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fcp Travis 
& Arnold 

limber. Building Materials, Heating and 
Plumbing Equipment for the Construction 
and Allied Tiades. Northampton 52333 


Xfc. 


FI NA NCI A L TI M ES 


No. 27,479 


Tuesday February 7 1978 **15p 





CONTINENTAL SELLING PRICES; AUSTRIA Sdi.l5g BELGIUM Fr.gS; DENMARK KrJ.Ss 


PRANCE frJ.O: GERMANT DM2.0: ITALY L.500: NETHERLANDS Ft.2.0; NORWAY- KrJJ: PORTUGAL Esc-20; SPAIN 


for CONSTRUCTION 


PtM.<P; SWEDEN Kr^JSi SWITZERLAND Fr.2.0; EIRE T5p ' 



Pay row continues on eve of Commons vote 


GENERAL 


BUSINESS 


Israeli < 
arms i 
sold to * 
Ethiopia! 


Gilts slip 
further: 

equities 
stay dull 


Sanctions policy 
to stay despite 
Silkin admission 


7 l „ Cost of raw 

to win materials 

Left-wing Still felling 

support BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


• GELTS met widespread losses, 
reflecting growing pressure on 


BY CHRISTIAN TYLER, LABOUR EDITOR 


THE COST of" industry’s raw 

By Richard Evan*, Lobby Editor fue * P 1 in ~ 

7 for the ninth month running and „ 

is now 3.5 per cent, lower than-a 
MINISTERS ARE confidently year ago. 
expecting to win to-night's This reflects the impact bath of 
Commons vote on the Govern- the rise in sterling and stable 


* **• !?*«■" increasing u,e Gov^oSpkvPe^ “ ntill “ e its use of sancHons against companies which n3£ 

f 0n » C |f ri u^ about the situation and uncertainties about the Dreacil the pay guidelines, despite an admission in the Court of Appeal P° wer s to make companies ports Government hopes that the 

Africa after ri “ , -^ yesterday that a warning to one company was “ unfortunately worded ” ”"1®!'?“ 10 ^5 10 -? er Ccn, -J >ay r a i® of P, rice inflation throughout 

ports that Cuban pilots might f80i j i r~ r" i ■>! r ~ j ueu. guidelines, despite a Con- 1P7S will be significantly lower 


ports that Cuban pilots might 
be flying Ethiopian jets against 
Somalia. Mr. Mo she Dayan, 
Israeli Foreign Minister, ad¬ 
mitted in Zurich that Israel bad 
sold arms to Ethiopia. 

Mr. Aayan said that Israel had 
a clear interesi in maintaining its 
I rmg-la.sting friendly relations 
with Ethiopia, particularly 
because of that country's 
K'ralegic position along a vital 
sea link to Israel. The arms were 
. being used against Somalia. 

Somali guerillas have retreated 
from .several positions around the 
strategic city of Harar after heavy 
strikes by Ethiopian jets and 
artillery, a commander of Somali 
forces in the area said. 


guidelines, despite a Con- 1P7S will be significantly. lower 

oir. aam biiKin. the Attorney- incomes poliev grounds, a Government down_f leave that taclie *.° tempt than in the last few years. 

General, told Lord Denning on spokesman said. ' to the mine ™ union.’• ^;° ur ^fl-wingers into rebel- However, the recent slow down 

oenaif or the Department of Mr. Frank Chappie. EPTU Sir Rupert Speir. chairman of th«, c h ,ri nu r*«K; nA » .*« 1,1 the underlying increase in 

?“ p o l J in , enl that the Govern- general secretary, who attended Holliday Hall, said: "1 think it faCtory output prices 

no V?m d n n „° mleD V°" of . indut ' I be hearing, said Iasi night he was an exertional case. I don’t mUtlaf 1 cuui lal * out^/ the ? har E ed . by manufacturing 

;Ceir^f^iSi^r our th ; n h k 11 op ™ thc b en, rr “4, 

But he said that did not affect before lifting official strike* .. ^“rSossfire^etwm iff "of ^omSSnlSTdecfdJd^to Thoimderlyingtreud—thesix- 

the Government's right to “place adjust Holliday Hall nr other lhc Government anfthe^Son" adopt word-for-word a critical “°" t J. !y h " te “Pf* 888 * 0D . a » 
its contracts in the manner which tractors. _ lhe Left-wine resolution condemn- I d ? nu ? 1 J> as,s “ has now been 


fiffwiifacturirip' J 

£ ;i| 

- &»'■:J. -.- • -*TtnEE-fl«WTH ■ ' 'J '!:*] 
T IF * j Jv RATES OF CHANGE ^ V4 


Q Raw Materials 


■ MBrubcbaen 1 
1 Home Price* 


«»J 1ASV-K V J 

_12ZZ__78 


J F.T. GOVERNMENT . 

I SECURITIES INDEX 

70 11977; , ■ 11978. 

SEP OCT NOV DEC JAN FEB 

financial background. Falls ex- 


enormous military bombardments k , ,■ " * ! 

directed by Soviet and Cuban per- ? shortff - Government 
sonoel.” Ethiopian jets bad been ties ,ndex shed °- 7S l ” 7 
strafing and bombing his forces, since December 1. 

fighting to hold vital territory in m «rniTiTnrc 

the Ogaden dispute. Back Page * EQUITIES drifted, w 

Parliament, Page II FT 30-share index down 


its contracts in the manner which ro " lr8 « a ™. , , . and the strike, together wiLh Left-wing resolution condemn- ™ SIS “ nas , ndW Men —- 

s./is.rs.^ * h ' -«»'■- ^ 5ai!sir«-ssriss3 ss - 

l ra«Sk" iS !iWo h ck«®i 0 n ' :,ri ,t, ! ill C 1« -5kd hl !i,u, m l T,o , r:^5rmi.en, U Uec. e - Ih A SJ, abovr 10 '“ r of thi, 

Sw 'm^XSSZnSi* U.V.?- «■ *• •»««" refl«rt ^sMsona | Hd factors S 

they could honour that part of Silkin’, statement Page 10 lawful and were unaffected by h ? 2r UH-wing signatones to the “ouaw ri?e ThJ 

the national pay agreement to Editorial Comment Page 16 the Hollidav Hall case lhe Coiservniives in to- oStp U | index roi b? ^ ISr Sh 

which the Department had been_ Th u . nights vole, but there is no 27BP FS It 

and still is, obicctin- ! ! ~ blame is apparently being sign they will do so. A Gov- 10 (1970-100) lhe 4th 

Thn r/»i«« n;iouuu. runs ex-; . = ‘ ->i°n to involve itself in private put down to an excess of zeal eminent defeat would be j‘ ) rsest monthly increase since 1977 lst 

oraoiMmmt- k L f orc , ed b - v tended to li in longs and to ;/ l f 1 voU ' , : done member, negotiations was bound to have b> a dvil servant. acutely embarrassing. _ ' 2nd 

SSSSk % 


WHOLESALE PRICES 
(1970=100) 

Output i 


(home sales) Materials 


2nd 

3rd 
4th 
1977 1st 
2nd 


against the Electrical 
Plumbing Trades Union af 


Elfcrril-a] and whldl did n»l understand pay ^"puTmttafbhSlil? w^ttnul Gr »“' 1 "W “>■ “ iSyyJtg -** 

s Union after the negotiations for getting the its knowledge is hein" as.-rihori decision 011 tactics will he left }n _ r _, co P 

s slatemem. Gnvernmenl In.o .rouble. ad,S?a^e ««■!►*». Bui .hew ,,, no of 


• EQUITIES drifted, with the At i 0I 7*tr Gencra ] s statem «ni- Government into trouble. 0 _ 

s a sg?£S s - 

quoted Industrials by nearly companies fur S^rrs^e con- pany ?or bVeSS'oragramn^!.' "T 'LS7Z£? 1?fe ^%SSTS Jg ^ ~ 

a 1 * tracts if it thought the agree- he said. “The reason we did not ev cr. some legal experts support from the Liberals. Tamiirv^** the T oS? llest ,n a "' 


admiiustrative error. 


increase can be attributed to the 
annual hunching of price 
increase, at the beginning of. the 
year." This was reflected in a 


Sadat attack 
on Israel 

President Sadat of Egypt accused 


CTrRi INT r _ 11 breached the guidelines, take the eompanv to « ourt wa< and Opposition spokesmen said The Government's policy will 

Israel or retrea,"in"°* ■*",-^ si S km ? ! It would be difficult b. prove that we d.d nni want to atlack ' h V' l , torne : v * GeneraI had nierely he defended lo-day hy iMr. Roy 

vle/m.c s '" l ° the ? 1 - 939,) -« hlle ,tradv-wcighted that a company’s tender for a thc Government- dodged, with some political skill, Hattersley. Secretary for 

even- word and eominL^'rh-I^if r Jf" d ** , lip P^ d to VG.3 (fifi.4). contract had been refused on “I don't want to brine anv ConUnued on Rapt p.-.p« Prices and Consumer Affairs, 
i : ? ™ 11110 comina - thereby Dollar s weighted average was 


jeopardising the chances of 4 45 1439) D " er c» n t 
peace in the Middle East. ' P Cent 

Addressing the National Press • GOLD rose 2oc to $17.',?. 

Club in Washington, he said he 

hart the impression that Israel • WALL STREET closed 2.34 
was engaging in “a deliberate lower at 76S.62. 
attempt fn erase the impact " of 

ills initiative in visiting Jeru-—*om—i» ■-■-■j .. 

-•j!em. President Sadat i> to Secretary _ ir, 1 ^ f ^,'' n u „ r :.: 

i-nnfcr with Dr. Hurt Waldheim, warned MPs agauisi .the 
I N general dietary, in New expecting ton much m he wav 
York to-morrow. Ami-Sadat of cots ,n ,i,rect ‘« x . lh ‘- , " 1 ’ 

Stales lo aid Syria, Page 4 ,rt fdiale year* 


and Mr. Joel Barn elf. Chief 
Secretary to the Treasury. 


Pressure on franc eases 


Stonewall 


■Viili-Sadat of cuts in direct lax in the mi- 
/ mediate years ahead.” He 

admitted that the unemployment BY DAV| 
I Onfl rate was unlikely lo fall m 3 per 
’ cent, next year. Back Page. MPs 1 PRESSURE 


h ‘11 *>00 rate was unlikely lo tali in 3 per 

® m,in naS . 8| *^W cent next >ear . Back Page. MPs 

mercenaries 1 to review spending. Page 8 French franc slackened notice- tightened and accesMo the Euro- March 19. “ H ! appropria'le'onlv S''confirm If cent - s, ' n re May—sugg^ts^ftSf STonSnJf.fcm T 1^ ? ec,ine 

About 1I.2U0 mercenaries, inciud- ably to-day as the Bank of currency markui would be Decrees making i, e naUonalis-l deny Vhai dis C retiona^ a ^i 0 ° n r ! h ^ j-’-month rate^fltalf pri^ ^ 

in n 600 Israeli commandos were \Trin 11 _> France again intervened further restricted. ations effective woulTbe brought I was being (aken aSS a ™ mflatinn er-uld remain In sinile In il ^ mb ? lors ' 

fighting against nationalist NEB SlllOWGti modestly with sales of roreijn ]t is widely believed that a ”* Jlv*^ d aorfroval \ fter the pany in cases where the at ' east un ^ towards the cost of materials purchL^ri l fv 

guerillas in Rhodesia. Mr. Joshua „ , exchange and f«riber ; a, * ed Left-wing governmeni would , 1 pa ”>. already mrt? * S d rio ° f rhe i ear ' Wew food manu/Srina c^nl,^ 

Nkomo. co-leader ofthe Patriou'c fn cp]| cfalrpc JwJ./lSSit have 10 ,al!e imn,ediale « te P^ 10 OD enif" davs 0? tb’Af 0 u- ^ Public arnouncemenL earnm4 /* *ft u * h thc rise > n rose by -2 .tS-p erceni las?SII.n? 

Front guerilla alliance, claimed W WU 9ldlkC9 money.market to| ihtir highest is „| a , e France’s economy at least * f °J h i h ^ Vnbined H c confirmed that ronr rmmli ^ Ule cur «nf pav-as a result of hlphi-nH«°? lh 

in Lusaka. Zambia. # NATIONAL ENTERPRISE ,evel for 11 months. to some extent rroni the outside be aTincre^ in^he A W0UId STh P a a " ,es mention « d by Mr. a bo?e Lhn 3 10°nl certain to be both home-prodimed P £3? Im 

- . - Board attempts to win over its However, both the D-mark and world tn push torough its D - dn fui*IJ] n L ne JJVtntim Lalbam were subject to dis- liniif 10 ?, e f cenL official ported materials™ d m ' 

SnviAfQ riiimn v-.in-j h« ik<> 1 he Swiss franc moved to record economic orogramme of massive W3 «- e * ibe opening of \nion- cretionary action -r . Jl. and Possibly between 12.. ' 

rncmir mhhieh Government a-reein- that i't can highs as the French Communists reflation and nationalisation *“£ & -«UlemenIs in breach of St?accordlne to the ---T---- 

cosmic rubbish sen off investment of up to warned of the need lo halt out- without provoking a panic flight ™"SJ r **“ 1(! on the pn \of '** {Sideline*. These were P Thl W ^ h,te . haI 1 l estimates. . . 1 i„ New York" 1 

Two Soviet cosmonauts yesterday SS,. °Si,Slf ffilftd InditS Soing flows of capital. of money. Thf D-Mark rnsV! g J Knowle? SoIL aewunt?V ^ ^ -^ 

separated the Progress-1 cargo Department approval. Back Page. A senior Communist. M. Ala separate Press conference f e d ^^ Swiss fit j H*es*i H mi JSJ dri ^«, of War,c y- between lhe fa/J J 5 the . g - ap ~ > 

craft From their orbiting British Leyland plans for a Charles Fiterman. said lu-day M. Get»rge Marehais. the Loin- f 0 r, F.p^^, 5309° ™ tr V Midlands. High Speed I costs since last ™ a j er,aI ——HJj : : * v • •' 

Salyut-fi space station and sent it sweeping reorganisation ur iU that the Com numials would take inunisl leader, said ine Left* hjn ^' , j . reac i, et | \ a nd nSbnjL K D kb -*. Llver P®®L increase nC fadniiftnSti ' i'l-* , si.awn.-iy* 'T,7^- 

off. packed with rubbish like a finances, enabling it lo exercise action to Mop the "unjustified plan* for national!*m 3 lhe banks ^i„,Var ^d.-rc was F-F^^4 <0$* u?of NJ«^ ,slon En * ,n ’ 'output priw ^ J i»2S IJ) ,n 1 ®S!^rtJSS^ 
cosmic dustbin, to burn un in far more independence than flight r,f capital" if they came and major mdiisinal groups f e J'J ^ ne towards the\ fi jgeat lhat iSdUr5^.?52?K W i"• SSSSfeS’ 

lhe earth’s atmosphere. Parts during lhe Iasi two rears of to power after (lie March genera! ... under the CmmminiM s --- 1 maustrv has also been 12ni»m»,» Mum . 1 * ; whJKm? 

•»f the seven ton craft may hit stale ownership, have been election. pmgramme. hn pul lo Parlia- uonunueu on Lack x —--—-- 


BY DAVID CURRY AND DAVID WHITE 


AGAINST thc change controls 


he final election 


v.vj^tt 3 LI (J |*I# I K 11 UA1I (Ul ullfvl H13- I „ n _. t« nil ^ v _ , . , ' -- - . —■ • 

idem spokesmen said The Government's policy will 5 anuary since 1973. . * provisional - 

y-General had nierely he defended to-day hy Mr. Roy t-v -.Sonne: Department of imtuarr 

h some political skill, Hattersley, Secretary for UCClinC ~ ■ _ ' '' ' ■ • " 

ConUnued on Back Pi» Prices and Consumer Affairs. 

8 and Mr. Joel Barnett. Chier Indeed the improvement com- muease lts profit 

___ Secretary to the Treasury. pared with a year ago is shown J i_ .. .. . • 

by a decline in the 12-month «J*;"” m ***. f" deA of **** 
^fnnanrQll rate ot increase in the output of .materials last uiamh 

olOnCWHlI price index from 15.25 per cent 7^™ about 0.75 per cent, to 

ICNjTkd -M- - « ■- ., , (in December to 13 per cent In ® 2 ®' 4 —100)—-followed the. 

ISeS wRTbtfi and 0 ,"be S. ber 10 13 ceot^ last ^ 

jr~r ——---”; s ^ h of . ^ff 1011 ar r v . ._ p ?y.^ I^Thc latest figures nrpvido firm . Tbe ayerage effectiye exchange 

llriAVl ScTy Tri ,^ PI ' replies' ffcciAt hopesTthat ••*>' , 3 - 4 per cent, last 

If ^ 11 l|0 ^ •‘S nsgh:. , in^Sti!!? 'tiff off retail- price month. and .-the- biggest impact 

* Mr M 5; i * ,n r». ,v««*ioned by fhe ihdex of the cosiof 

?? r - i , £f ,8el Conserve- ■ 1.^1’ T ”- ®l' 1 'C^raber—should «aterraJs bought by manufactur- 

PVftlS Feb 6 J, l4e ^ or Melton, on a »um- lwiihm° Wn ir, (-O smgIe figures. ‘OS- industry outside-the food 1 
I on" th CO y p ^ vs a »wd ,0 be bf fflonths ‘. scctor - This feirbyiS per ££■ - 

lion r „ • [ ?h blacklist, replied that ! ra i-m!!l!n tne .W trei1 ^ in ,n Jamtarj* wfth ered<» oil 


PVfilS. Fob. 6. 


“ .v..*v W lucidib iina woo a 


Si-* 

1 iniHiili. 

$ miintliH 


JMSife,"*'. P^-O-Wprera. 


Continued on Back Page 


A miintlm 0.I8-0.OT <lf« 

!2 numiliM ta.M-O.au .lu , OJO OJdm" 


Ibe earth, bin the Soviet scion approved b> the NEB. Page 8 
li*ls emphasised that it would 

l;»nri in a remote part or the • FORD plans a major nnslaughl 
- -'n t - on the U.K car market lo main¬ 

tain the :10 per cent, share il 
M on tho air achieved lal4 :*st year and 

. , t, . . through int? January. Back Page, 

"i 1- hroarlcasnng of Parliament 
i«. to *jo ahead after Easter, the 


He indi. aicd that foreign ex- inent in the first weeks after the Politics and the franc. Page 2 


Swan Hunter cuts 1,152 jobs 


j«. to ‘jo ahead after Easter, the • HOUSE STARTS reached only 

Gommnns decided lasl night. A 266J00 laM year. 50.000 below the Ry fAN ijadgdc*ve 5 SHIPPING CORRESPONDENT 
Government motion tn set up a previous 12 months. Building 
select committee of six to join Societies Association is seeking 

a similar Lords committee tn a large increase in the £25.000 SV.’.W HUNTER'S work force nej.t 9u day* in fighl lhe redun- a differential lost to the emit- 

oversee broadcasting was agreed limit for lax relief on mortgages, yesterday paid, the penalty for daneies and to negotiate the be>t pany s outfitting trades as a 

without a vote. Page 9 iurnin-' its back on the Polish possible terms for those who>e result of an earlier ruling. 

shipbuilding order. The Tyne- jobs are lost. Meanwhile Swan Hunter's des- 

BaSC?Ue blasts • ARGYLL FIELD oil produc- C j^ c L . nm[ ,In’. announced that Efforts will also i.-ontinue dur- perate search for orders goes on. 

J lion has been suspended for up j 13 -i men , vn 'uld lose their jobs rna the 90-day notn-c oeriod to There is no chance of it getting 

Fomb explosions wrecked a Tv t0 s j x weeks Tor repairs lo iif j^, ’ find agreement among union;, cm orders through British Ship- 

relay station near Palcncia. s mrm-hatiered platform. Security Thi> ;' represents more than a chairman and ~ terms of builders or for defence contracts 
Spain. disrupting broadcasts officials are to investigate a 10 rJ er cent i.T the payroll and reference for the inquiry mm as long as normal working is 

from Madrid to the Basque power failure and a hoax call ai w ,i. R.-incinallv affect bmier- labour problems at Swan Hunier. bein'; interrupted, even though 

country, ualicia and Asturias. ^e Thistle Field. Page 8 makers or whom 9S5 vj 11 receive which Entirh Shipbuilders, the the Royal Navy is known to be 

Giantkillers "tS 'SSSX^nSS^n » CSSSS 

t eSt t SSTmSSSi sales ff amendments are“„ot made ^S^^lS'^iSSA S “"f^ore^dera are not found 

£ 7h?fourth to Pa, T n,S riuc lo -52 ,n 5 whise initial rcfuval to lift an in^ „n«J Engineering Union, in further redundancies are likely 

round d if S the F\a” Cu£ oSK ‘ nl ° f ° rC6 ,3ler thlS >Car ' ^ 9 overtime ban ESErt the spate London last week, but little pro- later in the year. . 

results: Wrexham 4. Newcastle • CONSUMER DEMAND of labour -eonfrontalions which gresv; seems have been made. Another dispute involving a 
United 0: Bolton J. Mansfield recovered sharply in December, has bedevilled the placing of the om: persisient difficulty for Tyneside memocr or British Ship- 
Town 0 Birth plav Wrexham though it was well down over the Folish order. both unions and employer* in builders worsened yesterday 

in lhe next round. ' wear as a whole. Page 8 At the end or last year, when sorting our the pa;- differentials when another 49 men from Tyne 

Swan Hunter’s £50m. >hare or lanqle in the Tync-fidc yards is Sh;prepairers were laid off bc- 

• LABOUR PARTY has taken a lh( , rn5 m . polish order was first lhe disrup^or. b.-ine caused by a .-ause of shortage of work result- 

* sr,eTI * * ’ ' fir.sl step towards ending thc use piat-ed in doubt, the company wave of fair v.uges hcarir.a? in mg from a twn-week-old overtime 

An Israeli Jaffa orange poisoned n f lhe Channel Islands as a lax irtlk^ri of a threat to between the mdu.-try. oan by boilennakers in sup- 

with mercury has been bought haven by sendina two MPs lo 700 an( j gpo jobs. Swan rlunrer bmlersi.aki-r* are port of a pay claim. SineeThurs- 

pt a London branch of Marks and investigate. Page II Onion leaderr at national and due tn nui s'r.eir case to -u. n a day Sfil men have been made idle 

Spencer. '__ . jr,- !»»i-al level made it clear laM hearing ir-:anrrnv.. The;, hope u. —about a quarter of lhe work- 

v school teacher, used 29. was • WSTILLEre is «o spend £4.,ni. n| _, hf rhjlt lhoy v . f.ulri u-e the win a:i av-tre! '-■.r.ivh w ;il re-mre fi.r.e. 


..'v-V. •%: 




Giantkillers 


Northern premier 
Spartans beat Se 


!||avc m PH ARM \rEL : TIt \LS induslrv *»-day redundancy notne<. parent corporal tun. n-s prom 19 

liters HS, Srf K h The remaining notices will go Tm s cuesunn was raised in la 

Mtiier league's Blyth Sles ff amendments made men m ancillary trades and between British Shipnuriders a 

at Second Division ™"JSf dieTo will not involve the outfitters, [he Con federal iono, Shiphut 




Briefly - - - 


': 'httctftiqv 


L : . f.«K ■ 


.v 






at a London branch of Marks and investigate. Page II 

Spencer. # DISTILLERS is 10 spend £4.7m. 

A school eacher. WJ* a , its Wandsworth plant ir. m- 

feund guilty a» Busiul < ;* f, '? n cn »ase capacitv bv 50 per cent. 10 
Gnurl of conspiring to supply the . ; , rii ; llv , n j r nr llsi =m 




• .11U rl o l cons pi ring 1« sup pi y me hplp mcil d ^ lland for lU s m — 
drug LSD to a dru_ un~. Sent- i. r _ nde Pane 21 
r-nce will be passed later. urana.. 1 a^e -i 

Mrs. Muriel Ilumphrcy. ti5. • USINOR. France's leading steel 
widow of Senator Hubert Hum- concern, expects iLs 19*« results 
phrev. was sworn in as senator to be worse than previous year-. ■ 
in h^r late husband's Minnesota with little chance of a return 10 
cr ,i profits this year. Page 22 ” 


CONTENTS OF TO-DAY’S ISSUE 


Lump pan new* . 

American news . 

Overseas news. 

World trade news .... 
Home news—general 


—Parliament 

Technical pace . 

Management . 

Art-, page . 

Leader page . 


—labour . Id L'-K. Companies . 1R-2I 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise Bluebird Conf. 


indicated.) 

RISES 

Camellia Invs.-•'•J 7 H 

Dixor . 42 -r -J 

Hamilborne . _+* ' f, 

Hawkins & Tipson . .JJ + >i 

Tumkinions . fi- - * 

Wtsfall HD . ^S? T -* 

Curaalco . --J . I 1 * 

RCM . M ’ r 3 

FALLS 

Treasury ll!"u 1W1 x’1035 - j! 

Treasury 15! "T, 1997 £1095 - U 

Adams & Gibbon ... RO 7 

Araal. Fn«cr . “ 8 

Appieyard . <s s 


llfi - fi 
7S - S 


Church bury Ests. 

Coral Leisure . 

Derby Trust Cap. 
Dualvest Cap. 

Family Inv. 

Harrison tT. C.» 
Lebus i Karri--/ . 
•Morrison lVV.1 
Muii'head 
Norton A Wright 

Reed Inti. 

Royal Ins. 

Tube Invs. 

Vickers . 

Wilkinson Match 

Waricvale 

Panconlinenbil 


144 - 9 
237 - 8 
112-4 
144 - S 

iw ; - ki 
mn - in 

■IS li 

I*s3 — s 
ITfi — H 
174 - 0 
11 li — T 
ST'l - S 
:;s«i — r, 

17H - 5 
17X - S 
_S'* — 3 


Getting a new Lurojct off 

the ground . 

Society To-day: The u it¬ 
em ployed . 

Crises bi-hint, crises of 
French franc . 


FEATURES 

Denmark's plans tn build 
giant bridge. 

Botswana: Neullai policy 

frays ,u i-il-i-s . 

Film and t iileo . 


Appcinvrncnls M*ls- 
Business Oppts- 
Crossword 

Enlertaimicnt Guido 
FT-A(Impii>s Indices 


Home CuMracu 

Leucrs 

Lo* 

Lnmbard 

Men and Mailer* 
Money Mark*: 
Racing 


Share InfurTnalion 
To-day't Even Is 

TV and Radio 

Uml Trusts 

Weather 

V-'orid Value of I 


Mining .. 

lull. Companies' . 

Euromarket*. . 

Wall Street . 

Farming, raw materials 
L'.K. stock market . 


Juggling the U.S. economic 
indicator*- . 

Denmark's t«\ shuck Tor the 
oil companies . 


INTERIM STATEMENT 
Vibroolanl Hld9S. U 

ANNUAL STATEMENTS 

Kallinghall (Robber) U 

Nordic Bank 22 

UC Invests. . M 


and the 


SomconccK'willgLidlv hclpthcmsdvn, u» 
yoursutY. heut you to the punch with new .stair,. 
and generally have a more huov ant titneid'it. 

1 .uneheon Vouchers pertumi small mihiel«*s" 
in Jielpini; your employeva, do a good job for you. 

. liiKVuraginj: them to have u proper mid-day 
meal is nu nv than an aet of welfare—it's alsv* an 
enlightened piece ofmanajteniem. aimed at 
making people tick. 

Results: increased pmduaivity. 

' t bar’s i he experience of 3k,ooo employers 
wiuigivv I .uneheon Wmcheis. . 

Luncheon Vouchers 

’flit (][» you tan afford tu ofiui 


Lrnding Rain 


For ir.;wt :.hr.rr /i.nr.r plj.'ii.- nf-2-tri VCI5 


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2 . 




Ftaaata&r Times' 


EUROPEAN NEWS 



Marchais unveils undated poll programme 


Employees 

attack 


BY DAVID WHITE 


PARIS, Feb, S'. 


THE FRENCH Communist 
Party to-day launched its own 
“updated version" of the Com¬ 
mon Programme of the Left over 
which the party fell out with 
the Socialists lust year. 

The Left's plans for.nationalis¬ 
ing banks and industrial groups, 
would, under the Communist 
programme., he put to Parlia¬ 
ment in the first weeks after the 
final election results on March 
19. and decrees making the 
nationalisations effective brought 
in immediately after Parlia¬ 
ment's approval. 

Measures are envisaged to 
block “an unjustified flight 


of capital after the accession of 
a left-wing government." 

Other priorities set for the 
Opening days of a combined 
government of the Left would 
he an increase in the minimum 
wage, the opening of union- 
management pay talks add a six- 
month freeze on prices of 
essential goods., 

M. Georges Marchais. the 
Communist leader, sent out a 
rallying call to bis supporters 
to provide a more decisive share 
of the vote than the 21 per cent 
which the latest public opinion 
poll has estimated the Com¬ 
munists would win. 


The Socialist Party, biggest 
of the three groups which 
Formed the Common Pro¬ 



gramme of the Left in 1972, has 
refused to discuss the programme 


again until alter the election 
But M, Marchais said that given 
a big enough share of the vote, 
“we can bring the Socialist 
Party back to a more reasonable 
position." 

M- Marchais repeated bis 
party's claim to ministerial posi¬ 
tions in proportion to votes cast 
in the first rouzuL He would not 
accept any discrimination in the 
distribution of portfolios, be said- 

He refused to he drawn on 
claims last week by ML Michel 
Poniatowski, the former Interior 
Minister and a close lieutenant 
of President Giscard. d’Estaing, 


who said the Communists wanted 
seven Cabinet posts including 
several key ones. But M. Mar¬ 
chais said acre would be "no 
contradiction between having 
seven Ministers in a Cabinet of 
20 or 21,” and-the share of votes 
which the Communists could 
expect to receive. 

M. tfafdiaw confirmed Com¬ 
munist proposals to raise 
Frs.40bn. (about £4.4bn.) in the 
first year of government by 
taxing high income groups and 
plans to mobilise industry in 
order to create a total of 500,000 
new jobs a year. 


Lef?s plans pressure on 




for industry 


By David Curry 


POLITICS AND THE FRANC 


The crisis behind the crisis 


BY ROBERT MAUTHNER IN PARIS 


FOR ONCE, an economic pre¬ 
diction made as long as one year 
ago has turned out to be right 
The pundits have been forecast¬ 
ing repeatedly that the prospects 
of a left-wing victory at the 
general election in March would 
produce a run on the franc as 
polling day drew nearer. The 
fact that it did nut happen earlier 
t-an be attributed at least partly 
tn the comparatively satisfactory 
performance of lbe French 
economy recently and to the 
rigorous implementation Of the 
austerity policy of Mr. Ray¬ 
mond Barre. the Prime Minister. 

The results of the successive 
" Barre plans ” may not have 
been brilliant, hut they are by 
no means negligible. The trade 
deficir was cut by half in 1977 
to Krs.llhn. (about Il.lbn.) and 
the monthly trade accounts have 
been moving steadily into sur¬ 
plus. Inflation is on a downward 
trend and in single figures. Un¬ 
employment is very high at more 
than lm.. but it has also been 
coming down slowly in recent 
months. The foreign exchange 
reserves, which currently stand 
at around FrslOBbn.. are substan¬ 
tial and French credit at the 
IMF remains ini act. 

In short, whatever criticism 
iri 2 v he levelled at the Govern¬ 
ment tty its political opponents, 
there are no fundamental 
economic reasons which can 
adequately explain the sudden 
loss of confidence in the exchange 
markets and the husiness com¬ 
munity in the franc. The root 
of the problem is political. Any 
doubts about the country's 
future economic performance are 
based mainly on what would 
happen if the Left came to power. 
Rightly or not. the markets 
clearly helieve that the imple¬ 
mentation of its economic anli- 
uics. particularly the sweeping 
nationalisation programme, 

would spell economic and finan¬ 
cial disaster. 

Given the constantly shifting 
sands of the French political 


scene and the unpredictability 
of some of the country’s leading 
politicians, the markets under¬ 
standably adopted a “wait-and- 
see " attitude, until they were 
finally overcome by a Sit of 
jitters last week. 

The prospect of a victory Df 
the Left bad been in the air for 
a long time, but appeared to fade 
in September last year, following 


The effect of the polls upon 
market opinion was amplified by 
President Giscard d’Estaing’s 
speech in Burgundy at the end 
of last month, in which he clearly 
stated that he did not have the 
power to prevent a Government 
of the Left from implementing 
its programme. 

M. Giscard's remarks dis¬ 
pelled a widely held belief 


faced with a Parliament of a 
completely different hue. 

Presidents de Gaulle and 
Pompidou could both count on 
loyal not to say servile Parlia¬ 
mentary majorities to rubber- 
stamp their policies. and puss 
their legislation, Even President 
Giscard, though he is not a 
Gaullist and has had to depend 
on a Gaul list-dominated majority. 


President Valery Giscard 
d’Estaing of France and West 
German Chancellor Helmut 
Schmidt began two days of 
lalks In Paris yesterday with 
a discussion of International 
eronomic problems, writes 
Robert hlauihner. They pro¬ 
posed that an economic summit 
of the seven major Indus¬ 


trialised coon tries should take 
place In Boon in July, and 
approved in principle Greece's 
early entry into the Common 
Market. It was recognised, 
however, that Greek member¬ 
ship presupposed a satisfactory 
solution of the problem of its 
agricultural exports which will 
compete directly with the 


Mediterranean produce of exist¬ 
ing EEC members. 

Although they discussed the 
prospects for fDtnre European 
civil aircraft projects, Herr 
Schmidt said In a television 
interview that the tune was not 
yet ripe for a final decision on 
the joint construction of a new 
medium-haul airliner. 


the breakdown of negotiations 
between the Socialists and Com¬ 
munists on a revision of their 
common programme, la the 
absence of such a programme, it 
seemed improbable that the 
parties of the Left would be able 
to form a joint Government and 
it was widely believed that their 
fratricidal quarrels would lose 
them the support of a large 
number of disillusioned voters. 
In the autumn or last year, the 
likelihood of a victory of the 
present coalition parties sud¬ 
denly increased and the mood 
Of the business and financial 
community became more san¬ 
guine. 

That optimism has been pro¬ 
gressively eroded bj' a series of 
public opinion polls and state¬ 
ments from political leaders 
during the past two or three 
weeks. The polls showed that, in 
spite of the dismal spectacle.of 
their disagree.-net* 1 ** 
of the Left bi» 7e not been 
Jdoncd uy %us electorate. 
Everv single recent poll has 
found that at least 51 per cent, 
of voters still intend to vote for 
the Left. The Government parties 
can currently muster no more 
than 45 per cent. _ 


that, because of the pre-eminent 
position and great powers given 
to the President by the constitu¬ 
tion of the Fifth Republic, he 
could impose his will on any 
government 

To cap everything, ML Barre 
and ML Francois Mitterrand 
became involved in a public 
quarrel last week which focused 
public attention an the serious 
risk of a constitutional crisis if 
the Left came to power. AU this 
may have been engineered by 
the Government in an attempt to 
persuade the electorate that it 
would be opting for chaos if it 
voted for the Left, but no one 
has ever denied that a real 
problem exists. 

The constitution of 1958. which 
was revised in 1962 after a 
referendum approving the elec¬ 
tion of the President by universal 


of suffrage, is undoubtedly an tin- 

el thT«Ghl£v "TOrte 


for 20 years after the chronic 
instability of the • Fourth 
Republic. But it is a fair 
weather instrument which does 
not properly provide for a 
situation in which v President of 
one political colour is suddenly 


has been able to hold the line— 
not without some difficulty, it 
should be said, and at the 
expense of several sharp con¬ 
frontations with the GaullisLs. 

The most serious of thorn led 
to the resignation of the Gauiiist 
leader, M. Jacques Chirac, as 
Prime Minister in August 1976. 
But at least the parties support¬ 
ing M. Giscard have bad a basic 
political and economic philosophy 
in common — that of a free 
enterprise capitalist society. 

The position would be very 
different if the President had to 
work in harness with a Govern¬ 
ment and parties whose avowed 
aim is to "introduce a socialist 
system which is contrary to all 
M. Giscard's fundamentally 
liberal ideas on how the 
country should be run. 

The manner in which such a 
conflict would be resolved is 

currenJdv-iJi** cnhwt. «r 

dents have not hesitated £*** 
rid of Ministers who becaiw fffd 


dence from the National 
Assembly for his policies, know¬ 
ing that, as effective bead of the 
Gauiiist party, the President ran 
virtually no risk of a revolt 
among his troops. 

The great authority and power 
of the French Presidency spring 
not only from the articles in the 
constitution which specify that 
he appoints the Prime Minister 
and can dissolve Parliament, but 
from the fact that he is elected 
by universal suffrage, just like 
the National Assembly. He can 
therefore justly claim that he 
embodies the will of the people 
as much as Parliament does. Yet 
one can hardly see M. Mitterrand, 
if he were appointed Prime 
Minister after a victory of the 
Left, agreeing to stand down at 
the President’s request as long as 
bis parliamentary support 
remains intact. 


overweening and independent 
M. Pompidou *ven managed to 
divest hirasel of M. Jacques 
Chaban-Deltms after the' latter 
had obtains a vote of confi- 


In the event of a conflict, 
M. Giscard would therefore he 
faced with a choice between 
bowing to the will of the Govern¬ 
ment and of Parliament, which 
would be tantamount to accept¬ 
ing a devaluation of the 
Presidency, or of dissolving 
Parliament. If. at the ensuing 
general election, the country 
again opted for the Left, the 
President would doubtless have 
to Tesign. in spite of the fact 
that he has always said that he 
intends to complete his term 
which runs out in 1981. A 
presidential election would have 
to be called. It would still be 
possible, if he agreed to run 
again, for M. Giscard to be re¬ 
elected and the constitutional 
deadlock would then be complete. 

As Madame Francoise Giroud. 
a former Minister and leading 

V - J ■ ,-i rt.i _» btfiauisuMivt ««*-* 

pointed out, the French, constitu- 
■ —» mi ingeinuuv utat.— u 

enables the French people to 
vote for a man every seven years 
and every five years against his 
policies." One day, therefore, 
the constitution may have to be 
revised. The battle over this 
issue could well provoke a crisis 
of monumental proportions. 


THE FRENCH employers' 
organisation. the Patronat, 
which the Socialists have been 
showing an interest in wooing, 
has launched a ferocious attack 
on the Common Programme df 
the Left which the Socialists say 
they will implement if they wm 
the March general election. 

The Patronafs strong pre¬ 
ference for a Government vic¬ 
tory has never been in doubt 
and over recent months; it has 
launched its own effort to recruit' 
young people into jobs to trim 
the pre-electorai unemployment 
totals. Tts specific condenmation. 
of the Left reflects the growing 
anxiety at the evidence- of 
opinion polis that the Socialists 
and Communists may yet pull off 
an election victory and at the 
recent remark by the Com¬ 
munist leader, M. Georges Mar¬ 
ch a is.-that his party would claun 
around a third of the big Minis¬ 
tries. 

M. Francois Ceyrac, a Pateonat 
chairman, this weekend ■ de¬ 
nounced the joint programme as 
a “ formidable threat ” to "com.t 
parties and the economy. “,TbeJ 
Common Programme wishes to 
develop, virtually unchecked* an 
immense public sector . by 
nationalising hundreds of com¬ 
panies. It wishes to constrain, 
other concerns that depend 
entirely on credit, which has 
become a state monopoly, by- inr 
creasing" their social security 
contributions and blocking their 
prices.” charged M- Ceyrac. 

Insisting that his comments 
were concerned with the econo¬ 
mic programme of the Left and 
were not, as such, political in 
nature, ML Ceyrac said that 
smaller companies would be the 
first to go to the wall. . - 

ML Ceyrac’s statement did not 
specify detailed objections to the’ 
Common Programme. The main 
one. however, includes the effect 
on the wages bill of the promised 
immediate increase in the mini- 
mom wage from around Frs.1,700 
to Frsfi,400 a month.' promised 
by both Socialists and Com¬ 
munists; extensive price freezes; 
higher social charges and allow¬ 
ances (some of which to be 
transferred to the state from 
companies'); and a variety of 
higher and new corporate taxes. 

The nationalisation programme 
is also a bitter bone of conten-. 
lion because, for the Patronat. 
it sums up the determination of 
the Communists in particular to 
establish a centralised State-run 
economy on the lines. of East, 
Gennany. 

While horrified at the prospect 
of a Left-wing victory,: the 
Patronat has certain reserves 
policy. It recently warned, the: 
Caywuaent that a return to 
growth rates of more than 5 per 
cent, a year was necessary, both 
for the financial recovery of 
companies, and to absorb the 
increase in the actiye* popula¬ 
tion. It called for a/return to 
price freezes hut for the con¬ 
tinued imposition, of ' wage 
restraint - 


BY JONATHAN CAftit 




TffiE TJ.S. is continuing to press 
West Germany to take further 
; reflationary action, despite re- 
jpeated assurances ' from .Bonn 
that it has done all it.sensibly 
can.. 

Confirmation of toe U.S. stand 
was obtained by - Count Otto 
Lambs dorff. the Economics 
Minister, during talks he has 
just held in Washington with, 
among others. Mr. -■ Michael 
BKimenthal, &e Treasury Sec¬ 
retary, and Vice-President 
Walter Mondale. 

Accord between the two"coun-_ 
tries on other matters, inrindingf 
the need to counter trade prcb 
tectionism, did not conceal, the 
basic difference on West German 
growth strategy. . • • 

.This is considered here parti¬ 
cularly unwelcome news. for 
Chancellor Helmut Schmidt, who 
sent a personal letter to Presi¬ 
dent Jimmy Carter .last Decem¬ 
ber setting out what Bonn had 
done to boost the economy and 
why it felt it could do no more. 

•“ Herr Schmidt was anxious 
feat a running dispute qu the; 
topic should not precede both 
the Western economic sunup ft 
meeting and the visit here of 
President Carter, both due to 
take place in Bonn in July. 

He and Ministers, including 
Count Lambsdorff, are also con¬ 
cerned that persistent public 
pressure on Bonn' to ‘ 4 do more ” 
may have the reverse effect to 
the one the U.S. hopes for. 
Should the belief gain ground in 
West Germany that more mea¬ 
sures to boost the -economy 
might be in the offing, then 
entrepreneurs might actually 


hang back in' Expectation 
litem. -1 -- 

Tins. It is befiwed; wonl^ 
disastrous for ihe Govethitfen 
hopes of 33 pet cent. « 
growth in GNP this 
iteelf implied a;-growth jite- 
4.5 per. cent to 5.5 pendent 
the second :haSf-. .-L' / 

During fife U.S; tails, Cq$ 
Lambadorff noted that, toe fin 
Government had raised , j 
borrowing re<iqiren«ctt; Tg 

year to. above DMSOfoi. 
right up against' the borders 
what is peimissibieSusdeir t 
constitution, und eveu ^u^al 

going beyond, ihenu- ^ V 
He also-stressed the danger 
an increase in- inflation w6$ 
hew' reflationary measures M 
tiring: adding:Ltfciifc.-tie feting 
.ILS- experts 

“ locothbtive' roIO " ibfe'Wtetfi 
man economyLeotiid p&y 
log pull neighbouring eqnrife 
out of recession^! •/. 

Key jirobiem»:>^a,t:'-toe: 
summit. wauMino- doabiinefa 
trade 'matters v fcwfrifje?' > fwr 
South dr&fcjgua^ 'Count Vl*al 
-dorff said. ■_ Noting,; ecqwjo 
growth would altoL-plar.StLm 
but he hoped , tout no o 
thought that the ', giajor jq& 
tria Used cou5£tj&£. w&erfetisse 
bling to undwwriteXdociaji* 
which promised that* ParttaH 
growth - ttkfe.&ofildr be achievi 
- Last year-'; at- toe 'stmjmiti 
London, Wfcst fjentMiry: 
to try to' ottaSa: 5 per cehtT s 
growth.. It achieved ooV 2.4 „ 
-cent, and has now becomenn 
cautious in its estimates a 
promises. r* •, .1 


Krelsky in Moscow 



BY DAVID SATTER 


MOSCOW, .Feb. 1$ 


Dr. Bruno Kreiaky. the Austrian 
Chancellor, arrived in Moscow 
yesterday for three days of talks 
aimed at expanding Soyiet- 
Austrian trade and reducing the 
: heavy imbalance in the Sovfet 
Union's favour. 

According to Soviet figures, 
Soviet-Austrian trade during the 
first three quarters of last year 
had a total value of 
Roubles 448.8m. (£332:4*n.) 

which is almost as high as the 
turnover of R466.5m. (£345.6®.) 
for the whole of 1976, but there. 
v was enlarge, surplus of . R81.2m. 
mimhu*"« v7 urxoe soviet mason's' 
favour. . ... 

Although Dr. Kreisky has been 
critical of. East bloc- human 
rights practices in the past, his 
concern to discuss economic 
questions is expected to keep the 
human rights well in the back¬ 
ground. An Austrian embassy 
spokesman said the issue was 
not likely to be raised. 
Meanwhile, the Soviet authori¬ 


ties have changed the d 
against . Dr.- -Yuri; Griffr," 
Important dissident leader;;] 
more iserioas one. - * ~ 

Dissident sources saidtf^i 
Orlov,, the head of a group.Wl 
collected Information, and jf 
reports on Soviet.obserysa» 
the 1975. Helsinki' accords; j 
faces charges of anti-Savfetaj 
.tiariT. Which carry; a nmai 
penalty of seven ygara’ imptit 
meat and five years? 

exile... fie :Jmd -.formetijV& 
charged, with npti-Soriet tiwj 
..'which camesa xnaxxmnmqws 
of three years? timprisonutot 
• :?r. Orlov's wlfe, 
informed of the new. .du 
to-day after-being summoaet 
the headquarters of the ® 
security .police where .she » 
tola to find' her husband, a Sw 
lawyer within five days- Y 
Orlov said she wanted Mr. la 
Macdonald, a British.^lawyer, 
defend her husband. 


This announcement appears-as a matter of record only. December, 1977. 



MARINE IVUDL-AND BAN 


INC, 




.V: 

••• •: •• -a'.->V. 


CONSOLIDATED BALANCE SHEET • 1 

Assets 

Cash and due from banks .. 

interest bearing deposits with banks. 

Trading account securities. 

U.S. Treasury.. 

U.S. Government agencies and corporations.. 

State and municipal obligations. 

Other securities.. 

Total investment securities. 

Loans in domestic offices.... 

Loans in foreign offices.. 

Mortgages... 

Total loans and mortgages, 

less unearned income. 

Less—reserve for loan.losses..... 
Loans and mortgages, net — 
Federal funds sold and securities purchased 

under resale agreements.- ... 

Direct lease financing, less unearned income 

and reserve tor losses .. 

Premises and equipment owned.. 

Premises and equipment under capital leases 

Customers 1 acceptance liability. 

interest receivable... 

Other real estate owned . 

Deterred charges and other assets. 

Total assets. 

Liabilities 

Demand deposits.. 

Personal savings. 

Other time deposits ... 

Deposits in foreign offices .....y 

Total deposits ... f 

Federal funds purchased and securities sof*' 

under repurchase agreements. 

Other funds borrowed... 

interest, taxes and other liabilities 

Acceptances outstanding.. £ . 

Obligations under capital leases . .£ . 

Notes and mortgages payable 

Debentures. £' . 

Total liabilities 


DECEMBER 31,1977 

(in thousands o) doHars) 


$ 1,763,572 
1,189,295 
33,485 


lational 


fch Offices 


726,122 

100,395 

341.871 

81,729 


1,250,117 

4.375,735 

1.977,67a< 

902.47 


/idon 

/S5 Moorgate 
/ 34 Moorgate 
/Panama City 

Avenida Balboa and 
Calls 43 
Paris 

- 8 Place Vendo.me 
Singapore 
4 Shenton Way 
Tokyo 

Kokusai Bldg., 
Marunouchi 
Nassau 


Centrals Eletricas ■ 

Brasileiras SA-ELETROBRAS) 
Brazil 

$ 54 , 000,000 

Term Financing 


'V -JT'Vv-.’ -Hi », 


-if - -J.'-.v:- -Hi 




/6,338 
. /24.849 

. / 77.488 
. / 235.307 
./ 102,459 
f 32,929 
110,104 
$12,137,184 


Other 

International Offices 


Guaranteed fay 


$ 3,301,726 
2,270,247 
1.571,335 
2,994,398 
10,137,706 


729,204 

73,820 

212,090 

238,198 

89,600 

24,260 

200,000 

11,704,878 


Beirut 
Bogota 
Buenos Aires 
* Caracas 
Frankfurt 
Hong Kong 
Jakarta 
Madrid 
Manila 
Mexico City 
Panama City 
Rio de Janeiro 
Rome 
Sao Paulo 
Seoul 
Sydney 
Tehran 
Toronto 


The Federative Republic of Brazil 


- - 'v l : .f« M 


Managed by 


BankAmerica International Group 
Dresdner Bank Akb'engesellschaft 




Provided by 


Bank of America NT&SA 


Associated Financial 
Institutions In 


Commerzbank Akfengesejfschaft; London-Branch 
DG BANK Cayman Islands Branch 1 


—•; ■> .Ti >Sl> tWWT"- - 

77 

■ ■ -L.% SyS' 


Capital f 

Preferred Stock. £ 

Common shareholders’ eoiCs 

Common stock, $5 pa rf . 

Authorized — 20.00#,,. 

Issued — 12.512.4T. 

Capital surplus.. -treasury, 

Retained earningapres.... 

Less •— common f pr< .- equity 

at cost^F .* * * ■' 

Total commodJ b j, ftles and cap it a j‘ 
Tot f 


62,562 

110.755 

257,542 


Australia, 

Cayman Islands, 
Colombia, Costa Rica, 
France, Ireland, Italy, 
japan, Lebanon, 
Philippines, 
Turkeyand Venezuela. 


Dresdner Bank AktiengeseBschaft G^nd Cayman Branch 
Euro-Latmamerirarr Bank Limited—EULABANK 
Securiy Pacific Bank ' 


(947) 

429,912 

432,306 

$12,137,184 


Mtfl. securities and other assets carried at $1,114,524,000 
#cure public deposits and for other purposes, including 
On De/nder agreements to repurchase. 


MARINE 
MIDLAND 
BANKS, INC. 

140 Broadway, New York, N.Y. 
10015 and One Marine Midland 
Center, Buffalo. N.Y. 14240. 


Agent -l” 

BANKof AMERICA " 1 




318 Offices in 212 New York Stale 

Communities* 


























3 


vy-fi 

y.f.S- . 

’r'y •••' v 


ropean news 


WiMBfflHinists could Union action 

«§ fit? P ™ We “ ,S SLe 

;: ^^;^,|^adr e 0tti , shipyard 

. ‘A;P gafe ^iha3ife i jiWBfeeirop6ft ' --BY fMIL%E J iS ROME, Feb. 6. „ R • 

far^77pabHsheSstMflay'Bbcws , - B r J ,mm / Bums 

AS- SlG^GilJMQVANDMOriT, -wliieli rrone of the mtUm, W3 n t5 . ' LISBON. Feb. 0. 

* simitarlb. g r i ^ UiUk ^ferorfuct) Although the Christian Demo* USNAVE, Portugal's sbiprepair- 


; p & 

ia if. fe 
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“■•fi 

.■SSI 


Denmark’s choice: gas pipe or island link 


atj t W&BmB flp w problems 


BY OUR OWN CORRESPONDENT 


■ ‘.v y ■'' 


;-v. ■ ■ 

■f. -\v„- -. 






ROME. Feb. 6. 


accounts for 
the country’s 


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and !*■ 

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J® *%: 

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niuraafe 
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• rx'ba 


have formally rejected the jn« yard, which accounts for 

- -• target >jfc 5.7 fc*r ,«?!«.• and .io « JggV- ^ ,7 inclusion of the Communist fiorae 5 ™. r cent, of the country’s 

aAi-ssKB =.-r rrrirs 

. ; '• 22J.VWT wJSUw.’SiSd. would coiodde 

" \ ■■-.?nie..COmi^S| v .«pe thought defined deal which would effee- with the first debate of the 

fe .1w their tively associate the Communists new Government PrOBroTO®^ 

- oppOsiDott^T^g^^nrober of i n the majority in a disguised Workers at the yard Wl1 

;thei potential :cHit^ttt^ iand should manner tain a total stoppage for two 

the He faces two major difficulties, hours, hut have hinted that 
•. ‘g&ggSggS gSigggay to lta hawmr. Die first—that the sterner strike action might 

paper flnd--JuEifid*l'f^ilKers. The current criSffi ^i^b^come even Communists could insist on an follow. 

fln^ ; figu^d^.-^riculturil:. pri»- slimmer;. v . above board participation in the [ Q 3 communique issued at the 


THE DANISH GOVERNMENT 
will have to choose between 
Investing In either a natural 
gas pipeline from the North 
Sea and distribution network, 
or a planned bridge across Ibe 
Great Belt (one of the two 
main rnlrjnces to the Baltic) 
according to a Ministry of 
Finance report on public 
Investment plans for the period 
1978-90. 

The problems stem from the 
clash between the bridge and 
gas projects which are planned 
to coincide In the period 1979 
to 1986. The bridge linking 
the island of Zealand with the 


Jutland peninsula will cost 
about KrJ>.8bn. (£500m.) and 
the gas project is abont 
KrlObn. (ESOOm.). 

The report estimates that 
the bridge would give a better 
return than the gas project. 

The “social rentability” of 
the bridge is put at between 
12 and 14 per cent, depending 
on the rate of traffic growth. 
Tbe gas project wonld give a 
return on investment of about 
6 per cent. 

But energy policy considera¬ 
tions—security of - supply and 
the development of a variety 


or supply sources—will play a 
major role when the Govern¬ 
ment has to deride on invest¬ 
ment priorities. 

The gas pipeline and net¬ 
work also has a relatively poor 
return compared with other 
forms of energy investment, 
such as insulation of buildings, 
nuclear power and power 
plants for district healing. 

The report estimates that 
lota] public sector investments 
in the 197B40 period come to a 
minimum of Kr^OObn. 
<£l-8bn.) and a maximum of 
-Kr^GObn. (£2,5bn.). The latter 
includes Kr.TObu. for energy 


COPENHAGEN, Feb. 6 

plans and Kr.46bn. ou traffic 
investment. If all these plans 
were carried ont. public sector 
investment would rise by SO 
per cent, in real terms every 
year between now and 1981. 

A note from the Economy 
Ministry, published simul¬ 
taneously with the report, 
questioned whether this would 
be compatible with maintain¬ 
ing overall economic balance. 
There were narrow limits to 
the amount hv which public 
investment could be allowed to 
increase in the next few years, 
it said. 

Tax bombshell, Page 6 


Bridging the Great Belt 


BY HILARY BARNES IN COPENHAGEN 




Romaniari otriput ciR - U.K. !cbmmitted’ to EEC 

-Despite -last--yeaiV- devastating' — V -rh*-: 
eatthquaks^ : Romanuux\ industry _. ftY 
daims_tovbave : increasetf-Jts oiit-i 
put 3ast year :by i3;6. per cent, - V.v--££> 

compared, with. 197BL"writes Pauli tttk EurODean. terms. in nrripr tn hp nnnrt Film 


■ ~ ~ .v : '■ • partWVV and the Commnnists, insisting on a „ , ‘ ... tVl _* 

lceiana .ClirTCJlcy move enforcement J wouW'qe guaran- jointly approved, but Christian Management has replied that 
Aii fhroitt B teed by ~tt parfiimi'ePtajy commis- Democrat-in spiked, programme ! hc th .r ea, .^P ed ,, indu •• 

sidh: composed oT patty whips, in- administered by a Christian's poliUcally i^tivated. 
yest«S^s^rih^.central bantra/ rinding. the’ .Communists. It Democrat Government, without 'y? r ^ cr ? fc a 
Jc^abd ic expepted to announce a would remove, atJeast tempor- any interference in the appoint- able to the Commuimt-dommate 

^^• I * eU00 *' Dent of 

morrow, writeS Jon Magroiksbii in '' ■'•'•••’ ’ TySRlI ' . *- - Saturday reiterated th®^ 

Iceland. ••objection to the inclusion of 

' I'-r- 1 —•• . m ____ Christian Democrats (CDS) in 

Rom^M oirtput tiR . ‘committed’ to EEC ,="^1 

-Despite — last- -year's *-devastating • • — •••<■•?'■-*•: 30 per cent, of the shares in 

.earthquake;-. Romanian . .indu^ryi v tv ncriUMW : wit-P Lisnave during the 1975 wave of 

daims_tp.bave : Au crease tf^ttsout-i . nalionalihations. 

put last year :by 12;6. -per cent! .. ,W-i vi‘:- AlihniiPh union Icidcrs have 

THE BRITISH :''4feZ European, terms, in order to be good Euro- rP1 > tl ,. dl h mu t oS c-alliri- for a 
w TW riOt_4rice other peans.” It was enough for the Sn W slr.ke before^^ the budget 

woXww^bBt^'S^SdDdUf U K ' t0 be committed **tcp , by- on March 15. limited industrial 

«*dop^ ^E^JfJast n,ght step to a common development. ac tion has continued throughout 

: rat4‘aSSiiS-X?1S>-"l P -^S2£2S!^A c J5ffi The “ purists" Tell that «he week. Tbe threatened 
fulfilment.^of-'the.'.'*-1977-‘plan; Foreign ^Secretar^-^^mourner Britain was trying to alter the Linnavc stoppage follows strikes 
Investments were reported tip ^ :fj n Community to suit its own by railwaymen . and Lisbon 

^r cen^-and. t^ vohmre -ri the the interests rather than conforming teachers. 

■SiT*. M* PW «Wt ««n«gg»::.SWB£'C5g : 'Ii mt to the rules of the rluh which Until this week, it was 

jSZ^i&GS'SS- SB^ SSSt longer 11 had voluntarily joined. "Of generally assumed that Lisnave’s 

£rMt&3FS3r< S?n^^SbLs? ; -S5^arts^^of °° urse - we must »c«Pt the workforce had recovered Trom its 
nmmnes^ i^^t^.year, niles." Dr. Owen said. But the initial militancy which during tbe 

-‘j: realise that ru ^ es a c ^ u b could remain radicalisation in 1975 led to a 

TurfeisK: five-ydar plan ^rSrrSug-a^fefand is a fact while tbe fj ub changed its slump in productivity. Only 
. - r .. ‘ Siwr anhtf and character, and that was what recently management at the plant 

The Turkish Gdvecnhient is to of anti- had happened in the Commu- was predicting that results for 

1977 would show a return to 

' labour group .dinner.,. J>r. Owen said that the Euro- P rofit - 

mixed plan committed yesterday-ft had not 1 • always been P® an Commission would have to Coming in the wake of the 
decided to.xsttxfl tne-.fmmh Five- realised thafr anVIskna nation ld *P t iXs role as the Community appeal by Sr. Mano Soares, the 
Year- Elan submitted .by former oirite iustifiably have an was enlarged from nine to 12. Prime Minister, for a new spirit 

Prime " Minister^ ..'Suleyman nlI ri nn tnf it^ftWTH-fbr’examDle countries, to include Greece, of national reconciliation and 

♦w }n ..' 4 Uit- jwnli«i.n In DUUHOK. OX- 115 _4_, a C- 1 _ ,T_ .n U-lr. knn. Dnrlnn.l mi* 


Sowet : aianoeuw«; S^i f «^"Snfe TFSl 

rn» ' TTniAf» v Knft n-n i T ~ Awn* ^*^1' OWCH' S M I L •.“••ff*- SlOH tO WOFK GfiBCtlVfily fOT til6 nmuoF nrinriU anv CiinH 

.&J&828iiS&.92. ■z£Z8&'£?$&*x£t tl “iJf of 1 ^ “Jgra «'»««? 

terday in "West'Russia as, for th& C^m.iraity was^Iew’^But ttie change some of its previous 

flrrt^tm^ i obsercera- ft^nr^ the other eountries, mustJfcnow that practices and attitudes, instead - 


flirt time, 
. Unified. J.’Sb 
BedeZnx-./c 
David Satti 


U.S.. BRITISH. • Dutch. Vest 
German. .Japanese. Swedish, 
Norwegian and Danish com¬ 
panies are among those who 
have cleared the prc-qualiloca¬ 
tion round for construction of 
the Great Belt Bridge described 
as Denmark’s biggest man-made 
structure. Tenders for the first 
section of the bridge are 
expected this autumn, but 
according to present plans the 
bridge will only be completed 
in 19S6. 

The bridge will for the first 
time make possible an unbroken 
journey from east tn west across 
the country, a dream which has 
been harboured by the Danes 
for at least a century. 

Denmark consists of the 
Jutland peninsula and about 
500 islands. Most of the more 
important islands are already 
linked to each other or Jutland 
by an imposing array of 
bridges, bur Zealand, the island 
on which Copenhagen is sited, 
has still In be linked to Kuncn. 
best known for us main city. 
Odenhe. birthplace of Han't 
Christian Andersen. The waters 
separating these two islands are 
known as the Great Belt, which 
together with the Sound (be¬ 
tween Zealand and Sweden) 
form the two main exits from 
the Baltic. 

Although there are also plans 
to build bridges linking the 
southern Danish island of Lol¬ 
land with West Germany and 
Zealand with Sweden—projects 
which have a strong appeal for 
both Swedes and Germans—the 
Danes have always given a Great 
Belt link top priority. They 
feel that if Jutland is not linked 
physically to Zealand it will turn 
into Hamburg’s back garden, 
especially following membership 
of the EEC. Tbe Great Belt 
bridge, they believe, will pull 
the two parts of Denmark 
together. . 

The completed bridge will be 
17.7 kilometres .111 miles) in 


length, which will make it the 
longest bridge in the world tn 
carry both road and rail 
traffic. It will also be excep¬ 
tional in crossing an interna¬ 
tional waterway. Both features 
provide new challenges and 
problems. 

Tbe bridge will be built, 
owned and operated by the State. 
Tbe Folketing has set up an 
agency. Statsbroen Store Belt 
(SSB—Slatebridge Great Belt), 
for these purposes. Tbe bridge 
will he financed by a toll, which 
should be sufficient to give a 
satisfactory return on tbe Hr. 

-" i ilSSOm.) investment (1977 
prices). 

There i* just one possible 
hitch. The anti-tax Progress 
Party has put forward a Bill 
calling fur the repeal of the 
bridge-building Act. It :s pos¬ 
sible that a majority will agree 
with the Progress Party when 
the Bill is considered in the next 
month or two. If so it will be 
on the grounds that Denmark 
cannot finance ibe bridge as well 
as a scries of other major pro¬ 
jects which are under considera¬ 
tion—a gas pipeline and distribu¬ 
tion network from the North Sea. 
nuclear energy, energy-saving, 
electrification of tbe railways, 
and other road plans. But Mr. 
Oeyvind Eoldsen, SSB’s Manas- 


-T 


o UIU-. 40 







mg Director, is convinced that 
the bridge will again be approved 
and that construction will go 
ahead as planned. 

The first section nf the bridge 
will lake it just over halfway 
across ihe Belt to the island of 
Sp rogue from Korsoer, the 
Zealand terminal. Tbe east 
bridge will cross tbe main sea- 
channel. which carries a heavy 
traffic of vessels up in about 
300.000 dwt. The cast bridge 
will include a minimum of two 
channels with a width of 3ti0 
metres and clearance of 62 
metres above sea-level. The 
west bridge will be a low-level 
structure with only 14 metres 
clearance. 


Orders fall by 5 per cent. 

BY OUR OWN CORRESPONDENT 

COPENHAGEN, Feb. 6. 

ORDER STOCKS in Danish period increased by 7 per eenL 
industry at current prices fell New orders rose bv 7 per cent, 
by 5 per cent, in the fourth both f j ni j ustrv a , v hol P an d 
quarter of lasr year compared ? y . J ana 

with the same quarter in 1976. esc ud a “ shipyards. Sales of own 
according to the Bureau of goods and services rose by the 
Statistics. But when shipyards same amount. The volume in- 
are excluded from tbe figures, crease in sales, excluding ship- 
order stocks show a rise oE 4 per yards, was only 1 per cent 

cen ’ compared with the same period 

Producer prices in the same In 1976. 


The design of the bridge is 
still open. It has nm vet "been 
decided whether it should be a 
suspension or cable-stayed bridge, 
a two-decker bridge, or whether 
there should be one or two spans 
across the main navigation chan¬ 
nel under the east bridge, or a 
six or four-lane motorway. 

A suspension bridge with a 
1400 metre main span may lie 
chosen for navigational reasons. 
Ship collisions with bridge pil¬ 
lars are one of the trickiest 
problems the builders have tn 
consider. Heavily-loaded super¬ 
tankers and lighter but fast- 
moviDg container vessels are an 
equal danger, according to Mr. 
Boldson. As well as safe¬ 
guarding the bridge, account also 
has to be taken of what might 
happen In the ships. A major oil 
spill in such a congested area 
would he serious. 

The hridge will probably be 
financed largely by foreign 
loans. 

Fourteen consortia have pre- 
qualified for all or part or the 
east bridge construction. Among 
the companies are Krupp,.United 
Slates Steel, and Compagnie 
Francaise d’Enterprises Metalli- 
ques. All the big Danish civil 
engineering companies are in¬ 
cluded. Christiani and Nielsen, 
H. Hoffman and Snnner, Mon berg 
and Thorsen. Kampsax and Hnj- 
gaard and Schultz. From Britain, 
Redpath Dorman-Long has 
pre-qua lifted on its own for 
the whole east bridge. Taylor 
Woodrow and Cleveland Bridge 
are members of a Danish-Angto- 
Dutch group. 

The contracts are expected to 
specify that tbe main materials, 
steel and cement, must be sup¬ 
plied by Danish companies, which 
can give a useful boost to 
Denmark's only steelworks. 
Fredericksvaerk Steel Mills, and 
to one or more of the Danish 
shipyards. A maximum of about 
a thousand people will he 
employed directly on construe- 
tinn. 




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Wales is open for business. 

And we, the Welsh Development 
Agency, are making Wales a really 
attractive place for expanding 
industry to conduct its business. 

Quite simply, we can offer 
industry finance, factories and advice. 

It doesn't matter what size you 
are. If you can demonstrate that your 
business is viable or has potential, 
we want to talk to you. 

We can help finance your expan¬ 
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or loans. Or both. 

And WDA loans are arranged at 
highly competitive commercial 
interest rates over periods adjusted 
to suit your development. 

We have modern, fully serviced 
factory units for rent, lease or sale, 
from 1500sq. ft, in many parts of 
Wales. 


These are available immediately. 
Others are under construction. 

Or we’ll build to your specification 
in the area you choose. 

If you need it, we’ll give you 
expert advice about running your 
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We’ll also advise you on the 
range of government incentives avail¬ 
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and help you take steps to get them. 

Remember, the Welsh Develop¬ 
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wide experience in industry and 
commerce. 

Our business is to help your 
business. So call us on the 
number below, and we'll y 

discuss a titttT BC J ) 
few openings UlJ I I1,1^ . S 
together; 


Welsh Devdopmznt Agency 

Irefoiest Industrial Estate, Pontypridd, Mid Glamorgan CF37 5UT.Tel: Treforesr (044 3S5) 2666. Telex:497516. 





























































































































































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4 


■ Financial Times Tuesday F^ruasy 7 197S 


AMERICAN NEWS 


Peru allowed easier terms 


in paying for Soviet arms 


WASHINGTON, Feb. 6 . 


BY HUGH O’SHAUGHNESSY 

THE SOVIET Union has agreed repayment period itself should President, has agreed to modify 
to allow Peru easier terms for be extended. domstic policy, ip the light of 

the repayment of debts incurred Peru, which undertook ambi- domestic policy, in the light 
in the purchase of large quanti- tious re-equipment of its forces now that the Fund has disoursed 
ties of Soviet military equipment in the mid-1970s, bought 250 its first credit _ for Peru, the 
and aircraft. T54/55 tanks and 12 MiG-21 air- authorities in Lima are prepar- 

„ . , . craft. Tt is now buving 36 ing a big effort to try to convince 

Pent is facing very severe S kh i . 2 .> fiEhters sa- 3 S and foreign private banks' to re¬ 
balance of payments difticulties, gJgL a 2 J finance much of the foreign debt 

has had recourse to the Inter- *>-?' surtacwo-air missues^j * 

national Monetary Fund for Ml ^. helicopters. 200 T-82 Their object is to reduce^the 

stand-by credits, and is seeking tan ? a ” d Quantities of proportion of export earmngs 

a refinancing of its foreign debts 122 and 130 «uns. which will have to be pledged to 
which threaten to consume Th* Peruvian Government the service of the foreign debt 
almost ?ralf Peruvian foreign ex- makes the point that they called from nearly SO per cent, as now 
change earnings this year. for international bids for the to something between 20 and 29 
, ’ . re-equipment of the air force and per cent. The public sector 

Last month, me Peruvian received propositions from the foreign debt due in 1978 amounts 
Government paid some S3m. in u s France ^ USSJt The to $927m. 
respect of accrued interest on soviet offer a (word toe to Peru. „ 

1 he arms account but. by arrange-The Peruvian Government 
ment with Moscow, withheld 711“ bopes tbat% as a result o£ cuts 

something over S 6 Dru. in repay- S? “L® iD P ufalic sector expenditure and 
ments of principal. offered Sutahtu-..-s at half the a tightening credit squeeze, the 

.. .. „ _ price of comparable French or ra te of inflation (which in 1976 

Negotiations are now going U.S. aircraft, and -to be paid for reached 45 per cent, and last year 
on between Lima and Moscow 0 V e r ten years with a two-year 36 per cent> will this year be 
about whether the pnncipal grace period. limited to 20 per cent. But 

>hould be repaid within the Now that Gen. Francisco officials admit that this target is 
stipulated time, or whether the Morales Bermudez, the Peruvian ambitious. 


Heavy snow 
envelops 
New York 
and suburbs 


No early end to coal strike 


BY STEWART FLEMING 


NEW YORK, Feb. 8 . 


THE PROSPECTS for an early of the 39-man Bargaining Council Although only spot' shortages 
settlement af the U.S. coal was postponed until to-morrow at of coal supplies are occurring— 
strike remained uncertain to-day. President Carter's request. partly because the United Mine 
in spite of optimistic statements While his intervention in the Workers produce only half the 
from union leaders that agree- talks was seen as primarily U.S. coal output—the power 
ment was close. After a week-end cosmetic—responding to pressure problems will spread if the strike 
recess in the negotiations on the Administration to bring lengthens. Also, even if a settle- 
between managment and ihe about a settlement—it sounded ment is reached, it would take a 
United Mine Workers, a time for a warning to industry and union few weeks for it to be ratified 
ihe resumption of the talks has negotiators that the Govern- and for coal supplies to return to 
still to be decided. ment is becoming increasingly normal. 

As the longest strike in the concerned about the strike. At some point, if a settlement 

history of the United Mine Wor- a new snowstorm sweeping is not reached soon, the Presi- 
kers moves into its 63rd day, the Atlantic seaboard increases dent could declare a threat to 
there is growing concern about the threat to industry from a national heatth and safety. He 
the prospects of getting the decline of stocks at power sta- could then apply to the courts 
Miners' Bargaining Council and tions, and raises the possibility for an Injunction requiring the 
the 160.000 miners themselves to that the President will have to miners to go hack to work for up 
approve any formula reached by invoke the Taft-Hartley Jaws to 80 days while talks continue, 
the union and management which allow the President to sus- One question, hwever. is bow the 
negotiators.- pend a strike while compulsory miners, with a record of un- 

On Friday, a planned meeting negotiations are carried out* official strikes, would respond. 


Jail sentences 
in electrical 
anti-trust case 


WASHINGTON. Feb. 6 . 

A FEDERAL judge imposed 
heavy prison sentences and 
hundreds of thousands of dollars 
worth of fines on eight com¬ 
panies, and on 11 of their 
present or former officers, 
charged with price-fixing in the 
electrical wiring devices 
industry. 

The heaviest penalties for an 
individual were meted out to Mr. 
-Jack Amsterdam, chairman of 
Leviton Manufacturing of Little 
Neck. N.Y. 

AP-DJ 


Technicolor investigation 


WASHINGTON, Feb. 6 . 
TECHNICOLOR INC. said that parent of a customer of the sub- 
an investigation by its audit com- sidiary. The reimbursement was 
mittee has revealed questionable made without obtaining approval 
or “improperly characterised” of ' oca£ .currency control 
transactions worth about $114,000 a 8 en cy» Technicolor said, 
during the 16 months up to in a separate- report to the 
October, 1977. SEC, Gambl^Skogmo Inc. said 

la a report to the Securities that the Federal Maritime Com- 
and Exchange Commission (SEC) mission had made an $80,000 
the film-processing company said claim against its Gambles Import 
that 885,000 worth of the trans- Corp. for alleged violations of 
actions involved dealings with federal shipping law. The 
its foreign subsidiaries “which charges relate to rebates by 
appear to constitute violations of an ocean earner to former 
local currency exchange regula- employees of the subsidiary, 
lions/' One case involved the These were disclosed by Gamble- 
reimbursement by a Technicolor Skograo in 1976, the Minneapolis- 
subsidiary of a $37,500 over- based retailer said, 
charge claimed by the U.S. AP-DJ 


U.S. JOB AND PRICE INDICES GET A FACELIFT 


Juggling the figures 


BY DAVID BELL IN WASHINGTON 


THE REAMS of economic statis- views. There are strong suspi- the new index and enough to 
ties that emanate from the fl.S. cions that it will conclude that make it not strictly comparable 
Government each month are the present computations over- with the old. ' But BLS statis- 
cheerfuify ignored by most of the state the amount of “hardship” ticians believe that over time, 
population most of the time, but understate unemployment and given the fact that the index 
But the consumer prices index among minority groups who may is in any case a measure of 
and unemployment figures jure have dropped out of the labour relative price movements, the 
always Front page news. Together force completely. overall effect may not be too 

they represent for most people. More immediate interest large. For example, the change 
and for many members of Con- attaches to the major revision of in the weighting of food means 
gross, a monthly '‘fix” on what the CPI and the "rolling" re- that a 10 per cent, rise in food 
is' right and wrong with the vision of the wholesale price prices, which would have added 
economy. figures now also under way. Later 2.7 per cent, to the index, will 

In Britain a third set Df figures, this month—probably on now make only a 2 per cent 

for external payments, get the February' 27—the Bureau of difference, 
same attention. But in the U.S. Labour Statistics (which collects The „ eon j phanpp involve 
in spite of the record size of the all three rets of figures* will the way?n which thilctual Srice 
American trade deficit, the/e publish the first new CPI re- d ”* a f* C0 | lected until, now the 
bjve yet to capture the public vision of the wholesale index. BLS has collected d?u on about 
uVE, ”1, r • , ■ .The CPI changes have taken 400 specific items in 56 cities 
Major changes arc now m tram eight years and have cost more j n a ll 50 states. Collectors have 
in the way in which the U.S. than $50m. to implement. The asked the price of standardised 
Government measures both infla- scale of. the monthly task in- items—like half a *allon of milk 
tion and unemployment. This volved can be gathered from the i n a plastic container—across the 

country. But the new specifics 


U.S. Government statisticians, revamping 
indices for the first time in 14 years, must 
tread warily to avoid protest and confusion. 


NEW YORK, Feb. 6 . 

NEW YORK add Sts suburbs were 
bit to-day by a winter storm 
which closed schools and 
courts, made travel during the 
morning rush hour hazardous, 
and threatened to paralyse the 
region with high wind, and 
more than a foot of snow. 

Between 12 and IS inches of 
snow were predicted by mid¬ 
night By tie middle of the 
morning rush, only a few 
inches had fallen but main 
roads were under snow, and 
ice and gusts of wind had 
already created problems with 
drifts. 

Nearly all schools and colleges 
were closed, including the City 
University of New York and 
public and parochial schools 
in tiie city. The city admini¬ 
stration declared a limited 
snow emergency, restricting 
travel on key streets to cars 
with snow tires or chains. Sub¬ 
urban areas began to come 
under snow emergencies at 
6 a.m. 

Road crews fought to keep main 
roads open, but police through¬ 
out the region reported 
slippery conditions and slow 
traffic movement 

Commuter trains and bus lines 
—bringing hundreds of thou¬ 
sands of workers to Manhattan 
from Long Island, southern 
Connecticut and from northern 
and central New Jersey—were 
subject to delays of up to an 
hour. 

Most husineses planned to open, 
but many were expected to 
close early as conditions 
worsened during the day. 

The national weather service, 
predicting up to 20 Inches of 
snow in some suburbs, said 
that heavy falls should con¬ 
tinue through the night. 

AP-DJ 


OVERSEAS NEWS 



Kashmir 
issue spoils 
Pakistan- 
India talks 


Syria to receive aid 
from Rejection Front 


BEIRUT, Jan. 6 . 


By Simon Henderson 

ISLAMABAD. Feb. 6 . 


BY IHSAN H1JAZI 

(PRACTICAL STEPS are ex-front The Iraqi regime had 
J peeled to be taken soon to fulfil refused to take part' In the 


the resolutions adapted by the Algiers summit because its own 
‘ Arab leaders opposed to Presi- plan, advocating a more radical 
THE POSSIBILITY of a radical ; dent Sadat at their summit con- stance against Israel, had not 
improvement in. Pakistan-IncUan j ference in Algiers which ended been adopted- 
relations along the lines of the i early Sunday. *'■. • Israel today welcomed the 

Shah of Iran’s ideas of greater Major Abdel Salam Jalloud, American decision to renew the 
regional co-operation seems to the second is command is the. Middle East peace shuttle of the 
have foundered on the rock of Libyan regime, is to visit assistant Secretary of State, Mr. 
Che Kashmir problem. Damascus within the next few Atherton, David Lennon 

Talks between the Pakistan i days to discuss the aid Syria will adds from Tel Aviv. - 

need to strengthen its economic Mr. MoShe Dayan* the Foreign 
and mili tary potential, according Minister* said that he was pleased 
to informed sources.' at therprospect of Mr. Atherton 

President Hafez Assad {dans fawning to-the Sreato try to 
to viat Moscow by the end erf se§k agreement between Egypt 
this month .for talks-wlfli'Soviet: andIsrael on-a declaration of 
leaders, and may be' followed .principles for a Middle-: East 
there by Mr. Yasir Arafat, the peace settlement, 
chairman of the Palestine Libera-' Even as the Fo reign Minister 
tion . Organisation, the sources was., meting these comments* 
said. ... . local' papers were-•-carrying 

President Assad described the/reports tbatirfr. Dayan Jo gloomy 
results of the summit as good; -about the prospects for peace, 
hut noted that more could havg/.- jir^. , Dayan left today for. 
been accomplished. He spoke to--Europe and the U.S. where he- 
reporters who accompanied Trim .intends to explain Israeli'^policy, 
on the plane to Damascus, "-. .especially on the question of 
Observers noted that the final -Jewish, settlements in the occu- 
declaration of the Algiers meet-, pied .territories. He told reporters 


Foreign Secretary, Mr. Agha 
Shairi, end Ills "visiting Indian 
counterpart, Mr. A. B. Vajpayee, 
failed to include either an 
exchange of views on the pro¬ 
posed Asian Common Market or 
the lesser measure of transit 
road and'rail links across Pakis¬ 
tan between India and Iran. 

Instead the topics covered were 
a review of the implementation 
of the Simla accord which fol¬ 
lowed the 1971 Indo-Pakistani- 
war, and agreement to talk about 
the Indian Salal dam on the 
Che nab river which flows into 
Pakistan territory. 

On the Kashmir issue, the 
Moslem populated area of north¬ 
west India, both sides exchanged 
views on the basis of their 
respected position. Mr. Shahi 
said. No change in these posi¬ 
tions, which Pakistan regards as 
the only problem separating the 
two countries from further co¬ 
operation, was reported. A less 
strong Pakistani stand had been 
predicted after a four-hour visit 
to Islamabad yesterday by the 
Shah of Iran. 

Although Mr. Vajpayee is stay¬ 
ing in Pakistan until 'Wednesday 
the time far progress in discus¬ 
sions is running out. A working 
luncheon with the Pakistan 
Foreign Secretary is scheduled 
for to-morrow hut besides that 
bis trip is taken up with sight¬ 
seeing around Islamabad and 
Lahore. 


January car 
sales show 
fall of 5.3% 


By John Wyles 

NEW YORK, Feb. 6 . 

CAR SALES in the U.S. showed 
a sharper than expected 
decline last month, hut the 
softening demand should not 
be seen as heralding a slow 
down in economic growth. 

This is the general consensus 
among analysts who had been 
forecasting a fall in demand 
for new cars this year from 
the near-record 11.3m. units 
sold in 1977. However, the 
continuing strength of foreign- 
made cars, which accounted for. 
about 21 per cent, of all sales 
last month, is causing concern. 

Observers are cautioning against 
drawing too many conclusions 
from January sales figures, 
which were undoubtedly 
affected by extremely bad 
weather in the Mid-West. In 
total, dealer sales Fell by 5-3 
per cent, from a year earlier, 
with General Motors showing 
an 11.7 per cent, decline. Ford 
a drop of 1.6 per cent., Chrysler 
down by 12.4 per cent, and 
American Motors by 27.6 per 
cent. Overall sales of U.S. 
manufactured cars were down 
by 9.4 per cent. 

Import sales, o nthe other hand, 
rose by about 15 per cent to 
around 142.000 units, with all 
of the leading foreign makes 
except Volkswagen showin: 
gains. Toyota sales were up 
3.2 per cent.. Datsun nearly 20 
per cent, and Honda 70.5 per 
cent On a seasonally adjusted 
basis January sales ran at an 
annual rate of about 10 . 2 m. 
units, which is below the 10.5m. 
to llin- total for 1978 projected 
by leading analysts. 

Most of the other indicators of 
the economy's strength are per¬ 
form ing more robustly, and no 
one is reading a recession into 
the disappointing car sales. As 
a matter of comparison, car 
sales fell in 1956, 1966. 1967 
and 1969, all years of a rising 
economy. 


month a new consumer price fact that it takes the bureau's . 
index, and a high level commis- IBM 370 computers 11 hours to P r 5 <Suc ^ 
sion will shortly begin re-examin- compute the price data each 
ing the way in which unemploy- month and a further six hours 

merit figures are collected. for the high speed printers to ^ __- - 

Price and unemployment data print out the finished product. both jJ? the industriS 

3!.£&nL k a! tw -S-M" - u* etanwhra. J>° U L' nd “^ 


tions give the collectors more 
leeway in choosing- for example 
the most popular amount of milk 
bought in a given store rather 
than necessarily following the 
national specification. 

Changes are also under way 
in the wholesale price index 
(WPIl. Until now this has 
focused on three categories—farm 
processed foods and 
Industrial commodities. This has 
given rise to much “ double 
counting”—as for instance in 
which 


politically in the U.S. Only a first major ones for 14 years—are m ' 


month ok for example, to J ere desi, ^ to Infci .SortS * be P rDceSSed * 00d5 categ0ry ’ 


mutterings from alterations in national expendi- A new WPI Index is now run- 


were loud _ __ _ ___ 

Republicans on Capitol HUI ture patterns and substantially to ning alongside the eSiSting Index 
when, after a technical change in revise the way in which raw which focuses instead on crude 
the seasonal adjustment data is collected. materials, interim materials and 

mechanism, unemployment was The foundation for the new finished goods, 
found to have tumbled 0.5 per jndex is a massive national ex- It will be at least two years 
cent. Jn four weeks. This penditure survey undertaken in before any changes are made 
followed many months in which 1970 and 1973. It look a further in the unemployment figures, 
the -ogure _ stuck obstinately year to analyse its findings, per- Unlike Britain, where rnueh 
around 1 per cent. . haps the most importance of reliance is placed on data from 

. . r “ c American economy, which was that the present index employment exchanges, the U.S. 
sensitive as it is to inflation, the overstates the importance of figures arc the result of a 
consumer price figures influence j 00 ^ ^ tta e average budget monthly survey of 50,000 care- 
tne economy in their own right ^ ^ made up of a fully Chosen households across 

“5: w ^ e number of components—housing, the’nation. This is designed to 
tinkpd K import foodf fuel and others show who has a job, who wants 

Linked to movements in Abe con- —.weighted according to the one and who has stopped even 

s « ,n iv,C P -In Cfi jade * V i amount of an average budget looking for one. People who say 

another dOm. people on social sppQt on aIter ^ ^vest- they do not have a job and have 

wiSwriS ments and savings have been given up trying to find one are 
*.ven tne ,j e( j uc t e( j_ not counted as *' in the labour 

and disappear from the 


security also have 
linked lo the CPI. 
amount local communities may 


spend on school lunches depends ^ The ,0 ^ 'altogether. 


on movements in the food com- 

ponent of this index. basket,” but the survey found Critics of this system argue 

It even has an effect on the in fact **• ttP ,cal American that it measures “too many" 
defence budget which now has to family now spends only 20 per people who may be looking for 
allow for S9bn. for pensions for cent oE disposable income part time work fbut quite 
retired officers and men—a oa fooc *- By contrast, spending possibly have no over-riding need 
figure far higher than five years on housing .(defined as what it 0 f it) while under-recording the 
mm These pensions too. are costs ,0 buy * n(1 n ' n a bouse or Hue e.Ytent of, say, black un¬ 
index linked. ’ a flat) has risen from 34 per employment. It is argued that 

The Presidential Unemnloy- «aL \o 39.8 per cent. The cost many blacks hare given up look- 
ment Commission, set up after of transport has also jumped ing for a job and that, in any 
widespread criticism of the un- f rorn 12 P er cent 10 19,8 P er case- c? nfiUS fi 2 ? res “nder- 
rmployment figures, has 18 estimated the number of blacks 

months to come up with in AH this 1 will have an effect on m the first place. 


Mobil sues rival 
over exodus 


By Our Own Correspondent 
NEW YORK, Feb. 6 . 

MOBIL Corporation, the third 
largest U.S. oil company, has 
alleged that a diminutive rival. 
Superior Oil. is luring away 
some of its executives, partly 
with the objective of securing 
trade secrets and confidential 
data. 

Mobil’s allegations are made 
in suits filed in U.S. and 
Canadian courts, and are being 
interpreted as an effort to halt 
the exodus of some of its 
senior oil exploration execu¬ 
tives to Superior oil. based at 
Houston. 

Mobil has named 30 former 
executives in its court docu¬ 
ments. including a president 
and a general manager of its 
Canadian subsidiary. 

It claims that its former em¬ 
ployees hold comparable posi¬ 
tions now with their new 
employer and have disclosed 
trade secrets which Mobil 
spends millions of dollars on 
acquiring. 

In its litigation, Mobil alleges 
that the employees named 
were “ induced" to quit the 
company and join Superior by 
a number of Superior execu¬ 
tives. including a former Mobil 
production manager. Mobil also 
says that Superior's attempts to 
lure its employees away con 
tinues. and is seeking a court 
injunction to stop the process 

Superior is a small company 
compared with the giants of 
the oil business. Last year, tv 
had sales revenues of S500m 
compared with more than 
$28bn< for Mobil 


Jayawardene 
answers critics 


By Mervyn de Silva 

COLOMBO, Feb. 6. 

ANSWERING BOTH his Tamil 
critics and bis Left-wing 
opponents President Junius 
Jayawardene said that the change 
in Sri Lanka's political system 
would help promote racial 
harmony, economic development 
and democratic freedoms. 

In bis first broadcast Mr. 
Jayawardene said that he will 
not permit separatism or divi¬ 
sion of the country and his 
government’s policies would be 
free of all racial and religious 
bias, 

A strong executive, be added, 
would enable him to deal more 
effectively with problems of un¬ 
employment and living costs 
which bad become intolerable. 

I am no longer leader of one 
party but of the whole nation," he 
said. Remarking that there was 


_ ..._repoi 

ing left the door r open to Preirf- atifce airport that Israel Intends 
dent Sadat to rejoin Arab ranks,'~to "continue with the settlement 
while Syria bad said that ail programme on the West- Bank; 
efforts should be exerted to Three more are due to be estab- 
isolate the Egyptian president. lished in the coming months, he 
The meeting was attended also said. 

by Libya, Algeria, South Yemen The Prime Minister, Mr. 
and the FLO- Men ahem Begin, said last night 

A delegation representing the that Israel has established 13 
participants is expected in Jewish settlements on the West 
Baghdad soon in another attempt Bank In the past six months at a 
to get Iraq to join the anti-Sadat cost of £87m. 


Delays over Australian 
uranium ‘costing millions’ 


BY KENNETH RANDALL 


CANBERRA, Feb. 6 . 

DELAYS IN SETTLING Govern- there is a view in Canberra 
ment policy for &e start of that the new Camdiaii a|ree- 
uranktm production in the ments depart 
Northern Territory are costing the safeguards policy adopted toy 
the mining companies SlOan. a Australia last year, in consult^ 
month in added capital costs, tion with both 
according to the chairman of Washington. 

Pancontinental, Mr. Tony Grey. Canada’s agreement warn 
Mr. Grey said the uranium Eoratom requires conswa- 
compantes were being frustrated tions ” before Canadian fuel is 
bv bureaucratically cumbersome reprocessed. The same provision 
policies which could amount to is expected in the agreement with 
one of the most costly blunders Japan. Australian policy insists 
in Australian history if they did on “prior consent’ for reproces- 
not allow development to start sing and higher level enrichment, 
very soon. The Canadian agreements also 

“Government policy appears undercut the argument that 
to be as fast-moving and well assured and plentiful supplies of 
co-ordinated as a traffic jam in uranium would help to dissuade 
Rome.” said Mr. Grey. However, countries from going into re- 
he said that he would not he processing, thus assisting non- 
sunprised to see Australia. con- proliferation, 
eluding early safeguards agree-. President Carter and the 
ments with major potential custo- Australian Pnme Minister, Mr. 
mere similar to those negotiated Malcolm Fraser, both pushed this 
recently by Canada with the EEC argument strongly in a published 
and Japan. exchange of letters on uranium 

The' Australian Government's marketing and safeguards early 
position on safeguards appeared last yean 
to be close to Canada's, he said, Canadian officials are quoted 
and the agreements would ” show as “ seeing no problems " in con- 


India alters 
policy on 
foreign 
investment 


8 y K. K. Sharma 

NEW DELHI, Feb. 6 . 
THE Indian Government is to 
issue a next month of 
sectors In which foreign in¬ 
vestment and technology will 
he banned, thereby leaving all 
other sectors open to 
foreigners provided the y agree 
to the policies of toe country. 
This is considered a better way 
of encomxgfrig foreign invest- 
ment than the policy in force 
mrfiEnow tfiat Jest “ high tech- 
oology ” and “ fxpeat-orietited * 
. sectors sre ^open ibrinvestaeut 

fry ^tn|Hnti tfsi " 

Mii Morarji3>«ati,.tbe Indian 
Prime STmMer, told represen¬ 
tatives o£ TLSt ' multinationals 

.who met him last week that 
. thp Government "Would * be 
willing to consider' concrete 
proposals for jirivestmeni by 
them, “w5tMn J ‘:tS® framework 
Of the new industrial policy 
statement and "tire foreign 
exchange regnlattofiAct”- Ihe 
latter .«tiptriate 9 L Ythat foreign 
e^fty-.pariaei^&on'isHist be 
limited 40.pe^ mit. cxcept 
in cases titat i « voire sophisti¬ 
cated technology or those 
which arc export oriented: 

Mr. DesaS made it dear that 
once proposals "by multi¬ 
nationals were approved, the 
Government would place no 
Impediments or handicaps in 
their way. 


S.A. economy 
outlook worse 


more personal - liberty in Sri!people that there could be a curring the European plans for 
Lanka than anv other country he tightening up of safeguards and reprocessing. One official was 
assured the nation That there aa • exertion, of Australian reported in the Australian Press 
would be no abridgment of influence.” ■ last week as saying: _ We re 

democracy. 1 Despite Mr. Grey’s confidence, agnostic about reprocessing.” 


By Bernard Simon 

JOHANNESBURG, Feb. 6 . 
THE OUTLOOK for the Sooth 
African economy during 2978 
is worse now than U was only 
a few months ago, according 
to a report by economists of 
the country’s second largest 
bank. Standard Bank. 

The report says that, “latest 
data clearly confirms that last 
year’s stirTtogs of recovery did 
not last out the fourth quarter 
of 1977. Consumer demand was 
badly affected towards the 
year-end because real incomes 
failed to increase, expectations 
took a turn for the worse due 
to political factors and because 
of bad news on the inflation 
front. 

The bank however, does not 
expect a further deepening of 
the 40-monllMdd recession, 
“Despite prospects of a poor 
agricultural season, less 
growth potential in the mining 
sector, severe problems on the 
capital account of the balance 
of payments and 2 slipping 
grip of inflation,” says the 
bank. - 

“The economy’s fundamental 
position is far stronger than at 
any . stage since 1974.” This 
mote of optimism is based 
mainly on the spectacular turn¬ 
around of the current account, 
front a deficit df RL813m. in 
1975 to a R80Om. surplus last 
year. . • • 


BOTSWANA AND SOUTHERN AFRICA 


A neutral policy frays at the edges 


BY BRIDGET BLOOM, RECENTLY IN GABORONE 


ON A HOT blue morning a have made into Mozambique over if Rhodesia soon becomes in-the U.S. is holding‘back too. 1 ' 
couple of weeks ago. an HS 747 the past IS months. dependent, but it is worried that Though the UN mission 

jet took off from Botswana’s Action of this sort must be an its plans for a phased acquisi-estimated that it would cost 
rudimentary Seltoe Plkwe air- ever present possibility, although tion could be jeopardised some $17m. for Botswana to ron 

field and headed in a north- the Government takes some com-by a Sudden deterioration in a skeleton service using South- 

westerly direction Go board fort from the realisation that Rhodesia, now or after independ- African rolling stock fwhich- 
were about 50 DOtentinl members Rhodesia has its hands full ou ence. An incident earlier this Botswana would prefer not to do) 
nf the crowing araiv of Mr. its eastern and northern borders month showed the dangers: a the Government reckons it 
Joshua Nkomo the Rhodesian a n d at present seems politically train, apparently carrying copper would need S50nu-60in. to 
nationalist leader The men disposed to leave Botswana more through Zambia from Zaire, was operate the line at all effectively/ 
W(1PP ripetinori fnr ?-imbia and or ,ess alone. However, what derailed just inside Rhodesia. It is, as yet, nowhere near finding 
Anrrr. 1 ., fr,r tr'.imno in<=t like really alarms the Government is Next time the derailment could such suras, and neither is it, 

/.fathers who the possibility that the Rho- be on the Botswana section. near the UN mission’s time* 

,ho t .,mp rfti.tp over desian w *Jr will get out of hand So far, little has been actually table, which in order to operate 
6 saJ1 6 and threaten Botswana's Lifeline, done to implement a take over, a skeleton service by early, 

tnepasr >ear. . , the Rhodesian-controlled railway which the government wants to next year requires that main- 

this air nit 01 wouia-oe w bich d Qwn its eastern happen, if at all possible, with tenance facilities should already 

guerillas is only border with Rhodesia, and the co-operation of Rhodesian be under construction. The 


strain^ being put on Botswana through to South Africa. The Railways. Some .Botswana have facilities apparently have not yet 
as a result of the escalating con- Government sees the threat to been trained by RR, though even been sited. ' . 

frnntatinn between black ana - -r,..*. „ ___ 


frontation between black and 
white in southern Africa. 
Botswana, apart from a minus¬ 
cule river frontier with Zambia, 


But if th e-rail way is Botswana s 
chief worry just now, there are - 
others. The country would, for 


is totally surrounded by white- What is perhaps especially galling for Botswana »' s 

a u r IT is that, were it not for Rhodesia, the country " 


until quite recently, dictated the 
country's careful policy of 
neutrality. But in the last year, 
the Government estimates, there 
have been, on average, 600 
refugees a week, many of them 
able-bodied men, passing through 
Botswana. There have rarely 


South Africa, Sotswana's sole oik 

would stand, every cliance of rapidly developing supplier. The country, came? 

, - , J... , j _ \ * four weeks 1 stocks at most »od 

out of its traditional poverty. Instead the country - has only the most -rn&imeataiy; 

faces enormous problems. In *ddifidh Botswana is suffer 

... • ..ing from ita: worst outbreak of. : 
foot^and mouth disease tor years. 


r - - .. . . .'Though thq-abbatoir at Lobatse „ 

toc/ud tog 6 women ^and £il!re£ : V 


SiSS ^ a reBU,t ® f *“ escalation in line foremen; One of-Botawana's ^^^ ^O^^^ o^ 1 ^ ™ : 
in the country s overstretened the present fighting between Mr. problems is : its shortage of the north, apparently of a -pap- 
camps. The para-militery police smith’s forces and the guerillas skilled manpower.' D ri vere - f 0 r' ^ ctlUriy virulent South: African ' 


force has been turned into a of patriotic Front, or, even prarn^i^strain, is-sttil ncit-under control!-, ' 1 ; 


SSf ^ y .i«. an JSS iP ^h ®°« danningly, as a result of a have to be expatriates. (Mbtf:%S2S 


patrol the long border ^th post-independence cavil war to problera^ou^T'be"" the' cost^of alongthe •-Rhodesian 


Rhodesia, and many other emer- j^jQ^gsia " actoaDy yrtli not.he biiilt quickly, 

gency projects, which the UN CMccrn lMt ^ Iinfi fihoul<J Salisboxy makes; eaoiigaito. iOTYeat Wwjg-;. 


has estimated will take up to 70 


per cent, of the money budgeted *» put out nf action is under- o£ some^?4in r a year.) 

V are now bein° standable, for the Botswana The takeover programme 

0 economy is almost 


uianoua »»c uuwynu tirugi&uwie .& K* 

entirely also proceeding- slowly, officials.S? : 

Rrnith African de P endent on ^ The railway in Gaborone feel, because of 
South A n WJJS built ^ 1895 ^ jjj e non . reluctance by major, aid donors wSr 


-breaks ' if _ veterinary, services ; y' y 

'■ deteriorate -in-RBOdCflla. itself;;: ?; 


for development, 
undertaken. 

Although some 

Ont-uam fnHnw- "’ a * wum ui lobo aa me mat nun- -eiueumve uy uiojur. tuu Utmocs a " VWn' maT 

refugecs fled to Botewana foi ow South leg of CecH to take the project seriously- ^ EEC rparkete 

S whirii ^ive- b the oovern- Rhodes ’ Cape-t(hCairo route. The True, a. Tear ago the UN *?*? a W ■ y 

Rhodesia wto^g.vea toe „o\rn rolUng stock ^ owned and run Security Council gave a maiidafe. m'^McneciaUr - " 

th? 1 of by Rhodesian Railways, which to the fatah miashm^^to analyse \ - 

also provides all staff: and main- Botswana’s, needs .and problems, " 

governraeot s policj of neutraut. tenance. _ including a 'railway taira iwm. it not fOT-Rhodcstet the-couhu^ 


is obviously becoming frayeo at "TT". . Botswana’s agalnst^the.backgro'ind. of' ateud.eve^dmnceof. 1 

the edges. Rhodesian guerilla ^most all of BoBWi J- Rhodesia; oS thTbasis of W#'-? 1 ! of V 

fighters are not allowed to estab- Dee * exporis— over a iflira ot —jr—-^ traMbimiiV wwmiv. -. ■' . • • .v 


llsh either training or base camps total expo^toavey oo^the line. 5 ?^^^ 


in Botswana, and the government The uliflSw' of British Ball, is- using part of ntih'eral^date ecohbiny ws gro**- .. • 

does its best not only to make a £3m British loan fvtotefr .hw>-toghysbmeiS p«? rohtI?-' 

sure fighters seeking refuge are w *5F°5! a 40 per. cent, grant elSeht) Even the fivfe-y#toplan ‘ 

disarmed, but that those leaving hSe ^ to ^ be 10 r^ the Cai^SS studies.' y^r e5timated;a growth rat*-. 

Rhodesia to train are passed on jjoa would _ nave to v be B u t \reqTiests to- the Worirf ol £™ T ' S V 

to Zambia as quickly as possible. drasticaHy curtatied. Bank and the UB. government 2 - But atleart Botswtma caatag: 

But the fact that it does give Although it has often been bus - tave , 6fficiails-feeL fallen on deaf‘•■some ;coiafort:Ifrotu a new v 
sanctuary to guerillas, and acts gested that Botswana should take u Tbe Bank tells us how moiid -findvat-.Jwaneng,' in *h 9 ; -..y 
as the conduit for guerillas in over the line as a means of couraeawis we' are. bur’ saavests south.-. An agfeement-ftir to^ : 
training, lays it open tt 
danger of physical attack 


minor and containable, although has been 
ministers recognise that the new accepted. 

Botswana' defence force, prob- Now, however, the government 

ably no more than SOD strong, faces a particularly acute courageous to want to- eat. Bcrt and fiiay 


be a sabeatute fcr 'the^w^wneog-- 
“We tell.' them - it's -. .. 


"cushion »■ 


would be powerless against the dilemma. It feels , that it will’the Bank doesn’t seem te. nv*» Tgan't> yeftb 'i 

sort of strikes the Rhodesians have to take over the line, even railways, andiJ.ecause it doesh't,*' r - 













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EARJtOW^lN-FUKNESS {0463)34886/35337 .: 

v (0229)23310/24554 IPSWICH (0473) 2U067/8 

. B^SD^ISTOKE ; • n UEEDS(0532) 459438/9: 

^ (0256)25944 •• _ : LEICESTER (0533) 7096U/2 

RATH (0255) 5763' ‘ _ LINCOLN • ' “ . 

:S» . - . Mir 1947 . 

; BIRMWCaiAMNJRC. ' . 051-708 9150/9153 

.021-780 241 4* • ' • - ' ' LLANDUDNO 

. G>202)^40W765693' . • ^ehON 60 ^ 78217 
-BRADFORD (027^33048/0- 01-834 8484 (SW1) 
BR1GHTQNX0273) 29332; 01-935 5617/5623/4 (NW1) . 
.BRX$TOLi0272)22111- :-_ .-.Qt-45080001NW10) 

- .CAMBRIDGE'..; ... . ; / :. Q1-3S7 2276/7 (Ml) 

(0223) 48198/9 .... ■. . XUton 
i ■ CA^IFE;^0222) 45448/9-V (o582> 593636/7 & 3U33 ■:; • 

I , CARUSLB' .^/ -,...- MANCHESTER 

. . :•• IQgmSSQSy V:: 061-8345842 „„ A * . 

