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Jobless ‘still 

Pay code Power men 

Fresh Equities in 1982 lUlleSS 

w% h ;^ 

2 are .. 
?se. Ji;,-.,- 


cannot ■ -i 

irofes$.. 0 -\ ' a -i 

■Ve t., v;v..v'N 

for ^-o:r‘v ,,f 

industry improves 



and miners 




• EQUITIES steadily lost 
u ground, as concern over pay 

ni ® P ^ K claims undermined market sen- 

molted in the Rhodesia -inter- **___*• •n,«TT i>ui«' 

vqunamc 5^“": “■ M tad “ 

Unemployment will still be more than lm. in 1982 unless there is a marked] 
improvement in industrial performance even if the economy grows by 3' per: 
cent, a year, as officially projected. This was admitted yesterday by a senior! 
Treasury.eeonomisf in evidence to an all-party Commons committee. I 

au-s,r .r.r r , Cl losals it put to the Patriotic 

y r: fi- m enroot -in Malta -this week, ,an 

iniiistry ^tmosphere of crisis and- hosti- 

unaiBe- '■••?k-' ll ity arose around the dead- I 54 C 
the . F, ---: , :h Rocked Salisbury talks- •" -t 
*!!?;** “ 0U Amid fears for the future of 1 

F.T. Industrial 
Ordinary Index 

ar's .-fper jin'np.. ,n hour before adjourning until 50C 
it 50 that they cou| d study 

fotal__ ;■ vi r ' P 1an Put forward by the Rev. 

1 ^'-'dabaningi ■Sithole’a - African c 

j os ‘ r , National Council. 

7S ' Earlieri •.Bishop. ..Abel 460[-1-i - I f — -hr * —i 

~ f "jfuzorewa's... Tfnited African • . j ' [ 

Jationai Council had accused I "• ‘ -qj- I 

, S?-tKE^ 

■*- s ~ , -ij, g - oiT 9.3. The index .is 16 per 

f»at l.v; r cent, below its peak of 549.2 last 

Tn!!" v.^.- " • VT.- Ethiopian Jets. . September. 

> - :■ attack Somalis • GILTS were also unsettled by 

ver I :::.'*r>thiopia, using Soviet and U.S. concern about money supply 
a. '. ■ ircraft. has launched concerted growth. The FT Government 

jr.‘ .• .•jj;- -,iv attacks against Somali forces. Securities Index fell - 0.45 to 

**n tti .^.v, e raiding a . counter-offensive in 75.65. 

11977) 1-1 11378) 



cat ■ 

■W.. r. 

in.: v.-.; 

> 10 •• r--.n: 


Moreover, on the basis of an 
extrapolation of past export and 
import trends, a sustained 
growth of the economy at this 
rate would mean that it would 
be “ very soon." and “ not many 
years,” hefore the current account 
was back in deficit 

in the short-term, problems 
about ihe growth of imports and 
a recent flattening in the rise 
in exports meam that the 
Treasury would have to look 
careful l.v at the new official fore¬ 
casts to see if output was going 
to rise as much as the projected 
3i per cent. 

This assessment was presented 
by Mr. Frank Cassell, an Under 
Secretary responsible for 
medium - term analysis, in 
answer to questions from the 
general subcommittee of the 
expenditure committee which i.s 
holding hearings on the annual 
spending White Paper. 

Mr. Cassell emphasised that 

hi> view of what might happen 
on the basis of past trends marie 
it all the more important ihat 
industrial performance should be 
improved along the lines of the 
industrial strategy •ihjectives 
agreed on Wednesday at the 
National Economic Development 

Nevertheless. Mr. Cassell's 
assessment, regarded as distinctly 
gloomy by members of the sub¬ 
committee. is in marked contrast 
with the- bullish speech about 
the economy Iasi week-end by 
the Prime Minister. 

Mr. Denis Healey. Chancellor, 
is believed to have presented a 
relatively pessimistic view of I he 
possible outlook specially for the 
curreut account front miri-1979 
onwards, in a paper for a Cabinet 
discus-ton on the economy. 

Although :uil Treasury fore¬ 
casts will not be available for 
a week or two. it seems likely 
that before faking account of 

any budeci changes, ihe eeonuniy 
may grow ii;. ra'her less than 
forceasi lost October and there 
could be n larger deterioration 
in the non-oil trade balance. 
Other econo mi* is. notably some 
monetarists, b»|ieve that output 
already i> beginning to pick up 
strongly and they are more hope¬ 
ful about unemployment. 

Mr. Cassell wa- open and forth¬ 
coming during length; and Muni 
questioning Tni- came par¬ 
ticularly from Mr. Brian Sedgc- 
morc. a L<-fins Labour MP, 
who produced a puncr presenting 
■a pessimism vfirw o( the 
economic products written last 
April by Mr. C. Taj lor. a Bank 
of England .-tart economist, and 
published ia-l December >n 
Tribune nur-.*vine 

Mr. Cassell argued that pro¬ 
tectionism would he no .solution. 
The present level of world 
trade worried him 3 good deal. 
Continued on Back Page 

lie Ogaden: desert war. it was 
eported in-'Mogadishu. # STERLING gained-lO points 

to SL949S and its trade-weighted 
?[’g salvage bid index meto 66.7 (66.5). Hollar’s 
;,. ;>e 19000 - ton Norwegian trade ^weighted • • j 

* .xploratory oil rig. Orion, farrowed to 4.50 CLr7) per^ 

emained.. grounded: in , heavy cent,„ 

•■ ‘pas on Guernseys west coast as - ■ „ . 

--alvage experts prepared to start • .GOLD loll W-50th I*744«o 
"-T.iork, Picture, Page 6 In reaction, to the IMF auction. 

Thatcher rebuked a wau, street ro« L«.« 

.fr. Peter Walker, •foriner Con, ’ . » 

: :ervative EhVironnj^nt. Secretory, • US. MONEY SUPPLY: Ml 
Verviewed in iTV^fe This "Week. *337.9bn. (SS37.2bn.); M2 

.. . , -ist iiight. Tegretted tht,emotive S813^bn. f3SI2tm.); commerciar 
. fnnguage used by Mrs. Mad^aret and-.industrial loans at major 
• r ''hatcher, the Conservative Party banks, down S21fltn. (down 
.>ador. when she spoke on TV of S7I2m.'): F.ed. funds 6.80 < 6.721 

• '•'he danger of- Britain being per ' cent; . 90- U9 • day deajer- 

swamped " by immigrants. ' placed ponomeTRial paper 3,76 
- , ' <6.79) per cent Stockbrokers, 

^hina call - watiLagainst excessive growth of: 

. ■ . .UJfcmoney, Apply, Page 7 j 

.1 Hsier^xnen. a" phinese Vlrie- - \z 

"•■rcmier, speaking at' a-Peking,%-UJK. RESERVES showed an- 
.anquet for;a special envoy from- other .moderate increase of j 
^■resident Shdat of Egypt, called SSUm. lari month to S20.87bn. 

.or unity between-the Arab coon-; .jgauk paOT ! 

. -ries and the Palestinians- and ’. i- m *■' 

■ uacked the. Soviet. Mid- •; 

a cSS n » OT Semoi- managers 


*ap-i : • .i 

«.-* : 

Tr.-.- ' 
FiflM .: ' 


salvage bid 

Big uranium discovery 
in Northern Australia 

THE GOVERNMENT is threat¬ 
ened »--■ 11 h a major political 
halt I? ncvl week over ;fs clash 
with the Sun Alliance and 
London Insurance Group and 
with ihr 19 companies that have 
been hl»iklibl«d for breaching 
the pay i;»*de. 

The is-uif led in ,-i »iharp clash 
between Mr. «.'.■•«Ilanhan and Mrs. 
Thaichor m ihc Commons yev 
terday The Conservatives later 
decided 10 fr»n.-c a debate next 
Tuesday to uMutC >1 misters to 
ju.slifj a puhey that has no 
statutory hack in-.:. 

An 01 her purpose of ihc debate 
is to underline Ihe split m the 
Cnvernmeni's r^nks following the 
fabling of a Commons mutioD by 
nearly'30 Left-wing Labour MPs, 
condemning ihe use by ihe Cov- 
ernmem of sanctions aeainsi 
companies who have negotiated 
pay sctilciiienis above the 10 per 
com. guideline. 

Mr. Calia-jban stone'. 1 vailed all 
challenges by Mrs. Thatcher and 
Tory MPs m explain the 
authority an which the blacklist 
was hast'd. Inclusion <m the list 
means lhal emu panics can be 
starved of Government contracts 
and order-. 

The ne.ircsl ihe Premier came 
to a defence v ns when he 
warned, in Gon.-ervaMve howl* 
of protect: “ I hope the Opposi- 
lion and those who may be con- 
siderine taking the Govemmeni 
in law on this will alio vunsider 

tr,\fO\s representing miners 
and power workers—two of the 
country's strongest industrial 
groups—yesterday rejected pay 
offers to the bin if of ihe Gov¬ 
ernment's pay guidelines. 

AfJer yesterday's nice Ling with 
the National Coal Board, nego¬ 
tiators of the National Union of 
Mine workers decided in by-pass 
the Board and co straight to the 
Government and TUC to chal¬ 
lenge the rules. 

It is the first lime in the eur- 
rem pay round that a union has 
taken such a line so early in 
nego 11 a 1 ions The miners' room 
for manoeuvre w curtailed 
because they have already 
clinched pjuductivL;- payments 
exempt from ihe incomes policy. 

Blit they are alsn playing a 
wailin': '’ante. The dominant 
risht-wmg doubts ihat the 
miners have sdv stomach for a 
si l ike against the Government, 
and is guarding against a possible 
breakthrough by Ihe workers in 
electricity supply. 


Sun Allium:** News Analysis 
Page 6 

Parliament Page 8 

Editorial Comment Page 16 


'rentier,,is due to begip a thre^y- ■*„*■ j 
3ay visit to Nepal to-day: Chinese^ WOllltl COflSIU^r 
trmy power stritgj3?> V?*** 3 ; 

Enter PJ?. 

leaving Britain 

3y a majority, of :.91 the Com- 
1.3345? hons last night decided.that'Abe 
® ;*,,asavS ‘ n S Ic transferable vote system 
if proportional ' representation 
ihould be: died ; in -^rtherh 
reland for the Scat direct- dec- 
-■ ion to-fheTEffro'pe&'AsseinWy 
Parliament. "Page 8 




dhist ^ 

Pancer grant v 

( Idinborgh.WnSVflrsftjr^has -been 
iven £800,900*; b^-Uie/iDiperial 
Tuncer Reseabcb. Fund- to set up 
unit study' medical 

n re a ricT.tirug' and', chemical 
reatmerit of cs^ceri:patients. 

(enya M&Qaneci 

• SENIOR managers have be¬ 
come so dissatisfied with condi¬ 
tions in the U.K. that 72 per 
eent would consider working 
abroad, according to a survey by, 
Opinion Research Centre. "But 
only 27 per cent. of. the mana¬ 
gers polled said they would seri¬ 
ously look for an overseas job 
within the next three years. Back 
and Page. 13 

• LEYLAND is appointing a 44- 
year-old American from outside 
the motor industry, Mr. William 
Pratt Thompson, as head of the 
new specialist car group covering 
Jaguar. Rover and Triumph. 
Page 8 

URANIUM, possibly as much as 
Ira. tonnes, which would be one 
of the world's biggest dis¬ 
coveries, has been found near 
Darwin in Australia's Northern 

The partnership of Peko- 
Wallsend and EZ Industries. 
owner of the nearby Ranger 
uranium deposits, made the 

"Many countries with large 
nuclear power programmes, 
j among them Britain, look to 
!Australia as their main source 
of uranium fuel in the medium 
‘term. • 

I Australia U generally estimated 
to have about 20 per cent of 
j the world’s readily accessible 
I uranium reserves outside the 
Eastern bloc. 

According to Australian Gov¬ 
ernment sources yesterday the 
; new find is some five to ten times 
as big as the Ranger deposits, 
into the exploitation of which 
Canberra held a two-year inquiry'. 

Estimates at the inquiry put 
the Ranger deposits at 100.000 
tonnes of uranium oxide, divided 
almost equally between two ore 
, bodies. 

[" The new finds by Peko and EZ 
are to the north of the Ranger 
deposits, and arc reported as 
having up to 17 ib of uranium 



/ New Find** 


. « a r • • j ■ « j 

oxide a tonne, compared with 
6 lb iD Ranger. 

Eight out of ten boreholes at 
Baroie in the Alligator Rivers 
region have proved to have “ sig¬ 
nificant " amounts of uranium. 

Mr Doug. Anthony, Australian 
Minister for Trade and 
Resources, said. "The announce¬ 
ment justifies my confidence that 
the overall resources of the 
region could be considerably 
larger than the resources pre¬ 
viously identified.'’ 

But he emphasised that it 
would still take some time to 
assess the discovery. 

The Australian Government 

expects a start to construction 
of three rami -, m the Northern 
Territory afier its decision last 
August to press ahead with «*\- 
plotiJiMon of its uranium 
re...^'. .v. io Npite of some 
polirteaj opposition. I 

Its hand has since bp-enj 
strengthened bj the decisive 
defeat of Labour in the General 
Election. Supporters of a ban 
on all uranium exports were 
looking to the party for politick 

Under an understanding 
reached in 1974 the Australian 
Government itself expects to 
finance 72.5 per cent, of the cost 
of developing the Ranger 1 
deposits. i 

Meanwhile, the Peko anri EZ 
partners io Ranger are causing | 
prohlems for the Government by | 
continuing explorations into) 
areas which, opponents claim - 
the Government has designated J 
as part of the Kakadu National | 

On Monday the Mining 
Warden's Court in Darwin will 
begin hearings to applications' 
from the companies for a serie*. ; 
of new mineral leases, some; 
within the designated Ranger I 
area, but others, it is alleged.- 
outside it. 

Mining News Page 20 

the impact if wages go away on 
a runaway rare ncain with the 
resulting inflation which we 
have so painfully now over¬ 

Mrs. Thaichev and other 
Tories were lotelij di^-aiisfied 
with Ibis aiaiimenr fur operating 
sanciu-n* a^in^i cr-miianics that 
have, uroken no law and tne 
threateninq to linn the is.-lie 
into one of »cn»e en«h<*rr<‘.*meni 
for the Government 

The ilehale next ’A«-ek v.-tll In- 
based on un areti'-aUnn of mis- 
u<e of Govermneni discretionary 

During ihe Omnions 
exchanges. Mr. Rohe ,, i Mi-- 
Crindlc. Conservative MP for 
Brentwoml and unuar, pressed 
.Mr. CaJJashiin for an explana¬ 
tion of the C'-veromcnfs threat 
to force Sun Alliance lo cut us 

He argued that the company 
had every right 10 take perfectly 
reasonable management deci- 
sion> in improve employee 


Mr. Callaghan replied tli3( he 
understood Sun Alliance was 
proposing to challenge Ihe 
so-called “ secret report" pre¬ 
pared hy ihe Department of 
Trade nn the cuinpanv's staff 
pension scheme. 

Unions representing the 90.000 
power workers are to try for a 
better productivity offer on 
February 15. 

Yesterday. the Electricity 
Council put forward the outline 
of a productivity deal cm top of a 
in pp r cent, pay offer which Mr. 
Frank Chappie, gen era 1 sec re to r y 
of the Electrical and Plum bint: 
Trades Union, said uaj. worth 73 
a week ai most. 

This is far below the sums, 
likely lo be paid nut to surface 
workers in mining, with whom 
the power workers compare 

Mr. Chappie said there was 
unlikely to be industrial :..:iion 
before the current agreement 
expired a: the end of March, 
but ihat the Council would have 
to improve the offer before then. 

Th e unions urged the em¬ 
ployers to go to the Government 
to look feu to improve 

the ulier ' 

Both Ihc mi/w* and po'-er 
\vnrkpi-s pre likely In- 

.>j|Jo;ied on l;iv nffej- cvi-mu- 
ally While sonic miner-’ leaders 
arc contidem i)u*i bonus j>ay- f 
men is have virtually el mi In •tied’ 
chances of a Nu vole 1:1 ihc 
national wag,, deal. 1 1 ■«.• power 
unions have much further m 
go in negntiations. 

The miners' llucc senior 
officials. Mr. Joe Germ ley. Mr 
Mick McGahey and Mr. Law- 
ence Daly, expect to meet Mr. 
Len Murray. TUC general secre¬ 
tary, next Tuesday lo test 
reaction to their plan for an 
eigh(-month deat with the Coal 
Board, thus bringing the pay 
anniversary back to November. 
They want a longer-term deal 
with cost or iivine adjustments 
tn run from November this year. 
The Board, however, -aid yester¬ 
day it could not entertain the 
idea before March next year. 

They arc 3 ho seeking d meet¬ 
ing. throuch Mr. Anthooy 
Wedgwood Bc-nn. Energy Sec re¬ 
in r>. with Treasury Ministers, 
and possibly the Prime Minister, 
to challenge ihe Government's 
interpretation ol iLs own White 
Paper on tin- level of settle¬ 
ments. Negotiations with the 
Boaitl resume next Wednesday. 

Mr Gor,nley yesterday quoted 
the Ford Motor "deal and the Sun 
A11 ianee i nsu ra nee group's 
pensions agreement js ewd^ncc 
that Ihe private sector was les? 
rcsrncicd than the public 

"Juki because wc ch* in a 
public industry, ivc should not 
be hidebound hy G> .'inmen! 
guidelines which have no 
authority in law,” he said. 

In the course of what Mr. 
Arthur Scargill, militant presi¬ 
dent of ihe Yorkshire miners, 
described as " non-negotiattun." 
the Board declared that £75m.. 
or 10 per cent, of Uie current 
ware hill, was availably, it was 
for the union 10 decide how the 
money should* he distributed. 

Mr. ScargiU's own move, 
backed bj' Mr. Emiy a Williams, 
South Wales president, to recom¬ 
mend rejection of (be offer and 
industrial action, received no 

The National Union of Minq- 
wvrker- is claiming up lo double 
existing tiay-v age rat'-. - Ln-.ii 
range Trum MK.Sri i<« ST71 

After the electricity talks. Mr 
Cbapple warned the employers 
to " gird their loin- " for indus¬ 
trial action if a belter offer was 
not forthcoming. 

But the general impression 
was that the unions—who will 
now consider the offer indi¬ 
vidually—v/ere trying to take 
some of the beat out of the 

The Electricity Council, within 
its 10 per cent, offer, proposed 
an increase in th«- present bonus 
rate, which (according lo another 
union leader 1 would mean -inly 
a '.eek more for craftsmen. 

The rouncil. he •‘aid. had h«=er» 
■‘straining ,-ei i)v lea-h " tii find 
Ihe extra f2 «iii a pew -rlC- 
financing ppidneip 11 x d,-.:i. and 
this '*.a* roli'v.-d hi v-^-u-- prejer 
linn:- aheiji Fiuure --pie* Demand 
for olecirieity i-- *- 1 :1! low. hut 
evn.-r-ved Ur increase. 

The four union-—the fc'.l'-c- 
ineal and Phnnhing Trade? 
Union, the General and Muni¬ 
cipal V.’orkers. the Transport and 
General Workers and the Amal¬ 
gamated Union of Engineering 
Workers v.ere unanimnus in find¬ 
ing the offer “ totally unaccept¬ 
able ” 

£ in New York 

IVhrnan 1 

; sl.w4Vt.?^j» • .*I.-9* : 0 
1 month .'j.'X-'.'.tliT 1 
s nii-iuht i.g- o. 5 ':irfl in '.'.-•O.'.j i- m 
12 tnnmhs C.S-sO.S.l'O'n i 0.4'.'.^.w'i cr'• f 

French franc falls sharply 

orit enjoy 


PARIS, Feh. 2. 

F r W o ineinhers pf 'the Kenya Par- 
tainent were jailed and given 
«ne stroke uf the 1 pane each -for 
Mealing 4S5-bags.-pfrioffee Worth 
£90.000. . 


soviet cosmonaut Georgy 
Grechko, 48, orbiting in Salyut-6. 
vesterday broke the U.S. record 
U 84 days! oiie /hour and 16 
minutes' inspace. 

Getting married • costs the 
ivemge couple £2J!00,.according 
In a Wedding; Day magazine 

purvey, ■'"‘''w. ■ .• •/•.-. - 

• PLANS for a fully computer¬ 
ised U.K. taxation system are 
-being pushed ahead so that the 
Government can consider pos¬ 
sible changes in tax structures 
and tax collection methods, 
including self - assessment 
schemes. Back Page 

• STOCK EXCHANGE turnover 
in equities rose £Q.3bn. to £l-6bn. 
last month, but business ia giits 
fell £0.5bn. to £115bn. Page 28. 



ifWmages of £92.515 wore awarded 
Manchester High; Court to a 
.nan whose happy marriage was 
."'wrecked by brain damage caused 
in a coach crash. . 

• AIRCO of the U.S. is holding 
talks, with companies which may¬ 
be prepared, to make a-rival take¬ 
over bid in opposition to BGC 
Airco has filed a legal suit to try 
ter overturn BOC's purchase , of 
1.8m. shares. Back Page 

ExporLs of antiques from Britain 
' rose by nearly a third lo £103m. 
last year, the Antiques Trade 
. Gazette reports. 

record pre-tax profit of £3.D4m. 
(£2J6mri in the year to Septem¬ 
ber 30. Page 13 and Ue* 

THE French franc was driven 
down sharply against leading 
currencies In Paris to-day tn 
the first real threat (o its 
Stability for a year- 

The Deotschc/nark wcni 
from Frs2JM7 to a record 
Frs2L286 during the day’s trad¬ 
ing. The dollar moved from 
Frs4.78 to Frs4.85. 

Sterling ended the day at 
Frs9.42S against Frs9353. 

The attack on the franc first 
developed yesterday on over¬ 
seas foreign exchange markets. 
In the face of what could be 
a series of pre-election specula* 
tive moves against the franc, 
Che Bank of France catered the 
• market. 

Yesterday it spent about 
~$10ra. in support of the Trane. 
To-day officials pul the inter¬ 
vention at SiftOm. Some dealers 
said It was much higher. 

The derision lo sell foreign 
exchange Is taken as an indica¬ 
tion that the bank thinks the 
pressure is transitory. In the 
event of sustained selling 11 
would certainly choose to force 

Sort* Un«J> (WMT 

. 7 - -FRENCH 1 

ttrnr m f n (nm 

Tnitinran WPUil iipp 
JfM MiSmhm c*ntr&r-. 

Aug Sep Oct Nov Dec Janfl 

up interest rales. 

The recent attacks hy M. 
Raymond Barrc, the Prime 
Minister, on M. Francois Mil- 
lerand, the Socialist leader, 
accusing him of wanting lo 
provokr a conslitntional crisis 

«f the Left wins the March 
general election, conlribuied to 
the nervousness. 

So probably did a typically 
hard-line television appearance 
last night hy M- Georges 
Marchais- the C.ommu nisi 

Cohn .Millham writes: The 
-ubstantiat intervention by the 
French authorities failed to 
prevent ihc French Trane clos¬ 
ing In London at its lowest 
level or the day against the 
dollar, at Frs4.847S, compared 
with Frs4-7725 on Wednesday. 

Pressure oo the franc began 
in late trading on Wednesday, 
leading to speculation that ihe 
original selling of the currency 
came from New York. 

The Canadian dollar was 
also weak yesterday, falling 
below 90 U.S- cents before 
central bank intervention 
pushed it back lo 90.16! cents 
ai the dose, compared with 
90-231 previously. 

Other major currencies were 
generally quiet. 

The French gold rush Page 3 




tPrices in pence unless otherwise Beecham . 617 

indicated) Bejam. 6^ 

Bluebird Conf. . 160 

European news . 2&3 Technical page 

inti. Companies. 22*23 

American news .. 4 management . 13 Euromarkets . 22 


British Ley land . 

Caravans Inlnl. ..... 

Cent re way . 

Concrete ( Ireland).. 
Cope Sportswear .. 

WGI ..... 

Durban Deep .. 

EZ Inds. 

Union Corporation .. 
Wit. Nigel . 

25 + 5 
So + 5 
192 + 7 

120 + 15 
S5 + 10 
1M + 7 
559/+ 39 
185 .+• 5.- 
430 + 35 
284' + : 12 
' 63'.+: «' 


preas. Wpc *S2 .£U2ii - f 

Treas. lOJpc ’99 (£55 

paid j ...£531 — } 

Asscd. Fisheries .■ 55. - ft 

w .Assed. P. Cement ... 234 — 6. 
^ARcaumont Prnos. SS — 8 


Boots. -. J9« 

General Accident ... 2H 

Gl-.o. 53S 

GUS A . 276 

Hawker Siddeley ... 17* 

Hillards . I®* 1 

Hunting Gibson . 204 

Kwfk Save . if 

Ladhroke . l®i 

LJbyds Bank . 

Marks and Spencer ... 13S 
Midland Bk. “New”... 12pm 

Mothercare . 17® 

.Northern Foods ...... 11* 

Nurdin and Peacock 89 

Royai Insurance . 

Sun Alliance . jj®! 

Taylor Woodrow ••• 3SL 

Turner Mnf. 

Warner Estates . 

R’lgfoU- (H.) ...... 362 

Overseas news . 4 

World trade news . 5 

Home news—general 6,7 &- It 

—labour . 8 

—Parliament .. 8 

Arts page. 15 

Leader page. 16 

U.K. companies .. 18-20 

Alining . 20 

Wall Street.21 

Foreign Exchanges . 21 

Farming, raw materials ... 27 
U.K. stock market . 28 

Air France Welcome lours to ihe French Caribbean hove somerhing for ever/one. 

It you find it too nnng io dance ihe doudou. try rhe Waff, on indigenc-us fish ioup. And if ;he 
Fre>>:h Caribbean cuane isn r to your rose, rhen rfisre ae all the usual island pleasures to explore. 
Beeches Warerspcirs Gorgeous scenery arid friendly people. 

Plan on uriforgetTOble holiday ihisyeot 16 days fre-m £.059 

Ask your local Travel Agent for a copy of the Welcome Tours brochure ar posr ihe coupon. 


Government plans for profit 

sharing . 16 

Polities To-day: Brezhnev 
and the neutron faomh ... 17 

French gold: Hedging 
against a Left victory' 3 

Sri Lanka tries some strong 
Government . 4 

North Sea Oil Review: 

Thistle. Field problems ... 11 
Around Britain: 
Stratford-upon-Avon . 14 

Ajwafntmeats Adrtt- 
Riulmses For Solo 

Crsamrtrrf . 

EnUruinmenl Snide 
Pood Prices 
PT-Attaario Indices 

Letters . 

ie* . 

Lombard . 

Men and Mailers ... 
Money MaH im .. . 

PnpcMar . 

Racing . 

Saleroom .... W 

Share IrfermBiien .. 3H-4I 

thIu's Events .- 11 

TY and Radio . M 

Unit Trusts . 1* 

Weather . * 

Garford-Lillee Inds. 20 

Sentnin. IT 

Sielnbcrs Croup U 

Rase Lenalns Ratos 

Robert K. Lowe .. 20 

ffBL Bk. Australasia 22 

For latest Shore Index 'phone 01-246 8026 

• V* I . -3?: 1 ^ J = :|i 

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EEC considers ban OH aid! Soares presents new programme 

for oil refinery expansion 


THE EUROPEAN Commission is 
^considering invoking its legal 
powers under the Rome Treaty 
to prohibit EEC governments 
' from providing aid for the con- 
- struction or expansion of basin 
oil refinery capacity until 1980, 

: and ‘possibly beyond. It also 
wants to halt further financing 
: for such purposes from the EEC 
'■ regional and social funds and 
the European Investment Bank. 

These proposals, contained in 
' a working document drawn up 
by the Commission's energy 
directorate, are aimed at helping 
ensure that the Common Market 
reduces its surplus refining 
capacity by a further 60m. 
tonnes a .year by 1981-82. The 
Commission estimates that about 
82m. tonnes have already been 
closed down voluntarily by the 
oil industry during the past 

A new ban on state aids to 
investment is certain to be 
strongly opposed by Britain and 
[reland, the only two countries 
planning a significant increase 
in their refinery capacity over 
the next few years. The U.K. 

' plans to add about another 14m. 
tonnes capacity between now and 
the mid-1980s, when the Govern¬ 
ment hopes that about two thirds 
of North Sea oil production will 
be refined domestically. 

Regional development grants 
under the U.K. Industry Act are 
being provided for the construc¬ 
tion of a new refinery on the 
Cromarty Firth and for various 
up-grading facilities. 

!_"■ Both 'the. U.K. and Irish. 
“Governments are understood to 
have registered their lack of 

enthusiasm for this and other 
points in the document when it 
was presented to officials on the 
EEC consultative committee on 
energy here earlier this week. 
The committee is due to discuss 
the paper again, before the Corn- 

Strong support for EEC 
economic and monetary onion 
has been given fey representa¬ 
tives of fhe banking associa¬ 
tions or the Nine at a meeting 
in Frankfort. The Banking 
Federation said the objective 
the EEC was created to achieve 
could only be fully realised 
with complete monetary and 
economic union. The longer It 
was delayed, the greater the 
danger tbat the Community 
would eventually break up In 

mission decides in about three 
weeks' time on the final pro¬ 
posals which it will send to the 
next EEC Energy Ministers' 
meeting, tentatively scheduled 
for March 21. 

But Commission staff are con¬ 
fident that it has autonomous 
authority to impose a ban on 
both specific refinery aids and 
more general regional aids 
under Articles 92 and -93 of the 
Rome Treaty. These enable the 
Commission to compel govern¬ 
ments to change or abolish state 
aid schemes judged incompatible 
with the Common Market, under 
threat of being taken to the 
European Court in Luxembourg. 

Although the Commission 
usually challenges state aid on a 

BRUSSELS, Feb. 2. 

case-by-case basis, blanket bans 
are not unheard of. • It decided 
last year to prohibit all further 
national assistance to the con¬ 
struction of new synthetic fibre 
capacity, of which there is a sub¬ 
stantial surplus in the EEC 

The Commission envisages a 
slightly more lenient approach 
to the construction of new con¬ 
version plant, which should be 
subject to prior consultation at 
the EEC level. It believes that 
it should be possible to grant 
Community and national aids in 
specific circumstances. 

Another controversial Com¬ 
mission proposal is that it 
should draw up a voluntary 
target for average refinery 
through-put tn the EEC each 
year. It would ask oil com¬ 
panies to supply on a confiden¬ 
tial basis -toeir forecasts for 
each refinery and actual 
through-put the previous year 
and would seek explanations for 
any significant departure from 
the target 

A legal obstacle could arise 
here because many EEC oil re¬ 
fineries are owned by the sub¬ 
sidiaries of U.S. oil companies, 
whose right to co-operate in such 
consultations is sharply re¬ 
stricted under the U.S. anti-trust 

On the externa! front the 
Commisssion proposes recom¬ 
mending a maximum level of 
product imports to importers 
each year. In the longer-term, 
the EEC could impose ceilings 
on the amount of oil product 
Imports which could be brought 
in duty-free. 


IN AN EMOTIONAL appeal for 
all political parties and the 
trade nnioo movement to work 
In a spirit of conciliation that 
would allow Portugal to pull 
out of Us economic crisis. 
Prime Minister Mario Soares 
to-night presented his Govern¬ 
ment’s programme. 

Contained in a 300-page 
volume handed to members of 
Parliament at thd end of Sr. 
Soares’s two-hour speech, the 

programme provides a firm 
foundation for resumption of 
talks with tile International 
Monetary Fund (IMF) on a 
S750m. loan.. As expected tte - 
programme proposes to reduce 
inflation (now at the annual 
late of approximately 34 per 
cent) to a rate of 20 per cent 
through limits on wage rises, 
and to introduce a balanced 
budget in March. 

It recognises the need to 

reduce the coon try's crippling 
balance of payments deficit, 
which now stands at around 

‘ Nevertheless, It stresses that, 
in any future talks with the 
Fund,'the question of devalue- , 
tion of the Portuguese escudo 
will hate to be carefully nego¬ 
tiated. “An excessively defla¬ 
tionary programme could ■ 
eventually lead us to a virions 
circle of stagnation ” the pro- - 

gramme wards. 

It also potato oirtlfcs; "dangers . 
of *'rapid reduction of imports; 
to ■’reduce fhe trade-deficit, ah d 
admits the Impossibility of a 
short-term Increase In’exports. ; 

‘ For the rest, the new fcov- j 
erumonFs programme,, which 
pflll be yoied on by the end of ' 
next week 'stresses'the need-- 
for‘.a new economic, balance, 
recogn ising that. the. private 
sector; as much a^tfca.public 

sectorhas a crucial part -to 
play tn .the country's recovery 
Foreign investment,-- -ft. 
stresses, wSlhe stimulated j». 
ft firm .'commitment byffie’Gow 
enpnent to compensate Torelga 
ctHfepahies ' which ; - suffered 
-during tiw revolution.J >:v 

also contains' ft declaration of 
Intent- regarding. F.artugUS 
eventual entry Into.-the Efti*. 
peso Common Market 

Belgian I Three Ministers likely 

rate cut 

West German 

to go in Company 

law tighten 

in Holland 

Spanish court hacks labour law 


‘FOR THE first time a Madrid 
; labour court has decided to 
’ accept the Labour Amnesty law. 
The law. approved by Parlia¬ 
ment last October, entitles 
workers sacked under the 
. Franco regime for union activi¬ 
ties and political offences to full 

Since the law was approved 
there has been considerable con¬ 
fusion over its application. In 
.. January, one labour court judge 
. went so far as to declare the 
. law unconstitutional 

The new decision accepts a 
worker’s right to reinstatemnel 
-for abuse of rights recognised 
in the 1966 International Con¬ 
vention of Economic. Social and 
’ Cultural Rights ratified bv Suain 
last April. 

The unions regard this as a 
major step forward in what has 

been an anomalous situation. 

The labour amnesty was con¬ 
ceived by the Government as 
part of the package of measures 
needed to take Spain down the 
path towards democracy. It was 
the logical follow-up to the poli¬ 
tical amnesty granted to all 
those held in prison for political 
offences against the regime. 
However, it was more complex 
to execute. There was no speci¬ 
fic directive to individual fac¬ 
tories and companies to reinstate 
sacked workers. 

Over the years, some 15.000 
workers were sacked for pnli- 
tical reasons, mostly organisa¬ 
tion of illegal-strikes, according 
to union sources. However, per¬ 
haps only a quarter—mostly in 
the heavily unionised engineer¬ 
ing sector—are actively seeking 

MADRID. Feb. 2. . 

The attitude of most com¬ 
panies has been that the amnesty 
is for the labour courts to decide 
upon. Indeed, when two months 
ago. Sr. Marcell oo Camarho. 
leader of the Communist Con¬ 
federation of Workers Commis¬ 
sions appeared at Motor Ihericn 
to seek reinstatement be was at 
first even refused entry aT the 
plant gates. 

The total absence of Govern¬ 
ment pressure on companies, 
even state-controlled companies, 
to observe what the unions 
regarded as a fundamental 
aspect . of the return to 
democracy in Spain created a 
good deal of bitterness. 

The latest court decision still 
means that each case will be 
treated on its merits, unless the 
managements concerned decide 
to change their attitude. 

By David Buchan 

BRUSSELS. Feb. 2. 
THE BELGIAN central bank yes- 
terday further cut its discount 
rate by one point to 6.5 per cent 

The latest Central Bank survey 
shows that Belgian private busi¬ 
ness intends to increase invest¬ 
ment by some S per cent daring 
the current year, in addition to 
pump-priming increases in pub¬ 
lic investment and works to 
B.FT5-205bn. (£3.2bn.) in the 

1978 budget Government officials 
see -the rosier outlook^of business 
as a resection of some of last 
year's incentive measures, par 
ticularly ‘the temporary suspen¬ 
sion of the 5 per cent VAT tax 
on new job. creating investment, 
and permission for faster depre¬ 

But the Tin demans Govern¬ 
ment is worried enough about 
current levels of unemployment 
now standing at over 300,000 to 
want to get the discount rate 
down to the 6 per cent at which 
it stood for most of last year. It 
has been constrained by repay¬ 
ment of the B.Frs.234bn. debt 
it incurred with fellow “snake” 
country central banks last 
December in defence of the Bel¬ 
gian franc, then threatened by 
side effects of the fall in the 
dollar. By the end of last week 
this debt has been reduced to 

As the biggest domestic 
borrower by far. the Government 
has also a strong stake in bring¬ 
ing down general interest rates. 
Last year's unexpectedly low 
growth and inflation rates re¬ 
duced the 1977 tax intake and 
threw estimates of the public 
borrowing requirement out of 
gear. It now looks as though the 
planned B_Frs.23.9bn. budget 
deficit for 1978 may double or 
treble this figure, and thrj^this 
In turn will jeopardise intBfftTons 
of curbing public borrowing. 


A WEST GERMAN Cabinet re¬ 
shuffle appeared imminent to¬ 
night, probably involving the 
resignation of three Ministers. 
Immediately at issue are the top 
defence, building, and education 
posts, though filling them may 
involve high-level changes at. 
other ministries. 

Chancellor Helmut Schmidt- 
held discussions with Govern¬ 
ment party leaders and Cabinet 
members throughout much of 
the day. And tonight two 
Ministers—Herr Hans Jochen 
Vogel, the Justice Minister, and. 
Herr Hans Mattboefer. the Tech¬ 
nology Minister—cancelled en¬ 
gagements outside Bonn so that 
they could remain on hand in 
the capitaL 

BONN, Fri>. X I By Cterte Bxtdntor 

The key ministerial change 
would be that of Herr Georg 
Leber, the Defence Minister. He 
offered .his resignation yester¬ 
day, after telling the Cabinet bs 

West German Industrial pro¬ 
duction rose by L5 per .cent 
between November and Decem¬ 
ber according to provisional 
figures, writes Adrian Dicks. 
They showed a Z5 per cent 
rise in manufacturing output, 
and 3 per cent in the building 

had unintentionally misled Par¬ 
liament over a bugging affair by 
the Military Counter-Intelligence 
Service (MAD). 

Herr Schmidt asked him to 

Dockers urged to settle 


WEST GERMAN dockers will be 
advised by their union to vote 
tomorrow for acceptance of a 
new compromise pay settlement, 
worked out after tough bargain¬ 
ing with the port employers late 
last night 

Tffie deal would give the 
20000 dockers the same 7 per 
cent Increase In pay suggested 
last week-end for the 11 months 
beginning on February 1. plus 
a lump sum 1 of DM115 for Janu¬ 
ary. This formula would raise 
the annual average increment to 
about 7 per cent, while the 
dockers had complained that the 
eaMler terms meant an increase 
not much above 6.4 per cent 

Leaders of their union, the 
OTV. have expressed confidence 
that the new terms will be 
accepted. Last week-end th«»y 
were humiliated when the 
dockers threw out the original 
| bargain On the basis of which 
the union had called off a flvt 
day national strike — the first 

BONN. Feb. 2. . 

in West German ports since the 
last century ■.* 

Herr Heinz Kluncker. the OTV 
President who has not been 
directly involved in the dispute/ 
tried to-day to play down the 
significance of the dockers; 7 per 
cenL incerase as a precedent for 
other sectors. It has been 
attacked as irresponsible, 
coming as the first major wage 
deal this year only a few days 
after the Government bad pub¬ 
lished its annual economic fore¬ 
casts setting a desirable upper 
limit of 5.5 per cent 
The dockers, Herr Kluckner 
insisted, were a special case, 
with a need to catch up In wage 
terms with the huge increases in 
productivity achieved through 
mechanical cargo handling In 
recent years. He said that the- 
7 per cent, settlement would not 
form a model for OTVs- Other 
forthcoming wage talks on 
behalf ’ of public • - sector 

think" fhe : matte? over ‘ again- 1 
But in talks today with, party 
leaders on the MAD's activities, 
Herr Leber is understood again 
to have expressed his resolve to 
step down. Further parliament-, 
ary scrutiny of the bugging: 
affair is likely . to the . weeks 
ahead.. y’\vV 

' Herr Leber. (57) has held 
minis terial office- in Bonn, few- 
more than 11- years, nearly, six 
of them, in-the difficult. defence 
job. He hasbeen. Widely praised,' 
both at home, and in NATO. But. 
-the bugging incident: Is oxtiy the 
latest of a series of controversial 
affairs involving .the. DefOOce 
Ministry, and Hert Eri>er.;ha? 
been, gradually lofting support; 1 
even within the ranks of h|S own 
Social Democrat Party- 
The two other Ministers step* 
ping down are Herr Earl Ravens 
(building) ■ and -Herr Helmut 
Rohde (education)/ They would, 
in any case, have 3 eft later this, 
year for reasons . which have 1 
nothing to do. with Herr LeberY 
departure. • J 

Herr Schmidt however, evi¬ 
dently wants to . get a thorough 
reshuffle, behind/him before a 
key series of : provincial elections 
gets under way in- June. ..The 
possible removal of at least one 
other Minister has .been widely 
rumoured.* but there is no con¬ 
firmation that the changes' wifi, 
m fact fee more sweeping. . 

Herr Hans Apei, ^the Finance 
Minister, Is considered a passible 
successor to Herr Leber, hut it 
is* also possible that Herr 
Schmidt may want to promote 
-one or two bright young state- 
secretaries from, the ranks. He 
has taken a similar step before. 

West Geribafi? will halt pro¬ 
duction of most aerosol sprays 
because of f£ars they may be 
harming the atmosphere/Herr 
Gerhard Baum, Minister’ of State 
in the Interior Ministry,''said nf 
a radio interview/Reuter reports 
tram Stuttgart .. 

Polities To-day, Page 17 

• • AMSTERDAM, Feb, V - 

THE STARTING-UP capftaTof.. 
new companies in Holland yiui . 
be raised “to Flsi35,009 (£7350) * 
from F Is JO, 060 (£2,270) under 4 .. 
new ‘Bilt * Toe Mimstijr-Vf 
Justice is also to:. Investigate 
whether businessmen-- dmVbe • 
held personally . responsible ft* . 
the 'debts of HtoUed'compahlee.-- .' 

These measures have been • • 
taken to prevent. the .abuse of 
company legislation. IDutcb... 
trade unions supported attempt - 
to tighten up rompany law-after . 
it. was -discovered -that. baiih^- 
ruptfcy- petitions wtau/.-briar, 
filed *hy directors oFxtimpatow 1 ; 
to avoid havtogtp pay salaries,-:. . ; 
taxes * ftod,/ /-soda* ; ; .::reeta$r * 
premiums.. ._- - --T 

r .The v hd* . Hill £ has . 

approved fey theiLower HmaseroE ! : 
Parliament and - will «£.&*• 
the - Upper 'Chambdi.. vrjt is-*.; 
expected * ^to •'*. becbm e ~ tfiis' * 

year, a • Jnklce : Mmistnt tifeakes- - ~ 
man. said. *. •- : ■ r./.u 

' The Ministry will, also tigfitei' r 
up procedures: for JVettiug'dirw ’' 
tors of new businesses “t 

Iceland likely 
to devalue :: 

. By Jan H./Magm»»n ; ; ! . 

• REVKXAVlK,V^-’i' r -' 
THE ICELAND! C, krona -■ 
peered to be devalued-’aboft- by : 
1015 per cent. ;. H. has . befta- {• 
sliding - . ’.-gradually''.. ’ down'jfsnl.- 
recently but-.not enough ’Rtf J, 
the hard-pressed fishing' htdafry / 
—the _ main ; forei^-lsirteMy r 
earner—which- wants ~a tie^ tide . 
xif- Kr-250 to the dollar; against 
-Kr.219 at present *:V : ‘f^ 

Fi5h prices were increased'by : 
13 * per i cent iD - January<- btit / 
fish factories and Greeting plants. ? 
claim that they cttaAot meet Ibr . 
ri se on 1 ess . the ktona .ttidey ah*d " 
by -the^end of J^hraary...... 

; The^ krona-iias Jen. ahwt 
3 pet cent, ag^iar the defer, 
and-d^Pper rent, against stefBug 
[since January V - 

On March 1st, a new 


Ae «uuS h *.*3 r.:^ :;.';/ , ■ .;Y*V\ 

31 W. "* ®BBB? TOENCft*: Jcoaurwnfirt: 
J*^ 51 ^ ■ leader, M. Georges .Kare&als,. 

r^^Hjueat test night Made ft. dearflvrt 

leg there was still- a. nscawahie • 

the revoi' Cfl 4 - ^Hahce^auif U» 5ociali8to ; ind 

P^etet}, (h^ . ; CommiHiiMs'' patcSr'np 

stains a ^ ^ their diffeT^cra - hefOTe the 
t^Sarding c % finaj rqfanf af next HareJfS : 

m£S « t "t-~-*■*"*•*M «k ,:£:&*!: 

■ H arX sl .-.-,• Intemewed. on teteyishm, 
M. Marshals said flat He was 
_ ready af any tftnV.:l 0 r : «ieet 

W* Franeois AHttemndj -the 
**• WQljt SociaBst leader, to discuss, the‘ 

. v Lefvjrai vonir.Jf- thcr v^ere . 
IT , treated a*f - eq^pattuers hy - 

T llphf. the SocteHstst;;..- v*'~ 

PARIS, Feh. 2. 

i'» '■>**& 

at ains 



* tight, 

ar, es BaicKfl 0f 


®Pan: f . , : ;V* 


?. hus|^4^- 

iraoniiiv -22.* 
>ts cf 

i rneas-j 

to prev>.-:r "-;' k ‘- 
‘y l*sisu K , 3 ? 
nitons suDr,f.PT^ 

> a:weve.-ed :.- 


V* rj - . 
& hav:n« 
ana ?or»i' i- 
tins. ' 1 

ne*' Sjt] ■„. 

hr th. lU*V 

iiem anti wj|.i ^ 
■'pper Charaaei 
«1 to bec.-.Tj. t 

a Justice M.gitjs ' 

Ministry u-;]] Jt , 
Jcetlure? «» r ^ 
if ne - A husiaessr 

eland %,{ 

}slt H. 

fCKLA?.' D’C fcrq. 

A In hr H--.3 »mv, 
per Tor' [ 

R r-^u:.:v ; 

«!>• tn.»:* 


r.. i” ’•• :*::: 

?r— -.v' -alv* •: 
r-tSO v ■-’ «- 
3 at :■«■«-. 
h pr:*-:-, •;? • 

■\; . He sald he wocld prefer such 
' a meetip- to taKe place berore 
; tie first round Of the election, 
due-to-i»b held on March 12 , 
unacceptable to 
the Socialists, an agreement 
. 'might stUl be posable betm-een 

the two rounds. - '. 

> V&, Manuals , whose slate- 
wenfs are often centradlciory 
.-and., who ^.*as.. frequently 
changed tach:orer the past few 
"• weeks," bias at teast been con* 
sistent on ime poisL He let it 
he clearly understood last 

jalght that theiCoomninisis can- 

linhe to attachgreat Import- 
‘axrce to the.-resM of the first 

round of the election, which 
will show'their real slrength in 
the country calculated ax a per¬ 
centage of the total vote. 

M. Mitterrand’s altitude 
could well be infioenced by the 
size of the Communist vole in 

the first round, M. Marchais 
Indicated, although he made no 
mention of bis previous condi¬ 
tion that the Communists must 
poll 21*25 per cent, of the 
popular vote before they would 
agree on a government pro¬ 
gramme with the Socialists. 

In spite of all the uncertain¬ 
ties surrounding the outcome 
of the election, and the attitude 
of the two main left-wing 

! discovered 

parties if they win a combined , ^ 

parliamentary majority, M. [ fjiCPAVApAn 
Marcbais stressed that the i Ulovv V Cl CU 
Communists counted ou parti* ; 
paling in a government of the » s y our Foreign Staff 
Left, but only if they were i 

treated as equal partners by : MOKE FRANCES contaminated 
the Socialists. I with mercury were discovered 

ministerial port folios should in Europe yesterday. Ho«<- 
bt* shared out on the basts of ever, they were not of Israeli 
the percentage of votes . origin. 

obtained by each of the parlies i Dulrh he ., llh nfficia | s said they 

Power struggle in China’s 
army grows fiercer 

it?r err 
i »h.»t 
an:es< :-p 
be i-ri«! : 
i# kr.'-.. 
»r . 

'US}) G0LD ALMOST as e«y to buy 
*1 in France as broad, and tn recent 
cKfi 0f weekptodre^d'moreFrenehmen 
- have beew-vitaJSng : out Sfeir 

"°AV, i rractitiortal; 1 . insurance ; policy 
fs against.uncertainty by buying it. 
R s £ This tune, 'the! risk they want to 
■' ^Jjqj - guard against, is a lefvwltagj vie* 
tory in the erection less than 
jI>: 40.days.away—a..possibility con- 
1 to sfe finned by recent opinion - polls. 

’ The latest one provoked a 
writable gold rnsai.. c ulmina ting 
■!tei ct> rtn - January 24. with' .prices 
'*:= approaching historic highs' for 
”■* f- lfc j Bold and gold-linked securities;, 
‘totioa ‘ The rich man's gold is -tbe one 
D !*ensl, kilo gold ingot. For a bit' over 
'^pac;^ FrsJ28,0p0. (about £3,0331-he can 
‘■ r td take one home and literally, sit 
'? '**, on his Mvings. 

,r * ri -. • But that has its inconveniences. 
' j aj Yl The chief of them is that the. big 
?ocij»- ingot is not -ah anonymous asset 
Every sale Is accompanied by 
Sjj] j. a piece of paper petting out . the 
L'/**.;- golds exact - pedigree in weight. 
wj|! i fine ■ gold -contend date of pro- 
T3mt«* duction^ and -number. The certi- 
ec-.T):*', fleate has to be, presented at re- 
:*5.ainn' saIe - Without.j.t.'^the gold.has to 
*■ : he cast anew, a.relatively expen* 
Wjj ,w sire business which rather spoils 
r VB ;' the pleasure of having •'come into 
gold" without the unfriendly hj- 
_ ‘ terest of the tax-authorities in 
death duties. (The tax collector 
lik'd is explicit}' forbidden to witness 
*' the opening of coffers and deposit 
,* boxes by heirs.) 

1'iJP The second incthtvenieuce. is 

that gold is snbject lo a 4-per 
nusm cent sales tax and the third is 
A\ iK its sheer hulk. Npne of these.' 
it ’^'■■however, prevented the Price of 
the ingot moving from a 12 
"V'L months' : low of Frs5I,350 to 
.-."l Frs^S.894,- , ■ 

21'. The poorer man's-gold'is the 

; c.- V. Napoleon ..d'Or. It has-a . specific 
' place in French affections. Worth' 

a nominal FrsJlQ the Napoleon 
was first min led in 1803 and era-. 
.. tinually produced until 1914. 

There are millions in circulation. 
V .“ With a. total .weight .of.- 8.45 
v grammes aod a fine gold content 
, - :r *~ of 5.8 grammes the coin is no 
bigger than a Britiab ^p. piece, 
J ' iS and Is traded without fuss or 
r ' certificate. Easy handling makes 

i-- - j t virtually fax-prqof^ -The gold 


Hedging against 
a left-wing win 

of (be Left, he said, and not 
according to Uie number of 
parliamentary seals they bad 
won. The Communists would be 
satisfied with about a third of 
The major ministerial port¬ 

also joined in the fun and 
reached Frs.110.10—the highest 
point of its pre&enl existence. 

Who buys these assets? Just 
about everyone. There is no par¬ 
ticular sociological profile to 
sold buying. Almost ever> family 
has its memories uf grandfather 
giving Napoleons for christen-j 
ings and for wedding presents, of: 

. found a .Spanish orange that 
bad been injected with 
mercury. and the West 
German authorities reported 
the discovery of a contami¬ 
nated orange* or indeterminate 

The Dutch discovery was in a 
consignment m Maastricht. 
snuih-tMs! Holland, where 
affected Israeli Fruit was round 
in the past few days. The 
West German investigators 
said rlii-i had not been able to 
establish where the Trail they 
Tuund eaiiii; from but that they 
were satisfied that it hud not 
: been imported from Israel. 

• Because th*- new finds were not 


fever sent the Napoleon From 
'Frs.23() to Fr^300 in two days. 
Afthat price it was selling For 
79 per eent more thau the price 
of the gold It contains-. 

But that wds nowhere near the 
performance of its. half-brother, 
the DemfNapoleon..' At Frs.2^6 
that tiny ; coin rwas Selling at a 
/premium of i70per cent over its 
gold content:’’. .. 

The choice is not limited (o 
Napoleons. The free, gold mar¬ 
ket trades equally in a number 
of other coins—the Swiss 20 
francs coin, the-. Tunisian 20 
fraoc piece, and the so-called 
Latin Union 2Q franc coins of 
Serbian, Italian, Spanish. Bel¬ 
gian, and even- Papal origin. 
These all sell at a discount be¬ 
low the Napoleon despite their 
identical gold content. 

Nor is that the end. The Eliza¬ 
beth B Sovereign and half- 
Sovereign, the -20 dollar piece, 
the -10 -florin and 20 German 
mark coin. - th& Nicholas II five 
rouble abd tbe Mexican 50 pesos 
minting ace all available. Even 
then the list is not exhausted. 

The - Krugerrand? It is not 
accounted a coin .free of VAT. 
bill a'gold object, which does 
attract that ■ tasa; Hence the 
Krugerrand is cot traded. 

Gold is only half the story. A 
selection of state bonds is as 
good as gold. The grandfather 
of them all is theFiday 31 per 
cent.- now succeeded by tbe 
Pinay 4i per cent. The 31 per 
cent was a rentiers’ delight 
since its income was., untaxed, 
its capital linked to. tibe Napo¬ 
leon's price on the .bonrse, and. 
best -of all. it was. completely 
free pf. ^inheritance tax.. ^Hany 

were the French families which, 
when the old man was nearing 
the end. converted the entire 
family holdings into Pinay 3' 
per cent, until he was safely 
consigned to the hereafter. 

This happy situation was finally 
ended by M. Valery Giscard 
d'Estaing. then Finance Minister, 
in 1973. He replaced the 31 per 
t-eni. by the “ex-Pinay" 44 per 
cent., abolished the freedom 
from inheritance tax. but kept 
tbe gold link. Tbe rise of the 
Napoleon, the lax concessions on 
bonds, and the bonus of Inleresl 
payments have made the 4i per 
cent, ihe star of the gill-edged. 
The gold rush sent it from 
Frs.740 to Frs.S00 in three days 

Us twin issue, the 7 per cenL 
1973. is more complex. It is 
linked to the value of the franc 
as expressed in gold and. failing 
this, to the price of the ingot. 
Now. according to the second 
amendment to the IMF statutes 
awaiting ratification, countries 
will no longer define their cur¬ 
rencies in terms of gold, and the 
link between the 7 per cent, and 
gold, instituted informally in 
1975 when France revalued gold 
reserves at tbe market price, will 
become definitive. This pleasing 
prospect bas not escaped the 
market and the 7 per cent, cheer¬ 
fully cniised through the 
Frs.3,000 barrier at the peak of 
tbe buying. 

The Barre 8-S per cent. 1977. 
is indexed to the EEC unit of 
account. With solid fiscal advan¬ 
tages. an attractive interest rate, 
and a capital value, related to a 
basket of currencies likely to 
outperform the franc, tbe Barre 

fhe box thai lived under the] „f Israeli one in. European 
wardrobe. Grandfathers heirs authorities are now sp**cu- 
and successors have not lessened latino .hai ihe poisoning *of the 
then; enthusiasm. Gold is a ] srae |i fruit was carried out' 
special metal. after n had arrived in Europe. 

But gold is also, nf course, the not. as was first assumed, by a 
great refuge. The peasant i Palestinian group inside Israel, 
hoarder with his Ions memory of , 

being forced to accept banknotes An organisation calling itself ihe 
is real enough. Peasant gold is £ r f lb . Hevolmionary Army 
literally passed on for genera- Palestine Command • sai, l >o a 
lions. Memories arc equally b ‘ Ul - ,r addressed tn various 
si rone in other families nf I European and Arab countries 

literally passed on for genera¬ 
tions. Memories arc equally! 
strong in other families of 
parents or grandfathers turning 
in their gold in response to pat¬ 
riotic appeals in 1914 to help win 
ihe war. and who expected in get j 
it hack afterwards. It took 10- 

Ihai poison had been injected 
int-i oranges in lsraeli- 
occnpied ierriinry tn an 
attempt in sabotage Israel's 


THE POWER struggle in the 
Chinese Army between sup¬ 
porters of the new leadership and 
the so-called radicals who were 
dismissed m October, 1976. is 
growing fiercer. A series of 
articles in the military news¬ 
paper. The Liberation Army 
Daily, culminated this week io 
a vigorous and outspoken attack 
on radical supporters, announc¬ 
ing “ very sharp and complicated 
struggle” againsi the gang of 
four. Chairman Mao's disgraced 
widow and her colleagues. 

This may have been provoked 
partly by the forthcoming 
National People’s Congress, 
expected to take place later this 
month. The Congress should 
announce new Government 
appointments and outline policies 
for the coming years. The pros¬ 
pect of allocation of senior posts 
and of resources which will prob¬ 
ably take place at the Congress 
may be causing much sharper 
dispute anions military lenders. 

The Liberation Army Daily is 
believed to be controlled by 
W\*i Kuivching. Politburo 
member, bead of the army's 
political department and a strong 
supporter of Vice-Premier Teng 
Hsiao-pinc. The newspaper cam¬ 
paign therefore may be putting 
forward Tens'? policies both on 
eliminating the gang's supporters 
and on military modernisation. 

The recent article defined the 
present -iruggle as a question 
of whether tu defend or oppose 
Chairman Mao's nvlitarv line— 
which inr 1 tided, the paper said. 

the need to have nuclear weapons 
—and whether to allow the array- 
to be “turned into a tool for 
the seizure of state and party 
power by bourgeois careerists.” 

The article makes us point by- 
stressing the importance of o 
1975 session of China's top mili¬ 
tary body, the Military. Co mm is-, 
sion. which took a series of 
important decisions. The deci¬ 
sions were later attacked by the 
gang of four as part of the 
theory ibat ** weapons decide 
everything ” and “ the bourgeois 
military line." The article also 
directly defended the role of 
Vice-Premier Teng. 

The basic issue that split that 
-session of tb e Military Commis¬ 
sion. which was held with Chair¬ 
man Mao's approval-, -the-article 
says, was that military leaded 
ship must be firmly .wielded by 
party and people and not be 
usurped by •* bourgeois careerists 
and machinators K Tike the ganc 
of four. Thanks to this session 
of the Commission, the gang were 
not able to overthrow the army. 

The decisions of that session 
must be reaffirmed now, fhe 
Liberation Army Daily said, 
which means continuing 10 attack 
the gang and pushing ahead with 
military consolidation. 

Finance for imports 

Minister Don Jamieson said 
to-day he believed there had 
been smite *' modification '* to 
China's attitude on financing im¬ 
ports. The Minister told a news 
conference that he thought 
Peking was not opposed to wider 
use of other countries' exports 
credits as one method. 

Mr. Jamieson said ways of 
boosting trade between Canada 
and China bad been discussed 
yesterday with Foreign Trade 
Minister Li Chians, and Peking’s 
desire fur foreign technology 
and equipment meant there had 
to be some changes in financing. 

PEKING. Feh"2. 

The Pi.-nplp’s Republic iv 
opposed to running up foreign 
debts and buys imports with 
cash or make* progress and 
deferred payments. When the 
Canadian Wheal Board an- 
nnuneed the sale of 3m. tonnes 
of wheat to China last May, it 
said 25 per cent, of the price 
would be in cash when the wheat 
was loaded on ships and the 
balance, plus interest, would be 
paid over IS months. 

Such methods are a major 
drain on limited exchange 
reserves at a time when the 
country has ambitious moderni¬ 
sation plans. 

Reuter. •• • . 

years in restore convertibilityj Thc Spanu-li Asnculiure 

and then under conditions so 
difficult as to make it a practical 
impossibility for many people. 
Strong, loo. are the crimes of the 
Popular Front Government of 
lf)3fi which finally ended ennver- 
tibili\v—an echo particularly 
insistent a few weeks before an 
election which could brine Com¬ 
munists and Socialists into 
power. Those who have lived 

Ministry m Madrid 
yosterda} that oranges from 
other nomine* might he being 
sold as Spanish fruit. The 
Ministry urged that oranges 
described as’ - Spanish should 
he carefully examined io see 
if they bore the normal seal 
**-Spanta. - ' which could certify 
they Mere centime. 

Singapore detainees call iThai-Cambodian 

through the final decades of the!Meanwhile, in West Germany. 

Third Repuhlic and whose family 
memories are much Inn-jer can 
well lake the scorn of thn^e who 
profess contempt for n lump of 
non-interest bearing metal. 

The ordinary Frenchman is not 

ihere wore fresh reports of 
consumers avoiding citrus 
fruit of all kinds. Whole¬ 
salers were reporting few now 
order* from greengrocers for 
orange*- of any origin. 

alone in his enthusiasm^ for Ihejj^ oanicl adds front Tel Avi\: 

vellow inclal. The Bank of 
France is sitting on 3.20ft tonnes 1 
of Ihe stuff. But it-is the ordi¬ 
nary Frenchman—from the baker: 
to the bourgeois of the 16th j 
arrondissement. who loves gold' 
best. Frenchmen have the) 
world's second largest private i 
gold hoard after that in India.! 

The . Israel Citrus Marketing 
Board yesterday denied 
reports that it had suspended 
picking or exporting nf 
oranges tor of other fruiri 
because of the general strike 
that has hit the Israeli 
merchant lleet. Shipments 
were continuing. 

a hoard which may be as much) YIC1C 

as 4,000 tonnes. That is roughly;The Board said it has been least 
2.65 fine ounces of gold for every i affected hj the strike because 
man. woman and child in the! it usually sends most nf the 
country. I fruit in foreign ships 


.should re tease all its political 
detainees "immediately and un¬ 
conditionally " n r bring them to 
trial, the human rich Is group 
Amnesty International said in 
London yesterday. The number 
of people detained without trial 
under Sineapore's Internal 
Security Act. Amnesty says is 
higher lhan the figure or 61 given 
by Mr. Lee Kuan Yew. the Prime 

In a pr?face 1 o the second 
edition of its hrtefiog on Singa¬ 
pore. published yesterday. 
Amnesty International ques¬ 
tioned the- admissibility of ** con¬ 
fessions ” made by political 

In the case nf Arun Senkullu- 
van. the former Singapore cur- 
respondent of - the Financial 
Times, a “ confession ” implicated 
others in a plot allegedly intended 
lo damage relations between 
Singapore and Malaysia and 
assist Communist attempts to 

undermine Singapore's Govern-. 

The report says such "con¬ 
fessions,” consistently alleged to! 
have been made under extreme, 
pressure, are usually required! 
as a precondition of release. ! 

Amnesty calls for the release, 
of four prisoners of conscience! 
who have spent 15 years in| 
prison without trial: Said Zahart.J 
Dr. Lim Hock Siew. Hu Toon l 
Chin and Lee Tse Tony. 

The report also details develop-! 
mcnls in the past two years, in¬ 
cluding the arrest of Shani&uddm ; 
Tung, on the eve of the December: 
1976 general election in which! 
he was an opposition candidate, 
and the re-arrest in the same! 
year of another opposition leader. 1 
Dr. Poh Soo Kai. 

Our Singapore correspondent 1 
adds: Mr. Lee Eu Seng, the for¬ 
mer managing editor of a leading 
Chinese-language daily news- 
paper. Nanyang Slang Fau. has 
been released after Sve years 

agreement on 
envoys, trade 

By Richard Nations 

BANGKOK, Feb. 2. 
THE THAI Foreign Minister 
returned to-day from a Four-day 
visit to Phnom Penh-with verhat 
agreements tn pxchange 
ambassadors and initiate trade 
with Cambodia “as. soon as 

Dr. Upadit Pam-hnryangkul 
said on arrival that the two 
i.ountries had decided to set aside 
the past two years nf border 
L-ontlicts that hart undermined 
relations between the two 

Foreign Minister Upadit also 
said the Camhndians had assured 
him that “they had no reason 
whatsoever to provoke any dis¬ 
pute aJonq the border." 

Fiv\.u>i T'-il-i rtiVliOita flail-. e»«m Sun- 
il.v i rnd holiflnvv li \ tanwripnon S’O" ‘<0 
i »ir Irtirhi‘ SiMMVi ia-r mail# prr anmii* 
Heel'll! v-l#-' POWUM Mid >1 N*« H flrl NI. 

r* it F>B ,• 



BiG'COVNT8g. ... 

Marchisfcisihe day of the inaugural flight of the very first Non-stop jet 
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Mainland USA., Alaska, Hawaii, Mexico, South America ^4 



Saudi and Egypt agree 


new initiative at UN 



BEIRUT. Feb 2. ■ 

and imports 

SAUDI ARABIA and Egypt have 
reached agreement to take the 
Middle East conflict to the 
United Nations if President 
Sadat’s talks with President 
Carter this week produce no 
effective results in breaking the 
current. Egyptian-Israeli dead¬ 

According to reliable Arab 
diplomatic sources, the accord 
came out of a meeting in Riyadh 
a few days ago between Saudi 
Crown Prince Fahd and 
Egyptian Vice President Hosni 

Aloha rak. 

Mr. Mubarak visited Saudi 
Arabia as part of a tour of nine 

Arab countries' and ’ Iran. He 
delivered message's from Presf- 
dent Sadat to the heads of State 
of these countries explaining 
the Egyptian position following 
the interruption of the political 
talks with the. Israelis" in 
Jerusalem ou January • lg. 

The sources said Saudi Arabia 
has already obtained the ap- 
oroval or the Palestine Libera¬ 
tion Organisation for moving the 
venue of Middle East negotia¬ 
tions to the UN. 

A PLO delegation under. Mr. 
Y 2 sir Arafat held talks with 
King Kbalid and Crown Prince 
Fahd In Riyadh last week. 

He was reportedly told that 

Eban wants moratorium 
on new Israeli settlements 


ISRAEL should declare a under negotiation by creating 
moratorium on the establish- new facts in the form of settle¬ 
ment of any new settlements in ments or proposed settlements, 
the occupied territories while Israel's insistence on retaining 
negotiations with Egypt are in the Rafab setlements, and its 
progress. Mr. Abba Eban. the decision to continue to expand 
former Israeli Foreign Minister new settlements in Sinai and the 
and a member of the opposition West Bank were key elements 
Labour Party', said in London in President Sadat's decision to 
yesterday. break-off the political talks in 

He said that the Israeli Jerusalem last monlb. 

Government should make up. its ^ aQ . sai f Ji th n 1 [h^-nnimon 

mind whether settlements in the think that IsraeU pubicopinion 

Rafafa salient of Sinai-were or *°uld of 

SEW.* «•'.£ s 

of “errW’Llon" peace talks did 

by* ZrZrAT^it shmiid brwfc dW" :II g™*" 

futur? there 11 ”*- ^ *** n ° settlements-which left Israel at 
tuiure mere. a disadvantage. 

It did not make sense for the Mr. Eban said he believed that 
settlers to guard Israeli security the U.S.. as the third member 
“by growing tomatoes’’ in an 0 f the tripartite negotiations, 
area in which Israel recognised should be able to work out a 
Egyptian sovereignty, he said. compromise declaration on the 
Mr. Eban said that Israel Palestinian question that would 
should not alter the situation be satisfactory to’both sides. 

now that the Sadat initiative was 
stumbling. Arabs must close 
ranks. and seek an alternative 
to the Egyptian President's 
direct contact with tho Israelis. 

Mr. Arafat, the sources added; 
was convinced a Saudi-!ed inttla- 
tire at the United Nations would 
give the-PLO a chance to bring 
the" Palestinian case baefc to tbe 
international organisation in full 

The diplomats said Saudi 
Arabia tried to persuade Presi¬ 
dent Sadat to go to the Untied 
Nations immediately after he 
recalled the Egyptian delegation 
at the Jerusalem talks. 

Mr. Sadat replied he warned 
to give the U.S. another chance 
to bring - pressure to bear on 
the Israelis and make' their stand 
more flexible, the sources said. 

Reuter adds from Algiers; 
Hard-line Arab leaders began 
private talk s here to-day a few 
hours-before opening a two-day 
summit conference aimed at 
consolidating opopsition to 
President Sadat's Middle East 

The presidents and party chiefs 
of a five-member “ resistance *’ 
front were expected to approve 
political and military plans for 
destroying what they regard as 
an anti-Arab conspiracy by 
Egypt, Israel and the U.S. 

The alliance, set up at summit 
talks in Tripoli on December 5. 
groups . Syria. Algeria, . Libya, 
South. Ycm.en and the Palestine 
Liberation Organisation. 

An-informed source here said 
•yesterday that Syria has moved 
to strengthen the front by allow¬ 
ing the Palestinians to re-open 
guerilla bases in the country and 
to set up a radio station. 

“There are no siens that the 
Syrians are ready to allow the 
guerillas to use these bases to 
resume attacks on Israel across 
the Golan Heights." he said. 

Sources close to the confer¬ 
ence here said the heads of State 
will anprovc plans for establish¬ 
ing the political and raUtiarv 
command structure? of their 
hard-line alliance. 

By Da> Hayward 

NEW ZEALAND has intro¬ 
duced a number of economic 
measures to increase Oquidity 
and ease restrictions on con¬ 
sumer •spending in effort to 
stimulate the economy. These 
include help for tbe car Import¬ 
ing and assembly industries 
and for farmers. Measures an¬ 
nounced by Prime' Minister, 
Robert Muldoon. Include big 
reductions in high purchase 
restrictions on new and used 
cam, the abolition or the 
Import deposit scheme which 
required' importers to face 
advance deposits when order¬ 
ing certain Imports and release 
of NZS25m. of funds to' sheep 
farmers. . 

The car Industry in New 
Zealand is lacing massive un¬ 
employment and layoffs as 
thousands of new cars pile up 
In factory yards and dealers 
showrooms. Car sales last year 
were more than 10 per eenL 
belotf production. 

Sheep farmers had part of 
their, income from wool sale 
frozen when wool prices were 
high last year. Fanners facing 
a 30 to 40 per rent, drop in 
income tins year can now 
rtceive their frozen funds. 

T«E US: will increase its 
spending on defence by 3 per 
i.enL in real terms In each "Of 
the next five years to counter 
the growing threat from -the 
Soviet Union and make sure that 
it can guarantee adequate sup¬ 
plies of vital imported raw 
materials. . „ _ 

Dr. Harold Brown, the U.S. 
Defence. Secretary, outlined 
these new spending targets to¬ 
day In the Pentagon’s annual 
report to Congress. As announ¬ 
ced in the Budget..-this report 
pays special attention to NATO 
and says thaL by 1883. • the' U.S. 
will have nearly quintupled the 
number of men and aircraft 
which can be transported to 
Europe within a ten-day period. 

Alrhougb the Secretary was at 
pains to stress that the planned 
Increase in spending—to S172btL 
in real terms by 1983—was less 
than projected by tbe Ford 

Administration, he said that the 
present situation left the-U^. 
with no choice but to do this. 

Apart from tbe Soviet threat, 
Dr. Brown's report also high¬ 
lighted the growing dependence 

by the ILS." on--, imported raw 
materials, particularly ’ olL'This 
means, he said, that “ our 
security depends on more .than 
relative freedom from direct 
attack.” ' " • 

NATO support increase 


L'& Defence Secretary, said 
that the-US. will more than 
double tbe amount of equip¬ 
ment p re-positioned in Europe 
and develop the capacity to 
airlift five divisions <o Europe 
within 10 days by 1083. 

At present- the U.S- has 
‘ nearly six divisions perma¬ 
nently stationed i» Europe and 
these can be reinforced by one 
division in a 10 -day period. 

New -planff 'will also moan. 
that 1 ah' extra; 60 UCtical alr; 
squadrons can to. 

‘ Europe within 10 days. - 
He disclosed that the' F-J6 
aircraft currently being bolH 
for Norway, Holland. Belgium 
and Denmark, will have 'the 
capacity to carry: nuclear 
- bombs . and ■ . ^reiterated 
American concern about-, the 
northern and southern. Banks 
-of Nat*: . j*. 


• While ft was increasing®—J 
Tteportaflt glo&aJly rtor tbevUs? 1: 
that. the process ' of political^ 
change-should he * orderly* the . 

MS. must. pay particular atien-..:j- *' 
tion to the “independence-of * 
sucb criticai areas 'as’ Western?; 
Europe, the 'Middle East aad the ■. : 
Gulf, north-east Asia and AM#*... V • 
anfi freedom of toe air and i^ L -A : 
routes -to them.? . "““ry..; A\ ■. ' 
The chief fo^ Of thV;repbrtJ ': , 
was on the-Soviet Union. Dry 'V 
.Brown noted, that tbe.USSa-'.. 
remains, m- Winston Churcaili‘ s „. r 
phrase; “a riddle wrapped! 
mystery Inside an -enigma.""; A,.- . 

..He . s|ki4' that,-.if-.eontlmie^.-. 
modernisation oi -Wareaw. Part* -: 
forces was. solely.: for; defajgVre.': 
purposes, there- would be le«. 

U.S. ■ and NATO -concern: .‘.-Brit' 

-be noted thaL in its .defences- "A • 
planning, the Soviet .Union apdr 
- its allies -continue' to emphasftfc, 
offence,- surprise; ■ deception.’- 
shock and speed, j-‘ 

Panama Canal treaty lidpes rise 



Australia aid 
for housing 

By Kenneth Randall 

More charges- 
are filed 

against Bhutto 

By Simon Henderson 

U.K. sends its peace 
ideas to Salisbury 

ISLAMABAD. Feb. 2. | 

FIVE CASES alleging crimes! 
ranging from embezzlement to 
rigging the elections were filed! 
today in Lahore aga-nst the! 
former Prime Minister of 
Pakistan, Zuifikar Ali Bhutto.- 

Three ofrthe cases will start 
against him'bn' February 21l'the 
rest at a later date. They- form 
pari of the process of political 
accountability which the military 
ruler. General Zia-ul Haq, has> 
said must be undergone before 
the holding of elections. j 

Tbe fire cases to be in cd are! 
the embezzlement of more thanj 
Rsl9.2ra. of secret service i 
funds for party political 
purposes, the misuse of public 
funds worth Rsfira. on two of 
Mr. Bhutto's houses, incorrect 
submission to military authori¬ 
ties of assets acquired while 
holding political office, misusing! 
Government funds of Rs 9 . 2 m. on i 
a private farm.' and ihe rigging I 
of the national elections in 
March. -19TT.. \ 

Asixttrease concerning foreign] 
exchange offences to the tune of I 
Rs-lni. will be filed in the best 
few days. 

.All the cases, will be heard in 
Lahore in a special court estab¬ 
lished hy the military regime to 
try politicians accused of 
corruption and of power. 


Gandhi recognition 

Mrs. Indira Gandhi made some 
recovery of Inst political ground 
when tbe Election Commission 
yesterday recognised her break¬ 
away group as a national parly. 
Her party will he known a.s )he 
Indian National Congress il). ihei 
’T" _ standing for “Indira." 
K. K. .Shanua reports from. New 
Delhi. Its election symbol will 
be ‘The hand." Meanwhile 
students clashed with Indian! 
police yesterday as they staged | 
a noisy demonstration against thej 
Shah of Iran, who arrived in .Veivj 
Delhi on a four-day visit. I 

THE BRITISH Government is 
now circulating the additional 
Rhodesian settlement proposals 
it placed before the. Patriotic 
Front in-Malta this, week JO the 
parties ittvolve® in the separate 
“ internal ” settiem.enr talks. In 
Salisbury—Mr. - ten' Smith's 
Government and the domeslie- 
aily-based -natioaaCst organ isa-, 
tions. ' . 

However,- ’ the-r additional 
suggestions introduced by 
Britain in Malta failed to bridge 
the gulf between the Anglo-. 
American settlement proposals 
and those of the Front. There 
seems no chance of them being 
acceptable to Mr. Smith. 

Even if the Patriotic Front 
and Britain were to reach a com¬ 
promise foTmula in future 
discussions—and there is con¬ 
siderable pessimism in White¬ 
hall about this—there is no hope 
of it being implemented unless 
Mr. Smith can be brought to 
accept it An internationally 
approved settlement seems as 
far away as ever. 

The additional suggestions 
put forward by Britain flesh out 
the Anglo-American proposals 
for an independence constitu¬ 
tion, the role of a UN peace¬ 
keeping force in The country and 
interim arrangements for the 
transfer of power. 

But they go beyond tbe Anglo- 
American plan in that there 
would be some dilution of the 
British Resided Commissioner's 
responsibilities in - the interim 
period.'to give ibe nationalist 
groups some say in Government. 

li is understood this council 
would be largely advisory, but 
won Id have some legisla ti re 
powers. However, Lord Carver 
would retain total control over 
key portfolios. 

Britain is believed to have ten¬ 
tatively suggested that the 
Patriotic Front bare four seats 
on this council, with two going to 

each of three other parties—the 
Rhodesian Government. Bishop 
Muzorewa's UANC and the Rev. 
SltholeS party. Lord Carver 
would be the council chairman. 

While the Patriotic Front 
agrees with the idea of a. council, 
its view 'of' the composition 'anil 
role of the body Is very different 
and to tally • un acCe pt able .--1 o- 
Brita i n'_ J. It has' irsugcegi fcff -1' 
council-dominated by thfl Front. 

Britain.' and the .'.Front are 
equally ter apart on the ques¬ 
tion of the military m the hand 
over period. 

The Front wants its forces to 
keep peace during the trsnsi- 
over period. 

Tony Hawkins adds from 
Salisbury: New problems ap¬ 
peared in the Rhodesiau settle¬ 
ment talks yesterday when 
Bishop Muzorewa, declaring that 
the talks were back to “square 
one." accused the other three 
parties participating in the dis¬ 
cussions of “an unholy alliance" 
against has United African 
National Council (UANC). 

The UANC v:*s determined to 
oppose thU unholy alliance, he 
said, waminz that the combina¬ 
tion of the three groups mictp 
well resvilt in their “ total 
elimination ” at the polls. 

The Bishop's statement has 
engendered new pessimism 
about the talks' prospects. A 
Rhodesian Government source 
spoke of “ a very serious situa¬ 
tion, ^ adding that the Bishop 
seemed to be prepared to push 
the talks towards breakdown by 
refusing to compromise on his 
new. position. 

Mr. Smith's problems are com¬ 
pounded by the fact that there is 
growing evidence of a white 
backlash—reflecting the military 
situation and the murder by ter¬ 
rorists of 15 whites so far this 
year. Mr. Smith is understood 
to feel that he cannot contem¬ 
plate any further concessions. 

CANBERRA, Feb. 2. 
AFTER A week's argument 
with the Government and its 
monetary advisers, the Austra¬ 
lian banks have agreed to some 
slight changes iu. interest 
rates. There will be a cur of 
0.5 per cent, for new and exist¬ 
ing housing loans from the 
banks, balanced by -a 0.5 per 
cent, rvilnctlon in the Interest 
paid on deposits, including 
term deposits. 

The,.banks, however, have 
stoutly resisted the Govern¬ 
ment's- -proposals for lower 
interest!rates across the board 
and, in.the housing field, it 
uow. rests with '.the State 
governments to persuade 
hitildlng societies that they, 
too, should bring down their, 
rtles; _ 

The Government's repeated 
predictions since last November 
that interest rates would fall 
by two percentage points 
during 1978, had been causing 
many potential faome-fauyere to 
delay-their decisions, according 
to tile industry. . 

a low-keyed and rational style 
last night in his televised talk 
on the Panama Cana] treaties. 

He said he did not think that 
the amendments to the treaties, 
advocated by the Democratic 
and Republican Senate leaders, 
Mr. Robert Byrd and Mr. 
Howard Baker, were necessary 
lo safeguard U.S. rights, bat he 
did not take sharp exception to 
them. ■ . . 

If the Administration accepts 
the proposed' amendments— 
guaranteeing tbe right of U.S. 
military intervention to protect 
the neutrality of the Canal after 
tbe year 2000, and assuring 
priority passage for U.S. war 
ships—then the chances of 
ratification by tbe Senate of the 
treaties are growing brighter 

According to Senator Alan 
Craoslon. the Democratic Whip. 
S2 senators are now either in 
favour of, or leaning towards, 
ratification; . 28 either . inclined, 
against or 'definitely opposed; 
with ten undecided. Most other 
informal head counts show a 
similar split. A two-thirds 
majority in the Senate fthat is. 
67 senators) is needed for 

Tbe Administration's prefer¬ 
ence that no amendments be 
added reflects uncertainty over 
whether or not an amended ver¬ 
sion of the treaties would have 

to be submitted to the Pana¬ 
manian people in a second 
plebiscite there. Gen. Omar 
Torrijos. the Panamanian leader, 
is reported to have told several 
senators that be doubts this 
would be necessary. 

Mr. Carter's televised talk was 
designed to relieve some. of 
the pressure, from constituents 
on several senators, mostly: from 
the south,- who have yef to make 
up-their minds.-- Although Ihe 
latest Gal hip - poll, issued 
yesterday. - showed a ’ national 
majority in favour of the 
treaties for the firsl time, oppo¬ 
sition runs much stronger in the 

more conservative and jingoistic 

The President .stressed his 
belief that. 413/ .security.-was 
provided for under the new 
treaties. He also argued srmngly 
that, the new treaties were a 
sign of US. strength and wduid: 
greatly. Improve U-S. standing- In 
the western hemisphere.:. .. 1 ‘ 

- Mr. Carter also, dismissed the 
iHtelihood'of Panama seeking 1 lo 
close'.' trie Canal. Successive 
Panamanian governments,' .over 
the last 75 years bad hot .done 
so, he said, because the. Canal! 
was crucial to the Panamanian, 
economy. ' - 



: By Stewart Fleming 1 


- NEW FORK.::Feb, i-:.'. :- 
THE U.S,. Department of-tiabour • 
has mounted the second stage -of. 

has mounted the second stage pi. 
Us sweeping attack on.the alfegpJT 
mismanagement of- on| of ibei-- 
largest' private pension funds Itf* ■ 

Landing system rebuttal 


paring a point-by-point answer to 
allegations made yesterday by 
tiirhead of the U.S. Federal Avia¬ 
tion Administration (FAA) who 
accused Plessey .and the' U.K. 
Civil Aviation Authority fCAA) 
of “ vicious " tactics fn pressing 
the case for the British all- 
weather landing system. 

The hearings about, rival 
British and U.S. all-weather land¬ 
ing systems wiJJ resume-on Mon¬ 
day when British experts will 
testify before the House Govern¬ 

ment Operations Sub-committee. 

Officials, categorically reject 
ebaigpd pf !$(£ f 
Langhorne 1 ■Bbnd; * that* ^Britain 
was launching a lasted itch 

attempt to push a system'which 
is technically inferior to-the &S.- 
time^ .reference - scanning, beam 
(TRSB) -system/ ■ :>■ 

The British side arguesj&at 
U.S. evidence last year tu the 
International Civil Aviation 
Organisation (ICAO) -.‘greatly 
exaggerated the capability of the 
Compact * antenna,.., the . key 
element in the U.S. system,. 

largest' private pension funds Itf* ■ 
tbe - UiSS*r*hfr’ r eeirtraT.^ 
soatfreesr-and southwest areafrs 
fund-r-of.ibe lnternatiocalj^ 
Brotherhood of Teamsters. ^ 

For years, allegations of 
manari“ment of the. fund -' add 7 r . 
links between' it .‘and organised. " 
crime have. '• circulated. * . 

year, the. :Labotir' Departttttt^. ,- 
secured the resignations of - 

of the Sl.Sbn.,fund's trustees anfi r,.: 
the, handing oyer of the man age-’-., 
ment, of the assets/th Tadfepra*^: : 
dent managers.... v . -. 
. Employing - j;he ’ provisibns of - 
the Radical Employee Retirement • 
Income Security Act- passed-in': v 
1875 td: impose* tighter, controls 
on the isSits of the prWate pen^ 

Jicr i 

BritOfrcharged -.3; 
hi South 

- • •fe'HANfp^J8U(tGrFetL;.2.j f; 
Johu-Temple, Former associate 
of a British millionaire facing 
fraud Charges, appeared in 
court here on Tuesday charged' 
under South. Africa's exchange 
control regulations. 

Mr. Temple was named in 
court last week as one or six ! 
men whom British millionaire 
John Wall was forbidden to 
contact as a condition of his 
R20.000 (£12,000) ball. 


Brazil N-power costs escalate 

.sioas.schemes,the. U.S» die - 
Labour Departmen'l' has filed-suit , 
-against the ftmd's fqrmec - tm;,; 
tees..:. • 

The suit is designed to forced- 
Mr. Frank E. FitzsirnmDn&i'tbftr .. 
teamsters'- presldeht ' .and f^Ov- 
other .former' fuad-trtal^esL to fB-)-: 
pay losses, the Ttmd. has suffered;' - 
resulting from allegedly, impr*-, 
dent loans. • 

. • Although an exart' figure Wr; 
not been put on the: repayments, 
being "• demanded^ - officials 
mate that .they. «KiId;;ruo.;int(K.. 
tens of millions of dollars. '•:. ... 

*"Sr sue^branford 

- :J -SAO’-pAULO, Feb: ?., ' f 

&RAZIL1 AN autborlties '.have. 'The BrhiSlian Foreign'. Ministry ge'st r that' .the.-first- of a./series tk 
received with relief the decision said yesterday that Brazil would foor;-200-toOne remittances .of 

received with relief the decision said yesterday that Brazil would foor,-200-tonne remittances .of 
bv-'the Dutch Govemmenl to ?o: noi §o back on. its decision not enriched .uranium from.-the U.S;] 
ahead with its expansion plans to sign the-treaty For the non- will soon he-reaching Brazil. The 
For ihe Urencu plan! at Almelo. proliferation of nuclear anus, uranium, which was purchased m> 
.Although a new agreement over which Is considered “discrlhiina- 1976 from 'South :• Africa;, for, 
safeguards win have' To l»e' lory." However, it would pro- S13m. and was enriched by the 
worked out between Urenco and vide all the necessary guarantees U.S. Research and Development 
Brazil, the authorisation means that its nuclear programme had. Agency, will be used in the first 
that enriched uranium will in peaceful ends. nuclear power station, Angra dos 

principle be available for the Under the German-deal, Brazil Hete’L. * . ■ 

Brazilian-nuclear power stations, plans to set up in the country the ■ T “ e .J® t ri2 0 £;.25lr 1 £? ■, J 3 *!.? 
Angra dos Reis II and III. These H - hoJe nuc i ear cvc | e including C3 P aclw Of 626BTW shenld come 
reactors, which are being built ^ cm stream' du nag JhfrJrst half 

Steel uniop 
victory at •; .. f. 

southern yard :tk 

By John HYyJes. . 

NEW YORK, Feh; 2i •'J 

Landrover bail for 
Briton in Sudan 

By Alan Darby 

reactors which are bciDE built . £ * ! ■ • On- strain Quria^-4ii&.'flr5i tuii l 

Ind teulled by iK Wen German P rol!ecl “* of wa5 “ fueL 1 T he of 19IS. This reaoorfs theresulti 
com pan v Kraftewerk Union, are Government has gained consider- 0 f a 1972 U.S.-Brazil rammgreia) 
due to come on stream in 1982. able political prestige within treaty, in which the; supply of 
each with a capacity of 1,200 MW. Brazil for this ambitious pro- enriched-uranium was tietf'to 

jecl. particularly among the the pufettase of equipment from. 
D ir «rmed foreds. WestingfiOUs^The ipent-Iael is 

KHARTOUM. Feb. 2. 

owned Landrover has beeu put 
up as ball In Kharioom to 
secure the release of the com¬ 
pany's Sudan and Egypt 

Mr. Adrian P. Marshall was 
arrested and detained for three 
hours after a Sudanese 
designer brought a case against 
tile .- agricultural • equipment 
company alleging breach - of 

Brazil will become the main pur¬ 
chaser of enriched uranium 
From the Almelo plant, taking 

a large part oF production which ^ . « ... 

annually m 1977 to 200 tonnes $ intervention progress 

io 1979 and 1.000 tonnes in 1985. T -L . 

• Under its nuclear deal with ** 9°^ N CORRESPONDENT -WA^HlNtjTON, Feb. *. - 

W£2* 5 , aid t0 be worth jlEI. MICHAEL BLUMENTHAL, through sharply -Wgher uite.resU 

Slfibn.. Brazil plans to set up the U.S. Treasury Secretary, said rates.”- 

eight nuclear plants, reach mg a to_d ai - that the US. poticy of On the contrary, he -said. It 
tetel capacity of 10.000 iTti by intervening more forcefully in reflect^ excessive UiS. depen* 

Unconfirmed reports here sug-_to be YetUnied to The U.S: v-:xr ?r 

Biko decision 

police who interrogated black 
leader Sieve Biko shortly 
before he died wilt not be 
prosecuted, an official state¬ 
ment said to-day. 

intervening more forcefully in reflected excessive UjS. depen- 
1990. However. Government t ^ e foreign exchange markets dence on foreign oil 
authorities recently expressed *• was making progress ” towards The- D^. had to develop Its 
concern at the increasing costs. ca |ming disorderly conditions. own strong energy policy while 
particularly of machinery. g u t be stressed that “the “strong domestic' growth in 
According to recent estimates, measures that have been taken major industrial societies i£ a 
the cost of each kilowatt to be in- designed to deal with a par- prerequisite to achieving better 
stalled in Angras II and III is tieular market situation. They international balance.”, 
now put at 81.540. which Is aj- e not a substitute for action Tbe US„ Mr, BlumenthaJ-said, 
believed to be the highest outlay- 10 correct the root causes of was doing its part In. the. latest 
in the world for this type of international trade problems.” economic programme. .“-It Is im- 
reactor. This had led to rumours. in testimony on Capitol HiU. par tan! that other strong nations 
as yet unconfirmed, that Brazil the Treasury Secretary said the join us in comparable efforts 3 
will be cutting back on the u.S. trade deficit “is not the we are to sustain economic ro 
number of reactors to be result of an overheated domestic covery throughout the Industrial 
I purchased. economy that must be restrained world.”-. 

THE STEEirWorkers' Uatcm W 
scored _a remarkable .organising, 
victory at-Newport News ■ 

building and Dj^iwfr't&nipaiiK- v 
the -Virg£xiia.-t?ased eobtfdfaiy ptv; 
Tennecb /lat,, 'which. will ;p«v: 
fre^h heart into union recruiting , 
ftffoct& ln-the southern states. 

• The 19^00 production workeiVr 
at Newport -, News ■ jute beea- 1}t . 
represented for many years bXd-. 
the:Peiurrsuia -^hipbuildeM' • 
Association; -which .hns i long .bea^s* 
characterised pompanyi^ 

union”' by affiliates of the,. ; 
American federation-of Labour- 
Congress of Industrial. Organisa- .. 
tidi^. (AFL-CIO). Since 
AFTrCIO unions had.-.test tout 
representation' elections 'among - 
company workers,- before^ th« 
United Steelworkers'‘ began "an : 
organising drive .18 months ago:- 

; Ajlhotigh the-'^cafliphay cawf;.: 
paigned ' vigorously against. Oter,; 
USW, ibe union managed'to 
cruft sufficient support to secufff; 
a National Labour' Rdlatjbtri^;.: 
Board eleetion ; ' which'yielded^' 
9,093- votes in'rts favour agaiosb?' 
7^48* for the Penlnsura’ : ShTi?” - 
builders' Association. Accordlflg> 
to the AEL-CIO in Rfchtaond^’Vlr- 
ginia, fo^ay,' the steeiworker^j.: 
victory was remarkable .Mr .tiMR . 
fact that, while U-was;remtitra£L:, 
support, some 1,900 draughtsmen?,'-.- 
whom it had org^inteed=-a: r?ear : ^ 
ago; were ou-strike; j . . ,T -■ _ 

Sri Lanka tries strong government In its push for development 

SRI LANKA is embarkinc on an' 
experiment in strong Govern¬ 
ment to force the pace if 

To a 21-gun salute on 
Colombo's sea front and the 
temporary -closure of all liquor 
shops throughout the island Sir. 
.Tunpus Jayewardcnc takes over 
on Saturday 3 s the country's 
first executive President .under a 
change hi the constitution (hat 
makes him both Head of State 
and Head of Government. 

Mr. Jayewardene has been 
Prime Minister since July when 
his United .National Party cap¬ 
tured 141 of the 168 seals at 
stake in ihe general election. 
He has taken this unexpectedly 
massive victory as endorsement 
of his belief in the need for a 
far more powerful executive to 
lake the unpopular decisions to 
end the pattern of stagnant 
economic growth and rising 
unemployment that exploded tn 
the insurgency of 1971. 

Inevitably the constitutional 
change .has brought accusations 
from the left wing parties 
routed in the election thai JR. 
as he is known is attempting to 
make himself an absolute ruler. 
Mrs. Sirimo BandarunaIke. the 
former Prime Minister, duhs 
Saturday's ceremony as -JR's 
“ aficeading tbe throne." 

The 'element of troth In this 
is that , at 71 ho is: a patrician 
figure, the elder statesman of 
his party who on bis own ad¬ 
mission takes a Gaul list view of 
the Presidency. Unlike General 
de Gaulle he has not shied away 
from the-bard-slog of election¬ 
eering and political infigbting. 

But be shares a similar approach 
in rooting his political outlook 
in a handful of strongly held 

Tho first of these is that, the 
Westminster style of democracy 

The other fault of the Britisb- 
sty lejsystem, as JR, is that 
it has brought a change of 
government in every election 
since 1952. Thus it has deterred 
politicians from taking the neces¬ 
sary harsh remedial measures. 

- Tbe constitutional amend¬ 
ments he has made or plans to 
introduce guarantee him a six 
year term of office as president. 
He will resign his seat in the 
Assembly—freeing himself from 
what he obviously considers the 
chores of parliamentary debate 


—under which Sri Lanka has 
been ruled sipce in dependence 
and which- is now being aban¬ 
doned —has served, ihe. island ill. 
11 has resulted in -competitive 
bidding for vutes wftb inflated 
elect ton promises that it was hot 
within the means of the rouotry 
lo fulfil. fJF was as guilty as 
anybody of this at the fast elec¬ 

The outcome has been to 
saddle tbe economy with a wel¬ 
fare programme nF subsidised 
food, inmapnrt. health'and edu¬ 
cation which absorbs over a 

third of the budget. 

At the same time the shortage 
of investment funds has helped 
unemployment io rlimb to 1.2rn„ 
or a fifth of the labour force. 

and questions. His government 
will no longer be accountable-to 
the Assembly. 

A$ President be will have the 
power to dissolve the Assembly 
at will. Even If it runs its full 
life be will remain In charge of 
the administration after the next 

These measures are intended 
to lay tbe foundations for con- 
tin uity of govern men L But as a 
further check, proportional rep¬ 
resentation is being introduced. 
On the basis of past voting pat¬ 
terns it will deny to a by future 
go vc rn men t the two-thirds 
majority needed to reverse the 
change* JR has made. 

JR's second mam plank is 

tough action to phase out wel¬ 
fare subsidies to help pay for 
investment calculated to create 
more jobs. A start has been 
made by withdrawing, the free 
rice ration from about half the 

But the realists within the 
parly recognise that such 
measures, coupled with the 
increase of prices that will 
result from the recent 85 per 
cent, devaluation are bound to 
result in a prolonged period of 
discontent. If the Government 
sticks to its programme. Like¬ 
wise it will lake years before the 
UNPsees the full return from its 
policies in terms of more jobs, 
higher production and exports, 
and a'stronger rupee. In antici¬ 
pation of trouble, the Govern¬ 
ment has banned demonstrations, 
transferred trades'union leaders, 
and made clear that those taking 
part in political strikes will be 

Mr. Pieter Keunenian the. 
Communist Party leader and 
former Minister of Housing says 
“ the extra-parliamentary strug¬ 
gle has now become the main 
struggle and that is our 

The third main plank of Mr. 
Jayewardene's poticy is the 
need for foreign capital whether 
in the form of investment aid, 

nr loans. A belief in liberalis¬ 
ing ibe economy bas been behind 

previous UNP administrations. 
But their association, with a 
wealthy landowning and business 
elite was the party's .downfall in 
the 1970 election. JR has 
widened the party's social base 
and appealed to the young, who 
provide the bulk of the nn- 
employed, by bringing young 
tnen Into his administration. Two 
of hts most senior colleagues— 
Mr. Lalith Athulathmudali. 
Minister for Trade, and Mr. 
Gam ini Dissanayake, Minister 
for Irrigation, are both under 40. 
The result is a Cabinet strong 
In,enthusiasm but as vet uncer¬ 
tain how to carry its ideas into 

Beyond the general ideas, the 
new Government's first months in 
office have shown that It did too 
tittle homework while in opposi¬ 
tion on the ambitious programme 
it is now putting forward. Evi¬ 
dently expecting a warm welcome 
in the west for the end of Mrs. 
Bandaranaike’s Socialist regime, 
it got a nasty shock at the tough 
conditions demanded by the IMF 
For the loan Sri Lanka sought. 
Mr. Ronnie De Mel. the-Minister 
of Finance, initially hoped For 
a SDR 350m. package of loans 
over three years.. The Cabinet, 
however, was un will tug to pay 
the full price asked by ffce IMF 
of Immediately removing sub¬ 
sidies on rice, wheat and trans¬ 
port, So a compromise was 

negotiated for a SDR standby 
credit of 93m. over one year, 
and tbe Government, against the 
IMF's wishes, introduced a 
Rupees 50 a month dole allow¬ 
ance for those unemployed to 
soften the blow of a gut in 

Tbe Government took the bold 

decision to abolish multiple 

exchange rates and devalue .the 
currency to a realistic level. Biit J 
having taken an equally bold 
decision to liberalise imports by 
removing tariff barriers, it has 
since sofi pedalled on this by 
increasing import duties to ,pro-’ 
tect local indsutry. It fa still 
unclear how quickly It is willing 
to phase out subsidies—and thus 
bow much will become available 
for investment—and to Force 
local indstry into being competi¬ 

The two main projects for 
generating .employment — the 
accelerated programme for 
developing the Mahaveli Irriga¬ 
tion scheme in 5-6 years instead 
of 30 and the free trade-zone 
north of Colombo—are - at an 
even vaguer stage of preparation 

The attraction of the first Is 
that the Mahaveli could- make 
the country self sufficient. In rice, 
create more jobs. than : any other 
project and provide hydroelectric 
power. Bift the Government has 
not the funds lo finance it and 
has noi thouehi through' the im¬ 
plications in terms of cost, 

availability of supplies, or the: 
impact on other ■ investment 
Foreign experts 'believe that it- 
cannot be. speeded tip to • .the 
extent the government wishes. 

As to the free trade zone,. Mr. 
Jayewardene has in mind : .ereat:. 
.ing a sort of Hon& Eoicig withinr 
the borders of . Sri Lanka — M a> 

capita lists’ paradise” as'he calls 
.-If—that would have its - own 
administration 1 and be outside.' 
the jurisdiction of many'of Sri.; 
Lanka’s .'laws." He ' has puf-. 
through Y ■ Bill'- to ’ create' the * 
commission;that will run ft 'and 
made one .of the Island's moSc 

B romincntbusinessmen — Mr. ■' 
Pali WdewarfenaY-ll$ : Chair- ; 
•man. . The Government claims ■ 
that a Large number of .foreign 
companies have shown interest' 
*in manufacturing garments (Sri 
Lanka has sizeable unused quotes 
to the EEC), electronics, Good 
and rubber processing; until 
the ■ exactIncentives' have been 
spelt out ]asdthe Government 
-has fully convinced foreign Inves¬ 
tors that they have .nothing to 
Fear .from .takeovers, under, the 
business ' acquisitions’act, Yt 
remains a'gGnt. ft) the eye/ .- 

It Is ip. Mr. -Jayewardene’s 
favour as. he-takes over the Pre-. 
sidency that beaVy^rains this year: 
have given the country a record- 
peddy. crop:- Foreign exchange: 
reserves are high - because ’tea! 
and. rubber prices have stayed 
up, though production is ■ still 

: ureB off-ks peat .Sie.Jeflr wteSi 
: partfes fMis. BaDdaraifaikeYSrP-■ % r 
-Xabka FreedoteTterty /and•'tbe® T ; U• . 
Communist anff Trotsksite- mov^ ' 
menjsj - remain demoralised; bY' . .. 

their'etectotiaTr'Jdefeav-' and-, tb* 1 
trades unlons havfi.yet-to show 
wheihCr tiiej have retained their-- ■ , 

' muscle. , '■ ; .v_; n 

' For the ; m'omeht " Kfr. V Jaye* _■ m 

wardens bas. appe^s^d,,Remands : . , “l | 
■by. the . Tamilsr-whose^'United W 

Frdiif is ' ibe single /largest',:; , “ 
bppoaiion group 
'Qrept—tor’ s', seporabec itate. 
promising to. remoVe^4i*criniiot.V- 
tion- in 4 hd ■ edoeatfon. :Bcr,'y = y >. - 
: wiili'; unempldymmtt'- rtiU !eUbrtftV. -];•».. ; 
ing^aind prides-rtstqg-sis'-'in^^;Mrp'---L;^V' 
Is goingto haveim'ftphlllff&u^te^Yf - 
the■expeeutiosB'&at; , 

part^^grandio^-prbgramitieiaS ^; .; 

L>! ’ -,V 

l-V - 



' TpVwar d fngfvPip^ 3Sp.-* ..Hal'd 1 ! 
n ,Sfrw4. IMtf' Mn'Nl'lS 

M- -st . 

f jl jiMi vaci^ in f UU1 Cll 

i|b|jappese Government 

TOKYO, Feb. 2. 

?o 1 ' «he.^«Uon. new aircraft into operation 

la « as f :^p» ; kMuaUyJte-. In . other words, the Govern- with a few months of each other, 

eat ^airable -that Toa Domestic meat appears to be making a n 

Airlines,' the. smaller of Japan's distinction -between its explicit piIu^,‘ 11 Jl ine f J?^ ed r °- r ,w,? 11 ?' 
Scft fot p -ftn two domestic airlinfes. 1 should: bachiag of the A.*300 and a pub- „ r ^n? .(or similar aircraft i is 
ed t h-. L ^'>3 purchase the A-300 European bcly non-committal attitude to- 

Nissan to buy parts 
in U.K. and France 


TOKYO. Feb. 2. 

lair an . ±uc eap*u«w» \jOv«rniaeat iscaeven are nw.eompeunve witn a in.r»r* Vi.-^ 

tta? !*«*- tarttag tterAMm:i|dM otter. one another, in that tftey.would SStaS 
an nr v?., wide-bodied aircraft which toigbt serire ; different’:rt!es and may °* serving these rou res. 

*, r t;• be purchased by TDA'both -eventusHy;&e acquired by The EEC has been publicly 

hiire ‘ “ r sees the aircraft as a means of TDA^ The two-.aircraft do. bow- pressing Japan to place an order 
iAir, v,- *:s C reducing ‘the: rnoimtibg tertsioh ever, compute ’-as- far as the for the A-300 since last autumn. 

■ * J I. r.r. .. ' • k-. j- J-Cki. .1 t _« __.....l_ when M. Tin.* TAnI.l-.r- r.lrni^ iU.. 

Mexican pipeline loan 

. ‘if statemem, of ttfippart -for ihe to mate a final decision on its commission. 

c«.‘*-®AC One-Eleven* another air- purchase of a -short-haul airliner The pressure was renewed 
’Pwtf ■ craft which TDA is-interested (for which the Ohe-EJeven is the last week when ■ Mr. Nobuhiko 

—__ in buying (for-a different Wle leading candldatel by-the spring lishiha. Japan's Minister for 

‘ from that envisaged for ‘ the of 1978. in order to have the air- External Economic Relations, 
■Ejl , A-300J. . craft in-service by 1380. visited Brussels to explain the 

! I 11 Afl Asked whether .'the Govern- - If a decision is taken instead recent U-S.-Japan agreement on 
* 1V U ment felt, that-it desir-to buy the A-300 first, the short- trade liberalisation, and found 
able for Tea to buy the One- haul airliner, purchase could he the Commission unexpectedly 
I BTftet Eleven as a means of offsetting set back by a year.'. ^he reason dissatisfied with its share of 
^>41|jVlpart (if Japan's big trade surplus for this is that TDA apparently Japanese trade concessions. 

_ • ‘with the U.K., the same Foreieit lacks the training and servicing \j r u«?hiha seems tn have hppn 

SlOHS Ministry spokesman said that be facilities to take two completely warnwl that Japan must take 

_ ■ , • __ . ■ specific action to reduce its trade [ 

_ . : : r-——— - surplus with the EEC during 

n Merging _ # n the next two raonl hs or face the 

* w ^ * Mexican pipeline loan &nsa. e distriminalory 

t-rt '•£. r -;i _ ** The Government is apparently 

pq .«.<»,>-,j “• : TOKYO, Feb. 2. reluctant to respond to this 

meitV'g** SYNDICATE bill Japanese; : Cactus and Reynoaaln the north- griff”™™or qurta 

; , n fi ;hanks have Signed in New. York ea«- ummm' steel mills liberalisation measures specific-i 
-th- f,*-.. \an agreement- with Petroleos f Q . Steel "and all >' designed to please Europe. 

a ^o .;; 1 Mexicanos lPenwx> to' supply a Kok^ Kklsha“SuinHorno * »■£»* L.ffl'i**®' on 

od o‘1 • loon Uj help it buy 150,000 Metal industries and Kawasaki S^iwlv^Snlis^Ji^of mak- 

- tonnei of steel, pipe from; Japan, Steel, last November concluded P peace with the EEC 

l ”; , the Banfcof Japan said as lead a contract with Pemex to. export " 6 peace with v tn j LtA. . - 

'•? tv- manflEer 130,000 tonnes of Urge diameter 

Aicn ; f manager. . ■ . steel pipe f or the project with 

jvc u The seven-year Joan will carry shipment to be completed by the 

; ”r,^L-an interest'equivalent to London end of next month, 

ic resir-. interbank offered rates plus a -phe Japanese syndicate 

ifcr.. j . fixed margin of slightly above indues Umitotno Bank. Mitsui 

f,v^ r ^1 per cent. It said. - ■ Bank. Mitsubishi Bank, Long- 

the •-<.■•: -J I; Pemex will use the pipe for term Credit Bank .of Japan and 

' part of its 1.360 kilometre pipe Daiichi-Kamgyo Bank. 
ir c .line linking the southern city of Reuter 

l filed 



r« F/erM-ng 
E ' v yubk 
P d ;.v 7*.;,., 

M of i 

JAPAN'S second largest motor 
company, Nissan, said to-day it 
planned to open talks in France 
and Britain to buy tyres and 
other parts for its Datsun 
passenger cars. 

The company said it hoped to 
buy tyres from Micheiin of 
France and other parts from 
Britain's Joseph Lucas Indus¬ 
tries to help dampen increasing 
foreign criticism of Japanese 
vehicle exports. 

Nissan declined to estimate the 
size of possible orders or give a 
date fnr opening talks, but said 
it planned to install the tires 
and parts on cars exported to 
the European Economic Com¬ 

Nissan last year exported 
164.000 cars to the EEC. It said 
Loial Japanese exports to the 

EEC last year rose 4 per cent. 

TOKYO, Feb. 2. | 

to 545.000 units compared with I 
the previous year, with 178,000! 
going to Britain and 45.500 to; 
France. I 

David 'While writes from | 
Paris: Manufacture Francaise desi 
Pncumatfoues Micheiin con-j 

firmed contacts- had taken place j 
with Nissan in Japan on what i 
would be the French companys! 
first big breakthrough in the ; 
Japanose market. j 

But the company gave no in-; 
dieation of the scale of contract; 
which w» a being negotiated. 1 
Michelin's current penetration in , 
the Japanese tyre market was, 
described as “extremely weak'*} 
despite increased export*effort- j 
Micheiin is also on the point 
oF breaking inio Brazil, where; 
the market is dominated by i 
Pirelli and the majr.r U.S. tvre I 
groups. * j 

Britain sets 
up textile 

Aerospace surplus 
of £272m. for U.K 


Greek imports up 15% 


ATHENS. Feb. 2. 

including Nippon 

GREECE had a trade deficit of 
S3,885m. last year, according to 
figures published by tbe Bank 
of Greece. 

This was a 16.7 p?r cent, 
increase over 1976, attributed to 
a steep rise in imports of 
capital goods and raw materials 
—possibly the prelude to an 
investment recovery—and as a 
sharp increase in impnris of 
consumer goods, especially cars. 

Imports increased 15 per cent, 
to $6,401 m Exports were up 
13 per cent at $2.516m. 

The trade deficit was largely 

covered by a 15.7 per cent. in-, 
crease in invi.sjble earnings 
which totalled S3,499m., mainlv 
froin shipping—which rose 22.S; 
per cent, to break the Slbn. j 
barrier by reaching SI.12bn.j 
Tourism was 8976m.—up 18 4! 
per cent- and emigrants' remit-i 
lances totalled S92Sm.—up 15.5 
per cent 

Invisible payments totalled 
SS67m., leaving a deficit on 
current account of 81,253m., an 
increase of 14.7 per cent., com¬ 
pared with the figure for 1976. 

