ltd. . 

CAccthe-U nit*I-UL2 -— £64 SunAllioaceHse..Horstaiu OKEJS414I Gill-edaed. 

Pens.Ex.Jatt.30-—P2X2 -iJO.Ot:— sag £ Z nc^,TSLJaa.24.K2QL£0 21L03I .... 1 4J6‘ rroperty— 

Manulife Management Ltd. ei&FamilyFd.._.|>S.O 3.» Kan^ed- 

St GeorgeXWay.Sterenage. 00858101 Target Tst. Kngrs. Ltd-9 <eHg) vihA-tj'-A 

Growth Units-VN* _...l 389 ai.-jrcioaaex. £C7- Deal inpitM SKI " 

Mayflower Management Co. Ltd. i**mai. 

MIUI Gras bam SL, ECZV 7AU. 0U*X8K*> ^USSS^LdS* "'J *2 ^t^ 

lncwnolaa .34 -IBU U*« —4 JAl TSSSS-ifcb.: ...gof 3 *l.cJ bi7 

Genotsl Jon. 36-PL1 7«| ..Zi 5.75 *i>q. Acc. CniA. JZ72.2 6.07 L 

•a,! TargetiJdtFund- (123.2 a 2S.9| j JM Beehive 

Mercury Fund Managers Ltd. Tnr*riUm»th—PJ-3 .„..j , <mharl 

30 . Gresham St. &C2P2RB. 0ia»4Wi TswOntJ . - Cflj . - J Z24 p‘, ~ k Har ^, 

5SRffpi£l±K^ ::::: | 4^ Targri'lm ^:.Z|^b 1% Canada I 

aassttdB. .Mrd a iWa ?-™iSMJS sjss 


AVIKVV*4-a'-JD7.2 112.4 — — Managed Cap-1338 

A.*(EV .'d--n>.-y Pd ... 1053 100.7 .... — Managed Ace_ 1M.4 

A.MEV MGd-Pen.Fd 200.9 135.4 - — Cicrseos.115.4 

—. ,-r . ,A5ir.V MCLFcn.'B - BKJT - 1961 _.... — filREdged .. - .1232 

031-23032711 FIevlplan —- 99.7 2P4.9 -— — PritJ'J.Dcp.Cup-- 126-3 

Arrow Life Axsunmce JStftSM!= V™ 

JM L75 30 Uxbridge Read, W12. 01-7489111 Pen. Prop, acc -25.0 

—I — SeLMk-Fa Cp UnL .161-5 65.1i-( — . Pen. Man. Cap.-23M 

47-J -1— SeLMJ-Fd-SLUnt— 197,7 103JI 4— ^9. Man. Acc. ^ 

13 KDI_ 3.75 Barclays life Assur. Co. lid. f^_‘g!ii Edg^Acc.! 132.7 

IMU _ (- 252 Rom/pnl Rd.. £.7. 01-55*5544 Pen. BS. Cap.-1219 


Nest suh. day Feb 


Ace. Ute. Feb. 1—I 
Merc. Int Feb. 1__. 
Aeon. Ucjyb. 1 




253 ::: 

ai?} *i.i 

i25.9 . 

ij^i 

157 9d . ... 


rare lay bends"-JUKI 

• Kquttr. . — — 106.0 

54141 Gil(.edz*d_112-6 

43b' Property—-970 

3-50 Managed-102. G 

Vouer -— oil 

-- VinP.-r-BAcrunv. g.7 

Dealings:02935941 l l J Inluol-96.7 

v*i ) 4 44 *1.H BdcPexxAcc.- 97,7 
34 21 ..-J 4 49 upjjufiaj-gb| 

7-2* I i p..n-: Ser. 97 4 


103.M -..71 — 

1033^ -0.41 — 


6 - 2h I ■'■'■vn*-y Fens. Acc. ,_I97 4 
6X7 j I».Initial--(96 5 


Accuav. 97.7 162.9 ... 

_96.7 IBIS ... 

?j^Acc _ 97.7 102.4 ... 

I._963 1MJ .. 

IS. ACC.97 4 102.6 ... 

_196.5 101.61 .. 

Current unit rolne Feb. 1 


5.J* *W- ruaa-J , — Mer. Inv. Pty. Bd.._ M2.8 ..... — 

Growth ft Sec. Life Ass. Soc. Ltd-? Equity Bond- 512 .... — 

HW.-BaitkBrsr^a-Tbamey.Berfcfi. Tel. 34284 - ?S'5 Z 

S2SI&nffi"- I. z bS;K«iz:z wo - 

Guardian Royal Exchange NEL Pensions Lid. 

Koyal Exchange.KC3 01-2837107 Millnn Coart.Dotting.Surrty SO 

Property Bondv_ _Hh5.9 17« ;--L— Nclex Eq.Cap-lEOO Mi . .. — 

Bambro Life .Assurance Limited 7 n«i«< Eq. Aecum. _fit» « i:2.g -l 2 — 
7 i>W porkl^ne. London. Wl 01-»90031 Ncl«sx Money Cap... g.7 oS.fl . ... — 

Fixed In l. Dep- So S3. Z wSgcufeAm.Bs ‘ M Z Z 

12“^-:- -• “ • iM 4 iK 5 . Z NelnsGthlneCop 473 KOI . — 

SSSSSS-apizz ms i“1 :z. - »«* suh - dar ^ 

o* i S5SS A “"" V3A Si :::: : Z New Court Property Fund MaRrs.Ltt 

GUI Edged ’".1232 129 7 . — SL Swi thins Lone. London. EC* 01-82043 

Penjrj .Def, Cap,. UiJ J33.B .— — N.CAJT. F. Dec. 00 - |214J 12141 ...J — 

PmJJ.DegJtec—2fl53 153 0 - — Next sub. day March 21. 

F^ ftmAKrZ 25X iSi z NPI Pensions Management Ltd. 

Pcn.Man. Cap- 2XA 2U4 . — 4B. Gracectvurch SL. EC3P3Ki: 01-8230 

P«H. Msn. Acc. 254 5 26B.G . •— Man seed Fond 'SZ& .I — 

iSr msz h««.pw.. l define«««, i. 

pi n. b s. Cap.- 1219 LS .0 — — Norwich Union Insurance UTOtip 

Wit “ PO Bos 4, Nonrich NR1SNC. 06J3222 

Hearts of Oak Benefit Society Managed Fund_12063 217 C -*0jal — 

Eustoo Road. London.NW1 01-3975030 Equity Fund_K2.b 73C S -*03 — 

Jtearwof Dale—_|371 35J|.I — Property Rind-—. 1207 127.0 *0.1 - 

«g|;n Uie A&snr Fixed lot Fund.— 155.6 362.>) +13 — 

. yam »ESUK uie «snr. '*«' Deposit Fund10L9 1173 . — 

NIA Ttcr.. Addiscombe Rd.. Crop. 01-688 4355 Nor. Unit Jon. I5_ 2053 — 

jassKfirdsv isis h = ?>•<**•* m 


Sun Alliance Fund lifaagnji. Ltd. 

Sun Aliianti- House. I It-rtaaro. WB61141 

ExF.Fd.lnl JanJl.. 1059- loSil 1 — 

InL Bn. Jan.31_( -ZX035 | .( - 

Sue Alliance Linked Life !ns. Lld- 

Su.-t Alllanoe Tfotse. H^rsba/n MftlMltl 


.Maple U Gr.h...- 


_( — . Pen. Man. Gap. - 2jMJ[ 

.J — Pen. Mon. acc. 

a Pen.GiltEdg. Cap.. 127.7 

Fen.Gill Edg.Ace.. 132.7 

01-55*5544 Fen.B5.Cap.-1219 

-231 — Fen. BJS. Acc.. 136.9 


New C«ut Property Fund Magrs. Ltd. C* 12 a° I.’ J — 

SLSwitbinsLane,London.EC4 01-8284356 Ferre!.Pn. ri-J 2926 | . 1 — 

J.'.OTr.F. NSt^b^y Jir " 1 “ Target Life Asrosaaec Co. Ltd. 

NPI Pensions Management Ltd. UoU “* 

48.Uracechurcfa Sl, EC3P3Kfi 01-623-4200 Man. Funrfloc— — (9t-9 19231 { — 

Managed Food-11463 1£24J .... -I — ?.laz. Ftr.d Acc - jlljjE 2-1.5)..... — * 

Pnces Feb. L Next dealing Mwb L Prop. Fd. Inc-11026 1OS-71 ;.... I — 


Norwich Union Insurance Group 

PO Bos 4. Norwich NR13NG. 8683222 

Managed Fund-(2062 ~3J Cl +0h) — 

Equily Fund-522.6 oT3C -*-0_3j — 

Property Pilnd-_[120.7 127.0 -^-Jl — 


r-rop. Fd. Inc - 1025 . 108.7 

Prcp.Fd.Acc. - 2260 

Prop.Fd Lit- „,9?.® 


JM EXeehive Life Asettr. Co. Ud.V 
71 Lombard St-.B^l. 014 

224 Platk Ham-hd - I 12B53 | ... 

22 Canada Life Assurance Co. 

... ,,._v c. O^.._U-- Ml, 


_ A Property Tails—11424 

—- Property Series A.. 9a 4 

■— _ Managed Unit* --.152.1 

. . Manage! Sent* A- 39.9 

1 Managed Series C. 98 9 

Mont., '-nils . — 1184 
Lv Money Series A 95.9 

ai «>*3 IZAR FiXfiu InS-5«?r A 93.5 
01-823 1288 ^ % , Rd Cap -Ki b 

■ - I — rnn. Mfid. .Act— .1435 

lhw.Gtd.Cap-1M5 

, Thit.GM Acc .. . -1208.8 


068322200 Fixed InL Fd. JntlMa 
lO hi — Ixi-P. FtL Arc. Inc— 97.7 

_ Be/. Plao Ac. Ptn._ 726 

-0 ) — H+U lanCjp.Pen_392 

h l * _ P.eLFTaa.'.'aaAtc.. 120 1 

_ Boi.nanMan.-'Jnp.- 11-1 

_ iTiltFen. ACC.—.... 1370 

Gill Fee Cap. ... - 1314 


244 71 - 1 j| — 

1383-1.6 - 


J60.2 -0.1 
W.7 *0.1 
93 7 . . 
124.7 +0.1 




Wealth AM_RflLI , 107 « -0 61 — 

Eb'r. Fb-Aas._I 70.6 -.11 — 

EhV. Fb.EqX-170 7 74 2].. ! — 

Prop. Equity ft Life Ass. Co.'-? 

1 If*. Crawford Sired, WIH 2AS. 'll -i 

ft Silk Prop Bd —1 1593 | . 

Tto. Equity Bd... .1 72 i j. 

Do. F*. liny. Bd. F<l| 154 0 ! - 


! ■■■« ~~~bri o 220.7a* ...J 4.15 Tgt Pref---1>4 2 

2m3 --J «» Coyne Growth Fd ,{ld2 


JAdJf f«) iS.AIhol Crescent, Sdm.3. 031-32000112 

af«« 

Do.Accum.-.g.9 SI'2 —1 Trades Union Unit Tst. .Managers? 

- ffin £3 ZJ 357 100. Wood Street. z3.CZ. O14E28 80U 


y ia ' I ih; 114 High Su PoUcr Bar. Hcrt5. PRy 511— Imnprial Tiff*^icc rv> of Cznads 

g-l”r i!5 .irtRFd.Feb.i..._| , 57.1 1-2-^- ImpertM Life AM. Co. of unnaaa 

1921 +tu! A59 BriraLFed,Dec.6.-1 11*5 I-.-I — IcipenalHouse.Guildford .12 

, r> n »n lc*tinnn> T1AW Orulh Fd.Jkm27._W2 *U| -—i — 


Target Tst. Mgrs. iScofland) mXbi Cannon Assurance LWJf 


Poos. Pd-Jon. 


031^288821/2 I J - inpie Wy„ WeiablcyHAWNB 01-9028676 tlajj Uoierf Portfolio 


71255 Property Growth Assar. 

7631_j — Leon House, Croydoc. CBS LLU 

7L1| .—.1 — Property Fluid 


Do. Aram- 

Ipc om n. — ■■ 

rvuuxm-. 
InUraMhaial 
Do-Accwa— 

High \ 1 eld-- 

Da. Aecum—- 

Equity Exempt* — 

Do. Areum *_ 

•Pricee ntJoiLl 


Trades Union Unit Tst. JBasagersf? ful Ed •& wWaidais 13 . 
5J7 100 . Wood sued. S.ci O14B880U KSJS l 55S2iZZ:B* - 

3M TOUT Fob. 1-!«9 S2J\- Z5| 522 Property Aecom. _{aL73 — 

Or Transatlantic end Get Secs. Ce.V ?" s ^a -Ms 

637 91-geN«w LondonRvL CbeliBsford0&KS1IJ51 Property_ko 0 Id: 

Barbican Jau. 29—(768 I T 3 nj ..-J S52 Sadllanaged—-I9J.0 _9! 


_J 354 TOUT Fob. 1-[«9 53J(-25| 5 

-£bi *!? Transatlantic end Gee. Secs. Co.? 


U55( +03 


9L a -M 


. Barbican Jon. 29—(768 

-I Aecum. Unite..-1158 

BorbPiiro Jan-25. 50.1 
; BJ9 Bucfcm.Jsa.26—'._ 

- c« 1 Aecum. Tnltei-933 

-■■i: Colemco Joil27 _ 1199 


A.BJXL Bank .. 

Allied Irish- Banks Ltde 
Ame rican . Express Bk. 

Amro Bank.. 

A P Bank: Ltd. 

Henry <Anshdcher 
Banco de Bilbao' ! 
Bank of Credit-5c Cmce.lf 

Bank of Cyprus ^. 

Bank of nAw»-... 

Banque Beige Ltd..1 

Banque du "Rhone ...... 7 

Barclays Bank ......... 

Barnett Christie Ltd.... 

Bremer. Holdings Ltd, 
Brit. Bank of Hid. East 

B Brown Shipley ...".' 

Canada Permanent AFI 
Capitol C&C Fin. Lid. 

Cayzer Ltd. . 

Cedar Holdings . 

■ Charterhouse japhet.... 

C E. Coates —. 

Consolidated Credits',... 

Cooperative Bank ..* 

Corinthian Securities... 
Credit Lyonnais 

The Cyprus Fopnhr Bk. 

Duncan Lawrie .S 

Eagil Trust ... 

English Transeont ...- 
First London Secs. ... 
First Nat. Pin- Corea i 
First NaL Secs. Ltd. ... 

■ Antony Gibbs. 

Greyhound Guaranty... - 
Grindlays Bosk ...--—4 

■ Guinness MahOn ......... - 

■Hambros Bank-.» : '- 

aHill Samuel-..5 ; 


C. Hoare & Co......t 6i% 

Julian S. Hodge .. 7J% 

Hongkong & Shanghai 6f% 
Industrial Bfc of Scot 6i% 

Keyser Uilmann. 6|% 

Knowsley * Co. Ltd.... 9 % 

Lloyds Bank . 6§& 

■London & European... 8j% 

London Mercantile. 6i% 

Midland Bank . 

■ Samuel Montagu .. 

■ Morgan Grenfell . 

National Westminster 
Norwich Genera! Trust 6i% 
P. S. Kelson & Co. ... 
-Bossmmster Accept'vs 
Boyal Bk. Canada Trust 6}Mg 
Schleinger Limited ... 6*% 

E. S. Schwab . S*% 

Security Trust Co. Ltd. 7§% 

Shenley Trust . 9 5% 

Standard Chartered ... 61% 

Trade Dev. Bank . 

Trustee Savings Bank 
Twentieth Century Bk- 
United Bank of Kuwait 61% 

- .Whiteaway Laidlaw ... 7 % 
Williams & Glyn's ... 64% 

. Yorkshire Bank . 64% 

■ Members of Oid Accepting Bouses 

Commftroc. 

* r-day depodts 3°.l, 1-month deposits 
34-?.. 

tT-dny deposits on sums orglff-OOO 

. and - under 3"i. up W iSa.IKiO 3*.« 
and ovef 155,080 

T Call dopo«is over U.000 

§ Demand dcpastU *"•- 
. j Rjffi also applies to Sterling lag. 
Secs- 

B T-Oxr deporits 3 b%- Rai« for Tetm 

UePOfflis orer C.000 nesouable. 


Equity ewo>pt*._>U0.4 10931 -J lAcoam. Volte,-933 9 

Do. Accum.*_ WXQ 10941 -.L ?■” ColKncoJinZT __ l199 ■ 12 

•Pricee at Jap. 3JLNext dealinE r«. 28 (Accum. Cnita)— W>.4 15 

Onstet Fund Btomgero Lid. SSSSSSw ZI M i 

Minster Hot.Arthur SL.E.C4. 01-831050 GUciJon jl —510 5 

£2Sfc5=B IWriaaSE^g I 

*pA Unit Trust Mgenuzt. Ltd. l^Shn'n. 46.7 4 

2?. c S seTOS SJ‘“ tL 3sr 01 '“S « r: 

MIA Delta (w , l 36-91—l Vans.T'eereb i * 

Mutual Unit Trust Managers* (aXg) — S5 J 

K.corfmnAre.raiBU. Kfc “s *5 

MnninlSec.Fbtk-.M6 Wldt Div. Jac.2T— fe3 * 

StnmaUnc.Ttt gJ-9 522 Z-S Do. Aecrcn. [733. 1 

S3-ti3 iTyndaU Managers Ltd.? 

VariAnsl Md Canunerclal iaCnayn 5 aBosd.Brtsad. 


SUM — 552 lad Uanagch_0.0 99.4 -L0 

1225 - 53 2nd I>cpOiil- 955 10L1 ... .- 

825 - 3C2 2ndO iLl_93 D 984 -1.4 

M.B . 405 2nd E<J Fcns-'Acc.. S7.4 9251-0.8 

*2 .. 4 05 OndPrp f^niAcc - 99.9 IQS 7 -0 4 

lii* - 900 2nd Mud. Pen a/Acc 9«5 . 1Q0 0 -03 

1593 500 2nd £h.-p I-eufAre. «8 10L4 +0,2 

54.J -2 4 663 2nd Gill PusAec-93 J «3 -2.0 

5S« -iB 663 LtF.SIF_365 5^0 - 

543 - 552 LiES.LF.2_|S5 275)-05 

135 - 552 Current value Jfln. 3L 


a^TSlrzgi aS|:= 

Secure Cap. Fd.—fe-0 — 

Equity FUnd-(9S.0 100.01 •■— 

Irish life Assurance Co. Ltd. 

J I. Ficsbun,-Square. EC2. 014288253 Equity Fund— 

SsSSKSfcrK. 3|:a “ 

FrcipLitfid. Feb. I 11672 176.M+L^ — 340oerFttrflA> 

SaTSsKa 

52. Coro hi 71, EC3. 01A235433 OUeti re Annuity 

Brad Fd. Exempt _pl3JS 114711+0 051 — blmrned. AnnTy. 

_ Next cestuig date Feb 75. Pro^JGrowth Pensions & .tattBldes Lid. 

Govt See Rd-11302 137.00) —| — All VTUier Ac. Uls. 129.9 1337) . — 

Langhun Life Assurance Co. Ltd. 9A11 WwaberCap. ffl* WJ . — 

Lanfibam Hs. Holtnbrook Dr. NW4. 01-2035211 IS.S Z- - 

Langh5m-.VPlau-.lto8 £7.11 .[ — Conv. Pens. FM_ 139.4 — 

9Prop. Bond.-— IUB9 14^3 „ Cnv. Pus. Cap. UL 128.5 — 

Wisp iST7 Man PdfWJ 78J3—( — Man. Pros. Fcf_ 1443 . — 


Propel ty F'nnd __ 
Property Ftrod i Ai_ 
cultural Fund 


94.71 _ Agrlcultural Fund 

300 W _I Aerie. Fund iA>— 

200 d [ — Abbe? NaL Fund— 
2OO0I ~Z — AbbevNat.Fd.iAi 

r*_ * jj InvesLment Fucd_ 

L*0- Investment Fd IAl 


-0 6] — ; Rayiai 6!«to.EC4l S’". O’.-KiM-IhT 

-11 — Tulif (nvo-.t Fd .12320 LT9 0 .. — 

— Tulip :-.an-’A5V._ 10 ? 2 111* .. — . 

