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' No. 27,478 


GL/^SCwV--V£*,.DtfiV -'&Y^£ t&M : TXES- :'.' ’■ 
attHttigj--15^;•• •- 


Monday February 6 1978 ** isp 


«r 


King & Co. %#/ 

Industrial and 
Commercial Property 
Tel: 01-236 3000 Teles: 885485 


TMAna* Set!5; BELGIUM FrJ5; DENMARK KrJ.Ss FRANCE FrJ.O: GERMANY DM2.0; ITALY L5M; NETHERUNDS Fl.2.0: NORWAY Kr.3.5 : PORTUGAL Em. 2D; SPAIN P»«.40; SWEDEN KrJJSj SWITZERLAND Fr.2,0s EIRE 15p 


NEWS SUMMARY 




£25 it 
£££ s?5 

&>-' 

5CbniLa l anal 

3r of Char?^ 
? strongly 

this 2 

V of taokj*. 

?t sees confix 

"*£. phase stre£ 
“®*» 400 oVS 
Jt trtlle V. 

$rt*d movie* 

r. as pioned 





Pay sanctions 
will face severe 
tests this week 


Company 

report 

reforms 

attacked 


Carter and 
Sadat talks 
continue 


BY RAY DAFTER AND PHILIP RAWSTORNE 


The Government’s sanctions policy for enforcing pay restraint will be severely | un^aiisLic^^birden 1 
tested within industry, the Commons and the courts this week. j panics, the Confe 


JLXJrjL JtA • . CONSCMEB spendmj; is 

isfco^DgW'improvenienT at last. 
Somalia, and ’Ethiopia reported Stores . anfi- consumer services 


is tto majic- 1 . 

rpretations. 

? add up to 2 ? 


of the,. fiihUfl* Si gnifi ed. .ihi: f ? r to ™ « n, . l l cos , ts on the me 

beginning of the. much-heralded ^ckP^e in Whiteh 

Ethiopian counteroffensive • • a0Dl ti lx per cent., cacs ra o^ -- 


Vs'XSU AkJ Y V VVi» B, John Brennan BY 1 UREK MABT,N ' Ui EDITOR WASH1SRTOS . Fpb . 5 . 

DV o a v nACTCD .tun duii ID dau/ctadmc: GOVERNMENT proposals to PRESIDENT CARTER continued at Camp David, has probably 

D T w/tr itn r'Piiuir’ nAWo i woixc. increase the range and detail of; his search to-day for the risht areueri that E^ypi. ioo. must 

information published in annual | compromise formula to enable give at I*?:nT some ground. 

The Government’s sanctions policy for enforcing pay restraint will be severely i com-! ?™iid “d'urfng'hiT«™n!i‘d» l ? quwiff 1 of'“p'aSimin' a™£ 

tested within industry, the Commons and the courts this week. I pantos, the Confederation of of consultation With President self-determination. Mr. . Carter 

Tu ,„ i. , , . . . , . . , , .. . . . ! British Industry claimed to-day. I Sadat of Egypt. advocates that both Israel and 

„,J"° mi, 3° r week-end develop- have r ranted their attack on the discussed with the Department. Thp saJs - wmiId sen . e ; No hard news has so far leaked Egypt accept, as a basis from 

entwere. § . misuse of the Governments oF Em ploy men t. and the partner*: cun f use ra ther than enlighten out from the negotiations, being which to negotiate, compromise 

j The John Lewis Partnership, discretionary powers in the ship was left with the "clear, t ^ 0Se t0 ' w horn reports’ are conducted in conditions of un- language in Ihe Aswan Declara- 
the latest company found hope of stirring a revolt among impression that no action L,^ led ■■ M usual secreev at the Presidential lion ..f January 4. issued after 

!? w“. thc rSl ,ver,, ^ ,f,,1 f La,,0Ur Ministers would betaken. Mr. Lewissaid. i„ evidence to the Department retreat „f Camp David in the Ihe matins between the U.S. 

secret blacklist, of those alleged were confident last night of »m- ■jphn which was not ^ i. ra( j e rBi dismisses 35 snow bound Man land mountains and Egyptian leaders, 

to be m broach of the pay guide- nine the vole. t0 ! d , ^ ,L ' ia . ll > 11 f <- he htack lsung. unneccss4 ' rv and misleading about do miles north of Wash- in practice the U.S. envisages 

rites said yesterday it would . The CBI said last night that said that it could not calculate of ' lhe proposals con- ingtnn. a joint ..dmimslraimn nf The 

twi Die legality of the Govern- it would go to the defence of how much business it had lost in > d j the Government's The nnlv announcement of West Bank and ihe Gjra Sirin 

ments acton: any uicmber which found itself os u rc.sult of the sanctions. r p The Fulure of C onsot,uence was issued by a before a Palestinian ' nielmciie 

2“The Confederation of Rritish oppressed by Government The legality «.f the Govern- Cftmpany Reports. spokesman for the National which would a-k whether resi- 

lndustry promised to support sancUons or union pressure. meni s sancTum* policy is- tj, l , confederation argues that Secunu Council who denied a dents or the areas preferred 
its members in their defence . A spokesman said: -'We dislike expected 10 be raised in f „ would be impossible to satisfy report lhat the U.S. had agreed Arab or Israeli hegem.mv. Em 

against sanclinns. intensely the use of sanctions Cuuri iff Appeal to-day when a j aj] potential readers of a greatly 10 an Egyptian request in buy the time frame of such'.1 solu- 

To-day the Court nf Appeal which we believe are inherently Croydon ^iectncal contracting] t . xpaTlded annual report. till F5E jet fishier*. ti..n has been left deliberatelv 

will he asked to express a view danpnrous.' conipanj. Huiliday Hall, will rc-j .. Tht> ranf , e nf interests is so; n generally thought that the vague. 


the latest company found hope of stirring a revolt among impression 


on the measures which are seen Although the CBl supported apply for an injunction against the legitimacy” of j U S Gm ernment-^"i^Tnl-hned *io 

in Whitehall as an essential Government efforts in achieve the Electrical and Plumbing their ' c | aims t r. satisfaction so j f aV o„ r *nch a sale, but is acutely WlthrlrO VVq!c 

instrument in the enforcement moderation in pay settlements Trades union which last week var i a hle. that they cannot and 1 awjre 0 r t he storm of opposition ▼▼ HiUll dvt dl? 


legitimacy of; u.g. Gm eminent- i. c inclined to 


varianic. that they cannot anaijwjcp 0 r the storm of opposition TW taac* 

should noi lie fulfilled by r»ne | this would create in Congress. The u S still bone« ihat <ueh 
single means of communication.. v hj t -h is empowered to block any a formula would all iv Israeli 
* ,,n \•'**»"* impuaei by com- foreign sale of military equip- fears rif imni ineni creation iff 

Pa Tb r’pi noims in evidence n, e" 1 W ° r »l h m0 ^ ,ha ? 5 2Bm ;. a hostile Palestinian Slate on 
. T.hc_ CBI poini^ to PUdence s , npe ,he rupture of Egyptian- Israer5 borfor*. while not 


“otinted ine msjiq. told that JStUopUu 'backed-^ by, jh phase 'Four'of itsr incomes Commons to-morrow. Tlio John Lewis Partm 

its sn thg balane Soviet weapons, WAS plan nln*Yto policy, would... Tie wed as R ut Cabinel Ministers, believe planning to seek legal 1 

Its, sterling, infla* drive Somali.troops^-out i»f. toe*“rahiiery.”. -.W®*that public opinion is overwhelm- a f( C . r the discovery thai 
ie evtept the »- dlspuJed Ogaden. ; ,, in«ly on their side in the dispute, one or about 20 compani 

nmnic activir i AirfW, ‘ hv S2cSSSt : toShi how “ r - Denis Heafey, Chancellor the Govemment blacklisL 

•ting furtherW =!=LSffiHjS2 !& r ^ ■ SiffiwSSS fc“g N?Sh of Exchequer, said at the Mr. Peter Lewis, ehai 

\rhen ia-erear "'<»*■: CferrfiAtfy m to.uiiiake. Sb®- Oil revenue ; riright operate fjj* ! aid -, hc F ,J n,< j n ^ ed ? u l! L 

risin" r-Lhpr t-» available I'to . in practice. There waa'increasing ^ e > t0 success in uirhm*. details of the advice which 

im ihWwiu? this year for financial and t«*-\stjnpoiT'for the proposal in prin- inllation. be concerned with the Gi 

- u m- nival. ci>-operatibii : % Iinder^-aui cinle; at "a receaat'. Cabinet . 
ssures on tne ft agreement siened in Mogadishu meeting "Back Paee “ se lhtl laxpayers money to and local authority depart 

relax monetarv*? yesterday Somalia radio - re^ ' f * finance companies which break not to buy goods or services 

an the world r#' Ported. Finer'2.' " Tni.m A ^ : AAiini- the pay policy Vet she opposes a certain company. 


U1KJ IS UC-.UXtuIT ® ... -■ . * . - 

u the ,KR nili Vietnam recalls 

ked j. L.ouchfe expelted envoy. . . ; COSl Of : 

breath:r •?«! Vietnam, has reiJalleti bfiih. Ba '. : JA*iioiwi 

-Gtal.:. ..tariii ^ Thi. its chfef Relegate to the'UTf /. StOFDl UEolUg6 
>noitr.? urvjrab^ after accusing Lhe hinder k”- vAWvn« tw ^tTinri 
> stoc r. tsartst 1 mg his activities. Last week the 

m, ^ w -BSSSSSS 

su s'Ss&gsSSS 

e tii .iviisra. espionage iinc.' • npsratfn^ 1 ■ ■ frightening when we get it- 

I *-::r.v«:r afe WasWagi^VttStfhosKr ^^ . 

;es pl-ce :ne call, Page 2 *...*?ff .‘/.-jy aiEBHyEN IVTottufcycre ' Co-. 

- .'^ r V" 1 - Operative workers have declared 

ntier;. i:’er; i: VOfaCprCICf; their thtich-pnblicised products 


when it is to save jobs.” he deparunental stores and 64 £v the Dc-Dartmini of 
declared.- WaHrose supermarkets. M^n^m.ums 

Mr. Roy Haltersley. Prices The blacklisting has arisen. Deoaftment! which is con-1 

Secretary, is expected to press the company said, because 


“ sider legal action if it is forced provide competitors wnn 
w by the Department of Trade to a i,] e confidential material." 


Though 


Conservatives the Phase Two guidelines, was Continued on Back Page 


French Left still ahead 


BY ROBERT MAUTHNER 


PARIS. Feb 5. 


Kff H*S* t - om ‘ j deal 'was pushed through only o^upu-d SE 

■i P The CB does not opoose addi- ) n 1 ,e f:,ce ,. of t0 “" h . V on f ress - with safeguards, and cessation 

■ tinnnl riisclo^rJ Bui it feels iona ."Ppositlon. which is always r .F new Israeli settlements, par- 

‘ JLatby Sing more information ^ n **ds l^cularly in Sinpi. Mr. Carter and 

1 -^unclear exactly how ^ n ^i£^ST r M ^ 

i wasted admin?sUtive burden" h f rd Mr. Sadat was pushing bis One other main purpose of 
^on comparand that certain j P'« for American anus. but. Mr. Sadat's visii. to convince 

■ classes of information “ would ' s lh ° l , l . ?h h . a wrtainjy here that American public opinion that 
1 nrovide competitors with valu- vvl ** j? ;ive ! n JP^ sSed on V 1 . Egypt genuinely wants peace, has 
j able confidential material." r - ar !^ r ^ significance which been frustrated to date bv the 

able connae muderaie Arab nations attach to privacy of the Camp David lalk* 

such purchases Rut Mr Sadat will «| V i» inter- 

i SpeCltlC The U.S. Adniinislration is views with the three main .-nm- 

. r nftin , c nf thp very L - nnsc,ous ° r such ar su- menial lelevision networks dur- 

On specific potnts of the nts not only jn the case of ins lhe next two days. 

Green Paper, the lbi =.tves a Egypt, but perhaps even more He utav also meet Mr Mnslu.- 
• cautious blessing to the intro- !s0 ..' s a resu | t of S; , mli Arabia's Davan*. ’ the ° Israel i 'p'orer'n 
duciinn of » Statement oi Aaavu;request to buv F-15 fighters. Minister, earlv this week ” 
Value, and to Statements of. Thp hasic u.S. goal in this Although ostensibly here on a 
Source and Application ot runas., round of talks is to get direct Jewish fund-raising drive. Mr. 

But it feels that an Employ-1 peace negotiations moving acain. Dayan will be able i» take the 

i ment Statement could only i Mr. Sadat can be expected opportunity, should events .*» 

offer shareholders an incomplete t r, have urged, Mr. Curler to put demand, of ivuimerinc Mr. 
and confusing picture that more pressure on Israel to make SadatN efforts :•» *.v;»o |-u:rti'. 
would be open to misinterprets-1 c oncessions, Mr. Carter, backed opinion in the U.S., which ha* 
tion. j by the full w.-ighl of his foreign traditionally strongly suppurted 

The proposals Tor disclosure of policy advisers, who are also out Israel, 
pension commilmenis arc seen as I 


Specific 


t-. v.c'u-.rj vfl ' l>nwwi ,v' -«lv ‘J •'managine| mrectoiv T ng PARTIES of the Left are terms, the pool's findings would its sharp slide. I pension commitments 3re seen as I 

fallen 'Jan:-[; l ! , lSSSul*S , SS?4l5'«2p 1 !iiS-'5 n ©F l!atf x ™*• pr0 . d . uced stUTespected to win the French give the Socialists, Communists In a speech at Lyon at the -impractical" if taken literally.l „ 

Afni!l?-'5Ml2S£; !,1 £ ieflred^^ result -and General* Election in March, and other Left-wing groups 255 week-end, M. Raymtmd Barre, the! The confederation " strongly | Rrifj-g o f/xt* (T^, 

' itT^Sfw *tojtftyeway ditferen- according l0 the latest public seats against the Government Prime Minister, emphasised once (opposes" both the Government 15C!£if! 1UF XjT^ 

iv,m«ti "shtffrnm^ 7 ^ 16 a ^ opinion poll, notwithstanding parties' 236. But that would again lhat the only reason for idea for disaggregation, which; ® 

raH U1 2 raOD& "-sm- trom- ^.Io 10 a wm* and Cajp^ated. Page 4 President Glscard d'Eslaings indicate an overall majority of the present weakness of the franc would require a breakdown nf I BY DAVID LENNON 

A* . ... .... ■>*; nnen a h*iw2n ^N^ARRITIKH STEEL was faced recent advice to voters to opt only nine seats. wa« lack of international con-! profit* and turnover in each l 

Vi. Y P ork • and: Swtb-Uiuertai. Sj£th- .^11^.. opposition to -its (or the present Government While support^ for the Con,- fidence In the ^wljctiorM f^raphiva. and fradir^ arau MR. MENA HEM BEGIN, .he 


Begin for Geneva 


■.'722: open . a Service ;-between New 1 BRITISH STEEL was f 
v-i-i York ^nd : South ^America- Back. ; 'ijntk .'united- opposition to 


BY DAVID LENNON 


. ’^Page 


demahnih 


productivity I coalition. 


munists has remained steady at French political and economic!a business, ant! its idea Tor the Israeli Prime Minister, is in 
21 per cent., the Socialists with situation. iobligatory incorporation or a spend a few days in Gencta 

26 per cent have lost one point. His remark are an indication i statement iff fulure prospects in soon. La>,l week it was 
Significantly, the percentage ^at the Government may not ! annual reports. announced dial Mr. Dayan, 

of undecided v- oters has dropped l0Q un |jappy about what is hap-1 On exemption liniirs. the CBI l the Foreign Minister, is to go 

within one month from lo to l.J on toe exchange markets,13"roes that companies with 50fl • to the U.S_ and Europe- 

percent.—thus piitling a damper jn the hoi>p that wi n g j VE the j or less employees should be nut-i The Israeli Cabinel to-day- 
on Government hopes toat. as voterf somc . insight into the side »n> new- rules. But it' approved both trips. They bate 
more and more voters make up ec . onom j c chaos which, it claims, believes that the turnover limit been hastily organised, as fears 

their minds, the gap between the would (>e the inevitable coo-; should be set at £20m- ralher j grew that Mr. Sadat would 

►15f«.«H a i , i!SIiv P " nieS sequence of a Left-wing electoral I than £5m suggested by the gain substantial support in 


tldvrc hy T'-.i 
adt".-f •’ 
^cr-sar.: - — 
*ti!i : u 


reduced steadily 
nits of the poll can only 


Government. 




The Israeli Cabinel to-day 
approved buth. trips. They hair 
been hastily urganised. as fears 
grew that Mr. Sadat would 
gain substantial support in 
response to his appeal for 


TEL AVIV, Feb. S. 

pressure on Israel to make 
concessions in the .Middle East 
peace negotiation*. 

© In Algiers tin- meeting of 
Arab leaders opposed lu the 
Sadat initiative wound up at 
the week-end with a ralher 
moderate final communique 
emphasising its suppiin for 
Hie Palestine Liberation 
Organisation as sole legitimate 
represent I it e of the Pales¬ 
tinian people. 


’"I 


- ---'manoeuvres in.- the - western- re- -"T-nn Kvirlrrotc 

public 'of. ’Byelorussia!-To*fay- IlaU. I/UU^Cl3 
—rf^watched by Britiah and -XJ5.~ob- . . 

-..«V: ;- : ^v$11 bn. deficit 

Nato raided . * IRAN has unveiled a record 

* -said.the sige of the deficit showed 

1 flUUSalazar riot : IranJmdUropped its "conserva- 

lv V-'"' live fiBcal stance." Page 2. 


istegdy at 45 per cent. dollar— j!s level in Octoher. J977. 

.Transiaied'into Parliamentary before the U.S. currency-started 


ton far. 

Schmidt-Glscard talks. Page 2 


U.K. to defeat U.S. tanker plan 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


said.the sige of. the deficit 'rrjtaiN to-day enters an inlet- all new tankers over 20.000 dwt scnlcd at the conference tn-day. 

Iran had "dropped its "consprva-1 Qat , CO nf ere ncc on oil and segregated ballast for new It believes that almost equi- 


Mounted police, i#* Portugal iflst }■ . V fr , hution IO tie I reasonably confident that it lias range. 

charged - 3,000 demon-contribuuon to the ic suppor1 to The u.S. 


national conference 
tanker safety and 


1 1 ||JUSa.iSLZ£ir not:- :■■ ■' Iran andliroppea its consprva- natj^ngj conference on oil and segregated ballast for new It believes that almost equi- 
■ .- v ' . •* ' live fiBcal stance.” Page — • tanj-g,. safety and pollution, and existing tankers in the same valent environmental gains can 

Mounted potice.te Portugal last- __ ' V trlhll11nn IO Vhe reasonably confident that it lias range. be made by forcing tanker 

night charged t. 3,000 demon-. » -THE^Y^S. Fnnd -® sufficient' diplomatic support to The U.S. wants tougher in- ovners to use two alternative 

tL 1 * strators angered, by. the-removal Internationa) , Monemry ^ head off a U.S. proposal, which spection and certification pro- systems, known as crude oil 

C/JL V 7 r, r a new head placed on. a statue- suppiemeniary creu^ couId cosl the wor ] d ’ s fl ee i be- cedures. and more sophisticated washing of cargo tanks and load 

J .£ f Dr -'Salazar hy tiie-'people of ^an„eraept is in flouot oecause twoen a7ld and in . radars, steering and collision 0 n top (whereby oil waste is 

1 £ama Cpmba Dap^ the former. crease the price of oil by 2 per avoidance equipment nn most separated out from sea-water by 

^o/T.rnPU% ortUBUeEe leatfetis- birthplace: .f “St o ^ r0 ^ t i ie o S1 - 7bn ' An ^' cent. vessels settlement in the ballast tanks). 

Later, armoured Mrs patrolled cab share. Page Z ^ ^ fQr cornpu , sory In the year since thm de- 3t i iJlIe more ^an a tenth of 

Pace S 2 eeSOftllIS winp .town. ^ AUSTRALIAN Government fitting Sr segregated sea w £ te r dSSbi^bStto'ms C hTs" thc coal ' 

Ont. PageZ .. went to unusual lengths ntrihe ballast systems for oil tankers “‘(JJfjL l an doutl£e axmement Lar " cr tankers in the fieets 

U -OScr eoluafrck' week-end ■ to -warn speculators over 20.000 deadweight tbns, will other of the maior Dil companies in 

. nag salvage •- that they conld get their fingers he the main item of controversy P K Britain Is leadlim Britain an d Amerh-a already use 

idu-'" ’;.:;: ^Compressors and-Other salvage ^ ^51“ ? ft firm opposition to the segregated th«e pstems and the British 

jnuioment aimed at’ recoverinc stantial devaluation _ of _;the of the UN lmer-governmentjl ha i,, s rt; pot , osal _ b package requires either these 


• Ricr calwarro ■ week-end - to -warn speculators over 20.000 deadweight tbns. will -J.S e M on other 

. ^vage ■; . . that they.copld get their fingers-be the main item of controversy P Slt BrlSiii iTteadlnii 

1 ^ u5 C--" compressors and -Other salvage burned by gambling on t frM tW im^r e p k ov C emm?nta! firm opposition to the segregated 

ir.v£5- : -- equipment aimed at recovering stantial devaluation of the of the UN 1 ballast proposal. 


accidents involving oil loaded journey and therefore the differing positions, with 


■ Counting WigS needed support. Page ~ after accidents involving oil loaded journey and therefore 

f. , - - V , . B&Mr nir cpiiM and ^ »n»m SP’ 115 Joss nf ,ite w U S ; having to pump out a mixture 

. - ,*.-^ : ^srael„ with *,500 .lawyers.,for J52JSL*!SiK i h!Ii» dprli^ftn coastal waters in the winter of 0 f oil and water into the sea 
r la'i-Yery Jm. -citizens, has more of private banl^s nave decided to 1075.77 hpfnrp reachioe i ioadine nort 

nr^b-'-' : " ''y- '•h W i e I’rtv^ <i ^h head of . POP 1 ^ 2 ^ 0 ? 1 ad mi r ^ba nks °w hich President Carter subsequently Whitehall helieves it can mus- 

' h «o/?^oth ? r. eountry. accord- over andadnnnijer banks which onJ d fl wide pr0l?I . an]mP rff ier a 2-1 majority in favour nf 

! S n K f0 the fsr#pli B3r Associa-.arc in trouhl^ c * s ? changes in tanker design, includ- its posilinn among the fiO-odri 

.. I 0 * 1 ,na ^.?5i2?■ btd W.^bolster^confidence m. g Jt ^ f dnuhle-boltoms in nations expected to be repre- 

I>.S at 2,000 lawyers per,lm. .mg, which was jolted by the ” - 

^ r . y.7;<s acainst only 600 per collapse of the small Banco-de ,- 

^ ‘...i-rtrifain. Navarr.o in January. Page 2 , tt • 1 





How lo dear up the oil mess. 
Page 27 


Arts page .. 9 

Leader page JO 

i‘"~ U.K. companies ............... 28 

^ International companies 29 

■v- ^ Foreign Exchanges .32 

Mining Notebook .29 


Overseas news. 

World trade news.. 

Home news—general . 

: —labour. 

Technical page . t 

Management page. 


FEATURES 




ppoiotments . 

■.iultdlns HpIcs . 

lusinessmaa'^DIanr 
,■ rwaword 

=tU 0 rtainmcnt fioMc- 
: ioancl*l Dtary ... . 
isurwpa — 



Navarro in January. Page 2 , tt • A ilF 1 Tfc 

— — ——— ■Immigrant figures offer by Rees 

CONTENTS OF TO-DAY’S ISSUE : . ® 

..1;.......;.; 9 Overseas news. 2 BY PHHJP RAW5TORNE 

*ge .JO World trade news ... 3 MERLYN REES, the Home tn talk to my statisticians at the the country achieve the right 

sanies ............... ^0 ixome news—^enenu . * Secretary, yesterday offered to Home Office straight away, any climate for an improvement in 

”■ m T j—-labour.. gjyg yj e conservative Shadow time he likes. The whole thing race relations, he told the party’s 

exchanges ......... 32 Technical page .; n Cabinet full access to Home Oflice could be done very, very local government conference in 

otebook .-' *9- Management page. a immigration statistics and chai- quickly.” London. 

.. :_r kayijok : " r len t se ,? pM 2«S?* rS- S ™hl Mr - Rees ’ s P eak i n E °n TTV** Criticism of the attitude being 

FEATURES out their proposals for a sub- Weekend World, said that psjnls adopted by Tory leaders, how- 

-no easy way'o'ut 10 The Week in the Courts ... 8 m h6 nu “ ber Jjf Tory leader so ever, came from Mr. David W.ilks. 

can-up oil tanker ‘ Barclay’s share deal for - w^d^not know what it is w °tf d Ji ffeC ! 1 T‘ grant nu “‘ ^ airman . of the Federation or 

. . ? ,.;27 . employ^ . f that^the'My « ta " * aIL t , Conservative Student*. 

fears -lhe -tub- - " FT SURVEi ^ going 10 do „ he Said . “ Bu t at Despite some resentment conderaninq a headline in the 

.•: . .Euromarkets . . * the end dJ the dw, there is only Shadow .Cabinet at party’s monthly news-sheet which 

1 ‘ .mmual statements one way lo deal with numbers Mrs TTiatcners emotive attitude sa j d “How Many More Imroi- 

A'SSStiSB'r- S STATE " eHTS on theWher lines and lhat «» «■* unmijration jssue. Mr. Mr . w » IUt , s ^ d; 

oiary 31 sta« tnfbmntkin... Whtf J: tcwi* prB, "^ Ip I ; * is repatriation." Whitebw. the party s depuiy | s not the role of politicians or 

- ’! SBLsrs^-™' * Sc3nil ‘ M '' t * n Baofc * Mr. Rees said lhat Mrs. and home affairs spokes- lhe Conservative Party to make 

y fi ‘ Wt .- a. - Tu«ur-,Ra!(£ri-X'- » Thayer bad a responsibility to rw '5!]? ,ed _s 3 w. ^ sweeping assertions on immigra- 

- .m ’. interim st*tememts.^ clarify her position on the issues, .week-end. the party s right to t jon and at the same time to 

-g TWwiif m* ... a Hiahvoia steel and ' “"She doesn't need to wait for °P en . subject to public dts- propound not a single other so lu- 
"""* s ew Lmtfla& Rvu 1 » ' vimaiHwo Conw- a a young Shadow Minister to come cussion. Hon to thc very real problems 

’vhfm* fii-246 8026 ' - “P with-the figures, 1 am pre-. Only if fulure control policy that already exist on our door- 1 

; .Fpfc OlZ*> sum pared to-a Row Willie White law were clearly established would step.” 


^/‘rfftiRhodesia—no easy way out. 10 The W'eek >b the Courts ... 

§ fHow to dean up oil lanker ‘ Barclay’s share deal for 

I J mess ..-.- r .- 27 employees . 

-jjCoraecoii fears -the con-> -- stutov 

* sumer .. . 


In a world where other makes of office 
calculators are vanishing off the market, 
Olympia continues to be a name you can 
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1___ rTcj . i 


































Financial Times Monday Februaiy; j& &97S 




ETHIOPIA—SOMALIA CONFLICT 


© 


BY OUR FOREIGN STAFF 

B“TH SIDES in the Ethiopian 
U 32 den e-mHii.-t have yesterilav 
TV’pnrl^d H-no’AiM heavy fichlinc 
in the* jroa. 5ut u is still unclear 
if flu* fctiiii/iityns hav<* begun 
tn«?ir mueii-b era Med cuunlcr- 
i»ffen>'ivc ‘.villi the atm of invad¬ 
ing Snnialia itself. 

Reports from the rejritin speak 
iff u large Ethiopian force pu.<- 
«ihly Russian led col lectins in 
preparation for a major offensive 
designed to slice the country in 
tu-fi ivjtli a drive iu the port «*f 
Berbera. 

U S. inielligenir sources. 
qiiuUnl in the New York Time*, 
say l ha*. Cuban pilutsc Ilyin" 
Russian Mill 2IV and US's are 
n«.w o.irrviou .«ui raids inside 
Sni.ialu in a significant escala¬ 
tion »f support fur Eihinpi.i. 

The Miurcos helc«?v».* the 
counier-wffeiisi vv may still he 


Swapo rally 
in Namibia 


report heavy 



1 Economics ! Spanish m 

loves to Tehran 

i to dominate i . , , 

„ r unveils 

1 Giscard, s holster sni 

a " record 


some weeks off. fliven the weak- 
ness of iho Etiimptan forces. 
But Somalia radio claimed to-day 
i hai the eotm ler-nffe ns ire had 
braun ihruuslmul southern 
Ethiopia hacked by Cuban and 
Russian irnnps. 

The Somalis »a\ they inflicted 
heavy losses on lilt* Ethiopian 
garnson at Nagel'." in the 
sou them part of Sidanio durtog 
fierce fi^htir.c. They claim they 
destroyed Uvy Ethiopian troop- 

carriers and captured large 

quantities ol rifles, aucbine "uns 
and autinuniin ii. 

Addis Abal.a radio quoted tin? 
Ethiopian news agency as saying 
that 70 Somali regular troops 
were killed and 15o'captured in 
;i big probing opt ration in the 
Hararghe region earrierJ out by 
Ethiopian regular [rmips. jnilisia 
and “peasant suuads." Tbc 
agency said fortified Somali posi¬ 


tions mere destroyed and large 
numbers of Somalis tuit to High?. 

Somalia has denied that 
regular Lronps were involved in 
the fighting niaimadr.ing that 
only guerillas of the Wes l 
Somali" Liberation Front took 

part- 

John Worrall adds from 
Nairobi: Observers and diplo¬ 
mats here tend lo discount re¬ 
ports that the Ethiopians, backed 
by the Russians and Cubans, 
plan to make an attack into 
Somalia proper. 

They say it seems unlikely 
Thai the Businas would allow the 
Ethiopians to open tip what is 
at present a localised war and 
make it a full-scale international 
con! tie t. 

Meanwhile. West Germany is 
making available DM53m. for 
financial and technical co- 


srszzs’*zz : Schmidt banks in trouble 

terday in Mogadishu after sis; 4. 0 ||r£« 

days of discussions. Somali radio i g*y roSERT GRAHAM MADRID, beb. 5. 

1 ' Khmiri from! Bv Robert Mauthner 'THE Bank of Spain and a group A notable absentee is the large 

flss"i P A fss^ra is 1 P n™ e 8 ®- ishl * ' 5 s? £ 

«'™- f Z Sou’tS'T"fw““i«D as an attempt to fonttoB^ intent of Caatlbrieo 

SSK .1 and S Herr bolster conBdence ta the hank- he, beet, the me »«*. M 

and Eritrea. ! Helmut Schmidt, which open ling system which received a move (on a nominal 1 peseta 

anat-rure c, h hi lEmnuinw ; serious jolt following the collapse per share basis!. 

Mr. Uthnian Sakh --^bbi.ile. .^ erman chancellor! of a small commercial bank, . This acquisition is to be fol- 

presideni flnd executive commit-. ' orted I0 “ b e anxious to Banco de Navarro, ia mid- lowed by a take-over of Navarra 

lec chairman nf the Peoples _ -P Qut p residelll Giscard on January. which i£ currently in the band* 

Liberation Forres «f cirri';he asenda of the next Western The Navarra collapse has of The Bank of Spam which 
Eritrean Liberation ^ r ® nt * J ti 1 ~ nn0 mic summit due to be held already directly affected at least stepped in to guarantee the 
That between twn and ™**£° Bonil in July . Their exchange, three other banks. depositors. 

thousand Aoenese' \ ier ? “ a,lrt -: fl j v i ews j s expected to cover the The new entity’, yet to be The Spanish banking system 

ing with the Einiopians-—a: ^,-hole range of economic prob- named, will have Pis.500m. capi- which contains over 110 banks, 

charge hotly denied by ine . .from the international cur - 1 tal i 86 m..» subscribed 50 per cent mostly small ones, is currently 
Ethiopians. 1 ,. cncv situation to the fight: }>y the Bank of Spain. The going through a seriohs crisis. 

_ ! against inflation, unemployment; remainder will be held by a The problems produced hy a 

‘and energy’ questions. In this] varied group of large, medium credit squeeze and economic 
; IlannJ for context, the present difficulties .and sum 11-sized hanks. The large recession are taking their toll 

; jniclIiUI kflil-j 11/i : nr the U.S. dollar and the; basks will be represented by on the small and badly-managed 
' i French franc wjjl certainly be j Banesto, Central. Hispano-Ameri- The creation of this new care- 

C oocpTirp I touched upon. cano. Bilbao and Vizcaya; the taker bank, agreed yesterday. 

w j Another important subject due;medium-sized ones by Pastor and suggests that the authorities 

I ■ rf'-i 1 1«> be discussed by the two | Sabadell and the smaller ones fear more banks will have to be 

! Ill L-«niDOlll<l [leaders is the proposed enlarge-' March. Lopez Quesada. Mas rescued. Indeed, the new institu- 

D w.rian, intent of the European Sard a and Internacional de tion was formed with consider- 

. By R‘dare Nations , iminiry and. in particular, the I coruercio. able haste. 


j by ROSERT GRAHAM MADRID, Feb. 5. 

Bv Robert Mauthner 'THE Bank of Spain and a group A notable absentee js the large 

7 p 4 c. T c y e }> 5 i of private banks have decided to Banco de Santander which last 

-rrnvATfOttAT “ ’ economic : establish a special financial body week was negotiating to . take 


:Fraser warns speculators 


By Quentin Peel 

WINDHOEK. Feb. 5. 

A MASS rallv living held !>; sho 
Nannhian cSouih West African! 
nationjli*-; movement. SWAPO. 
•a as rirokon up hei\- this v.eek- 
en<i as envoys front the five 
western member States of the 
V.N. Security f'oum-ii were 
hriefing internal seeuiily oryani- 
sal ion.-' on ihoir proposals fur 
s i.onsliUitinna! seuleuu-nt in the 
territory. 

The rail", attended liv som^ 
l.OrtO people, was being held in 
Kilima. the principal tov.n or 
the remote norili eastern pro¬ 
vince of Caprivi. and first reports 
reaihing here to-day said it had 
broken up in eonfuMor. after 
police fired tear gas into the 
crowd, following attempts by a 
small number of opponents to 
disrupt the meeting. 


BY KENNETH RANDALL 

THE AUSTRALIAN Govern¬ 
ment has uonc to unusual 
lengths during fhe n <‘ek-end w 
warn currency .speculators that 
they can expect have their 
hn-ers burned in v.uuhling on 
any -LibsLintiai devaluation of 
l the Australian d*'llar. 

Yesterdrtv. m an interview 
wivli the Sydney Morning 
Herald. Mr. Malcolm Fraser, the 
Frime Minister, said there-would 
he no chan'ie in the present 
system of managing the **x- 
■ •hange rate, which i.s a form of 
'managed float. 

1 On Friday, in an interview 
with “The Australian,’" Mr. 
Fraser said ihe present exchange 
rate management *-ystem had 
worked well, especially over the 
past six months, and he was 
determined to hold the value of 
the dollar at around its present 
l level. 


CANBERRA. Feb. 5. 

The seno of statements 
amount to a concerted effort by 
the Government to end the 
uncertainty wbi-h has built up 
for several months over the pos¬ 
sibility of another substantial 
devaluation. 

Australian foreign reserves at 
Ihe end of December stood at 
Si.A2.S79m., compared with 
SA3.500m. a year earlier. The 
downtrend has continued wince. 

with capital outflow affect inn 
both the stability of the cur¬ 
rency and an already light 
domestic money supply. 

A reversal of tlie capital flow 
is important to the Government 
io fulfilling its recent predictions 
of a reduction of 2 percentage 
points this year ia ihc- general 
interest rales structure. It ex- 
iratted a reduction of 0.5 per 
cent, from the banks I nr hous¬ 
ing loans lasr week oaiy after 
considerable pressure. 


n„ ovkarH Nations I meui oi 1 ’'c-“‘ k 3 >axaa ana laieruaciuuai ue non was lormea Wlin consiuer- 

By R. Chard Nations 5 i inanity and. in particular, the 1 coruercio. able haste. 

,-,nrn tnri^ fnr an ; prohlt?ni that is posed by the, 

/ peace j "g™ “JriK! ~ I 7T- 

pom,sal and i Slender signs of hope over 

1 protruded border wai with, both France :«nd West i ° r 

■ Cambodia..In^rmonv cave strong political; ___ A. _ 


: cam .wai a. j Germane cave strong political 

■ However, the call c01DClded ; backinc'to Greece’s entry in»o 
■with renevvwl charges 0 . aggrcs-; the Comraon Market during 
•sian by Radio Pnnom he .P n y 1 r,rcek Priirie Minister Constan- 
• which reported., a major Ytet-' (jrie j^a raiU 3 nii.recent tour of 


Italian Government crisis 


BY PAUL BETTS 


ROME. Feb. 5. 


Picpi" n-ar the Vietnamese town ,. n ! u n -i-are that the: da T pn a further and crucial election. The new administration 
Vleroaru * se t0ttn rmly too round of talks with the country’s would have an economic and 

, 1 hi-wei.i'inint nrnnosarP° l l 5 ,^iiku. nhom^he.^her political parties, including social _ programme commonly 


. stationed within their respective | expressed fears that' they will } emerged some slender signs of 

• territorv 5 kilometres from the ! have lo foot most of ihe bill j a possible compromise between Democrats was acknowledged 
border.* and for [he two aides,of an expanded European agri-:the country’s political forces, this weekend by the U>m- 


l to meet at once. 


cultural market. 







f ' < ' / •: 

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‘This follows the decision by the muoists. The Communist Party 
“Christian Democrat’s central newspapers l'Unita, said to-day 
directorate lo give Sig. Andreotti that it would he " foolish " not to 
a more flexible mandate for his recognise the move as a step 
negotiations with the Commu- forward. The newspaper, how- 
ni.sts. ever, said the Christian Democrat 

Sig. Andreotti is likely to proposals were ‘‘ambiguous and 
propose to the Communists, unclear ” and that the solution 
whose demand for direct partiei- of a protracted crisis would rest j 
pation in power led to the latest on Sig. Andreotti's consultation 
.Italian government crisis, an as this week, 
yet undefined deal to associate Should Sig. Andreotti fail, and 
item in some disguised form the political deadlock persist, the 
u-jtb a Parliamentary majority, most likely outcome is an early 
fn substance, the Christian election, which for a varietv of 
Democrats are now proposing reasons neither the Communists 
the establishment of an interim nor the Christian Democrats 
admSiistratkin, with Communist want at this time. 


Salazar’s home town riots 

BY jlWMY BURNS LISBON, Feb. 3. 

PORTUGAL'S carnival week-end Although Antonio Salazar died 
was marred by violence. to-day eight years ago. his dictatorship 
when para-military national was not finally overthrown until 
guardsmen using rubber bullets April 25, 1974, when a military 
and cavalry charged over 3.000 coup backed by democratic 
Hpmonstrators in the village of forces sent his successors either 
Santa Comba Dao. birthplace" of into prison or exile. Recently 
ihe late dictator Antonio Salazar, a new cult around the old 
The villagers were protesting dictator has emerged partlcu- 
at a Government decision ban- ’ arljr a ™ D °S student m secon- 
nins the replacement of the schools and among certain 
head o£ a bronze statue of the extreme Right-wing political 
dictator id front of the village groupings. 

court bouse. The original statue ® With Parliamentary debate on 
was decapitated in 1974 by what the new package of austerity 
local opinion took to be Com- measures set to begin this week, 
munist vandals. the Communist-dominated gen- 

„ . . _ „ . eral workers' confederation. 

Yesterdays Government ban, (intersindical). which controls 
signed jointly by the new Mints- gg cenL of Portuguese 

ters of Justice of the Interior, labour, has decided to delay any 
was provoked by fear that any outright confrontations with the 
public demonstration of support new Government, 
for Salazar would lead to vio- At a meeting oE leaders ot 
lence between Right-wing and nearly 200 unions in Lisbon 
Left-wing political groups, yesterday the confederation 
Nevertheless, the plan seemed rejected a motion calling for a 
lu have back-fired. dav of nationwide strikes and 

Rioting began when local vil- street demonstrations before 
lagers wielding burning timbers March 15. when the Government 
and hurling stones rushed local is expected to announce its 
police. • budgeL 


deficit 

budget 

1 

fly Our Own Correspondent 

TEHRAN, Feb. 5. 

IRAN UNVEILED a record 
$59.2bD. budget to-day which 
featured a massive deficit and 
a sharp rise In spending for 
Infrastructure. It also Includes 
a Sl-5bn- defence spending in¬ 
crease. . 

Formally presenting the 
budget to the Iranian. Parlia¬ 
ment in a special session Mr. 
Jamshid Amouzegax, the Prime 
Minister, said it reflected the 
Cabinet's mandate to remove 
development bottlenecks and 
fight inflation while continuing 
to ensure economic growth. 

However, the size of the 
deficit financing that is 
apparently required to do this 
surprised economic analysts 
here. “It shows they’ve drop¬ 
ped their conservative fiscal 
stance, 1 " one diplomat said, re¬ 
ferring to the austerity pro¬ 
gramme that the Shah ordered 
last year when be named Mr. 
Amonzegar to replace Mr. 
Amir Abbas Hoveida, the 
former Prime Minister. 

The budget, which Is for the 
year beginning on March 21, 
estimates revenue at 4,039bn. 
rials ($57^bn.), which includes 
the equivalent of SSLTbn. in 
domestic and foreign loans. 

The budget leaves an on- 
financed gap of $2tan.'between 
revenue and expenditure, 
bringing the total deficit 
financing required to an un¬ 
precedented $ 10.7b 11 . • 

A breakdown of Uze revenue 
side shows that the-Govern¬ 
ment and state-owned agencies 
intend to raise M-3bu. in 
domestic loans and 54,-ibn, in 
foreign loans. Economic ana¬ 
lysts said Iran certainly has 
the means to finance its 
deficit, which amounts to 18 
per cent, of the budget. 
Investment in India Page 8 


Witteveen fund 
has problems 
in Congress 

By jurek Martin 

WASHINGTON, Feb. 5. 

THE U.S. contribution to the 
International Monetary Fund's 
SlObn. supplementary credit 
arrangement, known as the 
Witteveen facility, is in doubt 
because of opposition in Con¬ 
gress. which must approve the 
Sl.Tbn, American share. 

The major problems lie with 
the House of R op resent a lives, 
where floor managers of the Bill 
have been obliged to postpone a 
critical vote on the issue 
because of lack of support. 

Moreover, there is the distinct 
possibility that the authorisation 
will only Be approved with con¬ 
ditions attached—such as ooe 
which would require the U.S. 
executive director at the IMF to 
oppose any IMF loan to a coun¬ 
try on the grounds of insufficient 
observance of human rights 
needs. 

Ffeiauu. TIMK puWiiJirt d*l1y except Son- 
d»ys and holiday. U.S. mtecripiinn Sinn.00 
lair rremhu S3fin.no tur mail) per a on uni. 
Second class posuse paid 31 New Yurt. N.Y. 


STANDBY' 
GENERATORS 
for lNP USTR F 
for HOME/EXFORT 
cm as power & equipment, 

V London Rd., Redhlll. Surrey. 
Tet. C97371 WZZS/603D9 
Telex WB17 






Th.s announcement appeals +■* a nuclei ot resold only 










in dtis^ri a tVe h r c les 





INTERNATIONAL FINANCING COMPANY S.A. 


US * 20,000,000 

Five year Boating rate loan. 

ioitwiy and severJh. uncondirionnabr and irrevocably guaranteed bj- 

ADELA INVESTMENT COMPANY S.A. 

and 

ADELA COMPAMA DE INVERSIONS 
(PANAMA) S.A. 


xtunaged and provided by 

U.BAE GROUP 


EUROPEAN ARAB BANK 


BURGAN BANK S.AX 

KUWAIT 


KUWAIT PACIFIC FINANCE 
COMPANY LIMITED 


KUWAIT INTERNATIONfIL 
-INVESTMENT CO. S.A.K. 


UNION DE BANQUES ARABES ET ERANQAISES - UJ5.AJF. 


Doembef 1P77 




































*Ar^. 


5^»i§ ¥<M. 

\=1^ *& >*'■-' 'X,3& 

:• ?."•* /yM : 


'.’fsJCW** 


Mt before MarcJi. ; from the Mediterranean . were *#% 

Figures:-for tonnage' Iald-up not realised. Brokers do not 
and idle st January Bl' abow that envisage any improvements in * ■> 
the previous faH has been demand. 

reversed with an ihcrease-of 3m. Spot fixtW; ta principal *#>*? 
tons recorded over December. oil trades rapge from Worldscale . *3^ 
There ^were 73 tankers^dj 19 . 7 for & Guif/U.K. and the 18>\ 
combined earners oyer 200.000 continent/to Worldscale 77 for 

t0 ti S ot^ ].„» -niri*. the ■ Caribbean/U.S., both figures y.7%* 

Kates for very , large enzde f - ^ conditions. Under W§P 

SSSJS&iS^JSSt Medrterranean/U-K. SS 

The Wowdacale stood, at iaj/zu. 

But last week only. 17 vessels 

A «K.9nn Ann t™™ rfiartemd. -U»8w9. and to the U.S. UO. r.cV 


wd 

icit 

get 

Corn 


major 


iiONf- 


investment m 


Israel and South Africa 
in top level trade talks 


Comecon trade fails the 


BY LESLIE COUTT IN HALLE, EAST GERMANY 


i TEHJUx Pl 

rswij 

•■/fcSjJl! 

iK 3 J-j 4 

* »id it 
S- «aada le 
2 J ? 1 hoiUe^^ 
5«ton while 

r * «c«no m ic X 

ve :* the 

financing «*• 
Oy required if? 

? economic JJ*1 
It show> ui e v> t ^ 
air eousenjih, ? 

■ the SfcA 

‘«r * *4 

lo repW. 

Ahbas Hoieijj ' 

( Prime Minis^r' 
budgci, *hi, h 
eginning on w.- 
*s rcienae 
JST.2bn.), fc^JJ 
toivalem u{ ss-v 
*®and r«n.i5.1 
Jmdsei leaiesj 

* Sap of Kbn. u 
fe and cxp£' 

!»K «hc loiali 

ing required <0 

tented Slo.Tbn. 
evakrfo-An of 
mows that ih^ ^ 
and state-ov-ced ]» 

i: to raise $ 4 jL 
tic loans and 
a loans. Ecouooiii 
said Inin tenaiiji 
means to fin^ 
which amounis i 
enL of the bnd;n. 
stmeni in India 

itteveen fa 
s problems 
Congress 

urek Ma*t:r. 

WASHINGTON ?•• 

r'lTjV'? ' 

laiipn.i 1 
, SliTr-' 
aemer*. -:.••••- - 
rtvt. '■ -■ 

m- t.' -i-i-vi’ 4i : 

-..n:h 
5. Anv.-. 

5 tu :'.;•»*■ ' rtF: i 
Hcu-c •••■ 

beer. ■.. • _ :o r:- 
il ■ *. 

;w 'f ■;- 

re.*' <?'. •*' 

hi!*- 

Ati'.V ‘ r . - ' 

r 

jUV" 

■i, - r,- V *■ -' 2 r IJ- 

a »r..: -i 


wIANP^V 

:• 'gENHR^ 

for IM»^' 
for 

at ias t»c«s * 1 

« UM.'r 

• l?l 


«r k, K. SaARMAv G'. ^ .A 

tVE $RAXt of texn L & ^agreed' 
to supply unltorfted^qimMMes; 
of crude to Indtq at 05pEC 
prices aiad*4zEves{>dHri Supee. 
cqnivaleht fn A^ OHntfry on 
a number of major projee tsi 
■ These, alwiMa 

PWjeet in the eastern roast, - 
a paper and. ptdp rfactory in 
Tripura ‘state;mtdrWe second 
stage of . Oie lbiaLsthaiL-Canal - 
being tedlt to convert desert. 
Into rkji ftnnlmd j ;: - 
: This ^«rol^or^o«pds> H, derf 
was revealed Jo-dayr the 
Shah Iran- Wff-Jtew ®WW 
after a four- day' visit. ; .’.. 

The amount .'-'of. :ontde 
acdnlly made' 'awdlaWb: tfoilow^ 

1 ag thi» agreement wlH deiwed 
on lndJtt’s ^caiawlty te' estab- 
Bsfa -Tefintog ca p ac i t y . and to 
use Uto petarOtorai' pjroducts. 
Since refining capacity Is to 
Increase by at ■ around 3m. 
tonnes thb year, it could mean 
that the agreement: will lead 
to as - much as 3350m. In in- , 
vestment -by Iran in ■ the 
projects ?n this year alone. 
T3ils is certain to increase in - 
the coming .years and make ~ 
Irani a massive investor in 
India. , 

In rettufn, if substantial part 
of the production _ from the - 
projects will be earmarked 
supply to Iran which is. thus 
assured- of febdgntin, alumina 
and paper exports from India 
in addition to the fam. pre. ! 
pellets from the' Kndrempkh 
project lnJKanarataka State for - • 
which the Shah has-- already 
|pven,a$fi50m. credit.'. .... A 
The food grain to be supplied- 
to Iran, from the Bajasthan 


; J -:r DELHI, Feb. $, 

desert irrigated by the canal 
/financed by jhe deal will make 
- India a major exporter of food- 
grain fojr the fim time. 

Fsrports of foodgrain to Iran 
' ara expected to.'begin before 
' the canal project is completed. 
' TTigse wHl bc -made from 

^ Indla’s 'stdJBtantiai reserve 0 f 
j graiu yrtirii ijow amount to 
around 20ml"tonnes and which 
Aare cansS^ astorage problem. 
_"' /Tlie deid alao significantly 
; Improves trade and economic 
/. rdatfonp; between Indian and 
• Iran and thej^jhave agreed to 
ekphRt other awas, parti cu- 
;ferty pctrOdbemicals for which 
it spM&d_-^ri^^^«niraxitt(9e has 
been formed. ' ‘ 

_Tbe indelrah. Jdiofit commis- 
sion ii .to idenOify other fields 
hi which/the ivfn countries can 

collaborate. ’ 

In talks between toe Shah 
and B3rt*n« : Minister Morarjl 
. Desai. it - v was agreed that 
Indian participation in Iranian 
-development win'include rural 
-• olectxificatontgeneration and 
' transmission of power; railway 
consnltanocy services, technical 
. assistance, construction of in¬ 
dustrial estates^new town¬ 
ships and repair of ships. All 
r-tWs is likely- to Mead to deals 
-worth - several billions of 
dollars* 

But there' bag- been no 
.' progress towards toe Shah's 
proposal for a common market 
consisting of Ran, Afghan istan, 
Paldstas*' • India,' Nepal and 
Bangtadesh. : .The ; proposal was 
not mentioned i a.joint com¬ 
munique, •;. 


BY QUB4TIN PEEL 

SCIENTIFIC and technical v co- 
operation, and the growing 
imbalance of bilateral trade, are 
expected to dominate the talks 
to be held this week between 
Mr. Simcha Ehrlich, toe Israeli 
Finance Minister, and South 
African Government Ministers. 

The visit is the first by an 
Israeli Cabinet Minister to 
South Africa, and the first of 
a proposed series of bilateral 
Ministerial meetings between the 
two countries. Mr. Ehrlich will 
be meeting Senator Owen Hor- 
wood, the South African Finance 
Minister, and Government trade 
and scientific advisers. 

According to Israeli sources in 
South Africa, a major topic will 
be an extension of existing joint 
ventures between the two 
countries, of which the most 
important is toe operation involv¬ 
ing Iscor, the South African 
parastatal steel corporation, and 
Koor Industries, its Israeli 
counterpart, in a smelting plant 
and rolling mill at Haifa using 
South . African iron ore. 

Iron ore accounts for some 60 
per cent, of South Africa's 
exports to Israel, whose other 
principal components are 
asbestos and machine parts. How¬ 
ever, the Israeli Government is 
concerned about a deteriorating 
trade gap. between the two 
countries. 

According to the Israeli 
sources, Israel's exports to South 
Africa have declined from 
S34.7m. in 1975 to S26.7m. in 
1976 and $20-6m. in the first 11 
months of 1977. In contrast. 
South African exports to Israel 
have increased from $40.2m. in 


CAPE TOWN. Feb. 5. j 

1975 to 545.2m. in 1976 and | 
$4S.7ni. in the first 11 months 
of last year. Israel's principal 
cxporls to South Africa are tex¬ 
tiles, machinery and electronic 
goods. 

The talks are likely to reaffirm 
the programme tor increasing 
scientific co-operation between 
the two countries, under which 
regular exchanges of scientists 
have taken place. 

Although there has been 
widespread speculation that this 
co-operation includes nuclear 
research, there has been no offi¬ 
cial confirmation. Mr. Itzhak 
Unna. the Israeli Ambassador in 
South Africa, said five Israeli 
scientists would be visiting toe 
country this year, including 
specialists in forestry and ani¬ 
mal husbandry, aod medical 
research. 

The talks which are due to 
begin in Cape Town on Tuesday, 
are intended to result in a con¬ 
vention for toe avoidance of 
double taxation, and it is hoped 
to renew an agreement permit¬ 
ting South African nationals to 
invest in Israel. 

Civil aviation, with an increas¬ 
ing tiow of air passengers 
between the two countries and 
fishing, with two Israeli boats in 
South .African waters, are also 
scheduled for discussion. 

The other reported area of 
South African/Israeii co-opera- 
tion in military supplies 
and training is not on any offi¬ 
cial agenda although it is un¬ 
doubtedly of great concern to 
South Africa in Ihe wake of the 
imposition of a mandatory arms 
embargo by the UN. 


EAST GERMANY'S trade with 
other Comecon countries, bas 
doubled in the short span from 
1970 to a4.6hn. East German 
Marks in 1976. But how has 
this marked increase in intra- 
Comecon trade affected the 
range and quantity of goods 
available to toe East German 
consumer 7 

The statistics here show that 
in 1970. East German imports of 
“industrial consumer goods" 
from all countries'made up 4.5 
per cent, of total imports and -by 
1976 this had risen to onlv 4.8 
per cent. 

A stroll through an East 
German supermarket and other 
stores in this, the most advanced 
consumer society in Comecon, 
reveals the extent to which the 
East German has benefited from 
the growth in interna! Comecon 
trade. 

Haile, district capital of East 

Germany'^ main industrial area, 
has a population of 234,000. In 
search of imports from other 
Comecon partners, we etiter a 
modern supermarket in the main 
shopping street, the Klement- 
Gottwaid-Strasse. 

One of the first imported 
Comecon products found on the 
shelves is a can of maize from 
Hungary. Priced at 2.50 Marks 
(60p) it is a product one would 
certainly not have found in an 
East German supermarket ten 
years agn. East Germans still 
regard maize as animal fodder 
and it will take some time 
before it catchej on here as is 
beginning to be the case in West 
Germany. 

Boxes of crispbread from tbe 
Soviet Union are the next 


imported item discovered. It is 
inexpensive at 60 pfennigs 115p > 
a 270 gram box but the packing 
is so fragile that when the box 
is lifted the paper unfolds 
revealing the contents. Adjoin¬ 
ing it are much better wrapped 
East German knaeckebrot at 55 
pfennigs. 

Walking up and down the 
aisles discloses no other Come- 
con goods until one reaches the 
frozen food section. Some Polish 
ducks lie in a rusted freezer 
thick with ice and emitting a 
heady odour. This is tbe fault, 
though, of the mildewed East 


The shelves are filled with 
white and red wines from 
Romania, Hungary- and Bulgaria 
leading one to believe that who¬ 
ever is in charge of wine and 
spirits imports from Comecon is 
doing his job. 

Everything else in tbe store, 
apart from coffee and tea, is 
autarchically East German, from 
the meat to the Neuchatei-type 
■cheese. Prices for meat have not 
risen since the early 1950s and 
the price list displayed over Ihe 
counter contains over 60 cuts of 
meat. On the counter, though, 
lie a more modest six varieties. 


Eastern European consumers are suffering from stagnant trade 
between Comecon countries, as the West receives the best or 
their products. 


German yeast dough dumpKngs 
which have escaped from their 
bags. 

The only other imported 
frozen food in the store is 
frozen shrimp chips from Viet¬ 
nam buried under layers of 
frost. An explanation for ibis 
item is that East Germany, us 
part of its obligations to Viet¬ 
nam. has contracted tD buy a 
number of products from llanoi 
for which there is little East 
German demand and no attempt 
to create any. 

Over in tbe spirits and win 
section of the supermarket, how¬ 
ever, Comecon begins to come 
into its own. There is brandy 
from Armenia and Georgia in 
the Soviet Union as well as 
Hungarian brandy and a half 
dozen East German branntweins. 
Bulgaria sends apricot brandies 
and something called JRoza 
liqueur. 


all of them well below West 
German prices. However, the 
average wage in East Germany 
is also half that in West Ger¬ 
many. 

The overall picture which 
emerges is that despile it* rank 
as the second largest trading 
country in Comecon. with a 15 
per cent, share of intra-Comecon 
trade. East Germany has not 
been able to raise Che share of 
consumer goods it imports. There 
is enormous demand in East 
Germany for better quality fresh 
fruit and vegetables from the 
Balkans, but little supply. 

Bulgaria for example shipped 
nearly as much fresh fruit to 
East Germany in 1960 as it did 
in 1976 and while it exported 
nearly 2,000 tons of frozen fruit 
to East Germany in I960 hardly 
any in 1976. 

The explanation is that Bul¬ 
garia in the meantime has found 


more lucrative markets for jl<» 
agricultural products in Western 
Europe. At the same time the 
Bulgarians have greatly in¬ 
creased their exports i« East 
Germany of rork-iift trucks and 
electronics which ibe East Ger¬ 
mans are convinced they would 
be better off making themselves. 

Those consumer goods which 
are imported from fellow Come¬ 
con countries are vastly over¬ 
priced once The East German 
Government has laken its share 
of retail laves. Simple cassette 
rape recorders from Hungary, for 
example, sell for over 600 marks 
(£150) and Soviet-built colour 

television sets cost 3.500 marks 
for models which resemble the 
first ones sold in the West. 

The low priority attached to 
trading consumer goods by the 
Comecon countries does not 
mean that some large quantities 
are not exported, especially to 
the Soviet Uninn. Clothing 
worth 200m. marks and 70m. 
marks worih of shoes are ship¬ 
ped annually by East Germany 
in ihe Soviet Union. These pro¬ 
duct-; are of far better quality 
than those made in ihe Soviet 
Union and they disappear within 
hours of going on sale in depart¬ 
ment stores rhere. 

Recently, though, the Russians 
have begun to get more critical 
about the alleged poor quality of 
much of the merchandise they 
receive from other Comecon 
countries and Lhey make a point 
of comparing the goods with 
those offered for sale by Western 
countries. 

All Easterners know, however, 
that as soon as they are able to 
produce a product equivalent to 
lhat in the West it is first sold 
There- For hard vurrenev. 


Pakistan debt respite 


BY SIMON HENDERSON. 

IRAN' iff.' to"- reschedule * 
massive $570m. loan tb Paki¬ 
stan for Which the first instal¬ 
ment had been; due .in Jtone 
this year, J 

The Pakistan Military ruler. 
General Zla-ol Haq, confirmed 
this expected news to-day at a 
news conference following toe 
departure of (he Shah of Iran 
who stopped inis lama bad for 
a few hours on his-way home - 
from three day visit to India. 


ISLAMABAD, Feb. 5. 

ated in 1974 to help Pakistan 
meet balance of payments 
difficulties following the escal¬ 
ation In the price'of oil. It 
had been expected to be re¬ 
scheduled because ’Pakistan's 
weak economic condition made 
it - clear that- • the original 
terms would.; have been 
impossible to meet 
-To-day's visit .by the Shah 
was seen, mainly: as to avoid 
giving offence . by retaining 
home to Tehran direct from. 
Delhi: ■ . -.•v 


The loan had been fiegeti- - DeOiL • 

Little hope of increase 
in tanker charter rates 

BY LYNTON McLAIN, INDUSTRIAL STAFF 


Contracts 


• Lrtraset- has bought a small 1 
Italian art transfer manufacturr 
ing company,.Sbdecor, as port of 
its bid to double sales of jts con¬ 
sumer toy products. It-bas also 
reached agreement -with: Gillette 
to extend; a-marketing link-.-for 
the games tbroughont Europe, 
including the -UJK.,: and possibly, 
to the U.S. Gillette has'signed 
a tbree-year rolling, agreement- 
with the U.l^-hafied.Letrasiet 40 
market the games, which IbvolVe 
children putting colour transfers 
of figures onto a' background 
which js supplied. 

• David Brown . Tractors - of 
Mel than], Huddersfield, has 
started deliveries Ton one of. its 
largest orders evqT received'from 
Japan—450 farm tractors and 185 
front loaders worth £2;5a>.-, not 
£500,000 as reported last' week. 

• The Nigerian Newsprint Manu¬ 
facturing Company, which is 
building, a new pulp and paper 
mill complex at Oku ifroku in 
the Cross RiyeT. state of Nigeria, 
have awarded a £ 10 m. contract 
to Black-Clawson International 
at Newport, Gwentpulp and 
paper machinery manufiacturen:. 
The order covers two 4.7 metres 
wide newsprint, machines and 
P lant - 

0 Badalex of Weybridge, -has 
won orders' • for production 
machinery from lamp manufac¬ 
turers in Iran. Turkey, Pakistan 
and Spain. ’The- new contracts 
total £ 2 }m. and include operator 


training and technical assistance 
in addition, to the machine 
groups. 

0 Japan's Hitachi, will sell three 
large electronic computers , to 
China in March, with United 
.States' approval, the Asahi Shim- 
bun reported. Hitachi was said 
to. have accepted two conditions 
laid down by the U.S. govern¬ 
ment: that the memory capacity 
of the computers be reduced, 
and that measures be taken to 
prevent their being used for 
military purposes. . 

0 Toray Industries and Mitsui 
said they had join Gy won a 
S25m. order from the Soviet 
Union-for a polyester plant-cap¬ 
able of turning out 5.000' tons 
of yarns. The plant will be in¬ 
stalled at a textile complex in 
Minsk, Belorussiya. 

0 Turner and NewalL the Man¬ 
chester-based friction materials 
company, is aiming to expand its 
motor components interests on 
the ContiDmrt with-toe purchase 
of FIAAM Filter and Denver 
Cpmponents Italia of Mantova in 
northern Italy. - 
0 Societe Nation ale Industrielle 
Aerospatiale said it will take a 
45 per cent, share in a Brazilian 
company being set up to assemble 
and make French helicopters. 
The Brazilian Helibras company 
is being formed to assemble 30 
Lama twin-engined helicopters, 
and the construction over a ten- 
year period, of 200 Eeureuil 
helicopters. 


The right way to go about 
your business in winter 


UUorld Economic Indicators 


W. Germany 


Holland 


France* 1 

Belgium 




" Seasonally adiusted. 
f Provisional figures.-: - 



Jan. 78 

Dec 77 

Nov. 77 

Jan. 77 

OOO'f 

1,213.5 

1,090.7 

1,004.3 

1J543 

% 

5 A 

AZ 

4.4 

5J 

000’s 

4260.0 

4337-0 

6,800.0 

7,600 JO 

% 

6J 

44 

49 

73 


Dec 77 

Nov. 7 7 

Oct 77 

Dec 76 

000't 

19L* 

204.4 

2045 

1946 

% 

5.1 

53 

5.4 

52 

000's 

1,428.1 

1,432.9 

1,433.4 

. 10303) 

% 

. 40 

41 

6.1 

,.5A 

008V 

1,120.8 

1,054.9 

1,100a 

1,036.9 

% 

5,1 

5.1 

sa 

4.7 

fiOOY 

29A4t 

2947 

272.6 

260A 

% 

IU 

11.4 

10.5 

10a 


Nov. 77 

Oct 77 

Sep. 77 

Nov. 76 

000’s 

1,030.0 

' 1,000.0 

1.050.0 

970J) 

% 

1.9 

1.8 

.1.9 

U 


Oct. 77 

July. 77 

April 77 

Oct 76 

000V 

ij598JT 

U92J) 

1,432.0 

777J) 

% 

72 

7.9 

iJ 

4JD 


Fog, rain, ice, snow... 

Yet, throughout the winter, the regular 
Inter-Gty trains carry you to your distant 
business meetings at up to 125 mph. 

Smoothly and reliably. In warmth and 
comfort. In the restaurant if you’re hungry. 

When it’s foggy, your driver has an * 
advanced system of signal lights shining clear 
to tell him what’s ahead. 

On ice and snow, the train follows the 


right lines as surely as if its on rails. Guess why I 
No train is ever diverted to an out-of- 
your-way airport because of the weather. 

And next time you hear someone talk ' 
about Motorway Madness, remember it 
doesn’t just mean the stupid things other 
people do on motorways. 

It could be the decision to take the 
motorway in the first place. When it^s the last 
place you ought to be. 


























'4 


>- V 


Financial Times Mond^ Febrnary 6S92S. 



HOME NEWS 



Cost cut 
expected 
in raw 
material 

BY MICHAEL BLANDEN 

FURTHER SUPPORT for the 
Government's hopes of bringing 
the rate of price inflation down 
to single figures in the spring 
should be given to-day when the 
wholesale price indices for last 
month are published. 

The figures are likely to show 
a further, possibly quite sharp, 
reduction in the cost of indus¬ 
try's raw materials and fuels as 
a result of the rise io sterling 
during the month. The pound's 
value as measured by the trade- 
weighted index published by the 
Bank of England rose by "more 
than 2 per cent, during the 
month. 

The earlier improvement in 
sterling has already been re¬ 
flected in a reduction in 
material costs, which fell by 5* 
per cent, between May and 
December. 

• This in turn has begun to 
work through bringing a slow¬ 
down in the underlying rate of 
increase in industry's output 
prices at the factory gate, which 
will influence retail prices in 
coming months. 

There is some slight uncer¬ 
tainty over whether this pro¬ 
gress will have been maintained 
as then? tends to be some 
seasonal bunching of output 
price rises in industry. 

The Government’s monetary 
policy will come under scrutiny 
to-morrow with publication of 
the latest lending figures from 
the clearing banks and the official 
statistics of the hanking system’s 
eligible liabilities. 

These normally provide a 
pointer to the movements in the 
sterling money stock on the 
wider definition (M3j. In the 
eight months to mid-December, 
this measure had risen at a rate 
just 'above the top end of the 
official target range of 9-13 per 
cent, for the full financial year 
to mid-April. 

Spending 
money up 
120% over 


28 years 


REAL PERSONAL disposable in¬ 
come increased by more than 
120 per cent between 1948 and 
1976, while personal saving rose 
from only 1.8 per cent, of per¬ 
sonal disposable income in 1947 
to 14.6 per cent, in 19T6, writes 
Michael Blanrien. 

These are some of the com¬ 
parisons which can be made out 
of the third edition of the Cen¬ 
tral Statistical Office's Economic 
Trends annual supplement, pub¬ 
lished to-day. 

It shows, for example, that 
the rise in basic weekly wage 
rates in manufacturing industry 
between 3956 and 1976 was 
nearly 390 per cent. But the 
internal purchasing power of the 
pound dropped by 78 per cent 
between 1948 and 1978. 

Average prices of new bouses 
on mortgage rose by over 475 
per cent, from 1956 to 1976. 

The annual supplement brings 
together long runs of quarterly 
and annual data for the key 
series nf economic statistics. 
Some 300 series are included 
Jinked to rive contirmious runs 
as far back as possible in the 
post-war period. 


Banker urges 
freedom for 
private sector 

Financial Times Reporter 

THE PRIVATE sector needs to 
to be allowed to breathe, and 
even to make its own mistakes, 
if it is to maintain the morale 
and purpose Which are its justi¬ 
fication, Mr. Robin L eigh-Penr- 
herton. chairman of the National 
Westminster Bank, writes in to¬ 
day's issue of the bank's quar¬ 
terly review’. 

He draws attention to the in¬ 
creasing amount oF external in¬ 
tervention. imposing “ an enor¬ 
mous burden in terms of cost, 
senior management time and 
staff time.” 

For example, the bank esti¬ 
mated that full implementation 
Of the Consumer Credit Act 
could mean the issue of “ an 
additional 5m. pieces of paper 
per annum in the National West¬ 
minster Bank" at a time when 
the aim was to reduce the move¬ 
ment of paper. 


Barnett faces probe 
on economic future 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


MR. JOEL BARNETT. Chief 
Secretary to the Treasury, is 
likely to’ be closely questioned 
by an all-party committee of 
MPs this afternoon on the 
prospects for the economy. 

Mr. Barnett has been asked 
to appear before the general 
sub-committee of the. Expendi¬ 
ture Committee which Is hold¬ 
ing a series ol headings on (he 
Government’s spending White 
Paper. 

There will be close interest 
in Mr. Barnett’s evidence after 
the fairly pessimistic assess¬ 


ment of the possible medium- 
term prospects presented last 
week to the sub-committee by a 
senior Treasury economist 
Mr. Frank Cassell, an Under 
Secretary responsible for 
medium-term analysis, said 
that unless there was a marked 
improvement in industrial per¬ 
formance a 3} per cent annual 
rate of economic growth would 
leave unemployment above Im. 
in 1982 and would mean that 
the current account would he 
back in deficit within a few 
years. 


Members of the subcom¬ 
mittee, by their questions, 
indicated concern about the 
prospects for unemployment 
and the current account. 

There has also been discus¬ 
sion about the balance between 
capital and current spending. 

Treasury witnesses pointed 
out the additional current 
expenditure produced by new 
capital investment as a partial 
explanation for the larger cots 
on the capital side at a time 
when current spending was 
also being restrained. 


Hoover to start expanding 
Welsh plant next month 


BY ROBIN REEVES 

BUILDING WORK on Hoover’s 
expansion at Merthyr Tydfil, 
South Wales, is to begin next 
month and be completed by the 
end of next year. 

The expansion, with Ford’s 
new engine plant at Bridgend, 
is one of the two single most 
important investment projects to 
be announced in South Wales 
over the past 12 months. 

When completed, it is due to 
provide up to 3,000 new jobs jn 
an area where high unemploy¬ 
ment is being aggravated by 
closures and redundancies. 

The new Qictory. being built 
beside Hoover’s main plant for 


washing machines and laundry 
appliances, will help by drawing 
redundancies arising from the 
run-down of steel making at the 
British Steel Corporation's works 
at Ebbw Vale. 

Discussions with steel unions 
aimed at accelerating the run¬ 
down, in order to trv to stem 
British Steel’s financial losses, 
are already under way. 

The buildings fnr the new 
Hoover manufacturing complex 
represent the 9ingie biggest in¬ 
vestment to date—£10m.—by the 
Welsh Development Agency. 

The main huilding contract, 
worth £7im.. has gone to George 
Wimpey, for the construction of 


.a 270,000 square feet production 
block, together with another 
47,000 square feet of ancillary 
buildings. 

A second contract, worth 
£1.7m., for the construction of 
a separate office block and 
laboratory building, with a base¬ 
ment car park, has been awarded 
to G. Percy Trent ham. 

Hoover plans to use the new 
facilities to produce a new model 
of washing machine and possibly 
also dishwashers. 

The company is exploring the 
U.K. market potential for dish¬ 
washers with machines imported 
from its plant in West Ger¬ 
many. 


Farmers count cost of snow 


FINANCIAL TIMES REPORTER 

SCOTTISH FARMERS are count¬ 
ing thet cost of the “white-out" 
blizzards which swept across 
their land last week. 

They have also been out with 
their dogs searching snowdrifts 
for the fiocks of sheep and stray 
cattle lost iu the blizzards. 

No official estimates have yet 
been published of the number 
of livestock frozen or simply 
smothered in the snow storms, 
but Scottish Office officials say 
tbe total “ will be quite frighten¬ 
ing when we get it." 

Difficulties caused by drifts 
blocking roads and rail lines have 
been compounded by the collapse 
of the telephone network over 


the worst-hit. more isolated areas 
of the country. 

Helicopters and other rescue 
services which are commonly 
called on for transporting animal 
feed or digging out trapped 
animals. have been fully 
stretebed this year saving human 
lives. 

Some farmers in tbe worst 
affected regions —snowdrifts 20 
fet doep are still to be cleared 
and searched — have already 
started reporting losses of up to 
half their flocks. 

Provided the snow stays away 
the first' estimates of animal 
deaths and injuries should be 
available later this week. 


Mr. Bob High, secretary of 
the Scottish National Farmers’ 
Union, said that farmers would 
need compensation. 

It is not normal for winter 
losses to be compensated in 
Scotland, where farmers live all 
tbe year with difficult conditions, 
but this year's disaster is so 
widespread that Government 
relief will certainly be needed. 
• Hundreds of acres of prime 
Norfolk farm land, soaked by 
floods of sea water during recent 
storms, are unlikely to produce 
worthwhile crops until at least 
1980. according to the local 
branch of the Country Land- 
owners’ Association. 


Land ‘in grip of bureaucrats’ 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


THE GOVERNMENTS land 
nationalisation legislation has re¬ 
sulted in a ** bureaucratic mess.” 
according to Mr. Michael 
Latham, MP. 

The Conservative member for 
Melton said in National Builder 
— the journal of the National 
Federation of Building Trades 
Employers — that the Commu¬ 
nity Land Act and the Develop¬ 
ment Land Tax had proved of 
uo value to house builders. 

Only 33 acres of land acquired 
under the Act had actually been 
resold for development in Eng¬ 
land and Scotland in (be first 


year of operation, while, in the 
same period, 111 official instruc¬ 
tions. orders or documents of 
advice bad been issued — more 
than three for every acre of land 
resold. 

Over-staffing in offices hand¬ 
ling land tax matters was so 
large that, by last October, only 
594 vendors had been found to 
owe any tax out of 6,500 land 
transactions, a ratio of one civil 
servant to every four tax assess¬ 
ments. 

Mr. Latham, a former director 
of the House-Builders Federa¬ 
tion, claimed that although the 


aim of the Act had been to bring 
land forward for development 
in an orderly way and to ensure 
a reasonable supply of IaDd to 
tbe building industry, this had 
not happened. 

At the end of the scheme’s 
first financial year, the total loan 
sanction for land acquisition in 
England was just over £24m n of 
which only £12m. was spent 

This left 44 a remarkable £12m." 
unused, all of which promptly 
lapsed under the terms of a 
guidance note issued in Decem¬ 
ber, 1976. 


Shops ‘disfigure’ high streets 


FINANCIAL TIMES REPORTER 

LEADING STORE groups are 
criticised to-day for helping to 
“ disfigure ” high streets through¬ 
out the country with their shop 
fronts. 

Kentucky Fried Chicken, 
Golden Egg. Tesco, H. Samuel. 
Dolcis. Radio Rentals, Saxone. 
Dayvilles and McDonalds are 


rebuked for their “ aggressive 
standard facias" by Designer 
magazine. 

The magazine singles out the 
companies as examples of the 
“visual squalor and anarchy" 
an Britain's high streets to-day, 
but emphasises that they are by 
no means the only offenders. 

A three-man panel, headed by 


Sir Hugh Casson. president of 
the Royal Academy, says that the 
companies have not adapted 
their shop fronts to fit in with 
local architectural characteris¬ 
tics. 

The judges also object to over¬ 
sized lettering, repetition, and 
synthetic colours, such as 
Barclays Bank's cyan blue. 


Poll will be tough—Thatcher 


BY PHILIP RAW5TORNE 

MBS. MARGARET THATCHER 
called on the Tory Party at the 
week-end to prepare for one of 
its toughest General Election 
contests. 

“The coming election is a 
watershed election.” she told a 
Tory local government con¬ 
ference in London. “The vote 
could decide what sort of 
country we are going to live in 


for the rest of this century. 4 * 
She expected an October 
election. The time in which tbe 
“Labour trap 44 could be sprung 
would be running out after that 
• “ Not only will the Inflation 
fi gures be threatening to move 
up again, the Government will 
also be running into many of tbe 
problems they have postponed, 
not least on tbe pay front 


“For my part, October would 
do fine. I don’t think Labour, 
should be allowed to splutter on 
into the dying days of this 
parliament" 

Her speech brought an imme¬ 
diate riposte from Mr. EriCr 
Heffer. Labour MP for Walton, 
who accused her of trying to 
spread panic among voters. 


Meriden 
deal fails 
to raise 
output 


BY ARTHUR SMITH, 
MIDLANDS CORRESPONDENT 

THE much-publicised produc¬ 
tivity deal at the Meriden Motor¬ 
cycle Co-operative has failed, 
according to Mr. John NeOsou, 
managing director. 

Tbe scheme had not produced 
the desired increase in output, 
and there was “unease" within 
the co-operative at the way in 
which differentials for skilled 
workers were calculated. 

Tbe co-operative had returned 
to its egalitarian principles—a 
productivity scheme would 
remain in force but any benefits 
would be distributed equally 
among tbe 650 employees. Ail 
workers received a basic wage 
of £58.80 a week. 

The productivity deal. effective 
from the beginning of last month, 
aimed to introduce differentials 
for skilled workers for the first 
time since the formation of the 
co-operative nearly three years 
ago. But output has not been 
high enough to justify bonus 
parents. 

£2m. housing contract 

A NEW £2m. bousing contract 
has been awarded by the London 
Borough of Lewisham to Y. J. 
Lovei) (London), a Lovell Con¬ 
struction company. The scheme 
consists of 60 single-bedroom 
flats in four-storey blocks and 89 
two-, three- and four-bedroom 
houses. 

Wedgwood display 

WEDGWOOD is showing nearly 
100 new lines in fine bone 
china. earthenware, oven-to- 
tableware. Jasper, crystal and 
glass at its stand at the Inter¬ 
national Spring Fair, at the 
National Exhibition Centre, 
Birmingham. The last day to see 
the display is Thursday. 

Welsh craft scheme 

THE Development Corporation 
fnr Wales, tbe Wales Craft 
Council and the Wales Trade 
Centre. Los Angeles, are to intro¬ 
duce a scheme for marketing 
Welsh craft products through 
retail outlets in the U.S. The 
pilot project, to be launched on 
March 1 in Los Angeles, will 
involve 19 Welsh craft companies. 

3p on pint, claim 

MR. WALTER JOHNSON. 
Labour MP for Derby South, 
claimed at the week-end that the 
2p a pint increase on beer being 
introduced by some brewers would 
mean a rise Of at least 3p in the 
pubs. “The brewers are acting 
in a disgraceful manner and seem 
to he cocking a snook at Price 
Commission regulations.” 

Bid to save company 

THE BATTLE to keep the"New¬ 
burgh, Fife Floorcovering factory 
out or the hands of liquidators 
enters a new phase to-day. when 
a Board meeting of the com¬ 
pany's directors tries to organise 
more financial aid for the con¬ 
cern. given a £700,000 Govern¬ 
ment band-out in December 1976. 

D uniop recalls tyres 

DUNLOP is recalling about 1,000 
tyres after reports of defects. 
The company said the tyres—for 
Jaguar and Daimler cars—were 
a batch of tbe special size 
205-70 VR 15 SP Sport, made 
during the first week of June 
last year. 

Councillors' 1 pay 

THE Association of Metropolitan 
Authorities has urged the 
Government to give councillors 
a basic £1.000 a year, with extra 
payments for special responsi¬ 
bilities. on the lines of the 
Robinson report on pay for 
members of local authorities. 

Moral? booster 

SEX education could be 
“powerful counter" to _the 
influence of pornography, 
according to the National Union 
of Teachers in a submission to 
the Obscenity and Film Censor¬ 
ship Committee. It should also 
encourage “high standards of 
moral and social behaviour.” 

Bus fares rise 

THE United Counties Bus 
Company in Northamptonshire 
increased fares yesterday by 
between lp and 6p. Northampton 
town fares went up by between 
lp and 2 p. 

More ships laid up 

MORE than lm. deadweight ton 
nage of the U-K- dry cargo fleet 
was laid up for lack of work at 
the end of 1977. says the General 
Council of British Shipping. 


LABOUR NEWS 


Unions oppose 
British Steel 
output plans 

BY PAULINE CLARK, LABOUR STAflF . . 



THE financially troubled British ing 12 steel industry craft 
Steel Corporation was confronted -anions* was said to have refused 
at the week-end with a united to give certain commitments on 
front of opposition to its de- corporation • demands for co- 
manning and prod activity plans operation ia economies. • • 
when union leaders for about Faced with a forecast £520m. 

*’7 500 craftsmen rejected a loss in the current financial _ 

package including a 9i per cent, year, the corporation is anxious effects of the dispute could, 
increase’ in pay. for union acceptanc e of j it. ia feared, spread increaa- 

The offer, revised from an measures to 


raise productivity 

origtaalTSer cent package, was.and reduce manning- : 

refused last week by the Iron After six hours talk«wi&Jhe 
and Steel Trades Confederation, management at the weefcmM 
representing 67.000 manual wot- Mr. Eddie Unto, the crsrfte- 
kers employed by the Steel Cor- men’s chief negotiator, said, 
poration. We are disappointed at the 

corporation's attitude. 

rViruKfinnc ensMT His committee had made 

UOIKULions Snag counter-proposals “far beyond 

The craftsmen's meeting was anything we have offered before 
described as adjourned. But no to BSC.” These were said to 
new date for further talks has have included an offer of early 
been fixed.- negotiations on closing certain 

Negotiators said that they will steelworks, 
first press for a meeting with British Steel is seeking agree- 
Mr. Bob Scholey, chief executive ment to closure of some high- 
of BSC. cost plants aDd of those in the 

The sticking point for both Beswick Report on the industry, 
groups of workers seems to have before tbe planned dates, 
been in the conditions of the No precise figure has been 
offer rather than the percentage given on the number of jobs 
increase proposed. likely to be lost, but it has been 

Tbe National Craftsmen Co- suggested that it might be'about 
ordinating Committee, compris- 25,000. 


Phase Four 5% bid 
‘would be robbery’ 

BY OUR LABOUR STAFF . .. 

MR. CLIVE JENKINS, general Those wbo earned double the 
secretary of the Association of average wage would need 35.7 
Scientific, Technical and Maria- per cent 

gerial Staffs, warns the Govern-' Describing the Government’s 
ment to-day that any attempts "kite-flying” suggestions of a 
to keep pay increases down to Phase Four increase of 5 per 
5 per cent, in Phase Four of its cent, as totally unacceptable, the 
incomes policy would be viewed article says that incomes policy, 
as “robbery." in particular the 12-month rule 

Incomes would improve next on gaps between individual 
year and Government interven- settlements, would prolong the 
tion would show an impact only large cut in disposable incomes, 
on totally Government-funded in spite, of tax reductions; 
operations, Mr. Jenkins said. 

He writes in the union's 
quarterly economic review that 
merely to restore living 
standards to the level of three 
years ago the average wage- 
earner would need an increase 
of 23.4 per cent after the guide¬ 
lines expire in July. • 


to Ford 
strike 

BY OUR LABOUR STAFF 


THE PRESS shop strike, by 
1,000 Ford workers at Hale- 
wood eaters its -fifth week 
to-day with little sign of pro¬ 
gress towards a settlement 


ingly to plants elsewhere in, 
the country. 

The dispute, which has resulted. 
in laying off some 10,000 
hourly-paid workers, made 
another 1,500 men idle at the 
company’s' Southampton 
transit van plant before, the 
week-end. ■ 

A further 500 are expected to 
be laid off this week if the 
strike continues. So far, it is 
estimated that- more than 
£40m. has -been lost in sale¬ 
room prices of Ford EseoTts. 

Tbe strikers, who are disputing 
productivity - and . works 
schedules.' expect later -this 
week to hear the outcome -of 
Friday’s talks between.: Mr. 
Jack Jones, general secretary 
of the Transport and General, 
Workers’- Union, and union 
officials bn whether the . strike 
should be made official. 

Meanwhile, at the British Ley-., 
land Triumph car. plants',at 
Speke, Liverpool,, . ihdp 
stewards plan to meet to-day ' 
to fix the date for a mass meet¬ 
ing of 1,800 TR7 strikem.' 

About 1,500 Dolomite body 
workers have been laid off in 
Speke for three months be¬ 
cause of the strike, and others 
have also been made idle .in- 
Midlands DomoUte assembly' 
plants. ■ ■ 


Strike settled 

THE SOUTH Wales lorry- 
drivers’ strike was settled: 
yesterday. The six-day strike 
by 2,000 drivers over a pay dis¬ 
pute had - disrupted industry. 
Details of the settlement were 
not disclosed. 


Senior staff 
at ICI win 
union rights 

By Our Labour Staff 

THE Association of Professional 
Scientists and Technologists has 
achieved full recognition on 
collective bargaining. rights for 
senior manager* in ICI after 12- 
month talks with the company. 

Dr. Maurice GJJfcrbrand, execu¬ 
tive secretary of the association, 
and Mr. James . Bell, general 
manager of personnel at ICI, 
signed an agreement for full 
representational rights for the 
union, m what is believed to be 
the first agreement of its kind 
on behalf of members at such 
senior level in a major British 
company. 

Salaries for senior managers at 
ICI are upwards of £10,000 a 
year. The association claims 450 
members out of a total 2,006 in 
the senior grade category, but 
in the past, has been able to 
represent them only on an 
individual basis. 


CASTLEFIELD (KLANG) 
RUBBER ESTATE 

MR. ADDINSELL’S STATEMENT 


The 71st Annual General Meet¬ 
ing pf Castiefield (Kiang) Rubber 
Estate Limited was held on 
FeWuary 3 in London, Mr. J- 
ADDINSELL. the Chairman, pre¬ 
siding. The following is an 
extract from bis circulated 
statement: . 

Excellent crops and higher 
prices for both rubber and oil 
palm fruit, .together with an 
increased investment income, 
gave the company a record pre¬ 
tax profit of £706.957, which, com¬ 
pares with £403.145 for 1975/76. 
The surplus on trading for \onr 
rubber crop increased by over 
76 per cent, from the previous 
year and the surplus from oil 
palm fruit, now making a sub¬ 
stantial contribution to profits, 
was £191,743; this was 254 per 
cent, up on last year’s figure of 
£54.016. 

Taxation in Malaysia and the 
U.K. requires £394,166, equiva¬ 
lent to 55.7 per cent.' of tbe 
profit We recommend a final 
dividend of 2fip per share 
making a total of 3£p per share 
tor the year. : In addition, ‘a 
special dividend of 6.5 per 
share was also paid in July. For 
tax reasons we propose to pay 


the final dividend, if approved, 
after the 5th April 1978. 

The new oil mill, to be 
commissioned in. 1980. is .well in 
hand and progress of work on ; 
schedule'. The present estimate 
of total cost is approximately 
5J million ringgit about £1.22m, 
but the final figure must be 
expected to be affected by infla¬ 
tion. 

For the current financial year 
we estimate the rubber crop will 
be about 4 per cent lower than 
that for 1976/77 and the harvest 
of oil palm fruit to increase by 
about 8 per cent- Rubber prices 
have been moving in a fairly 
narrow range .either side of M$3 
per kilo' during 1977. Palm oil 
prices, after declining from the 
high figures obtaining, early in 
1977, may not improve substan¬ 
tially daring the next six months. 
Investment income received 
during 1976/77 benefited from 
higher interest rates on deposits 
than those now obtainable. 
Resuits for 1077/78 may not, 
therefore, match. last year’s 
record figures. 

The report was adopted. 

Aoents irntf Secretaries'. 

Harrison* & Cros/icW, limited. 


Surplus on invisible trade 
‘likely to fall further’ 


BY MICHAEL BLANDEN 

THE SURPLUS on Britain’s 
invisible trade, which has pro¬ 
vided a large and generally 
growing contribution to the 
balance of payments in recent 
years, is likely to fall further 
this year, say estimates pro¬ 
duced by stockbrokers Wood 
Mackenzie. 

The brokers say that the 
invisible trade surplus, which 
rose to a peak of £2ffbn. in 1976. 
slipped last year to as estimated 
£1.7bn. 

A marked deterioration is the 
surplus on' interest, profits and 
dividends, and a rise in the 
deficit on transfers, Ust year 
more than offset a strong 
improvement in the surplus on 
services. 

Many forecasters argued that 


it represented only a temporary 
setback, but invisible trade 
might have reached a turning 
point and the surplus was likely 
to drop again to £1.5bn. this 
year. 

As a result. Wood Mackenzie 
continue to take a relatively 
pessimistic view of the overall 
current account balance for the 
present year. 

Tbe forecast is for a surplus 
of only £S0Om. for the current 
year, against an official expec¬ 
tation of £1.5bn. and higher 
predictions made by other 
commentators. 

The relatively pessimistic view 
on invisibles is supported by 
three main arguments. First, 
the travel surplus which had 
been a major factor behind the 
improvement in the invisibles 


account in recent years should 
fall as more U.K. residents 
travel abroad. 

Second. • the surplus on in¬ 
terrat, profits and dividends was 
expected to be slightly lower 
than last year. 

Credits should rise as a result 
of a rise in interest receipts on 
U.K. foreign .currency reserves 
and a rise in the overseas profits 
of U.K. oil companies. 

But there was expected to be 
an offsetting rise in debits due 
to a greater interest burden on 
overseas borrowing and non¬ 
resident holdings of public sec¬ 
tor debt, and a rise in North Sea 
oil profits of overseas companies. 

Third, the deficit on transfers 
was expected to rise as the U_K.’s 
contributions to the EEC in¬ 
creased. 


Work starts bn second 
container terminal 


FINANCIAL TIMES REPORTER t 

WORK on a second container 
terminal, costing about £600,000. 
at Gars ton Docks, Liverpool, has 
been started by British Trans¬ 
port Docks Board to cater for 
increased traffic for Northern 
Irei and. 

It is due to be completed in 
June. t 

The site for the new terminal, 
on the east side of North Dock, 
will cover more than six acres 
and provide 1,000 feet of quay 
frontage, with a large back-up 
area. 

Two Liebherr 30-ton container 
cranes will be installed jointly 
by the Board and Irish Sea Fer¬ 
ries. which will operate tbe ter¬ 
minal with the one at Stalbridge 
Dock. 

Demand at the terminals at 
Stalbridge and North Docks has 
risen in the past five years from 
an annual throughput of 25,000 


container units to 40.000’ last 
year. 

. Both docks are used by Irish 
Sea Ferries, with the recent addi¬ 
tion of Unintar Lines* container 
traffic between Britain and Por¬ 
tugal 

AA dispute 
may spread 

A WORK to rule by Automobile 
Association patrolmen, telephone 
$nd breakdown service staff may 
be extended, the patrolmen’s 
union said yesterday. 

The dispute is over negotiating 
rights for 1.000 members of the 
Association of Scientific Tech¬ 
nical and Managerial Staff in the 
AA and has affected motorists in 
London, Surrey, Hampshire, 
Dorset Wiltshire, South Devon 
and North Scotland. 


76c anrouncraent appun as a rafter ol nari wtff 


October 1977 



SAUDI ARABIAN AMI4TNT1T CO. LIMITED 


SAUDI RIYAL 50,000,000 

FIVE YEAR FLOATING RATE LOAN 


Arranged by , 

BANQUE DE LTODOGEGGNE ET BE SUEZ 


O. Ktt (BAHRAIN) 
. Provided by'. 

American Express International Banking 
Corporation — O-BJti* (Bahrain) 

Banqiie de Tlndociuneet de Snez 


B. At Ll (Middle East) Ino 


Golf fctemationaI"Bank > B.S.C. 


Scandinavian Bonk limited Union de Bangtzes Arabes et Francaxses-UBAK 
Bahrain Branch O.B.U, (Bahrain) 


Agent Bank . . . 

Basque de 13nddebine efrde Sizes 
(AL-KHOBAR) 





Ov: 


“*Z. 




V‘> 


>:S 









end 

Foij 



JSlIl^Eaiik:' a share 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


M1M1 V HOW DOES one define inte li- 

gence? Many erudite people 
Save attempted to meet that 
challenge. Of their numerous 
definitions the one that interests 
me most is that: “Intelligence 
■ is the ability to behave in a 

*** unique way under novel circum¬ 

stances." 

eligible an employee must have However, that lacks compre- 
completed ten years' service hension and I am more happy 
with the company. The Lucas with the OEDS description: 


Keeping intelligent 
life at the top 


2K LAfcni ^ ^ ' 7 * • i s . .• r • 

THE ———■■■■.' eligible an employee must have However, that lacks compre- 

I™ shop „ faring ..scheme has je&fr jElfita: at nrofit sharing in whieh completed ten years' service hension and Tam more happy 

jpord -fiorW^, jntn« its iiUTpdiM^oiir'ili l974 * He Of pronc snaruig^ scnemes in Wiuen with ^ company. Xhe Lucas with the OEDS description: 

2*Jg*s Its but the dOTpany^^MtoJe^ .^ employees acquire shares ID their companies has share option scheme is Slightly ‘The faculty of understanding.” 

Sh? * the monev-has faeeh^^Iisgent gainp d iipw ■ importance since last Thursday^ different from the one planned which I find more suitable and 

fmm the Government fromT^'and^Les 

t0 «"“* for snch schen,es to ) S to ia f60 n aT^onths one appreciate that an infelli- 

bank, encmix^es theroto^oric. tlnSSpriBg ? S^ BilL Up to HOW only a few Into a Save As You Earn P«it indiviauaidiffers from one 

j rae. which », ^ ®W8 effidentl.y awlr*iv!es'them large companies in the TJ.K. (of whieh ICI scheme with a named building wno ls merely clever. 

Jiog off c as ^ a ^«ater-awarenesf-of,1be,busl- fcpct known \ "havA intrnrfncpd society. After doing this for be- Obviously it i s possible for 

-i>aid k ness system in general. The " ptODa»ty t xOC Oesl KnOwII) Have lnTTOaUCea. tweeQ &ve ao d sev en years he an individual to be clever ond 

?r 1.500 tWv*; ^bank also'^td^ns ‘that.'.fee SUCh Schemes. - Mere oUe Cameron explains the can then use his building intelligent; but too often the 
**¥* SrSw. ? * cheww **a» befcwjLto moderate Barclays Bank scheme and outlines another at society savings to buy the separate qualities dwell a world 
t van pia n , pay demands in’fee negw^ting t-. aqc , ImlnctriiHs shares alloted to him when he apart. Now. a computer (which 

’ -‘fr;,arena. *; v *'.. wicasuuuptuca* fir«t inined thp scheme. And he is but an electronic extension of 

*£>*5 ' h * .vailing in 1976 when the rights clever but in no wj a e intelligent 

ated s '* faj.4 per eent ofrfee annual con- Payees will ' become stock- like ito see as a tax concession issue was made—188p. Even the ability to master 

has .^r*,solidated neTriMTjfits—before tax holders. Bur he-stresses that for employees wiho receive and Mr. Vine of Barclays believes many languages do*s not neces- 

-prices v? - 0sl *a-and extraordinary Items—is set fee bank does not ppt any pres- keep stock. At present all there will be a great increase sarily indicate intelligence: after 

fkers. \vhi> ^ * asidc t0 be distributed among sure on people to retain the staff pay tax at fee normal rate j n the number of companies all. some budgerigars, with their 

ictmty dtjrthe staff in the/form of pash or stock they receive, binder the on the profit shares they running profit sharing and stock tiny, primitive brains can speak 

Soles, ' expert > stock. Those camlngmore.feari profit-sharing scheme.Nor does receive. It was because of the option schemes during the next whatever language their owner 
;.to bear tag 0 .„ 5 ^>500 have io ;accept ; stock jt try to persuade the lower introduction of a “penal rate few years—particularly profit speaks, he it English. Spanish 
ij’s talks although they can. Sell'it im-- P^d to choose. stock rather than 0 f tax" that Barclays has not sharing systems. or even Chinese. As for arith- 


by Barclays. succinct A picture begins to 

The idea is feat an employee emerge from that and makes 
can put up to £60 a months one appreciate that an tnfeZh- 
into a Save As You Earn indiviauai differs from one 
scheme wife a named building w * 10 ls mere k r clever, 
society. After doing this for be- Obviously it is possible for 
tween five and seven years he an individual to he clever rind 
can then use his building intelligent; but too often the 
society savings to buy the separate qualities dwell a world 
shares alloted to him when he apart Now. a computer (which 
first joined the scheme. And he is but an electronic extension of 
can buy them at the price pre- a clever man) is amazingly 
vailing in 1976 when the rights clever but in no wise intelligent 
issue was made—188p. Even the ability to master 

Mr. Vine of Barclays believes many languages does not neces- 


K-s&h;, 






IJ ll/c?q 


m 


r* . ; * xV.vsfi 


mi 


j <3 •) r c i* S 


* They was a playin' cards. — 


it? “ I asked. “A tidy while," 
was the answer. “Could you 
bicycle there from here in 
Essex?” 1 enquired. “ Certainly* 
Sir, I’m very good on ine bike.” 
So I asked him whether this 
would present problems. “No. 
Sir.” he said. “I’m good on me 
bike. Got it outside. Want to 
watch me?" 

I declined the offer and pur¬ 
sued the matter with the ques¬ 
tion “Don't you think you’d 
get a bit wet on the way?" He 
gazed at me incredulously. 
“For Gawd's sake, Sir.” he ex¬ 
claimed, “I'd take me mac, of 
course 1 I ain't a fool, you 
know!” 

At this point, some may be 
asking just what all this has to 
do with executive health. 
Plenty; because a valuable mind 
is just as important as a sound 
heart, and should be of great 
importance to management 
with selection. First one must 
presume that top people are 
themselves intelligent. This 
means that they are 
always ready to learn: to 
possess understanding: and are 
capable of listening to the 
views of employees of any 
rank: in other words, they must 
be endowed with the many 


j ia sear the Q.H nave- Jp ;accept ; SI0CK O' *•'**■■* uiLruuuouun 01 a penai rare lew years—parucuiaro pruui speaks, ue h uns/iMt. s>panjsn —• -*——- ranx: in otner woras, rney must 

ij’s talks although they eankeD'it im--to diocise. stock rather than 0 f that Barclays has not sharing systems. ur even Chinese. As for arith- be endowed with the many 

.Jones, genera ^mediately if they wish!; Those a itunp sum.. - F .- implemented a stock option “Companies are introducing metical ability. I once had a IQ test devised for one partieu- tiresome period in my career..f ac ets of humanity and not just 

Transport salaries‘below-£3i500' : are 14 We want everyone to have a scheme which was devised at more consultation and partici- patient whu was. in those days, lar race and culture, to some- Some answers I was given were one outstanding attribute as 

'tf 5 ' ^ a - or *- 'is &'oonually paid-tit-Cashribut they stake in the "Bnsdness and of the same time as the profit nation for their employees and called an ‘ idiot savant." but one of a totally different race truly marvellous. The book was blinding to others as to them- 

w on whether si.?na opt to^^ take:stdefc. and fee course it does weaken the system sharing system and accepted by 1 think this in itself must lead now would be described as and cultural background, the * : • - • - 

hilp 5- Cl >Siiai. bank prefers them- JCo do so. if people sell fe«r stock or opt shareholders at fee same extra- to an increase in profit sharing “ a severely educationally sub- result must be unacceptable. 

'TOuiv?* Erias * The amouitt ;-eadh person for a cash;; payment," Mr. Vine ordinary general meeting. schemes. It is almost inevitable, normal person with special attri- Again, an allowance for age 

I, .^receives is afakm&T per- ****-. “ eut-we.^f.feat pe°ple Under this scheme the 600 or bu . t ® s : ' -J n - Wa >*- 3t *- * b « rou J d be made - \ n a limited-time 

ards oentaee of «Jarv T^ nwrent- c arm »S below, a certain level so most senior bank enmlovces • neither dress n.«r feed himself, test, to the simple question: 

nfe date fnr v™ 1 * cashfe t^farsloAanyway would ^ been to buj an PerSliaSlOD was able within seconds of being “What is one and one?” fee 1S- 

af 1 son TP- Which is why. they were given ontion on ft , rf i narv hank ernnk . told 3 stranger s date of birth, year-old will put “two and 

v 1500 r.!,/ . - van g a choice in fee first place. £ 0r _ nom ; na i qum Thpv wnuiH “A nd *£ wc want 1 share to stale the day of the week burry on to the next question, 
irers'hav*- year tuyear ^e penjjwg on M ^h 0 i 1 i t } ; «i^. : i e -borne in havp hppn ship rn takp^nn thp own * n 5 democracy—if we want when he was born: and he was The 30-year-oid. wife much 

ce for 5 mind that manv serribr staff, who omin^hp^ppn thrpl^L Lvpn t0 extend company ownership never wrong. He also memorised more experience of life, will 


*2.® per cent and to 1976 fee ye< ?l£!?S se Bo "* ht the °P Uon - 

finure was 41 W ■ 'rtu.rp and P^rostraunt, and it is there- The stock option scheme 
— ,■_fore understandable feat some would have involved some ele- 


schemes. It is almost inevitable, normal person with special attri- Again, an allowance for age neighbour bad unusual visitors, tion of intelligence and experi- 

butes." Anyway. Joe, who could must be made. In a limited-time First a doctor called: then an ence. Then they are capable 

„ neither dress nnr feed himself, lest, to the simple question: attorney (^solicitor, lawyer etc.l; 0 f placing those of differing 

■ 0rSU3.SlOIl was able within seconds of being “What is one and one?” fee IS- feen a minister (priest, clergy- abilities correctly: and also to 

told a stranger’s date of birth, year-old will put “two" and man, rabbi etc.). What do you b e able to recognise the 

“And if we want 1 share t 0 stale the day of the week hurry on to the next question, suppose was happening?" intelligent and thence groom 
owning democracy—if we want w hen he was born: and he was The * 30-year-old. with much without hesitation, one lad t hem for succession, 
to extend company ownership never wrong. He also memorised more experience of life, will sa id ; “Well. I reckon they In this way only does an 
to workers—then we must do every nurse's duty hours for an regard the question as suspiei- was a playin' cards. You see. enterprise deserve to nourish 

it by Introducing the kind of entire year, something the staff ously easy and look for a catch, sir, they'd got a foursome, perdurably. instead of enjoying 

profit sharing scheme we have found very useful. Now. “one and one" could be * adn't they?" Quite improperly a comet-like existence, blind- 

at Barclays. Jntelli°Mnco tests are much n - Eventually he puts the right 1 awarded him a few more ingly brilliant when rising, but 

“But if such schemes are to Yet when a0D i ied answer, but his hesitation has mar ks for amusing me. Another a rapidly dying liability, whose 

kn thafl .imn a nmHiiik l -‘ u • " ,,ru ojjjjusu ^ __i .l _.f... .... . . ... ... . -_:i__ .... _ 


at Barclays. 

“But if such schemes are to 
be more than simple produc- 


•• SOUTH 
fS" strike 
lJ?y The 


. ..Jr- IS’S: fore underatandaWe feat some would have Involved some ele- K » “A. “ ,"nVi“"IS “ criticised. Yet. when applied answer, nut ms nesiauon nas marks for amusing me. Another a rapiaiy aying uaomiy wnu.e 

is a self imposed !»lary limit «f them'should have derided to ment of risk to those who de- be mBre 1 ft ? n simple produc proper jy manv of the older 0031 him Ume * and therefore, brightened my drab life with glittering tail may yet cause 
Ilk? CpttUS £ ^f 00 purposes of ^em ^oifld haw aecuted ment who ^ tivity-deals then awvmwtbe ,Xh!e guiSes. Pro" marks. crude logic. I asked him if damage long after the driving 

ILKc Sclllpjfee scheme and earnings over . . the stock puld faJ , r found to persuade employees j . the operative word. I used to have to carry out he had heard of Ireland, and force has lost its ephemeral and 

and •!*«,•• mrmn ■, ",7^ *• ' m T “ the,r “M Pa !2 lSr'i»»ipl*: If Sue .»«» an 30 I.Q. tests a tveek daring a he nodded. -How lar away is meretricious roagoiflcence. 

riBBa eaaag “ _ : - 


and above feis"’ "figure ^ are- : -^V^-; . ^ 

.‘^ ignored when salary ^^t' ODflOrtUlllty 
jjl'JL'ases are worked out ProM^t^ UIlUm V 


to*’***- >r her salary. - Baralay^hopes that not have been allowed to par- 

1 About of fee-bat^.^ezn-,^^ economic situation im- ticipate in both. On the other 
_ >loyees are eligshle people will do this, band, the rewards, when stock 

f A\ri»yiment and fee;nutjority ^f- : ' ; "T- think people are already prices rose, could have been 

tV-V*-*-- 1 —- *■-^ 'J| ( b em do opt for a lump identifying more closely with considerable. 

. Tr -afeer than stocic Of feo^ whfl^fe^ bank as a result of the profit Barclays would still like to 

A j ecelve stock — Vine says, bring in its stock option scheme 

»f fee lower ,psud people “ T^ e staff are more interested if the tax regulations were 

an rhnniip gppnndajaitiriy qtiVi 'i n bnw much profit'wr make and changed. There are two main 

STATEMENT fetid decide to sell. ./• . -rf-.v V are keener to Coinjiare one reasons why it would be limited 

•'‘.’year's results wife those of .fee to senior staff; Barclays, in true 
TT V previous year. Some of fee bank paternal banking style, would 

g^l io;,.-.-.-.!. IJUPprfQ|Tl ' T , L messengers can be seen Ibofcihg not like lower- and middle- 

rf-tne a::. -r 1 .^ .*** ,.; ; up share prices and I'm sure this ranking employees to be ex- 


For local deliveries 

your stree 




■r.v •. 
ffiti;'.! iff 


Sri/ lncentiye''«*ime- ed ° u « h “<>“«* f ° r *** 

SuMsrr.-.-.thmisfe -.nbt on i day-to^Iay °P?®° scheme 10 be ^ 

erased as selUngfe^-itoai ftjfisg»nt A Vine "*» «« »™ fit 

ugtt well hev, hoogbt aU or W0rk - ^ out fiZs to increase s ^ rm f , stock ,. »P U «" 

«• -r.v • V. r. i art of it privately. «rofits and nfife un their own schembs probably work best if 

rati;'.! :*»■ ' ’ - r- : >;= Deciding what percentage of ^ The money or the participants are white-collar 

aliau: 4 .iv -nnual coiisolidated. net profits X cfc 7 tlie ^^'_ oillP lo re ^ ive employees. At present there 
>fnr ivl-. • set aside for fee Scheme in- WeitveanTstoo remrte to affect 816 few manufacturing com- 

f^ved some, nice calculation.- S^Stof effSt feeyput p8nies wh i* ha I e brou ® bt in . 
at S rcr small a percenfege would y y schemes of this type. One of 

e be>- T . :i • •'■r ;'.ave made profit sharing point- those which has is Lucas Indus- 

** yet If tho:£gur^era set o?tSf4 ^ manufacturers of motor 

high,’.employ^ might co® e .S2 e Sr stT?n «>®P0n«ts. 

•S-’-' • depend on the «tra-income ___ Yet fee Lucas share owner- 


anoount 


IS' d::r.: 

ciriri.-:; 
so;’ !:■* 
hrr in'. - 

a 

-• 

«sor-:. 

vrfd 

n -' 


oor. . , . “ ■ J? ■{^ and managerial staff. Those 

■ rl-::- The bank was, alscr'-amdons ^±.^1 S ? Mne .. h _rr who are eligible are given 

its equity-shoidd not be- a h . an annual bonus in fee form of 

: : -ome too -diluted- Td-tirevent for ten ^ ears ' ,*• ?° shares. The value of the shares 

i", m .i “iis, it. was - derided* that hot-'-^ “ave found no real ans* eac h person receives varies 

; - iore than abqtitfi per cent 11 was -tiitroduced year to year, depending 

„ie issued Oyd jn ftiy ^pi-'-wofe fee support of the staff 0 n the company's performance. 
•-•' ■'il should be available- foil, use.-assocdaliito and of fee National Two years ago Lucas intro- 
- -"1 the profit-sharing';^heane! ^;?Pjtipn o-f Bank Employees; and duced a. share option 
--- Mr. Roy Vine, general mjaxuK-ifee adBafeistrative costs of profit scheme. This is open to shop 

er in charge of stafi^-sa’ys - the sBaring.are riot significant” floor workers as well as super- 

-- hope is featraU em- ' one thing Barclays would visors and managers, but to .be 





Northampton Shopping Centre. 


vv* v ■: t n- 41 ’ 




« \ ZINC FUTURES TRADING BEGINS FEBRUARY 8,1978, 



sltZ 




, 1 . 1 . ^ 


foiet‘ 

Jr* rf £ .‘ J , 

(VzhrV 0 ’ 


■ ■■■ h^^ffieiranc.f^uirementscxicinenicienf, 

; occessitile. New Mark market, which eliminates the.. 
v buden of hedgrig foreign cunency. 

’ Hedgers and public traders will benefit by fre 
Gonuerienf rnoSef hours, Ihe rapid order execuiron-, 
andiheprar^dsseminbtioncflr^ \ 

f draraci^'pofqltrn^lsfut^ 

. .! The COMB< zinc confracf calls for detwery of60X00 v 
: ! pounds of SpedalHgh Grade Zina^Trading hours 
■ t at© trero 10.15 am-fi:45 pm. New Yaklime. 

1 Hedging orspeculaiing...you *ou!d team more . 

' t cbout zin6 fukres. Information booWefe about zinc,. 

' I copper, gofcTahd silvertuhies fracing .are 
.. | available. Contact: CommocEiy Exchcnge, Inc* - 
i Four World Trade Center, New Ntxkr NY 10046, 

’ '{212) 938-2900. - 


^ !=E 2 f£E 3 

v:- W ~~ - * 

U:-i: - 


Wh SSlilittl 


,. s: , . 

'mmji 





t,r .*-v. 




Long and Hambly Ltd, Northampton. 


mAiiimimimmm 


a 


Mrs. Elsie Smith, Northampton, 


^TteWoiicfe Largest Metals Futures|xchange 

• / £JIV0> ( - cbpFER . GCU>' ZINC. 

a -; » D1 «v 0unM » 6o.tioo?pund* 



Roadline are up evea'one's street. Collecting and 
delivenng daily. In towns throughout the country. 

In rural areas, too. 

We call on shops, offices, factories. Foranyone 
who needs economic distribution. 

Our drivers are local men. They know the 
quickest routes. Where and when to call. 

They take care of your local deliveries. Or collect 
yourgoods for national distribution. Or Jink with your 
own trunking vehicles for Relay E -press final deliveries. 

Their ser/ice is friendly and efficient Fast and 
cost-effective. 

Ring Roadhne on 01-5SG 2210. day or night Well 
be right up your slreel before you know it. 

Wherever there's a road there's Roadline. 


roadline 

moving Britain’s goods 

AUernswCrmpsT,' ci drs iiali-;nal FttiaWSaJpwalte* 





























































tasiii P 


financial Times Monday February S 1978 


£0010 BY ARTHUR BENNETT AND TED SCHOETERS 


@ COMMUNICATIONS 



HANDLING 


INSTRUMENTS 



, pahlp tn the fork h™* 

* VaR/lV tv M1V INTENDED particui 

for Ro-Ro operators, ih 
• large capacity fork lift tn 

TlCTC troduced since the L 

L/Lm J. lgo Bagnal 1 /Henley merger i: 

tonne front loader. 


Powerful aose look at flnid flow 


DOWTY and the Marine Division to 4| tons wfcile the hydraulic 
of the Post Office have col- power unit weighs 2.5 tons. An 
la bo rated in the design and even lighter system is under 
development of uncomplicated, development, 
portable cable laying equipment Traction to cable or flexible 
that will allow offshore operators piping is applied through rubber 
quickly to lay both cable and tyred wheels driven by hydraulic 
flexible pipeline between rigs (motors. This allows the eqirip- 
and to the shore. ment to compensate for changes 

This will avoid the nead to in cable diameters and the 
bring in big. dedicated cable- wheel module can have any 
■laying vessels since the laying n umb er of wdseel pairs running 
equipment can easily be installed up t D maximum cable diameters 
in or removed from a much 0 f 14 inches, 
smaller unit such as a supply Cable tensions of three tons 
boat. and laying speeds of 4 knots can 

Machines have already been be achieved, hut provided lower 
built for the P.O. and the "French tensions are acceptable, paying 
manufacturer Cables de Lyon, out can take place much'faster 
Now. Dowty Offshore is promot- and Che cable wi-tl still be 
ing its equipment with the North handled gently and with nrini- 
Sea production companies who mum damage, 
will undoubtedly find many j S oae G f itbe first of 

applications for it. Dow.ty Offshore’s products. R 

As now specified, the equipment also Is working on fuel systems 
Is made up of just two sections: for platform gas turbines, 
the -laying wheel arrangement switchgear for subsea control 
and the power pack. Weights and precision hydraulics for sub- 
have been kept as low as pos- sea use. 

eibie and -the wheel pack, which Dowty Offshore, on Chelten- 
regulates cable tension, comes -ham 21411. 

© SHIPPING 

Feel saving on ships 


REDUCED OPERATING costs 
are claimed for a ship’s power 
generating system developed by 
Mitsubishi Heavy Industries for 
use on the main shaft of vessels 
with fixed pitch propellers. 

This concept is readily feasible 
for ships with controlled pitch 
propellers, when the speed is 
changed by altering the pitch 
while the shaft speed remains 
constant It is more difficult with 
fixed pitch propellers, since the 
shaft speed has to be altered to 
change tite vessel speed, causing 
frequency changes in the 
generated current 

The Japanese system has an 
alternator no the main shaft, the 
current from which is first fed to 
a rectifier for conversion to dc 
and then to a thyristor inverter 
for reconversion to ac at constant 
frequency and voltage, irres¬ 
pective of changes in speed. The 
company says that the system 
generates the rated output at a 
constant frequency even when 
the rpm of the main shaft varies 
between 80 and 110 per cent, of 


Che rated revolutions. 

The system can also provide 
an output proportional to the 
rpm of tlie main shaft at a con¬ 
stant frequency when the revolu¬ 
tions drop to 60 per cent. 

At least one auxiliary gener¬ 
ator has to be installed to provide 
stand-by power in emergencies, 
such as ** crash astern " or acci¬ 
dental stopping of the main 
engine—the ship's inertia is 
stated to maintain sufficient driv¬ 
ing power for the main shaft 
generator to continue producing 
current while the demand Is 
transferred to the auxiliary 
generator. 

During normal sailing, the 
shaft generator alone can pro¬ 
vide sufficient power to meet the 
ship's electrical demands, with 
resultant savings in the fuel 
required to run a separate 
generator. The system can be 
installed on fixed pitch propellor 
vessels already in service. 

Details from Mitsubishi Heavy 
Industries. 5-1 Marunoncbi 2- 
chome Chiyoda-ku. Tokyo. Japan. 


INTENDED PARTICULARLY 
for Ro-Ro operators, the first 
large capacity fori: lift truck in¬ 
troduced since the Lansing 
Bagnai 1/Henley merger is a 25 
tonne front loader. 

Optional is a reverse driving 
position and the carriage is de¬ 
signed to take a range of quick 
release attachments, including 
powered fork spread, and both 
side lift and top lift beams, to 
handle fully laden six-metre ISO 
containers. 

The truck offers full load 
capacity at 15 metre load-centre, 
and 6.1 metre lift. Powered by 
a Perkins VS diesel engine de¬ 
veloping 170 h.p. at 2,500 T.pan. 
it has power shift transmission 
with four .electrically-selected 
speeds forward and reverse. Out 
side turning radius is 5,880 
m.m., and height over the load- 
guard is only 2550 nun. Top 
speed loaded is 20 k.p-h, and un¬ 
loaded 30 k.p.h. Lift, tilt and 
steering are hydraulic. 

The cab, fitted with sliding 
doors, is insulated and mounted 
on resilient busbes to keep noise 
and vibration to minimum—air 
conditioning is optional. 

More from Lansing, Klngsclere 
Road. Basingstoke, Hants. .(0256 
3131). 

Presses 
metal into 
bales 

REPLACEABLE SHEAR blades 
with four edges, and replaceable 
liner plates, are features of the 
latest alligator type bales for non- 
ferrous metals from J. McIntyre 
(Machinery), Acorn Park 
Industrial Estate. Harrimans 
Lane, Dunkirk, Nottingham 
(0602 866657). 

Bale- size is 10 x 20 inches 
(length is variable). Shear lid 
compression force is 24 tons, 
while the horizontal ram com¬ 
pactor exerts SO tons on a load¬ 
ing box measuring 20 x 20 x 48 
inches. Hydraulic working pres¬ 
sure is 2,250 psi, provided by a 
15 hp motor. The machine 
weighs about 4{ tons. A wheeled 
version is available as an 
optional extra. 

Dry cycle time, lid open to lid 
open, is 60 seconds. The machine 
is also capable of baling ferrous 
metal (new steel swarf, etc.), 
or thin stainless steel sbeets, 
although the maker recom¬ 
mends special hard-wearing 
liners for these duties. 


BREAKING NEW ground in the 
ILK. instrument industry is Pros¬ 
ser Scientific of Ipswich with 
the announcement of an 
advanced hot-wire anemometer 
system. 

With the aid of a £100,000 loan 
from the Department of Industry 
and the Ministry of Defence, 
Prosser has brought to the mar¬ 
ket an instrument aimed at those 
carrying out detailed'fluid flow 
investigations in the aero, civil 
and hydraulic engineering fields. 

Most of the effort has gone 
into the electronics signal pro¬ 
cessing that fallows the hot-wire 
head and its modular arrange¬ 
ment means that only the needed 
measurement facilities need be 
purchased. 

Measurement technique is 
based on a heated fine wire 
probe in the fluid stream which 
tends to be cooled by the flow; 
in fact, the probe is an arm of a 
bridge circuit and by varying tbe 
power to the bridges the probe 
temperature, and so its resis¬ 
tance, is kept constant and tbd 
bridge remains balanced. The 
necessary voltage changes at the 
bridge ends are then directly 
related to tbe flow. The new 
Prosser instrument can deal with 
changes up to 300 kHz. 

To take into account the work¬ 
ing temperature of the fluid and 
its nature, the operating tem¬ 
perature of tbe probe can be 
directly set as “ percentage 
overheat" without upsetting the 
basic setting of tbe bridge. 

The electronic unit is two 
channel as far as the display 
section: the latter is single 
channel but is both analogue 


and digital and is able to add 
or subtract tbe two channel 
signals. 

In each channel an automatic 
or manual liceariser can be 
inserted: this is a polynomial 
device with terms tip to the 
iourth power, the coefficients of 
which are, in the first case, 
determined automatically by a 
microprocessor or are manually 
inserted after calculation, fn the 
second case. 

A signal conditioner module 
ran follow in which bandwidth 
limiting and gain- adjustment 
(for properly feediDg peri¬ 
pherals such a s recorders) can 
be carried out 

More about the equipment, 
known as the PSI 6000, from 
Lady Lane Industrial Estate, 
Hadfeigh, Ipswich JP7 6 DQ 
(047338 3005). 

Avometer is 


digital 


ALTHOUGH still heavily com¬ 
mitted—perhaps inevitably in 
view of a background extending 
back to 1926 — to the analogue 
moving-coil based meter, Avo 
nevertheless feels the need to 
gaiD a strong foothold in the 
digital multimeter market and 
has just introduced a new model, 
the DAII 6 . 

A previous introduction in 
1972 had a Nixie tube display 
and although highly accurate and 
easy to use it was basically 
mains operated with only a short 


m OFFICE EQUIPMENT 

Fiche can be updated 


MAKING its debut in tbe U.K. is 
a document recording system in 
which the microfiche can be up¬ 
dated by subsequent exposures 
over a period of 25 years. 

Offered by A. B. Dick and 
developed in the U.S. by A. B. 
Dick/Scott, System 200 uses film 
developed by Scott Graphics in 
which a fine aluminium-based 
layer is sandwiched: no silver 
chemistry is involved - and the 
film is insensitive to ambient 
light. 

Tbe process used is similar to 
xerography. The film, which is 
photosensitive, is electrically 
charged and then exposed to the 
image which discharges all but 
the image areas through the 
aluminium layer. A carbon toner 


Ls deposited on the surface, 
adhering only to the image areas 
aod then directly sealed into the 
mylar surface using a short flash 
from a powerful discharge tube. 
The whole image recording cycle 
lasts about eight seconds. 

System 200 is the first true 
microform analogue at the paper 
file folder, or so its developers 
say. In addition to the traditional 
advantages of maintaining active 
records in microfilm, it provides 
tbe same flexibility as paper files 
by allowing instant updating, 
random structuring and inter¬ 
leaving of documents plus annota¬ 
tion of existing images. 

The equipment uses a flhn size 
of 105 x 148mm, accommodating 
60 pages plus title, 72 if the 


battery life available from re¬ 
chargeable cells. 

The new instrument has 13mm 
high liquid crystal display and 
works from four torch batteries 
with - a claimed duration of 500 
hours. ■ 

Internally, large scale inte¬ 
grated circuits are used; a single 
LSI unit is employed for example 
for the analogue to digital con* 
version, performed by dual slope, 
technique with automatic zero' 
correction. The design is 
mechanically similar to that-of. 
analogue ■ instruments; ran ge 
selection and function switching 
are-both carried out by rotary 
click-stop controls reminiscent of 
previous “Avos.” AH tbe 
measurements' except the 10A 
range are via a pair of sockets on 
the front panel. 

Both ac and dc voltages can be 
measured from 200 mV to 1.000 V 
full scale, current from 200 
microvolts to 10 A full stale. 
In sil cases tbe actual maximum 
indication is 1,999. 

A useful convenience whan 
making repetitive resistance 
readings is the “ high speed ohms 
range” in which the response 
time of the instrument is reduced 
by a factor of ten. There are 
also six normal resistance ranges 
giving high accuracy measure¬ 
ments up to 20 megohms. _ In 
addition, diode and transistor 
junctions can be tested under' 
forward or reverse bias, the dis¬ 
play indicating the voltage, drop 
across the junction for a nominal 
current of 0.5 mA. 

More from tbe company ait 
Archeliffe Road, Dover, Kent, 
CT17 SEN (0304 202620). 


reference title area is used. 
Largest original that can 
be dealt with is 229 x 356mm (up 
to 6 mm thick) and a book attach¬ 
ment is available. The reduction 
ratio is 25:1 and tbe resolution 
is 125 lines/mm. 

Not much more difficult to use 
than an office copier, tbe machine 
normally works in a step and 
repeat mode; however, with the 
use of a keypad the next image 
can be placed anywhere on the 
film area. Interlocks prevent 
tbe accidental placing of one 
image over another; but by 
pressing two buttons at once it 
is possible to annotate the exist¬ 
ing image, or overprint words 
such as - void" or"superseded” 

More about the fiche recorder, 
which measures 1,520 x 740 x 
740mm and weighs 295 kg., from 
SS. High Street. Brentford, 
Middlesex TW 8 8 BA (01 568 
8899). 


• SERVICES 

Keeps watch 
on light 
and heating 

CENTRALISED building services 
control is being offered by 
Honeywell under the name 
Boss, applicable to • buildings 
100 feet or 100 miles away from 
the Boss control base. 

This, means that buflding 
managers can leave the control 
of lights, beating nod ventilation, 
plant surveillance and a l a rm 
initiation to the service which 
operates remotely over post office 
Ti yiog connected to appropriate 
sensors installed in tbe build¬ 
ings to which the service is being 
provided. _-' . 

Services operate -round cue 
dock aB the year and there, can 
be very few cases where savings 
on. light and beating will not 
almost immediately pay off the 
rental for tbe service, which can 
be as low as 50p per hour. 

Because users of Boss can draw 
on work Honeywell already-has 
done to match beating needs 

• PROCESSES 


• BESTOBEU. 
WIETERFLOW 


B estobeB—an international G roup 

with outside temperatures and 
the schedules of office and/or 
factory buildings, it is possible 
to use the system to achieve 
savings In energy usage in tbe 
average building of around 15 
per cent, or better.' 

At tbe same time, many users 
are linked into, the centre and 
thus share its costs so that 
individual charges can be 
reduced. 

No site has yet- been chosen, 
for tbe first Boas centre in the 
UK. though it will be in the 
London area. The heart of the 
operation will be a computer- 
controlled Delta 1000 building 
control unit which supervises afl 
the important parameters of the 
buildings in its care and provides 
a complete log of'all data coming 
from tile sites and all action 
taken. 

Further details of Boss from 
Honeywell on 0344 24555. 


Powder put where wanted 


AUTOMATIC AND Semi-auto¬ 
matic equipment for the pollu¬ 
tion-free application of powder 
to individual or continuous pro¬ 
cess products has been developed 
by Ctiandor. 

Typical applications are in 
plastics and rubber where pro¬ 
ducts need an a anti-tadk” coating 
to prevent them sticking to one 
another. ' . ‘ " 

The machines require elec¬ 
tricity, and air at 10 psi (50 psi 
on the larger versions). Generally 
a maximum of 30 inches of pro¬ 
duction line length is required, 


and a width of 18 inches greater 
than the widest product to be 
powdered- 

powder such as talc, is drawn 
from a reservoir , and sprayed 
through dust-guns. Excess pow¬ 
der ls removed by brushes and 
recirculated, while reduced pres¬ 
sure within the dusting chamber 
prevents powder escaping to 
atmosphere. Machines for Pro¬ 
ducts from 12 to 96 inches wide 
are available. 

Details from themaker at 
Station Road -Industrial Estate, 
Hailsham, Sussex, BN27 2EU 
(0323 842787). 