By Rhys David, 

BRITAIN'S textile and clothing 
industry is setting up its own 
surveillance system to check 
that the new restrictions on 
Imports imposed under the 
recently concluded GATT 
Maid-Fibre Arrangement—the 
agreement which regulates 
trade in textiles—arc adhered 

The system will use the com¬ 
puter resources of one of the 
big fibre groups to analyse 
statistics derived from Customs 
and Excise. It is hoped Mii> 
will quickly reveal If ihc scum- 
litc trigger levels laid down in 

the MFA are being approached. 

The trigger mechanism Is 
one of the new features built 
into the MFA agri-emem* nego¬ 
tiated by the EEL v.ilh more 
than 30 overseas suppliers, and 
is intended to brine products 
within qnota control automatic¬ 
ally as soon as they reach pre¬ 
determined levels of import 

The new surveillance system 
was outlined vesterday at a 
meeting which official 1 , or the 
British Textile Con federal ion 
and the British Clothing Indus¬ 
try Council for Europe held 
with Mr. Edmund Dell, Secre¬ 
tary for Trade. It refie^-ts the 
industry's concern at the slow¬ 
ness with which the EEC is set¬ 
ting up a checking procedure. 

Mr. Ian MacArlhur. director 
Of the BTC. said the textile 
industry ini ended to make the 
figures from the computer 
available to ihc Government. 

iTHE U.K. bad a balaocp of pay. 
intents surplus on aerospace 
export account of £27‘Jm. last 
[year, with exports amounting to 
jfl.OSSm. and imports amounting 
I lo nearly £766m. Although the 
: exports figure was a now record. 
I inflation piayed a '.'uPSiderablc 
part in boosting the figure from 
the level of £904m. in 1976. 

! The 1977 total was also in- 
rlucnred eonfidvrahly by ihc 
. coniinued heavy dependence of 

, :he a crus pare industry on spares 

land overhaul hn-siiv.i.-. 

I Figures trsued I 11 the Society 
jo' British Aero*pjcr Companies 
«how that nut-or toojl aircraft 
exports of over 1493m.. new air- 
i era It accounted for just over 
J ft 52.5 m.. with parrs making up 
the balance. 

Simi/ii-;.- w flip no. I lie luu i 

export figure of 1432.6m. was 
Largely accounted for by pans 
and refurbished engine business, 
amounting to more than £316m. 
Even allowing for these 
factors, however, the aerospace 
industry did well in 1977. Imports 
of complete aircraft and parts 
amounied 10 just over £373m.. 
leaving a surplus on balance of 
payments account of about 
C120iii.. while for aero engines, 
imporii or fiflfon. ;iiil left a 

sprolus of over £ll3m 
The utiili.-uk for the coming 
year js fur a steady continued 
r:sc in exports, strengthened hy 
Ui« fiig enntracts si-iicd in the 
bU'-r part uf 1977. including 
major orders fnr guided weapons, 
electronics and other equipment, 
and fhn continuation of the 
major •!<*iV'n«-i , -s-.-n i v > support 
coni root for Saudi Arabia. 

Drug exports sip 23% 


I THE YALl'E of British ;.h;«r- 
1 niaceuiical expert^ rose 22 *> per 
! <-ent. Ian year to £554in. Imports 
. »rUT rt «aed 24.7 ner cent. 10 
1 f 173m. The tr.ide surplus of 
| ESSliu. wa> 21 5 per vent. Linger 
than ihe cor respond ing figure 
Tor 1976. 

Although imports were grow¬ 
ing at a faster rate than exports 
last year, the increase has 
slowed down substantially emu- 
pared with 1976. In that year 
the value of imports was rising 

at more than 40 per cent, com¬ 
pared with 24.7 per cent, in the 
last 12 months. 

Nigeria was again the U.K.'s 
major drugs export market, with 
sales 0 / £43.5m. comua red with 
£33 5m. in 1976. Exp,'Vs to 
Ireland v«se mure than £3m. tn 
£32m. and sales to other EEG 
countries increased 1S.9 per 
cent, to 1151m. 

Pharmaceutical export* in 1 lie 
CiPEC countries rose 36 7 per 
cent .to £ll!m. 

n ivr. 

ITVip.'! ■' 


[Oh:*- 1 ? 

«*:*ar: . 

ait :'j; 

T!5 P ■■ 

!* H' : 
: (7- / 

a: *r-;• 

el ui 
it her 

m W.-- 



3 Call for trade consultation 


MR. ALONZO McDonald, US. entrepreneurial awessmenla had 
Deputv Special Trade Bepresen- been made, Mr. ,McDonald said 
: • tative.'yesterday suggesied that Decisions'were often-taken by 
7"- prior international consultations soveenments, not prWate lnves- 
^ could in future help to avert the tors, for a variety of new econ- 
build-up of serious over-capacity omic reasons nartumiariy inde- 
• - in major world industrial veloplng countries. JoV creation 
■ S PMorT or national prestige might be 

•• what has recentiv happened the-tnst imprtaht element. 1 

:-V in Ses h JS SS&SimOi •• of L ^2M T SA^lw 
-. happen to-morrow in auto- , nsfi | 1 i rions a, a( i to relv heavily 



n y£ 

*" * speech^ t? ri 5'®- torc ‘ ls a few markets, however.’ were 
Affairs CliiD- in London. lari?p 6noush ■ and ‘Sufficient!^ 

Mr. McDonald rejected wteii- op * n t0 a bsorb such surges'of 

sation or ntarJcet^sharing as tpe new eood&^-those of.the fo.S- and 

answer. “Even' the idea of ^eec. 

closely monitoring.. m.ovemexipi Wr - McDonald, who. is. chief 

i.e KahiiiOO 'It' A1RO .. n _ ■ aL. 

■iH -• • 

r> ■ 

■S.lfiA* , - 

I • ■ 

ill.’.. ■’ • 

i .- 

. -U1VUJ-. 1-.-. -- , U»uc --. 

Emphasising that be was speak- ga ve a strong Warning that 
ing personally, not for the U.S. Washington woqld expect the 
-Government...he suggested that talks to lead m a substantial 
the solution might lie in. “a liberalisation ,bf agricultural] 
: more modest but organised pro- trade- It would be difficult to 
' gramme of ’ consultations on emphasise top much the depth! 
! major capaoity decisions.'' This of feeling in the - U.S. on the 
r would not interfere. with the issue, and ythe imporrence of| 
-free play of market forces, but making reasonable progress to 
would show up cumulative trends obtain Congressional support for, 
'more clearly, and provld e a the overall results of the round, 

: series of public signals formerly be said. » 

available only from tbe entre- Mr. McDonald seemed to sym-| 
preneur’s private market re- pathise with the EEC view that 
-search. ft ahujild. be possible henceforth 

It was no longer, the case that, to' apply safeguard measures 
'capacity-creating investr/.ents:selectively.- rather than mdis- 
were always-decided after sound criminately against all countries. 

U.K. sales to Germany up 



British trade returns show 
that exports from '.the ILIG to. 
West Germany rose by"38.4i per 
" •cent in sterling . terms during 
' the first II months of 1977. At 
r the same time shipments from 
.... the Federal Republic to: Britaip 
rose by 30.8 per cent, compared 
with the same period of the pre- 
.. ' • vious-year. 

The sterllog. figures, of course, 

.... - : hear little re 1 aHohship : - to the 
.■ official. West -German- statistics 
recorded- - in Deutsche marks. 

. These showr British exports 
- during the 11-months up by 22 
.-.' per cent, compared .with the 
• * same period of ■■1976,- and the 
Federal Republic's shipments up 
^■'20.3 per cent, during the same 
period. " - • - - 

According to Department of 
Trade figures. British exports to - 
West Germ any'total led £2J28bn. 
compared with the previous 

year’s £I.6ohn. The Federal 

.. Republic's shipments to the ILK 
f t. amounted to Just under £355hn. 

. compared with the .previous 

. year’s £2.48biL 


■ The trade surplus in West 
Germany's favour therefore] 
appears to have increased frorm 
£834:6m. in the first 11 months 
:of £965.9m. 

!“ However, the gap is unlikely J 
-to- have . been as great as the] 
crude figures imply. Imports are 
recorded on a cif basis, while 
exports are reported fob. 

As West Germany currently 
runs a substantial deficit on in 
visible trade with the IXK- it is, 
likely that a considerable pro¬ 
portion of West German exports 
were carried on British ships,] 
insured by British insurers and 
financed by British banks. ] 
One of the most fascinating 
discrepancies in the figures coyer; 
' shipments of North Sea tiL 
British trade statistics show ot! 
shipments during the period up 

1.4/1 1 ? rt.o rtdnt nf 

140.7 per cent, at £223.ffm..j 
whereas official Federal Republic 1 
figures show oil imports_ from 1 
Britain up by well'over 450 per' 
cent. . . 

Open the bonnet of the Lancia 
1600 HPE and you are confronted 
by an impressive sight A distinctly 
eager looking 1600 cc twin-cam 
engine (with aluminium 
head and twin-choke car¬ 
burettor) which, on closer 
inspection, can be seen to 
drive the front wheels. 

Clearly, you are notlook 
ing at your average,run-of-the-mill 

This is confirmed as soon as IhoBc(aHighPe 
you sit behind the wheel. 

You quickly find that you are in charge of 
quite startling performance. 

The top speed is an academic 108 mph. 
The acceleration, through a 5-speed box, is ex¬ 
hilarating. The handling, helped by all-round 
independent suspension, and 4-wheel disc brak¬ 
ing, is superb. 

A closer look at the interior also suggests 
that you are in a most unusual car. 

There is a complete array of instruments, 
including rev counter, oil level, oil temperature 
and oil pressure gauges and quartz clock. 

The accommodation is for five, with integ¬ 
ral headrests on the front seats and wrap-round 
rear seats with tons of leg room, front and rear. 

The upholstery is luxurious, hardwearing 

The Beta High Performance Estate Range: Beta 1600 HPE (asiIluslraled)-i'5.U25.15.* Beta 2000 HPE-1'5,458.16.’' 

:harge of cloth (though you can have PVC if you prefer). 

The biggest surprise comes, however, when 
.08 mph. you open the rear door to find that the sleek, 
ox, is ex- quick HPE is, in truth, a practical estate car 
ill-round with up to 42 cu. ft. of luggage space, 
liscbrak- Although the rear seats look continuous, 
they are, in fact, separate. You can fold both of 
suggests them forward, or just one to carry a long load 
and a third passenger, happily side by side, 
ruments, So you see, a Lancia 1600 HPE is perfect 
perature for someone who would like a sports car but 
ck. needs an estate car. 

ith integ- Simply buy the bonnetfor la pm&Mm 

ip-round the sport and the boot for the | 

and rear, estate. The most Italian car. 

Iwearing Lancia (England) Ltd. Alperlon.Middx.Tel: 01-998 5555 (24-hour sales enquiry service). 

* Prices include VAT at 8°u and car tax. inertia reel seafbelts and delivery charges l UK mainland), but exclude number plates. 

Prices' i of other Lancia ranges start at: Beta Saloons - £5,292.38; Beta Coupes -£3,76058: Beta Spyders- *:4.959.<53.Thc- Bern Monte-Carlo costs i'o.92 / .22. 

Cost escalation extension where to seethe lanoa beta range: 


■ is being sought to extend for a 
•— further year the cost escalation 

’ - r scheme for export contracts 
operated by the Export .Credits 
. Guarantee Department fECGDi. 

. .. The scheme is to be given added 

bite, in that Mr, Edmund \DelL 
- Secretary for Trade, In announc- 

i-' . ing this yesterday said that 

“arrangements are being made 
■ to . ensure that the scheme i& 
administered in a manner con- 
r ■ J gisient with the Government's 

pay guidelines.*’ 

: Since it was first introduced 

-. Jg: there has been considerable pres^ 

r»^nCtlP 4 Slire 10 mafce the ^eme more 
D3comparable with that operated 
j by. COFACE, the French export 
. credits organisation. 

> :; To an extent ■ it has been 
? ‘ improved by both simplifying the 
" procedures and lowering .the 

■ ; - thresholds within which.. it is; 
. .-*. ■ ' 9 applicable but it is in no way 
A as generous, as. the French 

1 .«heme. There has also’ been 
'• *' pressure from other quarters 

siicb as the Treasury to drop, the. 

scheme altogether, while the U.S, 
argues'that the scheme is a form 
of subsidy which should be dis¬ 
continued under the Gentlemen's 
Agreement on export credits. 

In the U.K. the scheme has 
not been widely used largely 
because contractors consider it 
to be unnecessarily complex 
Since its Introduction, only seven 
guarantees covering a total con¬ 
tract, value of £130m. have been 

Tn future it will be operated 
more dlscriminalely for the 
documentation is being changed 
to ensure that the costs eligible 
for- cover fall within the pay 

This means -that increased 
wage costs which are in excess 
of those allowed by the pay 
guidelines will not be eligihle. 
This is in addition fo the 
Government’s existing powers 
through ECGD to withhold 
guarantees from comoanie* 
Which are in breach of the pay 
guideline?. So far there havs 
been no -such -ca&es. 


Alnwick: rtSCjft. 

Te’. Wb 1 ’ M - 7 

AsMwdfMuin*; ¥<•;*. 


Avioabury: B.nlto.vMj!:'U 

BftnbuiV^ Whils G-u jP* 

1p!.UL'3ii5WK - 

Burkina; -. A Gunsti*J b':'i 

Tel 01 -srS-’i . 

Badnaclolw Criv« Us: •--,. 

Tel c: hbWi 
Badtenh G'^v'- Vi "•r; 

Tel CC.?-i-VJp! 

Blnafenr .h v.'SQ M*"-:' - 
Binninghtrtr 1 . r.:irwi-: 


BtencHord: cf.'c ex- <.11 • 

t 1 

Boh on. Pi-w*. 

7c* Cr--- V 


Chwflwpw: 0*. d i*ci a'f.’ii), 
U:C-!776iaii ^ 

Colehwur G Co.: 
t>. •:•:•>>-my. 

Denham: CwJunSii. -jsSai.-n. 

Derby: My;- ?..\.v:d V-rov 
T-;„ ■/.'•>: C4 

Oontwrer iptinj-.V" 

7;-: U':'R iS-’c-.- 
Dpreheeter T. ;<• ft S'JK.l * 

Exeter: f ;• - 

Exmouth: E -r :•<•; Gv :i*i 
Tn.'jjf fci i-f".. 

FmehemiVI 1 - !: d- 

Folkestone:- 1 P - 

Bournemouth: Vt-dA-r. L-y: 

Fofasf Row: 

T-; cjl-l 

Giilinghanr ■*>.••• . 

Sromtoy. ‘.iTi'id !®KT-v -‘ 


Butgoss HIIL-TTiv- iSu/s**'- 

Haleswonh • • . !-• ■ 

1 —-i. 1'.. ■>:" .0*. -■ 

Cambridge:'-'Vic & ai-n. 

Ham>gata: .'••- rr.. 

Tel v.. 1 .-; oJ«*. • 

CamtOrtlu Cl 1 j. )■* ..•4/im 

Hatfiaid:>. '.V« : 

j. .. j/. c 


Chelrnnhem <• wtltr- r.:id 5?.y -,e 

HuddersHeM: >.v>< 


Chasm- r-.^d ftsse ; 

Ipswich: >4 ...vt 

7* il7* :J3-V 

! kenihwonh;.Y,; ji&.si 
T *. Sou?.- 

KamrirnfE. V-::-s 

7<?. .'acV^! 

Kidderminsier L ; i;-Jt 

7*. Cr--iofG , !l 

Klnso Lynn: 1 :• v-o.:: *. 


Leeds: S«Vr r. -f '.Vji:! * . 

Leicester: ir.-jii.L vou;*. 

7“> '4.' 

Lincoln: R.^-n ^ j Etj- • L 
T>-. I'li.ri 2l7ij 
Liverpool: y. ,-i. 



N.W.7: r 

C ,: -V'j 4 ’ fjK-1 
S.E.1: t - j -MiL-jirm.;?. 


S.E.11: • ^r. c9 *» G. r> 

V. S:.*'. 

b.iN.1: ■.Vj.lffyi 

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S.w.7: 1 FI•th.— r,:-u 

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s w.Mh l*". j-“- r, - • 1 


W. 1 :hVV-jjs. 


WA.-ct:/*:., .Crw'Viil 

::z ■ 

MenchaiBr; !. "c*U*. — 

Mansfield; rV; '.L-y. 

1 7£■ 

Newcastle-upon-Tyne:' - '.V- 


Norwich; r . : \'; . 


Honing ham tlV- - i. 


Okford: - L 

Paignton: R-:: ■ ■ v C 1. 

i-: •. 

Panaboumc: 5'i - *'s- 

Peterborough: FoMso->r;^,v -ii:zs, 
iv . 

Plymouth: S EH } r\f 

r- . •*-. - -; 'x 

Rorr»ay: r.c 

St Annes-on-Sea-.' 

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St. hies. v Aii... i 

St. Leonards-on-Sea: •• '■ ” 

Scarborough: V .. .t"..-... 

Sherborne- .!. •" :r 5 ). 

SouUtaminon: M :. ■. — 4. 

Southend: £ j i. 

i--- -£ :• 

Stunned:T-. 4 Vi;;., ^o- 

T-: r.rjii:::-. 

Stockton on Toe*: E,. <5-: . 

vD-*i! L&i; 

Stok* on Trent . -i.1. 

>' J -. 

Senttford-on-Avon: j: Bu: 

i ' 


(JTOJ ;■ ;-- s 

Taunton: 1''..( 
jJJ c- 1 . - LjZ 
Telford: •. C : -• hijlr-i. 

7-.-: 0352tl2vrfl 

Theydon BoiK Vlfco-J £ 1 '-uw-T. 

Tv! 84A 3601 

Truro: i;ki PIj-:c 

Tel OS'? S£.‘a -7 

Tunbridge Wells: 0 E Tmibu lf. 


Wallasey: Nw. Bi"ibv n •.-.’ij 

7eiO r rir,rfWC 

Wellington: , irtir Rwri. 


Warminster j-.n. f-VJi. 

1.--I Uahb'j 1-' ‘7 

Wbybridge: '•.••• 

iri6. ; v--.i! 


Windsor.'..- •/./ !:• 

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WofvcrhampcoHt; -u 

Worcester■ .-. : .-;.V i !•-!.•-•- 

Worthing: r v i-, a 

Aberdeen- M " \ 

Dundoc: ?n.Wi Cj-’S 

7-r v«j 

Edinburgh: Gi-r. Jitroeiscn Mu!tm 

T- 1 oji 

Glasgow: 0*-s> H-ndfisi-ri ■* Jc-k-.j. 


Moray- FNicr.rbon. 

1-: vVWL'l^ 


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Cardiff: Gjiape. 

Pontypridd- ‘, : .r. j.-.'c • j;.:a y > . 

V- ;;J; idt* 


Hjwerfordwesf- Ei-:-: R-<- Gai rys. 
f*r u-i-7 J- 3C 


Ba1ian:tiiaiiK Hji,-. SCj. 

; r - .-.j j 1 

Port Erin: ’-i •. G rr r 

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Guernsey: '-' ■ 

l. : " •.« •. ;c. :-:.a 

~ .i 1 -- •_/K, 

■r -ai.-A-. - . -W 

■- H -V- /*!' - a? . .« . .-L- 

• Personal Export: If you are eligible to purchase a Lancia free of taxes, contact our Export Department. 



A WARNING' came yesterday 
from leading European distribu¬ 
tors of Scotch whisky that they 
would have to stop promotional 
efforts for the drink if unofficial 
exports from the U.K. continued. 

It was claimed also that the 
European Commission was in 
danger of sacrificing valuable 
foreign earnings from Srotrh 
from the I7.S. and Japan by 

over power 


to head 


new unit 

By Terry Dodswortfi, Motor 
industry Correspondent 

THE GOVERNMENT has olana It favoured either as -efficient Iona, comprising a small central 
to publish a Bill next-week fef-unified structure for the Indus- management and area board 
restructuring the electricity try, or competitive area power chairmen, is not equipped to 
supply industry based on the hoards. _ give strong leadership. . 

main recommendations of the The BUI is expected to give The precise . relationship! 

1976 report by Lord Plowden’s powers for replacement of the between the two top chairmen.! 
committee 14-autbority system in England Central Electricity Generating 

a Parliamentary row can be and Wales 02 area hoards plus Board and Electricity Council, is | 

expected when the Bill is pre- the-Electricity Council and the ill-defised. 

*SSt a wpTan likelv to attack Central Electricity Generating But Mr. __ . . 

p Government for procrastina- Board) by an Electric^ Corpora- the area board chiefs as political; industry to find a chief executive-; \ J 

j£L Jc^ Plowden ReDort tion to run the £4.5bn.-a-year appointees is regarded as un-, tc head the new specialist car. rl 

mnrp than 'two Tears industry at national level, with satisfactory by both the Oppos- manufacturing group .whit* is l irs 

PP ^?f a .Hon hS iveS tiS2 regional authorities managing tion and the unions. 1 being formed for the Jaguar,] 

nLminPd and for aspects day-to-day affairs in the regions. The key to future development j Rover and Triumph marques. j 

h ? eD .. p _ ost ?!jl ed :J3S ^ The case for stronger leader-, of the industry in technical} T he appointment of Mr. I ^ * 

But Mr. Benn’s wish to retain]outside the U.K. and the motor 

of the Bill which 
' amount to political 
The Bill provides 

I centralised structure _ . _ . 

implementing regulations which jdustry. Mr. Anthony Wedgwood - __ that the stations as the start of 

theoretically were reasonable Benn, the Energy Secretary, has nuclear programme 

but would not work in practice, insisted that it provide powers Electricity. Council in Its present nuclear p.ogramme. 

The warnings came in London for the area electricity chairman 
at the bi-annual meeting cf the | to continue to be appointed by^ 

EEC Wine and Spirit Importers*-] the. Energy Secretary.^ - * - r 
Group. f His' argument for that system 

The rrrnun was discussiri n ! is based on his belief, that 
the recent decision by the [national trends 
Commission that the Distillers authority require powerful and 
Company’s dual-pricing arrange- 1 ^ de Pf°^nt administrators to 

Electricity bills rise 
may stay within 7% 

new: group for the last five years, will 
j be announced at a meeting of 
j 2,000 Levlaad dealers in London 
to-day. i 

Mr. Michael Edwardes. the new . 
chairman of'British Leylandi hasi 
now-filled the two most demand- { 
ing posts, in the reorganised car j 
company, with Mr. Kay Horrocks.. 
[the former Ford and Eaton 

as a 

official importers from the 
unofficial, or parallel, trade in 

that it needs a more centralised Present levels. , ITU 7 h :V b .,«. bis main previous connection 

raanagament structure. Industry The Electricity Coundl cannot Mid was the Indusm a>«n- wilh the motor industry being! 

heads believe that area board yet put a figure on the tkelj ““"JJ !??“ ?i through a spell at AMF. tne; 

, . , . .. . .chairmanships should he line national increase m electricity adjustment system at least until a. Amer j caT1 company- which owns] 

Importers claim they »•««* a management posts and directly prices because the 12 area boards revje w later this year 1 the Harlev Davidson motorcycle: 

reasonable margin of profit be- reS nonsible t0 t0 p management, are still completing submissions For the ronsumer, the policy, bl f siDei8 , - 1 

cause they have to promote! >r. wa«r roimdlv attacked to the Price Commission. means that rises in coal u nd oil■ . ,_ 

Scotch brands by setting '.p dis-i, the^ommons last Julv when The Industry is confident that prices will not be patted on by But be has ^PP-remiy 
trlbudoa. networks, by Hwrlli;; & " S li. «2i! ter rises will fall VltbiB the 4 to f the authorities before the chosen tor the M»n«th >.f ha 

ing and other methods of 
educating the' drinking public 
about the product. 


But, since the U.K. joined the 
EEC. parallel traders have been 
undercutting official prices. 

It is clear that the Scotch im¬ 
porters accepted that the 
Commission’s decision was 
Inevitable., and even welcomed 
it because .previous attempts by 
Distillers-to protect official dis¬ 
tributors in the'Common Market 
had not befen particularly suc¬ 
cessful. _ 

They. are - worried, however, 
that the- Commission might j his annual 
attempt • fo: get Distillers to yesterday. 


number of the area boards- The fuel cost-adjustment is J c ?^ ers t marketing in both, tile 

reorganising the industry. . per cent, bracket. 

Mr. Tom King. Tory Energy A 
spokesman. ■ said that.' the have already promised 
Opposition had the gravest proposed-increases 
doubts about Mr Benn’s pro- severe, 
posed* solutions for the industry. The Yorkshire board bas fore- bulk fuel. 

, international experience, which 

sed (hit their applied to consumer bills retro- U.S.. Europe and Japan. 

; iv 1U not be spec lively after the electricity) Be was brought into Bow- 
*’ . authorities have paid for their • thorpe • to expand and develop 

. * . ... _1 . if-- m-orcnc hucinoCC finn TfllQ 




f t,s& 

. ■ "■ V* 

fiaac' ... .. 

r,,.- 'vj'- '-’.'vV --*-i 
i k ti 5S* 

__ .. ■+% 

The Norwegian ell rig Orion perched on rocks off Guernsey. 
. After the crew Had been airlifted to safety.' 

Ombudsman urges rule change 


its overseas business, and this] 
has grown substantially until it 
was worth half of the company’s 
£5.4m. pre-tax profit last year. 
Last year he was made deputy 
managing director of the com¬ 

Mr. Edwardes is also expected 
to tell the dealer meeting—the 
first of its kind that'-Leyland 
appointment i 
aiarireting co-l 

Britain millions 
in sea oil revenue 


complaints Aboaf Government directly "from the public, ' than, 
administration is suggested in This proposal' is expected to against 

CJeieuru iu iuk wmuuuaman ii,. .• -. ■.. i . 

~ |' gales Wt. 

__ «■-_ - --—- 1 manufacturing divisions follow! an ol f ri * crippled off the 

report— published be considered shortly by a Par- accepted for investigation were! raa 

• ‘ -‘ liaraentary Select Committee more than in either of the pre . complementary policies. 

. _ . . . . ■ . .. _ “ i Th» dm nrchin or <7001 

reverse some actions imple-| - ' sir Idwal Pugh, who has just before-', any more fundamental vious two years. - " I The dealership organisation, [ 

mented in the wake of the! completed his first year in office, review of access to the Ombuds- 
decision—such as the withdrawal 

The Ombudsman found -evi- 

of Johnnie Walker Bed Label 
from the British market. 

Mr. Wite Carp, president of 

the importers’ group, said the I can be made only through the 
organisation had been attempt-[local MP. 

ing for three years to persuade 
the competition department of 
the Commission that “the so- 
called free circulation of goods 
within the Common Market is 
all very well (n theory but it will 
not work in the day-to-day world 
of real business.” 

which has expressed enihusias- 

says that the issue of direct man. The Ombudsman’s sugges- dence of maladministration in 57! tic support for Mr Edwardes’} 

access “is now ripe for review tion for a ! review of his per cent of cases completed j P lans to decen tra lise raanaee-j 

and re-examination by Parlia- activities comes exactly ten years during the year. . mrat has nevertheless been j 

ment" At present, complaints after the office was set up. Two areas of administration j unhappy about .the spin of 

Last year Sir Idwal received which are main themes of com-!marketing between the two 
as many complaints direct : from plaints concerned the tax and j n, ^H l, ' ac . T ' ,r .‘ r l” organisations 
The Ombudsman is proposing, members of the public as from social security system. Com¬ 
as an interim measure, to send MPs. although the number of plaints about interest payable on 

complaints received direct from potential investigations from the tax paid late has led to a review 

the public, and which he believes direct cases Was likely to be of the Inland Revenue rules. Sir tions. and they have therefore 
are investigate, to.the constitu- smaller than those from MPs. Idwal says. [pressed Mr. Edwardes to main- 

euPs JIP. If be had accepted cases direct. Rn-Iforoentorp Commifsuontr [Tain central, franchising arrange 

It wonld then he up to the he estimated a-fiO per cent 
MP and the complainant whether creaSffW'WoTklosak. 

They feel that this will create 
more paperwork and the need 
for more elaborate cemmunifa 



TAX CHANGES which could be 

used to encourage the develop- Method 1 
raent of company profit-sharing 
schemes were set out in the con¬ 
sultative document published by 
the Inland Revenue yesterday. 

The ideas put forward in the 
document, together with an/ 
reactions, will be taken into 
account by the Government in 
framing the provisions which it 
intends to include in this year's 
Finance Bill to encourage profit 


The document gives details of 
three possible methods by which 
employees could share in the 
profits of the companies in which 
they work by acquiring shares in 


Bonus . 

Tax at 



be able to acquire shares on Any excess of the proceeds! 
favourable terras. The scheme over th? acquisition cost would 
would have to meet the same be subject to capital gains tax. 

as under Method' I. 

Net bonus .-... 

Value of shares without restrictions. 

Reduction in value due to restrictions (30% of £415) 

Value taking account of restrictions .. 

Maximum allowable discount (10% of £291). 

Net value (63% of £415). 







dends on the shares would go to 
. . _ „ and belong to the employee him- 

An incentive arrangement' * e if as ^gy y ro se and would be 

STS"!. h * 0T liable ^ income tax in the. 

later having to find the mfJ ney normal way.. The voting rights• 

lh r =,« b °M^ f !,0D pnCB 01 ** attached to the shares coaid bei 
shares ^U»seU - „ Brcisaf)Te 5y the employee. | 

Either he will have to pay Tor _ 
the shares out of his own To « e °‘ d ** suteUnUaii 

resources at the start fv-hich atnount of work which would be j 
many employees may be unable «tvo ved :n making direct assess-, 
to do), or he will have to he lent bients on employees when they, previous jear. 
llic money, possibly under sold shares, it would be neces- 
arrangements made by the com- sar 3 r require the trust to 
pany. and repay the loan either arrange for the employing coni- 
out of future earnings or v;hen puny to apply PA\E to the 
he ultimately sells the shares. appropriate part of the sale pro- 
Under a profit sharing arrange- coeds. 

on the other hand. There wonld have to be a 

Goernsey coast have cost 
Britain millions of pounds- 
worth of lost North Sea oil 
revenue this winter. 

The winds have whipped up 
heavy seas which have ham¬ 
pered exploration, oil produc¬ 
tion and field development off 
Britain's shores. 

In the English Channel, the 
crew of the GOm. Norwegian 
rig Orion had to be lifted off 
the damaged structure which 
had been driven on to rocks off 
. Guernsey’s west coast. . 

. r.Hte riff-was being towed 
fra®v Roftydam. io. ^Byaxil’s 
offshore exploration area when 
t eatrtS^UHBA.^ --s^ - ■' 

--.In tht; North Sea, - offsnbNr 
loading operations have been 
interrupted on the Ank and 
Argyll fields. 

Shell and Esso, as owners of 
Ack reserves, have been un¬ 
able to prodace and load oil 
for orach of the past three 
months because, of .the severe 

It is estimated that the 
amount -of lost - production— 
when set against Auk’s 
optimum capacity—was over 
jEJOm. In November and Decem¬ 
ber alone. 

In November the loading 
operations were stopped for 57 
per ce:iL of the time compared 
with 12 per cent, in November 

As a result, only 22.400 
barrels a day were loaded • 
throughout the month as 
against 49.SS5 in November the 

During. December, Shell and 
Esso lost 46. per cent. of. JiS 
possible-loading-time, reducing ] 
the average offtake- to 
barrels a day compared with us 
potential peak output nf toptb 
than 50,090. 

Hamil ton Brothers, as opera¬ 
tor' of the Argyll Field—.! 
another that has no- pipeline, 
system and relies oh ’ offshore 
loading—yesterday-, reported 
that production. ..had - /been 
halted for between 35 and 40 
-per cent, of days during the. 
past few months. „V.- 

Outpnt during the periods of 
satisfactory weather had been 
Averaging 21.000 to.. 23,000 
hairel^a3ay.- j ; - •••. - or 
. Wea the*--In fotmation - ^ pro¬ 
vided by Shell yesterday shows: 
that- in the northerly Brent : 

- Field area winds 30. knots 
(Force 7) or stronger blew for. 
54 pec cent "pf the time 
between . October . - 27 and ' 
January 21.. • . 

During the period, winds.of 
53 knots (storm force 10) or. 
stranger blew for at least 24 
hours on seven occasions. On 
January 1, a .wlnd bpeed of -95 
knots was recorded. - 

An , average observed wave - 
height of 15 .feel or more was 
recorded r on 31 daysr daring the 
October-Jannary period. • ■ said fast niKiit that 
operations on tis , Montrose 
Field has also. been badly hie^ 
Prodnction and loading ©p&a- j 
lions ''were halted "for"61 per 
cent. oT the lime In'November. 
48 per ceoL of December and 
about 60 per ceht/.of. Jannary,'. 
North Sea oil coIdmft—PSBe 11“ 


. • ..... 

THE STORht atid 'flood dapots 
o£/Januaiy^_li' and 12 on - H 
East' and Shcth-Esst rebastis^sg-/.' 
cost -the/ihsiriance’-'^ . * 

total' W-SSStt^ 7 - acsHtiliBzVid^' 
thevBritish '. Insurance 
tion. " * - o 
L • r TMs ; compares V 
'worth-.’of. claints' from-the 4 
damage of Jamtajya976,. whujfjiL " 
■was nationally. Egcire extensile.'■ 
The. latest figures ; folfotf • 
Pruden tial., ■ Assurance’s -.1 ■ 

□ounceanent ..earlier, this r week's 
that It expected .-to pay out 

in claims. Individual claims ef-n 
other, principal insnranee. grqups»jf 
range between £350,000, ani^i - ,, ‘- 

Bank’s cash guides 

Lloyds Bank yesteniay lat 
four new personal mouey ^guid... 
aimed to provide JtaEfe advicele 
Ure 'puBlfc abdiA'.Tnonejt'-tirittoi 
and to" give-the^bank An/oppffl?^ 
tunity. to develop its. ownvtiusip v 
nesa.Jfe-.^e. j?ec«)paL^e.tor._ / 

■Obligations- err, comndtoents at^ - ’ 
the'end .pf- iffTt :fif the,Lever” .a 
hulme Trust-^whose incorafcS&€^ w\ PH 
mainly to .aivard grafts'v 

tutiohs / and itidivid uals 
research "and-edacation—^6ta 
£2J3m^ heady. £1 bu more thai 
a. -year .eeriier>:.acctrrd{hg.,ib. 
LlStest i. .ann^fi: i*egd 
trustees. ^ " 


New airline 

A- neW ea rgo 'and pijtf- 
airline. Scirattat* - AirBoes- halffi' 
beerf formed - by- - 

Guinane (Formerly vrith -Btith'tii'V 
Caledonian Airways)*'- to-as^cKi 4 :,'--’ . 
tion .with .financial^Interests '.igjjkr'--; 
trie Gulf. . jOther sharriioidert^' •, 
include Sedgwjck .Forbes -Hold^-- ' 

. _Jofcftiji'- 

KeUeway (a ciyll engineer);.xaiy : " ‘ 
Mr. ^nhn;.Sawyer i<an enriuc^ii*' : ' 
rig manager and obostiltapitL- ./.-Ti^i 

Industrial aid ; 

Offers ■ •tpthilJtLg.. ':7 . 

towards Ml* .pritf&fs under sdfr V- 
tion T. of the fiidtistry Act waSstv- 
made during October and Nowem^; ' 
bar last year.v according, .ta:/.-., - - 

Department of Indurtry ■_ 

During the ^ame two months 
plications reccivei for selective. ,— ■ 

assistance numbered 189 prp-„ 
jects with a-totp^yaiim p££4jL^^ : C 

Yard on way vt/C / 

Over 70 per cent hfwaM'J,; fl) nfll 
to keep their mile. a'Gaffts^ 
has.fopnd.. HaWeyer* tbe^ys"** 
is scheduled ta disappear by l 


Aciionoay. •Vjttt 1 

A national. day of .action -dghtttfft*] j 
Barclays Bank for its inv<rf?afc»j 

WE :: -- 

.ment in^-South .Africa: is beisR^ 
planned by ; -the * Anfi-Apartbeld"*T 
Movement-and the End-Loans 
South Africa grqijlp for Mafcb -L-^ 


The first design cbntracts fdr ;1 V: 
one'-of the two advafice'd^gssi.i 
cooled;..reactor Nuclear power 1 ",, 
-stations sanctioned .last, week 
the - Govern meal: . " fihdd 
awarded wilhia the .next ■■}$£,,. 
months by' the : South, ol Bcotiatp^^ 


More- home new? 

. : v _ . - ’ . .iot 

on Page 11 ^ 

All three methods set a limit sider that it would be reasonable a restriction that they could not ..... 

t0 mu va * ue . °‘ shares which to allow relief for profit sharing tescepl where the employee died ment. 

could be acquired by any partici-unrejaled to share ownership, or lost bis job by reason of employees are not required to special. system under which lax 

pant and seek to ensure that the-which would be tantamount to injury, disability or dismissal for find money out or their own W as deducted at the basic rate 

benefit is spread as widely as. payment of wages free of tax.” redundancy) be sold for a period resources. for employees who had left tLe 

possible and not limited to .After describing the present of at least five years. • m \ n alternative Profit service of the company, 

directors and senior employees, tax treatment of profit sharing *hj e m * r kel value of shares Sharing Method The document concludes by 

the detailed condi 


shares Sharing Method 

A company would be perraitied setting out 

an insurance 


It is also emphasised that and share incentive schemes, the would be'reduced'nn areiuuit'7i} 

—-— ---^ 

sions with the CB1 and the TUG ,lI > 3 share incentive method; a re aier than 30 ner cent would aipihod 111 • ment could not have used, the ^iTOanpnte{|ectm (he m«t,_ .* 1 ^X 5 , j 

and intent .0 pu, ^ ffEfSSs^ ______**. 25S°S? -i-'- 


If the shares acquired for £500 were sold after 5 years for £500—! over 

Proceeds np to acquisition cost ... 

Less 50.%.;. 

Chargeable to income tax;... 

Income tax at 34% .:.. 




l allegedly breaking-the pay guide- 
f lines to anyone but ad insurance 
company. . - . 

That -annmmrp.n nvThft 

„ 250 


Therefore employee would 1 -receive 500-85=. 415 

further proposals. sharing method. - ce - at wWch the 

The document starts by All three methods would be cou j d acquire shares, 
describing the two concepts of subject to detailed conditions, r n addition ihe emnlnvw eoulrt 
profit sharing-most simply affecting the types of *haiw,io- 

achieved throueh a taxable be issued and the status of Par- “f J™ in ' P • 

cash bonus—and encouraging ticipants. and including, the .JT' "r, _ • - 

employee share ownArship general rule that shares acquired “'This would have the effect thaP 

through incentive schemes could not be sold for 5 years. -' ** ,e . minimum price at which an 

enabling shares to be bought on possible metSous of T vx- ® D « ou shares 

favourable terms. - PUbblBLE iHhTHOUS Ot T.ix 63 pei* cent- of.tbe un¬ 
it points out that profit sharing - -. * , tothrtrf restricted market value, 

need not be associated with the *’ A Pcofil Method. The employee would-be free 

encouragement of share owner-. A profit sharing arrangement from income tax on'their growth 
ship, and adds that both types of under which a part of the com- in value and on the discount, if 

scheme exist at present without pany’s profits would be allocated any, allowed on acquisition. . ... , 

tax relief. to Ihe scheme, out of which cash When the shares, were disposed profit shanns; The sum so for schemes to qualify for y,e pay guidelines as far as 

While recognising that any bonuses would he provided for or the cost for the purpose uf allocated would be used to buy reuet. • - the vast niajorily of companies 

relief given to employees under employees on condition that, capital gains tax would be the un- sh jl'[ es at full value. in relation re ine type or ara> concerned is through- - -tbe 

profit sharing arrangements after tax bad been deducted from restricted market value of the . ■ T * ie 1 s< ; shares would be 3ppor- share which could pc useo. it j pr i ce controls. Bui that sanction 

represents some distortion of the the bonus under PAYE, the net shares at the date of acquisition. Lone* 1 between all employees n would be limited ra shares in the, re j altfS QB| . w hraudjgs 0 f tbe 

tax system in favour of those amount was used to acquire II A Share Incentive Method l ^ e company who were with n company employing tne par-tici-; |^. mon th rule, 

employed in the-corporate sector, shares in the company. ‘ " _ ** ^ U . I JlTr'T” !l _ Z..1.ZS" "S. 

lake an excessive 

Trade to restrict , the ” prices Trade's proposals to radhee pt&,*£ j .- 
charged' by insurance'companies ml urns, - '■-...?{*> ::r •;' 

only, rv ; The ifi?3r--" ■ . 

Such art order restrtetink beam-. Department has power to- 

policyhotders do-no tpay for tbe 
excess salaries resulting froth a 
[breach in tbe guidelines. 

Tbe only statutory sanction 
[ the Government bas on breaches 

>..., c-jtoc ‘ hopse1mldera”/?'.'.-.*Hay*a“‘3£ f « l ..>, .. 
■^^ContraQs. Sun Aitiahce^; 

. . A share incentive arrangement the scheme, bui the shares would punts, in a controlling company j - Thouyh U)p>rice Cummission ' . .. _. 

the Government “do not con- The shares would be subject to under which an employee would retained b^ji trust established or in a roinpany which was^a ■ can lake an excessive wane t&iSedJlspcpiiOQsasa means 


IVCW9 MfwMk iwiw. ^merit- can. justify re,dtudag- 

" Vl . nstnms,; without, thepretiesW?”:^* 1 

■ - j?-. ■ - :W : - : 

SUN AtUANvE : menta|iprovar..f4ria risafemolpr;- - 
Arin SANCTIONS praffihitn-' t-alefc'-^- 

— . . rrr^r : . Tn3irraaiie7'cpmp^ti^ 

- lifr prwraum rales ,af 4 «»t=oBe 6 : - 



The 22-story Delaware Trust Building is for sale. 653,500 square 
feet of modern office space in the prestigious corporate head¬ 
quarters sector of downtown Wilmington. Delaware. Convenient 
to the Hotel DuPont, parking, banking, restaurants and shops. 
Over 99% occupied. Strong office market. 

For information, contact Robert-^;. Bpvyman, Sr. Vice President 
(215)56^8930 ' - . 


2000 Market Street. Philadelphia PA 13103 

for this purpose. 

The amount apportioned to ihe employing 
each employee would not attract company 
any Schedule E liability at this pj per 
Stage. . share capital. 

When the employee came to shares 
sell the shares after the five-year q UO t e d 

period, the sale proceeds would i r0 }ied _. 1W . „ M , 

be divided for tax purposes Into be subject to dividend restric¬ 
tive parts- tions in relation to similar shares 

There would be a charge to oulside the scheme . 
income tax on the sale proceeds 

in Hip <s\-tent that thev did not Umer conditions would include ■ as me 
exceed the original action rAlMM 1 " 11 

truls. an effect of th e m fttlffiJSftffi‘U m*-W‘ 

Counter-Iona tion Act, on when^hl 1973 Act^SbrinV' : 

as^fae Prfee^ ”™^-^- ? s _^ r sorance companies held a 


co=J ‘Vr 

. . . . ., U.K. employees, resirlctlons on 

This income lax charge would acquisition price, and rules 

Jl.HPfcS rZ reijli ^ w ' h * m^imum period! 

ong he bad held the shares. The fQr hoMlor , rhe , shjrei . 

:an»*rer] charge might be as , . r 


Period held 
•>10 years 

Percentage of 
proceeds (or 
acquisition cost 
whichever is 
smaller} charged 
to income tax 
50 per cent 

Cupics of document available 
from: Public Enquiry Rnom.) 
Room 8. New Wins. Somerset 
House, Strand. London. VTC2R 

Ovar 10 years 25 per cent. 

Comments in writing not lalei 
than March 23 to: intend 
■Revenue. Room -16. New Wing. 
Somerset House. 

So far the sanction 
been invoked and. 
ntighl not lead to 
lions as most companies 
trading considerably below 'their 
profii reference levels. 

The sanction with 
Alliance is belli. 

_ -the insor^nce'Mmppny T^^. 
-Nevertheless, the .Price <kKn-, a higher premtom mflor^biS 

mission -principlea^ppiy 

1 1 

^?fL/ - 

nd flood d- 
and 12 ^ . 


mrp pr.^._' T ffr • - >-.<i Zi.. . . ’ ■. 

Airports chief calls 
for advisory body 


-■'Miti .iBhftchtedhtitiTeenew sStjpvk • *« uepBUBW "anu me 

JSV. eff T ® ^^icb li, is 

••-JV 4 Um __• . • ■■■ - . Drodueed. . threatened “a short- 

-artier in, a *uld create 
a U» to-,* ;* ‘‘Crease 
dividf ^ 1 inland 
j huu 

_ _ _ „ pro- 

... an jected growth id'BtdTlHc spend-<. * . 

in 'private- sector . loan, fog - would “make J funding the I wel f omed n as “ »» a i? r 

s* M 

5■} 6r 15 o£^U- sterU ?Mngly difficult at piSSSPt iateresi j translating its recommendations 
~ja<.’.fifif. - . .— - rai» Ihv-pIb” - ■ . iimo reality could cause consider¬ 

able difficulties. 

Dirty rail cars lead 
to £2,000 in fines 

i CARLISLE magistrates yester- Kemp for Brilisb Transport 
; dav flncd British Transport Hotels, were accepted. The 
‘ Hotels C.000 aDer the subsidiary magistrates found the company 
; of British-Rail had admitted 20 not guilty on those charges. 

CREATION of a new Airports Airports Authority, the Civil mission and the team which rBpl a ‘ c ? a :£L s SiVliLJ? c ^ anUnftiS in Mr R L ch ^ d Cjucas prosecut- 

Policy Advisory Council for Aviation Authority, the airlines, recently drew up ihe While: I hpOfl*^ of three restaurant cars. ing. said that the three r«- 

London and the south-east to the consumer associations, local Paper on Airports Policy. . JL MlV'M.t'-l-w . The maximum fine of £100 was ! au ^" 1 ?“ rs " erc examinedI by 
help smooth the way for ihe authorities and the Greater “Wu have fa si-chan gins. ' imposed on each charge and pay- inspeclorf at Carlisle 

aviation developments in the London Council and the Standing industry and we need «n have a a ‘, ohn Brennan ment ~ 3( * custs was ° rdered - , : lon in August and September 

next 10 to 15 years and beyond. Conference on London and re'/rvtiir of study and analysis” 1 : 1 ' Mr. Tom rung, chairman asl * vear ‘ 

urged yesterday by Mr. South-East Regional Economic Without adequate early.LONDON'S Mermaid Theatre ; 0 f the magistrates, said: “This is Generally. they ware not dean 

Norman Payne, chairman of the Planning. analysis and derisions ihere wa< site is to be redeveloped. Xexl a matter of great concern to the a,,d - in particular, floors were 

British Airports Authority. It could Keep the airports a danger ihai cvi_- n if jir traffic, Thursday the Court of the City . public and we lake a very serious greasy and dirty and seme equip* 

Mr. Payne, commemins on iho situation under review, so as to continued to grow aj a .xlou-er' of London Corporation will vote view of n.” ' ment such as shelves, ovens, pans 

London.un a f“m. scheme by the invest-' „ , mnrtS : n , , h|i nnximum an< J ? ta ?*? w . 6n e d,r !* v :- 
»;mnrt ment management ztoup Touche n He was imposing me maximum a hand basin for staff use was 
" rp0rf Remnant to ere□ 1 e 5) WM «ouare i flne , Realise of the seriousness fu „ uf -miscellaneous debris. 

feci of offices above an expanded rul ? bisb and broken Class. - * The 

and modernised theatre* 1 wd9<t very marked lack of super- on | v receptacle Tor rubbish was 

j modernised theatre* vision io allow things to gel to an absorbent paper suet. 

New plan 



Government's White Paper on avoid the need for periodic rate during ihe 19S(K 
Airports Policy, published on major reassessments by Govern- could still h? *horr of 
Wednesday said that while the menu such as the Rnskill Coin- capacity m t*n L - 1590s. 



GLC rate pegged 


Sir Bernard Miles's llennaid this stage/ Mr. Kemp, for the company. 

The Arf e | T 7iv ij° t S a , l No evidence was offered on 38 said that the cars were more 

i a !i'ftn e < ?n U ^ b p«,£ l iP ■ o ther charges and noi guilty Dun 20 years old and their 
Doik^'by^h^Th^amM.^ThU^lves! P* eas - entered oy Mr. Christopher planned life had been extended, 
.the trust opennpnded security of; — — -:-- 

it could take anything from 
seven to 10 years or more to ge« 

a new ajrpurl development THE GREATER London Council sure from the GL'J anti others, tenure at a nominal rent 
through from initial concept to intends to Peg its rate demand at reflects some Government .recog-, But Sir Bernard has been look-! 
operational service: 17p in the £ Cor the third year nilion of London'*, special proa- in? for a suitable development 

While the White Paper urged running as “a result oT staff re- lem>.” he said. scheme llm would enable it to 

- r..-«»— 4—1 .. 0 j duetrons. streamlining a dm in is- “Despite this. London's domes-; extend the SOO-aeat theatre and'THE AVERAGE PRICE of homes 3 per mrf. higher than in 

Homes average £14,370 

. In order to reconcile a £25bn. : ra ^ JeVel 5- 
udget stimulus with a 13 per. *“- e • siz f . .. .. .. . 

■nt. money supply; limii, the measures should.h^limited at 
- avernment would have to intro-this stage of xfljjg. .economic 
^', 1 ^-' l3ur~-* ce some torm of-credit ration- cycle, according to !/de- : Zoete 
irtK 103 ®! 1 before the end of the year to and Sevan. " : . V ‘ 
tae P 2 bi e zi ;^ep private- sector bank lending '. r t gives warning of ;lfie dan- 
■- . nion cy fg^w’n^j Mbn. n " . gers- of excesSive reflation with . 

“ r ' fc ‘ 1 3 LHRL': the “high risk that econ 0m '-1 h eathruw.^Gat\v 1 ck^StunMed and tration and cutting ouT waste." tic ratepayers will >iill pay an improve both the theatrical and'on which new mortgages were preceding quarter, and 111 

Luion. iu cope wiih an estimated ^ hc formal decision will he average of over £30 more ihan in. restaurant facilities. approved in the fourth quarter cent, higher than in the 

J2m. passenaprs a tear bv 191*0 ,; ‘ kcn J i Ih e council's budget ihe rest nf the country/' 1 Sir Bernard and Touche Rem- of last year was about £14.370. quarter of i97d. 

all devflupnienu " would met *Gng on February 14. Mr. The GLC's rate pro'.t-pt siand-.nant have come up with a pro¬ 
need individual planning and Bichard Brew, leader of the still does not mean, however.-. po&al by which the investment 

council’s policy and resources that rates fnr Londoners will not *roup would pay a £lm. premium 

rise. The London boroughs have, to Jbe Cilv Corporation for a 
He said that without econo- still to levy their rates on house-: head-lease on the site-and which 
mies of over £!0m.. the GLC holders. . : in turn would give the Mermaid 

would have had to add Ip on its Westminster City Council, for an equally ion’s leasehold on a nr ^.. inil< n ii-.nt%r ana s ner n-m il,t ’ "“‘■‘S'-' au»i»i«-is 

rate- this year. But he acknmv- example, seem# If ire ly to increase 730-«eat theatre: modern isod and ™ approved for all. homes in the 

(edged that the GLC had been its rates by between 7 and 9 per extended by the group at a cost 1U3 18 fourth quarter of last year was 

helped -by lower interest rates cent. [of fl.45m. - or ,0 ‘ about £9.850. or 66.: per ccnL of 

19 --° Brokers Sheppards: and Oiase 

frol. the balance -of payment?) 
and consequently sterling." 


?r. ai'i.i'i-ri.-., 

^ «iXrt V. 


ar^ j 

'd b-. 

E290 engine -raises 
fuel efficiency 

decision taking procedures, some ... ., . , 

of which could take many years, ‘•'ommitiee. said yesterday. 

To suitpliry and shorten pro¬ 
cedure. interested parties could 
he brought together in son out 
differences before final decisions. 

It should be a formal group- 




according to fiaures given jointly The aYt?raj . L . priL . t . uf 5t . Cum j. 
by the Department of ihe hanrf vmics at £H.I70. ;■;« l.v 
Environment and the Building pt , r ce ni. higher than in ihe pre- 
Societies .Association. ceding quarter, and 7? per cent. 

This was 2 per cent, higher higher than a year hefurc. 
than the average price in the ^ ht . avt . laSI? mengage advance 


A’ri^'UMMLVS. the U-S.-based diesel Cummins is involved iCLa £30m 
■»]. ,jigine manufacturer., says its expansion programme there with 

mg, and a permanent one. W> and a slowing down in the r:ue The GLt/s capital investment! The theatre would have to, The price uf new homes has the average price. In the pre- 
hope this would speed up discus- of inflation. programme? fm- the ncxi five.close for around nine months;been rising faster than the aver- ceding quarter ihe average nior;- 

! sion and decision-taking." “Ratepayers will also henefit years have been redefined to during the development, and for: age. In the fourth quarter of gage advance approved was HS* 

Such a body could include from the new level of rate sup- favour the inner city areas. Mr. j that period Sir Bernard and hisjlast year, the average price for per cent In Ihe ^ final quarter 

representatives of the British port grant which, following pres- Drew added. company plan 10 tour oversea* new homes was about F 15.43d. nf last year it wa« 64 per cent. 

HiTU'TLV V|-I(r p.--™ CU£IIIV mu WK 

Alrwiyai. n . Rciency by 10 per-cent 


imer,: -nterZ* That claim means that Cum-' J* ^ expected to double pro 
Other ins is challenging rivals such daedon by 19SL 

Igwic;, Gardner and Rolls-Royce. f* lra Atthe.moment 

1 Air Fre.cai R-hich have an established repu- ld® re *** ®hout 1,500. 

Ptr.w r s for fuel economy-. The Shorts plant wlh also 

4?cjt;*.. y,-' 1 The company tested the engine supply the European. Middle 

1 c i. :! cr • ' er 225-miles In the Midlands. East and -African markets. r - 
jav-T^r "i-vTlR engine, a modified 14-litre The engine gives' Cuniinins the 
r ar-j .■ • x-cylinder model with the oportunily to offer top. economy 

. Idition of; larger cams: lias been at a time when operators are 

«l >proved as an optional fitting cost-conscious, 

ui aii. , Jorry Guilders, Bedford^ E&F* ■ Imported heavy -lorries have 
lotuG.-.y :;oden and Seddon Atkinson. been taking a rlsihe sRce’of the 
1 f.r'.j*--*:? n“!s-;; Ford is continuing tests and U.K.' market, thus Sqtieering 
he ay ask For modifications before Cummins’ market store, as an 

»e Oc’• ?* ;* wofering it as ah option later this original equipment suppffer. 

.vt;r.r. -'■r:::.:/ar. The engine will be on display 

t of »-.• . -The engine is to be made at at next week's Amsterdam truck 

- v>ni-. ! • - r,?:;e Shotts jJlant hi Lanarkshire, stow.- 

r^. : ■' <r s'- _._ _■ ; ' ~ 


ji it 

n way out 

jr cc”.‘ '.f B:.-:.. 
i. r. 
t-d ‘ '■ 


Defence evidence starts 
in £6.6m. plot case 

. day 

il di '. 

rV..: .’ 
hv !•; 

t n. 




R. JUDAH BLNSTOCK. the actions total!ing £6.6m r jp whi^ 
issing London solicitor, was Mr,. Binstock and others took 
leged to have Acted' as/a part ... 

:r. : :/hwler-dcalqr” in many, of his The other men are pot in court 

- j.Hiness ventures when the de» ^ey are outsider Britain at 

.. nee opened in a £B.6m. ore senL. .* 

V-.'.-.-.:. 'M««ry plot case at Giuldhall “ . a .. / 

„ ’.. j|||H vcitctdsy * Mr. Allni2!Q ssio^hG to 3 

- :: Mr. ‘ Lewis Altman, 60. of stockbroWng firm/straigbt from 

. -i.-i - — - - - work 


_ ^ __ _ Japanese 

id five” businessmen to contra- camp at r the end of the 

• a'-ime the exchange control-regu- W ®G . ^ , - 

tions between 1974-75. said he . This had riven him a special 
v-'—st met Mr! Binstock 20 years interest in Far East stocks and 
... , 0 - he used to visit the Far East 

-• - r He felt with hindsight that Mr. three or four times a year. He 
... . :' 'instock bad used front men as f®W that through his firm. L. Alt- 
jminees for many of Tiis-deal- man-.and Co- he had become 
g«»-when .be started -trying to accepted as a market leader in 
-quire control of companies in "tin and rubber.shares, as well 
e property boom of the ISSOs^.as other Far East slocks. 
Lni'qo flfitMr. Altman, “who with Mr.l T]ie .court rejected a defence 
obprt Carnes, 39, of Jameson submission that there was no 
.reet, Kensington, !his -stock* case to answer by Mr. Carnes. 

; • • '• *‘;rchington, Kent, a prominent school at_lB andf resumed worl 
, ty stockbroker who is accused ® n s the , Stock ^Exchange afte 

ar contract? conspiring with Mr. Binstock being freed from a Japanesi 



11-oker-partner, denies conspiracy whose defence counsel claimed 
id other charges, entered the that be had relied on other 
Ttness box on Ihe ninth day of people for the accuracy of many 
i<? case In which ibe'Crdwn'sug- documents which be signed. 

:sis (hat £2m profit accrued : The bearing was adjourned 
om .dollar pre^aium trans- until to-day. 

i r'. v 


x-l V^.- ' r ’ 
A 1 • ' 

? if"; ' 

ijTI . 


Italian company offers 
skateboard insurance 


N T ■ ITALIAN /company, /nr an 
exempt, to break into the iucra- 
■:-ve British . market Ror skate- 
.. 3ards and safety equipment, is 
" ffering free third-parfy and per- 
. »nal accident .insurance with 
very skal eboard, sold. ^. _ ’ 

Life Headgear and Skate- 
' oards a private' company,. has 
placed the insurance with two 
..-ading London [ companies' via 
. roker? Devltt (DA insurance!, 
art of the Devitt Dawn ay Day 

- npiip. 

. The insurance protects . the 
/vateboarder from liability in 
■ ;spect of tliird party claims up 
;.j the value of £150,500. There 
.; a limit op each personal acci- 
;ent claim, excluding death, of 
'.1,000, with an extra £1,000 if an 
ccident occurs .in a specially 

built and supervised skatepark. 

.. The cover is for one year from, 
the date of purchase, with effect 
from March 1 

Life Headgear said that every 
enthusiast wav liable for any 
damage caused to person or 
property arising from the use of 
a skateboard. With the number 
of skateboarders on public roads 
and pavements growing daily.'tbp 
risk of claims bad never been 

• . Our Insurance correspondent 
writes: Skateboarders in house¬ 
holds where the building or 
contents are insured are already 
covered, usually up to £250.000 
under the Free public liability 
cover provided. This includes 
any liability arising from an 
incident involving a skateboard. 

;i ■/ ' 

1 ^!> r - 
.. -7 f . 

•i ...» > * 

-• • . 

k . ,'•1' 

,.t * ; ■ 

:' .> 
rv *' ... 

;-SC *" • . . 

h? . 

H ■' ' • < 


sv ' . 

r ' 


/-: , £20.5m. BANKRUPTCY Peti- against .Mr. Stern, who was 
/ »on was filed yesterday against directed. to- repay £X.58m. to the 

- Jr. William Stern, whose; pro- bank. 

erty empire crashed in 1974 The bankV petition, for a total 
. -'-'wing more than HOOm. of £20,509,000. alleges "non-com- 

The peUtion has been lodged pliapce before January 24 qf a 
. . .>• the merchant banking group bankruptcy notice,*’ and Is partly 
■: :ey»r Uliman. Last December based'on the earlier court judg- 
, c 7 _ ‘won a High Court action meat. 

^lutomum flights defended 


iFUTlSH • NUCLEAR' Fuels Nelson and Colne, said: ‘‘The 
' e.slerday dismissed as a tech- world was rightly alarmed at the 

• ' icaJ misunderstanding art MPVdanger from the skies with the 

• rlticism of flights from Carlisle crash of the Soviet satellite in 
a Wick of fresh plutonium fuel Canada. But 1 am sure most 
ssemhltes for the prototype fast, people do not know rhe danger 

. eactor at Dounreay. - ' in the U.K. skies From planes 
The-three chartered flights, carrying plutonium/’ 

• uthorlsed by the Ministry of British Nuclear Fuels said last 

• Tampon, took place two weeks night that it had drop-tested the 

go. type of containment used from 

‘ air. Doug Hoyle, MP f for a height of 2,000 feet- 

lsnrt investing 

£4 million expansion 
for Roneo Vickers 

Last year Roneo Vickers sold office 
equipment north over £ 1OO million to 
over 100 countries. Now we arc 
building a new C4 million factory for 
the Group at Romford to meet a growth 
in demand for stencil duplicators and 
supplies, postal franking machines and 
many other types of equipment. 
Investment in ideas and development 
has enabled us to design a push button 
automatic stencil cutter with the 
unique facility for producing offset 
masters. More versatile than any 
comparable machine, it enables people 
in offices to tackle more and more 
sophisticated printing jobs in house'. 

Vickers develop world markets 
for medical equipment 

The vital contribution that Vickers 
Medical Engineering makes in 
lifesaving infant care and other 
medical fields, is healthy For exports too. 
From portable incubators for Colombia 
to advanced hyperbaric equipment for 
Russia, we are winning new markets 
throughout the world with our skill, 
resources and advanced technology. 

Vickers increase their lead in 
off-shore engineering. 

Vickers are amongst the world leaders 
in submersiblcs and support craft for 
off-shore engineering. When conditions 
are tough, in what mariners term sea 
state six. for example. Vickers expertise 
really comes into its own. W e are also 
deeply involved in developing further 
techniques, not only lor off-shore oil 
bui across a far wider spectrum. 

Vickers launch ’ 

14!f million programme for 
Micheil Bearings 

White metal bearings continue to 
contribute to progress in many 
engineering fields. We are accelerating 
the rate of progress with a new £V, 
million development programme ai the 
Newcastle plant of Micheil Bearings. 

Vickers extend a long-running 
success in printing 

The .\lympic Gold and Marathon 
printing plates from Hoivson-AJgraphy 
were enormous advances in 
lithographic printing and they have 
won markets in over 90 countries. 

Now we are investing in still more 
technically advanced production 
equipment and research facilities at 
Leeds - ready for the next step forward. 

Vickers improve 
nuclear production facilities 

Our leadership in producing loops and 
test rigs in the U.K. for nuclear research 
in many parts of the world is playing 
a vital part in nuclear development 
programmes. We have also expanded 
our nuclear production facilities 
overseas with another million square 
leet of factory floor space in Canada, 
producing large specialist components 
used in nuclear stations like the one 
illustrated here. 

Vickers put new power into 
automated machine tools 

Making products to help other people 
make products has long been one of 
Vickers major engineering activities. 
Now we are expanding our interests in 
automated high-technology machine 
tools through our recent investment in 
Kearncv and Treckcr Marwin. 

Vickers expand their interest 
in the bottling industry 

The supply of bottling plant for beer, 
soft drinks and milk Is another field 
where potential demand continues to 
bo high. We are carrying out advanced 
new projects in complete boulc 
handling and filling, and arc investing 
in still more progress through our 
\ ickers-Dauson Division. 


Building on strength. 

Further information aboui Vickers Limited is available. Please w rite to address shown. 

_ Vickers Limited Vickers- House MiUbanl: Tower London SW1P4RA 



Callaghan warns on legal action by companies 


PM pressed to confirm 



on PR 


By Ivor Owen. Parliamentary. 
Statf ‘ "- ; 

CONSERVATIVES yesterday attack.If Mr. . ; Callaghan 
mounted a sharp attack in the admitted there “black 

Commons on Che Coveromenr's list,'’ on what authority bad it. 
" black list “ of companies that been established 1 she asked. . ■ 
have breached the pay guide- “ 1 did not admit .there was. a., 
lines. ... black list.” Mr. Callaghan re- 

Mrs. Margaret Thatcher., the torted. “You are putting .words 
Tory leader, repeatedly—but my mouth. All that is known 
successfully—pressed Mr. James is that there is a group of firms 
Callaghan for details oflhe.Gor- to whom this matter, has beep 
ernment's sanctions policy.' ! put. The Tory frOnt -bench is 
Tory demands for a. Govern 1 apparently engaged in a dispute 
ment statement and an enter-' with the Departmentjjf Trade tra 
gcncy debate on the Department'- this matter." 
of Trade's threat of -action' Amid Labour protests, Mrs., 
a •gi inst the Sun Alliance and Ttiatcher. again .pressed, the 
London insurance company were-- Prime. Minister. - Yon are glvina 
a!?o relected. your usual slippery, replies. Is. 

Mr. Callaghan warned any com- there or is there not .«■ black list 
pany considering legal actiop and-how man.v firms, are o n it?” 
agatost the Government-focOn- she demanded. 
sider the impact of renewed. Mr.. Callaghan suggested .that 
wage inflation. “That Is what the the Tory leader should Put down 
public is concerned about." a. proper question on thesubjecL 
Mrs. Thatcher curtly demanded ” T will then be very happy to 
whether rhe Prime Minister had give you any figures that exist 
discussed the “black list" with on this matter.” . 
the CBI. How many jobs had Mr. Hugh' Dykes (C- Harrow 
been threatened by the Govern- E.) called for an immediate and. 
mem's policy, she asked. Or did clear statement on the Govern- 

tb at least two of the Sun Alll-A teiorg offiL-thettm 

an a Ps- mens last night decided that the 

ance directors who were MPs- transferable vote svstem 

EsSs :SSt£ 

soon be kzrown 10 the shaoov. fo * first direct det- 

_.Li r,_ AmhiIiIp 

Cabinet. he awureii _ ---- European Assembly 

McCrindle, as wwut -»r» Despite securing support from 
mocked the silent Tory benches. -iAn m on . "yips an amend 

Mr. Ivor Stanbrook 1C.. Orping- ^ Fthe SreiSn" Sh 

ton) retorted that the Govem-™ ti —xt,- Fhmv Po^pIi 

„v BilL moved by Mr. Enoch Powel] 

• re- lUU Down S.l. requiring toat. : a? 

lawful. He added. . It only re _ n ^ res{ Qf |he U-K? ;be tradi- 

£bf. quires a firm .^ihthecourage tionaJ first-past-the-post- method 
W* take the Government to court. iO 

» ajfhT 

Mr. Douglas 

Hurd, chief, 

Hr. Callaghan . . . accused 
ofslippery. replies ” 

fice down m ruins. - • 

*e PP con. ” f f ““'thl 

' sBSsMFS 


^°har° rhe nublic is full attendance on the Conserve 
Ihn.Tt - hTdiSJrSl tive benches, but he “suggested 
Mr. Michael Foot' Leader o£ 

the Commons, later rejected fur- “2Kb 

from Mrs Thatcher “*1 Hurd refuted, suggestions 

isjue “In view of the"small it wems to be a damned badly Us employees’ pensions, he without reference ” 0U: £e sharingin^NortheraSreland!'^ 

number of companies out of the kent one. a?kea. The speaker. »nr. oeor e e fftnunnH™ ©artx.- 

600.000 in Britain that have heen Mr. Robert McCrindle fC.. Mr. Callaghan replied that he Thomas, also refused a request 

_ j _> _1 __J _I___I c.._ .....r nm. r— ™ V. Dolor Unnlarn if _ _ 

limit the areas of difference 

nameif in newspaper report?, they Brentwood and Ongar) pressed understood .Sun Alliance was pro- from Mr. Peter Hordern tC. ti* 

probably did not think it worth- the Prime Minister for an ex- posing to challenge the Govern- Horsham and Crawley) for an .jJJJJJ ™ e x *"“ s J‘" e . reDC J 

of the Government's menfs alleged “secret report.” emergency* debate on the Sun wK! 

while discussing,” he said. planation ,. — -.- .- - . . 

Mrs. Thatcher renewed her threat to force Sun Alliance to The report was apparently known Alliance affair. 

Patriotic Front given Rhodesia 


the rest of the kingdom. Wfarn 
PR had been used in Ulster, it 
was for elections confined to the 
Province. The Opposition 
believed that in elections sucb 
as those for the European Assent 
bly, there should be a common 
voting system throughout the 

Mr. Merlyn Rees, Home Secre¬ 
tary, contended that on It- the 
STV system could provide the 
minority community in Northern 
Ireland with - an opportunity to 
secure representation in tbr 
European”Assembly. But ft had 
to be' recognised that no-onc 

THE GOVERNMENT'S position Owen completed his statement Mr. Davies also wanted to Brown, former Labour Foreign could_ guarantee how the peoplr 

on Rhodesia was condemned bv The main complaint was that tbe know -whether it'was true that Secretary, said that many feared of Northern Ireland would 

the Conservatives in the Com- Government was failing to take the Foreign Secretary had com- that Dr. Owen' was “allowing choose to vote, 

mons yesterday as “absolutely advantage o r the opportunities'inunicated wit{j the nationalist himself to drift into a position Mr. Wny Fitt fsDLP, Bel as 

inin'erable.” ' offered by the internal talks now leaders in Salisbury with a view where he is not merely seeking W.) bitterly attacked the Tor? 

Dr. David Owen. Foreign going on between Mr. Smith and to hindering the progress of the to work with all parties, but is leadership He claimed that thr 

Secretary, reporting on his talks the African nationalists, repre- talks there. ' showing rather exceptional speech made earlier in the week 

in Malta with the leaders of the sented by Bishop Muzorewa and | n replv, Dr Owen assured priority—almost partisanship— by Mr. Alrey Neave, part 1 

Patriotic Front received the full the-Rev. Sithole. in Salisbury. him that be bad never said that fortbisewho boast of their power spokesman on Northern Ireland 

backing of MPs on the Govern- Mr.-Davies protested that Dr. the Anglo-American proposals kiH and conduct - armed 

ment side of the House. But the Owen's statement asserted that were the only basis for a solu- bloody struggle. . Cabinet no longer regarded 

exchanges revealed a significant .-the C‘ — *•- •• *--• --- J - “ u “ 

hardening in the Tory- position, pared 
Mr, John Davies, shadow settlement 
Foreign Secretary, and a succes- Anglo-American 

sion of Tory backbenchers, should realise _ —... ... Hniiun _ aa XiVlus , L11C ,... ^ . - . fc , 

adopted a much tougher Une attitude appears to us'.To be Patriottc Front life-right^f r reto - V .,' ■ Tn ^^ 1 •- f n thn nr .Wr.rH 

than on previous occasions. absolutely intolerable." be ^ n SttlamPntTDr Swen sadd Jto.i^ ^Wnryfoberts; foreign. They are playing the .Orangel 

The Foreign Secretary told the warned. 2 1 } " ifiSfwhile two OBwTUnlrtw of State, defended card to get- the yotes." he said 

House that the necessarv Mr Davies wanted to know ^ fhe talks with the Pataotie Front Similarly., m her speech on 

measure of compromise between how the^Government SouId main- a r ^ ceCuI an ? 

the various parties in Rhodesia tain sU ch a position when, in the The ou?stion ^f achierimT a L ,em ?" 1 * there , m . ust a ccase-^ayed the WacL card Mr. 
was lacking and “tragically and Salisbury talks Mr Smith had 1 question oi acnievTu^ a fire. The people to cease fire are Fitt declared: These are the 
m.wMiohii- tinuan inovif^hia ’.i_"___c ceasefire between two armies, »bQ Se who are .firing — the absolute extremes to which the 

original Anglo-American only when the Patriotic Front 

He had urged the Patriotic j n Salisbury." consternation at one noint when 

_ Front to taik to other nationalist There could be nobody more he agreed with Mr. Powell that 

chance of a settlement. Britain prepareFto move towards leaders. The differences of dedicated than. Dr. Own to the logic of the Government’s 

If Britain was to shoulder the a peaceful settlement “Isn’t opinion between the nationalist achieving a'peaceful and orderly case for introducing proportional 

-•—:—:— - - • - - - *■ - ; trvD- leader* was one of the most transition of power, the Minister representation in Northern 

proposals still offered tbe best agreed to stop fighting was 

responsibility for bringing the this to give a veto to the Patrio- 

territory to independence, there tic Front ? ” he demanded. serious problems facing added. Ireland for elections to the Euro- 

must he an assured cease-fire in He wondered whether Dr. Rhodesia. Lord Carrington, Opposition pean Assembly could also bej 

co-oneration wjih the United Owen had proposed to the Front The Foreign Secretary denied leader claimed that the Anglo- appliei to elections to the House 
Nations. In addition, there 
iq he the control necessa 
imint.nn law and order during 

an "lection . .... . 

Tliere were Tory shout? or with r»iher Rhodesian nationalist outside Rhodesia. .. when they were conducting their his words. “I was musing,” he 

“Shame" and “ Resign " as Dr. leaders. © In the Lords, Lord George- own negotiations in Salisbury. explained. 

Flaws in job creation 
scheme, says report 



Time to assess 
the damage 


SERIOUS FLAWS in-the opera- Die programme, no less than 54 However, the Commission claims 
non of schemes under the hod defects. that it has now more or less 

GovernmenT-s jwh creation pro- “Two were reported to be in built up the number of staff it 

gramme—to which £146m. of financial difficulties. IS in a finan- needs. THE COMMONS wili at last now likely this autumn. To leave 

public funds have now been cial muddie and others showed On the local authority side, the be able to enjoy a brief release matters where they are. it is 

allocated—were revealed by various financial irregulariues or Comptroller comments tiiat final from a subject t'uat ha?' been felt would set a constitutional 

Whitehall's Exchequer and doubtful practices. I aiso noted audited claims were sometimes exercising MPs, unrelentingly precedent which could have-the 

Audit Dupariiiurnt vesterdav. significant delays in rite $ufirms- still very late “lln/ugh this for two days a week since last gravest implications. 

Ti,— . s'Oh Of statements of expendi- seems endemic in local aulhori- November—the Ultie-loved Scot- ...ih’u rfip r#^niencp In 

r,Tnh^ ,q-? with E1.23CW. advanced to ties." But instructions had been land Bill. ' l2£h£ diSiSltf 

October HUo a? a Mnpgnrr> non . 1oca , authoril> - sponsors un- issued to follow up eases where th,s case ’ of Ldbour **'**!*' 

D‘-ngias Henley, report that of increasing number of voluntary employer®' National Insurance * ,. t nic ct . nrf Z”^„ 

J99 non-local authority projects organisations involved in the contributions and agreed ad- y^L J.JSL^'biir'n^rhans not which S he 
Checked hy the Manpower Ser- programme, which lacked the mimstrative costs up to 10 per £S of he Set th a1 

vices commission, vhich handles necessary business experience cent, of labour costs. Srd reading stages in two or Sfi to be overtu 


However, in the latest Appro- steff shortages from carrying sponsors agree to accept respon- allowing the Orkney and Shet- to rale, but of those who actually 

p ra tion Accounts, covering the out as many audits a., it in- sibiliry for the financial side or t a nd Islands to opt out of a turn out to vote. 

* l" anc ‘^,-; ear r 1 ^ le ^, ded - , w ‘ ,, . a scheme. The Commission, in devolved Scottish administration, j. othe sorjous re rerse on 

trolier and Auditor-General. Sir Part of the problem was the return, pays fur approved wages, should they so wish. Orknev and Shetland ? seems to 

Dpnglas Henley, report that of increasing number .of voluntory employed National Insnrence As m3 ,ters stand, the Bill is be "fusing much ts "SSjS 

he as well in view 
that the majority of 

_ . . overturned is far more 

THree weeks' time. The whole forbidding on pap*r than that 

Ti „ £ __ • j ' ■ j xt „ . 1 ■ package then disappears to lace 0 f ie for the “Cunningham” 

fx Tfin lllflpmenr INCXt WCCk s another searching and critical amendment 

fraito tut JUUgmvm - lamination in the House of Ministers appear to believe 

hncinPCC .Lords. that not only i* it much less in- 

• j u . 0 0 f four points on iurious to the Bill but also that 
MONDAY: Private members which the Government was they have a good chance of find- 

motions; debates on Common* 'defeated - in committee are. of in 8 an alternative safeguard 

■un u- c- . . . , . m .... broadcasting and report more psychological than pracMcat^nnula whi ch wUI sati$fY~Mf. 

MR. Merlyn Rees Home Secretary Asked by Mr. Norman Atkin- Committee ot Privileges. imporiance One was -the deie- Gruno.nd. .the. former Liberal Of direct pay increases for most Mr u«*h -locst-^ax^alalBgr'- -^v 

told MPs yesterday that pending sop iLab- < Tottenhaml for his TUESDAY: Debate on Govern- ^ of c j ause lf ^ Ucta fen. leader.-whose proposal it was. engineering workers. The Indus- ‘T^ine^to^EmployertFeda^ 

the judgment of the European personal views. Mr. Rees said he ment industrial strategy: Stop- declared that the measure would Above all. though. Mr. Michael try’s two-tier negotiating system 0 ^tfon H rreg6’tiatore 

Court of Human Rishis. Ibt use bjjUgM the un™’Fon io ulnlv M. hope ofnj —- — -- - Bn«n~n«. V.*™ ™ f 

isi r «^o*r,^ p r^ ^ E Si.„r o s pA&C! SSuiSSS 

for consideration by Ibe Isle „r „ r v.„ .. .. THURSDAY, Inner Urtan Aren, M " ed o e ™t deni fo 

-0 5 ™-0ri?r tSU ‘Z Tnl *55torSS'- to 

A? ,watering doam and. if lingering antagonism after tbe 

^nno.mcemeni of a guillotine For 

on Isle of Man birching 

Man Government. " tC ? an °, u !c; ) Bill: Medicine? (Exemption- 

«, ... ... . fT . -UaSested tha? ibe people of the from Restrictions on Retail Sale 

t ,1‘ c-, r , , 1 ^ an knew best how to of Veterinary Drugs) order. 

Luton E-i asked: If-the [sic deal with the problem. . “They FRIDAY: Private member?’ Bills. 

n °* have -been very successful with Lord*: business i«: 

do so?' 

Mr. Rccs replied that he felt 

?J Map Goiemmonf. will nui mve -own very successful with Lora* nusme?? i?: proviso even "riiouzh t'hev are ,or - 

it.vcjf end this practice, will you their maintenance or law and Tuesday: Suouress^n of Terrorism n .bl r'v nnworried at ihp thr^i L he Eu J r0 ^ an EIpc 1 '0^ Bill, so 

initiate action in this House to order.- Should we not-leave the R"b s^conri rending; debate or NaTlonaMsts to ^ ele l ted b >' maQ - v Labour back 

decision to lbem?r - EEC report? on research and ?I te MaiS? Se white SS on bp ??. hers :'. ' , w “ 

, h h t1 , Mr- Rees said that: one could W'FDNFSd'vy- Shale? nn North should Nothing be ^ pm w £2 

2**321 b h%p b ^Vd“ataa**^-5 ?sm uss. „ • JSSnS“-sriaSSrs 

ho felt strontiy about the use nuifuh mr nt—a nfl 3 fin ri °rh a TH ^ TRSDA \: Ednralion f Nor them The Government will do its eventful after the protests that 

of corporal punishment, there toere h w« less toan d in^L ri p B '”’ rFp ” r ?: best to remove any reference to had accompanied the operation 

were wider issues involved of Man I n,1,, L 1rr ^ lhe f nimimum level of approval in of ihr guillotine throughout 

0 Maa - option mortgage scheme. the consultative referendum those 14 days. 


moving to new 


THE DIDCOT freight disfriby-lion of the . amount envisaged. His' view that the present tutr 5 

. a • 7-- n r>«Tw - ■ Alimnfhr attoy ' 1 ‘ocfrti'f ivd nnpheoM 

squarefeet buil^tt-JL^Wie-' tJie building since October, 1376. is “now academic’' * unlike£ 
sevetitb' the 1 size, ; afler more ISiSk After negotiataons on |he to be sharedin political 

two yrars blackleg, by Lddcke^ RHal qjiartor haxe„gon£ throu^L railway union circles. 

ft1- ■mm&S&S&SZ 

Transport and General WdiSers’-JS^.'J* vgj r is concerned tbfit 

Union members' in .toe -seaipbrts Miitop tz^offS ; ^xtboffiria).. bladting .action 

who have been' bfacbfRg ttn&bfer'«- :* -Ji*& DWedt. by TGWTf membrin 

traffic .to toe centre because they jllOSICuary ; .j s pr^venting tbe use of. specially j 

fear it represents ^ threat , to - IJriv ■ ^wanboroogf^ . - whosdi- iaid rail. Hnks to the centre. He ' 
tbetr jobs.. _ ■ ’ company .w r as set up as z join^ believes it represents attempts 

isiuiui wui HKwiMi-uic giiumuiiw ■ r ---— —- — : . --nil rears ua;« uccu iQCHsjni 

and : thriving inland port-' recamUy by- signs of direct Uuep,i 

was intended whop tm?ritenli»- blarkipg.hy.tirm.^by^jhg ve^S-.jiy TGWU members at ] 

vicanapprted to the centre 

Weigh ell .said yesterday 
B.'was expecting a reply 
-from to, Jacfe^ 

T^dusmi as warehouse. hati.hJsQ sigtiifiiaiitfy contoibqted TGW general secretary/ to ■* 
YYith trafiSc to, the port hayitig to theAfaHube : -to' r^ch ; iraffic invitation to- joint talks on a#. 
remained M cobsiattotiy at ■* tne targets.':-. . ; -v-. prooi«n- 

Tanker drivers warn 
stations over prices 

IX nk;k garNftt. labour sta^- .* . . t-- • - • • - . r y 

TANKER DRIVERS operating an “reasonable” price rises were Ow. the Apast v *'tew yeaij i 

ovectime ban in pursuit of a justifiable during the dispute to hauliers hav? cut,their fuel: re- i 

wa«e claim outside pay guide- safeguard the jobs of forecourt serees^ow-aonnaily days-^, ; 

lines warned filling stations in attendants. because, of rising awts. - , ^i 

some areas yesterday that if they Profits for many garages were The drivers have, been offered:; 
charged “ excessive " prices, they being squeezed very dan- 15 ; ter cent rises, Incjoding S , 
would not receive petrol deli- gerously. ... per cent, produictjvity. The com..; 

verier. - = The Road Haulage Association pames say the improvements-tt» I 

said its members could soon, he drivers are seeking would, result. { 

almost certainly return to " nor- fTi 1 ' _' T ' 

mal " with prices in urban areas ■ fi OrTillllwl lTl^g V- 
rising to meet those in. toe rural A 
districts. : i . -. ’ ' ^ — 

One: oil %p'mpany has produced 
figures relating supply cute to 

increased prices which, appear .to robin ___ _ ....— v , ... , . w . 

show' that .some garages are : £v r .-. ^ 

using The overtime ban—vtoich A PEACE fonduia whlch may . mtirrow mor®ng, Jiop«rii]^,ta 
has started to cut supplies by end the four-day-old strike by finalise a wagesragreemeat t 
about a third—to increase profits. South Wales lorry drivers was that event, a rerompflon 

The figures show that for a yesterday being discussed by work would . take place 

garage to a suburban area with unions and management The hnmediatel]L 

to changed fixed‘overheads and --dispute has been threatening to Union officials..said jester 
jelling 4*star petrol at /Tip. a lip cause w despreack disruption ' day that prcketms wa* being 
rise would maintain profit na& -and lay-bffs throughout- South " eased duringf'dlscuission -of we 
gms if there was h 30 per eeht fi VWales industry. ., . peace termula to ordertoavoid 

supply cut. and a 2jp rise fOr a The . fonnrt[u.. i: was; triggering h»y^ whl.clrtavt 

ID per cent cut. »betweefr reprosentalivesLdf the i beeir threatened in ,a number 

For rural filling statiods selF: Judepebdent-haulage *bntrae- ^Industries. : 

at 81p before tbe ban. toe coot tors and transport mneu . i The lorry^ drivera were. ofr 

parable rises would be 3p and 5pi headers at talks Initiated, and mandtoX eonSolidatioil of phasH 

general-’-riSe 'to prices sinthe med’ately available, but both 
day bttfote lhe' ban. came' Into sldJW.agreed;to-recommend tbe 
force. ;*■ - .- tgrn^' to their ' respective 

The. motor, agents’^. sald_u^ibers and to meet agahi to- 

one and two - pay Increases 
over the past, hiro years find It 
new basic- wage,-fiefore. Jfe.. 
addition of a further 18 per 
cent. rise. Employers ww 
prepared to Offer only a farther 
10 per cent supplement on the 
basic' wage,which stands at 
£40 for a 40-hour week. - 

Home workers bold up 
tax collections 

by Rhiup bassett. labour staff 

WORK on tax collecting arrange- cent, of employers were found 
meets for the next financial year to be -underpaying staff when 
is being held up by members of inspectors-carried out a survey 
lhe Inland Revenue Staff.Fedeiv last .year.- 
ation because of tbe low rates 

of pay for subcontracted home 

Members of the 64.00tTstrong 
federation are refusing to handle 
1978/79 tax return forms until 
they are satisfied that home 
workers putting tax change slips 
into.Inland Revenue returns are 

Lloyds Bank 
computer staff 
threaten action 

By Our Labour Staff 


paid fair rates. .. . , • . 

Mr Jack Ashley. Labour MP LLOYDS Bank work may be dts- 
for Sfoke-oo-T-ii’t South, has rupted by industrial- action by 
asked Mr. Albert Booth. Employ- 230 computer staff unless toe 
ment Secretarv. for an investiga- bank's management agrees to 

tion into allegations that home claims for unsocial hours shift, ------ - *„*,-„*«*- - bv 

worker, are beiog paid.Mp fo, paro.ente a, a meeUog^' f.J?t:SSTK»3 

By Our Welsh Correspondent • 
EAST MOORS’ 60<h craftsnres 
have -told their national '-mjwn 
leaders they are wilting to go 
along with the early closure.jw 1 
ton British Steel; woiks. 

However, their- agreement to 
the .early closure of. the. Cardiff l 
plant is subject to British Steel? 1 
agreement to' .generous redmu 
dancy tenns-.. 

Their demands vyeDartedly 
include TOO per cent, of earning January T, 1981-^evidentiy 
part of toe . price Tor eatiy 

dealing with a box qf 600 forms week. 

—a rate of between 12ip and Tbe bank’s Cashpoint, facilities 
25p an hour. on Saturday.. mornings," their. 

Mr. Anthony Christopher, the busiest time, would beoit by ln- 
•fed'eration's general secretary, dustrial action by the computer 
said-in a letter to the Board of staff, who are members pf toe 
Inland Revenue director-general National Union of Bank* 
that his members were angrj at Employees. 

‘ the scandalously low rales of Branch accounting -work would 
pay.” also be severely held up. If the 

• Underpaying employees is computer staff decided to strike 
still -widespread and is often they could force the closing' of 

deliberate, a report by the Low Lloyds branches. 

Pay Unit says to-day. The data processing-staff want 

Tbe report. Tbe Charge of the shift-premiums of .10-50 percent. 
Wages Brigade, says that 24 per of their individual basic rates. 

Confederation, the largest dole® 
among'. East Moors’ 3,300 wor*- 

• This Is substantially-above tte; 

redundancy- claims e paid.: outjff- 
secure the-early closure of Clyde. 
Irijn and j IfarUepooL atihpviSD 
the circumstances are -different.V 
.- Under, toe Beswick..P3im,. j*? 
phasing out of .old' steelwork?. 
East Moors was due : to. dose -| 
January: 1980. - 'Earlier.' dosaffe 
, Is.being sought -4ri nr dec to 03. 
to -help^. stem. ^British ;Ste«? 


National deal in balance 

ANNUAL talks on a new claim Jfdr an increasej iir;basic_age ; t^e$ Vwoitid exptKe .tor’f 
national pay and. conditions weekly mmlrnurn rates.ffdm f42'sdv^.re,diadm^-uirfer-Scii^H~ 
agreement in toe engineering fn cvn tA ' «r-~— if vr *vi'Krii.i^a^-.»Miw , 

industry must often give 

impression of taking place in__ _______ _ 

atmosphere of phoney war: annual wage bill by.7^ per cent, agreement is totrquestion-df-h^.v;^ 

.Unions call employers miserly The Engineering.. - Employers’ much' of toe &. ; per-*eot'Jfl®*" .• 
and employers call unions Federation in turn offerw 5 :.tni : able under,'tfie : ,pay : giridcUB^; . 
unreasonable over a pay claim raise craftsmen’? mfnimam rates : abotiJd .be alim^ted- 
which means nothing in terms to £52.and labourers’’-to.^£40.. : andTibw:muchJteptlo'-^hA 
of direct pay increases for most ' ^- 

trys two-tier negouattog system 

means that real earnings- are J^Stof tht^ney must kept 

regaining at-factory-ie^ 

taunts sjySMft;gSi,"* m SrXSSSi" 

This year’s negotiations, com- wSfH 1 !: ''«B"*"*Sige*1 

plicated by toe 10 per cent pay ^ dAeann&i^S^ 

guidelines, have proved more T“S; Jgggfr .?*: dd nothfre'- M''w&BKi 

difficua Both sides acknowledge ^ 

that, when talks resume between national oner. v .. , 7 '“; mM gv W n' c *ion9^wSiei».'-:»«^v-! 

the- Engineering Employers The employers and.-toe unfatf riia* ~ 

Federation and the Confedera'- hav ® a strong common, interest : woi 
tiqn of Shipbuilding and Engi- in warijjng .the nationaL agreed aradnallv nh 
neeruig Union in London to-dav, ment to ■ ■ continue. . National domestic serilen&nlk." • 1 
fi may be impossible to reach mfnimurt^rates' are used to'cSl- - Thii 

agreemenu jgg* W“V Pjy, overtime: and -made^ n^of&^ 4 toefc-ssp« s ^ 

This would mean the end of premia and ;also as a v basis af «ie cofifed^timiVcfaxiBv ^. | 
nt in for incentive schemes. 

national agreement in the for inewtivp schemes.. eluding areductton frrtM'W 1 ^ ^ 

nation s biggest industry and The minimum rates form the ing weekjahd 
possible industnaf action by industrvs' minimum warn! With: :Ttniniv- naanHd^v^UlL-'-'jnot >&*): 4 
engineering workers. 

The confederation, submitted 



for a -wen-known company mann&ctaring a range 
of special purpose metal components. 

• TftoiTrABEB expansion of sales in the “ok; and overseas is the pnme 
role. Responsibility embraces the direction of home and export 
sales managers, the identification ot new markets and products, 
pricing policy and the selection of agents. Success could lead to 3 
general management appointment wrthiatwo years.. 

• personal experience of selling.and sales, management^ and of 
marketing components to oems at home and abroad, are essential 
req uir e ments. linguistic ability would be a significant asset. 

• preferred age: under 40 . Rem uneratio n is negotiable with. 
£13 >500 as the indicator. 

"Write in complete confidence 
to Sir Harold Atcherley as adviser to the company. 



Group Personnel 

for a large and well known public company with diverse interests in. 
•mannfer t np n g and in. services to industry and the public. They 

employ 45,000 people at home and overseas. 

• keporung to a director with broad administrative rsponribiliries- 

the task is to evolve corporate personnel policy with, emphasis on 
management devdopment, industrial relations- and r em u n eration. 
planning. The function is already well developed with .competent 
' supporting staff " 

• the need is for a record of creative achievement as'a senior 
personnel executive at die centre of a large industrial organisation. 
Some experience in a service industry would he an advantage. 

-terms- are for discussion with a salary indicator of ^£15,006. 
Preferred age late 30s early 40s* Base London. . . 

Write in complete confidence . . . . .. 

to P. T. Prentice as adviserto the company. ••>- ■. ■ 




III c 

. • * .VU i • ••• • •+>* 

* ■ ■ - / -y IJ’-h-V-x -v'! 

Chief Executive 

London £20,000'plns 

Elastic Rail Spike Conipaiiy laimted seeks 
. a successor for its * Chief Executive' who $- : 
retires in December 1978. ERS is the . 
leading ;UJC,‘ manufacturer erf railway 
track fastenings, with a; rapidly expanding . _ 

; export business and 12 overseas sub- 
sidiaries. It is owned by Qiarter Con- 
-solldated . winch provides.. funds _ for -. its. _ 
continuing expansion/ ERS management’ ; 
•is self-contained and-autonomous. .. 

Candidates, probably; 3&50, will have ; 
proven success In espan&g the profit- 
ability, of alarge mamnacthring operation/ .. 
They are likely to have 'either ah inter- „ 

person appointed'wilf be ; iaking overjERS 
.at a crucial stagd'pf^ its internatloual- - 
growth. " - ^ ’ ; ’ 

For a detailed job: deSOTpno 5 . .wai^^atBS should 
write to W. T. Agary John Courtis &• PartBers Ltd-. 
Selection Consultants, 78 Wigxnore. Street, London 
WIH ftDQ, demonstrating fitefr relevance briefly 
but expHatiy and quotingreferenee 2Q3S/IT. —: 



A rapidly developing indigenous Company with international 
representation in Clearing, Shipping, Forwarding and Airfreighting 
Agents requires the services of a well experienced expatriate staff 
to take charge of the day running of its nationwide operations. The 
successful applicant will be required to play a leading role in the 
new development of the organisation. 

The General Manager will report directly to the Chairman- 
Managing Director for the following duties: 

(a) Development of Shipping Department and Projects; 

(b) Initiating Planning and see to its implementation; 

(c) Sales and Marketing; 

(d) Co-ordination of activities of various Branch Offices; 

(e) Liaising with our Foreign Associates on projects either by 
Sea or Air on source to delivery basis. 

EDUCATIONAL BACKGROUND: Applicant should be a member of: 

(a) Chartered Institute of Transport Management or its 

(b) A university graduate in either Business Administration or 
Economics and any recognised International Certificate 
from any Shipping Institute. 

EXPERIENCE: At least 5 to 10 years’ working experience in Shipping 
and Forwarding Industry in a Senior Capacity. 

ately on resumption of duty. 

SALARY: Very attractive and generous Fringe Benefits depending 
on the experience and ability of the appointed candidate. 

Applications giving brief but comprehensive details of 
qualification, experience, age, current salary and four recent passport 
photographs should be sent to: 

H. A. W. Consultants Nigeria, 

P.O. Box 1S29, 



on or before Monday, February 27,1978. 

Financial Career Opportunities 

This quoted British group with wide UK and overseas interests has achievedam- 
spicuous profit growth both internally and by acquisition. The coroorate head¬ 
quarters. footed in the Southern Home Counties, includes a high calibre financ i a l 
c tnffmtimirtgly involved in the control and creative derision making of the group.. 

Project Analyst 

Ih the Finance Directors area there is a small teamof 
analysts identifying and appraising busine^ situations, and 
working on a wide variety of projects. As a result of 
increasing demand far their services, an additional manor 
• woman is n eeded . 

The duties primarily involve the investigation and 
evaluation of business opportunities and'markets at home 
and abroad, but in addition there will be involvement in 
forecasting, fund raising, acquisitions and other financ i al 
functions. When decisions have been taken, there may well 
be occasions for assisting in their implementation, and it is 
from this that there could be substantial promotional __. * 
opportunities in either the finance or commercial functions. 
Preferred age is 25-28 and candidates should have a very 
good degree, probably numerate. Intellectual integrity and 
the ability to formulate, present and sustain an opinion 
verbally and in writing are essential. Some relevant 
business experience of economics or finance in a disciplined 
industrial environment is required. Ref. Gl&TT. 

financial Accountant 

A wefrqualified young accountant—ACA or ACCA^ is • ,-v 

r ptjiinJ lnjftmfop ff httf nfthn^anirffllTlWtfhgail/ '‘ ._7 " 

Fmanri” 1 Ara minEanfi Sfeactpred duties wouldirafto de ^ • • • 

. consolidations, FRp interpretation ofovenieas rfeparts aikl 
accounts^ budgeting,long-tenn forecasting, fi nanci al: • 7 -. ; 
inveftiga t i odfa , the presentation of information to the . . 
Board and a variety of other accounting assignments. ' 

In addition, the position will embrace arigOTOus 
contrbfiershin function and; in direct contact with tha 
corporate ana divisional senior management, also a 
practical iri financial planning , appraisal ' 

and funding. •~r . .•* 

The successftil candidate, aged25-28, will have at least- .. 

^( hwhial rraupnity nrm nnp nf th&top professional firms- ^ 
-The ability toprep&re and present an anafysis.cfear^v and* 

together with good commercials 
Re£Gl4/FT.. ........ - 

I economic sense. 

Salaries will depend on-age and experience, but are likelyto fidl gri n th e range 
.£6.000 to £7,500. There is a sensible relocation package in add&ionjo normal group 
benefits for a Iai^e company. . 9 ‘ •- 

■ CantHdottvi should send a datmted&mxfhistKFyiotfecondtUtan&xdpising oft aie& 
positions, quoting the appropriate reference number. ‘ J . v . • 

** • 

JWT Recruitment Ltd-, • •• •* 

40BerkleySquare,LondonWlXGAD. .’i. : 

SXsCVTfvc REC!?.nTfJIENT&^L£CnC<N OK5299W, 

» ^ * *1 
*-^ 4-i\ 


Public Accountants 

- jS\ 

Management & Industrial Consultants 

Offer exceptional careers for Arabic speaking professionals with the following 

Qualified auditors: ACCA, ACA, CPA and others 

Experienced university graduates in accounting, finance* management, business 
and public administration, engineering, industrial management and EDP special¬ 
ists. - •• 

TAG and TAGA are the leading professional firms in their fields, operate through¬ 
out the Arab World and are presently expanding their practicem Saudi Arabia. 
Send your resume which will be treated in strict confidence to: 

Manpower Director, 

Ta/al Abu-Ghazaleh & Co., P.O. Box 4628 (Safat), Kuwait. 
Salaries and benefits will commensurate with background. 


We are one of the big German companies with versatile interests and activities. The company is located in a big town in 
West Germany. This position requires a versed interpreter for German/English from the linguistic and technical point of 1 
view. The activities wHl mainly consist of doing translations and interpreting for the top man^emem of the company such 
as the evaluation of English technical literature, the translation of high-level technical-scientific publications and lectures 
into German and corresponding texts from German into English. They also require simultaneous interpreting of talks as well 
as lectures and negotiations in Germany and abroad. Applicants are expected to have a perfect, command of both the 
German and. English languages with English being their mother tongue. They sre also expected to have an extensive 
technical understanding combined with the ability and experience to expertly translate or simultaneously interpret texts 
from German into English and vice versa. The educational background we have in mjnd should be an academic diploma 
awarded by a university or corresponding institute combined with several years of a professional career in industry: 
Moreover a profound knowledge of the French language will be of advantage. It i$ a matter of course that this specific 
range of functions requires a real personality since there will be a permanent contact with representatives of economy, 
industry, science and politics on the highest level. Our contract conditions reflect the importance we allot to this type 
..of activity- . : . 

For contact purposes we ask you to send your application (hand-written letter of application, curriculum vitae in tabular 
form showing your qualifications, photograph, certificates) to our consultant who fully guarantees confidential treatment. 
Non-negotiability notices will of course be observed. Please apply under code number 243 to~ 

8ertoIdstr.t3-D : 43Esscn1'T.(C2Dl)782437/35-TeIeK08579387 



^ <1 -V< »; v 1 

rij 1 1' ri' is 


fJCy 3 1ft ••-■'■ %*• ♦ • 

* 4,, *t, s 3 1978 







See u 
WiVfe 3 

RS ls 



»** 3 
art er c ^* 

^ for j! 

£ s s*»4 


,^ e Proa* 

r°a^ raU ^ 


ul h! # 

^ternatio na! 



'tree;. Lorn. ; 
2035/F7‘- ; ' 




,4}. .; to the holders of . 

' European Depositary Receipts for 
•• ComrntmStock; of -c,;.. 

■- (formerly Trio. Electronics lric.) 


. {Action Required , cut -or- prior,to. 10th Febroary, 1978) 

KOQ zt of Mar 1st*' 1970. MWftfc Two Ktemea tjorponraon 
W *.'),. chi Jtopasfckry ami the hoMf/r o/'Earapr*n pcponury 
" Receipts”V ittjtd'rite te cpdet m respect of ^aw Common 
lue 50 Ten per jRire. of the Company .(the ^Common Stock "). 

- •• • Chemical Bank, as. Depositary./ {the .*•* Depositary '’)• Wide*". the Deposit 
Agreement dated as of Mar 1st*' 1970. Mtong. Two 'K«woo4 Corpar»r.on 

i the J‘ Comparer “* - -. - '■ - - 

eeeipts (the " r 
Stock, par value 

HfREBT GIVES NOTICE- ctae the Cirusd/n ,andir 'ta<h'Otpetit• Apsetnem 
bsi received notice, of '• ijMaral. ineetina of sradUteMsK-e*. Dl> Company to 
be held in Tokyo, japan,;.to'. 17th February, 1976. 

The following, taken from ehe notieo of tfce tenerar-mcrtlAt'to be given 
by the Company, are.-the ftijrtKrftfr; be rated on ». sudr. meating: 

.1:1 Approval..of k’tlanee sheet** „of-20cfa.November. 1977- profit and 
(oh statement* besttmu' report and disposal of profit lor the 46th 
term.'(Kay list* 1977,. through NwremSef, 10ii./1977^- 
Such notice and' the t report or’ reports to-be'.delivered, in connection 
therewith/'-osgether.,With' EnsRsh' .trswGtions of both. wRI wben received be 
available for inspection - as. the . office of the Depositary in r Chndon and the 
office of any of-the iol towing Svib^Doposttanes; 

- . ’ ,. Chem ical'Bank, • 

.FrankFu rtf Main. Germany. ' 

Banqoe Internationale a Luxembourg, SX 
Luxembourg 8, Luxembourg.- 
Pie nan, HeJdrmg & Pierson/ -.• 

Amsterdam. The Netherlands'.-. 

Voting rights under such Deposit Agreement may • to. axeflriwrf through 
the Depositary by holders of Coupon No. 31 by completion of the form of 
the proxy instruction* lor the nutters to be raced on. . Such form of proxy 
Irttm/cckm u available at the office of the Depositary in London or any Sub- 
Depositary listed above and. provides also for instruction, us the Depositary 
to give s discretionary proxy bo * person designated by the Company. 

The Depositary-will endeavour to. yote "the Common .Stack represented 
by a. Receipt as instructed if such form of proxy instruction. Properly completed 
and accompanied. by Coupon -No. 31 detached-from such Receipt, is received 
by^cbe Depositary or any suck'Sub-Depositary on or prior to Iflch February, 

In the absence of interucdom by holders of Coupon. No. 31 die Depositary 
may. in jts discretion, give a discretionary proxy to a person designated by 
the Company, but no.representation is made'ithM it will do so. -The Depositary 
is not pen rinsed by such Deposit Agreement to. give a discretionary proxy in 
the absence of Instructions from coupon holders with'respect «j any proposition. 
(I> as to which the Depositary has.knowledge of any substantial contest as to 
die action to be taken at (he meeting, or (2) lor the purpose of authorising a 
merger, consolidation or any other miner which may affect -substantially the 
rights or privileges o#'.Common Stock or other securities «n : deposit, pnth the 
Custodian, under such. Deposit Agreement. ’ 

Dated? 3rid February. 1978. 

CHEMICAL. BAN*,’ as Depositary. 
’ ISO. Strand. . ... 

London, wGLR.IET, 


20th November. 1977. has been established as the record date for the 
determination of the Stockholders of the Company entitled to notice of 
and to vote at such meeting. All Receipts issued in.i respect of Common 
Stock not entitled to be voted at such meeting will' be urirhoec Coupon 
No. 31 attached. 


Notice is hereby given that the rate of interest 
for the period February 2nd 1978 to August 2nd 
1978 has been iixed at 8i% per annum. 

The fiscal Agent 


U.S.$30,000,000 Floating Rate Notes 
due mi 

Notice b hereby -given that the rate 
of interest for the period February 2 
1978 to August I 197B > 8 1/16 per 
cent, per annuo.. 

Interest payable August I 1978 wi|f be 
DJ.S40.5364 per U^Jl.OOO nominal 
calculated on 181 day*;: 

Fiscal Agent, ■ 
Credit Industrie! O'Alsace 

« de Lorraine. ■ 
Luxembourg Branch. 

103 Grand-Rue,. - 




(Incorporated under the Laws of Canada) 

Board of Directors of this Company has 

declared ■ auarterlv dividend ol rwerrty- 

hve rams (25 cents) per share Sn Unftea 

Stales luntfsi on the. Company’s class A. 

Class B. and Class C Convertible Ortfanarv 
Shares without, nominal or par .value. 
Djyable April 28. 1378,. to akareholdars 

o» record at tne close Of txmlnes* cm 

Aortl 1. 1978. 

The dividend payable on Class A Con¬ 
vertible Ordmary. shares . roprestxitnd by 
store war rants to bearer will be ow'd 
only Msinst snrrender of soon bearer war. 
rants vwltii coupons urtel Nos. 1941160. 
ocih inclusive.' with- ralons atacheo) In 
e*chaitoe rar bearer tnccrnatiocnf Oaposi- 

Receipts issued by Moroap Guaranty 

Trost Company of New York at Brussels. 

BoJQ;urn. In respect ol. Class C Convey, 
i.ide Ordinary Shares-ot the Company or 
■or rostered share occtilicaies ol the 
C^npiny. Bearer wrauB iwtah coupons 
sepal Nos. I 041 I 6 Q, tot* inclusive' And 

i»ipns aitacked) may to surrendered i« 

eA^hanon to: 
i CIK ■ ' 

J&J* 15 ? de Nomor- 
- 1000 

! 5I 0 ^y n yS? rMtv -.‘ rrt - 1 C<WO *^ 
of nr ca ~ d ‘- ^ 5, “ *r 

■y Order ortho Board. - 

»*. - .__ L Al AJI«r.-Secretary: 

dl ® Cocnosny 

•re National Trust • -Company. Limited. 
Toeorm. MMteNI*' Vancouver, CalBary. 

W^miow and Halitoc Caoafl*.. and Otf- 
^ .SSL y ? rfc U-SJte »■»(« 

S *?““!? £• w*»od uromotiv 

J.t Twi st.Company.. .UuiHed «r 

M3c K< i3s Sot * t “fi«at.-'1hron*o* • .Outa£ 


1 S ^iKJ\- w> 4 ^ _««»- -the 

TRANSFER .- BOOKS of - tnfe Preference 
Shares will to CLOSso titoFtb^zirtto 
Z&tn Eebroary 1S7B. both nays Inclusive, 
ror^^Biyrnent w dlvWerRf'terSrd' Mereb 

BV Order of the Board. 

, : ' C- P., FEATHERS TON E. -■ 

' ~ ;Lw»doii; Registrar. 




» s .’ 

idc:^ ■ 

Oflic* 1 ' 

K VO' '■ 


BncorstoroMd In9* South 

TWIN) B*f, PRC . .. 

* DIVMJBh*05 ON B ?6. 

_ NOT40E IS WfifflY. jTvw. that tf»e 
Beard of Directors nat tieciarcd the. fo»- 
fotvfwr ti in' dr ud i aftwAN- «i- *fw Jt<t 
Munch T978 *b 69L. -Second-. 6% and 
Third 6% Preference Swrcfokjecs rywis- 
»rod In the books the-Campanv at 
tfMS dose of business 'tin. Friday. i7tb 
February. 197* 

«« 6^- R€Oto MAlM-£ CUMULATIVE 


; A ‘tiiridpmr a?..rte i Tate!roE-*% tw 
annum lor the stx monxtn emBo* 31 if 
■ MjfCh .' 197».—wwBafont to 6c (SIX 
CEWTSi per stare, • - 


A dividend at tta rate 01 6 % per 
■nntnn tor tee six . months tadfna 31« 
kjareh. 197B—twtalM to Be (SIX 
•CENTS) bar share. 




A dividend a: sne cat# of fi"4 per- 
annum for Pie «x moaths enduHl SI St 
1578rp#«»«»«Wf tO BC SIT 
CCfdUIS) oer share. . . 

■me dividends an:, declared in South currency and dividends payable 
from tee.London Office wfH be paid In 
United Kmodaro xurrewcr - dafcalated ft 
the .rate of BK hanae nttofl aetwepn Rand 
and ’Storting on the 170) Muw, 197a. ' 
Dividend cheqaes d es w a u had from the 
London Oftee to persons resident In 
Groat Britain or Northern Ireland wni be 
sirbler to a deductiso of United fttnadom 
Income Tdx at .nous 10 be' omved at 
after allovdmj for relief flf any) in respect 
or Scwtii AM can Taxes. 

ito Company wu. wtrero. updcable, da- 
duer the Non-R<tiJ4«ti Sharoholtiers’ Tax 
of 15% from tfvtdends payable. 

For the n«ro«e « .payfeia the above 
dividends the 6 %. Second 6 % end Third 
6 % Preference ««re Reputers .will, to 
closed from the ifftl) Feoroary. to the 3rd 
March. 1978. both day* Inclusive, 

Uytdcnd reedoes in payment von be 
peered on or alter the Sis Much. 1978. 
By Order at the Bom. 

I- B, MEHL, Secretary 
RadshMf and Traiu kr O ften: 

22 D.' Cwnm+saroncr Sir**, • • 


London Office; 

Granby Registration Sendee*. 