„ Ri-P.d Fd . :»6 12JJ • — 

o.'-? Ml- Tvn.Fd .'ur 1112 4 2172 . . — 

41-4880887 Mar.. Fw Fi Ace. (7170 1231 .. 1 — 

.I z Trldszt Life .Assttru^cs Co. Ltd-V 

| — K*|.il jjc HvuiV. Cl«-I W-VT <J4S23rf!v*l 

..at- Man.>2e*1 _111° 7 126.81-10) — 

Litl-V Gtq.Koi. ...155.4 :5?JI -2-1 — - 

oi-eaiceM properv--... - «y 1S3.S . j — 

1 — EqmiyAmericas— 77a "Jro 1 — 

_ T^VlLauiteFund^ 1Cj 5 -0 9l — 

-1 _ Hixhlfvld_l-tO.5 —i 


_ High 7 (eld_2-W.i 

7" _ Gilt Edf.L-a_ — 125 0 

_ Money__1203 

_ In tern: Luna!-927 

77 — Fiscal--.-1275 

„ _ Grorth'-np_- 2, 0 

*0 7 _ GPuwthArc - 


"6- ■“ 

J324 -1 5 — 

125 d -01 — 

98.3 -1.1 — 


_ Pen-- Mngd. Cap. —ill2.3 

_ Pent.Mr.gd A:c.[US 9 

_ Pcnj.Gllt!Vr , .C.>p..pOO 7 


U5.ffl -2.3 
13AS\ -\:- 
1373) -1.4 

129.4} _ 

122.6) -... 
M6.H. 

m§l . 


- 552 Current value Jan. 3L 9Prop. Bond-lp89 1463 __..l — Onv. Pns. Cap,'UL 

—— r+nifsl I )(n AtsiiraonV Wisp iSTO Man Fd (745 7S2I — I — Moo. Pena FtL —.1 

Se/lnvwLFd.-1 102.13 J —.1 — PropJ’eoiCap.litx. 

mmt SHi £j| PacettOkcrllwJ?U.[ 160.67 I-1 — ^UiS^!L r ' w.. ^ ^ 

5'jJ-U U9 Charterhouse Magna Gp,V Do.A« U m._ 

y4—- I^S 18. Cheques*, uxhridne UBS LVS. (5381 E^uJtylmCg) 


PropJ’eoa.Cflp.lits.l 
b Heath M45S BdgtSoC. Pep. UL 


Chithsc Knero_P 


*.m uLv . r.nnsr* 

35 Chithtf. Slon«y„ 

<L£I CkmI,** Uanaoo 


«zr '= 

403 — 


National and CaaiaBrclal JJSSSff 

3L St A»d«w Suuar^Bdiiibwch 0S1-M6 9^1 

Income Feb. 1-P«.6 2S^“| 3 Sm C«R.FWlL— 

1 .Aecum. Darts'-f 1 ? 1 ? JE'S *3 lArmaUnitri 

ir«h 1_021.4 -2-D) 336 Vmnn* 


Income Feb. 1-P«fr fflfl-J-a Cxp.Feb. 1 — 

1 .Aecum Dolts' -f 1 ? 1 ? ?5 , 3 _ 5a lArmaUnitri 

Copt Feb. L-hJJ-2 3»9-|-g l** Exempt Jn-S 

iAccum. Unlnl—-IJ 86.8 1H21-ZJ4 33b f^um. Units) 

National Pzvride&t Inv. Mngrs. Ltd,V ggjfwfci 

48,GreceebwcbSt,BcaP3UH • 01-8S34SD0 lot Barn. Feb. I 

faraim tfnibirt_p33 563} - *» Scot <-4lp. FW>. . 

_CK« U7.g .... 3.20 IAceep.Doiui. 

iAccum. Unite)*"_1117.8 124.7]. 320 Sccl loc. Fbb. 1 

"Price* on loa. 2&. Nert dealliw Feh 23. jAsdni WoU F,r 
•Pricea Fri>, L Next dealing beta. 15. capitalGrrorth 

National Westminster's) . &5jjgSiS, 

1*1, Cheapride. W3V JEU. **°- . _ Jlo. Aceom.- 

Caplaii i Acruav)— S7^ SI VKt 12 Ff»acud PFitj 

FTtri* inr . .. .5*3 +§fr DQ-Acrum...— 

FTnxacwd - 320 • 34^ + 5 ^ J|1 Hi^btac-Meril 

CrowthDw-008 BK9* +0.4 J.W LondonWalUnt 

Income-- »S 37 « +0- | « Special Site.— 

Portfolio ley. Pd_ UL7-. 71_! *hj5 4J7 _ 

UMveerel FU(d)_ Kfr SM -Z 3.00 TSB Unit Tt 

NEL Trust Managers UAX (sSig) 

itilumQiurt.Dari^ftSiiray- - SU <b/TSB General . 

Nristar__ ..{Wfr , tbiDo Acraun_ 

Nelstar High lac— f493 513] +05] 9.43 (bi TSBIoromt 

For Kew Chart Phad Haaagers Ltd. 
see EottsehiW Asset Msaageaent 



Du. Aecum. - 

Fixed in i ti al 

«*-1 “ Chiihre. Managed_|3as 46^-1 - 

LV Oirthse Equity_ 35D 3U* .-• - gfSa 

0272322*1 |z| Z Projmrty icItUl 

tto City of Westminster Assur. Soc. Ltd. (UnU prerirai) Ltd. 

1215 —5.oj 454' Rir.BStcad Tfottce. 6, Wfailchorte Road. Ex e mrfCash JruL [9S 4 10051 — 

3656-^ J34 Orordou-CROaiA, , • OWKSSM. ^.Sgu^Z.TZlS? »U ."■■■ - 

?«! Kaxl Unite——-aw* Ig-g .... — Etcsnpl Eqiy. Inn. .|j95 1 W 8 . ... — 

■■■■■J 7.0 Pnrpcrt> - —.|K 0 55Aj -I — Do. Accum. 105.1 — 

•126 i IS City of Westminster Ass. Co. Ltd. lni % 7 i Z 

S2“*f51 Rinescjuf awm, ft miitehorse Ron^ Etcmpt Mnid. laiLWfr 104.8 . — 

J63A “ti-4| S.tt Croydon.CRO2JA. 0l-58*96frL Aceua. ^m.3 J05.1 . — 

JsS-J “f-H WnCPIrup.Ftattt-.g7fl 6 0.01 .- Exempt Prop, in rL. f9S4 3W5 . — 

la I r 2 V. jnagcil Fund U6fr 1753 ... - rw.Accuiu™.. NS.7 100« ...J - 

U 0 M-B.ai 8 94 Kqmiv Fimd_S3 582-O.b - Legal £ General Prop. Fi Mgrs. Lid 

KLlaS -Z2\ 621 Moan-Fund-U 4.6 13] — 11 .Queen^Viaoria S^ECtNflP OpMSSSTS 

82.1 -0.4 b.a urttFund-652 683+03 — liG Prop^o. Jon l|W.7 UW.tf „...) — 

386 9.72 PULAFucd__1726 1760|. — Next Sob. Day Feb. J. 

,424 ...... 9.72 Food emyrej* dosed ta nejr lormtreet Life Assor. CO. of Fennsybroali 

^ Inj 1“ Vvrto.-trL L-nibL,_ 1WJ) |+0iH g^jj^^ds^vniOBQ. 01463 8395 

02 _ bB Commercial Union Group lacop Units_(ios 3 loss)_ 1 - 

272 -02 526 St Helen's. L Undezdmft.EC3. 01-2837500 jjoyds Bfc Unit TSt. Hngrs. LW. 
30^-OAi 5,00 J’*riable AnAeiiB_l 5254 —j - 71 , Lombard Sl, Ed' 01-8331385 


14 X3U 
135. D 

125.4 

139.4 

128.5 

144 J 

134.7 

139.6 

1295 
1173 ! 


P<-r c Gt4Di.-pA.cc. 107 4 10951 . 

y-ns. Pply Cap_}JX2 1-* d ■— 

Pt- 4tc_ S5« 12-0| 

Tnlt.pjind. 3F.7 a..7j .. 

■TrSI.*3 1 Bond. lOilf 1 . . 

-i.Vv-n value for £ICKI prvnuuiK. 

Tj-uoaU Assurasce/PEBsionsi? 

1C CaD^Ttpo K'.-.i-t Fristc I ‘ *27 

Jan. IP-' 12-2+ ( - - 

Kctiity Jen. 19 ... _ 15j 5 ! — • 

i-i.nGJ-n 10- - -.I l4 4 + ■■ - 

Property Jan J5—J ;■)!* . 

r>cixi6!;Jan. 19— .1 eii »-• 
3-vVsj- K-n. Jaa. IP .1 V2A 

Ine Jan. 19 . ot® 

Kn Pn.S-WJon.3 — ■ 1*,-* • ■ .... 

im. Faulty jar..3..J -;*6 1 . 

I«o. SandJra..t—I 15*2 | ...... 

Xn^.Pr-yp.JaR.1 _J 8—6 i . 


Legal L GeaWlI fUait Pewlooi) Ud. 


a Dadn Wail Group 

6 Capital Growth_(753 

Do ATOIEL — 

Extra loc. Growth- 

Do. Accum. _ 

4 77 Financial PCitj—.i*»f 

‘J? Do-AceuBL - jWfr 

Hl8blBC.K10riiy-.te9 


BK9« +0.4] 4.99 London WalUaL 
Sj? Special Site.- 


4 M3 Maddox SL. Ldn. WIF.SLA. 01-I3B4KS 

MaoBRcd Fd_(1546 I475 (t03J — 


□14»*ps«. .__K5.7 

— I — Exempt Eqty. IniL ,|995 

■—•I — Do. Accum - .199.0 

n liJ Exempt Fixed lniL)973 

' . Do. Accum.,-.-(97 6 

Exempt Mnfid. laiLmi 

0I-5S496W. po Aceua.- ,1993 

. J — Exempt Prop. ImL .p>.4 

...1 — r*o. Accum.—.- 1957 


Tunbridge Veils, Jieot 

Rcl.Prop.Bda... ...| 1922 

Rd}i2 Insurance Group 

New Hril Place. Liverpool. 


aquityFd---go 2 7j7-6 +0 8j — 

Ibi.-jI Fund—..—. gt “S'D “ 

Kict-d Inlt-nL t'd...- 173 » +0 4 | — 

fiSfaEJr-Tiaft ffl-Jz 

Vanbrugh ?essi«ns Lirssitert 

xlJaMaddosb: I da WICBU i|:-WI*«C3 


30-4)-a«l 5.06 Variable AaJteUte_| 5254 —| - 

’’“l 5 % TSB 7 (nil Trusts (p) Do. Aimullr Uta__l 17A5 I.I - 

TsAR) a.OrtntiTWay.Amtorer. Santa. 0SK«UB CWlWeratiOB Ufe lumnnos Oo. 
IWg) Dealings to 02 fl 4 634323 JSO.Chancciy Lane,1SC2AlHE. Ol-DCO 


i BdC.E04Cp.UL_l H73 i«i 1 “ ~ 

UTJj -*03] — Prov incial Life Assumce Co- Ltd. Df’. ^p. Jan--—) M-E 1 .1 — . 

z aa.Biriutaserie.EdL_ 0)-:47€533 Vanbrugh life Assurance 

mm - 

U 93 | +52 — CiJtPuudan_524 |tQ..| — Macasca Fd.-JlaSb i<75| t DjI — 

mm - Pensions limited^ lf| Z 

. _ __ MolbomBars.ECIN2KH. 0 IAiJ 5 fl 222 Kicrtll.ilrrtJ.bU... 1731 1^5 + 6 . 1 ! — 

5 iSn 1 ri lrt “*■ EdUiLFd.Jan- 1 S -KZ323 S95|.1 — Proper-. S -Fd-^5 6 . — 

Tone . _ PxtUDtJan 18_-ra9.4< 15.i5. — I’aXrUnd... . UiO 1212 -1 — 

Do.Awum_(95.7 JS03 ..... — ProofJan_lR £24 03 24 77, .! — 

Exempt Eqw.lniL.h3 1W8 . ... - ™ r jJ „""“7 Vazbmfih Pwsions Limited 

Do.Accum. ..[99.3 105.1 . — Reliance Mutual ,, v ,a-, vcifwa iD ^isKa 

BaK.^Ei SH :::. = **»*,*«*.** 

ssiir r *»*!»*.«.«> croup as-.:- 

ra» Accum-_W5 7 IDOej ....] - New Roll! Place, Liverpool. GuaraaleeH ore ins. Bar* Hale- U*le. 

Legal ft General Prop. Fi Mgrs. Ltd Rw«t Shield Ft.-. 1U05 is«-l ——I ~ tino 

11. Queen victoria SL.EC4N4TP 01-2469678 Save & Prosper Group? Welrare iDsuranre lo. “ ia ' v 

L&GPropJ-d. JM1ML7 UJ».«|-1 - 4 . CLSLHelenU Lndn.. EG 2 P 3 £l’ C1-K4 83W TbcUas. bolk«ion<-. K* r. ■ J3 - 

Next Sub. Day Feb. J. Hal tou Fd 1173• 12421-0.41 — Hcm-ymak-.T.-fl.. | 101 *■ . _L„ri. 

Life Asst. Co. of Fjn^ S Bg^fe 

3S-42 New Bond Sta W17 0BQ. 01-W38386 •—-“LI 127^. , . _ r , - 

lacop Units-(loss IMS}—l- RS^fJKZ l« 7 ihS-fij - 'Windsor ufo Awr. Ca. -io. 

LJoyds Bk. Unit Tst. Bbtgrs. Ltd. Equfcpre* W__ 1653 17471 -0.7 — 1 Uitrh Stw«. Windsor. Windsor651x4 

•n. Lombard Sl, Ed ’ 0I«C 1388 Jhjfthmirt.--»M 215 5. . • - - ^ i e tav . Plaat . .te4 72 0 j - 

cv-- v DMl 1 741 CUtPfcWLFd-_— W -8 SStj >uiun*As?duth«ai.J -J.p ■ ■■ — 

- - RMKAabfLCcbbJ Sit ”’! ““ 

Lloyds Lire Assurance Prices on “Jonvaiv 7 ^l A&Nd. nL&s. j ^*.7.75 ■■■.. — 


!h! = 


ifllMCtatADwto^SBrnff. (bfTSBGeaee^l —W2-9 

Nelstor__ ..{39fr , 627] +0-^ 53| rtsiDo Aceuni-tel 

IfebtarBigkfK— |49J 516]-ritS 9.43 (bi TSBIwotot—B7.9 

Fta- New Court Rod Mnaatw n Ltd.- <b) Do.Accutn-.«! 9 1 

Norwich Union insurance Group (bl lfls8er , 4) 

P-aft^Norelcb.NRl3NG_ wa»™ WariugSirori. BeUa»L 
GiwpTM.Fi!-t»7J 35511+0.41 4.98 (b -,^,GnW!h _(361 

Plearl Trust Managers Ltd faXglto Unit Accciia t i 

®a ,EB WorWUtamSt.BC«aAR 

ArnraUNte...-»-? WlelerGilh.Fntt.-g97 

Pearl UnltTa-S33 35?-Hjij 4.99 Do.Aecum.-__(33.7 

(Accmn. Unhw—(42.4 45.6J+03) 4.99 fffeler Growth Fund 

Pelican Units Admin. Ltd. (gMxl xioaWi]QaraSLEC4RBA3 

81 Fountain St-NlBCberter 0014363065 income Uaiis___-129 7 

PeficcnCcffa——(7B.4 MJJ-tCiJ 322 JUcutt.U. i l te— _-(33J 


.’ (bfPSB General—WL9 Oft W+fc2 X8A y£qu,t 3 'Fnati_ —254.C — - — 

4^3 I« n»Do Acraun_tel +02 334 9MBaase.JFtnri {177.7 WO - — 

*05 9.43 (bi TSBIocem_»7.9 ElS+ 0 5 7^ Personal Pea. Fd_ 76fr __ -743 . — 

NS Ltd.- (b) Dd.Accra--tef * 7S Equity Fen- FUnd^. ZM3 .—■ — 

,mm) TSBSeotti.-Ji_- (71.4 76.0] -0-4 2B» Fixed InL Pen. Fd. 199.6 ..... — 

' f=m3K (ti Do. Accua—175.7 36 tl -03) 204 Vanascd Pen. Fd._ 178.4 . — 

•moo (hi . „ j - PruP'.-rlv Pen. Fd._, 124 0 . — 

M*r Baaby v?m«cud in. Pci 361* . - 

+041 4 98 Coring strew. BciiarL OSS233231 comhill Insurance Co. Lid. 

fbiinrierGiOttih —{361 Sft&d+021 4.73 :a CurohiU, tea. 0!«!654 

(a ™!« Unit Trust Account ft Kgmi. Lid. ccpiuiJn IS.luas — I ... I - 

SSS e w5J?».®8 X74.a ... J Z 


Z7v Bxempe - BM3. 3633}-] 7,« 

“ ZfZ-. Lloyds Life Assurance 

CL~i_ tract 12LndeD iui]SuEC3M7LS. 0l«35821 

“*■" Z MJLGUl Jan.6-__1»C83_ J — 

- OpL5Prp.Jan.2fi... 122.4 1M3 - — 

. Z OpL5Eqt>.Jaa.20. 1213 123 5 . — 

_ OpL 5 Hy!j*n. X — 1202 1 £B 7 . — 

- Z CipLSSJan. Jan.26,. 142.4 149.9_— 

■■■■;; Z Opc 5 DepL Jan. 20. (119.7 126 . — 

I”" — London Indemnity ft GnL Ins. Ca Ltd. 

18-20, The Forbuty. Rending 503511. 


- ww . .it «n--fcr. - ..— . . 

9 -0.41 — Mon.-rmaK-.-r r d I 1012 I ... J — 

J y 0 - fundi-, please r-.-fvr ro *bc -annon <a 
_ Moneher-'.cr Group. 

Ij'ij _ Windsor Life Assur. Co. Lid. 

174 71 tD. 7 — i uich Strew. Windsor. Wir.dso.’eSl^ 

21SS.--V — v,i e Inv. P!aas._ . .te4 7201.—j — 


f 1 ln „ . , *'««“ asaas'-B! _ 

“• “ "• ~ Fixed interest. 3 36j| ... [ - 

Mn‘*/ui rrt.Jan .28 .utoO 174.01 ... . I — The London ft jlanchesler Ass. Gp, 


330 Credit ft Cowneree Insurance T*i^rWkmum.Kat 

.J 3j0 . 120, Rt-cenlSL. London W1R5FE. 01-4307081 131 

*»c F.l._,_|m.O 130.0].I — $Esrenpt Prop Fd BB, 

□i« 3 « 5 i Crusader Insurance Co. Ud. Fd ua 

---} 532 Vinetaa House TbwerPL.EC3. 01-6368031 mv Tni« Fnod~ _! 127 

—ft Glfl.Fwp.Jac.3_—(65.9 72.91 ---i — Ptopertyftad—. »- 


z Schroder life Group? 