1 ■ -CHATHAM -; - . . •: - MEDDLESBROL'GH ■. - - 

| . -.Mechvay-(0634) 40845,9 --(0642V244744 ' ' ' 

■ COfcfflS-TBR ^ ' ' MOTHERWELL 

, ' -■ 10206)45676 . ;.;V7 ; ; ■ ■; -'"(0698166534 . v . 

•COVENTRY ■ “V j „ : , NEWCASTLE UPON TYNE. ■ ; 

1 (0203)27477/8.. ;; ^632) 32120/32129/610772 

| CREWE.(0270)5b423/2 - v -. v^JnroNABBOT 

l (0626)3838 , * 

! Norwich 

I (0325) 60771/67581 (0603)45798/43531 • 

| DONCASTER -. v---* NOTTINGHAM 


Reading (0734) 583733 stoke-on-trent 

SALISBURY (0722) 5625 (0782) 262856 

SHEFFIELD (0742) 78S02 . SWANSEA (0792) 50526/7 

SHREWSBURY (0743) 59623 SWINDON (0793) 22500 

SOUTHAMPTON TAUNTON (0823) 89764 

.(0703) 22035/6 & 29077/S TRURO (0872) 6825 

SOUTHEND-ON-SEA WELWYN 

(0702) 351351/48222 (043 871) 5179/5888 

ST. ALBANS WOLVERHAMPTON 

(56) 57272/59155 (0902) 52173/53544/53719 

STAFFORD (0785) 5511,0 WORCESTER (0905) 354096 

SS/4S91 YORK (0904) 20394/59241 

WE’RE AT ALL MAJ0RUK AIRPORTS 

Godfrey Davis are the official car rental 
contractors for British Airways 
Inter-Britain flights. Shuttle passengers, 
don’t need to book in advance-a Godfrey 
Davis car is guaranteed on arrival. 


WE’RE AT INTER-CITY STATIONS 

Only Godfrey Davis have offices at 
Inter-City stations, so a Godfrey Davis 
car is the easiest car to rent when you 
take a train. 


DONCASTER * ■*-•-* NOTTINGHAM * 

(0302)69169769160 v (0602)860351/2&861871/2 
. DUNDEE (0382) 21251 / . OXFORD (0865) 46373 

EDINBURGH 03h66H252/3 PAISLEY 
I - EFSpM(78V222M/5'. . ' : 041-8898359/S350 

I '•.• EXETER(0392) 753$%® ' -PERTH(0738V31322 
FALMOUTH (0326) 312192: PETERBOROUGH 

I -041^35661/2^/^.' 10752)69850^69859 

I 'P^IWICK(0292)70566/7 


ABERDEEN 
(0224)723404 ' 
BELFAST ‘ 

(023 84)52123/4 

BIRMINGHAM* 

021-7424461/2 

bournemoith* 
(0202) 764078 & 765693 
, BRISTOL* 

(0272)22111 ' * 
DUNDEE* 

(0382)21281 

EASTMBOLANDS* 


EDINBURGH 

031-3332588 

KXETER* 

(03921.75398/9 

GATWICK 

<0293)31062/3/4 

CARDIFF* ' 

(0222)45448/9 

GLASGOW 

041-889 8359/8350 

GUERNSE\ r + 

(0481) 37638/9 

HEATHROW 

01-897-08U/5- 


. INVERNESS 
(0463) .34886/:>53:»7 
JERSEYt 
(0534144715 

LEEDS AND BRADFORD* 
.(0274) 33048/9 
LIVERPOOL* 
051-7089150/9152 
LUTON* 

(0582) 593636/7 & 31133 
MANCHESTER 
061-437 6161 & 061-4S9 3229 
NEWCASTLE UPON TYNE* 
(0632) 32120/32129/610772 
PRESTWICK* 
(0292)70566/7 . 
SOUTHAM PTON* 

(0703) 22035/6 & 29077/8 

SOUTHEND-ON-SEA* 

(0702) 351351/48222 '■ 

STANSTBD 

(0279)812727 

TEESS1DE* 

(0325) 60771/675S1 - 

fXo one-way rental to und 
. from Ihv UK mainland - 
^Serviced in local of (he • 


ABERDEEN 
(0224)56571 
AV1EMORE - 
(0479) 810696 
BATH SPA 
(0225)5763 

BIRMINGHAM NEW STREET 

021-6431430 
BOURNEMOUTH 
(0202) 76407S/7H5693 
BRADFORD EXCHANGE 
(0274)33048/9 
BRIGHTON 
(0273)29332 
BRISTOL PARKWAY 
(0272) 22111 

BRISTOL TEMPLE MEADS 

(0272)20707 

CAMBRIDGE 

(0223)48198/9 

CARDIFF CENTRAL 

(0222)45505 

CARLISLE 

(0228)25051 

CHELTENHAM SPA 

Gluurester (0452) 2S24S 

COLCHESTER 

(0206)45676/5373 

COVENTRY 

(0203)27477 

CREWE 

(0270)56421 

DARLINGTON 

(0325) 60771/2 

DERBY 1 

(0332)40788 

DONCASTER 

(0302) 69169 

DUNDEE 

(0382)21281- 

EDINBURGH WAVF.RLEY 

031-5568835 

KXETER ST. DAVIDS 

(0392) 75398 


GLASGOW CENTRAL 
041-2215257 

GLASGOW QUEEN STREET 

041-423 5661 

GLOUCESTER 

(0452)28248 

HULL 

(0482) 25732/27253 
INVERNESS 
(0463) 34S86/35337 
IPSWICH 
(0173) 211067 
KILMARNOCK 
Prestwick (02921 70566/7 
LEEDS CITY 
(0532)45943S/9 
LEICESTER 
(115351558952/5 
LIMiRPOOL LIME STREET 
051-709 6570 
LONDON 
ELSTON 
01-3879710 
KING'S CROSS 
01-2785228 
LIVERPOOL STREET 
01-834 8484 
PADDINGTON 
01-262 5655 
ST.PANCRAS . 

Ul-935 5617/5623 
VICTORIA 
01-834 8484. 

WATERLOO 

•01-9282812 

MANCHESTER PICCADILLY 
OK) -236 5894 

MOTHERWELU 0698) 66534 
NEWCASTLE UPON TYNE 
(0632) 32120/610833 
NEWPORT 
Cardiff (0222) 45505 
NEWTON ABBOT 
(0626) 69929/3838 


NORWICH 

(0603) 45798/43531 

NOTTINGHAM 

(0602) 861871 

OXFORD 

(0865)46373 

PERTH 

(0738)31322 

PETERBOROUGH 

(0733)64523 

PLYMOUTH 

(0752) 69850/69859 

PORTSMOUTH AND 

SOUTHSEA 

Portsmouth (0705) 81 i 

PRESTON 

(0772) 59014/59034 

READING 

(0734)583733 

RUGBY 

ar ,:27477 

(0742)78802/3 


SHREWSBURY 
(0743)59623 
SOUTHAMPTON 
(0703)29077/8 
STIRLING 
(0786)2164/4891 
STOKE-ON-TKENT 
(0782) 262856/25544 
SWANSEA {0792) 50526 
SWINDON 
(0793)22500 
TAUNTON 
(0823189764 
/ TRURO (0872) 6825 
WAKEFIELD WESTGATE 
Leeds(0532)459438/9 
WATFORD JUNCTION 
St Albans (56) 57272 
WOLVERHAMPTON 
(0902) 52173/5354 4/53719 
WORCESTER SHRUB HILL 
(0905)354096 
YORK (0904) 59790 


RESERVATIONS UK AND WORLDWIDE 

LONDON U1-82K 7700 BIRMINGHAM 021-780 3114 

BRISTOL (0272) 294570 GLASGOW Oil-123 535s 

MANCHESTER imur.? OKI". SOUTHAMPTON iu7(»3i 221.32 

Or vail your Travel Agent 

* Choose from a wide range of Ford and 
other makes. 

* Unlimited mileage rates for ail rentals of 
3 days’or more. 

* International network covering 41 
countries. 


Godfrey^Davis 


Britain’s biggest car rental company 

MEMBER OF THE BRITISH VEHICLE RENTAL & LEASING ASSOCIATION 





















Financial Times Tuesday Feb'ruaiy 7 1?7S 


APPOINTMENTS 


Corporate finance 

SENIOR EXECUTIVE 


for a. well-known. Accepting House. 

* the task is to make a significant contribution to the further 
development of corporate finance activities. The team is 
small and highly qualified. From the outset the post will 
carry a high degree of personal autonomy. 

* THE requirement is for a young banker of quality qualified 
in law. accountancy, or business studies with hard core 
practical experience in this field. 

* terms are tor discussion with around £10,000 as the 


starting indicator. 


“Write in complete confidence 
to Sir Peter Youens as adviser to the Bank. 


TyZACK & PARTNERS LTD 

lO H.M.l AM STRFET • , LONDON WIN blij 


lO H.M.l AM STREET 
12 CHARLOTTE SQUAKfc 


EDINBURGH EH 1 4 DN 


WORLD TRADE 


Dell plans Tokyo 

visit to BY REGINALD DALE 

f flinH THE TOKYO Round of inti 

IL 1 U U- firms! trade neontiafinns r 


Aeeoui 

-Sfe 



Our client is a major manufacturing company - 
part of an International Group and a worldwide 
leader in its Held. 

The successful candidate will be responsible for 
the entire accounting function at the Nigerian 
factory. 

Applicants should be aged 30-40, qualified to 
ACA, ACCA or ACM A with a proven record of 
achievement in industry or commerce. 

There will be a short training programme in the 
U.K. followed by a longer spell at the Company’s 
European H.Q. before taking up the post. 

A substantial salary will be paid, plus furnished 
accommodation, a car. free medical care and child 
educational assistance. In addition there is 6 
weeks annual U.K. leave. 

Please write with full details of qualifications 
and experience to Position Number ABC 885. 
Austin Knight Limited. Hagley House,Hagley Road. 
Birmingham B16 8QG. 

Applications are forwarded to the diem con¬ 
cerned, therefore companies in which you are not 
interested should be listed in a covering letter to 
the Position Number Supervisor. 


I COMMODITY APPOiNIMiNl* LID. 
requires Physical ana Futures Traders. 
Trainees Accountants ana Suooort 
SUh lor U.K.. fcuroac. USA and 
Hono Kona Tel.; Graham Stewart. 
01-439 1701 

RETIRbD BANKER required by small 
prirjre (.ompunv in Kensington as Once 
Manager of pronertv development com¬ 
pany. Salary c. £5.500. Write 8ox 
A 6255. Financial Times. 10. Cannon 
Street. EC4P 4BY. 


ART GALLERIES 


AGNEW GALLERY. 43. Old Send St.. 
W1. 01-329 6175. IDStfl ANNUAL 

WATERCOLOUR EXHIBITION. Until J4 
Feb. Mon.-Fri. 9 30-5.30. Thurs until 7. 


s s& e m 


m trine, mlllunr and sporting and topo¬ 
graphical prints and paintings and ships 
models. 


CLUBS 


EYE. 189 Regent Street. 734 S67S. A la 
Carte or All-In Menu. Tnree Spectacular 
Floor Shows 10.45. 12.45 and ^AS and 
music ot Johnny Ha wires worth 4 Friends. 


COMPANY NOTICES 



ADVERTISING 



GIG UP TO £10000 

We ^penalise in I lie recruitment of Investment 
analysis lur City si n.k brokers and other insulin ions, 
tfui chems are currency seeking analysts in the 
Inllott ifl« sectors; RETAILING. BUILDING. CHEMI¬ 
CALS. Oils, electronics, engineering, in- 

SORAXCE Ai\L> BANKS. These are senior appoinl- 
mems and applicant* with the right experience uiU 
be offered liiah .salaries. 

ALL ENQUIRIES ARE TREATED IN THE 
STRICTEST CONFIDENCE 
Telephone ur write to Stephen Sherbnurne, 

J. Farqtiharsun Ltd., 7 C.resham Street. 
London. E.CJi. U1-247 1388. 

§38 H RECRUITMENT CONSULTANTS 


CONTRACTS AND TENDERS 

PEOPLES DEMOCRATIC 
REPUBLIC OF YEMEN 

INVITATION TO TENDER 

The Government of The People's Democratic 
Republic of Yemen IPDRY) 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 Mukaiia. 

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

Tender Documents can be obtained as of 1st of 
February, 197S against a non-refundable charge of 
U.S.$300 ( U.S. Dollars Three Hundred) from: 

Civil Aviation Department, 

Ministry of Communications, 

Aden, P.DlR.Y. 

or from: Dar AI-Handasah Consultants, 

fShair & Partners). 

i<i London: 01 New Cavendish Street, 

London W1M 7FS, 

England. 

in Beirut: Verdun Street, 

Dar AT-Handasah Bldg., 

P.0. Box* 7159. 

Beirut. Lebanon. 

Tender Documents should be simultaneously 
returned duly completed to The Secretary, Central 
Tenders Board. Ministry of Finance, Aden, P.D.R.Y. 
on/nr before April 15, 197S and as instructed in the 
Tender Documents. 


ai Directors ol the Company held on 23r0 
December 1977. it wai resolved that the 
Conoanv shall make a tree dlstr.hution 
dI Oramary Sham ol common stock ol 
air value Y- e O ea-h at ihc rate ol O.t new 
•hire ter each share e> shareholders ol 
record as at 3TSt January. 1978. 

Cooler ol such Notice may he obtained 
!rom; . _ . . . 

Robert Flerrr.ng & Co. Limited. 

8 Crosbr Square. 

London EC3A 6AN. 

Banque Internationale 1 Luxem¬ 
bourg S A . 

2 Boulevard Ratal. 

Luvcmbaurg. 

, Robert S'emleg A Co. limited hereby 
1 informs EOS holders that Coupon No. 
1 to the EOR's mil be used lor the 
purpose ol cla.ming the Eursooan Depoti- 
I 13rv Receipts evidencing the new shares 
; ’nd has therefore been flee meet to mature 
I at the close ot business m luscmbourq on 
27th January. 1978 Alter mat time. 
Couaon No. 1 should t»e detached from 
any SDR presented lor surrender and 
would not be issued with any new EOR 
I li is expected that the distribution ot 
the certificates for the new shares win 
be made on 5th April 1978 and the 
Depositary will give notice to the EDR 
holders as soon as practicable thereafter 
sociilying the securities or otner pro¬ 
perty payable in respect ot each FOR and 
the method and date lor collection thereon. 
! Only uoon surh nat.ee will any payment 

I be made against presentation of Coupon 
No. 1. The new share, w»!l rank lor dln- 
dend payments with a record date on or 
after 1st February. 1970 and In all other 
res sects will rant, nan oassu wilft uic 
existing Ordinary shares. 

For the purpose ol allocation of the 
hw rt.striO’Jtion ol shares and det»r. 
minjynn o' shareholders to be paid 
•nterlm dividends, the registration ol trans¬ 
fer of snares and alteration of any ether 
entrv In the req ster ot shareholders shall 
be suspended irem 1st Fehrjorv. 1978 to 
1511 March 1978 imclusltci 

N.8.—Ex-Rights date on the Tokvo 

I Stock Exchange: 27th January 1978. 

ROBERT FLEMING A CO. LIMITED 

Depositary 

l London. 

list February. 1978. 


LEGAL NOTICES 


| No. 90CS4 of 1973 

Tn the HIGH COURT OF - JUSTICE 
! □uncart- Dmsron CnnipaiM-is Court. Id 
ibe Matter of YATES 'Potato MER¬ 
CHANTS* LIMITED s»fld in the Manor 
or The Companies .\ft. l«s 
NOTICE IS HEREBY RIVEN, libit a 
Petition for t!»c wind Ins up ot the abo-.v- 
wired Company hy ihe HtRll Court ol 
Jnsilce was on the 27ih Usy of January 
prr-senied ia th- said Court oy 
ROMNEY M\RSH GPQWKRS 'WHOLE- 
SALR. UHirKD u'hij*- pc^sii-ft-d oittee 
is silaal" ot Bou-tkll. BreirtHt, Romney 
Marsh. Kent. Potato Uercham*. amt ihai 
•he said Petition Is directed to he hr.-.rd 
IWon? the Court slttitw at Ihc Royal 
i Courts ol Jiwucl. Sirafiil. London Wi.ta 
2LL. on die -‘lh day of February I97S. 
and any etvditnr or tomrlbuiory of 
the rjid Com pony desirous io support 
or oppose the making o» tui Order on nu> 
said FYl Ilian may appear ai iiio nmo 
of hear.nA. in person or by his counsel, 
for that nurpose: and a copy of the 
: Petition will be fururyfied hy ihe imder- 
simra io any creditor nr coninbuiory 
of Hi- said Company rmmruu: such copy 
on payment of ihe regulated charge for 
the same. 

HERBERT OPPENHElMER. 

NATHAN& VANUYK. 

Sd. Cupthall Avenue. 

London EC-ft 7J H. 

Ktf: TIKCOJK.-SlIS. 

Solicitors for the lVtlnonpf. 
NOTE.—Any person who inicnds ro 
| appear on iht hcarioR or the said PvTIHon 
; niuxi serve on- or «»d by post to. ihe 

i .ihove-nami.il notice In writing of bis 
, nt-nnon so ro do. The nut lev mn»:i stain 
; "he name and address nf The ru-rsan. or. 
*1 a llrni 'he nairii- and address of *he 
| !irm and musi lu. vl ;n»-d hy ilie person 
jr rfrm. or his or Ihrlr soliciior flf anyi 
; and musi be served, or If poaicd. must 
-v-m bi posr in suAieicni time to 
1 TYavh ihe jhov-'-namrd nui taler than 
I four o'clock in the art-maon of the 
L’-ith duj- of February lire 


PUBLIC NOTICES 


LOCAL AUTHORITY BILLS 
L4.o00.00fi Bills Isai'C dan; 8V2f?a. 
. nt j luring 10 5i78 ana 12. 7/78 at 5 'ij'S 
and jiA Applications totalled 
■riG.000 000 and tner- are 54.000.000 
! Bills outsundmg. 


• By Colina McDougall 

CHINESE delegations from 
the State Planning Commission 
and the State Construction 
Commission will visit Britain 
later this year, Hr. Edmund 
Dell, Secretary Tor Trade, said 
yesterday at a London con¬ 
ference oo Trade with China. 

He said he had accepted an 
invitation from Hr. Li Chiaog, 
the Trade Minister, to visit 
China. Other Chinese officials 
would be invited to visit 
Britain after China's National 
People's Congress. 

Mr. Dell emphasised oppor¬ 
tunities which existed Tor 
Britain in China. The Chinese 
had accepted the fact ibat 
Britain was competitive and it 
would he seen as a notentiai 
supplier of more than the 
mining machinery and aircraft 
which had formed the bulk of 
the capital equipment it had 
e-xnorted to China so far. 

He expected commerce with 
China io irinle In the nex; 20 
years. Chinese pavmenis 
arrangements would become 
more flexible, though Peking 
was unlikely to accept outright 
loans. 

This was confirmed bv Lord 
BoD, chairman of S. G. War- 
hurg. who led an industrial 
m>ss>on *o Ch>na last aulumn. 

Mr. Edward cit'd in 

h*s v ; ew the nnH«5«ra1 jdt,iwii«n 
in Ch*ne \V»s «^-,*»l(* ihoro- 

fo-e irade could be expected to 
grow. 

Car engine 
study in 
Venezuela 

By Joseph Mann 

CARACAS, Feb. 6. 
THE Venezuelan Government 
is studying the possibility of 
authorising the manufacture 
of a six-cylinder petrol engine 
made of aluminium and has 
asked four foreign manufac¬ 
turers to submit information 
on tbe project 
Venezuelan representatives 
of Chrysler, Ford, General 
Motors and Renault—all of 
which currently operate 
assembly plants here—were 
asked to consider building a 
six-cylinder engine. All four 
companies have submitted 
replies, according Io Industry 
sources. 

The Government last year 
abandoned plans for the con¬ 
struction of facilities capable 
of manufacturing eight- 
cylinder petrol engines. 

Car assemblers in Venezuela, 
who have generally been 
operating in the red for the 
past few years due largely to 
Government- price controls, 
estimate that a plant for stan¬ 
dard (cast iron) six-cylinder 
motors would entail overall 
cusl of around SlOOm. 

Most foreign motor com¬ 
panies are highly reluctant to i 
make any new investments at i 
ail until the Government 
loosens price controls, but 
Ford dc Venezuela is presently 
expanding its assembly plant 
in Valencia. 

The goveromenl’s long term ! 
plans call for limiting the num¬ 
ber of models sold here and 
incorporating an increasing I 
number of locally-made com- ! 
ponents. ! 

Venezuela ran count, on I 
sizeable deposits of high-grade | 
bauxite and is developing two i 
giant aluminium plants. The ■ 
Government is interested in J 
taking advantage of this. 


BY REGINALD DALE 

THE TOKYO Round of interna¬ 
tional trade negotiations could 
only be considered a success if 
it led to a strengthening of the 
rules governing international 
commercial relations. Trade 
liberalisation alone would not 
I be enough, U. Olivier Long- the 
■GATT Director General, said in 
London yesterday. 

In a speech at the Trade 
Policy Research Centre, M. Long 
spoke of a decline in interna¬ 
tional morality in trade rela¬ 
tions, The Tokyo Round 
provided a “ fleeting opportu¬ 
nity " lo stop the rot of recent 
j years by establishing a new set 
of rules that met present-day 
needs. 

Three areas were particularly 


important. M. Long said. These 
were safeguard measures, sub¬ 
sidies and countervailing duties 
and procedures for settling 
disputes. 

: Governments were - far more 
likely to concede significant 
trade liberalisation if they were, 
confident that emergency action 
could be taken to help domestic 
industries that ran into real 
trouble. 

It was essential however, that 
safeguards mast be subject to 
international surveillance, with 
agreed criteria and procedures. 

Subsidies and countervailing 
measures ‘ could constitute an 
important and growing obstacle 
to the expansion of world trade 
if they were not brought under 


control. They were also likely 
to' be a constant source of fric¬ 
tions and tensions between 
trading nations. 

There might be'a number, of 
separate sets of dispute settle¬ 
ment procedures. M. Long sug¬ 
gested. These could each.be 
built into codes of conduct to 
. be negotiated on non-tariff 
measures- such as-- subsidies. 
Gover nmen t procurement and 
standards. Each separate code 
would be based on common 
general principles' and proce¬ 
dures. 

li. Long gave a strong warn¬ 
ing that protectionism was not 
the answer to current world-eco- 
Qomic problems. There was a 
serious risk that a vicious cfrcJe 


Boeing team for new U.K. talks 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


I A TOP-LEVEL team from Boeing 
.'of the United States is due io 
| the UJ\. this week to discuss 
! with aerospace industry and 
| Whitehall officials the company’s 
future new aircraft programmes, 
with a view to possible collabora¬ 
tion on both engines and air¬ 
frames. 

The team is expected to be led 
by Mr. Tex BouUioun, president 
of the Boeing group's Com¬ 
mercial Airplane Company. It 
will meet top representatives of 
British Aerospace. British Air¬ 
ways and tbe Department of 
Industry. 

This is. the second visit by a 
Boeing team to the U.K. in 
recent weeks? The first, which 
came in January, discussed with 
British Airways and British Aero¬ 
space the possibility of the 
former buying, and the latter 
sharing in the development of. 


a new version of the 737 short- 
range jet airliner, to meet British 
Airways’ requirement for a new 
100-120 seater jet to replace its 
ageing Tridents and One-Elevens^ 

The second mission, however. 
Is composed of higher-level 
Boeing personnel, and is aimed 
at exploring in greater depths 
the possibilities of the U.K. 
sbaring in tbe development of 
Boeing's other more significant 
long-term programmes for new 
aircraft. 

These include: 

0 A new version of the higbly- 
successfui 727 medium-range air¬ 
liner, using two engines instead 
of three as in the existing model. 
These could be Rolls-Royce RB- 
211s. in the Model 535 “cropped 
fan” version of 32,000 lbs. thrust, 
although Boeing is believed to be 
basing the design on the U.S. 
General Electric CF6-32. a lower- 


thrust version of the highly- 
successful CF6 series of engines. 
• Boeing's “New Airplane Pro¬ 
gramme”—plans for a 180-200- 
seater airliner which is expected 
to .be available in at least two 
versions for the ■ midrZ9SQs and 
beyond. Rolls-Royce Is also 
interested in getting the RB-211 
into this series of aircraft, prob¬ 
ably in tbo Dash 22B version of 
about 42,000 lbs. thrust. _ . 

Tbe fact that Boeing - is now 
moving round tbe world, briefing 
airlines and governments on its 
plans for new aircraft for the 
future indicates that It is very 
near a final launching decision. 

This is expected to come this 
spring or early summer, when 
the principal ‘‘launching cus¬ 
tomers” in the U.S.—United 
American and Delta Air Lines— 
have taken their own purchasing 
decisions. - i 


could be established -in which 
protected uncompetitive indus¬ 
tries became even less competi¬ 
tive, leading to farther unem¬ 
ployment and farther protective 
measures. 

Restricting the exports of de¬ 
veloping 'countries must in the 
long run work against the in. 
dustrialised world's own ] n . 
terests, M. Long added. It would 
exacerbate - North-South differ¬ 
ences and lead to a cat-back in 
imports by developing countries. 

If developing countries .were 
denied the possibility lo earn 
reasonable incomes, they would 
be unable to offer tbe potential! v 
gigantic-market they held out 
for the future .support of tbe 
world economy.'he stressed. 


No change 
on imports 


Export credit boost for Sweden 


I BY WILLIAM DULLFORCE 

! SWEDISH exporters will get 

I State backing of up to Kr.lObn. 

I(£l-10m.), if as expected the 
Government adopts the latest 
recommendations of its Export 
Credit Commission. The bulk of 
the Kr.lObn. would be borrowed 
abroad by Svensk Exp or tk red it 
(SEK). the ' Swedish export 
credit concern. 

During a trial three year 
period from July 1 the State 
would cover companies’ currency 
risks and the differences be¬ 
tween tbe interest rates charged 
on export credits and the rates 
at which the companies them¬ 
selves borrow. Tbe guarantees 
would apply to credits of two 
years or longer. 

Tbe present system, under 


which exporters can claim tax 
deductions for the extra cost of 
financing export credits, would 
remain in force until 19S1. 
Exporters would, thus, have a 
choice of two systems to finance 
export credits. 

SEK is owned - half by the 
State and half by the Swedish 
commercial banks. It would 
finance export credits at fixed 
interest rates of 7.25 to S per 
cent, in accordance with inter¬ 
national agreements. It would 
also extend loans on similar 
terms to Swedish companies 
facing competition on tbe 
domestic market from foreign 
exporters, offering credit with 
State backing. 

The Swedish commission has 


STOCKHOLM, Feb. 6. 

used the OECD concensus agree¬ 
ment as its guideline in working 
out its recommendations; accord¬ 
ing to its chairman, Mr. Stig 
Ramel. 

The new system would, he 
claims, eliminate the disadvan¬ 
tage in offering credits! particu¬ 
larly to developing and State 
trading countries, under which ' 
tbe Swedes have been operating, j 

At current interest rate? on! 
the international money markets 
and at present currency parities 
the recommendations should not 
involve any cost for the Swedish 
State. Mr. Ramel said. SEK 
could borrow abroad at 7-S per 
cenL. the same rates allowed .for 
export credits under the OECD 
concensus agreement. ’ - r-' 


EFT A Steel pact near Austrian deficit 


BY DAVID BUCHAN 


grows 35% 


THE European Commission 
expects next week to reach agree¬ 
ments with the EFTA steel 
supplying countries on their 
imports to the Community for 
tbe rest of 1978. Viscount Etienne 
Davignon, the EEC Industry 
Commissioner, will tell Foreign 
Ministers here to-morrow. 

He will be reporting on the 
Commission's progress towards 
its aim of concluding accords 
! with all the EEC's steel suppliers 
I by March 31. 

The agreements with tbe EFTA 
I f.-ountries. which in 1977 as a bloc 
! formed the community's biggest 
] supplier, with 2.5m. tonnes of 
sleek will set prices for imports. 


BRUSSELS. Feb. 6. 

Because of the EEC’s free 
trade agreement with EFTA, no 
quanti ty res tri ctions will be 
imposed, though the EFTA coun¬ 
tries will be asked not to disrupt 
the “ traditional patterns ” of 
trade. 

But the foreign ministers will 
also be told that negotiations 
with Spain and Japan — which 
have been annoyed by the EEC’s 
recent impositions of provisional 
anti-dumping duties — are far 
from conclusion and that those 
with the Comecon countries have 
not started at ail. Of the eastern 
bloc, only Romania has given any 
formal sign of being willing to 
negotiate. 


AUSTRIA’S annual trade , deficit 
has rocketed by over 35 per cent 
to a record 73bn.’ schillings. 
C$4.7bn.) according lo the Trade 
Ministry, Reuter reports from 
Vienna. 

Imports last year rose 14 per. 
cent over 1976. to 235bn. schill¬ 
ings. Exports rose only 6.4 per 
cent, to 162bn. schillings. A 
58bn. schilling deficit on trade 
with West Germany caused almost 
three-quarters of the total short¬ 
fall 

$8m. pumping station 

Nuovo Pigflnope said yesterday 
it had won an S8m. contract to 
provide a gas-pumping station to 
Chemocomplex of Hungary. 
AP-DJ • 


•Financial Times Reporter* 

NEW arrangements covering 
imports -pf jute into the EEC 
from India and Bangladesh came 
into operation at the start of this 
year-but the effect on tbe U.K 
remains Unchanged, officials of 
the Department~uf Industry have 
confirmed. 

EEC "countries other than the 
U.K. ‘ agreed under a treatv 
signed:, at the end of 1978 to 
reduce tariffs on. entry, operated 
under the Common Customs 
Tariff, at agreed rales of reduc¬ 
tion, and finally, suspend them 
from July.l thi5 year. 

This agreement has now been 
advanced six months enabling 
full suspension,, to come into 
-operation from the beginning uf 
1978. The- UJC, however, has 
had no tariffs operating against 
such imports and is thus not 
affected. 

Qualitative quota restrictions 
still operate, however, on imports 
into tbe. Community, and tbe 
UJv. portion of, these restraints 
for 1973 are—-categories 4/5: 
India-1,800 tonnes. Bangladesh- 
1.092 to ones, category 6: India- 
240 tonnes; Bahgladesh-2.tiQi) 
tonnes, category 7: India-430 
tonnes, -Bangladesh-256 tonnes. 

Norway seeks 
to boost trade 

By Fay Gjester 

OSLO, Feb. 6. 

NORWAY proposes to spend an 
extra Kr.32m. (£ 3 . 2 m.) this year 
on measures to promote exports. 
The new proposals, tabled at the 
week-end, jare.aimed.at reversing 
the recent declinfe in Norwegian 
exports caused by the world 
recession -and • soaring costa, 
which have made Norwegian 
goods leSs competitive on foreign 
markets: . - . 

The. proposals provide for 
increased allocations to the 
Norwegian Export Council and 
for the establishment of an 
export secretariat in the Trade 
Ministry: 

Finnish order 

By- Our Nordic Correspondent 

STOCKHOLM. Feb. 6. 

. FINLAND has won one of tfte 
first orders to snb-contracttc 
-from the L.ltf. Ericsson-Philip 
consortium, which won> 
£1.7bn. contract to extend the 
Saudi Arabian Telephone net 
work. Makrotalo oy will buili 
244 one-family wooden houses To 
Swedish and Dutch personnel w 
Riyadh. Dam man and Jeddah a 
a cost of just under $4Qra* 


MULTINATIONALS 


Denmark’s tax bombshell 


BY HILARY BARNES IN COPENHAGEN 


THE DANISH Tax Administra¬ 
tion Board's decision last week 
to raise hy arbitrary assessment 
the 1976 taxable income of four 
of the international oil companies 
by a total of Kr.260m. (£23ra.) 
has raided a host of ticklish 
problems. 

In the process of sorting out 
the rights and wrongs of the 
issue, the Danish courts may 
have to consider the problems of 
transfer pricing between the 
Danish subsidiaries and their 
mother companies and the proper 
price relationships between the 
international oil companies and 
the small independent oil distri¬ 
bution companies. 

Th^sc are problems of 
immense complexity, which arc 
already bein'? discussed with the 
oil contnanios in th“ forum of 
the OECD and the EEC. 

The action a'lainst the oil com¬ 
panies ha? raised the question 
in the minds of multinationals 
with subsidiaries in Denmark as 
to whether the Danish Social 
Democratic Government wants 
their presence in the country any 
looser. 

The nil companies have already 
accused the authorities of acting 
in breach of the OECD code of 
behaviour for multinational com¬ 
panies, which enjoins govern¬ 
ments not to discriminate against 
them. 

Another international compli¬ 
cation may arise over Ihe 
attitude of governments in the 
countries which arc hosts to the 
mother companies of the Danish 
subsidiaries. Any increase in the 
lax on the Danish companies 
will, nf course, be written -off 
aeainst the taxable income of the 
mo*her companies. 

One of ihc more surprising 
aspects of ihc case is that the tax 
authorities have given do reason 
for their action. They have not 
questioned or criticised the tax 
returns or accounts of any of the 
com panics concerned. 

The tax administration Board 


itself hag eight lay members and 
a chairman who is head of the 
state tax directorate. Its job in 
this case was to approve tbe pro¬ 
posal of the tax directorate to 
raise the oil companies taxable 
incomes. It did so by a vote of 
five to four, and has acted at the 
urging of the Minister for Taxa¬ 
tion, Mr. Jens Kampmano. 

Mr. Kampmann has said that 
the purpose is to bring about a 
greater equality of taxation 
between the. international com¬ 
panies and the independents, who 

Danish tax action 
against oil companies 
has raised fears that 
other multinationals 
may be next to 
suffer 

buy their oil at spot prices, which 
indicates that be has in mind the 
transfer prices which tbe inter¬ 
national companies pay to tbe 
muther company. 

The arithmetic of tbe tax Board 
decision suggests that they have 
set taxable income cm a basis of a 
15 per cent, gross margin on 
sales. 

The action was taken under a 
clause in the company tax act, 
which states that an arbitrary 
assessment of tax can be made 
for international companies 
which trade on terms other than 
those which would apply to a 
fully independent company. 

The background to the tax 
action is long-standing criticism 
by Left-wing politicians that the 
oil companies have paid very 
little tax over a long period. The 
oil companies have two main 
answers. In the case of Gulf. 
Esso and Shell, which have built 
refineries in Denmark, they point 
out that depreciation write-offs 
nn these investments has reduced 
their taxable income. 


Secondly, they say that even 
if they were 3ble to obtain the 
prices for their products which 
they were allowed by tbe mono¬ 
polies authorities to charge, ibey 
would not make much money. 
In actual fact they cannot even 
obtain these prices because of 
the competition from the inde¬ 
pendents, which have cornered 
almost 30 per cent of the market 

While tile oil companies feel 
that they are being discriminated 
against other multinationals are 
wondering whether it will be 
their turn next. 

A Social Democratic member 
of the Tax Administration Board. 
Mr. Mogens Lykketoft, told the 
party newspaper last week that 
the measures could be used 
against the other 140 multi¬ 
national companies in Denmark, 
and that the focus would turn on 
any company which was not 
making profits. 

Five opposition parties have in 
the meanwhile issued a joint 
statement calling the tax Board 
decision unjustifiable and holding 
31r. Kampmann responsible. 

“ No company based on capital 
from abroad can feel itself safe 
from being - taxed on the basis 
of a fictional gross margin with 
no regard to tbe company's situa¬ 
tion or the type of goods it is 
trading in,” said tbe statement. 

it said that the tax board's 
decision could damage trading 
relations with other countries, 
make it more difficult for Den¬ 
mark to borrow money abroad 
and have adverse effects on the 
flow of capital to Denmark. 

The four compaincs effected 
were BP. Chevron. Texaco and 
Esso. They have all claimed 
that their relations with, other 
members of their groups are on 
a strictly commercial basis and 
point out that they have submit¬ 
ted all information on their 
prices to tbe authorities. All 
four are expected to fight the 
tax board's decision through the 
courts. 


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8 


HOME NEWS 


' ; 7-1978 



Argyll production 
is suspended 
for storm repairs 


BY RAY DAFTER. ENERGY CORRESPONDENT 


OIL production from the North 21.000 to 23.000 barrels a day 
Sea Argyll Field has been during recent periods of good 

suspended for up to six weeks for during the last few 

repairs to be carried out on its 

storm-battered platform. halted for between 35 and 40 

The shut-down could result in per cent, of the days because of 
a delay in oil revenue to the strong winds and rough seas 
HamiJtdn Brothers group of up hampering the offshore loading 

to £6m. 

Haiuilton Brothers said yester- _ The field—the first on stream 
day that the semi-submersible in til® .North Sea—was shut 
platform, the Transworld 53, had down at 6.45 a.m. on Saturday 
developed some “ minor struc- in preparation for the inspection 
turaj problems" and ..would be a °d repair work which is due 
moved to sheltered waters for to last between four and six 
inspection and maintenance work, weeks. 

R is understood that the Interests in tbe Argyll field, 
operators are particularly con- the smallest commercial oil dis¬ 
cerned about a lengthening covery in the North Sea. are: 
fatigue crack, now about 4 feet Hamilton Oil (28.8 per cent.); 
long, along the weld of one of Hamilton Petroleum (7.2); Rio- 
the underwater support meru- Tinto Zinc (25); Texaco (24); 
hers Associated Newspapers (12.5) 

Production has been averaging and Klein wort Benson (2.5 J. 


Platform incidents 
may be deliberate 


SECURITY officials from the has also frustrated the commis- 
British National Oil Corporation stiming work, 
are to investigate incidents that The corporation is the opera- 
have interrupted oil production tor of a consortium with 
commissioning work on the nor- interests in the field. Recover- 
therly Thistle Field, writes Ray able reserves are estimated to 
Dafter. be between 500m. and 550m. 

in the past few days the plat- barrels, 
form has been blacked out by Oil will initially be produced 
a mysterious power failure. As at a rate of around 40.000 
the back-up power system also barrels a day. During the next 
failed, it is thought that tbe vear output should average 
cut may have been deliberate, nearer 120.000 barrels a day. 

Work was also.held up for a Interests in Tbistie Field are; 
matter of minutes as a result British National Oil Corporation 
of a hoax call on the platfonn s per L . e nO: Deminex 

public address system. Workers f4j.03>; Santa Fe International 
were instructed to take part in U6J0); Tricentrol (9.65); Bur- 
an emergency drill. ma h (8.101; Ashland (5.431: 

Both incident which have Conoco (146); Gulf (1.16); and 
been reported to Lord hear ton charterhouse (0.96). 

Corporation chairman and chief 


executive, happened at a vital 
stage in the development of the 
important field. 

The first production well is 
about to deliver the initial 
quantity of oil on to the plat¬ 
form and it is expected that THE AIRLIFT of 15 tons 
commercial quantities could be salvage equipment, including 
bowing within the next fort- compressors and pumps, between 
night. Guernsey and the grounded oil 

There have been several last- rig Orion, was completed by 


Salvors start 
rig rescue bid 


of 


minute problems, apart from tbe helicopter yesterday, 
incidents under investigation. Salvage men now face a race 
For example, there was an un- against time to try to float the 
expected build-up of gas pres- barge on which the oil rig is 
sure in one of the early before tides begin to fall away 
production wells. Bad weather after the week-end. 


Leyland to be much 


*S 


if 


more independent 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


THE NEW British Leyland Tbe method of advancing drawn on the total amount of 

management has won over the money on the basis of recent money Leyland is likely to need 

National Enterprise Board, its good performance did “ not seem- over the next few years, although 
major shareholder, to a sweep- to have worked. My own jfudg- the company is believed to want 
ing re-organisation of tbe com- ment is that Leyland will need about £4Q0m. of new equity, 
pany’s finances which will enable to be assured of the finance it gut he indicated that it would 
it to exercise much greater needs a year ahead, and that it be broadly in line with the 

independence than it has had should have an annual review £gS0m. which is still outstanding 

during the past two years of at which the money is either ton, sum which the Govern- 
State ownership. put up or not, as the case may meat agreed to advance under 

Basis of this reconstruction b®*’’ ^ the plan drawn up by Lord 

will be a large new infusion of These changes will mean much Ryder three vears ago. 
equity finance, some of which raore freedoai of manoeuvre for Any increase in the equity 
will be advanced this year Mr. Michael Edwardes, the new element would have to go to the 
On tnn of rhis re-financins the chairman of British Leyland, Government for approval. 

hi wb0 want5 a more anns-lenglb It is likely that British Ley- 
reviewed ^ahTamnually 5 and relationship with the National land will how present a plan 
noV bc snbiLrm iromises of Enterprise Board. which calls for a mixture of 

aood nerformance P from the The iS6um S of new e«iuity ^ e<luity and loans over a five-year 
gooa pertorraance trora tne be j p jj, e compaav out 0 f period. 

unions as they have in the past, straltjacket in which • Shop stewards representing 

points were made j t [ s n ow working, provided Mr. men at Leyland’s 34 car plants 



bids for 
deal on 
Bullock 



recovery 


in 



These 


were 

emphatically by Sir Leslie Edwardes can get enough. have accepted proposals which 

Munihv, chairman of the He has made it known that he will improve lay-off protection 
National Enterprise Board, dur* f W j S executives cannot afford but impose a penalty clause 
ing a Press conference in London the time to be continually against unofficial strikes. The 
yesterday, at which he indicated worrying about Leyland’s financ- new arrangements are part, of 
that British Leyland will be jpg problems in the present the central bargaining reform 
given more Board money by the crisis. package accepted in a ballot of 

end of next month. At the same time, the shift of Leyland Cars* workers last year. 

“I believe that Leyland in the the reviewing process on to an 0 Leaders of 1,800 British 
long run ought to have a sensible annual basis will release the Leyland workers who have been 
debt/equily structure com par- Leyland management from the on strike at the Triumph fee- 
able with tbe best practice in rbe pressure of having to justify the tory at Speke, Merseyside, since 
private sector. It is quite clear advancement of further State November, yesterday agreed to 
that tbe next injection of funds finance every few months. meet Leyland plant manage- 

must be equity." Mr. Murphy would not be ment. 


Eight nations line up against 
U.S. oil tanker proposal 


BY IAN HARGREAVES, SHIPRING CORRESPONDENT 


BRITAIN. Japan. Holland and During the next fortnight, the and tank cleaning methods are 
five other nations had lined up U.S. will be tested as to whether avaflable at less than one-tenth 
last night in opposition to a pro- it is prepared to compromise on the cost 

posai from the U.S.. Greece, segregated ballast, which it has This matter is being debated 
Norway and Sweden that all oil advanced as the only effective within one of three committees 
tankers over 20 000 deadweight means of preventing the opera- into which the conference 
tons should be forced to fit seg- tiooal fouling of tbe oceans by divided yesterday after Mr. 
regated ballast tanks. the world's oil tankers. Clinton Davis’s opening remarks. 

This was the position at the Britain is leading opposition to So far, individual states have 
end of tbe first day of the tanker the U.S. on the grounds that com- simply declared their positions 
safety and pollution prevention pulsory segregated ballast will and there will be great interest 
conference organised bv the cost between $4bn. and S6bn. to-day to see what tine the Arab 


Intergovernmental Maritime Con¬ 
sultative Organisation — a UN 
agency—in London. 

Earlier. Mr. Stanley Clinton 
Davis. Trade Undersecretary, 
warned assembled delegates from 
over 60 countries against uni¬ 
lateral action on tanker safety 
matters, because it would “in- 
evitably erode the international CREATION 
authority of IMCO.'" 


when alternative oil separation oil-producing countries take. 


By John Elliott, Industrial Editor 
THE PRIME MINISTER last 
night launched a new round 
of talks with leaders of both 
sides oF industry, in a final 
attempt to reach agreement on 
the White Paper which the 
Government Is to publish fol¬ 
lowing last year’s Bullock 
Report on worker directors. 

Last night Mr. Callaghan- 
saw CB1 leaders for talks last¬ 
ing Zf hours." He is now to 
arrange a meeting with the 
TUC, after which he is ex¬ 
pected to see the CBI again. 
Ideally, he would like to bring 
to the two groups together to 
thrash out a. common policy on 
industrial democracy, but this 
is not expected to be possible. 

If agreement cannot be 
reached, the Government- will 
go ahead and publish Its pro¬ 
posals, although this may now 
not be until well after Easter. 
As drafted at present, tbe pro¬ 
posals envisage only a gradual 
move towards worker directors, 
accompanied . by statutory 
rights on employee consulta¬ 
tion and the disclosure of in¬ 
formation. 

When they met Mr. Callag¬ 
han last night, the CBI reite¬ 
rated their-belief In the need 
to build employee participation 
voluntarily from the shop floor 
upwards. They also repeated 
their total opposition to legis¬ 
lation giving trade anlonbts 
statutory rights to claim 
worker-director systems. 

But they said that they stood 
by their evidence tothe Bol¬ 
lock Committee which proposed 
legislation enforcing participa¬ 
tion agreements in companies, 
Some CBI leaders have, how¬ 
ever, recently been saying that 
their members are now against, 
any form of legislation on the 
subject. 

The CBI also told the Prime 
Minister that surveys It has 
conducted recently covering 
some 950 companies showed 
that nearly 750 regularly made 
bnsiness Information available 


Jenkins urges monetary onion 


BY MICHAEL BLANDEN 


_ of economic and solid international monetary needs of developing countries, 

monetary union In the European base than at present “ if we are remained. 

This* was* a” clear warning to Community would play a major to have effective reflationary j f would be wrong to take too 
the U.S., which has said in the part in establishing more stable policies without dangerous conse- pessimistic a view of the future 
past that it would take indepen- conditions in the international quences." of the doJ i ari but the EEC. the 

dent action to discriminate monetary system, Mr. Roy Reliance on floating exchange worlds largest trading bloc, eoidd 
against vessels which do not meet Jenkins. President of the.Euro- rate& witJ , the roa |_ cun . ency not foreever go on -requesting 
its own standards, if IMCO failed P® an Commission, said Iasi night. a t j eaS t temporarily weakened, the U.S. alone to ensure that 
to act. The system needed a more WO uid not be sufficient all was well in the world's finan- 

air. Jenkins told international c,al SySteIU 


Williams & Glyn’s 


knows that time 



customers 


investment 


Experience has taught us at Williams & Glyn’s 
that the hours spent with a business customer 
today can save a lot of time in the future. 

A branch manager who has devoted time to 
getting to know a customer and his business 
really well is in a better position to help when 
problems and opportunities arise. If finance is 
needed in a hurry, a decision can be given more 
quickly because the facts and figures are to hand 
and their implications understood. And since the 
manager is familiar with his customers’ cash 
flow patterns, he is able not only to recommend 
the best way for each of them to borrow, but also 
to work out repayment programmes with those 
patterns in mind. 

If you would like a bank with the time to 
understand your business, why not talk to your 
local Williams & Glyn’s manager. Or write to:- 
Marketing Development Office, Williams & 

Gly ns Bank Ltd., New London Bridge House; 

25 London Bridge Street; London SE19SX. 


Five ways to more 
profitable business 


1 Short-term Finance 
Overdrafts can cover seasonal 
fluctuations in revenue and 
expenditure or provide additional 
working capitaL 


2 Medium-term Loans 
A more formal arrangement for 
loans from 2-7 years for purchase of 
new plant and equipment etc. 


3 Clash Flow Control 
Williams & Glyris managers are 
always ready to help with advice. 


4 Instalment credit for new 
machinery 

Through a subsidiary company, 

St Margaret’s Trust Ltd, Williams 
& Glyn's can provide instalment 
credit for the purchase of goods 
or equipment 


5 Development Capital 
Williams & Glyn's can provide 
finance for expanding private and 
public companies. 



The most flexible of the big five banks 


A member of the Notional and Commercial Banking Group and one of the Inter-Alpha Group of Banks 


bankers at the Overseas Bankers' Rejecting arguments put For- 
Club dinner that progress toward ward against the timing 1 of the 
European monetary union would renewed initiative by .the Com 
be greatly for the good of the 
Community and the world as a 
whole. 


mission towards union. Mr. 
Jenkins said a move towards a 
common Community currency, 

“Sin™ no individual European JSania.e^Muid s^ve 
country can expect to influence a ne“ strenjrth to elert 

nsSi^SS“ a “ * 

realistic to expect the US. to vorId mone,ary affairs ‘ 
bear alone this burden as it has Mr. Gordon Richardson, the 
in the past, we should not Governor of tbe Bank of England, 
merely pay Up-service to, but supported Mr. Jenkins’ efforts to 
grasp the nettle of, economic re-open the debate on economic 
and monetary union.” and monetary union. 

After the shocks of the oil It was stiU necessary, how- 
price rises, which struck at an to operate in the existing 
international monetary system environment, Mr. Richardson 
already vulnerable, the world said. In this situation, “ can we 
had "successfuliy muddied not concert policies for non- 
through.” inflationary expansion so that the 

But the problems of overcom- result can be greater than the 
ing inflation, seeking to return sum of isolated moves? ” 
to a growth and employment pat- The Governor stressed that 
tern known in the 1960s; or re- there would have to be co- 
ducing international monetary operation .between the three 
imbalance and responding legiti- main centres of economic power, 
mateiy and practically to the the U.S., Japan and the EEC. 


consumer 



SYiDAYlD ;=-i- V ■! ■. .. *. . V; 

rfiwsnvCT pEMAi^ recavetek .ineoaie taxrtbe Department said, 
sharply ip, December, remery is expected, to.be 

a whole. .. . . •■■■■■■••■ . remaining, third Of the income 

.. Department of' Trade .‘.figures, tax 're&ites. were paid-in the end- 
show that the finalvseasonhlly- DeceraBer pay packets. .- 
adjusted-index of the volume' of Most retailers believe that the 
retail sales was 107 (J871—100).- volume df sale®' -will'; slacken' in 
This was nearly 0.5. per cent February until after the Budget, 
higher than the provisional esti- when There should be'a sustained 
mate, and represents an increase consumer doom from fee: seamd 
of about three per qeht, on."the quarter to the end of the year, 
previews month.' : For-the mabaeomponents of 

However, the averagelevel of- total trade, the -volume of sates 
retail-sales Last year. Was about by "food; shops in -the fourth 
25'per cent below ihe.average quarterwas l per cent higher 
for 1976 1 ’ than - m: the' previous.quarter, as 

Tbe Department -has rebased were sales by clothing and foo ti¬ 
the* volume indices on the. final wear^sttops.: ■■ 
rather than the provisional .Sales .by A-other non-fada” 
results of the 1971: Census bishops, . which 'include, depart- 
Distribution, incorporating _ pto-Tneof stdres &nd w&l order busi- 
proved price deflators. nesses, fell- by; l -per-cent. ’Over 

For this reason, the ihdlceS are the .period.': - >r 7c '. 

rather lower- than before, al- - InStalineirt.qredif business^fell 
though they' reflect a similar:'in- January after a recovery m 
pattern of trade. • - November, Seabona^ 

December's rise was largely, the "new credit; -extended? by 
accounted for T*y the tax-free finance. ;houses ' and yretailers 
bomis-to penslonersqnd the effect amounted to £414nt, compared 
of the back-dated reduction In with £425m/ hi November.- - 


HIRE PURCHASE Cf^Dft AN^ RETWt SAtES - 

(Seasonally adjusted^. - ‘. 


New credit extended by 
Finance housed Retailers 
• Cm. - • - : ,£m. 

. Total debt 

...'Retail vo 

Mia (revised) 

' OoraM* 

=1S?*” 

• " .Tetri'' "• 

- om 

1J7A 1st 

349 

493 

2M9 \ - 


- 777 

2nd 

382"- 

490 

2,424 

ms 

122; 

3rd 

393 

521 

• 2354-v.. 


. . 125 

4rb 

420: 

-.547 

L716 

105.9 ■ 

124 

1977 1st 

458 7 

. 547 

vm i 

. wu 

iw 

2nd 

488 

546 

• 2i930 '. _• 

1Q2.6 

• 118 . 

■ 3rd 

5 46 

632 


;:Wi4 

121 • 

4th 

580 

641 

■ 3341 


' 121 - 

January 

135 

189 - 

- 2^61 r 

1045- 

111 

February 

157 ' 

• J8S 

M91 ' ' 

1843 

118 

March 

168 

m 

2,737- . : 

1Q13- 

109 

April 

154 

192 

2834 

■v 4023 

118 : 

May 

170 

1*4. 

1^.887 '. 

1Q22. 

... JIT- ; 

June 

164 

titt • 

. 2,930 " - 

' 1023. 

‘ 1T8- 

July 

163. 

202 :• 

• 2,963.' 

n05^J 

m- .. 

August 

2in 

216- 

3,047 

viosjr 


September 

182- 

zw 


103.9 

m 

October 

172: 

210 

^,170 

-V-103J ' 

128-'. ; = 

November 

199 ; 

.226 -j : 

; 3gt«7 

103JB 

118 

December 

209 ' 

.205-.' 

3341 

' WJ) 

,125. 


Source; Deportment of Trade 


One in ten bikers 
in retail trade - 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


JUST OVER a tenlti of a . breakdown by commodity, 
Britain’s workforce . was capihQ wcpqDdi.tnre.mid stocks. 


employed In (he retail .trade 
in 1976. V ' -sv ••• ’• •' 

The provisional findings of 
the Department of Trade 
latest inquiry into retailing 
shows that there were 400.000; 
shops in Britain two years ago, ■ 
with sales of £&25biL and a ., 
workfovce of 2.6m. ” 

The Inquiry was the first in a 
series of annual Investigations . 
into retailing introduced to re¬ 
place the 
of the 


The provisional findings are 
published In the latest issue of 
Trade. . and Industry. _ The 
figures 'may be revised when 
the .final results, based on more 
complete'; response, are pate 
Ushed.later this year.; 


Reliant to cut 

ing uunraucea 10 re- : - - a, p • 

old periodic pmsos WOFKIOrCC - 
trade carried, .ant 

ABA JrnwA in-21 ’■ - A WAtT*im>.r 4 




between 1950 and 1971;' ' • : ANOTHER" 300 jobS 'are to- be 

Because the research method- axed ^Exom the 1^00 work form 

J ”*’ ‘ *“ ■* *“ at, Rellant, the Tamworth car 




is different to that used in the 
1971 census, no precise com¬ 
parisons can be made with tbe 
earlier survey. Bat the latest 
figure suggests that" there has 
been a farther sharp fall in 
the number of shops. 

Tbe 1971 census showed that 
there were 504,731 retail ont- 


plant. Over the, , past two years 
Reliant has cut its workforce 
from-2,OOO aDd now if hope* for 
voluntary redimdanaeE. . ; s l-; . 
■ The company: is owned by F. 
Nash Securities, .owners of the 
Griley -caravan, group. " " -; 


lets in Britain and that 108,000 Reliant-said yeetarday thaftiw 


of .tiiese were in the grocery 
and provision trade." 

The final results of the' 
latest Inquiry will contain 
analyses of .the fall range of 1 
data - collected, including; 
separate estimates for Eng¬ 
land, Scotland and Waes, and : 


new management, was. deter¬ 
mined to cheek losses and; eaK;, 
sure" that the company returned ■- 
to profitability as soon' as pw- 
sibfe.... 

\ The Job cuts "will involve staff.- 
and' fiburly-paid' workers at all 7 
three Reliant factories; -. 


MPs to review spending 


Js . 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


AN INVESTIGATION into the 
way the present arrangements 
for accounting for public 
expenditure to Parliament might 
be rationalised, is to be curried 
out by an all-party committee of 
MPs. 

The general sub-committee of 
the Expenditure Committee 
chaired by Mr. Micbael English, 
Labour MP for Nottingham West, 
intends to take oral evidence in 
the coming months from the 
Treasury and others both on this 
subject and an the content and 
presentation of the annual White 
Paper on public spending. 

As background to these hear¬ 
ings. the Committee yesterday 
published a number of papers, 
totalling 70 pages, on the control 
of public expenditure. 

These have been submitted 
over the past year by the 
Treasury and Mr. Terry Ward, 
the subcommittee's specialist 
adviser from tbe Department of 
Applied Economics ai Cambridge. 

The sub-committee pointed out 
that it has for a number of years 
been pressing for improvements 
in the annual White Paper to 
"make it a more useful and 
informative document.” 


Significant 


The papers discuss some of 
the recommendations made in 
the last few years—notably on 
the inclusion of mediuurterm 
revenue projections, the treat¬ 
ment of tax reliefs and allow¬ 
ances on housing, children and 
investment, and tbe question of 
gross or net presentation of 
certain items of expenditure. 

Tbe sub-committee expects to 
receive further papers from the 
Treasury about bow the present 
system of accounting to Parlia¬ 
ment (the annua) White Paper, 
estimates, cash limits and the 
appropriation accounts) blight 
best be reationatised, both to 
make them more intelligible 10 
Parliament and to the public. 


A memorandum written by 
Mr. Ward following tbe sub-com¬ 
mittee’s visit to Washington last 
April, highlights the “signifi¬ 
cantly greater amount of in¬ 
formation published in the U.S. 
than in the U.K. on public ex¬ 
penditure programmes, on what 
they are intended to achieve, and 
on the assessment of the 
economic prospects which under¬ 
lie policy. 

“A far greater amount of 
time and effort is devoted to 
Congressional examination and 
debate of these matters, while 
there is a markedly greater ten¬ 
dency to consider public expendi¬ 
ture in the context of tbe over¬ 
all bndget than is the case in the 
U.K.” 

“The reaction in the U.S. to 
a loss of control over Govern¬ 
ment expenditure on the part of 
Congress has been to strengthen 
tbe power of tbe legislature. 

“ In the UJL, the reaction to 
the events of 1974-75 has been, to 
concentrate on strengthening 
the executive, control over 
departmental spending through 
the extension of cash limits tor a 
large part of public expenditure 
and through the introduction.of 
a monitoring system. 1 * 

- Mr. Ward discusses tbe impli¬ 
cations for control of the fact 
that public expenditure is' more 
Immediately affected by changes 
in prices in the UJC than in the 
UjS. 

According to official estimates, 
a 1 per cent rise is the general 
price level tends to be associated 
with on automatic rise of only 
0.6 per cent, in Federal outlays 
in the U.S.. implying that a refa-' 
tively large proportion of trans¬ 
fer payments are fixed fn money 
terms. In the U.K. the relation¬ 
ship is dose to one-Io-one. . ~ 

. The Treasury has submitted "a 
paper to the sub-committee" un 
the presentation of public ex¬ 
penditure plans in five countries 
(the U-S-Trance, West Germany, 
tbe- Netherlands and Denmark), 
dealing with a range-of subjects, 


including definitions of - public maintain a: constant.^,* v 

expenditure, ihe presentation of demand : in the. econohiy ;a2hO 
revenue and expenditure _ in ; equilibrium in : the^'externalcam¬ 
med (urn-term plans, tax expend!- rent account 

tures and the price basis of pro- However, the paper" in¬ 
jections. that it could not be a:,*®? .- l U S 

The Treasury points our all' accurate- measure. 7 partkauMilf .- 
tbe countries studied present the. over a period in whtcV econo^iiH* 
revenue and expenditure sides conditionsvwere changmg - ia^‘ vijjnr; 

of thcr central Govern ment Jtffdlyj. 1 because ^lt relies on jwgjt 

accounts In their annual budget, fidai assumptions aboirt hAWF^ ; . - 

as does tbe U.K." - economy'cdultf be mhintain«I-*t;. 

“But none of them , publtehds^-the conOTrit levd of actiylty/* 
forward expenditure .‘plans at all ' “ Moreover.'it does' not ... 
similar in timescale, or in detail account .- of - .tite‘'-fact that 
to those in the UX’fi annual inqjact bf changM4n . ; " 

White Paper. Only., three on :• the rest of- ; the:, eebnota?--?. - 
of the countries (Germany, the would depend on how the^acDfpL-> . . 
U.S. and the Netherlands! pub- Budget 1 balance .waff . 

Ush medium-term revenue pro- . “These'weakoeSS^^pine^/te'V' V ^ 
jections.'' .1 ; crehsiiiff iniportaqeejif ^ '■ 

“But : ' these.- do • -Tint imply'latiernsrare-'extendfid-oyet^■. 
any -particular -BscaX ■ "policy of ^eai8:-"afid-vtiie.' . .-*• 



allowances. .. ... ... 

“While 7 in" Germany - and -the rrOf fcCtlOaS -- 
Netherlands the ..revenue ■* 

expenditure -proiections.. 
linked in the ■.presentation . 
their mbdiiito-tenn vEspendittare 



But these, plans do not. in. the the UiS . 1 which 
main represent fffrm- -commit- valuw ? % 

ments b^rnd-rie next financlri an^and 

year." .. 

The 
Paper 
trative 



context the ^concept of-the public-a prebcn^vei.ti^"otiy 

sector .financial : deficit., at. ebur for the. apprah&J: ^ 


budget balance would-change* If • Memomhdftyofr.tbe'Cd 
existing tax: .policies end- spend-. . ^ 

Ing plans were Xmplemaoted and t$7?48.. - 

private-sectoj^. expepdflure.,anfi ; 
exports. were Adjusted. as ta SO, 









9 




«ry n * •. i^i"- =i - - ? '• 1 : v r*.- • f■ v •. 

•ft ■ -- ; -v v >.?i§3sl?s5.*;ss-ss*. ^r?J;. \:y..., 

1 a :--.V.V» v«i» ~ ^ . . 



among 
worst for decade 


w.'W 

»>fJS 




3fc 


mriSK^llr^CASSELL, BUILDING CORRESPONDENT 


3iX in the e « , l*«» in obtaining sufficient in the private sector was 

year suitable land. buoyant 

v is.: .t s ..'.the year The number of private starts Completions here reached 

*.'I : ■? ' JUT! Iff'-tilP Wrtfcr r\n —-- 1 . i «A«\ imuT a. ii - a <n aam pi 


less 


-« a r_~ fi:~ .— iuc uuuiuo vt h u,11c i*'juipu:uuuti lierc rcacuea Only 

-a •, ****-.3 • w .v^ 3 «v^ 7SF 0n presented the lowest annual 139.700, a fall of 12.500 from the 

A LARGE wreaseMn fa £&m. record fw ^hvcr a decade, total since 1974. when they year before and the lowest level 
Lo^,f 0r reached a low point of 106 , 000 . for over a decade. 

The Hon*e RniMere -Mm. Other figures from the De¬ 
partment of the Environment 
showed that last year assistance 
was given towards the conver- 
improvement of just 
,000 homes in Great 
Britain, against 163,800 in the 
year before. 

In England alone. 12 autbori 
ties declared 13 general improve 


'Tj,' “■vjMwiajiuuiUf . jjicvmwciauoQ jKisTiima ia ouiy __ _...... ■ • . , ■ sinn or ii 

IS* "« 5=3 under 188.. 


-tiie relief limit to JKftiQQO;to ^ke c -Starts •*• hafvi^'>ftM/;ieached 

. n..BA...'li — 1 .. • - -■«.■■_ ~ j ~ •-’ ■ } — : a. Oftfl ftn/t ■ iSnik'iu*"-' 


*hZ demand, 
mortgage 


caused 

money 


by cheaper 

and rising 


This stagnation, even falling 
seems inexplicable in the 


* e ■ o£$ account at - Inflation g Since ".the 300,000 figure;: 4 .-...... jIIMmiie 

e » !3 T -rate was TyKfeted-iiii; 1974. .A. breakdown^of.lhe figures “SfSJ! 1 ’ 

1 te r * , It pointeit-'oitrt itbStt since tire shows that tlfe number of public 

^ 

^ iiy^T-dST._• buildine land sunnlv situ.-rtlon t0 ™ number of areas to 1.017. 

Declaration of 12 bousing 
areas during the fourth 
11 English local 

sion of output." ” ' authoriUes brought the total 

- e - announced 


“*K 75 per. cent____ 

'«;r*. had accepted that Umltatioas on 

•* lax relief-HUd have an; adverse . 1973 


Tbe Government lowest since 

-r.d ^ effect od the housing market restrictions pa public expendi- »«■? I3^ es quarter by 

ty ft*. ‘‘To the extent that people ture in. new.hous*building out- 8 expafl * authorities 

It are .deterred by the limit from pirt . . . - .s»on of output number of areag 

c> 3 ,. moving .into more expensive * forecasts snggestMbat starts Projections suggest that since 1974 to 243 

irv 'r homes, there is a reduced supply iP this sector fttf. year will fall private housing starts this year 
4 ^ °f cheaper bouses* fpr sale as further, to. about 325.000. and will rise, though no 


The Department also 
more than that an estimated 40,800 


Stamp- Duty 


reported 

aeatfM.M" IC , nwHs^rw. am us • w ‘/r.TX*W--irr'--~' -r“ — *“•'*" “““ iuui an estimated tti.ouO homes 

rwj.. °y> they fail to move up the housing will stay at. - r that:. level in the 155,000 new homes are expected were demolished or closed last 
«m 7‘ ^ ladder." -. : v : ' fbllowing l2Tnont3tti.-T to be involved. year as a regil ]t 0 f slum 

If the limit was raised to The number ofjmw homes on Total housing completions last clearance action in England 

. t : £40.000, the decision wonld w hiCh work bfgan ln the pnvate year reached 302,200 against The figure compares with one 

^ “make a positive.contribution to sector .last year :pwo- fell, from 3T5.000 in 1976. the lowest com- of 49.300 in 1976. 

the - health J rrf : tpe'; bonsine nea dr 1° i ust hmed completions figure since Commenting on the overall 

^ market: without any undue cost Ptider 134.000.- •- 1974. figures, Mr. Neil McIntosh. 

■£TA1L b to-tte Exchequer.**, v; >he poor^ pteture .reflected In the public sector. 162.500 director of Shelter, said that the 

* . ..btrildersr-narroiitiireflt.-margins, homes were finished, only outcome was “a disaster far 

their general lacfcbf confidence marginally down on the 1970 those in need nf hmnos and for 

. about market-prospects, and diffi- total of 163,000. but the picture those who build them." 

Tea : The Chancellor . should also \ '' 

__.ntthl raise the. stating, point for. pay- 
I 05 j 9 " m |dt of Stamp Duty. The present 
£15.000 figure was .introduced In 
1974 and the. scale rises sharply 
—a duty of £600 is payable on 
properties over £30,000.. 

The Association says that the 
starting point should now be 
£25,000: 30. percent, of alt bouses 
mortgaged to hultdihg hdcleties' 
were now priced at more than 
£15.000 . and - hence . attracted 
Stamp Duty- payments. This 

consl^cti^. indiistry - is One-third of building com- cent, thought they might increase 
RevenuP from SlaL lhitv showing the first.«gna of revival pames expected to do less work them, 
rose to £Mm last vearemnoared b foufryear “ :WpeMlon. this year than in the previous The reduced level of work 

with fiamteSroarf heftS ■ccoMi»g:.to,flie .HaBonal Fede- year. When last asked about continued to b e spread fairly 
therewas“an*SeSiofiSiveSd return of;*Building,Trades Em- prospects in September, nearly evenly across the country. Few 

.. . “ . ^^cvpiiooauy.gooa ployers. half thmieht thair umrlrln.rf rarfn,,. ,h n .,.._ „r 


lots 

107J 

_105.9 

mu' 

ICK 

104i 

J04.9 

~?04i 

104D 

101.7 

1Q2J 

mu 

mu 

135.0 

jou 

163.9 

i'l V 




industry 
set to improve 


BY M1CHA&-CASSELL, BUILDING CORRESPONDENT 


ease" for abolishing it altogether^ 


half thought their 


Th» resnlta nf .ifm: federation’s would be worse. 


workload serious 
materials 


shortages of 
and components 



DENT 


crease tax rates wf&out Patlia.- 1111 ^ 0 ^- 
mentary approval,. • . For :the first ;tima since 1973, 

*C Investment income jmrchaige-the auinber of.contractors report- A ! J i!^,. £* -.i. 

.o for all people-.over retirement ixig fewer inquiriei.thaa4n the /\Jfl T*|l TirSa 1 “I IlfiPrS 
age should be abolished,. Manypreceedihg,-Tbrefrftontii...period W WUIL .10 

people accumulated r some;<avmgs did norioutnumber. thbse report- FIRST-TIME home buyers are to house within a specified price 
in societies ta provide mcorne ii^'mhr^ iKJtentlarimSluess. receive Government help under limit. 

»o supplement, their pensions Twenty-seven per -cent, of legislation introduced in the Both bonus and loan will be 
upon retirement; age v .“hut.they rrespondente :tothe -iDecember Commons yesterday. paid at the time or purchase. The 

now find, to their, dismay, 1 that inquiry reported fewer inquiries. The special “Savings Bonus and loan will be interest free for five 
n? ^thlv abtiripatedVand plarined-for fcdmparprf -with" .37. £er -cent' a Loan" schemes to be operated years and then repaid with sub- 
Hiiiiarfri /jicome^s sharply ereided by'tbe year egj-ner.' Anpther Sf -pier'cerTt under the Bill were foreshadowed sequent , interest over the rei 
-Mtir.l tcimpact of L : the-surcharged • imtithe tiumber of incpuries ,; fi'ad in the Queen’s Speech at the ing period of the mortgage, 
iht* More than. SOO.fiOO people,were risen, against only 22 -per dent opening .of Parliament. The Bill, authorising the use of 

"inisn liable to the surcharge in 1976- in thp'previous inqi^iy. • , A bonus is to be paid on up public money for assisting first- 

' ,, i_y/1977 agaiDSt ^ftfi.OOO in-1973-74. . More than 70 per cent: of cot^ to, £1.000 of savings held by a time purchasers, will also in- 
i^If the surcharge^^.was. mrioved, tractors were stiff operating at first-time purchaser, and a loan crease the financial limit govern- 
' ' CuIW j,pensioners".would, hen^l^nand* three-quarters capacity or less of £500 for each first-time pur- ing housing corporation powers 
*’ ally and the incentive to:save.—a proportion^, likely to be chaser who has saved at least to guarantee loans to housing 
for retirement Would be greatly.maintained, .ttir at least six £500 over-, at least two years associations and-similar organi- 
" increased. months. . r . before purchase and Is buying a sat ions. 


lhi- wa¬ 


nt ft# 
force 


:.y- - • -:—r- 

Mare workefs given medical cover 


BY.-.Erne SHORT 


;u-‘ 

•v .. . 

i.i Ts? MORE . employees . are- being ^ace .market, show that the taxed on the contributions made schemes—BUPA did not launch 
re covered by" thrir employers for -mimbex. of members of group on their behalf, by employers as its new plan. CompanyCare. until 
i*.«-medical.:, and bospitallsaticui schemes.rose3.7 per cent in the payments in kind- November and did not expect lo 

. 4 Vwf-insurance;-’-in spite OP the- pay - course "of last : year. Nevertheless, all three com- reap the full benefit until this 

■} iXitfp!-guideline restrictions;on;thistype' "■>'BUPA -recorded an increase ponies report more employers year. 

'■ " .^of employee benefit. -. pf:T^. per-cent. PPB 8.7 per starting medical insurance Individual membership fell 4 

ir - The raembership figures for cent-antl-WPA 48 per cent schemes for employees since the per cent, last year, however. This 
British United ’Provident Asso- ..’.Taymeats made by companies ending of Phase' Two — even trend bas been seen in the last 
- r ^'’.nation. Private Patients Plan^anS >fowanIs medical insurance pro- though many schemes related to six years. BUPA experienced a 
,jj vjflrifWestern Provident" Association, "vision are regarded as part- of executives and middle manage- decline of 3.8 per cent, PPP 4.6 
"■-rn-:-n *-which'account for more than 98-the salary rise for pay guideline ment The medical insurers have per cent and WPA 5 per cent. 


tv* 7 per cent .of 


the medicar-iostnS:; purposes ’ and. employees • are- bee a revising their company 




MEDICAL INSURANCE MEMBERSHIP FIGURES 

r_ ' '■ -'' i 1-. " >- «nd l977 (end 1976) 


Company..,., . / • . ;ih«Wd«tf V 

Group 

Total 

British United Prov. - 338,D3fi r{35L449J ■ . 

479.478' (472JS3) 

817,500 

(823,702) 

Private-Pat. Plan- - '<129,382) 

82,619 . (:76»01T) 

20&032 

(205,393) 

West. Prov. Assn. , : '• **. 12^42 . <' 12,785) 

21,909 ; 14,801) 

34,051 

( 27,586)' 

Total . “ _ .: v -I74S85 (49*616) 

583.998 (563JM5) 

1 1,057.583 

(1,056,681) 


‘,k. tfr 

• n ;sc s* 


C^U to step up forest 
planting ip Scotland 


A copy of the report has been 

the Secretary trf 


;t* t . . , 

: '.V' J&'fsUL SIGNS pointTo -afi Increas- advantage of its suitable enyiron- 
:fi- ,y ing world-wide portage of timber meat and ...vigorously promote 

; , V r^over- :ihe k q e T t ' - ^iO;years, the iiaiminnment. 

j ^Scottish Council .(Development 
. ft^and Industry) says lii: jl report submitted to- the 

v-.V ^published Xo-flay. f ."' ' - State f qr Scotland. 

t ' It advocates. Government ■ 

, jvmeasures to^oncourage-inpre nety UAtiOj Acpnf . 

.-cr 'jiffor'estay .planting'.iit Scotland. , n3tUl 

if reemit -experience With THE ROVAL" meeting at. Ascot 

5 ‘ r ‘ .^demand and supply of- other wilt take place on June 20,321/22 

■c>. '^’internatlonaUy/tradfrd' commodl- and'23. Applications for aamis- 
" r 'ties is anything to/go by, ,tbe stop to the Royal Ascot Enclosure 
r' ^ j'price o£ timber prodixets ..-could should-be made to Herflrejestys 
, :i' ; - ,-rqnadruple - relative, .to other Representative, Ascot Office^St 
j & "a. prices, it says. - It would seem-James’s - Palace, London SW-Uj 
n.-i 6 ..logical for Scotland to . takebefoze the end of April. 




OBITUARY 

rr Sir Oliver Crostbwaite-^ 

Jsjr. OLIVER GROSIHWArre- iarts of North-West Europe and 
^VeYRE. a former vice-chairman of retired .'with the. rank of colooeL 
JTinandal Tinkes^ ;hutir died " He entered Parliament in 1945 
. p r aEed 64. ' * - - - as' Conservative Member far the 

■it--' sir Oliver .was Cbnservaiive &CP New Forest; and .Christchurch 
?jyfor flip New.Forestfroaf-190 fa-division- of - Hampshire, winch,-.Jn 
ir:-’l968 and chairman of -^ociated lMfi, was reconstituted as the 
‘iBook Publishers from TSSIxto New Forest division. . . 

a V1973-" He. spent iiisTatfer yeare .On the-Board of the Financial 
r4 ' rf lu"Salisbiijy, Rhodesia:,^ -:;> r - Times; Sir OUv&r represented tite 
• J> . The -' son of; • MajOJr r J^.- .&■ interests of the Eyre fannly, who 
•■vfiioslhwalifrEyre add . Dorothy Imd merge* 1 their Financial News 
' .• Wujaet.Eyre, he .was-educate, at. ; greu> with the Flnanqw Times 
;> Downside: and .Trfaiity : CoffeSe^iff 1545. But after a di^gree- 
. ffiunbridge; before - joining “Eyre intent between *** 
s-W -Spottiswoode - where., he and-Lord Bracken, chamnaa^ot 
i ^'became a director atid'-chairtban^ the 'Financial' Times, wie_ Eyre 
4 .Y: Sr Otiverenlistbd as a'privnte family’s interest was sold tOrtnte 
i V at-the beginning of 4he. Second Pearson Groop., _ ... 

>"} World War. before being <fatnfaia- , Sir OKwr AJex- 

■''^aoned jn the Royal MattoEs.in ander'Tuthon in. 1939 anajbey 
April 1940. -Ha ^served jr Nor- hatf two SMlS and . three 
c *. the uwAtBix East, and;otiier toaghtt®K 


But the companies reported 
that in the second half of the 
year the decline in individual 
membership virtually came to a 
halt. They are optimistic about 
the level of membership this 
year as inflation is brought under 
control. 

The net result was that total 
membership inched ahead by 
fewer than 1,000 to 1.06m. last 
year. In the previous two years 
membership fell. The improve¬ 
ment in membership has been 
welcomed by all three companies. 
They feel this year could be a 
year of steady growth. 


Patents 
change 
may cost 
companies 
£ 260 m. 


By Kevin Done, 

Chemicals Correspondent 

THE pharmaceuticals industry 
has told the Government that it 
could lose sales worth at least 
£260m. and there could be a loss 
to the balance of payments of 
more than £150m.. if amendments 
are not made to the new Patents 
Act, which is due to come into 
force this year. 

Under the Act, all new patents 
and existing patents with more 
than five years to run will 
receive an extra four years pro 
teclion from Juae 1, extending 
their life from 16 to 20 years. 

What concerns the drug 
industi>- is that patents with less 
than five years to run will not 
receive any additional protection 
This category covers some or 
the most successful drugs 
patented in the last 15 years. The 
industry argues that without 
patent protection, the U.K. 
market will be open to imports 
from foreign imitators, which 
would rlso be able to undercut 
the price of U.K. products in 
overseas markets. 

Advances 

It is normal that when a major 
product patent expires, several 
imitators, usually from Italy and 
Eastern Europe, enter the market 
with imported material. 

The Industry told the Depart¬ 
ment of Trade, in a recent sub¬ 
mission arguing for amendments 
to the Act. that it is British- 
owned companies that are par¬ 
ticularly at risk. 

During the period in question, 
ten to 15 years ago. it was 
British-owned companies, which 
made major advances in drug 
research. 

It is sales of profitable drugs, 
such as ICl's Inderal and Fisons 
Intal. which are most threatened 
if patent lives are not extended. 

Royalties 

The Association of the British 
Pharmaceutical Industry has 
told the Department of Trade, 
that British-owned companies 
alone stand to lose sales of more 
than £20Sm. and a contribution 
to the balance of payments of 
more than £132m. 

It calls far an extended life 
for.all paients and calls far the 
extensions to be granted without 
any “licence of right" provi¬ 
sion. 

At present, other companies 
can apply for a licence to pro¬ 
duce a drug and. must be given 
it. as long as they are ready ro 
pay royalties. There is no such 
provision in new patents. 

The department 'intends to 
consult other areas of industry. 
Amendments would; require 
fresh legislation and the depart¬ 
ment wants to establish\whetfcf r 
special provisions would under¬ 
mine the interests of . other 
industries. 


Students will 
lobby MPs 
on jobs to-day 

By Michael Dixon 

STUDENTS ARE to lohby MPs 
in London to-day to demand ex¬ 
tensive measures to counter the 
threat of increasing unemploy¬ 
ment among young people. 

The National Union of Stu¬ 
dents wants the Government to 
introduce next year a programme 
to provide ,1m. new places in 
schools and colleges for 16- to 
19-year-olds. 

To provide the necessary extra 
staff—and also to eliminate 
classes of more than 30 pupils 
from schools by 1981—the union 
is calling on the Government to 
reverse its plan to close anotber 
20 teacber-training colleges. 



We cai this a shetdi 


Ac Norwest Holst we call a spade a 
spade. A shovel Is something else - and still 
has a thousand-and-one uses on a construc¬ 
tion site. 

We have introduced many practical 
ideas.These include hydraulically operated 
table fonnwork for reinforced concrete ceilings; 
fibreglass moulds and 
formers for in-situ trough 
flooring; and a development 
of the hanging cradle system 
for repairs to tall concrete 
structures and cladding of 
high-rise buildings. 

In feet, we have a fine 
record of projects success¬ 
fully completed by using 
new techniques. Whether 
such innovations are for 
concrete construction. 


Address 



Send me by return the brochure on 
Norwest Holst total capability. 

Name _ 

Position 


Company 


FT 9 | 

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structural engineering, heavy plant installation 
or whatever they are always complemented by 
our common or shovel sense. 

Many kinds of practical solutions derive 
from our total capability. Let us send you the 
brochure which expands on this theme. 

Total capability is engm^aing design, fabri¬ 
cation and construaiofi. It 
includes site evaluation, earth 
mooing and excavation, pipe 
j and mainlayingjtyundaiums, 
j plant installation, structural 
[ engineering, precast concrete, 
tall structures, all kinds of 
I building, effluent treatment, 

| town centre development and 
| refurbishing. AU activities are 
i available and directly 
. managedfrom icithin the 
Norwest Holst group. 


n 

i 


Norwest Holst 

tori 



Norwest Holst Limited, Dept FTS 35 Chesham Place, London SW1X 8HB.TeI:01-235 995LTelex: 917047. 


Marry us to Mrs Cast 



Mrs Castle’s new state pension scheme goes so 
fa^ but is that far enough? 

! For most directors andhigher paid employees, 
the answer is no. 

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nor.fuU security for your family if you should 
die.before, re tirement-importantpoints when 
you look at the escalating cost of living. 

The solution to your problems could be 
MGM’s "Design for Retirement! 

. MGM’s plan enables you to build on the 
foundations of the state scheme-or your own 
private scheme-and create a tax-efficient package 
of fringe benefits for you and your employees. 

T>esigafor Retirement 3 is simple to run- 



For further information contact your financial 
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Alternatively, return the coupon at our expense. 

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Established 1852 

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To: MGM Assurancc.Freepost, Worthing, West Snssex,BNll 3BR, I 
(No stamp is needed) * 

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, Financial Times: Tues^y Febru^. T^TS: 



Hospital 
workers 
vote for 
offer 


Action by tanker drivers 
closes Scottish schools 


BY NICK GARNETT, LABOUR STAFF 


Action urged Sir Gordon Newton 
convenience in Tether hearing 

_ sir GORDON NEWTON, editor plaint from Mr. Tether. Bat ! 

»7 A cpf> I Q o f the Financial Times for more Tether was not The only jo 

V vSoCIij than 20 years until he retired in nalist who would complain 4f 


SIR GORDON NEWTON, editor plaint from Mr. Tether. But Me. was one able to write.on subjects 
of the Financial Times for more Tether was not The only jour- in his own way subject to a 


A GRASS ROUTS vole by a i , 
quarter oT a million hospital :REGTU. 
ancillary workers has come out areas n 
in Ta\ uur of accepting a pay e / nc * » ei 
settlcmcui or jusi under 10 per l * 1L ‘ ra « 
wnt., in line with the Govern- . caused 
mem pay code. | overtim 

The vole seems likely to ! Strati 
inliueiiL-e p:i> negotiations for I school?. 

another 75.0011 hospital workers ; Renfrev 
in admiiiNlraJivji ami main- Dunbar 
trimucv due lor settle in nil in . stocks 
April. 1 'ow lev 

Tins does mu im-lude IS.fiOfi -are cxpi 
ambulance workers who were The 
dm* fur a pay increase in ;has a > 
Jiinuars and are now voting 'iviih nr 
nn Ihcir liilesi offer, also wiiiiiii supply 
ihe Government guidelines. til renter 
This group has been asking for | p uth 
a 135 a week minimum wage. j , v j s 
The si/e of the majoriiv v ole ' j o ;. e j " 
by the ail ciliary workers lias worried 
imt been i|uaniifieri hui is , ju• -nt 

believed In have been nil her • 
higher than cspi-t-ieri by union 
leaders-v.ho have been pressing J 
lu r a new minimum of around , 

rai. TV / 


REGIONAL councils in some schools. nlHioush those hove top darned many aarages could »{ * ° u ' **"»“» Correspondent, 0? (h ln ^ Mbjugj was port rf.te.w 

areas „f Scotland have started priority for oil allocation. out of business because of the THE NATIONAL Union of Se*-j hearing the ibnuanl a newspaper- . .. . bvlhe-S 

eincraency fuel monitoring in In the whole of Britain maximum petrol prices imposed :, nw wx n be urged at us biennial. claim by the newspaper s {V™** He and Mr. Tether had a work-• Sit ffi’ShSfsfiwE 

iht* race of declining oii supplies drivers at Shell. Esso. BP and by tanker drivers in some areas.-general meeting in May to take : jjjjgjhi is ^, Kirin ^i- Ufe . “ ingielationsbip. It was not dose. Ins rizht and duty to sub- 
caused by the tanker drivers' Texaco, are operating a national particularly in the Midlands. ; a strong line, including industrial, Tether. The hearing is likely to but , it Worked . . «tam tos ngnt and duty to «ib- 

overtime ban. overtime ban in support of a Tanker drivers have told filling.' act j on against flags of con- -last another 1. da.s. .. Sir Gordon said he might have Mr Wells said that one of the 

SiraiSu-u de vrs'erdav shu T 70 wa * e ‘■•laira outside the pay stations that. if they charge above venience vessels operating in the , Hr. Tether’s dismissal IB spoken on a few occasions'_to .host lihoortant elements -in the 
AW-CT GtaMii. sidelines. Blitlah seclof oC 1116 XorUl Sea ' T nths ag0 * a i 1156 cul , mina . t l^ Tether about ’ the subject on SiSf 

: Renfrew Lanark. Argylo and r nc , The meeting in Aberdeen, will | of 3 ?? atr Tf t «***f *..»*»«« matter- of the column. He- could PioauciaVTim^that S 

: Dun ban on area.-' because ml Garages dr> Thj. drv«er* have beenoffered \ b{? J5ke / tD slop lhe use 0 f i the editorial control of thorn have'suggested that he “ lay off was n0 working -relationship 

!{SW f £n% C S BP »«l yemerdav that a few per coni, producfvity hat »re; J-™?" K plM 5? L™b.^ cSuL which S," ar W * ^dllr'Te* 

.n l c.«*d S& "«T SST ■£ ££ “ “ ' \SSSSf ST. 8S,« Sir Gorton, he would ^“dt^Af&r'X 


stocks bad ration in critically .... that ■» few ner-nnt orr»rluctivit'K.Tt«rP i, ‘cheap forcisn labour on wm * t? v « naracuiar suojeci ror a iew after a certain time between Mr. 

low levels AhiK.st lnfl schools B1 >csierda\ tnat a tew per tent, produitivit, but *re { * - . d p at . ( over the Lombard column which d ays . 'Fisher and Mr Tether • What 

are exp'S.-d in l, closed to iay. lls * lESSm ?° ’ ' appeared for 21 years under Mr. “Kt said Sir Gordon, be would W* *.SS5l^5£ 

‘ ..r ■ The central n-serial: council [hrm^hUu- week. Deliveries V 20 per cent. ° ( The motions come from the ex-j^i^eiiSSiataiwd h^hSTthiJ f ° U ^ it d ^?fiL t i?i n eSt ?riih b * 

iiu* fur a pay increase m ;has a .‘mail niiiii>ii*r *»f school* four cam panics have been Both Esso and BP said yester- pandidg Aberdeen branch wmch; t .. T 0 write what he liked as 3 yP^ , . a S.- t r -®J a ^® ns ^ 1 P , ^l th . * 

sinuarj and are now toting with only ihipi-- or four days' ,. llt bv a hout 30 per cent. The day that their offers remained Covers most oF the supply and! 8 independent columnisL ‘ l ? _ SUe T e5 .^2!if ^ rom distinguished-columnist of long 

ii Ilinr lali*sj offer, also wiiniii supply and ihi-se. luo. arc overall effect of this will become unchanged and were at the limit! safety boats operating in tbei an p him — roost people were. standing? 

threatened with closure. radiu 11 y more acute. allowed under pav guidelines. ! sector as well as caterins crew' Mr. Tether. 63. of WorpJesdon, Mr.. Tether was not an easy, sir Gordon siild that it. would 

Buth areas ssv iv.o davs* sun- ^ The A A said garages were Shell white collar staff have on offshire installations and Surrey, has rejected the news-man But they built upji work- be the duty ofan editor, to 
p!v is ihc minhwm overmins running out of particular grades been given an interim 10 per; barge crews. papers compensation offer of full able relationship-over-0 years, suggest, to. the columnist that 

level and Straib'-lide is aI*o lor sliurt periods, especially four- cent payment and talks on, pay unol normal re tire mem age He had no complaints about Mr.-tfaere.^ might be-.' other- places 

v. nrried ahoiii ,.i| ' *i.i>niu- s io star. possible further payments are j Conditions and an unaffected pens'on. Tether. - ; where-'his considerable talents 

iiAni.... ..nj ...Assni-iaHnn srin mkine niaro Sir Gordon told the tribunal -Sir Gordon said that Mr. would .he more . use full v 


liireaiened with closure. 

! Buth areas .sny iv. o days’ sup- 
) ply is the winii.-unu opmunz 


resiuL-ntial honii-j and approved The Motor Agents' Association still taking place. 


Discontent 


Miners 9 leaders to meet Benn 


Rut ai-cordinz tn i lie 
.Niitional Lniun of Public 
Gm ploy cos. one of Ihe ruur 
uniuiis oil l hr Health Sen ice 

meagre «r demarallvuifen ” V r - ^W-jgwood Bonn. Mr Jue uormley. the 

li.-ui resulini from iliu- failure ; the Energy bcerel-ry. and TI C president and semor coUe; 

«f the lire men achieve official-, bef ore icsumlllg pay will mm MrLenMurruy. 

imnu-iliaie ca-h rises abm e ' neuotiation # at the National Coal genera I wnuiy. Jhafte 
the Govenimonl’s 10 per cent. : *»“"* Uwuorrow. after a meeting carLer wiU 

:i- ||ln The claim by the National Benn. Mr. Dents Healey 

Th,r'.,nriiian workers .teat ■ Union of Mine.v'nricers that (lie Cbance/lor. and Mr. A 

w,T sLi,T i . h,?,. h . liuvunincnE’s 10 per cent, limit Booth. Employment Seer- 

^ r S - earnings is general, not ore also expected to attend. 

«i, h ML.K 3 " specia.- to each negotiation, is The TUC has never end: 


BY OUR LABOUR STAFF 


MINERS’ LEADERS will hold November settlement date, likely short-term deal for the pits would 
separate meeting- to-day with to get a much belter reception, set an unwelcome precedent. 

Mr Anllumv U cjcwood Bonn. Mr. Jue Gormley. the NUM The discusstons will focus >m 


ill taking Place. ' v.uiiuiuuua Sir G nr( j on told the tribunal -Sir Gordon said that Mr. would -he more usefully 

The.ting of convenience motion that certain copy was not “set" Fisher,.his deputy for two years employed. . • • 

asks fur action involving the without his approval—leading before, succeeding him. was fair- - : • --V : ■ - — 

Inrernationai Transport Federa- an j ties, features, and specialist, minded professionally 
. lion, the Government and other articles, including Mr. Tether's. Questioned by Mr. Tether. Sir Af 1 AC !*» kfrf ■ 

k^v-4- kAFIV) '.unions to stop the use of such IF he did not approve he Gordon agreed there was no III-UIU 

RtI ild lH ships in the North Sea. including would alter copy, and if he arrangement for them to consult ■ rm 

** American and Canadian supply! altered it drastically he would each other each day about the TO SOiV£ 

boats, unless the appropriate. speak to the journalist con- subject of the column. •. . " '• 

national rate* are paid and union;corned. He did not consult Mr; Tether t\ j _ _ 

labour used. i If Mr. Tether's copy needed beforehand in making changes JLrltniUP lOW 

ort-term deal for the pits would ' ?.fr. Harry Bygaie. the union’s I cutting, he would cut it. If h* because it was his right to send npPTfl . At « r - n 

t an unwelcome oreredent Aberdeen official, said .esterdav : thought the language went "a copy down to the printers as he OFFICIALS Erorn^ the-Advisory, 

The discussions willViviis nn.«\Vc will be askma the 1TF and: bit too far.” he might tone it wanted it to appear. He wijuld Conciliation -andL:M A l51 t ” t ? 0n 


ACAS in bid 
to solve 
Dunlop row 


.and -.'Arbitration 


“ ri-luclantly" ami in a way 
which was liki-lv io “ sl»rc up 


coariceiior. ana *«r. Aiocrt a specific figure at which 
Booth. Emp.ovnjent Secretary, individual negutiators should 

u rn •ilci’i DvriPiMr-rl In attf»nn ... . ... 


The TUC has never endorsed 


invariably settle, but it must 

seek to ensure that the national 


Tn.ui.ir- and (lh.-<...u-ni in me ■ ii! 1 2V s . l .^ rTjiln 10 '' e rejt>Cted by r5i ‘ipplies^onV*", ' 10 P«r cent.) is achieved. 


fui n n-.“ 

Its icrm- fall far sh.irl of Hit' 
unions' claim Tnr " -mlislaiUial " 
Impruvcincnis. 


Minisicrs. 


Nor \* the other line of attack. Phase Two settlements, but some "This means that the general 
to -jo for an eight-month deal to NUM leaders suspect That the level of settlements must be well 
recL-ver this year ihe traditional TUC’s guidance will be that a within single figures . . 

_ The following paragraph says: 

“The Government recommends 

Rise for scientific staff SKufftabSh'KBEh?!s 

private sectors ... to make new 

ABOUT $00 M'ienlific staff in Government defence contract settlements on the basis that they 
I emuloyed by Boots Company arc work, could apply to Bools W ill i as j f 0 j 12 months." 
to ’ receive' pav increases of wrben under the original rt addR that the Government 
between 15 per cent, and 25 per resolution because of the com- win do all it can to ensure that 
.■ •m In Jinn-j them in line with R aQ - v s P°/ llic,n . as a supplier to happens in the public sector. It 


Silkin’s Appeal Court speech 

THE FOLLOWING explanation of the Government's use of coarse of which the Department and that in. the result these 


Fireman loses Kise ior sciemmc siau — 

ABOUT $00 scientific staff in Government defence contract settlements on the busi 

RDTSP3S emuloyed by Boots Company arc work, could apply to Bools W ill last foi 12 months 

'receive' pav increases of ^rfeers under the original rt addR tfaat the G 

AN APPEAL hy a Lrmdnn . bciv-.^n 15 per cent, and 25 per resolution because of the com- wil] do all it Mn t0 e 

fireman, dismissed for th'.-it, thai. L .. ; m. t'.. bnn - them in line with p h a ? y *“ a supplier t0 happens in the public 

ihe wrom; pr-ecdure had been ■ Si;lc . nU!!ts 0I , SJ?l . d j rt comparable thc jrraed sm,ccs '. expects me private 


sanctions against companies breaching the pay guidelines was 
given in ihc Appeal Court by Mr. Sara Silkln, QC, Attorney- 
General, yesterday. 

As a result of his statement, on behalf of the Department 
of Employment. Holliday Hall, a London-based electrical 


asked the JIB—again. I empha- proceedings may cease - to have 
she, both sides to the agreement any useftil purpose. 

—to refrain from implementing Finally. I would ask your 
it until the matter in issue had Lordships to bear with me If at 
been disposed of- some risk of repetition I ntake 

It was at this point that the clear that, which, 1 am ^ure is 


contractor, dropped its application for an injunction against n ( drew to the attention already dear to your Lordships 
the Electrical and Plumbing Trades Union. of Se JlB thVDOMibili& of the but which, could be misinter- 

. ..ca nr riicr-rpi innarv measures preted or misunderstood else- 

VAftTI rnMI? the nF tVin nrnnncaH trx oYOm Ico wh^tPTIRr O* U J - CT6 llOuary mCdSUlW _ _ „£C, a. i.. 


fireman. di.*i«-^ed fnr th-.- t lhai. L .,. m . („ bring them in line with * m ? d Srvirrfs PP happe , ns in the P u b“c sector. It | WELCOME the invitation of the proposed to exercise whatever ™ roveramen! m acrard- where with .damaging effect to 

ih., wrung pr-yedure had wen. a . wnlll!t j 0lisw , d in comparable lh ^ rraed ^ r ' ,ce *' expects tne private sector to courl l0 address them on behalf powers it lawfully could in a -SLoe? 11 Policy of seeking to contain 

used in suspending him ar.U live;: W ork clsvu Iwre. The Central Arbitration Com- foUow suit. , I of the Departraeni of Employ, manner consistent with the ha?e'*aW inflation. . 

cellcjviv* wa* dismissed in the f increa , t . s r ulll>w an appli . awarded increases of The National Cos) Board. / meni . Ir wil i, , hopei s h ort en policy: in particular they made J'wS Yohr Lordshins will note tfaat 

C'juri of Appeal yefferday. Ujrd: ™ ",v -h ® As-ocialion uf b , elween and J 5 per c * B f t * 10 wtuch pul . a £T5rn - or v 10 , ^* r ! Ihese proceedings if I do so clear that in considering firms a that w'***™*™ JJJ i have not relied upon the con, 

Drnnini. ?.1aati*r uf the RulK Els!?-.-*? t- a 00 -.ml lhe m:iJorlty of the scientists on coni, earnings nse, on the table : j mme dialPlv. as contractual partners they seekin 0 to persuade tne two . j set out in the nlaintiffs’ 

said a claim that There was an .. c...l! 4- ' thi . ,op uf their annual pay after last week and invited the NUM „. f dl ere would take into account the rm^MtSiemint evidence which "is^sflS undls- 

agreeraent [hut criminal offenws • “; a " J g r ^lSu^ under tiu. 194b finding the company was paying to divide this up as it pleased, is h J, whf Tom v at ten ^ion § forthe principle that the Government Jr ® noted that the obligation to pay 

not involving a pnsnn semem e / ldir Wa »* s Resolution. wages “ less favourable than the preparing a detailed set nf fiio Timeaf p'r ih^co .rt rose on «us hl - wherever possible, to a " dlh J{.J™° jj tei 5jl!l,this increase was g still condN 

should be dealt with under the 1 This legislation which has general level of wages observed options for distributing the ^ d ” Sat^ime 7 have avoid devotion of public ,I J ? w—iJSESmSir 'iJ!2 tional If this were the case 

fire service disci id in a r.- rceula-, been extended to apply to by other employers in the indus- money within the 10 per cent. Fnd«.v. S.dw that tltnJ have money l0 enterprises which ?“?i??.lL! 0 w b “i^ B u? a E V " hi?S it would ob^’ously be of corJ 


tions was not well founded. 




nis legislation which nas general icvei or wages ooservea opnuns iur aisinnunng 'ne|^ i h nup avoid the devoUOn Ot puouc tional’ If this wefe the carp 

tte 10 per ss&»r^srszs.'S*. « 

copies of which were kindly pro- ™ ann fl e J H ''^ ely t0 fuel ^ fires Vhe result of these negotia- Department and would explaio 
vided by the plaintiff's solicitors. 01 * nn f a ^ 0 ^ nroMnt ia tions was that the representative the terms of the correspondence. 


■- 14 <? m. *:m; " 

• ■ v j* : * - 3 , « 

... gg. 

mm ■■ 


m 


m 

i mx?#. 





fully si 
position 


contracts itia 
maimer, which best 
serves the country 


dl“uLV aV t^e 0 po^ioT eK :S njH m aj^fn teres^oF D adii e vi nea ° Empioyers* Association, Serves the COUhtry 

H^lng’dooe^oTwSuwSTli W^SSTShSh'^aRswfthiJ ^ Having considered 

The outset on bSSf of the tbe counter-inflationary guide- fte ^iSble to me'l 

.vi!! lines contained in the White St do not think it is right to rely 


department to establish a very 
important principle: 

That it is ool now and has 
never been the policy of the Gov¬ 
ernment that it should take any 
action with the intention or con¬ 
sequence of causing a breach of 
contractual or other legal 
obligations. 

Accordingly the Government 
fully accepts tfaat tbe plaintiffs 
must comply with any legal 


UUC3 LUIIidllkLU HI LUC line . ., _ r u u mil UilUIV U I InUl W ICIV 

.Paper debated and accepted by i n JL°Fmninvpra ,S A»ar.La bn tMs.^ Though I say this with- 

par,1 * ment - sMsav* « 

It is not the policy 
of the Government 

to cause any a5S?.S S ffiiJ 

breach of contract evidently led I the Association to Jft ch S its v^ew wiU b^K 




must comply with any legal a proposed agreement was beina invited not to comply with * - 0 , ,nrer ®= 1 - - ana aeuw 

obligations to which they may be reached by tbe two sides of the any contracts of employment to i tak e | ato , a< ' CQUllt . among,other 

subject and intends to take no industry which both sides of the with their employees which were re, ?^ 3pt factors, whether -an 

step whatever which would in industry considered to fall within based on the JIB agreement and S ri? r 8 r ! t ^ a ( J^ ser?l / ^ 

any way seek to induce or the guidelines. The proposed g «5iy Jai^SreSy £ e Wblfc F *SF r - *&£?**££* 

persuade them not to do so or agreement was submitted to the hindine tbe pnijose of controlling lnfla- 

whicb would single them out for Department of Employment, as As l have made -clear, any 

the Dprmal current procedure, 8U ch reference is whoUy contrary 






^Mf 0 S« lianCe M theU ' f0r c T- C0 “? id6ra i i0 “- to Government policy and inten- 

8 ^ b i g inr^' ic cKnAr, tr. tloiM. Accordingly, insofar as 

That, 1 hope, is sufficient to which tbe Department request those statements were construed 
deal with the primary matters on an d in particular relating to i?S?n to empToyer^to 

which your Lordships required bonuses which were not linked ffLJOl oF°omniiivment 1 


. - __ anri inta „ I have addressed no argument 

SJ?. il^r-S ?« tojour Lordships about it If 


This man aims to win record 


assistance and wUl also, 1 hope, to productivity schemes, it raised unreservediv withdraw that P ropriet y notwithstanding the 

dispose of the issues between the no objection. It stated this in iSerotSarion on behalf of-the F^jnents which have been made- 

parties, since there is no reason, the exhibited letter dated Pnv£?imJnt • ih the newspapers and elsewhere, 

so far as the Government is cop- December 6. There was little iinfort«naf P lv thp AR-mciation However. I am . equally ..sure 

cerned. why the plauitiffs should time to lose as the new agree- „n the 2me sSit miSnce to t ¥ t this would have taken more 

refrain from honouring whatever ment required to be implemented advlalne them to °? youT Lordshi P s ’ time than • 

legal obligations they may owe to by January 1. IlSniLTreUpSIi n? ’W«PW be justified in. the circum- 

Iheir employees. The agreement was made stances and ? 