Grintr Nauae. 

95. Southwark street. 



For details contact Oi^oos 8045. 
■Diamond selection Lrottoa. 97a, Hatton 
Garean. London Kt . 


Briton. 39, currently president of US: 
division of American moltinational. 
has permsnenc retidanc^ status, .was 
promoted from U.R., strong profit 
record in Industrial and consumer 
products, wants to profit British U.5. 

Repllet to Box A-8243* Financial 
Times. 10, Cannon Street. EC4P 4BY. 




We : or' .. markrc leaders in Our 
specialised 'field of- equipment rental 
with: a proven growth rate and un¬ 
limited further potential for further 
particulars -, to prlncrpatc only with 
' available capital in eXken of £250.000. 
Write Sox T.4B1T, Flnantiai rimes, 
10. Cannon Street. EC4P 4BY. 


ire'inrited to apply lor parrieulery of 
a -"successful and well known freehold 
antique arcade 'outside London having 
-an excellent eroding record. Far par- 
titulars apply Vendors Agents, Eramitt 
Rathbone- Commercial. IS. Clarence 
Street. Stalaes. Tel: Sninet 8)309. 

BUSINESS FOR SALE. ForfuMl Contrrt«»S 
interest. In Algarve villa manaaomenc 
company with pools, restaurant, club 
bone. Ideal tore for oroprrtv developer. 
Site * also available. Principals only. 

; Box F.B99.-Financial Times. 10 . Cannon 


■ APortments^Tats Sale or Purchase Con- 
soft' the Specialists. Frenk J. RaybpuW. 

.- 667 Bafebocombe Poad. Babbxomto. 

. Toijquay. Phone Torquay 3937S-B. . 



WAMTED. A Property luveymeot Comway 
with COMBI losses o* 1-.1 mlinpe 
- pounds. Write 

Plmre.. 10. Cannon Street. tcaP OBY. 


Mb. 90X72 of 197R 

Chancery .Division Company** Ooart. In 
the Matter of XATSTAB UMITED and 
in ihe Matter ol The Cott*i»i“W An, 

Petition for-the Wlndinc op a/ tee above- 
named Company by (be Hiih w*«t of 
Justice wi* on Oil? Skit day tfjamiaij 
1 1973. present ef) (o Aw said ^™nbj 
whose reststered office '5 
130. Hacktw Road- Lnndon M TOR, 
TOnhM- Mercbams. and that Out Mid 
Perth on ia-directed 10 be h'’a™ b“°fe 
1 he Court ■ Kitting at Ihc HnvM Conns 
of. Jnallce, Strand. London WCJk 2LL. 
00 (be 27th dap of Februaryand 
any creditor or contribu'or>' « t m sa M 
Company deslnms to support or oppo» 
llie in viting .qf; an Order OP loe said 
PetillM may appear at the lime of 
hcaAK. in person or b." b»' cobnsel, 
for that purpose; and a coPff « hw 
Petition. WH be furnished by the under¬ 
signed to any creditor or awMrtbwory 
of ihe said Company rccjoirlm; F uck n my 
"on payment of the regulated charge tor 
On game.' 



3d. Copt hall Avenue. 

London EC2R 7JH. 


Soiicftore for U 10 Petitioner. 

TOTE.—Any person who intend* to 
appear on the hear«« trf ihc sa.d PeuUon 
must nerve OP- or send by post to. the 
above,natiwd notice in writing of as 
imemlon 90 W do. The notice must RUM 
the name and address of the persDO. or, 
If a firm die name and address .01 the 
ftnn and uteat be alsned by lbs ficKOD or 
Ann, or’ha or tiwir solicitor in anp> 
and must be wrved- or. if posted, must 
he soul by post 10 sufficient time eo 
read! ih» above-named nm layr .than 
four ‘ o'clock in me afternoon 0 # the 
MtA day of February 1078. 



to erode s 

THE FINAL stages of the 
Thistle Field development pro¬ 
gramme have been dogged by 
foul weather which has sn far 
provided offshore operators 
with greater-than-usunl prob¬ 
lems this wimer. However, 
weather permitting the first 
Row of commercial oil should be 
recorded within the next few 

The start of Thistle produc¬ 
tion will mark another impor¬ 
tant phase in North Sea de¬ 
velopment At peak producing 
rates. The field will add around 
200.000 barrels a day to 
Britain’s oil output The field 
is the first commercial venture 
to he operated by the state- 
owned British National Oil 
Corporation. Just as important. 
Thistle oil will feature in 
BNOC’s new role as an interna¬ 
tional oil trader. 

In the past week the Govern¬ 
ment has completed state par¬ 
ticipation agreements with the 
Thistle partners; BNOC, 
Demin ex, Santa Fe Inter¬ 
national, Tri centro], Burma h, 
Ashland, Conoco. Gulf and the 
Charterhouse Group. The result 
is that BNOC has gained access 
to weJ] over half of Thistle's 
output under several different 

The Corporation owns 16.2 
per cent, of the 550m. barrels 
of estimated recoverable re¬ 
serve* through its equily 
interest in the field. But u will 
have access to much more 
through participation agree¬ 
ments which provide the Cor¬ 
poration with options to buy up 
to 51 per cent, of its partners' 
output. If the Government 
decides to take royalty in kind, 
rather than as cash (as sectus 
quite likely) the Corporation 
will gain a further 22,000 barrels 
a day. of-oil by 1981. according 
tn estimates of stockbrokers 

Unique deal 

There is more to the Thistle 
deal, however. A unique agree¬ 
ment signed last week makes 
BNOC Jthe commercial buyer of 
all the oil produced from the 
Thistle block 211/18 by the 
Charterhouse Group. The trad¬ 
ing -pact, which replaces the 
more normal participation deal, 
took the best part of 18 months 
to conclude, largely because it 
was the first of its kind. It will 
be studied closely by other inde¬ 
pendent groups which have 
minority interests in commercial 

Tins special d< al came about 
because Charterhouse s slake in 
the field is so small: 0.96 per 
cent to be exact, lindpr normal 
participation term* it might 
have taken Charterhouse around 
eight months to produce enough 
oil to fill just a small tanker for 
BNOC; that could have meant 
eight months of deferred 
revenue for Charterhouse, 

The Charterhouse Group had 
to find a buyer for its crude for 
it has no refinery interests of 
its own. Apparently there were 
three big companies negotiating 
to buv the Charterhouse share 
of Thistle: two oil companies 
with international trading inter¬ 
ests and BNOC. Interestingly 
the two oil groups wen? short 
on crude, in that their refinery 
needs were greater than their 
ml producing capability, BNOC 
was in a totally different camp. 
It has no refineries to feed, but 
the prospect of abundant crude 


Charterhouse could receive 
some 8140m. (ar current prices’) 
over the life of the field as a 
result of the deal. Around half 
of this will come from Thistle 
itself. The remainder would 
come from reservoirs around 
Thistle nm yet fully appraised. 
Thj> assumes that these un¬ 
named reservoirs .are exploited, 
of course 

A senior Charierhou>e c.u-eij- 
jive said yesterday that tbr 
terms of the arrangements were 
negotiated on an arni's-Jrngth 
basis and were competitive with 
alternative terms offered by 
companies bargaining from a 
erudts-sbnrJ position. "The 
arrangements represent the 
natural outcome nf two teams 
nf experienced nil personnel 
negotiating over a lengthy 
period." he said. 

Although that comment might 
be construed in the njl industry 
as trumpet-blowing un the part 
of Charterhouse it does in¬ 
directly bestow credit on 
BNOCs growing oil trading 
department. The team o'f 
traders, now almost 10 strong, 
is currently concluding its first 
hatch of sales agreements. It 
is believed these include a 
British Gas Corporation consign¬ 
ment of Beryl crude to Shell; 
an early tanker load of Thistle 
crude to Continental Oil: and 
part of the British Gas Corpora¬ 
tion’s share of production from 
the Montrose Field. The details 

are being kept a commercial 
secrer but in oi) trading circles 
it is believed that the Beryl and 
Thistle crudes might be relchins 
around $13.70 a barrel with 
Montm-c being sold for nearer 
$13.75 in 513.S) per barrel. 

BNOC will become a major 
influence m the oil trading 
market, which is one reason why 
the Corporation i* now setting 
up a special unit to monitor 

Department of Energy seems to 
be insisting that exports oE 
North Sea oil should be severely 

1 1 would seem inar a more 
sensihle approach would he. one 
or flexibility. On this b3sis 
companies might be told to re: 
place only their imports of 
premium crude with North Sea 
production—something that 

commonsense would lead them 

than a third of their U.K pro¬ 
duction. In oilier words the 
target is being raised: com¬ 
panies are now expected to 
refine two-Uurds (not up to two- 
ihirdsi of North Sea ml in 
Brilish refineries. 

The reason for this attitude 
i> understandable. The Govem : 
mem is anxious that multi¬ 
national oil corporations should 
not view the North Sea merely 


(all figures m "000 b/d)_ 





British Gas 







of Y ear's 


























. — 





























































































54.7 __ 

-Including buy-back arrangements. 

Viwc:. V. ood. y-azlmiie 

world erudv priw*. By lbS(» the 
state etoup will be handling 
between 800.m;0 and Im. barrel-i 
a day of equity and participa¬ 
tion crude. Crude oil. taken as 
royalty, will add to the figure 
so that by JHSl BNOC could be 
responsible for rhe sale of about 
half of Britain’s North Sea oil 

The significance of that can 
be gauged from the fact that 
BNOC will he controlling per¬ 
haps seven in 10 per cent, of 
the world s total output of low- 
sulphur nremium crude; oil that 
is sought worldwide as a 
refinery ingredient for making 
light products such as petrol 
and chemicals. National con¬ 
trol over such an important 
part of this type nf oil must 
strengthen the Government’s 
hand in any political or eco¬ 
nomic negotiations with oil 
importing countries. This point 
cannot havp been lost on the 
Cabinet which makes it all the 
more surprising that the 

to do anyway. Any surplus 
North Sea oil could then be 
u*ed to replace other imports 
or snid on the international 
market. Few would erumble 
if the Government maintained 
reserve power* so that in the 
event of some disruption to 
world crude oil supplies, for 
instance, it could ensure that 
North Sea nil would always be 
available to the l\K. 

In a sense, this has been the 
declared Government policy. 
Under the so-called Varley 
guidlines. oil companies are ex¬ 
pected to refine up io two-thirds 
nf North Sea production in the 
U K. Over the past fevr months 
oil companies have been using 
slightly less than «0 per cent, 
of their North Sea crude in U.K. 

However, lhere are si-ns that 
the Energy Department is 
adopting a tougher attitude 
towards North Sea oil disposal. 
Oil companies are having to 
justify the need to export more 

as a means of meeting refinery 
demands overseas. It wants the 
companies to use British oil to 
stimulate growth in the British 
refinery and petrochemicals 
sectors. Trade unions, involved 
in the oil industry, are apply¬ 
ing pressure to this end. A 
national oil unions brief, 
recently submitted to Mr. An¬ 
thony ’Wedgwood Eenn. Energy 
Secretary, states: "The oil 

unions stand for maximum 
downstream developments based 
on North Sea feedstocks. With¬ 
in tiiis the Government ought 
to regard the target of two- 
thirds of North Sea crude be¬ 
ing refined in the U.K. as a 
minimum target." 

A hrief submitted to Mr. 
Wedgwood Berm by the UJC 
Petroleum Industry Advisory 
Committee paints a different 
picture from the companies' 
point of view. “ Pursuit of fixed 
targets like two-thirds could 
lead to gross refining diseco¬ 

nomies which would not add tn 
employment but could adversely 
affect the balance of payments 
and the U.K. value added.** 

Flooding the U.K. oil indus¬ 
try with premium crude will 
not in itself lead to downstream ' 
expansion. The over-riding fae- 1 
tors to be considered are the . 
likely growth in demand for oil . 
products and the refinery mix * 
of crude nij needed to make <■ 
them. This is the key to the “[ 
whole issue. The industry does 
not need to use a majority of ’• 
light, low-sulphur oil to make ^ 
its present range of products. 

It can make do with a majority ; 
of heavy, lower value crude. Oil . 
companies argue that it would 
make much more sense to con- : 
tinue importing large volumes * 
of (his heavy crude and benefit 
the trade balance by exporting 
substantial quantities of more 
valuable North Sea crude to¬ 
gether with products made from 
the optimum refinery mix. 

Payments loss 

Indeed, the companies harp - 
calculated that refiners could 
lose between 53 cents and 
98 cents a harrei hy unneces- _■ 
sarily refining North Sea mule. 
Wood. Mackenzie ha? estimated ' 
that a loss to the balance of 
payments arising from an in- . 
flexible lwn-thml.t policy could • 
hr £3<$m. this >e;,r. By next 
year the loss could have risen - 
io i'lOom. and by J981 the 
penally might lie as severe as 

This North Sea/refinery issue 
is far from settled. The pro¬ 
posed tripartite meeting later 
this month, involving oil com¬ 
panies. the trade unions and the • 
Government, is a sensible forum 
for discussing this problem and . 
the wider implications of EEC 
refinery' policies. It is to be 
hoped that P1AC will seize this 
opportunity and not boycott the 
meeting, as it has threatened 
to do. 

But dearly BNOC also has a 
central role to play. It will he 
responsible for rhe disposition 
of so much of the North Sea - 
crude. There are signs thar the 
Corporation favours a flexible 
policy. A high-powered ream is 
now in the U.S. negotiating 
potential export sales. Sweden 
and Germauy are other likely 
recipients of North Sea cnide. 

It remains to be seen whether • 
the Corporation can help tn ! 
convince Government that a , 
rigid two-thirds policy may not 
be in the national interest. 




By tan Hargreaves, transport 

further restrictions on entry to 
tiie haulage industry and any 
system of minimum tariffs 
comes to-day from the Freight 
Transport Association, in evid¬ 
ence to the Foster inquiry into 
haulage operators' licensing. 

The association said that O- 
Ucensint' has been “ a signal 
success’’ since is began in 1968, 
requiring improvement only by 
stricter enforcement against 
operators known to be of 
dubious quality. 

It advocated greater use nf 
short-term licences to provide 
more frequent review of such 

But suggestions from road 
hauliers that fleets owned by 
industrial companies should be 
restricted from plying for hire 
and reward, or that there should 
|he a return to aDy form of 
capacity control whereby opera¬ 
tors are licensed only for certain 
categories of work, were 

- Demands of some hauliers for 
more protection from ■ competi¬ 
tion through licensing or a 
minimum tariff system were ill- 
founded. The industry's prob¬ 
lems were related principally to 
the state of the economy, not 
the licensing framework. 

January slowdown 
in profits rise 


rising profits trend evident In 
the latter months of last year 
was continued in the annual 
reports and accounts of indus¬ 
trial companies received Iasi 

The published reports of the 
53 companies showed an 
increase in pre-tax profits of 

3ILZ per cent- and 27.1 per cent, 

Dividend costs of the 53 com¬ 
panies showed an increase of 
21.6 per cent, on those of a 
year earlier, ranch the same as 
the 21.8 per cent, rise of the 
last quarter of last year. 

Individual dividend rises 
usually stayed within the 
statutory Ifl per cent, limit, but 
English China Clays raised the 
net dividend by 451 per cent, 
with Treasury permission aTlcr 
the company's £l3.£m. fund* 
raising by means of a rights 


Marconi wins £4m 

AN ORDER lo supply a new. 
lightweight, acoustic processing 
and display system for installa¬ 
tion on the Royal Navy's Sea King 
anti-submarine belicoplers has 
been won by MAT.CONI-ELUOTT 
Marconi Electronics company. The 
mechanical engineering of a 
rhe order, ultimately worth almost 
£4ru., for an initial batch of five 
complete systems, which'will be 

followed by ihe procurement of 
constituent units direct from the 
companies which produce them. 
More than 10C complete sets of 
equipment will be supplied. 

SERVICES has been awarded a 
Department of the Environment 
contract worth £500.000 for 
for mechanical engineering of a 

covered ship repair shed for naval 
vessels, containing a new synchro- - 
lift and refitting complex, at. ' 
Rosyth. -t 

★ ’ I 

ace. Hertfordshire, has received a ; 
£50.000 order to equip a new part •. 
of the Lindsey oil refinery on ; . 
Humberside, where their 330OT . 
Series electronic transmitters will ' 
help monitor processes. 

22.8 per cent over the compar¬ 
able period a year previously. 

This is an improvement on 
the 21 per cent, rise shown in 
December reports, but it com¬ 
pares unfavourably with the 
last three quarters of Iasi year 
which showed Increases of 48.7, 
36.3 and 23JI per cent., 

Of the companies reporting 
annual pre-tax earnings of 
£15m. or more, only two. Bass 
Cbarrington and Hanson Trust, 
beat the average with gains of 

Perardwho? 'We sell pens and 
nensions.Frozen foods and'Untreezers.’ 

open tbreignbanks indie City, advertise the 
fact throughus-They seem to diriveonit. 
Perhaps we can help you; too ? 

Fkrard fbx &fetners Ltd., 

^Hillgate Street, Londoa^ TSP.lekphone'; 01-7273141 


Roof maintenance or emergency repair 
Robseal can fix it fast and guarantee 
itfor 5years. Established 15 years. 

RDbse 2 ? ltd, EastcowtAva, Eerfey. Reading. BerisTef; 0734 6ffl!S2. 
y Also in Bedford (Sandy) _ J 

Some coach 
show losses 

By Our Transport Correspondent 

ALMOST 18 per cent, of coach 
operators 1-ost money during 
their last reported financial 
year, according to a Jordan 
Oataquest survey .published 

The survey looks at ihe results 
oi' 185 operators in the years 
ending 1975 and 1976. Although 
many of the loss-makers are 
roach operators who aho run 
loss-making stage - carrius 1 ? ser¬ 
vices. privately owned coaching 
concerns are shown to display 
somewhat ragged" profit 

Of the to? ten private un 
quoted operators in terms of 
turnover, fuur were losing money 
al their last reported year-end. 
giving an average profit margin 
of <1 per cent. 

The strongest performers are 
shown to be Excelsior Holidays 
nf Dorset and demon Tours, 
which is London-based, demon 
has been- able to take advantage 
of the growth in demand for 
coach tours out of London by 
foreign visitors and bad pre-tax 
profits of £246,000 on sales of 
n.7m. in 1976. Excelsior bad a 
fimilar profit margin with 
£147.000 pre-tax surplus on a 
turnover of £lm. 

Comparison with nationalised 
bus and coach operators within 
Lhe National Bus Company is 
difficult because ol the nm 
between coach and stage carri¬ 
age in the public sector. 

The company’s coaching and 
express subsidiary, National 
Travel is shown to have lost 
£661.000 on a turnover of £31 m. 
British Coach Hire Companies: 
Jordan Dataquest. Brunstcick 
Place, London XI SEE. £32. 

In little more than 
seven years the North Sea oil 
industry has grown enormously, both 
in offshore exploration and prod ucrion 
and in ancillary onshore developments. 

I»is an industry that lives with fastr 
moving expansion, politics, and projects which 
stretch modem technology to its limits. 
Decisions involving millions of pounds arise 
almost every day a nd call for constant- access 
to a wide range of up-to-date, accurate 

This is what the N orth Sea Letter & 
European Offshore Now s fNSL‘ provides. 

Produced by the Financial Times Ltd, 
NSLis an exclusive weekly review of oil and 
gas activities on ail sectors of No nit-West 
Europe’s continental shell’. Evei-y \veek NiSL 
gathers all the relevant information. 

interprets it. sets it in 
perspective, and provides a 
continuous well-referenced record. 

This is compressed into a concise dozen 
or more pages that are essential reading for 
anyone involved in this dynamic industry. 

" AJI lor around £2 a week. Complete and 
return the coupon below. You can send us a 
cheque now. But. if you prefer not to make a 
final decision immed iately. we will send you an 
invoice; ii'ul'ter receiving the- first, four issues, 
you decide thatNSL does not meet your 
requirements, simply return the invoice; yoa 
will have incurred no financial obligation. 

Exploring lor accurate information is 
rather like exploring for oil: painstaking, 
expensive work.This time, we think you'll 
fmd vou’ve struck it rich. 


To: Subscriptions Popt<\'SD. FinancialTimpi, 

Brackcr. House, 10 Camion Street. London -C4P 2BT. 

I wish to take oat an annual subscription to the weekly 
North Sea Letter Ll’ 150in the UK/L® 

B Chc-iyjo enclosed ^Cheque payable to Financial Times *KSD Ltd.) 
Please invoice me ( I understand that if after rwivins Sour issues 
I return your invoice, i will incur nu financial oolieytioa). 


r.nme Positron 

Onianiaiion __ 

Nuiurool ^ 

Ad* Ire-ss _ 





• The Fi.-ianaal Times Ltd. Rc§No22;590Boland. ^ _ 

| P^iOrTicoiBreckci: Houms. Cannon Sire.eL Lnndon EC4P4BY. . j 










Major new outlets 
for copper alloys 




ti I#1 ■ ■ "~ ■ 


f. .• ". ; .V*-.'. ' .fef- 

L ' Wa 

RESEARCH AND test work iB In'Oat there would be justification 
progress which could have coo- * or us e & copper-nickel clad ^ 

sitaable Influence nn the use of plate for U#i spwdYess^ 

. ., • „ . .. dncluding container snips • and 

copper and its alloys in the tankers. 

marine environment, not only Another paper will look <akpro- 
fof'the* tough conditions of the auction methods for such dad 
North Sea rigs, but also as the pdate <and the possibilities of 
preferred cladding on chip applying cladding post facto to' r-^V. 
plate. . ®teej structures. 


" Feb- M0n0mUS 

ruary 8 and 9 to hear a number of both systems. . 

of ' papers, several of which will INCRA work over the past ten 
consider ohe use both of copper- to find out the snags likely 
clad steel and of copper alloy *° occur in application and day 
for. plating and the problems such to day use will be described 

applications would pose. together with specific processes 

The venue Is the Institute of “^2* a ?? pte l/ or J2 i'** 

Marine Engineers in London. manufacture of the . dad -Vi-v 

.. „ matena- 1 . • , 

New copper alloy develop- tj se <rf explosive welding for . ^ -. PrTV A mNPPDPNrrC 

m«ots have been drawn on by production of 70Cu-30Ni clad f) PACKAGING • SAFETY • MINrtKtllUW 

sS'SHs?: SSaSP rinting on Protection from lightning Talks about 

and other platforms. and its behaviour during form- ® qyy f.rfsftTING lichtninE Drt>- that really taxes protective equip- 

?”*• TOe att ?™ atlv * method of A/infoinorC tection equipment in a new two- ment is the more frequent and FODOlS 

anA r^eareh workers have been inert gas welding of the same COniHinClS channel safety device which con- prolonged surge at less than COTlCTn(! Fnnu t . 

gwimng experience of the use of alloy to steel will -be examined. : neC j* jn ^j-jes with Post Office 20OV, which does not strike the SPEA KERS FROM. tiie_BrItish 

ozpro-ndeker for small vessel Although copper has a long DEVELOPED for the decoration 0 r private signal lines, will tube and, if not inhibited in some , ■ f fvr C T 

"inference is that hnstoiy of use in the marine en- „ f nntm ., nn containers. m-ntert electronic eouioment way, would destroy the zener Industries, and Nottingham Did- 


■'*'& .-Vi*#' 

* y n ?; ,•% 

. .-. v- 

ar??C' ' *. • - ,• % - ,-'v . 

LAUNCHED IN. Britain -some 
six months ago, a state-of-the-art 
information capture . terminal 
designed for Unilever Computer 
Services fUCSL) in Sweden is 
now being manufactured in the 
UJC. Though it looks like ft. 
medium-sited calculator, ^with a" 
16-key keyboard and display, it 
can . provide a number of 
different functions, apart from 
capturing up to 60,000 characters 
of information from warehouse 
shelves, store s. order lists and so 
on. There is a program memory 
of 1,000 characters, which can be 
expanded to 4,000 characters 
when the user wishes to employ 
a number of sub-routines. The 
unit thus has a number of pro¬ 
grams it - can run and functions 
like a small computer. The M44& : 
has attracted a great deal of 
attention in Europe since its 
inception and orders for it have 
oats tripped the company's 
expectations. The UCSL Micro-* 
nics Division has been expanded 
to 20 sales end systems personnel, 
based in Berkhamsted, with ~a 
northern region office In Leeds. 
Agents have bees appointed to 
provide marketing and support 
services in France. Germany, 
Belgium. Holland, Switzerland 
and. Italy. UCSL Mi cronies at 
Chiltern House, 18L High Street, 
Berkhamsted, Herts, HP4 2AG._ 
BerkhamstetT 71741. 


Memory is 
compact ' 
and faisi 

••^ KBpnedyTiMiM'^ - 


. Bunthtsbam846EL .. 


Talks about 

IMPROVEMENTS in, te ;MOS| ^ | 

mannfacturing process-J«*R«Pr l. i . ■ . . .■ ■■■ ■ ■ .. , ~ .. ■ ■ 

abted National Sem^hdact^tt 

produce a dense. rfeafi -. only gJfcJJM*- '“SW ■ 
memory 1 .(ROM) which provides ^»- L by : 

storage of gfi.SJftjbits. on a ch^ 
with access.tinie.of .^O-jaanp- 
second, comparable with existing 

MOS devices -of only onfe-qnarter number of .^procefis etelMT./h^t* 
the capacity. -To be. launimedIn' w^TBdnceu. r s .-..; ;• '•■ 

the near future \& a’ similar-del- =The pcfco of tro' 
vice .with a -much faster-access.-veiMda is under i 20 peF rwJt faf 
time. ^ - . •; lota <rf 250 -and it is antldp^w^ 

The;- company's new*- JKM5235 thit v ln large TOltune* tke-per-bjfc 
needs only- 5 volts suwly^and 'pxice will' sortiown taViUOlSp,; 
draws less than ISO Hj&tops. Since one deviceJ& the ^eqiuya^ 
The deviee; Jb organised-' -yilo lent of eight ftK ROMs, *t will, 
8192 wotds'of'fiight. bjteieachTaid cost, a--' desfener-75;per : rceiiifiTi!(f- 
is completely static in.operation, what-he had th pay_.for-memory 
AD ingots and outputs are TTEThitherto- whenr prdVtdfug. 
compatible.. .. ' . ‘ ■*. *-. prd^am 'stotageT ^ •; - :• V' : . 

-«' 3 ’tivalent of D^nE tfae aame t^hhiques, tbb'- 
80^W -transistors apd company- may. bring.; out. 12SK- 

ported by a ahd^K devices^m . the next 

10 -per eent larger titan-current u,. vpars. .in •■"the - *nezf - frnt, 

r rnSflhs a*S2K:dev*cft^^ofWtjpe 
National describes the process - v- w i«RAd-.j-~ - -- •.--'• 

by which, it makes its “ Maxi- _ ; w j : 

Kom M as a triple ion-taplant . Further detanirfrom; Nation^, 
metal gate'n-cfaannel MOS opera- on; 022i rj'y. 


Printing on Protection from lightning Talks 

l Q P°: SELF-RESETTING lightning pro- that really taxes protective equip- 

oa m nnvtff>in/lV *0 tection equipment in a new two- ment is the more frequent and | UUUlo 

XX2 toauiueft channel safety derice which con- ProJ^g«I^® « SPEAKERS FB 


Adhesive weather strip 

^ - —t- --— — — --r of open-top plastics containers, protect electronic equipment way, would destroy the zener . 

with higher fuel costs there is vironment, present economic ^ a four-colour offset printing from bigh-voltage transients • or diodes. Other units incorporate ^ 

a case in larger vessels for the conditions and the need for ex- *• a . . I0U . .. M nrolonsed overloads. fuses, which have to be replaced, annual stete^Athehart-review of 

eradication of roughening and traeting the maximum use from “ ac ^” e * built hy ivase Inc ” of ij n fuc-c blow when the unit but the MTL 370 utilises a two- imii18 ? 3 ^ 3 oi 5. ts aDd a “ to f aatio ^ 
Fouhng which slow down the expensive vessels which need to the U-S. operates Instead, a relay tern- Pole reed relay with a life ex- u y ^ 0 >re ^ e ? I ^ formed 

ships hy applying such copper- be operated wrth mim'raum turn- Now on stream in Superfos porariW disconnects the lines and pectancy of 1m. operations. British nono^ Association. 
based materials, either as. a around times could bring about Packaging (U.K.)’s plant at j hen r escls allowing the equip- Other features of the new At the Selfridge Hotel, London, 

cladding on mild steel, or as a major expansion in the Oakham, Rutland, it is thought ment t0 ‘ continue working, design include law channel on February 22* delegates at the 

solrid aMp>-. amount of alloy used in this to be the only equipment of its Applications range frora. the pro- resistance <37 ohms maximum) meeting trill he able to see robots. 

One of the papers to be read area. type in the world, and was te £f ion of radio navigation and the facility for users to adjust from ASEA, Hall Automation 

will present the bases of an eco- More from CDA, Potters Bar designed and built to Superfos beacons around airports against the working voltage in 15 steps and Electrolux, and nuns by 

noetic study which concluded 50711. specifications. nearby lightning strikes, to safe- from TV to 105V to soit different Kawasaki snowing advanced 

Cost of the plant is understood guarding measuring instruments types of equipment It has been ^^bly operations using in- 

. . _ to be in th e rogion of £50,000. “ ’A W»*S 0 ^ 0 ^^'Uostno! robot 

Plastics in power plant 1 s°IS£wSt CD “ * 

r r enables the company to print b> zener diodes, and passes ment Technolog> . Power . Coun> 39 . High Street. Kempston, Bed- 

MONTEDISON « experimenting I.alian^oviet meeting about orl" 15 “ one defioed le.Il titt neeUofbie L dton. Bed,. 05S2 23633. - tottl (02M 853805), 

with a new heat-resisting poly- energy problems held in Moscow. • attenuation. In the event of a , 

propylene which might be nsed Montedison says Soviet officials op uu ... surge on either or both lines, the_ ' ■ . 

largely in thermal plants. expressed interest in the experi- Superfos is using its own zeners limit the voltage reaching aB . __ _ _ _ ■ • v 

The Italian chemical group mental product. Packtine equipment, normally the equipment an. for surges ex- W AfcTrll ■ j-1 R — ^or -/ 3 ' 

says polypropylene could replace Montedison indicates that con- used mail ufacturer 5 to de-nest ceeding about 250V, the discharge " " B1 ■ e*a * M- f <- 

metals in heat exchangers For sumption of polypropylene could open-top containers for filling, to tube strikes, clamping to 30V and « monrfu wtacriptioo cq ti» i*tur. - ^ 

secondary cooling ol thermal bHp«i?.d b? Its UM lb “uch pr “™' S ,0 Protecting 'the loners from ".LS" fso'lf / 

plants. beat exchangers. A plant of 1.000 P nnt,n 8 macnine. damage. LWijg ilk* ■ millionaire • Hm> to become i !/■ - 

-The use of the product was Megawatts would need about More from Superfos Packaging However, such large surges are » Lord • Na».r par d* tawnm e-*in • J 

recently discussed during an 4.orio metric tons of polymer on 0572 3771. relatively rare, and the situation d 

in roofs, avails cr ardmnd glazing 
can be rapiifly^ vreaSherptoofed 
with a sel f-adhe 8 ive v waterproof 
strip dqyelDpedi./by '.Shrfll. 
Compositesl .% -iV'.' --o . ^ r r 

It conforms y tn cotapTex- 

contours.--^sd is suit- - 
able for"repairing .gutters, and. 
dowBpipes- AvaLiable in 33-foot- 
long rolls, two to 24.inches wide; 
if consists of heavy-duty 

a l a minium foil, -backed with 

pressure^ensitive layer-of modi' 
fled bitumen/ which forms, an 
immediate, permanent ., bond 
under firm hand pressure. 
Surface/'finish' is matt grey/ 
bronze. _ J. c ■ . -. i 

. The -strip*;.bonds directly.' to. 


pFr- 1 
'C-ii ' 

The NorthernTrust Bank 

The Northern Trust Company • Established 1S89 • Member F.D.I.C, 


" - - DeCeinber31,1^77 . 

l,- ^ X. 
SfV se'- »■ 

WANTED: £18.- 

for 6 months subscription to Tb* Letter, - 

which gives you ill the bints. In But . 

issue: Tour own ranch for only S80 • l/—T,, || I; - 

Living lik« i millionaire • How to become ‘‘ i II /' v " .•** 

* Lord • Never par the taxman again • 

Tax Haven Sealaod • What about roar 
p- ivaie gold r«oervex V N.-yoieon a ux sav- 
ing invention • An inservtew with Bank of 
Switzerland'-President Dr. Fritz Leutwiler 

about money, gold, inflaoon and Swi** /f.'iflr ' 

banker’s discretion • First step to yoar 

fortune: Send this advert with your name J 

and address to‘. THE LETTER. 13b. Marine Jz^\vfsi%L 

Terrace. Penzance. Cornwall. Youll receive L -~| 

tome mind-blowing litarotare. 

-Stop. Press—/. Paul Getty made his fertmte by incorporating hn companies., 
in the Tax haven De-awarc. I* you subscribe to The Letter today for one 
vear and include payment for £30.00 you receive a real stock certificate 
of one of his companies showing his signature. Bat burry: only 46 shares 

nqb-j>oroas surfaces * (if vrieao, 
dry and free from dust); whfie . 
porous airtaces should be-.'p 0 a€ai.- 
wiBi the! o>mpeny’S '5u©eT .'Penqi. 
tratipu- PrkneT.-' Bbhd. xtringt&- 
LncreasesSvilh -thne.-.Tlid bjtttineir- 
adnssfve Ii> protect ^i v -fistic 
repair©# % tfftetmised paperi.,/^ 
■ AppUoatiotia -inci^fe': Tepafatog. 
damaged'lead^rooflng and 
lugs;, damaged /slates, ttic^rauht;. 
downpipes^./and weatheijtfoi^hit- 
glazihg bars in-roof lighte\and 
.windows:V-SoT;new -constrocti®^ i 
It can be used for ftabtting;aq*;or : : 
pitched roofaT^Bd ■ for" vi&ftirat' 
damp-proof cooisfts .ar .-dboriW.'. 
vriiidowppehihgs. ~ ; • : 

The picket Is at ThyprsMi?: 
i SaKneyi^-Chester ^ 8RS-jC02ft- 
67477^L; ;Vi- v 

’OrdinarySharetf .- •5.jQ5fi!; Equivalent !-:.- 

Monthly Income ." • ‘Jr 


Dean Emeritus 

Graduate School of Management 
Northwestern University 



American Hospital Supply Corporation 


Chairman ' - • , 

Illinois Tool WorkMnc. 



A. B. Dick Company 

U D. Scarle & Co. 


Chairman and Pn^ident 
Mfintunmory Ward & Co., 



Retired Vice Chairman 

Nortraat Corporation - - 

1W Northern Trust Ckanpany.. 


Chairman and President 

R. R_ Donnelley & Seme Company .- 



C-.-nmil Telephone & Utilities 



Santa Fe lodusiriee, Inc. 


Scribner A C-o. 

Chairman of the Board. 

Nortrust Corporation . “ - 

The Northern Trust Company 



niinpis Tool Works Inc. 


Vice Chairman 

Nortnidt Corporation 

.The Northern TnjBt Company 

nnup W. K. SWEEX JR ■ 


Nmiruet Corporatidn ' - 
The Northern Trust Company 


Vice Chairman - - - 

Ljlarnaiionai HarvesterCmapony -■ 


Cash and Due from Banks.;... 


U. S. Government.. 

Federal Agency and Other.... 

Obligationsof States and Political Subdivisions. 

Trading Account: ..... 

Money.Market' Assess 
Federal Funds Spld and Securities 

Purchased under Agreements-To Resell. 

Other Domestic..;.* 

Foreign Offices.... 


Reserve fbrVossible Loan Losses .... 

Buildi ngs and Equipment... 

Other Assets..... 


IJ^IUTIES . . _ 



Savings -... 

Other Time........ 

Foreign Offices.......... 

Total Deposits... 

Federal Ftmds Porcbased and Other - 

• Borrowings.'.------- —..... 

Accrued Taxes and Other Expenses..... 

Other Liabilities ..... -.... 



.Total Liabilities.... 


Capital Stock ^$20 Par Value...;...! 

Surplus I... .. .. 

Undivided-profits ...... .......... 

Reserve for Contingencies.. 

’ ' ‘ Total Stockholder's Equity- - •. - . . - : - 

i - TOTAL 

$ 705,650,000 

' 8,154,000. 

• 76,S93,0Q0 







- 50,000,000 

$ 66,000,000 
• 46,031.000 
; 25,000,000 

-T^iVorihetnTrustetiinpany -' . -- - • . • 

Wholly-owned subsidiary oiSorirust Corporation 

Main Offices: 50 South La Salle Street at Monroe 
Chicago, Illinois 606751312) 630-6000 
Ban king Corner at the Northern Building: 125 South TVacker 
. .. at Adams. Chicago. Illinois 606751312} 630-6000 
Bond Representative Office: New York 

International Branches: London. Hong Kong, Cayman Islands 

The Northern Trust International Banking Corporation: New York 

NorthernTrust Interamerican Bank: Miami 

Wholly-owned subsidiaries of The Northern Trust Company 

London Branch, 38 Lombard Street. London E.C. 3, England 
Phone: 623-1101 Telex-884641 NORTRLST LDN 

n the grand tradition of Avenue Foch open fr&m.Thtasflfl^^ 
and the Bois de Boulogne, the finishing * • 'inclusi»^#6^4^a 
touches are now being made to the six .' 
duplex apartments of La .Villa Foch. * .bf a biiilding-dafr*k': 

duplex apartments of La .Villa Foch. * ofa buUding-dafH^:^c^(^^4$^^Qt]^^ 
Six duplex only, not one more f- .* the diisstev'^^ 

Situated in a unique position, giving onto the 
gardens of Aventie Foch^ La Vil/a Foch is for ' 
those who appreciate valtie and a quality of les/.R^pbdi^l^; 
life ainibsLforgoiten in ihis day and age. 

"We invite you to visit the Show Apartment, stand ^ 

Please send to CARLTON S A, 49 bis, av. K-D.-Roosevell75(HA^AFiS^riK^V 

I WOiild Me Q to know more about 

name _ :_ '■ ' address : • .7 

« site*-. 

1 improv^ \ 
sam e tj * «6j 


olume ih*. 

.'^*rn tc £ 

tee is ta* ^ 




33 e techr.W 

•• bria* ?*; 

*«* ?-%* 
n Ibv 


atis frn-r, \-_ 
;* ‘‘ "EJ* 



•arfwej i•* ^ 
- frotn .i. Jir ', * 
es shpul s ££ 
1P32.V? Sup*? 

;?*■■. -pC 

a time. T},* bi> 
proiisoistf ; 

silicon! »«u 
is i n •?!■.: 2.. 
d roofsr.; •-.h'? 



in r v f 

Or 7,.:, 

>a [Or ■’..; : ,:- 1: S. 

•*• ar..: ;;. r 

£•. .;* 

.701 >. 
ar . '‘ ? ..V 

''■Ir.: l...-r m'.J V 

me ta<: 
a! tr.i 
of 34 . ‘> 

>d, Porrsmouift 

ttitS A«'- ' -•■■ 

;l£ v" L" •■ , 

FEOFEE IN flie. top echelons, of 
management feel- they have 
borne the heaviest burden in 
recent years as a result of pay 
restraint and inflation. They 
have had. to. tighten their belts 
considerably, have .seen .their 
career and standard Df living 
expectations take a knock and 
have in many in^ences had to ; 
dip into-their* capital tomaip- 
tain- their standard of living. 

These .are some of pie flirt¬ 
ings. of a survey-into the mod- 
vation of top management which 
was published yest^eday." v And' 
it maintains that the morale of . 
senior ^management, -fit: large 
compames has been- damaged- 
even more ^than that of manage¬ 
ment in -general .'ap’d that they 
are even .more resentful and 
bitter of their lot. “ When it 
is remembered that these are 
the key executives on whom 
commercial and industrial effi¬ 
ciency rests., it is clear that the 
situation has become grave,” it 
is argued. 

The survey -has- been carried 
out by Opinion Research Centro, 
and is a follow up to another, ■ 
the ^findings of which were 
published at the beginning of 
1977. This time, however, the 
sample has been confined to, 
senior management earning at 
least £12,000 a year in com¬ 
panies selected from The-Tiroes’ 
1,000 list of top companies. The < 
purpose of the .surrey, says 
ORC, was to; demonstrate the 
ways in which attitudes, motiva¬ 
tions and intentions of senior, 
managers in large companies 
were different from the wider 
spectrum of , British manage- 

Anatomy of ILK. Finance 1970- 

1975, by Christopher Johnson. 

Longman, £9.95. 275 pages 

BRITAIN has - a very * odd 
economy. Its slow growth and 
meagre productivity hare long . 
been apparent from national 
income- "statistics. And the 
financial statistics introduced 
into regular publication in more - 
recent years have thrown up 
many more anomalies: .. . 

It is strange, for instance, 
that whereas in Japan, France, 
Germany and the U.S. substari- ] 
tial company sector deficits have | 
been the rule, mdOsttial ami < 
commercial companies-in the j 
U.K. were in financial surplus j 
for 16 out of the 21 years from ( 
1952 to 1973 (the deficks in the i 
other years being trifling. t 


An ORC survey into the motivation of top 
management, while painting a depressing picture 
of the top executive’s attitude towards pay, 
promotion and particularly the Government, 
shows that the majority remain philosophical 
about the consequences of pay policy. 

meni. The cost of the survey 
has been met' frpm v donations 
by companies) although ORC 
emphasises that it has been 
given a: completely free hand 
in conducting it. 

• ORC paints * depressing pic¬ 
ture of attitudes among top man¬ 
agement towards such things as 
pay and promotion and. most 
pJrticidirly, ‘the .Government. 
Overwhelmingly, it says, "senior 
managers-in large companies sec 
themselves as being disc rim- 
. inated against. by the Govern¬ 
ment Their views are much 
more strongly held than those 
in the broader sample of man¬ 
agement More than nine out of 
ten regard the' Government's 
approach to ^management taxa¬ 
tion as unfair, -85 per cent, echo 
.this view regarding the Govern¬ 
ments attitude 1 to differentials, 
and almost three-quarters claim 
that the Government does not 
afpear to regard (he work of 
managers as being important, or 

Yet, at the same time, it is 

top management which seems to 
be more philosophical abnul the 
reasons for ihcir being con¬ 
strained financially. Just under 
two-lhirds of the 247 people 
embraced in the survey said 
they accepted that a reduction 
in living standards was a 
necessary consequence uf pay 
policy to combat inflation, 
whereas just over half of 
management in general 
acknowledged such an inevi¬ 


At (he same time, it emerges 
as something of a dichotomy 
that despite their bitter feeling' 
and disappointment.? more than 
half of the senior managers 
involved were finding their job 
more satisfying now than when 
they first started doing it and 
a further 16 per cent, felt I hey 
were getting about the same 
satisfaction. Even su. those 
who were less satisfied repre¬ 
sented just under one-third nf 

the total. 

A very much larger propor¬ 
tion of M'liiur management felt 
l hat British managers were 
badly paid—92 per cent . com¬ 
pared with 63 per rent. »»f the 
broader sample uf management 
—and that by comparison with 
other groups managers had not 
been fairly treated under the 
pay policy. Here, the propor¬ 
tions were 93 per cent and 68 
per cent. 

Among the groups which 
senior managers cited as doing 
belter than they, were unskilled 
manual workers and skilled 
manual workers But whereas 
only S per cent nf those in the 
broad man nut-men t sample felt 
that the self employed were bet¬ 
ter off then thi-v were. 23 per 
cent, of senior managers look 
this view. They also were more 
widely convinced than manage¬ 
ment in general that owner? uf 
businesses were doing better 
and that unionised labmir was 
faring bettor—in fact more than 
one-fifth of senior managers 

Highlighting the anomalies 
of British finance 

v > o*T"«nv vears. tob. the U.K. 
personal sector surplus was a 
rb.ns compared with 
-the- vast- hoards of financial 
assets being , accumulated by 
personal sectors' in - most other 
industrialised countries. 

When at length—in 1974— 
Britain;5 sector financial flows 
briefly came to resemble those 
of overseas competitors (at least 
in the sense of a large personal 
sector surplus and X record 
company sector deficit of over 
£3bn.j the result went close to 
financial disaster." : — — • 


Available financial statistics 
permit many relatively new 
insights into the 
economy, even if full under¬ 
standing dues not always easily 
follow. Christopher Johnson's 
valuable book provides a com¬ 
prehensive guide tu the flows of 
funds between sectors, placing 
these in the context nf national 
income aDd . expenditure 

patterns. Real mi-ney flows 
allow a far more vivid picture to 
he presented than the distorting 
mirrors uf ”funny money'' con- 
slant price techniques. The 
author build* on this to lake the 
reader i»n a detailed tour of the 
various sectors of the economy, 
analysing their volatile reactions 
during six increasingly 
turbulent years. 

In a sense, the very scale of 
tiie upheavals during the period 
—running from the end of the 
stern Jenkins Chancellorship 
through the frenetic initial 

took (his view on unionised 
labour, compared with just 2 
per cent of the broad tnanage- 
racn r sample. 

There was also divergence of 
Opinion between senior man¬ 
agers and the broad spectrum of 
management on the influence of 
unions. Seventy per cent, were 
strongly opposed :o the part 
played by unions in Govern¬ 
ment pay policy, compared with 
57 per cent, among management 
in general, but only a half felt 
that unions had more influence 
than middle and lower manage¬ 
ment un company policy, where¬ 
as 60 per cent, of the broad 
management sample were of 
this opinion. 

On a mure personal level, 
nearly three-quarters of senior 
managers '■aid that ihey would 
consider taking a job abroad, 
whii-h compared with juil over 
a half of those embraced in 
OR f .'\s earlier survey. On the 
other band, only 27 per cent, 
said that ih.-y were likely 
tn look leriuusly fur a job over¬ 
seas w/rhin the next three 
year*. And unly 15 per cent, 
had taken any steps, such as 
enquiring about jobs or regu¬ 
lation-. to move abroad. 

A disturbing finding in the 
survey wa* that significantly 
more top manager? than general 
management were unwilling to 
accept pnmuiihin because of ih? 
effect? of ta\- on pay increases. 
And the >aroe proportion—34 
per cent.—also claimed to have 
actually turned down pro¬ 
motion opportunities either 
within their uwn company nr 

years *f Competition and Credit 
Control t*» the final inflationary 
peak in 1975 after the oil crisis 
—mak'.* Mr. Johnson'# task more 
difficult. There is no shortage of 
discussion points, but there arc 
few easy answers. The early 
197n> wa* a period for demolish¬ 
ing theories not for e>iablishing 

How. for instance, can one 
explain the huge rise in savings 
during tiicsc years ? Between 
1S71 and iy?4 the personal 
senor siirpiii- expanded from 
£911 in. lu £4.42b».. and the 
eagerness of the public to 
increase holdings of rapidly 
depreciating monetary assets 
surprised many economists. 
Christopher Johnson points to 
the need to relate the acquisi¬ 
tion nf financial assets to the 
l#*v*‘l of holdings of existing 




Management-.- ■ 

- m ' - 




















































QUE5TJON: Would you say that, in terms of your standard of living, 
you are better or worse off than you were three years ago ? 


Sample Number 

Much better off 
A little better off 
No difference 
A little worse off 
Much worse off 
Don't know 

QUESTION.* How do you expect your standard of living to be in three 
years’ time compared to what it « at the moment I . 

Sample Number: 

A great deal higher 
A little higher 
About the same 
A little lower 
A great deal lower 
Don’t know 

woz pubhs 
the PifhC. 

with some other concern within 
the last three years. 

It is therefore no surprise 
that senior managers in large 
cumpames also stated that 
their organisation bad been 
having difficulties in finding 
people tn fill senior positions 
in the past few years. 

An indication nf huw reluc¬ 
tant senior management really 
is to move up the promotional 
ladder was given by over one 
in jhree senior managers saying 
they would refuse to move even 
fnr'a £5.000 increase in salary. 

The top managers reckoned 
they were also working much 

stocks rather than—through a 
conventional savings ratio—to 
income. But this immediately 
poses fresh statistical problems.' 
for sector accounts in ihr U.K. 
(unlike the U.S.» do not extend 
at this stage to balance shoots. 

Elsewhere, new techniques 
iead to some more familiar con¬ 
clusions. To cortte back to rhe 
example of companies, the 
obvious question is why a sec-: 
lor deficit which appears to 
reflect strength in other: 
economies should imply weak¬ 
ness in the U.K. The author; 
suggests? that in the low growth,; 
low return British industrial 
environment companies simply: 
do not dare to expand on the; 
basis of large increases in debt. 1 
in Britain Ute industrial risks 
are high, so financial risks have. 
ro bo kept to a minimum. 

“ lihat the Government's 
attitude towards pay and taxa^ 
tion of managers encourages 
people to break the law,” 

So far as the standard of., 
living is concerned. 71 per cent, 
of the senior management 
sample said that there were 
things which, throe years ago. 
they had expected to be able to^ 
afford, but which they now 
found they could nut. The com-' 
parable proportion among the 
broad management sample was 
just over one half. 1. 


top management sample OR 

harder rbese days. Nearly half 
of those in the survey main¬ 
tained that they were working 
more outside of office hours 
than they were three years ago 
— which is much more than 
rhe 28 per cent, of those in the 
broad management sample who 
gave the same response. 

Expanding on the theme of 
how current levels of taxation 
act as a disincentive on man¬ 
agers. the survey comes out 
with the rather startling view 
that 84 per cent, of top man¬ 
agers — compared with less 
than half those in the broad 

A significant number—42 per 
cent., compared with just 12 
per cent, in general manage¬ 
ment— were having difficulty 
educating children privately. 
The type of economies they 
were making which were notice-; 
ably different from general 
management included wives 
dispensing with domestic help, 
cutting down on home enter¬ 
tainment. spending less on 
holidays and reducing savings.' 

Comparing Britain with other, 
countries, the strong conviction 
emerges that a better attitude 
towards managers can be found 
almost anywhere else. EEC 
countries were cited by 69 per 
cent, of senior managers as the 
most likely to treat management 
better than Britain does, which., 
is much higher than the 45 per 
cent, of general management 
who gave the same response. 
And 67 per cent, of the senior 
people named the U.S. as a 
country with a far more favour¬ 
able attitude, whereas only 35 
per cent, of management in 
general said the same thing. 

A Surrey of the Motivation 
of Top British Managemeirt, 
Opinion Research Centre. 30. 
WVlhech Street, London, WJM 

Enthusiasm wanes 

THE LACK oT enthusiasm 
among senior management re¬ 
flected in the ORC suney dis¬ 
cussed above is mirrored in an¬ 
other survey just published 
which covers all the major in¬ 
dustrial countries in Europe. 
Carried out by Euro survey—in 
a less exhaustive manner than 
ORC’s survey—it indicates that 
executives in general have be¬ 
come disinclined to move or 
take career risks because the 
rewards are not worthwhile 
after tax. 

Somewhat in contrast to ORC. 
however, is Eurosurvey'» asser¬ 
tion that interest in jobs abroad. 

particularly among senior execu.-. 
lives, is less than generally be¬ 
lieved and is declining except 
among younger managers. How¬ 
ever. Eurosurvey does appear to 
be drawing upon actual experi¬ 
ence of executive movement 
abroad rather than statements 
of intent as in the ORC suney. 

The most active demand in 
1977 in France, Belgium. 
Netherlands, the U.K. and West 
Germany has been for marketing 
management and export and 
international management. 

Evrositrvnj, 140 Piccadilly, 
London. Wiv 9FH. 

Nicholas Leslie 

So many things that touch ou; lives owe 
something to the care of Hoechst. 

Take proprietary medicines. There's 
Optre? eye care. Panets pain relievers. Famel 
cough preparations. And many more. 

Then there's the medicine your doctor 

prescribes. Like the tablet that lets so many 
diabetics dispense with daily injections. Or the 
one that relieves hay fever. 

But Hoechst not only cares about your 
health. Just take a look around youi home. 
There's almost certain to be a product associ¬ 
ated with Hoechst. 

Famous names like Berger paints, Trevira 
fibre, Corimist and many more all owe a lot to 
the care ot Hoechst. 

And Hoecnst goes on caring. Even/ day 
over halt a million pounds is spent on research 

for the products of tomorrow. To help make ycur 
wcild a beftei. brighter place. 

In Britain. Hoechst employs over 8.000 
people. And has offices, plants and laboratories, 
throughout the countjy. 

For more information about Hoechst 
fwe say Herkst) and what it stands for, write: 
Care of Hoechst. Salisbury Road. Hounslow. 
Middlesex, or phone: 01-570 7712 ext. 3169. 





Financial Tiroes Friday . 


Use and abuse of No profit grows where is no 

J ^ 1^1 FROM THE southern side of the uf 20.000 inhabitants raises plans for dealing Witt, the grow- toe 1™*?“ nl^horise^th 

fl AllhlP niinlOll^ .. Clopton Bridge. M .cross tte question of Whether tolDJ*™■«*'****»'« 

UVUXIIC UaU£klM& ■ |he park t0 lhe uhurch . saturation^ point - has been Birthplace^ Tni* There axe ^ ^ ^ ^ 


ONE OF THE traditional ways 
in 'politics of prising someone 
out of a job is to give them less 
and less work to do. They either 
take the hint and resign, or they 
become so obviously superfluous 
that no one is surprised when 
they disappear in the next 

Now I am not saying that the 
Government is deliberated using 
this ploy against the Monopolies 
Commission, though some obser¬ 
vers might perhaps be forgiven 
for suspecting that something 
like this Is going on. It is no 
secret that some of the more 
interesting sector examinations 
which have been referred to the 
Prices Commission—as a fig-leaf 
of respectability for the Commis¬ 
sion's other tasks?—have not 
only been concerned with the 
bread and butter issues of compe¬ 
tition policy but had actually been 
on tbe point of being sent to the 
Monopolies Commission by the 
Office of Fair Trading. 


The latest, albeit less blatant, 
example of poaching was the 
decision earlier this week to 
order a Price Commission investi¬ 
gation of recommended retail 
prices in bedding, and to follow 
it up with similar investigations 
in other sectors. Recommended 
retail prices may not be a matter 
which gets everyone worked up. 
but it is an important and con¬ 
troversial issue of competition 
policy. The practice appears to 
he more widespread in Britain 
than in other countries. It has 
laraely emerged since resale 
price maintenance was abolished. 
And it can give rise to prectices 
such a« double pricing and bar¬ 
gain offers which are so open to 

ft so happens that tbe Mono¬ 
polies Commission produced a 
first-class report on the subject 
as far back as 1969. The Com¬ 
mission found that the effects of 
the practice varied from trade to 
trade. In some sectors, where 
the prices charged tended to 
cluster around the recommended 
price, tbe effect was likely to 
keep prices higher than they 
otherwise would be. 

Where, on the other hand, 
actual prices diverged substan¬ 
tially from tbe recommended 
price, the Commission thought 
tbe practice- was likely tr. mislead 
shoppers, especially where the 
recommended price was set 
sufficiently high to enable 
retailers to show large price cuts. 
However, rather than ban the 
practice generally, the Com¬ 
mission thought the Government 
ought to have’ the power to order 
a case-by-case investigation and 

to ban the'practice when it was 
found to be agawsL the public 

The Coumiis5ion's recom¬ 
mendations seemed as sensible 
as its analysis was well-founded. 
But what happened? Four years 
l 3 ter the Conservative Govern¬ 
ment 's Fair .Trading Act made 
collective price recommendations 
a registrable agreement under 
the restrictive rrade practices 
legislation and gave Ministers 
the power to ban price recom¬ 
mendations by individual manu¬ 
facturers after a monopoly or 
merger investigation. This latter 
change merely reinforced the 
existing law and did not deal at 
all with the many situations in¬ 
volving price recommendations 
but not a monopoly (that is. a 
25 per cent, market share) or a 

It was only last year that (he 
Monopolies Commission's recom¬ 
mendation was taken up. But did 
the Prices Secretary give the task 
of conducting case-by-case in¬ 
vestigations to the Office of Fair 
Trading and the Monopolies Com¬ 
mission. the most appropriate 
bodies and where it would fit in 
with the OFTs work on bargain 
offers? No. Mr. Hattersley gave 1 
it to tbe Price Commission which, 
had Just produced three reports 
on the practice covering much 1 
the same ground as the Mono-i 
polies Commission eight years, 

FROM THE southern side of the 
Clopton Bridge, looking across 
the riverside park to the church. 
Stratford-upon-Avon looks very 
much as it did in Shakespeare's 
time. Turn the head slightly and 
the image is destroyed by the 
brash new Hilton H.»*el and the 
little marina which has been 
created since the Lower Avon 
was made navigable for quite 
large passenger carrying boats. 

Across the bridge the com¬ 
mercial pressures that are in¬ 
evitable in one oE the country's 
top tourist towns soon become 
apparent. Up to 4.000 people 
file through Shakespeare’s birto- 
□lace alone in a single day. 
Even the week 1 before Christ¬ 
mas there were 1,250 visitors 
in the town. In 1976 lm. people 
went to the five properties of 
the. Shakespeare Birthplace 
Trust (compared with 200.000 
in 1950), and although the 
figures have not yet been 
published many more made the 
same journey Iasi year. Taking 
into account those who spent 
a day nr two in the town with¬ 
out bothering about Shakes¬ 
peare, .the number of visitors 
was probably at least 1.75m. 

So vast a number in a town 

uf 20.000 inhabitants raises 
the question of whether 
saturation point ■ has been 
reached. It seems especially 
efuse in the case of car parking. 
Many townspeople complain that 
car parks are not being 
enlarged fast enough, and some 
officials agree with them. 


Some relief is given by the 
riverside recreation ground 
opposite the theatre, open from 
Easter-October. But local in¬ 
habitants have to compete with 
tourists and other visitors when 
they go shopping. Short¬ 
term parking is provided 
in the streets, wbich helps to 
defeat plans to cut out traffic. 

Demand for eating out 
facilities is reflected in the 
increasing number of restaur¬ 
ants. Some of . this ex¬ 
pansion has been due to 
the extra business attracted by 
the National Exhibition Centre 
some 25 miles away. It has also 
helped to fill hotel - bedrooms 
more consistently, since many 
package tourists tend not to 
stay overnight 

The one organisation that 
seems to have the most positive 

Tough Tied Cottage 
Bachelor’s Hall and 

plans for dealing with the grow¬ 
ing pressures is the Shakespeare 
Birthplace Trust There are 
other plans, it is true and one 
day, after a suitable interval 
for the public to have its say, 
they may be implemented. But 
there still is only the medieval, 
narrow Clopton Bridge to link 
the two banks of the Avon, and 
no by-pass. One of the very 
few major changes of recent 
years has been to route lorries 
of more than 3 tons away from 
the town centre. But segregat¬ 
ing pedestrians from the traffic 
is still at an early stage. 

The Trust now 130 years old, 
continues to be the mainspring 
of tourist expenditure, estimated 
lu bring in around £12m. This 
i>: about one-third of tbe total 
for the- Heart of England 
country, which includes^ the 
Cotswolds, Warwick and Kenil¬ 
worth castles. Ludlow, the Wye 
Valley, and many other historic 
and otherwise choice spots. 

The Shakespeare Birthplace 
Trust is unique. It was created 
in 1847 with 'the purchase for 
£3,000 from publicly raised 
funds of Shakespeare’s birth¬ 
place in Henley Street. In 1891 
an Act of Parliament vested in 

can beat 

the trustees the birthplace, 
property and authorised them 
to buy other Shakespearean 
properties such as Anne Hatha¬ 
way s cottage at Shottery.-and 
Mary Arden's House. The Trust 
Act of 1930 widened the con¬ 
stitution to include representa¬ 
tives of universities (Birming¬ 
ham University organises the 
Shakespeare Institute) And A 
fresh Act of 1961 redefined and 
extended the objects to embrace 
the promotion and study of the 
playwright and his works all 
ever the world. 

The Trust is a non-profit- 
making institution entirely 
dependent on ticket money for 
its income. “We are” as Dr. 
Levi Fox. tbe Trust's director 
put it, " immeasurably rich m 
assets, but we have no endow: 
ment fund and no future 
beyond the sale of the next 

Not, it seems, that there is a 
great deal to - worry about. 
Income is running at around 
£250.000 a year, but similar 
attractions in another country 
would surely be subsidised. It. 
costs the hoteliers and shop¬ 
keepers of Stratford not a 
penny in rates to maintain and 

improve - , the Shakespearean 
properties...that puli in.Jthe 
visitors and their money. 

The Trust is concerned.-not 
only with the. properties but 
with facilitating the «ver- 
gjowiBg-'r-mass - of --tourists 
through. them. While ' the 
tourist season has inexorably 
lengthened to • ail the year 
round—Jast year one^f the first 
groups, from Japan; arrived .in. 
January—the peak - still is in 
July and August. Moreover, .the 
growth of package holidays, 
especially •. those .. involving 
coaches, has caused the-Trust, to 
■carry.'out major developments- 
like the landscaping of a coach 
park at Anne Hathaway’s 
cottage to hide the vehicles; . 

20 coaches 

- It has been much more diffi¬ 
cult to find a means; to/rid 
, Henley Street of them. Nearly 
20 - coaches have been counted 
at a.time, constituting the visu¬ 
ally . unacceptable 'aspect, of 
tourism. Bu t the Trust’ has 
received planning permission-.tb" 
build a multi-storey -car park in 
nearby. Windsor Street which- 
incorporates an underground 
area for coaches with car .park 


Sir Alex 

. ./ The Tamtiig of. the Shre w 

Lag space -above. The complete' 
scheme. wil Lcost about ml, aqj~ 
Involves (femolishingsome SsSjd’ 

. buildings, so ~ that ’ the consent 

of the Environment Department 
is needed before a start can be 
.made.. It will be necessary aJjQ 
to placate soihe n3einbers of’rbe : 
Stratford*-'Society,', who - are 
totally opposed to ming^suctf:' 
old: properties. 4 . •.. ■■[ T *: oT-’f; 

The scheme has alat Tim 
criticism-on the.graundsthat-ii) 
will still further sep^tei' tour¬ 
ists from the many otter£attray.' 
tions. of fee town; A 'de^o^ - 
on- the’ project is io'tetatejf. 
shortly .by the district ..cpuncir J 
which; It is proposed- -should 
. buy the park" when, dotupletefc 
The council Tias ; 'sti : p^er 
towns 1 of naJtongl ;;Xmportaflc£ 
within itsbeun'da'r ies,€l ; con¬ 
servation" areas and 2,000-listed 
. buildings, of. which: 200;are.'nr 
Stratford; The" Avfra’yalleyplair 
bas already'opehed up the lower 
Avon "to : largish, boats-■ from" 
Eveshanr -and -there- isCa-Vpro¬ 
posal/- much ,morfr;OTptentipU5, 

" to. open the J Iugher? Avoti to 
- Warwick: ’ The .(^un^;is yerit‘ 
. much aware "of 

-Jems of/the towtf ghd;%-’de31tig 
with thfem as a s^arat^-SobJert, 

; something 

•;»:V .r 
'-J- -, vi■ 

. V.v •-? -.-- • v-j> 

Page joltt&j 

Speed up 

BBC i 

t Indicates programme in 
black and while. 

9.50 a.m. For Schools. Olle^es. 
10.45 You and Me. 11.05 For 
schools. Colleges. 1S.45 News 
1.00 Pebble Milt. 1.43 Mr. Bcnn. 
5.05 For Schools. Col leges. 3-25 
rrem (the problems of the South 
Efron. 3.50 Regional News for 
England (except London i. 3.55 
Play School tas BBC 2 11.00 a.m.I. 
1X0 It s the Wolf. L25 Jackanory. 
1.40 Clangers. 4.55 Crackerjack. 
»J5 Paddington. 

5.4(1 News. 

5.55 Nationwide i London and 
South-East only). 

6.20 Nationwide. 

Mr. Hattersley may say that the 
Monopolies Commission is too 
slow and cumbersome. But 
who<e fault is that? it cannot 
initiate inquiries. Its staff is 
only one-eighth as large as the 
Price Commission's. I is budget 
does not so readily run to the 
use of outside consultants. And 
it believes it should not 
hurriedly arrive at findings which 
may have considerable con¬ 
sequences for the companies 

under investigation. 

The first three points could be 
met by giving iL more work to 
do and the resources to match. 
The fourth could bt met by 
making the OFT responsible, 
not only as now for passing on 
all it knows, but also for 
formulating the public interest 
case before the Commission. 
Separating the investigatory and 
judicial roles in this way would 
not only speed up the Com¬ 
mission's task—so often has it 
had to wade through a mass uf 
evidence before it could even 
begin to perceive the issues. It 
would also inject into tbe pro¬ 
ceedings tbe rules of natural 
justice which have hitherto been 
so obviously lacking. 

6.45 Soortswide. 

7.00 The Pink Panther Show. 

t7J20 “ Sherlock Holmes In 
Washington,” starring Basil 

830 Porridge. 

9.00 News- 
935 Gangsters. 

1020 To-night (London and 
South-East only). 

(0.50 Regional News. 

10.51 Max Boyce in Concert 

I US European Figure Skating 

12.10 a.m. Tbe Late Film: “ You 
Don't Need Pyjamas At 

All Regions as BBC 1 except at 
the following times:— 

Wales—1I.05-U.25 a.m. For 
Schools (Let’s Look- at Walesl. 
t.45-2.00 p.m. Sioncyn Sboncyn. 
5.55-6.20 Wales To-day. 7.00 
Heddiw. 7.25 The Countryman. 
8.00-&30 Sykes. 10.20 Kane on 
Friday. 10.5Q-I0.5I News for Wales. 

WINCANTON’S loss looks like 
being Sandown's gain. Royal 
Frolic and Our Edition, denied 
a run on the rain-sodden Somer¬ 
set track (where yesterdays 
card was abandoned after no 
warning of a course inspection) 
have been re-routed to Sandown 
for this afternoon's £ 10,000 
Leisure Caravan Park Chase. 

Their presence strengthens an 
already strong field which 
includes Bachelor's Hall and 
Ireland's Tied Cottage. 

Although Bachelor's Half and 
Royal Frolic, who stand 6-1 and 





1 Young European uses euca¬ 
lyptus! it's an example of it! 
( 12 ) 

10 Premises which are jighl 
before unusual season (7) 

11 Little bird or loud speaker (71 

12 Does it sound like specialised 
.skill? Not at ail! (5) 

13 Seat of Lord Chancellor’s 
office (8) 

• 15 Beneath soft ceiliog.and weak 
in spirit (10) 

16 Intend to be stingy (4) 

18 Caught animal in cloak (4) 

20 in pursuit of discrimination 

.. and wbat remains of the 
flavour (10) 

22- Place for late people involved 
in army lour (81 

24 Suiter at home with dog (5) 

26 Northern inn pie might be 
found in bowling alley (7) 

27 Take the chair and turn south, 
cast in pride (7) 

25 Committing possibly an 
offence for each favourite 
sailor (12) 


-2 Bound to. put female in the 
lead (7) 

3 Pressing business that’s often 
wrought? (8) 

4 Comfort as seen between 
Orientals (4) 

5 Moon starer? He may well 
be! (10) 

6 Thought learner could be 
perfect (5) 

7 Chemical can put up with 
speed (7) 

8 Pari of speech to unite firmly 
in declaration (23) 

* 9 Having fractured pump that 
could " be woeping (6-7) 

14 Page with direction to look 
elsewhere for priority ( 10 ) 

17 Harsh way tq travel to 
Northern Territories (8) 

19 Vegetable with fish cut in 
pieces f7) . 

21 Party I take on in division (7) 
23 Superior pari of shoe (5) 
25 Knocks up box (4) 

Solution to Puzzle No. 3.583 

SESDHagpg sosaas 
3 a e g m .is m 

era a o e a a a 
3Easssaaa nsnac; 
9 m a -ej s 

_ _Enaa.. sranraHHc 
3_!3 C 53 f? H 

n a a a a ■ •s '-a 
EfflnEsra 'JuaanrasagE 
h -" : .m a a a ei - a n 
E 0 3 . - . E o Q-a 
EESEss saasasEE 

S-l. respectively, in most Gold 
Cup lists, seem sure to dominate 
the market here. 1 fee! reason¬ 
ably hope ul that Dan Moore's 
10-year-old Tied Cottage will 
come out on top. 

A tough and robust bay. whose 
best performance last season 
caiue when he chased home Davy 
Lad in the Piper Heidsick prize. 
Tied Cottage is thought by his 
connections back to that 

tl2.10-l.lC a.m. “ Sherlock Holmes 
In Washington." 

Scotland—1023-10.45 a.m. and 
I 11.05-11.25 For Schools. 5.55-6—0 
Reporting Scotland. 8.30-9-00 
Current Account 10.20 Spectrum. 
10.50-10.51 News for Scotland. 

Northern Ireland —10-23-10.45 
a.m. For Schools (Ulster in 
Focus), 3.53-3.55 Northern Ireland 
News. 5.55-6.20 Scene Around 
Sis. 10.20 Social Workers. 10-50- 
10.51 News for .Narlhem Ireland. 

England—5.55-6—0 p.m. Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle): 
Midlands To-day (Birmingham): 
Points West iBrislot); South 
To-day (Southampton): Spotlight 
South-West (Plymouth). 10.20- 
10.50 East iNorwichi On Camera: 
Midlands (Birmingham) The 
Garden Game: North (Leeds) 
Jimmy Savile’s Yorkshire Speak¬ 
easy: Norih-East (Newcastle) 

Darling Grace: Norih-West (Man- 
lchester) Sit Thi Deawn: South 
(Southampton) The Young Ques¬ 
tion: South-West (P)vmoiuhi 

Peninsula: West (Bristol) The 
Yate Debate. 

BBC 2 

f L00 a.m.. Play School. 

7.00 p.m. News on 2 Headlines. 
7.05 Discovering Patchwork. 

7.30 Newsday. 

8.10 Kilvert's Diary. 

8.23 The Money Programme: 
Michael Edwardes, British 
Leyland and the Ryder 

9.00 Pot Black T8. 

W0 Horizon. 

1 0- 25 The Mayor of Casterbridge. 

11- 20 Late News on 2. 

I1J0 Closedown: Bernard Hcpton 
rends ” By Southampton 
Water" by Jeremy Hooker. 


920 a.m. Schools Programmes. 
11.54 Felix the Cat 12.00 A 
Randful of Songs. 12.10 p.m. 
Rainbow. 12.30 Cuckoo in the 
Nest. 1.00 New-s plus FT index. 
U9 Help! 1.30 Money-Go-Round. 
1-55 Beryl’s Lor. +2.23 Friday 

Matinee: *’ Knight Without 

A'rmour." 4.13 Horse in the House. 
4.45 Magpie. 5.15 Emmerdale 

5.45 News. 

RADIO 1 247m 

(S) Stereophonic brood can. 

6M » jti. A, Rarii-i 2. 7JQ Mu el 
Edmunds. 0.98 Siru-.n Bales. U.33 R).J 
Rorn^tt tnchidma 12JB p.m. Nw<;)y?a[. 
tW Tony Hlachbum 4J1 Kid Jensen 
Mtdudin*: 5JO Neu-sbcoL TJJ0 The Tort 
Heath hand iSt t jour. Rad in ?■ 1B.U 
Tnhn Brel <5.. 12J»-x2.0S a.m. As 


VHP RADIOS 1 a«d 2: IM *. m . Wvrh 
Radw 2. invlndinj; US p.m. fio«i l.isim. 
ins. 10JB (Vli)i Radio 1 and 12AM2JIS 
p.m." With Radio a 

RADIO 2 1.500m and VHF 

4J1B a.m. Neirs Summary. UB Rav 
Monru <si with The Early Show, ineturt- 
IJA k!5 Pause Tor ThoiiKhi. 7 jz Tem 
Wogan >Si indndiTiK *i7 Radna Bulleila 
anil sas Pause for Thrinahi. XO.n Jlinmr 
Joans .SI. ltJj -p.m. WiKanners* Walk- 
12JB Pole Murray's Open House i S > In- 
rludlns LA5 Spotts Desk. ZJ0 David 
Hamilton <$i Inditdina MS and 3A5 
Sfrtris Desk. «• Waggoners' Walk. MS 
Sports fic ; k. 4.#7 John Dunn ^S’ inritid- 
I'lJt S.«S Sports D^k. SAS Sports De*. 
7J2 Tlu’ Ted Heath Band In Band Parade 
•Si. t.02 NH1 Biehard'oii ennriuopt ’he 
BBC Radio Orchestra 'Si. 145 Frldav 
■V'uhr I- Wu<or NtalU *S>. f J5 SDorii 
Resk. 10.02 Treble Chanee 1O.30 Lri’g 
fin I.ann with Carlni RnmnnnA and his 
Drnee Orchesirt. 1U2 Hr»«n ftairh’-.v 
with The Late Show. 12.90-12J5 a.m. 

RADIO 3 464m. Stereo & VHF 

4 Medium. Wave only 

6.55 a.m, Wcathw. 7J» Mews. 7-05 
Overture 'Si. L00 Sews. UB Momlns 
Conct-n iS>. 0J)B News 9M This Week'. 1 ; 
Campogere: Firui and Movraa (Si. 9J0 
piano HrciMl >S> 10.0 BBC Cdncvn 

nrdievira IS' U.OS Russian Sons 
Been a I *Si. 12.30 p.m. Midday Conccn. 
tun t .Si. 1.D0 Mens. U5 Playbill iS>. 

fornu If they are right in their 
belief Tied Cottage should take 
advantage of the 7 lbs he 
receives from the two market 

Peter Cundell, who handles 
Bachelor's Hal], saddles View¬ 
finder for the two-mile Park 
Chase in which the Menclek 
gelding wilt be trying to concede 
6 tbs and IS lbs respectively to 
Rough And Tumble and Socket. 

Although the cight-year-old 
cannot be ruled out on this 
ground, which favours him, 1 
rather doubt that be wit] cope 
with the new possibly under¬ 
rated Rough And Tumble, who 
should be ideally suited by this 
return ro the minimum trip 
which he tackles for the first 
time since November. 

There has been a good deal 
of Champion hurdle interest in 
Admeius (a 25-1 chance from 
twice those odds) and the Wash¬ 
ington DC International winner 
who is arguably the best middle 
distance performer from the flat 
to have taken tc the winter 
game, must win the second divi¬ 
sion of the February Hurdle if 
he is to keep the hopes of his 
Cheltenham supporters alive. 

Thames at 6._ 


Mind Your Language. 
Maggie and Her. 

General Hospital. 

The Professionals. 


The Sun Television Awards. 
Police 5. 

Baret! a. 

a.m. Ciose: Readings by 
Geoffrey Hinsliffe from 
Peter de Rosa's “A Bible 
Prayerbook for To-day." 
IBA Regions as London 
[ at the following limes:— 

All IBA Regions as London 
except at the following times:— 


145 p.m. Ajiclla Neva 245 Friday 
Film Manner: •• Lucas TanM"r." JJD 
Oin of Town. - 5.15 Happy Days. 4-90 
About Anglia. UJ0 TV Movl<* A4k 
Alice." 1.90 >.m. Men Who Manor. . 


1.2D p.m. ATV Nc-ASdcSk. 1255 Indoor 
League. 2Jt5 The Sullivans 3.25 Borrl'I 
LM. 3J0 Stars On Ire. 5.15 Wish You 
Wore Here ? 4.00 ATV Today. UJO The 
Friday Nlfiht Film: " Not Ot This 


+1J9 pjti. Bonier Xeu-s. 1J5 Bcrty 
Boon Canoon. 2.90 Maitoof ■ ■' The 

rn-ie.'' 3JO Beryl s Lot. 5 as Happy 
Days. 4-00 Lookaround Friday. 11J8 
Fireside Theatre. tl2J0 a-m. Bordet 
Ne«s Summary. 


1J5 p.m. <3anoonUnic. 2J0 The Friday 
Mattnee: "The LJ Qaida tor.” 5.09 Report 
At Six. 1>JS Channel Late News. UJO 
Late With Damon. 11A5 The Adeeniure 
World of Sir Edmuod Hilary X2J5 a.m. 
News and -Weallwr in French. 


. 4.23 a.m. First Thing. L2D p.m. 
Gratuprsu News Headlines. indoor 

League. t2^ FndaV Maiioee: '* The 
Whale Truth." sumog Stewart Granger. 
3JD Beryl's Lot. 4.00 Grampian Today. 
7 JO Welcome to Ule Ceiildh. 19J8 
Rrfl^ciions. followed hy roud aod ski 
report. I0J5 Points VorUt. UJS The 
Frankie Vaughan Show. 


L20 p.m. This Is Your Right 155 
Untamed Frorruer. U S Friday Manm-.-: 
•' TuroabouL" 340 Beryl’s Lot- SJ0 This 
Is Your Right. 505 Crawoads. 4.00 
Granada Reports. 4.30 Kick Off. tU.3i 
Great Films of the Century: “ lnter- 


12JO p.m. Th« Codcoo Waltg. L2B 
Ropon West Headlines. 145 Report 
Wales Headlines. L30 lodour League. 
2.00 Women Only. i2J5 " The Small 

Ul Midday Concert, pan 2 iS*. 2.15 
Gabrieli String Quam-l iSi. 3JO Schubert 
Sonatas i5>. 120 The Avant-Garde 

Organ fSt. 445 The Youob Idea >S». 
545 Homevard Bound 'Si. 645 News. 
4.10 Homeward Bound i continued >. tfejl 
LI felines: Leisure and H'-treailon. 7.39 
S>.<Qttisb National On.heitra pan l: 
Webern. Bets >S *. 9.15 Tlie Philosophy 
or Composition ■ essay by Edgar All mi 
Pop». IJ5 S/VO. parr BecrUeven iS>. 
9JQ Tbe Bartue;: Analotiuf hi a vision 
«talk by Dowlas Gifford >. 925 SaPdnr 

Vcgh violin and piano recital iS‘. 1045 
Music Now iPriaul* Raituer at Ta». 1125 
New*. UJ0-11J5 And Tonight’s Schubert 

R«tl» 3 VHF osty—4J0.7J0 p-m. Open 
Univertity. . 


434m, 330m, 385m and VHF 
425 a,m'. New. 427 Farming Today. 
6J5 US To The Hour. 422 (VHF) 
Regions) Neva. 7JM News. 720 Today. 
TJ5 Up to the Hour icontinuedL 722 
■ VHFi Regional News. t.M News. 829 
Today including new* headlines, weather, 
papers. Sport. &4S Yesterday in Parlia¬ 
ment. 920 News.. 1925 Voice Of The 
People, aun News. tlOJH Checkpoint, 
UJO Dally Service. (10.45 Morning Story. 
JH.90 News. ULB5 I Call II Joy. ULSO 
First Impreydon. 12.83 News. LL02 p.m. 
You and Yours. 12J7I My Monte iSi. 
niB Weather, proaramme neiv». VHF 
iexcept London and SE> Regional N»«t. 
1.0B The World At One. 1 JO The Archers. 
L«5 Womans Hour ilfrom -j.ooi from 
Birmingham. Including 2JB-2.VZ News. 
12^5 Listen With Motlwr. 3J0 Nc-vi. 3.05 
Allemoon Theatre iSi. AM News. 4.05 
The Green Wall Of Cyprus: The flshunc 
id Cypnu In l0<4 and (he conseouencts. 
4J5 Siory Time 520 PM Rtporta 5-40 
Serendipity. 2525 Programme news tVHFi 

Art nipt ns has been schooling 
impressively with other smart 
recruits in tbe Uplands string 
since running really well on his 
debut in the Bula hurdle won by 
Bird's Nest at Cheltenham in 
December. I shall be disappoin¬ 
ted if he makes heavy weather 
or beating to-day’s compara¬ 
tively moderate opponents. 

Earlier in the afternoon Ad- 
meius's stabtemate. Ruby Wine, 
will be an extremely short priced 
favourite for the 26-runner first 
division of the February Hurdle. 

He may win. but a better pro¬ 
position, to my mind, is the once- 
raced Tar'oank, a five-year-old 
Tarqogan gelding who impres¬ 
sed me when finishing fourth in 
3 Panama Hurdle qualifier at 
Newbury before Christmas. 

This strong bay is out of 
Cherry bank, a winner five time 1 -- 
over fences, who is a sister to 
those smart chasers. Charles 
Dii-kens and Percy Crummies. 


1.30— Tarbank*** 

2.00—Rough and Tnmble** 

2.30— Tied Cottage’ 

3.00—High Ken 

3.30— Sound Prospect 

4.00—Ad met us 

- BacV Room.'' 525 The Undersea Adven 
lures of Capranv Nemo. 52B crossroads. 
6.00 Report West. 6.15 Report Wales 4JO 
Emmerdale Farm. UJO Police Woman. 

HTV Cymru/Woles—As HTV General 
Service except: 1.Z9-12S p.m. Penavdau 
Newyddioa Y Dyrid. 425-4^5 Cor Newn 
Cypgerdd. 440-6.15 V Dydd. 7JWJ0 

HTV Westr-As HTV General Service 
except: 1201 JO p.m. Reoon West Hcad- 
liaes. 6254J0 Ropon West. 


125 p.m. Nqm'I. Road and Weather 
Repon. 125 Betty Boop. t22B Friday 
Film Mauaec: '• Cnrnlval.'* smrrioz Salb 1 
Gray 323 Beryl's Lot. 5.35 Ptpei and 
Friends. 528 Crossroads. 4JB Scotland 
Today. 6.30 PhrUU. 10.30 Way* and 
Means. 1LOO Futures 1125 Late Call. 
U25 Bareita. 


120 p.m. Souzhern Nctrs. L30 Indoor 
League. 220 Women Only. 225 Friday 
Malince: ColomlM. UB Beryl's Lor. 
520 Weekend. 520 Crossroads. 420 Day 
By Day 'Channels 6. 11. 27, 4 ?j 3S and 
60i. 620 Scene South East (Channels 10. 
45. M and 8G only. *-30 Out or Tou-o. 
mo Southern News Extra. U-40 Risko. 


929 a-m. The Good Word followed by 
North East News Headlines. L2D PA 
North East News and Lookaround. 125 
Wish You Were Here ..." 220 Friday 
Film Matinee: “Seven Sinners." 320 
Beryl s Lot. 525 Mr. and Mr*. 620 
Nonhern Life. U30 The Fridas - Ntsht 
Film: " Savages." 1220 a-m. Epilogue. 


120 P.m. LoochUme. -125 Frida? 
Maunee: Ingrid Bergman add Yol 
Brynner in ” Anasiasla.” 328 Beryl's 
Lot. 423 Ulswr News Headlines. 525 
The Bradj- Bunch. 620 Ulster Television 
News. *25 Crossroads. 4JB Reports 
6.50 Police Sis. 720 A Drop In Your 
Hand 18-38 Two at 10.30. 1025 Sports 

cast. 11.05 Friday Film: " Nicky'S World." 
followed by Bedtime. 


828 a.m. tt’est Country Job Finder. 
UJO Look and See. 1226 p.m. Gns 
Honeybun's Birthdays. L2o Westward 
News Headlines 125 Canonnttrae. 225 
The Friday Matinee: "The Liquidator." 
6.00 Westward Diary and Sports Desk. 
10.23 Westward Late News. UJO Late 
WMi Damon. Ll.G The Adventure World 
Of Sir Edmund Hilary. 12.15 a.m. Faith 
For Life. 


129 p.m. Calendar New:.. US Betty 
Bnnp. +328 Friday Film Maunee: " Car- 
mvaJ." waring Sally Gray and Ml cl wet 
Wilding. 3.45 Canoon Time. 320 Beryl'! 
Lot. 5.15 Calendar Sport. 620 Calendar 
(Em ley Moor and Belmont editions*, 
til 30 Greai Films of (lie Century- 
" liuerrauzzo." starring Leslie Howard 
and InirM Bergman. 

Regional Ni-ws. UO News. 6J9 Going 
Places. 720 News. 7.05 The Archers. 720 
Pick of the Week iSj. 8.10 instant Suo- 
shJne ‘Si. 9.30 Any anesrlons? 92S 
Lelier From America. 9-30 Todav In 
Synod. 935 Kaleidoscope. 526 Wuather. 
10.00 The World TontgfW 1020 Week 
Ending . . 1035 Uf Delight. M-0B A 

Book At Bedtime. 11-15 The Financial 
World Tonicbr. UJO Today fn Parba 
aocnr U-40 Hovs. 

For Schools (VHF only) 920 a.m^l2»' 
and 2.03-320 P.m. 

BBC Radio London 

_C6 di and WV 

6.80 a-m. As Radio S. i A Rush Hoar. 
-420 Lobby. 920 London Live. 12.03 In 
Town. 1223 p.m. Call In. 223 1M 
Showcase. 4.03 Herne Ron. 6,19 London 
Sports Desk. 6.35 Good Fishing, 720 
Look. Stop. Listen. 729 lu Town <as 
U.93 aan.i. 929 BlftCk Londoners. 1020 
Trade Record. LZ-M-riose: As Radio 3. 

London Broadcasting 

UBlm and 97.3 VHF 
5.00 a.m. Mormtm Music. 6.00 A.N.i 
noiJiSLop n'/ws. travrl. sporl. rerjew*. 
Information. HUM Brian Hayes. 1.09 
p.m. LBC Reports including George Gale's 
r. o'clock Call. 829 After g-oitb fan 
Gilvhrisl. 9.00-L90 a.m. Nightllne. 

Capital Radio 

194m and 95.8 WIF 
620 a.m. Graham Deue's Breakfast 
Show iSi.. 4.00 Michael Aspcl 'Si 12.00 
Dave Cash with Cash on Delivery ■&> 
320 o.m. Roger Scon with his Three 
O'CIOCl- Thrill (Si. 720 London Tudal (S> 

7JO Adrian Lav./* ripeu Unc 4,09 

lonaihan King i5>. UJO Hike Allen's 
L. 1 IC Show >S>. 229 a.m. Ian DatldSM '0 
London Link Interna llonal tSi. 

Sir Alex Page, chairman of 
Metal Box. has been appointed 
a oon-avecutive director . of 

★ • 

Mr. Ron Canning, of Harefieid 
Rubber, has been elected cha ir- 
man of the newly-formed STRIP 
TION. Mr. Roy Hood is vice- 
chairman and Mr. John Wation. 


Mr. .Alan Williams has^ been 
appointed a director of FILM 
PACKAGING, a subsidiary of 


Mr. J. B. Fitzpatrick has been 
appointed a member of the 
BOARD until Jury 31, 1979, on a 
part-tune basis. He replaces Mr, 
A. G. Robinson,'who has resigned. 
.Mr. Fitzpatrick is managing direc¬ 
tor of the Mersey Dock aBd 
Harbour Company.' 


Mr. G. F. Oifver has been 
appointed a director of the 
i he past four years he has been 
the group's general manager. 


3Ir. Cf. R. H. Kitson has been 
appointed managing director of. 
MANAGEMENT, and Mr. P. C. 
Axlen, Mr. R. D. Green and Mr. 
R. IV. Lewis have been appointed 
to tbe Board. 


Mr. Leonard N. Bebchick has 
been elected to the Board -of 
American lawyer, specialist in. 
aviation and regulatory matters, 
Mr. Bebchick has been associated 
with the company and its prede¬ 
cessor airlines for 18 years. ' In 
1964 he was appointed joint com¬ 
pany secretary, a posi he will 


Mr. R. J. Snow has been ap¬ 
pointed GKN GROUP purchasing 
agent and has resigned his posi¬ 
tions in ibe GKN Fasteners sub- 

grouprHfr is succeeded ‘ at"GKN manager of 
Fasteners by Dr: H. D_ StuUfcora, takes _over" tie UJ^:.xnd:n 
who becomes sub-group dfrisipnaJ .‘responsibilities bf.JtriTf-'i 
managing director of the twH& ion. vv-ho ;has ; i^l-:jJig dO 

nnri rintr aJivticInn ' pacnnVfCH Mn > (tiP .Kinateoirifira 

■maa' of GKN Bolts and Nu/< the, Board of 
Firtb Cleveland FaslenmRS. GKN CO at the' end ot) 

Spire Fasteners, and Flrm^ CJeve- p. j.- WiiUing 'hab t^eSvaPWftfWd- 
land Fastenings Europa-BV;- .- ' deputy managing'; 

... . .. 

Mr. J. 1* Sefjcombe has-retired - M7. Frank. E. jyttRj^e^awi/ ^E.. 
from the Board of DUPORTand Rafiney -p. AVright;-;;ve? n 
has - resigned from- all -■executive -a^pomt ed-' ex ecutive; dfftctqra^jtrf. 
offices within the group.-PfRST'-TNTERN^IwNM^RANQ: 

e.. v 

Mr^ Micbaer baft. 

the Boartfof CAD&HTf TYffHO® 
a member of ‘ ffi&;^p»djn»y 

• Mr if V a Aii»ri hte hpM» at>- Cementatioii groiip. not CemEdts.. 

pointed chief manager, European «s >ve;-^uWisbe/ 

division. LLOYDS BANK JNTER- yesterday., v ,-. 

NATIONAL and: a- director o( 

Lloyds -Bank .' fnrerngt^na) . J.-JX W; sFieId >i]3S]-beea - 
(France) and Lloyds .. Bank. Inter-' 

national (Belgium) S.A. Mr. W. J. tor tot HOSKINS.. 
Byron succeeds Mr. Adlan as chief- - . - .v. * J -J,; ?.V ■ 

manager. Latin America division,--. : ;Sltf Barry-Ongandybtttvj qicea 
Lioyds Bank lirteririational.- . Mr.-dbe retail-iBvi^ioa oI J; 

A. a G. McWUIiani has become as managing directoL^flfe Was 
chief inspector and'Mr. A. S. previously director- iwn*) foods - 
Adams, chief manager (special with Asda- /Superstorest‘«t .Asso^ 
duties). " 'ciated Dairies. 1 » ‘v-' 

* " • r -• 

Mr. Mark IS'. Ormerod has been - - Mr. John JL Kertiewdl. has b^n 
appointed a director of NORTON appointed, senior ; Vice-presideM- 
WARBURG (BRISTOL**- -i *. ' : -to rfarge of. the cnrp«fl»teJnMgl 
*. " * 'departmerrf of INTERNATIONaE. 

Mr. T. L, Jose has been .made .a ENERGY. BANK- ,, ... '. ■,.. 

director of ERNEST A. NOTCUTT - •* •' • \ 

AND CO. and Mr. B. F. .Stack- Mr. N. T. Stewart has. teen 
house has'joined-the-Board as a appointed , sectetaty i of _ WIGHT 
consuitant director. . . CONSTRUCTION HOLDINGS in 

*'•. place'of Mr. A; R. Nlcol -Who 

Mr.' A. JT. Ctomem has retired continues as a director-, Mr. G.VV. 
as a director of -WHEATSHEAF Fraser bas retired from the Boardi 
DISTRIBUTION . AND TRADING . . . . *.. . . - r .- 

and from his executive . offices--■--Mr. Neville Xi-- Root.has been 
and directorships within . the appointed mabectog -. di rector - 

. - i '■ NATIONAL_to_place qf Mr. Peter. 
Mr. R. H. Cooper has been D. Mosher wha Has beentoe: 
appointed a director and general president Eur opean .o'pgroltote. 

Bell lion fetches £9,230 


A SALE at Sotheby Parke 
Bernet of fine Americana which 
started its four-day run in New 
York on Wednesday, fetched 
$269.225 (£138.064 )at the first 

An American record for a 
native ceramic of $18,000 
I £9.230) was paid by a New York 
dealer for one of four known 
Bell lions. 

A pine carved and painted 



spoon rack fetched . $8,500 
(£4J}5$) and a rare slip- 
decorated. plate made S84350 

In London yesterday Sotheby’s 
sold English and Foreign silver, 
and plate for £38.340., Spink 
gave £1.450 for a Queen Anne 
cylindrical tankard, while Koop- 
man paid £950 for a similar blit 

tapering tankard and £900 for a 
pair of George II figure candle¬ 
sticks. • 

The second day of books rin 
travel and topography realised 
£15,61.4, with only three, unsold 
lots. Lascelles gave £540 for a 
series of plates of Swiss 

In association with' Sotheby's 
Henry Spencer and Sons : auc¬ 
tioned. oriental ceramics, , furni¬ 
ture and works of art hr Rugby 
for a total of £23,689. with 29 
items unsold. 

At Christ ie’8 pewter -. and 
metalwork, English'- and - Con¬ 
tinental oak and eastern .rugs 
and carpets were.oh offer. The 
sum realised. £60,006. included 
£1.600 from London dealer Trove 
for a Wth-eentiiry- - oak >)0W 
dresser and the same price from, 
a private buyer : for a .set «ot 
William-and. Mary dining-chairs 
Gorans, a Belgian dealer, -fcaitl 
£1.150 for a. Qum silk, jrictorial 

" European oll : ' paintings went 
under the: hammer at ^otibaioi* 
to a total of E68&15+ wrth: II per. 
cent, unsold.' Thi 'higltosf prW 
was £A200 from A-'. ;ahd.'Tl 
Gordoo,' for. a' scene.' at; a.TacO 
meeting, by Pertia He Vega:' - •>' 
, "A possible auctiob. record for 
a James Sant—£2.DOO-^ttas given 
for Little Him .Riding Hood, by; 
Cooling.; ’Patterson paid ’fLfiOO 
f oF- ; v AbbePtitei -: .by^.i - ^fred 

MAR tE eUpiJE • 

If. /oo. afi^yad. -l^ii Mowti/f H2C-7 
Jnmimoo*;' .»IeptofliK -_ei-730_-..4tSf.' 
»Her 6.IK) p.m.' mil' hoar tr. RMmiu:' 
W; •.*■» .fl". .ttbak, 

■ybo -may- later "Bfid «wii 

a' ttouttioB.-'of ‘ In; Montorjaw. ■ gift - »• 
ili ppon 'rirt. in tat ltatd ^iipiffUl'. cancK 
twrwif; . '.irt • naliflch' i . tb« . 

Mi-i'e- Curia. .■'Mamoflai 1 -FiOnttitlpii.. 


- : ;. : February 3 1978 


’ dance 


ne - Th, , f 
3st abosi* -,% 
,u *hinM M ,*X 

< h « ^ 




of Robert except to earn- it to excess. The: 
) the grini opening is nirong. simple and 
itcEnery us vivid—a sleeping Hamlet being, 
lellinc incs- roused lo action by his naked. fjilier—but the decor- 

dance b, n.gel ANDREWS j An Ideal 

Jst abn?» f; °% • •''' • '•' . . ■'’ ■' rj Robert except to earn - it to excess- The; X mjDClllvi 

ili^hin '" l '''■ ' — - compley In', his make-up than But the film keeps transcending drawl in a sarcasm 0 _ inl opening is strong. simple and. 

Vi» ,7' h.' TheDii^ns.:.Pia*irmfire-villainy and vindictiveness: the posed beauty of its settings. Stephens beoju i. “ vivid—a sleeping: Hamlet being! 

* hal thr> r ' K J -rV‘ -' ' : - ' c - t>X an obscure hanger for some elu- 1 liked it mare than many of my politeness Of .fohn Me _ roused to action bv his naked. i d a YOUNG 

nmenir,. >. UU • •• . ! ^wYeinotfon-bf “honour.” Carra-colleagues at Cannes last year. Keitel's friend and duelling ines- , hlf decor . bV D. A. IUUi>w 

a Fist Wive (X) General ; R^ewe dine. contrast, though Inc where it won the* Best First sense r. .. linost ai jve clutter ao.-umulates there-' 

i be ‘ 1 ‘ii Film* ; v film’s “hero" and the man Feature prize, and llike it still , ^“as influtnji ftf s -™ duclor . a rier until .in the climactic Play. .. The mnsicism German/' 

Tie »ie T 'C as V- . Wew ,^ n -ff al} *rwtri> through, Whose eyes we see the more after a second viewing. f° h av e b ceu that or a con se( ,uenee. chains lakes over once Mabe i chiltern to Lord 

*■«* IS* ■ y ° aal - Fjto - action. nBlold ,« also a pro- Thc mm * s $lrengU . is in its and for all. Vladck Shevbal. a {Srina the ecer-yuung. ever-idle. 

Pd ** 0 '' crastinator with a streak of q U j e i ncss it never tries to bam- MVe rnlavins the crescendos refugee from Lindsay Kempsi ;j se -You wont under- 

* l ' The 1 peltate ‘te'lteJtaff of cowardice: eagw to storm or swashbuckle its wa * or the duSs ihcfnSlves. .These recent Sufomc. is there to camp : d * l “« u - s a Schubert 

■. ■ ah -obsession. .- 1 iyo ! ogosra-In except W^ ^e world^ eyes thru a rtory q,,, coulfi so f^L^ DInfs ^i pieces, and it tip m a diaphanous nightie £.«J« „ Robert Kidd s pro- 

ttm o a,Wk run. Napolfeon’s army .(hetth^aiT^ vaTnoaihimto satisfy their ideal p!ts|ly look as ff hi ha d leaped iS-.l^nuely varied; a duel at the Player Queen, and the; ducl ion. Gentian with an apprn- 

, K e «- rr dn(i i .' lUre-aud'Jlarvey .KeiteiV fl.. oRh^roiSfflb •. . _r\\ ■ f r0m ^h e pages of Classics iUus- twilight bv u ruined castle, a emevdrex of Ham.ets du . priaie Viennese accent: for ui 

ther *epar a .^ dufei^oe Say ator ^casaaTgWg Scott h£ tratcd - Thc dia! °S Ue steers an sabre-heaving contest of exha us- with Opnc-lm a .v given anudgmg _ n gir Roher , Chiitenvs 

manv n:v,o ‘ catMttL 4 -aad : during16 features, U fildlW course between colloquial du f rv barn a duel with over-ernnha-'is a« if for audience? ^ cheveley. the 

t?wn TV* ^<^**$^**S£ and “period" language, and the a dSi^Uh swords on who have never seen the ^ s ^ r adventuress from 

ect i- i never quite raercials and . e performances are lean, watch- horseback in a misty birch forest, before. Vienna, in a glorious gown of 

he r\ l" ^ meeting, xo reil^v-hpstiHup- 01 ful and reined-in: always on the “° The g] ni i ose s momentum It's a pity because Coronado h ] otrnpe b v Bernard Cuishaw. 

" ;ti sS *• *K KM *&■»&*!** OSlSS'Vii^^SiJSff brink or an unesploded passion. (SUSlIrtTol the way obviouslv h„ preai ^ Carieret is as pretty » 

! P.Mp.^ J pSx* Carradine's pale and band- Jh roug h when the story unwisely and the film is an object lesson ^ . q the paPt bur there is 

k * vh? n comi' quarrelling is a^ayoEj»e._^ » P. same hero, a NaooJeonic Hamlet S. ow “ carradine time off to gft in how such tlair .Imnethins intrinsically villain- 

'or e a F'irttwive (X) General ; ReIewe atne. 'bj. contrast, though tnc where it won ihu Best Fir* senser. .. linost a ii vu clutter ao.-umulates there-' 

s b? n.-ti 1 NVw Friheh rite Ik ‘ ^ ~+Ws “hero" and the man Feature prize, and 1 like it still beoai;arier until, in thc climactic Play. 
Tie N A^ n S,. „‘f r'-ini through, whose eyes we see the more after a second viewing. o have been that of J «jnuuc se(|lll?no[ .. chjuS mkes over once. 

"Cl e ,r* Tl ??<<-. 7 ., yMtofl MUnff-atfoM. > The Rim's sirepglb is in ils k«Pine ^ ,»> ■■ Sl'° bul „i for all Vladck Sheybal. a 

odc-ty. ;>• 

;: d ,o ^.: 
'* ba? 3{ s . n . 

town, a 

, ct t>« h^. 
he auirst-' ^ 

"I hii v , * 
atii>nat \*L* 

ifundar-es. g7' 

a ™ LVr i0lJ1 ; 

Vvr.lC:, ■ 
he Avon v- 1 ’ 

nnp mn nVfaW^ef tha^ihe tween Bany 1u«im and a TV unfathomable eyes, are penea.y are dro|jped down imp 
o^e?^"K&el- ii^Mlj¥eSppy commerciaSUme' sometimes ex- tuned to the mood of the Elm. .. rca i- world rrom the he 
otner_s. jve«ei iVadlrionat oects the «oonlng tones of n And the sense of sombre ene d. obsessional sphere 
bully, giving wb r tranmonar I-fcts tne_. atiomue , Ilt ^^ to the suppuri- ri.„ has elsew 

he Avon y^C w. voieMver to' hymn the joys uf ftuictnde ppreads to the suppuri- whieh fii„, has elsewhere think it ” 

bS“dSi?h something more some well-known brand of butter, ing performances, from the acid, nved.and^breath^ 

id^ *. ' 1 ‘ ^ plenient photography, are the from an 

' ■ - a, ^ ••• film's only major flaws- il wears film-maker 

■ -ini* T 

h:-*i>- A . 
rho r'.ur. :":. 1 ’ 

: uf lh< ‘ 'petij, 1 
town ,-.!c ,. ;d / 
:S a 'll ^ 

other -.n j.-jj, 


S1M0.\..M.|| jTr, 

hf . ^ 
es of Mr. R. ^ 

a * 1 F? 
neei i 7 ;_ ;ht ' 

Cn Tier . f ■ • ;.p. I 

if n. P MAETrii 

*?nd -.| jri - b 
lg h>‘. > '• •i-ri anrijj 
ISS'.TlU U-:c:nr_ 


k E. I'uSirtf jM■ 

. Wnghi 

■?r ,‘i' 

S'.-T'' — ■ 

» |B1 


siirRha*' - 

KeJJ-." , 
pi, 1 a:: 


;i *"•••• 

• I*= : \ 

So is Hamici. Although it was 

directed by a young Spanish yirsi I.nve is one of That i 
film-maker Ceiestino Cor-mado. gr owina breed of films whose, 
the production was financed by p ne ^ lim . n siiinal storytine. ersJti 
the Royal College of Ail. where ,.j ljrai . Wr isarion and cramped.; 
Coronado was a student, anu I he sba iir,w.frn;us photography sug- 
cast and technicians were gps , t |, al lbey v .- e r C made with, 
British. Coronado has taken j'eleviMun principally m mind . 1 
Shakespeare's play and turned \Yilliam Kali lof Carrie > and < 
rl into a Freudian tlunse g |(S . jn yi L .y p| a _ v tli«* siar-cnwaCd I 
inncobre of considerable usual undergraduates who meet on a I 
invention hui rather less intel- un ivcrsiiy eampiiN. and after| 

substance. Coronado's 

with limited 'ous about her self-assurance at Anna Carteret and Frank Barrie 

Ida! resources. The film ^ „ w h e re h5r very presence 

Sm,t.,nd mixed on'video- owTidj 3 ' Mwfiy for . lrtn lh o«sh not without a says Goring. " A ^ £ SJ2T 

then transferred to film.; . 1 h 33 . A - p can see ’ n r ^ d d , of subsidiary bother, feeling. I suppose. Frank Eame. 

■■ a iucc.“ d^' U ?nistica^ i ^ nl i B 3 [hS ra mo t n ir ^Crio!r «= l “ y ^3 “ The string uf subsuharv i? 

is probably the inns; en--^ ^ J e lh " .; or fd- Am-*ay. bothers that prewde_ the hna these things of pretuly 

g work vo have : Si „a surSrirt when Mrs. curtain arc so enough, though l miss the sense 

n independent British. Jl* ^ , w „f n , t0 blackmail Sir Wilde must by Aen 1 have ireal*ed q[ owpUreedin? required. Naiu- 
er in recent years. J !' Robert " l" l : nder-Sc*cretary Tor h°w ab^uid the whole sP- ra |]y he would admire stupidity, 
ic extent to which visual affairs ai 40. that's cood and started lo * "Oik U. j UJt as he would disparage con- 

u.n can triumph °'.\ r i ^ch for anvnne". into a the ^ veni.onat things like fathers, 

limitations. I only w,sh ! p a _.j" nil , mar v deceit that will floated tne plot ahoie the J ^ duty, charity or the House of 
n’t imagination had : b rin- her a fortune. Luckily she mem uf the earl -\ a “ d ‘ e b ^S Lords. „ . ; 

jmpht-d over ihe nccev . " behind her a jewel that nuw that it has been ■ - Robert Swann as Sir T^h^rt' 

lues of intelligence and • Lard Gorins hud *iven her years sometime? successfully. ^ jacks the panache for a wealthy 
re. before 'lind luckily be is the one for half a «thj huoyamy ^ 5UCCCM/u , young man: be 

* find it and he uses it tn is gone. Personally 1 e * never meets bis opponents with 

counter-blackmail her and all is great admiration for sluoiduy, anilhing rese mfc>Iing pnde. 

I.nce is one of That, Lucinda Gang as hi? wife is pnde 

breed of films whose, itself, though too attractive lo 

•nsiunal utoryHne. ersatz — .. R?ckcvf 3 .nf Street bo a busy philanthropist and the 

ri^anon and cramped.; K©W Galtery, KegBUX CR ,hodiment of high moral tone, 

focus photography stig- . — v , . She has some difficulty m speak- 

ii they were made with. TUirn f Sll^TlPT in - lines ,ike ‘' Th31 * rpat 

n principally in mind. 1 |-<llTTPf} S 11111 Li V-rLlCilL^t hentanro iHrow nor away, that 
Kali iiif Carrie i and I a A W 'V. tower of ivory do not destroy 

i L -y play th° siar-i-nwicd I .. t r'l n D U E T and indeed who wouUinT: Her 

urinates who meet on a hv ]>i A A L U 1 I C ^ l >i»ler-in-la\v. pert Mabel, who 

tv campus, and after | ’ marries Gorina and deserves_no 

;einmar sleep to^rnet.; FlPnil(mi n Britten the Hind :md fourth loss, is 'Vji h v *i5™ cllve 

seminar sleep tOJelheT. ‘ 

From Eenj.iin 

.■at the Brilten-Schubert Festival 

Coronado has had the bright brj ^ bark l0 j ire< 
idea of turning Hamlet into an + 

essay in schizophrenia. Twin 

brothers. Anthony and Meyer. finally, for cineph 
piay Hamlet and his yarir is Francophiles, there is 
“alter egos" (who here include Q f nev/ French films 
both the Ghost and Laertes): National Film Theatre 
Helen Mirren doubles as c | ude s new work by 
Ophelia and a beetroot- Cliche! Drarb, Jean-Lou 
complexioned Gertrude: an ° C elii and Jean-E*aniel Si 

j reckoned 1 'fw^hcnweTves. as it enigmatic combination of arriva! on jJ^IJJ^and" and 

were, and on. only as biography ;in d departure in its very lay- MarKJJ ™ that serve no fi 
■ of the difficult and painful fina out and sound, it >* PfjJ a n* "®* t . nn ln ^ p fot a 't all. I heii 

veness ejcpei .y n , us to take them 7 . There were as many 
of the laughs around me at the bizar- 
us-like rerie nf the situations as at the 
sum- wil and really some of the situ- 
e new atioas are the more bizarre niat- 
[ each ter. The wil is simply laid on 
joking like icing: in the last act there 
rd. an are two long passages — Mabel 
arrival on Tommy Trafiord and Lady 
•y lav- Markbv on her husband and on 
ips not curates - that serve no func- 
!. iinn in the nlot at all. I believe 

Carradine and Harvey Keitel In ‘The Duellists * 

But once it has mooted this forraance bv Annie Girardot as p *]S ir i0 ^ n a work and smudged and spoiled bv Norbert that waft you into a more 

two-in-one theme, the film doeso t in iddle- 3 ged Frenchwoman characteristic of a las work, ana smiiag 5P . u t ils m0st elegant age. and dresses, as also 

know quite wh.t to do «.U. it. ^ 'fiS’Sl SSSZ'ARXXSr* he«. .Rot ,r. love^ 

Royal Exchange/ Manchester 

Epsom Baths Hall 

La Gioconda 



i DRURY LANE. 01-336 3103. E«r» MAV FAIR 
nignt B.OO ir>an> ^ ^Matinee Wed. ana ^'L S ; 0 C "| 1 



p7t.V at t 0. Opens Tu*;.. Fob 7 Royal SJiakOSMar 

*, 7i - k rrs _ M ,sf fi.i" 11 s -°- 

619 30ȣ. WAREHOUSE Donmar Tticairc S36 630B. 
". Feb 7 Royal Shakespearo Comnairv. Ton't S.OT 
n at 6.0. James Robson s FACTORY'BIRDS Take. 

TU CX T\vhHl]1C by MICH A‘.E L COVENE\ ponchielU's Opera La Gionmda COL ,„u Mr^f^i-zdo szss. 