_ Eoterpriw House. Portsmouth. 07052771 

. — EquilyJsn. 31-- 2Hf> J ...... — 

__ — Equity 2 Jan Jl_2029 21a- — 

.... — Equity 3 Jon .31_110.7 “ 

Co. Ltd. FiseJlBLlanJt.™ ififr }5fi — 

rixCdlBL3Jin31. ffll 16?? -^7 “ 

lntLTJWi.21.. ..111! lio.9 -J * — 

-0-3 — VfeSGlIlJan 31. 147.0 UJO 7 — 

■OJ — f»S GL.ScJ«n.31..124 3 IXiC -6- — 

.. I — MafldjFixdanJl .. 1256 17-2. ; — 

« G D « Slngd 3Jan 31 - 138 fl lto+.-2-' — 

^ MwerJaL.31 . 105.7 lllj - 

■W**™ Mocty3J.ai.31_ -115 6 L 5 1J -0] - 

. - Deposit Jan. Si -.1120 Ji-4.0 +01 — 

. — Property J an 21-• 147.6 JaS3*?a — 

— J*ropertv3Jan,31„. 1454 153 01 -. 3 — 

. — BSPn.Cp.Jfln.3; U7 9 -0.1 -- 

— RSPn.Aee.Jan3l. 12t5 J^Oj - 
— — Ma.Pb.C^JanJ;-. 1B9.2 1993->Z — 

.U_ — Wn Pn Acc Jan 31.. 223.0 223*l-3frJ — 


%2o :::: ! - 


notes • 

Prism ri.'ti'H tncludv 6 premium, esceplwhere 
indircii-d f. —are m p.*nv- unl+-> olhen* i:«s 
ind..-ilcrt Yields V .ah<iwn in 1^.1 coluein* 
□iio-j- tur ell bus inf. p..-n,-o:£.a OlTered pr.«s 
inc'udr nil e.ipjp.s• b Y-Wj'-'s _prt'-'-'. 


I3:?al ~ 

f +o.i( -- 


’6] _ j(!en: >' raruriiri'.uri. > .'ifftred price mclud+s 
all e-.pcnj-.-s .( bouflit tbrout-h manaaers. 
i PreviiM* da* v pnee. C Sec tux i'R 
realised tcpttaJ ccjtii utiles* indicated by 4, 
1 Guernsey fn«s i Suapcadcd, t Yield 

brderu Jen-s? ltd. T £.i-a'atdiyisi&sw * 


































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































isrm 


IrkII 

..Sr- .if i 


-1KMB 

E® mm Lew 
7$ 6 H : B70 

!Bt 4! 

M 170 115 
£33?* £17% 


1 " ! 5 f! Mu* ■'■■*«• | ■’ tain* ' to 

£«%{+% , * M* W* H* I**j Stock ftfce -I IK CWCTiW 

k : ~H* &jw***a- w +s «&» -i « - 

8 V ? Ja^lSfejE iSl- IX'. p3T S X7 63 591 fiSSfelffi &§§ 3 Jnfc ~ 07 Z 

ijj .l*?iJ i ■• ■*■■ Sit 45 $f W gO U5 httfetaramity 165 ...... - 7.0 - 

S: 3 --' 2^? i£ jfxS&Sbs? S# It S?*; 3Z^B&P J ^? siaiL -oaa — « — 

H '*i"l^ n ' -;r 33*$3§8ttS$X 256 . t4- iK© :fc2 33 jp ; .;- 

- it i' 1 '* r ftg^pB«5Ei»: is* -a wsatta si az ■.. ■ . ■- 

•%‘l‘if imi fSSSSfe 1 I IH H motors, aircraft trades . 

W.:-#lM' ; Bfc:^!ki«S-i?.!?:v:, . Motors and Cycles • ’ 

" ■’^■fe.- 1 T 3* tLOl 2J 45161 2& 117 [BritInlandGfto 20 __ _ _ _ 

V 3 iSSc %‘i.ffSSJ f BSSfc >g ;i ;: “ i 7 1" l 3 
! bo Spp? g s8c ffl fi £ ft >' ffiffik- <5 a- ,5 s ? 8 H 

* ,?l SSfiHb 45 r-i#* I, U i®®“—£10 oik 03I7.4 22 .B 


PROPERTF—Cottfinued 


■f erl YU 

So* ftfce - j Net Cvt firt RE 

mAflifflsre£L, 544 +3 +18.32 —1 51 — 

nLde&u--. 100 +1 3.31 . _ 4.7 — 

*S»3U&EDR 689 -6 gGKft! — 0.7 — 

“*w™»uy IW I7i4 - 7.0 - 

wfclen £15Q_ a7%id -k DSU 8 — 4.3 — 

fltsFaitr— 260 ..... +7.61 2.6 4.413.4 


in 


fTRULs 

Sscelj 


30 kangtooTraaC . 63 ..„ d3.46 M 

39 pjafiWBiiimL « _4i3 4 

U8 UnfeB«j«r5^> 172 _:.... U089 4 
361a W.Y. Dirt Wo-L 5ft — 214 4 

13 ISteatliltrSl 19. ISO'. 1 
71 ftErtteft.20p_ 103. 3.94 4 


136 I*- . > 45 KKbAueGft« W -2 .«.«9 1.7 .1510: 

-M * A ;n5s ..5 155 ifeBzt^BbOlo 330-45 +146 7.9 to 9J 

i iso I.13 SS 6 deeyVA-_ »'• ^ *£25 —j- $ — 

41 !’ ■i , 'f 3Wj" MKjiwfson(Bt 587? H 43 b2 -&J 

' 25i,r !^3 W :lr -£ ^nt .LS 7.4 13J 

: •' .46 *1 4t HagaoUa&oro. W. -It ^45 5-9 5.0 5 , 

. 53 t - ’2f J 50 - 73 • 5.62 * 220-4 

•1 d85p 

«I-- r Earn aesHijlJl 

.-1 brim & ssesg a: £ 1% | s ? 

■» .' ^ '«.avr3 60 HbwhIs^Iw 122 . t4. j». : 37 SO L 

|!-■ iS^lSpS^ 

- B «:-SSSe me ± 15.8 8 I- 
i ffissssf 1; p « b « 
: 1“!:? I^l'isi Si KSW A' =1 % £ SI S 
-IS :'!iShf* ^SS8gSc«»S.«, s? S U 


8 =»EfH BBft Rt-KKSa- H * kr„i 

£ =aAi L 8 fc W' I*®— |e “ 

S uiIjm Commercial Vehicles 

103 .i- 3.94 '43 53 4S IE t4 99 .>|2I8 191 33123.9 

«. -2 .«« X7 .83103 IM, ; 34- E»T.(HUgi>Z U4 +3 ^3 64 3.0 5.4 

330- 45 A-46 7.9 ZO 93 0 3?= BDdffls(5^-_ 58 4325 5.7 85l2J» 

U- ;_t. ±£2S ---. t •— 14: ' FeaklBKfts.lOe 10 +i, 05 zft 7.7 6.4 

5»2 ^ 42 « 62130: 23:. ftato*- 120 ...f.. d762 33 96 47 

«_ 15 7.4 116 75’ 11 ^odaisilalOp. 64 . till 45] 52l 75 

m 1S4 iSit* : *:’ .•'■>.■ Components 

38-.^ ffi® If XJ:ft2 50d).IdZM 


W73-78 
High Lw 

347 216 
96 40 

72 34 

315 176 
156 44 

ft 4 

?? s 

115 28 

96 34 

118 58 

43i 2 24Z 2 

229 75 
£174 £114 
270 158 

230 90 | 

51 3H 2 ' 

70 24 

17 5 , 

9? 39 I 

24 104 

290 182 
148 75 

1 « 
19 71s 
32i 2 1& 


i Stack Price 

iir. 330 
iBP.4rtn.il- 96 
Prop. P*1skip— 70 
Prop. & Rev.‘A’- 308 
'frop. Sec- inv50p„ 24W 
RffglaDProp.Sp. !P« 

ResaliJft-— 12 

aefijmwiftop-, 80 

Do.-A’_65l 2 

Brfh ft Toapkaf 109 
Samuel Props-. 88 
Sert.Betrop.2Dp 105 
Second City lOp. 40*2 
SougflEsts— 229 
PomCom-.-fiO £263 
Stock COrntrsa- 252 

Suflie?*B<Inr_ 208 , 

Swire Properties 35 ! ; 

Town Centre_63*2 

T<*»nftCKrlOp- 26 
Trafford Park 


4 or) Dtv ITH 

- Net Pn(Crt WE 

4>2 g&54 7L3] 3.01427 
4-2 rJ.D Sffl63i31J* 

. tl.59 20 3.4 22.5 

-t 8 d4.69 13 23 44.0 

+4 tLffl — 2J — 



.0.65 ~ 

>1 0.65 - 
. T2.61 11 

+2 n 0.9 

-1 el.94 13 

.LT3 2.0 

+2 £2.26 15 
+1 Ql03i 1L9 
+2 b2.0 24 

l-r 6 3.97 0.2 

;.QlSy 1.5 

i+i 2 0.82 $ 

+ij 0.01 - 

-* 3.65 14 

,+!> — — 
WS 537 3.4 

-3 2.66 ft 

. 14.86 16 

l-....dM.4B 24 


1+1 [116 13 5.4 ZU 


12 — 

1.5 - 

3.615.1 

3.6 46.3 
I 28 47.7 
! 6.5115 
! 29 37.6 
’£592 - 

12 52.4 

2.9 - 
! 6.9 9 8 
, 20 ft 


120 * .'.*■ 
^■8 M 

s a &W 

123 W 


• ; 2* 
' 3 tw* a 2i 

l* irl&ss- % 

: -3 5.-MI* t 


Briu.-; -56- +21 W7-. m 123 DJB *£ 

aeM-srWflfliirff 

=El^S§-SUSS'i 

: •« - :.i.. gZl? 4JJ 7& S3 ZZ3 .34 ; 
K-SOp. IS : BI 6 4.0 5J 73 K - 6 %. 

rrWt^ 50- -3 336 23102 66 &i Wl 

*&«. am -2 Q5% nn iu — 33$ z& 

UOp— 10 % — _ — 18.0 # If 2 

mdSte T24- -1 14.79 29 5.9 8 ^ 129- 54 
*eD_ ejs _ _ |22 27 &£ 6.4 ^ g 

S5: 1 =:« ?:2aS5;*. 

'lto i _ 66 +1 13.84 14 } — . 


3S«JL fitodL-;.. 538 ft Ul5 
l^I)„ 50 USjOS I 24 92 b 


«• 

srtfiftZaBtn. .86 +1 330 
JftSp'neeriOp .74 -1 +18 
»WUp4_ 12 --- lO* 
weyGrospEL. 8 ft -1 


11^1 95 10 

as-, m s 

5.8 .8.4 96 • 99 

3.7 t7“}= 

^ 5 S 2 St 


llfl | ' i 1 Xtjl} 14 UVOEV1CMCS<II0. a £/ 4-— K4- J.tJ m« n* 

- 13Zc; 77 N^SwtftSp^Z. t^2 16 151L6 |8 

- 70 ; ■ •ti 3 !' ,s % 90 OceFmaneeC?- ft ! ..t.;. -MS ■— 19-6 ■— J^ 2 <7 

30 •■ ly^l fT 56 OffioAEtecL —-88 -3’ A08 36 7.0 66 " 

208 • 'l? 6=5 59 Orman_- 108 +1 pH 30 « 113 “ « 

, gt • .^6^0 20 OwwtSera?. 26 +% Q 8 c Z518.4 22 » ” 

5 Sc : , I’irJS!vD 25 PMAi Bnlrfaw i 46 .It. IT '— . — 272,5% 

•r ».r> 37 pStorS^ , _ 122 ...... 324 7,9 4D 42*5-. 


aafeWrtjOp” 195 -5 
vkSeea-lOp. , 27 


.w ^ ILZ 11 44% Ifii BaldGrovn>5p_ 42%ri 

itrsistfasa* 4 

*1 bSA ~ 93 - M SS^iSf- & 


p-Ham 


1 • M ^ 

k I” : 

: | 

?• «i - .!:3 3 H5 39 

- 82 {thr«l-':fi 31 

- 26 ; . -: ■ T-nv :-:o 30 

f 390 Ma^tiia V& 


rt-Wdte3_| 121-t+3 J J4224.1 

affliop^—.r 34 1....-.1 • X-l f- 


8.4 90 42. 

57*w 2 m 

70 109 33 


Components 

tttetods^ 50d ...... 02.64 ft 

S«fla*SttKB_ 77 . +4.47 3j 

Snast^Eq.lOp 57 + 1 % 204 3.0 

4s«tW£— 120 +3 4.69 3,9 

xatouatm -91 .186 18 

ftaeffleWros.— 64 ..._. 367 ft 

Brown Bros. IDp. 22% -J> t!06 18 

3 «wCorp- £15 .0024c 3.7 

MSDL.- 164 +6 421 3.7 3. 

antogap—- 84 . *53 3A 9. 

ffitfc&fecBing- 103 __259 4 . 0 3. 

armSaiitiilOp. 10 % .025 10 3. 

SmMStBki&lOp- 46% +2 10.71 3 5 

iaaewlfldsli— 253 +1 122 4.7 

5upra Group lOp: 37 . h0.77 b3B 

ginagMfe.^— H9fll +1 3.99 ft 

phDrt Breeden. 64 +% +28 4.9 

foodlsadU.i— 95 +f th3.41 53 

Sedtii'A'SOp— U 2 +1 '4.0 7.7 

Garages and Distributors 

M&twGU^- 89 .4U1 4.1 6 .BJ 53 

irtjlejwdafc 88 “ ‘XZ 4.47 2 6 7.7 77 

Ii^mbosM otor. 118 . t?.75 2.410.0 72 

BSC&JOp - 00 +1 mi 2.9 8.0 5.6 

Braid(BvopSp- 42%aJ .1.38 ft 4.9 ft 1 

Brit Car Aoc.lOp 42 »1 1.98 29 7211.0 

10SB-WP-— 23 . 1.42 1.7 9.8 92 

affynsSta- 103 -2 5 84 21 8 6 8.4 

»ci«rr.>5p- 3W . dL70 * 6.6 ft 

[InisGodfrey— 81%+% +303 53 5.6 4.9 

3«wi»- 74 ... .. 4.19 13 8.6141 

Button Forahaw. 4P 2 +% *176 26 9 6 61 

Sates(FU j-551? . 1.43 4.8 3.9 83 

aMfieMLawr- 34x3. Lffl ft 5.6 ft 

Banger low. lOp. 27% . d0.42 9.7 23 6 J 

SSEfiBOT.!- 110 .+X13.72 3.8 5.1 7.9 

Etattmlfc- 88 . 398 3.0 6.9 7.5 

Bedjs-acp-122%xl +4i- e.59 ft 82 ft 

aenmHr.Grp.. 104%-% t?23 3.1 4.8102 


SHIPBUILDERS, REPAIRERS 


SHIPPING 



284 -1 
196 +3 

117 . 

327 +2 
215 _ 

38 _ 

37 . 

142 -1 

255 . 

18% -% 
80 +1 

126 . 

Ill . 

117 -1 

39 . 

109 -1 


41 43 81 
_ 43 ft 
tl 18113 
63 3.4 5.8 

6.7 7.7 22 

4.6 7.4 4.7 

3.8 13.B i21> 
54 43 5.9 
U 3.0 30.7 
- — 0.6 
43 5.2 6.4 

3.7 9.0 3.4 
2b 81 (55\ 

3.9 i 131 

39 } 44 

23 111 5.4 


SHOES AND LEATHER 


S ^~tM36 43 3.7 62 g g. 

a:| ::p a ll « 5 I 

Sfc i±» t. « Ilia 6 S 


: : T - T.; |W c 

- 16 53 

* if- iiiMiil ff 

: + 27 •-: -.•■jii* a 

iia .-.r -1 29 

1 tic • -W 35 


49%_t248 

233 hjB. 

masop. 179 ...... Eao 

B.I 6 P- zr +% 4 

Group- 158. —538 
tSn.Sp 31 r %. 1135 


£JS&% a 2 :! 

JX&cnpBJp 60 rl 
aounpajp- '37% “1 


32 2.7 5J123*» “i. 

x n ?j f .5- 

35 Jb 15 Is ^ 

6 05 73 44.4 ^ 

.45 1.9 9.6 (63) 75 20 

7.6 3.6 53 


nALyon_ 82 . $6.0 2211.4 5.8 

ttbesterlOp- 26% -% 03 4.1 9.4 63 

amUaridSo. 8 +% — — —. ft 

nnmMtr.lOp 4% . — — — — 

iy<H.)lto._ 161 __ 74.93 4.6 4.6 7.0 

Jelcdarte— 518ri __*11.17 ft 33 ft 

iAm.ftl.i5p 45 . 1162 4.5 53 6.2 

ToIdsWJ.Sp 2 S >2 +% g0.62 42 3.7 9.4 

(Other,5 p_ 6^4 . ..19.1 

tolUedj— 52 . 0.63 13.6 L 8 6.9 

ftamStlfth 39 +1 tZ2 29 8.510.6 

deroMti_ 70 . 2.0 53 4.4 65 


22 10 
68 35 

67 36 

KM 67 
36 12% 

72 37 

60 26 
40 31 

40 22% 

50 22 

66 45 

39 21 

85 56 

55 17% 

32 18 

71% 19 
135% 11 


AUebcoelOpS— 17 

Roothilntoi-_ 65 

Footwear Jms... 65 
GantarScrtbUir 101 
l!»dlam.iiia 5 Sp.. 35 

Hihwu20p- 70 

K Shoes.-— 56 

LanbertUlhlOp— 38 
NrwboldftBonn. 40 

OtheriGi-A’_ 50 

Pitta rd Grp.-64 

StendftSkn'A'^ 38 

StroDCiPisber. 70 

Stylu Shoes_53 

Turner ft ft El Op _ 31 

Ward While_ 70 

WeanalOp—— 29 


. ±101 

_$4J9 

__ d3.B9 

. 145 

r.:a? 

.2.27 

2.91 

.„... +254 

. fL71 

-1 +2.52 

.+H192 

. A2A 

+2 136 
. +138 


SOUTH AFRICANS 




Kac g r: s? n m gi newspapers, publishers 


; % '-2 i g- 
t it-'.'; 

?- ,« - r*5;iS .23% 

— 235 -5 : 7 ? 


^4 

”"- iZ ?yi~ 

:f% S- 

::: iHIP* 05% 
ih 10 ' 


koreao_ 246d +2 7.96 o4.4 4.9 63 197 -1120 

tittCoTsCft.- 415 +Z +935 3A 35 ,98173 82. 

[amOas- 308 +3 rtlSA 4.7 7.8 4.4 50 26 

lEsec.ap_ 45 KL 66 26 5.7 30.0 70 22% 

jTpfl Fi . . 130 -5 1320 1815.4 5A 78 50 

onPBWSi: 73 +1: +h3.73 21 7.7 93 108' 62 
Q15 ft Mft.lB5 97 

SS2S &± «« ™ 


rBdgs_ 


If, J 

r +194] 4. 


*■] 63 ::: :•« 86 

117 • M 10 

25 .-I 1 ;!J0 79 

- i £20 ; ; -• -n6 Wa 

5 * .. c:i ugh Em 

S5 •;! 40 

33 ifg g 

- iAi-ft ». 

?A JI-.:? v 5 «:ljS S 

2 


totaprintajp— 46 + 2.66 

lomnfcBooDL. 29 +12 

loyal Ware*— 124 ^1 +5£1 

inodKA-MOgj. 54 _t2H4 

L-GotataFc-W- £36 WJi 6 BI 

225 

aoflHBjtltartet- 24-0.85 

angers Grp__.81 . _5.89 

capaGrotip— 100 +1 
maBixroerSl £44% -% - tS a i fl 


'M S3 -5.9 43 347 208 
3.91 2AW2 45 .76 34 

L54 _1S5 --: 95 60 

2 45 61 55 68 30 

.94 4.0 67 5 J 133 40 

.94 43 73 5 2 DS 92 
L 66 20 88 62 59 21% 

2^ 4j0 6.4 60 200 .82 
,31 2A 7.1 91278 117 
•M 45 5.7 5.9 185 W 
U59 19105 75 44 -22 
UA 2.9 6.9 73 153 65 

IS -16 5.4 372 150. '54 
19 22110 63 765 365 

44 16 85 52 332' 194 
UC 5.7 03 212 29 13 


Shams Warejijp 


94 18 53 75 45 18 

24 61 45 52 . . 