I hope however that I may take December 7 and the assurances USE J,!!. mr.«S ° n ^ before , this action, ia disposed fif 
up a further short period of your were communicated on December ,, mo ,,„ there Js no need for me to do 

Lordship's time In giving a few s. At a meeting of the JIB on „ r tLn?^SLSS^ ^ so. ' ; . 

words of explanation of how tbe December 16 the agreement was ni r 5oi 1 Li^^hr^Tw^JT^.t taklne I trnst ybur Lordships will ftel 
present difficulties arose. incorporated in the JIB deter- P iace ine L ' e P arimeni - it appropriate to make this clear 

The Government policy since mination. It was anticipated that Further discussions took place tn any judgments.“that may'W 

July 1975 has been sei out in this would take effect on January on possible solutions but ^iveo since the comments in the, 

three White Papers presented io l. having by then became part essentially the position remained Press which have already taiken 

Parliament tCmnd. 6151. 6507 of the contracts of employment unchanged- The Association and .place indicate that: there” aw 

und 6SS2i each entitled The of all employees. A few’ days the Department reached agree- some who. novir regard titerf* 8 

Attack un inflation. later, on December 21, the JIB ment on methods of resolving the as being a frlal of the. Gpvern- 

Eacb of itaosc White Papers made available to the Depart- issue, but the employees’ side .merit's pay polity-- Add this it 

has exhorted employers to jnent costings which the Depart- did not renegotiate, the. JIB clearly is .not;: ; :_> ■■ :•..<»> 
comply with guidance as to the ment had not previously seen. determination of December 16. . It .dobs however "still lhrtflyi- 
level of pay increases, in the The Department considered That, accordingly, remained very impartaot prindple^ whi# 
firm belief that it is essential these figures and its officers effective. . I putat.fhe- fdrefrout of. mj- \ 

for tbt* national economic well- immediately entertained mis- It appears, however,- that the observations to your Ldrtfntt*'- 
bcing that infiaiion should be givings as to whether the aesur- plaintiffs followed tbe advice and as I stated at the outset’the 

controlled and in particular that anccs which had been given to given to them in their associa- portion of the. Government‘,1s ■ 

excessive increases in incomes them on December 8 could in tion’s circular and these proceed- very clear as to"this-. . : 

should he restrained. fact be fulfilled. ings in due course followed .' May I close by ’repeating:-It ■ 

It is common knowledge that They communicated their in vievt of what I have said'I is-not.now .-find: has. never b«fl- : 

lhe Government has regarded it doubts to the JIB. that is to say. hope and- anticipate that ;the. the .-policy of the iGoveftnneot . 

as one of its highest duties to to both sides to the agreement, plaintiffs will no- longer feel that .-it .should .-.take}, any/ jetton; 
secure the success of this policy, on December 22. This led to constrained .Mo refrain from with.the.tntentibh"OT.ii»ni»queree.^ 
Each of those White Papers further negotiation between the implementing any legal, ohliga- of :causing a-‘breach 'Of WfthpaO' " 
also slated that lhe Government Department and the JXB In the tions which, they may recognise tual ox other legal obligations. .: '^' 

A limited use 

3Y A. H. HERMANN, LEGAL CORRESPONDENT ■ : . . • i':. ^'l-.l-'J' Y-/Y~ i 


Wfe ai m to give him all the help 


‘Whuis the reul difference between one hanlc and another? The size of the 
Ixikinrc sheet? Or the quality of the service? 

You probably know Goutts has a great tradition of personal service 
to private aistomei's. 

V'm may not know we have a great tradition of giving expert, 
el) idem and highly personal service 10 coqxiraie OJs1ofne!> as n ell. 

Ifs u sen ice that has helped build businesses and export orderIxioks 
for general ions lieruu.se we are small enough to lake decisions quicldy, big 
enough to!Kindle overseas transactions wiili a minimum ol loss or delay, 
ami professional enough to supply accurate informaiion on any market 
anywhere in lhe world. 

In particular it has won us a reputation For our foreign exchange 
deal ings. where ire have proved that speed and flexibility, allied to 
competitive rates. are more than a tnaicli for size. 

Ji you dunk these are qualities needed to help your company grow 
comat. 1 1 nl m Acheson at Goutts. You may 
find i hf*v apply in many olltci* situations gpS, 

as well. | 1 


Government’s use of sanctions account whether an employer sanctions as \e. panishtnent for tivex of- the frep&ftment 

for the enforcement of pay policy was or was not observing pay entering into such agreements. Employment hi theur.discussions : 

will in future be limited to guidelines. But be did not arfiue though not’for-meeting- thetr:-with the Empioya^* Assodatioh- . ;. 
instances of voluntary increases the validity of this assertion, say- obligations out of such agree-' M?; Silkiii ’takes the view"#*? 
over the 10 per cent guideline— ing that was nor at issue in the meats. -. . ■■ Jn; this’ case .the- jl dbligattonfrY 

that is increases paid by present case. This would -leave many.com-. concerting pay Dfcreases..eh“-‘ 

employers who are under no The two statements seem coil- panies in- the dilemma of having, bonuses^'arebih’dfi^* 




Mr.’Si I kin said twice that it court—it could mean that while meat, contracts.- It is hard TO admitted that-" tttejMntgltf 2 

wus not the policy of the Govern- union pressure will remain real believe that Mr . SiHdn meant evidence: (of which he was^Wff; 5 '. 1 

ment tu lake any action which the Government’s . 1 counter- to play with.:-.words .for. jiicb.fr-aware) i tba£ : tl^r dhliMtien‘jp H .V. 
would cause j bivac'h of cun- pressure will- no longer be doubtful purpose. : . • p.iy tbe incresse'was^oiw^ Condi-"' 

tractual nr legal obligations. credible. One interpretation is In The particular - caso- -of .tion81; - Y- - : --• 

Nu disiinotion was, made by that the Government reserves Holliday .'Hall and -Of ' 1 6ther . Wbre that SO/-“if'.wbhifi’i 

ini between obligation^ result- the right to threaten sanctions employers who concluded- SB- Comfort tOthe t)eMrtmSJt'‘ 


him betw 
ine from 
and oblk 


Corponite ser\ icebasedon a great personal tradition SXTS 1 


^iplujcrs and individual 
lijulfolk hlieeL London fa WiV4i IK Telephone: Ul-dJh 77UL time> he insisted 


agreed. Attorney General has uncoadt-i.theydid: ure.r ’Jt■ Ts>"Ti.Tweyw-iT 

Another interpretation is that ttonally withdrawn on behalfref.Trfeor : frttn' " 

the Government could apply the Government any. threats Ihdt. Mr,-.Siik-ih?<Foe^ : :hot-seek a-tw . -i 
sanctions against companies could be . deduced from the; out in-this direclioa.’- ' 








Japan urged to cut 


BY jpHN KUWrr, PARltAMfiNTAOT cbjtftESTONOHNT 


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Which I* BY RUPERT CORNWELL. COBBY STAFF 


•• - '~i, '■ ■' •'-' •'. t-'-ii -'—-'v —• 



Government lacks policy on Soviet labour bw 
threat in Africa, Davies claims ‘tax haven’ 


BY IVOR OWEN, PARLIAMENTARY STAFF 


RUSSIA'S GROWING involve* 
ment ;d Africa is part of a 
" grand strategy” which must be 
in- viewed with concern by the 
the West, Mr. John Davies, shadow 
Foreign Secretary, told- the 




- .-—v ujutv. iimi tuc vvcau nia. iiiniii ira, suauuw 

ia the - Comomra-yeirt^fty 7 h y- fha*..»?£ t d sports limit was observed. Foreign Secretary, told- the 
Mr. Etemnd.Delt,-;^^^^^ «•*. Ddl told Um ^at, with Commons last night. 

the Tokyo taut# starting to-day. He strongly criticised the 



By Philip Rawstame 
LABOUR moves to abolish the 

Horn of Africa unless some inter- fear reflected in the attitude of wSre^"announced 5 hstnVhL ^ " 
national moves were taken to halt Britain and the U.S. over Russian The party's Organisation Con* 
it. The only way to deal with involvement in Africa stemmed mittee U to send two Labour 
the present crisis was to got from anxiety about reaction MPs to investigate the islands’ 
the whole issue into the open at ^ t j,in the Labour Party in lax system and consider reforms 
the United Nations. Britain and the Democratic Party !" th * “feudal system*' of the 

Mr. Christopher Price (Lab. in the U.S., if the West took a eland’s government. 

Lewisham W.) accused Conserva- firm stand- ” r - , 0n Hayward, tne party's 

3 tive MPs of showing a lack of Because of this, contended Mr Pj e £ a secr ^ tar ^' sa| d that he 
t realism when they argued that Amfr! there wa a dSLerof a been under pressure for the 
any Rhodesia settlement which new “Yalta" in Africa with the S!l £ ' e years f u 0in ? jabo “ r SU P* 
% did not involve the Patriotic Russians heine allowed to oar- ,n lh ? Islan ds to 

Front would not last for long, ticipate in agreements covering British ^Taxpayers ^were 
"The Foreign Secretary Is all the areas now the subject of shoudering an extra burden of 
right to do all he can to make dispute and. perhaps, eventually £i00m. a year because o* the 
sure that a Rhodesia settlement in a settlement in the Republic islands’ tax haven Channel 
is backed by all the parties in- of South Africa itself. Island's residents paid tax at the 

yoived. and not just some of Mr Patrick Wall (C. Haltem- rate of 20p in the £ and the 
them, ne declared. price) said that Russia wanted intake of new residents was 

Mr. Julian Amery fC., the complete and final victory of restricted to 15 a year, with 
Pavilion) returned to the attack Communism on a world scale, incomes of around £50.000. 
on Dr. Owen by alleging that he The key would be cutting oil all .The Committee yesterday con- 
had moved away from the six sea communications from the sidcred a paper prepared by 
principles insisted on by West. Transport House research staff 

successive British Governments Hp 3r( ,enteH there must he a settias out options for changes 
in favour of a policy or peace tranrf^Ser toth? miioritj " the is ] inds ' «* *>**««• includ- 
■■ »« .Price. "Of course v.e oil ££*£ IS* K , %™ mUSn ' i ° a in '° the 

want to see a cease-fire and Maraist _ s . This was what th e in- ... v. 


reducing Japanese-Oaf-exDBttS " - ; ™ • ■ «nous “»=«*. i aicreiy empnasise me uangers ana riSKS invoivea or 10 

which■- begin in“ Tokyo ■ t^day P°?fa Qn creafe <t ny the surplus importance this Government offer any coherent evidence.that 
- batween the' - Society' -nf Motor - f?? ace,r ‘- r W^*d upon Mr. ®®es In these talks being it had a policy for dealing with 
• Bffanufaetarer8'‘--ahd^Trades “ of the Japanese Minister for successful.” them. 

the UJL and tiie^faDaiiese Anto- ^ xternaJ £conowie Affairs. “I Mr, Max Madden (Lab., Mr. Davies protested that 
mobfle'^^-Mahhfarture^ Aasocia- l 1 ® 130 that tUm-’ necessary action Sowerby) said that last vear. statements made by Dr. David 

tioiL * ** now taken--on-their side to Britain imported more cars from Owen, Foreign Commonwealth 

-Mr MlchaeT Meaeher Underl Ihe E EC than it exported. Manu- Secretary, and others, about 

Secretary -for .Trade: told S Mr. Bog»;^S’hn& (C. Chisle- f act ^f« r s of countries other than Russian actions in Africa, pop- 

he hoped-4o announce soon the hurst) said.thaftbemodest reduc- ! he 4 . , *5 B . e f? needed talking to a “ atu ! ud<? ° r r ® Ia V ye 

k introduction’.' .of surveillance tion in Import ^duties announced Entish Oovernment. tnotnerence and even an lncltn- 

•-licensing toil: inqxwts of {foreign b >* ihb Japanese! . Government B ¥“■ Dennlf Skinner {Lab., att «"^ a ^ s “iS 10 *** 
cutlery. . . -- before ChrSxnak- had been wel- ? ols over) said Bn 1 tain was being Renewing the Opposition 

This.would enaWe the Depart- come - Barthere-was disappoint- ‘ ,aken for a ride”by unfulfilled S OD iS e ,uS r Rh?^H re ^™if 
meat af Trade to checkthe ment : that the-rift in duty on J a P an *se promises to reduce car handling of the Rhodesia prob- 

impom i^foltow biscuitr-and^Sction??; 1 haS **$£?*■ „ r np! , ro .. . #fc , b L X 

s&rv^ Th^ 11 ^ opt materiaU^i... Japanese penetration of 6 our car Malta was ihat no solution would M , . m favour oi a policy oi peace transfer of power to the majority minuu- 

»We-.' Dubes' of.3ff.fo40 per cent SZwhfln JZ *acceptable unless it was ac- Mr. John Davies at any price. "Of course, we all ™f n RiStLbut o J non- ll * ful * integration inro the 

Lu-ge-werenotconduciwtoanmerease b ul f or ^Ie voiunf 3 A- ceptable lo U.e Soviet Union. _ want to see a ceasefire and m“ i^s Th^rwas what Jhe m- h ^ 

frnm ^.^ rtS m trade. ;| : ments. He welcomed^thp " That is an unacceptable situ- T he . fundamental error of peace, but not peace at any price lPrna i s e iM e ment talks were In «sration would rot be 

KnZ A Korea - : Mt RonaM .-Atkins (Lab. the JaoaneS S- InduiSi^ ation fnr him to put forward." British policy over the last or peace without justice.” tfvTne to LchSve " Lre possible, however, wi to out the 

“«> ^ ffamaemg British Preston N) said that.the Japanese IS not f™ declared Mr. Davies, amid Tory decade had been the withdrawal Mr a merv - maintained that „ g f . J j t „ Mippon or a majority in ihe 

manufacturers, - ;. ; .. were using import duties and Brilai^ * ^ components from cheers . from cast of Suez, the Indian (h jj- muT/be no ouesrion of a , ? eplyms „ 10 lh * de - bal9 ’ ^ lr ‘ " bich is highly 

jr*.*.™“»> su; =«, ,„ at 

simi,ar «»7«^rsdvi‘Y s« z inssrsriSi.M 

r re™ J ssksss^ .fsrurass xr s' £ u,e 1 

{ITS USSR draws ZJ t; r r!,n, ^ t h wan,ct ! “ “*• d:,ns " h. «uaV « report < h » 

Coventry SW).said that iii many Japanese attitude-to purchasing. OAA't—,. J m j. wrong” Mr. James Johnson (Lab. Hull J p Britain and other Wesiero Guv- H./T;a 

partsnf ihe . U.K. it was in^This helped tohulldlup Japanese x441lH. Credit Soviet activities in Africa ?■» - a!d ^ *** n « ohjecuon to The re fl| issue was whether ernments were parties to a MOVC fO reCHIlt 

passible to . buy. a British-made .industry no d'-lts-export capacity, thf Cmnoe v posed Ihe risk of a denial of raw R US5, ^ n . ! * building dams or roads Soviet imperialism was 10 be 5eC ret agreement to supolv arms , 

knife and fork. ITie British ’Mr. Hal Msder-tG.-'Brothserove „ , , et Government has P . . : w There 10 AfrR ' a :,s lh e Chinese had allowed ot succeed in Africa—in to Somalia He also rejected sue- tn FMJrtv 

manufacturers who wefe hous^ tod that the «g “g"- ^ 52 Sli a st?ate^c tiirelt m *?« doin5 ’ Bl11 there «« 200 Rhodesia, in South-West .Africa, Ssnonsthatsome S whlih 10 P 4 *™ . ^ 

hold names were, nnw importing Japanese aatonfobUe industry had Bn?a?n Vn Uws Western shipping ^n the Cape planes Hvm " t0 Ethiopia from and m the Horn of Africa. had reached SomaUa were of A LABuL-R campaign lo estab- 

riitlejr and people were buying not lived up 'to.theundertakings Jf jSStoSnS purposes route and tonil supplies from £SST f an,J . lhere wn 3 000 10 He believed that the apparent NATO origin. |‘ sh ? ,0U P S of pariy member 

it, without knowing .that it was to contain, the export of its cars ®y* et l r _, ’ , Sc Persian fiuir ^ ,LS iro “ 6.000 Russians and Cubans in the in factories throughout the 

to know oSss. J5S»SKTfr. «*.*• “-TV,.. .. . SETS* 1 laumtcd ™ ,hB 

Meachcr, Under-Secretary for suppl> of uranium, which was Mr. Johnson attacked Ethiopia Marpiiry riclj' ClOTlifir'ilTl^ 9 The move is designed to recruit 

_ Trade, said this represented viUtl for^creating nuclear energy, for being “even, worse than lVierClir\ HSK IIUI M^UUlLdlll new member? and stimulate 

IT** rljvflMf imtiVAXTivirr about 46 P er cent ^ the total ^Read-Adm. Morgan-Ciles said General Amin on human rights.” activity among par tv supporters 

UCllLll.' t lH If lllVIl offered to Russia. that Russian weapons, eriuip- He bad had Ions talks with Mini- CONSUMPTION* OF rhe metallic mons written reply yesterday. in preparation for the General 

■ • • •-• Jt-.. - -.r-j;.- O Mr. Peter Blaker (C.. Black- TOen t- instructors and political sters and officials at Mogadishu reported to have been found in He added: "Only very small Election. 

FifiTiRF<5 -i»r. ih titft -■’''" pool S) objected that the USSR a 6 ents ha d been pouring into in October and they had some Israeli oranges would not quantities of this have been Labour's Organisation Commit- 

’ J5*r n«Sh a n.iift« ic- n™ was using part of the money to Africa in an endless stream, and emphasised that Somalia would be a significant health hazard found in any one orange.*' But tee decided jesterday to call on 

OTwirhftr* 1 p h hui,d chemical factories to thev had taken agents back to go down unless tney got help. except in very large quantities, it was clearly prudent to avoid all sections of the party to co- 

T-jj™ export chemicals to the West at Russ, a for courses in terrorism, A Moody conflict, equal to Mr. Roland Moyle. Health consuming the chemical even in operate with local trade union 

trad® ^ a politically-fixed price. sabotage and bomb-making. Vietnam, i-nuld blow up in the Minister of State said in a Com- small quantities. branches. 


Move to recruit 


knife and fork. The British Mr. Hal ffl5Her;(<l v Brotnsgrove 


materials to the West. 


not made in * Britain. 


EEC deficit improving 


FIGURES ^ ren to the Com¬ 
mons yesterday by Mr. Midiael 
Bleacher, Under-Secretary for 
Trade, khowed that. Britain’s 
trade delielt with the EEC is 
now improving. 1 ■' 

. In. the' fiKt haU. of -19T«, the. 
crude tnde deficit .with the 
Community, was fLOAlm. and . 
in the second half, £1400m. In . 


half, £985m'. p ,. 1 * 

Mr. Hugh Dykes.(C, Harrow J„f ld u 
E.) said that v the anti- “ 


MarkbSere abSut exporl cl, eraicals to the West at Ru »« for «*«"« In terrorism 

SSTSTUSSuirS a P^tmaMyJxed price sabotage and homb-makmg. 

• But Mr. Meacher replied that 

looking up. , ':K‘ h ' ' ... such bi-lateral arrangement*- 

But Mr. BKehener said that were an increasing aspect of 
the Improvement? Plight be international trade. It was a 
- marginaL ^Britain's.--annual matter for the companies con- 
EEC deficif- wai' .'still about cemed whether they should enter 


the first half of 1977. the deficit’ .^£2biL and ttds.Kad ; to Improve into contracts with the Soviet 


was £l,017m. and in the second . considerably. 


Union. 


to give 



e counts 
e 

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THE CONSERVATIVES are 
being urged .to give an un¬ 
equivocal commitment to pro¬ 
portional representation in the 
next party manifesto in the 
likely .absence of any firm lead 
from a Speaker’s Conference, the 
traditional forum for discussing 
constitutional change'in Britain. 

This-is^^the central theme of a 
pamphlet issued yesterday by the 
party’s electoral reform pressure 
group (CAER)V which claims 3i 
Tory MPs among its members. 
Its enthusiasm is uhdimmed by- 
the known, hostility .of Mrs. 
Thatcher to ..anything hut the 
existing; first-past-the^ost method 
of election.. . . • ."V : 

The Conservatives have fought 
the last - two general .elections 
pledged JO set up a Speakers 
Conference on fh? subject and, 
in fact, renewed the promise as 
late as February.-1977/ -But say 
the CAER. this will not 1 b e 
enough:.. . vf 

' The group goes through,.the 
main •; urgiunenttr ,for_ change: 
Britain’s poor economfc record 
compared '.with its, European 
partners, most of whom .use PR: 
the unsatisfactory outcome of the 
two 1974 . elections; whuch gave 
Labour a Commons majority on 
the strength of only 28 per cent 
of the electorate; and the value 


of PR in blunting threats of 
separatism and extremism. 

The pamphlet directs its main 
complaint' at the institution of 
the Speaker’s Conference itself. 
** it hay 7 no independence, no real 
authority, and no constitutional 
statjft. ’•If was founded on good¬ 
will but has always foundered on 
party'self-interest, 7 ' it declares. 

After a detailed scrutiny of 
previous ' conferences, and in 
particular, the five which have 
beep ; Jield on electoral reform 
since' 1916, the group concludes 
that the" device is unlikely to 
initiate any substantia] change. 

-The document argues that if a 
conference is to stand any chance 
of being other than “ a farce and 
a sham** the MPs taking part 
should be chosen -by the Speaker 
himself,. sittings should be in 
public,, and the Government 
"should/ promise to back its 
conclusions. . 

•; Electoral reform would ob¬ 
viously need full party consensus. 
But the necessary momentum is 
unlikely, to be generated without 
a .decision ■ -in favour of; the 
principle of PR by one of the two 
major parties beforehand. In the 
gxjmp-’s opinion, the Tories should 
give the -lead. 

.The group believes that the 


§ ■ —’- 1 ' * - 
‘J., 


Paisley-s:bid for seats 
starts Unionist row 


-Hr .-our' BajAST.coHMSPONDarr 


% 
o ;> v « 

»■ * V 
■ v v 

'■ '** 0 * 


A MOVE by the Rev Ian Paisley 
to- try to secure-, more .seats for 
his party in.■’Cpmipo'ns has 
stated; ",3l_: raw between ..the 

Unionist parties in Ulster.. 

•• Mr. Harry-West, leader of the 
Official • Umonist Party, Publicly 
refused Mr. Paisiey’s. request to 
members- of .'his- Democratic. 
Unionist Party, to allow a clear 
rim in the two-Northern Ireland 
constimencies.- . ■ - 

Mr. Paisley' Wanted Mr; 1 Harold 
McCusker, the Official Unionist 
MP for Armagh, to-stand aside 
and let a Democratic Unionist 
Party candidate- figh t the’ seat - 
He also asked ; the Official 
Unionists not to-put’up a candi¬ 
date in East Belfast, where Hr. 
William Cms, ”MP," Is- expecfed' 
lo stand for the party following 


the recent collapse of his .own 
Vanguard Party. .. . / . ; , 

Mr. West, whose party dropped 
its association with Mr. Paisley 
when the Unionist coalition frag¬ 
mented last year, said the' nte 
posals were .unacceptable., Hq 
would not interfere with" his' 
party’s selection procedure, 

Mr. Paisley also asked 'the 
smaller United Ulster Unionist 
Party to stand aside but it 
replied that there would he no 
Ahorse trading.". 

Hie two seats of Armagh and 
East Belfast could be lost to : 
minority, parties in the. next 
election ff' the Unionist vote ia 
split but so (ut, none, of-'the. 
parties' seems prepared to back 
down. The latest. row makes a 
cdirfesF between _ different- 1 
Unionist, groups inevitable. 


THE chances of a future. Con¬ 
servative Government.-taking the 
vote away from.. Irish: people 
living in Britain were described 
as a “ possibility " by Dr. Garret 
FitzGerald * (Irish Opposition 
leader) yesterday.'. ’ . • 
Commenting on weekend 
reports -that a move to -disfran¬ 
chise the British-based Irish was 
being looked at by the Tories, 
the former Irish Foreign Affairs 
Minister said: “ T heard tumours 
of it Indirectly .some months ago. 

. It"' does 'not-.-seem .inconsistent- 
-with some of the attitudes ,of. 
paris of.tifoBritidi Tory party.”.. 


Dri ..'FitzGerald, head of 
Ireland's : Fine Gael party, .said 
the view of those behind the. 
Idea could be “that fte great • 
'majority-or the Irish in Britain 
vote Labour. . 

“I do not know whether it- 
will.be seriously considered but 
j; do not exclude it completely 
.—it is a-possibility 

Fair-minded British people 
-would think it unacceptable that 
people who had lived in Britain 
all their lives an a made their 
contribution to the community 
should suddenly be disfranchised. 


E Conservatives would gain by 
espousing. the idea, which poll 
! after poll-has shown to have 
f majority support among voters 
>. at large. \Tbe theory is that 
l votes would be attracted from 
l the liberals.! at present the only 
. national party to endorse FR. 

) Like, other- pressure groups, 

^ CAER is not dogmatic about 
f which of the several systems of : 
i proportional representation, 
j should be adopted. Its leaning 
i is- towards the Additional Mem- 
s her System, closely akin to the 
> West German method, on the 
grounds that this would preserve 
the constituency /MP link which 
‘ is one of the most valuable 
| features of first-past-the-post. 

t • Tory MPs involved with the 
■ group are rather more hard- 
t headed about PR's prospects 
: than some other devotees and 
; give it, in general, no more than 
an even chance of introduction 
-'within the next 15 or so years. 

. But they agree that its cause 
i would be best furthered if the 
: next election produced another 
i hung Parliament This would 
be additional proof that the 
existing electoral system was 
1 out of date, now that Britain 
'had- moved into a multi-party 
era. 

Manpower target 
in army raised 
by 2,000 

: THE ARMY’S planned manpower 
level for next year has been 
'-raised by nearly 2,000 to deal 
with continuing emergency com¬ 
mitments, Mr. Fred Mu I ley. 
Defence Secretary, said yester¬ 
day. 

- The 164,400 figure, decided for 
1979 in the 1974 defence review 
cut-back, was being increased to 
166,300, Mr. Mulley said in a 

- written Commons reply. 

“These men wifi - be retained 
fo compensate for the ^effects of 
continuing emergency commit¬ 
ments, especially in Northern 
Ireland. 

"This will make it possible 
to provide personnel -to fill- 
command and administrative 
posts in Northern Ireland with¬ 
out. depleting the rest of the 
Army, and form an additional 
battalion which will take over 
a training role in Great 
Britain.” 

Petrol prices 
assurance 

THE GOVERNMENT will step 
In to . control petrol prices, if 
necessary, if the tanker drivers’ 
dispute leads to shortages. Mr. 
Anthony Wedgwood Benn, 
Energy Secretary, said in a 
Commons written reply yes¬ 
terday. 

. He told MPs that close moni¬ 
toring would continue. There 
had only been isolated reports of 
sharp price increases. 



Pan Amis FeopIe.Wor!d!s most experienced. 






























EDITED BY ARTHUR BENNETT AND TED SCHQETERS 


» TEXTILES 


COMPONENTS 


* DATA PROCESSING 

Graphics with data 


Speeds the production of jeans Valves are Are- 


JEANS ARE being made more margin, bonding them together, noticed a big unprovement in REDUCED-BORE class 150/300 seat rings become volatile and; 

_ _ .... mi i T I _- 1.1 _ *1.Aiinlitir At ThA KfttCnM Cn OTIC* ■■ « ..■ --? ■— 


CONSTRUCTION 

SERVICE 


FOR THOSE needing mainly an 
alpha-numeric display unit in 
connection with general business 
computing but who 'would some¬ 
times like to be able to display 
the information in graphic form, 
Tektronix has introduced the 
model 4025. 

Microprocessor based, with 
local function abilities, the ter¬ 
minal contains, apart from the 
display electronics, a communi¬ 
cations interface for mainframe 
connection and peripheral 
interfaces. 

It allows the user to display 
the data as a graph; histogram 
or '* pie *' chart ;*t the same time 
as tbe data itself: furthermore, 
hoth can ha scrolled—a unique 
facility according to the com¬ 
pany. The graphics area can be 
placed anywhere on the screen. 
In addition, graphs can be 
stored off screen and brought on 
when needed. 

The terminal has complete 
form-filling ability and C3n also 
carry out a certain amount of 
test editing including character, 
word and line changes. Words 
can be underlined, reversed 


(black on green) or brightened 
up, and it 4s also possible to 
blink the field between any 
combination of these. 

Up to 34 lines of 80 charac¬ 
ters can be displayed on tbe 12- 
inch screen in raster format 
which with the use of P39 phos¬ 
phor, has eliminated Sicker at the 
expense of one or two seconds 
of smearing when the data is 
changed. A standard ‘ ASCII 
character set is provided. 

The keyboard however, is 
standard typewriter rather than 
ASCII, making it familiar to 
typists and other non-computer 
staff. However, it is possible to 
re-program all the keys except 
the housekeeping ones for an¬ 
other character, or character 
string if desired—so that fre¬ 
quently repeated phrases do not 
have to be constantly re-typed. 

Peripherals available include 
a line printer, bard-copy unit 
cartridge tape a ad plotter- 
digitiser. The existing Tek¬ 
tronix graphics software allows 
connection to raort mainframes. 

More about the 4025, which is 
also available with a lesser speci¬ 
fication the 4024. from P.O. 
Box 139, Harpenden. Herts. 


panies through the use of tech- and attaching operation requires curves-wnere ine maemne iorx^ ■ .- metal-tiwnetal seal .With the 

oology first developed for the lengthy train mg and is regarded small, neat pleats. Other fold- respects .exceed the- secondary seat ring, 

shoe industrv- as one of the more unpopular ing operations, including yokes moots of British Standards BS -•. rpomremehta of 

Thds transfer of technology fol- operations in the factory, accord- and possibly-hemming, are also 5146 bs 5351 and of OCSKA Bsajs?arTme* * 

lows a demonstration held last i*g to Lee Cooper, because of its being considered as posable (the 0il companies Materials ^ 

year at the Clothing Institute’s complexity, applications for the machine. Association) are being intro- .The SPE? 

Hendon, London headquarters at The new machine, the company British United’s associate com- duced for the petroleum, jo the gland housing mm insm? 

which British United Sho e claims, has completely amplified pany. Bostlk. has developed a chemical, gas, processing and *he valve body and cannot mow 

Machinery, one of the leading the subsequent sewing and special cement for tne machine allied industries by Weir-Paaflc JgJinafSI:■£»■.’— ' O”-.- 

' suppliers of footwear manufactur- attaching operation. Whereas to use in tbe textile trade and Valves of Queenslie, Glasgow. map- stem sealw SJ?® .... « - -a 

in? machinery showed...its training^for the___ complete thisjtes stood up to. «haustive noat!ng baU action allows Che SS; CaTODO'ard 


PROCESSING 


Corrugated 


piece or equipment norurany " “““ , -* r — — . a unique design speculation to «instraetaou eliminates the 1111111 I i BM 

used For simultaneously cement- attaching operation. Lee Cooper is expecting to ^ nVlAbh , waling at all line vSTe anffwnsMer- If* 1 ™ 1 "® • 

ing and folding the edges of A further major advantage of recoup the coital outlay on the pressures, in eluding low and zero a Ki y reduces the- overall height FIRST BRITISH trade shop to 
shoe components. - the machine, according to < Lee machine within two >ears levels. 1 of the assembly. provide Du Pont *" Cyrel M flexo- 

The demonstration led to the Cooper, is that it can fold almost the outside, with additional ‘rirtiMi# ftimwj-nw nrintine Dlates for the corrugated 


The demonstration led to the cooper, is mat-itcan toiu almost the outside, with additional valve*? are fire-safe and WelrGrcuo Catbcart, Glasgow printing plates for the corrugated 

Romford in Essex and at enables 'big sayings in produc- previous pre-tapmg operation. Easton. Bristol B55 6JF (0272 

SWmma's jeans unit at Leek, tmty to be achieved. Operators As well as coping with denim. COMMUNICATIONS' 559310) 

Staffs, and in both cases they are are now taking only three ^ process has also been applied • Lummwnn/Miiwna • • - : " San^rd Cyrel -processing 

now said to performing well minutes on average to complete to other fabrics, including twills, -w • .- ■ • * ■ •'■ennipmeiit is" handling Stereo 

an the different types of {« P air ? ^ C0rdt/ ™ y5 ‘ . ... I ftlDrOVlllfif 1116 SeFVICC * S'up to^ilSS Inch thick to' 

material used in the clothing taken at a ” at ? Pockets A similar machine, installed U V £ nnvimmn of IS x 30 inches, 

industry..the gannente has 1been reduced t Slimma's jeans factory in AM ™ «««* routine to the Cyrel is used where a thick relief 


© TRANSPORT 

Electric drives progress 


3Sr^A*2araa ss- it ,s i'?usssa z ISlfSSis 

SEiSSEif EsSSi 3 sssjt w® 

S5L«£2ntTSWI production SSSS?^t ^ 

to the interfaces of the folded In addition Lee Cooper has RHYS DAVID about £3m. tion would be difficult, to be m- Unlike rubber steffeosi: the 

The units are for use jn ta B me faUnre reports, plates . cannot, shrink, making 

Measurement and Analysis t»ct rmUme and service colour reginter perfect. Depond- 


BY THE mid-eighties, fully deve¬ 
loped drive systems based on 
solium-sulphur batteries should 
be competitive with petrol-driven 
internal combustion engines for 
lightweight trucks. 

This is the opinion of ? deve- 
lonment team at Brown Boveri. 
Baden, working on high perform¬ 
ance sodium-sulphur cells, which 
reports that results so far arc 
promising. 

On present showing these cells 
should he able to store fivp limes 
as much electrical energy per 
pnund weight of battery a.= lead 
acid cells, and three times as 
much per cubic foot. 

The units: appear tu he 
designed on the same general 
principles as the sodium-sulphur 
cells now under joint develop¬ 
ment by the Electricity Council 
and Chloride Silent Power, using 
>nlid aluminium oxide electrolyte 
between liquid .sulphur and 
liquid sodium electrode*. 

This is in contrast with the 
conventional lead acid cell con¬ 
figuration in which liquid <ul- 
phuric acid electrolyte is the 
medium between lead and lead 
dioxide clecirodes. 

The secret of the Brown 
Boveri cell is said to be in the 
solid electrolyte, an eight-inch 
lube of aluminium oxide sin¬ 
tered from powder by ihe team's 


own technique. Brown Bover/s 
research laboratories claim that 
the production process guaran¬ 
tees an adequate service life and 
that rechargcability is made 
complete by means of sulphur 
additives. The company goes on 
to say that, at the present rate 
of progress, the new cells could 
well have reached tbe stage of 
moss production m five years’ 
time, and asks, rhetorically, 
whether batiene- such a« these 
will he driving to-morrow's cars. 

Electric vehicles appear to be 
Brown Boveri's prime target but 
large-scale electrical energy stor¬ 
age is also in view, for evening- 
out the uneconomic peaks and 
troughs in power generation. 

Besides the favourable power- 
to weight and power-tospace 
ratios that they offer, sodium 
sulphur batteries would have the 
advantage over load acid that 
their active materials—sodium 
and sulnhur—are In plentiful 
supply while lead is growing 
scarce and expensive Doubts 
about the safety of 800’C vessels 
of molten sodium and •sulnhur 
on board vehicles are deflected 
by references io the potential 
petrol bombs that motorists and 
their passengers already accent. 

British Brown Boveri, Glen 
House. Stag Place. London SW1E 
5 AH. 


(Tfe I Q1T lfjpfl provide Post omc* flew fo *med and Hie results processed stereo can be made op from a 

V VAvIJIaIVIIL hJA ill! lUvil managers and operational staK T^e new on-line system 35 Shore A rubber:, backing 

Mr With information on win provide information far more (S5‘ thou.) witb,:.affliesiye (10 

\LL THE recognised systems of early Mali watt fabric was that systems developed in tie East, in-service ^ .iPi rapidly to local operational and th'on.) and a Cyreiplate :_(155 

making .textiles—including non-it tended to disintegrate during fibre knitting had been proved “S^t § e e |e S ^hoSneSork. ^I of engineering staff wbo it 

un upnLh,.vp .vierrvi rnr DPn^r>. i a „nderinp. bm desnite tbic the nossible. public telephone network. Ail oi afl a dlaanostic aid in detecting ness of -250. thou,; (* inch). 


Measurement and Analysis Limltefl test calling and service colour regLster perfect. Depend* 
Centres (MACs) which monitoring is currently per- ing on press- reqnirements, a 
nravide Post umce neia ____ j *v_ ^.^..14^. «»rM ran Wp> to arte nnfrnm-a 


provide 

managers 


lions and it is hard to imagine feeling at Cosmopolitan was that The East Germans were not f faulty equipment and_congestion Printing- me,of. the plate is 


lions ana it is nara to imagine leeung ai ^osmopouum was mat ine isasc mermans were nw ‘v- M ,iioned aver a i .~ rT, TV ■■ 77~.:T~ ;~ 

that anything else is left to a good product could be made very enthusiastic so it was Ten within the network r longer 

ss-ss 8ive aiaiaa,e kl-ts s «s «r s S 

"oS'Trtsbt bfUs'iSuf to p™bf«« ar w» d S YtaSS p™ ea tTb»e“ w *“« ilf"nI^™artSri£ st.Bsti^ mfarmitlon on gWto 

. To-daj. large volumes of pr0 vcment m fabric properties. Cosmopolitan. have been made Hav 6 .ma ranidtv naee reverse: tvhe. . It is claimed that 


tK-* ^volumes Of 4Uram -' immediate 1 m- Apnl 1969 aH fauna made oy bution woughout tbe working uXtased onTeradyne monitor- while bolding mil .-depths in. 

To-da... large volumes of provement m fabric properties. Cosmopolitan. have been made Hav st« bi»»h mnidiv nape reverse tvhe . Tt Is claimed that 

simple cloth., are made by these The other disadvantage of in this way except for certain d test* calls will terminate at nmnbers^in mi exchange Sea mounting^’ easy, and the plate 
E“2i " E “^ pe v5^ these cloths was that there was specialised dotte._ remote S numS S SSSt &£ &etJn S"cn«3Ufc%a • m&MC 


^hSat^hevbave n hLd Z?y 3 tend f ocy t for * e ch t ? a stitches Recentiy the fl«t patent was £Kges-some K some ft? S^Sand ^dScIng instra^ inks andwashiip solutions; - . 

part ial Accept an c> in the WesL 0 puU ou ! aad , for **** ? 0,h confirmed m the Patents Appea ^Sant™ Successful detection of tions to maintenance teams sb Details of these photopolymer 
?n 1989 the fiW ‘ 0 ^ its ohy.sicaJ properties and Tribunal and this could well special ringing tone . will that they can correct faults Plates. are available j froro Dn 

installation or Mativ’att inachlnes e^tuaUy fail have an effect on the trade for register the call as connected, before the start of business. : Pofft (U.K.), Hawkesdetr Road, 

2 l, CmSmiIS? A lengtn of the long fibre some years to come as there are Fa n ure to connect will cause the Further from GEC on 01-953 St. /Neots., Huntingdon, Camhs, 

Textile Co (Road 5TndJstrfa" "“ wri#I *« se ^ from , Eas j now . « of companies to be logged as failed and 2030. . ' PE19 1Q5. f0480 75341). 

fiitau* \Vln>ford Cheshire Tel Germany for finishing, trials and makmg this type of fabric for^..... . - " ■■■ . ■- » ■ - -—---— 

SS U «' SiK . t ff i to facilitate cutting it into two end-uses like curtains, bed-1 ; . :_• _ ,._...• 


firtf k; cii ist , Thic «.-a« a laciniaie luluus n rniu mu euu-u^es [me cunaius, oeu- 

., r . 1J0 .. t head-d hv Mr Arno equal ha,ves u member of the a preads, mattress tickings ana 
\V 1 Idem an but' even a‘t that company 03 s told to pull out the ocher household textiles. Super- 
«tv'’e while he had confidence “‘ddl* stitching thread. This ficiaUy tbe cloths with or with¬ 
in’the process he could see P 10ved - at certain stages to be out stitch-lock look the same 
limitations that would orevent mbre di ‘fi cult expected, as this is a feature of the pro- 

its use in (he West. although ‘•ome pulled away with- cess , and it does not alter the 

His system consists of stitching out resistance. Examining ihe handle of the ckitb- 
-together a web of fibres laid it was noted that where The problem that now 
across a bed of needles that are snagging occurred fibre loops remains is that cloths made 
closely spaced and nroduce long had been formed with the stitch- without the stitch-lock could 
lines of chain stitches. ing threads. From this it was well be used for applications 

One of the problems with this reasoned that if this could be where they might be unsuitable 

_made to happen regularly, the and which might well lead to 

cloth would have the physical complaints and the return of 
properties required. In other merchandise. 


NOTICE OF REDEMPTION 
To the Holders of 

AUSTRALIAN RESOURCES 
DEVELOPMENT BANK LIMITED 


0 INSTRUMENTS 


Structure of steel 


9 Y 2 . % Deposit Notes Due 1983 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Notes of the above-described 
Issue, Morgan ‘‘maranly Trust Company of New York, as Fiscal Agent, has selected (or redemption 
on March 1. 1978 at the principal amount thereof, together with accrued inierevt lo said dale, through 
operation of the Sinking Fund U.S. $1,200,000 principal amount of said Notes hearing the following 
numbers: 


NOTES OF UA SLOQO EACH 


5093 5331? 
4062 Sue? 
4075 SOWS 
4092 >>044. 
4120 GOSH 
4145 6095 
4205 8157 
4215 6189 
4252 6194 
4291 8195 
4308 6202 
4329 6246 
4385 6298 
4406 6337 
4413 8375 
4451 8431 
4482 8440 


11092 13851 15057 17124 18938 20357 
11893 13659 15085 17188 18937 20274 
117l)4 13728 15140 17197 18952 20287 
11751 13733 15175 17204 18953 20294 
11786 13737 15187 17228 18978 20309 
11794 13739 15246 17241 19011 20336 
11803 13786 15259 17264 19018 20360 
11822 13791 15328 17307 19076 20383 
11828 13831 15359 17370 19093 20392 
11881 13880 16413 17371 19124 20402 
11893 13893 15434 17374 19134 20431 
11901 13961 15436 17430 39184 20447 
11974 13873 15521 17453 19191 20464 
11990 33995 15534 J7465 19201 20476 


11933 14017 15539 1751B 10216 20497 
12031 14023 15580 37348 19220 20507 
12099 14046 15605 17572 19240 20518 


6475 8494 
8507 8522 
8512 8525 
IJ550 8527 
6573 8551 
8631) 8583 
8675 8592 
6679 R644 
6688 86B8 
6723 8718 
6751 8731 
6T70 8753 
8783 8754 
6868 87b9 
6888 8863 


6979 8880 
GARS 8922 
■mil 8944 
<140 8969 
087 9047 
7144 9070 
7193 9083 
7241 9104 
72*3 9115 
7253 9125 
7284 9145 


7342 9248 
7350 9202 
7358 9322 
7440 9351 
7468 9357 
7502 9360 
7535 9376 
7578 9390 
7592 9430 
7675 9431 
678 9467 
684 9468 
709 9504 
7776 9551 
7819 9579 


HIGH-SPEED automatic inclu¬ 
sion and grain size classification 
for routine assessment of steel is 
provided by the Quantimet 360 
Mark 2 image analyser which can 
measure non-metallic inclusions 
in steel 50 times faster than the 
fastest conventional image 
analysis system. 

In less than one minute it will 
present an analysis based on 
more than 30 separate measure¬ 
ments on 500 image fields. I 

This high throughput of infor¬ 
mation is ideal for routine batch 
release testing of many kinds of 
steel, as well as for collecting 
research data. Very - fast operat¬ 
ing speed is important for assess¬ 
ing non-metallic inclusions. This 
is because they ore not uni¬ 
formly distributed, and very 
large numbers of image fields 
must be measured to get mean¬ 
ingful data. 

The Mark 2 produces a com¬ 
plete statistical description of 
the inclusion population in terms 
of average values, standard 
deviation, most frequently occur¬ 
ring fields, worst fields, etc. A 
complete distribution of all field 
values is generated, together 
with the length distributions in 
32 size classes for oxide and sul¬ 
phide inclusions. The instru¬ 
ment can store —immediately 
and permanently—all selected 
data for retrieval at will, to 
generate general statistical sum¬ 
maries or trends for large num¬ 
bers of samplos evaluated over 
long periods of time. 


in detail and a single shot of 
impulsive noise can be similarly 
held. . 

Called the SA24, the instru-j 
raent can operate from internal 
re-chargeable batteries. an 
external 12 volt source or from 
the mains. Outputs are provided | 
for a high speed recorder. ' 

More from Wallace Way. 1 
Hitcbin. Herts. (0462 52731). I 


PRIVATE POSTBOXES 
(in London) 


£15 u.a. for personal use or 05 p.a. 
business use. Your Mil] held or 
forwarded dally—UR and abroad. 


BRITISH MONOMARKS 
B.M. MAILBOX M 
LONDON WCIV GXX 
SI-40S 0463 

Eaub. 1925 vrnb ihe G.P.O. 




... 


This announcement appears as a matter of record only. 
. January, 1978 


CQMPAWJATELEFONICA NAC10NAL j 

DEESPANA - • ! 


U.S.S 50,000,000 


Medium Term' Loan 


Arranged by 


Compagnie Financidre de la Deutsche Bank AG 
The Bank of Tokyo (Luxembourg) S. A. , 

Banque Europdenne de Credit (BEC) 1 
Banque Internationale d Luxembourg Socr4t6 Anonym* * • 
Canadian Imperial Bank of Commerce , - 
Industriebank von Japan (Deutschland) AktiengeseUschaft 


— The Industrial Bank of Japan.(Germany) 
Morgan Guaranty-Trust Company of New York 
National Westminster Bank Group l. . v- 


Compagnie Financidre de la Deutsche Barik AG 




This announcement appears as a matter of record offfc ’• 


to 

%! 

®*ec 

?«Cic 

^9» 

§»u$ 

&Cl< 


Shows range 
of noise 




5816 7808 
5819 7908 
5838 7934 
5855 7960 
5884 7988 
5883 3006 
9064 8055 
S971 8037 
5973 8101 


38333 28172 29943 
26347 28182 29908 
26387 28301 
26395 28246 
26440 28267 
26465 28268 
26473 28310 
28496 28343 
28527 23355 


On March L 1973. the Notes designated above will Urome due and payable in such coin or cur¬ 
rency of the United Stales of America cs at the time of payment shall be legal tender For the payment 
of public and private debts. Said Notes will be paid. Upon presentation and surrender thereof with 
ail coupons appertaining thereto maturing after the redemption date, at the option of the holder 
cither fa) at the corporate trust office of Morgan Guaranty Trust Company of New York, 
15 Broad Street, New York, New York 10015, or (b) at the main offices of Morgan Guaranty 
Trust Company of New York in London, or Commerzbank Akliengesellschaft in Frankfurt (Main), 
nr Credit Lyonnais in Paris, or Krediethank JkA. Luxembourgeoise in Luxembourg, or Societe 
Generate de Banque SA- in Brussels, or Swiss Bank Corporation in Base! or Union Bank of Switzer¬ 
land in Zurich. Coupons due March 1, 1973 should lie detached and collected in the usual manner. 
Pjymenls at the offices referred to in (b) above will be made by check drawn on a dollar account^ 
or by a transfer lo 3 dollar account maintained by the payee, with a New York City bonk. 

On and after March 1, 1973 interest shall cease lo accrue on the Notes herein designated for 
redemption. 

Following ihe aforesaid redemption, §26,400,000 principal amount of ihe Notes will remain out¬ 
standing. 

AUSTRALIAN RESOURCES 
DEVELOPMENT BANK LIMITED 

January 26,1978 ^ 


MADE BY RION in Japan and 
available in this country from 
Computer Engineering is a port¬ 
able noise anal 3 r ser intended for 
measuring the frequency distri¬ 
bution of noise on site. 

A ert display shows the level 
in up to 25 frequency bands and 
each can be read off directly in 
dB normalised to a pre-set cali¬ 
brated reference. The 25 levels 
show as vertical bars on the 
screen. 

In this way the entire noise 
spectrum of a source can be 
seen at a glance and it can be 
seen immediately which band or 
bands of frequencies is respon¬ 
sible for the noise problem. The 
effect of any steps taken to 
reduce the noise can be seen at 
once. 

An “instant hold" button 
freezes the display when it is 
required to look at the pattern 


MEDIUM-TERM LOAN 




j ■ ■ - 


Mlf A ? 










NOTICE 

The following Notes preriouely called for redemption have not as jet been presented for payment: 

NOTES OF U.S. SLOQO EACH 



35 

7 

■ml 

28Q 

317 

977 

1037 

1142 

1230 

2507 

K37 

22872 

22962 

23042 

3 

8 

233 

304 

327 

989 

1046 

1153 

1231 

4677 

G6bl 

22892 

23994 

23854 

]■ 

‘j 

235 

315 

340 

1013 

1081 

1180 

1=36 

4678 

13625 

2=915 

23010 

23109 

SI 

0 

245 

315 

958 

1034 

1119 

1216 

3239 

5423 

22839 

2233Q 

23036 

23117 


STANDBY 
GENERATORS 
for INDUSTRY 
for HOME/EXPORT 
cr:as power & equipment, 

9 London Rd., RcdfifH. Snrey. 


Tol. CO7371 6122S/M309 
Telex 946*17 


Managedby ■ : -V 

Crocker National Bank ^Tmfeci C^Bfbirnia 

Seattle-First National Bank : 

and provided by’ ' l-; : ,s. •• ••i ' 

Crocker National Bank ; ;; . ' 

Seattle-first National Bank * 

United California Bank £Iziedie&ax)|^j^D^:-Jl’ 

Wells Fargo Bank ’. r:: r • " 

Pacific National Bank of Wasi&gtdii ^ ; 


fe.’-7 •- »• 


I 


fttK- Ji 






CROCKERNATIONALBANK 
































ip 11 ; 8* h i'j 


13 





OTR; .LORENZ 


*s* 


:pin|i£lexploration: pay now and 
HJS^e to collect later 


U S3k 0f ^^^ Wflix&tii S’ ^tember;-^number of come into -play to a greater 
Htwmen off as bains more p£.an deposits' left- discovered extent. 

Uian-;. ! a; mat&p&stijMfy is : c6ntiiiua^y:V nmri?ishin g. ^ 

J ^4rfl^ere is:-ain elertLwrtipt.iUclt. or; . -‘pur protaifflities:. constantly Prehmmary ' “e^^cal 
• ^geolQgistV totaiUra.iii ^l^ttiS become poore^tresaj's. “Some lestan S orebody samples will 
n|f} on an ar eaL-.Wbftih^ktight'rev eat estimates.show '&*£;-4n the last see ^ to isolate potential diffi- 
^ 4 § not . only 'a; 'deposit -rdf'/; prfc';ten years, expendi- ?u]ties. Elementary engdneer- 

p ^ tat tjbiovm aa, aniJar^m^S jJ hat .ppe stores . have i'jEpef^ased tenfold, iog studies on the nature of a 
*s» \^‘JiabIeto Rroffeljle eiipki^^ has possible mine "and .plant will 

■But. the -tecJm^B^:u.s^;'wfd^pidy;do.ubleol«^;;^~^ start. Financial experts will 

. 11 Er,^prospecting;: vand; -The techiric& jn&tess through start weiring the pros and 

^y d 5 maici * high ^degree of - prerWhieiL' 'eompa^fev^empt to cons of an operation on one 
J ' ^ ftcision..-- come to vteffli^LvWith these scale as against another: they 

»-.. r , Geplogy.,is: : basi 5 . ; to tfag exer- hazards is.-tf$fl3sl£blished, a]- will be asking themselves about 
><4®* of eonrse. . Metallurgy is though subject Enumerable cost effectiveness. Marketing 
«'.!'> i*^ vital v- Scientific expertise has variations. tto;^ne -exploration specialists will consider where 

.-.? VT'^^P he njesiied. y^th engineering : _ L-.v ' Ull^iU_ 

var'j.^* ■'skills.' strict: financial manage- 

c an be a risky business. 

Vr^dSpi^s.^*™' 6 o£ >Soirie show that in the last ten years 


T 2 i uic . wtucscence or mese - 

“disciplines. . 

i G ? v, = ti; 1 If idea of . “t rather than 
p ^-fSCience has gained, currency-it 
,V largely because of, the hap- 

;. hazard approach of the industry 
the general .question, df 
s. r ** searching - out .industrial raw 
^^.’^materials. Mining • executives 

4 r^w^'^cede that exploration sperid- 
'■i;h 3 <fjng is erratic, both in quantity ' 
= Cy-f *and direction:' _■'. ; .'.-. . - . 

? a? The problem is basicaHy that 
•' th'm L of matching assumed tong'terin 
•; tbiueeds:. with -short ■ term pre-- 
\ *•» t&accupatioris. Funds for explora* 


exploraticwi-: expenditures have increased ten- 
fold, wiiileCthe rate of discovery has only 
doubletL ^aiil Cheeseright explains why 
companiesj.a^e'-Tarely as systematic or as 
coriastent : wMi:lheir exploration as the major 
.. .. y:£;^ipW companies. 


J--1 nation, as opposed, to".those for.^ 

as production facilities,are vc^tore . ,s ^Ctijt : tMj , saine as the product might fit into the 

p^ l i r '^j^enefally at the mercy of.a another. 1 Take-atheoretical ven- markeL But all tirose involved 
i.-'.^-ompany's cash-flow, -• - : tnre -where --a company starts have only been considering a 
,p ”snSf’ " "."• from scTatcb,:thbn.:tlie process prospect 

;ws Cvnlfcol into;.*'numfer^f distinct if a company moves on to a 

?? ver* t-. V 1 J UlLdl - . ._ phases. ^ ' fourth phase, the prospect has 

5 But minin® is a hlffhlv cvclical- tTie first phase is x Tough become a project Detailed 


sure " "falls' jirto-a-numijer^f cusunct if a company moves on to a 

verr ^ ■\ 0 'J L-UC<lI - . ._ phases.^ ' fourth phase, the prospect has 

r *ef5 But mining is a highly cyclical first. phase- is * Tough become a project Detailed 

tii "^industry, as the current plight geological, -econdmlc and poli- drilling will define the orebody 
,: a4 >'; ?l!jf base metals groups, now in a tfcal staanpocumeatation on the and indicate whether it is a 
.^ ''■'^xough. tesfifies- The pro^jerous Seotosy of ^ partiinlar area commercial discovery. The 
V^e S™® 8 lead to a ;splurge of will: be drawn,'4c®ethe r and metallurgical, engineering, 
exploration activity. Cutbacks assessed. -An econo'mic profile financial and marketing work 
Hi;ii?4iake place in the Jean times-..": . the country involve^: will be will gather momentum. It is 
i'Tinraev Mining companies are, in any drawn and-. if. th e^'^area.-is out- possible the ore will be pro- 
TvJc'^se. rarely as grsteniatic' of s ^e the .-favoared- mining cessed through an especially 
-—,—-js consistent with their explora- re 8 i 0ns, aI ' assessment; will be built pilot plant. 

..as the major oil' groups* t}f politlcaTfStabSity and a feasibility study will bring 

A'bo regularly budget:somerKj-known attitudes-;^).--minerals together all the different dis- 
ier cent of . revenues .to ventures. riplines and decide whether the 

ieek new supplies. . They infre- < ; , l^e .o^ is to balance tilts in favour of a 

juently spend as. much as five establish the likelihood, that an potentially successful mine, 
icr cent, of revenues-'an cxplora- oxebody niay exisLand to this Sometimes an independent con- 
ion. More often the - spending endVaenal-surveys may be com- sultan* will be brought in to 
loes not reach one p'er.~cenL .. mis^oned and satellite photo- give a second opinion. 

Pr obabIy this is. inevkable. graphy boughL Oneor.two geo- The fifth and last phase in- 
JfUiy 1 Fro™ *l>e first; discovery of;-logists may ; he Sent to the .area. vo i ve s the decision to move to 
b-r* "^mineralisation, right through to'-Essentially the effort .remains production. The independent 
he proving of the ore, >t'o the low .key. . report wiU frequently be usedi 

r ull. production ;of . metal or /. ..’ : as support fon the viability of 

;oncentcatfi, /there'.may-.be v the project in the attempt to 

■ime lag br. generahy:eight to '-.. T .>r>' w Jr* I J ‘’*V » 5 *•. arrange finance for develop- 

0 years and sometimes ..even..; Tvii ring the second phase the ment, because while the com¬ 
onger. At present it is :impos- sefeutific work becomes ihore pany itself will have usually 
able to predict’ the economic intense. • Geophysical and' geo- financed the exploration to tills | 

state of the- world in two or chemical work will be carried point it will often go outside- 

hree years time, let atopemake out to. reveri t® e changes in for the much larger sums in- 

orecasts 10 years ahead,” states’ rock-Condition^>which could in- volved in the construction of 
Kr. Bob-Rice, the chief .geo- dicafe a deposit Some prelimin- facilities, 
ogist at Riofinex, the explora.- ary drilling; J may take place. All of these five phases have 

ion arm of Rio Tinto-Ztoc thus turning the rough scan of involved a narrowing down of 

Corporation. the first/phase- into a recon- risks. At Riofinex the chances 

Exploration, then.'. Is- the naissan#}. of a profitable mine are put at 

venturing, of risk capital TYith 'IFi, sb- far,'all the pieces have 5,000-1 against when a conces- 
u he hope of catching the market fitted^'together/the third phase sion on land ii taken up. After 
in an upturn .in : the...distant will^rqyoive'.the fi rmin g of the.tbc geochemical work has been 
.Hiture. And ,the risks are pcpsBocrt in an attempt to gain done the odds have narrowed to 
ncreasing. Not only are co^s reugh. ideas about the size and 1,000-1. After preliminary drill- 
jrpwing; but Mr._D. C Millen--the. nature of the orebody. tog they come .-down to 30 or 
xruch, vice%re 9 idenf : of Union While ' 1 the main thrust of 20-1. At the project stage of 
"ym 8 Carbide Exploratioii,^^ tdd the ariiyi^ hitherto has been ge<^ detailed drilling they are 4-1. 
American Mining "C 6 ngress:last logiia3,-!other disciplines now r ;- While' few companies are 

■ . — likely to quarrel with this sort 

• • .. . ■ . 4 . •; • nf odds, the ways in which they 

Jschait A m m ' ■ seek to diminish them varies 

• DD||CCvv|||B| A I greatly. Partly this is a ques- 

■ ffllrl: ‘■ tion of company structure. 

.. m ■ ■ ■ jfc inkVH Riofinex is the main explora- 

C . H H I H " ’ MM t JW W - tioncompanyforRTZCorpora- 

■ " tion, but will hand a venture 

Alarmed b^ttie ; 

Financial Tim s fleet Business 

i management survey? books 

^ Anxious at the effects UY^T^ssz 
ofEEGlegislation? ... Ksis 

••V... • manager’s life and sets out 

recommendations for the con- 
; r trpl of stress, thus leading to a 
more effective and productive 
work life. 

' Companies Limited by Guaran- 
tee and Unlimited Companies, 
Oyez Practice Notes No. 28, by 
^ X<eonard Berkowitz and G. D. M. 
C.ockain, Oyez Publishing, 

£3.50. A guide to the rules and 
regulations relattog to the for* 

■ mation, registration and ad- 

I "~7\ y _ .1 of these types of 

, ...... ■ ' . . . .. _ -company. 

Essays in British Business His- 

M*l*IiTlMftlllil}Ityf) ||rlI[ 11iory, edited for the Economic 

History Society by Barry 

B AgOVOX C3S0 -Supple. Clarendon Press, 

the latest phone-answering ■ Oajoni, £7.M and £4.50 (P a P e J 

machine fromIheZeiss group B'. cover): A book which is d®- 

-ibl .West Germany 7 ■ voted primarily to case studies 

i^impetitiva ratesfbr 1 -year rental B gf^business organisation and 

iWGIH-7787255 anytime! I Key to Capital Gains Tax, by 
BbvdxAnsweriha, ■ -B K. R. Tingley. Taxation Publish- 

Sydenham Road, Londo n.SE265QW.B ing Company, £5.25. This forms 
i|Mn|||art ; one of a' Taxation Master Key 
111 WllYwiA I Vlri 1 1111 IB Series and provides a detailed 
UpMBiilBUBiliiBMr guide to capital gains tax under 

him,, . - .• . , • ■ ... iLJ. _ sach general headings as: alter- 

• native charge to tax: exclusion 
Aona day'seminar..wtTh^ ^actaaiaspwUs of cam bating rraim, . fa double charge; chargeable 
^ designed to show your oi^risariaii ran save money: gaijft; allowable losses: valua- 

Vjfh r-r* si i|\ tion of assets and partnerships. 

* ■ CORPORATE FRAUD . - - ; T^r. by Fr^ 

i-*». .; SHtiFEg EE,? 7 ^ 

-Michael Comer, pne.of ^® ? ou ntiy’*.1aad!i«theoretical treatise which looks 
. will at the.-danger's of what the 

' -.-kaewhicK 23431' ‘ ^thOr identifies as “informa- 

Por »£Bro«nar brochure and bcol<i/igform phone Maidenhead fion pollUtion,” resulting f rom 

" ;_.Exttitttoft 260 ;or.v«tptp!'- / _-_ the vast data banks on people’s 

: C£Siu! health,'..tax status, incomes. 

: r liHll’ .debts and crimes and other per- 


over to the main board when it 
reaches the project sLage. In 
the U.S., Union Carbide 
Exploration will invdlve the 
main board only when a deri¬ 
sion is needed to go ahead to 
production, but will have been 
financed at the project stage by 
the group's metals division. The 
London house, Selection Trust, 
relies on its foreign subsidiaries 
for the exploration work, giving 
them autonomy but controlling 
them through budgetary deci¬ 
sions. 

Of these three groups, Union 
Carbide stands out because it 
has adopted a highly stylised 
procedure of handling its ven¬ 
tures. The process has been 
split into four stages, which in¬ 
volve in effect a series of in¬ 
creasingly thorough feasibility 
reports. “This procedure must 
be triggered or initiated by the 
explorationist.'* says Mr. Millen- 
bruch. 

Review meetings between the 
groups and individuals working 
on different aspects of the 
venture are held after each 
stage has been completed. 
These meetings act as the focal 
points for making one of four 
possible decisions: stop the 
exploration, hold the property 
being worked as a resource, 
continue exploration work in 
the normal fashion, or, finally, 
accelerate the effort. 

Union Carbide is a wide and 
diversified group and the sales 
of its metals division are larger 
than Selection Trust's total turn¬ 
over, although smaller than 
RTZ’s. Mr. Miilenbruch sees the 
formalisation of the procedure 
not only as a means of speeding 
up the exploration process by 
defining who is going to do 
what work within what period 
but as acting as a communica¬ 


tions tool within the group. 
The meetings also alert senior 
management to the extent of 
budgetary demands which 
might be made. 

In most groups, however, and 
this is true of RTZ and Selec¬ 
tion Trust, tiie approach, 
especially in the early stages 
is. more informal. It becomes 
more . structured around the 
third phase of what is still a 
theoretical exercise. Until that 
point derisions on a project are 
being made within middle man¬ 
agement and by the technical 
experts. 

At Selection Trust, for ex¬ 
ample, the subsidiary companies 
make their own derisions with¬ 
in the framework of a budget 
which has been decided with 
the parent in the autumn of the 
year preceding that during 
which the work is taking place. 
It is when drilling on any scale 
is involved that the autonomy 
is reduced. 

The movement to a drilling 
programme is the decisive point 
in many exploration venture!*. 
If Riofinex management de¬ 
cides that a programme is neces¬ 
sary then it will go to the Rio¬ 
finex board for extra funds. In 
the same way a Selection Trust 
subsidiary is likely to ask the 
parent for more cash. 

The sums change significantly 
at the drilling stage, because a 
grqup then has to start think¬ 
ing in terms of millions rather 
than thousands. It is therefore 
likely that if the first half a 
dozen holes do not substantiate 
the hopes raised by initial work 
the idea may be abandoned. 
Selection Trust calculates that 
diamond drilling costs range 
between £5 and £15 a foot. A 
large orebody may require the 
drilling of at least 100 holes 



fts 1 


and each of those could be 
several hundred leet deep. 

The involvement «»f the board 
in the provision of cash lifts the 
level of decision-making. 
Experts and middle manage¬ 
ment can make decisions about 
possibilities, hut the realm uf 
probabilities belongs to the 
board. 

The longer a venture con¬ 
tinues. the greater the degree 
of financial commitment which 
has been made, the harder it is 
for a company suddenly to with¬ 
draw. For example, if Selection 
Trust took the unlikely decision 
to stop a major investigation, 
already well-advanced, there 
would be serious repercussions 
within the group. 

But the successful conclusion 


of the exploration presupposes 
that all the elements— 
geological, metallurgical, engin¬ 
eering. financial and marketing 
—fit together. An orebody is of 
no use if the ore cannot be pro¬ 
cessed, or engineers cannot con¬ 
struct an efficient mine. 

*■ Any one element out of 
place could stymie the project,” 
Riofinex points out. “We do 
not deal in hopes." In the 
initial stages of a venture the 
first considerations are geologi¬ 
cal. then engineering factors 
become of increasing import¬ 
ance and later metallurgical. The 
timescale of the scientific work 
means that finance and market¬ 
ing assume significance for 
decisions only towards the later 
stage of a venture. 


All the practical derisions, 
however, are welded to the 
philosophy of exploration 
adopied by a company. Some 
large groups do little original 
work, but prefer to buy into 
existing prospects, often found 
by small companies and in¬ 
dividuals. But all demand 
security of tenure and a stable 
financial regime within which 
io work. This leads to sharp 
differences of attitude. 

As a firm point of policy. 
Selection Trust confines its 
activities to the developed 
western world. Riofinex, on the 
other hand, will spread its net 
wider, but it will not work, say. 
m Indonesia, without having 
leases, royalties and taxes spelt 
out in a written agreement. 



employment service 

we had to change 

our own 


Forprofessional ftfelp on 
r national haulifle'artd northeni 
i distribuilion cantact Arthur - 
Wal lacti- {Ope rali ons Director)! 
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A powfcr-force In haulage 

Transport division of Brittains Lid 



Ago vox C380 

the latest phone-answering 

V machine from the Zeiss group 
- -of West Germany 
#i?ampetitivaratBsfor 1-year rental 


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X ona day seminar. ort tlv* jyactical aspucte of combating fraud* 
designed to show how yo^oi^risatlori'cart amm money- 

CORPORATE FRAUD 

7 ^ 2nd March, T97S^<;^y^ Garden Hotel, London 

: Michael Comer, one . of W -country’* - leading, security e^ty 
wiU explain his • proven • tediniques &»" detecting and preventing 
-loss which irj iodustry Is hjckpnpd w be 5-10* of turnover. 

For a seminar brochu re ; and hooking fbrrti.j^o'ne Maidenhead -343% 

Extension 2e0;or yvritp w -. . • ViftHT 


When you want to fill a job, one thing matters. 
Finding the right person. Fast 

And because we’re determined to give you the 
service you need, we’ve introduced Jobcentres. They are 
the most visible result of a new attitude that is changing 
the entire employment service, its management, its staff 
and its organisation. 

Today there are nearly 400 Jobcentres up and down 
the country And the remaining 600 Employment Offices 
now offer a much improved service. 

The local manager and staff offer you an impressive 
service across a range of skilled and unskilled vacancies. 

Jobcentres are prominently situated and offer a 
self-selection display where your vacancy can be pre¬ 
sented within minutes of its notification. So they attract a 
wide range of job-seekers. 

We can also give a more personal service that can 
be tailored to meet your individual needs. 

You have a vacancy? Give it to your local Jobcentre 
or Employment Office. Our local manager is ready to help 
you in every way possible. It’s well worth your while to 
find out about the full range of services we canroffer. 



MSC 


Manpower 

Services Commission 

Employment 
Service Agency 




Part of Britain’s Changing Employment Service 















■V-V : 




• - y /»-' 




u 


Financial Times Taesday Feteuafy;; 7 197^ 


A question of 
definition 


BY ERIC SHORT 


SUN ALLIANCE and London Alliance. Mr. Sheldon boldly 
Insurance is all set for a con- referred to Mr. Orrae's statement 
frnniation with the Government as making it dear that the 
over its latent pay settlement relaxation in respect of occupa- 
with employees. And like many tionai pension schemes related 
major quarrels, it appears to the to improvement in pension pro- 
h«' 5 tander to have escalated out vision. He then went on to asserl 
of all proportion. The Govern- that the device of suspending 
u>?nt has told lh« company that contributions to a scheme to pro¬ 
fit proposals to put the staff pen- vide^additional increases in net 
si'»n scheme on a non-cootribu- earnings was not an improvement 
fury basis, as part of the settle- in pension provision. Mr. Sheldon 
iti-;nt. • dm?:, not L'ouot as a should try telling that to the 
pension scheme improvement on employees of Sun Alliance and 
which restrictions have been see whether they understand his 
removed. The company claims logic, 
that ils action is entirely allow- Still this is the first public 
a hie under stated Government pronouncement from a Govern- 


pnlicy. 


ment minister that at least the 
intention has been that improve¬ 
ments in schemes should apply 
only to raising benefits, not 
f ,. A .... cutting contributions. The Depart- 
Thu* the cau.-e ol the dispute ment 0 f Employment has, from 
1 ' clear cut. anu it would seem insist pH an this inter- 


Final sentence 


...... . . __the outset, insisted on this inter 

ihjt all that ts needed to resolve p re t a tion. The whole purpose of 
intpasse is lo look at the to oootnin 


ihe impasse is 10 iook at me j he guidelines is to contain 
ooyernmem s pay guidelines, inflation by limiting pay increases 
But the White Paper setting out an( j certainly the action proposed 
the guidelines relegates the sub- , )V Sun Alliance will boost take- 
joi .1 to virtually the final sen- borne puv ol employees above 
tence and simply slates that pen- tfae 10 K pe ‘ r cenL | im i t . 

•iien improvements are free from _ .. — , . .. 

restrictions Therefore, it was certainly the 

, intention of the Government only 

Both i.Kjvernmerit spokesman t0 apply this freedom to 
and Sun Alliance base their improved benefits, but did it 
respective sianu-es on the same rea i| v S ay so? The ultimate deci- 
'■laremeni, that made by Mr. sion must rest with the courts 
Stanley Urnw. Minister of State and is not for a DoE official 


for Social Securin'. on July IS 


of last y ear. There ii no other 


acting like 


in Through 


Hum ply Duinpty 
the Looking-Glass 


■jovernment pronouncement. Mr or anyone" else to say otherwise, 
"nut was asked if Mr. David ^ 

Eniial-. Secretary or State for Occupational pension schemes 
Social Stnii.w. would make 3 are set up under a trust. The 
>'a lenient about improvements trust deed will set out all the 
i>i occupational pension schemes details relating lo that trust, 
from August l. I»77 (when including listing the benefits pro- 
phase 2 ended 1 . Mr. Orme’s 'ided by the scheme and the 
v.Tiu*n r<-dv wan— contributions to be paid by the 

- Mv nghl hon. Friend the niembers and by the company. 
fbar.tWJwr or tii- Exchequer 11 would seem that changing the 
announced ... I hat improvements contributions paid by the member 
tu occuualiouai pension schemes !i> as m “ c ” an improvement as 
win. after :;isi July. 1977. be paying higher benefits. 

I rood from the pay policy limita- 

T'unv winch have applied in the T . . . 

current >ear. i can confirm that ^nf hl^mPlBSS 
tin, mean, ibal such improve- 

lsients. whether in respect of But, the pensions industry has 
pension .tjo or an: other type nut been entirely blameless in 
f-f pviivKinn. will be open 10 the misuse of words in this 
no'jotialinn after that date." respect. Ever since phase 1 was 
To layman, the action of paying introduced, it has been parti- 
b-sc now for the same pension cularly vocal in calling for 
benefits s-iiuMtiiiic in the future improvements in pension schemes 
U even npire "f an improvement to he free of restrictions and the 
lhan pa: in? ihe same now for pension consultants and life 
he;ler benefit* later. Many pen- companies have shouted the 
sio»i fund man avers have round loudest. But what they wanted, 
tint tr.: !>■ unions will spend far naturally, was that there should 
longer discussing keeping con- be no restriction in benefit levels, 
flbiifirm rates down than in Even so. one would have thought 
bc^iinc benefit level-. Vet only that the officials, in spelling out 
last Fridav Mr. Robert Sheldon, policy, would have taken care to 
Mmi-ier uf State at the Treasury, make the distinction between 
v. as reaffirming the Government benefits and contributions. Sun 
si once »n this point. Alliance may well have justiGra¬ 

in rco". t«i a complaint fmm tion. legal if not moral, for its 
Mr. .MicliV-l Latham over the protestations that it has acted 
Govermaoni s altitude to Sun within the guidelines. 


FILM AND VIDEO 


BY JOHN CHITTOCK 


Multi-screen messages 


FOR THOSE seeking audio- screens and 100 projectors, capacity of drawing in the 
visual support in the continuing equipment sales of £100,000 are crowds. Sony started a multi- 
debate .on nuclear power, a not unknown. l^and uses the programme a s 

tape/slide set has just become ^heart^s P {,rt of a demonstration of 

available on the subject. Pub- jk n ^y multiscreen stereophonic and quadraphonic 

lished by Diana Wyllie. it 355S ^322* 

typifies the range of material programmes. In spite of the "h D " 5 C pn!! 

now available on slides—illus- known hazards of doctors being ^, re f^?!. atl °?£r?y_ nf 

trative back-up for the lecturer bad patients, the result is out- iSTS? 5 *n t S n nniSr. nn 

with a complex story to tell, standingly good and an enor- 3 ^° 10 are hot uncommon 
For educational purposes, and mous credit to the film company at these evening performances 
as a supplier of information, ttat produced it. With the title Roundel Pushing the mum 
the slide has become an estab- Grabbitts Gear, it takes the once- screen concept to ever new 
Lished medium alongside film, upon-a-time approach to tell the boundaries by producing pro¬ 
television and printed docu- s j ory 0 f a company which always grammes that can be used 
mentation. All of these media had pro bi ems in showing people around live presentations by 


-L -^-----o atuuiiu & ujut.uvdUViU UJ 

have one snag,:b™ CTer : round the works (even, it gees , elHmwn peisonaJ.ties. An 

"nSfttoa ooe. ' °° S ’ y - S ‘ nS S ° me PrKpeC ' *** m e‘ e “ f tWs. used by 


if not a 


tive customers never to be seen 


com' 


panies sucb as IBM at large 


The solution of the 1970s has again: although one turns up emnloyee conferences, is 
been the multi-screen present*- later in a broom cupboard). presentation by Chris Bonning- 
tion, a dynamic show-business The programme makes the ton: the subject, of course, is 
technique that has rapidly be- point which some companies. Mount Everest and the leit- 
come established as an accep- suc b as Guinness, have already motif "achievement.*' The 
ted tool for commercial and accep t ec i : a permanent multi- latest personality Roundel is 
promotional purposes. It uses screen installation with suitable using, with slides photographed 
slides, but in a configuration programme can save time for by her, is Gina Laiiobrigida. 
and with a result that can al- both visitors and executives and Muiti-screeo reaches its zenith 
most Teach die heights of a new j( probably makes the "tour” as a tourist attraction. Tbe 
art form. In a typical presenta- ^ore effective and impres- recently opened London Expert- 
tion, half-a-dozen or more 


sive anyway. once near Piccadilly Circus is 

screens are arrayed in front of • ^ . just one of many in cities around 

the audience. Each screen has lhe "orld-New York, Taiwan, 

its own pair of hidden slide creativitv ^, at this str n , e San Francisco, Sydney, and one 
projectors and the complete medium * can achieve . it almost "Pening soon in Edinburgh. The 
battery of projectors is auto- de£es the Tinte(J iyord ljm London operation, nm by EM3, 
mat 1 cally controUed by an elec- cu]ar]v a 5 e q ue n C e of a down tells lts st0I 7 ,D 50 minutes m 

in a park who animates across a Predictable but nostalgically 
the different screens, tumbling enjoyable style: the plague, the 
and gyrating to become a mere Vreat Fire, royalty, restaurants, 
cipher in a grander graphic tie- Blitz, the City, even Jack 
i« sign—all as a balletic aceom- the RiPPer. Extra effects with 


tronic unit. 


Exhilarating 

Tbe key to this control 


provided by an audfo-t'ape which P~» » CS, "og. 


carries not only an accompany- It underlines my belief that. SJon flashcs 
ing stereophonic sound track although this medium is based 
but also the electronic signals on still photography, some of 
which cue-in the changeover of its best practitioners are fiInl¬ 


and flickering 


slides. In a complex programme, makers. The Electrosonic pro- Tri!)Hpn]|5|fp 
slides on the mosaic of screens gramme was made by World 


may be changing at a breathtak- Wide Pictures, whose conven- Ironically, the London Ex 
ing pace—even simulating ani- tionai films have often been perience was produced by an 
mation: and changes may be praised in this column. Another American company although its 
accomplished by rapid cuts or leader in the field is Viscnm. best elements are British 
slow dissolves. In creative hands, also a much respected film com- namely the photography by 
the result can be exhilarating, pany and the producer of the Brian Seed and a superlative 

engulfing, and at times even multi-screen programme at last sound track by EMISOX. At 

beautiful. year's British Genius exhibition. limes> 1JWtion picture film is 

One of the pioneers of this Ev ; e ° when meeting another also intermixed, but the quality 

technology is a British company leading talent. Malcolm Lewis, of this with 16ium. anamorpbic 

in Woolwich. Electrosonic. which whose reputation is based on stretching is hopelessly made 
lias grown from a £ 20.000 turn- multi-screen, it came as no sur- quate alongside the slides, 
over in its first year in 1964 to prise to find that he was a film- i n sp <te of its connotations of 
nearly £3m. now. Electrosonic school graduate. Lewiss cum- kitsch, the London Experience is 
engineers and manufactures the P an F* Media, produced fur an enjoyable and informative 
control equipment and few Taylor Woodrow another tour- u -ay of spending an hour, and a 
would deny that it is now the round-the-w-nrks type of pro- sr „up of foreign visitors I ques- 
world leader in this part of the gramme. this one for visitors tinned were delighted with it 
business — bringing to the to a development pro- But British multi-screen prndii 
country a 67 per cent, export J ect at st - *-ath erin e Dock. cer5 are excelling themselves 
record and, almost incidentally,. Whether informing or selling, and if a second programme is 
a phenomenal sales boost for the attraction of multi-screen ever produced it would make 

Kodak's Carousel projector is its audience appeal. At ex- sense <as well as remove the 

which is used in installations, hibitions- or even as a travel- irony) to put it wholly into 

With some set-ups using over 50 ling road show, it has the British creative hand*. 


&$ & 





BBC 1 


«JZ0 .Nationwide 
6.55 Young .Musician of 
Year 

7JS The Variety Club Awards 
8.10 The Good Old Days 
3.00 News 

9.25 Play for To-day 
10JJ5 To-night 
11.15 The Engineers 


12.02-12.27 a.m. The 


t Indicates programmes in 
black and white 

9.11) n.m. For Schools. Colleges. 

U.'-o p.m. News. 1.00 Pebble Mill. 

1.-15 Ra^limc. 2.00 You and Me. 

2.15 For .Schools. Colleges. «.2I> 

Pivbol V Cum. 5.-73 Rettlonal News 

for England 1 except London). ^_ 

•".77 Play School (as BBC-2 11 00 [he following times:— 
a.m.i. J-U Wally Gator. 455 
■R'ckanory. -1.10 Animal Magic. 

John Craven's 
5.17 Slat Turn. 


lor Wales, 
the Engineers. 

Scotland— 5 . 55 - 6-20 p.m. Report¬ 
ing Scotland. 11.40 p.m. News 
and Weather for Scotland. 

Northern Ireland—3.52-3.55 p.m. 
Northern Ireland News. 5 . 55 - 6.20 
Scene Around Sis. 11.40 News 
and Weather for Northern 


of 


Rcpon Walt b Ucjdlincb. ZJO l louse pa ru - 
g aD 3.31 Thv Ocrru Thcairr Show. 5.15 


MnWt Junior. S.X i.’re»>roads. 6.00 
Rooort i-.Vsl 605 Deport Wales. *.30 
Emmcrdjlr I-ami. 7J0 Tlf. 1 Zinnn. 
Woman, a JO aukoo in ihe Nest. IL30 
Ercoutn.' auilv. 


11.40 Weal her/Reg ional News 
All Regions as BBC-1 except at Ireland. 

England—5.55-6.20 p.m. Look 
Wales—2.32-2.37 p.m. For East (Norwich). Look North 

Wcmuhri Schools: Tablau (5) Tab I chweeh. ‘Leeds Manchester. Newcastle); 
Newsround. J 5 M o 0 Wa les To-dav- 6.35 Hed- 5tidl a nds To-day (Birmingham); 


.i .!0 Nowf 

5.55 Nationwide ■ London 
>ouih-Eas! only) 


and 


15 Pobol Y Cwm 1 senod) Points West (Bristol); South To- 
19. 7J5-8.10 Ask the day (Southampton); SpoUigbt 


divv. 7. 

Fa?ni?y. H.15 The Varieb Club South West (Plymouth). 
Awards. 12.00 News and Weather 


7.00 Dave Al'en 
7.30 The Streets 
Francisco 
8-70 Rising Damp 
9.00 Wide AUianee 
10.00 News 

10.30 Boxing; John Conleh (G.B.) htv Cjunre/Wales—As HTV l>ncml 
V Joe Cokes Sfrva-.- . xwpi. 1.20-U5 p.m. F’cnau-Juu 

11 111 rinlnru K ' KewjlWiull y prdd. AX Miri Ma-.vr. 

MUincy fl. 30 - 4 .a 5 S-r-.-iJ Wlb nJ»4J5 V Dr-Id 

12.25 a.ni. Close: Mjhdav Nbarms mjo uis.yrf. UU5-U.<5 World id Action 
reads some sayings from u 45 - 12 A 5 a.m. Boun>—John conith 
the Tao Te C.hing 10 cele- ,GB -' v - j0 ° Cokc-s 't. : ^.,. 
hrate the Chinese New HTV West— as iitv iioni-ml &-mcc 
Year nccpi. UM.JB p.m. Report Wcsi H-;sd 

.All IBA Regions as Lr-ndou 
except at the following times:— 


6.15-5JO Rcpor; Mfi-n. 

SCOTTISH 


ANGLIA 


F.T. CROSSWORD PUZZLE No. 3.587 



mm 



ACROSS 

1 Is taking rest outside 

u’-pi»Sf 

4 Measure of conlenlV (S) 

9 Poll that Uiay bo black 
while'. (ii» 


to 


u's blank for typists (Ml 

7 Soutii-westcra town out of 
ihe east (5) 

8 Broken line and damaged net 
but it’s merciful (7) 

II Silver ring on the shore 17) 


ill Biscuit found in a vehicle in 14 Sailor employing bad 
satellite ( 8 ) language (7) 

12 Little lime for a deficiency IT Take turns with deputy (9) 

<s> 18 Spend about a pound on 

13 To cut '.'IT Oriental is hard lo invoice for programme ( 8 ) 

endure lU) 19 Foreshadow a drink at the 

35 Fj'JJU consumed after start oF finish f7) 

did (4) 21 Deliver a gift now (7) 

16 Ant e'-lor with a book is 22 Talk about the French villa 
patient 110 * (61 

19 Corpulence qivcn hv brands 24 Sketch from doctor at the rear 


of merchandise in wines ( 10 ) 
2;i Check the register (4) 

2 .'I Fi<h for communist viewer 
(li) 

23 Singular Arab is ill-equipped 
(3-5i 

27 I came back and dined to get 
ilnnner l 8 ) 

2 S Urgent eiiheaty to tile south¬ 
east may give delight ( 6 i 
29 Whore mi** may pass from day 
tu day l+4) 

Give evidence at Inal (6) 
DOWN 

1 Soldiers and rested (7) 

2 Drink hf*er with fan c9t 

2 Siv* getj an unusual hat to 
cover the point tl»i 

3 Incline tu bu tiiin (4) 

6 Where astronauts drink but 


(a) 


26 Siupify when heads come up 
(41 

Solution to puxzlc No. 3.586. 


BBC 2 


11.00 a.m. Play School 
2.15 p.m. Other People's Child¬ 
ren 

f3.00 Film as Evidence 

3.30 The Living City 
6J37 Open University 
7.00 News on 2 Headlines 

77.U5 Propaganda with facts 

7.30 Newsday including The 


1 . 2 S p.m. Kt-w* and Ro.>J Tioporr. 3JO 
, „ _ . „ „ „ Mr. and Mrs S.1S PifX'i ami FrK*ws 

. ^. ia c, uu '' pa rfi 5 20 ‘Toaroads. 6.00 Scud and Today. 

\ ^ h ia '«•«■'* Vour Problem. 7.00 Emrocr 

f-.mmerdale l ann. 64» . Jujiii AnsJla. dal,- ‘l-ann. 7.30 Dave .lllra. 830 

7J0 Movin' On. 12J8 a.m. ChriMum, in ThimruDuirJig. UJO Lai« Cad. J7.1S 

Acuon RUSH. 

UJ5 a.m. Buop. 1^0 p.m. ,\TV SOUTHERN 

Xtmecak. 3.20 OsK-k on ibe Draw 545 IJO p.ib. U®arh«fn Aura 2,W House- 
laivemc and Shirler 6.00 ATV Todav. r>dru' 3.Z0 SunivaL S.iS Belli Boon 

7.00 EmmtrdaJe Karm. 7.30 Daw Allen. 540 Crossroads. 6.00 Day hr Day iuclud 

8.00 Char Ik's ,Mi;rL; 11.30 UiblisviDc. Ina Sourhsporr. 7.00 Einin'.rdaJu Farm 

7,30 D ; ivr Alien. 8.00 Clurlie's Ansels 
HUti U t ix J1J0 Southern (Votes tiira. mu The 

♦1.20 p.m. Border News. 2.D0 Utilise- Pravluv. 

, . party. 3.20 Friends of Man. 5.15 Indoor . .■— -rr-rc 

Chinese Economy (discus- Ufjnue. 6.00 l.onkammU Tuesday. 7.00 llfNfc 1 tLo 

sion) Emmerdaii- larnu 7JO Dare Alien. 8JW 5JS) a.m. Tin- Good Wort} loUotrcd by 

8.10 International Pro-Celebrity Charlie's ^Angels ujo Buruu. ti 2 JS \ 0 rih i;asi Nm Headim-s 1.20 p.m 

Q 0 |f a- 1 "- Border oews Summary North Ka-,1 V-i.s and Look a round, 3.20 

9.00 in the Looking Glass CHANNEL IS Sft^TESfc. W.SSSl?f!S 

9.SO Tnc Chinese way lreport 1 . 1 s p.m. Channel LIInehnme \< and 7J0 Dave Altai. 8.00 cTiarli-'s Ancels. 

on rural life in China) Whai’s un Where. 3J0 Wish You Were UJO The collaboraiurs. 12-30 

1013 riart^- Emhaw World Pro- i,erc - 545 Th- F Lima ones 6.0Q H'.pori eciiosu-.-. 

^ a “ s * ai Sis. 7.00 Treasure Hum. 7.36 Siroeis « .. 

fe.-sioral Darts Champion- l)f SaIJ Kranciaeu. * JO Dare Alkn. 10 28 ULSTER 

snips Channel Lair News. 11 JO Side j j) p m . Lunohllri': ?J0 Mr. and Mrs. 

11.20 Late News on 2 Medical. 12.25 a.m. Coinmenlaires et itis tki.-r N-.us Headlines 6 00 Ulsi^r 

X14J0 The Old Grey Whistle Test Previsions Mrieornlpsums. Television N>-»i's. 6 . 0 S Croasruads. 6 J 0 

rDlMDUINI Hepnru. 7410 Eirnili-rtlak. Vann. 7 JO 

UKAIurHIi Djv,- A)Jc; B.00 CJi.irJiP's All^-lv UJO 

1 ONDOIN 5-25 a-m. First Thinji. 1.9 Pr«-«5-k-hrny Snooker. {oUiiwed by 

p>m Craraoian News Moadlmrs. BedUine. 

9JJU a.m. Schools Programmes. 340 v. omen only. 3 as cariuon th».. 

11 55 Fein the CaL 13.00 The 545 Winss 'n 1 Things. 6.00 «:ramplau 

rmm Whiw.Rana T+ 1ft Today. 640 Out Of Town. 7.00 Davy 12.27 p.tfi. Cus Hanerbun'S Btrtbdars. 
wotsit from Wm 22 -Dan 0 . l-.IO 7J0 ThuunmirarJi^. UJO Buflcc- 1.20 Westward ,V«» Headlines. 3.20 

p.m. Rainbow. 12.30 KJlcnen uonj _ mi Police Woman. Wish You Were Hero. 545 The nmt- 

Garden. 1.00 News plus FT index. e~r» AM * stones, b .00 Westward Diary. TJ X> Trea- 

1*0 Hein MO Crown Court. 2.00 uKAI'ADA sure Huns. 8.30 Dave Allen. 1048 Wcst- 

1 f» ar *»_25 Sam 340 The 1J# P-m. This Is Your RLthl. 320 Mr. ward Laie News. UJO W'csLsidc Mcdd-aL 

cjinw - |ko CnxiviZZ «ui Mr*. 540 This Is Your R.sl.i, 545 1225 a.m. FaiUi Tor L.fe. 

Rolf Harris Show. ->.5V Couples. Crt's^roads. b.00 Granada Repons. 6JO vodvcUidc 

4JI0 Get It Together. 4.45 Magpie. nmmcnJalc Farm. 7Jo Tin.- Streets of YORKSHIRE 

5 20 Sport Scene. San Francisco. UJO play ibi» Us me. 120 run. (.'ak-ndar News. 320 IIoUSC- 

12.60 Wall TUI Your FatJier Cels Home- party. 5.15 indoor l^ariUe. 6.M Calendar 
5.45 News iRmiey Moor and Belmont rdiUongi. 7.00 

6JI0 Thames at 8 Ml > Emmerdale 1'arm. 7J0 Dav..- .VUen. 8.00 

6.25 Crossroads 120 p.m. Report W«l Ueadllne'?. 125 Charlie * Anaulx. UJO Polux- Woman. 


WESTWARD 


n . rvirt i 347m pan 1; H»ih-«:*.-r. Stravinsky. 1.00 News. J5.5S Wvallk-r. procnimrnn tiers iVJIKl 

RADIO I 14S The Arts Worldwide. 120 Mid-day Resionul News. 6.00 News. 6J0 Tbo 

<S) Stereophonic broadcast Concert, part 2: BeClbov*,i. 2.05 neeihoven P.nrlilss Way. 7.00 Kens. 7.05 The 

SMI 1 , 10 , .vs Radio - 7.02 NOci rmm Bristol «S>. 3iB A Link: Lisht Archer*. 720 Turn- for Verse. 7JO BBC 

Edmonds. SJ0 Simon Bales 1L31 Paul Mnsic fS«. 4-W The Vanchan Williams Aorth'-m Symphany orchestra i as Radio 
Hurnuii UJO p.m, Neirslwai. 2.00 Ton> Smphonics condueied hy Boult on record 9J* kaleidMcoiW. 0J9 ttcalhrr. 

Blackburn. 4.31 Dave L-x- Travis Indud- <S>. *.«5 A Late Moan Quarter iSi. 104* Tfi v u, . i ori d Tnmm>r. 10J0 " 3iy 
mg sjo XewshL 5JS Tod on , Sl 5,45 balnu-d Aim! siorrmc Trevor Bannister. 

-I lSS John P«l IS.. 32-00- Homeward P^u.id 6.05 N- us. 640 U~M A W ii Bedtime. U.35 The 
r, m — Kj- D.HIQ -r Homeward Bound n-onimue4>. 6.30 Life- Financial World Tom util UJO Today in 

ppp itaib.1^ 2! 6JO am With #"«: Work and Tmmnig. 7.30 BBC Parliament. 11.45 News. 

Rarikf-"Eludin' 145 pm. Good Listen- Nonhero Symphony Orchestra, narl t: Far Schools (VHP only) 9.05 a.m.-1246 

With Radio ‘1. 


RADIO 2 



in Australia. 8J0 BBC Norrli*:rn Sym- cor . 

phony uicbvfln. Part i: Babms i$l. JDl3*-» I53QIO JLOUQOn 
1.500m an d VHF 625 7be Err of the Siwm. A punraii liOfirn and JMJJ VHF 

too a.m. News Summary. 6-02 Ray &^ttioven. 0r plVuo' S rcei^aJ 5 
Moore «S) with The Early Show, uiclndmc Schumann: Dichlcriicbc. anus rccllhl tS». '" 2D 1 Ln ?„ 1 ^2 

6.15 Pause Tor Thoachl.7JZ Tcmr >osan nJS N - ewi! . 1U043J5 And Ton lehr's TST *5" ln V t S^ ^ 

• S> tnelndlne OJ7 Racing BuOeUrt and schubcn Sona iSV Sit0«case. dJB Home Run. 6.10 Loo-v, 

8.45 Pause for Thoiufau 16,82 Jimmy Radfe 3 VHF pnly-6.d0-7.0o a.m. Open a!f lc 5i J, J0 , fn To "-i» J; 111 - 1 

Yoons iSi. HIS p.m. Wawonere’ Walk. L'oivcruiiy. BJ0 au TUajJaa. 10.03 Late Night 

17 T Q Pete Murray’s Open Hoik <5j _ . nlA . London. lum-Closo As Kadio 1 

Indudim; LC Sports DcsX 2J0 David KADiD *+ r . j. h 

nammon .Si including 2 JS aid 3.«s 4S4 bi. 2S5m and VHF London Broadcasting 

Snons Desk. 4J0 Wasgum-rs' Walk |U5 us ajn. NcwH. 647 Kirrmng Today. 361 in sad 97J VHF 

JWswsr-tfffls; ,ws 

£ ® Mg- t* ’jas ^r^ ns “^ n c 

0 55 S InrJudhw news headlines, weather, papere. 3 O Oaclt C.iU. 820 After lJ 

pfrL 5K * Gilchrist. WO-LOO mm. Nlfihdfac. 


Bear rhe Record. WJD Gene Plffiey »ars jCpws. rt.BS Tuesday Call, tlfljfl Kews. ^ 

Be My Guest. UJH Bnaii Maithew wrth hojjs Round Europe Quiz. 16J0 Dally CflDltal RadlO 

The Late Show. 1—00-1225 a.m. News. sk.r>tcc. U0.C Morning Slary. tll-DO • V iddm^nf) Q;«vnF 

D a nrn 2 Jgj m sterpo & VHF News, oue Thirl y-MihUJ-.- Thearre. *UJS _ ^ ana sa -° Nr 

RADIO 3 4& *m. atereo “ V1UJ Ttirnush African Eyes. 12.00 News. 12JK 6.66 n.m. Cr.iliam Dene’s BreakXa« 

tMedium Wave Pflly pjn. Yon and Yours. 1220 Desert Island Shew *S>. 4.00 Michael .vspel iS.. 1200 

a m. weather 7.0D News. 7.0 Discs. *1255 Weather. proKnmime news Dave Cash with Cash un Delivery *Si. 
Overture 'Si SJ» Neva 8.05 Morning VHF fexcept London and SE» R-uunal 3-f» p.m. korit Semi w-iili bis Three 
Concert iS.. 9.00 News. 4.05 This Week's KcW. U» Th.* World ai Oih-. 130 The O Clock ThnU iSO. 7.0Q London Today. 
Corapuwr: Paganini iSi. 4JO A Tbccaia Archers. 1® Woman's flour «ifrom 2.66« 7J0 Adrian Loicv Open I.hfc- »Si 9.IB 
of Galuppl's bv Brawninp < reading 1 . 9JS Including' 2002-02 N<*w3. C.45 Lh>irn Xlrt'l Hurne S 3 our .Moin>-r nouldni 

Baidassare CalrpBl: harpsichord recital with Mother. 3.00 X-ws. 3.B The Pl<-f. Lik" k 'S* U.00 Tony Myall n L-i'e 
IS 1 1OJ0 Acadamy of ihe BBC iS». UJ5 wuk Papers <S’. 4.00 N.-wm ajs Gar- Sbtnv 1 S 1 . 21« iloniunt of Terror iSi. 
Pldmsone and thu Rt# of European dener 3 ‘ Qu^ion Time. 4JS Snar- Time. 2-W a-m. Duncan Johnsons Mail Flight 
Music iSi. 1245 p.m. Mid-day Concert, 5M PM Beporu. 5.40 SereodJpity (St. <.£)• 


APPOINTMENTS 



JSir 

chair ma n at Midla 



Sir Reay Geddes has been Mr, Nigel Vluon. who has Iwen -Jjj 

elected a deputy chairman oE appointed a. member of. ; the blLENTNIGHT HOLDINGS. He. 
MIDLAND BANK. Sir David Development Commission, is not was previously with the stone- 
Barran continues in his present chairman of PLASTIC COATINGS Piatt Group. . 
capacity as a deputy chairman.' as reported on January 27. .Mr, * . 

* . Vinson sold his interests.ih that JVIr. Hay Jumper lias been 

^ company and its chairman is appointed executive sales, director 

Mr. Samuel F. L. Lvne has been ^ D. K K. Efliott for the industrial*: division of 

LNST1TUTE OT* THE MOTOR . . ’ * _ ' 

' -4r 

INDUSTRY from March. He sue- C-T. BOWRING AND CO States rr n1 ^_ oo h „ 

ceeds Mr. Eric Tipper who retired rlhat Mr. K. Batchelor has. been . Tudw' 
a» vVid kocHnninff nf thp vpar TODointed a deDUtv chairman of been reconstituted -as TUDOR 
at the begummg of “e year. (Insurance) Hold. PHOTOGRAPHIC 'GROUP and 

* ^ « ms l. v. u. _ - ma and -chairman of C T.. appointment have beeni made to 

ilr. Geoffrey Hongh has become , Co (insurance), the Fallowing Boards:" Mr. Laurie 

on -5? aifd " 0 5 At GT Bowring and^ Co. (Insur- Palmer. Tudor Processing, and 1 
VACL-BLAST, a subsidiary . °f ’’canoey i.td_ Mr G K. Moore and Mr- Roger Kcf«H and Mr, John' 

S mC to Alpto? R c^vfck'ha^ hwe become UM 


Holdings. 


directors and 5lr. M. R. r Haynes, Hr. Jeffrey Sedfcy is now group 
Mr. J. J. PauL Mr. A; A, M. secretary.--- . 

. _ ‘ * . ._ Pinent, Mr. P. J- C Vlccars. Mr. • 

Mr. F. E. Eyre has been. a. Douglas and Mr. J. F-S. Hyde, Mr. W. N. lt*y has beeri 

appointed an exeoitirernembCT directors. Vfr. W. H. appointed- a director of - 

of the SOUTHERN ELECTRICITY Batchelor. Mr. K. D. Bullock. Mr. .ALEXANDER HO\YD£N GROUP. -: 
BOARD for three years trem r. •*. and Mr . p. C Price - 

3St W S? kS £ ave tieen made directora o£C ' T ‘ Mt D. E, Walker has been: - -’ 

ZSSp «32 ^ ,u ^-* .■ ■ ■ SSBEStas^ : 

,. ... jftr m R 0 g cr Errington, chairman Wright (Pneumatics}/Ha succeeds:, 

, * _ •• -of Crossling-Potter Cowan and; Mr. K. D. Wyjiesras genera! znana- ' 

Mr. Graham Carlton Greene has Co^ has been appointed to the ger of A-TC. Mr.' Brian Ward has 

o£ ^ th€ Board of J. T. PARRISH. joined th* Board of TuJly Enynn- 

BRITISH MUSEUM, succeeding..*. * . eering a ndb as-become, mail aging. 

Lord Boyd of Merton, who retired Mr.-Daniel P. Solon has been director on the retirement of lftir, 

last year. Mr. Greene is manag- appointed senior vice president ol Arthur Skaith. The . companies 

mg director of Jonathan Cape. ; 1UEUROPE in Loudon. are members of. group. 

-* ;'; v . 

Mr. J. H. Creaton. investment' Mr. K. L. F. Roberts has been Mr- John Topping has been 
manager of the EQUITY AND appointed technical director and appointed group financial-control-- - 
LA W LIFE ASSURANCE Mr. R. E. Guile, director and Jer and a director of James’Neiu 
SOCIETY responsible for pro- secretary, of WADE ENGINEER- (Services) and r Mr.:T.‘C. Oxtey ; 
porty in vestment, retires on.ING.-..: ...... has become a directorJiSr. Eric - 

February 23. Mr. J. P. Smith Will + " Hodgson . has : been made ’ than- 

then become the society’s sole Mr. D. E. Longe, chairman of aging director of- : Moore and 

investment manager io charge of >he- Norwich Union Insurance Wright (Sheffield); -succeeding 
all investments including pro- Group, has been appointed . as Mr.. J. K.. Walton, who has re- - 
perty. • Mr. R.- A. D. Booth, member of the BRITISH RAIL tired. Mr. : Topping - : and- 'Mr. 
assistant investment manager, PROPERTY BOARD. Hodgson also - joia-^fie Board* of 

will take control ot the property ■_ ★ - BRITISH ' TOpL - ^ltlANUEAC- 

department. Mr. Bob Gentles has been TUBERS, tha boJdipg company 

* appointed to the new post of ior James N elli;g roup interests 

Mr. A. J. Gordon has been agricultural manager for the in the tool industry: - * , 
appointed to the Board of northern region of BARCLAYS .'•* '• 

GLANVTLL ENTHOVEN AND CO. BANK. Mr. R. M. Stopu; has bceomr 

(REINSURANCES), a subsidiary * sales and marketing, director of 

of Glanvill Enthoven. Mr. Ronald ThorJey has been SIMPSON-LAWRENCE^ . - 


HOME CONTRACTS 


Construction work worth £9.1m 


Kier Limited, a member of the contained Oats. The fourth order Kingston-upon-Thameis, has wed a. 
FRENCH E3ER GROUP, has been has been placed by Habitat De- Ministry of Defence order worth 
awarded a contract worth £5.4m. signs for £196.000. This is for £320.000 to '.supply sets of its 
by the Property Services Agency thd building of an extension to mobile sound • system-- to- the':- " 
on behalf of the Ministry of an existing warehouse in Welling- British Arrny.- The seta.will -b® ■ 
Defence (Procurement Executive), borough. usedf by 'Anuy units at tattoos. 

for tbe construction of three re- * displays and ceremonials, and on. • '- 

search buildings, generally for-G. C DAVIS AND CO. (GAS) has other occasions .when they neecL ' 
laboratory and office use, at the won a £110.000 contract for a com- to provide their invn broadcasting . 
Royal Signals and Radar Estab- plete gas detection system on the facilities. - 
lishment. Great Malvern, Here-Conoco-owned North Sea platform, * ' * '. 7 

ford and Worcestershire. The Murchison A. The order involves HGS—Humphreys Sc Glasgow Ser- 
work will take almost two years to about 350 gas detector loops using vices, has been awarded a con- - 
complete. Robert Marriott, also the G. C. Davis 3200 circuit tract by the London Borough of 
part of the French Kier Group, module, in conjunction ' with Southwark worth £970J)00 Jor the - 
has received four orders amount- electro-catalytic sensors re- modification, and upgrading 'of. • 

in? to £3.7m. These have been designed in stainless-steel. . heating oh the-Aylesbury. Estate. 
placed by Milton Keynes Develop-.. ★ • Another order has been placed 

ment Corporation for just over SIMON-CAHVES, part of Simon by the Paddington Churches i 
£2rn. for the erection and com- Engineering, has received a r$m. Housing Association worth i 
pletion of 1S8 dwellings together contract from Muliard for a glass £700,006 for the , modernisation 7.^ 
with associated site works at batching plant at Si mo n stone, and conversion of" hopses" into 
Springfield Grid Square. Milton Lancs. The new equipment, hi- ai Randolph Avenue, Stage II 
Keynes, and the second for IlAm. corporatlng micro-processor cori- of the scheme. . 
for IDS dwellings also at Milton troi, will replace an existing ■ ■ ■ * 

Keynes. The company has also system at MuHard's TV tube PD PROCESS ENGINEERING has 
been awarded a contract from factory where production will be won a £175.000 contract for. 
the Borough of Kettering, worth maintained throughout instaiia- mechanical and electrlcaJ. works 
£224.459, for the conversion of an tion. ■ • ’ at a new effluent treatment plant' 

existing two- and three-storey 'for the Royal Naval aircraft yard 

factory -premises into 19 self- GRAMPIAN PRODUCERS, at Gosport Hants. - 


Record for European porcelain 


FURNITURE and objects d'art memorative glass — bought Bernet’s ; sale of • Americana- -■ 
made just oyer flm. in the two- recently in the West Country ended on Saturday with the total = •- 

day sale by Sotheby Parke for a small sum—was sold by reaching just over $2rn. with: , 

Bernet Monaco which ended yes- Sotheby’s in London yesterday .$57,500 (£29,fi33> being paid tor-'- r r. 
terday m Monte Carlo. to a private collector for £2.200. a Chippendale carved mahogany ' 4 

A silk nightcap that had The English and Continental chest of drawers and .$40,000 

beionged to Napoleon was glass fetched a total of £31,684 f £20,618) for a - Chippendale 

bought by an anonymous English with a German dealer paying carved-and-inlaid walnut' aiBd 


collector for £ 180 . 