X. llv L/jUvUlV J has not received a fully profes- eSSh National ppIra 

• " ** j • ■ . P »„, rn c'sional staging in a London opera tonight a: 7.00 carmen 

s Anski-s ektraordiBiOT : W inoch at atwao Re Skid of Mr Otase, hi. Old friend row™ ; houle sin „ Ponse i] e sang the wi'SJTrf asaJ'LS/ig,« 

S. AnsKts. exvrau«wi»«tjr Mnrrav’s nroduction beyond quitdly to me cemeivrj, u«m. . . Covent Garden in dul* ■luBtotam*# c*iu«-uunni 

d j S 5bf^bimfh SrtoS? ev« Sdl™poATthat it is deathly buried. ^ TOl %£i™ sem i- am ateur ^^SUTSS-^^ « 

B s2S2wS!r^SSciple. dffi. -BJSSeth Kon»«ly as Leah dons whiteand productlons and L . oncert per- .n, .or Ma^n M rt> 
SShtanSSrtSdSd A T«os- is too much of a wilting English up ^Uck canoes formances _ have kept_ the iCOVBNT GARDEN. 

C.C.—Thoe theatres aeccot eerwin credit.- 

cards by telephone or at the boa office.. OUCHESS . SJ6 S 2ti. Mon. 10 Thurs. 

1 E*os. B.OO Fr.. Sat. 6.16 and 9.00 

aocd* B. BAI 1 CT OH! CALCUTTA! __ 

Sal. 5.10 ana 

t> Sie»e J- Sooars 
OuiraBeuusW pr - 

moving. Var.e.v. 

" Thc ^ 
M s^r i £Xv ; Y n fe 

DUKE OF YORK’S. 01-636 61 21 

E*?S. S.03 Mat. Wed. 3.00. 
Tickets £7.50 inc. alass ol wmc. 
••This is without doubt tnc most extra¬ 
ordinary entertainment in London, 
Evening Nows. 

Lm'iilcd Season ends 75-.n rco. 

I ott like a rocket" Times. AO seals El.SO. 
ftdv. akos Aldwych. 1 

! VAUDEVILLE. S36 99£6. Ergs, at 8. 
Mats. Tubs Sals. S ana P. 

Dinah Sheridan. Dutc.e Gray 
Eleanor Summerheld. James Groul 
" Re-enter Aoaiha w.ih anoihcr wno- 
dunmi hit. Again* CMT4l>p sla'fcmo 
thc West End ye! again with another of 
I her fiendishly ingenious murder mys¬ 
teries.” Felix Barker, ev. News. 

vakhtineov produced it in Mos- is too muen oi a ■ , Mh . body. But, to nuances nave Kepi u«r »^ COVENT garden., cc wo idw. ( -- 

Jow. in W • BrahamJlurw rose^v^r anyttmg be,o»d ^ o[ b poetic « ten * 

• n PO , .NT° NS ' S ---nuM. Agatha 

.. » wi.Iimpr ® o Mirror. the West End yel again with anolher of 

» .. n,ftyT n “5 u in Combined ncr fiendishly ingenious murder mys- 
S,al1 ■«.§., **«■” MIX Barker. E v. News. 


---“ ... 7SJ6 WEMBLEY EMPIRE FOOL until Feb. 7S. 



%ri» .^SEWSK 

I?SSv F fe'b.“ i2 at 7.S0 THE MON- 

STROUS REGIMENT with Judi Dench 

Michael Williams. 

01-437 6634 

THE ROYAL BALLET ! Sal. 6.00 ana B.OO. lomght 7 30. Sal. 2 30. SAINT JOAN 

Tonight 7.30nm La Fill* B, 4 | 9“^*; Muriel Pa/lov* as MISS MARPLE in oocns Feb. 7. ANTONY & CLEOPATRA 

Tumor apm. Mon and Thur 7.S0T»m La AGATHA CHRISTIE'S opens Feb. 21 . Seat* available. 

Bavadcre. A Month In the Country, tnte MURDER AT THE VICARAGE Sunday Feb. 12 at 7.30 THE Mwwr 

Syncopations. Tumor ana Wcd 7.30om D Thlrd Great Year. . STROUS REGIMENT with Judi Dench 

Tee Dream. Monolones. The Four___ Michael Williams. _ 

_ _ - tTK™ "ArT^nn^ut^Nayos. 65 GARRICK THEATRE. 01-636 4601 OPCN SPACE. 367 6969. Tues.-Sun. 8.0. 

J^ph,' i°a 3 U «ur r a a n perfs on sale from E«- J^^MrIinV JuWiuflO* 8J ° A DAY FOREVER by Michael Shard. _ 
toam on day Of PCH. _ ER|C flvn m ao a ROBIN RAY p AUAC £ 01-437 6634 

SADLER'S WELLS THEATRE. Rosebery "BRILLIANT MUSICAL Mon Thur |. 00 . FrL. Sal 6 00 A B.40. 

Avenue. E.C.1. 637 167Z. Until Feb. 18. ENTERTAINMENT.” Peoole. JESUS CHRIST SUPERSTAR_ 


In Gilbert and Sullivan. Li'&. 7.50. ; "GO TWICE." Morlev. Punch. , puOEMIX. 01-B36 0611- 

££™5S wSds. 2.30. until wed. neit, .. GO three TIMES" S. Barnes. NYT , PHOENIX. 11|# Marfh 

H.M.S. PINAFORE. Thurs. Feb. 9 W lb___t FRANK FINLAY tn 


THEATRES ! uFSP&ilftlZ* *7 

, J DONKEYS YEARi - ~ ' 

ADELPHI THEATRE- CC. 01-636 i61 I. by MICHAEL FRAYN , PICCADILLY. 437 4506. Credit '.ard bkgs. 

Ergs. 7.30 MaD.jniurs. 3.0. Sa.v 4.0 The Bcir cgmcay ol :ne Year. flJ6 J07 , EtS _ a 5 a t . 44a ane 6.15 

“LONDONS NIGHT OUT. | Liisl 3 •■ee'-s. Ends Fe.. 16. I rwed. neri at .1 


«"» ««* hiir " s - pcos " : - £is 5 s -.Zifs-.rt5iJ;-w.r« S0 THE ,D “ L 


BOOKINGS ON 01-636 7611. 

iRl£ C'Jf"; 

imorecation that this maidenly ■ designed the production, evoked miraculous musical, f.n. Times. , goofri 
branch of the imperishable tree. Venice with some Brighton-rocfe .. R0Y HI hj D 'S ipwndio jertarmaw.- . 
of Israel should not be blighted.! m0 oring poles, a gondola prow, a s. t*i. ..-^nted^jOAN turner^ div. f jm 
It is more a case of shielding the ; ]i on io < act as pillar-box for «hjw-“ OjTw- .".^NsmER your- • “ WenB 
virgin from a fate worse thanii Barnaba s letter of denunciation. 5E y lucky to'be able to see it j HER MA 
S. However. John Bennett It was not the staging however ^ b. 

HAYMARKE1. j , O'-930 9632. EXTRAVAGANZA." S. Times. 

Ewe 6 0 Mat Weds. 2 JO. Sals. 5.DO 1 __ 

a " d 8,5 Fcb T 13 ” 30 aSd'a-Oa' 5 * ° m PRINCE OF WAIM.CC 01-916^6651 

"WENDY 8 H^LEr" Sa..“°»'%“ S. 4 S?'MaV Vu?;; 3.0 



nmdnction. of I5KJ3. ID wuicu piayeu m‘. - . Apwirpd bv Sender 3S Lean UK veueuau Seasons _ . --- 

Enr^lliB, resting her voice Hastings as a hsping,are bound together |scale crowd scenes or the Dance Tues 7 .,^ 'ftttk'jS**™™. m "“««■ 30 s ?t! 

from the strains* o£ operetta.-Instead df as a social outcast no da2z iin C jjght undM 1 the of the Hours—an aspect o. La *■*•''“I, *«,?*** on s,le " ji°i. mar tin. jul'ia sutton 

nteved^toe rtchgi&l^wbo* driven cabalirtic rites by “ DV 1,gm u Gioconda that has made it a ,0am on aav t w,rtl - eric flvnn^rob.n ray 

?JjL j k visited by a dybbuk, the- sexual fnistration. The love affair marna 0 e c py- favourite in the Verona Arena. S adler-s wells theatre. Robbery -brilliant musical 

rofrit of herdead Jowr. inhabits no higher plane than that Auski insisted tha *Jj“ f 1 ‘gf Nonsuch Opera's production at A « nu 'b|^V cartc" «ba co'^ ' IAVbt a *Vm by sondheim 

P f>n nnp level the Biece is about of wistful romance: and Leah was a realistic one, actedlout oj^ Epsoni Batbs Halt last week filbert an. • "go twice.- NYT ; 

Hawnonifim. and carries a. charge comes to the wooden synagogue mystical characters. . could not make much of this £m.s. pinafore.' fhur». Feb. 9 io is-_— --— -- 1 

t famUiar to throw herself, on the holy ilsicn of the country society of ejlher TH£ gondoliers. Iglobe._cc. 01-437 j 592 ,.sis 

atonement, for Leah and- the J. C. Landis._another^ trans the axia l aTTttnRe d mar- transmute to sold. In a cold. ■■ lonoons^best night^out. j LM , - w «, s . E «dE fc3 ib. I 

S?„ios? i s afisssr 


their predeBtined" mamage is. second. Rahto Azrael^tne inira. un f or pj jS tic horror outside, a little of the authentic- —; ~~ ~~ iw >? M ?!^" ed 0 s ,- | a i° D I r a ?- g£2 

denied by Leah’s .father, SendeiS with the Sni oSt a decorously begrimed magic came oyer and it was not *™ R ^«V M 2i... C C“a Sis- and 

who wants a lHe-' oti-ease. and tnsion of all. interested partiw. . v siuiilarly*. there is no 1 only Enzo's ship that caught Arc. miu. lm. wi. * “ ^vendy hiller 

luxury for his daughlet and pre- The learned S IrrSin'g echo 10 the Rabbi's | John Furniss. who directed and a thqusan^^ derek bomb *«£><«* 

cares to inarry her^off; ta a is called m to mv ^ lg 3^L.„ fe e f™ eC ation that this maidenly ■ designed the production, evoked miraculous musical. F.n. Time. Godfrey hare 

weShy- family. " : case and exoreme the. d3*JuK- ™PJ*J of ^ imperishable tree Venice with some Brighton-rock ,. R0Y H uod's °Kd iiS «' .. , n=r , a w V"*, ° F VSSm^ =i« B 

By all accounts^the visit of the He does so by invobang o_ ni |_ r i, 0 f Israel should not be blighted.! mooring poles, a gondola prow, a s. tcl cfmSa^un 0 *. . T inc N *bo'w is i 1 raami*—urjv>aii*bi.s thar.sma.” o. Mali 

HiWtei tfSfSffiSd Theatre of Tor ? and c^tang S«Jjrj of case 0 f shielding: the . ]ion w^cl as pillar-box for fe;3' U "■QtivSlL " Wc " ay .. s Mirr ^' 

Season Of . J965 suggested .-to.-deceased fnend f virgin from a fate worse than 11 Barnaba s letter of denunciauan. 5E y LUC ky to be able to see it j HER majesty's, cc. 01-930 66og 

iSh audienees^t The py*: * *?? ,h»» we learn &. However. John Bennett It was not the staging however ^ a.oo. w £ a - j- «o ana 3.00 

IulJe was no more than impenetr-■ It ts 9 | ihas point uia manages «i performance of ingenious as it was. that wo.Ken -—■■■—- Lt £ moniague. helen onosav 

»«.» »-»« «■ .S/ia to authority a* the ,ho small miracle. s„llf S s 6 o«.s'"ioa ! r 6 A~ s ? 5 - •" 'W&' S&£t* 5 

VSi &^Shid of !*rr Murray^ ^‘oMr aad^Tp«™ ” X- Ssitaht Rabb,. Deerly soophral of .miracles _ ! -^Vfr4£SffiS&.^’ x ' 

oroduction. In fact, not very the poor and t P > myself. I sought for the mouvat- a^M^THC^oAYs of the commune . .. curNl s johns n-yv tr.«*»u.." d.t 

ing power behind this one. and the way'of- mE world ;iat m ane e ———————— 77 

• * • lu..« 4k_ oncurpr lav in Monj. DSC dliC it THE WAREHOUSE HER MAJE5TV S. CC Oi*V—0 obOo 

. decided that the answer lay «" .s« under w> and at pico.d«y ard HSSSrf KfSVm 

Co vent Garden the conducing. Fiaser Pculd- sa»ov nwit rw.--- (n uf,o sSaM “ m?n, NcN*»i 

UOVC ing shaped Poochielti s sprawling ambassadors. , oi.ose 1171 . T « A .T EL A/S? K TI!bi S TH°s 

"••fr. • - . r% AT score incisively, lending it a Evbl m^kenna o ( recw„ °v Iurtjhlvelqve 

A ' nilT A OVAC formal coherenu-e not usually a% fendur*i memoir .rom March ie. 

. T*1 /I OG CLvAA X^l CwvV/^ discernible, but his speeds were Per)ect< "i «,n fl oi iriumon.- e. n«*s K|N( .. 5 RQ4D THEATRE _ 35= 74bb. 

/ V | lCm-llV . always comfortable for the student ! |ct ~ el!i £T - __ > Mon. to thuh. 9 . 0 . Fr,.. sat. 7 . 30 . 9 so 

. Rrin-Marie Arubn. a; singers—after all. La Gioconda APO llo. 01^37 2663. Ey«. g.on. now^in^ts suTrock "ng year 

■ sSs Stiff understood “mtiy hJwjpon^Tof theT^llng.^ *** otfiTv 7173 

is at the very _1635t : a.uei^s 11 r was orev to fits of sleepiness, no " _j rhpn disengage It is difficult to believe tb^t shut your eyes and Evai 7.30 Mali, wca and sacs. 24 s 

witty entertainment., and other *as pe. .. nf Anadnes to_ engage and then rAcnnngihle for the Otar- S *THINK OF ENGLAND_ 

P Mon C Thiir a.DO. Frl.. Sal 6 00 4 3.40.1 " EVcifng." Fin. Tim« " Many Merry 
JESUS CHRIST SUPERSTAR 1 Retrain*." E. No**. "Bouncing Vigour.' 

_E. Standard. 


•'sneer sparkling speciacle.” D. Tel. 
Mon. CO Fri. 7.45. Mais. Wed. Tnurs. 
at 3. Sats. at 2.00. 5.00 ana 6.00. 
Children and Senior Cus. haK-Dhee e.cent 
Sal. 2 and 5. Pit it doors. Enouines 
902 1234. SPciciouF car park. 

Evgs. C OO. Mai. Thurs. 3.0 Sal. 3 ana E 
Tickets El .SO 10 £4.00. 


England's Greatest Musital Adroniure. 

March 1. WHITEHALL. 01-930 6692-7765 Opens 

FF.ANK FINLAY m I Man. Feb. 13. E.-gs. S 30 SaL 6.46 and 

Tfir L-Slio Brlcussc Musical | 9 0. Tnc ScniJi'Cral Sck Revue Ol the 


' Directed or Mel Shapiro. 1 PEEP THROAT 

Reduced price Preview* irOrt\ Fob- »• > [Jqm Li%e on SIjqc. Book Now. Limited 
——. | Season. 12-«cok vetson prior io World 

PICCADILLY. 4 37 4 506. Credit '.aid bk9i. _ T ° Ur __ 

636 1071. EvS. a. Sat. 4 4a ane 6.15-■ : 

fWed. neil al <1 WINDMILL THEATRE. CC. o31.. 

BEST COMEDY OF THE YEAR i Ty.ilc Highil. at 7.00 and -O.OO. 

E». Sid. A*ard and SWET Awaro ■ OPEN SUNDAYS 6 00 wd 6 00. SnjVesoeare Company in ' PAUL RAYMOND DreieiS 


E». Sul. Arvard and _SWET Anarg SnjVesaearc company in 
tv Pcicr Nicnoia. _ 


•• Ingrid Bergnan make! the siage , 

rad'aie—urjiisaiiable charisma. D. Mali 
” Wcndr Hiller is supero." S Mirror. 

ALDWYCH 836 6404. ml 836 5332. 

in reoertc-irc * 

"'So good." Guardian. With: Congreves, 
THE WAY OF THE WORLD ^at m and e. f 

HER MAJESTY'S. CC. 01-920 6606 
Eves b.00. Wed and ;at a.00 and S-00 


ST. " Powe-fui drama. e.N. 

" GLYNIS JOHNS Slavs brillienllv.” D.T 


•• Takes io unprecedemed hnilis whai w 
permissible on our stages " Evg. News. 
You n-.av drlni and irnobe in Ihc 
Auditor um. 

WYNDHAM'S. P36 3026 Credit Card 
hoc-king 536 1071. >«s. 5J1-J Mon.- 

. Tnurs B. Frl. and Sai. 5.1S and 8.30. 


-‘NAUGHTY BUT NICE WITH A lot Man- O'Malley's smash-hit comedy 
OF LAUGHS.' Nc>«. o! lhe World. ONCE A CATHOLIC 


BOOKINGS ON 01-910 0-46._ YOUWC V|C . (nosr VK .i 926 6363. 

-1 Ten't. 7 45 THE IMPORTANCE OF 


Evgs 8.0. Sal ,5 0 B 30. Mai Wed. 3 0 |______ 

TH£ L 'nLD 'country j YOUNG VIC STUDIO. 92B 6363. 


□freSS pv^CyFFORD WILLIAMS. ' Ton.gW a. B 

BEST PL A V OF THE lfEAR , __ m , m 

PIahe snd ptavers Lonacn critics iw.o 

' One ^1 the men ndWble Lh=air.«i I CINEMAS 

n,ents tn this cnuniry lor a QOOd many . 

years” B* Levn. Sunday Times. ABC T fr 3. SHAFTESBURY AVE. 838 

years, a. ^ -—— ! aS61. Sep. Peris. ALL SEATS BKELE. 

LAYMCND REVUEBAR. CC.' 01-734 1 S92 j j : THE CHOIRBOYS iXl. Slnil Down UJ». 

At 7 dm o p.m. 11 D.m. opens Sun J . Wk A Sun.- 1.15. 4.30. 7.S0. Laic show 
PAUL' RAYMOND present* I Tonigtil & Sat. 11.15. 


EROTICA I 2.00. S.OO. 8.00. Laic Show Sal. 11.00. 

Fully AIR CONDITIONED. You mai -- 

grinfi and smoke I n me auditonu ■_ j =AM p EN plaza, opp. Camacn Town 

—--—- — 730 1745 Tube. 485 2443. TavlaniV PADRE 

ROYAL COURT. [ PADRONE rxi. Grand Pn< Cannes '77. 

Monj. RSC also at THE WAREHOUSE ' HER MAJESTY S. CC 01-930 6606 

^ « P,C “ d "' 3rd l °^UC r i FORSYTH m f . 

510 Theatre*. ___ l„ Leslie Bricusse and Anthony Nowfey s 

i —.ctan nec 01-036 1171.1 TRAVELLING MUSIC SHOW 

Puff ml Mai*. 7ues. 3. S**- 5. w.ih DEREK GRIFFITHS... 

previews from March 16. 



Around SSSr £» 7 

^ "« 2B StTh-M ^Le ^ responsible MdJ 
S “nTteK^l^Such of the *rioui ' ss S “S®^ nM MiS!v®rdS OteZ^o 


THEATRE. 01-836 2132 


Evas 7.30 Mali. Wed and Sats. 2 45. | . 




TAINMENT.” E Nows _ | 

Evening"S SaL 5 and B.30. 
evening p rcm icre o* 

tr Peter B-rnes. 

Sec -'so Theatre Upstairs. 

O1-40S B004. 

"4th MONTH" 4.OS. 6.2S. 8.50. 

CLASSIC 1, 2. 5. 4. Oxlard Si. <Opp. 
Tottenham Court Rd. Tube). 636 031C. 
Is ONE ON ONE 'A'. Proas. 1 45. 3.S3. 
5.05. 6.15. Late Snow 10JS p.m. 

clolh wraps the Wd-fro Of rt» own momentum. The d j ndiv idual ivay: the tone isj (or Tobia Gorrio as he anasram- mo^v ^ Tjur^y b so «! ^ ccTo i^s 

d». utmosohere of is too large for the ( per*. conventionally pretty, but tically caned htmsedfi did - s l^ rd “.ii - - . '—" credit card booking 01-734 sbbt. Mats niur 5 . 3 . 00 . _ sat. s^o 6 . 30 . 

things as wit, tq?.^uyai H a nd leaving far too muen ox tne wnuua L . ha ifcjo ess colours Mis5;v erd i- S oiello also perpetrated ARTS thca yom ST oppa«d'S ‘ ■■ dazzling success, rich, colour. 

5^ma! 0 7rame a b«k- £a£&duet to jjrhg Swedish ^ncss a c n ° J0 at ^ l/iV e ; ^b^o to LaGio^uda. Boito T ,m« ; 

d , K Lrlnc^kV to Rdd-fro uf the own momentum. The houscLitbelf a ^ the tone is {or Tobia Gorrio as he anagram- Monfl „ ^ Thur^y■ *** an -' “SL^^'S^d^eSSfrttrt* 

22SL^^SS15&* of is too large Jar the jjoujto conventionally pretty, but itl^ atical | y called WmseATi did _.‘ ? y —; t^WSf&SiafflP^. 

pSwS|-*auSd dunr , ir !tef-llr.a«M , d AJ.WBW “ for , ZMrimn. ^"“.'^JnbiMng to slmphtj Jh* comple* | ~ NDON P . LL>DIUM . 

m?es peep out -from behind tra seemed on the po ^ v in teres tine, and she aid clear | j t af ^ victor Hugo play on Ci. Rd. Mon.-Thun b.d nm r». & s.t march 20 a. one week only 

ni lars fuminging and intruding suadang one an °d fl^h Ground and brave things wtii u - u ^[which he based his ten, nor did «-o — ELVIS cnge^'^ogers 

01 !WactiM. LiU>m IriJSel 1 ‘‘Was d hSb : ich denn misfired once or iwtce '» lL ihe do much to turn Hugo_s card, ^^^dVd^awIrd W&foMR 

«hn nroduclion was new. the Anadnes . tv as 1 esceD- highest reacites, out no more figures into flesh and TKkeis £i.5o.£5.5o. |« ; rt B “ ur 11 . , n u ,"! a great evenings ent|rtainment 

Effect S dampening Bui at gtwti! were ^ly .Utan r3 good h ^“ etta jwood Consequently the singers * F f^° ST 

ioJt night's revival it seemed tional momems m s nervous first night wmt-. - ^ nrindnal roles are left *bie in aa*aa«. comb.ned o-« nw an0 book Now-scat s e2-eb. 

Zl ^t U detba,M^UN3p.ej0r ^pnb^al n.,« ^ -----jgf .. 

k-.h nnw managed to -bring tne sjacic tana_ nhrases. was available ^ 1 Uf! 1 hAu-i anv helo. Tbesixyounst ^ ^-ohLrwVt. the two konnies 

Mcmdsv-fliursdjy Ewenmgs n a '°0_, F ^ a Q '' zi the hiding place (ai. Ssp Pens. 
5.30 ana HJ5. Saiurdav S-DO *"o 8.oa. 2 00 5-00 8-0Ji Lalc show 11 p.m. 

London Titles •«« FELLINI SATYRICON .X). 

v ,-v—-I --- _ , tuna.;'. --„ i..r»n l FELLINI SATYRICON >X). 


EN 1 FUL MUSICAL. REAL FAMILY ENTER- r B, 5: musital pi 197 ,'2 h. hmI, i 3-05. 1145. ROMANCE WITH A 

•• Sunday Times TAINMENT.” E Nows I rd. bkgs. accepted. Maio r credit j double BASS lUi. 3.0S. S.40. 6.15. 

,S0 Friday and' Goad Seat! available now ai Theatre fr -- 1 „» i 10JS. . __ ... , 

ana 9.16 Agents iAIso at Doors cxeejt Sate. 5A voY. CC. 01-B36 88B 8 -. * v E C nn fi io • 4: WIZARDS (Ai. Prss. 1.00.. 3.00. S-OO. 

^-' CREDIT CARD BOOKING OT-734 6961. Mats ThurS. 3.00. H L ^«2 b*nY I 7 . 00 . 9.00. Late Snow every night 11 p.m 

iring Cross. Road. ; -- RQYAL SHAKESPEARE COMPAPit,^ j---- 

T ^m : ^rf^Sit^ 1 LONDON PALLADIUM. 01-437 7373. 5 ii SA Beniard Shaw'i' CURZON. Curzpn Siret W.l. 499 3737. 

om Fr.. fr S.t M j»RCH 20th ONE WEEK ONLY MMB *=° S fJfprluMAHlT^Directed bv PARDON MON AFFAIRE IXf. (English 

MISS rueenn!! 0 null LIAMS. "I «“ ln * lUb-UtleS.1 ” A sparkling New Frenen 

„ T n B iw Y tss 8si» ^“ to "^ i .« ,, adS 0 rs as:- aTK^ssL’isa."! =s 

"St'" A GREAT < EVEN!i?G° C E«mRfAINMENT PiJS'TboSt™. “j'J, ™ S " n -'- < -° 5, jl 5 BI °' 

ttlO. book; ""KKSdW™ 1 “ Nb.11. _ LEICESTER SQUARE THEATRE. MOMS?. 

° .. SUPS NQW-SO.B Ei-EE. -1 . ”s“ 'fWWIS. 

.00 LQHPOH ,»LLAmU M .CC. O.-.ST TiTe, “«■ .Ss.S'.l SS 

,, MoJ Mvra is. fOB 

it UP in IL caroled i __■* Htgbty Enleriaining. P- ~C- - - 

and Special Guest Star 

had now managed 

available for the title role) 

;ned Di<in«r anfl i 

msms plissi 

SSSlLac E to Sr h b^t. Iu tbeTJdue. the voice whiie she phnjsri m ...i>.„‘'ga B M?-a rth. ■» 

.*ssss£ss SsssIssh 

person iu Sie designer. "hUd b^Vewn^ih no irsce^or^^hnot. sang „™ 

f^ualiy m tbe a Ptt- Bernb^-d 0 > r emotions -nesc^e over the.r costura^ [.OTPERT! ELIZABETH FORBES ■■ hilar, quslV" tuhhv.-- ». - «><■ 

S-^th -dS* and . a Z‘ttinetta ««■ :*«. »- I 

- lideoioiis. appeahng 5 lon-stamplnj and LONDON PAU^DIUM^CC. 01-437 7373. MatS- Tu “" (No ^wl . Mwl) BJ^orw! wto^aiS'alt progs. SaL Snd 


htan.thumo.nB. ^ FSOM MAY 25 ^ AUG 19. >u by J. B. Prlwtlev MANY PEBFS. HURRY* 

■■ l was absolutely caught up *n 1 --“ HgUv Entertaining. D- TcL- --- - 

^21° SOT. T<l. »-Y R, C THEATRE 01-437 36B6. Evs. B.D. NQ „' 6 r660 . Ewings 3.00. 0 DEON. LEICESTER SQUARE. 930 6111. 

verve and saectatje ot *l sot. Th ur s. 3.0. Safe. J5.0 and B 30. i s .30 fr 3.30. vur deep iai. Soo. oreoL Sborv day. 

Mats. Thurs. 3.0. Safe. !5.0 and B30. 



bv Eduardo de Fiiintw. 


YEARS.' Sunday Times. 

MaL Thurs. 3.00. Saturday? 5^0 fr 3.30. THE DEEP (A). SCO. nrogs. 

NO SEX please— scats may be bonked. Dows o 

WE'RE BRITISH 4.30. 7.45- Late shows Fr 



-■ ' — — —- linn ODEON MARBLE ARCH. 17 

T. MARTIN'S. CC. 83S T««. B«| AUDREY ROSE lAA'. Sep, 

Mat. Tues. a.45. Sat. S. Good Fn. 5 * »■ j -30 _ 5-30> e , J0 . Sutl . 

*^7MOUSETRAP S Lire Show Fn. and Sat. 12. 




7 9 30 T “or ' TALK OF THE TOWN. 

CC. 734 5051 
3 30 Super Revue 

1 2554. Ton'! 
is; peris. 

~rti*ld In 

impeccable... a m*si«r.” Sun. Times 

Many cnccl'eM Cheap seats all 3 theatres. not ..iree 
d*v ol t»eri. Car park. Restaurant 9.S i an In#" n{ 
2033. CreOTi card bkas 9*a 30 s - 1 " n,1,l 

lrc« 'The HOr-iage’. have I vren 
n ptav that has nl**’’ me such 
undiluted measure.*' Mn ' 

THE DEEP (Ai. Sco. nrogs. evorv tfav. 
Scats may be booked. Dows open at 1.20. 

4.30. 7.45- Late shows Fri. and SaL* 
Doors 11.15. 

ODEON MARBLE ARCH. 1723 2011-21. 
AUDREY ROSE IAA1. Sep, progs, Whs. 

2.30. 5.30, e.30. Sun. 4.30. 9.1 a. 

uaie snow F ri. arg 5a;, 12.0Q on. 

PRINCE CHARLES. LelC. 54. 457 3161. 
SALON KITTY iXi Sop. Perrv Div. line. 
Sun.i 2 45. 6 15. 9.00 Late Show Frl, 
and Sai. n.Sfi. Seats Bhble. L.c'd Bar. 

SCENE l fr 2. Le.c So. fWaroour Si •• 
439 4470 


Prog-, >2.50. 4 ID 7.40. Late Snow 
Frl and Sai it.00. 

AGAIN IUi. Sun.-Tnur 1.30 3 35 9 35. 
Fr.. and Sat. 12.40. 4.43. 8.4=. 12.4=. 
:U'. Sun.-Thur i 2a. 7.30. fri. and Sal. 
2.55. a 40, 10.40. 

• i i 

„ . :Ti » '"c - r - -y ■; *>!■ J 



Financial Tilhes Friday 


Telegrams; Flnantlmo, London FS4. Telex: ?86341/*, **3897 
Telephone: 01-248 8000 

Friday February 3 1978 

A funny way 

ment ■ issued yesterday on 
schemes for profit sharing 
through share ownership by em¬ 
ployees is a straight concession 
by the Government to the 
Liberals. The TUC has shown 
little interest in this form of 
employee participation com¬ 
pared with proposals of the 
Bullock type, and a good deal 
of the left is opposed on emo¬ 
tional principle to the idea of 
a property-owning democracy. 
The Tories, though they put out 
a draft scheme of their own 
last year, are not ail greatly 
enthusiastic about it, while the 
CB1 has shown only a mild in¬ 
terest. The Liberals, who have 
been promised not only this 
consultative document but 
action in the coming Finance 
Bill as a condition of their con¬ 
tinued support for the Govern¬ 
ment, can claim a genuine suc¬ 

Whether it is an important 
success when looked at from a 
less parochial paint of view 
must remain doubtful. That 
all workers in a company should 
be encouraged to associate 
themselves personally with its 
fortunes is no doubt desirable. 
The most obvious way of achiev¬ 
ing this result is to allow com¬ 
panies which are prosperous to 
pay higher wage's and salaries 
than those which are less so, 
and to reward particularly well 
those employees whose hard 
work or skill has made a par¬ 
ticularly useful contribution to 

downs of commercial prosperity. 
But the consultative paper rules 
out profit-sharing unrelated to 
share ownership on the grounds 
that this would be tantamount 
to payment of wages tree of 

We are left, then, with three 
schemes which would provide 
some tax relief to employees 
who receive a distribution of 
shares in their company (there 
is a fairly low ceiling to prevent 
too much benefit going to 
directors and higher-paid em¬ 
ployees) and are prepared to 
hold them for at least a certain 
period of time. The third of 
these schemes is that closest to 
Liberal ideas, and no doubt 
their part in the process of 
consultation will correspond to 

their responsibility for the 
w-hole exercise. But only a 
brief outline of the arrange¬ 
ments proposed is given in each 
case: important details have yet 
to be worked out. 

Government proposals for profit-sharing 

Liberals make 


Three schemes 

But the various forms of 
incomes policy which successive 
governments in this country 
have operated on and off for 
several years past, and are now 
talking about operating for still 
longer in the future, have had 
the effect of destroying the 
incentive <to move from an 
inefficient to an efficient com¬ 
pany and of greatly narrowing 
the differentials due to hard 
work and skill. The mast 
obvious form of employee par¬ 
ticipation has therefore been 
ruled out - An alternative is 
straightforward- profit - sharing, 
used . successfully by various 
companies in various countries 
to associate- their employees 
more closely with the ups and 

Even without these details, 
however, it is possible to make 
some general criticisms. Share 
ownership in the company for 
which one works involves the 
classic investment error of put¬ 
ting ton many eggs in one bas¬ 
ket. It distorts the tax system 
further in favour of one class 
of taxpayer. It may have the 
effect of discouraging mobility. 
It raises possible conflicts of 
interests between the rights of 
outside and employee share 
holders. Unless a definite limit 
is set on the total percentage 
of the voting equity that may 
be held by employees, moreover, 
it raises in a mom complicated 
but ultimately similar form the 
questions about workers’ control 
on which it has so far proved 
impossible to reach agreement 
It is r ! eht. as we said earlier, 
that workers should be enerwr 
aged to feel more personally 
involved in the affairs of their 
firms. Some such scheme as 
these may. over the course of 
rime, have some.useful educa 
tional value. But the main 
criticism of the consultative 
document is that it is irrelevant 
to the main problem which suc¬ 
cessive Governments have them¬ 
selves created—the dangerous 
rigidities in the system caused 
by incomes policy. 

A nyone suggesting * 

year ago, when the 
Bullock Report on worker 
directors had just been pub¬ 
lished, that the Labour Govern¬ 
ment would now be producing 
a consultative document on 
employee share ownership 
would have been dismissed 
as politically naive. 

Yet rhat is precisely what 
has happened. While the long- 
awaited White Paper following 
the Buliock Report will not 
appear for several more weeks, 
the Government has bowed to 
its political partners, tiie 
Liberal MPs, by publishing 
proposals for profit-sharing, 
which has never been part of 
Labour Party policy but has 
long been favoured by Liberals. 
Last year the idea was also put 
forward in a Conservative Party 
“Green Paper," which proposed 
certain income tax advantages. 

So it is the Liberals and not 
the TUC, despite the social con¬ 
tract, who have made the run¬ 
ning on employee participation. 
There is no chance of any post- 
Bullock legislation being 
enacted before the next elec¬ 
tion. while the Government 
intends to include profit-sharing 
in the Finance Bill this spring. 

Rule of law, 
not of men 


IN SUN Alliance Insurance the Attack on Tnflatioii. last July 
Government has encountered a between the need to limit the 
larger and more resourceful period between pay increases 
adversary than some of the to a minimum of 12 months, 
other private sector companies and the need to ensure that the 
it has threatened with sanctions general level of pay settlements 
for what it believes to be was consistent with a national 
breaches of the pay guidelines, earnings increase of 10 per 
The company has indicated that cent. There were repeated Min- 
it will consider taking legal isterial assurances that price 
action if the Government controls and other sanctions 
should go ahead with its stated would be used only to ensure 
intention of using the powers compliance with the 12-raonth 
conferred by the Counter-Infla- rule. 

tion Act. 1973. to restrict the Because the Government had 
company's premium income— failed to win TUC acceptance of 
by. as it happens, a paltry 0.2 a more rigid guideline, and be- 
per cent. No one can deny the cause of the need to ease some 
point made by the Prime Minis- or the anomalies that had arisen 
ter in the Commons yesterday during Phases One and Two. 
that it is in everyone s interest the White Paper stated unambig- 
for the general pay guidelines uously that “it is not possible 
to hold, for the more they are to stipulate a specific figure at 
exceeded the worse will be the which individual negotiators 
outlook for both jobs and should invariably settle" 
pnees. But the threat of sane- though settlements which were 
tmos goes well beyond the “clearly inconsistent with the 
familiar arguments about in- poHcies set t Jn h White 
comes policy and raises issues u_ ■ , 

which concern the balance be- “V* 

tween the desires or Ministers S e f lacin !, o£ - pub ! ,c 

and the rights of the individual. ( . nn £C JL iP ^!jf aCtS , and - 

. consideration of industrial 

Convention ass-istanee. 

The Government wants Sun Even, therefore, if it were 
Alliance to re-negotiate the pay defensible for Ministers to use 
settlement it made with its staff their controls over prices 
last October. This provided a "ainst settlements above the 
for varying increases in salaries 10 P er cent limit, the choice of 
amounting in all to an average those that are 14 clearly incon- 
increase of 9.9 per cent. At the sistent *’ must inevitably be 
same time, the rules of the staff arbitrary. Ministers can turn 
pension scheme were changed a blind eye where sanctions 
so as to eliminate the staff con- would lead to a larae los* of 
tributions of 3 per cent, of Jobs or a showdown with a major 
salaries, thus bringing it into union or a major employer— 
line with the non-contributory such as Ford—nr, alternatively 
basis of most other large in- make an examole of a handful 
surance companies' pension nf mostly smaller firms rhnsen 
schemes. The company disputes mainly fnr the publicity 
the Government's contention achieved. There are in any rase 
that the elimination of pension objections tn using lor rather 
contributions does not const!- abusing) powers over, to take 
tute an improvement in occupa- some recent examples, export 
tional pension schemes which credit job saving, nr industrial 
were excepted from the . pay. .development in order to secure 
limits. It also says that it has compliance with an ill-defined 
been advised that the Counter- pov pnllev. However, the over- 
inflation Act, 1973—which was riding question is whether the 
amended by last year's Price full force of executive power 
Commission Act—-is not applic- should be used against firms nr 
able, and that even if it were individuals who have broken no 
it could not be used to reduce known law but merclv dis- 
premiuius. pleaspfi Ministers or officials. 

The legality of-the Govern- The fear that this may happen 
ment’s threat will be for the has always heen one of the 
courts to -decide, ’ should the strongest arguments against 
matter go that far. At this stage, extensive Government fnten-m- 
it is the propriety of the Gov- tion. “The end justifies the 
eminent’s actions which needs means ” has never been part of 
tn be questioned. In the first the British tradition of law.and 
place, a clear distinction was justice. Hie rule of law applies 
made in the White Paper, The to Governments and citizens. 

Eve a when the Bullock White 
Paper does appear, it will be a 
much-watered-down version of 
the Buliock ideas. The appoint¬ 
ment of worker directors will 
only be a target for the future 
and there will be some other 
limited proposals for employees’ 
statutory rights to company 
information and consultation on 
company plans. 

In Britain, unlike some other 
countries such as the U.S. and 
France, profit sharing of either 
the cash handout or share 
ownership type has not raised 
much interest in the past. With 
its class traditions, of conflict 
polarising differences between 
employer and employee, there 
has seemed little point in the 
limited participative advantages 
of giving workers some com¬ 
pany shares or even some cash 
payment linked to profits. 

While the Labour Party in 
1973 toyed with the sort of 
national trade union-run collec- 
■tive funds favoured by socialist 
parties in Denmark and Sweden, 
union leaders generally dislike 
the idea of profit sharing. They 
are worried about the danger of 
“all eggs being in one basket” 
if a worker's livelihood and 
savings are tied to the one com¬ 
pany. They also complain that 

such schemes can provide com* 
panics with a cheap source, of 
investment funds and. if run 
nationally, rather than by indivi¬ 
dual companies, can become a 
back-door incomes policy by 
diverting money away from pay 
packets. In addition, share 
ownership has never yet given 
workers a significant say as 
shareholders in company affairs. 
Moreover, It is not calculated 
to advance Labour movement 
aims of redistributing wealth 
and changing the balance of 
power in society. 



Conservatives do believe in 
the concept of a property-owning 
society and so like the idea of 
workers having an identifiable 
share of profits, providing they 
do not hold enough shares to 
influence the management. The 
Liberals see the shareholding 
type of profit sharing more 
positively as part - of tbeic 
employee participation policies 
(which also include workers' 
councils, worker directors and 
job enrichment programmes). 

A Liberal policy document tn 

196S said: u In order to promote 
social justice, spread wealth 
more fairly and enhance the 
■sense of common Interest be¬ 
tween .employees at all levels, 
and those who contribute their 
savings' io a company in thS 
form of outside capital, em¬ 
ployees should be given a stake 
in the ownership, profits and 
capital of their companies.* - 
There has been a growing 
City interest in the idea, with 
the Wider Share Ownership 
Council spreading the gospel of 
the small investor, and lobby¬ 
ing industrialists -tbuut toe 
value that a new generation of 
worker-shareholder'! could have 
for the survival of :he mixed 
economy. The council has 
estimated that there art 1 bareiy 
110 sh are sen ernes in the U K 
far all employees (as opposed 
tn various share incin'we ideas, 
for senior executives), com¬ 
pared with nearly 200,000 
schemes in the U.S where they 
have been developed over 'the 
past 00 years, often linked with 
pension arrangem 
The lobbying has had' PtUy 
limited success because many 
U K. tndustr' liter? have. up t ( * 
n.»w regarded the idea as a 
potentially «xptn*'ive innovation 
which should not he .ngorlcd 

v Ideas being heavily - 
watered down 

JOHN PABDQE * ' v r 

. .. motive power for_ .7./;£ 
.. riwst radical ' 

as a primary ir,etind _ : pf. Jtynly- 
ing employees in' company 
affairs,-even though it might, 
help. to. improve the employee?' 
economic literacy. This view- 
was endorsed by the CBI’a ■■em¬ 
ployment policy “omuuttse at 
the>nd of iTsryear. 

Some companies, otfiticul&rly 
in the lens mi’itant. and less 
unionised parts nt Bri H sh-busi¬ 
ness. .have. tjtrtvcvtr. introduced 
schemes recently. ’ They include 
some of the clearing banks 
(which.have both cash handout 
and share schemes) Marks'*nd 
Spencer, Britrih- "H./iie Stores, 
fcL p:.Bulmer, -nd Safcnat- 
At'fhc.heav; end of industry,' 
Lucas is ,one -_- f the ^ew corn- 
panics. .with a scheme, -apart 
■ from ICI which has what is 
probably the moot .yrqlt known 
of aU. „• •. ' v 'V‘: : - 

Started in 19S3, it « regarded' 
by the company as a useful but" 
limited form of- employee par- 
tieipatioTi, and Is being, revised 
following a study in which shop 

stewards playbdr a pact- - : f 

■ ployeea receWe.upto about £200 
-a year on average in’a ■proflt-j;,>;. ; 
related . annual share",aiIoqa|iflq,“->^ 

Cap .’alternative.:' added • .yilae 
calculation is. now being., con- .. - J .- 
Sidered> and It. is estimated ^that !■? 
about 60 per "cent af the 
.allocated ; over . the" years ha^-'X 
been sold by the .employees-The;' ^. 
uompany viettid- not want to pay V,.’ J'.- 
out - much.; 1 argef '^ums-^pai^^■, 
because .the r, mobey^. could"■/.!- ; 
. become too vit£t a part Of anjJ*> 
employees' in,CQ)nB..for - hint '_to ?iV 
putup .with it. befa^rtriueedv if- 
profits felt and partly tfecaiteo if 5 
at ita pr^eijt .stee is small ^.’ ■>: 
, enough not to attract theatten- '/j ‘. 
tipn-of the 

it also preveriisrtbe- ■risk:otthe ,.’r r: ; 
employees’* - total V sharehpldfug^;^; 
growing.lto a significant sae^-a 
facto r,. - which, may ■'■ influence/ -.r' 
■Views onvthe Qpti<^Vc^itifln|df : ;^.'?:' ■ 
In yesterday 1 s cdusuiaitive ^tocai“ r- r • 

Tax incentive for the 

THE INLAND Revenue's con¬ 
sultative document on the 
liberalisation of tax on profit- 
sharing arrangements stems 
originally from an undertaking 
given by the Prime Minister to 
David Steel in July 1977, that 
the Government would consider 
ways of encouraging the crea¬ 
tion of schemes for profit-shar¬ 
ing in private industry. The 
motive power behind the most 
radical of the three proposals is 
almost certainly John Pardoe. 

The first two arrangements 
considered have many features 
in common, not least their 
apparent lack of a tax basis. 
Employees would be taxed 
normally on their earnings, but 
permitted to subscribe for 
shares out of their (net) re¬ 
sources. The price to be paid 
for those shares would be 
heavily discounted below the 
existing market value. Because 
the shares could not normally 
be sold within five years, the 
document envisages the restric¬ 
tions being reflected by a pos¬ 
sible 30 per cent reduction in 
market value, and then postu¬ 
lates employees being allowed 
a further discount of 7 per cent. 
(10 per cent of the remaining 
70 per cent). 

The employee’s advantage 
would be freedom from income 
tax on any growth in the value 
of his shares. The difference 
between the open market 
values, at the dates of issue and 
of release of restrictions on 
their sales would be a capital 

gain, not a part of his earnings. 
The existing tax legislation pro¬ 
vides a similar treatment for 
the more restricted profit- 
sharing schemes, capable of 
approval under 1973 legislation. 

One proposed scheme deals 
with employees subscribing for 
shares from net cash bonuses 
allocated out of profits or profit 
increases. The second, separate 
but not necessarily alternative, 
scheme is for subscriptions not 
tied to earnings, and possibly 
assisted by loan facilities. 

Purchase by 

The Pardoe scheme puts for¬ 
ward a different method, of 
profit-sharing. Shares would be 
bought on behalf of employees 
by trustees, but the purchase 
money would -be an allocation of 
the company's profits, afrer cor¬ 
poration tax, but before the 
depredations of income tax 
under PAYE. This purchase by 
trustees would not be a taxable 
benefit for the employee. After 
shares had been held for the 
specified period the sale pro¬ 
ceeds would be taxable in two 
parts: proceeds up to subscrip¬ 
tion cost would be within the 
income tax charge, but tax 
would only be calculated on 50 
per cent of this amount after 
five years, and on 25 per cent, 
after ten years. Any excess of 
sale proceeds over the subscrip¬ 

tion figure would be charged to 
capita] gains tax. 

All three of the schemes have 
restrictions considered below. 
One of these restrictions recog¬ 
nises that shareholders' equity 
should not be diluted beyond a 
certain level—a matter very 
close to the hearts of the 
Investors Protection Committees 
of the British Insurance Associa¬ 
tion and of the Association of 
Pension Funds. These bodies’ 
current views are that some¬ 
thing between 7§ per cent, and 
10 per cent is the maximum 
tolerable level of a company’s 
share capital to be allotted 
under employees’ arrangements 
in any ten-year period. The 
Revenue's suggestion is an 
annual limit of £415 for any 
employee for either of their 
schemes, or £500 for PaTdoe's 

The Revenue also makes it 
mandatory that any employee 
with five years service should 
be entitled to participate, thus 
preventing schemes set up 
mainly for the benefit of direc¬ 
tors and senior employees. 
Owners of close companies are 
also debarred. 

The period throughout which 
shares would have to be held in 
each scheme would normally be 
five years but could be brought 
to an earlier end by death of 
the employee, or by his loss of 
employment through injury, 
disability or redundancy. 
Retirement is not suggested as 

an occasion permitting prema¬ 
ture sale. 

If a participant fails to fulfil 
all the requirements of one of 
the new -schemes, his tax liabi¬ 
lities will apparently be 
quantified under one of the 
existing sets of rules, either 
those relating to the presently 
recognised profit sharing 
schemes, or those for other in¬ 
centive arrangements. 

Profit-sharing schemes, as a 
tax concept, were first recog¬ 
nised In the Finance Act 1972. 
In the years immediately pre¬ 
ceding it, against the back¬ 
ground of a rising stock market, 
many companies were offering 
share options or share incentives 
as a tax-effective method of re¬ 
munerating , directors add 
employees. But options have had - 
all tax advantages removed and 
it is now a change in the tax 
treatment of share incentive 
arrangements that is currently 
under discussion. Instead of 
giving the employee an option 
to take up shares at some late 
date, he is allotted the shares 
outright at the start. The 
employee's cash situation is kept 
broadly similar to that under 
an option scheme, either by 
allotting the shares part paid or 
by lending the employee most 
of the subscription moneys. 

Since the shares became the 
employee's property as soon as 
allotted, tax was originally 
changed only at the issue date, 
and by reference to the then- 
value of the shares. 

But what the Revenue 
promptly did, by successive bites 
in 1972, 1973 and -1«74# was to 
make the issue date the ocha-‘ 
ston jQf a first charge but to 
.provide: also for- a" later and 
final settlement o£ the tax 
liability. This later' tax, is 
charged on the growth, in. value 
between issue and the'time the" 
shares become “ unclogged,” a 
Revenue word which requires 
explanation. An employee who 
had "borrowed money jto take 
up -shares would ' normally not 
be . able to sell them ■ without" 
first repaying bfc borrowing: 
similarly an employee - with 
partly paid shares would not 
find a market fnr them until: 
they had been fully paid up. 
These restrictions on the .em¬ 
ployees' ability to^dispose of .his 
shares are the “dogs'-, which 
he has tp remove, hut removal 
triggorsL thecas charge. The 
definitioa-.o^what constituted a; 
clog was progressively extended. 

No charge 

on growth 

But each of the Revenue's rule- 
tightehlng exercises recognised 
that there were arrangements 
where “normal," (or un- 
doggedj, shares were issped to 
employees, and where" no 
charge on the growth, in value 
was appropriate.. This Profit 
Sharing Scheme legislation Is 
the Finance Act T973- Arrange¬ 
ments approved by the Revenue 

under the-eristinglow involving'^,: 
the-Issu'd.'of normal share? ^md :i ' •• 

. meeting other specified criteria; 

"do not invedve any tar charge 
after' • shares;" reach-*' the' . 
employees’ hands. 

A similaf.approach Is evident 
in yesterday’s proposals which 
set oiit. proposals on what shares- 
can be Issued to employees tod•*' c 
require..that^they^must be shares .. 
in his employer* or in a''conhS:; 
parry controlling-that employer,".. . 
or. a member'of a consortium r 
which owned - either : of these: ■ 

More importantly, the shares ;■ 
must either :be listed, hr most 
be . in • ah ’ unlisted. company J; 
whirii 'is hot'controlled', hy any _ 
■other.. They must be. shares of !,,V 
a-class the majority trf wbidh,' 
were not;: originally issued; 
employee! shares,' and *he jdLivfr.,:, 
dehda on ^lhem= -must’: be -no: 
different from' othef shares: of .* 
that class: - }' ■ ' • vC J 

; .The schemes .envisage the. y 
employees not. qhly ' Veceiving 
dividends throughout .the period "j 
the trustees, hold . the relevant 
shares;-- but also - that employ- ., r 
ees would be able to exercise..’.; 
their votihg rights. ' 

" One hopes that the Revenue’s -. , 
attitude ter all of these ideas is 
positive:.‘it takes , .the oppor- 
tunity to point put that any .:.": 
tax-effective arrangements ; are ,i£ 
a distortion or the existing tax..:; ) 
framework in favemr. of-employi^ 
ees r in the- private, corporate,;":; 
sector, r Fiscal purity is usualtpic- i 
the enemy of toost" destfahte 

change David Waramatf 



BP chokes 

on bio-protein 

While the BP Board in London 
was deciding yesterday to post¬ 
pone a final decision on the 
future of its joint venture oil- 
from-protein plant in Sardinia, 
its Italian partner ANIC declared 
in Milan tha* it proposed to lay 
off 50 workers employed at Ital- 
proteine and a further 120 at 
the chemical plant nearby which 
produces the feedstock. 

It looks as if crisis point is 
near for a venture which started 
six years ago. Then the Italian 
chemical industry was desper¬ 
ately looking around for foreign 
partners to inject new tech¬ 
nology. so the Cassa per il 
Mezzogiorno and other credit 
bodies promised lavish financial 
inducements. Italy as a whole 
was—indeed, stifl is—importing 
vast amounts of meat and 
animal feedsruffs. Sardinia itself 
is a major livestock producer 
and is but a short sea trip away 
from the Libyan oil feedstock. 

It seemed the perfect combi¬ 
nation. But for two years the 
shiny, now complete, £40m. 
plant has stood idle. The eco¬ 
logical lobby, understandably 
hypersensitive .following the 
Seveso poison cloud disaster, 
put pressure to beer on the 
Ministry of Health, which has 
reversed its original go-ahead. 
Bureaucratic and political in¬ 
fighting has further confused 
the issue. In the background, 
Italy’s deeply-entrenched soya 
and feed stuffs importing lobbies - 
are also reportedly bringing 
their own, not inconsiderable, 
pressure to bear as well. 

One of many Ironies is that 
a large chunk of the capital 
grant which first lured BP to 
Sardinia Is not payable until 
the plant actually becomes 

. Alt of which is expansive, 
frustrating and not a little 
embarrassing for the BP Board. 
It had decided on the Itaipro- 
teine venture in spite of the 

the implications of the new 
French Language Charter, the 
royal relationship was adroitly 
drawn in by former Federal 
Minister Maurice Sauve. new 
vice-president of Consolidated- 
BathhursL The Francisation 
Director. Eric Blais, had 
defined as francophone anyone 
*’ who speaks French primarily 
or has a good knowledge of it." 
Sauve blandly asked if this 
meant that “ the Queen of 
England was a francophone." 
Faced with this lese-niajeste 
ambush. Blais stiffly replied: 
"That is correct.” 

settlement. The shares are to 
be split 50/50. Messrs Dolley. 
Pegg and Abramson go on the 
Board together with Forte and 
his colleague Eric Hartwell: but 
Sir Charles gained the right fo 
appoint the chairman, who has 
the casting vote. 

He has invited Sir Gordon 
Newton, .a former editor of the 
Financial Times, to take that 
job. The Investors Review’s 
editor, Peter Shearlnck, was yes¬ 
terday enthusing about becom¬ 
ing a “bona fide competitor to 
the Investors Chronicle.” 

Fortified journal 

Basnett’s goal 

“ When you are run over 
the quality of the car is 

fact that the Italian oil opera¬ 
tion had been steadily losing 
money because of Government 
refusal to raise the domestic 
oil price. 

One year after entering the 
agreement with ANIC. it deci¬ 
ded to sell out its Italian nil 
refining and distribution net¬ 
work. It did so at a time when 
BP. along with most other oil 
companies operating in Italy, 
was under a cloud for having 
contributed to the secret poli¬ 
tical fund sel up by the petro¬ 
leum industry association, 
L’Unione Petrolifera. 

Sir Charles Forte is entering 
the lists against Victor Mat¬ 
thews, Trafalgar Houses pub¬ 
lishing supremo, as I forecast 
last month. Sir Charles revealed 
then that he was interested In 
the Investors Review, a small 
fortnightly business magazine in 
the same field as Matthews' 
latest proposed acquisition, the 
Investors Chronicle. 

Well spoken 

Quebec has officially declared 
Queen Elizabeth to be a 
*• francophone ” — quite - a step 
forward for a province with 
such equivocal views on British 
royalty. Long before Dc Gaulle 
bad stirred their separatist pas¬ 
sions, citizens of Quebec City 
ostentatiously drew their cur¬ 
tains during the Queen's 1964 

But this week, during a brief¬ 
ing for Quebec businessmen oh 

Through Sidgwjck and Jack- 
son, which he controls. Forte has 
now won control of the IR. but 
nor without coming to terms 
with the other bidder in-the 
field: a consortium of three 
businessmen, two with publish¬ 
ing backgrounds. They are 
Chris Dolley, once chairman and 
managing director of Penguin 
Books, David Abramson, until 
Trafalgar's takeover of Morgan- 
Grampian an M-G director and 
major shareholder, and Stuart 
Pegg, a director of Lubok Invest¬ 
ments before the Lonrho take¬ 

These three managed to win 
acceptances to their bid for 
some members of the staff co¬ 
operative which owned the 
Investors Review—at the same 
time as Foile had successfully 
wooed others. A legal battle 
loomed to determine which 
side had gained control. But 
yesterday the two sides reached 
agreement in an out-of-court 

The Genera! and Municipal 
Workers Union, whose massive 
membership includes trench 
diggers, gas workers, janitors 
and reservoir men, is now try¬ 
ing to promote itself in a diffe¬ 
rent league. 

Having scooped up most of 
the paid footballers north of. 
the border by amalgamating 
with the Scottish Professiooal 
Footballers Union, the G and M 
is tackling the Professiooal 
Footballers' Association in 
England, the PFA. 

Hairy Lawrle. the G and M’s 
44-year-old Scottish organiser, 
who has been involved in both 
sets of talks, is well matched to 
the job. Although a trade union 
official for the past ten years, 
he was once a pro himself, first 
with Glasgow Rangers and then 
with Worcester in the Southern 

It seems, however, that some 
officials of the-PFA will try to 
blow the whistle on the current 
ta'ks. The association is a re¬ 
latively strong outfit in com¬ 
parison with its defunct Scot¬ 
tish equivalent. 

But David Basnett. the 
G and M's general • secretary, 
is steadily .supporting the push 
into soccer. It is the closest be 
is ever likely to get to being a 



The exception 
.that could prove 
to be your rule. 

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YVv-'sV - 


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' y\~. 

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( Jsfil Vr 5 !:^ 

'Ti^a^te'0m0:^fid3Ly-: February 3 1978 

r^5 • - “• •■•.r ,1 \' 


/-. r: .. 

tt ' pard! 

JHE SOVIET ■ ttrnoa Tnay. be 
wnt toachieve-: 1 *c:major 

[ ropaganda victory.' Srotcfent 
rezhneV has iiader^^nffifra .bis 
. ispleastiTe:—ioost. recently in 
"ittersto’ Natp Reads of GoVenfc 
«en t-T-tlwi^he ■ westeiii: aHJapce 
cfinslderlng the imrodactibii 
the neutron bomb-iFrtt^deijt 
farter lias iu{t helped.^ by:siying 
iotivc the US:7Wi^.;aepl'p^-the 

aditai a!' ?r V M P° n «?nly _if .the .Europeans 
- pr<i tom,equest it to'do .so. id .'other. 
n ?yev. 2 .. ^ -ords,' there' is ho ^American 
CIV * up to s v jadership; adr is there, touch, 
avers-,; ^ of a'. disposition^afooisg-the' 

tual iha--".* European allies to make-the 
lajjvf k y. : “’Acquest Mr. JBrpzhnev seems to 
,e winning. . ;r v/.-’’. • 

This apparent readrnejB to 
•j. ../How the , Soviet Union what 
•. mounts to a right of veto over 
r.p ; y* 1 festem armaments . decisions 
: -ji.:’. cserves closer examination. It 
not 68 if introduction of the 
i-^.'^-eutron bomb would infringe 
. - . : «ther the spirit or the letter of 
incurs-e" existing armaments agree- 

th i: J'***ta. Its deployment would 

1. ani d"J“ fi. e merely part of a process— 
;sen; ? ^*0 engaged in by the Warsaw 

>t to ^---v ? ct —°f improving and moder- 

> ur ..~ l“"r. .'" f iising tactical nuclear weapons, 
iverU'- '-p ^ his is an 3161 In which Nato- 
} -nee enjoyed a clear superiority 

0 U?., /--f-'ichich. over the years, has been 

' V 1 ‘. n y ril readily eroded by the Warsaw' 
,,:L ' fact’s own military build-up. 

it r..j, 

id ii !• , 

:-t?r t;.- 
over *■ 
>7 She 

>nu)d ::»j 

O viTrj; 

'-ill; . 

more inhumane', thus do not 
stand up., 

There are*, iooreover, parti¬ 
cular-circumstances m which 
the neutron bomb would be the 
best possible. weapon for Nato 
to have. 1 For exaiiiplc. the 
Warsaw Pact enjoys consider¬ 
able superiority-, iji Central 

.Europe' id :the jnunber of its 
tanks; -.A. convemioha] (that is, 
non-nuclear)- - Soviet attach 
would rely heavily : oti concen- 
trated-tank formations. It is 
already Nato doctrine- that if 
such .an attack.could not be 
halted by conventional means, 
the alliance would resort to its 
tactical nuclear arsenal. Yet 
existing tactical , nuclear wea¬ 
pons destroy indiscriminately 
and this In an area—Central 
Europe—which has a high den¬ 
sity of population. The; would 
inflict .widespread ‘ collateral 
damage.. The neutron bomb 
would have the purpose of 
checking, tank advances while 
keeping .collateral damage io a 




Say's The neutron bomb achieves 

■--•-••o.t-g effect by radiation rather 
tan blast '• ' It is therefore 
JOnnES >n,etin,es described as the 
^eapon which kills people while 
■aving buildings and infra- 
ructure intact. It is conveni- 
itly forgotten by those—like 
>. Brezhnev—who appear to 
refer the good old-fashioned 
uclear systems that existing 
udear weapons are designed 
» destroy both people, and 
ifrastructure. Arguments that 
‘-■ie neutron bomb is somehow 

c * xi- : . rr.; '.n A 
; of r.o::,i. • 

otbc- f.jj.;. 

It is said, too, that the very 
process of refining or improv¬ 
ing- nuclear weapons makes 
their use more likely.. I would 
prefer to put that statement 
soother way; : it increases their 
credibility, if the potential 
aggressor, believes that the 
weapons used, he may 
well think twice about attack¬ 
ing. That is the paradox of 
deterrence. Enhanced credi¬ 
bility makes the use of nurlear 
weapon's not more likely, but 

- Two final arguments against 
the neutron bomb need to be 
countered. The-first'is that if 
Nato does deploy it the Warsaw 
Pact wilt in time do Lhe same. 
The answer to that is: so what? 

There is a particular purpose 
for which Nato needs the wea¬ 
pon. It would HOI diminish 
western security one Jot if the 
Russians were also to develop 
it. since Nato is not i.-onicmplat¬ 
ing attacking Eastern Europe 
with large formations of tanks. 
Nato is, we should remember, 
a defensive alliance. 

The second argument con¬ 
cerns arras control, and there¬ 
fore ought to be taken more 
seriously. It is said that the 
neutron bomb ought to be used 
as a bargaining counter in order 
to extract armaments reductions 
from the Warsaw Pact. That is 
an idea which is worth consider¬ 
ing further. Yet the fact remains 
that you will not extract con¬ 
cessions with a bargaining 
counter that nobody believes 
you are going to deploy in the 
first place. The decision to 
deploy must come first. At pre¬ 
sent the alliance seems simply to 
be giving way to Mr. Brezhnev. 

* ir * 

THE IMMINENT departure of 
Herr Georg Leber from the West 
German Defence Ministry is a 
cause for regret in many ways. 
Herr Leber, backed by Chancel¬ 
lor Schmidt, had become the 
unquestioned leader of Euro¬ 
pean Nato. It was he who stood 
up to the Americans when 
necessary, and who bucked them 
when he thnught that they were 
right. He presided over great 
improvements in the West Ger¬ 
man armed forces, yet although 
he was conscious that his 
country’ made the greatest Euro¬ 
pean contribution to the 
alliance, he did not press that 
fact too far. He did not seek, 
to use the once fashionable 
phrase, bi-geraony with the U.S. 

There 15 no obvious successor 
to him in German politics. 
Chancellor Schmidt himself is 

deeply involved in defence 
matters, but he canhot do the 
job alone. Nor is there any 
obvious successor to him as the 
European leader of the alliance. 
Inevitably, at least until a Ger¬ 
man replacement grows to the 
job. some of the burden wifi faff 
on Mr. Fred Mulley, the British 
Defence Secretary. One hopes 
that he can bear it 

German concern 

Herr Leber is also going at 
a time when German-American 
relations in the defence field 
are not good. The mutual sus¬ 
picions are not. in fact, con¬ 
fined to military questions; 
there is a general lack of rap¬ 
port between President Carter 
and Herr Schmidt which bodes 
ill for the future of western 
co-operation. But for the 
moment it is defence that is 
uppermost as a point of dispute. 

The principal West German 
concern is the second strategic 
arms limitation treaty (SALT 
2) which the Americans may 
conclude with the Russians in 
the course of litis year. As Itorr 
Schmidt has himself pul it. the 
Germans are worried That 
“ strategic arms limitations con¬ 
fined to the U.S. and the Soviet 
Union will inevitably impair the 
security of the West European 
members of the alliance visa- 
rix Soviet military superiority 
in Europe if we do nnl succeed 
in removing the disparities of 
military power in Europe 
parallel to the SALT negotia¬ 

There is now virtually no 
chance of any such parallel 
achievement; there simply isn't 
time for it. The SALT nego¬ 
tiations are too advanced while 
the negotiations on conven¬ 
tional East-West force cuts in 

Jh-rr Leber: departure a cause for regret 

Central Europe (known as 
MBFRi have ‘scarcely got off 
the ground, in spite of four 
years of talking. What upsets 
Herr Schmidt and the Ger¬ 
mans. however, is that even if 
MBFR were making some pro¬ 
gress, there would still be a 
whole area <if weaponry un¬ 
covered by either negotiation. 
This situation overwhelmingly 
favours the Soviet Union. 

SALT is about strategic wea¬ 
pons. defined as weapons pos¬ 
sessed by the superpowers 

capable of striking at each 
other's heartland. MBFR is 
basically about ground forces, 
though tactical nuclear weapons 
have been mentioned. Yet there 
is now a whole range of wea¬ 
pons deployed by the Soviet 
Union which are not classified 
as "strategic” in SALT, but 
which are targeted at Western 
Europe and which therefore 
must certainly be considered as 
strategic by the Europeans. 

These weapons include the 
Backfire and Fencer aircraft. 

and the recently deployed 
SS20 ballistic missile. (They 
are variously described as Euro- 
sirategic or continental—as 
distinct from intercontinental— 
strategic). They are of concern 
not only to the Germans. 
Britain, for example, has to 
fai-e up to the fact that unless 
it does something about iL it 
will become vulnerable to a 
Soviet air a Hack, perhaps only 
with conventional weapons, in 
a way that had long been dis¬ 
missed as nut of the question. 
There is also the possibility that 
the Soviet Union is achieving 
the wherewithal to fight a 
limited liability war in Europe: 
that means that it could strike 
ut Europe without its own 
heartland necessarily being en¬ 

And that is not all. Not only 
is the Soviet Union extending 
its strategic capacity in an area 
not covered by any form of 
arms control negotiations: if 
now seems certain the best 
American response to this new¬ 
found Soviet strength—namely 
the cruise missile—will be in¬ 
cluded in SALT 2. The point 
was very well put by Dr. 
Manfred tVoerner. the Bonn 
opposition spokesman on de¬ 
fence. at the annual interna¬ 
tional conference organised by 
the Wehrkunde publishing 
house in Munich last week-end. 
The Soviet Union, he said, had 
succeeded in ensuring that the 
one medium-range weapon that 
is definite];- on the SALT 
agenda is the western cruise. It 
was the more striking that 
General Haig, the Supreme 
Allied Commander Europe, who 
sat through the entire confer¬ 
ence. made not the slightest 
cfFort to contradict him. 

It is true that the limitations 
on cruise in SALT 2 will prob¬ 
ably be confined to a three year 

protocol. ‘They will restrict de¬ 
ployment rather than develop¬ 
ment. and they will apply 10 
the range rather than lhe 
general technology. But the 
Germans for one are worried, 
and The Americans have vet to 
come up with any convincing 

FINALLY, to stay on defence, 
there is another problem for 
the Eritish, and it will be 
interesting to see whether it 
surfaces before the general 
election. Assuming that the 
next Government runs anything 
like a full term, it will almost 
certainly have to take a decision 
on the successor—if there is to 
be one—to the Polaris strategic 
n-uclear deterrent. The present 
force cannot survive much 
beyond the early J990s. and 
perhaps not even reliably till 
then. Given the long lead-time 
necessary ro produce a replace¬ 
ment. that means that a decision 
will have to be taken within the 
next two or three years. 

Public debate 

Dr. David Owen, who is very 
much a supporter of the deter¬ 
rent. is beginning to back into 
the subject aL the Foreign 
Office, though he is well aware 
he has the Labour Party to 
contend with. There has also 
long been an interdepartmental 
committee looking at the possi¬ 
bility of British, or European. missiles. But the public 
debate seems to be missing. Not 
least, it would be worth finding 
out what the rest of Europe 
would (ike Britain to do. For 
there is. after all. the alterna¬ 
tive of putting the resources 
into improving our conventional 

Malcolm Rutherford 

nv,;..-. 1 . 
es‘ ^ : *1 
liar jjk- 
rosy - r 


ssueJ •. 

!T»i '. : 

Letters to the Editor 

Aid to 

rom Mr. R. Luce, MP 



about two years to kill the pain an unrivalled knowledge of 
BCTA's operations. • the organisation for which she 

A single example illustrates works, and frequently carries out 
the foolishness of this, cheese- an unacknowledged manage- 
paring. Mr. B. Ercolani. joint merit role. 

• managing director of Ercol Fur- It is noi uncommon however 

, r -iv- r .‘ Sir—David Housego* report niture, tells me that 11 years for the chairman’s secretary to 

J * - anuary 31) on Bniara-s aid ago bis company was-unknown find herself pushed out on the 
m ir-n v. j . -ogramme in India is . "most j n Canada. Encouraged by Sir sidelines once the man for whom 
un"ijneiy. 1 have recently Tetnrned Juiph Perring he arranged with she has worked retires. The 
■om a visit to India and I was ^ ^cTA in Montreal to use part new chairman wishes, nol un- 
...... -imediately struck by the need 0 f ^ aS a . “shop naturally, to follow his own line 

... :i -r an urgent review, of the window" to launch Ereo! pro-and brings in bis own secretary. 
. ; «ture of our bilateral aid rela- a ucts> holding a reception everv Undoubtedly, the injection of 
v unship with that country.. eventa* throughout a week for new ideas and new personnel 
• There is no. doubting the prospective buvers. This 'was are vital to the continuing pros- 
lportance of a xloaer relation- foll0 wed by a week at fhe BCTA's Parity of any business, but it 
. ip between India and Bntaw Toronto office- One of Canada’s should not be beyond the ability 
it-thur-cannot be achieved on i arE ^si furniture retailer* nlaeed of any goood management to 
. .. e :basis of an aid pregramme find .a fitting role for the long- 

uch in practice hardly begins t j;s s Ooe co mQatlv are WQrv h over se™** secretary whose expert- 

fulfil the real objectives of Sm oSo ?vrar are worm over ^ cjm a]5Q bp va , ual)le 10 tho 

■ ’crseas aid. "n,e ability of th* BCTA was firm: This seems to happen 

The striking thing about. India well appreciated by the British rarely—the board Or manage- 
• that industrially she has Sg l h “SSSSf^ton? commeretol n JS! 

. . --come highly developed and offi 6 cers ^ Mve frequently redundant, thus costing the com- 
• .-mpetitive while SO per cent of -p asse 3 0D frade v Inquiries from P™? = 1 ?"ilL P am J!. ,ni p fin 
e population live In villages in ranartians knowine thev would t" 00 ** an ® expertise, or else 
•■nditions of acute povertf. - be deVwith SBcientW B^ its offer Promotion “sideways'- (at 
' As Mr, Houscgo points out. theJSS m itsown-nxti Sesame salary, of course! to a 
:: ilk of otir aid Is’tied to the topartl- Posltipnwhich can hardly be 

ir chase of British goods and ^J 8 - Sore Miapante with described as satisfying to some- 

wices in projects such as SSiiBhrinoeratSn! in Canada one v Who has £ eeQ a^oustomed 

. . . mer mills, tyre factories, oil If^ iznSuab^e beto *0 others t0 ^eing in the centre of the 

■ pe ,l in “n^ s d S? eSS!“nf 4e be i P ark°e. 0,berS *=> 

- ' : g*,**™*™. 

, rtt ^^d ,b |S ^^.'Kenu 

-r inderland and not for India. 

U ‘ i s > L 

the Government-, considers; T)icpncciitn flfl 
itlv or wromtiv.,-that-British' -i/BUISMUII Ull 

There will he no more secre¬ 
taries. Mr. Rogaly. unless it is 
seen by the youngsters entering 
that area of employment to be 
something more than a rather 
frustrating way of using one's 
talents with no long-term pros¬ 

. Jp Sanders. 

• 304 Pinner Rond. 

North Harrow. Middx. 

Full use of 

r> '111 jjjjj, tnc 

L? 2 W<-* ghtly or wrongly.^ that-British' 

—^idustry \s in . | ¥rirr ,i #Tra 4 -: / v T1 
sale of, goodd, to India on a - .liuIQlgFa.llUll 
jimmercial basis then' it-ahpnld njr. F. Stark 
? honest fertough (p use ihe Sir Xbe facl ^ political 

P arties h * ve leaAt * n0t 10 ta,k 

K“|LS _ 

d n»S<iSS Frc r Soll “ 0nr ™“-... B , 

u programme. India w/>rrjM in?jueff 5 Plv ujany Sir, Joe Rogsly s 3,rtic«c 

People who have nothing and "The case of the vanishing sec- 
want nothing to do with the retary (January 31 presents 
~ ■^tonSTtenn /• intoresto . 0 ? .jj at i ona i Front. These same only part of lhe problem, 
if th? -S-People probably feel that (mini- As we have heard recently in 

J fne -toaiaa>popiua)ton,' who E j, ati - Dn ^as been foisted upon tbs report by ibe Associated 
| e m grea.poyenyjn the rural f^ b y a suevesston of S Examining Board, standards of 
^eas. ^-buffd.up^telr.fitandard. ** u ££*"^ sincere written English arc Falling and 

f I’vinff. -Such. anMncreai* in v?it h out anv consulta this means that many studenis 

%cir purchasing power will 0 r consideration Tor. of secretarial skills are going to 

& prove oyr prospect* of exp?*: filing? of the indtgenods find the training difficult and 

SiapopJSion^of the country. . teachers are going id hive a 
v« 3 ' --'ktZ - o-'- i&T-w -To manv people It almosf hard time getting them to a 

My visit to. South India con- S if' there ?s a conspiracy level of competence accepiable 

rmed the important rolfe-which n th - noStto ia ns a nd sec- 10 employers and firms are nn 

to be .prajed^b^. ,voluntary the Preiandmedi a longer prepared ro take on 

Oxfain and Save JJJSJr'to discuss the immigration people who are not worth the 
.Children Fund' in identify- 9I 5C “” cJJ good salaries that are offered, 

and setting -up agricultural P£> *m y ^ the 'There is abo the fact that stan- 

jtd small business projects in of »be counirv dards of teaching in the sccre- 

^ areas; .. The Government “ ^ can cel a tarial collc S es schools hare 

i-gfew help bytshwlflg a-willing- M 5 f J5*' - Z2S? SSld on dwpea significantly over the 
*° ''W*/ more- assistance shf^n? probably -ain P ast ten S' ears and 10 ma ?>' ra ? e £ 

^■-fciV^^wa-rds the joint funding at thsm m- of^viiu tte students are not leaving with 

. ^ credit than any of 50 u skill* or knowledge of 

ojects carried; out by' volun- 
ry organisations: 

It is time to reappraise our 

this' issue 
far more 
can imagine. 

F. Stark. 

“ Highlands." 

1 75, Southend Fond, 
Wick ford. Essex. 

Sftichard Luce,- - 
.-.■■l-ouse of Commons. SAY-1. 

Exporting to 

row the Editor, 
er Majesty's Consuls List . 
Sir.—U.K. companies which 

The vanishing 

adequate skills 

office routine Tor them to- find 
employment in secretarial jobs. 
As the older, more experienced 
secretaries are retiring, leaving 
to have families or. m same 
cases. moving into non- 
secretarial positions, there are 
too rew adequately trained and 
skilled people to take their 

From Mrs P . Sanders. Another side of the 

Sir.—With reference to Mr. lies w*th the managers. Too 
Rogalv’s article on the vanishing often an executive uwsts on 
secretary (January 31). 1 should having a P«;^^ecreiaj and 
like to bring one aspect of the then completelv wastes her lime 
manor toil! auction. . ■ ="<i 

„... . r _ _ In the present economic own tune, by not using nor pro- 

. uring the past 25- years have climate, it is.quite likely that a periy. Far from the suggestmn 
■jeeived valuable help from the secretary (whether married or made m the article that it 
ritish Canadian Trade-Assoc!* notl may find herself faring the .he that at leaiq sotne 
- v ; on io promoting their exports prospect of. planning and work- executives would actually work 
just be dismayed that its two ine for a period of 20 to 30 years, more effectively wirnout them, 
iffices in Canada—in Toronto as do the majority of men. I maintain that most executives 
;nd Montreal—should have been Naturally, the long-term aspect would work nw«J^ecttoely if 
i ,$J>liged to. close at the end of of her work assumes the greatest they used tftelr c^co staff more 

.. importance both from lhe view- efficiently. Dictating techmernes. 
’s .finan- point of financial reward as well delegating work. Involving office 

. _ r ._ _ pressure as job-saiisfaction. 8laff raore 10 ^ 

1\. /;» the British Overseas Trade . From this standpoint, the work, are somei of the areas 
if V ’ .^,oard to reduce the scale of ils : greatest rewards appear to lie wh ? re * c “‘u? nn( li 

** ’ *" ■ vpenditure In support of'ex-in obtaining a position as per trained, but for this to happen. 

J=ons. the annual grant tp- the sonal' secretary- to ibe chairman they need to overenme the PSV- 
-*/ t^ffCTA was. I understand, of a company or of a board, eholcwieal barnc f of adnnltin^ 
\ . / P 40 oo(i— about one-third of its reDreseniinc a group of- com- that they need ihi. help. 

| eri thar 0 anics This usuaMy deinand& a There are courses available 

hfgh de^e? of teilmical skills-where both executives and sec- 
V SqOO until afrer four and/or languages, accompanied retanes are helped to recoemse 
ears support was phased out by longterm service, in this areas of work where the seer©, 
a the event it hL token only position a personal secretary can tary can relieve her manager of 

many routine tasks, leaving him 
free io do the job he was em¬ 
ployed to dn. to leave him time 
10 think, and to give her 3 more 
fulfilling role in the company, 
bui ii lakes courage for a mana¬ 
ger to make this move. 

To fill the large number of 
vacancies now registered with 
the bureaux, there needs to be 
a two-fold improvement: secre¬ 
taries must be better trained, 
and executives must be more 
aware of the potential of their 
office slaff acid of ihrir failings 
in managing their office slaff. 
Sally Garratt. 

25. Camden Park Road. AMY.J. 

Make the jobs 

From Mrs. M U'im'ecfci. 

Sir.—1 am writing in respect 
of the article entitled “ The case 
of the vanishing secretary" 
tJanuary 31). Being a secretary 
myself. I am rather concerned 
about the future of the secre¬ 
tarial world. Many people com¬ 
plain that a pood secretary is 
hard to find, but if a secretary 
were asked to sit dowo and write 
an article about this, she might 
only complain that a good job 
is hard to find. 

In many cases a boss does not 
know bow to use bis secretary. 
In my last job they told me that 
they no longer needed my 
shorthand skills because it was 
too time consuming and they 
then proceeded to plug me into 
a dictation machine which l felt 
was rather degrading after hav¬ 
ing been trained in shorthand, i 
decided to find greener pastures 
and was amaze at just how many 
jobs didn’t require shorthand 
any longer. So for the time 
being 1 landed myself a job 
that advertised for sborthand 
and offered interesting work 
which in the end turned out to 
be a glorified prestige-type job 
where 1 made cups of tea and 
coffee ail day and acted as their 
messenger service to their bank, 
the stationery shops, etc. 

This sort of situation made 
me so angry that l was a}| set 
to give up secretarial work for¬ 
ever and start a new career as 
a nurse. It is no wonder that 
many girls are turning away 
from secretarial work because 
progress is turning us into bat¬ 
tery hens and tea ladies. 1 
spent a year at New York's best 
secretarial college. Katharine 
Gibbs Secretarial School. I had 
great notions of how my future 
job would turn oul but I have 
not yet run into any boss who 
really knows how 10 use a secre¬ 
tary and the skills for which she 
was trained. If jobs were made 
mure interesting for secretaries 
and If bosses involved Ihem 
more in fbetr work, they might 
jusl think they have a future. 
But to-day. unfortunately, most 
secretarial jobs are indeed 
“dead ends." 

Marl ha J. F. WMniecki. 

3. .Applcgorih Drive. 

■Vetcburp Purk. Ilford. Essex. 

Remove the 

recruited from the ranks of the 
best secretaries and function as 
an integral part of the manage¬ 
ment team, not a.- odd-job per¬ 
sons. Any one of them will 
bring your mail, empty your 
baskets. tak« dicialiun or pose 
as your secretary to the outsider 
who insists you must have one. 
You take and make your own 
telephone calls—the switchboard 
girl will give you all the help 
you need, which is very little 
with direct dialling. You make 
your own appointments and 
make yourself accessible to your 
colleagues — the removal of the 
pro 1 eel ire barrier improves com¬ 
munications. Internal memos 
are taboo, talk to the guy nr. if 
he's not in. leave him a hand¬ 
written nf’c. Filins is ceniral. 
again our three girls cope. Fries 
you need yourself for reasons of 
confidentiality or immediate 
access you' can comfortably 
accommndato in one drawer nf 
your deck. Your coffee you fetch 
yc>ii-<elf from a catering-tyne 
coffee maker fno (ageless vend¬ 
in’; machine) which the girls 
ni-’ti e ready twice a day. 

Divorce your "office wife." 
enioy a new freedom and im- 
nrove oroductivity. 

B. S.Shannon. 

Fn;hu-ell. Lincoln. 

Tenure on 
the farm 


From the Managing Director, 
Cotswold Pig Dei'elopmertt 

Sir. — Joe Rogaly in Society 
To-day (January 31) discusses 
the growing problem of the 
shortage of good personal sec¬ 
retaries. Answer: don’t have per¬ 
sonal secretaries. 

None of the executive direc¬ 
tors of this company, myself in¬ 
cluded. has a personal secretary. 
Instead we have an executive 
services department consisting 
of three intelligent, hard-working 
ladies who. with the help of 30 
IBM word processor, service five 
directors plus four other execu¬ 

The principal features of this 
system follow: The girls were 

From the Prospective 
Parliamentary Conservative 
Ciujfiiiiale for iVarfh Dorset. 

Sir,—Comparing your agricul¬ 
tural correspondent (January 
on Mrs. Margaret Thatcher', 
speech at the National Farmers' 
Union dinner with other reports 
of Che same occasion. J can only 
surmise that Mr. Cherrington 
wj> seated in starvation corner 
or swallowed an uncomfortably 
large chunk or imported meat. 

Mrs. Thatcher indicated her 
opposition to capital taxation 
and land nationalisation and her 
intention to preserve a strong 
and independent fanning in¬ 
dustry which is able to compete 
with European fanners and earn 
good profits. This is certainly a 
different approach io that of the 
present government and J would 
have thought that the debate -m 
the " green pound ” devaluation 
provided dear evidence of the 
difference between the parlies. 

On lhe specific point of 
security of tenure given to both 
tenants and their heirs, Ibis 
partisan measure is likely to in¬ 
duce the same kind of inefficiency 
and lack of tenancies for young 
would-be tenants into the agri¬ 
cultural market as we have seen 
in the sphere of domestic rented 

It may interest Mr. Cherring- 
ton to know that at a recent 
meeting with one of the F.'FU 
branches in North Dorset, where 
every member of the branch ai 
the meeting bar one rented some 
or all of his farm land, not one 
of those present felt that the 
proiccii’jD given to tenant 
farmers oT hereditary agricul¬ 
tural tenancies was justifiable, 
although naturally they intended 
that they or their families wou’rl 
take advantage of the provisions 
of the Act if the opportunity 

A requirement for a high 
standard of proof that lhe pro¬ 
posed new tenants of the family 
>hould possess a high degree “f 
proven farming skill is the 
minimum amendment required. 
I would Favour repeal of this 
measure which ultimately is in 
the interests aF neither landlord* 
nor tenant farmers: nor does it 
rerve the cause of maintainin'? 
high standards or farming 
efficiency and productivity. 
NThoJas Baker. 

,Wij - ih Dorset Conservatiie 


Dm If House. 
s'al:>buru Street, 
filanftlord Forum, 



President Sudat nf Egypt on 
seven-nation tour, during which 
he will visit the U.K. 

■Shah of Iran visiting India. 

Further talks on engineering 
industry's national pay claim. 

London Chamber of Commerce 
seminar on Computer:: for the 
Smaller Company. 69, Cannon 
Street. EGt. 10 a.m. 

Church of England General 
Synod ends. Church House. SVV1. 


House of Commons: Private 
Members' Bills, including second 
reading of Estate Agents Bill, 
sponsored by Mr. Bryan Davies 
1 Lab, EntieicI Ni. 

To-day’s Events 

Eorlhwick (Thomasl. 87. Bar¬ 
tholomew Close, EC. 12. Ceniral 
Manufacturing and Trading, Bir¬ 
mingham. 12. Spooner Industries. 
Jikley, Il.vO. Vaux Breweries. 
Sunderland. 12. 


English National Opera produc¬ 
tion 0 / Carmen. Coliseum Theatre, 
WC2. 7.30 p.m. 


RoyaJ Ballet dance La Fiiie mal 
gardee. Covent Garden, WC2. 
7.30 p.m. 


Phiharmonia Orchestra, con¬ 
ductor Stanley Pope, in pro¬ 

gramme of Berlioz (Overture. Le 
Corsairc): Mozart (Symphony No. 
40 in G minor*: and 
(Symphony No. 6 in B minor). 
Royal Festival Hall. SE1, S p.m. 

London Bach Orchestra, con¬ 
ductor Martin dale Sidwell. per- 
form music by Handel. Purcell, 
Barh and Mozart. Queen Elizabeth 
Kill. SE1, 7.43 p.m. 


Anatomical drawings by 
Leonardo da Vinci (from the 
Royal Collection). Royal Academy 
of Arts, Piccadilly, Wl (until 
February 19). 

Sir Thomas More—-his Life and 
Work. National Portrait Gallery. 
St. Martin's Place WC2 (until 
.March 12t. 

V5% Si 
• • V/T' ^ r ' . 


In Thailand. No other British bank otters you more than Standard 
Chartered. We’ve been there for over SO years and are an important pan of 
commercial life. 

Our branches arc reached direct from your nearest Standard 
Chartered branch in the U.K. This gives your business the combined advantages 
of a British bank here and an established bank in Thailand. And our system is 
ring Keith Skinner on 01-623 7500 today to discuss this. 

Standard Chartered A 

Bank Limited w 

helps you throughout the world 

Head Office: 10 dementi Lane, London EC4N 7AB 

A”i t -1 

c d iiT.ijo.' million 




Allied Textile £0.9m. higher at record £3m. 

»W TURNOVER ahead from 
£23.69m. to £30.7m. pre-tax profit 
of Allied Textile Companies 
cl imbed from J2.l6m. lo a record 
£3.04m. in the September 30. lSn. 
year. At ha If nay profit was up 
From £Q.79m. to £l.4m. 

The result includes exceptional 
profits of £204.039 l£134.297) and 
is before a £215.000 payment to 
augment the group's pension plan. 
Directors say the payment was 
made not because of any defi¬ 
ciency in pension funding, but to 
strengthen the fund against the 
possible effects of future inflation. 

Mr. J. E. Lumb. chairman, says 
ample financial resources remain 
available for re-equipment and 
extension of ATCs activities, and 
include more than £lm. of cash 
and near cash balances. 

He says that early reports nf 
the new Multi-Fibre Arrangements 
may mean that the textiles are 
entering four years of lessened 
instability in international 

Earnings per share of the group 
are shown ahead from 17.Sp to 
24i\ and the final dividend is 
lifted from 3.545p to 3.939730. 
taking the total ordinary payment 
from 5A062p to b.4832-Ip. 

1976-77 197.1-76 

r r 

Turnover .5n.M7.t6I 3MS5.7S* 

Trjdinn profit _3.SS9.+W 2.WSJ42 

EffpliOnal profits ?(M.(C9 1^4.297 

Profit before lax* ... . 3.00,479 2.161539 


Company Page 

Allied -Textiles . IS 

Assd. Fisher ies. I S 

Beau mon t Properties ... 18 

Birmin gha m Pallet. 18 

Brit. Petro leum . 1 9 

Brockhouse . 19 

Capl an Profile. 18 

Chieftain . 19 




Crean (James) 

. 19 


French (Thos.) 

. 18 


Hill and Smith 


Hudson (Wm.) 


Richards .. 

. 18 


Savoy Hotel . 

. 19 


Steinberg Group 

. 19 


Tesco . 


following a drastic fall in demand 
in the domestic furnishing sector 
during the spring and summer. 

As reported on January 13, 
taxable profit for the year lo 
August 31, 1977, expanded from 
£431,916 TO £652,658. 

Both turnover end profit suf¬ 
fered consequently but since then 
demand has shown a major 
improvement and as a result cur¬ 
rent trading is most satisfactory. 

Meeting, Winchester House, 
E.C., on February 23 at 11 a.m. 

first half 

Turnover . 

Trading profit .... 

Fti>pi!onal profits .. 

Pram before lax* ... . '•« auument 

pensinn plan. 213.009 — 

Taxation . I.UU.0M 

Xri prefit . . . 1.499.179 1.110.319 

Extra-ordinary dibits' ES .6! 4 162.422 

Available '3rd. .. M».«3 WS.J17 

Dividends . 405.020 362.616 

- ,\Ticr depri emiion of SI. 13m -SO 97m ». 
: .ifill closures 3iid n-nrsjiusatlon cosis. 

Scc Lex 

WITHOUT ANY profit this time 
from the sale of ships, pre-tax 
earnings at Williams Hudson 
Group amounted to £0.71m. for the 
half year to September SO. 1977. 
compared with £1.72m.. which 
arose after a £2.44m. surplus from 
ships disposal. 

Turnover advanced from 
£37.6Sm. to £62.02m. and profit was 
subject to tax of £ 201.000 
(£625.000). Earnings per 20p share 
are shown as 3.6p (9.1p; basic and 
as 3.4p (S.2p) diluted. 

For the whole of the previous 
year, the group achieved a 
£3.02m. profit, while again no 
dividend was paid. 

The company has “close" status. 

in? this year, and although he 
does not expect the improvement 
to be substantial, he confidently 
anticipates an increase in profit. 

As reported on January 19 pre¬ 
tax profits for the 15 months to 
October 1, 1977 turned in £I_27m. 
compared with £lm. for the year 
to July 3, 1976. A statement of 
source and application of funds 
shows a decrease in bank and 
cash ba lances of £215,000 
(£69.000). As at January 4 Eagle 
Star Group held 29.22 per cent 
of the equity. 

Meeting. Manchester, on Feb. 24 
at 12.30 p.m. 

Hill & 
Smith tops 




Outlook at 
Pallet Group 

Turnover . 

Profi' on xh'ng sal? 
Pre-tax profit 

Tox . 

To minnrliU-s . 

Extra-ord. surplus' 
Exchance debits 

Joint chairmen of Birmingham 
Patiet Group. Mr. M. Ramsey and 
Mr. M. Starr, report an improve¬ 
ment in the order intake of the 
group's pallet division in the first 
nuarter of the latest year to 
October 3J. 1978. 

In their statement w ith accounts 
they also, say .the upturn in sales 
at irs subsidiary ERI which began 
sit' the ‘ end 'of 1976-77 has con- 
tinned with the better demand for 
consumer durables. 

Should these improvements con¬ 
tinue they expect they will be 
reflected in increased profits inis 
year. Last time profit dipped from 
£152.838 to £142.058 after the 
pallet companies produced a loss. 
ERI’s customer requirements also 
declined in the March-September 
period reflecting low demand for 
consumer durables. 

In the year there was a £14.029 
t £73.688) decrease in net liquid 

t Stov^m-JITS tn net too* worh—grant 
on acquisition of In Canada. 

The wholly-owned subsidiary. 
Williams Hudson reports half- 
year pre-tax profits of £l.73ra. 
(£3.3Pm,) f including last time, a 
surplus on tbe sale of ships of 
£2.44m. Turnover expanded to 
£56.67m. against £34.81 m. 

Tax took £0.82m. (£1.45m.) and 
minorities £101.000 (£48.000). 

There was a profit on the 
acquisition • of a minority in 
Canada of £717.000 inti) and an 
exchange, debit . of £152.000 
(£1.02m. credit). 

Thos. French 
of increase 

Meeting, Birmingham, March 1 
at noon. 

Mr. T. J. French, the chairman 
of curtain styling and electric 
surface heating products manu¬ 
facturers Thomas French and 
Sons. Tells shareholders in his 
annual statement that he is more 
optimistic about the climate In 
which the company will be trad- 

Mr. Ian L, Caplan, chairman of 
Caplan Profile Group, says in his 
annual statement that he is con¬ 
fident the group's growth poten¬ 
tial will be satisfied in the fore¬ 
seeable future. 

With the promise of some form 
of econmic stability, the group's 
possibility for rapid growth in real 
terms could well become a reality, 
since it is ideally situated to take 
maximum advantage of the 
increase in demand which would 
result he adds. 

Both Braemore Furniture, the 
newly formed subsidiary, and the 
associated Canadian company. 
Profile Expanded Plastics, which 
commenced trading in January, 
1976. are trading profitably and 
should make a valued contribu¬ 
tion to turnover and profit. 

During the year there was a 
continually Increasing demand 
for the group's, office equipment 
products, which, as a result, 
represented about 80 per cent, of 
the group’s external turnover. 

All divisions within this sector 
operated on a profitable basis 
despite the fact that utilisation 
of the production facilities was 
well below capacity. Current 
trends suggest a continued growth 
in. demand whicb can be readily 

While in the first half year the 
plastic processing division 
benefited from a buoyant market 
the situation was completely 
reversed in the second six months 

AFTER A marginal increase from 
£370.648 to £372.946 in the first 
half, pre-tax profit of Hill and 
Smith finished the year to 
September 30, 1977 ahead from 
£832.285 to a record £926,666 on 
turnover of £12.73m. compared 
with IlOJKltn. 

After a tax credit of £5.140 
(£2,155) earnings are shown at 
18.94p (I6.96p) per 25p share and 
the dividend is effectively raised 
from l£6064p to 2.19p net with 
a final of 1.44p. A one-for-10 scrip 
issue is also proposed. 

There is no tax charge as the 
full liability will be expunged by 
stock appreciation relief and 
accelerated capital allowances. 
Comparatives have been adjusted. 

The directors say that internal 
accounts for the first quarter of 
the current year show that a 
satisfactory performance is being 
maintained overall in the group. 

bafety barrier and fencing 
manufacturing together with the 
associated contracting operations 
are still being affected by very 
difficult trading conditions but 
they are confident that progress 
will be maintained this year, if 
there is no deterioration in 
present general levels of demand. 



Mr. Paul Tapscott, chairman of Associated Fisheries. 



payment payment' 

Corre- Total 
sponding for 

Allied Textile . 3.96 

Assoc. Fisheries . 1.8 

Garford-UUey .int 0.18 

Hill and Smith . 1.44 

Apr. 4 3 .55 

Apr. 10 125 

Mar. 15 0.18 
Mar. 23 1.28* 

Apr. 3 0.53 

Apr. 3 0-2 

Hill and Smith . 1.44 Mar. 23 1.28* 2.19. 1.S6* 

Kinta Hellas Robber int. I? Apr. 3 0.53 — 2.93 

Malaysia Rubber .int. 0.55 Apr. 3 0.2 — 1.52 

Selnkwe Gold . 0.35 — 0.98 0-55 " 0.98 

Steinberg .int 0.32. Apr. 7 022 0.76 : 

Sterling Trust . 3.6 — 325 3.3 4.65: 

Tb arsis Sulph. & Cop. int. 4+ Mar. 15 Nil — Nil 

Dividends shown pence per share net except where otherwise stated. 

s Equivalent after allowing for scrip issue: t On capital 

increased by rights and/or acquisition issues, t Replaces 5p payment 
or pre-scrip issue capital announced September. § Increase to reduce 
disparity with final. 

PRE-TAX PROFITS- for the year 
to September 30, 3977, <tf Assoo* 
a ted Fisheries recovered fro® 
£L9lmT to OJBtm. on turnover o£ 
£9S2m. compared with’£86.73® ■’ 

Profit is arrived at after pro¬ 
viding for exceptional Items, ©f 
£M 5 m. Jo-write d ovtn the book 
value- of certain trawlers- This 
has been done as a direct .result 
of: the restriction of access to 
fishing grounds and uncertainties 
arising from . theftibtre . of the 
EEC to renegotiate a-Common 
Fisheries Policy, say the directors; 

These factors, ' which-.. ..have 
resulted in the continually decun-.-, 
ing "Catch of the group’s fishing 
vessels, continue to have a serious- 
effect on the trading of 2 he : group'.. 
As forecast last July, the. second 
half, was more difficult’than. the. 
first at the end of-which profits' 
Stood at £l-47m.~ against a loss.of 
£0.84m. This trend accelerated in 
the thine months to'end 1977; to 
such ah extent that- a loss. In fish¬ 
ing activities 'extinguished.' the 
profit, from the remainder of the 
group. The indications, therefore, 
are that the results .for the .first, 
six months of the current year 
will be well "below those for the- 
same period of 1976-77. 

-- 1076-77 -1975TB 

£068 MOD. 

Group .turnover . 99 JW 88.730 

TnuUok profit :.—... 4200 • 2 ms 

Net paid ——- 486 - S 01 

From associates —.. " 388 "(W 

Exceptional debitst.. ‘3.151 - — 

Profit before - .*532 1.W 

Taxation - LS4B 8M 

Net profit -.'_ 2.S92 JOSS 

To mlooritfei ....... .. ■ 395 : JlB7 

ExtnwreL credits - 388 . *207 

Preference dividends ...... ST" 27 

ToiBrim Ordinary' '.--HI - 

Proposed Final..'. SL6 220 

TO . reserves . .....L... 1 .J^ 1.131 482 

•Loss, t £963.000 subsidiaries, £188.000 
associates, tarter depredation £*.Ttat 
(£2.7Sm.). - 

However, members are, told that 
the group has considerable finan¬ 
cial strength. During the year 
there was an increase-of over 
£ 2 m. in- cash and short-term, 
deposits and. since the end .of. the 
year, liquidity has betfn further 
improved by the sale-of certain 

food: ^processing factories. * 1 

depots. ’" Thisv- transactfott W- /' 

alreadyyieldetf ££5immcjBh^t - 

should release a further "sj™. / 

of* working capital. Part Mr it-hr -' -. 
being 7 redeployed -in -an extegs^ 
of the cold storage dtviriorL77,-^§ ' ,' i 
;FuU year earnihgs'ahB' , J5&9jiti® .. 
be ahead’froro SJSp to, 7.23^jS» • 
25p share and ther dirfdenOs -.. 
stepped up £rontL25p 
with a final paymjeat , 

■0 comment • 

The weak trend to tite second ■ 

of .Associated Fteheriw?“lHB«^|/' * 
year—pre-tax profits dowajj aag ■ 
a" quarter to.£2.ti7ni>—is . V 

accelerate in the current-flisr hag * V*. 
Pot -simply. AssQciated’s ^mljfefc ■ •. 
is ttiatr averJsalf-.ihebuamraS® -“1 
involved in .fah. catching, butSuE 
to the ...oomiAes wsjh of . :. 

national/. leglslatloni^ . 
reduced quotas, there & 
acute shortage Pf . fishing-grmpSffi:; '’' 
where tbe fish . can ; he cau^S-‘ 
Consequently,.; Associated - haw, J pg '- ! -. 
a quarter of its fleet JaidTiPvVfta; ‘ 
profits falling .away' sbarpJjrJE^J^,.'' 
the group’s nrincipgl' earner mjt& i'. - 
depends on; how . successful 
group is at- develdptng- itsidfa- ' 
shore activities.^ 

- Associated has involved ■■ 

an .extensive -ratioittifisatfon^p^ 1 ': 
gram me smce.ihe-year-end tn thfe . '' ; • 
area In air;attempt to: dispbsS: 

:those companies lb the foodiwo- 
cessing activities which "were ten-"- ' 
during tiny profits en large iunv ' 
over. Although Uta grotfpVfea- ’. .- 
over win he lean en: 1 this: y»tf fer; 
around ;.£20mw margins -eeuld.hgr' 
healthier. -And to 4he metrceSt' 
figure" of £1-5m., ^cornea anotbtf 
523VL from disposals; a .• ' 

Sam. or-working capital tos beea,' -.' 
released. tAHth Associated’a '.' 

at 55p - (downa 8pJ, oyer * 

discount to', net -assets • . 

surprising' that Eastern :-Proda^i,: : - - 
which has a 345 par 'cent-sSSf 
says that if is going^to.hokTj^g' ’ . 
The shams stabd on ‘a p/e -of m; ' , 
and yield 8.7 per cenL cnvwgp - r 
two and a half times;. 

Tesco profits will - d 
improve this yeai^^ |j ini 





Beaumont Properties 
calls for £ 1.87m. 

Provided its expectations For 
knitwear yarns were fulfilled. 
Richards «houid achieve a reason¬ 
able profil for the current year, 
said Mr A. R. Robertson, chair¬ 
man, ai the annual meeting. 

And the directors would cer¬ 
tainly expect to maintain Lhe 
progressive dividend policy. 

Mr.'Robertson said the effects 
of (he recession now appeared lo 
hive levelled out, but It would bp 
tbe second half of the' curren 
year herd re any real Improveme’ 
could be expected. 

In what is the first rights issue 
to be made by a property group 
for iwo-and-a-hnlf years. Beaumont 
Properties is making a 5157m. 
cash cail from its shareholders. • 

Beaumont's righls issue is of 
2.777.737 Ordinary 25p shares on 
the basis of one-for-four at 70p 
each. In the market the 
l impany's shares closed 9p lower 
8Sp. - 

The last rights issue by a 
pro neny company offering 
Ordinary capital W3s raised by 
Law Land in July, 1975. The 
; company, offered a one-for-four 
rights to raise £3.75m.. but the 
issue met with a poor response 
and left over 70 per cenL of the 
shares in the hands of the under- 
wri lers. 

LaJer in that month Land 
Securities successfully managed 
lo offer a convertible stock by 
way of righls. That was 74 per 
cent taken up with the balance 
sold at a premium. 

Along with the rights issue 
Beaumont is releasing full-year 
figures for the year to September 
30. 1977 Pre-tax profits are 
shown as £t.0lS.I5Q (£785.684) and 
turnover is £3.0i»m. (£3.05m.). Tax 
takes £487.802 (£441,867). 

The directors are declaring a 
final (I'victend of 2.3114p making 
a total of 3.4664n (3.1512p). The 
dividend is pavable on March 20. 
They are confident that in the 
current year they will be able to 
recommend an increase in the 
dividend by the present maximum 

Earnings per share are 4.8p 

The group’s properties have 
been revalued as at September 
30 at £26.5m« a surplus of almost 
£500.000 over the 1972 valuation 
plus subsequent cost. In addition 
properties held by U.K. trading 
companies showed a surplus of 
about £3m. over cost. 

pleting the second phase of a 
shop development in Sale. A 
further nine shops Of about 
22.000 sq ft are being built. The 
existing site already takes In 50 

After the rights issue net assets 
per share will be lOBp, or 231p 
including the £3nr. surplus on 
trading properties. - 

The rights issue is underwritten 
subject to an increase in capital 
being sanctioned by shareholders. 

• comment 

Beaumont’s righls issue comes as 
a bit of. a ■ surprise, and jnarny 
analysts are against rights issues 
from property companies _ on 
principle, because of the diluting 
effect on assets. However, Beau¬ 
mont’s management sees some 
opportunities to develop Its base 
of small quality sites (lhe group 
has a high proportlob of small 
shops and offices where the yields 
are good) both by new develop¬ 
ment and by buying existing 
properties. Property shares in 
general have performed well in 
the market during recent weeks. 
to the point where any further 
relative rise is unlikely, so Beau¬ 
mont appears to have got its 
timing right to maximise the pro¬ 
ceeds from- its issue. The group 
has a sound balance sheet, the 
underlying asset value is at least 
'lOOp (after the issue), and on an 
ex-rights price of S4(p the current 
yield is 6} per cent 

Fisons to peg 
goods prices 

Tesco yesterday Insisted that Its 
profits would improve this year 
even if those of other super¬ 
markets were cut as a'result, nf 
the price war. .". ' - ' T \ 

Referring to predictions made, 
by .International .Stores, on Tues¬ 
day" " about .the •. impact of 
increased' competition ‘ on food 
retailers’ profits, .;. Mr." " Jan 
MacLaurin, managing director of 
Tesco. said that his company which 
precipitated the < latest round 
in the price war when it dropped 
stamps in-the;summer."would, earn 
higher profits on!-'Its Improved 
turnover. ..- r -. 

If any company, ^tpod to; suffer 
from the price war, he implied, 
it was International Stores, which 
picked up some of the ~Green 
Shield franchises dropped' by 
Tesco. -••. . .r,’ 

' Mr. MacLaurin said that current 
margins were on target-and that 
all the countermoves by rival 
companies, to-Tesco’s- new pricing 
policy had. been anticipated^-well 
itt advance • 

' Speaking to a conference 
organised by stockbrokers, Phillips 
and Drew, Mr. MacLaurin said 
that if he. was in- International 
Stores' position, be too might 
share their pesrimism. He: said 
that Jie could- appreciate that 
“ any retailer" offering trading 
stamps. In what is -dearly, the - 
post-stamp era-is likely to have 

The pessimism might be well- 
founded, bat not if It was^ directed 
at Tesco,.he insisted.' - «■. 

Tesco s margins on food were 
“ acceptable,* be .said, and the 
growing importance of- .the 
company’s .non-food sales gave 
Tesco a "strength and flexibility ” 
which- Its competitors lacked.’ 

Mr: MacLaurin agreed, however, 
with ' International Stores’ view 
that there would be casualties in 
the supermarket business ■ as’ a 
result of the price war. While, it 
was too early to. quantify the 
exact; .consequences of Tesco’s 
ciit-price policy oh-fts competitors, 
events; he said, .had re-inforced 
his view that there would be 'a 
con(raction m - the number, of 1 
mutiples operating In the next 
two or three years. 

and 16,360 Deferred Orifihary ^Wfl? ’. 
those held before the offea'.Bevatf / 
now owns fii-85 per f cent - ■_ 

.Ordinary imd.- 98^6 per 
the Deferred ' ' • 


■ n 1 , i - - Ti: _ 

Syltone plansgf 
to open . 
French branch 

Although levels of actbdt^ari ’" 
second half rat- Syltone vgtijenintf:^ 
work on new buildings at-;Drttqi'*' 
may to some degree affect profl^-r 
bUlty there-in-this -pferiod^At r - 
directors, say In -their inieriri.w 
report - , y..,*/- 
Subject to approval :t>f ^ulhor^' | 
ties in France’ and-ihe Dat,‘-tteE r : ■ 

Bbmdlfatends td:8etM>T*r*2® ■ 

selling operation on France bripm: 
the end of March., ^Certain :»a* f 
will be teemed; ^ 

current year'and; the; ibeuefita*wul *■ 
not accrue turtil-1978/7B at'fkB : 
eairlie^L . / : J’.J'. 

.' Jh."Febrtia^;t, S..a.iWarbnr&. * 
sold on behalf- oC- an assomt^. ; 
10,000 Indicape aQd COj, Drdinart . 

£1 -shares af 35ZP. mid . SJ&r - 
Ordinary £1 shares at- 3g4p. .. 


^resolved if 'you hive su B ria h&d 
capital locked up in "debtors, ;/,^ 

We manage sales jedgetr wh^ • 
the turnover Is in excess oF 
£75>000 per ann lira in parrn^’ . 
'ships and limited compabiri-. . V * ■ 
.-; V/rite for bookfet to: - 

Century: Facto rsLhrdt«i;^( 
Yincent. Chambers, 'Court A&g 
i' Yeovil, Somerset 4 

,•. Telephoijei 'Cv- : .r;j : 

100 reasons to consider Southside, 
Victoria Street, SW1 

Available To Let in units of: 

13.400 sq.ft. 16,500 sq.ft. 24,700 sq.ft. 

50.400 sq.ft. 76,400 sq.ft. 93,000 sq.ft. 

Borrowings on January 30, 1973. 
equalled £)2.9m. compared with 
?I3.4m. last September and 
£lo.66m. on September 30, 1976. 
The overdraft is £l2ra. com¬ 
pared with £2Jm. in 1978. 

<No material changes have 
occurred in income and assets 
since last September and the 
directors can see no reason why 
the group cannot continue its 
proven and steady progress. 

The cash is being raised so that 
Beaumont can take advantage of 
opportunities, which are begin¬ 
ning to present themselves, to 
purchase properties at favourable 
yields fn the type of area in 
which - the aroup has always 
specialised. This specialist nature 
is aimed at Fairly small properties, 
mainly in the .£50,000 to £100.000 

Currently the company is com- 

Aff UNDERTAKING, by Fisons 
not to increase the prices' of 
some of its garden products 
until September has been 
acepted by Mr. Roy Hattersley, 
Prices Secretary. 

This commitment Implements' 
a Price Commission recommen¬ 
dation after a report nn tbe 

The Commission found that, 
in general, proposed price 
increases were justified, but 
weighted too heavily on tbe 
consumer market for garden 

- It recommended that price 
i ncerases on the garden range 
should not exceed 20 per cent 

The company's voluntary 
undertaking means that the 
Prices Secretary will not need to 
use his powers to enforce the 
Commission's recommendations. 


The offer by D. F. Bcvan. for 
Berner, Grimp has been declared 
Unconditional, and -will remain 
open. . ' I-. 

Total - number of shares in res¬ 
pect r-bf whicb acceptances have 
been, received is 707^079 Ordinary 

V BrasiivestSJL '■ . 
Net asset value as of 
31st January, 1973 
per .€r£ Share: CrS22.42&. 
per 2>eposftiiry Sb'are: 

-TJ.S^I2,745.I9 . 

depositary ^hare:. 

> .’I .{Second Sepes):. - . ’. 