92 17 82 112 - 
4. 18 5J14J 


I 1114 6.0 2.9 83 

>__+114 65 32 83 

+ llttl 35 3.9103 

I . 1181' 18 45105 


157 +3 1533 4.1 5.0 73 

170 . +3 66 6.4 3.3 7.4 

46 . 2ZT Z.4 9.5 5£ 

62 . 2.13 2.9 5.2100 

75 . 4.46 15 9.0105 

108 . 15 8 Z2 81 R4 

134 . t4 64 4.4 12 6.4 

134 . t4.64 414 12 6.4 

318 -5 tll62 1.4 5 5 20.0 

73 -1 13.63 4.4 7 5 5.7 

90 . $2.64 4.1 4.4 83 

60 . 73.55 25 9.0 6.6 

118 -2 65 25 83 7.0 

123 . 16 6 27 8.1 6.8 

58 . 0.96 1810.3 04 

200 . *265 b 6.6 20115 

269 . +812 4.6 4 6 7.3 

176 rl 5.44 44 4.7 73 

40 .td221 23 8.4 8 2 

153n) . 1% 3.9 3.710.7 

136 .fd3.03 5.0 3.4 9.1 

625 -5 e5.91 1.9 14SL8 

328 -2 tl271 29 5.9 8.9 

29 . jel22 29 6.410.1 

45 +4»e fL28 3-9 43 85 


PAPER, PRINTING 
/ADVERTISING 

Jioc.n»per_^|a%d|+% I2.M I ft ] 8.5| ft 



152 82 Aberrant Ruro... 

550 390 Anglo.AmlnRi 
113 79 Ant-Trs Ind. SOc 

37 17 EdwortelOc— 

117% 41 GrtdFlds.P.9*: 
230 115 Grtm .11 A' 5Cic _ 
130 87 Holetl'sCpaRL 

455 288 OK Bazaar.? 50c.. 
116 35 Primrose Was... 

224 150 fia 1+uefxn MTOr 
68 % W 2 SA Brews 3Jc— 

550 395 nger(«sRl_ 

68 46 (.‘msec.__ 


82 -3 Q29c 21 

455 . Q63c 241 

90 Q19c 3.6 

31 -6 Q4c 2+ 
80-5 Q 80 121 

120 -15 Q36c 0 6 
112 +2 tQ31c L4 


305 -5 
35 -2 
160 ... 
61 -2 


K8c 1.9 

&2C ♦ 
23c 40 
W%c 2.1 


445 -15 tQ4fe 3.< 
57 -2 i: 


21.1 Z3 
B3 4.9 
13.8 1.9 
7.7 4.4 
6 0 134 
|17.9 8 7 
1 i 42 
t 4b 
,17.9 ft 
205 2.4 
9.3 51 
5.5 53 
21.0 6.7 


TEXTILES 




..i 83--: 

' K £55 
+*]:: ib . 
?_i 2»? 

;.. <148 • 

■ 

h U 25 - - 

3H 35 - 

23 

at-1 3* 
itni :*o - 

?. ! t : ' 


Si 

* ••: -34 19. 

■:&% 1 $'- 


m -1 1217 7ll 41^ 43 57 20 Jseoc. Paper— SL%al +% 2.89 ft 8.5 ft 

IB-;-*.. ,t5M Vn 43 92 £106%£57 . DaOt^cCom.- £101 +Z Q9«j% - ~ 

85,. -I +3.7 .3^64 63 36% 21% AultfcWitag- 31% -1 tl-|3 2.4 8.8 72 

.46_«25 3.901)3 75 84- 51% Bemrose-67 ...... *3J7 21 8.5 « 

20. <iL2 2« 93 63 50 31 EfcicPhntinfc— 44%-% 323 0.9120^4. 

84 -_3.81- ■ 33 63 bA 64 . ?34 BnnrameGrp_ 61 . t3.46 3.4 8.6 5J 

10H. „... 1426 1S 6.913.6 62 v 32 Do.R«nc.\V- ,59 . ... +3.46 3.4 8.9 5.0 

65*3 +% * 47,74 2l] 52J13.4 12Z" 66 Baozi Pulp_ 206 +1 i4.88 44 7.0 4.7 

159 2 U 'tW- -31 m 72 ffi 19 SwU-V.-,, 46 -2 1.74 33 5.7 8.0 


SnpwniSJ'A- 84-._331- • 35 6.2 bA 64. 734 

aaS»_. 10ff „... t426 M 6013.6 62 v 32 

Whi%lUflp 6312 +% M229 23 5213.4 22Z.r 86 

tohtlris.au>, 159. +4 t2T: 3.0,7.0 73 48 19 

|Safic.U«a^l 56f-+3.86 12 10.4115 25 7% 

Saaic—_L— 33. 23T 2.0102 63 §5 60 

(ScuhebyPJL—. -209 +1 H825 4.4 6a 85 i5 35 


V. : i! -'77 46 Spanpwi&W3Sp. 112 Ihl.^ 

: 7 -»a.«-Egg±ia.il '& 

- r/330 £115 DofP t %Cnvla £325 *.•.«! 
:.. 49 11. Katetat.;-^ M -2 &2 

:..:!14 28 StegFnntanre_ 112 -I t43 


50 138 
“ -; 82 28 
20 1CP; 
-.:,-97 605, 

ft 


-•I Li' r.33 15> 

»- sg : ■■ >«-5W 


_ i5 
1 ■*! 

_i <W' 

*. j :3 

76 

-a-t 21 

fL.i £16 


r__— 397 +Z +526 43 4J 

Sgg 

«5: H.f 

;SeB.Iflp- -29_fUM 33 5.' 

e Speit- 40 * +2.18 Z9 81 

MuehKJi) ._ 6lD% 03 4. 
adBcOOe 80%-% tQ3pc-M-4d 
uZl 108 +> S5 - 4.0 7 : 
__ 21 -% t£L55 3.7 4.1 


108 65 85 60 

63 08 fc 35 

2.7 4.8 62 33 

■U 25 28 13 

3.6 72 a. 12 

03 -»■ §7 
■ a W-47V 35 
%5 6.0 78 42 

%5 8.7 69 31 

142 65115 32 


^peeals-Y—- 46 -2 1.74 3J 5.7 8.0 
lanstoniSr J 1 _ IB -.., — — — 4.4 

^paanMSOP- 75 . 3.98 • 22 8.0 8.5 

^ayfRichard, _ 63 . +287 28 6.9 8 0 

irtlettWsunlllp 56 -1 +297 4.1 8.0 46 

Tatter Guard— 21 -101 3J5 7.7 5J 

lS +l' +637 23 82 80 
East Laws. Ppr.. 46 -1 +297 0.7 9.8 21.7 

gneahpras.—. 65 5.08 4.111.8 23 

PS+yPiekWp— 67- ..„.. h256 3.1 5.8 85 

FlnlasRokiinffi. 115 +3 b7.7 1610.4 78 


Ac ’13142 65 115 ) 32 [Ruins Boldina>- ^ +3 WJ u»j ^ 

37-*16 6.7 13.9 56 1 32 Gecn Cross ldpl 44 -....GO 2110-3 72 

.0. 17 92 92 -72 33 gaiTison&Sims. « -1 322 0{-8 90Uj 

1.71 3.9 61 4.7 £22. a5%hpG:0Cts.___ £18% +J* tWlfiO 35 53 


33 5.4 83 *83 46 lmmskGip.3 

29 83 63 180 94 LiP.PosU* 

03 4.7 W3 248 137 BcCorowWe 

14 4.416.8 78 50 SWothlfflls. 

4.0 71 3.8 146 25 IfiUsftAllen 


skGip.SOp- 75 . t4.79 23 9.7 16 m 

178 . +8.81 17 75 123 

msodileUl 238 - 1424 21 91 6.4 

<v |tfilk 66 . 29 4.Z 63 S3 

ftAlienSOp 335 ...... +20 — 24 — 

OTenr. 10 p 84 d3.09 12 5.6 227 

vAM.S2%. £25% -h tQIAOc 3.7 3.1 R 6 


* 1 -» ; .74 

■Ard 7A-‘ ■ ■ -:*i 4 

: - i£ = Ti £52 


-• -:-45 32 

, ' - 15 49 15 

-.67 91- 

1 5| 5U 2. 


r m bk« drteWM * S RW 3 4i,f 


l*; iw 

■,.I •; W-. 


*•; s 

w.; 45 
. ; ii- 

*:\ l & 


_ iWSVcdl. -134 — 1R09 22 6u9|U2 29 20 OEvesT^MmaOp 29 +1 +127 16-6.6 M 

LlWVn.3pk IB -i- +3039 3.0 5.H M 57 9 OxlevlYmi'Jp-. g +1 12.47 — 7.1103 

!iicgT,20D_+. m £432 33 6^ 92103 52 SaatcWltfP---. IK . 433 ft 63 ft 

SrtS+ Bw^, 40 . '_. — I — VlOB ' 73 SmithOTvidiSto. B5ni — +24^ 5.1 4.3 6.8 

-V S +Z d0L82 .2.0 27^28^fzi0 79l 2 Snnufh(JeS^. 1» -+QMB 2.2 4.515.9 

ga zgaop . 2 a . +2.. 52i> 33 51^ 83 *81 XranrparemPlw. 73 -c493 3.0 102 58 

DcSS-1 1 £23% -V- QJL92 — 4.7| —f 69 35 EridantGroup— 65 . J34 2.4 7.8 6b 

portDer^ ^ +1 ^89 U . 63llZ3| 58 41 GjherWalker54 +297 34 83 5.4 

«rfGn.5i» --48m — _+ v- I_ I 42 16 Vtice&oupSSi- 35 . 142 3 3 b2 75 

28? +2 +938 25 6« 73 *260 111% WaddinglonJ?. 216 -1 F110 4.4 78 80 

r. Cnxx~5|: 10% T % 0.72 2319.71(44)1 92 2V, Watmhs-.--. K -2 h225 5.2 4.. 7.0 

ntl—_ 165 . +812 23 7^ Bit 14 9 WiatUW4ro«i»P-l 32 ■— — — — — 

BhdBM*.'-Wx 1 2 +4.93 18 6.7 

- 41 02.79 35103) 42 

wiife!! ms PROPERTY 

mtesl^i 57. -1. +23 4.4 5i^ 6.2 _ - - -- 

IG*3u*. 59% 4163 23 93 M 59 

tantas3£L JS.j QJB ft l3 ft 230 

nXZ .Jr. A dQ-48 3.4 17 M% 

... . 37 - tin 3.0 7ill49)l 68 


6IM£L. 286 +2 +938 

Cnrz-5* M% T % 0.72^ 

>0—_ 165 . +812 

iladntf<+. ■ 94:- A +4.93 
~l— 0279 


■■11% 6k rmuer Con-5® M% T% 0.72^ 71 

:: : -92 143 - OSOIntL^_ 165 . +812 2 

'•*-'* ;;'.04 . 6? &ncoalBdntft. -94:- A -M-S V 

■I 42 29 SJnBaB^.l» d279 -X 

5|396 410 CriererZHw 506... +2: tl!36 31 
::£28% £20% ftftK.TO. £21% «JLK Zl 

■'. 81 35 - OdXWtesIOp 57. —I. fi3 4/ 

"-•63 2bk DxStedGalwte, 59% t% 4163 21 

21 4% C.Guarantee 3{L U ‘ 0.15 ft 

-34-- X g & 5 3 SS2Z :js . a dt».« i 

■- v 43 j 2 » va<ftSS , 37 _tin 3. 


Saddinglon IjJ..1216 -1 F110 4.4 78 80 

syatramichs_| 82 )-2 b225 5.2 4.2 7.0 

Pjitt^rdToaiip-l 12 1—.. •— — — — 


PROPERTY 


r.Ottranfee 


. - l- : 29 a VIikrMh-. 

y.'m »«ssg 

-. .r ri 29 19 WadePWb.il 

i.-: ■ 16% 10 WalkerffinrJ 
; 91 38 WMraaOMj 

; - 51 a WrtoftaiSp 

.-.,206 124 

54 34 WatonRim 

169 Wetkwod- 
.-;: ;.;66 34 WoStBofflid 

■■‘J :? » 10 Wsbnin.ft(? 

50 28% WTodtlittS 
.302 175 WhrtnaBEAR 

■; 34 15 WleyrtUD 

84 42 WtateChiifa 

: :i 196 128. Wbitectria 

-- • C-: 54 18- tac+BSi 

51 30 ffatesff.L_ 

51 20 WSttimiSid 

: :i S; ; 213 129 WWsnJRch 
7 . ::.£!« £79 


sMpui_, 1* +T 234 1611-2 7A 18% 

5Gqk2Dp_ 78 -2 1134 5.0 iO 95 76 
EbbaSSSl 73 u31 19 6.8 %7 3% 

PWb.WjU 29 L29 3.7 6^ U 101 

isfc. E}~V- ““"'S 
SEd j):±!V-HSHa 

Si: -1 fd2.15 '24 62102 234 
ndZZ 20O-. +1 WM 19 52 5i Jtf 2 
. Board lto MS +1‘ +d335 22 7^ 9.0 4| 

LjZhSl Mlz ..i Q^?e 18 4.7115 116 
aa&AnpL 253. -2 W& Si 2.4 68 53 

(SiiiBl : W ' ZZ ft4 U M U T? 


: . 1: 

1 if‘ 

sr-: gf- 

2i^.. 


::i - 196 128- WhBt*wa50p_ 190 +3 032 2.4103 4.9 100 
-- • c-: 54 18- Me+BSin.- « fi M »6 91 

-.•- 51 30 watesai_ 45 : rw ijn8<525 90 

■: is ' >■ 51 20 WflkinsJtoS: : 4*- +dil — 0.4 2B0 

:s 213 129 WWaMtcta. 388zd_ +837 22 6.7 8.9 14% 

T . m DttlflpcQKw £98 - QJffX 33.2 £BW - 270 

si 'J. 44 25 mntoROlZI :42'_S75 33 9.9 £4 M 

I.: 59 26 WBlSttogej- , 57 _trfL41 bfi3 33 62 W 

. rrr i; 84 36 ITOwffflftigo. 75- — fig Z7 63 82 -29% 

; ‘-r ’lL 45 24 WHHLlakJBjiL 40 +%. +W4 ZO 93 7.9 172 

:■*. 44 2B% WHsamsBaSi. - 41- +285 2.0103 7.4 23 

31% IPz ffood&SOOSSp. 29 _ +06 6J 33 5J 91 

c- u 1 ' 29 13 Wood(A«5p 29 m . 53 43 63 69 

; 101 63 WoodHall_96. _434 .21 7.6 6.4 15% 

-:;-i;\5S 2X tetmag. — St -l US 48y 33} 92 61 


^ OU — 270 
9.9 £« M 
33 62 W 
63 RZ-Z9% 
93 7.9172 
103 7.4 28 
32 S3 91 
43 6.6 69 


ApBCRoptlDp. 


L.... hlffi 24l 5.61112 
+2 d3J6 2J 26 272 

X.t. +242 0.9 55 313 
1+3 35 if 23 39.7 


+1-. Oil 11 5.625.0 
JL 15 18 3.4 25.4 

isJifi 

+?. 235 1.7 4.0 5?.2 

..... 15.53 14 4.7 218 
+4 +610 3.9 4.2 9.6 

+•% —‘ — —■ —- 

. 012 %-— 

+1 cl91 15 2.8 >33) 
+% ilO — 31 — 

p035 33 33 149 
207 16 33i23I> 


73 ABiedTezliir_ 

28 Allans Bros._ 

33 Beales (J.iato— 

48 Bfckrr&D A fOp. 

16 BJackwood MorL 
18 Bond SI Fab. lOp 
a% Bright (Johm— 
5% Bigray Grp Sp_. 
10 Brit-Enkaloo— 
24 BriLMrtiair™. 

29 BulDerL’ob.Sip- 
13 Caird'Dundee)- 
42 CarpeU1nL50n. 
22 Can'ctnVi>oll3_ 

22 Cawdawlnrl- 

56 roabPatocs— 

16% Corah—-— 

89 Courtanlds- 

£60>: Da 1% Deb 82/1 
28 CrowthenJ)— 

49 Dawson lnlL — 

48% Do.'A'- 

24 riyoailtnirii — 
15 Earl? 'OftH. 10p 

18 Fcoerifclmi— 

55 Haaas'J.'WP.- 
63 HicEivcPsuxip 
9% Hirid Bros. 5p._ 
26 Hieba»_. -— 
35 HwbsCrpSp— 
45 Uoirfny.,- 

20 % nrgww+bsiaip 

17 Do -A-Op - - 
26 Ingram iH..10p - 
31% Jerome iHldps i- 

23 Leeds Drars — 

10 Leigh \GJ)s.— 

7 Levesty- 

22 Lister_ 

33 I$tes.&>*pc... 

28 sbchffitaRh... 

11 Macftmiwnwot* 
% Martin i Al20p_ 
22 MilleriF.i lOp— 

35 Montfoit- 

60 Notts. JUi^- 

Vj Nora Jersey 20p- 

25 ftrhacd’A_ 

11% PI cries iW.it Co. 

7 Da'A’NV I0p_ 

29 R&T.Jto- 

19 fbdJey Fashion:- 

35 Reed Win i_ 

13% RrliureSjulMp- 

13 Richards lOp— 

12 SJXX20?.. __ 

18 Scott Robertson- 

12 SekersInL lop... 
14% Sba* Carpets I0p_ 
62 SidUwlndsilip- 

30 Sirdar- 

20 Small iTidmas. 
27i ; Sn. Verona U2M- 
IO>, Do. Priv U20P- 
22 SpeeeenCi«i.>._ 

14 Stoddard , .V„- 
10 Stroud ffiJejWi- 

10 TemCtosuiale.. 

11 TexfrdJrey.lOp. 

32 TwnkinsBns- 

31 TooUl- 

29% TrawY5D- 

13 rraHord Carpets 

24 rriravillelOp— 
3 U.U.Tets.lOp_ 

26 Vita-Ter20p— 
24 VMts.J1oe?.flJp. 
41 (Yonghai...^—■. 


134 j+l 

a 


28 +% 

34 . 

38 — 

S 2 rr 

S 

14 

42 -% 
40 +% 

5 i 

6 :::::: 

£783, -% 

37 +1 

112 . 

110 . 

60 — 

30 . 

26 -1 
109 +1 

89 - 

11% . 

50 ...... 

58d +1 

55 ..... 

30 . 

30 - 

31 . 

50 .— 

40 tc . 

16 . 

18 . 

38 +1 

64. 

48 +1 

24%ft ...... 

80 -1 
38 +1 

60 - 

106 ...... 

35 . 

67 -3 

15% . 

10% +% 

73 - 

47 . 

74 +1 

41 . 

23 ...... 

57si ...... 

27 — 

18 - 

22% . 

93w -1 

56 -1 | 

20 . 

34% -% I 

1 221’ 

46 ‘ .I 

31- 

24 

26 __ 

29 _ 

58 - 

48 +1 

36 -1% 

30 . 

I 59 42 

42 _ 

37 -1 

I 52 ...... 