The highest price at the sale 
—£78,782—was given for a 
Vincennes porcelain figure with 
a clock which went to an anony¬ 
mous bidder. This was a world 
record at auction for a piece of 
European porcelain. 

A pair of marquetry armoires 
went for £37.815 to a French 
buyer and a little red and 
lacquered table made £25,210 


SALEROOM 

PAMELA JUDGE 


cherrywood bookcase. 

A pair of Meissen figures of ; - 
parrots fetched £7,000 ’ at 1 '; 
Christie's in Lotrdon yesterday^- 
and the saTiie sum was giveo bfri -' 
van Bel for a Meissen (Marctn 
lini). part dinner- and dessert- .;, 
service. A Sevres part dinner^ 
service went for -£4.800: and the; ' 


■Mold £1.250 (o r, Polsdain-Zech0n gilt '< 

, 210 . armorial, -goblet, and - cover..-J" a sale of- -'orlg- aad'r -witif y- 
A gold and black lacquer Louis Delomosne gave. £1.000 for a. colbura at JoUy’s Auction Rooms, 

XV bureau was bought for Dutch engraved goblet and the Bath, the west , country brajlth*^ 
£78.782. a Louis XTv “commode” same price came from an anony- of Philips made £10475 and in ’ 
u-fnI fnr £39.916 and a nair of huvAr tnr an pti p-raunrf r _ —u .v_ - ■ 1 


went for £30.916 and a pair of mous buyer for an engraved London * furniture- sold" hyTthfc' 
black marble busts with yellow Thuringian engraved goblet and same house totalled : £26.123 ^: 
marble clothes made £36,765. cover. - . . prints folded £12.410-and'water v ' 

A rare 18tb-cemury com- In New, York Sotbeby Parke, colours and drawings £7 - 


Jonjo poised for century 


IN SPITE of the loss of to-days The Irish-born jockey who,. At last meeting here Jaflwusr 
Leicester card through water- finally, moved off the 95-winner a strong Mamm-rfs Pet'bznf. gaW^lth 
Jogging, there are no problems mark when bringing Sea Pigeon --O'Neill few worries. when' ont- - - * 

at SedgefieJd. where there is a with a late rinr-br beat Beacon crasxfog^Gene"ral Patterns 

Tote Jackpot carry-forward of Light in the Otriey Hurdle at othere- m-» similar leVent, and ' 

--—-- Sandown on Saturday, has a :: with''hoth: Dolly Dickihs ; 

m a aiaiA number-of promising mounts Royal Budget : surprising . 

RAClNG * er ? and jf, ^ not inconceivable .absentees from Division. U Tua' 

BY DOMINIC WIGAN ce 'f bfa ^ n ", ^at task appears no morel difficult. ' 

BY DOMINIC WIGAN first centnrv bv the end nf th* Earlier, the Royal Palace geld-:.—" 


iog QueJuz- ought to .win -the- 



Mercedes for Safari 


SEDGEFIKLD 

-;. . .1.45^BrfI^ Lad* ? :.> ^ • H 

■ 2 . 15 -LQnafew*: f'i 

■ 2jiWuppeme Sa9'. .. : 

- Me^-Slapc. Lady '' - -: ^ - ■' 

;Dub^,'":':^,; s v." 

MERCEDES Ls returning to through South Ajnerlca at ~fhe r ' ■ 4JS^Jasqii* * yy^V 


BY JOHN GRIFFITHS 


international motor sport with a end of tbe World Cup', soccer 
four-car team which is to con- contest in' B^cnos -Aires this- 


test the East African Safari Rally suramer - 


, , .„. The Mercedes move follows' a 

at the end of March, number • Qlj, 'simUaf decisions 

A senior Daimler-Benz official takeri - by‘,VBurop«n tnanu- 
flew back to Stuttgart from Facturere td...return , to motor 
Nairobi at the weekend ‘ after sport witb^ears^at least •visually : 
finalising details oF tbe entry resembiiqg L ; wbat : is ayailable;in 
with Mercedes’Kenyan importers, showrooms; 

D. T. Dobie, wbicb is officially 


entering the team, with support 
from MobiL 
This will be Mercedes’ first 
official ” entry in a world cham¬ 
pionship status rally since the 
company formally withdrew From 
motor sport in the early 1060s. 

There are no apparent plans 
to contest tbe world rally cham¬ 
pionship Itself, but the company 
Is also known to be seriously con¬ 
sidering entering a team of 
several cars in the 30.000- 
kiiometre World Cup Rally 


MARIE CURIE 


Her work li« on .in the cuict/ 
mining, wtlftr* v»4 reteareh. ft) the 
Mar>« Carte . Memorial Fountfanon. 
Pleaao support generous!? by dotterton.' 
In- Memorizrar gift '. or .bequest.- thf« 
unique orgaiflntkm now in )□ ?(hh 
roar ot tiuotthiuriarr wOrk 
124 SLOANE StBEET. LONDON. SWV 


camera talks 



Httardi- Spotting 
Health A Safety in.tht-Offiee'3 
Manual ffandfing Id MMrtryVJ 
Practi cal Labo ratocy -5?f ^ 

Safe dr‘ Sorry J-Z' 

Address- 

'• 

.. Y*;*:'* 1 :*“~r ff* • ••”• '**,**”, - ni 













d5 




iCii . -v 

•••' The 


m England 

SUTTON, Editor of Apollo 


■Tti Stic' ties 



the l$th century 
a touch of 
the painting of 


Teatro com unale G. Verdi 


La vedova scaltra 


by RONALD CRICHTON 


t. • fe 'L -■ ~~ iWJMU/ W M l U injj AUH^Br iaueUlUU. Jtll 

, “^r c /h aa Z? _a ttracted.Engliafc coIlectois.-was‘ ah intematio’nfkl ^artist it. 
•!L *C e tfwt. obtained -the way that^rthhy or Geronie 

'flftn w in^e 19 Uij*nSttry though 

^■ r : %d5ar ; fa7 for senje/gs; far -aslarge-scale 

***? ...-(njat ^ the . ^cttvity-; of ■jConaoVt^ecoratiooSi.itfife^axallel would 
'■.smim hgs hfiea daoimented aod'Jre *Hth Sert---- r r '•'■•-V • 

mat > 1 -- e-»• ^-- ^ ----- t- 


that the _ 

In,. 


ititHj? jlerri^.feyv: Pascoli. a ‘chctmicfer of the 

. „ , . .a..’Jtis :: v^ai\.^r liihh,-cUums' ; thist.'Qneen Anne 

\ but no 

jl.v j i^recent puhiicatiqu' o? 3/ G_ evidence Ls -atVhand .to support 
» ■■-- lioks s'\ booH^/oii;, Canaletto's- this statement - \SJtheQgh ILic-ci 
V. “9.‘ ®visioh; of the Ta D e dto :secUre':fi«il rommissi on 

r is'ate W..iG..-tCq nibble's standard to decorate ifte-'-dome of St 
-i:'.. ;iwork wi thts/Viua^er haTe once ■ PauTs-T-tlMr^Qb; weirtto Thorn- 
'■.•■■- f^Sain brought-.. the : Venetian bill—b!e. was Iimwtf -to under- 
d' . •-i ? a fnter- hefore .pubttc gaze; so take decorgttve'jWOTki. for the 

^ 'nouc r -fh«« «..| M -r- ^ TkV.r^T f AT Da«+i_ 


cross 


• . ..^ .—-- ._—— the- irase at r JBurilngtori.jHouse are 

^' ■‘lUantfc. " welf. kho^TiT bTrt'tJxey.Lare muti- 

*' Yet .if the relationship be- Iatea *'-' He aia» ! .painted The 


, ^.weeu Canaletto aad ' England ftethirreeiion. in Soyal -Hospital. 
. s a well-worked' Subject. „ the Chelsea,, wherei'it ihhy still be 
. -oie ol the -other ^— seen. 


.. . ... ... Venetian se £5' • • • 

.' l( , "-^Artists' Who', came' -to- this The- exhibition explains the 
.* ’--country.; has. v not been': ex- reason for - Rfcrt’s .populari ty in 
,j '' frfored so thoroughly, largely, the lfith century/. 

'■Taj* r tAAn ,. MA aL.__ * __ -_» “ • « *r 




.. _.*daneasy 

«cause . they-- are - sot sa ch, nnaffected.way of Jointing. used 
potable - -pa&fers. The -work. of * language: that :Was-^ not too 
• r-itn: ' ,R »efaastfano *nd Marco Hied and‘^ ola fo Bar y atari, and could 
.^eUegrini is known to the tbni'nut just the sbrt# religious 
but not perhaps so 07 mytbologJpal pubject picture 
- Vt nuch to; tfa e; general 1 publie. . pleased' ■■fusr-pa&ons. He 

•'■•• »l v ;fowever, : tIie : position of the P^wded pleasant -, background 
'■bci'-yenetiihs' th^ England during the sn ? s *?*- : . 

- • ^ariy part of the eighteenth^ 1 ' .** ^.sonJeOmes^^iiggested^^ that 
: ':-r-. entury - is of fundamental im- Sebastoano,. Klcci was:. r a master 
*' loirtance Tor the history of V 1 ® «ococo.. Th«i^^nition of 
“.(•r,.. ,, Snglish art and taste, as C F ® uc ?. tcnps^'. is aWays- a tricky 
r: . LTiell was one. of the first .tJ' bBSW ^ attemptsi to^ do 

V i^ PPreciate. eTCh, before 

"irst World ‘VVar 1 “'' Of Kiea,-it sbouM- periiaps be 

-- CoInaghiV are lo be conemtu- ® 3 * 1 tb ?J^ e ^ as ,^'t°r w ^ h 

^^ited. therefore, fdr ijreienhnJ ■* oner modern trend:of. hte day. in 
man hu^ eSovSle tfow o? M/ar as he.usM B^it.■ colours 

forks by Sebastiabo Ricei (1663- Sf -fiJiLt^JaJSS^rootS 

Li T^LttL£f^S 5 - ' Wt ^ rom “:° t h “ P**"'- 

•feglon did 
>cture and 




After the operatic riches ofthe lighter Puccini. Verdi's two sopranos Wolf-Ferrarl writes As Milford and Don Alvaro Uwo 
Milan, a change was indicated. Falstaff marked him deeply. So, music as grateful and almost as basses), Enrico Fissore and 

Trieste provided exactly what surely, did Die Meislersinger, taxing as Strauss writing for his Alfredo Marion* hnih rrifehu* 

was needed: unfamiliar town and though the scale on which he favourite voice. The two lines -v 

theatre, an unfamiliar opera, worked was infinitely smaller, are constantly overlapping and s,Dsers ' sn °uia naie cnanged 
mainly unfamiliar singers. To One senses, too, a wary eye on interweaving. The two tiny P lai -® s » th o Spaniard appearing 
the English a border town like Strauss, whose RoxenhacaZier, duets in the last act show a brii- ® ce Y phlegmatic, the 

Trieste with a varied history has .-lriodne and (subsequently) bant gift for making lyrical Englishman haughty and 

a peculiar fascination. Apart Capriccio declare the same affec- points speedily. Rosaura has a quarrelsome. As the vic- 
from bilingual signposts and an tion for the age of rococo with waltz song in the first act which *? ri .°. u s Italian (the tenor lead), 
occasional Slavic face in the a totally different approach, thereafter flits jo and out of the G' ull ano Ciannella was the 
streets, a short stay offers small V'olf-Ferrari being as expert at texture, a- waltz just as ^ easL even of the four as 
evidence that Yugoslavia is only contracting as Strauss was at ex- anachronistic as the ones in a sin ser but in his act 2 aria 

miles away. But in the centre pan ding. Rosenkavalier but not so much {admirable example of Wo!f- 

of Trieste, signs of past Austrian The libretto by Mario Ghisal- Viennese as Chopinesque. There Ferrari 's subtle use harmonic 
domination are everywhere in berti is an adaptation of are ensembles light as air. and c0j0ur> - he rose to real 
the solid, rather pompous Goldoni's comedy of the same dextrous choral finales. The e,ot l ueiI ce. I liked the gruff, 
grandeur of official and comwer- name. The bones of the plot can orchestra though one would bark - v - unsentimental Harlequin 
dal buildings. Off the mam be quickly told. The “crafty hardly realise it from the light- of Mario Basiola— the son, I 
squares the streets of this widow" of the title is Rosaura, ness ' 0 f touch is fairly large understand, of the baritone nf 
quarter, with their tall houses young, wealthy, beautiful and wjth Triple woodwind. ’ tiial naiue remembered from 

and geometrical planning, are Venetian. She is being courted i, Tripstn rhp ooera was in- P re_war seasons at Covent 
an improbable mixture of Salz- simultaneously by an English terestingly cast Of the two Garden - 

burg and Lisbon. I went armed milord, a French monsieur, a excel lent ^oranos Elena Ziiio N o conductor who obiains 

,.nth Yi«a 1., S nenf 111_Ul_ d _;_J _CXLCIIflll SOpraHOb. £.1^04 



The opera bouse, now named man clear, but postpones the some years ago. She has 


after Verdi in honour of two final decision until she has developed into an artist who acts moderate or slow music was 

premieres— ll mrsara < 15*151 and tested ail four by disguising her^ V ith her eves her hands_and °ft en nerveless or spongy in a 

Stfffelio i i$5Q i —was built as the self in turn as an English, her voice. The tone in the middle score that demands to be kept 

Tat Tearro Nuovo. during the French, Spanish and Italian register has taken on a smoky, unobtrusively on the move. 

Napoleonic wars. It is a large, visitor to Venice, each proclaim- burnished quality like an Italian Unobtrusive was precisely the 
corafortablc-looking building ing unrequited love for the Deraesch. Italian audiences word f° r Vera Maria Bertinelli's 
with a humped roof, occupying appropriate suitor. They all fall being what they are. Miss Zilio's efficient production. Scenery 
one of the best sites on the sea- for the trick except the Italian, ravishing soft singing of add costumes, borrowed from 
front—however, no doubt in view who firmly protests his devotion Rosaura's caraona at the spinet the Fenice, were by Giulio 

of the fierce winds that lash tb'e to the real Rosaura. The in act 2 (a companion-piece to Coltelacei. The outdoor sets 

city the entrance turns its back intrigues are sped on their way the sonnet in Capricciof, was not were so good that the dullness 
on the quayIt is purely Italian: by Rosaura's French maid given a single clap. Fiorella of the interiors ial] dead cream ) 
the facade was Maned by the Marionette and by Arlecchino. Pediconi. sure, sweet and strong came as a surprise. Though it 
architect of the Fenice in Venice servant at the inn where the at the top. sang Marionette. Both needs professional performance 
and finished by a pupil of Pier- suitors arc lodging. voices winged out confidently (I mention that because in 

marini who designed the front It is bard to see why La into the big theatre. England only student companies 

of La Scala. Auditorium and redoes scaltra. in spite of the Of the suitors, the brightest effectively remembered Wolf- 
public rooms are spacious. There charm and mastery of the was the tenor Max-Reue Cosotti Ferrari’s centenary two years 
is a museum with Verdian relics writing, turns up so infrequently. (Fenton in the Glyndebourne ago). La redoca deserves pro- 
and interesting evidence that There is a lot to sing. For his FalslaJ) as Monsieur Le Bleau duclion in this counirv. 
Toscanini, in this ' ivy, conducted 
a work by Elgar tthe lntrodur- 
tion and Allegro». as early as WaTGIlOIISG 
]906. Trieste is nothing if not 
commercial, yet the ample pro¬ 
vision for the opera makes non¬ 
sense or the usual exi-use* for 
the cramped spaces occupied hy¬ 
oid theatres in Britain. L et j s suppose we have a blows on the head at probably there was no act or omission 

Wolf-Ferrari, Venetian-born prisoner named Smith, who has the lime he was under deten- by anyone to cause Biko's dealh 
son or j German father and been arrested on a technicality, tion. in these circumstances 

Italian mother, who spent much He is held in prison overnight. or course the name isn’t Th* u"..„ 

of his life land saw a number of looked after for bis own safely. Smith, it’s Steve Biko. The tHlin«lv P dram?t£2H k Ln !! 
his operas first produced) in in case he should commit suicide, doctors who admit their F„ n t«n\nS t™ nufr 
Munich, but who returned to by a Lieutenant and two War- “errors” when confronted K ” - - Jcn bui.din„ 

Venice to die. is with his mixed rent Officers of the Security the findings at the 


1UL 

| A Miserable and Lonely Death 


S. & M. Ricci: An Allegorical Composition 


vemce to me, is witn ms mixeu rent Officers of the security tne findings at the p.m. are Th»S2 , TV h ?n , ??i!I 

blood a suitable composer to hear Branch. Also for his own safety. Biko’s own doctor and the chief per i™ , n ', 

m Triesip. Hie inpir.rtir.nc „r clothes are taken away district surgeon; the senior “rehearsed P a lv '“ 

_ he is manacled hand and officer who insists tha* u 

has seldom appealed widely lo foot 


reading 


which 


| - , LC, conn f™,™ -T.„ - -.ouwiwiyiu wiih/ ui w yimc uj 

■ v -tlied in the eatalogiie-: - air of faaLa!iy Invest* the the dog 

v. The show is ^troduced ' hv composition Is enchanting, and from Ch 


in EHottn and Endjmiion J 


in Trieste. His melodious, all his clothes are taken away district surgeon; the 
transparent, economical music and he is manacled hand and officer who insists that the v, r sn OS mir 
v -.,. ^ - Despite all these pre- patient was only shamming to Sffiere of the SS mire 

the general public. To some cautions, the morning finds him avoid interrogation is Colonel LL. ,h, n t h 0 _'f 

extent he is a musicians' com- with serious brain damase and Goosen of the South African “SJL®jJJ 


show; Is introduced hy a^c^^^^ccL^^hn^^was’ com P os,lion 15 enchanting, and rrom Chiswick House: the figures! Problematical 
Danipic tvhnkiha"«rfhnf__ _ one may* regret that Scbustiano , rp r-ith^r rtn thp hlnu;<t- ciidp _ Cmatly3 


' -r ^ ,r«ponsible. for the:, landscape. not oaSmore woSrof ihte ai T, ra ? 1 < L r the b,ows v ? d ?V endear him 10 Progressives. His to say that there 

- ^* 5 ° .hooks the «x^t;^e .is gjiid is-now in theBarberlnsti- ^ 00 °° It^s t ^*Mrt°off S nict l |ire 5? cn b - a ? a su ^ esii/ul l,re > devotion 10 Goldoni comedies and 

inlrilv resnnnsihlB'-for fh** nntpc -w. -*r* lypc. IS ule. SOrl Ox piClU.re pnrimiJ with manv honrmr^ and 


it he is a musicians’ com- with serious brain damage and Goosen of the South African n 0rT g V nu id Thoi- h- 
. yet his outwardly un- bruising on the body. Security Department f**we don’t iX-i™ tn , trnnwHt nf 

cmatical style does not His doctor signs a certificate work under statutes”!, the ... ith ul , {. 0 ? r}n , 

IT him fn nrn*rrACQiirPC Wic tA Ihurn ia wr.rVii n rv liptifAnont u:hr. nnorrlo^ »*ILO dll I IS Sfl * 11 


of the in¬ 
humour 


honours and 1 to ISth century Venice suggest an 

in the Pro- j elegant paslicheur. but be is more saw. ah me same, u imgm oe mein, won ocneves max wearing as - au i|; n « Tpa .,, 

,‘tih windows j cons iderabie and more complex a good thing to take Smith to leg-irons “is like when a person J“ en ad{ j ed 

' jM 7 fc ’v * fc auu-jusciuiu iMjiwvfwtuvs tn „| 110 i 0V .. rt.r.nnti vm utmn'g c-’"',- . F,azza . .“Uii than that. hospital, for be can’t talk pro- is wearing sunglasses." T „ , .. 

- nd ,J?A wiien ^ r eft Eoghu^d had heenactRrentt&wland since J £™ e >e LibSfe “™- The Englishman viMtmg u, vedoca svallra n931 , re . per jy and he refuses.to eat or The inquest is a farrago oF I"" McKellen reads the part 

. - . ;1*16 h^ was laden .with: “m th^RevoIntton of. lflfig, *’ ®“£“£*215 ?n Si Venu '° shDU,d wave a salute t0 veals hiui much more as a late drink; so he is put into the back falsehoods and evasion, and Mr. of Kentridge. Palrick Stewart 

uc | 1 money that he had to pay & The ories iws poiamissioned yw r £ d W rccS 1 b:,des H 0f thii> to,enle S example of the I9ih-centurv s of a truck, still naked, and Kentridge. appearing for Biko's Colonel \igei Hawthorne 

^®£ al tax to .export it.T ...< : : from va^ous .artists-; hr an Irish ^M e0 e^ ord inwhichlh^do- V , enetian , who save D,ucb absorption in the ISth. as s-rong driven from, as it were. Croydon widow and mother, draw these ^ coroner. There is no miper- 

,. w The sketch of RlccFs career impr^ano.caired Owon McSwmy, p 0l ^of-^ Drd - ia whl ^ d °“ pleasure to our ancestors and]^ Ql [ r prosent fascination with to Ivemess during the night At out clearly into the light. He sanation: but the personalities 

: : ,~::,rlngs out that-be/was one ofttho v^'down on KJs tobk and vividly handled. Here and whose paintings are being; £ e ' Y 9 \ h pi tS! aflSitS £e with Invents helT inconsiderate calls for a verdict of criminal come through the dialogue with 

- -lose itinerant jutists who wfere hid taken^ refuge tram- his there in his paintings. Rxccx may exhibited for a cause that would c0m p 0sers W 'ho descend from enough to die for this involves assault against the Security men. dreadful clarity. The reading is 
r . :i *Ple to- do.weti. at a ttinff when creditors wifli Consul .Smith in be seen as a precursor of G. B. have won his approval. J Mozart more than Beethoven — an inquest: and at the inquest - Mr - Pnns. the coroner, is like to be given again next Sunday. 




IMF 



with Mendelssohn, with the the reports of the post mortem the doctors: he believes that a duty f° r right- 

Gounod of Le Medecin malgre indicate that Smith has probably politics is more pressing than mu3uea men t0 3<>- 

lui. with the lighter Bizet and received at least three severe truth. His verdict maintains that B. A. YOUNG 


by DOMINIC GILL 


‘ ' ■-.Peter Maxwell Davies’s new orchestra with four percussion, 
• "•i wmphony, given ; its' [first per- lasting nearly one hour. 

- -'-irmahce last Thursday by the- : Tt - phnslkeraWe niece_in 

■ hiJharmoqla OnyS gi. 4iato ^^.S^SSSSS^S *£■ 

-^non Rattle, js composers p i^ty of yrorking. It makes as 

ost .ambitious, .and -hy fw.hiK ^^ 5 ^ 0 , 31 ^ 0 ,. riomanHa on its 


sals. But is it here that Davies 
—albeit with great elegance aDd 
characteristic mastery—falls be¬ 
tween two stopls? ..His new 
symphony is not a Mahler Three 



or a Sibelius Five: he would not 


or<&estral"work 11 came to fruit 


accessible./It makes simple and 


i the first draft of thc^presenr 
movement. 


recos 


isable propositions, and 
. . . __ speaks a -not'‘unfamiliar lan- 

..mphony’s , .. The forging of new or 

--fovisibnally.; entitled -., Bla^- provocative- links between the 
j, { - entecost. But the pi^ce semnea and .the present is no part 
. complete, and Davies-withdrew.^; fte design: the music speaks 
. • the -mvsie as- he says,. jegg-Qf division' and conflict than 

thudding a putting out wxoot?, of hannbny and acceptance. o£ 
■j .Td although I had firmly drawn consolation rather than adven- 
final double bar- une , it .was j ure Given tiie initial choice of 
.. .xschlng out across- this, sug- traditional instruments to arti- 
'• Vdstins transforfliations oeyoMessentially traditional 
/'I *e confines of a single- move--; fn r ^ q and Timbres in traditional 
• “' .ent.’ • • j; . ways, it.was not merely unavoid- 

• The budding .-process-'con-' able, but ’entirely apt. that 
' ’..nued, signalling at each.;ne«( Davies should (as he says) bok 


'/•age an entirely new framework'ster my' own orchestral compos! 

• \ r, lack - Pcttteco#* gave btxtb*'.-to. tion by analysing various 

’ : '- iotier movement.- "whirii '.was^^yorphDnies/and large orchestra 
; ien absorbedi eompressed.-ba<* works-fn some depth: and apply 
-* ' ..ito itseHi ^e fixrtT^rd.'bf .liHd ^ia^buffSymphonic solutions and 
' Movement-sprouted a. new/^spaxr devices-”. < For all its force, its 


/ f music, which Became the first. xhanjr moments of real beauty 
‘'viovementi an'adagio'slow.move- and'Its-incidental forays into 
• ,eot was added: and last,: a,new.territory, it neither charts, 

■' resto finale, whi<ai. i niirrofed: the’-nor clearly intends to chart, new 
xst movementL ip:v its': tonal Aground. - 

. .-"• -uplications, ftn^-confitined;. by jjo • one can pretend to 
s manner and ITeatme nt. of «jydge ” a new orchestral work 

Firet Symphony in 'four, nmvfe/ aooe^-or. even on one perform-, 
tents, scored finedipni-.sjzea; arice and one-and-a-hal f renear-. 


claim as much, and no one could 
claim . the expectation. But 
neither is it, on its own terms, 
a whole and new-breathing crea¬ 
tion of the kind whicji instantly 
hits its mark—like that much 
earlier Davies orchestral work, 
the Second Fantasia on John 
Taverner’s In Nomine of 1964. 
still to-day. I believe, a fresh 
and vigorous masterpiece, 
marked in every aspect with 
wonderful' clarity, drawn with 
extraordinary tension and 
energy. Beside the Fantasia. I 
found the symphony no more 
than, a preparatory study, rich in 
fascinating textural detail, but 
as yet essentially unproved, loose 
in dramatic thread. 

Perhaps there was too much 
at.once for us all to lake in: 
perhaps '• the connections will 
come later. Certainly, what 
Davies has always done well, he 
does in the symphony with 
marvellous Huency and assur¬ 
ance: the sudden, brilliant points 
of light marking the way to a 
tough,, hard correspondence of 
trajectories; above alL the 
instant, intimate evocation, most 
often of something prepared for 
hut until now only half-perceived 
■=—& breathtaking Orkney sea¬ 
scape without limit or distance; 


a skyscape of the purest, darkest 
blue, shot with numberless stars, 
The adagio slow movement 
found specially rewarding—a 
magical distillation of Davies 
evocations held firm in 
powerfully cogent frame: restless 
tremolandi like rainfall, divided 
by a solo violin reaching up with 
a song of almost Straussian 
sweetness; a succession of 
instrumental knots tied ever 
more tightly, a braying of 
urgent sforzandi. every note a 
surge, gathering together in 
intensity, released in a sudden 
reverse-climax, a dark retrospec 
five, very beautiful. And much 
elsewhere, too. among the 
familiar methods of quotation, 
fragmentation and iransforma 
tion—not least in the germ of 
the symphony, the original 
second movement Icnto-to- 
scherzo, alive with delicate 
traceries, swirls of strings and 
wind, complex instrumental 
interlocking; and in the finale 
the last knot proudly tied in a 
broad parallel with the finale of 
Sibelius's Fifth, a triumphant 
passacaglia dismissed by 
sequence of stabbing sForzando 
chords. In the coming months 
we should hear a broadcast of 
the symphony, and with luck a 
performance at the Proms, 
look forward to these with the 
greatest interest and—at the 
prospect, always in view, of 
changing my mind entirely— 
with more than a little excite¬ 
ment. 


Ling’s Head 


>y: 


i- 


by MICHAEL COVENEY 


•• l‘-' 1 


• / A1 tbough the programme!does- fades, exhausted, on the single 
( : -at come clean fiy. admitting .that. bei 


Festival Hall/Radio 3 


The Solti series 


by RONALD CRICHTON 


; lies . from • -pff-pff Broadway ^ Ci y met ^ evening show, the f 
W165, Paul Jrerrfchb’ 5 . lunchtime piece is denied its- period, value I 
'-/oduction is a.painful .reminder by,, both production and actinq.j 
t ,jf s a vanished; wbrid.-^Uke-mosT- Jennie Anderson mistakenly..fn-'' 
V ! l riters of that tr4>Mel>fl had corporates Southern wistfulness 

[/■ >b bed around New York-and hte i -gth bw performance of the 
..- , outh piece FrankiR;‘is ':aa iHi:- 5 UakeuAip Bronx girl, wHIe 
.,rr * jccessful poet.working by nights Mjchaea- /: Dickinson misses; 
l/-! ,5 a cashier hi a-cafe. TBw-he;Frankie’s beatnik cashalness- by, 
, f eets tiie Si^ily-^raug : y^nia-'a'UiUe/ The main disaster, how- 
/larrow who' chatters ^jn .aboutVever, is Ifiss Anderson's inability 
!r>.fflbifier'AUd; feitither in^tbb ^ -...suggest, that Velma's 
iojiy ^before : : tfcrdwii^ ;her^^ 'edginess derives from 

• her.-hew workmate/;' -'/' /'/tramnit- rather 'than character 
rHre.play is completely^bound deficiency. The result is a hollow 
VZthe; time in'^w^Seh *it was-; exercise -oF • genuflection to an 
rfttmu. Velma works by .day as'oul-of-date -fringe tradition, 
ii 'U^erette. in : Greenwliai^yil-' 

WfSuiS. remembers 1 ' vl ' 

aBhnan when employed.***:a. ; I*3ofS TnOmpSOH S 
ii-eheck gJri:. when .Jtosgftb " ' T ' , *■' 

lo^.ltetsa sfilectkto; pf-fttoTHak •/. Lark. Rise lOT . . 

i' :: liigehndu^y; ^iskk if';he> is/a. r " : .: ' . ' . 

jrtfjObuk Stois : .. COttesloe 

;™e.ay ^in;stage vers'on by KMb> 



. Solti's appearance with the 
London Philharmonic on Sunday 
was his first since the announce¬ 
ment that he is to succeed 
Haitink as principal conductor 
m 1979 — he has, of course, long 
been associated with the 
orchestra- -Not for the first tiinr, 
one has to observe that Sir 
Georg's programmes are not 
the summit oF adventurousness, 
but 'a number of brilliant, high- 
powered performances may be 
taken for granted and one at 
least was forthcoming on Sunday 
iu-this English concert, coupling 
the ' Fourth Symphony of 
Vaughan Williams with Holst’s 
The Planets. 

~ This is said to have been Solti’s 
first encounter with the Fourth, 
the.most uncompromising of the 
composer's nine, and one that 
often - attracts major conductors 
apt-of'English extraction..Solti's 
reading, of the. first movement 
especially, was lower in voltage 


id seedy night life. Msniaejflr * .swsf -- - - 

n S^etyMl^Uage.eb^ is } 0 l j2? pr^ented at|than one .expected from bun- 

j ___I--- A.~ ♦!«*. - Vatlnnal Theatres small I in4 t P9r | nf In vino rhn mirfipnce 


^5jwning his,sbriws'm^ady-the.;JJtional_ Si; ix'wtu 
, s : botties of iced;MartinirA ^ I ^ii“ 1 ^^ b 5 The 

r ^V'fiuction seem is.', detailed ./as open 

1, r^ehna pulls-'a: knife-smeared' »n-play,m from flora Thompson s 
*r . n»thor^ . .Wooi-^rankie tol^yYPuhhshsti aS Lamlti&ew. 


nr - iiivUMii j.. '-j . 

cites, fier a .Valentine as jshe CandlefortL 


instead of laying the audience 
[Hat-with, the opening discords he 
seemed . more concerned with 
preparing the ground. fur the 
symphonic argument that is 


carried right through to the 
epilogue, and in addition the 
opening pages weren’t absolutely 
spick and span in ensemble. Bui 
the slow movement gamed 
strength from the comparative 
reticence of what went before, 
and the macabre marches and 
crunching counterpoint of the 
finale had plenty of muscle. 

As it turned out, hearing The 
Planets after the symphoay was 
interesting not only for the 
chance to compare Holst’s more 
accurate and refined oar for 
orchestral timbre (immediately 
detectable in “Mars”) but for 
the influence his score was still 
having on Vaughan Williams in 
the thirties—look for example at 
the //// phrase Dn page 29 of 
“Mars"’. Conductor and 
orchestra produced vivid sound 
in ibis and many other pages of 
the work, vivid enough almost 
to reconcile one to a complete 
performance (three or four 
numbers Judiciously selected for 
contrast can make a stronger 
effect). The ladies of the LP 
Choir were heard m “Neptune," 
placed in a ride passage too near 
the platform—this kind of effect 
rarely works in this haiL 


ENTERTAINMENT* 

GUIDE 


C.C —Those theatre* accept certain credit 
card* Or telephone or at the bon oti.ee. 


THEATRES 


COMEDY. 01-930 257B. 

OPENING TUESDAY FED 21 
MOIRA LISTER. TONY BRITTON 
MARGARET COURTENAY 
CERMOT WALSH .n 
MURDER AMONG FRIENDS 
A NEW COMEDY THRILLER 


OPERA & BALLET 


COLISEUM Credit cards 01-240 525S- 
Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA 
TONIGHT AT 7.00 CARMEN 
also Thur* and Sat at 7.00 
Tomor 7.00 Duke Bluebeard's Casile- 
Gianni Sch.cchi new prodn. Fr[ 7.30 
Iasi perl of RlpcHcrto. 104 balcony seats 
always available day of performance. 


CRITERION. 


CC- 


01-933 Ml 6. 


THEATRES 


MERMAID. 249 7656. Refit. 248 283S. 
Man.-Sat. B.1S. Mat. Wed. and Sat. 5-30 
DAVY JONES. MICKY DOLENZ 
In HARRY NILLSONS'S 
THE POINT 

_ -A WINNER." D. Mirror. 

Stall tickets E1.25-E3.50. Combined 
_ dinner-theatre ticket £5.95. 

RUN EXTENDED to FEB. 25th. 


Evenings B. Sat*. 5.30. B.30. Thurs. 3.00. 1 natihmii 

LESLIE PHILLIPS I m n.„ A 7 RE 


_ _ 92S 2252 

-Impeccable .V.\ matter .-'Sun. Times, j gj’o'“SjfTS T< TI&'“ShBSv 

ORCHARD by Chekhov trans by Michael 


... SEXTET 
"HILARIOUSLY FUNNY." N. ol World. 


DRURY LANE. 01 -836 B10e. Every I 
niaht 8.00 sharp. Matinee Wed. and I 
Sat. 3.00. 1 

A CHORUS LINE l 

-VOTED BEST MU5ICAL OF 1976." 


Frayn. 

LYTTELTON iprastenlum stager: Todav 
10.30am and 2om SIR GAWAIN AND 
THE GREEN KNIGHT TonT and Tomer 
7.45 BEDROOM FARCE by Alan Avtk- 
bourn. 

COTTESLOE ismalt auditorium): Ton't 8 
last. Pert ol HALF-LIFE by Julian Mit¬ 
chell. Sat B (ere*) Love Letter* on Blue 
Paper. 


COYENT GARDEN CC 240 1066 j DUCHESS. 836 8243. Mon. to Thurs. 
iGardencharec credit cards 936 6 9 03) Evgs. 8.00. Fri.. Sac 6.15 and 9.00. 

Tfif ROYAL OPERA . ! — OH! CALCUTTA! 

Mn . 7 *«_— AriArine “ The NuR'W is stunning." Daily Tel. i Many excellent Cheap seats all 3 rbealres 
Tonight Fn and Mon 7.30pm Anadne, 8t|1 s e nsat ional YEAR. t Perl. Car Dark. Restaurant 928 

auf Naxos. -2033. Credit card bkps 928 3052 

THE ROYAL BALLET DUKE OF YORK'S. 01-836 5122. vlc 

Tomor 7.30pm The Dream. Monotones.: Evgs. B.OQ. Mat- Wed. 3.00. ‘"■h 

The Four Seasons. Tnurs 7.30pm La. QUENTIN CRISP 

Bayadere. A Month In the Country. Elite Tickets £2.50 inc. glass of wine. 

Syncopations. Sat. 2pm and 7 30am La | “Thu is without doubt the most estra- 
Fllle mal gardee. .65 Arr.onr scats for. ordinary entertainment in London.'* 


all peris on sale (rent 10am on dir OK Evening News, 
perl.__ j Limited Season ends 2Stti Feb. 


SADLER'S WELLS THEATRE. Rosebery FORTUNE. B36 2239 Evas fl Tburs t 
Avenue £C1 IB37 1972 ) Lett 2 week*. J s? I ! u " D t o “f B .00.' 

Muriel Pavlow as MISS MARPLE5 :n 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 


D'OYLY CARTE OPERA 
in Gilbert and Sullivan. Eis 7.30. Mat j 
Wed and Sat 2.30. Tonlgnt and tomor¬ 
row.' HMS PINAFORE. Thuro. to Feb. IS: 
THE GONDOLIERS. 


928 7616. 

PROSPECT AT THE OLD VIC 
1 Soring season Jan 16-Marcn 25 
tn red". HAMLET returns Feb 13 
1 ALL FOR LOVE returns March 6 

ANTONY and CLEOPATRA ooens 
Fen 21 

SAINT JOAN tonight. Wednesday. Thurs. 
I Friday 7.30 Saturday 2.30 and 7.30. 
i Sunday Fco 12 at 7.30 _ 
j THE MONSTROUS REGIMENT 

w.th Judi Dench. Michael Williams._ 


THEATRES 

TALK OF THE TOWN. CC 734 S051. 
8.00 Dining Dancing. 9.30 Suoei Revue 


RAZZLE DAZZLE 
and at )i p.m. 
VINCE HILL 


THEATRE UPSTAIRS. 730 2554. 

Previews From Thurs. at 7.30 p.m. 

_ IN THE BLOOD 
__by Lenka J.miurck. 


VAUDEVILLE. B36 9988. Evgs. at B. 
Mats. Tucs. 2.45. Sals. 5 and 8. 

Dinah Sheridan. Dulcic Gray. 
Eleanor Summcrheld. Janies Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
by AGATHA CHRISTIE 
Re-enter Agatha with another who. 
rfc ,nl, i*r h U'Agatha Christie is rtalkino 
L"? 1 v« again with another of 
ner fiendishly ingenious murder mys- 
tencs. Felix: Barker. E». News. 


V o^fi H c°L U ?!: Donmar Theatte. 836 680B. 
Royal Shakespeare Company Ton';. B.00 
EdwardBOHd^THE BUNDLE iSold ouli. 
Adv. Bl-gs. Aldwvch. 


WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH PANTOMIME 
HUMPTY DUMPTY 

Sheer sparklin B spetiatie." D. Tel. 
Mon. to Fn. 7.4S. Mats Wed.. Thurs. 
«.3- Sa ™-,4» 2 03 5.03 and 8 00. 

ChilOren and Senior Cits, haif.nri:? e.cept 
,,A ntl c 5 ' Pav *< doers. Enuuir.es 


THEATRES 


ADELPHI THEATRE. CC. 01-836 7611. 
Evgs. 7.30. Mats. Thurs. 3.0. Sars 4.0. 
- LONDON'S BEST NIGHT OUT. 

THE MU51CAL MUSICAL 
IRENE 

5PECTACLE CAPTIVATING TUNES" 
and RACY COMEDY." S. People. 
IRENE 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 7611. 


Third Groat Year. 


OPEN SPACE. 387 6969 Tucs.-Sun. B.O. 
A DAY FOREVER by Michael Share. 


GARRICK THEATRE. 0)-836 460). I PALACE. 01-437 6834. 

Ers - *:9- Wcd.Jrfat. 5.0. Sat. S.15. 8.30.: Mon-Thurs. 8.00. Fri.. Sat. 6.00 & 8.40. 
.. JESUS CHRIST SUPERSTAR 


JILL MARTIN. JULIA SUTTON. 
ERIC FLYNN pnd ROBIN RAY 


902 1 2 5 4. Sp acious car pari 
WESTM1N5TGR 


In the 

"BRILLIANT MUSICAL 
ENTERTAINMENT." People 
SIDE BY SIDE BY SONDHEIM 

_"CO TWICE" Morley. Pencil. 

"GO THREE TIMES. S. Barnes NYT. 


HOENIX. 01-836 8611. 

Opening March i 
FRANK FINLAY in 
• The Leslie Bricusi* Musical 
KINGS AND CLOWNS 
Directed bv Mel Shaoiro. 

Reduced price previews from Feb. 17. 


ALBERY. 836 3378. Credit card bkngs. 
836 1071 (except Sat.I Mon.-Frl. 7.45. 
ThuiS. mats. 4.30. Sits. 4.30 and 8. 
A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOU5 MUSICAL. Fin. Times. 

OLIVER ] 

" ROY HUDD's splendid performance.'' ■ 
5. Tel. "Talented JOAN TURNER." Dly. • 
Mail. "Capital Fun . , . the show ■* a : 
delight." D. Tel. "OLIVER RETURNS 
TRIUMPHANTLY . . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN." Daily Mirror. 

NOW BOOKING THROUGH 1978. 


E’ CC. 01-43, 1592. Evenings 8.15 ■ ^„„... „ .... r ~.. .... .... 

Sats 6 : 0 .and, 8.40. Mat. Wed TO. j 

Sat. 4.45 4 8.15. 


AMANDA BARRIE. JOHN QUENTIN 
tn tne SECOND YEAR ol 
DONKEY'S YEARS 
by MICHAEL FRAYN 
The Best Comedy of the Year. 

Last 2 weeks. Ends Feb. 18. 


ALDWYCH. 836 6404. Info. 836 S332. 

ROYAL SHAKESPEARE COMPANY 
in repertoire 

7anight 7.30. tomor. 2 00 & 7.30 
Jonson s THE ALCHEMIST. " Master¬ 
piece ol rampant knavery " D. Telegraph. 
With' A MIDSUMMER NIGHT'S DREAM 
iThurs.. Frl.i. Congreve's THE WAY OF 
THE WORLD 'Sal. m. & C.). RSC also 
at THE WAREHOUSE isee under W) 
and at Piccadilly and Savoy Theatres. 


GLOBE. 01-43? 1 592. Opens Feb. 22 at 7 
BARRY FOSTER. CLIVE FRANCIS. 

DONALD GEE JEREMY IRONS and 1 PRINCE OF WALES. 
SIMON WARD in 
THE REAR COLUMN 
A New Play bv SIMON GRAY. 

Directed by HAROLD PINTER. 


BEST COMEDY OF THE YEAR 
Ev. Std. Award and SWET Award 
Roval Shakespeare Company in 
PRIVATES ON PARADE 
by Peter Nichols. 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 


.,,, , THEATRE CC 01-834 

0283. Evgs. 8 00 Mai. Tnurs. 3.0 SaL 
S and B 

Tickets LI.50 to L4.00. 

PAUL JONES i.» 

DRAKE'S DREAM 

England s Greatsi Mirsic.il Adventure. 

Exciting." Ftn. Times. " Manv Merry 
Retrains." E. News. ■ Bouncing Vigour." 
E. Standard 


WHITEHALL. 01-930 6692-7765 Open 
Mon. Feb 13. Evgs. 8 21. Sat. 6 45 and 
9.0. The Sensational Se* Revue of the 
Century 

DEEP THROAT 

Now Live or Srage. Book Now. Limited 
Season. 12-week season ortor to World 
Tour. 


WINDMILL THEATRE. CC. 437 G312. 

Twice Nignti* at 3 00 and 10.00. 

□ PENS SUNDAYS 6.00 and B 00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

' Takes ta unprecedented limits wha! It 
permissible on our stages." Ev.t News 
You may drink and smoke in tne 
Auditorium. 


F*>E£NWICH THEATRE. 01-658 77SS. 
EvQS. 7.30. Mar. Sat. 2.30 THE IDEAL 
HUSBAND hy Oscar Wilde. "We applaud 
an entertaining evening." D. Tel. 


_ CC 01-930 8681. 

Monday Co Friday at 8 p.m. 

Sat. S.30 and 8.45. Mat. Thurs. 3.0.,-- 

THE STAGE IS AGLOW " WYNDHAVS. 836 302B. 

booking 836 1071 ;c, 

Thurs. 8. Fri ana Sa 


Daljy Tefograph. 


RICHARD BECKIN5ALE 


in 


I LOVE MY WIFE 

-NAUGHTY BUT NICE. WITH A LOT. 
J Or LAUGHS." Newt ol the World. 

! INSTANT CONFIRMED CREDIT CARD I 
HAYMARKET. 01-930 9832. Evga. 8.0. i _BOOKINGS ON 01-930 0846. j 


Credit Card 
Sat i. Mon. 
5.15 ar.d 8.30. 
" ENORMOUSLY RICH 
.. VER K.. FUNNr .'' Evening News 
Mary O Ma'lcv's smash-*,:. Comedy 
ONCE A CATHOLIC 


MaL Weds. 2.30. Sats 5.00 and 8.15. nuevw., Tunwr n, ,,rvic 

Times Of Sat. performances from Feb. 13 | Q S , Ji5 g D T SJ*?5t. _ 2,Vt 73 WaJ 

4.30 anrt 8.00 I F* 05 " B »ft_ s A.AilPece Wed ” 3-0 


YOUNG VtC mcar Old V«, Sit 6363. 

earNect 5 ™ E ,mpohtance Q* being 


AMBASSADORS. 01-836 1171. 

tvgs. 8.00. Mats. Tuec 3.00. Sats. 5.00. 
SIOBHAN McKENNA 
as Sarah Bernhardt in MEMOIR 
with NIALL BUGGY 
" Perfect. A song of triumph." E. News. 
. .w.-re student tickets El. 

LIMITED SEASON. LAST WEEKS. 


APOLLO. 01*437 2663. Evgs. 8.00. 
Mats. Thurs. 3.00. Sat. 5.00 and 8.00. 
DONALD SINOEN 
* 'Aaor ol. the Year. " E. Standard) 
"IS SUPERB." N ol W 
SHUT YOUR EYES AND 
THINK OF. ENGLAND 
“WICKEDLY FUNNY." Times. 


ARTS THEATRE. 01.836 2132. 

TOM STOPPARD'S 
, , DIRTY LINEN 

"Hilarious ... see It." Sunday Tlm«. 
Monday » Thursday 8.30 Friday and 
Saturday at 7J)0 and 9.is. 


AJ. 1 OBIA THEATRE. Charing Cross Road, 
o; -7S< 4291. Nearest Tube: Tottenham 
Cl- M. Moo^Thurs, 8.0 p.m. Fri. & Sat. 
6-00 and 8.4S. 

ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Tickets £1.50-65,50. Eat in our fully 
liccuMi Restaurant dr Outfit Bar lunch¬ 
time and before and after show.—baefe. 
able in advance. Combined Dinner and 
Wp.prKe ticket EB.50. 

ELYIS 

"mteetloui. appealing foot-stamping and 
tioart'OiumninB." Observer, 

ELVIS 

WK absolutely caught up In It. carried 
along by It. relnvigorated by the sheer 
verve and spectacle of it." sun. Tel. 
ELVIS 

“Staggeringly effective." Time*. 
ELVIS 

“Prrtormed with a verve rare ra British 
musicals. The show literally had the 
aisles, This 

Elvis Is marvel lout." s. Eipiess. 
ELVIS 

a “T MUSiCAL OF THE YEAR 

. evening standard award 

nr - omor* show anv available top-price 
^ tickets £2.50. 

Mon.-Tnart, and Fri. 6.0 pert, only. 


INGRID BERGMAN 
WENDY HILLER 
DEREK DORIS FRANCES 

GODFREY HARE CUKA 


in 


WATERS OF THE MOON 
"Ingrid Bergman makes the 


rad'taV^—unastaifable thar^sma.^D. SI "■/‘’jg* 1 ’ 

“Wendy Hiller Is superb." S. Mirror, r .y? an i'._ _ 1 - p¥ln - Sun day Tim es.-- 

HER MAJESTY'S. Cc"«.930 BEOS, j TVSF& Sk.VE£ £5 

Evgs. 3-00. Wed. and Sat. 34)0 and 8.00.1 PAUL RAY'imnNn nresents 


ALEC GUINNESS in 
THE OLD COUNTRY 
A New Play by ALAN BENNETT 
Directed bv CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR. 

Plays and Players London critics' award. 
“ One ol the most notable theatrical 


GLYN1S JOHNS 
LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATT1GANS 
CAUSE CELEBRE 

"RATTIGAN REVEALS HIS MASTERY" 
S.T. "PowertuJ drama." E.N. 
"GLYNIS JOHNS PlJV* brilliantly." D.T. 


PAUL RAYMOND presents 
THE FESTIVAL OF 

Fully AIR CONDITIONED You may 
drink and Smo ke In the aud itorium. 
ROYAL COURT. 


HER MAJESTY'S. CC. 01-950 6606. 

Opening March 20 
BRUCE FORSYTH 

Hi Leslie Bricusse and Anthony Ncwlcy'si mvaitv' 
TRAVELLING MUSIC SHOW - R °I* ,Tt 
with DEREK GRIFFITHS 
Directed bv BURT SHEVELOVE 
previews Iron) March 16. 


_ 730 1745. 

Evenings 8. Sat. 5 and 8.30. 

Worn ‘•"■h."' ol 
^ LAUGHTER! 

„ bv Peter Barnes. 

See also Theatre Upstairs._ 

01-405 8004. 
Mondav-Huirsdav Evenings S.QQ Friday 
5.30 and 8.45. Saturday 3.00 and 8.00. 


London critics mte 
BUBBLING BROWN SUGAR 
Best m meal Ol 1977 


WnKTISP-Mw y? I Te. bk M .-^dr'Ma^««.it cards. 


THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 


LONDON PALLADIUM. CC. 437 7573. 
LAST 3 WEEKS: ENDS FEB. 25. 
Evgs. 7,50. Mats. wed, and Sats. 2.45. 
TOMMY STEELE 
5ALLY ANN HOWES. 

AND ANTHONY VALENTINE In 
HANS ANDERSEN 

’■ DAZZLING SUCCE5S. RICH. COLOUR. 
FUL MUSICAL. REAL FAMILY ENTER- 
TAINMENT." E. News. 

Good scats available new at Theatre and 
Agents. (Also at Doors, except Sat.J. 

Credit Card booking 01-734 ski. 


5AVOY.CC. 01-836 8888 Evenings B.O. 
Mats. Thurs. 3.00 Sat. 5.00. 8.30, 
ROYAL SHAKESPEARE COMPANY 
RICHARD PfVOE. SUSAN HAMPSHIRE. 
JAMES C0S5INS in Bernard Shaw's 
MAN AND SUPERMAN- Directed bv 
CLIFFORD WILLIAMS. " I sat In a 
cWud of joy from beginning to end." 
S. Times. RSC also at Afowveh and 
Piccadilly Theatres. Credit Card booking* 
accepted. Uut week. Season ends 5aL 


SAVOY. 01-856 8868. 

Previews from ISth Feb at B OO o m. 

Sat. s oo a do. 

Opens 23rd Feb. T.O0 P I" . then nightly 

— mu« 7173 ! “ 5 "°- ““ 

F ROM MAY 23 TO A UG. 19 ._; LApy HARRY 

LYRIC THEATRE. 01 -437 3686. Evs. B.O.t PrevnhW art wS^MaB^S^Cl. Regular 
Sac. S.0 and 8^50. [ pric es C4-E1, C redi t bcoktna a ccepted. 

SHAW. ' _ ~01-388 1394. 

Mata. Tues.. Thurs.. Fri. 2.30. 
EVSS. 7JO (No Perl. Mon.]. 

AN INSPECTOR CALLS 
bv B. Priesilev. 


CAMBRIDGE. CC. 01-836 6056. Mon. to 
Thurs. 8.00. Fri . Sat. 5.45, 6,30. 

IPI TO MSI 

-PULSATING MUSICAL" Evg. News. 
THIRD GREAT YEAR 
_ seat prices 12,00 and £5.00. 
Dinner art tog-pnc« suet £3.25 ms. 


Mats. Thurs. 3.0. _ 

JOAN PLOWRIGHT 
COLIN BLAKELY 
art PATRICIA HAYES In 
FILUMENA 

by Edoardo de Fiitippo 

Directed by FRANCO ZEFFIRELLI , ..ui.ui 
"TOTAL TRIUMPH." Ev. News. "An! Highly E ntferLa. ninB," O. Tel. 

“.TREASURE;." D. Mir. “MAY | STRAND. 01-836 26607 


YOUNG VIC STUDIO. 
Dannie Abse's GONE 
Tomorrow at B. 


928 639 3 . 
IN JANUARY. 


CINEMAS 


ARC 1 s a. SHAFTE5BURY AVE. S3S 
8861. Sep. Peris. ALL SEATS BKBLE. 


lj THE CHOIRBOYS tXi. Shut Down lUJ. 
Wk. 8 Sun.: 1.15 j 30. 7.50. 


2: THE GAUNTLET 
2.00. 5.90. E CO 


iXi. Wk. 3 Sun.: 


CAMDEN PLAZA ono. Camden Town Tube 
4 *5 -443. Tavuw-s' PaDRS PADRONE 


iX). Grand Prhm Cannes *77. Mus: end 
15 Ffh. 4.05. 6.75. B.50. 


CLASSIC 1, 2. 3. 4, 0>ford S!. Odd. 
Tottenham Court Rd. Tube). 636 OSiO. 
Is LAST 2 DAYS' ONE ON ONE (A). 
PfBfls- 1-«. 3.S5. 6 0S. 8.15. Late Show 
10.45 P.m. 


2; THE HIDING PLACE >Ai. Sen. Per*. 
2iSR'..?.' a 9' 6'0D. Late Show 11 p.m. 
FELLINI SATYRICON <X). 


3: THE DUELLIST5 iAi. Progs. 1.20. 
5.05. 5.40, B.1S. Late Show 10.55 o.m. 


C. WIZARDS iA'i. Progs 1 00. 5.00. 5 00, 
7.00. 9.00. Late Shnw every night 11 n.m. 


CURZDN. ftiraon Sh-eet. W.l. 499 3737. 
PARDON MON AFFAIRE iX\ iEnghsh 
sub-tiiles.i "A sparkling New French 
Comedy. Dlrecied with hnesse bv Yve* 
Robert. Sundav Express. Preos. a: 2.00 
mot Sun.). 4.05. 6 15 and B.3D. 


L ?I C£S T£. R square theatre. 930 5252 

STAR WARS !U> Sen. progs. dl«. 2.00. 
S.I5. 8.35. Sea'j bkblc. tor 5.1 S and 
B.jS progs. Wks. and all progs 5*r. 
art Sun. SEATS STILL AVAILABLE 
for Many perfs. hurry* 


ODfON LEICESIER SQUARE f930 Gllti. 
THE DEER (Al. Sep. progs every day. 
Seats mi* be hooked. Doors open at 
7.20. 4.30 7.45 


ODEON MARBLE ARCH ^723 2011*21, 
AUDREY ROSE tAAi. Sod srjQs. Wks. 
2.30. S.SO. 8.30 


IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 


MAY FAIR. CC. 629 3036. 

Opens Tonight at 7.0. SUM evgs. Mdiv 
t« Fri. »t 8.0. Sat. 3.30 and 6 AS. 
GORDON CHATER in 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bv Steve J. Spears. 

"Oulrageoukir tunny. . . . Profoundly 
movino.' variety. 


. __ Evenings 8.00. 

Mat Thurs, 3,00, Saturdays 5.30 A 6.30 
NO SEX PLEASE— 

' WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 


5T. MARTIN’S. CC. 825 1443. Evas. B.DO 
Mat Tuts 2.45. Sat A Geftd Fri. 5 A 8 
AGATHA CHRISTIE'S 
„ THE MOUSETRAP _ 
WORLD'S LONGEST-eVER RUN 
26th YEAR 


PRINCE CHARLES. Leic. Sn. 437 8181. 
SALON KITTY 1X1. Sep. Peris. Dlv. ,‘mc. 
Sun. 1 2.45 6.15 9.00. Late snow Fri. 
and Sa:. 11.55. Seats Bkblc. Llc'd Bar. 


SCENE 1 A 2. Lett. So. 
439 4470. 


'Wartour s:.j 


SCENE 1: A BRIDGE TOO FAR (Ai. 
Props. 12.30 4.10. 7.40. Late Show. 
Fn. and Sat. 11.00. 


SCENE 2: THE PINK PANTHER STRIKES 
AGAIN 'Uj. 5un.-Thur. T.30. S.3S. 9.3S 
Fri ard Sal. 12 40. 4 4E B.4S 12 45I 
THE RETURN OF THE PINK PANTHER 
ru* Sun Thur 3.25. 7.30. f rit ard 5^ 


2.35, 6.40. 10 40. 



f 


Ci. * 




16 


gioancial Times. Tue^iy Fetoaryjy"lS7§ 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo. London P54. Telex: 888341/2, 883897 
Telephone: 01-248 8000 


The struggle to get a new 


Tuesday February 7 1978 


A limited 


Euro-jet 




By MICHAEL DONNE, Aerospace Correspondent 



A JOINT marketing team' These joint talks hm pro- such compl« issues ss design London to brief aemspace tUeqLtay fctet 

from the major European gressed slowly, and strains have leadership, sharing of produe- industry officials on the benefits ® ■: ■ • . Jhf _. Tjtr mdustry-^ahd som* 

aerospace companies emerged between the prosper- tion work, ahd sharing of costs, to be derived from collaborating de^ti can be n V senior rivil 'wrvwntw in whit*. 

(BritishAerospace, Aerospatiale twe partners. When it beine Both the French and British with ^u.s., and with Boeing 

of France, Messerschmitt of apparent late last year that some have pressing problems finding j particular, instead of PuriwLan : companies Covenuhent^tend to feel that 

monthberik presentations to ^eOTndlTbfe the andFflton and Hatfield in the also has ideas of its .own for aircraft^ventures m^prospert-^p^e^and^at jofomgjh* 

THE GOVERNMENT may have causing a breach of contractual world’s airlines of their pended all work on the X-UJC especially. Each would collaboration with the TJJC ;».. such a? the new smaller version U.S. ■ vtonld. provide. * 4 tHefcer, 
feared that the Holliday Hail or other legal obligations.” The design for a 250 -plus seater air- Eleven, in favour of drawing up like design leadership for a new But the dissident British Aen* -of thf A-300 Airbus, the -B-U>X, ; dejner tod, simpler solution^ 

case mi°ht become a trial of its company is free to go ahead and liner, intended to meet the grow- a new design within the three jet, and final assembly in its space executives nevertheless of- 215- -seats, which . Airbus Hanging over 13 m heads of the 

pay policy. The Attorney ™ % * al “ 

_ , . regards as a moral 

General, at any rate, who some importance. • bevond. Despite the difficulties, ference — -.- . - .... - 

appeared by invitation before „ siMn went on to They have been struggling for enough has now been achieved Aerospace itself, with, a number big share of the world baa. a rote budding tl^^gs avwaon; tdde nTthe newhj 

the Court of Appeal yesterday, emDhasise that the concession months to settle this design, and to enable the Joint Marketing of middle management execu- for short-to-medium haul jet^for the A-300) t^nts tiv^iW indtZ5ti7, ,if nfiy 

was much concerned to argue he had made for special reasons they are hoping that enough air- Team to be able to think of tives arguing that the UK. amounting to as many asAQQ for Jhe. future. But atven£ures :> are: nbt settigd so^n. 

that it was nothing of the kind, in this particular case did not iin<? s will respond favourably In starting talks with the airlines should drop any idea of seeking aircraft by the mid-1980s. . What Aerospace there 1 * a measure of Even, if a European venture .15 



was 


able to bring the affect the Government’s general ( the coming weeks to enable them 


But he 

case to a swift conclusion and 
prevent wider issues from being 
further discussed only by argu¬ 
ing that there were special fac¬ 
tors operating in this instance . . , , 

and by conceding that the ." h"* .*"* 


attitude to the enforcement ofl 
pay restraint. His words here 
are worth quoting. “What I 
have said implies no derogation 
from the Government's right. 


Department of Employment 
had made statements about the 
possible use of sanctions which 
were “ unfortunately worded." 
The end result, moreover, is. 
that the company is now free to 
pay ib* employees, without 


to tell their governments that 
they' at last have a viable plan 
for a European competitor to 
whatever new types of aircraft 
the U.S. industry will offer. 

It is readily accepted through¬ 
out Europe that such a new 
short-to-medium range jet is 
needed. if the aerospace 
industries on this side of. the 
Atlantic are to win some share 
of the big market that will 


tory provisions, to place its con 
tracts in the manner which in 
its view will best serve the 
national interest, and hence to 
take into account, among other 
relevant factors, whether an em¬ 
ployer is or is not observing emerge in the 1980s for the re- 

the White Paper guidelines for placement of existing aircraft, 

much risk of reprisals, what it the purpose of controlling in8a- This market is estimated to 

had agreed to pay them. The tion. That is a matter which amount to more than 1,000 air- 

is not in issue in this case.” craft into the 1990s. It repre- 

... seats virtually the last major 

Arbitrary new development in this 

Mr. Si i kin's reference is to category of aircraft for the next 

the White Paper published last 20 >*® rs or more - whlch means 


Government has undoubtedly 
suffered a setback. Whether it 
has wider effects — particularly 
on the attitude uf other firms 
which are threatened with the 
use of sanctions — remains to 
be seen. 

The particular difficulty in 
this matter was that the Depart¬ 
ment of Employment conceived 
misgivings about a pay agree¬ 
ment reached between 
employers and employees in the 
electrical industry only after it 
had been reached. It then 
warned both sides about the 
possible use of discretionary 
powers by the Government 
which was seeking, according 
to Mr. SilkiD. to persuade the 
two sides to renegotiate their 
settlement. 


that whoever fails to win some 

share of this re-equipment race 

will effectively be out of the 

That whiil|short-to-medium range airliner 
that wn ‘tel market for 1hai period . 

For that reason, every major 
aircraft manufacturer in the 
world has been working on 

. ... . , designs to meet the emerging 

•M is not possible to stipulate need ° In the u. s .. Boeing has 
a spec.he figure at which indtvi- what it caUs its New Airplane 
dual negotiators must invari- programme, formerly variously 


July, after the Government had 
failed to reach agreement with 
the TUC about a Phase Three 
of pay restraint. 

Paper contains guidelines about 
pay increases for the economy 
as a whole, not for individual 
firms: indeed, it concedes that 


Moral victory 


ably settle." The threat not to 
devote public money to firms 
which reached a settlement 
“quite clearly inconsistent with 
the policies set out in this 
White Paper” was therefore 
undesirable front the outset. 


The 150-seater project, still in its formative stages, involves 
design from which the B1 (131 seats) 


When the employees refused 
to co-operate, however, the 
Department of Employment 
made to the employers’ side its 
“unfortunately worded” state¬ 
ment about action that the 
Government might take. This 
raised the question, at least for 
Holliday Hall, whether or not 
the Government was putting 
pressure on it to break a con¬ 
tract into which it had already 
entered. Once tills issue was 
raised in Court, the Attorney 
General felt bound to intervene 
and to state clearly that “ it is 
not now and has never been the 
policy of the Government that 
it should take any action with 
the intention or consequence of 


known as 7X7, 7S7, TNT. and 
757. involving initially a twin- 
engined 180-200 seater capable 
of being developed into a wider 
family of jets. A new version 
of the highly successful 727 is 
also planned, this time with two 

since it announced the Govern- engines instead of three. Rolls- in mid-February about the a joint European venture, and 
merit's intention to lay down Royoe is very (interested in this designs available. Broadly, a go it alone with the X-Eleveu 
and enforce whatever rules it prospective market. McDonnell family of jets is envisaged—the venture instead. These execu- 
chose in individual cases. Douglas has already begun work g_f i ^ith 131 seats and 1,200 tives have suggested in a 
It has become Che more dis- on its latest derivative of the range, the B-2, with 162 •*position paper” circulating 

aereeable in practice since DCS - the Super 80 series, and seats and up t0 2 JOO miles within British Aerospace and in 



British and Continental manufacturers, 
and the B3 (188 seats) could be derived. 


The B2 is. the basic 


these executives fear is that if caution 
the U.K. settles for a European which is 


arranged, tius; spffcog. or early, 
summer, it may not be possible 
tp avert sbzpe further rundown 
oTa ctivity. ■ - - „ . V •. ’ 

An interim ■ solution ' that 
could, ease the pfoblem would 
be . for -theGovernment (b- 
au thorise work 'o'n the. smalf,'8tf- 
seatHS-146' r short-lmul:feeder- 
liner. This 

begun some years agq* but was 
halted when the-oH crisis and 
subsequent economic recession 
hit world aircyaft markets. - j n 
the recent past, design work on 
' it .has been kept ticking dyer, 
with the. help-df-.GoVertuneot 
money, pending^ final decision . 
oh its future-—aBd^nmay in the 
UJC industry stiU. believfe . there 
is .a ihafkrilJpr^C^'. r^r •. 

.. Another ■ aireraft\vmiWe;tiiat 
must con¬ 
sideration- - thV ■•prospective 

100-120 safirter for' British Air¬ 
ways. - This ts hot . yet:a : direct 
factor in the:overall problem 6f 
settling a new. ; European,coHa- 
borative % programme for the 
future, but it might well become 
an integral part of-any^collabor¬ 
ative pact with .the'17^ The 
reason is that the -British Aero¬ 
space solution -• for this" “ BA • 
requirement 'is a: new stretched 
version of the One-Eleven jet 
airtider. whirii is in competition : 
with the Boeing -737 - and the 
DC-9-6): ' from Mepnuneil ’ 
Douglas, it - seems certain tiut 
any collabbrative amuagemants 
venture, the UJS. companies might'pro- 


about this 

seen to be in direct pose to help meet the 150*5etter- 
programme, design leadership competition with Boeing’s oWn market for the-future would 
..a «n.i miaht on proposed New Airplane Pri>- include the UJC. dre^ing its- 

and final assembly might to go K ovm One-Eleven.derivative and 

the ContanenL There is also the question of buying . instead . either foe 

Lord Beswick, chairman of how to manage any new col-Boeing 737 or - McDonnell 
British Aerospace, and his team, iaborative European aircraft Douglas DC-S-40., 


twin-engined, using unless a derision is taken soon recognise that the dissident ex- programme-should it be under- -- To ensure a aubstoSal! 


ecutives want to get on and taken within the framework of of world markets in future* 
build aeroplanes to meet, an the existing Airbus consortium, the ILK. industry needs' not 
imminent re-equipment tide that or'should spine new joint mahu~ juSt eoe, ' ; text ‘ , 6eVdril ’ 'neW 


l partly as a result of the Gov- bas collected some orders, but range, and the B‘3 with 188 Westminster, that too much time 

enunent’s ow n presentation of 8150 has P ,ans for a air " seats and 1,600 miles range. All has been lost in talk, and that 

its case) 10 per cent, has oraft ' 1116 200-seat DC-X-200. would be _. 

hardened into a ririd norm In Europe ’ th ® re 1S a the Franco-Ameriean CFM-56 to re-launch the X-Eleven. 

rmite rnntrarv in nri^nsi oE ideas - but translating engine of between 20,000 lbs and What has alarmed these 

quite contrary to the original th em into any kind of practical 27 50 o 11)g The aim (n executives is not merely the - - . T .—- T -.- - . - . —= .-r-- 

aims of everyone concerned. We programme has so far proved the coming talks is to get enough problem of getting agreement in is likely to start flowing this factoring combine be created? ventures — perhaps . under* 

dn not want to see pay restraint difficult. British Aerospace has responses not only to Europe, but the speed with summer and which will wait for The U.K. prefers the latter, taking, the HS-lAd, thfe 150-/ 

collapse. We do, however, want its own plan for a twin-engined re fi ne the designs, but also to which the U.S. industry is no-one, ^least of all tfm Euro- while .many on :tfae^ Continent seater with JSurope^or sharing 

the Government to a et awav des '8 n - catied the X-Eleven. In g auge whether or not any of moving. Boeing, for example. '* * u “” x 

tKic France - Aerospatiale has a these aircraft will be worth is preparing for a midsummer 

mis aiscrenonar> broadly comparable plan, for building. The Governments of launch of its New Airplane 
approach. more accurately tbe AS-200. At the same time, tbe four countries will want to Programme. As one U.K 

described as arbitrary, as soon these two companies, along with be assured on this latter point executive put it: “ Boeing is on 


as possible. 


Long 


Messcrschmitt and Fokker-VFW. before they agree to give moral the springboard ready to dive 
have been trying to find a com- an a, more important, cash sup- in with a design when the 
mon solution, and have set up p or f t0 the venture. market temperature is right In 


no-one, least of all _ __ 

peans. if they continue tn argue prefer the former. If the UK. in a rival U.S. venture/and also 
among Themselves. But the goes back into Airbus Industrie developing a new version of the 
British Aerospace management on a formal government basis, One-Eleyen.^Earir Involves a 
remains convinced that enough will it be expected to pay a separate programme for differ- 
work has been done already on share of the past costs of ebt markets, with problems of 
the European venture to enable developing the A-300 Airbus, or its own. All tbat .is deal- at pret 
serious presentations to the air- win it start afresh, paying only Sent is that uddss some deeis-' 
lines to start this month, and its share of any new.ventures ions .are taken this year—and 


term tasks 
for Geneva 


three teams—the Joint Engin- ' The inter-company talks have Europe we are still arguing it is hoped that they will help that the consortium may under- the sooner tile better—the UX 
eering Team iJET) to settle b^ s i ow< because, despite about how to get onto the to crystallise the programme, take , . . ■ industry faces"-a. further ;sub: 

the design, the Joint Operations the undoub ted benefits of inter- springboard." and demonstrate that sufficient ' -- ^ miestions : will stantial rundown on'the rivll 

Team (JOT) to settle problems .. . ... . ., His view appears to be con- demand exists to warrant advis- . . . ; aircraft - building mde whirit 

. . . _ . t0 ing Gcveraments to go ahead. have f0 be answered, not only may weil -hamper -it when .thft 


of work and cost sharing and DaL,onaJ collaboration in widen- by Boeing plans to ing Gcveraments to go ahead. have t0 be answered, not only_^ _ r __. T __ ____ 

the Joint Marketing Team markets and sharing costs, sharpen its attack on European Thus, they are committed to by companies but also by Gov- time comes to bid for a Share ih '. 
(JMTl to work out the sales there are the difficulties inherent markets. On February 9, a top- going on with the European emments, before any new joint the big markets expected in the - 
problems. in trying to win agreement on level Boeing team is due in venture, and for the time being, European programme can .be future. 


THE TOKYO round trade nego¬ 
tiations, which are about to 
start in good earnest in Geneva, 
have a background which is in 
one sense more encouraging, 
but in another far more forbid¬ 
ding than has seemed likely 
until recently. The actual bar¬ 
gaining is going unexpectedly 
well: the offers which have been 
tabled look negotiable, there 
seems to be a general deter¬ 
mination to produce useful 
agreements, and it now seems 
likely that tariffs will be duly 
reduced, the rules governing 
technical standards tightened, 
and that at least a start will 
be made on such contentious 
problems as tax regimes and 
Government purchasing. 


roenit assistance ” which are 
specifically outlawed under foe 
relevant Article of foe Agree¬ 
ment. No-one is faultless in 
these matters. Our own assist-] 
ance to shipbuilding, in foe 
absence of any apparent plan! 
to reduce capacity, may soon be 
a subject of international dis¬ 
pute. for example. 


MEN AND MATTERS 


Steadily worse 

The economic background, on 
the ofoer hand, has been 
getting steadily worse. As foe 
Director-General of GATT. M. 
Olivier Long, pointed out in a 
thoughtful speech in London 
last week, nothing so encour¬ 
ages change as a rapid growth 
of trade. When trade stagnates, 
on the other hand, change 
becomes known as adjustment, 
and is seen as a severe eco¬ 
nomic and political problem 
rather than as the agent of pro¬ 
gress and efficiency. It is un¬ 
fortunately all too clear at foe 
moment that the prospect for 
foe next year or two is for a 
very slow growth in trade, and 
consequently for severe strain 
on .the rules which are meant 
to govern trading practices. 

The most pressing danger is 
that just as progress is being 
made with further liberalisation 
in theory, the whole GATT 
rule book will become an in¬ 
creasingly dead letter in prac¬ 
tice. The Americans, who are 
by no means backward in con¬ 
ducting bilateral bargaining 
outside the GATT rules, are 
already complaining vigorously 
that there seem to be no sanc¬ 
tions against those who ignore 
the rules altogether. M. Long 
spoke of members who appear 
not to understand the rules, and 
hao a*kr\i foe trade authorities 
:n <>iieva to approve disenmi- 
n*t'.uy assures of " adjust- 


Everyone concerned with the 
preservation of a liberal trade 
regime, which has done so much 
for economic welfare in the past 
three decades,, is therefore 
likely to agree with M. Long 
when he calls for a reaffirmation 
of the rule of law in interna¬ 
tional ttade—and international 
law at that. Perhaps the most 
pressing problem is an effective 
surveillance of so-called adjust 
meat assistance, and some 
machinery to arbitrate the 
related questions of taxes, subsi¬ 
dies. and countervailing duties. 
If these matters are left to the 
interpretation of domestic law 
—especially in the U.S., where 
the courts have not yet said 
what existing law actually says 
about such central matters as 
value added tax — the results 
could be entirely chaotic. 

Far from dear 

However. It is .far from clear 
that even an effective enforce¬ 
ment of the GATT rules will 
meet foe needs of a turbulent 
world. A rule-book revised by 
exhaustive multilateral negotia¬ 
tion every decade or so can 
hardly be flexible enough to 
cater for all foe difficult ques¬ 
tions which may be raised by 
technical change and by poli 
tical and financial market crises. 
These may. call for exceptional 
measures of temporary protec¬ 
tion, wbicb could soon lead to 
general lawlessness in trade. 
Tbe GATT, needs to become a 
forum as well as the ark of an 
increasingly disregarded law—a 
centre in which necessary, if 
temporary breaches of its own 
guiding principles can be dis¬ 
cussed with all interested 
parties, registered and policed. 
Protectionist pressures can only 
be contained If the international 
machinery is flexible enough to 
yield the necessary minimum 
^nd survive; otherwise it may 
fall apart. 


RrinlrmonQhin porters, foe so-called "parallel 

Dnmvmanbnip traders": they had been buy- 

in AitiQtorriam in s u chea P Iy in Britain, then 

in undercutting official distributors 

For students of Bullock-style in other Common Market coun- 
worker-director schemes. a tries. 

current furore in foe Nether- n ow the EEC Wine and Spirit 
lands Is worthy of note. The importers Group, representing 

•‘Uor.iiFine 1 ' a Iinir.n ronrp. _I__.1____. 


‘Mercurius” trade union, repre- distributors on tbe Continent, 
sealing banking and insurance forecasts that there is every 
staffs, is angry because the likelihood that Johnnie Walker 
Amsterdam - Rotterdam Bank j^ e d Label will be re-imported 
(Amro l has made an extra j n i 0 Britain from France or 
place on its 16-man supervisory Netherlands by the parallel 
Board for Dr. Jan van den traders. They will make a kill- 
Brink, the retiring joint chair- out of the brand's rarity 
man. The union complains of value; the Distillers Company 
an "old boy network” and says no t be able to do anything 
that the presence of Van den w jfoout running foul of EEC 
jBrink—the country's one-time rutoa. "Whisky men are disposed 
I Economics Minister—will weigh to agree with Mr. Bumble’s suc- 
the scales too much on foe side cinct dictum—“ The law is an 
of management rather than 
workers. 



church where their parents, 
grandparents and all foe others 
rest.” 


Snakes in the gas 


ass. 


The bank, third biggest in 
the Netherlands, also has a 


The rivalry between gas and 
electricity is clearly reaching a 
frenzied pitch when Mrs. 
Laurraine Bunn’s singular feat 
bas to be thrown into the scales. 
A fanner’s wife in Checkley. 
near Hereford, she has hatched 
out nine grass snakes in her 
oven from eggs found last 
.summer by her husband. It took 
nine weeks of gentle warmth 
from the pilot light to hatch 
out the eggs; Mrs. Bunn tells 
me proudly that her pets have 
now reached a length of 10 
inches, on a diet of quick-frozen 
eels. 

Tbe latest issue of the maga- 


LUC UUlUOi Una j | 

40-strong advisory Board. That PlCK-UD mOCGl 

SsSSSSSS st-Mi-s as Ksaaws SrSTsi" 


word in France for a variety of * *"5. ^ 

reasons. He is head of the air- E®", 


rjus vaots Van den Brink put SfSnrtySThSntaS 
bank rejects the union 


pcotost’ msistijog that one man Jours de France. But Smiling through 

—even if he happens to be as , ph-mtnm Rniie and what he has not generally been ." 

powerful as the 62-year-old Van £ dastaSS from rhP hsl associated with in foe public A loan of $80m. has just been 
den Brink—could not sway the cron orwen ealter rai0( i until yesterday is the granted by the International 

supervisory Board. cy ° n 1 enues ' 0 even ear,,er - preservation of small churches Bank for Reconstruction and 

Since Amro’s works council But . amoD S th ]f s P le ndid com- jn the French countryside. Development for the construc- 
ha<? not vetoed the aDDointment P aD . v ,s a somewhat nondescript . „ . tion of the Brotherhood and 

ttim no forooBh V«5 station * a * on ’ listed as a 1948 Yet I** tpvo* « ** Unity Highway. The idea of 
J5rSf to !T'tbe SSSSk ford “Woody.” The catalogue appeared m a fuU-page signed ^ ch qaalltjes disp , aylng teein . 
Dr Christian Karsten, who in * 01 i auc1 ^ 0 ? ma * es y° u loo* 1 ^ ver tisement in lie Monde in on a motorway Js bizarre 

recent years has shared the while simultaneously de- k| s capacity as Gaullist MP for ,— this one is in Yugoslavia. 
A^o leadf4ip wifo Vm den stro y^ fusions, it ex- the raral Oise constituency. The w|n ^ through 

somewhere v/ill have to be .? ortu A a l * SHSSSL J?n exactly renowned for their 


found for him. 


secret police had great misery of France's small dewltelllTito^s efforSl 
it" Salazar's feared churches ” and consists of an unliy ’ aespile 411 Alt0 8 ® aort *>- 


Parallel twist 

Britain may soon find itself im- 


where the 

been using it" Salazar's feared 

interrogators, who might have appeal to the Ministry of Cul- ■ - 
been expected to move around fure to help rural areas maintain ^ * 

in Malgret-style Citroens, sud- them by assigning part of the oOUl llOlC 


Britain may soon ana useix uu- denly seem more homely when , { fttterv ^ " 1 It’s bad enough seeing and 

porting Scotch whisky from foe y” u ^ now the> travelled in • hearing the plural of premium 

EEC. This prospect springs “lose wooden-s.aeo wagons There was no suggestion, of written and pronounced as 
from the tangled state of the usu ahy associated with market course, that a cut In the arms premia. So will somebody please 

-• p-arriftrtRw. budget might also be devoted to do something about foe official 

such a worthy end. But the at the Milk Marketing Board 


market since the Distillers Com- gardeners, 
pany derided to withdraw 
Johnnie Walker Red Label, best¬ 


selling brand in the world, from Rni*a| micnefo 
sale here. This was done to 8,111 1,1,1 

protect the brand from the The name of 
efforts of unofficial export-im- Marcel Dassault is a household cemetery at the font of- the 


advertisement does speak who has taken to referring in 
movingly of rural depopulation official documents to “ premise/’ 
and those, still in the villages, 

octogenarian who are deeply attached *■ to the Ql)SGI*V(2r 





. Sancfytakes doymTieF boss's eftetatiori v !'- 
accurately, then types it out fromher braided/ 
shorthands Goodspeeds,-good pageTawjiril: .S 

Sandy s^ys.me ^s nothing special'tibopt ' 7 
. thatr-arid she ’sjfeht^Tie faetthat she’s 7 blind . 
makes very tittje dffference to 

Sancfygothenjpbori^il^^fteK-:tV : '; 
abinty-wonner premotfbn topersomrsderetary. 
in an important PostQfftee department.'TitaSs^: 
tbepointThepNlB-trainedSandyatte;'.. *. .S' ; . 
CiSrirnercial.CoHege, and anyfirmthat’.. "•••. 
fftptoys aqtiaJifiedblind person 
framtbedemandingand prdfessionallrainmd"'^ 
thatweattheRl^lB provide.:- 



- pver'M above tfjatffleRNlB needs - ^ 
youthelprttroi^ble^redand^OnsaM^^ 
=enabJeustotraln others like Sandy. ■: 



. - * 




FORTHE 


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17. 




February 7 1978 




SOCIETY TO-DAY 



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DEPENDING <>N fcow yotf 'iodk’ 
at it, we treat tiie ^eapiei»ied 
with the . respect* .Unit f aijy 
fellow-citizen : dowa en his luck 
deserves — or we mollycoddle, 
them. Anyone- who feels con¬ 
fused about which ^r.L&ese 
descriptions is correct .’ is ..ih 
good company, "for. Uie jCQUfu- 
s»n- as * reflection of ^oui; 
society’s fundamental suability 
to draw a batojcfc between* 
policy of discipHne was 
once thought essential and the 
atsifiute: of-«HnpasSaon qOil'-ts '- 

now believed 40 be aiesdaiKibie^ 

The« ore'makers of -ptaito- 
so $&,'■ hut" flat-"is. (to- reason 
for facing. tbenv not (turning 
away fnaa lfaeni: ^ For until the 
phiioeoariiy ..is right there -never 
wall be a satisfactory end to the 
search for. ways of. improving 
the welfare state, or making it 
less , expensive, or restoring in¬ 
centives, or increasing, bene- 
fils.; I would go farther: until 
we get the- philosophy right, 
attempts 4o improve any one 
part, .of\ the . ancient machine 
may do more damage than leav¬ 
ing it alone: 

As an example, take what at 
first eight appears to bo a 
small sootier — the proposal 
to pay unemployment benefit, 
the dole, once a fortnight 
instead of once'a .week. This 
has been thought about; inside 
tiie Department of Employment 
for about 15 months. There has 
been a pilot experiment; in some . 
of its regional offices, and* a set 
of survey questionnaires —■ and 
now .they are preparing a paper 
that will go tip to Mr. Albert 
Booth ; the ; Secretary of State 
for Employment, for - his 
decision. 

To appreciate the questions 
nf philosophy that arise, one has 
to follow the history or this pro- 


pb$al faiily ^dosely. it first 
appeared, in the winter of 1975, 
.when it was suggested that fort¬ 
nightly payments would save 
-money. This would help the 
Department contribute its share 
: .o£ the cuts then being deman¬ 
ded. About £8rn.a-ycar starting 
from' 1978/79 was thought to be 
the likely figure; The saving 
would . be' made -because less 
stationery am£postage would be 
needed' to se'nd'out the Giro- 
cheques, and because some 1,400 
vof fbe 20,000/paying-out staff 
r-wouid be shed tbreugh natural 
wastage.' A;itMKfest proposal. 

.Its subsequent history is in 
itself fascinstiiffi'e^dence 0 f the 
obstacles in*, ffife'.-.wajr of small 
change^ letr'albne... the radical 
restrocturing^tiiJMl'.the welfare 
state so clearly heeds. First the 
proposal had r to go to a “Joint 
Working Party “tb'be discussed 
by the civil service staff unions 
and; the cavil- service managers. 
Then .'it had tO J go throuah the 
National Insurance 1 Advisory 
Committee (and" I am not 
. especially anxious to know what 
fhat is either).;- Then regula¬ 
tions were laid, before Parlia¬ 
ment and after that it became 
possible to arrange that in 3fi 
of the thousand or so offices nf 
the Department of Employment 
the pilot project could begin. 

Casual 

A three-month . period was 
chosen, starting on September 5. 
Of about fiO.OOO claimants turn¬ 
ing up at these-'bfiiqes during 
that period some 3.000 were 
kept on weekly payments 
because they .'were merchant 
seaman, or casual workers likely 
to take a job at any time, nr 
living fn-iod^hg-houses where 
they might feel peivous about 
keeping a fortnight’s-benefit on 
their persons. The rest were 
switched" to the, new. scheme. 




*nd at ihe end of it a tenth of 
them were given questionnaires 
to fill in. 

By and large, the unemployed 
liked it. It is easier to turn 
up once a fortnight than once a 
week, and cheaper, too. when 
you think of the bus fares. A 
few—2 per cent.—asked to be 
put back on weekly cheques 
(these were mainly young 
people who want the money in 
their pockets), and they were. 
About a third of the respondents 
to the questionnaire said they 
found it difficult to last a fort¬ 
night on a single payment: 
nearly all the rest seemed quite 
happy. 

At this stage it may reason¬ 
ably be asked—where is the 
problem? Why not pay them 
fortnightly, save the £8m.. and 
be done with it? 

Perhaps we should, but con¬ 
sider this: One or the first ques¬ 
tions the relevant officials asked 
themselves was whether the 
fortnightly payments should be 
in arrears, or in advanep. Ail 
welfare pavmonls are made in 
arrears in this country (with the 
obvious exception of maternity 
grant). and all. save sickness 
benefit, are paid weekly. 

In thp Scandinavian countries, 
and France, the unemploy¬ 
ment benefit is naid fortnight I v 
—in arrears. But the current 
British proposal is different. 
Two weeks is thought to be too 
long to last. If people were 
given the money in arrears, and 
failed to make ends meet, the 
law would oblige the Supple¬ 
mentary Benefits Commission tn 
make up the difference. So the 
idea is tn par half in arrears 
and half in advance. 

At once this brings one to 
philosophy. Unemployment 
benefit was originally paid daily, 
following a daily affirmation nf 
inability tu find work and will¬ 
ingness to take it if offered. 








is 


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m 


Times change: men on the dole in Manchester in 193K (left) and hopefuls at a present day 

Jobe cut re. 


This harsh policy was gradually 
liberalised unii! in 1066 fhe 
rule became weekly signing-on 
and weekly payments. 

Since then the old philosophy, 
of linking willingness ro work 
to the payment of benefit, has 
been lorn up. The former 
Ministry of Labour is now the 
Department '>f Empluymenr. 
whose office?* pay benefit, and a 
set of modern agencies, whose 
separate “ Jobcentres" offer 
work. In at lea.si half the 
branches the Jobcentres are now 
physically hived off to smart 
downtown shopfronts, leaving 
the old Ministry brick nflfiees to 
do ihe paving nut in less salu¬ 
brious quarters. 

The link is still main mined 
by officials, who exchange files 
in an intending effort in ensure 
lliaf people who rolled benefit 


Letters to the Editor 


Csviiaafrivirv nine t« cover:interest on:.borrowings 
uUUCiiAillg. [)iu5 . related to development- charged 
• " •*. jn the profit and loss account 

m paper . • • ■ The impression 1 is given 

Vrrm Jr T _ t> . (February 1) that.-the recent 

From Mr. T. Tait. Ftaleet decision in the House 

Sir,—As one of • the larger pf-Lords, which .reaffirmed the 
privately run companies in the cbanceiy Lane House of Lords 
paper trade, we read with: great decision reached some 12 years 
interest the article by Max Wii- ago; could be relevant to the tax 
kinson on ** Squeaking pips in consequences of .such..transfers, 
the pulp and paper industry ” It shonld he remembered that 
(January 31) and thought that, both the Fitzleet and Chancery 
basically speaking, it covered a Lane cases .were concerned with 
good broad spectrum of . the tax law which disappeared from 
problems,, although there, are.the Statute Book In 1965- con- 
certain views, irr. it ■ to .-which l sequent upon the introduction of 


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4 


m paper 

From Mr. T. Tait. 


profit to be utilised in one of without a growing avoilubili'y nf 
these schemes. synlholic polyisoprene. they may 

There is a grave risk that rhe well find iheins-elves -hurl of this 
incentive for the introduction type or rubber m the 19$Us. 
of employee share ownership ,|. h. Dunn, 
schemes could lead to such Alembic House. 
schemes being introduced in a 9U. Albert Embankment. S.E.l. 
company environment which is - 

SSleKS IKf.MSdE What it costs 

tions which are necessary for a , . . • ■ 

profit-sharing employee share |0 0UV DClTOi 

ownership scheme to be success- „_ \ 

ful are: effective communication F ™ n rinUw. 

and consultation with employees. Sir,—\ our Energy Correspon- 


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Tait and Sons: * • * •.' * which those decisions were based 

I fdel it is totally incorrect differ from, those relevant to the 
that 3L PiCrre Schmidt’s views accounting policies used in 
should be so lihexally aired, when recent ywrs by .property Com¬ 
at this moment the French-pulp panies. Therefore it is bard to 
industry is trying to justify an see how those decisions might be 
anti-dumping suit against the applied, to current accounting 
North Americans in the EEC. policies .of any property 
It should also be clearly company. '• 
pointed out that quite a number It is also worth drawing atten- 
of North American, mills are tion-to; the fact that whatever 
export orientated towards the might.or might not be its effect, 
European market, and have been the Chancery Lane dects>0D has 
so for years—such as Chesapeake been on record since 1965. rita- 
Corporation and Georgia Pacific, leet only served to confirm it. 
Both mills have expanded their though In the event it has appar- 
operations in one form or anr ently also served to drag it out 
other, as have many others-from of oblivion. 

North America and, naturally, E. A. Roberts.. 

these traditionaL. suppliers of 38, Odkwood Avenue, 

pulp are looking to expand Parley, Surrey. . . 

their marketa in Europe. .- 

Our company for one/ cer- Cnlvina ropp 
tainly wantsto support the North kJUIVIUg 
Americans, simply becaqae some v 
of the Scaddinatdan.-Companies.. fClaLlOIlS ■ 

Treated us badly in the 90 called - rhnimum. 

“ boo - ittn rtjmm *h*n 

pulp was tn short supply. For rMnxeraaAves 

instance, U* Finns.coniracted to YoUn ° Conserwmres. 

sell ua 5,400 tonnes nf pul^.in. - Sir.—Mr. Joe Rpgaly, ais- 
November, 1973 f yet.:*we\phly cussed some of the facts m ms 
received 3J200 tohnes^ lti. r a-.article “Mrs- Thatcher and the 

shortage.of almost 40.-pte.eeat-.*fapt»”,of February 1 concerning 
"We also bought bits add pieces 4 inanSgration; he missed however 
of pulp from:..the French, uft to ;the. thalu .point of Conservative 

197*4 but when we went bath for 'poljcy/-.. , . . 

the same .ainpuat in 1973/74, .we -The.stopping of, or at least the 
wete tcdd.-inr.no uhc^aut* terms, immediate prospect of stopping, 
that they* would-not. Suppljf .us.l-'cotouraf ^ immigration will re- 
Who stepped, in; to bridge the assure the population, of every 
eap? The rtiditionaU.sWJptieK colour, that the problem of 
of pulp from-the U.S:.; :«••••.- *. immigration is being tackled and 
The articlq- also meiitionS 'the that racc relations can be 
colossal way-^hat Jategretion has solved; - . * - 

taken place :ln Sw^den/ iWhy, if Our group feels that it should 
we can., get-::pulp ifeewbere, be left to each and everyindi- 
shouid. wq buy firom thr Scandi- pduai of this nation to deride 
navians if.---by giving 1 ’them .a how.,he or sbc_ wants to behave 
profit on.thert pafiSSties. we with the .immigrant population 

allow theni to integrate further, and J2{?frnmSf to ^race°reiatimis 
which means further'competition are 

for us ohthe world market? «<* “im wamxi ted luxi itoGoj 1 of 

Ac a" cbnfbahv ■ and. I also ti*® freedom of the individual.. ..- 

be^v^-^British P^per Td “ 

Board Industry - Federation; we everybody has iu jS ° r 
should coma . wit clearly with a- preferences and a 
statement; that we! are. MO per discriminate favour of one 
cent irrevocably committed to person against another for any 
squashing this antidumping sub-' reason whatsoever. All mdtvi- 
mission of the- French on the duali swuiw. trihes- nauoiK Md 
Canadian and - US *uin -nrn, races have their own distinctive 
- U ' 5 " v features: there seems no need for. 

Onp furlher Miiir Twrmlrt HkP>* forced integration just as there 

urtfSiB-fkfi«» n “ tf « r ! °™ d sep “ ri,ion - 

paper trade should use -against Charles Smedley. 

any support for the French; in--25b,-Bolton Gardens. S-W-5. - 

dustry, is thar they supplied very. - - 

little paperjo British mar- /^oIpiiIq finer fnr 
ket in 1973-74, and now.they are \>dmiJttllIig lvl 
pumping in many times the _ 
amount of paper, at prices that PFOut SfliUUlg 
they do not make a profit oil No « r.reenhm 

one could object to them putting F 'The Febniary3 edition 
their paper into Britain if they VfiH™ SSS opener to 
were makmg a profit, but why r Thi on the inland 
put paper 'JljJ? Revenue’s consultative document 

on profit-sharing and employee 


able for them TO do so ? . : ^are - ownership. From the 

nSSnit&.abin' ' - re^ L “ 

I nverurie MW s, Jnwrwfe, ' lumS and by. John 

AOenxeeiMRtrr. - - . EUiott and David Wainmau, 

t,., :.- ■■■ many of the points requiring 

* Hp rlfzIPPi comment to the Inland Revenue 

1UC XHMW ■ bavfl been brought to our 

decision 1 There are. however, two 

From Mr. E. Robertx' ?>. principal factors, which have not 
Sir,—In recent amefes-oh the yet be«i highlighted 
subject of the-accounting poll- .the conditions and il 
vies used by property companies, ment.m tiie comparyf into whi^ 
reference has been made, to the a profit-sharing scheme may be 
lav situation of those who make-introduced; and s 4 ' 0 ®?* 
transfers to revenue out of un- method of calculating or otber- 
leiMaed capital profits in order wise determuung the amount of. 


The Fitzleet 
decision 

From Mr. E. Roberts.". 


and consultation with employees. Sir,—\ our Energy (.orrespon- 
opportunities for employees to d«?ot (January 31» suggests that 
contribute ideas for methods of having the cheapest petrol fn 
work improvement, high calibre Europe is adequate reason lo 
management to motivate and reise the duly, 
lead employees in an open style. One suspects that—barring 
the availability of financial and ‘tali'—our petrol Is in fact the 
other information on the per- most expensive a hen measured 
form an ce of the company, and in "time to be worked at ihe 
the existence of a logical and average wage to afford each 
fair basis of pay and benefits gallon." 

for all employees. Perhaps the Govern mem would 

The second important factor l" 
that will require the attention « i* hi ij? i in f d w V»h 

of companies considering the [Jl rnmm * l M b Ll ! ”?. Wllh 
introduction of a profil-sharing m A C FtiVHv M k 1 a s0 ' 
scheme is the method of measur- 7 
ing company performance ami ' 

determining hbw much of the 25S? 
profit is to be shared. There is Bnr ™^ Hem 
much to commend the move ^ # m 

away from a simple percentage PrPVPntinn 1<2 
of profits which has ctaarac- M 13 

terised mamy of the earlier profit- haffar 
sharing schemes in the U.K. WvilCi • • • 

Increasing numbers of com- From the Executive Director and 
panics are now looking for Henrf of Research. 
criteria which can be published BGP.4 Medical Centre. 

SJ e 2fl! 0y f“i n "25* a ,Je Sir.—David Fishlock (Januarj- 

W k* L iL- Z _ reflect the 26) quotes a recent leading 

C ^t C lI,e in e ^® c |' article in the Lancet on the cost 
'n^i+°i!« e ! I1 P 1 i 0yCe w/ifl5 d cap,1 .le effectiveness 0 f multiphasic 

Traditional value added measures screening. 

of performance related to But as "far as we know from 
employee costs may be satisfac- 0 th er discussions of the same 
torv m some organisations but data 1he studv WJHS in fjlCt re 
it does not safeguard the return latjog the value of screening- 
on capital that is essential for j n terms of Uie previously 
the continued prosperity of the undiagnosed disease revealed— 
company. Companies are wishing t0 willingness of the NHS 
to make use of value added as S e Q eral practice and hospital 
the yardstick, providing the service to deal with it. Until 
claims on value added for depre- medicine abandons its traditional 
ciation, interest ana residual approach to treating established 
pre-tax profit can be sensibly disease and overt symptoms, 
related to the employee costs. preventive medicine will never 
Providing these two important eet the break that it deserves, 
factors of conditions in the The survey in Southwark found 
employment environment and disease in its early stages—hut 
criteria for measuring the com- no one would do anything about 
pany’s performance receive all '*■ This is not a fair enndemna 
the attention they require, then tion of the screening process, 
there is every reason for looking Playing the cost effectiveness 
forward to encouragement for game is currently popular with 
employee share ownership medical economists, hut there 

schemes through the 1978 frankly are not the criteria on 

Finance Bill. which to make a true coroparl- 

Richard T. Greenhill. son. Sudden death from coronary 

Cockman, Copeman and Partners, thrombosis is cheap; long-term 
178, Temple Chambers. preventive supervision is inevit- 

Temple Avenue. E.C.4. ably more expensive. We are 

__ — frequently accused .of providim 

q _ji v» an. expensive service but our 

• dynineilC costing is accurate and the centre 

", , has to pay its way. service its 

• runner capital and nroYide funds for 

// expansion. NHS costing is. to 

" ir 5 rtor : .. - say the least, hazy ami no charge 

■The British Association of j s made for overheads, rent of 
Synthetic Rubber Manufacturers. space- shared facilities, admin is- 
Sir, — 1 write to make some tration. etc. 
factual comments on the letters l am prepared to lay long ndds 
from Mr. Richard Holland lhat the true cost of, sav. a chesl 
(January 27V and Mr. P. W. X-ray nr other standard riiagnos- 
Allen (January 30). tic procedure at our centre com- 

There are several process pares verv favourably with that 
routes available to produce poly- in the NHS. We would challenge 
isoprene from butanes. That the commentators to produce 
quoted by Mr. Holland as using comparable figures. Additionally, 
4-5 tonnes of butanes per tonne thev were not comparing like 
of polyisoprene gives a roughly with tike because they took their 
equal output of non-synthetic enst of a very limited srreen- 
rubber co-product and is appro- ing profile and compared it wilh 
prfate to a large existing our total cost for a much wider 
refinery/petrochemical complex range of more sonbislicalorl 
where these co-products can be “tesri" which include a long 
effectively used. ■ The more consultation, 
specific processes utilise a maxi- We believe that the prevep- 
raum of 2 tonnes down to a mini- tion of coronary heart disease 
mum, of 12J tonnes, the precise and breast cancer which kill 
figure, being set by the specifi- thousand* of people under recr¬ 
eation of the butune feedstock, ing age every year, is an cconn- 
On natural rubber, production a ”'J. socially essential 

in Mala>*sia (which accounts for activity, 'khai is worrying 
nearly half the world output) the wa ^ that »n ill-informed 
fell last year despite relatively comment gets such wide nub- 
high market prices. Even at and S«vos the game had 
these prices a better investment nan, c. 
return is now obtainable by H. B. Wright, 
planting for palm oil and cocoa A. Bailey, 
than for rubber. Consumers are. Battle Bridge House. 
therefore, apprehensive that 300, Gray's Inn Road, W.C.t. 


real!'- luvi- rr-v^K-rt-d a- unem- 
pluyeil :nI rims .-hiiwn f|>mr 
jn;iI jj l»:\ i,, ;]r,<J u nrk. if not 
lheir v.ilhuvn■■■.•. i» ink*.* it. Bui 

is iT 11.inI;iir:-.-■ 1 in iliv minds 
Of Tll«* nil.■]]:[>!■ i- i.-ii" 

Only ;iit* i un, [ crude 
Oppoiiviu . •>] \MiiiIt! aver 

Unit n is m»:. «i i< suit mu* 
that ni'i-i nf i.'hih* ori ihi? tinlt* 
wmiM l..i- Suppy in find work, 
whil? .i j!*nv.ifi» ;>ri»pnrtiun uf 
Them *:nfi-r ji'jui.n.* hardship. 
L*mui!i-!i:il hi* tinjnci.il. a* a 
result ni iicv-i .tui un>*niplnv- 
ment. I In l l In.* niie->liuit :in->es 
at nh:>; i, i: i; ije a growing 
margin. J ■ ■ w incomr o;-rm*rs 
with I a ■■■.■(• i-■ :u lie-- :n-*- undnulii- 
ertly bi-iiy;- off mi f>i*ncfir Than 
work’n i. ••ml fur snrm.* others 
The **:.tr.i ini-i n:»- ma; t*e hardly 
worth ilii* fiTnri. 