Interim Report 
26 weeks to Se 

September 24,1^977, 


An ideal biicfcig in an ideal location 

For further details and an invitation to view contact 

Richard Ellis, Chartered Surveyors 6-10 Bruton Street London W1X 8DU . Telephone: 01-499 7151 

City of London Scotland. Belgium Ranee. Holland. Spam South Africa, Au-.tratia USA Canada. Smodoo/e. Hong Korg 



tesui value Of Onlinarj ‘hares ji Deceai- 
ti-.-r 31. 1977. after dedumnt pnnr charjus 
at nominal value was irs.ip nor 25 p 
share ■ luu.bpr alter p-lur charges at 
matVvl valtw I44p UOj.Spi. 

ALVA l«vesTMEtrr TRUST-Xct ass-l 
value pi-r - iip share m.7p OAXpi as at 
Dixvuiber 31. 1977. 

Approalmatc asset ralwe per capital share 
at January 31. 197?. after tax on realised 
profits Out before providing (br rooiuicvni 
art on utircnllsod appr-clatlon 14S.93p 
i.iu.onp rot previous month t. 

BLUEMEL BROS, (manuiacrarnre of 
tilde ana.tnoior anrossonesi. Results for 
year to October 1. 1977 and conzmenu on 
orospccti- resorted December SI. Group 
rLtcd assets CL87m. (le.Bm.). Net Current 
assets £0.92 m. i£0.7Um.J. Ueeting, 
Cuvcnnr, on March 9. at UJO sad. 

GRANGE TRUST—Results for year 10 
XovoTUbtr 30. IP77. reported January tL 
(□ vestments at market rahir fa U.K. 
ULOScn. (Cm.) . and Overseas £3 mm. 
(£3.4ftn.), L'ulisted at dfn-cters valuation 
£11.475 i£a9.<ron>. Ker liquid Funds in- 
vrvas*‘d by £113,954 issz.ssii. Prudential 
■VsiUranen Cnmpans hrkl i.oli.aSO shares 
and U indoo jrd ftfjn^fteerer Aswanc** 
Company UKi.aiio. There Is an EGM 
after the ARM Tor the approval of certain 
amend menu ro the cooipanv's Article vi 
Aes-K-taliun. M-.-etlnR, 70. Fiashary Pave- 
nu.-nl. BC. Ki-hmarv 24 at I2J0 pan. 

GROUP INVESTORS—Cims re tut ae 
(or the ball-year ended D.HS-iuber 31. 1977. 
COU.Sja «£lfiS.73l*». Net revenue (after 
esDettscs and vsiimatei! raxattoai avaD- 
ahlo For Ordinary, shares r?o,353 'rd)i. 
available for Ordinary and Deferred 
shares ml !£47.3n9). U.K taxation 
chatwd 139.7,’.' <ES.5B2.« Amflimt 

absorbed by interim dividend on Ordinary 

shares £47.794 i£30.972J. Amount absorbed 
by interim divide ml on Deferred shares 
uil 114.1141. Interim dividend per 
Orduury share O.Tio 'fl.BSpi. Interim 
dividend per Deferred share mJ r0.433pi 

Ri-sulis. year u Vorember 39. (977. 
repon-?d January 21. Total investments 
£949m. lEJa.tSm.t, or arcorrenr valua¬ 
tion £43J4m. 'CP.Ssm.). Net current 
assets 73.82m. i£2 87tn.i. Chairman sns 
there nru coostderable Grounds lor 
remajDliuf eannois abom future outlook. 
Meciins. 21. Moorfieids. E.C.,-February 24 
at pjb. 

RANKS (IRELAND) ■ flour mUlcre. 
corn merchants, etc.)—Results for roar 
to September S. 1977. as reported in full 
preliminary statement. . Fht«j assets 
£3.7Bm. t£j.69m.}. net current assets 
I5.&sra. fM.tttn.i. Net .liquid funds de¬ 
creased by E-lm. fro.34m. fncreasoi. 
Chairman says present indications are 
that 1373 results irtU be signifiesfn'ly 
lower than prenons rear, afeerlag. 
Litn-?Hck, February 53. at LLI5 a.m. 

ma nufiict iircraT—Pre-tax profit • J5JJS5 
(loss rs.offii for sis months to Oeceraher 
31. 1977. Tax all (same* and no. interim 
dividend tsaroe t. Chairman says. that 
company has rcRmod to prnfllafaDIty and 
tnsi order ddeHIiUi Is morn boalthy than. 
Iasi rear 


—Results year to September 30. 1977. 
already known.. Fixed afeeta EllSai 
ii'4 35itL>. net eurrrnt assets £L85m 
i□.31m.L Lonrbo holds 96.5 per cent.. 
South African Mutual Life Assurance 
Society 10.4 per cent. Chairman . says 
varan has started well but prospects for 
current year are uncertain. Heeling. 
Chr-apside Rouse. E.C_ February "i at 
noon. *■ 

;--;26-: -26 52.'.-:.... 

weeks' . weeks weeks- 

to • to ./ .to : 

243J7 2&9.76,25^7T 
£003- HW0 . £00ff ; J 

Grt5up. .Turnover. T0.5S8 , 79.118; 

Group profit -before taxation v 
Estimated-taxation' ■ 

• 248 -■ 


:.9o v 
•• 56 


Profit aiter tasatipn _... >. 

IDS' ' 

. 4o : 

■■'.. 3- " 

'•V-5", •. 

Profit before extraordinary .' 

items .. 

Extraordicaiy items ~ 


. 37 , . . 

6 •' 

Profit; after extra ordinary. S 
. . items .... 



* After waivers. ■ ■ . .. • 
Earnings per share ....J.. . 


39*i : - 


■ i ■■ ■ J 

me iftrectora have derided .to pay nn-fnrprim-mvicepg 
of O.S2pr (0^2p) perlshare. payable on April ? lff?8 tn 'OrdioarF . 
ShareaaidetS/.wJi6s§*ttaniesi appear on thflvGofflpsiny*s ~ 

of shareholders alible pms&xif business -o4 February 2419® . 


AW*. • “" . ••• 

fep>0? f ^, L hj«r ARNOLD KRANSPORFF 

3r f ,. r dim ■• . ■ , ■> 

tra^ 'i n ~> stay-of-esejcution . has be 
e 3 - ,5 *& ?^ntei . to . . British Pctinjlepr 



t lucor^vmitvd in ihe Republic of South Africa * 

r r \[o», ->4 stay-of-fliepution has been 
e . : . 3 -1 sj, nted to. British PcDrolepra’s 

an A - 1 ‘ho ;-otCin*rom-$Ufactory.JnSardinia 
:a « 7 .-y-reatened ■' vritlr closure-because 

- ;, e Italian authorities hare^soTar 

^ment 1 '^ e<s io S JVe perratesioti.t&'aHon- 
to operate, v .. -•• ' K. 

i ''•'■enfi T .At a main Board meeting' in 
,:i1 * - f , ^ t. ndon yesterday," BP , directors 

Her y. than state 1 oB company. :• • 

in t=;'h'XJ-'Js- . A BP spokesman. hmstW ouly 
CoTiiriV..'' Trr ir.- tffirra that the -Board -of .Jtal- 
le^Jv ‘••th'otelne would; meet. tater' tins 
^uu; r ,-' '!"'■ niontli to consider the-findings nr 
,-‘ Pe: 5 official enquiry expected to fe- 
he j . ; ^fiir- ,rt on February. 14. ' Then, a 
pin;/ 1 / Cfe r . c-mmrttee headed ;by Professor 
r of i P"b «-. 5 m m • n o. presidentof the 
alim ! U ' 1 priori Della Seriita (the Higher 

:p\ r. •'-• =.-‘ *®lth Council), will report into 
un ! W -,' 0 supposed health hazards of 
s - , e spcciaJ prorein which has been 

J.; v r. , . r ^ , -t | -ip lr : and-named Toprina... ; ■ • 

u “ A further meeting of the main 
nsi-V 1 '." !r ,, ! ir Board would- 1 » necessary if 
was then decided to consider 
cina the project, he added. 

n V *• -^ clcu suiajes imp re- 

t- ! e ’is ^ Pia*"- 

-•-r:» ' The deadline Riven to the Italian 
£ . Ar ’- la .'/Jvernijiem was the end of 
V 11 nuary. But BP had not reckoned 

iron-, ij. : the current political crisis 
if ;.*S .J--;Jere. 

i v ’> r :-. -With the resignation of Slj*. 

tcl»v- -1 Jr.,‘^ulfo Audreotti's minority ad- 
T "n re- (l -‘..-.'-lnistrat5on, many important 
in« i*- IO ; i .':**ilicy decisions are having 10 
fra& *• •;-> -'V-’J^-au a new fiovernment. However, 
at ii .. > rs understoodr hat the former 

.r : ’ inister of Industry, Sip Carlo 

elri s: 1 5>nat Cattin, acting in a care- 

3 c.v;' : ' 7 %ktr rapacity, is empowered- jo 

.- l a 1978- suspension decree dis- 

Bllowmg production .and sale nr x« ( assets totalled «. 93 m. as 
iopnna. ' at December 31, W77 compared 

hoping that Sig^ CJt m wish Uj.CHni. pj, at June 30. 1077 
r!l[j‘ CI softly after Ptoressor and 74.2p <725pj per (bare after 
3 Kff M dedu cnng prior charges at par. 

ap f A 0 . b . e October 3. 1977 some 030.000 

favourably disposed towards Deferred shares were converted 

"They^ have - already waited is number of Ordinary 

oiomh 5 . during, which time the 
plant has stood idle fescept for a 
brief period last year triien 900 Ci.-' 

tons of Toprina were produced. TNfAI ilfjPrCT 
T^ils now sits in a bonded ware- Mlvalil/Vl g 
house. • 

To rebuild the'plant could cost IIUTinC 
an additional 50 "per. cent, at JU111BJ3 
to-day's prices, while only about 

30 per cent, of the Sardinian in- 'rrviri farm 
vestment could be salvaged in re- UUU"ICI lil 

If the plant is relocated, the LADIES’ CLOTHTT^G and handbag 
most likely siting would be eUe- manufacturers Steinberg Group 
where in the Common Market ‘"'ed pre-tax profils for the 26 
where permission has already weeks to September 24. 19n. from 
been obtained to manufacture and WO.OflO to £243.000 on turnover 
sell Toprina. Ir is understood rhat of liu.Gm. against £ 9 .i 2 m. 

.4.VIC would be interested in par- Directors say that despite the 
ticipating in any subsequent eroncmic unceriaimies the im- 
project. ptavenieni in profitability should 

he maintained throughout the 
mm w- ■ • second half but they feel it would 

Midway rise j* "™ i * e 10 s*™? r ^ u,L \ f ? r 

. » the lull year. Profit for the whole 

for Group a,. 1 ^. ,97S ' 77 - VMr ^ 10 

IVlT/Ocfn!*C interim dividend is main- 

• 1U Y C3lHI ^ tained at 0.32p net per lOp share— 

Revenue of Group Investors for last year's final was l>.537p. 
the half year to December 31, Stated half yearly earnings are 
1U77 emerged higher at £70,333 0.S2p (0.27pi. 
against I47JS69 after tax or a.*** 

£39.772 compared with £29.692. i»- i» 7 « 

Gross revenue came to £200,855 •“* , CWl0 

mniiTun T ™i*r . ie..tW ».u> 

Uluo,era« t b«rot-« tu . . .. 3 « w 

Mated half yearly eurrrlngs are Tax lte .*» 

up from 0.749P to l.OGp per 23p \>i arafii . im «i 

share and as-already known ihc »■«» .. .. 

interim dividend is lifted from SjJ^ ,n-rv e « 

0.65p to 0.72p neti absorbing »Dindeu<js' . .■» s» 

£47,794 (£38.972). -Lbis. •• AH*-r vaivera. 

Midway rise 
for Group 

w erl- «• 

147T t»7S 

fuoo tpon 

I G..7W t.ll? 

111 Brockhouse encouraged by 
„^ steel initiative 

hr-H v,. 1 . ^LLOWLVG THE recent initiative 
wnl c;'- v \ - ll - cop b steel dumping into the 
>ry - r JC’ tiie respoiwe of the home 

€f* w rc J '^«rket has been favourable and 
nsequrntly the immediate for- 
. ird outlook for the steel 

J’lfr’tj-jri tt | llr -ision of Brockhouse is a little 
IlUJtt |i!dt>re encouratdng.. Mr. R. J. H.‘ 
„ rkes. chairman, said at yester- 

onen agal 

* . Conversely, the pessimistic 

rpnfh hrnt'ei'iwtienl statements on future 
LV»li.f| Uidhobi buildinc requirements 
. .e little comro'rt to the group's 
- asgow factory. ■ 

. " ■‘■■■■-In the U.S., iLs nevi plant at 

. .... ’*:• •;'-«« eter has moved into profit and 

'' n :: vclors are confident of an im- 

a %. . . L 0 viug trend as production 

!nr '- r '' mentum increases. 

■->:> .. ::: Although Brockhouse is main*. 

ning some 20 per cent, improve- 
•v.-. • : -vi ,*m in overall order intake com* 

r. S-'■.ii red with the same period last 
j ;»i»v 1 • •• ar, this is oot evenly , spread. 
_• rp • • • «. F... d'. should not be interpreted as 
,,, ■ . ■;«* .general market upsurge, he 

h.- -■; • :. td. . .' ' 

r ;'.. • - • --Joternational.-conilileiH.-e is still 

*:-'!kmg. Nevenhelesa, it was 
.".r ‘ =-atiing ro report that titis im- 

ovement centred arouod more 
. t -hnlcaUy orientated products as 

( Hv \i .. result of sustained export 
Fc Si : ■* tivsty coupled with the benefit 

.,r. . - past and current capital ex* 

) lot .-r.atii. ndihire programmes.. 

<rs. ri • -Sales are now reflecting the 

lA-i tier position and although 

- . , r —T il-gins are tight unaudited 

rtU oru for the first quarter is cora- 
CASH FiDfe rabie with lhai for the same 
..-riod last year. 

P R 0 8 LEih 3".\H I ran say is rhat we are 
.1 course for an improved per- 
r c .* -.*- -'Tin a nee given no adverse cir- 

■■T 3 ‘ :i - - ■■ :-mi stances or. interference over 
• \r.- ■ -- :.■ .:;rhich ue have no control.'’ 

era \vl 

Fc - 


5 ‘- ' ,r '' " ” ".Replacement dividend warrants 

if - id tax rowbers in respect of the 

Ps-reninterim dividend on the "A" and 
‘ _ _’k'„ ifl* Ordinary shares in IV. H. 

•,«:en: - y ‘ , nirh and Son-(Bolfilngs) have 

■ - c "... r ,»cn posied. 


The uriginal warrants and tax 
vouchers were printed in brown, 
whereas the replacements are 
printed in green for " A" 
Ordinary shares and mauve for 
“ B ” Ordinary shares- Tbe inland 
Revenue, wifi accept "the new 
green and, mauve tax vouchers 
and nor the origin a J vouchers. 

The new green arid mauve divi¬ 
dend warrants should be- pre- 
sen.ted for payment in the usual 

Sterling Trust 
lifts income - 
and dividend 

Total gross income of Sterling 
Trust increase0 from 11.01m. to 
£i:?Sm. in tbe December SI, 1977. 
year after being ahead from 
0.82m. 10 10.93m. at halfway. 

After debenture and loan 
interest 1 - of- - 1279.625•»- t same), 
manacement expenses of £103,162 
(£92.462) and tax of £511.313 
(£449.421) the amount available 
for Ordinary shareholders is up 
from £754.178 to £853(243. 

Earnings per 2J£i share are 
given at 5.59p against 4.93p and 
the ncj asset valu* per share a! 
21 fin compared with l9Sp. 

- The final dividend is lifted Trem 
3^5p to 3.6p. .Aakin? the total 
payout for the year to 3.3p (4.fi5pJ. 


Reporting pre-tax profits ahead 
from £134.651) to £174.704 for the 
six months to September 30. 1*177. 
the directors of Garford-Lilley 
Industries warn that trading con¬ 
ditions are proving more difficult 
»n the second half and therefore, 
the full year results we not 
expected to show an increase pro¬ 
portionate to tile first period. 

Turnover for the half year was 
higher at £1.99m. (£1.6ni.i and 
profit was subject to lax of 

E90.S46 (£70,018). Stated earn¬ 
ings increased from O.SSp to lJ27p 
per 3p share and the interim 
dividend is kept as 0.173p net— 
the previous year's final was 0.54p 
paid from a record £366,001) 

The directors report that a new 
acUTiiy under the aegis of the, 
engineering division, started some j 
years ago on a very small scale, 1 
has now developed inn; a modest; 
but worthwhile enterprise on its 
own accoum and is expected to 
start contributing to group profit. 
in the current .rear. | 

The directors add that all the. 
group’s divisions are active, but ; 
profit margins are constanily- 
under pressure, and. while the 
long-term prospects in engineer-' 
ir*i are brightening somewhat, ihef 
current demand for new lines ‘s 
progressing only very slowly. The 
woodworking division is holding 
Its own. but it not expected to 
contribute much to profits in the 
current year. 

Savoy shares 
get listing 

The Savoy Hotel announces that 
restrictions im nosed upon a num> 
ber of its “A” and "B" shares 
because of exchange control 
re""lalions have been lifted. 

The restrictions were imposed 
in I960 on 92,009 “A” 3 f »P share* 
(now 460.000 ?Op shares) and 

30.207 “B" 23p shares I now 
151.035 Sp shares) issued In 
respect of the acquisition of the 
Hotel Lancaster In Paris. 

As thee-e restrictions h.»ve been 
lifted a listing of these shares will 
now be made on the Stock Ex¬ 
change. and holders will now be 
able to deal in them in this 

The shares rank pari passu in 
all respects apart from the ability 
to deal in this country so the 
lifting of restrictions makes no 
difference 10 the voting structure. 

IN' HIS an mint s-laiemem. Mr. D. 
.McCullough, the chairman. *d 
James Crcan, saj> lit;.* thai 
trading in Ihc currcnl your to 
dale has been satisfactory and he 
expects »ha I pre-tax pruJilx will 
lie increased again over InM year. 

As rc oar ted an Decymhei 1 : 1 . 
pr-tax profits for the year to 
June :!0. 1977. were 27 per cent, 
higher St a record £ 1.12m. with 
earnings per 30p rhare up 28 per 
rent, to 26 .$Ip. The dividend is 
slepped up (0 8.45p (7J>l25pi nci- 

Over the nexi JS months there 
will he much greaLer emphasis on 
finding suitable imestment oppor¬ 
tunities in Ireland and overseas, 
states the chairman, who le/Is 
members that a firm policy of 
minimising risk*; and maximising 
flexibility will continue m he a 
dominating factor in any motor 
strategic decisions taken. A stunt: 
but steady and sustained dividend 
growth will also be a major 

Mr. McCullough repons ih;it the 
performance nf the Wade Group 
was vert- .sa i isf. 11 -! nr v in I hi- past 
vear. The bn<ic VVadc hu-iine-ss 
continues to be strong and tin- 
outlook short term and lonuer 
term is positive. A new ovpnrj 
division launched earlier m 
the year aiul ihe directors are 
confldeni that litis will prove to 
be a 1 cry yucccssful venture. 

Irish industrial Supptic* had a 
good year and both sales .uni 
profits were increased signifi¬ 
cantly. This company will benefit 
front the improving position of 
the Irish industrial economy and 
the future prospects are good, 
members are iuld. 

In .Savage Smyth profits shoved 
only a marginal improvement. 
There has been recovery of the 
bottled beer market Trom the <c-L- 
backs uf tit past few years bin ii 
has been slower liian expecied 
and whereas (here was real 
growth in the soft drinks market, 
profitability has been alTecied by 
a contraction of margins caused 
by a temporary 01 ercap.icily in 
the soft drink.-, industry. The 
long-term prospects for Savage 
Smyth arc good but both tin- beer 
and soft drinks markets arc lifci-lv 
to be very competitive in ihe 
short term, the chairman ndsfc. 

Meeting. Bali*brid’c, Dublin, 
February 23. at noon. 



The an nil'll meeting of Record 
Ridgway will be held in Sheffield, 
on March 7. at 12.30 ji.nt. 

board meetings 

Ttl'l tulS-.iv. 11 c. , ... 

gal."* k> i-'*ftr.l in. .•lin-.' tv i-otS 
Evt Ii 311 - 1 . Siuii uu.;iiiri.% jr.- uvulII'- 

ln-M Im I"■ ;.u.—.•••- 1,1 ■ <i:i.i.|. r*i': -ji -1 
dints "Hi- ill i.vii- .iii'iii., ..r • .1 .* a--ji[. 
jb)r -.ihclu r :l|-. lil.-nj. .ri.-. ii .If', 
irit.-nais ur hr./}. ., 11.1 ill,- -.nh-tli 
Slitiwn Mnv. .r- 'ijt. J nt.i:-i:> 01 IdS- 
yirjr'b : no. uiii.- 


IiMwIms— IL-rif;- jn* -V. .Pjrn^li.rv. 
Lnnwon Trjr.iivn sion-Jirc naMi-i^.., 
u'aishanis ini.i. 

Finals— Amiaur Ttu-.; r-nri-.n 
and Gi-tii-rji t-:m r..lor..jt Si**urii: s 
Trust. D.-lja. C...,.,o. SI ■-.thole, rs Tr,i=i ' 
Harris t-i-lmv j.i^n,.- Tns*.aud>. a'.i>:iiftii 

Uulr-.if Ii:ic«or;. 


Inicrims— ! 

Si-.uan Pl..sii.s . t,.tj 

Finals- ; 

.Vtrouioti E»! . _ ^-,. 1 ! „ I 

.4ibri^ln iw 0 biisw . . .' : e ii» i 

Punt ol Iri-I.u.d . ,,'i“ ^ I 

Tiliigilsli .in<t Trii.o K. t, i 

E r,,h . M-r. .*1 

ton-isn :ml *...’r • 1 7 .- p, 

Ku*irr I’-rm i.Vii.u Mj> ii 

lirn.-ril .\--i.knl ; 1 -. ji,^ |. 11 , 

.t>s«.-fln*. 'fa- , 

1.:«1u-« t-r:d. Hill .1- f r, | ; 

|j« D- ii i'Uir. ... r, t, 7 ; 

p.iinu'ii !r.. .. I't-h 1 ' 

“i.-vuri*•■- vi".. .. v’l. 

s-cunrnr liri.uif 1 ■ Ii ji 

I'iiu-^I jJiui-s U--, ur. . | 

■ .WiJ-r imJ ■>) 

Chieftain finds 
support to 
call EGM 

■ A large number of share¬ 
holders in Second CrtMtiiiioujil 
Tried h:i*. c- approved the plan* ol 
Chieftain fund Manaccrs. for 
requiring an exli-i»i»rdiil..ry 
general ntci.-lntg :o cun-ider 
Chieftiiin'f proposals fur umlUu- 
lion ij :■ li<!u:dai,<jii. 

Chief lain ;• Hvortiinzij c.iliinu 
on ihe directors i,f .Second Br»*ad- 
mottnt—why la -. 1 veek announced 
to sharehnKie.-, thai they wer*.- 
exploring uliernali". e pnipn^L- 
which •' be more benel'ivial ;<> 
shareholders ilsan iho-fe of 
Chieftain iy nr.Id s uch an 
extraordinary mcelmg 

Chiefiu.n " i.'.-liev.,- that u is 
highly imp rote-Me titat proposal- 
can be ih;m1o t.h.-eJ) improve ujmji 
their uffer.' ::n>.' say it is incum¬ 
bent on ihe directors of Second 
Broadmouni—who own fi.i; per 
cent, of tiie equity jnd control 
further 36.3 per cent, as t run res 
—to explain w hy they .ire nof sup¬ 
porting Chiefiinn's proposals 


Tiic unaudited consolidated tcsuil? nf ihe company fur the half-year ended 31 Decem¬ 
ber 1P77 arc as folious: . 


Inc'iuu* from . S .122 2.3*0 5.5^7 

Expenses less u’.hcr tnantic . 21 S4 

Act ir.'.-'jitic 'iciurcj (as and investment —T - T" --- - —- 

transactions . 3,061 2.309 5.4S3 

N'ci ineunus? a/ter la\. before tnvesimcnt 

transactions . 3|009 2,309 5.376 

Net surplus (deficit 1 on investment 

transactions less tax and provisions. 1J>92 (29) 318 

Total surplus . 4,811 2.280 5.694 

Dividends . 2.1G0 1.800 5.040 

Earnings after tax. before investment 

transactions — cps . 16-7 • 12.S 2P.8 

Dividends — cps . 12.(1 10.0 28.0 


1. Not income is noi earned proportionately over the year as income from invest¬ 
ments uficf cotta in expenses do not accrue evenly during the yeai. 

2 Income from invesinu-nL- include.- R176.000 nun-roeurrirg dividends and interest 
received from Provident Stcyn Gold Mine in respect of the farm Video. 

CON.SO LI DATED BALANCE SHEET as ai 31.12.77 »j.u*.T 6 30.6.77 

t^ipiiul I-Uiptuyed ROrtft Ryno ROOD 

Share i-auitaj 3ft.tt44 30.044 n0.f*44 

Uistnbulahk- rescr.-s . 14.619 11.794 11.068 

ShareiioMer^' inierfii .... .. 41.66:; 41.83S 42.012 

Long-term iijbilttius . 3 S *0 500 5(ifi 

Efiiplflj'menl cf capital 

Investmeiti.-—Ljaiod . 

1 Mari?Pi value) . 

—L'n!:.-l0fl . 

1 D.rectors' valuation» 
Land and building? and mineral nghis 

Net current iliabiliuos) . 

Net j«st‘t value i31 1.78 — 4uf< vpsi cps .. 
31a:k-i 0 : Listed shares at :ti.l7& 

1 U57.509.M0O i 

Du behalf c-f the p.nar/1 



3 J. 12.76 







: *0.f*44 




















6 .SS 8 





I 2 ifi 2 






(I 2 UU 1 







O "=0 



Secretaries: Transfer Secretaries.: 

Genera! Minins and Finance Corporation Ltd. Charter Cnn-.oiidaled Limited, 

I.'indim Office- PO. Bnx 102. 

Prince * Ho tire. Charter Hou?c. 

P5 ri:-, a s- -..f-t. EC2V TEN Park Street. Ashford. 

2 February 197S Kent TN24 SEQ 

»f >/• . - J. - *' • - •- V-v't 'ft. x ' ^ 

■ f, *• 

• v .;-v "• 

irr ri-: ; '■' a '; 
»v-" '■ 

ftG GRf^ 


U - v 

tQfT7b<?' ' 

Banque Grindlay Ottomane have opened a 
branch in Zurich at: 

Gartenstrasse 36, 
CH-8039 Zurich, 

Tel: 2021314 
Telex: 54471 Grin CH 

Tm Bank 

23 Fenchurch Street, London EC3P 3ED. 

Ihe Co 




Capper-NeilTs international facility to provide 
complete site construction, teams is boosting our 
Group’s overseas earnings. 

A typical Capper-Neill team consists of a site 
manager, a project engineer and whatever key skilled 
personnel, plant and materials are necessary. Facilities 
for training local labour also form part of each 

Through deals of this kind, Capper-Neill. while 
remaining securely based as major contractors to the 
oil, gas andpetro-chemical industries, is increasingly 

becoming involved in other fields, like irrigation, 
brewing and food processing. We see this as an 
important growth area in our Group’s future earnings. 

The world wants what Capper-Neill makes. 
Capper-Neill Limited, Warrington, Cheshire WA14ATJ. 
T elephone (0925) Si 2525 Telex 62S3S2. 


Storage, pipework, materials handling 
and process plant for world industry. 




44,000 Sq. Ft. on Five Floors. 

• Natural York Stone Exterior. 

* Marble Tiled Entrance Hall. 

• Three High Speed Lifts. 

* Resident Caretaker. 

• Acoustic Tiled Ceilings including Lighting. 

* Carpeted Office Floors. 

Available IUNE. 1978. 

60 Spring Gardens Manchester M2 2BR. 
Tel: 061-832 3103. 



TO BE LET 13,850 sq. ft. 

Or Units of not less than 4.000 so ft 
Fitted to highesr standards with Lift. C H. and 
all ocher amenities. 

Sole Agents 

at Leavers 

• i r ..M»:vn Ml' ;• _• 
W-i-J'i-l.ti 1 . 111-i‘J 


20,658 sq. ft. LONDON N.l. 


18,142sq. ft. CROYDON, SURREY 

WIELLERSH «»t.jami«-splace 


S. HARD8MG 01-493 S141 Telex: 24310 


RING ANYTIME (0424) 428306 

v£ ^r- ■sAsk for BILL CQBB (Hastings .Borough Council) 




I! 1 . ' 

j7T i l : '~ ^ qn Qnrig:2 

g'g jg DQQ_ 





Chartered Surveyors 

iuxui ijusir finished 



680 sq.ft, to 3,800 sq.ft. 

sa-Tj cunii street. ■ 
Edinburgh. 031-225 7*119 


To 1st ihe hi»lv or pen of new, 
Iitisli uualuy. office*. ar*^nj:«.d uii 
ilir>>: itoon. loiallmt; j j'ji, j«i. ft. 
Own part-ins: Cm icniiv and 
si<*lion. Ready in 1 - niuitUts. D^uih 
from Si. Albans *,71%. 

Clerkenwell Rd„ EC1 

From 2.300 sq ft. 
Stratford, E1S 
H.300 sq. fc. 
Thurrock, Essex 
From 13.000 sq. ft. 

From 8.500 sq. Ft. 
Potters Gar 
43.000 sq. ft. 


6.Cari6s Place Ur^ctorf^VtrBLL r 

: . Tet 01-4996066 • j A 

In convenient location 
approx. 1,360 sq. ft. 
Partitioned with c.h. & 
car parking 
Lease for Assignment 
01-998 2711 

Gross ^ 


Tbrcc Kll-conuinua sulm Gor 2.S00. 

5 000 so It., immirciicie occupation 1 
Full ran^e m lsclities available inciud- J 
mg ja.nour telephone t;lc< ani I 
imrUiui ierritw Fs,- lurtiiur deuih l 
(on:ac: Marketing Department 01-485 ■ 



SO.M 0 xq. ft- PLUS 
YARD 16,000 sq. It. 

Income £40,000 P.A.X. 
F.R.+ 1. 75% from (he LEB 

TEL. 01-493 3993 

.Financial Times Friday February 3.19Z3 



Big Australian uranium 
find by Peko-EZ 

Rediffusion buys 
of Fraser rentals 

BY KENNETH MARSTON, MINING EDITOR Redlffuskm Ltd. announced May 14, ™* ‘ ha , s 2 ^&40 prefeSJce^ST^uaXu» 

NEWS of a bis new discovery of muriate, of potuh in 1977. reports JJg Jew telcSsfon rental 1 business of the Ordinary shared wnt Pre?S 

uranium aside in Au.iralia's our Toronto correspondent. ‘SJSirf is Sri Bouse of Fraser, owner of ^ 1 S.W per cent, of 

Northern Territory by the Pcko- The Saskatchewan interests m Europe writes Bernard Simon Harrods. . H« & C. HAS OVER 87% in addition GRE now holds a i 

Wollsend-LZ Industries partner- tn€3r Esterhazy) consisted of ore L JdhanneSbur" The P rice for the sh °P san( * OP Af AYALAM of £120.500 3.5 per cent, (form 

ship fohpws more than five years reserves under ] 0 na-tenn contract FftliiSne ® re^n't discussions 19.000 contracts has been agreed Ur MALAIALA1 A <■ preference stoefc ' 

exploration in the Australian com- ith international Minerals and .. Inronean Comroraion al f2in - <n,e deaf covers rental As expected the Hamson* and P L tbat class, gfrifi ■ 
panics' lease area and «n «hc pro- Rented Corp. (Canada) to mine R* £^7^2 contracts sold through Hojaeof Crosfield offer. for f' Sfned vrttos rShtE? 

at am. Tne deal covers rental As expected we narrow*® ™ • of bat cIa _ 

contracts sold through House of Crosfietd offer _ for^ MaW***™ ^combined voting right la*. 

partners Ranger deposit ana me f0 r wnasn u>rp. to acquire un- -. itv restraints provision- Keatai and baviu oi tfrarasr. per cent.), ims Heywbod Williams Group; 

PanconUnenial-Cettj Jabiluka de- developed potash properties at ^ \greed with the EEC are The acquisition Is part of a shares retating to aMept- D ^ ^ phaIll has purch 

posit. No detmis ^ Lhrf Br *?f? bu ZZ Saskatchewan, from fa ^ ou ^ We i0 sorth African trend over the last few yeara for MCts of cash alternative. 500W) rr8m Hanson T 

Tutu * Th-f . Vn\. producers. the television rental business to Harrisons ana i» thus reducing Hansons not 

xrjx ssssE w? fiyKLWiis ss«Hf 

5 s: “ 01 ” — 31 SSKT £8?Vt»rL a .jfefi-JSS 1“ 3±£ SSfoSS^ 

ciSbern. thed"cov f rj- _ , SlS SmS S^E3f^ J! ,ICT»NIWB HOWn 

could” be one of the world’s StllfOIltein tO 
largest, some five to ten tiroes VM 

larger than Ranger which was « • ■ j 

last estimated to contain about DUilU D0W 
100.000 tonnes of uranium oxide. 

But estimates of size from only 

eight boreholes can be wildly mis- UrdlllUfll DlHIlt 
leading and the Minister for Trade 

and Resources. .Mr. Doug Anthony. i\ SOUTH AFRICA, the i«n 
has stressed that it will take some General itllning gold producers, 
time lo obsess the discovery. Stiffonteio and Buff els foil lein. 

However, it it believed that announced yesterday that they 
high uranium grades of up to are l0 spe nd R60rn. (£35.4m.i on 
lbs per tonne were obtained a new plant to extract uranium 
in the drilling work. oxide from accumulated mine 

Ironically the Lind comes at a tailings fwaste material), 
lime when Pcko and EZ. together s,;imoiein 

curvficdii 9UH|«n»9, KeOlUUStOD, tVttO -9UU OUUeiS IQ ' Jh- nlT<>r Slnt-4- then nr ' u r 

tentative choice of as the ^ U K . and abotrt Jm . contracts, ^ tb . e nd aff ?£ StfiS ^O- 000 Ordinary shares, 

base year for quota calculations j s rouahly tile same size 1 as H'lmSOUS __ n( y. s v iarcs 

C irica M b d ,e SkS S Granada I a ' nd DER - T i ese ,h i ree SEib/SSSSSln* thfholdfngTo ALEXANDER HOWD 
q^nritie^toE^ropeinthit ySr 5BC“S„S!u* thJ° ThSttg. W^ 3 ° XU JSUESi Zander Bowden Group,’ . 

Although Dr. Kearney is 2dia?v SiSlest of thebta fivS The aggregate of the acceptances insiMnce brokers, has comply' 

sss, as fisswa L’Sns-jL " "Ssusa “saj - 

near future, he does not expect -«- - - 

prices wm stan improving in the ^ as v ‘^Mper cem stake. • and 1* ^Zrclra oZ Aviation Underwriters tm 

E er T o E%y° r: r s *2sz u i£r .result las the s 

half of the year. from the pressure on servicing authorised capital of Harrisons sgAU acts as .managing ger 

at Robe River 

companies have also been able ---- . 4 was derived from miation l 

to drive down the cost of their Royco Gronp: Hr. R. ijtrudwick neS6 and 833 ,^. f ro ma non-rai 
sets through bulk purchasing. has purchased 180.000 shares at A so bstantial amoS 

The larger companies are also 29fcp. _ this is handled by Alexa!- 

^ cn™.^ %»£ 

i Australian uranium, arc still and fn Australia has been cut_back_and of relension sets whose capitaj vestments has disposed of_2io.000 L^on or Mother internati 

Tlnto-Zinc group’s small and long- Ti ie greater part of both finance 
established Maty Kathleen pro- 3n( j potential sales have been 
perty in Queensland. secured. A loan of R50ro. at an 

A qualified go-ahead fnr Austra- annual interest rate of to ner 

showed very 

The greater part of both finance shareholders are Cleveland Cliffs timie selling television se.ts in Drayton Commercial Investment gr<wt h 
h 3nd potential sales have been pf the y Japanese steel its department stores. . Tr=jt: Royex Investment Company Ana 1 ": 

secured. A loan of R5flm at an interests. ■ has acquired £35,000 2.8 per cent. sEAVct 

busily filing their applications term conrT art.s for SO per cent. the,n h^ extending major mam- 
which have to meet strict emiron- of 1he output. tenance shutdowns o\er 

mental and political safeguards. - lim „ Christmas and the New Year into 

Meanw hile, some or the Australian Stilfontein s surface bumps January. The shutdowns are 
trade unions remain strongly contain over -pm. tons or tailings normally scheduled for later in 
opposed to the mining aud export and -he decision tn extract the t j,e year. 

,.f .inniiim uranium—mode after detailed . .. _ . .. , 

of uranium. in.-octitratinne «ivAc a hnnet in Iti the December quarter of 

The Australian Government re- im estimation*—»j\es a boos* to crude ore output was 3J5m 
cently decided to stop uranium the mine. The comnanv has been ^^ u c d n c m p™ cd | J8 m Tr 
shipments until the middle of this rwh’ine Stole avsisiance since compared wun m 

month in order .0 allow a ballot 19.o and__a though it hos had 2* l S."2 n pe "S Lo.U tnnn ^ s 

Us departroeat stores. . Truat: Royex Investment Company AjiB , "sts are estimating ! 

■ has acquired £35,000 2.8 per cent- sEAlJ could contribute S2.5m. 

MIN FT PAYMFNT (formerly 4 Per cent) Preference ^ pro fits in the current yet 

Miron 1 rAiracm stock Guardian Royal Exchange 

A further consideration of Assurance now holds a total ofp " 1 - . 

£41.024 has been paid by Mmet £04.250 2.8 per cent, (formerly ... r _ 

Holdings to Mr C. G. Motley, Mr. 4 per cent.) Preference slock 6.51 D 41 \|/ RFT1IRN ’ 
A. C. Cadman and Mr. B. W. R. per cent, of that class. 11 W L * vwn 

Peters representing the balance of Drayton Consolidated Trust: ( tv«in*a«iay j Inc. p. 

the purchase price of £111,024 Guardex Investment has purchased — i ‘^‘■ 1 j **» 

agreed for the acquisition of a further £15 .000 3.5 pec cent. -;-- 

Geoffrey Moriey and Partners on Preference stock and £20.000 3.5 BANKING I 1 KPAKTMKN* 

, WednesrUv j lac. f- 
F**h.l Uwl 

1 197B taw 

montn rn oraer 10 aunw a oanoi nrn Hnrrinn vw 033 000 tonnes 

of trade union members on their '^e success m overcom 0-4 nrn- 1 l*m“ t oSsbut SnS 

attitudes towards the development ductivitv problems. *Mli r?<-vs »*■'"* 252m tonnS 

of lhe country's vast nuclear re- the problems nf a rclaUvely low ««»•« J£± rnnneT 

Provl. Laundries offers 
terms for Lancaster 


UAbICJTIECi | £ . S' 

.'.plh..H.W5.WW - 

ViiMIr UvpinUt-. 1 25.266.851;-f V 
4pecicl Deun*<U. v 'I. SHM/jM 

.... _ r I ion 7Oft (1A1 _ 7 

[ Janteiv-.; 428.706,401.— 7 

tteeerre* A UlM I 

I /vwfc....:_— 74e.Bul.S8J + 83,11 

^.421.472.535 r 10.U 

Provincial Laundries is-hoi ding profits by the end of 1978. aridj 

AijSFTS | 

hm. ScL-uriries.. 1.971.706,088 50027 

serves. However some unions, ^de gold nre! - against 2.04m. tonnes. XVI JUailtflJlU J- 

ihose of the transport, iron and BuffeNfontein. on the other The latest quarterly figures nrn 4 i,~ h„ f v,„ on j nF -iq-o aru * AijSFTa I 

railway workers, have rejected the hand, is already a significant- contrast with the position a year Jjj'jjflf 1 ^ M s SaM In^nterTin dfvldLd of 0 l6 

ballot plan vihl-h-■« n..t forward uranhim producer. It produced ago when produc.ion was !Sg_ M gL£* nkiahta?MnJ Se I Tfo Sfcorevious ' rtra, ‘ 40,hw . 2 7 s r«lW- 489 « 
Unions'* UStra, * an Count ^ of Trai,e the six- months to ^oandfn^ Alt hat time Kobe gjj» v f f™£ b fi°gt Srlod^Under the pre^ah Lan- *1’* 

Thus' the new discovery made Thp‘plan-= for the new plant fir touches to plans to boost output La ^* sl ^’ already tentatively Sgmie S forprolKflar? U d?v!dends - BJgg- W 

by Pcko and EZ remains of into the wider South African plan f™m 15 Rm. tonnes a year to I* !L ms * s L Ma .--i 163.229- 1 

academic interest for tire moment. a r building up national uranium 19 Rm. tonnes, in order to me**r ^ he J ea J^ 1° P ec ®” 1 J , * r ~ ~ 

especially in view of the Fact that production. Thev follow th<» Japanese contract* S*."? fo Jl B »!lSSL c ' 

especially in view of the fact tnat production. Thev follow th<* a^lition-i Japanese contract*—- ‘“V veste May’s ciSe hV Fn.^dvidendsto bedLslrT 

pos 5 sr^ark^uh .heT si'"' : r ,9 ; . . <* nr»? s»v sss bS.isss pSr° S r„“h b th™ 4 i. 

^■ssaj" ^ k S nd. lh e ^ V22SS. ?s: »hf h 2 

.2,421,472.656 + W.0! - 


mental co^npliMtlons tha^can be " exi^ct nn° f ' 74 ’ 000 r w,tb * aarket WiaHjr with Lancaster’s' cash 

fc J5SP! u“ snd Told fremiti ^2^" £ 5S5& has vet been “ S 3 SUPP ° rl ’ 

leases for the area is far from a anQ E ° ,a e onorarion of the Rio T1n*«-7inr lNo official bid has yet 

certatntv l ln fhe London share- "voLr^v ciiifnniPin cWpc (r "° un • nnrJ r,,e ^ 0I ^‘ ven I ! U j Prs made as Lancaster's directors are 

mlrlet ves'erde* Ao rose Sp , -£!^l*££2? ” nm * XewTn,,n - ? ut a ” ^ktng independent financial 

p were 2fLn. ^ose of Bunelsfon- nn <Hp riirreotlv denrpc«:Pd hofnro cnmmiMinc rhfl 4n 

market ves'erd^v Pcko rose 35p WPn ofi 7 n Tp 
o 430p while EZ seined 5p to te j n ^“ ere S72p'. 


■The proposed merger between 

. LIAalLiTlEa i *•’ I * ~ 

v\*» UihM.7.«6.CW.O» + - 

la CtawnaW*. WL8S8.«S-r-SI.S~* 
tn ttaah’ii Dbji 255^1^06— LQ 

amax wron+m once 

Canada’s Amas Potash, owned * i n _ __ 

by the U.S. Amax. has completed lielOS oSIOBIlCOr 
(lie sale of it* potash interests in “ 

tff BUffe,Sf0n * w ,hp rnrrentw donr^ed a dv^before «mmittingfte 4d -sHteh - ,|r« 6 W 

m S P - *«- ° f . 016 ^WbH Graham WoS St?c. Group is not V: 

Jt ,' n ^ ,^n™iK h tn ,h e>" and .tiieir associates control t0 be referred to the Monopolies Hb«se. m-itic 
-»-t • ^ In bo «i«i,»**N»H »c»*ir%rraril.v to and Provincial will nof proceed mmml«ior ——— 1 —• . - ; 

once co ' , ‘ > ,,8 ' h iha until and unless It does get _;_ ; ?.S£’Xtt).(W 0 +_ 60 , a 

Robe River Limited shares were acceplance from them. . - ~ — ■ t ■ ”, 

55p yesterday. 

Hie sale oT its potash interests in ” 

Saskatchewan lo ihe Crov.n-owned SOUTH AFRICAN Ferro-man 
Potash Corporation of Sa skate he- ganese producers are satisfied that 


SCan.85m. (£39.4m.|. ihe minimum import prices intro- ^*!r c 2, M -J ,, ,!!, Es r 

The price is claimed to be re¬ 
lated to the asset values of the 
two companies. At the end nf 
June. Lancaster’s net tangible 
assets were £213.000, including 

imav ^unAmui rf.u*«i in- ihp ppr at the hopin- 3P.390 tonne* wuncr £96.000 in cash. Provincial had! 

Amax reuin.i Us potash mine-mill duceu by the tw. at I tie begin W nnih . t , w orvmn ornfi; 0 r £277 000 af the end of 

facility at Carfsbad. New Mexico, ntng of January will not disrupt .jrgs.«ni. Capital cxpendiure -90.^4 r nh/.tifc t h? „ 

which produced 750.000 tons their market. Somh African _ tb .®..51' 


Company finances benefit from 
rally in internal funds 

peeled surpluses from the recent 
property revaluation. 

Behind the takeover proposals 
lie Lancaster’s cash position 
coupled with the fact that it made 
pre-tax profits of only £831 last 
year and operates in a declinin’ 
market, ft has not paid a dividend 
since 1875. 

Provincial turned in losses of 
E3S.0Q0 in the six months to last 
June but at the time tbe directors 
Department of Trade figure- were forecasting a return to 


The Directors announce the unaudited results for the half-yet 
ended 30th September, 1977 as follows- 

Half year HcdfJK 


to 30.9.77 


to 30.9.7 
£ :. 


Group Profit, before taxation 
Taxation .-.. 



The real contribution of internal External funding also increased. Department of Trade figure; 
funds to company finances rallied The growth in bank borrowings show that seasonally^ adjusted 

in 1976 after continuously declin- accelerated from £4lStn. in 1975 liquidations fell lo 1.370 in the 

inq since 1971. TM* emerges from w £2,4Mm. in 197G. Jn aJL lhe Tourth quarter compared with 

Department of Trade statistics on total or all sources of funds J.439 in ihe third and 1.510 in Annual statement 
sources and uses of funds of all increased froot £9.S32m. lo the second. RORFRT H T OWF Hr 

industrial and commercial com- £15.00Sni. This "radiial reduction in a*- ** 

apprecia- SSL?Vi !S±5S.‘5!5 , .tf^A OOMPANY UMITED 

0 ".‘£5 m rtrinp. !hi.-d quarter 3 " ^ ^ l " ln ° KmUUd Mnn ^ acLuten 

wS?i£ d Jf l fSnd? nl in r j973 ‘Snd HaUoiT vJa.s such"''rtaTT^thte Tlw fourth quarter figure on an Tbp Annual General Meeting 

H174. internal sources on this basis extra ex pend i lure only kepi stocks ^dS lb 'iZb' tn ^lie" third ° f Robert H Lowe & Com P an V 

were so poor as lo be actually ^ about (he same level. In 19.a Limited, will be held on the 24th 

negative-minus 31 per cent, in they had severely deebned. lent period a year before .^bruary, 1978. at Uongleion. 

Profit, after taxation 

negative—minus 31 per cent, in they had severely declined. 
1975 and minus tl j?er cent, in 
ffl76. (n 1971. by way of con- 

Irast. internal funds constituted Tnc/llVPVIpilhC 
57 ner cent, of the total sources XIl3v/I T CllUtj 
of r unds. 

The basis for the recovery in crill TiJIIIflO - 

internal funding in 1976 was a »MIU 1(111111^ 

E4.3G7m. rise in cross income to Th . ,. r rrt . 

{22.672m. helped by moderate , Tn ^ . nu,n * )ci or c0 

increases in tax and interest pay- nquidaUOi’H continued to I 
nients. the last three months of I9i 

Meanwhile the number of re- 

February, 1978, at Uongleion. 

In his circulated statement for 

fc .hfrrf „ 1 f the 52 weeks ended 2Sth October, 
nov n on tnt? inlrct Qiisripr on 3 iq~«? «■ _ r DrtKnKtcu .-/il • 

seasonally adjusted basis. But l9 *‘; Mr 

compared to a year before, the reported that lhe_ resuJfs 

siiii inning fall is much more’ marked b.-wause J rertocted a most satisfactory 

. . of the imroduotion In December, years trading. 

The nuinoci or company llJTR of liroiU in bank- Group turnover increased by 

liquidations continued to fall In r uplcy proceetlinss and higher £1.330,381 to £4.927.207 (1976— 
the last three months of 1977. deposits on petitions. »-> rm o-»e. ~_..e. 

MAYFAIR, ooao'.iie Ci^'>na.!s Sd'-con- j 
I'tm-d oRicv bmlfino <or on lane, | 

'CHSO Pr n .iDrflS O"! , OppT, W<-iV.- 1 

Bo. T ;f 16 Fin; Times. ’10 

cannon Slr«[. EC^P JBY ; 




artd rw.c a wrae se'cri'Qi in the 
o-'f! rjnoc L5 001 :a £25 005 DOMUs 
'•Om m3 Co.. £ 3M Kinq 
ST«i. 0.11 h. 0225 269J7 2SI77. 

TtICi 440728 

iKflmt 1.4^50 D.i. Vaiuallc fccrsion;. 
1970-80 £42 000 lor !■*«%? t-tif ilg 

•vfjr 2000 _Col" 410 j; Tn 0 

Broadnar W5. 0I-SS7 40(4. 

North London 

15,000 SQ. FT. 


Lono lease—modest rental 
Exedlenc access and car parking 

Telephone 01-377 0864. 

£3.596,526 1 whilst Group prufil 
was £440.333 (1976—£354.273) a 
record for tbe company. After 
providing for taxation of 
£230,992, which included tran* 
fers to deferred taxation, th* 
resultant net profit was £209,341 
against £168,223 in 1976. 

The Chairman continued:— 

Your directors are recommend¬ 
ing -a final ordinary dividend of 
3 025p per share, which with the 
interim dividend already paid of 

Earnings, per share . L27p 055 

"The Directors’ have declared an Interim Dividend i 
respect of the year ending 31st March 1978 of 0.175p a shax 
(same) absorbing £11,53? payable on 15th March 1 =j 78 t 
shareholders registered at close of business on 24th Februar 

Whilst the above figures show encouraging progress, ib 
Directors feel- it only prudent lo say that trading condition 
are proving more difficult in tbe second half, and therefat 
the.full year's results are not expected to show an increas 
proportionate to the interim figures. - : 

• All tbe Group's divisions are active, but profit margin 
are constantly under pressure, and. whilst the iong term prt» 
pacts in Engineering are brightening somewhat, the curre* 
demand for new lines is progressing only very slowly. Th 
Woodworking division is holding its ov/n. but is not expert's 
to contribute much to Group profit* in the current year. Aoey 
activity, under the aegis of the Engineering division, to prx 
vide export transport services, which was started some year 
ago on a very small scale, has now developed Into a modes, 
but worthwhile enterprise on its own- account and -is expect© 
to start-contributing to Group profit* in the current year.-1 

Adequate credit supply 

Hank of England Minimum tainly about ihe fimire trend in tain mcniizM rales ai ihe lower 

Lending Hale 6! per cent. short-term imeiesi rates, encour- h-vcU which hate prevailed for , f , P Q „ P L* “ h , “ Th » 

(vinre Juouarv 6, 197S) a “ ed discounl houses in increase the last day nr so. '■ .^- sp . " er s , ine ° na 

. ‘ . J. buying rates for bills. Three- Banks carried forward lar?e sur- dividend is again the maximum 

Lond'lions j-eromned generally Treasury' bills are now plus balances yesterday, and the ?>t*rmtired under the current divi- 

| conifnrtiiblc m the London money quoted ai 5'.:-3; per coni., com- market was also helped by a slight (lend legislation, 
j markei yesterday bui were paicliy parf .(i X \ith 3J-5:.' per cent, after fall m ilio nnip rirculaiiun. On Capital expenditure incurred on 

WATFORD. HERTS. Minn Street Finni, 0 l<i 
Snap wish »-J'-«0nt)lnTO »#l. Loc.ilcd In 
nrsimncnt D<»i:-«n CiMc to Dtniiuni 

C«rr»s. La-cili. Brrnilerd ri>ivni. 

Let Priv410 COmOrfiiy on F.R I. icisc :or 
20 wears at C4.2S0 D.a S-«jar reviews, 
nrice £45.000. Lawrence Bird and Co.. 
636 7555. 


JACK MEND02A, FAVA seeks lor 
icnurne investor* shoos Oftvicrr. Indus- 

trial propersies LondomSE Ennlaitd. 

from riflnnn tn r?m Crii.k in 1(ln 

Irom £20.000 to £2m Details to TOO 
Flalchington Road. Horc. 5us»i iD273f 

PARTI INCOON ROAO. E.C.l. New V*:, i». 
houiciL ji'i industrial 3 Ni:t Fias'. unit, 
ham j bSD to 11 675 vo II xaorf... 
is r>r Let. For lull daijils apply □. e. 
, A J. Le.r 01-930 1070 
, 12.500-13 000 SQ. FT. ' will divider 
Industrial l/n.i or Warcnouse with 
OfHees. Prestige location on A-road aw 
I ... mile from M20 interchange indent- 
i To be built m 1978. Tenants require, 
i mens, can be incoroorelc-o a: this stage. 

Burrows and Otv. 39-41 Bank Street. 

■ ASh’Cira. Kent. AShlord 24321. 

ST. ALSAN5 '4 nuled. Mod. smgie-slore, 
lactorv. 11 250 sq- «• Ground lease lor 
sale.might let. Perks and Co.. St. Albans 

HICHAMS PARK. t.d. 11.580 Jq. ft. 
single etorev lartorv lo let modernised, 
heating/ lighting. Immediate oovvess'on. 
Jen« Lang WOO [ion. 01-606 4060 ry>! 

1 271. 

j '• -J - ". ' ■ Thnro a ♦ Ja, * :u « , “ l per CCIII. AiiL'i '*n ii‘ ure null. - m LiiUHPHi. L»n Captral expenditure incurred on 

towards ine wu*■ ' ,. a last week's hill lender. Lunger ihe other hand there was & siiglu buildings, plant and. equipment 

1 l.'v. 1 hir» Ur .ho a.Hhnriiirc riili ini icrm ra,cs " crc a, w fimi- w 'lb n vi lake-up of Treasury billi lu amounted to £131,380 during fhe 

u ‘r'J ,n 5^ a nil. ..Jif-.uwtL L™ !htf Ulie '- vear sicrlui-j certificates finance, an excess of revenue pay- rear under review, and as men 

unH -.lllu.m-l, iivnkv krn .....i.wv. v™.v.n vi ivvkiiv ICiir UOUCf review, ;«HU ««S IUCU' 

eiSiJd io Mrry fomaiS wiJIS v ,cld 10 T ’ ; ' 7i ''* r « BI ■ in Hie Exchequer ..vcr Gnv- tioned in my statement last year. 

c.\periru i° tarrj lunvaru surplus r ron , , j., * por t-t-n;. ernmeni dLsbursemenis. and mF-liiripd rhn nurehasM of a f-,e 

I'laiaiii'Cs. mullev «as nut as freel> Dlscnuni hmisov m> tn fi ri’navmbnt of n small uninunt nf _ 

Iiamnvcs, munev 1 as u . ns ireci fiiscnuni bouses paid up to fi repayment of a small amount of , f rr . vYhv»allev Hill in Co 
ji jildh.e at the dose .l. may hate per wn ._ f yr secured call loans, money lent by the authorities for [,,' h r,-.. fa il npv ic in 

been expeeted. . ni] ! .i 1 «i n .v h a i aftr( ,c , v ,. w la L.„„ sevun da vs Durham. Tbe factory is now in 

been expected. and dosing balanresViTre taken seven days. ' S "°* i” 

Lack of demand for Treasury at 5-51 per cem. The die hi surplus ' Raics. in the table below are fu Proauction ana it nas uiaat 
bills tin's week, and some unccr- carried over .should help lo main- nominal In some cases. a valuable conL-iouuon to both 


Feb. 2 

1 airrlmt; 1 
; L'cn itiLnle 1 
>■!' ,le|*rsklB 


ImerTMk ( 


Aid borttx 

( ]*vn A,uii Kliiaiiv 

. iwx*'4iali e 1 Hmiie* L iK|«~it. 

Cumptin I 

1 Uepuils * 




I i 

PrcMiin ! 
Bills* • 

Kli$i'4t- ' 

brWk .'I 

Bills « : 

fine Tff-Ji 
Bill* $ 

Ovpriiljln . 

■ _ 



6 1 


- 1 




bif 6'* 



, ilitvr >-r 

■ >IbV* Ih'll-'l- 

6 1 ; 6h 



5!. 6 


... . 

c/ b,« 

tjlj 6 k 

614 65H 

e-3? € •* 



SI, 5-/ 



I '-- ..ill- 

b ij b.. 

6,:. bit 

Cm G'; 

6ia bJi 


5 > 


bs* b:, 

■Ircv it.Hi- 

. bHt'i 

6 J* 61-. 

bU b* 

b-.i rii 

b *1-6^1 


S i $-■* 

6 ;• r i a 

bi; 6'-* 

“1*. llWHllIl*. 


6-4 7 

b>; b-i 

6. 0 6'. 

6--, 71 j 



eir 6--! 

\ in*' 11iiml i,. 


7i s 7-, 

~i .. 





i ine \ 


7 ■* 1 >h 

71* 1<; 

7-i Tt a 






1 n.i ■ nr, . 








Lotal omhunliL-s ana Anauce nou-irs *rrvn day"' nnsur. other* st-ien 

djiV fixed. 

* LdiuMri'-rm local 



the turnover and the profits of 
the company. This expansion in 

city, the Investment to new plant 
and equipment and fhe increased 
requirement for working capital 
particularly In relation to stock 
and work in progress, has had 
the effect of absorbing within the 
business, the liquid cash re¬ 
sources which were available ai 
»hr end of ihe Iasi financial year 
Your board are eontimrinj 
their efforts to expand the com 





iBotb compe/ifa arc inierporatcd in the Republic of SootA AfncsJ 

PAGES 24, 25 & 26 

"V rjK- lvr H nn, « pap?r. nn>i’« > <«■ iwiwwi OdnK Dills 64 per ClilM.. ioot-inuuhi ihut I? n, TOW. ...cj... ...1 . 

Arv^.-oTirnar.' rai-- lor inx>-iiuuilb TrNsirr OfiL JJ-IJ per i.var : [v-o-rniwlfi JHii-AJSs* p-?* cent.; Htj .1 ifiroo-manifi dre enanaenf mar we $n8ll have 

'■1 it ..-m AnDru'jiiu:>’ w'Uina «4ic mr onr-mnnih hank bilh W|, ;j- r irui.; wo monih «ii?-6iit, wr i.mi:.: smd ihr«* another successful year provided 
rums'll t':.’ f-r ■..-m *neqn«i:h irjdr bills cl per lWI : mo iiwrUi per cent., and aLw tbrnawnih SM! per cent. ihe anticinarpd uohirn in mn 

Finance H DUM Base naiw . piiUiStKd br ih.» Finan. - li.-.^s *«*„,*,: 7 P-r erm from Febriwrl 1 . t 9 ^. Cleari- B I ,!■ 

Bank Qcpesli Rates ifnr smqll s>iins Jl seven liars’ noucei 3 per «bl Qaarina link Rate* tor laodiu U 9** Mat. Treasury j ura " .mV** 010 * maieriallSCsi 

mib; AFerase lender r4Iff of AucatUD SlTSW Mr eenL during 1975. 

Shareholders of Stilfontein Gold Mining. Company Limusd’ 
(Stilfontein) were notified hi. the last annual report and m tl»*i 
quarterly report published on 21 April 1977. that an investigations 

Was being conducted into the feasibility of establishing'xj - 
uranium plant at Stilfontein to. treat accumulated tailings',: :•}•>. 
Shareholders of the. Stilfontein and the Buffelsfontein ; Go!*', 
Mining Companies are now advised that if ha* been decide^ 
to build a new plant at Stilfontein. with a planned chroughpw?-; 
capacity of 3.240.000 sons of tailings per year. The capital; 
cost of the plant is estimated at R*0 million in mid 1977 termi-l 
Fjnandng of R50 million has been -arranged at an interest rat®-, 
of 10% per .ytar. The funding of. the balance will be considered--. 
in due course. ' r r. 

Ttirbugh the agency' of Nuclear Fuels Corporation of Souths 
Africa Proprietary) Limited (Nufcor) Stilfontein has. enier*^ 
into a long-term contract for the sale, at a satisfactory priClf. 
for 80% of the output of the plant from 1980., £’ 
expected that the plant will be commissioned. ’ ;. :v - 

Urinium bearing railings for the plant will be obtained from- 
both Stjlfqnterp, and Buffelsfontein accumulations. Of . theJ 
annual production of‘uranlpm oxide. 85% is expected to 
attributable, to Stilfontein and 15% to Buffelsfontein. - 

By-Order of the 

general mining and finance corporation limiter:.* 

SecreoMS^; v . -• - per: D,L. DUS5lWfj 

London Qffice. Companies Secretajt.^ 

Princes House « : Hcllard Street-^’ 

95 Gresham. Street lohannesblHt^j 

London EC2WBS — 

ituaty .- J? -. . , - .. ; 



F-efcraaiy 3 19.78 





supply fears pare early rise 


J EAKLY : fresh tally on 'Wali’-'i AtiaJysts tended to attribute the in™ Hs heaviest business of 4,1'jm. 
-eef to-day was partially erased eariy improvement - largely to shares 13.27m. on Wednesday) 
asinvestors worry internal forces after a long since January G. The Toronto 
the possibility of .--a. -new. decline- •- 

»r. fr r ,-^ ' * 

? nc« \^r!y.»e 

ins** _ _ 

ilE-S* eS ~- ! ..T&is'pBrtit^a-jines‘ attracted 

NEW YORK, Feb. 2. 

Engineerings were prominently SliK6.6ft ancf Hutch twin Whampoa 

tig her, with K11U up DM.4. ^"V SitI 'iP 2S - 

SPA LN—Investor interest re- Elsewhere, however. Eastern 

Composite Index ended just 0.6 nuined negligible with storks Asl *f •receded i s cents 
Papers put on 1.21 mostly i-ontinuing to show little 10 , 

Banks 0.37 to 230.17. i-hance ‘ cither way. However. TOMO—A.icr a linn start. 

shares reacted on increased profit- 
with majority 
The Nikkei-Dow 
shed 3.13 to 
'oiume 330m. abates 

«»» Mawins sn Jiutol v thnetf.ioTPne ^ ” “ on higher' earnings, but Bnnisler GommunVJaS were hi- her. 

S it' '^ advantage. BQsineWiyphWte.-. .Sch^rin^iengfc -feD 2f to 528^ Contfnental slipped i to SllJ on 0 sLt>_Siightli easier Tn quiet 

shn^ kP " - mna a “S??®, 0 *fourth-dtifflter oarnlnfiS. PARIS —Stock prices moved MILAN—Market revem-d 

red vie 

Xs fi£*» V[1 , ut _ _ __ 

Esitip „ 51 to S6SL draw closer. ; ’ SWITZERLAND—There was a 

. a a me- ... kit, cremt^pohiy *J gntem pg^Dy standard oil of CdHlbrnJa 1} to AH sectors fell, although trading widespread improvement in an 
vrdr::.,-. „ J - s.*; jeflera: .Jteseiye..Taaa -jjt3S3-,' and PhOHos Petroleum J to was fairly calm. Losses were par- active turnover, supported 

iu a 
more active 
out the 

mated issues mainly 
on the day after 
initially rising afresh on the over¬ 
night Wall Street recovery. Sony 
were fmulJ; Y2o down at VJ.SJO, 

Mnlsitohilu Electric YC» cheaper 
at Y387. and Cmiuu Yll off at 

Large-a.-sets share*: and specu. 
latlves. however were inclined 

X\ND tR 

tuRcf^r ![ 

„ TTC VaJa^cI aumoMU w Vi uwuyuMo *•« tw an ii/ia icu, niuiMugu unu*n n vnuespirflii iiiifi utciiiuiu in u;„Unr n-irK VUu.« R t i!l Uniu -. 

*' J rf.' J Sil'i ■ jSf*f S in5? ^ 38 ^ and MBB* Petroleum J to was fairly cairn. Losses were par- active turnover, supported by {“fl 1 ^kutc^nd^tuSe/vvImi af! 

/ ticuiarly evident among Banks, heavy foreign and instil utional S S 

;-economic expwatob-i ■ ;; ■ . sknadi and Lamb soared 3» to Electricals- Metals and Oils. ' «,n.n= couml 

HlltollSS™ iS&tettet S 853 ^ bUl ^ BRUSSELS Firmer for choice 

contrast droppeff'2? to SI4J. 

torn' i!.r-,^nMSDA¥S ACTIVE STOCKS 

- smdu cw^^ OTHER "MARKETS 

hv.lvr ■*, •■• -traded price - day 

i, 7 - .7'. ' ‘-layMta Brewing ... m» IR +u -- . - 

te •-.( '/••.■-Tican M«ws ... wfwfl - Canada Tielow best 

derived i r ;J- st** ..s» 

and <■'; ■»,' ; ,rn 5t.s>rtofc-Plwwh 

mt V ?. rr> ,JS - T — Dlck,UBon 

an nr i 

341.7W - -.SS4 
2W.304 49» 

’Eer .. 2M.BW . 3«t 

wr. Tel. i. TcL UH.8». - SBi 

% «»n .. ....•: 1RJLSM . 4K? 

. ''Iff,-'HrJ . WIWM.. 34i 

nii \ 4 ' 

_jj.. initial farther improvements on 
+u Canadian BtpdpJUarkPts yesterday 
T5 -were also- partially lost 
+1 dose. Trading was aefive, 

—j the! Toronto exchange experienc 

demanU. gaining ground. 

Clba Cvigy rose 43 Lo Sw.Fr*. JOI1ANXESBL RG — Golds 
1 , 22.1 an u Sunduz -pi to generally reacted in lizhl trading 
Sw.Frs.4Jl30 in (lie LiheniicaJ foliowing lower Bullion mdica- 
seclor. Electricals had BIJC “ A “ ttons. huj L'nlun Corporation 
."!3 higher at Sw.Frs.1.730. The gained 13 cents at R5.13. 
company is due to publish its ’ Financial Minings wore quietly 
1H77 figures early in March and steady, but other Metals and 

dosed lower on balance 

moved irregularly. 

,r. . .. iUnuin Bank put on -TP to Rand Mines Properties added 10 

1,L»„^ h ", D bw.FrsJ.433. cents at FJ.43. 

HONG KONG—A firmer inne a.l:STR.VLL\-S tocks put on a 

nrevailod in slow trading, with 


iucrrimtu »ii naures cariy in .uaren ana sikmuj. uui 

moil'T2SU?h, w n expecls similar results to lUTfi. Minerals do* 

Nesrte improved 2H to Sh-.Fml after slack- co 
„ 3.K00 iu Foods while, elsewhere, IndU 1 -trial-. 

Hougtfvens lost FI.0.4U in other- 

Unllever and Royal Hatch being 
FI.0.60 ami FI.0.SU up respectively. 

r.lhi-i' rrnvnr! 


showing, after the 


Mh-nac! < jVr ... 

man ,.f - •■ . .. 


cd »cry 



Rum and Fan* 


. I 


J«ri. | 



Hi|*l> 1 Low 

:*-«*■.. craw 
•y cr.uio wi/air'i.y-i- 
Mis m the c^-: 


3 ' 1 



Jan.- Jbii. 

27 * 26 

-• 1977-78 MocMow^Iiu-K.n 

. • _. ' | - ■ * 

IliKU i Lu» !_H[^» w l«#‘ 

43.82 <9.79 49.41 

49.461 61MT 1 49.06 

! i4fir?7i ll'Jrl.Tti 

| I'el*. i K*)'. 1 • Jan. 11 

1-. II'-' liniti-il .. . 

1.826 1.B52 ' 1.B4Q 


872 933 675 

Fall* . 

I'lftTlll^nl. . . 

522 427 , 679 
432 472 4B6 

Ni-i*. Hi-i.s. 


Ne» !.■ «!.. 

- • 46 

l«t:i0l ...l775!Mn4.34rW8J^ 2T8.44: 764.12.'7G3.Mj:BW.ra ] 7B.M 1 MBT jtf 41.22 
1 •• •'!■- . l(Sil,T7j (38ll?WHlhL7ij; l2i7»<i* 


B 8 . 72 ) M.DT 89.B2, B3^W,.BtS7l B9.58- 93.4T' 88.SS-I - 7 -. ! — 

' 1 iiasiiiTay: ■ 

4 N k R |-Tl l IH»»l'Ort— i*1848i^D.Jt 208.58 208.71 808JV. 208.88 246.84 l 196.60 ; 2».B8 i lS.2o 

fitlir 1 l -\ *! t 1 ? I tUMM , CblMi <7l£feh (0/7i3a 

w’ IU|»...1 10*148' tOB. 24 :104J7 104.911104.84- T0b.14i 119.87 | 1B4J7 i ■ 10.58 

r ;'~ :..•(••-• I ... ]i2Zl2, j<aily78).!l2lW*|69)iai. ! 4/42. 

• • iUiui col ! I . • I ; I i -'-I • ‘ i 



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,r<e- - 

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' •-_.0JJ , ii t 1 23.DGB; 22,240' 13,870.17,400* 17,800 19.HBJOO- — 
lihl-w _ : _ I 

ww<i> 'ii iwifi .himiw irrttt' *im«si 94 

‘ln.1. div. yeiUt' 

Jnu. A Jau.30 | Jan. U sjju Wprpx.j 



■ *27t y 


. Fel*. F«-l«. ’ 

1 2 1 ) 1 

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In iu«u*iol 

• 166.86. 165.3/ 

' 17!.6r 172.10 

163.66. 163.?9i I6ta.</ ' 1 17:3. 

171.021 lt0.62. 107.-5 iH l<7i. 

156.112 10, 

153.60 iSsflOi 1 

TORONTO L'uiiiiiy'icel 1006 . 8 . 1006.0 

998.4 S9B.2 

IlKi.* .1- j- 

96 1 Jl .it-lMl 



in niftirlel- 

! 31/.1 J 218.7' 
212.1 1 212. V> 

2 IS.7 
211.6 211.8 , 

218.7 ihS-itt 
314.4 ,v. 

litt.4 ,1'J •;•> 
IbS.I *a.*U' 

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Prev- U3V7-7M IVJI- 

18 - 

frfi. l‘t-~ 

2 , iiiiw 

tutt-ie ,l-ut f 
|.Ui(jli 1 Lra 

< 2 : 

tciau [ Ui*ib 1 Ia»w Spain 

U '11 36.71 Ba.e* 

; |UUA«3, +I.M3 
•iJ&lif i2r l;i-. 


Australia rt), 461.80 j 461.96 
Belgium 1.' 1 93.93' 03.31 

1 pwb.]~F«6. i Jan. 1 

) a j -1 1 M: j 



Jan. ijan. 

a |-* 


U7k • ^tnca^ompiifti L ii 

j .High j 

L«w r .| 11W>. 


dustmiM aa.Bflj 99.12 8B.5fij 
rapoelte | 90.15| «9.9ll ,B9J6j 

^ 88.44* 97Afl; 87.4^ 

: 89.34’ B8-&4 B8A» 

t * 1 ' . 1 « 

Ita.BH *7.4?- '184.54 
(3/1/77J (46il/i«! IU/U73J! 
107.BO | 88.56 \ 1SE6& 


. 4.4D 


— 7 - V " 

• Feti.l 

. Jtn. 26 ' 

. I Jan. lfi 


-. dir. yfelcl % 



6.1S • 

3.89 • 

. - 8.68 : } . 8.62 - 

-i 8-74 

1 L 69 .. 

At • : - 1 + Gout- Bond JieW 

8.18 - 

EE2& - 

8:17 c 

• B.8T’ 

, llH.43.4lt.«C 
tiling; iHr/31 
9B.1? ifU.-U 
'iU']/7» H' lA“ 
J)eumark( M ) : 95-62: 05.65 • i07.«t ®.tC 

! 18 F 1 t 2*2Ab‘i 

France titi' *RA. 49.b. w>.4 ( 

! . :i7/i/77») ilL>,n> 

Gennanyi-Il 799.9 796.1 1 *\ 6 J> I 713.5 

' i 1 (17/11,! (10.-A1 

Holland ($}>' eoj : sea ' wu 1 76.6 

; • <4,6 1 ; 

Hone Rons-#05.68 >404.04 Ifce.l? M3.44 

i ; ■■ “ — 

Italy (Us* 1 ft 8 -* 1 *: 

Sweden w 3c4.w 3=4,76 » aui.* 
i : iKJiSi M/lli 

Switarl’dM; 3K7 3iaA.iux . 

<ii,i-jt i?--i 


, ! (6/1/77) (22,13* 

ley 382.49 383.31 (300.93 360.49 
» ! £29/91 k24/il> 

Singapore 266J6; »fiJB5! 2B8 j 08 stt.28 
^ m i , (29/8i I 6/fll 

Indices jud Duse dates <ai' osm values 
1M bxctdi NYSE All Common—ill 
Siauaarda and Poors--ill ana ronmio 
300-1.000. Um Usi nanm rased on lBTSi 
t Eicluams bonds. : 400 Industruiv 
3 400 hula-. 40 IJ Oil ties, a Finance jno 
-0 Transwo-X H» Sydney Ali Ora. 
„ .. .... Up Be mi aa SB 31/12/63- ■“! Cdiwnbasen 
73 71 !^ «0 S ® l'^ ra Itfl Pans Bourse IM|. 

1171 Commerzbank Ore.. 1953. (fti Amsier- 
dam industrial taro, in Han* Seng 
Bank 31/7/84. i|]||i Milan 2/1/73 mi Tokyo 
New SE 4/1/68. (b) Straits Torus MMM 
cci close. hfHUadrtd SB snnam-Wah 
and low lor IMS only. (el Stockholm 
Industrial 1/1/58. if) Swiss Bank Com. 
•u> unarallabln 

Iv.; % 


lzS ew yorIk ■ '• f.T-fT 1 

■: T':l ■! ■ 2! 





H:,)> v, jr 

I^iU. — 6Bta 
lrtsw.45ni(Ji...: 1"»S* 

□n l.tfei CaM 1 41q 

Pmincn.. 1 3A- 

jo....; ♦SW 

anAlurilniutn; 34i« 

uhnoy LipH-. 404a 
3t>faenv Pimm 1 ' 195a 
ani 375a 

ie>i aiorcfl-[. 19 . . 

...,« cbainum...! S4?a ( ’SAa*- 

VX.--.J 3»»« | a5>4- 

, .i-radn Hp»»—. tS'B ) 23*8 
er. Air‘lne....| 10<s , JOj* 
dmodc.... ■«)£ 

^r. Bpaul/Hj-l.l aOW 


58 Tj 
. a2 . 
a0! a . 

W TSfa-ttuiii.r '43k 

Crane ...— .: ,k5)4 

G rocker A~>n _ as Is 

..Unm4wi«rUa'r'41 - 
l/umiilliu Kn/rfnt - 1 36 '■ 
CurV-WrieIil™L_i. i76a 


Ewrk Inrtwrtrletv-. 


Del Monro 

bentsply in tor.^ 

Oeirok «iit*oo...! 
Utamood dbfuntk 

DLiaptiooe _.... 

UlRlUkl “ 


\? .VIS 

C 1 

■ier.‘ Cviusmlru 

"iff-' k-cwn.-. 
wtHoniePnc* 1 ! 

,cr.™ J 


i.-i . Mwbm 

JHF. M- Teo. 

Krf. toi. A Tel. 


, . iv . 


• - 

■tr.’i UOL’tiac.- 
"... - UratUi Bii-ib:l 

.. —icier* 

.. . -—-J 

r ' alantl Oil. ..~i 
. Hlcbheirt— . j 
to U»t» Pno. —J 




i5ie ] i5j» 
HaTB , -2334 
64)* • -64U 
.48Sfl--i’ 29 ‘3 
1BH,. l«Uf 
■4*C '•*!(, 
4V: i 41 - 
3B : j a4»4 
30- } :296b. 

. S9t» } . 'to8*4 

- kSIfl. i -SEpi ' 
17-.- !" l«Ta 
86 SbM SB3a 

re ■ | .re • 
as* . y»it 

ao - bo-./, 

.si* | ns}* 

. toia l.-ai 

. -s.w J" 

1458 I i5 r « 
80i« f eaia.- 
UB 14 • 464e 
266a : 

lO,a I -»ia 
I73» J' 4734 
4314- J '4Bia ' 
: K63 4 ' HV 

2 Z- 1‘.»V 
, «5.- 65:r- 

«7 L B7ls. 

!G£ttE k 



MINI** 11 

UfdlTE* 5 

: : i\n Pn«inel* 

,-|t (tA4 E161--J 
iik Auierwa- - i 
’’"inter* Tr-NJf.- 

. rlt/ O 11 - 1 

, <Mje ltaveiioi^ 

. Fond— 

■ - II X Howell .—1 
J .milt 

a^uel- Li'iii 'B 
- iblciinn sfeei.j 
wK x Decker ..- 

- Elt«.-■* 

E'o ■- i 

rune......— j 


null Ini-.--i 

16 . an 'A'--J 

ist»'. Mvera—| 
it. Pel, AUH—i - lb 
oek*<V Glam_| 281s t .88^ 

luavwick.—I l!*i 1 -18*4 

t-nna Erie.....J 19 

ii.-.-4 3BS,- 

.rivk Watch —| . bis 

■j-Uii^Kin Nthn 40U 

imwi(l».. “ K 

lupbeii soop—j 

ILldUlU ttwlfic! 
uiti lUudolpb^', 
lualiou «....—.| 
riel Hanley-'' 

BBJ 4 
4470 1 
a3*a ! 
2 J 4 .; 


. 15*8 ■ 
27 W • 
24i 8 l 
10lg 1 
32 <4 


lb ' I 

10l£ } 

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14*4 . 
24 La 
29 ta 


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p r> 
l . 


.. £ ■ 

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1*1100 O , 

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‘ mu* Air ■'nil J 

_• “ MKae Manhattan, 

.: lonii-wi be. NY, 
ie>M«V h ^ l,n ‘ 1 
. uiwicSyaiem*. 
,ksW Hriuce.. 

’ ’.iwaiaUnv. 

••• in aier-- 

uj. liilaetO" - 

- ’■ tli- IV.. 

- ' u« servittv.-., 

,.•« inindii'i-' 


j^hU, Paiin —.,1 
.. .* .Hiii*; Aikna»..| 
r '' ■ _ . dumlAB (la's—..! 

.. ■ '_.4i«iiitna fid-..; 


'J. linDuciioii Km:.; 

snFKrttvmi Kq...i 
.. uj'it'IIi K'lrvfi-! 
'•,m'’y lu'.*H Kh 
•' 'lunii.S/Atidite-. 

»?-•’ .. 

>n. EUimu N.y 

' ‘ ... .| 

- mv iENsV. tiU> 

, ("miuuier l'f.*rerj 
ditiuemaf I in-.; 
?•' qjimemal *ftt. 
.'■Vnuiwuuu Trie 

-_ „■ iDLcq Um—« 

* •'' m[-ej|nlin— ... 

«2 1 

313a 1 

k8l( > 
40 • 

43?a ! 
lais ; 
i3&i 1 

19 4 ! 
UUL& l 
475fl ; 
ivifl ! 
iGJf, ; 

20 i 
114 s 
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IS4 , 
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344 • 
153s ■ 
Z7S* i 

C‘> 1 
32r B : 
<J>2 I 
£o j 4 ; 
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* 4719 '; 

k5*o. , 
415* l 





27W r . 





43*8 ’ 




201 *. 










IS 4 

«-7*s . 
33 4. 
33>/ - 









34 V 


22-3 , 2f<0 
9&t« 7 66 

?•* 4 
3 I 4 

Dover Gorpo—I 394 
Dow CtMBiloal .—1 * 3 

Urww.-- 40 

Du Paul_:_-(11/678 ! 1084 

Uyrao ln>iu4rriM>--.'re3s jia'i A 
Baine Wodei 184, 184 1 

haul Alrtmea_ /4 , 74 

HbcIiubd Krwiak-- 45Sf .1 45 
fcaUiu—..: 334 r 344 

b. B.> t 

Ui tVuo Nst, CNv| 


Jtmemui Buctne; 
fcdjeffrArr Fr’gtm 

Hmoeru— _ ! 


Kmnwri. ' 










Kthyi .—|..2D4 h 

-fc- 5 * 

1*7 Sg * 

a64 1 
is ; 
bbS B < 

iV * 1 

21 1 

Kalreh Ud Ganwir j 
Fku Dept, titoroi 
Pueatone Tire—. 
ytau Nsu Poston. 

tfiexj V»n - -• 

Pdiotkote —— 

; -r 


I\inl Motet....J 

yoiwmOw Blok.;. I 
Fo 160 , 0 ....,...—.. I 
FeuiK hull lid—.[ 
^reeiK>ri Miner*!•> 
Piuttaul .s.^..... j 
b lupin ludnMtneM 

1 >_\.K-- • 

Uannett. 1 


g-a/t-a:: -- 


Geu. Dyuamies..... 
(Jen. Kilettrin—' 
Qenem, Kuuia....; 

lieoeoi Mototw-.j 
Gen. Pub. 1/ttU., 

ihorlda Power-..; 31 
tlnnr...... .. a3 


417 B 
17*4 - 

/4* 1 
20 . 


h l»a 

uen. run. uuu... 19 1 

Uen. Tel. KJecu—l . 284 
lien. Tyre.:.—£34 s 

Geno»».; o 1 * 

UnsgisHBcirti!...! 254 
Oeiu OI/..V——./1614 

Ivdieue ...j 25 
(SwIrirlif.T..—.i 105* 

Uoukl—. : _ J 

Grace W. U- 

tiuAtian Pai- l'ea, 
tin, Nonti (too...) 

Grey (uniud 

Gup A Western.;. 


-Uaitoutton.— ' 

Hanna ilUrim;—i 
HarnlB.-hle ?®!-..> 

Uarrttmoran- f 

Ueitu tLJ. 


Hew lett Rtetard! 

Holiday Inns—.,.! 



Hasp Cbipi Amer.| 

UoovUx Xau <i*»: 
HunliPbJUObBtj ~1Z ) 

Hu«*m(E.P4^.?,- U7 0 > 

i.U-induatrisa-.f 234 

IN A 364 1 

tiU'moiKnotliu.l 06 j 
.inbuxidtcel—,..i 364 i 
insiKw..—..——I 13 ' 


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124 i 
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66 i 
154 5 
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Jobnwn Control. 
JoyManiUitctui V 


KaiaerA lonjini’m) 
iwuh.* ia<lnstrie*j 

Kaisei dieei_— 



Ken M<.Gee...— 
Kidde Wnirer—.j 
Kimbeney Clark.) 
kiwtt . 

Kiuzcr Co-.—I 

LeiT rjtran*»-.-..l 
Libt-y <J » J'i> kL-| 

Lissw'l- Groun—.l 


Lmoil liimirt.I 

LoekbeM Aircr’ll! 
Liyie ^lar I n-ta..., 
UlU! lajalld Lial- 
|aiui»iann CATi>i..J 



l,'ke-Y , iinL i, d'"u 


U«*y 1 H.. 

Ml m Hanc* er. 


Manue MMlanfl.) 
UunJuUI l-told i 

Mac l)«pr. ehorw! 


< VluUerratiU——. 
IL-DonneM Doan 
McCn" HIH.— 


Merrill Lyneb....! 
Mem Pbtroteam. 



Mobil Com-i 


UlXICKIJ J. P-...j 

Mutoniin .'. 

Murpliv OH.. 


iwtioim, G*u. 

Pirn. Ulsiilleni-...| 
Nat. service Inri. 

Nntkual Sled—.1 

285* | 
704 ; 

294 ! 
44 : 
74 ; 
23% I 

444 I 
274 I 
42la | 
224 ) 
435a | 
284 i 
26U 1 



30 4 


247 fi 
*4 4 


K 614 



145a | -ins* 

Uuerconi Knergy 


.4 ‘ *ln 

202.87i 265.6 

Inti. Elaruur*.—1 
led. -ifarwMr-J 
tnW. Mfllbtnoda..' 

(mi IfepeA.,-—? 


1 os. Rectifier.,,—1 
i nt. Tel. 1 lel.—.j 

htTtsnl _— 

knva Keel.-—■ 
ID Intemaifona*^ 
trta Walter—...-| 

B1T S 

2B 3 * 

isi ; 

15 - 

305, ) 
27 ) 

77a : 
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■•84 ; 
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Nniaunc Imp.1 

New Luuund Hi. 1 ' 

New HnsluitdTel! 
.Maimra Mohawk) 
Nlmpjw itnire„ 
y. U InriuBinBaJ 
Si uned tv Western' 

North Nat.G»»-J 
Sum stAtefl Iftrtj 
Sthwesi Airitum 
Nthwest UnuoLirp! 

Nornm sinmo^...! 
UsdiepiaJ Petrotj- 214 
Uuili-v Mathlff-.: '375* 
Ohio tdiaOB—...I I 84 

Olin..-.'—I -153* 

185a I 
184 ; 
224 ! 
354 . 
134 ■ 
65b | 
104 ; 
364 ; 
324 , 
ab 1 
4BJe ] 
144 I 
335* ] 

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565* t 
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264 l 
414* I 
3608 ■ 
357a 1 
484 , 
264 ' 
161* [ 

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314 I 

407 a 
I 64 
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22 4 

23 4 

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iju euK Cominu...’. 

Owen* (ii„iuta._.; 

Haciriv- Ua nn, 4-[ 

Hu-. Pwr. A D,;J. a07 B . | 
PKnAiiilioru.Ah; o 
1 ‘krkei Hannilin.; ‘ 224 
Peai-oiv lot.—.;- £24 
Hon.HwAU.—j aui* 
HeuDcy -'-G'— —1 334 

furnldMi.—I 295b 

ISajMlrtOitie—.. • 
[Vii.'liT'-Gafi ..—.1 44Sb 
P epniiv-......——! 254 I 

Pcrton tlmer M 
Pet. . 


Hbelvn Urtlfity— 

piilimieiphbi K|e.| 

Hindi. l U«irtJi — 

Phillip* rwroriL 




Kewev IJ'* -UJli; 


. 364 
59 . 
39 s« 

VriasoKi—--—— ; 26*4 
Fotouiv b'iec..„,, U 4 
PPG un1n5ttie».j fc44 

PnvLei Gamble.- 791* 
Pub tferve 2*4 

Pullman .24&e 

Pima...•-!. *& l « 

Quakei dni h-.' »1 
KapklAnwFta'ii.,; 5fg 

, Unvitiert* —.. 31 

ltdv--: 235 a 

l Uepublic stew... I 24 

18 >* 
2 Z 4 

34 . e 
la 4 



23 4 
t 5i* 

357 9 
26 4 






21 kg 








20i 8 



B2V fl 
28 5, 




IB 4 






t87 a 



2 a 4 

17 4 


24 4 




Inv. $ Prem. at 52.60 to £- -77% (74i%) 
..- Effective rale (at 1 . 9495 )—323%; €.30;%) 






Uevion .I 

JtVDtJiG Metals. 
KcyrviMu C. J.--I 
Kicb’«iu MerrelJ. 
Rockwell Into .... 
tin tun A Baa*....! 





29 V 


ltoV»l Dnleb.' -S6 


Hi,* Lujjt.. 1 

Kfder system...., 
sniewaj- Sinres..., 
at. Juc Mineral*., 
SU Ue*»le Faper_.) 
Shddi Fehtil*.^..! 
5au< luven.......| 

won luil^—..i 

-ubliu Browim*.-] 
sehlnmberuer-.. • 


a.v.ti hj|*r.. 
4.1'vil M rn.......... 

5 •luir' Diior I'm; 

Sew (ViTiliiiiien.... 

mauntni . 

awtrie lll.D.i......; 


s'EDL'D ... 

?lie:i i.hii.• 

-ilieii Tranuforu.. 
irijink'. . 

amnodeCrTr 1 . ’ 

Slmpiieliv PH../ 


s'lcnib KKne-- 

Si.-mron ..— ’ 


sontbernUaL Bd.j 

Souiijern ('•>-- 

at bn. Nni. !!•»,..- 
SonLbem PaoRe.' 
Soul bem Railway 1 


11 Ta i 
14 : 
o84 ; 
k7J | 

" 4 ’ i 

-4 I 

154 : 


173* . 
H „ 
204 1 

r'e ; 

*•14 ' 

254 1 


29 4 • 
374 ■ 
194 ' 
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*6 I 
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294 : 
334 | 
494 1 

Sontblnml^.j 23o a | 

S'w't Be mat* re* 2 m 1 = | 
■jperry Hutcb.....! 164 i 
Spccry Hand—.. a34 ! 

9k|ii>0-. I 84i’c I 

slandj>nl L'rtndr: 26 4 : 
Sld.OllUallfWTiui! -BSj , 

StU. Oil Indians.) 464 ' 
Slii. tlil Chiu...... 68*0 , 

SreuB UbeimcaJ . 1 364 ' 
aiorlini; Druu ..." 14 4 ' 
SMidebaker..— ■ H6 4 1 

aun Co...i 3B4 • 

auDilatmuiL- *25* | 

ivnlfls„.. 204 i 

reuliulcnlur_.i 94 I 

(ettmui..394 i 

Ee/edyne.—., 67 ■ 

L'enew...; • i 9 4 I 

Tenoiu Fwrolcuin 


Tes*Kuir . | 

Texas ipaim.— 
Texas (!il*& GaaJ 
Ti'vw L : tll(r(es....| 
Time Inc..j 

*•6 1 

26 I 

10r 8 J 

tbib i 
234 . 


134 ' 
19 I 
354 < 
231; ’ 

27 ' 
185b i 
30I S j 
23. B 1 
aoig i 

Timm Mirror.J 


Crane..... -I 



L'rauB Union.I 

rmn«wRy Infrnii 
Trails WieUl .Ur., 
Tiavnllen . ! 

Tri Contiuwiikl.... 

dDtJi L'mtury Fnx; 


U A Util*. 

L'GJ . , 

lop^ . : 

(hi item.—j 


Unlim Uniioprp...! 

Uniou cVrbl'Ic, .- 
Gnu id Umnuieree. 

Uulnn Oil ChIIi...; 

Union PaeilK* ... ■ 
UnimyaL.. i 

L ulled Brands...' 

DmUrl Ctep. . . 

US Bancorp. ._—l 
US. Gypaljm .-...-I 

US. Sboe..-[ 

US. Sted... 


UV lluluc^ripis...; 


Wnniw.Cmnmn .* 
IVarnw-btnibwi i 

IVella-ftrKri. . * 

Woriyru Bancnrl 
Wts-u-nj N.Anivii 
IVesierti Untun. 



tVB.vei iwe..n?...! 


lV(nte.C«i. Itnf..' 2. m 
W illiam to.. .. j- 1&*9 
WlKomln Elect-! 27?s 

204 1 
214 , 
Mil I 
38% | 
64 4 • 

li ! 

63r . 
18% I 
44 I 

V* i 

1 1* ■ 

10^i . 

234 ; 
224 ■ 

a5 , 
18% 1 
14 ’ 
174 ; 
254 ' 
30s* ; 
this . 
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",ib..nh . 181; * 1770 

ATylv..„., ub . U4 

Xeni^ .. 457a : 4H5* 

4apnia.1 164 . 16*i 

iemrh .. la4 lal; 

L.S.TrM^i l^c! t/4 ,199 

t^fTW**^7b'7" 'f**? (0'*HI 

D.e. 'Ll Da v bill,., 6 39 * j 6.49{ 

Container put on 0 centa to 
S.A2.U5 and Nicholas recouped o 
oenis at &5 cents, but IC1 
Australia. SA2.0.7. and Pioneer Con¬ 
crete, SA3.42. -hod a oenis apiece. 

.Ymon? Ranks. BNS IValcs 
slipped -I coni., more 10 SA5.10. 
but AN'Z haidened 2 eenis to 

Renison Tin were notable in 
Mining issue-; fur an advance of 
J4 cents 10 sAd.isi. while afternoon 
buyinsr left Bousalnville “ ceni.s 
firmer at ujt cents. CR.A. however, 
(■treated ~ cents furihur lo 

NOTES: Olviscaa Prices SRQivil FVIUu 
exclude 5 on.mmni Rckyan diviorams 
arc ufur 'I'linhalaii:^ rax. 
e DM50 ili-nout. uiik-ss <L-Jierwisc scaTee 
W Pisk.5(Hj ilviium unless oihcnr lse siaicd 
+ Kr.iuo dfitnm u,ii->s oibtrwisn ti*rcn 
v Krs - 10 u nvnom. ana Bearer shart» 
untekai uthenrr*' itih-l i Y-na 50 nemim 
nnli'ss n(hepv:$i* ciniv.l 5 Pnct ai lime 
m £iup<?n:>iM,> o norms 'i Srhiilmca 
> Ceoift j Divip.nii alter pendma ri£liii 
and'nr srnp t-saue •‘Per share. I Francs 
0 Gross ilir ‘.i <■ As-irme.i nlTKluna alicr 
scrip and-or nphis issue ft After local 
taxes, m'i tax free. » Francs mciudw-i 
•iiiur >l,v !• Nora q 4har-* split * Die 
and yield exclude special uaymot. 1 tea, 
.ued rliv v iinofficial iradine v Minorui 
holders only Mercer oendno. ■ AsKert 
• Eld. s Traded ‘ Sellar. - Asaumed 
rr Ex n^-hia xrl Ex dividend sc Ex 
scrip Issue, sa Ex all. * interim dm* 



Fr. franc weak 

Fears over ihc outcome of nest meinl touched a low point 
month's Ceneral Election in S173i-174i in the afternoon. 

France put further pressure an _ • 

the French franc yesterday. Inter; 
vent ion by »he Bank Of France 
failed to prevent the currency 
from elosing at tile lowest level 
of the day against tho dollar. It 
finished at P.Frs.4.5H75. compared 
with F.Frs.4.7725 previously. The 
currency's irade-v/eishted de¬ 
preciation since the Washinjrron 
Currency .Agreement, as calculated 
by .Morgan Guaranty OF Xew 
York, widened to 9.2U per cent, 
from B.04 per cent. 

The Canadian dollar uas also 
weak, falling to S9.63 U'.S. cents, 
before central bank intervention 
pushed It back above Sft cents. 

It closed at 80.16} cents compared 
with 9ft.23> on Wednesday. 

Other currencies were generally 
quiet in thin trading. The dollar's 
trade-weighted depreciation, on _____ 

Morgan Guaranty figures, nar- CURRENCY RATES 

rowed to J.30 per cent, from 4.37 
per cent. 

Slerlins was firm, but there vas 
little reaction to the laiest in¬ 
crease in the U.K. official reserve**. 


pi'ii. ’ 

F.'l.. 1 



ti«l<l iililiiiill, 
if 6) IQ QlllUfl 

n-^ 1 .-.SI 741; 175 

1 fticiiini;... -. S176-1755* 
lloriiiim lii.'y 6 175.00 

Afteru'n 1134 f 179.85 
' ,.£89.657. 

>175 *1764 
P 176.60 
■ i‘90.583i 


. 1 . iiiuhii'-Hliy 

K'ni^ijrniuj.. 51871:-I89ij S190-192 

:iV96-97. 5:974 384) 

!ie»'9vi-'gua. st>5>g-57lf >55,4-574 

'C2Bli-291"i i±:23i;-Z?4i 
Uni 5i.v>^r..-<53i--55i?’ >54.66 

■£274-2Bi;' b 275; ZB-In 

ii.ilit (jiiii* ■ 

.Ini t<nim'lly> • 

lii-iiifiTimni.. M79-4-1815J 518U-.-1834 
'.±92)4 -S3' 4 , C93: 1 - 541 *, 

>'« twi-r'^iii.,j*55-5/ P55l4-57li 

■15:2814-291 ; . t'2Bii-2Ui*< 
‘.Uitbuvr’ciiv S63'“-S5ij e5*-56 

'.£27i3-28Hi i'27'j Z8--- 
S3> Knsl.-. S2S9 >: -262 i j >2691; 2621* 


Draw in e 
’lebmiu.v 2 

Eoropean ; 

Uui- 0. 

fe+i. a. 

(•Hill. ■ 


.Umi-I vI liKI»—- 

Un j - 


The pound traded at around S1±I3 iti ^ lB1 
for Ihe most part, and closed at laiiH'tinu.. 
SI.9490-1.9500, a rtec uf 10 points 
on the dj.v Its iradt-wei^hied 

index, as calculated by the Bank 
of England, rose lo 60.7 from 
611.5. after standins at K6 7 at noon 
and 66.6 in early trading. 

Gold Fell 10 $1741-175. fol¬ 
lowing disappoint meat at the re- 
suit of the LMF cold auction. t*u-eiii»ii kr..u 
Trading was fairly heavy, and the ****» ■ 

\>i*iiir- uli. . 
IVI^uin iiwiii*. 

Lh, m-1, ... 


IturyJi t£Uil‘h-r: 
Fi*iii-li Inna'... 
Iiallan lint... 


.%>iri»4Pi‘ *,„<■(• 


i .21316 
18.4 100 
2 .74559 

16.3b J1 

Y'.-n. . «!;■ l.Sifij l.i'.i. 1. -ISO I. MO 
VI'.nitriMi. . /!; 2 . 1--0 i-C. It SO c. lb 10-3:. 1620 

.Viii^CI-Inin • 5l 'j 5.33; 4.*i,'. *.*0-4.-i I 

I>rui-M.6'*. cV.c,? o5. 6 ol.7D-bi.80 

(.''■iii'iiliajrli 3 l). ib II.2D ll.IBn )1. l9i 

V'Mukiurt 3 ■ 1.10' 4.. >-4.1i 

■ ..- 13 | 17.S >-/5.6 /B4S ; (c .b& 

MiblnU. h 147.00 15,.70 li.-.&S-lb, S3 

Milan ... I):; t» l.o 4. 1. Jl.i I 

ii-iij. ■ b 10 Dl.'-W. IQ.C-Z. 10.05* 

IMri«. . . ■ 85- S.SI-S.4e b 44 i S6 

.*•>■• uIn,In... E S.o;. - 3.1*5- ,i. 7 .3. i,. 

U.k%.... 4i; 4'.7 4<7 41 1C S 

w.<jinu. : 6'. :S.J-*:S.S5 . Z5..D 28.60 

.. 15;. a.S5>-5.8b a. 5-5 65 

• Raw* stwn ar-: fnr ojnv*ruble Imucs. 

i-'iuaftcut fraoc tC.w-6-3.5j. 




KniLiiTtiti \c - l"ii. 


t’njwrlr U'H-'inD Vni-l 4‘in Ziii"' 3 

v reeli< um. 1254 72-123*.3 lr;i'niiin 

.1 'ij-liniia .. l./i'SO- l.i:22 \,:»l:in... 


. 1200-15DD 
. i- SU 

Ki-tfiikiurt.. -- 

ic t..rt. , »7.. : 7-5.‘> 

I'hh- .2-s.J: i j 

am-'i-ii. te.-ifia 
l/.|i-i-':r. . . *.U 
V- ib, id.. I.'».■-• :• 10 

/.-IIH-Il .. .. f'J 

i.i'jti &r 


l.i- 5 -iv 
2. •' 



-55.CO 70 -.a*64ci' 4.1,1' 110 , In-.; .* r-;. 

- 3. 44 l r-^ 

14.143 7 77 .•*.»!? 53t ,1 :.*•■*/> *-*s*.sa 

: t.7.T5 - t=.-7;.t I -i-l 6 

r.*4 46 ' LV.iuc 1 4.-‘«r-»l i S.l-.-c* 

5',.77; els '.K* 1 '.' '-'11.' 4.«I .114.1 K* lw 

«0.)>i-1.O> ■>.•44 is:-:i rift* r,.c2^-7‘_4 - 

I >. > i 

luriH.linti > :u >i 

.. l'.-r>I I.hi tml.nli i-plil-. 

•• lt.ri, — 'S.-.-t-i;- ••■Hi'. I .-. > .i, Ali I* ii 

•iviiiii- :t .Uiiau If.-JF.L'itleJ-i.'A/. . 


1 ntu .... 
Kii.- tut.. 

! .u'. vi .ii ■' -In 

' ./mHUUI' 

61.49-41.S3 I'vIliiiiii- ! o!S. b? 1 ' 
I,i75 7.7:5 C'ih;.! .. ; -os-it 
Sj.JSB-/I.19S 1 . ai.-i, ...i. lb* 2.114 

i :ni" 

H.rS 9.D11 .- 

Ill 13. 

. j^5Si.?4r 
u ai.7-'-tB.8Q '«;• 
. 4.60 4.1 I lln 

•. l.inO I. 150-'n 


r*H • ,* 1 1 Aiui ■ 6. 1 .Nrlli- rl ■■ 

-ni-ji;»«!«*.4.3aS0-i.5490 V-m . 

■**. \;n«T,. I.ob-la- l.tiu !*•-, Iuj >• 

t •>. . >(‘nill ... , 

Uin-I*.. . >« iI/ihiii 

• >1 ... 1 ■■ 

i’.'.-VUI: 50.15-50.18 lllLllM 

I &.:o S.5B 

I 4.1- 10 
, ;j ii 
11.CL l-UU 
I -.n -4'l‘ 

: 4J5 450 

i .it,- 

It Cl 65* 
. 4bU-i:U 
‘ J.s4-J.Sb 
»/ i. J 

Uh. 2 




‘■•J-.'lfl s:**n f^r Art'.-n'.iUa is a trie rale. 


leiiuit term.. 
i .'ai'. i»*r» 


I'll f l\- IiH’Ulba. 
?l, UH Wilis.... 

Hue .. 

tj'-i 61-i 


• 6», -/ 



2? A ■ 



1 64,-7 


6 Hi 6ft:. 


. 6i»-7: e 

+ W 4'.:, 

Se* *t 

6 • j-7 '* 

/ 1* ■"/ >a 

4, S 41: 

J >**a 

3-1 lv 

7.'i / 

'(1,-1 if 


HI- 4:; 

1 £ '.—a 

l+i-'i lj- 

<k1-7 U 



. -2j. 

: _ f vri-i. 

Eur,>Fri'in:h deposit r«iti-s: iu vvJj? 102-10; pi-r c>.ni 

o:i.-mtiiuJi U; per ihre.-momb 141-lal pur icn:.: slx-maom l-U-142 »ir Kwu'.iuri isp-i# w. j-h 

tvoi.: line Tear 14.-14; por «nt. . Li-*-,-.. 110 v. .In 

Lons-ierm Eurodollar d-ta.isits: Cno rears ?■>: t'.r a-ni.: three tears SJi&SJn Metric ... 60-140 c. m 
per ecru.; lour jiari iJ^-siis per owl.: five years Alnb-siift per con. 

"• uk, ni< >ui ii Tin,',- Hi,mi tin 

N. V'.:* 0.02-0.II . .li- 0.24 0.34 . „ 

il.'iit'eii O.OS-e.15 ••. ■!,* ^.20 3U .■!» 
. 1 ,, 1 ‘iMnu 1 e. |iiu-|nr .2'; i '2 . i>m 
tlm>se(s_. iBr-10 v. -it- -1000 .<11 
vcn-daj_r:-Mi ptr ceoi.r f..|/,i: IK „.74«-95s oe.lii 'cC; 26 ; 

-lli-a': i-i. | >‘i 

-430-640 .; ni> 

U&0-370 .. Hi? 

^tibui. 11-19 iiredi* |i8>6 ue ill? 

l*sh«.4i;-6i; ,.•« ,Ui 17; 192 


The fullOMins nominai rates were auwed tnr London dollar cenirtcaies of deposit^ f* r i s . 6.7 ... 20 29 

■momh 6.te-r.05 per cenu; ihixe-nioiuh J.jg-7~*U per cent.; six-momh 7.43-7-w ^.cktrinrBin-Ai; c-rerti? ,|0; 

per oem.: oa.-yeai 7.c3-7.73 per «nu 
> Haics arc nominal calling rates. 

T shon-ierni rates are call for FierlUig. U.S. doUars and Canadian doUars; iwo 
days' notice for guildtjs and Sn'iss francs. 

VwniiK.212 aw ,.m 

Fiirivu .... 2 I 4 -II 4 e. |iiu 

lu-3u ri.. dis 
6 5. inn. 

Six-Dior.ih tuni ird dollar 0.27-u.47c dls. 
J.’-month o.'<54>.4Jc dis. 

Fet-. 2 



+ or 


% 1 % 


‘S3 I 

Abli-tn, Pa Me,. 

iVilMiro ba^*e._... 

Alcan .VI u mini 11 oj: 

AIuduik si eel. 

.WiWIm .. ' 

Lmuavi M<?i4Vi«al. 

uhiik Nt.rHSior4in: 

Lksic 1 
dell Teiepliuiie... 
iU'« t hi lev tin*?. 

up Canada .1 

.. . 

;i »u>t>-. 

. M'.mri |c*v m... 1 
Can .Hi 1 Vlmcs-.. 

w illllll > I'lllClll. , 
l_ Hlia ilH A W Llll'l, 
Can I„imdiU.iA«i ' 
alMIlH liviual....' 

Call. LVlfu. 1 

ugll. pRi-Ihe lliv. ; 
caul. Super Oh... 
caninii O’Keele-.l 
Cwvinr AaUc*U» I 


l.'<>IIIIIUX, .? 

l-n»i ialhuric.:.' 
Lnusumer lias... 
LcecVa UeMXih.-e, 

Cikuiu Bieli.•' 

UenWai Mines... 


Otinip Peli*ilem»i 
IKi'iOMuti brtilf-t ■ 

I’liM-iDl . ; 

Fn'csi’iji- Niclie-• 
u.ll 1 si,. 

15 31; 

1138 1 
165b . 

an* 1 

15i* | 
44*4 J 

.- 45 , 

15tft ' 



±4t* : 
ti -S : 
16lv | 
i/»e I 
*4 I 
5.20 | 

20 5 & 
is 6 ;g 1 

: 6 
17 oft 

» 1 

l.nHISlH, .. 26 

I,lam Yn'skmr . 12l;i 
t, nil Oi. Canada...'. 28 L 
(lau k* > sitl. Can a. u 

tliDoupei. 29'a 

ttiiini Ul ,-a. 41 1 * ’ 

ttiulvai Us-v Mnu, loifc 

HiMkhi Ub_i' .• 17 5j 

llutlftLiDUii'A Lh»: 4353 

Jji.C... .... 1 ,oft - 

1 lUtucO..i t .9*; I 

lunerinlOil. 101.4 


Indsu„. 1 

Inland Ai*l. La«..| 
lHunn't Kin Uojj , 
UjHihw Loro. ‘V 1 .. 
SU:'timi'u Moolii 
iUs-wev Kentuiicni; 


A until' in U •»(»... 
Nmvcfi bii«.i(j-... 
Ntliu. rei«;nnu.. . 
Aurnm.'Uli A fchw' 

L>9*un>i Prtr'o.j 

Kai'.ilieUivtvr M 

Pan. iinn. Uot'uii 


lV^uca UcpL S.. ; 
PlHCt l.iB* a. in .. 
1 *m 1 » erC 4 Hi*vti»i 'si 

tii'rtiec CMii’^niii; 

(PWllKT fji. . 

llwil Mmu. 

Itl'l Aipiili 

IteVH, tik. .< (.nil.; 
(/■■mi iruei. 

■WHUiaMis.. | 

Shell Caui>is... . 1 
Sbomu u. Mine? 


am, |MiUs. ..^... 


alee*. li'H'k I inn. • 
IV vio j LaiIWla....' 

I'.llllllJ UlMll.llh.' 

rrni- Miami On- 

L.' I Hi 4 , • Ills.. . 

I.M. 17in«* 

i hi ■ ■>.< II.I ..... 

' IV-w ... a ' 

U —i.... c-e-*. . 

13 Js 
l 1 # 

A 40 

15 i a 
221 2 

16 >4 





iai* : 

ftlfk .- 
lbrt I 

H. 40 ; 
201 * 

4 '£ ' 


I. 40-; 

sG'i 'd . 

5 la ; 
*-4a : 

25 <r. 
161] 1 


35/8 r 
1 3j 
-6 • 
1 80 
*3 In 



?l. h 
i h 



. 2ic 

14 Mi 


1 , 6 * 
lb 4* 
15i s 

1*1 Ofl 




3 r 5 

111 ft 




,o3 1 ; 

» 0 i* 

= 61 ; 
08 I; 
8 1 , 

*bi R 
13 1 * 
*■ e *a 

I Vi* 




iai 3 




• '« 
0 26 











30i t 

4 Clift 



2hi 8 




If3i e 











l >1 
10 ** 


AillaiLr Veriich...' 



Huyor. Hypo....... 

Bny**r, Vnrein^l.i, 



c'muii irumu-:... 
Uaimter Ueiui.. 



Dre*dtier Hank... _ 
lm m heir y.cuit. 
•.intc'i, 'Riiiing... . 
Hap sr Llvyd • ... 
Iten* ‘*>r. 




Kali hind n»li.J 

Kartii'IC. . 

Kaufl, >f.. 

fit'k.-Liier£4in lie,. 




Li>n->*i,l'ni), KV 1 . ; 


'M\ . : 

MnllllOOIMIUI .. ... 

llcla'f«c?. I 

Muiii.neiier Itiiek. 