• WOODWORKING 

Versatile panel saw 


DEVELOPED BY KLkukawa Iron 
Works, of Japan, and now avail¬ 
able in the UJC, is a digitally 
controlled high-speed panel saw, 
which not only rips and cross¬ 
cuts simultaneously, but can be 
programmed to provide accurate 
headcuts as well. 

.The standard machine incorv 
porates five rip saws, three, of 
which are fitted with jumping 
equipment and vertical adjust¬ 
ment All bat the right hand saw 
also include lateral adjustment 
Cross-cutting is by a flying saw, 
which rises and falls. During 
cutting, the material is held by 


air operated clamps. 

Tbe rip saws can be set to 
provide panels varying from 
220 mm upwards in width, and 
the cross cut saw can be pro¬ 
grammed to cut up to three 
different lengths in sequence, 
repeating up to ten times within 
-the length of a single sheet qf 
material. The standard machine 
handles boards or packs up to 
1300 x 2500 x 400 mm thick, but 
larger versions can be built 

Marketing in this country is by 
Riverlock, Bloneyrow Green, 
Holyport, Maidenhead, Berks, 
SL 6 2ND (0628 37648). 


NTRACTS AND TENDERS 


Republic of Zaire 


SOCIETE D’ETAT 


EC AM I N ES 


Notice of international invitation to tender 


12.000 M OF RAIL TRACK EXTENSION 

INCLUDING THE FOLLOWING EQUIPMENT: 

' 1, Ralls 40 kg/m - length 12 m 2.000 pieces 

2. Steel sleepers with splay ends - length 2 m 16.000 pieces 

3. Steel sleepers with non splay ends - length 2 til 2.000 pieces 

4. Fish plates 4.000 pieces 

5. « M » clips 41.000 pieces 

6. «N» clips 41.000 pieces 

7. Fish plate bolts 8.000 pieces 

8. Clip bolts 72.000 pieces 

9. Rail anchors 12.000 pieces 

10. Turnouts in 40 kg /m rails mounted on steel 

sleepers : 67 assemblies 


Finance provided by loan arranged by Gecamlnes 
in conjunction with World Bank (IBRD) 


Firms interested in tendering few this project 
should write or telex, within one month for project 
specifications to 

Societe Generate des Mineral's 

DIVISION ZAIRE 

R6f. APP. 23/DV. 

31, RUE DU MARAIS — 1000 BRUXELLES — BELGIQUE 

TELEX n° 23.518 


YEMEN ARAB REPUBLIC (Y.A.R.) 
NATIONAL WATER AND SEWERAGE 
AUTHORITY 

RE PREQUALIFICATION OF TENDERERS FOR 
CONSTRUCTION OF WATER SUPPLY AND 
SEWERAGE IMPROVEMENT PROJECT FOR 
TAIZ, Y.A.R 

Your attention is kindly requested for extending the 
date of submission of required information up to 


CONTRACTS 

AND 

TENDERS 

APPEAR EVERY 
MONDAY 

For further details contact: 

FRANCIS PHILLIPS 
on 01-248 8000 Ext 458 


PEOPLE’S DEMOCRATIC 
REPUBLIC OF YEMEN 

INVITATION TO TENDER 

The Government of The People’s, Democratic 
Republic of Yemen (PDRY) expects to enter into a 
loan’ Agreement with the Kuwait Fund for Arab 
Economic Development in participation towards the 
cost of construction of Riyan Airport near the City 
of Mukalla. 

Qualified International Contractors are invited to 
bid for the construction of the Airport. 

Tender Documents can he obtained as of 1st of 
February, 1978 against a non-refundable charge of 
U.S.$3.00 (U.S. Dollars Three Hundred) from: 

Civil Aviation Department, 

Ministry of Communications, 

Aden, P.D.R.Y. 

or from: Dar Al-Handasah Consultants, 

(Shair & Partners). 

in London: 91 New Cavendish Street, 

London W1M.7FS, 

England. 

in Beirut: Verdun Street 

Dar Al-Handasah Bldg., 

P.O. Box 7159, 

Beirut Lebanon. 

Tender Documents should be simultaneously 
returned duly completed to The Secretary, Central 
Tenders Board, Ministry 1 of Finance, Aden P.D.R.Y. 
on/or before April 15, 1978 and as instructed in the 
Tender Documents. 


YEMEN ARAB REPUBLIC 
HIGHWAY AUTHORITY 

AL HUD AID AH - YEMEN/SAUDI BORDER ROAD 
PROJECT 

The Highway Authority of the Yemen Arab Republic invites 
Tenders for the construction- of the A] Budaidab - Yemen/ 
Saudi border road with an asphaltic concrete pavement. The 
road which is located in the northern part of the Yemen Arab 
Republic is approximately 204km in length and traverses 
through flat and rolling terrain. The project is financed by 
the Saudi Fund for Development, Riyadh, Kingdom of Saudi 
Arabia. . . 

The work is to be completed ]s 1.300 consecutive calendar days 
commencing about mid-l97S. \ 

Tbe Tender Documents can bp purchased from 15th February 
1978. from the below given address, at a non-refundable price 
of U.S. Dollars 500 per set to be paid in cash or by cheque 
drawn in favour of the Highway Authority, Yemen Arab 
Republic. 

Highway Authority 
P.O. Box 1185 
Sanaa 

Yemen Arab Republic 
Cables: TOROKAT. SANAA 
Telex: 208 ASHGAL YE, YEMEN 

The interested Tenderers should, send their requests to the 
above address and should personally collect the documents. 
Tenderers shall submit their Tenders duly signed and com¬ 
pleted to the Chairman of the Board of Directors, Highwaj 
Authority, P.O. Box 1186. Sfflaa, on or before 12.00 noon 
(local time), on 17th April 1978. 


“SARAJEYO-GAS” 

Organizacija udruzenqg rada zaWansport i diatribuetju gasa- ■ 
1 f^-u osirivanju— • 

C SARAJEYO-GAS " Enterprise; 

■ Sarajevo, Yugoslavia 

and 

“NAFTAGAS” 

Kombinat naftne sndustrije “ GAS -Radna organizacija 
transports, prerade, primenei prometa gasa 
—sa solidarnom odgovornoscu— 

(*• NAFTAGAS ” UNIT OR NGU) 

Nov! Sad, Yugoslavia 

Renew 

/ the ADVERTISEMENT 

for inviting Bids for delivery of equipment and \ 
materia] for the construction of GASLINE of cca 
265 km BATAJNTCA-ZVORNIK-SARAJEVO published 
in JAPAN TIMES. NEW YORK TIMES. DIE WELT 
Suppliers from member countries of International Bank for 
Reconstruction and Development and from Switzerland with 
good business status and experience of at least five years in 
the production and delivery of the subject equipment and 
material, which are able to obtain tbe guarantee from a 
renowned World bank, are herewith invited to submit their 
Bids for delivery of the following equipment and material: 

Un. Price of 
Tender Document 


Equipment and Material 
Tender No. 1 


4n USS 


Tender No. 2 
Tender No. 3 


Valves 

Flanges, insulation pieces and 
fittings 

Coating and wrapping material 


Tender No. 4 

Coating and wrapping material 200 

Tender No. 5 

Launching and receiving traps 200 

Tender Documents can be obtained from SARAJEVO-GAS 
starting from 16th January 1978 with previous payment of the 
above amounts effected. 

Payments are to he effected to the account of SARA-fEVO-GAS 
No. 10102-620-16-3096-829 with PRFVREDNA BANKA SARA- 
JEVO, Sarajevo Branch Office. Yugoslavia 
Your money order should mention full name and address of 
the payer and also number of Tender for which the payment 
has been effected. The bids shall be received not later than 
April 6 , 1978 by 12 o’clock local time. 

Bids are to be submitted in quadruplicate.to the address: 
SARAJEVO-GAS 
Organizacija ndruzenog rada za 
transport d distribueiju gasa - 
—u osnivanju 

71000—SARAJEVO, Yugoslavia 
UL Slavise Vajnera Cice 2 fU 


YEMEN ARAB REPUBLIC 
HIGHWAY AUTHORITY 
SAD AH - YEMEN/SAUDI BORDER ROAD PROJECT 

The Highway Authority of the Yemen Arab Bepubfic. invites 
Tenders for tbe construction of the Sadah-Yemen/Saudi border 
road with an asphaltic concrete pavement The road which 
is located in the northern part of the Yemen Arab Republic 
is approximately 79km in length and. traverses through 
mountainous and rolling terrain. The project is financed by 
file Saudi Fund for Development;' Riyadh, Kingdom of SaudT 
Arabia. ... .; * . 

The work is to be completed in consecutive calendar • 
days commencing about mid-1978. , 

Tbe Tender Documents can be purchased from 15tb February 
1978. from the below given address, at a non-refundable pitce 
of US. Dollars 250 per set to be paid an cash or by cheque 
drawn in favour of the Highway Authority. Yemen Arab 
Republic. 

Highway Authority 
P.O, Box 1185 

Sanaa : ' 

Yemen Arab Republic. . . 

Cables: TOROKAT, SANAA- ’ . • ^ 

Telex: 208 ASHGAL YE, YEMEN , -' - 

The interested Tenderers should send thefir requests to the' 
above address and should personally collect toe documents. ’ 
Tenderers shall submit their Tenders -duly 'signed and com-.' 
pleted to the Chairman of the Board of .Directors, Highway - 
Authority, P.O. Box 1185, Sanaa...on. or .before 12.00 nootf- 
(local time) on 18th April 1978. ' • ‘ . • 


LEGAL NOTICES 


JfO. 60040 of 1S7S 

In . the HIGH COURT OF JUSTICE 
OaKWj. D»«sH5n Companies Court. Ia 
the Matter of Y0RKCLADE LIMITED 
and In -1he Matter at The Companies 
Act. 1918. 

NOTICE IS HEREBY GIVEN,, that s 
Petition far the Winding op of the above- 
named Company to die BlEh Coon of 
Justice was on <bc 1st- day ol February 
1»W, presented to the said Court by 
COURAGE (EASTERN) LJMZTED wfww 
registered afflec is at Anchor Brcwfaouse. 
BoreeiydmrD. S.E.W to the Comity of 
Creator London—Brewers, and that the 
said Petition is directed to be beard 
before the Court stains at the ®w*t 
Courts of Justice. Stnuod. London WC2A 
2LL, on the 8th day ot March 1*78, 
and any creditor or contributory of ft* 
said Company desirous- to auppon or 
oppose tbe making of an Order on the 
said Petition may appear at tbe time 
of hearing, in person or by his counsel. 
for that purpose; and a cope of (he 
Petition will be famished by. tbe under- 
signed -in any creditor or contributory 
of the said Company requiring sutih 
copy -on payment of the regulated (Surge 
ror the same. 

TROWER. STILL b KEELING. 

a, N'. ttf Square, Lincoln's Inn, 

London. W.C3. 

Ref RGVf/AJB. Tel: BI-40S XU. 

Asems for C. R. JONES. 

Bedmjnsier. Bristol BSSB /JR. 

Solicitors for the Petitioner. 

NOTE.—-Any person tabo Intends to 
appear on the hearlnn of the said Petition 
most serve "un. or send to non to, tbe 
above-named notice in 'writing of Ms. 
intention so to do.. The notice must bw 
the name and address of the person, or, . 
if a firm the name and address-.of the 
firm and most be signed by the person 
or firm, or ht* or their solid tor rtf aay> 
and must, be served, or, if posted, most' 
be sent by post in ■ sufficient -time, tn 
reach ihe above-named not later than 
rour o'clock in the afternoon of tin 
3rd- day of March 1978. 


COMPANY NOTICES 


BANQUE FRANCAJSE DU 
COMMERCE EXTERIEUR 
9%—International Bonds due 
March 15. (989 

sus20,ooaooo.— 

we inform the bondiMiaers that 500 
bonds ot nominal aach SUSIJWD^— 
have been drawn hjr redemption hi the- 
presence m on “ htfOsler ™ In luem- 
boro do January 20. 1878. 

The nends will be 'refmbunwed at 
- Mr no March 15; 1978. coupon »• 
Match 15. 1979 and followlnt 

attached, accordtoo to the . conditions 
of payment oo tJw raven* o> *h* 
bonds. 

. The numbers. Ol.such drawn bonds 
are. as follows; 

14.256-to 7 ia. 375 IneijJ 14,,5 81 to’ 
14.G25 Inctu 14.031 to 14.6S7 lock: . 
14.66S to. 14.757 fuel-: 14.758 W 
14,777 (nd. 

The . to 11 owl no ' bonds wevloesfy 
called for redemption have not as ve* 
been presented Mr payment: 

4.774, 4.77S. 4.776. 4.777. 4.778: 
4.785. 4£05. 4.BOB. 4.807. • 4-613. 

4.820.. .4421. 4422. 4.B23. 4-824 

4.623.. .4.826. 4JIZ9, 4.838, 4,640. 
4.843. 4J144. 4.045. 4.846. 4.847, 

■ 4.B4B, 4.889. 4.B91. 

Amount outstanding alter March 15.. 
1978: 5US1BJM1Q.OOO,— - ' .1 

U ww bO Bs .. February 6. 1978. --- 

Lugembostv 


at .the Chlet Accountant's --. . ... 

BulWInW), Bunk y ot England, ’M* 1 ! 
eoKjfiiU. on Monday.' 13th Febrtarr. 
at 1i noon lor -. Greater London 











































*£*i 




j i ft ? f-1 n; Ci fTrTft 



H 


!^To 


project f3J 

•■ -•-"- : v-*'>.*■;. - . «p j 

Schedules V^rat^ MAJOR ppencastcoal ctfoWat and .''superaswF -work now to the company's head office in SlWSirflSk 
If*: buiidig™ oC^&rth' over-: ^m-^ i^.;,1i^ agreed .uporithtals 60 to 65m, Keigate, Surrey. The operator w TT 111 WlJ 
W the -tsf' U if -warded by The National' Ccail Finnish- marks , (SUS15m. to there feeds the data to the com- j_ T% /r j 

afer-in eneS 51 r -X...-:;; -' puter and within a very short T A VI OH K 

|ge: hn5& Cvactorsi. \;,7 time-a »>ner'of minutes-is IT1U1U » 

ieent. Or h2? ®rji The contract is/gt tbe.VKingS;- 3 l414- J||i JtW 3TI1 able t0 relay the estimate to the THREE CONTRACTS 
Ktte tern**- 1r - Opencast ,sJte^a?Can- ":.'T M customer. A printout confirming about f3Jm. have bee 

Baked b A biJH?* StgfcsuuL covers.-nearly j - T the quotation is mailed the same a. Monk and Co. 

! vSbare ,l° ^p>°° acres. - Ejscavatioh^orpver. f/\ v l ,#Yyp| I day. At Oldham, the com] 

«u*..i .f 5 ctjBt/’WWm. tons of «oiL overburden r'f /. ■*-*.V->\ ^ The system has been devised build a denot for thi 




Wide variety of work £6m. Qatar 

THREE research buildings for Robert Marriott, has won four 

the Royal Signals and Radar contracts. They are for Milton dll UU1 t 

Establishment are to be built gE?_ j * 

under a £o.4m. contract awarded 00111^01 

to Kier by the Property Services f ? r tb * B °™ n S h kettenn*, for dPUU. dt-l 


to Kier by the ProDertv Services lor lQe coraD go UI 

Agency on behalf of the Ministry tb0 conversion of faetjw Pj«- 

«r TWPn,.«» mlses m to flats (£224,459) and 


ISPUEY-TYAS 

CONSTRUCTION LTD 


TrujfiMpg^ 

in 


of Defence ' mises mvo nais ta-wMy*aw.» auu The overseas asphalt subsidiary 

One huiidin* r,„ .hr** for Habitat Designs for a ware- 0 f George Wimpey has been 

storeys and the other Iwt i borouchf^SlSits^fflSsOTO)’ awarded a contract by toe . 
nf n ;~u* __»+„,» oorougn, _ tvorinams. D ,,K 1 i« wm-L-c Ast-ir 


AM ttj h ; i a fi l^£j [il »y;Tji_i C i_o to p ini ci: 

,PQ' Sc *. 6‘ P o l rli, : Hil£Sl^?r<rPrl orf^Ev «i? « £: 


,v*_.» r - »" P’ -t rjX* - 7 , ' r T'> 




._ . . . complex of eight interconnected Also within the Group W and Ministry of Public Works. Qatar, 

*ent w'bej! The cpntrad is/ i at^.^n^X^t^' Ill » : SlW MFfl able t0 relay the estimate to the THREE CONTRACTS totalling blocks. Concrete frames, facing c has ga j ne d\ £l*ra. for work at Doha International Yn? P -?nrt 3 rnmn?*- 

^ood .opencast 114 U ™omer. A printout confirming about £3Jm. have been won by bnck elevations and asphalt flat fSm the \ondon Airport. of suoeSore 7or he 

finked im*? 01 *.St?ifls*and ; covers.-nearly j - T the quotation is mailed the same a. Monk and Co. roofs are called for. The com- RorQI , ?h nf Southwark for main rZ „ rc _ . JL® : ° e '' superstore for the 

f-VShara A° ^ p - acres. ‘ ’Excavatiqji^orpver. iTV' l-jAV^li day - At Oldham, the company is to pany, which is part of the French 7 0Ul A,j sur f a ce water sewers - 711 contract worth £6m. has British Home Stores-Sainsbury 

9&U&1 if co^Om. ton* of soil, overburden v 7* The system has been devised build a depot for the Greater Kier Group, expects to complete L thin xhe Old Surrey DoclJ 3USt sta rted and includes the re- enterprise, 

teed. char 6es reckdown&h590;^twiu by K °S er Barwick - Redland Roof Manchester Passenger Transport the work in two years. This work is due to becompleted SUI ? acin 5 of aircraft pavements, The store will form part of 

P^h . *te_needed, r I. - ^tCWajCl^ Tiles'financial controller. It is Executive adjacent to the Another Groun member inM^chig^ taxi ^ and aprons ‘ During Hemstead Valley Shopping 

the* Vet W °ver 4m. ttms.of.coal^to he ..tWit stewart- fNlceriai has a fj, ee service and the company present bu s depot A two-storey 0up m mDer * m Marctt ***• the operation, continuous flying Centre at Gillingham Kent. 

thwfS B ° Ss eeh? ficoverei * 8113 VWllt 7 l>e-.otrtaiwtd -ted vrarlr-oa'a fiL5m contracL has been e°co ura fi®d t° set it up building is called for. Archi- schedules wiU be maintained Developers here are Federated 

! * wu,^rom IS different'.si*ams-varying i^ivit^JKfrSuction of S Rowing its estimation that tects are Taylor. Young and p or . n I 1 while the work of laying 184.000 Homes, and work has already 

The i,ih tbickne&i' Eton; Sfiacim .^'aircrSt^hanear 'and servicine tbere wU1 ^ a Btron S upward Partners and the contract value \. 3.1131 3110. I13XS HI ;jD 3111 tons of asphalt proceeds in order | tar } ed . for completion this 

2355. '»e ■■ver.6.feet:.... , ..S . as'.-, -‘: jSSSi- 5? D w^t»- Mnhl^demand for roof tiles this year. Js n.7m. Completion is expected ^ UUU UWI ' J m to complete the contract by July, September. 

S- “ e, ta jfW* Coa:vnll l>e,mmsportti r ft6ih--.S«^fftrih^deMd^ Consideration is now being given early in 1980. LAING SA. Soanish member water supplies to Cartagena and 1979- . Architects are the J. S. Sams- 

' v '^>cb susJ^ e luthe.zie^ri^; CafijiocK,'pf Defence -fbr-'iise by the theprovision Dfasirailarser- For the Milton KeynesDevelop- W m P any of tlie La mg Group, has adjacent towns, is being built for T , flf . buTy Architects Department and 

fflKSJ NlfSS?S:ftoe^- - • vice £or vertIcal ule cladding, meat Corporation, Monk ts started work on the construction Mancomunidad De Los Canales £?"* "S ffi® surv ' eyors Henry 

U car ^ ereened MU The area coveH® by the build- n/-* a construct advance factory units of a 9 3 mjles canal from San Dei TaibJilla< and is scheduled contracl « e°- 13 the £2m - award and Son. 

umS 6 0l " ali^^ P^^ sUtiqns antf other Cpal ing will be '10j800 square metres 4m 1 at a rost of over £Im.. while at Javicr l0 Cartagena in Murcia, for completion by the autumn of 

s£.r «ss?r« :sj „«... More council work 

SsiUsh^fthomes ~ r ” a « »«• gsLjssa & jssslk: ^ t.™ ac , mu® ^ ««, u* „,o .^ 

- ”* sff-’ssrsRSS£ , ?ss by Mowlem “ *lu 1 sche " ,e 10 “ ppta ”“ drinkins £1 - 3n " sss /rss ™ ‘ir 0 .^,™ . f - 

wanfmns plan -• - Cleethorpes Minimising evaporation rx 

•«.««.« « V.-^^ SSgSffJiSn.’LSS-hSS "'S^SLJHLSfc._naw ... ,.®. T__eventually house nearly 850 Hon ,o more than Slum, never- 


. aL IJUU« xu^tw^uo. the flnjng out and comple . |on 

irport - OF a new superstore for the 

The contract worth £6m. has British Home Stores-Sainsbury 


important: 

^diogs in it. 


^4rajiaRSMSi £3 4 m 

. w sit. s : the main bahgar berag'120 metres II* 

homes 


u ‘Bund-" these •‘"will'-'Be used to « 


D-tou dump trucks 


®re wanfinns j 
S* s «^ig Nigerian 
SS^roject ' 


m ciaaaing .uu mass con- i it jr -m 

Crete bases. High quality hang a r h V VI OWlP ITI .... 

floor slabs .and'.adjacent apron J EvXvf “» fiV/HI. ii 

areas wiil -j , HOUSING contracts worth about 1^1001*1101" 
•..The-■,■project,- sdt^uled for £3_4m. have been won by John 
.completion In-72 . weeks, also Mnwlem and Co ± 

includes a -small ancillary block A t Brookbridge, East Sieven- 20|S DBW 
to houre generators _ and other aBe _ Herts, Mowlera has won a 11 

equipment; the woriesnop area is n.2m. contract for 119 dwellings ,-.^11 

to be ajrcomhtumed. and gained a second, worth about SG3 W3A1 

Design services axe by Gryphon £2.25m. for 175 three-storey 01 ^" M 

Associates of Edinburgh and the dwellings of traditional construe- SINCE THE recei 


is removed b-^ ^ FINNISH. consulting. agency, consultahte are 
orculated. while “^evecon Oy. is one of the several Builders of Ibadan.' 
e within the rt„ e Lr“«teriiutional agtroeles that- win -jr-i j • x 

vents powder 1 Contribute to the piatmmg of ||-Cf|HflQ f 


» -FW..W...V iv au|i|ii^uiCUL UUIIIUU^ a.L.i/Ui< 

Cleethorpes Minimising evaporation 


sea wall 


NOW AVAILABLE in the U.K. structural framework. The deck tenants, 
is a floating aluminium internal * s strong enough to walk on. The 
cover for tanks containing hydro- components will all pass through • . 


ing some 1.400 homes. 


carbon 


t, ‘ ,a . v °Iatile . nuiM. ^ cuttjng Q{ tank £or 
severe Designed in the U.S. oy the \ tvoi - aI 5 n.f Q ot di 


shell or roof manways. 


ssss Sites for deep holes 


in Lincolnshire is one coastal made fibre factory next month, material m granite tormauons ot uire wmen nm anew innurauuu 

resort whose worries about such The cover consists of a floating U.K. agent for the deck is unquestioned geological stability and this will be determined by 
weather conditions could soon deck with a skin of aluminium Nayler Petroseals, Dudley. DY2 will also have to assure them- drilling closely _ sited holes 

hn nini> Ini) cnnnArtaJ t... -tdv cal Vac vhp» ie nn flccurin" Severn) hlimlrF-ll feet deetl 3Qll 


Midlands 


^ ‘ w •-completion in late summer 3979. in Lincolnshire is one coastal ^ made fibre f ac tor>- next month, material in granite formations ot ture wmen win auo» • 

is iron 12 t0 jj. . nojecis^jn A*geria. ^ _ J . _ resort whose worries about such The cover consists of a floating U.K. agent for the deck is unquestioned geological stability and this will be deter 

^avajlame. *!2S[iSJi';SSwfilWlS' HI311 £ C2SV weather conditions could soon deck with a skin of aluminium Nayler Petroseals, Dudley. DY2 will also have to assure them- drilling closely silt 

Retails iron the ^ dUXTlll# SllODS be over - j , f ° n su PP° rt ed by an aluminium 7BY. West Midlands (0384 selves that there is no Assuring several hundred ieet 

Hon Road lnduMri?I? h " 1 - 0 . 15 an T REDLAND.ROOF Tiles has intro- ^ 2 New lkra-lon? sea defences r im and tubular pontoons on a 54406). of the formations. In other then forcing water dow 

ilsham , Sussev. y* in * al e r « ; de i-Snaeg- duced-a- quantities -and prices —to cost over £1.2m. are being words, they must make certain monitoring for us pn 

23 S427S7). Element -Superleur et ae --la estimating service.which will be T11^01001 undertaken by Balfour Beatty jrv . . that there is no water movement the other. 

ecnercfae ScicntinqueV ana operated with* the aid of a Construction (BICC Group) and I PAIllTinflPTlTG through the storage formations Ultimately, it is ai 

evecon Oy concermngj-theplan- Honeywell computer time shar- BELLWAY HOLDINGS has work has started on them with V/UUt-I.tlV that could possibly attack the storage holes may go 

mg and The supervision of the ing ihstallatian in Cleveland, awarded Brims and Co. a con- the driving of a sheet pile wall , _ . , containers and. .century by cen- much as 1O00 feet. Bu 

_ mslructiou work of a.university Ohio. - The company produces tract worth about £I.5m. for the which will take about 1,000 tons omnia international Building for the Omnia _systein and in- tury. leach out radioactive con- granite is found to be 

CQ\\r student campus in Setif; atid about ljbn. concrete- roof tiles construction of a major of steel. The structure will also Systems which licences methods eludes the training of Iraqi per- t am inants and channel them into or clav formations, or 

?'&**■ vf ao of uuiversitj; hospitals^ one a year. . shopping development in Gos- demand the installation 0 f of *ponng too st ruction through- soon el in production methods. ^ B etJeral water table of in underground salt 

. 1 Setif and another in Annaba.;• .The computer is programmed forth, Newcastle-upon-Tyne. 300.000 tons or reinforced con- out the world has been awarded Production capability will be Britain will be determined on 

^peraiea clamps. These four together make tip Jo estimate for any.one of 15 On a site of about 1.7 acres crele and 50.000 tons of rock fill, a flu. contract by the State over 1.6m. square feet oF com- come of an inti 


Concrete components 


saw 


(0384 selves that there is no Assuring several hundred feet deep and 
of the formations. In other then forcing water down one and 
words, they must make certain monitoring for its presence in 
that there is no water movement the other. 

through the storage formations Ultimately, it is anticipated, 
that could possibly attack the storage holes may gn down as 
containers and, .century by cen- much as 1U00 feet. But whether 
. ,n * tury. leach out radioactive con- granite is found to be the best, 
i per- taminauts and channel them into p r clay formations, or chambers 
■ the general water table of in underground salt deposits 
11 be Britain. will be determined on the oul- 

com- _.. . . . , come of an international 


Tw* *i n , r - ■■■“ ——..—... . “i- iu eaumMie tui. «u j ,mi ,U uu a one ui iiuuui 1.1 avi rg trcie uiiu w.uuu iuus ui 1 m. 1 v ihi. - - .-. ■ -v-v- — Thic Ie ,U n ■ „ ■_ _r V. muf ui an luimiauiiii.i 

itriria ' >a, ^ & Can ^ Project whose building.-costs basic robf shapes.and their deri- with a frontage of 360 ft to the They replace the existing sea Constructional Contracting Co. ponents annually. Omnia's . 15 016 primary a* 1 " oi project looking into the 

woe panels i^rwave been estimated'.at -over vations and calculations axe High Street, it wili when com- wail which has been overcome * n J[ ra£ f- licensee will be using the com- e s £. H " Dy various storage possibilities. 

cpv.ards in u^l20m. Finnish.'.• marks; njade in respect 1 -of all Redland pleted provide up to 130,000 sq ft twice in the last two years. The contract is for the design ponents for an extensive con- . e H . ana tor ^ D,CQ P er_ it also remains to be seen 
■ cros -» cut saw ivy, jUS280m.).: The planning work roof' tile shapes 'and ‘ include of retail space divided into a The whole operation should and supply of equipment for a struction programme in the mission is being sougnt for sites whether the U.K.-developed 
anmed to cut up til* take two j’ears ta complete. underfelL roof fittings,', nails or supermarket and aver 20 other be completed in summer next factory to produce components Baghdad area. in soutn-west bcouand. in uarricK gi asS ijgeation method is selected 

lereat lengths in tbe construction;' phase dips: ' V individual units. Roof-top park- year and meanwhile, Balfour forest, ana in tne cmmngnam yg-jnst SUC h S vstems as the high 

?eatiag up to ten [in B 1 °ther five years; . ' Buyers of Redland, "files take ing for 150 cars will be avail- Beatty is at work on the j • rpt j J? orest of Nortnumberianu. pressure encapsulation of waste 


‘ .length of i side r 11 >s 'Probable.'that building off the dunensiohs from the able. defences for the Lincolnshire 

item!. The staqdaj* n ^ ers will be asked from inter- drawing^ in the usual way and Architects are Waring and Rivers Division of the Anglian 


adles boards or w*; 
X) x 2500 x 400 an if 
aer versions cm 
S arke'ur*; m this coin 
rtirli»ck. Moaeyrov 
lyport. Maidehheal 
6 2ND 


utionaI markets.- The planning then telephone, tbe^information Netts. 


Water Authority. 


! T. ..•’J 
. 

S»t:c;. ■; 
r.-.o' 

i. t>— 
S.TSA-. 


. 1fEMEN ARAB REPUBLIC 

-- Yemenfienerai Electricity CorporitioR 

LEGA L NOTict [132kV TRANSMISSI0S PR0JECT ; V v 

L * .i ; !/ !**• " v' « ‘. r l ■ "• '. . 

'-'-v.' rt is the intehtion oC^ie Yemen General Electrfrity : • 
. ' CorporaUohr to c^L; for'T«3‘ders fQr l32kV transmission.- 

lines for.'the. Yemen Arab Republic. ' * 


-< ^;t ir- 
i -v >;•vt-t i>y: 

i3.--.-T jiti • -r. 


Beil & Webster 
steel and concrete 
industrial structures 


factory to produce components Baghdad area. in south-west Scotland, in Carrick g i asS ijg cat jon method is selected 

n a f n v^h?n!hoHnn.f g against such systems as the high 

!• j w ^ret 1 Forest of Northumberland. pressure encapsulation of waste 

I .OOlinP' lOWPrS lfl I lirKP^V several hundred feet down in suggested and extensively 
^ vv/Xill O t ' v/ fY vlLj these areas there are granite researched and demonstrated in 

AT ALA GAR, Turkey, the con- has been placed by Skoda Export, ^rmitions which might be suit- Sweden, 
densers on two 165 MW power Czechoslovakia, with Film Cool- _ _ ^•nn 

be coo'r^ d Lr. ® rme by Simonbmld 

throuehouf 1 * ub onn^L^/vfr FCT has also secured orders A £360.000 contract has been part of the £15m. modernisalinn 
(enouehto fill an t0 ripply cooling towers worth awarded to Simon build Stockport of BP Chemicals' chlorine prn- 

mintr non] in rhrPP £102.000 to OXO in Sweden, and (a Simon Engineering company), duction facilities at Sandbach, 

“zf p . e tes ’ worth £195,000 to Fluor in the for the construction of a brine Cheshire, for which Sim-Chem is 

The order, worth nearly £|m., U.K. pit and associated works. It is the main contractor. 


::t?e?y cr.r 

■ «h: 

••• -• :1: ii 
:r t-: i 
• • '-i ui' 

. ?”=.%•• l:cit 
:• - - 


: n -J. 1= 
.i- * i , 


Finns' are invited td raster by the 28th February, 
1B7S their intention to apply-for the docum^fits which 
wiJL he available - by the end of March 1978. jOnly Firms 
with adequate experience who have -r^^lered their 
interest may obtain the documents which w£ll be available 
from the.Offices .of the Consulting’Engineers 10 1116 
Yemen General Electricity Corporation^Messrs Kennedy 
& Donkin, -Premier House, Woking, Surrey.. United 
Kingdom.' 1 "' . '. ‘ 

A non-returnable fee of -"YR.2.500,-or.£300 sterling 
will be charged for each set of documents issued. 

The .scope" 3 of work will- compriBe double circuit 
transmission lines on steel tjy^rers, from a central power 
station near Hodeidah" to Hodeidah city, from the power 
station to Sana>-and. from Sana’a; to AraraH. The" total 
route length will be approxinraitely 330 kms. 

-. The L Project : will be financed byloans from the Saudi 
Fund for Development and tbe Arab Fund for Economic 
&. Soclai DevelopmenL 

Eirms wi^jihg to register should apply in writing 
to The'Cbm’nhaiW Yemen General Electricity Corporation, 
P;Q.- Bast il78j. Sana'a; - Yemen'VArab Republic, sending 
a copy pf this letter fb. the. Engjnecr, Messrs Kennedy 
&. Donkin; . 





--_. s =f*ANCAS 

BANQ-- " 
COr*:V=RCE 

9 -y-': 1 ;# 

srr*-)- 

,-. L .-r' 

t*-c - ... s. 




Poduzece za izgradnjn i odrzavanje vodovoda i 
kanalizacijeDubrovnik 

for ConsliitSbndf&’ sewage Treatment Plant and 
- Outfall into the Sea 


1-i ^ which'construction .represents' the fourth stage^of rei^rn- 
S”W. « : .DXlvnit: Water Supply System and- 

‘ ’ ^SewerageNetwork.;.- , 

" :1 - The Jntertiatiohal Bank for Reconstruction and Development 
, ta k es partin'flnamnng this project. -. 


Bank for Reconstruction 


Offer shall bd submitted by 3rd; April 1978 untH 12.00 local 

5 ' > time atthe same place;.- 


TheBelcon service to industry offers die design, manuf a cture 
and erection of precast concrete, structural steel or composita 
frames in Single, Double and Three storey construction. 
Brochures and details a£ the Bekxm service from;- 
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IN BRIEF 

• Andrew A. Pegram has begun 
work on a £150,000 extension to 
Loewe, Spanish leather merch¬ 
andise specialist, at 25 Old Bond 
Street, London. W.l. Architect 
is Jacques Blond. Paris. 

• Costain Construction has been 
awarded at £250.000 contract to 
buiid a geriatric ward and plant 
room at Stratford-upon-Avon 
General Hospital for the West 
Midlands Regional Health 
Authority. 

• Under a £430,000 contract 
awarded by Foster Wheeler Sir 
R. McAlpine and Sons is tn pro¬ 
vide plant bases, pipe rack 
foundations, drains, fire mains 
and cable trenches at Lindsey 
Oil Refinery at South Humber¬ 
side. 

• Benlox Holdings has received 
an order to carry out finishing 
work to 154 villas in Dubai, 
United Arab Emirates. The con¬ 
tract is worth over £lm. 

• Part 3 of the six-part publica¬ 
tion H Electrical Installations of 
Buildings" bas been published 
by the International Electro¬ 
technical Commission, Geneva, 
which is affiliated to the ISO. 

'This part covers assessment of 
general characteristics. Part 4— 
“ Protection for Safety "—is 
expected at the end of February- 
Work on the standard com¬ 
menced in 1967. 

• A £lm. contract to fit out a 
major extension to British Horae 
Store's department store in Edin¬ 
burgh bas been awarded to the 
Scottish Region of John Laing 
Construction. 

• Briggs Amasco has been given 
a £200,000 order for Bitumetal 
(metal-deck roofing) and metal 
side-wall cladding on seven 
advanced factory units at Brain- 
boro ugh, Wirral and another 
worth about £150,000 for insula¬ 
tion and mastic asphalt roofing 
on Liverpool’s new Law Courts, 

• Long“ Products, pipe tape 
manufacturing subsidiary of 
Alear.; Holdings, has won orders 
worth over £300,000 to supply 
protective tape for the Adia gas 
pipeline in Hungary and the 
Yugoslavia-Hungary oil line, 


THE 2ND 
MIDDLE EAST 
CONSTRUCTION 
EXHIBITION 

DUBAI 78 

29 OCTOBER—4 NOVEMBER 1978 

\ 

To be staged at the newly equipped Dubai Chamber of 
Commerce and Industry Exhibition Centre, the finest site serving 
the expanding markets of the Gulf and the Arabian 
Peninsular States. 

Additional facilities and improved communications and services 
will make the 1978 event even more important than the 
successful 1977 Middle East Construction Exhibition. 

B.O.T.B. support available to British 
companies under the sponsorship of the 
Building Materials Export Group. 

Organised by: FAIRS & EXHIBITIONS LIMITED London 

(Member of the Kern Organisation) 

Sponsored by: The Dubai Chamber of Commerce & Industry 
Promoted by: Middle East Construction 

Enquiries to. Robert Hodgeson, Sales Manager, Imperial 

House, 15-19, Kingsway, London, WC2B 6UN, 
England. Tel.: 01-240 3185 




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s 


Financial - Times ; Monday Fel»niaty?j6 -1973 




LOMBARD 


An undiplomatic 
ambassador 


BY ANTHONY HARRIS 


MR. ALONZO MCDONALD has 
a name which is memorable in 
itself. And in the flesh be lives 
up to it. The tradition of trade 
negotiations is to achieve agree¬ 
ment by boring your opposite 
number out of his senses: every¬ 
thing is wrapped up in anodyne 
words and recondite figures. Mr. 
McDonald, who is head of the 
U.S. delegation for the Tokyo 
Round talks now starting in 
Geneva, has hroken that mould. 

He looks every inch a diplo¬ 
ma*, and is a former manage¬ 
ment consultant, but he is not a 
man to call a spade a soil exca¬ 
vation programme. His words are 
blunt and plain—up to a poi nL 

When he came to London last 
week and addressed the Foreign 
Affairs Club on bis way to 
Geneva, he was not'ashamed to 
describe American policy as con¬ 
taining a “ more or less aggres¬ 
sive me ftrstism " — an altitude 
that first emerged with an 
equally plain speaker. Mr. John 
Connally. 

fie was equally blunt i.bout 
the political pressures under 
which he is negotiating. Unless 
some acceptable agreements can 
he put to Congress in principle 
towards the end of this year and 
in legislation by about the fol¬ 
lowing spring, the whole issue 
may hecome hopelessly entan¬ 
gled in Lhe next Presidential 
campaign. And in the U.S.. 
liberal trade looks like a vote- 
foser. 

This is likely to be the last 
trade round for a very long time 
and in the political situation 
which will emerge after mid-1979. 
some new rules'are going to be 
needed. 


some economic isolationism is 
natural and even rational. 

The natural result of this 
would he a mixture of cartelisa¬ 
tion and ad hoc protectionism of 
the kind that was ramiliar 40-odd 
years ago. But according to Am¬ 
bassador McDonald, that is 
exactly what the U.S. is now 
determined to avoid. His blunt- 
ness rather deserted him when 
be called for a regime which 
would avoid harsh internal ad¬ 
justments while preserving com¬ 
petition. conducted under trade 
arrangements which would com¬ 
bine ' greater flexibility with 
greater discipline. 

One is templed to suggest that 
proposals to achieve these ends 
should be submitted to the U.S. 
authorities on square, circular 
paper, and leave it at that. But 
the Ambassador did drop a few 
hints to help decipher his for¬ 
mulae. He denounced the GATT 
rules as rigid, cumbersome and 
slow, and he expressed Im¬ 
patience with some countries 
which ignore them altogether. 
And he -talked about industrial 
capacity. 

What he proposed was that 
thei’e should be j/iteniatidnal con¬ 
sultations on plans for major new 
capacity in sensitive industries. 
He called this a step towards the 
French idea of orderly free trade, 
but it sounded more like an 
attempt to internationalise 
French indicative planning. 


Horse trading 


Protectionism 


This could, uf course, be no¬ 
thing but an acute negotiating 
ploy: the Ambassador was in 
effect asking his opposite num¬ 
bers to provide something to 
help President Carter persuade 
w potentially rebellious Congress 
to u^ree to anything at all. 
Pleading puwerlessness against 
your own voters is one of the 
oldest hut still one of the most 
effective tactics in any bargain¬ 
ing between sovereign Stales, as 
every Brussels veteran knows. 

However, there seems every 
reason to believe Ambassador 
McDonald, for what he said is 
borne out both by political Ob¬ 
servation in the U.S.—and in 
other countries for that matter 
—and by the economic situation. 
At a time when the world is in 
obstinate recession, and it is 
fashionable in the financial 
world to say that this is the 
long downswing forecast by 
Knndralieff iwho must be laugh¬ 
ing from his Bolshevik grave) 


If the idea was to achieve bind 
tag agreement on new investment 
it would be a non-starter. It is 
hard to imagine sovereign gov 
ernments negotiating such 
questions successfully, as the 
Industrial Commissioner in 
Brussels could testify, and 
equally hard to imagine how such 
agreement would be enforced. 

But Ambassador McDonald was 
quick to disown any such disci¬ 
plinarian notions. He only 
wanted, he said, to achieve 
** transparency ” in an area where 
little light had hitherto been 
shed. 

The meaning is still far from 
obvious. But if you take all 
these rather impenetrable 
remarks together, and stir in 
some more rather vague observa¬ 
tions to the effect that ** the com¬ 
mingling of economics and poli 
tics makes obsolete our past 
mechanisms for resolving trade 
disputes;* a picture begins to 
emerge which can be described 
in two words: horse trading. 

Ambassador McDonald would 
be happy to start discussing the 
ground rules. Next time he says 
it, though. I hope he will be 
more transparent. 


THE WEEK IN THE COURTS 


When promissory notes 
resemble commodities 


BY jUSTWIAN 


WHEN A BANK discounts a 
long-term promissory note for 
a borrower, what is the commer¬ 
cial nature of the transaction? 
That was the crucial issue in 
the appeal in the House of 
Lords in Willingale (Inspector 
of Taxes) v. International Com¬ 
mercial Bank Ltd. decided last 
Thursday in favour of the tax¬ 
payer by a 3-2 majority. 

Lord Diplock (one of the two 
dissenting Law Lords) said 
that the transaction seemed to 
him to be “a loan of money 
repayable by a larger sum at a 
future date." a view shared by 
Lord Russell of Killowen. But 
the majori ty (the two Scots 
Law Lords. Fraser of Tully- 
helton and Keith of Kinkel, to¬ 
gether with Lord Salmon) took 
a contrary, and in some respects 
curious, view. They said that 
what the bank was doing was 
essentially different from earn¬ 
ing interest on a loan, being 
akin to acquiring a commodity. 


Preparing 


Very briefly, the facts were 
these: Intemation Commercial 
Bank (ICBJ discounted promis¬ 
sory notes for terms up to ten 
years for foreign borrowers, 
and in preparing its accounts 
followed tiie method generally 
adopted by clearing banks (and 
in accordance with accountancy 
principles) to give a true and 
fair view of the profits for each 
year during which they held a 
note, by taking credit lor a 
time-based proportion of what 
they would earn, in discount, 
over its whole life. By way of 
example, a five-year note of face 
value £15,000, would be dis¬ 
counted for £10.000: ICB would 
at tiie end of each of the ensu¬ 
ing five years bring £1.000 of 
the total discount into credit in 
its profit and loss account, in¬ 
stead of waiting until the note 
matured and then bringing in 
the whole £5.001). Each such 
annual slice of discount was 
variously described as " accrued. 
or earned, discount.” ICB 
appealed against assessments to 
tax. based on its own figures 
for annual profit, on the ground 
that this method infringed the 
fundamental principle of tax 
law. that profit is not to be taxed 
until is has been realised. 

So the whole argument turned 
on whether this judicially-coined 
principle applied to exclude any 


such element of “earned dis¬ 
count ” from a year’s tax com¬ 
putation. The leading majority 
speech was Lord Frasers, who 
made four points: (I) discount, 
unlike interest, does not accrue 
and is not earned; (2) when a 
bank discounts a bill it does not, 
except in a very loose sense, 
render services to the borrower; 
(3) it is acquiring an asset, and 
so long as it continues to bold 
that asset it does not, and can¬ 
not, realise any profit or loss in 
respect of it; (4) if the bank 
takes credit for any “accrued 
discount ” while it is stiD hold¬ 
ing the bill, it is thereby anti¬ 
cipating a profit that has not yet 
been realised, just as would be 
the case if the bills were 
ordinary commodities. 

Lord Keith put his finger on 
the logic of the contrary view 
when he said: “The reason why 
accounts prepared in the man¬ 
ner adopted by ICB show a true 
and fair view of its profits over 
the years is that, in order to 
have funds available for its bills 
of exchange transactions, the 
bank borrows money at in¬ 
terest The interest payable each 
year goes into the debit side 
of the profit and loss account 
and it is with the object of 
showing what benefit there is 
to counter-balance these pay¬ 
ments that a fractional part of 
tiie discount on the bills is 
taken into the account on the 
credit side in each year.” But 
he at once went on: “It is not 
accurate to say that the in¬ 
terest payments are earning 

these fractional parts of the 

discount." and he concurred 
with his Scots colleague's pro¬ 
positions (3) and (4) stated 
earlier. Significantly he did not 
adopt point (1), and (2) he 

adopted only in this qualified 
form: “ICB is not reasonably 
to be regarded as rendering 
services to the issuers of the 
bills for which the latter then 
and there become liable to pay.” 
(Nobody could quarrel with 
that!) 

Lord Salmon, the third of the 
majority, having agreed with 
both Scotsmen, went on to con¬ 
sider what ought to happen in 
the case of a five-year loan of 
£10.000 at compound interest, 
payable only at the end of the 
term, and amounting to £5.000 
in aggregate: tax, he thought, 
would be exigible on the £5,000 


for the fiscal year is which the 
loan agreement was made “with 
an allowance for the deferment 
of the payment of interest That 
would be tiie year in which the 
bank earned the right to be paid 
the £5,000 in five years’ time." 


The minority (Lords Diplock 
and Russell of K. Newton) took 
a simple view—the converse of 
Lord Fraser's unqualified point 
( 2 ) — that discount (like 
interest) is the lender’s reward 
which be earns by providing a 
service—the use of his money- 
over a period of time. Although 
such reward be not payable at 
the end of year 1, the service 
of providing the money through¬ 
out year I has been, by its end, 
completely rendered; hence 
earned; hence no principle of 
tax law precludes credit from 
being brought to account, when 
to do so accords with sound 
accountancy practice. 


Maddening 


Since there was no majority 
for Lord Fraser's unqualified 
(2), it is not easy to distil from 
all this any clear single prin¬ 
ciple upon which to conclude 
how the court decided to appeal. 
A further maddening complica¬ 
tion is the suggestion, rejected 
by the minority but treated with¬ 
out disapproval by the majority 
that the whole of the discount 
could be brought into account as 
an earning in the year in which 
the note was acquired, though at 
a reduced figure to reflect defer¬ 
ment of the date of actual pay¬ 
ment. 

The inference must be—in the 
example put—that although to 
bring £1,000 into credit in year 
1 objectionably anticipates pro¬ 
fit, to bring in £5,000 reduced 
by £x would be unobjectionable: 
and presumably, in that case, 
the' £x would be taxable at the 
end of year 5. 

The accountancy profession is 
likely to take that suggestion to 
its bosom with as little enthusi¬ 
asm as the decision itself will 
be received by academic 
lawyers. With due respect to 
Lords Fraser and Salmon, they 
seem to have decided that a 
moneylender who takes a pro¬ 
missory note from his borrower 
has essentially stepped out of 
the business of providing a loan 
service, and marched into the 
commodity market. 



t Indicates programme in 
black and white 


BBC 1 


9.38 a.m. For Schools. Collegs. 
10.43 You and tic. 11.22 For 
Schools and Colleges. 12.45 p.m. 
News. 1.00 Pebble Mill. 1.45 Bod. 
2.0) For Schools. Colleges. 3.15 
Songs of Praise. 3.53 Regional 
News for England n*::cept London) 

3.55 Play School (us BBC 2 11.00 
a m.). 4 J2Q Deputy Dawq. 4.25 

.(ackanory. -L4u Hunter’s Gold. 
5.05 John Craven's Newsround. 
5.10 Blue Peter. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 
fi.20 Nationwide. 

6.50 Ask the Family. 


7.15 Blake's Seven. 

8.10 Panorama. 

9.00 News. 

955 The Monday Film: “The 
Groundslpr Conspiracy," 
starring George Peppard. 

10.55 Tonight 

11.35 Weaiher/'Regional News. 

All Regions as BBC-l except at 
the following times:— 

Wales—1.45-2.00 p.m. Pill Pala. 
2.18-2.28 For Schools. 5.55-6.20 
Wales To-day. 6.50-7.15 Heddiw. 
11.35 News and Weather for 
Wales. 


Scene Around Six. 6.20-6.50 Land 
Larder. 11.35 News and 
Weather for Northern Ireland. 


the Tao Te Ching to cele¬ 
brate the Chinese New 
Year 


England—5.55-6.20 p.m. Look 
East (Norwich j; Look North 
(Leeds. Manchester, Newcastle): 
Midlands To-day (Birmingham): 
Points West (Bristol/; South To¬ 
day (Southampton): Spotlight 
South West (Plymouth). 


All IBA Regions as London 
except at the following times:— 


Service except: 1-20-lJB pjn. TeBamiau 
N*:iTddinn y DjtJd. 200-125 BamddeD. 
UMJ2 Y Dydd. UMJC Yr Wythnos. 

MTV West—A5 HTV General Service 
cxceou 22MJ0 pan. Report West Head 
Uni*. 6.22-6.45 Report West. 


BBC 2 


ANGLIA 

1JS p.i«. Anglia News. 200 Houseparty. 
225 Family. S3) Arnie. 5.15 University 
Challenge. 600 About AnsUa. ltJ# Wish 
You Wert- Here. 11.00 Mvstcry Movie— 
Coluolbo. 1235 a-m. Reflection. 


Scotland—10.00-10.20 a.m. For 
Schools (around Scotland). 5.55- 
5.2Q p.m. Reporting Scotland. 10.55 
Public Account. 11350 News and 
Weather for Scotland. 

Northern lreIand-^-3.52-3.55 p.m. 
Northern Ireland News. 5.55-6-21) 


It.00 
2.00 
3.30 
4.00 
6.10 
7 .00 


7.U3 

7350 


F.T. CROSSWORD PUZZLE No. 3.586 



ACROSS 

I Inexperienced doc lor comes 
back in a fishy struggle *3-3» 

4 “The rural ditties were not 
mute — to the oaten flute” 
(Milton) (S) 

9 A do Liar makes the French¬ 
man bend 16) 

10 Pills away a rich man with 
an ogre inside (,Si 

12 (Jive a hiding lo a loafer 
(3,5) 

13 A college body (6) 


DOWN 

X Pals around fifty can be snobs 
(S» 

2 For a naval establishment 
cut off three feet (44) 

3 Extemporises witb notices 
about a party (24) 

5 Her Majesty takes in Ireland 
(4f 

6 Rules of precedence an ex¬ 
pert has to pass (S) 

7 City district iu mature pre¬ 
scription (6) 

8 Issued possibly io abeyance 


15 ° rty ° U Bandits—not relations by 


r. . ,, . .. marriage It) 

16 It may cool Hal or warm him 14 Looking for custom? Take an 


up (f/ 

20 Birds get small return in the 
mines i7) 

21 Influence tending to the left 
of course (4) 

25 The Frenchman has to de¬ 
clare it’s his last term (6) 

26 We have little time this 
month for the workers (S) 

28 Joy finds it In one term (8) 


excursion from a road junc¬ 
tion (7) 

17 Brain to see before Birming¬ 
ham (S) 

18 Headgear for stream and 
river (8> 

19 “All that — is not gold" 
(MoV) (S) 

22 Out of date—certainly not 
for Easter Sunday (3.3) 


29 Take a brief note of this time 23 Show agreement on the par¬ 
ts) ade ground (4.2) 

3D In principle people construct 24 A sign of promotion makes 
a dwelling ( 8 ) a good man ready ( 6 ) 

31 We find Poles always inside 27 Consumed, we hear, in eol- 
Ihc French town 16 ) lege (4) 

The solution or Iasi Saturday’s prize puzzle will' be published 
with names of winners next Saturday. 


AID 

9.00 

9.50 

10.45 


11.15 


11.40 

11.50 


a.m. Play School 

p.m. Word power 

Children Growing Up 

The Object of the Exercise 

Open University 

News on 2 Headlines with 

sub-titles 

Ancestral Voices 

Newsday including China in 

Hong Kong 

International Cabaret 

Americans 

itiarie Curie (Part 4) 

China Entertains: Tientsin 
Acrobatic Troupe 
Darts. Embassy World Pro¬ 
fessional Darts Champion¬ 
ships 

Late News on 3 
Tele Journal 


ATV 

1230 p.m. George Hamilton IV. 120 
AT.V NewsdesV, 1225 Movies to Rerectn- 
hi-r: 'The Spr in Black” Marina Conrad 
Vridt and Yak no Hohson. 5.15 Cnivemiy 
Challenge. 6.60 ATV Today. 1120 Left 
Ridhl and Centre. U.OO Bless This Howe. 
UJ0 A Prim* Minister on Prime Mini¬ 
sters. 1200 Sonicining Different. 


SCOTTISH 

12$ p.m. News and Road Report. t225 
Monday Film HiVCOo: ‘'The Man Wbe 
Could Work Miracles” stirring Ralph 
RJodardson. 505 Uairorlt? Challenge. 
6.00 Scotland Today. 438 Crime desk. 
10-30 The £i£ Break International. 1280 
Master Golf. U30 A Prime Minister on 
Prime MJoistens. 1200 Late Call. 
1230 a.m. The BotUn's Grand Masters 
Dart Championship!,. 


BORDER 

1239 p.m. The Pflntstoaes. tl.20 Border 
News. 200 Houseparty. 225 Matinee: 
” Trouble Comes To Tomo." 535 
G i mock Way. 6JM Lookaround Monday. 
6.15 University Cballenjo. 1030 Film; 
"Carnival of Thieves" starring Stephen 
Boyd. tU 30 a.m. Border News Summary. 


SOUTHERN 

1139 p.m. Farm Proaresa. 1.20 
Somhrrn News. 269 Houseparty. 225 
Monday Maunec: '"The Happiest Days of 
Your Lifo" starring Alastalr Sim. 535 
Mr. and Mrs. 630 Day by Day. 1030 
Music in Camera. 1100 Southern News 
Extra. 1130 BUI Brand. 


LONDON 


9.30 a.m. Schools Programmes. 
13.00 Noddjy and Bunkey. 12.10 
pan. Rainbow. 124)0 Indoor 
League. l.W News plus FT index, 
1J2Q Help. 1-30 About Britain. 
2.00 After Noon. f2J5 Monday 
Matioee: “The Inspector Calls'* 
starring Alaslair Sira. 3.50 Couples. 
4.20 Clapperboard. 4.45 The 
Flockton Flyer. 5.15 Pauline's 
People. _ 

5.45 News 

6.00 Thames at 8 
6.40 Help 

6.45 Opportunity Knocks 

7.30 Coronation Street 
3.00 Miss Jones and Son 

8.30 World in Action 
9.00 Haze II 

10.00 News 

10.30 The Big Film: "They Came 
to Rob Las Vegas " 

12.50 SLm. Close: Mahdav Sharma 
reads some sayings from 


CHANNEL 

138 p.m. Channel Lurchtioi* News and 
What's un Whore. 125 The Monday 
Matinee: Columbo. 535 University 

Challenge. 600 Channel News. 630 
CariOORlimc. 1038 Channel Late Hews. 
1032 Steal Away. U.OO Lai? Night Movie: 
' In Sear-dt of Gregory." 1235 a-m. 
Channel Gancnc followed by News and 
weather In l-reach. 


TYNE TEES 

9.2b a-m. The Good Word followed by 
North East News Headlines. 1230 p.m. 
TOo Real Pup. 120 North East NVws 
and La ok around. 225 Power Without 
Glory. 530 Generation Scene. T335 The 
LKUe Rascals. 535 UctTcrsity Challenge. 
600 Northern Life. 4.90 Police Call. 
1339 N'erthern Scene. 11.00 Moodav Night 
Movie: "Hamlet." 1235 a-m. Epilogue. 


GRAMPIAN 


9.23 a-m. first Thing. 1230 Mi. 
Reardon on Snooker, 130 Grampian News 
(leadline!.. f225 Monday Matinee: 
"Where There's A Will" starring Will 
Hay. 535 University Challenge. 6.00 
Grampian Today. 6.19 The Electric 
Thcairc Show. 6.*3 Help.’ 1030 Reflec¬ 
tions. 1035 Feature Film: “My Lover. 
Sly Sun'* scarring Romy Schneider. * 


ULSTER 

130 p.m. Lunchtime. 230 Monday 
Matinee: "Rembrandt" starring Charles 
Laughton. Gertrude Lawrence and Elsa 
Lauchestor. 430 Ulster News Headlines. 
53S University Challenge. 600 Ulster 
Television News. 6.05 Upsquares add 
Down. 630 Report*. Z930 Two at 10.30. 
1035 Review. 1205 Fireside Theatre, 
followed by Bedtime. 


GRANADA 

1230 P.m. All About Babies. 220 Dodo. 
235 Umdas Matinee: “The Elevator.’’ 
5.15 University Challenge. 6.60 Grenada 
Reports. 10JO Reports Politics. 1215 
Mystery Movie: Colombo. 


WESTWARD 

1237 p.m. Gns Honeybnti's Birthdays. 
130 Westward New* Headlines. 235 The 
Monday Matinee: Coluxnbo. 535 University 
Challenge. 6.09 Westward Diary. 630 
Sports Desk. 1936 Westward Late News. 
1038 Steal Away. 1206 Lae N«hi Movie: 
“In Search of Gregory"* starring Julie 
Christie. 1235 a.m. Faith for Life. 


HTV 

1230 pj». Gardening My Way. 138 
Report West Headlines, 225 Report Wales 
(leadlines. 2.98 Houseparty. 22S Rasta. 
335 survival. 5.15 Mr. and Mrs. 600 
Report West. 632 Report Wales. WJS 
The Monday Klim: “Funeral In Berlin" 
staring Michael Caine. 

HTV Cytnni.rw^las—.Va HTV General 


YORKSHIRE 

1239 pjti. On Seven Hi Us They BuUt 
A City. 220 Calendar News. 7235 
Monday Film Matinee: *' The 

Man Who Could Work Miracles' 
starring Roland Young and Ralph 
Richardson, S35 cm vender Challenge. 
6.00 Calendar <Emiey Moor and Belmont 
editionsi. 1130 The Savage West: “Dead 
Ur Alive." 


247m 


RADIO 1 

IS) Stereophonic broadcast 

6.09 a.m. As Radio -. 7.02 r.ocl 

Edmonds. 9.00 Simon Bates. UJ1 Faul 
Burnoit including 12 .ao p.m. Nvwd»cai. 
208 Ton? Blackburn. AM Dave lee 
Travis including 5.30 Newsbcat. 700 BBC 
Northern Radio Otvh-rstra <St (Joins 
Radio 2i. 1IL02 John Peel tSi. 1200- 
1205 a.m.: As Radio 2. 

VHP Radios 1 and 2: 6.00 a.m. With 
Radio 2. Including 1.55 p.m. Good Listen¬ 
ing. 1002 Willi Radio 1. 12.09-1205 a.m. 
With Radio 2 

RADIO 2 1.200m and VHP 

600 a.m. News Summary. (02 Ray 
Moore «S‘ with The Early Show. VKlud- 
Ing G.13 Pause for Thought. 732 Terry 
Wogan tS> ineluding 837 Racing Ba llet I n 
add $.45 Pause tar Thought. 1002 Jimmy 
Young (Si. 12.15 p.m. Waggoners' walk. 
12.0 Pete Murray's Open Haitse fS» in- 
eluding 245 Sports Desk. 2J0 David 
Hamiliun iSi indudtus 2.45 and 3 45 
Spurt-. Desk. 930 Waggoners' Walk. 
4.45 Scans Desk. 4.47 John Dunn im 
including 5.45 Sports Desk. 6.45 3pons 
Desk'. 702 BBC Northern Radio 
Or-bcstra ■ Si. 730 Alan Doll: 730 The 
Dancv Band Days. 202 The Bis Band 
Sound (Si. 4.92 Humphrey Lrtti-Lwn with 
The Beet of Jazz on records i'S>. 935 
Sports Desk. 10.02 You'Ve Got To Be 
Joking. 1030 Star Sound. 1202 Brian 
MMIbuw with The Late Show. 1203- 
1205 a.m. News. 


pari 1- BLMtipven. Schumann <S>, 1105 
in Short italk’. 1215 Piano Recital pan 
2: Chopin iSi. 1205 p-m. BBC Welsh 
Symphony Orchestra «Si. 109 News. 
1.05 BBC Lunchtime Concert tS>. r205 
St Albans 77: Oraua recital >S & Qi. 
230 Matineo Music.de i'S'i. 330 Brahms 
Songs iSi. 430 New Records (S), 535 
Bandstand (£■. 5.45 Hometvard Bound 
(Si. 605 News. 629 Homeward Btioul 
tcomtouedV 630 Lifelines: Home and 
hamlly. 730 Claudio Arrau piano rental 
iSi. 8J9 The Abuse of Psychiatry (talk 
br Dr. John Gnnu'. 900 BBC Symphony 
Orchestra at (he Round House tS~<. 1030 
Haydn String Oosnets. 1035 Jazz In 
Britain: Dun Rondel! Eleven (Si. 1225 
News. 1 1304 1 . W And Tonight's Scbnhert 
Song. 

Radio 3 VHP only—435-700 u. Open 

University. 


Tune, 500 PM Reports. 500 Serendipity. 
1535 Weather, programme news VRF 
Regional News. 6.00 News. 630 What 
Ito! Jeeves. 700 News. 705 The Archers. 
730 From Our Own correspondent. Tas 
The Monday Play (S). 4.15 Festivals of 
Eurohc. 930 Kaleidoscope. 1-5* Weather. 
10.00 The World Tonight. 1030 Through 
African Eyes. 1200 A Book at Bedtime. 
1135 The Fmaodal World Tonight. 1130 
Today in PartlamenL M-45 News. 

For Sc hoofs (VHF oufy) 4.45 ajti-1200 
and 209800 PJP, 


RADIO 4 

■434m, 285m and VHF 


BBC Radio London 

206m and 9A9 VHF 
6.00 ajm. As Radio 2. 630 Rush Hour. 
900 WeektF Echo. 939 London Live. 
1203 to Town. 3203 p.m. Cal) In. 2.03 
206 Showcase. 403 Borne Ron. 630 
Look, Slop. Listen. 730 ih Tows (as 
it.03 a.tn.2 '830 Breakthrough. 1005 
Laro Night Loudon. 1208—Close:. As 


RADIO 3 464m, Stereo & VHF 

(Q1 Quadraphonic broadcast 
1 Medium Wave only 
1635 a.m. Weather. 700 Now*. 705 
nvi.-rruro >5r. 5-00 News, a.05 Morning 
Concert (S*. 0.N News. 9.05 Thfa, Week's 
Composer: Paganini «Si. 4.B Talking 
About Music tS>. 10.ZS Piano flccuai 


435 o.m. News. *.17 Farming Woefc 
635 Up to the Hour. «J2 rvHF) 
Regional News. 709 News. 7.10 Today- 
735 Up to the Hour fcontinued 1 . 732 
il’nF, Hechmal A>trs. &H Sews. JtW 
Today ineludiriz news headlines, weather, 
papers, soon. 005 John Ehdon u-ilh the 
BBC Sound Archives. 400 News. tWS 
Stan ihe Week with Rkhkxd Baser 
1 . from 9.45 1 . 00.06 News, me wild¬ 
life. 1930 Daily Servlet. 11005 Uareta* 
Story. 41100 News. 11105 King and 
Country: That Ill-starred Resolution. 
iLH Announcements. 12.00 Neve. 
1202 P-m. You and Yoon, 1237 Top of 
the Form. 712 - 5 5 Weather, programme 
news VHF icyeept London and SB) 
Regional News. 100 Thu World at 0«- 
230 The Arefitrs. 1.45 Woman's Hoor 
1 ; from MWi including ?,J0-e.02 New?- 
72.45 Listen With Mother. 200 News. 
305 Afternoon Theatre •&>. 435 Story 


Radio 2 

London Broadcasting 

361m and 97.3 VHF 


500 turn- Morning Music. 609 AH.: 
non-stop news, travel, sport, reviews, 
information. 1000 Brian Bayes. 109 p.m. 
LBC Reports including George Gale's 
3 O'clock CalL 909 After s—with Ian 
Gilchrist. 906400 a.m. Nigh elute. 


Capital Radio 

194m and 95.$ VHF 
600 a.m. Graham Dew's Breakfast 
Show (S'l. 909 Michad Aspet (Si. 1208 
Dave Cash with Cash on Delivery iSi. 
3.00 p.m. Roser Scotf wild his Three 
O’clock Thrill tS). 7.0a London Today 
(S». 7J0 p.m. Adrian Low's Open Line 
(S'. 9.90 Nicky Rome's Your Motner 

WOttfdu’t Lik* It fSi. 1109 Tony Myall's 
Late Show <&)- 1235 Moment of Tcrrer. 
200 a-m. Peter Young's Night Flight >.Sj. 


This unlucky England XY 


deserves another chance 


UNREMITTING rain before and 
during England’s match .against 
Wales at Twickenham ensured 
that chance would play as large 
a part as skill anfl muscle. In 
such conditions it was frequently 
an advantage not to have.the 
ball. "Wales won again 9—6, 
with Bennett kicking three penal¬ 
ties for Wales, and Hignell two 
for England. 


did kick, they found Hignell in 
superb -form, and he saved 
England from prolonged pres¬ 
sure. Hignell gave England the 
lead 15 minutes before naif-time, 
but on the other hand, he missed 
three other kicks before the 
break, ahd they were to prove 
mortal , ' 

England mounted * furious 
forward attack through Burton, 


England again had the galling 
experience of having a good 
share of the game only to he 
denied a share of the spoils at 
the last gasp. 

They took, a quick lead with a 
splendidly struck penalty by 
Hignell, but this all-important 
first score was immediately nul¬ 
lified as Young was caught off¬ 
side and Bennett took the gilt 
kick easily. 


RUGBY UNION 


BY PETER ROBBINS 


Curiously in the opening 
period neither side showed any 
regard for the conditions, and 
Graven once slipped Corless dis- 
quietingly. and 00 their own 
account England were clearly 
anxious to move the ball quickly. 


The game changed in character 
as the England pack began to 
dominate tiie rucks and mauls. 
Wheeler and Burton. Horton and 
Beaumont were all immense; 
but it was a tremendous collec¬ 
tive effort. Although Martin won 
a lot of line-out ball in tbe first 
half for Wales, it was not always 
of good quality. So we had the 
unusual sight of Gareth 
Edwards's kicks being charged 
down by Rafter and M,ordell. 
Even Edwards could not gauge 
accurately the amount of power 
needed to make tbe ball go into 
touch. 


ilordell had a fine debut— 
apart from his expensive mistake 
at tbe end of the match. When 
Bennett and J. P. R. Williams 


Wheeler and Nelmes. and it was 
taken on bv Young, John Horton 
and Dodge.' Only Cobner’s cover- 
saved the moment, and so at 
half-time England had every 
right to feel aggrieved not to 
be leading' by nine rather than 
their three points. 

Bennett quickly balanced 
matters after half-time, to which 
England responded with a con¬ 
certed attack. ‘ Nigel Horton, 
Rafter and Beaumont ght the 
ball to Squires, with Burton in¬ 
tervening. Had John Horton not 
turned back inside to Burton, a 
three-quarter score was on. That 
was. tiie last coherent attack 
England made, and from 30 
minutes after half-time. England 
never got out of their half. 

Thw-dramatic turn-round began, 
with a colossal kick from 
Edwards of folly. 70 yards, 
taking play to two yards from 
England’s line. England were 
then put on the rack by Edwards, 
who enjoyed a little more free¬ 
dom than in the first half. 

Wales were also helped in 
their territorial investment by 
Horton and Hignell kicking short 
against the wind. Young chipped 
away bravely, and Slemen, too. 


hut. England could not shift 
Wales an inch. 

There was also a change at 
the scrum, where Wales suddenly 
found new life, and Faulkner 
and Price enjoyed, tbe experi¬ 
enced and heavy drive of Martin 
and Wheel. Cobner also did 
much more tidying up, but wisely 
Wales restricted their three- 
quarter movements. 

J. P. R. Williams cut through 
once, only to : be flattened by 
Wheeler and. Nigel Horton. 3n 
the next minute, X J. Williams 
-was late tackled by Squires, and, 
although Fenwick missed the 
kick, Wales had made the point 
that if required, they had, at 
greater breadth to tbstr^ame. 

Yet still England held out.- and 
the game seemed to be heading 
for a ‘ justifiable .draw when 
Cobner set up a ruck,,in which 
Mordell handled. Bennett could 
not miss tiie straightforward 
penalty 

' That was a cruel blow, the 
result of extreme pressure. 
Worse was-to .come, for when 
Young was late" tackled,' HJgneH 
had the chance to save the game. 
He missed the kick, and revived 
scarred memories of the French 
game last year.' . 

England's new caps. Dodger 
John Horton and Mordell, all 
fitted in weU -and, despite this 
second setback. England' can be 
proud of tbeir performance 
against such .seasoned cam¬ 
paigners. "The same team should 
be given its chance against Scot¬ 
land. 

One thing is clear — that 
Wales’s match against.France iu 
March will, again be. the cham- 
yiionriup^ demderf . JGareifc 
Edwards, playing in his 60th In¬ 
ternational, will need to have a® 
bis wits about Mm. The remark-' 
able thing is that he still ob¬ 
viously enjoys playing and calc 
raise -his game when required. 




* 


France show great character 


FRANCE, proved in the pouring 
rain and hostile, environment of 
Jfurrayfieid that they are a side 
of character. They beat an im¬ 
proved Scottish team 19—16 
after being 13—0 behind. 

They had their share of luck 
—Gallion’s try in first-half 
injury time undoubtedly restored 
morale—but were magnificently 
led by Bastfat. His game h3S 
improved since be took over the 
captaincy, and he now plays with 
all his former brilliance but a 
great deal more discipline. 

' And Scotland were hit by 
injury'. Their try-scorers, full¬ 
back Irvine and left-wing Shed- 
den had to leave the field. ■ •• 

Irvine was the more serious 
loss, injuring his left shoulder 
when diving to touch down a 
try. It is to be hoped that he 
will be 6t to face Wales at 
Cardiff on February 18. Shedden 
was carried off on a stretcher 
with concussion, and may .need 
longer to recover. 

The conditions prevented a 
fast handling game, anti both 
sides were prone to mistakes, 
but tbe match was packed with 
excitement and incident. 


Some of the refereeing 
decisions, particularly over off¬ 
side, were puzzling. But these 
did not materially affect the 
result. 

None of the points came from 
planned and smoothly executed 
moves. Except, ‘perhaps, lhe 
drop goal, neatly taken by Scot¬ 
tish captain and scrum-half 
Morgan when everyone thought 
the referee had indicated' ah 
indirect penalty. Without the 
benefit of a close-up it looked 
for all the world as if he had 
kicked direct. 

But if there was a lack of 
finesse, there was no lack of 
heroism. Most would have given 
little for Scotland's chances of 
beating the five-nation cham¬ 
pions. especially after ■ their, 
showing against the Irish a fort¬ 
night earlier. 

} Yet. they were able to unsettle 
tbe French pack, which was 
superior in every department, 
and at some of the set pieces 
had Scotland wheeling backwards 
at a trot. 

Sotland, however, took the one 
strike against : the head, and' 
when hooker Deans finally con¬ 


trolled his thrawingFln McEarg 
consistently won the hall In the 
middle of tbe line. - 

The French back row of 
Sieves, Skreta and Bastiat' is 
acknowledged as the best loose 
trio in the world. Yet Scotland 
time and again tackled : asd 
spoiled, with- McLaueblan cover¬ 
ing a lot of ground. Scotiand’s- 
own disregard for offside brought 
so many, penalties for Aguirre 
that he eventually kicked enough 
to win the match. ■ . 

’ Behind the pack Scotland 
again failed, with staiutaff 
Wilson having a dismal game.and 
centre McGeechan crash-tackled 
to a standstill by Bertranne. 

. Although France never really 
reached boiling point they pro¬ 
duced a spirited display of a 
kind they could not manage a 
few years back.They should 
have no trouble-at borne to Ire¬ 
land on February 18. and then 
air will hang on the last match of 
the championship, aghast Wales 
in Cardiff on March 18. It witt 
take a lot to stop them winning 
a second successive grand slam. - 
STUARTALEXANMft 


tl fii 


Highbury hardly fit to play 


RATHER SURPRISINGLY 
referee Shapter decided to allow 
the Arsenal.' and Aston Villa 
match to take place, although 
heavy rain still pouring down at 
kick-off. had transformed High- 
bury’s normally fine pitch into a 
swamp. There were pools of 
water and grass was visible only 
down the wings. 

Soccer can be played on virtu¬ 
ally any surface and in any 
climate, but whether one should 
stage a First Division match 
when good passes often stick in 
the mud, players slip over, mis¬ 
takes abound, and luck is vital, is 
a matter of opinion. 

It could be argued that it was 
the same for both sides, that 
nobody wants a backlog of fix¬ 
tures, and that more than 30.000 
were stiU provided with plenty of 
excitement as well as moments 
of unintentional farce, 
ally any surface and in any 

Many of the drenched crowd 
left early, and this was, I suspect, 
due to disappointment at 


Arsenal’s performance and also 
to gain a front place in the queue 
for tickets for the Football 
League' Cup clash with Liver¬ 
pool. * \ 

The surface did not suit 
Arsenal's style, which relies 


half-back Craig, seems to he set¬ 
tling well. .. 

The first half belonged to 
Villa, even though their decisive 
goal, was presented to them. 
Jennings decided to punch ratber 
than catch an iu-swinging corner 
and the ball rebounded into tbe- 


-A 


SOCCER 


BY TREVOR BAILEY 


much on the short delicate 
ground pass. They also made 
the mistake of trying to force 
their way through a muddy mid- 
field. • 


Villa adapted better to tbe 
conditions. The . well-balanced 
Little caused frequent problems 
as he glided down tbe left flank. 
Mortimer showed greater power 
and stamina in midfield than 
any of his rivals, and hit some 
long, .accurate passes. Villa’s 
new signing from Newcastle, the 


net -off the unlucky Macdonald, . 
who contributed, little in tb» : 
.afternoon. 

After, -the interval, Arsenti ; 
pushed Brady forward, did : 
enough attacking and .created. - 
sufficient-chances to have setyred ' i. 
an equaliser. But the Villa back 
four calmly absorbed, the. • 
punishment, rod their former. ,, 
Arsenal 'keeper, Rimmer, was ; 
in outstanding form.. 

Arsenal failed to appreciate •" 
that the situation catted for • 
firmly-hit first-time passes and ;■ 
continuous harassment, of -■* 
defence which was .bound- to 
make the occasional mistake,- > 
For. .oncer possession . was less - • 
important, because on that" pitch 
it was-impossible to retaiu^tiw "' 
boll for any time. . ■ 


Seattle Slew poses 


$12m. question 


WITH NO RACING in Britain to¬ 
day because of waterlogging at 
both Plumpton and Leicester 
(where the is also no possibility 
of racing to-morrow) it may be 
a good time to take a look at 
that extraordinary horse, Seattle 
Slew. 


RACING 


BY DOMINIC WIGAN 


As I mentioned a few days ago 
Seattle Slew's joint owners. 
Mickey Taylor and Dr. Jim Hill, 
seem on tbe point of retiring 
America's triple crown winner 
(Kentucky Derby. Frankness 
Stakes, and Belmont Stakes) 
and the horse’s future -seems as 
uncertain as ever. 


Although millions of sports 
followers in the U.S. would 
clearly love to see the “ Ugly 
Duckling” reassert himself, and 
prove himself one of the greatest 
thoroughbreds of ail time, it is 
difficult to argue with the owners’ 
feelings that discretion may now 
be the better part of valour. 

Not only has Seattle Slew- 
covered by a S6m. policy—requir¬ 
ing a premium of nearly $150,000 
a year, or approaching $3,000 
a week—been an extremely sick 
horse this winter following a' 
mysterious virus; but there is 
also still time to set him up at 
one of Lexington’s top establish¬ 
ments in time for almost all of 
the 1978 breeding season. 

Given a brilliantly successful 
summer and autumn campaign, 
with the requisite not only of 
a complete return to top form, 
but also the necessity of aveng¬ 
ing J. O. Tobin at least once 


and of fending the young pre¬ 
tenders, Seattle. Slew might win 
8750.000. His first season’s stud 
duties .couifi well be worth -five 
times that figure. 

At present Gainsswky and 
Spendthrift-'Farms, the respec¬ 
tive . homes of Vaguely Noble 
and Apalachee, seem. ,to- he . .the 
leading, contenders for. his ser¬ 
vices.; At either nf-these estab¬ 
lishments, - Seattle .Slew, a 
SI7.500 yearling purchase, would 
he syndicated into 36 shares -with 
a value oh each share of between 
S300.00Q and $350.000—putting 
a figure of around $ 12 m. on his 
head..-'- : 


Boycott injured^ 
but should be v 


fit for Test 


t CEEMSTCHUfiCH, ' r Feb.';’ft> 
NET^ ZEALAND'S Test bowler* 
bad their confidence helped he» 
to-day hy an injury to. England' 
ciptata", : GeOff Boycott, ana 
another batting failure . by tiff : 
Aourlng aide on the .first day qt 
ihe three-day . match.. agaiB«, 
Canterbury; - -ts: 

- .Boycott suffered . a ,. • baBt 

bruised lelt ilbow. ra.fhe SWMO 
over,. .when. fie . was :hit hy a- 
delivery from Day’le 'HadleetirtT 
reared. hastily. . rv-x; 

- It was a had sturfcfor England. 

to ‘their;.r?& matc^: before 

first. ' Test.. - 






The . temptation to retire him 
now is-clearly there, and I shall 
be surprised, if a deal is not 
quickly tied up.. 


TOP STALU0N 
SYNDICATIONS IN THE US. 
^'-IN.RECENT YEARS 


1975 Seattle Slew ...... _.$I2ra,7. 

1977 The Minstrel _ 59m- 

1977 Blushing Groom .,1 56.4m; 

1976 What a Pleasure :• - 

1976 Youth and Empfery* Sl&n.. 
1975 Wajima . SMS*. 


1973 Secretariat ^ -$6m. V 
- - *. A twO-horse package^: . 


first Test , - which " starts- .. 
Wellington-on Friday^/* , m r- \ : 
: Hadlee," 'lns^:'y(nrngei^ ; 'broth«'> 



173,- • p ainstakingly 
5| hours: ■ r >■ ~ 

Canterbury were‘2fc-0‘ T attW' 
close, Richard Hadlee mFfivi' 
main .destroyer with £—50, , ■- :. 
.-.-A) though 'izt amskterahle pa® 
tbe England" captain*-hatted^ 
fw. another ti^': 

left tSe. field-‘tor' medn^ att eff 1 .-' - 
tiOn: Hg-expec&'ito 
iihe-Test ‘ * •’ ‘ •>>■ v..:-!. • 

; Aft^r Jice-^ack treitment ^ f 
most of tfie. tiay^ .Boyiwtt -w;; 
able, to res^e.hisianing&hesrijc 
five fionra" later at : the Jfidf-" W" 
the seventh. wScket ; ; 

last man‘out, caugi^ off Bicnam : 

. QW was ; -with\5U^*'-. 

LOerek'-Randall 3i tl^. y; 
BeuCtii’tf f-'t'■ \ gz. 












■r o 


■<5 S-..J ^ tv-V *’■■■■'"• •/ .. •'■ ■ ' 

; v;‘r• v >,- - . 

*?®y e ^ -v^V-v* 

lift Vi ■ 

. ■ < V| 

Iiice I*®!! 


February 6 1978 


\ 

<3 


- . ' - I ■->- 


I Greenwich 


by CLEMENT CRISP 


An Ideal Husband 


; .*.; ' . : . • ~ ~ 'r. s'.’. 


iC a ' ’isolate* .-one-off" Solof to admire. There wor'o 

P&L r Thorogpodi^d*;' WayM;E^g.<*^ stress upon faults, as when a variation ended by B . A ‘ YOUNG 

u «» led *:tPfis[dniuzicf::..vOf •.;.£<a^«^perforaaikee. and raakcs.it a awkwardly, but with a well- J 1 ^ w 1 w 

a pL .ten»W rather than spaced run of performances lo “The music is in German." The whole string of subsidiary tower of ivory do nut destroy” 

,*. re tt&lesS poli , s J l patches. Eagling says pert Mabel Chiltcrn to Lord bothers that precede the final and indeed who wouldn’t? Her 

i& enfc. a hf ?*5 coud - T ival ? e contem P or ' Gorina, the ever-young. ever-idle. curtain are so ludicrous that sister-in-law. pen Mabel, who 

ftdl»n 30ye ^ thN 10 ary .'nterpreters- If we are to ever-wise. "You wun't under- Wilde rnusi by then have realised marries Goring and deserves no 

^ dfiv?L? 532M3*£?fit-JSSffiS'Sr r0 w duce «“*" • v 10 -, mat f h stand it." n is a Schubert how absurd the whole set-up was less, is played with attractive 
Laf-... oiv “MSfissed of. the purfi^tiCJflSsiesl-.m'BattePseh rParh last .summer. Makarova and Banshnikov^-tho nn..Md< m D n k«-> vri^n’e nrn. anH ctm-ia,i i rt m-...i- D. n h.hi.. ...... h.. viohaiu van.aii i 


by B. A.- YOUNG 

41 The music is in German." The whole string of subsidiary tower of ivory do nut destroy” 


arteret is as pretty as great admiration for stupidity.** laughs around me at the bizar- 
the part, but there is says Goring. ** a kind of fellow- rerie 0 £ t he situations as at the 
intrinsically villain- feeling. I suppose.” Frank Barrie, ^t, and rea u y some 0 f the sl tu- 
her self-assurance at his face made up tn deepen the at j dns are the more bizarre mat- 
here her very presence romantic hollows of his cheeks. ter> ls simply laid on 

tat mysterious. What throws these things of prettily f c | n3: in the last act there 
?et old Lady Markby enough, though I miss the sense are two long passages — Mabel 
when as we can sec of over-breedmy required. Natu- on Tommy Trafford and Lady 
lara Atkinson’s playing rally he would admire stupidity. Markby on her husband and on 
le most guileless old just as he would disparage con- curates — that serve no fuoc- 
the world? Anyway, ventional things like fathers, tion in the plot at all. I believe 


Horton :tnd C J,» i Royal Exchange, Manchester 

jto.wel! antS 

I'SetDdCk FnTi,^ _ ' -. ■ ■ ‘ 

The Dybbilk 

*n its chance'S •. • - ' ■ ~ V * - ; . ■; 

K Anolri'c nvfrenwHnow -Vt^w ’WttfWV 1 *; ' T 1 


by . MICHAEL COVENEY 


Howe, Parliamentary deceit thal will never meets his upnnnents with sei himself to make fun oF the 
looked bring her a fortune. Luckily she anythin" . resemblin': pride, whole business in The import-! 
leaves behind her a jewel that Lucinda Ganr as his wife is pride mice. 1 

Lord Goring had given her years itself, ihoui-h t™, attractive tn still, there is always rbis to I 
before, and luckily he is the one be a busy philanthropist and ihe he said for Wilde, that you tend I 
to find it- and he uses it to einbndimeni r.f hi«h moral tone, to get. as here, some neat sets | 
counter-blackmail her and all is She has some difficulty in speak- that waft you into a more] 
forgiven, though not without a ins lines like "That sreat in- elegant age. and dresses, as also 
good deal of subsidiary bother, herilanee throw nor away, that here, that are exquisitely lovely.] 



1 tci it Humphries 


S . An ski’s extraordinary Yid>. Murray’s production beyond buried. As the attendant minion! 
dish drama has' been a stalwart sadly reporting that it is deathly dons white shrouds and takes 


Covent Garden 


john Dowie and jeannie Warren 


Ariadne auf Naxos 


Bush 


rds. p'.avinsTn k ww in 1922 - Braham .Murray some form of extreme stomach justice, the spirit returns to IHihll I lAWIP 

tional. win' \e(.A,* has taken the translation made cramp as a result 6i.her mystical claim her soul and the Rabbi is Around Ariadne an opera that nimble hand in balancing cause Britt-Marie Arubn, a J V^JLJLlJ. JL/U WIv 

its about him tv. J y Henry. G. Alsberg antt Wini- ^isitatioR.-. Whil®. Cbannon is thwarted in his race to fix the is at the very !east a delightfully Strauss’s tricky small orchestra. Swedish soprano new to the 

thing is to-- u/*'*®” Katzih for the New -Yonc 'played in the first act by Ian union desired by Sender as Leah w jj^ v entertainment and other was prey to fits uf sleepiness, bouse, understood exactly how 

iy enjoys o f '^ 2 5, ^ pasting? aa a lisping dreamer ? nd ch f“?F? ® r ? s J?I 1I1 1 , ? n , ( ?A »hn moro seriQl,s and beauGFul dragging sections or Ariadne’s to engage and then disengage John Dowie is a , all> skinny h . jtea lbeni 3 „ Ldler he ex . 

his game vW5Jf? a,y '• ¥ ^l Ce :' of -as a. social outcast in a dazzling light under the Ujjngs a s well, the Royal Opera monologue in Zerhinetta's arena, with the boy m the right half-. younE m an with untidy hair He presses a certain curious affec- 

° '’ Qen rat from-the. strains of operetta.-driven, to caj^HstiC rites by marriage ennopy. has provided a dark and rather a nd leaving far too much of the serious manner. Something of j J™ n **“ “J" L “J uonfor hisevebro^ma son- 

played the rich girl, Leah, whose aexual frustration.-Tbelove affair Anski insisted that his plav dismal frame. A black back- endless final duet to work up its Swedish chalkiness colours Miss weaf s an un^n-s-i-d D re> su t and tha . reminded llle wistftillv o7 

body is visited by a dybbuk, the inhabits ho higher-plane than thal was a re alistic one acted out by cloth wraps the to-and-fro of the own momentum. The house itself Aruhn's timbre in an attractive an °l' en shirt, with plimsolls on p ro f ess ' or | VOr culler and for 

1*0^1 spmt of her dead lovef. ‘ of wistful romance; .and Leah my stical characters. That col- Prologue in an atmosphere of is too large for the opera, but and individual way; the tone is | his feet but no socks, and when bis razor . He also sin"s a num- 

1 /III Hj On one! leveVtte piece is about .comes to, the wooden synagogue Vision of tlie country society of sinister portent; masked dum- earlier Mr. Klee and the urches- not conventionally pretty, but it : he drifts on to the stage you only b er called -I’m a * L>u°"er " 

V1 daemouisnvand carries a charge io throw herself oh tbe holy Brainilz with the Rabbi’s Hassi- mics peep out from behind tra seemed on the point of per- is. for a Zerbinena. unusually; kll0W ), c iin - t a latecomer from which suggests he may “have 

for modem audiences familiar scrolls with all’fhe-.committed dic jurisdiction is never ex- pilfars. impinging and intruding suading one otherwise. A interesting, and she did clear; . . . fl .., nstair _ because the other likings but he returns to 

>d hU th-o^n-.,. with fibns like.The Ba»rc«f and.-flair of. Mrs! Thatcher inspecting p j ored by Mr. Murray, except in on the action. Last season, when sudden gliuer and fb«h around and brave things with it tand J™; “^ JT* rimvn _ nrt disapproval again in a final 
itemiv wii S“i|f Rose. But also a a steel foundry..: . the most Teeble of terms. On the production was new the Ariadne’,- - Wa, hab'ich denn misfired once or twice in its ^use-Ji htsihave .one[.^"“Jnumberaboutpremaiureejacu- 

ie of ihe !<rJ aeBa deeply reverberahve fable of J. Cr Landis.’ another trans- the eve of her arranged mar- effect was dampening. But at getraueint. 1 were the excep- highest reaches, hut no more; the Bash has a very civilised j alion 

_ j.- r ,. atonement, for Leah and the iator from the-YiddistL has ob- riage. Leah is danced off her Thursday's revival it seemed tional moments in playing that seriously than a good Zerbinetta attitude towards latecomers, it Mr Dowic vou Wll j have 

L ’-cabalist. student, Channoii; .are served how the structure of the feet by a group of crippled bee- that the producer John Copley was otherwise delicate but often on a nervous first night will). doesn’t let them in. gathered is 'someihio* of an 

S-Ied^ir-.- .tr ,he respective offspring of two play depends-on Cbannon domi- gars before her fateful visit to had .now managed to bring the slack (and on occasion, in im- GraUtude that Manta Napier A h f id £lf lhe st3SE . eccentric, and good for him. 


John Dowie 


John Dowie is a tall, skinny hates them all. Later he ex- 


racter 


11 things as well, the Royal Upera monologue in Zerhinetta s arena, with the boy in tn e ngnt youue man with untidy hair. He presses a certain curious affec- 
has provided a dark and rather and leaving far loo much of the serious manner. Something of ' unoressed-rev suit and »on for his eyebrows, in a song 

y dismal frame. A black back- endless final duet to work up its Swedish chalkmess colours Miss! wears an u . n ^ res ’ T, su ![ dncJ that reminded me wistfully of 


spirit of her dead lovef. 


, D -—■ j r was it realism uiie. aucu uui uy ■■ ■ "i--’ —- —-:---... 

of wistful romance; .and Leah mystical characters. That col- Prologue in an atmosphere of is too large for the 


_ . ,, , ihcucwucu uuuiu(,t ■ w wi 111 LUC iuui ui wuiuug a Luma uul a unvivuu; iiucu i---= - _ . . - - ——- ---- --—---- —■ -- -\ - . jlc Cil Cl OSes tlllum 03SS If 

sea. .li .. •‘■tujcag d(?n i ed by LeaITs father, Sender, fusion of all interested parties, tea-party. Similarly, there is no ami gloom. The work offers him a good deal more; there is plenty notice she managed it entirely a shining curtain of gold tinsel; presemed with ^rtism- bui n..r 
a .o, o: ..oual fcwho wants a life of ease and The learned Rabbi of Mlropol arresting echo to the Rabbi’s a host or small, detailed comic 0 f space in which to do it with- without accident, must still be ami in the centre of tbe stage onJ th J]ed '■ h 

ttisrc.;-:c luxury for. his daughter and. pre- is-called In to invesiigiite the imprecation that this maidenly parts to polish up. and this time out overstretching the singers. tempered by regret that her sing- stands a microphone through , es /. v rou „ h ’ .\ritino thev are 

Susy : ; ?: :m pares to many her off to a case -and exorcise the dybbuk. branch of the imperishable tree round their ensemble was ranch Yvonne Minton’s Composer has ing was so uneven—a maddening which Mr. Dowie insists on pro- delivered with little sense of 

IWMvn'v. i.;; ■--teiwealtby family. He-does so by invblang the word of Israel should not be blighted, more spintedly contrived, bmait discovered a good deal more of mixture of unsteadiness in the jecting his songs, although the hmin E or nroiectinn Th» thrm» 

in inv r.-.Ai-.-a. By all accounta,,the visit of the of the Torah and callii^ Sender's It is more a case of shielding the things told as they should. The tbe richness and radiance, the low range, steely brilliance in stage is less than 20 feet square or fn (| r sk e rc h e s he olavs with 
• Habimah to the World Theatre deceased friend from-his grave virgin from a fate worse than despairing kindliness of Geniini full-beartedness. that the music the high, vagueness one moment and no one in the house can be jp ann j e Warren have summer* 
„ r, '.r:, Season of 1065 suggested to to give evidence. .. . death. However, John Bennett Evans Music Master, the super of j, er Scen es so fully deserves, and real, soaring grandeur the more than 30 feet away from o[ promise in their ideas hut 

.’ v. ;.; r ; , i';; ; ;-English-audtences that The Dytb - It is at this pointjfcat we learn manages a performance of cilious elegance of John Fiyatts Although in big climactic utter- next In tbe final duet the voice him. This is one of Mr. Dowie’s never lead t0 ^ v 

re z was tio more than impene- of the family pact and Sender gravel-voiced authority as the Dancing Master. Paul Hansards ance< the voice was not pouring was more consistent.- Her weaknesses. To give a cabaret- tHat. eve-n in 197S revue-sketch^ 

^VT- ':: ”~‘v"-jable hokum The same can- is directed to providfi-money for hesitant Rabbi, and Anthony magisterially disdainful Major oUt with the complete freedom Bacchus. Alberto Remedios. at style entertainment you must must end with ’ etches 

■ a,lw> " ’ ‘’'not be said of -Mr. Murray’s the poor and to pray; - In ex- Bowles has provided some splen-Domo were of special vividness. and evenness of which it is first unbappily heard from off- have dose contact with your I must record that the director 

IL*.*'"...- ' '--"sroduction In-fact not very change, his old friend’returns did music for the songs which i H the opera proper the visual capable, this is now a worthy ini- stage through crude amplifies- audience. Mr. Dowie bides from of this curious evenin'* 

rfctfc ■’ ■ - '"=* -nuch at ail can'be said of Mr. quietly to the cemetery, hatchet are’ splendidly sung. handicaps are more serious still, personation of an endearing and tion, was in good form, clean hR , . . ^ Stokes, and the desi^ier D-Vrv 

ad a tT ...... and on this occasion were seldom generous character, the single and vigorous. A veil, though not Perhaps this is because he Huche< . . -vid m h » t 


ad u 
2 Sac;. 

\eur- 
f! V.C 
i or. r 
T.'i J 'bli 


■.»a iiT 


Teatro alia Scala, Milan 


by R ON ALD CRICHTON 


I masnadieri by r o n a l d crichton 

f.„rd.^ *-"5 <*- ■ ■ : ’ ’’ !'• .-' • 

e :i — Three Verdi operas in succces- On their auste/e level the goes! pinched. Miss Maliponte 

«und : h scala’s bicen- designs compel admiration, hut doesVnot have the degree of 

STUART Alfl on opened Atfn-nnd they don't ’ mOch help the flexibility Verdi could assume in 

enary season. Don drama. There /s no reason why Lind. 'All the same, she did not 

Jn baltb in maschera haye heen ah uitra-roma^ttie drama full of deserve tbe uncivil reception she 
liscussed here. The third was movement should not be played had from part of a first night 
n earlier work, the only.opera.'agajiisl/scenery of classical re- audience not notable for percep- 
S Tl i /| V /erdi wrote for London— straihU bufin this case the effect tivenes.s—later in the evening a 

' ftjlit J mnpr ,„M*ri /Hpr Mates tv’s is-, chilling and de-personalising. fine stretch of sustained singing 

M. * masTUUtien liter . majesty , ^os^njes are mostly low-keyed by Yevgeny Nestorenko as tbe 

847). It never became a fav- as.weU: the brigands all look brothers’ father. Count Maxi- 
.-j j. i”is-urite. There have been sporadic innye orless the same, which may milian Moor, was received in 
n~~viV evivals in Italy - (Piscator be.Tiight for to-day's guerillas but silence. Another bass of distinc- 


and on this occasion were seldom generous cnaracier. me single ana vigorous, a veil, tnouga not remaps tms is uecause uv Hughes so evidenrlv t a™ rm- 
overcome. But the problem here person in this otherwise deter- of the kind finally dropped by hates us. He bates most things. once ’ . . . J J 

lay equally in the pit: Bernhard minedly artificial diversion to the designer, should be drawn His first songs are about fat men b US ]j- s ra ana«em ent ine 

Klee, who had shaped the ?ro- catch at our emotions. The scene over their costumes. with moustaches, itching. Wimpy ° 

: logue with firmness and a with Zerbinetta went well, be- MAX LOPPERT Bars and the Belgians, and he - g. A YOUNG 


Elizabeth Hall 


Dinorah 

Varsi 

by David Murray 


Dinorah Varsi’s all-Chopin 
recital yesterday afternoon 
offered the same major works as 
Howard Shelley's, six weeks ago: 
the B-flat minor Sonata and the 
24 Preludes. Miss Varsi is 


ENTERTAINMENT theatres 

GUIDE c E2Sm s-. fco. 

; LESLIE PHILLIPS 

C.C—Thcv- ihe«ir«i aiceot certain cred>l i ” ln , P«ciDie a master. ■ Sun. Timei. 

cards hv lelcrtione or a. tne bo, OII.Ce | ■ H.LAHIOU SLV FUWWv [- N. ol_Wor.d. 

OPERA & BALLET Ibrurv .ani. oi-sse aioo. Everv 

I night 8.DD snare. MaUnce Wed. and 
COLISEUM. Credit taros Cl-240 52sd. Sal.,5.00 

Rcserval.aru O'-83b 7161. A CHORUS UNE 

ENGLISH NATIONAL OPERA -VOTED BEST MUSICAL OF 1976." 

Tomorrow at 7 00 CARMEN I — --—- --—— 

Also Thurs. and Sat- at 7.00. . DUCHESS. 856 B243. Mon. to Thurv 

Wed. 7.00 Duke Bluebeard’s Gasller i Evgs. 8.00. Fri.. Sat. 6.1 S and 9.00. 
Gianni Schlctfii new prndn. Frl. 7.30 lull I OH! CALCUTTA! 

oerl. til Rigolelto. * I he Nudltv Is stunning. ' D. Telegraph. 

104 balcony seats always available | Bt h SENSATIONAL TEA R_ 

day ol performance. _DUKE OF YORK'S. 01-B36 S123. 

COVENT GARDEN CC. 240 106G Evn 8 00. Mat Wed. 3.00. 

iGarden charge credit cards B36 6903) _ , , OUENllN CRISP 


THEATRES 


THEATRES 


I CRITERION. CC. 01-930 3216. 

I Evenings 8. Sats. 5.30. 8.30. Thurs. 3.00. 

; LESLIE PHILLIPS 

•' Impeccable a master. ■ Sun. Times, 
in SEXTET 

I ' HILARIOUSLY FUNNY.' N. Ol World. 

I DRURY bANE. 01-836 BIOS. Every 
I night 8.00 sharp. Matinee Wed. and 
j Sat. 3.00. 

A CHORUS UNE 

j • VOTE D BEST M USICA L OF 1 976."; 
, DUCHESS. 836 8243. Mon. to Thurv 


01-930 3216. MERMAID. 248 7656 Reil 248 2035. i TALK OF THE TOWN CC 734 
L 3 ,°PS ThUri - 30Q ’ M °S A V l r 8 JON £ a 1 'mVcK T jn DO LENZ 50 I S -°° D '-n BR D^ L .40 b 9.30 L | u ne 3 r 4 


■n HARRY NILL50NSS aiVo at 

THE POINI VIWCI 

-A WINNER - D. Mirror. --1 1 

i WEATRE UPS FAIRS 


RAZZLE DAZZLE 
4«o a! II p.m. 
VINCE HILL 


d'nner-theatr-:- ticker £5.95 „.... 

BU IIi EXTEND ED ro F EB Z5lh fw T 'ht jlLOOD' 30 P '' n 

NATIONAL THEATRE 928 2252 _Or Lenl-a Jamurcfc 

OLIVIER rooer siagei. Ton't and lomor. vAunFuniL -^ 

7.30 :red. pr. prevsj. Mate t..’* - 9S ' Ua ; at ■- 

THE CHERRY ORCHARD o* Cfieknov ,-• , MU - i and 8. 

wans, by Michael Frayn. Uulc,e G,J '- 

LYTTLETON iprOSMn.um sUBoi. Ton’t £' ?i C, UiS C *- U 2?? t 

and tomor. 7.45 BEDROOM. 

FARCE bv Alan Avckbourn. Tomor. T ” £ 

10.30 a.m. ana 2 p.m. Sir Ganrain and .n,» f liT * E 

the Green Kniphl. Re-enter Agatna with anotner wno- 

COTTESLOE "mall audiloriumi: Ton’t ?hi ln ~ (! * I l[ E M A “ ,, l 1 ' F' ,rta, , l I * ,s talking 
and lomor. 8. Last Peris, ol HALF-LIFE 'H* y wlln aw>lncr M 

Dy Julian Mitchell. ?«.•«!“ pii. bT,lU { ' u I m ;‘, raer mvs " 

Min* excellent cheao seats ail 3 theatres tenes. Felix Barker. E*. News. 


ike UPSTAIRS 730 2554 

Prcvs. Irpm inurs ai 7.30 p.m. 

IN THE BLOOD 
hr Lenka Janiuicfc 


THE ROYAL BALLET 
Tonight A Thurt. 7.30 p.m. La Bavadtre. 
A Month in the Country Elite 
Syncopations. Wen. 7.30 P-m. The 
Drum. Mpnoloncv The Four Su&ors. 
la: 2 P.m. and 7 30 p.m. La Fille nul 
pardtie. 

THE ROYAL OPERA 

Tomor. & Fn. 7.30 D.m. Ariadne aul 
Naxos- 65 ftmphi. seats lor all peris 
or sale Irom 10 a.m on da, o< perl. 


ani)! OUEN1IN CRISP 

Tickets £2.50 me. gloss ol wine, 
s^re. I ’ This is without doubt the mast extra- 
eli, | ordln.rv entertainment in Lonaon," 
Evening News 


Limited Se.ison ends 25tn Feb. 


! THE CHERRY ORCHARD by Chekhov 
I trans. by Michael Fravr. 

LYTTLETON iprosccmum siago*. Ton’t 
ana tomor. 7.45 BEDROOM. 

FARCE bv Alan Avckbourn. Tomor. 
10.30 a.m. ana 2 p.m. Sir Ganvaia ana 
the Green Knight. 

COTTESLOE rsmall audiloriumi: Ton’t 
and tomor. 8. Last Peris, ol HALF-LIFE 
nv Julian Mitchell. 

Many excellent cheap seats all 3 theatres 
oav ol pert. 

Car oark. Restaurant 328 2033. 
Credit cars bkgs. 928 3052._ 


nimduaiicicja. -- THE ROYAL OPERA S OU a-fl B.OO 

the B-flat minor Sonata and the Tomor. & Fn. 7.30 p.m. Ariadne aui Mur.ei « miss marples .« 

. _ , . ... _. . Naxos- 65 Amphi. seats lor all peris MI1 2r” R| 5TIE 5 

24 Preludes. Miss Varsi is on. sale Iro m 10 a m on day Ol perl. MURDER^AT^TME VICARAGE 

Uruguayan, and the lineaments sadler’s' wells theatre. ~Roscber'v -------~ cn T r_"-- '... 

of a Spanish tradition can be d-oyly carte opera e«- *-o. w«l Mat. s o. sat. srs. a.3o 

discerned in her plajing. a.i^wSS**nd n sai. s a!3B. n tnl^t. tw eric flynn ano robin ray 

Founded much more on dance ?£. ts^E^ONDotiws!' ” ,m ‘ 10 




Jf 'ihe third at La Scala and>the loose, uprooted or at the least of the Grand Inquisitor. Uruguayan, and the lineaments SADLER'S WELLS THEATRE'. "~Rosc-bcrv 

rst there fori over ajcenttuy^ He has n^ The most positive contribution of a Spanish tradition can be A *“ nue ' dwl^caVt^opem 2 w " kl 

..'laMyMMh detljned ?,i“ le l. t01 g5„ tl ? n i.°. t .*. ry ,? 0l . n “ MM. I”” tbe . . ? 0 " d “° t0 . r - discerned in her plai-ing. B.^SS.' ..Tt.fSSS." .JS. i* 

:: -,nd produced: in the latter capa- .,“T“ ers ’ Jr,. I masnadten maj be less likely ,_ nr _ nn 4 annrt and w«i: hms pinafore, rhurs. to 

-■"' ity, this was his Sca i debS. cbeckei use their arms. Old t0 win new esteein and popu- funded much more on dance Feb. is. the gondoliers. 

--' hp conductor was ttie young tn< ^. llk ® semaphoring and thaD< sayi A/ a bucco. I due than on song, it gives pride of 

’i"3iccardo Chailly;;' son^of the" chopping_ the air more or lew Foacart, or Emani. It is compe- place to rhythmic acuity, to - 

& omposer Luciano- ChaiHy, hlso-"W- J“ uly J DB *f lDe !i tentiy, concisely written with, executive dispatch and precise 
’ - : debut at this theatre, ®^*^ ai L t ?’ 1 T^J lgh th . t !!, ere :_^ ^rtady a high degree of profes- rhetoric, to energy and hold THEATRES 

- • * 4 -? h ? re h ?. bM '»”■ tayj2SS?'of ^IndlvIdS Srabie. S SSSft. S lh " c *• '«,.">•» J- -xuw.tmwiw.. <x 

j masnadieri is'' based' < * e8p ®” lian ' the brothers d „n — a f 3C l that Riccurdo morhjdezza. for half-lights, for Ev9 ^lon2o“”'BE 2r ur night‘out^ 0 

- ■; ■> n SchifiSi^Raeiber. a S!r- Mbor, Carlo the outlaw was the chailly’s lively, sharp-edged dwelling upon a,suggestive har- the musica^musical 

’ V'ulent Sturm iind-Drang-drama ■***& Perfectly clear, mony. Where Shelley spun an s ^te c c^J^% G P T c^ ES '' 

: v •’■'fa rejected, misfit soil who joms^^ y e nta started but o> tne sometimes Mr. Cha,lly. as young expressive rubato over a plain. IN c r . NT rr, Uf ,p R ^ rB c m T rA B n 

; JUiT /SSls ^ condurtors of early Verdi are sometimes limply even metre. 

- ;-ntended bride to prevent her.®.® ® useful drama tic tenor, inclined to do. confused speed »jioa Varai did iust ihp rnnt-rarx.’- ALB f R X;-. 836 3a7 ®- creoit card binqi. 

I- u. As Francesco, the stav-at-home ^r a iif v R„t hr a inm>H miss varsi aia just tne contrary, w wi «« u. mn.4d. j.ai 


FORTUNE. 836 2Z3S. E»gj C. Thurs. 3. OLD YIC 928 7616 

5^1 5.00 3-fl 8.00 PR05PECT AT THE OLD VIC 

Muriel Pavlow MISS MARPLES >11 Spring Sca&on Jan. 16-Marcn 25 

AGATHA CHRISTIES In rep: 

MURDER AT THE VICARAGE HAMLET returns Feo. 13. 

THirO Great Tear. ALL FOR LOVE returns Marin b 

-_ — _ antony a cleopatra opens Pen. 21 . 


JILL MARTIN JULIA SUTTON 
ERIC FLYNN ana ROBIN RAY n 

In The with 

■ BRILLIANT MU5ICAL H™ 

ENT2RTAINMENT ” Paoplc. OPEN SF 

SIDE BY SIDE BY SONDHEIM A DAY 

•• Cu TWICE. • Mcrlev. Punch — _ 

GO THREE TIMiS.” S Barnes. NYT. PALACE. 


SAINT JOAN lomo'row. W<o.. Tnurs.. 
Fri 7.30 Sal 2.30 and 7 30. 

Siuiaav. Feb. 12 at 7.30 
THE MONSTROUS REGIMENT 
with Judr Dench. Michael Williams. 


OPEN SPACE. 387 6969. Tues-Sun. 8.0 
A DAY FOREVER OV Michael Share. 


ALACE. . 01-437 6834 

Mon.-Ttiur. 8.00. Fri.. Sa: 6.00 A 8.40. 
JESUS CHRIST SUPERSTAR_ 


GLOBE CC. 01-437 1592. Evenings 8 IS. ; JESUS CHRI5T SUPERSTAR 

Sa-.i 6 0 ano 8 40. Mi'.. Wes. 3 0 ---- 

AMANDA BARRIE JOHN QUENTIN I PHOENIX. 01-836 8611. 

in tne SECOND YEAR of. I Opening March 1. 

DONKEY'S YEARS FRANK FINLAY m 

bv MICHAEL FRAYN I The Leslie BriLusae Musical 

The Beil Comedy 01 :ne Tear. KINGS AND CLOWNS 

Lasi 2 VMM Ends Fob. IB. Directed es Mel SIijpmo. 

---it—“ —-it Reduced once oreviewi. Irom Feb. 17 

GLOBE 01-437 1592 Opens Feb. 22 at 7--- 

BARRY FOSTER. CLIVE FRANCIS. PICCADILLY- 437 4506. CrcOH card bkgs. 


IRENE DONALD GEE. JEREMY 1RON5 and 

INSTANT CONFIRMED CREDIT CARD SIMON WARD In 

BOOKING5 ON 0I-B36 7611 I THE REAR COLUMN 

.TT-bi.— euTin A N ^** plav SIMON GRAY. 

A 8 L !| R lD7, 8 ^5r 8 Sa.V Munf-Fn. .... ?y«t£d_ B r_HAROLD ^NTER 

Thun. mate. 4.30. 5aE. 4.30 and a. GREENWICH THEATRE. 01-358 7755. 
A THOUSAND TIMtS WELCOME IS 1 Evgb. / 3J Mar 5ais 2.30 THE IDEAL 
LIONEL BART'S I HUSBAND bv Ovar W.lde "We applaud I 

MIRACULOUS MUSICAL. Fm. Times. ai ent naming even-ng." 0. Tel. | 

.. _ Oliver . ~~~~rrr: —:-rr ! 


WAREHOUSE Don mar Theatre. 836 6808. 
Royal anakesueare Company. Ton”! 8.00 
Cnane* naan s dingo. -- drilltenuv 
inipreMioniitii..'' Guaraiun. All seats 
-30 . Ao». Bk gs. Aiowych. 

WEMBLEY EMPIRE* POOL until Feb. 25. 
LAVISH PANTOMIME 
HUMFTY DUMPTY 

■■Sneer Miami mg spcilaile. D. Tel. 
Mon. to Fri 7.45. Mats. wed.. Thurs. 
at 3. Sati. ai 2.00. 5.00 and 8.00. 
Children and Semoi c.its. nan-price except 
Sal. 2 and 5. Pay at doors. Enquiries 
-JuZ i 2aJ . apaciou!. car park. 

WESTMINSTER THEATRE CC 01-834 
0263. Ergs. 8.00. Mai. Fhurs. 3.0. Sat. 
i> ana 3 

Tickets £1.50 to £4.00. 

i-AuL JONts ,n 
OKAKE-S DREAM 

England s Greatest Musical Adventure. 

b (Citing.*' Fin Times. •• Mans Mciry 
Heirair.s.'' E. News. " Bbuncmg Vigour.’ - 

_ _ E. S ’anOdTp 

WHITEHALL. 01-930 6692-77 BST”Oo « nl 
Mon. Feb. 12 Evgs. 8.30. Sat. 6.4S arm 
9.0. The Sensational sc, Revue al Ihe 
Century 

DEEP THROAT 

Now Live on Stage. Book Now. Linmeo 


836 107i. Evs. s Sat. 4.45 anjt 8.15. | Season. 12-week v.-asor prior to vrocld 


(Wed. nest ai 7- 
BEST COMEDY OF THE YEAR 
E». Sid. Award and 5WET Award 
Roval Shakespeare Company in 
PRIVATES ON PARADE 
by Peter Nichols 

(perhaps not suitable for cnilorrm 
'HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 


'Jii! - 


C3UWUGU- ^vo, UlUjIUJ U«A - * . • _ ' _ , - . xlM v ”— r ^ 

Blieved with whitfikir black, with-,'! wa ^'" y and Ms movements sun. explosive charge of feeling into hand was consistently more 
lisiy suns and sometimes the. -.Amalia, the . role tailored for-a few bars of orchestral music, interesting than her right, 
low of distant fires^-of destine-’ Xenny LintL fell this time to A final word of admiration for shp is an infplllppnt mnsipian 

,'nn nnt nf 4nmAorir- hhoayt ArFrfnnu Malinnntp. »n Italian the Spala nmpTamm&s. Thev cost aQe “ 30 intelligent musician. 


ROY HuDD'S splendid performance." HAYMARKET. 01-930 9S12. Evgs 0 0. I BoiMrr nr males CC 01-930 8691.! u 
. Tel. ■■Talented JOAN TURNER Dlv. Mat Weds 2 30 Ml S 00 and 6.15 HMw mFl'illlr nm I Yc 

an., ■ Capital fun ... the show is a Times ol . e ™ a Z?j‘ r 'i r 2r. ram Feb - 131 SaL 5 30 Mai Thurs 3.0. 

v-ngnt." D. ret. 'OLIVER RETURNS , * 59 £ 00 .. I S,al - -■ THFCT AftFl S aglow'' JIG 


TRIUMPHANTLY . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 


Boycou., 

but shod*. 

fit tor Te ‘ 

.Tl.-. - - i- —■. 


rith scrupulous care, for balance tion, of agreeable quality except lent illustrations, and absolutely vtneing on its own terms even 
nd proportion. / :: • - when, in ber case, it suddenly no drivel about the performers. W here other pianists have shown 

how much more there is to be 

I _ _ ____ ___ I discovered. Chopin’s slowest 


FINANCIAL TIMES 

; ; BRACKEN HUUSK, lt», CANNON SlIUSET. LONDON 15C4P 4BY. 

Telex: Editorial 88*341/2. 883897 Advertiseinents: 8850J3 Telegrams: Finantfmo. London FSi 

Telephone: 01-248 8000 

.For Share Index .and Business-News Summary in London, Bir mi ngham, 

Liverpool and Manchester. Tel: 246 80*®. 

-. ' ■ • INTER NATIONAL AND BRITISH OFFICES _ 

EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amsterdara-G. Manchester: Queens House, Queen Street 
Telex 12171 Tel: .240 555 Telex 6*6813 Tel: 001-834 9881 ^ ^ 


Congreve's THE WAY OF THE WORLD. - 

■■A revelation." Sunday nme5. With HER MAJESTY'S. 
J anion's THE ALCHEMIST (tomor Wed. Evgs. 8.00. Wed. 
m and ei. A MIDSUMMER NIGHT'S GLVI 

DREAM (Thurs.. Frl.:. RSC also ar THE LEE MDNTAGI 
WAREHOUSE am under Wi and at in TEREni 

P-cndiliy ana Savoy Theatres. __CAUS 


INGRID BcPGMAN 
WENDY HILLER 

DEREK □t'RIS FRANCES 

GODFREY HARE CUKA 

WATERS CF THE MOON 
" tnarid B-raman makes the slaae 
radi’te—unassailable ehar-^m*.-- D Mail 
W-n-y Hlllei is superb." 5 Mirror 


THE STAGE IS AGLOW ' 
Daily Tele-graph 
RICHARD BECKINSALE 


Birmingham; George U6\t.e. George Road. 
Telex 328*50 Tel: 021^154 0922 

Bonn: Presshaus 11/104 Heussaiiec 2-10.. 

Telex 88C8542 Teh 210038 - 
Brussels: 39 Rne Ducait ■■ 

Telex 23283 Tel: 5134037. 

Cairo:-P-0. BOX 2040. 

Tel: 938510 . 

Dublin: 8 Fltiwilliam Square. 

Telex 5414 Tel: 785321; ’ 

£dinburgh: 37-George Street'. 

Telex: 72484 Tel: 031-224 4120 
Frankfurt: Ira Sachsenlager 13. 

Telex: 416163 Tel: 555730 " 

Johannesburg: P.Q. BOX 2128. 

Telex 8-6257 Td: 838-7545 
Lisbon: Praca da Alegria S8-1D. Lisbon 2. 

Telex 12538 Tel: 382 .508 - 

Madrid: Esprondceda 32, Madrid 4. 

T el: 441 8772. 

ADYERTJSIEMENT OFBCB. 

Birmingham: George UOnse. George Road., 
Teles 388*50 Tel: 021454-0922 
Edinburgh: 37. George Street 
Telex 72484 Teh 631-226 4139 
Frankfort: fro Sachseahger lj. • • 
Tcler.16363 Tel: 554667 
Leeds: Permanent House; The Head row. 

Tet 0532 454969 ■ ■ • ■ ■ ■ - ' 


Telex 658813 Tel: 061-834 9381 
Moscow: Sadovo-Sanwterhnaya 12-24, Apt 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza, N.Y. 10019. 

Telex 66390 Tel: (242) 541 4625 
Jparfa 36 Rue dn Senlier. 75002. 

Telex 220044 Tel: 236J743 
Rio de Janeiro: Avenida Pres. Vargas 418-JO. 

Tel: 253 4848 - - 
Rome: Via della Mettede 55. 

Telex 61032 Teb 678 3314 
Stockholm: c/o Svenska DagWadet, Raaiambs- 
vagen 7. Telex 17603Td: 50 60 88 
Tehran: P.O. Box U-1S79, 

Telex 212634 Teh 682698 
Tokyo: 8th Floor, Nihon Keizal Shltnbnn 
Building. 1-9-5 OtemaehJ, Chiyoda-ku. 

Telex J 27)04 Teh 241 2920 
Washington: 2nd Floor. 1325 E. Street; 

N.Wm Washington D.C 20004 
Telex 440225 Tel: (202) 347 8676 


Manchester Queens House. Queens Street 
Telex 6668)3 Tel: 0*1-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue du Sootier, 75002, 

Telex 220044 Tel: 236J&01 
Tokyo: Kasahara Building, 1-6-10 Urhfkanda, 
Chiyoda-kn. Telex J 27104 Teh 2W 40S0 


pieces offer the least room for ambmsadow. ni-i» iiti. 

the exercise of her particular , siobhan mcksnna 

,i«>irfii. » Sirah Bernhardt In MEMOIR 

strengths, and sbe prudently with niall buggy 

,__i- j, P __, * Perlect a song of triumph." E. News. J 

took all or them at speeds a___student ticket s ti. _| 

notch or two above the conven- atollo. diTj? aess. eVos. b.oo. ; 

.. . . _ _ M4ts. rhuit. 3.00. Sot. 5 00 and 8.00. ■ 

tional Largo or Lento. Inner . donald sinden : Ulr ^”‘l a ? ,“““ l „ 5 . H! L v !t UWE 

_ ...... . t Actor ol 7h* Year.’ E. Standarfll . ortv-ews irs^- Mar;h 16 

pans and basses Were invested -us uperb w w w K7S5 7 s - R5ion : i«^iE. ’is; tjs a. 

with vigour—indeed the canta- „ ^ think or England . MoB ’THE h HocKY°HORito^siow 9 10 
bile B-flai prelude came nearcsl • N0W IM ITS 5!h ffC,Cl * ING YEAB 

to coundng as u failure just tom stoppardV j - 1 LONDON FALL/tDiuM. ^cc. 437 7373 . 

because its drooping melody sat ■ Hilarious DIR TJ- I ’!t N ' ? 'suninv Timm I 
so'uncomfortably on its surging M v satSrdI5 u ^ oo 8 and 9 F is dav and | 
accompaniment. The virtuoso ASTORIA THEATRE. Charing'Cross Road. I 

point of-two Of the _Etud.es she a '™ 


Eves. 8.00. Wes. and Sat. 3.00 ana B.OO. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN'S 
CAUSE CCLEBRE 

'■RATTIGAN REVEALS HIS MASTERY" 
S.T. " Powerful drama ” E.N. 
"GLYNIS JOHNS plays brilliantly.-' D.T . 

HER MAJESTY’S. CC. 01-930 6606. 

Opening March 23 
] BRUCE FORSYTH 

I lit Losllt Bnrutic and Amnony Newlcy's 
TRAVELLING MUSIC SHOW 
| with DEREK GRIFFITHS 

' Directed bv BURT SH EVE LOVE 

_ oreviews iron- March 16_ 

KING’S ROAD THEATRE. 3SJ 7J8B. 


- MAiiruTv L ?iYf A LOT WEBY FUNNY.’" Evening News 

5 U \iJS.'5 E wipin' Mary OMall;»s -mash-hu Corned 

OF LAUGHS- New! ot me woriq. | ONCE A CATHOLIC 

_ _ , INSTANT CONFIRMED CREDIT CARD | - 

i.” S Mirror l BOOKINGS ON 01-930 08-16. | YOUNG VIC [near OUJ Vic». 928 & 

■— I ”— ” Ton't /.45. 

01-930 6606. QUEEN’S THEATRE. 01-734 1166. | THE REAL INSPECTOR HOUND 


WINDMILL THEATRE. CC. -9 37 6312. 

Twice Nightly at 8.00 ana 10.00. 
OPEN SUNDAYS 6 00 ano E.00. 
PAUL RAYMOND oreseris 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

' Tales lo unorecedenieo limits what it 
permissible on our stages " Evg News. 
Ydu may drink and smote In ihe 
Aud'lO'ium. 

WYNDHAM’S. 836 302fl! Credit Card 
booling 836 1071 to*. Sat.i. Mon. 
Thurs. B. Fr.. and Sat. 5.15 and 8.30. 
•’ ENORMOUSLY RICH 
VERY FUNNY.” Evening News 
Mary 0'Mall?v's Mnaih-hit Comedy 
ONCE A CATHOLIC 


E™. B ’° W6d ’ 3 ’° YOUNG VIC STUDIO 928 6363 

A NimJpu,?*? ALAN T BENNETT GONE in JANUARY 


THE OLD COUNTRY GONEim ■!Nil lev 

A New Plav by ALAN BENNErr GOJJE'W JANUARY 

Directrd by CLIFFORD WILLIAMS Wednesday at b. 

BEST PLAY OF THE TEAR 
Plays and Players London critics swam. 

” One ol the most nolablc theatrical - - —■■■ 1 — 

events in the country lar a aood many i 

yoirs." B. Lenin. Sunday Tim e s. riWEIklAC 

RAYMOND PEVUEBAR CC. 01-734 1593 tlNtMAS 

At 7 P.m. 9 o m Horn iop»ns Sun.l 

PAU tmf *ftctival “of 0 " 15 abc ’ * 2 ShaHLEsburr Ave. 936 8061. 

™ e SSnc* 1 0 Sen. Perti. all seats bkblE 

Fully AIR CONDITIONED. You may j wk^ndSun 1 ^ 15 ?/ 5 ! 30 5 h so D0 "" 1 >U> 
drink and smoke In lhe auditorium. [ ” k - Sun Klj. 4.30, ..50. 


ABC 1 A 2 Shaftesbury Ave. 936 8861. 
5eo Pcrii. ALL SEATS BKBLE 


DIRTY LINEN I 

• Hilarious see it." Sunday Times 
Monday to Thursday 8.30. Friday and 
Saturday at 7 00 and 9.IS. I 


Copfei R obtataabte from newsagents and bookstalls worldwide w'on regnlar sabsmption 
. from Sribscripdotf Department. Financial Ttaes».London. 


played, the “Winter Wind ” and e.oo WTO. 

the one in racing thirds, was best musical v of the year 

similarly obscured by obtrusive T ,^s V ^. £ ?t 0 NDA L D t 1n W t?r D iu..y 

Underpinnings. licensM Restaurant or Buffet Ear lunch. 

The Sonata made a crisply JSff «°nS. 
outlined suite, which is after all too-priee **k« two. 
what it amounts to (one can ■■ infectious, appealing 1 ' toot-stamping ami 
hardly argue with Schumann ^■t-uwmoing.’ - obsnner. 
about that). Miss Varsi’s attack * as J! ls “ | ‘**!v •" “T |wl 

was exciting, and the big ges- UEPST?- 

®.s? were vivid; - rime*, 

within the individual movements elvis . _ 

sbe did nothing to grace Chopin’s iTMR "1.™^ | 

hopelessly exiguous transitions. ^enTs'm,■■ ‘s 4 
The final Presto was breathless, kJllcI Elvis 

efficient and senseless. There is evening standard award 
something extremely satisfying hr - ^i c °"Ms ,, t 2 £l so lul,l<! t0B ’ Bri ‘* 
Done the less about MiSS Varsl’s _ Mon.-Thun, ano Frl. 6.6 oerr. only, 
sheer drive (which is firmly cam pridiie. cc“oi-pj6 ~r 5”6' to 

rauxjaged and directed, not a " “’““ipVtoSSi 8 ' 45 ' 0-3 
headlong rush); there is a proud PUWA THTRD*GREA 7 L vEAR a ' Nwv 
refusal to ease any difficuitv by e *'oo awi rsw. 

s discreet slackening Here or ! 

there, a robust panache which ..opening Tuesday “is ” 
even in Chopin compensates for 0 ma^™t couptc'Sia™" 
melodies rendered into sensible 

prose. A NEW COMEDY THRILLER 


CaMDEN PLAZA oso. Camden Town Tube 
JB5 2aa3. Tssisn.s PADRE PADRONE 
IXi. Grand Priag Cannes *77. Mutt end 
15 Fen. 4.05. 6.35. 8.50. 


re‘ 7 i£? &-VN Nrt 5 t # . Tul,c: Tottenham] •• D&ZZING SUCRE'S RICH. COLOUft- 
£ ftD R SM M i?2t Thur '’ 8 0 0 m - Frt 4 Sat - i fUL MUSICAL. REAL FAMILY ENTER. 
6.0D and B45. tainment." E. News. 

rf*t M.ieira.S- T ue ec«» Good Seaa a»ai!?o!e new at Theatre and 

EvfwiNr S <ToNi?li>n*awAon Anenii (Also ai Doors except Sat-'. 

1”o?r D fully CRED I T CARD BOOKING 0 1 .734 8961 . 