It i.- I r|. I I illy li.uk.■Tntliul 


(JEM-:It XL 

Hr- L.iraarri Thatrl••.*(•. I'nii- 
servalr. I .trader. ^:u.-vi <pi.-iiker :*t 
Orion K;inl- 1 n-icil^rm. Plai-lcrfrr<t' 
Hall. Lnni|i,n Wall. IX'g. 1 jini. 

President '■l.i.lai n| Egypt con¬ 
tinues VIj.II III P.i S 

Mr. Si mi»-Ii a Ehrlich. Israeli 
Finance Mmi-icr. in South Africa 
Tor tails cun (liiUTnniem Minis¬ 
ters on scioninic and Technical 
co-opera i inn and growing im¬ 
balance nf l/il*iferal Trade. 

Meciinc of EEC Foreign Minis¬ 
ters. Em-sel.v 

EEC ii.shenes talks reopen, 
Bergen. 

Three senior miners' officials 
meet in*: xir. Len Murray. Tl'C 
genera I seen- 1 ary. in test read ion 
to the.r plan for eight-month deal 
with National Board. 


that we miM judge ihe idea nf 
fort nigh tlj payments, half in 
advance. As part nf the pilot 
prnjcci an WJViri was marie to 
*.*iliin:ile hnw much would be 
In.i hy over payment, pariicu- 
lariy to tliuse why futind work 
during the v..-ek fur wnich they 
had been paid bene lit in 
advance. 

The> came un with a figure 
uf alii.iut d.2d per cer!!.. v.'liich 
would be i'l.L'nm. on the present 
total jiinuaf payout. ■ Some of 
:hi> mighi be rec<i;er.iij|e. Since 
tiic Department of Empioynuni 
pa; s Supplenient:* i*;* Benefit to 
ihuse of ihe iineinplojed who 
an* eligible lor u. that !>enelit 
tun would h-ynnie Ton nightly— 
:unl ihe nil* it si inly suggests a 
furl her i'lni. nr >n Jo.s.> there. 
This increase tn over payments 
winiid iJuis represent alioui .i 


quarter of the annual savins 
of iSm.. nut to mention the 
extra staff that will be required 
to try harder to recoup the over¬ 
payments and combat fraud. 

Never mind. Those sums are 
pea tuti.v What is not peanuts 
is the possible effect on some 
of the unemployed, not lo men¬ 
tion the taxpayers who provide 
Ihe Supplementary Benefit, if it 
gels around that al least half 
the new dole is payment in 
advance and that there is noth¬ 
in" easier than putting off tak¬ 
ing a joh for a week while you 
use it up, or cleaning windows 
for a double income during that 
lime. Fraud is fraud whether 
payments are weekly nr fort¬ 
nightly—but the philosoph;. of 
payments in advance, and a 
further reparation of the prin¬ 
ciple of benefit from the 
principle of work, could be poli¬ 
tical dynamite. 

I say " could be ** because I 
honestly do not know. There 
is a stream nf opinion that has 
it that The high level of unem¬ 
ployment is related to ihe com¬ 
paratively high benefit pay¬ 
ments and another lhai has it 
rhar even if this i> true ihe 
price i.-» cheap when you con¬ 
sider the remarkable fad that 
in spite of a sustained period 
of historically high unemploy¬ 
ment there has not been even 
the whisper of revolution: and 
another ifiat insists that even 
lmw we have not removed the 
•• stigma " of the dole and that 
we pay our lung-term unem¬ 
ployed ion little in social 
security support. 

1 have to confess that I find 
it quilt* possible lo accept all 
Three of ihe above .seemingly 
i-onirariiutory propositions at 
inu-e. for tn me each of them 
reflects a facet or ihe compli¬ 
cated siK'icty in which we live. 
It is this deep-rooted confusion. 


which I suspect aliuc‘s even 
those who convince lhcin-.r:!\r> 
fhat they know the answers, 
that makes what seeuid like an 
insignificant derision on Ihe 
frequency uf payments uf unem¬ 
ployment benefit so awkward. 

Over at the Supplementary 
Benefits Commission, where 
they are completing Jiieir 
review of their not inconsider¬ 
able pari of the welfare system, 
they seem to have rtiled out 
fortnightly payment* ie::t*epl 

perhaps where linked with un¬ 
employment) because ihe mot 
nf iheir scheme i< Ur* current 
view of "need," and if iheir 
clients failed to meet their 

needs" in ihe second week 
of the forlnishr for which they 

had had a payment they would 

have in he paid again. Pay¬ 
ments tn advance would almost 
certainly increase the I'emeiiy 
«»r attacks un ihe " senu>tigers ” 
That some low-:nconic working 
people understandably but mis¬ 
takenly believe- cuosiiiui".* snu-t 
of tlie recipients uf supplemen¬ 
tary benefit. 

None uf this would mato r it 
might he i.airi. if tin- ran* uf 
laxalion wa> chanced xu ;h:ii at 
the lower lewis the choice 
between working and taking 
benefits was not finely, 

drawn. True, hm we have jvt 
m see changes in lar: levels hi 
mighty that they lake ihe poor 
out uf that particular trap. And 
the taxpayers who remain may 
not lake kindly to any well are 
system that appears Lo them in 
facilitate fraud. 

in short, fortnightly pay¬ 
ments nr unemployment benefit 
would probably make sen-’e as 
pari of a total restructuring, 
but it is ai the founds lions that 
we need lu star!. 


Joe Rogaiy 


To-day’s Events 


Mr, Michael ’leather. Parha- 
meiitarv Undersecretary or Slate 
fur Trade, addresses AJ! Cinema 
Industry Seminar. Regent Centre 
Hotel. XVI. 

Mr. John Grcenb'irnueh. CBI 
president, speaks at Electrical 
Contractors Association annual 
dinner, rirosvennr House. Wl. 

London Chamber of Commerce 
seminar on EEC drivers* hours. 
•J9. Cannon Street. EC4. 3 pm. 

Hons Kong buying mission in 
U.K. for talks. 

Statement by Christian Aid on 
African refugees 

Queen attends Royal Marines 
Band concert. Royal Albert Hall. 
7-30 pm. 


Variety Club annual show busi¬ 
ness awards luncheon. Savoy 
Hotel. WC2. 

Sir Peter Vunneck. Lord Mayor 
of London, attends Water men and 
Lightermen's Company dinner, 
Fishmongers' Haii. EOJ. 7.15 pm. 
PARLIAMENTARY BUSINESS 

House or Commons: Opposition 
debate on misuse or Oovernmeni's 
discretionary powers t*'blacklist¬ 
ing " of companies which break 
10 per cent, guidelines. Ship¬ 
building (Redundancy Payments) 
Bill, remaining stages. 

House of Lords: Suppression of 
Terrorism Bill, second reading. 
Representation of the People 
(Amend) Regs. U»7S. Debate on 


EEC repurt- un rcscaicli and dc\o- 
lupmeni policy. 

Solcrl Com mil lee: Xui innaluM 
Industrie.*, sub-cnni'iimcc A. .sub¬ 
ject: Scottish T-Mi-pon Group 
re poll and arcoun’s. Wisn^-s; 
Scottish Transport Croiu* -J pin. 
Room S. 

OFFICIAL STATISTICS 
U.K. bank./ eligible iiabibtic*. 
icserve assets, reserve raims .nut 
special deposits fmid- tan 

London clearing banks' mom lily 
statement (mid-Jan.i. 

COMPANY MEETINGS 

Kelsey Industries. Hcmel Heinp- 
.tiead. 11. Tomkinsons. Kidder¬ 
minster, 12. 

COMPANY RESULTS 
Dowty Group (haif-jear). 
Imperial Group i full yean. 


178, Temple Chambers, 
Temple Avenue. E.C.4. 

Synthetic 

rubber 

From the Director. 

The British Association of 





Ask us how well we know f he South Psdf 


WVIi tell you Air New Zealand 
has more connections in t he 
South Pacific than any other airline. 

Wi* offer W flights a week, via 
our gateways; Los Angeles. 

HonjLf Kong and SinfKtjmiT. 

1 n n inifonaLilt.*. wido-itodied 


GnituwJ ialw Afitnu: firitun .\im ^ 


DC-1 Os. will) service that’s 
second tn none. 

- Remember Air New Zealand 
when ynii i*e firing to the 
S^uth Pacific. 

Wo know it likp the back of 
our hand. 


T/ihdon: Jnt'harlcsIISl.. 
SW1V 4QU. ToJ: Ol-ik-iO I 118 S. 

Manchester. Rikiiti 1 -I li, 

Knv.il Exchanyo..M27 BZ. 

Tel: UG1-S32 32iHL 

4= sir reiu zEBLann 

° WcfivthePAcinc. 


















DIVIDENDS ANNOUNCED 


/ Fnraissai Tunes-’ Tuesday FfeBiiiaiy T 

Long term confidence 


Midterm leap by Vibroplant to £1.23m. 


at 


PLANT HIRE specialists Ylbro- 
plant Holdings reports an upsurge 
in pre-tax profits from £864,959 to 
£I^22G,SOO Tor the half year tn 
September 30,1977. an increase of 


period advanced by 4122 per 
cent, from tJ.OSni. to £4.38m. 


after waivers. 


Tar that year came to a record 
£J.S5m. 


First-half tax absorbs £«37^3fi 
compared with £449.779, leaving 
net profits ahead from £415,180 to 
/■5SS.864. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. Company 

Page 

Col. 

Airco/BOC 

18 

4 London American 

18 

7 

Alexanders Holdings 

?8 

2 Malaysia Rubber 

18 

8 

Alliance Building 

■ 18 

5 McMullen 

18 

3 

Bids and Deals 

20 

4 Mif/ar- (A.) 

18 

1 

British Sugar 

IS 

7 Mining News 

19 

1 

Continental & Industri. 

IS 

4 Seafield Gentex 

78 

5 

Ferranti 

18 

5 Vibroplant . 

18 

1 


Date Corre- Total Total . . . .. . 

L , CIn ,„.,..^r Trfir if if at British Sugar 

Vibroplant Holdings iht. 3.96 ' Mar. 6 . 3JS- — 9.52 ' ^ 

Dividends shown pence per share net except where otherv,lae .TH^.RfiCR>riT.Y proposed g _ ~ 

slated. cent devaluation of th ^^ n BOARD JV5EETlNGS 

* Equivalent after allowing for scrip issue, t On capital increased pound may not have any effect on . .. 

by rights and/or acquisition issues. * South African cents. 5?^, ®“**' a.T2 MR SS » M 


the year end stood at £2.47nj„ the 


o comment 


Alexanders 

Holdings 
peak £0.3m. 


be sotd tn meet taa nnd ntber * »TfSTe ££=£* 3 ® 

obligations without jeopardising " ' ' ri ■" Str Gerald Tborfey, chairman, in ^ j^itw purpose-at consider 

the company’s independence. ms annual statement. dends. ownai indications ar e no t araif-. 

Mr. McMullen says that cash n 1 1 i 1 He points out that the company abte wh«her 

Id bank Short term deposits at \AQflA|f| T113IV5 Teeeww no subsidies or aid either 

le year end stood at £2.47 m „ the kjCOllViU VJCUICA from the UiC Government or ^ ^ - 

ilk of which directors intend to ' . from the. EEC. The situation is * to-day 

i-invest in trading assets. P‘T$lT , 11TfT exacerbated by a fall of 20 per. jntertmt-Dowty croup., tiniteeb. • - 

lwlillLllIxiliU CBItL in the price Of pidp m the_. iqaals—Ciavertwiise iDvestmeat TwR. 

. . UJt and of 25 per cent in the imperial Group. 

a AnfillAvii , nl A PLAN FOE a complete to a lesser extent, by the Tem- case ol molasses in I977/7S future OATES 

VUlILlllUIlMl restructuring of Irish textile porary Employment Suosidy inagainst last year. The current ...... 

group Seafield Gentex Is being the UK. .... 7 «r is bound to be tough for •«« “Feta-.- 

& Y 1 i worked out between directors and The Beechlawn Kmttmg .Mills both the company ana its __ .. .. 

I ff fill <211*1 £B 1 the companies financial advisers- division also incurred losses .and growers'. under sueh orcumr _ .. Feh. u’ 

fUUUoillcU illr. R. D- Lord, chairman, says directors have decided on a course stances, he states. - Drayton vnmtor' owesdnetu Tsu pa. v. ; 

in his annual statement that as of action which should return the Looking further ahead Sir plastic cnunnicttoas ..:.£*{•■»■ 

GflvQTlAAr part of the restructuring it will division to profits. . _ Gerald tells members that the ftjj»«re» Tnat _—‘ 

dUVd ll LrS be the intention of the company Industrial Yarns and Gentex company’s low cost structure com- .- Mar.-52. / : 

t0 seek permission from share- (1975) were both profitable but pared with UJv. competitors and xnuer ,^^ 5 ^;....Peb. B 


Continental 


Seafield Gentex plans 
restructuring 


. , . . „ . . fb/lvrrtMAAn part of the restructuring it will division to profits. Gerald toils members that the 

aovances be the intention of the company Industrial Yarns and Gentex company’s low cost structure com- 

nper motor dealers snares eon- t0 g^ek permission from share- (1975) were both profitable but paredvdth UJv. competitors and 

tinuod to sijde on a renewed bout PRE _ TAX revenue of Con- holders and the Court to charge Polytex incurred small losses any Continental producers should 

ot pront^ nowevei, tinenta i „ d inanet-iai the extraordinary losses ansmg because of adverse trading condi- allow both the company, and its 

Alexanders shareholders __may .% . _.< _ nf limiMatinn« in the share Hnnc in tha Irish martet_ PfllvfK tnvmuw 4 . nrnenpr when true 


-a* ho the depreciation charge. • ' i 
During the.last month ot the 


Vibroplant. the plan, hire HolCUD&S dSStSff „”££ MSS % “ «* «■" 52&.-*SB&JTE P»te owi* 

seasonal fluctuation due to TIOqL |J| -‘"Stead it has adopted Us iWOft.MOWW. w»d Preference of^eS’iacPo^ SenSi^ Sw P S!Sucte»2m- inStfv®vtETtaX o’s During the last month ot^the . . 

weather influences the group wvli31SI* previous policy, shelved three dividends £19.250 (same), ^ to *>-99003 Extraordinary losses promism** Mr Lord says. ^ e »^imppd fTOm.'two- ,ea ^T Inort ° £the vJ ,mp w? 3 CH^ aQ M ; . 

should haie little difficulty in ^ years ago, of making a scrip pliable revenue emerged as J® 3 ™“® -iS?diffl'cutt-r^ nt,y ; a P D 0 UI, 5 ? a ' SK aj £Z .-sugar was bought than any-,' 

turning out £2.4m. for the full FORD main dealers Alexanders issue. But with a £lm. expansion fcwLMS compared with £471.892. ygacrapital spendingprOgramme. Qti ^ T ^ranfl. - This was-achieved - 

year. On that basis the shares Holdings reports turnover up by plan to boost tractor and com- Pre-tax revenue for the 1976-77 rcmch S wOr complete the “parity to ^ highiy competitive markeLand 

at lfiip stand on a prospective E4.lfi.ti to E23.5Bm. and pre-tax mercial vehicle trade, already year was £1.67m. sid’ary J wSe t01 ^™ ^ despite the fact that the com--, v 

p.e of S.2. and yield 10.1 per cent profits ahead from £64.478 to a announced, the group may have As already known the interim nas non fmm cSleeuard Tex- ?h» V,?uiRhre SeemS ml ^ 15,9/80 campaign. pany’s home-produced sugar wax -, 

(assuming a maximum dividend!. roL-ord £301J»03 lor the year to decided that it would be wiser to dividend is increased from 2p tn 3es which Tias^owceied^o Se deCTee of real'^^w in the ' rhe P la » is 10 modernise and 30 per cent below average. - - 

covered around twice by prospec- September 30. 1977. At halftime retain the profits in the business. 2.25p net per 25p share absorbing nierate “ ° ° ^ rec° ver y ^ «« expapd existing factonai- purmg In the year nearly. £30m. was. 

five earnings. Around a half of a turnround from a Joss of £54.S&0 Meanwhile its Dutch subsidiary is £381.150 (£338.8001. in the vear Milano Fashion was Mr Lord ^ describes the UK. ^year under review the largest committed to fixed capital, and- - 

the improvement in turnover is to a profit of £46.500 was achieved continuing to depress group During the period the companv disnosed of and made up the emolovment subsidy as creating sin^e expenditure was at Newark, an additional J20m. used in work- . - 

due to hotter rates obtained in and the directors said that the profits, and. judging by the high increased its *UA2m. loan to SrPortion!be OTaordinSy ^faS^omDeS^n tiie^arSl where Production capacity has **.capital at the.year end, 

the plant hire market. The rest outlook seemed to be very good, tax charge, probably turned in a 54 m.. and with the existing $4m. Joss The assets and stock of Rose- nlace and says that while group been - , quadrupled. Other major g ir Gerald says, that the direc- 

comes From an overall improve- Mr. J. B. T. Loudon, chairman, oss approaching £00,000 last year. i oan the company nt > w ba/faoili- ta * sUtaa i£S2S : expenditure was at Bury St tors were, encouraged __by the. ; 


five earnings. Around a half of a turnround from a Joss of £54.800 Meanwhile Jt.s Dutch subsidiary j s £3gij50 (£338.8001. 

the improvement in turnover is to a profit of I4K.500 was achieved continuing to depress group During the perio 

due to hotter rates obtained in and the directors said that the profits, and. judging by the high increased its 8 UJ 

the plant hire market. The rest outlook seemed to be very good, tax charge, probably turned in a 54m.. and with th£ 

comes from an overall improve- Mr. J. B. T. Loudon, chairman, mss approaching £60,000 last year. i oan the company 


ment m plant utilisation: P^r- says that the group's three Scot! Hoivever Alexanders’ appear^ to ties avaUable totalling fiiL A whS? "SrthS proidriSS sSSe« coming ^ Cantley and Wisdng- response of holders t&.tgir^a, 

ticulariy in the non-con.aruction lish dealerships went, from finally i ottl °, f S7ja31 "; ‘».73m.) was has been made inth e r liquidation th^sitiiation was exacerbated by ‘ , nr the ve „ to K-J 

sector, together with the espan- strength to strength during the in the U.K. The whole of its drawn down a t November 30. of General Textiles 11970). the unexpected downturn in trade „ Taxable P™fits for the year to ^hich raised juxt qveriiS^ and 
sion in trading base. Airpac year. The Northampton dealer- former dealership premises in With ^tie^rd the hest *nd whirh “S in Julv September 2 d, 1977reported W as. made more onerous_m the 

Rentals 1 which rents compressors ship is now trading at a profit and Northampton has been success- 

. . .. _ . . r __ ... . _ ,_I_ rilllv Ip, q.-hllP tVlfl 


1977, reported was made more ■ onerous in tite 


to industry and the oif sec tori is the premises at Huddersfield have fully let while the Huddersfield 
making a "significant" coninbu- been sold for a sum substantially premises hare been sold. Mean- 


tinn while the portable building in excess of book values. 


while the Scottish dealerships 


contribution is beginning to help The .vgricultura) division has 152 ? w 5 ” *®®. a further advance in 
^ - 1 ... m.c .f p or( j can increase 


What will support nerfnrmanre in made an encouraging start in its IH,a i '* * 0 ™ *■»" increase its 
the .second half is the 13 per coni, new premises, he adds, and the f n j"‘ ket sh ^r. e at * he expense nf 

price increase which took effect contract hire division continues Ley land while contract hire busi- 

in October. Moreover around a *« expand and supplies many riV^snuiii^tiSr 0 !!? 
firth nf sales go to sectors where loading national companies. ?>*£. capitalisation is almosi 
price increases have mot with The current year has started *—* 

little resistance, raiher th^n the well with both turnover and profit 

depressed canrtrutimn industry, ‘’’head of the corresponding period . • n . 

Rut standing at thjir "high" for last year. ^bQf"§ CTO 

the vear the shares are fully Earnings per 5v shore are given lJ.s5J.dlV. ILfl Y 


the year the shares are fully 
valued. 


Marginal 
rise at 
A. Millar 


as Q.Tfip for the joar and again 
there is no dividend. The com¬ 
pany projaoses to increase the 
?utliorised capital to £1.5m. by 
the creation of fim. Ordinary- 
shares of 3p. Also proposed is a 
one-for-five scrip issue. 

Net profit was £111^69 117^390) 


Satisfactory 
start for 


With Castleguard. the best *nd which began in July. . - aepientDer 

Sinpnilafnrc if«f. p ul s ayS* f>-‘'SenSS' feion ' ■ 

speculators ~ *s2tj«sm & sura > 

_ 1 Seafield is waiting on the results been receiving the TES. “Surely- tax position which demonstrated ^“*9 *'•■ - 

11 Tl of negotiations between the IDA this is not what is meant by free that the company isnot ^elyt° company smceitolMm^in . . 

ptloll Ull and other parties which may trade.” Directors have estimated, have any liability to pay corpora- The AGM w«JW v n«dNat. tflp 

. takeover most of the machinery, that under TES the group would tion tax fn the foreseeable J«ture. ...•**”■• T? •• 

\ 04 ^ Otiterwise directors intend selling have earned extra revenue or A' Current Cost Statement March z at noon^. , _ 

rhe machinery at a minimum loss, some £663,000. ... ’•• : '_C-r- ~ -V 

In other operations in the year Mr. Lord sees a danger that *-«-■»' j - p-ig 

Wall Street soeculaiors evoeot- Seafield Fabrics reduced its rate of the scheme will be continued be- I \ \ fl rflrh'Ci/Tl fH T / I -•v : ., v . ■ 

In! J tussle OW the aSai loss. Reasonable profits were yond the March 1978 cut-off dale. ■ I i/\ I C1U WII iU : ^ -. { 

oivnership of Airco foliowin 1 * rhe c arnp d by both Hampton Mills and in one form or another. • r * 

bitter row over major shareholder Westport Textiles despite both .Meeting, Cork, February M.af* ' _ Y michaeL BLANDEN ‘ ‘ ' . 

ROC’s attempt to make an out- companies betngaffected, although 3 p.m. ^ 

right bid for the outstanding - London American International, the issue. The balance_nas“been 


LAI down to £2.19m; 


equity, yesterday pushed the price 
of Airco's shares up to $42. 


McMullen 

TR.\DE PO. lh eT, uar , er of “SS 
nS™ c TJ’ al it < L tlif turreni year at MrMuUen and { 0 ~ i.s m . .hares at »43 a share. 


NEB may be selling group, controlled by the Midland 

* ^ Bank, reports a record turnover 

some F err anti shares «■ m pro 10 

The group's turnover rose from 

The likelihood that the National seek a listing for its Ordinary ffliim . to £233m. But proGts 


BY MICHAEL BLANDEN .. ‘J. 

- London American International the issue. 

Corporation, the newly renamed sold for the benefit ol entities 
unanrp and marketinE. holders. 


Josses incurred by the Dutch sub- S 0ll n sa t , / ifacJ ^ r >- Mr. Ai^s Board, which originally Board will, this shares—which*have never before before tax' and the adjustment for 

fr.friifrhi- tr,r „rT=p» «■ r- McMullen, the chairman, agreed that the tender offer ntr ennu nf its hwn nnntorl no fhp Stnclr r,w ronvrmenXS slioWSd 


reflects the ^ 


hidijry not available for offset 


aulumn, sell oft some of its been quoted 


the Stock exchange rate movements slipped 


Malaysia 
Rubber Well 
ahead so far 


Earnings are shown to be up ’ " 

from H.SSp to IIJSp per share and Extraordinary debus 
t^e dividend is lifted from 3 575p .. 

to 3.737n. _ . 


r.“ho into full operation. by investment bankers Dilfon Read "V;"' JV 

As rc P nrted on January IS pre- JJ al f, [a l r P ouSta?idine *3Sf- " A* a result of the Government's 
tax proll is of this Hertfordshire- SmiM l* 


The directors say it is difficult ™e date of the AGM is March Airco ' s ^ has d “ crjbed the 

in look ahead nnd hazardous to 31 * 19,s - tlar 1 ‘ th* 1% u aUem ^ 10 make ;,n ofler of £43 t, cnL .* -hiST^Urf 

£Z£5 S • comment £ i,£S^^SSSSS^ SSL rSfElT Under 


High Income 
Priority 


confident that the company can • ' 
continue to make satisfactory pro- Afte 
gross. decli 

The new financial year got off ings 
to a good start with trade especi- pre-i 


paying more 


After four years of steadily u,fh 3 GnaJ ° r I ojp - days ago—as "grossly inadequate." fbe present agreemenr. if Ferranu higher yielding investments is International Corporation. Mid- been lnduded. Pre-tax prpfit 

declining profits Alexanders Hold- Proposals have been drawn up In its letter to shareholders the obtains a Stock Exchange Ustins now starting to pay off foe the land Bank now has a 75 per cent, the lflrfi/iT year . a record .j^ 

ings has bounced back with for a capital reorganisation under Board says that it expects that f.®*’ ' ,s , ® hare f managers of London Wall's High: controlling interest in the group, £128^23. including £222,788 from _ . 

pre-tax profits of £302.000. The which non-voting, nigh income 3 II its shares will be purchased Urtober L 19/8. the way 'utH be Prioritv unit trust—antf after subscribing £3m- to a new associates. . 

Ordinary shares, which have risen and Preferred shares would be by "some . other company— open for the non-voting shares to f or the unitholders too. The distrk issue of Ordinary shares at £7 a Stated earnings at the .rune ._ 

sharply recently, remained created which could, if necessary, whether BOC or a third party.*' ® e converted into Ordinary ana button for the first half of the share, and acquiring the residual months stage are l.lp per iop ’ 

-1-j for half the present NEB holding current financial year-w mid - smaU outside shareholdings. ... share compared with 0.45p.;: ;. \£y 

. . . ' ■ - ~~- of non-voting lo be sold. December— has been, increased The other 25 per cent of the I ... • . . 

fr ,w <„„<* llK co Mci , of me swrk W, M awaart tsbf. y KULISGHALL (RUBBER) 

: r m „i IMe „ /«*«*. 1 . public ,0 stoototo or pure,,a* a,,y scales. SSSS? f4 of the » DEVELOPMERT " ■ 

be a sign of success for shares in as much> ^ aim to keep the g^up baTborught into London - 

-V% j a a company which had been facing annual payments growing by at American a number of new on^ra- SYNDICATE 

Cl BlfAC'4’ bankruptcy 10 be sold to the ] eas t much as the rate of^ons including the importing, - 

JSraSHVeSI a quotauon ittftatioiK__warehousing. :and _distrlbudon • MR ADDINSELL’S ' 


The group also reports a major Profit of Malaysia Rubber for 
reorganisation following- -the the-nine months to December 3L fc - 
acquisition just after the end of 1977 • emerged .jis -more- 
its financial year on September 3») doubled from £8 j 84 to £19^51 
of the U.S.-based XM Group of after tax of £15,939 against . 
international marketing com.- £6.730. • , .. - ■ 

IHuiies The figures exclude the ^results .jj 

The group holding ' company, of associates Kinia Kellas Rubber .-*- 
formerly called London American Estates and pormai Investments,. ^ 
Finance Corporation, has heen re- except that dividends declared by it- 


London . American Kinta to February 2; 197S h 3 veyo. 


ings has bounced back with for a capital re organ 
pre-tax profits of £302.000. The which non-voting, i 


ally brisk during November and Ordinary shares, which have risen and Preferred shares 


December. 


sharply recently, remained created which could, if necessary, whether BOC or a third party.*' 


This advertisement is issued in compliance with the requirements of the Council o f The Stock Exchange. 
It does not constitute an invitation to the public to subscribe for or purchase any securities. 


.A. 


DEVELOPMENT 

SYNDICATE 


Sociedade de Investimento DL No. 1401 

(a Company incorporated with limited liability under rhe laws of the Federative Republic of Brazil) 


MR. ADDEVSELL’S 
• STATEMENT 


sixty-eighth ' Annual 


Placing of 529 Depositary Shares (Third Series) 
at an issue price of US $10,500 each 


The Depositary Shares fThird Series') are represented by International Depositary Receipts issued by Morgan Guaranty 
.Trust Company of New York, Avenue des Arts 35. 1040 Brussels. 

The Shares of Cr5I each of the Company issued pursuant to the Placing and the Depositary Shares (Third Series) relating 
thereto have been admitted to the Official List by the Council of The Stock Exchange in London. Particulars relating to the 
Company and the Depositary Shares (Third Series) are available in the E\iel Statistical Service and may be obtained during 
normal business hours on any weekday (Saturdays excepted j up to and including 21st February. 1978 from:— 


Credit Suisse White Weld Limited 

322 Lcadenhull Street, London EC3Y 4QK 


iibferiHerf SP hI°-rfrfpri 3 quotauon inflation. _ warehousing and distribution MR. ADDINSELL’S ••••'..j 

^Thsi confirmalion'or the proba- S "S °' ^ * r ° UP " ' STATEMENT " ~! 

i^^“^"wwas jairsys& isfss- ^ 

maintain the NEBs stake in abroad to compare with those reoreanised lnto two functional bilhaghdll 

FerranU's f.ibrjtd Ordinary available a> home. The High SmSST ioSrtn*^“nteSSSSSel ">i 

capital ar o0 per vent—follows Income Priority Trust was fully trade finance and' worldwide L 

the electronic groups recent invested at end-December, at marketing These will be February 6 ui in London; Me. J- v.. 
success in raising a commercial which- point the total value of the managed^’ by two management Addihsell, the Chairman,: 

loan of £25m. fund was just over DOm, and companies. London American presiding. ■ -. 

Part or the loan, from an there w-ere some 114 investments. Finance Corporation (LAFCOT At £293^04. the pre-tax profciV 

international consortium of bankA The managers say that they would and London American Marketing for the year ended 3tth 

was used io repay a £6.33m. defat go liquid if they considered it Corporation (LAMCO). ^ 

to the NEB. necessary to do so, but that for sf^H^h WeJks faas retired as If 77 OT , du . ded J*?** contribu- 

Current indications are tliat the moment they are remaining chairman of the holding company ttans from tin tribute, and-^. 

Ferranti itself does expect to fully invested. SdTCSXd W.^SSSU "£F3£ nffS’ ASSf 

Taylor, assistant chief general -J™ for 1279/?*..^ 

i ii« TT* *i -mm j i manager of Midland Bank. Mr. "j 1 ® Increase‘in- tin tribute-v 

AlllOTlPA Rllimino* OTflWlh Larr >' Tindale. deputy chairman rec^yed was due hath to higher - ; 

/AXU^tJLlLv l/ulllUilw 2kl U Tf ill of FPL, has been appointed production of tin ore by tite tin - 

deputy chairman. Mr. Alan Ponte company and a higher'average. 
Total assets of the Alliance £26Sm. and the number of home is matiaging director aid also price for tin raetat..- . 

Building Society rose from loans granted was an all time chairman of the two operating - Tswaiinn in 

£1.02bn. to £1.27bn. during 1977, record at over 27,000. subsidiaries. . . ’ 'it 

an increase of 25.3 per cenL Mr. Cox said the Alliance con- Commenting on the group’s .'itV. re 2rjf” 


to the NEB. necessary to do bo, but that fo 

Current indications are that the moment they are remainin, 
Ferranti itself does expect to Cully invested. 


Alliance Building growth 


and the Brokers to the Issue: 


do Zocte & Bcvan, 

25 Finsbury Circus. 
London EC2M 7EL 
and at The Stock Exchange 


White. Weld & Co. Incorporated, 
Black Swan House. 

Kenner Wharf Lane, 
London EC4P4JR. 


Laurence, Prust & Co., 

Basildon House. 

7-11 Moorgate. London EC2R 6 AH 
and at The Slock Exchange 


7th Fehruarv , JQ r S 



minn | *rot a coin thh vhor haH tv^pn U,WI uuum'iiif h>ujvu 0 ii n moj u iu mmwi i> _■ - * : t * , . .*. 

one oT record process with the now required over four investors outstanding results In. the absence the., company ^ having .-.. bMBrfe 

arowfh rare rJalbine its w"hi£t l# finance the average home loan of the expected revival of world released by HJtf: Treasury from;;* 

TpvpI cinrp i<u<f »-hpn ” the oF ^9^34 granted in 1977, com- economic activity. dividend control, we are recom-:i-.4 

Societvs aieis Vto'od ar iiSra P ar °d with 1907 . when only 2.8 Discussing the Midland Bank mending a final dividend of;.^ 
, investors wrere needed to finance share purchase, he reports that 10.17p per share, making n-total :£• 

TTie ratio of liquid funds to the average £3,454 mortgage. the proceeds of the share Issue of 1155p per share for the year. 
total assets rose from 2 I.a per The Alliance, along w-ith some were substantially applied in the 

i£ 2 lflra.) to 24 per cent 0 ther societies, is continuing to total prepayment of the com- prospects for the PJirrexu -;, 

(£30€m.j while the reserve ratio 0 ff er higher than recommended party's medium term currency Social year naturally dep 0 "'* ■ 

increased from 3 0 i per cent, interest rates on money deposited loans, though arrangements were on the.level of tin tribute,. 
(£31.3m.) to 322 per cent in accounts which were opera- made at-the same time with Mid- largest ■” source of- toco 
(£41.1m.). _ tional before the beginning of land for a new eight-year ever- Receipts to date are-in adva 

Sums paid in by investors in this month. Mr. Cox said ihe green multi-currency facility of of those for the same-period 
1977 increased from £366m. to a thought the arrangement was 3]tin. to fund the capital require- last year, and .although.' 
record £o75nr, a rise of more than likely lo terminate at the end menu of farther averseaxgnjwith. rabbdr arid investment^inter* 

5i per cent. Mortgage advances of AprrL although the situation ... ... nrav not reheat la«?t Vf-ar'i rec 

| ro S e by i 43 m .. from 12,5m. .0 would be renewed that lime. irrnr ^ £&”£££? JS 

“ * " — " Al-rJICXf rKLtUi . show very-satisfactory resulti 

PLANT AND - The rights issue by Alfred The-report was adopted.' 

MACUINPDY Preedy and Sons, of Ordinary-25p - , r ; 

mwvnmRB a_shares at 56p per share has been ' Agents and Secretaries: 


put in some circuits 









The new Royal Oman Police Sports Stadium atWataya, in Oman, got its 
£lm complete electrical and mechanical engineering services less than a year after 
installation was begun by Crown House Engineering. 

Hence the ‘lap of honour 7 in our picture. 

Crown House are winning similar contracts all over Britain and in the 
Middle East, Australia and Africa. Outstanding developments here at home with CHE- 
installed engineering services include the NatWest Tower, Brent Cross Shopping Centre 
and the new Jumbo Jet passenger lounges at Heathrow. 

Our track record is good in other fields, too. ‘Thos-Webb* and ‘Edinburgh 

-™°ir -^ Crystal' combine to make us the leading British manufacturer 

of finest quality hand cut crystal glass. At Dema Glass, we 
d istri bute annually more than 100 mil lion assorted 
1 v Y ••. glasses over half of which go for export.To find out more 

/ j i J. *j ^ x about this and other Crown House activities and 

j.. ILL i_j i . . l>Y : . Y.V> achievements contact our Chairman, 

n Patrick Edge-Par tington at 2 Lygon Place, London 
SW1W OJT. Telephone 01-730 9287. - 


" 2S22JS ^i , 33 t m4 ^ Haridsops & Crosfield. Li.mll 

._ I representing 97.4 per - cent ..ofi. " ■ - -• 


AUCTION 

oF 80 Machine Tools, 9 Forklift 
Stackers and Reach Tracks, »nd 
other Plant & Machinery etc. at 
National Auctions House 
New York St* Leeds L52 7DY 
(telephone 0S32 42544) 
on Tuesday, 14th February 1973 
Catalogues 30p-each. 


GENERATORS 

Over 400 sets m stock 
IkVA-TWkVA 

Buy wbehr from the manu fa ctu r ers 
with full nfteMBdes Arviet. 

CLARICE GROUP 
01-985 7581/0019 * 
Telex 897784 



Gro'Qp.’RmiOYer 


'4^262 V $$&2&L± 


5ALSI SALS! SALE! FORK UFT TRUCKS. 
Choice ol over 100 used leading makes. 
SOe« of .all trucks haw been through 
our worKBhoo, tneo painted and ilgn- 
mruten. BOta ol our trucks arc ntred 
i with new seats, tyres and 12 volt 
batteries and are ready to bo to work 
Immediately. Buy ww at' ridiculous) r 
low prices while stocks last. Send lor 
our list now. Trade a export enquiries 
welcome- Large reduction on bulk 

f urchases. Birmingham ^ork Lilt Truck 
W-, H»A) Bd.. S»tt)w. B'ham B8 i DU., 
ByBri^-44 or 021-528 1705- 1 

GENERATORS 2-3000 KVA new and used 
immediately available. Keen comoetttlw! 

T&84SSS7™ L “' f0rSS22J M33 - 


UhanHitcd Profit 
before Taxation 
Corporation Tax 52% 


. . 637,934 




GroupProfit *. 
after Tax 




CostOfTMvTdeiid J ‘ 
(after waivers) Net.. 




Thfe.KrectOrs have, d^tred a'ti laienm^^iia^d^or- 
3-96p per .share whfch jtogefh©r ; 




" -V.V ’ ■ 
•- r v.-* • .vW. - : 




r 


F>, >4 


OVYl II Uu i. • a cicjjuuhl: uj.- i ov vc>*j * - b 

Crown House CP 

\bu may net see u%but we?re ttiera 


GOURMET 


BORDEAUX DtRECT's Free Catalogue. 
■■ Outstanding and Generous." Guardian. 
32 .oases, man* and vineyard iiiostratlarB. 
Write Tony Uithwait*. Bordeaux Direct. 
Aaulialne House. Farnburn Avenue, 
Slough, mentioning Financial Times, - 


paid oa.the6th March, 19?8.- 7 -. 

Kegfetered Office-Prospect 8ead,Starbeck, ■ 
























,E tT| 


a—' 


' ••••; l • -’• /:■ yv: y* '•;. 

’* i3t *S BY -W&^.iMARSfON,>#j&NG EDITOR; 

REb *tej ■ . ■ V VVv’..‘.’:’ ■*-.•;:' v'V- - V A": ;; -C :V&:: 


Gold Fields’ bid to 
mine in Yorkshire 


Coiutotidaled Gold Fields, the on the border or the National 
London mining house, to-day Park. 

launches a bid to persuade Mr. Gold Fields' application has had 
Peter Shore, the .Secretary for the a mixed welcome in the Whitby 
Environment, to grant permission area ami is being opposed by 
for potash mining south of groups worried about the effect 
Whitby in the North York Moors of the mine and the refinery on 
National Park. the National Park. 

Its appeal against a local 

refusal to grant planning per- / > „ ,, , __ 


mowing is iwide by the JUo Tmlo- :: eomalxb“ssys’.tJhAt There was a to last"jrai" Blue'Soee tok “tost “ wuu L ulil . * F. uum «4 w- -- 

'flc, '-■knstralianr altt* faU of .3 ;per-i£eafi£to:Jprimary under $AiS3ooo In the three « l ^ e int iu*ry, winch could plans to develop the north-west 

-' producer, Comalco* Y.-ahtininfazB sale&'yritMti Australia months to September 17 and made thr £ e WBeks, ,* Mr ' Hawkins Cape base-metal province of South 
-■ •^eyCTmjany reporte..a. surge^aha thatthere was^dpalderable □ further lo^StA199.829 In the ‘VETO? cZ d rec0 “' Africa, have taken a temnorarv 


Gamsberg 

setback 




a temporary] 


(Aange^hw^e^ uf -543.69x0. .^n.- ; WBakneas 
b«. ng-term-JognST'- A : final^dtadend ^quarter? jn 

*!:. *’ thtbfleWe of 

-t,, -ars toiaFJ»^5 cents compared obtafoto*™ 


rsui export saieS Tose oy s> per auction of aU plant, equipment ment . by ”. r - Gordon Parker. 

•generally and housina will he held when » r . subsidiary, managing director of O’Okiep 

mgh some the plStdlaSno hL biro coS '^ itby . P P ta ^’ *“* . a Copper, that the RiaOm. (£107m.) 

She third Seted p ««“■ adjacent to the land on which Gamsberg zinc project has been 

to: . . , ■ „• . .. • Ibe Charter Consolidated !a jomt deferred pending a revival of zinc 

• “ 19»0, Metramar decided .to venture, Cleveland Potash, has demand, reports our Johannesburg 
*;?d|fScIilty of embark on the mining. operation established the country's only correspondent. 
qpKumng, RmjMnaial and was backed by South Africa's potash mine. The property Ls An independent survey eommis- 
approvals.- Ootoa too-fe : rmdewms General Mining group. In the flanked on the other side by land sinned by the Gamsberg partners 

the proposal .to pmch^ja from its following year General Mmnig f or which Rio Timo-ZJnc holds which Include the Anglo American 


S mm 3 the proposal to phrehasa from its following year 


Mo JUI perjMLKan^M£;.sell its coupled with limited ore reserves, potash and 500,000 tonnes of salt lity. but it seems that current 

» holdimmht SUitofer.Sdttod>est Metramar were around lip a year. Instead of putting in zinc prices are too low. 

is 1o yesterday. shafts in the conventional way. Drilling has continued at the 


Y Km H 830 CS.b.gss - 4 . 3 K 7 u.o per cent.) 1 . turn sen ns coupled w 

n*„. v ^«rjwrdlnaiy ~ tosses- , ; ikm <%i holdings in Danritier SafttodTVest Metramar 

. '*& „•« Pacific . SalL A eWtoettt is 1 o yesterday. 

7 C, •• •'-••• •*—*• «ae 35.157 te -bef^y- OT atAthe annual 

Y* Ji.r * Alter Kroon depreciation and amaru- mfj^lntr «n Anrit-ftO' 

r~, f job . «su.74m.>. imcivst “eewng on April ^ 


However, if the deal -does not 
i ahead ComaJco has agreed to 
0 - to CRA •. its SB- 1>er • cent. 


annual the potash salts are in effect Gamsberg. which is only about ten 

pumped to the .surface in the miles from the R150m. Black 

■r.-.y- ■•..wn. isnMon.i ana • Cffwrmnear However, if the deal -does not p AA1 . t . Anv . f AI , form of brine, which then goes Mountain copper-ieaa-zinc venture 

'M' *r.t7m. J Oa ion#- go ahead ComalCo -has agreed to lllUl VCllI 1UI to a refinery by pipeline. • in the Aggeneys area now being 

•’o n.'T uu fu" 0 " • ■_ Yta ' : *o0” to CRA its $0--per • cent. Tbp refinery, if Gold Fields developed by Gold Fields of South 

• av». A * w< °* M 1 * nval; hHeiwsts-in ■ the wit Companies. I PYQCOIIII receives permission, would be on Africa and Phelps Dodge. The 

which .last month an- Comalco rose lOp'-tO " 22Sp A VAaoguu the southern outskirts of Whitby, latest estimates of Gamsberg are 

* Stofi???«£ yesterday. ■ DESPIT'E a slight improvement in that the orebody contains a vast 

K / r • 10 advance m - .. „. V V .• the fourth quwter. 1977 net earn- T • ,»•. 14o^m. tons of zinc at a grade 

Iiv'J 5 ¥ #»** *<"» the -strong - '.-y. ,n SS 0 f .Vroerira's Texasgulf jfell Tlirn’s Iirnflt^ o£ 7,07 per cent> and lead al 0,56 

demand for aluminium. In- **4 Der rent in URtm ttS&Sm I lliLU 3 f/1 vlHd por cent. 

Co , malc ® i?a: * ,3Qd « 1 1ts ClOSe-dO^ja at fromumm. in the prei-ious year. wjlf in thti Anglo American came into the 

l and 81083 T»1 O ‘ " - \ - Sales amounted to $483m. against Will ID tile proiect last July at the invitation 

-orj^ies increased by 22-per cent, to HlnP SllPr ' !■’ S48]m ' « . of the other two partners, who 

* fcfrt399m. • .k-^KVV, ”i io ■ rr« m Tfllll'l’n fllisirtpf" retain 37.5 per cent, each while 

•v~. •;Bauxite production- rose above AS FmESIADOWFlti; fe Herem- f a Hu^ ^^alne^copper^d 1UUri ” 4 Uarier Newmont also holds a controlling 

«v for tte flret time ber. the . iWated *3tud. Spec fertil^crs But the effects uere A HEAVY fall in fourth quarter interest in OOktep. At that time 

antimonyrgold ope^tito in panly offset by soda a*b sales earnings to SUS4.6m. i£2J7nu. t*®*®® i* nt £s }!j? er 100,16 

,7S * 54 . 7 .t®/l n ®SY a * ai,,st Western Australia'Ceased mining and higher revenue from silver, or two cents per share compared * bc n J tlt _. 

MST S.941 -tonnes in 1976.' The Tatter on Jshiiarv 12. ‘If-is TR-'ner cent.- ciiinhnr nil n<u.mi n ». with Sfift-flm a vpar ann ic The partners made it clear that 


Y u ,^«Jnings stems from the strong . Y--?*" 

Y Y'^ irld demand for aluminium. In- 

. T-h -: t‘dition Comalco expanded ite -\>|OSC~uOWH V 2l 
’, ; oduction last year and'gross .w.' • - r 

" i^Sto*'***^ by 22 ceoL.to • Blue Spec ;■-& 


Poor year for 
Texasgulf 

DESPIT'E a slight improvement in 
the fourth quarter, 1B77 net earn¬ 
ings of .America's Texasgulf felt 
24 per cent, to $46.Sro. (£2S.Sm.) 
from SCO.8m. in the previous year. 
Sales amounted to 8483m. against 
S481 m. 

The company suffered from 


”Chi ben ccnnincia, 
e alia meta dell’opra” 

OXfell begun is half done) 


Success in international trade and money matters 
begins with enlisting the services of a financial 
institution which has the World-Wide experience and 
depth of resources which are essenrial- 

Credito Italiano is highly qualified for this role. 

It can bring to your business the special skills, the 
experience and the resources which make it one of , 
Europe’s top banks, and place it high on the world 
ranking list. 

All Credito Iraliano’s comprehensive services are 
readily available to you, simply by calling our London 
branch. 



Inco’s profits 
wilt in the 
fourth quarter 


S,M1 tonnes in 197ft.- The tetter on January 12.‘‘It Is TR-jwr cent.- sulphur, oil and gas. Operating with S60^ra. a year ago. is . Th * Partners made it clear that 
crease followed, thq completio a owned - by Australian Anglo co sis moved up sharply last year reported by Canada's nickel d 5f p i l i*^ l - h h£h 


£s£ , ss?3artaa saasas o£ ,he ss& c s r z is 

amxsrui w xgn&z- tiS&'ZZ. 

~ l : . i m •. *•-.v.;o>v a . _ ESB battery subsidiary accounting i 

Sweden’s iron o re g iant loss sS'SSsess-S 


17 N1.itj.ivc. l.onJi-n tC-R«’{IX 
Telephone 1 :11-ntV?*VI I Telex: Ss '4u* S>S0751 ,'redit vl 

Hf.iJOiiivv: Mil.m 

Brand if.- anJ repre*e , niHmcotiice^: Loruk*n. New V.-rl. l.o- Ancele?, 
Bueno-Asre*, t -trjea.*. Ciucug*.', It.hiI- li»rr. NJo-cuw, P.in •, 

S.i-.i I an!..., TcLvo.iikI Zurich. 


• ^ WW cents is declared. The 1977 total 

Y . - 7 Y'~Y " YV ’ r ' “ was SI.25. compared with $1.60 

. '■;* .I-.'-'-.'"’' .Y •. ... in 1976. 

t wei worse man exnected ^ ^ 

. *▼ W* kjV/.•• (UlUl X-^-ZVreduced" sales of nickel. lower 

CA f«jf ^ *'*v>*/k-’- prices for primary nickel and 

•5U lili • - y; . : *• .• .Y- =•; r . - copper, currency translation 

•iS2v«i HilELIMINARY FIGURES' for same as in 1976 but suf^tahtially net asset value has increased to adjustments and 8 required provi- 


agalnst 52.04bru. those of the 82311181 £ “P™ved condi- 

ESB battery subsidiary accounting 

for $706m.. against 3598m How- . Further weakness 10 the London 
ever a Quarterly dividend of 20 zmc P nce r»»t*nl*y followed news 
tilt t iSESy that Billiton Metals and Ores had 


cut its basic sales price to $530 
per tonne from $600. 


-•V !*.■_ 


'eight-month /stage. 


sharedealing lower earnings have reflected the 


r’?: ■;' « iOII co^ ^r C S ^°e a d(SPS r ipvSmrote rod pJfceThigher rosts^n Se meffis 

rr'.- ^LTecast m October aha . tt ®. 197 ® creased bdrebwihg.;riie'^mh?se- yesterday pnmarily owing to non-recurnng 

55 °t.KrJiSm. -. 7 ment has already sought a.new factors. At the same time, higher 

r,l Y —Sales shrank from-Fy^.O^it..injection of.'sbare capiuiii ftom. a ccat mtmitw it c miifLntSS 1 mitTif 

Kr.l.63bn.(flfilmDv •*The the Government.. 7.?, ASSOC- MINERALS ^ du 2L“J tSSSS, .SSf 

,r r; ?■.. :“?P reflects -botiivtbeu^ftps^ Y• in. North • Swed«d r .yesterday ' I OS'lNG MONEY of d *n to m» cuSSSS d adSl“ 

rUli J™ Mc/:Nlk Aasllng, theMiiiistef of. , LWilNU MWHI mente 3 C 

Promised Kr^OOm: .fir.a. The Consolidated Gold Fields As reported here last month, 
ones or^qaPOTe .^^wnKF^fTSttfte financial:support^save' groups Assoelatwi Minerals Con- the Inco chairman. Mr. Edwin 
SI l IW 7 , epgtpareg : , wl ffl v^ j^^for the:rest- of the year the jobs solSdatcd has made an operating Carter, was defending the com- 
M “ L l“"on.es- in- the .pr^xnw g^xKAB -wotkers threatened loss of 5A3.47m. (£2m.) in. the pany’s successive decisions to cut 

I nBifnpn- tonnes jn - to^-ooom. year ^th redundancy. At the same :half year to December 31 com- back nickel production and to 
LjrwiUi74; •- 7 w. time. Etatsforetat '"the State pared with a profit of in lay off employees in answer to 

iMMTf The labour-force waS cut_.hy holding company; said it would *h« same.period 1 of 1976. After questions put by an Ontario 


"...total results of foreign operations 
were about equal to those ofayearearliei; 


miOATlThe labour’force was cut by holding company; said it would ^ same, period'of 1976. After questions put by an Ontario 
IBiuhIIO to 8W during 1977 and fur-ieij to save a fariber 250 jobs a tax credit, however, the Aus- Legislature committee. He said 
..^..er reductions -are .. being^in 'the--mining:’ company bycompany's toss is reduced that the company would face 
>!>i\>^BOtiated ’with the Unions: Pro: financing inveShents and de- t0 4A2 ' 03m - , J bankroptcy if it were forced by 

TE>!ENT iction was curtailed .to 2L3m. ?e£pnrent prufett To the tune of Nd interim Is being declared: a the Ontano Government to con- 
. ones against 25Jm: in-lWS.but Krjgon,. P Th^I*KAB manage- year ago there was an interim of tlnue produenon in order to save 

r r - : . Isold . stocks, helti ~ ln tiOJ^ment told Jfr., Aasiing that - it J2J??tt2S ent 3 te ‘ 
r. 1 -/eden and .Rotterdam-, sweTledt anticipated jsb profit recovery decte^hon was omitted. 

..i-tetf 15m.- tonhes. - equivalent: to tk}» y«,i- , , V , . AMC has been hit by a decline MINING BRIEF 

. ■ore tiian-nhie ntonthe? sales at Smu/S* 1 ?'^ in^h^ amclo American corporatioh- 

1 LtM-e preaenf rate. . coupled with a weakening id the Coal division sales omp« for jimary. 

... lia mntrhsrrtiflV ■ issnfi - Is Ol-Mr A #3 ATltf." ..pnce of rutile. Markets remain ytsnres in metric lonnw. Republic ttf 

rt.**'- ijAiWlll AvA-IN.' depressed.and a further loss is Some Africa: Bituminous: AmaiRamated 

vAB s. con tract -'1 with .tnei^.state - • «cnef?ted In the current half of <conwlla> 253.0*0. aiuHo Power lArnot'i 

U <3 - - .. Se^ScIS y t Sr. CUr ”“ t ^ SB&JPUTfc-.TtlB 

■ eras-' sBt“8aarssa 

*•■ -- 7 « Kmilfcr fwwht GC Investments has raised its 1»7T sanas proaucer 10 oe iveiing «ie caromflou tcoalj 22.M0. coke UJM. 

i.r- jij 1 Tha riCAR'TiiafMjffempnt^ bet' profit to R754m. - (£43m.)-bineb IS Mineral DepOSltSi Net (liber collieries: VlerfomelD 161,374. 
... ine stai^gemeut pg.jjnj. Latest earnings profits for 1977 have fallen ro zutnpjin Natal's lndumeni cometr aijw. 

V: ts been, trying to revise: this equal - 37.1 cents per share and $A128m. (£753,000) from $A2.04m. Ambradic: Baisw M.efifl. Naiai 
“ ••• ? mract - 1 :;: ■- YY-- the:, final dividend is' maintained in the previous year- _ The com- jjS5S«J&T55mSli!S 
Capital inyeTOhents.: v Hydro at ;20 cents (I15p) to make an pany^a 1977 sales fell tamper cent Mpaka Mine i.sr. Mom pule coiuerr 
-‘7 ~i.; -niind •'Kr.flOOm.i'/'.loudly 7 '■unchanged total of -30- cents. The to $A15,73m. • M.ses. enmp iota! s.ms.sw. 


;iL SAME- AGAIN; 



^.r - -a 



' tl^nyestmeiits Limited 

7"' - " carper ale d in the Republic of South AfricaJ. ’ 1 

ik- PRLLjMi nary Announcement 

Tfie- incqme. stitemerrt'-'.for 7 th'e:;'yiar 7 -endod Jlst December,-r ' The Balance Sheet at 31st December, 1977, shows:- 


‘ ,|T- 
-.1 ■ 

: 'lir'-' 
••"'J,. r 


aJi 



Income.from inyestmenci . ... 

Surplus-on realisation of .Investments ...... 

Recoupment of amounts'previously written 
ofF mmeral ; rightr and prospecting 
expenditure 


From which npist'be deducted: 

, WrectortTfeef 

. Provision 'fdrfWcJting : down;. invhstm enis ' 
Interest-: paid-; on unsecured lean , 

P rospectirw expenditure .,... -A .,7..... 

Other exil^rtHrer-fl^Y, ....... 


Prof! t before taxation .Y--*- .. v —■ 

Taxatron^-cuifent-^iar; ] 

adjustment in respect of previous 
. - • y«r- 

PROF!TAF¥ER ^ TAXAfiObf-^r. 

Retained jur^lus'.bfoii'giit'vfqrwacfl 

AVAILABLE > 

Earrrinjs per shari ( cxna}u i,.';; i... 


1977 1976, 

ROOfli ROOD- 

7,190 7joo; 

-377' 76 


7,507 

7,29s; 

30 
■ 150 

: - - I* 

■68 ' 

■ SSi £58 

IN 

■/:■ 2M 

959 

" 7,243 

6.336 

13 

- 2 

' -r 

7,241“ 

' Y-:31S 

• 6.323 
292 

7^56 

6it5' 

.'37.1 • 

. 32,4;. 


Share capital and reserves 

1977 

ROW 

33056 

1976 

R000 

3)365 

Mineral rights and prospecting expenditure 
.’.'•■.at cost, less recoupments and amounts 
•...-'written off ... 

1 

1 

Investments: 

. Listed Shares (Market value R82JS60XKXI 

- 1976^R64,612,000) . 

‘ Unlisted Shares (Directors' valuation 

; R20,917,000 1976—R20.689.000) . 

'Debtors and Cash Assets . 

Loan Portion of Taxation .;. 

27046 

. 6,669 

2,920 

375 

26.142 

• 7,069 
2,698 
360 

Deduct: Current Liabilities. ... 

37.711 

3,955 

36.270 

4,405 


33,256 

31.865 


DECLARATIOM OF iSlWMND': "A Tmad diyiden’d No. 29 ‘ of 
20 cents p^r share iq-respecE .bf;the. year ended 31st December,, 
-1977 (making a ti^'of 3p ctott per shire for the^earj Jias 
been, declared payibie'.tqifflemb.irt /ejwered in the boob of 
the Cdmi«n):e chtid.of bttihiew on'lfth February, 1978. ... 

The. dividend « payable-In -Souxt African currency-: Registered 
Members >ith.paym«rt':addrif*se'iii watherh Africa wifl-be paid 
from rte. Registered-Of^?hd:)^..warrants- wB1 be drawn m- 
- South '^riran currem^ Y:SegSsrertd.-Members With Payment 
addressee elsewhere iwiU be-fttiid. from the. London Transfor 
Offic^tott warrirtts wHL hei-dntWn.ib ilnlred Xlngdom cdrreocy: 
the ; dweifo'r.detKmflSpt;^-^?* 0 ^ exchange arwhich South 

.London Traiudet'Of^e / • - . ' . 

Granby^Reginration Sendees . - . > . .; 

Granby Tiouse^ 95 SqirthwttrkStreeti.'. 

London ,*S£1 OJA ^ - -. - 


■The Directors have declared a final dividend for 1977 of 20 
:«nts South African Currency per share which, together with 
the interim dividend of 10 cents per share declared in July Hast, 
/makes a total distribution, for the year of 30 cents per share 
.absorbing RS.850.000 (1976—RS^50.000). 

f African currency win be converted into United Kingdom currency 
..wili be 14 th March, 1978, Such Members may. however, elect to 
. bp jjajd_.in South African currency provided that, any such 
request is. received either at the Registered Office or London 
^.Transfer Office.on or before 24th February, 1978. 

\Divideqd warrants -wilt be posted From the Registered Office and 
; londdn transfer Office on or. about 6th April. 1978. 

. Thr.register of members of the Company will be- dosed from 
' 27tb«February to 3rd March. 1978 Indiisive. 

The, idividend fe payable subject to conditions which can be 
inspected at, the Registered Office or at the London Transfer 
, Office: of the Company. 

: per pro. UNION* CORPORATION (UX.) LIMITED. 
Y;-j'-••••• - - London Secretaries, 

•: ■ L. W. Humphries, 

'fPritK^s House. 95 Gresham Street, London, EC2V 70S. 


after translation to U.S. dollars,their 
earnings contributions declined significantly 
and accounted for the major portion of 
the decrease in consolidated earnings.” 

The big “but” strikes again! The above quotation from a recent news arti¬ 
cle in the financial press once again illusfrates the danger that companies 
face when transacting business in foreign currencies. That danger can 
often be eliminated or greatly reduced by hedging on the International 
Monetary Market division of the Chicago Mercantile Exchange. 

Unlike other methods of advance buying or selling of foreign currencies, 

IMM prices are determined in competitive bidding by open outcry, and are 
published every day in the newspapers. Commissions are a miniscule 
fraction of the value of the currency traded. Flexibility is greater too—you 
can change your position or close it just aboutany time you want 

You don’t have to be a corporate giant to take advantage of it IMM trading 
is open to small companies and individuals as well as major corporations. 

You owe it to your company to find out about it as soon as possible. For 
a free copy of “Understanding Futures in Foreign Exchange,” just send 
in the coupon below or call toll-free 800-243-5000; in Connecticut 
1-800-882-5577. 

. Maa-in Coupon ■■■■■ 

(/t) CHICAGO MERCANTILE EXCHANGE 

I International Monetaiy Market Associate Mercantile Market 



A Federally Licensed Contract Market 



























Financial Times Tuesday February 7 197S 


[wANDoois-—I Pontin’s chief to stay 

"H~.T _ A | ^ Sir fredPantin,-founder, chauS.ference to the value of the terms ciah advisers. TaemworfBonsofl,,' 

W lirthpr €{I IP llV ntan and managing director of the offer,.but will. brinff coo- arc;re^mendmg acceptance of. 

JL U1 HlVA Sfllv “ Y the Pontin's hotels and hoMay aderaWe savings in stamp dut?. the terms. ^ ^ ... 

™ villages group, is to stay on with Wie end result is that the offer 3 

m g w-cr 7 -■ the group at an unchanged salary* worth EPICURE/SLEA. 

Til AC W' ilFfl ,° c . £30 - 000 a ^ 4&iSw plis 172 osB, for DEAL PASSED • 

9 ■ Hf^« A| II Leisure succeed with its agreed ev«y 17 new Pontin’s shares after Shareholders of Epttare at as 

■'*- w v * offer for the company. the capitalisation issue. EGM yesterday cleared the way 

_ , , Shareholders of Pontin's, who "Shareholders are told by Sir for Slea Holdings to gam control 

Thomas W- Ward, the steel UME now holds oS .6 per cent of are t0 Tece tve 4 Coral shares— Fred in on accompanying letter of the company through a reverse 
scrap to motor vehicle distribu- the Ordinary capital of Allied in ll2o eac f, yesterday in -the market that the Pontin’s Board regards takeover bddl - ’ - - 

tion group, announced the latest issue and to be issued. —plus 2 - 1 0 p cash for every 17 Conrt a.» “ a well managed com- Shareholders approved terms 

in a long line of disposals y ester- The offer will remain open f or. pontin's s h are s held, are aiso pany” and that the merger will of the deal under which Epicure 

day. It has reached an agreement acceptance until further notice. to jd j n official document of .produce a group which 'wffl-be a is offering 125m. new Deferred 
In principle with wombweli a capital reorganisation. It is now major force in . the '' leisure Ordinary shares ib- return- far 

Foundry and Engineering where ff 4 MTT RORNF GFTS proposed, subject to the bid going industry. He goes on to say that s/ea. owned by the Brealey 

subject to contract Wombweli will . odd n a ru through, that Pontin’s share- “Coral will contribute a strong family, which will then' bold'.* 

buy the steel foundry business Ar r rvUAL-tl _ holders receive one new Pontiji'a cash 'flow from its bookmaking 65 per cent, stake in the enlarged 

and premises of Ward's subsidiary Hamuborne, the brick manuiac- share for every one held and thit and 'casino operations mid group. 

Sprotborough Castings for turer which made an abortive o3d shares.be converted into Pontin's will contribute substan- Shareholders also.,-. approved. 
£000,000. reverse takeover for civil neyc a p er cent. non-cumalatire taByrto the asset base of the plans for a oae-for-two. eerio 

Sprotborough is the remaining engineer Reed and Mallik last preference shares of 10 each. The enlarged group.". . issue, and a prospectus wSl he 

steel foundry business of Mar- J' ea ^ das received a bid approacn new proposals will make no dlf-• The Board, together with fib an- sent to shareholders to-morrow 
shaH-Fowler, the rump of whose ltsetf from aD unnaroed private . . ... 

▼ .i . Energy, Finance and General 

In the year Sprot- Trust where he is also chairman, 

borough made audited pre-tax 0M . ns 2B 9 per Mnt , of the Hamil- 

P r°M- ° f tS ?' 000 °n a tnrno ' e i borne shares, said yesterday that 

ts rus Mniforafp acdctanCfi' -''W- 

group loans amounting to £50.000 {, eiDg f * r the whole of y, e 1T1UUCI UiV 45ijl3iMUvV 

For the year. vYombwel] will not ghare capital. One of the condi- • “ - . • 

SETi-ffi the rerras^of^fhe H,®"® b X S diS 0 ffer^ Bank of EnsIand ******* cent, from 7J-7J percent. - Bank balances were a loria W - 1 

agreement. The book value or acceptance* of not le«s than 51 Lending Rate G£ per cent The future trend in Minimum over_tte-wedc-aad r an^tte ; 

*********** V^Sr%P»Ul (since January 6 , 1978, . SSL 


AFINANCIAITIMES SURVEY 

KUWAIT 

FEBRUARY 27 197B 

The Fina.neial Times is preparing to publish a Survey on Kuwait. One 
of the richest countries in the world, Kuwait is growing in stature in 
the Arab world but maintains close links with the West. 

The Survey will examine most aspects of Kuwaiti economic and political 
life as well as the current situations on oil. natural gas and industry. 

The main points of the provisional editorial synopsis are set out below. 

INTRODUCTION Kuwait, although the richest country on earth, is 
entering a period of serious reassessment affecting politics, economic 
and social affairs. 

THE ECONOMY The extent of the dependence on oil revenue. Concern 
that some austerity measures should be introduced. 

FOREIGN AND DEFENCE POLICY Kuwait's avowed non-aligned 
position and its close links with the West. Its growing stature in the 
Arab world. The building up of the defence forces. 

DOMESTIC POLITICS The history of parliamentary democracy in 
Kuwait up to the closure of the National Assembly. The reasons for 
closure and the pressures for its reopening. 

INVESTMENT The policy of accumulating investments to act as a 
“ pension" fund to supplement oil earnings. The distribution of 
investments between bonds and shares. 

CAPITAL MARKET The concentration of local shares on property. The 
alternative Euromarket outlets. 

FINANCLAL CENTRE The assets of banks and the private sector. Bond 
market activities. 

OIL The effects of the two-tier oil pricing. The fall in output aud the 
potential strains on the economy. The importance of oil to the economy. 

NATURAL GAS The importance of gas to the development of industry. 
The quantity flared off. Production levels and the need to find non- 
associated gas reserves. 

INDUSTRY Kuwait's controlled and ordered approach to industrialisa¬ 
tion. The acute limitations of manpower. 

PLANNING The growing need for coherent planning and the execution 
of the plan. The reasons why the 1976-1977/1980-1981 plan has not gone 
formally into action. 

TRADE Kuwait’s economic development as reflected in the import bill. 
The rate at which this is rising. 

AID The generous levels of Kuwait's aid as a proportion of the GDP 
and in absolute terms. The political aspect of the KFAED. 

SOCIAL SERVICES The partial decline of Kuwait's comprehensive social 
sen-ices. The reasons. The awareness of the Government of the need 
to refurbish these services. 

MANPOWER AND IMMIGRATION Kuwait’s concern with its own 
identity. The problems of economic expansion and the need to depend 
on expatriate labour. 

CONSTRUCTION The moves into a second development boom after the 
establishment of the basic infrastructure. The main large projects in 
the offing. 

For Further details of the editorial content of this survey and advertising 
rates please contact: Laurette L. Leconite-Peacock 

Financial Times. Bracken House. 10 Cannon Street; London EC4P 4BY 
Telephone 248 8000, ext. 515 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the Financial Tunes are subject to change 
al Die discretion of >ho Editor. 


Further sale by 
Thos. Ward 


in principle with Wombweli 
1 Foundry and Engineering where 
subject to contract Wombweli wifi 
I buy the steel foundry business 


HAMELBORNE GETS 
APPROACH 



Moderate assistance 


Lbat the intimated 


Bank of England Minimum 
Lending Rate 6 £ per cent, 
(since January' 6 , 1978) 


La?t night deputy chairman and price would be approximately -tSp 
managing director Mr. J. P. Frost per share." 


loan., within the terras of tftf S® i? offerer 'receives Bank of England Minimum cent, from 7J-7* per cent. - fi ank balances were a loria ^ 

agreement. The book value or acceptances of not less than 51 Lending Rate G£ per cent. ’ The future trend ui Mimnim 

is P SioS gh ’ S net tailSrible ^ JX ce £’ t * f t £ e intimated ^offer ^ JaBuary ' 6 ’ 1978 > *£$& Sffenred by fairly large,excess,of Government 

s-aid that the move marked a This piaces a prk-e ta" of rale of inflation continued to the houses to reheve any dayjtp- . 

further attempt bv-Ward to im- rr 5 '»* 7 l cm Hamilborne. which dominate the London money day shortage of money. The On the other hand-there-was a 
prove the group's return on £7mpa?es ■* ith a tucket valuation market yesterday, leading to B.ank of England was happy ^ 

capital employed: "Since the -ale of £do«!4U vague fears that a sharp rise in buy bills yesterday to relieve a .treasury, nujs, ana another 

Of Marshall-Fowler w e have been i n the last balance «heet for B 31 * ot England Minimum Lend- moderate shortage,, and the “jj™. 
looking roc a buyer We no the vear ended December 31 1975 ** al ,east a POMlbfllry amount of help was probably 10J per cent.. Treasury-1999^ 

longer need our own foundry h ere were net^sets. excluding in near future. Short-term slighUy overdone. e-StSiS^ffSinKtS' 

business since we are not u*insr iman»lbles of 40 4o a share roone y remained freely available. The authorities bought, a cent, tor secureo ca^toana at-the.. 
large steel castings in a in- SmUborne's ore-mxnroSiJhld but *he longer end of the: moderate amount of Treasury st art, and^ctosin*balances were . 

volume." he added. * for market reacted unfavourably, bills from the discount houses taken^Lper^nt-., . 

The moi-p foii A „c th» £ ,iv rn^°Li »Tan S " ith the one-year sterting_certifi- and a small number of local- _ _Ratei hr-the-ttHe belmr. V* - 


LiiAi Auih I Fiiumca 
ae^otiabie j Boose ■ 
IiodiIs 1 DepruilA 


I Cerdrimt« : InurtanA J. atiwrity ae^otisbie 
| t>r ilepcnlts ] ftepOsiti liooris 


j 53*-63 b 
6 Is Sag 
6 Sa 6 iz 
6i? 63* 
7-71* 
71* 7f 
7la-8 r V 


nominal in some cases.. 

i Uincoutaj ■ HlijpblB 

Company marker ttneuoiyJ Bank:' ]PIm Tn»d* 
Depmitv depoelt .| T Bflfr 4 . Billi« 




'JS-O 7 ®' .fill} 6 Tq 

" L6*4-8ta- 
•5Si ■ e r i-6±^ f 6Sg«J*- 

- ---tit**-. 66fr*V: 


! X*- 




large steel castings in any Ham Ibornrt nre-tas mofiis had but ti> e lon se r eDd of ' the:moderate amount or ireasiuv siaru . 

volume." he added. * ?hown a dramatic “ rSro^ for market reacted unfavourably, bills from the discount houses taken 

The move follows the sale of 5JSS Jui S ^ one-year sterling «rtifi- and a small number of Iocat £iSme^s. W V * ‘ 

Thomas Smith and Sons (Rodley) 1977 . from £7.742 to £104.047. « te - Vje]d 10 '* per authority bids. nominal .in some cases. 

for £i.45m. to Clarke Chapman: Commenting on the approach. _!_ * - 1 '• ----—■ — 

the sale or the Hillingdon Mr. Barkway added yesterday: sieritns . Um Auih Fioaw» t L ^ • 

iSrASir .S ^ jagg i-"*"* vssr -ea* 

the agreement in principle to sell to all shareholders on the same uvci-ni K bt.j II 1 4-w* _ _ — 6-6is 4-54* . —Sij.'t —- 

the Grantham and Netherton basis.” 2d»ysnuEice...{ — j —’ 678-61* — ~. —' “I-. ' t . . 

steel stockholding interests of ?.i*y%or i I . .'•••• .. 

burntbl^d^ake Stl Iji!' IStS *E*S. IMU *? 6 » V '. e |*i 

addition Marshall Richards Barcro. CHANGES HACVDS Toiw mnnih*.; 65 * 61 - 61 ? 63* : 63e-6i a 6; t3g **1-7 C'a asi ' ®r>-6^f6sg.63*-- 

the wire and tube drawing opera- A FRENCH steel fabrication s?n m..i«hi...J 7 i *-7 7-714 6 t s - 7 _ 7 in- 6 s 0 6 *«- 7 is . —— •.<—••• siw;- “Wt;.' 

tion. at Durham has been run grouD, France Entrcprises, has >[*»»*nwmk....I 7,1 -73 b 7i* 7j — n . 8 '!Il a 2.. “ • ” ' ' _J . -. E 

down. acquired a 25 per cent, sharehold- H 7< _ 75a ' 7 «* 0,e _ 7a4 ®_‘ 4 Z ' Z • . T;' : -.} - ^ 

ing in Burntisland Engineers and —— —-—— —— .. ..— ---—--—r—•——■—:- 

H/rrr*T T r»rrr-vi^T- Fabricators, the Scottish east coast Local aurhorftiM and finaow honses seven days' nonce, or hers seven days' fixed. •LotiBer^enn ivc&l aMboriiriEWTm* 
LftttlNV. t module builders. rate nnminaJly three rears N -10 per cent.: four rears 10 M 01 per cenL: five years 101 per cent. _ OBank hai «i«i in uMe ■ 

NF\T WFFk' The two companies announced »re burins raica for prune paper. Busina rale for Four-month bantr bills 6i-69» percent.: foor-ownth trado hals iii-fia pacts^.*. J. 

TVio ” HmpH Tz_ nnT „•! I* vpTtprriav that t’hev are establish- Approximate selilnc rate /or one-mooib Treasury biHs 515 3 ;-5Ut 6 per cent.:, bro-momh a&s+a* per cent.; and ibrec-amaa ~> t 

Board of Henry IMgfalL, yesteraay that tney are^estaDUSn M9j2 ^ wai _ Approximate seHjns rate for one-mnmh bank WHS 6 per com.: two-momh D|* per cent.: and ^wnooih. 

the TV and electrical appliance 3 joint markPLing company in wr C(fn _ onMnom+r trade blfis fl] per cent.: ivro-Tnonth 81-fiJ per cent-: and also three-month Ss-W percent ;• 

retailers on the receivin'* end Pi London to contract for work on a Finance Home Base Rates Ipuhttsbri by the Finance Houses Association!: V per cent, from February 1. HtfS. M«i,o 
an unwelcome take-over sir! from worldwide basis. Bank Deposit Rales «for small sums al seven dan’ notice) 3 per cent. Ocarina Bank Rates Ar leuttns » jw cent., "“war ^'i 

SSI SERES SZElEZ France Entrcprises employs ■««•: Avcrwe tender me* of dteomn B .»73 per ««. ; ; 

send out a comprehensive defence ^bout 3,000 people betiveen its - • " .■ ' ■■■— 

document to its shareholders early fabrication shops in Eastern 7 -w "w ~r .«. THlh 

d« t despatched ^ World Value of the Pound 

at the end of last month, which The Burntisland yard, employing v " \JM. -V U1UV Jt. . 

said that Comet did not believe «0 is 73 per cent, owned by • ’ • . 

that Wigfall assets were being put British -shipbuilders through the The table below gives the latest available Scheduled Territory: (o) official rate; (F) trft 

in proper use “either in your ^ a S d ,"jS l ^L 0 2" t j2f* ye 2£.rates of exchange for the pouod against various irate; (T) tourist rate; <n.c.), non-commercial 

interests or m those of the con- ^tBdon at Dundee. The *5 per curre n C /es on February ft . 1«78. In some .rate; (n^.j not available; (A) approximate ra£. 

sumer. is likely to be countered stake French _ T(x _ nominal. Markei ratos spp thp. no direct Quotation available; (se) selling rate;. 


World Value of the Pound 


The table below gives the latest available 
rates of exchange for the pound against various 


Scheduled Territory: (o) official rate; (F) lift 
irate; (T) tourist rate; (n.c.) non-cammero^ 
.rate; (qjl) not available; (A) approximate ratei'. 


r Er ;rl f n L«vL C0 ,h nItrc conipanv was formerly owned by cases rates are nominal. Markei rates are the no direct quotation available; (s 8 ) selling rate;: 

rent ^r^andTn tofiJSS^S “XoVtium 2tbS& Sship- average of buying and selUng rates except where <bg) buying rate; (nom.) nominal; 

nrnfit a hi lit \r i n pins interests. tney are shown to be otherwise. In some cases exchange certificates rate, (P) based on o.ft 


profitability in 1978-79. 

The WigfaJJ Board is known to 
held around a third of the equity 
with certain back from associate-: 


ping interests. . , . 

market rates have been calculated from those of 
tt tcc * v tree foreign currencies to which'they are tied. 

lUMAlua Exchange in the U.K. and most of the 

C ^. n countries listed is officially controlled and the 


^^fl0 hO p^Snt n,OUDtin5 l ° SrtsAT **>*? ^ouldnot be taken as. being 


S. Pearson and Son. 

UME/ALLIED 

The cash offer by United SHARE. STAKES 
Medical Enterprises for the share Crosby Spring Interiors—On 
capital of Allied Investments has February 2 Mr. V G. Clayton has 


i p£L and d sulKJdiao of app j icabl€ t0 any particular transaction without 
S. Pearson and 5on. reference to an authorised dealer. 

Abbreviations: (S) member of the sterling 
SHARE STAKES area other than Scheduled Territories;’, (k) 


exchange certificates rate; (P> based on Oft; . 
dollar parities and going sterling dollar rate;; . 
(Bk) bankers’ rate; (Bas) basic rate; femfc 
commercial rate; (cn) convertible rate;.(In)., 
financial rate. ■ ■■. : 

- Sharp fluctuations have' been seen -la^ 
in the foreign exchange maricet.. Rates in tiny 
table below are not in ail cases closing rates 
on the dates shown. ..- . - j 


become unconditional. 
Acceptances have 


sold and Mr. E. A. Crosby has 
re- bought 500,000 shares. Con- 


Place and Local Unit 


i Vahwof 
j£ Star nig 


Place and Local Unit 


2nd MARCH 1978 REDEMPTION 

PROVINCE OF NEWFOUNDLAND 

U.S. $20,000,000 8i% Bonds 1986 

REDEMPTION OF BOWDS 

j Tlie Pro'.inc* 5 of Ncwfoondland Announces that for the redemption period ending on 2nd March 1978 it lias purchased bonds of the above 
loan lor U.S.S300.000 noimnul capital which have l>een duly cancelled. 

The nominal amount of bonds to be drawn for redemption at par on -ud March 1978 to satisfy die uai-nent redemption obligation is 
svcordin-rly U..S.SI.300.000 a u< I the nominal amount of this loan remaining outstanding after 2nd March 1978 will be U.6.SU.300.000. 

DRAWING OF BONDS 

Notice is ai.-coivlinglv hereby given that a drawing of ixinds of the above loan took place on 20th January 1&7B attended by Mr. Keith 
T rancis Cioft Ba kcroi the firm of John Venn & Sons- Notary Public, when L30Q bonds fora total ofU.S.$L300.000noniina 1 capital were drawn 
lor redemption at par on 2nd March 1D78. from which date all interest thereon will cease. 

The following are the numbers of the bonds drawn: 


ceived in respect of 7,832.021 currently, Mr. E. A Crosby has _I_ 

Ordinary sares of 3p each (56.3 agreed to sell 250.000 shares be- Afghanistan .\reh«ni 1 7 B.M 
per cent, of the issued capital for tween the following directors and . .. lOio.io 

which the offer is made). To- their families—Mr. I. H. Camp- AIU " . Luk i) iu,. 

aether with shares acquired by bell Mr. D R. Baxendell, Mr. Aigcoa- tiiiisr j j.wra 

U5fE during the offer period, w. O. Warburton and Mr. A. J. An.ior™. iSSSllhpSHSuJ 167J0 

" ~ Webster. Ao^nig.Kmua [ u^. 

Wight Construction Holdings— varlgiu. Wj... E.L'ariUiMD s • b.240 

- r C -J C ° n *1“ dlSP °5 „ ° f -WrfnlM... Af.Pc M .Fi W ]bu I2S2 

oO.OOO Ordinary shares and now i 

holds 350,394 ( 24.1 per cent.). ,3 J- » I ’ 

Derritron—Amalgamated Indus- A TOrw ..’;..";" yonug.^Eswiao.! jwb* 
trials Holdings has purchased a BaMm&s iS> Ka. Dr-liar I 1.039D 
furtlier 2.500 Ordinary shares hvlkkih 18 iv»k« J za.70 

bringing Its total holding to B/Oirwo .s»... M»r . o.tbz 

9,919 J95 lS2.9 per cent.). K.T !«, - SSjdKSL « 

Harrisons Malayasian Estates— narteid.AS,, 3.87 

Harrisons and Crosfield now holds i i,v n n 65 . 

28.557.663 H7.1 per cent.) shares "ksiunj. b. fpboc ^ 

following the purchase or 400,000 R*ii."c. b s S.B7B 

lias purchased bonds of the above February «j {,er '° d January 10 BenniKin b.’i*. s . 1.959 

reoruary Is tin tan.iiulma nuyra 1 15.74QG 

Ilarcros Investment Trust— Buiiiia.BwUnxal’ew ; M.78 

.■urnent redemption obligation is Rothschild Investment Trust is I 

I07fi wH 11 he T7 s 51-1 HOO hurt now beneficially interested in bmsw«iu iSi. Pula 1.605B 

1978 Will oe ti.b.S14.a00.0U0. 1,306.500 ( 6.S7 per cent.) Idp stock J-"'-;-•* ?'■« 

. r Hr\ lp„-inl5iM ti.Si.S 1.8390 

U * l? ’', . » . Brunei iSj .Brunei 9 4.4975 

nuary 197G attended by Mr. Keith „ -^S 10 _ -Amenean ,A.sphalt— : umgarifi.Lev t.7491 

DO.OOOnoniindli^ipital were drawn ?o-rtn y r« j ank w dls P 0!! ® d oF ... 

a2.a00 Ordinary shares and now Burma.tyxt 15^8 

holds 207.33S (4.61 per cent.). _ __.. __| 


Afghanistan -M'^hani I 78.00 

AllMDia. Luk .1 010.10(A) 

t iu. 

Algeria- lliuar : 7.830852 

. n ,, rtr _ j FuiUrli Frani-1 9.565 

* n ' l0rn i Spanish pe«u! 167.10 

Angnlg. Kmua [ u^. 


Australia iS». Australian 8 | 

Austria.jjHiilliug I 

Azores.Ponug. Esmilo.; 


Roli.-e.. .. B S 

Benin.C.F.A. Franc ' 

Benmi'ln i*).. Btl*. S 

Bhutan... liulian Jlupee 

Bulii in.Bulirian I'ew 


OOfOi 

IMIIR 

Wvr?<i 


own 

0007S 

00110 

ooue 

0-MU7 

00189 

(10203 

(0242 

icrt 

00272 

0CC76 

00261 

M^9 

00249 

toils 

00448 

OlM.’. 

on-rs 

tWFiP 

06'J8 

00516 

W-VA 

(WW9 

00607 

Om-Hj 

0WJ12 

tons 

ooca: 

006»i3 

0.1686 

ooaxi 

00713 

Oi719 

OUT 10 

(0775 

ooeio 

unttU 

LWJJ 

bClt.VT 

(IM 

000.11 

nmt^. 

0 -> 86 a 

a«69 

WK66 

00888 

OKU! 

OiWIO 

00925 

0UtC6 

.00027 

00929 

00M2 

W936 

109.17 

00982 

»WMI 

MMf» 

WOhS 

ai*K4 

01072 

01 HE 

01208 

01223 

0122.* 

01228 

0)274 

01^3 

01280 

U1291 

0)5)1 

UJ1S7 

01353 

W137J 

01 M 

01519 

oi*a 

111 vs; 

MJ6 

ill ".7ft 

■31388 

OI5BB 

OI453 

01*48 

o:.si!i 

01856 

01076 

01-516 

016W 

01711 

017150 

01737 

01711 

nwi:: 

tfl«3S 

01853 

fn& r ri 

0IM» 

01663 

oi.jp.; 

0UH3 

U212S 

021il 

02138 

021.71 

02150 

02I.-U 

WlWl 

02186 

OTJ4 

02281 

02400 

02196 

teaC'i 

«C5l.l 

02fC0 

f'JiL'l 


U2V41 

■(e¥o 

02 : «i 

Ute«7 

02667 

02bT2 

O.-.'Tr, 

027S5 

02119 

IC7V. 

02820 

O2S20- 

(C&19 

resa: 

02857 

(£8U 

o.’Xji: 

02916 

«'.v“ 

<r±y>n 

•tiW 

Ui-76 

tWK4 

a>iu 

01118 

03121 

0* LT 

02132 

03)42 

"rtj I5T 

ftcin 

02212 

U32J7 

03226 

IS3221 

cor.t 

W12I1 

0S24O 

lltllT 

DJT'.l 

01S57 

wire 

(£.109 

03126 

OH:* 

00478 

- VSWI 

IX". 151 

CBiXJ 

03-714 

-UjW 

O 1 S 88 

oa-w 

own 

OtV.17 

iw) 

*Kil> 

03661 

uw«n 


»c>?7a 

0W92 

(via 4 

U::7i>3 

IK7IW 

037 li 

•£.727 

OJ7S3 

03770 

17-792 

91803 

0»i4' 

OJ828 

03836 

(U*>4 

HHB 

-lj37H 

03905 

n-nus 

iMi.CL" 

ones 

OllCV 

(Haw 

11 1067 

OIOS* 

04139 


turn 

0:112 

IH1M 

im« 

04182 

04224 

01277 

042*8 

OtSri 

04-lu: 

0435.5 

1*1 Ul 

inii'i 

OiVVI 

DII76 

04501 

Ml >34 

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Camera'll &p C.F.A. f nmc 

CoDBiia.Canmium S 

Canary la.S|*msli Peseta 

Cape Terje f. Cape V Escudo 
Cayman li.isfi Cav. I. K 
Cent.At. Rp... CJT.A. Franc 
Chad-•C.F.A. Franc ' 

Chile.C. Peso 

China.RanmlnM Yuan 

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Cyprus id)_cyrua £ 

C'*o.'hoslovak. Koruna 

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Lyihuutt..Fr-4 

Duminieaidi.. E. Carilibean 3 
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1.70135 Gn&temala.;.. Quetzal 

l 29.30 Guinea Hep... ¥>'Hy . 

78.20 Guinea Bi-sau 

1 1.0390 Guyana (til.... Guyanese 8 

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! lri»h 1tepiki..-lriali £ 

; M - 78 Israel.....—: Israel £ 

kSJc^I^Ka. Franc 
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4*4975 .Ten. 

17401 JinvUud.-tS).Jonhua Dinar 

* 31 Kampuchea, kiei 

,• «. Kenrat61.;_::. Konya Shining 

la ’ ZS Korea (Xthl... Wo„ 

175 m; Korea (dfhl... Woo 

Kuwait (Srhi. Kuwait Dinar • 

477 J. Laos-rt-Kip Pc< Pol . 

„ Lehaonn-...A:.'i<*»ne8e £ - 

IB? in l«Si>tho-S. African Band 

1B7 '° Liberia_Uberian S 


Value of 
£ Sterling 


4.003* 

2.19|sg) 
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1J01B 
. 70.2796 
11JB- 
6.240 
8.655 
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1.9390- 
41.K4: 
77JI12 
4.94445 
9.695 
3-Bfl - 
[ 8.91 
/com) 72.97 


Elace and Local Unit 


VahftRd 
£ Sterling. 


Paraguay....^ Guarani - I 241J8.': 
P’jil’s D. Hp .. .... ■ 

of YemeniS) 6. leinen DinatrfA|8^8JTES 


Philippines... Pb. peso . 

■Ise'JtoLl 

Poland......... Zloty 


BXC[A|25t9r 

UM»“ 

UCm)«6ih : - 

j (TittM 


47.054: Portugal...... Pgse. Eocwlo 

77JH2 PonTliuor.:.. Thnor Bsoudo 78-28 

4.94445 ‘ Principe.'lale. Pgve. fiaoudo 78.28' .. 

9.695 Puerto Riw>.„ P.S-. S 1 MU - 

3.B8 - ©aterfS).™... Qatar Byal : JJBl 'TJ 

8.91. Keunion - '■! • 

(com) 72.97 liede la..French Franc . 

(T) (nc)5B-35. Bhodnsle..:.... Khodeaten S 1.28w-- 

i mu • - i (eriii9J2r >. 

j 16.7048 . Romani*.I*u 1 (n/^ILS3i«, 

I 804.085 Rwanda Uwanda Franc 37fc10;S; 

I .(.in et rniviB*n_ - 


nju 
15.7048 
804.085 
(A; 155 
-0.573209 
1.00 
30.075 
16905 
477? 
2.61765 
468j:- 
8 -B 00 |sg) 
2527 


St. Christo- ■ 
phar (SI.. M E. Caribbean 6 
St. Helena..St. Helena £ 

St. Lm-ia W5K. CarilAteo 9. 

St. Pimre.UJiA. Franc 

St.Vinerat<S>-E- Caribbean 9 . 
Salvador EL.. Colon ■- “. • 
fianoua OoUl'i. f . . 

San 'Marinii— Italian Ura- 
-Sro Tume..„.. Pgve-.jEaondo 


15:4895 -Sandl Arabia. Byal. 

1.79161). Senegal.—C.F.A. Franc 
948-05 SeyvbelJev..... S. Rupee 


n.s. 

1.6158 
471'* 

4773* _ 

M&dO.. Pataca 

fBt) 52.99 Haiieina^.—. Pertug’seBsoudi 

3J8S3 SUlagasy ftp. Mfl Franc 

{Fl 73.79 Ifaiaal fS).... Kwaclu 

477i* Malaysia {Si.. Minjoth 

4771* Maldlvc la.iS| Mai Rupee 

ffisrn RP.Mali Franc 

16.676 Malta f61.Maltese £ 

I. 4817 Manlnlljue... Local Franc 

0.7442 Mauritania.... Oiyjjuj-a 2 

1 ic.-omil0.E0 Maurlrhiat®. S. Rupee 

im<i21.10 Myxicn.Me^y.an Peso- 

f {Ti 18.46 Mnioelutr-C.F.A. Franc .. 

II. 05 M&naco..^.French Franc 

6.240*' MpbRcU* Tugrik i 

1.9590 Morrtserrat... E.-Carribeaa 6 

MiiraciiiH-i... Dlrtnra - - 
irGwwia Mozambhiaa. Moz^Baoudo - 


Libya ... r .Libyan. Dinar l(Pl 0.57405 

Lievdit'ornn... fiwlra Frano I 3^05 
Luxembanrg j Lui Franc. 6S.2Q 


. W'ilne&r K.P.C. Baker. Notai-y Public. 

The above bonds may be presented for redemption at par on or after 2nd March 1978 at the offices of the paying- agents named on the 
coupons for payment in the manner specified in Conditions of the Terms and Conditions of the bonds. Each of these bonds when presented 
for redemption must- bear the coupon dated 2nd March 1979. and all subsequentconpous. otherwise the amount of the missing coupons will 
be deducted from the sum to be repaid. 

Principal Paying Agent: N.M, Rothschild & Sons Limited, New Court. St. Swithin’s Lane. London EC4P 4DU. 

7th Fco i uurff 1978 


This is your first step in expand¬ 
ing your business — in joining 
the industries already thriving 
in che Highland Region. 

The new technologies of atomic 
energy and oil exploration are 
mingling with the more tradi¬ 
tional industries using local. 
skills and natural resources col 
produce a dynamic environment 
for further development. 

The development department is 
a total service to industrialists. 
We provide the most up to date 
regional information — in facti 
ail the help and knowledge you 
need for an expansion decision. 
Our service is comprehensive— 
and. of course, completely free. 
Make the Highland Connection 
now by contacting Gwyn Davies. 
Director of 
Development. 

at the address I Ajfi52L 8 
below. f J* 1 


Ecuador.Suwre ifCma.lS 

‘■18150.40 

Egypt.Egyiit Ian £ 1 (0)0.758 

l iff) 1.51 

Ethiopia .Ethiopian Birr !{PJ 4.0183 

Eq'ti'l Guinea Peseta I 157.10 


Parkland la. j 1Sm £ ; 

IBJ I 

Faiv< In.. Dauiah Krone 

fj;j .p^i s 

Finland_Jlarktoi 

Franvu .. French Franc 

Fr. ClpinAP C.F^t. Franc 
Fr. Guiana.— Local Franc 
Fr. Par. If.... C.F.P. Franc 


ftien-.I^’nw.Sj Leone 
Singapore (6). Singapore 9 
SuIoni>.m i>(S)-Aii9tral.ian S 
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Sell. AfriiafSj Band. - 
5.W. Afrli-an 

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Spain-Peseta ... 

Span. Porta in 
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Sr. tanka pJ.)S.L Rupee - 

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flTi 18.46 
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4-.58S SwarUand^S.l Lijanftmil . ,1.1.98481^4^ 

>7.62097 ' aw « | e«-'u.S. Krona- -. - . 

966.5 Swltaertanrt .iSvrtss Tninc- — J.: -Wwr 
' .-0.7648. «yri*.■ 

. 9J6B . Taiwan.>jerc'Calw»n 8 

92 . 12 S ‘ Tanranl* (S.).Ten;Shilling' • '- l«, 

12.1158. Thailand,...^. Baht. 

" 48:82 ,-477*4., laV**! 

4773*.- Tonga la. (S.) pa'anga Cfll 

• g .655 Trinjriad^34.-TTim* Taiego _ 4.ft 4 -^>f Ml! 

t ' • Tunisia".—jv„. Tunisian Dinar 10.778iarf .■»! 

j fOlS.BBTdl) Tbritejr.....Ttrridsb Lira * 34 J8". l fit J- 

’ sxa ■: TdrkAi-c'^njs. s 

B.Mltjr) .Tuvalu .AosCraDan £ . ’ .v Wullfr , 

; ..“f: 

; . :*]SK ■ ■ 

.8.47081-’ —.Hunt) lie " .• ? . 

“ 154 . 12 - - Uppec Volta-CJPJS. Phuk .■<770*..>lf ;. 

" Vatloan-frahan ldre “ HBKltjl 

Il S ^'T 'e'nefcU*!*'..':.'Bolivar. 7 ' ' V-^-Wsyi&x 

A |. 

- ’ Tictnn|3t5')'Phfu«'"..7 "' ' -8S&7tU8f, r ' ~ : ■ ■ 

' VirginL».-UA tr^f. Obiter - - 1J»'• 

' D.B71 'Wtetem ... / -s ; ‘/ ■'' - ' ' 

. . ■ Samoa.(Sj Stmoro Tnla ,'■1'*®?;': 

• 19.18 YemBn.;. : .:j... Ryai- . : 

. 1.9391-' TogualariaxW'.T"Diaae 5 fc184r;_ V - • 

• - • hi ra 17.p ■ /all . .7- 7 ‘lJSUl ]*'" 

MM5 ' Za55k3I:.-Knaciia . ’ . 


11.05 

1.67755 

7.7112 

9-556 

4773* 

8-555 

173.75 


Gabon -_t'.FA. Franc 

iioinbui pS).... Dalasi 

r '™74., 


Nauru Is~^- Anat. Dullar - - 

.\6inl-Neraleae Kaput 

.Vetheriandu.. Guilder 
Neth.Ant'lea. Antillian Guild 

NewHebridW [SuetL Dollar 
S. ZealandlSjN JS.-Dollar - 
■Vh-aiagua-^L... Cordoba : ' 
-Nwer C'-FwA. Prune 

Algeria Naira - 

Nunvay __N’rn^. Kroon 

Ouian Sultan-1.... n ■ . 

au* ut«S).^ r n “.9 n “ I,I .- s 

Pakistan_Pint-.-Rupee 

1 ’auaoia_.... JJalbdia 

Papua^.G.(S> Kina 


. 4773* 

.1&25BR 
. .1313* 


niter - j1^38 ■ 

I Tula j. '• 


Regional Buildings 
GJeiiurquhurt Road. Invernc.'Ui. 
Tel: Inverness 1 WtKij 34121. 
Telex 7S31S 




Highland 
^Region 
V TTefvelonn 


Development 


' That pan at the Kraicfi oomcwnlre in Africa formerly 
pan of Prencn Wean Africa or French Ekmatorte)' Africa. 
1 Kuuees per pound. I 

t The Ouguiya has replaced the CFA franc. The exchariJla 
wag made ai a rate of CFA Frafi to one radt of-the 
new currency. 


. * A/ars ana ' Issas now Dudood, . 

t General rate* of on and Iron exports 51.438. - 
; ,.- a Based on cross rates acaiosr Russian roublrv 

** itarc ts the Thanciar raarttw i wmrm ltort) 
tT Ttate is now based on 5 Barbados $ lotos dollar 
« Now -owt otBcial rale. 



Thomas Cook Travellers ChequesI 
e accepted 




















I§s?Isi 


ivir. i BBp ar?t 


laiTiTT 




Ui j Kim S f] i 


I ■T7T1 


ICftt dfffUlflcL & Tlta girt- Tt ra^ilc 


iTahLspirft.fdrthe 'gin'Hc^^g 


gronp&Bjsdemasd for 


hw«| H - 'SiEj i 


ifn^rgffrri 


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•••' ??- 

»?z¥ 


Dd-it-^burself computer 
to cost £695.: v ." fv M:':,. 


l _ r * ?SV ' BY-WAX. WILKINSON :, ‘ - ;■•’ ’ • .7 > ...? - ■£.?;.- 

^ ’ w., PERSONAL computer costing. - A standard GO miSute cassette 
r ‘< ai\ Was launched • ^yesterday will rstore ^ihe . equivalent of 
®hobbyists,, do-it-yourself about 70,000 written -words, the 
""a: . ^ntbuBiastSc scientist* and small size of a medium letstb novel. 

V -J - :. - The company is expecting the 

,.!>*** ^oks Jk l Q ??v^ awket.to broaden «5cWy from 

-*;■ £«n" A-Lfri&m&tL&iSS’ 

: *.Hp £andanl tapesabused 4&t ttS" ^ bli ^^ e ^:...A.-'’- . 

i infonnat3on-or'.loadtarwt>X^ Commodore te-also’-lo market 

'•■rams. • ,. . prograpis. expected; : to wm 

- The m'akeK 'Commodbre BusI- aWM £& for a tape;'with one 

'"ESS JUachines, *nya flf»r •% program on eaofc sdto^ lt IS also 
:• ;•. * t^wne computer, naiped PET, is expecting -clubs offsets io fonn 
—- -O popuTat'ibiat 'It;already -has" a eml swap inform aSctfi. and pro- 
“ .aiting list bf .custoniers. _ .grams. •i'-.'ivV.;,'.. . 

■.The company- says .that it "ox- Extra items, shcfrsska' printer 
. *cts the computer to be tised ’by. a ?^ fait access^ disc memory 
?: c,?ople who want to teach theaf w.U* are expettpd ;to be avail- 
v 3 :• t lives ahniii- pmgrnmfnihig,. ay able eventually. ;-The,-.machine 
I *i instructor tu 1 .arieiittffc or. also has plugs • for iise';by do-it- 
*;her subjects*-.‘for.'sojlhtsiicated yburself enthu^a0s witp, .wish to 
‘V games,- \as. a calculator and.program the'machflne;to control 

__-»r domestic accounting and lights; ele'ctrlcal'- aprtianc®s or 

~ ' 7~Hing.. ... v; ..• “ - answer . 

iotelexpectsbigsaving • ■ 
rom computerised system 

Jte LONDON. Tara Hotel yes- Sigma Data Coinpntinrgf eorpora- 
fk m.Ji’day uoveiled what it ciaimed ticn- of RockvllT^. Wai^ahd, and 
111V||| be ‘ ibe . -first; complete', rom^ t3aie; : "hardware was '^supplied fay 
lv MUViteris^^Sbtel • mamig^ciit:.. Fichu: ^ Phase- Systems,- jA ' U-S. 

id bookihg system lu tfie micriHioinpufet armpany. 

: :-.r:jj suited Kingdom.’./ '.V ■ ■-A- ^ -•/:•!- •-■' 

■ 7, . i • The .system;- whteh' Cost'^' V ; • ■:• ■ ; '. ... ' 

. Ai-^O.OOO to ihstai/ l5 ttroected ' Tj^rkf nn/l'oKAo 
ij-i produce r .savings' VuT.7 ahotft■ JtjOOI 'allfl SHOG 
, 9 w 00.000 a. year, 'Mr, Eoiu^.PUv v ... > . . .* *.. :*• .. . 

. . PiV.n, the hoters>-mauage?,: said.: ■■•|J¥|T10rlS'llO : -- 

-..,,-rdst of the savhag would come'-. “ ' 

'xun a reductloiLbf staff^of about ; loci’ irpol' ■' ‘ '* • • 

r'%\\ from tie total of 450. ;• ! V.‘ -WW-YCfli . . .. 

. 

i, «.turnover Iast-yeardf r £5-3m; \^ jralrs, were 15.5 per cent, higher 
a!{ a i n-Th e computer isystem is COD- in volume than in the same 
d ied by, a tiny mrerbnrocessdr.- Period of 1978- Their yaiue. 
tenth of the ;size. of a postage £199,lm^ wps /34.r. per . cent. 
imp. Including memozs stores, higher, according to statistics by 
sewer, supply and gather, equip- the British Footwear Maaufac- 
2Qt, the twin computers occupy hirers’ Federation. . 

--e space of about, three' filing Imports 'from Hong Kong 

bluets. accounted for-22 per cent, of total 

. .... r.-The system keeps an up-to-date pair'age imports, followed by Italy 
it of which rooms Crer occupied with an 18* per cent share and 
id which. are.- ready - For . re- Taiwan with 12 per cent 
• • tting, handlea.ailthe customers’ Footwear exports in the same 
; filling, ..automatically • calculates period were. IfiJta?. pairs, valued 
lephone -charges, and will .give at £33.8m. This, was 16 per cent 
e telephonist ^njUphpbetic .list higher in volume and 53 2 per 
.. ' guests' ■ withyV their /-room- edit higher in value than In the 
’ '..•".unber& .first 11 months 0fl9.76- 

- The computers will' also : ’store • - 

-*■ mpie messages.ftir>.fp»ests such ’ • ' . . n , • 

ring yourwife.’tor amrt the JVlUImPr MIPS III 
. ... -cep t ion that is waiting. - 

... j: : It. operates somewhat bn’-, the MR. ROLF HANSEN, Norwegian, 
aes -of airlipie.^ reservation Minister of Defence, fiew to 
■stems, with; ia v&7$}arck-< and Britain yesterday as the guest of 
.. Television scregu;yj-J<riKE fiysttra Mr,. Fred Mulley, the Defence 
iBS installed’by>CaTa.'CproUlting Minister. Mr. Hansen is .to 
1 Aer Iingus subridiar^^=r- r ’'‘ ’ ^pertd five days in Britain. re- 

' 1 r^- The softw^ (progcaiiO pai^< turning the visit paid by Mr. 