+5.9 25 67 9.3 

3J4 27 9.7 5.9 

+2.62 5.2 7 0 42 
i h4.49 20 9.7 7.8 
0.82 LB 4.6 '1511 
26 2.911.H 4.5 

1246 17 9.8 9.2 

, 25 24120 45 

S31 2 b 9.5 6.3 


737178 
ftgb haw 

67 46 

126 83 

480 235 
56 40 

29% 17% 

125 69 

56 43 

100 71 

66 36 

89 52 

12 4 

70 53*2 

69 51 
245 175 
209 151 

115 80 

126 101 

83 47 

30 13 

44 25% 
4k 2 

89 62 

212 133 
170 88 

192 143J : 
134 100 
146 114 
31% 23% 

195 42 

70 47 
245 U6 

64 39% 

97 65 

163 113 
230 163 
113 79% 

Tgt 5| 
93 68 

77 56 ' 

77 53 

103 61 

108 62 
186 116 
280 173 
42 23% 

81 42 

93 69 

153 117 
50 29 

39 25 

73 43 

131 98% 

139 92 

84 60 

150 99 i 

116 77 

106 74 

S3% 65% 
102 76 

87+’ frq% 

84 57 j 
68la 51 
n6 48% 

122% 71 ; 
59 42%' 

75 49 

110 74% 

83 61%' 

60% 24 
55 38 

85 56 I 

95 61 1 

93 37 

196 122 

78 41 

76 35 

£9 8 i 

775 620 
53% 36% 
13+ 97 | 

76 52 I 

150 107 
122 88 
75 59% I 

206 lbl 
133 303% 
125% 70% 
143 107 
262 185 
49 28% 1 

51% 28 
5V 2 

140 83 I 

51% 31 

90 b6 
43>’ 24 

101 69 ' 

42 26 

28% 12% 
55 18 

12 9% 

70 38 ■ 

112 77 

64 43 


TSV. TRUSTS—Costinned FINANCE, LAND-Continned 

L) M UMBMSUIJft*! ** IwMBWHUl 




Chaol ls.lnc.il. 126 

tio.Cap-470 

I'hanerTnbt 51 


Qli5 10 9.9 * 


7ity*CoctIcc.J 28% -% +L6 

Da Cap i’ll_ 94 . — 

rityfcror.lLv._ j 497’ . — 


1% ftl W t 
.6 Lffl 8.417 


Chyftliaerotl . 92 . 4.07 10 6 7 210 

ChvofOtford— 62 . +3.05 0.9 7.4 21.8 

Oaverh0[i^50p. 80 +3 25 1 0 b.2 242 

Qi(t«ilm,»lto_ 10 . — — — — 

Clydesdale Iir..- 61% -% +167 LO 4i 383 

Do.^*—-- «U‘+1 - -- 

W«SlS«tDM.. 240 . 7.11 L3 4.526.9 

CmTtincM'lilhd 132 t5.W 10 4.9 313 

CoBticftrt lLr.ioc. 106 . t!B9 13 01 29 2 

Cres'ai Jaaan 3itp_ 118 +% — — - — 

Crobfrurs_ 75 . 3.32 10 67 21^ 

Cumulus In-..^ 30 . 0.8 ID 4 0383 

Danae-leiixSOpi 39%+% +2-87 1111013.1 

DafCap.i]t^_ 4' — — — — 

DebcrtureCoro. 79 . 12.79 12 5.4 23.8 

DerteTst.lnc.il 203d. 13.43 ft 10.0 ft 

Do.up.50p__ 158 _ — — — — 

Dominion tCen. 180 _ 6.85 11 5.8 25.7 

Drayton Ton'd.. 115 _ 4.06 12 5.4 23.9 

Da Cons_131 4.7 U 53 24.6 


ItaCons_131 __ 4.7 

DaFarEsaern 27 09 

Do Premier 171 -1 6.09 


1.06 12 5.4 23.9 

4.7 U 5 5 24.6 

09 ft 53 ft 

l09 *1 5.424.9 


Duafveainc.5yp 63 -1 +418 2010.11U 
Do. Capital £1_ 203 -5 - - - - 

Dundee tLon.5B -% 23 10 6.0245 

Edintedi^JlTS 85 +% 0.91 13 16 74.7 

Fdin.LDurie*_ 167 . *3.55 1.1 3.2 45 0 

Edin.ii)v.Dr.£L_ 209 -2 t6J 10 4.6 362 

Hectn Fnv TsL_ 99% . 437 LI 6,6 21.2 

Beo. A Geo- 61 __ e L45 1.2 3.6 383 

Eng.fcItue.-naU. 62 . 3 55 12 6.6 20.4 

tag. t X.Y. Trust-. 69 . t2S 1.1 55 29.7 


Eug.&S.?«.Ir.T.. 65 
Equity Ccrst£l_ 98 
Do DeTd50p-. 107 
Sduitylcaottp.. 180 
Estate IfliUes£l. 275 


223 U 5.2 23.6 
+5.94 11 91? 155 
3.96 12 5.6 222 

8.58 12 7.317J 

+7.61 12 4.2 30.6 


F.iC.Su.rtrusi 41 4 +4 0.85 1 3 3.1333 

FamiMr'.Tfl. 79 . i3j65 10 7.0 25.0 

First Scot. Am... 79%+% +2 59 1.1 4 9 28 0 
ForeigniCrt.-._ 137 +1 294 2.0 3346.9 

F. l ; .GlTiR£i25. 39 -1 *Q5i,c 12 8.0 9 b 

Fluid]mest In... 37 . 2.40 10 9.8 15.2 

Da Cap- 56+1 — — — — 

G. T.Japan_98i’d ..... +101 2J 1.6 47.7 

GeK&Coom'eL. 129 ...._ t4.92 1.1 5.8 253 
CenCassddtd... 75 -1 t?.15 11 6.4 212 

General Fund?.. 132 -1 4.16 10 4.8323 

Daroro.i'ip- 102 —» — — — 

Uen.In-.rsior;_ 9S . 345 0 7 5 3 37.7 

<JeaSc«n..b—_ 7§t.+% tJ 05 M6 b.I 15.7 

86% +% t22 11 3.9 40.D 

Glentfe'.onur._ 75 . +166 1 0 3 4 46.1 

r<a-B'_ 74 .— - - - 

Glecnurravlni.. 62!’ +1 17 1.0 4.1 37 3 

Do Cure- 60 t% -- — — — 

CJubelr.. 102 .«4.1 722* 6120.0 

GovettScwrft— 58% +2 18 1.2 4.7 273 

GrangeTrert... 7lid __ 21 11 4.5 301 


19TT-7E 
flugh LM 

54 22% 

78 50 
£12% 970 

IB 13 
225 200 
141’ 5% 
15 

207 120 
£57 £41 

12 7 

131 47% 

£51 £40 

61 37 

13 7% 
£35* £27% 
£10% 900 

28 22 
37% 22 

79 33 


128 4o 
1S7 130 
966 776 
79 60 

83 41 

£64 £40%' 

£16% OD 
66 44 1 

34 18 i 

£18% £12% 
550 400 
170 100 | 
12 7% 1 
45 24 

195 162 i 
009% £84%' 
41B 260 
326 75 

23 8 

£23« £145, 

£5fo* 05% 
6?5 454 
69% 54 
350 88 

£66 x53 
204 100 
266 116 
157 85 

98 50 

93 50 

*99 49 


&ec;?lEvr.ll>p_ 

MarilnfR-P.'jp- 

SSLClflRlZjj 
Nsp'inFds'.p-ilfP 
ParamleiCp— 
PyliP^ralrv^ 
IVarn'r.-.SiLScn- 
FT'.ai.'l-ifi’sSd- 
.%. George 10p„ 

Scot & Sere.'A'. 
srfApRAaa-, 

Smith Sror.- 

5tht.Pac.KK30c 
See: Fin VFIW.| 
Tnns.Mc.Talp.' 
tfsro. Select 
UtstofEnpJjM. 
YiueCanolOp—, 


. 54 — 
65 +1 

930 - 

18 - 

216 . 

20 +% 

231’ . 

186 +1 
£47 -lh 
10 ...... 

123 -2 

£51 . 

57 -2 

7% . 

£29% ~?a 

925 . 

28 . 

37 . 

74 ..... 


22 19 37.0 
1113.9 9.8 
- 7.5 - 
QJ 10.9 193 


2.6 6.4 7.0 

3.7 5.0 8.0 
!— 63 — 

0.9 6* 26.4 
17 3.7 23.9 
8.3 - 
un.9111 
— — 53 
^ 9.7 - 
ft 4.8 i 
1710.9 83 
3.1 5.7 8.7 
3.5 2.513.6 


NEW JAPAN SECURITIES 

Tokyo,Japan 

•New Japan Securities Europe Limited 

>, r.i;o:c.vc, Lcr-djo ?C--I EIH Tel. ei%-678l ; 8 

■ •FiHnkturtOti.ee! T*r. *ri'anir> 


OILS 


AHttkZOp-- 

BriL Borneo 10p. 
6rit.Petrol’a.£i 
DaS'-iPLU— 
BunnahiL^.... 
r Do8%Lti9! 96- 
ttCCPSih-Seall-, 
CecnnylOp— 
CharterhauSp— 
CieFr.Prtro!esB_ 

tKlnMOUa--. 

TtCh+jePrtroifJ 

LtukasWiOc— 

KLA_ 

LASMU_ 

USMOUM9BI-83 
LASMODps’lOp. 
OilErpUOp— 
Premier Cons. 5p 

Bjnf^pnil - 

KeynpIdiDiv.ie. 
RyL Dutch FU»- 
SteUTra ns. Reg- 

DC'.T'aPt £1_ 

i+Sieben- 

TexacoWeCnv. 

Tnceotrol- 

ntntnar- 

Do.TpcCnr.— 
Weeks NaLlOcts. 
Do f%d i>rt IPc- 
Roodiide.kSOc.- 


5.3 '3S5' 
6.116.1 
43 UA 
112 - 


7-H 3.9 
— (65.5 1 
13.ll 5.9 


4.26 0.9] 

16.13 1.6 
62210 3.0 
5.6% m 

QBVtl ^ 

+2.43 35 

QUlfr. 19 


Q14% - 
192 33 


tQ509i 2.5 6.7 6.0 
+14 28 4.7 4.4 52 
4.9% U« 113 — 

q£>; — reb H 
L27 4i Oi 19.7 
— — — 7.6 

7% 13.0 7.4 — 

(?15V -TlOi — 


MINES—Continued 
CENTRAL AFRICAN 

JS77-78 | I H>r I Pi*. ! |1T 

High Las 1 Stock j Price — | Sn lr«|r,r 

195 70 FalwnRh.50c-183 Q$0c 13 23 

24 9 Rhod'nCorp.W-p. 21 . 0.57 43 4 

165 52 Roan Cons. K4- 60 ...... — — ~ 

164 113 Tanganyika 50p— 134 — QUO 13 B 

80 70 Do.PrcLKW-78 Q9 a « 16.4 9 

42 27 WanrieCoLRh.l„ 37 Q?%c 1417 

27i’ 10 % Zam.Cpr3RDQIM- 10% —- 


78 _ 09% 16.4 

37 ...... Q7%c 14 

Id’_ — ~, 


OVERSEAS TRADERS 


GuNotm'r.in-... 96%tf 
Grcera'n3r1r.-.._ 73ol 
Gresham in-. . . 59 
Group laxeruiro. Slid 
Gti2rtii4r.in'..7i-_. 74% 
Hazabco<. 84 


1 8 1.2 4.7 27.5 

21 11 4.5 301 

337 ft 6.1 ft . 
145 ft 30 ft 
gl.B2 2 0 4.7 162 
Tl.71 +10 5.1 303 
2.39 ID 4.9 312' 
t3 3 10 6 0 252 


Hartrfe Ir.r. Kip. 81 -1 +H73 11 32«.9 

ftiliPhiLpi.__ 174% . 7.01 1.0 6.1 24.8 

Hume Kids.' A". 74 -1 13.71 13 7.815.6 

Pa-S"_ 73-1 - - - - 

Iroiuird.S._ £9 . Q?0c — U — 

Da>£>. 625 __iM.49 -13- 

lodunrialftiler. 46 . tLflS 11 4.8 298 

IhlPjc H£fJ„ 224 -1 Q13c 13 3 7 44 0, 

Irternaslin-.. 70 -i’ +137 1.2 52 255 1 

ln.lr.T-: 150 .Q33 28 3.6 19.0 

109 -1 045 10 3.4 43.6 
Imettnrs i'a? . 64% +% l.o5 ft 3 9 ft 

ImetQLTi183 -1 +6 0 2.0 5.0 29i 

JwliwJjpiO. - 104 +% 0.71 12 1.0 — 

IsrcmeSet'HSi'. 81 ....„ tQ45c U 6.713.5 

Jersey Ex Pi. lp 107 . 11 - 33 - 

Jese-. >«r. £l_ 234 -2 +Q1L5 12 4 9 175 

Jos Hrtdicp.. . 48% ...... hi 05 10 6.4 22.7 

Jaieln. la. 10ft 49 {3.4 10 105149 

Do Cap. 2?- 5% . — — - - 

Sesar-nel’-f4. 133 -1 60 11 6.919.9 

Ringside!c. 49nl 225 ft 7.0 ft 


°3-% .MrkanLales.— 
60 AUst.Aenc.50c.- 

134 tenasro SS V •. 
124 BtwkerMeC SOp. 

70 brntrciri Tbu Sit? 
17% Bouiie3d<10pi_ 
150 RnIav.Jas.t50p.. 
161 Gillittcfliu— 

£49 (2 Nthaih)_ 

276% l~n; ns.On.£I. 

68 liohnungSi_ 

335 InchcapeSl- 

9 facbiWm.__ 

10 Jamaica Sugar_ 

62 Lonrfco..-- 

36i’ MttehrtlCaii_ 

14b Nigerian Bee.— 
72: 2 <:iceatiBlsns.20p 

135 Pi'fC-1 2 olK I0p_ 
130 To .VN'VlOp- 

41 Sanger. J£.-10p. 
4% Sena Suear50p~ 
88 iSime Dart-v 10 p 
205 [SieelBrtti.aOp - 
35 To:er Kerns. 3)p 
£751; Do.8pciinv.-ai. 
20 U V City Mere. 10a 
Zl«j I\’. lOpc Ln. lfo 


295 . 

60 

210 . 

211 +1 

70 . 

26% . 

290 -3 
213 -1 

£52 . 

350 .| 

68 -3 I 
355xd +5 
22 .i 


45 -% 

270 . 

85 +1 
215 

205 . 

48 -1 


*51 bl 3.5 

3.4 5.1 6.9 
11133 i96i 
12 29.131. 
7.0 3.4 53 

3.2 6.2 7.0 
23 23 7.3 

3.8 5.5 7.8 
21 9.7 6.0 

32 6.9 8.7 
_ — 9.2 

V iTo "ft 
181L5 60 
12 63 i191i 
35 4.1 7.1 

7.9 4.9 3.9 
7.9 5.2 3.7 
1314.0 8i 

33 17115 

4.4 52 5.4 
25 1U 53 

102 f9.1 — 
110 2.3 6.1 

31.2 D.b - 


20 10 

127 57 

128 69 
325 U9 

65 18 

112 77 

35 10 

242 125 
105 10 

2k 1 
120 79 

12 fl% 
144 S? 
55 20 

£13 575 

29 a 

555 345 

164 85 

75 40 


39 18 

395 240 
57 25 

260 155 
570 260 
13 8 

325 190 
145 72 

200 60 
10% • 7 
85 30 

490 2b0 
410 217 
46 40 

70 50 

215 133 
90 35 

73 55 

210 77 

305 148 
lbO 57 
*60 19 

102 42 

95 45 

203 93 


AUSTRALIAN 


Acmes 25c_ 

BougamnUfc KToea 

BH South 5fle_ 

Uoiuiflc Rsotinio 50c. 
GAL KalpooriieSL. 
Hamlin Aiea.i5p,- 
MeLusEx.50e 
M14LHldtS.50c— 

Mount LvellSc_ 

.VpwmeuJ tuc_ 

Notth B. HillSX - — 

Nth-Kalgurli- 

i.QrimdKeSAi — 
Pacific Copcer— 

Pancont'lse_- 

Psnaca MAEtSp.. 
Ptto-Wallsend 50c. 

Poseidon Kv_ 

Wf^mMinircfiOc. 
Whim Creek 20c_ 


12 . - 

68 +1 QlOc 
70 +1 — ' 

162 -3 Q4c I 

58 . - 

92 . 145 


86 -2 QBc 

B% . - 

134 -3 Qllc | 

34 . - 

825 +50 — 1 

395 -3 Q15c ! 

75*+ . - 

85 -2 Qbc 

40 . — 1 


rrss 

\mal Niaeria- 30 . 

Aver Huam SMI_ 255 . 

BerailTtn_ 51 ...... 

RerjunUiSMl- 205 . 

'leei-or_ 455 +5 

GllldASaKL:^.- 10 ...... 

GopengCoas- 265s! . 

Hcmekonc- 145 _ 

JdriiJiift_ 90sJ.. 

Jantar LS _ 10 . 

KamuntineSMOSO. 69 -1 

Killingball__ 450 __ 


151 • 1.612 7 
UMhJc 0.9 35.1 
3.75 23 111 


Malay DredangSUl-l 285 


iPahJni:- 45 

Fenghalen lOp_ 55i 

PWaliiigSMl- 170 

Saint Firan_ 54 

Sooth Croft} - Hip... 60 

South Kinla 561030 145 

Sihn Malayan SMI. 245 

SungeiBeslSMl— 142 

Supreme Corp- SMI 60 

Tanjoce I5p- 100i 

TongVahHrtir.SNll 74 

I+onoftSMi_ 158 


45 ..... 

55xd . 

170 

54 . 

60 +5 


60 

IDOsI . 

74 .. 

158 _ 


turtle ft t 
ll 05 3.4 b.0 

15.0 ft 8 6 

73 J 116 
— ft — 
ZQLSic 0.7 4.8 
Q125 ft 27 B 
i?!55c ft 7.2 
TQ2.5 03 5.b 

6.5 ft 17.9 
mOl’V 10.9 1.6 
cl.99 ft- 5 j 6 
64.12 15 IDA 
tQ77.8c 14 lit 
1111313c 11 Hi 

ZQlOc “ 36 

4.5 ft 6.8 
Q568ZT. 16163 
ZQ3flc 2.0 4.1 


Lake Viewin', -i 81 


RUBBERS AND SISALS 


COPPER 

198 J84 jMeianaBOcO_| 90 I_ltQ30cj 191 t 

MISCELLANEOUS 

9% I 9 I Burma Mine-l>p.l 9 1 1 — !—l~-i 

m 38 Colby Mines SCI_J 79 __ — — 


+2.13 1.0 4.0 36.6 


LBiit.liLAn ir.'.T 43% .."" 158 11 5.5 25.7 


tewtietemure. 96 


4:0b 1.0 6.4 23.1 


i5.59 0.6 
1207 22 
R2.42 2.4 
+2.96 3.8 
1.01 1.4 

16.81 2.4 
07 a a 29.9 
0.60 - 
+338 8.9 
+338 8.9 
♦238 2.6 

I. 80 17 

164 ia 
h0.67 19i 
+6.48 13 
10.75 02 

1279 36 

+439 1.6 
143.12 ft 

II. 34 31 
,L34 3.1 
<12.81 L5 
h277 3.3 
hi 51 5.8 
dl-05 18 


7-3 

13.1 S3 

}.ii?J 

83 1 5.6' 
tilt - 
15 — 

4.6 3.7 
.4.7 37 
6.0 9.5 
91 86 

9.6 8.9 
0.9 82 

1L4 10.1 
10.0 - 
E5 5.0 
110(7J.. 
B.6 ft 
6.8 6.4 
6 8 6.4 
13.9 7.2 
8.4 5.8 

5.7 43 
99 55 


2.2 106 66 
1210.4124 

to Ye 6.4 


66 63 33 
14 63 9.6 
24 93 63 
2.0 9 0 8.6 
2.812.8 43 

2.4 8.4 7.4 
2910 7 3.7 

3 2 8.3 7.0 
9.2 4.4 32 

3.210.4 45 
17 9.4 95 

V bi ft - 

33 7.t 4.0 


+tb226 1.7 7.5-UD 
132 6 0 34 3.9 

+101 75 6.4 28 
1063 6.4 3.7 4.4 
— — — 426 

3.75 0.9 9.8 173 

t2.48 26 7.8 7.5 
Q10% 10 3133.0 
ft.06 10 10.8 7.7 
183 55 4.7 5.4 

3.5 22120 58 

1.67, 52 6.9 43 

tQB.76 D.B ^ 75 


TOBACCOS 


108 235 [BATMs._ 284 +? 13.01 q35 73 4.7 

%0 202 DaDeid._ 234 +6 — — —■ 5.0 

160 210 I*mhiU|A.)10p- 350 +2 17 92 6 5 3.4 6.8 

86 64 Imperil-77% . 5.15 1.810.1 8.5 


21 13 

75 45 

181 139 
115 S3 
73 45 

43% 33 ' 

194 124 

54 38 . 