Iitensod Restaurant or Buffet Ear lunch. , nunnu DA ,, .nmu n , T11 i 

time and before and alter show— book- LONDON PALLADIUM. 01-437 7373. 

able lo advance. Combined Dinner ?nd MARCH 20th ONE WEEK ONLY 
tOO-prlce ticket t*. 50. GINGER ROGERS 

; 8nd don^o^n^ 

uKimoing. umnreer. A GREAT EVENING'S ENTERTAINMENT 

- I was absolutely ought up in It carried w, ^ii?.p l *i V ro2?nv F ?T : lDe >ST 

along try it reinvigarared bv the sheer SUSl C ‘fciry£i 0h ei?iY 

ycrvff and soectad* of It” Sun. Tel BOOK NOW—Seals £2-£6. 

- e_ ELVIS _- 

Stagowrlnglv •hi-cilvc.'’ Times. LONDON PALLADIUM. CC. 01^37 7T73. 

- pELVIS THE TWO RONNIES 

-fS Jg 1 — d J8 >ln> * * BT *f ra t? f •" BrWI«h FROM MAY 25 TO AUG. 19. 

miH-cab. The show llterallr had the-- - 

RaneWB This LYRIC fHEATRE. 01-437 3686. Evi. B.O, 


mjr-’C cn.n r «rsri-c -urm»_*nu_yTioicc m 1 2: THE GAUNTLET IX.. Wl. and Sun. 

[ING S ROAD THEATRE. 35; <4SB. ROYAL _QIJPT 770 174S I 2 go. 5.00 SOD 

Mon. lo Thurs. 9-00 Frl. s* 7.30 9.30. Evanino <! Sar 5 and 9.30 srzTz.- - 

THE ROCKY HORROR SHOW ' VvSrfd al CaMDEN PLAZA aao. Camden Town Tube 

NOW IN ITS 5!h ROCKING TEAR LAUGHTER! Jes Tav-an.o PADRE PADRONE 

. . . .— hv pr-*- (X'- Grand PnM Cannes IT. Musi end 

GNDON PALLADIUM._j:c a37 7373. 5ep aljo Thi-atre UDSMln. 1 5 Feb. 4. 05. 6.ZS. B.50._ 

Ev«S. 7*30 5 Mar-. l ' S Wri , * 5 jnn b SalS.' 3.45. ROYALTY CC 01-flDS 80DJ e >_^5 *• ‘OPP. 

TOMMY STEELE Mondav-Thuredav Evenings 8 00 fnm* v'oNf O^ow i ? 3 A °, S i? 

SALLY ANN HOWES 5-30 and 0.45. Saturday 3 00 ano BOO. 1. ONE ON ONE A. Proas. 1.45. 3.55. 

AND ANTHONY VALENTINE In London erillcs 6.05. B.lj. Lale Shaw .0.45 D.m. 

HANS ANDERSEN BUBBLING BROWN *-U£AR i* ! ™ E » 5I D, ?f lSe "-, p ; r,f - 

•'DAZ7.ING SUCRE'S RICH. COLOUR- Sesl musical gl 19"., 0 AATrS?ro»i < ^Y? hD *' 11 ° m ‘ 

: UL "raShflW* Kg ENTER - Sr gfiSrB: 

1 M ^feHAV&EA& L «ftSSAMr 30 1 BA5S ' U) - 305 ' 5 i£1 ' S’ 1 *’ 


Tottenham Court Rd Tubui. 636 0310. 
1: ONE ON ONE .A. Press. 1.45. 3.55. 
6.05. 8-15. Lale Shew 10.45 p.m. 

2! THE HIDING PLACE 1 A 1 See. Peril. 
2.00 5 0D a.OD. La’.C Show 11 a m. 
FELLINI SATYRICON (X) 

3: THE DUELLISTS IA). 1.20. 3.55. 6.30. 
9 0S Il.CS ROMANCE WITH A 
DOUBLE BASS IUl. 3 05. 5.40. 5.15. 
10.55. 


£ ASCO SUSAN HAMPSHIRE. 4 . WIZARDS tAi. Prgi. 1.00. 3.00. 5.00. 
COSSINS in Bernard 5naws[ 7 . 00.900 Laie Show every nqM 11 d m. 
MAN AND SUPERMAN. Dircded bv 


CLIFFORD WILLIAMS. 


Mats. Thurs 3.0 Sad S 0 and 8-30. 
JOAN PLOWRIGHT 
COl IN BLAKELY 
and PATRICIA HAYES In 
F1LUMENA 

by Eduardo B? Fiflinno. 

Directed bv FRANCO ZEFFIRELLI 
•'TOTAL TRIUMPH '■ Ev Npws. "AN 
EVENT to TREASURE’’ 0 Mir. “MAY 


cloud Df Joy from beginning to end.” 
S. Timet- RSC also at Aldiweh an® 
Piccadilly Theatres Credit Cards bwUrlngs 
accepted. Last week. Season ends Sat- 

SAVOY 01-B3G BBSS 

Previous from 15th. Frt at S.OO P.m.. 
Sat. 5.00- 6-00 

Ooem 23rd Feb- 7.oo o.m.. then monriv 
at 6.00- Mat. Wed. 2 30. Sat. 5.00. 8.00. 
JOHN FRASER 

LADY HARRY 
by Nor mm Kra^nj 

Previews and Wed' Mats C3-£f. Regular 
prices £4-£1. Credit bodkin# accented. 


Mgu. Tues. Thurs. Frl 2.30 
No Pert. TorHohi Evps. 7 30. 
AN INSPECTOR CALL5 
bv J B. Priestley 
” Highly Enierlam-ng." 0- Tel- 


In a CURZON. Curzon Street. W.1. 499 3737. 


IPI TOM91 

PULSATING much-»l " E"g. News. 

! MAY FAIR. CC. 629 3036.1 

, 4 P i™ 

qOMEDV gi 930 2573 S.SO and 8.45. 1 

O.PFNING TUESDAY FFB J1 GORDEN CHATER rn I 

M ®IRA USTF.R TONY BRITTON THE ELOCUTION OF 

Margaret couptcnay benjamin franklin ! 

... DEPMOT WALSH in bv Sieve J. Soears. . j 

MURDER AMONG FRIENDS *' OulraBcoujIt tunny . Profoundly 

A NEW COMEDY THRILLER moving. - Variety. 


IT FILL THE LYRIC FOR A HUNDRED cTDAiian" e’.Tn.na.t nr 

Y6AB5." Sunday Times. 01-B3B 2660. E*en.l«iS B.C 


Mai. Tnurs 3-OC Sa^'-rdav* 5 30 A B.30 
NO SEX PL£A«E— 

WE'RE BRITISH 
THE wnoi n-s i-.of/itsst 

_ LAUGHTER MAKER 

ST. MARTIN'5. CC. 83S 14SS. Evgs. B.OO. 
Mat. Tues. 2.45 Sai & Good Fri 5 & 3 . 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26lb YEAR 


ling to end.” PARDON MON AFFAIRE (Xi. {English 
Aldwyrt ana siiB-:iiles.» ’’ A sparkling New French 
Cards DaoWnas Comedy. Directed, with finesse bv Yves 
sen ends Sat. Robert.’ Sunday Express. Progs, at 2.00 
-— cnoi Sun.i. a. 05. 6 15 and 8 30. _ 

.?■'on B o B m 8B LEICESTER SQUARE THEATRE 930 5252 
a. a.nu o.m.. ST&R W4RS , Ut ^ progs, ply. 2-00. 

1 then nignrlv s - 15 - 8 - 35 - S", 15 bkb| e- *o r 5 - 1 5 and 
£ 1 . 500 8 00 B - 35 WOOS-, w t s - an<1 al * F r °B s - ^J 11 - 

gt- 5.0D. B.OO. and Sun SEATS STILL AVAILABLE 
F OR MA NY PEBFS HUBBY I _ 

* ODEON LEICESTER SQUARE 1930 61 In. 

-'■T'r* e«,„i,r ™ DEEP {A *- Sep - Fr«J every day. 

,3-t.T. Kenuiar Seats may se booked. Doors open al 
king accen ted- 1-2D 4 . 30 , 7 . 45 . 

0’-388 1394. f QDEON MARBLE ARCH (723 2011 21. 
Fr> l AUDREY ROSE 1 AA 1 . Sep. progs. Wks. 

ALii 30- 3 3 °’ s .?°_ 8, -.°:_ 

“y PRINCE'CHARLES. Lele. So. 437 018l' 

■’ 0. Tel. SALON KITTY ‘Xi. Sen. Perfs. Dlv. nnc. 

-Sun ■ J 45 6 15. 9 DO Laie show Frl. 

»eniMS 8.00 And Sa * 11.55 S eal: Bkhlc. L’t'd B ar. 

r^. 3 ® * 8-30 SCENE 1 A 2. Lmc. Sa. fWardour Si ' 
M 4?9 4470. 

atc-ct < SCENE 1: A BRIDGE TOO FAR 'A>. 

(CR - I Progs 17 50. 4 10 7 40. Lale Show. 

-- . ,- n g j*', 11.00 

IS. Evg*. B.OO. SCENE 2: THE PINK PANTHER STRIKES 
od Frl 5 4 3.; AGAIN Uu Sim-Thur. J 33 5.35. 9.35. 
ri £'S Fr. and Sal 12 40. 4.4S. B.45- 12.4S. 

4P THE RETURN OF THE PINK PANTHER 

VER RUN IU". 5ur-Tlur ? 25. 7.30. Fri. and Sat 

■ 2.35. 6.40, 10.4IJ. 




Financial Times Monday February 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EG4P 4BY 
Telegrams: Finautimo, London PSA Telex: 886341/2, *83897 
Telephone: 01-248 8000 


Monday February 6 1978 


mm 



ence 








THANKS largely to the activi¬ 
ties of the House of Commons 
Expenditure Committee, an 
acute and well-informed discus¬ 
sion of the economic prospect 
is now taking place at a season 
of the year when traditionally 
there was a hushed silence 
ahead of the official judgment. 
The Committee's own insistence 
on discussing expenditure plans 
in a proper economic context 
has been the provocation; the 
development of many rival 
schools of economic forecasting, 
and especially those giving 
great weight to financial fac¬ 
tors, has provided the necessary 
material even in the weeks 
while the Treasury’s own fore¬ 
cast is still being prepared. 

Under pressure 

The general picture that is 
emerging is fairly clear, though 
there is plenty of room for 
disagreement over details. The 
sharp rise in sterling siDce the 
last official forecasts were pre¬ 
pared has much the same in¬ 
fluence on the outlooV: as any 
other method of providing a 
sudden boost for real incomes— 
for example, an accelerated rise 
in wages. In the short run, 
consumption is likely to be 
higher than was earlier sup¬ 
posed. However, as industrial 
surveys have confirmed, profit 
margins are correspondingly 
under pressure, and investment 
may la? behind earlier fore¬ 
casts. Tliis is happening at a 
time when it is generally 
accepted that world trade will 
grow only slowly. 

On timing grounds alone it 
no longer seems appropriate to 
give a large fiscal boosi to con¬ 
sumer demand this spring, just 
when it is likely to be rising 
most rapidly as a result of fall¬ 
ing inflation and nising wages: 
and this message is reinforced 
by three other considerations. 
First, the persistent evidence 
of a shortage of skilled labour, 
both from surveys and from 
the fact that vacancies have 
risen sharply while output is 
still stagnating, is a warning 
that output cannot be expected 
to respond very sharply to im¬ 
proved demand. Overdoing 
reflation would simply inflate 
imports. Secondly, there is un¬ 
usual uncertainty about lhe 
forecast itself; a fall in the 


savings ratio to more normal 
levels would produce a bigger 
rise in demand than, is now 
officially forecast Finally, and 
potentially most important, too 
much fiscal action could under¬ 
mine financial confidence. 

Indeed, the financial markets 
already seem to be anticipating 
the worst likely outcome, and 
discounting an over-expansion¬ 
ary Budget followed by excess¬ 
ively tight credit. These fears, 
which seem to be partly the re¬ 
sult of an outburst of competi¬ 
tive forecasting by City institu¬ 
tions are probably overdone. The 
Chancellor and the Prime Minis¬ 
ter are committed to tax reduc¬ 
tions. but not to any specific 
figure for reflation, and have 
shown acute awareness of the 
need to keep Government bor¬ 
rowing within the capacity of 
the market. Meanwhile, the fact 
that both inflation and invest¬ 
ment intentions are falling will 
reduce the need for corporate 
borrowing. The experience of 
lither countries suggests that 
economic revival based on fall¬ 
ing inflation does not lead to 
financial strain. Only an irre¬ 
sponsible Budget would be, 
likely to do thaL 

The prospect 

The prospect, then, is for a 
relatively subdued recovery, led 
by consumption rather than by 
investment or exports. Fortu¬ 
nately, with a strong current 
balance and an improving oil 
balance, that need not imply a 
return tn stop-go: but both the 
industrial and the financial 
situation argue for a cautious 
acceleration. In present circum¬ 
stances this may mean a some¬ 
what smaller fiscal injection 
than Ministers may have been 
contemplating in the first 
euphoria of financial recovery. 
The best way to embody such 
caution in the Budget would be 
to stick to any existing plans for 
the relief and reform of inrome 
tax, but to get a larger offset 
through indirect taxes—notably 
the duties on petrol, tobacco and 
the like. The best way mean¬ 
while to restore financial confi¬ 
dence, which has sagged re¬ 
cently. would be to give an 
authoritative warning to the 
public not tn expect the moon 
in April. What the voters may 
hope for, the City fears. 


Ian Smith 


Bishop Muzorewa 


Ndabaniagi Sithole 


Joshua Nkomo 


Robert Mugabe 


Dr. Owen 




itain and 
no easy way out 

'■¥ BY BRIDGET BLOOM, Africa Correspondent 


Schmidt changes 
his team 


LTFE HAS not been very kind 
recently to Herr Helmut 
Schmidt the West German 
Chancellor. Two months ago, 
after his universally admired 
handling of the Mogadishu hi¬ 
jacking and a clear vote of con¬ 
fidence at his party's congress, 
bis position looked sound 
enough. Now a succession of 
events has conspired io make 
his. Socialist/Free Democrat 
coalition look much less secure 
—and few of them can be said 
to be entirely his fault. 

Revelations 

Most of the Government’s re¬ 
cent misfortunes have occurred 
in areas under the tutelage of 
the Ministry of Defence. First 
there was December's shattering 
spy scandal, in which it was 
learned that important Western 
military secrets had been 
passed to the East by a former 
Ministry employee. Next came 
a series of bugging disclosures 
which seriously embarrassed 
the Minister, Herr Georg Leber. 

The spate of revelations was 
such as to arouse speculation in 
Bonn that a deliberate plot had 
been mounted to discredit him. 
Whatever the truth of the mat¬ 
ter. Herr Schmidt, by accepting 
Herr Leber's resignation at the 
end oF last week, has acknow¬ 
ledged that his Minister had be¬ 
come a serious electoral liabil¬ 
ity. 

With Friday's niajor Cabinet 
reshuffle. Herr Schmidt is 
clearly hoping to put the affair 
swiftly behind him, particularly 
as he faces a crucial series of 
provincial elections later this 
year. But it may not be all tbat 
easy. In the first place, 
inquiries into the extent of un¬ 
authorised bugging are likely to 
continue. In the second, the 
men appointed to the two most 
important posts in the reshuffle, 
Herr Hans Apel, who replaces 
Herr Leber at Defence, and 
Herr Hans Matthoefer, who re¬ 
places Herr Apel at Finance, 
are both totally inexperienced 
in their new fields. Herr Apel 
has in the past made his dis¬ 
taste for dealing with military 
matters abundantly clear, while 
Herr Matthoefer, in former 
posts, acquired a reputation for 
over-spending his budget. 

The changes can only help to 
strengthen the position of the 
experienced FDP Ministers in 
the Cabinet, all of whom remain 


in their posts. With the ini 
portant portfolios of Foreign 
Affairs, Agriculture, Economics 
and the Interior in its hands, 
tbe FDP is already often viewed 
as tbe tail wagging the Soeialiss 
dog. If Herr Matthoefer is slow 
to gel to grips with the Finance 
Ministry more power will accrue 
to the already influential Count 
Otto Larabsdnrff. the FDP 
Minister of Economics. 

That does not necessarily 
mean, however, that the FDP 
will want to stay in the Cabinet 
regardless of anything that may 
happen in tbe coming months. 
If the SPD does, badly in the 
four provincial elections which 
start in June, the pressure will 
be on the national FDP to 
follow the example of some of 
its supporters in the provinces 
and cross the floor to join the 
Christian Democrats, forcing 
the Socialists into opposition. 

Similar pressures would arise 
if the coalition were to be 
defeated in the Bundestag by 
rebels from within the SPD. 
Internal Socialist dissent has 
brought the Government’s paper 
majority of ten down to as low 
as one in recent votes on new 
anti-terrorist legislation, and 
the issue will be back before 
the Bundestag again later this 
month. 


R HODESIA appears to be 
becoming a live issua in 
British politics once 
more, after several years during 
which it was left to the Govern¬ 
ment of the day to make Lhe 
running. 

Every time there is a Com¬ 
mons debate the traditional 
diSerences have been aired 
between Labour Left and Tory 
Right, with snipings about con¬ 
cern for kith and sin and 
mutterings about supporting 
terrorism. But for a decide, 
most MPs of all parties have 
been content to let the Govern¬ 
ment try its hand at settlement. 

Interestingly, if not wholly 
unpredictably, this situation 
seems to be changing fast Dr. 
David Owen, the Foreign 
Secretary, was noticeably 
irritable at his Press confer¬ 
ence in Malta following the 
talks with the Patriotic Front. 
He has of course, been criticised 
both by opposition MPs and in 
sections of the Press for meet¬ 
ing the Front at all and the 
criticism—which has tended to 
suggest that he is encouraging 
Patriotic Front intransigence— 
clearly angered him. “Unless 
the British public shows better 
understanding of the problems 
of bringing about peace, then 
they won’t understand why I 
am here," he snapped at one 
point. 

For its part, the Opposition 
has shown signs of wanting to 
make a political issue of 
Rhodesi3. Mrs. Margaret 
Thatcher waded into the debate 
last August, before the terras 
of the Anglo-American proposals 
had been published, to say that 
if what she had heard of 
them were true, they would 
offer less than a fair deal to 
Rhodesian whites. Immediately 
before the Malta talks. Mr. John 
Davies, the shadow Foreign Sec¬ 
retary. suggested in a BBC 
radio interview that if the terms 
were right it would be impos¬ 
sible for a British Government 
not tn recognise a settlement 
which came out of tbe current 
internal ” talks in Rhodesia. 


In the Commons debate on 
Rhodesia last Thursday. Mr. 
Davies declared to Conservative 
cheers that it was “ intolerable ’’ 
that the Government was appar¬ 
ently only prepared to accept a 
settlement on the basis of the 
Anglo-American plan. The 
polarisation of British attitudes 
to Rhodesia stems directly from 
the polarisation within Rhodesia 
itself. As the nationalists of 
the Patriotic Front move further 
and further away from the so- 
called “ internal ” black leaders, 
and as tbe latter seem to get 
nearer to a settlement with Mr. 
Ian Smith, so the dilemma for 
British politicians, who in the 
end have to pass the legislation 
enabling Rhodesian independ¬ 
ence to be recognised, becomes 
more and more acute. 

Legitimate 

debate 

The trouhle is that the argu¬ 
ment—whether it be in favour 
of the internal talks, the Anglo- 
American proposals or any 
other possible solution—is in 
danger of getting overheated: 
and in such circumstances, the 
real complexities of an issue 
can be lost. 

There is of course a perfectly 
legitimate debate about whether 
the British Government might 
be forced to abandon its pro¬ 
posals, and come down in favour 
of a so-called internal settle¬ 
ment. Dr. Owen hinted at that 
possibility, in response to a 
statement from Mr. Jeremy 
Thorpe, the former Liberal 
leader. But whichever way 
British policy ultimately goes, 
account should surely be taken 
of the very real obstacles which 
could inhibit either type of 
settlement now being so 
heatedly canvassed. 

The Anglo-American pro¬ 
posals which Dr. Owen and Mr. 
Young discussed with tbe 
Patriotic Front leaders in Malta 
last week have been fairly ex¬ 
haustively analysed since their 
publication on September 1 last 


year. The main problem of 
the Anglo-American plan is that 
while it is a genuine attempt 
to • steer a middle course 
through often radically conflict¬ 
ing demands, it has not yet been 
fully accepted by either the 
Patriotic Front or Mr. Smith’s 
Government. Two “ internal ” 
leaders, Bishop Muzorewa and 
the Rev. Sithole, have accepted 
it as a basis for negotiation, but 
they do not have the guns. 

In some respects, the Malta 
meeting was encouraging, be¬ 
cause for the first time since 
the plan was published, the PF 
was prepared to disenss it- The 
PF may be moving toward some 
compromise on the timing and 
control of elections, and I>r. 
Owen may feel able to give the 
nationalist leaders a greater say 
during the transitional period 
before independence—yet what 
happened in Malta was largely 
shadow boxing. The PF does 
not accept key proposals—such 
as a UN peacekeeping force— 
of the Anglo-American package, 
and as the war proceeds its de¬ 
mands escalate. Neither does 
Mr. Smith show the least readi¬ 
ness to give up power accord¬ 
ing to its provisions. Unless he 
does—and both Whitehall and 
Washington still seem at a loss 
as how to make him do this 
—or unless the PF moves, the 
proposals will not get off the 
ground. 

As for the negotiations in 
Salisbury between Mr. Smith. 
Bishnp Muzorewa. the Rev. 
Ndabaninsi Sithole and Senator 
Chier Chirau. perhaps one 
should recall the old adage 
about many a slip ’twixt cup and 
lip. Bishop Muzorewa, who the 
white Rhodesians believe com¬ 
mands majority black support, 
and whom they thus cannot 
afford to leave out of the talks, 
stayed away from the opening 
session in December and h3s 
gone hack now, after several 
days’ absence, only, apparently, 
to query a fundamental aspect 
of an agreement which all the 
other parties thought had been 


finalised. Even if he does not 
walk out again, it is far from 
clear to-day whether he wfR 
accept separate white voting 
rolls. And there are many pit- 
falls ahead. 

What has so far been agreed, 
is that certain provisions in a 
new majority rule constitution 
should be entrenched, which, 
would mean that they cannot 
be changed except by more than 
three-quarters of the new MPs, 
including some whites (the pre¬ 
cise “blocking” percentage 
must be up in tbe ait until the 
provisions for electing the white 
MF’s are agreed). The provi¬ 
sions cover the independence of 
the judiciary, a justiciable bill 
of rights, dual citizenship, re- 
mittable pensions for civil ser¬ 
vants, and an independent 
army, police, prisons and public 
services. 

Once this list is completed by 
agreement on tbe white vote, 
an awesome number of other 
issues will have to be dealt with 
by a multi-racial transitional 
government which will presum¬ 
ably include Mr. Smith and the 
three black leaders. These range 
from appointment of judges, 
permanent secretaries and army 
commanders—all of whom are 
currently white and whose 
wholesale retention could make 
the achievement of majority 
rule in any decision making 
sense look very hollow—to' the 
actual timetable for indepen¬ 
dence, which Bishop Muzorewa 
wants by September this year, 
and Mr. Smith insists should 
take two years. 

Given the likely black .com¬ 
promises on the role for white 
MPs. agreement on gdeh points 
could be vital in “selling *’ the 
terms of an agreement locally 
and internationally! 

A point . of . particular 
relevance to international 
recognition is the promise of 
free and fair elections. Many 
people in Britain, including Mr. 
John Davies, have suggested 
that a “massive turnout” at 
such elections could be the basis 


for international recognition. 
But can elections be free, or 
fair against a continuing .war, 
or - where those controlling 
elections in rural areas- are 
likely to be tbe white officials 
of Mr. Smith's Government, and 
where the absence of the two 
wings of the PF will reduce the 
existing parties from, six to 
four? 

Mr. Smith and the internal 
nationalist leaders would 
clearly hope to get some form 
of international supervision for 
the election. But that conjures 
up the recognition problem. 
Unless the PF participated 
(which is highly unlikely for 
reasons outlined below) the UN 
would not send observers, for 
that would be to tacitly 
recognise the internal settle¬ 
ment as a whole. But if the 
UN refused observers, could 
Britain send them unilaterally? 

Anglo-American 

proposals 

This seems improbable, not 
only because tbe Government 
is committed to the Anglo- 
American proposals, but 
because Britain is tied by 
innumerable UN - resolutions, 
many of which were British 
sponsored, to a UN endorsed 
solution. It has been suggested 
in Hhe past, (especially on the 
Tory right) that Britain should 
flout the UN. But it is doubtful 
whether any British Govern¬ 
ment, faced with the problem 
which is still recognised world 
wide as being ultimately its sole 
responsibility, could do so. The 
dilemma here may .be particu¬ 
larly acute for Dr.-Owen if be 
were -to accept the internal 
option. With Washington’s 
backing, be was responsible tor 
the last Security Council reso¬ 
lution last September, which 
tacitly endorsed the Anglo- 
American proposals. • \ 

If there are so many prob-’ 
lems associated with lhe inter¬ 
nal settlement as currently 
envisaged, what about tbe pos¬ 


sibility. frequently -canvassed in 
the past few months in Britain, 
in Rhodesia and elsewhere, that 
the Patriotic -Front as a whole, 
or elements of it, might be ep-. 
ticed bade to-take part? While 
Mr. Mugabe, is ruled out by 
Salisbury, Mr. Nkomo’s return 
could be acceptable there.:. . 

V Predictions about .Rhodesia 
are dangerous, for itS'^poIitics 
are murkier : than most:' But 
the reasons .why Mr. x Nfcemo 
should want to stay out are 
stronger than those for . his 
going in. He - once r tried and 
failed to negotiate bilaterally 
with Mr. Smith (whom he now 
deeply mistrusts); and he also 
mistrusts and seems to have a 
deep, personal antipathy for 
Bishop Muzorewa (to-say noth-, 
ing of the Rev. Sithole, from 
whom he split in the early 
1960s). More important than 
all this, his own army has been 
built up from a base less than 
two years ago of some 700 
trained men, to an estimated 
8.000 men now, with probably 
another 8,000-10,000 waiting for 
training. ’ He .has, not deployed 
most of these men yet; he has 
close links with the Communist 
powers, as Well ' as- with the 
West and seasoned politician 
tbat he is. he must reckon that 
he can reap the whole harvest 
by waiting, rather than rushing 
at half or a quarterofit now. 

.Where does all ..this leave 
British politicians^ and the 
British Government? Perhaps 
the only possible conclusion at 
this time is that no easy conclu¬ 
sions exist, and certainly no 
simple remedies. All one can 
say perhaps'is that if any solu¬ 
tion which could improve the 
lot of:the ordinary Rhodesian is 
to emerge^-and it is-very diffi¬ 
cult to be optimistic—it will be 
helped rather than hindered by 
;'a bi-partisan and unemotional 
policy -towards Rhodesia, in 
Britain. Beyond that, one must 
hope that such a policy would 
seek to bring the two parallel 
.lines, currently represented by 
-jthe, internal talks and .-the: de¬ 
mands of the Patriotic Front to 
a, point of convergence. 



Opposition 


So far. two powerful factors 
have combined to keep the FDP 
in coalition with the Socialists. 
The first is the divided state of 
the opposition, exemplified by 
tbe constant tension between 
Herr Helmut Kohl, the CDU 
leader, and Herr Franz-Josef 
Strauss, leader of the Bavarian 
CSU. The second is Herr 
Schmidt himself, a man with 
whom the FDP knows it can do 
business and who is head and 
shoulders above any other 
candidate for the Chancellery. 

But the FDP is not going to 
sit idly by and watch its 
fortunes dragged down by the 
Socialists if tiie forthcoming 
elections show a serious loss In 
their popularity. With the next 
national elections not due 
before 1980, the FDP leaders 
would have plenty of time tc 
prove themselves in a new part¬ 
nership. A great deal could 
thus depend on the perform¬ 
ance of Herr Schmidt’s new' 
Ministerial team in the coming 
months. 


Scenting an Open 
and Shut case 

The chemical industry smells a 
plot- Sensitive, as ever, to ways 
in which its image may he 
damaged or its actions called 
into question, it is pointing an 
accusing finger at the Open 
University. 

The latest edition of the 
Chemical Industries Associa¬ 
tion’s official newsletter, Alem- 
I bic, alleges: “ The Open Univer¬ 
sity is maintaining a strange 
'silence about a new course it 
is running in 1978.” The course 
is called Control of Technology 
and will feature, says the asso¬ 
ciation. the subject of tbe health 
risks of vinyl chloride monomer, 
the gas used in PVC manufac¬ 
turing. 

The association says that “ as 
the prime source of information 
on VCAT in this country’’ it 
offered to provide help, but des¬ 
pite several telephone calls and 
letters, the offer was spurned. 
“The course organisers refused 
to put the Association in touch 
with the person writing this part 
of the course material or to 
disclose any names.” 

The association ' charges: 
•* The main set book for the 
course is 4 Tbe Politics of Tech¬ 
nology,' a collection of papers 
edited by OU staff. None of the 
28 papers are by a scientist or 
technologist in British industry; 
12 are by U.Sl authors, one by 
a Frenchman and five by mem¬ 
bers of the British Society for 
Social Responsibility in Science, 
a small political pressure group 
representing a tiny percentage 
of U.K. scientists and technolo¬ 
gists.” 

The plot theory is developed 
by listing people whose writings 
are. quoted in tbe set book: 
“Tony Bonn (Oxford: Politics 
Philosophy and Economics), 
Ken Coates (Institute of Wor¬ 
kers’ Control, etc.), and Mike 
Cooley (Lucas shop steward).” 
The argument is driven home 
by adding that the course's only 


other set book is Nuclear 
Power, by W". C. Patterson of 
Friends of the Earth. 

But Robin Roy, chairman of 
the course team at the Open 
University, retorts the issue of 
vinyl chloride monomer hardly 
features at all. It is only men¬ 
tioned—•“ without comment or 
criticism ’’—in the course's writ¬ 
ten material, not in tbe TV pro¬ 
grammes. He says that the 
purpose of touching upon it at 
all is to show “an interesting 
example of co-operation be¬ 
tween industry, tbe Government 
and the unions.” Out at Milton 
Keynes they clearly think it 
quite appropriate that the 
Chemical Industries Associa¬ 
tion's initials happen to be 
CIA... 


Joggers unite 

Although Len Murray has 
helped to launch the latest fit-, 
ness campaign, aimed at getting 
Britain on its toes the TUC is 
many years behind its Continen¬ 
tal counterparts in keeping its 
supporters healthy. I learn that 
there may now be renewed' 
attempts to join the country up 
to the Socialist International:. 
Sports Association, which was 
founded some 63 years ago. 
Under its present title of 
Comite Sportif International du 
Travail, it has national affiliates 
in all western European coun¬ 
tries, except Britain. 

Its most recent get-together 
was in Austria last September, 
when the CSIT organised a 
jamboree for more than 12,000 
sportsmen and women from 18 
countries. It seems that a few 
years ago a British Workers’ 
Sports Association was formed, 
but soon expired from lack of 
funds, or maybe just energy. 

There must be a chance here 
for general-secretary Murray to 
set an example by sending his 
general council nut jogging in 
matching track-suits (red ones, 
I should suggest). They will 


J tion of the so-called conserva- 

tion area between Cheapside 
and Cannon Street 

*Tc>AQti$ At tbe southern end of Bow 

Lane, the razing of a large 
block of property has now be- 

a gun; the demoiishers estimate 

that their work will take them 
more than four months. Tbe 
facade of what is coming down 
can be seen if you stand with 
your back to Mansion House 
underground station. Kept 
empty for seven years, it now 
looks conveniently ready for de¬ 
molition. In due season, jpasr 
sers-by will be able to judge 
whether the new edifice, being 
developed by the Salter's Com¬ 
pany and tbe pension funds of 
the Electricity Council, present? 
as human a face as what is now 
“ Unlike the buses, there was disappearing. The ’Victorian 


another 


one along in 
minute.” 


Society claims that the present 
demolition, and others in pros¬ 
pect. “ make a mockery of - con¬ 
servation in the City.” 


need to be nippy to catch up 
with the workers in Shanghai, 
though: last week, the city's 
running meeting drew 2,300 
competitors. 

The winner of the 1.0.000 
metres, reports the New. China 
News Agency, was Lo Chia-wei, 
a warehouse keeper, who has 
encouraged all his fellow-wor¬ 
kers to become runners. The 
NONA says that running has a 
mass following in Shanghai: 
“ Every dawn sees teams of 
runners jogging t&e streets, 
leaning against the cold winter 
wind.” It should be an example 
to us all. 


Bowing out 

A consortium of Insurance com¬ 
panies has just been told by the 
planning Committee of the City 
of London to revise its scheme 
for redeveloping Bow Lane’s 
Well Court. This is the latest 
phase in the ** Save Bow Lane ” 
battle, in which more than 7,200 
City-dwellers and workers peti¬ 
tioned to halt further demoli- 


Patching it up 

A survey has revealed that the 
average British wedding to-day 
costs £ 2 , 200 - Since it is also; 
reported that 20 per cent..-of 
marriages end in divorce (like¬ 
wise an expensive. activity), 1 
was interested to see a' timely 
advertisement in. the Mid-week 
Recorder of Harpenden, Herts: 
“All Wedding Repairs. Mobile 
Body Service. Prompt Work.". 

Sadly, investigation disclosed 
a less romantic reality. - A 
printer's' gremlin had beeh art 
work: some snappy welding on 
battered cars was the intended 
offering ' ■ 


Starting point ? . 

Metaphysical mind-bender in a 
Sunday school teacher’s hand¬ 
written announcement, seen on 
the wall of a Surrey church 
ball: “God made creation.” 


Observer. 



































Monday February 6 1978 


... t ■p-rv,- 




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ft* T*^' . ,b / {Jjg 



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However, profit margins came under increasing pressure last year, both in bond 
Wk. : - ■■ markets and in the commercial bank lending sector. Prospects are less rosy. 




frequently 

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acted, if not necessarily . in n . 0t troditionally . classificd considerable falls from the peak Permanent Secretary, Nigerian Ministry of Finance: Mr. Otto Schoeppler, 

terms of the profitability.for the 3100112 the stro^ c^^nc'es. levels would be needed before chairman, Chase Manhattan Ltd.: Major-General Oluleye, Nigerian Commissioner 

banks. However, except ;in one seems to, be. trraten as one bankers might be expected to f or Finance: Mr. Frank Stankard, executive vice-president, Chase Manhattan 

or two isolated sectors, the best inTheS K tar l ****%£** *, In l 5® Bank; Mr. O. 0. Vincent, governor, Nigerian Central Bank. 

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More detailed- explanations■ wtt JrT ' 1 r i ™ neW Ioans 3hould be b ° oked c09ts ' for fees and the fact that the 

for - this- k^ ^ olto a 10 ptf To take the argument one margin is charged on the rate at 

vidual sector of .the ' market citibank in oartu^ar of Zaire’s 35 more “ nceT [ aui . cen t- profit If market rates go stage further back, the issue which banks place deposits with 

emerge: from Subsequent default have probably Jon® of - tbe anosr . fierce y argued below that level, then the bank banks are having to take a view other banks rather than the 
articles;,the reasons tor .the de- since outsttipMd 7 what the P wn ts among bankers m to-day s should buy up its own equity. ,>n the extent to which the rate which they pay for the de- 
teriortting pqsmdn-vvy greatly bgjdjg; darned oSr'the’loans be- ,ow ' mterest-margin environ- The U-S. banking authorities n Se and fall in profit margins posits they take in. Margins have 
from one sector.to another."* . . they -went bad. Zaire U mot . is *° 11 * 3ch are believed to have been un- 0 n international lending in the since then fallen to i for prime 

For banks involved in the not alon? in posing ptoblems mar8 * DS 0411 ^ &haved before happy over Citibank doing just last five years has been a cyclical credits. At least one of those 
ternational syndicated lending for : the banks which will result banks ahouJd< “ ^ that so that this line of discus- phenomenon and the extent to banks in retrospect regrets the 

(the process.. whereby several In some'- of previous '-years’ Ion2 ^ erm relations with custo- sdoo has thus become of little which the 1974-75 jump in mar- decision and now’ wishes it had 
banks join together to make apparently , easy international m«ra allow, opt out of the mow than theoretical interest, gins was triggered by special used up all its 1977 lending 
large •;loans;*• offert - to stated profits being yhittled down. 7 business.. The real question which the factors (oil price rises, Herstatt. capacity right at the beginning 

guaranteed, borrowers, at rates In rtcogiiitipn of .fli'e impor- . -One line of argument (among banks have to decide is whether the U.S. banking authorities’ of the year. 


In many respects the market 
situation now is similar to that 
in about the summer of 1973. 
The U.S. dollar sector of the 
Eurobond market was broken by 
currency turmoil early that year. 
The difference is that the yield 
gap had become unfavourable 
at the same time. 

In 1973-74 there was a gap 
of about a year between the 
collapse of the dollar bond 
market and commercial banks’ 
ceasing to push profit margins 
down in their international 
lending. The surge of inter¬ 
national bank liquidity which 
came at the end of 1973 
pushed the U.S. banks' capital 
ratios to breaking point and 
caused them to withdraw from 
the market six months' later. 

If this situation is to be re¬ 
peated one may expect an in¬ 
creasing strain on the U.S. 
banks' lending capacity during 
this year. 

As is pointed out in a subse¬ 
quent article, the economic 
situation in 1973-74 was dif¬ 
ferent from what is current 
now’. But there are also crucial 
differences in market terms, 
while U.S. banks' capital ratios 
are in a much happier state 
than in late 1973. 

The major difference in the 
structure of the market is the 
increased number of banks re¬ 
lying on international business 
for an ever higher proportion 
of their business—many of 
them banks with less concern 
for capital ratios than those in 
the U.S. The Japanese banks 
in late 1973 turned themselves 
from large scale international 
lenders into even larger scale 
international borrowers almost 
overnight. 

A large proportion of that 
debt to the international money 
markets has still to be repaid 


and, with no prospect of a trans¬ 
formation of Japan's balance of 
payments such as was caused by 
the oil price rises, the Japanese 
banks are likely to remain a 
large net supplier of liquidity 
for some time to come. 

Almost more important, the 
German banks which in 1973 
were only dipping their toes 
into international lending busi¬ 
ness are now involved on an 
increasing scale. Even the 
Swiss banks, which more 
recently termed medium terra a 
dangerous practice consisting 
c<f borrowing short and lending 
long are now participating in 
the business. 

A feature of coming years will 
be increased diversification of 
the currencies in which inter¬ 
national loans are made. Plenty 
of borrowers have already 
shown they are eager to raise 
funds in these currencies by 
making bond issues in them. 


Oil prices 


The one development which 
could change this general 
picture is a sharp shock such 
as happened with the oil price 
rises and meney market losses 
in 1973-74. For, while the 
numbers of institutions involved 
in the Euromarkets—and the 
commitment of the old hands 
in the business—has grown 
immeasurably since in the last 
four years, the market mech¬ 
anisms are more firmly based 
only to the extent that solutions 
to the particular problems posed 
in 1974 have been found. The 
potential remains for tiered 
rates and a sharp and speedy con¬ 
traction in the volume of inter¬ 
bank deposits, in the absence 
of any meaningful lender of last 
resort The money markets re¬ 
main the fundamental basis of 
the lending pyramid. 



Deutsche Bank; a century or universal banking 


Where there’s a-will, 
there’s not always a way. 


> + •.■‘•/va'.v.'/.j A *. v v. w v* Xy 



i : P%.u-m 

V. V •• ' ..J-; 


When the key you use 
to open doors at home 
doesn’t seem to be work¬ 
ing abroad, come to the 
Deutsche Bank. 

Rest assured: we won’t 
stop searching until we’ve 
found the right combina¬ 
tion to allow you to reach 
your goal 

Our involvement is that 
of a universal bank , act¬ 
ive from the initial order; 
right through to the final 
doEar, rial or yen trans¬ 
acted So we lend money, 
float securities and also 
deal in them, just as we 
open letters of credit or 
trade in buEion. 


More oftenthannot,it’s . 
the right contact at the 
right moment that sup- 
pEes the rightkey inbusi- 
ness. That’s something 
you can expect from us; 
from the knowledge 
and experience of our 
people in aE parts of the 
world 

We have been doing 
business intemationaEy 
for over a century and 
good contacts do have 
their heritage - one that 
can work to your advan¬ 
tage, as weE. 


Deutsche Bank 

Central Office: Frankfort (Mam)/DQs3e!dcri 

London Branch, P. O. Box 441,10, Moorgaie, 
London EC2P SAT, Tel (01)6064422 





























Knancial Times Monday ;Febrflary 6 1978 


EUROMARKETS H 


MARKET WORRIES about the 
excessive growth of world 
liquidity, which seems to be 
borne out by the experience of 
bankers at their wits' end to find 
outlets suitable in term and 
quality to the funds which keep 
accruing to them, are singularly 
difficult to pin down. Trying to 
define or measure world 
liquidity quickly degenerates 
into a kind of statistical Hunting 
0 } the Snarfe. with bankers, and 
the editors of the interwitionot 
Currency Review, desperately 
afraid that the thing may, as 
in the poem, turn out to be a 
boojum. A brief review of some 
of tiie available definitions will 
show up the nature of the 
problem. 

A lay definition of liquidity is 
the money supply; and there is 
an index of the world money 
supply produced by the com¬ 
puter of the Internationa I 
Monetae Fund. It shows, 
through a geometrically 
weighted average of all curren¬ 
cies corrected for exchange rate 
changes, practically nothing at 
alL 

What little it does show is en¬ 
couraging. Growth accelerated 
a little to 13i per.cent, in 1975. 
but appeared to be back under 
control in 1977 at a little under 
12 per cent.—which allows very 
little over to finance growth 
above the almost fixed world in¬ 
flation rate or 11.2 per cent., 
steady since the beginning of 
1976. 


the UX. and last year. 

All this underlines the wis- jfany :of these shifts since 
dom of the Inteniational *974 explained by What 

r M • Monetary Fund in imposing a happened after the'increase, in 

F 1 I* _ I limit on domestic credit expan- fte . in 1973-741 

A Air /> A n n /'"XT X 4 A /XT 7 /* I I T| If sion in debtor-countries which j^fiaHythe industrial countries 

An -excess oi recycling kissed 

impose similar conditions, but ^ i ncrea sing the price, of the 

. . , n f tho k ** 8 a £ reed instead to *** ■ t0 manufactured goods they export 

mobilises liquidity but does not looks at the current account of plus or minus flows of private international value 01 we su9poTt the dollar by pezretual- gy ^ OT many of > these/ 
createTt * ' the balance of payments; but capital). Weak currencies are dollar, and has turned ifltervenr ing ^ conditions which keep ^ ntrfes wcre forced Jto cut . 

What kind of liquidity does this leaves out of account capital those which are being created tiorutf itaelf. and ro ftunl tt we ^ ■■ Bailee W ^S^orts drastically to W 
u^iSuSr c J.! Vnl flows which are a large element faster than they are used at tems this mm i that Jte Fed, restored simply because_the U.S. nrove JL ir Mince of pay- 


Deposits 


However, this measure only 
takes into account cash and 
demand deposits—uur uld friend 
MI: this is largely by the 
demand to cover transactions, 
and the inflationary boojum is 
not doubt lurking somewhere 
else. The broader definitions of 
money are of little help: they 
behave on the whole just as well 
as Ml. if not better In the Euro¬ 
markets themselves? 

This is a large trap for_the 
unwary. Firsl, its growth rate is 
always overstated when the 
dollar is weak, because it is 
measured in dollars: as a result, 
all the entries in stronger cur¬ 
rencies grow simply by 
revaluation. More fundament¬ 
ally, as study after study has 
proved, the Eurodollar market is 
not a factory, but a pipeline. 
Like the interbank market, it 


- —«, « developing the North Sea Oil- excessive creation of credit was moos wwvuwu w new York City are suggestive r -•*' 

haiJ 6 fat L l rp tha n»!^5p fields; P and it equally overlooks simply the result of a battle of up—both to New York and ^ strain, though the figures the smaller European ones. 

central banks p *f c ^ tb e financial elementT ideologies. The U.S. believes other centres. R suggest that there is stffl some «« trying to daub out of the 

their funds m the Eurodollar financial picture is really in fairly dean floating. Others asking foreign central banksto ^ay to go. recession by spending money 

market, so that excess liquidity t0 H understand^ —notably ourselves—believed take on its own role of control- ^ . t . t - . through State agencies. It was 

created by daitmec nfpayments Sfe £££ of ta^Sw.^5 ling tt. tattoo of dollars. not surprising to find tharthe. 

deficits was not mopped up. but J he e m a Qney which either finances The UA authorities saw no This crazy policy in effect monetw co^Sol in eSnSS l oans hy ^ese counties, 
continued to circu ate. The demand at borne or circulates reason to allow large British perpetuates the flows, and is yfoich are assisting the re- desp . rte being earmarked ftrjk 

members of the Group of 10 internationally—the creation of purchases of dollars to drain leading to a situation in which cycling that' we will all find partlCular borrower, amounted 

solemnly agreed ro desist,^and dQmestic credit. This is simply the Ui>. economy of funds, so the LT.S. banking system is ourselves in a relatively stable *° S eneraJ ,oans - 

while the major industrial a natter of total new lending by there was no restraint on the becoming over-extended, while but much more inflationary Wn*ntsdeficit.or 

countries remained the world s banks in their own currencies; creation of the corresponding everywhere else bankers see bog* ^ u arch-recvclers. the shorm S ap Centaal Banks 
major creditors, matters and since offshore banks simply assets by the U.S. banks. excess liquidity as a problem, OPEC countries have already reserv P s was tiie real objective 

appeared to be brought under transm j t this lending, the total Up to this point it could be Confidence is destroyed in New discovered to their eostt The °* countless -loans to ^ Spam, 

control. growth of domestic credit is the argued that the creation of York while in other centres most effective reassurance will Sweden, Denmark. Canada, Fin- 

Since 1974, of course, the growth of world credit—the excessive’ credit in tile U.S. excess liquidity is squeezing he found not In anv measure ,and and France, 

OPEC countries have been the growth of bank money, broadly banking system was the result margins; and the efforts of the 0 f liquidity but in anv news Much of the increas€ in bor ' 

world’s major creditors, and defined. « of meeting the demands of authorities to fund tile huge suggesting that the Fed under from tlus source was 

are under no such self-denying i n a ny one country, however, interventionists in other coun- rise in their dollar claims is its new manacemenL is comine accounted for **F three 
ordinance: they have become the totals can diverge very tries, and that the interven- dislocating the bond markets. A to believe that credit eontrni eountries » Canada, Sweden and 

the major source of funds for widely: the difference is roughly tionists were causing the flows, failure in the bond market begins at home France, while the increase in 

the growth of the market How- £ he surplus or deficit on official Now, however, the Administra- could even lead to the inflation ■ UJC borrowing between 1976 

ever, this is not a measure of settlements (the current balance tion is concerned about the everyone fears—especially in Anthony Harris and 1977 was largely as a result 

liquidity, but of recycling; and J of the jumbo S1.5bn. operation 

it is only one of the ways in concluded 13 months ago. 

which debt is recycled. That . This same operation' provided 

is a problem in its own right, an illustration of what was going 

but before we come tn it, there Tk M' j “1 ^ • ‘.to happen to spreads in the en- 

remains the question of official l\ /■ I "■ Tj X" I -g • • • suing months: Britain borrowed 

and bank reserves—what some ( \/ ■ I .I I I I I I I I *■ I l' , I I I I I a • f f ■ I I I I at less than 1 per cent, over 

economists call high-powered i.TXV/VI'X vi-111 VS*/ JL XXX X Vll VilllC* . tiiejijterbank rate. Sweden fol- 

mnney. and the IMF calls Mo. ^ lowed in its footsteps and Iran 

However.. there seems to be last YEAR is likely to be demand for induetrial loans In almost doubled from a figure particular!v the case with 

,It°nnf S iiko remejnber « d in the nieddum- the developed countries is still of SffLSbn. in 1973 to a figure Poland and Bulgaria, whoS SSS^towriS list^ring^ By 

fn 7, e, S . . ch . ^ term syndicated market more ruthlessly shaving spreads and of $4(Ubn. last year. EquaUy external debt respectively ■ was the en'd of the vear priraeindu^ 

gold holding om were, the {or cut-throat competition fees while lengthening maturi- important, the pattern of bor- mor? than SlObn. and more than xtidl countrv risk (France and 

nfifnevarv authoritTes control the belwewi banks which enabIed Ue ? and 2race penods - , rovvin S ba s changed; industrial S2.5bn. Comecnn’s willingness to New Zealand) rates at S per 
"tMtin ■ nf money and borrowers to improve the terms Many observers are wonder- countries accounted for two- reduce its imports in the past cenL . 

iiw.rMvi or u-i|) has been o f ti )eir than for the very Lng whether it is not 1973 all thirds of syndicated loans in year or so and the general A. t the start of 'this year 

at a steadv and undisturbed rate. *--onsiderablc increase in lend- over again. The frenzied com- 1973 . for under 45 per cent, last assumption that Russia remains Venezuela and Malaysia joined 

Tim nruw'th uf foreign exchange ‘ n “- rose lo a recor & petition which then ruled the year. East European borrowers the leader of last resort have fli e ^5 0 f 0 il producers able 

reserves has been more rapid. $4hbn- from the 1976 figure of markets bears a marked ressem- raised four times as much last combined lo dispe^ the disquiet to command .a spread Of } per 

because of the i-xtcnt of official ?29bn. blance to what is now going on year as four years before, while by many in 1976. . cent, but banks were reluctant 

interventions in' the exchange Manv 1 ™,™,^ narticularlv I? ^ Jwckcloth and developing countries raised A few developing countries,to let borrowers push spreads 

market, but this is- nut itself a ° f Irodm8 were t^es as much. tLDCs) were well-established down fiirther and resisted 

measure of putential inflationary hlvK S very dIffereTVL Borrowers from this last cate- names in the market in 1973 French Treasury arguments in 

pressure. f re l0 * d ?- ??» ) ent Tn0 .^ °" In 1973. the world economy SO ry are the ones which give (Mexico and Brazil, the two favour of a J per cent, spread 

World reserve "rowth durin® , rmS w ' n ‘ cn bauKers ruled out was gr0 wing fast, as was infla- rise to most anxiety among the largest borrowers over the past for a small Caissc. Nationale des 
1977 had liv October reached of co H5.., on J y 3 few , m0I,U,s tion: interest rates rose sharply hanking community. Some have four years are in this category). Telecommunications loan. 

S'Uhn nf which the U.K. alone a30 ‘ in a very fcw 08585 chough they fell off a tittle at very large debts in absolute But it was in 1975 and 1976.that . .Japanese and German banks 

xcrmintcd ror SMbn Like the a cor ) v,ncmg ar 2 ument can w tlw end of tlie year. To-day, terms, others with much smaller this category of borrower were easily the most aggressive, 

ii, " a river delta this is ^ UI I orwarl * Chat 3 particular we gjg very rouc h in a debts overall have Landed in started raising money in the although Chase Manhattan was 
evidence of the enormous flows bormwei * & situation lias im- perKK j a f depression but infla- trouble for reasons which are market in a big way. Every other not far behind in the race. The 

which have occurred It is the P roved - 1116 P eriod which often jj on has been f a mng i n the sometimes of their own developing country tried its luck first were encouraged by the 

rate nl flow rather than anv 11 a5 elapsed between two loans leading industrial countries and making (Zaire. Turkey), while and most got something, albeit Ministry of Finance in Tokyo to 

measure nf liquidity which for tbc s*™ borrower and inieresi rates are presently some may suffer from the grow- at very different prices. ' seek customers abroad id an 

m i 0 i lf threaten to risk a currying very different terms fairly steady mg protectionism in the West Industrial countries which attempt to recycle the vast bal- 

PUn * tQWaSh 8Way 1116 nonsense eff* sudh^tatements!*^* ttZSEZ ?a“ t' SS 

Nnw these Hows can be ^^7^' the 'tbinc^ ^ ^buV^annJSnSd ” i ^SX°^Sk tb £d n vi dropped hat “out ^ght ^horiSand'findiS 1 iessand 

analysed in iwo ways. Most in the market and the absence grown, publicly annountea u/nrru nianv ha „ fcArc Thiv tn rej-mew fn fnreo' in. 1976 less, scone for exnonttins profit- 
pnpular and market discussion of any demand or perceived medium-term credits have 


Medium-term lending 


able busing at home, took to 
wldeT horizons witb jgtoe. 

•. Many leading UX'banks tried 
ft? resist‘by refum^gf to partici¬ 
pate in loans, especially when 
they felt the maturity and draw¬ 
down. periods were too long, but 
to little avaiL They boycotted 
the $30pm. 12-year loan to the 
Australian State of Victoria and 
the SfiOOm. seven year loan to 
New, Zealand. 

The net result was simple- 
■When assembling the manage¬ 
ment group for the $500m. loan 
for Electriclte de France, the 
lead manager. Credit Lyonnais 
wasted no time on the- U.S. 
banks. The European, and 
Japanese - banks had .demon¬ 
strated that they could do with¬ 
out the U.S. 

- The resistance put up by a 
number of hanks to the tumb¬ 
ling . of spreads which has 
characterised the past few 
months and their- reluctance to 
countenance a~ further erosion 
of their return on assets has led 
quite a few of them to. lend to 
borrowers of lesser standing 
(especially. South of the 
Sahara) in’ order "to"Secure 
business .With better .yields. 
Other banks have simply looked 
for more profitable business and 
appear less, .prominently on 
league tables.of lead managers 
and managers. They-simply feel 
that the market is coming to 
resemble, a little too much for 
comfort, a game of Russian 
roulette. ... . 

Maturities , . 

The . fall in . spreads and 
lengthening of - maturities haa 
enabled a Dumber, of countries 
to refinance. earlier, loans, of a 
few years back .• raised at 
greater cost -After Britain and 
Ireland, a number of South-East 
-Asian borrowers are. resorting 
to this technique. ■ : 

Two developments; will .be 
.watched very closely byJbarflmrs 
in the months to come;. The 
first is what measures the Comp¬ 
troller of the Currency • will 
take and ; the effect such a 
tightening of therulea will have 
• on the pattern, of lending <tnany 
bankers believe-it will be con- 
: siderable). - The second is the 
pressure on the banks to ease 
some of the. provisions in 
the legal documentation for new 
loans, in particular the-deslgna- 
tion of applicable courts of law 
in the .event of legal proceed¬ 
ings. ’. 

Such problems may. deter- 
. mine r just as much as.the move¬ 
ment of Interest rates and the 
amount of liquidity held By the 
banks, the. pattern of lending 
and the conditions -attached to 
loans agreements entered into 
this: year. 

, >; ir. brands Chiles 


ftirvf toa» 


All Jiw «ote» bf-ca tni» 




y 


U.S. $50,000,000 

European Investment Bank 

81 % Notes Due January 10,1985 


ALL of these securities haring been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


***** 2 *** 


JANUARY 1978 






Basque Praise et Internationale dlnvestissement (BJLLL) 
Abu Dhabi Investment Company American Express Midi 


Arab African Bank - Cairo 

Bank of Credit and Commerce 
International 

Kuwait International Investment 
Co.SJLK. 

Riyad Bank Limited. 


American Express Middle East 
Development Company S XL. 

The Arab Investment Company, S JLA. 

(Riyadh) 

European Arab Bank 


National Bask of Abu Dhabi 


Saudi French Bank 


Alahli Bank of Kuwait (K.S.C.) Algemene Bank Nederland N.V. JU Saudi Banque 

Ainsterdam-Rotterdam Bank W. V. Arab Bank (Overseas) Limited 

Arab Finance Corporation S A.L. Arab Financial Consultants Company SJLK. 

The Arab and Morgan Grenfell Finance Company Limited Bahrain Investment Company 
B.A.I.L (Middle East) Inc. Banca Commejciale Italians Banca del Gottardo 

Banca Nazionale del Lavoro Banque Bruxelles Lambert S.A. Banque Nationale de Paris 
Banque de Paris et des Pays-Bas Buigan Bank SJIJE.-Kuwait 

Byblos Arab Finance Bank (Belgium) S.A. Cairo Barclays International Bank SAFI. 

Caisse des Depots et Consignations Citicorp Gulf Finance Ltd. 

Credit and Finance Corporation Ltd. ‘ ‘CFC’* Deutsche Bank DG Bank 

Aktiengesellschaft Deutsche Genosseuschaftsbank 

Dresdner Bank Euroseas Securities Limited First Boston (Europe) 

Aktiengesellschaft ' - Limited 

The Gulf Bank K.S.C. Kredi etbahk S. A. Luxeznbourgeoise Kuwait Financial Centre SAX 
Kuwait Foreign Trading Contracting Kuwait Internati onal Finance Co., 

and Investment Co. (SAX) S.AX (K3FCO) 

Kuwait Pacific Finance Company Limited Merrill Lynch International & Co. 

Morgan Stanley Inteniational The National Bank of Kuwait S A.K. 

Limited 

Osterreichische Landerbarik AG Reynolds Securities Inc. 

Salomon Brothers Inteniational Limited Soci&te Generate de Banque S A. 

Union Bank of Switzerland (Securities) Union de Banques Arabes 

Limited et Francaises-U.B A.F., 

. Wardley Middle East Limited 



Republic of Panama 

KD 5,000,000 9 percent Notes due 1983-1988 

(Redeemable at Noteholder s Option in J983) 


Kuwait Foreign Trading Contracting Union de Banques Arabes 

& Investment Co. (S.A.K.) et Frankses — U*BiA.R 

The Arab Investment Company, SAA (Riyadh) V - 

Credit Lyonnais \ • : {r V.-. :•••' r " .-3 • 

First Boston AG 

Hambros Bank Limited 

Kuwait Financial Centre*(SiAX^ • 


't • - ’ T ' 


Alahli Bank of Kuwait (K.S.C.) 
Arab"African Bank — Cairo 
Arab Trust Company (K.S.C.) 
Basque Nationale de Paris 
Burgan Bank (S.AX) 

Byblos Arab Finance Bank 
(Belgium) SA 

Citicorp International Group • 
Tbe Commercial Bank of Kuwait . 
(S.AX) ■ 


Knancia] Group.of X^wak (k,S*C.j^ 
5beGulf Bank 1 BLSG.—Xh wait .-'jjt .= .y. 


: v z- 




■ Riyad Bank Lfd, . 

Saudi V Cl 


V.:,, (Italia) S.piAi Roma 1 • 

• -; Wood Gundy Limited Cl. ; 

























• 

:t»' 

■ 

?k s > 
he> «ml 

,n <* Pur. 
ank M^ 

'll 

*v$ 

scmm J 

ft!: 

*,*SS 

] w* toot 
game 0 fi 


-.••-•-i^K4v -.-; 

t'v ■••. • t..j'. - '.: j- 


year for 


Alt these securities %u : e~been sold. This announcement appears as a matter of record only. 


New Issue 


:^U(^iTX(^®g r rV OCs: - the -’ ' " ' 

currency' markets :hiw. been ";" _, 

’ thefri mhTHtfag •'. r “ • .>•- AL 

, comparative 1 Icvets of, interest ’ -_ ! ’. 

rates;.-an Tiave:■ ; SacT tan/ ’• '■":'C- 5 i; 1 ;‘■■'" 

important- effect Am Activity' in ILS - ‘' -tfri-V ' - 

•™» V^imurTraey^- markets Belgium . 

during;/tire ;year; The France . 

persistent wetness of the Germany 
,.’ dollar.;-|ur&g tte^seomd half Italy 

ofliJTTr ahjrthie correspontUng Netherlands ... 

strei£gtir;of; Sie leaStog- Edro- Switzerland . 

pe&n :- tcurrencies “and"’ ‘the Japan . 

Japanese / yen*-.... have /been UJt . 


and a regular and at times 

^OFFICIAL DISCOUNT RATES 

. % change Bank of England’s Minimum 

/’r-Y 24/1/7714/12/7713/1/78 on year Lending Rate (MLR) down 


.reflected in contrary movements . --> 5 ^, 

■inijhe level of interest,rates* ' ■’■• '■■ 

These movements • have also • 

. contributed to a marked change i ib ™" 

in the balance Disadvantage in ‘rnbnr i tai 
the choice, of currencies • for-' t r K V''V K l 
Eurobond financing;'. During the . "• - • 

last, quarter . of - the- year' in ’• : • • 

particular, activity.iii Eurodollar Eurodollar ;........ 

bonds - was running at’ low Euro-Swiss Franc 


5.25 

6.00 

6.50 

+ 1J55 

8.00 

7.00 

7j50 

- 0^0 

10.50 

9-50 

9^0 

- LOO 

3.50 

3.50 

3.00 

- 0,50 

15AM) 

1L50 

1L50 

-3^0 

5.00 

450 

4.50 

-0.50 

2.00 

1^0 

L50 

- 0^0 

&50 

4J25 

4-25 

-2^5 

1325 

7.00 

6^0 

-6.75 


-.l /Sourcer National Westminster Bank. 


^FK>CURRENC1E5—THREE-MONTH RATES 


from its peak of 15 per cent., 
set in the emergency measures 
of late 1976 to 8 per cent by 
mid-May. 

The accelerating pressures on 
the dollar, however, forced a 
change of approach in late July, 
with the Bank of England hold¬ 
ing sterling steady in relation 
to the index against a basket 
of currencies rather than the 
dollar. Inflows continued, how¬ 
ever, and MLR fell again dur¬ 
ing August to 7 per cenL The 


QCIJ 

$175,000,000 
ICI North America Inc. 

S%% Guaranteed Sinking Fond Debentures due January 15,2003 

Principal, Premium, if any, and Interest Unconditionally Guaranteed by 

Imperial Chemical Industries Limited 


% change final stage was reached in 
24/1/7714/12/7719/1/78 "on year September and October, when 


uque. 
e^pmeais , 
T Vlfrelfk: 

Ithi »0 fljg 


levels, partly as si result of Euro-French Franc .... 12J3 

uncertainty over the currency. Enrb-Dentscheniarfc .. 4.63 

while issues in Deutschemarks Euro^ullder . 6.44 

continuedrto be" made at aThigh Euro-Sterling _ 12.98 


+ 2J25 
- 0.28 
+ 0.25 

- L75 

- LH 
-6.14 


Uet00 » ParUcular.acdvity.inEurodollar Eurodollar .. 5.19 7.13 7.44 +i25 op t^a ve^ hSh 

game : bonds was ^running at’ low BMro^wiss Franc 1.25 2.44 0.97 -0.28 pSshed rates^down ae^In »J3b 

levels, partly .as si result of Euro-Frenicb From.... 12J3 14^8 12.38 +0.25 £ U j^ e ^ 5 ^ 

... uncertainty over the currency, Euro-Dentschemark .. 4.63 3^8 2.88 - L75 1D1 '“ ™cnmg per cent 

clleS while issues in Deutsche-maite Euro^ChdMer . 6.44 6-75 4.50 — 1.94 At the end of October Britain 

continiiedrto be'madeat a high Earo^Stadin^ r 12.98 7.13 6.84 —6.14 was forced to abandon the 

t/f J pies me a new market : in EurtK • ' . - ^ gkur^r National WeRimm^er Bank policy o£ holdin S Oie rate down 

Imd.""** ' terUng bomis began to develop- • Westounster Bank. and a2]owe(1 the pound to float 

umi>er di e- The pressure on the dollar -* ■ : with little intervention. This 

e ^[ lie i Ije has produced sharp rises irtVfiie national uncertainty. In con- decline through the decision to move was followed by a renewed 
tse k ib - value .of ail ' the 'trad^onjihy 'ti^t, Japan and West Germany undertake a more active inter- jump in MLR to 7 per cent, 
Afterigyjj.... strong- :carrenci^s;.. the Jtalss have produced'hiereased sur- vention policy, backed by the reflecting the view that the in- 
umber of St- franc and the yen in- particular pluses, while Britain saw a weight of the international flows from abroad had taken it 
*wers are t and the West. German IMnark. surplus of £59m..on. its current central bank swap arrangements down to an artificially low level, 
iique. At the same time, thei pouh^b^^ of payments, the first with the supplementary support though the rate slipped again to 
e * n ?meais 5 one of Iftie'-'weak currencies, since 197^ . of a new agreement with West 6i per cent. 

■y L-lovelyh- untiI nearly the. end df 1976, has The r ' attitude • of the U.S. Germany. With rates in the U.S. moving 

ithj >0 me- 5een a remarkable: transfOtm*- authorities towards the dollar Meanwhile, however, the upwards as part of the efforts 


Smith Barney, Harris Upham & Co. 

Inctuponted 


Morgan Stanley & Co. The Firsi 

Incorporated 

Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

Blyth Eastman Dillon & Co. X 

Incorporated 


The First Boston Corporation 


h Salomon Brothers 
Dillon, Read & Co. Inc; 


rcttwiifttt tion ever, the :past year oh the ^and^^ their apparent -indifference other leading countries had 0 f the authorities there to pro- 
:h* Cuii«- strength of renewed:interna- ior most of .lak year to the been forced to take their own tect the dollar, the changes ini 


E. F. Hutton & Company Inc. 

Loeb Rhoades, Homblower & Co. 
Wertheim & Co., Inc. 


Goldman, Sachs & Co. 

Lehman Brothers Kuhn Loeb 

Incorporated 

Bache Halsey Stuart Shields 

Incorporated 

Drexel Burnham Lambert 

Incorporated 

lazard Freres & Co. 


'' **;€ rieJf.i 

! o-: pnri 

•-* .'^'3. ft 


Michael Blanden, 


\r,i e 5 \i, Donal confidence in- > Britain "effects its 'decline was having action to fend off the inflows the levels of domestic interest 
v liie ra>j ( foUowing 1 negotiation. ' 1 ^;'the 'on other roHntzjfesiVhave played of funds from abroad. In West rates in the leading countries 
- J "- 0 ; !«mt. IMF loa “ . coupled with, the a key role ip the exchange Germany the measures adopted have been directly reflected, and 
w.p'iSi shar P improvmhent;. ifl/. r the^^ market imwemehtis.. Initially, in mid-December included an in some cases exaggerated, in 
i-a’sgj balance . of payments as North the was inclined to regard increase in the compulsory their Eurocurrency equivalents. 

• *'■£ Sea oil-has begun to ,malce an the fall inthe ddflar asa useful deposits placed with the Bun- in spite of the widening of the 

•v ihapact. .. ^■ contribution to^ ^drreCtlng the desbank (central bank) by gap between Eurodollar and 

,, Mnvmionfc • - payments imba^nces. It was commercial banks in proportion D-mark rates, the unsettled 

' 7 1 T 1 Uy CUICUp; v ;, 1 ; ^ felt that these,Iwff^krisen partly to their obligations towards ■ currency scene remained the 
«*■ These -movements and the because the-'TLS^-economy was foreign customers, and mea- dominant influence on investors' 

■ “J^est which persisted in .-the' growing mera/ .'rtrpidly than sures to restrict foreign buying attitudes up to the end of the 

’ exchange taarkets through most those of other ommtries which of domestic securities. They year, reflected in a continued 
. ..... _ of the past, six months -hive had not foUowed the U.S. ex- also included a cut in the trend to move from dollar to 
brought substantial : problems ample in their efforts to sustain already low level of interest DM-denominated bonds, 
fa?’ the 'jcpisntries;. on tiie ^rid.growtlL;//'. ^ rates, with the official discount _ _ g _ 

./S: receiving eiid of the speculative 'With the growing'pressure on rate being reduced by i per MlCuSSl JBIfUluCIl 

• 7 3; flows. -'Efforts-'to stfilm' - the tiie dollar ^ after June, the cent, to 3 per cent - .. — 

' -- pressure have Included at times dangers of this' attitude' became 

,r< heavy official intervention & the mcreamngly . apparent The • _ 

^ exchange: markets by the centraliparket took :the v&w that the OlrdUlS 
banks ' - with . the -, stronger Admin istr ation ' was r tryoig to . * .. , 

FrantfeL’ Tncainires to tetk tbe.ttollar jSST JTi 

--— -discourage inflows -fHun abroad dedine-in the value of-the dJ:9. "r 1 . 

Moint D float- * 

.modest easing of.r«tnctipns r on the. year it brought a growing W TTie LSdi 

outflows); and regular efforts by vo jnine of cohmlaints from ar rangement, me bcanfli 
: ijolrtiriani! and TSnfrai hankers' m ^ navian currencies were twice 

■to dolS 1 .=W?tnes Wronger f(itced to ^ae, ^ AprU and 

euire^.gfrtiqflarly S^ter- ^ Angust Md M ^ sec0IKl 

..empnasismg cnai ms aecimenaa 3 nd West Germany.. The occasion Swpdpn Hmnnprf nut nf 

gone too far and by underlining West ^Gera/ians eajeeiflJlv found S-^f 100 &weae ° aropP e “ out of 

• \RY 19» Britain but alsf L other doun- raov *™ i ? ts ’ Belgiip rais- '3 Jf? 

tries, a decline in the general diSC ? unl l . rate twice dur - M London^y 

level of short-term interest wori ^ ' UI ® December by a total of 3 

rates—a movement which is in pressure on the US. per cent to 9 per cent, largely 

'contrast with the increase in ^ in order to protect its currency ■ _ 

the U.S. pubfac and pnvaie warnings-of in relation to the D-mark. Later, • 

The prime ■'■rtason' : 'for the '.iwiipnaWlWea for eosin^ as the pressures eased, Belgium ^ . P aris 

pressure^ has. been the very stabflaty m the .was able to bring the rate __ j 

sharp increase in* thfl'tJ.S.''trade down again by I§ per cent -T 

'deficit to a’’record .level ’of :The U.S. changed its attitude. The impact of the currency "■h> 7 j 

,r $26.72bn^' foin^and-a-half ' times_^dha!lyf'and towards the end. movements on interest rates, fv 

its level in the pre.vioiis : year,Aof theyear was beg inn i n g to however, was nowhere more ^ rr^ 

' large contribution to the rise argue that the decline in the obvious than in Britain. In the 
Twas made by sharply ahereased dollar had gone too far to reflect early part of the year the ^ 

- oil imports, and the problems,of the underlying-economic reali- British authorities followed a 
the U.S. Administration in gain--ties... It was ‘ only in early, policy of keeping the pound 
ing acceptance for its energy January, however, that positive-more or less stable in relation 
r policy have contributeff to inte> 5teps were taken to arrest the to the dollar, at around $1.72, 


Kidder, Peabody & Co* Lazard Freres & Co. 

Incorporated 

: Co. Paine, Webber, Jackson & Curtis Warburg Paribas Becker 

Incorporated Incorporated 

White, Weld & Co. Dean Witter Reynolds Inc. 

Incorporated 

ABD Securities Corporation Basle Securities Corporation 


UBS-DB Corporation ABD Securities Corporation JBasle Securities Corporation 

Berliner Handels-und Frankfurter Bank t EuroPartners Securities Corporation 

Scandinavian Securities Corporation J- Henry Schroder Wagg & Co. 

SoGen-Swiss International Corporation 

January 31,1978 


fl> London £<£ 


9 • Frankfurt 

Luxembourg 

• Zurich 


If you are planning to use the Euromarket, your bank 
must have the professional expertise and capacity 
to structure a Euro-currency financing tailored to your 
specific needs. Direct access to funds everywhere, 
financial strength and proven experience in the market 
are essential. 



Commerzbank, an established force in the 
Euromarket, provides short, medium and 
long-term finance, acts as lead or co-manager of int ern a tional syndicated loans and 
public Eurobond issues, and is present in all major int ernat ional capital markets 
with dose interbank relationships built up over a - 

century of worldwide activity. 


. THE BRITISH decision.tirmake 
. Lg-use of the Euromarket for the 
- jiT** u r purposes of funding long-term 
fT q A J , export credits wax-made largely 
V .ot .necessity at a time when it 
was essential to reduce the 
-burden on public spending and 
hozxowing .crated by -.the; 
'Refinancing - activities ' of the 
Export- Credit: Guarantee 
>DepartmenL . 

r- Although the -conversion .of 
[these Eurocurrency funds, into 
longer term fixed rate.lending 
to support major, projects -.has 

S f r -pot been easy, and the change- 
A Jw over initially. met ■ with-., some 
•* ’ t opposition,' the scheme.-' has 

S A> undoubtedly created a- new 
'dimension in the provision of 
"export credits, v.' ' . 

Buyers of British goods or 
services had become accustomed- 
;to the advantages- of paying hr 
sterling during tiie long period 
• of its declining value, but in 
the short tenn at least, they, 
[also have‘. .benefited from "the 
c.C 1 ) .weakness df the dol^C - ■' . 
:>■“ However, these ^fluctuations 
i^re relatively unimportant; when 
over periods of up.Ttp .12 
years and it is now interesting 
[So speculate whether the Euro^ 
. ^ Co market will be able to extend 
* jhs loan . capability.. from ; ■ 
Current maximum period 7 .of 
’About seven years to the; full 
rtf* period required for major con- 
£&' Mruetion and todusjrial projects.. 
JT: At presenL foreign .currency 
jpans operate oh.. a (basts of 
Variable interest rates related w 


a three to 12 -month rollover a syndicate are unable to oon- 
period, being reviewed at the tinue funding the loan facility, 
end of each rollover period and The department also makes up 
fixed according to the supply : the fixed rate of Interest recedv- 
and demand of the currency able under the financial agree- 
coneerned. ment to a level based on the 

Conversion into longer term commercial rollover rates pre¬ 
money is achieved , by ECGD .act-; vafling in lire market but which 
ing as co-lender with syndicates includes a marg i n agreed by 
of commercial banks, usually ECGD at ^the outset in earii 
the dealers but on some case. If the fixed rate exceeds 
occasions with approved UX- the market rate plus mMgin. 
based flereign banks. Under .an the excess Interest is paid to 
agreement commercial banks; ECGD. 
undertake' fixed interest rate ’ The volume of business 
lending commitments for the generated for the Euromarko# 
maximum period possible under by the new scheme is now 
current market conditions. . fairly substantial in relative 
‘ ’ EGGD,asIender of last resort, 

undertakes to cover over -the ** S 

whole period of the lending once JJf* ***& J 8 ejected to mt the 

the banks’ commitments expire ??5 re V& 7 i 0D ^ 

if thelatter are not prepared to .. Fram . tile U - K . of 
extend their commitment or if JL'^^JJL^J^S'-S^heeii 
replacement lenders cannot be . be “ 

tt te^kdy. ■ a, B fea in the prerioudy hi^. 

,’7-1--. n -ri dinnpslic interest rates, Euro- 
eorremy ma rket tnsbeenm^ now merginsliy 

for this purpose emensive: 

l»aij«.be- 1 wi« aBOjto Iftm Aiaoogh ECGD hid aimed 
tte bond market, alftough fte fo ma ke the facility as easy to 
letter has. not beea ^. operate as the sterling scheme, 

and, may he used at a later dale ^ been unavoidahle 

I*® 11 *™ 'ES?* system . cojH^cations in deling with 
been. ftiBy tested. the fluctuhtipn of currencies. 

TIndOT a seperate agreement For example, where an exporter 
ECGD also : guarantees. the has dollar receivables under a 
Syndicates;, against borrower supply contract, he has the 
.d^idt -acd tindertakes to take option of either selling the 
over the lending if members cf itoUara immediately at the spot 

•• CONTIN^^^ PAGE k . 


2 As one of Germany’s foremost financial 
institutions, Commerzbank offers both 
the expertise of an international merchant 
bank and the financial strength of one of the world’s leading c omm ercial banks. 



Eurobonds and Syndicated 
Eurocurrency Credits 1970-1977 


USSbffion 



A 


1970 71 72 *73 74 75 76 77 


Internationally oriented since its establishment 
in Hamburg in 1870, Commerzbank today ranks 
among Germany’s *Big Three” commercial banks 
with consolidated total assets of about US $ 35 billion, 
and a global network of branches, subsidiaries, represen¬ 
tative offices and affiliates. 


For sound advice on Euromarket 

financing or any other fund raising operation, have a talk with Commerzbank 

COMMERZBANK £& 

Europartners: Banco.di.Roma -.Banco Hispano Americano * Commerzbank ■ Credit Lyonnais 

. International HeaeTOffice; p.O. Box 2534, D-6000 Frankfurt/Main 

_ . _. ^qn Brgnchgsr Bmssels • Chicago * Lnndon • New York* Paris-Tokyo 

Epreicrn SpbfflMes^ang^Rsprgsggtative QfPcfia; Angertiam * Beirut * Brussels - Buenos Aires • Cairo - Caracas • Copenhagen * Jakarta • Johannesburg - Lima • London 
Luxembourg * Madnd • Manama (Bahrain) - Mexico Crty ■ Moscow • New York • Rio de Janeiro • Rotterdam - Sao Paulo • Singapore * Sydney ■ Tehran - Tokyo • Windhoek 










































Eurobraz 










' ‘WiSC&S?: 


Our primary function is to 
raise finance for develop¬ 
ment in Brazil in particular 
and in other Latin American 
countries. How successful 
wa have been in the five 
years since our foundation 
is reflected by our current 
total assets of over 
U.S.Shaft billion. 


SharehoWera:— 


Banco do Brasil S.A. 

Bank of America Group 
The DbHcM Kangyo Bank, 

Limited 

Deutsche Ban* AXL 
Union Bank of Switzerland 


European Bra 
'Bank Limited 


ilian 


Bucklers bury House. 11 Wa! brook, London. EC4N 8HP."felephone: 01-236 1066 .Tetex: 887012/3. 
Representative Office in Brazil: Ay. Rio Branco1t57°andar. Rio de Janeiro.' 

• Tel: 263-7937 263-7997! 232-2740.Tetac 2122825. 


A new name in Luxembourg 
Ein neuer Name in Luxemburg 
Un nouveau nom & Luxembourg 
Um novo nome em Luxemburgo 
Un nuevo nombre en Luxemburgo 
Un nuovo nome in Lussemburgo 
Een neien Numm zu Letzeburg 
En neue Name in Luxeburg 
HoBoe hmh B : JlK)KceM 6 ypre 

j\2>iy- 4* ^ 




II 


0 


Landesbank Rheinland-PfaSz und Saar 
International S. A, Luxembourg 


5?, route ri'Esch, BoRe postaie: 84. Uixembourg. Telephone: 4759 2H. telephone Arbil'age: 475481 
• . Tele <: 1835 tpslu. Tele*. Arbitrage: T836 rpsfu. Icfegrammes: fheinsaarfus 


Banco de Vizcaya 


SPAIN 

INCORPORATED W 7901 
HEAD OFFICE- GRAN VIA. 1 - 8ILBAO-1 
CAPITAL: 10.143.938.500 PESETAS 
RESERVES: 12.176.184.915 PESETAS 
658 OFFICES IN SPAIN 


INTERNATIONAL DEPARTMENT 

Paseo de la Castellana, 114 - Madrid-6 
Tel. 41 1 20 62 - Telex 22571 - 42382 


INTERNATIONAL OFFICES NETWORK 


LONDON BRANCH 
75-79 Coleman Street 
London EC2R 6BH 

Tel. (01) 628 45 66/9 - Telex 885245/6 


PARIS BRANCH 

15, Avenue Matignon 

75008 Paris - Tel. (1) 359 55 09 -Telex: 641423 - 641425 


R 

'3 


NEW YORK AGENCY 
400, Park Avenue - New York, N.Y. 10022 
Tel. (212) 826 - 1 540-Telex 66199 , 


REPRESENTATIVE OFFICES 


MEXICO 

Avda. Juarez, 4 - Mexico, 1 D. F. Tel. 585 00 30 



VENEZUELA 

Avda. Francisco Miranda — Edificio Torre Europa 
Oficinas 7 y 8 - Caracas 
Tel. 33 43 53 - 33 25 08 - Telex 23532 

7 FEDERAL REPUBLIC OF GERMANY 

Friedensstrasse, 11 
6.000 Frankfurt/Main 1 
Tel. 611/23 32 91 - Telex 413215 



m 

IMM 

11 





on 


"IN FACT, the foreign claims 
of U.S. banks have grown at 
rates exceeding 15-20 per cent 
per year during the past few 
years. As a result, considerable 
public attention has been drawn 
to this issue and questions have 
been raised about the prudence 
of the international- lending 
policies of the banks. We 
believe these concerns are 
greatly exaggerated and will 
cuntinue to prove to he un¬ 
founded, Losses on foreign 
loans have been small. Loss 
experience has been, better on 
foreign loans than on domestic 
loans. Moreover, with the 
recent improvements in tbe 
international payments pattern 
aud successful adjustment effort 
in a number of deficit countries, 
U.S. bank lending abroad has 
been growing at a much slower 
pace.' In the first nine months 
of 1977 the increase was at an 
annual rate of only ten per 
cent, compared with 24 per oent 
in 1976.” 


Since the speaker quoted 
above was Mr. C. Fred Bergsten. 
the Assistant Secretary of the 
Treasury for International 
Affairs, and since the date on 
which he offered his remarks 
was as recent as January 23 In 
testimony before a Congres¬ 
sional committee, an obvious 
conclusion is that the foreign 
operations of American banks 
were not feeling—end are not 
about to be sujected to—the 
federal regulatory pinch. It 
might almost seem as if the 
shock waves generated by the 
collapses in 1974 of Franklin 
National and tbe bank L D. 
Herstatt had become no more 
rhan ripples of - concern in 
waters made much calmer by 
tbe receding fear of an inter¬ 
national debt repayment crisis. 

Such a conclusion would be 
wrong. Although it is un¬ 
doubtedly true that the U.S. 
authorities no longer consider 
probable default on the part of 
most major foreign creditors. 


the regulatory agencies here 
have with little fanfare but some, 
effect been focusing their atten¬ 
tion more firmly on the external 
position of American banks.. 

Two public disclosures in the 
course of the last month have 
illustrated this. One was the 
publication by the three 
principal regulatory agencies— 
tbe Federal Reserve, the Comp¬ 
troller of the Currency and the 
Federal Deposit Insurance Cor¬ 
poration—of a country-by-conn- 
try survey of U.S. bank lending 
overseas, the first in what is 
to become a semi-annual exer¬ 
cise, designed to heighten 
general, and particularly Con¬ 
gressional, awareness of the 
issue. The survey itself pro¬ 
duced few surprises and, if any¬ 
thing, tended to bolster the 
point that the debt repayment 
problem was manageable at 
present 

The second and probably more 
important action was the excep¬ 
tional decision by the Comp- 


.... and their lending 


activities 


MOST OF the major U.S. money 
centre bonks have been growing 
increasingly dependent on 
foreign lending for their profits 
over the past two years. 
Although the burden of helping 
the world adjust to. the huge 
surpluses being earned by OPEC 
countries was thrust upon these 
banks, it is a burden which 
they have been happy to bear 
and without which their balance 
sheets and income statements 
woud be looking threadbare. 

In 1976, for example, the ten 
largest U.S. banks earned over 
half their profits from foreign 
lending and there is no doubt 
titafcMi 1977 the figure will have 
increased—in some cases (Citi¬ 
bank is an instance') dr amat ic- 
ally. ' * * ' 

This dependence ou foreign 
earnings is not something aU 
the banks would have wished 
upon themselves, useful though 
it has been. In part at least 
it is a reflection of the stagna¬ 
tion' of demand for loans from 
corporate customers who have 
been re-financing themselves in 
the bond markets, from retained 
earnings and using the commer¬ 
cial paper market for an increas¬ 
ing proportion of their short¬ 
term heeds. 

imbalance between, 
foreign and domestic loan 
demand has become an increas¬ 
ing problem for the banks. This 
is not just because of the hue 
and cry over the quality of 
foreign debt, particularly debt 
to less developed countries 
which do not export oil, which 
has had a depressing effect on 
bank share prices at a time 
when many banks need to in¬ 
crease their capital. 

Of equal significance is the 
evidence emerging last year 
that the more than ample supply 
of funds to foreign borrowers 
from U.S. and European banks 
had turned the market into a 
borrowers' market. 

Thus international lending 
rates to better quality country 
borrowers started last year with 


a spread of one percentage 
point over London interbank 
offered rate (LIBOR), and in 
spite of resistance by some 
banks had narrowed to l of a 
percentage point Although, as 
bankers are quick to point out, 
froDt-end fees have raised the 
lending banks’ yields back to 
the 1 per cent level, a fall in 
fees bas exacerbated tbe de¬ 
cline in the profitability of 
foreign lending. Advances are 
much less profitable than a few 
years ago. In addition, com¬ 
petition has also stretched out 
the length of loans from seven 
to ten years in some cases. 


Anxious 


As the U.S. banks move into 
1878, therefore, they are grow¬ 
ing more anxious about the out¬ 
look for domestic lending. If 
the commercial and industrial 
loan demand which regional 
banks in Texas and California 
experienced in 1977 spreads to 
New York banks, then it will 
bring with it « variety of desir¬ 
able changes from the banks* 
point of view. At a time when 
liquid European banks are still 
anxious to lend overseas it wifi 
enable the U.S, banks to be more 
selective and at least stiffen re¬ 
sistance to further narrowing 
of banks' yields on much of this 
foreign business. 

-A higher proportion of 
domestic profit will not do bank 
share prices any harm at all and 
may help to bring forward the 
day when more of the money 
centre banks can ask share¬ 
holders for *new capitaL 

It will also ease what anxieties 
they may have that the Coin- 
trailer of tile Currency may 
adopt too rigorous an interpreta¬ 
tion of his foreign lending regu¬ 
lations and provide the banks 
with arguments to support their 
view that a flexible approach is 
desirable. 

When it comes to trying to 
guess just how' likely the U.S. 
money centre banks are to see 
a surge in domestic lending 
demand there is no consensus. 


Dr. Henry Kaufman, the res¬ 
pected economist and credit 
market analyst who is a partner 
in New York. investment 
bankers Salomon Brothers, has 
forecast record credit demands 
in the U.S. this year in which 
the banks will 'share. Mr. Willard 
Butcher, president and chief 
operating officer of Chase Man¬ 
hattan Bank, is less sanguine— 
as are top executives at another 
leading New York bank. Manu¬ 
facturers Hanover. 

Mr. George Putnam, a Citi¬ 
bank senior vice-president and 
bead of Citicorp International 
group, says the bank expects 
domestic loan demand to start 
improving at money centre 
banks .certainly towards the end 
of tbe year. When this happens, 
be suggests, it will first affect 
the spreads on syndicated loans, 
moving them in the lenders’ 
favour—and subsequently banks 
might find the length of loans 
shortening again. 

With the big. money centre- 
banks also baving ta'pare their 
prime rates to domestic cor¬ 
porate borrowers at present 
they clearly have * lot at stake 
now on the outlook for their 
domestic lending. 

As to the other side of the 
equation there seems to be 
general agreement with a recent 
view expressed in Morgan 
Guaranty Trust’s World Finan¬ 
cial Markets that international 
credit market activity this year 
will be no less, and may be 
higher than last year’s level. 

Venezuela will not be alone 
among the OPEC nations draw¬ 
ing on tbe international credit 
markets this year, bankers sug¬ 
gest Others are expected to be 
Iran and Algeria. Morgan 
Guaranty has also forecast that 
there may be an acceleration 
of demands from non-OPEC 
LDCs too and from Blast Euro¬ 
pean countries. Maturing loans 
will continue to be re-financed 
at a high level. 

Stewart Fleming 


trolleFs office to make public 
the . criteria which it has 
privately been applying f° r some 
years in scrutinising TJ.S. foreign 
bank loans. Specifically this 
concentrated on the obligation 
of the banks in their foreign 
operations to abide by the 110- 
yearold “ 10 per cent role” 
which stipulates that no. bank 
may lend more than 10 per cent, 
of its. capital to a " single .** 
borrower. 

The main difficulty here, 
freely admitted by the.effective, 
new Comptroller,- Mr. John 
Heimann, was to determine 
what constitutes an individual 
borrower at a time when U.S. 
banks bad been increasingly 
making foreign loans not only 
to foreign Governments but also 
to foreign agencies and institu¬ 
tions that are wholly or partly 
owned by the same foreign 
Governments. 

The criteria require that 
potential foreign borrowers pass 
both a "means” and a “pur¬ 
pose ” test in order .to qualify 
as “single” entities entitled to 
borrow as much as 10 per cent, 
of a U.S. bank’s capitaL The 
first stipulates that a borrower 
must have the resources or in¬ 
come of its own to repay any 
loan; the second that Loan pro¬ 
ceeds must be uesd in tbe con¬ 
duct of the borrower’s normal 
business and not diverted to 
other purposes, such as Govern¬ 
ment balance - of - payments 
needs. 

Some flexibility, as Mr. 
Heimann pointed out, is being 
used in- applying these stan¬ 
dards. which on the face of it 
could severely circumscribe U.S. 
bank foreign lending.; Mexico, 
for example, had made strong 
representations to the U.S. 
Treasury last autumn that it 
had failed to understand the 
full -functions- exercised - by 
Mexican State agencies and was 
in effect cutting of the .supply 
of American funds to them by 
interpreting too narrowly the 
lending criteria, which state 
that if a borrower cannot pass 
both tests, then its loans will 
have to be aggregated with 
other loans outstanding to the 
Government in question and 
other related institutions all 
coming under the 10 per cent: 
ceiling.- 

. =. The ouhiitaliotr of the rules, 
Mr. Beknanm maintained, was 
necessary to dtim&nate confu¬ 
sion both among potential bor¬ 
rowers and among American 
banks about tbe policies being 
employed by the regulatory 
agencies. - But it was also, he 
made dear, designed to -serve 


another purpose that of e& 
firing that U,S.. banks kept full 
data oh Shear fbmgu borrow¬ 
ings and transmitted such infor¬ 
mation. in greater detail than 
hitherto - to the regulalory 
authorities. Tha* would..not 
only enable ike regulators"to 
determine more accurately if 
proper prudent banking 
practice was being'observed in 
the granting of loans but would 
atso furnish much-, more com¬ 
plete ocmsolAdated infonnation 
to those agencies whose respon- 
w-hilfty is to. anticipate tiouble 
spots! • . - . 



Middle East 
Unrated i 


2 rjakR c* 




The - increased: muscle- being 
exercised by the : regulatory 
authorities Is still barely being 
flexed and there is- plenty .of 
evidence of - internal ‘ bureau¬ 
cratic dashamtooy among the 
three principal agemaes.-^ 
which does not make the task 
of the bonks to oqn^iyang with 
different rides any; easier. How¬ 
ever; under Mr.Heuhann, who 
vies previously' New York State 
Bank Comptroller before Being 
hr mjgb t to Washington By 
President' Carter; the Comp* 
trailer of the Currency’s -office 
is cteariy * seeking;'-ib .assert 
itself more. ■“ The ^factthat 
Franklin National was a- New 
York hank may have marathon 
a littie to ' do yntib.' Mr. 


Heunana's . interest .- and 
concern. 

It must tdra be bonie iiuaiiMl 
that nothing that the .regulators 
have instituted to date amounts 
to substantive controls over US. 
bank lending ; overseas,', but 
rather extended - surveillance 
U.S. regulation over. the-Euro-- 
dollar market, for - example, : 
remains essentially non-existent 

It is a state of affairs which 
is persistently criticised-by some 
influential voices in Washington, 
such- as the Senate Foreign 
Relations. . subcommittee on 
foreign economic : policy. : But 
even its most; recent report on 
international debt, published last 
August, provided more of a dis¬ 
cussion of present perils Than a 
blueprint af corrective action. It 
was obliged to agree, for 
example, that dpser liaison 
between-the banks and the Inter¬ 
national Monetary Fund 'for 
example,was -no complete 
panacea and that unless and 
until tbe industrialised world, 
led by the U.S., came to grips 
with- the OPEC surpluses then 
imbalances would peraisL - 

.;v V ; Jiirc& Martili 

. U.S. Editor 


A Member ofTTie Hongkong Bank Group . 

Merchant Banking Services ^ 
throughout the Middle East i 


Export 


Beirut 

Slip •Amman 


•Baghdad. 


CONTINUED FROM PREVIOUS PAGE 



exchange rate then prevailing 
or selling them forward. 

As the exporter's bank wiH 
hopefully have explained to 
him, selling at spot rates means 
that he cannot know in advance 
how much .sterling a given 
dollar drawing will produce 
and' this can naturally have 
implications over a long period.' 

However, by using the 
forward market this can be 
avoided, and when sterling .is 
stapding at a discount a forward 
contract will provide more 
sterling than conversion of the 
same dollar sums at date of con¬ 
tract. This margin may be used 
either to reduce prices, increase 
profits or as a hedge aaginst 
inflation. 

In circumstances when an ex¬ 
porter is unsure of when he will 
receive his dollar payments he 
may still use the forward 
market by means of an “ option 
contract" Under this arrange¬ 
ment he will be enabled to 
deliver dollars between two 
future dates, during which time 
he will receive a fixed forward 
rate of exchange. 

Alternatively he may decide 
that it will be more beneficial 
to 'roH forward "the forward 
exchange contract if there is un¬ 
certainty as to when the cur¬ 
rency payment will be received 
or if a previously established 
forward exchange contract will 
not be able to be honoured. 

Despite the complexities, the 


use of the forward market is 
more of an insurance than 
speculation, but expert advice 
should always be sought ECGD 
also provides, as an integral 
part of the facility, additional 
cover against losses which an 
exporter may suffer if the 
supply contract is terminated 
for reasons other than the 
supplier’s own default and for¬ 
ward exchange contracts have to 
be unwound. 

An indemnity against the 
extra costs which might be 
incurred in the process of this 
unwinding will be provided 
under the terms of the premium 
agreement entered into by 
ECGD and the exporter. In 
addition, to enable exporters 
with long lead times to take 
advantage of the forward 
market, arrangements have 
been made between the banks 
and the Bank- of England to 
ensure that banks will be able 
to enter into forward contracts 
where the present forward 
market is insufficiently deep. 

An additional problem associ¬ 
ated with the use of the forward 
market arises where an exporter 
is required to tender for a 
project and to maintain - his 
tender price for a' specified 
minimum period while currency 
fluctuations may work against 
his interests. This has been 
met by the introduction of a 
new ECGD facility, tender to 
contract cover. 


Because an exporter bidding 
in foreign currency cannot 
enter into forward exchange 
arrangements for periods 
beyond the date of contract 
signature until such time as the 
contract is awarded to him, his 
tender price can only be based 
on an estimate of the forward 
rates of exchange likely to 
apply, if and when he signs tbe 
contract 


Riyadh* 


Abu0ha&-7 


•Jeddah 


In the event of movements in 
interest rates or if sterling 
appreciates against the currency 
of the contract, .this' estimate 
may prove wrong, exposing the 
exporter. The ECGD facility 
overcomes this risk by guaran¬ 
teeing for exporters the sterling 
out-turn for their contract 
which was envisaged at the date 
of tender and which was 
intended to be produced by the 
currency tender price. 

WbiJe Britain’s involvement 
in the Euromarket has created 
complexities and problems of 
this kind, it is clear that it has 
also been of great benefit. The 
successful operation of the 
scheme owes much to the 
strength of the British export 
credit system and while other 
European countries may wish to 
evolve a similar system using 
the Euromarket, it appears at 
present that few have export 
credit systems which are as 
ideally suited. ■; 

Lome Barfing 




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;•' r •':V ■'■ 

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"CISTS 


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Arab iountries flex 




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!* *3$ 

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«,» And^groffidse;-industrialisation place where they could deposit of “investment companies” are 

■KsefTmf?2XS. Gie *Z'3 ftpddje ..projects in some their surplus funds and deal in operating internationally. The 

du^h^lfareln ^ases sever^^^^pg pains they local ■ and international Kuwaiti investment companies 

tin«V tamma- i are; no. le^^jptessive. Last currencies Without having to are already well known and 

>« ^r.the rely on European centres. To groups such as the Sbarjah 

52^I2“ ^JWait. std^ jjrchange but it is this end it has been very group and the Abu Dhabi Invest- 

S®? weil- ^iished as is successfuL ment Company are becoming 

Bahrain's-.-flffi^pre banking September ^ Bahrain “»» familiar outside the 

crnf.nt ktf Shbs^-. market s_.r^.ycommon Gulf Monetary Agency carried out a Middle East Groups of wealthy 

^ off spot check for a week on Arab'individuals are tending to 
one and : fte ififldJe East oil-, but this t*s rnot stopped the tradine vSume anri found that Start up i 

SSS™!?'> Gulf-wide U w^n^g at ^ e^^d 5ust £*»« ^ 

? S? “° 5 S ^ exchaJ, se mon thly rate of $ 8 bn. f of which example, a group who described 

Sd weaS ^ 8 “ new-, market^wfaro dealiHg spreads $lbn . was ^ iocaJ c^ncies— themselves as a “Middle Eastern 


die 




?j*3l 
? s 

..ema! ^ 

f y ^ 

malce^ 

co-u P i JiS .. 

n >' an* 

Hfjnasi' 

Vort. 
V befort- 
i'jshiajn 
-L Ui. r, 
•uiTeacj'j. 
i:n s id j 
Tne lap ' 
|ai was c 
have nnsj' 
do v.vj 
alerer t 

e borne U; 
i the 
-y date aa 
■ntrols otp 
oversea, 

d surrsfi 
over ihej 

f-jr 

jly nuu-et 
af£iiT( 
'i’.itiied in; 
: a Wife 
Svuaie Fr 
v.auains 
.c policy. 
?<.em nje 

>s publat 

e more fJ; 
n: paSs: 


Another growing area is the 


The hurt of tji-i- ' . co mjWile writ-wife those found pn r ncip"aIfy^Saudi aSS^Md Private monetary pod!" adver- 
■wSL^JSJE?* E^E ‘ - c Kuwaiti «■«* I« addition. Used for banking and legal 

invests? rn'niHEiw ^ remains farjmd the forward market, mainly in advisers to manage their $100m. 

V ^ Middle Gulf currencies, has srownftom investment portfolio, 

spiau. amount nas gone into the.Eastern -country-and Kuwait the SO.Sbn. to S2bn. over the past j 

SSS? 1 Sii.MtSS?L«lS WW^fau^T/aophlJticatBd year. According to Alan Mo?re, Tapped 
S^Sn ■&*-** longcr have a at least “no other centre in the Another grow 
te . still invested short-term in monopoly. Apart from Bahrain, Gulf can provide a market in p 9t tlm wisr*. 

’ bi iJ otter: AM) States are demon- international foreign exchange me« market which is being 
JS c ?- b 2 BS "* sttating. -grpwtog ■ financial with as much depth as Bahrain.’* taMed b^a gro^i- nuinbercS 

ff N^.Xork and Xondon. ^expertise. Jordan has just Dealing spreads have narrowed ,.Zltnnc° 1 nT!^ 

V ^O^Skrltct ind dm^UcSy” £ aSS, h» Sm^TSSTS-taSi *£* 
mynadoflo^Ai^dMinsdJU- Syria is toying with the idea developed. In 1976. for example to be handled re her secretly 

hS• oi 80 offshore the spread on one year Saudi iy 2 p v£ L^tZnl *JSta 

tvI banking market - . riyal deposits would have been such as Morgan Stanlev and 

-- A banker li per cent.; currently it.is a 4 Salomol S 2 “ mStS S 

re< S 2 L | umine ? U19 his P " cenL not publicised but it 

musS* * their.npatfcial entry's financial- aerations However, developments have is known that last year General 

• ' . as-follows: - In ns much as we not been confined to the short- Motors 


Acceptance raised 

seen in tKa'TT^ r*’?.*V' * v *'• "*" ---icitu money marxets. Kuwaju ^swmi. and tw 

55?, °?_ ■ ^ certificates of deposits (CDs, companies and 


.^°fn t0 P 1 ^ oil and term money markets. Kuwaiu 3200m. and two US. telephone 


dollar.—the w*in <nr “*«“*»»* **v* “r “ ^‘* w , ceruncaies oi aeposits (ut»s, cutnpames ana a Dallas utility 

the pavmtQit ; of oil 'revalues. chen “5 al injead of made their debut last year, also tapped the market. While 

SSvTCL? MTHt K - ^ t !, 0 T m ’ first issue of KD9m. was the domestic U.S. private place- 

President-Carter had:mL Sand! **^-UkewiSp a^nre to build a ma de by the Gulf Bank and was men t market raises funds for 

pianmai sertor.around export- followed by another issue by 15 to 25 years. Middle Eastern 
^ < f*P.ftal- that fiya-more than the Kuwait Real Estate Bank- investors prefer to restrict theiQc 
2^ ou ? s both of them were well received selves to no more than ten years! 
E? U the^: C Sa^^ v-^boh taterm(tlo.nal tomb- and enabled the banks con- In addition. Kuwait has an 

strongly- about -the--lack-.of - . 7 .r --:-" j .■ 

official U.S;; Intervention and I IflflpvplftnPf! 
the Americaiil'seein to have:got vllUCYCIU^a 

the message . 1 _ ___ 

Af lower- levels ..too, ’ •'“the oil .price, the. financial .structure 
influence of Arab oU; nmnpy js of the Middle East was'virtually 

i«“^ 5555Td«5 v*-,”** «*>« *«m ™ 

Khashoggi and Ghaith Phanicm b^aSythlng Uke va financial which enable local borrowers SSS^bSJTblSi*a*TOnber^!f 
are to be, found,jetting areutitf centre and > that‘ was soon t0 »«• tarfier loans. Late last the ™£5JeL 

the world.^acting^np ambitioiis negated by the outbreak of civil y ear . th % Saudi Chemical Pro- S^etaSenteof ihlcrh Si most 
projects in the However,' the past four cessrog Coloration raised what fmooS^ve been th P S 

America . and Europei. ^Mr. years have witnessed a rapid 15 bebeved to be the &rst . ^ . borrowing costs and 

Pfaaraon, f ot instanceiTshot into development of the,local finan- yndietted loan denominated in the la^ of s^nd^w^a^et 
the Umeffght sfoJlpv^ng- jthe eial infrastructure and a centre Saudi nyals The 100m. nyal Howev« S7m^er s 

recent announcement ttar his such ^ Bahrain am^now claim loan was used to finance a new ^ been imnroS^bl 

company intended taking a edib to offer almost as cbmprehen- {ertlhser P 18 ® 1 - The lead appearance of the Arab 

trolling sta*e?:in- tfee, Nathjmia -Hive a ra^e,offlnan«*fl«rvices manager was-the Na£onal Com- co mn P v for Tradrn 2 S^uriSs 
Bank pf Georgja'by bnjing.the aa any. regional-finandal centre. “ erciaI Bank of Jeddah. The fACTS) y The ctoud** which was 
diM--^-;B«t;7^acdM the;AlanMtwreoftheBMAbeli^ps was divided into two up by KuvSt IntereaSonal 

formenvl3:S:.X;Btidgfift / director: that' Bahrain is -now: accepted. J at tranches-40m. nyals for six SJJSnwt to («5 pe7 renL) 

.. :_it ... _i__ Jpar; arirl AAm mal« fnr cattoti Wl * w *' ^ cr l “ nL ' 


cerned ' to improve their increasingly important local 
maturity structure while offer- capital market which is used 
ing local investors a new and by a number of foreign 
„ afnM+ . . . attractive negotiable financial borrowers. The Kuwaiti dinar 

instrument bond market is now over seven 

Another new development y ears old and so far around 30 
making . itahH/ felt- Wealthy undeveloped. BM^t was the has been emergence of issues have been made and over 
c ——*—u * j—- - --■ -■-*— -- syndicated local currency d^-.- 

which enable local borrowers PT lvat e plat 

tn raiCA lorcwr Inino T.nta laet lheTe bRVE 

to the market’s 


MW} ununis uiipiouuaB. 7 v r — —“ 

ing -financial- confidence of’the- ^Naturally the local money and interbank rate. 

Arab nations is the increasing foreign .exchange markets have The-emergence of a fully 


Kuwaiti dinar bonds in its first 
six months of operation, and the 


sophistication pf . .‘Ike - vlpqal developetj tb^rtnost rapidly. The fledged Arab capital market is } ncrMSe j n secondary market 
capital and ; money/ markets, initial ihtei^oh j»f establishing taking longer, but there are activity is likely to encourage 


offshore banking now encouraging signs that local further KD issues. 


These ;are 'nowhere near as Bahrain 
visible as the; . recently ' con-centre wap'lo enable local banks institutions are starting to 
strutted expensive new airports up and down the Gulf to have a mobilise local funds. A number 


William Hall 


a *? 



i_-rcuP 

v'ices 

East 


... and step up borrowing 

THE ERJRbCURRJ^C Yinarket,! jumbo-sized \ -.loans from credit market conditions in many cases, domestic sources of 
wbich_in:recentyearshas.reli©c^coiratries, such .as Venezuela .certain Gulf States once again long-term capital—when com- 
so extensively:Orfthedeposits^'aniT NigerUi^ (their borrowing -—and in the classical manner pared with the maturities 
the. Middle East oii^xportii^' during I977 included individual —brought the Euromarkets into offered in Eurodollars—were 
nations, emerged-in 1977 ^ ah mediumrterm ^credits of $1.2bn. ; their own. In the words of simply not available in Saudi 
increasingly' im portant^]ciifet^.and.-9ibn- .. respectively), one banker, “We found the riyals, UAE dirhams and 
valve for- nhrn^.crf^tiie ikl-States’^rbcdive4^ipost of- the publicity, door closed to lending for many Iranian riyaJs. 
own credit dafiands.' ; ^ - '-States sueh as these, along with -of our customers, particularly in one of the several “firsts 

The - “problems of - .success” Indonesia and Algeria, have in areas such as property; so for the Euromarkets during 
that in tensifiedratheeconomibsal ready ^slipped back into we immediately went* offshore’ 1977. a large and respected 
of the oil nations lasfyear- have' si g n i fica n t current' account for funds to meet their require- Saudi business group brought 
been well -chaptered; ‘ Soaring defldts or will shortly see .their ments.” along its affiliate, the Transport 

inflation T.^tes^ 'hswi^dlyvjuri^fiftnt surpluses disappean. .and Trading Co. Inc., for a 
expensive, devjelopmevt-^: plans .-Their/borrowing was designedOHSiniCllOH $40m. five-year Eurodollar loan, 

and dwindling/ oil-related ^ pay-(to/ finance ambitious develops meant us i ng the Euro- Ibis loan, to meet work- 

mentss^luses^aino^'many of hJeht . programmes, established Markets, with 1977 seeing an ing capital needs and finance 
the oil exporter^; y^re' evehtu- in the-first^^ euphoria over the immediate increase in lending Part of the group’s capital in- 


*)_,•> r. 


pin^ 


,ti on 5 




another front r-r ^e' h^ldca'TJniled Arab Emirates (UAE) hotel, boom. enterprise, 

tions. in. the -’longer ,;ieraii for and Qatar, still enjoying In fact by autumn 1977 Nevertheless, it was in the 

instance; of.dwindling SuppifeS meats surpluses, were mso g oub ts were beginning to be lower Gulf Emirates that the 
of oil money reacMng tte mar- prominent borrowers. In ^h^^ voiced over the amount of debt most startling expansion of 
kets. Morgan Guaranty/.Thmst cases, development is extensive laming into tbe markets related lending occurred. The UAE in- 
Compahy,- iiL lhe ^mpst.tbeamh and their own, internal credit t0 ,j, ote | construction, particu- creased its borrowing, defined 
appraissil,--calculatesti^at the oil- systems often inadequate to the i ar iy in Bahrain. The primary by international bond issues and 
exjvrt«s;/-current ■? account task of meeting the consequent concern of bankers is that most medium-term credits, to S1.07bn. 
balance -coirid. be- a^low as financing .requirements of-pf tb e new hotels in the State In 1977 from a meagre $55m. 
$16bn. by r1980^81, down from public and private sector enter* being financed by bank In 1976. 

$32.^n. m.i976;'^ugg%stingtb^: prisos- . •' .- debt Besides steps by certain The only country in the area 

the supply. side, of the Euro- But another and significant governments to curb specula- to outstrip this figure was Iran, 
markets', may.:. imdez^ - some category of borrowing from me tion in property and real But its borrowings — ?157bn. 
fundamentalchangesnDthe next“ OPEC camp -emerged aurmg estate, the domestic banking —were lower than the $1.5bn. 
couple of years. - " ; / : •,/ V ; the course of the year. This networks of some OPEC States recorded in 1976, according to 
XT’ 1 / -V 'w®? .the Arab ^Government f oun( j their limits for property an analysis by Mor a ao 

JSIlialSC - 4 ; - JaiB«aty or the private company lending tightly stretched by Guaranty's World Financial 

'Saudi--Anbk ; »*a'ktiwaltW the■ reiative xeces? 1977 . Markets.. 

contmiie' to be : major surplus- s !°° i° T m ° T r e accurately^ the : Ev en among some of the Total medium-term borrow- 
nations beyohcI -th& M of the: slow !L ral 5 y low-absorbing " OPEC States ing by OPEC States in the inter- 

decade, in * Httie noticed move" °ver-ex^nded States). /J 3 ™.,in the Middle-East, which will-national credit markets last 
last autumn!' tiie Saudis took a »Uowed;actioiL by:several ^^ have no need for external year was $8.Q3bn. against 1976’s 
significant/step .to! enlarge Government to try and halt finance for development in the $4.13bn. But Venezuela ($2.09m.) 
numher of f banka: .where •;tBey-V r W M ^? ■->- hunng foreseeable future, ^ the same and Nigeria l$lbn.) accounted 

were prepared to .deposit their T7- - ; ; type of story was being encoun- for. a sizeable chunk‘of this, 

funds. ' For-, many of the smaller tergd at a corporate level. These figures do not tell the 

They decided to deal with 45 ‘ headlong pu* <n. Several long-term Euro-full story, however. . On a 

banks' woridwide, ** ; greatiy^^“cy loans were sought by different definition (which 
improving the fiow and absorp, ^arted m the eariy 19708 after- Kuwaiti compames last year, covers all intematiohai bank 
tion of Saudi money. : into' the increase in ofl pric^-was The relative . recession in lending including short-term), 

international banking system, too ^ to be sustained. Kuwait left cars unsold in the the new lending to oil-exporting 

both “onshore? and -offshore.” W3th'inflation, rates creeping i^p showrooms, and resulted in a countries by the banks reporting 
Before that, Riyadh, tradition-.^. **** 25 ^ S0 P* r cent ; m build-up of ; large stocks of un- data to the Bank for Inter- 
ally conservative in its relation^ ^ 80(1 &udJ Arabia, some-; wanted consumer durables. The national Settlements climbed to 
ships with foreign banks, had 'thing had to give. , Kuwaiti stock market, after nearly $lObn. in 1976, the last 

restricted its deposits to *■ The cost of this expansion, its phenomenal boom in 1970, full year for which statistics are 
group of only 17 banks, mainly Mid the .' subsequent braking suffered almost unrelieved available. While the largest 
US and European. ' - • measures applied by Govern-.depression in 1977, with stories borrowers within this group 

Structural problems of the meat* had some severe and of frighteningly large losses for were, again, Venezuela, Iran and 
Euromarkets apart most atten- weU-documented sideeffeefe some ^ corporations u*icb had Indonesia, th e figure includes an 
tion was focused • on the priv The banking crisis in the UAE been dabbling in the market increase of about $2bn, in claims 
duuers” expanded borrowing- eariy in 1977, involving the Whether such reports were on Bahrain, as a result of that 
from the international credit closure of two banks, was one accurate or not . other factors country's expanding-role as an 
markets which nearly doubled such event were also at play, and opened offshore banking centre, 

in 1977* ' But the more subtle impact up the markets for a growing 

As in previous.' years,' the of this tightening of domestic number of Arab borrowers. la 


John Evans 


AO of that Sccjritits tase be fn sold. Thee am o-Mcemeni appears ai siuUtr of record o*fy. 


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CREDIT LYONNAIS CREDIT DU NOED CREDIT SUISSE WHITE WELD CREDIT.ANSTA LT-8A NhTEREIN 

tREDITU 1TALIAKO ( UNDERWRITERS) SjA. DAI-ICHI K.ANGTO BANK NEDERLAND NX DAIWA EUROPE NX RICHARD DAUS&CO. 


COMMERZBANK 

lirwumn^f 

CONTINENTAL ILLINOIS 


DELBRLCK& CO¬ 


DES NORSKS CREDIT BANK 


DEUTSCHE GIROZENTRNLE 
—DEUTSCHE KOMMrNALBA.XK— 

_ PC BANK _ DILLOS.READOVEJtSE.MS CORPORATION DOMINION SECURITIES DDES ONER BANK 

DEL TSCIIEGENOSSEXSCHAFTSR.INK 

EL RUC.APIT.ILS^A. EL ROCEST _ KUROVOPJLIARES.^A,. _ EUROPEAXBANKING COMPANY FIXACOR 

FIRST BOSTON t EUROPE) 

GEFt.XA IN TERNATIONAL 


EUROVOBIUARE S.puA. 

COMPAGNIA EUROPEA IXTBBMOBILIARB 
FIRST CHICAGO ROBERT FLEMING & CO. 

L-*t* l.-nrd 

LESQSSEXSCHA FTU CHE ZENTRA LB A NKAG VIENNA 


FUJI INTERNATIONAL FINANCE 

hhiM 


UIROZENTRALE UNO BANKDER OSTERREICH/SCHEN SPARKASSEN 

Hfc H p n MHiff 

HAM DUOS BAS K HA.\ DELS BA XK -VHT (OVERSE.iS) it HEXR/QCESJR. BA XK 

l'•*-*•* ItmtitB ur^rfMal 

BE SSI Si IIELANDESRANK HILL S.A VCEL X- CO. g. F. HCTTON & CO. N. V. 1EJ INTERNATIONAL 

—GIROZEXTKALE— t—wM 

J A RHINE FLE MING £ COMPANY KIDDER. PE.KBODY INTERNATIONAL KITCAT& AITKEN 

l w.m» L-mU*4 

KLEIN WOI.T.BEXSON KRED/ETBANK S. K KJJEDlETBANK SJA. LUTEMBOURGEOISE 


. A NTOXT GIBBS HOLDINGS LTD. 
GOLDMAN SACHS INTERNATIONAL COER 


GREENSHIELDS 

IvmmM 

HENTSCHAND CO INTERNATIONAL 


At WA IT FINANCIAL CENTRE (SAJL) 

KUWAIT lyTERNATIONAL FINANCECO.S*lJL“KIFCO M 


KUWAIT INVESTMENT COMPANY (SAXj 
LLOYDS BANK INTERNATIONAL 

l*M 

MANUFACTURERS HANOVER 
B. METZLER SEEL. SOHN A CO. 


F.IANLANSCHOT 


1STITUTO BANCA RIO SAN PAOLO Dl TORINO 
KJOBENH.iVNSH.INDELSBANK 
KUHN LOEB LEHMAN BROTHERS 
KUV.AIT FOREIGN TRADING CONTRACTING & INVESTMENT CO. (S.A.K.) 

■ ■■ KUWAIT INTERNATIONAL INVESTMENT CO. SAJU 
LAZ.ARD FRERES ET CIS 


LAZARD BROTHERS & CO- 

l—tire 

LOEB RHOADES INTERNATIONAL LONDON MULTINATIONAL BANK (UNDERWRITERS) 

l.-Mt UWri 

MeLEOD. YOUNG. WEIR INTERNA TIONA L MERRILL LYNCH INTERNATIONA L & CO. 

ytITSCBISHI BAXK i El ROPE) SA. SAMUEL VOXTAGl & CO. 

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•' EDFRI.ANDSCHE MIDDEN STA NDSB.ANK NX NESBITT. THOMSON NEUE BANK TBE NIKKO SECURITIES CO- (EUROPE) LIMITED 

SIPPUN EUROPEAN BANK S-A. NOMURA EUROPE XX NOR DDEl ' TSCHE LAXDESBA XK 

GIROZENTRALE 

S.A /.. OPPENBEIM JR. £ CIE. ORION RAN K OSTERREICH/SCHE LXXDERB.INK PAINE WEBBER JACKSON £ CURTIS SECURITIES 

* —* ilhrairMia fcrtl / 1— t 

PICTET INTERNA TIONAL 


OKASAXSECURITIES CO-LTD. 


PETERBROECK. VAN CAMPENHOUT, HEMPEN SA- 
W c. BITFIELD £ 10. PKBA SUES POSTIPASEKI 


PRIVATE AS KBS 


SA LOMON BROTHERS INTERNATIONAL 

La^tT 

SOCtETE BANC AIRE BARCLAYS (SI TSSE) SA. 


J.HEXRYSCHRODER HACG&CO. 

LiPUUC 


PIERSON. HELDRIXG £ PIERSON .V.C 
ROTHSCHILD BANE AG ‘ X. M. ROTHSCHILD & SONS 

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SMITH BARNEY. HARRIS UPBAM A CO. 

J»W7*r«M 

SOCtETE CENTRALS DE BASQUE 

SVCIETE GENERALS ALSAC/MNNEDE BASQUE (FRANCE) SOCtETE GENERATEDB BA NQCESA. SOCIETE PRIVEE DE GESTIOX FINANCIERS 
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J. YOXTOBEL £ CO. M. M. 5.4 RBL RG-BRINCKMANX, WIRTZ& CO. 

W OBACO INVESTMENTS 


VEREIXS- VXD WESTBANK 

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H.4ROLS1 

l-u-t 

JaK.iaru9.2f)*. 


YAMAIUHIINTERNATIONAL (EUROPE) 


m 

ThinkoS BVas a 
Bavarian-German 
International 



The BV Lion goes 
international. 

BV’s 380 branches 
are concentrated in 
Southern Germany 
and Bavaria,where our bank has 
a tradition dating back to 1780. 
One of our specialities is long¬ 
term financing. In this field our 
group has a leading position 
in West Germany. With total 
assets of DM 64 billion we are 
one of. Germany’s major banks. 

Our international network is for¬ 
med by branches under the name 
UNION BANK OF BAVARIA 


in NewYork,Chicago, 
Los Angeles and 
Grand Cayman. 

This year B Vopened 
a branch in Tokyo. 
Representative offices and partici¬ 
pations in banks and financing in¬ 
stitutions at home and abroad com¬ 
plete our international presence. 

Our wholly-owned subsidiary 
BAYERISCHEVEREINSBANK 
INTERNATIONAL S.A. in 
Luxembourg (total assets DM 
3,17 billion) is a flexible partner 
for international financing and 
the Euromarket. 


Bayerische Vercinsbaiik 
Representative Office 
for the United Kingdom 
40. Mooraate 
London EC2R6AY 
Telephone: fO 1)6289066 
Telex: S87S76 bvlg 


Bayerische VereinshanJc. 
Head Office Munich . 
International Division 
Kardinal-Faulhaber-Strasse 
D-81HMI Munchen 2 
Telephone: (089)2132-1 
Telex: 523321 bvmd 
SWIFT: BVBE DE MM 


BAYERISCHE YEREINSBANK 

INTERNATIONAL 

Soctftc Anonyme 

17. rue des Bains 

Boite Postale 481 

LUXEMBOURG 

Telephone: 428611 

Telex: 2 652 bvi lu 



BAYERISCHE 
VEREINSBANK 

•INCORPORATING BAYERISCHE STAATSBANK. AG 



















Whether your market is Japan or international, you'll want to 
5' know us—Toyo Trust. We're one of Japan's major trust banks, 
P offering full banking services in Japan, especially long 

term credit. We stand ready with the knowledge 
and know-how you require. 











The Two Trust & Banking Co„ Ltd. Tokyo, Japan 


International Department: Addr<*s* 2 - 5 . 1 -choine. Nihcnlwslii Chuo t.u Tokyo. Japan 
TefephOne 03-27 J- 783 J Me/. J 22 J 23 TYTBKJJ 
New York Branch. MJrevs 1*0 Bro.vJ--v.iy ( 37 ih tl J New York. N Y. 1000 b U.S A. 

TW-yl.yiv ( 2 I 2 } 480-1234 TMev 222 G 75 (TT 8 CUR) 

London Representative Office: Address Gilteir House. 55 B.tshuTOMI S'reel. London EC 2 V 5 EE. U K. 

T-tepliorv? 01 - 606-2416 Telex- 885619 TYTBK LON 

Hang Kong Representative Office: Address. 26 Uv Floor. Alexandra House 16 - 20 . Chaier R-xJ. Ccmral. Hong Kong 

Telephone: 5-265657 Tokt. 85193 TYTHK 




. The worlds secondbiggest 

fs oflcompanyfoRoyal Clutch. 

Vm/ Dutch tugboats tow ships 

across five worldoceans. 
lS«f 8 *yii Dutchmen are building 

harbours alloverdreworld. 
SifSlSlIi Dutch Friendsliip airplanes 
aroused for local transport all over the world. 

Holland is too small for the Dutch. 


Does it surprise you then that a Dutch 
bank,the ABN Bank, has branches 
in almost every financial d 

and trade centre in the world? AfyJl 


- The Hutch are globe trotters. They 
have to be. ii their small country is to mean 
anything in the world.They have been 
building, transporting and trading in 
foreign lands for centuries. 

_ S< i has the Algemene Bank Neder¬ 
land in 40 countries on the five continents. 
Supporting local as well as international 
banking needs.They know the right 
people, the languages, the markets.due to. 
their 150 years of international business 
and banking experience. 

. Everywhere the Algemene Bank 
Nederland can nffer yuu die same service 
based on the support of their head office 
experts in Amsterdam and their strong 


financial position. ^ 'xL-’jEj 

Apply for thebrochure’The inter- ? - M 5 

national network of the Algemene Bank •- • t 

Nederland”. ■ ’J*- 

ABN Bank.DeptC.B.K.. 

Vijzelstraat 32. P.0. Box 669. Amsterdam, . v 
TheNetherlands.Telex 114l7.Telegraphic 
address: Gen bank. . *T. : ' 


London . Chief Office, 6I.ThreadneedIe Street. 
EC 2 P 2 HH. P.O.Box 5ft5. 
teiephonciQli 62S 4272, telex SS7366. 


Manchester . Hall Mall Cnurt.61. King Street, 
M2 4 PD. telephone lUtill 8329091, 
telex 668469. 


.■‘y ■ ■ • ' 


ABN Bank 


Th* 8 .V Rani: ha~ 3 c<d ntfifoQ'M? in: The N'etherfaiKf?. Ireland, liftsl Pj i/sin. Belgium. France. Federal R^puhTu- ’>f (leinMJiji Switzerland, t»ifc?ltar, Ifcilv, Gwce.Turkc“ 


«il..l4n'>e w:.K ijin.Ufuuon.SJUdi Arabid' AlhanlcAlsaudiAlhoflandu.t'niiedAmbl'miraur;.Rahnun.lrni'MeremuiieB.ink nflnjp andHollandi.Fttfeun.Indw.Mati^u.SuiKdixuc, 

b«l'K,Iynzi.'inu J*ruii. .M.jrviVi (Aliicmcue Jf.-ttifc .Urff»kfcoSA >. Kenya, l, : 5 A., Lanvla. Xrihtrkimfc .\niilks, Sunaaim*, Vunaueti. ftuuiifld, Australia, ..luuuh 
Upei at ie.& untsr lie lurre Banco lUendea luidv in; Argentina. l-iugMy. Paraguay, Brazil, Peru, fiouduc, Colombia. 


EUROMARKETS :VT;: / 

. v ,/ 


JAPAN HAS been actively pro¬ 
moting its capital exports 
mainly through Japanese and 
foreign bond markets to recycle 
part of its growing trade sur¬ 
plus. 

A change in the Japanese Gov¬ 
ernment’s policy, coupled with 
favourable market conditions, 
helped foreign issuers to float 
in yen-denominated bonds 
totalling Y296bn. in Tokyo 
during J977, a sharp increase 
from six bonds totalling 
Vflnhn. in 1976. Ten more 
bonds worth Y 200 bn. are ex¬ 
pected to be issued during the 
first quarter of this year. Japan 
j.; thus fast becoming a major 
international bond issue centre. 
To make sure that this will 
mean rapid capital exports, the 
Japanese Government is now 
asking foreign Issuers to con¬ 
vert the yen proceeds of tfieir 
issues into U.S. dollar or other 
foreign currencies as soon as 
possible. 

"Removal of tight controls also 
made it possible for Japanese 
investors to make net purchases 
of U.S. treasury bills and other 
foreign bonds worth Y140bn, 
during the first eleven months 
of 1977. compared with an al¬ 
most insignificant Y390m. in the 
lull previous year. Japanese in¬ 
vestors were trying to diversify 
their investments, often taking 
advantage of interest differen¬ 
tials. despite a sharp apprecia¬ 
tion of the yen. the Securities 
Dealers Association said. 


Deferred 


Supply of trade credits by 
Japanese exporters, based on 
deferred payment facilities pro¬ 
vided by the Export-Import 
Bank of Japan, also increased 
to $1.4bn. during the 11-month 
period from $57lm. in the whole 
uf 1976, owing mainly to an 
increase in the export sales of 
industrial plant facilities by 
Japanese companies. 

Other forms of capital exports 
from Japan did not fare very 
well. Private direct investments 
overseas by Japanese enter¬ 
prises fell to SI.4bn, in the 
11 months from $2bn. in 1976. 
The Finance Ministry believes 
this was because many Japanese 
companies suffering from 
sluggish business conditions at 
home, were not in a position to 
consider large investments over¬ 
seas. Japanese investments. in 
foreign stocks in the 11 months 
showed only a small net pur¬ 
chase of Y3.9bn. compared with 
a net sale or Y7.9bn. in 1976. 