. . : *»e; Is. Datahost : t0 Norway last year. 

: ■ : Public WorM feban Board rates 


BUSINESS AND INVESTMENT OPPORTUNITIES 

readers are recommended to take appropriate professional advice before entering into commitments 


Howcana 
merchant bank 




company? 

■ Do you; need to increase your overdraft 
or should youlook for an increase in capital? 

. • Hew are you planning for the future? 

GRESHAM TRUST can help. Solving 
problems like this is our business. 

We are a long established merchant bank 
who specialise in financing private companies. 

That's why we’ll always listen-whatever 
your requirements. So don’t be afraid to write 
or ring one of our Directors. 

Why don't you do so today? 



Greshamlrust 

Where the successful private 
company feels at home. 

Gresham Trust Ltd, Ban ingior. Hc 'j-.c-.Gi l-;I um Street, London EC2V7HL; 

ui.OI-b'.'oM.M 

Birmingham Office: Edmund H« ■•. > je. I K ,vh. :il Su ec-l, El- r. lin^hun 1 53 oEW 
Tci: 021-23b 127/ 


A SPACE AGE 
OPPORTUNITY 

Compnirr Pan rail Linnu-d offi-r cxclusl,..- jru IrjiidUM for this ri* volu nonary 
Compiner Ponrait System as carmnuy oo-TaiuiR ai !cad:ns West End and 
European uejuruiKiital Siaruii. The t-omplHe Sysii-m with display unit is 
available lo companies ai a mbsiainiitl diai-omii. A mminjuoi mvestment Is 
£1-,000. Space requirwJ u v m. merres tiuu w ll. ■. The Sys;>.-m involve:, ibe 
Use of a compiuri- to prepare purl rail, from Ilf,- or from photographs on to 
piper. T shlris. s»-cai siilris and a full raTwe nf prodiMS. Th.' Company will 
provide sales I mining, new produils. Mi-afanu-'d sei-Wee and maintenance. 
IniporLani location^ an. available m ib,- province. 

For further InTormaDoi) aud an uppauuiin-nt in dneuss an exclusive franchise 
Pleas.? coo I act: Reference M.A.H. 

CtJHPUTER PORTRAIT (FRANCHISING) LIMITED 
Cafe Royal. SI Resent Street. London, WX 
Telephone: 01-439 96S8. 


INTERNATIONAL OPPORTUNITY 

(MARKETING) 

36-year-old British subject residing in Europe with a mildly successful 
(own company) marketing background , t looking lor a new challenge 
in either Europe or the USA. Would go-ahead principals only please 
.write in confidence bearing in mind that a lair share of equity would 
bo requuodr for an Investment of SISO.OOO.' 

The Manager 
NEWRAY LIMITED 
11-15 Arlington Street 
. London, SW1 


HOTEL PROJECT 


Arab Finance. Co. planning to build hotels in Egypt and Indian 
sub-continent require collaboration with experienced hotel 
operators. 

Finance not required. 

Write Box G. 1394. Financial Times. 

10, Cannon Street. EC4P 4BY. 


MANUFACTURING COMPANY 
Pro-Cast Concrete Products 

With own freehold premises of approximately 3 acres, with con¬ 
siderable scope for expansion, available for purchase. Minimum 
opittl required £100,000. 

Principals only reply to Company's Accountants. 

. . Write Box G.137'4. Financial Times, 

10. Cannon Street. EC4P 4BY. 


• • / \ ' : .Noti-qviebi .!•**» A* 

. ' Years V ' ‘.-' T^rBlPt 'by ■Bla , *mawfw ' tar EfPf by ERX matorfty 

,p to 5 -■»».. let >-> 191 .104 M 

! tier 5, op to. lO^. 'r.KH-; Jfif v . LL? ] 3% , Hi H» 

ver 10, .up to. 15 .’ .‘JAI ,111 «t 

ter 15, up to 25 JIf . : lit u| .' Ilf J2 124 ; • 
rer ’ 25 '; 11} . - Hi . »• • -32J 12J 124 

* Non-quota Iqans B-Are l.'per cerrr.,hlgher in each case than nort 
jota: loans A ; instalments-of.prfneipaL' ;t Bqual repayments: 
... - - rBffeertry^-frtnn Febrcrary. 1: '. ~ 


-* . I 

in each case than nan: 


YOUR COMPANY WITH PROBLEMS? 

Help available: 

— Finding new sources of finance 
' —. Planning a profitable future 

— Financial, production and marketing skills. 

" No fee will be charged until success is achieved. 

-Principals of companies with a turnover in excess of £400.000 p.a. 
• invited to write, in confidence, to C. j. Anderson -and Associates, 
. Box .G.1392. Financial Times, 10, Cannon Street, EC4P 4BY, or 
telephone 01-821 0279 (after 2 p.m.). 


SMALl BUSINESSES 

Money and Expertise avail¬ 
able For businesses with the 
., necessary potential. 

Write .Box C.1375. Pjnancial Tillies. 
ID. Camion Street. EC4P ♦BY. 


BUYERS’ OPPORTUNITIES 

‘Conference table 12ft. x 4fr.. teak 
top, de-modnable, £125. Drawing 
su.ids.by Dieiiu with boards, now. 
£90. Mahogany desks, curved top line, 
£135. 10 office ehairt, grey tnoquetw. 
.like new, £18. Filing eabinea from 
£32. Thousands of Items. Uses avail- 
jhle. fli.f’7 “6/’ r -"imr— ! al, 329 
Grays inn Hoad. KJngs X. W.C1. 


UMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
. COMPANY. SEARCHES 

KPRESS CO: REGISTRATIONS LTD. 
- - 30. Chr Road. E.C.I. 

0f-«2S 5*34/5/7361. 9936. 



FUNDS AVAILABLE FOR SHOP 
PROPERTY LEASE-BACKS 
Existing and Prospective 
Commission paid to Introducing 
Agents • 

B. Seitler, Esq.. F.C.A. 
Retail Property investments Ltd. 

47 Peter Street. Manchester 
..M2 6AU. Tel: 061-834 2510. 


FREELANCE QUALIFIED 
GENERAL AND 
QUANTITY SURVEYORS 

operating from Cyprus, frequently 
travelling to London and Middle East, 
can accept new business involvements. 
Telex 2875 Pronic CY (Nicosia 
Cyprus) or write Barker & Stone. 19, 
Biocmjbury Square, London, WC1A 
2NS. 


AN INSURANCE OR 
INVESTMENT INSTITUTION 

is sought to participate hi the estab¬ 
lishment, and continued operation of a 
unique financial product. The product 
is related is house or other asset 
purchase from which substantial insur¬ 
ance underwriting, both general and 
life, would emanate. 

Write Box (*.'382, Financial Times. 
70, Cannon Street, EC*P *BY. 


SALES IN 

WESTERN CANADA 

Executive moving to Western 
Canada interested in represent¬ 
ing British Company. Capital 
available. 

Write Box G.I3B6, Financial 
Times, 10. Cannon Street. 
EC4P 4BY. 


COMPANIES FORMED 

■Expert /. .p.-k»ty, throughout the 

"■ ' ’ mpara our prices 

ENGLAND . £69 

ISLE OF MAN . C9&44 

GUERNSEY . £250 

LIBERIA . UA5870 

btL__i JMiTAN. FO'..-1 -m <tJN. •- 

1. Athol Strut. Douglas. l.o.M. 

Tel: Douglas (0624) 23718. 
Temts.’<23554. 


GARDEN CENTRE, South East London.' 
' Kent. Groat Potential. ■ For tail details, 
write In conBaeoce to Partridge a Co- 
24 Wood mere- way. Boeksnbam. Kent. 
01-650 5514. 



Cash Toucher 

This cash voucher 
entitles your company 
toan immediate 

75% CASH 
AGAINST 
INVOICES 

St^L'CCt iu jpsro. j. 


Cash flow problenis?TlBn cash this! 

Need Cash Now? You’ve got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against in voices—money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct. 

Confidential Invoice Discounting Ltd. 

Circus House. New England Road. Brighton, Sussex BK14GX 
Telephone: Brighton [0273) 66700. Telex: 87382. 

-AJso Birmingham. Cartlili. Leeds. London. Manchester. 

A subsidiary of International Factors Limited. 


Sell in U.S.A. 

An agernsive and successful Organisation, well established in 
the tobacco and confectionery trade, with manufacturing 
facilities in the U.K.. France. Belgium and Australia, has recently 
opened a subsidiary marketing Organisation in Los Angeles, 
as a base for its sales on the North American continent. This 
Organisation, which operates full warehouse and despatch 
facilities, backed by effective sales management, is prepared 
to consider the representation of a limited number of products 
of high quality and potenctal. 

Please write in first instance to the 
Managing Director, Box G.1229. 

Financial Times. 10. Cannon Street. EC4P 4BY. 


Ami iicmnms ft mergers rv agreememt 



For Sale 

SWISS BANK 

Profitable Swiss Bank established for 25 years in major Swiss 
Financial Centre. 

To be sold on asset value plus a reasonable sum for goodwill 
as owner wishes to retire. 

Purchaser will require to make an Investment equivalent to 
£123 million to secure. 

Write Box G.I393. Financial Times. 

10. Cannon Street. EC4P 4BY. 


PRIVATE COMPANY 

Wishes to acquire 

Companies in the following fields:— 

INTERNAL TELEPHONES, FIRE ALARMS. BURGLAR ALARMS, 
TELEPHONE ANSWERING EQUIPMENT. TIME RECORDERS, 
SECURITY SYSTEMS. STAFF LOCATING SYSTEMS. 

We ire interested in either complies os a going concern or more 
particularly companies that are In financial trouble where either a 
Receiver has been appointed, or the existing shareholder* would part with 
:oncrol In exchan,i tor a substantial injection of funds. Replies treated 
in strictest confidence. 

Write Box G.I30*. Financial Times, TO, Cannon Street. EC4P 4BY. 


FOR SALE 

Loug-established, medium-sized South Yorkshire-based Building 
Company with good asset base, including own modern premises. 
Small land bank available with benefit of proposed develop¬ 
ments and existing detailed planning permission. Experienced 
management team. Turnover approximately £1,250,000- 
£1.500,000. Enquiries to: 

Atkin, Macreadie & Co. (Ref. KJ.), Chartered Accountants, 
Barkers Pool House, Burgess Street, Sheffield, SI 2HF. 


ENGINEERING COMPANY REQUIRED 

Well established private company wishing to expand its 
Industrial and Mechanical services seeks co purchase or associate 
with an engineering concern which can provide or develop new 
products and contacts. 

Principals only please write to: 

Box G.I379. Financial Times. 

10. Cannon Street. EC4P 4BY. 


INVESTMENT 

Investor with substantial funds 
wishes to purchase company or 
shareholding in company with 
profits of £50,ODO/£SOO.QOO pa. 
and growth potential where 
directorship and active partici¬ 
pation are available, 
petdfli in confidence to Bov G.1JB3. 
Financial Time*. 10. Cannon Street. 
EC4P 4BY. 


PRESSWORK CAPACITY 
AVAILABLE 

Subttzneal resources available in terms 
of labour, plant and factory space to 
undertake volume prewwork of high 
quality. Capital also available for new 
product development. 

Write Bos G.1380. Financial Timet, 
TO. Cannon Street, E C4P 4BY. 


AA TWO-STAR HOTEL 
POPULAR YORKSHIRE 
EAST COAST RESORT 

18. bedroom! (10 with private bath¬ 
rooms), residents' (oungc. bar lounge. 
TV lounge, dining room, coffee lounge. 
Magnificent tea views of bay and 
harbour. Completely modernised. 
Valuable inventory. Fire Certificate. 
Freehold £125.000 (mortgage, avail¬ 
able). Professional Management Ser¬ 
vices, 4t H"ih Sf'eet. ?, <i n, * , n. Yorks. 
Tel: 0756 5711. Ref. FT 707. 


IBM ELECTRIC 
TYPEWRITERS 

Factory . reconditioned and gaaranteed 
by IBM. Buy. live up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29- per month. 

Phone: 01-641 2365 


SALES IN U.S.A. 

Executives moving between U.K. 
and U5. interested in handling 
exports to U.S.A. of viable 
British products. 

Write Bo* G.J302. Financial Times. 
10, Cannon Street. EC4P 487. 


ESTABLISHED COMPANY 
IN SURREY AREA 

with large export market would like 
tp acquire Interest in press and sheet 
metal working company. New com¬ 
pany will cake over existing contracts 
amounting to £100,000 per annum 
and too! for additional products at 
present being developed. 

Write Bo* G.I3b9, Financial Times, 
10. Cannon Street. EC-fP 487. 


UP TO £500.000 
AVAILABLE 
FOR ACQUISITION 

Two experienced Company Directors 
seek to acquire a business or company 
in any manufacturing or service 
industry. Continuity of existing 
business and management desired. 
Write Box C.134T, Financial Times, 
10, Cannon Street, EC4P 4BY. 


MIDLANDS .. TELECOMMUNICATIONS 
uomoany with good manufaerartno ana 
growing product line, mainly in capital 
sector, would welcome particiuating 
director with apotoprute marketing 
experience. Write Boa G.136&. finan¬ 
cing Times, 10. Cannon StroeL EC4P 


INSURANCE BROKERS 

Expanding West End bankers wish to 
acquire existing brokerage with current 
net profits in the range £25-100.806. 
Substantial new business will arise from 
the bank connection. 

Fuff details to Thr Chairman, Box 
C.13B1. Financial Timet, 10, Cannon 
Street. £C4P 4B7. 


For Real Estate 
Investment in Florida 

contact Struble Realty Inc* 4799 
Nt. Federal Highway, Boca 
Raton. Florida, 33431, U.SA. 
Tel: 392 9012. 


AMALGAMATIONS & INVESTMENTS UMITED 


Our business is 
merging your business, 
Successfully. 

36 CHESHAM PIACE, LONDON SW1.01-235 4551 



INDUSTRIAL 
LAND 
IN THE 
MIDLANDS 

For outright purchase 
or joint development 


Do you have land standing idle ? 

We are interested in areas fiom one acre 
upwards suitable lor development. 

Attractive commissions will tv? paid lo 
introductory agents plus participation 
in the lettings of any resulting . 
development. 

Contact G. C Evans. 

Industrial Director. 

The A & J Mucklow Group Ltd 
Halesowen Road. Cradley Healh. Warley. 
West Midlands. B64 7JB 
Telephone: 021 -550 13*11 


ATTENTION I 
LIGHT ENGINEERING COMPANIES 

A fast growing Company wich an international reputation and 
a turnover in che order of £!00m. wishes co extend its interests 
in the light engineering field by the acquisition of suitable 
companies. 

A Company with a turnover of less than £lm. is unlikely to be 
of interest. 

Please write giving details, including turnover and profit 
history, to: 

Box GI377, Financial Times, 10 Cannon Street. EC4P 4BY 


LABELS— 

SPECIALITY PRINTING 

We have clients who are seeking acquisitions in this field 
and would like to hear from interested parties. In 
addition we have clients seeking to purchase medium-shed 
companies in the field of toys, games and fancy goods. 
John Arthur Associates. 35. Grosvenor Gardens. London 
SWI.. Telephone 01-828 0764. 


L0AN/SHARE CAPITAL INVESTMENT 

A well organised Private Company with an annual turnover of 
approximately £750,000 requires £100,000 additional working 
capital to facilitate further growth. 

The Company has Excellent Manufacturing facilities in 
Northamptonshire and sells direct to Nationally known Customers 
in the U.K. and Europe from a Sales Office based in the West 
End of London. 

For further details write to Box G.1384. Financial Times, 

10. Cannon Street. EC4P 4BY. 


RETIRING ? EMIGRATING ?—or Just selling 
Private company wishes to purchase established sound commercial/ 
manufacturing enterprise. Of interest are small trading activities 
with potential—or larger ones: about £im. available. 

Alt propositions considered but particular interest in enterprises 
relating to food, refrigeration, packaging, and leisure, within 50 
miles of Oxford. 

All replies will be dealt with in strictest confidence. 

Write Box G.I390, Financial Times. 

10. Cannon Street. EC4P 4BY. 


WANTED 

SMALL/MEDIUM-SI ZED 
FIRE-FIGHTING EQUIPMENT 
COMPANY 

Substantial Company wishes to purchase 
or enter into partnership with above. 
Must be going concern. Considerable 
funds and new business available. 

Please write In confidence to Bo* 
G.13B5. Financial Times. 10. Cannon 
Street. EC4P 4BY. 


PUBLISHER W15HING 
TO RESTRICT HIS 
BU5INESS COMMITMENTS 

his lor sale two highly suctcsilul 
specialist sporting magazines, with 
.future growth potential. Annual proliu 
running in excess of £45.000 bclorc 
Directors' remuneration. Substantial 
principals only please to reply in 
writing to Lake & Co.. Chartered 
Accountants. 9. Sir Isaac s Walk. 
Colchester. Esse*. 


PARTNERSHIP OFFERED 

LONDON * SOUTH-EAST 
Substantial salary, interesting work, 
meeting people at top level. Ample 
opportunity to travel, all expenses 
paid. Investment required £50.000. >n 
well-organised, highly profitable service 
with a rapidly expanding market. 
Please write in first instance, telling us 
something about yourself to 

Boa G.1394, Financial Times. 

10, Cannon Street. LC *P 4BT. 


INVESTMENT 

OPPORTUNITY 

to become a Partner in a new Firm 
of Exporters of high quality British 
furniture, porcelain, lithographs and 
other crafts. £2.500 for one-third 
share. 

Writ* Boa G.1342, Financial Times, 
10, Cannon Street. 5C4P 4BY. 


ESTABLISHED TIMBER & 
BUILDERS' MERCHANTS 
BUSINESSES 

required by very substantial 
clients. 

Write In c-t-‘i.<e'ice to — 

PARTRIDGE A CO.. 

24 Woodmere Way, Beckenham, Kent. 
01-650 3314 


GERMAN DISTRIBUTION 
ORGANISATION 

HAS CAPACITY FOR 
NEW PRODUCTS ‘ 
Principals only. 

Write Boa G.I391. Financial Times. 
10. Cannon Street. EC4P 487. 


WITH AGREED TAX LOSSES 
of between 
£50,000 and £100.000 

Write Bor G.1347. Financial Timer. 
10. Cannon Street. £C4P 487. 


£25/500.000 AVAILABLE 

to purchase reasonable size sharehold¬ 
ing in quoted public or private 
company. Direct involvement and 
directorship would be available. Please 
write in striccecc confidents co Box 
G.1333. Financial Times, ID, Cannon 
Street. EC4P 4BY. 


Cl A WEEK tar EC2 address or ohone 
messages. Combined rates -I tele* under 
£3 a week. Prestige offices near Stock 
Eacnangc, Messaaes Minders I riser- 
notional. 01-628 0898. Telex 8811725. 

NEW a mailing business address with a 
differ ewe, rts unused therefore not 
obvious, an excel lent -address that 
inspires confidence, very low rates mo 
jonSgterm deoosiu contact 01-085 6174- 


PROSPEROU5 COMPANY 
FOR SALE 

T/O £0.9it*_; Profit £0.12m. 
manufacturing range of standard pro¬ 
ducts with custom variance, mainly 
largish but simple steel fabrications. 
Good growth pocennal and replacement 
demand home and export 

For details please contact: 
Richard Luscig Assoc.. Richmond 
House. Whiixendine. Oakham. Rutland. 


ESTABLISHED JOINERY 
COMPANY 

South London <S.W.19) 
wishes to merge with 3 similar 
company owing to retirement of 
Senior Direccor. 

Wrire in comdetec :o:— 
PARTRIDGE A CO.. 

24 Woodmere Way. Beckenham, Kent. 
01-650 3314 


£50,000 AVAILABLE 

For purchase of Company 
(London area) where sales 
ability is required. 

Write Box G.1363. Financial 
Times, JO. Cannon Street. 
EC4P 4BY. 


PLANT AND 
MACHINERY 


I CORROSION engineering Contracting 
Company seeks discussions with 
I engineering-based public company into, 
rested In diversifying into anti-corrosion 
activibca. Company is privately owned, 
profitable, with current t,o of over 
UOO.DOO and expanding.—Write Sot 
G.13B9. Financial Timas. 10. Cannon 
Street. «EC*1P «BY. 

FACTORING INVOICE DISCOUNTING 
E.F.I. tailors lacillim to Clients needs. ! 
J.LJX. Ormiston, M.A.. F.C.A.. 3. Tudor 1 
House Weybrldue 476B2. 

MORTGAGES FOR EXECUTIVES: <120- 
£50.0001. NO FEES. Palmer, Banks 
Associates: 402 8691. 


GENERATING SETS 
FOR SALE AND HIRE 

WIDE RANGE AVAILABLE 
WHILE STOCKS LAST 
1 KVA up to and including 2.D00 
KVA and multiples. 

WOODLANDS LTD, 
EVESHAM. WORCESTERSHIRE. 
TEL: (0318) 2822. TELEX; 537862 



























































































































































































lira;:* rub am 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Cef * s Usinor warns of bigger 

HisiKCs final ■ -g 

break with losses for 1977 


Montedison 


By Paul Betts 

ROME. Feb. 6. 

SIG. EUGENIO CEFIS, the 
former chairman of the giant 
Italian chemical conglomerate 
Montedison who controversially 
resigned last year, has now also 
stepped down as chairman of 
the company’s Zurich-based 
Montedison International Hold¬ 
ing. 

Sig. Mario Scbimberni. the 
Italian company's deputy chair¬ 
man, will now head Montedison 
International Holding, the Milan 
chemical group said over the 
week-end. Montedison Interna¬ 
tional Holding currently has a 
share capital of Sw.FrsJDQrn. 
and groups together Mon¬ 
tedison's foreign interests. 

The resignation oF Sig. CeGs 
from the Zurich company breaks 
his Jast remaining Link with the 
conglomerate he headed for 
about five years, and completes 
the internal reorganisation of 
the group. 

This reorganisation has been 
to a large measure politically 
inspired as the mixed private- 
State group has of late increas¬ 
ingly represented a major point 
of contestation between the 
country's political forces and the 
group's large private share¬ 
holders. 

Montedison. Italy’s largest 
chemical group, currently faces 
acute financial difficulties and 
has seen its total indebtedness 
rise to more than L3.000bn.. or 
about $3.45bn. It is now seeking 
an urgent injection of fresh 
capital and approval for a wide- 
ranging restructuring pro¬ 
gramme to include, it is under¬ 
stood. a substantial number of 
redundancies. 

A number of other major 
Italian chemical companies, in¬ 
cluding Societa Italiana Resine 
and Liquigas. are also facing 
serious financial difficulties, and 
the Italian banking system, 
which has extended substantial 
credits to these concerns, now 
appears to he formulating finan¬ 
cial salvage proposals for these 
companies. These include the 
formation of banking consor¬ 
tiums to lake over the control 
of the troubled companies and 
devise a restructuring pro¬ 
gramme. 

Such proposals, however, not 
only depend on the outcome of 
the current government crisis 
here but also on the broader 
proposals for the sector now 
being formulated at European 
Community level. 


BY DAVID CURRY 

SHAREHOLDERS IN Usinor, 
France's leading steel concern, 
have been warned that 1977 re¬ 
sults will be even worse than the 
previous year’s and that there is 
virtually no hope of a return 
to profits in 197S. 

M. J. Hue de la Coiombe. the 
Usinor chairman, does, how¬ 
ever. manage to extract a little 
joy out of the situation by com¬ 
menting favourably on the EEC 
measures to tax imports and 
lift .prices on the domestic 
market. In fact, prices in 
France have probably risen by 
around 15 per cent, from their 
low point of last year. 

In 1976 Usinor produced 7.9m. 
tonnes of ste*l and recorded a 
loss of Frs.l.34hn. (8250.5m.) the 
previous year it had output of 
7.1m. tonnes and its losses were 
i Frs.l.22bn. Last year, accord- 
! ins to the chiurman, output was 
[only 6.8m. tonnes. 


PARIS, Feb. 6. 


The heavy charges involved in 
the sharp reduction in the work¬ 
force by some 5.000 during the 
course of the year have weighed 
on the results since the system 
of early retirement, which has 
been the main vehicle for reduc¬ 
ing the workforce, is expensive. 
The main cut-back during the 
year has been at ThionviUe in 
Lorraine, where the blast¬ 
furnace and the main parts of 
the mill have been closed down, 
cutting the workforce from 
more than 4.000 to 1.400 and, 
eventually, to fewer than 900. 

This reduction is part of the 
recovery programme agreed 
with the state involving 
modernisation of installations 
and cutting of the workforce. The 
company has received around 
Frs.750m. in state loans towards 
this target over the past year. 

The Louvroii plant and the 
blast furnace and mill at Valen¬ 


ciennes in the north have also 
been casualties of the recession, 
leaving the main centre of 
Usinor around its modern in¬ 
stallations at Dunkerque. 

* * * 

THE FRENCH Michelin group, 
which is the world's third rank¬ 
ing lyre-maker after Goodyear 
and firestone of the U.S., ex¬ 
pects to finalise plans this year 
to boost its foreign activities. 

Already well established in 
North America, with about 5 
per cent of the U.S. and 10 per 
cent, of the Canadiun. markets, 
and in Europe with 33 per ceut 
of the market, Micbelin is re¬ 
ported to have received agree¬ 
ment in principle to set up 
manufacturing facilities in 
Brazil. 

"The facilities, involving a 
capital outlay of some Frs.750m- 
will be set up in the state of 
Rio. AP-DJ ■ 


AMERICAN NEWS 

Donaldson 
Lufkin lifts 
rates for 
institutions 


Pictures after 


BY JOHN WYUSS 


SW YORK Feb. 6 . {P 


Five U.S. companies for EOE 


BY CHARLES BATCHELOR 


AMSTERDAM, Feb. 6. 


AMERICAN companies will 
dominate the market-making 
activities of the European 
Options Exchange (EOE). accord- 
i ing to the initial list of members, 
'five of the seven companies 
I which have been accepted by 
I the Exchange as members are 
' from the U.S_ while th« rernain- 
i ing two are Dutch. 


Market-makers are one of the 
four categories of membership 
open and they form the core of 
the EOE's activities, making a 
continuous market in the option 
classes to which they are 
assigned. This development is 
not unexpected in view of the 
experience which American firms 
have of the U.S. options markets 
and this weighting is expected 
to be redressed when further 
applications for membership 
have been approved. the 
Exchange said. 

The U.S. market-makers are: 


Ronald J. Block, of Glencoe 
Illinois; David H. Wallach. of 
Philadelphia: and Bruce M. 
Pollock. Price .and Co., and 
Harrison Propp International, 
all of Chicago. Dutch market 
makers are Hobijn en van Vlief 
and Verkerk en van Wijk. 

British participation has been 
limited while details of the 
application of foreign exchange 
regulations are clarified with the 
Bank of England. Barclays Bank 
International and W. I. Carr 
Sons, together with First Options 
of Chicago are represented 
through First Options of Amster¬ 
dam as clearing members, while 
W. I. Carr's Hong Kong office is 
a public order member. Sebag 
Bermuda Holdings, a subsidiary 
of London stockbrokers Joseph 
Sebag. is a public order and 
floor broking member. 

There are no German com¬ 
panies in. the list of 52 public 
order members. 21 iloor brokers. 


seven market makers and 10 
clearing members. 

Apart from the seven American 
firms listed as public order 
members, including Hutton Inter¬ 
national through its Geneva 
office and Merrill Lynch through 
its Paris office, French firms are 
most heavily represented. Banque 
Jnrdaan. Banque Rothschild. 
Societe Generate and Gerard 
Steveain are public order 
members while Stevenin is also 
a floor broker and Rothschild a 
clearer. 

Bondspartners of Lausanne. 
Kreditanstalt-Bankverein of 
Vienna and Kredietbank and 
Martelaere and Co., both of 
Belgium, are public order 
members. 

The major Dutch banks and 
broking houses are well re¬ 
presented in all categories of 
membership with the exception 
of market makers. 


EUROBONDS 


A shade easier in the sterling sector 


By Our Own Correspondent 
NEW YORK, Feb. 6. 
DONALDSON. LUFKIN and 
Jenrette has boldly stepped out 
of the Wall Street line and 
set an example many other 
securities firms woold like to 
follow by raising its brokerage 
commissions to institutional 
clients. 

The increases, which will be 
not less than 14 per cent, are 
an attempt to halt escalating 
losses on institutional business 
following the abandonment of 
...fixed charges in May, 1975. 

Donaldson puts its losses 
since then at $19m. of which 
89.6m. was incurred last year 
when the company's profits fell 
92 per cent, to S275.000. How¬ 
ever, there were serious doubts 
on Wall Street this morning 
as to whether Donaldson could 
hold its new price levels with¬ 
out other brokerage houses, in 
particular Merrill Lynch Pierce 
Fenner and Smith, following 
suit 

Annual figures recently pub¬ 
lished by Merrill Lynch and 
the handful! of other publicly 
owned securities firms indi¬ 
cates the last year was an 
abysmal one for Wall Street 
and that the sharply Increased 
competition for Institutional 
business is hitting revenues. 
Donaldson has been executing 
business at 46 per cent, below 
the old fixed price schedule and 
has told its institutional 
clients that in the future “at 
no time will we execute an 
order at a discount greater 
than 40 per cent of the old 
pre-May, 1975 rate,** 

In addition. Donaldson says 
that it will not discount the 
portion of a trade in whieh it 
acts as principal and that tt 
will not discount at all in 
trades where it is principal for 
more than 25 per cent, of the 
value. In such principal trans¬ 
actions. the securities firm 
buys stock from a elient for 
its own -account when another 
buyer cannot be readily found 
in the open market. 

Donaldson's move follows an 
average 7 per cenL Increase in 
rbarees to retail customers 
introduced at the beginning of 
last month by Merrill Lynch 


MR. DAVID BEGEL3IAN has 
resigned as president of 
Columbia Pictures' motion 1 pic¬ 
ture and television units after a 
whiff -of scandal which split the 
parent company's Board•* and 
depressed its share price. ‘. 

Mr. Begelman has been given 
in neb of the credit for film mak¬ 
ing which has turned Columbia 
round from a S50m- loss in 1973 
to projected earnings of around. 
§3Gm. for the year to next July. 

But the 56-year-old former 
agent plunged the company into 
one of the most controversial 
periods of its history last October 
when it was learned that he was 
being given leave of absence, 
pending an investigation into 
allegations of embezzlement. : 

On December 19, Columbia 
announced that be was being- 
reinstated following the investi¬ 
gation which had established that 
between January. 1975 and May 
1977, Mr. Begelman “obtained 
through improper means cor-, 
porate funds in the amount of 
$61,000 for his personal benefit” 

Columbia claimed that these 


.aets were an aberration brought 
oh by emotional problems'which 
were being treated and which 
wtatid not" impair his continuing 
effectiveness as an executive." 

: Although a majority- of the 
^Columbia Board, supported by 
many members of the. Hollywood 
film community, thought that Mr. 
Begelman's achievements fully 
-justified this demonstration of 
confidence, his reinstatement 
caused astonishment elsewhere. 
Subsequent newspaper reports 
linked Mr. Begelman with' alleged 
foi^eries Of cheques made out to 
the actor Cliff Robertson and to 
director Martin Ritt.and at the 
lend of last week Mr. Begelman 
was eloseted for two days of talks 
oh his future 1 with Colombia’s 
.president Mr. Alan Hirschfield. ' 
With Columbia's share price 
trading at S5 below its price 
before Mr. Begelman’s reinstate¬ 
ment, it appears that Mr.-Hirsch¬ 
field has finally carried the day, 
having been in a ntinority in 
. opposing Mr. Begeiman’s return 
in December. 

- Mr. Leo Jaffe, Columbia’s 
Chairman said to-day that the 


company- had* hadevery reason’* 
to believe that it could return .to 
normal business after Mr. BegeJ- 
man’s..reinstatement However, 
rumours and.-speculation had 
continued .in'the Press, and Mr. 
Begelman had • tendered .his-.- 
■resignation “with the view that' 
we must'resume-a more normal 
atmosphere for- Columbia^ .' 

Ironically, Columbia’s excel. . 
lent financial prospects for this 
year stem; mainly from the suc¬ 
cess of “ dose encounters of the 
Third. Kind." Mr. Begelthan re¬ 
portedly dissuaded:the company's 
Board from seeking a partner to 
meet half of the film's $19m. pro¬ 
duction costs, although a..$7Sn,. 
stake was eventually sold'to out¬ 
siders.. . 

Meanwhile, Mr. Arthur Krim 
announced - to-day .that he and ' 
four- other 'executives who: ife-. 
signed from United Artists this, 
month' -are.- -to form their- own'' 
company, - The resignations 
stripped ."United Artists of. its 
sensior management which had 
been .involved ^ hr major policy 
dfferences - wtttu the. parent com¬ 
pany, Transamerica Corporation, it 


Becton sues Sun on 


lAupurauoQ, i 

-V- J' i 


BY FRANCIS GHILES 


Setback for 
Schauman 


By Lance Keyworth 

HELSINKI. Feb. 6. 
OY WILH. SCHAUMAN AB's 
preliminary report For 1977 
shows a 10 per cent, improve¬ 
ment in consolidated sales to 
FM890m. ($226m.f. The parent 
company’s sales also increased 
by 10 per cent, to FM715ra. 

However, the result was not 
good enough and the company 
recorded a loss on the fiscal year. 
This was due to interest costs 
and under-utilisation of capacity 
at its major new investment in 
the Pielarsaarj Paper Mill. 


YESTERDAY WAS. as Mondays 
usually are in the bond market 
a quiet day. Prices in the sterl¬ 
ing sector were, if anything, a 
shade easier- However, because 
of good demand, the Sears issue 
was triced, a few days earlier 
than expected, at par. Conditions 
were otherwise unchanged. 

The dollar sector was quiet but 
firm. 

Avco Overseas Capital Corpora¬ 
tion will float a S25m. note due 
1985 with an indicated coupon 
!of 9* per cent through a group 
| of banks led by Kidder Peabody. 
'A purchase fund will reduce tlu* 
| average life of the bonds to six 
1 years. The notes are guaranteed 
by Avco Corporation, a diversi¬ 
fied U-S. company which is 
rated BAA by Moody’s. 

This is the first time this sub¬ 
sidiary of Avco Corporation has 
borrowed in the Eurobond 
market. Previously another sub¬ 


sidiary, Avco Financial Services, 
had been used by the parent 
company. 

In the D-Mark sector, despite 
some centres being closed for 
carnival, business was said to be 
good, with prices in the 
secondary market up by as much 
as a quarter of a point on some 
names. The Argentina issue, the 
amount of which was last week 
increased to DM150m. and coupon 
cut to 61 per cent, was priced at 
99i, as indicated. The lead 
manager is Deutsche Bank. 

The Republic of Iceland has 
privately placed a Y5bn. 22-year 
7.31 per cent. bond. This opera¬ 
tion was arranged by Nikko 
Securities and the bond was 
priced at 991. Meanwhile the 
Brazilian Banco Naciona! de 
Descnvolvimiento Economico is 
expected to float a yen bond this 
spring and other Brazilian bor¬ 
rowers could follow. In the 


Swiss franc sector, Pechioey 
Ugine Kuhimann (PUKi. thej 
French chemical group said it 
intended to recall a Sw.Frs.100m. 
bond issue. 

The 5.5 per cent bonds, due 
1978 are to be repurchased in 
May. PUK said it wanted to 
lighten its Swiss franc indebted¬ 
ness and intended to float bond 
issues in other currencies on the 
same date. 

Euroclear Clearance System 
Limited aims to extend its activi¬ 
ties to include the clearance of 
domestic yen issues by foreign 
borrowers, Morgan Guaranty 
Trust, which manages Euroclear. 
told Reuter. The bank confirmed 
that there was strong demand 
from Euroclear's non-Japanese 
customers to clear these bonds 
as well as the Euroyen issues it 
already handles. A decision 
should be made in the next 
month. 


Hershev lifts 

If 

Marabou stake 


HERS HEY, Feb. 6. 
HERS HEY Foods has pur¬ 
chased an additional 4 per 
cent, interest in AB Marabou, 
a Swedish confectionery com¬ 
pany, for $330,000. Hershey 
said this increased its interest 
in Marabou to 20 per cent. 
AP-DJ 


BECTON DICKINSON has filed 
a suit against Sun Co. Inc. and 
others, charging that Sun’s 
acquisition of 34 per cent of its 
shares constituted an illegal 
tender offer, violated numerons 
Federal Securities Laws and 
involved breaches of fiduciary 
duties under state law. 

The suit, filed in Federal Court 
in Manhattan, asks the Court for 
a series of steps to provide relief 
from “ irreparable harm ” caused 
by Sun and the other defendants; 

Becton Dickinson said the suit 
seeks, among other things, a 
declaration that Sun’s purchases 
were unlawful under the 
Williams Act and asks for 
damages and an injunction 
barring Sun from voting its Bee- 
ton Dickinson shares. 

The suit also asks that Sun 
divest itself of those shares or 
make a (awful tender offer to all 
shareholders at a price of at least 
$45 a share, with provisions for 
withdrawal rights for the shares 
already acquired and other terms 
that will “purge Sun of the 
advantages it gained by its illegal 
acquisition of shares” 

This action would allow all 
Becton Dickinson shareholders 
the opportunity to have edrapeti- 
tive offers and tax-free trans¬ 
actions for their shares, the 
company said. 


Named as defendants in addi¬ 
tion, to Sun are Fairleigh S. 
Dickinson Jr. and 3'. H. Fitz¬ 
gerald Dunning-—both directors 
of Becton Dickinson. Salomon 
Brothers and F. Eberstadt and. 
Co. Inc., which through an 
affiliate is investment advisor to 
the Chemical Fund Inc. and the 
Surveyor Fund lnc. t were also 
named, as were the Funds. 

Becton said the suit alleges 


i • RUTHEJCFpSD. Feb. 6. 
that Sun’s tender, offer of $45 * 
share "Was made tb-a substantial 
number •'of. Becton Dickinson 
ahareimldeis consisting of cor¬ 
porate insiders and WaR Street 
professionals, selected large insti- 
tutrons ahd hUndfeds of persons 
who -had direct" or. - indirect 
Interest in the shares held 'by 
such institutions.'’ . 

Agencies ’ 


T exasgulf setback 


. STAMFORD, Feb; t; 


TEXASGULF Inc. winch recently'conditions encountered in' tee 
announced net income for 1977 first hajf - - 

of $46-2m. compared with 560.8m. The August shut-down of the. 

on sales of $4S2.6m. compared, tine plant and Its subsequent:-, 
with $480.5 ol, commented that operation at 75 per centi-of pro-f 
declining sales in'-zinc, copper dnetive. capacity and a 30 per', 
and fertilisers were partly offset; cent reduction4n.Frasdi sulphur; 
by soda ash sales and improved production in the third an3i 
revenues from silver, sulphur fourth quarters conserved' cash \ 
and oil and gas in 1977. and stabilised inventory levels' 

but. resulted in increased unit 

Operating costs in 1977 were production-costs.. • , 


up substantially. Custom smell- Foreign . currency . translations j* 1 


ing and refining charges for contributed $4.1m. to income? 
copper and silver were about 50 before taxes in the year -1977 js- 
per cent higher under a new Because of the weakness in .the'C-- 
contract' Gas costs for sulphur Canadian dollar, compared with 
and mining costs for phosphate a charge of 82.5m. in 1076. 
increased because of difficult Agencies ' : 


U.S. QUARTERLIES 


I 


AMER HOSPITAL SUPPLY CPN. 


MACMILLAN INC 


OWENS-ILLINOIS 


SUND STRAND 


Fourth Quarter 


Fourth Quarter 


Fourth Quarter 


' Fourth Quarter 


Revenue . 

Net profits. 

Net per share... 

Year 


Revenue 


Net profits. 

Net per share... 


399.4m. 

356.5m. Net profits. 

9.2m. 

8.2m. 

23.4m. 

2I.5m. Net per share... 

0.72 

. 0.64 

0.60 

0.55 Net share dil... 

Year 

0.69 

0.61 

1.5bn. 

1.3bn. Revenue . 

512.7ra. 

493.4m. 

77.9m. 

66.3ra. Net profits. 

19.4m. 

17.5 m. 

2.01 

1.72 Net per share... 

1.51 

1.36 

T31 


Net share dil... 

1.46 


«... . 056 

Unre ported. 


. im ■■■ jm «• 
_ . . - s 

- Revenue.. 167.0m. :149.0ia< 

Net profits 10.9m« SXtat 

0,74 Net .per share.. . 1.52 -11T 

Year 


2.77bn. 

flLSni. 

3.09 


v-sThn R ®vonue- 

Net profits.... 
10 %£ Net per share. 


649.9m, 59A3 hl 
32.5m. - 30.0m. 

• .4.62 : 4j2t 


HOUSTON INDUSTRIES 


AGA AB 


(a Swedish corporation) 


through a United States subsidiary 
has acquired approximately 98 % of the shares of 


common stock and all the warrants of 


Burdox, Inc. 


The undersigned acted as financial advisors to "Burdox. Inc. and 
as its representatives in the negotiation oi this transaction. 


Lehman Brothers Kuhn Loeb 

Incorporated 


Joseph, Miller & Russell, Inc. 


February 1,1978 


Fourth Quarter 


NORTH, AMER. PHILIPS 

Fourth Quarter 1977 


QUAKER OATS 


TEXAS INSTRUMENTS 


Revenue . 

Net profits. 

Net per share... 

Year 

Revenue . 

Net profits. 

Net per share... 


1971 19 f6 Fourth Quarter 

S S 

257-Sm. 208.2ot. Revenue . 

30.8m. 23.4m. Net profits ... 
1.07 0.88 Net per share 

Year 

1.07bn. 841.6m. Revenue.. 

125.6m. 105.3m. Net profits ... 
4.41 4.01 Net per share 


1977 1976 Second Quarter 197S 1977 

S S 5 S 

533.9m. 4SS.9m. Revenue 441.2m.. 397.1m. 

22.2m. 20.Sm. Net profits. 14J)m.. lASm. 

1.72 1.62 Net pershare-.. 0.67 0.72 

Six Mouth* 

1.92bn. 1.72bn. Revenae S55.0m. 791.2m. 

61.2m. 57.4m. Net profits ...— 29 - 2 m, 38.5m. 

4.75 4.49 Net per share... • 1.40 ’ - 1J86 


Fourth Quarter. ' 1977 . 

• :s • > .s."v-.- 

Revenue ......... 674:6rai 47CL2atf, 

Net profits.. 32.1m. 29C3JS.; 

Net per share...,- .. I.4l..' 

Yoar' 0r- 

Revenue.2.04bn. tUBB&Ly 

Net profits ;. 116.6m.; 97*B-f 

Net per share... "5.11 - 425: - 


61.2m. 

4.75 


Swedish 


pension 
fund fall 


By William Dullforce 



This announcement appears as a matter of record only 


Istituto Bancario San Paolo di Torino 


U.S.$10,000,000 

Medium-Term Transaction 


Gulf International Bank Abu Dhabi Investment Company 


STOCKHOLM. Feb. 6. 
THE VALUE of the Swedish 
National Pension Fund's stock 
exchange investments fell by 
16.7 per cent last year. This 
was marginally greater than' the 
16 per cent, decline in the 
Affarsvarlden General Index for 
the Stockholm exchange. 

The 1977 annual report from 
the so-called Fourth AP Fund 
sbows that by the end of the 
year it had utilised Kr.949rv of 
the Kr.lbn. (U.S. ?215m.) it has 
so far been authorised to place 
in private shares and bonds. It 
has sought Parliamentary per¬ 
mission * to invest a further 
Kr.750m. The Capital Market 
Commission recommended last 
week that a fifth fund be set 
up to compete with »L 

The value of the Fourth Fund’s 
portfolio at the end of the year 
was Kr.771m. This compares 
with a value of Kr.704in. at the 
end of 1976. when the fund had 
placed Kr.72Sm. of its authorised 
capital. 

The fund reports an income 
from dividends and interest of 
Kr.42.7m., compared with 
Kr.24.lm. in the previous year, 
and trading after gains of 
Kr.33m.. against Kr.llm. The 
net profit after tax was Kr.25.8in. 
(S5.5m.) compared with 
Kr.15.3m. The fund had 3 
liquid reserve of Kr.ll2m. at 
the end of 1977. 

It increased the number of 
Swedish companies in which it 
bolds shares or bonds from 26 
to 31 (luring the year. The new 
comers were Bofors. ESAB. PLM. 
Holmen and Custos. A placement 
in Alfa-Laval was resold before 
the end of the year. 

The fall in the price of the 
Volvo shares means that the 
largest holding, II per cent, of 
the fund's portfolio, is now 
L. M. Ericsson. The telephone 
company is followed by AGA 
(9 per cent.). Atlast Copco and 
Astra feach S per cenL) Colvo 
(7 perc enl.) and Sandvik (6 per 
cent.). 



































APANESe^iiilipANIBt 


financial and company news 




C ”*'-A. -ii tm?' 

>«v^-.-•T'.v;' ■'- 



forecasts deficit 


. 5 ’1 
lja h«i„ 

, ‘^*5 . 



UUiU 7 r^r^'r^r ••' •■_ • 

Voih ■— Vi • ••■• •"* 

ft 1 IQINDUSTRIES said its 
MU tti Ivt , J;- - v consolidated r rwuKrf or the vear 

'* ending MarcheSj_ wiii be jq 

"“„-‘‘'.'V-WiEft duo to Continued global 

. . , ; v sttgoairey.^ in -the:'synthetic fibre 

‘M sl >=rP 

*-\ii e -StfMehner. •<■-^Y- 
. t«i -\3scal 1SJ7 *hdIng v Bex£;Ht^ com- 

1 Va ,'Tose; .13 Tier-.cent.' .to ;X3B7J&ft. pany.s wbfcbis. it»;larjjest poiy- 
e&a ais' .^{$164m.) from -¥353.Sbn. m the '■estar.toaker it*:J)#gwnd a lead. 
■ 5ft r ,? t»ame 1976quarier.~ : ' “--v ,■■;■>: ms;.m£0ttf£dn&cVJff synthetic 
r. r.YK Overseas.of 
-Sjj V^jmsL to - V7S5hn. 1 troi» ^SUtov.'^ $i-£8bh-'■ ' *-»; .** t. - i .- i .* y 
saa^iue partly-to the yeny appr^efa- J .«jir»ahy>^Mci that it 
ft^'rSuion-' in the ' Foral&n #w^arto«- ism ^* i r*r„k -- rn peifnee 



valoe of the yen, Toray said. 

• . Toray and Toyobo Company 
said they arc considering plans 
to scrap some nylon filament 
yam mills to cope with the pro¬ 
longed recession In the textile 
industry. 

The firms said they have nol 
worked .out .specific plans on how 
many mills will be scrapped. 

At present, six Japanese 
finns manufacture nylon fila¬ 
ment with a combined daily 
production capacity of 999 
tonnes. But their operation is 
20 to 30 per cent, below capacity, 
Toray said. - 


a net 
half¬ 


sen U 




Arabian Oil 
in the red 


^T^fascO’-smp -issue: 

Tin ■’ ‘ 


In -spitp of hnprp«ditumover 
in the -first hal&ut pKtificw <nu:h 
a?" “ Ecsalne.'s ifeaUko.ab ‘ suede. 


L ; ni tft w' -fUSCO COMPANY, the super- and ipojyencr"Aim. .profits were 
concern, . Is to make .a’hit by a price fall-to; synthetic 
=ved Tl' a ,ne “for-tO. scrip issue - to stock- 1 fibres and textiles^which account 
X . ,, K “ polders recorded as of Februaryfor three-quarters of "total busi- 
3'A reports AP-SM from Tokyo. 1 ness; add the sleep! rise in the 


■saiiAf. 


ARABIAN OIL has announced a 
Y5l!2xn, ($ 2 , 1 6 m.) net loss in the 
year to December 31—the first 
loss for tbe company—following 
a net profit of Y2.514bn. 
in the previous year due mainly 
to sluggish demand for its 
Khafji crude oil- the price of 
which was higher per barrel than 
Arabian heavy crude. 

Sales Id the year dropped 


TOKYO, Feb. 6 . 

sharply, by 44.9 per cent to 
Y2XtiJ342bn. (S5W6m.) from 
Y414.13Sbn. in the previous year. 

The price gap between Khafji 
crude and Arabian heavy has 
narrowed to SQ.U7 front S0.S8 lost 
July, but sales did not recover, 
reflecting slow demand for oil 
products. Arabian Oil said 

Business results for the 
current fiscal year are expected 
by the company to recover from 
the previous year because a 
special committee or the Organi¬ 
sation of Petroleum Exporting 
Countries (OPEC) is considering 
an adjustment of the price 
imbalances among heavy crude 
oils which may correct the $0.07 
price gap between the company's 
KhHfji crude oil and Arabian 
heavy crude. 

Industry sources are predict¬ 
ing that Arabian oil will post a 
net profit of about Y3hn. in the 
current year, which cuds on 
December 31. 

The year-end dividend pay¬ 
ment was cut to Y30 Iasi year 
from Y60 in .the previous year, 
but It will be raised to Y4D or 
Y50 this year. 

AP-DJ 


Rothmans 

Australia 

raises 

profits 


hast Volksbank limlts Luxembourg offshoot 




^■^JCHWEIZEBJSCHE * Volksbattk. tag* in this type of business, as 
^ader &he fourth largest- Swiss bank, funds arc available.frojn foreign 
: aade^.tljl not - allow. Its..Luxembourg currency :, .trustee; oj .deposits 

- ' '-nheirti*«f Amnni -OrtntiMIra -si«iAnuJ ■« Cuitnarlimi .u-hich 


g_ f 'mbsidiaryr .- Banque. Populate accepted. in Swttzerlsmi, • which 
>rc ^JuJSse. -SA .{Luxfemb oqrg ; to makes, thetn lesajde^epdeoi on 


coaa^row" as- fast as planned last the Euromarket' fqtfrffinaneing. 
*Qers aa;<ear because of theriow margins in general Volksbainkaforeign 
aU, :e'W n ' Eurocredit'..business.^ Mr, business vriD Abut? cautious 
d b^doJf .BMsbard, head- : office expansion iu lW& Jfe said. 

diivn^aan.aser, told; Press; confer- - The bank -.proposes an itn- 
i the :iJ? ce *." * -• changed dividend-of Sw^FraSO on 

Uiliuii* High Eurodoliar.iiquidity and .net 1977 profit Of'5W.T J 'rSi55.5m. 
trong competition between <528.Em.>* compared.- .with 
lanks reduced - the' margins to Sw-Frs.82.7nK lasl : ye?r. , 
be point where they are scarcely -The balaDcc^h^t:>tdt^i rose 

k uvering costa and whert. risks SwJ?rs;791m. to: SWiFsAS.lSbn. 
re too high, he said. ' •• ‘".'.laat. year. ’ 

Thus the Balance sbeet-^total, j MT. :-‘Hairs Frt!yr^'Xe n,fr aI 

_ »f the subsidiary, which was manager, said' GiaV ih? greatest 

STAMfija-xpccted-.to double, .last’year,-vincrease^n eamiags 'eame from 
row only to. .around Sw.Frs. trading in foreign exchange and 
entVE^OOm. from about SwJrs.490nT. ; precious mclaJs. where - income 
" 'Vn. t the end of J976,- though the-rose' Sw^rs.5 6 m.vto;SWFrs^dni. 


bow tbe fall in Swiss interest 
rates has affected the hank's 
interest margin, which slipped 
between 0.25 and 0.3 percentage 
points last year. 

Mr. Eduard Liechti, general 
manager, added tbat the margin 
is not expected to recover this 
year as interest rates arc likely 
to move still lower. 

A further cut in the rales for 
savings and deposit accounts, as 
well as those charged on mort¬ 
gages. will be announced in the 
next few weeks, he said, but 
details are not yet set. 

Agencies 



it.or. > 2 Fr,tcmnipd . inaioly r foreign decline - of ' Sw:Frs.l8m. to 
: ij & urrency" ‘ advances . to r ’ Swiss Sw.Frs.484m. -id.- intetiest ■ carn- 
jrtr-i customers; ' ‘ •; : -'-! ; -. !ngs.i ' ’ - • ; 

Itafd 23 Swisa. banks .„hai?e‘ an^chiah; - He:.declared, that^lhJs shows 

ted is 21 _. v ' \ ']£ ')r.Y - ■■ ■V. Y.-~ ' ‘ ■' t- V. - 


Bank Leu payment 
held on bi?ger capital 

ZURICH. Feb. 6 . 
BANK LEU AG proposes a 3977 
dividend of Sw.Frs.SO, the same 
as for 1976 The bank's netprofit 
was Sw Frs.15 2m. (S7.8m.) 

against Sw.Frs.14.6m. 

Total assets rose Sw.Frs.544m. 
in 1977 to Sw.Frs.3.51bn. at the 
end of the year. 

The dividend is on - capital 


BERNE. Feb. 6 
raised to Sw.Frs.GOm. from 
Sw.Frs.50m. at end 1976. 

Shareholders’ equity rose to 
Sw.Frs.252m. from Sw.Frs.IB9m.. 
a level which general manager 
Eugen Roesle said would penult 
balance sheet growth to around 
Sw.Frs.4bn. without requiring a 
capital rise. 

Mr. Roesle said the bank will 
ask shareholders to approve ibe 
bank's right to use SwJ'rs.l4.7m. 
of unissued participation certifi¬ 
cates to secure conversion of 
convertible or option loans or to 
place them freely with the public. 

This would allow the bank 
either to raise new funds on the 
capital market if conditions con¬ 
tinue liquid, or to make an 
acquisition should an opportunity 
arise. Mr. Roesle said. 

Tbore arc no concrete plans 
for this at present. Any capital 
market operation would come in 
tbe second half of tbe year, and 
any acquisition would be in the 
banking sector rather than an 
expansion of Bank Leu's existing 
travel agency business. 

Reuter 


uCiii 


INTERNATIONAL MERCHANT BANKING 

tl *4.12 ' 

;e- :p & 
i !)* 
iii.ir. r 



! t-JD l 7 ';--A _V .' J *’ ; 

BY Ml CHAEt BLANDE^I cLn’ ' " 


LVVU 


TORD1C BANK, the City-based scribed : hy . Copenhagen Handels- The annual statement by the rentals of underlying property. • 
Dnsortiurn banking rgroup, bank, which became a 25 per chairman and managing directur “We continue to be pleased 
—eports-diarpily increased pre-tax- ;icent ' shareholder in July. of the- bank _ said that “the j,y the performance of our 

roflts of £ 2 ^m.- <$ 4 i 7 at.f :tor ' . ★ .. ' : mSoriS S"the c,ient ® ,D thB shipping induscry.” 

—Tie calendar year 1977. more than fTRS*f INTERNATIONAL Ban^ | oans ” ° e nabled fte bank to Loan loss provisions amounted 
' !£r double the previous year's total !rmaintain the average margin on to t ; 63 per cent, of towl loans 

■£A £910,000. ; SI-Texln b ^?nk g 51)^ 0 ^the ,0 ans despite the Increased com- at toe end of last year. 

. IK Commenting on ~ ttfe ^ results « a m» - miynW inc retried pre-tax P ® 1 ^ 011 »“»ong banks to lend. The bank said that It had 
jr? ^r. Johan Me?anher, the chan- profits' of ELAm; (53 7m.) for The impact on earnings of developed a “new conceptual 

t iamsayy that the hahk opera led; year, ended December 20. the bank’s problem loans “ dirai- approach " to financing the deve 

• .difficult -.economic ..eircum- 3.977 -from £Um. the year lashed in both absolute and per- loping of North Sea oilfields. 
; .. ^nces,. during the\year~^lafta-;. bef^. ' Total assets grew to ceniage terms.” the bank says, which ti hopes will bear fruit 

j'“ •• 'non,was moderated,, but the in- £ 133 ^ 1 . (S257m.) From £116ro. due to successful sales and this year. 

^ustriailsed world- made- Imre - 

rogrtss ih- sotymg; other pron- 


^TRr^xns, in . particular The level of 
———’^□employment; the:'lack of - irt- 
w ‘'estment; and;the imbalances in 
-j L /orid _ 

^‘ The TKjrdic ^cduntriCT Suffered 
‘ - t - -rom the general problems,-nand 
he profitability, qfc naosi nordie 
..pmpanies declined;■■ .The .bank! 

.. 3’*; on tin Ued to direct, the 1 - major * 
»- *iirt <jf ita J Mding .to ^^»."5up; 

^ —^ r“ orl of nordSc trade and Industry. 
^ naintaining a. balance jbptween 


hort and inedluin,term; lending.; 


( 


The high level ofriai^siafitmai 
iquidity. the chairman aay^ lfcd 


0 intense competitwtf|t!rrfSg lM4 im 


ng and a steady ^rdsten- ipF/WK- 
erest margins, during thevy^Lt; 
The bank maintained 41s commit- 
aent to the-shipping industry. 

- while exercising, great, caution 
n the assessment- of: shipping 
oan proposals.” ;' -V - •• 


The 6 an k V capital funds .were 
ncreased- ” from-I • flSfint-. - to 
315m., partly as a result of the 
icw capital and lpan : sfbidr.snh- 1 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


■Id 


Oft* 


■Id Offer 


■id Offdr 


STRAIGHTS 
Alcan Australia 8ipc 1980 Mi 
AMEV gpc 1887 
Australia. Use 1M2 


Mi 

93 


Aunralfu M. It S. 9)pc IS BTJ 


97 

MI 


Barclays Bank 84pc 18SS ... 

Bowater SI pc UBS . 

TJanadian N- Rln Sfpc f* 964 

f Credit _N BUomU .KJpC-18»fl W 

Denmark Mnc uh — 

ECS 9SC 1305 ... —. 

ECS Sine 19S7---- 

WB-aSue='199C --- 

KMI 9tmr l969 - --— 

nrlcmon Mpc- 1988 a. . 

E»w sp 5 :>>iSf. Hot 


w: 

Mi 

Mi 

08* 

98 

981 

1 DM 


»: 

94* 

94* 

Mi 

Ki 

951 

951 

984 

934 


*7* 

88 


HiUnfcMJW -MP* 1993 
Hyflto-Oucbcc 9ptj 1992 

HQ ;8}pc . J9ST. .V--: 

US Canada 9| pc IBM 


1M4 

954 

m 

1021 


Macro man Blncdel 9pc 1995 M4 


ID2i 

1M3 

W 


Masses Ferfituon ftipe 1991 
Mlcheiin Wpc USB- ..._ 

Midland Im Hn.*a|pc V5 
Natl. Coal Board Spc 19R7 944 

Nad. Weaurrioner Spc lass 1014 
NowfanmOand 9uc i98S . Ml 
Nprseg Komm. Bk.;Mpi: ■92 KJ 
Norptoc MDC..1988 -- MJ 

Nnnfc Hydro 8|pe 1993 • «4 

two 9pc IMS .. 1DM 

Purls Amo uomes Bpf 1901 wt 


Pros. QnrtJcc 9pc 1095 .. 

.97) Prov SaSJutcHwn. BIpc *88 
97) Reed Inter national 9pc 1MT 

951 RHU-ipc 1992 . 

9U Selection TxtW Sipc 1989— 

>71 . Stand. Ensklldfl Bpc 1991 
97) SXF 8M 198T . 

97) Sweden rKtncdotni 81 pc '87 
981 United Biacnlis 9pc I9SS 

1M4 VoWd Bpc 1887 MUTCH - 

99 

- NOTas 

Australia 74** I9M ...... 98 

88) Ben Canada 7 Ipc 1EB7 ... 944 
97 - ■’ Columbia Hydro 7jpr JiS 931 
MB' Canadian Pacific Wpv 19M M 
IM - now Chemical Bpc IBM .. 

IflW ■ ECS 7*pc IBB2 .. 

98) i ECS Si PC IB89 . 

07 EEC 74 »c 1882 . 

1M4 EEC 71 DC 1954 . 

-97.-. Bnso GnCKlt BIpc 1984 
103*. -Cotaverfcen 7:pr 1982 

1014 Kodnnns Spc IBM .. 

971. MJcheUn Blue 1993 ... . 

95 Momroat Urban Mnc 1961 IM 
U24 Nrw Brunsivtck Spc 19M . 981 

UN)--.N«r- Bnuthwick Pv. B|pc "S3 1914 
984 . Now Zealand 81 m- IBM 971 

984 . Nordic InvMI. Bk Tip*- *84 95i 

'984’ -Norik Hrtlro 71 DC 19R2 ... 97 

181. Norway 71 pc JBM . M* 

991.'. Ontario Hvriro Roc 1987 .. 9S* 


964 

Singer Bipc 1982 ■ —. 

10Oi 

101 

I08 

S. o 1 Scoi Elw 8 *dc 1»I 

094 

100) 

US 

Sweden iKingdom) ijpc '82 

97 

97; 

*» 

Swedish Stale Co 7{pc "S2 

97 

97J 

VSk 

Tebnei Sipc 1084 . 

981 

99 

W) 

Tenneco 71 pc issi Mu ... 

W! 

8St 

83) 

80* 

m 

03* 

Volkswagen 7gpc 1887 . 

VS4 

W 

STERLING BONDS 
CourutUds Bipc 1888 - 

98 

BM 

- 

ECS *fpc 1888 . 

INI] 

1004 

051 

ETB Hpc teas . 

991 

I0i) 

BrB 8|pc 1382 

974 

BUI 


Pin. Tor Industrie Bipc *87 

88 

091 


98 

M 

9fi* 

97 

064 

984 

978 

m 


Fisona 101 pc 1991 . .. 100* 

™{ Rowmree 1B4PC 1988 - Ml 

”> Total Oil 94 pl- 1984 ....— B9 

“ ■ 

97 

m AMtrla Sfpr 1985 
BB-rn iii,. inc- 


IOi: 

SH 

961 


97) 

984 


DM BONDS 

..... 1M4 

RPCE 7pc- 1987 .1«1J 

Denmark Bloc 1983 . 197 


Mi • FJB floe 1984 
,52 Grand Met 7pc 1984 
Hydro-Quebec B4pc 1W7 

I Cl 81pc L987 . 

Montreal 7pc 1957 
Noraca Cas Toe 1989 
Norsk Hydro EJpc 1989 
Norway Sjpt 1983 

Shell aiw IBM . 1W 

Spain Sipc ISM . 101 

Suredcu ?’,pc ISM . 1841 

World Bank BMW 1997 .... 1034 


10M 

974 

10 ! 

Ml 

96 
974 

97 
M 


IOC 
101 ] 
ioi i 

105) 

1024 

107 

1041 

104 


lUi appears m a mauer ol record only. 


February 1978 



Sabmenf^i^ Bank 


V? 


V. MecGuS "Term: Credit 


- . .- ■ Arranged by _ 
Orion ijank IJmitcd 


* . - ; -'M*aiijged and provided by- 

XheChasc j^IaidiaiUti Bank, N.A. 

The MitsubL^uBank, Limited 
"Nat ioaa 1 WtfeDTJ G roup - 

Nordic Batik ; 


. Orion Bankiiniied 
The Royal Barik.of Canada 
Trust Coi jxii-tttion Limited 
■! Scandinavian.BahVLfiiiited 
Wcsldcubchc Landeibank Girozw nrale 


/ 



107) 

105( 

107S 

1061 

1032 

1031 

106 

1932 

107! 

1031 

m.* 

ins; 

14113 

1031 

194) 


» 


Ml 

99) 

M» 

08) 

»| 

991 

1I»4 


FI.DATING RATE NDTE5 
Bk. Of Tokyo 1034 715it.DC 

HFCE IBM 7pc . 

nNP 1183 7pc .. 

PCF 10S1 8 DC . 

C.CtMK • 1994 Gl3|iPC . 

Crcdiiaiurati 1W4 7ipc .... 

Credit Lyonnais 1982 6)pc 
t>G Bank (IMS 7i5|gpc 

GZB 1901 71 pr . 

Inti. WeaimnsiE, 'MTUupc W 

Uorda 1BS3 7) PC -. 100 

LTCB 19W »4 

Midland IMG SPC .. 101) 

Midland 1097 7 Utf pc. BSi 

0KB 1983 BiPO . 991 

5NCF IMS 6 ISA pc . 

Sindrd. A Churn'd. "94 8ipc W1 
Wins, and Glyiw ISM Tpc Ml 
Source: White Weld Securities, 


Mi 

#3; 

ltnj 

WJ 

w; 


09) 

1064 

iod: 

Ml 

20 US 

992 

1012 


99t 

Sts! 

MB 

tool 


1957 


CbNVERTlSLES 
American Esprt-w 4ipc *97 
Ashland Spc iwr .. 
Hibrortf St WllPOk B!pc 'W 
PCalrlw Footle 4'dc 19*2 
Beatrice Funds 41w 1992 

Hrrcham 6Jw IMS . 

Rnrdi'n 3pr 1993 . 
nrnadw.iv Rate < Inc 

t'-imaUmi 4pc . 

cni-vrnn Spc 18 wi . 

nun 42oe iM“ . 

Kuimian Kodak 4*pc 1»59 
E'mnnilc I.8bs )Jpc 19S7 
KI>-MOfii? 5ne 1W$ . 

Vi »1 3pr. 19« .. 

General Nleernr 1)pr I9S7 
nill. ire llpe IVS7 .. 
no«ifl pPc IBS? ... ... 
ritK and W'-wem 5pc IMS 

imrris Snr iw:. 

HoorvhTlI 9«C IfW . 

IC1 fllpi- 1»« . 

tm\ So" TM7 
Inchcppe 6Cnr 
DT 4!w 19*7 
IHIFO «PC 1992 
KomalBH fipe 
.1 Kuy MrDnrnoii 4!pc '67 
llo'eushtla tJfne |9M ... 

M|i«ii 1 For 1M0. 

P Mnn:an *l l w I9W ... 
NahilCO 5IPC1IISS 
•lu-'iis UBnois. 4'pi- 1M7 ... 

' C- P"nm.«- 4'pc INT ... 
Hrrlon AJo>- IPat 
RembMa UetaJi Spc 1088... 

Sandilk Cipr IMS . 

SlHrry Rand )'w 1997 ..... 

KW'lhh 1B»7 .. 

TvSefQ 4Jpr 10°II . 

TmhlbP B'W i0« .. .. 

nrton Carbide (lor 1082 
Warner Lomberl due ISS7 
Warner Lamnert Ope 1999 

Xcm upc iff® . 

Source: Kidder, Peabody 


m 

90 

•>34 

934 

mu 

sal 

100 

74 * 

774 

1104 

7* 

M4 

78 

80 

PI 


I9« 


1990 


•ins 

T3 

134 

Ml 

Mi 

m 

mai 

TSi 

1034 

tfl?4 

151 

121 

mo* 

95 

99 

tin 

7S. 

IM 

84 

ln34 

77* 

774 

IM 

914 

m 

74 

77 


951 

01 

- 93J 
W! 
IVl 1 
0 .) 
1H3 
76? 
701 

mi -2 

51 

SV, 

M 

ffl 

53 

M 

79 

fill 

90 

Mfl 

5T5 

Ml 

94 

101S 


IflIU 

ins* 

ifij 

153 

Wfl 

9i 

101 

IIS 


108 

80 

nr, 

M 

79'. 

19! 

201 

M) 

M 

W 

19 


SccertUe*. 


Bjr Laurence Stephens 

SYDNEY, Feb. 6- 
ROTHMANS uf Pall Mall (Aus¬ 
tralia), one of Australia’s three 
tobacco houses with additional 
Interests in the wine industry, 
raised its not profit by 23 per 
cent-, to $A2,8im. (susa^m.) 
in (be six months to 
December 31. 

Despite (he Go\ernmen1's 
prohibition of cigarette adver¬ 
tising on television and radio 
which came into force (ate in 
1976. directors pointed to 
blgher sales of cigarettes in 
Australia us the main reason 
for a 23 per cent revenue 
Increase tu SA162.1m. 

(gUSlS-t.Om.). 

A company statement to-day 
noted that in order to meet the 
strong local demand, proriuc- 
-tion had been running at 
record levels throughout the 
six-month period. 

Bui the company's wine divi¬ 
sion did noi fare as welt. 
Rothmans reported what It 
described as a disappointing 
loss by its subsidiary. Inter¬ 
national Cellars (Australia) 
Ply. Ltd. This deficit was 
cushioned by a thefold 
increase to $A25fl.0iU) in non- 
Lrading activities. 

The result stands up well 
against those of the company’s 
two cum pi-ti tors. Amutil < for¬ 
merly British Tohacru) and 
Philip Morris (Australia) 
which reported mediocre 
growth in their tobacco 
divisions. 

Rothmans has boosted its 
interim dividend from 9c to 
10 c a share, a mute which 
will invohe an outlay for the 
group of SA 1 . 2 m. 

Profit was struck aticr an 
18.1 per cent, increase in the 
lax bill to SA 1.93m. This 
would hate been higher by 
9A337.000 hut for the trading 
stock valuation adjustment 
allowed by the Federal 
Government to help com¬ 
pensate for the efTecls of 
inflation on slock prices. 


Problems for Highveld 


By RICHARD ROLFE 


JOHANNESBURG. Feb, 6 . 


HIGHVELD STEEL and Vana¬ 
dium. which is controlled by 
Anglu American, has maintained 
attributable profits for the six 
month* to end-December. How¬ 
ever. as foreshadowed In the 
annual report it faces increas¬ 
ingly difficult trading across the 
board. Turnover hardened from 
R72iu. to R79m. (STOm.i. but pre¬ 
tax profits were down sharply 
rrum Rl7.2iu. tu R13.6m. 
(SI 2 . 1 m.). 

With h*sher investment allow¬ 
ances from the group’s new 
plait mill the provision for de¬ 
ferred tax also fell from R7ra. 
to R3 4m ; and with a decline in 
mummy interest, attributable 
profits picked up from R9.6m. to 
RB.Sm.. for earnings 0.3 cents 
better at 14 4 cents per share. 

An unchanged dividend of 5 
eenr> hai bpen declared and the 
shares at 150 cents yield 10 per 


cent- on last year’s 15 per cent 
dividend. 


Highveld bas expanded heavily 
in recent years, with R90m. spent 
on extensions to Bat products 
capacity and ferro-alloy smelter 
facilities. The Board says in the 
latest report that the major part 
of the flat produets capacity bas 
beeo commissioned and the cor¬ 
poration's capital spending plans 
now appear to have peaked. 
Capital commitments were 
R4.7m. at December 31, 1977, 
compared with R42J3m. a year 
ago. 


Vanadium demand, a mainstay 
of High veld's recent profits per¬ 
formance, has declined. Only 
one of the eight roasting units 
at tbe corporation's Vantra divi¬ 
sion is currently tn operation. 
Six months ago it was noted that 
the vanadium market faced over¬ 
capacity. but the latest state¬ 


ment hopes that Highveld's 
lower rate of output, in addition 
to cutbacks from other produ¬ 
cers. will correct the supply- 
demand imbalance. 

Hut metal output rose from 
270,000 tons in the comparable- 
six months of 1976 to 345.000 
tons, and structural mill pro¬ 
ducts were down from 176.000 
tons to 1S4.000 tons. The Board 
thinks the downturn in domestic 
steel demand may have levelled 
off. but does not expect any sig¬ 
nificant short-term rise in de¬ 
mand. 

11 also notes fhat price in¬ 
creases averaging R31 a too from 
January 1. will not be adequate 
to restore profit margins because 
of higher power and railaee 
costs in particular, in foreign 
markets increasing protectionist 
tendencies in the EEr and the 
U.S. are expected ro affect South 
Africa's steel exports. 


Allied Investors earnings 
up at nine months stage 


BY DANIEL NELSON 


HONG KONG. Feb. 6 . 


ALLIED INVESTORS Corpora¬ 
tion. a Wheelock Marden group 
j ussociaie. has announced an in- 
! lerira dividend of 25 cents for 
the year ending March 31. This 
will absorb HKS 6 05m.. the same 
as in the previous year. The 
rtiri.-ciors expect to recommend a 
final dividend of not less than 
the 25 cenri. paid last year. 

Mr. John Marden. the chair¬ 
man. said that in the nine ruunths 
to December 31. 1977. group 
operating profit, after excluding 
ihe profii arising from the liqui¬ 
dation of Mow Tai Development, 
'••huned a slight improvement 
compared with the corresponding 
period of the previous year, 
which ended with a consnlidaied 
net profit of HKS!3.fi?m. 
(SUS2.D6m ) aeainst HK$17 06m. 
The market value of the group's 


Brambles Industries 


BRAMBLES INDUSTRIES 
LTD., ihi* Australian trans¬ 
port group, raised its net 
earnings 20.4 per cent, to 
$A5.41ni. (Sl!Sn.2m.) In Ihe 
six month's to December. 

The profit was made in spite 
of industrial stoppages and (he 
Victorian power dispute. 

Although many industry 
sectors served by the company 
are operating at well below 
optimum levels, Brambles 
Increased its sales for ihe half- 
year from SART.2m. (SUS99.4ro.) 
to SA104.8m. (SUS119.5m.). 

The interim dividend is 
being raised from 4.5e to 5c a 
share- . 


investment at December 31. was 
HKS127 lOin. (HKS123.40m. at 
March 31). 

He said that the company's 
vessels operated successful^ 
during the Derlod under their 
bareboat charter. Vessels owned 
by the quoted subsidiary. Beau- 
forte Holdinss. operated without 
incident in rhe half-year to 
September 30. and the factory 
premises at San Po Knns 
remained fullv let. 

Allied ' has a substantial 
interest in the Cross Harbour 
Tunnel Company, which has 
reported a rise in vehicles usine 
the tunnel and a “ sati if actor v 
rate ” of growth in revenue 
receipts. First and second, quar¬ 
terly interim dividends each <if 
13c. have heen paid, cnmn.ired 
with last year's interim of 20 c. 


Union Bank expansion 


BY L. DANIEL 


TEL AVIV. Feb. 6 . 


UNION BANK of Israel, a mem- 
her of the Bank Leumi group 
and among tbe country’s five 
largest banks, reports that its 
balance sheet total at end-1977 
ri-j'bed £4R0m. Berlins 
(SSTOm.j—a rise of 119 per 
rent, on the December 31. 1976. 
level. 

Net afier-tax profit, including 
extraordinary income, rose by 
111 per cent, to fl fim. sterling 
(83.1m.). It is proposed to pay a 
cash dividend for 1977 of 16.5 
per cent (of which 5.5 per cent, 
was paid in September), as com¬ 
pared with IS per cent, in 
respect of 1976. and (o distri¬ 
bute hnnus shares at the rate of 
1 to 3. 

+ + ★ 

TFtf. rnvcnunvrFn hat*™** 


sheet of Barrlays-Discount Bank 
Ltd., including its fully-owned 
susbidiary. the Israel Mercantile 
Ban 1 ', increased by 85 per cent, 
in * 077 . to reach just under 
£200m. sterling (8386m.). 


Its ordinary operating profit, 
before tax. doubled to £1.3m. 
steri'iq (S2.5m.1. and net profit, 
including extraordinary income 
rose by 157 per cent to just 
under £600.000 sterling, enabl¬ 
ing it to distribute a 20 per cent, 
dividend. 


The bank has 60 branches. It 
established its first unit trust in 
mid-October, assets of which 
reached £ 20 ro. sterling by end- 
1977. 


Setback at 
More Wear 
Industrial 


By Tony Hawkins 


SALISBURY. Feb. 6 . 
Reflecting tbe combination of 
adverse economic and political 
conditions one -of Rhodesia's 
largest steel groups. More Wear 
Industrial Holdings, to-day an¬ 
nounced operating losses of 
£650.000 (81.26m.) in the year to 
June. 1977 

This compares with a pre-tax 
profit of £360,000 the previous 
year arid 1975 profits of £l- 6 ca. 
In a gloomy report, the chairman 
Mr. George Ware (who is resign¬ 
ing his post) says that the 
group will survive “on the 
assumption that the banks con¬ 
tinue to support us.” 

in addition to this substantial 
operating loss. More Wear has 
also provided extraordinary 
iiems totalling Sl-2in. About 
half of this is for tbe reduc¬ 
tion in tbe value of fixed assets 
of a subsidiary company whose 
operations have been discon¬ 
tinued. and the balance relates 
to “on-going costs" in respect 
of group companies that have 
been closed down or are being 
wound down. 

The chairman says the com¬ 
pany experienced a “ serious 
liquidity problemduring the 
year and that bank facilities 
were exceeded. The banks indi¬ 
cated that unless their views were 
heeded consideration would be 
given to placing the company 
under judicial management. 

Mr. Ware said the group's 
objective this year was to break 
even and in order to achieve this 
considerable retrenchment had 
been necessary. However, in a 
changed political and economic 
environment there would be* a 
return to profitability as group 
potential was «snnnd. 


Take a look at the 
new Allis-Chalmers. 


•• 


* 


Earnings per Share 
Up 22% in 1977 


6th Consecutive Year 
of Earnings Growth. 


SB-50* 


EARNINGS 
PER SHARE 


MJl 

. 


V 

i. - - • 




61.77 ,. : 




„. v . 
5070 jr. ! l ,:v; 

69.42 .*''■•• V - 

: $p Uh' f: i 


m 


•7; *73 


■?0 


•Estimated earnings 
at record level of 
$5.50 per share 


For the sixth consecutive year, 
Allis-Chalmers has shown 
substantial growth in its earnings 
per share. Estimated earnings 
of $5.50 represent a 22% 
increase over 1976. 


and outdoor power equipment 
sectors of the company. 

T! l j 1977 records were 
achieved in the face of a dS-’o 
decline in agricultural equipment 
profits, which are now expected 
to represent only about 
one-fourth of total earnings. 


Special machinery groups 
are major contributors 


Process equipment 
acquisition to help growth 


Another reason why the process 
sne 


Overall 1977 profit achievement 
can be attributed to highly 
diversified technological product 
/ide. 


businesses worldwit 
For example, fluid and solid 
processing equipment were 
particularly strong, and good 
performances were also achieved 
in the electrical, material handling 


equipment sector should main¬ 
tain its confirmed growth is the 
^ulsition of Sala International 
in late 1977. Sala provides a 
wide range of hydro-metallurgical 
equipment, expanding the 
already broad line of products 
and processes offered to the 
water and waste water treat¬ 
ment industries as well as the 
minerals processing industry. 


Allis-Chalmers Corporation 
Milwaukee, Wl 53Z01 


The world 
needs more of what 
Allis-Chalmers 
makes. 



ALLIS-CHALMERS 





















Dow 2 easier after shortened session 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Feb. 6. 


A SEVERE snow slorm caused Seairain Lines, on a December spite higher 1977 turnover. She* rising DM3.S0 andI Deutsche Bank 5.133.02- wtth. volume amounting 

Wail Street lo cloS Wo hours quarter loss, sbed * to 594. 20 to EmUW. DNL120. Major Chemicals were to MOm shares 

earlier than normal to-day, with Among companies raising their Constructions, Motors, Elecm- steady, while Motors were mixed. Speculative*, J 
stocks showing an easier tendency dividends, Xerox put on * to 545, cals and Stores were generally Electricals and Stores adopted an tended higher, but Electricals and 

after an extremely quiet trade. Sears were up i at 523*. and better, but Metals bad Sadlor the easier stance. many Blue Chips reacted. 

The Dow Jones Industrial Boeing, which also reported im- day’si limit down. Public Authority Bonds re* Toyota Motor rose YlQ to Y853 

Average ended 2.34 lower at proved earnings, advanced 1} to UT Alcatel gained 19 to rrs.749. corded gains extending to 13 on consideration of its new mode], 
7GS.62. after touching 76421. and $28{. Skis Rossigisol 40 to Frs.1,590, and pfennigs following quiet trading, announced last 'Friday. Most! 

the NYSE AH Common Index was The trading session on the Pernod-Rlchard 2.5 to 179.0. Th e Regulating Authorities sold vehicle issues followed Toyota’s 

finally 8 cents down at $49.W, American .SE was similarly BRUSSELS—-Mainty lower in DM15m. nominal of stock (DM lead, but Honda declined Y10 to 

after $49.57, while losses out- shortened by the blizzard, >hj n trading 145m.). Mark Foreign Loans Y573 on profit4aking. 

numbered gains by 704 to 53L although stocks displayed a firm Hoboken retreated 75 to were maintained. Daiwa House fell Y24 to Y463, 

— bias at the finish, with the Amex BJrsi.SSO and UCB 34 


MONDAYS ACTIVE STOCKS 

Change 


nowarrt Johnson ... 
Marshall Field 
Amer. General Ins. 
American Airlines 

UAL . 

Ineo. 

Aveo . 

Kimberly-Clark 
rolunibia Pictures 


Stocks 

Closing 

on 

traded 

pnee 

day 

192.7V*) 

m 

+ i 

1HO.DOO 

3.1j 

—g 

1«.3W 

25 

— 

IL'l.lIXI 

a; 

—1 

m.Tdo 

501 

—I 

iw.-wn 

Me 


1W.40U 

Iki 

+5 

iihi..kki 

4U 


SHI.flOO 

i«; 

+ 11 

si.<*>o 

17 

+ ; 


- __ . ,- , --- to SWITZERLAND—The recent 

index registering an improvement BJYs.924, but Arbcd put on 40 finning trend lost some of its me I “?“ c ” orks shares, 
of 0-14 at 12222. Volume 1.44m, [ 0 B.lS-s.2,ipo and Banques momentum yesterday, with stocks HONG KONG—Market dosed 


shares (257m.). 


OTHER MARKETS 


Bruxelles 

B.Frs.1,444. 

Petrofina 
fins and 


Lambert 


12 


to ending just a little' harder for steady after a quiet shortened 
choice after a quieter trade. ^. din S session ahead of the 
declined 55 to* t . Chinese New Year holiday. Deal- 

hut Canadian Petro* «B^ mong c« I ? Iia < ? ICJ ^’*A~ terf ?^ spreads were widened on 
American Petrofina ^: rose SwJYs.S^TS. wlule prJces opera tors being reluct- 


Canada reacts 

Canadian Stock Markets turned 


gained ground on 


added 15 at 


activity. The Toronto Composite 
Index shed 0.4 to 3Q07.I. while 


Union Basis 

announcing 

higher fourth-quarter profits. ^ ‘ 

. Elsewhere, Sandoz put on to cents at $HK12.70 
AMSTERDAM—Narrow’ly mixed SivJrs.4.075. but Ciba Geigy shed Pacific “A’’ 5 cents 
' —-* ~ 10 to Sw.Frs.I530. 


Turnover amounted to 
U.H3m. shares. against 
Fridays total of 19.40m. 


Transports had Van Ommeren 
up Fls.1.40 and NedUoyd FIs. 1.00 


ant to deal. 

Jardine Matbeson gained 10 

and Swire 
at $HK5.70. 
while Hang Seng Bank was an 


°f nl ? 2 “ d oS"Sd S Cas^/LS to h^her. but KLM and KNSM were spread i mprovemen twithtrading 

last to S13.I. Oils ana Gas 3Ji to k ." k .i:„k.i„ ...i*. mcourazed fa* nnlitioal Hpvplnn- 


iWELAN—There was a wide- ^P T ^ n ^ T ^ n -. spot “ BanXs ' 


1.354.U, and Utilities 0.74 to 159.54, 
The blizzard crippled traffic, but Banks improved L38 to 232.43. 
business and transportation in the Inco 
New York metropolitan area, fourth-quarter 

market par- PARIS—Following the recent 


both slightly easier. 
Dutch Internationals 


encouraged by political develop- 

softened xn « nts - 7 , . . . 

Leading Industrials 


. „ , H , a littie in Diaces but Royal Dutch Leaaing mausmais were 

A lost 4 to S10| on lower DUl “ oyai prominently firmer, with Snia display^ a majon 

uarter and year earnings. e kJwbere Eteevier put on Viscosa adding 30 at L509, Monte- after slow tr 

preventing many market par- PARIS—Following, the recent Jne Bank d - SJ>a . „ ^ ^ 47.75 25 at Financial Minings were un- 

ticipants from, reaching their downtrend, share prices managed £.{? o'™ 8 L1.940 and Olivetti Privileged 12 changed to lower in an equally 

a somewhat steadier performance rt5 - u -‘ v - auiet husine«K while Metals and 


up 5HK2 at SHK153. 

The market will stay closed 
until February 10. 
JOHANNESBURG—Gold shares 
majority of marginal 
trading. . 

Financial Minin gs were un- 


at L785. 


quiet business, while Metals and 
Minerals and Coal issues were 


offices. __ . _ 

Brokers said the shortened and yesterday, helped by substantial GERMANY—Market opened the pj«-t|i arivanroH « in T*»mt °" u 

very slow session could not be intervention by institutional in- week with an irregular showing * jmV mostly at previous levels, 

considered indicative of a trend, vestors, and closed on a mixed despite some buying interest by auu ** -slWB * lu 
but added that some selling was note. foreign institutional investors, TOKYO—Share prices 

due to a report that a survey of Locafrance weakened further in particularly from France. irregularly in the absence of fresh 

purchasing agents indicates that otherwise wel) maintained Banks, Engineerings and Banks fir med market factors. The Nikkei-Dow 
inflation spurted in January. while in Foods, Canefour, de- on a good business, with KHD Jones Average put on 2.06 to 


Indices 


y.T.S^E. ALL COMMON 


Rises and Palls 
t Feb. 6 I Feb. 3 


NEW YORK -dow jones 

Fet>. j Feb. ' 

A 1 3 | 

Feb. Feb. 

2 j I 

High 

| Low 



4S.9sj 49.79 



l ‘4 1 

1 Ui7-73 idUweo.mpiiatipn [ i 

(4/L/77) 

(27/1/73) 


1977/7B 


i F*Ji. • Fel*. 


Feb. i Feb. j Jen. 
1 31 


Jan. 

30 


Issues leaded 1.142 

Hrses__ 551 

Falla..! 704 

Unchanged_| 507 

New Blebs..j —. 

New Lowe.I — I 


1,803 

677 

662 

464 


High j Jy.-w | Hi^fa j fyiw 


Feb. 1 


Industrial...! 768.6:' 770.86 776.36.' 774.34 76ff.92 : 77L44! Sffff.fB j 763.34 I 106l.7li| 41.22 

1 : 1 (j/l/T?) iiMil/TEj vUllm <?rt/32) 


H’raeB'nd*'! 63.79; 89.74 89.72; 83.671 89.62 


Iranerort.... 212.16- 212.99; 212.65 210.31, 2DB.bG 


Utilities. 105.21 105.61 105.481 105.24, 104.77^ 


89.40: 


93.07 I 89.33 
, rtl9l (26/l/78jj 
208.71 240.64 I9S.60 




Tra>1iiti;Tvl 

OXl's t : 11.630! 13.400. 22.060, 22.240; 19,870; 17.4001 


279.08 : 15.23 
(U>/5) ! fS&flOl I (J.'ZlGB) 11377/32) 
104.81; 118.67! 104.77 '■ 185.32; 10.58 
<22® Uilll'TC) (80/4/69) <28/4r42) 


Mgmmi- 

torii)5tnal 

Cnmblneri 

Feb. 

6 

Feb. 

3 

Feb. 

2 

-:-rarns- 

1 j Higfa 

Low 

165.67 

172.69 

166.92 

172.86 

166-98! 

172.67 

16fi37i 1BG.47 (17/fii 
17230j 187.96 09/1/77) 

1684)2 (£6.-10] 
166.60 (23/10) 


1007.1 

1007.fi 

1006.6 

lOOO.Oj 1067.4 (19/7) 

961J (26/10) 


215.9 

212.fi 

213.6 

211.9 

217.1 

212.1 

mmm 

15M (S4/bi 
183.1 |22/4| 


Industrials moved narrowly 
moved with a slightly firmer bias. 

AUSTRALIA — inning issues 
were rather mixed, but Industrials 
were inclined to make headway. 

BHP stood out with an advance 
of J6 cents to &A5.42 jp response 
to the interim results. C. J. Coles 
improved 6 cents to 3AI.97 and 
Myer 5 cents to SA1.S3. although 
CSR. SA2.SG, and General Pro¬ 
perty Trust, SA1J35, receded 6 
cents apiece. Among Banks, CBC 
rose 8 cents more to SA1.75, still 
on the first-half figures, while 
BNS Wales were 10 cents higher 
at SA5.24. 

In the Mining sector. Consoli¬ 
dated Goldfields moved ahead 15 
cents to $A2.80 and Peko-Wallsend 
16 cents to SA5.66, but Coal and 
Allied declined 5 cents to SA3.75. 


1.626 

872 

522 

432 


* toil m iwln i^iwiywi >nim aukihi 


IiiiI. dlv. y*IM - 


Fel*, 


Jan. 27 | 7w. SO J Year ago lapprux.) 


iFcb. 3 i Prev- 0977-78 '1377-78 


ioui Higb Low 


i Feb. 
I 6 


ftp- M977-7F ,1^77-; 
rioui | High 1 Law 


5.98 


6.03 


5.92 


4.35 


STANDARD AND POORS 


Spain 

Sweden 


Feb. I Feb. i Feb. 1 Feb. 1 
| A j 3 , 2 | 1 . 

| Jan.' 

! 51 1 

:-I37T75 

*b uii -e Cotripi lai'n 

30 f High j Low 

High j Low 

: Indus trial,] 
SComposite j 

98.51' 98.66: 99.30 99.12 
! 1 1 | 
89.50 39.62; 90.13, 89.95^ 

98-55, 

89.25| 

98.44; 118.92 , 97.47 
mS/I/77) (J6/1//8) 
89.54 107.00 98.58 

! .3/1/77 1 '(2A/DJ8) 

j 134.64 1 5.52 

1 (11/1/73)1 (30/6/32) 

I 126.86 | 4.40 

1 (ll/l,-73): <1/6/32) 


Australia fl) 1 466.12 • 465.99 | 479.43 - 41b j* 

I ! (3/1/78), (16/21 

Belgium C6I 83.37 1 92.66 1 99.12! 90.43 

1 i ,(10/1/771(12(1/78 Sviteri'dl 1 )l 
DeuaiBXkC**)] 94.00 : 94.66 ! UW.afe f 94.00 a ‘ 1 

I (8/6) (6/2/78) _ _ 

47.6 1 68.4 I 4A^i 
1(7/1/77)1 (J0i6) 


iJi, — 


95.79 100.00. 

I | ItdO/ia'/gS/l/f: 
itri 357^2 1 367A3; 416j* < idb.* 

! (22/3) |i34/ll» 
317JS I 317.4 | - 

i HH/10)! 


xfi.? 
t w 


France <tti *7.7 


Germany — 


Holland IW] 80.1 


804A 


80.1 


I 

1 Feb. 1 

Jan. 26 

Jan. id ! 

| Tear ogt> (approx.) 

Imi. >i|v. yield % \ 

5.22 

S.22 | 

5.13 j 

3.89 

Inii. P/fi I/atiu 

8.69 

i 8.62 { 

8.74 

11.09 

Lant Curt. Uoml ilelri 

8.18 

1 aao r 

a.i? i 

1 6.87 


Hong Nooerj 411.89 
'*Mi' 

Italy (Mil KJ .60 


41L03 


alius ; 712A 
(17/11)! 00/3) 
95A 76-b 

14/0) (29/9) 
420.17 323.44 
(11/6) 1(13/1/76 
73.71 t 04 JU 
(5/1/77)1(22,12) 
390JU 300.48 
(89/9) k2«/U) 

, 2CTJ1,267.68) 368.02 WJft 
(6)1 l i (29W 1 (3/a 


59.61 


Japan w 384A5 ,383.72 
Singapore 


Indices and base dates (all nase values 
IN except NYSE AH Common — ae 
Standards and Poors —10 and Toronto 
380-1.000. the last named based on I973» 
t Excluding bonds. 1 400 (ndusmals 
5480 Inds.. 40 Utilities. 40 Finance and 
20 Transport. (7> Sydney All Ord 
tip Belman SG 31/12/63. ■**> Copenbagen 

SE 1/1/73. (tti Parte Bourse 1961 
itt) Commerzbank Dec.. 18S3. ($5i Amsier- 
d am. loduamal 197V. til) Hang Sew 
Bank 31/7164. (Ull> Milan 2/1/73. laiToRyn 
New SE 4/1/88. <bi Straits Times 1966. 
id Close, idl Madrid SB 30/12/77-tusji 
and low for 1918 only. (e) Stockholm 
Indusmal 1 '1/S8. Hi Swiss Bank Coro 
»»• Unavailable. 


OVERSEAS SHARE INFORMATION 


Iuv. $ Prem. at $2^0 to £—771% (77*%) 
Effective rate (at 1.9390) 32{% (32}%) 


NEW YORK 


Strcb 


FVi.. 

i= 


Feb. 

3 


AL<txns Lrttm..I 

AdilrvssoKiapb ...I 
Aetna Lite 

Air Pp>iucte., 

Airtv..| 

Al'jiiQ Aluminium, 

•M-v*..; 

Alleebouv laiill..- 
AlleidiL'ay lA.iwe:: 
Alli&l Cbemk»i..| 

Allied Slum.I 

Allis Chalmers...| 

All AX. 

A mem. U Hes-....| 

Arncr. Airline....! 

Amer. Braml- 
Amor. druHti »■(.; 
Anier. Can......... 

Amer. CjumtmiiU 
Amer. lile-. hif.| 
Amer. Kxprw-...! 
Amer. Hi miu: Fir«t 
Amer. Xle>li'-n>...i 
Amer. Motor.....j 

Amer. N-tL.Un-.,. 
Amer. SlamlHPl 
Amer. at-uon.^...- 
Amer. lei. 3 lei.. 

Ametek.-.• 

AMF.I 

AMP. 

Aiui^x.! 

A o -■h'jr Ho>.-Kln«.; 
Anheu-er 
Ami.'j a'leei-.-—[ 

A.5.A. 

Atamem On.‘ 


Asarw.' 

AtUlacii Uil.• 

AIL llu-blield— : 
Auto (lata Fro....' 

A VC.... 

Avjo. 

Avon Prwlucl*...., 
Balt Gas Eleil—.• 
liank Amerh*..... 
lipuikcw Tr. X.Y.* 

ilartur On.. 

BasU-r Treveuol. 
lleari.e Fool..' 

lievViu VJ Likenviu - 

bell 2 Howell..... 

bea'ltx. 

Deoijiiet Loan 'tr 
Botbicheiu Steel.' 
iJLa. lt x Uerker-I 

Hoemu—.! 

ik>ise Oui..«ile—■ 

bonleii.1 

bon Warner., 

braOLd /lit..| 

Bnw- an *.V. 1 

Un&t... Mltrv-1 

bnt. Pei- AL'K—j 
Mrockwav liiaai- 

bninsrelck......... I 

ihiuycua tine. ./ 

budd.-.! 

Buluva Waieb —; 
Burlington Xtfaii; 

Burnaigbs.' 

CauilAiell Soup...' 
L'anunliao FauDc! 
C«urti Uaudolpti.. 

Caniatiou. 

Carrier i. Ueneml 
(Jailer H Mr.'ley...' 
Cat«rviller'i.’*-«Cts, 

t'W.V.i 

Celauesu Uuivu—[ 
I'enmi A S.V*....j 

Cereainteeit.: 

Cessna Air-ran ..j 
Lhasa Manharinn: 
Lbwnbai Bit. NY' 
(Jbeaebigti ttuH. 
L'bessieS.v^tom-.l 
l_|t(3mo Undue...! 

Chroma I toy. 

Lhrvaier. 

L'lnenma.. 

Cluu. Uiucroo..., 
Liti'-uru.. 

utias semia.-... 1 
City luveaunu.. 

Loua Cota.I 

UU'4HtO Pa/m.j 

Loll I lit AthniAii..; 

Coluiuljl ■ t»H.s.j 

Uuluuii/ia Pitt....j 
UOOl, IllaUnall Alll j 
Uum/i<i<iUoii knuJ 
Coo il nut i'U) t'l—j 

Cni'ir’lli Elia»H.j 
t'Oin'w in OH Uvl, 
UJiniiL s«u<liic-..' 
Luui|iiiter.'y>lHULi! 

Lounie..j 

Cou. bJIsou A.Y.j 

Consol ►•ols..] 

Consol Nat. Cai.J 
Loasuumr Pnwis 
Luutlneutal Cirr-I 
Continental Oil..' 
Contluenial Telc.l 
Control Data......* 

luufxsr Indus,.,...! 


5173 I 

144s , 
4Hl I 
237c 
41. 
237j 
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485g 
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Fi«xj Van...^_. 

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r inrida Power.— 
Fluor... 


173b 
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315, 
381g 
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lieu. Uyonmlin,.. 

Uc/i. Ji/airb«_..4 
lienenl Fm>te.... 
(ienomi Uhih— 
i.ieneni Motors- 
lien_ Pub. bln... 

(len. dt,mal...™ 
ben. Tel. Hleci.. 

Men. l'yre-.! 

(ieiKsv.. 

•tt^ir/'ln Psi4H.'...| - - 

deiu Oil.I 16Hs 

ui<-etie. 1 *47a 

Cio< 2 liuiiF.F......j fS'N 

fiv'IyairTire. 

1 . 1 '.Hill t.! 

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11«8 

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291s 

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467 9 
293, 
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243, 
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2 si e 

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31 
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37*s 
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42i a 
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Johns AUntlUe-. 
Jubmou Jubnsonl 
JolmM'n Control. 
JoyMiuinlei-lut'}; 
h.UsrtCorp..^... 
Kaiser Aiuinim'm 
lalMH lnduatrle« 
KaiBerHteel...—. 

Ki.v....... 

iwueotL_....' 

Kwi Mi-Gee....... 

Kidde W,iter_' 

Kimbeiiey Clark. 

kiqi|ien- 

Kiati.. 

Ki ujfor 

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LidOvUw.r'ood... 


Feb. 

6 


Feb. 

3 


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285a 
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263, 
281, 
261* 


20la 
701- 
275a 
313, 
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285g 
47 a 
243, 
7i, 
23i 2 
431, 
275a 
42i£ 
217a 

4314 

267 8 

2B4 

26ls 


CicuHt Uroap....| 

Lilly 1 Kin..._ 

Union Iniini.,.. 
Ui/kbeeii Airvr't 
U«ie elar iniis.. 
bun' 1-inn-* U-i 
Luriil... 
Liilinsul...j 

L’ICkV tllilM. 

L'krel’nnHsr'wn 
M.u-Mil Inn..—... 

llm- t U. U _ 

Mira tiinnnr... 

■Utioi....... 

Unnihua OIL_. 
-Marine ill'(Uu>i. 
■Marshall FleH... 


27 

39i S 

14ia 

13 ia 
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217 B 
3Gig 
13U 

6*4 
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363a 
323a 
s47 8 
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14 
331, 


285g 
401B 
lH*a 
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183, 
ltli 
221, 
353a 
lai, 
61, 
10*8 
361* 
321, 
353 b 
421, 
141, 
341a 


May Uept-dtom 

MCA ........__ 

SI -UermotL.-J 

SI.'LVHineii Uoar 

M G raw Hill. 

Slemorea 


Men.-,__... 

Slemii Lynrb.. 
Sleoa Petroleum 

MGM„.. 

HiDuMlim&Mlg.l 
MuWi Corp.... M .J 

il'JDSHOlO _ ) 

Muruan J. P._...! 

Mutorow ....! 

Murphy Oil. 

Naliisco.. 

iVal.-o Chemluai„. 
A'auona- 


223, 

35 
261* 
2312 
175a 
28 
553, 
135a 
353, 
266a 
473a 
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693e 

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413, 

363, 

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Xiii. l>i«iilter».„ 
Sju Service lad 
.XacuuMl steels. 

.N«MHTHo- 

.\CH._ 

■Nviauilr Imp_ 

.V'W hms'l/uid 51 1 
Sew bnj’laodTc. 
Msuura Mohawk 
Xui^ux share.. 
.\. L. Induitnes 
A imollsA W estei n 
.\urth AauChu..J 

A 1 no Sutes Pwi 
.Mbweat Airline, 
Alb west ttancoq 
\orumSlmon_J 
duel tentiti Peirni 
JHatber_. 
Ohio ftiiaou- 


211c 

137a 

30 

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40U 

164 

225s 

35 

154 

10 

16 

271g. 

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237g 
224 
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31 
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351, 
164 
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16 
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37 t e 

2,61a 

24 

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373, 

187a 

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Hewlett Pnekaiil 
Hi.ulilay lnns_.„ 
boniest ake.™^.. 

Huueywen_ 

Hnivei ......__ 

HicjiCiiqa Amer. 

Hi'uinti Kal_(>nr 
H 111 in Pb. A .)CI 1 n 1 

Hu Him iB.F.i_ 

I. ' . I*l.l»l~l I 1**K... 

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luueiwi. KiukI. 

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65* 

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357a 

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mu. Harvwiei...| 
liiu. MinAChem! 

lull. Mini 1 I 1 ■>in. 

.. . 

lull, l**iiier...—. 

IPU —.—, 


58^s{ 


I nC Ueclilicr. 

Im. Tei. * Tel. 

Irtveot....^^._..I 

Iowa Ucoi...._.._.| 
IU Inieruntioniil 
Jim Walter^.—. 


29 

39* 

aii, 

14t 8 

394 

97/g 

8/ 0 

29 

14 

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26 


71 - 

258* 

214 

287 8 

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154 

39 

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■Jeeneubhip^^.] 
UweiwConlnib..! 
Owens Illinois 

PvM.- Uaa- 

Pa^uL' Lljahti ok „ 
Pw-.Pwr.4U_. 
PsnAmWorkiAir 
Parker HaonUin.1 
Peabdly Int....... 

Pen. PwA U_ 1M | 
Pennev J-U...._ 

Pennroil__ 

f'enpiea Uruu__ 

1 'eupios u 
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4314 

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204 

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213, 

2178 

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334 

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234 

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267 S 


Hcrinn Umer. 

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P 11 II 41 .lliH 
t'billi|R> Pel nil’ll 

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L'll Lc 4 on..__. n .. 
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187a 

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294 

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187b 

37 

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10 

194 

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t94 

594 

18J, 

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17 


Stock 


Feb. 

6 


Fob. 

3 


be do a. __ 

Ueynokia Metals. 

Keynokls IL J_ 

Klrti'ron MerteJI. 
Uoclnre/I Inter.../ 
Kutam A Baas—I 


414 

29* 

£.54 

21* 

294 

28< 


41 

291 a 
554 
21* 
»* 
293, 


Koval i/uh-b.I 

KTK..I 

Uua* Lons......| 

Hyder System 

i-oeway biiiTst. _ ( 

Si. Joe Minerals 
St. Menu Paper... 
Sam* Fe ln>(a._..| 

saui Invest.. 