VivM-rianii . . ._ 

t’lru—aa 1 'm nv.‘ 

J!lll*i„""wi1 Clta-I. 



mi l /u-.-Ler. 

rii,— n 

\ H 1 ’ .. 1 

i Kbt.• 

Vi-rvinlH esCflk.l 
V„HhM*iiaen .. 

93.1'-r0.3, - 
497 la-4 ,3 IB 









138.2 t0.2 

136.2 + J . 

291 +5 

315 'to 
190 +15 - ' 

223.9 +0.9; 18 4.0 

81 --0.5 
315 *1 

270 +3.5 
159.8 -2.8 

308.5 -r0.9 

249.5 -*-1 ; -20 

155 t 4 ! 4 
216.3'-? 3-5 12 

113 +0.5f 12 

237 , + l i -9 
126.2+0.6J, 16 

43.5.' 4. 

120.5 -0.5 l 10 1 4.2 

150.5 —2.0J- 9 3.0 

308.5 -2.5- 20 1 3.2 

205 -1 »■ 20 : 5.0 

88.5-0.5; — 

X73 +4 £ 12 

1.500 — 5 1 


Feb. £ 

■Pn«e* + or I 4 iv. TM. 
Ven , - % % 

Asabl CHas?. 




Dm .Yiiipci! Prior 

Fuji Pbiite.. 

Iiuiuk Mnton.. 

Hoom Fiis.1. 

C. It'll, ... 












^ ! J-2:d.A.l_.2.7LW 

20 3.2 ; KsQeni LIhH.Ph-. 1.040 
K'.iuhU-u. 504 

K.HI.HU. 280 

K.vcdi*l.'erallii,:.... 2.5c.O 

Malsuslnla Inn_ 587 

.11 11 mi' a-1.: flank.. 279 
Mitsiil'i-iii llesf.v 141 
Mit-ul'itln *.*'ji )•.. 420 

MiUui .v «.'•. 318 

Mit^uK'Rln. 520 

.Nlpll"ll Ili-DKO.... 1.160 

. 2-9 
: 3.8 
. 7.0 




202.5 t 1 

169.5 ^ 0.5 
235 ,+3 
528 t 5 

115.5 t 2.0 
116 -1 

204.4 -3.4 

260 e-2 

296 - l.B 
252 -2 

120.5 -r 0.4 

174.5 -B 
116.3 +1.6 

5U3 . . 

210 -. 



10 , 2.2 

18 ! 1.7 

7 6.0 

16 4.u 

20 3.8 

16 ' £.8 

17 . 3.4 




3 * Z I *joO V 











Xil>yp.i, ^Iniif+u... 615 

Nim«ii Mitur;. 781 

I’i-Jliwi .1.490 

banyi. Klc.-Cric... 215 
dekl.'i 1 l*:e'*!•... . 931 

till in-i-j-j . *86 


1« l«" Ik, Man lie... . 259 

TsLetlm liclnlcal. 316 

TDK. 1-520 

Tvjin. 140 

L"l," Manila. 501 

r ui"Kica*i r^*« >. 1.100 

l'i*uy.,'?»m.- . 258 

I >ift,.. >hil«u<N lu5 

l"!*'. lol 

(cii'ii ''I.J..,. . 838 









■ - 5"' 














- 9 

- 10 
- 1 

-3 " 



10 ' 

20 . 







2D , 

10 : 

11 1 l.i 

8 5.6 

12 £.3 
10 4.1 
10 3.8 
20 l.B 









*-® I Blue Uoiai lud. 

3 -° J li'.'inmiuvlUe C',)<(>cr .. 

2.7 Ui'jteu UfII Hniia-ielHr,' 

0.7 I Lltt an an. 

1.7 '‘'orlron Lniie>i Brewer* 

1.8. t. J. 1 -.-lev. 


C..n*«. I'L'iiiilulds An-.... 

C-"i 1 wirier (SI,. 



'Price”, „r Div. \ 1-L 

I'.’ni' . — 1 rij.% “ 

1 + or 

Feh. 2 Aiisr. S — 

Fel.. 2 

ACMlL i£a i.-enti.i tO.74 .+0.01 

A,"rv«**.Vu*.lxiilw.. 10.83 ' . 

Allied Alm-Tnlp; lihliiF »1. 13.20 1-fl.OS 

-Viwicl Exiilomrinn.• 71-25 1 . 

Vuij-oi Prttrtaiin..' 10.76 .-Ji.ttl 

Ans-x-. Miners.t0.7d !. 

A.*+-ie. Puij, Pn)«*r hi. ' il.U3 i-O.OI 

Auwc. Ju-iuetric-^-• 11.67 ;. 

Aiifct. l'rtinilatirti bircHi ... 10.96 1 . 

AA.I.... tI-32 -0.01 

Uww. , 1.18 -O.ti60.lz ,0.17 

Usucv Um *ilBP..: 3*75 C-y.OSiue 4.80 
liclKu.Miiieina Ol" 1.76 L-0.01 B.12 £,.82 

BiwOP. 1.14-'!.:. 0.14 12.28 

LMj«.Aii,cr. 2.90 ,-0.02 0.20 8.90 

.Maunffsu OP.. 2.18 '-0.I20.18 8.36 

PHn4*» PP. 3.25 ..0.10 i.C.8 

PitvIhOP. 2.15 '+0.2C 0.16 7.44 

A«aLni*uP...| 3.85 --O.10Q.U3 5.97 

VslO Iri-itJ'ft.v-PP 1.68 :.0.13 7.74 

Allltllllou....J lO.*kJ ; . 

Aum. UiJ A ti«v., i0.29 -0.01 

Source-: H 10 de Jan, iru J-P. 1 

•.min* r.ikko Sfvartnas Foam 



Keh. 2 



+ t’T 

Di*. .Yl'i. 

■ % % 

*h'.[*l iFl^d.' 

Ak.*" -KLilM.I 

A Item UnliiFI.IOji 


Aum.Ldi nk < Fi 


IVilraM eet'nhiUHM. 
liiilirm Telicn^lel 
KK> iFi.'am ..• 
Limih S.V.Bisufr 
Lut'd ■•mlVtt'i.fti 

fllrl llnHH'lleiK# 
Hirim-U-li iFi^oi.. 

Hi.i.r. r U.(F. lOOi' 

1.1 l.i.. H'-'lUmt... - ' 

kLM HlWi,.. 

■in 31 .tiler ilKh.. 1 
\Harden iFIIUj...;>' 
Jlitri C >eitUkiF120j 


ow.ii.»i . 

V»n i',niueren...i 
Fliilik** (Fl.lOj....i 

KitbCri 1 (F|X0i., 

IIuliu,t,tFlw50;.... 1 
Iforvui 1 »(—•- 

Uoj/alU utcdi iKia<, 

5 iMs-i-iilxirg, 1 



fnitv. cr /Kl^n..| 

P* 1W 

F r--. 

■ + nr 

102.2 - 0.2 1 24 1 4.7 

22.4 -0.4 • — ' — 
332 1+1.5 6.8 

80.2! +0.5 As44‘ 5.5 
b7.4 +0.4 I 22ft. 6.7 

80.5 -0.3 .' 23 j 3.7 

118.5 +0.6 | 70 ! 5.9 

67.1 +0.3 25.7.a 

251 i+l 121 1 1.7 

128.5 4.6 

62 ... .94.6,5.6 

38 '-0.2 22 I 5.0 

104 i-r0.5 1 14 1 3.4 

25.4 -0,4 '10.26 8.0} 

23 ,. 12 1 

13.7+0.1 1 10 7.3 

127.5 +ui -- t — 
39.2—O.a . 18 1 9.2 
41.5: + 0.S’ 10 2.4 

104.8'... 46.2 4.4 

50.1i+0.3 , 20.8.0 

180.6 -1.0 ! 20 ; 5.6 

IS4.3:+0.1 ;A34 f 4.4 
139 Uo.5 1 8 1 5.7 

4+.51 + 1. , 31 | 9.4 
28 j+u.2 ! 21 1 6.1 

63.5 -0.5 . 16 1 — 
157 i + l ' - 1 7.6 
117 | + 1 

Art*. I.2.045 

B*j. Hr*, taint'... 1,438 

BtrU-ri -B".1,750 

U'.U.l!. C'emeul... 1.150 

CwH'rlll. 336 



Farlinipie Nai_2.445 

(*,«;. luro-Bm.... 1,910 

'-i* men.1.2-0 

H ..1 ,ker>.2.626 


Ki*, in'll sink.*6.150 

1st K"V«ik Uelpc..5,260 

I’an Hnliiunj.2.480 

Hel'.'ruia.. 3.950 

K'.n- lien Uanon*'-2,800 
So- Ueu BelinMU*'1^>80 


Auivav.- ... 2.490 

Ti» iK*n Lie,. - !—. 2.450 

r<.a_.• »38 

L'nMiii.'ltC',.. 718 

1 Icilie llcHiia^ne 1,354 


+ 20 - 
+ 10 60 
.-5 11 a 

.• 90 

;-* 3 — 

-10 177 

Cnjazine ..I 

LviMalu AiuiniUa. j 

Duiil,*,, UublH-r ,F!i. 

BKCOIt. 1 

Kl'lc-I* Mintll.• 

£./.. Indusnies.. 

fJc-'t. Fn.,|a;fljr TruM. 



I.c.l. \iiOrnUa. 

fnici ' 1 '|j*-i-. 

Ji-iiiiin;*> iuilusi .. 

Jl'Ilft, (Dsvull. ; 

Ueliil; V.Mil-irni i'Ki. . . . 

>il 11 H*'Mi lift: .. 

Myc-r kinieriuin . 

Veils . 

Ml-Iii'Ihi InternM 1 -iii>iI.. 
\urlli 8r»ki-n H'*1iii;- lOW. 

Mj sin-,<ft,e. 

‘i.I -tsii.1,. 

IV'iirt-i (.iniiTfie. 

Hci-Whi a ('Minna . 

- I H. I. Sielgb . 


l'.sfth .'ill . : . • 


M astern MlnlB« TsOceiirsi., 

tO .98 


^ 1.85 


7 I. 0 O 

f 1.32 

■ 1.05 

. 0 . 2 d 



■ 1.71 
; 1.87 
: 2.21 




Ke'i. > 

I'liix* , + -ji 

hn-ncr — 

D,i. Vi., 

1 IwlSri, Iia 11 *. 

+B.01 j HirrejaiM . .. . 

1 C*w I ir l„i,lk. 

+Q.06 ■ K-..IIU.-. 

—0.07 , KielHk v«en .. 

! \"*-UI. <n.k..r>.i 

—O.U I 




59.0 - 



0 a 





325 —10 



105ifl . 

. • 



181.0 - 














I Kc& - 

1 Ari-i'.' American Curpu. 

_ __ • Charter Cuiciolidau'd ... 

. 1 East Driv*lnDl-::r, . , 

.’"'Elshuti . . 

+0-K1! Harnuny . 

+0.D1' Kjiimeh . 

+fUH' Kloul .. . 

• j niisu nlxir^ Platinum 
*0-01 1 Si. ii.-lvna . 

1 '» 


■ • (' 01 

— P.o- 
- !.*."■> 

- u.'lj 

- II -'ll 

-'I l*j 

rrs. fill. 
Net -t 


!■*• 20 






tV-1,. 2 

—16 148 

305 5.6 

*2.25 5.3 
ISO , 4.5 
ls6 , 7.2 
.-25 '205 ■ 7.0 
+ 35 A2WJ, b.O 
-75 162 6.6 

.i 60 1 8.3 

:ioo 7.3 







6.6 j liVnie— 1ft.... 

5.8 i \trii|,ieC*cisidVJt 

7.7} \ir Li',,,1 . 

4.w ‘ A , iurt«l“ . 



l,.**.N. tien-ni*.... 



1 . .1.1. .Mcsiel. 

l.-le BniienlnJ. 

I Ini, .'Ituller. 

I'wli' Fiiiii Kr'ce. 
t'rcni’ f Liiirv..... 

1 111 n «■;.. 

1'r. Peiniie*.. 

Ut*n. Oeeidencaie 1 



+ 1.0J • S*,ulh Vaal .... 

+0.01 1 «:,.m fu-ids SA . 

. ■A‘A'1 

-U ll.\ 

Ti. t& 

.t'uinn CurnorattuTi . 

,-0.01-n.; BeC.-r< Del'-TTi'd ... 


■ ic I j 


-O.Di: U!jverjru,uicii: . 


—Ii.ll 1 


-3.Uo , Ensi Rand Pc*-. . .. 


- ■! .*« 


+0.0* f fftv filj.V I'-L-aukl . . 

... >.:•» 

— J\./M 


-j.ui . rr.. 5.1 del,! Ernml. 

. ;; eii 


. 1 Pr.-jideut Sit yn. 


•rO.Dl ' SlIUOTMCiIl . 

1 ^ 

+ ii.n*. 


+0.01! u*i Ikom . 


-O.Oljwesi OrieloiiKin .. . . 
W*.stern fluid 11155 ... 

I iVevlvrn D*\p . 


- n 
+ u .m 



1 + ,.r I Div. Vl.l. | 
- jtr,. H , 


4- or 1 Div 


Fe»». 2 

; Fr*. 

- ; % 

' i 

130.6 +0.2 
Ljfi-fl+O.a -A50 

A2fi.2' - . 

_ ; 5.5 11 AluniinUiiii.. 

7.9(UB'- 'I'- 

147 .... 




8.1 i '-il«Ociirj<t'r.Uw 1.225 
3.7 1 D-jc 11. (.c-tn .- 990 
0.7 1 Uic Ifetfi. 

122*2 +0,6 1X31.8' 6.8 . 

42.6 —0,6 1 20 , 1.1} hl*s-m.i*«rt.1.800 

403 i—2 I 32 ! 4.0 



! Price ; + or . Div.. Ykl, 
Feb. '£ ' Kniiier, — ! % '■ % 

Biinii''lr1Vji,s .... 

Daiiskc Utuik.j 

Fju.1 AtiotWCo...; 
f.ft*. Biy gftencr..i 


Hainiv 1 ** 111 *; k ..... 
Nunl KnbeL. 


Fri' rtUmnlt.......e 

Pm+in?tanli . 1 

Jiijit.. Bc'reiKlften.' 



140V . 

435 ,.| 





79te—i, I 
13210 + L* ; 
2541*+l« 1 
2561;'— 1 I 
901, : +11+ I 
1361,1 + 1* I 

1425,- . I 


1881;:—li; I 







8 (10.1 
n ; a.3 
12 ! 4.3 
12 1 4.7 

n! a.z 
n 1 7.7 
18 1 3.3 
18 : 6.4 


1.400 + 20 

.1.750 + 35 

+ 45 
+ 20 

Plselni’iiieuiBtri.. 560 +10 

UftllirMiifi.i-riii 91.000'. 

1ft,. IrltlkJl/ -9.100 

blrfliiil H.......■..3.425 

Jciiiinii fFr.KlUi...-1.6Q0 

I Nellie ... 

! Hep..2.345 

Ocrnkgu-U.(t ^-'^.455 
Pirc-lli SlftF.lWi. 299 
tfainJtv.. iErJ43U!..|4,050 

ri.*. Hm tlert*.., 515 

Soli i»i>l icr (. 314 

SaDer (-D. (FJUa.i| 386 
iiviuiir 1 F.3nll853 . _ _ 

Swift* UanMF.KXJ;: 420«fl.' 10 < 2,3 

5wiw like F.*0j.. 5.025 -25 40 2.0 

i Uhimi Bank_,3.435 ;* 30 i 20 j 2,9 

Zorich Ins.—.(11,800 l+125 ! 40 1.6 

I ■' ■ 1 





16 O 






I 4i.. U.6 
|2Ua 7.1 
. l IS. •. 

■ -5 

1 + 2 

1-5.9 i 16.5 7.0 
+ 0.5 24 = 7.7 
-18 IU.(6 2.4 
—6 9.4 
-8 137.8 11.7 

-40 60 5.0 

'-10.5: 27.6:11-0 
—44 I n-,2. i.B 
222m— II 12 • 3.4 
305.H-7.4 6.3: 2.1 

1J4.3’., 11.1I0.Q 

50.5—3.5 [ 12 23.8 
432 -8 :l6.0fi 3.7 

94.2—1.8 114.10 15.0 
178-u,_S«.2fi. 4.6 





:+10 8.67 

! +15 
■+ 10 







1 A+i*|iI»fl 

-ft Traded. 

T Hm ' X“hMt 

i'i\«w <amx 



FHc 2 

Price I 

Lire ' 

+ ;Div. XU. 
nr— L*ifc. % 

Feb. L* 


1 "-•lirHUSlall ... 

••ei,-- in. 

-.. . ... 

*v 1 nk'inlpr. 

'i-’l Mwilii'H. 

350 ... 


577 -1 

91 +1 

197 - 2 
330 +6 

Ante.j 133-25 T 1.Z5 — — 

Utst'tiia Avic . 1.000 + 80 1 120 I2.M 

IJ|»:UX.'1. 410 '+11 ; - 

Fint. -.1.934 : 4 .14 , 150 7.7 

_j l)>', I'm*.1.529 -4 'ISO 9.9 

ui Di\. V 1 . 1 . Fuificlvi’. 82 —0.25 — — 

. i I liali-vnicnt.10.240 +130! 200 2.0 

--! . 128 '■• 1 ■ - - 

£M \teilu'Miic<i. 31.900 -620 1.200 5.8 

3.4 ! M*.ill'ci1 1 > >ii. 146 -3.7a — . -- 

B.41 CMieiii I'riv. ' 770 +5 . - — 

- il'iiniiM." .. 2.079 . 110 5.7 [ F'lr-in .-iw. . . 1.022 +12 SO 7.8 

6.1 «uu\itec«r.. 490 +41 

. 10 

i 48 

I metal.-...I 

Jhi-ii'M Burel. 1 

Lhiii-p .1 


U-pund..-.-1,151 1—39 |31.95 2.8 

Maiw-ns Phcnls...- 604 1—31 \ 19.9, 6.6 J 
MH*JiellU" l-fc6 |32.Bb 3,2 
320 -5 ; 12.6 3.91 
129.5 -4.6 3 2.3 i 

la5.5—1.5 llB.Sfi 14.7; 
65.0 -2-11 7.5 11.5 | 
185.14!-2.4; 12 6.5 

250 — 10 . 1 ; JS e.o I 

65.3-2.B - 
292 -10.5 25.6 B.7[ 
478.5—1.6 I 24 5.u 
50.1 —1.85*. a 17.8 


AF.CI . 

AAmur, luduiirul ... 

Harlow Hand . 

i.:.N.i Ioi> ;iinoms 
curtw J inaik*'.- .. . 

Do Bceri Ir.dustrla: . .. 
Ed^ar* i:,jDSDld. I 11 V. .. . 

Edgars Siaros .. . 

Ei. r ft..jdj* St . 

I'.Jorelo l'nffrbek'nii< 
Orcatornuiis Stores . .. 
r.uardJao .\.'Suraiu.c ■'( 

liulctts . 

lta . . 

Mvt^mhy Rodway 

NodEank . 

11 K flaMnn! . 

Fn-nuor Milting .. ... 

rn+ons Conioji . 

Proi-a Koluinus . 

Hand Minis Prof.r:^* . 

R+mDraidi Group . 

Pet 00 . 

Sayc llolcungs . .. - 

C. G. South Sugar ... 

50.1—2.3 iS.ES 10.5 
86 1-4-9! - - 

la5^ -2^ 16./? 12.4 

446 . —27 -16.30 3 6; Sor- c .. 

.. .... _ _ BrrworifS 

Tlser Oai.< und Nat. MlUi- 
Uaisec . 

11 :■■*, 
•; an 

-I IJ 
U. 41 * 
I T.I 

.*0 6.* 

•: ii 

n .V, 



- o.+j 
-11 05 
-», 1 ; 

- n.i»; 

- 0 ,* ■ 


- n C* 
-II 10 
■r il.U.1 


. ili.uhnex. 

2-2 1 Penlai.. 

3.4 1 Pn.1 11 lie?. 1 

3.a I IVni'.1-lJ,L , luiid...l 

2.8 lVii;init.L'iriiivu. ‘ 

a 4.3 | l’.a-DUl. 

550. 0.6 j Ite-Lu. Tci-bniqne.l 

0 . 61 Mt,k cite) 




Securities Rand U.5.3 

+ .1 lu 
+ W.c. 
” 0.01 


- 0.01 




February “ 

AsIlhiU . 

Iif.x.e P-mlfile....; 50.1 -1.85: M 17-8; IhMi,' 

•■ii. Uiteiu. . 110.6 -2.5 IlS.fia 12.4, r -S 

js •-+*».>■“? -»»1S-JB SSE5 e££r 

IvtenrttmiiMiim...., dUO — J. \ Kan” HL-piiuo 

lh»m>.iu iiruiit.; l24 —2.4 (15.15 1*.3 ; p. anil j i n j Cat. iluOOi 


18.1—0.4, - . - 


F«b. 2 



— i Ivr. 



AO.I Alt (Ki-M/.J 
Alia larHLBiKrbOi 
ASEAtKr.W. 1 

Atlas Uvpuu(KrfS» : 
Bit lent'I.. ■ 


L^nl»« . 

i.'rilulicsi. I 

feVei-l'/'i* 'Il'ik'.J 1 ), 
Hru*-j>u Ml'i.ftroci 

K>-<.*l'* “IT.' ' 

Fsuerytu. ' 

Irnmaiw rli+e,..^ 

MumIaiii .■ 

lit,*li Doni'i*,.. 

+en,li*il, A.l>. 
-.b.k. ’ll' *vr+. 
+k„n.' hii-kil><e . 
Ih.i.MU ‘IV kir^.i 
f'.(i>i*ti,'tm. . 

Vunu iKx. ffii ...... 


16u .. 

91.5 .-1 









— B 

£30 : 



^- 5 ! 

86 - 








271 ; 


3.5 ! 






i 1.5 



2U ' 




70 ' 


6.4 : 

1 **4 




- 2 








- O.J . 

6 . 


_ 1B. lnd. MedneirancC . 

(L'afto! Pupu/ar ... 

Bam ft SamninlLT ■ .30 

: Bailee L r-iililo * 1 . 0 tw 

• Bunco Vizcaya . 

,, - v v- i Baum 'daraeozano 

Uiv * ; lUnhimoft . 

« ‘llanm Andolucia . 

TT i Eaboick tt'ilrni 

l' 1 at . 

3.3 [ nrjEadnfi . 

“■5, t. I. AraeoucsuS —- 

'‘■0] E+saiiolu J-.iiic . 

7.7 F.ipL Hut Time . 

heoa ii.uiwi . 

I'enosa >1 .. 

i':»L Predudus . 
tinipa Vvlxttiucz 


1 iJnrrn Peumdas 
Curru, Paiulvr.’i 

*••'-*.'iii a 
!• I'Cuf.i- .1 
f:irr!,s iluv-.i'U'-n 
Till,lie. *. 

Union tier. .. 



> 6.8 




l 6 ! 





p.*r r '.-ni. 












104 25 

- 70.50 


+ 1 
- 3 

- j 

- i 

- 1 

- 3 

- 0.50 

- 0 75 

- 1 

- 0.25 

+ 0.2S 

- 0.50 

- 1 
_ 7 

- 1 


.+ 0.25 

Financial Tiffins: SndafcI 

decline at 



SEC probe 
into Sun 
Becton bid 

PRELIMINARY 1977 results K^U^^lsTr S 

VWEt SSE ?w TA Z . r ■ _ 

al%^T The^final' prnflt 'figure! me” hond^'This was counter- Deposits from ' tie savings 
however is boosted lo KT.ilm. balanced by a 46 per cent rise baaks rose by Kr.714m. to 
bv the earnings of the bank's in other income to hr.67.6m.. re- Kr3.65bn., tie bulk of the in* 

WSSSrt EftiSSS Z'X^- c „STc 

S& ^ sw* e&je mms 

budget deficit 


Korsnas-Marma setback 


Loans to tie public grew by 23 
per cent to Kr.2.4bn., a_ large 
part of the increase being in 
housing credits. The business 

share of tie bank’s loans port- 

BY OUR NORDIC CORRESPONDENT a „u 4 * — --- -- npr - n * 

KORSNAS-MARMA. the Swedish gloomy ijiid™ durtafSe year in line with the 

pulp and paper company, con- «ina.ns ome Jon- s“viu|i banks’ aim of extending 

siders a further drop in earnings ti^wedidi pulp ana Paper Attending to Industry and 

inevitable in the current cerns. It aid not =.o in xor »««■_ - c^,^h«intin-nas Bank 

financial year, as long as'tie "S* S m^Sage^mor^foSgn loans 

StfffmVwSlS Sd to 4e n u d p large foreign for its busines customers m 1977. 

- loans. . • 

It has retained a high level of SAS appointment 

liquidity, reflected in the fact 
that it showed a net financial 
income of Kr.5.3m. After bring¬ 
ing a new paper machine Into 
operation in 1976. it has curbed 
its capital investments, down 
from Kr3Q3ra. to Kr.lSSm. in 

1976/77. _ ^_ 

s in yv cat The low foreign indebtedness years in the job 

paper sack meant that tie comply hw not The change brings a business- 

factory. a field in which tie been badly hit by ihedev^uation ^ t0 rep i ace a technician. 

Swedish company is particularly of tie krona. wholly although under Mr. Hagrup, SAS 

strong. The board proposes to devaluation loss hasten wrw y been Qne of ^ few wor ]d 

w in UKtamrt dividend el S.&s ^n« ‘S' dirUden nonsIMenUy In show n 

moderately last year. P rofit 

settlement and exchange rale 
developments will determine 
performance, the management 
states in the shareholders’ report 
for the year ending August 31. 

Korsnas-Marma's earnings 
tumbled from Kr.l75m. to 
Kr 79m. (£8.8m.1 in 19 1 6/77. 

while sales rose by 7 per cent 
to Kr.962m. (£107ra.), boosted by 
the inclusion of two newly 
acquired subsidiaries in West 
Germany. One is a 

THE BOARD of Scandinavian 
Airlines System (SAS) has 
appointed a Swede, Mr. Carl- 
Olov Munkberg, 49, to replace 
tie Norwegian, Knut Hagrup. as 
managing director, when 
Hagrup retires in October after 

BY STEWART REMING _ - , { -.’i . 7 ;. *•' ' ■ V - V- :.- s :zW£ r . t . 

„ Fb . ' 
WASHINGTON, Feb. -. b cer industry has taken 

THE U.S. Securities and Ex- on tbe 1977 profits of 
change Commission has Scb ii te Brewing Company, 

ordered a formal Investigation last y^ar tie second largest j ng inausrry nas wcu. Schlitz’s ,__- - -_ . _. 

of Sun Company’s recent pur- brewer . •’ into disarray by tie entry into m iSTS. hears has been anobjeeti . 

chases' of Becton Dickinson compounded by an un- ^ market, and subsequent phe- anaisste are-ti new product 

shares. Although SEC interest greeted, and heavy-Wurth quar- nom ehal growth, of tobacco Bwertna Junausmr a“agsa w a .-sophisticated. tobaccof 1 . cotta’, 

in tie acquisition has been ter i oss 0 f 84.8m. against a sUm gtant philips Morris’s brewing nowpremctmg-tiaLfine “ ps tny- can . i> e expected to dfriri&L■ 

reported, authorisation of a pr0fit of S865,000 in the fourth labsidiary Miller Brewing. between, the.^£i£Philip MOriis" epetwdvw? Ifi 
formal investigation represents 5 aarter of 197£ tie company . ^'ani* bou&ht Miller 

a new development. profits for 19T7have ^as only tie irSd^mSkS' 1W3 for-tic industry-as. a YrtWi 

The SEC offered no clues about from S50m. in 1976 to only $20m. 2Libert U S brewing cwi--^ ^f'* 0 2t.ilSSS'"estimates - suggest - th 
its Interest in the Sun move. Sales revenues also declined from eighth shares) will t ^ nrflSiliw°of these beets will captor*... 

merely noting that tie com- S L2bn. in 1976 to 51.1bn. .last pany- TheSKias g*«®2 A oa tlJSffiSEl e* «.«[■: i 

SL Mi °Vv" e n Respite these figures Sehlitz & X 

circumstances of these pur- wa s tie most active stock onjhe its promotionof tie SartSfe companies tiost likefrtq ’ 

chases” and that following tie New York Stock Exchange today cigarette, coupled with Mangmg f ur ther -from the fight, paw .Busch and Jgler. - 

Srs report the commilsion ^rumours about a possible consumer tastes, has lifted^er becaU se of theMncrease m rapa- tie it total 

aSoriSd a formal investiga- merger strengthened: After tie to third place m the terng city wbicb is coming on streanx jnst oyer .. 

tion to determine whether company’s stock closed at 1SJ up league wlth RH at its plants and partly.yhecame perhap^one-Jm£by ; . 

violations of law have occurred. 13 , Mr. Daniel MeKeitian. the anaJj-sts confidently . 0 f a marketing strategy which e at; into tie martot ^stos^ 

A spokesman for Sun Company sehlitz chairman denied that the tiat ttai year itjtrill eari 7 analysis sajrhasuot worked and their n 5 a ^£r»jrpw« 
said the concern is not sur- company was Involved in ai^v SchUto ftom is in. tie process of. be ^ Pa^t andAdpIph 

prised that the SEC has merger negotiations and said That ' 0 “J den ^« ‘ n . changed. . -r-■ .r; 

JSered the Investigation. that it had no knowledge of any part °n tie P^^JJgL 0 ' - It fe argued that the two ' flSS* - : 

It is only natural they would pending offer. The company dis- Miller. I ^ st . h-n-rel- leaders wUlnot allow beer Prices backtiey^ay^nd: _ : 

look into a transaction that & ose dlast weeend that it had had 43 per cenL«-ku'ffidenUy In _ tie.seWes, 

appears to be controversial, preliminary talks - vnth.- R.' J. age a f ai ?*J * n 2 ; • SaSnal brands for Sehlitz to ^onOTxneTHjriented corporati^ - 

he said, adding that “we feel Reynolds but no offer had been ^crease of ooly 2 per cent ™ n ^ ast : of costs..Mean-;,for help; l--*- 

our purchase was in full com- m ade. Other company names Miners success has brought 11 Reep.-av . •• • •. . . - 

pliance with applicable State 
and Federal securities laws 
and we believe the SEC will 

unchanged dividend 01 
Kr.8 a share. 

Despite its profit slump and 

Oerlikon plans 
dividend lift 

ZURICH, Feh. 2. 

AG the Swiss-based arms and 
engineering products group, said 
to-day tiat it planned to increase 
its dividend for 1977 to 15 per 
cent, from tie 14 per cent, paid 
for 1976. 

Consolidated group sales rose 
15 per cent, in 19m, from 
Sw.Frs.2.35bn. in 1976 to 

The company said that the rise 
in sales improved the profit 
picture, but it did not disclose 
anv figures. In 1976. the company 
reported a consolidated net 
profit of SwFrs.157.8m. 



Another sterling issue 


denominated bond in 
was announced yesterday: 
£ 20 m. 10 -year bullet with an in- 

sterling- tinues to be very stron = 
*M hours Deutsche Bank is to arrange 
a DMSOm. convertible for Fujitsu 
Indicated coupon is 4J, and con 

£ 20 m. ltf-year ouuei wilu <ui 

dicated counon of 10 per cenL version into ordinary snares am 
fnr INA. thp P eiant U.S. insurance be possible from June 1. 19/&- 

for INA, the giant 
company. Lead manager is BJytu 

UCX) textile stake 

UCO. OF GHENT, Belgium, has 
acquired a 20 per cent, interest 
in Malta Spinning, the former 
Phoeaix Textiles factory which 
two years ago came under 
Government control, reports 
Godfrey Grima from. Valetta. 

The ' consideration at which 
UCA acquired their shareholding 
has not been disclosed. 

Last year, the company showed 
considerable improvement, with 
exports growing to more than 

After the DM 200m. bond for 
SSn Dmon^^in 6 whichlNA New Zealand due «, day now 
has a stake. Joint lead manager Commerzbank is “P'gfjLl? 
is Morgan Grenfell. bring a bond Tor a Brazilian 

The announcement of this new bo.-rower 

prii^of 1 th^ Rowntree Xk^ SwJrUJOm^ 

® K. Pr% a| P- 

inn hut fell back laier in the day Lead manager is Credit Suisse, 

to 99X. Further announcement MitsubisW 

of new sterling bonds are ex- will make a Sw.Frs.S0m. pnvat 

pected in the next few days J*SS5 5 4 ’ Ser cent and with 
Tho dollar sector remained coupon of per cent, ana wu« 

firm, with prices edging up a a i-year ^ from 

lirtle nn tie dav The coupon C.haiies. Batchelor aaas lrom 
nn the ■560m floating rate note Amsterdam: Norges Kormnimal- 


to 5 Sr cent and or 7^ per cent The management 
priced at par. Joint leadsman- group is led by Amsterdam 

lSc^fh^SSS n A Lux.Ff.50nm. S-year bond 

3 The Deutschemaik sector had carrying a coupon of 8 
another very good day. The in- has been pnjed a ■ P-f and a 
crease in secondary market quarter. _ The borrower js 
prices sinte last Fridav has been Aluiamj SA, and lead manager is 
Setw’en I *nd I pf a point. Kiedietbank L^ 
Demand »or nev; issues con- _ace _ 

NEW -T«)RK^Feb..2S;: 1\ 

find as much/ 


Poor fourth 
quarter for 
Dow Chemical 


NEW YORK; .Feb- % jvolume rise 

advances on r 

irt.?. -- 

. ‘ i- ' - \ t Robert“GSibeiis i e'-ri 

rur rs accountinK profes- thev are very likely to constitute profession and staffsI from^th* ; M ONTOE AL^ : Fd>. Sg* 

lEn's nrooosa^for tougher self- a violation of tie anti-tnist laws private sector but autiomed to algUMA ; STEEL, ■. itie 
regulation ^ave come under as restraints on competition. conduct review ■ - l«Pd Canat^^eel jirpdui 

attack at hearings before Con- The current SEC chairman, profession- under- SEp re.vifiw. • WB ^ altalBg in p&ae,,, eac 
attack at “"gjf ittees to Mr . Harold Wiliams, favoured ^ September, of last .year^ Qtofem: or SC2.6^ a sbarejS 

MICHIGAN. Feb. 2. 

DOW CHEMICAL estimated net weeb __ 

income of S566m. or S3.0L a Washington this week. £,^7 self-regulation effective 

share for 1977 compared to xhe former chief: accountant be f ore passing legislation' and aoour 

$S13di. and S3.30 a share in 0 f the'Securitira and Exchange arcue{ j ^at he believed the pro- regulatory pro< 

$6^3bn. up commission Mr. John C. Burton. fe ! S j 0TJ j s capable oE effective intensified in the. 

_ _ favoured September. ... _ __ _ 

giving the A1CPA more time to fnuoTJinp years -of - -, criticism 1977. agaitist a restated 5C242ti»r 

' - , “ w “" the profession’s ' seU- or SCL72 in l976 (Hi rerciuies.df 

he wake 

from S5.'65bn. who is currently a professor of self-reguiationT But he warned of corporate j'jiittres "iffected warnings:- out. staler * 

For tie fourth quarter, sales are finance and accounting at ^ commission is not able to tnud *“d,thji 

expected to be Sl-ogm. and Columbia University, described « whoHy satisfied” vfiti the bnbery mdtmtter operatmg/effifcie^: 7'^' 

earnings S104m.. or 57 cents a tbe professions' proposals as t th at baV e been taken-so proposed a stricter seif-reguia ana w* 

1976. Sales were 

share compared to S1.46bn., •* significant,” but added tiat 

S149m and 80 cents a share “they must be characterised as 
respectively in tie prior year, insufficient." 

Mr. G. J. Williams, financial 
vice-president, noted that 

Mt- Riirtnn armed that 

tory programmp. 

Representative John E. Moss, gramme require — 
chatomS of the House SuV review each , others -auditing 

the committee on 


usual reduction 
year-end inventories. 

National Bank 
of Georgia loss 

Op timism at Northern Telecom 


ATLANTA, Feb. 2. 

NATIONAL BANK of Georgia _ ^ „ tpc are 

expects to achieve profitable SIGNIFICANT _ growth ti e 

rS“p. ’Slff-JETISS Of Recent A_ nations 

the J , “ kam, ;“ c 8 d a 19771085 Pnrgcnt Wephine , . 
of $1.74 a share. been forecast for 1978 by Mr. mgs. 

Primary reason ' " ' __ 

Guidon declared, was. an in- “ He told" a meeting of financial — - - . 

Toronto tiat tie planned with tie order 

TORONTO, Feb; 2. 

ROYAL TRjlST. CanafitfS ’ 

‘ financial j Jeongjomerate^'ifffi^. 
offices in the'.-TTS.; and Etgg ; 
earned $ef8J5m. ■ or -KUSg?: 
share in -1977, against .SClSJgfejr: 
or $CL78. . " The improvemrat- :' 
over tie iast ; .: three quatt^L^; 
" indicates ‘ a return fa; 19S81&'‘ 
tie iongrternr a gnw?ti; p™^ ; 

The National Bank 

of Australasia Limited 

Highlights from the Chairman's address 


The importance of 
establishing guidelines 
for growth in the money 
supply lies in the 
element of discipline 
introduced into 
monetary management 
and, indirectly, other 
arms of Government 
policy. This is vital 
during periods of 
instability. However, it 
is also important to 
ensure that growth in 
the money supply is 
not unduly depressed. 
The Reserve Bank is to 
be commended on the 
easing in bank lending 
.guidelines which has 
•been permitted over 
recent months. This 
action is entirely 
appropriate in the 
current more stable 
environment and will 
make a positive 
contribution to 
economic recovery. 

Business and 
individuals must be 
accorded sufficient 
freedom and permitted 
adequate reward for 
initiative and enterprise. 
This calls for lower 
taxation. Taxation in all 
its forms increased 
from an average of 25% 
of national income in 
the 1950'sand early 
1960's to 32a% in 
1976/77. Much has 
been done during the 
past two years to arrest 
the encroachment of 
taxation on the 
community but the 
burden of taxation 
remains too heavy. It is 
important that the 
current policy of 
restraint on Government 
spending be maintained 
in order to pave the way 
for further reductions 
in taxation. 


There is no single 
factor more detrimental 
to Australia's 
development and 
prosperity than 
inflation. Considerable 
progress has be_en . 
achieved in overcoming 
this problem but the 
current rate of around 
8% per annum remains 
far too high. We should 
pursue the goal of 
reducing inflation to 
the levels which existed 
for much of the 1950's 
and 1960's, that is, 
about 3% to 4% per 



1978 will be a better 
year for the Australian 
economy. Current 
economic policies 
which are designed to 
restore stability and 
encourage enterprise 
are undoubtedly correct. 

price increases and 
investment in the 
nation's manufacturing 
and mining industries 
is getting underway 
again. These 
developments augur 
well for a renewal of _ 
overseas investment in 
Australia and an 
improvement in the 
balance of payments. 

The Bank has converted 
its representative office 
in New Yorktoan agency 
and established another 
agency in Los Angeles. 
These initiatives will 
enhance our ability to 
mobilise funds for trade 
and capital settlements, 
"provide short term 
trade re-finance at 
competitive interest 
rates and assist in the 
introduction of 
potential customers. In 
addition, a 
representative office 
was opened in Bahrain 
which will enable the 
Bank to provide further 
service to customers 
with existing links in 
the Middle Eastern 
• region. 

Significant prpgress has Melbourne. January26.J97& 
been achieved in • * ' Sir James forrest, . 

containing dost and ‘ chairman. _ 


1977 1376 

A$'0QQ A$'00B 

Group operating 

profit ~ 42,708 37,903 

Total group 

assets 6,512,403 5,610,386 
Dividend per 

stock unit 14.5c 14.0c 






S5.2m. in 1977 from S1.7m. 

At the year-end. loan loss 
reserves were S2.4ra.. 1.04 per 
cent of outstanding loans and 

The bank was formerly headed 
by former U.S. budget director 
Bert-Lance, who owns 60,000 
shares. Last month. Lance 
sold 120.000 of his shares to 
Saudi businessman Ghaiti 
Pharaon, who is expected to 

the county ttjmwsg. '■m 

company, has positive contributions to earn “ the company today Garter Hawley Hale Staips,:toe*r • 

•ssl*!* satins ssiissssfi? #*38S sp sasisssa 

an in 

crease to S6.1m. in loan Ioss analysts 
reserve last year 

1976. Loan losses rose 

municauons iuuusuj »» - - , -_ .■ _ 

being used up and tie company’s said tie company is going to Quebec. 

Reuter from Ii>aj;ftnfeeles- v 

. *i- - '■ 

to 60 per cent of tie bank's 
outstanding stock. 



PACIFIC FAR East Lines filed 
for protection under Chapter 
11 In Federal District Court 
here saying it was unable to 
pay its debts as they mature. 

Bankruptcy Judge Lloyd King 
signed an order allowing tie 
company to keep its assets and 
to continue operation. Under 
Chapter 11, a company is pro¬ 
tected from creditor suits while 
it works out a plan to pay its 

For tie nine months, as' pre¬ 
viously reported. Pacific Far 
East had losses of 614.6m. on 
revenue of S115.5rn. compared 
with a net income of SL 2 . 1 tn- 
od revenue of $85.7m. a year 





Fourth quarter S 

Revenue . 1.24bn. 

Net profits . 34-9m. 

Net per share... 1-30 

12 months 



1.04 bn. 







make a public offering for up | Revenue . 

Pacific Far 
East Lines 

Net profits .>. 

Net per share... 

4.61 bn. 

Fourth quarter 

20.5m. iRwwue . 

0 . 74 Vet profits . 

I Net per share... 

4-i2bn.lg e ” v SSe . 1.79bn. 

Net profits . 88.4ra. 

Net per share... 5.62 











Fourth quarter 



Revenue . 



Net profits ...... 

2 Rm. 


Net per share... 


1 . 0 S 

12 months 

Revenue . 



Net profits. 



Net per share... 






Fourth quarter 



Revenue . 



Net Profits. 


20 . 8 m. 

Net Per Share 



Revenue . 



Net Profits. 



Net Per Share 











Revenue . 



Net Profits. 


3.2 m. 

Net Per Share 




Revenue . 

—_ . 


Net Profits. 



Net Per Share 






First quarter 

Revenue . 




Net profits . 

13 Jim. 


Net per share... 





. W74 

Fourth quarter. 


• S ' 

Revenue . 

. t 


Net profits 

72 Jm. 


Net per share... 



12 months 

Revenue —. 

' t 

. t . 

Net profits .. 


108 . 0 m. 

Net per share... 



t Not given. : . 






Revenue . 



Net Profits •... 

6.8 m. 


Net Per Share , 




- 517hl 


Net Profits 



Net Per Share . 




1977 - 


.. S 

$ ■ 

Revenue .. 

l.Obn. 954J0m 

Net profits ...... 



Net, per share... 


: 0.43 


Revenue —.... 

• 3.9bn. 


Net profits . 



Net per share... 






Revenue- .-.....-.i. 116J2 hL.' 

Net profits--*...4Jm.:' 

Net per share...' '- 033 

Revenue ...- 4G&ltu. -44Mft. 

Net profits WSreg. 

Net per sbgre... 2.06* 



-- S. 

•••••• ;19H. 

Fourth quarter s ' 


■Net Profits \26-8 ; ^ 

Net Per- ■- Share 0^. • i 


Revenue’ zL-zzx 
Net Profits:.--^ WJSm.; - - Q**: 
Net : Per Share 3 21 . .tAv 


.Fourth quarter' 

Net Profits 
Net Per Share 




640A ’ “57^- 
264tau^ .Mr 
oxn _ .- is&K 

. jlfl- 

- 2 Jbhl 5 

Net Profits: W«t 
Net Per Share.' 

- Lo*»—1STC saw 

of *■ fonnh qwi«v■ ;- 


Emerson peak 
first quarter 

ST. LOUIS, Feb. 2. 

IN THE first quarter ended 
December 31, 1976. Emerson 
Electric Company earned 
$32.4m. or 56 cents a share on 
sales of S409.Sm. The year-ago 
figures are restated to take 
account of acquisitions. 

“ The first quarter gains, the 
best for any quarter in tie 
com pany '5 history, were 
broad-based.” said Mr. Charles 
F. Knight, tie chairman. 

He said the company expects a 
good second quarter con¬ 
sistent with first quarter 
trends, and predicted record 
sales and t earnings for tie 
fiscal year 1978 ending Sep¬ 
tember 30. . . 



CIT Financial 
slight fall 

C.LT. FINANCIAL Corporation 
reports fourth quarter net in¬ 
come of S23.97m. or $146 per 
share against $24.47m. or S1J8 
per share. 

The 1977 quarter net income was 
struck after a. loss from discon¬ 
tinued property and casualty 
insurance operations of S675ra. 
and after an unrealised foreign 
exchange loss of $2.58ra. 

The comparative quarter net 
income was alter, loss from dis- 
, continued property and casualty 
insurance operations of $905,000 
and after an unrealised foreign 
exchange loss of S4.08m. 


has acquired more than 97% of thq 
outstanding Common Stock of :/ 

Alcoa Laboratories, Inc. 

The undersigned acted as fmandalsdvisorioNea&e SUL-S y; 


Lehman Brothers 

Jacoapor a ted. 



T 0 K 2 O- 


February 2,1978 

■I ma - vr - 

•' .... i »cr*? •_,, • -‘-.’/ju- v-t fy ^ 

c, -.y. ; vy- r .: - y \ 


Mr s **•!!• rV.. • 

,' a l ,r : k r .BYIONATHANCA^R^:"" / ■ WTOH.! 

European industrialised 
from more 
45 per cent. 

marked by new 
on the 
llie com- 
is sceptical about 
suggestions that it should buy 

mio re l a lively large U.S. con- 

coma, u* German companies in 
several other sucioi-s, arc doing. 
Or. Plctmer nm»'d that what 

was possible in the sicel or 

e>o easy 
However, it is 

tel rn:>ri-:,..' J l 1 *.^ 1 ^ -?* ^ rst giiffice ratio 0 f about a per «nL That 

r one.';,;-, 1 fli ,vrfWW in‘hi^.un ht •-a particularly "jatisfactory 

occ-h:,:>r 31 figure, which Siemens has neared 

profits'roseto DM145in rfrom °°£? , iT1 th« : past decade 
^?r 1 n-.-M. dlS6m. In the game- -period of -1 Siemens is c|parl>; preiiared for 

r.,>. 3 Previous year, on'iaies. .^ 0sse5 from- KWt3- for several 
■ d EMS.fibn. Turn. - vea « to come, tfapugb no onr * ,. ,n we , 

can.-ot ^er growth of about 5 per cent' Prepared to guc& lust how many ? eld **» n01 

Jh< -. ^r'the uhnh .vnr u years. But two Mints are worth ,r ? S| t | wens own. Hnwei 



=k ;h.. 

INDUSTRIE Buitoni Peru&ina, 
Italy's largest private foud and 
confectioner}’ concern, was hit 
to-day by widespread labour 
{unrest following the breakdown 
of talks between the company 
and trade union representatives 
last night. The talks centred on 
the company'*’ rationalisation 
plans, which include proposals to 
lay off some 1.200 of Buitoni’s 
: 6.800 employees. 

1 Uncertain market prospects, 
especially in Italy, and the rise 
I of company indebtedness are 
/understood ’ ty be among the 
j principal reason-; behind the 
i decision nf the croup, to reduce 
. its current power. Turnover J> 
-expected to totai next year more 

than L45flbn., or about £300:u. 

Among the company's 
rationalisation oiuns is the 
closure of its piani in Aprilia. 
which at present employs 200 
people, and the reduction of the 
work-force in two other plums. 
Buiumi’s overall objective is to 
effect a saving of some Llabu. 
(£10ni.) (his year. 

While agreement was reached 
last week between the labour 
unions ami the Stale hpjding 
company. JHi. over the rationali¬ 
sation uf (lie St.siv fond and 

confectionery interests srouped 

up jo now in »hv concern, 
there are (ikeiy to be greater 
difficulties out Builuuj'f 

;THE WIDESPREAD drought in 
j rural areas of Australia this 
: summer appears to have claimed 
'its first corporate victim. Chani- 
heriain Holdings, a Perth-based 
manufacturer of agrietul rural 
1 equipment, partlv blamed the 
: drought for its plummeting pro- 
j Stability in the July-Deeeraber 
half-year when earnings tank 99.S 
! per cent., from SAS.lam. to 
; SA7.000. 

' But the news for shareholders 
•was tempered by the directors’ 
• decision to hold the interim divi¬ 
de!] t at 4 cents a share in antici¬ 

pation of improved profits in the 
second half nf the year. 

The company said the result 
reflected the competitiveness of 
the agricultural machinery mar¬ 
ket which had fallen signifi¬ 
cantly due to the drought and 
economic uncertainty' in the 

An increase in the company's 
share of the smaller market was 
achieved at the expense of pro¬ 
fitability. hut it was believed 
profit for the Tull year would bs 
adequate to cover the normal 

SYDNEY, Feb.-2. 

dividend of Id per cent. (8 cents 
a share* for the period. 

The tiny profit came after an 
II per cent, dip in sales 10 
SA44JSni., and was supplemented 
by a capital gain of $A 15.000 
(last year nil). 

The directors also pointed out 
that devaluation of the Aus¬ 
tralian dollar in November. 1976. 
had created demand for the 
group's products at pre-devalua¬ 
tion prii-es in the previous cor¬ 
responding period, while no such 
distortion h^d occurred in the 
latest half-year. 

Herald and Weekly Times gains control 



m... the whoft year is expected years. But two points are worth . • - - 

' *■■ inflow of order* rose to making-. Overseas . business. g*. K, r f hac by the end of thin year 

nln t37Jbm 1 from-'I)M6.8biL /with already shows, that technotogi- f lc, nens will have taken a 
Cflr i-mestic demand, significantly cally KWU has little to fear from Juf-her ^0 per coot, stake in the 
&fctly stronger than foreign),- any rival; und only a large and venture. Sientenn-Alln. 

d orders in band were up to Particularly sound concern could * hl >'h it founded lust year with 
d45.Sbn. from DM44.Sbn afford to .tarry KWU until It Ailis-Chalmers. tne Milwaukee 

[The figures so far give a net breaks through into .profits. power engineering concern, 
(ofit to sales ratio., of 2J3 per The orders figures for last year, fen” 1 'Aiflro P * r 
nt.—a result which the execu- now released in detail, show how ce £ L ‘ t ke ’ at d cost of 
Qfi'e ebaiman. Dr. .Bernhard Siemens.has been able increas- . Further, Siemens will intensify 

- I* . 1 *. mmm 4-V. _ Iff ml f*lKfl »“i )ir. n UlWk IK.. 

Banks in merger talks 


STELj. ^M25.2bi> ; out KWU) was up by 7 per cent, processors and integrated -cir- 

r.anad:_:i However, It must be borne in to DlH34bn.-~with foreign orders cuits. 

S!n - ’ :; a ; / !nd that all these figures rising by- 11 per Cent: to Siemens considers increased 

a or elude results. o£ the power DM12Jtt>n. and domestic orders experlise in this field essential 

satnii Htion building company. Kraft-, by 4 per cent to pMILIbn. for the further development of 

TJ ,^- r k Union (KWU)—a wholly- Orders. from ' OPEC States, the other sectors of its activity. 

1 - «'._'5v7'j; . • • 

*re .. „ ...... 

d --- 41 

Sf G- credit business increases 

■ hi*. Tijr 



« ore -j:.-.: ih,-.ANK. FUER Gememwirlschaft, main impetus. appears to have current decade the West German 
»pc-.7>- :•;< which is owned .by the come in the savings sector, where market has been plagued by stiff 

ii *nc f.c!**' 
cvrnmrt ^ 

’• >- :Vi -:-ri 

clter I.-., 
r Pff-r’T :» 


Of .. - . . - r - --. -- - ...... 

« h '-r.?'v;.v' ust German^trade unions,.saw deposits rose by-12-.ff^^per cent, to competition, particular!v from 
ian i;; ro : •'trail credit busi-ness increase DM2.95bn. However, the overall imports from low wage-cost 

“'•rb-iJanUaJly last year, despite, a inflow of savers '. cash, including countries, and the group's efforts 
w level of demand from Indus- other forms of stwings,-‘rose by to switch its production empha- 

al Trust y. Like most of the other lead- DM850m.—which me^ns'tfiat the sis to the more lucrative teeb- 

. T7 ,.. .I" . i§ banks, however, BfC has bank is holding 30 pev-cenl. more nical rubber products secior. 

. Kiced an almost embarrassingly savings money thanraf-^tfie end while successful, have not fully 

. v 'inflow of savings deposits of 1976. ‘ ’ “ T " ‘ managed to offset losses in the 

,r- y?. '• ;rbd bas announced It therefore conwar—as-- no tyre market. - 
^ ?1 . yy ■■ •'! action in interest rates on surprise that .the '-$££< has The Phoenix-Gum mi interim 

in */.. ivibgs accounts. - announced that, with, effect from report sounds a good deal more 

i-:- Herr Thomas Wegschcider. the Eebniary. S, it is cutjpcg; interest sanguine than could perhaps 
-• ink's new. chief .executive,'' said paid on saving^ ilebbsits by have been expected in view of 

c-st* : ■ lat profits last j^ear had. been -0.5 per cenL Ul 2-5 per cent, the fact that a proposed merger 

in;-’--- v uisfaclory. although the final Already it has reduced the rate with the federal republic's Jar 
■Oii.j’j- .. .j r'jure will not be published for paid on savings certificates by geat. tyre manufacturer. Con 
vaI • r.r.iother couple.of months. Bf£’s 025 per cent. , t tinental Gunirai-Werke, fell 

through late last year. Although 
this came as no great surprise 
to the investment community— 
mergers between the two have 
long been fruitlessly discussed 
—the particularly weak state of 
the tyre market seemed to indl 
cate- that some form of concen 
more-than not-just 

. . _ _ . ____ t overdtfe, 

on came in advances to'Jprtvate dividend for 197?; Their group ' The report said that in 19 
istotners, domestic customers —West Germany's second iar- ft expects its order book and 
—iff from the public authorities, jjest tyre ‘ ina nnfaeturer—-paid labour force to remain stable. It 
Advances to customers rose by nothing for 1976 after a minimal also said that it would end 197' 
n overall 19.2 per cent, from 5 per cent, for 1975. at break-even although its turn 

j M11.33hn. to DBH34>2bEL, while : AHhoueb no news is vet forth- over share in the tyre market 
\MCilA dvunce s to other credit institu- coming from the company, the bad fallen to under 30 per cent 
—_--ons went up by 122J per ceoL ublikefy to report a Capita? investment during the 
; 7 ’om DM8.72bn. to DM9.98bn. profit this'year. Holders, how: current year was forecast at 
..J.;ond and debenture business,i& ever, will have to wait For a more than DMfiOni. after 1977's 

alance sheet total advanced .‘by 
1.2 per cent to DM29.95bn, 
ter Ha’.vie\-fhile the ^consolidat^d balance 
r. u.-. . .teet total moved up from 
f, *. - 'L V - :M41.4bn. to DM47bn. 

,V' . . ' -.' .The pattern ,at crpdit:demand 
■ ‘y. . .. ; "j-nied considerably, be , said. 

T* 5 '.',.'..“..olmnerci^ and industrial _<sed!t .... , r -- - - *— _ — 

y ,'-."’snw^d• hadJvmtinAweak-aqd " Gummweir^'-sb^ Ration was r 

le maio weigbl of credifexpati- bolders seem unlikrty fo ; see 'rf desirable but 

— -• -.. • nn ."-m mp in.urtcanppss tn Ttphjnti* »otV Th.i.-M...: - rr>v.« 



Bji' Ottr Own Con^spohd«nt 

It.HU I* 

1 44.V 

pc! ; 



reared by 14LS per cent from finn statement for some time. DM43m. 

':- ; .)M2.29bn. to DM2.63bn. The annual:meeting is not June Group turnover in 1977 total- 

- Deposits rose by 12.2 per cent. 7 and Dr. Feter Weinlie. the led DM589m., dovra on 1976s 

.... -rora DM24:6bn. to DM27-6bn. group's chief executive, said to- DMlSOSn?.. but this was because 

. .'labilities to other banks in- day that/ it was still not the the group'deliberately held sales 

reased by 7.4 per. cent, to time, for dividend- forecasts .as down in the less profitable sec 

: ^ r ' - J^JIWll.OBhn.. while customers' the final figures were not yet tors. The parent concern's sales 

i *! .iiTrT n^fepnsits. went up by 15.7 per completed. ... fell . hack from DM537m. to 

—_—-—^rent to DMI6.55bo. Of this. the. Since the .-beginning of the DM516m. 


Venezuela signs agreements for $1.2bn. 

,r-. ■ 


c /ENEZUELA yesterday signed 
> igreements for the loan of $L2bn. 
^-aised on its behalf in the Euro- 
— iiirreocy markets by a group^ of 
aternational banks. 

... This is the fourth major syndi- 
. y !ated bank- loan raised for 
• ■ • v'enezuela- since - it implemented 
. .n late overseas borrow- 
'. ng. programme, as part of its 
iflh national economic plan. The 
•mount raised by these loans is 
?3.'75bn. . ....... 

Proceeds of the latest loan will 
be used during 1978 to finance 
jart of the Republic’s programme 
yf investment in basic produe- 

:Bon sectors under the plan. ■ 
The loan, managed by Manu¬ 
facturers Hanover Ltd..- Swiss 
Bank Corporation and the Dai- 
Icbi Kangyo Bank, is for a 10-year 
maturity. The margin is fixed at 
an interest rale of ? per cent. 
over the cost of London Enro-» 
dollar deposit interbank rates. 

. According to Dr. Luis Luongo, 
Venezuelan Finance Minister, 
who was in London for the sign¬ 
ing, Venezuela -plans further over¬ 
seas borrowings of approximately; 
§870ra. for the balance of 197& 
But he made it clear that an 
external.borrowing by the state 

steel company. SIDOR, for an 
originally planned 8500m., would 
now be much smaller. 

The SIDOR borrowing, due 
towards the end of 1973. would 
probably he below 8250m.. 

Comments made in New York 
by a senior vice president of 
Manufacturers Hanover, John 
McCartny, are. interesting to 
recall, especially in the context 
of this loan to Venezuela. He 
said that although one or two 
borrowers may yet achieve 
spread over the interbank rate 
of ? per com., spreads had 
bottomed out. 



AT'.-ao Australia SSpc 1939 96 

AMBV Soc 19S7 few 

Aus'.ratlii SJjx I9fl2 .. . W{ 

AliBlMtian M. aud S. «tPC 

1992 ... .... 97) 

Ban-lurs Bank «jc 19K.. 9wi 

Powdbtr 9Jvc 1992 . 9s; 

Can. K. Bvry. £ivc 19«p ... 9tii 

Uri-dit National UhS .. 96 

p.-nnurk njoc 1*4 .. 98i 

E'2S 9p-: IWn . .551 

ECS 'j’.Jio 1997 . 9fli 

r.iB b;iw 1P32 •. Hi; 

HMJ Sine 19*9 . » 

Erwsson &!pi: 19S9 . Ml 

Ksso 1 Sot . TOW 

*21. Lakrs Pauer bWC tBbi 89) 

«4fUi , re1'.T Kpt tWJ . Ifrpj 

Hyern-ouiJMC 9pc 1WB ~. ' 354 

tv( iipi 1997 .- • sii 

ISE CaiiliJa B;pv JS*6. . liri! 

M atm Ufa II aiOtdL-I 9pc 1992 9*j£ 
Mosswy Jewison d:pc 1991 tRri 
MiUiclln Ui^C IBs* .. . 1002 

Mttland tm. Fin. sipc u «2 »: 
AaL Cual Board Bpc 19S7. - Mi 
SaL Wf^tmlnaTer Sue J9W 10JS 
iNvu-ioandUod 9pc 1950 ...^ S9J 
.torses Konuu. BJt. Bipc ‘S2 651 

'Nurr-lpti Si-ne two . 6G4 

Xorsft RFdro Six tit 2 ... 051 

9pC 19SS . 

Pon> AUtflflMOVS 8pC 1931.. fei; 
tProv. Ourbou 9PC 1W5 ' 93i 

Prov. Saskaieh- SJpc tSSS.. 99 

•Sued. imnl. fiOC JSST ..... 94i 

'RK34 9PC IK .- 

.SmIocUop Trust iiW 19S*.. 91i 
SkaM. EnslukiU flne 1931 9S 

SKF Spc HBT . 98} 

■.Bwedtn iK'donu OLpc tOSt. 95J 
. V.ultd BlsiUUS Spc J9S*-.. 86j 
; Voh'o 8pc 1937 Mardi- «2i 

.Avsrralia UpC 13S4 .. Ml 

i*ell CaiHWla "Wc US7 ... Mi 
'Em. Caihmijla Hi tiro ;;pc 

1W5 .. ' M 

• Can. Pac. ?Mpc 1964 . ..... 99 

f Bovr Oicmlcal 8pc 195* — 9* " 

r ECS Jipc 1992 .— « 

!SCS SJM 1W9 ..- *j 

EFC tJdc US2 .CC-- .97 

<2B3X: 7S6C.JUM.:- n. ....J,:-.. - . M* , 
“Riisa GtszcU 4t»c tW4 - • 

Gouverkcn 75 pc • •«' 







- ST! 

. S7 




«a . 

63 * 














Kocknms 8p? 1993 .. 

MirticUn 5-ipc 19S3 -.. 

Uomrcal Ur&an i.pc l9ol 
New Eranswidv Spc 1964 ■ 
New Enuus. Pro®. Siw 1983 
Sew Zealand 3rpc 1M5 . 
Nordic Inv. Bk. ?:dc 1054 
Norsk Hydro 7<PO 1W2 .. 
Nonvay “Ux. I9s’i 
Ontario Hjrdro 8w 1957 _. 
Singer SJpe:lM5 
S. pi Scot. Tlliic. Mpc 19S1 
Sweden.' ‘ K'dom> 7! pc lihsl 
SwctllsA Stall 1 Co. 7 Jjw lflM 
Tetmex 8}pc ins* 

Tciwpco 7Sw 1967 Jlaj- .. 
Volkswagen ?lpu 1967. 


.ConruuUs'.aiiw IMP 
'ECS'Kin* ;,nvy .:.- . .. 

ElB 9;pc itei . 

EIB 9.pc IBS 2 .. .. 

Finance lor Indasule 9.pc 

7»T .. . 

Fisoos 13Jpc 1W7 .. 

Tout! oa OlpC.IfcH. 


Austria Npc 19S3 ... . 

BFCE 7j»c 1967 .- 

Dvn&u.** SJnc MB3 . 

Ki& fliPC 18S4 . 

Untmf Met, ?pl' MM . 
Hjdro-QBeborlHpu 1937 

iCT«a*'i«r .. 

Monucal 7pc 19S7 
Morse* Gas Tpc IffS .. 
Nor* Hydro erpe 1H9 

Norway 5lo<! 1332 . 

Shell eipc.MBH . 

Spun fiipc tow . 

Sweden f-pv 19W. " ■— 
VC^rld_Bank 8rPC 19 »t -. 






Llnyxft T3SS TfDc.. 





LTCB 19S3 6 S pc . 





.Midland 1862 6 pc . 

MI i 


>• M: 


Midland I!*' iUMPC . 



101 T 

. IUI 

0KB !9£! Cl PC . 




SNCK'Uba (ii 2 i*pe • .. 





SI 4111 I. & Chart. UM fi;pc 





Ware, and film, 1!KI Tpc 






9 :-: 

Source: While Weld Securities. 

:iiu ■ 









Bfc ol Totra 1TO 7 »k.i» 

BFCE 1B34 7pe . . . 

Bsp tsfss 7oc : .;. to 

CCF’13St! «•: . 

CGMF 19M #»ispr . ^ 

Crwhianawli tsfy 7tpo ... »» 
-Credit Lsaimate 1 TO fi.'PC -*? 

tJ&. Bank 1082 7I3 i 6 bc-.W.. 

-GZB.ifta'7‘.pe v .::: ^ 
lat WHtnunwer - *! 71S]6PC TO 



97 ■ 








. .fit. 

W7 i 












- TO. 

- BS* 

..UW* . 


American Express 4{oc '57 
Ashland 5pc \9Si 
Eahcods Sc Wilcox fiinr '9T 
Bi-airici! Po*a* -l-pe IvK 
Bi-afllci.' Foods *7pc uve .. 

Bi-ocham dim; 1992 . ... 

.horddi 5»c J9K ... . 

Brojdwjs Halt- I’pc 13*7 
Camauon ix i»>? .* ■ . * 

..Chevron .ipc 139N . .. 

Dart 4ii«f !9>J ..." 

Eastman Kulak 4tpi- M-o 
Economic Labs ttpp I9sr 
Flresiouc 5pc 19bb ... 

Ford 5pc 19SS . 

Gunitral Electric 41 pc 1W7 

■GJlk»tW-4ipc IBS* . 

GoiHd Spc 195> . 

CuU and Wuxu-m Spc Mis 
Harris Spt- lflfil 

HonuyuvU fini* 1956 . 

TCI «PC I98J . 

LNA Hoc 1997 . 

lUCflCilpt- Tfi.'flC 7882 

ITT 4*pc 183T . 

.Inwo ttJC 1992 . . 

Komatsu Tine 19M . 

J. Ray McOvrniou 4J|»e ’57 
Maismhlia- 67pc IB^O 

Uiuou 7-pc 1999 . 

J. P. Morcap 4«pc 1957 .. 

Nabisco S', pc 19S5 
. Owens Illinois -Hpc 1937 — 

J c. Pvtrncf 41 pc 10S7 .. 

Ruvtan Urc 19S7 — ... 

Reynolds Menus one 1989 
Ssndvik o}jw ittrw 
Spj-rry Haim 4!pc 18bt .. 

Sfluibb 19*7 . 

Ti-nto 4i|hr US'* . 

Toshiba 6 Ipc IK . 

Union Carbide -Upc 1052 . 

Warner LfliWbtrt 7*pe l&T 
W'j fry-.r' LalttlKri 4*{M! 19W1 
N'rmx ape Ifc^ n 

SoURef‘FadeerPe^boas' - Serumtt: 













!1J J 








14 .*:’ 




11'7 ' 








Thi • 



-! ' 







1W ‘ 

IS ‘ 


! SHAKES IN I he Banco Canta- 
j bruro, a small commcreial bank, 
were suspended tu-day on the 
! Madrid stock evchange pending 
Ihp onicumc ur mcrpvr talk* wilii 
one uf lhi* big five Spanish 
banks. Banco de Santander. 

Informed sources said that ihc 
merger talks were linked to tbe 
collapse of the Bunco de Navarr3. 
which was taken over by the 
! Bank of Spain two weeks ago. 
Oo January l' 7. Cantabrico pub¬ 
lished large advertisements in 
the local press claiming that all 

Madrid. Feh. 2. 

Jinks wi:b Navarra and H> bold¬ 
ing com pany MPl had been 
severed. Lmil November I97« 
Cantabrico had l<ec-;i closely 
linked in the :»1P1 group. 

Cantiibrico. 'Aitii a •-apilal of 
Pesetas 7iJ4m. and deposits of 
Fesetjs o.dhn.. i.> a reaicnal bank 
with lf> branches. The merger 
discussions are understood to I 
centre around the iui(ial pur-! 
chase by Santander of 60 per 
cent, of lhc equity, which is held 
more or less in one block. The 
remaining shares are dispersed 
among small shareholders. 

lishing group, the Herald and 
"Weekly Times, to-day announced 
that it had won the fight for con¬ 
trol of the -uiOurban newspaper 
company Standard Newspapers, 
after thwarting a counter offer 
from its rival. David Syme. 
publisher nf The Age. 

The Herald group declared its 
bid unconditional after lifting its 
Slake in Standard from its 
original holding of 534.726 
shares to 1.36m. shares or "S.97 
per cent, of the capital. 

Conditions of (he bid included 
acceptance from 90 per cent, of 
the .-hares not already held and 
from 75 per cent, of shareholders 

apart from The Herald itself. 

The Herald's final bid con¬ 
sisted of three of its own shares 
plus s&Al vash for every Tour 
Standard shares. The hid valued 
Standard ar SA3.64m. and has 
so far cost the company SAl.Tlm. 
More acceptances are expected. 

Recovery by ASL 

PROFITS OF Associated Securi¬ 
ties (ASL./. the Australian 
finance group, were curtailed by 
losses incurred by its property 
division in 1 be" half-year to 
December 31. 

Overall results, however, re¬ 
flect an impressive recovery with 
net trading profit amounting to 

SYDNEY, Feb. 2. 

SASH.O00, compared with a 
SAIT.Sni. deficit in the previous 

comparative period. 

The results are after taking 
into account for the first time 
profils from associated com¬ 
panies. which amounted ta 
SA274.000. The previous year's 
deficit was SAl.Slin. before 
p roperty write-downs. 

The company said results of. 
the property divisions would con¬ 
tinue tu he t fleeted by holding 
charges in the future, but that, 
the company's finance, insurance 
and investment divisions were 
all trading profitably. 

The company is again omitiing . 
ap interim dividend. 

L Leadership in 
handling U.S. Treasury Bills, 
Notes, and Bonds. 

In 1977, the average daily volume 
was $1.2 billion. This represents 14.2% 
of transactions done by the 36 reporting 
dealers (excluding trades among dealers 
and brokers). Transactions ranged 
in size from $1,000 to $1.48 billion. 
Note: We are a prime distributor and 
underwriter of all of these securities. 

2. Leadership in 
breadth of coverage in 
money market 

Merrill Lynch Government 
Securities makes a market in 
commercial paper, domestic and 
Eurodollar certificates of deposit, 
banker’s acceptances of domes¬ 
tic banks, foreign banks, and 
U.S. agencies including their 
discount notes. 

3. Leadership in 
trading in good markets 
and bad. 

Compare the last two. . 
Decembers. In December, 
1976, when the market was up, 
Merrill Lynch Government 
Securities had an average daily 
volume of $1.7 billion. In 
December, 197 7, when things 
got tough, the figure was still 
impressive —$1.1 billion. 

5. Leadership in 

Merrill Lynch Government 
Securities makes a secondary mar¬ 
ket in all mortgage-oriented agency 
securities including Ginnie Mae 
Pass-Throughs, Federal Home Loan 
Mortgage Corporation Bonds and 
Participation Certificates, Fannie 
Mae Debentures and issues of the 
Federal Home Loan Banks, Total 
volume in 1977 in mortgage-oriented 
government securities: over $25 
billion. For more information, write 
to us on your letterhead. 

ftjun ly ^icn | |J 

4. Leadership in 
farm credit securities. 

Merrill Lynch Government 
Securities makes a secondary 
market in all of the securities of 
die Farm Credit Banks. These 
include Farm Credit Bank Dis¬ 
count Motes, tor which we are 
also primary issuers, and the new 
Federal Farm Credit Banks Con¬ 
solidated System Wide Bonds. 

■ - 


The leading firm should do all these things. Not just a few. This firm does* 

_ ©a*w« 

l&Copviicht 1*7&. Mrnill Lvnth Unnr-TvPl XfiiniieS In-. 

Merrill Lynch Government Securities fnc., Merrill Lynch International & Co-. 

Merrill Lynch Pierce Fenner &, Smith Inc. &. Merrill Lynch International Bank Ltd. 
are members of the Merrill Lynch &. Co., Inc. group of companies. 

Branches and subsidiaries and affiliates in: Abu Dhabi, Amsterdam, Athens, Bahrain, Barcelona, Brussels. Buenc-s Aires. 

Cannes, Caracas, Dubai, Diisseldorf, Frankfurt, Geneva, Hamburg, Hong Kong, Kuwait, London, Lugano. Madrid, Manila, Milan, Montevideo, 
Panama City, Paris, Rome, Rotterdam, Sao Paulo, Seoul, Singapore, Sydney, Taipei, Tokyo, Vienna, Zurich. 

- Joint venture in Tehran —Iran Financial Services Co* 



Average Price erf 

Vacant Land 

Average Price of 

100 - Wheat 


Farm Rents 

Bath—no central superstore 

NEITHER Tesco nor Sainsbury's 
is Likely to be setting up shop in 
Bath’s Green Park Station. The 
battle to build superstores on 
the City Council’s 3*-acre site 
Is now set to turn into a race 
to sign up Gas Board land off 
Windsor Bridge Road on the 
City's fringe following publica¬ 
tion yesterday of Drivers Jonas’ 
Bath Shopping Survey. 

The report, commissioned last 

further developments would dis¬ 
tort the pattern of shopping in 
the city affecting the viability of 
shops in the traditional centre 
and “providing conditions for 
over-provision of shopping,” and 
accentuate Bath's traffic prob¬ 

Drivers Jonas recommend that 
the City reverts to its original 
proposals for a 250 bedroom 
hotel at Green Park, a view 

Green Park Station, Bath, reverting to hotel plan. 

summer by Bath City Council, 
argues that the development of 
a major shopping complex on the 
Green Park Station site would 
result in pressure for further 
development -between the site 
and the traditional central shop¬ 
ping area. The case is made that 

shared by the City's planning 
officials. It is understood that 
a number of hotel groups are 
now waiting lo submit plans lot 
the site once a decision on its 
use has been agreed. 

The City acquired Green Park, 
complete with listed Victorian 

station buildings. In the 1960‘S- 
Rnight Frank and Rutley had 

been marketing the site for hotel 
use, despite Tesco and Sainbuiys 
alternative plans, before the 
Council decided to commission 
the shopping survey. 

As an alternative to new 
shopping in the City, the agents 
suggest the development of a 
District Shopping Centre on the 
City's fringe. A feasibility study 
of possible sites leaves the Gas 
Board's surplus land near 
Windsor Road Bridge at the top 
of the list. The Council officials 
are keen on this idea, provided 
the Council can establish land¬ 
lord control. 

As Tesco and Sainsbury's race 
around to the C« 3 S Board. Tesco 
at (east has not tet rbe delay 
in Bath slow its expansion 

In a £4.5m. deal on Wednes¬ 
day tbe group agreed to pur¬ 
chase Debenham’s “One Stop 
superstore in Nottingham's Vic¬ 
toria Centre, the freehold of 
Defaenham's store in Bradford, 
and its "Scan” superstore at 
Walkden. Manchester. At the 
same time the group announced 
that it had been chosen, out of 
15 applicants, by Wokingham 
District Council to be the 
developer of Wokingham's town 
centre. The £2.5m. scheme in¬ 
volves a 55.500 square feet store. 
12.700 square feet of offices, a 
300-car multi-storey car park and 
flats. Hillter Parker May and 
Rnwden acted for the Berkshire 
council, Donaldsons advised 

jl . 1 

1 1 '■ 



i 1 



! j 




1 1 




73 •? 



ISfrl ’SC 68 TP •» 'T* '78 ’78j| gM’M’68'7P‘72’W‘7» , 7B| | 

Vacant land price rises slow as wheat dips, ii ut rents race on. 

«m *» ■» to m t» •» 

Poor harvest for land prices 

Institutional investment in farm¬ 
land generates more nonsensical 
commentary than most City 
activities. There are those who 
feel that after an overdose of 
“The Archers’’ fund managers 
leap into the nearest farmland 
auction and over-bid their way 
into shooting rights for life. 

Another, more political lobby 
feels that we are witnessing a 
City take-over of a basic industry, 
svitb institutions pricing the 
poor farmer from his heritage 
This argument has little to 
commend it. and the N’orthfield 
Committee — set up to review 
farmland ownership and to 
identify both City and overseas 
buyers' roles in the market—is 
clearly moving towards a solid 
refutal of the thesis.' 

The Diamond report on income 
and wealth provided some strong 
hints about the eventual ont?ome 
of the Xorthfield Committee's 
researches by underlining the 

purchasing power of traditional 
freehold farmers. 

Farmers as a class are. by City 
standards, so financially under- 
geared, and so keen to expand 
their farms, that they are able 
and willing to “average'’ land 
prices and out-bid everyone in 
sight wben land becomes avail¬ 
able on the borders of their exist¬ 
ing holdings. 

Preliminary evidence from the 
Committee shows that financial 
institutions owned just 384,450 
acres of farmland last year out 
of a total of 43m. acres. The 
British Insurance Association 
revealed that of all the major 
insurance funds only 20 held 
agricultural land, and they owned 
just 270,000 acres. 0.61 per cent, 
of the national stock. Pension 
funds held 62.600 acres last year. 

So little sense has been talked 
about institutional fanning that 
it is refreshing to find an argu¬ 
ment which assumed that fund 

managers take a slide-rule along 
to auctions. 

George Inge, head of Savilla’s 
agricultural investment side, has 
been tossing a few agricultural 
and investment statistics around, 
and has come up with a straight¬ 
forward yield formulae linking 
wheat and land prices. 

Assuming that fund managers 
have a clear view of yield 
requirements, depending at any 
time upon alternative invest¬ 
ment returns, Mr. Inge sees an 
increasingly close relationship 
between the price of wheat—the 
basic yardstick of farm returns— 
and vacant land prices. 

This case is obscured, in the 
1960s by the effects .of Estate 
Duty concessions to farmers, and 
later by “roll-over” provisions 
permitting farmers to sell land 
for building and to escape tax on 
the sale profits by reinvestment 
in farmland. By 1975, however, 
when the first significant instltu- 

poasclai tfcnes FiSday Efebroary *3 1378 j 

tfonal interest was shown . In si&nfic&nt surge in i 
vacant possession - land. - Sir.’ prices' this year. T® tn anita tu . 
Inge's argument comes into its the current differential between | 
own. vacant and-tenanted land, prices | 

By that“stage expected returns of Grades 2 and 3 tend, *epre- | 
from farmland had been under- seating 12 and 52 per cent-oftte | 
pinned by entry info the EEC, land stock respectively,' would, s ; 
with' an assumed' 33 per cent - have to rise by. onto toe .10 roi 
increase in crop prices from 1973 15 per ®ent .projec ted increase g , 
to 1978 under harmonisation in. crop returns. Any faster vinca- , 
rules bringing British prices into Increase would further ebp work -3 
line with those an the Continent, ing capital . returns oh. , vac ant j ■ 
Institutions . who traditionally land.. The continued disparity■] 
looked for an initial return of la EEC f * na 
around 4§ to 5 per - cent, on-tug wfreat sells for aroond 
tenanted farmland started look- e tonne -compared to £129 UU , 
in g lor working capital returns .BeJjinijnl underpins • term-land 1 . 
as well. By farming their own Prices in roe ■ long ter m. ' But; | ■ 
land, or employing a farm Mr. Inge believes that 1978. may; j 
management company.on vacant S 6 G 3, temporary OOWa pyP in tnq. 
possession land, the funds could pa®* of price increases wfleg J 
expect an additional 3 to 4 per the simple pressure to invest ,, 
cent.* over their rent yield- forces funds to lower merr^yield ■ 
That idea justified higher : 

vacant land prices until 18TO-77 <5nlv*' 

when bumper world harvests ■W 1 **?,. r 

depressed the international ^ s’ 

?LpM h a flsr.flsa.'ss 

iw-rtia aSSSSS?; ■ 

lower return crop was to cut land comes ozx ™ ™ e BKU ^ KeC ' l ] 

rjS*«f“S P £?5,! r °U ne? FEW " »• “*«"» ; 

land returns close to tenanted \ 

land yields for the first time in Sfc££ ? 

many years. Yields of 3* per 3 

cent for tenanted land now com- gELS? 1 

___. firm has hod Us own pet teop o ,. 

The narrowed ^eld ^p^may adoising property clients how f 
lumt the P“« of tather vacua _ hest development in J: 

land pnee rises Busy ear. Even fer&t 3 intp ^ &a , (mcc ?i 

if the Germans eventraJly wmd sheet. But now the ,situation ha :'; 
Qie 71 per cent Green rand become confused, as some la *. 
devaluation, an increasemwhret iaapcctonf 3eek to refuse ^ 
prices further boosted by the o£ development interest as t >. , 
Government’s 2_per cent com- result ^ ^ precedent set ir. ■ 
modi^price adjnstaent teraiere ^ nscent ^ of , 

Estates. . Property analysts-mai 
core' to note that assessment *■ t 

3-rssHsss^ gs~MKj 

tSaoted tend, gives yield- af^ Chancery Upae . } 

conscious buyers little justifica Property Deals appears on page -| 
tkm fa>r accepting a further 2®« J* 


for Industry 

B5LST0N, W. Mitilai 

New Warehouse Units 
5,390/10,780/24.000 sq. ft. 


at the touch of a button. 

One of the JLW COMPUTON services 

9,770 sq. ft. 

Sice area .76 acre 

LEWES, Sussex 

New Factory/Warehouse Units 
3.850-38.000 sq. ft. 



Attractive Modem Commercial Building 
Good loading—Sprinklers—Parking 
28.875 sq. ft. 


MITCHAM, Surrey 

8,500 sq. ft. 



Research Laboratory & Office Block 
31.000 sq. ft 

PER3VALE, Middx. 

Short-term Warehousing 
from 30.000 sq. ft. 

WATFORD, Herts. 

New Warehouse Unit 
34.083 sq. ft. 

Completion April. 1973 


Chartered. Surveyors 
1 Snow Hill, London, EC1 
01-2363000 Tetex885485 
Manchester, Leeds and Brussels 

Liverpool, Merseyside. 

Factory+Offices For Sale. 60,000 sq.ft 
On 4 Acres. Warehouse+Offices. To 
Let 108,000 sq.fLOn 5.92 Acres. 

Kirkby, Merseyside. 

Industrial Land For Sale. 14.5 Acres. 

Northfleet Kent 

Warehouse Units To Let 
9-128,000 sq-ft 

Olney, Bucks. 

Factory and Offices. 52,500 sqit 

Warehouse and Offices 
To Let9,900 sqit 
Southwark, SJSl. 
To Let 6,000 sq.ft - 

W Vi Chartered Surveyors 

■Industrial Dept. 

33 King Street London EC2V 8 EE. 
Tel: 01-606 4060. Telex: 885557. 


(close to Ml intersection) 



23,000 sq. ft. 

(including 3,000 sq.ft of fully fitted computer space) 


40 acres 

Freehold for safe 



To let 

Twickenham.Middx ...30.00048,000 sq.ft 

Qrpington,Kent__—-17,300 sq.ft, 

Dyce, Aberdeen _1-6,000 sq.fL 

N orwich _units from 3,800 sq.ft j 

■GreatYarmouth ^.nnitefrom 3,700 sq.fM 
Haver&rfLSuffb8c_.:Qnte’from3,600 sq#tg 

Chelmsford- 3,100 sq.fe# 

’ Droitwich,Worcs units from 2,000sq.ft* 

Clients' requirements 

Swmdonto Plymouth—60,000 sq.fL 

N.E. London_—10,000-20,000 sq.ft 

Norwich- __10.000 sq.ft 

Plymouth___ 6.000 sq.ft' 

51 Debenham ;; 
& Chinnocks 

•CKarieWd SurveyarS . } 

Pa:?»ncs:et Square 
London EC4P 4ST 
01-2361520 Te:er..833749‘ 








01-408 2131S 



Superior Office Floor, in Modern Building 
Centrally Situated 

Adjoining A3 trunk road and Shooping Centre Opposite British Sar Station. 


To Let 

For immediate Occupation 

% Part air conditioned and full central heating. 


® Completely modernised with fitted carpets and lighting. 


^ ' Chartered Surveyors 
103 Mount Street, London W1Y 6AS 
Tel:01-493 6040 Telex:23858 



APPROX. 13,000 SQ. FT. 



FLilliex* Parker 

>l«j- jt jtowdvii 

•lb Kiur Siren* Lasdun EC'JV bB.A. 

Telephone: 01-606 3S51 

tM.-.ija. V/,L. LVJinonrvI). Pan,. AusfraJIa. 

Shenley Rd. Borehamwood 
New Offices To Let 

approx 3y0S0 sq.ft. 

Immediate Occupation 

_gjjply sote agents -_ - 

* New ladoriK/Wairfronses to let 

* Immediate bccupatirm 


South Marston Industrial Estate 


‘ ! Umt I, Square Feat 
A1 . ^27.246 

“ 57246 * 

'" A 3/4. 5lnt 

v B 36^04 

D3/4- ( 13,432 

D5/6 | 13.432 7 * " 


Chartered Surveyors- * 

37 Regent Circus Swindon SNT 1C©. 
Tel: (0790)33155 .. 

«s£ S».'A 


(1 hr London) 




rosin -„J*V 

ent. of p 






MAibsrpNE? \S 

• • 'VY - A2tV> 



con r?-r> 

m the r 
in if., 

me <-c»: /j. 


4^4. / 

4 / 

LiDUlI / 


tYDD*^ \ 





Sc*j^ ; i. .n* YV^’; 




: Y>-vY :: •-' " 

. < I-S 3 "x- l abwvvi. •.■ . •, X.':.Y- '■■j'-'-" •-••-,-A-..-;- jS'“ 

'&''* U> : - 

:v in pr rj.’-i; 
' Ciirirr. r ,-; 
serty Deals 

: - * Full air-cqnditioniDg S. 

Vpp^ tinteddoiibie glazing 

-:' ■ * 33car parking spaces and 

multi storey car parking adjacent 
-# Immediate possession — - 
-^ Suspended ceilings & lighting J. 

# Carpeting 

* New shopping & transport 
facilities adjoining 

’ # Prestige entrance hall 
, -~-&3 high speed passenger lifts 

Joint Sole AgaMs 

Healey &ESaker 

. ^GteMtfwtfOaOAUcMctori 
29 St-Georgs Street. Hanover Square. 
London WIA3BG ' 01-6299292 



30*32 King STreet.Majcistone.Keni Tel 0622 57225 

liiiisliate occupation 

Financial Times 

10, Cannon St. EC4P 4BV. 

.0 0 0-43,000 

i-Bojicrb Offices; approx. 8.500 

•fisFulloir-condiiioniag r> Automatic L'tl 

jjjf >> Prestige entrance . Louvre blinds 

-*Fi»ted carpets •*:-8e!f-ccr.»atoed building •; 

For immediate appointment to view oiesse contact 

- Car parkmg close by /: 

;i£2$i '■' 
■ Gpod^aturaiJ lg h't 

Healey & Baker 



118013 Brocd Street toncor.lON 1AR 
' Tclpph=r>« 

G1-62B 436V 



FurTVadi House 

2; UrUeTrimiy Lant. - London EC4\ 

EniMtd to .tonkw tfcii from Hwja* 3 ttiJI 




Wednesday, 22nd February 1978,3pm. 

residential Properties. • 




Producing in excess .PER £145,000 ANNUM 


Tenants Includtr.. • - . - ; 

of State for Envaonment, 

Edward Erdman andCompany * Surveyors 1 

Welsh potential 

With Us large, mulU- 
sWD«l workforce, proxnn* 
ity to major markets and 

nationaiflntermttional com* 
munieaiions network'.this 
progressive Welsh county 
dominates the north-west¬ 
ern development scene .The 
news in Chvyd is about 
sales, not strikes - arid 
it's a peat pUco to live, 

too. ’ . . 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in¬ 
dustries - well .make you 
. a deal you can 7 ! refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 

UtWVD u>umj vv»j'^.| 

Shire Hall, Mold (tel. Mold 
2121) lor free colour 
V brochure. 


Unit to let 


12,855-28.831sq ft 

* High office content 6,000 sq. ft- 
45 - industrial use subject to I DC 

* High Standard Specification 

* Close A40,2 miles North Circular 

Intraducina Ayents /.-ill beiullvretained 

For further details contact: ____ 


Piooeov Corsulunts. 

& DeveloprwnL 

17/18 Dryden Court. Parklevs, 
Ham Common. Surrey TW10 5LH 
Tel. 01-549 5201 


10,000 sq.ft, approx 

a self-contained and air conditioned 
building in Austin Friars 
London EC2 

• 1 minute from Stock Exchange 

• Air conditioned 

• Vaults and strongrooms 

• Panelled Board Room 

• Dining Room and kitchen 

• Executive Offices 

• Automatic Lift 

n f|f . J - r , l |j iTi CHAH1 btfbD SURVEYORS 

■**0“ 01626 9681 




28,000 SQ. FT. 

Lease for Disposal 

RENT 52p per sq.ft. 

Immediate Powssion_ 

Henry Butcher & Co 


Leopold Farmer & Sons 

01-405 8411 

Al» at Birmingham and Leeds 

for institutional and pension fund clients 


/Ot Healey & Baker 

Aj\ wwemey * msmmm- 

I Established 1820in Lontion 

SjSty 29 St. George Street, Hanover Square* 
London W1A3BG 01-629 9292 



-y....... ■■■ >■ 

New wa rehOTses dose to M4 & A irport 

■-■Units V-/2UUUsqn lnc^uuy^ii. ui.i^co 


:®: ST;-iAlWES^-ST|?.EELT; 



83,000 SQ.FT. SW 


of Refur 


extensive Car Parking 

just completed 



X. -W fe ^ 


; %. s * •* *r* 

. .<: > w . 

Mramni* hs*) 

17 St Helens Place, London EC3 01 -638 4591. >rvV 

r 5 'v 

-i-.-rsdc -•• '• ** * ■■ - 

. If /^ , ,• 

sssu- 1 

L,fts - « na iie & q«J und 

* Commis s,onal “ s 

* noouecepuonare- 

* private Forecourt “ 

. arrival ar fla 

* Goods Uh 

h MMuiai l» 5 u ' 

* Superb Noiui» 

throughout & 

.* Pl iniRM m,w ; thS 
1 ' extractor unit 



- ?■■ i 



>nMTl Royei 0>*<tn 



Chief Estales Surveyor 

TO Bo* 3 Peterborough PEI 1UJ 

13 Hill Street London W1X 8DL 




lodernised Offices 



MICHAEL 5. ?t. i Fiace 
LAURIE & London SW). 

PARTNERS flI - 4934371 







New Factory/ 
Warehouse Units 
5,000 to 100,000 sq.ft. 


■ * *>*£>*■ v 1 ?' r&K’.y^ r ksSiBi 

-v - - y-m 


^ J&r: 







,;5?i f .V '.'i :/ 



r All located in 

prominent positions 
r r -A number with 

, refurbishment/redevelqpment 
potential for a variety of 
commercial uses on extensive sites 

S ' " 

Full details from 

Louis Scott & Partners 

139 Parti Lane, Loudon WIT 4DK 
Telephone ox-404 13J1 


St. Quintin Son and 
Stanley (London) wish 
to remind readers that 
their London office 
telephone number 
is how 


• yr ^vg" ■» j »wWp*^*iw;vwW^‘*«: w ■. * » »*» **. ■ » ■ U 1 w i*j o ^PlfiW"WY”4 - 4 



M2 3 mileJ. Shcerr.esi Docks 10 mil«» 

4.2 Acre Site 

with Full Planning Permission 
for 72,500 sq. ft. of Warehousing 


Oruc^Hou**;- ■ 

EST *1 ?3 M4nch«*tef Square' 
1522 J UirK*cnWlA2DD-- 
T*» Cl-4861^52 •' 

T»l: 0227 57155 

df ’P; ‘ ' 


Financial. Ti. lne S' Fridaj ‘ ,?' e !’ r "S^^ 78 : 


Signs of life in 
Cannon Street 

been a jungle of “ To Let " boards 
for the past three years. But a 
1 little recent letting interest helps 
to relieve the gloom. 

: One of the largest new lettings 
on the horizon is the 81.000 
square foot Cannon Street Hnu?e 
.development at 110 to 114 Can- 
! non Street. Debenham Tews on 
! and Chinnocks are sole 2 gents for 
i Land Securities, which acquired 
i the site with rhe takeover of City 
j of London Real Property in 1969. 
‘Midland Bank, advised by Healey 
■ and Baker, is necotialing for the 
space. although possibly nrit at 
the £l.3iu. asking rent which is 
ijust ow?r £16. a square font. 

Following the recent letting by 
• Savills of the Singapore Govern- 
! merits 36.000 square foot Granite 
. House to the Arab Consortium 
; Bank, comes the rumour that the 
agents have a pre-leitmg for ihe 
13.015 square foot 6” Cannon 

Further airing' the srreet 
ITrafaignr House's lattice framed 
‘41.000 square font Bush Lane 
House at 80 Cannon Streeu which 
, has been unable In offer ground- 
t boor space because of continuing 
1 work on the new Fleet Line tube, 

is finally attracting Interest 
Hampton and Sons, jointly with 
Debenhams. are negotiating with 
a tenant on three of the block's] 
4.6S9 square foot floors. Asking ‘ 
rents of around £14.50 a square 
foot may cot be achieved. But 
Hampton may not undershoot the 
£14 a square foot mark by much. 

Hamptons, this time along with 
the new agency Richard Main 
and Co. are adding to, as weli 
as reducing available space in the 


This week the agents launched 
the ‘^S, 164 sq. foot Consort House 
at 43 to 30 Cannon Street onto 
the market. A £415,000 asking 
rent for Guardian KofisJ Ex¬ 
change and Compass Secorides’ 
new scheme ■ works nut at a 
rather hopeful £14.75 a sq. foot 

By Order of Royal 
Insurance Company Ltd 

A RECORD £90,000 an acre has' 
been paid for .West Midlands ■ 
housebuilding land. !□ a £325.000 ■ 
deal this week Midlands builders! 
David Payne bought 3.6fr acres of! 
land, wjth permission Tor 39 ] 
houses, from Dudley's Education! 
Authority. AlUops. who auctioned 
the Kingswingford site, took the 
opportunity, to point out that 
the hectic bidding was a delayed 
reaction lo the Community Land 
Aci which the atjems argue has 
kept land off (he market and 
forced builders in hid high to 
replenish depleted loud stocks. 


A buvers’ market helps shares 

A Prestige City Centre Office Building Suitabt 
for Owner Occupation or Investment 

Pitman. Hurst-Brown takes a 

■ strongly optimistic view ot the 
.outlook for property shares in 
i 197S. in its annual review of the 

sector R and P argues that last 
year's sharp fall in interest rates 
: will begin to be reflected in 
company profits over tbe next 
i few months, and that the impact 
'of rale cuts will be accentuated 
| hv the degearing programmes 
lhal have reduced the sector's 

■ overall debt for ihe first time in 
! many years. Total sector borrow- 
i ings rose from £955m. in 1969 to 

a peak of £3,345m. in 1976. The 
broker's estimate for 1977 is a 
total debt of £2,S00ni~ 34.1 per 
cent, of which is short-term. 

I Corporate property sales fell 
! from 1976's £900m. lo around 
l£520m. last year. This parallels 
' a decline in institutional pro- 
I perly purchases, from £l,050ra 
: in 1976 to the broker's estimate 
[of £850ra. in 1977. R and P 
.estimates that the institutions 
; will have around £7.500m. to 
[invest this year, an increase of 
[ £&40ra., but that the growing 
shortage of institutional quality 
investment properties on the 
i market will mean a further drop 
■ in the proportion of. inveslable 
; funds channelled into commcr- 
cia( buildings. Net new funds 
available for investment have 
more than doubled from the 
C2.930m on hand in 1973. But the 
percentage of funds invested in 
real property has dropped from 

a 1974 peak of 21.6 per cent, to > 
an estimated 12 4 per cent, in 
1977. J 

Even so. injtittitional demand 
has drawn out properties from 
companies outside the sector, 
such as Flank's £2Sm. sale, and 
made possible sale and lease¬ 
back financing for industrial and 
stores groups. And R and P 
believe that the sheer weight 
of investnble Funds will keep 
prime yields at levels which 
already heavily discount fore¬ 
seeable rent rises. 

Historically lengthy rent 
reviews on long established port¬ 
folios mean that many com¬ 
panies are now entering a period 
of strong reversionary rental 
growth. R and P states the pro¬ 
jected annual compound pre-tax 
profits growth implied by rental 
projections from Land Securities 
(81 per cenL for the next ten 
yearsi: Imry (164 per centl; 
Scottish Metropolitan (15$); 
Beaumont floin Allnatt (104). 
and Property and Reversionary 
tlOJ). Those figures assume no 
more than a rise to current 
reni levels. 

Reversions, reduced vulner¬ 
ability to short terra Interest 
rate movements and the possi¬ 
bility of bids by asset hungn- 
institution®, make R and P 
bullish about the sector. It 
specifically recommends Capital 
and Counties. Chesterfield, Ham- 
raersnn. Land Securities, Property 
and Reversionary. Stock Conver¬ 
sion. and as a speculation, British 



Joint Sole Agents:. 

Hillier Parker 

Mnv Sc Kowden 

77 Grosvenor Street, London VV1A 2BT101-629 7666) 

25 Castle Street, Liverpool L2 4TB 
(051-236 7331 <5£ 90411 


>r. Hl VSTABli; 


Approximately 12,000 sq. ft of accommodation, readily 
adaptable,for commercial purposes as offices, training 
centre, prestige headquarters .and other allied func¬ 
tions. Truorraaf discussions lead us to believe that ihe 
planning authorities ■will sympathetically consider this , 
type of use. 22 bedrooms. 8 bathrooms, 8 reception 
rooms plus domestic offices. Adjacent stabling and 
garaging. Cottage ideal for conversion. Approximately 
17 acres of grounds in all/ v - 
~ OHjets Invited in excess of £209,000 for lh^ freehold 1 ' 

Apply Harpenden Uflice (Ref. AFS) or. 

Berkeley Square-Office (Ref. PCM)_ 

Richard Ellis 



01-493 4371 


66 HIGH STREET. HARPENDEN - 05827 64343/4 
23 BERKELEY SQUARE. LONDON, W3 .- 01 629 SU50 

With outline planning permission 

Total area approx. 96 acres 

St Philip's Place. 
Birmingham B3 2QQ 
02^-236 S236 

31 Manor Row 
Bradford (0274) 34688 

Adjacent Junction 28onM5 





Ground Floor 


30,000 sq ft 
Large Yard 

Ideal Wine & Food Depot 

EDWARDSYMMONS Tei.01-834 8454 

? Stiirge ‘ 


■ Leigh ton Gold hiB.&Raririers- 


Telepfwhe 01-49332f 

«wn«u ;id?^ 


a**: Tssw»TW 1C2TH 35£?1 : ■ 



, r l 





E6.'E2 VVilior Pod'S. London SV.'I VTDH 

Cobta«:fedU5trialAdwer' jOfficc,' - ' ; 

ThamesdiownBoroufih.CounciJ. SwfndonfiNl 079326161. Tefex 


Tuesday 21st March, 1978 at 3 p.m. on site 




Prime main road location. 

11 Storey, air-conditioned building Including 22 shops, 
10 storey office tower, cinema, car parking for 73 cars. 
10.767 m2 (115,900 sq.ft.). '' \ ; 

25.07 m x 80.36 m (21,686 sq.ft.) 

5370,000 p.a. (on moderate rentals) 

5Q?o deposit, balance 3 yrs. at p.a. 

tefe 1 * ,L 







For brochure 8t further 
information contact: 

in an important 

925J&-Le Pienh Robinson ^ 
(near Paris) 


261 sq: m.‘ Office spact—Groord 
floor (e»el ->- 15 parking spaceft; 

Available now. Write fOt 

N* E. 11638 • 1 

CONTESSE PuUidil. "f/; 

. 20. avenue de L Opers : 
75040-PARIS CEDEX.01 ' 


. fi 




• • 

17 N*?w De»er Jtord. Canterbury CT1 3AO 




Offices in each Capiwl.aty. 

. ON PAGE. 20 

°yai More aid 


£’ delay will brin; 
flood to Britain 



3 FOR ‘farmers; [ -by' CHRISTOPHER PARKES 
^■■flooded bj -seawater In lasii-: - • . 

&ae/of Agriculture.' •--iawflfcatiQD. of lie, devaluation 

&. said. Bn, ParliaJaf tie • 

Iggp;.^f|*arst hit areas iridudtf'Kent,* 1 ^^® ' Board Calmed yesier- 

Ik-'". -e - drowned: ' ^ «0* of balance for,.rawy. months 

& fr. SiM w said iiaibij^h aomek 10 7 wine > - j 

«r' w ifctance was already available depTMseii. and %V* 

# J? 1> farmers he haff tSridett addi- s^er &naQciany. said Mr 
VEf Ttal help should be- £tven to £*<*« Rohcns, chairman or the 

VS? gjffiygafSTlS, »' described " 

Pearlier pointed out that some^f decision 
J'lfl at aid wouW: he; lavsfflable tils week to defer tie 

- v -* J^-4 ler existlhG canital - erant tioa on and^miur products 

.. k * *«*m> *™*K p™ unti1 after the «*£>£of the 

they could.'also be eligible annual farm price review. 
™Hax' relief where they^bad Although the Copunpn Market 

“eared financial losses! Commission usually aims to have 

„ X . T he Anglian, and. Southern the Prices settl^ in Umc tor 

t\ I)F P ter Authorities have repaired implementation ftom April l 

1 VI* It «t of the breaches in the sea'tils J«" there are fears lbat the 
ences. [intervening Fiench elections 

'D..:ij- There is every prospect t ha t 1 could cause abnormal delays. 

work cm the remainder Mr.. John .Silkin. »[> 
p [«'■«*' t-he completed to a sufficient ^culture, has alrMdy wirt 
n * t> ^.ier,:itlard before high spring tides *at be,frj ' 

ich 3 up due next week*' Mr Irscfitioofil dfiadliw jo dp in 
iKSSjnv -tin said. « -. Thus. French. West German. 

\HK r K *.T atr -- 

ar. .. n terest rate 
il,v: utures talks 

*~*V| ’ Our Commodities Staff * 

POSSIBILITY of a futures 
^vrket In. interest rates being 
■ >iJ *> A JvoM^blisbed in London was; 

,--^.oted yesterday .by Mr. Ian; 

A -.»■> i ' •' i 'Saw, joint maoaging-directeri 
. ‘ the International Commodity I 

aring House, lie told a semi-! 
V, T ■ 1 rTTa on investing in'commodities.; 
c j | j » r-L'w anised by Chart Analysis, that; 
mJ 8 Missions -were at an early 

« e but -financial institutions in i 
JOO< ! .L ! : U idon were -showing interest 
,,, the Idea. i 

‘ 1 Ir. McGaw. added later that 

— .'s were held with discount 
and leading.banks in the; 
"■“““SScHaafeian money market on which 
iffiriaJ -instruments would be, 
i—ii mi in II mi t suitable for a futures 
. rket. ••••'• 

mm iPAK is top 


:*■» w»T a an retained its place as-the. 

-Id's top fishing nation in 
111E C S with a catch. of 10,455.000 
nes. the Japanese' fishery 
cr-rr?::*.r? 2 .n«y said. in Tokyo. -... 

;es i’.i rr.-'.he Japanese haul—-90,000 
•d • . ;.-i --nes short of the- previous 
i»■• !;• I-. ,;■■■.■;■ **:* = r*s level—accounts for one- 
u-tv .. . - i - -5nth of the world's to^al caieb 

v- - T3.4GT.000 tonnes, reports 
a,-...,-* -• -iMfr. Second was. the Soviet 

^ r ; . with 10,134.000„ tonnes. 

Thus. French. West German. 
Irish.-Dutch and other EEC 
exporters- of butler and cheese 
will have at least two months to 
ship to Britain dairy produce at 

the current high rates of mone¬ 
tary compensatory amount 
(MCA i subsidy. 

And. the Board fears, they can 
he counted on to ship aod store 
as much us possible before the 
devaluation results in a reduc¬ 
tion in these subsidies. When 
the change takes place the sub¬ 
sidies could fall by about £30 a 
tonne from the current rale of 
around £400. 

In the second hair of la^i 
year, anticipating the loss un 

•January l of the remaining 
transitional i-or.ipensaiory 

amount on butter—special sub¬ 
sidies paid during the first five 
years of Britain’s EEC member¬ 
ship—these suppliers stockpiled 

huge tonnages at "old prices" 
in British warehouses. 

Their main aim was io have 
ample cheap stocks on hand to 
enable them to carry on the 
retail price cutting war which 
has been raging in the U.K. for 
the past ft*w years. 

With butter consumption still 
hoiering around 400.000 fan nes 
a year. Britain is the mosi impor¬ 
tant export market iu«iUc. a 
Comm unity which con«isleoi)> 
produce- 7 to 10 per cent, more 
butter than it needs. The U.K. 
dairy industry last year produced 
ldOOOO tonnes nf butter, com¬ 
pared with 90.000 tonnes in 1976. 

the year of the drought. \ 

Even the most modest esti-i 
marcs suggest that at the luffli 
of the year there were J00.0QU < 
tonnes of butter held in private 
and public cold si ores tip and: 
down the country, enough for j 
six month 1 ! or more. i 

“ It really f s intolerable that. 
people should play ducks and] 
drakes with our industry in this! 
way." Sir. Roberta added. " H.\r 
Government has at !a?i rceop-. 
nised the icrious distortion; and: 
inequalities lhat arc caused hj ! 
the * green pouud.' but a devalua-■ 
lion handled in mis Way is | 
actually goins io make mailers | 

worse." ! 

Each subsidy reduction ori 
increase in the price nf inmer 
in Rriiuin over the past five years 
has been preceded by a burst of 
imports from elsewhere in the 
Common Market. In December 
last year, for example, members 
of the Community shipped 2P.OOOI 
tonnes to the U.K. enmoaredi 
with 13.000 tonnes in December. 
Ik7>t. i 

6 COBA. the Cummiini:;. far-j 
nieri* association, announced in; 
BrussrJi yesterday the im¬ 
pending devaluations of the. 
“ green pound." " croon lira " 
and ** erer-n French franc" ib.i. 
not afreet its demand for a 5 pen 
cenL increase in farm prices. 

U.S. doubts on coffee pact 


THE WISDOM of cohtiiwed U.S. 
membership of the.International 
Coffee Organisation was 
quesUoned yesterday by Mr. Lee 
Richardfinn, director of the u.S. 
Office of Consumer Affairs. Mr. 
Richardson lold the UAJNational 
Coffee Association - cottontlon in 
Boca Raton. Florida, that the 

U.S. should not be party to any 
agreement that helps maintain 
prices ahovc economically logical 

JK- Saul Stale Departnu.-m 
reports .-bowed the Brazilian 
coffee harvest should he near 
normal this year and that prices 
should decline. He was con- 

tr. McGaw. added later that’ •• 

«lerM/stx Sugar market lower 

Q$bn money market on which „• - ” - .- • • _ 

J -instruments would he BY OUR OWN CORRESPONDENT 

suitable for a futures SUGAR PRICES fell qp the Lon- U.S. Department of Agriculture 
fket. " don future^ ^marketof a sharp decline in U.S. sugar 

j _1-—-- terday. as dealers, failed to con- imports this year. 

apanjstop-. • • -Sr•sss^asySteMi; •*,*«,«® A r r ^ n 

•fcorivf; MATTfriJV position .inoved up io i .£l34.45 a was a forecast that high Fructose 
13011TU 1^1 A tonne in early tradiitg hut later maize syrup shipments will total 

an retained its'place as-the. .fell to end the day £1-875 lower lJ2m-lJ3m. short tons in 1878 
•Id's top fishing nation in j on balance at £121.45 a tonne. about 250.000 tons more than last 
S with a catch, of -10,455.000 -Market.sources said the decline year. This followed a prediction 
nes. the Japanese' fishery may have been influenced by the by Mr. Bob Bergland, U.S. Agri- 
:.nsy Tokyo. ... latest estimate, of the European eiiliure Secretary that this 
■.he Japanese haul—90(000 sugar supply/demand balance by industry will be able to produce 
-nes short of the-.previous statistician F. 0. Licht which enough sweetner to replace 40-60 
r's level—accounts for one> puts final stocks for the 1977-7S per cent of U.S. sugar needs. He 
^nth of the world's .total calch season at 7H27.0O0 tonnes against told the House agriculture com- 
: 73.4GT.000 tonnes, reports 6,679,000 tonnes Ip 1976-77. mil toe that il could be producing 
%Ur. Second was. the Soviet A. further factor enconraging about 2m. tonnes annually within 
;.(& with 10,134,000.. tonnes. the faU was a forecast by the a few years. 



cem^d. however, over rreem 
rcDoris of •* market mrni;mla- 
tion by coffee producing nations." 

Mr' Richardson hoped iha? 
f.omiuoditj Futures Trading 
Gimiiuission intwisation.-. of 
these a!le«ralions would '* uncover 
and pm a slop (u any illegal 
coffee price inaniuuladon on ih»' 
American commodity exchanges." 
Bui he said the reports raised 
OuesiJons of whether ihe Inter¬ 
national Agreement is being 
complied with and whether it 
in in the consumer interest lo 
continue U.S. participation in the 

Sr. CamllJn Cabzaus. presidem 
nf the Brazilian Coffee Institute, 
told Reuters, meanwhile, that 
Brazil wa* subs!antially satisfied 
with its coffee marketing stratccy 
and planned no changes in the 
coming months. 

He «aid he was not disap¬ 
pointed with the pace of current 
sales. There had been 500.000 
bags of coffee teach 60 kilos» 
sold so far for January-February 
shipment, within the Institute's 
ceiling nf SOO.OOO bags a month. 
Tine ceiling had been imposed 
because of Brazil's limited sup¬ 
plies. he added. 

zinc price 

By Johr Edward* , 

A WARNING of a possible cui i 
in the Europnan /i;c producer 
pricr from fl> present level of 
6600 a tonne v.u 1 - issued by 
| Preussag, a leading West 

j German sm-.-h»-r. Renter I 
I reported front Hanoier last . 
j night. The company also 

- warned that it may have to 

! extend shon-liinr working. 