Until mid-1977, when it 
became clear that Japan was 
going to have a large current- 
account surplus in fiscal 1977. 
contrary to a previous estimate 
that it would end up with a 
deficit, the Finance Ministry bad 
been allowing foreign issuers to 
float one yen bond per month 
nr at longer intervals, the bulk 
of the issue being about 
YlObn. each. Flotation of a 
Y20bn. bund by the Republic 
of Ireland aud a Y30bn. bond 
by ihu World Bank (which was 
also allowed to issue a Y20bn. 
“Euro-yen” bond at the same 
time) in August showed that 
the Finance Ministry bad de¬ 
cided to permit foreign issuers 
to raise larger amounts at 
shorter intervals. 

In the closing four months of 
1977 ten yen-denominated bonds 
were issued in tire Japanese 
capital market The issuers 
comprised the Inter-American 
Development Bank (Y15bn.>, the 
Canadian Provincial Govern¬ 
ment of New Brunswick 
fY12bn.). the European Invest¬ 
ment Bank (YI5bn.—second 
issue of year), Spain (Y15bnA. 
Mexico iY20bn.>, New Zealand 
(Y27bn.>. Brazil (Y20bn.), the 
World Bank i YoObn.—second 
issue of year), Venezuela 
(Y20bn.), and Singapore 
(Y15bn). 

A sharp decline in Japanese 
interest rates during 1977 also 
helped foreign issuers to 
increase their yen bond 
flotation. The yield to maturity 
for the AA grade industrial 
bonds were cut four times from 
8394 per cent, at the beginning 
of 2977 to 6.884 per cent in 
October, which was substantially- 
lower than most overseas 
markets except West Germany 
and Switzerland, Another factor, 
which attracted foreign issuers 
to the Japanese market was that 
it could accommodate them 
owing to a decline in demand 
for industrial bond flotation by 
Japanese issuers because of a 
low level of capital outlays for 
plant and equipment, despite a 
sharp increase in the flotation 
of national bonds for deficit- 
financing. 

In the r i g i d 1 y-cootrblied 
Japanese interest rale structure, 
Japanese issuers were bound by 
agreed yields for new issues that 
are determined through con¬ 
sultation among market opera¬ 
tors and officials. Foreign 
issuers, however, can ask for 
rates " nn a spot basis.” meaning 
the secondary market level, 
which is freer and usually 


ahead of the issue market The 
Tokyo bond market also has 
only loose grading of issuers 
according to the size of their 
capital and profit position, in. 
sharp contrast with strict 
grading in the U2S. and other 
markets. Unofficial standards set 
by the Finance Ministry in 1972 
for foreign issuers said they 
should have issued at least three 
bonds in the past five years or 
five issues .in the past 20 years in 
the world capital market, all of 
which should be publicly-placed 
issues. 

These were eased in Decem¬ 
ber, 1977, to two issues in five 
years or five issues in 20 years, 
including only one publicly- 
placed issue in eitber case. The 
change has qualified some-deve¬ 
loping countries. including 
Malaysia and the Philippines, to 
raise yen bonds. 

The government of Denmark 
and the Canadian Provincial 
Government of Manitoba issued 
a Y20bn. bo id and a Y15bn. 
bond, respectively in Janu¬ 
ary. 1978. while Korean 
Development Bank has raised 
YlObn. Other issues expected in 
the first quarter of 1978 are 
Australia (Y40bn.), Finland 
(Y25bn.). City of Oslo (YlflbnJ. 
Malaysia (Y15bn.), the French. 
National Railways (Y25bn.) l .the 
Asian Development Bank 
(Y20bn.) t and the Philippines 
(YI5bn.), securities sources said. 
In April the Governments of 
Norway'. Sweden and the Argen¬ 
tine plan to float yen bonds. 

.The Finance Ministry said it 
plans to extend a special tax 
exemption measure called 
“ maruyu” from April-this year 
to yen bonds issued by private 
foreign enterprises or guaran¬ 
teed by foreign local govern¬ 
ments. In the past the 
“ maruyu.” which exempts in¬ 
dividual holders, of up to three 
million yen per person from in¬ 
come tax .deducted at source, 
was applied only to bonds issued 
by international institutions, 
foreign governments, .foreign, 
local, governments, and enter¬ 


prises In which foreign govern- in overseas bond issues in the 
meats 'had a stake. Japanese past several years.. However,", 
securities companies believe the they see some problems which, 
change will open the way for must be bandied in a delicate; 
big. U.S. and West European way if the market is to seek, 
enterprises to raise ven bonds further international isatiott : 
in Japan. Tbe "Big Four” Leading securities companies • 
Japanese securities companies which manage syndicates for.. 
are sending emissaries overseas yen bonds-by foreign issuers ;, 
to prepare for this. usually analyse their financial - 

. position~aud bond issue record.' - 
A mivAonl scrupulously. But easing, .of: ' 

rVpprOYai standards for foreign issuers; 

and lack of strict grading are' 
Since la ? L acr liable to’iet some foreign issuers I 

Finance Ministry has been per- ^ advantages which' they 

milteg Jwviese 0bt3i Hl S ™££e. TbeiS 

to sell op to 2d Per ceotjof each hM been ctWdsm ^ t***.,; 

yen bond wsue to non-residents is5uers ^ once admitted in the - 
on l case4iy-£ase basis As for Tokyo '^^ 1 , can behave -as. 

keen on TO said. -This somt 1 

be^ ^esofsm* bonds wtii - tfmes ££ mes compiicat^fey. > 

another competition between'.: 
issues* ui Tokyo. Under toe;pre-. f j, j^suers' to maintain? 
sent rules, issuers of suph bowls re5 p ec ^ Te prestige .inAhe" - 
must get the approval of-the The terms for pY-tfKtff: 

Japanese Government, while European Invest-, ‘ 

syndicates for their issues must roeQt in October. 0^77; 

be managed by a Japanese be changed from -an : 

securities company. . originally-planned Y2Ghn. 12- -■ 

Securities sources said expan- year bond to a Y15bn- 10-year 
sion of tbe Japanese market for_ bond, vath the issue price raised 
foreign bond issues wall can- to 99.75 per cenL from an 
tinue, unless the Japanese originally planned 99.50 per 
Goveroment’s business-stimu- cent,- to make . its . yield ) to 
lating programme suddenly maturity 8.8.42 per cent, slightly 
increases -industrial demand lower than the 6.972 per-cent, 
for equipment investment for-the Inter-Amcrsr.no Develop- 
funds or causes Japan's balance ment Bank issue in the prevrCMit 
of payments to deteriorate. It month. : . •■ . . ? 

will , also be in line with the-’ There were a . few other 
Bank of Japan’s policy to libera- similar cases of changes'being 
lise the Japanese bond market made for.competitive purposes, 
as much as practicable. Finally, principal underwriters . 

Securities sources say the made an agreement ^ Novem- 
Tokyo bond market now bas ber that yields to yen bonds by 
good, "infrastructure,” includ- foreign issuers should not be 
ing.a liberal-government policy below the .. .over-the-counter 
which leaves most transactions yield of the best-graded 12- 
for negotiation between issuers year electric power company 
and underwriters, and bonds and their reflected dlffer- 
sophisticated ' knowledge entials among issuers. 

obtained by Japanese .securities- ' 

companies through participation aaDUTO IVIBlSUKawa .. 


Swiss franc 


‘ 1:".4 


. . -• .v 


an 


SWITZERLAND'S CAPITAL 
market remained a great attrac¬ 
tion for foreign borrowers last 
year despite the continued 
strengthening of the Swiss franc. 
Although no full figures are yet 
available, an indication of tbe 
1977 volume is given by National 
Bank information that a dollar's 
total equal to some Sw.Frs. 
11.5bn. was put on tbe market 
last year. These originated from 
conversion put of Swiss francs 
of-the proceeds of “concession¬ 
ary capital export transactions.” 
a group of borrowings including 
public bond offerings and 
medium-term private place¬ 
ments by foreign interests and 
bank loans to foreigners. Going 
by past experience, this could 
mean that total Swiss franc bor¬ 
rowings by the outside world 
were Sw.Frs. 14-15bn. 

In fact this sum will be notice¬ 
ably down on the record Sw.Frs. 
19.1 bn. booked in 1976, when 
there was a sharp rise in all 
three categories of foreign bor¬ 
rowings. But it is still a very 
considerable amount—and very- 
welcome to the monetary 
authority since .the compulsory 
exchange into dollars of the- 
Swiss franc proceeds goes far to 
finance the” National ’Bank's 
interventions on the foreign ex¬ 
change market These interven¬ 
tions, necessary to prevent an 
even higher exchange rate, cost 
SwFrs. 15.5brt in 1977, or a net 
expenditure of only Sw.Frs. 4bn. 
in the light of conversions... 

It is already possible to calcu¬ 
late foreigners' Swiss-ftanc bond 
offerings on tbe public capital 
market These raised SwJFrs. 
3.68bn. of new money last year, 
or about 7 per cent more than 
the Sw.Frs- A42bn. recorded for 
1976: Altogether 54 issues were 
listed. Coupons began,. the 
year at about 5-5} per cent 
for top names and up .to 6 - 6 } 
per cent for less attractive 
floats.’finishing at about .4j-5 
per. cent for the whole range 
of borrowers.- Tbe total excludes 
the ‘'domestic” issues of inter¬ 
national or foreign companies 
with a Swiss domicile (like Dow. 
Banking, Societe Internationale 
Pirelli, or Eurofikoa) but 
includes two “foreign** loans by' 
Swiss Aluminium Australia, the 
Sydney subsidiary of the Zurich- 
based Alusuisse group. 

While the high subscription 
level add tbe low and falling 
coupon rates led to a further. 


overall increase of foreign'bor- the scale, 7 .per cent and 7} 
rowing activity on tile Swiss per cent, are being offered, on c 
bond market, there was at the Jess attractive notes. ... 
same time a marked rise in .New private , placements 
repayments by foreigners. Switzerland are no - ionget"; .; ;’ -. 

For the first eleven months allowed to. be- repaid before 
of 1977 redemptions totalled maturity—-in the same way. as r -J 
Sw.Frs.iBiibn. as -against only a special levy has been intro-: \j£\ 
Sw.Frs.803.4m. for the January- JioM; for premature rgdemp- ;; . 

November period • of- • the. pre- .tions of public-offer bond issues^ - .. 

vious year. Against the .tiack-.-But there have been very larger;-- ; 
ground of the rock-baTd Swiss scaio reimbursements 
franc and the development of notes; so'much so that these, 
interest rates, there is~a~ verit- payments were said by Natura^l. ’ 

able swarm of premature re- "Bank-President Fritz • wltw lB(:' r ;^ r. ' ■ 
dempnons coming up early this l a ^ e J®Rt year to be a contrrbu; -.:. 
year on the part of foreign com-_t° i y- f ac I? r in the surge, of' tb®^. 
panics and -Swiss-owned sub si- Bwss franc; ■■ - J-V'-': 

diaries of multi-nationals, among -Bank, loans to foreigners'/ ~ 
tiie former Distillers with a 'Probably have risen - in '.-1977. 
Sw.FTS.50m. issue due in 1982. over the 5w.Fr.Wbn. hooked * ^ 
and a Sw.Ers.60m. Tube Invest- for the. previous year. Accord- : ;* 
ments float matiiring in 1986. l»g fo a. recent survey .by thb’ 

. Union Bank of Swilzeriand, - 

T TnQUornrl terest in Swiss-franc loans -bp -^'i^. '. i . 

tidllCl CU the part of public- autfioritfeS.r j 7 ^ .. 

This makes the unaltered has .been “ relatively :^; -- • 

issue volume of SwFrs.580m. for great, especially in the ■ 

January and February, 1978, ^oontnee whose domestic capir .^i, 
look much less-imposing. Never-t^. markets tdispose ’only. 
theless, new foreign borrowers ^P 11 ' fi n a ncing capacity v 

-are finding interest conditions case-of private. enlerjHi^'o^Sfe 1 / -- •. 
increasingly'congenial, with the borrowers, , however, a 
going rate for first class names' Of- liqu idity and a 
now down t(r 4 - per cent. The low- jnvestmeat voJume. v 


ward-floating: currency. 


means- all potential borrowers- 77 ^ 


estimates fhe' -amoii 
first three-quarters.. 
only some SwJFrs.S 




^ ■ .interest. rates^. <■. 

Swiss' 'jffline..- borrowings '-h^i;^ 

particularly with the ^ 

lutin'. “ !T .. ,u r , r - L r B 


tomgh ivnstox were bo[ pre- i, iy 4oubtfal. .wireSwr it 


seven-year matiirltiesyan’c 
market says a r high]y '.desi 
three-year issue!, by ; a jtfi 
borrower' could, go Tat im< 
per cent. At '“the.other!ei 


535 














17 









&ms 


vn 


:s 


EUROBOND ISSUES 1977 

£.**■/■ ($m.) 


Coaatry'ofborrower 

-■ or guarantor . •'- 


Algeria. 

Argentina .. 

Australia- . 

Austria 

Bolivia ............... 


■..iS50eS,; v V 

•. r 7 ' r - y floating Canadian 

rate ". rate s 

D-marks 

Guilders 

Kuwaiti 

Dinars 

Total 

%0f 

total 

•oof 

total 

1976 


25JJ0.; 3O..O0 

43.00 



98.00 

0.62 

0.48 

-_JU . 

- “. : • vi- - -: 

43.00 



43.00 

0J!7 

0.00 

■-V- IT 

455J®,- . 1 O' - 

107^0 . 



573.78 

3.64 

6.57 


. :- .ti2oo0 . 

253.50 

6325 


516.75' 

3J2S 

1.87 






15.00 

0.10 

0.00 


’**% : 
?*• Hb 


a 


in 

yS-S 

} ® r *di& 

t0r ei?n; 

"hit)! 

11 lha> l 

fitted „ 
an h-h. 


f, n ah, 
ore 


win 

pH its-' 


Brazil. • 

Canada' • • • .• ir. 

. Denmark 

Fteland 

France ■: 

----=— i.i— 

'•% : -®- ; .J 
V 39 

I" ■■: 7 ••• 

- 5 h ? 

:-2QT^ 

^riooioo 
935.00. 
115.00 
: oSJW 
. ,345J»0 

•/■c: 470.00 

V '-30.00 

. ^-i.’sssjoo 

336.00 

395.75 

41.50 

188.50 



476.00 

1,834.10 

186.50 

148.00 

958^0 

3.02 

11.65 

1.18 

0.94 

6.09 

L53 

13.31 

2.11 

1.21 

VL53 

J West GermanJv 
t Kong Kong 
f r .a'r.;.v‘ 

■ Iceland . 

,;y.2: 

^ioqioo 

‘20.00- 

- V:* J 

■'vi:V^v' ' 

43.00 

20.75 

49JS0 



300.00 

127.81 

43.00 

40.75 

79.80 

1.91 

0.S1 

0—7 

0J26 

0.51 

0.53 

0.00 

0.16 

0.22 

0.19 

Irish Republic ; ,..T.v... 

i 


-v->^3&60 




30.00 

0.19 

0.00 

: Israel 

3- 

10.06 





60.00 

0.38 

0.19 

» Italy. 

. 3 

80.00 

1 :>-;7&00, 





0.98 

0.56 

V Japan 

.40 

750.00- 

^ ..26ftjto 

200.11 



1.150.11 

7.31 

8.34 

■*. Korea 

2 

.25 JM) 

\-r 

43.00 



68.00 

0.43 

0.32 


I 

.. • •- 

x *. # 

41.50 



4iio 

0^6 

0.48 

- Malaysia 

2 

• 


41^0 



41.50 

0^6 

0.00 

• Mexico ... 

13 

150.00 

. t , iOOJOO 

337^5 

30.28 

24.50 

642.03 

4.0S 

1.59 

* Netherlands .__ 

9 

125.00' 

, ■ r. •. v . ■ 


168.43 


293.43 

1.86 

1.41 

New Zealand ....... 

3 

• 2SDO 


83.00 

29.95 


137.95 

0.88 

1.82 

Norway 

J9 

375.00 


606.30 

80.77 


1,062.07 


6.74 

. Panama - 

1 - 

25100, 





25.00 

0.16 

’ 0.09 

t 

j 

"j 

x--. 

• 25.00 

• “t * 




25.00 

0.16 

0.00 

Philippines__; 

3 


< . • • • 

43.00 


17.61 

81.69 

0.52 

0.00 

. Poland _ 

2 


35^0 . 



14.09 

49.09 

0.31 

0.32 


Singapore 
Saudi Arabia. 
Spain: 
Sweden 


itf!: conj 
<• Thi,; 

ura Plicaitj .. 

bin, Switzerland _ i:J, 

taaa v^‘.| 

h ba 

*‘ s for a i : Venezuela : ........V. vt , 

r °P^an t Jugoslavia 
•riober. j' 
iro B 

V^ubn 


1 

2 

I 

4 

I? 


15.00 


580.00 


50.00 


41.50 

166.00 

230.75 


17.39 


50.00 

56.50 

9.92 

163.39 

S10.75 


0.32 

0.36 

0.06 

1.17 

5.15 


0.00 

0.93 

0.00 

1.26 

3.56 


2 

32 

18 

-. 1 


. 195JTO 
1,040.00 
955J» 

- moo 


260.00 


80.00 


20.00 

126.00 


222.90 


15.00 


195.00 

1.677.90 

1,081.00 

100.00 

95.00 


1.24 

10.66 

6.87 

0.64 

0.60 


2.34 
4.20 

7.34 
0.00 
0.34 


- — \jutl 

‘ Ison, it* 
JC 

nL iron' 
■J 99.50- 
JXH 
* *w. si* 
s ">- per c 
,l i;i Dep_ 
n iiif. pret 

i few i 
:.h5n;v:c 
rive pure, 
unaenas 
■nr in Sr 
:-«? n ba* 
hi'vila j* 
er-LWoc 
■-•-craoei 
w?r .-orsr. 
’neetw e 
i-rv 


Multinationals - 2 S 0 O.QO 

Supranationals ......... 38 - 1480.00 

Total .\ 8,500.00 


25.00 

TUIIS.OO .641.00 


64.50 

189.75 

3.833.36 


29.95 

402.63 


17.39 

105.97 


564.50 

1.614.29 

15.741.60 


^•59 l !«; j. 
10.25 j 1645 
100.00 


^diirce: Inter-Bond Services. 





activity 

level 


he.FU ix;aet^^#'''‘ " 

tad. inarkM-aidm&r:lbst vear ? ■ " V* - 


3 S. G. Warburg /.,..i. 29 


EUROBOND LEAD MANAGERS 1977 

DM Other 
1,221.05 


1 


md issuing activity • rose^ by 
ore than $3bn.- to "record 
pi re of S173bn. ‘ This , rise - 
tlped to offset the decline in 
.e volume-of new foreign bond 
sues in New York and Swit- 
rland, aideclihe largely ex- 
ained rby the lower level'-of 
anadian borrowing 6xt the U.S. 
arkeL «. •' . ' ■ 

The high -volume'''.in' the 
urobohd' market, was achieved 
upite great uncertainty on the 
.S. dollar currency Jttmt, an 


Union Bank o|^ Switzerland (Securities). 14 

Westdentscbe^Landesbanlc .28 


Issues U.SA 

37 1,845.00 
1,915.00 
1,275.00 
1.375.00 
205.00 


45.00 

— 163.20 

— 25.00 

1,029.11 — 


Totals 

3,066.05 

1,968.00 

1,438.20 

1,400.00 

U34.ll 


% 

19.48 

12.45 

9.14 

8.89 

7.84 


u 'Vif 


i-.e.mei'^lsr interest rates. 
i:ii While- hew issuel j^iai 
ui ;d befiew that investor 'deraan 
;.rr* «7<nsiderab)e, guessing:-. 


•jjv 
• nu:i 


6 Dresdner J^ank ..'.... 

21 

135.00 

1,014.30 

_ 

1,199.30 

7.62 

1. Banqne de Paris et des Pays-Bas. 

9 

820.00 

— 

45.00 

865.00 

5.49 

8 Morgan Stanley International . 

19 

695.00 

_ 

137.64 

832.64 

5.29 

9“. Commerzbank . . ... 

11 

150.00 

444-40 

— 

594.40 

3.78 

10 Orion Bank ..... 

13 

415.00 

— 

lOa.00 

520.00 

3.30 

11 Hambreis' Bank .... 

: 8 

425.00 


__ 

425.00 

2.70 

12 - Credit.Xyonnais..;. 

7 

235.00 

83.00 

— 

318.00 

2.02 

13 Credit Commercial de France v..;. 

A 

255.00 

— 

45.00 

300.00 

131 

14 European Banking Company ... 

7 

235.00 

— 

30.00 

265.00 

1.68 

15 First .Boston (Europe) ... 

5 

255.00 

— 

— 

255.00 

1.62 

16 , Amsterdaxn-Rotterdam Bank . 

9 

85.00 

_ 

167.58 

252.58 

1.60 

17v.Paiwa Europe .:.. 

10 

140.00 

•— 

91^0 

231.20 

1.47 

18 Swiss Bank Corporation (Luxembourg) . 

5 

220.00 


— 

220.00 

1.40 

l® BHF Bank .... 

5 

— 

208.25 

— 

208^5 

L32 

SOsiKidder Peabody International . 

6 

160.00 

— 

41.08 

201.08 

1.28 

21: -■Goldman Bachs International ..... 

5 

150.00 

__ 

40.00 

190.00 

1^1 

22r Morgan Grenfell .:.V.. 

6 

170.00 


18.00 

188.00 

1.19 

23 Buaqae Nationale de Paris . 

4 

185.00 

— 

— 

185.00 

U8 

Ml Nomura (Europe) ..-. 

8 

180.00 

— 

— 

160.00 

1.14 

25 mu Samuel ; ... 

5 

140.00 

— 

36.00 

176.00 

1.12 


iiS 


.tirve was weathered. better.than 


, : vr ihany feared,’ arguably because. , . . . . 

i\ ^ tb e markets ^reiitAr. .depth; - . ': '' ■. ~ 

'.V i 'ei&nt is, the -greater- nan&er of '-•••>T/- / .. ^■. 

"".j*..c i^ ? the 1973-74 period/tiie iast 

ajor -markel Cnrri 


Source; In ter-bond Services. 


ISSUES DURING 1977 
-By currency and maturity 


ajor -market crisis. - ;- . - Cmrency iironp - . 

rt.,*aec rT he markers 'SCtivtfe-is. also.J'oUn.d Sterling ... 

•' r gained by . flje T wetghit-Vof. Aukralian 'Dollars.—: 

‘ jpiiuidity in ;.^rcalatiim.-. - ilt' United - States Dollar ... 

encouraged: banRi:jh>bUy bohds -Bab rein Dinars —... 

'^■hich yi eld ’’ _nrt^ . 'tii4ntte Canadian -Dellar ..1 

^ e -|, D i : °ney used, to k piirCha9erjhem Dfattscheniark ...1—... 

•- jsts. ■ The amount oEtiiis ware- 'Netherlands' Guilder .... 


.i-n 

rie}' ^ 


325.0. 


!ps» 


325.0 

Source: Inter-bond Services. 


5 year • 

6-7 yrs 

8-10-yrs 

— 

45.0 

54.0 

11.3 

— 

— 

1,550.0 

1,650.0 

2,020.0 

— 

21.1 

— 

245.0 

251.0 

80.0 

296.0 

1.139.7 

1,421.4 

237^ 

115.4 

60.0 

33.4 

21.2 

106.6 

— 

32.6 

73.4 

9.9 

— 

— 

480.0 

1 , 010.0 

75.0 

— 

— 

33.0 

— 

91.2 

■—. 

2,852.8 

4,377J. 

3^23.4 


11-15 yrs 
117.0 

2^95.0 

40.0 

976J 


Over15 yr 


360.0 


25.0 


— 150.0 


3.72A3 535.0 


i! ,,^ ;)USin 8 Temain^ j.a: ^ difBcuit Hong' Kong Dollar 

‘ ^ pytiienomenohr to. ^ji^ge/Vvimd . Kuwaiti Dinar. - . 

"J;'rfoantiftr; /•'; >''Saudi. Klyals . 

i It5 ; * The ; fear ■ l^d . ; tong T^hehrL Floating. Rate . (Dollar) .. 
tmeS' rprossed that lb short European Unit of Account 

? - f ‘ ‘ xm . - Interest- - rates ' ■ would Japanese Yen..—.... 

:,* cl jigger a bii; WTfe;. oi>eflmg.^^^Total .. 

v ea $ the evenf,; the:,-OTmbiiratiQn . 

-r. *2 the flattehlng^^ld^curv^ .— m :-— 

ud 3 ^sinff short-teyrla -rates r eiid' the 
■••af‘yllapse of the dollar did cause tlcularJy Latin American ories.,FRNs, as they are known, are of maturities. When new issuing 
slit »%• slump in prices, - fflough no have widened their sources of favoured by many non-U.S. or activity started up again in 
rw-'^e was dulte Wire -of the" finance. . - German banks as they seek to earnest in 1975, five years was 

*;W [R jliime of aetnalvs^ihe-^h'at. . The steriing bond market re- ,iaise long term money. French the favoured maturity and the 




tj: the huie. mojhiiB-of .the it would simply just turn round cuhy . they might have in term interbank rates and bond 

:i53*Wr. -■ and diei'.:A titiie-time and the refinandng themselves in yields than before. Investors 

'jo;:. , This was.more of a reflection "persistent-weakness of the dollars, they have to contend wanted a large premium for. 
,.-ii ? #, 'f the fatkrff -fji dollar. 1ssu«r ; dollar wjorked-wqnders however with a-Uentral - bank which has taking their money out of short! 
7 ‘.,i P^jan an increase vin^-those In; and the ^neW.issues which came not always warned them of term deposits. According .to a 
-j r [”«er cuixencies. ^However, the along" at the' end of last mouth.'potentially damaging moves it Kredietbank analysis, in 1975, 

' • ' -- u - -"— 3 ..- ws * tf » make. over 70 per cent of new issues 

treasurers are said had maturities of . less than 
anks to be keen eight years, a percentage which 
* i:« J jeasures taken by the Gennan piore promising sector of the investors in FRNs. As profits fell to less .than 50 per cent by 
Imtra) bank-to stop speCniative market has- been the yen. The have' increased and corporate the end of the third qi 
^.o .- ows into otheHoms-pf D^narfc-Japane^ ' anthorities will how 1 ^investment remained .low, they last year. 

: Vnominated paper)- - ever-keep a : tight rein and the have-had to find a safe outlet The possibility of, a re* 

"" The volume of issuing activity : fact the currency is not easily for .their cash surpluses. Put- emergence of the reverse yield 
:1 V.-s^as increased in recent montn& treded zn Europe is bound, ting money into FRNs has gap this year or the likely con- 
^L^'nd this has allowed a^reater Soihe dealers argue, to limit, proved, a popular choice: tinuing weakness of the dollar 
"‘‘.Variety 'of borrowersUto have^growth; fh, this sector. coupons are adjusted every six are not happy omens for,1978. 

.ccess to the . market;',partictirVvBy contrast, one sector which months and thus remain in line - On the other hand,, provided 
*%4riy developing coimtriek~ 35e : withered imder the twin effect with deposit market rates. At they are prepared to borrow in 
'j'j'aii b the Dtt inters rates ha^ 6f>a.weak currency and a large the time when the coupon is a wide variety of currencies or 
:i ‘A i%eant that, despite, such- l^^baiahce of payments deficit was readjusted, the investor prob- to pay floating rates, of interest, 

. .(Jijwers" having ‘to offer -Va ihe ; -C«aaciian dollar. ably finds the bond trading at borrowers are unlikely to be 

ViV'reniJum -over what.: better”: "With, the rise in dollar /par and is thus able to liquidate starved of long term funds to 
'j '.ualfty borrowers pay, the in- Siterest.V rates, floating , rate his holdings without any loss the degree which has happened 
& prest costs they incur nre well notes have «>me into their own, of capital. on occasion in the past. 

.worth fhe- ; -exercise. A dbaeffrflcamntmg.last year for about Another noteworthy change 
$$developing ' .' countries^:' pir-Vhe/third of . all bank offerings; last year was the lengthening 


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in the finest royal tradition 




• 1 4 1 

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! - l *'™!* V i 

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A DUSSELD0RF 



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A 


tn all the great cities of the v/orlrf 

International Financial Consultants 


LONDON BRANCH: No. 6. Lombard Street. London EC3V 9AA, England Tel: 01-623-9201 Telex: 68W09,833230 
' Cable Address; BiSHlBANK LONDON 

^:°,SS' 1 S-i: 3 .". ,, !; n : i ! e " 1 . ^"° me - ^ ««* Y« k , l« A.g. 1 ,,. cue*,.. ^ »p..!., c,™,,. i™*,.. 

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18 


lapuMM national Bank of New Ynfc 

Consolidated Statement of Condition 

December 31,1977 

ASSETS 

Cash and demand accounts..... $ 95,775,359 

interest hearing deposits with hanks. 2S8.61S.168 

Precious metals ........ 70 - 81 

Investment securities... 498,935,857 

Federal funds sold and securities purchased under agreement to resell .. 165.000,000 

Loans, net of unearned income. 1,255,150,131 

Allowance lor possible loan losses. (21,505,167) 

Loans (net) . 1,233.644,964 

Customers’ liability under acceptances. 87,990,900 

Bank premises and equtpment.... — *. 15.865,025 

Accrued interest receivable . 44,681,461 

Other assets .. 71.Q19,346 

52.572.348.921 

LIABILITIES - 

Deposits. $2,047,646,981 

Federal funds purchased and securities sold under 

agreement to repurchase . 55,422,000 

Other liabilities for borrowed money. 3,159,756 

Acceptances outstanding..•.. 89.677.157 

Accrued interest payable . 9f.328.755 

Other liabilities.. '23,157,845 

STOCKHOLDERS’ EQUITY 

Common slock. 100,000.000 

Surplus. '78,146,591 

Surplus representing convertible notes obligation 

assumed by parent corporation. 12,490.000 

Undivided profits.'.. 71.319,836 

Total stockholders' equity .!. 261.956,427 

52.572.348.921 

Letters of credit outstanding. $ 101,625,469 

As at December 3t. 1977 . me total investments in precious metats and (he precious metal content of gcrfd end siUer corns were 
substantially hedged by forward sales. Tne total unhedged position at mat date was S2.5 million. 

A subsidiary of REPUBLIC NEW VORK CORPORATION 


REPUBLIC NEW VORK CORPORATION 
SUMMARY OF RESULTS 


Year ended December 31 


fJel income. 

Net income applicable to common stock 
Per share of common slock: 

Net income — primary..... 

— lutiy diluted. 

Dividends declared’.1 


1977 

_1976 

SI9 522.394 

S16 56J.371 

58,660,563 

16.562.371 

S5 96 

S5 30 

6U8 

4.69 

J 00 

.88 


"On January 1 7. 197$. tne Board of Directors oi Republic New York Corporation declared a quarterly dividend tc stock¬ 
holders p; record March 15. 1978 to be paid on April 1,1978 ot S.38 per share vs. S 21 per share paid on April 7. 1977 


Fifth Avenue at 4oih Street. Now York. New York iQQiB 
Member Federal Reserve System/Membcr Federal Depose Insurance Corporation 
New York • London • Tfezscu 
(19 offices in Manhattan. Brooklyn, Queens. & Suffolk County] 

An affiliate Of TRADE DEVELOPMENT HOLDING SJL Luxembourg 



Beirut Bogota. Buenos Ares. Caracas. Ovasso, FrankturVMam. Geneva. Luxembourg. Limb,lexica City. Montevideo. Panama C<ty. Paris. Rio do Janeiro. Sao Paulo, Tokyo 





In addition to a complete banking service 
including special departments lor 

* eurocurrency loans 

* eurobond issues 

* secondary market bond trading 

* portfolio management 

* foreign exchange and deposit dealing 

* domiciliation of corporations and investment funds 
Banque Internationale & Luxembourg, although being 
the oldest private banking institution of the Grand- 
Duchy, has been issuing 

its own bank notes since 1856 ? But perhaps, 
more than this proof of stability, and trust, 
following figures may convince you: 

* capital and reserves: about 60 million US $ 

* balance sheet total: about 2 billion US $ (31.12.76) 


Luxembourg 2, boulevard Royal 
phone: 47.91.L 


Sc r.ieie Ar.onvtr,® 


telex: 3409/3429/3448/3460/ 
3496/2740/2760/2817/ 
associated member of ABECOR 


A' 



New Issues 
Underwriting 
Bond Trading 
International Portfolio 
& Fund Management 
Corporate Finance 
Loan Syndication 


Skandinaviska Enskilda Banken 


International Capital Market Division 

Kungtradgardsgatan 8 - Postal adress: P O Box 16067, S-103 22 STOCKHOLM, Sweden • 
Telephone: + 46 8 7635000 • Telex; 11007 essebh s - Cables: Essebank . 


Wholly owned subsidiary for international investment banking: 
Scandinavian Securities Corporation. 125 Broad Street, N. Y10004 
Telephone: +1 2l248092OQ-Telex:667669WUI(scansec) 


Financial Times Monday Febniaiy 6 1978- 

EUROMARKETS VJU 


Home and 




One of the ~ more striking gains of 22 per cent, and 12 of the year, the premium but the capital gains buQt lip 
features of the uternationai per cent respectively fast on overdrafts charged by since January when the index 
capital market is the growing yearl. In Germany foreign Dutch banks has been removed stood at . are SU 11 

interaction between external bonds yield slightly less than altogether as. a result .'of the massive. • - ... - 

bond markets and their domes- domestic bonds, but in Switzer- build-up in liquid funds at the At the moment gut marketi 
uc counterparts^ T%ls ** inereas- land foreign offerings return , short end of the market; and at in London are uncertam or their 
ing intercommunication." as the something like a half point the .time-of writing a cut in the overall direction. Tpe recent 
Bank for International Settle- more. During 1977 average long- central bank diswunF rate, stream of economic indicators 
ments described it in its 1977 term yields on the internal mar- probably, to 4 per cent, from 4 J has. been generally upfavonr- 
annual report, has never been k e t in Switzerland eased from .per cenL, was widely autici- able while’ the prqspect or. a 
easy to gauge, and if anything, around 4 J 2 per cent to 3.5 per pate<£ Demand for the latest breach in the Government's 
the currency upheavals of the cent, with external yields de- Slate loan has been substantial wages- guidelines-—which are 

past year have resulted in an clining more rapidly from about despite the reduction in coupon-cruciaL to, the waunuea decline 
even greater tangle of complexi- 5.5 per cent, to just over 4 per compared - to the Government id the' rate o£ inflation-—is 

ties. But the links between these cent, at present issue in December. The latest beginning to loom very large 

two separate and quite distinct • ' state tender offer carries a in the shape of threatened 

debt markets, though blurred, JLMlICrinE coupon of 7J per cent whereas industrial action by the-power 

Mve not been weakened. Th _ tichtPr control* to be December’s issue, which pulled workers. 

This ^perhaps most notice- foun d in Zurich are perhaps one a cuiSes liteime SwlTS 

and the. D-mark,. the .Japanese 


have not been weakened. _ __ __ 

_ some FIs.350ml, carried 

able in Europe. Rates of in- reason' for"Ybfi "differing^ yield coupon of 8* per cent. 

terest on foreign and domestic basis on external bonds between The Interest-rate background ■ increased «■= international 
bonds in the major Continental toe two major currency areas in neighbouring Belgium is in- s i2nifi cance last'year- Reined 
areas like Switzerland and Ger- in Europe . The Swiss autfaori- fluen&d by events in Holland. ^aWs hSe ^SS 

many are stidUDg remarkab y ties are perhaps more conser-And a 1977 fourth quarter ofoivmenmSrol^thera^S 
dose to each other, with a yield vatire J£ a faced wirh the hiatus in foreign exchange he^TmaSrSm/ WM^ 
differential on D-mark bonds at addit i 0 nal - political" risks in- markets similar to that been * BM3or b00m moign 
preseat of little more than a var iably involved when foreign which affected the Dutch 
quarter point. Five years ago organisations tap monetary mar- bond market 

this extended to almost two full kets But size ^ay be a factor Belgium. Towards the end Tendine has changed dramatic- 
pomts, wiiereas over the same t00 With just SwJTrs.3.7tm. of last year the Belgium dis- * 1 ?the 
sort of timespan the gap be- 1977 the Swiss foreign count rate was raised a full 

tween U.S. rates on internal and hond market is barely l/12th 6E three points to 9 Tier cent. The SSJ^SSSb? 
ISiS'Stiuiideir* ° ne the size of the new issue market sequence of events this year has ^eir^veraea^tctiVftiSftttfe 

™‘ i» p.rt“ «pi«i««i bv «■» • r** «•?« » 


yen-denominated bond issues in' 
In fact the- .official 


occurred in attitude "to . overseas 


According to Credit Suisse, the with two subsequent cuts ^vely encouraged id play V 
the growing sophistication and loca ] bond market in Switzer- January dropping the central Witive role. - - 

familiarity of investors with land put up Sw.Frs.6.7bn. of hank rate to 7J percent. 

European markets and eurren- new moaey last year or roughly Q £0verninent of be- TflflnW 

cies. At the same time. Europe a fifth less th an the SW.Frs. ™Life the "V.^. 

?rt? 0 ?trn a Hnn a 1 a Cl!nr 8 - 4bn - P eak in «£«. JJJ* ' ^eldin ^fgiUm iS -Tokyo* domestic bond - mar- 

}n\ "ST! ™ downturn is due to froM T . 6 kets-are dominated by sluggsh 


at all levels. International bonds a ‘^ e nce of new" government ^ **** 6} per cea t.-«id loan demand, internally, and the 
have become more djterse funding, with official financing k fairly heavy need to lower interest rates in 

Te ‘e^pV^ 8 Sri U 0,1 fte fd* — te of a iiflow-.pl 

the European ranks is the sw.FrsJ.7bn. of 19*6 to barely market was active Gross' foreign funds seeking a strrag 

recent rash of issues u Euro- S w.Fi^500m. last year. JSJ money r^ed ^n BrS currency base (tbeTeii a'PP^ 

sterhng - while domestic mar- Both countries have been JJJJ ™dated by some 22 per cent last 
kets have become more open to affected by the excess bquidily j^year was some 35 cent, on ten year 

cross-frontier MM built W J. S?ta£ta MdUpMlMt yearf^m 8 

, d h™*^ pf^e em e °i«“om * VX. tbe Mw tat J™'," "W**™ 

As a result the bond the Netherlands but here the of the interaction of^ in¬ 
field " ’ 


Widened 


of 


-uic ..v-.v-—— — _. Bond market- new issue 

Play investment patterns are compli- ternal and external bond mar- activity increased by three-fifths 

. ... . _.U..I.. bi>U 1U9C th** clirlflnn ftmprppncp av - u,, V W. 


clearly widened sub-cated by tbe occasional attacks ^ was the sudden anergepce tQ ^ equivalent of some 

fly- i° recent years. A of weakness in the guilder. This '.jjwjrd* £250ba last year partly because 


a resuit me ooua me ivetnerianas uui utuc ««* ; ”*r - „Bond market new 
manager’s * ” “’**** "" " “ 

has 

staotiailv , u j WMI „ ___ 

feature of the recent upsurge was especially noticeable in the J p . Euro-sterilng bonds. Af a massive flow of new bonds 

in the domestic capital market final quarter of 1977 when Debt of this type actually pre- frQm a Government needing to 

in Germany has been the way foreign exchange pressures dates last year for the U.S. com- finanCe a budget deficit. As a 

” international " money has forced the Dutch central bank Amoco raised money m result ^ p^orti 0n 0 f govern- 

washed over from tbe foreign to lift interest rates sharply. ^ Hus way in 1972. oE . the “ ine n^bt bonds traded in the market 

liond market. In fact, the rush As a_ result yields on the moved up sharply from 4* per 


for DM assets has been a part Dutch internal bond market offerings by a number of UJK, cent if| to. almost 11 per 


of tiie domestic bond market in dosed 1977 in much the same corporate borrowers. cent- Itis widely expected that 

Frankfurt for a number of style that they began with a The emergence of an inter- the projected budget deficit for 
years, helping to reduce yields marginal decline of perhaps a national market in London 1973 ^11 further increase this 
on outstanding bonds with a quarter point over the year to springs directly from internal ra tio—to possibly more than a 
life of four years or more from around 8 per cent, for long- factors, with the dramatic turn 

10.9 per cent, in October 2974 term paper. However, the situa- round in the balance of pay- In foreign yen bond markets 
to less than 6 per cent, at pre- tion has changed strikingly in ments at the top of the list. n ew issues rose by a startling 
sent recent weeks: bond deslers are Domestic marKets in London 75 per cent, to accelerate sharply 

At the moment internal bond hard pressed to recall a time bad a buoyant year in 1977. The the fivd-year trend of rising over- 
markets in Germany find them- when the interest rate back- Financial Times Government g eas i n yestment in foreign yen 
selves at the centre of a mini- ground in Holland bad altered securities index-ended Decern- bonds -1 ’ - . 

renaissance. This is partly the so radically in so little time. ber several points below its ’ ■» V 

result of the traditional upsurge Halved to a point at the start peak (79.85) of. late September - JCuiey UTOWB 


in institutional liquidity at the 
end of the year. But it is also 
clear that the measures taken 
by the Bundesbank in the early 
part of December to curb the 
inflow of foreign funds into the 
country have had a beneficial 
side effect on local long 
term bond markets. The 
growing strength in foreign 
exchange markets of the 
D-mark farced the authorities 
to place an embargo on overseas 
investment in’ short term paper, 
a measure that was coupled with 
a full half point cut in the 
Bundesbank's discount and 
Lombard rates. 

Thus the yield curve in 
Frankfurt was 
steepened. Call money 
for most of last year hovered 





bond market 


ACCORDING TO most expects- the year and some waning con- nations will "be deterred by tbe 


pffpefi iv tions the U.S. credit markets fidence about the strength of higher jueld- levels which will 
which will face still larger demands the dollar. be preritiling in the U.ISv - 

ie>. wnu. » mnnmr in IflTS than last Bur rhe. most oatent factor. i ' i 


for money in 1978 than last But the most potent factor, A further inhibiting Tactdr 


around 4 par «n L compared MISS' “S’ 0 J252S'wakening of fte 


topped a record $323bn. With Trust, was much reduced .marketT'for ^wrt-term five- to 




> 


f>«r ,-oor hnnHc nncnH U.S. domestic inflation seem- borrowing activity by Canadian seven-veac Yankee femes be- " ' 
tS" Thf STmSZ ^ ^ - t»» 6 to 7 per entities, particuiariy provincial K e £ iSefi'S ‘; 

new issue activity in the current di’an^’StS ^abn °th^ acCOunt £or ^ bljlk of th® P^ 

vear — some DM-KJObn. was short-term interest rates are dians r^j^ad- 83.3bn. of that e jjase of the short-berm, bondi, 

raised on the domestic bond ?J p , ected , 1 ° r ! s ® stl11 h ' gh - er ’ *T T t l ^aybejrightened awaybypop- / 

market in Germany in 19T7 ^ y le!d spreads in the of the 19t6 total, but oniy sifiJe currency exdunge risks, . 

compared to around DMaObn. lon fl- te J' m markets may well between $2.5bn. and ?3bn. last Salomon.- says currency ■ /•_ 

in the foreign bond market— bc8m to " Wlden ^ year - ^ diange fears wiU be less of a -4 '.- 

where the new issue queue is It is still too early to say what factot JL ftJr - 'intematio^I, agfea^X'.. 

known to be substantial. impact this trend wUl have on whidi hav^ a -fajriy large'-:-/-... 

The German Government’s the so-called Yankee bond mar- „ *t dian , : domestic market 

1978 funding programme is ket but a possible straw in the ™ ents a ^ d * ei 5 a 9 enci ^r w teeb add have a gt«tier capadty/M,/. 

heavy with a public sector net wind may have appeared last JJJJJJ® 1r ^ bs - -- 

financing deficit publicly fore-December when the French {JormwinS n-.vf? Neyeitheless,;/- utiernatianai^ -*. .-... 

cast to rise by around a quarter National railways switched a A _ p ^ nj zf . - agency", . borrowing^ ^v;. 

to DMoObn. The Federal Rail- seven-year $40m. bond issue to en can - totalled .S2^ba.-Ui 1975; $a4bq. v T . 

ways (Bundesbahn) set the ball the Eurodollar market because . . ■ . fa- I976 'and:^$2.ibii. last.MaS*:/- -- 

rolling last month with a it-decided that a difference of P]o/vp/] . inay be/lpwertiiisyear.because ^ . ' 

DM850m. offering with a up to 50 basis points between 1 l<lv ™ - -.t, : the; lower ylel^ obtaining V' / - 

maturity of 12 years on a 6 yields rendered the-New York. i n 1976. Canadian provindaf in otii.er strong carresicz mar- //,' /' 
per cent, coupon. Following a market unnecessarily expensive, and municipal governments had kets, . ^nbt&bly,« .tiie . yen,' : U'• x'' 

dip at the beginning of January Nevertheless, the impressive their agencies placed, aboul /46 . Detrtabheniarik,. and^.the. 

to coupons of 5? per cent, in liquidity of the U.S. market and per cenL-.of. f&efir ; l!Oiut issues -/V^y J 

the foreign bond market it had domestic investors’ appetite for domestically, but last year : the yields 60 ^- High-grade sevec^ tpy' 

looked conceivable that the the *““ J -* — : - 1 -^---— ■'**“*■' 

domestic arena was about to 

be. confronted with a similar _______________ . ._ 

move. In the event there was in the market will again be weakenedthe market for Quebec, and Jap^ but -a -tittle 0 yer -o-/. ’i 

considerable relief among mar- brisk this year. Traditionally; .issues, so that the prdvinoe', tt£ .per " { 

ket makers that this did not Yankee bonds are issued not gethbr with Quebcc - B^dro^ .. . 

happen. only by governments and their which raised'$1.4bm. in the_ US. ^farted 'to (teddtte-lastr ; '- : - 

Instead the issuing authorities agencies but also by suprana- in 1976, placed ofcly ^200m. last ■/ 

opted for a slightly longer tional institutions such as the year. Among other borrowers rgv e 

maturity (of 12 years) and In World Bank, the European In- Japan. Sweden and'Norway led jjovfe -'ii^d 7 mr ' > 

♦hfc re-anpr-t the terms fnr the vestment ■ Bank and the the field with, a total Dlacement j._ /'-/ • 



this respect the terms for the vestment ■ Bank 
forthcoming issue of between European Coal and 
DMSOOm. and DMlhn. by the munity. A third—and 
Federal Republic are eagerly years most imtportant—category while issues; by .developing 

_ A rrv^ Vnn^acKqrtb nttnite ic tVio Panndiari CTAvnnunoTit tnil i>nuntriAp' waits ahnnet tAftitt.' . • , r ” V“ . . 


market to achieve its massive U.S. interest.equalisation 
funding programme. January 1974. 

Curiously, the yield differeo- issues of Yankee-- -- - r • A 

tial between domestic and $960ra. but this leaped to less activity'by;stwpe other. 
foreign bonds in Switzerland ts S3.3bn. in 1974 to ?8.7bn. in tries and BAX. -agencies. The s till are ,attracted - to-tiie loo^r- v 4 . 
the reverse of the pattern in 1975 and to $10.5bn. in 1978. ’'very large Mature-needs H -of 4®?®) / 

Germany—despite tbe obvious Last year, however, the total Canadian prbviadal ° *“* < ’ n ’' Uk a 
uniformity of the investment fell to around $ 6 . 6 bn.. partly re* will encourage 

attractions of both countries fleeting the gradual-increase.in the U^. -maiket, inn, says, \ . .-v'-j- .• «t-'fiy*- 1 

(their currencies chalked up the cost of borrowing through Satemom. shine‘'other; foreign 









































































• *■• ., r > - ■ _„v -**' -■’■ ■- ■ 




success story 


i fipflP 11 branches On the other side of the coin, issues outstanding, at the time would expect to pay 1/50 per 

wa _ , from getting the list of institutions which re- of the 1973 analysis were due lo cent. p.a. to the house placing 

^ PW trading figures to the Bank mature between one and six an iwut*. 

If-S'- -;?^ e ■?*Swensjg^yjr^a .:jt is -generally has not yet been increased fully months later, 33 per cent, had The amounts in which in- 

the , - ^ e t0 lake lDt0 account the large maturities of over a year or dividual transactions can be 

- fact oyd * nja ^' ^&g>QS& markets as numbers of institutions which more. Applying this proportion made vary considerably accord- 

S*?? 3 u "*^ W*fr'** GD**ad the sizeof die have started trading CDs in the to 1977 figures would suggest ing to maturity and the size of 

limit*** chfferehtial has 'varied accord' P asI couple of years. that London banks issue certifi- the issuing bank. For CDs 

msrtrpM,— wS t ?° n ' -7* iog to tSte gassal psychological 1” addition Transactions cates for about a third of their issued by a big U S. bank and 

Kn^ttnnT^irT V?* •*? *oftdit>oft df‘. International tn- between, say, two companies in medium term deposits. due for repayment in the 

ftirfhM* at Any^een moment of t *e : United States—deals which The secondary market in favoured three six-monlh range, 

floating.T®time;. . .. Tf .r- do not pass through one of the London dollar certificates of de- deals uf $lm.-$5m. are the norm 

oosit :fl v .By. compariupa with other ^Pdon bouses either as a pur- posit has greatly changed over while Stum, is not unsual. 

ir.qwjv u*'--Y_ f^rinAm ma^ q£ whwft m chase or a sale—are not in- the years and m particular as Dealers say that transactions of 

Cerb$qdesT4if Jdeposilt<Cl)s> general exceUenziydotnimcrued ^ u d6d. a result of the invasion by U.S. $!00m. ha\e been seen. 

Yoef ln one of‘ (he -features of the 11 seems that moves are under dealers. The .ntroduciion of floating 

J066 London doTIar CD market is way ,0 make 0,0 I,st of report- When the UB. controls on rate CDs (KRCDs) in March last 
«ie- first;-Eonaoh" 1 dollar CDs ,*0 -Mystical infnrma ,ng institutions more or less capital exports were lifted io year arose initially from the 

® y '-? irst ■ Natiooal tion ouvttoi-to Base any kind “™P re toen$ive h >s more 1974, few U.S. brokers were ban by the Japanese authorities 
City of White Weld ^ ahiivtfs bFwtoat is haDoen- JiBIcuIt to see how estimates can operating in the market. The 0 n issues >A floating rale notes 

(Institutions which, ‘have since 0 J** Samed of non-U.K. trans- secondary market had been tFRNsi by Japanese tom 

been^ttOTsnmted^ into Citibank acuons. Although everyone mainly provided by a few in- mere.aI banks. However, 

and[ Credit SuisseWhite Wdd. agrees that an increasingly temational investment banks FRCDs have since then been 

respectively}. . ; : : ; i-.- corr^^ .■ -money- - ma rkets _ m large volume of dealing is being like the White Weld, the dis- issued hv Fren. h hanks mn and 


k* * 

r-^eT. 

bnued 4. 


? v *rV 
? 1hl 8* 
bJU *» 


«>terS- 

h 


Iu ® thj 
* m ia fe 
Jond isj 
the * 

? MU 
?ed dj^ 
Tear. ^ 

ttovefjk 

confr* 
•■tivities i 
fi 30, an- 

ed lupj 


c bond; 
i by s| [; 
nally. ajj. 

rat 
five info 
'ins a ar 
e yen, 
per cent.: 
on ten y 
year f« 
ige to si; 

new & 
V three* 
11 Of K 

arliy bar 
if new ta 
t r.eflli* 
lefiiiL S 
:>q of gr. 
in ihenc 
from 44 : 
Imosi 11 -. 
,’xpeded: 
cl deficu 
increase - 
moretfc 

mad atf 
a ST2rf 
erate Ae 
•i risinsf 
;oma. : 


resp^rtivay},.^^ Iar 8 ? volume of dealing is being like the White Weld, the dis- issued by French banks too and 

Whatever comblnatfon -lof JT?*” earned on between buyers and count houses and the London by une Swiss bank. The total 

.strue^^^ gavp^-tbe^^ c ^£ ers , outsjde the UK - ir is money brokers (as in their amount outstanding now has 

market : jitsi 4nftta7 (wggtaaflmg issues difficult to- get even a feel of other business, ihe latter do not been estimated by David Potter, 

has now : reached ‘substantial vS ^? n Li : bow important such dealings are buy or sell CDs for their own of Credit Suisse White Weld 

size, though.- in proporfion"TO* ^ mforma- m the market as a whole. account—they only act on be- (see The Banker. .January 

IkJitdM ^romarket 6 hsiniess r 4 s.' : ^^-'- ,,s? '- fi ' «v 0 n l.- mdi £ ation perhaps is half of clients: this contrasts issue), probablv conservatively, 

a . whole' the' CD rnaTket^^ hak' -Pieces erf .hard in- Ihat First Chicago reckons that with other traders who hold at S75Pm. 

grown only frbib B :ijer cent ^otitation-whiito aie. available of order a fifth of the trans- CDs on their own books). 

^ ^ ce ^-. -I- _actions whirh nass tl.ro,.ch it<= _. Maturities range between one 


the .United "Stifei ? 


bank rates. The key differences 


•. . 'r" 'V , *** -j* -anfinne nor annum t* , , .- „ - urc mat iiivv ’flieraiiv ao not 

«P^,^ msntutVf.nS;.iup_from or- stuae-: l^per-s-cenL of all elSSSSances all one f ffef V°" d ^ C ^‘ ^ any guarantee a minimum interest 

20 a year ;^ 0 ): ,A plethora bf^ issues; ouslMdli^ ; ca?S SSf i? «fat tuSf- HSl ! , "?h S,ar l Cd up ,-^ ? em * rate (which is likely to be more 

dealers ^ provide .setondary . The Bank publishes a hreak- over is likelv to be counted in v^t^a* dT-rnnni^m 0 inked up of a » advantage when interest 
market TS^k-up..-- . y down of ’whi^L kinds of banks billions of dollars per month ™ d ” ?* h “ Jj ratesi are fa,lin 8 lhan at Present. 

The bade principle-nf the CD hold most CDs' and -which kinds 1 T,ie cut J ,n trading eom- when they are expected lo rise) 

Is siriijffe:: oh- the^ one Haruf, banks issue mpst. IVIairsr missions and the increa.se m an d ,hat Hie costs of issuing 

banks Want fixed term deposits- ‘The-other.aifea .where statis- * “* e slze ,n v ' , nich deals could are much lower than Tor an 

on the; bther. -4i«ise who" plawe;^? *?* turnover. A# far as investors are con- u^ a Jfnc ^acriviT?) k attributed ^ r Vnm lhL ‘ J nve * ror j 

deposits wUhlbaaits.db ridt;want^ we y®^^^1 iM !S ^ : ;«e 4 probably ce^ed, apart from oie identifi- “ ad, f ^ a f o ll> n( ^ 1P n^ poinl " r V1CW - unv sHdum nr,,cd 

to tie themsrfvea. down iwevnc^-^^P^vC; . ■ . able 13 per cent, of outstanding v ...'..L, [If advantage can be that a better 


Major 


w« tut. wiMsi,- wwb ^ wuu. iit«*.-r-r -r-: '^-^-• 7 : - ■ v• As far as investors are con- *,.a,i 5 nn aP riviivi ^ "T” - ... 

deposits wiih L banks do.hdt;Vant^^°W e v®*V.:-®W ; ;«e 4 probably ce^ed, apart from oie identifi- fr e * L*,,.!!! tS p ? im ,,r V10W - ltnv seldom nf,,cd 

to tietheznsiefvea>down. irrevoer.^^P^v^ able 13 per cent, of outstanding dea]er ._ ..’ .. n ‘ . hp advantage can be that a better 

ably for aw^g^uficant j^ripi, S jM ^®' : ^ 0I j da p' issues held by London-based d o ah1e . th . in jsj e w qua ^ lt PD? r r . pape t r ,s . °. blained 

By mwns ;pf. the bank iswing hmmvec m.CDs looks banks (a figure which compares york Tlie differenrp between slD ^ e FRl -Di- rank with deposits 

a certiflfiite'.vaiidv can Be- sold: 18 that vith over 00 per cent, of star- thP huvin „ aod lhe •seJline price aS hav,ns ^U.? 11 a bank s 

to somecwe.else,: Englas^s turnover i ing outstanding) the * n nto "’oer^nt. oeranmim resources- while J*RNs are some- 

the best -OEMKitln woritfa.': T’or .Some re^ts give a general belief in the market.is u ut up ' 1 °. Vp L low as 5 h2 bmCS subord,naled - 

the that the three major groups of ^ bank M.C 


missions and the increase in and that the costs of issuing 
the size in which deals could are much lower than Tor an 
be made (as well as in overall frn. Krnm lhl . investors 


he had ^mnriTt^f h im^lf trwK. incIude everything - which could market that U.S. corporate 
vocably- by I inekfng a terihV‘ : 9 n< ^ e i va b^y . come^ aiider- the treasurers have greatly in- 
deposiLFrom, point bekdfng-.of trading.:aftfvfty;. on creased their holdings—one 

of vipwy in adffi^nn tin •-tha? pther, .the. utfonnation is dealer said that he thought U.S. 

his capacity /.to ^afeacf; : ^^rjeoBedt0i : ^only f^otn PfPP^ - companies accounted for most 
deposits' CPa tberefore'-cut thb Prl®? dealersAgtive; in the 0 f the erowtb in the market 
average rates-payable. r -’ 1 - - ’• «v- Londdn m ar ket : 'Awhile the since 1975. 

’ “■ : <■. 1 ^; .V 7 r^yfprohaB^ v JncreasfQg volurae However, it is understood 

T ^•'.^iSeajlngs'wiaiai ..•aeyer...-pass that the proportions held by 

^^-7?-; -.-. -■ ‘through lk>ndrur at. alf are not different groups have not 

CDs are mi^yiixe'dVrfe^ ahd ih^tded in the figures. .';,y changed very much since 1975. 

are 1 Tjumover- figures At times such as the present 

matuiitfef^^the ^^ ^^AliaWei-Consist - of purchases plus- when international investors 

by the Bank br.England (al- ^es plus new issue&which pass arp shy of committing them- 
though larger -maturities caR be tbrbugh the hands ,of; the selyes to long-term dollar Euro- 
obtained .by forward! contracts), dealers who repo?t information bontj investments, it is probably 

' T. -j“Rarrlr^nF Jvnplanrt r FH P fa ir .Mn accnrop that Thev Ollt 


{rising 'dn'^ one ^^ reported by: the two Euro- of the CD market suggests that 

;oma : ^ bond clearinghouses (Euroclear banks derive a considerable pro- 

* ora - exports of .capltaL This opened and Ce d e i) for Eurobond portion of their long-term 

D up secondary . market dealings, deposits from the CD issues, 

ev WOi potential-nwestors . In^ London ^ Bot6 Euroclear and Cede! A breakdown of the maturities 
dollar certificates' of dej^sit include new issues in the turn- of CDs outstanding has not been 
investors, in-1?te United states. . over figures they report but published by the'Bank of En- 
London CDs. habitually pay they include only one side of gland since its last analysis of 

S slighily iiigi&r .nates .than- New eac ^ transaction, either pur- the market In 1973 (in an article 
York -CD« t issued :by>tbe same chaseg'or sales.. Jn the case of published in the Quarterly Bui - 
banks beqauise^^of ttie^poswbility .theivGp turnover figures.- a. letin of December 1973). How^ 
that tfae.Bank of England— or .transaction between two report- ever it is understood that the 
1 a Brit^~-(^ver»q3en( —^ niight -ing/ institutions . would be maturity structure has not 
in ejctxemje ffflieze &reign. cur- counted- twice*, both as a pur- changed all that much since 
rency det^^ jnl-London.-thus ’^a'^ one and a sale by the then. 

preventingy.lwld^rs;df CDra^er.) ■; ; !' !* Although nearly half of the 

: 'filiii0iirces of 

wStcl *■ .. V ;••••• 

3 ri ■ -,v - •• 

iun.- f - • y/ i ; £ V " ''*■■.' • 1 .* 



'■A 



■mi 


: vA'r^5 >, ' v : 

^ • T ’'^ '~ ■■ 1 

A DEC.^E‘ 'i;a^ J Jeis<iii«'which the data refers and 
ioif ^ sovertign-St^^WW ^r the-the-date of. publication has been 
re/iff : exception rather. than the role -cut down to well under a year in 
. \& f in internaUoriid ibasiiriiig.^ the ease of many countries. :. •> 
the assessmehf of Country : rt.sk - Certain improvements .have 
3 i:lf ? and the treatment -of i>rqblerns also beeai made In’the prwen- 
(itf l . in sovereign: leriding-haye be- tatton of-(he data, making it 
^panS come an essential toot -of ibe much more useful. Thus, for 
trade. ''. : .-v!';L ^ ^ v ‘ example, information which 

ie rt# Part -oftfi4- prdbldhrib:' the preview sly was published oil the 
£ part "h^:t^nMack Of:inf^m& hasis' of lhe aggregate of dis-; 
£? tioh ihotiLthp^AJjd.tBaCuriiy; Bursed watt undisbursed debt 
6f indiViauii.'-Country’s: debtsr’ has now' been made available 
V I” the past year. great'strides on the basis of disbursed debt, 
have jbeeii*. a»die : ;!ia-jttiS»‘ansa.:At bu^y; ' _ . 

least as far ax tbe'leas developed . < However, the major improve-. 

% 1 counm'K aM.^nce.r^i ^ 'statists? is still, to 

i*. the variooii-Vlciiiaitives - which- ;the main to come. The World 
, / - have been .liken,; iwo;- ih“'P« : v Bank ; hatf f now,staked to gather 
.,(£ ticular : rtimd 'ouL.One' by .the:;inX{Hmation on'the. foreign, rtrr- 
? w <> rId 10/v-«?end • . ^ Yrcn<y ;debt, of- private sector 

covera^;6fr'its,djra.M%to ; ntake_;in^tiitjbi»^ijif;individual LDCs 
it generally::a^riabl^ijfBuch-.T^t^^o ^.9aU m only 
1 ^ faster than;had. previously .been the exte«hal debt'of the public 
:lf the ease, and the other by .the se< ^ r _, v ;,_ '-■ 
j Bank lor Intemkipi^, -Settle-- - 
^ % ments /or by tho eentral bank? D|*AWn. 

of the ' major . mdustrialised J3LC<ia.tiU Vr 11 
- 5j§ cotintri^ under ihe aegis.^f-the Y associated 

• BIS). .: /: ..v< > W nfi ftcBaiik forJnternational 

?r V The World. Bank collects data Settlements' last year was the 
3 n * on the debt of all the ,3es»^'^ vb kakdo^i^ of. lhe : maturities oF 
jj;‘ ^ veloped icouotri.es apd -. : -has each countiy’s debt to the major- 
. 3 ji-: tTadirionaHy been the 1 major -~re- . iWn»yn» ^ nnal commercial banks, 
jjt ^ pository ol information ron^tliis * ^is juformatlon was collected 
tfrf , subject. Ho were?, there; were‘.fra m -. the’ ■■ commercial banks 
3 ^. !some ina4epuacie&in thri»tnre.:- t f iem 5 gi ws :yi a central banks 
of ..the data puKished:..and ; the, TeaeK major iDdustriaJised 
. publitatidn. Cff ^ data..:on‘ .^^.^Q t ^y-. Although a complete 
r ]j#‘ country was heid ap-'hntiV^be ^^ggQ 0 f. ^ eS Q hanks' lend- 
,f( slowest had TeporTOd—rttsually^ng to earti country was. not 
,;^-'-n«ir^.tt« 0 jS»|«.pii 3 tpf : ; ttg^~- r pdiieved- ^ in particular the 
■';/ : Now, - the: ^Worldv Bank pnV lending ’by branches, of. some 
.1^-lishes '■ dam ■■•.oitYV individiial ; major banks, outside their own, 

1 j^l.-rt)tintid^S'-: > ha!iw»tel^v ^:-^?^ ; S»antrieg : -'was. not Included in 
"J/ when:, it come^in,^^ ^bis'har Th^ .statistics, -r. the • 

; meant -the'.^dejay;- betweca>^ was wide- enough ^to 


"give substantial new insights 
"into- the drain on individual 
countries' foreign currency re- 
. sources, which repaying the 
commercial banks and paying in¬ 
terest to diem would pose. 

The data was collected as of 
; end-1976. Last December, the 
-central banks decided to repeat 
the exercise as of end-1977 and 
every six months thereafter. The 
figures have not yet been pub¬ 
lished for end 1977 but, in con- 
’ trast to the last occasion- when 
-they were .released, only to 
.banks which had contributed 
figures, it is intended in future 
that the information should be 
generally published. 

What is particularly thrown 
up in this data but is not avail¬ 
able elsewhere is any immediate* 
problem arising from heavy debt 
repayment scheduled in the near 
future. 

The central banks have also 
given the go-ahead to a project 
to' publish a reference book 
. explaining all r the various 
sources of information cin inter¬ 
national debt statistics and the 
extent and ways in which they 
overlap.-with each other. This 
should considerably' help banks 
in-their-attempts to collate the 
various different statist) cal 
series published by the World 
Bank.' the OECD and the BIS 

in- particular*. "... 

However, .the idea, o.f a cen¬ 
tral storehouse where informa¬ 
tion bn outstanding and new 
loans to all international bor¬ 
rowers'would be stored land 
even, constantly .updated) has 
been dropped. . ... 

W- ; M.C 


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Investment Banking: 

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Market Making: J. B. Galazka 
Paris: Tel: 723-73-30— H. P. Jacquin 
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20 


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still has one name 


Knanc&t! Times Monday Februair S T97ST. 

EUROMARKETS. X _ 




In an industry that undergoes ups and downs, 
mergers and constant change, E.F. Hutton has always 
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Line-up on debt 









ONE WAY and another the 
subject of sovereign borrow¬ 
ing Is likely to dominate 
international banking for 
some time to come. Govern¬ 
ments and public sector 
entities are responsible for 
the bulk of the medium- 
term borrowing from inter¬ 
national banks, while last 
year they became increas¬ 
ingly important on the 
international bond markets, 
accounting for well over a 
third of all issues. 


It is now generally 
recognised — though the 
view was regarded as 
heretical even a few years 
ago — that international 
loans to governments .will 
not be repaid except in the 


most technical sense; that, and partly because -the 
borrowers are going to have markets'— and the inter- 

access to the international national institutions, central 
markets to refinance matur-/banks and governments of 
ing debt as well as to raise both borrowing and lending 
new debt, and that foreign countries—are still, in the 
currency debt is something stage of building up exper- 
which many governments Use in the management of a 
will now have as a perman- new situation, 
ent feature of their borrow- ' The problems-- of the 
ing. However the next few ballooning debt maturity 
years are expecetd to be .a have been recently analysed 
particularly difficult period, by Ames Bank- It reckons 
for the system. that '. amortisation - of 

This is partly because medium-term Eurocurrency 
.there is a ballooning of loans will rise to $16.4bn. 
maturing debt coinciding this year from $11.0bn. last 
with a cutback in the year and $5.2bn. in 1976. 
capacity of the debtor coun- It ; had earlier made 
tries to earn foreign estimates to the effect that 
currency to repay their by 1980 50 per cent, of non- 
loans as the result Of oil less developed countries’ 
increased protectionism in CLDCs) borrowing would 
the industrialised world; be needed for refinancing 


purposes. . By 1985, Amex 
says, the percentage rises 
to 64 per cent. 

As has been pointed out 
frequently, a- .key point 
about: any survey of the, 
countries’ international 
debt is that the situation 
varies considerably from i 
country to country and that 
no- one’country should be 
lumped together with" 
another. 

' • The rbst of this survey is:- 
therefore devoted to special 
articles on the position , of 
individual 'countries’ out¬ 
standing debt - situation, 
foreign currency earning 
prospects and future 
external borrowing require^ 
meut. 

Mary Campbell 






Hutton 


INTERNATIONAL 


ATHENS-BRUSSELS-FRANKFURT-GENEVA-HAMBURG-LONDON 
LUGANO-LUXEMBURG-MUNICH-PARIS 


An early 
start to 
repayment 
of overseas 
debts 


THE BRITISH Government has 
started a programme of large- 
scale early repayment of some 
of the massive overseas 
borrowings built up in the past 
few years. In 1978 so far 
prepayments of debt of $l.5bn. 
have been announced; taking 
account of possible further 
moves and debt maturing 
anyway before next December 
the total for this year is likely 
to be at least $3 bn. This will 
be only partly cut into by new 
borrowings from abroad. 

The U.K. has amassed large 
borrowings in the past few 
years to finance both current 
account deficits, which totalled 
£6.44bn. (or S12.5bn.) between 
1974 and 1976 and capital out¬ 
flows associated with the 
recurrent sterling crises of 
1975-76. Government and other 
public sector bodies raised a net 
total of S16.5bn. between the 
end of 1973 and the end of 
1977. of which ?4.9bn. came 
from the International Monetary 
Fund. $4bn. from two syndi¬ 
cated credits raised, in the 
Euromarkets and nearly 5700m. 


from foreign currency bonds 
issued last year to official 
sterling balance holders, while 
$7bn. was for nationalised 
industries and other public 
sector bodies. The latter was 
mainly raised under the terms 
of the exchange cover scheme. 

Most of this money was for 
fire or seven years with the 
result that ,by late last autumn 
the UK. faced debt repayments 
of $16bn. before 1982. The 
maturities build up from $0.9bn. 
in 1978 to $2.4bn. next year apd 
remain above $ 3 tfm. until 1983 
with a peak of $5.3bn. in 1981. 

The priority to be attached to. 
debt repayment has, however, 
become a controversial issue in 
the debate about the use of 
North Sea oil revenues. On the 
one hand, it is argued—-for 
example, by the National Insti¬ 
tute for Economic and Social 
Research — that repayment 
should not rank high on tKe 
alternative uses since for a. 
surplus country like the U.K. 
foreign debt is both cheap and 
fairly easily recyclable. 

It has also been suggested 
that the maintenance of. a 
fairly high level of overseas 
debt by past standards is con¬ 
sistent with- the existence ;of 
large, and probably continuing, 
surpluses among the oil-produc¬ 
ing countries. Moreover, the 
current account surpluses 
required in the U.K to repay 
the debt will act as a constraint 
on the. desired growth of 
domestic demand. 


The Bank of England has put 
a different emphasis. In. its 
December Quarterly Bulletin, 
the Rank said it was desirable 
for the current account to stay 
in surplus; although the repay¬ 
ment burden might be eased by 
some new borrowing, “It will 
clearly be desirable, to provide 
for a net reduction-of debt on 
a scale that is appreciable in 
relation to maturing repayment 
obligations." 


Attractions 


Although the main North Sea 
decisions have not yet been 
taken, the Government has 
already decided to start repay¬ 
ment in order to flatten the 
hump of maturities in the early 
1980s. There are obvious 
attractions in repaying now 
when the current account is in 
large surplus rather than rely¬ 
ing on repaying later when the 
current, account prospects are 
much less certain. Moreover, 
the fivefold rise in the 
official reserves during 1977 
to $20.564m. has created free¬ 
dom of manoeuvre, so that re¬ 
payments this year will exactly 
match the estimated current 
surplus. ... 

Within this programme, the 
main preference is for repaying 
debt which matures in the peak 
years and has a high or fixed 
interest rate above current mar¬ 
ket levels. Moreover, in some 
cases. such as - the : recently, 
announced -.$5Q0m. prepayment 


by the-Electricity Council, tbera 
is .also an exchange rate gain 
since the loan was raised in 
November. 1976 when sterling 
was much lower than.if is now. 

The UK has also started 
repaying part of its loans to.the 
IMF, $lb"BL is due to be repaid 
shortly. This will be mainly 
from the r first credit tranche 
drawn in May 1976 since this 
money will do much to boost the 
IMF's own resources available 
for lending; the money from 
the other tranches and the oil 
facility will mainly be returned 
to the original lenders. ; 

A certain amount! of new „ 
borrowing is also being under-, 
taken. A total of has- 

been - raked since last October, 
chiefly from the European 
Investment Bank and the Euro-', 
pean Coal and Steel 1 Com¬ 
munity. There may- also 'have 
been fund-raising - on Euro¬ 
markets Where money can be 
obtained With maturity dates 
after the repayment hump in. 
the. early 1980s. 

But there ; is/only a limited 
amount of finance available for 
longer than .five or seven years 
so the main drive for _ new 
borrowings is ' unlikely to occur 
for ryear or twp. In addition, 
some public bodies — notably 
British . National Oil Cor¬ 
poration, and British Airways— 
may raise money overseas 
where , this is appropriate for 
operational reasons. " - ‘: 

Pe ter Riddell 




i / 

V, 








France 


• vl 


it?-. 






Left-wing 
victory 
would not 
worry foreign 
bankers unduly 


WHILE IN no sense a non- 
event the general elections due 
in France next month could 
well turn out to be much less 
important than some bankers 
fear. The country's dol¬ 
lar - denominated Indebtedness 
should retain, its triple A rat¬ 
ing even if the Left coalition 
wins a majority. One of the 
two main bond rating organisa¬ 
tions, Standard and Poor's Cor¬ 
poration, ' has recently re¬ 
evaluated the country's debt 
and confirmed that France's 
rating as a top-quality borrower 
would not be affected by the 
outcome of the March election. 

The Standard and Poor's re¬ 
port points out that all parties 
of the Left coalition, the Radi- 
cau de Gauche, the Socialists 
and the Communists, who have 
called for different degrees of 
nationalisation, are all agreed 
about the “principle of com¬ 
pensation lo investors in 
nationalised industries.” The 
report covered dollar-de 
nominated bonds floated on the 
Eurodollar and U.S. bond mar¬ 
kets, both Government-issued 
and Government-guaranteed. 

The Standard and Poor's 
report confirms the view of most 
banks which are active in 
French Joans and bonds. The 
possible victory of the Left 
coalition is not viewed as a 
disaster but simply as a fact of 
life which may well have to be 
faced. “ No Beds under the bed 
scare here,” one banker com¬ 
mented when asked how he 
viewed a possible Left coalition 
victory. “ France will remain a 
country with a diversified 
economy, self-sufficient in'many 
respects, whose indebtedness 
overall'is far from worrying” 
this banker added. 

Another commented that 
before running scared about 
what a Left-wing’ government 
might do. it was best to retain 
one's cool. He pointed out that' 
European investors, had. learnt 
to live with' Left-wing parties, 


including Communists, and that 
it was unlikely a Left coalition 
government would impose 
measures which the bulk of the 
French people disliked. “Italy 
raises bonds and France will 
always be in a much better 
position than Italy, whatever 
the outcome of the election." 

Despite the fact that France 
raised as much money in over¬ 
seas borrowings. between 
January 1, 1976 and May 20, 
1977 as it did in the years up to 
the end of 1975. bankers are not 
worried at the overall level of 
the French debt. The country 
started borrowing from a very 
low debt base and the funds 
borrowed are clearly earmarked 
for projects which have a dis- 
cernable cash flow. 


tion from being very success- roll over its'debt and the very 
ful. Tbe.Caisse Nationale des much lower rates of interest on' j'/L-V 
Telecommunications got the Swiss franc loans for example-■'A 


same spread oe . a ten-year 

.... , „. ' - _ worthwhile. If the Left eoalt¬ 

ered Jt last mouth from — 






■yv ~ : 


, . , . , . tion came to power, Swiss franc 

Japanese banks which refused borrowings may be a little 
to agree- to the ■> per cent, difficult for a. while but no - 
spread which the French Trea- more. 

sury was keen to get - where borrowings in DM- 

The .greater recourse to denominated bonds‘are con-; 
medium-term credits was no cerned, dealers say they would' 
surprise 'as there is a lot of expect the iecondary-market to , 'Y ' 
French paper around in the take a knock. There is already 
bond market. Despite some sug- some evidence of selling ■ trf ; 
gestions a borrowing spree French names, no doubt by ' . 
would happen before the March FYench holders, ahead of 
elections,-no greater momentum election. The same phenomena-• 
developed. EDF raised money is perceptible in the Dollar seo- ; ~'i ~ - 
earlier than it needed more to tors of the" market again: where; ; : 

lake advantage of the borrow- French’ names* ' are’ concerns. "" 
market than for any other Some dealers,, however, point 


ers 


Record 


Some bankers go further and 
suggest that a government of 
the Left will go out of its way 
to show that it is “ responsible " 
in international financial affairs. 
That many of the Socialist Party 
leader (Mr. Mitterrand’s) ad¬ 
visers are senior civil servants 
in. the Ministry of Finance is not 
lost on bankers. The denizens 
of the M forteresse de la rue de 
Rival! ” as the Ministry is some¬ 
times nicknamed will no doubt 
ensure that the Socialists, which 
are the dominant partner in tbe 
Left coalition, keep to the 
straight and narrow. Last but 
not least, France has an impec¬ 
cable record historically where 
the repayment of debts is con¬ 
cerned, the only hiatus having 
occurred during World War U. 

France was very active as a 
borrower last year. It raised 
more than twice the 1976 total, 
though more in the form at 
medium-term credits than 
bonds. The Yankee bond mar¬ 
ket was successfully ' tapped 
and the foreign yen market ap¬ 
proached for tbe first time. One 
major new potential borrower 
came to the bond, market: with 
a floating rate note last autumn 
—the Caisse Nationale' du 
Credit Agrieole. 

French borrowers were able, 
to achieve the finest terms in 
the credit market, as befits 
names, considered absolutely 
prime, such as Electridte de 
France (EDF). 

EDF raised eight-year money 
on a split spread of } per cent 
and I per cent over the inter¬ 
bank rate last autumn and tbe 
fact, that U.S. .banks, did not 
join did not prevent the opera- 




reason. .out they have clients ;i just - 

Official figures put France’s waiting for good buying oppoi?-^ ' 
external- guaranteed debt at tunities at lower levels. .-Here •/-£•<•' 
Frs.66.3bn. and direct funded again, raising money - should 
debt of the Republic of France not prove difficult for a Left; 
at Frs.S.Tbn. a total of Frs.72bn. coalition . Government; - unless ■ / 
The debt-is certainly higher matters went ; disastrously /7,’yf 
overall if; private debt is in-wrong. ^ 

eluded bait no accurate figures- ; -- r; - - ;< i- 

are available. More than- half of rron^V 

the external public debt is de*- 

nominat ed in dollars and most Guessi^i how much mMueyTHu. 
of it is not-in the. name of the. France may want to-borrpw tbls / 

State, but/of a string of auto- y$ar abroad is not!easy. .Prime 
nomous and . semi-autonomous Minister -Raymond .JBarre haS : r* 
public agencies and nationalised ronriderably,tightened-the rifles. ? /:/ 
services. v oil" borrowing JLrr the’ domestic *. >v 

- Names -like ^Electrxcite de capital mark'et .whic^ *' -. 

France,. Credit National,'.Bhnque- event Is not .very Jarge ind roa^: : • 1 

Francaisd .'.do-'Commerce. Ek- tinning, recourse . ta, t&e£ur??^7;;*-■ 
terieur, tteisse - Nationale ..des'.Jnsrkets ;ds'- ttere^3» : ;> 
Telecommunications ; ^nd expected; . 

Societe Nationale; des Chemins 
de Fer Francais are familiar. 

and well'respected in ; Jhe^ l97Ta$;compaxed with l97fl andv 
market. .7 is f expected; to' ■nartkw ^ 

Comparing the composition of titis year t; j whlch. 
the debt outstanding'at Cecem-- th'at ;• the ‘ countr^.s ."foteigh-. X'Tr ,. ^ ' 
ber 31, 1975, and the ehd x ofT-cmTehcy requiremmi^willi^ 

May 197?;'.. some", interesting.' less - this -year- than ; '7 ^. 

changes too place., >Vhtie: the ..this wUl 'pot:'ikhe^!s^Hy-]b|s!: th?.;.: 
total amodn’t of- Borrowings de- ca^e as: <I) the ■ 

nominated "in . dollars was more tiie balance of .payments fieficit,'; ' ^ * - * 






SwJrs.li28bi?. -to SwJra^.8btr.) ,m«id Bane r or anbtimr- 
while Deutsche-hiark" dehom^Mini^r g'j 

oared 'bbrrbwjngs fell .(from:might- tufiQ -dut^io'have ve*y- ; v ; ^': 1 v'. 

TMrfiLl . a ‘ Tiiff l rn. n \ - T ___ ■ -*• - ‘—!■’ ■ 


_ tic.creditmnrketvis;^ 

those denominated- -in • Swiss cri»^sfng[y ^ ‘ ; 

francs. ; : -7 ^ 'the ..botroWi^Jr^!^^^ 

The eurreiicy risk i>‘a" F^otiMtibhatiied:^^^ • 

to be considered,- 

some casesp h^is negligible .’.,7 ■:: 7 : 

because a company , will simply V ; '^^ISUlClS.^nil© - ; 













21 


EUROMARKETS XI 


Japan 


,-.i-hv 




^atk international ‘credibility has aj- On the plus side as it were, be. vi eW9C j ag ains t the latest!*, 

J §5 Borrowers; ? etr 'V— 5#Ji* ron h “ fiue * rwdy bccn P“! «**>«? risk by Italy has just returned a bal- forjtaly's^totai indebted-: ISIlOrt—t0riU 



' by{;*hat the the latest political * crisis, one anee of payments surplus in ness for both monetary and non- j 
'■'-^tary Fund that in a sense jLs more serious 1977 of close on S2.5bn., while monetary Institutions, of close 

id its than previoris'crises in ttiat it the available reserves of theoo$ 20 bn. Sig. Giulio Andreotu llaDIUiy 

Italian results-from a direct Cbnmiunlst Bank of Italy currently exceed - the outgoing Prime Minister. | 

was demand for participation in gov- $8bn. against around only $lbiu. b« made it clear in his nego- chrin Vfra 

T<= » -. -f. ---rr.—rr ',. : _r-.. ..— TT .- V . T'^arrf',---: was eminent. The minority Christian at the beginning of 1976 when tiations with opposition parties 1 

\ V • : En^pw r tay^-^JEcflBE^^^^protz?icte«l'Democrat Covernmcnt has re- the authorities were obliged to and the trade unions that there j 


ngnt .J.-. ^>v^'\ -z ;• v.ito^forwhen aul W poimeai agreement 

foevitsbljr It seems, en- Greatly both-debt and interest 

The «■*»« level of tb. .-.e-tsineac.ssnfsabn. 


spring when Japanese interest 
rales for the first time in many 
years dipped below U.S. interest 
rates. This produced the pheno* 
*\ menon known in Japan as “ Yen 

N shift "—meaning simply that 

pay the higher interest rates im P orter s began to pay off their 
that have traditionally ruled in ov li e .? ieas , usance finance loans 
j apan while taking out new loans in 

yen to finance future imports. 

The amount of short-term The maximum rate of yen shift 
liabilities of Japanese banks towards the middle of last vear. 
grew sharply immediately after was around Slbn. per month, 
the 1973 oil crisis for two But the process came to a halt 
reasons. One was that the quad- i n the autUmn as'a result of 
mpling of oil prices automatic- upward pressures on the yen- 
ally increased the value of dollar exchange rate. 

Japan’s exports and thus also tj,- effect - ^ t 

needed^ The' ™ le Q a n P ^ Um the fo ™ rd 


Tokyo foreign 


rrAtZAgj&$ »'€bpftSS‘• - 

ftmarkets." : moaOTt kt r rtBp-ttf'<3- rtt' ■ ‘ • i'Li_ • . ' . 


pay- 


second reason was that on the exchange marfcpt W hi<* 
'JAPANESE BANKS had net * t0 * <««••* '« 


ready commands more than one: reserTes reflects in fact greatly. Thus the Treasury itself has, . .. , -• uiuuuiaiea 

third of the national vote, expanded borrowing by the little room for manoeuvre and ' 3 fi S urt - ® qua , l c tu ?' er haIf of financed by extensive short-term nf Japan . s Imports currently 

. - Italian banking system itself. Its .given a resolution of the present i Japan s official fiareign exchange borrowing m the Euromarkets are) The ven shift remains in 

net indebtedness abroad, which political crisis will itself be reserves. Their liabilities have, and elsewhere—a situation 


! short-term oversees nobilities of 7™^™" oversees “S’SSISSS? "do 

!$12.Sbn. in November last year, lending. Theseloans had to be t0 ._.” a “ ce . contracts de¬ 


nominated in dollars fas most 


-CPtL, TJie- OIUIK yneixj. wureni, .u_, 


C;._' 1-I_ .. . j ■ omteiiwimci lunreriwuus, *«■ « isiimuy uui tuc west 

?“5'■ syndi- ciimate for Italian businesses— -inere was somi 

cate headed by'S-VQ- W^u^- whether State sector or private this indebtedness i 
' ' f0r ’ : - r-P |,tBn ^ al Other funding®^"are - :thought to —to be in the market for funds, half of last year 
Borrowers.. ■ ha id^tbe. piwiihe, including a and some foreign bankers have liquid - 


crisis will itself be reserves, itieir uaouities nave, ««« ci^wnere—a wumon sus p ense but could be resumed 
Cabinet The alternative to a was less th* 13 two years seeking new facilities abroad 1 however, shrunk considerably which led to the emergence of ]ater th!s jf and when an 

011 compromise agreement is an- a S°- had 115611 10 m0K *&»“ this year. Meanwhile the Indus-! fclnce 1974. They are likely to the now famous Japan-rate atir , osp here of stahilitv returns 
SD “ e other general election, which * 7bn - b y the middle of last trial sector and its backstops, j shrink further in future, prob- premium on loans to Japanese to the foreign exchange market. 

- --- .. . --—zero or banks in 19/4 and i9/o. 

?ts It needs to be emphasised that 

talk of the overseas liabilites of 
hiiitiPenF ® an Japanese banks relates to the 

banking system to buy up the capital market in Italy itself is | j a pane^'b'aSis ihatJ^an has ^S'^™trmedSm U Md“ on“ 

Bank of Italy s entire foreign for practical purposes 000 -!^^^ borrowed in the Concern about the short-term - SorrSvS? ind tenJSSS 

eaasteju - ! U.S. for impon usance financing Ability Problem and about the G^ment publishes 

There was some decline in .. 1 • - - -- h ».. imnw h n nu c ine government puoiisnes 


oa .ifhe ^i^iige \ raised f > lt is certainly not the best -exchange reserves. 


Equally non-existent, unfor-! Cleans required to finance excessive rates Japanese banks on^thMon^-tera^sition 

mateiv is corporate profit-! imports in transit which usually were being made to pay for new it h ^ beeS 

lilitv a iui-ni_; n ,kJ .rt«r «.v mnn thci T.«n« loans led the Ministry of Finance “ J"* T” 


in the second tunatety, _ ___ r . vll ,_ r ..... 

but an over- ability at a level—in the rela-imature after six months). Lines loans led the Ministry ^ w unoffic j a n v calculated that thev 
-- •.h ri1 - D VB n nnrMMd'mnwi e ^ —»— international banking tively few eases where it (of credit from U.S. banks for m Ju, y to place a ban on h d net * i nn o.term overseas 

Italian compmnes -weice- j^eo- one of f surpnse that the system has clearly been more actually does exist—to allow anv I this purpose originally served overseas long-term lending in a n6 J a round S9bn a t the 

tively out.of the Euromarkets tte country s ffiV ,rated Lire-U^ dollar exchange rate than agreeable to extend its significant measure or self-'as a means of support to Japan’s l ore ^ n currencies by Japanese end <ff last vear Jananesebanks 

- - - - -- - -- — — - - - - banks. The ban was gradually enu Ui ia! > 1 Japanese nanus 

raided from November 1976 on- , nnCG , aGaln becoming 

wards but puidelines are still in »<*i»ely involved in syndicated 

existence to prevent or dis- doUar loan ,f. “ foreis V J hnI " 
courage Japanese banks from rowers, so this figure could rise, 
lending long and borrowing Very recently there has also 





tervention, but so far there are in foreign exchange. 

nn a._ 1 _ n-L- _ 1 , . m, 


short as they had been doing. 


been an increase in long-term 


bs ng. 

R dh ^ 

5 sinn t 
to boost' 

es avjfc 

noney b“ 
and ’du. 


■*?“ 


no indications! that it haf been This residual liability of the 
significant domestic banking system should 


proposition. 


. their imports with dollars The volume of overseas short- borrowers. 
T'l - - » T r> I (borrowed in the U.S. cor in term liabilities related to trade 
UOminiCK J. Coyle: Europe) than to borrow yen and financing started to fall last 


yen-dominated loans to foreign 


Charles Smith 


■ CANADAS BAtANCE! bF' pXyWEnSs 




(SQm.)» 


<■ 


1877- 


be retm?- 
•ers. _ 


Merchamijse|>£iance : ; 


■fta v 


,;^ 197S. 




nt oi j Service balancet 


- -7.7: ;; 


- 8.6 


+ 0 a. -'. 


asf Ota; 
ElLtJi' 


Current account 


-1&: 4.0 


id met. 


Net long-term capital flow 




+.6.0 


Steel t Net short-term capitaljflowv’ . !. .^ZZ . T .! ' ; nJau 

also :-^ ^ --:-^-— 


on L 


Net capital Hoto 1 " 


“■a t- 


+ 12: 


■a.-'. .-MU.' 


ney as Change to reseriies" - L2 •' v ■>'!, 

.urity 1 _ v- - '• ' ' : i : •' ''■'■A^yzyir 


iu 


hum 


y a lx 
svaiiabk' 
seven jt 
e for: 
e!y to r 
In add:t 

— OT6 

0:! t 

1 Airsr- 
y tv«fc 
roprut i 


* Estimates', t inciudeff flriridtmds an^ 8<&Sbh: in 

1977 and $C4^1m. in l978j!-:: v 1 ;■;-. ^.£7/ . 


; . " V . .•* 'I;.'-A / : .y V.'.' * ’V'. '/ •' . " 

.vV; j;i& >;?V“'- f .*.7*1>■ 



y* 


-■/ 
/'' 


rRid^Vorrytog ; 
lecline 
n foreign 
nvestment 


rapid rdecltoe bf/the role of 
foreign. direct ixyestment in the 
composition :.of.^capital imports, 
. and the increase In straight bor¬ 
rowing. 

' That is.in part an inevitable 
trend, given the great and 
growing importance of. energy 
projects^ . in ■ the Canadian 
economy:'-The'two biggest bor- 
rowers, Hydro-Quebec and 
Ontario'Hydro; are provincially 


or okets h^rem^ft^kabiyT^S^/bcT^Wta^e 
rrore c. 00 d despite - pblitfcal - and -SSl*^ 64 ?!“ ^ the 

U.'» Economic setback^ that' have 9j® b ® c lit ^ 

$*&Hken away somq^the filoss of 

. , !. he early lowU . : 'JWrder ^nce..the advent of the 

? . neeany iiMW. ^. ^. » Wnf Onebecois. Government. 

The election in: 1976. .of-', a JHydTo-Quebec needs 5 C®n 42 bn 
government laj^tho .French- $2^>a ayear for the gig an 
:< :o Speaking province,'-of -Quebec;James- Bay power develop 
: -arther to the .--Poii^QUi--.Left' mmit vrijich will be coming on 

i!Wj ^an is usual in. Nprth.. America .stream • progressively between 
v nd generally thought .to ,be -lSfiO and 1985. Of this year’s 
l^eparatist, frightened-mvestOTS-ir^uIreinent U.S.$05bn. has 
nd set off a_-,_treiid ihfit 'eausedL. ^jfeafiy.'been arranged from an 
.ipaS - he Canadian:-ivdolldr.'^to-' fall IntiS rh^Wa nal■ 'rfrinshrriiim; about 
- 3 j pi 'rom aa-' c-.exc3iaxLge_ . rate - erf . $reOm.' r waS G - intended to be 
? v, ,>t$£ J .S.$ 1 .03sooiftwhexe !dose to drawn early in th e 1 year, the 
. noil-*®-®® of J*#®*- ;Th e -d.e^ine:had. rest remairang as a standby. 
i;il3 ^ owever, been pyexdue'iiherate T 
;=■ ( 0 paa_ been heid'>t^;->y;,heavy-1 


evor. 


grapital inflows. \J- 


Ontario Hydro's borrowing is 


( . eri !i - Both eVehts - ftavo had- com- d P ne f «. it * by JJe provinciai 
- ir - • - Government. The Ontario 


.insinuating admatages.~ -The^e---Govenunent. ^ irie „ tJ niar w> 
: Valuation •;bas;-- ; hhprnv^^ the .Treasper. Mr. Darcy McKeoughj 

' . ^ompetitivaness of llJinaiiian in- tested - the- tempera- 

% “p S*t 

u?ecoveiy' of -the'-m^dhan'dise' took . him • to 'Switzerland, 


■ Recovery — ___ ..... 

■Recount . And:; the: iEfaahce W, Germanyj and London. Hej 
dl linlster - of- “Onebee- -Mr. estunates that -Hydro .will need 
acques '.-Pameau, v S^eeably--g“-S£? w : « fj**;**™** 
urprised ' tfie^'busineas ; wiorld^^ 9 ? 2 '- ^ 

rith .:a -. bu«:>Vi)f 7 ;-jflnafidal 7 ea*?s likely ta-be 

.rthodox^jaSfe^- V.:,; . done ; outside. Canada,- lately 
& v - vT>- _\:.i j ;.. but ■: not ■ exclusively . on Wall 


urt TL 




Street 

o3 s\. «• . ;• J ;■ ' . ’;. .. Erpm- a balance of payments 

: Taken Twith^::ah -point of view Canada will need 

, ^Assessment eif ffl^ .+nderiying capital- inflows of between 
?0 ^gures. the 'devaluation'aiid-the. ria n ^chh anri Canugifibn. this 
1? ^ ■'^rizeau btid^_nuike:.po^lble- 7 ear to make good the current 



' owed. Express: as-a'percent-'- C^n.? 5 ^bn. "by a' small margin. 

..ge of GNP; total,gross external: if so, 'the reserves might be 

_. - 


if p^idebtedness -• (inchtfHng -both.! strengthened . after last year's 
fc: direct and ptM^rfH^insestinent) outflow .-.of Can$L2bn. That 
tii ^ well below- its peak pf^aliaost raises : the"questi6n' of the U5. 
■ 0 iv : ^0 per cent in lie early 1960s. doIlar:standby which - the Cana: 

somewbOTe - arthmd ■, 49 per {jjan Government arranged last 
s J> gienL, -according to.X: Bank pf fyear_w^i“iin- international con- 
jjji ^^ontreal estimate. The netdebt gnrK um. The need to draw down 
p*,t end-1977.amountedrto. : 26pe?\any.-of fMr .money may. be re* 
jr-iy ? j3nt. of GNP: ■:v... ' feeding^ On ithe~ other hand it 

pj ;j!.- The • absolute. '.figures - aro • may .be pathologically wise toj 
, n i: J'an^lOObn. gros& ’ :Cindnding h , |^^^ things are going well'l 
-is- ''^rtfolio ndebt- of -.CaiL$4lbn.K jsathor than -when they axe bad. 

fFM CaiL?54bn. net- The- interest (^j e indicator -to watch will 

! -ii™ has. risen irom 'Gan^lvQlmh |, B ;. ^change rate.' The 

in^r*. Geab®Si9fe.fiir;l8?7;^ nuthpritie^ are not dissatisfied 
t i,fr ^elped alongby the devalnatioti, ; vrfrif vthe devaluation . vis-a-vis 
can -r be ; estimated-.,: )jjs. dollar (and the greater 

to Cazu^S^bh-'jior- iforaiuatian: against, curreudes- 
a pd ''ds-year.-i • /-•■> such, as .the '.yin- and the: p-: 

^ Canadian .-economists do . .binit ihsre are elgha that 

> '..IJ'im 4hne«. Aonyw.ifllanmiui, In.'-.. .-v; _*Li u.'. -c 


-.-rmi those : figures ; -.a lanrring -^ u ri dislike the idea of 
,f rPjieinselves,v,;ewedaUy — 



Money alone won’t get you into the “Club” 


■ People tend to think it’s only money that counts. 
Ihie> money is important But it is not enough to 
•; be big, strong and beautiful There are a few 
more criteria for being admitted to the top ranks 
of the international banking community. 
You have to be a fair partner. Somebody to rely 
on An expert and a friend, who knows when 


a deal is a good deal for both you and your 
partners. 

And you must have partners who are not just 
business partners but more than that You’ve 
got to have friends. All over the world 
Then, perhaps, you'll become a member of the 
Club. We are looking forward to meeting you there. 



CO 

t-H 




Girozentrale Vienna 


N 

o 

I 


Your friend in Austria. 


diioaenlrale Vienna, A-1011 Vienna, Schubertring 5, TeL 72 9 40 
Dealingin Securities: Mr.VOMACKA, Tel. 72 94 670, Telex 1-3195 
Clean payments and checks: Mr.KONCG, Tel- 72 94 240, .Telex1-3006 
L/C, collections* doc. paymentsM:' GOTTLOB, Ttei 72 94 250. 

: ... . Telex 1-3006 



Foreign exchange dealers: Mr. RAMBERGER, Tel. 72 94 441, Ttelex 1-2911 
International financings: Mr. ANTON, Tel 72 94 750, Telex 7-5445 
New Issues Syndication Dep.: Mr.NOW.AK, TeL 72 94 634, Telex 1-3915 
Non-recourse financing; Mr. SCHUBERT, Tel. 72 94 329, Telex 7-5445 


S.WIF.T-Code: GIBA AT WW 




.. .j.-. 






22 


. Knacdal Times/ , 


Where trade blossoms 


youfl find our ships. 


Flowers identify the ships of Japan Line's 
modem tanker fleet. Japan Daisy. Japan Cosmos, 
Japan Violet... and a dozen other floral names 
signify’ speed and safety in ocean transportation. 
Shippers around the world have come to recognize 
Japan Line for its swift and efficient handling of 
any type of cargo. - 


Just as flowers are 
the symbols of . 
our tankers, f\ 



experience is the hallmark of the crews that sail 
them and the personnel who care for the customers. 
Japan Une operates a total fleet of 251 vessels 
including speedy and siire containeiships and 
a variety of other specialized vessels, 
k Wherever trade blossoms one of Japan’s largest 
\ fleets is ready to assist the shipper 
A whatever Iris product, wherever hi& market. 








5%. 







la* 





m 


WTj 


/ 


&3. 

■ 3 & * 


















Mi if 




^ 

jltpe 


Head Office: Kokusai Bldg., 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo, Japan Tel: (03} 212-8211 

Omtu Off***: London Tel. 01-40? >75l~4 New York Trf 212-4uo-3SXM Dallas Tel. 214 741-(946 Houtran T e i. 713- 223-3030 New Orleans 7el. 504-561-1017 
Chicago Tel. 312 293-1350-2 Los Angeles Tel. 213-G20-2551 San Francisco Tel. J15 781-6226 Seattle Tel. 206-683-2671 Portland Ore. Tel. 503-227-1621 
Atlanta Tel. 404-633-6958 Montreal Td. 514-842-2261 Toronto Tel. 416-363-4626 Hah tax Trt. 902-425 3711 Vancouver 8.C. Teh604-683-7685 Sydney Tel. 271671 
Wellington Tel. Wellington 51-239 Hong Kong Tel. 5-22-3091/6 Caracas Tel. 520733 Mexico City Td. 546-55-96 Kuwait Td. 441431 Teheran Tel. J14156-9 


IBJ 


The Bank for All Reasons 


Corporate Financing. IBJ is Japan’s oldest 
and largest long-term credit bank. With extensive 
experience in meeting corporate financial 
requirements through arranging bond issues and 
o lie ring precisely tailored loan packages. 


Main Bank to Japan’s Key Industries. 

IBJ is main bank to more of Japan’s industrial 
leaders than any other bank in the country. And 
because we arc independent of any industrial 
group we can offer you complete flexibility In 
your dealings with these industries. 


US$35 Billion in Assets. As our size indicates 
you can expect uncommon organizational efficiency 
and security in your dealings with IBJ. 


In-Depth Expertise. Our years of experience 
as Japan’s leading corporate finance bank provides 
us with the analytical skills and foresight you 
require to deal efficiently on world markets. 


Project Financing. IBJ has been financing 
industrial projects since 1902. We are Japan’s 
most experienced bank in overseas project 
financing. 


Your Resourceful Bank 


THE INDUSTRIAL BANK OF JAPAN 


Head Office: 3-3. Marunouchi 1-choma uhivorfa-tu To.yo Phone 214-11II Telex J2232S 

London Branch: 14 Walbiook. London. EC4N 8BR Pnone(Oil 236-2 j 51 Tele. S8oo93 . r 

tlc-.v TorV. Los Angefea. FranMurt Sydns/. Srnaaoora. S&a Paulo. 9sirur. Hang fionj. Tarodfo. Paris. Luxembourg. Curacao 


EUROMARKETS XU 


The Nordic Zone 


Welcome 
applicants 
on a 
growing 
scale 


TAKEN AS a bloc, the Nordic 
countries have become the prin¬ 
cipal customers of" the Euro¬ 
markets over the past few years. 
The first major leap in borrow¬ 
ing came when Norway needed 
to Finance North Sea oil de¬ 
velopment. Then in 1975 the 
Swedish authorities, prompted 
by the oil crisis and the sub¬ 
sequent recession, switched 
their exchange policy to en¬ 
courage foreign borrowing. Den¬ 
mark and Finland have been 
traditional borrowers abroad 
and are already well into amort¬ 
isation and rolling over of 
debts. 

AH four countries have been 
carrying a disproportionate 
share of the OECD countries’ 
combined payments deficit Thus 
during the 1974-77 period the 
Scandinavians were responsible 
for close to 40 per cent of the 
combined deficit of $72bn. re¬ 
corded by the European Woo 
of the OECD. Current indica¬ 
tions are that the deficits will 
be only marginally reduced this 
year and that the Nordic coun¬ 
tries will again be borrowing 
heavily on the Euromarkets. 
They will probably be looking 
for around SlObn. in new loans. 

A noticeable feature last year 
was the increase in foreign 
loans taken up by public auth¬ 
orities. induced mainly by 
expanding budget deficits and 
the decline in the borrowing 
interest of The private sectors. 
The Swedish State came on to 
the market for the first time 
and on a major scale. Denmark 
borrowed heavily to build up its 
reserves. The Bank of Norway 
increased its borrowing, to 
cover both state oil investments 
and the budget shortfall, while 
the Finnish Government took 
up a small loan and announced 
its intention of borrowing more 
this year. 

Leaving aside the effect of 
the increased oil prices, which 
was especially severe on Sweden 
and Denmark, the underlying 
reason for the Nordic countries* 
persistent payments problems 
has been the decline in the 
competitive power of their 


traditional currency - earning 
industries. On foreign markets, 
which have been either shrink¬ 
ing or growing less swiftly, 
Nordic pulp and paper, engin¬ 
eering products and shipping 
sendees - have lost shares 
because domestic costs have 
kept their prices too high. 

With the exception. of 
Norway, toe Nordic countries 
took corrective domestic policy, 
measures last year. Sweden 
led the way by devaluing twice 
and by leaving the European 
currency snake.” Norway and 
Denmark followed the devalua¬ 
tion of the krona half-way blit 
remained in the "snake* 
Finland, which is not a “snake” 
member but has close trade links : 
with the Scandinavians, also 
adjusted the Finnmark. 


Estimate 


Sweden's foreign borrowing 
last year totalled some SKr21bn. 
(£2.3bn.), roughly equal to the 
estimated payments deficit with 
the State taking up loans equiva¬ 
lent to SKr9.8btL, when con¬ 
verted at the exchange rates 
prevailing at the end of the 
year. The country's net foreign 
debt is less than SKr21bn. since 
it started the year at about zero. 
There has been controversy 
about the exact figure with some 
officials arguing that official 
statistics ignore patent and 
royalty income and exaggerate 
the deficit ‘Within the Riksbank 
(Central Bank) the current 
estimate is that the net debt 
was around SKrl2bn. at the end 
of 1977. 

The payments position is not 
expected to improve this year 
and the gross foreign borrowing 
requirement wil] be roughly the 
same as for 1977, around 
SwJKr.20bn. Foreign bankers 
who expect the Swedish State to 
kick off the 1978 programme 
with a repetition of last year’s 
?lbn. syndicated loan, may be 
disappointed, however. The 
Swedes’ strategy is not yet 
clarified, partly because of un¬ 
certainty over the extent 
of company borrowings, 
and partly because Par¬ 
liament still has to approve state 
guarantees for foreign leans, in¬ 
cluding those for the shipyards 
and the new steel company. One 
shipyard alone, Kockums. which 
is building two LNG tankers 
under' State guarantee, could 
well be looking for Foreign loans 
equivalent to 5w.Kr.lbn.- this 
year. 

After the 81 bn. syndicated 
loan, with which the National 
Debt Office marked its arrival 
on the international money 


market lest year, its strategy 
has been to go for-low. interest, 
fixed rate loans and to vary its 
markets to avoid saturation. For 
example, a yen loan- is likely 
later this year.' To illustrate the 
! anticipated scale of Swedish 
-foreign borrowing over the next 
lew years, the Capital Market 
Commission has just estimated 
that the country's net foreign 
. debt will be in the Sw.Kr.120* 
15Gbn. range by 1985. 

■ Norway’s payments deficit 
last year broke through. aU pre¬ 
dictions - 'and ended at an 
estimated NKr.27.5biL (£2.8bn.), 
leaving'the country with a . net- 
foreign debt of . aroubd 
NKnafti Of this some NKr. 
35biL is: .attributable to North. 
Sea., oil • development - and 
NKri2ffbn. to the shipping fleet, 
but a feature of the last two 
years - has been the accelera¬ 
tion: in borrowing by other 
sectors as well. 

The.. oil operations are 
scheduled to show a modest 
surplus for the first time this 
year and the preliminary state 
budget assumed a decline in the 
payments deficit to NKr. 16bn., 
which would have to be 
covered, by foreign loans. More 
recent trade predictions suggest 
that this coidd- be an under¬ 
estimate and Norwegian State 
borrowing could show- a big 
advance in 197S. 

The budget assumed that two 
State banks, Kommunalbanken 
(which serves local authorities) 
and Industribanken, would take 
up foreign loans valued at NKr. 
3.7bn. Of this sum NKr.l.Sbu. 
had already been negotiated 
last year. The State oil com¬ 
pany, Statoil, whose' foreign 
capital needs have so far been 
met by State borrowing; has 
been authorised to go on to the 
international market on its own 
account for the first time to the 
tune of NKr.2ba. To cap Nor¬ 
wegian public borrowing. Par¬ 
liament in December authorised 
the Government to take lip fur¬ 
ther foreign loans equivalent to 
NKr.7bn- 

The Sank of Norway has so 
far preferred to take loans at 
fixed rates and bn. five-year 
terms in three main currencies, 
dollars, Deutschemarks and 
Swiss francs. The decision to 
borrow over five years arose 
from the assumption that the 
income from North Sea, Oil 
would bring Norway into pay¬ 
ments surplus at the end of the 
1970s. This no longer being the- 
ca^e, the Bank of Norway, will, 
have td renew some of those ’ 
loans, starting this year. 

Denmark had a current ac¬ 
count deficit of DKr.9.5bn. 


<£855m.) last year and .* net 
capital import of DKr.l5.3ba_ 
The main hulk of-the difference 
went to strengthen the reserves, 
which readied a record level of 
•over DXr.lSbo. in November ' 
-before ending the year atDKr.. 
12J3bn. The net foreign, debt 
was around. DKrJj5bn. or about 
17 per cent, of GNP'.at the end. 
of the year. The strong growth 
of- Government and. public; 
foreign borrowing has charac¬ 
terised the. .Danish, currency 
situation over the last-two years 
but official policy- is - to return 
the market to the private sector 
as much as possible in 1978. 

The payments / deficit is ‘ 
scheduled to improve-to DKr. - 
7-7.5bn. tbit year, which will be 
"roughly the'foreign borrowing 
requirement, assuming there-is 
no change in- the country’s m- 
temational liquidity.- The -Gov-, 
eminent - will try - to bold the - 
currency reserves at their pre¬ 
sent level and . manipulate 
monetary policy, to induce com¬ 
panies to seek finance abroad.' 
This. programme has two pos¬ 
sible complications: a renewal 
of pressure on the" krone within 
the European currency “shake", 
and .the ,tendency; which 
.developed "in- 1977. fot-‘com¬ 
panies to borrow abroad not to 
meet their trading- requirements 
but in order to place:.the " pro¬ 
ceeds in high-interest Danish 
bonds. . 


Finland had ai'Abtal -gross 
capital import iastyeflr of 
FM6.5bn. , (£8S0m_j ^ of which , 
FMl 2 hn. represented, drawings 
by the Bank of'Finland -its 

standby credits. Of the remain-.. 
ing FM5.3bn_, amortisations ac¬ 
counted for FM2.7bn., leaving 
a net.o! FM2.6bn. The country's 
foreign debt at .the end of the 
year, after making adjustments . 
for • the depreciation - of the * 
Fi nnm ark, was equivalent, to/ 
FM28.6bn. or almost one quarter 
of GNP. . - - V “ 

The 1977 current account 
deficit -was limited to KrJOOau 
less than half the forecast, at 
the beginning of the year,.and 
it is hoped to get the account 1 
into balance this year. _ The 
government went into the in¬ 
ternational money market last 
year to the tune of FM900m-. in 
order to finance industrial 
stimulation measures. It will 
borrow more this year. ‘ . The 
Bank of Finland estimates that 
other foreign borrowing will 
be of roughly the same-size .as 
last year’s, that is, some FM 
4.4bn.. of whidi FM2.-tim.LWa4 
government-guaranteed. 


William Duilforce 


Comecon 


Accepted 
as a good 
risk in 
banking 
parlours 


ALTHOUGH COMECON . re¬ 
mains a major borrower on the 
international capital markets, 
developments in recent months 
have shown it to be a less con¬ 
troversial one than i-t used to be. 
Compared with a couple of 
years ago when doubts were 
raised in every quarter about 
the wisdom of lending to the 
East Europeans, the tone of 
comment in financial circles has 
undergone a marked change. 
Indeed, it has almost become 
fashionable to come up with 
good reasons why the West 
should lend to Comecon. 

One explanation is that time 
has disentangled the various 
economic and political con¬ 
siderations behind lending to 
East Europe. And the latter 
(usually negative and exploited 
as ammunition in the ideo¬ 
logical war) have yielded to the 
former, which are generally 
positive. The prevailing view in 
banking circles now appears to 
be that white certain ‘'technical” 
problems exist, Comecon is a 
good risk both because of its 
record and the stable, tightly 
run nature of its economic 
system. ’ 


Frank 


The more frank among the 
banking community will also 
admit that Comecon is currently 
very good for business, and that 
those “ technical ” problems, 
like lending limits, can always 
be resolved. But there have been 
other, more deep-rooted, 
changes to the picture. 

The most important is that 
Comecon’s financial situation 
has ceased to deteriorate, and 
may actually be improving. This 
is hard to judge accurately 
because of the lack of reliable 
information. But an improving 
trend is certainly visible in the 
OECD trade statistics. 

These show that Comecon’s 
external payments crisis reaefaed 
a peak in 1975, the year when 
its visible bard currency deficit 


hit $8bn., having been in 
surplus only four years earlier. 
That was also the year of the 
new Five Year PlaDS, all of 
which contained tough policy 
statements about the need to 
achieve a better external pay¬ 
ments balance, if possible by 
raising exports, if not by cutting 
imports. 

There was an immediate, if 
modest, improvement in 1976 
when the deficit narrowed to 
some S6.5bn. But this was no 
reason for self-congratulation in 
East Europe where government 
and party leaders continued to 
impress upon their people the 
need to raise exports: part of 
the blame though was laid on 
the West where the growing tide 
of protectionism was threaten¬ 
ing staple East European ex¬ 
ports such as food, metal 
products and textiles. 

The improvement continued 
into 1977 where the deficit for 
the first half year, the latest 
figu res a va i lable from OECD, 
was running at aD annual rate 
of some S5.5bn„ with the second 
quarter producing the best 
monthly average for several 
years. 

And tiie Comecon countries 
dearly want to maintain this 
trend, if possible. The plans for 
1978 show much higher growth 
targets for exports than imports 
(for example Poland expects to 
increase exports by 10.3 per 
cent, and imports by 3.9 per 
cent.), and several measures are 
being taken to make producers 
more foreign trade - conscious, 
including the restructuring of 
wholesale prices to reflect world 
trends, material incentives for 
exporters, and toe establishment 
of industries specifically for 
export. 

While these improvements are 
an indication of how centrally- 
managed economies can set out 
to achieve specific' goals, per¬ 
formance has varied’ from 
country to country. The.Soviet 
Union managed, according to its 
own statistics; to move back into 
surplus with .the West in 
mid-1977. But other countries 
like Hungary and Bulgaria have 
got deeper Into debt because of 
stagnation in either the value 
or volume of their exports. 

Poland, whose position has 
seemed the most precarious; 
narrowed its trade gap consider¬ 
ably in the first half of 1977. But 
that was before flooding ruined 
part of the harvest and forced 
the government to import 
several million tons of grain. 
There were gradual Improve¬ 


ments in the - remaining.. Comecon. is also -having' to ; 
countries. - cope with intensified pressure t _.. 

These developments are ' 

reflected in a levelling out of information, Poland ^sbegon ^ . 

the rate of Comecon borrowing ? Its recent $250m. loan; - - 
in the Euromarkets. According for ™PP* r development carried 
to the OECD’s Financial Market what by Comecon standards was • 
Trends, identified medium-term 311 exceptional amount of doca-:,_ 
Euro-credits rose from 42.48bn. mentation. 
in 1976 to a provisionally On the other hand, that loan 
estimated §3.1 bn. last year;. a also showed haw western. lend* • r • 1 : 
record level. But this rise was ing limits may be rircumvented. v- ; 
almost wholly accounted for by: Instead, of being made' outrto'^1. . 
the Comecon International the Bank Handlowy, which nor- V 
Investment Bank CUB), which maUy raises Palish toans* tbe.>.-t 
has been borrowing heavily to loan-went to the Lubin. Copper'; . 
finance large .* multi-national Combine, and the U.S. Control-; v \-’ 
projects like the Orenburg 'pipe- ler of fhe Currency agreed that Va¬ 
line. ■ • this was -an independent Bor-•' 

rower for .lending 'limit .. 

Excluded ‘ poses. If more such entities-'.;^ 

are recognised ras 'borrowm-fi in / 

If the rise in HB borrowing is their own. right the .scope fbr; ij - 
excluded, loans totalled about Poh^ r and indeed Comecon; ' 
$2.5bn., roughly the same as in borrowing would be. greatly . . 
1976. Within this figure, nniy -padded. - . -C...... . . - , " r'.'\ _ 

two countries. East Germany Another reason for uncer?^ 
and Romania, borrowed -more tainty over Comecon.is,that the-?.' 
than the previous year. All coming year will bring: -a ^i - 
other countries borrowed less, marked change "in., the nature ^ 

Last year’s •• borrowings of its financial problems.- 
brought Comecon’s total Euro- addition to 1 grappling with. 
currency loans since ■ 1972, toe trede deficit Gomecdn will -in-- ‘/j 
year it began its steady descent. ereastogly. have .to wmfrontjhe , :. " 
into toe red, to som©$10biL Tlte"protfenrof debt repayment, as'* - ;- 
accumulated visible trade deficit . m a tu r ities on loans. bor-^ Uv. 
over toe same period amounted rawed.earlier in the decade^£aU%;Yv ^' s *» 
to some $23bn„ which shows that ^ ue - Figures produced by"the ; 
Comecon used the .Euromarkets' - indicate that repayments . 

to finance less than half its total; wffl rise sharply in Ifl7S-79;; f$tr : V “•> 
deficit. - almo^ eve^ ComeconTp^^ 

But - although Comecon ' 
demonstrated its, ability W 

exercise $ measurable degree of ™ ore . 

control over its foreign trade, its m *«**&*£'- v- 

position In. the Euromarkets is' K' 

unquestionably weaker, than it : -'" 

has been. A66ve .all, ■ JS’s? 

differentials in toe rates being ^ bortowant y, . 

paid by different countries' are ^ 

much wider than they , used to was te become openttiWm- . 

be. Both toe Russia? fS ^ 

Trade Bank and Czechoslovakia 

have broken torough toe 1 per W'- 1 

cent barrier, ; and Romania Is 
expected:fo do so.; 
loan raised 


wfeere'plant isready.it isiravinf 


not . as yigffitpi 

SeveralfaCtot 

agriculturalri 

productivity; 


element of 1 : deliberate .restrain; • tlio V 1 

as governments tiy. .to ; rein.^^'- ‘ -i • 

Import 'detoani" .. ^ 












EUROMARKETS 


" r ;i' ■ ^ 


xm 



Spain 




(■:\ys __ 

las*’:: • A*jiiveSW 
PfW’V-. 


J. 1 '^ lt( Lenders 

^ tr^aith m 

b&S 

°-g-§s 


The 

lent 

aw» 


prospects 


guppo^t _ Spai n . i n its transition these have -got unduly involved most sophisticated of institutions 
• • *£> ■* democr/me society, the in speculative investment! Thus when it comes to assessing credit 
v., - authonOesin Madrid have taken they are in a poor position to risks—are becoming wary of 

' ^- i ]-; Measures AyniCT pankers feel cope with the current credit lending to industry. 

•Vi*-- in HHierae. ■ The cumnt Government 

. - » ^< n0t But feou «h‘ oolkpse of wants very much- to avoid 

*“** CMlW produce TmSa ^ lame *«** wmethin s 

:: L: V.;.;-Sfitaoam te\be 7had but goes 
;i‘ unacknowledged'by. the author!-. 

• ■■I tte&-.- SudSf-ifi ^feariy not the 


8¥* 


a domino movement affecting that was extensively practised 
some rather larger ones, there under Franco. But particularly 
is no lately prospect of the in the shipbuilding sector — 
seven banking giants that domi- where the State holding com- 
v a-v:.^ c . . nate Spann’s financdal system — pany Instituto National de 

, - : -:---, ItSpain» and a good deal of Ufi industry Industria controls 92 per cent 

iTi«y PAIhTBORKOWBJJles&oa tb*-f — being affected. Not only do of capacity—and in steel, where 
tWll* yuromarket lastr^year. "berth In • ^P^ndug^t. ^/m aught th a t a tradition of il controls one of the twu main 

Pth ^ absolute and r being conservatively financed; Producers, Ensidesa, it will 

»ii» • they have profits which in the have w P 1 *? * part 

1 ;:S8&£«&£&£?.£« ETiSr-JS 

"teifeXj?^ a^lo^te«2bi;3&rv.es at the t<J #>** squeezing. In 

veils IS^^SR5SSS£?S‘'« ,,fl ° f >«l ywir*rera a healthy *y «■* «® Govenunena could TJ n f or f unate 

S^r^ bn - a, ‘ h ' In neither case, however, does 

sSSStt t0 « - — 0£ 

1 






jp-fciL; 



sfiBSl 

SSxfeiteS;- 


!v,*S 


,-wto 


COM TO THE SI , 

Coinelotbe l#ng-fet*n CredtBadc ' 







fcSSMRSS 


' ” WV.V')'. 




‘- v v' 




quid Jlv 


capital goods sectors — that not such restructuring and con-j 
foredga lenders traction as needs to be done in 
to..-weak and need to look very carefully in- these sectors is earned out in an. 

deed. The first'two in parti- orderly way may be very im- 
iaflation ,aJso,. foIlowiiig an ex- cular are in deep trouble P orta nt in determining how far 
tended period where Govern- throughout the world. In 


rr*?; 


i tr\- • 'Maturities » and ! longer grace trolled, .. sudr- • as Aave been 
srv« '° Periods which ^characterised the bbridWlbg' e^edritely on the Prospective 
aS barker. The $300m. loan last Eu^anarkote,;-: is-.^weak and need to loc 
iqr , 0 . ^utunrn broke the 1- per cent ?*“**« tn-get weaker. Spanish 
;k g i . %read barrier. • . - inflation aisn- fonowmc an mc. 

imp ’k 1 ' 1 ** There- are so signs of any- . . - .. „ 

at L ^ of heart in the martet : vas_ virdjaUy Spain, their problems are ex- 

Q ,{^ : although some - banks are absent, dhsbed to over 2/ per acerbated by two legacies of 
ir ‘ e wueiieved to - be closer to their last-year., -; *'• the Franco era—heavy depend- 

J"«?iling on lending-to-Spain. ^ W-- ' •. , ence on Ioan fi^ce. due to 

!». Lany of the :loans-for.Spanish Gmdeune. . Jj“S years of aruficially cheap 

fstoiTowers to reeent m<inth« ■ *. -•- -V . .-•-•• _ . State - directed creddt, and the 

*“ 01 sie “ ns 

m have *- 

ational 
id a Rummer 

been a number of technical 

resented 5? V/JSOUb. at tne end of 197& - the current inflatiinrievel to see defaults on loans to Spanish 
of FinjJf this, $S^21bn:. matured last how drastic a credit squeeze it borrowers—to which lenders 
is. Of ^ear, 96481m is dae to, mature implies. This ' could^ “ the o ftet t turn a blind eye because 
amordia/ 1 *ml-v$2.83 !, 6bn. there- course of ttie yeannake foreign of the problems caused by 

FM2.7H1L. i fter - - ••."• • leaders ^ indxe caoSo'vs , about default clauses. 

!bn. 'A different set.'of: BIS figures lending,to Spain. - V / Quite how much worse the 

?.i .*teased last autumn showed One development could situation gets will of course 
3 kin£ e-w" 13 * t b® amount owed to- inters make the. . nixeke^- nervous, depend to a great extent on how 
* ■■ National /banks by‘. Spain last, though . it probably'in fact rapidly credit expands and 

une, net .- of. ,tbe country’s should not; is ii some banks wages rise. There is good news 


■ ^v* 




the market retains its confidence | 
in Spain. 

Particularly if this sharper 
than anticipated credit squeeze 
continues, then, the progressive 
deterioration of the payments 
position of Spanish industry 
may cause the market to look 
more sceptically at Spain. The 
irony, however, is such a sharp 
contraction may — provided 


'iu,. s.-Z&3SJ~' 


.. 

•i y' t \ '* 

..v vi.%, 



*s*isr 


a i- 


.. . 


i-<&'***• 




.r- 




:/f* 






.■>1* V-i 


<n>;- 


Ls;/a- 


(BIS) figures on. rater- 22 per cent tergietr for -wage numerous reports of companies wages remain firmly under con- 

lenntag released last settlements.. One has only to defaulting on social security pay- trol—be the best thing for the 

„ , falcate' that the^ observe how ^r' teejeredit ex- ™ents, payments to suppliers, Spanish economy in the long 

last paternal claims of the worid’s pajnsioh. " guideline-'^s beneath and even wages. There have also term. 

i30m.i, ^ajor banks dn-Spain.amounted; both^"flie wage rise ^target and been a T " ,T " hpr of tpphnirai ~ 

Ji $7J323bn. at the end of 1976. • the current inflatioh level to 


'MzL 

s# 










reciatinn 

^ e( 5deposits with- banks, amounted fold,. -parboilariy> is '. Spanish on wages: indications so far sug- 


The longer the credit squeeze 
has to be maintained, the more 
likely is it that political out¬ 
cry about its effects wili make 
it untenable. The longer that 
stabilisation has to continue, 
the more difficult it becomes to 
maintain the current consen¬ 
sus between Government and 
opposition over economic policy. 

A shorter and sharper shock, 
damaging as it is to the economy 
in the short term, may be 
better guarantee of its long-term 
prospects of recovery and 
growth. It is belief in these, 
which is the basic justification 


" s uUe > S3.7bn.; . in June. 1976, this banks are estimated te own over gest that their rate of increase 
sure stood at 9103m. / .40 per cent -.of .th^ country’s is falling off, and may even be 

™ ! The . enthusiasm ter .lending industry. Already last month the under 22 per cent at the end 
r -k : ' J Spain may seem paradoxical .Bank of Spain had.tp take over of the year. 

' f ^°far asthairauntxy is in the the administration of a small However, the rate of credit wnipn rn „ _.... 
vi Jbevtnroes of a deep recessioh which. Spanish^ bank^: thei-Banco de expansion in - the past four * f “JJ „ f S mS m 
1 C ei promises to-worsen. Bat quite Navarra. The problem is that months has actually been under ™ “ ,“5^ , LL 

Ka: part from the fact that it wpi^d^.-inany: smaller Spanish banks the Government target This 1 ® 1 111 xeaaiDS L0 °P a,n - 

wore unthjokidile timt-theLWeSter^ interest rates in development is hard to Francis GhiJeS and 

'■'-y main general-.and the-JOBC : ixr Jpar- • order .to compete-wilh the interpret but it may indicate n ._ n , , , , 

’■? 0:' Fllfccular should 'ever > cease^tio larger- banks, and to finance that Spanish-banks—hardly the lJavld Habakkuk I 

nano:- s '... V v-: . 

vaiures. ■ 
ibis y« 
i'lli (-SIsniK 
iiOriWki 
lb"? -2PW a 






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, r -—— -— T — .. . .. .. , — xH .these are' tateir iii,'then 94bn. in 1977—and a cost of 

t‘ enfxt r JTarkey^ .total..debt ahd. interest living rising by over 40 per are being, largely side-tracked 

: 5 Jr-W-L ...Iyreaches SIAKto.';-.. T ." C: . .cent on the other, Turkey’s into the parallel market iinanc- 

As^ for evaluating" a debt tot ^ debt ’ though relatively low ing system, which has meant 
service ratio one official says by international standards, was Turkish importers have con- 
that at present this’would be a o£ N* worst structure possible, tinned importing even when 
“meaningless 'exercise’’—* with a hu 8® wall of short-term they can no longer make the 
comment which reflects not only debt Nocking t0 ^ transfers from Turkey on which 

the inadequacy of the inforina-^ retetively smoother repayment their suppliers have been insist- 
eon available tat also the struc- schedules ahead. However the new Govern- 

tore of • the: debt. Past due The banks lending to Turkey m ®ft hopes that the workers 

obligations Of Various sorts were relieved last year when respond to the various 

total 91.9bn„ while, there is a Ihe Internationa] Monetary 
further $1 bn. in the payments Fund insisted on a monetary 

queue - * representing funds clamp-down on the reduction of 


■mN>f trouble 
n getting 
he sums 
ight 

T IS a sad reflection of the 


Head Otfice: Oiemachi, Tokyo. Japan Tel: 211-5111 Ti?lev: J24308 New York Branch: 140 Broadway. New York. N.Y. 10005. U.S.A. 