■-JAMH Indr. 

>-bl)ti brewln*:..; 
■rhlumbenw.... 
sOM . | 

i.Ul l 1 *|er,.._. 
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j-iiiip Uuo* Voi 


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557 a 

127 b 

1170 

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273, 

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Sea lie IH.1U. 

■ 31 * ra Ilnefsirk.... 

SKDCO__ 

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? bell 'leans) at!— 

■Jijfrui. 

SnruoleC-orfi.. 

Siminivit.v P«i~. 
Singer. 


214 “| 21* 


Smith Kline......J 

Soil! run 
Sou tluioTv- 
■JOulhernCai. Hd. 
souibern Co— 
SLhn, Nau Ues.-[ 
Southern Pad Ac. 
Southern Kail wav | 

3UUkbl*D<(_._../ 

S'w'i Han-abares! 
Sperry Hutch—.I 
Sperry Kan 

SqiiDjL —. 

Standard Brands 
Std.OilCalitoi nln 
Sul. Oil Indiana.! 

3UJ. Uil Ohio.[ 

St* HU Chemical. 1 
Stalling Drug; _* 
3 tudebaher.• 

Sun Co._— 

SmnUcrand 

syntex- 

Ifchnic -/oir.— 

lektmnix.—__ 

icJeHyne_ 

i'ele* 


1 'enoas..—, 
Teaorn Petroleum 

Texaco....._... 

Texngult—— 
Trau lnstm...— 
Texas Oil-* Hate. 
Texas Urllitiee.. 

Time lot:__ 

Tlm« Mirror—— 

timlwn..— 

L'cane.... 

Inrasmertc* —. 

rransco..—. 

frann Union..... 
rmruwav lnt'rn 
T mas World Air 
Travel 

£n CooHnenml. 


21U 
127g 
25* 
364 
29* 

37 
28 * 
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11* 
194 
47* 

2 

20* 

257 B 

167 B 

29 

331, 

487 8 

254 

24* 

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38 
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26 
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234 
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361, 

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163, 

283, 

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47 4 

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26 

174 

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197 B 

36 
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234 

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i.b.w _: 

d*n Century Fo* 

UAL_| 

UAltUO—, 

UG1__ 

HOP__ 

UnUerVi— ; .n 
UniievwNV,. 
Union Uucorp.J 
Union Carbide.... 
Union OumineioH 
Union Oil Calit 
Unlnu Pacific.I 


Uuitrijal— HH ...i 

United Brands —I 


l-omaml.__I 

Potomac H>ec^.. > 
PPu ludunnea..! 
Proctor Uamtue.. 
Pub Sen-e hied.. 1 

Pill. man -- 

Puree 

Quaker Oatte.— 
Uapld American^ 
Uaytheoo 

KCA—.-. 

Kepubllv Steel— 


24* | 
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244 
78i, 

2c* 

243, 

164 

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67b 

314 

247a 

23* 


25* 

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24* 

79 

227b 

247a 

154 

204 

6 

307 B 

25 

231* 


United Corn— 
Us bm min<- 

US.Uypaum. 

US. ijfanc. ......... 

bi. to eel . 

U. Tvcbnohapes.. 
UV lihluurles— 
\'ln>liiu Kiwi-..- 

H’aUmeu.. 

WarneM>immu. 
ffenw-IsmliiTt 
Wsste-Maii'ment 
Wells-F otki-.—... 
W'eBteru Bartcoru 

Wesiern .N. Aiuerj 

Western Unions. 

WnuLn^bse filed 


293, 

SSv-0 

2U* 

20* 

22 

ns, 

38* 

544 

13* 

38* 

61* 

494 

45* 

77 fl 

7* 

103, 

274 

23* 

2V4 

37* 

34* 

18* 

14* 

17* 

31* 

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18* 

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304 

24* 

16* 

1770 


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18 


Weaiaycou——. 
Vt’ayeriiae..9er. ... 

Whirl ioo)..-. 

White Goo. Ind.. 
Will faun Co-...— 
WiKonsio filect. 


25 

23 I 
207a j 
207 b 
177a 
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234 

21 

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18 

28* 


Skx* 


Feh. 

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Xerox. 

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bjj.riw«4» L*t. 
US.TraM*iCT!>.7r 


U.S. dO Dav bdls.j b.42> 


18 

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45 

16* 

lh* 

tw* 

132 


Feb. 


18 

u4 

443, 

16* 

13* 

94 

BJfia 

6.410 


CANADA 


.Untu-i Paper. ' 

A^nict' H«cle.. 

AioinAiuminium 

Ujoiim steel. 

,l>hettoc -. 

liank hi Miinrnu' 

I'Hiik A ova Sot in 1 

14,ie IlMunte. 
ik-li'l'eieibiine-. 
Vtiley I lids J 

bP Laniiila.| 

Unutuu .—.......I 

Plllb.-Ii—.J 

U'rfltHrv Pu«»w.„.' 
Camtto Mine..... 
L inaila cniMil.. 
ChiuiIh A'W Ian>l 
Can lni|>ltiiViCi'.iii' 
CaiwriH Itelusl.... 
/Jan. Piu-ifir— 
Can. Pai-lBi.- Inv..l 
Cou. super Uil.... 
barline O'Keefe.. 
L'oasiar Asbesloa. 


1070 

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|39 

l/S B 

18* 

6* 

52* 

21 


10t 8 

5* 
26 * 
15* 
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18* 

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527 b 
21 


14* 

147 fl 

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15* 

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25 

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161, 
177b 
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154 
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t3.2d 
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165, 
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53 
3.20 
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Ctuenain../ 

Cominco_I 

Cons Hat buret....I 

Cduuinar Gaa_j 

Cdseka K&sourrxt, 

CoMfua lUcb. 

Uenlson alines... 
lioine Mines....... 

Dump Petroleiini, 
LVitnlnUm Bril bit' 

Lfcnncar..J 

Uupont......j 

Fi/con’ge A/ckpii 
, ..ia Motor Lao..I 


20 o. 
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161 , 


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143, 

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24 

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Uenatai 

■iuini Tei'trknie., 

UullUll Laniia 

Hawker Sid. Can 1 

Ui./iLUKei __... 

H.-me Uii -a_ 1 

Hu. I non JUay Mdl- 
HiMbihi HbV™.. 
HihlwinUil Ai'Hii- 

J.A.C___ 

lrniuto 

truixvbii oil. 

lueo.....—__ 


26 

125, 

2.9 

3 4 

£93, 

407 B 

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18 

43 

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29* 

19* 

16* 


4b 

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311 

41 

16 

175, 

43 

17* 

29* 

19* 

lb7 & 


Itnlal, 


Inland AiiLOa#. 

I iu'iPj- PipeLine 
Iviuurliwur.tt. 1 
Launo’tPIn (Jorp! 
bub law Com. 'b'. 
Mk'niiil'n Bioeil 
bawey Pencunon 

JUeJjilyre.. 

Uoureccirpo._' 

Aoroniln Mines... 
Amen Bnenor...: 
Xthn. Teteinra....! 
A unite.-Uii £ Gas ■ 

JtkWDOtl Petr’m) 
PbsDu CopfHT m; 


Hi- 

104 

137g 

14 


ts 25 
16; 8 
147 8 
fin* 
,9* 

E17, 

16* 

23* 

16 

6.12 

1.95 


u* 

104 

137 B 

IS* 

/ 

td.8S 

17 

147a 

22 

20* 

214 

164 

83* 

18* 

6.00 

2.00 


Pool aePetrawnmi 
Pan. Can. Pet'ml 

Pailno_ 

Peopiee Dept, s 
Pub* G*s ± Oil.J 
PlacerDereloptnt 
PiraerUorporai'nl 
Price__ 


tjuebfle Sturipnn 
llau/ter Wi—. 
litad &baw—. 
Kin .vigoni..— 
Ktiyat Uk. o> Can 
Im/vhi Imai— 


68* 

dlo, 

155, 

t-l.25 

d.fc4 

20* 

ID* 

1070 

1.29 

■:67a 

9 

24 J, 
26 * 
16 


s8* 

alia 

115* 

4^3 

0.05 

204 

104 

11 

1.33. 

27 

9 

25 

2570 

16 


dcektrelierource*-! 

act-nunk...,—.' 
Sbeil Cautelo.—.. 
iliemlt ti. Mule*- 

=ICt«Ue O. U...I 
SlIlltMJI*. ..-..1 

steel iH C maria... 
SMep lb«tfk livn.^ 

LtJXHf Ckflte la—] 

L-■■ onto Uom.bk 
iraiibCooPIpeljn 
I'nuu M>xini Oitel 

IriMC-.—.— 

union Cv..— 

D td.bi*t»e M lneo| 
W* infer Hnaru.... 
West coast Tr*.- 
W'MXonCea. 


t* 

^3* 
15.0 
** 45 
. 8 -, 
76 
«3* 
ti-a 6 
=5* 
17* 
l*»s, 
8 t 0 
1 -U‘ 
1 4 
7* 
30* 
08 * 
134 


3* 

23* 

154 

H.50 

*■84 

-*.85 

od* 

^.s5 

354 

17 

1470 

9 

1* 

10 * 

7* 

3a* 

*84 

134 


* Assented. tBld. t.Asked. 
E Traded. 1 Mew Mode 


MOTES : Overseas prices shown below 
exclude £ prvmlum. Belgian divide ads 
are alter withholding tax. 

4 DM56 denotn. unless otherwise stated. 
V PiagjflO deaom. unless otherwise staled. 
+ Kr.i 00 denom. unless otherwise stated, 
d Frs.5cW denom. and Bearer shares 
unless otherwise stated. Z Ven 30 denom. 
unless otherwise staled. ; Price nr time 
of suspension. n Florins. b Schttlings. 
c Cents, d Dividend after pending rights 


and/or scrip issue, c Per share. I Francs, 
a Cross, dlv. ° e . ft Assumed dividend after 
scrip and/or rights issue, b After local 
taxes, m V* tax free, n Francs: Including 
Unilac dlv. v Nom. <7 Shore split, s Dlv. 
and yield exclude special payment, t Indi¬ 
cated dlv. n Unofficial trading, v Minority 
holders only, v Merger pen dog. * Ashed. 
+ Bid. } Traded, f Seller. ; Assumed. 
r.r Ex rights. xd Ex dividend, xc Ex 
scrip issue, xa Ex all. a Interim since 
increased. 


£ & franc 



GO tD MARKET 


Gold Bullion.; 

The French franc and sterling SwJS^s.l.9B12} compared witn itaaamu.tH' 

lost ground in the foreign SwFrs,15W3 before the week-end. cios®..-.- 

exchange market yesterday, but Gold rbse $| to fl75^-176 In cTv 

both currencies finished above quiet trading, 
their worst levels of the day. The 


■Feb.6. 


Feb. 3' 


Moraine fis’eiS 17S-WI 

>ffi90.888l - 


French authorities gave a. small. 

amount of help to the franc, 
which fell to a low point of 
Frs.4.9540 against the -dollar, 
before closing at Frs.&93, com¬ 
pared with Frs.4.91 on Friday.- -. 

Sterling opened at 
L9415. and fell to a low-point' 
of $3-9310-1.9320. It improved-to . 
around 81JB350. and remained at 
that level for most of the day. 
before closing at $1-9385-1-9395, a 

fall of 25 paints on the day..The 

pound's trade-weighted index' 
against a basket of currencies, as- 
calculated by the Bank, of Eng- . 
land, fell to 66.3 from 66.4,-after 
standing at 662 at noon and in 
early trading. 

The market remained nervous 
about the possibility of a-virtbiy' : 
by the Left Wing parties in next 
month's General Election in , 



Aftern’n fix’s-S 175.60 
- j (£90.796) 


$1754-176 is 1744.1751, 
$175-1753, -'»m*-1754 
*"*"•*' itllSM 
{{£90,473) 
8175.85. . 

I (£90.372) 


GpIdCoin 
domestical 

" _-18Sls 
■CG964-974) 

: vss - • 

(£29-3Ch . 

Oid Scw‘xgTte)S554^574 ‘ 
_■ . . i(£2B*-89*)„ 


S1854-187M 
rt£96*-96* r . 
5554-574 

(£28*-86*k. 

S54-36 : 
(£274-88% 


OoJd Cot rite., 
(intcmol'llv) 
Krngorrana. 


N’w?kiivr*Ki»4966-a8 
' [(£29 301 
Old Sovr’^ns 


Siei*-183* S180-188' 

«£933-S4Ji it£924-93J,) 

* 16554-574 


$554^674 

(£28*-89*) 
S20 Hudw £.^860-263 


(£28*-29*}. 
554-56 ■■ 
k£273,--2B4j . 
-j«59V2624 


FOREIGN -EXCHANGES 


rrrjim 

Special 1 European 
Drawing thui« 

Rtahin 1 Accoon’ . 


February 6 

ietiruory 6 



0.630961 

1.22043 

1.36267 

18.4152 

39.7584 

6.98632 
8.56648 
8.74665 
6.02756 
1057-85 
' 824-343 
6^3173 
88.8648 
6.66480 
3.38646 

EXCHANGE CROSS-RATES 

r5>. 6 | FranMnri; New lorit 1 Poitla \ Unnwii | Lcmdon |Aniae*imj Aattvh 


'-.- . ' 


•; Mkrte 

tfiarev-r.n. 

Feh.fi 

Baton 

•?"L 

- Uay'a | 

Spwwi_-1 

1 -- (Jlitef 


' JU.ew Dforx 
Monuvai. 

Am^wr lam 

Copetefctesen 
Frankfurt 
Ltsban. 

Madrid__ 

Milan..™ 
Oslo. 


Pttrla.-... 
Stockholm.. 
Tokyo __ 

V lo nn.- 1 

Karicb.....:..! 


6*^.8518-1J416;i.9585-1«M 

7 *2.1100-2.1 BIS!!. 1565-2. U/H 

, 4*r.4JS4*-4.50i |4J8*-457* 

. 6* fiS.0B-ffS.4b I 65.IMJ.25 

b - ni:sai-ii;iij u.04i-Tv*» 

-‘3 i 4JW-4.10 j 

IB -] 77.88JB.B0 | Tff.BO-IBAO 

8 166.45^67.26,157.05:137.15 


1Uaf 1.67B-1.EB5 
fi f 8.87-9.54 : 
.»*}. 8^1-037' 
8 1 8^7-9 J4 
44f 488-477- 
W za.ia-2fl.40 
?*} B/7W.B2 ' 


1.688-1, B8( 
8.8Tl~S.t2i 
0^5-dJfi 

29A-28J5 

5.60-3.81 


t Raxes given aiV-fbr conmiiBIc franc*. 
Financial franc- 83J8-d3Jf>. 

' t OMo: close on Feb. Z.'9SS4M.- t...-.- 


OTHER MARKETS 


• : , . SobwKaW* 

im42J4 lArjeeutiu*;t1Z08-150n 
j1.703 m; iMtfta_J 2 s-an 


t-'rankfnn— I 2.1027-48 
.Vew-yoA^' 47.49-52 - 

ports_1254.60-6-19,4^325-9446 

Urnssela la.-7-cH 32L55-8L 

London_I 4X0^O9i ! lJB3ffia38S 

Amrt'dikni..!U7-026-07612^4«7-35ia 
Zurich.1.93060-152; L857«! 


42.40-66 

20.2830 


6JE7-6t. 


39J86666 


O.4U0 

3.066069 

16.166188 


63.1626 


4W//6626 WL90B3^l«[4, 




Ac 

AuMraUa^f' 

Hnxii... 

Flmoad-—i. i.n-tutr- rnrant..i _ 

Greoo^.: : .«a.<lM-n.186lC«iteU _J.l5fFv2.I74 




60.93-66 


t-E5£irffenciark. 
Ti2-T5|8 r rffrateM^.... 


tiorMjv 

8.60-3.50 


8JW8S83 [3.7868-7Eai|86R9-87mt - 


wjmS* Kuwait:. J.I&H7-0A47 pernmny.l _ 

. Lcwmb’^S 6S4MS.aJ5 74-75 

Hand* Arab!’■ 6.67^77 . [Xettrerl^ 


tTji. 8 in TorontD U.->. S/=1LLD6JH Cwmdian realf. 
fianaAten 9 in >'few York= 89494041 cento. U.S. S in Milan 866.60-7.00. 
Sterling la Mifem M37EJ&-1676.7G. 





OMfodn. 
f«L:— 
U.S. i«ntB. 


j: M_ui -vai . ...niitai qd 

X48754ja7SjNorway__ 
U^TJS:1 .B37B.Pnna*at-. 
• V , — 

j3wtcx*laatf| 

uii-sai* |r«%»*vnil 


'480-450 
485-4&0 
a.so-lo.ia 
-83-33 
180-156* 
888-880- 
tjwiae. 

8749 . 


EURO-CURRENCY INTEREST RATES 


Feb. 6 

/sterling 

1 WnaAian 

Dollar 


Dun-h 

Goilder 

awi/M 

tauK- 

W:GernMO 
masg , 

u 

6*-fi3, 
63,-7 
7-7* 
7*.70s 

7708* 

8-81, 

6*-7* 

b*-7* 

65,-7* 

6»b-7* 

/ **73a 
780-73, 

H 

53a-b6fl 

638-6* 

6*-5* 

6-6*. 

5-6* 

61b-53« 

*-* 

*-* 

t^rrlr 

1* 1 * 
L*-a 

2T b -5 
- 2Ta3 
27g-i 
2S-difc 

tSBs. 


. Rate given £pr Argentina is a free raft..' 

FORWARD RATES 


One montti i Three m/roths- 


ii^hflEcdLNO.UhTun-.par . 

»-0.BS cdntlO, 13-0.03r-pm 


Euro-French deposit rates: two-day 131--U1 per cent.; Eeven-dny 154-1B per ceou 

one-montli 15J-L8 per cent; lime-month 14M5J per cent.; 1-H-I4S par cent.; one rear. 

tfi-144 per cent. 

Long-term EurodaUar deposits: two years M* par cent.; three years Siffi-63is.per 
cent: four years fl8»-8S]6 per cent.; five yean SSu-btu per cent 

The following nominal rates were Quoted for London dollar certificates of deposit: 

one-month 6.90-7.00 per cent; three-month 7.19-7.20 per cent: aht-uumth. 7.43-7.55 per 

cent.: onc-year 7.65-7.55 per cenL * 

• Rates are nominal railing rates. ... 

T Short-term rales are can for sterling, U.S. dollars and Canadian dollars: two 
days' notice for Builders and Swiss francs. 


Brussels...Iwu-.To e. dw 
Cop'ahsn.p/A-Si are rii» 
Fnnldnn. pn> 

Lubon_[85-110 ft. di» 

Madrid ^.«0-140^. <lla 
MJUia„„JlO-18 Hm iUe 
O sto^_„4 5 4-74 ore dls 

Forts .OMS-S* t-. dia 

Btodcb'Hn |2-4 ore du 


vpn>* c.din 23,-15, iv pm 


Vienna.....y 
Zurich ... 


-12 gro pm 

14-14 c- P“ 


-lOr.Uii 

■|234-254;ora_tC, 

{450-840 C.i%'. 
[390-470 c.di$'-' 
(52-58 lire dir 
17i~19ioredi» ■ 
117-19 e.dS 


-I0i or»%;._ 


t&-97 prudis 
[ 64.54 r. pni. 


; Sx-rnonth furwart dollar 0.23-O.lSc tntt' 
12 -month 0.43-ffl.OTc pan. 


GERMANY ♦ 


Feb. 6 


Dm. j - | % I % 


-i--- 

7 +0.2 - — 

2 U 18 ; 1.0 


iUJG...j 98.7 

Allianz Versich...! 503 : _ 

BMW.1 224 j-l 20 

BASF.I 139.2+0.41 17 

Bayer.. 136.41+0.11 16 

Bayer. Hypo.._ 292 -1 | 20 

Bayer. Vereinsbk 317.5;+0.5j 20 
t'ltteLnt.Neii.wrU; 190 1 


Uumnierzbank._..! 

Oooti liumnii.. 

Daimler Beun.._! 

Rw - ". ! 

Ueuuu.; 

Deutsche Bank....! 
Urralnur Unnk....[ 
Dyeserfti/ff Zenit.. 
Ofuehofl’niing 

Ha par Lloyd. 

Bupcaer..._.H n ..[ 

Hoeohsi. 

Hoe^b... 

Horten.— 

Kail urn! Sail.—.. 

Kar-Iadc.. 

Kaulliuf.. 

K/urknerOni 100. 
KHD. 

Kropfi 

Ur*ie .- 

Liwenbnu KM..... 
Luttlnnna... 


18 


115 

239 


225 +0.5! 

8J.7 +0.2 i 
317 -1.51 
273 ' + 1.3 i 

159.5.»| 

310.8. h- 1.2 j 
250 0.3 j 

155 j + 2 1 

221 1+3 : 

[ + 1 | 

126.5’.! 

43.8 +0.3 I 

120.2— 0.31 10 > 

149.2— 0.8 
305 j—3 
203.5—1 

89 1+0.5 
175.B +3.8 

96.5.- 

244--! 

i,5oo:.I 

111.51—1 1 


12 


16 

20 

7 


MAN... 

llaiiiiesmann . 

Melanges...j 

Ufiacheuer Kucfc.i' 
NecUermaiui 
Freu>«iiK Dm 100-1 
libelnWesi Elect. 
Vhenng ... 

SieaieUH..— 

Surt Zm-ker...^..., 
Tbyssfeii A.G...... 

Varlo.. 

VBJJA. 

Vexem&West BkJ 
Volkawagen ' 


205.51+0.8 


171.5, 

231 

550 


+ 1 
1—1 
-tS 

113.9 —2.1 
116 —1 
H06.7-O.3 
262. l'+ 2 
295.8—0.2 1 
353 ! + l | 17 
122 '+O .61 11 
115.2-0.8! 14 
116.9.+ U.ri 12 

303 1 . 20 

210.5*.1 10 


TOKYO 1 


3.4 


AMSTERDAM 


Peb. 6 


Price 

FIs. 


+ or 


Ahokt 1 P 1 . 8 J)- 

Abzo <F>. CO). 

4n>eniBnl((Fl.i00i 

Amev. (Fi.10).J 

Am roBunlt(FI.20)! 

Uljeakorf..’ 

UofcaWert'iniFIIO 
Uahrrn Tetterorie 
BleeilertFi^O)... 
BnuiaN.V. Bearer 
BuroOoniT'tFi. 10 
Gbt BrvcflilrelF 
Helnefcen iFij£6)J 
HuopJviuia(F120)*| 
Hunter D.lF. rOQj 
I.H.C. HoUa/vl... 

KLM iFI 100).I 

Ini .Under (120).. 
.Xwnlen (PUO)... 
NiUNtn1lna.lFl.I0 
-VeJ fieri BkcFlsn 
.Ved.MidBk(Fllt>U 

Oce (Pi Jin- 

Van Ommeren.. 
Pakbued lFliU)_ 
Philips (Kl.lOj... 
HijnSch VerFl.KXJj 
Kobeeu 

KAlinun 1 F 1 .WJ 1 ,.. 
BonntofFUC'D^. 
UoyalDotch (.F120) 

SlnvenJiura........ 

SserinOrp(F/^0)i 
Tokyo P*c Hk]&S. 
Unlleror (FljiOi.. 
i/ikingttes.intSl 
West (and' □ Jjimli 


100 •—1 
21.41—0.5 


24 


4.8 


80.81+0.1 :A**4« 

67.6.| 220 

80 1—0.2 I 23 
117.5'—0.3; 70 
57.21-0.1! 25 
255 1+2.5 !121 , 
laa.B'—o.a 32^1 

6 a _ i 04.t, 

37.lt-0.4 i 22 

104.3!. 

25.2'.. 

23 - 

13.71_ 

126.2,—0.2 
3&7-0.4 
40.B 1 —0.3 
104-8,-0^ 


so.e 

180.5 

+ 0.d 

154.3 


140 

+ 1.4 

46.2, 

+U.2 

25.7 

-0.2 

64.5 

+ 1 

166 


115.5 


13U.2;—0.3 

1z6.4, + 0,3 

236 


147 


93.5 


121.9 


48.5-0.1 

402 

+ 1 


14 

10.261 

12 

10 


20 

20 

A34 

8 

31 

21 

16 


18 
10 
46.21 4.4 


A26^ — 


IA50 
| 19 
! 27/ 


20 

32 


COPENHAGEN * 


Feb. 6 


Amlerehnnken... 
Burm'btrWjua.. 
Darwte Bank...„ 
Bast AalaUi-Cu.. 
Fitumobanken... 
For. Htyegerier., 

Fur.l+ipir... 

HanifelBtMnk.. 

U.K'th’nH.iKrtd 

Nop.I Hubei. 

Uiiettbrlk .. 

PrlvaUmnk 

Pruvlnatnnlt_,.! 

Suph. Bcnublsen^ 
si i pert ok_ 


Price 

Kroner 


+or 


1405,!_ 

433 


130 

2501, 

115* 

3194 

77 

152 

250 

2S1* 

87* 

136* 

143a, 

367 

182Jj 


-* 

'(-3 


;-i* 
j—13, 
-1, 
[-1* 
-1* 
r-1 


Dlv. | Vld. 


AUSTRALIA 


7.8 

3.4 

8.5 

5.2 
11-2 

3.8 
10.4 

8.3 

4.5 

4.8 


VIENNA 



Pn.t: 

■ ul 

Dlv.Au.. 

Fell. S 

% 

— 

* 

* 


350 


Li 



260 


<9 

3.4 

aetruCa............. 

679 

— 1 

48 

B.3 

dempent —.— 

92 

+ 1 

— 

-- 

dleyr Daimler.... 
Veil Hopnesit,... 

201 

+ 1 

,7 

•5.8 

238 

+ 3 

14 

6.0 





rija 

lyna 

Feb. 6 

Yen 


m 

ia 

8 Aoahi Utass_ 

528 

+2 

14 


4 Caron.. 

468 

+ 11 

12 

1.4 




2a 

2.2 


599 

+ 2 

80 

2.b 


513 

-1 

18 

1.8 

2 Fuji Photo. 

549 

-8 

15 

1.4 

Hitachi 



12 

2.9 

0 Honda Motors... 

573 

Btn 

18 

1.6 

House Food.„.... 

1.U5D 

-ZO 

36 

1-7 


830 


12 

2.6 


il^80 


30 

1.2 

4 Jouuh.^..-- 

i 604 

—4 

13 

1.1 

2 J-A.L.. 

2.70U 

HM 

— 

_ 

) Kanaai Klo.-i.Pw 

1.040 


10 

4.8 


1 308 

Pni 

18 

2.9 

7 Kubota.. 

280 

1-1 

15 

2.7 

I Kyoto Ceramic— 

12.850 

+ibt 

45 

0.6 

Maisusbitn lod— 

591 

-3 

20 

1.7 

; JUitaubisbIBank. 

280 

+i 

10 

l.u 

Nllnibtalu Heavy 

143 

1—2 

12 

4.2 

ailuuhtebi Corp. 

415 

-3 

14 

1.6 

) ilitaul £ Co- . 

317 

-2 

14 

2.2 


520 



1.9 

Nippon Denao.... 

1.190 


16 

0.8 

Nippon Shlnpaiu. 

619 

+ 15 

12 

1.0 

. .Viman Mature— 

795 

+ b 

16 

1.0 

Pioneer.. 

L470 

-10 

48 

1.6 

i /Sanyo Biecirio.- 

212 

+ 2 

12 

2.6 

Setlsui PreLuj— 

907 

—13 

4U 

1.7 


998 

—22 

20 



1,830 


40 

1.1 

Taubo Marine—. 

251 


11 

2.2 

I'akeiln Chemical 

329 

+ 7 

15 

2.3 







118 


10 

4.2 

I'oklu Marine.. 

496 

+ 1 

11 

1.1 

T-.lrii.Kient pow'r 

1,080 

—20 

8 

4.7 


258 


12 

2.3 


128 


10 


t'nrav... 

150 


10 

3.U 

liintta Motor.- 

853 

+ 10 

20 

1.2 

Source Nlkkn Securities. Tokyo. 


BRUSSELS/LUXEMBOURG 



Feb. 9 

Price 

+ or 

Dlv. 

Fre. 

riri. 


Pro. 


Bet 

% 

Arbed.. 

2.100 

+40 

— 

-re 

Bq. Bn. Lamb... 

1,444 

+ 12 

60 

4.1 

Bekerx “B”.. 

4.715 

—10 

112 

6.4 

CJ1JL CemenL... 

1.148 

-16 

90 

7.9 


352 

+ 1 

__ 

__ 

EBBS.. 

2,44j 


177 

7.2 

Bieutrobel.- 

6,170 

H 30 

440 

6.9 

F&riiriqiip Nat..... 

2,470 

-15 

170 

6.9 

I Q.B. Inno-Bm .... 1.9U5 


130 

b.8 

Holx'ken. 

2,530 

—79 

160 

6.0 

K/eriietbank.. 

f6.170 

+10 

265 

4.0 

Ui Rovtug Beige.. 

5.210 

-30 

40b 

3-0 

Pan Ho).ling. 

2.48J 


SZ.2B 

3.5 

Febt/fino.. 

3.880 

-55 

180 

4.5 

bo- Gen Uaonue.. 

2.780 

-20 

189 

6.8 

rax- Gen flelnquii 

1.875 

- . 

135 

7.2 


2,940 


305 

7.0 


2.480 

-10 

A2im 

8.1 

rnutloo Ele.t_ 

2,530 

-10 

162 

6.4 

UCB_ 

924 

-34 



UniUn.a/tO. 

706 

-10 

60 

18.6 

Viellle Uoatagne 

1.360 

1—14 

100 

7,4 

SWITZERLAND ® 





[Price 

+ OT 

Dfv. 

rid. 

Feb.fi 

Fra. 


% 

% 


1.445 

+16 

6 

2.1 

BBC '.V_.. 

L7B5 

+ 5 

10 

2.6 

Cibu GeijmFr.lOO 

1.250 

990 

-10 

22 

22 

l.a 

2.2 

Do. Keg. 

641 

-5 

22 

4.4 

Cre-lit bulaae-. 

2.456 

+ 20 

16 

4.3 

KleetrowaU. 

1,800 


10 

2.8 

Flavher lOftorge)„ 

760 

r—10 

5 

3.4 

Boflnian Pt. Ucrtsi 

03.000 


.550! 

0.6 

Do. (.small)._ 

).2tS) 

-35 

55 

0.6 

Imerfixw h._ 

3.476 

+60 

20 

2.9 

Jeimoli(Fr.lOO)... 

1,605 

-5 

20 

1.3 

N'ette (Pr.100)..— 

5,b90 

-3 

s/Ki.s 

2.3 

Do. Uec. 

2.565 

+ 10 


3.7 

Oertlkon-6.fP.aO 

8.450 

—1H 

fis 

16.3 

piroui tii mint 

299 


lb 

5.1 

handote <Fr.25Dl.. 

4,D7fi 

+25 

26 

2.6 

Do. PortCerta.. 

529 

+9 

26 

2.6 

■SchlndlerClaFlOfl 

520 

+8 

0 

1.4 


366 


14 

3.5 

dwissalr (P JbO)... 

865 

+6 

a.b7 

3.6 

Swim Batik(F.KXfl 

422n 


10 

2.3 

Swlw IHcJ'.SSO).. 

5.030 


40 

80 

Union hank 

5,469 

+ 15 

20 

2 JB 

Zorich In,_..... 

11.860 

+60 

40 

1.7 

MILAN j 


Price 

hw 

Jlv. Yul. 1 1 

Pel.. 6 

Lire 


Lirej 

%. *- 

jVup; 

127.26 

+4JW 

— 

- 

An win ia 

,0OU 

til 

1301 J2.0 1 

BnnUiJ.. 

429.6 

1 -ia.s, 

~ 1 

- t 

Ftal....__ 

,940 

-25 

15b!- 

7.7 F 

Do. i'nv M ...._... 

,546 

-31 

ISO- 

9.7 G 

FiOtider 

85 

(-a 

-_l 

- £ 

Itaicesnent 

lb. 500 

+210 

2 Qd 

1.9 A 

iulniiii-r,. 

128,85 

+1.75 

- 

- 1 

Mediobaora....^.. 

2,000 

+ 140 

,700 

5.8 s 

MOotridiaoQ 

147,76 

-8.78 

- 


Olivetti Priv.. 

785 

+ •12 


- h 

Pirelli* Co_ ! 

,101 

+ 65 

110 

5.2 T 

Pirelli Spa_ 

.030 

+ 16' 

m 


Snia Vlwjuor.,...-.., 

809 

+ 30 


— . ^ 


Feus 


ACMIL(£5centr_ 

A.tow Australia 


Ampul Exploration • ■■IIHite 
Ampol Petrolenm——.. 
Am-. Minerals 


Anaoc. Uon. LartnMrte»... 


AJi-L-.... 

Audubon.-.t— ... 

Aunt. Oil* Gw.-- 

Blue Metal Ind_ 


UH South'-- 

Uartton United Brewery. 


USE (81)-- 


(.'ontiaiiMr (51)._.__ 


L'osbdii Australia.. 


Dunlap Kuhber (81)., 


EJS. Industriea. 


Den. Property Trust. 


Hunersler-- 


inwr-Coutier- 


-Jennings lnriuatrle*..^. 

J'Hietr (Daviilt. .. 

Metals Exnk-mLiuu_.„ 

Miai fioJiimH*___ 

,)lyer EmpoHum.^...^., 
Newtek.—... 


Mebidiui intemarinual... 


Ualfbrldge.^. 

Oil fieuib. 


Pioneer Concret*^..—.... 

__..... 

Tooth (81)---—— 

W'sltons. 


WeMeoi Mining (bOoenta). 
Wool worths 




msa 

O 

tO-76 

+ojpi 

KEI 


T8.23 

+g!ofi 

■ia 

+0.D2 

10.79- 

+B.D5 

10.78 

.-. 

rt .07 

ran 

11.69 

h+0-03 

10.97 

MI 

11.50 

-8M 

10.4U 

-ra^r- 

10.29 


10.98' 


t0.99 

•„ M1 

15.43 

+0.1S 

tasu 

-tJ-01 

11.82 

-OJ05 

11.97 

+0.DU 

12.06 

-fl.UU 

12.80 

+fl.lb 

T2.05 

«. IH 

t2-08 

-Bill 

11.30 


.11.35 

+U.U2 

11.12 

+0-06 

' 11.87 

+8.12 

13.06 

-O.lte 

11.35 

-0.015 

. tZ-20 


tO.78 

+0JI1 

ta:og 

+UJJI 

10.20 


11^4 

-„ M< 

tl.03 


10.16 

-8.D1 

11.70 

-7.82 

tl.93' 

+0.(fc 

, tZ.21 

..._ 

10.95 

K|1|i 

n .19 


-11.79 - 


t0.O7 

-a.ai 

-11.44 

+0.01 

tO.79 

+8411 

10.19 

_• 

11.75 

-0.01 

10.94 

+ffjm 

11.14 


11.67 

+0-01 

- ' '' 


BRAZIL 




A resitte 

Bonw Bra ell BP 
IftlffoUihein OFj 
Doom OP„_.„ 
Lojaa Amer. OPJ 
Manne-man OPj 
Pttrobaa PP... 

PliwlUOP-, 

SoumCruaOE_L 

Vale RioDoiMt PPJ 


Pri& l^por Ifirv. 
Unix ' C 


• Unix 


Crux j 


<ajn 

1.77: 

1.14 
3.0 
z.vr 

.3.19 

2.15 
3.90 
1.67 


-0.01,0. Id ;HU 
+0.070-18 U.7L 
+ 0.01 B. 12 6.7tf J 
..;.i#.i4 

+ 0 . 101 O .20 
M).Ol'o.l8 
1 -o.oBjn.io 
-.{o.ie 

+ O.0&BJJ3 
J-O.0llff.23 ; 


K39 

1+13 

7.44 

KflO 

139 


Vo1.VCrA5.0nr. Shares S».«n/- 
Sonrae: Rio de Janeiro SE. 


OSLO 




Feb.6 

Price 

g yTl i)f?, 

IS. 

Kroner 



8olyB»-Baiik„._ 

-93 


'Vfi. 

Uorroganril__ 

67^ 

__- 4 

fip 

Creililbuik__ 

115 

-i 11 

S3 

M 

ra.4 

Krerih kos^ea ...^. 

104 

""Tin 

NnrelcHydrokr.gO 

179 

+ 1 12 

fi 

j&taehxxmii^.__ 

. -8745 



IOHANNES8URGT 




'MIMES'.'-' ' 'Tv-' 

Feb.-B ■ Hud 

Anglo American Carpn. 5.15 

Owrrer Consolidated s.w -9M 

East Drwfaniein - 12 .M +CA 

Elsbnrg _ l.:..... -fftM 

Harmony T .45 - , ' 

Kinross_____ 8J5. .. 

I----.,;-- +W3> 

Rlistenburg pLstJnum__ j ; «(. 

SL Helena -:!.J- 1 . ■■ 1S W 

Southvaal sjp. fjHtg, 


I Gold Fields SA “at 15' 

I Union Corpora Bon -y.- .*xnt/.-.' , y 

. De Beers Deferred Jl—.. -. 5 J» 

Btyvoornttzudd '___. 5^0 .'+ 8 JS; 1 ! 

1-East Hand Ply. ti.JS" :rS ^VSlx 

-a.' 


Free State Cedald >—_tS3* - H» 

ft^sld^nt Brand __1LID^ : .-fl.TTV 

PresidtaM Steya 13J5 . 4MS ; . 

StiRooreln. jfess -9»- 

Wetomi.--_ : tffl ,+OJf; 

West Driefonteln Z! - . - 35.60 +S5t 


PARS 


. Western Hokhacs ■ ■ " • ■ afliSff 
Western Deep 12.75 -4AM? 


Feb.fr 


KvTiYnr 


Ken la. - Afi,, 


Air Ltqoid.---.-J 


UIU___- 

Uouyyneo-——■ 

B.sijj. Qernus— 


Fr- Petrnlea— 


l metal 


tafarge 


L'Owai..—... 


Mai-4iu Fhecdx-, 

Uu-bello **6' 

Moot Henh£fljy..'4 
Honliaex 
Pu1b» 


Fecbluey jHMIWIli 
Peraori-Biehard-. 
l^rtipaofrCtnraenJ 
Podnln. 



_ INDUSTRIAtS 

AECT — - •_ -_l .j j 

Anglo-Amer, industrial 1 A85 — •- -J 1 

Barlow 'Hand--_J.BS--!4AO-'. 

OVA lavesonents • . .,r+S--:~ —tM- 

Cnrrie Finance __... 

De Beers Industrial 

Edgars Consolidated lnv. . lsIF ;,«£ 
Edgars Stores _ 

Ever Ready SA__tl.50 • /. 

PederaleVoItsbelegglDSB . I JO 

Gnaiennaits Stores _ 

Guardian Assurance ISA) 

Boletta ___;_ 

■LTA 


.McCarthy Rodway .:™—; 
NedBanK 


OK. Bazaars _ _ ___ 

Prernlcr MflHnje 


■1:7#. .I+v Jrt‘ 
.13.17 . “ifr 

.0.0." '“TTn 
,+W^ s 
:.Sl85. ' .. : JJe. 

ttas 

u X'iO * “ - 

•1.08 
1. *6 

T: MS- . 

H; 


Pretoria Cement 

Protea Raidings ■_. 

'Ran d Mi nes : Properties';— 

Rembrandt GronD- 

]*««»- •••'. —V,4MJ- 

Sage Holding 1.4? 

C. G, Smith Sugar._7.» V 'lx :' 

Some u. ..+05S JWm*. 

SA Breweries- 

TUtw- Oat# teruf. Nnti.'.’M*. • 

DnJwc _:_' ■-i.i5V-'**»ii. 

Securities Btafd - 


SPAIN ■:%. 


STOCKHOLM 


Pdb.6 


LorHo.., 


. Prt» 
Krone' 


180. 


16& 

+ S - 

91.5 

+i 

' 121 


. 89, 

Ta - 

120 

+ 4 . 

■- 403- 


-220 

-6. 

• 129 


136 

1 

286 

+8 

..-80-' 

+ 2-. 

'• 64/ 

+ 1‘ 

275 

+3 

/■ISO*. 

-10 

• .69-- 

+1* 


+1-. 

. .7241 

+ 045 ^ 

.136.- 


84 

-U6 

47 

—1 

'21J5 

+'3.5 


•mr. 

Jtr: 


6.6 J 3 i 


a 
6 

“8 

we 

- 4; 

XI: 
■ ID 
5.5 
-6 
B 
8 


14^7 

8 

. 6.8 , 
5.03j 
4.6 
8 

. 9- 


rim 

%- 


+>bruary3 *h - 

Ahland . 1 b~?. • — i -;.0 

Banco BOhan . as - 2- v^ 

Banco Aflandcn fu»a) ' aw.-.-- 
Banco Cefura] 3JT 

Banco v.'-v yr v'y 

Banco -GMMsnl-. 7 - - 
-Banco Granada (LOW) Mg ' -- r^..; 
Banco-Hlflpano , ;.- Z0r _ 

Banco-Ifld_Cat. (M 00 > ;m. ' 7 ;-.- 
E. L Aragtnegag .-9 , r ■ 17'J-t-; 
.Banco Pntmlar - . ' ". roil * -• ■ 7 ,* >? -. 

;BaDco: SantMder V , 3 - 'v 

Banco urdhtjo a.oAn -aar":' ":s'rr 
Banco ytara yp* -.207,1 “ ; vr*. - 3 ,-' 

Banco Znctosuui .i.-., -. jjj-- 1 

Banikiibton ■ ' " 1*1 * --Er l 

Buus.Andaluda -^asai. 

Babcot* .WDcot a^;^ - tt'.': 


:3.p 

7** 
■8.3 
5.9 
49 
4 Jt 
4.7 
SA 
119 


CTC ... 

Dwtados - x...^ 

g.-. I^-AOWOfteOpg; 
EsphnOla- Sot 
Kail.-JRIO-TSUTO' 

Pecss UJMfti _ 

Pfttmss - ft .0WV-. 

(Sal: PrerJiMng v.. 
Gnmo Telagdua: (4«» 
Wdrola ■- 
imnobanif, • 

Ibecdiiera 


::sSr'Vn*?K 

SflCiv - ' 


u;: rlOSJ^- ViVilj 


ft 

'.-1* 4 


124- . 


s;4 

6.7 

9.4 

as 

6.2 

09 

5.9 


-9 '8:4 


oiMra '.-i.'.;^.j.. . tj - :: • 

Papdemx iSatfiarf- L" - : h* SB '-? l . 

Petrdlbcr " vj_ '.a.— '- ns- .'..-r- 

^cfroledfr.ta5 " rfJA *. 

gaum:..._.+—- 

Teteftadcs. .*L2S +rfl-P2 v 

To/rig Boatmen r-'. -v- C2&- *' “ ' 

Tutacex jot- - - <3 


UaUm. -EJeft.. 




>- * 















































































































































































S 


:7-19?S 



lfeo:,, 
-&}&:: 
•* s£*- : i r 


Ifpnt-pn ce potatoes will 
coffeecii^ save food industry jobs 


RIO DE JANEIRO; j. " ftY CHRISTOPHER PARKES 


Europe zinc 
producer 
price cut 


WEST GERMAN DAIRYING 


More gluts despite 


By John Edwards, 

Commodities Editor 


forecast is 20.7m. bags t&0 kUos 1 aUowed -SU^rplus potauws to be season, and Has offers of a workforce redundant this year.' A cut m ,ls official European 

against^ final for sow ;-cheaply to. «i»ers frozen further Jm. tonnes from fanners Mr. Harris said that he had zinc producer price—from 5600 

'<he im-78 drmin Jr .bagv;-Sr;i chip,;^risp.-and dewtdrated mash ea R er to off-load their crops. expected the final steps lo Tull t0 S5a J l a tonne—was an- 

-amind ; Calazans, :tbe rlnstituteVl nWMrs.j- ■ V' It stressed that reduced-price EEC membership on January 1 non need yesterday in The 

ire^den^ raid here.'C I — - TOA , -VSWCiafe , .^rt?ei';Or £30 a notaloes-whulrt not be available tn lead id a free Etiranean nutalo Hague by fill] It On Metals and 


milk price ‘freeze’ 


BY CHRISTOPHER PARKES 


es | Ores Nederland, 

overnmentj The reduction, effective im- 
» of raw mediately, i s in response to 
her action wfaal the company describes as 


:Q reach flSm - n^pr gpnfngt.i , ^; . i a?! 0r « e,ri * their supplies forward, and the potatoes, and taken other action what the company desen 

r^i' -JTI977-^. \ !' cultul^:MloiwtV-loJd the Com- average agreed contract price —support buying, for example— “markel developments.” 

... ' '- 1 ' Sao Paulo's crop ]>r.fbrecsist So ra«ws,. 'that";»:_te help this season was between £50 and to boost potato prices on the; It follows close on the 


•'Sto;-' bags,.jOther .Association “aaj&i'r'^Boat The Government offer remains fresh potatoes from Holland, 

: fjj.i.i tates’ crops Jar« estimated. -un-^ workers couldit05t, their open until mid-June, and com- France and Belgium at the New 


v - Sao Paulo*s/«nop ; l)ir.forecast To ^* ws *. * a . ne, P this season was between £50 and to boost potato prices on the It follows close on the warn- 

8-31®* hag&'.bom]pBred..iytth-.”4*.v : -vPfp.P®ss<^^ : ^;. ma,nla m £70 a tonne., home market. ing by another major European 

• and Esprith"SaatiiV ijStji, Pffge M.^ pro ductioevels ^and Prices on the open market ** So, because of Government dae smelter, Preussag, on 

,, v 1.2m.).. . ‘ is: ^VOlQ fu rther-re dunpan cies. have been consistently below that action the processors’ difficulties Friday thm ii ma> have to cut 

. r ^r>' But Minas ,£erais K . output is. •:Although fU^-iSgare* arc not level sinre harvesting started late have been worsened,” be said. its producer price to siay 

ixpected'-to^'Mip vslifibily 1 .from available, : the !P®$wfrF!rocessors iaat summer.. By blocking out imports of compeiiiive with discounts of 

-$nL' -bags ‘-to r ^47ro>; 1 , =Other Association 6 ; 000 The Government offer remains fresh potatoes from Holland, up *<» Per cent, rcporiedly 

: r-'i-ij. tales’ crops.Jare “estimated. un- workers could ;J[aye : :i05t their up en unt jj mid-June, and com- France and Belgium at the New being offered io consumers, 

s' 'Ranged at J8B0,*18)0 bags; : J ---1 Jobs had tb© uaraqrninent not nanies taking advantage arc also Year, the Government raised the On the London Meta! F.x* 

vijffi* ^ r -~ Cal a zgp g/vsaid : ,the ,coffee actedtp : fceep-doWP_.raw material obliged not to lay off any more pressure on market prices in change “free” aiiic market 

- "Lc-.r- roK isIrecoyeriiig after the 1075 prices.. - ; ..r-. v Vv - workers and also to keep their those countries, thus reducing values have been even more 

:■ but ./has J’riot reached . *' a ; . The - . Potato Ma)rkebng Board end prices unchanged from the raw materia! costs of proces- depressed, falling receiil!) to 

5 ; T 9 1 '*ftaJ harvest/’—around 26-28m. is oEEerlng, ; 4»ut-Jo£.-,last year's present levels. * sors there. Iheiowestleveirorfour-and-a- 

b. ivfrp-'iiags.^"-'^ -.i* - - heavy crpp 9 S'anfniairfeed at £12 Mr. Richard Harris, chairman Potato prices are overaeing £15 half years. 

4 «.Th&: crop next year. Riven a' tnirae. But;*v.en at. that price of the Potato Processors’ Associa- to £20 a tonne in Europe, with Lash zinc yesterday dosed 

^'Jeasonable ..CDiulition^ .could 'be. soles .are far Xromr-bRCpning. tion. said the Government’s some crops fetchinc only £10. lower at £246 a tonne— 
•.. round 34m. baps and reach.! So 1 far sonie 7^0(W tonnes have action should help his members Thus, even allowing for higher equivalent m $477 a tonne, 

; »''r? round 27m. ba^s jn 1680. hefbceo sold back as feed to,farmers, to stabrlise prices and reduce processing costs in Holland, for although ihai is ao er- 

* '.v^dded. ! Merchants have ^-takwi another the risk of further redundancies, example, and the bill for irans- warehouse price. 

But the Institute warned that 3.000 tonnes • His company. Potaio and Allied port across the North Sea. Dutch The European producer 


but .-has ;Viot reached, “al . The. Potato Marketing Board end 

■-flt-rtTnl hnniract n _ .muhi) OC OC^ I ic - hITafIim : rwrt/ nf . list Vivip'c n... 


unchanged 


warehouse price. 
The European 


producer 


'1 - Jje figure of ^).7m. bags for next The board - is ,hpltfiag about Services, specialising in frozen processors can still undercut the price, ai which the bulk of 
685011 could well' he reduced 250,000 tonnes of. potatoes which chip manufacture, had been U.K. industry. zincissolduuderdirecisuppfv 

>ecause of dry weather after the • • -• __ contracts, wa*. cut twice Iasi 

HE *HA^owerin^.. .; . ' . . ... year. First rrom S795 to S70O 

^eutey Ti, _ fW* V _ | *i _ _ J and then to 560U in November 

: ——— . Russia: olSers cheaper softwood 


v India to study 


year. First Trom S795 to S790 
and. then to SfiOU in November 
as a result or huge surplus 
slocks building up because of 
a fall in demand. 


m 


oil: QCricmfc; a| - 1 |U:K- lMPORTERS vrtil.be able prices so the present Russian Swedish exporters will not 

•: ‘Pl'LvW 1 ;to buy. Russian softwood-at prices prices appear to be in line with welcome the move, because if 

y . :i- .'-’v-w -• : • : .‘20 per eent.lbwer than last year’s the market. the krona weakens, ambitions to 

V'-t03 ! marketmff i if tbe> accept the^^fina. schedule A feature of the schedule is a edge their prices up to cumpcn- 

. ... .• P:. f - , for 197$ shipments'. :whu?b was complicated currency clause sate might well be thwarted by 

Sti a mi a V—! circulated at the week’-end. which links prices to the Swedish the automatic reductiun of the 
NEW f j^r.w r ■ Foh: g. .. j The schedulefowfe a ‘nominal krona. The prices .are based on Russian prices 

vAM . rii J quantity of 450j00tt i^tp metres a parity of 9 krona to the pound. Price reductions in the 


BY A CORRESPONPENT 


W'By K. K; Sfonrma' • ’ 1 r*~ 


~ Spe iiS rt ^* ntio!n to . ihe! scheffuJe.-Ln Aprilalter by an agreed percentage. for the lowest grade.” 

RATES p5 r °,? aublip acPOantB 1-. Since then the Swedirix krona The arrangement should please The current . y da[l!jc mpans , hat 
- - "- --ommittS 1 reSmmende?^ - (has ■ been devalued -Wrtce and importers who were holding out iTT1 p 0rlers wi u not know thL , 


a?;»sass g p s« s 


Since then producers have 
f suffered a further cut in real 
not | terms with the fail iu the value 
■' of the dollar, which unsettled 
i to I the market again after a short 
•cn- j period of stability, 
by Lead values on the London 
the Metal Exchange were affected 
by the news of the zinc price 
the cut. 

IS An earlier upward irend in 
of the market was reversed and 
>nt. cash lead dosed only £2 up at 
£315 a tonne. 

u_, Copper was buoyed up bv an 
lh unexpectedly large fall’ in 

rp LME warehouse stocks, which 
i kn fell by T.lOt) tonnes to a iolal 


IT IS NOW ALMOST one year 
since the Common Market started 
to introduce the raggJe-iagglc 
collection of measures aimed at 
reducing milk production and 
eventually getting rid of the 
surpluses of butter and milk 
powder which have filled so 
many warehouses and newspaper 
column inches over the past five 
years. 

Clearly it is too early to 
attempt a full assessment of the 
so-called *’ action programme.” 
but a look ai rhe past year's per¬ 
formance in West Germany—the 
country whose dairy industry has 
blossomed under the generous 
ministrations of the Community 
milk policy—gives some idea of 
what a lengthy process dairy 
reform is going to be. 

The number of cows in the 
Federal Republic last year was 
virtually the same as in 1976. but 
milk production rose by 1.5 per 
cent, to 22.5m. tonnes as yields 
improved. 

Ai the same lime farmers used 
less milk for their ow-n purposes 
on ibe farm and the amount of 
liquid milk delivered to dairies 
went up 2.5 per cent. 

German consumers drank al¬ 
most 4 per cent, less liquid milk, 
thus sending up once again the 
amount to be processed by 
dairies. Much nf the milk was 
used in cream and yoghcmrl 
production. 

Butter output fell—by 7.000 
tonnes—for thy first time since 
1974. but so did consumption of 
butter, which slipped another 
4.000 tonnes. Consumer resistance 
to the high price prevailing in 
West Germany has lopped 14 per 
cent off sales since 1973. 

ZMP. the Government-sponsored 
statistics and agricultural moni¬ 
toring service, notes that had the 


Community not. subsidised a 
special cut-price sale of “ Christ¬ 
mas butter” during December, 
the fall in consumption would 
have been much greater. 

German dairies produced 2 
per cent, less skimmed milk 

powder.- but consumption Tell, 

too. At the end of the year 
Germany was holding a good two- 
thirds of the EEC's lm. tonnes 
intervention stock of skim powder 
and a similar proportion of the 
400.000 tonne public -slock uf 
butter. 

And all this happened in a year 
when, io all intents and pur¬ 
poses . the price farmers received 
for their milk was frozen. 

In round figures, the producer 
price for milk in Germany rose 
2 per cent., but this was doubt¬ 
less reduced by inflation to noth¬ 
ing or even less in real terms. 

Of course, the reduction in 
butter and skimmed milk powder 
output appears promising. But 
this can give no real cause for 
cheer in Brussels until the lines 
on the consumption graphs take 
an upward turn and until the 
ever-pressing Hood of milk off 
the farm is reduced. 

Clearly, last year at least. 
German producers were no! at¬ 
tracted by EEC offers of grants 
for oicn prepared to quit dairy¬ 
ing. 

Most of the milk diverted from 
the liquid and butter markets 
last year was pushed into cheese 
production. And again, while 
consumption of cheese rose, it 
did not go up enough to match 
the extra output. 

Exports are Lhus growing more 
important for cheese makers. 
There is no official support buy¬ 
ing mechanism for cheese in the 


EEC lother than some Italian 
specialities) and with heavy 
stocks already overhanging the 
market, there is always a risk 
that the imbalances will lead 
dairy managers to retreat to the 
relative safety of the butter 
market and the cast-iron guaran¬ 
tee of the intervention price and 
the public cold store. 

However, the Commission in 
Brussels has spotted the danger. 
Although nuthing haj yet been 
proposed formally, there is 
an increasingly powerful 

lobby wiihin the Berluymont 
bureaucracy and the political 
circles outside, which is calling 
either for reductions in the 
official support buying price for 
skim powder, nr suspension of 
powder buying for a spell. 

Any such action would act as 
a powerful disincentive for 
creameries contemplating a 
rise in butler production. 

One clear benefit of the 
measures introduced by the 
Council uf Ministers last spring 
has been a 12 per vent, rise in 
the amount of liquid skimmed 
milk returned to farmers for 
feeding to livestock. Increased 
subsidies were responsible for 
ihai. 

This year ZMP expects milk 
deliveries to rise again. Cow 
numbers may go down, but this 
reduction will once again be off¬ 
set by a rise in yields. 

Once again, however, more 
milk is likely to be diverted into 
cheese and yog hour! factories 
rather than butter nuking. 

Butter output should go down, 
but consumption will fall at a 
faster rate. As a result, inter¬ 
vention slocks and the glut of 
skimmed milk powder will go 
up again. 


.'^fter criticism that India lost 
. heavily because ■■of'^dependents 
-n them.-’ '• 

'• The committee, is headed-.by 
, . Vr. Prakasb Tandon, direefor- 
.. > i»neral of the.National: Council-, 
." Applied Economic Research. ! 
- i'The London.auctions wilj be 


• V BY JOHN CHERRtNGTON, AGRICULTURAL CORRESPONDENT 


of shipment, which may be as 
distinct as next August, because 
the price will depend upon the 
value of the krona at the lime. 

But the five bands should 
spread violent currency varia¬ 
tions over the season—something 


. \-ammed to detenhmerWhether THE USE OF. BritiXh : bariey for of barley suitable for malting, which has not been possible 


Another fall in tin slocks, 
down by ISO to 4,190 tonnes, 
was in Hue with expectations. 

So was a rise of 225 tonnes 
to 68,300 lonnes in lead slocks, 
and a Tali uf 825 to 65.000 in 
zinc stocks. LME silver hold¬ 
ings fell 240.000 to 19.940.000 
ounces. 


U.S. soyabean ‘floor’ price rise plan 


WASHINGTON, Feb. 6. 


aicb yield every bit as well as Importers have until next 
e feeding varieties. Tuesday to make applications 

Existing premium prices paid against the schedule. The trade 


-msumers of tea.' ' .J- The .'demand- will come 4rom Existing premium prices paid against the schedule. The trade 

A shift from Export of bulk: tea brewing, distilling' .and malt should be sufficient to maintain believes that the terms have the 

more value-added-founts-like export*,, together with a;rise in growers' interest in producing approval of the large buyers and 

rteket tea, tea hags *»a' jhstarit pmlting - barley ...vexpartx - to maltsters’ needs, the report adds, so the offer will probably j 

will be considered atsiL.Germany, says a report, .out The.report also says that as succeed. j 


NY MARKETS 
CLOSE EARLY 


New York commodity futures 
markets were forced to close 


if .edlum tea was 2p cheaper at Thd report says there will be because earning the malting so the present quantity will be I ended early last night in view of 
:;' -3p a WJo. . • ,T>. no difficulty io obtaining supplies premium is highly uncertain. added to if the demand is good. • the New York closure. 


A RISE in the soyabean loan 
Irate tthe minimum price 
[guaranteed to farmers) and a 
[ 10 per cent, “set aside*’ pro¬ 
gramme for feedgrains, has been 
recommended to President 
Carter by Bob Bergland, Secre¬ 
tary of Agriculture. says 
Agriculture Department officials 
yesterday. 

The officials added that Mr. 
Bergland has also recommended 
I that the storage rate, paid to 
! farmers when they put their 
crops in the reserve grain pro¬ 
gramme. should rise from '20 
to 25 cents a pound. 

The officials said Mr. Berg- 
land recommended tbc 25 coni 
rise in the soyabean loan rate 


to bring it more in line with 
other crops. 

Meanwhile. Mr. Bergland an¬ 
nounced that starting on March 1. 
1977-crop wheat, barley and oats 
may be placed directly into the 
grain reserve programme without 
fanners waiting until any Gov¬ 
ernment loan on the crop has 
matured. 

He also announced a change in 
the on-farm storage loan pro¬ 
gramme, raising the amount of 
storage for which farmers may 
qualify. 

Farmers will be able to obtain 
a loan for storage structures to 
store two years crop production, 
and in determining eligibility, 
existing capacity used to store 


grain in the reserve will be 
excluded. 

Stored grains must be held off 
the market until the price 
reaches the minimum release 
level—140 per cent of the 
present loan rate for whe3l ami 
125 per cent, for feed grains;- 
or until the contract expires. 

Mr. Bergland said early enlry 
of corn and sorghum will be 
allowed iolo the reserve at a 
later date. 

The programme is designed to 
bolster market prices by taking 
about 17m. tonnes of feed grains 
and around 9ra. lonnes of wheat 
off the market. 

Reuter 


Commodity market reports and prices 

^BASE METALS ■Zg&&3Z£t''‘ -!■ COCOA WOOL FUTURES ,'ir — 

_ fh AnuUgonuivd -MetuJ 'Trading reponed _!_I-Priius boiun-rd np from lows of day dcualurahlo Quality nhear .to higher LONDON—Ri-stncied iu di.iani- whew I 

-- 1 — 

S.;S.S,ftSa5MjS6Bi.fi ^mm, KJ mH »■»*■■■■:■■■ !»■»■«■•[ 

kerb tnera openfaw iniComcx Jeutwn L 63U5 *-5 - | Uny. 1482.E-B3.0 i+SI.SG MB5 ji 4S.Q i n d^i a r ^fviousTn br^-fcJ?stn Units .2i2.0-a5.0 

" - ", • TIN—Steady. Th* nveral increaifJO 8lnlta^.1 *al7I6 ♦ 16 \ - .i... Jlllv .' 1451.U-B2.0 I+IS.5P 1*68 J.-2BJ rl^i «roniJ CommpneiheM- Ju '<.2M.0- a 6.0 ■ 

;S ' .ijT^ T ^ ras: Ua. FwgkWMo^g- the we^end ww NS»Y«4J -_^..^._5b5.5q_+B.5B ^.'1450.0-34.0 1+17.50 T«54.6.|D.0 74 ? nil cn "■: U u-n:r Z3a.D-4,.0 . 

Si OFPW ___ „.K H---:--MJM-JM “™ IrtUSiU-na-ao. 13.03, u.08. i:.,t Mo.oAio ..... 


PRICE CHANGES 


U.S. Markets 


EEC IMPORT LEVIES—Effective lo-day 
In order curreni levy pliu, Man-b. April 


Mari-t, [253.tl-i6.0 . 

May.{252.0-33.0 . 


v unl-s’i irherwiw- 

_ __ _ NEW VuBK. Feb « 

; I Cocoa— 11 arch 1M .'o iiai.Jj.. May 

Fell. € f in Alimill l-'T.-la < 125.55•. July ITJ.33. Sepl. IJU .’O. 
Hi - • Dei. 117.30. llarcti II5.3U. May 113.31. 

{ Salec SI3. 

-Cnnpe- -C • Contract. .March ISM.UD- 

ISM-50 ' 13'.0Ui. May 174.01-174.30 -I.TI.OOi. 
i July lal.tw. Sepl. laC.aM33.7a. Dif. 

680 ."‘bBO 1 tLO0-lC.au. March I3B.00-I40.u0. Alay 

S60-70 .. . S990 I35-0O-137.OU. Jute I3U.00-IJ4.00. Sales: It."!. 

639.5 +8.0 . t>70.75 CBPPBT—Feb. 57.00 iS7"Ui. Mardl 57.40 


HeiAis 

A.iiiiilnitnn.£680 ."'600 

Free Mii-MM (ei«i-SyE0-70 .. . S990 
Unppercflkb V. B*rs £689.5 + 8.0 ; t>70.75 


is -'iPPBHrJt ,n * ‘-.pr “1 ^ P-”"- . T' r .‘ IO IlM CtoMO holiday caused fur-ward Ub.-..-1412.0-15.0 +17.BO U12-15L0 

’ | •— . Unnfucia' “ ., metal Jo be niarted-up Tu .I03.'«0 on Mcnung: Siandard. rash t6.3B0. 11 tree Maiuli.. I589.U-96.0 + 8.00 1396.U-7B 0 

•- - -r—— -pni-iMrkm. -Vs aierAiBg 'ear-ed sUgluljr rnmitha 1630. SO. «. 70. 85. Kerb: ij K ..T57B.D-I5.0 '+18.00 1:80.8 

-.1; A. . *. “liw price moved np io x&soo but then standard, three months £03275. Alter---—- — ---—— 

Ire bar* - " ettsetj as prbSt-iakfflS. and hedge wDmS noun: Standard, liiree months £6^30. 7S. Sales: 3.485 i4.137< lots of 5 tonnes. 


.1 RH.iirlm .I.U life JE642.25 -c 2.25: 685.26 April 57.00. May SJ.30. July ;4».30. 

Cathode.C61B -1.75 t-60.26 “W 1 - "0.30. Dee. 81.U0. Jan. KM0. Marc-h 


1 1 la JO. 15.0b. 15.0b. li.M.irjre-Ta.h, nils J|«vli. 4 ‘fS2Jin 

■ samei: barley—79.06. nil. nil. 2.11 Jl".#4!L<M7-IJ — 2-0 .46 J 


BU SG ah^..ito| 6a8-^-UBig!? AW-8a T** - appeared. - In the ‘^rnouB lh* Prtra 70. 50, 65. «. Kerb: Standard, three Internatlsoal Cocm Organisation iu.S. 

nanLba_ 640.B-4,+liff 64£-.-fi ; l+2.ffi declined lUrdar a* a lack uf follow- monihg £0480. 50. 40. 45. eO. CCIIIU per uuuudt—Daily urlue Feb. 3: 


flUUUIIk. VTV»M-4|T - J ucuiqcu iwun m v — -- lUUWIW m* 

KISS ttl’m’tit BJBirwr. 1 through nl raeeat O-S. consumer im*TMJ .. LEAD _ s , k , btw h|l 

Xhode* ,1-'.' -,'- loot: it back IC^ £6J40 briorc a nwtost 

. ■ . sU...i B18rJI”«U:'JUBMM.19 rally tel! il ai W250 on Uk ta:e kerb 

- .. . uomhs^I 630.5-U+B3 SM^8^‘+2-re The absence of lh* reron borruwjgg^or gj™. “JJ* ™ ** 

^4ti’.n’nc 616.6,.T+B^.-^ivYl v-v cash caubed flwtackininUU^ " JSsSTTitaa 

• - s.-mtj ^ . 1 -■ -. fh arwum CT5. Turnover IJ55 luoncs. ^ 


isame': oats—TL'.lj. nils tsamei: maize {olb4B.0-47.0_ -2.0248.0_ 

(other than hybrid Tor seeding)—73.13. SalesVlu’ «V tor. of 1.500 bitos. 
»-g- ,,3 -13- ■ Ut ’- SYDNEY CREASY nn order 


4>tn.-1ih«.ki. ito”'"i-638 +2 76, 674.28 “?- W - Ju !>' Sept. Ua>0. 

(...1.1.Trov-w ; S 175.625 -0.75i 171-125 D ' c - , -™- ... 

Lewi Utah...r31S +2.0, a59.25 Colton—N^. March aB.U>-DU ; .a mt,f'ai. 


5mnntbi..."..!”!!!"’!!x321 +2^25 365.IS ? ,ay jLSaJT.K: i57.45i. Jul> 39.00. Oft. 


Sale-.: IU «0* tols of l.jlM Into-. .V.cJue... - j® SO- D«-. 59.U0-3P.99. March jW.StMW.iS. 

SYDNEY CREASY un order buyer. Free Mnrtet ictri.. SI.82-2.0 -0.3 ; SI.79-2.0 J “ J ■'*’ Sak- ' : 

Lr.-h TW^ r-in M C |^fj C rt n “T ll *V' 1 '. 1:96 1 .*Cold—Feb 173.50 .174.711.. Mar^h I7h.4» 

-ui liitv tih-i , i '■Tt'? ^, 1 “' trei ‘ ' , * rk * 1 . 4:112 - 0.2SC 100.15 .173,00.. April 177.50. Jmw 179 9u. Xtta. 

T ft.iini J -i«j .S127.5 1K.30. ri.-t IS4.S0. D..-C l>7.at>. l-.-b. 

a il ns 5-' uShuS' -£ii'^ >"n* r Hit u.2o4.S5p-1.5 dah.7|i 1S9 Ml. April Iff.* no. June 195.50. Mu. 

S. «iTSK::=-aas iffiSJfc at M — .. 

s„. au».«. saw. .■,« ..lh-.L'o.267.5 +12.9'L'6.a35 tLard—ifhica^.. i....si* JU 73 .-am. 1 . 

kin t nl rr W, ,u mm ft. ->iii.kn Al50-5» >ti .76 New Vurk prime Meant ‘"50 a-k.-d 

MLAI / Vhut 1 Ai>l.l:N <ui. -"’Ii.XW6 -4 0 x 202 I'3iire iradi-d. 

«*r ™-ui«.n» .X250.75 -S.75X2B8..25 tMalzc-Maroh V37KU7 .3Jrt;.. Mjv 

WEAT COMMISSION—Att-rai. 1 - faiM«-l> K n ,i, lrer4 . hGOO .aoJj -30J-23I .-.'2tif*. July 23tl.--J.7I. Sept. 2271. 


^■SBSS TS wK"; ijgig-* ‘s-COFFEE Tu.1* . 

r —"~- back to CJ223i on the morniuu Kero. " „ . inn i- n -Bin -uH-L-Msn <«« cm tost..A6. 

__— — in the artern.mil u slipped io PIS In on qnlet day Robust a futem-s ncady. ft j IKRrK ... L'd.257 

Mav Cocoa MTS-1487 »ynipaihy with xlnc after luucbuui •hops Dr+xd Burnham ru ports. in afternoon ifriT/ifr/'rr'ini rr w M n mm ft ..11 to ten A150-5 

^ ar £220. Hcnrevrr. a modest rally nn New York *■ C ” Cam rati initially traded UNCHANGED Opening on Ihe l^nd.m fu. t A I / V tU t 1 A Kl.IlN •"’!'.A'246 

■ ■ _ '; tho'lato. kerb lilieO ihe pnee in niS.S io 4-cent limn up and prompted buy me phy-aeal market. Link- IiiIltl-m throuato . . - rii.wiih-.4:290. 

;— - at the L-fnsc. 'Tunuwer S- 60 ® tonne*. in London. Ai .close, market at hKths mm itie da>. tflimiiiB uuteier. Lewis ji el meat commission—A tt-raui- raiatioi-K . j>600 

.. - hatrtnt; eniuuniered chon resisi Mice sell- Peat r-amried that Uie Malay.tau ^aduivn b r 1 l i: *- s represenjauw markets Fch 6. 

bI#CKO - M.m. ;-f- <*i-f |..III. 1 + 01 Inn at l.frfj basts May. Physicals puieL price was 2ft! i20lli ci-ni< a kiln <n»iiiinal '.R cjiiIc 61.a.p per kn- It.- i+i'.«'i. 

Jl LKaD ! 1 ifTu-lBi - -. _ ... . . _ _ bum- March.. L’k. ub.-p l»«p ocr ka. c« to *■’•*•*».; 

t _■ Ye^kfiiiHyV .... __ — _ _ i-O. 1 **: pi Ms Oil ^ip P»‘f fw i-rtt5i- U'wiB'lnul,.i 599 


- T; C. index Limited! 0M41 ^466. . > 

.. -1 Lamont Road, Lonriou SWWOHS. 


CONTRACTS S»P TENDERS 


359.X 359 7 . 350.5-339.5; March Jh3.j. 3b4 n. 
3U1 3-3M.O: 31 ay atj.0. 3. ml: lult 
3BS.2. Mfl.B. 3tVS 3-30S.3. Sales' JW 


INTERVENTION- BOARD IOR*AGRICULTURAL PRODUCE 
’ . ■ FOOD-AID ACTION 35A 


—****** 


Mtd and execand 'ur.tbrtl tbd' W or ** Sood Ihxflriniow.. 


, , TJ : , Tetoers *JW«W tw ;siitwlWt>r-V ■•'ooir.on Tu«dJ* td February turn 
-. ...Hamc Crown.Ceresr. AW-writy -'z ... 


i L i £ 17 , X i-m.-pkii 1 Cl.r-e + *u Uu*inp» 1 ! 

Uawb...i 516.5-7 +8.87 3I4.5-B.5 + 2 i—--, — U..i.c Vi. I ^cuteuInj-V !*..•» mu<- | 

■ituontha.!322.75-5; +4.5 320.5-1.5 +2.25 Jil ins-tuniie ! K.S.'i. , ,.- 10*0 I 

sfeuTm'iii 1 317 |+4 — '.. - - —■— : -——I---- -.-:-.- 

S.X.Siail.l . — ! . — I_ Jlan-b. IB0S.0-1B04.D + 11.5! UD8 1790 

--- —-- ---- May..-Ic47.0-lb48.0 + 18 J 1 M8-1524 Maivli..! 4B.B0-48 J5 4B.05-4fi.5C' 

-■'Momlnk; Cash £110.5. three momhu July.11561.0-1562.0 + 15.0.1554-1552 A|*nl- J 46.90-4fi.95 4BJ5 4EJH) 

.CHS. -Mi 2C.S, S.5, 22. X.‘-5. J2.S. Kerb: £epr*iubui ...<1481.0-1490 + I0.5‘ 147S .\|.i--Jnel 47.85-47J0 47.10-47.15 

. Three mnntfr. 4X3. S2.S5. 225. 2X7X Xuit*uil«!i .11431.0-1465.0 + 1141, — -Uv->ep.i 48.85-49.00 46.75-48 85 

Ariemnon; Three tuonihs £323. 2X5. 22. -Imiimi?.j 1490.0-1390.0-Ol.O f580 tVi-Ue.-j6D.55 bO.e5 50.45-55.51: 

21, 21.3. 21. Kerb: Three month.- 1331. Man-li_11330.8-1670JJ + 12J. — Jm+M.J 52.50-32 40 52.lS-b2.2«, 

26^5. 19. IX 19. _ | J Apt -Jiic| fi3.30-L-4.05 56.BO-53.Bfi 

ca frost r a® 

door price by 850 -iu 5556. On Ihe iu.s. cents per tiuundr Culuuibian Mild -• '--- 

Sff .«n,?.r : jsrs s r k,s: ? : 1M, ,o,a ^ 15 


i ..■ England and Wales—Cattle- numbers tip Lm»wi Lni-imc».. i .»fc66 . ..>J65 

Vi. 1 i6uiei>lKrV t.ui- | Kn-nir»- L'4.« per tx-ni.. arerase- UXS7p t-kKi: Fa<m .Vlatojaii.,.>S07./ -10.0 5495 

K.S.- 1 . ; . e-l.to- l ikne “P 10 ne-r com., ave-raae- 129 jp 

___i-l S>: plus down 7 9 pe-r ix-nt.. an.-raa-.- : 

M.np i —0.3,. Scotland—Cdtile- up Si.fi pe r Seeds ! 

Mmvli 48.50-46J5 4G.05-4fi.fiC' 46.50 £*•«.. averaiw 82 41p t*D.b4t; shee-p lip L..ym Fhllllu-l-.p9Z.5i- . -*377. 

\., n l.. j 46.30-4G.95 4BJ5 46JJO 46.60 -4 n P |,r win., iivc-rw.- taj.gp i+2.1 ■: susmkou 'l.S,i....pZ41.- +u.6 HH6. 

Ay.r-fne'l 47.35-47JO 47.10-47.15 47.6a J7.30 ?!?? „? 0Hn 18 Bl ' r a;m - * vcraw 63 ip . i 

Jlv->ep.i 48.ilS-49.00 46.75-48 85 40.0^8JtS ‘ . Grains 

I H-i-Den 60.65-50.65 50.45- 55.61: 50.70-50 40 „■'»« ,or «/<?l«-ewlotl Feb. 4. CB tattle ur <ri bU.'. 1 ... 

Jhu-M.. 1 52.50-32 40 52.15-b2.2-, 52 25 per ka. lw »*1 .*»•: l.K. shveo H„mr .. l-! 3 2 i+o!l t70.7 

Apt J lie! 63.30- L-4.05 56.80-63. Bfi - 1-M^ap per ku. ml dew ■+"4.: pics MaLrr . 

JlY-i»!|i.: 55.45-sS 60: 56.45-55.50! 55.50-55.45 ^ ' +fl3 '. England and French .\u.6 Am,e97.5 . 97.5 


” Sales: 1.431 •2.-«;op lets of 10 tonnes. Oet-U«-l h7!85-o7.l5 6f!06>-57! 16 57 10 Watas—CaiUe- numbers down I3.fi pe-r tvin-at 

“■ ICO Indicator prices for February j; cetil.. averaei-82-ftip i-1.77»: sheep dmoi w iTtoi'ai 

B iU.S. cents per puundr Culmubiaii Mild - -'-— • - i- 0 pit vein., average I00.jp i-0-2«: !\ t .iH lt niW 

* Arabu-a*. 203.00 tsaine'i: unwashed Sales: 40 i190i Inis of 15 tonne.-. pis !_ fl0 ' r i l t, , lB P-'L■'■wn**- 6, ‘-°P bn-nnMi 


i-0£>. Scotland—Cattle up 1.5 n-.-r cent.. 


bimu t84.25r. 83.76 

Oim«. ; 

• hi 95.3 -1.0 L'93 


baeqaently drifted off iu £2E tqr ilw AraWca , 20] Js «201.33*; Rnbusias 176.00 Flu'-ieal cHimiip prieu- ibuyer-. were: overage M.S7p i *1.M!-: sheep down 37? u ' l * rt " -’biiKueiiL... 1 .i 75 -e51.04:1.749 
Ofiud rinp before a rally tuoa it back IKan j e i. o al iy averaue IM.U7 il88-50>. 50,11 March 4T.Bp ■ 47.75>: per tent., average iSOfip <-r2.9i: plus nuun-M-,,.e 1 4u2.7-.51.25iil.6U0.7 


Kamlvn. House. • •• 


INTERVENTION BOARD FOR AGRICULTURAL PRODUCE 
' •:-> FOOD AID ACTION 35B 


wttfiMd ring before a rally took it back IKanje i. o a ny averaue IM.U7 il88.30>. S 0 " 1 4 fia P tsamei; March 47.9p *47 

up iq £255 nn the morning kerb In the LONDON ARABICA5—-Dull. Vaittea -'Pri* * s l | down iu^ per o».-ct.. avvraui- wi.Op •+£:'," '■■tin- .-•■init: .. 

afternoon, however, the BiDiion news advan ced In trade buying, Drwcel Bum- SMITHFIELD tpe-nce per pound— **•>.. - e47. 0 - I3.5iri./B4 

«ai&wi the Price to drup h» C4P. at .which tmin reports. At etoaB. market 1.73 ru OriViDFiM up* < Beef: Srutilsh kifle-d sides 4S0 | U yn. j*’A !«■**.. £6.0 j +0.05 .-2.5a*- 

lerel-.H closed on the late kerb. Turn- 2JJ; . up rrill „ Krlday. jUYAIStAlT lutAL Ulster hinrtnuarte-rs 55 u to ul.tl. fore- Jul <? L* ABU. a , .. -4a7 

deer-2.S2S tonnes. Prices tin order buyer, seller, change. . Quarters 3S.0 to 4t».0: Eire- hinCotwricrs Kmoier site..:.46.S 1 .J7.25p 

.. __bualnvssl—April 212.10-212^0. +1^2, Market opened unebanged and remained 35.0 to 610. forequarter* 2S.il to 41.0. ?i-«i L h-VsL..• ^aa-45.>*a66 

212.30-210.00: June 196-2i-l9*5n «». S'*? 1, fc** 11 <*« 11-1 “* Veal: Srailifcli bobbies 2S.U to 36.0: K-mj .: e 10B -2.0 1 X1U9 

193J3-1WJ0: Ana. 184.00.lMj6. +2JB. SBt ft Commo dlUgS report s. Dui.-h hinds and cods 93 0 to 93.It. W rinia ri bto,.. I jt B .,0.1 x68|. 

f^AOO: OcL 172,50-174.00, +2.37. 171,60- -Veaieid't ■> +..r ttn»iin*u» Lamb: English small ji) 6 *a 5S.0. i\,innnai TTiiTiT 

m. 9 :,D«. 180.00-162.00. +2J0, nil: Peb. j tl w ■ _ |b l(]t medtimi 47.0 10 5-1.9. bean 3*ft to 46 0: ,,. ,“11. ™, e-V7 ^ 1 Tit 

laiJO-ljfi. 00 , +1..5, Ijjjo. Sales: 43 t«i ---—-- Seonklj mc-diom 44.0 in U.O. heavy 3io Viuil VaiThi DW, 2 fl k 1? 11 . SITS 

i m , nf 17.230 kilns. ^.u-rfuiPe '« «-0- Imponed fror-n. NZ Wfl New April. -Sto 

__ . Fei.rttnrv... ~ 103.00-4)7^(1 w;wn 44 0 to 46.U. Did season 42.0 to j Per ion. S ' 

GRAINS A | 'll'. 1 104.1W»4.4 4-0.10 Jl 4.5IMM.1» 43j. 

V nniltU ,A. DIM, . .. id , >r ... cn Pftrb! Rn. Kh I,1IM thn -It A In d-> ,1 - — 


•."tin- ■ ■itnrc .. 

. 


c47.d - I9.5IL-1.7B4 


Tenders am Itwfird "tur -rb- 

. ol 6,000 tow*. yrfrwOtottr to r»?w or good multo todbk tote «»» J* 

- Mkcacttoar must. m toapwi Into • one *«s*l wltUn B m ork.ng 
f .- including’' the 31 .Mwctt-.i97»! im naen outer lot e b ag must ..ffjfriS 
.- • M Food aid •ttt^'-Urdtod.-The whwtfltor » 

c- , United Kingdom fett-.otd. 4nu». astqeutoo within lb* Warid Vood Pnjorsmme. 

-,n - rug aiiowaqc*/ipr-■»*-sutoju , and toJiNF*- °* m ■ 

' dotermteed- on «injjtin*tma -9f- the; -ntfXtorf, Deltyere torma cmbod'W »" a 

"Notice oV liWMta. on - to Inndsr M •-tfl«Ml«r ante ■ tendw.ng t-ntis m» oa 

•' -- ooUlnetl Jrtmi -firaitob B,- Intemat Market - Ol. ision. rntervotiiion B-ars lor. 
Agricultural Prodoje. MsTIy Berta. < 7 el. 07 Sd SBMZ6J 

5 r-endars should ba submitted- ter -12 nooh. ot» Tumaae Id Feorworv tsro » 

; ■ Home Grown- Cereets Auttioritv~ - 

* Hamlyn Haute, .*'• •• • ’ 

Highoato Hdl. -. , r -. X- ■ 

pjjj y London N19 3PR.,.- | . f - '- 



B.tll. 

4- or y.m. ;+ or 

ZINC 

UFEviui 

— 1 U ItufllL-ULI 1 — 



j: ;• n- J • l’ 

Lakh..-_i 

247.5-8 1 

-1.75,245.5-8.6 -A 

•A n>wnhH..| 

■ 252.B-0 ! 

-t.rei 250.5-1 ;-5.76 

Iflbnaoi^-.' 

1 248 ; 

■f-r* ~ . 

’PniLWcxf! 

i _ - ! 



154J0-15G.00, +1.73. 134jO. Sales: 43 i43) 


"f- A recent C.CiS.T.' Market Keport supplement' expiains- how • 
\ trading opWons helpe reditee tke risks invohfcxl in commodity 
;-jt i trading,- whilst-..-xefaSatw- Ihd!high -profit potential, Each- 

? . week'we reeoannenitavliich-<artions to-tate and 2 dvise levels 

2 at which to.“ trade.agatnsL”. This, supplement and the next... 


, . ‘ June.lOfi.BJ-IU.; +U.I6 1U3.8C-4 k.- 50 Pent; English, under 100 lbs :U.O to 43 . 11 . 

AJvrmua: Caih £247.5. Ilni'P months LONDON FUTURES (CAfTAl—Dull, aubiisi .I04.4J4W.6 - : - MO-1* lbs 34.0 to 41.0. 120-160 lbs 33 n 

£54, 53. 52. 52.3. Kero: Throe oiuntRs old ctop wheat traded from un- Lteinivr.I104.51MIS.4 — DJD 10 4«i l>. 

Cw. 54. 95. Altccnwn. Three intuiUis changed m clow between 20^25 higher L)Lfenii«r..,.'10£.00 D6.2-0.50 IDG.OD-K.BO Hares: Rnghsh l»rs« teacht 17uo ro 

S4s. 90, SI. Kerb: Three months £250.a. Iin v,me country 'hori-covering. Old ltdp Mmun ....'lufi.542-08J) - - ,M -°- 

90- 4S.5, 4D. barley traded between unchanged and " --- - — Partridges: Young i i t-ae-lu isuu to I9tm. 

•*Ueuth pur pound, -ton previous 15 up In uuiei cundtfinns and clns-i>d Sale*: 54 1 ID 6 ) lots of 100 tonne-s. Pheasants: Itosi iper hraeei 3 nfl .11 to 

unofficial cIosp. xiH per ptcuL. barely m-adv ai nnehanced m to hlxher. .-'ao.u. 

New' itoiis came under renewed hedtte C'lir’AO COVENT CARDEN —1 Priced In ste-rliifi 

nresitirti altlwuKh wheal had flrmer tone StilAK per packuue- iml.*!, Mated ^-1 moaned eto- 

alLVEK than baruy berauw ai wlieawbarln- , 0HDflll nAILY PR1C „ fnr rau . ...... duce: Orannes-Spaiir Navels jan-l.-lo. 

, fipreaders. New ernp wheut elided dailt price tor raw sugar salusttanas 3.0D: Jaffa: 2.50-:i.35: i.yprus - . 

. silver was fixed 1.5P an ounce hlShcr Meady helweeit 15 tower iu 5 hinher whHe Ovate approx IS kilos 54 >o < JhD-a.QB: 

fur spot deliver}- lit the Uondtn l)ullM0 new crup barley rluse-d between £-35 shiptlieni. IWHlif Minor daily price uas Effr p,|j, n; Baladl 2.4U-J.70: Moroccan- 

m«1«* ycaterdM, ai 2fi4.39p. U.S. cent tower. Acli rcporis. ,lscU « ai9M isan,ci - 3.00. Tcmptos-Amenein- approx. 1C Hw 

MlUivalenH- uf the uidk level* were: . ---Market tuieonrased bjr eonimnalion of 3^:0. Lemons—Italian; 100 120 iGO-3.50: 

5pdl 451 Jc. tip l-7c: three-niwnih 43J»e, wheat I CARLEV Bnallau sales to China and opening Cvprus: 3.00-3.50. Grapefruit — Cypr:»s- 

» 7-1 to St? - ™ ut, T d c; rn i r l,i iYwiefto\-*J + oi 'YesteniaVil4-... «*“ 0 «ouoik bowp .50 poinu above pre- u kilos 2 40.2 66. M kilos 3.1*3.80: Jaffa: 

1 12-muntli 527.3c. op IJc. The raeial ..... 1 T + 01 -‘CaieWly fi +•" -...eifjjnd levels. Later. New Yort: +11 vitas «sn snn«_Sn .mi 


SUGAR 

LONDON DAILY PRICE for raw sugar 


Pork: English, under 100 lbs :U.O to 42 . 11 . 
11)0-120 lbs 34.0 to 41.0. 120-160 lbs 33 n 
to 400 . 

Hares: English large teach 1 170 0 id 
190.0. 

Partridges: Young i,caehi isun to IWift. 
Pheasants: Best iper tiraeei 30fl.u 10 
..320.0. 

COVENT CARDEN —1 Price-* In ste-rliifi 
l*’r packuue- imli-ss, staiid *—Iruoried pro¬ 
duce: Oranges—-Spain' Navels jdM.io. 


mn, a ifltine eif tar Kto -Mareh Salusnanas 3.00: Jaffa: 2.JMM: i vprus: Fe».,6 | R* k i"Sl,«'.ri. ayi Vein «s~ 

ira.^n, a" « Ovate approx IS kilos Mill’s 2W#-a.a0: --- -J _ 

M aiJS tsS ^ Eeyptiiin: Baladl 2.4U-2.70: Moroccan: 1399.4 j 1388.4 1417.5 ; 1U19.0 

AI U19JW laouie I. o rm T.n.lu amanrin- itwfm Ii! the '— -- — -- 


| ■ < two issues -of. ontiMatket Report will be sent free on 

, _M P(« 1 T fit jtt-ri KlMt HP ldwra «n-_1 


Opened ai 2aJ.K54.9p-. <491- 
tAOfied at 253-254P I4M^«2 ci. 


request. Ring 


LaVEUj Butitou L orl L.U. 
|«ff.. , 1ixm« — clou 
Van, r uriRiutt 1 1 


M’nlh 

YeKientey 

i-hwe 

^ + oi lYmerUay'fi 
| — '] rli»w 

+ .n 


86.00 

+ O.20 : 

73.20 


Mav 

87 00 

!+oj4: 

75.60 


S*CJit. 

85.65 

:-o.isf 

79.03 


Nuv. 

86.05 

'r- U05' 

81.30 

-0.25 

Jan. 

88.45- 

l+o. OS 

83.80 

-O.S5 


gains were lost. C. Czanukow reports. 


Sals a mas — Span in: 2.00-2.70. Apples — 
French: 40-lbg Cranny Smith 6 38-7-U. 


Walslngham House,-25 Seetttog Lane, London EC$N' 4AH 


pM fSE [Yw-ntoj-a Fm-t*. j htnunte, CoW-mi griM.«•««•«• **». jJ-W 

t— 0 25 K j.iiim f"inof* I a ]riM IJflbiui CFillllT $milxi -.W-3.WI, COinL-n DfcmiOUA 

Uflte Vi 1 Ut*) } UiUJt, iauMm Red DlllJ cioiis 2.00-3.00. siartt 

'! I Crinifion 2.70-3.20, jumble pack, per pound. 

Sd.Dft> i " “ ■ ft.U. - A..I. ,l... k A lA A I". V. -41 _t J 


84.00. May 87.00-86.75, ScpL 83.65. Nov. 


A per lew tie 


Golden Delicious 0.10-0.13: Italian- Golden 
Delicious 0.11.0.13: U.S.: Red Delicious 


dicers. >600 .fibJa -jU,- lJI i-.uUli. July .dU,-..>l. >epl. —•!. 

Dec. "J-Jrti-.rill'. March -Cl.. 

.. ui .. ' -- SPIklhtiim— \pril 2lu,5d-'.Vuj.‘M •ris.uu-. 

•uni iPlilli.■ 56V. —5.0 >580 JuJ j. ■jjj.3ft.Mj.Bu <223.Iitn. fc’. JJ7 <0- 

m.lnul.... 1 599 .10.0J.pfl7 jjb.iw. j an 10-33130. April snsso- 

wi Lin.le<r».. i .« t bo . .. >J6P jrj.Tfl. Sales i«ft. 

n .Until) Hl |..,507,/ -10.0 S495 'Silver—Feb. 4S8.20 Mfi7 7U>. March 

. 491.,0 uno.jui. \prll 405.211. Ma> 4».7». 

j July 505 70. Sept 512.91). CVc. 5-J:'. SO. .Iprt. 

■ _ 527.50. March US 00. Ma> 542.60. .inly 

H Phillip-|'P92.5|. . '377.5 SSu.OO, Ss»pt. 337.60. D<»-. SM. 011 . Safe-: 

iirt+u a.S.i....j>241. +u.6 UH6.5 3.500. Hatidi and Harman spm -U-f’0 

, 1 '4SS.Sflt. 

. ''Svyabcan Meal—March 152.1iM.'i2.:M 

1 I . U30.6U). May 15ti.AO-1.S5 UD 1 154.Mli. July 

.me KauVitte"!'' l"} 3 B +<j!l C70.7 159.00-15S DO. Auu. HiO.Du. ScpL IbO.id. Oct. 

■ t .. ItiU.DO-IW 50. Dec. 102.00 Id2 10. Jan. 

eflcli ,\u 4 in, i-Q9 b , Q7 5 lfi3.6Mti4.IO. Slurch Ii14.UU-1U5.00. 

enci. Au.J An,.t97.b ..97.5 Soyabean OH-Mari* -.-OTS-jn SO .20 Su- 

l I Jtiii -sun,. ,q, qe 07 ic May 20 5S-20.Sti i2U.ti3>. July 20.50-2 0 52. 

Xp'C ' . -* u «- W-W-50 8*. Ucl. 19.35- 

9i.p —1.0 L'93 "S'-' J:ln S,ar " h 

■ .-alin-uieilL...;.» 75 * 51.01:1.749 Sugar—Ni.. IT: March 9.IB-0.I7 i923'. 

nun-Mit . 1 1 4B2.7 *51.Zt>i:1.6U0.7 May 9.'44 iSjo.. Julv U u0. Sept 0 75. 

itec .-•■lure .. 0.1. 9.S5. Jan. 10.13 mini.. March 10.42- 

D . - C47.B I9.8i£i./B4 to.45. May lU.ti9-IO.7i. July I0A5-10.W. 

.i-A I" ie\.. £6.0 j +0.06, -2.53c Sales: 2.7(9. 

to -IBC.. a, i. »4a7 Soyaboani—March 574:-57:i^ >573'. May 

•vt .46.5 .'J7.25p SS21-5S:.' -SSI., July SSS-issH. Aug. W,. 

k L-LiL..• .*ia66 Supt. 577. N»v. 3i<i!-iTi. Jan. 5S3!-5,-53,'. 

» -K-'WJ.: clOB —2.0 1 X1U9 March 331. 

HH*i 4 kit,,.. I 8 'tO.1 _k 68|. Tin—5ti1.inl-570 00 a«Vvd ■ 555 i)0-5«5.M 

1U «MUUM I .lelirt- S -Wiiia -ivheat— March 2iS!-2tis; •2U7: -. May 
Lents } potinri ' Kx-'ailH l.iiiwmi j 74 , 373 : 1 . Julv 27S;-2IS:. Sepl 2S3.. Dec. 
u Anrll k Kcb.-March I March- jg-j. March 300. 

I' i«« tUwi1, it March, j May. WINNIPEG. Feb. 6. fiftyc—Ma> 112JO 
T bid 1 111.50 bid*. July 119.30 n-'k-nd HM.70 

-— tua>. Del. 109.40 bid. N-IV. I HI.Oft. 

tiOali—Hay 77.40 hid 'Th.TO tod>. July 
FINANCIAL TIMES r, - 4u aJwd lT4 T0 *>tdi. Ovt. 74.30 t-^. 

jBarlcy—May 75.10^ <ia.nui. Job n.l( 

H>. 6"”Fi;I.. Jl.U.mfl, isi'Tir'eST j " 4 ‘k h' 

_ _._SS Flaxseed— May .'L'.oO bid •Jll.,(t, 

B.2i JZ7.3B ’AA3 88 I Jt-9.71 i lul1 - :4 90 a-ked .2I3.W bid.. Oct. JlS.oO 
tBaso Ju|v 1 to-* -»flO» I t'wheat—SrtVKS 13 5 per cent. prntcM 

1 cnnicni ctf St. f.-mTcncc 119.54 i!49j3i. 
rtLUTbrt a l ,\11 cviUfi per puund cx-warchuuse 

a, •e-.'Vrr-,- r, - | unlost oihertnsc suu-d. ■« kt iruy 

I ret., A M, mi I, nyi 1 tut m>- j ounce—100 nuniv lutx. ■■ Chicago Intis'.* 

ao d , a on „—““I”' 3s ft'.-r 100 lbfi—D0PI. of At uncos pn- 

8 1417.5 ; J6l9.0_ j cions day Prune Steam f.o.b. NY bulk 

• Ease: September ig. 18 .- 11=11101 !iahk oars. ♦Corns per 56 lb buthcl i-x- 

|warehouse. 5.000 bushel lots. Sts per 
DOW JONES troy ounce for 50 ounce UtiiU of 99.9 per 

——- M . --- - iceni. purity delivered NY. ‘I Cents per 

" n . J } n ,, iuli l«n iroy ounce ex-warehouse, il New • , E” 
^ s i o ! 'tgi- I contract in Ss a short loo for bulk low 

-rml-i—Z~H ! ' _. or 1O0 short ions delivered f.o.b. ears 

t --460 23, d*i8 56'647.20690.53 Chte.ifiO. Toledo. Sf. Lquls and Alton. 

uffr* ' do4 04|da a.6ji*.i7.6B J82 (HI «-* Cents per 69 lb bushel in Mure. 

-(Avenge 1994-33-26'= I00i Cwus per 24 lb busbcL 1 Cents per 

4S lb bushel cx-wa rehouse, ii Cents ncr 
MOODY’S 56 lb bushel «x-warehouse. 1.000 butbel 

_lois. 511 SC per lonne. 

1 fiLTl'F+ti. | limn Ii'Yeti - 

Hi«Jrt.v ’b ,6 i I i i“ii j —• ■ 


financial times 

"riefT fs ' “FriT l iMwiil. r 


XfiB.2* J27.36 A6A BB \ it-9.71 
(Base- JuivT I4t«iifl9j '■' 


REUTER’S 


Base: XLwmher 187 l»il=lUDi 

DOW JONES 


Don Feu 1 Feto 
4uue> 6 • J 


Until III Inti 

aa" I ♦«* 


.... 560 33,dk8 56 J47.20398.53 
Fmura* ' do4 04jda 2.6ji*.i?.6B d92 82 
(Average 1994425-28=iw» 


MOODY’S 


'j. ■' LONDON-COMMODITY-CHARTS Ei; r RtfS 

■ ■: •• -• ... •• ounces, ffiormog: Cash J&4.3. Three as. Dartt Nurthero Spnm; NuTl' U oct ft?* IuSmrm tl'KvS LH todoor L 5 M. 60 . Cabbage - Per ’.-bae 

a ••'.'•••■ ;•*.•• 7 !•:- : -. HN^a 7J. Kerbs: Thru- mouths MarSi ffi w£ M«.» ; -.!U>»5« : ».li4.0iM4.7« Pnmo O.M. Beefrwto-Pc-r 2S-lbs 9.70. 

7 ? Daily Hlgh/Low/aoSt; fijureSrNamc i, —,...- as, .Amu-won: Thror mombs S?di, 7.7. „ R . m e^, cnont, U.S. Hard Wim« Sales: 2.7BS (5.1251 lots of 2 tonnes. c ^C r ? 1 *r t ■ L !f. lla i i .J 8 ' lb ^ D - 4 ! Mi w .. P** 10 ” 

V J cto-JuTi' nJohr' ’ Rwter. Three, mooihs -a7.B. 7Ji. Ordinary uimittued. Ausirallan wheal Tau- and Lyle ex-refinery prtee for d ■■ i!fa 

, ♦*..posted every Fndaf ••• • ... . \ . - unquwwl EEC wlK’ai unquoted, sranulkted bafiU. while sUKar wa.i £.'42-40 rlT 11 ItIi?i' 5 R.-,ti!flf n"iH I■ Tn,?' 

} .. J , „ E.ia,u' t rln» - '■ Addro» - .-.. YIIT'r'" Mabe: US/French Fob. t97.KQ. Jlorrtr isiipioj a lowtv for home trade and £173 fiSL* „ iSrij ' lfl a “ n ?',? a I' 


|,.e Lamini-y} - '896 5 M8._1.9KL4 
fDecpm&@r il~UB 1 =innt 


Ghana cocoa 


5 updated to-Friday’s dose; 

1' Please send m'e dera^r.' .-rp ^ %. -■ 
t + enclose -cheque 7 , for £85.00 - 


i\ for.. U.tiioniihs’ jrtibscripiioii.!E3 


-fv'28, I 5^ZS1. 




i Arn-rnoon: Three mpmbfiaa« , 0, 7.7. mt-jii Euai Cnspn. U.S. Hard Winter Sales: 2.7B3 (5.1251 tons of 2 tonnes. C ^C r ? ls r t ■ L J. l,a ? , .3 84b * D,4 . M tt .. P 1 * 10 "* LONDON 
[Kwbar. Three, motuhs 7-5. Ordinary unmuupd. Australian wheal Tew and Lyle ex-rvflnery prtee far ° 11 injae * - T0 uD-jW-OU, 

. - unqtiniMl EEC wlK’at unquoted, granulklvd btuu while tiiigar wm LH2-iO ftii"i' iTi u 1 -T",?' .’mi.00-270.00. 

: MITC" Matte: us /French Fob. 197.51). March isamei a tonne for home trade and £173 ,„. a „ ji u ‘ - - S .? a J!' -'«l W-^B-uD, 

Jvit . . m. April xiDO.iy irunsblpinem Eau t£i73i tor espon. :>B 04-370 00. 

. DUHDEE JUTB—flujoL Prices, Off) for s'^rtra^Yrilw^Mttreh^n'TS Intanwitohal Sugar Ayoonwit-Indiva -fVr'' pound’ O.M. Parsnlt^Pcr S '^!ht 

ff^-ff:W-SS???-SJEE 'i£E£S± L l ~ " L u p3’aS^ m, ■ SW ■ ^ "• 8tahirb CftlMSBY FISK—Supply good, demand Lwl •"■!" Crop piir- 

Caicwu 880 dE.Steady, .quota uoru, c and Faed^w^Eas, MiiTSa^M Price 8.72 ia«i: 15 -day averaue lis CO tton LtoanuMi to, n , rahr ’ *!?'* u f DP Sit , * fl chases starled on September 30, 

• • . ______ rBED wnaa*. jlssi annoih lix.iq. reeo C un t Cv»ivH f LiYfirPAdl—Spui ano 5nipm»_*nt per Mnnrir Shelf end Qxfl-fj.tiU. I'lidlin^ ia 7 u --.«#! u»- rt r *v,^, lOdi* 

f b -U-K* lor Kdi. tfhJpnWJK. •UMnch turHty: East Suffolk £71.20. N.E. Scoiland imuunred io T37 lonnL-i. Dealings nuo-f3 40: jarao hadd«>L a k f4.OWI.6u. Cflfl of the lBlh 

-Q0.SL^7>ttt £7.tt pur IM lidnU. March £71.80. EEC IMPORT LEVIES—EffcetlVu- to-day wnilliued uo a freer ba:u> vvith addltiunai medium £3.50-CUD small C2.90-EL2I): I Week fended February 3i ihe 

XKUh>aBd. £8 OS. April IID.O? antr IS.IO. Also for weuk-enUetl Feb. 3. other lor denatured and uwi-rtenatmvd sugar m suppurt in South Amencan and African larce dIbicc riftnim mr-rtium rso». i.iinmi-it iec rnt-.i u ,... .mi i-.- 
.“.BJr.JWlih £30.39. .£31 J3.und I3LC fur miffing wheat: UK. £90^0. Food wheat: urns-of account per 100 kik» nrevlm* In quaflile-. Ru^on, Turkish VndalSr ffiffL I cun,U, ‘ lUVe loU1 Wd S -94,4di 

the - tvsocclive abippieilt perioda. Yarn U.K. £77.80. Feed baricy; U.K. £70.70. hrackem. White: S3.B&. (23.5SJ: Raw: Middle Eastern Myles ahsv wauled exteo- Hsh large a 
and ctoiL quiet, - Mahtog barley: UJL iftJti).- 10.97 H9.7i>. lively. F. w, TotlereaU reouru. i"40: Lajihtt 


iter ii. UBi=mm [ ACCRA, Feb. 6- 

—-THE Ghana Cocoa Marketing 

* Board said cumulative purchases 

London palm oiL-ctosu: Fob For the 1977/7S main crop are 

270 U9-9SU.UO, March 27U.UU-3S0.UU. April I7RKC4 tnnnpc 

2tiii.00-S70.00. May 2fiU.0o-27D.li0. June 1 HI n lies. 