195 129 

136 80 

85 54 

25 11 

22% 13 
46 25 

39 21k 1 

72% 55 
50 40% 

58% 40 ' 
33 lb 
56 24 

84 47 i 

97 60 

737 600 
22% 11% 
123 24 

23 5 

35% 26 ; 
211 160 
93% 75 
98% 72% 
102 6b 
66 48 

56 38 

117% 87% 
72 63 

29% 16 
L23 98 

40 -25 

26% 15 
17 6% 108 
L45 88 

£65% iWi 
652 467 
£48% £32% 
Ml 325 
88% 69 
61% 42 
81 30 

m 10 3 
70 43 

120 88 
83 58 

631; 35% 
181 90 

133 103 
39 25 

981; 75 
118% 91% 
1471’ 111 
100 70 

131 104 

87 72% 

88 71% 

84% 65 
195 143 
79 61 

78 57 

184% 143 
450 300 

137 87 

61 47' 

115 76 

167 111 
771’ 43 
93 77 

175 131 
95 67 

94% 69 
193 121 
26*2 38% 
104 60 

75 42% 

£112 £70 
78 48 


Loa. Atlantic-.. 58 
LAn-.AuaJQt.5Ai 110 
Loc.fcGan.3Up, 55 
Lada a Eo^Tmad. 201 
Lpn. 5: Leant*. . 65 

Um.fcLi>.l(ip... 17 
L&a. J: La/nood _ 66 

Lon-fc Montrose. 167 
Lcn-tProi._ 97 


t267 11 7.0 25.6 
+u9c 1.0 5.019.0 
t0.5 11 0.9 - 

+3.25 10 4.9J14 
tZ45 13 5.7 24 6 
tti.42 14 38 28.9 
2.13 10 4.9 300 

+5.25 10 4 8 30.9 
+3.05 10 4.8 31.3 


Loaprodentri.. 67 -l" +244 1.0 5.5 273 
Lon £SClyde— 37 -% 158 l.W 5.7 26.9 


LomTalicL— 188 
LotsJamd lr*. „ .. 50 
JifcG Dual Inc. I0p 183 
Do.Cap.Hlj>... 104 
I»2>J 'mJLxHlp 84 

Do. Cat> 4p- 19% 

Man.fcL-n.50p. 21 
Metdrum Inr— 43 


iB.O 12 6.4 23.3 
2.1 13 64 214 

1135 ft 9.4 ft 

150 10 Vo194 

0 98 16 11 WO 

+167 1.1 5.9 242 


1ST7-T8 I 

High Low J Stock 

91 34 Angl^l^do^e-a- 

77 43 BtsusCflna 10p_ 

15 8 Bird.Ainra.- 

36*; 18 BracmlllOp- 

200 82 Caalefielri lOp— 

57 25 CnersoDe«e10pL— 

108 75 Cons. Plants lth)—. 

55 28 CadekMauaylOp-. 

91 - 5t’ Grand Central Mfp. 

25fl 155 Guthrie £1_ 

76 49 Harlsii' Mb En lift, 

66 56 HigWaiid’ M50c.„ 

46 34% KualaKept-ngMSI. 

34 20 ttKulimHSOc- 

127 40 Uln. Sumatra lOp- 

57% 31% MalaknffMSl- 

33 10 MalayaUm lOp— 

■33 12% Muar River lOp— 

661; 3J!, pliEtation ffidgs. I0p 

£23 U0i 4 StmseiKrian£l— 


•*pt Dk. Yld 

Price - Net Cvt fir's 


91 +2 
77 ...... 

15 . 

361- . 

185 -5 
54% -1% 

103 . 

52 . 

9% . 

220 . 

76 . 

63 -1% 
431; -% 
33 -% 
113 +1 

51 . 

31% -% 

32% . 

63 -% 

£ 22 % -% 


9 


— 1 — 

79 


_ __ 

245 


Q30c ft 

255 

-5 


176 


18 5 q31 

37 

-1 

_ _ _ 

800 


_ _ _ 

45 


121 2.5 

127 


Q7c ft 


ilercanalelnt- 36 +% 096 1.0 4.I36.Z 

MexhantsTst— 65% . t2.b 1.0 6 0 285 

Monks invest __ 44%.— +142 1.0 4.8 30.6 

MonLEostoolOp 51 . 0.88 08 c.6 <55 

L>aWrrts.£l— . 27 ...... — _ — — 

BSSfez » ! - t307 u Mgr 

MoorsidelVusl.. 93 +1 6+4 06 11 6 6 211 

NeetSASUSl. 600 . QUc — 10 - 

Throe. Inc- 20 -% FI54 LO 11012.7 
Do. Cap. U_ 89-2 — — - — 


Do. Cap. U— 89 
16-; 

N V. tGartraore 35% 

1K8 lines-191 

Mn Atlantic Sec 81 
Mia. American. 8b 
NortbernSecF— 100 
UtlfcAssOklm„ 59 
tvtncftlnr 50 


0.3 0.6 73 - 

17.67 1.0 63 24 9 
2 7 1.1 5.1282 

285 1.0 5.0 29 4 

t3.05 14 4 b 23.4 
tL98 10 5 1 23.9 
hi .28 14 3 9 286 


235 152 
420 150 
116 52 

28. 5 

b0 123 
250 88 

245 118 
415 124 
Z7% 6J; 
202 101 
175 30 


TEAS 

India and Bangladesh 

AMm Down £1— 175 . 6951 

■As+am Frontier£l_ 290 -15 4hBJ3 

.Assam invc.£I_ 110 . 7.0 

£inmre Plants 10p- 21 -% ftl.98 

Jokai £1_ 223 120 

LoogtXKtmefl— 223 10.0 

McLeod Russel £l. 230 - 10.0 

Moran £1_. 390 . 15.06 

SmgluHMc? I0p- 22 +FL72 

Warren Plants.,.— 187 . P13.0 

|WiUiantsoo£l- 144 . 9.0 


Portlandinv.- W7 -% 345 1C 4 9 303 

Pn>c. Set. io: 5hp 68 .... 2 54 11 5.7 25 0 

Provincial Cilies 26rt — tl35 1.1 7.9,175 

Rartairo_ 109«J . 3.70 ft 5.1 ft, 

Rea+fuofclnv. — 38 110b 1.1 4.2 323 

Rjfhufcls?. Cap 24 . 0.10 — — — 

FjverfcMerc.,— 161 -2 17.11 L2 6,7 19.8 

Pjver Plate M - 137 . +5.08 12 5.7 223 

RobecoiBriFlM) £48^4 -h 1.0 64 163 

Do. SuixSh's FI5 487 -4 10 6.4 163 

RplinraNATlM. E34 -% s- — — — 

l<o. Sett Sit s F15- 340 s— — — - 

RumneyTVnsi_ 77+’ . 1139 Ll 4 7 291 

Rosedimondlnc. 58 — +3.Bb 1.0 10.1153 

Da Cap-57 — — — — — 

SatfcscwdbiaOp, 164 _5.58 12 52 24.8 

Sa'eaaidlrtd..- 69 .—..+3.6 11 8 4 173 


RiXfisduld In 5Pp, 164 _ 5.58 12 52 24.8 

Sa'e euarti Ind— 69 -+3.6 11 §5 173 

SL.\ndre»Ttt._ 107 ...... +3.71 10 5 2 283 

SroL.Amlflv.jOp. 79% . 2.5 ft 4.9 ft 

Scot ICoiil Inv- 631$ +20 12 11 29 500 

SraLCSttes.-A'— 171 . 8.0 11 7.119 3 

Scot EasUnv— 119%+1 0.75 10 4 8 324 
Scvt.European- 37 +3 FI 5 13 6.127 2 

Stwctish lav,_881; +1% 256 10 4 4 33 2 


Sri Lanka 

165 j 59 jLunna Cl .—- | 170 [-5 \U3 J Ilf 3.2 

-Vrica 

410 J190 lBl;nhTen-1 400 j.[23.35] 2.01 8.8 

lo5 50 Ruofisial«.-._1 130 [.[7.66 [ 1.7| 8.9 


MINES 

CENTRAL RAND 

365 129 Durban Deep Rl— 320 +33 — — — 

478 178 East RandPrp-RI- 384 +10 4Q5c 16.4 $ 

£341; Q9 RaritonfnE<*.R2. 023, ^ 6?50c 35 6.4 

207 113 Weft Rand R1_147 . Ql3c ft 53 


10 4 4 33 2 


Srat.Mon.fcTa. 102% +113.05 11 4.5 301 » 

Scot National._ 132% +2 3 45 1.1 4.0 34.6 ,,T 
ScotjNonhero— 91 *1 2 84 1.1 4.7 30i 


EASTERN RAND 

97 55 iBracaenRl- 79 +3 025c 1518.9 

35 9 rastDauaRI__ 24% +% +Q20c — — 

— — tjo-.KrtLArex.7C— 1404 . — — — 

141 52 fimnldaOr- 333 +6 024c ft 10.8. 


Scot Ontario_118% +1% t4 0 1.0 5.1 32.2 

Nrm.Ltd.Inv_ 77 +1% L73 0.9 3 4 47.9 

Scot Western— 77 ^1 198 1.0 3.940.0 

Scot Westn.'S'— 75 +1 -- — — — 

Sev..Ai£afl«Trt-_ 172 +1 5.67 10 5.0 29 4 1 

Sec Great Ntha. 70 +% +1.79 1.1 3 9 365 

Du“B“_ 67+1 — — — — 

Securities T. So, 163Jj rl +5.48 10 53 29.0 

SdrttRisiLir.a'S. 350 . Q25c - 45 — 

Snireslnv. 50p— 130 -1 +7.47 10 8.7 16 8 

SiiewliJOp_ 61 +2 15, 12 3.7 335 

Sphere InvT_ 102 -% 12.94 12 4 4 29.2' 

SPLIT loc IOpL— 159 -1 1939 10 9518.8 

.^ntopeGen^I 90 * l ... -+278 14 4.7 22.9; 

SteriingTs_ 154 -1 +4.72 11 4.6 313 

Stockholders Ik.. 83 . 2.05 1.0 3.8 414 

TKtmofcff_ 84 -% 128 10 4.135.7 

Temple Bar__ 174 -f B.63 11 75 183 


379 205 KinnwvRl.. 337 +10 QMc 18 6.0 

52% 20 lesJieKc- 49 +2 Q3c 12 3.7 

121 46 MarievaJeROLSO.— 891- + 1 % rtk 15 30.7 

95 i Ti S .African Ld. 35c _ 731; +51; tQ?%C 10.7 ft 

_ a 79 J 33 Alala'otiein Rl— 56 +4 o£5c ft 26.7 

672 380 W t3 kelhaakPdl— 637 +10 Q86c 17 8.1 

ZT 61 J 16 • WiL Nigel 15c- 57+5 — — — 


FAR WEST RAND 


=i=w M tea: 


TRUSTS, FINANCE, LAND 

Investment Trusts 


+3 16? 19 18 44.7 

+$ 142 17 2A3M 

+156 14 4.0 263 
+5 118 12 12217. 

+■1%.. — — — — 

.J 2.0, * 19 ft 

. 10.66 — 3.9 — 

-1% 10.79 2.6 15(3061 
+1 +3.96 23 6.7 9.0 

::::: +£ii It n iTd 

+% 2.33 li 8.8 iWJ 
+1 06%% 13-9 {73 — 
+1 Oll% 5.0 EUa- 


[44-71 52 | 33 1 Aberdeen rtvs. 


INSURANCE 


' ■ .132 65 
58 41 

: i 384 110 

■r' :. CIOj'BS _ 

■ ; - 170 ^l 02 tenataUaiau- M3 6745 — — 10 

k m 1 M lla&toe-Z. — ^12 - W - 595 
+ J; :■ • 21 13 17 2&66 63 — 25 

- y ' £02 £97 EButeDSKfln- Oil +% Q9% ~ 

' -ym 106 M • * Si? “55—147 

i:286 15S GeOeodenl- %£>■ — ^1- -56-328 
'■ r 296 167 aariDflnRflrf- 232.. —» 19.24 — 6.0 — 46 

302 174 ffiwZJle— 278 — +1523 - 83 - W 

268 137 245 +2 +M.4 52 "2.7 W 139 

' ' 20Z laV’HSHtowSL W —15.6 3J 5.1 9.7 Ol 

r-i -■ : 201 ^ ShtomMJWl 2SO Tf.® 33 M 8.5 fl 8 t 

< ! E8& 1-fE'S-S at Ijafisss it i to a as 

i’ J f 2 T ~2~ I s n “S 8 3 tf 9 II |I 

:: .g b Wjpr*’- :U:a &-SSRg^ J'it a u«* 

•: • 1 « - nz % g a iia 

: i'J ■- .6ggr.M'E$g su’Sfg. alEd* si 11 *” 


ic5p^—Tj 168. 


.63 

, v • * 

S g 

+2^8 43 33.9.410, 
158.- 3.4 33116 290, 
335 - 75 - 332 
i«U» —55—36 

5Ke - si - 10 


.M2 2.W 17 46.1 

.0 81 ft« 6228.7 


1 — I 5 — 1147 




+1 101 
ttidll 
.5,68 


25 18 33.7 
24 2.0 319 
23 7.8 65 


265 "... 856 14 4.920.7 

-3M +2 3.96 1.8 19 42.4 

34% +J Z dl36 16 6.014A 

5M 2 +5"5jK 12 13975 

-24 _0.66 1? 42 UUl 

240 +2 t2.97 22 19fflA 

96 +% tQ37c 13 4516.9 


i ar a an, 

% :Z ui D Si a!? 

Ml ;i li -a a» 

MM:! SRB@ = 


126l 2 -k 4b7 11 5.6 245 

305 -1 1412 11 6.0219 
84 -1 249 10 45 33.8 

199 -2 +655 10 4,9 29.7 
321 -1 +7.31 10 92 162 

148 -1 +056 -- 

61% +% +4.06 1110.014.0 

39%+ii‘ 112 £L2 4.6302 

87 2bi 11 47^0 

481j . 2.94 1.1 9.4 15.4 

124 . — - - - 

39 161 10 63245 

73 .5J5 1810.714J. 

35 . ... — 

110 -5. ft 53 ft 

U4td.4.04 ft 5.4 ft 

Atlanta Ball U?Pl | 50% . 05 18 15 56.7 


73l 2 -fl 0.41 45 05)411 
54 1.62 11 4^30.7 


«7D 575 
67 461; 

179 92 

108 72 

139 94 

no 90 

60 29 

^L2S 96 
19 13 

95 75% 
188 144 
980 600 
104 68 

62% 44 
310 218 
JB6 141 
861; 64 
831; 61 
172 110. 
30 17 

7 2 

80 49% 


Tectaofoff_ g4 -% 128 10 4.135.7 

[Temple Bar__ 174 -f 8.63 11 75 183 

Throe. Growth— 25» 2 .188 0.9 11.2 143 

Ic.lap.fi-90 . — — — — 

rhrtwnorwn— 66 1 ;itl -% 4.38 ft 10.0 ft 
Da8%%Loan_ £lfl7 -t 0®;% 126 18.2 — 
Tar.Invest Inc.- 74 —. 4.9? ft 10.1 ft 

Da Cap._ 105 . 0.43 — 0.6 - 

Trans. Oceanic— 151% —% 5.0 1.1 5.0 28 7 

Tnhunelm’.a^i. 575 ...... till 1.4 3.2 37.0 

IgerealncSy- ^631; .. .. 1^99 10 9.516.0 

tSsLuS^I 96 ~... +184 12 45 275 

[Trustees Corp.— 126 -% 14.06 1.1 4.9 29.4 

Tvne&idelnv_ 100 _ft3.74 11 5.727.0 

Lpdownlnv_ 58mJ —^ 175 ft 4.6 ft 

rtd&itSecs—. 113 .— M.03 JO 5.fzf4 

DtACmJtris— 19 _+0.91 02 75 255 

USnScom— S3 — 3.11 U 5.7 24.7 

C5.&G«eriTsr. 173ni_5.94 ft 5^ ft 

rSimaFimdSl- 625 .—. QlOc - 10 - 

Vttioetoutes. 84 _0.91 13 U 70.1 

W.CsLfcToaslOp 61%.0.51 11 1-21812 

tt'«nyssIm.£U 290 +3 10.81 ft 5.6 ft 

Winter bottom— 176id +1 4.6 ft 4.0 ft 

Witanlnv_75;+% +1.93 11 3.9 365 

Do. "IT_ 71 . 0 06 — - — 

VedBBiov._ 165 -1 16.93 10 6.4 242 

Yorki4LaiKS_. 29 . 135 10 7.121.1 

York^reenlOp... 6 . — —. — —, 

YamgDp'riiivXL 74 ..... +3.35 10 6.9 21,6 


1 4.0 ft 

,1 39 365 


Finance, Land, etc. 


£142 +2 
461 2 +1 
184 -4 


0% 3.7 162 - 
0 14 35 >28.0: 

!59i 20 4,212J 


84 -1 074 2.6 13 43.9 

67 +1 3.0 0.8 6.8 IS 4 

128 +2 +226 25 Z.7 2Z2 
122 +1 1.7 19 25 381 

2J% . ..Z7i 

50 +3 — — — — 

195 . fl41 3D U 46D 

U -- LZZ 62 3D 75 
ns +2 h222 18 2,9 27.9 


76l 2 +% 2.7 10 53 27a 

54 — 233 10 6.6 22.4 

51 _037 10 26 566 

158* -f 1533 10 5129*7 

258 _ 75 11 4.4 30.7 

126 — _ — — 

57%_QS0.44 5.9 45 3.7 

595 _QS521 0.9 5519.6 

Z2 _+05 15 3.4m 

7 ...... 032 Ll 6.9 20.1 

37 +142 11 5324.3 

63 +% 22 12 53 27.0 

93 .. 3.4 11 5.6 245 

146 .1+437 10 45335 

138 ..>..457 11 5.0 271 

87 . 355 ft 63 ft 

74 .214 10 4.4 235 

61 -1 1.9 12 4.7 258 

244 -4 17.67 12 4.8 25.9 
62% +% 142 p-0 3.4 39.3 
60 -1 - - - - 

99 ..... 3.5 Ll 6.0 23.9 

177 +2 184 28 14 38.8 

% —. 1335 11 53 273 

in _48 10 55 27.7 

106 —- 

% 355 10 53 278 

100 -1 11175 12 5J265 


ZS5 168 
8 3 

31% 12% 
25 6 

27% 10 
163 102 
66 42 

£H%850 
2«1 196 

35 13 

23 12 

59 77 

56 36 i 

16 12 
27 15 

1B0 64 

22 17 

13 2k 
37 8 

36 19 

16 4 

42 25 

20 9 

100 48% 

62 14 

23% 14 
15% 8 

126 ZB 

17 10 

97 34 


240 . 

£ ± 
¥:z 

no — 

57 

£11 — 
222 

34 +3 
14%- 

58 ...... 

47 ...... 

15 — 

169 -1" 

5? 2 

27 . 

32xd . 

5 

19 . 

82tf ...... 

62 . 

22 - 

15 . 

32 +1 
13 -1 
77 +2 


4.7J1Z6I 26 


3.0 6.4 5 2 
ft 8.6 ft 
11 2.4 ft 
21 S.0i7.4> 
2.0 4514.0 
- - 103 
6.0 2.610.9 
21 5.512.8 
17103 86 
53 30106 
13 4.0 30.4 
1.9 8.2 91 

43 75 46 


710 249 
aiPp 510 
1D8 58 

326 Ii-8 
735 430 
233 97 

153 64 

£13% 800 
585 290 
541 175 
503 235 

2% 118 I 
! £14% 822 i 

239 70 1 

£Z3% £13*1 

240 110 . 
834 544 I 

241 130 ' 


120 70 

£14* 787 
126 68 
469 235 
134 49 

£10% 750 
783 475 
02% 685 

206 lira 

252 118 
£17 £10% 


522 370 , 
3Z2 195 
£17% £11%' 
950 621 | 
155 106 
*224 137 ! 
25% 15 | 

£17% £12 ! 
£12 825 | 
£15 £10 
230 135 i 
186 126 ; 
130 73 

£15% 860 1 

59 37 ! 