Tel: 797-1170 Telex: 425722 London Branch: G Lombard Street. London EC3V 9AH, U.K. Tel; 623-9511 Telex; 8S5305 
Los Angeles Agency: 707 Wilshire Boulevard, Los Angeles, California 90017. U.S..A. Tel: 488-1766 Telex; 67355S 

Amsterdam, Sydney, Sao Paulo, Singapore, Frankfurt, Paris, Hong Kong, Brussels 

pTWTv^ vin.i T- !.^ 

V 

M 


with, the ?J..bad*et WMM. in- 


measures they propose, aud in 
particular to the changed 
political climate in Turkey. 


The State Planning Organisa- 

. ,J Turkish economy xbrt ^and al^ittog creasesTn'the prices'of ^State- Jon expects the current account 

a:.-o ^yen at tKe end of .Januaiy, one zJJS. iSSi'. “* produced goods and on devalua- d efiat to be halved to $L.4bn„ 

after-taking^offi^ 1977 deb t still Som IS ^mSefcoSitlon took *ou& TUS1AI > the Turkish 

'lembera . of the £new. .Turkish _T_“T 7 : jSSSL 5 *?! the more politically costly of industrialists and businessmen’s 

association, forecasts that it 
still be $1.9bn. 




■ohnJ ^jovernmeni Were^. : ttytog to ^ ^ ^ to *TiuSSli5 

i« ! s **nd out just hmy.mudi Turkey L*?, jJS? faUed either to round the co “ ld 


:Io:\iiea 1 Hved its creditors. 

jn :isae» 

j;no 


a further $lJ26bn. of liabilities 
arfl falling due. Apart from 


re y- ,0U " f^S?L 1 ! tr0 '^ c ®' scheme,' though in ^ le p!ans for 1978 
uctJ0 " T^S^Udget^Lve practice this amount will be N 


Iw®*- roUed over. 

v,#<ra have. r officials_ -thfe-. 
j,. Lsrit®Central Bank and ^MinisCry ot ■ 

»-. u!3^' , inance mahag^sdi;to :puf =to* ..... . 

needier some improved .but still -Only .for the following years bud £ el are concerned. 


package off with a full devalua- Between 1973 and 1976 GNPj 
tion or to convince the IMF that at nn average of 6.9 per 
were reason- cent - P e ? y Mr m real terms. In 
1977 growth seems to have been 
Now the new Ecevit Govern- cu * bac ^ ® per cent and this 
ment- has largely accepted the y ear » with factories working as 
IMF’s demands so far as the low as 50 P er cenL of capacity, 
import regime and limiting the srowth is likely.to be relatively 



but bas low asain. This i 5 a particularly 


❖ 


ui' 

tin: 

e ru:= 
init 


grave prooiem in a country 
where even the high expansion 
of recent years has not pre¬ 
vented the emergence of unem¬ 
ployment as a serious structural 
problem. 

As the economy moves out of I 
a trough of mismanagement 


itProYisiohal figures. Aodpsdjhg ur there -anything like a regular . s ° f. ar avoided devaluation 01 
Yucis'b these. Turkey.jiatFa deh^of -pattern’’ of.; repayments and .**** introduction of the creeping 
n.v fi.f9.4bn. at tbe : emf of-1977;'of toter^, though experts now ^ urged by some 

jijPvhich no .less ’than ■tob^fthx workxng‘on the figures warn ac 5r em if s - .. . . . 

■.; o ^eprewnts : arre^br-liabilittes that'present data is misleading The Governments hope is to 
• „Repayable this.year.^ *,and stress that- in any cate ® Iasb fl 

n ‘ : These figures e r ^c5te,int«esL Turkey has a tradition of b y„f uttl ? , ~ rL baek frnm 
-,-p n a way strongly justified by refinancing its debts. 

:ishofficials — though". The - problem 

teed itfuesrion^ .^»o^?4^ej;;,^lso.':foreign to at least 82.4bn^ and increas- pared to make fresh advances to 

1 pc exclude the 9510m. due-in .kind dea.ing with Turkey ha& ong workers’ remittances from Turkey even in the ahsenee nr a 
1 ind " vaT5W1 ,f ^a^ i ^gree- beeutwofold. On the! one hand ?13ba ^ sjzeabIe 

.• tff nenls as -well.---ax-tbe^'-dose-^un-there, was a rudderless^ J 

n l .->:2bn. due qnder the ronywtible econdtoy. running an increas- * * 

1 J 'jvira. deposit... (CLDY schdme: ylf ingiy . massive. trade deficit— 


cA <rUyVI cJvJi 



imports back from 
95.8bn. to $4.S5bn„ by increas- 

fflPine the exports, in particular of foreign banks are beginning to 
institutions £»in and cotton, from S1.75bn hint that they might be pre- 


Turkey even in the absence oF a 
agreement between | 
Turkey and the IMF. 


Brussels: Avenue des Arts, 19H, Bte. 2. B-1040 Bruxelles. Tel: 2194230 Telex: 26413/23884/25762 
Frankfurt: Miinchener Strasse 1. P.O. Box 16280. D-6000 Frankfurt/M. Tel: 232707 Telex: 416874 
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Representative Offices: 

Cairo: 26th July Street No. 15, Cairo, Egypt Tel: 48698/52431 /52579'Telex: 92619 
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Tel: (03) 214-6058 Telex: 2226287 


CONTINUED ON NEXT PAGE 


:c - - ■ ■- ■-! 

airi**’. ‘ 

pp’^t- V 

5:1 ate rnationaJ Moue- 


TURKEY’S DEBT STRUCTURE 
(Sm. end 1977) 


’.Total, •’ Arrears . 1978 


;.4 

it 

li? L ' 


■flOP 

vflj'J 4 
its*; 


tary Fund: r 
'^‘•‘pi.Othcr IhtL Organis*-:- 

tions’_ - .,:..v-:.vV ; ; * 

of which?—: ■■■>■-.: 

IBRD (a) 442^; : 
1FC l!22^-” 

IDA 1783 V 

EUS.-(b) 315.6 
. V ERF -: - 86.6 ; 

'• s2 -' ‘^orcigu Govt Ixians 
of which:— v v 
■« l!!p il.S: =: LHSJ -■ 
wl Gdrihny 534' ; 
Britain - -7L1.. 


'.' ."■:55ft' 


L205A 


t;e 

rr 


2,500 


f2> -i 

!,trfl?rivate ■' Foreign 
•sni^: Credits (c) i..*.: 
^tSuromarket Lns <d) 


-620 

530 


:t> 1 




Commercial Credlto ;-' 


!l ,- : (e) .. 

.Commercial credits 
under budget law. 


52 


12ft= 


Maturity 






Maturity 

Medium 

Long 


Total 

Arrears 

1978 

Medium 



Central bank man- 





' 550 


aged credits 







L Bankers’ accept- 






L250-3 

anees . 

700 


700 


/ • • 

. . 

2. Bankers’ credits 







and placements 

400 


400 




3. Overdrafts . 

110 

110 





4. ILLS. 

90 


9ft 




5. Pre-export finan- 







ring («) . 

70 


70 


2,500 


.6. Cash against 







- goods (h) . 

1,500 

1,500 





7. Letter of eredit 







applications ... 

1,000 

L000 



, • 


Total .. 

9,400.5 

2,610 

1,260 

4,325.2 



Interest . 

2,500 


225 

L250 

620 


Drcsdner scheme 





530 


. <k> . 

130 



130 



Clearing agreements 





5.2 


U) . 

510 

1 

510 




Convertible T. lira 







. deposits (d) . 

1,962 

300 

1.050 

612 

120 


Grand, total . 

14,502 

2,910 

2,535 

6,8272 


Long 






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ductions in the Arab world ; arranging 
investments there ^guaranteeing and providing 
funds for world-wide financing ; encouraging 
and promoting trade between Arab countries. 
Western Europe and Japan; serving you 
with highly specialized trading in Arab 
and other negotiable currencies ; and 
putting you in touch with some of the 
leading banks of Europe, the Arab countries and the Far East. 

We offer you the best of two worlds. Remember our name: European-Arab Bank. In 
Brussels, Frankfurt, London and Bahrain. Representative offices: Cairo and Tokyo. 


Shareholders: 


2,230.3 


Sote: Sources for all Items'. t& first column and for 1978 interest (c) Minimum. 


11- ^__ ...... __ . 

pv’.rtiabiHdes are central bank Ministry of Finance preliminary (d) Of which Sl75m. Tor Botes pipeline. 5150m. for State Invest- 
il v - 11 'U’evised' figures.- The aJlocaUon of : defat-between the different - • m ent Bank and 5150m. for Petrol of IsL ■ 
r’S^malmlttes is IndlcatlyeroMy. Figures «Mlude debts in Tur^h (e) xjnder 1959 Paris agreement. 

amounting *" lira. 36147 (excluding interest) or toe ^ Mainly to State economic enterprises. 

<. '^equivalent of. 188m. at30.9.77. jpffiMatssay , g -(g) Bfaddiy by Deutscher bank for wheat . 

introduction. . ..MttvMHM.UW, 

...j \,(a) Exclnding SSIOAn- credi ^unused fofiowing delays m initial t0 Tnrfcs.. . 


Turkish businessmen 
is in part in practice 


Arab International Bank, Cairo 
FRAB Holding Luxembourg 
Abu Dhabi 

Abu Dhabi Fund for Arab 
Economic Development 
Algeria 

Banque Nationals d'Algerie 
Egypt 

National Bank of Egypt 
Kuwait 

National Bank of Kuwait 
Lebanon 

Banque Libanaise pour la 
Commerce 
Banque Misr-Liban 
Credit Libanais 
Soei6t£ Generals Libano- 
Eunopfienne de Banque 


Libya 

National Commercial Bank 
Morocco 

Banque Marocaine du 
Commerce Extdrieur 
Oman 

Sultanate of Oman 
Saudi Arabia 

The National Commercial Bank 
Sudan 

Bank of Sudan 
Syria 

Banque Centrale de Syrie 
Austria 

Creditanstalt-Bankverein 

Belgium 

Societi Generals de Banque 
S.A. 


France 

Sociere Generate SA. 
Germany 

Deutsche Bank AG 
Great Britain 

Midland & International Banks 
Limited 

Midland Bank Limited 
Italy 

Banca Commercials Italians 
Japan 

Fuji Bank Limited 
Industrial Bank of japan 
Netherlands 

Amsterdam-Rorterdam Bank 
NV. 

Switzerland 
Credit Suisse 


m 


\? 

■ ^ 

•jfi 

A 

■■•v 


vU 






J 

1 

t *7* 

' •> 

l 

(s-: 


sgs 

■' f-i 


^b) &dS'5S£0Bi mUt vte requisite ratification by (j) Payable Di kind, with 5200m. due to Russia. 


payments. 


(i) Emigrant*’ workers fnuds made available to central bank. 


Turkish: 


(k) See test. 


Capital: F. Lux. 2 billion (approximately US$50 million). 






























24 


Financial Times. 6 .197$ 





v'*;V-- «(■ ' :-...., •* ^ ■ "’ 

S&V e&A* : -v 


JSaira 1 




1 King William Street, London EC4N 7AU. 
Telephone: 01 >623 2070 Telex: 886553/4 
Dealers: 01-6237281 


Members of the London Discount Market Association 


EUROMARKETS XIV 


North Africa 


Pattern 

shifts 

in Maghreb 
borrowing 


THE THREE Maghreb countries 
continued as active medium- 
tenu borrowers in the Euro¬ 
markets in the past 12 months 
but while the total amount they 
raised increased if compared 
with 1976, there was a marked 
shift in the pattern of activity. 

The market’s oldest customer, 
Algeria, emerged from a rather 
rough period in the market and 
ended up by borrowing less 
than during the previous year. 
It was very slow to benefit from 
the shaving of spreads and 
lengthening of maturities which 
characterised the market: by 
last month it finally had, despite 
the fact that the terms on the 
$ 35 ra. loan to Sonatrach, the 
State oil company, which is 
being arranged by Marine Mid¬ 
land (a maturity of ten years 


on a spread of 1| for ten years) 
were finer than they would have 
been had there not been a link 
with export credits, in this case 
fron Italy. -Ranks usually get a 
higher return on financing 
linked with export credits, so 
they feel they can afford to be 
more generous on the medium- 
term portion of the credit 

Morocco’s State phosphate 
company OCP went for a similar 
kind of mix on a $200m. credit 
last September. This allowed 
OCP to achieve a spread of I 
per cent on the $5bm. medium- 
term portion of this financing,, 
only $35m. of which was effec¬ 
tively syndicated. With its bal¬ 
ance of payment situation 
worsening and the price of phos¬ 
phates staying low, Morocco 
•increased its borrowing activity 
last year and will no doubt want 
to raise as much this year as 
last—that is over $lbn. 


the Central Bank’s policy being 
to establish the name of one of 
two State-owned companies in 
the market in their own right. 

Tunisia wfli be active in the 
market this year; the ambitious 
Five-Year Plan launched last 
year allows for much greater 
recourse to borrowing abroad 
from private 'sources. The 
authorities wfU be tempted to 
raise funds earlier than needed 
if the present borrowers’ market 
persists. Whatever. economic 
and political difficulties Tunisia 
faces, it should encounter no 


difficulty in raising loans. A 
reasonable track record in fee 
economic- field, low indebted¬ 
ness and up-to-date information 
on its economic and finan c ial 
affairs should ensure a good re¬ 
ception in the market 


This year might weB see 
Algeria return to its position 
as the Maghreb’s most import¬ 
ant borrower. When its major 
gas liquefaction plant is opened 
in Arzewin a few weeks' time, 
many bankers will breathe a 
agh of relief. This project is 


two years behind schedule, not 
an unusual delay by developing 
country standards bat one 
which -aHtod ‘wife Algerian 
secretinreness until recently, on 
economic and financial date has 
not made Mfe easy for. the 
banks.' 


The new rules being worked 
out by the U.S. authorities are 
likely to cause headaches, for 
fee basks where Algeria is con¬ 
cerned. in particular rale Mo. 1 
which, says that the borrowing 
entity must have resources or 



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OCP raised a loan on this 
market for the first tune last 
year, not an easy operation as 
many banks were unhappy with 
the fact that no European firm 
had audited the company’s 
accounts, only Inspecteuns des 
Finances from the Ministry of 
Finance in Rabat Morocco was 
able to borrow on finer terras 
later in the year, the split 
spread of li-lj per cent on 
the $325m. loan to the Kingdom 
marking a definite improvement 
on the 11 per cent spread 
achieved by OCP in February 
1977. Despite the economic and 
financial problems the country 
faces. Moroccan borrowers will 
remain attractive to- many banks 
on account of the country’s low 
indebtedness. 

Tunisia was without doubt 
the success story of the year 
so far as Maghreb borrowers 
were concerned. Its maiden 
voyage in the market enabled 
it to raise Sl25m. for seven 
years on a spread of lj per 
cent throughout The manage¬ 
ment fee of J per cent was low 
by market standards. Apart 
from this sovereign loan, two 
other Tunisian State agencies 
raised smaller sums of money, 


in future 
loans 


AT THE beginning of De¬ 
cember a senior Sudanese min¬ 
ister stated publicly that Sudan 
was not proposing a collective 
rescheduling of its debts. But 
Mr. Mohammed Hashim Awad, 
Minister • for Go-operation, 
admitted that his Government 
had been in touch with some 
of its creditors asking them to 
wait for payment while it nego¬ 
tiated. “ There have been one 
or two contacts with Arab 
countries, to reschedule debts, 
specific loans, but we have not 
sought any collective re¬ 
scheduling.” he said. 

Sudan’s foreign debt stands at 
about $1.8bn-, of which about 
$250m. is short-term. Euro¬ 
market borrowing. Debt service 
obligations amount to more than 
40 per cent, of net export and 
invisible earnings. A balance of 
payments current account de¬ 
ficit of $574m. is unofficially 
foreseen for the current finan¬ 
cial year (whie bends in June). 
A net capital inflow makes the 


deficit on current and capital 
account a rather better $407 hl, 
according to the projections. 

The critical situation, which 
has led to delays in paying for 
imports and in making loan 
service payments (not nearly as 
great as the more lurid stories 
suggest), is the ironic result of 
a flood of funds into Sudan 
since the 1973/4 oil price rise. 
Serious efforts are at last being 
made to exploit a far greater 
chunk of Sudan’s agricultural 
potential than before and Arab 
and—to a lesser extent— 
Western investment and aid has 
poured in. Longer term {flans 
drawn up by the Arab Fund for 
Economic and Social Develop¬ 
ment envisage Sudan becoming 
a major food exporter to the 
rest of the Arab world, with its 
development carefully control¬ 
led and partly financed by the 
already established Arab 
Authority for Agricultural 
Investment and Development 
(usually known as the triple- 
A-I-D). 

The trouble is that develop¬ 
ment in the past four years has 
gone more slowly than had been 
expected and few new foreign 
exchange earning or saying pro¬ 
jects have yet made a significant 
impression on the balance of 
payments. The very weak 
transport infrastructure has 
caused terrible bottlenecks. 


while little has been done to 
adapt the pervasive but sleepy 
Sudanese bureaucracy to the 
need for more dynamic man¬ 
agement of the economy. But 
the Government is determined 
to press on with development 
with ail that this implies in 
terms of soaring imports and 
invisible payments, trusting 
that the oil-producing countries 
of the Arabian peninsular will 
meet the short-term deficit.. 

Saudi Arabia, Sudan’s prin¬ 
cipal financial backer, has 
shown itself reluctant to hail 
out its neighbour across the Red 
Sea except on conditions that 
are considered in Khartoum to 
be tough. In co-ordination with 
the IMF, which has been ex¬ 
pressing its concern about fee 
Sudanese financial position (re¬ 
serves were recently, only 
Saudi Arabia would 
like Sudan to introduce a pack¬ 
age of economic measures. 


Devaluation 


Nigeria 


First 
recourse 
to market 
facilities 


LAST MONTH Nigeria, the 
most populous country in 
Africa, signed a 51 bn. syndi¬ 
cated Euromarket loan. It was 
the first time that the Federal 
Government had come to the 
market, and it marked the first 
step in a programme under 
which Nigeria aims to raise 
$5.5bn. from various sources 
over the next two years to help 
finance its current development 
plan. This envisages public 
sector spending of $4l.34bn. 
over a five-year period ending 
in 1980. 


At the same time as the loan 
was signed (it is co-led by 
Chase Manhattan Limited, 
Morgan Guaranty Trust and 
Compagnie Financiere de la 
Deutsche Bank) the Nigerian 
Government confirmed that it 
had obtained a commitment of 
SoOOm. per year for the next 
two years from the World 
Bank, the loans to be tied to 
specific projects and condi¬ 
tional on Nigeria putting 
forward sufficiently evaluated 
and acceptable projects. 


Nigeria went to the market 
for Slbii. because it foresaw a 
shortfall on its funds available 
for development. Recurrent 
expenditure exceeded original 
estimates <as did the cost of 
implementing projects in fee 
plan), leaving a smaller surplus 
for investment. Oil revenue 
turned out to be smaller than 
fee projections; in fact pro¬ 
duction is around 1.7m. barrels 
per day compared wife 
estimates of 3m. ' in the plan. 


These are thought to include 
some form of devaluation of the 
Sudanese pound (possibly by 
fee creation of more Incentive 
rates for different categories of 
transaction), a cut in the budget 
deficit, reduction in fee losses 
made by public sector corpora¬ 
tions and an improvement in 
fee tax system and tax collec¬ 
tion methods to give both 
greater incentives to investors 
and more revenue to the gov¬ 
ernment. In return Sudan would 
get Saudi and IMF short-term 
credits. Unless this happens 
fee Euromarket’s appetite for 
more loans to Sudan will be 
small. 

Government Ministers appear 
to consider that these condi -■ 
tions .would be politically dan¬ 
gerous, since they would in¬ 
crease short-term inflation while 
postponing the moment of eco¬ 
nomic breakthrough and fee 
first real rewards for the bulk 
of fee population. The Govern¬ 
ment appears to prefer to ex- 


With foreign currency 
reserves standing at $4.6bn.last 
August and proven reserves of 
mainly light low-sulphur crude 
put at20bn. barrels (equal to 25 
years’ output at current rates) 
Nigeria was able to command a 
spread of only 1 per cent, 
above LIBOR on the seven-year 
facility. 


Nigeria also expects to raise 
$1.5bn. in supplier credits, a 
further $lbn. in syndicated 
bank loans and Slbn. in 
project-related market loans. 

Nigeria’s external public debt 
outstanding at the eDd of 1976 
was only $1.28bn. f comprising 
a mixture of bilateral and mulit- 
laterial loans (of which those 
from fee World Bank and its 
affiliates made up nearly half). 
This gave an external debt 
service ratio (on fee basis of 
1976 exports) of 0.7. As fee 
servicing of the $lbn. loan 
becomes heavier Nigeria 
expects a debt service ratio of 
3.7 in 1981—the peak year- 
taking into account existing 
debt But this figure does not 
cover other borrowings likely 
to be arranged in the next two 
years. 


The Government estimates 
feat it can meet Naira I2.5bn. 
of its capital spending require 
ment out of revenue, leaving a 
balance of N.14bn. to be 
borrowed. Of this up to 
N.10.5bn. (depending on actual 
project implementation) can 
be raised locally, fee Govern¬ 
ment thinks, leaving N.3.5bn. 
($5.5bn.) to be raised abroad. 
The Government this year 
expects a budget deficit of 
about N-3bn. after recurrent 
spending ■ of N.A9bn. and 
development spending of 
N.5.8bn. 


Growth 


Turkey 


CONTINUED FROM PREVIOUS PAGE 


These projections could be 
upset by fee continued rapid 
growth of recurrent spending 
(which the Government is 
anxiously trying to rein back) 
and the drop in oil revenues 
caused by the arrival of North 
Sea, Alaskan and Mexican oil 
in its traditional major markets, 
the U.S. and Britain, which 
could bring oil production down 
to 1.5m. to 1.6m. barrels per day 
by the end of fee year, imply¬ 
ing a 20-40 per cent drop In 
revenue. 


The banks have been con¬ 
sidering a group loan of up to 
S750m. with attached to this fee 
demand that Turkey should dis¬ 
courage further CLD. The latter 
system allows foreign banks to 
lend to Turkish banks with all 
fee foreign exchange risk 
guaranteed by the Turkish Cen¬ 
tral Bank, ii lias meant feat 
Turks have been borrowing at 
the low Swiss or West German 
interest rates and leading 
locally at between 14 and 17 per 
cent., wife fee Central Bank 
taking all the entrepreneurial 
risk inherent in the interest 
rate differential 
The loans have been mainly 
short-term and are described by 
fee present Minister of Finance, 
Mr. Ziya Muezzin oglu, as fee 
worst form of borrowing 
imaginable. They have become 
bread and butter for Turkish 
bankers who insist that they 
are long-term debts since in 
practice they are rolled over. 
But by more rigorous standards 
they are a sliort-term obligation. 
The Central Bank says that, 
of close on $2bu. CLDs out¬ 
standing at the end of 1977,- 
$300m. are past due obligations, 
§1.05bn. are due in 1978, $245m. 
due in 1979. $90m. due in 1980 
and ?25m. due in 1981. These 


figures exclude CLDs made 
openly by Turks, many of 
which are on a call basis but 
are not in practice withdraw¬ 
able. 


Rescheduling these CLDs has 
become almost essential if 
Turkey is to raise fresh loans 
on the scale needed. The short¬ 
term outlook for the economy 
is daunting, with 1978 exports 
forecast only just to exceed a 
half of the debts repayable this 
year, let’ alone the expected 
current account deficit 


But perhaps a more serious 
trend is fee slow rate of project 
implementation experienced so 
far as a result of bottlenecks 
and a complex decision-making 
process. There has been little 
sign yet of a reversal of fee 
decline of Nigeria’s traditional 
foreign exchange earners, fee 
agricultural commodities, nor of 
food production for internal 
consumption. Oil still makes up 
80 per cent of revenue and 
more than 90 per cent, of export 
earnings. 


But with its rich agricultural 
potential and growing industrial 
base the future is not entirely 
bleak. Turkey’s 600,000 emigrant 
workers hold an estimated 
$3-6bn. in banks abroad, while 
Turkey's industrialists have 
been proving that they too have 
assets abroad by financing many 
of fee' imports still awaiting 
official payment transfers. "The 
Turkish businessman is like the 
Italian one in having huge 
deposits in Switzerland," one 
official says, adding wistfully, 
’'if only- an amnesty for capital 
exporters .would boost the 
Turkish lira as much as it 
helped fee Italian one." 


It therefore appears likely 
feat the Nigerian Government 
-will need to borrow more 
heavily in fee early part of fee 
next decade when development 
spending is likely to be at a 
peak. The economy may not be 
cushioned by such large 
reserves at that point, unless 
there has been a sharp upturn 
in the world oil market and a 
rise in Nigeria's oil productive 
capacity (fee Government has 
given incentives to fee o3 com¬ 
panies to step up exploration), 
and unless the two projected 
LNG plants have come into 
operation to capitalise on fee 
other main part of Nigeria’s 
hydrocarbon reserves, natural 
gas. ’ 


David Tonge 


LB. 



j morning. ’ | 

I Cut out this ad and see how the ■ 



more profitably. 



Euromarket Letts’ helps yptijfr 
tfirEewrays. ' 


First it evesyouttsfedsand 1 
figures of the week's teppermes . | 
BithemteraafeKacapaalaaci I 
money markets. .-. . 


.. those..,'. I 

_.-^youthetnada' 1 

ataybnwty W r gs hap pened J 




Income o€ its own sufficient over 
time to service its debt obliga¬ 
tions. 

It is open to question whether 
a company such as Sonatrach 
will ever wish to disdose enough 
information to satisfy the TIB. 
authorities. If it does not, even 
those banks winch have full 
confidence in fee way 'fee 
Algerians ere j developing their 
oil and gas might find they 
have severe constraints on their 
lending limits. ; ' 

F.G. 


:y* 

.k 




tend fee terms on what loans 
It can, .mainly those with Arab 
backing (a 8200m, Eurodollar 
loan backed by fee Saudi 
Arabian Monetary Agency has 
been extended by fire years). 
It- also wants ‘discreetly to cut 
back on spending and to switch 
fee emphasis in development'to 
less costly projects: with a. 
quicker return. It has sold this 
year's current cotton crop for-, 
ward for about * $400m. . (and 
already spent, the money to 
meet commitments, .according to 
Sudanese bankers). . 

Fortunately, fee. - transport 
bottlenecks are gradually being 
broken. An oil pipeline to take 
fee strain off fee railway from 
Port Sudan to fee capital has 
just come into operation; and a 
hard surface road finking' the 
two should be complete within a 
year or so. The Rahad irriga¬ 
tion scheme is starting to pro¬ 
duce crops this year. 

But fee-need for borrowing 
will increase as development 
grows and more projects are im¬ 
plemented. The intention-of the 
Arab Fund is that. Sudan’s de¬ 
velopment should be controlled, 
in agreement wife -fee Sudan 
Government, by fee AAAID. 
which will be able to give special 
tax and other concessions to pro. 
jects wife its imprimatur and 
will keep a check oh borrow¬ 
ing while providing an institu¬ 
tion. funded and supported by 
fee majority of Arab govern¬ 
ments. But fee AAAID cannot 
operate effectively until a chief 
executive has been appointed— 
something which has been de¬ 
layed by an inter-Axab dispute. 

When it does start operating 
it should be able to guarantee 
much of Sudan's future long 
term borrowing. But until fee 
immediate crisis is resolved it 
is uncertain where Sudan will 
turn for its short-tom balance 
of payments heeds, which may 
run a<t about $200m. a year. .. 


James Buxton 


Kv 


i- 


TWrel ttsaveiyou tfoieftwB M 
teke no more than twentyr-.- ■ 
mnutestoreatl cveiyMorxfayffi 
In that time ybtfflteaferted ^ 
todevdopmentsttstcotid^M 
affect yoorinvestment. -; '■ 
ttaadais* ‘i 


JryiftefiarbiafeMea'l'.-' i 
ttmpKtearrirdurnttis; | 
. coupon andbegiimft>uf% Vl 
rnmtialsijscnr&ri , I 

receMngEMnwl«;^| 
fetterforawhaeyouwSf J 
' cw T &to aror eti a te itsvatefoyxiatf v 1 
. SatragOTsatai ■: - •“ , 




Pteasesro? mefora four msaift sfescrgjSanto EironiaflcefeetteratfS : 
UK (fGSovers^inaaimrfpostage.TteoiiwssasratebfeyabteatcarwC ' 
aoeftareBtefraiffq mncyf^ r ~ - 


■fc, 

lOCanoon Street; 

0 


AS^egsast^hilhndor^^o.-2S7590l, y 
0 Itesetiwte • C 


Kasa. 


Or gxfeaflo n- 


...Vi J -r-'.- 


Address. 




Biiaimimt 


















25 



O 1WY8 





VJ £''- r 1 


EUROMARKETS XV 


5Ss No better • ;?: 


A 



Hut 2 
evei^ 
iglit 
trai ; 


^il? e Jndufi - record, is discussed at greater 
^demonstrated length elsewhere in this survey, 
v* , '«5^^ cans were Suffice it here to say that the 
■ j 1 , j.• „-a-J : v ' = ; :.y 'v?y ^ y^-tjewpa ? 5pfo sup yrt a big country provides some gilt on a 

we Piece of Latin American ginger- 

- - - ■-' ■ . . tfaEar^VWHt.Ill the World hmtH <»!*;**. ** 


oyer 

years 




.w-.'i .-Ai' 


«a|»yig ttwar^w^ in the world bread which at times tends to 
WM , ther reSt^Jtms on their crumble at the edges. 

*-,7 nui'. industrialised The .'situation of Peru Is 

snfii as to particularly fabricate. The 
ozial trade collapse in the prices of some 
of its main export tines, the 
take com- disappointing performance of 
t the. bur- }“ fisheries and the bunching of 
large that debt repayments into a short 
if that the Period has produced very 
of the severe problems of cash ■ flow. 
r «wtld be put measures that the Inters 
any possi- nat *°nal Monetary Fund (IMF) 
borrower ^SSested would correct the 



£ $ 
Sift 

sag 


> > exports to 
■■'ocrartries' 

■affecf 

^ to 
THE EUROWa^te hive: . 

bettw;cuat«miM \JOoA ^ 

Americans,' • Before^ dudngand'i^i Hf'dafatv 
after the/, oil irisiis. tte - .seifi&iL, 4^ef couM be: 
to the marhert and wwle ffnanci 

seldom timi^' a?^ ^%^^'ers . leiKfiQg coupl 
who were7^marti»g .from Itetowork if 
lack of sustained .demaii®. for bfKy of-a.--™— _ 

credit frozn\ .the ^fidustriaHsed ;r d^Baultiiifc "iK^-thus- putting Sltuatl0n have proved politically 
world. •' -' into jeopardy fe&ft bankan«* un P<>PUlar and have been hotly 

The fact .that ° debated, within the country. 

tiha stumbled’under the Wdght ca ** - l- r riY-u,^ nt ,r n ♦». ♦ Thls debate has come about at 
of the money' it. had - borrowed-J : T?. *1 wgs^BQr -anStance.. that a particularly sensitive moment 
and all but defaulted f or at time r ^ atin ab . 3e f ° for the Government of General 

qa /Its ;, debt service did 1 hot fE^SSS^Il^SSE.?? of Francisco Morales Bermudez, 
appear to .Worry the lenders. .3 *?. Euromark et .‘len uing done who is trying to turn the 
in,:.the'- lohg teno^-Nei toer 1 *^'^ flcvek^tog. eoimtnes. country back to civilian rule 
did the. -'face 7 ' thit *7-ppor -/to/-W'^econidS|Bartec of last after nearly a' decade of 
price for copper' and -’a- dearth ^ esT - to£ developing countries military administratioiL 
of fish foifth'e fishmeal industry: w^ respimstbTe for publicised 
were compounding Peru V "pay- borrowhigs of S3.4b*w or 52 per \jrraveyard 
ments problems, .Nor did the cent. of. the borrowing done. Peru has- also proved to be 
fact" that. Brazil's foreign oWIga- Of thisV'tofraJ- SSOSm. went to the graveyard of an experiment, 
tiops.were jnexorably. mounting534201.^ tol:/^rgentina. novel for these times, under 
towards-the presentdizzy figure Slffijnu to ; Mexico r and glOOm. which private foreign banks 
of $30bn. /Leaders came for- to-Paiiania. VT£ ■ took over the monitoring of 

ward for-.Chilfl and its militar y But wh^e thg overall Latin Peru's financial policies. Un- 
junta and Jamaica iand its hardr American.' pictured ft, one of certainty about the IMF con- 
press ed. sddal ‘ democratic growth a^-Kcimtinumg con- dition^ for making credits avail- 
government,-: . '' '...... 'fidence./conditionsvary greatly able to Peru and even greater 

tn few owes was: to -cdpdtty. The uncertainty about the extent to 

rower's capacity/ tb repay qiies- w&ole' plcture'/is'' to 1 oo small which they would be accepted 
tioned. The^'careless rapture extent‘distorted ^ the great and carried out have affected 
'-<* exhibited ,by: the lenders cbuId weight of VenezuifeV very big Peru’s relations with lenders in 

/mp ipT/ be argued to.have been, soundly oil reveriues and ^ consequent the Euromarkets. 

- - - based: -... -. .V■' ; . financial 'strength: / '/ ' Nevertheless, the fact that 

At a timfe-qf stagnation else-', WithreserveSof around S9bn. the Fund has decided to dis- 
whore ""the :giti\rth . rate'of tlie the. Venezuelina have; billions burse money to the Morales 
area wasagoodonc/goingfrom morc dollars /thau^.^ other Government should calm fears 
3J2 per «nt,,m1£rr5 to 4.4.^r Latin Americ^n country—their about the future and persuade 
cent, in ^ cent, nearest’rivar being^razil, 7 which lenders that the only viable 

last ycai-.'L Jki ^ the same time the has less than $flbn.ibut : a popula- policy for all concerned is to 
inflationary pre^tires which: the tionleh times that Ofyeaezuela. roll over Peru’s more pressing 
continent nad stiffered sinde^he. If one -were , to subtract liabilities. It is clearly un- 
early I970s£abatedVenezuela’s financial strength realistic that nearly half of all 
Despite higher growth rates the from the region it; wduld look Peru's export earnings should 
area's ability; to - export did hot decidedly shakier.- / -f'- - be channelled to debt servicing, 

seem much affected■.ap'4*-last In-^"-the> Euromarkets the as they are at the moment, 

year Latin America threw^ Vp. iai 'Venezuelan^Government has Chile’s financial relations with 
balance /ofi trade 1 v.surphls:' fif been- doing the most 'prudent the Euromarkets have improved 
ed oat nearly SlbtL compared;;wltlr a'thing—namely, borrowing when after the decision of General 
ding anr deficit of 19f6.>^!lfeJt‘haiTdly‘neWs ti^S^a^. The Augusto Pinochet that the 

d supae current accqiunt.deficit tfroppe^^asoning' is ihaf-bavjng^ estab- country would mot seek any re- 
[ Arab; frona S10-lbh.;to 57,6bn: and t1^^ihed l itself as-’ah exemplao' financing of its foreign debt in 
AAAB); region's.reserves rose.by $2b!^^rrower in easy times it should 1977 or 1978. Despite this 
•lyunai The reedfd was.^ a bStf^W J find it ail fte simpler td.borrow improvement lenders are still 
?en 3 i>k compared with the arigllly.'dis- 's^uldjt ^er.h^. financially shy of giving publicity to loans 
b bi"fc appointing results ^adtiewed'by eaifcrrassed.'/ The" Venezuela to ChQe which continue “ 
r-Arahe 


oi&cts k 
has# 

■otton J 

lie % 

rs>. ^ 
ibe th 


Pipeliitt- 

Je raflva 

tbe opg 
jperati^. 
>ad lug' 


e 

starting t 
year, 
for bis 
is dn$ 
projertf 
internal 
hat Safe 
d be«* 
with !b; 
v the 1 . 
le togntr 
ccessuns 

iin promt 


attract pc^itkal criticism. But 
the strong support that the 
Pinochet Government has 
received from international 
financial institutions like the 
Fund, the World Bank, the 
Inter-American Development 
Bank and—at least until the 
advent of President Carter—the 
U.S. Administration itself has 
been a great comfort to lenders. 

The debt service burden is 
nevertheless a heavy one which 
will absorb nearly 40 per cent- 
of Chile's foreign exchange 
earnings this year. 

The way Brazil has construc¬ 
ted its towering foreign debt 
and has continued to keep it 
erect despite the winds of doubt 
about the country’s credit- 
worthiness Is something that 
commands continuing admira 
tion. More than any other Latin 
American country Brazil de¬ 
pends on keeping foreign mar¬ 
kets open for its exports and on 
being allowed to earn the 
money to keep servicing its 
debt and borrow more. This it 
has been able to do at the same 
time as it has tackled the prob¬ 
lem of finding more oil at home 
and so cutting down the big¬ 
gest item in its import bill. 
Last year it demonstrated its 
continued hold over the 
imaginations of the banking 
world by obtaining the largest 
ever project loan—^more than 
$500m. for the Acominas steel¬ 
works. 

- Argentina is possibly the most 
problematical of the big 
borrowers. The stability of the 
government, or at - least of the 
present economic policies being 
pursued by Sr. Jose Alfredo 
Martinez de Hoz, are constantly 
being called into question. As 
the pace of inflation quickens 
voices are yet again beard call¬ 
ing into question the viability of 
such policies, and Argentina's 
standing as a reliable borrower. 

Hugh O’Shaughnessy 


Mexico 


Oil wealth 
offsets 
drawbacks 
of economic 
crisis 


MEXICO VIES with Brazil as 
the largest foreign borrower 
among developing nations but 
there is one big difference 
between them that does not go 
unnoticed by their creditors; 
Mexico has oil—lots of it—and 
Brazil does not. As a result, 
although Mexico is going 
through its worst economic 
crisis in 40 years and is having 
to abide by the strictures of the 
International Monetary Fund, 
private bankers are literally 
queueing up to lend in Mexico 
City. 

Oil is of course not the only 
reason to lend to a country 
whose foreign debt is already 
equal to almost half its Gross 
National Product. During the 
14 months since President Jose 
Lope? Portillo took office, the 
Government has adopted a dar¬ 
ing austerity programme that 
has helped rebuild confidence 
in the economy after the chaotic 
final months of 1976 when the 
Mexican peso was devalued for 
the first time in 22 years. Since 
then the “floating*' peso has 
stabilised around 23 pesos to 
the dollar (compared to 12.50 
pesos before August 31. 1076). 
the current account payments 
deficit has fallen by 40 per cent, 
to $1.6hn. and inflation has 
slowed to about 12 per cent, per 
annum. 

But oil made the difference. 
Just as foreign bankers were 
beginning tn worry about 
Mexico's prospects earlv last 


year, the true scale of Mexico’s 
oil wealth became apparent 
During the previous administra¬ 
tion of President Luis Eche- 
verria it was Government policy 
to be secretive about the 
country's oil reserves. But when 
Sr. Lopez Portillo took office, 
the State oil monopoly, Pemex. 
immediately raised its reserve 
estimate from 6bn. to llbn. 
barrels and now claims l6_8bn. 
barrels of proven reserves, 
30bn. barrels of “ probable ” 
reserves, and I20bn. barrels of 
“ potential ” reserves. 

EveD more important the new 
Government decided to get this' 
oil out of the ground as fast 
as possible — without allowing 
foreign oil companies in to lend 
a hand. Production is now 1.2m. 
b/d, of which 200,000 are being 
exported. By 1982 production 
could be as high as 2.5m. b/d, 
with more than lm. b/d ex¬ 
ported. At current prices this 
means annual foreign oil 
revenues of S5bm plus future 
earnings from natural gas 
exports. 

But Pemex’s ambitious six-year 
investment programme — cur¬ 
rently estimated to cost $17.5bn. 
—also requires enormous 
foreign credit. Last year, this 
year, and for the foreseeable 
future. Pemex will therefore be 
the largest single Mexican 
borrower. But for oil no one 
minds lending. 

Mexico’s real problem now is 
to find money for social 
development Under President 
Echeverria its public foreign 
debt quadrupled to $19hn. as 
bankers financed growing 
budget and payments deficits, 
unproductive social projects 
and inflationary wage increases. 
But after the public foreign 
debt jumped by $5.5bn. in 1976 
alone, the IMF stepped in. and 
in exchange for $ 1 . 2 bn. of 
extended Fund facilities 
imposed a net foreign borrow¬ 
ing limit of S3bn. for 1977. 


Last year Femes was not 
affected by the limit but this 
year the same ceiling applies— 
including Pemex. The public 
debt will reach $25bn. by the 
end of 1978 but there will be 
little extra money available for 
health, education and other 
social services. The rule now 
is that foreign credit must go 
to productive operations and 
not to finance budget and pay¬ 
ments deficits. 

But despite the attraction of 
lending to Mexico the IMF’s 
ceiling is not the only limit 
With three-quarters of Mexico's 
public debt owed to American 
banks, the U.S. Comptroller of 
the currency has begun tighten¬ 
ing his rules on foreign lend¬ 
ing by the banks he monitors. 
In future these banks cannot 
lend more than 10 per cent, to 
any single foreign client, a 
measure certain to affect 
Mexico. 

Concept 

The key to the Comptroller’s 
decision will be bow he inter¬ 
prets the concept . “ client ” 
since numerous' different 
Mexican Government agencies 
have traditionally gone to the 
markets separately. Now, a 
“ means and purpose ” test will 
be applied to determine 
whether an agency’s borrowing 
should be considered part of 
the Federal Government’s total 
limit or be treated individually. 
Pemex will clearly be seen as 
a separate “client.” but some 
other large agencies.' such as 
the basic food corporation. 
Conasupo. may not be. In that 
case the Federal Government 
may find it has already reached 
its ceiling with some large 
American banks. 

Anticipating this, the Lopez 
Portillo administration has 
therefore begun developing new 
credit markets, particularly in 
Western Europe, Japan aid the 
Middle East. Significantly, in 


1977 over 60 per cent of 
Mexico's public borrowing took 
place outside the U.S.. a trend 
certain to be followed this year. 

Mexico's private foreign debt, 
currently estimated at about 
$9bn„ has been growing much 
more slowly than the public 
debt over the past decade and 
since devolution has nardly 
grown at all. Several large 
Mexican companies were caught 
with bilge dollar liabilities in 
August 1976 and some, notably 
the Fundidora de Monterrey 
Steel Company, have been 
forced to renegotiate their 
debts. With domestic demand 
sharply down, foreign banks 
have naturally been less than 
enthusiastic about lending 
privately in Mexico for the 
past IS months. 

Anxious to stimulate invest¬ 
ment but with domestic credit 
also tight, the Government now 
has a “back-to-back" mechanism 
by which dollars borrowed 
privately abroad can be 
deposited with the Bank of 
Mexico and exchanged for pesos, 
with the Government carrying 
the devaluation risk. In the past 
five months about S500m. have 
entered the country this way 
and have been channelled to¬ 
wards plant expansions or new 
investment. The principal bene¬ 
ficiaries, however, have been 
the local subsidiaries of multi¬ 
national corporations. But once 
the recession is over, supposedly 
late next year, direct private 
borrowing abroad should 
resume. 

This time, though, there vrfH 
be no gambling against a pos¬ 
sible devaluation. The Lopez 
Portillo administration is deter¬ 
mined tn keep the peso floating 
relatively cleanly. The fact that 
the currency has stabilised 
without toe imposition of ex¬ 
change controls is evidence that 
the strategy is working well. 


Alan Riding 


start». 
le tn ?c 
l’s flltHE 
. Bui as 
i is r» 
Sait 
irt-tenn 
<?d$. 

:uOm. ap 




to 


mesb 


te 




■■■VHHMHipMMHMH X^uiyalent). to ;b t raised in pallsource of natinnal income 
- -r :V;r'. •V/jii-.-.v/-'. r.-r. bolivare on the domestic capital and \ a deteriorating overall 

rTftfi-Sp^Tlfling.. market. V f balance of payments position. 

^.phly -.recently,; though, the But the general outlook is still 

,. UUUJ , __Finance^ Minister revealed ^that jpost .favourable, the country’s 

.. . # .j I ^ ove ! r ?“ e °5. Vl,ol ^ d seek an most important money earner— 
1 OTfiWina • V v - for - Public the nationalised oil industry— 

1 works, projects, thus bringing j S Tij a naged by highly qualified 

t-PtaL-Preiected foreign credit technocrats who are investing 
raquirqments dipng 19.6-80 to t0 keep the industry modern 
arounC^o-Soo, efficient and ■ competitive 

• jX' would- not be surprising, Exports over the past few years 
lKWiev ?*“‘ ^ A?.® Government have remained stable-at around 
to seek still'more foreign j>er annum, and toe 

“ YOU REj 5 ^XY ' -haye. ; .'to- -give- capital as a result or unexpected country boasts the greatest store 

; or-- unforseen- of. • international financial 
bnly hare'- tlrey^-ma'nRged 0,1 exports. (Total, reserves In Latin America. In 

sDend everythinfi thev’veearned exports for 39v4-77 averaged a d(jiy on tn borrowing, the 

a_ year,, with the hulk Government itself and the State- 
from.-oil .sales. Thus 0V med Venezuelan Investment 
ye^-,; . however Fund are contributing the lion’s 


burden 
of debt?:C/ ;J 


W>a ^foreign 


correspondent whb^haa.wvered^ve been down considerably 0 f financing for major 

Tj»tin'Amerira'.inr' mjiiv.'vMrs'from. 1977 because of the glut of 


)wl 


Latin America ior mTOy/years ^ 0 ^4»7T oecausc of tne giuT ot pro j ects 
captures ' the e&- oU- nr international markets.).. . . „ , K ... 

? ad Vn fiFSt JS&-of h«5?rat b£* tiS 

the. yenezuelmi^^e^s 1 *£3 forome from 

vensfior *'*™** from 1974-75 levels, 
aad^v-lhe-.COT<wrait.:bfln , oVtag^^^ t * , hut the decrease has not been a 

which has < >f its short-term•.^“ e J5 erease 5 ot en . a 

debt—and--ptytemai^ohligatiOns-pbngatiohs^.. Last year ...-it Jl. #.«i_ nhiiv-iUnnn 

“ si-ndicated- y e ^ f ^ a ^ s ron r3rted sfoce 

oil revenues, the £2'S, r '' n ^ 1 Even after factoring in-the 

has begun;to Y 5°^' - n J5 e P ubll S,® f - f or e 1980 Venezuela’s foreign 

range-.bf industriai;and sociaJ Venezuelaionds in To ^ 0, thas j ebt service stavS weD below 
improvement -protects ■ foiTfng making -its debut on tbe yen - _ . th 

for spenditfg WfS<ffi‘.0jtiSti:T|>8 : the *hiarfat Despite the countr^s , ^ nextten years. P 

* = *n a study of "toe Venezuelan 

^ fart.an.Tfthd.TO.tt, th e institution predicted that 

the country would encounter 
balance of payments deficits 


:ime 


eewj]*& foreign "ob’Serveris havev queg- 
aicp* tioned the; wisdom "6l under- t 

taking a highlyambitlphs devel-- AOGUsIxiai 


opment stShenjewitiLadmitted^; ^j^ the _raised ^ over th^ medium term as .the 
%*&&,■ hmitM Ilum^- resburces /avail- most were to be applied to Government purchased large 
able, ; most;bankers hene -are Industrial /-- development P]«K quantities of capital goods and 
{i sati^., that' the L .Goyeniment granunes and public works. The abroad while imple- 

knows whatitia^oing and' Has - $S 50 m. was .to be used its baric industrial pro- 

the financial ‘and oil rMeiVeS 'to refinancing: • ' - Sects 

® backft'm^:^^ V, ^ In .ft* reason it had opted te 

Over the past year. and. a half'^contracted, another $l-2bn. Euro-., impress much of the develop- 
the GavMtim^.has' t^ which will was tfaat costs wou j d be 


alnmininni;. j- hydro - .^_<^c%matnres ui-ten years^uid .^st that can be said 

power,, trap^ortatkm^^;V=and ioar^rear glrace period^ for.-Venezuela,is that despite 


phy5icaJ ffifrastructure,- and :to managhig._group was. headedhy , its gMd i ntea tions and- gener- 


refinance "certain' short-tenn Mamifacturers Hanovei* Trust,___ 4i ^ 

debt The^vermeat’f '«^' : -Gniiontlon';-aM s SSfidenT'and^ tends ’to"be 


ally laudable plans, it Is very 

a 
ex 


V debt ^ Imports, of , 

|I-68bn.for flto ' .owdrt to: ^ peSve motor cars. Hquor and 

,j<5$ rose : to $S.Q5bm L . to others . riready.. made for uto. oyjer luxury - goods have sky- 

$8.5bn. toe followiag jear and purpose q£ funding its industrial I974) but ^ is 

to 3i7Tbn. in. 1977. C--‘kbtl .public- works prpgramntes. hardly unusual for a developing 

u Total Government mdebfed* gjvea a tdj^ of around ?^ppn. ^^0^ 

ness, which .reached, a :borrowed thus far mit # important thing to 

.-high of «8.05bn. at'toe dose/of in projerted foreign, remember is that the Govern- 

1977, should' reach, moref -tftaa-oedite needed up to 1980. Undtt^ jnent ^ or all its flaws—is 1n- 
^ j *$iObn. this year, accnntmg tn current borrowing plans the. ve ^ g ^ ^ righ t ; areas— 

y »_r com - r>AM>M.mani- «rnT t>iorpfnre need■ ._ 

y 

y 


y 


KnanreMinisterXiifeJoseSflw Government wQIthereforejieed j n g as try j agriculture, transpor- 
Lnpugo, A. major portion pf this some . 53 . 07 bp. . . tn„_aQdiuoiiEl tatloii, pubIic wmks and social 
,;fi"crease M ^ to foreign credits . oyer the next ^^ injproTeinent Both this ad- 

aJthbugh Bie 'prritise-amount years. _ ' "j" ministration and the next (to 

not yet Known-' . X ■ ' . Anyobe analysing Venezuela s; ^ ejected at the end of-1978) 

SSVhen : the ' ’. Government eebnomic prospects over ^ will be^ committed to the tasks 
■ itevealed lts Fifth Nafldhal FIan .Bext few years can laentiiy [>f redu cing the country’s lop- 


fdr'economic and! social d 


lack of 


sided dependence on oil and 


___ .si* some, problem areas; 

. ^jent Govern 5 en ^?.aul^tituting domestic goods and 
■ • tfSy called -forexternal J nancHi& current ' expenditures, contmufiti for those now.im- 

(titrough- loans. -and buyei^ c^ oveiru^^^wasto ^ ported, 

Josejrfi Mann 


I A (through loans; ;an 
r -rae<Sts> of around 

A i X976«0, Wifh additi 


and 

um™ $t5hm; from official programmes, . heavy 
additibriar 7 $ibn^ ‘dependence on oil as the princi- 



• *m 

' Jti 

3 

’** M 


WestLB is just as international as your business 

As you’ve probably noticed, most banks claim to .. Each of these international points of contact - 

be international. But one of the important questions staffed by experienced bankers - provides access to 
■ you should ask yourself before choosing your inter- VVestLB's universal banking know-howand highlydevel- 

national banking partner is:“How international does my oped specialized facilities, 
barik have to be? * Thus, for instance. WestLB through its London 

U s not just a matter of a few more branches or Branch and WestLB International in Luxembourg 
representative offices here and there,or of an extra tew concentrates on Euro-finance to first-class risks, with 
hundred correspondents. It’s international experience Libra Bank Ltd. providing finance in Latin America, 
in the right fields at the right places that counts. In other financial centres such as New York, Beirut and 

WestLB has a great deal of it. Tokyo. WestLB is represented by highly versed staff 

After aH. it's the Banker of many of Germany's members, 

world-renowned Ruhr industries. In this bustling region. But these are just a few examples of WestLB's 

WestLB has grown into one of Europe's' largest banks international capacity. In fact, if it’s a question of inter- 
and it ranks among the top twenty in the world. Its national presence, WestLB can serve you wherever it , 

experience in export and import financing is the solid matters; directly or in partnership with others. 


cornerstone of its world-wide capacity. 

- In addition to this traditional international trade 
financing, WestLB’s extensive sources of funds have 
made it a major force in the international issue 
.- business, Eurocurrency credits and project financing. 

A balance sheet total of close on DM 68.000 million 
reflects the financial capacity of the Bank. Backed by the 
State and the regional Sparkassen organization, it 
encompasses more than 200 regional universal banks 
(Sparkassen) with their own combined balance sheet 
total exceeding DM 100 billion. 

Tbe rapidly expanding international requirements 
of WestLB's customers have spawned a world-wide 
1 network of offices, subsidiaries, participations and 
correspondents, as well as membership in the illustri¬ 
ous Orion Banking Group. 


However, WestLB's world-wide activity is only 
one reason for considering it as your banking partner. 
There are other very important questions you must ask 
yourself before making a final choice. 'Is the bank 
absolutely secure?" "Does it have the necessary 
experience?" "Is it efficient?" Get the full answers to 
these questions and find 'Mjt about our specialized 
services; contact us directly or ask your local bankers 
to put you in touch with us. 


WestLB 


Westdeutsche Landesbank Girozentrale 

a growing force in international banking 

Dusseldprf. P.O. Box 1128 

London Branch: 21, Austin Friars, London EC 2N 2HB, Telephone 01-6386141. Telex887984 


LU 







L 


*=- *L'-. 






. -.fST.-ar- • 


26 


Fi^cial Times Monday February, 6 1978 


1977 - 


GOLDMAN SACHS CAPABILITY: 



INVESTMENT BANKING CUENTS. 


A Record Year 

$247,000,000 

INTERNATIONAL PRIVATE PLACEMENTS 

IN THE U.S. 

Transactions for 11 issuers (eight of them new Goldman Sachs clients), including 


De Laval Separator Company, 
a subsidiary of Alfa-Lava(.AB 


Mitsui & Co. (USAX Inc., 
a subsidiary of Mitsui & Co. Ltd. 


Paktank Corporation, 
a subsidiary of Pakhoed Holding N.V. 


SHV-North America Holding Corporation, 

a subsidiary of SHV Holdings nv 


TVO Power Company 


A Record Year 

$356,000,000 

EUROBONDS AND EURO-EQUITIES 

Managed or co-tpanaged 12 issues. Served six new public offering clients. 


Beecham Financiering ELY. - 
$30,000,000 

6 °A% Convertible Guaranteed Boncfs.1992 


Cavenham International B.V. 

$50,000,000 ' 

914% Guaranteed Bonds due 1987- 


Ford Motor Credit Company of Canada, Limited 

Cdn. $20,000,000 814% Notes due May 15; 1984 
Cdn. $20,000,000 8%% Notes due May 15,1987 


General Foods, Limited 
Cdn. $25,000,000 . 

8Yz% Notes 1984' 


Kao Soap Company, Ltd;, 

$20,000,000 

6% Convertible Bonds 1992 


A Record Year 

24 TRANSACTIONS IN 
INTERNATIONAL CURRENCIES 


Assisted 24 companies in arranging long-term currency swaps or 
parallel loan transactions involving a wide range of currencies— 
dollars, sterling, cruzeiros, pesetas, kroner, and guilders. 


A Record Year 

$940,000,000 

INTERNATIONAL PUBLIC OFFERINGS 
IN THE U.S. 

Managed or co-managed ten issues, and added six new clients. 


The British Petroleum Company Limited 
13,357,000 American Depositary Shares representing 
13,357,000 £1 Units of Ordinary Stock 


Walter Kidde Overseas Finance N.V. 

$50,000,000 

8Yz% Guaranteed Notes due July 1,1985 1 


Orient Leasing (Caribbean) N.V. 

$ 20 , 000,000 ' ' . 

8 Ya% Guaranteed Notes due1983 


Singer International Securities Company 
$50,000,000 

8 Ya% Guaranteed Notes due April 1,1982 


Societe Nationale des Chemins de Fer Francais 
$45,000,000 

814% Guaranteed Notes due 1984 * 


Stanley Electric Co., Ltd. 
6,000,000 Shares of Common Stock 


Tokyu Department Store Co., Ltd. 

$15,000,000.. 

6% Convertible Bonds 1992 


■« 








A 




•.KS 


Caisse Nationale des Autoroutes 
$50,000,000 

914% Guaranteed Bonds due March 15,1997 


-Efectricite de France 
$50,000,000 

814% Guaranteed External Notes due June 1,1987 


A Record Year 

$2,000,000,000 


TRADING IN INTERNATIONAL SECURITIES 
IN THE U.S. AND OVERSEAS 


inter-American Development Bank 
$ 100 , 000,000 
8%% Bonds due 2002 


Made markets in all issues of Yankee Bonds and traded in 72 different issues of 
ADR's, covering European, South African, and Japanese corporations. 


• Ito-Yokado Co., Ltd.. 

$50,000,000. 

6% Convertible Debentures due August 31,1992 


Continued to make major capital commitments to accommodate client inter¬ 
est in bankers acceptances and Japanese and European bank CD's. 


Kingdom of Norway 

$150,000,000 

7%% Notes due February 1,1982 


Kingdom of Norway 

$100,000,000 

7%% Notes due June 15,1982 


Province of Saskatchewan 
$125,000,000 

8%% Debentures due 2007 


Republic of Finland 
$50,000,000 

8 3 A% External Loan Bonds due 1992 


Wacoal Corp. 

1,200,000 American Depositary Shares representing 
6,000,000 Shares of Common Stock 


: 


.. : 




. .. ‘ 


Goldman Sachs 
International Corp. 

40 Basinghali Street 
London EC2V5DE 
638-4155- 

704 Yurakucho Building 
1-10-1 Yurakucho 
Chiyoda-ku.Tokyo 100 
213-1221 ' 


Goldman Sachs AG 

Limmatquai 4 
8001 Zurich 
479333 •; 


Goldman, Sachs & Co. • 

55 Broad Street • 

New York, New York ibbOi 
212.-67&-8000 


• •. -*v . ')• \ 

--. -r *:. ‘ 




'7'-« • 

• .A. 



A Record Year 

$8,900,000,000 


TRADING IN INTERNATIONAL 
COMMERCIAL PAPER 


Goldman Sachs has long been the world’s largest dealer of commercial paper. In 
1977 we sold nearly $9 billion of international commercial paper to U.S. and 
overseas investors on behalf of 13 international issuer clients. 



- 


■-■-C. ~j '' 

•s? 






>; .'*.'1 (':■ ’r.f i-; V;;V. 

• ••• v--:.- •• .... • •? w<r. • 

.. • • '.. • ... —■■—■€ 'r *!.;#. ■-*- 

-*• • 3 . ... , 

• •- -• ■■ 1 orf'i '-•'V;-»■s 




^r.r -■ • -xrj. • - 















27 








1978 



/ 


:• Z+rffiri 7 ?. :?r .!-.' ":■■ .r-'.- -'' 

-_-. -Z-i• i'--^'->' .-* T ? * 


to clean up the tanker mess 



- : n/:V ■•' • By IAN HARGREAVES Shipping Correspondent 

' ^ .-??■ 80 “P to thus removing at a blow about but worry since 1974. Some oil cargo. About 80 per cent of two weeks. No one wants such 

meoPHriHb.- ana - -toe ■ a ng i w x oe i L 'SflBflflfl ■ be otdiged'GOm. tons of-the world's tanker independents even question the the world’s-tankers now operate a thing to occur. 

«.s±Mv_'_- - ~— ------- . . . -' — T ' VT1 - - ---- Both sides, naturally, claim 

have arrived objectively at 
their positions, but that is not- 

Tilniift ■ “■* — ^arlTTTr^" 1 "’ : “ Ir'w*1 : ‘ Ub Ui dptue 4^LpciU(y >1X1 Juai buuvciicu d w,uw iu« VW «.«**“• uutudi^cu Ujr UiC, to say that there is no room for 

j^onaon, iproVM^vby ^tl^ -.i^^^TSa n k affi ^ja^bJgr ,cany sea - tfonal ships, segregated ballast sel for a mere $20,000. .remaining minority. bargaining. We can expect in 

Siuu^'Vnf^^gr^a t e d -’wgterr^^^t darings unladen would almost dose the gap. In At the outset of the London In addition, virtually all the the days of committee work 
ballast :-tanfcr.‘ .tun fan#-.V ■ *- i. t1. vv-v*.. ^_«____*_:_ i*_:_ - ____u-a. ...:»_ 



tative Orgaalsatiwii T -;vif :; 

agency,” ■; 2;;. ‘XT. WK 

The Invitationa l^ 
from President 

a s a result of ^.rtom^jifeSc" 
protest aroused. byija. ^feS;^ „ . w 
shipping' accidents in American arise. ■ In adc 
coastal waters m toe.wij^nf;^^ : say.feefe 
I97$-7ZT. -Chi r I>ecenib«: j5, : 
the 2S-yeajr-pIcL & torito^regiB-;- ride a buffer x/y. 


emptied out at around $800,000 

re-load- vessel, and then would_ 

has scrapped. ^ 

Z? h tiis happened, the mitet •% is fear of the U-S.issuing a declaration unilaterally banning 

L i does not wou1 ^ he ia balance fcr the first ' 

fee Ameri- sin ce i97s and very large tankers with unsegregated tanks from their waters, throwing world 

^tauks ran crude carrier spot rates would ° & . 

they^prj- SStSh'Sfw ofl trade int0 regulative chaos, which will most worry the diplomats 

;ks. 9 * 


l “ .MWO«K«gl»;- »!»“® “““Wi ^ ea ^- are not even eoverinw An»ritlTMr 

terea: Aigp-^Merehant Tm fa-ry e ve °t «f Msts . would hlad^s thl during the coming two wee 

■ threat of further large-scale col- 

- S e ■"* ■ T * ■ lapses in the industry, which in ---— 

ves S e^tW ? Sod° , Woa^ _WaVO^te^ w,r^o™^L be iSin?e r0PP ^ 

equipment, >; J £auIty^compass; .. • the end of last year difficulties possibly by as much as one to crude oil washing This involves British almost certainly willing 

and &: ship's ni^ter.dressed in; “;BtM;"ih tbe^36iir';54nce the in- th e mighty Japan tvw> * ' raris both the cleaning out a dirty tank with to consider compulsory pollu- 

a lounge'siiit-jmd with hisinld^'oCl^Sii^Bhi^iant and xjne which annoum-ed that it force of the opposing case and high pressure oil sprays in an tion prevention measures 

case packed: ready to leavkthefee Garterpwiiig^ rase things had asked for a rescheduling of ae success of the immense atmosphere made safe by the (either COW or SBT) not only 

ship. , Dris ofl^r.lostrhls i liceau«'have^ com- some bank debt3 diplomatic effort which coun- presence of inert gas before for the big vessels, but for 

as a result of., the ensuing paaies wfclefeown20 percent The cost of the whole segrega- tries tike Britain have put into going into the load on top those between 20,000 dwt and 

inquiry, but ,by the time^thafc of J the; wotid:':tahkBr; fleet and ted ballast operation is put by winning support from Govern- procedure. Tanker men say 70,000 dwt At present the 

the hearing took place/ there ■'charter" in.piott<<5t '^e rest, the Organisation for Economic ments that have no passionate that after an oil hold has been British package says nothing 

had been.; another dozen acci* began tn publicly and ^gorously Co-operation and Development interest in the question one cleaned with COW, the affec- about tankers in this class—a 


dents. In one of -ftem/ ^ oil at $4bn to $6ba. and Britain way or another K is of special tionate name for the system, position designed simply to en- 

lives were^ lost r .when , the poUttiwnL:.. r • . says its own fleet would be faced note that most of the Arab oil V™ «d [.walk in the tank with- rage the Americans, whose 

VIDRAnrna AYntnflflil in nnrf'. vn ’ ‘ __K-. en_ . . _ ... rtf if* Rflllmp tlio lootTiow nnnoi-c I a OK of dA9D Water DOITS HULK PS 



was to p^Wish. a^wideTanging coadnsibntJlat after;tliXte years reduced carrying capacitff. Britain argues that almost and COW versus the American- Meanwhile, of course, the 

of proposals ftrt altering the;of :-'h tiespetate. - 'n^bottom The cost would have to be tbe environmental gains Scandinavian SBT. The out- American public without whose 

design of. tankers, for inspec- fright rates-because Of over- borne by Governments in sub- can be made by applying two come, unless the Americans pressure this conference would 
tion procedures, end crew .train.- capacaty .. in, "th^r../industry, sidy, or by consumers via a 2 existing anti-pollution tecb- take an uncompromising line, not be taking place, will prob¬ 
ing. -.The - direct. :ouieome;' of segregated- ballaste >«Bfered a per cent, increase of the price n iq ue s already widely practised will almost certainly be a ably be bored by the technicality 

these demands ;is to-day’s full- way cwt- Hms we fiase the en* of oil products. Ait least, that by the major oil companies. The hybrid of the three. It is, in- of it all. The environmentalists 

scale conference.- -Had it: not -w{ mnmAn.f»»U< tg nMtenkpr men is so unless the arguments of older of these is known as “load cidentally, fear of the Ameri- may be useful to the inde- 

aeen convened^ the U^. woukl of Norway. Sweden kiid Greece some independent tanker 0 n top,” whereby tanker crews, cans issuing a declaration pendent tanker owners, but the 



hese standards demands that all segregated ballaat^becapacity overjoyed at spending money to water from a ballast tank, allow oil trade into regulative chaos, oceans being polluted with oil, 

Jil tankers oWT . 20.0CK) deiad^ of all vesstis^afloit couM be cut bring relief to a group of clients the oil residue to settle on top which will most worry the it needs one which will convince 

■veight .tons (a minute ,si*e |or by between: W aod; 18-per-cent, who have caused them nothing of the water and return it to the diplomats during the coming the American public that it has 


achieved something. This is the 
point where the ofl industry 
reminds you that of the 6m. 
tons or so of oil released into 
the seas each year, only 200,000 
tons is a result of accidents to 
tankers. Indeed, only 2m. tons 
derives from marine transport 
at all. 

Statistically, the argument is 
.beyond xeproachr but it does 
omit the feet that there can be 
devastating consequences for 
the marine life and coastline of 
a particular area as a result of 
a tanker accident The collision 
of the American supertankers 
Venoil and Venpet off the coast 
of South Africa in December, 
serves as a reminder that such 
statistics could be doubled over¬ 
night Had one of the ships 
broken up, as seemed likely at 
one point 250,000 tons of oil 
would have been floating around, 
SBTs, COWs and LOTs have 
little relevance to that kind of 
accident, which in 85 per cent 
of all cases is associated with 
.human error. 

That brings us to the nub of 
a subject which fails sufficiently 
to interest a significant 
minority of shipowners and Gov. 
ernments. A second IMCO 
conference in the summer will 
attempt to draw up the first 
proper international agreement 
on some of these matters, but 
the insistence on and supervi¬ 
sion of certification and training 
by some of the flag of con¬ 
venience States especially is less 
than adequate, to put it mildly. 
Stories of crews who don’t know 
how to work fire appliances, and 
lifeboats that cannot be lowered 
because of rust are still com¬ 
mon. 

When it comes to dealing with 
straightforward navigational 
hazards, there has been some 
improvement through moves 
such as the new lane separation 
scheme in the English Channel, 


but at the same time as gad- 
getiy has become more sophis¬ 
ticated the appalling boredom of 
crewing a supertanker has 
created new problems. 

The Americans have been no 
less pressing on this theme as 
on SBTs in the past year and a 
list of improvements to 
standards of inspection and 
certification regulations will be 
adopted by' the conference 
without much argument this 
week. Likewise a British pro¬ 
posal to set up a flying marine 
safety corps to help out states 
lacking safety resources has 
wide support. 


Training 


There is a good deal of 
agreement with the Americans 
that tankers should have a 
spare radar, inert gas systems, 
emergency steering systems, 
and some kind of collision 
avoidance warning system— 
although there is a high degree 
of suspicion that fancy com¬ 
puterised hardware is not much 
good unless your crews are 
trained to deal with them. 

IMCO itself has something of 
a navigational boredom diffi¬ 
culty in that it has visited the 
waters of the SBT controversy, 
before. Its anti-pollution con¬ 
vention, adopted in 1973, said 
that segregated ballasts should 
be compulsory in all new 
vessels over. 70,000 tons. That 
convention has so far been rati¬ 
fied only by Kenya, Jordan and 
Tunisia—not the greatest of 
tanker owners. Maritime 
nations say it contains require¬ 
ments technically and economic¬ 
ally beyond the power of the 
industry. It is at least to be 
hoped that the London confer¬ 
ence wUl not overlook the 
question of what is manageable. 


Letters to the Editor 


Good luck to, 
Leyland:;' ^ 

r rom Mr. A. . Beard. 


of dvft-service pensions; should research has been inadequate begin to establish a situation after a day's work followed by a 
'-be raised from li: per,cent to 5 and has led it to wrong coaclu- where all members of society rush-hour journey. For 20 
'per cenL, when it is ^ohvious sions. have something approaching minutes my family know that I 

.fioin the figures of Ifie'past six Calls for “an end to the class equal opportunity. am incommunicado. Children 

Or seven years just- structure of the legal profession ” It is time to be truly radical and wife must defer their de- 

rom hit. a. aeam ■■■ ■ •-• -tobttt of at least 'SO-per cent, are particularly silly, the profes- instead of merely paying lip mands until Crossroads is over. 
Sir,—Everyone wUL- wisb' Mr,^ 011 ^— not i3 ^ inappropriate tor sion being open to all of the service to an attractive ideaL by which time one has revived 
Sdwardes well -In hig danoting the benefits obtained?- : ;- J - right character and level of Adrian Gray, 

ask of making Britislr LeyjSnd^: ^* 111 ^ slightly intellectual attainment, whilst 31, Russell Road, Wimbledon, 

nto a viable economic,company- ™!^ 6 " 0 * 15 suggestion.4hat the the suggestion that “non- S.WJ9. 

STo doubt tbe job cuts are^maHy Sun; AHiance' ^ni Lot&Jon (or graduates should be allowed to 
»ecessary and the-proposed a^lJerbaps some Tmatier subsidiary qualify” and that “premiums 

•entralisaltoa of the organisation' Vith a limited capitalT^submits (for articles) should not be per- 
vill' be Of benefit onceJ it has/ProP 033 !* for afi-.-index^iiiVid mitted ” show that the TUC is 
md time to settle down: Let-us policyto^the ^Govern- out of. touch with reality. Non- 

icpe he will be given time Actuary in which toe in- graduates past present and 

succeed. .. *V;\ deration cost’ is to be. met by . future have qualifled and may From iIr R Bcmvrit 

Unfortunately when oati&al-, a guarantee fund of 1J per cent, qualify as solicitors, and pre- hpt ™ PM i the 

sed industries dtf-not jirosROf salary-or e ven the 5percent mi urns have been virtually un- ^ 

»er the politicians responsible suggested by Sir. Geoffrey Hey- known tor two decades or more. ™ ™thSt the 

or them seem to assume. thaf-wood-to the Select Committee. My ^articled clerk is frequently 

'bat they need: is the indnstriaJr; .tohfecapari^ as toe guardian to be beard hummingMy old J 1 /^ 5 Tnlraprovld- metfiiS- 
■quivalent of a. general election:-^ ??«»ance; enmoany solvent man's a dustman. and she ^crSt during the mS 

. change of orgaoJsatiqn; 'new heiis bound presumably to com : claims that her grandfather was curing tnemia 

■bjectives;. afre^ooat of paiut/topnt and if will* be interesting a London cabbie . VfaS spa 

bey could'not bfr.mpre : yrotog.;to bkve some, such observations The TUC could not resist severe laCK 01 iai)Qm s p 


Airport 

options 


and is capable of helping with 
homework, mending fuses, and 
sympathising with the story of 
toe row with the milkman or the 
laundry. 

Quite possibly Yoga would 
have a similar effect, but Cross¬ 
roads is much easier. 

J. A. Graham. 

Old Ferry House. Hirer Lane. 
Petersham . Surrey. 

No automatic 
up-lift 


Vhat Industry' "natidn'aiiied "or/.available : which' ran be con- jumping on the conveyancing 


landing space 
There will then be 


From Air. S. Fisk. 

Sir.—John Philip in his article 

“InriarJink/uI nnviir Fnr hnmPS 



therwise, needs almost above all sidered . 

s long-tmm' stability! to Tunable Unit—and, . eventually by the of extending lay—representation tion to the effect of inflation on 

t to plan ahead. This,: unfor- Select Crnmnittee. ■ - • . »t tribunals, thus depriving par- fir° nun JL;:' ^jEStSy- the cost of rebuilding and what 

unately, has eluded j»or British Anthony Finsd., ties of ..hope of proper profes- JT*,. , SSwriSSS insurcd can do to safeguard 

^yiandJ Nerquxa, Mold, Clwyd. sional help through extension of “ the a “°““t w h ich. acTOnhmg himseii ag a . mst increases m 

Only a short time ago the coot-' legal aid, shows very clearly. Jo Miv Edwardra^ the Govern building costs, even to the extent 

iany was haying considerable -«t ■ i r with the other recommendations tn 1 * 01 a month! y up-lift. As he 

rouble trying,, to centralise Hs fnr $1 T1PW ^lat the TUC is concerned not B a “ a . 4 ™?“ T ° lir a states, a similar arrangement 

vage bargSiig - to, eliminate . J -” CU AU ' d uew to improve the standards of the succesrful branch of out trans- can bfi made for counts; it is 

abour troubles and improve pro- ; - ■ ■ . legal- profession and the courts po iI -Pan«■ it ln fact . advlsed b 7 insurance 

:uctivlty, while simiritaneousiy COHtTaCt bit .to-deprew them; no doubt The^ White “ MBMolek 

notoer- hationaKsed^Hndnstiy^ ‘ _ , ^ ‘ to. pave the way for its thinly clear that a major constraint on when, however, insurance of 

be National Goal . Boari was FrtimMr.J. English. disguised plan for a state con- air & P® r ®tioos <rrer contents is on the basis of 

lolng the opposite 7 to 1 order ^to Sir,—Your correspondent Mr. trolled national legal service. -England wj. 11 De .?® 2 ta Sr replacement at second-hand 

thieve the'saute- objective. -^.rv-T. A- E. Layborn observes With -echoes of G run wick. etc. especially jO£ nigni nying. it is there seems no sense in 



nent style. Botb systems -. ' Desirable, no doubt, but S. P. Best, 

vork perfectly ^‘“ essential,"'- no. No private-29 Ghitrdi HoadL 

ence or successfiti cxnnpahira'S.ec^ scheme dare go for full- Tunbridoe Wells. Kent 
hroughoiit -th^ /^orid. . using-' ibdex-iinldng. - No insurance. 

•ither system Ir eridence-of/this, company with a hope of staying 
iut the two systems ide'not mix: Solvent will -write such a scheme 
fanagens accustomed. jo- . work-.-save where.tiie employer has an 
ng m one env&onment may find open^nded commitment which 
t difficult, even ’ imt>«?ribie, to St ’cbnid not re^onsibly under* 
id apt to the other.. Change from take..- - - ' Fmm. Mr A Gran 

me system: to- the .other, there- “Inde*-]inking " was intro:' ’ „,.Jf- nat ; rYn 

ote, creates arblatos which may. duced in the public sector (which SiTw—The putrtication 


Tax and social 
justice 


intolerable air traffic congestion be lbe basis on which a claim 
hy declanng that the Channel wou ijj ^ settled. If an item in 
Tunnel would never be built It 1974 was worth £100, according to 
is precisely by the establishment g, e RPI jt wou]d nl>w be worth 
of a fast inter-city rail system- abQUI £160. but being four years 
between London and the traffic- 0 i d€r it could be worth less for 
generating industrial quad- insurance purposes than in 1974. 
Tangle ” encompassing Pans, j ltWnk one has ^ do it hard 
Brussels, Amsterdam and wa y and check values at every 
Dilsseldorf that it. would be renewal, and not adopt an auto¬ 
possible to reduce demand on 


_ . _ . malic up-lift Such an arrange- 

Oi LQ€ airport sp&CG in tD6 brester mont mav troohlpfrpp bui it 

Report (January 26) is London area. About £lbn. spent S cert^y te 


te^d^lS^wb^ wetcan« ev^t ins^ar p^ium. 

Eccleston Street. S.W.l. 



iir«ihkm m Mrirwffl-wdrfc r -. ; . _ eS«Sr:thr rtaV'hti: comft however, that even these pro- transhipment point would save 
What maxrv nshi' industry 1 ' must sav posals are less radical than us all a lot of trouble and noise 

lr^ is th?hSJ^?^obU^^- “ecessaiy when talking about the before the end of this century, 
lon For sochal justke This would also create much 

SeroSent A system which maintains the useful employmeut and. en- 

fa^ use of: a basic rate of tax on the couragement to our construction. From Dr. K. Paulus . 

bracket wftdje frg&- « J jS K in 5 _ .jld Sir, - M.y I offer Joe Rogely 


Unnecessary 

activities 



lir Anthony Bdwlby and Others them for non-indexed pensions: 

■ave suggested -ibat our dfficul- .wbereas already employed ^ ^r ri^lblv Beill ^ <mJrhameS - 

ies in fee,fielfi’of .industrial r^ Jmtid be given^feT option of ■ — 

atiops riem'ftom^the itwo party, sw^tdimg to "fee . new ^Srfi fSam^ntal defects ^ 

lolitical . system;.and-:^propose immediate.ralary:it they cave.-l^i^Sa iJS 
hat an Sectoral systembasedon' . SeSinked pension. 

iroDortioml so wish. They SL ia 

vould be beneficial. .One^ no gxeuse, shmdd 

ielp. wondermg.-if J not-‘switdi, r^bout^^ “ being^S^ '^ ^major problems From Mr. J. Graham. 

5^ , t ^ r . wtfetny taxation Astern Is feat Sir,—Winstonllelcher's article ihe case: 


.the days when being a secretary 
was largely a male occupation, 
as Mr. Rogaly seems to accept 
when, imprecisely, he refers to 

vecretary and secretary/short¬ 
hand typist in much the same 
.breath. -Those secretaries who 
still deserve the designation are 
increasingly hard to find, and 
they should be more adequately 
rewarded in all respects than is 

trvitete finrtffltriised with any taxation system is tatu air,—wiaswu jcietcuers aruuic the case. If the job were worth 

avwdance and these new pro- (February 1) “What the people while and paid well, and if the 
V^lTlseard, y*-, from boniglP the sky, would be d0 , n ot seem to have want” is both patronising and inequitable harrier to promotion 

VoodfieUL 
♦wiriten HiC, ''J 
Worksop. Not&. 


Crossroads is 
the greatest 


u ' « se ^ oat safeguards to inaccurate. # were removed, then it would 

prevent massive avoidance of tax If he-is going to wnte at length again become attractive. 


_ . nasals' .do not seem to have want” is both patronising 

--very real: " ■ J ' ■ ■ - - 

TOere.seems . ^ Tt rt ll r . .... 

.v«d«na£i0iLto4l» feet feat sfece .^’^ 1 ^ ea j^“ p " raeinibers 0 f gbout “Crossroads" he might "Mr. Rogaly assumes feat all 
.1 public sector pensions are pre- . ftnfiety (once again at the have done the elementary home- executives must be male and 
• -v wntiyijnto-Eakedjr mense : of fee lower income work to establish that it goes out a n secretaries female. He might 

' : ' . 1& ^ add] wife .fee system ^ manbers who' will be four times, not five times, a week. ea re to rethink his arguments if 

JLlj[U<lIUJ *“ ; r - ever.. ; I wouid^not^^for ®^, tebouniig under fee basic rate A minor point, but typical^ of - 

pensions 


. muvuuufi uuwm -iwv —■ <—r, —", -7 the tables -were turned (for 

... : moment suggest.. . .feat fee.;# deduction). Therefore, it is the slipshod attitude so prevalent example, if secretarial posts did 

Government-feould renege on better to search for a specific wife the modern journalist, and indeed attract more male appli- 

wpstinp ‘CftHtraete—-but must ~ mnanl ov-nanAI. nnt nnp hnnpc fnr in vnnr 


«*wting contracts—but roust 
r~ Mr A. Furse. J " V continueto mate .new ones? -■ 
Sir—The Sun Alliance and Jeffrey English. 

W on should have Uttie difB- Willis Parsons English. & Co„ 
-ulty In persuading fee Govern^ Sun Alliance House. 
nent featits adjustment to staff .Dean Par* Crescent, 
alarms and pension eontpbu-. Bournemouth. ... 
ions is after all whBn fee • “ " 

government , guide. lines . it - 
masts that they be related to ^ 
rue- actuarial - cost -or-the-.-tor ' 


wrong 


rue-actuarial -cost . ♦»_ _ ,, u 

iexed pensions granted to the 'ftDOllt mWYGfS 
2yfl Service and other jfetion- J 

flised bodies over fee last:fewiFrom the.Chairman, 

»ears. '- Asaocwtiott 


ritiher than a general expeadl- not what one hopes for in your cams), 
tore 'tax which falls upon an august paper. # It could be all to the good feat 

■itemfeat cannot be avoided by One reason for Crossroads' there are not enough of the 
-any members of society aod yet large viewing figures, which may kind of secretary Mr. Rogaly re- 
wtakfr ultimately allows complete not be immediately apparent, is fers to: it may just lead esecu- 
freedom of. choice in action and the relaxing and soothing effect tiros to question wbal they 
prevenfe.the build-up of massive of a programme which requires actually do. In many contempo- 
.fortunes through ^saving and no mental effort whatsoever rary business and service eo- 
inv e s t m ent” in property and from the viewer. As a graduate, vironment jobs are done, stacks 
land. bolder of a professional qualifi- of paper moved, records kept 

The fears expressed by fee so- cation, and a director of a pub- which are rarely essential for 
called left wing journalist refer- lie company, I am possibly not achieving the objectives behind 
r?d to by Mr. Brittan do not Winston Fletfeer's ideal of a fee activity at hand: and it is 
seem at all unjustified and only typical Crossroads viewer, but I usually left to the .secretary to 
a tax system which used 'as its am. nevertheless, an addict do them. Such status symbols 


The Government- .Actuary is: Sir^f accounts’.of fee TUC "base individual and corporate It is screened at fee prerise we can do without (not to men- 
oin^« *n h«. Twafttine the suffiiw-^evideaee " to fee Royal Commis-expenditure on land, whose moment feat I most want to relax tion “office wives”) 
Sn^ltthJ^la^adjiSnt- StmLegal Services are cor- ultimate value depends upon the - a few minutes after I get Kurt Paulus. - 
SSt bne _must conclude that TUC rvety existence of society, could home, often a Jatlte bit tense 22, Sumungdale, Clifton, Bristol. 


GENERAL 

Prime Minister meets CBr to 
discuss progress towards Bullock 
Committee proposals for worker- 
directors. 

President Sadat of Egypt con¬ 
tinues visit to U.S. prior to tour 
of Western Europe. 

Mr. Roy Jenkins, president, 
European Communities Commis¬ 
sion, and Mr. Gordon Richardson, 
governor. Bank of England, speak 
at Overseas Bankers' Club dinner, 
Guildhall. E.C2. 

Wholesale price index (January, 
provisional). 

Mr. Eric Varley. Industry Secre¬ 
tary, gives evidence in private on 
British Steel Corporation to 
Select Committee on Nationalised 
Industries. 

Mr. Ivor Richard, U.K. per- 


To-day’s Events 

manent representative to United 
Nations, speaks on “Western 
Options in South Africa ” at 
Royal Commonwealth Society. 
Northumberland Avenue, W.C2. 

Mr. Peter Parker, chairman. 
British Rail, is guest speaker at 
Coal Industry Society lunch, Hyde 
Park Hotel, S.W.L 
Lord Roil (chairman. S. G. War¬ 
burg and Co.) chairs conference 
on ” China and Britain—the 
Prospects for Trade? at Royal 
Lancaster Hotel, * W2. Other - 
speakers are Mr. Edmund Del). 
Trade Secretary: Mr. Edward 
Heath. MP; Sir John Keswick, 
vice-president, Sino-British Trade 
Council; Mr. Peter Marshall, the 


Council's director of trade pro¬ 
motion; Lord Robens k chajman. 
Vickers, and Mr. Kenneth 
Thorogood, executive chairman, 
Tozer, Kemsley and Miilbourn 
(Holdings 1. 

PARLIAMENTARY BUSINESS 
House of Commons: Private 
Members’ motions. Debates on 
broadcasting Commons' proceed¬ 
ings and on report of the 
Committee of Privileges. 
OFFICIAL STATISTICS 
Retail sales (December, final). 
Hire-purchase and other instal¬ 
ment credit business (December 1. 
Housing starts, completions and 
grants (December). 

CO MPA NT MEETINGS 
See Week’s Financial Diary on 
Page 31. 


Scandinavian Bank 
Limited 


Group Accounts 


Extract from Audited Consolidated Statement of 
Accounts 31 st December 1977 



1977 

1976 


£000 

£000 

Authorised Capital - 

25,000 

25,000 

Issued Capita! --- .-.— 

20,250 

20,250 

Reserves and Retained Profits- 

10,563 

' 8,039 

Total Shareholders Funds - 

30,813 

28,289 

Subordinated Loan Notes—. . 

15,750 

17,626 

Current and Deposit Accounts .- 

753,232 

638,722 

Cash at Bankers, Money at 



Call and Short Notice. - - - 

160,875 

142,207 

Deposits with Banks- - 

137,922 

131,730 

Loans and Advances 



(a) under one year • — — 

209,654 

191,882 

(b) over one year - — .. - 

270,934 

206,558 

Acceptances - - ..... ... 

31,112 

28,081 

Total Assets - - - 

851,889 

729,809 

Profit before Taxation - 

7,251 

6,503 

Profit after Taxation - - - 

3,739 

3,185 

Proposed Dividend__ 

1,215 

810 


The Bank will be pleased to send copies of the latest Report and Accounts on request. 


Scandinavian 
Bank Limited 

Head Office 

: 36 Leadenhall Street/ 
London EC3A 1BH. 

Tel: 01 -709 0565 
Telex: 889093 Scanbank. 


international Offices 

Paris Representative Office 

Madrid Representative Office 

Hong Kong Scandinavian Far East Limited 
. Singapore Representative Office 

Tokyo Representative Office 

Bahrain 


Scandinavian Bank Limited 
(Branch Office) 


Sao Paulo Representative Office 


New York 

Registered Number 949047 London. Bermuda 


Representative Office 
Scandinavian Finance Limited 










' -'•* •' J: - 




23 


COMPANY NEWS 


Watshams ahead midterm Expansion hopes 

at J. F. Nash 


TURNOVER FOR the half year to 
.September 30, 1977, of Watsham's 
dropped from £J,33m. to £l.07m. 
reflecting the transfer of the 
electrical transmission contracting 
activities to Hawker Siddeley 
Power Engineering last year. Pre¬ 
tax profits however advanced 
from £207.500 to £248,000. 

After tax of £124,000 {£108.000) 
and minority' interests of £13,000 
(£9.000). earnings are shown to be 
up from 4.1 p to op per 25p share 
and the interim dividend is lifted 
from 1.5p to 2.flop net 

The directors say they would 
like to increase the dividend to 
properly reflect the improved per¬ 
formance in recent years, and 
will, if permitted, recommend a 
linal dividend which would result 
in a substantial increase over the 
totals of previous years. 

For 1976-77 a total of 3.6075p 
was paid from stated earnings of 
J0.5p. Profits before tax came to 
£507.484. 

Mr. W. G. HaydaD-BsiJJie. the 
chairman, says that progress in 
the main operating areas in the 
home and export markets is in 
line with expectations. 

The company continues to hold 
large cash resources with which 
it intends to enlarge the group in 
areas related to its established 
activities, as well as continuing its 
jpleroal re-eouinment and invest¬ 
ment programme. 


BOARD MEETINGS 


acquisitions, take-over defences 
and general financial advice. 


Tlw loliotviiig companies bare noUBra 
du»s cf Board meetings to tie Slock 
EidKnc'f. Such nwvUiWjs are usually 
held for tbc punxise o! considering divi¬ 
dends. onicial Indlcjiiuns are not avail¬ 
able A-h.^h^r dividends concerned arc 
in:erims or finite and (be anb-divtaions 
shown below arc based mainly an last 
Tear's tuneiabf'?. 

TO-DAY 

Interims: Vibroplam. 

Finals: U.C. Invcynictits. 

FUTURE DATES 

Interim*— 

JCEOi . 

ML Holdings . 

Morgan Edwards .-. 

Finals— 

AC Cars . 

Crouch i Derek i (Contractors 

Glass and Metal .’. Feb. S 

Hirst and MaUiruton . Feb. 8 

Htmaktmg and Shanghai Banking Feb. 28 
Pennant! Invcsunenl Trust . Feb. 21 


Frb. 14 
Feb. 9 
Feb. 9 


Feb. H 
Mar. 9 


Confidence 
at Bakers 
Stores 


CURRENT YEAR trading Tor the 
first quarter up to Christmas of 
Rakers Household Stores (Leeds) 
was at a record level but Mr. 
Barry Baker. th*» chairman fee's it 
would not be prudent to make 
any forecast in view of the un¬ 
certain nature of. consumer spend¬ 


ing. 


The directors look forward with 
quiet confidence, he says in his 
annual statement, especially as the 
company is in an excellent posi¬ 
tion to take advantage of suitable 
opportunities for further expan¬ 
sion. 

As reported on .Tanuarv 13. pre¬ 
tax profits rose from £204.6-25 to 
£225,101 for the 33 weeks to Octo¬ 
ber 1. 1977. oh turnover up 

£2.53 n. against £2.1?m. The divi¬ 
dend total is the maximum per¬ 
mitted G.S47p (0.75p> net per lOp 
shared 

A .statement of source and 
apDlicdtion of funds shows an in¬ 
crease in building society, hant-, 
and c4sh balances of £127,779 
(£33.0641. 

Mr. Bilker says the results are 
satisfactory, having regard to the 
depressed' state of consumer 
spending, and the poor spring and 
summer weather in the year. 

Towards the end of the year the 
head office and central warehouse 
were transferred to new premises. 
The effect on trading was minimal 
but certain non-recurring costs 
were involved, ail of which were 
charged against the year's profits. 

The move has proved most satis¬ 
factory. and the extra facilities 
and Jarre increase in storage 
space afforded by the new build¬ 
ing. wifi prove beneficial to the 
company, jn particular by facili¬ 
tating future expansion. 


A professional revaluation of 
the company's properties was 
made towards the end of tbe 
period showing a surplus in excess 
of £300,000 over the figure in the 
accounts. The new freehold head 
office and central warehouse 
building was not included, but Mr. 
Baker is confident that, especially 
after further development, there 
will bo a considerable surplus 
over cost on this property. 

The directors consider that a 
large part of the sum previously 
set aside as deferred tax will not 
become payable in the foreseeable 
future and have therefore decided 
to transfer £207.000 to general 
reserve out of the previous total 
of £225,397. 

Reserves now stand at a rela¬ 
tively high level in relation to 
their company's issued capital and 
the directors, therefore, feel it 
appropriate to recommend a 
capitalisation issue on the basts of 
one share for every two shares 
now held. They also propose to 
increase the authorised share 
capital from 1300.000 to £500.000 
by the creation of a further 
2 , 000,000 shares. 

Meeting, Leeds, on March S. at 
noon. 


The investment department 
again increased its business and 
now manages 23 pension funds 
with assets exceeding £l00m. A 
successful offer was made for the 
Atlantic Shipping and Trading 
Company, an Investment holding 
company, enabling the depart¬ 
ment to offer a flora, portfolio 
of listed securities for the bank's 
clients, including pension funds. 

■International activities were 
rationalised and further de¬ 
veloped with the sale of the 
bank's interest in the consortium 
bank, Atlantic International Bank, 
and the acquisition of a further 
51 per cent interest in Etablisse- 
nient Financier de Placements 
SA, Geneva, giving loo per cent, 
ownership. In addition, the bank 
acquired 31 per cent of the 
shares of ED Sassoon Bank and 
Trust International of Nassau, 
Bahamas. 

Services in the UJ\. also were 
expanded with plans for CJ 
(Northern) to provide commercial 
banking as wei) os its present 
corporate finance services. 

The bank's range of services 
has been greatly expanded in 
recent years. Mr. Weils says, and 
it is well placed to meet the 
broadening requirements of both 
present and future customers. 

Charterhouse Japhet is a wholly 
owned subsidiary of Charterhouse 
Group. 


Downturn 
at Celtic 
Haven 


Confidently forecasting In¬ 
creased profits for the current 
year Mr. J. F. Nash, chairman of 
j. F. Nash Securities, says he 
hopes this will be coupled with 
the possible expansion of the 
group's activities. 

He reports that the group is 
now a much tidier operation than 
at any time in its history and he 
sees no reason why it should not 
go from strength to strength. It 
is expected that Galley Group will 
recover some of the ground it lost 
in 1977 and the other subsidiaries 
will maintain or Improve their re¬ 
sults. 

Pre-tax profits for the year to 
September SO, 1977, reported 
January 13, fell from £903,000 to 
£717,000 on turnover up from 
£14.87m. to £17.18m. Exports 
amounted to £LS5m. (nil). 

Members are told that the year 
saw considerable streamlining 
and strengthening of the group. 
Most of the associate companies 
and other minorities have been 
realised at satisfactory prices. 
There has been a major acquisi¬ 
tion—the 77 per cent interest in 
Reliant Motor Group; and a major 
disposal—the holiday parks 

division of Gailey Group. 

-Commenting on Gailey (Group, 
Mr. Nash says that its per¬ 
formance was extremely dis¬ 
appointing. After completing a 
reappraisal of the group's 
structure during the year the 
directors negotiated the sale of 
the caravan division's four holiday 
parks for a price of £1.67ul This 
sale improves the liquidity of the 
division and will enable further 
expansion in the retail side of the 


caravan industry, in which Gailey 
has greater expertise and can earn 
a higher return on capital em 
ployed. 

Assets and profits of Reliant 
Motor Company tthe motor manu¬ 
facturing subsidiary of the Reliant 
Motor Group) have not been 
incorporated in the consolidated 
accounts. The Board considered 
that the inclusion would create a 
misleading impression on two 
counts. Firstly, it would have 
had the effect of almost doubling 
the group's net asset value, pro 
ducing a figure of approximately 
200p per Ordinary share. Secondly, 
it would indicate that the other 
companies In the group were 
responsible for the borrowings of 
Reliant Motor Company. In fact, 
this is not the case. The borrow¬ 
ings are guaranteed only by 
Standard Chartered Bank: the 
Board having made clear from 
the outset that neither J. F. Nash 
Securities nor any of its subsidi¬ 
aries could provide finance to 
Reliant Motor Company or 
guarantee any of its existing 
borrowings. By the same token 
any profits of Reliant Motor 
Company should remain in that 
company to reduce borrowings 
and thus not be available for 
distribution. 

The assets and profits of Reliant 
Motor Group and its three engin¬ 
eering subsidiaries have been 
included in the accounts. Profit 
before tax for the seven months 
ended September 30. 1977 was 
£ 220 . 000 , compared with a profit 
of £360.000 earned in the year to 
February 23, 1977. 

Meeting. Birmingham, on March 
2, at noon. 


Financial Tlines Monday Febniary^e 1978 

NEWS analVsis^bo.c/A|rco - 


Will White 



BOG in check? 


BY STEWART FLEMING 


Charterhouse 

Japhet 

upsurge 


EARNINGS and resources of 
Charterhouse Japhet grew .satis¬ 
factorily in 1 £L/, with profit of 
IS15.000 after tax and transfer 
to inner reserve more than 
double that of the previous year 
i£402.000) says Mr. M. H. W. Weils, 
chairman, in his annual state¬ 
ment. 

During the 5 -ear ended Sept¬ 
ember 30. 1977, the traditional 
banking activities grew In volume 
and produced a substantial pro¬ 
portion of the overall profit 
Acceptances at the year end stood 
at over £26m. Fee income received 
in foreign currency, largely re¬ 
lated to oi] and energy activities, 
exceeded Sim. 

The trading dirision. which 
undertakes transactions in ster¬ 
ling and foreign currencies. Euro¬ 
currencies and Euro-bonds, again 
produced a record contribution 
to profits and tbe corporate finan¬ 
cial services department had a 
sucessful year earning fees from 
over 30 client companies for ser¬ 
vices covering capital raising. 


Reporting pre-tax profits re¬ 
duced from £44,859 to £3,015 for 
the six months to September 30. 
1977, the directors or Celtic Haven 
say that the full year figure 
should not differ materially from 
the record £102,000 of 1976-77. 

First half turnover advanced 
from £996,833 to £1.099.368 and 
profits were subject to tax of 
£4,655 (£23.342 1 , leaving a net 
surplus down at £4.280 (£21.547). 

As usual, the annual dividend 
will be considered in the light of 
the full year's results, the direc¬ 
tors state—last year’s net pay¬ 
ment was 0.29316P per 5p share. 

There were several contribu¬ 
tory cruses for the cut in profit, 
the directors report. Drilling acti¬ 
vity in the Celtic Sea was at a 
significantly lower level, with a 
consequent reduction in the con¬ 
tribution from the company’s 
supply base subsidiary. 

The market for early potatoes 
returned to more normal condi¬ 
tions and Little Haven Farms was 
unable to repeat the exceptional 
profits of the two previous sea¬ 
sons, while In addition, excep¬ 
tional professional fees of £11.832 
have been charged in the first 
half. 

Tile plans of B and I Line to 
move its ferry terminal to Pem¬ 
broke Dock in 1979, combined 
with the building of two catalytic 
cracker plants on the Haven at a 
cost of £365m.. is welcome news 
for prospects in the area, the 
directors state. 

Mr. Matt Sheppard is to suc¬ 
ceed Mr. James Rowlatt as chair¬ 
man. 


Bms AND DEALS 


£2m. Italian purchase 
for T & N 


Turner and NewalL through its 
subsidiary Engineering Com¬ 
ponents, has agreed to acquire 
the total equity of an Italian 
automotive filtration company for 
a sum equivalent to nearly £2m. 
Completion of the acquisition is 
expected in the near future. 

The purchase embraces FIAAM 
Filter and Denver Components 
Italia, which are situated in 
Mantova. North Italy. Though 
separate, the companies are 
managed as a single enterprise, 
the farmer handling both produc¬ 
tion and marketing and the latter 
being a production unit only. 
They manufacture and sell a com¬ 
prehensive range of automotive 
filtration elements, as well as 
liquid filter housings and air 
cleaners, for most European 
vehicles. 

Their range includes heavy duty 
liquid filter housings and elements 
for truck and off-highway vehicle 
manufacturers. They command 
about a third of the market for 
these products in Italy, and ex¬ 
port a fifth of their sales. 

In Italy Turner and Newell's 
automotive components division 
already has a 90 per cent, interest 
in Ferodo lt3liana„ which manu¬ 
factures brake and clutch linings 


and incorporates and Payen/HaUs 
automotive gasket division in 
Mondovi, and a 22.73 per cent, in¬ 
terest in SATAMV, a leading trade 
distributor of automotive com¬ 
ponents . 


Acquisition 
by Gilflex 
Conduits 


Agreement has been reached in 
principle for Gilflex Conduits to 
purchase from Key Terrain, the 
Key Electrical Trunking and 
Ducting Systems business only. As 
a result of this Reed Building 
Products, of which Key Terrain & 
a subsidiary, will ho*d 25 percent, 
of the equity of Gilflex Conduits. 


IN OCTOBER of last year the 
Boards of BOC International and 
Airco, its U.S. associate and the 
-third largest industrial gases 
producer in the country, met in 
Washington. 

Although a business affair 
Airco bad organised what, it 
hoped would be an instructive 
and entertaining programme -for 
its largest—and British—share¬ 
holder. In addition to the obli¬ 
gatory trip around the White 
Home it included a meeting 
with one of President Carter's, 
closest advisers, special Trade 
Representative Mr. Robert 
Strauss. 

To-day that meeting is cited 
by Airco officials as indicative 
of the friendly relations which 
executives of both companies 
agree bad then developed over 
their four-year relationship. 

Now. in a matter of two 
months that relationship has 
degenerated into bitterness, 
cynicism and distrust on the 
Airto side. The two top officers 
of Airco have resigned from the 
BOC Board, and at Board meet¬ 
ings of Airco in the past two 
weeks the British and American 
directors have exchanged angry 
recriminations. 

Thus, in a letter to Share¬ 
holders this week, Airco direc¬ 
tors, explaining why they are 
suing BOC and seeking to find 
another company to bid for 
Airco shares, will say they were 
astonished by BOCs decision on 
January 24 to announce, its 
intention to ambush Airco, BOC. 
had achieved a key objective of 
securing a 49 per cent, stake in 
Airco which put it m a virtually 
impregnable position to fight a 
rival takeover, and then changed, 
course. 

It announced on January 24 
that in effect, it wanted to tear 
up the agreement between the 
two companies. Under this agree¬ 
ment BOC had increased its 
share stake in Airco from 34 
per cent, to 49 per cent, hut 
instead of acquiring just lJSm. 
Airco shares at $43 per share 
BOC suddenly announced that 
it wanted to make an offer for 
all Airco stock in public hands 
at that price. 

Airco has rejected BOCs ex¬ 
planation for this change of 
policy—namely the heavy over¬ 
subscription of 6m. shares for 
the 1 . 8 m. it said it initially 
intended to buy. 

Instead. Airco argues in- its 
lawsuit that BOC deliberately 
misled it Airco claims that BOC 
intended to buy all or most of 
Airco’s shares even when it 
agreed only to make an offer for 
1.8m It says that among other 


things, this violated BOC’s fidu¬ 
ciary responsibility, as a major 
shareholder, to other share¬ 
holders. - ; 

The current situation between 
the .two -companies is ironic. It 
was late In 1973 when BOC 
acquired its 34 per cent, stake 
in -Airco at $20 per share. Then 
Airco was facing a tender offer 
for 20 per cent of its stock from 
another U.S- company Curtiss- 
Wright 

In the following three years 
Aiico's business, the sale of in¬ 
dustrial gases and fern? alloys, 
prospered. Earnings per. share 
rose from the $1.66 level in 1973 
to S4.68 in 1976, a period which 
saw sales increase from S584m. 
to S837m. The company paid out 
-a diminishing proportion of its 
earnings to shareholders how?, 
ever—in 1976 only 23 per cent. 

Last year, in pan because of 
the depressed conditions in the 
U.S. steel industry which takes 
about one third of Airco’s sales, 
profits stagnated at $55ffm. com¬ 
pared with $54m. in 1976. 

During this period of growth 
for Airco, BOC fought off a U-S. 
Government anti - trust suit 
brought bv the Federal Trade 
Commission. The suit aimed to 
for BOC to divest its 34 per cent, 
interest in Airco on the grounds 
that BOC could have come Into 
the U.S. market on its own and 
therefore the mirchage reduced 
potential competition^. 

Airco was anxious last 
summer to resolve the question 
of ROC's future shareholding; 

In 'December of last year an 
agreement was reached, but one 
which was probably not satis¬ 
factory 't:o either side and only 
secured ' after oainful negotia¬ 
tions: Previously BOC In Octo¬ 
ber had taken the trouble to 
organise a 8400m. line of credit 


from' major banks in case it 
needed to bid'for all Airco’s 
stock-. 

Unless one accepts BOCs 
oversubscription "• argument as 
the whole story, the company 
has yet to explain why it 
decided, with the 49. per cent, 
stake in its hands, to jeopardise 
Its relationship with Airco, and 
-its U.S.. foothold, by asking 
Airco to by-pass the December 
-agreement 

The sharp decline hr U.S.- 
share prices between December 
and January and the. continued 
fall in the dollar could -have 
been factors in what would seem* 
to be an opportunistic — Airco' 
claims Illegal — change of plan. 

The change could however, be 
critical. At the least BOC is 
running, the risk of losing some 
top Airco executives which it 
might .not .want to lose. 

But -if Airco is successful in 
the difficult task -of finding * 
rival bidder — “a white knight" 
in Wall Street -parlance ~ then 
the risks are higher. 

Airco claims-to be talking with 
prospective buyers and it is not 
inconceivable, given the rela¬ 
tively cheap price which Airco 
could be sold for to BOC, that * 
“white knight'* would appear. 
If so it will be an indication 
that it believes that lawyers will 
be able - -to substantiate Airco 
allegations. against BCXV or that 
Airco has a ebahee of jtersuad- 
tog" -the" Delaware courts-to- rule 
In its favour. :'7..'.T."-‘. ’? V " 

As one Wall Street esnert put 
it; in this,case the lawsuits could . 
go on for months.\ Otherwise the 
battle could well .be-over -to -a 
few weeks -and , BOGwill then 
most probably emerge more 
firmly to control ' of Airco 
although it inay have to pay a 
higher price than 843 per share. 




More support 
for Jaycee 
Furniture 


This announcement appears as a matter of record only 



PHILIPPINE LONG DISTANCE TELEPHONE 


US $ 105,000,000 
Term Loan Facility 


Managed by 

European Asian Bank 


Co-managed by 


European Banking Company Limited Banque Europ&enne de Credit (BEC) 

Compagnie Ffnancidre de la Deutsche Bank AG European American Bank & Trust Company 
Creditanstalt-Bankverein Soci6t<£ G&n&rale Soci6te G&n6rale de Banque S, A. 


Provided by 


Banque Eorop6enne de Credit (BEC) The Chase Manhattan Bank N. A. 

Chemical Asia Finance Corporation Limited Citibank N. A. DB Finance (Hongkong) Limited 


European American Bank & Trust Company European Asian Bank 


The Hongkong and Shanghai Banking Corporation Manufacturers Hanover Trust Company 

Morgan Guaranty Trust Company of New York 


American Express international Banking Corporation The Bank of Tokyo, Ltd. Banque Neonate de Paris 

Barclays Bank International Ltd. Bayerische LandesbankInternationalS.A. ^^AwaLimitc^ ^_ 

Credit Suisse Finance Limited Credltanstalt-Bankverein European Banking Company Limited 

First Canadian Financial Corporation Limited Girard Trust Bank IBJ Finance Company (Hongkong) LtcL 

Industrial National Bank of Rhode Island International Bank of Singapore Limited Irving Trust Company 

Jardine Fleming & Company Limited * Lloyds Bank International Ltd. Scandinavian Far East Limited 

SociGtG Gfcnferale Society GGn&rale de Banque S-A. 


Agent 


Banque Europ6enne de Credit (BEC) 


December. 197' 


The Industrial and Commercial 
Finance Corporation fICFC) has 
provided a 12-year loan of £400.000 
to Jaycee Furniture, a Brighton 
based manufacturer of reproduc 
tion antique furniture. The 
money has been used to purchase 
equipment for a new Jaycee 
factory at Eastbourne. 

Around 57.4 per cent, of 
Jaycee s output goes abroad, and 
the company has twice won a 
Queen's Award for export. 

Over the past 15 years. £629.000 
of loan-; has been provided by 
TCFC in several tranches to meet 
the needs of each stage of 
Jaycee's growth. 


Brit. American 
and General 


Total gross revenue of British 
American and General Trust ro^e 
from 1.35m. to 1.81m. For 1977 and 
net earnings for Ordinary stock 
advanced from 71S.SS0 to 
844,355 equal to l.Tlp il.ASp) per 
25p share. 

The dividend total 15 lifted from 
1.4p to I.QJp net with a final of 
Ip. 

Net assets stood al £25.69m. 
f£21.03m.) at the year end or 52n 
I43pl per share. 


BRENTNALL BEARD 


Mr. Fred Beard, the chairman 
of Brenlnall Beard (Holdings), is 
to be appointed president at the 
end of the company’s current 
financial year. 

The Shrewsbury-based inter¬ 
national Insurance brokers passed 
a special resolution at its AGM. 
This year is the chairman's golden 
jubilee. 


LRC—95% 

LRC International's rights issue 
has been taken up as to 95.53 per 
cent 

Shares not taken up have been 
sold at a premium and the net 
proceeds (estimated at 27.29p per 
share) will be remitted to entitled 
shareholders, except where the 
net proceeds amount to less than 
£ 1 . 


. SEVICO MONEY FUNDS 

;■ .(Saturn Investment 
- ' ■ Manage client Co. Ltd.) 


Rates of deposits of £1.009 
and upwards for w/e 5238. 
7-dav Fund %pa. ' 

Mon. 6037 

Tues. 6.023 

Wed. 6-OOS 

Thur. 6.014 

Fri./Sun. : 5.9M 

3-Mouth Fund 
Wed. 5.75 


LOCAL AUTHORITY 

BOND 

TABLE 


Animal 




Authority 

gross 

Interest MTtnmumLife of 

(telephone number m 

Interest 

payable . 

sum 

bond 

parentheses) 


—- 




% 


£ 

Year 

Barnsley Metro. f0226 203232) 

94 

4-year . 

250 

4-7 

Poole (02013 5151) .* 

Si 

J-year . 

500 

- 4 

Poole (02013 5151) .. 

9) 

4-year 

500- 

5-7 

Reading (0734 592337) ...:. 

10 

i-year. 

1,000. 

5-7 

Redbridge ( 01 478 3020) . 

9} 

4-year 

200 

5-7 

Southend (0702 49451) .—.... 

9 

j-year 

250 

3 

Thurrock (0375 5122) . 

9* 

4-year 

300 

4 

Thurrock (0375 5122) . 

10 

4-year 

300 

5-7 

Wrektn (0952 505051) .. 

-7| 

4-year 

500 

3 

Wrekin (0952 505Q51) . 

-.9* 

4-year 

500 

.4 

Wrekin (0952 505051) . 

a* 

yearly • 

L000 

■4 | 

-- ; -——s-r-r—— ---^- 


3! 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1,000425.000 accepted for fixed terms, of 3-10 
years. Interest paid gross;, half-yearly. Rates" for* deposits 
received not later than 17.2.78. 

Terms (years) 3 4 5 6 7 8 9 10 

Interest % 9{ 9* . 10* . 104 - 10J 11. Mi Hi 

Rates for larger amounts On request Deposits £0 and further 
information from Tbe Chief Cashier, Finance, for Industry 
Limited. 91 -Waterloo, Road, London. SET 8XP (01-4)28 7822.. 
Ext. 177). Cheques payable to “ Bank of England, a/c FFI.” 
FFT is the holding company for ICFC -an&FCL • ~ 


Interpace Corporation 


has acquired 


Allied Thermal Corporation 


The undersigned acted os financial 
advisor to Inter pace Corporation and 
as Dealer Manager of'its tender.offer . 


WM SWORD & CO 

INCORPORATED 


February 2,1978 


*3 




•- V- ■ 

• • y . 


i...- 






, : i 


dip The John Lewis Partnership : SSSSnSS; 


Estimated results for 

year ended 28th January 1978 

Sales rose by 18 *q to £437 million. 
Department store sales increased by 17% 
to £257 million and sales in Wartrose 
supermarkets by 20% to £172 million. 

Profit after interest rose by 25% to 
£29.3 million; because of an increase in 
tax the increase in profit after tax and 
preference dividends was 14% to £27 
million. 

Profit Sharing. All the equity capital of 
John Lewis Partnership Limited is held in 
trust for the benefit of the workers in the 
business. The profits remaining after 
taxation, preference dividends, pensions 
and allocations to reserves are distributed 
yearly among the workers as Partnership 
Bonus in proportion to their pay. This years - 
rate of distribution will be 18% (197715%). 




r 


John Lewis PartnershipLimitecL 
. consolidated results - 


7977/S 1376/7 
£000*6. 


*> 


Sales (including VAT) y 


.438,815 36£72T' 


Profit after Interest ' / 

29,295 .23^522^ 

Profit after tax and preferehce'dividerids- 

/ 26^68yT23 r 754- 

Pensions funds contributions ' 

Partnership Bonus . . . . v " 

Reserves 

4^99 v . .'4iM6^ 
f \8)82b ^ :6U9BC£ 

3" ‘;_._VrT- 

• .... ----- . . ^ •- ;; 






c&X. 












•JWi 














































29 



/ 


ry 6 1975 



. />• 5 '■■' : 'r. - .ifeCV' ;'j>r-.a l f: j-..- ."-' 


INTERNATIONAL COMPANY NEWS 


. . Fhr-jB^cwrreaienee^:^ some of the 

niore' ntijJoTiant camp^&SfriB^ -state&wite may be expected ; n 
tho next.^ T^efe.-^»vglK«&^Ih» tfffiewfeg Table. Th* dates 
? .- those jrf Jja^>gfe8^Trngi^n«itwrEf!^-; except where the 


shown Y 
fortfii 


*h j 


wring: Board •' meetings- tMaMfethtis?3 'hasebeen official £ 
l£k. •;!? -ShonM -fbe emphasised 'That; the.'dividends to be 
so. will -Dot-Mcesflffflyr-t*^ the"ammmts or rates per 
twcoluam headed ^ioBoahceHiemElaat Vear." Prelimi 
pront'fignres usually, aceottpai^r ^fiPa^.dlridend. riamuncements. 


Half-year peak 
for Lend Lease 


Increase in 
profits 
at Winsor 


BY LAURENCE STEPHENS 


SYDNEY. FEB. 4. 


By Daniel Nelson 

HONG KONG. Feb. 4. 


.--Vi.-.: A*atrtHie(p,. -- 

:T»*6( v:antar.tW' \„ t : 


■ »■-- _ *■).■ •. ■Announce'. 

.", we. meat bat 


LEND LEASE Corporation Ltd, review, they are now showing SdEJ^SSws 1 "“n V Slie“*Sc 


»• fis 

**• ’0 £*: ,** AW-'Mis;;. • «Ltos*“us 

■Vli 


the Sydney-based . property signs of recovery, the company L, K J“ ?Kf “ 

nhstantf. said. It expects to maintain a “SSSS.. ° *£“"£?• ??“ 


develnnor iwmwhia cjjbstanfi- 



Wetowort 

; Beasat.jttr.is; Paul - w» 

“ '■**-* * 4.422 


‘ecW . 


■Buflt of 

„ freUtel-., 
“Barclays Auk- 
Bartow HanO:. 


unist^. 

efcaac.'j 

elf 




•Camnatott. I w •--•/- 

VteJU .V^Mx.- 2 'FOuI 1X47S 


,*Uv Float PlKASO 

' t -Final 8.8&G 


Mp ' cts b”. industrial Conation'made an 

veaT anf i hg S unaudited post-tax net profit of 
profit of SA15m! HKS29.50m. (USSMm.) compared 
sis months to December 31, to for the full 12 months • v ^ Lh HKS27.94ra. for the corre- 

post a 23 per cent, higher net The interim dividend, which P enod o f the previous 

profit of SA6.95m.. a record for is steady at 6.25c a share, is ye H’ , . .. .. . 

thn_grouplnn imfrynnriyrnn.lt. nffnotlvnly M per cent higher and 

achieve 

______ ^__ _ for the 

reflected the benefits of un- Lend Lease's sales rose 3.7 per y ^1- s o 

developed land sales which cent to $A125.7m. while earn- KLJKS,.X 

reduced the book value of such ings increased from 11.3c to 13.9c f®f H Ff nL _ , on ? *“8 5 total 

assets to $Ai.78m. The net in- a share. The profit was after jStf. 1’ lls 

now of cash during the period tax or SA9.34in. ($A4J2Sm. a J 1 ** ft*fi*";“ ,°i 

was $A3.2m. year ago), interest or SAl.Olm. J|jf 

Although home sales were (SA722.000) and depreciation of ^ uL^ihn”??!! 1 - 

poor during the period under $A1^4m. ($A1.06in.). 


• iecdwS'T 1 ^ <> * S , The result-^he more'impres- because it will be paid oo an J J ^ T* 

• .. **vr* Tngt.jtorH; Final 1.475 sive since it came on a sales increased share capital, after a erpeits to 

, Gmup.JttE. 14 . niitisda^ ' - «f only 3.7 per cent— oo_c-forfivc scrip issue. lUSS.l™ 2 W p fit 

S.L r_fbitia.v.'.: i V '.-riuidaijuiiy stc. m. 4.«2» 


to 5^ 

! S S,J Ctto 

3 of 2 - 

f ^te J 
•ariaace, 
her. 

' b6 Ullk 
T a and j. 
f'ea £' 

46 whijj. 


Ccm «t %-■*! ";2» ~ • - «*«• tt»A r ^ -’?g jjfiifjiiui 1 » 

R®^»r .'C.-Mar.ie'.yaui - a . Si-SS* r.fyv'. . 


Vvim.. .V rt. 27 . Final 5JB1 feat 

.£"** —Mar.. 4 Finales 

•DxUacr .Fee. U- - -lat. 3.2SW - 

Debentarr- . . 

•:;. Cfrwv..w». iwioat »;*• 

•Decca .y« b. 8 lot 3 . 

“Dowry Croup .. Feb. 7 In*, we 
Ductile Stcds ,_Mir. 15 nu. 1.751* 
Eauica Prop, 

Ut..l 


_, 6 .BS rest 

Shell Transit. c3air’Jfi, .Final e.778 
Steeltey '13M1 3J75 

Smiley tB.1 ' _.1 
■ ■■ . inv^XK^^rb, Tf -me 1.63375 
TOUrn . fTb«L>iatac. 17 . TfcJd 1.519 


APPM holds recovery 


BY OUR OWN CORRESPONDED 


SYDNEY, February 5. 


.'Jft'-yioal 1X335 


broke through the HKSlbn. sales 
barrier, achieving a 19.4 per 
cent profit increase to 
HK$5S.S9ni. 

The company’s chairman. T. K. 
Ann said that it had not been 
an easy year for Hong Kong’s 
textile and clothing industries, 
with cotton prices rising threat- 


„„ - Fob, =3 Irrr, SJ> 

BMt -,._.iU»r.' S; irn: S.4T-* 

Fisww :• +star., 9 Punl oj\L 


ml 

*TfMf Bftmy.' 

- • •: ‘ Fital 5.6 

•Turner iPd' ' ■'••'-. ‘ 

4£«ralLJw«r.'-S-vFtm ZXSSI 
VDtimwr - 3-7*0*. 7.61 


- an ii* 
hat la»> 
otantiiti i 

J Wt. 

or» 

? courts Y 


VNHIV ~ ;-« r jS • am*** »■*»* 

. UiVob Ctom^.: Tntrtflvs. duo 

t/nfe«l. SisariM- Mar^ S ' R&lJ 2 L 66 M 
>UDT T7U.7-i.i^Fe6:;p ,Aat. hue 
UollcttJM] : „ 

•• PiabiJtar. 

•U.'a^OrtJwititre 

rrt«un«rlf WU,iX "S'*’? -Wason nSEiu&ti in 

t.rtodlaya -...Mar. la- Final 7 WooiiKtuih' ' *: 1 

HaD EftSDS. J ., itai. IS. Final.2J78 - tg nr.r.- M y . -ft ‘ffteal g.ra 


tf, r,.;*• —r* .•• »•• rtuat 0.7115 

Bf/ V “Kavisn and - 

CotoaUJ T*L..;Pptn. 13 Final 

•Guncra)- -- '••;.• 

Airtdoat- Mar. 1 :FuwUt 
Cillrtt BroR.'; 


FINE PAPER maker. Associated year would be higher than that pn inclv anri then shimnin'< 
Pufp and Paper Mills (APPM) achieved in 1977. The company Many buyers had held off be^ 
announced. a further consolida- is going ahead with a scaled- cause 0 j- uncertainties over the 
tion of the recovery it achieved down expansion plan at one of renewal of the Multi-Fibre 
in the past full year with a 20 its mills despite the uncertain arran gement and the renegoiia- 
per cent, net profit rise to industry conditions. 

$A4.37m. (U.S.$4.97ra.) in six Thu interim dividend bad 
months to -December 31. been raised from 4c to 4.5c a 

APPM, which shelved a s ^ are * 

|$A200m. 


-.... expansion programme ... . 

early last year, as a result of Nestie-ChambOUrCV 
the recession in the industry. P\R1S Feb 5 


tion of bilateral agreements with 
the colony's major markets. 

But 197S looked more promis¬ 
ing, with many major uncertain¬ 
ties removed. Mr. Ann hit out 
at t)w» “ manifest injustice." oT 
the Hong Kong-EEC settlement. 

Its long-term 
industries can 


jw et* 

ortr 

BOC |r^. 
eoiera ■ 
=rnl or : 
have ij.; 

1 ««i»: 


,| SS3Si*5£ti«i’V ~Vnu*u lif W 0 Ut 5Sl at g ob 2 ? 175 P? r NESTLE SA increased ‘itsVake ^ cmamenicd: *; 

- - | B sS5 0 f ul ca P ac,t y * n the P enod - t0 in Chamhounv SA. the food dama ? e tf * our u 

virthBremi. Mar. •<* jot. 4 . 6 S 3 fest. tarn rtneg matte ftaw rpaarwa. lachleve an S per cent, sales companv. to 59.4 per cent by not > ct bc quantified in precise 

increase at $AM.9m. purchasing 55.700 shares from te f n,s but textile and clothing 

Directors said that a modest non-resident holders outside P rices in the EEC countries are 
improvement in market condi- France, the Stockbrokers Asso- bound to go up." 

|tioos had been eroded by severe eiation said. The agreement, and that with 

competition from imported- The shares were bought at a the U.S.. however. would stabilise 
papers, a problem which had unitary price of Frs.205 Hong Kong’s textile trade with 


MINING NOTEBOOK 


It’s a decisive month 
for Anssie uranium 


BY LODESTAR 


FEBRUARY IS yet.another "de- erected jointly by the Buffclsfon- been the fast buck—and you've 
cisive" month for Australia's tcin and Stilfontcixi. gold-mining usually got to be fast—that can 
potential uranium miners. Co- companies. be made when a company, 

incidentally came last week’s Apart from the trade union oppo- especially a small one, makes a 
news of a new find in the .sition to uranium mining in mineral find or even just has a 
Northern Territory by the part- Australia there is also the great sniff of one. 
ners in one of the major known outcry from the environmentalists Mr. Paul Penna who heads 
deposits Hanger, namely Peko- necessitating the submission by Canadian gold and silver producer 
WaUsend and EZ Industries. the potential producers of detailed Agnico-Eagle, is someone who 
The great question is when, if environ mental impact statements believes that the fascination still 
ever some despairingly say. the which have to be open for public exists and he has thought UP a 
country's great potential In this comment. new way for investors to indulge 

vital component of the world's To-day is the last day for such in ii_ He is about to launch in 
energy requirements will actually comment on that prepared for tliac original country of the fast 
be turned to account. Panconlinental's big Jabiluka buck, America, a venture called 

At the moment even the present deposit. Long Shots Inc. 

sole producer, the RTZ group's Now the Government wjU have Tt has Uvo objectives. Firstly. 
Mary Kathleen mine. w to have its mvn lengthy tlunk lQ search for J ne „. m j nera j s 
perforcedly stockpiling its output about whatever^cnncisms have resources with Ro]A one of the 
and resultantly incurring an ever- been forthcoming, bo the whole . a . ceLS anf i then ro develop 

increasing burden of debL 5?™ K? ehh?r J? It? “ ” S 

big uranium deposits is still in a Qr se „ them for others t „ esploit . 


This is because, in spite of all 


mu dcluum;, in vi a it _r j.).., . _ j or sell mem lur umers e&i/iuii. 

Us protestations and those of its P° l of delai and 1 dec ' Secondly, lo trade in gold, silver 


Labor predecessor that existing 
overseas uranium cnniracls would 
be sacrosanct, the Fraser Govern¬ 
ment has bowed to union 


RECENT ISSUES 





*- -raj'- fc— 


“ Vr.i.. ;- .. . • • ■ r ^ K- ■: 

EQUITIES 


been aggravated by low levels (SUJ5.42.4). adding to the 26.700 H>we markets “for at least the 
[of protection from imports. shares Nestle alreadv held out of next five years, and will force 
Hie company’s report outlined the total 138.000 nominal Frs.100 Hong Kong further onto the road 
marketing problems In the shares issued. of trading-up and diversification.'’ 

particle board industry, which is Nestle will buy all Cham- The current low fibre prices 
another area of APPM's aclivi- bourcy shares, offered at Frs.205 would help manufacturers when 
ties, but directors expressed between February 6 and May 5 they used up. their inventory 
hope that the result for the full inclusive, it said. purchased at higher prices. 