' There were mo cuts in the 
I European producer price last 1 
1 year from S793 io .S7U9 and 
j then down tu SoiK* in Novcm 
( her. But n vuntinued surplus 1 
: of supping against poor 

! demand has brought -a further 
< -mite or discounting—up to 
j IQ per cent.—on the official 
I price which l s nun- forecall to 
I fall to 5550. 

! Further cumpvtltiie prc«*« 
i sure on the prvdurcr price, on 
which ihe hulk or direct sales 
by producers in consumers is 
liased. is vunims Troui the 
marginal zinc market in (he 
Lyndon Lx change. 

Values tliiTi- are close to tile 
I lowest let**| fur four-aiid-a-hatf 
years. Cash ziiir. which fell 
back vestenlaj l»> E3.G to £2-16 
a tonne, is diiii valent at 
the prcM-m dutiar/sterllng 
exchange rati- to tielow I4S0. 

In New Vurk the Uummudlty 
Exchange has announred the 
bniml-s or /.lilt- deliverable 
. against its new zinc contract. 

1 which is due to start trading 
next week. It will cover Gi».0*>0 
lb. lots of Special High Grade 
(SHGl. and High Grade (OGl 
at a half rent discount. 

Yesterday's decline in zinc- 
on the Metal l-lvrhange was 
part or a general fall in hase 

Copper cash wirebars hit a 
new twu->ear luu losing £7.7."> 
to £620 a I on up and cash lead 
f closed C4.7J tfuwii at CS07. yu 
: renewed selling. 

j Cheaper eggs 
j next week 

By Richard Mooney 

EGGS SHOULD B>- cheaper in 
most supermarkets next week 
following the announcement yes¬ 
terday of 4p a dozen wholesale 
price cuts for the main grades. 
Grade two t roughly equivalent 
to the pre-metric large size) 
should come d-iwn lo 59p or 60p 
a dozen and grade four 
•Standard) to around 49p. 

I Announcing the price cuts— 
the first since e“?g grading went 
metric on November 14—the 
Goldenlaj e>JS marketing consor¬ 
tium said they were mainly duo 
to instability on the Continental 
market which had led to moder¬ 
ate U.K. imports of French eggs. 

He si-id the post-Christmas 
period was often a time of de¬ 
pressed prices on the eo? market 
but that U.K. demand had been 
standing up quite well this year. 

9 9 


HAVING BEEN brought up in 
the traditional school of farming. 
I learnt the way of deciding when 
a lamb was fit for ibe 
eye and b\ touch. A lamb should, 
s»o my mentor used to tell me, be 
liriu on the Join, nut too sharp 
between the shoulder blades, and 
there should bo a crack on Ihe 

rump running do?, n the backbone 
tu the tail. This crack is. in 
reality, a channel in the mass of 
fat which forms in this area. 

These standard* operated fruru 
the time uf the first iSlh century 
improver-, ri^bi up until the 
present ua>. I ui;-svlf have bougnt 
and suld thousands of socep •>;. 

i bum. 

But mis is changing. The old 
standards were really based on 
ibe la; which the animals put on 
as ihc\ became mature and 
Mopped growing muscle or lean. 
Tu-da> no one reatiy wants fat. 
Nut only is it said to kill one 
with heart disease, out il can tie 
bought Cali eh cheaply as 
margarine or nutter, instead uf 
’jcin* attached lo steak- and 

Little headway 

Butcher? have been wittering 
about rt for years But while 

there has been surue Coital Jerauk* 
success in reducing the U nn/unt 
of fat on pig carca-es. they have.' 
until recent):-, made little head¬ 
way with sheep un'J CWhr. Thu 
i- mainly becau.-e 9n per cent, of 
■jigs are -old direct !> to 
abattoir#, and subject io grading, 
while no mure than about a third 
of cattle and >hwp are -old in 
this way. The remainder me 
traded in th- live auctions wncre 
nHiher the bujer n‘>r Hie seller 
really knows wbai goes on under 
1 hf Skill. 

This s'ituatiop does appear to 
be changing at last. Exporters 
of lanth in particular have been 
complaining about overfaf 
carcases for some months now. 
But farmers- with a good trade 
in the markets have taken little 
notice, and the exporters have 
had lo purchase their supplies 
alive, gt-ade them, export the 
lean meat to France and sell *he 

rest al buiiH*. 

The situation has been aggra¬ 
vated this autumn with stocks 
of fodder at an all-time high. 

Farmers have been keeping their 
lambs to make them heavier, 
rather than soiling them at The 
lighter weights. They haven't 
felt the need to. sell them, 
because there has been no 
differentiation between fat and 
lean lambs. In fact leaner lambs 
weigh out less after killing than 
do the fa: ones, and the 
differences in price do not as yei 
compensate for this. 

But this could well change. The 
Irish have been able to secure 
duty-free entry into France for 
all their lambs, and farmers in 
Ireland had been looking forward 
in a bonanza. But to the chagrin 
of man-.' v. hu had been holding 
on tu lambs in the expectation or 
the boom, ilie exporters have 
been very selective. The French 
will buy cill 1 v lean lambs. ; nd 
these are making nbouf SPp a 
pound unde r the' n*u,e dispensa¬ 
tion while the over-fat amnia's 
are havbic tn be sold for «Op cr 
less The tlilTcrenci; in price is 
nnt nearly a* marked here, hut 
there k prnh:;hly a spread of at 
lea-i 10p a pound af the •■.'.re.isn 
'tage between the lean and the 

Even nn live markeis iht* heavy 
lam Ik. say. ■»;' 5U lb deadweight, 
would make linlc more than a 
40 lb. animal. One of ihese dais 

farmers will get the Inessas'?. But 
it is Tar front befny a simple 
matter of just feeding the Iambs 
less or selling them at lighieri 

The problem is that the breed¬ 
ing of both cattle and sheep has 
been hased on the standard# des¬ 
cribed above for puny genera¬ 
tions. They produce 

earease# because genetically they 
can du no other. They also 
produce, when till, great iiuji'.ii- 
tic# or kidney fat which are 
impossible in jS>l*s> i:i the live 
unimaly AI#i». because «»f I he 
bias towards fat, tin.* amount nf 

lean produced n.t* nut been 
really adcquaie. Many of our' 
breeds when in non-fji condition 
h.ive very little lean meat either. 


The Europeans, purlieu tar !y 
the French, have had .i different 
approach. I have watched French 
butchers trimniing e.cry morsel 
of Iji off tncir cuts. They don't 
warn n* buy fai to i.isi; in this 
way. Their cat tic and tiieir sht-ep 
du appear «ci prudjee good heavy 
lean cJirr-asvs will mu l much spare 
fai. This has. of course, been 
recognised anil the inline nee vf 
the i in porta t inns into Britain of 
<'baroJ:?i« and other European 
ca'tle has been very nnik'-d. 

So far. sheep imports have 
been neglected cvccrn !ur a few 
pioneers. Bui French breeders 
seem io have de‘ei<.ped sheep 
will) much i!ie same char-icier ly¬ 
rics j? livir e.utie. cumhinins 
?:ze and He*h ratiicr than f-it 
carcase-. Even when th-y arc 
us in ^ she Aruish breeds they do 
seem in T.e.e tired 5 ‘:i<; excess 
/Di-nrr.dut ny lendenty oul nf 

EEC acts on iamb and potato cases 


|has given the British and : 
; F rench Governments one month i 
■ to justify Their import controls on 
;potatoes and lamb. Should they i 
' fail tn satisfy the Commission, ' 
j it could, after a final warning, 
refer the case* to the European I 
court or justice. i 

The lamb i# s ue. taken up in i 
response to a British comma ini. i 
concerns the French system of i 
] variable levies an imports. I 
i Britain protested after France 
; waived the levy on Irish imports. : 
estimated at 6.000 tonnes for 1 
‘this year. Last year ibe U.K. ' 

cards: K*!». n»« and ss.te: March 
£10 TP and SS 10 - B, ” tvOIls £30.34. 

CT.l 13 and £SL«rr for fh • rcspocitr. si;ip- 
rueni periods. Yarns and cloths firm. 


p imv —i -• - - - - ^ lOHOtfS- 

Vine a recovery io I9M.5 -and. a riH—Linlc changed oo batanci af’.^r a uomina. Srandard. cash £6 350. is. 
} an Cft.: Kerb of S6ZT.S. Bar rniauw ^ ©f ruodcraie tra*as. The East has months ffi.lfij. ro. -*fl. Hfrfh CraJv. 

_. SUMned- Turnover : 30,-tM toru ves- ----, -r k r.-.-,. A cash £SJOO. Kerb: Siandanj. iliwa 

—-—-SeT.wuu' & or vita. ,«+«■ . T * v ' L i-- manihs • M ira. .Uicmoon: Ssandart. 

__ rtQ . Mil FHK OIBcUi r^- -rCr.dtBPla>.l — • • T1S \ '_ 1 u L_ _ three months ttl.l*!). ifi.iOft. 10. Kerb: 

?n Aocnw - j ■ r - ■ ■ ■! — sjeiide c, rr< « ; ^ »“*»«*• “«* - o# - ,o - 

. .*■ I 1 ' t Otefc_1 6419-20 ;-7 25 M40SO — SO LEAD—Lower a sain :n a dtpre-ss-d 

IT V*&lXTfW b * n sis tfi UBIISHUR 3 month*. 6176500 -BT.B;€210-25. +7.5 8D a nen'ous narkcl prone to both ni>> 

U 6320 - , . tow burtne and selling. AJihoush forward 

'■M ^ SM.5.9-I4 SSR.5^.1 -iiB gtudu ? . . • metal suoted at £St+-£5ie it slipped do*.-i 

i Hint ©16 — 1 --.| 65J3-801-72J 6340M -M to trade twtvfcen £h‘*i and £310 "ith #"*>d 


- Sun^ 

Wortd Commodity 

a Index Limited 01-351.3466.. : Three month Goli 177.0-1794) _; job-.* -s 1306.5 7.5- 4.75 

ll^mont Road.jtibndon &W10 OHS. : »• itncinihs 11 |310.5-tl—9 5:312.5.3.6-4.75 

»--— . —--- - atauWm< 305.5 -I | — •• • 

.^s- - . ■■ -■■ s. Migiai--— 

^ Marulflg- Cash S30L, 03. 03.s. 5hn.< 

rf ' '..' r ’a aiornhs CiJi, 07. M.5. 07. 0“5. OS. 0S.3. 

f --- - ■* * ’ W. 08.3. 10. H.3. Kerb: Thr« months 

1 l /ORv \ Il f I i f OU.N 0 . 5 . 11. Afteinoon; Three m^ihs 

.. ^ worfo LrOmmoany 

, I voitv Awl. ZINC—Easter lo thlo rradloa <rt» the 

L — il J f IF I forward ror-.aj price tnovoii In *>-mpa«h* 

FTlKfiilS * copper and lead Ii staned at 

/ . *.-•••. . * £250-£23:. I«U a was »o C4* and Uv-o 

. rtjvrjnheocd 10 close no tb- K-.rb a> £351. 

■ i-.v TajTXJver- 1 853 tnoni-s. 

1 ' Hf youfbusiness interests demand 

l _^ _ l i--;--— 

« £ ; C I • £ I £ 

ta*b_i 244.5-6 L6£5'Z45.5-6.5—3.5 

4 numilis..: £«3-.5 j—S.fiS. 850.5-1.—2.75 

d'm&at J 245 J—5.5 — 1 - 

I'm. West, - 1-. 30->31 1 ... . 

. Moraine: Thnc months £2*i. 49. 30. 5J. 
Ed, 49. Kerb: Cash £344.3. thr<?..' mo runs 
g49„S. Afternoon: Three months £SAf. 
.49.75, 51. Kerb: TbTe.; monlhs £lS>j. 51. 

•Cents per pound, ton previous 
doofflua) claw. I JM per picul. 


- surer was Axed 3 Bp en ounce lover 

COT Spot delivers Id the- London bullion 
nirkot yateraar. ai £a 2 p. U.S. «ni 
equjviilcnis ot the &*lnv levels were: soul 
103.7c. down 6.3c: Utrcc-monUt 331.7c. 
down 6.4c: six-putmh 5:0.9..-. down 
BAe; and la-niowh 551.6c. down c.dc. Thu 
tnvtnl opened si ;254l-£tj{p i49049l3Ci and 

Closed at 2SJ.3-25Z.2l> .i«hH9lic». 

SILVF.i: ,+ *>r! I-XLE. j+«r 

■ per ! t'slnit : — ! 1 — 

truj ot. 1 pneina ! | 

||l ’ ‘‘If your business interests demand 
^ « Fi - re & u fe.ft>fermation on any ot the - 
^ trti world’s comihodities^inst'clip your 
OFFICE business card td this advertisement and 
^ * . return it;toihe address below: we will, 

send you % sample copy. 

E-irtr Trade scitips pressure caused 
Robiuns to decline tjv up to rto rvpitns 
Dr-'X.-I Rurttham Lambert. Later, uer*-- 
ever, improved roas.'er bilyi-u interest 
coupled vrilh firm ness In Now York pro¬ 
voked d rally. This in turn I'd to sonx 
li r av>- yiop-iuss hua-lnz which took Tames 
to ih^ htei> Jus: brl>.ru ibe iJosu. DeaJuw 
lomtucnivj :ha: th« parncular su-engih 
in nearly positions roilc.-ied fears of a 
repeat of : 1 i>- January teclw.c&l situation 
in the Ji posiuon. 

iTiV-tciilav’T; i 

LOFPbK 1 <-*>** , + », 

:r ;-?r Irtin- ’ I 

Uarub. 1715.0-1790.0 * 30.0 I£00-WJO 

May. It23.0-1690.fl - U.5 1tI5-1675 

July . i:-.45.0-tS4r.0'T7.5 • 7552.T435 

Jtlilfir.kT . 1455.0-1470.0 — 20.0 U6a.H44 
.y..v«.mher.. '1*00.0-1421.0 - 27.0 1420-1410 
Jsniwrv.. ..'1560.0-1425.0. . . 

Tlarrb. 1515.01405.0 + 8.0 1 — 

Sales: 2.0M • 1.051 1 lois el 10 tenues. 
ICO indicator Prices fur fvbruarj- r 
'U S. 0 . 11 a per pound 1 : ColocMait mm 
,\r:>bicas 20 " 00 i?W. 00 >: unwashed 

Arubk-as 2I4.M 'same: o:h.T mild 

Anhicas 20 i .un > 2 in.rj<: Rulmyjs iri.54 

■ Fame. Dali* .1 165.73 il&?.02>. 

LONDON ARAB I CAS—Turnover im¬ 
proved os Interest ruiurn-j Irom luuut 
■Jinirrs in a iDuvtwt markc: Drc.tol Burn- 
him rvpent. At the dose rslu.-t kjt 
ir.-Rularly raiiBud around V.-edueidu's 
dnnl levels. Prices .In order buyer. suOlT. 
chaiusc, bujiuuss'—April gc€.50.2ri7.03: 
rOJ)7: M.M-2ij.CJ. Jon? UO 55-lPli.W; 

-i.Sj: au 3. lfe.eo-iTti.uo: 

-ois: 15Q.lit.i-oo-177.DO. '-let. 167.30-107.35: 
- 0 . 12 : nil. Dec. 1 33.00-135.W: nil: nil. 
reb. H9.23-UU.50: -D3i: nil. 

loqiwivd. Australian u-heai ur.<joo:e1. 
EEC, wh-it umuoted. 

Males: OS. f.vrcfl ftp OS.f'O. ilarch 
April -.07.73 irwr.ih.pntetj! Ea-.i 
C..ia^’ Kenya rind- r, March 70.U0 
f;.-.nt iunl. S. a fries a Yellow March 67.73 

Barley; Cnquuird. 

MCCA—Lu. alien ts lino spot prc.-sl 
O ther Mining Wheat: South Lincoln Sv.eO. 
feed Barfcy: South LlticO'n 7170 ttih- 
suir<- 7c ,90. 

The U.K. monetary coufiicicat for the 
tcuc«: b-Rjnnmii Feb 0 will rtmirn m- 


Hj.-a.-us cios'.d !nnreeu jJa lou-cr 
twh-r un a turnover of 75 l-rs. Deaiur^ 
cud raiucs hrid steady in a very carrci-.r 
rami • under :V- Influence of Use re.-ent 
tn-rionr.ann- in Chicago. 

+ur, bu>:uiit 

il'-w — | 

fnenopuo , 

. 106.00 07.0 -0.5 - 

'105.504)3.7 -0.20 707.SC 0S.50 
105. 3 3-03.5 +U.20 iOJ.3u-Ua.Sj 
. 104.23-04.4 ,-0.45 - 

104.51-05.5 ^0.50 1C5.00 

. 1!PJ»0&.2 -O.S5 IS. 10-03.00 

. 105.00417.0-r 0.50 -_ 

• llti' lois Of 100 tenr.r?. 

Sy .-i .u»' -. 

Af"’ - 

■lull* ■ 

A . 

UrtuSw- • 






OUIET—0peniic: on the London physical 
manteL Utile Interest ihroiuthom Uw 
-lar closliifi on an easier not-. Lewis 
and Peat reponed that the Malaysian 
acdotvn price »-as 202 i cents a ft do 
■ buyer Februar y»■ _ 

Nn. I ivettwday s; rievnnn ! EusUiey* 
lt». j close . vivw j 'I'.ue 

Send to: 

gSubscri ptions Dept ( WCR ), 
T'inancial Titrfes Ltd., Bracken House, 

10 Gannon Street, London EC4P 4B^ 

Jfnn.b ..! 


Ciri- U-cf 

45.55 45.80 
51 ■55-31.75 
54 06-54 90' 


k* ^ 0,000 people in the United Kingdom suffer from progressively >» 
rAUiuralysing MULTIPLE SCLEROSIS—ihe cause and cure of :j» 
S' 4 rtich arc* stin unknown-HELPUS BRING THEM RELIEi* L 

40.90-47.50, 47.03 

' 47.75-40.06 <7.60-46.30 
4a.5iMr.53. *3.30 48.55 
51.15-51,20; 51 25-5D.I0 
52.93-53.011 35 Qj-M.75 
M.60-54.TUI :3.9i 
' 50 J0-t8 30 56.t0-54.90 
57.70 57,0J; 


lots nf 15 sonhes and 

pMlcs (buyers 1 -.were 
Man'll 4T.23p *43.0 *: 

■ '\ND HOPE. 

Ve need your dOKitoa lo enable us lo continue our work 
» ‘ ullerers and continue our commitment to find the cause 
- :? ind cure of MULTIPLE SCLEROSIS through MEDICAL 

RESEARCH. , . , - 

Please help—Send a donation today to: 

* The Multiple Sclerosis Society of G«Bw and N.I. 

4 Tachhrook Street 
3 London SU‘I ISJ 

.«irt .. .. : 255..- —S.6 231.15J* ‘- 5.2 

.' iniuuLs.. H56 65p ;-S.B5 2Bb.Z5p “5.7 
> migiUi-... B6l.2p j- 4.9 - 

; m-.Hiiijr.. il l.B|' —3.8 

LME—Turnover ^ti il.'Ti lots 01 lo.uflo 
ouQLtjs. uornfus: Cash U1.3: ihrw 
months 257. 6.9. 8.S. 0.7. fL3. 4.9. 6 2. O.n. 
fi.f. fti 6.8. 0.4, $.J Kerbs: Thr« months 
256J. 0.4. ti.5. Aiuruooa: Tltiw monlhs 
•233. 5.1. 5*. 5.3. 5J. Kerbs: Three 
ppmhs 253,4, oJ. 5.2. 5.1. 



. «W CAUJtRY, *3, Old 

pi - 

,1 01.1=9 BITS. IOSSi ANNUAL 

b. Moiwri, 9.30-S-3P- Tnats. until 7. 


. fiO.OTm. Bills issued 1?_ F *'*L UJrv iful 
■I 5-'iV Aftpilrofions £B.05m. tdtbi 
outKandlnft. ED,95m. 

JtfAGNI. 14. OW Bond SI / W,1. 491 
vlM. A 'Mn worfts By 

i&ASTIANO RICCI W ® n »l^ lit 110 
[.»' ind e until 8 March. 9 33-5-. 

IL VD-l. _- - - n - f 

nrH' tbi UDINE ART .e« 

,-j 11PL- IND uaet 8 Mirth. Man.'' 

r }*<.■* ^ ____, 

* -Jt GALLEXILS. ExhiDitlon of fino PUM- 

,nlri; bv ami fftlwl 

• Pli'Jm 1700-19*5. 3-6. Corn Sttttt,) 

, , * nSaii. *vTi. rei- OJ.734 2 G 2 E Wten-i 

>il ' vs to-6 5Ata. 10 - 1 , ;: _J 

, .ERIE A»%A 7 Church RMfl. Winadw 
\\ n VUIaas SW19 TMephomi 94* 47IT. I 
, O V- HE 19th CjaKTURY" an •Jhlbson rtf 
l il’t • porunt vicienan oamhi'flfc Daily 1 
? 1 -6 dosed Man«w *ml Toecun. j 


EVE. -189 fteatl* JM S675> A »4 

Cirtt or -All-in Mtcnu three Spoe-j-m*' 
Floor Shows 1D»4S, 12-43 1*5 o?J 

tnSlc ol j5hn«v HawMwonn a nd 

fiARGOYLE. 69. Dcin~Stroet- LO"Sor* W. 1. 
. Show at Mtfnla*! 4l»0 1 a m. - 
"Mon.-Pri- Chaea Satordan. 01-437 base 

- Despite JlffW origin sriJJns »nrw cJpwd 
^teadllr with rencued commissitm-house 
bujina. rtports Clll and Duflus. 

YirTr-nJoj V; +■ I isu- iuevi 
COC« 1 A ! flirb ! — I UoiU) 

_ 1 - - - - ' - 1- 

No. iL’nli t. j 1 

334( I. ff80.a3S.O 

JI*r»_1475.0-15.5 0.5 11404,0-58.0 

Juls...„._... l«8Jt-51j| 41 : 14fi1 JL55.II 

Scut,,_1443.0-14.0 ti6.0 H84J.IBJ 

LV.-.„ 14 5.0-1 i.O :-r i WMKfl 

lloa-lt.1590.0-95.0 -2.0 . l*. IA-0.D 

iiny ,, uao . - 1.0 j leo.o- bp.o 

Salts: 3.142 taw ot S tor.ntrt. 

lolcrnodoual Cocoa OrpmUailon >K S. 
rents pi-r pound —Daily priK.- Fib 
125Jri 1 129.® 1 . Indicator prlc« Fi4x I 

ISMay aversas iW.&fl 112:411. 2J4Jar 
averMc 134J4 'lOa.SSi. 


DUNDEE—Nominal, Mo nfl'rs avail¬ 
able. CaKinta goods sieftds- Quotations 
c and t U.K. f6r prompt slupmrni llHiur.ce 
40-LDCb 110.93. 74-MAce £5.06 per 100 

Safes: 2^ <203i lots of 15 tonbes and 

IKO ai 3 tonntfS. 

Physical closinc prices (buyers 1 were 
Ppm 40.250 <17 0*: 3Larch 4t.25p <4i.0<: 
April 47.3P '«.•> 


—Tbc m.irftft upc-hc-d aruaod uscbaniu-d 
and -.n 9 quiet morning session traded 
slightly iowor on wheat and bjrlt-y. In 
tho aJK-mnon. vahic-s L-nilapsul as the 
physiral market bcvaniv weak puifevlarir 
In wheat. Stop-lots selling arc-dotulnatvU 
as siaV louts liquidated in a thin martm 
aod by the dose losses of up to 1W palms 
wore retttrrrd _ in whtat. Kew crop 
wheat saw a minimal trade and clasrd 
btfiwocn 463S lower. Old crop barley 
Imi some ground on a weaker Feb. (4b 
market bm the selling was not as- pro¬ 
nounced as In wheal and losses of only 
50-53 points u-crc wen. New i-rup barley 
toUapj.-d Sa points on a voinnic- of Due 
lot. reports Adi. 

,YMerdav'«j + or ;Ye»tcNlnvV + ni 
31 'ill h- rU>H- I — 1 eit*»» 1 — 

.«»(. j ~M.70 7 3.10 i-pso 

Slav I £6.55 >^X.M! 75.50 [—0 55 

mi w. 1 - E3.45 —U.BS! 78.90 t_43.85 

, R5.BJ —■0 60 61 25 '—0.85 

•fen. ; 8S.Zj_.-0.65 65.63 0-BS 

Business donr—Wheat: Marrh ft.OO-tj :W. 
May <W50-S7.jj. SaPt. ba.45 only. Xov 
Sj.ifr«c 2 j. Jail- 6o.titf-SS.63- Sale.: 106 
lots. Earley: March ? May 
73 M)-;G.03, Scot. nil. 3kOV. tl.25 otuy. ian. 
nit Sales, .-a lots. 

Wheats Ctt'RS Jio. 1 I3J per cent. hb 
and March M.Wi Tilbury U s. D-rk 
Xonheni Spring Vo. 3 14 p**r ecru., hvb. 
S3 .do. March St.73 uanshipmani Ea't 
Coast. u£. Hard fVuUer Urdmarr 


rui .» ;onri< c:f for K-b.JJareh 

ihi^inrv.'hlttt sugar .tally price wa» 
fiiL-J <n:7.. 

F.iinti'rtrs that Otinr was rc4o:;ar:t^; j 
bluer I' lrUiai.- from I:.d!.> !t«;»vd proJuw 
a 17 higher tou>- at LV openin: call, 
report* C. Crarniyow. l^ter. boaviir. 
fell0'<04 puW.c-Sfl«:« Vf LichLi 1 orsz 
■fcrnn:. of in-.- Europ-.-j-i ba'aaccs fur 
lUTT-T- prices lei; Sbara’.y j;id Ibe- mirrc- 
closed a: Uio lews or ihi! day some and 
u»:a is b. low th., :op Je»vK 

sales: d.457 -.2.7bii lots of i 

I’rtl. !Y«i’riiay-»j Previous . Pn>;ui.« 
r.-fiip.. Ll»'.^ I L'iOse 
i.'liib. • 1 ; 

— p*.p Lou in- 

MjinrL . I IB. 10-18.15 119.50-19.40 126.40-19.00 
Sic. ... 1 .1 40-tf 1.50 1U.60.S5.5V 124-45-21.10 

. 1-3 ea-«5.e5 126 .si-L 6 . 4 t 112 b. 4 wa.*=. 

tx-i_ .... 1,6.85-'<6.36 U7.10-C7.:ti’i<e.0S.I&.a5 
llw... . IC7.66-129.6;I28.B6-29.QG' 12:.7>2S.D0 
Siarvb . lol.60-62 0 ! 1(1.63-55.Oi'IJ5.2i.-II.6i 
Slav 1S4J0-54.75.H4 jil-55.90‘lii.Cfl 

Ta:-.- end Lyle ex-rctfnen - price for 
frail 11 ;a:cd basis white su-^ar was Liu.-so 
HAHici a tonne lor home trade and £176 
tjaruv lor capon. 

fnurnatfanaf Sugar Agreemeut—tndj'cj- 
:or pr.'.-cs il'.S. cents oer pound lob tad 
s-invl Caribbean porii for ,1 a.iuars HI- 
Daily price 6.?5 i4.T3*: 13-duy averas-? 

inipon levies lor white and raw sugar 
ar-. cIT-ctlve for February 2 In units of 
account per 1W ftiios >with previous in 
bradtvJ?-. Whitt- sugar •dMUKurcd and 
non-d u.ilured- il M i23.73<. Ha-e sugar 
It ta ■ unchanged). 


LONDON—Marhot dull ana icaiurcUs.s 
BdCbt, reported. 

iK-bct per kilft' 

A 11-1 ihiiiII 1 V.-vtinvlBy 4- “f. tiu-iiiio- 

iJrci-i W a.-j L'l'i^ , — : • IM«* 


Mar.-l:..j25?.0-£4.Q -1-5' 

j-i« .; 

October.JaM.6-42.fl , ._... 

BUT ..Tam 

HiP-b.(245.0-45.0 ; .■ - 

Mai..1345.0-45.0 '~\A - 

■toll'..648.0-46.0 -1.5 _■_ 

Sa’.-s- I <0> lots of 1,369 Woi. -1 

SYDNEY CREA5Y. Clfc-o 'In order 
buyer, seller, bnduesr. sales* Mict-on 
cantraci—March XK S-5.U 6 ; 21, 
May W’S-MuSC: S42.7-M2.4 19. July flffi. 0 - 
349J: ::49.?4J49j: 25 Oc:. 353.0-351.'.’; 
J5.1-3-5TC.0; 12. Dec.,7; 355 0 - 
,-(57.7: 17. March rj2.34Ka.fl’: r.n. nil Hay 
364.C-36! u: nil: nil. Jii'y Stiti acttvO: nil: 
oil. Toni vales: S4. 


smithfield .^-nc.- p.-: Dunr.J—Beef; 
Seo’-'h tilled sides -KQ tu Si li. Ulster 
h'nda«arr<-rs j>; V :o .«.« for^juarterf 
37 0 in 39.(1 Eire bindaoar::rs Ss.O 10 
39 a. forctiusni-rs ai.o 10 a>o. 

Veal: Dutch hinai &nd onts 91.0 ;n 9; -1 

Lamb: Enztisfi small 50.0 ro Si.fl. 
mcdlUM W.e 10 3C0. heavy 35 0 :o 45.4. 
Scutch rnudlum 44.0 ro w.c. h. avr M.0 
to 15..) Imported frown- ui PH 4i.o 10 
43 0 

Pork: Fn*'!«h. under !t>> ibs 35.0 'a 
U. 0 . 100-120 lbs >'.& to 41C. 120-160 n>* 
SS ir ;o 4». 

Partridges; Vnur.; .>ach > 170.0 !<J 200.3 

Pheasants; i?er brace* SOLO :o 

32.- u. 

MEAT COMMISSION—Average fa:i:wft 
pr.-tfa a: r^pr.isemative uiarftefs on 
fOrunrr -■ ce —Cattle 6 - 1 .S p.-‘ fcg.i.w 
f-l.j.:.: U.K.—SH.'f-n PW. tip Per 

Vs * « den. ■ --o , h.v-fi.',: CB-Pu; 

fiA.3a p.r h;.l.-.v f — •. 1 ■ England and 
Wains—ilia:lie ir.-.nuKrs io-. a 7 i per ceo:.. 
prl.-c «.lup 1-1.64.: Sh.-vp cumbers d«---n 
74.2 p. r 1 -. 0 :.. r-rJ-O.tip 1 - J s.; pis 
numbers d«ivi 9..1 ;--r con;., twice 60 .ip 
1 — fl.ft. Scotland—Cal’-'t inatbc-rs up 
!U p-.-r •-■»:. pri - 67.133 >*-1.25-. 

C0VENT CARDEN 'Prie:-s in SirriiPR 
per package unUs: voted— Imported 
produce: Oranges~;.oan:j- 

3..*a. Nivc-tv 3.30-“ jj: Jffla: 3 Sj-i.K: 
Crums: Dials apprax. ’ft Idlci- 54'.-0s 
tijpilaa: BalatL 2JR-2.Sb: 3 Temples—A-j.'crlca'n. 

Approx. Hi-lb 3.20. LemoB«r-l:alian: 1W 
l^.i 3.60.VM: C-itu-: t.03-3 Craoc- 
'ralt—Cvpnts: 13 Vilos 2.46-2.53. 2) talos 
7 0“-3 ..'j): .fi(Ta: 3*t V-.Ios 2.••*-•; 50. Snort— 
Snanln: Xparua. 4-J.|t« 4J9. Clemeniincs— 
M-wo-.-ran: fl.7ti-l.od. Satsumas—Spin'a- 
2J-K: T«i. Apples—VreuJi: -W- b Orjnpy or.j-7 20 . HoiSiii Delicious 4.49-5 >:y: 
2ti..h 73 i-jj Crunny Ssn iti 7 '»-ii ft). 
fivl'3-n Dc-licio-js 2,5>".fl). R fl Delicious 
r »:*rft Crimson 2.7O-3.20. jim:b> 

;<, in 7 pound. Gn’ll-''. DeL'C'PUc 6 ;«■ 
j.Jj; transit: ColSvi Del:c:uu; !)U-C*.l3i: 
L'jS.- Red D'llcious 9 03-9 26 : Fijfitfm 
Slafcs- stiM.RC ffiaianji: R.d 
Dtflloous 7 Dart sir. Her pound 

’J.-iilniu^h 11.1^-3.12. S.iaruns JW-0.12. 
Aearo—Il:al:jri: Per j. mr.d Pafsacrassimc 
it.(li60.l2. Plums— S S/r-c-jr Sa llo StM 
per pt.ind «“4). •' nvi>.4>. Crapes 
—Saanifth: Ainima c.-'m-fl (■■■: Cal.foniian: 
R..J Knn*.ror P'r noa'd ofls: S. Alrcaa: 
AifJiu.-iv.- y >*) Qa^-tra of u» V.r, ->” rd 5.M. 
BanoDos—Jniiu'can: P»r pojoi C.I. 
Tomaioos—Por 6 kilos. Canary: E-4 iJ-l2i): 
Moroccau. 2 .:i). Mclons^Svnual: Yellow 
5 13s J.W-7.30. Cucumbers—Canary- 2.49- 

'>n Onions—ypansh: 2 3J-C Caufi- 
Hewers—Jersey: 5.5): Frctth: 5.W-3.33. 
Potatoes— Hahat: 3'V.h 2.W; Cnniry: 75 
y.'.m Ain. Celery—Spjnlj.0: 15-4ss 2.CO- 
:.vd. Lettuce—DUtah; 2is 3.7-J: PrenJt: 

English produce: Potatoes—Per win. 
lYnttes RcJ» I.W-L3H Lettuce—Per ‘.2. 
I.tlnor 1 3 - *-1 .*••-■. Cabbage— P'r i-bas 
Prini'j fl.6.3. Beetroots—Prr 23-IS 0 70- 
0 r-t. Carrots—P ’r h^U Svib 0.40-0 W 
Onions—Per 3>1-Ib ti.WI.2u. Celery— 
VaJ-cd IDs t.Ai Swedes—Per bas. Deian 
li4.V6.47 Apples—Per pau:id. Cot's n.ii, 
fl.S?. BrnriVcy* 61i-o:6. ^pariahs 0 . 12 - 
■> ;t. Pears—Per 6ourJ. Liinfcretcc 0/ 1 ®- Cunticv d 12-OJI. SpreiKS—Por ooand 
0 01. Parsnips—Per 73-tb O.sti-l.tiO. 
Turnips—P-.T ivlb O.O'J-O.rO. Rhubarb— 
Per pound U2h>. 


CRIMSBY FISH—Supply poor and de¬ 
mand good. Price* per s'.ono at shin's 
«;d< unprocf'ti .1 Siii'lf c&i2 il.JMl *4. 
t-odilnas I3.9fl-r4.30: la.’3* bsddtuflt £4.0«- 
E.‘..3n; medium h.i*l-1odft f7.90-£4 .">0: small 
hnddo:R E1.W-i3.Sl: !ar3» piatM ?4 70: 
medium state-? is.i<}-H.S0: best small 
plulco £ 2 . 2 (r I3.S0; e<clr.ncd dngPsh Haniei 
Xs *«o: faieduifU' £6 50: Ittuon solos £5.00- 
CV in. 

Cyprus reduces 
potato crop 

By Our Own Correspondent 

NICOSIA. Feb. 2. 
THE EARLY potato crop in 
Cyprus this year is being reduced 
Ly 30 per cent, because of sur¬ 
pluses in European countries. 

Mr. Andreas Sawides, general 
manager of the Cyprus Potato 
Market Board said the board 
plans 10 export 125.000 Ion nes 
this spring, against 175.000 tonnes 
last year. 

Mr. Sawides also warned 
Cypriui producers that they 
should nut expert io receive the 
high prices they were paid last 
year. Rpcause of over-production 
in Europe, potato prices were 

Mr Sjwides said because of 
a good crop in the U.K.—the 
traditional outlet for Cypriot 
potafoes—and new tariffs imposed 
on Cyprus farm exports to EEC 
countries, ihe Tuture of Cyprus 
potato exports was " bi’eak.” 

exported 18.HOO tonnes of lamb 
and Briti?h farmers believe the 
Irish deal will cut into this. 

Ireland does not produce 
enough lamb for export lo 
threaten the French market. But 
Britain has access to New Zea¬ 
land lamb for Lhe U.K. domestic 
market. ThU raises the prospect 
of unlimited supplies flooding 
into France, which expiains why 
the French Government con¬ 
tinues to impose a levy. 

The Commission had hoped to 
let the matter slide until after 
the French general election in 
March, and the negotiation at 


Pnc«* a«r taunt unlc-a. atlwrals! 

BRUSSELS. Feb. 2. 

the annua} farm price renew. 

It may still do su. unless 
Britain, shaded by furimi* vheep- 
fa rmers. applies much stronger 
pressure than it ha4 feir neces¬ 
sary so far Bui this is 
considered unlikely because of 
the potatoes issue 

The Dutch are ehallenaing the 
British claim that, in the absence 
of a Community regime, the U K. 
Potato Marketing Board should 
be allowed to continue monopoly 
control of the U.K. market. Their 
complaint, now taken up by th** 
Commission, is that the British 
ban on potato imports is illegal. 

U.S. Markets 

Feb. 2 1 + 0 - UocTb 
t dir I — \zti 

Metals ! 

Al< linin'urn .£580 ! ftSO 

Vnx .Market hn»< £950-70 [. .,'i990 

tV. H <-roi4bW. Bar^JC620 —7 75 1 1.677.3 
j muauu du. Jn. i7633 J—8.25->.691.75 

L%-h United*..£610.5 7.0U666 

J aiiiatbd ifa. d.r..„. £633.25 —7.5 (« 680.5 

ri-'l-*.Tmy >«. 5174.029 —1.5 1 -15B-125 

L*».| C*»li.£307 ‘-A.Tsji 564.25 

•ni..<btlis_£513 1—A.75 1 -. 368.5 

Xivkei .— *. ; — 

Free Mnraet fcfP|...'S1.6S-2.5...51.79-9.0 

t'lRiiDiim trvy o*.. £96 !.C96 

U-Nikei-£110.25 -1.55*: 8.5 

liuK-Lkilver 176)0.1. 6130^JS;.S125.50 

S'llv.-r Tn.v or .253p 5.6 254|i 

i- ni.-nihi...366-fiSf.!—3.65 2S7.4p 

ruiUM...£6.545 i-20.0£6.429.5 

a m.-in .. £5.207.5 412.5£6.432.5 

l\V-iirHin^.jlh.lc1i F155-50 i.* 169.76 

Zite 'wn..£2J6 '—3 5 £287.5 

: ui.-nili-.£250.7b-2.75£Z93.75 

l*rc Iiwjb.5600 .*600 

Oils ; 

U-xa.ji Hb-.l,.,561 ;-r2.5 '£552.5 

(rroua.loal. liStO-i I .£578 

Linw-ert Uru.Jefe,..!ȣ66 - 3.0 .<265 

Kami ill:i,v&Q.'S503; l-a.O S507 

Seeds i i 

U.i'FP Koiilio. S3B2.5!/ - 5.0 ;<3S5 

.L‘J5.i....|s257.7.* . . .._.u249 I 

Grams j ; 

Kane.i KKC. - 1 .. ; 

Hume Future*...It-5, l j—0,4 |£70.5 

ilaize .: • ! 

F 'en-iL Xu.* Am|t9B _IC96.S 

Wneai | I 

Xu. I Ke I »pnnji|LB4j! '. __Jr84.26 

‘•Ov.Uar.'tt-iQien z ' i 

k-jsu.h Minin..94.5 .! 7 

Mnpment....It 1.555.5 -O.S £1.743 

Future Ala\. £1 tret r—«• 25 £1.625 

Ovree Future-... I 

Majr...[Cl 62s.a'-IS.5L1.7SJ.B 

L./ik.ii -y lu lea... 65.85 ,.!ol^5^- 

Jute LJ tmj.I ~ 1 „, . ’*43? 

ItuLirfr k:k-_-.46.25 0.75 ‘ 47 P 

;i-n! £ fc.\jL.. jj2&-45'.,5560.70 

;,l4’f | lfl'*i. fill , £107 

W nil..„ C67i i_I Z 7Qp 

ivoonniu. I Udruv'cc. u Seller's q>io*a ! e Cnnts i Duun>1 >" F.x^knk Lnniton 
H'UL pJan.-Feb. q April, t rib.-?.!arch. 
/ Marcb-.lprU. u t tai.-ApnL w- March. 
r May. i Per ton. 

financiau times 

Feb. £ j y~eb, l -jftioiilb (Lift v»r B|}> 

2 26.41 326.51 j 234.37 ! 262.96 
(rtjftft: liitv 1 Krufatani 


Feb. 2 . FebTl [Meai'i ny... Yinr a^v 

1397 .B 1599.B [ 141 9 .5 i 161 8.7 
(Rase: Seaietrrty-r is. 1B.AIsioai 


“!>.<« , FebJJ - ; FA., i uTuihTirir 

Junes | 51 j 1 | awe I ncc 

Sfrui ....j348.TO'i47.66'5iM^7^94J8 

< A mafia 11124-26-20=1011) 


l Fdi. Fri>. Muulls.Yflar 

M.;«p1v'-* ! £ J J .' *"«■ : ace 

J^Pl? (.yniinft 900.9 902.7 884.1 055.8 
ihrrwnh-i isiia'iTuVi 

COTTON—Liverpool. spot and ctaiaai'.'Ri 
salts anmuiWul lu 401 lannes flnii^r.K 
the loial for Hit- irivfc lo ' 0[ iiios 
rcpnns F. tv. Tan.realL-.. Funlser 

inkr*.si 'kiis sho 1 . r In®. 
Aim nciiii-iiDv a.vjts in*!udir,.i M iddl.’ 
EasitTn-and Africans. The call fur Nurlh 
and sontri American ^runtos Jl.-c 


HIDES—MAnthcser. Stc.idf. ■'* 
kilo* l 2 .Jp per luu.. amw Filos 30n 
"-A5 kilos Lisa; -.awe u il&Orav'ii 
jjp kr kilo. No >. *li ijfl .'i\>i. 

Metals and 
sugar fall: 
coffee firm 

NEW YORK, Fro. 2. 

PPECHl'.’i MET\L5 w'M an ';r.iife 
ave biiui-Jaiiun and stup-feift srilih^ lue 
to less Ilian ispooled viium-.- j! b-a> at 
Lie i.\LF aucii.-n. s-iaar i-l-sied fever «.n 
CurrimUsiun llou C -ellllU: and 

a lack of tlus'inu. C-.fTte u.n.-Tiod hlsli'r 
6d apeculailve »hjrt-c'.vorin^. S-caboans 
t-nawil ilrnier on -o-'i'-i cru.hiric i-spi*,:.-.. 
u.'.ni- Cach;- riparif. 

Cocoa—Marrh '134 tin-. Mar 

1-5 4U *I*4.*a5.. Jut .tl’t.PO. SepL 
Dec. -ijr..h ;r:ia. Mi? i 
.=ei'leni«a:i. vpip.-: i i;.o. 

Coffoo—- C " C >n:rjc«: Mar -h ;?! ;j 
'340.00*. Mai- 177-23 '3'71.7.'.. J-Uy lj.,00- 
ijj.jO. S-P'. 331.M-3 js 0u. Lite, lsti.fla ’jll. 
,M139.01). 130. 77 n May anijj'.i.t), .l«l» 
unuii.nod. Sale 1 : 4i30 l-rs. 

Copper—Fob. iO.Su "MS9.. M->r.,li ,V, '>1 
■37..-0". April 57.40. M.ij 57.90. July >» P0 
S«.w. jti.S/i. Dtv. Jan. • J.i®. Jllfi-h 

c so. ifir re:.40. .iub- s-.yr. m. 

r<-«*. 5 *J.S>j seftk-incni:. S4'.o=: 4.-W.J toi'.* 
Cmton—?.’u. C: Mjrrii 5j7P-59 1 n i.-l li>. 
.'.I.v. Si.PO-Se.9S .fltfj... »ul<- 57.90.47 9*. 
Or. W.A3. Dec. Sli AQ-AMm. flaro’i 60.OO- 
W.-O. May K'Cti-'U.W. July eii.oO-fil.jO. 
Sale*- ‘itr- 000 bales. 

"CoW—Feb. f.V.PJ 'iTLA". ”ir;i| 
175.W -IT-Vru*. Ay'il 170 20. June 17J.-4I. 

Aua. oct. ija.*). Dot. i‘6.ui. v.?b. 

April Ju-.c 194.36. A US. on. :ao .no. Dec. r i/S.zti sonic mem.--. 
SjIOj: 1-.tKlil 

T Lard—ChlCdO Lm-'-- 20.77. .same 
Sin- York prime <:cjat 22 "4i s-fted 

> .aw ■ 

TMalsc—Mjrch 227-726 >22/. M.ij 

7 PdiCZ/-. *229July 2I13-23I*:. Sep-. 22?- 
227-:. Dec. 224; Mar on rS»-S2J:. 

5PlaHnure—April J14.2ti-2i0.7v ■22’i.fiir.. ’ 
July 224 30-224.=0 '224 70,. n,:;. s.-j.-ft. 

—4 30. Jan. 227 *0-22: UO. Al.rll 732.00- 
222.2U. Sale.?- 1.621 1->i-. 

'Silver—Fob. 4=.; so > i-ij.-vti". March 
A-rV.O .450 20.- April 4P2.M. *1-17 190 3O. 
July 502 TO Sept. .''.1.09. H;2?. Jan. 

Mjrch .■.-.2 '0. Mjj 54120. fa’y 
SH.90. S 1 ';.I. 35f'ip. DeO. o*' : -7Q *01110- 
FK-nts. Si’es: O.-xei lo';..*- anti 
Hannan sp<>: bull.on liP.r'i .jn’Ot).. 

Sovnbeanr— March jTJ-aTl i!HYO. M»V 
373-37H! .37.1; >. July 3S4-: :.j43. 4u?. 3S^ 
SSsj, Seal. 377. Nuv. 377. j a n. 344. March 

Soyabean Meal—Man »» 353 70 <]19.;0». 
May 155.70 ■ I.W.W- .Ill-;, i7.5.10 Au*. 
139.00. Sc»L ICO. fl. Oct. : 39.3.4-1.'41.50. Dee. 
161.50, Jan. Iu2.0u-io2.3a. llarrli 164 uO- 

Soyabean Oil—March 20.71-2P.7.'. >20.7ft 1 
•lay 2i).a.1-fl , J..?2 ' JP.'s-. July 43. 
AUfi. Sv.W S'-Pt. 19.i7-ri.Sv. ri-'L rt.Sil. 
Dw. :pflj-:s.5n. Jan. 19.U--.9 4ti. Marti 

Sugar—?;.?. U: March S21-0.2-: ■? VI 
».«>. May 9>-;-9.3V i9.74.fl. 73, July Pffi- 
9.70. S.-Pi. a.90. '.M 9 97-X!*:. Jan. 
i0_r». -Mar.'J| iO.tfj-’.o.en. M.iy lu 73-;u.:« 
July>. safe:: 

Tin—SS# asfte3 < 503 50 
'•Wheat—March C&< 207'.. May 
274t * .273;July 27>:-27s;. Sept. 2i3J. 
Dec. JIurch flflflJ. 

HTXXIPKG. Keh. ?. tlRye— May IW.Uj) 
hid U«s*«i. July !07.10 Hsfti-J 1 1H6.70 bid', 
Oc*. 107.50 bid, Xov. lufl.OD bid. 

TtOstfi-iM jv 7??i> bid f77.30 bid... July 
7-l.?0 bid (74.70 bid) 0«. TS.?0 bid. 

TBarley—Mar 77.7ft bid <77.30', July 
rr.w hid >~m:. 0'..i TTi.ra asft. ; 

^Flaxseed—May 211.70 ml r2’.:.rf h.d'i. 
July 213.50 i232 U"1 a^ftefii. OfL .’13.7(1 
asft.’d. Nov. ■:!«.« ashed. 

rr Whcai—SCfl'.'RS 1S.S p.?r prc.-. ia 
content cif Si. LaaTCn...; n:.v» 1 117.4! • 

AH ccnlv n^t uu ana iT-nMiini'r. 
arlt*;? s’hsn-.sw siare'i •p-.r fr*»v 
■Ilir.fl— I US oil Ik.L‘ lori r l.’.'l'cait* luM' 
! < per int* iDc—D-ui ••( Ac pni-> !.r«- 
Tif.iis. .lay Prim. Sicoiti l. n .b. ? V fiu'V- 
i^nP cart - »>i»rs .-i r 30 Ih busb'-l 
w.4 rehouse. ,i mm fill'll.' 1 him i 5ft pit 
iit> Oulu •’ for Vi mil ice unit, el *Vf* il p. r 
vm. t.jr-?v fe I:-, erc.i XV ■ "7- m- ;> r 
frnj nu in r ei-'.-jr 1 lt<tn.\- -'ll" 

eonsra..-! m a stion :«v (ot hull; l..i- 
nf luu gnon ion.. iMi\er,n :nh .-ji* 
i:*i:i-aso. To], nn Si. L*hii 5 atid M:nr. 
•“C.nia r>..-i ofi (b hu>h-' f in sforc. 
-i Oi.'s r 2* Ih hii«!i. 1 r.-nss per 
14 !h. f.i|.h ; T et.«-ar*-hou->e 1, f.-n:.- o*r 

.v. ih ir- ii'nise. i Wifi bu-ihp! 

a-ir i .-in... 

Financial Times Friday February 3 1978 j'] S' 

■V"' * 

Equities near bottom of nine-week trading range 

Index at lowest since November with drop of 9.3 at 460.5 


---- 7~ Feb7~i Fch. i’' Jan- .• Jna. i faxu Ayw, 

- j 2 j I 1 31 50. | 27 • | 2 d a«» 

75.6^ 75.1^1 75.6I 1 75^64 reTSfliJjfa? 
. . _ -70 1R 79.19’ 79.20, 79:44 80.28) 80.4T 6&t 

Accoant Dealing Dates 

* First Dedara- Last Account 

Dealings tlons Dealings Da; 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 

Jan. 30 Feb. 9 Feb. 10 Feb. 21 

Feb. 13 Feb. 23 Feb. 24 Mar. * 

* " New Umi" dealings mu take place 

from 9.30 a.m. twe business days earlier. 

Widespread dullness charac¬ 
terised slock markets from the 
start vesterday with ominous 
noises from the pay front the 
main depressant. The technical 
nature of the previous day's 
aitemnteri rally became quite evi¬ 
dent in the absenre of any follov- 
ihmueh support for either British 
Funds or leading equities. The 
latter moved progressively 
ihroushnm the day and the FT 
Indii'.triaI Ordinary share index 
d inn nod 9?, tn i-lusc ?l 4G0.5 

The index is now IS per rent, 
off the lart September's all-time 
hizh of o-W.2 and is near the hm- 
mm of the ranse traded o'er 
the past nine weeks which is-the 
43fi.R recorded on November 24. 
The final tone yesterday was still 
very soft following remits that 
the iwiwer workers and the miners 
had rejected offers mode tn them. 

Briji*h Funds were also iin- 
s°ttled by adverse comments on 
the technical state of the market 
prfrf about rh*. Govern¬ 

ment's ability to rnntrol the 
prowlh of money supplv. The 
Hoi'^rnment Sceuriiir* inde v . at 
73 63. all but lost Wednesday's 
™nin of 0 J P. 

N’o nuotable rise cm creed in 
lh« FT-Ar'uaries equity indices 
and the All-riiare gave un I* ner 
cent, to 201.46. Still showing signs 
r>r the t-fgh s*met «vinin“i i- 

lion. the Fond Retailing and 
Stores sub-section.* fell 1.9 3nd 
2.3 per cent, respectively. 

Overall, fall* in FT-onnted enui- 
ties were in a nine-m-Foer 
majority gv«r rises, and the re- 
srmn'iun of the downtrend in 
prices was a« , com''anied by an in¬ 
crease in business a* mirrored in 
oflirial markings which ro*e to 
6 122 comixired tvdh 3 019 on 
ll'ednesday when the market was 
trying to rally. 

vided no basis for continued 
negotiations. Corporations were 
cu.-carionaJJy apart from 
selected LCC issues, which were 
often a J belter. Southern 
Khodesian bond* edged forward 
again in idle dealings. 

■In a market almost bereft or 
sellers, persistent small buying of 
investment currency needed for 
the purpose of investment in U.S. 
securities lifted the premium to 
771 per cent, before a final slight 
easing to T7 per cent: this repre¬ 
sented a rise of 2’_ points on the 
overnight rate. Yesterday's SE 
conversion factor was 0.7.543 

3 and 15 respectively in response 
to the Eire budget. 

Easier conditions returned to 
ICI which drifted 4 lower to 338p. 
William Ransom, on the other 
hand, moved up -i to 153p: the 
interim results are due next 

Stores dull 

Gilts overcome 

The absence of any favourable 
developments in this week's diary 
of wa;e negotiations nut paid to 
a continuation of Wednc-day’s 
technical recovery in Britifh 
Funds. Doubts were also being 
expressed About the V.K. econo¬ 
mic outlook and the authorities' 
handling of monetary control, 
factors which induced operators 
lo cut their commitments and 
accent lower prices. The net 
result was that all the previous 
day'* improvement v as sur¬ 
rendered when the Innzer maturi¬ 
ties closed with falls to J and 
I he short* Josses to J. Lori 
month's increase in U.K. official 
reserved afforded no relier fur 
the market which eased a shade 
more in inicr-officc trading fol¬ 
lowing the po we (-workers' threat 
of possible industrial action 
because yesterday's pay offer pro- 

Royal Ins. rumours 

Widespread publicity given lo 
Sun Alliance's clash with the 
Government over the former's re- 
eent pay award and rumour* of 
an impending rights issue from 
Rural i-nmpleiely upset sentiment 
in Composite Insurance* and 
prices closed lower throughout. 
Sun Alliance touched 528p before 
closing a net 13 cheaper on the 
day at 329p. while Royal were sold 
down to 372p before finishing 15 
off at $7Sp: however, the tatter 
poured cold »3ter on the talk and 
stated that no major funding 
operation was planned, General 
Accident gave up 6 lo 214p. alter 
21 Op. as did Guardian Royal Ex¬ 
change to 226o. after 222p. and 
Phoenix to I4 Hj. Commercial 
l,inIon receded 5 :o 13Sp. aflcr 
] “7p. and Eagle Star shed 4 to 
149p; on the day. the FT-Aciuaries 
sector index shed 3.1 per- cent, lo 

The major clearing Banks ea--ed 
with the general trend. Lloyds 
cheapened fi to 237p and Barclays 
5 to 312-n. Midland new nil-paid 
shares lost 3 to 12 u premium, after 
lip premium.-while the old also 
ended 3 off at 343p. Elsewhere. 
Sterling Credit hardened H to 
46ip in response lo the proposed 
twn-for-flxe serin-issue. 

Breweries drifted slightly lower 
in idle trading. Scottish and 
Newcastle eased 1! lo G6)p. while 
Itass Charring Inn. ISgp. and Whit¬ 
bread “A." Mlu. shed 2 apiece. 
01stiMeries were rarely worthy of 
mention apart from Highland, 
which improved to 158p on occa¬ 
sional speculative interest before 
c.'osing a net penny better at 156p. 
Irish were raised 10 to I2:lp in 
a thin market following the Eire 
budge:, but A. Guinness were 
finally unchanged at lTSp, after 

Still affected by a recent chart 
sell recommendation. AP Cement 
lo*t 6 more to 234p, for a decline 
so far this week of 21: Tunnel B 
again recorded a sympathetic rail, 
closing 7 down at 233 d. Elsewhere 
in dull Buddings. Taylor Woodrow 
receded 8 to 3«2p and H. and R- 
Jnhnson-Rlphards Tiles fpJl 7 to 
52In as did Marchwlcl in 23S". 
RPB Industries cheapened 3 tn 
234p. John Mowlem relinquished 4 
to I21p and London Brick were 
2j lower at 64Jp. By way of 
contrast. Cement Roadstonc. I23p. 
and Concrete (Ireland). 120p. rose 

Leading Stores closed at the 
day's lowest. Persistent small 
offerings-in an unwilling market 
left Gussies “A” 8 lower at 276p. 
Mothcrcare 6 cheaper at I70p and 
W. H. Smith similarly easier at 
I43p. Marks and Spencer shed 
4 to I38p and Burton "A" 
declined 3 to Udn as did CDS to 
Sflp. House of Fraser were S off 
at I33p following news of the sale 
of its Television rental interests 
to Rediffusion. Secondary issues. 

to the annual results ahd proposed 
scrip issue with a gain of 2 to 
40p. while Whessoe hardened a 
penny to 94p following Favourable 
Press mention. WGT were note¬ 
worthy again for a rise of 7 to 
94p cm continued bid speculation. 
Jn contrast. falls of around 5 w ere 
sustained by RatcRffe Industries. 
63p. Reno Id. I26p. and Simon. 
JBSp. Tecalemlt were also sold 
and eased 2j to 107p. 

Still reflecting the chairman of 
international Stores’ warning on 
profit margins. Food retailers took 
a fresh turn for the worse. 
Hillards again featured with a 
fall of 20 to ISSp for a two day 
loss of 30 since the disappointing 
interim statement. _ Wheatshcaf 
Distribution fell 7 to 128p, while 

William MorrLson, l70p. and 
Xurdin and Peacock, S9p. lost 3 
apiece. J. Sainsbury eased 3 to 




however, were firmer jn places 
with Cope Sportswear particu¬ 
larly notable for a junto of 10 to 
S3p. after SSp. on a split country 
order. Hardy and Co. 
(Furnishers) hardened, a penny 
to 33p in front of to-day's first- 
half results. 

Electrical leaders encountered 
renewed selling. In particular. 
GEC which gave up S at 254p. 
EMI eased 4 to 17Sp and Thorn 
were similarly lower at 334p. 
while Plessey, at 89p. cave up the 
previous day's rise of 2 follow ins 
Press comment on. the third- 
quarter results. Elsewhere. Racal 
cheapened 4 to 264p and falls of 
3 were sustained bv An 
Electronic. 10lo. and Famell. 
2tMn. H. Wlpfall met " !, h 
profit-taking and lost 6 to 2 G 2 p. 
while bidders. Comet Radinvisinn 
rased 2 to 102o, vainm5 the offer 
for Wistful) at nearly 24lp per 

Hawker ShMelcv. dev r< s ai 
ITSw. and Ti»hr Invest ments. 6 
cheaper at 386p. sucrumbert to 
«>Htr»dic offerings, but other lead¬ 
in'* Engineers b®ld up rea« *n«bly 
veil. GKN. 272o. and Vickers. 
I84n. were onl> 3 cheaper, while 
J. Brown ended a penny off al 
2$3p. afTer 280p Among secondary 
issues. Hill and Smith responded 

17Dp, Bcjam 3 to Mp and William 
Low 2 lo 106p. Teseo, however, 
closed without alteration at 3:Hp. 
fentimenr being helped by the 
managing director's comment* on 
prospects. Elsewhere. Associated 
Fisheries fell 8 to 35p on the 
profits warning which accom¬ 
panied the preliminary figures 
■Other casualties in the Food 
sector included Northern Foods. 
4 off at lllp. and Bluebird Con¬ 
fectionery. 7 cheaper at 160p. 

Amonq Hotels and Caterer* 
Grand Metropolitan eased only 21 
to 9uip but Ladbroke declined 
12 to 184p. 

at I46p. Investment comment 
prompted improvements of 2 and 
5 respectively in Compton Sons 
and Webb. 27p. and Caravans 
International. 85p. while fresh 
speculative support lifted Zellers 
4 to 55p. Drawing benefit again 
from the good interim figures. 
Centreway Holdings rose 7 more 
to 192p. Details oF the proposed 
merger JeFt Provincial Laundries 
1 harder at 7Jp but D. M, 
Lancaster ? cheaper at 4Jp. 

British Ley land rose 5 to 25p on' 
small buying in a thin market in 
response to Mr. Ed wardes* sur¬ 
vival plan for the company. 

Dowfy. at Ifllp. gave up half of 

the previous day’s gain of 6 which 
followed news of the large 
Austrian order for electro- 
hydraulic servo equipment Turner 
Manufacturing were notably dull 
at 1 l3p, down 6. on the profits 
warning contained in the chair- 
nan's statement. XVilmot-Brecden 
eased 1! to 62lp and Caffyns 2 to 
10lp. * ' . 

North Sea orl-oricntated stocks 
among Newspapers failed to 
escape the malaise. Thomson 
touched 619p before closing 7 
lower at 6ISp. while Dally Mall A 
dcc'ined 6 to 312p and Associated 
3 to 154p. Elsewhere. News Inter¬ 
national slipped 6 to 263p and 
tv -lson Bros, at 42?p. gave back 
21 of the previous day’s gain of 
41. Among Paper, Primings. 
Melody Mills found support at 
73p. lip 5: the interim report is 
expected shortly. 

The Oil leaders drifted lower 
on occasional offerings and the 
absence of buying InleresL British 
Petroleum eased 6 to 776p. while 
Shell cave up another 4 at 4S8p. 
Royal Dutch, however. contra<ied 
virh a cain of I to £37 J on dollar 
premium influences. .Secondary 
issues fared little better than the 
leaders. OH Evuloratinn fluctuated 
narrowly before closing unaltered 
al 230n. b>u Lasmo eased a few 
pence to 17np. 

liquidation or unituation. Second . 
Alliance Trust eased 3 to 189p; 
while similar losses were seen in 
Scottish Mortgage, 991 p, and Scot¬ 
tish National, 129p. Capital issues 
had New Throgmorton S off .at. 
S6p and Derby Trust 4 cheaper at 
134p. Reflecting investment , pre¬ 
mium influences. International 
Pacific Securities hardened 3 to 
l27p and Massachusetts Mortgage 
and Realty moved up 25 to 955p. 

76.10^ 75.61 75.84 

fowl ---! 79.1& 79.19J 7».20| 79:44 

'taM Denary... 460.5 469.S 467.B 470.01 

Goa Mint*..- 1S3.7| 153.0 ISl.Oj 154.6) 

OwLDiv. Yield.5.81 6.71 6.73[ 6.69; 

K»mlnip K’ldtlftliDCiJ >*■**»' 17.41 17.46) 17.34J 
rtK btlofnen v’H— «0flf «« . 8 ' 1 ^ S ’ 17 < 

U4allo« nuked.. 6.!Za 5.01® 6.338} 6300J 

-Hqutry turoo«er £m... — 6a - 39 ^ 72 - 72 j 6 ^- B6 [ 

iiqnitv banrvlOK toU'i - 13.381i 12317! 12.368. 

ISI.O! 154,6) 
6.75[ 6.69' 

17.46) 17.34; 
8.131 8.171 

80-28j 80.4T: 66^ 
477:5 '475 .b| .4& 

155.0} 158.7 96 

5.61) 6.64) 

17.10 17 .19, l^S 
8.29} - a.25r: Vi 
6,1041 6,012! 
83.09 83.84j 154j' 
15,590! 14,531124*i 

8.338} 6.300} 
72.72; 64J6 

5.61j 6.6 

17.10 17.1 
8.29 8.2 

13.381112317! 12,368, 

and Realty moved up 25 to 955p. 

Shippings presented an easier 
bias. Bunting Gibson fell It to 
204p on small selling in A - thin 
market, while Furness WHhy 
reacted 5 to 322p and British and 
Commonwealth 4 to 2S0p. P and 
O Deferred closed 3 off at I08p. 

Textiles had contrasting move¬ 
ments in Allied. 2 harder at I36p 
following the results, and Conrt- 
aulds. 4 cheaper at H7p In line 
with other equity leaders. 

In Tobaccos. BAT Industries 
Deferred, at 22Sp. gave up the 
previous day’s rise of 6 which 
followed Press comment on the 

U ajn. 48S-8. U BJO. 4S5.4. Noon 48S.G. 

' 2 p jd. 483*3. 3P4P-48LS. 

• ■ Latest Index U-206 S0»- - 
«Baaed oo S3 per croL wrponrtion tax. 
Basis too Cost. s«s. 15/10/28.' Fixed InL 1SS8. 
Hums 12 / 9 .35. S£ Acttviiy July-Dee.-1M2. 

1 pin. 4SSA. 

. T Nil-7.93. 

Bid. Ord. 1/7/25. Qc 


I 1977(18 riint-e Linn pilot lira 

s.e. Acnvnr 

Gnrt. Sccfc.-- 79.86 
l riO/di 

Fixed lot...] B1.27 

: ,9!|j73r 

6 ?f b I Ql^^aed- 217.61 

t«/l. I id-1(36) t3rt/7m hjrtiutiiw ...J 199.8 ] 

60.49 150.4 60.63 SfcieeuUrlve^J 49.0 

<Arb <3,1 (ft) ' Totals..-.. ] 139-3 

397.6 549.3 49.4 .itK? g % 0Z 9 

112; 1; tt4/9.77> j 

95.1 442.3 43JV j Speculative...) 42.6 

ill® i2Z/5/7ti|f26/10;Tli.! Total:.-. ....! 131.7 

Jcul. Ord.. ..I 949^ 
- ! il*/9i 

GoU 174.5 | 

' iteflOk-| 

Peko-Wallsend strong 

Properties sold 

Boots domi 

Miscellaneous industrial leader* 
closed dull, although slichtly 
above the worst in places. Bunts, 
however, ended 8 easier at ihc 
day's lowest of )97p. with senti¬ 
ment affected still by the pros¬ 
pect of new Governnieni regulrf- 
lions on medicine dispen-5nc. 
Beceham. 617p. and Glaxo, sssp. 
recorded «.vmpathctir falls of 15 
and 10 respectively. Adverse com¬ 
ment on the third-quarter figures 
continued to weigh on Reed Inter¬ 
national. which sottened 2 more 
to 12Sp. Secondary issue* \.«:re 
mixed with Coral Leisure o down 
at 1 ISp and Hays Wharf 4 cheaper 

Properties began to look un- 
settled again a* selling revived 
and support was lacking. A modest 
rally occurred only in the leader* 
Land SecuriMes ending"4 cheaper 
at 21 Jp. afTPr 2Jflp Secondary 
issues closed around the d.iy’s 
lo«ve«t and among the more suo- 
s-.antial Falls. Prnnerty Holdings 
dipped 10 to 320p. Beaumont 
reacted 9 to 88p following the 
annual result* and proposed 
rights issue, while fails of around 
7 were established in Warner 
Estate. 128o. Iniry. -WOp. and Pm- 
pertv and Reversionary “A." 5(1(1 p. 
Chcslcrfield. 2»op. and London 
Shop. (ISp. gave up 3 and 4 re¬ 
spectively. Adverse f\o>s men¬ 
tion prompted selling or Inter- 
curopcan. which fell to 29 before 
•ettllnc a’ 50p for a net Fall or A. 

Small falls were commonplace' 
in Investment Trusts. Scottish and 
Continental Investment, at 6lip. 
gave up 21 of the previous day's 
nse of 20 which followed news 

that the company is considering 

Mining markets were featured 
by the sharp rise in Peko-WaJJsend. 
following dews of (be discovery of 
" significant uranium mineralisa¬ 
tion '* about 20 kilometres north¬ 
west or the Ranger deposits. Peko-- 
Wallscnd’s shares were marked up 
to 430p. and eventually closed at 
that price, for a day's gain of 35p. 
after momentarily slipping. back 
to 425p. EZ Industries—Pek/ii’s 
partner in the find—put on 3 'at" 
I6.1p in sytnpathy.- 

Other Australian issues were 
encouraged by the performance 
of Peko although the other major 
uranium issue. PancoutlncntaL re: 
mained unaltered at S2op. Mitt 
Holdings rose 3 tn 130p. while 
BH South and Western Mining 
were both 2 better at 72p and 87p 

South African Golds put on a 
disappointing performance as the 
bullion price eased $LaO to 
3174.623 per ounce, despite the 
reenrd price obtained at Wednes¬ 
day's International ?.1onetary Fund 
gold auction. The firmness of the 
investment currency premium, 
however, enabled prices lo show 
small pains overall with the Gold 
Mines index 0.7 higher at 133.7. 

Marginal Golds continued to 
attract speculative support, 
notably Hit. Nigel, which climbed 
<1 more to a 1977-78 high of 63p. 
in response to Gape buying and 
Durban Deep, which advanced 39 
to 35»p. Sfilfontcln rose 7 to 267p 
following news that, in conjunc¬ 
tion with Buff els. the company 
intends 10 spend R60m. on » new- 
plant to extract uranium oxide 
from existing n-aste dumps. 

Premium considerations en¬ 
abled South .African Financials 
to move ahead. Union Corpora- 
tljn were additionally boosted by. 
pcr.rirtcnt Cape interest which 
left ihe share* 12 higher at 264p* 


First Last Last For 

Deal- Deal- Declara- Settle- 

■ihgs ings Don meat 

Jan. 24 Feb. 6 Apr. 27 Way 10 

Feb. 7 Feb. 20 May II May 23 

Feb. 21 Mar. 6 May 25 Jun. 7 

For mle indications sec end oj 

Share Information Service 
Stocks favoured for the call 
included Ladbroke and" the 
Warrants. J. E. Sanger, Wilmot- 
Breeden. Shell Transport, Capital 
and Counties Property.. Orme 

Developments. British Land, 
Hirst Mallinsou, Norfolk Capital, 

BP, Town and City Propetl ■' 
English Property, St. Piran,£&' ; 
land Distilleries, Fitch Am . 
Duple international. Mills 
Allen, Consolidated Gold fie ; 
F. C Finance and. Nafl< 
Carbonising.-Puts were taken ,, 
in South Crofty and BP, - 
doubles were arranged 
fnveresk, Lonrbo. ConssU^ J 
Gold Fields, Shdl Traqsp ,■ 
Capital , and Counties. Town 4 -- 
Cily Properties, J.-Lyons^RrS .. 
JLentf. Hirst Mallinson. Vqri . 
Capital, . .Dunlop. Charter!) 
RCA and Ratal Electronics. -7. ’’ 


p following securities auorea w' tt» 2VEW LOWS (4) 

The following securities ouoten m the 
Share InformailDn Service yesterday 
attained new Hiafn and Lows for 1977-7B. 



R ^""' n ‘DRAPERY & STORES (21 
Ratners Steinberg 


Bras war W.G.I. 

Brooke foul 


Norfolk Cap. Swan Rvan Inti. 


Ccntrewav Russell iA.) 

HamIHxjrne Unochrome 

James (John) 

Ennui U K 9pc 

Prof. Conr NEVl/sp ip £R5 jf) . 


1“’“ p *" r "'^ um ® 

■rofund Land. Aberdeen PM. 

int jnr. Tit. Jgjey^ 

SrJdwaK n-M -4 Central .. 

MINES •!> 

Wit NtBd 

POOD5 111 ...• I ; 

Wheats heal ___ -. 

SHIPPING (1> •> 

P & O Defd. ‘ . 

Aborcom ... . - 

Hottnung (S.) _ . .. ,-y ; 




BrlUsh Funds c.—. — ’• 

Corpus^ Don). and 
. Fwtbh Bands —.... S U .. 

Industrials ... . . 2U 465 

Fiiicitclar and T*r«p. W 2 M “| T i 

Oil* ■.-. 3 i‘ 

Planintians _ . * .'•* 

MIMS .. « J7 -■ 

Recent Issues ..7 . : 




Year makes quiet start 


Dennmina- oF 
tion marks 

Clounc Chansc. 
price i p t on day 


So often the stock market's 
busiest month. January this year 
proved to be disappointing in 
this respect. The number of 
bargains transacted on the_U.K. 
Slock Exchange was 151.116 
higher than in December at 
496.079. Total turnover, how¬ 
ever. W3s up cn the month by 
only EO.fibn. a.* against rises of 
£9.fihn. and £7.Pbn.. respectively, 
in January last year and in 1976. 

The Financial Times Stock 
F.vchange turnover index for All 
Securities edged forward to 
451.5 in January from Decem¬ 
ber's 449.7 compared with Iasi 
year's average uf 442.S. 

Business in equities rose to 
£1.6 bn. from December's low 
total or £1.3bn. helped by one 
more trading day in January. 

The number of equity deals 
improved b\ 97.762 to 338.276. 
hut the average value per 
bargain cheapened by £596 to 
I4.7SS. The FT turnover index 
Tor Ordinary shares rose to 2S9.0 
from December's 231.1 and last 
vear's average monthly figure uE 

Fewer bargains 

Equity prices, however, drifted 
lower during the month with 
buyers content to sit on the 
ridelines. A string of big pay 
claims in the public sector, dis¬ 
appointing December trade 
figures, marked weakness on Wall 
street and a £96.4m. fund-raising 
call by Midland Bank were re¬ 
straining factors. 

From an end-December level 
of 4S5.4. the FT 30-share index 
touched 497.3 on'January 6. but 
then declined in thin trading la 
close Lite month 18.4 poinLs_0r 
:?.S per cent. down, at 467.0. 
This was nearly 15 per cent, off 
its all-time peak of 549.2 recorded 
four monihs earlier. 





icr . 

Midland Bk. Wew' 
Shell Transport... 

BAT* DcM. 

British Leyland... 

GEC . 

Reed Inti. 

Commercial Union 
Royal Insurance 

Grand Mel. 

Assoc. P. Cement 

Beecham . 

EMI .: 

Lucas Inds. 

\'il/pd. 11 





























These indices are the joint c«anpilati«i of the Financial Times, the Institote of Actnaii fr- -- 

and the Faculty of Actuaries 



Wed., Feb. 1, 1378 

Figures in parentheses show number of 1 change 

stocks per section %“ 





' F.P. - 
104 1 F.P..20I 
52 F.P. 27 1 

1977 ’78 

554 '-is 

is.- Tuii 
eoi? uS 

Ki:t,u (. .. 
P«<nlo< O.W.. .. . 


.288 .+ 1 F25e — 5.2 - 

.. . jl23 .1 7.5S 2.3 9.3 7.0 

.... ] 58 — I; ■ 8.29 2.7 8.6 6.2 

Trade in gilt-edged proved 
especially disappointing. Busi¬ 
ness in the sector fell by nearly 
£0.5bn. to Ell.Sbn.. with turn¬ 
over in short-dated stocks con¬ 
tracting £0.4bn. to £6.6bn.. while 
that in other fixed interest 
securities was £G.9bn. lower at 

The number of gilt-edged bar¬ 
gains fell by 16—62 to S1.S93 
with dealings in the shorts 5,877 
off at 27.589. The FT turnover 
Index for British Government 
Securities was 489.1 compared 
with December's 510.3 and the 
1977 average of 478.8. 

Gilt-edged price.» wilted 
throughout the month. The 
announcement of a new £SU0m- 
long lap issue on j Monday. 
January 9. rather than on a usual 
Friday* provided a surprise 

which unsettled sentiment. 

Suffering a bout of acute in¬ 
digestion. buyers retired and 
left prices to drift lower through¬ 
out the month apart from minor 
technical rallies. 

Thu Government Securities 
index fell from an end-December 
figure of 78.09 to close the month 
2.48 points, or 3.2 per cent., lower 
at 75.61: this compares with the 
65-month high of 79.85 recorded 
last September. 

Largely reflecting a near-SlO 
jump in the price of gold bullion 
in January to levels last reached 
in April. 1975. Gold shares began 
1978 on a firm note. 

The FT Gold Mines index rose 
17.8 points (13.4 per cent.) to 
151.0 in spite of a net loss in Ihc 
investment dollar premium over 
the month. 


.'£1 • nil 

- ■ F.P. 

•• F.I*. 

£99 £60 
S100 F.P. 
S100 F.P. 
£100 £10 
£100 F.P. 

£100 - j 

£100 F.P. 
tt£99 F.P. 
£1011. F.P. 

- F.P. 

£993« F.P. 
£99 >j. £19 

- F.P. 

i liifiim*re4 Sct-,. b% I’nv.riim.Pref. 

■ itoMejsi.f lY»rLs.f,irr loiCum. Fnrf. .. . 

■ L■.■QLKTvay 11-^Cura. Pret...... 

! Lir.iuj|.'lr/i .- B loOO. 

I'littvcli lSr«... 

i- Li... LW... UC-.-. 

I fiiLuonL^lon A Lh^lMEB 1 li^ r: .. 

) l> c, iKv VurWos- >4. 

! U-vdi Vbj Inb.t IdCi... 

! lo-iwsuii VarhiMT IjK:. 

! »li • hw " jip i» I 1 *- - . 

i Hvtt'nirw Inti. l'jj% 19E? .. 

-i.r. mi-, mi ,\ i. Sicilian. IM 

> >i,o tiiniimr.- |,-j L'uni. Hrrl. 

1 hicesH^ Vsilal.-lt IWa—. 

U. 10S» 4 : H<.>i . 

I WlrituliuUae 'toll?.*, um. Prct. .. 


Value of all 
purchases % of 
and sain total 

Number of 
' bargains 

% of value 
total per day 


value per 

no. of 
per day 





* ■ 


Wi'i c 

Hint. ( I,..* 

British Govt, and British 
Govt, Guaranteed 
Short Dated (having five years 
or lew to run) 





Irish GovL 

Short Dated (having five year* 
or less to run) 



U.K. Local Authority 

12 h F.P. 
62 F.P. 
10 . F.P. 
. 21 ; nil 
'330 ' nil 
1 511.75 nil 
64 . nil 
171* F.p. 
56 1 F.P 

Overseas Govt, 

Provincial and Municipal 

Fixed Interest Stock 

Preference and Preferred 
Ordinary Shares 

117 sAHHiglmi lliDvr. 

| to L4hieiirfin_. 

' j£ k’tiH,iy Uru:.. 

; fo '£'.>111111. Until, ul A'l'tn.m,... 

cUO ;►> loi . 

. I Sag Ji'.buMMt Jr Htlflw-.. 

71 'keimin-j M^tin.. 

' 06 Imernatbuni. 

e;iHb-Uaacbc»lcr Curns's. 

; llimi Miillaud tiaali. 

43poi Nutk'Oal B«uk el Au*tr>U»ta 

rpm Xeifr . .- 

£* ... |. 

it PireiU ■ \ ir»,li. 

i?U : i;.£.F. 

34 llic"in lincnat... 

II .*iuim ibw.i .. 

'Zit L0‘ .-> iPinilH.- .... 

‘ Pi Ice 

■ 117 ‘ . 
... 69 ; .... 

.: 45 i ... 

• 38 . ... 

.: 220 ; .... 
131* „ . 
81 . .. 
; 40 Ij + in 

.• 6inpai.—ig 
./ 4Bpni 
5pm — | 

81 -1 

88 .- 

i 14 
. -288 

Thutv^Fel;. 2 j Wert. lTuerioy Monday Fn.lsj | Tlnira. ) W®1 
Feb- j Joii. Jn|. j Jmj, 

L . J.- J .30 . 1 27 .) .26. / ; ,2 o 

Ordinary Shares 

14.733-0 100 496.079 100 

- Average of all securities 

2,520 J.»44 

4,788 16.108 

f 29A99 * 23,622 

Rcnuri,idii'ji. d.'!c u*uj;I> ta/t u> km dcaUim tie>: ■* -tamp tiry r. ngurr-* 
uii pfu-jP-rius .siitiMV. u isaumwi rtir:cvmd aim »wla. '• Fnr-casi 4m>1t-iM 
-.wv-i .«> vu(S 'vrnuigi. » llindmd antj .ieW ! 1 jshC -ui or«sp«i'is 

ut atlt-.i VKcW vslmmei lur fn:9 y <Jmss i hearts js sumed i Direr all W- 

■ ui i-uin-rMur. 4t>ar.-b n.u now ranKing lo: diwl-nn «r rankirs orilv Mr tvairurted 
4 ii:d*iMi- *. PMnmi prn» tn puniiL- pi Pvtur unless .wherwiar. mnuuirf !, 
m, »..-nd-r. .iuncrcn 10 tiulders o! Ordinary sftans» at a "rkiW' ** Huvs 

n> oi capiuiisa’ion -« >|immuni uric# 8 KmwwI hvl fil ls<u^i 

in ^onnscuo" v nh reoraannuUon merser *r rase-over ir.iniduiruun ..Iw'wfl 

to fprnirf Prel-ft-nce hoW-rji ■ 4)lolffl4d> lexers <or rollr-wid». • Hrasur-nai 

it D*rdy>pajd dilouneoi Uuers. * Willi warrants 

15 2U-yr. Red. Uqh. & Luaqs (15) 62.99, m,B6 62.64'; 62.641 6S.6a | 62.86 

16 ^Investment Trust PreFs. (15) .S7.i5 12.33 .37.1?^57.03 } sros ' o 7 .oa 

17 Comr. and Indl. Prcfs. (20 ) 77.86 .11.65 77.94 V78.05 \ 7815 1 78.13 

.. - ) I- . I - - 

83,26). 63.49 
. '57.10! 67.60 

- ■ '.' f '. 

78.27 * 78.47 

t Redcmpilaa rieM. Highs and lows renrd, basa >tes and- votaaa and cansttuent- c*a 
?***” * J 1 " cerwnoMI, is available from U» .Publishers.- H»-binomial 

itreoi. Loud an. EC4, price 13p. by PB51 ‘ 22p. , . _ 

■H wi 

■;ri'iWtaiBb Trras^-Fontfnttel 

'm&abm'i*-. .s***™** ***■ 
>.! tS^STfirMl j- ... "Ms. jli 

sts- jji*rfl — j< i u fi^nwerr Pond Manager* ¥ taWgi 

M- - Jjif-8.2 zn M«7Axe,EISA8KP. 01-283 3331 

»•} 4.U **)Am«fnciJB Ta.»_|8J! 2 2391 >QJI 100 

S3 JRfl ••*. “74 gnUshT* .Aro.-fob Sjjl -Ofi 3.44 

12 32J5rt|H>fi Z .93 C0WtoudilySii*rc. ttill fi i 7i 

Perwtua! fall Trust Murat.* foi Arfcnlta« Srcuririrs iC.I.> Limited Pint ViUng Commodity Trents 

rnzuam rO:ik.*S5*.5'- Hrfifcr. Jer.ey OKWTzir. i Si.trfcraesS:- DuuKlaS.U.H , /.- -■ 

hew* ©fl . ."S’ t-.I iJp'^vi 11220 124 0? ? i cm 'Q*tt4 4GR2- Lda. 4cU. OiiTsfkar * C<J. /J't. 

'•"prtitfUip^th - |37 7 40 21-0^ L P Ke*T dSJ iup da?* Vri T. W,pui!Mol' LordnnSWITCH. 0T OTiBST 

Piccadilly UnitT,Mfi». Lid ¥ laKbi bm««. t -; 7i; M»« 1MJH .' I 32* T^yjLCfjJ* -g§f ;; 1 i 525 

I;. Rri Jnwt^_,. 



H'MrtBte Hm . 3>i Umlw. '■' , tll P.'' Ktnittii . .. c j ^<1 

Ertwiwwne .BOl »M jj H *» -* nSt ™‘ an ^ 1 f ctl0 ° f u “ d „ VV 

Smnli Orth Frt.WOO 42 7j-0«{ ISO uaiUrl Oppor 1 jruLi--.-. c o In-h S WM 

CiplUil FuiJ Wh 52 fi -u8l JS0 Oiilhwite. Krai >i_ Sjdnir 

4.B&: 6 , 1 ^ S^roiO'_Jp5 

* r: ® 3 -Qs |*mr.ra-JSu 

I 566 15.5V, >», ■ 

7b. * ■UMtf Fas* *r - ' 

iff' &g£5E§I 

^ r5 ItJM ta*." •■ 

c ro 

5.t »«. «ys*«*— 

"" ••.LStolr.Co’B.sHM.fc 

g 1*^*1 Fob. J, peat dulhis da 

\ ■ J^ ; llrt?ro "SMpTey «fc Ca- Ltd.* 

j sa*;. -imtajisjiD »_ gm "Offl 
'.'4J* Oo.wcc.ijaa aQ..,.pU 276l| 

' V. s-^«eau^Tre«* to w - - / ■ ' 

j : j^OcngnTl_-J,_pi 111 

w-BStB ■■■ || 
l.«-feEis=p ''88 

Fee t Gihbis (Antony) Unit Tat. Mr*. Ltd. 

& Blomflelr1St.ECa:l7NU 01:08)4111 

iaiAG Income’_00.1 42 £H . I 040 

IM* UnH TRt.Slo^i. Ltd.* & fe?f"r 

—j /*..< 

lr,.;- .., ' ' 

7 • ar«®n Vnit Trust M*i»gtrn Ltd,.& Sr^^lSi V • 7 n 

: mcboKjiSL.ECSUS^A■ *. OS30231 t£.3nc.Arraiu—.|«J» •..‘.OMl-lLSl 770 

'••■TOhef Unit HSgnft ^n- X*d-. - • jwmujBrwwtMgicw^i^ - / oi mbmio . ^ , _ 

‘fil«5uBC3VT/A. . . ':'. 0 J« 3 O»«.-Capitol. j7t Henderson AdmlnistntionOHz) 

iSl’F^r*^. 'W'^^^ , 0tSfe«ia*r«L3i88fci 2, m SSSSi'fi-Jf^ " wta ‘ b "sfe-.™. 

c«itoi nt'K^tiw wc w;Ksa!«----E« »a-*a ■» 

iimitim.- . i3T jj‘ • i MB MflbumHmuo.New«aU*-ap«a-^o6 Sllfti 

nc Fund_joftS. 04*3 0.82 CwrUot..:-;—M. 1 .". .....*MJ 77 

l>l?iBBLUaIts>—Ks_ -MJWi-01 902 Do AcomUnlU.M* -39''"'I iU 

' VdiwLuta.m*- SOM-0.1 0.02 tta. Kl|b.TI* ..4 *05 

aw»0«iFti«*-T^J ' 2iH;..; IZJQ Do.Aeetua inits -IfS*- . SIV ...-.4 >« 

^%aa. DrdJjj. M2 -4Un *B3 1201 Jieal UeaJiuB date Fob. 1. 

r tafAG Income*_09.1 <201 . .1 B40 

01 < 00 row R t | ««rn-.j5s2 mS J «» 

! I IU '“ VI ' F > r Ei'l , .ili 2l3. .4 0J0 

I:::.:] Dt-un* tu*i ir*«i 

Gocett (JohnfV 

"251 it® rr -L«i«»onBall.E.C2 Ol WBSflM 

sn S?^ rJ * na P --lUJfc U0JJ ..I 211 
^a 3 5Ji “ AtoUtt L’.iit._lW7* lMfl . ..} Ill 
Ne« dealing rtay Feb 2 . 

•^ ■[ jitb Griemon Mukagement Co. Ltd. 

3l3 342 ®0rcih«n5t,EC2P2D5. 0|<DBMV 

-oS 4.98 BygnTg^l ---|1W 20Wl . «« 

-03 5 70 t£S*?5jnitM-- 209 7 Zl9fc . «<w 

_..M Sbl Kt»HVf®b| — 1721 1903 —4 * 7.83 

- (Accinn t’EiOii_1932 2®t -SC 7 0 

T5 Ltdv ffdcmr.Jaii 3!_ ISM IBS . . 7.73 

U01 167* . 173 

P. BUT51122 OnjciOT Janl?.^ . ra.7 793 ._.. 301 

l^flS 443 'Arcu3i I niLii_ 78 0 81 1 ... >01 

-0<f 443 IjjABtsIs Feb. J_ i7» 7B1 140 

t-flS 7 79 tAecuu. tinitu__(70.4 7J.^ .1 1*0 

*-«5i 7 79 Cnardian RaysJ E*. Un4t Mgrs. Ltd. 

BnmlExrtanBo,EC3r3DV OJdSMtOJJ 
B]-5SBG<11D ’■S’^unUlHITi*. (03 ? B63J-0.91447 

I ,.»J 37b Henderson AdministrationOHz) 

CiplUll HlWl 
lot Elm AAuirK 
Pru-ale Kinri - - 
Acrunnir Fund .. 

TccbaoloHJ Kuwt 

far East FU 

AnMflrac Fund-. 

49 Bw -Cl 5i 526 U^lShar*' ...1 ' ji'tttV - - 

38 7a -Od 
«*J -OS 
617 -0? 
243 *0 1 
-3 J -CiJ 

Met KSM talce Fcfiruarv-1 

F-l Vi Lib | Or T«. 187 B 910' 

Fleming Japan Fund S~\. 

37. rjc Not re-Dam*r LusCmbourK 
ncs.Fehl.US3908 i 

Free World Fund Ltd. 

King & Shaxatm Kgm. 

1. Chan no Cmtu &. JicJier. JcthS 

I ■ftiOBM StrvM. Dauzlia. tie o.' Mjre 
Gilt Fond 'Jersiy- -iis.tb Ul9d : ._ f UM 
GiltTru.«lit o W.._ Illb40 119 jfl\—| n.W 
In-J. Govt. Scl Tm. 

FiratSleriiag—— iU.ll 3*4 ——f — 

First IiriL —"_15177 84 1 77 90! ... J — 

FimSlerU^S ——JU<11 -3^334 ——f 

FirstimL—“_15177 84 1 77 90! ... .1 — 

Kld&TOJi Benson Limited 

28 FrcdamhS^ECa ■ ’7I-C3KW8 

Bulk Of America International S.A. Bururfdd Bldg- Himiiton. Bem-.ud* 

3 00 13b Roalerard DcreL Ij.«r7:baurc G D. 

N.V.'Dtc »_| SCSI64 95 I.I — 

Practical Invest, to.¥ 

44.BloomsburyS< W'1A2R.«. o;<258KB 

Mjg Bnk. of Lndn. & S. America Ltd. ouSi Biai^TLX^8»fliw ' ° P 

44. ninomsnury s«i if .u.-. , n -- vi rlnn . . ■ , , 

PnrticalF'«b. 1.. .11361 1M 9j .. . I *» it ei^ 4 W-»»2S.3 M™e»Ni hrtenutlrBal U4 

Acoim l-mU . .. 1W 1 202 «.. 4 21 Aleiaadrr FluOI JIL«5»j - 1 .■ - r opE Of B*nruda Frori st- hnstlrr Said* 

Net nsfct vahjc Feb l Anet»r-B Vkids— BV-fSTt *B3s* L97 

Provincial Life lnv. Co. lid* Banone Bruxelles Lamherf Anrharim Fd-. DLSffl *ac:-F6A! 2»l 

—2 BuiJbCipflAMr, F C 2 01-54-^'CO fl BuA t u Recrrrn p *fwi Hr ,<,.1* G,T. Bnnudfl Lid. , 

sgM^K' Jia-ta !* s* t '- t >r. =■«; -««. ftMr^.rr 1 ft i nyrt« 

S2ST.SSS w’lTS WSSSr-Bii. sw A-.» BS *.* y « 

Qniller «„«. C. IM. ; ^VyM.r.r^^kl s* 

TkrSii E.O.™.. KSiHP. o: w.l” G T. Muitftmmt (Jeisey) Ltd. 

Quhdranltien FA PW7 13271 . I 3 86 \™Z?AM»xi r3»i nltf *caITi4..H»..Ool«nh«ie 1 si HoUor.J«ey 

0>»d»AlliimniB~Ju>9 1Z59«< .J 7* fffSSSWiff "1 =6 243^ -Zli 230 GT..Mia*-,<xh'ie,~iaOtfl 132Si~»l4 LW 

Reliance Unit Mgr*. Ud.* !** - S? gjo) • - I —_ Beak el BrrmudsilGn«*ie*»l 

m«"h- rij ta sf e * e,, ^^s 2 ssWaiira:- gs s» Br^sSf- pfr -141 

Oppartiinljy Frl. .. «« ■•••■ I®. Man* Mumal... 23 5 2*3.2-M Gl i> Egfe-iLiO 79 JO BOf ^103 117b 

SSaSrff-BJ n:l\\ IS Bid.^ Commodity Ser. Ltd. .... J 3>r 

Eerie.W- !«. P. L 

Guoisn-lDC._.... 57.8 

Do. Accum.-70.4 

KB FarEaC Fd— fV 

KBIotl Fund_ ST!£ 

KB Japan F^*nd-SI'S 

fl.T. BRiuds LlA _ _ . 

Bk nf Bermuda. From 5L UamltQ. Rr=d» 

hrsPvT. -.[ 537% *0W 105 

CTiFU_' SIS6.J8 I-C.65. 0.T9 


57.8 a 

70.4 75 

UTS U-2 

61 U .._.. 4A3 
75 1} { 4 23 
1 1 !« 

0.M- 1-85 
7551 SB5 

Hnec Kmc 

G T Aais F_BHK73 3341-0.321 199 

™ G Tr Roml Food — JirslZO* !^)»! 5 JO 

”, G.T. Management (Jersey) Ud. 

- n#l Hirai Tft., Hue .Colomberie.S! Holier. Jersey 1 

zsa GT.A3iaS;crffiig.~ja*W UJSJ-01J? LW 

— _ Bank of Bermuda iGacrniefi Ud 

B.?0 31-33. U* Pallet. Goenisfy. M8I-SBSBB 

Reliance Unit Mgn*. Lid.* DuGm.fWrc, 

Reliance H»--Tnnhnrtj:eUrllf i . Kt. W02 SETI gj " 

OKwmmlB Frt. .. 1563 62 61 ... ..I 549 Mznx Mumal... 

* *■ ‘ income Fd. _ 

4i; DC Fc.-sf}_ 

l»l-a» Ualtsu., 
‘ VOmlina.) 
-eflcir Fu nri_ r 


wUbFibAS3 853 -21 

5i« _ 72i . 771 -2.1 

W-rtrol Um %3 AM -U 

pjopjurt gi ■. us -.. 

I Fund_i_ 572 - 4034 -. 

inrn m. Gnus)- 42.9 463a .... 

‘ W|;U hFund-5LB 34te -U 

«u «■ t'nltsi—. 57 £ 40An -U 

OHIJ and (-.. i gi£f3~1333 maz .... 

h PriiuoM fern It IniLFd ».l »7 . 

CftnvDiiiia^J 1- *=« dies.—Dec. aa. r*D«. is. d 
K ina nr.- ..^wayUnit T*t Mju. Ud.* 

221 l.RaKTBosterRaw EOb 
115 CJ.JntWBatl. 

S m Accum. L'ulU 
u CJ. Idcdik _ 

335 CJ. Euro. Fin 

Sja Jneaaa.vma 
£M c-fruiiw T»t 
ir> Aceum-,Units 

f (ajICl CflpGremthlne._ 

ne illSi Cj»P'»im«hAcc„- 

I a 77 ’f'Ej/rvmcan_ 

— | 477 l*'Far*inn _ 

--J 5™ fjt'nnimfcrn: 

..1 Sh '3'Hlch In-nnre ... 

; ‘fiJmernatinnal.— 

— ' «jpKth Ainercnn... 

N \ GrmaJun 77.. 

012483809 Oil*N-.u - 

I tu « Wld J.1B 27_ 

Its tS'Cabftl.. 

iS Cabol Extra Inc ._ 

42 7 -0 2 3 7b 

42 7 . 176 

04 -41 121 

•02 261 
~0 2 3 61 

•01 0 99 

-0 1 22S 
<■15 125 

OppurtunlD Frt. .. 156J « 6 j ■■■:•! 5 f* I® Manx Mumal. 

5eUonleT.-Aee.. H0.1 4*.«-D) 5 ffl - JMtf _ l- r 

SekforrtcT I tut 139 7 42jltCj| S 09 BiMOpBgaLe C- 

Rldgefield Management Ud. ISSS??? 

1*0 (fqq 410. Bank 10 c Manctvtr IKI2M8SJI rWHHO'-jir.J 
RidCelieltl Ini IT JB1 0 67W-10 2 89 COUNT**Jan 3 . 

niriCMfirjd Inmnr m O 101» . j 9 07 OnStaelfy ifv 

Rothschild AsMri Management igl Bridge Mana^ 

T2JV> (lairhouse N.U. Ajlob'ur OaSO.'iKl PO Box SOB, ijr» 

*KB act at Loacor. pa vine wiaits crl." 

TJovds Bk. IC.1J VfT Mgrs. 

?OB« IPS. SL KcJier. Jarsep. 9134 27561 

UOrttTst-Osea*. («7.S .....J 3.03 

Neu dealins date Feb 15 

Uoyds International 8fgmnL S.A. 

7 Rue du Rhone. P.0 Bod 17V. miGeneca 1 ! 
UV* lr.L Ci«i4h .19919 E2W} *8 17B 
Lloj-ds lot. Income linJSSJ E*af .... j 6 J 0 

r,, ■ • --. J. . ; „ -• >ET.->U1 unerwi... 317 39J4 -t-D S i *s 

531 C^BTteriMWne Jaybet* .. m Grmu.Jun 27.. lQlb JOSB .. iS 

fg t.Rttcmo.UfrRm-ECA ■** f'AW — g? 

J'H /9 7 7 n f-r rt ',f«7 bmjl', . 2 U 2 3 4A " wid J>i(i 27—— 753 ftOJSl ... 397 

IU CJ.JntOTWl-®- ■ - 3r - lib tf ,Cabft| .— Mb 73.3-0 3 3 « 

■• m " a 5 Cabot Extra lac _l53 7 S65| .BBS 

•■ - 2*1 . J .75 ‘"or lax exempt fund, only 

‘ S-S ■— IS Bill Samuel Doit Tsl. Mgrs.t <a) 

■'30* ;!“■ J72 40 Hoech Sl. EC2P2UC Ol-ftSBKHk 

■- J | I® M«UMunial. ,.)22 5 245 2 SO 

n| 5 09 BiabomgaM Commodity Ser. Ltd. 

p O.BOX 42 Douglas.! DM iMTM-239!! 

. u.onm ARSBAC* Jan 3 ._j 5I.S2619 J .. .J - 

f 2M852! c \XRRO*- Jan. 3 a Ml j .i — 

I* 2?2 COUNT** Jsn 3 .1 C 2 381 . | _ 

- ! 9 07 Ontfnftlfy b 1 . “S 1 »i and “"Cl 0«> 

it i&\ Bridge Mmaflemeni Ud. 

nsaJ.'iKl po Bout S0R, Grind '"aj.-nap ^aip;an l» 

10 ! 332 N-haaWFrb..- I -i 1>»7 ; ; _ 

IM 293 GPU Bor :4®. Hnnj Ki>-g 
ID 7 79 Mppoo Fa F«-li I III -131? 15 X' I 0 41 

10 715 Ki- Mori spin 

jS 4 ]| DriUiBDlB Tu. MuKtul. tCH Lid 
, . S3 Bath St- SL H-!ier 0634 73114 

M Sc G Group 

Three Quays Tew: «33 SFQ Cl-eX 4l8fi 

Atlantic Ex Jar. Jl-lSV-san 2T« . - - 

Anst EX-Frt I-—J*IT 1 » .JES-•■ — 

Cold Ex Feb I— K-S97B - 1B.9H . — 

felted__PW.6 136W -O.fl 

i'Accubi Unit3>_- tl52ij 16ili -0 43 49 


Schlesinger.International Xngt Ltd. 
41, La 5toeeSL,5I Holier,JurSflP.‘i CSMWa, 
SA.I.U ■. . _.. f76.a BVIF+LITI U95 

S.AOJ^__.5031 DU I. 4.65- 

UiliFd,___.[24 7 riTi -Uj U M 

taU Fq Jcrrey_ 96 0 331 o xLc 3 W 

lBtnl.FiJUafcB._liM? J 0 . 8 ?|*BA>! - 

Schroder life Group 

EnU-rprisr Hon*e. PcrtMa-y.-rh. 07JJ9U773 

In corns: las sl FbbAe 

lEnuify_10L7 IN Zi ......! - 

S Equity_1123 no?...! - 

LFivM Itil'-resr_ 1394 J48 zj ... _ 

SFim-iI in:er>:<i_1019 ]06 4 , ._.( — 

EManacH_1Mb JIB 2‘ ...... ! - 

JMnnnscd-107 J lU.9j _i — 

J. HSeniy Schroder Wagg £ Co. f id. 
lM.«n-.«j»!de.Eri ni-SCB-WO 

Cheap 1 Fob. 1-1 51S19M i-rSWl 27> 

TnUlgnrDcc.31_... Sl , Slb9.7« , .) - 

Asian Fd Jan 3_L*n . 3 70 

nwlmersij. „„ 54173 184] .j 5 1C 

J«pnEFdJaiL28„.!si.S53» 5.92fi| .._..) C17 

Sentry Assurance International Ud. 
PC Em .926. W ami lion S. Bermuda 
Managed Fond —[si »53 ]qjj| | — 

Singer £ .Friedlander Ldo. Agents 
W. Cat nor a. ECi. 01-218 OWfl 

DrknlT.adi-[DIfflSJ 7SW*3i« 7.» 

Thfcv IM Frt. I„.} SLSJOOe 7 ...._} Z09 

Snrinvesl Uersey) Lid. ix) 

P.O. Berr W St Heller. Jerss; 0534TTiffri 

Anenrsn lnd.TsI_jib63 i.TTl-OOTi 1<« 

-T _a !rA XH A Ml IM! 

G art more Invest. Lid. Ldn. Ag*. 
2.SL Mary Air lonrioc. EU3 01-283353: 

flsrunnrc Fund Mnd T** EtRI LU 
IVI 3 HulcliiKKi Hie 10 Karcmirt Rd. H-Koac 
HKAPuri Tn imam uft .... I 3» 

JspanFd .. W.">aJ«u 1 U*J.< — 

V Aroe-TcanT^ ... { - 

l*u! PocdFund . Ili’UE . . .1 — 

Uirjatrr Inmuni Man I.c4 
PO Box32. Du-.:Slo'.IoM 

’nlerrili:iOnM} Sac pi 3 22 7; 

!>., ilrovlh 154 6 58 *. 

06242881 i 
nr, ju« 

581 .• 532 

Rothschild & Lowndes Mgml. (al c ro * 1 i,| l ,«ii. 339 ' 

.Si SwilhiKAljinr, Wn ,E'.'4. 0ieW43SAi IntnL Fd.. - 605 

Nm»iT.Ex«ni4. jai7IJ 124 Oi . .. I 3 72 JcrvyEaerEyT 5 ; 134 , 

IMrr PO Jin id Knl dnlnc r*6 16 J i’n'Hl StmT'U t2 20 

JU17 0 124Oi ... I 31 

16 NrM Mine F*b lb 

l*, iaro%th —— |56 6 56 aj .‘5 

Kambro Pacific Fund >lgnu. Ltd. 

21 in. ConiiRiighi Ueatre. iiuog Ko=c 

151 W -II 
34 4/4 * 0 u 

« rrejirri}, m . ,3H l-J LW -'"^PriSTrib. L'Ncrfdealin* Frt. A -liSV’ 'A9 m 

Disiillnr. '-ffenFrl***. lS« £nt|--“ 1 -Kir. . .. .C'ImlThu-4 ..32J >44^1 +0i2 3J2 

Cn„ w, »8l. iLfSS-^SjS!; ' »V3!QueenSU.EC4B1BR. ■ ' 01*183332 tb.FiSnclalTnwu 174 9sS -I b i«S 

Lf»nvoil<l all . ri 22. -D8C.13. Daily juaerirwu._g*fl9J 20901+031 2.73 ib; Income Trust - 2S.9 27^-0 Z 767 

Kio’inn *pua wg *|9a * i. A _H|ilh llkr<H6f? W ^ 4W “flJI - f.S3 ih. 1 Security Trust 696 52 9| —Oh 521 

rnunov r.rd i™*? Ub“. T*L Wg*. Md.* faKe) S£r«aa«iat 2 i_^fcc 2 .o zjg+ftg .345 .b. 11 1 VeWTM. pas 30 i| - 0 3 a 13 

*lt-Mna. I'.j-.; ., c - i lib HutborauWCiv-7311.. oi«310Sax.‘Basic Resrce. TstfMA 2S.9ti4)21 479 l ntc |_y (aUj?v 

Hh Lrofij t . ( j j!” Confederation Foods WgL UzLV (a) ia.Christopher Siren. E.CJ. 01.5477543 

N . V ,: ’ r V tjA r-Uji l MT 1 ' M Chancery Lane.. WCStA IHZl flt»2 n»e Inl *' »"* Fund ...m 8 9-Ouf-roj 6 M) 

s ^. I.uiirhn CnkOTMt (WgWc) GmothFund-P6J 4tH '^..l- 06 Ke> Fund Managers Ltd. isrfgi 

. * “tan HftWl B WBte<lM.ET. cn~5B45M4 * ey Milk Sl pf—viUE iiiOKTim 

1 hel1 W3 , ^ Bart ““^J5 ■-’ S5*S-S ?S Cosmopolilaa Fund Managers. Kex Enern-m fu jm s 7321 -oUT 34o 

If and ( Uttwiiri gg - lo4I CopdxallAue.lendemEC2RUX '.68982=2 Kw&uiijfcG-n ft?4 674 -04 st)8 

1 gSLM» Wf , : ,*'■ SSffeWi.p". 4 ’SI../ S3 
«iw MuitaJS^EK ’S ^ S3 cW»iK«iiTAM^^ (/i(g> feiisJS.'aJgl ... ’IS 
■»a |i 8] =8f B jM*” Kiri™.« ««„. c.i. 

1,W 31 • SI S 2P.Fenrhorrh.St.Ri'3 TklrtOOt. 

*Ss -08 AM Crai jl fh.Dirt . —gf 7g KB UnitFd Inc. 163 4 90>| I <U 

rKfwSsrrWO *45 Cr»Rei«rw»^.MJ 40^ -Og 06 0K.B UnuFd Ac _|1021 UBbl . j - 

Shw^bw* *"VT-^r AW Discnerioiiaiy Unit Fnnfl Managers ^ & C Unit Trust Managunenl Ud.* 
^5^3 t 2^} f-J3 52fDomDetdSL,EC3M7 aL. • 01-638446.5 Jhe Sleek Echams^ EC2N IID- 01 W6 

-ISuSc^Sf bl| t% Dlxclucon*-PM 04 JJC{nc Fd^^ gJO. »Jj J J» 

' xom -— rr***. - ■Wr«.7l. « E. F. Wlnchesler Fund Mugfc Ltd. Lawson Secs. Ud. *(aKc) 

Of Brothers & Cfe ZicLV (aNx) Old Jewry, EC2 '- 014062307 EiOaoraeSL. Edinburgh EH22JG 03J.2»3PJ1 

>k. i.uurhu ‘T* 1 *** ®nl« 

I'jf-LJv sK ‘ H«.3saB« 
, * K ‘ • ^nril unvimerlu^ 
} and (iiuniii., 

ropvniry. j bJj&uEZZZ 

I*. Ouninp rjwoictal-u 

and Ratal L!tn^Sii~Z 

106.4 -W 

S3 :S:I 

73 7 -a* 
■ 31.< -0^ 

4U -al 

OA -04 

AHil~:_u|»2 - 31-41 -OX 

«wthAce_-Wfl 4UJ -a«] 

oomeTst;_ fp.t lUn -C« 

tLa'h*.T at. 1135J MLR .....J. 

«s as Jan. Jli.Nut uk day Feb 


9331-1 6 46a 

- ; 23. Milk SI . EC2V ftJE liMUSTirr. 

“ Kej Enerio-ln Frl 168 4 73-21 -0 6) 3 40 

'.629&22J Key Equirv * Gen ft? 4 474 -Q< 5 08 

i- -J. 4 91 Ohc? Exempt Kd h«0 4 1494 t SO 

‘ Kej lnconwFund.771 62 0 -0 4 SJ2 

fjUtfi Kry l ined Ini. Kd jbl3' 65* 1141 

M- I«n«l Kr;*KmallWx Fd . |S5J -Oil the 

h-‘siji* , 432 Kleinwort Benson Unit Managers* 
|*53' *-50 2fl FenrhOB-h.Sl.ri-J n;«S«»nai 

-^3 ]|7 KB Unit Fd Inc. IB3 4 40>J J 4 63 

[-6.51 438 *K.B UnitFd Ac _ 102.1 116*1 .| - 


Rowan Unit Trust Mngt. Ltd. valnt' 57 dfjhr.g'Feb ft 

•:u>«ai*- H.-e.Fiiuhur.-b4.Ef= iiijmiikk Butterfield Management Co. Ud 

K5^.^a.|S7 J 5 iSa: 07 >S . 

SSSS'fS* 1 %\ 7& SSSS1S*:feS iSi i 

RtrnMrln ian 30 70 3 74 od .... 3 19 al Jar - Nl i: vjh * J -> ! " ?b 

■ Arriun Unilsi .1857 40 3) . 319 Capital International S.A. 

Royal Tst. Can. Fd. MRr». Ud. 27 rue Nwrx-riaaio Iji><■.■»»««/ r.- 

M. Jurmyn Street. & w.i iiura»i«S35 Capital lot FT-nd. I si .-1351 ;. . 1 

capiuiKrt_ Mi fc7 3-- I 384 Charterhouse J a phel 

Income Frt-|67 3 710| ...| DM j PatersOfier ffx OI ZAf. 