500 370 ' 
230 118 

55 33 i 

U3% 925 
230 117 
294 170 I 

60 40 1 


BlvMwriS.—- 

Buffets Rl- 

IVrlkraal H£t3)„ 

CooniJonieinRl_ 

EartDrieRJ- 

33Ddrraj!dGld.a*_ 

Els burg Rl __ 

RartebeesRl_- 

Tvlft.rfGrtdR3- 

likanonR! .. 

Souths Jal50e_ 

StiJlonteinfflc_ 

Vaal Rce/sSJe— 

VenterspostRl_ 

W.DrieRl—_ 

TVestera .4+esi Rl- 
Weslern DeepR2_ 
ZandpanRl— 


+7 +Q46c 
+17 +Q130c 

+K? +015C 
+7 <J78c 
+3 — 

+7 Mfcc 

+14 

+3 " 8 lc 
+k ©13c 
+3 +Q5e 
+u qaoc 

6 Uc 
+16 Q»23c 
+3 KJ22c 


’Vrlcrt 247 173 JIT 2. - 17b 

■ ** 70 28>’ Sabinz Ind-*. CS1 37 

241 4 2 £144, 800 lara Erato. Si_ 800 

6.9 55 39 TebidyMmeraljlOp.. 45 

— I _ lbO 121 YntonCcnaCSl— 127 


NOTES 


I'alru Mbenrisr indicated, prices and net dividends are in 
pence and dcnomlnatioiu are Zip. Estimated pricefcarnbiX* 
ratine nod covers are based on latest annual reports amd accounts 
and. where possible, are updated an hall->earty flgnres. P/Esara 
calr-nlsted an the basis ot net dtetrlbailen: bracketed ftestes 
Indicate 10 per cent- or more different* If calculated on “all* 
distribution. Oners are based on •frisirmum'* diuttalin. ■ 
Yields ore based on middle prices, are Rrost- adjusted to ACT of 
34 per cent, and allow for value of declared distributions and 
rights. Secnrilw* with drnwuinaUana other than sterling are 
quoted Inclusive of the Investment dollar premium. 

6 Sterling denominated securities which include investment 
dollar preauum. 

• "Tap” Stock. 

’ Highs and Low marked thus bare been adjusted to allow 
tor rights issues toc cash, 
t Interim since increased or resumed, 
x Interim since reduced, passed or deferred. 
tC Tax-tree to non-residents bn application, 
ft Figures or report awaited. 

TT Unlisted security. 

j» Price at tune of suspension. 

fl Indicated divi dead otter pendina scrip and or rights issuer 
cover relates to previous dividend or forecast- 
” h'ree of Stamp Dut>-. 1 

+ Merger bid or reoixanisalion in procress- J 

A Not comparable. 

ft Some Imcnrn: reduced Tina! und er Tenured earniiufB 
indicated. 

f Forecast dividend; cover on earnings updated by litert 
Interim statement. 

; Cover alleu> lor cunicr-ion ot shores nut now ranking for 
dividends nr ronlntti* only f«*r rmcncted dindend 
t Cover does not allow for share* which may also rank lor 
dividend at a iuture date. No PTC ratio usually provided.’ 
w Excluding “ final dividend declaration, 
ft Becionnl price. 

II So par value 

a Tax free, b Figures based on prospectus or other official 
eslutvjle. c Cents, d Dividend rate paid or payable on pare 
c: capital: cover t+ised on dividend on lull cnpjtaL 
c Redemption :-ield. I Flat yield, a Assumed dividend and 
yield. It -Assumed dividend and yield alter scrip issue, 
j Payment from capital sources, k Kenya, m Interim hi fiber 
than previous total- n Rights issue ponding q Earnlnca 
baaed oo preliminary figures, r Australian currency, 
s Dividend and yield exclude a special payment t Indicated 
dividend: cover relates to previous dividend. PTC ratio based 
■in latest mutual earnings, u Forecast dividend: cover bused, 
on previous year’s earnings, r Tax free up la SOp in (be £_ 
w Yield allows far currency clause, y Dividend and yield 
bared on merger terms, a Dividend and yield include a 
special payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred, c Canadian. D Cover and PTC ratio exclude profit* 
of 11X aerospace flihtuliines. E Issue price. F Dividend 
and yield based on procpoctiu. or other official estimates for 
1877-78. G Assumed dividend and yield after pending »cnp 
and’or richts issue. H Dividend and yield based on 
prospectus or other oflicial estimates for 1876-77. K Figures 
based on prospectus nr ofher officuil estimates for 1F7R. 
M Dividend and yield based on prnspcciu* or other official 
estimjtesfor 1976. N Dividend and yield based on prospectus 
or other official estimates for 1976 P Dividend and yield 
based on prospectus or other official ej.linuiie' for ISTTT. 

Cl Cross, t Figure*, assumed. It Nn sicnificant Corporation 
Tor payable Z JvividrmJ iot.il 1o ilaic. +# Yield based on 
assumption Treasury Bill Bote stays unchanged until nuuunty 
m stock. 

Abbreviations: nle.r dividend:f esscrip issue; cri rights; v» ex 
all; iR cs capital disoibuuon. 

“ Recent Jssnes ” and " Rights ” Page 34 

7+ils service is available to every Company dealt ia on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


- REGIONAL MARKETS 

The following <« a selection of London quotations of >hares 
previously listed only in regional markets. Prices of Irish 
issues, mast of which are not officially listed in London, 
are as quoted oa the Irish exchange. 

23 J.| SheilRefrehmf ./ 50 {_f 

45 ).....| ShilohSpion.... 19 
77 (-2 SindalUwm i—l 85 


O.F.S. 

PreegafeDw.SOc 90 

KSCedaMtfc— ■ £13% 
FiSaaiplflasRl- 103% 

Harmony 50c_— 394 

LcraineRl- 128 

Pres. Brand Stic— 884 

PKiSieynSOc — 684 

SLhelenaR)_792 

L’niaei..—- 384 

ftelkoraaOr_ 220 

W.HddiJ«>3&— £15% 


. FINANCE 

Aaji An.ru2l50r-. 450 

AneloAmer. 10c _ 264 +4 

An?-Am. told Rl- £15% 

.lac-VaalSOc. _ 660 ...... 

Charter Cons.—— 128 „.... 

Cons. Gold Fields- 194 +1 

Ess Rand CoalOp 24 _ 

GedDldlnr.Rl_ 248S_ 

Gen. Mining R2— £14fc +% 
CoWReldfLiae- £11% +% 

JoTiure Cons. R2_ £12 S +J 4 

Middle Wit 25c— 165 +5 

Miwrco£3DL«-. 334 -1 

New Mil 50c_ 113 +1 

Patino JTA Flu— 910 +5 

Raad London I5c_ 53 ...... 

SderticeTnisl-^, 390 . 

SKSrastKic. __ 187 +3 

Sill ermines 36 _ 

Tvaal CoDs.Ltfitl. £12 . 

L'.C.lmesIRI_217 +3 

IffiOD CflTpn. 62ac. 252 +Z 

VogdsS^_ 47 +2 


Evans FYlclCip 58al 
Eve red__ 17 



22 +2 I Com-. 9%’80182.1 £97+4 J 


Alliance Gas— 70 

Arnott___ .325 

Carroll ip,i.i_. 100 
Cloodallrin— ... 85 
Concrete Prods.. 125 
rieitoni+fldgs.i 51 

Ins. Corp_ 165 

Irish Ropes— 12D 

Jacob— _—. M 

tiunbeam........... 26 

TAK!.. 175 

L'nidare—70 


OPTIONS 
3-month Call Rates 


IS ™ « diamond and platinum 

1311.410.4 £331 2 09 . Aagfr.AnUinjfc. £30% +J 4 tWIOc Ll 81 

— 1.0 — 90 47 BiyrapS2aleFH.i0t_ 83 +3 QJ.lc ft 51 

-311 IBS DeB«rsM.5C—. 289 +4 +b?5c 2.4 7.2, 

— — — £11% 850 DQ.ttpcH.H5— £10 -% Qa0c.H3.91LO 

4.2 22 US 76 43 Lydrabur-Uijc^ 63 +1 027c ft 2-6 

L6 4.9 m 99 60 Bus.Kat.Sbc _ 96 +4 fe;C M L6i 


Industrials 
A. Brew—_ 

A. P. Cement _ 

B. SJL.- 

Babcock- 

Barclays Bank. 
Beccham—_ 
Boots Drug — 

Bowaters—__ 

BJk.T.- 

BritL-Ji CKjgeti 
Brown tJ.>— 
Burton'A' 

Cad bur’s 

I'ourtaulda 

Debenhama_. 

Distillers- 

Dunlop-....—. 
Erijtle Star— 

E..MI.. 

Ctn. Accident 
Gen. Electric.. 

Glaxo... _ 

Grand Met- 

t5.U.S. ‘A‘__ 

Guaniiaft,— 

— 

Hafl'J-’erhidd.. 
House rt Fraser. 


i.c.i-! 

6l 2 ’’Imps"—.! 
18 J.CJ-- 

9 Lnveresfc——— 

30 KCA-- 

25 Ladbrake- 

38 Legal fcGea.- 

15 Lex Service™ 

16 UoydsBaak- 

24 -tot*”- 

6 London Bnck. 

2D Lonrho_ 

13 Lucnslnds_ 

5 Lyons fJ.t- 

10 -Mams-_ 

10 Mrks.&Spncr 
13 MidlandBank 
8% K.E1.. 

31 NuL Wert. Bank.. 
18 Do. Warrants 

17 r&OPfd - 

18 Ptesoey .- 

40 R.HJS.- 

9 Rank Ore.’.V. 

25 Hevdlnu__ 

18 Splllere- 

22 Tesco_ ^.1 

20 Thom_—__ 

12 TmstHouses..] 


23 Tubft Invest... 30 

7 Unilever- 40 

20 i/rd. Drapery- 7^; 

7 Vickers—-15 

5 Woolworths.-. 6 
17 

14 Property , 

Z_ BriL Land..— 3ro 
if Cap. Counties. 5 

| E.P-_5 

2 IntreuropCkD 4 
Land Secs.— 18 
“ MEPC-12% 

1 3 Peachey-10 

L Samuel Props.. 10 

Town*City— 2 

g Oil? • ■ 

10 Brit Prtrr-letiEL. 35 
IQ BumahOil.— 7 
» Ciwrte.-baJI 3% 
5 Shell..28 

14 Ultramar-._22 

A 4 Mine* 


A selection of Options traded is given on tha '• 








































































ss 




LET ANSAFONE 
ANSWER YOUR PHONE 


From only £1.50 per week 


FINANCIAL TIMES 


! 19 Upper Brook Street, London, W1Y 2HS 

•• fUHS'ANYVHE . ' ' 


.Thursday February 2 1978 



01-629 9232 


ST£El AND 
TOOLS 


CONTROVERSY LIKELY OVER GATWICK AND STANSTED DECISIONS 




to expand four airports 


THE LEX:GOEp^ 

lOATT 'AnT#' 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 




THE GOVERNMENT has decided 
there will be no new nirport for 
London and the South-East at 
least until after 1990. All air 
traffic growth in the region until 
lhen wfll be met by expanding 
Heathrow, Gatwick, Luton and 
Stansted. 

This is the main theme in the 
inng-awaired White Paper on 
Britain's future airport strategy, 
published yesterday. It is 
certain to cause Controversy, 
because of decisions to develop 
Gatwick lo cater for ‘25m. pas¬ 
sengers a year, and to take 
Stansted. Essex, up to 4m. and 
Luton tn Sin. 

At Heathrow. a n eventual fifth 
terminal is rejected, and even 
the proposed fourth terminal, 
aimed at lifting the airport's 
capacity lo 3Sm. passengers a 
year, is to be the subject of a 
public inquiry. 

The British Airports Authority 
said its main concern was over 
the timing of decisions for the 
further development of Heath¬ 
row. Gatwick. Luton and Stansted. 
The U.K. could not afford to 
delay such decisions if London 
was to retain its lead as an inter¬ 
national air centre. 

Luton Borough Council, which 
owns Luton Airport, said it would 
resist any efforts by the Govern¬ 
ment to transfer ownership to the 
British Airports Authority. 


A spokesman for the tJttles- 
ford District Council, in which 
Stansted lies, said the council 
would view any raapor expansion 
of that airport “with dismay." 

Beyond 1990, the Government 
is keeping its options open, be¬ 
cause of the difficulties of fore¬ 
casting traffic growth. But the 
White Paper says that if demand 
justifies it, the question of build¬ 
ing a new airport could then be 
reopened. 


Military 


Other alternatives are a further 
major development of Stansted 
(perhaps to 10m.-14rn. passen¬ 
gers a year), or turning an exist¬ 
ing military airfield into a civil 
airport 

Elsewhere in the country, the 
Government firmly rejects any 
suggestions of new airports, 
which it says are not needed. 

It confirms Manchester as the 
major “international gateway" 
for Central and Northern En¬ 
gland, but leaves to the pro¬ 
posed new Scottish Assembly 
all the major decisions about 
future airport development in 
Scotland. In Wales. Cardiff is 
confirmed as the main regional 
airport. 

Some of the most far-reaching 
decisions involve tighter con 
trols on aircraft noise. From 


September 30 next, UJC opera¬ 
tors will not be allowed to buy 
any more “non noise-certificated” 
subsonic jet airliners. 

Although they will be allowed 
to continue using their existing 
older jets, they will have to get 
rid of those by January 1, 1986. 

The effect of this will be to 
eliminate from U.K- airline fleets 
by that date all the present type 
Boeng 707s, DCSs, VC 10s, Tri 
dents and One Elevens, most of 
which are ageing anyway. 

Also envisaged are powers for 
airport owners to discriminate 
in their pricing policies against 
noisy jets; the progressive phas¬ 
ing out of all night operations 
by noisy jets: preventation of 
new housing developments close 
to major airports; and efforts to 
promote development of quieter 
aircraft and engines. 

The Government will also 
undertake a new research pro¬ 
gramme into the relationship 
between “aircraft noise and 
sleep disturbance.” 

The Government claims that by 
reaffirming the abandonment of 
Maplin. the taxpayer has been 
saved £680m. on the airport and 
£410m. on the road and rail links, 
a total of fl.Oflbn. The present 
plans for Gatwick. Stansted and 
Luton will cost £I50m. 

The aim in future is to elimi¬ 
nate all direct central govern¬ 


ment funds for airport develop¬ 
ment, with the British Airports 
Authority and local authorities 
financing their activities from 
their own resources. 

Ray Pennan, Scottish Corres¬ 
pondent, writes: Companies 
working offshore in' the oil 
industry are likely to be asked to 
pay more to use airports in the 
North of Scotland and the 
Islands, as a result of the White 
Paper. 


North Sea 


Oil traffic has been growing 
rapidly in a number of airports, 
particularly Aberdeen and 
Sum burgh, Shetland, because of 
the increased pace of develop¬ 
ment work in the North Sea and 
the pressure from unions to 
reduce the length of time men 
spend on platforms and rigs. 

Special facilities have also had 
to be provided to handle freight 
and the transfer of men between 
fixed-wing aircraft and heli¬ 
copters. 

The Civil Aviation Authority, 
which is responsible for the 
smaller Highland airports, is 
being asked to develop a new 
pricing policy which will put 
more of the cost of these facili¬ 
ties on to oil industry traffic. 

Lord Kirkhill, a Scottish Office 
Minister, said that it was unfair 


to expect the local populations 
to continue paying for these 
arrangements. 

Robin Reeves, in Cardiff, 
writes: Mr. John Morris, Secre¬ 
tary of State for Wales, said that 
Cardiff's designation as the 
regional airport for south Wales 
and south-west England was a 
tribute to the investment by the 
airport's owners, the three 
Glamorgan county councils, in 
modernising and expanding facili¬ 
ties at Rhoose, which. has just 
been renamed Cardiff (Wales) 
Airport. 

He was anxious now to do all 
he could to improve access to the 
airport. In particular, prepara¬ 
tory work on a trunk road link 
with the M4 motorway would be 
pressed ahead. 

Mr. Morris hoped -that public 
transport operators would exploit 
the opportunities presented by 
the Government’s decision, pay¬ 
ing particular attention to 
developing stronger links with 
the whole of south west England. 

On the other side of the Bristol 
Channel, however, Mr. Charles 
Merritt, leader of Bristol City 
Council, deplored the failure of 
the Government to recognise the 
potential of Bristol’s Lulsgate 
Airport 

Airports Policy, Command 
7084. SO. S5p. 

White Paper details Page 30 




not lost £2L8m. then, mused Pies- 
sey yesterday, the group’s pre¬ 
tax profits would have risen by 
24 per cent in the nine months 
to December. But the harsh fact 
is that Plessey has been knocked 
off course for its target of a 
one-fifth growth, rate this year, 
with profits just 12 per cent, up 
after nine months at £31.4m. 
pre-tax including an actual mar¬ 
ginal decline for the Dec emb er 
quarter (though this period bax 
borne currency adjustments 
which strictly speaking relate 
partly to the earlier quarters). 

Electronic equipment con¬ 
tinues to be Plessey’s growth 
point, with the contribution 
from this sector reaching 53 per 
cent, of operating profits at the 
nine-month stage against 44 per 


$47 lm^ior: Arthur; ;jtoiiersea. ! <l:' \ 


If sterling had not -.tional accowhfing \ 

strengthened and Garrard had' Index fn $5l5m., ;agaihjstr ;$ 4 gB^^ftw/'r 

not lost £2L8m. then, mused Pies- ^ ifcbpw ^andr 

. •'■-* --V : : ' There are a* cdupftof r 11II 

iceerv ironies. - Tfce accpunts, aTttTO}t SII* 

” T - T- ■ 1 of -courses audited.^ -And::* f 

• . Tepart^cannpt be, ^ubh^d iir : .1 « 
o?^5Siiar • : : the TJ-K^becaose of-'tfce^reoaifc ;]rf 
S3 rmm- fcfc- profession’s.' v restrictive’ il R J 
*y M§sP§ >*--- : advertisinirroles:v ThbmOnai ny IP* 


PL ESSEY 


QUARTERLY . V 
PRE-TAX PROFITS • 
X Aangoonyeanarh 


Thera; are a* edapfe- of, 
ironies. - The Accounts*: are Sjl 
- of -courses - audited-- 7 -And^ftt - 
. Teport xannot be\ ^abh^i hr.; «f 


adverttsuoffraies; v 
curiosity gets 'the. betteriofthem, 
will; have .toLYtfrlte to PMM ft 
London, for copies.. : r-V . *'; 


J.K. scheme to boost pay| 
f foreign seamen 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Petrol stations put 
up prices by more 
than lOp a gallon 


wiuc Ltuiguvjr aujuauucuu fiSsIBTR i . -pfC k v; . ■» • - ;■ . ^7. • . 

which strictly speaking relate cj ——Lit AQpltamcli 4 .‘ 
partly to the earlier quarters). jwE I EH The latest'ffij D 

Electronic equipment con- » gmfcakmal r-ar3a — - growing' tpisis far 

tinues to be Plessey’s growth u 77 ; . -. .... refining industry \&mss • 

point, with the contribution ** w^wa***** r “ Elf Aquitanio^w^lyl 

from this sector reaching 53 per 5?- -lorrakr 1 . — tsmSi- asked theiTFren^ .'Gffir&Ba^'r 1 

cent of operating profits at the jirftSff ■■■■- -Jiff.r|t> } fpj»-gpanciiil^id^ -, . 

nine-month stage against 44 per - - : . 7 t> per eeht. owned ^ 

cenL, in the whole of last year. that “tbere is an implies- -Says that its . 

Components have performed p 01 ft ibilil y t0 report^'incumbent PHNsJb not. L • 

well too, with U.S. profits- nn ; PW r\r e rnnnrm r 1 pn Hly whp<fp Ihisyear’s " 

wring ahead strongly, but the si2 e 6 r format reodersit ^Tfrn{--rahdithe main * 1 

big telecommunications division ficant » ^ mi n( ,t escap^tte®« Total—it is heayiTy 
has been dull and consumer pro- attention of Britain's : major ac- ’ on its refl h®ra rr operi»s:X. : 
ducts has,- of course, been a coimthlg ^3 that tSs in.'These lost FjrsAbn. last- yaji - v. 