4,1 The affair has sparked off a an ? base-metals, 
great debate down-under as to According to Mr. Greene of the 
who governs, parliament or the Toronto investment firm M. 

unions and the environmental Greene and Associates who will 

pressure and suspended all ship- 3,m environmental ^ hand , jng , h(? offer lhe jdea is 

Li^o^nav 1S ThaT t vmie ° n this 1 can’t resist an allitera- that instead of taking a narrow 

L ta hiTifepn Thte month ° ,C thw quote from Lang Hancock’s shot at one area Long Shots will 

is due to be taken this month. pon ^ nt .M ationaJ Miner: “We spread its risks over a broad 

But already the unions con- have 3 |j had en0 ugh of preaching area, 
cerned are in disarray over their p arl j es \ x *afBing pompous poppy- Mr. Penna is quite frank about 
intentions whether or not lo par- ^ f rom a plethora of pusillani- the risk clement saying that the 
licipalc therein. The crunch date mous parsons and piddling Pan- shares art only for those who 
n ou ^eems to be Thursday when £i oras _ _ the Fraser Government can afford to lose their money if 

ACTL ithedown-undcr equivalent jjjjoyjd j )e severely castigated for the venture should prove 
of our TUCi meets to decide wnat jt s weakness 3 nd for not govern- unsuccessful in its endeavours. 

I? A . Il . s , ' 1 ? * ia ' l / CJSb ing as it was elected fay the people The principals arc reported to 

Mr. Hawke, is reported to nave j 0 - be taking up a substantial pro- 

expressed the opinion that there As f or p a ncontinental shares, portion of the offer which is only 

is no hurry because demand for t j, ev [j nser at gasp and short-term of academic interest' on this side 

uranium rs decreasing. are ^jj] 3 political gamble. But of lhe Atlantic. Bui its reception 

Surely, if it is. there is all the patient buyer could reap the in the U.S. will be an intriguing 
more reason for the Australians reward in due course of the burst pointer to the future ability of 
to secure sales contracts as p f strength that would accompany the junior explorer to attract 
quickly ns possible especially as a go-ahead decision which must sufficient funds to survive in these 
their competitors ore hoi on the surely come along one of these days of the multi-national giants, 
trail. days despite all the present rising prospecting costs and the 

South Africa’s successful confusions. tendency for governments to 

activities in this direction were It is unthinkable that any become increasingly nationalistic 
once again underlined by last Australian government would in their attitude to domestic 
week's nev.'s that the Government decide lo keep such riches in an mineral resources, 
agency there Nufcor had secured energy-starved world perma- At least Mr. Penna has a 
a further contract for the sale, nently in the ground. reasonable track record in the 

starling in 19S0, at a "satisfac- One of the fascinations of Canadian exploration field. He is 

tory" price, of SO per cent- of mining share markets for the a firm believer that gold will 

the output of a nc.v plant lo be speculative investor has always continue to grow in value. 


miraumu. 
S>Tint |r 


,53 6-3 =-•*,-- 

; TtpjSr}?* 




250 

5A0 

■iOO 

1.0(111 

200 

250 

fifiO 

500 

500 

500 

1.000 


= fimdt 




1 52 | F.P. i27/l .r fiOXgl H..{(JU.- _B7 .1-J 8^' 6.1 



Money and Exchan 











Bank of England Minimum 
Lending Rate per cent, 
(since January 6. 1978) 
Fears that the Government's 
pay guidelines. could face stiff 
opposition from the miners and 


FIXED MTERESf STOCKS 






ivSfii 


;r-:C 


the Bank of England lent a large ference turned out to be of less 
amount overnight to six or seven interest than the foreign exchange 
houses, rather than buy more market expected, while the U.S. 
bills. trade figures for December were 

The amount of help was even rather better than generally 
overdone, but at least this helped feared. The dollar was fairly 
powerworkers. and the problem of to create an abundant supply of firm, with its trade-weighted 
industrial action by oil company funds on Wednesday. A surplus depreciation, on Morgan Guaranty 
tanker drivers, contributed to the was left in the banking system figures, narrowing to 429 per cent, 
nervous conditions in the London overnight on that day. as the from 4.59 per cent, 
money market last week. houses declined the authorities' Fears about the outcome of next 


\ "tOTTw 


-f 


iM t bri L- ' X 


■- -Sturt*"-' 


EPOSES i? 


tn 


It became clear from early offer to absorb funds by selling month's General Election 
U-or trading that there was no enthu- them Treasury bills. Another 
— Isiasm for a fall in Bank of small surplus was left to be car- Francc prompted selim 0 
England Minimum Lending Rate, ried forward on Thursday, and the French francs, which began 

New.York on Wednesday. The 


Strong demand for Molybdenum 


Shareholders in Selection Trust in teres is, although making a A max’s own quotations which 

will probably breathe a srch of bruising impact on the fourth must surely be adjusted upwards 

relier now that the 1977 results quarter figures, have not affected in due course. 

ire out of the wav for America's An,a . X o S distributions which again Meanwhile. Selection Trust at 
.ire out of the wv for Americas toral 8173 a share . 3S _ p have onc£ . agajn dipped 

Amax m >ihich the Londun nun- ^ nd Amax goes forward into under the 490p level below which 
ing house still has an important 397S with :i strong demand for it is usually right to buy them, 
revenue-producing stake. its principal product molybdenum Gut the stimulus that both Amax 

At least the previously in marked contrast to that for and ST really need is a turn-round 
announced hefty write-downs of many other metals. Free market in metal markets generally and 
the African copper and nickel prices are now way ahead of in that for nickel in particular. 


INSURANCE 


of 


in 


L>r da^iQQ; r.lvj- 

5100:F.F.| —■ ' 

. stoo'iso 
9 eiOO *.P. 


11 £100.1- — 

L - sioo; r.p. 


313 


. and fart£99; F.F. 

.V l^ K 

:0]-£< _ Fie.. 

id. 4/r *-*■ 

299U £19 I28rt 
- FJ. fl4/2 


•fV} 


ot^ 8% CmX«lPw^.. W- 1 i i with discount houses buying rates houses were picking up funds at 
itettey*ufy<>t«Kfe4Ws<a«i: ltiapj z.. Ior ^three-month Treasury bills well under 6 per cent for much 


Spj .I f or .three-month Treasury bills well under 6 per cent for much French authorities intervened to 

Ibe^teigstf t, ie faII . but xbe currency 




l&oint'fof • cut td‘ MLR; The main much more comfortable. The . . ,, _. .. . 

concern of the houses was to see houses also declined the offer 'of c * 0Red al around its worst level of 


________ 

24/31 iijjg 311 easing of the rate paid for bills 00 Friday, but the surplus the week against the dollar, at 

I 00 !|j. sB7g[ ' . ih J; .. up.. Vnri*b»c■82.;...^^.!l00a B i_overnight money, and to this ex- left must be set against to-day's Frs.4.91. compared with Frs.4.73 

kb 1 _-.1_:rf-__noft j. ; tent they .must be rather happier final cal! on ifrl per cent Trea- on the previous Friday. 

,ann • at the. end of the week than at sury 1999. c*«.i.n«r i«*t . 


h»-!..w«u .. _ 

iqd.| ioajjft4Bi wwVvUm . 

10112 ! loowy K' heot 


— BOO 

.;ioi 


Sterling lost ground on Friday, 

xrs'r aar-?—“-vr•-jJSS, : ■■■~|the beginning. Early February is orten a difll- on fears about the future of the 

in'-P- I - The . recent squeeze on the cult period for the houses, with Government's pay guidelines. It 

. ltopl *nrnit ioj'&Ito. Pref.*t— J104 ! ZZ I houses running profits, made them large shortages creted by heavy closed at $1.9410-1.9420, a fall of 

lto^ 'lflOr!;'iT»nH!*Wv v»ri»WeMBS—.__,1001 b | willing to sell Treasury bills to tax payments. A major factor 60 points on the week. The trade- 

relieve any day-to-day shortage of behind the difficult conditions in weighted index, on Bank of 

credit - The authorities bought a January was the payment of tax England figures, fell to 66.4 from 
large .amount of bills on Monday, however, and the situation this 66.5. , 

but not enough to take out the month can be expected to im- Gold fell $1} to SI74J-1751 

full shortage. There was some prove. following disappointment at the 

disappointment on Tuesday, when President Carter’s press con- result of the IMF gold auction 


I05b,- 61*: Uo ---- 

io&pf i04pjtrwt«fa«aw taou^.CinPrJPnrf~..— 


85*-1 8 
»i04* P .-*a 


“RIGHTS” OFFERS 


F**.3 

1975 


Sterlinx 
CerOftciMe 
of .lepiffltB 


Ibbii 

feUi 


p: 


<95 

ISO 
! 33 
180 
190 
; isig! 
162 ' 


It 


7.P. 

P.P. 

F.P. 

oil 

P.P. 

P.P. 

PJP. 


' 10 1 F;P- 
<21 nil 
,130 | Dll 
JAI.75 oU 

184 

171; 


Lrtert. V: 

Kanuo..' 

D-te • r 

• } n 


Wta 


Blgb t Ixrw 


31/li 24125, IZf 

5/fl 


Stool: 


10(3* 7* 
23‘li 27/2 St , 
24/81 10/3 
1S/1|. 10^ 220 


34/1,_ 

■ 6/1 10/2, 


117 (Ailtogtoo Motor...... 

16 - fCiWaorm_,.... 

33 , k/hrtMy bra».-- 

63 mbboi. teak, ot Aju-mllB..—. 

200 IKiter ladurtna 


i Orarnlgbt.... 

: days 9 oU«j_ 

< dipor ‘ 
rdays notice...! 


t /to rto** |^_ ^.1 Qua maoth^... 

• ■ rwa nKntiu.. 




6l2„ 13," j 12te. jJohBKia fe Union.... 


56 

.32 

,70 

10 


.66 


i. xu/au. uvs 

=j».a5SS 

17/21 “ 3/3 63pm! 
oil. I 10/21 ,:itWj JOpm 
P.P. |23/12? 

P.P. 1 3f2| ••• 3/3r w l 
F.P. 10/lJ. - aiS('-4D : }.3)l«>ltStaK v 
P.P- Jl6/l2i -27/1,9CT, Z-SL lUfranCilk 
FJ»-.[19/li; 16/M ■ lS-.:f.-D.' LteH. 
F.P. 112/12J 18/jl-PM ■ ! vxt < 


117 

69 

45 

40 

220 

13»« 

81 

39 


I Three month*. 

jflx menrhn..... 
Summon th... 

\ One year,- 

Tw&yealu- 


6«e-6i« 
6is Ole 

6:n-ei: 
7*0-7 U 
7*2 7% 


laierteok 


4-65* 


61*.65. 

51 * 5 * 

6 lfi 65s 

•4«n 
7.7l S 
7,V7S« 
75a 7Ja 


Ln»i 

AullioritA 

■lepnsiu 


Lta-e- Auib | 
rna;uii»iliir I 
hrmdn j 


Pinnni-e 

Hmr*c 

IVjjnsit' 


I L/IM.VUDt 

Cuintem "j n«irk« 
OcprwiU> j itajufrii 


Tiw*iiry : 
Bill* ■}> I 


EMsil-k- 
Unuk 
Bill* 4 


Fine Tr»d 
I JSilic 41 


6-6l a 




5»« 


3-6 


6 la -614 
6 ift^i* 


bie-6ia 

65B-6;g 


7^-71* 

850-850 


6i*-6ie 

6&g63e 

6na.t*e 

7ifl.6BB 

7i*.7Se 

7i0-73g 


6 I 4 - 6 I" 

6IB-65* 

618-63* 

6l"-03 4 

7-712 

71* 

8 


61* 

6ia 


63* 


53*-61g 

5fe-6 

6 

6-6' 6 


57-578 

5-? 

5,i-5^ 


6,ir6lB ( 
6 ,; : 
oU 

e.i . 


63;-67a 
6i; 

6M'6*'4 

6S 2 -63j 


+2‘: 


-wa 


8&>iin7£-:.'^K«datiia W.ocn',w._ _ _ 

J6 ■4^JtjC.'lnwinino*iil.~.-...- ( 


—-rH . |P;-^-l—* > 

71 IPriterfy-tAJfrwi}_;.I- 81 <—-I 


Local anihartUcs end finance bouses seven rtars' -noiltc. Olliers sr'Vcd daj-s' fixed. -Longer-term local amhoniy mortgage 
rale mrmiwanr three years SMS per cent.: four years 105-105 per cent.; five years I0!-I*J per cent. ®Banh Bill rates in table 
are bnrlng rates for prime paper. Buying rate /or four-month bank bills 81 per cent.: loor-month trade bills 8J-6J per cenl 
Appradoate aeSliaa rule for ooc-mootb-Treasury bills 52S3;-3lSio per ccm.; wo-mooih K7;s per ecru.; aud ihrec-momh 
5i-53Sya per cent. Appraxlmate selling rate for one-month bink bills 6 per cenL; two-tnomb 61 16 per eetil.: aud three- 
mnnfh bM 3» per ceuL- Ooe-moiuh trade bins BS-flt per cent.; two-momh 0? per cenL: and also three-mooib 61-61 per e-ni. 
• Finance Noose Base Rates /published by the Finance Rouses Association): 7 per cent. From February 2. 1978. Clearing 
Deposit Rates dor small auras at seven days’ nor lee! 3 per ccm. Clearlug Bank Rates for lending 6i per ccoi. Ti 
.Average r en der rates of discount 39175 per cem. 




FOREIGN EXCHANGES 


OTHER MARKETS 


GOLD MARKET 


w -r- w. ■ . . . i « 

B93;.j _I 288 


1 RenunciadorT date usmaSly.Tlta;tlaT. - for dealing bree .of stamp duty. 

/used or prospectus esttnuie: 0 Assumed dtvldaad«nd yjekL « Forecast dlrideat 
"over based oh previous-year's earnings; u Divfdmd and. yield based on prospectus 
j>r oilier* official wtUpatea for.;4»ML" u-Uross.^ t Figures.-assumed. 






••• - .. 

tenki 


Fet». 3 

Uni 4- 

1 _ 


* ! 


or convex®oa of Shares nos pm linking for dividend or . _ . 

tlvldonde. t Macing wide' (ohutblie.-i-px Pence unless otherwise Indicated; 'Is 


Market Knte* 


1M>*> 

Spreail 


.Vow fun... 

. _ Gofer alfews Sm«liS«7n' 

ranking only tor restricted 

.... ... . Jierwisa indicated. 11SBuod 

iy tender.. HOfferecf, tfr..inidera of OnUnaxy. shares as a -'rlghrs.” ••Right* 

>y way or caoHajlsatiOD. • p-Stlntnuun• tender price, ffReintroduced, ^issued 

,11 connection wrtth^-rcorgautMton nrtiger-or take-over, i'll introduction. □Issued —1 

10 farmer Preference' hokleiyi'-m ABoaneta - lrtiers rer fnUy-judd;- • Provisional - 

■ir.partly-paid allotment temurc:^Sb Wth warrants. - „ 


6lg!1.8520-1.95001 


Cloe 


I .VoM llaies 

Argentina. 1252. H252.5i.lrueiirlDa.il *00-1 MO 

Aiwuwiu ..11.8869-1.7110 Amiri*. 1 23-50 

nraj .1 .| At.53-3l.o2 (oclgiuin...! S2;-b&i 

FUnand....! 7.71-7.73 [Linwn.[ jfr-iB 


Fell. 3 


iJdUan-_ 

JJrto... 

I Varla.7._' 

itorkholm.. 

[v'ipnna... 

f djiricb.. 


US 

Bl 2 

8 

5 
15 
8 

till 

6 

91n 

8 

fl«i 


Gi-iil lluLMon.l 

.... ... . (■ line Muacej J 

lire,-cm. «9.M 71 J79 i Cb»i-I» „.S.l5*-2.I7i Cl—-.I5174IJ-17511-5I74I4J75 


7Ja|2.103-2.182012-1AM-2.1650 llonKK.rii-sjB.SZte.a.ttia'lXniii^rk..Ill97-11.27 ns-._._;# 174t» L 175U S175-1753* 


4.844.41 

62J0-S845 

llJOe-M.19 

4J84.12 
77.8O-78J0 
136.60-157.80 
1.878-1.632 
9J0-M.O3 
8.42-8.52 
8J8-3-DS 
455-477 


6im 29.10-29.50 
Hz! 5.79-5.8BA 


142-150 


Xeiliari'iiii 


|nm i og 'e 18V76.25 


f'nmw „_.i 3.50-V.I _ 

,473. 

74-79 Altem'n fis’gjS 175.25 
1700-1800 [(£90.372) 

Gul«t C.4u.,_| 

485-460 Uome-tiiL-allv 


;S 176.00 
I.289.813I 
•S174.85 
'.£89,657. 


• BASE LENOING RATES 

A3.N-. Bank 6J9&. 'C Ifoare^ Co. -J..t 6j% 

■ AUied-Irish-Banks;Ltd. - 6?%. - Juli a n . S. Hodge 7jJ v 
American. Express, Bk. 


6j% 
61%. 
61% 
9 % 


■005* 




3,5^ 


**■ 




61% HbBgkfing & Shanghai 

Industrial .3k- .of: Scot 

A P Bank--Lnt :.^..-.:..',' 65% Keyser.inimana.. 

HenVy :Ansbacti^rXv,;:.' 6|% : Knowsley & Co.Xtd.... 

Banco de Bilbao?;../.^ 6^% ., Upyds.Bank. —.. 

Bank of Credit &Cmcer - 6i% London & European ... 

Bank of CyprusBi% London. Mercantile...... 

Bank of NS.WV Bank- ...,. 

Banqae Beige Ltd.' /...v.: :6l%. ■ Sameel Montagu’. 

Basque du Bbonc ~ n T % ■'Morgan GreufeLL... 

Barelayr Bank. 6|% . National Westminster 

Barnett Ghxtitife -EfitAv^ ^--Jforwich-General Trust 
Bremar Holdings.rLtd- " Befson i Co. ... 

BriL Bankrdf Mid.'.East.'Rossminster Aecept’cs 
I Brown Sfiipley..-i~..,.v.- 6i% Royal Bk. Canada Trust 
Canada Pernraneht AFT•' - • Schlesinger limited ... 

Capitol C & C fin. Ltd. 9 % E. & Scbwih .. 

Cayzer Ltd. -... 7 % Security Trnst Co. Ltd. <*% 

Cedar Holdings..^-A% ; fbenl?y Trost ... 

I cHarterbodse Japbet..;- 61%. . Chartered .... 

C E. Coates .. 7i% Trade Dev. Bank. 

Consolidated.indite, Trustee Savings- Bank 
Cooperative. Bank:,,..,;* 61%... .Qenjury, Bk. 

Corinthian Securiliea^ . fij % . ; _Dnited3ank of Kuwait 
Credit Lyonnais Whiteaway Laidlaw - 

The Cyprus Popular BfcT ' M%,_ - - WiHiams & Glyn r s.. 


61% 

6i%. 

61% 

6j% 

64%-- 

6£% 

64 %: 

6i%, 

64% 


. Feb. 3 

KraiiLmn' Nw Tun | 

'riauisrurt.. 

' _ 

2.10J6-5G ! 

New 

4/.43-4b 



J52.10 68 

4J84-E86 

ttnnael*.... 

la. B-S 

i^-63 

London. 

4 .Q62-05J 

LteI-948 

AniW.Vfctm 

I0T.08&-11: 

tirM7-32 

Zurieb...;... 

84.232-6381 

1.9642-67 


94 
64 
61% 
6i%. 
71% 
6£% 
7 % 
64% 


• t J 


Duncan Lawrie .*.? '-V /%SSbi«. Bank .6i% * 

: Ea®il Trtist u» Accepting Houses 

English Transcont./..„v 8 % nbamiitwfc ■ 

- First London Sec&-..-.-'.~ 6 i%i«! r-tUv deposits 3%. i-mootii depnsus 

; Ftret - Nat.: Fin; CpjpM . 

- Prret Nat SecsTLti- r.iaar.'.'jteBdiki on sons ofxiMM 

■Antony Gibbs^ 

-Greyhound ’Guafantjo;. - 

-. Grind Lays Bank -—6>% vT' .OS ao>esK& ov er fi. 000 , r4. . . 

■ Guinn e^Mahon >,i... - - -1 Doaiuiii duxisii . : 

■ B&rabros B3tik. — -. .. B.l^-'tvjhiir'ialMi appbos u SM tiing id. 

■ ffiu Samuel,. ■ 5 64 % ' - - - Bees. ; . “ • ! 


LTHiics given are for convertible [rwtcu 
rtnandtU franc 63^543.45. 


|4.57*a-4.S8lg j.m.. 

85.50-55.40 Kuiralt,.. j 0.638-0.648 Idmntiiy.j 4J5-4.20 

,^11-18.11-1] LjuLtmli'rM, 63.50-M.4O riivccc_ 

Wa8i«-4a9i* Mau.\T.Ui ...-4.57i|-4.583eWlv_ 

1 n^0-7U0 NJ2e*«nii.,l.H8»-1.sfll24%lar*n- 

157.60-167.75 aauili amOi! 3.68-6.7B ' 

1.684^-1.6851 6laeM|<oreJ 4.B0/-4.62J 
8.96-10 JU rrfm..,.] 1.6718- 1.0B90)FnrUural... 

9.S1-8.62 0 J»..J Hiram ....... 

wire ^uiu’^Q.ll 2HW0O' B ‘“'l^'l‘^9'r 3) .1:2812-2912 

~K5. fcsu N.IMMI ’SA" 

O.81£-0.dZ£ — “— — - ---- — . 

Rale given for Argentina Is a tree rate. 




118514-1871* S187U-1891* 
ii£95i2-96i 2 i .£96-971 

JSS'JSS 4 Xen sov , gna.685i*-57i* .>6Sij-57ia 


Gnl.1 Olios... J 
ilnirt-iwt'llyi' 

KniuvmuxL. S180-182 

I(£92^4-935 4 i 

A" iv 9m r'jrui ;S5bl*-57 <i 

,[£28i;-29i3i 
llhl '5^-56 

(£27sj-28»i, 


S179.J-1813, 
•£92 >4-93 i*i 
SKW»7 
.£28>*-29i«i 

>331-551- 
i £2712 28i-i 


EXCHANGE CROSS-RATES 


... ,82693 t .2623* S2S9'*-262 U 


INns eiu>Miis ; b>u<lo<i .\jntl .I’m | iurifli 


FORWARD RATES 


to-aeoe f 3. 613 32 


S.08 09 ■ wjxl-eo ! 100,76-35' 
l.U4lWA» 44.25-3J ! 0.78^2 


.fine innnth • Three nemilia 


r ”*siw- ; u.io-« Y«u h OJ37L-uin-0.03.-iii>U.04ii.m-.U^->ll> 

. , |I«»M } 'J.4ho-4|to 48.5 248.0 limn ieai .|0.06iTjrn4).06c«lis 1 0.10c. pm-|*r 

'! , .7" i i 14.46-50 ] io.56-6) AuMlVtamil e. ptu-uar ^27r-11* c- |.iii 

' 4jJj-38b a^lj-riy Uiv«^l«...'iuir- 10 e. tjia <rur-10 c. dl- 
rtrtK — t>s ^iI4.4lD4to IViji illii^u.8-10 ure dis ;232-25I mv >lis 
Frankfurt jlSa-Sa pf. pm [43*-3-* pf. pin 


tf.bl 62 ' aj A>40 


U.S. 5 lit T'iroulo L'.t 1 . S=110^2-S6 Cauadlaii cencs. - 
■OuBuikn 9 la X** Y.irk=9119-21 i-enis. I-’.*, S m lhiaaa67.S0-S6L2D, 
. sibling In Milan K&JU-ltfA.OiL 


V. 


-fjvtuvii.SS-llO ilik 30-640 C..||» 

3Ih.I]-|. 1 ...’60-140 e, .llu 390-470 l-.-Iis 
M ilan..... 10-18 lire dii 57^45 lire tils 

tisiu.Ata-6ij ore .fifl ,17 18 ere tils 

F>n- .7t*-B>*e.iiu 1 19/-20] r. nia 

ritorkli'lm |3-b ore dL-. 10;-12; .ire dla 
Yunna—..;2-12 grb pin <5-27 un. ilb 
Znrli-li .....:2Aa-l38 c. jmi {7-6 e. pin. 


EURO-CURRENCY INTEREST RATES 


Six-month forward dollar 0.13-D.05c pm 
r-uionth O.KHIJOc pm. 


Eeb.3 .. 

Alerting 

LfeimdUii 
Dnital- . 

i 

U.-.lWiui 
. 1 

UuLt-ll 
(«iii«ln . 

MI'IW 

Ira he 

| Sl.ticrnuu 
< muri 

Viban tend... 

_ 

6U-7M 

64,-7 ; 

D18--S8 


{ 27 e -3 

t dui BavU-v 

- • 

btg-712 

«>i4-7 1 

5S6-6ia 


1 SJa-S 

MOnfa.. 


6->*-7ift 

6; B -7l H | 

H6tf47a . 


! 2vg-3 

1 Throe ranaUlfc! 67 8 -75b- 

OtB-514 

4««-7«e . 

45a 43g 


1 2:-:.-3,‘_ 

j nwmtu_ 

Tit’*!: 

7«4-?5b 

75a-7/ B 1 

41 2 45j 

lJa 1*5 


UnaiWh. 


78a-73| 

lh-8 • 

4fljO 


1 V.-i,-;. 


CURRENCY RATES 


Euro-Krenrtv depo»i rates: iwiwlay I3M3I per cvnl.l 
l.:- (uw-moflUi iSi-15; par ccm : r 
per eem.i one year 13--14] per oeflt. 



Specie- 
Drawiflj 
Rio m « 

European 

U hit a 

Arronn 


February 4; 

Februatj- £~ 

St«rtlJI({.. 

0.626870 

0.630641 

L‘.s. iiollar.^.. 

1.21281 

1.22260 

Iniiffiiiui. 

1.34476 

1.35461 


eeul.: oomudbUi IK-1 « P«r ccm : fhn»m«lh 16-133 per co^'^non^Ni-Hi ^ian Tram'!: “'JJ|? 

_ . . ' DanNi knme.i 

Lang-ierm Eurodollar aeposusi iwo years i-8i per thrre years Sli-SSia Oenlwheinari 

pw ■ ccul; four- yearn SiK-S5ft per cent.: five yi?ors S5i6-87 ]t pit ccm. Lim-li tjull-ler. 

The RtQbvUiC wnilsal rules were qunlcd for London dollar ortlHiaies of denoMr 

on*womb 8.88-7.80 per ceni.: three-month 7.13-7JB per cciil: suc-raomh T.4S-7.53' I . t " ll,n l ‘ T1 .. 

ver cenl.: Dne-yesr 7.70-7.74 per cwt, Japaucve j-po.i 

• Kates are nominal caU/ag raws. Mj«?iS 

'. taiort-rerm rales are oil for filcrling, U.S. dollars and Canadian dollars: lira 
days* TujUce .ftc guUders' and Swiss Iran$s. ...! 


6.84031 

2.56187 

1!.73125 
5.93064 
1.082.63 
293.197 
6.21323 
98.1163 
6.64320 
htrtfriim*-....j 2.38802 - 


10.4530 
39.8628 
6.99080 
2.31308 
2.75342 
5.97500 
1061.53 
293.357 
6.26971 
96.666X 
5.68251 
8.40346 


Brokers should offer client 
choice of motor cover 


BY OUR INSURANCE CORRESPONDENT 


of these 
only for 


IN RECENT years there have of insurer at all. administration costs 

been a number of surveys deal- Probably it is that same one incidentals, charging 

ing with the public, attitude to broker in five who admitted that any extra risk run (except in the 
insurers, the cover provided, the the commission rate paid by in- handling of motor cycle busi- 
rates charged for particular surers influenced his choice— ness), the question the motorist 
types of risks and the public's although on this point one sus- might ask his broker js why 
assessment of individual in- pects that some of the other SO such a charge is necessary— 
surers' claims service. per cent, were being less than unless and until commission 

But so far as I can recall, until completely honest in answering remuneration is abolished and 

the recent survey of insurance the question. the broker has to live by fees 

brokers, commissioned by Sentry So long as there are differences alone. 

Insurance, no one had thought to in commission levels then there Interesting is the Brokers' 
use recognised opinion sampling must be this unsatisfactory con- majority support for the use of 
methods to find out the views of flict between the broker’s self- standardised, on-the-spot motor 
the broking community. interest and his obligation to accident report forms, like the 

Breaking this new ground, provide objective advice to his ‘ Constat Amiableused on the 
Sentry arranged for Louis Harris client Continent and its English equiva- 

International (in consultation m os t brokers reckon r.n help- lent used b Y General Accident in 
with the City University Busi- j ns their clients not only with “J® part ? of ,his countpr. 
ness School) to conduct a series putting forward claims to their . 1 can p m Y recommend those in 
of personal interviews with chosen insurers, but with making your to try to complete such 
directors, partners and other claims for uninsured losses 3 f ®L rra »!F. P? ur f n 8 ram a b usy 
senior staff in 156 insurance against other motorists and their w?iip h ffiilS^^.ntnrirt^^n 
broking firms picked out from insurers.. Rather more than four S?”? feIJow motorist t0 do 
9,000-odd who have their names out of five brokers provide this lu ^ w, * e ' 
and addresses in the Yellow Page service, but some, around one 


The message that continually 


----- —- ------- - —o- an v ilc, out Mjruc. diuuiiu uiic - _ 

telephone directories: the later- i„ fiTe , admi , „ ebar-ing their 


viewing was carried out during clients a fee. 
a six-week period in December it is surprising in 
and January a year ago. stringent .financial times that 

If the broker is la provide the fee-charging for this service is 
service th3l bis middle-man post- no t more wide-spread: the time- 


ing public is that the individual 
fh just does not want to pay one 
lue - e penny more for his motor cover 
than he is actually obliged to do: 
it is clear that at each renewal 
a percentage of motorists shop 


«»" should surely cost factor ; laWns a small ^ ‘ “r'’rt«pe' 7o«r rvbiie 

c°boT=e th o e f SIS Ve erpS r t h: J5Ht -•..1 —• 


differences in cover and price, insurers "ZZ bo ZLt *«£ "dacc’co^^rwTs^pr^iun,^ 
in service and reliability between which is more than the broker i T is cu ri 0 us therefore lhar the 
the selected insurers and, if will get by way of commission, majority of brokers questioned 
a5 i» .? ve «j P °f ,tlve a ® v,ce * Twenty-seven per cent, of think that insurers should offer 

But the Sentry survey shows those questioned said they some- as an optional extra, for addf- 
that Hus time last year only / times made charges for other tional premium, cover for car 
per cent of brokers were using services, for example, docu- hire while the insured car is in 
the computerised premium-cover mentation on change of vehicle, for repair following an accident: 
comparison services that are provision of additional cover two-thirds asserted that there is 
available, while one broker in notes, arranging for overseas a demand for this kind of cover 
five, following Henry Fords cover. —all one can say is that this 

dictum about choice of car As insurers themselves have demand Ls not being communi- 
colour. gave his client no choice always reckoned to absorb the cated by the brokers to insurers. 


Western.American Bank (Europe) Limited 

is now 


Bankof lokyo and Detroit 
(International) Limited 


Shareholder Banks: The Bank of Tokyo, Ltd 

National Bank of Detroit 
California First Bank 



Bank of Tokyo and Detroit 
(International) Limited 


18 Finsbury Circus, London EC2M 7BR 
Telephone: 01-628 3000 Telex: 883254 

















































































FT Monthly Survey of Business Opinion 


© Scaiisdeal Material Copyright Taylor Nelson Group- Ltd. 


GENERAL OUTLOOK 

Optimism about home demand 


GENERAL BUSINESS SITUATION 


4 monthly moving total 


OPTIMISM. ABOUT the general 
business situation had improved 
in ail three sectors interviewed 
last month and especially among 
stores and consumer services 
companies, 

In the latter sector, the 
improvement was based upon a 
good Christmas sales season, 
upon the signs of an upturn in 
consumer spending during 
recent months, and the helief 
that, with rising disposable 
incomes, this would continue. 

In electrical engineering, the 
increased optimism was based 
upon evidence of growing invest¬ 
ment intentions in industry as 
well as upon (he signs of a 
recovery in consumer demand. 



1972 73 ’74 '75 


more optimistic about the out' 
look for the U.K economy 
generally. 

These hopeful signs were off¬ 
set, however,' by growing worries 
about export prospects. On bal¬ 
ance, electrical engineering com¬ 
panies were expecting exports 
over the coming 12 months to 
be higher than last year. But- 
the hardening of sterling 
exchange rates, the shortage of 
customer liquidity, delivery 
times, and local competition in 
European markets were all 
cited. 


Oct.- Sept.- Aug.- July- 

|an. Dec, Nov. Oct. 

• % % % % 


u " " These points were made in 

The stores and consumer ser- the other two sectors, together 
rices and the cars and con- with the less optimistic outlook 
turner durables sectors were also for world trade. 


Are you more or less optimistic about 
your company's prospects than you were 

four months ago ? _ 

_ More optimistic 

_ Neutral 

_ Less optimistic 

No answer 


EXPORT PROSPECTS (Weighted by exports) 

4 monthly moving total 


Over rhe next 12 months exports will be: 

_ Higher 

_ Same 

Lower 


January 1578 


Elect* Consumer 
Eng’g. Durables Stores 
% % % 

59 77 69 

41 23 U 


.. Tothe HoMeaes of,' - ; ^ 

' 1 jusco 

6% ConvertibleBwndsX)uel992« ~ 

• NOTICE OP PRES ETSTRTBtTHON OF SRABE8. 

AKD._ -- *- 

ABTOSTMENT OP CONVERSION HOC&. • - •' 

Pursuant to Clause 7(B) of toe Trust VeeS 2$,1977 

■under -which the above described Bonds were issued, you are 
hereby notified that a free distribution of 
at th l rate of 1 share each 10 shares held wiUiemfide to 

Sfa 4 s a°i2St 0 of^?h distribution, the Conversion PncsatVh^ 
shares are issuable upon conversion of stud Bonds will be adjusted 
pursuant to Condition 5(C) of the Bonds &oinl307 6 Japanese 
Yen tolISS.7 Japanese Yea effective as of the close of business in 
Toksoen February 20,1878.. . . 

jusGOca,i/m. v 


“ — - Bated: February 4,1978 


January 7978 


Oct- 

Jan. 

% 

Sept- 

Dec. 

Aug.- 

Nov. 

% 

Juiy- 

Oct 

% 

Elect Consumer 
Eng’g. Durables 
% % 

Stores 

% 

79 

83 

86 

39 

100 

76 

50 

10 

10_ 

TO 

TO 

— 

6 

50 : 

11 

7 

4 

1 

— 

18 

— ■ 


ORDERS AND OUTPUT 

Retail sales lead the way 


NEW ORDERS 


THE STEADILY declining 
trend of “ ups ” over “ downs ” 
for new orders was reversed last 
month, and at the retail end of 
business the change of trend is 
expected to continue. 

Most firms in the stores and 
consumer services sector said 
they expected a continuing im¬ 
provement in consumer spend¬ 
ing and in consumer confidence 
over the next four months. They 
based this un the potential 
recovery in disposable incomes 
and particularly in discretionary 
spending. 


Order 

Books 


btaa«fDpTO' 3m!i 

1972* 73 ' ’ '75 75 ’T7) 


In the cars and consumer been much slower, although 
durables sector progress has some companies detected signs 


CAPACITY AND STOCKS 

In better balance 


of more money around for 
certain types of durables. 

The trend of new orders had 
also improved in electrical 
engineering. This was based 
upon rising investment inten¬ 
tions as well as upon an im¬ 
provement in consumer 
demand. 

In this sector, and in stores 
and consumer services, the rate 
of deliveries had improved. But 
few firms had thought the 
change sufficient to raise their 
production forecasts for the 
next 12 months. Indeed, the 
median output forecast dropped 
back fractionally last month. 


The trend of new orders in the last 
4 months is : _ 

_Up, 

__ Same 

_ Down 

No answer 


4 monthly moving total 

Oct.- Sept.- Aug.- Jul 
Jan. Dec. Nov. 0< 


PRODUCTION/SALES TURNOVER 4 monthly moving total 


THE QUICKENING pace of ' 4 " ~ 

activity in the consumer goods ^ Factors Affecting 

sectors has led to sume increase Pi»nrixM*Mnn 

in the number of companies 2o£- » ITWHICDOIl 

which say they are operating A 

at or above planned rates of + /|\ 

capacity working. 0 rT p 

It has had an even more 
marked impact upon expecta- zo * T 

tions about stocks during the jj \ 

next 19 months, especially for _Y^ l- 

stocks of raw materials and to V V ih 

a lesser extent work-in-progress * bwgrinfogsfft H / *1/ 
and finished goods stocks. ^ " hors lea wrap* yj/v 

Even more significantly. t ( , 

perhaps, fewer firms are now 80i ®72 '73 74 '75 16 77 
saying their stocks are too high — ^ 

and many more are saying they 


tarqcTotiigsfffr 
60 * " bcUrs ks wrap* 
criagaritn. 


are about right. As a result the 
. all-industry figures for “too 
high " 3nd “ too low ” are closer 
to being in balance than at any 
time since August 1974. 

The recovery in consumer 
spending has not yet altered 
the balance between demand 
and supply constraints as fac¬ 
tors affecting current output. 
The significant features of this 
table, however, are the 
relatively large number of men¬ 
tions of labour disputes and 
shortage of skilled factory staff, 
and the growing volume of com¬ 
plaints about difficulties in re¬ 
cruiting or retaining executive 
staff. 


Those expecting production-sales turn- 

over in the next 12 months to: _ 

_ RUe'over 20% 

_ Rise 15-19% 

_ Rise 10-14% 

_ Rise 5-9% 

About the same 

_ Fall 5-9% 

No comments 


STOCKS 


Raw materials and components over the 
next 12 months will; _ 

_Increase 

_ Stay about the sam e 

__Dec rease 

No comments 
Manufactured goods over the next 12 
months will: _ 

Increase 

_ Stay about the same 

__ De crease 

No comments 


Oct- Sept- Aug.- July- 

Jan. Dec. Nov. Oct 

% % % % 


A monthly moving total 


Oct.- 

Sept.- 

Aug.- 

Jan. 

Dec. 

Nov. 

% 

% 

% 

43 

_30_ 

31 

48 

56 

54 


January 7978 

Elect Consumer 
Eng’g. Durables Stares 
% % % 

99 77 64 

T 23 25 

— -T“ IT 


January 1978 

Elect Consumer 
Eng’g. Durables Stores 
% % % 

26 3 9 

16 SO — 

55 — 2 

1 47 24 

2 — 65 


January 1978 

Elect Consumer 
Eng'g. Durables Stores 

% % % 

70 54 76 

30 23 24 

— 23 — 


FACTORS CURRENTLY AFFECTING PRODUCTION 


monthly moving to tal_ 

' Sept- Aug.- July- 

Dee. Nov. • Oct. 


Ja nuary 1978 
Elect. Consumer 
Eng’g. Durables Stores 


CAPACITY WORKING 


4 monthly moving total 


January 1978 


Above target capacity 


Planned output 


Below targ e t capacity 
No answer 


Oct.- Sept.- Aug.- July- Elect. Consumer 

Jan. Dec. Nov. Oct Eng'g. Durables Stores 

% o/ cy a, o/ o/ o/ 

A t _/o_ ft _ At _ At _ A t 

12 13 . 13 16 29 — 1 


55 52 49 54 70 53 


32 34 37 28 7 47 19 




_ Nome orders 

_Exp ort orders 

_ Executive staff 

_ Skilled factory staff 

_ Manual Labour 

_ Components 

Raw materials 
Production capacity (p l ant) 
___ Finance 


_Ot hets 

Labour disputes 
No answer/no factor 


INVESTMENT AND LABOUR 

More jobs in prospect 


LABOUR REQUIREMENTS (Weighted by employment) 

____ 4 monthly moving total 


BOTH the electrical engineer¬ 
ing and Ihe stores and consumer 
services sectors were more in- 
dined rhan they had been last 
September to say that they ex¬ 
pected lheir employmeni levels 
to increase over the next 12 
months. As a result, the balance 
uf " ups ” over '* downs> ** is now 
larger than for over a year. 

It remains to be seen whether 
this trend is sustained when 
other sectors are re-interviewed 
during the next few months. 

What is interesting at this 
stage is the answers to a ques¬ 
tion on the factors currently 
affecting employment levels. 
This has now been running long 


Jkidltgrt 

| Labour 
\ Requirements 


. . UpWDwh Y - 

' -P‘4 I r' I _I_ L—J 

1872 ’73 *74 ’75 ’76 777» 

enough for an analysis to be 
made. 

In all three-quarters of the 
firms interviewed in the last 


four months (weighted by em¬ 
ployment; cited difficulties in 
recruiting staff with suitable 
skills (28 per cent.), ihe high 
cost of labour in relation to 
profitability (26 per cent.), or 
the desire of existing staff to 
work overtime. 

Nearly three-fifths mentioned 
the potential cost of redundancy 
payments (32 per cent.) or other 
aspects of employment legisla¬ 
tion (25 per cent.). Exactly half 
cited plans to improve 
productivity, 40 per cent, men¬ 
tioned product demand, 17 per 
cent mentioned uncertainties 
about the future, and 12 per 
cenL cited other factors. 


Those expecting rheir labour force over 
the next 12 month s to : 

_ Incre ase 

_ Stay about the sa me 

_ Decrease 

No comment 


Oct.- 

Sept.- 

Aug.- 

July- 

Jan. 

Dee. 

Nov. 

Oct. 

% 

% 

% 


25 

64 

?7 

24 

56 

20 

25 

54 

20 

23_ 

_55_ 

27 


January 1978 


3 28 5 5_26_ 

5 72 3 1_72_ 

I — T4 2 


CAPITAL INVESTMENT (Weighted by capital expenditure) 


COSTS AND PROFIT MARGINS 

Inflation rate is falling 


Those expecting capital expenditure over 
the next 12 months to : _ 

__ Increase in volum e 

Increase in' value 

_ but not in Tohim e 

_ Stay about the am t 

____ Decrease 

No comment 


COSTS 


__ 4 mo n thly moving total 

Oct.- Sept.- Aug.- j uly- 

Jan. Dec. Nov. Oct. 

% % % % 

56 54 53 51 


4 monthly moving total 


_ January 1978 

Elect. Consumer 
Eng’g. Durables Stores 
% % % 

94 60 31 

1 — 18 

2 34 SI 

3 6 — 


.January 1978 


Total Unit Costs 



1972 '73 74 75 76 7771 


THE INFLATION OUTLOOK 
lontinues to be not unhopeful, 
rhe median forecast increase 
nr wage costs over the* coming 
[2 months appears lo have 
aeaked out at about I2i per 
:ent„ while ihe median fore- 
rasts for the rise in total unit 
;osts and in output prices over 
he* same period have continued 
n decline, with both reaching 
11 per cent, last month. 

Competition—and, in some 


cases, the activities of the Price 
Commission—is still the 
dominating factor for prices, 
however. Expectations about 
profit margins in the next 12 
months have continued to 
worsen, with the “ ups ” now 
virtually in balance with the 
•• downs " for the first time in 
almost a year. 

The falling trend for return 
on capital employed was re¬ 
versed last month however. 
Whereas views on profit 
margins are based upon the 
next 13 months, the question 
about earnings relates to the 
current financial year. Earn¬ 
ings are of course also affected 
by changes in turnover. 

These surveys, which are 
carried out for the-Financial 
Times by the Taylor Nelson 
Group, are based upon exten¬ 
sive interviews with top 
executives. 

Three sectors and some 30 
companies are covered in turn 
every month. They are drawn 
from a sample based upon the 
FT-Aetuaries Index, which 
accounts for about 60 per cent. 


Wages rise by: 


Volume of 
Purchases 


Unit cost rise by : 


r Hand h?k&I tjs mtm 

*5/ 1 1 .—I._L- 

1974 1975 1976 19777a 

of the turnover of all public 
companies. The weighting is by 
market capitalisation, save 
where an alternative method of 
weighting is cited. 

The all-industry figures are 
four^monthly moving totals, 
covering some 120 companies in 
11 industrial sectors (mech¬ 
anical engineering is surveyed 
every second month K Complete 
tables can be purchased from 
Taylor Nelson and Associates. 


5-9% 
10-14% 
75-19% 
20-24% 
15-29% 
Na answer 

0 - 4% 

_ S-9%_ 

10-14% 
_15-19% 

20-2 4% 
Same 
Decrease 
No answer 


PROFIT MARGINS 

Those expecting profit margins over the 
next 12 months to: _ 

Improve 
Remain the same 

____ Contract 

No comment 


Oct.- 

Sept> 

Aug.« 

Jan. 

Dec. 

Nov. 

% 

% 

% 

6 

3 

8 

_74 

70 

_70_ 

1'J 

14 

15 


% _ % 

_3_3_ 

_96_97_ 

7 


— — 28 


72 23 

27 77 

1 — 


4 monthly moving total 


January 1978 


Oct- Sept- Aug.- ' July- Elect Consumer '• 

Jan. Dec. Nov. Oct. Eng’g. Durables Stores 

% % % % % % % 

22 27 29 35 27 53 13 

55 46 45 4 5 - 72 47 60 

27 22 22 15 7 — 13 _ 

2 5 4 5 — — 9 


PLANT & MACHINERY 
SALES 


Description 

8 BLOCK (400 mm) IN UNE, NdNSUf - 
WIRE DRAWING MACHINE in 

-excellent condition Q/2000ft/min -• 
variable speed 10 hp per block (I960),- • 
2i4" DIAMETER HORIZONTAL BULL 
BLOCK by Fanner Norton (1972). 
ROTARY SWAGGU4G MACHINE 
• - by Farmer Norton (1972). 

SLITTING LINE 500 mm x 3 ran 
x 3 ton capacity. ■ ' 

TWO VARIABLE SPEED FOUR HIGH 
ROLLING M!US Ex.6.50" wide razor . 
blade strip production. 

MODERN USED ROLLING MILLS, wire 
rod and tube drawing plant—roll 
forming machines— ‘slitting —flattening 
and cut-ro-length lines—cold saws— 
presses—guillotines, etc • - 

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

1970 CUT-TO-LENGTH UNE max. I 

capacity 1000 mm 2 mm x 7 tonne . 
coil fully overhauled and in '' 
excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE i 

DRAWING machine by Farmer Norton. : 
27"—29"—31" diameter drawWocks. 
STRIP FLATTEN AND CUT-TO-LENGTH 
UNE by A.R.M. Max. capacity 7JD mih , 
x 3mm. 

9 BLOCK WIRE DRAWING MACHINE. 
and 1000 ib spooler—non slip 
cumulative type with double tiered 
22” dia. x 25 hp draw blocks. 

2 15 DIE MS4 WIRE DRAWING _ 
MACHINES 5,000Ft./Min. with 
spoolers by Marshal) Richards. 

3 CWT MASSEY FORGING HAMMER 
—pneumatic single blow. 

9 ROLL FLATTENING MACHINE 

1,700 mm wide. 

7.ROLL FLATTENING MACHINE ... 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice jib. 

-76 MM to 28 MM ROD STRAIGHTEN 
and cut to length line with flying shear . 
and capstan for handling 2 ton steel coil. 
RWF TWO STAND WIRE FLATTENING 
AND STRIP ROLUNG UNE, 10" x 8" 
rolls x 75 HP per roll stand. Complete 
with edging rolls, turks head flaking 
, .. and fixed recoUer, air gauging, etc. - . 
Variable line speed 0/750ft./min. and' 
0/1500ft./min. 

NARROW STRIP STRAIGHTENING 
AND CUT-TO-LENGTH MACHINE 
(1973) by Thompson and Munrae. 

ACME GRIDLEY (B5A) 6 SPINDLE- 
AUTOMATIC. 21" rebuilt and not 
used since. Will turn arid index to 
makers limits. 

WTCKMAN SINGLE SPINDLE 
AUTOMATIC. Extensive equipment.- 
Excellenc condition. 

VICKERS 200 TON POWER PRESS. 

Bed 40"'"x 36". Stroke 8”. New cond. 
200 TON PRESS BRAKE 8' x J" by 
SedgewicJt. Air brake, air dutch light 
gauge. Excellent condition. 
MACHINING CENTRA Capacity 5 ft. x 
4ft_ x 3ft. 5 Axes, continuous path. 

51 automatic tool changes, 5 tons main 
table load. Main^notor 27 hp. Had 
less than one year’s use and in almost 
new condition . For sale at one third 
of 1 new price. 

CINCINNATI CYLINDRICAL GRINDER. 

Model NDO. .14" dia.. x 51". Excellent. 
WICKMAN 2i" 6 SP AUTOMATICS 
1961 _and 1963. Excellent condition. 

COLD HEADER5 BY NATIONAL ■ 
i"-apd i w DSSD. Excellent. 

INTERNAL GRINDER—BRYANT 
Type 1460 60" swing. Excellent. 
LUMSDEN VERT. SPINDLE GRINDER.. 
9IMLT. Retractable Table 36" dia. 
Excellent. 

CHURCHILL RING SURFACE GRINDER. 

24" dia. Magnetic chuck. Excellent cond. 
4,000 TON HYDRAULIC PRESS. 

Upstroke Between columns 92" x 52" 
daylight 51"■ stroke 30". - 
HME 70 TONS PRESS DCP3. Bed 
36" x.34". stroke 6", excellent. 

FINE BORER. 2-SPINDLE, VERTICAL 
Herbert 21V. Stroke 14",. Hydraulic, 

New and unused, at substantially below 
current once. 

CINCINNATI CENTRELESS GRINDERS. .. 

Sizes 2 and 3. excellent. 

COPY • LATHE—FISCHER KDM 80/150. 

BECHLER AUTOMATIC CR32 
6 Cross slides. 6 Station turrent, 
excellent. 

BAR PEELER 4" CENTRELESS. 

10 TON BROACH, STROItt 48 . ;: r ; 
Reconditioned, excellent., v 

HEY No: 3 FACING & CENTREING.: , 
Between centres ‘35", reconditioned. ’ 
PFAUTER.GEAR HOBBER P250. L 

Max, dra 10", recondhoned. exteHent.' ' 
COPY LATHE. HEAVY DUTY. . 

8* 6" between centres, reconditioned. 


- WANTED 


MODERN USED ROLUNG MILLS .wire 
rode and tube drawing plant—roll. . ’ 

forming machines-r-slitring-^'flattening • r 
and cutVto-fength lines—cold; saws— ■ 
presses—guillotines, etc. . * 


Telephone.-j 


D9Q2 42541/2/3 
P.OA i Tele* .336414 ■ 
' .. 0902' 42541 [2J 3 
P.OJL Telex 336414 
0902 42541/2/3, 
P.OA Telex 336414 

P.OA. y . ; 

0902 42541/2/3 
P.O.A. . Telex 336414 


0902.42541/2/3 
P.OJL Telex 336414 
0902 42541/2/3 
P.OJL Telex,B36414: 


0902 42541/2/3 
P.OJL Telex 336414 

0902 4254T/2/3 
P.OJL Telex .3364141: 

0902 42541/2/3 ; ; .V 
P.O.A. Telex 336414 -• 1 


0902 42541/2/3 
P.OJL Telex 336414 - 

’ • *0902 42541/2/1' 

P.OJL Telex 336414. 

0902 42541/2/3 
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0902 42541/2/3 
P.OJL ; Telex-336414 
0902 42541/2/3 
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0902 42541/2/3 
P.OJL Telex 336414. 


" r ’ : . (ft02 42541/2/3 

P.OA. Telex 336414 

.. 0902 42541/2/3 

P.OJL Telex 336414 


01-928 3 J31 
P.OJL Telex 261771 

01-928 3131 
P.OA. Telex 261771 
- 01-928 3131 

P.O-A- Telex 26)77) 

01-928 3131 
P.OA. Telex 261771 


P.OA. 

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P.O.A; 

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P.OJL 

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P.OJL 


01-928 313! 
Telex 26177.1 
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Telex 261771 
0f-W3l31 
Telex 261771 
01-928: 3131 
Telex' 261771 

01-928 3131 
Telex 261771 
• 01-918 3131 
Telex 261771 

-.01-928 3131 
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01*928 3131 
Telex 26177T 
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.. 01-928 3131 
Telex 16177V 

- .01-928 3131 
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. 01-928.3131 
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• Telex 26)771 

- 01-928 3131 
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OV928 3131 
Tdex 261771 



INVEST IN 50,000 BEnES TOMORROWS! 

50,000; people in the United Kingdbta suffer froin 
paralysiog MULTIPLE, SCLEROSIS—the cause etrav cure of 
which ;are still unknown—HELF US BRING THSM REtilEF 
AND HOPE. :> 

We need your donation to-enable us to contmue’ onc. :work ; 
for the CARE- and WELFARE QF mrhTUZj& StLEROSlS 
sufferers , and- to. continue'oar dtimmitmfent to ffaff the cause 
amt cure of MULTIPUS-, SCa-EROSlSv>fh’a)nih. JJEDlCAt 
RESEARCH.-: 1 SsJ.S'< 

Please help—Send a dooatftm'iodjiy te;L v 

. JRvom F.t, • ; m -fr r -«V;i;V?":r ;■ 

v -The Multiple Sclerosis Society^ ffi. and NX' 

-4 Tachbruok Sfreet,■' - C-.'A! V r . 

' •• London SW1* 1ST" ; ; • r;--'- - ,v>- vv' •'/ ' •- 


























■ • • *•*% 



^rriary'6 197S 



™ . J Parliament this week 


AND EXHIBITIONS 


■EftjV - i-Vfv* 

5 SS Wtet.ftrSSOfe-i.-r 


•nprf Vtf&ferM/. 

j^JCejj -Feb^lS-ie . 
ilJMbfck. 19—28::. 

^ o fb§FeV20-~2». ; 

Feb. 20-24 •:• 

'0 Tnv. 

H Mar. 6^0 ..-.: 


'iV-S Jv?.'-» 'Y •'; ^^ 

^..yJ^iart^owJ- Knkwear.Falr Iv-x-;■ 
J^rS^af9r& Bos«vWwBbf^; r ^ ; '.: 
^v^SprtRg-Wi^coyeriDgs Exhibition-..- 
Furt^rteiJn^tiTOE^ 

Bpi fea j G rtfr PES Abevr EjcSS-^od Coot 

.....: Ocemwiogjfcaa Equip; & Serstees EKtat 

Home ExbnjHfon■:*?, . 


Thefoilowing is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for &e. purpose of considering dividends and official indications 
are not always available whether dividends concerned are interims 
or finals. The sub-divisions shown below are based- mainly on last 
year's timetable. 


Venije *■: 

SaVEsbn, Centre L B’haia. 
West Centre Hotel, ‘S.W .6 
Metropole Centre, Brighton 
Wembley Conf. Centre 
Metropole Centre, Brighton 
Portsmouth : 

Baris Court 
Baris Court 

Metropole Centre, Brighton 
Nat Ejtbm Centre, B’ham. 
Harrogate 

Metropole Centre, Brighton 

Blackpool 

Olympia 


TO-DAY 

-COMPANY MUTING— 
Rlx _fC ))roV Bath., « 
TWWTY-THRM .. ' 

_ BOARD MCETIMGS— 
final: 

uc InmtiMHtts 

IntMim: 

VtarsiiUnt 


SedMmooi* ISncBcb. Red. B.affS £6.197} 
Sonic o.ssszp 

S « ( T973 VI,KlaB 12BCSd5 - Red - Si2f78 
TUT-EIy 12MBos. Rea. 8/2/78 £6.1973 
Tamwortti 12xBds. Ron. 8(2.78 £6.1973 
Taf*l« 12pcBdS. Rea. 8/2(78 £6.1973 
TunbrMae Wells I2pc8dj. Red. B 2,78 
£6.1973 


OVERSEAStTRADE FAlRS AND EXfflBmONS 


sCurrent Knittingindnatries Exhibition^ Feb. 7) 

Current. MW ^.;. BurOf^H^sWear^howL^cLBab.?l - 
Feb, 6—10. - British Trade patrr- . - • - - 


Paris 

Paris 

Abidjan 

Dublin 

Paris 

Tel Aviv 

Johannesburg 

Tokyo 

Cologne 

Singapore ' 

Frankfurt 

Dubai- 

Basle 

Geneva 

Paris . 

Kowloon 

Paris 

Basle 


I D£ *18F®b. I3c“l&; Machine Tool & FoundryESba-. : ' Johannesburg ■ 

Tokyo ' 

„* . • •» . Cologne 

Singapore ' 

' Geneva 

InrernatibruLl Agricultural; Exhibition Paris. 

British Industrial Bxhgrftlah J. • Kowloon 

V' - -V-- International A uttib‘ Exhi bjtfon .■.: , 7 ,: ■ - Paris 

1 05 C 4 )Sfl M * r - 7—10 - Powder Technology A Buik Solids Erbn. Basle 

0*4 BUSINESS AND MANAGEMENT CONFERENCES 

ft ^Feb. 7—0 - '- Executant: Producer Shk-A^raisal; ; ‘ Russell Hotel, W.C.I 

Feb. 8^9 .r v ;5mperiai: . Management',’ ^.Science in 

' '"'''I-'"''Ir ■ * ~ .Distribution / r ~-f Exhibition Road, S.W.7 

0902 gj,F eb. 8 —10 7 --_-London Chamber . of. ■ Commerce and . Industry: 

Tela* ' ' -cSocial- Service^ and' Infiastruc^nial Develop- 

■* ' V -T. ments In OilTtlcft Stales - . Faraham Castle 

Feb-13—-IT ■Kepner 4 Tregoe: Decision .Making - tot ..Senior ( 

; __Mahagemect ■■: - _..' :-y-.■.'~:•' Bath 

0502 <u Feb. 13—IT . Abraxas:;Syneiaicb—Iwovatfve.’Skills - ; . 68 . Cbarchway. N.W.l 

Xjj^j'Feb. 14 t Society . for. Xseg Kange- ^Planning: Self-Denial 

: •*•'-,■ T-; ’' -V C. Today for rPro^erity - 1 ^ of 

' ^ice - -. '; ...'i? - v •'■ i.. 15. Belgrave Sq. S.W.l 

u «Feb: J5—16, --;-i Oyez 5BC: International Tendering '•■". Inter-Continental Hotel, W.l 

Feb. 13—lfi Management Training Ctmaaltantsi^Tbe SWlls of 

noni.,. :•• •■" - • --Interviewing ; v *• ■• .'. ■ Leicester 

^ ^-^Peh. id Building .' Matenals = Export -. Croup: Expanding 

; ’.. .- v ' .’ *r- Export' Markets for the UJCT Gonstraction 

nqiy, j \ ' Industry: - ... ‘ . . Cavendish Centre, W.l 

Inbiiconr The'-practtcal ImpHcatEbos of tbe 
iei u t ".•••■? .^-J: -,. Consumer Creitit A ct ■ Hilton Hotel, Wrl’ 

now - Feb. 20—21 Assn^Cont Execs.: Confereiice^roettise Royal Lancaster Hotel, W2 

u9K fl^Peb-* 21 . . Henley Centre fgr FQrecasiingv;Tbe, Future of the 

Ttla S . '".' . ■', ■ 1 UJC.Property Markets '■' -: ‘V-" ' Bowater Gnema, S.W.l 

Feb. 21—24 iJj'.- Bradford Unxv.: Financial <kmDt»l of R & D Bradford 

Feb-22. •I - •'JitrM m£m Institute orperiumixel, Maiiagenmhfc.Fimployment 
0W2 <%) ' : J -' ri -:> >. ; ••'. Law in l97& * 7-- :■•' • Manchester 

TdKiiFeb. 22=-r23 Financial Times: Busioess. vritbEpafo; Madrid 

'Feb. 23-24- European Study Conferences: EEC Competition Law Royal Lancaster Hotel, W.2 

0902 4 &Feb. .24 r. Thamea Polytecbnic- Buainess.Trerriiijn France Dartford 

Tele sFeb. 26-^Mar.^2. .. British Transport " Staff - College : 1 -^Finance & 

0902 -r ;.r; * - Accounting for Managemeotv-V - -; 1 - Woking 

T e | 0 nF e ^‘ *, TCA:;Peawnjd fi»fdmeTax course ■’•.r - Grand Htl n Eastbourne 

C5C- 27—Mar. J.0 . P-E Consulting .Group: Prod action. Engineering Training Centre, Egham. 

j‘i j'eb. 27—r28;\ ..i... Financial Timei, Tbo Bankfer.- Investors Chronicle: 

C 905 4 ^r ' "-World Betildng in 1978 : v - 't 1 Grosvenor House, W.1 

T,i, 7 -Feb. 27- : -Mar/l...‘ AMR TnternatiohaL ; <2reating Business Growth in 
.W - r r' : L , • ’ Europe - - -v . : , ~ ; . ,* '/• • ' Royal Westminster HtL, S.W.: 

• •'.Feb. 2S Institute of Directors/ Annual -Convention: The 

ej ' • . .. •e: - 1 r e state & the ladividnafl ;; ‘ >’*?,?' / Royal Albert Hall. S.W.7 

«« ^Mar. 2 McGraw-Hill: Corporate FraiidRbyaf Garden Hotel, 

“ t ,'-Mar. ... 2 ,;.,; World Re^ycliafe Conference A. . : Basle *•- — •• 

T ««-1jJar. 6 —10.. Drwtck: Project Management - -•••';■-/.*• Slough. 

Mar. 6 —10 \ Department of Ihd»istr^:Flow »feasnrement Glasgow 

Mar. 7—8 ....::.. r , Lenofern: Co«-Eff.-Prlnt la Marketing V ■ Inst Marine Eng., E.C.3 


DIVIDEND & INTEREST PAYMENTS— WtIHMm Fa rest 12KBdk Red. Si2(7B 
AD IntenuUonu Ln. £4.4409 £6.1973 

Ajtderson Strailtdvac Ip west Lancashire iZpcBds. Rea. B 2.78 

Bamtorda O.B8 p - £6.1973 

Biuett iGeo.) 1.4G4S5Gn (Inc. susp. wwan iZpcBos. Red. 8>2.78 £6.1973 

dlStUn. at 0.062056 d gmb yr. ended THUR5DAY. FEBRUARY S 

3113/77) COMPANY MEETINGS— 

Burdin in <K. O.) Inti. 0.4D25D Arbour Court Invs.. 5. H'Sh Timber 

Brhlsh American ana General Trust Ln. ■ street. e.C- 12 
2pC Guinness (Artitur). Park RoyN Brewery. 

Central Mlg. and Trading 1-353381 p N.w.. 2.45 

English and New Work Trust Ln. 2 Vice Hawkins ana Tlpson GrasvMor House 

Inlematlenal D 1st I Here and Vintners Ln. Hotel. »„ s.30 
4 Unc Serelc. Birnilnoham, T2.30 

International Paint O.BOo • BOARD MEETINGS'— 

Keystone Invest. 4.2S» Finals: 

May and Hassell 0 96748P (InC. SUPP. Aaronson 
distbn. or 0.0292BP o.a vr. ended Evode 
3113/77}. Scottish Agricultural loam. 

New Throgmorton Trust Inc eta. Ln. T»« 

31-pc Tribune Investment TruK 

Steel ana Barnett Pt. 6oc interims: 

Warner Heiidm Ord. and A DJ5o Bonn Brec 

Wooner (Samuel) Db. 3-Vpc Chnst^e-Tvler 

Whitbread Db. 3?ioc ML Holdings 

TO-MORROW Morgan Edwards 

COMPANY MEETINGS— RaneoiBe (William) 

T*M“KlS.r!iSr H 12 P,M ' 4, ” W DIVIDE|Jd'A INTEREST PAYMENTS— 
BOARD MEETINGS— Buffelclontein Gold Mining 60 cts. 

Grootvlcl Pronrictary Mines 0.32093P 

ciaveteouse invest. Trust HjBfw'e OpiiMl and indL 0.627P 

brnwrul Grow Illingworth Morris Ord. and A 0.5* 

Interims: Lothian 1 Spend*, rm. 7f2'79 Slue 

Dovrtv Marinate Coni. Mines 14^6444p 

Unttcch North Midland Construction 0.65P 

DIVIDEND & INTEREST PAYMENTS— Redlearn National Glass 9J91P 


Bcechwood Construction o.So 
Surrouohs Coro. 26 CIS. 

Continonui and Ind. Trust 2.25p 

Doornfontria Gold Mining 11.98B42P 

EMI Ln. BI. 0 C 1981 *UK 

East Drlefonlrin Gold Minlno 2S.77080B 

Hinton I Am oji Ln. 3>|PC 

Holyrood Rubber 7o 

Hongkona (Srianoor) Rubber 1.32P 

Kinmonaii Rubber io.7d 

Klool Gold Minlno u.BBflSIp 

Libanen Gold Minin 23372HP 

Maple Ln. 5<«K 

Marling Inna. O.So 

Midland Educational t.Sp 

Owen and Robinson A and B Ord. 6p 

Scottish Invest. Trust 1.66p 

Tex Abrasives 0.75p 

Traiaigar Haute 2 . 62 p 

Truiees Corp. 1.5p 

Veniereoost Gold Mining 2.996600 

Vlaktontein Gold Mining 8-9B981D 


SobraiHe Ord. and N^V. Ord. 0.66a 
Stilfontein Gold Mining 11 cts. 

Sate line Soeakman 1.3164 b 
W eft Rand Com. Mines 10 cts. 

FRIDAY. FEBRUARY 10 
COMPANY MEETINGS— _ _ „ , „„ 

Crvstalatc. Great Eastern Hotel. E.C-. 1 --30 
Lee tArthuri. Sheffield. 12.30 

DIVIDEND S> INTEREST PAYMENTS— 
Adur BiaKBds. Red. 16iB'7d ai.pc 
American Express 35 cts. 

Austin (E.J T.277SP - 

Barking 8'4PcBos. Red. 16iB.'7B 4'tpc 

British Tar Products D.Sp 

Cambridge BUpcBds. Red. 16IB.7B 4 >ipc 

Cattles Ip 

Cawoods 0.972824 b 

Comet Rad'ovision l.B9924p 

Corn, ot London 6i;pc 7S-7B 3UPC 

Coventry Bi 4 pcBds. Rea. 16 8.78 4>,pe 

Da comm s<<pcB<u. Rad. 16 878 4',pc 

Daventry BUocBds. Red. 1610(7B 4 Uuk 


I West Driefontem Gold Mining 80.908330 East Stafford SUpcBds. Red. 16 8'78 
WEDNESDAY. FEBRUARY 8 *l,pC _ 

COMPANY MEETINGS— Ellesmere Port and Nest an SUPCBds. Red. 

Burton Group. Leeds. 12 J 6 iP2 B 

Llavds and Scottish. Hyde Park Hotel. Enollsb and Overseas Inw. O.SSp 


.1RA1 ; 7 ... • fiiurujAT *• ' 

• •'.Feb. 28 Institute- of Directors /Annual -Convention: The 

lelu - .. ^ ^ State & the ljidlVWiiatf - -'--v--' 

ncr /.J 4 **- 2 McCraw-HiHr Corporate Fraiid ‘ •- .• • .*' 

“ j, -.Mar. 6^-8 World Re-cy^infe Conference - . 

Te| « -Mar. 6 —ID. Drwic*; Project Menagement* • ' 

Mar. 6—10 Deptertment of lndtislryr Flow Measnreiaent 

M«r 7_H ♦' * **nr ^_- 


APPOINTMENTS 


Mar. 7—8 Lenofern: <^tt : Eff.-Prlnt in Marketing *: 


G. Dowsan on Cambridge 
Communication Board 


059! O : 
TeluS -. 

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Te'til . 


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01-53 
Tele* 2 

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ROYAL UNCASTER HOTEL, LONDON 

, v 8 g 9 May, 1878 

; ^ conference organised by the Financial Times 
--U"':>anif Investors Chronicle with an 

Opening Address by 
.On Johannes Witteveen 

For further details please complete the form below. 


To be compiedted and. returned to: 

TheRnancialTirp^Ud.,C^onf8rence Organisation, 

Bracken House, 10 Cannon Street, London EC4P 4BY 
. Telephone: 01 t 8^ 5444; Telex : 27347. 

Please semTma.furthpr deteite of THE 1978 EUROMARKETS 
CONFERENCE^/ ;.. - / ; 1 

BLOCK CAPITALS PLEAE«; -: \;l ; - 

Name : - -• . i:-v ~ —-- —— 


Addres s ■' ■ ■r- — 


Company^ 


MlBIBBIHUKlHlI 


Mr. Graham R.. Dowson has 
been appointed - to- the Board of 
CAMBRIDGE COMMUNICATION. 
Formerly chief executive of the 
Rank Organisation, Mr. Dowson 
is chairman of Three companies, 
including Erskine House Invest¬ 
ments, and a director oP three 
others. 

*■ - ■ 

Sir Frederick Cathcrwood, a 
vice-president (and for mer ch air- 
-man) of tbe BRITISH INSTITUTE 
OF MANAGEMENT, has been 
appointed chairman of its 
Economic and Social Affairs Com¬ 
mittee. He succeeds Mr. David 
Hardy, formerly finance director, 
Tate and Lyle, who bas moved 
to Liverpool to take up a new 
appointment with Ocean Trans¬ 
port and Trading Gtoup. Sir 
Frederick is chairman of the 
British Overseas Trade Board and 
of Mallinson Denny. He is also 
a director of John Laing and Son 
(of which he was managing direc¬ 
tor until 1974), and of the Good¬ 
year Tyre and Rubber Company 
fGB). He was director-general of 
the National Economic Develop¬ 
ment Office from 1966-71. 

+ 

Mr. G T. Crook has been 
appointed director of personnel 
of PHILIPS INDUSTRIES from 
May 1, in succession to Mr. L D. 
Cowan who, as already announced, 
will be joining the Board of 
Unigate. Mr. Crook has* beeif 
group personnel manager (in¬ 
dustrial operations) since IS75. 

’k 

Mr. T. McMil lan has joined the 
Board of COUTTS AND COM¬ 
PANY. 

★ 

Mr. H. N. Ralne, who has been 
appointed a non-executive 
director of STOTHERT • AND 
PITT, is currently chairman of 
tbe Technician Education Council. 
Mr. Jocelyn Harris, a merchant 
banker with Rea Brothers, has 
been made a. non-executive 
director. 

★ 

RIVER THAMES SKEPREPAIKS, 
the company formed as a result 
of the merger of R. and H. Green 
and Silley Weir and the London 
Graving Dock Company, has 
announced that Mr. FL J. Sffiey 
has relinquished all his director¬ 
ships in the group. 

★ 

On the retirement! of Dr. 
E. R.5. Winter from tbe Board of 
JOHN AND E. STURGE, Dr. K. J. 
Hill has been appointed managing 
director. Dr. B. Burrows, formerly 
manager of European planning 
and development for Gulf Oil 
Chemicals, has joined the. 
company as commercial director. 
★ 

'Hr. R. N. Gray . and Captain 
M, A. Mann have been appointed 
directors of NOBLE DENTON 
AND ASSOCIATES. 

ir 

■ Subsequent to "the retirement 
of. Hr. Frank Stevenson from 
HANSON TRAVEL SERVICE, Mr. 
J.‘ Ranusbotham has' become 
managing. director. ■ Mr. 
Rams both am joined Hanson's 
about 15 months ago from 
American Express. 

* 

Hr. R. C Wurtzbarg has been 
appointed to the board of HULL. 
iBLYTH AND CO. as managing 
director, succeeding. Hr. Francis 
PI mu be, who remains chairman, 
Mr. K. V. E. Oarey and Mr. G. J. 
Eagle have also joined the Board. 
.• 

Hr. N. E. Foster, a director 
of BARCLAYS BANK U.K. 

1 MANAGEMENT.-has moved from 
his present executive post of 


TO-DAY 

: COMMONS—Private members’ 
I motions. Motion on sound broad¬ 
casting of Commons. Motion on 
third report of Committee of 
Privileges. ___ 

SELECT COMMITTEES—Expen¬ 
diture. general subcommittee. 
Subject*. Government expendi¬ 
ture plans 1978*79 to 1981-82. 
Witness: Mr. Joel Barnett, Chief 
Secretary to Treasury. 4.15 p.m. 
Room S. Expenditure, Educa¬ 
tion. Arts and Home Office Sub¬ 
committee. Subject: The Prison 
Service. Witnesses: prison and 
Borstal Governors. 4 L 5 p.m. 
Room 13. 

TO-MORROW 

COMMONS—Opposition debate 
on the misuse of Government's 
discretionary powers (“blacklist¬ 
ing ” of companies which break 
the 10 per cent, pay guidelines). 
Shipbuilding (Redundancy Pay¬ 
ments) Bill, remaining stages. 
LORDS—Suppression of Terror¬ 
ism BilL Second Reading. Repre¬ 
sentation of tbe People (Amend) 
Regs. 1978. Debate on EEC re¬ 
ports on research and develop¬ 
ment policy. 

SELECT COMMITTEES—Nation¬ 
alised Industries, sub-committee 
A. Subject: Scottish Transport 
Group report and accounts. 
Witness: Scottish Transport 

Group. 4 p.m. Room S. 
WEDNESDAY 

COMMONS — European As¬ 
sembly Elections Bill. Commit¬ 
tee stage. 

LORDS — Debate on use of 
North Sea oil. Debate on fire¬ 
men's strike, 

SELECT COMMITTEES — 
Science and Technology. General 


Purposes sub-committee. Sub¬ 
ject: Durability and efficiency of 
electric lamps. Witness; Depart¬ 
ment of Industry. 10.30 m 
Room 16. Nationalised Industries, 
subcommittee B. Subject: British 
Gas Corporation report and 
accounts. Witness?: British Gas 
Corporation. 10.45 a.m. Room S. 
Overseas Development Commit¬ 
tee. Subject: Renegotiation of 
Lome Convention. Witness: Mr. 
Matthew McQueen, Department 
of Economics, Reading Univer¬ 
sity. 4.15 p.m. Room 6 . Expendi¬ 
ture. Social Services and Em¬ 
ployment sub-committee. Sub¬ 
ject: Employment and Training. 


Witnesses: Department of Edu* 
cation and Science and Scottish 
Office. 4.30 p.m. Room 15. 

THURSDAY 

COMMONS — Inner Urban 
Areas, Bill. Second reading. 
Motion on Medicines. Exemptions 
from Restrictions on the Retail 
Sale of Veterinary Drugs Order. 

LORDS—Education (Northern 
Irelandl Bill, report Slaughter 
of Poultry Act 1967. Extension 
Order, 197S. Debate on the 
British helicopter industry. De¬ 
bate on Option Mortgage Scheme. 

FRIDAY 

COMMONS—Private Members' 
Bills. 



Strikes cut increase 
in airport traffic 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


PASSENGER TRAFFIC at the 
seven airports controlled by the 
British Airports Authority, com¬ 
prising Heathrow, Gatwick, 
Prestwick. Glasgow, Stansted, 
Edinburgh and Aberdeen, rose 
by only 3 per cent last year, 
largely as a result of industrial 
disputes. 

Problems which cut the over¬ 
all volume of air txaffice 
Included the strike of air traffic 
control assistants, which lasted 
from late August until early 
November and the reduction in 
British Airways flights after 
withdrawal of a large part of 
its Trident Three fleet after 


cracks discovered in the wings 
of these aircraft. 

Had these and other indus¬ 
trial disruptions not taken 
place, British Airports Authority 
estimates that traffic at its air¬ 
ports overall would have risen 
by 7.7 per cent Heathrow acti¬ 
vities would have risen by 6 per 
cenL and those at Gatwick by 
IB per cent. 

For the year as a wbole. the 
seven airports handled 34.4m. 
passengers. with Heathrow 
handling 23.4m. and Gatwick 
G. 6 m. Cargo traffic at the seven 
airports remained strong, rising 
by 9.6 per cent, to 607,000 metric 
tonnes. 


S.W. 12 - ’ Gillingham 11 Kocfldi. Bed. 6.8-80 S'lnue 

Redlearn National Glass. York. 12 Greater London 12 ':pc 1983 6 Uuc 

BOARD MEETINGS— Greene King 2.67?p 

Finals, Guinness (Arthur) 4.6337a. Lns. 3-* 

Engl .so and New Voile Trim and Sue 

Glass and Metal Hacknev Bi<ocB<te. Red. 16/8(78 «'ipc ■ 

Hirst and Mai Union Hawkins and Tlpson 2.993p 

Trust Mooses Forte Hlnklev and Bosworrh 8t.ac8ds. Red. 

Interims: 16 8.-78 4 'sdc 

Dacca Johannesburg Cons. Invest. 40 cts. 

Mining SuoaLms Knowslcy BUpeBds. Red. 16-6 78 4 <ipi 

Priest (Benjamin) Lancaster supcBds. Red. T6.8 78 4i*pc 

UDT Llanelli SUPCBdS. Red. 16 8)78 4lipc 

WlggliM Construct Lloyds and Scottisn 2 40650 

DIVIDEND * INTEREST PAYMENTS— M&a 7':nc 7B?B2 3'°£ 

Baggnrldge BrjCk 2.33475p Manchester O'.pcBds- Red. 16 8.78 4r«ac 

garnsjoy '2 pcBos. B'2'Ta fr®-’”? Newcastle iSUocBds. Red. 5 8 81 6'sac 

apsjMMw 12pc6tu. Red. 8.2.78 £6.1973 North East Derbyshire aupcBds. Red. 
Blackburn IZpcBds. Rad. 812(78 £6.1973 16IB.78 4'»pc 

8 reck land l2pcBds. Red. 8/2178 £6.1973 Wartn Wiltshire BViKBds. Red. 16(8(78 
Canterbury 12pc3ds. Red. 8/2(78 £6.1973 Aij,pc 

Cardiff Maitinp Ojjg. _ Norttiavon 8'4PcBds. Pod. 16(3/78 4i,sc 

C 5??5r;!5* S,r ** t ’SxBds, Red. 8)2(78 Nuneaton Bi.peBds. Red. 16 B-7B 4I|13C 

£6.1973 Salford BtiacBds. Red. 16 8(78 4i,pc 

Cumnock and Doan Valley 12acBds. Red- serck 3.94p 

8/2(78 £6.1973 • _Slough S'.PCBdl. Red. 16 873 4i,oc 

dS&UM. RM. 8)2178 11:1973 Sout^ Shropsh.re a^Bds. Red. 1 6.8 78 

^1“ . „LolhIan 1 ZpcBds. Rad. 8(2(78 Southwark 8'jocBds. Red. 16-8(79 «i,k 
£ 6.1973 Eperatl (C. A.i 147a 

Gateshead 12pcBda. Red. V2'7B £6.197% Te*t Valley 8>,ocBds. Red. 16 8-78 4',[>c 

Gwynmsd 12oc8dS. Red. 8/2(78 £6-1973 Tanbrldgc and Mailing S'jpcBds. Red. 

Hall Bros. Steamship Ord. and A Ord. 16(8(70 4i,pc 

^SpcPtg.PI TpC Trans-Oceanic Trust 3.5p 

tiSSU 'itoCBSrffi 512/78 £6.1973 W “ f 8 ^ BdS - RKt 

Kyle and Carrick i2ocBds. Red. 8(2/78 uko Inti. 2.93 d 
, £6.1973 United British Secs. Trust U5p 

London. County 6pc 75-78 3ge uodown Inyest. l.75p 

North WarekkihUe 12pcBds. Red. 8)2)78 west Wiltshire B'.pcSds. Red. 1618(78 
£6-1973 4i>pc 

Nottingham 12pcBdS. Red. 8(2(78 £6.1973 Wrekln 8'<oc8ds. Red. 16/8178- 4i»pc 
P *J h . *" d Kinross 12pcBds. Red. B7U7B SATURDAY. FEBRUARY 11 

Phoenix Timber 2o DIVIDEND & INTEREST PAYMENTS— 

Plymouth 12pcBdS. Red. 8/2(78 £6.1973 Agricultural Mortgage Coro. 13»*pcBds. 

Redbridge UpcBds. Red. 8(2:78 £6.1973 Red. 1512 80 6 «imk. 13'ipcBds. Red. 

Reed Inti. Db. 3toK CB7-92I. Ln. 5oc 9/2V9 6S,ec 

Reigate and Banstead l2pcBds- Red. Caledonian Trust 0 . 6 p 
B'2.78 £6.1973 Paterson tR.) 1.0375 b 


senior local director of London 
Eastern dislricr to the Lombard 
Street district to be an executive 
local director and director, City 
corporate finance. 

•k 

Mr. David A. V. Carter has been 
appointed financial director of 
W. G. HILL AND SON (INSUR¬ 
ANCE). a member of the Central 
and Sheenvood Group, in addition 
to his present appointment as 
secretary. Mr. Peter S. Keeping 
has been made sales director. Mr. 
David R. E. Merchant, who has 
become director responsible for 
the Midlands regional office in 
Birmingham, will continue his 
London servicing duties as 
account director. 

* 

Mr. A. C Barker has been 
appointed a director of 
ALLIANCE INVESTMENT COM¬ 
PANY. Mr. Barker will continue 
to act as. manager of the 
company. 

■* 

Mr. Tom Gethin. who relin¬ 
quished .his post as managing 
director of SKH on January L 
will retire as an executive direc¬ 
tor of the company in June. He 
has been succeeded as managing 
director by Mr. C. J. E, Roche. 
Mr. Gethin has been with the 
SKH parent group. Rubery Owen 
Holdings, for 43 years and with 
SKH since its formation in 1956. 
,„Mr. Roche, who joined SKH as u 
graduate apprentice in 19G3. was 
appointed sales director in HQ. 

* 

Mr. P. C. Moseley has been 
appointed mar keti ng director 
designate of C. SHTPPAM. He will 
take over as marketing director 
when Mr. C. E. Turner retires 
later this year. Since 1967, Mr. 
Moseley has worked in the 
marketing department of Quaker 
Oats, and recently has been 
manager—marketing services. 

★ 

C- T. BOWRING- .AND COMPANY 
has made the following appoint¬ 
ments: Mr. R. V. Craig is now 
chairman of .C..T. Bowring (Lon¬ 
don) in place of Mr. E. J. Doney, 
who will continue as chief execu¬ 
tive until his retirement on April 
2. Ship ton Insurance Services: 

Mr. R. Crisp and Mr. L J. Griffiths 
become directors. Baillieu Bow- 
ring (Developments) Pty. Austra¬ 
lia: Hr. Peter C. Anderson 
appointed deputy managing direc¬ 
tor responsible for new business 
development in Victoria, Aus¬ 
tralia. R. Martin, Son and 
Co.: Mr. T. McGrath, Mr. A. D. 
Laverty and Hr. E. R. Reilly have 
been made directors. C. T. 
Bowring Underwriting Manage¬ 
ment: Mr. CL J. P. Willis becomes 
financial controller and remains 
chief accountant of Crusader 
Insurance. 

★ 

Mr.-J. S. Gilbert and Mr. 3. M. 
Payne have been appointed direc¬ 
tors of BLAND PAYNE HOLD¬ 
INGS. Mr. Gilbert is chairman of 
the oil and cargo divisions. Bland 
Payne (Marine) and Mr. Payne 
is deputy chairman of Bland 
Payne Reinsurance Brokers. . 

★ ; 

Mr. A. J. W. Lewis has resigned 
from the Board of COURTAULDS 
KNITWEAR to devote his full 
time as director of marketing ser¬ 
vices, consumer products group. 
* 

Mr, Peter Heyward has been 
appointed a director of VAUX 
BREWERIES. He joined the com¬ 
pany in 1D70 and has been In 
charge of all the group's market¬ 
ing. Mr. Timothy Dudley-Smlth 
has been made a director of Vaux 
Breweries (England), 


r i 

H 


HIGHVELD 

STEEL AND VANADIUM 
CORPORATION LIMITED 


fincorporated in the Republic of South AJrica) 

INTERIM REPORT FOR THE HALF YEAR ENDED DECEMBER 31 1977 AND DIVIDEND NOTICE 


PRODUCTION (Metric tons) 

Six months ended 
31.12.77 31.12.76 

Year ended 
30.6.77 

Hoi Metal—Total . 

345 426 

270 308 

598 679 

Continuously Cast Blocks 

For rolling .. 

256 243 

189 582 

387464 

For sale . 

85 475 

91141 

209 334 

Total ...... 

341 718 

2S0 723 

596 79S 

Structural Mill Products 

Billets . 

4 797 

5957 

18707 

Sections . 

179 139 

169 907 

331472 

Total . 

183 936 

175 864 

350 179 

Plate Mill Product 

Total .. 

40655 



Vanadium Slag. 

27 906 

22 455 

48 518 

Manganese Alloys . 

32 428 

46456 

SS655 

GROUP FINANCIAL RESULTS (R000) 
Turnover . 

78 772 

- 72 219 

144 450 

Profit before taxation . 

13 615 

17 220 ' 

33107 

Less: Provision for deferred tax . 

3 400 

6 959 

11041 

Less: Minority interest . 

10 215 

423 

10 261 

690 

22 066 
1326 

Attributable profit . 

9 792 

9 571 

20 740 

Tarred earnings per share—cents . 

14.4 

14.1 

30.6 


Tbe unaudited consolidated profit of the corporation and its subsidiaries for the 
half year ended December 31 1977, before providing for deferred tax and minority 
interests, but after providing for interest charges of R2 632 000 and depreciation of 
R6100 000. amounted to R136I5 000. 

As forecast in tbe annual report, due to the commissioning of the new plate mill, 
further investment allowances became available to the corporation and as a result the 
charge for deferred tax in respect of the half year -is below that for the same period 
last' year. After the provision of R3 400 000 for deferred tax and the deduction 
of minority interests of R423 000 the attributable profit for the six months of R9 792 000 
was at the same level as the corresponding period last year. 

In view of these results the Board bas decided to maintain tbe interim dividend 
of 5 cents per share payable in April 1978 at the cost of R3 388 000. 

Despite the fact that apparent steel consumption in 1977 for the world, including 
the communist bloc, was equal to the third best on record at 673 000 000 tons, the steel 
industries of the major industrialised countries continue to run well below capacity. 
Some 64500 000 tons of new steel capacity bas been commissioned in the free world 
alone since tbe 1973/4 boom period and a large proportion of this new capacity has been 
built in third world countries, traditional export markets for the industrialised countries. 
There is. furthermore, a tendency for the steel industries of the communist bloc and 
the third world to run at capacity and to export to tbe industrialised countries tonnages 
which are surplus to their domestic requirements, thus compounding tbe oversupply 
situation in these markets. This is the reason for the strbng protectionist lobbies that 
have grown in Europe and North America. As mentioned in the corporation's annual 
report. South Africa's steel exports to the E.E.C. are on a quota basis and the current 
mov»s it th? United States in respect of 1 trigger prices’ must affect South Africa’s steel 
exports to North America. 

With regard to the domestic steel situation, it appears that the downturn may have 
levelled off, but there is unlikely to' be any significant improvement ln the foreseeable 
future. Tbe successful commissioning of the plate mill in August bas enabled Highveld 
to participate in a new sector of tbe local market as a second .supplier and this has 
resulted in an increase in domestic sales witb a corresponding reduction in exports of 
steel semis. 

The domestic steel price increase effective from January 1 1978, which was lower 
than that requested by the industry, will make a contribution towards meeting tbe 
increased costs which have been experienced since the last increase in December 19^6 
but is insufficient to restore profit margins to previous levels. Continuing bigb inflation, 
particularly in power and railage costs, has already had an adverse effect on tbe export 
performance of the South African steel and ferro-alloy industries. 

Demand fur vanadium weakened considerably during the period and as a result only • 
one of the eight roasting units at the Vantra division is in operation. This reduction in 
output coupled with other producers’ cutbacks will correct the supply-demand imbalance. 

The world ferro-alloy industry is in a similar situation to that of the world steel 
industry with regard to over-capacity. Transalioys’ export sales of manganese ferro¬ 
alloys were consequently adversely affected with total sales 24 per cent, lower for the 
half year compared with the same period last year. Domestic sales have been maintained 
but as a result of the drop in exports, only two of the five furnaces have been in 
operation for most of the period. 

During the six months, the major part of the flat product expansion was completed 
with the successful commissioning of the plate mill and the eighth pre-reduction kiln. 
All remaining facilities should be brought into operation in the second half cf 
the year. 

Current market conditions make financial forecasting difficult, but it is expected 
that the corporation will maintain a simil ar level of profit after tax for the second half 
of the year. 

SHARE CAPITAL 

The share capital was increased during the half year under review by the issue 
of 42 500 shares to participants under the corporation's share incentive scheme. At 
December 31 1977 the issued share capital was R67 763 370. 

CAPITAL EXPENDITURE 

The total commitment in respect of capital expenditure was R468S000 at 
December 311977, compared with R42296000 at December 31 1976. 

DIVIDEND , J , 

The final dividend of 10 cents a share in respect of the financial year ended June 30 

1977 was declared on August 5 1977 and paid to shareholders on October 6 1977. 

DECLARATION OF DIVIDEND No. 7 (INTERIM 1 

Notice is hereby given that dividend No. .7 of 5 cents a share, being the 
interim dividend in respect of the financial year ending on June 30 1978, has been 
declared payable to shareholders registered in the books of the corporation at the close 
of business on February 24 1978 (1977—dividend No. 5 (interim) of 5 cents a share). 

The dividend is declared in the currency of the Republic of South Africa. Dividend 
warrants will be posted from the office of the transfer secretaries on or about April 6 
MTS. 

Any change of address or dividend Instruction to apply to this dividend must be 
received by the corporation's transfer secretaries not later than February 24 1978. 
Shareholders must, where necessary, have obtained the approval of the South African 
Exchange Control authorities, and, if applicable, the approval of any other exchange 
control authorities having jurisdiction in respect of such instructions. 

The share transfer register and register of members will be closed from February 25 

1978 to March 121978, both days included. , 

In terms of the Republic of South' Africa Income Tax Act, 1962, as amended, 

non-resident shareholders' tax will be deducted by the corporation from dividends 
payable to those shareholders whose addresses in the share register are outside the 
Republic. The effective rate of non-resident shareholders' tax is 15 per cent. 

The abridged unaudited consolidated income statement of the corporation and its 
subsidiaries for the half year ended December 31 1977 is contained in the accompanying 
interim report of the corporation for that period. 

For and on behalf of the Board 


Witbank. 

February 3 1978. 

Transfer Secretaries: 

Consolidated Share Registrars Limited, 
62 Marshall Street, Johannesburg 2001, 
(P.O. Box 61051 Marshalltown 2107) 


IV. G. Boustred (Chairman) \ Direetors 
L. Boyd ) 

Registered Office: 
Portion 29 of the farm Schoongezicht 
No. 30$ J.S. District Witbank, 
(P.O. Box 111, Witbank 1935) 


















32 


OVERSEAS MARKETS 




by FRANCIS GHILES 


CURRENT INTERNATIONAL'.BOND BSUtS 


EUROBONDS 


Sterling bonds in the limelight 


Borrowers 
US. DOLLARS 

jLon* Term Credit *mk ^ 

. introduce eTpeeted to announce a MU50m. ! “ d ^| re g 7 to? <> raiMd « 

BORROW,,.: oui^e S» “JSfS ST £SS£& & jM/ 

* ^assaysi** WSassa? ^ vSswi parses* fi* -ST 

dollar secondary market was Verting sec tor now is the sterling bonds Uuims up t COU tjon on the Escom — - -“ l - 

i._1 . >..i> fiAul * f .. .... . .»- _ imnffioinl ML 


Amount AyJrfe 

m. Maturity .years 


Price Lead manager 


1983 

1981 

1986. 


W 

SO 


fi°™er iTS «tT™ new SrasSfi S “The'deutschemerk sector ra — arterol a point Amta! ’SEff*"! . » 

__ announced the ordination between the lead mained active throughout the COU p OQ of a private placement Term Credit Bank of ganque National iPAlgene 

Sag rate note tor Bangue wMc h “ “e «- 

Rationale de Paris and, on speed^ with prove su ffi- J n 0 int and a foil pomt above arrange d in this market only Mmf * Noreem 


Friday, the New Zealand Forest ^“^Unt * tSwTmarket Monday’sTevels. tot mbntil 

Products $25ra. bond. gJJ stamped again. as usual, however, keener on get 

London, sterlins bonds 


In 


l. -- _, 

When the market first °P^|^ o^mmities^ the^secondary One dollar bond 


Noreem 
New Zealand 
Escom 


100 

50 

250 

25 


1985 
1988 
1983 
1983 

1986 
1988 

1985 

1986 
1981 


5 

4 

6.74 




100 

* 


Fine Boston, Credit 
Lyonnais: ‘ * % 

BNP 

Kidder Peabody, LB) 


Offer 

yield 


6.09 

* 


*1 

-6 

5i 

li 

A\ 

Si 

6 

Si 

81 


wf‘. 


Deutsche Bank 
WestiLB' - - " ; 

Dresdner 

Dresdner 

-Deutsche-Bank. -: 
Deutsche Bank 
Deutsche Bank . 
Commerzbank _.- 
Dresdner • 


*07 


is 


certainly stole the limelight. Two November there was no H — —. _ . . TnV ,,. c> ,-- v 

new issues were announced and that a lead managers markeL ,. . Bayensche Landesbank 

more were due at the end of r 1 - the Rank 0 f Eng- Much of the buying which expecte d t o arrange a DM3(M0m. 

the week but apparently shelved. F^P? &r ? p -_. tp it6 queue system developed as the week was on pr i va te placement for Groupe- 
One banker commented that to domestic market—did not wa s based.on currency con f 1 ^?™' ment de l’lndnstne Slderurpque 

kilf off the market twice in two ^^Sfte a queue. The tions. not least from France ^ter tQ be aanounced nest week. 

months was risky: “Resurrection JgJ p iteJU|l caU sed change in a tte boutjnf ^eataess suffered Qnly 0Qe straight dollar bond 


MEDIUM-TERM - 

, . SWISS FRANCS 

Denmark raises gagjBStt y 


1993 

1985 


n-a. 

na’ 


4 

4* 


100 

* 


SBC 

SBC 


4J08 

* 


$ 500 m. loan 


STERLING 

, _ tRowntree Mackintosh 

By Francis Ghiles and John Evans Sears _ 


18 

15 


1988 

1988 


8.10 

10 


101 - . 
101 - 


Schroder Waffl 

Hambros 


20 


1988 


10 


10 


Myth Eastman Cffltwv 


Hie iwwiiuw. 

System working 

market, only just below its offer- 


austrauan dollar 
Citicorp 


srn-.ffldWK « tsssjszsspfjst t _ 

Tb»v « Kg£L iAEST*-* «• LUXEMBOURG francs 

day morrune at ^ truth it seems that collision per cent, an The New ° F a b ond. At the same first major fund raising opera- j Kre di B tcorp ™ 

srrrir..- 8 *».•!* j-^nzu. ■££ sw-W. s? ffu -“"■i.sFjs" - 0 in . ,h ' a “iSZv m eSem 

_borrower in the terms it 

obtain. At the end of last 


15 1983/8 


10 * 


First Boston* BNP, K1C 


1986 


nJL 


8 


100* Krtdietbank Luc. 


7.96 


.1993. 


DA 


A week pound on «»». announced on Friday. ^ frTm Eurofima and. one for Mghef ihan the one New Zea- can —- 

bined with rumours that oneand system appears to ° n ® “° Norwegian cement l3 ® d ^ a sovereign borrower can year Denmark borrowed b200m. 

^ OSSb li^L^nnouncldover be working-just. However.™^™ • boast a per cent) and the from a group of Canadian banks 

S53SAS3 «cisjfs -— ot and 1% - 

point (although some issues held not be surprising 


Merges Kotnmunalbank 100 

J Final Twins: •* Ftace»«it 

S Comerdble 


• Not priced 


7} 

t Floating -rat* not* 


AmzoBank 


Not« Yields are, cal 


7 g-RMwan' 

loalatcd .oin AIBD hni. 





Indices 


NEW YORK J0NES 


Fell, l Fib. ! Foh. I Jan. 
o ; 2 ! I j J1 


Jan. 

SO 


Jan. i - — 

I 27 I High 


1977-73 iSLncwiimplIatinn 


Low j Ht|(h j Low 



Peb. i Feb. ] 

[ 2 l 1 1 


1*77/78 

Feb. 

i 

31 

High J 1*3"■ 

49.72! 

[ 48.92; 49.79! 

1 I 

49.41' 67J7 | 49.06 

| J (4/1/77) j |27/1» *8) 


Issues t ruled — 

Kises.. 

Falla.. 

Unchanjg«l.—— 

New Bictas . 

New Loire 


1.803 | 1.826 
677 I 878 
668 582 

464 j 432 j 

— ; — i 


T 

IMMnl..i 77B.II 7».»! 7».tt MjM I ffiJiSJ mS, 

■ 6 G| 


SCffTEEZT 


_ I __ 

B'oieB'oilF*' B8.7l| 83.72- 99.57; 99.9r * •” ” 

Tninsport... J 218.89= 212.95: 210.31; 2M.6b| BOBJlj 208.71! WM f gg ^ 
nililim..I 105.51, 186.4a! 109.24' WTlj WU* jgg UJS, JSSl 


IwllFUJIOl ] 

(We 1 


19,400 25.050; 22.240[ 19.8707 17.400; 17.900 | 




Industrial 
Com nine* I 


1SJ3- 

(0:7/321 TORONTO 
1069 


CuiniA^iU 1 


<8B/4f42) JOHANNESBURG 

Uni. i 

_ InitiiunaU 


Fell. 

3 


Feb. j Feb. 

-;-rams 

Jno. > 

31 \ K*Sh 

s 

Ixro L 

Ifib.96 1 166.371 16S.B5: WB.47 *17/31 
172.671 172.5Q[ 171.02. IB7.J6 (19/1/77) 

168JJ2 CbilOi U 
165.60 (2b/10> l 


A KG. 

Allianz Version. 

BMW. 

ASF.. 

Caver. . 

Barer. Hypn.; -- , 

Haver. V«rdnMi 317 i + 2 

..... 190 


213.8 217.1 

211.9 212.1 


2W.fi 215-7; 21B.7 |U2f7g 
212.lt 211.81 214.4 14:1/78) 


139.4 |24A>| 
169.1 (22/41 


Hasw m inneR .-tl.iiiae<i T.m- aukh-o 


ln>1. , 1 iv. velM l 


Jan. 27 » Jan-20 
5.92 


Jan. li ! Tear mjo lappra*.! 


,Feb. 3 1 Frev- |I9T7-7K 
. 5 .' ion* j Higti j 1 >JW 


! FHs 


Pro- 

vioos 


F1977-TK 
| High 


Spain 


6.02 


5.93 


4J27 


uii S5.7B 1 9&.711 IOOjX' 
|(30/llf: 


19T/-/ 

L'R 


04 J* 
i2n:i:fe 


STAUDAED AND POOfiS 

_ 



■ HVh. Feh. ’ 

' 8 1 2 ; 

Kel*. *»«". ' 

\ ; si 1 

Jhii. , Jan. j- 
30 

Htcii | I»'» 

i Hucb j Luw 

; IndustiiaU 93.56. 98.50 

;Coiutan<He - B9.62 90.13 

99.12 98.36 

BB.93 99.26 

00 44'. 97 6ll 118.92 1 97.47 ■ 1B4.04 \ 8-»* 

' , Il3.1/77, ii^.lNi•. 1 IM7»*. 

00 34 Bfl 107.00 • 8B.5B . 12B.85 ; 4.40 

B9.34, va.av. wufa OS(1(TOl ' ( „ rt .73 I : l |raH» 


8wedM 

Belgium <l.>> *i-&' «■«! M ! — 

Denmark(**ij , 


, .»lUil|7T.iU‘,lj78 Swiurl'dl 

1 35.52 107.3^1 94.5« 


517.4 i 316.7 I 5ULe | ttt'J 


France mi; '* 47 - 6 . 


eO.l 


(9/61 (3/2/781 
«.6l tfc.4 4J.5 
1(1/1171), (10:6) 


Indices and bane dates tall base values 
•‘ffi ^andSS^^nt-lO 

i « "2* fsssur JS^JTtSJSa 

5 400 inds.. 40 UuUUbs. *0 Finance and 
20 Transport. Ui Sydney 


80.3; 933;; 75.6 

t 4/bj t ra/rtri 


Eel.. I 


J»n. 25 


Jau. It 1 Yi.nr»KO«1»pf , *-1 


ln>1.4iv. yieM % 
In*). P'K ISntiu 


5.22 


5J28 


5.13 


3.89 


8.69 


8.63 


8.74 

8.17 


11.09 

6.87 


All Ord. 

,o,.,. u .Tli BeteieiT SB MOT, «"»_Cg« ia, »{g 

ItalV W “^i; “'JgyjSS 

japan »• 

— Sh «-i ii ;»- i -«isffa sjfi. janw ssass 

Industrial in/38. (1* Swiss Bant Corn, 
mi Unavailable. 


92.5 -0.8 | — 

505 ' + 8 ,*18 | 1.8 



Guieboffaun".—t 

H»p"K Lloyd..| 

Hurl ener....... 

Hneebst. 

Hnesotl.I 

Honen.. 

Kali nixl Sals... - 

Karst sill.J 

Krnifhn/.. 

Kl.x/knerllin 1W-I 

KHD.. 

Knipp..] 

Unde.' 

Lun-enbrau KM.[ 

Lnirbansa. 1 

MAN.. 

llannesnuum.| 

.MetaU^es 


284.5 +0.6 ( 18 ! 4.0 
8J.5 -0.5! - l — 
31B.5>3.5t 19 I 3.0 
871.7,+ 1.7 17 ! 3.2 
■ 159.5 -0.3 14 I 4.4 


4.0 

1.3 
2.7 
5^ 

' 3.8 

6.4 
I 4.6 
! 4.2 


Feb. 3 

Ansto American Corjn. - 
Charter Consolidated 

East Drtetmujein - 

Elslwr* - 

Harmony-—- 

Kinross ..—^T."- B .05 

Rustenbiirg Pladtmm-h'® 

I SL Helena ...’STS 

SouthvaaJ - 

XJnld Fields SA 



250.31+0.8 
153 t—2 
818 


80 
4 

+ 1.7i 18 


Union Corpora imp 


2325 

a-is 


Deferred- 


t5.70 


114 1+1 | 12 
238 +1 -*9 

126.5+D.3 16 

43.5 .. 4 

120-5. 10 ... 

150 -0.5! 9 ! 3 0 

308 :-0.5 1 20 | 3.2 

204.5 —0.5 : 20 | 5.0 

1^5; 12 1 3.5 
96.5-0.2; - 1 - 
244->-3 I 16 . 3.3 

1.500 .; 20 , l.| 

112.5 . 7 1 3J 

205.7,+3.2 12 2-2 

170 5+1 ; 14 ‘ 4.1 

232 i—3 I 10 ! 2-2 

liii'ih'd'SuerRiiek.; 552 , + 24 ; 18 ; 1.6 


Nevkenmanii. 
Ihvusac Dm 100.1 
RhemWeat- Bte«.+: 

Si-liering.| 

Siemens...j 

Slid Zuvker.I 

riiyvwn A.G.• 

Varia..—.1 

VBBA.■■■■■I 

Vereini'Vcat Ult.l 

Volkswagen. 1 


116 ,-0.5. - : - 

117 +1 7 ' 6 -2 

207 t2.6, 16 3.9 

260.11+0.1 | 20 : 3.8 

296 i.' I 6 1 2-8 

iia 1 . 17 3.4 

121.4.+0.9 J U ! 4.5 
176 +1-5 f 14 4.0 

116.7 +0.41 12 • 5.2 

503 . 30 • 3.3 

210.5+0.5 10 2.4 



OVERSEAS SHARE INFORMATION 

rtlU VADK 1 HtgbT'Siw i «oeR ! F 3 b ' I Blg^ U,w |_j* 


Inv. S Prem. at S2^0 to 

Effective rate <at L9415) 32}% (32,%) 


De Beers 

BlyvonruUzlcM - - 5 -^ 

East Rand Par. -- ’55 

Free Stale Geduld - 

pres!clem Bran* -- ” “ 

Pre^Uenl Siem .. 

Stlirtinicln - 

WeTkom ... • ■■■ ———m. m 

West Driefpnieln —.™-2 

Western Hnlrtinw ....— -*■* 

West era Deep —. “■ 

• ihdustrials 

AECP .. - a ' 35 

Ahitln-Amer. Industrial ... 

Barlow Band .. 

CNA Invest menu 

Currie Finance -- 

De Been' Industrial .. 

Ericars Crtn^Ndaied inv. 

Ertcar^ Smrr* .. 

EverReadv SA ... 

Federate Vnlfesbelenainea . 
Grearerman# Srnres • ••• 
Guardian Assurance »5A» 

H nletis ...— 

McCarthy Bndway -- 

NedBsnk .. 

r»K Razanrs 

Premier Milllns ....- 

Pretoria Cement ..— 

pmiea Hnlrtlnes .— 

Rand Mine* PreDenies ._ 

Rembrand' Grouo .— 

Retcn .. 

Saae HnliHmn .—— 

C. G. Smllb Sn«ar- 

Snree ....—- 

S\ Brewerie* 

Tiaer Oats and Natl. MIR. 

Tlnlsee ..—. 

Securities Rand Discount 


NEW YORK 

1977-18 : . 

HiRh 1 le>w I 3lwjk 


Feb. 

5 


56t® 

39 

15 ii 

10 >8 

381, 

28 *s 

347b 

21*j 

43 

26> S 

291, 


591* 

38. a 

36iji 

17 

22>, 

191; 

5070 

36 *r 

231, 

19 

335* 

221, 

59tg 

325g 

3710 

23« 


14*8 • 
48 . 

47ia 
41 ; 

29*8 I 
25*8 ! 
41*8 . 
31 ’1 ! 
191* j 

5 <8: 
471 * j 

37 1 

36'r I 
69 it) : 
36 
23'a 
30ie • 
12 

3dU . 

30 ij : 

331* : 
23^4 . 
19 i t I 
235e • 
37i« 1 
61J4 ; 
3J>z ! 

12 lg ; 
17 7g | 
5U4 
39?8 I 
29 ij ] 
41U I 
38Je 
40 U 


•.AbU4i Ubs . I 


\ileubenv L«e>l. 


:\llleit Stuns.. 


,\iueni.ia H«-—I 
8i„ Miter. Airline.... 1 

39in Vmer. urtm-l. 

o45i Inter. Umuhv+t. 

3a>h Mtnfr.Can.... 

23If Vmer. CvhuwiiH- 
23 \m^r. bus .+■•*• 

32 \m«i. 

26 lg tiimr.HmmfPnei 

11 In xnici. Me.ii.n-... 

3 ag \ 111 er. MiUrs. 

39ij \ii'+i. Nat.'.!'«•-• 

tiner. si ami" ni . 

271; \niet. Slurm. 

57 1 8 Inter, l ei. k T«i. ; 

27 .. 

155g IMF. 

24 14 AM F.. 

7Sg ;Ani)ies.. 

26 Iq An Aim Uocklns-' 
10 i £ ' Aubeu'+r Hu—li. 

197g .. . 

17lj jA.S.A.; 

S : 4 ,-aniem Hi. 

13 1 a Aszr.t.. 

28 U iVabtaifl On.; 

44At'. Ki-blie" 1 - 

Bllj !.Vul>> lint* Pm....; 

Bi4 ; A VC.. 

13 |Avt.., 

44 avun Fn-m.+a 
24fa |i*ul liv Kiwi..... 
20"a Jwiii Ameri'+....• 
34 Idunser* l'r- N-1-: 

27 ' umwi W*.. 

28 ie unziei rnivenuiJ 


28>z • ^2 oe^rt* 


Fioi. 


5Hg 
14 S* 
ali 4 
u4 
42 
-41a 
39*8 
iflsp 
19 >2 
s7l» 
19 
K4l2 
13': 
24 Sb 
10U 
437, 
c53 4 
3 b Jj 
«5 
i.4 
o4it 
28 i s 
19 
41* 
40 ia 
a5ii 
291? 
39 Afi 

2b U 
17 

26H 

11*8 

6-'» 

19i« 

^846 
£llg 
91g 
I4'i 
2uAe 
-*5^1 
•-6U 
10 >, 
J77g 
44s, 

^553 

c 17, 
S5I, 
27 
3bS a 
£■£% 


705g 

547b 

357 8 

29 

45 

58 is 

1918 


46 S, 
42 14 
^4S, 
227b 
307b 
o 3&8 
135a 


UmiuiK li'MN...-' +8*9 
^.PC Inl’n'ti.inH ; 43 

-pine . ‘Sis 

■Jlroehet N+U. . ! 24 

omwn de• ieH«ii*| 307g 
^iirntnlnsKnume] 347 b 
wuri-Wrtcbt | *7A( 


221 4 


2H5g | 2210 

387b j 301* 
331, 233e 

29 ia 
7i« 1 
30ig i 
177 B ; 

385s . 

13 14 
5bs* , 

47 
4314 
42i« 

471a 


Liana .. • 227 3 

Dart In'liistriea... *8 

Ueetv^ . 24 

Del Monte., 231, 

4 ifl j Deltona..! £*2 

17 I DentaLily Inter...- 18 1 , 
151, lUeLroti fetteon...' loi" 
26lz |UUuuoimSlmniik zBU 

lu [ULUtpliaiie. 11 J J 

3Bla |Ui*nm* B-l'Hp..—. 40 

3zi* uwney .. 33 s* 

56 1 Ui-ver Curl'll.‘ S07 8 

2413 |Dow Clieinii+i.... u4l2 

a7b« |UPf»«r.~. 39'8 


30*8 
77>< 
306* 
4U 
40 1 a 
39J. ! 
187a 
35 

ass 

307 d , 
733* ; 
301b i 
48 1 

26 | 
507 B 


271, 
625a 
A Ha 
293, 
2*5, 
275, 
44 
20 is 
41? 

1850 

437a 

231, 


Jui .mu in Uuulp.i 


Fd>. 

3 




Jubn» Maiivliie--! 29>8 
!j..tm»ni Jubnwn 70*8 
275b 
313, 
245b 
283H 
4<B 
243, 
7U 
23«a 


JuvManuh. tn-’e 

A.'llartUmp.I 

Kaiser A - u mini 'tu' 
iziiei Inductile, 

Kaiaei Slw. 

Kty...I 

ivenne-OO..( 

■ to.. U<5ee.• 431, 

jKnlile Wailer—] *7&8 


1977-78 
Hiffb Low 


Stock 


Feb. 

3 


37la ISinHwi lej-Ulmh-l 


20 li 
423, 


1343, 1 1053, Du IVxil - 


14 
22 
93e 
6558 
456b ■ 

211, 1 
19 2b ' 
3148 1 
36 ; 

431, 

41 i 

4U I 


9lfl Dyniu I u-'n»i i1«- 

177g 'Kiwie PlL'ber . 

9lg inn«i \ 1 rl 111 w . 

45 '.boatman KolKh.. 

03 'balua.. 


1065, 
1253 
1653 
7 
46 
34 lg 


175b 

1S3, 

27 

315a 


16 |b.G. s G.. 

145, I hi Faao iS"t. Ghh, 

227a -Hunt.-. 

311, lEmtiMi EiWlfR' 315a 
33 lEmeryAJrFr'tsiit! 381, 
hmbarta8 7 6 

b-ii.l..' 058 

363, | 23 IKo^eUuirrt ..j *A\i 

1 n*«- iKumark..1 *6'l 

btlivi —- ! SOU 

kit , m..! s45g 

rmrubislCainem! 27U 
r» 1 . Uepi.si.iMj 36 
FirenloiK- I ue.... 


205g *3 

315e ! 26 
367a ' So 5 b 


Kopperv.— 

K-ail..—.| 

KiDMrOik..I 

Levi atrauw.j 

[ Ulbb.V U». Fw»l 


33 
28 U 
3 


40 ta 
26 ; 8 
47 

3«r 
39'b 
20U 
29*) 
33 U 


25t, de. -v « Ui. ■fc«iw iuj 40 U 


i47 8 

335, 
25a 
221 s 
15 U 
27 U 
233, 
295, 

257b 

1QLS 

13U 

32U 


14 ,del. A Ufinen. 

33 ueoilix.; 

1?8 deUBiiet 

16Ja -detbielieui Steei.i 
14U dlm:li.t Ite-Mf- 

19 18 doelnii...—-. 

22 ia Bowetawiilu-.--, 

36is ! 23?8 'durie"....: 

335, 2b U iViniMamei. 

Ills i 7ig dranui U« : . \ 

14u '. 10 .a uim . 

35*1 1 283, Jnst.~ Uien.. 

16-i' I 135a | iMi.Pct. Jot? 

3 Si. | 261, ' ilnx'k«+v i.,Ibb»..I 

17U ! ll'n id™iii>««*.. J3 Sb 

27 ' 18 ij ' dncviii" hne....... is 

34 T, 1 185, .. 3 “'3 

hi, . b Jiil.iv" V.tU-li. tji 

52i, , 37 • Jiutiiiabm Vim. 40Jfl 

gji, 55 ', duriiiiiijb. odU 

39 in i 515, !..,i.ijj"!l» »«)•--:. “| 4 » 
18 'a .' 14*, -mwtliiu »wlUCj la 

g - jaudi l£"H'lol|ili..| luig 



12 'a . 

78U- • 275(i ^nitiiUutb. 

15 111 , .Jivmei xC.euuntil 

215, i 16k' Jurtf H+wiey...; 
5958 ; 40J, ;»*wrpm*ilmci*i 

62 1 451b i^Bo.- 

523, ; 371, [jeuu^^... 
144, , Jsntnw X S.w..., 
19^ l.tminwei—• 
267, 1 JwdH Air ■I'alt.. 
371 j Mnntottton 

38°s |-bwul.*> sk. eir 

20U iJheaabntb Pno*‘ 


173, | 
26 i a 
34 
343, 
47 
26U 
4212 
635g 
I7ia 
211, 
2*2 
213b 
34 
63lz 
16 ■ 8 
SOU 
27U 
13 
367a 
20 U 
1712 
4018 
30U 
32 <rt 
853 
37 

93? 

25 U 

25U 

26 fa 
47 
25 u 
37 U 
34^ 
17', 
284, 

L 49 U 


315b --bowieSystetn...] 

43 Cbnsuto 

145b -bimnuuiov.--1 

12 U vbrvuw- 

li, _in£MUa»... 

15 vtnj. Uilacron.. 

HO i a Cuuotp.—. 

47 *a -‘lUen Servn*.-.. 

115a -'-itv Inveitina.. 

35 U OooiGijia.. 

19 j, I^hUi hum.... 

10 >a | .'.»Uln» Aiuuiau. 

27f, Iwmiunhi" (!bb.... 

7i, Loluiiihl* Pirt--, - 
13 * ,mii.ln,Uj.mAio l|Jc 
98 I JHIlUHUllltn 0330 

15 3 , JvOtnitisliou Ku—. lb*® 

P75, I 1 'in'u'tli H , Ui*ii | .; 

2Sa ;..mivttUOil Bel: 

20s, itom iii. datafile—; 

6J, ! .nnipurertteieiiv+. 

19Jfl i.outnu...■■■••■•! 

B2 IrJuti- billnMIl 

23 |-_t»*n«ol Ftwln—■■■' 

36 ;Cuu«H Nb«n, G«a..' 

21 lg jamsutner ruj*w. 


201 3 

113, 

163, 

50 

46 

37 U 

1=38 

^23q 

3 17a 

c8U 

3956 

illfl 

353s 

43t 0 

155b 
131b 
ssg 
19l B 
19 V 
471, 
121, 
a 6 I 2 
19 u 
il 

cTIb 

15U 


35 
223, 
ba 
4 ui 9 
4812 
23 38 
Ju 
20 U 
£0 
3+ I B 
43 

2238 

47 

19 

56 

uMU 

3uta 

31>£ 

1,A, 

13&B 

403, 

12U 

34 
145a 
61 *2 
57i B 

35 i, 
343a 
77 

216a 
29 V* 
33U 
29/ a 
61* 
37 U 
211*2 


263, 

18*3 

43ks 

2160 

3bU 

14*a 

23f 8 

11 

17*8 

29 

b2&8 

20 Je 
40U 
Is 
27ia 
7U 
17 7a 
245s 
73, 


35*t 1 
47 U • 
15&e | 
lBlj : 
231, . 
2048 I 
31*; • 
37*r ! 
1630 1 
latg I 
1178 ! 
593, ! 
41 


___ l47g 

F»l. Ah*. IWb-i.-ii.] c=*8 


Ficxi Van..| 

r'lintkote 

. iirniH 

_........I 


.-I 

l ..I 


I'.u.c . ; 

l-l.nl 2lVm.,.j 

Fmeni'wi M• 

Foil "xu..! 

Fiuaklm Mini.... 
r ee|*Jrt Mmenlr 

Fiuelutui.I 

r"quu Inrinstrte*: 


17U 
213b 
3Ub 
ad *a 

21 

415b 

11*8 

29*2 

8U 

19I 2 

c5?8 

9U 


115b 
363b 
9U 
2s3b 
11U 
417fl 
46 7 a 


93a 1G.AJ.! 

32*8 Kiauneti—.I 

9 I ieu.Amer.lu-1 

245 B ki.A.l.A.j 

1030 Uen.CnWe. 

41 |ucu. Uynnikw... 

45 in jGen. Kiertrl 
2u jOeoetni Fm«N,...| Z9S, 

26U llienerel Mile-.j 2B»s 

57 la iUeueMU U.vnps 5U3g 
18 a* [Uen- PoK bill. .1 19 U 

ajlg Oisi. Suinai.; 

281, ,i.!eu. 'Lei. Kiocl... 

22 i a j htu. l.vre.. 

3i a lijeuB*.+j. 

,4 k ijioivl" F"-+ii. 

148 jiluui D». 


47 I 33 
BBU i 4178 
14'; 

341$ 


263b 'Lisatett Group....‘ 

3a [LlllyiKllj.: 

111* ILitli.'D Inriiiti.. 

y | Lm*Uto I Airt'r'lii 
16*, jlioneStnrlii.il...' 
17 Tg tU'iui Inian-t iJti*. 
2<J3a iUiiiavaiiM Lmnii..^ 

3UU -liUtoii*i».-. 

13 I Lucky Store*.( 

& ;L*MmV'UUC«t*«lli 

77 a .UmcMiMui.• 

3168 M«e> l«- H -' 

31 'Vltrs Unnover. 

lUpcu.. 1 

U&ratboa DU.I 

iu5g jiUrme Uiillan-i.j 
17U l-Hwsbali Fielit—l 


42*2 
217a 
43 U 
26 7 S 
88 U 
S61* 

286a 
40 U 
14*2 

loU 
1BU 
lc I* 
42 U 
35*8 
laU 
6»1 
10 U 
36U 
32U 

56 Je 

42U 

14U 

34ia 


317b 
44 
29 U 
27 U 

194, 

34** 

67/0 

25 

47 

88 >s 

67 

7050 

685s 

56 

b6i, 

59 U 

ba»B 

34 a® 

16*4 

255, 
153b 
45 *e 
44 U 
464, 
21U 


213, 

314, 

SlU 

1938 

157b 

24 

503b 

13*8 

31 

16 

4&3b 

507 B 

49 U 


261& 
285a 
24 
53 b 
26U 
161*i 


30ia l H3J0 ' w.I 

33U i 187g IGofnirt-'b F.t. 

1688 |U 0 »l.vearTw.... 

t6 lUmilil..——.. 

a]i> ‘Once W. K.I 

75 g i(il.AliknFa Tn| 
194, |Un. North lnxi...j 
14lg iUwybi>iin.i 
10lg GuliiWeatern 
94J, Uuli On...—— 
g44, tUilhuiUni— 
35 ij kUnra Mining.... 
15 HnrulX-blcuer.... 

2 a Hnrrte Ck^p*i. 

28*0 lHellW H.J......... 

22 jHeuWein—. 

Hewlett F«+iaiti 

Ui,.|.lBy Inm.—.. 

HiuneelAVe- 


454, 

3450 

fJi? 

SISfl 
13D0 
1810 
3U30 
67 
64 v* 
233, 
46 &a 
36*s 
42*0 
8650 
16 

4340 

54f* 

1330 

Z970 

35U 

1710 

174, 

h7*0 

473, 

78 

52 


651s 
HJe 
35U 
427b 
UU 
213, 
235a 
10 
1150 
2130 
36 
OS-, 


ttuiiey*etl — 

Uon*e<--- 

Gii8|>Gwp.Amei 

HmmlunNiU.UH,| 

Hunt(Fb.A.)Cbm 

Hutton lE-F.). 

i. v- Indu-titev...' 
ISA... 

njieriui ltno.1, 


33 4e UiiUort Stool- 


*7», 
at- 
32*0 
ti, 
2130 
22‘0 
£5 
39 
23 
313, 


SOU jCouiineotnl GT >-1 

.ci. -niiiiiiiHiiUl Dll-. “7*4 


,6lg rbuutiaeutal 
14+8 UVeilinenlnl Tele.* 

19>a U-ontnul lUl*-.j 

385b [Cooper Indu*— 


15w 
25 U 
4130 


24U 
1»3, 
16 "a 

287g 
29 *8 
7*0 
31 
127 8 

1*38 

24 T 9 

59 U 
371 S 
153e 
421* 
36*0 
266b 
65 *a 
16 
3570 
4430 
HSfl 
2470 
233, 
1070 
1175 
237* 
3610 
67 J, 
35U 
13 
71- 


Usy Dept. Store,: 427g 

MCA-...j jWJ* 

41 UermoU-1 4b*a 

,U Diiime- D.hb.1 -4, 

\I -Umw Hni.1 *73, 

[Meni'irvx I ^8 

Urn >.., S53, 

Aieini' Lvn-I»....l 133, 
\lr-A IVIrmeum -i 35s» 

HUM. 'aG 1 !: 

Uiun MiiicAUl;.'. 47*, 
llut'i Unv-.: 693fl 

.ilnOtHUllli..j iO 

40 lg IlliiRNMI j. P.! 413, 

333, .; 464, 

26 Murphy On...-1 36 U 

46 .Naui*t>-.J *'®U 

24t0 ISau-uCheitu-*'—: *-6‘2 
12U |NBikMW Con-] 16 *a 

20U '>'■**- Distiller»—j 213, 
12*2 iNat. Service Ind. 

31 National Steel— fl 

31 1 ; Natomae. 36U 

SGI1.[ «*e 

Nuptime Imp—i loU 
New BnguiM Kl.[ 224a 
New buplBud Tell 45U 

1440 liamn Mohawk' 15U 
97g .N1aa»rii Slu»i* -l 1D‘B 

16 'A. I* Indumrle^.i 16 

23 U |Noriolk4Weatein| 27is 
37U 1 .North 37*8 

301, i 25 -Ntmi stoiet Pwi; 46*8 
501r | 1st- iaibwen Airlines; 84 
214a Nlti«&« Uaiicnrv. " 

17 J.Ni»mxiSimcHi—| 

20 lentHi 1 ‘eiioi' 21'/a 

jl i..t(*uvv Slutlier—'- 37-U 

1840 KHuo hdison.i 

134, jUlm..1 


daig 
, . 12U 
246e 1 21U 
3618 [ 31Ss 
17 U 
13 
2350 
363. 

40 U i 


b6U ■ 

ulJs [ 
31 
41U 
2Ha ! 
22 I 


457a | 
4450 | 
705 b j 
26 U . 
365a | 
51 *a | 

61 ' | 
1540 ! 
i4i B ; 
18 ! 
5040 ; 

43*a I 
38aa 
424a I 

5 ! 
6*2; 

. 16 
74 

25 1 

zo&8 ; 

231, 

8 | 

2948 

24 

13s* 

34 

4Ht ; 
36k! 
44*a 
34U I 
40 , 

16*; 
253* 1 

sou 

31* 

20*2 

27 

18 

54 

38 

624, 

27 U 
27 
<HJ38 
43 
29.8 
304, 
45 
573, 
91 
497g 
16as 
bit 
48 
42 U 
24 U 
12*, 
40 
7370 
3t 8 
37 i a 


41 


11*5 ; KernohiriieiAl».| 29*8 
52U UteynoMB K. J—| 

187s KIcb'wniMerrell.- 215a 
277a i Hock well Inter..., 2rSe 
284* litobm A U«a«-^..| 291, 

3l5a |l(ny»i Dutch-i 

gig OTK.. ! 

101b |Uuw»Iok». : 

127b .Ryder System....| 

36"e isaieway Siureb...j 
26U jiU Jue Minenur.' 

27i, pit. Kepi" Paper...] 
s4*a I jnnta Fe ln.li. 

34, lexou In.**.I 

luij Schliu Bre»iut:..i 

56 •.v-.'ltiuniheRfei.: 

16ia "rt.'M. 

13 ;, »si« Paper—.' 

18 >B t-tiV II Mr-i. 

6 |s ii'lf Dii»r Vent| 


b57 B 
Vjf7 8 
1178 
14 
38 >2 
*756 
274, 
= 6 
4 

4H 

13*{ 

68 

17U 

1370 

*03, 

6** 


19TI-7S 
HiqU ; Low 


265» j 17 ?b 

675b | 437$ 
104* 10I 9 

*6 70 ! 13U 

98,'; ‘ 925r 

86 I 7814n 


Stock 


Feb. 

3 


tVn(i I worth.—. 18 

VVylv.—I 

!taw.j 44 Jj 

fleput*. } 6 4 

Zenith Itaiiio- 1 lo*s 

tM 

! US.Traie 8 nlbJ' tBl=g 


21*0 
2148 
13 la 
*548 
3 61, 
*9*0 
37 
285* 
3690 
1158 
199e 
474, 
2 

20*2 

2570 


1248 "ns* Container*... 