Save & Prosper Group Adirng^ . . 

4. llrral r* Helen' 1 <>nlfnii EC3P 3FP Fonda?* ... " .I. plblu 

H8-7J Quwi Ediiihureh Kll! 45-\ TondU pxTS "5 212jl -0"*C' 

I*i>liQ£> i" ni SM mop .xr W1 228 7;iv. EmperorFU-id .. JU.Cr cr! j 

Saxe £ Prosper Securities Ltd.* Kinnao— - - - «iW-0I3| 

immuiiMui Fundi- Cornhlil Ins. iGucraseii Ud 

l apiiol .. 132 1 34 5’ I S 50 rO. Rax 157 K ?>:■■* Pc,r Gueaivr' 

irt: .. 1225 241[ 405 mini Man. F<1 (J61 0 1 77 51 . I 

Unu» r.ronih - IM4 61lt-0r| 21" Deli* Group 

Incmilnfi ItMOBH Fnnd c-O Bm 30'.!. %^-iu 

Hliih Yield . bJ 3 S7 3I-C5! 6 65 rieJ m| B , j jn jl 131 20 12i : -«ic;i 

High «Br«* Fum* Deutscher Investwnt-Trust 

E£l£?T ft! *3 j \n Fwifcrt»R.rt«w^.r*io«|Obrn f j c 

UkV , ' U “ 1 '‘ .... . 4«x Th!' 0i I 

o lt^- ru.^',' 4*i Drert0s iBtereontinenial ,nv. F« 

.'' i®& FarF-axl Jan 25 ..19 47 \ ~ 

ISO lapaaFund—— 111 SS5 6’ 54?... j — 

ldo Hambros (Guernsey i UdJ 
~eb ft Hombro Food Mgry. tC.I.i Ltd. 

Lul PO Box Mi.Gocrn.ey WUfKI 

«.-I Fund-.. .11368 143 T| I 3 90 

. In'.nl Butid -Wild* US Be ..; 8.50 

. IS Jo: _Br.*7J ltBSf . . 359 

1 J 44 [ n; Sa.ingx-A-_|H •!« U3 . 850 

— * 9 |„ t sarmp e ... ‘S'-bC-W 131’ . ! 2J0 

Prices un Feb t S'cu dealing Feh. S. 

Henderson Daring Fund Mgr*. Ltd. 

• • « — po. BOX \9733 VaeAiu Biiama* 

UmFri |14 23 14.551 Lr 

01 ZAf> d& Ju 2S ,->M tSr^hnB reh *. 

MarRSLfi VHfi I* ***; 

Cll! (3 V TondU - - PVTSIl 2123l -01C 1 613 Guerfiac.TM 1*419 

Iil55r“.-:SS i^-Oidj i« HlllSamnel Overte 
Comhiil Ins. (Guernsej > Ud » N - rt -« Dan, ^ i V i ' 

34 5' I 3 50 TO. Rax 157 K *>!■- Pc,r Guerni-e- . . ,' V_ 

2411 J <05 mini Man.Fd (Jhio I77 5( .( — International Pacifl 

bill -on 217 UgU* Group rii Box K237 ML !7r « 

_ po Box 30'.2. ?■:.<• >j RxhxT.B- JavelinUxju.l; Tpi 13187 

37 31-0 5, 6 to rwJIaln® Jsn JI 131 JD 13*; - *J Cl j - J.E.T. .Manager* (J< 

... Deutscher Invrftment-Trust po iw- iw. Rr> a ; rst P 

465 ' sn Pofliaeh2885Ii.rtcr*j • rtMO6T«ornakf-Jit. Jotmp E*tre! Tw DUB 

I'lmcanin..Ifi'CSSJ a:«-0I0l .. Avar nec 3ti Ser 

a e. tail He««6»rd... Jw^jy -isd I - M * 

lg Brothers & Cc. JM.W fiNxl 

Ml*nhaUSt,KCJL -' 01-S882880 STSS^Sf^S&JS 5 K**- BK 

»Tst-M7J lga.J JS W-WlnrtTr or«a[M6. . —I 5J« 

^SSTSIhAp rlt£ , “ J Eta««« ADndJey TstBUupmit. Lid. ScS'Sd’w^rt: ”7 
S FOR 1977 _ . . 20 lA rlingtonSL.S.WL . 4»M«®7SS1 EffiSnirSt 

A5 ‘'71»g«e PTOgTBBBiTO MgBIL:Ce,f E«ni9mDud%Trt..i67« . 72Jlii4-V>10 Paccuei t'nilsi -■ S.7 
N EW Lyll j ... ^.S"jK Eqnttas Sees. XtiLfWW. ft 

MlrnhaU SL, KCJL 



Next sab. day 

w* w!TBa»M- 

Saw F^l ■ Fiasoa £ Dudley 1 


Eurnpe _ 173 0 

Skmt Fort 
Oiroroodity ^ .165 0 

Enurcy .. -KO 3 

Financial Secs.. _ 162* 
BljCh-Minimum Fund* 
Select I niamaL... [215 3 
Seleci Income.151 5 

«4Did -u5} 4ti Intercontinrnuil Inv. Fd. 

78?] . I 3W PO. 'aasJBniZ Na.-»u Hal am.y Uardmcftin T« | SHK2iL39« [ .." 348 

BOO] -0 d J?? A\ Jan. 24 .. - il’illTS xi 74( | _ Jardmej-m Fd't'* *60267 49 !.. L10 

t. si •Oil a v Emsou £ Dudley Tst. MgtJrRy.Ud. Jardincstjl .- j *V‘S« 34 (. |H 

sn Rf,e) ii h | jdwtimi Jardinellilp T0 _j Sl'.19.40d | ... 3*0 

*4 B| -OJI 4J4 H iw.i 0E43«i j Br dineK!.-m Inft | SHE3.95B ] — 

mb]- 04 296 EDJGT.—.. /1374 125 8( ■ I — NAV Jap 14 •Eqjumir.M Sl'55802. 

*7i|-0jj 2 94 F. & C. Mgait. Ltd. Inv. Advisers 

j wl KiH-Samuei St Co. (Guernseyl Ltd. 

IX J law! xu 8 LeFrtvre .’i Few p on Gucrxisry. Cl 
21 e]-52cI 6 13 Gucrew/TM (Ml 9 151 81-1 « J 59 

iwi-Oisj 193 WiI * Sasnaei Overseas Fund 5.A. 

. . .77 Rae< Dame. Lnxeinhours 

. . |r*f!43- 17!fl.-:«I - 

■ iijrtrn*r'‘ 

77 w ( _ International Pacific Inv. ftfngt. Ltd. 

ril Box H237 ML ixr 1:. £ 4nex Sum 

— Javelin EquilyTM 151 87 2 02if( I — 

13*- - o Cl j — j.e.T. .Managers (Jersey* Ud. 
rpust p,, Kn, ip*. Ben al rst Hrv Jerwr.i-0S34 2T*al 

)&">) rraa'Kf jr. Jw-ix- E»trn! Tn DUB 150 « I - 
23 ret -0 Avar Dec 3tl Sev tr.i, da?- Jan 31. 

'!*? ' - Jar dine Fleming & Ce. Ud. 

l/Kh Flour Cnnuxuilb! UctiItc Hony Kenfi 

Samuel Montagu Ldn. Agte. 

IM. Old Broad SL. ET2 
ApolleFd Feh 1- |?F4550 49 40J-9 lOj 3.79 

JipfostJan IS.. .{IKKBW 9K) .. { IS 
1 17Grp -<xc 2 S _ 3’ -nil* 1 IW . ..J 215 

iJer<*t Jor. ;>. KJ5J J w .. ..7 nas 

ilTJr>j-(J't slinlP |F9 J7 • 997[ .. J - 

Murray. Johnstone (Inv. Adviser* - 

iW.KopeSt.iISa-lfrx.CL MI-2S1392! 

•.HftpeW.Fd .. ! SUS27 81 i-O.UU - 
*Murr»i Fund - - .1 SUS901 i-<iQ2i — 
*NAV Jan. 31. 

Neglt S.A. 

J0a Poulevaro Rn-.-a; Luxemho';.** 

VAVJbc 27_I 51*0002 1 .J — 

Negit Ud. 

Bank at fleririido Rldjr. Keirahoa. Brmria. 
NAV Jax IT_l 13*2 : .. ; — 

Old Contt Fund Mngn. Ud. 

PO 58.S1 Jullact-r 1 .. Gncnvo (0*1 ?ffH; 

Efl.FtJaa.31_)MJ 513.' J 265 

lnc Fd Feb !-(1562 . 1653 -2.91 659 

Ini! Fd Jtt 1« .... R2 KM ...I - 
SmOFd.Jan 31 . Il40 4 149 3] .] 3 22 

Old Conn Commodity .Fd. Mgrs. Ltd. 

P.D Box. 58. Sl .lulian-sCLGb mWf 0481 2674 i 
OC Comdlj Tti *._|122.6 129.7M . .( 175 

OC Dllr Cm.Tx*. !s249« 265* .1 - 

■ Prices on Jan. 31 Vex* dealir; Feb 14 
IPnee an Jaa 23 Next dealing Dale Fee ~ 

Phoenix international 

pn Br>« 77 si Feiur Pnrt, Guernsey . 

Inlee Dollar Fund G' SiZl ZJ4| . .| — 

Property Growth Oversea b Ud. 
CSIrixhTcnBB.Gibraliae -GibiSIT** 

V S Dollar Fund . 1 SUSS* 77 |-2.0»; - 

hterl/BfFund ... .] £128 SO |-83iJ — 

Royal Trust <C1i Fd. Mgt. Ud. 

PO Box IM. RoyalT-i Hsc .Jersey. 053427441 

R T. IW'l. Fd - itrS»04 4« ... .! J 03 

B.T Jnri »J*i-iFH JM S5) ._ J 3ZJ 

Prirpx a: Jan 17. Next dcaUnfi Frt 15 

J»p Index Tv 

l-id.Trt._lt* 63 6.171 

*s-MM 9M 


9 39]-0.1b! - 
8M-DC: — 

-0.051 *» 

227* -C 5| 
54i] -0.b| 

Deal. *Mon. -Tw. TtWed- ITbur*. '■Fit. Scotbite Securities Ud.V 

L'Mi j'F;r,c i nJJan.31—twei U»i 

Crr* ^ ’• i%«t mb. day Frt. J4. -1 

SOUTr. AfSlUIS. - • '• — 

f 5035 1 -jS :::::] ^ £2S^!!Lf5*67 ' Mjj55*35*' Legal A General Tyndall Fund* 

*%»»"'** cMxiAcxVrsar^sr », “?%• 

JC-. te FlHMlj!MWger«*(»Kcl AmwxhamRAHlghWjwurt^ ^OIM lAeemr..rnie^ . S9i, 73.(4 I 4.91 

.|w* . , T «a SMI .....I 6.91 ____ _ i ,4 M Leonine Admmistratlon Ltd. 

..—-*“-jCap.lne.t—PL* , ai3 _„J' tfla: Fr»nUngton LWt 6^1. U4L-Ml 2, Duke St, London WIMOJP. 01-480 9001 

„ iCap. Aoc.T—,5 m —A 3.C 6-T,Ireland Yard.EC4B6DH.. -01-3488871 _IMS 7JiI -1JJ1 5.41 

5 \n mod ^-J. CaptUUTst.—_Oflb .6 Ujjv .33 394 Leo Accum_D4 0 7791-Ld| 906 

J94 F. & C. tfgmt. Ltd. lav. Advisers 

1-2, Laurraci-Po<iri'.nr; liill Fv4R OBA. 

290 01-623 4680 

752 Cent Fd.Jar 25 | <'s<75 I . I - 

Fidelity Mamt. & Res. ifcda.i Ud. 

4 07 I’O. So* 8 7 '! Hamilior R-r-muda 

ScmhiU.__p5« . MOM-041 4 07 L" *?* 

Rcwyleld_MS.* 52 3-05] 7Bi Fidelity Am. A*.. 

Scoufaarei_W3 3 570) -D3( 4 53 ndeite tot FUr.d J 

Scot Ex Gth*0-|2Q6 5 216 S . I 148 SU!i|SwHdKri ' 

SrtLEtYW.-e_._170 2 178^ .1 *W nrtal taSter. Fd- 1 

SF,S \\n '■*■1—SS^ 6 J2£3 V 23 ?|S LebAcemn 77 K-L 0 I 506 

vrt'Trnn T| :.rjA37 - Pd._jjgF .^0 -if ’ 161 Lloyds Bk. L’nit Tst Mngrs. Ud.* (ai 

‘ \ S I l - RDft jBn - M/Frt. t IWalini T^es. tWKL Do.Accum-. j5Sa''^3 2-M ReginraFt Dept, Gortng-by-Sea. 

e^liia Tract BUnAgementfaXg) bends’ PrapdL Unit Tt M gn.* Fir«t ( Baj«wi, W« si* -oj| A40 

i'"'!'.- -a;««»a-asrsi'' ^ -?«? ajastsa—a fit 43 us 

x, J n=—w - 8431 a paster Ifi 

dp: p - -- al ^ 7 ]“ 7c: SjS G-T. Unit Hanagen TJM ■ ixwrthd&dntiL- 35 'cli f).| 7c! 

:*ic.Z_ z-Vkl. 308 -03 1.99-ULFlnabarr circus BCZHZtai 0L«B8U1 Do.Uteeum .1 -(63.8 665[-a3( 7 61 

1,,c ^ - i i JSSJ ■ ig S?-Sp- toe -~-EH • —I 2-S Lloyd's Life Unit Tst- Mngrs. Ltd. 

u . v _16.f 17.1 .'n *K. GrS.f 4 ^pt MM ^ W4B.GatahourtRAAjlesbiuy. oaWSMl 

1 K ' u ' k __^ais*ca-IL7 - 66 J -*« SO!” 2^ ’Bflulw.Vcum.—p*13 148.71 iH 431 

m ^ ^General— • • *Ss ^ Ip ' f&A.lZ ? iao HtC Group* (yXcXri 

m — . — ■ — ■ fii ' D Wtfc-i 68.7 ■ -; 7M -BA > Jto=/S*nri Fhad IT-.®!* • UXoK.-.. 1 '-238 Three Quay*, ilw TIIIL BC3R «Bft 01826 45f8 

.UaHTi 86441 
-M>3 266 

.. 439 

-01 4 7* 




«1 +« 

79.2 —DA 
37.0C -BJ 

3a' K5 C®. I Accum. 1__~_]57J1 614-0J 3A7 

r°« w TWrd 'Income'_[77.7 8^ J -53 6J2 

'' Do. am.'-„p042 xlLa-4LU 6.Z2 

Fourth OSxdne’j— (57 5 6LQ -OJj 7.61 

01^888X51 J3o_ CAceam!—__|63.B 665[-<L3( 7.61 

-j ^ Lloyd's Life Unit TsL Mngrs. Ltd. 

joe 7380.GatehouseRd.Aylesbury. 036SMI 
. .... L20 fcttulsy.'Lceum.—|MO 14871 3U *31 
Z ’iJa V Sl C Group* (yXcx*) 

i '-238 Three Qmy*. TWir TOIL EC3R .01826 *5W 

L"/- 0 ?? ' . Sec^atao Stuck R xr ti anar Dcallnip_ 

; » V Anterlcan __^_p64 08* 

■,‘c « f- t ■■. ■ ■ ■ ■« l ’>? V .American _—^.1 

-^6. ,%-flE. ial (gl V •» •' tAcexnxj.L’nit*)..-_. 

3.P«ylcddh' Rd .'Brentwood (0277,327300 AnwuUriM.-1 

G-fcA.:-:--LWt) MR-0.41 4 M LAceum.VTnitxi™ 

Scot Ex Gth’Q- — |2M5 21BS . I IM ndillrewTldKri ' 

SrtLEtYW.-i_.ll70 2 178^ I FldS »St« Fd-' I 

•Prtcex u Jon 29 Next *ub das Feh. B. ririeiVn"nir.. | 

Schlesinger Trust Mngrs. Ud. (a«i) f£2 I 

JncorcornUng Tndent Trusts' ~ — ^ ' 

140. South Street. Dorkins. iftSOA,68441 

Am.Exeutw* 169 194 .. 2 22 x 

Am. Growth_24 J 26 7 ^0 3 2 66 | 

Exempt Bish Yld.' 263 27.6 . 625 u 

Exempt MkL. Ldn.*«B 261 .. 454 

Extralnc.Tst_23A 306« -01 *74 - 

Income Mst-«.J *31 . 917 

Inc. lmhWdnrl —. 3LO 33.7-01 - .... 

lnmLGrowib ___«a * «J7a T o« 33Q Abbey life Ami 

Inr/TsLl-tilli..-03 MS-M Jin MSI.Paul.Church; 

Market Leader* 27 1 29.2 -03 463 Knott*-Fund 

‘NilYield'.. 27.1 295 -0.1 Ottl - 

Fref AGtItTnilt-. 234 2S.2 -01 1L56 . 

Property Shares-. 253 27.7 -o5 ^“ c - 

Special Sit Trt—. 25.7 27 6 - 0 J 113 sdeSreFund - "" 

Si Si US SSSfuUrKia" 

LX Orth. DirtI-.JMA »Jq-0.1| 560 f ;.; ori _Pnnd .... 

'Next sub FCb 6 Pm*. Property_ 

J. Henry Schrader Wagg & C«_ Ud.* ^ gJSS?*”' 

'9SO»^9kb‘ - MM 

5U519 65 I 
SVS179S J 
IL-S38 25 
SI 512 03 - 

jBTQino r i«-m itui | . D, . , — 

NAV Jan 14 ’Kqjirsic.v 51SS8 02. 
\wl wit) ter. a:. 

Kemp-Gee Managenirnt Jersey Ud. 

I ChanodVreis S< Belie.-. Jerxey 0534 73741 

Xemp-1'Jeei.'apital IM 7 *7 B . I — 

Kemp-Gc-Incrm? ®S 67 0 | 7.98 

Keyselex Wtegt. Jrrwy Ud. 

JVi Box 03. Sl Kelicr Jme ■ rjiflOl-AnATOTO 1 
FbDsoJn .._ . _EFr.lJ62 t*S5f .... j 3 B0 

KeyMle-i Inti— K5.7S *S]_] 470 

~ Save & Prosper International 

— Kcyx , *lo* Lurepc. pU 83 

Japan Gib Fund. 
Kcrwlex Japan 
Cent A*fct>C*p . 

05* 221 

7.87 81 

030 41 

^ *T 

-002 J» 
*017 _ 


Oalinr to- 

27 Broad ft., SL Halier J <sie? V&t-Xtzai 

VS. Dullar-denamlaated Fund* „ 

Dl r Fed Inf ~i . ,|9J8 4e* .7.69 

IniarnaL Cr. *7_lb 64 639 .... 

. FarEsaern*J_W56 3521]. - 

Nutth American'*.p J6 364]__ — 

Sc pro "l-1*2.72 13 901-0 05) - 

SlreUue-denanri noted Fandi 

ChniuieJ Capilalf-iaoJ 2216x4 e0.«l LSI 

Channel lxland*4..1l4LS 141.3m ... ■ 4.99 

Channel ixiandee.. i«u ... ■ *.99 
Commodity*“1—|l34J 120.8-4-2^ 

SI Fxd. Ini **‘f _ Il22.1 129 Vi -L0| 3877 

Prices on van. 31 •Van. 31. • *'Jbb 20. 
iWceil 7 Dealing*. 

Suriuvest Trust Managers Ltd. (xt 
■W Athol Street. Pouslas. Lo.M 0<C4 23PI4 
ThrPdi.erTrJrt ...196 7 99U-LOI -- 

Kichm'mdronriPT h«7 209.7| *1.83 9*9 

Do. E-.-rreropB_pjr 3 zm ji -J6j 3 08 

He rUiir.-imBd... 1105 2 Ufl.7] -3lJ - 

Cn.-.A|dB-l-198 8 10r.0l-0i! — 

TSB Unit Trust Managers (CLl Ud. 
^agBIcUi- F(d..5l.S»nOur. Jenev 0534 73404 

.'ei~inyFunrt_143.1 456xi _....[ 4 21 

GueniEf Fund _ 143 J &Z 6^ .I 4 21 

Pnccs it Feh I- Next ft?:. 1 far Frt 7. 

Tokyo Pacific Holdings N.V. l ManaRcinput Cn . -rurae-sh. .■*. 
N.W per -hare Jon A 1 JL’Bill.' 

Tokyo Pacific Hldgs. (Seaboardl N.T. 
SnUnu-i Mana;emct:t Cc NY_ Curaert. 

NAV pc.- share Jan 30. 5l«9^. 

Tyndall Group 

— . . — F Ol On 1256 Hamilton 3. Bermuda. 

53 - 2 . 9 ] *59 i>v«r»ea» Jan.25.. .ISl'SCn IWtf .I 6M 

M 7"-. 1 Accum.Units).—EvsiJl isi ....]. - 

*3| .i 3 22 3-Wn» inl.Jan. 19.. inn. 1 - 

2 New SL. Si. Bellrr, Jptxct 0S34 HKI.I 

TC'FSLFeb 2-. ..16.23 6 . 60 b*-0 OH 6 30 

1 Accum Shires). - £9 65 iOJS-8.051 - 

7ASOFFrb Z _ 755 80.01 . -- 

■‘Acrwa. Stareu_ 75 5 fiOO ....} ••■ 

Jersey Fond FcbJ - l’U 202|] -6 Z- T DC 

iNob- J AK UK I— 2*3 0 2780 -4 3 - 

Gill Fund Frb. 5 . U«« 1160-l (H-!8 29 

•Accum Share* _1402 142.81-101 

Vleuxry Rcuw* Doogla* Die nt .Man. flB4 2S9 Ct 
McnflKvfd Jar. IP .11272 134.0) .... | — 

l?td. IntnL MngznnL fC.I.l Ud. 

•4. *fu(carter Street. Sl He'ier, Jtrrv-y 
Ul? FOnrt ... I S l*510Q I--I 8 25 

United Slates Tst. Inti. Adv. Co. 

14. Rue Aiorir.crr, Lnvemhrijrc. 

V S Trt. In) Fnd. .1 SV.S9 63 ;-0?S: D 96 

Net asset Feb 1 

S. G. Warburg A Co. U<L 

39.Gresham S'.rce'. EC2. 01-600 4^55 

CnvSd.Fd. Feb.I—I JUS®W i-091! - 

Enevin Krt.l_I SL'SIS 42 M.W — 

•3rS.5FdJfin 31 .-( SL'Si.-ir J-ffJI; — 

MerJ3ur.FdJan25 l‘HS995 ]a« .t — 

Warnarg Invest. Mngt Jrsy. Ltd. 

L UhanncCb®. St. Helicr. tty. Cl 0534 737(1 

CMFLJd. Feb l._ SlffiTJ ^a].J - 

on Lid Feb. 1 . fai 46 U 7U .... I — • 

MetalsTSL Jan. 10 Jfll 17 U.4« . — 

TMTJun 12 ..>VS8« - 

TMTUd Jan 12 . IE8 74 9 02] .... I — 

World Wide Growth Mnnagementt 
10a. Boulrixrrf JicyaJ. LuxembMinu 
Worldwide Gdi Fd| SI SJ2.87 | .. I - 

ffl .8 . -- 

MO ....} ... 

302.3 -h$ 7 D 
278 8 -43 - 
1166 -1M.M2 
142.8 -101 -. 

_.1 SL'St 39 -0 01 — 

..I SL'SIS 42 « — 

..( SLS6.47 -ffJf: - 

&LHIS945 11851 .....{ — 

Jhannc Cross, St. Helicr. tty. r.T 0554 7j7-l 

IF Lid. Feb l._ SISU3 ^a] .I - 

□ Lid Feb, 1 _ 0146 U 7H .... I — 

MalsTsLJan.10 Jfll 17 U.40 . — 

ITJun 12 ..>VS8« 9l4 . } — 

rrud Jan 12 . [18 74 9 02].... I — 


3301 -Abbey life Assurance Co. Ud. 

Eagle Star In sari Midland Ass. 

*fl 11-3St.Paul'*Churchyard, EC4 01-3480111 l.Thw»lneedIeSi-EGa 

lie i£i*:iiu*v 01 * 

loyal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 HOI 
-ex.Guide as af 24tlr January, 1978 (Base 100 it 14.1.77.) 

Clive Fixed lnterest r Capital ...*.! 135.06 

Clive Fixed Interest^ Income.'.t-s..:.....^ ' 124.73 

CORAL INDEX; Qme 459464 


t Property. Growth 71% 

Cannon Assurance ..-1 45% 

Cannon Assurance .46% 

t Vanbrugh Guaranteed ..;• 6i«s% 

. t Address shewn under lowpnc* and Proporty Bond Table. 

'? t; 


ink ....-i/ 8i.% C Koare & Ce. ....'.....f6<% 

b Banks Lf£-/6*% Julian S. Hodge . 7j% 

Express 'Bk. 61% Hongkong & Shanghai 6i% 

:ii}. ^nro Bank.. fij%-: Isdustriai Bk. of Scot 6]% 

... P- Bank Ltd. -.„a, 64 % .' Key ser UUmann .. 6j% 

:?- :i i?nry Ansbaeher ...... 64%,.,.' -Knowsley & Co. Lid. ... 9 % 

;:r. ! ->eo de Bilbao.64% ; LJoyds Bank . 6i% 

illnk of Credit & Croce.]] 64% - London fk European ... 8]% 
•.jH.- nk of Cyprus 64_%‘ .-London Mercantile . 

14S3j +0 5 
275.ll ,1.0 

w j r- * 

12 '■ 236 S 
98 i ;j4 3r 

...nk ofJV.S.W. 64%=- ' Midland Bank... 

S-nque Beige Ltd. • aj%-. « Samuel Montagu 
a*H -s5S UBR ??? e ..*.—■'..J;® : ■Morgan Grenfell- 

sSSS fi rSSi« Vid'"*---SaS.Natfonai Westminsler 
t Chtistre Ltd...- 84^ ,_ r Norwich Genera] Trust 

19 i I*? 1 

;:i« ^-dar. Hpldings . v v .... '8 % 
“;;F,^arterhouse JapBet.... 64% 
•cTse E. Coates 74%. 

;i'/nsolidatedi Credits-64% 

„ . .|WH ujvuuow. (|*J>9MF wj JU , 

• ^ p J-:e Cyprus Popular BSl '6|% 
^.Sb&b Lawrie ...w..i_f 64% 

• ShenJey Tryst. 

r Standard Chartered ... 
Trade Dev. Bank. 

■ Trustee Savings Bank 
-Twentieth Century Bk. 

■ United Bank of Kuwait 
-Whjteawav Laidlaw ... 

Williams & dam's. 

Yorkshire Bank . 

• i* yt7 -> ,*-rlltony GlODS .. arw orar £25.W0 41®,- 

577 >. :.l :c> -ri&rtiound: Guaranty... 61% ■* c#n dewsiis mer n.vm s%. 

2 « : v :Sfadtay» Bank 64% « »«««“, «■ ^ . .. 

3* - ^:; ^tmiess Mahon ._,. 6»% 5 g* “ 

* SS ; .^‘ ■ ^imbros Bank ......... 64% » r<tor dtpotiu Ra:« for Trim 

_ J-. .. Samuel ...............i 61% - -Deposits over £1 BOB negotiable. 

yd • . 't} ij'- -’ ' ~ ~ . • 


)tz ** ^ :- 7 -- : -x ' * ■ ■ J -'•' Fnh.3 ...Weekago Slorifh^ffO 

• .. t. . , .•: I. * 


Danish A I per ton ...... 

'•■ British A.1 per ton ..... 

* Irish Special per ton ... 

: Ulster A.1 per tonS. 


JSZ per 20 lbs. 

■ ■ EnglfsB per ewff . 

> Danish sailed, per cwtr— 

NZ per tonne.----- 

■;* Ehfi^h cheddar trade 

per tonne .. 

<: ; 3s* . ^ 

a. Home-produce; 

•7 - Size 4 . 

i?. Sire 2 .-. 

10.M-1I.03 10.84*11.03 IfcH-lUfe 
6S.03-65.37 -■ 63.03 63.03 

70.15-72.41 70:15-71.43 60.15-H.43 

-1,101-50 1J10.50 1.16150 

L219.42 1^19.42 1.229.42 

(Acrttn. Unlti-j-&6.D 7L0 -0.2 5.20 

CotspimndGrowth. 95J U22 -01 482 

Conversion Growth «7 0 50 5 -0 3 434 

Convernonloc— 86.6 JJJ +0-3 

Dividend.__ 110.9 118.1 +0.« 

(Accufli- Uijitij-- S05-6 . 219.1 +0J 7 98 

European-453 <HL5« -0.1 294 

(Accum. Lnltsl..-.- *5.9 491 . .... 194 

Extra Yield,-- B2J 87 4 -0.3 8J5 

(Accum. Un®T3_ 186.7 1133 -OJ 8» 

Fur Easters_-..— 57J 90.4 -lu 53 

lArcum. Units)_<0.4 43.8 -02: 825 

Fund(rtlnv.Tubs- »B w -gl3 4.42 

(Accum. Unirs) — 17 0 72.8 -03 4A2 

General-^ 153.6 165JS *02 5.98 

(Acoim. Units)_,234.4 2520 -D.2 5.98 

felgh Income-. 972 1035 ..._. 853 

{Accum. Unlts)—^. 15*3 1H1 -oj OSi 

japan Income __ U5.9 1273 -0-1 LM 

(Accum Unix*)-- 1193 K75 -02 1 63 

Macnum__177.6 * XM3n +L1 434 

(Accum. UnJllsi__ 2ZL3 2357 -tL3 <54 

KDdlend ■ 133 0 1653 -05 697 

(AccnmiunltM™. 2SL2 267J -0 9 6.97 

Ructwejy_ .... 772 922m +04 467 

[Accum. ilnttu-1 78.8 ,811 -*0.4 4 67 

Second Grtv-1553 1K7.0* +0.1 5-0« 

'Accum Lmtsl*.— Oil M 4 -0.1 5 04 

Special_147 4 157.1 -03 4.23 

(Accum. UiU»)__(lK.6 194 54 -01 423 

fSpeclallscd Funds 

Trustoe_U37 9 1453] +0 0 6 50 

fAcctun.L’niui- _ 260.8 278.1 +1.0 650 

Chart boort Jaa 3i__U7.7 — 1036 

Ctuu-tH.Jan 31-103 105 764 

(Accum. L'niMI-17LI 1731 ..... 7 64 

ran8.Ek.Jan.3Q. — 1232 130«| .—4 5-B9 

aranuLITe Management Ltd. 

St-Gettrge'i Waj. Stevenage. Oi38SAlOI 

Growth Unit*-(496 5221 ....I J.B9 

Mayflower Management Co. Ltd 
14(UGreaIiam8L.EC3V7AU. ai-80QB«B 

te®:=B5* :•:::! 1% 

Mercury Fund Managers Ltd. 

MLOretrtiamSt^ECZPSEB. Ol«»4555 

Here. Gtax. Feb.!— D67 1 ITT*.... «7« 

Act Uta Feb. 1_2147 228. J . 4 74 

Mere. 1-J6.I - »7 ...... 1.91 

Ac cm Uts Teb. 1 __ M3 64.1 191 

MBrr E^tJwLao Z Z11.4 228.7« 415 

Accum.OtaJ«n2a.^9 2*3 a] ..—J 4 15 

MWlaaJ Bank Group 
Upil Trust Managers Ltd.* (a) 
Co tg t u o ml House. Silver Streit R«sd- 3RH Tel- €1742188*2 

Commoditykfloi.BM M 2 *0.11 6.06 

Do. Accum.- 55 67 8 +0Jj 6 06 

Gmellu—323 395 +02] 1}S 

nfl. Afi- u iii 34 2 36.6 +02] 3 55 

r.pir.( 23 s 33 Sa -e3 3 as 

Do'ASSrZmrgJ 275 J 3 84 

I nrw n, — __ O 3 50 6«C —0 3J u.33 

Do. Accum._ 538 576 *01 633 

taM^ial-»7 2* 

De Accum --«.« M3 *03] £« 

High Yield_HI 639 ....i 820 

DoTaccuov_UQ ' 644 -0.1] 820 

EfluityExempt-— IO* 1M3 S26. 

Do. ATr«m*_-JH3-4 109 ..— I 526 

-Prices >1 Jrl 31 Nerf dealiiw F«n 28 

Minster Fund Managers Ltd. 

Mlnstei-Hsc., Arthur Sl^ELCl. 014Q81090 


MIA unit Trust MgemnL Ltd. 

Old Qumo Street. SW1HSJG. 01-830 T33S 

MLAlhda_ \351 »-9| .I ««■ 

Mutual Unit Trust Managers* (akgl 
Iff, Goptball AV4.. EC2R 7SL'. 01-41084803 

Uotu6lSec.nus._IU6 524] .| 681 

Vutm}liK.Tn-t!a 6’J IS 

Mutual Blue Chlp.-Kl 6 U-a "'511 i IS 

Mania; Hlfli Yld^.(501 U S *0 Jl- 8 37 

National and Commercial 

3LSt Andrew Square. Eoinhursh (OI -554 9151 

tocmneFcb. 7.-P4|8 M*(J[ 

{Accum Uoli+l-K?2 !2a SS 

Opt. Feb 1. ..pLfl.4 125 8] .— 336 

[Accum. IJnlulhU 8 1S2 21 3 56 

National Provident Inv. Jfngrs. Ud.* 
«, Gracrthureh 5L 3HH 0HB3«W 

»PJ.GtfLUaTsL-Wa 4TS . 373 

(Accum. L’niUF _. J33 56® ■ - 3.W 

WdwnTwrt.- J 

[Aecnm. ‘Unlisr* 11378 p4-/l ■ ■„ . 

> Accum Unlui_ 253 1 

General Frt. I ... - 74 9 

i Accum UnJisi-923 

Europe Jan 36 .... 27.0 
(Accum'Unilai-..- 29.5 
■P-n-CTi* Jan =4— X66J 
’Speer Ex Jaa. U . 214 j 
’A D82. 

EflottFiW-W.7 ‘ 353 . - 

>i tJfc j|.] - 

3fS Cwirertiblc Funn (1279 134.7 .... — 

CrsS,.".-.|i! iij .:::: r 

Id.* Pens. Selective._.(77J Bli — 

® - • 

7 00 vraop^Aer <7 U19.6 125 9 '.T - 

7 00 VMia. Fd.Ser.4.-fe*2 la* - - 

iSS VEflulty Fd Ser. 4 tl.i 33.3 . — 

JJ2 »Cod% Fd Ser4...B69 3 115} .. . - 

JS Vlioncy Fd Ser.4 M7« 113.1] .. . - 

1 39 p F cw fll JM 31 -"Aluulionr normally Tues. 

n.m Albany Ufe Assurance Co. Ltd. 

35! 31. Old B'lrllnciOD Sl .’*' L 111-437.5982 

i&53 115U .. . - 

474 ll3.ll | - 
alutlionr normally Tues. 

LThrea.liieedl6SL.Eia. 01-3881212 

Eaglc^Ud. Units JflJ . -°4J 687 

Equity Se Lew Life Ass. Soe. Ltd.* 
Amershara Road. Hiph Wj-xombe 04P4 33377 

Equi ty Fd...-}«6 }040j -0.9] - 

Proprrtx tb„ — 202 ] 107* ..J — 

Fixed Uttcre** F.__ 110G 114.U -0.S — 

fild Dopostl Fd. ... 97.6 JOiTt ... J - 

Mixed F.1__ 1043 llO.Sl-Oil — 

Gonersl Portfolio .Life Ins. C.JMJg 

00 B.’rttolomev OL. Wah h iua I'toi %. WX31S71 
PortfojioFund ....| 129 9 j . | — 

VortToUoCapita]...W15 43 7| ...l — 

Grrsbaro Life Ass. Soc Ud. 

2 Prince ol Wales Rd. E moudi. 0202 787855 

M * G Group* 

Three Quaja, Tower HQ1 EC3B BBQ 91-891 4588 

Pm. Pension***_12063 -— I I — 

Conv. Deposit_-.(116.1 122.1 ... ( — 

Equity Bond*--habJ LR-SUa* - 

Scottish Widows' Group 

P0 Ik*M2 Edinburgh EH38S3U. 0SX^558W 

» 3cnes [.. 


3 g 31. Old Bnrllnpon Sl ’*' L 
VEquIty Fd Arc— B748 
VFIxedlnr Acc.. .038.1 
trf.8 VGld.MonerFdAe. (1126 

•For I ax rtempi funds only sFlVrfflnr Acc„ . 

Scsttbh Equitable Fad. Wgrs. Ltd.* WJ}- 

28SL AndrewsSq .Edinburgh 0^1 A?fl9101 SPropFd Acc_ 

Income L'^vli-(48.1 5L3 . ...J 5.40 dsrplelnc Acc-t 

Accum. Units_p43 5X7| ..J 5.40 Equjicrr&.Fd.^rc.f 

Dealing day Wednesday Fixed I Pen Arc.-- 

Scbag Unit Tsl. Managers Ltd.* iai Su^TTraFdAec'V. 
P0 Bex 8IL Bcklbry Hse, EC 4. O1-SMS000 JTw..ran.\ee._— 

my -5 
1-W3 . 

lit.! -0 
1014 -0. 
Ui7 +0 

-50j - 

‘Ml z 

Family 7S2P’- 1523 -23 — 

Family 81-88"-1664 _ -«1 — 

xJUtEond——__ 106.9 2223 ..... — 
lnrern»tnL Bond**. B3.4 87 7 -14 — 

ManagedBd***—123.7 1294 .... - 

Property Bd—^._ 1479- 155.4 +03 — 

El.VWdF&Bd.* .774_8L4 

HecoveiyFo M.4 837 ... , — 

American Pd Bd*. *38 M2 ... . _ 

Japan Fd.Bd*._|«24 45J . . 

Prices on -Feh. L **Frh. t .*6*j«a S!I. 

Merchant Investors Assurance* 

135. High Street. Croydon. 01-88891 

Cnac Dep Fd--] 1268 ] ... . | - 

ExULTr. Jan. 18_ 
Hsd. Pnn.Jaa.31_. 

97.0 ..^.. — 

966 . — 

1025 .»... — 

K03_ _ 

2 Mfl „,... — 

— Solar Life Assurance limited 

~ lOTCbcapiide. EC2V 8DU. 0t«6W7 

_ SnlarManaged S .-B2A1 1307] -0.9J - 

L_ SolarPropcsrrSr. 1541 1124 ♦23] — 

_ Solar EquiOS_ 1491 157 0 -!3| - 

__ Solar FxdlnLS—UE.B 125.1-0.8, — 

JTJ. SolarCaahS-9|a 105.0 ._.j — 

SoJarManayedP;. 123 4 . ISO5 -0 91 _ 

Solar Property P.. 106.5 1122 -21 — 

, 0 .-, Solar Equity P— 1489 1564 -lJ] - 

991,1 Solar Fxd Ini. P .. 118 7 125 8 -iJ7j _ 

SebDK Capital Fd. ..Q19 33.41 -OS 

Sebog Income Fd . (28 9 30.5] -0.3] B«9 AMEV Li 

Security Selection Ltd. Ainu h«j 

J5. LR Lincoln's Inn Fields, W(.T! »l-»IOO»3 
UnvIGUiTsl ACC-.-J23 1 2461 . ..J l.g 

UnvlGthTrtluc-13J 215 -1 34J aMEv-MfA 

Stewart Unit TsL Managers Ltd. In) 

46 CharlrfleSq.EdtnburBh. 031 2283271 

Strwarl tmericu rund Arrow la 

SWndnrd Umi-_553 9 57 31 -0 2| 175 3>U > sbnde« 

Acrum twin-Ba.l , 6J«-0rf _ SelJJk.Fd.C 

WUMraxral Unltx (44 4 473] «4J2| - S«J_M2FdS 

Stewart British Capital Fund Barclays 

$tr.\ --- 

Sns Alliance Fund Mngt. Ltd. Equity....... 

Bun Alliance Hce., llariham 04(004141 

Target Tst. Mngrs. Ud.* fajig) 

3T.GmhamSL.EC2. Dealiup fCBCSMl GUtEdeVca 

'Vci/ Bank BrBy-on-Tba.T-fff. Bert*. Tel 34384 
rTcatbleFxiance I £iC33 | 1 — 

UnobanhSccs . .j 5638 I | — 

I intltmak Sc» AcC. U23 — | — 

3.40 EqulivPi-c.Fd_Acc.pta3 214JM -6 9) — G tS Super Fd.. J IA057 | ..I - 

FlW!.P*n Arc... 1726 1817 -*-tU _ Guardian Royal Eschange 

(al ' lSfS tmj loi “ RoyalKcchanae.E.C3. Oi an7l<77 

iffSffi 3 e£ju mm = BBm-'jBBJWW** 

■« AME\- Ufa Assurance Ltd.* 

Alma HM-.AJma Rd .Reigaie RcigatcMlOL _lT“P624 17J.ll -47] Z 

OM A3TEVManaged. -026 4 133 3 ... j - Frepcrtyl__ ..054j 162.7^+0JI — 

TiT A31EV Mrd. —Q9Z-? il?-S r.l — M*:Ci*iMlCap_13U 130.M-E» - 


nited * 

.VoitorMriEtO- 1450 .... - 

Mer Inv. Man. Fd. - Mil ... — 

Ver In- Pty B4 - IM ■ ... . - 

Equity Bond —. 582 .... — 

Prop Pens. -- 147 0 ... — 

Man Pena. _ ..... - 1327 .. — 

FquityPeoA,-- 165.8 — 

Conv. Dr p. Pena.— 1364 — 

Mon MVCPeuf- 1561 — 

NEL Pensions Ltd. 

Ml lion Court, Dorkjng. Kurrey. SOU 

Nrfcx Eq.Cxp_»0 8 B4J] _ ...I — 

- Solar Cash P_198 7 104.91. ...J - 

~ Sun Alliance Fund Mgngsnt. Ltd. 

__ Stm Alliance House. Goraham OFttiKlAJ 

- Exp.Pd hiL Jan.H .|£I59 4. 165.2] -... I — 

- InL Bn. Jan 31 —. I £3025 1-...] - 

H Sun Alliance Linked Life Ins. Lid. 

- Sun Alliance House. Horshwc 048384*41 

US ■ \ 1% ^•n^/FdT.;SSi mm Z 

2161 I 3X3 AMEV Mcd.henJ'd I0a0 1053 ... . [ - 

gers Ltd. Ini AKEV »fed.Pen.-B* Mf U63 .... j - 

031158 3271 -I - 

Arrow Life Assurance 

5731-021 T7S SiH'sbndeeBiiad.WlZ C1-74A9I 

U«-oH — Sel34k.Fd.Cp.Vrt. .|U5 M il ...I — 

47 jj rfj:| _ SeJ-Mk-Pd A.Vdi_-( 977 JdlJj -.. I - 

i -. J — Cap_H3U 138.0 -2-“ — 

-0 l] — Managed Ace 1621 1696 -3M — 

- ■[ - Overnaf-[1126 11JL6 -2.ft - 

— nm Edged_p223 1281-0 4 _ 

•• - SSf&gfc hi mi = 

C1-74A9H! R5.®fe:“ps mi ::.. ^ 

1 ...I - Pec. Men Cap-g»E 2124 ... - 

f ...{ — Pen. Man. Acc-Bo.V Se> — 

M Pen. D A r C«p._. 1000 ... — 

, Pen. D.A Y Ace-1 __ 1M-0,, .... — 

015345644 pen. Gilt Fdg Cap. »27.7 1345 . - 

_ — Pen. Gift Edg. Arc..[132 7 1^5 - — 

-BJ — Ken B-S Cap-D2».9 1^8-0 . — 

-0.1 _ Pea as.Acc..-136.9 _ 143.S .... — 

- Hearts of Oak Benefit Soc ety 
” Burton Hood. London, NW1 013876020 

Z 9tfn?°Saraiiel"l5fe Asbu?: 1 ^!*.^ 

— NEATur. AdHscorabr RiLCror. 01-G884355 

— — £Prcper-V L'nll»_ .UM.4 IWtJ — _ 

— Property Senes A. 96.4 IQ LSI .... — 

. , ( — Monngedl'nlM_ 1524 I* 0 9 *2-5 — 

* 1 MnnaneriSerle* A. M.l Mil — 

Id,* Managed Sene« C . 991 VJM-vOl — 

01-823 32B8 MtmorSeno* .^-£.9 *61W . _. — 

I - I - Fi'.erfIni S*r A... J29 ,83 * £,J “ 

i Pn.«. Med Cap-IMA 15821 . — 

• _ Pns. Mgd Ace-148J 15*41. — 

+0J1 — 


Overt<-a- -1*12 b 

Gilt Edged . -R22J 

Pen.F2Cwpt.Ap... [124 J 
Pen.P I Dcp-Acc. '’*9 x 

*0 21 175 SiH'sbndeeRiiad.WlZ 
-0 H — Sel Xk. FdCpVnl.. [MJ 
*0;| _ Sel-MtFd SLl'm—1977 

SelincFd 103jj '. ’.'! - 

Barclays Life Assur. Co. Ltd. 
252R(nrJordRd.E7 01 534M 

BarriaybPOdir*_ 11161 122 . 

Equity..1064 111 

Gilt-edged-—112 5 UB. 

Property-H7J 109. 

Target Commodity. 316 
Target Financial. - S77 
Target Equity—— 353 
Target & Feb.I.. M3 
♦Do. Acc. Culls—. 2722 
Target Gilt Fund , . 1302 

Target Growth-2S.1 

Target Iml.__ 22.2 

Do 1 temv I'nita— PJI 
Target Inv _ .... 27 9 

Target FT Feh.i. 1150 0 

Dealitup (CS69MI Gilt Edgl'cQv.Acc .. 97.7 

■antup rao-fiHl Gilt Edgl'cQvAcc ..197.7 

34.« -021 431 no Initial-963 

623-13] 4 51 Money Pro Acc. ..m 4 

3*2-oj] OJO [to Initial-. WJ 101. 

0271 ...l 6.07 ’Onml null value Feh 

Yel- (1741798*3 
59 71 -all 606 
671 +83 6.06 
345 +02 3JS 
36.6 +0 2 355 

235b -0.2 3 86 
27 5 .... 3 84 

50 id -0 3 633 

57 & -01 633 

TargetPr Feh.! pS0 0 1579ol .. I 4.45 

*S 5 Sczj=#* SJ.rJjS 

Cmroe C-rwih Fd .117 9 18 -0 i] 4 18 

Target TsL Mgrs. (Scotland) (akbi 
18. Alhol Cre«cenl.b>!ln 2 03I-22Bn63:it 

Target Back _pJ 2*11 -051 142 

Targel Thirtie .... . 182 41 fl -05} 609 

Extra Income Fd . .(60 6 9.76 

Tradrs Union Unit Tst. Managers* 
loo, wnori street, E.C 2 m+osnoii 

TUUTFeb 1 -1489 S2U . I 522 

Transatlantic end Gen. Secs. Co.* 

38 0} —03 630 no IniGal -19 

212.71 ... ^07 uti 

S 3 m Beehive Life Asanr. Oo. Lid.* 
382)-02 <89 71.lombard5t.EC3. 

SStoi 223 > !<,r ’ L- B{L I 

30 m -o j 3.40 Canada Uic Assurance Co. 

NeJex Eq Accum. _p 
Mel ex Money Can. _ n 
Nelex Mon. 
N el ex i3lh Inc Aec.8 
Nelex Glh Inc Cap-h 
Next sue 

17 69.9 

i.l 683 

13 50.0 

TS 50 e 

rfsy Fed. — 

ECTUlty Fund-[9* 4 

Fixed In Irresi F4 .|uw.O 
Property Fund - iW » 
inleruauonal FS.-BJ 1 
DrposilPjgrf.... 195 3 
Manured F>:nd-196.7 

104 71+0.1 - 

3053 . - 

2032 . - 

■86 +L4 — 

3M4 +0.1 — 

101-8 +8.2 - 

New Court P rap eiiy Fund Magn. Ltd. 
51 Svll1i|R> Luc, UmiM, EC4 01-8284356 

N.CUYF.DW30../2J4I 121* .. I - 
Next suh. day March 31. 

NPI PeasionB Management LuL 

-MtGr>c«rluuch8L r EC3P3BH. 0J 823-1230 

Managed Fund-11463 152« _...J — 

Prices Feb. 1. Next dealing March L 

Norwich Union Insurance Group 
PO Bo* L Norwich NRI 3N'3- 0983 328M 

Managed Fund-W4J 2153J-1 S — 

Equity Fund_...KL9.8 S36.H-3.C] - 

Sun Life af Canads (V.&.) LUL 
2.3.4.rock«purSL,SWlY5Ba . 01-8305408 

Maple U. Grib-1 1897 [-6M — 

Maple U. Wangd. _ 134 ■ 1- — 

3Upk U F^tf_ 122.9 l . . J — 

Perenl Pa. ro .—I 198 4 |-4Z| - 

Target Life Assurance Co. Ltd. 

Tagd Souk. Gairfronre^M.^AylMbury^^ 

94 9 1X.«J'-2JJ - 

1124 1+83-2^1 — 

1026 183 7] .„n — 

Propertr Fund __ 
Fixed Lm. PdmI ^ » 

DepOail Rind- 

Nor. Jan. IS_ 

20.7 127.M .... I - 

SS3 166(J -2« - 

8 V W 1 J r 

20 iiiah St. Pwiere Bar. Kertr P Bar 31122 Pna.Gcd.fap_ 

Grth. Fd. Feb. 1 I 571 

RrtmLFerf Wbc B.. I UU 

Cannon Assurance Ltd.* 

Pna Gid. Acc.-(108 8 114 M .... |. — 

Imperial Life Ass. Co. of Canada 

Imperial Roosr. GuiIdlord. 712E5 

1 .OlympicWemhlej-H.4KINB OUBOSaffTS F«.J«K^ZT_l7D-f 5-3 .| “ 

Squire Units,-105.71 - l-USI - .' “ 

Phwalx Assurance Co. Ltd. 

King William SL.EC4P 4TO. DI-825BB75 

■AVnUh .Vi*_,..0018 10731 .1 — 

EbT.Ph.Aas.-r 78 6 . J . — 

EbT.PhJJfl-S. __.|7i.7 74 2| - 1 — 

Prop. Equity A Life Ass. Cb-tf 
118 Crsvderd Street. W1H 2A5. 01-4060837 

A Silk Prop. Bd._I 16"3 f.| — 

Do. Equity Bd.-727 I . \ — 

Da Ft Mny. Bd. PflJ 15^0 I . I - 

Property Growth Acsur. Ca Ltd.* 
l«m Hoare. Croydon, CPB ILL - 01-6000308 

- * ■ ■ 171.8 i-te - 

Man . rand lac. 
M*m. FUnd Acc 
Prop F(L Inc. 

Prop. FdL Arc. 

FVcp FdL Ir.r., 
Fixed Int FU Inc 
Dcp. Fd. Acc. Inc. 
lUsL FlOC Ac. Pen. 
Ret Plan Cjp_Pen_ 
Rnt-P! JinMan Acc. 
RrtPi snMan A^p. 
GUi Pss. Acc. 

Gill Pen Cap. 

125 4 -OJ 
1D23 +03 
762 -16 
63.0 -1» 
1153 -It 
1173 -13 
144.7 ... 


1-1 5 

Equity Gr.ita_ 

Property Gaits- 

Equity Bondi Exec.. 
Prop Bond;Exec... 

Ba|. Bd.-Eiee/UtaU. 0258 

nanagenro Denali Bond_in 4 

m+osnoil Equit] Arcum.-«5 

521/. ( 522 PropTTly AcciiJS 0173 

C r. U Mngd. Accum-1.512 

Sees. Co.V zndEquiiy - tsja 

ija = 

13.19-OU?! - 

91-00 Nra London Bd ChelnaJord D94S 3 1661 1 2nd Property- 

Bari-ictm Feb. 1_ . 74 < 
'Accum l'iuu.1... 112J 
Bwb.Eun 1 .J 311 .SU 80 1 

Burton Feb, 1-739 

I Accum I'nlUi-89 9 

Culemro jsa.27 __119 9 

(Accum. Gniui— 142 4 

CnmrW Feb. 1-51S 

1 Accum. Units)-550 

Glen jpn 31-— 510 

IAcCWL Units)..— M Z 

MATlboro Jan. 21_45 8 

■ Accum. fnlta'-517 

Van Gwih Jan.3i.. 46.7 

(Accum. Uni I.* - 569 

Van'Uy Jan. 21 -_683 

VinjTec Feb. L... 42.B 
1 Acc inn l'ni-j ) .... 433 
Wlekiu rFcb 1... .57 2 
(Accum Units’- . 67 8 
wiek Dlv Jan. 27. .. 66 3 
Do Acr um ... . .173.1 


823 . 
771 -2 
54.7 -3 
226 6 .. 
150.3 .... 
54 7 .... 
58.4 ... 
5*3 .. 

x a? 2^d Managed-733 9S.A 

E 2nd Deposit-B53 I0L« 

sfe 2nd Gilt-7J.8 9S* 

ib 2ndEfl P-nwAcc. 380 1)V 

SK 2ndPrpPcnv’Are . 999 

Iw End Med Pens.Acc 94 7 100m 

c jn 2nd t'epJ’riliAcC 95 8 101 4] 

l a Spd G>:i PeruKAct 93 1 985^ 

SS LftESIF -—363 39.gj 

O 16ESIFS.-253 27 51 

l-orreo calare Feb. L 

Capital LUe Assurance* 


92.H+86I - 
1035 - — +0 - 

fnlt Linked PortloEo 

Menaced Fuad—(94.7 99 fi.} — 

FIxp-fTIoi Fd-W5.» IBB W . . j — 

Sreure Cop. Fd_|950 lOO.W .| — 

EqDibrFund_195 0 108 01 .... | — 

Irish Life Assurance Co. Ltd. 

11, Ft nstiu ry Square. ECS. 0J-A27S233 

Bl ue Chiu Frt. 1-W? ,.7B3| -1 S3C 

Hnnr«4 Fund-BU Z22.M — 

Prop.Kod- Peb-i_.D67 2 176 S-] — 

Prop Mod Gib_Bail 190.6] ... -I — 

King St SfiaxBOn Ltd. 

52, Combi IL EC3 01-€235433 

Bond Fd Exempt-IU338 11471] .....] _ 
Near. dcalW dale Feb. 15. 
dwlSer 8d_P3G3 137(X« .. J _ 

Laugh am Life Assurance Co. Ltd. 
UuiCham Hs. Uotmhrook Dr.TxV4- 01-203SZ1I 
Langbam ’.V P3flo_it33 673) — .1 — 

9Pr5p.Bond„-P369 .— - 

Wisp (SPI MW, Fd|»« 783] ......| - 

\--ii z 

+03 — 
-0.Y — 
—0.3 — 
+ 0.1 — 
+L5 — 

I Jjo Ounirtoo Hnuae. Chape) Art vion no023ton Legal & General (Unit Assur.) Ltd. 

• • iulBhixiirtW-1 10211 ' 1 — R aettvord House. (Cn?r^twt Txd^erth. 

tAeeuro.Uniur*^-PJ7J las.A ■ • t 3 
•"inees on Jsn. »• Neri itmllna Feb a 
•Pnom Feh. 1 . Non deaUmt Frb. 15, 

National WestmJusterVUi 

Ml, Cbcapside. EC2V BEL'. 01-806 8080. 

3.80- 4 40 ' 3-06> 4.40 — 

4.25- 4.80 4^0- 4JO - — 

. Feb. 2 Week ago Month ago 
per pound per pound per pound 


Growth lav_... W4 

Income - , —- 545 

rattfplioluv. Fd._ M 2 
-Vulverul Pdltfl—146 6 

61 a -OS 
69J -03( 

BC dl 

373 -Oa 
70.7* -0 « 

M. 0 i .] 

Shortish killed side* (** 

' KKCF) . ... 

Sire foreguarters. 


English ... 

. • \Z‘ PU-PMs .. 

' rroN 

English ewe* . 

.UC-.faU -MseiglHf) . 


Broilen thickens •... 

48,0^50.0. 48.0r-4fl.5 4fi.0-4H.n 
37.0—38 0 33.0—38 0 33.0—35.0 

40.0—53.0 « 0—32.0. 50 0—54.0 
45.0—47.0 47,0—4S.0 

NEL Trust MaaBger* Ltd.* (aXg) 

MDtMOwntOorirfnfcSuTrey. 8911 

NVlM.c _ |M1 5 A0 

NelqnrRIghlPC.-ISa 5lil-ffSl 4.46 
For New C*ar* FoiuJ Manager* Ltd. 

- ser Rothschild Asset Maiwgemrnt 
Norwich Union Insurance Group fb) 

P^). Box A Norwich, NRI 3N<i M*3 SOm 
GfoupIrt-PO -.-P341 J517[-54[ S02 

Pearl Trust.Managers Ud. faXgfiK'l 

252 High Hoi born. VTClVTEB 01406 8441 

35-0-410 32.0-420 34:0-42 0 

... .:. 31.0^-35.0 30.0—S40 300-r34 0 
rhanre onre nar-120 eesrs. i Delivered 

Tjudal! Managers lAd.* 

■IR Canynse Ko«d. Brlrtnl 0272 42241 

Income Feb. I-... |95 5 inoaj 7 70 

i.\crupi finis. 169 4 17801 770 

l-bp Feb I ... 115 8 1216 ... 4 34 

lAwuRkl.idtii- 1606 168 61 ., 4.34 

Ejrmpi J^n 115-—110 2 11581 ... 7 43 

■ AcrutiL l: niLii_ 157 0 159 6 ] 7 43 

fMltynite Feh 1..... 92 8 77 U 566 

(Acoum. llutsi... .114 2 120.9 566 

Tm. Earn Feb. 1_7266 2383,.... 546 

1 ACc 11 m.lin 1 taj.-_ SO 8 263 4] 546 

Sc*,t>». Feb.1. 130 0 1»(J . 5.W 

■Accum CnKsi-1520 15961.... 509 

Seal.Inc Feb.l„. |l52.B 160 M - l*> 

LerfM Hull Gimp_ 

fanlla) Growib_W5 867s -0 4 624 

Do Accum_„.]772 821 -0 J 624 

Extra Inn Growth- W .9 Bb .... 972 

Do.Aecum-—WOO 43 l" .. 472 

Financial PTrtv „}160 J72» -0.2 4 71 

Do .V-cmu .]l95 20.9 -0.2 4.71 

Hlsii Inc. Priority—[5B.6 63 0 -0J 827 

lamdon Wall 3nt „p3.7 274 -0 2 5J2 

bpMiXSfts.-178 5 30.q .....| 500 

TSB Unit Trusts *y) 
ai.Chajitiy Wqf. Andrew. Harta. 000482188 
Dcaiinia tO-02M 83432-3 
[MTSBGtfleral—«L 6 445rf-0« 578 

■ hi Do. Acedia.-_ 52.6 563 -05 3 78 

fbi TSH Income _ 576 61,5 -DJ 7Z6 

ifai Do. Accunw-r-58 7 I2srtl2 726 

Tsaseortlcb- 71.3 75fi-01 285 

ibiDo.Accum-- 75.7 BO.if ..4 285 

Ulster Bank* (a> 

B'anse ivwl, Belfort 023235231 

■tlUlacrGrowth—PS 8 385* -CJ[ 4 n 
llnil Trust Account St MgraL Ud. 

KlKSWi]itaun9l EC+B6AJ1 P]-S31851 

./.. 3Ja Key lip-ret.Fd - 1 lM-13 ! . 

7JM Pac«mstcMcvFd-.| 10067 !- 1 — SumyKTZOBEU- 

■ V19 Charterhouse Magna Gp.f D® 4 ram 

i'jb 52 j ia.ifis«(pi | wS«u,frtTld4el'B81NE 52181 Kouliyiniii»rill.’iu 01 

1.9 52S ChrlhseEnergy--P58 36H .. - Dn.Accum.-plOS 

8 29 Ghrihjie >fouey _. 29 2 JOB . - FlxcdlciliaL_(1137 

.. 0 29 Chi1h*e. V.jnaKed 38.8 40 B ... - IX. Accum_U4 4 

Ornhar Ftjulfo^ 35.0 36 B. — Manage! Initial_[1121 

Irfa^na FH Sac . 1244 I ... - fin Accum _ [122 9 

0372 5224] Magna Managed . 1534 1 . - Property Initial... -K0 

7 70 city of Westminster As*or. Soc. LUL 011 AccuI ”. 

Im Bi ngUetd House fi. Uhnehnna Road. , Lejal A Gri!eT|L | Vi , l 

Jlf (.reSorTmillA. 0I-0MB8R4 Exempt ^ Kit. 

7 5 FirslVnit*'. - -[1160 1218 : | - ?SJ1TSL V -." Sc 

7S Pr*P*nyt:nitt_ bo 551! . | - ^ccumT". 31 

- Sumy KTZOfiBt!. 

Burgh aumh 5a456 

[mI ::::j r. 

kS:!( = 

1297] +D.4 _ 
1205] +0 4 - 

116.0 -0 5 } - 
2189[ -0J - 
wa r . . - .... I _ 

IU Icity of H'estndaster Ass. Go. Ltd- 

Exempi E-ity. l«ul .[99.5 
Do Accum. - W 8 
Exempt Fixed (ai'WJ 
Do Accum._-1976 

Leon Hoare.Croydoo.CR3 ILL" 01-6001X108 

Property Fund__ 1 " ' 

Property Fund 1 Al. 

Agricultural Fund. 

A*710. PundiAl^ 

Abbey N4 l Fond 
Ab^eyNaL Fd.tAJ. 

In vest meet Fund— 
lnvnuccnt Td. (A) 

Equity Fund. _ 

Equity rand (A) 

Money Fund _. 

Money FundiAJ 
Actuarial Fund. 

Giil-edaod Fund 

Hilt-Edged Fd. (M. 

OKeL-n* Annuity 
itemed. Aunty. 

Pro® Growth Pmrtmc A .Annul Ue» U*. 
AiiTFtber Ac. UlaDJU 13ft2 *131- — 
TAll Weather Cap.. 125^« 132.0 ID] — 

WRw.Fd.Uia.- 1383 +33 - 

rwsiDQFdU&..^. 1264 +123 — 

Got.-.-, ran*. Fd._ 1«9 +J5* — 

Oiv. Pas. rap. ML 12°^ +07] — 

Man. Pws. Fi-1412 +0 9. - 

i-’f-ri. Pons Cap. UL 1350 +0J] - 

Prop. Pena. Fd._ 191.1 +1.9 — 

PropranaC+p.ITU J30J +0 K — 

BrfmL Sot. Pen. Ut 127.2 1 -Lffl — 

Bdc Soe.Cap 1:1 .. 1181 i+C 6! - 

Provincial Life Assurance Co. Ltd. 

322, BixhnpsilMe. E Ci 01-2478533 

Pw. Manaarrf Fd..(114j uaji .... j - 

FTPV Cash Fd-1193 T 109 fi - I - 

Gili Funded.- 1123.9 rail - 

Prudential Pensions Limited* 
llolboni Bars.WTlN’aKH 01-4OSD222 

Equil.Pd. Jan. 18 ^ (£23 23 DW .]- 
FXillaLJan IB ,._(n9« 197Cj . ( - 

Prop F Jan. 1ft. _ K24 m 24 77' ...1 - 

Trandntcmssllsnal Life Ins. Co. Lid. 
2 Bream Bide*. ECOl^v. 0I-4DM487 

Tollpln-.nrt.FdL_. 13SLD 139.61..../ - 

TuUpMepsd.Fd _ 1»J lllSj . — 

Man.B«nird_ wa.6 U4S .... — 

Han.Pen Fd.Cap..hlL4 U7fi — 

Mar. Feu. Fd. Acc.. U7 0 123J|- — 

Trident Life Assurance Co. Ltd.* 

Jbrosia dc House. Gloucester (MS2 NEtil 

Manaijcd_119 7 276 0 . . j — 

Gtd Sfid._ 150.4 159.3 j — 

Properly —- -- 1453 153H | — 

FesIWAmerii'aa.. 77 8 .52 4) .. — 

:tlE S& 

1260 . . - 

1593 _ — 

153a. — 

52 q .. - 

S®aa=|ffl = 

M.incj-:._120 J 126 O . - 

I OK Ctu arterial_52 7 . — 

Fiscal-127-5 H5H - - ~ 

Growth f+p_1Z7.C 134.5) . — 

Growth Act-129.7 13734 . — 

Pens. Mngd. Cap_1128 119.4) . — 

Pi-tn V.n£d Atm.— 1158 12261 .... — 

Pen*.ClibtT> Cap. 1M.7 XU.M . — 

Pcnx.«tU>ecj\cc.. 1034 1095 _.. — 

Pcaa tVy. rap — 111 Z 117« . — 

Pens Ply. Arc . _. U42 mg ..... - 

Trd(. Bond_755_ 375]-021 — 

TrdLG.I Bond-. I WO? I- — 

'Cash value lor IlM premium. 

. — 

3324 . — 

1269 . — 

«S 2 . — 

1358 .... — 

154.5 . - 

137J . - 

119.4 . — 

1226 .... - 

106.4 . — 

1095 _ — 

117 E . — 

m«. — 

375 -021 — 

— Tradefl AssiiraBceJPenriona* 
_ 18. Canynse Road, Bristol 0T 

1 - 4 ;, ^ 

is gg«w® 

5M "'J?7A ,S?J J - Excnpl prop loti. V5* 

n SSSRSr-tt 37II. r 

8 94 Eq jltvFund..... . 54 9 - 

FamuandFuiW.. .168.8 7251 .. — 

wgBsa^—w w-ft = 

FULAFlnd..—_.]l726 176.9 . - 

a -n Fuad cnmutlv closed to new focwtueai 
Pcrforai Lni«.. j 1910 I .... I - 
4 71 Commercial Union Graup 
|^2 SL Edcn'f. I.Updorehan, EC*. 012*3 7*. 

1m Variable Aa.Ae.UbJ 5254 I | _ 

30 4 1 5 00 Variable Aa.Ac.UbJ 5254 j.| _ 

. 1 s “ DaA»flu»iyUta..n 37.46 ,'^.Ci! - 

Confederation life Insurance Co. 
srta. 088482188 a Chancer) Lane, VSC 2 A I HE 01-24303(2 

SS 3 n*H are WooilyFuDd-146.3 254«. — 

IManrtfd Fund— 1777 1879 .... 

Sl-H 52 SwooalFra/d-IBO 74 U ..._. - 

?■$ EquitrPen.Fund. U4J | .... - 

Flied lav Pw F«J 1996 1 .-... — 

mS* 02 ! IS KaB«cdPro.F« - 378 4 .. ~ 

W. 6 ( ..4 285 prppenyren.Fd. . 1248 > .... — 

•PWPf.rd lu. Pel 3614 | . _ 

021211231 Corah III Insurance Co. Ud. 

585*4 -CJ[ an 32CoruhiH.EC2 ot-CMHZO 

“ Excn pt Prop lotL. |95.« .J - 

-es “ Legal it General Prop. FdTMgn*. Ltd 

- 1L Queer. YictWU SL. EC4N 4TP 01-3489878 

-«2 - LftGrrop.Fd.Janim.7 ' MDff..f - 

. — Next Suh. Day Fob 1. 

ddflU fjfe Assur. Co, of Pennsylvania 
■'■' 1 — 3n42.VowBpadSLW170IWl. 01-1PM3W 

LAMP Units.-11853 18B51 ,-...] - 

0 ; a*37»B Lloyds Bk. Unit Tst. Mngre. LUL 

Vf-l ~ 71. Lombard St-E<.% 01-623138 

Kxen.pt_M41 inSl ._.( 741 

X _ Lloyds Life Assurance 

01-34303(2 ^l^arfenhsllSUECOMTLS. 01^230831 l - 

- ilpLSPrp Fehi.._ J225 129 8] +8 J - 

•"• ~ LWEqtvPrtJ— m.5 7 — 

~ Opt3Hy Fob 2_1593 1677]-1.0 - 

- ~ njeSMan Pi-b2U-Q41.8 1485-J 3 - 

' ~ OplSDcpl-Feh ft..|X19 5 1262J+C U - 

'! — London Indemnity & Gal. Ins-Co. Ltd. 

1* Si The Forburv. Readini 583S1L. 

Friar* Htc Fund.. |144 8 152 M .| 

Wider {Jnh-Fnd.-g9.7 nfi .„..] 

Dp.ACfmi-..]3J7 ISS] - i 

Wider Growth Fond 

Kin* William SVEC4K BAR 
Income Unlw .129 7 

Aenua. Valia_(33. J 

- * London Es;s Exchange pnee. par-120 eftg s. 
.Sr~aeiivery February 4-11. _ - 

Pelican-Units Admin. Ltd. iftKi) 
8tr«mtaiaS* .UanchestBr rai-zseNdS 
J«alica»l"iUii-J77.7 «3Jj -0.BJ 118 

on bmaigj ^«i; er r:^ *i"\~ 

i- c.l P sf^ Siilir-ffiV " . ~ Fixed Inierat-lJ4J 36.2].! - 

*M3 Sn.'t»i^Fii.4au.5"}iteO 174« "i J ~ The London & Man chapter Ajh. Gp.* 

03J3 57333 



.| ?S Credit A Commerce Insurance 

!r"i j so uo.Rcffrtisi-'LmdeBwmsn:' ot4»708i 

CAT .Mood. Fd-—) 121.8 use; ; ~ 

ijj-OMrasi Cnisoder Insurance Co. Ltd 

‘ j t*a Vlnnila Kuuau. T»w PL. EC* 0I-S3S 8033 

3JO QUlPtos Jaa.l_[66.l 729( ,_i - 

.u The Leo*. Kolhestcne. Kent 
Can Grtnrth Fund. 215 

0!4Jfl-08> *£ omp i n«Fd 131 
.- — tXsomp* Prop VA. S8. 
i . *Expi In* Tm Fi 144 

nexihk Fund.— 104 

n,^2S0a3i (n« TMrt Fund - J. 127 
—4 — Property Fund—-i' K: 

□ i 

Prudential Pensions Limited* 

IlQlhoni BJ.rj.WriN’2KH 01-4ASDC2: 

Equit.Pd.Jan. 18 ^£23 23 D95) .]- 

FxJlm-Jfln 10 .._[£»4* 147CJ . I - 

Prop F Jan. 1R— It28 03 24 77' ...\ - 

Reliance Mutual 

Tunbridge Wetfx, Krtl 0W22227I 

Rel Prop. Bd&.:... _| . i«2J l ... I — 
Royal Insurance Group 
New Kali Place. Liverpool. «12T«3! 

Royal Shiirlcf Fd. -*UQ3 138.01 .•! - 

Save & Prosper Group* 

4. G'.&.Helen's, Lada. BC3P 3EP. 01-554 8889 

Bal.fov.FU.-hl?j 124 fi . ...] — 

Propem- Fd.*._145.9 154£ .....( - 

GUI FcL -- Lm. 12U t0-2| ' 

DeposHFdt ™-1212- 127.6].. 

CompR«»naF(l*_ 195.7 2tt « ... — 

Equity Pens Fd_164J ITJfi-!.2 — 

fTop.rans.Fi*_204.4 . — 

Gill fVna. Fd. _W J +05 — 

Dcposran5.Fd.T_.l96j lOLfi +0J] — 

Friers on Manuarj la. 

I Weekly dealings. 

Schroder Life Group* 

Enterprise Hooac. Fort*n».>uth OTO2TT33 

5quityJan 31-211A 1 . — 

t'jju)lyrjoc.3L—7820 2U7._.. - 

rjQiiSty3Ja-.Br.— HO 7 116 fi . - 

FikriflpUanjn... 142 5 lSPl] - - 

Fixed Ipi.3 Jan 21 .1530 161 fi - 

lnLLTJBn31._mi U6« 

VesGlItJon 31... M78 1RJ.0 - - 

KASGuSeJanSl... lZq.3 JS 0 .fi - - 

Mn?rf,Fix/J«,Jl. 1256 112 2 ... ‘ - 

Mngd 3Juu 31... !ma 145-fi ' t - 

Money Jar, 31 .i@S 7 IM fi .• - 

Mono) 3J«n 31 .. _ 115.6 U1 7| I- 

XJcpMiiJar. 31. ... 1120 116Si .. 

rroperty Jaa 31 _ . 147 6 - - 

3-Way Jon. 30-1312 - 

Equity Jan. IB-1516 I--! — 

j&dWlfl- 260-Z i - .. - 

Froportii Jan. 19— , 4 — 

OeMwilJtn. IS— Jg-2 !. — 

3-Wa.v Fen. Jan IB KJ8 ;.( - 

Cseaxlnv Jan 19 J 610 , .. I — 

Xr.JFn 3-WFcb. 1^.] 1646 -J.2 — 

Dn Equity Frt. 1..J 244 2 !-5.c - 

no Bend»b : .j 180 0 I-42, - 

Do Prop Feb 1...1 818 • .. -1 - 

Vcnbruph Life Aaenracee 

41-43 Maddox s:.. ldn WIP.SLA. 111-409 4529 

Managed Fd ....(139 3 3«6r-6_fi — 

Equip- Fd.[214 7 226 81 - 1.6; ~ 

Imnl Fund.84.1 Bsd+pj] - 

Fixed intern F-l . 172.9 162 D]-0.3 •- 

PropcrP 1 Fd.. _'.13S6 142.3) . .. | — 

CwnFund.. 116.1 12?3t-01i -- 

Equity Fd .. 

Inin! Fund . 
Fixed inters! F-1 

226 81 -1.6; 
B8 fi +P j] 
162 fi -0.3 
142.3) ... 
lT?fi -Oli 

+0 5 — 

+oi] — 

158.0] - - - - 

112 fi ... - 

-1 - 

FnroertvJJao 31 345.4 
SSPit-vp J»n.31 - 1 
BSPa Arr Jan. 31 . 1 

■H -1 D 1 c r -'■nji. 209 2 

Ma-PuAccJ ao,3J ,..{2216 

&! i 

9 2 1M3: 

14 233 4] 

Vanbrugh Pensions Limited 

4J-43 Maddox Si. Ldn wiafiLA A54fl949C3 

Man«ed.-.|*f ® Wfi - ! — 

SquKr___ |*S 8 jC8.Pl „ lt ..! — 

Fir.ed Interest—_W5.0 IDOfi .... | — 

Property_jfe-8 IMfi ...J - 

Guaranteed see '(ns Base Rales' cable 

Welfare Insurance Co. LttLV 
The Leas, Folkestone KrtL 8303 S733S 

TiiooeymakerFd._.| 10L2 ! ..._4 — 

Foroiherlunds. please refcrtoTbeLondnafr 
MaochesU-r Group. 

Windsor Life Ass nr. Co. Lid. 

1 High Stmt. Windsor. WinisorSSl-H 

Lite In'-'. Flan* 63.4 72.* | — 

KutureArMLGtWui 19.0 .j — 

FutureArsd-Gtfcib; 47 8 ;.I — 

Ref. Aud iviu ... 127.75 < j — 

Flex. inv. Growth .. 1C6.4 112.81 . -.J — 


rriecs donri lntl-.ide5premium.cxceri “here 
indinM 4 and sro in iwicc iinjvtt rfherMt-i-e 
indieaiert Yie',rt« **■ t["?■»? in' Ufl column 
allow for all huvutc-cxvcnwi * Offered pnset 
include all epa;w> 6 Today'* prk**r 
Yield bks«d px "Her pri-t: d Estimated. 

f Today'* nfMjntnr pr.rv n L'lrinbufler lro+ 
nf f K tasw p rvrlfhlic prcsuiqn ;x'Ufac<r* 
nlxn", e Finely rn*au'j*n iMuranc*. 
x nffered p*:"i* incl+di** all expenses except 
aconl'c '•iimnutsior y Offered uncc include* 
d:1 etpecsrx »l thro-sfc manager*, 

r Previous liar's pf-ro • Sk e! U; n 
r?alise-d rspi’il Cftiu* jnie-s ‘.Qdca'.crf "r; i. 
* Guvrcsev press r FusTPaiLsd. t Y.eid 
t+.'orr ."nrac.- ‘m t Es rabd-.’isi ae 

High law 



Regiana Fw 


Motors and Cycles 

Commercial Vehicles 




♦2.79 1.2 
13.41 « 

Japan s leader in 
intemaUonal sea <r:ies ana 
mvestrrenl banking 


The Nomura Securities Co., Ltd. 

Barber Surgeon* Hall. MoTkvvri! Square. London Will, 
London EC?Ys BL Phons: (Oil 605 3AH. 6253 

195 ( 70 [ftdcon Rfc 5Dr 

Mersey DtU 

i h a 

y j; 

(10; 3? 

63 139 


J-3 Ttft 


Hi 106 
H S 31 * 

M m2 
B7i i 





a2.75130.5) L4» 2.4 


Coals Fatons 

Printing—| 44*2 


sbar Walker 



2 ‘ 
2 . 

186 13: 
♦1.12 1 
± 0 . 88 1 


50 ' 

fcGDMllntlOptlg . 

102 ' 

a I 


65 i-lj 




Pern! inc SMI 

30 i 
255 j— 
51 L~ 
205 .-. 
455 U. 

90 nl 

251 ! 1WI2.7 


Castlefiela lDp 

rianuamEWzs. !0p 



ittgo AulSks 

+0J6 - 

t«.06 l: 


YlS* are bawd on middle pHo*J’SJS^iSSSJSmleS 
U per wot and allow tor value ef declared oi«r»D«raon» ™ 
riehta. Securliies wilb ibiiomliUHlMi ether than turling 

gSi liSStadf 

4 Sterling detiondnaied secuiiuu which indafie in vestment 
dollar pro mi inn. 

* 7g£ Sd £*«■ thus have been adjusted to allow 

f-r right* isrtiM (or «»h. 

t Interim since increased or rHurnad. 
t Interim since reduced pa--*- . , 

** Tai fro* VO ron resident* on application. , 

* Figure* or report rvai'ed. ; 

r* L'nlined serunty 

emvr relates to previous dividend or forecast. 

— Free of Stamp Duty . . 

* Verger bid or rc-orgar.iMlioo »n pmt.ess. 

* SHeToCin;'"reduced final and/or red seed eernlngo 

$ Forecast* dividend. or. earnings updated by latest 

r t'ufer'a^uwftor conversion of ? hares not now ranking toe 
dividend* or ranking only for restricted d!videad 
t rover does no< allow tor shares which may rd»o rani lew 
dividend at a future dale No H E ratio usually presided. 

O Excluding a final dividend declaration. 

* Regional p rice. 

■ Tar See.' *'b'Figures based nr. pro sperms or other o*firt»l 
estimate e Cents, d Dividend WC^d orwable on Mrt 

capital: cover based on dividend on lull capiwv. 
r Redemption yield. I Flat yield l.Aniwi **£“?*"? 
vield b AiMinoi dividend and yield after *cnp IM* 
j Pavmenl from capital source*. b Kenya !F 
lhan' arerious total, n Right* issue tending q Earnings 
ba**d ? on preliminary llcucus. r^ Australian 

v Dividend and yield exclude a special P a >' n ?*T! 1 ^, 1 l , ad v c ?*^ 
rtiSdc nd. cov er relates to previous 

on latest annual camiogs - ^v^^uD^'^in the £ 

" ."pi." *«i.] w™™. 

Of U K. aerospace subsidiaries. E -liiM-cstor 

and vield based on prospectus cr oUht olticial estlmaWi tor 
forr.'TB. C Assumed dividend and jieid after poiidlngsenp 
and/or rights issue H Dividend and; Jjejd bavrd™ 
prospectus or other official estimator for 1B78-... B 

Mud pn w otlior rijiaalc^iwati# tor 1? 

M Dividend and vield based w. prespevtus or «her offimal 
”, imi K Dividend and Meld based on prowecWi 
, wlShl?official e»limail's for W Mj} i*j* 

1 based rvr. pri>«pectus or other offlela. es.imavcs lor iry- 
o“ ™*“t nmirea .ii*umed. V No significant ro rporel ion 
Tas pavable. Z Dividend total to date. » 

li^.oc Treasury ElU Rale slays unchanged unul manirt^ 
nf sioch- 

Abbrerialieos- ev .±imdend: = e* scrip issue;r «a rights: a« 

all; tf ex L-apitxl dijtnbuiioo. 

2 Recent Issues " aad “ Rights" Page 28 

This service is aval table fo every Company *olt in on 
Stock Exchanges throughout the United KinSoom lor a 
fee of £480 per annum for each security 


The following is a selection of London qoowUonsofBbareo 

g j are as quoted on the Irish eachange. 

14 Albenylnr.20p| 23 | I Sheff. Befr?birt.| 50 }-j 

74 Ash Spinning ~ 45 I I Shiloh Sninn —I J? -1 

i n 17 k-l Sindflll iWm.)—| to l-1 

34 I Albany Inr.SOp 23 . 

7.4 1 Ash Spinning _. 45 ..... 

fj) | Benam——. -■ 17 -v 

Bdg'wir. &sl- MP 278 -5 
Clorer CfOft J? ■—■ 

CmiK*R«eCl ^ . 

Dyscn 'R-A.'.; •• f* 
Rllis&McHdy. M .... 
Evans FrfclOp. »nl .„ 

Evered...- £ ••• 

Fife Forge... . 47 .... 

— Fir-liO Pkg 5p- 20>i .... 

7.o Grn.cShiD €L. 7* " 

28 HirfvonsBrcu... ,g •••• 
37 1.0 M Sim. £5 .. U7d ‘2 
1.7 Hn!l*Jos 1 2ap 245 . .. 

B7 N thn. Gc’tbmith bo .... 

FearceiC. H.i. . 133 .... 

I-re I Mills .. 17 -■ 

She (field Brief; I 47 .... 

Sheff. Befrfhirt.| 
Shiloh Spinn ._ 
Sindall iWtn.)—[ 

Cone. 9% ’B0'62. LYPt . 

Alliance Gas— 70 ...... 

Amon—-- 325 ..... 

Carroll iFJ.)—. W5 -5 

Cliinrialkin—— JE5 . 

Concrete Prods.. lt| --i- 
Hciton i Hides.; 52 +1 

Ins Curp- 1« . 

Irlih Ropes—- 1*0 . 

Jacob _ “ •!•■ 

Sunbeam- 27 +i 

T.M ft- -■ 

* Unidare-—— 70 — 


Grand lie 





P.ioT. Zinc 


keep things rolling 

, FAG' Bearing Co.Ltd. 
Wolv(yliafnpton. Tel 09077 4114 


Friday February 3 1978 

Many top managers Inland Revenue 

‘demoralised’ calIs for 

BY NICHOLAS LESLIE tax computers 

TOP managers have became them.'* should a Iso be considered. directors yesterday interpreted gv lynton Mri aim imrustrial staff 

demoralised and many would The survey, by Opinion to mean that the managers cod- 

t 1 aki “ 8 a i ol> abroad ir Research Centre, follows a siuii- ce J n ** Probably^ of an age THE long-delayed compulerisa- years were worked than in the' 
the opportunity arose. This was j ai . one C0V enng a broader spec- */ ,er ® Usey fe ^ ll too ^ ale t0 * fl ke tion of the income tas system is previous year, 

ft f tt rve,v P ub * tnim of managemenL the find* tticstcp. an ‘' essent ] a j preliminary" to PAYE could not cope with, for 

1 sned yesterday into the motiva- j n g S of.which were published at The survey found that senior radical changes in tax structures example. taxing short-term 
1 °conir.}° ill? the beginning or last year. This managers were reluctant to move a nd the way taxes are collected, social security benefits as pro- 

I" ma «? time, only top management earn- within the U.Iv. to promotion— says the inland Revenue in its posed by some politicians, or 
corned thesurrevevidence'of ‘"8 over 02.000 a year gross and some even refusing offers of annual report, published yester- implementing tax changes in tbe ! 
fhe -SerS ^tffht nf tin selected la r 8 e companies in OMO more a year. day. secod half of a financial year. 

mina*u»r«s T v, P v it The Times 1.000 list, were In- They believed they were dis- The present “ manually Computers could bring various 

would° at least influence the c,uded - criminated against by the operated” PAYE system was proposals for the reform of the 

Chancellor to cut direct taxation Seventy-two per cent- said they Government and strongly dis- tested to to “operational limit" tax system one step nearer, 

in the Budget. would consider working abroad, ,lked the P™P 0 sed wealth tax. last year, and would break down PAYE was very labour-inten- 

Mr. Jim Prior. Tnrv Emplov. more than the 5” per cent of the surcharge on investment and if overloaded. It simply cannot sive and expensive to Revenue 
ment spokesman, said' a useful larger sample who made a simi- t j a P ,ta ' transfer tax. cope with some problems, the and employers, but cheap to the 

first step to improving the lar response in the last survey. \ rc Kr l . s 5 y5 * nf __ H , 0l nohi ta 5P ayer * ... 

managers' lot would be “tax However, only 27 per cent, said ?/. TBritish Management, It is not entirely 1*S“£ Computerisation would reverse, 
reductions.” but the general level they would look for a job over- 9j”!£^2? rc J I he L a , r i l ^, d 5° c °!™P a f e tdls ' helping the Revenue and 

of State intervention in their seas within the next three years. ■ ielhtck Street London, W.l. system to a vintage Rolls-Royce the employers, but placing more 
lives "and attitudes towards a response which some company Details Page 13 which tne Revenue laboriously work on the employee if. for 

if not lovingly maintain*, which example. a self-assessment I 

__ the employer is required to drive system, made possible by intro- 

~~ ■— - at his own cost, and in which the duction of computers, were in-' 

taxpayer rides in reasonable s tituted. 

TT> 1 a 1 j • i 1*0 comfort and for free, or at any Self-assessment is seen by the 

Budget plan to provide relief s™’ 8 ™ iorraost,jf as? -a‘ sjsrsst 

A- Mr Computerisation of the audit only a few cases, with a 

_ income-tax system was first pro* subsequent cut In the work load. 

/Vm I/\TTAnliovt/\it/\lrlvM/vr( posed by the Inland Revenue in The report points to the U.S., 

Oil GITlOlOVfiC Snarenoimn^ earl >' 1960s - *»* onl > one where, with only one annual, 

VUl|ylVJ \s\/ tjlHIl VllUiUtllgO PAYE office, at East Kilbride, contact between employer and 

Scotland, was computerised. tax office, it costs £1 to collect 
A working party said last year nOO or tax, compared with £2 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR that no more large computerised 1 q Britain. 

centres should be built because Tbe report envisages auto- 
THE LIBERAL Party yesterday ment of an idea which has never pale imitation of year-old Tory of high cost- matic and substantial penalties 

achieved its most significant been part of Labour Party policy plans. the Liberal Party’s ‘®” er “ a 3 ,s report # said that to make taxpayers complete 
impact on Government policy as and has never been actively enthusiasm was evident from the the ‘' eveD l J ie . vigorously income returns and pay tax. 
a result of the Lib-Lab pact called for by leaders of either ebullience of Mr John Pardoe. P ressin 8 ahead with planning No one could count on having 
when the Government published side of industry brought mixed ivhir* th*. rnvornmont ,.nn an alternative ru *ly automated the correct liability deducted 
proposals for tax concessions on reactions from the CBI and TUC. ,« nrpri u^if a etatp m »»nr si ? le 2 based on exist- f rom his pay in a year. Such 

employee share ownership The CBI. whose unemployment “ the cSmEu by Mr Joel cases would be the exception, 

schemes which it said would be policy committee recently de- Barnett. Chief Secretary to the S'' lt mlsht be ope a " n ®L tIie ru,e „ . . , 

included in the next Finance tided that it did not regard the Treasurv which confirmed that tJona ^ The report shows that lm. 

Bill. issue as being of primary im- t he measures would be in the The need was t0 eliminate fewer,people paid income tax in 

The proposals were issued by poriance to employee participa- Finance Bill. Mr. Pardoe declared iaborious and costly elements in 1977-78 than in the previous 
the Inland Revenue and covered tion. pointed out ihat its Budget that "profit sharing is certainly th* present system. In 1977 year. .... _ . . 

three alternative methods of roproenta lions last year broadly a most subversive concept—and Inland Revenue staff worked t20th Report oj uie ooardoj 
encouraging—but not enforcing backed tax incentives for era- subversive as much to hide- 2 - 5ra - hours of overtime to cope Inland Revenue. Command /095 
—the share ownership form of ployce share ownership schemes, bound capitalism as to tradi* wi J& changes. In the 197fi- SO £1.10. 

profit sharing. It said ‘t therefore welcomed tional socialism.” 1877 tax year 2.750 more man- Home workers’ dispute Page 8 

The one designed by the Len 1 Mufrav eneral Liberals have backed tbe idea 

Liberal Party, and the most se ? rPta f^' o^ the TUC *whn«e ? or than 50 years and it - 

a, Tn'r r&J* Efjr iwa s 

:x£kz P ;h‘id ^ Spcurifv markpfs 

ing share allocations of up to « P expected in the Budget as □CtUiliy illitj. 

£500 a year for five years or „ thl> mnve pnn evidence or the constructive •/ 

more. H . e . al5 “ sa J d the move con- impact of their pact with the j 

trusted ** unfavourably with Government 1 1 

A second, proposed by the the lack of progress on the However. Mr. Pardoe admitted Dllfh fllOVI CAAV1 

£v\h d p R S Bullock Report’s worker-director ^ it e would be possible for vlliU Uldll iSUUll 

by the Liberals if-the Govern- ideas. anv f utur e wace legislation to ~ Mr 

ment wants to put two options Nevertheless it is clear that, re( ( UL . e tbe effect of Finance Bill 

'h ic rr«" C m.? U LJii b iS d «. 0 ! hecaiise of the unions^interest in provisi0 ns by freezing any new BY MARGARET REID 
shares being made available ai a keeping the Labour Government schemes as part or pav restraint 

SLT'lrS IKSXlLrThJ L n 1 P0 Tif r - l re „S™ P l r * d T1 5 even though he said that profit PROPOSALS for - the long- possible, City scandal* in the 

capital £3ins tax an\anta 9 G. The belp the Lib-Lab paci by not charing u*uc a M vsrv sdf pvn^rrpd hgw* vntiicifarv siinpr- future 1 

huvfn-'^hpir ilwn'shares ? l0 “ ntins any si 8 nifican t opposi- financing form of productivity visory body to oversee Britain's Methods of financing the new 

. 5 I» nniulrii __ c ir deal.” securities markets are to be put body, which, including the suc- 

L minrt S * ” political A1 though (JffRy Hjc Details Page fi- Editorial before the City associations, cessor of the Take-over Panel, 

support. Shadow Chancellor, complained vnaiis rage d, MiwriRi rpnre«»nrinr rh* clock marbcl niav un In FJm , TMr 

This acceptance by the Govern that the proposals were only a Comment Feature Page 16 h!nk/ Pn^tsio roSrtnn. tSi ™ E.ShS. ' 



Budget plan to provide relief 
on employee shareholdings 


Security markets 
curb plan soon 

The EiarosterEng .. bond 
market, winch before Christmas 
seemed to be in danger of being 
snuffed out at an early stage, 
is now crackling merrily back 
into life. The European Invest¬ 
ment Bank and Rowntree Mack¬ 
intosh started things moving a 
fortnight ago, and tins week has 
seen first Sears and now IN A, 
the U.S. insurance ; giant, 
coming in for money. Together 
these issues add up to £78aL, 
and more are expected In the 
next day or so. 

IN A. which is raising £20m., 
plans to use She money to in¬ 
crease Its underwriting capacity 
in the UJEC 

Currency expectations have 
played a big part in tins 
revival. There is virtually, no 
new issue activity In tbe ■ Euro¬ 
dollar market at present, and 
on Che other side of-the.: coin 
Deutschemark issues are mov¬ 
ing ahead strongly. Meanwhile 
the secondary market , in last 
November’s Eurosterling issues, 
which was initially very weak, 
has been recovering gradually. 

It is still fragile, however, 
and could certainly be knocked 
sideways if there were to be a- 
repeat of fast November’s 
sudden flood of issues. At chat 
time six borrowers raised 
£120m. in the space- of .a few 
days. Although bp formal 
queue has subsequently been 
organised by the. Bank of. 
England, issuing bouses claim 
hopefully that titer liaison 
work has improved. Whether 
this co-operation would con¬ 
tinue if there were to be any : 
sign of a stampede for sterling, 
issues is another matter. 

Index fell 9.3 to 460.5 

Profit sharing 


buying their own shares and is tion. dPa l •• 

likely to gather little political Although Sir Geoffrey Howe. ‘ 
support. Shadow Chancellor, complained 

This acceptance by the Govern that the proposals were only a Coi 

U.K. reserves rise 
to $20.87bn. 


THE U.K.'s official reserves 
rose by 8311m. i£159m.) Iasi 
month lo $20.87hn. (£l0.6Qbn-l- 
The underlying increase re¬ 
mained at the same modest 
level as in the previous two 
months, after last October’s 
decision to allow sterling to 

Tbr end-January reserves 
figures may be the last lor a 
few months to show a rise In 
the gross total. This is because 
any underlying inflow may he 
offsel hy outflows associated 
with the programme of large 
scale early repayment ot 
official debt. 

Last mouth, there was still 
a small rise in public sector 
borrowings from overseas. A 
S'irtm. prepayment hy (he 
.South of Scotland Electricity 
Board was offset by new loans 
or 5*j:tm„ mainly from the 
European investment Bank. 

This left an underlying 
Inflow or ?238ra. in January, 
compared with S257m. and 
$lS.1m. in the previous two 
months. This was well down on 
an increase of S3bn. in Octo¬ 
ber, when the pound was being 
held down in Face of large 
inflows. The recent rises io Vhe 

reserves broadly correspond in 
size with the level of the 
current account surplus- 

The Government has decided 
to take advantage of the 


for tour 
of West 

By Roger Matthews 

ro.T.nM.HnJ’ ..tvnni.rola Details Pace 6* Editorial before the City associations, cessor of the Take-over Panel. 

“T wp m 2v Comnient PVahirePaAC 16 ^presenting the stock market, may cost up to £]m.-£;m. a year, 

that the proposals were only a t r eatu afi banks, investing institutions and may need further discussion. 

others, in the next few days. One idea being discussed is 

-—- The basic" structure which the that there might be a contribu- 

organisations are to be asked tion from the Bank of England. 
• -jrw • l j to consider will consist of a which pays a substantial part of 

■TTAC< 1*1 t rp^iiflf*nr new Council for the Securities the panel’s cost, 

y JL lijC * ViJluviii industry, with two operational Another thought is that an 

^ , - arms. element of the existing Govern- 

XQrI<]f InOT/OC 0ne of thera is envisaged as men t duty oo security transac- 

kJalldl lC4YCd a body to frame rules of conduct tion* might be put aside to meet 

111 not only for take-overs but for a part 0 f t h e PO sts of the new 

n . a wider range of activities In bodv 

> «• tor tour iSSSfSis 6 .assess t K 

:=~vvs.« of West FSHSSSs 

in the reserves in the past Panel-the present referee of ™ h^hwded iff V35SS 

year to repay early same of the By Roger Matthews bid affaire-writ large. u P?nel - a successful vemure 

S20hn. due by 1984. , rA . Rn _. 0 A public announcement on the - ® * s^reisiob sSS 

Early - ropayraems totalling > CAIRO. Feb. new - council, designed to re- SJSItSn Lord 

si.6bn. are in the pipeline, PRESIDENT ANWAR Sadat left inforce the self-regulation of the »“ ® r eaiioni m 
including 51 bn. in ihe Inter- Oiro to-day on a 13-day, eight- City and business, could be ex- f nor ^?™ e J.i-maHves appear 

national Monetary Fund. A nation tour to the U.S. and pected from the Governor of the a t0 k- chairman 

SaflOm. Electricity Council loan Western Europe which officials Bank of England. Mr. Gordon . j. re « re . 

is likely to be repaid this here see as the start of a new Richardson, by the end of March. JJJ • ge started with 

month. and probably critical phase in A point, of interest in. the J 1 'gunner chairaanrperiwps a 

Total repayments this year the search" for peace in the proposals is that they envisage . , g 

are tikely to he more than Middle East. the accountmjcy bodies involved £ finaJ decision or an 

S3hn sjightly more than the The trip coincides wtth the sura- in T L h _ e iSSISS bihind the new announcement on the council 
expected current account sur- rait meeting in Algiers of Cio- , n receStW project is made, the City will 
P f SliESt WhiCb °^° Se PresideJlt “een dUcussed h between Mr doubtless want to make sure that 

is seewSi new manl nm m?t^- '*«*«'*- Richardson Tod Mr Edmund it is acceptable to the Govern- 

inn until ' late 1980s To Mr - Sadal stopped off in Dell, the Trade Secretary, as ment. within which some 

Ihr burden ofreim” Morocco to-night to see King part of a continuing process of Ministers would probably prefer 
mJm beyond Se peak daof Hassan - Hc wili then concen- consultation, has largely been a a regulatory body with legal 
mem beyond the peak dales or his attenlI0n on th0 se desire to prevent, as far as teeth. 

Thu recorve fie.irec countries — mainly the United 

that almost the demand b? ab ‘ C W -—- 

ror Sterling at the start of tbe influence Israel. 

month was reflected in a rise His talks with President Carter a • ^11 

In the rate—which jumped 7i come two and a-half weeks after >% TQ 1 C TUSI'V' 

cents lo a peak or 81.9930 in the abrupt ending of the direct / % 11 VAJ l«4lrJLI\.»3 liiil J 

two days political negotiations between v 

There is a great need to find 
new ways of encouraging savers 
to come back into the company 
securities markets. So It is a 
pity that effort is diverted Into 
the- kind of profit sharing 
schemes for employees pro¬ 
posed in yesterday’s discussion 
paper from the Inland Revenue: 
The provision of tax reliefs for 
this kind of share purchase 
scheme is just another recipe 
for restrictive investment which 
—added to those tax conces¬ 
sions already available For 
house ownership, pension 
schemes and life assurance— 
would raise yet another obstacle 
to the free working of the capi¬ 
tal markets. 

At the practical level there 
are no real clues as to what 
type of schemes are likely to be 
favoured. Most existing profit- 

sharing schemas rely on the 
creation of new shares in/the 
company, naturally . involving 
some dilution of existing share¬ 
holders’ interests. . A few rely 
on the purchase .of shares 
already in issue, which has-the 
effect of supporting' tbe share 
price. What is not clear is how 
any type of scheme could suc¬ 
cessfully be applied to unlisted 
companies; while (tf 'course all 
of those employed outside the 
corporate sector would inevit¬ 
ably be completely excluded. 

Share incentive schemes are 
fine when those individuals 
benefiting piay~ a-significant role 
in tbe overall development of 
the company. Schemes which 
leave the fortunes of the aver¬ 
age - employee' dependent on 
whether someone else happens 
to be running the company well 
or badly have little to be said 
for them. They might even 
intensify workers’ alienation in 
an ailing company. 

Allied Textile 

In the early 1970s Allied 
Textile cut back heavily on its 
low margin, high volume busi¬ 
ness with the UJv. menswear 
trade—and the benefite are still 
showing up its profits. Its pre-tax 
total for tiie year to September 
is up from £2.2m. to just .over 
£3m. before a once off-payment 
to the pension fund—and the 
main feature Is the continuing 
growth in high margin export 

These ...increased from .a 
quarter to a third of group sales 
last year, and they could rise 
to half the total this year, push¬ 
ing-overall turnover up from 
£3Lnu to nearly £40m. A high- 
proportion of customers are in 
bird currency countries, so tile 
strength of. sterling is not- a 
problem, and overseas sales of. 

bulk worsteds for unifornl 
beginning : to rival its bn, 
in premium grades.. The. i 
are supported by a stron 
ance sheet, and.yield' 
cent- atl36p. 

NEB/AUied r; ‘ 

Suggestions from son] 
those concerned with thef 
for Allied Investments^ by ^ 
sortium headed hy the Wa 
Enterprise Board that o-" 
shareholders shoidd' -co. ' 
laying / with the -- edi 
appear to have been, drt -• 
Tbe original argument wa - 
some shareholders - 

worth while to paa up ti 
.cash terms in order to-.p 
pate in the further advei 
of this high risk, high.. ! 

The .offer has"' beieo 
structed so as to become i 
ditionalrat only a 51 per 
acceptance teyel,. apparen 
avoid any impression that 
were being-twisted, and tb 
three . institutions invb! - 
Orion Bank, Commercial: 
and. London Trust—hi; 
opportunity; to stay in • 
would .hot have been avr 
to others if - the normal l ; 
cent acceptance conditio 
been insisted - upon. But. 
offer document which apj’ 

: last.week-end shareholder^-, 
recommended to accept, T ; 
Board, and were told to-V""* 
professional advisers befc. . 
elding to. retain holdings. 

Moreover it emerged th 
institutions had negotiate 
options, which could, n 
tbe NEB to buy their ska' 
United MeffeLcal Enterprisi 
new top company, on a fa 
basis in between two-and 
years’ time. The appare.. 
planetion is that the Ji 
lions do not like.belng^ l.i l 
lirto a minority poswtiira^-s 

One reason for the barr 
of ppdiuon in favour of i 
apee is the Tznexpedtedlj... 
profits performance, w. . 
mwii loss recorded in IS". 
months to October (there - 
forecast for the full 
Moreover , there has b# 
attempt', to . indicate tilt 
sibtie profits to be earner 
the much trumpeted Sau< 
pltals contract: remunerat 
some £3LnL over 34 year,:, 
not allow for “related 1 1”^ 
Shareholders may be an*-?' 
at- tius omission; a wider 
wiH hope tbar oomanercial '• 
ence, rather than ignorai - 
the reason for the 
reticence: - 


two days political negotiations between 

After sharp oscillations in Egypt and Israel, 
the rate in early January. As Mr. Sadat feels stirongjy 
including a I* rent gap that he caonot offer anything 
between high and low point on raore t0 Israel, in Egypt's view 
ihe day 0 f the anuauncemeni thg next m0VC| if i s i 0 tie [ 

°l s » ap ar T a i!f emc[I,s ..f 0 I : one ’ has to come from Jerusalem. 

the dollar, sterling settled 

down In a narrower range. T , 

Bnt tbe trade-weighted l?idcx I LCCtUfC TOW* 

Airco talks may 
bring rival bid 


MANY CENTRAL. Eastern and 
Northern areas of England will 
be bright with Isolated showers. 
Wales and Western and Southern 
areas of England will be cloudy 
with outbreaks of rain. 

London,' E. Anglia, E. Midlands, 
East, Northern, N.W. 

Fog patches and frost early. 
Bright intervals, showers. Wind, 
variable, light Max.’6C (43F). 
S.E_ Central Southern, W. 
Midlands. N. Wales 
Cloudy, rain later. Wind 
westerly, light or moderate. Max. 
7C I45F). 

Channel Islands. S.W« S. Wales 
Cloudy, occasional rain. Wind 
S.W. moderate or fresh. Max. 
9C (48F). 


Showers locally, heavy and 
snow over hills. Wind S-W. 
moderate. Max. 3C to 5C (37F to 

Week-end outlook: Mostly 
rather cold with rain in places 
and snow chiefly over high 
ground, local fog and frost. 
Becoming milder in the South 




NEW YORK. Feb. 2. 


r ffl c!rtw n |! Ar the end of the meeting, so heavily stacked against it 

current account surplus, Bot tbe trade-weighted index ILfBCture lOUt THE U.S. associate of BOC Inter and said it intended to fight the 

The Government has decided has been rising in the last 10 j This js certain tn occupv most | national. -Airco. is already en- suit 
to take advantage or tne na.^. of the conversations between the!gaged in talks with companies Speculation about the prospects 

two presidents at Camp David I *iu C b ma y be prepared to mount of Airco finding a “white knight” 

---- this week-end. j, rival .akeover offer to the pto- 

, „ Mr. Moehe Dayan, the Israeli! p0 sal BOC put lo the AIRCO joecoIau S 

Continued from Page 1 ^ . 

■w 11 “ opinion—has hurriedly arranged! This emerged in a formal view is that BOCs posi- 

.1 OlllPSiS warning a coasi-to-coa^ lecture tour start- 'Statement following a three and tion could be close to impreg- 

** ^ *** ing next Wedcsday, ihe day that a half hour Airco Board meeting nable unless Airco can get BOCs 

, . u . . Mr. Sadal leaves the country. , at rhe company’s MontvaJc. New purchase of the 2.8m. share 

But he gave a warning that “we basis of existing industrial per-; n r nlm „„ tc h _ r _ rin _ n . PYn __. Jersey headquarters. Tbe meet- rescinded, partly because a com- 
dr. not live in a world where a form a nee. i 11 j ■„ h 0 anv thinl i°S was attended by BOCs three pany of the size needed to take- 

unilateral imposition of import On the shorl-term prospects, ^hinh u-nl representatives on the Airco over Airco will not want to get 

controls would work and if rhe Mr. Cassell would not be drawn Board. ‘ involved in a battle with odds, 

whole world does it the U.K. wili on any changes o the Treasury ?f r n p 1 i n ™ at Ar th* end of the meeting. 30 heavily stacked against it 

net'exporters - a * nce We are bU “ fowT^B^Iililu^mlghr be likely to advise patience and Airco announced that, the com- ! 

iiJmses' “.rtSssr'Jirsfsss 0- * row "’ rale 'ss a*. Not b«b - 

MTMp 'SL3SA r --ST L3S« 'X 3S KST. 

Sv Sn* he »S “, r n "!clp'l« .. govern fut”"re ne/otiv Airrn „ W objective w3S to offer for A.rc oWch value, tbe 

SbSWVim?* con«ts. ’consumption ^‘Tnievt-i - i«"» to return the oharee 

would take a while lo wet hack ment rising. Bm export growth All three parties tn the Airco shareholdeis so they R earn mss 

tn past trend rate of inefease had "flattened off a hi?- recently[salem political talks have veered e?^]d sell them to an> rival Aireos, si?.e and recent earnings 

However, on this assumption and the growth of manufactured sharply away from a loosely i,lddl?r ai 2 l ' ijT: . , , 

and a' projected V per cent, imports'was “disturbing." .defined set of principles because a .f 1 ha ^ whlch B0C ha<i saId 11 s ’ r Leslie Smith, BOC chair- 

annual growth in output, there. Taken togelhcr. he thought the, 11 F the level of distrust between ttlU oRer - man, said that the company was 

should he a fall in unemplov- underlying improvement in:Egypt and Israel. There is now The Airco statement under- completely confluent Uiat in is 

mcnf 'after a time lag. Mr. demand- should he reflected I a desire fora tight definition of lined the widening rift between repent tender for Usm. Airco 

Cassell gave another warning before long in output although i principles which will necessarily the two companies. BOC res- shares ti had fully compiled with 

that the decline wnuM not he’wheBier this would he sufficient 1 delay the process still further ponded by saying that it ;bad applicable laws. He added that 

rapid and it would nnt he enough to reach the 3i per cent, growth' and perhaps make it impossible bought 1.8m. shares — In no circumstances would BOC 

to reduce Uj* total firm*- J.4m.l rate would have to bp looked at j to conclude. I which increased Its stake w Airco sell its 49 per cent stake, or any. 

to less than lm. in 1982 on the carefully in the forecasts. < Saudis, Egypt agree. Page 4 from 34 per cent to 43 per cent part of H. j 


1 Arhpns 
Bclfaa ' 
B. .Vires 
CTO ntiagn. 
Lisbon . 

Y*d«- | 


*C *Pi 

C t 341 

S W S3! 
S 22 W : 
C 15 35 
S a 411 
F 8 M 
C 3 31 
R B « 
C -7 451 
C 3 37! 
C 3 ST 
S 25 77 
C 8 48 
S » W 
R 3 37 
C 2 38 
S fl 43 
R « 37 
a i 37 

C 8 43 

so—6 n 

C 14 57 
R 6 43 







Monlcb - 


New Toilc' 




Pra*ue - 


Rio do J’o. 








•C *F 
R 3 37 
C 12 34 
C B 43 
F 23 74 
C 1 34 
S—11 .12 
a i 3« 
R . ..S 37 
C 28 -4 
So—1 38 
C .7 45 
F 30 M 
Sn 0 32 
S —I 38 
S. 30 Sti 
C 12 o4 
S 38 84 
Sd 0 32 
C 8 43 
C 24 75 
C -8 17 
C 8 32 

Portugal today offers British exporters 
many opportunities for exploiting your * ■» 
ski I Is arid drive^asweliasyoQrconsiderabl 
price advantage.Thefebric weaving 
industry is one. ' • 


AJacdo C li K I in an ha! 

Algiers F W 64 Jmw 

Rluniz C 10 SO Jo'bmi. 

BtackpooL. C. fi. -<5 PI raj 
Bordeaux F 18 » Locarno 

fioniocaf . R * . *» Majorca 

iTanr Town C 2S 72 Mala a? 

C;u41dca. F 16 81 Mall a 

Corfu C 11 ' 52.Naples 

Dubrovnik C 7 45 Nice 




S 18 81 0uario 
S S ' 48 Rhodes 
C. io 61 Salyiburg 

Gibraltar* S li ffl Tanjnor 

Guernsey S 8 48 Tenerife 

Hons Kong C IS 9 Tunis 

Innsbruck V 1 34 Valencia 

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