BRITISH SHIPOWNERS may 
fate increases in labour costs of 
between £31 iii. and £50m. a year 
hy the beginning of the next 
decade us a result oE proposals to 
eliminate the differential be¬ 
tween British seamen and foreign 
ratings on Britisli-tiag vessels. 

The proposals come in a report 
yesterday by a working group 
including shipowners. Govern¬ 
ment representatives and unions. 
Likely to become official Govern- 
meni policy, it envisages a five- 
year programme for scaling up 
pay of the foreign seamen in¬ 
volved. most of whom are Indian 
citizens. 

Some 16,000 foreign seamen 
work on British ships (compared 
with 36,000 U.K. non-officer sea¬ 
men). Although their number 
fell almost 100 per cent, jn the 
decade from 1965. it is only 
expected to fall to about 14,000 
by I960. 

No figures are available fnr 
the total wage bill, but the 
report suggests that if all 
differentials had been removed 
in 1976 the increase in costs 
would have been between 306 


and 169 per cent. At present the 
basic rate for an Indian seaman 
is £49 a month compared with 
£187 a month for British seamen. 

The working group wants the 
first increase aimed at narrowing 
the wages gap to eome this April 
with a payment of £20 a month. 
In a foreword, Mr. Edmund Dell, 
the Trade Secretary, says the 
recommendations will not be 
adopted by the Government 
until interested bodies have 
commented. But the closing date 
for comments has been set for 
the end of this month to make 
the April starting date feasible. 

The fact that a committee 
which included Mr. Jim Slater, 
general secretary of the National 
Union of Seamen. Mr. Peter 
Walters, president of the 
General Council of British Ship¬ 
ping, and representatives of 
Government was unanimous, Mr. 
Dell says, is “ extremely per¬ 
suasive ” support for their con¬ 
clusions. 

The increases could well cause 
problems for the shipping indus¬ 
try. ’ Of the 35 management 
groups questioned hy the work¬ 
ing party, 19 said there would 


be no possibility of recouping the 
higher costs through increased 
freight charges. And 27 groups 
raised the possibility or signi¬ 
ficant cuts in fleet size if the 
measures were pushed through 
too rapidly. 

There was a general warning 
against a sudden change in 
policy to bring the law on sea¬ 
men's pay into line with the 
spirit of the Race Relations Act 
of 1976. 

Mr. Walters said yesterday 
that, even with the compromise 
package, thsre was bound to be 
some adverse reaction to 
increased costs at a time of 
widespread depression in ship¬ 
ping markets. 

Mr. Slater said the NUS had 
withdrawn its demand for • an 
immediate removal of differen¬ 
tials after studying the reaction 
of the Asian seafaring unions 
and the response of the Indian 
Government, which predicted 
widespread labour unrest in: 
India if pay levels were raised 
too rapidly. i 

Employment of non-domiciled 
seafarers: SO £1.75. 


BY NICK GARNETT AND ELINOR GOODMAN 


SOME PETROL stations yester¬ 
day put up the price of petrol 
by more than lOp a gallon as 
tanker drivers at the four largest 
oil companies started their over¬ 
time ban. 

The ban seemed last night to 
have been fully adhered to but 
its effects had not reached the 
consumer. Motorists were 
generally able to buy petrol 
without queueing for long. 

The four companies—Shell, 
Esso, BP and Texaco—said that 
at the moment they were ensui^ 
ing that all categories of con¬ 
sumer received a fair proportion 
of reduced supplies. 

The Heron group, which runs 
IS7 petrol stations across the 
country, raised the prices it 
charges in some of its garages 
in London and the south from 73p 
a gallon lo S5p. 

In other parts of the country, 
Herod's increases were smaller. 
Some privately-run petrol stations 
were reported to be charging as 
much as 90p a gallon for four 
star. 


There were fears in the 
industry that these big rises 
could provoke the Energy Depart¬ 
ment into using its powers to fix 
a maximum price on petrol. The 
Department, which was given 
these powers last year, said that 
it was monitoring the situation. 

It is unlikely, however, that 
any such order would prevent i 
further price increases com¬ 
pletely, as the maximum price 
would presumably have to be 
pitched high enough to accom¬ 
modate those garages which were 
not cutting the price before the 
overtime dispute began. 

The Motor Agents Association 
defended what it described as 
“ sensible, reasonable ” price 
rises. 

It said that since petrol 
stations work on such small 
margins, they would have lo 
increase their prices if their 
volume fell away because oF hav¬ 
ing less petrol to sell. Yester¬ 
day, however, sales were well up 
on a normal day. 


ducts has,- of course been a ^ ^ ^ These lost FriUbiL 

S 

the Garrard loss to well over aT Suing that suggestions, to the Capacity titihsafaOn;m-Franks 7 - ' : 

fulivear contrary were merely metre* refineries is iitfiertha* in most - 1 

The anSyS ^ been ^ by curiosity, . 

regularly paring down their This attitude has not chkiged --abbve avei^fc'SiSOffS? 

forecasts, and s^ m now to be very much in the pdst tbr 

expecting aroimd £44m. for.the years but there are. distant wbreoveK tfie F^ch-ii^ 
year, against £39.6m. A p/e of signs that it is coming upfler amrants '^or thre&-\ 

around 9 at 91p is not very increasing pressure: So long as Quarters of ' 

attractive, but then the shares the maverick Arthur Andersen not been nearly 
can boast a yield of 9 per cent was the only internatiohaJ firth „ v " iWfiiGterinmiv'-'? ■ ■' 

___ 1 .. 1 . ----Kl__XL_i 1 ' .!• • •• • 


Prospects still look reasonable to publish an annual-report no • ~ 

for 1978-79; there are signs, one worried very SucT .But *5°/^ b 

however, of some slackening in then the XJ.S. branches of firms T 

the order intake of the elec- such as Price Waterhouse and SS5 ?-J?S!!SSs4J«hLi/' start ? - 

ironies side, although the older Touche Ross joined in the game. . 

book of the group has risen 123 And now the’ ; largest .into* 

per cent in nine months, A key national actuating firm ■ • 

factor for sentiment will be the them aJT-Peat Marwick ^■SS3EwKr3fefte : V < 
imminent UjS. decision on the Mitchell-^ias given in and pub- p™*, pn e id has beeir ooe majo^ t 
aircraft lan d i n g system, for.lished accounts combining the fiJm flnd the : mcome 
which Plessey is a contender, resets its operations. bow'generating is M£C h- 

D . , round * orld * - - ttf be put towards.debt. reagjtf r:-v- - 

Peat Marwick Peat Marwick has: - not mfent "?;~ ■ 

Accounting firms have a altered its riew that curiosity ''Elf,"wbich controls just under, *£’rr. 
vested interest in the disclosure will be the main motivation .'of a quarter of the' FrentiVi^'LL- 'f : ’\ 
of more and more financial in- those who read its report but ket, was one of five companies 
formation by companies and justifies the decision to publish which, last year pressed ’ . 

business organisations in gen- on the grounds that a policy of Eiiropeaii;^^_;^Commftstbn^.? 
eral. Every new rule brings privacy “might well be mis- regulation' oif'the market'^forj '' 
them more work. It was only constrned at a time when the refined products. The French-. 
two years ago, for instance, that profession’s credibility is being companies haveV also 
the Accounting Standards Com- challenged on many fronts.’’ their own .Government, for coa-:’ 
mittee published the highly con- The firm remains unwilling trol of import volumes and the - 
troversial discussion paper, to publish detailed regional enforcement' p£ ~: ■mininnmt' 

“The Corporate Report”—a financial statements go v the prices. The'questfqn xs^hfith6t 
document which influenced the profitability of the UiC busmess- refinerie^ are going to be'sftrf; 
thinking behind the Department remains safely concealed within down otr. _"a rai^e: scale;’. 
of Trade’s Green Paper last the worldwide figures. The whether in^hyiduai/ " Govwb: 
year. report confirms . however that mmits will he’ prepar^i to.'sHi--' 

One of the main conclusions PMM has the largest fee sidise\surplus .rapaciiyi.throB^t.; 
of The Corporate Report was income of the Big Eight idterna- to the 1980’s. 


total—and- its oaprtaT spendmg : W 


imreb! 


I wage talks fail “ T Page 1 

- Industry 

ite higher offer strategy 


Companies on blacklist 
feel effects of sanctions 


BY PAULINE CLARK, LABOUR STAFF 


BY ALAN PIKE. LABOUR CORRESPONDENT 


TALKS ON a new pay agreement 
for 67.000 manual workers in 
llie financially troubled sled 
industry ended without agree¬ 
ment last night. 

The British Steel Corporation 
increased its original pay offer 
of 6 per cent, to per cent.. 
provided representatives of the 
industry's biggest union, the 
Iron and Steel Trades Confedera¬ 
tion, cooperated in economy 
measures. 


However, the talks failed to 
reach agreement on points con¬ 
cerning Corporation demands for 
nnpreved disputes procedures 
and efforts to extend work 
measurement in the industry. 

Mr. Bill Sirs. ISTC general 
secretary, said at the end of 
nearly 14 hours' negotiations that 
the talks had not formally 
broken down and that he would 


now be reporting back to his 
executive on the outstanding 
issues. 

But it remained unlikely that 
the union would reach a settle¬ 
ment based on a pay increase of 
less than 10 per cent. 

He accused the Corporation 
of "taking advantage of*' the 
industry’s present poor financial 
position by trying to force the 
union into giving exceptional 
concessions in a normal annual 
pay review. 

Mr. David Greaves, BSC Board 
Member for Personnel, described 
it as a tragedy thatibe Corpora¬ 
tion had failed to reach agree¬ 
ment with its biggest union. 
Referring to the large loss which 
the Corporation is expected to 
suffer this year, be said: “We 
tried to highlight the point that 
the hour is late." 


mem announced two further THE IMPACT on individual of export credit guarantees to 

innovatiuns. companies in the newly-revealed James Mackie. the Belfast 

It is scon to nublish details Whitehall “blacklist" of those engineering company, was well 

\S° i U r S who have breached the pay code publicised last autumn, 
i sever" i miir,on pounds c \ became clearer yesterday as at m addition, representatives of 
Government money will be avail- least two companies ( fitted the heating and ventilating 
able lo boost investment in the that Government sanctions had industry have recently claimed 
semi-conductor and micro-pro- l°st them money. that some of their companies 

cessor areas of the electronics A *»«« Goymnneot docu- received direct warnings from 

industry raent discovered by MPs this the Governments contracting 

T . ' __ . . , . week showed that several com- agencies before a pay settlement 

me iiuum. selective invest- n ai ,i es had been warned that breaching the pay guidelines was 
ment scheme, introduced in they might lose public contracts, revised to avoid sanctions. 
December, 19 16 . to encourage Government grants and other High Speed Turnings of Kirby, 
companies to invest in projects industrial assistance while their Merseyside, said yesterday that 

‘‘ exccssive ” pay settlements It had lost £600 a week in 
fldm l h« continued. temporary employment subsidy 

So far. £-4m^ hw been The Treasury said last night after settling at 11.2 per cent, 
offered by .^Government for t h ere ^ been no additions The Delapre Precision Engi- 

t«UnvSSent -!nd ni* or subtTactitms t0 19 companies peering company, Northampton, 

named so far._ . said it had losPa £50.000 gr aC t. 


mzmn 


UJnigate/j 





BE JK3TS . Ov-ment leader, iff SosSy of^a'n ee m - 


U.K. TO-DAY 

NORTH and Eastern areas will 
have sleet or snow, heavy in 
places, with drifting. In the 
South and West there will be 
winiry showers. Mostly windy. 
London, & England. E. Anglia, 
E. Midlands 

Cloudy with wintry showers. 
Wind N.W.. fresh. Max. 4C 
(39F>. 

East and N.E. England, Borders 

Sleet nr snow, heavy in places. 


BUSINESS CENTRES 


Anrelrdm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

ElrmsJim. 

Brlssul 

Brussels 

Cudawst 

B Aim 

Cairo 

Cardin 

Chicago 

lUHogne 

Connhasn. 

Dublin 

Kdlnburgh 

Frankfurt 

iSrWVd 

I'laaume 

Helsinki 

H. K 0 /J 5 

Jn'burs 

LL-ibon 

London 


Y’day 
Mid-d is 
•C *F 

C ! M Luxcmbrs. 
P IS 53 .Madrid 
S 20 US Maudisd. 
C 14 ST Melbourne 


S 19 U Mexico C. 


C 7 45 Milan 
C 3 37 Montreal 
F 1 34 Moscow 
R 5 4i Munich 
R 9 48 Newcastle 
C 3 37 New York 
Sri 1 34 Oslo 
C 31 70 Paris 
*i 2tt bo penh 
I' 9 4S Pmkuc 
So—II 13 ReyktnvIF 
ti I .14 Rio tie J’o 
Sn 1 34 Rom«- 
c n 4 s Sinnapore 
SI 1 .14 siuokholm 

Sn 0 TJ sydiH-v 
C 2 3*5 Tehran 
R e aa t?i ativ 
C —5 KI Tokyo 
e 11 S3 T nrnntn 
S 2.5 7.1 Vienna 
I' M . r i7 Warsaw 
A - T 45 Zurich 


Vdaj 
MI (May 
•C *F 
R 9 32 
C IS 59 
D 5 41 
C IS 64 
S 19 66 


with drifting. Wind N.W., fresh. 
Max. 3C <37F). 

S.W. England, Channel Isles 
Wintry showers and sunny 
intervals. Wind strong to gale. 
Max. 6 C (43F). 

N. England. W. Midlands, Wales, 
Lakes, Isle .of Man 
Wintry showers, prolonged In 
places. Wind strong to gale. 
Max. 3C (37F». 

Scotland 

Sleet or snow, heavy in places 
with drifting. Wind N.E. Max. 
2C 136F). 

Outlook: Wintry showers 

mostly in the East Cold with 
night frost 


nSm a l SSe 2 e 0f panies, is ” also “repoAed'’ to 

£Ubn. is being considered. whether the “blacklist” exists, include W Allport and Sons. 

Mr. Healey acknowledged yes- but Mr. Kenneth Clarke, Opposi- Sutton Coldfield; T. Baker and 
terday that the Government had tion spokesman on industry. Sons, Tipton. Staffs; Braih Haul- 
“ failed in the past two years to claimed that he had seen it age, Grays, Essex; Hall 
make public opinion aware of The document* is the first Foundries. Warley, West Mid- 
what the Industrial strategy is." evidence that a reasonably com- lands; P. Shirley Smith, Knowle. 
As a result it appeared to have prehensive list of blacked com- Solihull; and South Crafty Tin 
“too little reality." panies exists, although the loss Mine, Cornwall! 

One problem was that the -——_ 

strategy was launched two years 

ago in a “deep depression," Continued from Page 1 

when people were more inter- 

ested in protecting jobs than in- X J * L„ 

creasing efficiency. I yPV|/)Tlfl 10l)*S 

“Now we have the wind be- IttUUJV/UJ 












l ft [ 

/ * 9 

& PM-W 

&i riH 


S 

i as j i 


HOLIDAY RESORTS 


F 3 36 
C —8 IS 
S—10 14 

C —2 2S 

SI 2 .16 
S — 1 27 
C 0 32 
C 7 43 

s 34 «n 
S .1 “,7 
c. " as 
S 24 HA 
S 10 Ml 
s 29 94 
Sn—'2 2K 
R 22 72 

r. 10 su 

S 19 <.i| 
C 7 45 
C-* l« 
S 3 37 
C 2 55 

Sn. J -34 


Y’dar vdar 

Mid-day Mld-das 

»C “F «C *K 

Ajacao C s 4fl uas Pirns. C18M' 
Biarritz R 12 54 Locarno C I 34 

Blackpool C S 43 Majorca F 17 63 

Bordeaux R 11 52 MaJaiu S 17 13 

CastilncA. C 13 SO MaUa S 13 CS 

Cape Tn. S ss 32 Nairobi S 25 77 

Corlu G 9 48 Kapil* S ID 60 

Dubn'icnik F- S 46 Nlcv C 6 46 

Faro C 13 53 Nicosia K IS 64 

Florence F 7 45 Oporto C 11 35 

tiitaraJUr S 16 B1 Rpod^e B 13 59 

Guernsey C 10 30 Safraurs F n as 

Innsbruck C —cl 27 TVitutinr F lh el 

Invcrncau R -1 27 Tsaalfo C 14 37 

Is. of Man G K 4B Tunis R 9 ■£-* 

iManbui C 10 so Valencia F 1& ki 

Jcrv.-r R 10 50 Venice F 5 41 

S-Sunny. F—Fair, c—Ooucfy. R—Ram 
iiU-Slect.-Sn—Snow. D—Drbzicj 


“Now we have the wind be- ~ M ~~****J ***aa%* jvwu 

to? rt mScb r Sf toe C MSt e two h yeaS | aton executive-Jaguar-Rover- new Edwardes plan for LeyJand 
it has been a-aiSt u“." M? Triumpb ' and Paru$ - Cars seems to be sticking close 

Healey said. b " ’ This reorganisation will go to that produced by Lord Ryder. 

This was therefore a good time ahead steadily over the next 12 * jff 1 ? products Ley land 

lo try to make the strategy more months. Mr. Edwardes conceded ^i 1 . not u ra dic- 

wideiy understood. Companies that he might oot be able to ifr- k ei K* a *ti J0 1 u sh the new 
and tbeir employees also needed proceed us quickly as he had j/J 111 . ? y® 11 scaled up from 
to be persuaded to take up the originally hoped — so that the ip™ i?** propor ^ ons - T^ e 
modernisation ideas put forward management is. bedded in for a JjJL, car remains 

by their sector working parties, major effect to improve perform- r n ^ j 

The National Economic De- anre next year. Secmffly. ti»e Group is 

velopment Office is being given com . nv -. npp j p ° p 4 0s ° s a continuing invest- 

the £250.000 to spen don com- w ^t r C Ze ^naS^f sSd fXSin P™™™® which falls 
munications, and the CBI and Jg 8 2L{!J® l m 52!? u bl 2, a 1 dly J 1 ? Ul ? e ^ th the strategy 

TUG are to prepare commtmiea- He ajnitted there could be outlined in the Ryder Report 
tions plans for the next meeting former resignations by man- This means that the company 
of-the CounciL agers who would not accept the. will be hoping to raise about 

Yesterday the CBI Issued a new J°° s would be offered, another £850m. from the Govern- 
special statement promising full but several new appointments ment which has already provided 
support for this communications were already in train, including £200m. in the form of new equity 
exercise to “bridge 'the gap be- the new managing director of finance, and £150m. in loans, 
tween the working parties and Jaguar-Rover-Triuraph. Leyland Is expected to ask for 

companies in their sectors." Mr. Edwardes saJd that he will so “e fiWOn. Of^this.Government 
But. in an attempt lo ward he giving up the job of uxecu- to be mven in the 

off criticisms from members, it tive vice-chairman in charge of of ,^“ lty flnaace * and 
qualified any commitment' on cars as soon a«; he find? -* ,n rlj j 
how companies would respond replacement. It was nm ?ro*. pl ^' s t lf 

to vTsaLs from the working m g easy to find managed of S woJid b? Z to rhl H? 

parties. “Care must be taken sufficient calibre to take this ES*Boart nSrt^eek toen 

to ensure such visits do not post and the other executive go to the Nation] EntoranS 

place an undue burden on com- voce-chairman position which Board, iiyiaSd’s main ES 

o{ t i rae sti» to be filled. holder, ami ft!'DepStment^i 

raanabement^xesources. In two important respects, the Industry for appreval. 



and small.. ■ r - ■ ■ ' i SaHn5dAinore^0ui>I^P-priva&f:^^ 

Any compaiiycansstaAaPPP- v 

- ompanv Unvp with upwards df fiva .Jileraturdtpday- 


IndividuaJs/Families □ 
Nome (TaTniiiKlwfiSyoarsoragg) 


Company (if applirahko 




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