19 U .. 

107g j)j«»rle (U.D.v.’ 

*41, -Sears KnelwJi.... 

28 >fcUCU..._. 

28 U Sben Du. 

dji+ rsheirironspnn... 

24 ' ?lBiut>.—.... 

344, > siunude I'otv—— 

103a ,3Ui.piieitv Phi... 

18U -Sumer-... 

32 iSniitb Kune——. 

17g Ibaiiintn-1 

13 L, ; Southdown. 

2138 .buoibemUki-Ert.' 2578 
15 tg • Southern Cv—i 16 {i 
28 |Mbu. K«L lies... Z 8 j 4 
31U ■xailbem Pacific.I 335 b 
47U |3ouibemK*iiw*v l - -i 83 * 

20*a l3iiulhi*r».i.j ^3*a 

20*S ja’w’l Han.-shares; 2+U 

1,1] ls,«irj Hutch. leU 

*950 ‘31*1 rv lC"H■!.‘ 337* 

u 15 b ;3d'iib.; a ^8 

241, .‘nnnriHHl dr"il‘lr( 251a 
345* isid.Dl'tHliloiin-.l 374, 
44 Ibtl. Du la.ilHi.a, +650 

l 634, laid, till Oliin. 1 e7 

j al*i bwuff L'bemieai.; 36 

| l31g IhMrllDK Dilm —; 137 b 

; 39 oLudet*ie>.I 47*, 

383s '.hun Lo.i 386 b 

314, puudelranil...—..I 53*8 
\ 16 U vynie*.—i 

Si, Tcehnicolor.i 

28 U fektrwul*....I 

475, Jl'eledyiw—.-i 

2 Telex.....-.. 

28 U jCenevu.—-i 


6.54'*, 4.38%|Dji.«JD*.y bi*l*.|6.^ a i 


CANADA 


11LC 

8 

3058 
1912 
42*3 
18 
22*a 
10 ia 
56 is 
24 U 


17 S, i 
15=8 , 
5.0 I 


85, rVbltiW Paper.—.| 10ja 

3.55 |.Vjuw> Bujle. 1 

233b 1 VtouiAiuminiiiui -JOJ, 

13.U i.Aicom* b*«fi. 

194, I VjJj*s»IC». . “ sa * 

139a jtvinkul Unninnl, Dw 
17 lg I lank An*" scmin- 155a 
5 I music ttonnrce*-" 5U 
43 4* .ie» Telephone..... 52 ■» 
16J* |How Valiev IndRJ ** 

15U 


8A3 
3-63 
1J0 
036 
ta.M 
71.75 
* 1.00 
tl.SO 
1J0 
t2J5 
1.70 
2J2D 
1.7b 
0WI 
2J0 

S. JB 
tfi.20 
t3.55 

2.15 

0,5 

0.41 

1.49 

T. OO 
0.55 
1JM 
9.00 
1.1* 


+o.oa 


+0.05 


-o.n 

-o.rt 


-0.05 

- 0.10 


+0.01 


+D.W 


ACMila (£5 cent) 

A crow Australia~ , 
Allied Mitt-TWR- Indus 81 
Ampoi Jlsplafalfon..—>■ 

Ampul PMroleniu... 

aw. llinera,la.. . 

Ammxl Pulp Phper Si— 

Assoc. Cun. Industnee. 

Aukl. Foundation Invest-.- 

AJJX..... 

.. 

Am®. Dil-A Ga*.. 

Blue Metai IniL.— 

Boujtalnville Copper.. 

Broken Hill Proprirtaiy’ - 

HH ... 

Ikritm United Brewery 

C. J. Coles—.. 

CSH (911.—.. 

Cons. Goldfield* Ail". 

Container (Sll.. 

Cooxdar .. 

Contain AiihTtiiIi*....—. 

Dimiop Rubber iS 1 >-.... 

V&XHl .. 

Elder Smith.—. 

HJC. Indus! tin.. 

Uen. Property Trust.. 

Hxtnerslev ... 

Hooker. 

I.C.I. Austral In.— 

I .. 

Jnminyt Imtiislrie.......— 

Jnae. (David). 

Metals B*pli«i*tlun—. 

M1M Holding*. 

ilvei Kurponuin. 

.News....- 

Nicholas Inienwtiona) 


-8.01 

+ 0.01 


[+8.0S 

+0.01 


AMST ERDAM 

Feh.3 


+0.K 


North Broken H'dinjpi (60e 

Oakhridpe-.—• 

DUaeaiuh. ] 

Pioneer Concrete. . .1 

Ttecklrl A C-uliuan—-.. 

tL C. Sleigh.-.| 

boubtataud Mining————: 

Ttooiii tSli.•+•. :| 

Wsltona ... v."; 

Western Mlnim<l60«*nls). 
W.vjtwort hs~—-.■-■d_ 


10.74 
t0^3 
' 12.20 
ti J8. 
ta76 
to.7a 
tl.l» 
tl .66 
+0.06 
+1.62 
10.40 
+0-39 
+0.98 
+0.99 
+5JS6 
+0.98 
+1.85 , 

+isi ko* 
+2J92 
+2.65 
+2.U5 
+2.09 
+130 , 

+ 1.33 [+0JH 
»1.07 1+0.02 
+ LB5 H-0JJ4 

ta.io |+o-® 

+ 1.41 t 
+2.20 f+O-BB 
+0.77 
+2.08 
+0.29 , 

‘ +1.34 1+0.01 
+i.03 j+ojn 
’ +0.17-1 . 

•, +1-78: +o-oi 
+ 1A8 1+4.01 
' + 2.21 
+0.95 
+1.13 
+1.79 
+0.08 
+ 1.43 
J3JB5 
+0.78 
+0^9 
+1.76 


Airlnqni-.-■! 

Aqmtain 

Bomyeue*.— 

BJ3 J*i Gerrata—. 
Candour——... 
C.GJS-—-■ 

C.LX. AJcatd- 
Cie Hancairo—J 
Club Meditor—— 
Credit Com Vr‘C$4 
Cmtsot loire-—- 
Dnmes.——. t—- 

Pr. Petrol«i- 

Uen- Occident* le| 


300„'f—10 
457 ' 

334, r _ 
320,-^a 

249~-1^t F 
730 V“20 

2184 

897. 

101 t-3L5 
SO.li—0.4 


435 

93 


LOt 


- 0.01 
:+0.fll 
U+J.01 
+ 0.01 
[+0-U5 

t+ail 

to'93 1 + 0-01 
tl.14 KJI.01 
+1.86 i+W® 


Imetai...■' 

Jacques JJareL— 

liitan?*.— 

VOrenl..-- liA 

-Learand-- 

Maiwitw Pbeaix,..' .603 
JklMwlIn “H"..... 

MOee Hen aes*y- 

Moul+nex-- 

Paribas -- 

Peeblney—..—..... 
Permul' Rfc-tnnri... 
Paufiaut-Citroen. 

Ports in 

Radio Technique^ 

Hedtnito...- 

Rhone Poalenu.-- 

bt. Gobahi-- 

bkbBosaijptok— 

baer 

Talenieoaniqde... 





,tS • {««( 
— u 


177-«-0.6+8- 2s l^®' 


. ff ‘ • 


Ahold iFi-20». t 

Akso (Fl. 20).i 


"Price f+ or | Dhf- |VW- 


Fls. 


— i % 


% 


4« 


101 |-1^ | 24 

fltis'aais 
sis 1 "' mftk 

Buhrrn Tettetralel 67.3 +U.2 20 | '■ 
Hl*evter (F(JB).. ] 252.6 +1.5 121 , 1.6 
EnniaN.V.Besreri 129 1 + 0.6 ; 32.5| 4.4 
Etirol.’'iniTrt Fl.to) 

Glut UnaadrriFIW 
Hrtnekeu (?'•£>!•' 

H> veil** FI201 1 ] 

Hunter U.iF. ltd, 

I.H.C. Holland...: 

KL.M iFiIOOi.I 

Ini Muoer i 120 )..i 
N itsnieii iFlIOi...: 

N»tN>mi-.rti-10| 

NeafrcIBldFia^ 


TOKYO t 


Feb. 3 




liw. 

* 


83, 


910 

35 

67 

31, 

k9ig 


10 
143, 
25m 
20 U 
1958 
193, 
59 48 
3.60 
94, 


147g 
+3.2-. 
34 lg 
151? 
S3, 
115g 


P Canada.I 

llig livnwron—.! 

. 1.66 oriu- 1 '... 

38 I 31*2 jOt'sarv I ■■»er„. . 

17 >4 I [UidiIu Mww. 

7 m 'viiin'b 1 i.ruieiil-- 
6 'Canaila AVf land! 

215, {Cun ImpHnal'oiOj 245g 

171 , .■-*"■»<*» liuliMk...! +16]2 

161* i-Jan. Ph, Hi—.| J| a 1 

16*, ^isn. Ph.dlii-lnv..| IB 
395, [uan. buperOli—' g 3 
2.31 rCariing WKeeie..: 5-20 
63, |Coe*bur AsteMas.l 9*g 


129 

62 j.' — : 94.6) 5.6 
37.5-0.5 22 5.9 
104.31 + 0.3 I 14 ! 3.4 
25.2 -0.2 (10.26 8.1 

23 ;.! 12 5.2 

13.7!.' 10 7.3 

126.4- 1.11 — • - 

39.1- +0.1 • 18 ; 9.2 

41.1- 0.2! 10 2.4 

105 +0.2 i 46.2; 4.4 

50.5!-^0.4 ! 2u i 7.9 
Xert.ltol'BktF.iSOi 180.5.> 20 b.6 

.* SSibwi^jK 

46 + 1.5 ! 31 I 9.1 

25.9—O.Z I 21 | 6.2 

166 J—1 ! - I 7.6 

116.5,-0.5 lASSJ- - 

130.5- 0.3 - 3.5 

12 5.9 ,-0 S IA50 7.9 
236 :+0.5 | 19 { 8.1 
147 .j 27*. 3.7 


h23g 

LcU 


107g 

153, 


33*b | 
«»■ 
291, 1 
•1660 
21'a 
24 
6)0 
283, 
27Jb 
24 ** 
526b 
35*8 
lll 8 
39*i 


uZU fUverseiuibbip—..] 83 U 


6uU 

2030 

24*2 

18U 
2070 
4 
21 
iau 
20*8 
32U 
26 U 
7M 
33 


28la I 52i0 


U wens Coniine...] 63 *a 
Ontou. lmnms.„. **020 
Pa. ib. Uu—... 23>2 

Psi-ifi - Li'ibtin.:.. 20 U 
Pa..Pwr.A Lt— 21 

PNoAiiiWurmAii bis 
Parker Hannifin. 22 lg 
Peaualv Ini—224g 
Pen. IV Jk U—... 826* 

Peuiiev J-C. a36s 

feanmu- 29 U 

i*eu|ile" Urui!...... J 

PnupW" lion.- 

Pe+ndL+l__ 2570 


16is I 12 », lined o, 

131, 1 ^ 1 1 unworn huen-tl 

285 u | 245U ilUAI..(258^ 

* 3 ii. 163 a- lnt«-Flawmn.—; 21 *fl 

374, : * 6 U Ipu- Harveaiei—.’ 26. B 
43‘m 1 3bU lint*, llinil-heii,; 3958 
23U i l 7l » MuiuiikR 1 *..' 

34 1454 ilnao.—*—• 

694a 1 39 jlntu Paper— 

40*j i 2a*e ilPU 

B+e I 5 !lnt_ KevDder.—. 

36 1 , ' V8*a jlucTel-STel--. 

gj g - 44 |lnveni-- 

3170 I 20 [town Bert—...• 

14*4 ! 11 III InternalwttalJ 
59 U I 25 U I Jim Walter—.- 


31*4 

15U 

39 

2750 

BS, 

39U 

1*4 

28*1 

11U 

28<0 


2170 

3740 

2&*« 

397 B 

21 

645b 

68*4 

44*j 

am 

365b 
20 U 


3B*a ! 
16*8 ‘ 
39T B ; 
93 , 

26 ) 
55>0 l 
19*4 
265e 
84, 
65l« 
32*e 
345; 


I 6 S 0 I Perkin Winer». 

•a0*« itvi-— 

24 [Purer—-. ■ 


187g 

37 

a75, 

19 

19*0 

&67 S 


1850 Ipneip, l>,y;£N—. 

1740 jplnia.ieiphbi hie. 
bl*s ! Philip M 01 ris.u... 

B7 j Phillips. PMro*'in| -HU 

361® Pilulany 

151, IpiiueN Unices.. ... | 

■ 4 H 4 .pittsion—— 

10U 1 Plesgev h»*i .vDHi W 


6 |Te*oro Petroleum! 77* 
25*8 l'ess.-'O.| 26 

17 U Iwtamih.• 17 U 

66Sg Texas luhtm., 69U 

ii'dka Tesns Oii'A Was..! 3050 

18 >8 Te-mu L IIIUIeN...., 197* 

a 14, Time lnu..' a 8 

20 Times Mirror.) B 3 S 0 

43*, jlimken. + 6*0 

4 1U i 3 Hb 'Trane..; *4*8 

16*c j 13>, jlranrincriai ...—■ 13 '0 

2319 1 If ; IransKi..■ 10 l H 

'L'can? Liihju.35 U 

IrnusHAT Iih'i-iiII 23 U 

Trans World Air .1 1138 

travellers..j 

Tri Continental...! 


171, 

304* 

3138 

994* 

34 

38U 

39*2 

2ba, 

55U 


25 l a 
1 j4h 
id4*8 
79 


C3U IPotan***.[ 

13 u 1 Potuiuse hiev—... 

23!* iPPD InduMriwi..- 

74 lg jptmaer Uamme-n 
214e iPiibSseneKlec*.. 82T a 

24 iPul>man.1 *(*;• 

15 >0 ,Furw--! 15 U 

20 1 b lQuaker*Ait.%.| 40** 

40b KapW American..| 6 

28 I Raytheon.— I fO ‘8 

28*, UCA.. 1 

21 *, jUepubhu btort—-I 23U 


384, 
274, 

1Z *2 

361* 

22 fie 

40*4 

25 

2730 

2230 

251b 

18 

43U 

56 

13*2 

62 

9 

59 

58 

lit* 1 
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11*0 
3210 
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2660 
4940 I 
41 I 
39 U 1 
1550 ! 
1818 . 
34 

3130 , 

19 l 
*8Ta 
334, : 
274, ; 

20 U 
221b 1 

356b 
4570 
27U 
28 
254, 
32 U 


32 U 
41 
7T 0 
26*8 
ltl * 1 
2754 
10 


r.R.w_. 

1 fltu Century Fox) 
16/0 ill AX.-«... 

18 UARliU- 

17*0 UUl- 

13»4 CUP. 


26+ 

1813 

3uJg 

2240 

2060 

203 

Rli 

1470 


07 1 , lUnllever...I 3880 


471ft Unilever KV.J 

jl Uuion Bouiurp ...| 
585, Union Car+nde— 
gig Union Cammereel 
4550 Union UII um... 
43lg Union Pasihc.— 


b4U 

13 

3910 

64 

48+0 

4500 


7*a 
658 
10 
25*3 
21 lB 
181* 
*71, 
321= 
174, 

14 

15 
K&SB 
241* 
12U 
44 U 
£5 58 
14U 

16 
1658 


UntroyoL.J 77a 

United Brands...) 7 *b 

Unitni Ourp.j U ,s « 

Ub Uoncur+b; 27 U 
U b. (iypsura —I 
L'd. bli.ie.. \ 

US. Steel.| 

U.Tcfhiini«^nus..i 
17V tndiisirlr.>....| 
Vlruinui hlert....i 141a 

Wnlarwii.■ 

Warner Cummn J 3070 
|W"riici-lamlieri 27 is 
Warfe-Man'inenll Ida 

VFelw-FarK". , '-^ia 

Wusiuru Uanvuru 3 UI 2 
Western \..\tncr) 

We*.tern L'nmn...) 
w«t luqhse Klcrt ] 


214, 1 
3t»U i 
29*, I 
171* I 
-84 ; 

8*4 ! 
& 1 U ; 
784, 
b9I a 
S4U I 
154, | 
151a 1 
391g I 
us [ 

274, 

1378 

5JU 

65s 

3nU 

47/10 

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19 

4&le 

184, 

304, 

*34, 

341® I 

97g 

i6u ; 

15 ig I 
153a ; 
6 

4:i5 ! 

£S { 
341* I 
39*2 ! 

nr ! 

331a | 
187a 1 

35 | 
161b ! 

6*0 I 

3.10 1 

'434* 

36 
2 li 

710 
1,43 
23 Se 
10U 
*1*4 
1.49 
31 
10 
38 
aS a* 
i 860 


81 b {Cluetrain- 

25 iCnmumo. 

191 ® j Cons Mat hunt—j 
13Yg 'Consumer Una....! 
4.15|Cooeka Kecouroe; 
t 6 i 8 iL'ubmiu Rich. 


205, 
27 
24 
16 U 

7 

8 


an Omineren...| 
Pakli.wliFijO).. 
Phlliio iFi.ll>'. .. 
IP.msvIiVerFl.ilM 

K,<l«u.iPi.bO*. 1 

Itnlinn* lFl.fcOl—; 

HoneutoiFi.biJi.— 

Ki.ral Dutch iFI M 

biaveuuiuf;.I 

bievinGrplFiJOi) 

L'nkvoPflC Hlds6. 
Umlevei tFl.SOj.. 
VihinRRes.lnt.3I 
West land' u. Bank 


454g 1 Uen iron Mlnto—] ®7 


741* 

oT-B 


4Z4, jOumc Mines. 1 

AU liAunc Prtroieum, 

17 lOfiminHin drlrtpt +82*3 

127g iLhjmuir.—., J4», 

111 , juupont.—... 

168* iF+Hjun'ee Moke I **“B 
73 |ra->.l filiitoi Ikn.J +8J 

224e iGfflistai-- ^6 

51 . Iliiaui xei'wknie.- .«*8 
j! 3U l.i.jifOi.Caiua.ia—j <47*3 
4.50 iriawaei awt. Can. 57 b 


27 is 
26ls 

14 
1410 
33ie 

15 
24 
18 U 

16 


ttoi'iat^i..— SU 

Home Un "A ...—| 41 
dwUon dav Musi 10 

Hudson Hay.l 174* 

HielaonUliAGa,i 43 

l.A.C.. ' if'a 

lniu.fi...| 29ie 

lni(«ria‘Uii ......1 19]s 

lOeW.... -1 16~B 


6 lg inda... 1 ^*3 

9 jlnianil MaMioe.^ 105 , 
124g l.ua'pr'i HipeLini-, 13(0 
12U 'liniser Kesuur-w.1 13 U 
gig luuu-nit Fintawi- I 

2 . 6 a ]l>iui»a ixuu. tfl.25 
16's id^'iiii-'n Brel! 17 
1470 ! *l-«^v reneiMW, I47g 
22 iXlelntjre. 1 23 

26*® 1 »l.>ur»-«..*ipi*.j ZuSg 

19ss I vuran in lDne»..-l 21 U 
10 *a i.Noreen Hnantv—I 16 4 * 
26 (.Ntbn. lrtecom—| 2o5s 
lol® I hum* UI*4C**i l® 3 * 
1.90 IJokwonu Fetr'nij 5 -°9 
U.95 PociBc Copper M' 2.00 


sa==i § =*■■ 

Dai Nippon Print! 515 -- 

Fuji Photo.-I WO +6 

Hicarbi.—1: + J Q 

HondaUrtors.L gS® +l9 

Homo Food—.jl.02U ........ 

C. 11 oh.. 231 1-1 

lto-Yokado— . 'l.ZBC J— 10 

Jail*--.7- 

J.AJ+-. 

h'ansoi SlwCPw- 

Kouatiu. 1 

Kulk.ta...—.......1 


2.2 


Thoinaoo Brandt j *J® 



133.11—2.4 



lBjwa.fii-; 

59^6.5:-- 

S2^|.3:;. >-. ... 
4JP>” > - .-£ 

3jL2.*-;v. ; 1 - 

12iM-.-%v A 7'! f: 
■Li-v'-r*. 

34* 6.C- ; • 
; ho.Oi; ~ 

W+fflt''. . 


200 1—1 125J1IUJB 


2A- - ■■ . 

IV B- • »- 


498 


Lb I22.7S 1 4.4-^ 7 f • 

I—e: ■H5.1KML8'-‘ - '' 


Ukinor. 


- i7.el-Q.3 1 — I — “"' - 


VIENNA 


Feb. 3 . 


Price 

' S'- 


Creditanstalt ;..J 450 ]■—— 


, or DlvJPMI^ ; 5 L 

r »- t* 


Perlmnoser.— 
Srteeta.'- 


460 !-- 

680 ‘+-3 


^jlCcfff : _ __ 1 | T 


10 

48 

•7 

14 


“*£r; *.;■ . 

3.4;"vs*.-. i~ 

3.*;i 
6.1 nfc 


BRAZIL 



B2.B|.! 30 

121.9 -0.3 {ASIA 

42.6). 

401 1-2 


0.7 

6.7 

1.1 

4.0 


COPENHAGEN * 


Fed. 3 


Price 

Kroner 


+ or 


Mv.iYId. 


% 


A miersbank «*....; 
BiUTn'BtrM'^a ...j 

DansheBaiiJi.. \ 

Uut A*iatlv Cu-.i 
Flnansbankeu ....1 
Fur. BrjTwerler-i 

For.PapIr..—! 

Hamlelibsiik. 1 

U.N'th'irH.iKrtO) 

Nonl Kb Mel. 

Ulietabrik. 

l'nvat+ank. 

Provinalwnk. 

bopfa. BereikliMen 
buperl'w. 


1404,1. 

433 !—8 

1301,!. 

2331,1-41, 
Unia!. 


-3, | 

-4 I 
-3 • 
-313 1 
1-2*, 


321 
785, 

1321*1 
251J® 

253 
881® 

1361,;.I 

1424,.f 

367*®.I 

183 ill—5U 




12 L3 
2 t>l 2 J 2 
20 I 2.0 
18 ; 1.7 
16.j L3 
12 ! 2.9 
IB 
35 
12 
30 

607 lr -8 ! 13 

1.050 i + lO I 10 1 4.8 
306 1+1 -l 18 i 3 XT 

huivu...j 282 1+ 2 J 15 2.7 

K vm.iCenunJe-...:2.590 J + |0 j 35 0.7 
Matsushita, kurt...: 893 1+6 ,28 1-7 

\I 1 Lnil«sliiflank-1; 280 +1 | JO 1-8 

Mitsubishi Heavy', 142 i+3 1 J2 4^ 
IDiMihlehl Corp..| 418 :-2 j « 
Miteiil A Uo,....-! 318 -j .14 2.4 

Murubuflta.. |19 -1 , j *-■ 

,\ipi«iii Dexuu.—11.210 +50 

A ippun bhhipan..: 60S J—10- 
.NiSauMotors--! 791 +10 

Pioneer..-.'LJJg + §° 

Sanyo Electric..~i 218 +2 

Sektoui Prefab-....' 928 . -—6 

Bbiseido.*.-J.—■+.liO00 +14 

. 1 1.83° 

Tais+KiMarine.—|. 255. ]—4 
TaLeda ChcHnicaiJ 314 t —2 

TDK..1X^40 i+20 

Injin-1 119 .1-1 

Tolrio Marine..—.1 496 
TokluHincC Pow*r. 1.090 

Tokjo Sanyo- 258 

Tokyo dhlbaura...! 125 

Toray-- 131 

Vovuta Motor—_.j 844 


Aceelta 
Banco BraztlBP- 
BelgoUtaeii* OP 
Doom OP.--—- 
Ipjw Anver. OP.. 
Maahe-nian OP- 

Perrotas PP- 

PlveUlOF—. 

Souza Cruz OP..- 


j-OJ)l4).12 . 

+0J)7!fi.l8 4-71 
+0JJ1IB.12 B.78^ 

_ifl.14. iisa->. 

1+0.10)0720 i #.67 

i-aotto:is 8.29 • 
-oiao.io «.»■„ 

_.>.16 r.44 

-10 ; ..-. 


167 LlO.flliO.i3M8 


VoL Cr^S.ttm. Shorts 085m. 
Source: Rio de Janeiro SE. 



7.8 

3.4 

8.5 
S.l 

11.2 

3.8 


8 'u.a 


8.3 

4.3 

4.7 

8~2 

7.7 

3.3 
6.5 


-6 

—IO 


+ 2 
+6 


16 
12 
16 
48 
12 
30 
20 
40 
11 
16 
30 
10 
11 
8 
12 

tO | 4.0 
10 3:8 
20 1.2 


Source NDdto Securities. TWow- 


SWITZERLAND • 


STOCKHOLM 


Fell. 3 


Price 

Krone 


AGA Ah iKr^O). 


+or 


265, 

18*, 

+13 

4.06 

0.4C 

17*8 

780 

850 

0.62 

14*, 

61* 

226b 

23*4 

145* 


Pact rtcFetro 1 ouu' 581a 

Pan. Con. Pet'm 411g 
Patino 116*a 

Peoples Dept. «».. 
piece Goes Ut>- 
Placer Deveiopnii 

PUwer Corporut "o’ 

PrhM__ 


yueUeu btnrjfeon 

rtouger Uii-- 

ttead bbaiw- 

Kto A. go in —.. 

Knya- Uk.ot tan 
Uuyai lrust.! 


4^a 

0.95 

201 * 

10*, 

11 

1.33 

27 

9 

25 

2570 

16 


Alta-* f4»{«irfKrw| 

btllenid..1 

Hfitors—-.) 

Kleil'uis’B - (K .50| 129 
brii-wu -U'lKrbtf 165 

L**rtte “E".-j 

Fuiereta.. 

(inauev (free)— 

HatiileiBbHdken-.l 
Marabou...... 

Mo Ocfa Domrtu-j 
dandvik A.U.—- 
&K.F. -B* Kre..- 
akand EnshiUla- 
Tandstlk *B' Krtq 
Cddebolra—.—.i 
Volvo (Kr. 


180 

+ 1 

132 

+2 

90.3 

-1 

121 

+ 1 

87 

—1 

in 

+ 5 - 


Div.im. 
Kr. % 


6.6 


Feb. 3 


Alninl ninm—.—11,450 

UBC - A'-11-780- 

Ciha G eigyt Fr. HX)11.240 
Du. Pt Certs— 986 

Do. Hen-.-- f46 

Credit .Suisse-!?.435 

Kld-trgwatt—-11.800 

Fia-hertOeorcei.. ■ 770 
Uhflnwn PuCerul ■92.000+Utt®! 


Price 

Frs. 


+ or 


+ 30 
+30 
+ 15 
1-6 
+ 2 
+ 26 

+'io 


Do. tunall)—..)9,225 
InLcrtiKxt B. ? .-to-426 

Jelnwli (rr;l00l.-fl.61O 


■mv.fYM. 


% 


% 


6 

10 

22 

22 

22 

16 

10 

s 

5501 


+125, 66 

__—.|'20. 

10 I 30 


2.1 

2.8 

1.8 

2.2 

3.4 

53 

ZA 

3:4 

, 0.6 

0.6 

2J9 

1:2 


Koemto 

Kitillikt+en ...... | 

NoroitHyitrokr'.liO, 


SPAIN V 

February 3 
Astand 
Banco BW»o—- 
Banco Atlandco. a.HO) 

Banco Central -- 

Banco Exterior —— — - ■ 

Banco-General ......- 1 

■Banco Granada (L0OT1 

Banco Hlspanu —.. 

Banco lnd. Cat (1.000) 
E. (..Araaoncsaa —- 

Banco Pootdar. - 

Banco- Santander (350) 
Banco* OrqnUo- (LOM)- 
Bsuicb Vizcaya —: 
Banco Zarajtozano .-.u. 

Bsnfcumott - -—' 

Bantu Andaloda ...*..— 
Babcock "Wllco*-- 

Oruudos . — 

E. L AnURKKCM-— 

EspaDOts Zinc —-- 

Esfpl. Bio Tinto ——- 
Fecsa (T.aooi 

Penosa (ldMOi —— 
Gal Preclad os 
Gtnpo vetazQue* («M) 
HhSrola . ...:....+^—- 

Imui h ani: 


90.00i.-- 

9 

57.5—1.5 

4 

116 +8 

11 

335 +10- 

20 

105«i!.. 

11 

178 i-S 

ie 

87.51.—; 

9 



ti: 


23*3 

22} 

271, 

o4j 

le*8 


24 Is 
16^3 
IB 


2650 
23} 

2Q'b iM'hlrlprw!.; 21 

19 ia ItVIilte Con. lnd..) 2 Usb 

18 !*Vi|liaii] CO...■ 18 

27** IWIwonsln Elert^ 28*4 


25 ’Weitayci'U 
2356 Waverhac..Mr.. 


101* | 
24*0 
175, I 
6bfi • 

27fi0 

6i, 

2b>0 , 
3.0 I 
4150 s 

191, I 
16ia ; 
13*S 
13>, 
15*9 
8*8 ! 
30*4 ‘ 
3558 I 
145, 


6 |dceplreBewwr«ri big. 

2U5, jseontauta.i z3*c 

1330 'ilieli Laubio..J 155, 

4.03 lahenuiU. Miner -».50 
1310 ■ JlrtieilkD.ti.......; ‘65, 

4.20 }5iiii|wnu»...—.^.1 "-85 
2258 , HW* U* Csimils... *3*3 
I.Vj ill®!' lloisk Irrei-l <-a5 

4s4t® lexmsuUaiMkh*,...] 451, 

16 ruiuiitoltotO.bk.l 17 

IdU !l'n«i»CanPiv«Li'i 14?a 
8*j ! I'niim Mount Oilr! W 

91, [irLsec.—..| 

8*fl il'niunDsi*...-.. 

6*, |ltd.SiM«e Mined 
22 ■ Wiiker Hiram..... 

26*4 1'V'm* U""** Tri** 

95a iiVertonCeo.-... 


1.30 

101 a 

7i® 

30*8 

a25, 

133| 


* Assented, t Bid. + Asked. S Traded. 
Ultew slock. 


del own irr.ivwi.,-I-.-*- - -- --- 

NeMiC lFx.l00)...J5.M|. |+5 Uto-S . 

Do. _2.355 i+lO S.7. 

DwHiiroroBLffapioaAes" 1 -- 
Pirelli aLPtF.lOW 299 
bfltuiuz. tFr.<Mi-'4.u50 




Tberdtsaro - — 

oiarra —..— 

Panel eras .Beonlda*. —. 

PerrOHher . ... . _ 

Petroteos - —=... IK.. 

Barrio-: Pansier* ■■■••• 

Snlscc f : 9* ^1. - . 

SceeSsu - -■+£._. jS+ir -.-a 

Telrtomca —....——- . ffc g..- .■■■3 

ToiTaa. Roareaeb —» bc ; ■ * —■ 4. 

■TUbace*-* Ig- : ii—' 

Unto** Elec; —- M +T 


BRUSSELS/LUXEMBOURG 


Feb. 3 


Arf-d..13.060 I+1S. 

Bq. Brs. Laoib ...'1.438 ^-6 

Llekcrt * 4 B ,M ._il,#25 ■—o 

C.B.B. Ceinenv...) 1.164 +14 [ w 

SSCrriSi tL i*'« 

Elc.+mhei.6.200 !+50 430 W 

FoAriqiioNat.a.aBS |+40 170 6.9 

GJJ. lime-Um.... I.au5 (—5 ;1|0 g-b 

(Jeraerl—.I.2»8 \ + 8 \ 80,6.6 

Hobulen .. 3.604 r-30 |lbO | 5-8 

iMMcniii.I.o40 1—5; '142 1 7.7 

Krtytietbaiik..[6,160 j+10 !285 1 3.9 

tteaas b°Jsj 

Peirofiua..I5‘2i5 

am.' Gob Banque.JZ.BOO 
bi>‘ lien Bei^lquril,87fl 

iwAna—.-[2,940 

boivay -.[2.490 

Thu'tion Ela.1—2.540 

CUB..-.1 960 

l : nM. 111 .il/lO 1 .4 716 

Vietlle MontAcnir 1.364 


83 

10^90 
'186:6 

,315501+.50 
3A2- -4; 
7)3 1+3 
EJ046 ..f-33 
1.014 H~8 


Do. Pri 
FlmUder 
lUUr+menJ. ..V+ 
ItaWiler—— 
\i.*|lnb>nca 

.Vtoured)sna. M ^.^t 

U.iiNW+i Prlv^.... 
HrelliilK...;— 


ltW&| 3.7 


Hc^Kq^R^^ 
sVl- holds interim * V 
payments -. .. 

the; quoted.. property 

innotmeed unctaiigect- 
dmiltods! of ‘,Tp..pex-.i; S^i-aVn 
of 1.4c. pet iB shareandxnffic^ 1 
its.intention- to. sell . 

Tentiy on the drawing , 

rattier man holdtlieinfor;reii^^a 

;. A "sati$f8ctw^:profit : incre^.^ 

12 j Was. -report^ for die _sJ|i»g9^g 
to' September^ and .alUwnsfl 
interifiL - 4rvidenflfi 
Changed, th^: 

«HK9.7rru , comparedX 

SHKS^ai. fhe>‘#e^omr3^g^£&3 

c^use of t^e^'oneifor-lft, oon 85 ^ 
issne in the: Tiiteririv^Ifc£ 
p8ny erpeets ■to'pay. r a finaj* or-4* ;.-^ 


no; as 

.7.9 


^bare.;l;• 'i:- ‘ : 


-26 
—s' 


+90 


180 

189, 

135 

206 

AMO 

162 


1—2 | GO 

_.ioo 


b.B 

.3.3 

4.6 

6^ 

7.2 
7 JO 
8.0 
6.4 

BA 

7.3 


notes- overwtas; ortcea exdncie S^nrexninin.' .Beigtan^itoiflyfida^; 
Mwldiaf .P~ " •• 

4DM6a 


-Sti.-V| iV-T"i;rviir ^ 


+ DUbO OTOOin. muaa .vukioix .»#«* ..t™———- rrj"T.• ^*00;?** 1 '- 

enaed. *■ Kr-loo- dgiami-- .uafesa .fltberwtto.-<Wod..:•»ft«J0 t_..4a** «»^- .^y 5> J -;^... 
otherwise stand, i Ybo .30 riaootn.; unfaras, H. • 

SX. aFlorina.- bSaminw. eCwut.' ~ dDVMM_ »SU X •./• 
taste. 4Per «tOi». ( FfWM.' * Cn-o- 4ir.;■' ' - 
after acrii*tishu pat.■ 1 
Sri^omuis-div.- prr«n; - ti-Stoi® 'amK^jrgj fc ;«a 

payment., t indicated dhr. utlnbfflcrai 

SoT • Asked.... * But.. l Traded. TT Segar^AWtaeeLyj y^ tiW; .: 

divldesuL se'JBS <085 IMM.- »E*s tlL, 



















33 


UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


AH** s Gxtn&&)1jiJ' 





Perpetual Uoli Trust Mngmt.8 (ft) 

2S13531 Hart Si. Hanley on Tharors 0481116868 


KpccunlCp.OllL._137.7 


&» Piccadilly Volt T. BIgR. U4.V (aKb) 

U4 WwdBtelteL.SS*LondonWall ECS 6380901 


_ ftiad.__ 

HombroAreF(L.^|UMr % J 

Jaewna ponds -• * ‘ ' 

HiEti-flrtrfFa-..; 

JEW 



- 5 Al MT Ganmor ® Fuad Managers y (aXE) 

-03 2J7 ^Sf-MMyAwj.ECBABIlP. 013832 

-OS 4.16 if*An»ericsraTst._' 

-03 4.77 g wgJh-Tk oVrr.7^ 

'•••. . ^ lafarBMt T mg" 

The SrittthUfiy Office Ltd.* (a) Wghiw aeTBU... 

***«.«« tan ISKfcz 
:.. 22 -ojj sji inu-aSte: 

jr 472 “3 S^i .talmi.Tst.tAcc.)^.!^.. *■-» print* FwxL__ps.8 

Gibbs (Antony) Unit Ts£ Mgs. ltd. P S? d 7 , _ H^r! 

• • KM- .. 

s* ISSSS2E3IS f3“S ^SSSidlL 

e.|p ^ m3J HZ] AM Dealing-TorattWi 

Govett (JohnJV 

f22 T7. London W* 1 L Ed 
314 


*21-1 3.95. 


bHwngtfonri^^i 
SecfcotfAmet 

ractttpFund 





Bfc Accum UwwE4i2 lSftfl -4.9] 

tim Next dcauog day Feb. 17. 

Grieveson Management Co..Ltd. 
^ 9BGK8hanSt,EC3PSDS. ~ ~ 


Extra Inrtnne_^._ MJ 

Small Ce'& F.l_39.7 

capital Fund_«2 

lnLErnn. & Assets.. 46.0 

Private Fond,_SS.S 

S9. ub. Acepnttr. Fttnd— 615 

American Finn) £2,0 

wo Practical Invest Co. Ltd-V (yKc) 

A4.tdoonrdxxr?Sq.WClA2RA 014236883 

Practical Feb. 1_U362 ■ 1MM —J 438 

03-5885620 Accum Units-&90-1 2fl22( ._,.) 

i jj 13 Provincial Life Jnv. Co. LuLf 


326a -6.4 

^42.4 -03 
51.6 -0.4 
«5n -03 
3S.4K -03 
M( -05 
61E -0.7 

24.4 40.1 

23.4 +01 


ROD 

3.5* 

3.60 

532 

420 

4.94 

436 

3.00 

310 


Arbntbnot Securities (CJ.) Limited 

pD.RtnaH.s: U.-livr, Jersey. 033472177 

Cap.Ttl.tJi-n+y;., . 1122.0 3.44 

. , 6 miinK date r'rt, 7 . 

; Settlall/ibi|io#.o 114.01_I 339 

. Ktu sub. Feb. fl. 

Australian Selection Fond XV 

Market nppartunitin. c o Irish YoonC * 

Ouilwaiic. 137, Kent Su Sydney, 

USJ1 Slum--|lr>142 - i _ 

Net asset valuo February Z. 


First Viking Commodity Trusts 

a St.Courgi-V. St- Doafllas. IjoJt 


King ft Sharson Mgr*. 

1 Chorine Crass. ffl. Helier. Jer s ey. 



Fleming Japan Fond SJt. 

37. me Notre-Dame. Luxwnbmnx 

FlKCFeb.!_| US99.Q8 |-| — 

Free World Fond lid. 

Butterfield Bldg, Hamilton, Bermuda. 

.\’AVDre.33__| SUS1M95 I-1 — 

G.T. Management Ltd. Ldn, Agts- 
Park Use. 16 Finsbury Circa* London ECX 
Tel: 01-638 813L TLX: 886160 


First SierliaK_II 6 .U .IftllJ-1 — 

FiTtilaU. ______ P277.89 17790} «..J - 


ScMesinger International Mhgt. Ltd. 

41, La Matte St, Sc TIelier. Jersey- 053473588 . 

4.06 
4.65 
JUS 
3M 


7SA 

806 

-u 

50 81 

035) 


245 

247 

-02 

96.0 

1010 


59Jl 

30.01 

-m 


428 


223 


Hi Bp'iOT.Fe^i!_ 

sjn Wcfflm, Unite>__ 

SJU. S^HVFeb.J 


■; P. Bar 31123 Gnwlwr-FeM—i 
1 —“ •' " 4 jK JAccma. 

4A ?+ > A B m U.yeam 
7 j 7 tAccmn-Unllii 



Wit 

8 MUI 



219.6 


1721 

3*03 


19i2 

202.4 

Mri . 


W3 

— 

yyj, 

«1 

+L5 

793 


+U 

is 




- 01R3&8011 

■5AJ-0A1 458 


__ -, --taa---^g ^gg*S=d 

7 -Ml 

42«BaL 

|-"**7 ' 

- r - , - ——. ' 

V&EMch^ j ~v.^'-nja ft?d? ! T?T^ yij-' f- Mssono 


Bflsal Exchange, &C3P3DK. 

_ _ _ _ _ t*a3Ga*naiflT*t_.[jEL7 

Nebie St, ES2V 7JA. •v’ . 1 / C roltri ~ .. ' (wxv \ :»4g I X76 Hoadewiw *4inl«idia Switotfr\ 

Carlirf Cntt F^ M^il^y (atfc) 

Horn* WwtoiBh nwuWPua Cap Growth Arc._ »2 

Do.Aoenm-LInlbr_J7X4.- .. -M-1 jemuanAITU 235 

■M {WHlEh Income_55.4 

... fis^i^sfcgg 

SA 1 charteriiMtter JapJiBtf: 

IS- LTlimoMrSM.TCt:' 
cj.imntffaih 


4.48 

448 

7.03 

IS 

173 

256 

256 

140 


231 BiSh*pWlft EC7. 

Prolific Coils_(70.6 

Hign Ineorso [102.9 


HOlboxn Bera,EClN 2 NH 

Rudfud ri_ 1 


123 nj -l.q 

Qollter Management Co. lid.? 


Bank of America International SJL 

35 Boulnaxd Roys]. LuseteUoarj: CJJ. 

WWhu-cd iBcomo. tn -UtTI U77U I 6.76 
Price at Jon. 28. NVft sub. day Feb.L 
Bak. of loda. & S. America Itf . 

4056 , Queen Victoria St. ECt 01-9202313 

Alexander Fund ...JSl'SS « _ |_t _ 

Net aMei ulue Feb. 1 

Baoqne Bruxelles Lambert 

2, Rue Dc 5 j Reccnci' B 1000 Hmsjeh 
Renta fund LK-U .953 2 B 13] .| 831 

Barclays fnicorn InL (Ch. Is.) Ltd. 

ni^awa^S \ l.CharincCne.-. 5 t Kelier, Jrsy. 0K14 73741 G.T. Met. fAsia) Ltd. 

oi-4<EiK=E| overvas income_I50 0 52 6dl-051 3001 ^ 11 

lialdollarTrust.. .pi jiC a liu 460* 

■Suhjwt to fee and withlurfdinc taxes 


Kfeinnort Benson 

20 . Feu church St, EC3 


Schroder Life Group 

Enterprise House. Ports mouth. 


EurincetL in* f. 

r.tienuey Inc_(578 

Do.Acn 


01-3476333 
7551-0.1) 355 
110 jj -D.9] 758 


Monasenent lulemtiaul Lid. 
roHtof Bermuda FrontSL.Kamnn. 

Anchor -B 1 Units_Ht'SflA Slid w. 

Anchor Jnt- Fd. — pi'SJJS 4ffM_ 

CT. Bemuda Lid. . 

Rk of Bcruuda, Front st_ Hamlin. Bmda. 

Bem-FMcF._ S37.96 I _._.| 

GT.jFd._| SL-S 6 J# |-1 


KB Far East Fd.._ 

KHIntl Fund_ 

HR Japan Fund_ 

KjB.US.Umh.Fd.. 

Sienet Bermuda. 

■LnifdadstDMi_ 


^051 

1705 »J| 

SUS9.41 
SUKJ053 
5US25.63 
SU.71 
JUS4J3 , 
UL30 2930) 


1.97 

JL01 


+001 

+0001 


2S JEqutty- 

j 5g tnxe^VnieTtM_.' 

"’"1 *21 SFlaed lnterest__ 
IVsr.ifiMl_ 

_mm 


198 

062 


1101.7 

10 s i 


13941 


146 21 


1084) 


usa 


333 . 9 ) 


07052733 


- I 


■A J* Henry Schroder Wagg ft Co. lid. 

01-5384000 


■KB ad os London paring agents only. 

Lloyds Bk. (C.L) JifT Mgrs. 


Feb. 3-SlS!05t 

■ Der. 31 „ SUSI09.7. 

i. Jan.23..^ u sun I 
Fnd..~ _. SA173 J 
dJanJ20— SL'SS54 5' 


81054 j+D.W 

S109.74 _ 

135R 
194 


2.72 

370 

530 

207 


450 


120 , Cheapsidc, ECU 
Cheap! Feb. 3., 

Traflgnr Der. 

__ P.O.Box 195.StHdier.Jersey. «a457581 nSBSwi^df..^ 

LR LJCTdalSt- 0'peas_f472 41V ——I 3-03 Japan FdJanJ28 

0.79 Next dealing date Feh"l5. 

Ltovd* Int^isHima! Mcnat. C A. * sslaTaa < x l»teniatiO|iaI Ltd 

Hutch!*™ Hse u Harwm Rd- Hong Kong “ < ^ 4 “ talemattenal Mgnak SJk. PO. Box 339, Hamilton 5, Benaadx 
GT.Ax.aF_75U .? 199 7 Kuadu Rhone. P.O. Box 178.12U Genera 11 Managed Fund [SCS9.93 lnid ... I 

-— n«i *30 istfiesBa i r ™ 


T^stk. Ewbww.EC 2 N 1 HR‘ m^004r?7 Jtocl*ys Unicorn lot. a. O.Man> Ltd. G Ud. 

ssass tsstm issa zdis 




Reliance Cnft Mgrs. Ltd.¥ 





ijpNrfL Amerfcaa _ 


065 99Jx*^ft# 


llAnts Fund 

Accum. Uoils) 

UmeUtFund-J_.{314 

Arena. Units)-37.0 

rurt *ns» l. onlan GUlFU.** r i xt t 
^ aaorn *lntLFd. 20.1 

N. Amor. Stbit-T'd. 2U - - 44 ' 

^»pS^irtPw«L»5: 


Z42 

MO-.CZ. 




'81-2982889 ^3gg=B* *** 

m wStaXii—-St 

C-botE5di»lBe._>gz 56^-OV 

•Foe tax exemxit hunts only 


28.5 

425 -oj 
422 —05 
333 -0J 
624a 405 
253 -0.1 
593a -0.5 
. 3Z* —05 

1 264 . 

3*Jn +02 

105.4 —0.4 


Ridgefield Management Ltd. 

K77Z17ZS8 PO Box 418, Bank Hse.Munchsir. O012368KU| Jjji.'iiT 


DO.AUSL Min- 

Do.Grtr. Pacific_ 

OalDil. lnroiui-_ 

Do. Lof MfinT-a_ 

n.ManxMutual..^ 

532 [ Bishopsgate Commodity Ser. lid. 

P.O Box45.Unnelus.Io31. 

5DS2619 


Ei 

is 

22.5 


343 
S9b 
426 
505a 
243 —...I 


820 

878 

280 


Bank at Permuda iGntnurfl Ltd. 
31-33. Le Pellet, Guernsey. 0481-2 

SSSScKJ. *583 

Anchor LnJty.Tsi._ (m 23.7eq 


196 

3X1 

181 

227 

250 

162 

BIS 

6X5 

225 

1X4 

Z45 

257 


Ridgefield InL UT.NO5 

RldseSold Income. [94.0 


ftl=J 


2X9 

9X7 


Rothschild Asset Management (gj 

72X0. Gate house Rd. Aylesbury. fCSBSMl 

nIcT^^K^ teaibL9n5 


1US26J9 I.J — 

as Id = 

>t *110 and —LL 00 . 



Bffl Samuel Unit TsL Mgrs-t (a) 


ua .. -7” fKjlntVTnm— 

LM C%H^idn. TTnsfc Mknagaalid.yfaKg) {gggEB«r 


332 +5 Bench St, EC2P2LX 
a. tbiBritiAlrfut—OCLS 

S23 

_ ^ _ _ __ __MX 

IrMv SteuU&V&X#' ftomSy£Sw-5S 

nT W WMgm^flHBW 1 M 451 (a) J^ 

e Next xnhTdjor. i^S. aa, CenfedearaSon Fmidfl M^ LtiLy la) 11 Christopher stre et , eg . 2 . 


N.illneome Fund..ll38 0 
N.C. lull Fd. (Ine.q72.3 

N.d ldt Fd, [Act. ~ 

K.C. Smtlr Coys 

-all Rothschild ft Lowndes Mgmt. (a) C|Wrrh lnxcrA 

3 Ji St,SwiihlnsLane,Ldn.EOt. 01-KM 4356 intnLFd. _~ 

NewCTt.Exempt-J£117X 124D1_[ 172 iencyEnerM 1 n.. 

Price on Jan. 18 . Next dealing Feb. 15. Unival.Dlr.Ti<ii . _ 

Bom Unit Trnst Mngt laid. ^“H'oiui-yr'b.'j.'v*it dealing 


&30 Singer ft TYicdlander fJ*n. Agents 

Inin MAOrn.. a>. Cannon St, EC4. 01-SSSflSM 

Z» G.T.AsIflSierlinc-(£1509 1L25J —J 1ST 7 }^ Quays, Twer HD! EC3B 8 BQ. 61-6284588 ^wT&FdTTZ. P^USMwPj T °^| zS 

Atlantic ExjBnJL.isl T SZ.47 27M I — 

id! a.Feb.i..„_(Hra76 iffl —.J — Sorinvest (Jersey) Ltd. (x) 

2184 Fet >- J- teg[ W rSSdd«56 P.O. Box 86. St Hdier. Jersey. 053473878 

359 (AccnmUnits!-(I5L5 1613-0^9356 ihmIIaicI ^ 

«C4«8ll G art mo re Invest Ltd. Ldn. Agfa. *8®Si - 

2.SL MaiyAse. London. EC3. 01-2833531 Samuel Montagu Ldn. AgtS. 

Gartmoie Fanil MagL fFar End) Ltd. 314. Old Broad SL.E.CZ 01-5880464 Snrinvest Trust Managers Lid. (Sl 

ISaI iS SWJ Lolf. om 23816 

Japan Fd-Sg#5tS ll^fl _ ; 17Grp. Jan. =5 GtSUH 11 W -ITJ 2J5 SSSSSSSSofMoa 

N. American TsL_SV5939 99a_| — j 17 Jersey Jan 25-K4S3 4 951 ._,.1 0.85 tv. c ?S£2Il52? ll ® 7 -RSn 

inti. Bond Fund —jsTSlUl 1)«] —J — 117Jn»yO'3 £jan 18-^9.47 9.P1 —J — Sola 

Garlmme Inmtment HnXt Lid. Do CoJdBd—!I!ms 

HO Bov 32 .DougiaAiriM. OKA 23811 Murray. Johnstmc flnv. Adviser) 

Mil-.-iHS iffl, HopesuGlasgow.C2. tMi-23isszi TSB Unit Trust Managers (G.X.) Ltd! 

*■ ”“ —j *Uffl7j81 |-1 — BagWellelUL.SL Sariour. Jersey. 0S34T3494 

NAV 


COUNT" Jan. 3 

Onfinnllv j:w.u*d at 

'Bridge .Management Ltd. 

PO. BOX 508, Grund Cox man, Ca yman Jy, 

DTbaihl Feb . - 1 >13X57 1 | _ 

CF O. Bov K*. lion: Kona 
Nippon Fd. Feb l.isrsiui Ufl|+0J1I 0X9 
Ex-Siock SpliL 

aw (Britannia Tst. Mngmt. tCU Ltd. „ . M 

so Bath SL. st iieiicr. Jersey. 053473114 Hambro Pacific Fund Mgmt Ltd. 

130 7 33J2dj -1.31 4.40 .. 

'599 USC —06j 1.00 „ 

;137.2 14e3ai L53 Japan Fund 

S5M 556 . - 

£219 2 31-0 0l| 1X0 

Feb. fl. 


•9.1 

199.4 

2494 

209.9 

1029 


+0J 
-15 30.09 
—0.9 flJl ' 
— 0.8 — 
-LI — 


2110. Cpnnnugfil Centre, Bong Kong 

Far East Jan 25_W.47 9‘ 

.SU55J7 


•HopeSt Fd.. 1 5US27.81 

•Murray Fund_SUS901 

IV Jan. 3L 


---Tiff =r»Isfss? isms- “ 

Equity—12 03 3 961 .1 2 09 

income.. |203 L9fl.| 7.49 

j ii: Jar., ft. Nat sub. day Feb. 6. 


92.6 -ST 

22 A -63 

■ 523 -oJ 


545 

352 

252 

4M 

4X9 

7.78 

•325 




Barclays Unicmxi glf(e) 


290 1.7 ■ Jnlccffn Ho. 253BanfortRi ‘ST. 

i-7 -• » 


m riMn^^yT C84S420282 Inu. Fund—. |83B 9LU{ -0.9J 6.70 

CrmrtPtod——pRS .j ■. ? —J 45* Key Fond Managers Ltd. (aMg) 


Rowan Axn. Feb. 1. .159 3 

Rowan Sec. Jan. 31 1575 
Rowan Hr.Fcb. I „ 5 3 2 
f Accum. unitu-— 731 
RwiLMrln.Jan.30- 703 
(Accbol Uultai_|B17 

3851-02J U9 Royal TsL Can. Fd. Mgrs. Ltd. 

54. Jennyn Street. S.W.l. 

01-2477243 SfiJiSS 



121 

394 

756 

756 

339 

359, 



01-5S4SSM _ 

29i .CasmopnRtxn Fnnd Manager*. 

AwMIM T/Wtai nmvjl I 


8288222 

UX| : ——I 4.91 


85. Milk St. BCZVaiE, 

Bey Energy In.Fd-~ M 2 

Key&utry&Gen- 127 

Key 'Income FnndZ SS* 
Key Fixed Int Fd- _ 621 
toy Small Co'rFd- B.O 



C^aatwfllnjfflhJB.)lM- 

S^ Crcscent Unit Tst Hgzs. Xtd. (aKg> 

S ’rfB 4MtivlBoGi ft,IBiHtibu pe h L C31-226031 _. _ _ 

JS* Creecem Qr<r®Ki"|25js vjjt -o» 45b Klein wort Benson Unit ManagersV Unlr. Growth- 1 56.7 

CretiMMiaO.—. 030 20 .FemrhnrdiSt,ELC3. 014238000 laotaeln* Inomi© Fund 

(n Crea.gtafa.U4M.— OT - IS Kh.UnUFd.Inc._BB4 9031 I 4A3 Hlgb-YIdd 

SS tJKnJtaUuv**——IW*. PI A64 +K.B.DnliFd_Ac pn?l llOXj .„...] — nijrh 


500 rLi&o-ABftAec 
»57 r -j ‘ 

339 Cl 

520 » i —_ 

184 5 ;i». Financial 

:I igt" 

-- 

297|jj f 

__. 

I3B ^ I NiSlK, ygf S '^7* Km«m ft -Dudley Tit, J*WPWIL Lid. 

g* -1 ^ifihaysSHte Progriwsive Mgmt. On* SSSSSSuSoi 6 \ 'ObSSTS ^SSjSi'ZI £3 riM ~ 

i-g itM-w mi. pri -•»•. 1 oumsoemt —High Yield_ 474 52.7«a-1.4| 

MS -5 a’initrPr**Jan3l_8*tl :■ -17951 Jr 7u ’EonittS SCCS. ljtd.yfaXg} ' •fAccum UnilB) J65 l 3 726iq 1_ 

125.5-4j M^uU."3«n.M_jia£aL ! Sl'.'fB' iy * . i - • ■■ ■' :■ "U^B8£83l Deal - * Mon - *Tues. ftWed. rrhurs. *IYL 

*3 I3t *** - 4X6 Legal A General TyndaD Fimdy 

Next mh^SS'BW l 14. +•_Vrl'it: "is•'<_»«.»/_» _lfl.C«nyngeRoad.BrlaoL 0213322(1 

4.92 
4.92 


Income Fd_[673 

Save ft Prosper Croup 
MXMmn 4. Great St Helen*. London EC3P 3EP 
inf <*-73 Queen SL. Edtnhurfih ER2 (NX 
2^7 8X5 Dealings In: 01-6M 8880 or CO 1-220 7X1 

. 630 Save ft Prosper Securities Ltd.¥ 

“£? Jnunutfamel Fundi 


P.O. Bot IPS. Hamilton, Bermuda. 
Buttress Sqo lly _...12 03 
Buttress lnromi-._ |203 

Prices iii Jar., o. Nat sub. day 
Capital Interactional s 4 
37 me Nouc-Dame. Luxembonig. 
01-B29825e| Capital Int Fund..-| SL S1521 | 
67^ —| 3X6 ] Charterhouse Japhet 


Hambros fGuernsey) Ltd./ 

Haxnbro Fund Mgrs. (C.I.l Ltd. 

PO.Box 86 ,Guernsey _ 0481-36521 Negit Ltd. 


_ Negit S.A. 

10b Bonlrvard Roval, Luxembourg 

NAV Jan. 27-1| SUS10.02 ] ,\ — 


C.L Fund _ 
In InL Bond. 
Int Equity 


lot. Savings‘A’._._ 

InL Sail og5 ’ B‘_JjL'S016 

Prices on Feb. 


B S 145.71 __( 

ein asr 
1.75 “ 

ISO 



Jersey Fund-W33 US.6nfJ 421 

Guernsey Fund M33 42b64[.I 4.21 

Prices on Fd. 1. Next sub. day Feb. 7. 

Tokyo Pacific Holdings N.V. 

I ntimi i Management Co. N.Y., Curacao. 

NAV per share Jan. 30. 5L'&tU3. 

Tokyo Pacific HIdgs. (Seaboard) X.V. 

InUnus Management Ca N.V, Curacao. 

NAV pec share Jan. 28. 5US30.TL.' 


..! - 


1.00 


LPdernostcrBou. Ei'4 


A dim pa--- 

Adfrcrbn 


niraa 
'•MB M 
r-OlSO 
asno a 
si'.-:c 

IV-HtS 


31 £0 ■•OiOi 
£462-0 40 
3U0 -oifl 
K36 tOUH 

:k 
« w 


01-2183999 


i?L Bank of BennntJs BJdES.. HamiKon, Brmdo. 

IU NAV Jan. 27-1 £3.82 I_| - 

Jio Old Court Fund Mngrs. lid. 

P.O. 58. Si. Julians Ct, Goemsey. 048136331 Tyndall Gronp 

a-WWi- PO-KM Htadhm 5, Bcrnmita. S.=?e 8 

Inc.Fd.Feb.l_-ISj* ^3"— «9 Overseas Feb.2_pV«l.99 10WI I 6 00 

fa iSsul-1 T-m lAreum-UnilsI-BTSL51 

L4 M9Jj —J 322 .tWimlnt -Tan JB._fsrr«^ 


inU.FtlJan.ifl__ 

Sm.CoLFd.Jan.31_r 


_(32.0 34 41-0.1 

_225 23 fl -02 

- 56.7 60.fl -02 


352 

(m 

21B 


.[528 


56.81-05) 6.71 





821 

0.27 


43.54-0-51 4.96 


b- - " • b- '- nlwP 

faring ^aK*) wpanhy.stt 


E. F. VfoebMfer Xml Mhgt lid. Lawson Secs. Ltd. ¥faXc> 

flwoasun B3GeorgeSt,BdhltaxdhZBB210b 0SU3M30U 


. 01-9883890 


GUOndi'B* 




(Raw. Materials_p44 

-RAccura. Units)_B7.4 

■Growth Fucd._„&45 


384)-OS 

4L6 -Ofl 

SI 1 

37.4 - 

21.1 


ei 

iso 

171 

49 

09 

:50 

'.00 

-98 

19 


i .. . “■ ^^.Tr . Equity* Xaw tJn. Tn jLf (iKbKc) a. 594 ) „_i 

(Jridge Fmd Matl*grr*Y(*Xc) '' “ * An»crrtimRA.3«ri»W!wariafe 0*9433377 (Ancnm. Unhsi-(S3 _ 73 u 6 j —J 

E1 - J L«tfl“4^ 4* Nestauh.d-yRa.T2 

S2«.ra.-ifiLMijj TTnK MuT Ttd'frt Leonine Administration Ltd. 

"M teldg 8 CMJ.Inn.t_-^-4 gg.J3:fg grmUm^Plrft 2,DnkaSL,LondonW 1 M 6 JP. 01-41 

3^ &-7.IrrlTKlYanl.E0(B3DH.-_.. tllMMWl Tjotii* imi »■ _n 

^ — m*-x ggjr^~i »fg LooArenmrzrr^tj nSi-S. 

•4 JBCQlBlTlt 


-U |Didg«Cap.Aon.t-§42-r 

SwctM Jfln. W^otvtJJenlln* 

-5 Brltaimia Trn^ Mimagemcntfa)^) 




Foadok-_ 

Fandja-.. 

Emperor Fund.,_ ___ _ 

Hicpano—.- Ilf-UtS _| 193 

ConthiU Sas. (Guernsey) Ltd. 

P.O. Box 1K7 St 1'i-ler Purt. Guernsey 

In tub Alin Fd-[163.0 277.5) _..[ — 

Delta Group 

P.O. Bos 3913. Nayuiu. Bjhjma? 

DeltaInv. Jar.31 ,.(5130 12bi .) — 

Deutecher Int'c-sCmcnt-Trnst 
Posrfaeh 2665 Eich-MTasH-G 1060001 'ran Iddrt. 

Conceit rJ_([■M3 50 21£0|tj]JC| — 

InLH«ilecfjr.d;_trAn 20 mi.I — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Bos NoTJi Nasrjij. Bahamas. 

AVJan- 28-))t All n UK| __| _ 

Enuon & Dudiey Tst-MgtJrsyJUd. _ __ 

P.O. Box 73. St Holier. Jersey. 0534 20501 P^D- Jfl— 


. Nest dealing Feb. 8. 

Henderson Baring Fond Mgrs. Ltd. 

P.O. Box N4723. Nassau. Batimrms 
JapanFd_[M23 1445)__I — 

Prices on Jan. 25. Next dealing date Flcb. a ... 

Hill-Samuel ft Co. (Goenisey) lid. OM Coourt Commodity Fd. Mgra. Ltd. 

8 LeFebvre SL, PMer Port Goernsey. CX - . _. _ 

Guernsey Tst-11418 1517) -0JJ 359 

Hill Samuel Overseas Fond s.A. 

37, Roe Notre-JDamc. Luxembourg 

InrSUQ 1757] 48.04) — 


PO. Box S8. St Julian’sCt. Guernsey 048126741 'Accom. Shares'. 
O.C. Comdty Tst.' [1220 129.7id .J L75 TASOKFeb.2.- 


odtyTa.-_ [122.1 
r. Cm.T«_.(c4l 
as on Jan. 31. K 


O C. Dllr. 

•Prices__ 

tPnce on Jan. S3. Nest dealing 


524 99 Zd — 

Next dealing Feb. K 




(Ac cum. Shares'-..fra 5 


Phoenix Internatlmml 
International Pacific Inv. MngL lid. po box 77. si r«cr Port. Guernsey. 


_ Jr JeneyFbnd Feh2_ 
Feb. 7. (Non-J.Aec.UNU_ 
Gilt Fund Feb.2—_ 
(Accom Sbaresi_ 


1023 

eaiol 


£34 

2rcS 

2789 

m 


750 

1029 


PO Bos R237. 56. Pitt Sc. Sydney. Ann. 
Jaeclin Equity Tst.JSl 86 20U-WUJ — 
JJE.T. Managers (Jersey) lid. 

PO Bos 1M. Rural Tst Use.. JerscyOSM 27441 
Jersey Etlntl.Tst_[U3B 130A| ._._[ — 
As at Dec. 30. Not soh day Jon. 3L 

Jardine Fleming ft Co. lid. 

9flh Floor. Coonaught Centre. Hong Sang 

Jardine Ettn. Tst_" 

J online Pol Fd£* 

Jardine S 


Inter-DoUarFund-fSL'SZZL 239) ..| — 

Property Growth Overseas Ltd. 

28 Irish Town. Gibraltar. 


1412 
&3 0 
{124 4 
1402 

‘Victory Boose. DooglBS. Isle of Kan. 6624 25023 

Managed Jan. IS __ 112721 134 01 .-1 — 

Utd. IntnL Mhgmat. iC.I.! Lid. 


Scotbtts Securities Iid.y 

Scotbits-[353 37.9 

Scmyield_ l«n? “ 

Scoubares 
Scot Kxl Glh*» 

ScotEx.Yld.HL..- 
* Prices az Jan. 


son 

5.44 

5J2 


I Fidelity Am. as-i._ 

Fidelity InL Fund. 
Fidelity Pac.Fd. — 
Fidelity Wrld Fa.... 
ndclity Ster. I*ds... 
Series A ilntnl ■. ... 
Schlesinger Trust Mngrs. Ltd. fa Hz) serfeoBiPacLO ci^ 
(Incorparating Trident Trusts) Seri “ B ,AblAs * ' 


EDICT...[1179 1253}_| — 

F. ft C. Mgmt. Ltd. Lav. Advisers 
1-2. Lnnren cc Pou nr ncy Kill, £3 l4R O 9 A.* 
01-633 4660 

Cent Fd. Jan. 25—] SUS42S [.._,[ — 
Fidelity Mgmt. & Res. (Bda.) Ud. 
P.O. Box 670. Hamilton. Bermuda. 


Jardine Flemlntt. 
NAV Jan. 14. 


IHKaU M J __.[ 340 R.Z.lnt'LFd._1_ 

5HK26749 ] ._ j ID) R.T InfLiJjy.iFd.. 


270 

330 


5VSI9.65 

SlSia07 

SUR3&2S 

$L'S12B7 

303 
£5 97 
fi?m 


+0J2 — 

-obi — 

+biE 


SCSI 134 
5US10 .4W 

. SHKB.95rf__ a 

... •Equivalent St'SaaJK. 
Next sob. Jon. 3L 

Kemp-Gee Management Jersey Ltd. 
1. Charing Crow. SL Heller, Jersey. 0S4 73741 

Hemp-Gee Capital .|M 7 8728_| — 

Kemp-GeeIncome.(653 67 6| | 7.98 

Keyselex Mngt. Jersey Ltd. 

PO Box08,St Helier. Jersey.iEnq01-80670701 


' lGibI8106 Rulcaster 5treet, St Helier, Jersey. 

V S. Dollar Fnad _| $ITS 88 27 I.) — VXB. Fund- 1 Sl'SlflO J..| 225 

Sterling Fond —| , *MU> I..I - t?nJl£d Tgt . Zml . Adv . Cft . 

Royal Trnst (CT) Fd. Mgt. Ltd. ) 4 . Boo Aldrlnger. Luxembourg. 

P.O. Box 104. Hojal Tst Hse. Jerses-. 0S34 27441 UA TaL lav. Fad^5 L^9.69 J+0J16J 0.57 
-- IN 1CJ_| 300 R,,h " 


Net asset Fob. 2 

Price* at'Jan. liNert dealing Feti. a 1 s - Warburg & Co. Lad. 

30, Gresham Street. EC2 

Save ft Prosper Intetnattenal cnv-DdjFd. Feb.a_] sus9.« 

Dealing to: EnCT.ltoFt-h.2j— SCS1544 

XT Broad St, SL Heller, Jeraey 0534-20501 S aggg ftigrLiJte 

VS. ItaJbr-denwnlnatud Ponds 


- : S6.47 

L46 K. 


01-600455S 

+0.D 
+ 0.1 


+0JJ.’ — 


Dir. Fxrt. Int ...1938 

Intern at Cr.-J_(&M 

For Easternt-[3256 

North American*±.[3 36 
Sepro**t-P272 


Fonsoltc_ 

Keyselex Intl.^_ 

Keyselex Europe_ 
Japan Gib. Fund 


U6-0J. 



,4^ fa^SSSuiM .—^ z2 Lloyds Bk. Unit TsL Mngrs. Ltd.? Ca) 

tWed-.^pottocum. .^ . f 231 RegiUrai's Dept. G<*ri»8-b3^Sot 

•arl- IT Worthing.wS&nwoxT^^^ (0-6231288 

Friends* Prmrdt. Unit Tr. Mgr&3F nm cBaincdj—__)47.i saa -obi om 

"' roMflOSB DatAccnnO_ 03 683 

.'-jjHa-«• §1 Si 

.9 Sn-OJl.dM Third Oncome)_773 824 

Do. (Accom.),__1105 111? 

Fourth CExIncO 571 613 

_ .. K-_ gjj 


140, Sooth Street Dorking. 

Am. Exempt*_ 

Am. Growth_D43 


(0306)88441 


— F^yselex Japan —KR22 

— 1 Cent Assets Cap. 



707Dt SurllM6deu «nnlnaie d __ 

3.00 Channel Cap! LaI+_. 1209.6 - 220.7a 


(2036 


4.70 Channel Idands+_D4LS 146.5 
3.92 Commodltjr^i >114.6 1203 

— StFxd.InL—*_[1221 129_,_._ 

271 Prices on *1011. 3L «*Jon. 31. ■••Jan, 26. 

— tWeefcly Dealings. ' 


Ftandx 


739 Warburg invest. Mngt. Jrsj-. Ltd. 

_ L Charing Cross. SL Helier, Js) .CT 053473741 

_ CMP Ltd. Feb. 1_(STSR73 SB . 

_ CMI Ltd. FVb. 1_0146 11.7H 

Metals TW. Jan. 10.. pll7 1144 

. _ TMTJan. 12___STS991 9«l 

Mi TMTIld. Jan. 12 KB.79 9 M 


2177 World Wide Growth Management# 
20a, Boulevard Royal. Luxembourg. 
Worldwide Gth Fd| SU5123S |-00£| — 


-11 

-01 

-02 

-03 

—03 

-05 

-03 


Exempt High yid.- 26 2 
Exempt MkL Ldn,* 24.8 

toralw.Tat_2S-4 

Income Digt.._40.0 

Inc. 10% Wdrwl_JOB 

. .. IntnL Growth_405 

337 inv. TkL Onits___ [232 

62t ; si »T k «i e 1 

*NU Vtoi,_[26.9 

757 prof.* Gilt Trust—. |23.9 


448 

357 


Properly Shares_C56 

Special St 


cC - _ 

60 -j 6Nd*GenecaL-_{H5. 

jj -1-&1SS&—- m * n 

52 -2 


m 

. '-M 

^Growte___t-ffi!r >1 ' - 34S“-i®l l a* 

-nvcStTstajarHS u.pa.9 ' ^ • 42.9u| - 5 ,1 

“ - —05 ", 21 


.-orrh American—C 

+vf ■_ 


■ G.T. JJnit-Miiiagcrs. JLtftf 'f.-• 

- MI,®nifl«iryClrim»RC2M7Db ; -- 014063131 Do. (AccumJ 

2S-T %£■££*?£=%$ uwJsuiBOritmiifaCT. IM StS&&sSt 

53! GTAr^ T»ri ffn . 1527 U 8 i -27 7.90 TC^O, Gatehouse RiL, Aylctbury. 028690(1 UJJ. Grth. Ihst _—|1B5 

53* GXU&, AGen — OK* 3381 +U 236 EquityAecnm._[H13 MflL7| J «3X 

Sk3ff&5k§5ZZ Ss> iSal - 4J0 « * G GroupV (FXcXx) 

- American—Clrf +0.1 036 

- ‘ (AccnnL UnlCW— [395 42J| +0.4) 

. (0271)223300 Ansiraltglan-1395 

Mcctun. 


M.9 _ 

26.7 — 

27.6 

26.1 

30 An -02[ 
433 -03 
333 -0.2j 
43.7s 
24.9 -031 
283 —0JJ 

29.1 -01) 

25.2 

273 -ail 

275 -OJJ 
211 -oT 
201 -Oil 


232 ' 
2.66 
83S | 
434 
933 
933 


INSURANCE, PROPERTY, BONBS 


330 Abbey Life Assurance Co. Ltd. 


in 

am 

1130 

234 

274 

5.63 


Eagle Star Insur/XQdland Ass. 


! 1-3 St Paul's Churchyard, ECL 013480111 1. Thread needle St. EC2, 


M ft G Group* 


EoutiyFi-.- 
EquilS'Acc.. 
FropertyFd. 


•Next anh. Feb. & 

J. Henry Schroder Wagg & Co. IMV 


Properly Acc. 

, SeloethioFund- 

2 K | Convertible Fund - 

“"UstoneyStind 


[ 4G. ft A-Tnut (a) (g) 

5~~5. KajOdghBd™ Brentwood 

I <L&A— '.. pwa 


17 -oouGi Index" Emited 0I-3gi 346§. ^ 

ri Soat^ I^dbtt STOft QH^: •; 

•3 -till 


Kay Cocoa 1448-1456 


‘ CLTVE.jG'FVpSTMENTS LBuilsu 
Jo “«ffi .Royal; Exchan^e Ave^ LondtW- EC3V 3LU. Tel.: 01-283 1101 
is ' _aIndex 4Sttide as .at 24th Jaauaxy, 1978 (Base 108 at 14.1.77.) 

?o -iied C^ye'J^xe^^.tejcest -Capital-’.135.06 

p 7 -uil. - - • cUye Fixed Tnferpflt Ipcome .124.73 


a lu*ri m 


- •- V -CORAL INDEX: dose 45S461' 




‘.DO - -- 

■7.5-U 


BNSfURANCE BASE RATES 

X Property Growth.,7i% 

. Catmpn Assurance 4J% 

■ f VMbro^!<3uioaatefid. 6.68% 

t Address-.shows .nwler maonnee aid Propen/ Bond Table. 




8 *i 

At 


jSC -- 


FINANCIAL T1MES STOCK INDICES 


:T 3 ’■ V *. : 

'•Fetoli 

Jflt 

• i--. 

: rao- 

• 

Jan. 

31 

Jan. 

30 

Jan. 

- £7 

A y «u 
mi 

G ocerntneni. Sec*.' 

1 6’lsno tnttrevU.___ 

as iaiuKtrwi Uniinarr 
^ Gold 

Old. Olr. Yto»d.,w i, 
2 Earniags rid«tuU)r 
* F/B Katto inet)’Ctt~— 
u ' ^ ' Dealings nULrftetf r ...C : 
^ .Equity toiwwer £m_ 
% Equity baxgid ns total 

'jr *.as 

78:72 

.. IJBifl 

= 

17.78 
• Yflr7 

«L361 

; -v 

'JIM 

.Wl'6 

.,5-m 

•J.7.71 
. *8-0p 
r 6UZ2 

\sxxa 

.76.10 
Yjl-lfl 
‘ 469.fi 
S2MJ0 

.”' 41 

5.°18 

75.91 

79A0 

467.0 
: 163.0 
6.73 
; 37.45 

; 6,1a 

12/B17 

76.04 

7944 

470.0 

354.6 

5.69 

17.34 

8.X7 

•WOO 

.64.96 

UL36& 

76-19 

80.38 

477^ 

-155.0 

;5.61 

17.10 

e.ao 

'6.104 

83.09 

15.890 

66.90 

65.50 

403.8 

95.5 

5.74- 

1B.31 
7.87; 
9.267' 
82.09 
|19.799 

■ £ IB x-lh. 489^. lt aii"4S94. .Nooo iS^Lril P-tD. 459.0. 

• ,* • B»m5-m77 .* PJB. 458,4. 

• ^ - ■*. +.v Latest fadex 0L246 *826. - 

•• a * , *-Ba6cd on 52 per eeci. curuoratjon tax. t-NH=7J£. 

«, • Baste JM Gosl «ec^ WhV» - Fixed InL. 1828. -lad. Ord. 1/7/35, Gold 

• £ uroes ii9/JG.--S^ 1 Arniv!iy;^ 

: |_5 HIGHS S.E. ACTIVITY 

- b 

* - - — • 

: 1*5 . ' -. 


SUftfl Gwoptotlon 


Feb. 

...3. 

Feb. 

2 

High- 

tow i : 

,#Wf 

J^w' 

9 —--- 

■ Govt. Sear... 

2 FtBedlnt..„ 
id 

* 0 ■ Ind. Ord_ 

V -. 

0 ( 6Dld Miflfii. 

?9A5 

am ■ 

0^25 
&/im 1 
5 * 9.2 

t»«. 

~t74A 

.rtttlffl';. 

60.46 

Wl):: 

60.49- 

337.6 

0*1). 

'.■9S.I 

327.4 

160.4 
(28/11/47) 

649.2 
ri*fl(77) 

442.3 

49.28 
(3/U76)_ 
60 A3 
(3/1/96) 
49.4.' 

4A.6 

<26/10171) 

^Jaily 

Oilt-Bd*ed.- 

IndnstxteB.-. 

dpecclstive— 

h-day AvVage 
GDtrSdgBd- 
Jndnsriials-. 
Speculative... 
Total..- 

2S&2 

809.7 
49.7 

144^ 

214.8 
801A 
-46.6 
157.4 

217.6 

199.8 
46.0 •. 

139.3 

202.9 

194.4 
4&9 

131.7 




E1NANQIAL T11VIES STOCK INDICES 


•: f . Feb,* 

Jen. 

Feb. f Jan. j. Jan.* j 
31 . [ 30 • I 

' Jan. 1 
■ 27 | 

A Tear 
aeu 

Industrial Group.J x98.13 

; 19m.4af200.60i 199.60 
‘ 5rt7_A6f220.65* 220.17 

-901.47) 204.16) 
221_83i 224.47' 

157.41 

■ 184.41 


Div. LiflJd —r^—~j__ ,5.7C 
PjE Ratio (flOt» —'' 8 -M 
AJLSbarw i‘19flrS6 


8JS& 

Rial- ,.8.i5a];--S^O 


JU5«1 6.4S 5.74 
. RA7;-. 8.4a| 9.44 
2Q5.7(}j 2002 Z | 170-64 


i?" SINGAPORE 

T Feb. 3 .' !. ' 6 • ' 8 

[rs^'u-rtwead Co-1 L46- 
.gltl 

r t * cn 

tb‘’ Ilh AS4erUe»TOw5;«^, 

j al‘^w Par---} f® 

. v* ima lntL...{ 1.37 

.:>] 'ctaapn.— 

** • 


Units)-[1623 

iOpeeUlaed Pands 

printed-.-B373 3 

KAccnm. Units)-2593 « 

'Chartbond Jan. 31 - 117.7 

Charffd.Jan.31-1413 1 

w. Unite)-1713 3 

Kx.Jon.3Q.-_ 1232 1 


iMayfiower Management C*. Ud. . T>n»t ^mmodity.gL§ 

GreshamSt, ECSV 7AU. 01-W080W m ? 

tncwnhJ gn-M-BJM 8 UM —..I 731 Ttew «- fSj. 1 _ 2053 

Q«mermlJjin_af fnj. T*A -—4 3JS *Do. Acc. 272_2 

{Mercury Fund Managers Ltd. SSSStfc nx 

f30,GMahamSL,EC2PZEB. . 01-8004ffiS TarcetlnU. — Wt3 


VlUR.Gai.FA.LJ 
Met Dts.Feb.ljmi 
(Um.InE.Fab.XI 

|AccttmX : „ J anW i 


■Midland Bank Group _ . , 

IDStXrnst Managers Ltif fa) 


19, Athol Crescent. Edin. 3. 

fisssasffi- 30 ” ^ssgfsa.- 


HONG KONG 


.,rd 


Brew, 


p-U,X(*BonDj 

.- j s , /aChioBaf 
ijS aKfertrfc. 1 
f 1 bft&OB'UO. 
/ rirnnsw _ 2 

, r r3 ju Darby- 

■' if.Wiitt.rtge. 



HongKougS 

-Gcnjt loin 19(8; 

AntelgwaatedftaWwr 

japwatero.— m— 

- China tlgto-A Pblrtr. 
iotels-.- 



Hnrig Kong. 

5-XDB ^Mod JCongXandlnWH 
Soce SMgShiLagbti 8mW 
-'^ragEbngSh&ngtiBiHMlai 12.40 



B.QQBj[l£eauuB 
..£.4tW 
5-90 . Ena ^ 

1.79 Anund. AmJ 
£.15- - BeiTonai- 

- A&a Ifamn pv 1 • 
1ST - KikuiL^.-: 
3& Knftal*;,J 
: lAr -LwerP^tih; 
•258 Potshag HuJ 
SatumhS^J' 
' SongkehSerd 


aao ; . 


Hutefahwa .Whampw 
latec.i’kdfic becmtle*.- 
riwdiak'Bfltbrooa- 

rtrSAntBixa-— 


dgfj’e . 

r>. 


•>Selkrv‘-'-»'8«tMt | eifcj afiisir 


~T TI I ■ 1^416 ftAfu—UM-- 
i - JrXr Houtbo. nc. Pk^).. 
r- tSS? v ywHi« •_ 

a - - tisiie Fsolflc' A—i 

.- TV>l-Ti\n ftl|l«TX»+ : :.. 

^ri*J3e(i>nf«rHpdgiwHigJ 
-• WhnrfaeU UanUo — 

I '.TOteBtodt MarftUm*-. ; 

^ : TViftwjr Ia<U»triaJ 1-B3 

* -' Wyaoof.-. ' *■* 


Feb. 5 [Jao.27. 


L52 

20.10 

3A7E 

U9 

10.70 

3^5 

66.50 

6.0S 

13.80' 

6.55- 

17.0 

12.40 

3.60- 

8.80 

12j40 

6-65 

1.90. 

€.25 


6.65 5.60 


2.00 

t3-30 


2.20 

L92 


: t Buyer. 


—nnosotart.. 4 Seller, 
- ii Nominal. 


- S13 

.. inite'-lao 

Compoand,Growth. M4 
Com onion Growth 173 
Coromdou IBe._ 

,Dwaenrf.3-nnz 

,<Acwm. Unltj)—2043 
Enropaan__—_ 45.2 
lAccnm.Units)<OJ 

Extra yield-B1.7 

CAechhl Unite).-1063 

Far Kart era-J73 

<Accian.i;mU)—- 48 J 
Fund trf lev. T»ls__ S52 
^Acc nm Units)—- 170^ 

CAccunuifaSrtl 
High Income, 
a. Data. 

_ Income. 

(AecOm. U ntao- 

i(ARmm.Uniia)_ 


a ai 


iaj,CheHp«ude, E.CJL 
Capital Jan. 31 —M 8 

(Accnm.i_ nil S 

Income J«n, 31-P744 


•Gmeral 
(Accuntuniui 
Snropn Jaa. as 
lAccnm. Units i 


UnJtei—.053.9 

uniui-TZTmj 


27.0 

- _193 

•PVChyJan.34— 1*62 
•Sped Br. Jan. 11-214.6 
Jan.ll 182-8 


Prices at Jan. 31. 


65.9s 

710 - 

1013 -07) 

50-6 +0J] 

60J ...J 
ULI -0J| 

ZL7i -LV 

^ Ig| zw getttth BqnlfaftieFnd. a^.U^\WSStt3A 


Pens.A«pcrty— 
Pisns. Selective— 

»4>»igs;a=a- 


234 

234 

7.00 


9U, 

1153) .— 

lM.7d-, ... 

2633 ~_i 7 DO 


For tos erempt funds only 


I Pens. Equity, 
p. Ml St 


,42 

139 

139 

430. 

339 

430 


•Prop._ 

•Wan. Fd. Ser. 4.— 126 2 
•■Equity Fd. Ser. 4 _ 1316 
•Com-. Fd. Ser.4._C093 
VMoney Fd. Ser. 4_h07 4 


1387 


35 -3 

29.9 . 

146.0 

863 
134.7 
1253 


aii 

138.7) 

174.fl 
156 J 
125fl 

"SI 

115 

... - 1133J 

aiuations nonnally 




1 As^m* 


01-5381212 Three Quays. Tower R3I ECUS 6BQ 01-836 4568 


Pers. Pension""_[2005 

Conr. Deposit*_116a 12211 

^1523^ 

-0 - 6 } Fumi]y8I-88**_ 1660 

lYnl — GUtBend**"—-- 106.1 

I - u | lmeroaraLBaml**. S34 

"ssaWteMalto 


Ameraham Road, High Mycombe 

Equity Fd___IU35 108 

Property Fd._noil 107.' 

Fixed Interest F._h099 USj 

Gtd. Deposit Fd.—197.6 182 

Mixed 


Ex.Viel dFd.Bd. .. 

60 Bartholomew Ct. Waltham Croat WS31B71 Recovery Fd. Bd.*..K0.4 

— Portfolio Fund_I J29.9 i ...~4 — AmericanFd.Bd.".[42.0 

— Portfolio Capitol —W15 43J|_»4 — Japan FiBCL"-.—(423 

— Gresham Life Ass. Soc. LtiL Priees on *f 



Scottish Widows’ Group 

PO Box90C, Edinburgh EH16SBU. 031-6556000 

Inv Ply. Series 1 -M5 9631 -03) — 

Inv. My. Series 2—WL2 96-ffl -0.6 — 

Inv. Cash Feb. 3—l? 6 C lolfl . — 

ExULTr.Feb.1 0X13 353-28 — 

Mgd-Pen.Feh.l_ pa3 2-59.9) +13 — 

— Solar Life Assurance limited 


“ 107 Chcapside. EC 2 V 6 DU. 


Albany Life Assurance Co. Ltd. 


MM 

«j\ 403 


28St Andrews Sq„ Edinburgh 

039 Income Units_>-1483. 

325 Amun. Units-JS43 _ 

ira Dealing day Wednesday. 

433 Sehog Unit Tit. Managers JU&V fa) 
6 Af POBox&ll.Bcklhcy. Hse^ECA. O1-S38S000 
l-S Sebag Capital Fd--to -6 33JU-0J1 3.79 

SebaglncmnoFd—PR.7 303) -Gi| 834 


31. Old Burlington SL. V 1 . 

, FdL Acc.._)174.0 
•FuedlhlAcc.—.11381 
11126 
1964 


031-5569101] vprop.Fd.Acr-!|1063 

5.40 I VM-ple Inv. Ace...— 

5.40 | Equity Pen.Fd-tcc-f 

Fixed I Fcn-Acc— 1726 
'J td-Mo u Pc ruACC. .U25.8 
Inti Bn PHFdAee _ Q01.9 

■ILACC.-pH B 


Lg Security Selection Ltd. 


PropJei_ 

JTpfe lnvJeaAca-p.9Z2 

AMF.V Life Assurance Ltd-9 


01-4375982 
1*3 ._.. 

1453 
1183 
101.4 .... 

1U.7 .... 

3663 
214 6 .... 

1*1.7_ 

3323 

1072 _ 

1252 ...„ 

2823 


•Feb. 1 , **Feb. s. -**PW». 

= frince of Wales at. B'mnuth^iBoa 767B53 Merchant Investors AssuranceV 

335. High Street, Croydon. 0]-«8C 

Conr Pep- Fd— 

Money Mrkt B..-1 

Mer. inv. Man. Fd 
Mer. Inv. Pty. B«L_| 
na..._i 


CJ_Caih Fund_ 

GG Equity Fund— 

GO.Gilt Fund_ 

GJL lot) Fund 

n L pm. Fund-[950 loo . 

Growth ft Sec. Life Ass. Soc. Ltd.V 



•Solar Managed S 
SolarPropertyS. 
Solar Equity S— 
SolarFritlnLS— 

Solar C«h S.- 

Sol or Managed P, 
Solar Property P._. 
Solar Equity P- 


Equity Bond 


— Weir Bank.Bray-on-Thames,Berks. Tel.34284 Prop. Fens. 


Flexible Finance...| £1,083 

UandbankSecs_I 5638 

J-andbank Sea Act.( 1123 U7J 
G.4rS. Super Fd.._j £8.067 

Guardian Royal Exchange 
Koynl Exchange, E.C3. 

Property Bonds _—p65 9 _ 

Hambro Life Assurance 
7 Old Park Lane, London, W1 


126.9 

+ 0.1 

10 7 

-L3 

1018 • 

-13 

1959 

+11 

55.4 • 

-Z.E 

150.B 

+3.8 

13U 

-14 

157 4 

-7.6 

136.7 

+03 

1644 

-L7 


01-2837307 


Fixed lot. Dep-[1233 

Alma Hse_Al mn Rd-Beipde- Rei|talo40I0L Equity.-163.4 

_U264 133M_( — |Toperty_-&543 

187.2 UZfl_J _ Managed Cap 

103.4 JEtta .J _ Managed acc 

I AMEV .Mgd j'en.Fd HHLO 105.41 — Overseas 

AMEV :jgdJen.-B- Joo7 losif 
Fle-apian-— r "-' 


104.' 





^ Stewart American Fond 

Standard Units-153.9 57. 

Aemun. Unite-[58.1 61. 

q - zs Withdrawal Unha.[44.4 47. 

Btcwart BrUak Capital Fond 

•Standard—-J12S5 136.0) .._..) 3.73 

6^ Arcum. Units--[142.1 154.l| — 

764 Sun Alliance Fund Mngt, Ltd. 

2-SS San Alliance Hie- Horsham. 040304141 

__ SJ ” amEB.TlLJan.aLttWl50 2HD0) ... .3 *36 

aUiwLife Management Ltd. •T&oFamUyPd—@44 sv 7 ] -o.rf 3.93 

SLGwge'JWhy.Stevenage. (H3856101 Target Tst MngTS. liif laKg» 

Growth Un lti ■■ ,)47.9 50.4J—13| *83 31 , Gresham SL. ECS. 


GUI_. 

Pen.FJj3ep.Cap— 
Pen-F JLDep Are. _ 
Pen. Prop. Cap. 
01-7489111 Pen. Prop Are. 

; SeJ.Ufc.Fd.CpJ.-nL ,|6L5 __| _ Pen. »*an.Cap. 


BJL1 

fifaLl 

1326 


Arrow Life Assurance 

30 Uxbridge Brad, WI2. 


SelMk Fd3tCnL_[V7.7 1*3: 

Barclays Life Assur. Co. Ltd. 


2fG Romford Rd.E.7, 


Pen. Man. Arc._ 

Pen. CUtEdg. Cap.. 
Pen. Gilt Edg. Act. 


Banrlayhondii*^.— 
Equity.. . 
Gilr-edncd— 
Property 
Managed 
Money. 


11161 

1066 

te 1 

0027 



474 Do.Botov. Unto 
4.74 Target Inv. 


1.91 Target Pr.Feb.1 

3-91 Tg-Tnc.- 

TgtPref.- 

Coyne Growth Fd. - P7.7 

Target Tst. Mgrs. (Scotland) (aHb) 


Man.Fens-\ccum- - 

_ ,, 1 Do. lullul__ 

DealImps02965841 Glu ai (jPensjut - 


243 

27J 

158.0 

28.4 

145 


3401 
63.1 -0.9) 
376 -0i) 
212.7 
282.1 
OTS. 1 ) 

293 -03) 
246 t°-ll 
361 +0J 
296 -0.4 
157.9m 
305 -03) 
36 jC +tL3j 
196 +53 


Do. Initial...—.. ... 
Honey Pens. Arc. .. 
Do. Initial—--.(963 


01-534 ®44 “ 

iSm-oji 

138 M-04 


973 

97.7 

967 

97.7 

•65 

97.4 


1026) „ 

jaifl 


431 
458 
639 
6.07 
607 
300 

4.94 [7I.LotnbJrdSL.EC3. 

Z2 | Black Horse Bd_I 128.53 

Canada Life Assurance Co. 


103,0 

108.2 - 0 J| — 

1IW T 

102.9 
1018 
102.9 
1016 


Current unit value Feb. 1 . 

Beehive Life Asgur. Go. Ltd.? 


Pen. B.S. Are. 

Pen. D.AJ\ Cap. — 

Pen. PAF. Arc-- _ . . .. 

Hearts of Oak Benefit Society 


1223 

1263 

1453 

396.9 
J50.0 
2008 

254.9 
1277 
132.7 
12L9 

136.9 

po 

100 


13001 
2723 
162.7 
-138.0 
1696 

U86 .. 

1268 _... 
133 JO 
153.0 
2073 

S3 

2664 
1345 
1393 
1280 
1433 


Man. Pens. _ 

Equity Pens.—__ 

Conr. Dep. Pens.— 

Mon. MkL Pens___ 

NEL Pensions Ltd. 

Milton Court, Dorking, Surrey. 

Vein Eq. Cap-KDO 84 

NelmBj-Acenm.- 105JI 110 

01-4800031 Vein Money Cap.. 62.7 65 

Nelcx Mon. acc. b 6 J. 6 * 

NelexGthlneAce. 173 5ft 

NelexGth Inc Cap.. «73 50 

Next sab. day Feb.: 


.[123 5 

. 1482 
117.9 
. 968 
.1233 
.. 1065 
.. MAI 

_ .nil 

Solar Cash F_|9S7 


oi-sooom 

13P.W-.ft.71-— ■ 

3124 . — 

3561 -0.9 — 
1242 -0.9 — 
1050 .... — 

129 8 -0.7 _ 
1122 — 

155.9 -0 9 — 
124 0 -1.0 — 

104.9 . — 


e^mited V 


I-L6] - 


Maple Lf. Grth—_! 

New Court Puberty Fund Mngrs. Ltd. j£Sieu&^ Kd '" 
SLSwUhinaLane,London,EC4. 01-03G4356 PemnLP bu?«L"__ 
N .CLPrF. Dec. 30 _ |114 .1 • 1214) .—J — 

- " " rob 3L 


— Sun Alliance Fund MangmL Ltd. 

— Sun Alliance House. Koroham 040364141 

— Enp.Fd.lm. Jon. 11.1039 a 1652).| — 

— JnLBn.Jan.Sl_| Q025 ( | _ 

— Stun Alliance linked Life Ins. Ltd. 

— Sun Alliance House. Horsham 040364141 

Equity Fund_—1991 104.4|-0 J| — 

Fixed Interest Fd., JlW.O 10S.3J_ — 

8811 Property Fund-9S.0 103JZ — 

InteniaUanal Fd—W4.9 69.4) +0.8 — 

Deport Fund_1953 3D0.4) — 

Managed Fund (967 101.31_ — 

Sun Life of Canada (U.K.) Ltd. 

2 .3,4, Cocks pur SL. SWIY 5BH 01-930 5400 


3*9.7 

130.0 

1229 

198.4 


Next sub. day March : 

NPI Pensions Management Ltd. 


Target life Assurance Co. Ltd. 

House. Gatehouse rtd_ Aylesbury. 

Aylesbury i(CSS< 59flJ 


. Eijulty Fund.., 

373 ! JHP"® fS£S®.Wi_ 

3731 +0.41 — Deposit .Fund__ 

tfHill Samuel Life Absut. Ltd. Nor.UniLJmr.ia_ 

NL.4 Twr.. Addlscombe Rd, Cri>y. 01-6864355 lT ,o e , UX_ASSnrailCe Co. Ltd- 


Euston Road. London. MM 
Hearts of Oak-(355 


48. Graced]urchSt.EC3P3HH. 01-6334300 Man. Fluid lac_ 

Managed FVtnd__.M63 132.4).. A — Man. Fund Acc- 

Prices Feb. L Next dealing March L Prop Fd. Inc_ 

Norwich Union Insurance Group prop Fd —Z 

1*0 Box9. NorwichNRI3NG. 060323300 Ftoed Int Fd.''ipc-)1992 

Managed Fund_12929 2135)-2Q — Dep._Fd.Arc.lnc~ |97.1 

-- ‘ pi6.0 3326 -4 Of 

&20.7 127.i _ 

1566 1HJ —16j — 

ftOL9 1072- 

2053 - 


[949 1! 

_ 11 £- 

fl02.fi 108. 

1260 
990 

U5.4I 

Oep. Fd. Arc.Inc- 197.1 102 , ., 

Ref. Plan Ac. Pen. -169.1 75.1) -1 lj 


RetManCap.Pen— 
RetJlanMan. Are. ■■ 
Rta.FUmMan.Cap _ 

GUt Pen. Are-P370 

C lit Pen. Cap-D33.4 


572 

1186 

U0.7 


222 
3.44 
■4 45 
9.03 
30.92 
4J4 


♦Property Unite— 145.0 
Property Series A _ 973 

Managed Unit*-1529 

Managed Series A- 903 
Managed Series C _ 193 

01-6231288 Money Unite-- 13*4 

I _1 _ Money Senes A__ 95.9 

1 Fixed Int Ser. A_94.0 . 

Pn 5 .Med.Cap_|l426 



366? 


64,91 


1529+271 — 
3027 +lif 
160.9 +031 
95J +4L2I 
94.C +03 
324.7 
lOLO 
99.C +0JJ 

__ t __ 1502 

2-fl HiGh St, Putters Bar. Herts. PiBnr 5U2S Fns.Mgd.Acc-tUftS 1564 

BSOBSad-ffl l:d= 

Cannon Assurance Ltd.? no^ r.niidtorrf f Ca ” ad * 

1,OlympicWy^WembleyHA90NB 01*028*76 

_^ 5:3^ %£ te^Sfc:S3.73 

_Extra Income FH._B03 660) - 02 | 1034 prop BondiExee-. C 12 J 0 

Trades Unlen Unit Tst BlanagereV SSpK'SSSttS m 115 

335 100 , Wood Street,E.C2. <01-6288011 Equity Accnm.-162 — 

336 TUUTFfcb .1 _1~4469 523J_| 522 Property Areum. _ [Q1.73 — 


4-5. Eang William St,EC4P1HR. 

Wealth Astk_IUL8 107. 

Eb-r.Pb.Aas.-F 703 

Ebl-. PB-EqJE.-(70.7 


oijssmb Tranrinternalioual Life Ins. Co. Lid. 

1073/_[ — 2 Bream Bldgs, EC4 INV. 0J-TO64B7 

| .„_J — TnUp Invest. Fd_[1320 139.0) _ — 

7421—1 — TulipMongd.Fd—p61 1116 — 

SAv»* FmJte X, T :r« ■„ r. B Man.Bond Fd._.—tjnaa 1343 _.... — 

(TOP. Jollity « Life ASS. CAT Man.Pen.Fd.Cap..(ill< . 3172 _ — 

119. Crawford Street, "W 1 H 2 AS. 01-4860857 Man. 79m. Fd. Are. [117.0 U3.ll — __ 

717 I "rl — Trident Life Assurance Co. Ltd.*? 

“ ~ Mm-. Ed. Fa] 




US 


Transatlantic and Gen. Secs. Co.* ^Eqnto^ 
OlOBNewLondoDltd. CterfmderdQa^SlflSli' ~ 


H3D9 

9' 


^Prices . at jaa. 31/Next dealing Fen. 28 
tMhttfer Fund Managers lid. 
JMtostorHS 6 ,Artbnra,lUI 6 01-6233060 
Mtostar Jan.30. 

Dec.31 


Barbican Fteb. 2_J7A4 

(Aretttn. Unta.1-1121 

BarteEuro.Jan.25_ M2 

B acton. Feb. Z-73.9 

(Aecuas. Dnltel_ » 9 

ColmnCOFeb.2_1153 

_Unite)-1369 

Cmnrld.Feb .2 -513 

l3ts)_55J) 

520 




_J 534 (Accnm. Units)——lM2 

_J 5.92 MarlboroJan?32_te,8 


pLA vmt Trust Hguut lid. . SK.i:&7 

|Old<hiBenStreet, SWlHftlfi. 01-3307332 (Aecron-Unitei-(569 

POAUbto_;_pSJ. ’ 36f|_1 431 “ 

te? 


7E7« ...... 

1183 — 

823 — 

• 774 

94.7 -, 

1223 —431 
3453 -5.0) 

54.7 
583 
54J 

683 
421 
544 
49i 

59.9 


72Jm 

44j) 


«J ... 

603a „ 
7IS 

67.7 -IE 

74.7 -ja 


502 2 ndMn _ 

lg SEsr-i , 

5JB2 End Eq. PensJAcC. .[87.6 
2*2 ^dlTpPena/Acc. _(99.9 


98.0 

M3 

•55 

93.0 



71255 Property Fund_ 

7421 —221 — Property FtmdtAJ- 

X> 69.61-131 — Agncuimral Fund 

—I portfolio Aerie. Fund 1 Ai—__ 

99.51 -021 — Abbey Nat Fund_ 
0 load „./{ — AbbeyN blF d.(A), 

i uwai +oa[ — Investment Fund., 

.0 UHtjCJ ..../( — Inventment Fd. (A). 

Irish Life Assurance Co. lid. iqtoteFSdtA)“ 

21. Finsbury Square, EC 2 01-628B2S3 Money Fund__ 

Blue Chip Fete 1 K6.7 702). | 520 Money Fund (A to_ 

Managed Fund __ mi* 2223 ...j — Actuarial Fund- 

FropJfod. Feb 1_U672 176 W 1 _ CUt-edgad Fund— 

Prop.Mod.Gth._( M ia VHM 4 — Gilt-QlBed FtL (A)_ 

King ft Sbaxson Ltd. *R^ire Animiry— 


Pens. Fd. Felx 3_ 

Unit Li 

Managed Fund 

Fixed lut. Fd- 

Secure Cap. Fd._ 

Equity Fund-. 


Do. Fx. Ifac. Bd. FdJ 359.0 

Property Growth Assur. Co. Ltd.? 

Leon House. Croydon, CH 01 LU 
17LB 
1703 
6920 
6872 
1492 
1492 


_I — Renstode House, Gloucester 


Vans._ 

fStetual Unit Trust Managersf faXg) w^uirLTTnitaj __ 

m .S2*S? SSiESrii 

IRWnai^aKI^ SJalS| In -fn3 

pMxM Bsh Yicdpa? 63 j) -o.z) km Tyndall Managers LttLif 

2 nd Commercial IKCanynge Road. Bristol. 

-rnS z: 

]Immn>.L n _ - 1460J J 6,02 ran Rnh I nit - yri a 

l£«WUBto>-ffi; wi .rq 602 .S«mm.Unils>_U03 S3 

-SI "H Exempt Jan. 85.1102. jSsH .. ... 

[taccnBLUntol—U 6 .B 1522)—l 3j6 <A*cnm.Umtol—«. 15Z» 159.6) , 

iNatiemd Provident Inv. Mngrs: UtLV SSSSffuSm n« 120 S 

ka, O rae echttWhSt. EC3P3HH 014B434200 InL Earn. Fete 1 _2360{ 

{NPXab.Un2sU.W414 47^ __J 3.75 (Accnm. Units)— SOJt 265.4 
ffAeettKLUnfW _,|533 56g 3.75 Seat Cap. Feb. 1—. D0.« I56fi 


_ Penal Acc 945 

i n 2nd DcpJioiHiAre 953 
663 2nd Gilt Pem'Acc. 93.1 

663 L6ESJ.F—>-165 

5P L6BKXF.S-- 253 

5.S2 Current value Feb. 2. 

|g Capital Life Assurance* 

ixn ConlilonHiJusc,ChapelAshW^on (SOS28511 

330 Key Invested-[ 10213 |.( — 

738 Pacenmlserlnv-Fd..[ 10067 ] ) — 

Charterhouse Magna Gp.? 

SB 18, CheqneraSq, Uxbridge UBC1NE 

525 Cbrttar Energy_tea 368]_ 

862 Chrthse. Money__ 292 30 M 

8.62 Chrth&e- Uanaged. 38 3 40fl 

Chrthse Eqaiiy_25JJ 35 .SS) 

Masna Bid. Soc- 1246 

8272322411 Magna Managed— 1534 


_ 52, CorahilL EC3. 


OM23S433 


claimed. Anoty,. 


Bond Fd. Exempt—[11328 1M.71I —4 — 5?^»SS? , ^ 3 ri!Srn % 

GovLSre^Z^^l^VfL.J - 
Ija ngh a m Life AssuranceCo. Ltd. p,^' uo Fd(iu i _ 

Langham He. HoUnbrook Dr,NW4- 01-S03S211 Com. Pens. Fi_ 

iS|:d= &&S13 

Wisp iSFl Man Fa[74J 78^ — Man. Pens. Cap. ut| 

Legal A General (Unit Assur.) Lid. gS&ScSuu: 1 

Klnjawn od Home. Kinsswood, Tadworth. BdRfrSre Pen. CL 

fSStSBF* 1 - ^SFa 1 !^ 1 ^ "RMB&S 

loe.fl _ 1 


92181 Bo.Accum.__ 

_ Equity Tnlital 

IX>. Al'cum 


W* 
108* 

.... _109.6 

Fixed Initial-1133 

Do. Aceum.__ 1143 

Btanaged Initial_1U.4 

Do. Accnm_1122 


INPiaae*_ 

KAeanteUnttrt—^J 



—J (Aecum. Dnltel. 


... 320 

deallBg PW>. 23. 
Fob. 18. 


•*Pri«a on Jan, 2ft Nod 
- IViees Feb. L Natt dealing 

{National WestnissteriNa) 

CbeapsUo. ECZV 6E0. 014D6 6060. 
allAeaunx3.J iftTl-OJi 4.B3 



Scot. Inc. FBb.l..-.J15L8 
Lotate k Wanj,ri>ap 

Do. Accum.-IT! 766 

Extra Ire. Gro«th_ 35 9 

p» Aceu m.,,- 79.9 

Fhmnelal Prtty— 168 
Do. Accum.-193 


High lot Priority- 583 
London Wall Int _i 2S.7 
Special Site...[262 


nst©- 


Z-22 City of Westminster Assur. Soc. Lid. 7 

ana RlngstcadHouse, 6 , White* one Road. .. _ __, _.. ___ 

434 Croj^on.CM21A. __01-6849664. E «^J 1 ftg^| s , 5 ,, “» V 4 . 


_ Gtd. Usd.. 

01-6800000 Proiieny-. 

* Equity! American _ 

UJK. Equity Fund., 
Htoh Yield 
Gut Edged 
Sidney 


-oM 


if 

-oq 


653 
65J 

362.1 
1613 
1367 
1361 
1093 
2255 
1253 
170.4 
1383 

ft Amudlta Ltd. 
_I 13821_ 

“bo® 

1264 
140.9 

329.2 
3452 
135.0 
14 LI 
1303 
1273 
118-1 


lit ternaHnnnl 
FlscaL.. 


— Growth Cap.. 


Growth Are_ 

Pens. Mned. Cap. 


Pena. Mnrd. Arc_|1 1 5j 

CJW.Dep.Cat * “ 


Ttonn.Gtd.bep.Cap,. 100.7 
Perorad V>vrA«-.. 103.4 

i’eni. P[XT. Cap__ Ill 2 

Puna. Pty. Acc-- 114 2 

Trdt. Hood_353 

’TrdLC I. Bond — 

■Cash value 


.[227.0 


1297 
112 . Et 


1268 __! 

1593 .... 

153.8 . 

824 ..... 

107.4 —0 t*l — 
148 9 
1524 
1268 
93.2 
135.3 
1343 
1373 
1194 
1226 
mteJ 
1693 

117.8 
121.0 

375 


1009 
for £100 premium. 


7.431 Flm Units.- 

7.43 [ Proporty Units- 

566 


J& 


*n -tUn 


623 -02 
27.4 .... 

3U 


Hg City of Westminster Ass. Ca. Ltd. 

sax Rlngsteod House, fl. Whitehorse Road. 

54b Croydon.CHO21 .A. 01-6849661. 

569 West Prop. Fund__g70 60.0j_I ^ 

539 MfltUwidFUnd—0666 1753 — 

8.94 ikjnitj FBDd__—B43 57J -ft.- 

Farmland Fund._.HE 9 723 

Lyg Mosev Fond_0196 1253_ 

+ a CUt fund-U43 676 -ft.1 

FULA Fund |l7£6 176,oJ 

t> T? Font curremly dosed te new Investment 
474 Perform. Unlls—I 19L0 . J_( — 


Provincial Life Assurance Co. Ltd. 

S22.BIxhopsgaie,ECjL 01-2*76533 

Prov. Managed Fd.. 11143 1203|_| — 

Prov. Orth Fd-h*3.7 1093]..-.. — 

Gilt Fund 20 ..—(123.9 13051 I — 

Prudential Pensions Limited# 

Hoi bun Bars. ET1N2NH. O1-405B222 

EqrnUFd. Jan. 18 _|ma 23.99 ,„. J — 

Fxd.lnLJan.18_.p944 19.7g_1 — 

Prop.F.Jan.18_p433 24.771 ■) — 

Reliance Mutual 
TtmbrfdtK: Welis. Kent 

ReL Prop. Bda.,_ l] 192.2 

Royal Insurance Group 

N«r Hall Place. LirerpaoL - (B1S774422 

* , . _— RoyulSWeldFd._|1305 138.01 —.\ — 

L<«d & Gawd ITO- M- Ugr^LU a,,, 4 ^ CMOp¥ 


Do. Accnm 95.7 

Exempt Eqty. IaiL„ 995 
Do. Aecum _____ 99.8 
Exempt Fixed IniL 973 

Do. Accum.-- 97.6 

Exempt Mngt. hut 995 
Do. Aceum.—99.8 


Exempt Prop. Inlt. .[95.4 
Do. Accum-(95.7 


1M4 .. 

IMI ~.4 — 
W5.1 
liw s 
1Q?9 

U4J 
305.1 
1803 
11X18 


“ Tyndall As snran ce/Pens ioasV 

— 18. Canynge Road, Bristol- 027232241' 

— 3-Way J an. is_ 

— Equity Jon. 10_ 

— Brad Jan. 10__ 

— Property Jan. 10_ 

— Deposit Jan. 19_ 

—. 8-way Pen. Jan. 10- 

— O'aeaalnv.Jau. IO_ 

— MnJ"te3-W Feb. 1 _ 

— ‘ Do. EquityFeb. l._ 

Do. Bond Feb. 1_ 

Do. Prop. Feb. 1_ 

Vanbrugh Life Assurance 
41-43 Maddox SL, Ldn. W1R9LA. 01^994322 
Managed Fd._,[13a9 1453]-04[ — 

Equity Fd.-[213.1 2244] -Lnl — 

Intel-niad-W9 +fll — 

Fixed Intent Fd._..|l71* lSJ.fl -LlJ — 

Property Fd... 

Cash Fund_ 


1202 


1516 


1632 


1004 

■—a.. 

12 $2 


1520 


61.8 


1646 


2442 


icon 


8 LB 



Vanbrugh Pensions Limited 

oaSSSZn 41-43UaddaxSL.inn.WlB.9LA 01-S9432S 

I Jl _ Managed_p5.0 100P] _.... _ 

I --4 Equity_fed IDOffl — 

Fuedlnberext-gS-0 lM.a . — 

Property — 100 , 0 ( — 

Guaranteed see ’Ins. Base Bates' table. 


__ ll,Que«iV-iclon«SL,EC4N473* Ol^BSOn 


Welfare Insurance Co. LULV 


08M 

DeaUngs to 0204 S3C32-3 

44.M-03I 
SSX -03 
MJ - 0.6 

SIX .5 

80.7 +0J 


r«it SS Commercial Union Group 

Sl Helen's, l, Undersbaft, EC3. 

S« VarinhleAnAtltoJ 53.07 |-M7) — 

Da Annuity Uts—| . 1766 |_.) — 

Confederation life Insurance Co. 

SaOianeery Lane, WC2A1HF. OI-BtSOSB 


BeL Inv. Fd_D176 

"ftg? ":—at 


Gil 


x 091 VEquity Fund__ 

392 
733; 

73J 


(3463' 


■Menaced Fund [1777 

Personal Fen.F«L*.|7®Ji 


9 Aft ) r UkW j rru. ruj 

mjE j Man.iflcd Pen. Fd. J 
| Property Pen. Fd..,. 
fProteelcd In. Pol 


zm 

1996 

37*4 

3240 

3614 


1 M 0 ) 


0S323S231 Corn hill Insurance Co. Ltd. 


3M TSB VnK Trusts (y) 

JfCEL Trust Managers Ltd.f (aKg) iLChaidiy Way, Andover.Hante. 

h TH oa C tmri,Doridnfc Surrey. (btTSB 

a^S *3 ffiSfiSSsrSi 

Fw New C@urt Fund Ma n age r s Ltd. (tojJaAmun—— U-l 
See ?dliB4ilM trot Mxnageawnt IBB ScrtUah——. 714 
ou wwuMiuu ri«ir+ ‘““‘—a-’ (hj Dte Aecum.—_™ 753 

Norwich. Union Insunnee Group (b) KaiM . 

P.O. B«6Nflrwicti.NHI 3NC.. _ «082KW SK-SSSLJ” 

1=S,PT*F1_B«.9 SUI-HU! SiS»SS£lgi 

SEjSSSS&t 1 * SSSSu 

fpoerlGrowtiiFd_tel ' -234-0.2) 60S MncW lUramSLEOtRflAR^ , ; L Ol^awilMauth Jd. Jan. 3B .[165.0 

AcebmUnihi—_ -MA a3r&3| 6.08 ^tersHBe-^md-, 

'ac.____.Ki , -32,9 —nM 7.05 WtelerGrtfaFtnl 

Tbit y rw • 35^-63 53* Dteftasum.-— . . . 

itAmta. uniw_|43-8 45fl-o.il 508 wirier Growth Fund CftCiHn»LE«.—|mo 13 a 01 .._..) - 

JFeUcan-lfaJts Admin.. Ltd. (gXx) Ein*wiQiafflSLBO(Rit<u. oi- 6334 fi 3 i Crusader insurance Co, Ltd. 

1 |MPbiii|tahaSt.1SnehBBtcr 06l*53flW8S InraunatJniU,__,_Q97 3331 ..-.J- 338 Vincula House, Tower PL, EL3 0 

|PdltenUnllti__^|ni tSfl-Ofl 520 Areras, Units-p3J 353)^4 330 GdLTTQp-Jan.3 —[6S.9 72.9) 4 — 


L&G Prop. Fd. Jan 1)99.7 IQftffl_| — 

Neat Sqb, pay Fob. I. 

Life Assur. Co. of Fmnqd«aiua 

39-42 New Bond SL.W170RQ. OL4838395 Dephsft Fdr _ 

01-2837500 LACOP Unite-(1033 1085)_J _ O 0 nm.ran 8 .Fdf—(1997 

Lloyds Bk. Unit Tst. Mn^. Ltd. iSi 

7LLcatordSt,Eto 01^31288 Sh P pg5®^ KJ 

tlOW 1093)-1 7.41 LepoUtoSia.Fd.r_ Kl 


4. GtSiLHelon'B, LndtL, EC3P 3EP. 01-SM 8888 The Leas, Folkestone, Kent 


0 LG 2 S 6 G 21 


life Assurance 

12 Leadenhall St, EC3H 7LS. 

lDLGlh.Jnn.6_,| 3J0083 I 

Opts rap. Fehi_0223 129.0J 

124A 
167.3 

OpLSDepLFIeb.2_IllU 

London Indemnity & Gnl. Ins, Co. Ltd. 


mx 


535 


124J 
354.4 
1263 • 

3275 
206.0 

172J -14) — 
215.8 ...... 

48J -Ifl — 
1013 


030357333 
-0.7] - 
Load oc ft 


Price* on -January 18. 
tWeekly dealings. 

Schroder life GronpV 
Enterprise House, Ponsmoulh. " 070537733 
EqutoJan.31- 

Eqnity2Jaa31_ 


Moneymaker Fd. _| 1003 I- 

Fnr other Binds, please refer la The 
Manctetnet: Group. 

Windsor Life Assur. Ca lid. 

I High Street, Windsor. Windsor 63140 

Life Inv. Plans-) 

FutureAaad-Clhi al. 

FBtureAssd-Cthibi | 

HeL Aasd-Pens.. 

Flex. Inv, Growth. 


find Mir. WLndiOr 631-1 

kT » w 1:d - 

H & Jd = 

th_|lBft4 132fl.3 — 


38On) -0-5) aBSlBacomhill.ECA 


01-620M10 


__ _ 3J4.oj _ 

liKt 0 “sM H 1 Credit * Commerce Insurance 
_§3.7 —-I 3301120, HeiteniSt, London WUl SKK, 014 


18-20, The For bury. Reading 5MS1L 
Money Manager,^. 

M.M. FloxibUl-_ 

Fixed I at m a t -. 1 


InL UT Jan. 31_ 

VftSCiUJBiL31_ 

KLSGLSejML31_ 

ilncdfF,nuJmL31_ 


The Loudon & fianchester'Asft.' Gp Jf JgwiaJm ji- 

Tbe law. Folkestone, Kent. **■»"* *»■« J? 00 '? JJI-- 


n, mm, Cop. ijrtnrth Fund_ 

01-4397081 <Exempt n«_Fd. 

OExemrt Frop.Fd. 
♦E.tptTw.Ttt.Fd.1 
Klein Wo Fund. 
01-8268031 im Trust Fund, 
Property Fuad. 


1380 

873 

1424 

3075 

125.8 

ao.o 



Deposit Jan-31_ 

■ Property Jan. 31._ 


— •BSPn.Ace.Jan.3i_ 


1 2U6 


202.9 

213.7 


110.7 

Ufa* 


1425 

150J 


1530 

1U.I 


1111 

116.1 


1470 

150.1 


124.3 

138J 

__ 

125$ 

132J 


138.8 

1451 

■sas.- 

105.7 

nu 


U5.6 

12X7 


1120 

ll&C 


147 6 

' 1593 


U54 

153.C 



7.9 


12 hS 

: 

1042 

1992 


SBXb 

233.4 

—J 


NOTES 


TVi<4» do not include 5 premium, except where 
Jndlenied 0 . and are te pence unlesr.otherohse 
Indicated. Yields *• i shown In last column 1 
allow for all buying expenses j Otiened prim 
include all expenses, h Today's prices, 
c Yield based on offer price, d Estimated. 
% Today's ope nine price, s Distribution free 
of rJL taxes, p Periodic premium msuraoce 
plans. a Suqpe premium insuraace. 
x Ottered price includes all expenses except 
agents ctntmiixbpc- y Offered price includes 
all expenses if bought through managers. 
* Previous day’s pnee. FNet Of tax on 
realised capital earns unless .‘ndiested by ft. 

4 Guernsey gross. «Suspended. ♦Yiold 

belore Jersey tax. f Rs-subdislsim. 


•3 _• 






























































































































































































































































_ % 



,1 ‘ 



- : KOTELS-^ntiMed 


-M 


34 


reat people to build with 



SHARE INFORMATION SERVICE 


Paid 


AMERICANS—Continued 


Henrv Boot Construction Limited 
Sheffield Tel: 0246-410111 


**british funds 


Interest 

Due 


Price 


Stock 


I Last l 
4 


Yield 

InL 1 Red. 


■Shorts M (Lives up to Five Years) 

llTreuMii} lftw'Tfc; ._l RE'a> 8 $ 1027 
i Esch-Sw 7£78i+ — 

; TreVttn'T - 

Treasuii-apt^s^- — 

Electric 4Gpc iViS— 

Trea>un 10 i>pc T9i$ ~ 

Qeotnc3 : 2Pclfr19 — 

:190QS.~ 


Trtajur> 9 1 2 Pt: i WS— 
Tre-iMiry.Vjpc i* 

Fundi ne o-.pc TWSJ-t 
Exchequer I3p: ISSJtl 
Treasury 11*3* 1B81 M ' 


SAlTreasuij -Vjpc 1079-81. 
1 OtTreasuty 9£pc 198 13 - 


l‘ 1 lDlBoch. 8 : «w 1S81- 

4AExcli9i;pcl»l..- 


1004 

102 f 4 

Vfi 

"W 

% 

1007,ai 

■101*4 

93*5 

107$ 

lM.y 

% 

"ft? 

B4ri>d 

nl; 

95 & 
94*4 

97 ,V 


h ape 1 MB 1 - 

IlNlTreas Variable at»-- 
LUN E«n.HepelflttU- 
l5JaTrea.^3K®^— 

J5A Treasure 3pc 82g--— 

16S Treasiin W* ■*£..- 
■51.1 Trca- Variable ease - 
5Ju Treasure E*«pc 'E. - . 
l^SE&ch-OupclK: ■ 

Five to Fifteen Years 

81>aul " 

.teawfj L 2 pi IS®* I 

HUu TresfjijS=ipc® ■ -• % * 

Ifila Fun'iins.'Sant&U-- 
HUu rrea-nc^ Wipe ot-ws- 
IN Fundicj; 6 *;pe 
2 £Ja Tre astir) 

Uu Transport-U'- — 

tail Trcasurrjpc 36-EJ - 

]f.)aTrtJ-ur> Mrc KWC— 

rnanci 


2181 5.C2 
3 U 1102 
11.3 3.14 
218 4A3 
2b 9 10J18 
1010 3.69 
251 8.92 
ID 10 938 
ail 3.75 
ell 556 
HJO 12.07 
9.121103 
91 3.87 
25B 9.77 
- 862 
29.12 958 
161 3.42 
1110 650 
17101179 
912 883 
91 3.55 
1081248 
8.11 654 
112 875 
165 952 


6.09 

525 

559 


Wridenris | 
raid | 


Stock 


Lari 

a 


Riv. YH 
Gras CtT Gr* 


Ap.iui.va 
Ju.ApJyO 
F.Mt.AtLl 
MJn-S D. 
ju.UfJ-A. 


.1 A..I.O- 
F.MyAuN. 

S D MrJU. 
NlrJti-S.D- 
MrJc S.D. 
Mr Je 9 Dec. 
Au.vF.My. 
MaluAfl’ec, 
Feh tfc AJ .’tot' 
June* I-'ec.l 

J|5pHrS4®- 

■’Mr.Ju.Si). 

JiLApJuO. 
MarJnSpDr 
Mr.le-S.D- 
May AUg-l 
Mr Jc.S.D. 
Ap.Jy.OJ. 


ManLHan.USWO 

MBR'innu 

biarftmSunwIiv sL 
[OwHK-nLS U5— 
Quaker Cols l'SS5_ 
RsUanceSflS- 

Rep.N.Y.Corp.S5- 

SesmmlSi- 

Richdsn--Mrill$l-* 

SauliB. F.iTl-- 

Shell 0U 51- 

Singer iSlOi. 


687 
845 
660 
855 
8 87 
6.58 
7 91 
9.77 
9.77 
7.04 
981 
977 
4 80 
700 
732 
10.08 
466 
754 
1029 
736 
9.89 
10.02 


OJaApJ?. 

s 


.. RtndSO^O- 
Wlnc.SlV- 

to UKiLn-StfcSlOa. 
hmtoPLrSOJCtiJ 

T«acoS625- 

Time Inc... ——— 
TransamericsiSL- 
ltd. Tech SUSS— 

US. Steel SL- 

VrcoSO-tO- 

Wool worths 'S3-J— 
.Terra tan* SI 
Xomcslac.luc — 
Zapata Cwp.iSe— 


22 *’«l 

2ft 1 ; 

12 U 
14 k 

38 

17*; 

llta 

iH 

274p 
20*4(11 

13l s 

23i 3 rt 

20 ^i 

20 

136 

539p 

177j«l 

24*4 


942gsJ 


51.92 

5256 

7oc 

hS106| 

5104 

15c 

$1.00 

80c 

90c 


1611 ! 


31 

1 
20121 
T74 
1212 
3L1 
10.11 
1174 
12 h51.60 


194101 

14Sprf 

12 ^ol 

31»J»«d 

43fip 

lli;id 


7ia 
15.13, 
28 IT 
14.4| 
1 

au; 

28.121 

248 

2 b.ll 

2931 


61 


BUILDING INDUSTRY—Cont. 


DRAPERY AND STORES-Cont. 


Irttidrnds 

PaM 


Stock 


Price til 


lari 


Kt 

Set 


YW „ 

Ctt fir’s P/B 


Jan. 

Jan. 

Nov. 


July! 

Jut' 

May 


60c 
1 % 51.12 
51.68 
S2.00 
10 ", 
SI .00 
S2 

5130 
80c 
5200 
$160 
20e 
51.40 
$1.60 
7‘tc 
f30c 


4.81 
4.0 

3.5 

4 -2 ^ . 

4.11 Mar. 

October 

3 . 6 |.Tan. July, , jrv _. 
3.8 Jan. JuljIfialltfortBr.w- 
3.41 ~~ I'jibbsDdf A 10 p 


FeMiuLlOp— 

Tm A 1 lt^j_ 

FedLan^fcRld- 

FialiD'JuiiPiUip- 
iFrancis Pier. I0p- 
FraBCJSiiIP-iWp-i 
.French Krer— 


Feb. 


jr-'Li in 

1 (iJa|Trei;ur. 


50,FundiiK5*»pc 'E7-&Lit_ 
Ul*anT?asur> K w Yg S— 
■21 ilTrciitir- 10 pr 1991 — 
2S A Euh.lJ'ipc«- - 


86 u 
94 
E4*, 
86*4 
64S 
71*4 
110 *- 
85V 
1013a 
71 

107V 

891-ri 

102 


161 3.68 
1L8U23 

512 910 
:6.9 7.85 
2012 9.01 
25.11 4.66 
69 7.18 
4I21L86 
8 JI 9.76 
5.12 U-52 
L4 8 J 0 
161211.78 
16.110.93 
19111.70 


747 
10.25 
10.16 
B31 
9.67 
9.32 
10 DO 
Eli 
930 
1130 
1033 
11.45 
9.65 
1155 
U38, 
, 1158 


(her Fifteen Years 


i4Ju 

15S 1 


!S 


Trea«rylS«cWS.- 
Funa'n;BpclK«tI. 
rr-a- urt ia’<pc lW3ta 

I’l-pciSW. — 

ITNlTreiisuii 9w 'Wit- 

lilaltrea'ur- lire 55. 
it«|Uas3pc 90-w -- 
-Ufe.crt W.nc« '£» 
ISNiTtcasur. I'^ipo vet; . 
1 ASlTredsury 9 r.* Scl-'OEtr— 
asmeas^r I6*4pc'9^ 
15N Ewrnequer)3*»pc»r{. 


.E. list Premium 32^ (based on $USi.9375 per £ 

Conversion factor 0.7540 ( 0 . 7543 ) 


— July 
4.5 July 
ZblFeb. Aufi. 

2.8 Mar. Sept 
4.4i Feh. Auk.' 
5 bj Feb. Sent 
f7.4 Jan. July 
105 Jan. July 

6 jl.Ian. June 

2.9 Jan. Juiy 

4.8 

4 7 Dec. June] 
4 7 Jan. July 
08 Jan. .July- 
61 Mar. Sept. 

2.9 Apr. DeC- 

3 0 Nov. May 
15 Apr. Ocl| 
Jan. 


CANADIANS 


Dmiteedi 

Paid 


Stock 


Ma S.J D 
F Au N. 
A.JvO.Ja. 

May Nov| 

VtoL 

F.MvAuN. 
July' Jan. 
ijulv Jan. 
j.ApJy.O. 
\njv.nja. 

F.MyAuN. 
Apr. Oct 
Uaru July 
Mr Je.S D. 
JaaAftJ-O. 
F.Mj- AU-N. 
MrJe S.D. 
[June Dee. 


I Lari 


awisisr- s 


April Sept; 
Apr. Sept 
Feh. Aug., 
July Dec 
May. Nov. 
Dec. July 
yljlJan. Augg 


. ..JiileftontHJ.HOp- 
Octkllos«topW-4J — 
C'ghC«peri®P- 
H..AT. CrTP- lf*P~ 
.Harrison J.LOp— 

Helical Bar- 

HemfyL'A lOp- 
,Hwder«niJAT.'„| 
iHeadea St 10 p_ 
DaTncrom 1 ..-. 
H^nt) Wnx 50p« 

Higgs i Hill- 

Hmeringham— 

DiiRes.vtfi.— 
Howard Shut lOp 

|Li>.C-20p- 

IhstockJohnserL 

_|lnL Timber- 

julyjj a Boldines 5p. 
U UJS.fi. 


uanisiJ.'i- 

.ljennings$AR50_ 
Unsn-RchdsNlp- 
TjonefEdird l^P 
KentiMPilOp 
Lafarge SAFii 

Lafarge Ore- 

LalwUohni _ A. 


21 ig 

20 *? 

35 

25 
13 
46 
29 
61*2 

26 
46 
56 
76id 

36 
58 
28 
65 

140 

52 

£220 

68 

81 

70 

60 

23*1 

112 

145 

125 

581, 

25 

184 

103 

318 

13 

36 


14JJ1W1J9 
1411 td!59 
19.9 TZ03 
474 
175 
59 d334 

2810 as 


ljune Dec 
TM Je S.D. 
iSelwMrJu 
F.MvAuN. 
jApJyo. 


_>uryBwpc 

r reasur. 8 t»pc Tfi-Sfitt ■ 


:WS Treas. 15*J 


ilTreasuiy 


5PNDri»> tO-Jictt 'SHpd 


Funding^;pr 9904.- 

t Tr^asvtrv 8 pr 02 - 0 ^: , 
Trei‘un^pct«-r^tt. 
i Treasury 7*«pe 12-lali 

Undated 

if* i \IConioli4pc— - 

V infevi^raftpa- 

1 .\ lOLuiu.^pcfllAh.— 

f s. aumeajur, Jpc 66 An— 

5 laAJu"l‘.n»ok 3 W- 

:A 10|Tnasuiy3jto- 



BtMantrealSi. - 

Bk. Nota Scotia Si- 
Bell Canada Sc — 
Bon Valleyi!— 

Brascacil - 

Can. Imp. Bk. S2.— 

CanJtocificSa- 

bo, 4 pc Deb £.100- 

GulKnlCanll- 

Hawker Sid. Can.Il. 

iHoUingerB - — 

Hudson's Bay II— 
HBiB.OiLG.SPi_ 
.Imperial Oil If 

ilnco-- 

Ini. Nat Gas St— 

Massey F«MH- 

Pacific EtoL SI- 

PlacefiasSl- 

Rio Atom. ...-- 
RoyalBtCan.S&.. 
SeafiramCa*.Yl.~ 
IrorTuom. Bk. Si - 
[Trans Can PipeE'y: 


10 ‘An 

32'jri 

12 *z 

890p 

lfltjnl 

10 *a>d 

17rf 

350p 

17*<*J 

10 's 

26^4 

11*4 


10 to 

645g«l 


23^4 

& 


.if J 

29.a 

1413 

951 

30-fl 

2913 

200 

141? 

29.12] 

M.S 

2711 

59 

2411 

268 

48 

U 12 

241? 


38®* 


lOMxt 
910 P 


SI 06 
92c 
S4.08 
10c 
S1.00 
51-44 
97c 
4»« 
SL06 
40c 
SI 94 
65c 
SL76 
86.4c 
S1.60 
80c 
51.00 


Lfl )86 4c 


SO Jan. 
5.6 Apr. 

■ I SI#S 

5 3 Jan. 


51.08 
SL46 
ail] 92c 
31 76c t- 
24. lS 103c - 


Jan. AufrllaiiuiimJ »£l — 
5 j Jan. 

4 2 Aug. Dec. LeechiWin.)2Dp- 
A4 Apr. Sept. LeriandPamt...- 
0.4 Nov. June LjOcy FJ' 

5 8 Feb. Aug. LinerL.Mch lOp 
JutiLoodonBricK — 
Nov. Lovell<Y.J 
Nov. McNeill Group- 
Aug. MagnetiSihns- 
June Mallinson Denny 

57 IN 0 V. June Wanders 1 Hldgi- 
30 1 Dec. Apr. Marchwiel.. 

Mar. Marley — 
Oct. Marshall?' HLci.. 
Aug May A Hassell _ 
Aug. Hears Bros. -— 
Jub 1 MdrilleDAM.- 
1 Meyer‘Mont Li. 


&E. List Premium 32‘j9t (based on 8 " 1480 per £1 


BANKS AND HIKE PURCHASE 


Diriitads 

Ftod 


Stock 


July 


ft' 

37^4 

26 7 c 

22H 

22*j 


281211.40 
2510 9.93 
25i 9.58 
L9 HAD 
1121116 
25811.56 


Artwthnoi L£I- 
Nov. Bank Amer.SI 565. 
Jan. Bk Ireland£J._. 
Mar. ScpL Do. lOpcCpnv... 
May Aue. Bkleumi Ill- 
Aug. Feb BtLeumKL\£l 
Nov. July Bk.NAW' iL. .. 
Nov May BaiAScoGatyiLt 
X. .1. 0. Ja Bankers N.V310. 
Apr Oct. BarclavT-LJ - 
Not. JulyBrowabhiplerti- 
Uan. July Cator -- 

May Nov.lCIlveDH nt 


^INTERNATIONAL BANK 

87td| 611 5.75 | 


25r 15.v|.TpcStock .<-82 - 


851 


IF. 

iM.v 

Z3M 


1 A 

IN 

25N 


IfF l'JAu: 
ir.Mv I’.N 
•”M - 2 .i, 

l.’.p l"ct 
ISM I5S 
1J \3 n. 


^CORPORATION LOANS 

MM 

HatgowS. 8 W 2 - 

Hens ^iPc'Wai--- 
Li • 76-78- 

U.^pc-8084. 


97K 
92*4 
IOV 4 
10^ 


]OF liiAliin urp^jpe i>«3- 

1 A 10 LM 9*41*27^- 

2«F 23au; LC.' ,op.'_jp-Jf- 

1W ’* SSkS:.:::: 

rmS’po 8537 —■— 

Tm«iKV-W- 

I* arc's)All. — 
Midiv. 5wpc 19W 


ISS; 
TM 15.1 

111 lit- 

jij .1 Id) 

1MJ.S1* 
15M ItIt 


lOslr DlSiNewcaMle^pc 78W- 
I5M l.-.:A:ireKk 131^.4 «80._ 


S3M 


98»?ri 


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9944*1 


s 




91L 

BOW 

72*4 

74*5 

98*’ 

105*2 


19.10 . 

3, L9 !3 

17.1D10.U 
1121127 
101 656 
19 9.90 
30.1 6.25 


158 
1512 
HU 
1212 
12 
158 
10 B 
VUO 


5.96 
6 81 
7*2 

909 
1228 
5 71 
9.39 
1184 


10 . 11 ' 

1026 

1104 

11.30 

1038 

930 

751 

1053 


7.06 

10.49 


850 

8.19 


973' 

1030 


10 51 1 


ASZSAl_ 

Alesan-JeriD.£1 
Algemene Fi 100 
AuenHaneyEL 


JuneTALiedliTsh.- — 


Feb. Sept' 


! nml Aus iSA 
om'rbkMnOf.. 

Tign.lfti.lirlOO 
onnUnan 10^- 
ted. France R5 

Sub 

£&. 
Du Wms.75-83. 
September FtaserAialOp- 
IJune Dec. Gerrard Nrinl— 
May Nov. Gibb* _ 

Mar. Aug. ULUettBfos.SJ--- 
March GoodeDlMry5p 

Nov. April Gnndlays-- 

April UcL Guinness Peal 
Dec. July Hambros 


Dec. July] 


9.46 

9.90 

10.14 


C0K510NWEALTH & AFRICAN LOANS 

"S 


] A 

VI 

1A 

1IJ 

28F 

T-.I 

1M 

3 A 

15J 


in —;u.'i -t'JC ‘^78 — 

VI ■•!>? 55jpcT7«- 

1 i < -l», ftljpc^lJl!.-- 

llfi -NZArc 1976-78- 

38A "On 6 p’ 7^0 - 

!5D”Do7>d)Cp« - 
!N S’.h AlrvaflljK'TiLfiL 
i i i|S:k Rhotl^Jic 13-70. 


iS.t| [Kj 6pcT84lI 


100 *, 

TF 


975j*J 

93d 


86*4*1 

93i 

67 

90 


1 % 

2871 

15.ll! 


1265: 


560 

565 

6.46 

413 

6.42 

879 


279110.39 

366 


8.14 
892, 
9.92 1 
7.89 
9.55 

10.14 
1242 


iSept. Mar. 
June Nov, 
.Tune Nov 
Feb. Aug 
June l*ec 
May Nov 
Aug. Apr 
|Jan. Sept 
Sept 
Sept. Apr. 
June 

June Dec 
(Jan. 

Dune 
pan. 

Aug. 

May 
l-lan. 

Nov. 

Jan. Aug. 

June 
Sept Mar 
Mar. Oct 
A. Jy ‘j 
Nov. June| 


LOANS 

Public Board and Ind. 


v 

?ft.i 

m 

r^ji 

:>*i 

S9A 


li 


S'.D 


IS 1 


31L 1 

CiT * 1 


sai 

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Aenc 31tTpc7M9—.. 

-.Itao TP : jp<: 78-9+ — 

"*le*'V.tr 3pcB' -— 

rc.Mi opriC*C- 

... wiiihTg!Raranii.- 
^,ln|Urralnjr7p'. , *.>78.. - - 

Financial 

1051-d 

10 ft 

111*4 


bl*J 

90 

31*4 0 * 
110 
94 
100 


3S 

HU 


818 

11.67 

953 

832 

9.75 


310! 7.14 


1108 

1190 

1120 

690 

1120 

950 


Feb_ Aug, 
May 


Aug. Jan 
Feb. June 


Oct. 

[Jan. 


?.<*.* 

l^S 

SOD 


-ITI l?,pc' 8 l- 

f«> HpcT9 ■ - 

L 11 MpcTS. - 

ill Mr :ri'F.lICFts‘jpcrieb 8 *>®- 

ii 1 My W'NiIto ^pcl*" BMW. - - 
]l.i l!J*r*0 - 

HI HJiD; llpcfftf LnW — 

1 j .*,1 v ll’.Pv 


1 l.r 


■l.'rtiLr. 7*) - 


Jer.l DI 
SlMr :h)S' 
niMrSDS 
SSF 31.M 


tin 7-jpvAPer. »JB 
lm TlireA T'h Yl-W..- 


pfSprY 81-94- 

PuB'jpcLn. F_’ S' 


83 

30*2 

96*4 

98*4 

99*: 

69 

69 

82*4 

75*4*4 


12 32 

13 54 
1277 

6 83 
7.92 
. 11.00 
51^U29 
1195 
10 51 
10 97 


1070 

Ulfl 

2111 

4 


HU! 

53 


5«138 

lbi]H72 


1080 

1200 

1167 

10.90 
10.71 
11.40 
1144 
1200 
1170 
1200 

11.90 
12.16! 


Iniern*; 

Due 


S(ock 


_ ’ (d'i'lAL'U R|v - 


1 J 

r-i 


IN 


May 

»iJ 

ini 

1M 

1.1 

30 
1 \ 

3D.* 


T"> .4pr Frei 
,i'h:leanMivc*f.. - 
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IreckTjpi As? . • 


:tlD! 

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Hurit'-l A't 


Ireland 7 


ID 
31D 
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31D' 


TunnE 

Turin* 


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Div'i | 

1 £ I 

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19*; 

8711 

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33 

2811 

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98 

31 

3 

355 

1 4 

4*; 

47 

111 

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43 

310 

4 

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! 74 

28.11 

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— 

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— 

85 *d 

31 

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310 

3 

75 

31 


. S97‘; 

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. DM 83*2 

17.10 

1*2 

94 

111 

3*2 


Rrd. 

YifM 


0.07 


May! , 
jfa Vinl 

^ i~DM "prices exclude inv. S premium 


Hin Samuel-, 
DaWarranb- 
.HongShiurSZa* 
uessel Toynbee. 
UosephiLeoiIl 
KvyuerUlImann 
King & Shat COp 
KleinworrRL 
LioydsEJj.-- 
Uanion Fin. 30p 
'Jerrury Seci. . 
.Midland £1 . * 
Do T*;®o 83-03 
lioWA%«m. 
Minster.Astot*.. 
SaLBkAustSAl 
NaLCfn. Grp- - 
NatWestEI- — 

iSchrodersCI.-— 

___ SeccombeMtEI. 

JunelSmith SL Aub_— 
Standiin*an£l. 
ITradeDev SL50. 
Union ihsc El— 

t : n.T—-- 

iWdlf FareoSo— 
Wmtrust20p. 


July 

Dec. 

July 

Mar. 

Nov. 

July 



29 Aug. 

38 Mar. 

8.1 Feb. 

63 Mar. 

5.6 Jan. 

1.9 Feb. Sep! 

_ net. 

3.6 Apr. 

4 7 Oct 
3 J Nov. 

3 8 Jan. 

63 Jar*. 

Jan. 

Jan. 

Aug. 

Apr. uct 
Nov. July 
Foh. Augg. 
Jan. July 
Mar. Sept 
June L*ec 
Jan. 

Oct. 

July- 
Dee. 

July 
Nov. 

Jan. 

June 
Dec. 

Oct 


Oct 1 

May 

Dec 


Feb. Mifhury.... -~ 
Jiov. MillenSiani lOp. 
Apr. MLxconcrete.. — 
May Mod Engineers- 
July Monk'A<~ — 
July MowlemiJi...— 
June NevarthiHLi - . 
July Yonvesl Holst— 
Feb. Not*. Prick Wp— 
]r*n» [eiT. lup- 
Parker Timber.. 
PhoenixTimber 

Fbchin*. 

iRawlings Bros— 

R3LC.. 

Redland.— ■- 
RVh'ds Wall lOp 
Roberts Adlard, 
,lu|v RewluwtH: 10pt.. 
Nov. Rojco'jToup— 

May Ruberwd- 

June RugbvP.Cement; 

Oct SGB'iroup. 

July SahahTimber 10p. 
May Sharpe & Fisher. 
Dec. June SmartiJ.'Tpp. 

15 ? I Oct Mai Southern t on. 5p 

' 1 ■ July Streeters lOp... 
Nov. Tarmac 50p.... 
Oct rsvlarWwdiw. 
«3ct DlburyOgEI-. 
ilct Trans i Arnold.. 
Aug.TumwJF50p— 


M 


u.zi 53 
lie 7.9 

8J 10.0 


199 3.07 
377 L65 
12.12 1.84 
1710 13.49 
301 5-28- 
161 tl.95 

310 *t254 

19.9 203 

31.10 t3.96 
3J3 7.54 
3 UD gl29, 
1ZU Q7% 

9.B4 

17.10 93-12 
3110 tL89 
3110 tl.89 

303 tL56 
U10 8.98 
310 +558 
228 +629 
Mil m0.97 
277 151 
19.9 8.60 
33 «2« 

16.1 652 
276 092 
3110 206 , 

5 .7 Q13J?»1 
3U 4203 
310 +286 
1212 thb.72 1 
14. U 63 
1411 5.08 

19.9 g3.7 
31»u25 
1212 *1.31 
3U0 t293 

301 3.89 
235 +289 
301 +8.12 
1411 +254 
310 +231 
1411 +31 
lid d2.49 
228 td524 
3.1 +278 
301 L7B 
1411 248 
31 +4.18 
31 +235 
114 Jdl.17 
59+2.9 , 
310 +dhZ4 
31 th3.1fl 
3110 t65 
95 d4.47 
2B.U +4.12 
161 U 55 
55 262 
59 5.44 
31 +3.88 
14.11 d4 61 
142 0 63 

17.10 r5.77 


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33 


3.810-3 
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DivUends 

Paid 


StodE 


Price 


Die 

Net 




Oct AprJ! 
Jan. July! 
May Nov 
May Not. 
Sept Apr. 
Nov- Apr. 


Ladies prate 3)p 

Lee Cooper- 

iUberty — 
po.ViVctBSi™. 
pDcroftKLlOp— 
klF* UThouse lOp 


Marks i Spencer 
Martin News—. 
MezuiesiJ.) 


jfichael iHlOp— 
jlUd-EdueaLaOp- 


3.1 


1.8110.81 
8. 

,11-7 


Ilf 

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9.9 
9 4 
5.0 

<*-L 

68] 

7— 


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oa Feb. July Smithff.H.‘A_s0p. 

10 8 ^■ gSS&’fc- 


bi[ 

84 


3.8 


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an 

78 

36 


Jan. July 
Feb. July 
Jan. July] 

■no Si’ July-luwnsElakeT 
Julv Jan -M*h«w ,re J 8 P- 

ItJuI'v Feb.NSSNewrlOp— 
q 7 June Det Omnpn*--. 

^J^RSSSSt 

q S Feb. Sept Preeij-iAlfreni- 
4a Dec. JuneRamarTtestap- 
* Mar. SepL RztaenlOp 
f 4 Mar. Obt RajberklOp— 
in Dec. Jniv Rradioxcap--—. 

Apr. Dec. Reed Austin A - 
1 7 Apt. Sept RMin'IPSS/iP?-! 
87 Roseau 5p 

__ stU,Stores I 2 *;p 
T, — Do.S’iPtl^J* 
70 Feb. JulySaiBielW'A — 

97 Dec. July SdincoflitSp. 


JOp. 


3Ufl|id3.9Z 

SltKJ, 
im+hlba 
UM+29.7? 
17^+29.75 
2^3.49 
310 3.96 
5TJ — 
3110 3.86 
31 6 . 6 , 
HJ 1 +426 
873 — 

51 +424 
1U1 417' 
1511 +hl 66 
31212 
254 t26 
1312 +107 
476 - 

2811 dl .00 


7 4 Oct U AprlSteSnberglOp— 
« .ian. 

72 Feb. Julyjl’DSGroup- 
q-f Apr. Dec. Upton'ErA 
74 iTct May Vantonaffip 
I Feb. July VeraonFa»h.Wp J 
9 Dec. May ffades-A Jup- 
04 May Nw. WalberUas-i- 
5 l May Nov. Da. M •. . 

June Jan. WafiislOp. 


‘a 7 1 May. Nov. Waring tGilkw. 
1.1 an. June W 


b £, Jan. Sept 
52 ^ Nov . 1 
* Apr. Oct 


Wharf Mill . 
WilknsnWarttn- 
Woolivorfb 



Kridends 

Prid 


ENGINEERING-rCoiitmued 


aas 
053 

SBlHftAMt 
161 +3.03 
1413 tl.44 
1710 +26 
124 119 
875 - 
276 - 
276 — 
161 +7.61 
2813 b !22 
575 — 
1212 hl.98 
310 ld53 
301 4.06 
2ZS dO 87 
276127 
1212 +L52 
1212 4.87 
3110 228 
22J g4.63 
1411 t2.79 
1710 201 
39.4 d215 
19.9 d2J5 
31 251 
228 h3.23 
1275 — 
28111.44 


126 

21 


3101457 
22m 4.01 


1^13|lii Apr: Sept Ha 
24(17.4 jan. JulyHai,. 

3 jjl 9.7 — HawtoStd- 

50 85 rid Apr. HHiiStmth— 


3.# 


151 



Nov. Jo 
Jan. Ang. 

Jane Dec ,. _ . 

July 'Feb. 

Apr. Sept lirafrmWoaiOOp 
_ GrangesKlOO—. 

May Oct GreenbE-'klOp— 
Nov. June fteen’sEmiL— 
May Jan. CXMI L .. U ., ■ 
AUg. Jan. [IMPrtmraapl 
531 Not. June Ra^n Carrier- 
12.4 j Apr. OctlHaBSag-SOp— 


— I — (Feb. 3 uly] Hall Matthew— 
75l 20(Mar. SepL Haffite58p- 


— .tune Dec. HnpfctowSOP- 
— Not. Mar. HowartSlachy— 
3.7133-5 May Oct HowdeaGroua- 
* Jan. May HantltaaopSp 
531L7 May OcL IVI ■■■...—, 
8.4 <24* Dec. Slay InttanbtoM**- 
0 ^ U2 Ang. Mar. lattatU&HB5p_ 
-6.710.6 July Jaaltois&CattdL. 


a 7.0 Apr. 
7.9 jan. 
2L41 Dec. 
- Stay 
— Apr. 


7.4l 


12 


35 


4.W 


15 

22 

12 


Oct 

June Johnson 
June Janes Group lOp, 
Od Jones SJiiman- 
- ,Oct KwfldwmtlOti-^- 
— I June Nov. uinlormgi—. 
4.3ll22| Oct Apr. Lake f Phri . ■ ] 
May LanefFfiMDlOp. 
Feb. Leetkrthnrilaa. 
July Ley's Fourairies- 
Dec. Unread—— 
Aug- to>d(FilL 


5.0 Dec. 

— July 
2116.8 Jan. 

6.7 14.0 Apr. 

5.0 * Dec. 

9.1 HR jan. 

21 Jtor. ^pt LmdontSM’d. 

ari 44 6.8 January ManganBi^e- 
29] 6ij 8.4 Jan. JujoeytortonatrSCg—. 


* nee. Au& Ltovd<r Jtt— 
HR jan. July Lodrer.lTi^*—| 
17.6 Jan. July Do.'A w--- 


ELECTRICAL AND RADIO 


— Nov. 

7.0 July 

— July- 
62 May 

— Mb.v 
_ Feb. 

Feb. 

7.4 Aug. 

— Mar. 

— Apr. 

— Dec. 

— July 

— Jan. 

— Jan. 

17.7 June Seot| 

Nov. May- 
Mar. 

Oct 
May 


URM Group 
iVertis Stone lOp. 


Oct VlbrmjJajU. 
Oct Ward WAff. I0p 


July 

Nov. 

July 

June! 


Warts Mate. -. 
Westbnck Prods 
WerternESw 


Od 

Jul.ri 


.Wiffiinston.jvp 
Wilson Connolly 1 


OcLiWunpeytGeoi.— 



6.1 
47 
86 
7.8 
126 
63 

7-g June Dec .AS. SeviroiU'.’-. 
68 Apr. Oct .Mliedlnsnlaio^ 
4 3 .lanuarv Audio Fl(Wit) lOp. 
4 8 Nov. M 3 « Aitto+edS«.tCfp 

4.6 j U |v Jan. BI*V50p- 

Apr.. Nov. BSRIOp — 

5-1 i^t Mar Best & May 10p_ 
Jan. June POTthorpelOp- 

.lun Nov. ErockslOp . 

Mav Nov. Eulcin'.A Sp—- 

June --... . 

JoJv ItecR/hlonde fiip. — 
Nov. Marifohen Bros !0p- 
July Dec. 1 C 0 BriR.Sert 5 *- 


imI® 


51 1 Ami Nov3ct5 nirowe lOp - S 8 * 

1 Oct Ciellon lOp- 29 

Nor. Ctoalandap.— 37*?«1 
May Dale Elect lOp— 140 

Dec. Decca- 

Dec. Du-'A'—r-— 

July DerritronlOp 


™ Dec. 

Apr. 

8.2 ^__ 

5-§ Sept Apr. DwburstAMg | 
21 May Dec. Dtnrding4kLSp.| 
45 r»ct June Dreamland l0p-t 

li Jan. July DubilierSp- 
l* July Jan-EXir 

o-J- Sim. 


Aug. Feb. Dato- 
16 Feb. Oct. Eject comps 10P. 
91 — QectromcMarh. 

Mar. Aug. Qec- Rentals Wp 
*7 August EnffffSeiT:. iOp-l 
11.6 j^y Jan.Ei-erReadj.--l 
111] J June Nov.FarnellHee.Mp 

^ifs * SSSSSf 

' 68 ' Mar. Oct GEC 

January HlghtodELSlp. 
i)ct Apr. Jones Stroud— 
Jun. Kodelnt——— 
Ocl Laurence Scott- 

Cict. Lev Refrig- 

July K.K Electric— 
July Muirtiead--— 
July Newman I nds__ 
Oct Newmart Louis.. 
Jan. Nonoand H 30P- 


[CALS, PLASTICS 


May 

May 

Dec. 

.lunel 


Apr. tjept 
Julv Nov- 
Dee. June] 
July Nov 
rv-L Apr 
Nov. July 
Mar. SepL 
Feh. Aua .1 
Jan. July] 
Jan. July 


AKZO. 


Hire Purchase, etc. 


Mar 

Nov 


April 


Cattle's >Rd 2 v 18p 
i^e B'cre Fr.100- 
Credn DataWp- 
U'Vrdj. i SrttUJp - 
Un'iScti*. KialOp 
MwngntUerr- 10 p| 
F»v Financial.. 
istrlg Credit top. 
.Stnriani.'IOp — 
.Wagon Finance - 


35 

£32 

8 i» 

105 

33 

12 

92 

44 

14 

89 


3.1lti2.(J3 

1 S.NQ 1 ^« 


3.1193 95 
3L1W 1.7 
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1991 +4.43 

aa + 1.82 


Ba t412 


1.71 


21 ' 


10.2 


7.1 


14.1 

79 

217 

.102 

1861 


115 


beers, wines and spirits 


Sept Mar 
I Feh. SepL 
Jan. July 
Dec. Jund 


AMERICANS 


Diridonds | 

Paid I 


Stock 


Apr. n, 't.|.\SA 

Sep(en*he' 


Vi .1 iii Se De 
JiJL 
‘.pni 

Iio.emhi'r 
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I. i.Mr.lu SP. 
M.ie.s D. 

J. v in Jy 11 . 
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AMF^+Com.BT— 


.knoxSl-- — 
American Express 
.toner Vedic. int 
.Asareolnr.. - 

twkerlr.tQl Ccro.3 
Barnesfirp SS’ 
Bendw cup55 
Bdh SleeiSB 
(ffiwn'sFer ctS* 

,. —.- .RranswirkCorpnll 

.\- li. 11 ,ic jPJinoudi' Coip.50 

M rJuScDc JCBS 5258- 

1 AnJv.i' LPCfe-“■> 

- 'Caterpillaril- — 
i.Tiart M'hinSUiS- 
CierflanucliSI — 
Chrnlertfa—■— 
|-itiv«p54 
lClt> Im SI2a——. 
Do. Cm Pri.ESl- 

Ci'tolc-P 5!.- 

dll Lid' St.— 

!i>r.i-Il!intHSSW— 
jCont ibJSjv^.— 
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rurlor-HjiErwrSS- 
SvitnC+p.Su.50— 


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Mr.Je s D. 
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M'.- All N.+" 
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jj-.s.'iN F- 

F.H’- \u f ' 
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14v A S.Fb 
Jtr.le S D. 
•■ipj» i.ija. 
M.Jn S D. 
K.M A ” 


j a .1 ‘■y.Estn.’.rli-- 


MrJuSH 
J.Ap.Jv 
ApJi.O-la. , 
J Art. J> O' 
Mr Je.S it 


iFiretoaeTiTP H-- 
[Fird Clucag'-'SS— 
Fluuf'wp £»-— 
F^<i?4rior52— 
ilr.in.S.li ijIATX. --- 
M-.r * J.tj* >cn BmISJj— 

• - LillriteSi - — 

lli-.riC'-wlI si rfJ— 
iturtor, E F - — 

i Li VI Corn SS- 

Intyr^IlK*-- -- 
v.;i).M .»ii JlK.r.'MBi-i■ •■n.Sj 

jn r [1 i.*: tninnuitioMU 
F.ilyAuN. IKaisef —— 


Mr J*i S D 
Air in S.D 
R’JSD 
KrJo.-wpPt 
Mr.Ju.S I 



.Jlied Breiw. 

Vnal [nrtPrlOp. 
Ba» i.+iar ton - 
Bell Arthur 30p- 
belhaven BTewerv- 
Eotriinton^— 
Border Brew. 
Rrmro iMaithe* 
Buckley's Brew. 
BulmeoH.P < — 
Burtonwo™ — 
fin Lon. L*el— 
Clark 1 Matthew >- 
Liirfiller.'Sto...-| 
tlib-Rirnmdijp., 
lilenlive* - ---- 
lijordouiF.il^-- 
HioughBro'i.Sip. 
[tjreenall Whitley 
reeuebing— 
IGuinness — 
Highl'd Disk 2 Pp 
Imercordon — 
Irish DistiUera— 
Macallan. Glen- 

StorlandO- 

ISandemnn— . - 
iSeott4New31p- 
fTomatm.. 

.Vans El- 

IWhitbread-.V— 
Wolv. Dudley-. - 
lYpungSiev'.VSOp 


82 

35ri 

138 

208 

40 

140 

68 

105 

44 

137 

150 

57 

150 

168 

17*; 

505 

20 

51 

104 

220 

179 

154 

91 

122 

300 

3 !l 

66 

98 

395 

84 

195 

147 


161 3 93 
XI m025 
484 
+110 14 78 
5L74 - 
14.U 1341 
2611 +319 
12.1: 3.92 
1212 tlt>4 
31 1*6.6 
3.8 3.10 
16.1 24 
199 5.21 
31 6.54 
59 1.12 
1710 b4 02 
376 - 
17.10 284 
3J 2.62 
lbJ +6 33 
31 702 
3U0 2.9 
2811 ti03 
1212 3 55 
1710 4.62 
1212 1245 
3110 234 
£.7 t3.1 
310 2 72 
31 16.07 
1411 +3.57 
1212 5.74 
2811 +289 


1.91 


1L3 


SB 

15J 


[MbnetoWilson- 
Alginate inds. 

Afida Pack I0p..- 
;fil'd Colloid lOp 
Anchor them.. - 

BailiWW 1 . 

,Baver.Vj.DMJl0 

Blagden Noaker 
,Brent Chens I0p 
BriL Benrol Wp 
Rnt Tar Prd. top 
Burrell Sp. 

_.Laries-Ca;*! Wp- 

Jan. MayVCaialin 

Mar. SepL ito ffACm/G* 
Feh. Auc. Coalite Chem— 

jan. JuS' Coates Bros- 

Jan. July Do.'.VNl --- 
SepL June Co^(Horace>5p. 
Jan. June (Trwia Ink lOp— 
Crjsulate5p_— 
,Jan. Aug. Enalon PlMtiti- 
Jan. July FaimFeed..— 

Dec. July FederatedCh-_- 

Jan. July Rsonsu—-— 
May Nov. Halstead j.1»Wp 

iHoechstDM5— 
[MFuilT->L : nfJJiJ 
Imp i_'hem.£t — 
£1 — 

iInL Paint- 

Ijpvrteicdi nOp- 
iNorskH FjHJ - 
Ply-iu lOp - — 
RanwmWni 10? 
RentokillOp 
jReienei ... . 
iScnl Atlnd U - 
JStewan Flaruc' 
iWardleiBer - lOp 
Vi'vllovfFm. J*p 
iWoLrienholmc. - 
Yorks CIrid»— 


Aug. Feb., 
June Dec. 
June I*«-, 
Ian. July 
Feb. AugJ 
Feh. Aug. 

1 July Nov. 
Nov. Mar. 
Feb. Jub, 
Apr. SepL 1 
May Nm 


May hiov 
July Nov. 
Feb. Nov 


Feb. 

Apr. 

Apr. 

Nov. 

Apr. 


Nm 

Oct 

Nov 

May 

k»cl 


662 

93 
290 

94 
65cd 
68 
47 

£44 

228 

184 

19 
50 
14 
35 

49 

£93*; 

£98 

£97*2 

67 

72 
70 

20 
53*2 
23*4 

50 
38 

73 
360 

155* 

515 

411 

£117 

339 

48 

67 

95 

£23*; 

81 

155 

53*; 

82 

19B 

124 

20 

S' 

86 


i75 — 
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310td3.75 
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306 0*17*4 
199 il2.0l 
3.10 +236 
68 }12 
1112 164 
1411 10.92 
1212 10 33 
51 +272 
286 Q7b 
283 Q 8 *-. 
2R3 

161 42.78' 
14D + 21.1 
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5.9 0.60 
14.13 tL98 
177 40.66 
1132 4.51 


3.3 

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3 ^ 1 3 8 l 0 .il Apr, 


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2281 +4 33 


60 

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Apr. 


5.5 


18.41 

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4.4 

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13.71 


>Jan. 

Mar. 

Apr. 

Jan. 

Jan. 

Jan. 

Apr. 

ft 

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Oct Ptfco Hides. 20P- 

Oct. Do. "A ®-. 

Jan Plessey-JOp- 

Nov. Pressac lOp- 

Jub RediSitsiw* 

Del RotaCexU-B 10p| 
Noi ScnotelGHi— 
Feb. Sony to 'VaO _ 
110.6 October sound Dintovap- 
7 J 3 Apr. Nov. TelehiMOnap—.. 
01 Apr. Nov. Lto'.VVX Sp— 
76 Dec. June Tele ReptaL'— 
_ Mar. Oct ThornHect 
— Apr. I*ec. Tb'rpeE.VUOp* 
_ Apr. Octl>lKh%-- 
6.9 Oct Apr. UdScieitific--. 
7 3 Feb Oct Ward fcfiold— 
7.1 Jan. Aue.WeUcofflds.5p. 
9.0 Mar. t>cL Wefflnghmue | 
7.3 December Whitworth El. 
5.8 May OrtM«toFW*' 
January jWigfalliH-3. 


5.6 July 
9.4 Apr. 
8.1 Apr. 
61 Feb. 
197 Jan. 
B.7 Jan. 
13 5 May 
2.8 July 


.8.71 5.0 June Jan. 

3 5\ 7J ocL Apr. 

iaasst. i£ia±> 

9.9102 Nov. July MolelH+Op 
103^ 6.6 May Nov. JWnc. 

9313.6 Julv Jan. MossEntfj 
Apr. Oct. 

June Nov. SetHUas* 

Jan. June N amBaCr.;. 
May Nov- NemnanTtmta 
June Vraar’sThs.U)p. 
Kept Feh. Nannni'W.EjSp. 
,iy JanjOsboniiSl— : 




31 
2811 
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301 . 

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2|S Z 

7.0 _ PfArarf. - 

*_ Jan. JunelForterCliad.20p.IlM 


171 


Apr. D«e. 

Apr. k*ct 
Dec. June[ 

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July , 

Aus. D« 

Julv Oct| 

Apr; OetlSBJas 
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Oct” 


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9.6 61 aijCT Feb.iRemldU-;— 

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■9 Feb. Auir 


Mar. Pried iBentt-- Wj| 
Julv Dec. PmwrlluP^SB £87 
June Dec. R.CF. 37 

Dec. Apr, Raroe&afgKlP' M*al 
Julv Jan. RRP— 

May Nov. R-nsomes.Sua.El 133 
Ratclifielnds- 
May RatdifisrfLBJt- 
Apr. 


27.6 


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481 , 
b5 281 
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+8 58 
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+3.08 
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Apr. OctLAAH.... 

Jan. June AGRReseffd*- 
(JtC Apr. MTOBwaBKiW! 
Mar. Oct Abbe? Ltd. --- 
Dec. iSrt Al«srt« WJ5* 
Feh. Ocll4rtxTnfc?>P- 


industrials 
(B lisceL) " 

M3. 


Dec. July .'UfiedlnvsJp— 

July. Dec. AlUedMpwr- 
July. Dec. AIpufeBMOj-W 
Aue. Feh. .-tonai. IadUiGi_ JU 

Oct MayAaaUWaWlU 275 

jan. June AUg.Aa.AspMt- 
Juiy Dec. ArensoalAiUfti- 
Sept. Feb- Aa«.liisiK3P- 

Atm*.. Nov, AKtmFtLgW , 
July' Jan. AnmRnbber£l_f 
Jan... July EBftGx 
Oct". Apr. BfiT.l 
Apr/ Oct BOClntnL. 

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L79 

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fa July Barr & WAT. A 67 

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Feb. Ang Beecham-- 61B 

J, ja Jub BeliairCos-lOp- 14 

2-3 May Benrtna— 1 - 

4.0 a,* aot. Berirfords—— 62 
May B-mickTimp.-. 49 
May BetobdL- 25b 

May BiddleHHg 
May BifurcatedB 
July EiUmiO.HO 
Oct Black Arrow 
July KackWl 
Black lP> 

Nov. Bottorie 

OctBcgodW'.V 
June BcMveytSsv 
Nov. BootfSeory 

(er£l- 

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IS FeMyAuNv | 


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■19.4 


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Atig. - BtitCIneT.lSjr- 
_ Brit steel Coma, 
jan. June BriL SyphoaSDp. 

May Nor. L 
May- Oct Brittains.- 
Nov. -May 410 

J an. Job “ 

Nov. June BrootsWatalp- 
October -iBrown Bov. Kent 


mi*' 


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r«48 


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[Jan. Aug. Sbeepl 
I Jan. JuneM^a 
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6.2 g.B vov itoy S^or 4 Jackson 
H in July Mar. Spencer dtaip. 

21 |S Jan JutySneneo-iiearsap-. 

23 3-J Nor. June ^ras-Sarco— 

9-J ,73 Ju iy Feh. 

a i 11 a i 

I S 12 21 Jaru - 1 22 

110-1 ( 6-ij Apr. Oct ronkinsFH.5p. 17*2 
4.9 55 jan. Aua. FnplesFchias-. 76 
9.1 DU nay Oct Tbfe In verts. £L- 386 

ItMl.r-, Julv DeaCtd.Ebg'glto- 29 
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May N ov. [Bcffco Pea n—— 
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li May Nov.'" 

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Mar. Nov. Campari 20p 
II May - ^Piov. Cannes sopUji- 

BSBBkirai 

2 * Feb. June CaplsiPnd.lOp.1 78 
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rttanlnds. 


431' 


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Dec. Julj 





10.0 


352ri 3 ?S|th6.37! 


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4.8li6.4i JafL s«pL Wellman 


!ll0R' 


Jan. 


3110 1.47 
88 3.62 
1IG60 
31 th4-07 
2811 0.5 
301 213 
1710 0.66 

■ 59 t4 I9 

1710 $4.84 


28l 


6 ™_ 

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4.W 7.1 pei.. Aug.|Wisfn-Evaiw20p-.| 
6 0]i^-4 JatL .'June Whessoe-..-..- 
i320.6 Jaiu Aug Wbe»ay Wsnap 

6-4 __ WWlehouseSIp- 

5-2 Jan . July Williams fW*— 
♦- Jan. WlmstJames— 

f-J Mav Wbd Eieri. Tools 

9-4 July "Jan. Wolsl'yHudies-. 
1 NoT.lW’btrenFdy.JOp 


i'J*» 


Apr. 


62 


691 


a 

1 

u.g 

471 

10 .« 

4.2l 

2.4' 


10.0 
6.6 
8.4 1 
■-9.9I 
4.6 
11-7 


15 

5| 

1.7 
5.1 

3.8 
3.4 


62*; 

» 

1 S 12 

44al 


46*2 






I® 

October fYoongA'ri'uil I 


r 5 June Dec, 

fej&S 

5 ! 

67 JaD * 


5JP 

_ 127 

_ I«L5p 33 

ertrolSfig-lDp. 67 
irtSbeeradRp- 44*;] 
— IvJ 
lainfip. » 
iflEhlOp. 40 

sssa |.| 

WrtbS^I 


117 


31N+ 


m 




L94 


1 - 6 .. -e. 




94«:^ 




731 « Jiriy 


OP- 1 “ 

SJ* r 


5BT4 




32021 + 0.8 

*'1212 101 
Mil 224 
124 L73 
2811 6.70 
171C L2 
BJ d3.87 
55 -t 2 i. 


Oct 
-Jan. 

c'IInot* JulylS^rHoMel--. 

July Dawson! - Ja?.*...- 
Aug DeLaRne-,— 

mBSBs! 

Septm "ieeiap^ 
_Invs.-^. 
Apr-tDabsoupnilOp. 

__ . July] Dan Bldgs.] 

- - MaJuSeDe|porerCrap.U 

Jan.; 

$, May 
f 5 Nov. A 

7.71 L8J10R jQD f a J' 

m ll si ^ a ^i 


8.45 


K. 


3.03 


19-41 ■ | t-J 


16 Jan- 

H Dec. 

Dec. 
7 0 Feb - 

uftg 

.»■» Anr 




.431 


3-44 


r-uioit 

“■msKS 


6.8 


engineering 

MACHINE TOOLS 


2-|l3.9j 45 

mm 

' Oct 


.16 

20 

l Sv 

£26V 

sSt! 

B5tan.f 

blL9p—ligz| 

... ipwp-l _?* 2 ! 
Aug|DyteslJD-i--. 

Octr 
Oct 


td4.2 


Xfl 


infl 


+>■71 


-J-Jiirf?- 


1361? 


m 


Apr, 


Aug 

*.*ct 

May 


At’E MarhiDeir- 
VP.V. 50p— — 
^cro*ifcnsrs.i_ 

IW.'.V.- 

Advert Group — 

AlIeni^BaUourl 
Allen Wfi-1 


JulylAinhl. Power _ 


July 

Apr, 

July! 


149 

113 

12.1 

97 

75 

92 

14.6 


CINEMAS. THEATRES AND TV 


Feb. 

Mar. 


B7:Jan. 
82<Nov. 
1117! . 

11 3iMay 


July 

Ocl. 

June| 

Apr. 


Oct 


I Bj 

II 

15 

3 0 
4.2 
23 
2.6| 
0.6 
2 . 0 , 

16 
24l 
2.H 
3 

3 ® 


34 
3ffl 
4 5 

5.9 

2 9 
3.4 

3.9 
2.3) 
4.8] 
62 
7.3 


10.11 

105 

123 

8.4 

229 

UOi 

83 

216 

119 

144.4 

102 


Jan. 

Doc. 


July 
.— Mav| 
not Apnl 
jan. July 
Dec. June 


4.3223 

6.310.1 


65l 9.0 
4511.5, 
3.013.61 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


Aherdeen'.'f'rrf- 
AberthawCem . 

1 Allied Plant 10P- 
.tomiLageShnla. 
VP Cement £1— 


BCA JOp— — 
.Fire Into 3<|p.._ 


Bapfieridge 
iRaiiej Ben K 
Bainhridge li 

Bambereers- 

Barratl tie'- lOp. 
BrtclWrtXi lft» - 

BenfieldiLSOp 
BenlordU-lOp-. 
lBenBrns.2ft>— 
jBlockl 

iBlnnddl Perm... 
Breedon Lime— 
Brit Dredging 


Brown JtsiL ‘Jlpf 
iBnwnke 

May] Bipnt Hide?..— 
Jan-lEomritiH.. _ 
Bun Boulton £1. 
1 C Robey‘A'lOp.. 

. iral’ndertGJLlOp.-] 
JnlylCamJohn! —. 

.Tan-NKTon-- 

CtmectRoaililone 
H'cmben fip li)p- 

?ir4ainR - 

K'*unU>Tide?p._ 
Crosskj-BldS 


— 8.2 Oct ApnlvCrouehiD *3p - 


May "ct 
Apr. Sept| 
Apr. ‘.tel, 
April Uct 
Mar. Sept 
Fcl*. *>cl 
Nov. Mn 


[Crmich Group— 

iDeiufi ■. - 

[■ousias Raw M. 
D'wtungtiil 50p 
Ec«na I0p . - - 
.EHi-Ji Eierart. 
EnUt 


pee. June FV Vi'oiwt'n 
Dec. June Kaircluush 1 tons. 1 


92 

150 

15*; 

70*2 

235 

120 

234 

33 

14 

43 

48 

Ill 

28 
52 
68 d 
68 
62 <d 
84 
23 
25 
51 
45 
170 
190 
23 
23 
44 
57 
124 
29 
256 
34«1 
69 
80 
67 
167 
99 
220 
69 
83 
77 
Z3 
69 


3181 +4 18 
1411 t614 
B7 th07 
5.9 4.26 n 
5.9 +8 49 
22 i ♦« »: 
2B.U +693 
31 233 
3110 d0.55, 
llli -6+1.69 

1211 tZ-9 
310 (8.06 

3.11.83 
875 LD-75 

5.9 hL62 
Ml dL7 

3.10 t3.46 
30.1 289 
310 H4.45 
1L7S $03 

124 $223 

1212 S203 
3L10 2.26 
1212 +d26 

88 dlO.15 1 

14.11 1 52 
17J8 +1.22 
28.U hdO.91 

28.11 363 
59 Q625 

2811 +1.47 


3 -§! 

37 

6 .l[ 

2 ^ 
2 2 
4.61 
* 

3.7 

3.1 


10.7* 


LL0 


20)11-31 
4.1 


4.4' 


li 


199 13.46 
301 dl 19 
310 419 
199 +3 58 
td2.74 


37 
218 
1710 
510 
17.11) 


*15.08' 

dh3.U 

10.3B 

Ll.% 

5.05 

487 

L14 

thzza 


4.7 

[(123. 




245 

7.3 


•h 

143 


8.0 


a 


95 ’ 


27' 


5.4 


65 


2-3 
8.1 
10.0 
8.0 

a. 

5 0153 


Anri*aTV “A ... 
As> Tele."A ... 
Grampian -.V10p 
Ifireeniiroup lflp 
iWti'rdWy'dattp 

HTVN-Y- 

LWTA— 
Redi/TVPre) £1., 
gnjttT\'"A"10p 
TnritTY-.V lflp 
LTaerTV “A' 
We+WA'dD. (Op.-| 


82 

1030 

33 

65nl 

21 

109 

124 

73 

bl'j 

5Z ! ; 

52 

25 


11 

Ml 

7691 


,W 11 
235 


4.18 

h655 

+ 2.0 

Q4.25 


56.6 

6.19 

6.04 

+214 

2 83 

3.93 

1.65 


b23 

2.J 

2-5 


2.1 

126 

2 RI 


u 


drapery and stores 


Mar- AuglAllied RetailTft> 
Apr. Oct AmherDa; 10p- 
Jan. AqaasmtufflaP- 
Jan Do‘.V5p-_ — 
June Jan.AudMtrmicK 
AUg. Feb. Baker s Srs. V . 
June SepL BeattieiJt'A.— 
M?v SepL BetoDi lOp. -— 

Mav Sept Elknmicoaw 

Feb. Sept. Bwrdman KOop 
Jan. June EoUonTevt 5p„ 
L*ec. May Bremner 
Jan. July Brit Home Str# ■ 
Apr. Oct Brown.Vi 
Oct Apr. Burton Gnj sop _ 
OrL Apr. Do-'.VNT Wp- 
Mav Nov. i.amors A 20p - 
June Dec. Casket-S • 10p _ 
OcL Apr.Church, --. r 
Nnv. July Comb Enp Eto 
Jan. July CopeSpoi+s «5< 

! Apr. Oct t oroell lw« ap 

Mav Nov. Conns'A'- 

June Sept Cury? - - ■• 

Julv Jan Cnaomagir Hip 
Jan. July Debenbam.'-. _ 
Jun. Nov. DewhiNlOp-- 
Mar. Oct Dlwif Plwu> WJp 
Aug. Feb. Dolandi'teoiiOp 
June Nov. Ellis &'tetd^)- 
Nov. June Empire Stores— 
Oct. Executes 2tip „ 
July FalrdaleToLSp 
July DO‘A'ap. —_ 
July Fine An pew- 1 * 
Oct FordiMlmilOp- 
Sept Forminflerldp- 
July FeaerKrw. . - 
June Dec. Freemans turn' 
Apr. <5ctitelleriVJi2op- 
July Feb. Goldberg A - 

Dec. June Goodman Br.Sp 
June Nnv. Grattan Ware.... 
Mar, Tw. GL Universal — 
IU?c. Da "A OnL 
Apr. Gre.3llllrils (Op. 
6 3| 9 5] Jan. Curt Hardy ■Fiffui- - 
901.Ian. Ocl DfcVtN' • 

58 j SepL Helene Lon. WP 


73 


10.0 


8.7 


9.5 


6.6 


7.H 


6.8 


May 

Jan. 

Jan. 

Jan. 

May 

Mar. 

Jan- 


7.7 


i72l 

7.7 

111 


0M 9iZ il 9 . 7 -!Mar. 
' 6.8 83 AUg. 


7 II 5 3 jJune' Dec. Do ltlpct^v. I** 

S 81 4.41 Feh. Oct Henrfer^in.% SJn 
o'fc 1451 May Nov. Hennqwe*-\I«P 
9 Si 941 — llejrt-orU- ifiOp. 

7 510 5 Apr. *'tet (trnxM.hOTi Wp, - 
D.0 B^lbec. July H«beol hraae.-i 134 



5 u April 
47 Ocl June ! 

• Apr. Sept 
llfS Apr- Sept. 

Z7i 80 May Nov. 

'lS? June l*ec. 

5-7 Nov. Feb. 
i320 V rL 

B1 |£h 

10 J J; t ch - 

8.2 Ma > 

64 '^ 1 - 

™ 5 - 9 J,n.' 

Otfl. 

Nov. 

Mar. SepLI. 

Jan. Apr] 

Nov. May] 

April 

Feb. 4uoe|l 
April 
May Nov. 

72 Nov. May 
9.3 Apr. SepL 

80 Januarv _ 

8.0 Feb. Oct BeraniDF.i5p.-j 
7.6 j a n. June BirmidfiMraa. 

— Jan. July Biraighm Mint _ 

53 ,\ug. Feh BTiam P*Uri lOp | 

63 June Dec. Bladnr d Hodge 
- — } October RlakEy?_ — -— 

1.7]l03j 8.4 Apr. Sepl. BonserEng 20' 

Alay Dec. Boulton Wo lij 
Feh. SepL Braham 111*1110. 

Jan. Oct BralthwaUeEl— 1® 
Jan. July BraswJOp—- 37 

Jan. July B'houseDud. LOp 
April Bristol Chanoel- 
_ British Northrop 
86 Jan. Aug. Brit Steam 20p- 
4.9 June Jan. Brockhouse--— 

72 May Nov. Brom’sCart: 

7.0 Nov; May Bronx Eng. 10 
7.4 _ BrooheTool -_... 

t> Not. Sept Brodmt d P Sty- 115 
1101 Apr- Au&B0’rn&T m ™ e -| w 


9.2 
7.® 
125 

5.3 
8.5 

1L4I 


Andsn. Sclyde..- 

Anrio-Swus- 

Ash * Lacy. - - 
Ass British i'J'jp. 
Assoc Toalie 
Astra Ind'UOp- 

AuroraRkt- 
.Austin'James 1 — 
AveijT.. — 
Babcock 4 W — 
BaikyiC H.'—— 
Baker Pert SCp- 
Bamfords33p.— 
|BuiroCoD£.20p. 
Barton 6 Sms— 
Beauford lOp — 
Berner 1 Leon 1 lOp- 


3.38 

h5.2 

228 

228 

F10.Q 

£4i 2 

4.40 

%? 

257 


fc FOOD, GROCERIES, ETC. 


4.6 


4.41 6.51 4j5|ppj, SepL Avans Group5p_ 
191 851*68)ijuay Nov. Banks (Sidney C.i 
™ Barker* D.Hty- 
Apr. Oct BarriAGj,-— 
June Dec. Barrow Miluw- 
jan. Aug. BassettiriMi- _. 


3-5 


5.6(12 31 Apr Sept.(&mvn^hn£U- 
8.61406 Sept. Mar.|BultoughJ»p — 


25 Feb. AueJButterflria ctvy- 
93 June FehfuHorti^ Op^ 

,6.2 Jan. JunelCapperNeiUlOp 


. 29 May 
.... 8.tf225|Feb. 

124 9.5 Jan. 
18 - Oct 
2.0 — Feh. 
,10.6 i7.a> Feb. 
6 8 52 Oct 
24 8.1 Jan. 
5.4 6.7 liee. 
0.9 28 4 Aug. 
: Aug. 

3 


Dec.lBurresPPwi-.- 

iButierfreld rhy _ 


June CardoEnt----. 

May CarronfMR-lOp-! 

July-Castings 10 p— 

July niemnneap— 

Feb. Chris? Bros.— 

May Clayton Son Spp - 
Ma* niflord<Ciii£lJ. 

Feb. CohemAi'JJp..-. 

Feb. ijompAlr._ 

5.8 June Dec. ConcentriclOp— 

321101 Feh. Sept CookW shrf : 

3.5 — Feb. July CoopcT'Fri lOp.- 
8,1 (65) Mar. Sept Coopering,1W- 
49 8.4 Mar. Aug ContercrcflSip.. 

21 73 Aug- Feh. Cjoniletlroup... 

113 Feb! July Own House .... 

09l 14.6I11-0 .Tune Dec. CamuibBT&'W— 

U ” 44 I 131 Sept Apr. ranksGowciton. 

18.0 Jan. July Dartmthlav..-ip- 
2.0)10 Oj 52 Oct Apr. Dis.4 MeL’A lOp 
49 Apr. OcL PaD'lht- 

651 9.9 February Deism I0p.- 

10.8113.4 Jan. JuneDelu.Metol 

- ? 1 -- - Dec. Dennis J H.10P- 

July Derrieairflp —-1154 
Mav DesoUtter.- .— 

July tomuwbraelOp. 

J iuie| Ductile Sieels—1122 

03 

137 


4 

3.1113.1, 

?4! ?2 Dec. J ulyj Alpine Soft titty - 1W 
67 Jan. June Ass. Biscuit 2Dp~ 72 
=-_ Apr. Sept Ass BnL.Fds 5p 60 
7 9 1 Feb. Oct Ass. Dairies . . 212 
Apr. Ocl- 

76 
13 
202 
94 

—^ Aue. Bassenufwn_142 

731 72 Feb. Set? BEtlcysYork lOp 55xc 

89] 43 net April Be jam Up. 61 

8-9l 7.9 may Sept BlrnyU-lEl — 207 
9-J jjS. July Bishop &Stofw- I 7 ® 
,51 jan- July Da N A NAte-— 125 
“'Apr. Octguetardt^.- 153 
S3 cmf War. BriL Sugar £1— 450m 
L Itoch Nov Brit. Vendto 10p- 30 
6-5 7.1 j3tL June Brooke Bond...— 45*2 

2-2 4-| Dee. June Cadbury Sdips- 53 
5-2 7 2 June Jaa grtjftUjM— 44 
. 5.4 83 way Oct GifloniPaines. 44 

23 U.5 6.2 bla J rjct Dol-AT SV — 

21 9 0 82 [w Mav Cullens! 

09103 162 jHe. {fay t*o.“A" . . 

1112.5 M-7 jan. May Danish Bcn AlI 
43 5 i,5'?Feb. Dec. EasteoodfiBiSp. 

L9 7 011.7 _ Ed» dsLan C fip- 

22 9.0 77 i-jt June EcdandtJ.£.i5p 
137 I 1-9 10.7 (6 D J &t FJlCZ e 
Th245j 33 6.1 53. Apr . SepL F*sheriAi5p_. 

--- 4 i sept Fitch LoveliaOp- 

“ 2 Nov. Apr. Glass Glowr 5p- 

i*MSSU*“8as®Bi, „ 
y tijaguxsnit us 
WBtthiSBaisi5= “ 

M July Dec. BwlkSanlOp-- 

^ijss-'assar' 

6-51 * May Jan. UwlWmi20p— 

t&vss& 

B 9I10-5 S. Nov Meal Trade Sup. 

4-B! 6.3 June Feb. SfillstAJ.+.—— 

7.41 5.9 Aug.MorganEds.10p., 

10. 6 | 8.8 jvrov. iMcrris'oW.jWp.] 173 


1232SF6 5 


aBtb273 


161 |.'+ 21 _ 


3Jj hO.78 


m 3.o 


mil TO-98 


3Uffld3.6 


674 




6.46 


'.Cases li 
Dec 

Mar. N«»v. 

Apr. Aug. 

April Not 
M ay. Jan. 

Jan. JulL 
July Jan. 

7 ® Jan!' 28 

|| I? Mar. Dec. EmbartCurp SL Elf 2 

7o July April Ecr. China Clays 78 
5 8 Mur. Nov. Esperanza I2*a>_ 133*4 
_ Ang. Jail. Euro Femes..— 105 
a Mar. Sept ErodeWdgsaop 74 
66 Feb. Aug.(Emr George lOp 25 


978 


20.91 +0-65 I 


1730(2132 - 


31fflU15. 


-195 


225 

Wk_— S |l!3iJdL75| 

lnd.Ser— « 

PVra. I0p_. 20 
ARobbins .78 


19.^ 


371 


1 2J3-: 


[DJOl 


30.1 


20351- 


N- 





3H*V:' 


3W 


d 2 Q 2 


I hl.f 51 


[+194. 


iKtstia .ingif 


236 


J( 6 Ji J»4- 
9 . 0 |Ort. 

7.6 J Jan. 

5 .6 Atig. 
831 Jan- 
62 
6.0 


19J) 


imQ.471 


276 


276 


263 


Jtb3.87 92 4.0 
1 d0J»2 b9l 2.l| 
+216 231 9.7 
hO-26 


4.5) 55 May 
4.710.9 Mar. 
2912.0 Ort. 
n.8 6.8 Dec. 
91122 Jar*. 

10.3 4.7 June Dec. 
6 5 93 Apr- pel, 
■“ FeU July 


|tdl.63{ 
1129 , 

. -.tzn 

28D +399 
UHi $203 
31 +498 
1U 362 


7.0 


Aug. Ape. 


?-,|OcL 



Jan. 

Jan. 

May 
Jon. 

Juno 
AUg- 
Mar. 

Sent Apr 
Feh. Aug. 
Dec. JunH 


Edbro'H] 
teUiort'B 
Eng. Card Cloth 
lEva Industries - 
Expanded Metal 


»»—, _ 

93 
79 
95 

. u 

Fair*- .j49 l »$* 

FarmeriSW 1 —.1123 

Fmsider Lire 500 7 

34 


June 1 
AllR- 

• tot 

• wt. 

Dec 

May... . 
nciiFirthiGlT'lOp - 


jBwa 

1U 242 
3J h3.03 
14D Q3i%! 

31 215 
2811 tOU 
59 +120 

^ & 

3Mss a 

-161 49.02 
199 +K5 
2811 211 

16.1 +4.8 
1212 tl 66 
1212 t4.8 
30U f3.67 
13.12 +1.22 
- b759 
205 - 
m 14 03 


3-74 


5 
9. 

3. ' 

4. ' 

■f 

64 28 - Sepl-L 
24 145 J*«*e D 
9 2 3.7 July J 
.7.9 95 Nov.. J 
9.1 75 Dec. Jul: 
60 7.5 J Bt ^ 


SSfcaz^i 3®. 

June FalrtsdraUMiB- 53 
June Feedeslto-j—i 
Jaa ftiuwrrJ-in—i 
' JulylFergusonlnd..- 

Nov.&Tnfiar< 6 R.i— 


4 X 21 


+4.92! 


6.7 



6 . t zr. :•> 


i .74 


4 . 57 - 


1457 


1213Ui6.03 


474 


3.92 


I + 12 ? I 


FtoriKon-L-j. 
FtereiioC.iW.- 
FogartyiE.r-_-- 1IO 
FoHccoNimep- 143 

_ -otteffiUHarvey-. ® 

61 1 ibJiLSeJle.iFrankhc SLnflU- 5» 
33 'jtJne. Nov.FrfwhThMlOp Mad 

_jt UusfA'i.:- .172 
ibbonsIwdlBy. 65 
(Si:-i 163 


354 - 


I +4.16) 


jw 


1.05. 


i+d2._43 


[+2621 


SSS 1 


338319 


55. 


Irr.M 


+838) 


171ft <17.26 


301 


Northern Foods. 109 
.Apr. Nurtiin Pt 88 

W Dec. .Tune l^J— 26 

52 j_„ June Pork Farms 10p- 393 

— _ pvkcfWJ.UQp— 

33 _ (tidnisenfirpUlp 

74 . _ RJH.M._ 

3.8 j,„ July Ras-nson Foods 132. 
5.7 j’S; June RowireeM.50p. 366 
SaiosbuiyCl-i— 


193 


m 


7.9 


jan. Jun« 


5., 

5.5| 

8.1 
9J 

Ocl Apr.&iH-nU;* 

Apr. Sept Stoctatteep 

?■?* Mur. Sept TescoSp— 

Jat 

Aur- Rlarj^lsoflRdji-tOpjfilbJJl 


1174 




Dec- Join 


338 


5.§£S; 


13: 


37.43. 


ftSr 


25 July Jan. 

27 Apr- Se 

__ Nov. J 
- 3 * Nov. J 
fi Oct May) 
12.0 Jnh. Au 
103 Apnl 
* J^yC 
fe October 
May Nov- 

1 % mIaSi 

a 9 |Jan- J , 
t |Dec. Apr.! 
Feb. 




ai« 




3-101^ 


letaurp. 


lUH 14=47 1 


-Z771 


U 0 p. J .—-.j. 58*z 


+% i* - 

flfs: 

siSlr* 


1027 


254 


M 2 - 


3M 




30JJ294 


X9l2»,. 


1 X 3 05ti 


»5»24I 


124 


8.51 Mar . 1 Sefrt.[lXl 0 iJiCCoX ( 


.14- 


Jan. 
on Jari. Aug. 1 
94 May NovJ 
|iI332: Jub* ! 
14.7 

93 OcL 
l]11.4 Aug . 

.79 June Nov; 
8 4 Dec- Ji 


aott. 
(PM 20 P- 


M 


163389. 


til 


tarn*. 


'“ S Fe«te 

ll l:S ^ 5 ? 

3.0 75 " ‘ 
qZ.9 9.8 4.7 
TO -'7.4 6.9 
3.0 5.S 8 6 
21 93 TZ 
3J1 55 93 


Juftr Oct 
Feb7 flctl 
iMov. J 1 . 
JuiyrT^w 

December, 


July. 

LpjfltUa.’ 


Flmdri\e20p -• 
Fnlkv>Wo rv-v tVc | 
lYamTslnds-. 


Jan. June)GElIntfil.20p~-| 


m 

am 

Wlf 


332 

l+cnz4 

rt3?T 


9.1 


[ffilll 13.77 I 20) 7.9| 9.6) May 


HOTELS AND CATERERS 


ay Not, 
Jan; 

Dec. 'J 
Man.: 
June J 

NOV. J: 
Apr: JD«, 


TipsUu 

tbCrtnc... yBSfii 
116 •- 

,J 1V : f 

_ i£l. - %. 

Har«ni%, 35 
KAiJ—. .65 ; 

' 71' 

Uo»dkitWfv. 123. - 
|Boover‘A'’S? 
tmMdh.5p . 86 
®tR20p. 130 
Terans- S, 
Assoc.- 213 
rap~ 102 - 
_..weanfflU- 52*j 

uoausuferti^ 


53 


JsA ll 


.07 



m 


mj-l* 


-53 T 2 


1 ml 


9 .-CantGa&£I 
ntxfc.rop- 
dSenticesl 
tof-dtyaOp—: 
icsQohtU-i-, 


3491 




latfti»3£5 


September 

July . , 

+ (Dec. July 
721 Dec. Jun! 
Dec. June) 
Apr. Octf 
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PROPEKTY— 


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FINANCE, LAND—Con tinned 


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Cycles 


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rat- ■■ — .IteL Ley land SOp 

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April Oet 
Jan. June 
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Mar. Oct 
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7 qUunc Dec. 
JTApr Aug, 
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all 




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u! h t:S;Jj"fisiriiges and Distributors 

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65 

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100 

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12.4 4.0 


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Apr. Oet 
Apr. Nov.l 


5 . 4 Wan. July 


69 April Sept WebbUosiSp 
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4i] 5i) 73|July Oct Winston Erts— 


Stock 
(Prup.HWfc’ifnr. 


Ptpilr* SFiellJ 90 


le.iProp pjjfihm- 
fylProp&Kii.'.V- 
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Kanuiel Props_ 

Scot Metros*. 20p 
Second City lOp. 
SJosgh Esis— .. 
DolO+Ani.W 
Siock Com ersc.. 

Safllti-iBjD*_ 

Swire-Properties 

Town Centre_ 

TtmiitCilj'IOp. 
TraffordPixk 


['Jv. Property.... 
I'ld. Ren! Prop_ 
Warner Estate— 


Apr. OcLlWantimllnr 20pJ 


Wee 

320 


68 

300 

133«1 

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63 

109 

84 

100 

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115 

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242 

200 

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610 

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141 

161 

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09l 4.0, SHIPBUILDERS, REPAIRERS 

3M 5A 9 . 4 U, 

3.9} 5.9 65f 
88 31 50 
26 26 6lJj 
IB 7.312.9T 
3.7 45 79 
3.7 4J10.H 
3.6 9.6 44j 
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47 fn a3**W Dec. Cnt«iMBjn&.:&. 

bli I* llaOcL May fidlerUl- 

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4 « 77 ?‘i|Jan. July Boating Glen. OJ 
H e'SMay Ocl Jacobs IJ.DSQpJ 

II - 0 ^™^ 

June Oct Man. liaise 


SHIPPING 


'S7’C7 

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%3 JS Mar. 
, 32165 
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24 8.7 73 

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43 72 414 May Deffiaip.'AL 
26 53 98 jK- 

18163 51 J5y oSH^fAtCJ 
23 -7.7 93 Apr, SmQaSPtat— 

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56 A0 M Feb. Am^mM'A'SOpJ 
2.4104 A5 Jan. iu&felCd. Allied 4' I 
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43 A3 5.4 Oet -. MayjBDireOaenties-. 
'42 A.7-3L8 Oct FWs, 

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301 125 
124 d0.42 
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M New. May Deem Transport 

July P.&Q.Defd.£l— 
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Oct Da'A'SOp_ 

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26 


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Jan. July Do^jpcCooc.. 
,-fMJor. Ofi. kdJtkmbut 
■IjXJec.lUy Bern 

llJinie Jan. Brit_ 

Jaa.';.'July ammlittGru-L 
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8.7 Sept MayOw(Biehaitfi_J 

4.8 Jane Not. GoH«t Daon 10p 

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Mar. Sept IPGIOCSjl 
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Dec. Jane LAP.Poster 
July Feb. McftnqwMeEL. 
I Sept. Metody Mills ■■ 
November Bills & Alton Sip 
y Dec. MoreOTen.lOp 
0rihy*M.SLU 
Sept Ape. ofivatP-MiUa-. 
— . Oxley Print Grp. . 
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_ Jan. fcly Smmflt Oeffsnj. 
53] 20 Jan. July rnmgwrentPpe 
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PAPER, PRINTING 
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50bal 

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278 

194 

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320 

202 

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125 

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SHOES AND LEATHER 


Feb 


OrtJUmboiHth-SOp- 


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Footwear 1 ots._- 
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KeadlmSiauSp-. 
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NmrtmU6BDrnJ 


Oct ApriuOUrerlGi 'A'— 


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27184 lMay Nov. EdvorkslOc 
4 jl ^ 3 ) September Gold Fids. P.2»rC 
‘July Dec. Grtnms'A'50e_ 
Feb. Aug Hnlett’sCpn.RL 
Dec. May OK Bazaars50c_ 
March Sept Primrose KWs. 

Bn Trsdona A SW 
.^-niDec. July 5A Brews 20e_ 
5J1Z-BlMay Nov. TigwOMsRl. 
May Nov.Unlsec 


SOUTH AFRICANS 


41 ... 

6.4 35 75 
24 95 5i 
2.9 5.4 9.7 
16 9.0 285 
22 81 8.4 

4.4 52 65 

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5^ Dec. July Beales 1 J.iODp.. 
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17 

75 

63 
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310 1657 
81 1297 

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g-S-faDec. June Coats Platans—. 
f-?I“-gOcL May Corah 

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Mar. Sept Do. 7*1*683,7 
July Cas-MhertJ.)— 

Apr. Sept Daesonlnil- 

Apr. Sept Da'A'_—_ 

June Nov. Diw»fDarid)„. 
Nov. JulyBarirtC.i6N.lM 
Jam. July Porter Johnl— 
Apr- Nov. HaccasiJ ) 10p — 
“ ' * ‘ HiddwFsLSI 
HlddBiwt5p 


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22 

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5-gOct Mar. Ill , gnarthU.20p. 

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Nov. Msy Jerome (Hldgs. 1 - 
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8 0 November LdghteUs— 
95 _ Loves 5p—- 

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f-Jan. July Dries (Si 
,,£■! May Dec. MsckiyHu 
I 2 *-! Apr. Oct Mackinnon 
■82 jan. July MartiniAj20p 
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5 ^1227 Apr. Oct Rtfiaare Kilt SOP¬ 
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PROPERTY 


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29{105 39 Jaa., .'Apr. Bearer iCKJMp-J 
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Jan. May 

Aug. May 
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January 
Feb. Aug, 

Aug Mar. 

Aug Feh, 

Dm. July| 

Feb. Aug 

May' 7>ec 

Apr. Aug 
Apr. Aug. 

IOT- Apr.j 

Jan- July 
April 
Not. Apr, 

Apr. Nov 
Jan. July 
Feb. Aug 
Nov. July 
Oct Apnl 
Sept Mar. 

Jan. SepL] 

Sept 

Mot Dec 
Dm. June! 

October 
May Nov, 

Sept Apr, 

Nov. Apr, 

Jan. July] 

May Nov. 

Oct 

Nw. Apr.! _ 

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Sept Mar. 


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May UunlklM-n 

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Charier Trail_ 

|Cit> & Com. Inc., 
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Dee. June 1 
Jan. Sepl, 
Apr. Nov. 

June Feb. 

ScUtTlIar, 

July 

Mar. Sept 
Sept Mar. 

March 
Mar. Sep. 
Mar. Sept 
Dec. July 
July Dec 
Jan. Jone| 
July Dec 
Apr. Oet 

June 
June 

Dec. June| 

Sept~Mar. 
Oct Mar. 
Sept. Apr. 
June Not. 
Dec. July 
May 
Mar. Sept 


Hay 
MOT Nov. 

July Feb 
pr. Oct 
lor. JunJ 
March 
Apr. Oct 
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January 
Dec. July! 
Dec. JuJy| 
Mar. Sept. 
October 
Nov. July| 
June Jan 
Feb. Oct 

Apr- Ocl-, 

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General Funds._ 

Tto.Conv.lOp_ 

Gen. Invertors _ 

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Glenmurrav lnv.. 

Oa'B'Ori_ 

Globe In*___ 

GoveU Europe... 

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Jersey Eit. Pf. Ip 
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Lane, k Loil Lnv_ 

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May 


July 
Dec. 
{June Dec. 
June Dec. 
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July Jan 


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t/m.tS'clyiie__ 

Ltm.TM.Dfd. 
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Mar. Sep- Hefdramlnv— 
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8a(54)fg e pt_ May MerchantsTst_ 

— Feb. July Monks Invert_ 

May UwtBcrtnnlOp 
Bo. Writs. £L_ 

MootoyafEU._ 

Jan. Sep- Mootgatelnv- 
Aug Mar. Moortide Trust 
— NegJ1SA.$USl. 
Feb Jlv.Oc. [NewThrog Inc._ 
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DaNewWntt. 
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Aug Dec. UBS hives- 

9, May Dec. Nth.Atlantic Sk 
AB ljune Dec. Nthn.American- 
Dec. July Northern Sees... 
Jan. Aug. Oil ft Assoc, lnv- 
June Nov. Ootwich Inr. 
Apr. Aug. Pmtlandlnv, 
Dec. Aug Profc Scs.Int.50p) 
Mar. Sept Provincial Gties 

Aug. Feb. Haetmra- 

Feb. Sept Reabrook lnv. _ 
Apr- °ct- Rights ft 1st Cap 
Oct Mar. River* Merc.__ 
Sept Mar River Plate Dei. 
Apr. Nov. RobBCofBr.lFlS) 
Apr. Nov. DaSahSh'sFU 
BolincoNV'FUO. 
Da SabSh-SFCj 
Aug. Mar. Romney Trust „ 
Apr. Nov. Rose* moo dine. 

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Sep. Dec. Rothschild In. 30p- 
Dec. June Safeguard Ind_ 
OcL April St Andrew TO. _ 
July Mar. ScoLAaLlire.SOpJ 
December Scot & Cool Irv. 
Mar. Dec. Scot Cities ‘A’— 

Apr, Oct Scot. East lnv_ 

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Aug. Mar. Scot UhUnv_ 

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Jan. Sept Sec.GreatNthn.. 

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Dec. June Securities T. Sc _ 
June SdsrtElritor.ira. 
Apr. Sept Shires lnv. 50p _ 
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May Nov. Da &■;% Loan- 
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Feb. May Trans. Ccesnie— 
Apr. Aug Tribune lnv. 50p. 
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213 


Finance, Land, etc. 


Feb. Jofy Akroyd Smith** 
— ArtwurTrt.1 
— AMtoritvInvJ__ 
— BntanmaAnrnr. 

— Oaddalw._ 

Oct Mar. galknceCrpSl 
Mar. Ang CharteiS®ajeGn 
Septcmiber Common Mkt Ip. 
July Nov. Dajgety£l — 
December Davn» Day- 
August Edin.Imn.13tp, 
October El OroWsiu m. 
Dec. July BxWneHctue— 

July Ex Lands lOp_ 

October ExploretowCoSp. 
Dec. July Fashj«fcCen5CL 
July jFtaaare&lKLJtip 
Ti iam Invest_ 

-nsneweaip.- 
Feb. Ang.iaimbiioTnut— 


-a—a- ^ne lHawPar.S.SC- 
3.5mI'eb. SepUtavesmentCa- 
Feb. SepTjKakiai kS-—.- 
KMrtL Taylor Up 


Sei 


eptember 

August 


ugust 

Dec. July [ii-sa Secs . 

Lffi 3 .Eum.G 1 p.- 
27 jiJan. Nov. Lem. Merchant— 

SaJune Jap.)U.ftG.HU8s.5p. 


Kwnhul 


235 

6 

31*2 

20i 2 

1*2 

no 

60 

£U 

224 

32 

S' 

45 

14 

25 
163 

18 

11 

27 

32nf 

10 

26 
19 
85xd 
67 
22 
35 
31 
13 
77 

106 


2833 20.0 

1274 - 

1275 — 

475 • 

4.-67 - 

25.7 0254 
19.9 1L76 
3LM 10 
13i - 
231 t0,99 
2811 1.72 
22J 1.01 
223 t0.49 
28.11 +4.49 
135 10 
574 - 
1073 ~ 
39.1 +164 

246 - 
Z2J W.94 
30J tsOUflc 
375 - 
19.9 165 
117 0.10 
2811 

1112 tL25 
161 3.46 


4.7112.91 25) 


3.01 6.4| 


4J( 


85 


mm 


5.flna 


11.0 


3 . 010.6 


7# 




s" 


113-1 

iol 




Diridends 

Paid 


Apr. Oct 
Mr-Tn.Sa). 
October 


May Dec, 
June Nov. 
May 


Stock 

|H2j>dieloto,10pJ 
ftfeirtia 'RJP.'ap- 
StesUrt.ftS'iV 
lN.StCJnvs.I5.-p 
KippKFd.5ie.-T 
ParanbelOp — 
Part Place inr- 
Prtrt«,S‘ft5«i_| 
freub'l-5 FrsSO- 


July Dec 
Nov. Ma?| 
March Oct 

June 
April 
Apr. Aug 
Mar. Oct 
Apr. Aug. 


N'ov. JuIyJSt.Gco^elOp— 


SrotftMerc.-.V. 

■BE£4ftpCAIUl— 

SnithBitif 

ShaPac.Hiwte 

j&wzftiLXFHD. 
tecs. SQt Tg Ip. 
IWrtn. Select fSp 
iR’esriEogl^a. 
VuleCanoIOp —, 


Wee 

54 

64 

965 

18 

225 

10 

23Jp 

282 

’£46 

10*2 

120 

£50*2 

56 

7J* 

£28V 

925 

28 

37 

72 


■? 


14.11 

3J5 


7J2)t3SU6i 


2W 

67 
17J0; 
17.10 
tail 
HE 
3U1 
19.9 
C.6 

66 
12.4 w: 
U 7 2.C 
59 
25.7 


ffic 

Net 

0.68 

5.98 


|cvr|Ss|WE 

2J3 19)37.0; 

id Lawn 


13 


1.0 

619 , 
«9.4»4 
10.44 
302 
Q4.25 
4.47 


- Q Ss 

,01 

138 

+L24 




>4 

64 

1:1 

a? 

'LU 

mo 

4.1 

io| 

51[ 

2.W 


195 


7.0 

79! 

27.7 
23 5 

119 

35 


13J2 


OILS 


January 
Dec. July 
Not. May 
Jan. July 

Feb. Aug 

Dee. June 


July 


December 
Feb. Aug 

May 


ap— 
□eft ftrin^sS- 
«Chifltffl£l—. 
tlflydcrPrirtilEl 
Er.deaMrar50c_ 
KCA 


Oct. Apr 
Nov. Mot| 
Feb. Aug 


£? r - 

Dec. 


Oct 

July 


Jon. July 


ARBckaip_ 

BnL Borneo lOp. 
BritPetrtfnLa 
Do8*.PtE_ 

pn rmah *1 
Da8>jLoJl'»- 
tlCCPMl.Seall- 


LASSIO— 

LA5H014SlSBl-fiJ 
iAflIO-t 
OilExpL . 
Ptcmier Cds& 5p| 

Ranger (HI- 

Reynolds Div.Ic. 
Rvl Dutch FL20- 
'weD Trans Reg 
bo.T’i.pin — 
bSahens<t'i>U. 
[Texaco Cnv. 

[Tri centra] __. 

bla aaar 


Da 7pc Cnv- 

IWertsXaLlOcu. 

naPfd0ri.Hc_| 

tffoodsweAaOc- 


112tf 

152 

760 

S' 

£60 

£10*« 

51 

25*2 

£13 

450 

130 

ID 

3(02 

174 

£101 

363 

216 

*3 

484 

66*2 

264 

£59 

146 

224 

133 

88 

88 

62 


117TJ26 


14.11 

5.9 

1212 

1074 

3J 

$ 


1212 

161 


1241 


31 

5.9 

Kll 

n%5 

31 


1613 


g22.3(8 30 


55^ 


HW - 


t2.43 

ftltlfr. 


ZOJ 

Q14%| 

192 


19.9+14.28, 


4.996 

W 


7S| 

Q15V: 


0.91 S8|i»5. 




®5i 


33^ 






6.1 


a? 


*15.1 


12 

llfi 


°4 

eld 


13^ 


65 

45 

115 

(&3 

0.9 

L6 

103 


161 


4.0 

655 

5.7 

60 


35.0 


18.9 

7.6 


OVERSEAS TRADERS 


Apr. Oct 
Jan. July 
Jan. July 
April Oct; 


Nov. JunejnnlaytJ. 


July Dec.! 

June 
Aug Dec 
Apr. Septl 
Sep. Apr.j 
January 


Oct 

May 

Apr. 

Dec. 

Apr. 

Apr. 

Jan. 


Apr- 

Jsn 

Nov 

July 

Dec 

Dec.l 

Sept 


Nov. 

July 


May 
Jan. 

Jan. 

Apr. Oct 
Dee. Apr. 
Mar. Sept 


African Lakes _ 
Acs.Agrfc.50r_ 
BeritibnliS tW )J 
Booker StcC. 50p. 
BehKiekmK^Sib 
Roa stead! 


fUp)_ 

&iaOp_ 


GUIiDneiis— 

|i}tNtha.£10_ 

Jf ris'ns Crcs.£l. 

[HoSnuagiSi_ 

Indicate D ~ 

LlacksWm._ 

U arwi ca Sugar— 
Lonriio 


llOUxdlCons__ 

Nigerian Sec. _ 
Ocean Wises. 20p 
[PatMn.Zoeb.IOp_ 
Da'A'X-VlOp-. 
ISdnger i J5L > I0p. 
penaSagsrSOp . 
IaSisk Darby 10p{ 
,!StetfBros.50p— 

JunefToter Sans. aip. 

, DcBpcCm- .-ai. 

|U City Mere. ICrp. 
Do.10pcLn.ltt> 


295 

60 

207 

210 

63 

261 z 

288 

210 

£52 

350 

66 

355(tf 

23 

11 

73 

270 

85 

210 

200 

47 

S' 

362 

41 

£89 

50 

50 


3771 


20Q25c 

5^8.25 


1411 


12121 62 
3UM152 


3110 

3110 


26)012% 
31 IM 0272 


1232 
17 JO 
23.11 
3110 
3110 
8«| 
674 
17 JO 
3110 

IB 

4 


h2.75 


J7.D8 


225 
301 
tai?l 
77« 

19.9)655 


12,41 II 


4.26 

05.0 

Z0.66 


3.4 

1L37 

h2.29 

7.0 

7.0 

443 

Sis 

3.09 

Q8%| 

h0.75 

Q10% 


305) L4I 2.4 


62 3.4 


1^ 


L8 

12 

351 

7.9 

7.9 

L3 

33 

4.4 

25 

102 

110 

312 


5J 


13.^41 


3l4 


63) 69 
2 13 


55) 70 

W 1 


14.4 

116 

6J 

45 

53 

143 

36 

52 

114 

1 


80 


53 


9.7 


Ii29i> 

73 

30 

3 

8.4 

1L6 

5.4 
52 

61 


RUBBERS AND SISALS 


Oivfdnds 

Paid 

August 

Sept 

August 
|July Feb, 
Nov. Jane] 
Mot Dec 
May Oct 
Jan. Aug 
Apr. July 

Dec. 

Apr. Nov. 
Jan July! 
October 


November 
• Nov. 
larch 




last 

Dir 


Stock 

Price 

rt 

Net 

CM 

An^Jo-tadonw'n— 

91 

25.7 

2.54 

24) 

Benxa Cous. Iflp- 

77 

W’7- 

30 

USi 

Birdi Africa)_ 

25 

TU 


M 

Brad wall I0p.. 

37*a 

235 

hi 77 

LO 

CartiefieM 10 p 

183 

276 

s? ft 

20 

Chersontse lOp._ 

Cons. Plan is lup— 

54 


2 03 

11 

103 

1711 

0120 

1? 

Gadek Mstay l(jp — 

51 

276 

[wfl 

2.1 

Grand General lOp. 

10 

12.12 

rfraB 

» 

GuihrieO- 

217 

3J 

[yrnra 

io 

ScraoatUf.ZrtlOp* 

75 

— 

305 

_ 

Highl^rris W5IV- 

65*2 

19 £ 


_ 

Kuala &eponeMSL 

441s 

17.lt 

Q!?f 

4 

riKuiini 1150c_ 

5*2 

iil? 

mi 

11 

Ldn. Smnatia I0p_ 

113 

&f 


16 

Malakcff SIS1.. 

52 

28JJ 

tOlTr 

3.7 

MxlajnalamlOp — 

31 

_ 

♦115 

04 

Moar River I0p_~ 

32*j 

RE 

h0.43 

30 

PtauawB EDdgs Mp 

62 

3JD 

{208 

23 

Sungei Elian £1_ 

£23 

hn 


L7 


rw 


24 

5. 

116 

83 

7.1 
62 

4.1 
64 
75 
2.7 
45 
50 
2.0 


TEAS 

India and Bangladesh 


December' 

September 
Mar. Sept 
November 
January 
November, 
May Not.i 
J an. 

Apr. July 
September 


Apr. SeptfLunava£L, 


Assam DooarsZl — 

175 

3110 

+901 

5L9f 

Assam Frontier £L 

290 


♦h803 

4.1 

Assam lnvs.£l— 

115 

211 

B M 

37 

Emptre Plants 10p_ 

21 


+19B 

L6 

lokai£l_ . 

225 

■ f li hi 


35 

Long bourne £1_ 

242 

Kii.; 

100 

60 

McLeod Russel £1- 

230 


■ TiTjjI 

2./ 

Moran £L _ 

390 

19.1 


43 

Single Hldgs 10p„ 

22 

28-U 

+FL72 

32 

Warren Plane...— 

187 

m 


36 

Williamson £J. — 

138 

22.8) 

9.0 

4.7) 


42 

92 

143 

81 

63 

65 

5.9 
12.4 
100 

9.9 


Sri Lanka 

-1 165 


| 37713.63 | L0| 33 


Africa 


Nov. 

Feb. 


JulylBIantyreEl. 
Ocl[Ruo Estates. 


410 

130 


17J0) 23351 Ztt 
3JO] 7.66 j li] 


MINES 

CENTRAL RAND 


Ang. Feb 


Aug 

[Ang 


Fftb 


Durban Deep Rl. 
East Rand Pro Rl_ 


Feb.lRandfjoin Est R2. 


West Rand Rl. 


363 
380 
£327, 
151 8 



EASTERN RAND 


Mot Nov. 
February 


Aug Feb. 
May Nov, 


’Bracken RI- 

EartDagcaRl- 

lEJtG.O. HOiO.- 

iGovnim- .Areas 5c— 

)Gri»rtlei30c_ 

lEnjtKsRl- 


MaylLelieOSc- 


Oct 

[Aug. Feb SlanevaleROSO— 
Aug Feb. & African lit 3Sc.. 
Aug. Feb. \TafcfonteinRJ 
May Nov. Klnkelhaak Ed 
Wit Nigel Sc 


78 

26 

288 

140# 

130 

335 

48 

88 

70 

55 

647 

59 



FAR WEST RAND 


Feb. Aug. 
Feb. Aug 

Feb. Aug 
Aug Feb 

Feb. Augg 


Blwoor25 

Buffets Rl- 

Deefkraal R02Q 
Stoarnionlem 3J _ 

EortDrieRl-, 

Etandsraad GJd. 20r_j 

{ElsburgRl 


Feb. AuglHarteheea Rl — 


Feb. Aug 


Feb. Ang.[Zandpan HI 


Peb. Aug 
Feb. Aug 
February 
Aug Feb. 

Aug Feb. 

Feb. Aug. 

Feb. Augl ... 

Feb. Ang.JWestern Areas Rl_ 


Kloof Gold Rl 

LibanooRl_ 

SoollnraaJ 50c_ 

SlilfonleinSOc- 

Vaal Reefs 50c_ 

Ventenport Rl__ 
W.DrieRI 


jWesentDcepRS. 


308 

864 

94*2 

274 

ea 

212 

137 

472 

489 

479 

264 

£12 

2&B 

£173, 

220 

657 

192 



251 


L4l 9.0 


09 


3.8 


53) 

* 

101 

1| 7.6 
£3 3.8 
55 
26 
5.0 
67 
12 
10) 9.4 
53 35 


OJF.S. 


Sept Feb.tft*» State Dev. 50e 

May Nov. FiGcduldSfc_ 

. F-S. SimlpTawt Rl _ 

May Oct Hammy 59c—_ 

LnraneSl_ 

May Not. Pres. Brand30c_ 

May Nov. Pre&SteynSJc— 

May Nov. St Helena Rl- 

Umre!___ 

May Not. WelfcomSOc_ 

May Noi-.fffiltfdings 3Cc_ 


as 

97 

387 

123 

890 

676 

787 

175 

219 

051, 


ai 

3Jfl 

975 

3JD 

975 

3J0 

32B 

199 

310 

3J0 


1« 7.9 
2.7)10.6 


4.71 

ail 

26 

9.* 

25 

19) 

15 


7.7 
29 
0.7 

1.8 

B.7 

« 

100 


FINANCE 


40) 


6J 

45 

104 


S3 


Apr. Sept [Ang. Am. Coal S0c_ 
Jan. June AngieAmer. 10c _ 
Mar. -Aug. Ang Am. Gold Rl- 

Feb. Aug Ang-VtaJ 50c._ 

Jan. July (CharterCons._ 

May Dec. Com Gold Heidi- 
July May Eaa Rand Con. U)p 

Mar. Sept Gednldtav.Rl_ 

Oct ttoy Gen.MtaingR2_ 
Mar. Sept Gold Fields SA 25c _] 
Jan. Oet JoTw^ Coos. H2_ 

Aug Feb. Middle Wit 25c_ 

MOT. Oct MutfnSBDL«_ 

Mot. Sept NewWitSOc—_ 

— RitiDoHVflBS_ 

November Rand London 15c— 
Jan. July SelectumTnirt__ 

Aug Feb. ScntrasllOe- 

Oct Silrenm'nes 
Jan. TraaL 

Mar. Sept. U C latest JU- 

May Nov. ITnionCrpa 625c. 
Sept Mar. (Vogels 2*2«-- 


ffl|Feb. 

BflJuly 


450 

266 

S? 2 

680 

126 

106 

23*2 

248s 

£143!, 

160 

134 

113 

945 

53 

385 

105 

35 

£12 

220 

262 

47 


17J0 t905 
12fl 10 



45) 5.3 
20 7.4 
* * 
3.4 9 2 
18 9 2 
26 7.4 
15 65 
15 9.6 
85 
5.B 
BJ 
&4 
5.0 
51 
3J 
50 
67 
9.0 
15.4 
4.7 
8.1 
, 8.2 
m 


DIAMOND AND PLATINUM 


mot).- 

Jan. 


Not. 

July 

May 
Jan. AugJ 
Nov. MOT 


AmUivJOt. 
. , PJtlOe. 
NorjDc Beers DL 5c— 
, Da«pcPLH5_ 
Lydenbnrgl3iC_- 


Nor. ' May iRas. fiat 10c. 


£30*4 

77 

291 

£10 

60 

90 


3.10 TQ35 c 
3JQ2W1C. 
27J0Q27c 
121 


111 

iUIllo 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo. Japan 


Ditidrads 

rad 

Nov. May| 

Hot 


MINES—Continued 
CENTRAL AFRICAN 

Lartl Div 


Dec. 

Jan. 

Nov. 


Stock 

FdlcouRh50c 
Rhotfn 
man Cons. 


July DuutanyikaaOp. 

July DaPretSOp_ 

May VanUcCoLRh.l_ 
ZanLCprJBD021 


Frin 

300 

n 

60 

134 

78 

37 

1012 


a [ Net 

19.9) Q50c 
377 0.57 
1274 _ 
17J0 QUO 
12J2 Q9% 
17J0 Q/ijC 
1174 — 


na 
Cxt Gr'a 


151 


4J) 4.1 


11 

16.4 

14 


26.0 


AUSTRALIAN 



Are^Eie--— 

12 

_ 

_ 


Not. Apr. 

Baueai unit 50 taea 

73 

M: 

QlOc 

15 

_ 

BH Sooth 50c 

72 

VU 



Oet Mot 

CoBztac RjotmtoSOr. 

162 

741 

Q9c 

2 3 

— 

GJIi KalgooriieSL 

61 

667 



September 

Hanptn Areas 5p- 

92 

25.7 

1.45 

41 

— 

Metals Ex. 50i! 

13. 

_ 

_ 

_ 

Dec. Apr. 

M_LM.Hldys.50c 

134 

310 

Q9e 

17 


Mount Ifril 25c_ 

19 

_ 


_ 

— 

Newuetal 10 c— 

2 

_ 

_ 

_ 

June Nov 

North B. HiII50c__ 

88 

3LM 

Q8c 

15 

— 

Nth Kalguril;- 

9 




June Not. 

5ak bridges*' 

138 

7.4 

Qllc 

L9 

— 

Pacific Copper 

34 




—re 

Pancoonaac_ 

825 




Apr. OeL 

Parinpw MJt»K« Sp 

Peko-tfa]!send50c. 

13 

440 

14.9 

QI5c 

40 

_ 

FtaeidimSIc 

75 it 




Oct May 

West a SfimngSOc- 

85 

19.9 

Q6c 

14 

— 

Whim Creek 20c_ 

40 

— 


— 


02 

9.2 

175 


8.7 

Ta 


14 

42 


50' 

50 


21 

40 


Nor. Apr. AmaL Nigeria_ 

Apr. OcL Ayer EUlam SMI_ 

Apr. Oct Berali Tin_ 

Jan. Jul^ BerjuntoiSUl 


TINS 


Ketvor. 


Feb. _ __ 

— Gold ft Base 15a>_ 

July Dec. Gopeng Coax. 

— Hongkong 

Mar. Sept Idris lOp_ 

lantorlSfep_ 

KnmuminggKL50. 

Jan. July KiltinghflU_ 

January Malay Dredging SHI 

— ftPahang_ 

July Jan. PengkHJen lOp_ 

Jun. Nov. Pooling SJQ 
Mar. Oct Saint Piran. 
Februaty 

Jen. JDly|SoulhKrnU- . 
June Jan. Shn Malayan SMI. 

Snngd Bern 5M1_ 

SnpirroeCorp. SMI 

Mar. AugfTanjong 15p_ 

Sept MarjTM ^Hrtir.SMI 


29 

260 

51 

210 

460 

9 

265 *ri 
145 
90 ni 
10*2 
69 
450 
290 
45 
55xd 
270 
54 

59 
145 
250 
144 

60 

lOOxd 

74 

160 



COPPER 

June Dec.|MesgiiaBOJO_J 88 {12J2|*Q30c| L9( * 


MISCELLANEOUS 




Aug Feb, 

Jan. 


Burma Mines li*?p. 
Colby Mines SQ_ 
Cons March-10c_ 

NorthgateCSl_ 

Jnne R.T2. 


October 


£abhutads.CSl_ 

[TaraExptn.Sl- 

Nov. Julyflbhidy Minerals lOp. 


Yukon Cons. CS1__ 


9 

57Sj - 

_ 

80 


_ 

750 

ll Q30c 

ft 

260 

3T5 - 


170 

3110 t&5 


SI 

__ __ 


830 

-w —. 

__ 

45 

1710 121 

25 

127 

15.9) Q7c 

T\ 


7.6 

41* 

3.3 


NOTES 


Dikii otherwise ladlcated. prices and not iflvldends ore In 
pence and denemlnaUonn are SSp. Bstbaeled priec/earnlags 1 
ratios end covers ere based on latest sanual reports and aceonata 
and. where possible, are updated on half-yearly Hjfiim PfEaare 
calenlated ea the basin of net dtstrtbntlMi: bracketed Hgores 
indicate IB per cenL or mare dUTerence if calcwlated on “niT* 
dl s t i U iu t l ea. Coven are based ea •‘maximum” dlBtrlbutton. 
Yields are baaed on middle pkn, are gnoo. adjusted ta ACT of 
34 per cart, md allow for value of declared distributions and. 
— .rights. Securities with denaartnattons oilier than stoUag am 
331 quoted 1 adust re of the investment dollar pramlam. 

Sterling denonuoated securities which include investment 
dollar premium. 

“Top" Stock. 

Highs and Lows marked (lias have been adjusted to allow 
tor rights issues tor cosh. 

Interim since increased or resumed. 

Interim since reduced, passed or deferred, 
it Tax-free to non-residents on application. 

Figures or report awaited. ‘ 

It Cfallrted security. 

Price at time of suspension. 

Indicated dividend after pending scrip and/or righto issue:. 
cover relates to previous dividend or forecast. 

** Free of Stamp Duty 

Merger bid or reorg an i s ation la progress. 

Not comparable. 

Same interim: reduced final and/or reduced earning* 
indicated. 

Forecast dividend; cover on turnings updated by latest 
interim statement. 

Cover allows for conversion of shares not now ranking for 
dividends or ranking only tor restricted dividend. 

Cover does not allow for shares which may also rank for 
dividend at a future dale. No P/E ratio usually provided. 
Excluding a final dividend declaration. 

1* Regional price. 

No par value 

a Tax free, b Figures based oa pro s pectus or other official 
estimate, c Ceuta, d Dividend rate paid or payable on part 
: capital; rover based on dividend on toll capital. 
Redemption yield, f Flat yield, g Aasmned dividend and 
yield, h Assumed dividend and yield after scrip issue. 

Paxmrai t born capital sources, k Kenya, m Interim higher 
than previous total, n Rights issue pending 9 E arn in gs 
based on preliminary figures, r Australian currency. 

Dividend and yield exclude a special payment, t indicated 
dividend: cover relates to previous dividend. PIE ratio based 
oo latest annual earnings. ■ Forecast dividend: cover based 
on previous year's earnings, v Tax free up to 30p in the £. 
w Yield allows for currency clause, y Dividend and yield 
based on mmger terms, i Dividend and yield Include a 
- j payment: Cover does not apply to special payment. 

A Net dividend and yield. B P re f ere n ce dividend passed or 
deferred. C Canadian. D Cover and WE ratio exclude profits 
of UJL aerospace subsidiaries. E Issue price. F Dividend 
and yield bued on prospectus or other official estimates top 
1F77-7& 6 Assumed dividend and yield after pending scrip 
and/or rights issue H Dividend and yield based On 
prospectus or other oCBcUlI estimates tor 1970-77. K Figures 
based cm prospectus or other official estimates for 107B. 

M Dividend ana yield based on prospectus or other official 
estimates for 1878L N Dividend and yield based on prospectus 
or other official es timates for 1978. P Dividend and yield, 
based on prospectus or other official estimates for 1977. 

‘ Grots. T Figures assumed. U No significant Corporation 
Tax payable. Z Dividend total to date. H Yield based on 
assumption Treasury Bill Bate stays unchanged until maturity 
of stock. 

AbbreviatiooE: rt ex dividend: sex: scrip issue; xr ex right* a ex 
all; f ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 2d 


This service is available to every Company dealt In vu. 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum far each security 


REGIONAL MARKETS 

The following ta a selection of London quotations of shares 
■ mar k ets. 


previously listed only in regional i 


Prices of Irish 


_._.d only l_ . . _ 

-Bsues. most of which are not officially listed In Loudon, 
are as quoted on the Irish exchange. 


Albany lnv. 20p 

Ash Spinning J 

Bert am-._[ 

Bdg*wtr.Est.50p 
Clover Croft— 
Cra]g&Roae£l 
o (RAI-_ 
&McHdy- 

EvausFr'fclOD. 
Evered— 

Fife Forge*-- 
FmlOTPKigf- 

GraigShip.£l_ 

RigsousBreuv 
:.OJi.Stm.tl 
HoIttJos.j25p...| 
Nthn. Goldsmith) 
Pearce i C. if.).-. 

Peel Mills- 

Sheffield Brack 


23 

45 

27 

275 

22 

400 

37 

68 

5Grt 

26 

47 

18 

240 

83 

2J7rt 

245 

64 

130 

17 

47 


-1 

-2*a 


-2 


sturff Befrshiut.) 
Shiloh Spinn-J 
SindalirWm.L-1 

rawa 

Conv. 9% *80/82 
Alliance Gas— 
Am on 


50 

19 


CaiTOlI /PJ.J— 

Clondalkln- 

Concrete Prods.. 
Heiton (Hldgs-i 
IniCorp. 


Irish Ropes ... 

Jacob.-- . 

Sunbeam.—.— 

T0LC_-.„| 

Cold ore.- 


£97 

-ll 

m 


325 

_ 

110 

+5 

M 

-1 

125 


52 


165 


120 


60 


28 

ll 

175 


70 



OPTIONS 
3-month Call Hates 



Babcock- 

Barclays Book. 

Beecham-1 

Boots Drug 
Bwaters.....—.; 

BAT.- 

British Oxygen 

Brown i J.i.-1 

Burton 
Cadbarys _ 
Courtaulds —| 
Debenhams— 
Distillers-^-! 
Dunlop— 
Eagle Star.. 



LCJL. 


■SSr 


Utverwk_J 7 


KCA. 

Ladbroke- 

Legal ft Gen... 
Lex Service..; 
Lloyds Bank- 

-Lota”_ 

London Brick. 
LOnrho.—— 
Lucas luds.— 
LyODSiJ.)__ 

"Mams"-- 

Hrbs. & S) 
Midland 
N-EI. 


>pncr 

Bank 


NaL Wee. Bank. 
Do. Werrnnu 
PftODfd.. 

Plessey-— 
R.TLM 


Rank 
Reedin' 
Spillers_, 
Tesco — 
Thom. 


[Trust Mooses. 


Tube Invest— 

Dmlever 401 

Hid. D r apery- 7*»l 

victors-Iff | 

Woolworths— 6 I 


301 



Peacher. 
Samuel Props.. | 
Town ft City— 

Oils 

Bnt Petroleum. 

Rnrmah fHl— 

CtaarterhaU — 
Shell. 


Ultramar- 
Mines 
Charter Conn 
Cobb. Gold 
RloT. 


erCona. 12 I 

Gold_] 201 

.Zinc_ 26 I 


























































































































































































































































































































* THE MOST 
EFFICIENT AMD 
WIDELY L’i-ED 

LORRY 
LOADER 

GEORGE COHEN MACHINERY LTE 

Win 25-25 SUNBEAM ROAD LONDON 
NW10 6JP TELEPHONE 01-965 6503 



Monday February 6 1978 


.Specialists m'Reinpjrc'^f Concrete Design 
. & Snppiiers-pfReinibrcement 



»SroWy&®l 





EEC unity Rise in consumer spei 
m critics expected to continue 



fora City 


BY REGINALD DALE 


MR. RuY JENKINS. President 
of the European Commission, 
has called fur a new pattern of 
government in the EEC. with 
a ' new set of relationships 
between the Community, 
national Governments and 
regional and local authorities. 

Hitting back in a major 
policy statment in London at 
critics of his plans for European 
monetary union, he said that the 
Community must either take a 
further step forward or move 
backward. 

There was no need for the 
Community to develop into a 
federal State un the lines of 
the U.S. or West Germany, he 
said. But there must be a signi¬ 
ficant transfer of power, from 
the national to the Community 
level, including control over the 
money supply and exchange 
rates. 

This could he matched by a 
transfer of other Government 
functions “downwards" to pro¬ 
vincial and regional authorities. 

Only option 

The classic European nation 
—Stale was hoth too small and 
too big for all purposes — too 
small to restore full employment 
or promote economic growth, 
and too big to satisfy the grow¬ 
ing demand for cultural differen¬ 
tiation and popular participation 
in decision-making. 

There was no satisfactory 
model for the new pattern, which 
would have to be built up gradu¬ 
ally. A new Community system 


of Parliamentary control would 
have to be devised. 

Mr. Jenkins, giving the Rita 
Hinden Memorial Lecture, said 
that even economically strong 
countries like West Germany! 
could not by themselves pull the 
Community out oF recession. 
They were too heavily dependent 
on exports. 

The only option was for the 
EEC countries to cut through 
the vicious circle of unemploy¬ 
ment and inflation at Continental 
level, and do so at the level of 
the European Community as a 
whole. 

He did not claim that monetary 
union would automatically lead 
to full employment. But he 
saw no hope of returning to 
acceptable employment levels 
unless exchange rate uncertain¬ 
ties were ended, and this could 
be done only through monetary 
union. 

Mr. Jenkins rejected arau- 
ments that monetary union pre¬ 
supposed convergence in econo¬ 
mic performance. If it did. “ the 
monetary union known as the 
U.S. would long since have 
fallen apart." j 

The. essential was that allj 
parties to the union, stroncer 
and weaker alike, benefit and 
be seen to benefit. 

If the EEC took in Greece. 
Portugal and Spain, an unques¬ 
tionable political imperative, the 
achievements of the past 20 
years would he placed in 
jeopardv if hd advance strength¬ 
ening measures were taken. 


THE long-expected upturn in 
consumer spending is at last 
beginning to come through. 

Stores and consumer ser¬ 
vices companies interviewed 
last month for the Financial 
Times survey of business 
[opinion said they had had a 
[good Christmas selling season, 
had seen a rise in consumer 
spending in recent months and, 
with disposable incomes grow¬ 
ing, they expected the improve¬ 
ment to continue. 

Many electrical engineering 
companies reported improved 
demand for consumer electricals 
as well as for capital goods, 
while firms in the cars and con¬ 
sumer durables sector said 
there were signs of more 
money around. 

These encouraging signs were 
offset by growing worries about 
export prospects. The recent 
hardening of sterling was cited 
by many companies, together 


with the less optimistic outlook 
for world trade. 

The improved outlook at home 
has encouraged some firms to 
be a little more bullish about 
future employment levels. But 
the number expecting to take 
nn more labour in the next 12 
months is still only slightly 
larger than the number expect¬ 
ing to make do with fewer. 

In answer to a question about 
the factors currently affecting 
employment levels, half of the 
firms contacted for the survey- 
in the last four months cited 
plans to improve productivity, 
nearly three-fifths mentioned 
the potential cost Df redundancy- 
payments or other aspects of 
employment legislation, and 40 
per cent, cited lack of demand. 

Among the other reasons 
given were difficulties in recruit¬ 
ing staff with suitable skills, 
the high cost of labour in rela¬ 
tion to profitability', or the 


desire of existing; staff to work 
overtime. 

Inflation expectations con¬ 
tinue to improve. The median 
forecast for the rise in wage 
costs over the next 12 months 
has peaked out at about 12} per 
per cent, while The median 
forecast Increases for total unit 
costs and output prices have 
dropped back to around 11 per 
cent. 

On balance, industry is still 
hopeful of higher earnings on 
capital employed in the current 
financial year. But. looking 
further ahead, a further 
recovery in profit margins is 
thought unlikely in face of ris¬ 
ing costs and price competition. 

The outlook for industrial in¬ 
vestment remains promising. 
Over half of the latest all- 
industry sample of companies 
expect to spend more in real 
terms in fhe next year. 

Details, Page 30 


EARNIKGS ON CAPITAL 

Those expecting earnings during current 

year to : _ 

__ Improve 

_ Remain the same 

_Co ntract 

No comment 


4 monthly moving total 


January 1978 

Elect. Consumer 
Eng'g. Durables Stores 
% % % 

67 54 3 9_ 

32 23 55 

1 23 6 


Statistical Material Copyright Taylor Nelson Group Ltd. 



sum hunt 


BY RAY PEAMAN, SCOTTISH CORRESPONDENT 


THE programme or uranium 
prospecting in Britain, partly 
financed by the European 
Commission. has virtually 
stopped in the face of opposi¬ 
tion from environmental 
groups. 

Last year, the South of 
Scotland Electricity Board 
was refused planning permis¬ 
sion to sink trial Imre holes 
in Orkney and. after assessing 
public opinion in the islands 
derided not to appeal. 

More recently, it ran up 
against opposition in Dceside, 
where uranium traces were 
delected. 

The conservation group. 
Friends of the Earth, has been 
organising resistance to the 
Board's programme. A local 
“doorawaich" committee was 
set up and, all hough protests 
were not as vociferous as in 
Orkney, they were strong 
enough to cause second 
though Is. 

Mr. Roy Berridge. the 


Board’s chairman, said that It 
had underestimated the re¬ 
action its proposals . would 
arouse. “We knew that people 
would be concerned about 
raining ---and understandably 
so—but we did not think they 
would be concerned about 
drilling. 

“The position on uranium 
slocks is very mnch better now 
tban when the programme 
started, so there is not the 
same urgency. We were caught 
on the hop. We do not enjoy 
stirring up trouble or upsetting 
people " 

Although the Board had been 
talking to landowners on 
Deeside to get permission to 
prospect on their property, it 
had no intention of applying 
for planning permission from 
the local district council in the 
near future. 

Although uncertain whether 
this permission is legally 
required, the Board said it 
would not go ahead without it. 


BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 


CONSERVATIVE PARTY policy 
towards devolution and the posi- 
tion of Scotland is likely to be 
outlined in a major speech 
to-day in Edinburgh hy Mr. 
Francis Pym. Shadow spokesman 
on devolution. 

With the committee stage of 
the Scotland Bill completed 
under guillotine the Commons 
has a short respite before the 
Government decides wbat to do 
about those amendments which 
have been carried against its 
wishes. 

Some indication of its thinking 
should come at the report stage 
in a few weeks. 

When that has been completed 
the Wales Bill will he brought 
before the Commons and the 
fight between the parties will 
start again. 

The Conservatives have 
implacably opposed the Govern¬ 


ment’s proposals on devolution. 
Mr. Pym has said that the Bill 
was ill-considered, as was its 
predecessor introduced in the 
last session of Parliament and 
he is known to believe that if 
the Scots and Welsh do get 
assemblies there is no justifica¬ 
tion for their continuing to send 
the same number of MFs .to 
Westminster. 

While there has been hard¬ 
line opposition to the Govern¬ 
ment's proposals it is less clear 
what the Conservatives would 
like beyond setting up a consti¬ 
tutional conference to consider 
the issue. 

It is not thought they would 
advocate such a conference 
being held under the auspices of 
the Speaker, although there are 
precedents for such a course, 
because of the enormous pres¬ 
sures on him. 


The probability Lx that such a 
conference would be entrusted 
to a senior judge, possibly the 
Lord Chief Justice, though this, 
again, would depend on the 
workload being undertaken by 
the bench. 

The drawback of such a con¬ 
ference is that it would take a 
long time over its deliberations, 
probably a couple of years, and 
would almost certainly not 
produce a unanimous report 

It could therefore be seen in 
Scotland and Wales as a means 
of postponing a decision. 

As the Conservatives are 
electoraily weak in Scotland 
this might not be a bad thing 
from their point of view as it 
would allow them to regroup to 
meet the challenge from Labour 
and the Scottish National Party. 1 

Pol! will he tough, says 
Thatcher, Page 4 


For a body that is supposed 
to be in the final stages of 
preparation, the Council for the 
Securities Industry remains a 
mvstery to most of the City. 
More than a year after It was 
originally conceived, the idea 
has barely been discussed 
beyond a select circle in the 
Bank of England and the Stock 
Exchange Council. 

The signs are that the pro¬ 
posed Council will have a much 
narrower brief than some of its 
proponents originally envisaged. 
The Baltic Exchange, Lloyd’s, 
the commodity markets and 
other disparate organisations 
are not going to come within 
its ambit. Instead, it wiU con¬ 
fine itself to the securities 
market. The Stock Exchange, 
the dearere. the insurance com¬ 
panies and pension funds will 
all be involved along with the 
merchant banks, in so far as 
they are concerned with the 
issuing or trading of securities. 
' Much to their chagrin, major 
users of the stock market such 
as the pension funds have not 
yet been consulted in anything 
but the most superficial way. 
U.S. brokers. who will 
presumably be encouraged to 
associate themselves with the 
City’s latest move to bolster self 
regulation, know very little 
about it Even in the merchant 
banks, there is a surprising 
mixture of ignorance and dif¬ 
fidence when the talk turns to 
the new Council. 

Blueprint 

A public announcement Is ex¬ 
pected from the Bank in the 
next month or so—coinciding 
happily with the period when 
the Wilson committee will be 
turning its attention towards 
the regulation of the markets. 
The general assumption is that 
the Bank’s blueprint will then 
be up for discussion among the 
interested parties.* 

There will be plenty to Talk 
about. Even within the com¬ 
paratively limited area of the 
securities market, there are 
strong feelings about how 
much, and what, the new 
organisation should attempt to 
bite off. For instance, although 
there is general agreement that 
the supervision of prospectuses 
and rights issue documents 
ought to come under its wing, 
it is not at all clear how it will 
mesh in with the Quotations 
Department of the Stock Ex¬ 
change, which already does this 
job. 

There are those who would 
also tike to see it active in such 
areas as directors’ share deal¬ 
ings, the selling of unit linked 
life assurance and the control 


of licensed dealers. Bur the be equipped, and prepared, to 
more widely it tries to impose take tough decisions against 
its authority, the greater its City institutions that have 
problems will become. ’ hitherto .cherished their mie- ; 

• pendeace. In order to be effec* 
Tnh/tnvM. tive, it will do well to confine 

takeover ranei . itself Ti) a narrow ^ clearly 

The success of the Takeover' defined , beat—^spedfically, im¬ 
panel is based on the fact that proving professional standards 
it deals with a relatively narrow in the ; primary and swmadary 
circle of professionals who markets for:securities. 
know the rules and want, to The key question ^whether 
continue to play the game. The- the-; Council Is ever-going, to 
Stock Exchange’s inquiry into develop, .from being no more 
the affairs oE Sir Hugh Fraser- than ’ a^ .forum >foti. ^jdtecussion 
successfully went beyoittd The into’ something that-j-can be 
confines. 61 the City-*-hui‘ only presented as a. version 

because the people- iinvoTyed p f the Securities: £iid>^change; 
decided that ft".: was. to :the3r commission in the City 

interest to play ball. Outriders tostfttiti0.ns. : including,the Stock 
will - not.- always... be' soJ&cbqnge, would probably be 
co-operative- happier with theformer. But if 

For this reason, it is possible die City wabts W-fi^jr' out of 
that the prestige of toe. Take- the-dutchespf-statotbry-control, 
over Panel could .be jeopardised^ ^j|| have to borne up with 
if It were swallowed up by the 1 zaure-than-just-a r laiiEuig shop. 
Council and presented with a . . * ... . - 

wider disciplinary role^nifeadi plparcr^ »«'«,»rite 
it should be allowed to keep, its. Mearecf accounts • 
independence and. .-.simply Everyone believes to aCCount- 
operate under the' urabfella.of ing. standards—if only- they 
the new system. " don't hurt - That is the con- 

Another contentious pbipt is elusion that might -be drawn 
the position of the accountants, from the recent (almost - cer- , 
The effectiveness of the new taftily successful) campaign by- 
council would be strengthened Britaia’s property companies to 
greatly if the accountants were gain : permanent exemption .* 
involved, because of the part from the new rules on deprecia- 
they play in vetting -financial tion hf buildings. The view is 
information and. as a result, to enforced by'the news that the ' 
many city scandals. *An effec- clearing banks are bolding up 
tive council would also be of promulgation of another import-j 
benefit to them. At present ant acawrotfrig standard — 
they get little real help from the proposals on deferred tax. 
the Stock Exchange to enforc- These may not now appear until 
ing accounting standards on early next year instead df July 
listed companies. Their tovesti- 1978 , as planned. 
gatlve and disciplinary, pro- it seems that the banks have r 
cedures become bogged down in realised that compliance with 
difficulties over acceptable the -fax standard would . have: 
levels of proof,, and are the awkward side-effect of re-, 
weakened hy their lack of veallng a . closely . guarded _• 
authority to enforce the dis-,; secret—their level of general 
closure of evidence. bad debt provisions. These are. - 

Some accountants hope that not tax deductible. And since' 
if the Council works, and its the ^proposed, accounting - rule ' 
disciplinary procedures are (ialls for the disclosures in notes . 
regarded as sufficiently author!- to-the accounts^ toe major 
fative. then their most pressing components - making op the 
problems could be relieved, araodht ofdeferred tax aSimple ■ 
They would not normally have grossing up-of the bad debt de- 
to carry out rheir own investiga- f er red tax asset would give the 
tions feven if they did. the hope away. 

is that the new Council would The clearers ilargue .'that 
have enough clout to force any- foreign banks are not. required - 
one to give evidence) and they to disclose such sensitive inf or- : 
would simply have to get on matron, and . that , .thereby • ' 
with the job handing out British! batiks would;-be' at a'' 
sanctions to their members. competitive disadvantage. May-: - 

Oner hurdle to overcome , in be so, but. they could be on'.': 
bringing about such a develop- dangerous ground. if they start .' 
mem would be the need - to to stir things up. The account-' 
persuade the members of the ants just might' be tempted-to - 
various -accounting bodies to take an overall-look at some oF-..-: 
alter their charters.. This could the special concesssipns-i-BOt- 
be another case where the ably the so-called Leaeh-Lawson -i 
interests of the major firms rules —which the clearers -. 
appeared to run'counter to those carved ; out for themselves"' 
of the small fry. before accounting standards of ; 

The uew council will have to any kind were devised. 


Concorde likely to be 
given U.S. boost 


Tories "will set councils free’ 



BY JOHN WYLES 

AN EXPANSION of Concorde 
services looks likely in the 
second half of this year with 
British Airways expecting to 
step up its New York-London 
flights from seven to 10 a week 
and Braniff International seek¬ 
ing to operate from New York 
to South America. 

These extra services would 
raise the number of Hying hours 
of the British Airways and Air 
France Concordes and would 
enable British Airways to con¬ 
solidate the profit which ft 
claims is being made on the 
transatlantic services 

On February H British Air¬ 
ways joins Air France in offer¬ 
ing a daily Concorde service 
from New York which is earlier 
than planned. 

However, with load factors 
running over SO per cent. British 
Airways believes that it will be 
in a position to operate 10 flights 
a week by June. 

Shortly afier. the British 


Continued from Page 1 


NEW YORK. Feb. 5. 

Concorde which provides a three 
days a week service between 
Washington and London, is 
expected to be operated by 
Braniff International, the Texas- 
based airline, between Dalias- 
Fort Worth and Washington. 

Braniff is waiting for the 
Federal Aviation Authority to 
give Concorde a certificate and 
for Civil Aeronautics Board 
approval for the aircraft’s sub¬ 
sonic use on the domestic leg. 

Braniff plans to use both 
British and French Concordes 
linking Dallas-Fort Worth super¬ 
sonically to London and Paris. 

The flights wil give Braniff the 
experience with Concorde to ful¬ 
fill its other objective of leasing 
the plane for a supersonic New 
York-Panama Service- 

Negotiations on a leasing 
charge are expected to start 
shortly. 

Flying time to Panama would 
be cut from five hours to two 
hours 30 minutes. 


BY DAYID CHURCHIU 

THE CONSERVATIVE PARTY 
is planning a complete overhaul 
of Whitehall intervention io 
local government as an early 
priority of a future Conservative 
Government. 

Its strategy will include legis¬ 
lation to allow council tenants 
to buy their own homes, more 
contracting out of council 
services, and a new partnership 
with Jocai industry, 

Mrs. Margaret Thatcher. Tory 
leader, disclosed this at the 
party's ioca] government confer¬ 
ence in London at the week-end. 

She told delegates, mainly 
councillors from ail over Britain, 
that it was “time-wasting and 
pound-wasting for central 
government to spend so murb 
time looking over your 
shoulders-’’ 

Mrs. Thatcher quoted the 
example of the Community Land 
Act. which resulted in a total 
of Ill official instructions. to 
local authorities about how the 
Act should work. 

She pointed out that in its 
first year of operation, only 33 
acres of land acquired by local 
authorities were re-sold to 
developers. “That is a ratio of 


about four Whitehall Orders to 
each acre." 

The next Tory Environment 
Secretary would “ review as a 
matter of urgency every White¬ 
hall circular and rule governing 
your activities. Our aim win be 
to give you more responsihlity 
for your own communities.” 

This would include scrapping 
many of the “ foolish and frus¬ 
trating regulations that dictate 
what council tenants can and 
cannot do. 

“ A Bill tn give a statutory 
right to tenants to buy their 
own homes will be brought for¬ 
ward in the first session' oF the 
next ParliamenL” 

The Tory policy of (ess cen¬ 
tral intervention in local 
government was further clari¬ 
fied bv Mr. Michael Keseltine, 
Opposition Environment spokes¬ 
man. 


The design and planning of 
public works could be carried 
out by private sector architects, 
engineers and surveyors, and 
construction contracts awarded 
to independent builders, he sug¬ 
gested. 

“Every local authority should 
examine the opportunities for 
audit by practising firms of 
accountants." Many council ser¬ 
vices. such as contract cleaning, 
catering, maintenance, garden¬ 
ing and printing, could be 
provided by smalt local busi¬ 
nesses. 

The Tories also intend to com¬ 
pile land registers “to establish 
what development sites in 
municipal hands can be sold.” 

They were seeking to forge a 
new partnership between coun¬ 
cillors and local industry, Mr. 
Heseltine went on. 


Treasury asked to study 
N. Sea oil revenue fund 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


11.K- TO-DAY 

SCOTLAND and eastern district* 
of England will he clnutly with 
rair., while other areas will have 
scattered showers. 

London, S., N.W. and N. England, 
E. Anglia. Midlands 
Fog patches at first. Scattered 
showers and sunny intervals. 
Max. 7C F45F). 

East, N.E. England, Borders 
Cloudy with rain at times. 
Wind light to moderate. Max. fiC 
Channel Is- S.W. England, 
Wales 

Scattered showers dying out. 
Sunny interval* hut increasing 
cloud later. M3X. 7C 145F). 

isle of Man, N. Ireland 
Scattered showers dying out. I 
Sunny intervals, -increasing, 
Cloud later. Max. 6C 143F). 

Scotland 1 

Cloudy with showers or longer! 
outbreaks nf rain. Wind S.W., 
moderate. Max. 6C <43F>. 

Outlook: Sunny intervals and 1 
some wintry showers. 


BUSINESS CENTRES 




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Pay sanctions face tests 


In Hus case, instead of sanc¬ 
tions being applied, the Govern¬ 
ment would attempt to use the 
CounteMnflalion Act of 1973 to 
force a reduction in insurance 
premiums. 

Under the threat of sanctions, 
Imperial Chemical Industries has 
atnended a pay deal involving 
more than S4.000 workers. The 
Department of Employment ob¬ 
jected because ICI agreed in 
November tu a productivity deal 
.in addition to a Phase Two 
settlement. 

The employees were promised 
a productivity bonus of 6 to 10 
per cent. Now a new agreement 
has been secured ensuring that 
if sales growth fails to achieve 
6 per ccnL, unions and manage¬ 
ments will meet again to discuss 
what bonus might be paid. 


Pauline Clark. Labour Staff, 
writes: The sanctions row comes 
at a sensitive time for the 
Government as several major 
industrial groups threaten to 
make trouble in toe final lap of 
the present pay policy. 

The power workers, led by 
Mr. Frank Chappie, EPTU 
general secretary, are maintain¬ 
ing an aggressive stance on their 
“ substantial ” pay claim and 
have warned of industrial action 
if militants’ demands for pay 
rises nf up to 40 per cent - are 
ignored. 

With the miners also taking 
an obstinate line on their claim, 
the Government seems faced 
with a tough ride until March 
—their mutual pay settlement 
date — from two traditionally 
interrelated groups with strong 
industrial muscle. 

This week the Government 


also faces continuing worries 
from the national tanker drivers’ 
overtime ban. 

Esso said at the week-end that 
it was encouraged by a narrow¬ 
ing . to the gap between the 
drivers’ original claim of 30 per 
cent revised to nearer 20 per 
cent, and the company’s offer 
Of 15$ per cent, with produc¬ 
tivity, allowing up to IB per 
cent., more for the higher 
skilled. 

Rut the national action bas al¬ 
ready cut petrol deliveries by 
30 per cent, and the cumulative 
effects of the first week of the 
ban are unlikely to he known 
until mid-week. 

9 A pay rise of 10 per cent, for 
MPs from nest June in line with 
the Government's pay guidelines 
is expected lo be announced; 
shortly by Mr. Michael Foot thel 
Leader of toe Commons. 


THE TREASURY ha* been 
asked by (he Cabinet to 
examine how a special Tund 
for using North Sea oil 
revenue niighl operate In 
practice. 

Increasing support Tor the 
proposal in principle was 
shown at a recent meeting of 
the Cabinet But before 
reaching a final decision, 
Ministers wanted a study by 
officials on the details. 

This Is likely to be discussed 
by toe Cabinet within the next 
fortnight so that the question 
can be resolved hefore publi¬ 
cation laler this montii of the 
White Paper outlining the 
options on the use of the 
benefits of North Sea oil. 

Among the points needing 
clarification are Ihc formal 
status pf any special oil fund, 
whether the money channelled* 
through it would go entirely in 
additional publle spending or 
could also finance lax cuts, 
and whether any expenditure 
would be additional to exist¬ 
ing programmes. 


For example, there is the 
question or whelher ihc large 
investment expected in new 
energy resources would be 
diverted through a special 
fund. 

At the preliminary Cabinet 
discussion, several Ministers 
seem to have been attracted 
by toe proposal on the politi¬ 
cal grounds that the existence 
of an oil fund would demon¬ 
strate that toe Labour 
Government was not “ fritter¬ 
ing’’ away North Sea oil. bat 
intended to use tbe revenue 
positively. 

In contrast, reservations 
have- been expressed by iftinls- 
lcrs who believe tbat a fund 
would have an inevitable bias 
towards extra public expendi¬ 
ture. especially on extra direct 
aid for industry. 

The issue is .stilt finely 
balanced and a lot may depend 
on whether the Prime Minister 
decides to provide a definite 
lead. 



Y'day 



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“My secretary is fotacL • 
R1 be lost wifcboift hasc" 


- - - • Sandy takes, dowft her boss’s dictation -;-; 
accurately, fheriiypesttQUtfiTbfti her bradHe- r 
shorthand.Good^eedSi^ood page^ayouL - 
Sandy saysthefe'sriothins sjtecfeSabbut 
that-and she's right The fact that she^Iind- - 
makes very little difference tahereiffe/eWcjZ 
" Sandy got her job ofvablllty.And-her.*'- 
ability .won her promotion to personal secretary 
in an importantPdst Offfce depa"rtmeht ; Tfiatk - 
the 7 point.TfieRNlBirafned Sandyarrts^ 
Commercial College, and Sny firm thar - *..' 




from the. deman tongandprofessiona) ;taainind 
thatwe'atthfe RNIB provide. 1 -. - - 


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