:>m DO-276.UO. July 2flD.B9-27o.iio. vtii The board previously esn- 

Sesi. 200 .ud- 2 iO.od, ucl. mated cumulative purchases to 
. January 23 at 151.133 tonnes. 


*!“ to; wcuh-cmtotl Kcb. 2. other for dejutur^i and ww-rtenatuivd sugar m support in South American and African Una." plain- X3.46-a.iio. mcdiuiti £3.oi cumulative total wa<" 
wHBwiJfljMMt.-JJK. £90 M. Feed wheat: uri^of account Per 100 Ulos nrevtoua in quality. Ru^mn, Turkish and olfwr be« wnoU n“o!aan:^ rictnimi 

F «d hwtoy: U.K- IfO.iO. hrackrm. White: 22.SS. i23.S8j: Raw: Middle EtoJAum riylet ateu wanted cxlca- Hsb lanse £860. medimn £4.00; rate £1.«- 'f nnes - 

MaKinB barley: UJC XftJtD.. Ifi.Oi H9.7i>. lively, h. W. TaticrsaJl repiiru. 12.40: fiailho £2^0-£2.fiD. Rt’Ulcr. 





fa U fgJ q 

r - K 1 







26 


Financial: Times Tuesday February 7'137S\ 


STOCK i:\dl 



Further profit-taking lowers gilt-edged by up to £li 

Index down only 0.6 at 458.1 but second-line stocks fall 


Account Dealing Dates 
Option 

* First Dcclara- Last Account 
Dealings lions Dealings Day 
Jail. 16 Jan. 26 Jan. 27 Feb. 7 
Jan. 30 Fell. 9 Feb. 10 Feb. 21 
Fob. 13 Feb. 23 Feb. 24 Mar. “ 

* " Now lime " dealings may take place 
rmm 9JO a.m. two business days earlier. 

, Recenl gloom In British Funds 
deepened yesterday, further 
profi[-taking leaving widespread 
losses to li point*. The best 
January Wholesale PriL-o indices 

for five years was hardly suffi¬ 
cient to offset current uncertain- 
lie* about the financial back¬ 
ground and growing pressure on 
the Government’s pay guidelines. 
The Government Securities index 
shed 0.7R for a 1 o>j* of over 5 per 
cent, since tli«* htarr of the year 
to 74.03, its lowest since 
December 1. 

As on Friday oT last week, dull¬ 
ness in equities uj-> more nolice- 
able in .second-line stocks with 
leading issues ending no more 
than narrowly mixed. The FT 
:jti-share index clo.-ed only ll.G olT 
at 433.1 after having been 1.9 
down a"i ihe day'.- lowest oi -J p-m. 
Prices had opened a little harder 
generally, but «arl> weakness in 
the Funds and the absence of 
buying interest c,iu , -e<L a gentle 
downdrifl in small tradin': 

Sea tie red firm spols usually 
resulted from week-end Press 
comment and from speculative 
demand for actual and rumoured 
hid si/uv lions. Overall, however, 
the tone was dlu-traied in the 
near- 5-to-l falls recorded in all 
FT-quoted Industrials and bv 
numerous losses in the FT- 
Acluaries indices: ihe All-share 
ea.-cri 0.4 per cent, to 199.15. 

Official markings amounted tn 
i;.4 i l—much the same a> last 
Fridays 0..;HI and the week-ago 
6,300. 

No respite for Gilts 

British Funds Mere again forced 
tn absorb considerable liquidation 
front both overseas holders and 
the U.K. institutions, develop¬ 
ments which brought losses ex¬ 
tending to li points among the 
longer"maturities and to [J. in the 
shorter issues. The recent un¬ 
certain atmosphere in the market 
was made more sensitive by the 
current pay imbroglio and the 
nearness of banks' eligible liabi¬ 
lities figures, due to-murrow. while 
the liquidity position was strained 
by yesterday’s call of I32ilni. on 
Treasury 101 per cent. 195»9- This 
accumulation of events en¬ 
couraged many more holders with 
profits to close their commitment 
and although orders generally 
were less sizeable than on Friday 
they were persistent, allowing 
little by way of a recovery. In 
the circumstances, the latest 
Wholesale Prices indices, deemed 
encouraging, were forgotten with 
the result that ;» small rally in 
the inter-office trailing railed to 
last. The long lap Exchequer 10} 
per cent. 199-i slipped further to 
close at 25. in rJO-pald form, or 
3 points below the issue price 


without attracting intervention 
from the Government broker. 
Corporations moved with the 
main funds and sustained falls 
to *. the recently-issued Tameside 
10 1 per cent. WS4-85 losing that 
much to S. in £10-paid form. 
Southern Rhodesian bonds drifted 
lower awaiting news on the peace 
talks, the 21 per cent. iyG3-70 
reacting 3 points to £W. 

A fairly small but generally 
well balanced trade brought few 
significant fluctuations in the in¬ 
vestment currency premium 
which, an or hovering between 78 
and 76 J per cent., closed a net 3 
letter at 77' ner rent. 

SE conversion factor was 0.7577 
10.7540). 

Royals easier again 

Royal and Sun Alliance, the two 
worst affected issues last week in 
Composite Insurance, remained on 
offer. The former, stiff worried 
by per>isiing rumours of a rights 
Issue, cheapened 5 to 370p. after 
:«5Sn. while ihe latter sotfened 2 
to 522o. after 32Up. on continuing 
consideration of the dispute with 
the Government over the group’s 
recenl pay award. 

The Banking sector had very 
little to offer. Where chaneod. 
prices were easier with UDT a 
penny off ai 41 p. after 40p. ahead 
of to-morrow's interim results. 
Moors ale Mercantile and George 
Sturla also gave up a penny to 
Up and 13p respectively. Mirror¬ 
ing the dull trend in gilt«=. Union 
Discount receded 5 to 4S0p and 
Cater Rvder shed 7 to 273p. The 
maiur clearing Banks held at pre¬ 
week-end levels. 

Breweries spent another quiet 
session. Allied finished fraction¬ 
ally cheaper at Slip, after Sip. 
Ras< Charring ton eased a penny 
to 137p. and A. Guinness shed 2 
to 177p. Elsewhere. Geo. Sandc- 
man moved tin to 59o on renewed 
sperulaliVe interest before closing 
unchanged on Ihe day at 57p. 

Little of i meres J occurred in 
Buildings, where prices drifted 
lower on i*>ck of interest. Nollinv- 
ham Brick ■ encountered profit¬ 
taking and lost 8 to 220n. while 
falls of 4 were seen in Aberthdw 
Cement, 1 -Hip. and G. H. Downing. 
21fip. Still reflecting a recent 
chart sell recommendation. AP 
Cement lost the turn more to 
234n. Vihrnplant. on the other 
hand, edged forward 2 m iG2p 
in renly to the first-half figures. 

IC1 hardened 3 to -T42p in other- 
wisp mixed Chemicals. 

A TV A at 100p. and LWT.A. at 
I2fln. lo c i 3 and 4 respectively 
among dull Television issues. 


changed leaders. 

CEC rallied from initial dull¬ 
ness to close a penny dearer at 
252p, after 249p. EMI, however, 
ended a shade lower at 177p. 
while Thom were 5 cheaper at 
347p. Outside of the leaders, 
the trend was lower. Muirhead 
met with sporadic selling and 
gave up 6 at ITSp. while falls of 
around 3 were recorded in AB 
Electronic, 99p. Dale Electronic, 
13rp, and Fameff, 197p. Chloride 
eased 2 to 94p and Brocks were 
similarly cheaper at 70p. Among 
the rare bright spots. H. WigfaU 


lowered 8 to I65p on small selling 
in a thin market Kwfk Save were 
li cheaper at 85p ex the scrip 
issue. 

Hotels and Caterers had little 
to commend them. Elsewhere, 
Ladbroke shaded 2 to lSlp and 
Coral Leisure 4 to 112p awaiting 
the Royal Commission’s report 
on gambling. 

Reed Int. weak 

Miscellaneous Industrial leaders 
plotted an irregular course in 
thin trading.’ Reed International 
remained friendless and fell 7 



240 1 


JUH JUl AUG SEP OCT HOV DEC JAW FEB J 


Stores easier 


Comment on the increased first- 
hair loss took Hardy (Furnishers) 
ffdinary down a penny more to 
30p. after 28p. and the A 2{p 
lower to 271p. Freemans 
(London) shed li to 274p. Wallis 
lost 3 to 50p and Dixons Photo¬ 
graphic a like amount to 149p. 
IV. H. Smith “A” reacted 4 more 
to 139p among otherwise little 


were supported on hopes uf 
further developments In the bid 
situation and gained 4 to 2U6p. 

Apart from Tubes, down 6 at 
3S0p, and Vickers, 5 cheaper at 
179p. losses in leading Engineer¬ 
ings were confined to a penny or 
so. Scattered selling was evident 
in secondary issues among which 
Adwest gave up 6 at 240p and 
Amalgamated Power a similar 
amount at Itfip. Falls of around 
4 were sustained by B. Elliott, 
Syp. Jones and Shipman, 114p. 
and Rolork. Il6p. WGL a recenl 
speculative favourite, came back 

3 to flOp. while S. \V. Wood eased 
2 to 4Op ahead of Thursday’s 
interim results. In contrast, 
favourable week-end Press men¬ 
tion prompted marginal gains in 
Woodhouse and Rixon. 31p, 
S. Osborn, S3p. and Cooper Indus¬ 
tries. 18(p. Other firm spots in¬ 
cluded Birmingham Pallet, 3 to 
the good at Tip. and Smith Hold¬ 
ings (Wbitworthl. 1! better at 9}p. 
Mining Supplies hardened a penny 
(o 6«p in front of to-morrow's 
first-half figures. Among Ship¬ 
builders. Yarrow reacted 5 to 265p. 

Foods remained on the down¬ 
ward path. Sidney C Banks fell 

4 to 72p, while losses of around 
10 were seen in Bluebird Confec¬ 
tionery. I44p. and British Sugar, 
440p. A. G. Barr finished 2 cheaper 
al 200p following the chairman’s 
statement. After the recent sharp 
decline. Retailing issues became 
steadier and closed little changed 
with the notable exception of 
William Morrison, which were 


further to a 1977-78 low of HOp 
following adverse comment hut 
Glaxo rebounded 8 to 562p and 
Beecham picked up 5- at 623 d. 
Elsewhere. Hawkins and Tlpscn 
rose 5} to 76lp. after 77p. on Die 
disclosure • that EJierman Lines 
had increased its stake in the 
company to just over 25 per cent. 
Dixor were marked up 4 to 42o 
following news that Thomas 
Borthwick had sold its 572 per 
cent, shareholding in Dixor to ,i 
group of investors for 28p per 
share.- The bid approach and 
possible terms of 48p per share 
litfed Hamiiborne 4 to 44p, after 
45p. Still drawing strength from 
the recent half-yearly figures. 
Centre way edged forward a 
penny more to 195p but reflect¬ 
ing continued unsettlement over 
the proposed Allegheney deal. 
Wiikson Match shed S to 17Sp 
Further consideration of last 
Friday's results and the directors' 
warning of -increased current- 
year competition prompted u fail 
of 6 to 5Sp, after 57p, in Harris 
Lebus. Profit-taking after the 
recent strength left Boosey and 
llawkes 5 easier at 200p and 
Norton and Wright 9 down at 
174p, while Whatman Reeve 
Angel shed 7 to 243p and Sale 
Tilney 13 to 212p. Comment on 
the interim preformance upset 
Longton Transport, which lost 3 
to 57p. 

Motor Distributors, which have 
undergone a substantial upward 
market re-rating recently, closed 
with widespread losses on selling 


prompted by concern about the 
current petrol delivery dispute. 
B5G International finished off 
at 37p despite reports that a large 
line of stock which had been 
overhanging the market bad been 
placed, while josses of around 3 
were seen in Heniys, llSp, and 
Heron, lOlp. T. C. Harrington fell 
10 to lOOp, while Adams and 
Gibbon, S0p, and Appleyard, 7Sp, 
lost 7 and 8 respectively. Falls 
of 4 were recorded in Caffyus- 
97p. and Charles Hurst, 79p, 
while Lex Service eased 2j to 
69Ip. Against the trend, Alexan¬ 
ders held steady at I7p. after 
17ip, sentiment being helped by 
the substantial recovery in profits 
and capital proposals. Elsewhere, 
Kwik-FJt hardened 2 to 51p for 
a two-day gain of 51. British Ley- 
land, a firm market of late on the 
chairman’s plans for the com¬ 
pany's survival, moved erratically 
between 24p and 29p before 
closing without alteration at 26p. 

With the exception of Wilson 
Bros, which hardened 2 to 441 p 
on renewed buying interest. News¬ 
papers and Publishers succumbed 
to the dull trend. North Sea oil 
slocks lost further ground. Thom¬ 
son easing 7 to fi02p, Dally Man 
“ .A - retreating 6 to 302 d and 
Associated 2 to 14Sp. Among 
Paper/Printings, losses of S and 
9 respectively were seen in 
McCorquodale, 230p, and Jefferson 
Smurfit, 175p. 

With underlying sentiment 
helped to a certain extent by a 
broker's favourable circular, lead¬ 
ing Properties held steady to 
firm, hut secondary issues en¬ 
countered further sporadic sell¬ 
ing. Among the more noteworthy 
falls. Church bury dipped S to 
257p and Imry 7 to 293p. Property 
Holdings reacted 5 to 315p and 
losses of 4 were seen in Chester¬ 
field. 291 p. Bradford. 220p, and 
Rush and Tompkins, 105p. Clarke 
Me bo Us. down 7 at Sap, encoun¬ 
tered profit-taking following the 
recent good rise abead of and 
after news that Guinness Mahon 
had sold its 20.3 per cent stake 
in CN to Bremar Holdings. Smal¬ 
ler-priced issues to give ground 
included Dares Estates. 1! cheaper 
at 141 p. In contrast. Lend Lease 
hardened a penny to 191p on the 
increased interim dividend and 
prefits. 

Interest in leading Oils was at 
a low ebb and both British 
Petroleum and Shell closed with¬ 
out alteration at 760p and 4S4p 
respectively. Ultramar eased a 
few pence to 222p. while in the 
more speculative issues. Lasmo 
came on offer at 170p. down 4, 
with the Options falling 10 to 
353p. Against the trend. Gas and 
Oil Acreage firmed 2 to 95o in 
response to favourable Press 
comment 

Overseas Traders provided duff 
spots in Steel Bros_ S easier at 
354p. and Harrisons and Crosfield, 
25 cheaper at 325p. 

Small public selling and lack of 
interest from the institutions took 
its toll of Investment Trusts which 
closed with fairly substantial 


losses throughout the list Capital 
issues once again paved the way. 
Dnalvest fell 12 to 186p. While 
Altifund, ISSp, and Derby Trust, 
I44p, lost 7 and S respectively. 
SPLIT eased 2 to 52p, while losses 
of 3 were seen in New Throg¬ 
morton, SOp. and Triplevest, 130p. 
Family Investment declined 7 to 
72p. but small buying in a thin 
market raised Camellia Invest¬ 
ments 11 to 2Q8p. Electro Invest¬ 
ment Trust 6 per cent. Debenture 
was raised 161 points to £85 on 
the repayment proposal. In 
Financials, M- and €. Holdings 
hardened 4 to llOp. 

Shippings drifted gently lower. 
Lofs were fractionally cheaper at 
3ofp, while P and O Deferred, 
104p. and Furness Withy, 317p, 
shed 3 apiece. 

Textiles contributed two firm 
features' in Setters International, 
31 up at 21 £p. and Tomktasons, 
4 higher at 62p, both following 
Press comment. . - 

Awaiting to-day's preliminary 
figures, imps edged forward, i to 
75ip. 

Teas - had contrasting move¬ 
ments in Assam Do oars. 10 better 
at IS5.p and Mdeod Russel;. .5 
cheaper at 225p. 

Pan continental weak 

The only section of mining 
markets to show any notable' 
movements was Australians. 
Uraniums were featured by the 
weakness of Pan continentals, 
which closed 50 lower on balance 
at 775p, after touching 750p at 
one point, while EZ Industries 
gave up 5 at 160p, Pekn-WaHsend. 
which co-partners EZ in the 
Ranger project and the latest 
uranium find, eased 2 to 438p, 
after initially moving up to 448p. 

The base-metal producer' arm 
Holdings fell 2 to 132p. On the. 
other hand Comaleo advanced 10 
to 225p in response to the 
increased dividend and sharply 
higher profit-. The. firmness of 
Western Mining in overnight 
Sydney and Melbourne -markets, 
prompted a 2 rise in the shares 
here to S7p. 

Business in South African Golds 
was minimal as reflected by the 
Gold Mines index which was 
unchanged at 15L6. Prices eased 
a shade in the early trade' but 
later recovered in line with the 
bullion price, to close showing 
minor movements either way. The 
bullion price was finally 75 cents 
better at SLro.625 per ounce. : 

Among heavyweight Golds West 
Drlefontein hardened i at £171. 
but Val Reefs gave up a similar- 
amount to £11;. The marginal 
issues showed East Rand Pro¬ 
prietary 12 down at ’. 368p, 
Grootvlei 4 off at 126p and 
Marfevale 5 cheaper at 83p." . 

South African Financials moved 
similarly to Golds. A modest 
investment demand pushed 
De Beers 2 higher at 29Sp.. 

Coppers were untested, with the 
exception of RCM, which put on ,5 
to 65p. Elsewhere. Sabina dropped 
4 to 33 p following scattered Irish 
selling. 


FINANCIAL TIMES STOCK INDICES 


Fob. 


Government Sacs.—. 

Fixed Intaed..— 

ImfusErisJ Ordinary - 

Gold Hines..- 

OAKt. Yield_| 

Earning! Y*ldSfla 0 K“)! 
V/B tUtio (net) 
Dexllnga -marked 
Equity tornom 
Kquitjy tergwin* W- 


Feb. 

3 


-Feb. 

Feb. 

Jan, 

4«l 

ij«r 

2 

1 


-» 

ago 


74JIS 
78.02| 
MBLl 
151.6 
5 A3 
17.76 
7J7 
8,411 


34.88 

78.73 

-4SR7 

151.6 


7s.ea 
79. la 

4&0.5! 

165.71 


6fi.7a 
6&A3 


5.B4 

531 

6.71 

[ 6 - 7 3 

.17.78 

17.71 

17 ju 

L 17.45 

737 

a.ob 

' &14| 

5.12 

■ 6,361 

•fr.123 

5.015 

' 6.538 

67.12 

65 .as 

68.581 

72.72 

12350 

IS.OSdf 1338ll 

12,817 



10 a.m. 455.4. ll am 457.1'. Noon 4»4- l pjn. 4S7A. 

2 p.tfi. 4STA 3 »lOL 45SA r 

Latnt index 03r2« sags. 

’ • Based on 5! per cem. conwraiion HW- - ■■ - 

Basis 100 Govt. Sees. t3ri0/28. Fixed lud. M2S. lfld. OlP. l.T-TS. Gold.. 
Mines ZS/fl.’dS. SE Acnrhy Jnly-Dec. IMS.- - - - - - . 


HIGHS AND LOWS 


SiE. ACTIVITY: 


Govt. Sea... 
Fntedlat.... 
bid. onL.... 

Gald Minas. 


1971/73' ■' Bluce.Compilation 


Htgb 1 . Euw 


79.sa 
(30 19, 


81.27 
(9/1/18) 
64S.2 
I14/9j 
174.6 
ilS/10) 


B0.4q_ 

(4/1)" 

60.49 
(4/1) - 
597.6 
02 / 1 ) 
gs;i 
( 1 / 2 ) 


Btgh [ lav 


127.4 
(8/I/3& 

150.4 


49.18 

l3/I/7b) 

5Q&5 


(2B; 11/47)1. (Ml (76) 


&4b.& 

(I4/3i 

442.3 (. 43,6 

(22(5176)1(38; 10/71) 


1.2s 49.4 - 

3/77) (aSKAd) 
3.3 


Wo. 

• 6..- 


—Dully . 

GiI6-Hdfiod_. 

lndmtrln 

6-dKy Av't&jW 

Gllt-Bdged.. 

induamala., 

■S: 


.( . 


2SS.fr 

204.8 

58.6 

146.9 r 


224.fr. 
199 JO 
42 J9 
137/9 


Feb. 

. • s: 


ma.- v 

309.7 

:.4w- 

I44JB^ 


214.8- 

aoii, 

4fli6*'’ 

137.4 


J 


-.-j, ; f; 


t- t: 


OPTIONS TRADED 


DEALING DATES 
Krst Last Last For 

- Deal- Deal- Declare- Settle- 
ings ings tion ment 

Feb. 7 Feb. 20 May ll May 23 
Feb. 21 Mar. 6 May 25 Jnn. 7 
Mar. 7 Mar. 20 Jam H Jan. 21 
For rate indications see .end of 
Share Information Service 

. Stocks favoured for the. call 
.included CharterhaU, • -Shell. 
Transport, Wearra, Pacific 

Copper, Duple International, 
Consolidated Gold Fields, Flteh_ 
Lovell, Town and City, London- 
Brick, Grand Central Investment, 
Mills and Allen, House of Fraser, 
English Property. Cour tail Ids, 
Lloyds Bank, British Land. 
Royco, Woodhouse and Rlxson, 
and San Alliance. Puts were 
dealt in Beecham, Glaxo, Trafal¬ 
gar House, Diploma Investments. 


Pilkington Bro&,- De Ttte Hotels, 
Reed .Internationai,.:.; Wilkinsoa 
Match. ThomSbrr : Organ&atisa 
and Time Products^ while doubles 
were arraxigfed - in- Glaxo, BP, 
Beecham, Lonrho,. Adda Inter¬ 
national, Reed ;'I nternati o nal. 
London Briek, SL pirSm and UDT. 


FALES 


and. 


Bdtbli-'Fmda. i. 
CmviK, ' vDmi. 

F^dgii -Bonds . 

untearfab. 

Min** - 

KacaOL tsatei'_ 


Up Down Saan 

73'- • .'-1 


•:X-- 42 .-.73- 

OS. OB . 747 

47 .; a«r 
. 1 

- ,3. . • 1 ;• a 

ja ■' 2* w 

" J.-, M: . 2fc 


Totals' 




2ZZiaWU5Q 


VJjj 
. <?-' 


FT-Actuaries 
indices ^ 


Technical factors led ;‘io the 
publication last Saturday- of 
incorrect price Indices- and yields 
for Friday, February % in all the 
fixed interest groups with the 
exception of the figures for 
irredeemables. ... 

The corrected yields are shown 
in to-day's display. The correct 
price indices are:— Under five 
years 108.14, 5-15 years 120.29, 
Over 15 years 127.55 and AH 
Stocks 118.04. 


.» e 

>• 


- ... -v. -■: • 

• NEWHKGH8AND 
LOWS FOR 1977/7S 

attained new MlgtB end Lows for 1977-73; * 

NEW HIGHS (6) 


-j;-' 


H>.mUbom« - 


INDUSTRIALS (2) 

• l ’ ,cterll ^ixtwis m . IV- 

S*kcrs lntemat>. TomkJnsons - 

•“tuuens <11 .... . ^ ^ 


Grand Central 

NEW LOWS (6) 


' BRITISH FUNDS <T> 
Treas. 10 »jpc ‘ 99 • _ 

AMERICANS <2> • 
Quaker Oats US. Sted 

BUILDINGS Cl) 

STORES (T) 

RMtnn 
'.Reed liwerflatt 


oi 


*• 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 

AUSTRALIA, NEW ZEALAND, INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE. HONG KONG, JAPAN and 
SOUTH KOREA 


Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered: 
the system of bank and credit control; banking legislation, interest 
rates: near banking activity and institutions: merchant banking; 
investment banking: official and semi-official institutions; export 
finance; the money markets, the capital markets; and a summary 
of all short, medium and long-term sources of. funds. 

Limp bound, 340 A4 size pages. ISBN O 90*2998 17 X 
Price in the U.K. $52.00 outside the U.K. 


Your order to: 

THE BANKER RESEARCH UNIT 
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LONDON EC4P 4BY 

Registered in England No. 227590. 


FINANCIAL TIMES 


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Telex: Editorial 886541/2. 883897 Advertisements: 885033 Telegrams: Plnantlrao, London PS4 

Telephone: 01-248 swo 

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Liverpool and Manchester. Tel: 248 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amstirnhuii-C, 
Telex 13171 Tel: 24Q 555 
Birmingham: George Kuie.iv George Road. 

Teles 338630 Tel: 021454 0S22 
Bonn; Presshuus 11/104 Dcussaiiee 2-10. 

Telex 8869542 Tel: 210039 
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Tel: 938510 

Dublin: S FiUuilHarv Square. 

Teles 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 724*4 Tel: 03I-22G 4720 
Frankfurt: Jm Sachsenlager 13. 

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Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Ategria 58-1D. Lisbon 2. 

Telex 12533 Tel: 363 80S 
Madrid: Esprondceda 32. Madrid 3. 

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ACTIVE STOCKS 

No. 


Denomina- 

of 

Closing 

Chan?c 

1D77-7S 

1077-75 

Stock 

tion 

marks price (p) 

on day 

bisb 

low 

BATs Uefd. 

23p 

11 

227 

— 

200 

202 

1C1 . 

II 

11 

342 

+ 3 

446 

323 

BP . 

£1 

10 

700 

— 

800 

760 

Reed Inil. 

£1 

10 

id; 

- 7 

233 

no 

BSG Inti. 

10l> 

S 

37 

- li 

43 

172 

Brit. Leyland . 

oOp 

S 

2« 

— 

28 

17 

Grand Met. 

jflp 

s 

83 

— 

109 

62 

P & O Derd. 

£1 

. 8 

104 

- 3 

175 

107 

Shell Transport... 

2op 

8 

4S4 

— 

035 

454 

Brown (J.) . 

£1 

7 

2S3 

- 1 

2S4 

98 

Burmah Oil . 

£1 

7 

53 

— 

S3 

41 

GEC . 

-5p 

7 

232 

4 I 

284 

163 

Midland Bank ... 

II 

7 

33S 

_ 

390 

239 

Commercial Union 

25p 

6 

138 

_ 

170 

102 

GUS A . 

25p 

6 

274 

— 

347 

176 


RECENT ISSUES 


EQUITIES 


l»uv 
Knit 
!■ - 


7 = 3 , 

u m 

Jf S'+ " r 

-" = si is xi 

5 2 4 --, OH*’* 

• 1 £ i'f-i * 

Hi^li . Lmw 


£2_Ll 

27;!■ Wj o5 Ii.y.l. 

. .. 56ii'-«a 1 

7 5.29l 2.7 B.8- 6.1 


FIXED INTEREST STOCKS 


, L = i 19 m:S ; 

'=” Hl3lil Imi.V ■ 




lll'l 'III 
— F.K. 

- ■ F.K. 
£99 :t50 
moo y. p. 
S100 F.P. 
£100 £bO 
£100 F.K. 
£1001 - 
£100 1 F.P. 
ft£99 F.P. 
xioa: ! F.K. 

- ; F.P. 

- ! F.K. 
£993* F.P. 
£99U £19 

- F.P. 


20'2 | ^pni'AutouialAt oet->. E> l'nr. Cum. Kref.. 

24/2 ' 10$i|> 1'JlM.ilaiJpvs "f 1‘.irksiilre 10^ C um. Pivi.. 

21:2 J IM)- W|i'« totfewmy Ll% Cum. Ktvr.. 

1 3'S Ml-' &ll4timupt*u Ko*. 10ft 1985. 

— Me»« S»c U-'liuvStA IW4.-. 

— ! S96t« Du. 9* Uab. 1992.. 

84/31 SI .tivunin^ton k I'lidwre 11,"% SS-37_ 

— 1 997/s; Uu. Da. Variable ’82 . 

— I 1003* 9912 Lee-la Variable 1982..... 

I W0>s Lciisster Variable 1962.... 

: loti? tool- Mid Kent Water 1% ISS3. .. 

‘.r»V£98i« KowBtiee loll- lOife lfl8«. 

(S>97 : SD6 illicit Inti. Fin. X/V, 8i% Guar. Xute* 19M, 

lu6p j S9 'b ri4L r Furniture IOjg Cum. I’tef.. 

vi - loo: 


1 3/3 
I - 


;27/i 


28.4 

24:2 


lOO ; 100|‘„ ITiiiksmIo 1 trintile 1985., 

1050 S : D.,. 10* lted "34-S. 

lto|i. Il4|i U'hiteliuu'w (li.) lit curn. Prei. 


.'35pm —1 
10*5^ + 12 
.109 !+l 
S9M —U 
. 596 Isl _ 

„896i 4 ; — 
51 -is 

ioojb! — 

. 100141+14 
.10014:4 4 
. 101 1 „... 
£9914'— 1* 
..S97 ' ..... 
•104 i 
! 9976 —14 
: 6 -A, 

. 104p-W 


**RiGHTS” 

OFFERS 


H talot [ 

liau; z 2 ] Ueiiuiir. | I9|7;8 

l'ri«!. S3 : 1/alr --- 

l>*. i < *. 1 9 B ' H'ub ' l 

- —— |----.-'-—;— 


^1+- 

i k: i 


95 

SO 

32 

180 

190 


F.K. ’ 
F.P. I 
F.K. 
nil 
. F.P 

13le 1 F.K. ! 
62 j F.K. | 
10 F.K. 
21 I ull I 
330 ml ! 
SA1.7S 


31/1* 
6,1 
23:i; 
24:2i 
13. ll 
Z4,ll 
6/1! 
1 / 2 ' 


24/2 

10/5; 

27/2' 

10/3: 

10 / 2 ' 

6j2' 

10 / 2 , 


ml 17:2i 


- I 
3/31 


122 

79 

51 

S2I- 
Eiu' 1 
15 

63l- 

41 

7pm 


117 ^riln^lun Mutui. 

j Ki :CcU«'i'mi... 

in jlJimtr Un*.. 

63 Cumin. Bauk Auttinlis.. 

3X' Kllar fml ixar rial... 

JobnMiu 4 Bane 


[Kennlut! 
IL.K.I-. Ic 


lli/ti.-r. 


G3pni] 


Internal ii-nal.. 

b;fim lUuiL-liesier Garages. 

Upin'Midlawl Bank.... 

43pm XaMeuai Bank ot Australasia.. 


116 |-1 
69 !...... 

44 

45 Ua 

220 ;. 

12ia . 

79 [—2 

39ia!+12 

611ml—ia 

llfin/]- 

48pm! 


84 

17ls 

56 

32 

70 

10 

16S 


1 nit : 10i2i 10/31 10pm' 2pm 
F.P. 23:12: 18/1 Ai'al » ; 
F.K. 3.«; 3/31 84 ! 71 j 
F.P. ; 18/1 3/3! « 


. F.»\ 16/12- 27/11 60 
F.P.: 19/11 16/21 16 


Xeill Uae.l.. 

llYwin W. ti..... 

Pmrty (AJfrvt).. 

Ilf.C.F. 

Ilieewrl UMfinay.. 

isturln '(•»>.!.. 


F.P.’12/12/ 18/lJ 29i j 2S7 {Ltd. SrtwUrt-.v.... 


• 2pm'—1 

! 82 Ul 

I 37 1—2 

08 | . 

14 . 

.1 ZB8 ...... 


Rc mini: la non dale usual Is lust duy for deabug tree 01 stamp sntjr. 0 Figures 
oased on prosoecnis esumate. p Assumed dividend aud yield, u Forecast dindend- 
eover bas^d 00 previous year's earnifltf*. r Dividend and yield twEed on prospectus 
or other official esilmaies for 197S, 11 Cross, r Figures assumed, r Cover allows 
far conversion uf shares not now ranking for dividend or racking only for resin aw) 
dividend!,. : Pldciag nriw to public- ft Pence unless ottierwise Indkaied. ’.i issued 
b» lender. / Offered to hokk-rs oi Ordinary shares as a nchrs" *" Rictus 
0> way Ol capitalisation, n Minimum tender price. 45 fteinmhluced. 4 : Issued 
in connection with reorsamsauon merger or take-over. KM Introduction, n issued 
to former Preference holders. ■ Allotment fetters for Diliy-paidi. • Provtsiom) 
or Banly-paid allouuent fetters. * With warrant*. 


FT—ACTUARIES SHARE INDICES 


These indices are the joist compilation of the Financial T1mes, the Institute of^ Adnaries; 

and the Faculty of Actuaries ..... ‘ 


EQUITY GROUPS 


GROUPS & SUB-SECTIONS 


Figures in parentheses show number ol 
stocks per section 


49 


51 


59 


B1 


70 


CAPITAL GOODS£Z78J_ 

8nlMlngH»lpfi»liiB)).. 


Index 

No. 


Contracting, Construction C8B). 

Electricals (15). 


Engineering Contractors (131, 

Mechanical Engineering <7Z)__ 

Metals and Metal Forming 07)_■ 

CONSUMER GOODS 

(DURABLEM53)- 


LL Electronics, Radio TV (15) 

Household Goods (12)- 


Motors and Distributors (26)- 

CONSUMER GOODS 
(NON-DURARL&aTO__ 

Breweries (li) 


Wines and Spirits( 6 )., 


Entertainment, Catering (18) 

Food Manufacturing (22)- 

Food Retailing (16)- 


Newspapers, Publishing (13)-1 

Packaging and Paperil5)__ 

Stores (38)_ 


Textiles (25). 
Tobaccos (3). 


Toys and Games (6)., 


OTHER GROUPS (97). 

Chemicals (20) 


Pharmaceutical Products (7)__| 

Office Equipment (® 

Shipping (1(0 


Miscellaneous (54j. 


INDISTRIAL GROUP (496) - 


196.75 

17834 

316JZ0 

42619 


28333 

156.00 

16035 


182.42 

218.81 

16942 

11117 


18832 


209.69 

23833 

240.66 

18637 

18134 


318.81 

122.57 

174.61 

169.77 

22408 

96.99 

18239 


246.41 

24432 

124.08 

44436 

19L71 


195.40 


Oils (4). 


5»0 SHAKE INDEX.-.. 




Ion., Feb. 6, 1978 

Fri. • 
Feb 

. 3 - 

Tbur*. 

Feb. 

■■ 2 

m 


Day’s 

Change 

E*L 

Earnings 

Yield* 

(UaxJ 

Carp. 

team 

Gross 

Div. 

YieJd% 

(ACT 

at 

SaL 

P/E 

Ratio 

(Net.) 

Corp- 

Index 

Not 

Index 

Na 

Index 

No. 

Index 
-.No- ■ 

-0.7 

17M 

536 

7.92 

fE23 



E53I 

-10 

17.19 

5.92 

831 

18827 


■p*r- 

rtil 

-1 2 

1830 

4.01 

8.03 

32008 

IP/TTl 


325651 

— 

1530 

435 

- 922 

425.98 

43065 


mi 

-Oi 

20-71 

6-67 

6.61 

28536. 

28661 


28725 

-U 

18.93 

6.64 

752 

15767 

-158.92 


16034: 

-03 

1932 

8.49 

6.77 



vrt 


-0.9 

1835 

5.09 

.7.78 

183.99 

18550 

18730 

18529: 

-0.9 

1632 

3,79 

825 

22089 


22567 

22420 

-0.7 

18.65 

6.98 

733 

17138 

17178 

17269 

17236 

-0.7 

2235 

639 

6.61 

112.08 

m<x 


13237 

-03 

1&81 

6.09 

830 

M822 

19035 

19357 

19252 

-0.6 

2532 

632 

937 

218.98 

7)7 77 

23SM 

23238 - 

-03 

3735 

6.03 

8.74! 

238.98 

23833 

2403Z 

-23634 

-08 

1620 

732 

937 

24266 

24538 

2SL94 

24966’ 

-02 

2148 

5.73 

625 

18669 

187.42 

fu ,r_ t g 


-0.1 

1532 

529 

9.68 

IS53 1 

1 

T/ C-J 

t , yj. fl 

-12 

1034 

3.92 

1430 

EZ3: 



§T'.-f 

-17 

2133 

9.49 

6.68 

124.72 

§ 1 !'v. 1 

X, V j 

HiV'VtjO 

-03 

10.W 

433 

1428 

17349 

176.90 

7 ^ L a 

at/ it /M 

— . 

2037 

7.80 

635 

36920 

17029 

>/ tAji 


+13 

2437 

8.01 

532 

frTiTVB 

|>„t j M 


WsTpTf. 


2128 

633 

628 

97.76 

|rTr| 

TTfrJ; 


^5- J* B 

1735 

5.94 

' 722. 

18269 

Pi'! 

T'Ut 

irrai 

+03 

2032- 

6.79 

6 99 

24530 

245.91 

24938 

2405 

+0.7 

1126 

4.06 

1139" 

242.73 

24320 

24730!; 

24736 

-03 

2135 

438 

6.08 

23419. 

126.05 

12739 

126.42 ; 

-12 

22.17 

639 

534 

44968 

45238 

460.49 

45969 ? 

-0.9 

16.48 

639 

260 

19347 

19525 

FTTli 

19640- 


1733 

5.93 

833 

E53II 

IMJ 1 




FINANCIAL GROUP (IN)- 

Banks (0-- 


Discount Houses (RR_ 


Hire Purchase (5)- 


Insorance (UfeHlD). 

Insurance (Composite) (7), 

Insurance Brokers 00) 


Merchant Banks (14)_ 
Property 01). 


MjceUaneocsfr). 


Investment Troris (50). 

Mining Finance (4). 


Overseas Ttiadeia (19)-— 


89 AIL-SHARE INDEX (875— 


215 JO 


15938 

17933 

198.81 

157.02 


135/M 

123.77 

30120 

77.44 


23433 


104.45 


18131 
87JO 
26639 


199J5 


-03 


-0.4 
-03 
rU 
—L* 
-13 
t03 
-0A 

+flJ 

+OJ 






vSk*. 

.WSB.%. 

VVS?', 




imSi, 




v/m.'v. 




[ 




:9m 




-03 

-03 

-UL 


-0/4 


26.48 


im 


1423 


2.96 

2439 


3.42 

17.90 

18.04 


533 

5.82 

8J1 

4.99 

6J2 

6-50 

455 

6J7 

292 

.755 


558 

6.72 

,732 


■5.71 


536 


1253 


1027 


6216 

5.73 


2935 

7JJ3 


16047 

UR07 

40140 

15947 

13791 

12443 

30248 

77.9* 

23441. 

10436 


18297 

8744- 

ti»931 


195.86- 


,16347 

35033 

28X77. 

159.89 

237J7 


325.82 

38209 

7905 


10533 


18569 

6639 

23168 


2ST« 


26436 

3K3K 

mir 

26245 

24039 

I29LW 

3D&42 

*830 

mss 

2*933 


187.41 

. 96.02 
mM- 


“204.49 


16356 

iBZJD] 

28539 

359X8-1 

13X86: 

12&9SI 

38X53 

r0841 

MS 9 

18 X 731 


186.89 

1W 

270* 


[ 28X94. j a 



vtss:-' 

tutyf I 


aojg; 





FIXED INTEREST PRICE INDICES 


British Government 

n 

M 

Day's 

change 

% 

.! 

xdadli 

Today- 

Tadadh 

'' 1897'' 
to date t 

1 

Under 5 years __ 

10731 

-039 


. L22- 1 

2 

5-15 years. 

338.92 

-U5 

—. 


3 

Over 15 years .■■■■■_ 


~U0 

032 


4 

Irredeemables_ 

E 

-118' 



5 



-0M-- 

029 



FIXED M TBBBff -A 

TTIHLbS 

Bt.Gov! tar. Grom ReIt; 


Low, . . 5years.A-~ 

Coupang.- 

■ ® wa L j- h ,^ 


Medina- ; 5 yeara_^^...l 
Coupons :. 15 yean. 




Ooapias.-- 


Jrrq A tj np i il M ag ■ 


Mon. ' 

-Feb;*; 


TM 




“1M7. 


’-1046' 

. H43 

ms 


1030. 

HJO-4 


P39.-\ 



wmv 






l i i Ti 


Monday Fab: 6 


lodes ' Yield 


Monday 

Jan. 

■ 39.. 


Friday. 
Jan. . 
.87 ; 




i& 120-yr. Red. Deb. & Loans (15)1 


ie iinvesunent Trust Prefs. (15)1 


17 'Com I. and Intil. Prefs. (20)1 


! W.i3 | '57.13 j 57.03 : 


-77^6 j : 7750- j 7R.03 I 


rpr ? .,--. 




T ftcdernpHon yfeW. Highs and Inn record, bare, dates-_aad- Values. 1 -and cnMIiMont 
nwes. A sew Ifst of the nasUneats Is arailiblo from tho, ; PuWfabora:. tbc PbuchO. Jlawc, -C ***?*^"■ ' 

Street. Laadwi. ECU, price 13p. by past Z2p. ; ; ^7: ’• '-.r.'/l'l-V:: '!r‘ 




--is 

































































































































































„VJ 





UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


^ CMhma . _ 

'■• 4- ■?*«>■ gaatfopteR q^ tehtey; cartmore Fund Man; 

"N. - M5f-0J 13 =.».M«VA«.KWAIIBP. 

JN SSMlEKSv-* 

^SQ 32 0«^ -all 2.98 ^ wwnwUtyShnw 

**07 r V.Affled'-Sriiwt Cwm^fij to.: - *'. ■'{'■ ii!h' Britidi tifa oiflee Ltdy High Income'S? 1 

l5j _ nantaKH 8»; Hutton. B^nSobd; SraMt 7 - R^MeH^Tnj&rldjteWeUA. m Ottttzz;j 

*,? .. MVTs^^Sr*. 


AibnthhM Securities iC.T.i Limited 


~SM 3U gartmorc ¥ falfg) Perpetual Unit Trust Mnjnni.V W J^S^smSI?SJ: 

-941 L3I -^.StaiyA-w.ELBAMP. . «;58335ai •«Hart «H.HmlfTi.nThanes OWI2W8R Tfl ,, h» 0 ,»m 

».y-0J| 0.90 r"pe«ual«.pGlh ...|J77 402J ... | 3.95 11 Si-r.i iIimIiti” Jjif Ki-ii 7 

&fr& In Piccadilly Unit T. Mgrs. Ltd.f (artbi ■ 


l7fii ^j~AlR^igt 'i- 

.V^SWfSs'l* 

S? &BtaiBZz 

< Hauten>A«e,FA« 

r;i-^'aa2BK=:J 

-btanBnt Funds' ■ 

International_t 

sagsaSEa 


^bBSsESET 22 -STS- &ttSi£ 

r.i S2 55®®-*=*° ■ •**-** IS Kr: g? 

'• : S- •>«Ppow F«VJ. ya xt u ttriim day rri>. a Gibbs (Antony) Unit Tat. Mrs. Ltd. .^junhc F«*j"i ■■■ 60 9 
! as.Rlomfleid SL. ECSM7XL. oi-Ma-Ull 356 -^“ “l 

.yia”! £ffy"y g *£»•■¥*-+ *™2*'-K£ «a-ui *« 5SSS5;fwL-:.B.i 

- m Whitts; Foundnn Cl, EC2. OT-flUBSSn 'siACi.GnwthTt—B5.2 37.B .... J 4.70 

'.■ 'sSr BSCnftiJJuiM—^OM'' .f-aiui .... i 4 m , *<A.« p teEMt*_ , .B4 ail i-LUj ft» Practical Invest. C 
-4A5 - «fi Dwli^fi TTuw, ttwed. 4J uri 


C.T.i Limited First Viking Commodity Trusts King Sc Shaxson Mgrs. 

> l>53t72177 s.sj.irforKcfM, Pouglaj. loj* 1 Charing i>wk. Jq. Hdier. Jersey. 

126 O' . I 344 0524*682 Lrln Agin Dunhjr St Co. Lift. _ _ I Thomas Street. Donttlaa._ls 
h'l. :. At Pall-Mall. Dmrlun Stt I75JH. 01-9307857 Ci It Food iJcrscyi rtl> 16 iff.! 

1140) .f 3 SI F-u Vih fmTrf. ..WIS 42 bctT.| 200 ClhTVurtil....|116 40 U9 

H Km Vk.Ptfl.Op.Tsi |B7 0 ttl 0 70 luU. Govt Sees. TkL 


65.4 -Ob 
609 -01 

24.4 .. . 

234 . 


20. Fenehurch Sl. ECS 
IxnnvM Luv. F | 
■tuernscy Inc . . ._[57 
Do. Accra.. ....—..[70. 
KK Far East Kd...._ 
KBlntLFnnd_ 


mm 


■?*’, ;SSp4»^iL 


;&hUvW«h.« 
MJtefe.cu'bW... 
. BeawwyBWiLH--i- 
to|3teLMin.fcCdw.v 
.|OvawEBdq£ 
• iKwwAS^c.wT. 



Andewm Vnft Tz&st MaUagew lid^^g ^jg oa — 

158Fondmrchi*.JJCSM«AA >«amn. 

AndaraonUX—i-1fl62 ., 49.^.. T .t 4J7 ■ 


Gorett (John)¥ 

IS V7.I-owkmWalI,E.Ci. 0l-5« 

S'Wrir.Fcb.l-[1192 U6.ll .._..[ 

”5 Da.AMum.UnU-.fM32 1M.B.J 

| ^ Next ttealtofi day Feb. 17. 

3.70 Grfeveson Management Co. Ltd. 
S OOCrntwaSt^ECSPZDS. 01-001 

5.W ^Kgtn. Ffh.1. -..0914 2026nl_ 

572 'Accum.DnUn_™ ZOT.7 ■ aCT 

5 ja &tgn HY FM. 1;_1711 • lK.i_ 

lAccwn-UBltl]_M32 2024) ...... 

j m EautMV.Jbx.3t_155.0 162S 


7>AV Jan.31..[ 5U51M29 |-0 7« — Do. Accura.. 

G.T. Management Ud. Ldn. Agte. SmST SSh 111 — 

Perk Hat?- 10 Fimbuiy Circus. London EC1 KR Japan Fund..... 
Tc) 01-828 8121. TLX; B88100 l F4. 

Manrtnacnt Ipt«ntatltaal Ltd _ n.Qft£S7D3nL~' 

- B — “ 

Anchoring Fd_[yTSJTa IQ 

G.T. Bcxunda Ltd. 


1$. UnKTSiL^fagrs. Ltd. ¥ jSgSSafc; 

'.• H c#dffigbSt-ptmeaBaxSaia.' -. P. Bar31 m ‘Irncbstr.KebA 

'..f'* iCtt.CcgOliLi^JDiLL^ X34I 42 449 • Accum. UnlU>- 


449 ‘Actum. Unix*)..— 

449 ^*nma.Fcb.l-.i 

7.T7 tAeeum.Lnlta>_ 

7.97 CnanlhiK Cmml 


?S Etfraiwuiw. ins • &1 rt_0 5[ 865 ae,eci,on f una ^ Fleming Japan Fond RA nr^toU..-.. 

s 3 SS 2 &J 1 %sssi^Sf^r,- fxxrrt’tzsn . ««>£•*. 

-031 WJ Pr| 4 -,ieFbnri .. 3S7 3230-01 422 .\w a'.*w value hvbmarv 2 . Free World Fnnd Lid. m.Fenebiuch-V.. 

to- Ud - ^SSLteid." gg-; b di : fl °J SSI took of America International S.A. BoUcrflold Bids-. Hamilton. Bermuda. ^SUSS^ F 

Ol-wa-im yortijt M .. .231 244 . 300 35 Brwliaard irmjl Iji^rnbouri; Ul». NAVJan.3l..I 6US1M19 (-076i — Do. Acema......... 

“1J| 060 American t’uml..... 22.0 234 . 3.10 Wldjbwwi luvne tS»2 U726I ... I 676 nT mnwtaMm t»a s •»„ A «s. JSS. F S'S a / d . 

.... J 470 mn- .il Jan 2« \utl null itaj- Fell 1 M O M gemeat L*n. u™. AJJI*. KBlnU-Kond—. 

+UH 0J0 Practical Invest. C'O. Ltd.¥ (vKc) Rnk. of Jj»dn 4 . c j- ril ,',i|il Perk Hj*. 10 FinJbuty Circus. London EC2. RR Japan Fund... 

MKM.KWMW1.I9U «»■«. *-*T ™ "'■MIISI.fUtlMl® . 

IYaetlrp!Ket,.l„. I136A 344# . ...J 4J8 I^^SorFunH Ktxsm ' , 01 ^ SU «a»*(™wt Il»t«n«l«old Ud. _ g giSg lnSb '~ 

01-5085020 Aceum.UnlK. ._. [1901 - -I «8 AlexanderFun^JSl.^ ^1 [ _ Mfe *“ ■* “ ^ 

— | IS Pwincial Life Inv. C«. Ltd.¥ Banqae Bruxelles Lambert Anchor lux. Fd..~:^rs37a *n% -If 2.01 

i'""* 222.RlnhopAEOle.ECr 01-2470533 n Rue Cic U RoccnCc B 1000 Rruwk G.T. Benzmda Ltd. . _ , rljv. ,„ 

_ ' PnrilficUnlLi,-[70 0 75 01 -0 6] 3.69 Rnla FundLF 11.949 70091 -41 9 33 Bk. of Bermuda, Front SL. Hamlin. Pipda. P.O.B«tlflS.St Hi 

LW. High Income-P0L8 109.3-1.3 7.97 waw rannw-._. (1.949 2.0091 -<| 933 bhijPmF. - 53796 .[ Lloyds TBt rr«MXs 

01-0004433 «_ j, m _ uvm v B" 61 ** 6 Unicorn Int (Ch. Is.) Ltd. G.T *Ftt.-1. SCS6J8 | —1 0.79 Next de; 

_ 448 **™*it- Portfolio Mngrs. Ltd-¥ (aWbWcl l.cbarlnsCrcss.m.Holier.Jrsy. 053)73741 GT Met. fAsiai Ltd. 

4AB llolbornBars,EClN2NII O1-406KSS omumI ncome..1500 SEMI ..TTlDia m ha R M e Sk»e Llpyds Intenil 

—. 7.B Prudential-[USD U2* -L0| 4J9 UmitoUarTmiit jll-MB iffl . | «o- gt I^Tf 7M J^L99 7 Rue dn Rhone. I 

= | «»“*» c- u» ^CTJ^SSSKiii »taG=HBWl =i “ assist ass! 

12 ThesttBxehnnw.EKKiriP. 01-8KM177 U ’g.T. Management (Jersey) Lid. ^ 

'!.... 266 §JJSdMxlSDmr"IS5!7 n'«i3 ~53 ;■ Unicorn Aufl E*l.[ 3S 6 '**" 416d I UsS R®9«1 Tst, Hsc- Coloraberie,SL Heller. Jrrver M & G Group 

. ?-« U9J*-6.61 7-W no. ABB. Mm5! lO “il 250 G.T. Asia Sterling- [00.69 1L251.| 1B7 Three Cuff*. Time 

. L* 0 Reliance Unit Mgrs. Lt(L¥ S^f Si 5jfl _„ — Bank M Bermuda iGaen«y> UA 

■K w-.._ aukmkm. Do.l*id Income 39.6 42.S .... 820 ai.an Ij. Pnllor finmw fi.3Sl.3ffiMS 


First SIerlinc_11611 U-Uj.i - 

Flrdlntl..-. IS177J9 177.90|-[ _ 

Rielnwort Benson Limited 


BcblesLnger International Mngt. Ltd. 

7; .. 41. Ia Volte bi,<t Holier, JerscT. 05M7358R, 

S-' 11 - P 50 «001.. | 9.06 

JtSS SADI- ... SC82 0 87 + 031 4 60 

.I 1100 XllhFd_ Mi 24a] -ojj 3127 

. lull Fd.Jcc.ey.. . 94 0 9?M-2pl 371 

. — Ir.uiLFd.LimbrK . 5946 9.9b|-e.05( 


1,003 

’8 611 

14 _ 75. 
4US9« 
ST SI 047 
5I'S25.63 
510.71 
SUS451 
130 1931 


Schroder Life Group 

KntorprjM,- Hvum.-, KorLimoulh. 
Inirrushmal KHniLj 


^cmucFeh.'. *KB act ns Ikmaonpaying agents Oflly. ia».Ch«odde.Eci 

ixeiiea Lambert AnchnrlnLFa....|.Srq3" —1 Lloyds Bk. (Ci) l//T Mgr*. tiaSS’cteJnSlT.| 

IcScnCcB 10W Ebiisseb Rt'of Bmnuda, Fh»t St-Hamltn. Bnxda. PO.Bo* 1». St Heller, Jaroy. 053427581 r^“" n ^ n F d ° b -® ' Sl 

[1,949 2.0091 -4| 833 b«7tPmF._! 7™ 53796 .f l-» LloydsTtt.CTa!U_|472! 49.6).J 3.03 J^TdJuiS 

11 corn InL (Ch. I&) Ltd. G.T 4 fh _|. 5CS6J8 j- i 0.79 Next dealiuE date Feb. 15. 


- 1 j % tss!szr. 

Ala St'0 |,ll >. 

7 ■7; iFiiiit Imcrivl 
(i iu i’oi SFixcil (nrcrc«T. 
006 Ig EManaced. 

..... 062 sMaqafjrt_ 


L9i J- Henry Schroder Wagg & Co. Ltd. 

y- la.Cheaxwlde.E.i.i 01 5884000 



— 7.03 Prudential_[USD 122.0f -UH 

7D3 

—.. 2.73 Quitter Management Co. Ltd.V 

“■■■’ TheSHtExehnnEe.ECZVHIP. 01-801 

- 2U QuBdrantf>«i. Fd..IIOLO 10431-851 

. Jag Quadrant Income.,.|ll57 1193*-6.6] 


G.T. Asia F._i 

G.T. Bond Fund ..—I 


fK726 733] „.J 

SUS12Q3 j.J 


G.T. Management (Jersey) Lid. 


9 > Lloyds International MgnmC S-A. po b^'x* ibumitm 5. 

100 7 Rue du Rhone, P.O. Bos 17ft 1211 Genera 11 iioiuuiedFUnd _Jsrsi 91 

530 UoyxUInLGrowth.[5Fm5l 92M —J 170 ^ P 

Lloyds InL Income. [5FX3I JM 630 Sinner fir Fried land p 


Sentry Assurance International Ltd.. 

' P.O. Bm 328. llmnllxon 5, Bermuda 

all llonagedFUnd — [STSBC 10» MI .J — 

J_70 

630 Singer fi- Friedlander Ldn. Agents 

20. Cannon Su bX'A 01-^489848 


. Canel tj wnei f ynn*° ™ f Royal Exrtiamw. EC3P3DV. O) 8288011 

. Co. Ltd. . F.BiOUBroedSCBOTIlBQ' - 01-3680010 •®C*«I , *mr»n*U 1 -Tim.-(BZ3> 84 91-09} 433 

014B3837& Capital.--,8*3.1 am Henderson Admiul6iration(a«j) 

U*. wJ X 37 yj- Ad»ia. Rayimetx Road.. 


% A^b^TWt.MgmtCo. LM. . 

*:;iNnW08t,K3VTM.. — OldMitfflt r ^. 

ArfMrflmot Seenrit^esXtd. (age) - ' • 

« ~fi 37.QiHWWi ST London EC4H1BY - 012365281 LarUOl Umt Fd^MgES.^ 

• Vi S«trwteW»eftk...«A> ICT* -La am? IgRwrttaroae^w wu a s tk Mp 

• Si HX yilne Jtaid^-PCT-'. ,4£i*-LH 937. r * Hi ^ 1 Eg 1 , . 

W JK"™*!- 57.0* -2il 137 Do. Arcum.liniU-lSS'V • 

ZT.Tm ._J 2241 Do.Actum.U&B-HftS.. 


»a«Feh-.i 5 

‘rLtd.P (aHc) SpGrowilne 

uadyur anas t^DGrowthAre. 

S3T--J 9.77 “ 


r*—i™-' ^.1 ^ Reliance Unit Mgrs. LttL¥ F?. r -, pBC,,,r -- Si SW-■ r- 

Guar dian Royal Ex. Unit Mgrs. Ltd. HellanreHsr..TunhridRe\Vcll*.Kx. 080222271 .«« soaS 3" 

R»r»I Exrhuiw.EOPlhS. 01-82888x1 (Inportunlry Fd... 150 3 62 fl | 549 Do. Manx Mutual 1 Z25 243| I 2J 

f SBK-Sr/JS Uv IS *™°™*t* Commodity Ser. Ltd. 

iss^isissrss ud. stwaw .w? 


2 50 isisiw^^ioroooir.iH.Hcurr.dnwi ns oc v uroup Fiekafi^nda TDU26&& '•Ollll I 

350 G.T. Asia Sterling- [00.69 IL25[ | LB7 Three Quay?. Totter Hill BOR BBQ. 01826 4580 TokyoT sl Febj“| Si. SM.M " "...| 


—■ Bank of Bermuda iGuRwey) Li d. ___ 

8+5 31-33. Lc PolloL Goenucr. 0481-30208 
3-70 Berry Pac StrlE .. taiO O 210.O* . ( 

280 Anchor GUI ti&e. .Eo35 1089-0.111 

Anchor In JsyTst... |H 1 23.7*-1 


Capital KxnU- ^_f 


A«S.SS2?ZZ^I ’ =• S3 --l J S.n « Bench St .ETSP2LX 

"WllOjji ,-fO% W’drwLUtSS.4 . &5j “ sSy .. Mew FUb.~i.SntdeaUnx Feb. 0. ibUWiiahTraat 

lOmtnn ■ l FQ!relmaFa.^---!Ag|j) •■ ••• 40* - H§--".. . .:."'.‘ v .. • ;r. -.'T- 1*1 latlTrust, 

rotba" .Chiirfteia-Tni*tM«m*gerftI^¥(a)<g !g;S“S??SU 

^Archwx? tJnit Ttt.Blgi.LW.f teXc> SSaaggy ~°3 JS 
7 ep d WO17.Hl*hH0lb 0 ni.WCJVTNL; 018316223. l£££?iSSSS v£jS».J JsM S3 4.S ' ““ .“7™ 

tk.Si AxetnmyPUnd-T77J .. Oi41 ....1- 5.99 _ It i. ' .. Intel.f (aMg) 


Giants Fund__ 

(AcnxuLUnlcO— 
Growth Fund_^.^, 
lAccucx. Unitxi _ 




L 5-S. CharterhOH*© Japbetfl 
t " "LPw»ibo«erB«w r »0*...: 
r; : IS CJ.Interaut 1 ?^ 
-O.^ 5JX ArowUBlta^.^-.. Ba ■■ 

: j5 /.a 


“■■■ I IK ICFinnnirrU 

- a« ucnmiBiwM 

-_..l *-05 Also | # _ 

lUlnxernatlonol 
■jpNih American 
N A Grou Feb- S. 

rrs wafca 

•-• SSBbbu 


10S.( .. 
25.2n -0 
773 .. 
72.6 -0. 


31 is EtSSS®; aj^ II geyftssiiftfr >» “tss, 1 A * 

-0.1 226 NC. lntt Fd. Hue 1721 767 -0.3 2.14 Ex-stock Split Sfl .1 sS 103. Hope St. GUfi*ow, Cl Q-i 

- H? N»- lull. Fd.iAM.1721 76.7-02 214 Britannia Tst Mnzmt (Cl) Ltd. Do Growth .154 6 sail ’ 5J= -HopeSt Fd.| SUS2731 |. 

“ 256 ^-SmlU-^Fdlma 1505) -2o| 4.4J JSmbSL.S, ^73.14 H*"*™ -Murray.Fund. J WSM1 1 

411 Rothschild & Lowndes Mgrnt. la) GrowthInxext . 1307 33M 440 2110. Connauubt Centre. Hong lion* * 

l-S fW-Swnihliw lane, ldn. EfA 014E384358 tutat W _ 59 9 6483 "... 100 Far EMtJajL2S. —1947 99B.. J — c , 

8-* Mfwn Exempt. K117 0 124 01 . | 3.72 ••• 150 Ja P« npund -l* l,s5 “ 6171+0.aH - Neglt S_A. 

Price on J.n .6. Next deullnu Feb*. IS. SS#KtlSS« ... u” " l"oo H*«bn» (Guernsey) LtdJ ‘^■S5»w"ui 

Rowan l«nit Trust MngL Led. Value Feb*3. Next draliDjt F\>b. 13. Hombro Fond Mgrs. eCLI Ltd. • A ' r “- 3 - 1 5LSM - D7 I 

CUy-Gate Hk FmnhurySq.,EC2 ui8n610fl8 Butterfield Management Co. Ltd. V.'. Box 85,Guernsey 0481-28521 Negit Ltd. ■ 

3M ,SS - Ptt B«. 105 HamlUnn. Bennoda. SimPSli - --“l Bank of Bermuda Bldgs. Hamihcm 

^ ass&ar.?g? y %l := -is . j ?S? !EkS&—$& Wrr[ Ig 3uv*n».„j 032 1.. 

5™ uo 714» -2b I29 Wcn al Ja " a N «> ™ b - dl reb. b. JSUJiSS-ftrj: hum l§3 :: :J Sio Old Court Fnnd Mngrs. Lid. 

(Accum. Umu>. ...DO 87 2| -i 1| 3X9 Capatal International S-A. Prices oa Feb, . Next deaha* Feb. a p O 38.SL Julians Ct. Guernsey. I 

83X Royal TsL Can. Fd. Mgrs. Ltd. J? roe Nntro-D»ne Luxembours. Henderson Baring Fond Mgrs. Ltd. EqJJJag^i-1«3_ 511).. 

54. Jennyn Strcei, SWl HI «28 B252 ^* p,la n ‘‘ Kund 1 51 I 4 — P a Box N4723. Nassau. Bahamas IStLFdJw ifl" - " KM " 

7243 Capital Kd-(64 j 67 jn r 3Jtt Charterhouse Japhrt Japan Fd ,-M33 j M351 1 - o &Tc£!Fd. Jan ii " MftO 149| : 

. _ Income Fd.|67.3 71 0( .| &00 J. Pal era oner Raw D.'j 01.=482fiUS Pncea on Jan 2S. Next deaUn* date Feb. 8. 


1468 . 
76 7 -o.: 
76.7 -o: 
150 5 -21 


' Ser. Ud .\nchorInJsy.T5l 

082+23011 Gartmore Invest. Ltd. Ldn. Agte. _ , „ _ _ . 

9 I ... I - 2. St. Mary Au?. Loudon. EC3 01-283 3531 Samuel Montagn Ldn. Agts. 

— Gortmon- Fluid HagL /Far Efvtl LXdL 114.Old Brood St. E CS. I 

. J mmt i m. lau3 Hutchison Hse. 10 Harcmirt Sd. HJ&mk Apollo Fd. Feb 1 -.[5PC51I 4940] 

anri--£100. HKi Pbc. L'.TsL. .[IHK2J6 2W . .. I 3 0V Japfa«Jta.31_sm99 9W 

I. Japan Fd.. &.-SU565 ...,) — 1 lfCrp. Jan.26 STSMM UW 

N .\mcnean Tsl . Hl : .49J0 99H.f — 117 Jersey Jan. 25. E4S3 4 95] 

i.nyman U. jnM. Bond Fund ,|SIS10S1 U«J] .] — mjnyO's'sJanlB .[£9.47 997[ 

1 ’ ^fi UlHH’f luvrytunil Mn|f. f ||f 

UW I 089 TO Box32.Dou£hLijoM. okm ami Kuny, Jofanstooe (Inv. Adi 

’ .” 1 Inleraalioaal Ine...El 3 2271 .| 1140 r— n. 


0077 217298 PO B«l 410. Bank Use, Manchslr OBI 2388521 l’ANKHO** Jan .1 j £1031 I — 

+ nj| i u XldpafloMlilt FT.[HI D 87.18.. ( 289 COIINT-; Jon 3 | U381 I — 

-03 314 , Ridsefield Income.[940 101G] | 9.07 Oripinalli issued ai ■SHI and "tl 00. 

2 S Rothschild Asset Management igj Bridge Management Lid. 

—0.3 261 72-80, ((alehouse Rd .M lesbury 1)2983011 M Bt>< 503 Grand Cayman. Cayman U. 

-02 365 N.ir. Equity Fluid 11510 160 01-1.IS 3 24 JS'S*** 1 * F,!h 1 „ I \T3 B57 1 . .. .1 — 

-03 a.19 N-r Eno'.ltch TsLN2 ■ 98 71-0.71 2 90 gJ*-a Box MO. Hone Koos 


B „__ 515 Lubot Extra Inc -...(529 5571 -0.4J B.90 

3.75 *Ftor taw exempt funds only 

— JS Hill Samuel Unit TsL Mgrs.t la) 

ZZi S.n 45BeeehSt,ET2P2LX . 01-8288011 

1321/ +0.41 5.43 
342* -Oil 3 34 
693 -o!q 2.22 

29i*-o3 4 71 


nil4 Hambjro Pacific Fund MgmL Ltd. 

aan 2110. Connaught Centre. Hoe* Kobe 

100 FarEMtJanJ25._[9.47 9W .. | — 

ISO Japan Fund. _ — .|S(.'S5S8 6I7|+0.3i| — 


-Oil 471 5S3S, M fiES l ‘“‘Kl “fl ■—J SumwaficeUIw - Soo i«l 'J 749 

zg| 52 iinfiKb' «.:Qn 71«3 -2tj 329 _^* c ” * Jan 9 *«> ™ b - “w Feb. 8. 

-oJI 521 xAcciun.Unit*>. .. I&30 873-3U 3-29 Capital International S_4. 

-ojj 831 Royal TsL Can. Fd. Mgrs. Ltd. 37 «• W»lhm. Luxembourg. 

54. Jennyn Street. SWL 01 «B B263 ,n ‘ - Kund 1 51 S 13 - 21 I .-I — 

01.247-1243 Capital Fd_164) 67 71.| 386 Charterhouse Jspfaet 

I 6.70 ,ncMne Fd.|67.3 7101 I E OO J. Paternoster Raw. D.'4 01-2482SB9 

lU .. Save & Prosper Group Adiropn- |mcmlb nnj . | 5 66 

(Mg) .... 7Adi verbs .— IdJMSOO H5d-0.!0 535 


Hambro Fund Mgrs. IC.L) Ltd. ^ r '■ 

PM. Box86.Guernsey 0481-20621 NeKit Ltd. ' 

C.I.Fund...11368 MS7*-1 3 90 -- 


"Hope SL Fd.| SUSZJXL \ | - 

’Murray Fund__ SUS9.01 J .....J — 

•NAV Job. 3L 

Neglt SA. 

10a Boulevard Roi-al, Iaixembourc 
NAV Feb. 3_| 51-510.07 |+0.05| — 


Sl tuT-ArobwmyFund —_(77J v . 824 ....1 5.99 •- - - . iniei.T ’"Kg' 

*94. - Prkxsj wt Fob. X Naw tub. day Feb.15. C«Tifederath>D FtmdjJBgt-LM-f (a) 15. Christopher Struct, ECi 


-^Barclays Cnicdrn. Ltd. (ahg)f(c) Gw^rSd 
A \TT\ UnleoroKaaBRumiqcdWLET-- Ol-fiMn&H- . . 

^TFR|\kP° 6LO~ m 3 -oiJ - Its Coanopohi.01 

* L.I\|JjD 0- a 0 ^ a ptT*L'^— 1022. -3M9-X2 62) 

J Do.&ar»Yn6ome ./ ns - ts3-ss r» Crescent t 

. Do. Flnmcixl_Vj- 502 1 60* -0.4.555 4WvUU.cn 

i.Do-500--i—. 673 723-07 *10. 1*2™*®* 

. Do.GeuaralJ-2U - 3LM-0J! A41 y**?*,^ 

T- w Do. Growth Ace. .-. 57.4 - 40* -02 W m2?« 

di . . .Do. Income Tut,— 765 .023* -0J 635 £”-5 ^-^ 

’-DaPriA-m.TSt.t3Sj-.fS5S|—_4.43-em.msww 

Prtrn ■ 5 ^Prices Ot Jan. 3LNent anb. tar*. 28. „ ._ u _ 

- J Do. Recovery._3U - 41JJ-0ji A77 DbCtCUm 

- ‘ MAJa -ai -5^' 22 BLonabiid 

[Do. Wldvrtde Triiat C3J - . 47Jbd -0.2 2s0. (STtofcSSi 

BTdnJdJnr-—.. 5R2 »“?*?“»- 

.... BMH1,-,5Eo|-«^ S.W » „ w,..: 


1494 
81S -0J 
66.0 . . 
90 6 -OJ 


SOOumMxyLBiMVWCSATHB'-. .01-2480382 Dn«LIuv.Fuiid._.|m> 9U* . | 6.70 ‘ /V ' 

GowbFtad__^.^: ; . 4 4J6 Ke, Fund Managers Ltd. laMgl ** ve *„ P TP* r ?' 

400)4'. . . y.- - r-.-x 2a uiitb evwrtv . nijm-wm A breal Be. Jlelunb. Lo 

-250. Cosmopolitan Fond Managers. ^ m “J^®csvbje. as-73 Queen sc.. Edinh 

COpthaH Ave. LondduECZRIltX - 0289222 Key Equity* Gen.” ^28 b4 sj - oi| 512 Deal lugs to. 01 5S4 888 

<5 CogmopohLOIkFfc IPA- ';. MtR! HL3j 5.03 

j|j Crescent Ooit Tit (aUg) 

CT• Kleinwort Benson Unit Managers¥ L'niv'-iwUi “. i.Bts 

«T7 ..Cp«. Iclaman.—S3 .-Vt +5^ OSO 20. Fen church SL.E.CA 01-8238000 Increasing income Fund 

CTM-ffiih. Wat —. ^ 2-g KB. Unit Fd. Inc. -.U3.4 90J] ... | 4 63 Mith-VieW.1515 

-4.4J- Crn*.BaamW-^.-lWA;»^.-dUal*-ft3J 4 68 oBLB. UnhFd.Ac._.p521 110* ... | — J niBb Income Fuadfi 

^ BtecrethramT UnlLBi^ M*«wgera L * C Unit Trust Management Ltd.¥ KMjy 1 ""-” IS2 
•5J5 ' w miMwrt.ia g> »rw iir ' -,.l -• 01-8384483 Th* Stock Eehanjfb, EC2N 1HP 01-688 2800 “ 

#'ltoto£gs ^*([.=3 Sf tsisiiw»y my ^ ..«» 


a — Surimcst (Jersey! Ltd. is) 

43 61 I*.0. Box 98. Sl Heller. Jersey. OQGSn 
•3 61 American Ind.TS ..K6 70 b.84|—0 QZ| J.46 

CopporTruu_]£9.K 10 03 -0 01 - 

Jap. Index Tst.(£8.62 880|+OJJ5 — 

01-5886484 Suiinvest Trust Managers Ltd. lx) 

. ^ Atb0 > S>»7vrt. Duagbs. j.e.M. MC4 20014 

.. 21S The Sill er Tni.it 97 1 99 9 -0.4 . 

. n K Richmond Bond97. 187 3 197 3 -2.3 1016 

.1 Do. Evergreen... .234 5 246S *Z6 820 

. 1 Do.Platinum Rd.. 106 2 UL8|e:9 — 

Do. Gold Dd . . 98 3 100.9-2 4 — 


oanaoii Murray. Johnstone (lav. Adviser) 

ll[ 5™ 103. Hope St. Glasgow, CS. _041-2215521 TSB L'nlt Trust 31anagers (C.M Ltd. 


Boil at •.■lie Rd .St. Sai lour. Jersey. 053473494 
JerseyF-iind ...|03 3 45 6*.. I 4 21 

Guernsey Fund —|fl3 3 45.6* ... | 421 

Prices on Feb. 1. .Next suh. day Feb. 7. 

Tokyo Pacific Holdings VV. 

Inti mix Management Co. X.V.. Curacao. 

NAV per share Jan. 30. SUS4C 13. 


ad*- -2X5,„ ,'455 - ••-) i™ Bank of Bermuda Bldgs, Hamilion. Bmda. Tok>o Pacific Hldgs. (SeaboardI N.V. 

.96].| 2 09 |nt Equilv ras yra.f 050 NAV Jan. 27-[ £3 82 | .| — Inlinris Managument Co N'.V-(."uracao 1 

■51 J 4 * Int Saving-A'.l".'SUSU6 lo3 I 8 50 , _ . ., , NAV per share Jon. 30. SU530.7L 


“SPfiSlSK—K \\ 


Henderson Baring Fund Mgrs. Ltd. piJ^Jm^i- 

P a Box N4723. Nassau. Bahamas JUff Si %™ ji— ' 


048126331 Tyndall Group 

1 2.65 P.O. Box 1250 Hamilton 5, Bermuda. 2-2780 

6-59 Overseas Feb 2 Bl'SO99 164* .. I 600 

— tAecnm. Uaiui- BTSL51 16W | — 


Save & Prosper Group 

4. Great St. .Helen*. London EC3F 3KP 
1 am 08-73 Queen St. Edinburgh EH2 4NX 
Deallngx to. 01 5S4 8889 or 011-228 7361 
6 50 Save & Prosper Securities Ltd.¥ 

.{-S laxmallmal Fund* 

6H Capital... B19 3431 -0 31 3 80 

■" IlTu.122 D 230-0^ 406 

roQ Unlv Growth . ..gfiS 60 7| -02] 219 


n HC3P 4KP Fondak„ - D»m50 332fl-a.ini 

1 Etti 4.NX Fondls.mjCOa SIM-O.iof 

■ (01-228 7361 Fjuperor Fund . . BvaSl 2 73 -0 1W 

rlties LtdV HLtponn. rp.«n to7S-0l4 

T Corn hill Ins. iGoenise>) Ltd. 

34 31 -Oil 3 80 P-O B<MC 1A * St Peter Port. Gucrniti' 
23 6)-o5l 406 Jnml.Mnn Fd.. 1163 0 177 51 .... f 

,60 7[-oj 4 219 Delta Group 

PD Box 3012. Moreau, Bahamas 

564{ -0.41 671; Deltalm Jan.31 15120 L2b| .| 

Deotschcr Investment-Trust 
45lUn9 u ft«st£arh26B5B|ebercaxte6-106W10Franl 

•BBI U “H ininnn ti an I 


322 3-Way InL Jan. lS»L'"|s.Ti2«o 
, . * New St_ St Heller, Jer«ry 


5 66 Klll-Samuel It Co. (Gaerns e yl Ltd. Old Court Commodity Fd. Mgrs. Ud. TOFSLFeb 2. 

?n? 0 LeFebvre SU Frier Port Guernsey. CJ P O. Bax S&Si.Julian'sCt,Gue«iaej-048120741 [Accm. Shorn. 

6U Guernsey Tst.. - . .11422 152U *0.* 358 OC.Com^TA-...^ m7|.j L75 

7„ Hill Samael Overseas Fund S-A. -Prices on ion731. Next dealing Feb 14. JmeyFund Feb 
37 Rue Notre-Dame Luxemboare TFnre on Jan. 33. Next dealing date Feb. 7. 

f*™ :7BJ - DKI “ Phoenix International 

- International Pacific Inv. MngL LltL „ ^ - *. Pelpr 

TV* Box R237, 5ft Pm St. Sydoey. AuA Jeter Dollar Fund.. ISU5221 23H . . .1 — 

Javelin Equity Tst. IS186 2 02J-1 — 

- JJE.T. Managers (Jersey) Ltd. Property Growth Overseas Ltd. 

niniwiu n.-xuii T-a He jrrwtiRu «44t 38 Irish Town, Gibraltar. iGibiSlOS 


053137331/3 

I...I 6.00 


JJE.T. Managers (Jersey) Ltd. JToperty Growth oversea 

PO Box 194. Royal Ta. H*e^ Jcney0534 27441 38 Irish Town. Gibraltar. 
j*rwi Primi t« 11028 1141U_l.inl _ L J> Dollar Fund I SUS8827 


Owrrieu FtmdMzl 


■••■ ■ 1 • ..-■ ~ K. F. wpiiMmster FWWMngL Ltd. Lawson Secs. Ltd. ¥<aMe) Europe_ _[736 

"-Baring Brothers fc Co. IidL¥ (aMx> 0UJMay.«a.- - . -: ■ 0V8082I87 83Georgest_EdinbaixhEH22JG.<ni.s2flaeii -K2 

- - JBftXoadehhallSL&Ca. ' ' 01-3883830 £»^ Wnctoat * r -S?-?T ■ -- IS *Raw. Materials..-.B4J 3801 -0^ 729 U !> -.. 1657 

Stratton nr n' ^i im' GtWiacfa-«r Obampl.-- : 2VJ* —J 528 JWAccnm Onhai.... S72 41A -03 729 Sseior Fuad* 

-ntd'-""] 4« ' 1 - -•.- .- ■-■n. -GrowthFund_536 58J -L0 327 lommodity-M6 

- * g? S3 k KBa*£2 Ji 

Biahopsgate Progrewive BigniL Co.¥ ^Sg.Bt-lPt ■ nir — j sjb SSufciaj niX ZZ S K5ST Fn aui 

HteHS&SSSfflSSul' ■ W-'TS-wi.«»&==».. m -1% SiSSSS^ey 


414 -02 729 Sector Fond* 

583 -X.0 3-17 Commodity-WJ 

615 -1J 337 Enency.Koj 

374 . 1.92 FI nan rial Secs.|62( 

S-] ■— 927 BiKb-MUdmnm Fnnd* 

Sn ::Z 70.44 Sol^bumnat.gl! 


rAn Acc.X)tB**Jaa;aCaaM5 ~ 21l3'.:L.j Ztt'flBUignniia,HCZ '' 0MN28S1 DeaL *Mon. "Tue*. ItWod. tThur*. **FW. ScOtblt 

^mSa *3t ^Preo«mlro i __|6M* - j6^--ft« 450 Legal Sc General Tyndall Fnndv sc«wu 

___ n —' G, ' f - *. _ ^ 18.CanynceRood,BriaroL 027232241 

*V? jr v: 5 • ‘ ■ •- ;. Bpiity Sc low TJ*L.TiV'Jg3fcftK bMc) dujail u _B62 S9.4i. j *.92 

' r - J-,“^Bridge Pnad Manaj(av¥(ayc) ' AmarahamBtLHlgbM>etaiB»?' :tWH33377 (Aeeum.Unitti—.Kb „ 73.U.4 4.92 


w RIGUSt 


~r| 1044 Select Ini-ora*-.1504 53. 

*.'~Frt. Seotbits Securities Lt<L¥ 

lndV See* bits..1353 377i 

* B1 *®®* 1 Srouharo._[52.4 56. 

•j a» Scot Ex.CUT*_0085 218 

....4 i.-« Scot Ex. Yld. ■*_.... U7Q 2 17ft: 

* Prices at Jan. IS. Next sub. ■ 


"J3,9 » i! Pbstlarh35B5BloberKa**#6-100U0Frankfurt. Jersey Extxnl Tst_|10aD 116DI-WDI — 
•oil n "J* Coocentra. . _|DUZ05B ZLBM .1 - A* M Jon. 3L Next sub. day Feb. 21 

<3 0*-Oil 5 01 Inv Fdf JanUne nemin « & Co. Ltd. 

orrio 46th Floor. Connaught Centre Hong Kong 

2311 iSH ?«■ N ^Si« Bah ?^ 5 ' I JarmaeEaa.ru.... SHK2TL39J3 .— 3' 

826] +06| 156 AVJan.28. |iC£llfl 12Ml I — JardmeJ-pn Fd.*' SHK26749 1] 

684| -01| 3.13 EmflOU & Dudley TsLMgLJrsy-Ltd. JardineS.EA SUS1134 . 21 

UB nTJ ... P.a Box73.St. Holier. Jersey OS342OS01 jH3|5S5li£;H t . 31 

6941-OJI 4 bl mniPT ms* „« , Jaroine FlemlaLT. SHK2LW . — 

64 3 -o3 296 £°i- C J--- ••••p 7 ’ 125 5, . 1 “ NAV Jan. 14. Eqniinlent srsSBOft 

67.3] -oi] 2 93 F. St C. MgmL Ltd. Inv. Advisers Neat sub Jan. 31. 

nueri 4»&fi ce Pount,,<?y H * ,I BC « 0BA - Kemp-Gee Management Jersey LU 
?:2 Cent Fd Jon.25 _.[ SUS425 | .. | - 


?S- s'ui^V 13712 ' I J artline Esin.TsL... SHK21139ri 340 RT. lot'L Fd BUM 

1-S AVJan. 28 (SCS111S L.MJ ) — JardineJ-pn. Fd*' SHK26749 .1 11B RT.tafl.5w iFd U1 

3.13 Emflou & Dudley TsLMgLJrsyJLtd. JardineS.EA .... 5LS1154 .1 2 70 price* at'Jan. liNe 

... P.a Box73.St. Holier. Jersey OS3420SB1 -{HSlSS£?*£:. 

4 61 D-nir-r »ii> iic m i JOrdineFlemlntt 5HKS.95Q 

2.96 £ D f C J--- • IP 7 ’ 125 5, ■( “ NAV Jan 14 Egnjiiilisil STSSR 

293 F. & C. MgmL Ltd. Inv. Advisers Next aub. Jan. 31. 


(Ciisntuisg 

. p 4WR ,11 
TtKTUIS J 
RUBEIC ill" 


Cap. Itaet.. 
Cap.ActT— 
Kawropt-Ti- 


’ Bridge IntL IneJ-w..u 
ISA WdaataiLAg^J 
Prices Jan. Sl/Feb. 



■Prleea Jan. St/Feb. 3. Deidlag ^ 
Britannia Trust ManogeineidfaKg) 


-i . u ... (lncorporatinc Trident Trusts 
E3=85| Ifi 140.South^weeDorking. 


W - i nvr; .-3 London W«B Bb 
ri(5H naiBrA —mm : j 

79 CaprtalAeg. .-—•. r _ | 

■MEttiCAK53flnmma.tr* 


STonsiV EazuESt 

. 3 •_ FnrEaxt 

OL'STRUli'KIn.nH. 


!<L fa) ilSS2lSl n ^ot-tMsaoi S c^^in ger Trust 

M.SStaPit.a§ LtoydsBk. Unit Tst Mngrs. Lt<L¥ (a) ”2 

I) Friends’ ProvdL Cnft Tr.ifgn-¥ FirntB^md:)_w.6 5iuj -051 453 teww’Sta?”'"" w! 

■«“aS»S!B» Z Ss Si 31 s l^rZXZiz:: 8S 

4^ Do.Ottiim.h__-taA to* -ft 3.W inv.TSt.UniD -22.9 

433 w -. ~ - .. Thirdnnoomel™ 765 822 -0.7 652 Market-Leaders 26 7 

4AT -ri-rr' rim r< J. ’t ia m* — ■ DO.lACT«m.J-- 1026 lift) -0.9 632 'Nil Yield*26 1 

SMT .fi-T. -Untt. M an ag e rs my. •= -. . Fourth (Ex Int 1 — 565 6U7 -0.6 7.75 prof. AGUtTrimt. .23 9 

4J5 lft'Fli«3a€nyCtrcn*EC2M773D' .TOd2a8131 Do.lAccnm.)-[626 67j| -0j] 7.7S Properly Shares 255 

••• 82Ad lL..| 330 1 hnlic T.«* 11«M 9W Mntfrc UA Special Sit. TO-. . 25 J 


5SJ EDiCT..11179 125 « .[ - 

293 P. & C. MgmL Ltd. Inv. Advisers 

1-2.Laurence Pounlncy Hill. EC4R OBA 
inn 01-823 4880 

746 Cent. Fd Jmi 25 __[ 5US425 | | — 

Fidelity MgmL Sc Res. (Bdsui Ltd. 
... P.O. Box 870. Hamilum. Bermuda. 

715 Fidelity Am. Am .... SUS19 65 ... — 

irS Fidelity Int Fund . JUS1B.07 . _ 

It? FldeliryPac. Fd... Sl<S3&2S .... — 

J-98 Fidelity Wrid Fd_. 5US1207 . — 

9 77 FldeUly Stnr. Fds - . _ 

8- .Seriei4ilntnl , . 3.03 .... — 


.._ SLS1154 

M_ SUSlS.dOd 
itt SHS&95d 


Stertinf Fund—| 02*80 |.| - L r nited stales Tst. IntL .Adv. Co. 

Royal Trust (CI) Fd. Mgt. Ltd. 3 -*- Roe Aldringer. Luxembourg. 

P O. Box 1S4. Royal Tst. Hsc- Jersey. 053427441 I'-S.TB.Iav.Fri-l SMMt |-D53| 8.97 


JS9.Pt 94R. 300 

L BS| ,| 321 

Next dealing Feb. 15 


Save & Prosper International 


Schlesinger Trust Mngrs. Ltd. (a)te) |1 S£ B d'?£& ! 


Next aub. Jan. 31. Pealing to: 

_ _ _ _. __... 37 Broad St.. SL Helier. Jersey 

Kemp-Gee Management Jersey Ltd. n.n^a-- m.^i. 

I. Chnrinc Cross. SL Hvlier, Jersey. 0534 73741 Oir Fxd. InL __(950 9. 

Kemp-Gee Capital .[M 7 S73j .[ — Internal. Gr.t-MS 6. 

Kemp-Gee Income. [655 676] .| 7.98 Par Enrterc-:-[323 35. 

Keyselex MngL Jersey lid. s^S^^. c !!!?™:^72 A 

PO Box 0ft SL Helier. Jersey. rEaq 01-80670701 « *—■t. 

Fonselei__[FrJ-B6 1.4514 -39) 3J0 Channel Cap:Ui*r&7.9 2 

KejTwlexInfl_ ESTS 658 ... 4.78 ChannelIslandsft^pftS 146.1 

Keyselex Europe... 0.83 421 .. 3.92 Commodllj—t_p4S 120.1 

Japan Glh. Fund.... 3156 2212 .... — SL Fxd. InL*-—-_622.1 

Keyselex Japan ... L2.Z2 £8.97 .. .. 8.71 Prices on *Jan. 3L “Jan. 31 

CenL Aaseta Cap. _ 03051 ■*057| — tWeektr Dealings 


iNoa-J.Are. UD 
Gilt Fund Feb 2 
i Accura. Shores, 

Victory Boost. Douglas, Isle aI Man. HE4 S502S 
Managed Jan. 19 [127.2 134.0) | — 

Utd. In InL Mngmnt (CJ.l Ltd. 

14. Mulcasler StreeL Sl Helier, Jersey.' 
U.LBl Fund_| 3US1O0 | .i 325 

United Stales Tst. IntL Adv. Co. 

14. Rue Aldringer. Luxeniboury. 


Net asset Feb. X 

S. G. Warburg & Co. Ltd. 

30. Gresham StreeL Ed 
CnvJdFd FebJ_ | SU59.4B | . .. I — 

Eno-Uo. Feb 3 _ SUS15J4 -UJ(H — 

GrSLSFcLJan.31 { 5US6.47 . — 

MerJEUrJd. FebJ .(JT59.18 1DJQ _... — 


. . . 7.09 Warburg Invest. MngL Jrsy. Ltd 

7M -~' 3. Charing Cross. SL Helier. J*-.CT 053473741 

X6d :::. _ CMF^Feb. l__Hj5M m . - 

sepro-t_ :.Jpzh 13.53 - 2S.V‘^S lt ? 1 -ia-IH-SS JHa—■ ~ 

mot n. |. • ,1 ■ , ■ —. ..I g t . Metals TfeL Jan. IP.. 10X1 7 11.44 — 

3J0 cS^SS^^nlijTIpJ7.9 22JS -lfl[ 183 TMTlHl JanTia"""^^^ m. Z j 

4.78 Channel Wimds4-pft3 146.8* -l.T\ 5J» ^ L/a. Jan. 12 fl2L/9 . | 

i* :::::: »J7 World Wide Growth Management 

8.71 Prices on •Jon. ST—Jan. 3L —Jan. 5ft JOa. Boulevard Royal, Luxembourg. 

— «Weektr Dealings. Worldwide Glh Pd| SU832.B6 ] .[ — 


(0308186441 

I. I 2-22 


INSURANCE, PROPERTY, BONDS 


Lloyd's Life volt TsL Mngrs. Ltd $£“?£■ & J 

TMftCatelmttseRit.Ayiesbary- 02985941 U.K.Gnh. Dist. 
Equity Accum._p«J 148.71 —1 4J1 *N 

M & G Groapf (yMcM*) ‘ J. Heniy Sch 

Three Quays, lipwer HAL BC3R 0BQ. 01820 4588 120. 


24H —0.3] 

28R-01 


19 « 3)3 


•Next sub. Feb. a Pens. Sc tec trie .. .. 77.7 

J. Heniy Schroder Wagg & Co. Ud.V RSSSSgSf.:.:. 

120.Chcap6ide.EC2 01-340 34M Pens. Equltj-..1484 

.96H .J 254 W7«>prfd.fier 4 _ 119.6 



^ 30 Abbey Life Assurance Co. Ltd. 
3J2 1-3SL Paul-Churchyard. ECA 01-2 


4.91 Equity Fund_Q3.7 

4.6? BqnlWAcc___ 23.4 

0.01 Property Fd _ 138.7 

1150 Property Acc..._ 1445 

2^ Selective Fund... B25 
277 Convertible Fund.. 1279 

569 vMoney Fund-118.9 

5.69 Pena.lYDperiy — 162.0 
Pena Sctectrie .. .. 77.7 
.j u Pens Security-1JL7 


01-5681212 Three Qaan Tower HBl EE3S BBQ 01-835 4588 PO Box902. Edinburgh EHM5BU. 031-4530000 

flfcfW Bttfl »J:d= M-:[ = 


254 VMan.Fd.Ser 4... 12ft2 
7.00 VEqnlty FU Ser. 4 . 3L6 
7.00 VConv Fd. Ser. 4 ... 1095 
3A2 VMoney Fd. Ser. 4- 107.4 


Ltd. Eagle Star Inmxr/Mldland Asa. MAG Group* 

01-2480111 ], TbreadneedleSt, EC2. 01-5881212 Three Doan Tuner HOI BOR BBQ Sl-CX 4£ 

— Eaglc/ltid. Units_J47.7 49.$ -0.4J 6.19 Pero.I>ensitro***_120ft2 — - 

- - Equity & Law Life Ass. Soc. Ltd¥ cS^Sl-JZ uu m.1 ™::: - 

■ z AmenhamRoad. High Wycombe ««33377 -I2ft2 1S2A . - 

■ ::: = Bl SSSSSST-rrlil! a. = E 

••• “ ^}5*niSl5fmf'~K76 b i»Q 1,3 Z Interaami.Bond**. B3.4 87.7 - 

:.: “ m*3^™:.z:Jmi. ini)^5 = ]g] . ; 

.... — General Portfolio Life Ins. C. Ltd¥ £^3dra.Bd*~ 77.4 HL4 - 

• — 60 Bartholomew Ct. Waltham Cross. WX31971 Be<W«yFft Bd.*. U.4 g.7 ...... - 

Z Portlolio Fund-1 129.9 J .| — ASSSH 1 Sf. 84 " &! “ 

■ = saesrol.-ismtii 

— 2 Prince of Wales Rd. B'moutb. 0202 757555 Mercbant Investors Assurance? 


Scottish Widows' Group 


Fixed Interest F._ 
Gld. Deposii Fd. _ 
Mixed Fd— —. 


ou naruMMomew vi. wan nam vrosa. 

z Portlolio Fund-1 129.9 J .I — 

_ Portlolio Capital ....[415 43 7|.| — 

_ Gresham life Ass. Soc. lid 


lav. Ply, Scries 2™ (912 96* .—| — 

Inv. C*ah Feb. 3_H6.4 ISIS „...J — 

RxtJLTr Feb. L.__lU26 1385] J — 

Mgd.Fen.Fab.l_.tML3 2495| —. 

Solar Life Assurance Limited 
107 Qieapoide, EC2V6DU. 0)0080471 

Solar Managed S... 1X227 129 J] -ft* — 

Solar Propertj 
Solar EtatdtyS 
Solar Fxd. InL 
Solar CaafaS- 
Solar Managed P 
Solar Proper 


{jfaSMiVr-lSs v5H.1 “ 125. High Street, Croydon. 

Gl cStSS d "ta44 ia3""l — Conv.Dep.FVl-126.9 

ilz las 

Weir Bank, Bray-on-Thames, Berks. TcL34284 Prop. Pena.- 1588 

Flexible Finance...! 0,097 J +1Q — »">:£«“-- 1315 

Landbank Sera_I 5681 kOjg — Eqnitygm*. - 157.4 

Landbank Sea. Ace.0198 122.11+441 — ■ Mmv.^WPnns.-.. 136.7 

C. It S. Super Fd.. J £U66 JtfiN9| — Mon. MM. F oul— ■ 184.4 


3.42 Prices at Jao. 31 Valuations nonnally Tues. U Z Equity FundZ 958 

In J®**; *?* A i st ^ BCe Ca BtSap^z™: 

31.Old Burlington SL.W 1. 01-4375883 GJ.Ppty.Fund |95Ji 


VEquity Fd. Acc 
VFlxealiiLAcc 


I VGtdAtoneyFcLAc. 

VIntl.ManFd.Aan 
VProp.F(LAce... 

VM'ple In*. Acc. 

iri PervFtLAcc 
Fixed I.PetvAcc... 

GTcLMon J’tm .Ace, 

IntiJHnJ’nFdArc 

Prop.PeoAcr._.nui 

M'pla iDvJ’aAec. |1922 

.3 IS AMEV “fc Assurance Ud¥ {Hffi 

^ Alma Hse. Alma Rd„ Rcigate. RdgaIe4ai0L Equity 

amev Manaffed—1126.4 155.21 .| _ Property 

AMEVMgd. 

AMEV Money FCL 


0MMM7I 


SahrFUUitP. 
Solar Cash P 


gg=H = 

195* +0l[ — 


Sun Alliance Fnnd MflngnM. Ltd 
Sen Alliance Hooae, Bonham. 040354141 


— ExpFdJot JanJl 

— Im.Bn.Jaa.3l-_ 


tvll..|£15V4^^652|.j — 


Guardian Royal Exchange 

Rqyal Exchange, E.C5. 01-2837107 

Property Bonds—PA5.9 172« .| _ 

Hambro Life Assurance Limited ¥ 

7 Old Pork Lane, London. Wl 01-4800031 

Fixed InL Dep-[1235 130.0] ....] — 

Equity.._[1634 172II.I — 

Property..(1545 16271 ...._] — 


NEL FButai Ltd 
KUloa Cburt, Decking. Surrey. 

Nel«Eq.Qw.-»0J -84J 

Neka Bq. Acctua.. 10A2 Iflftl 

Nelex Money Can.. 627 65.' 

Nelex Uou. Acc. 65J 6BJ 

Nelex Gtfa Inc Aec- 475 SOJ 

Nelex Gib Inc Cap. 475 Sftl 

Next aub. day Feb. a 


»U 

t--d = 


Son Alliance Uabd Life Ins. Ltd 
Sun Alliance House, Henham 040084141 

RfmitvFund_Ran loari-tiri 

Interest Fd„ 


Property Fund 
Internatioeal Fd. 
Deposit Fund 
Managed Fnnd 


3 E' 


AMEV Money Fd. 

AMEV Mgd.Pen.1 
.VMEV MgdPsn 
Flexiplan...- 

Arrow life Assurance 

30 C*.bridge Road, W12 0174991 

Sel Mk Fd.CpUnt..|615 65.1J . [ - 

SflMk.Fd5t.lint_|97.7 1035] . ..| — 

Barclays Life Assnr. Co. Ltd 
25C Romford Rd,E 7. 01-53455 

Borcljyboodx-.[116.1 1223J ... - 

Equity-1053 110.<i -0.7 — 

GJlt-cdced-- U03 116J -18 — 

Property---978 1B3.0 . — 

Managed.. ._ 1028 1074 -OB - 

Money-97 2 1524 -HJ.l — 

Man.Peos.4ccmn.» 97.7 1029 . . — 

Do Initial_96.7 1811 .... — 

Gill EdgFeaaArc... 97.7 1029 . — 

Dn.Initial.— 96.5 10L6 . . .. — 

Money Pena. Acc... 97 4 1026 . — 

Do.initial- _|96J UL4[ — 

-Current unit value Feb. 7 
Beehive life Assor. Co. LULV 


NriSfflhiScS-Ki SI z Sun Life «f Canada (U.K.) Ltd 

NoriklVd.y FrtTiS. 2.3. A CocfcaporSL.SWlYSBH 01-9305400 

Maple U. Grib. I 109.7 [...J — 

New Court Property Fnnd Mngrs. Lid Maple LLUaogd._| laj -2.H — 


St. Strithins Lane, London, EC4. 01-82543 

N.CLPr.F. Doc.30._J134Ji 12241 .| — 

Nett sub. day March 3L 




Target Life Assurance Co. Ltd 

Target House. Gatehotue Rd.. Ayleobun-, 
Bucks. AylBsbmyKQseiSHl 


71. Lombard Sl, SCI 01823128a Kmev Series 

22 Blark Hone Bd... 12853 l.| — Fixed InL Ser. A 

222 Canada Life Assurance Co. p^mSlaSc 

2-8 High SL, PoUen Bar. Herts. PBor 51122 Paa.Ctd.Cap. 

2 ,? Grth. Fd Feh. 1 I 571 I .1 — PttS.Gtd.Acr 


m.9j:::::: z Sassa-sj—SR ^ ::::: - ' “ nSxhowM—* oisoomoo 

m * :z:. - oS55?i c .::::. pi ml :::::: - New c#uit property Fund Mngn. Ltd gH -ri - 

::::: = S£fflt=r:H5 .: = ■ 01 T^ SK ra = 

Pcn.F.LDruAcc._ 1455 153.0 .. .. _ 5towO« MarTOSL * T ,, gJf ,»*- r . 

Pen. Prop.Cap.— 196.9 zwj .... — Target Life Assurance Co. Ltd 

017499111 Pen.Frop. Acc.— 2500 2635 — NPI PenalOSiS management Ltd Turset House. Catchooae H«L. Ayla cbiuy . 

■|- St£SS.“Kt S» :■■■ 1- «««. •*>»• 

* ESSSlSia; SSI:-::. = "lBtefi c 

SgtlfSa—Sf ma ::. • : Norwich Uakm Insurance Group £^ : £f v c 

In'7 Z Pen.DAF.Cap.-.... 100 - - PO Box 4. Norwich NRl 3NG. 060322200 Fixed InL Fd. Inc. 

-18 — P ro D. AF Att.- _ 100 — — Managed Fund_[2025 212Ij -1.41 — Dep. Fd. Acc. lac. 

_ Hearts of Oak Benefit Society Bonn?Fund_313S noJ -23 — plan ac. Pm. 

-OB - EustonRoad.Loudon.NWI OJ-3875030 JS 7 

■ril-l “ Hearts ol Oak._ 1355 37 fl | - &^MsE}f d — JS8 VSA -1 ' 7 Z 

_ HIU Samuel Life Assur. Ltd¥ i:":' = 

. Z ^i^J^^f^^^^PhoentaAsfltumKieCftLtd GdiPanCap. 

1927 — 4-5. King william SL.EC4P4HR. 0lft26B87B Translnteniatieunl Life Ins. Ct>. Ltd- 

160.4 -05 — Wealth Asa._[1026 lOftll +0£t — 2 Btvnm Bldgo. EC41NV. 01-4058487 

\ ~ g* - *-*?-*^.-L, 7BA TrJ--ri— TulipInveeLFVL...P3Z.0 139.6]. ~ 

® 7 -SJ — Eh^-. Ph5ivE_(78.7 742) .. ..[ — TulipMansd. Fd_gSl 1115] . — 

Mio - Prop. Equity & Lite Ass. Co.¥ ^m3::.. Z 

• j|Jj -L2 — 119.CravfonlStreet.W1H2AS. Ol-4M0877 Man.Fen.Fd.Acc..[1178 323JJ ... — 

I«J 1584 ::::: z I _3 J Z Trident Life Assurance Co. Ltdf 

nu 1U1 z Do. Ft Stay. Bd. PldJ 154.0. I .... I — Renxlade House. Gloucester 04S238H1 


z 


. . J — CProparty Units 

.I — Property 

[ — Managed Units 

. 7 Managed Scries A 

j m Managed Scries C 

Money Uni lx 

01-823 1288 Money Series A 


ReLPbraCapJMn_ 

RWJ linM . in Acc. 

KeLFlanJian .Cap. 
Gilt Pen. Acc. 

Gilt Pen.Cap. 


Imperial life 

Imperial House, Guildford. 


9X5 Grth. Fd Feb. 1—| 571 | .| — ? w - G, 4 A , c ^ a , 

T " lU-tmi. Ked-Feb. 6 .. | 110.0 |-65| — Imperial life 

Cannon Assurance Ltd¥ Imperial House, Guildford. 732 

aisnst^^isr ? 1 = 

fidM- SSSKtWzrW 


umat.Kiu'inH. muoiwra - - "mu-" uu« — 

_11026 lflftll +0^1 — 2 Broam Bldgs. EC41NV. 01-40584 

j.-1 _ nS j.I — Tulip Invest Fd-...p320 139.6] . ~ 

t..—(78.7 742) .. ..( — Tulip Mimsd F<L._ngftZ UlM . — 

m. i in. a —. ei A ■ M a n . Bond Fd-1Q11.6 12451 .... — 

lty & Life ASS. LO.T Mon. Pen. PH. Cap. .EI« 11721. — 

1 Street.W1H2AS. 01-4800877 Man.Pen.Fd.Acc..[1178 32331... — 

itzl ^2 I _ 3 J Z Trident Life Assurance Co. Ltdf 

BA HJ 154.0 . | .... | — Renslade House. Gloucester 04523GB 


la P ro p er t y Growth Assnr. Co. Ltdf 
71255 Leon House, Croydon.CR91LU 01-8800008 


Property Units. 

Equity BoodJEi 
Prop Bond/Exec 
Bui. BtLIEsec/UniL 
Deposit Bond. 

Equity Ac cum. 

Property Aectun. 

Masd. Accura. 

2nd Equity- 
2nd Property 
2nd Managed. 

2nd De 
2nd Gil 

2nd Eq. PenavAec 
2nd Pro Pens/Ace, 

2nd Mgd. Penal 
533 2nd DeuPioiali ... 

5.33 2nd Gilt PiTUVArt 

653 LiESIF-06.0 3851 

Lt ESiF.2 „{255 27^ 

Current xaiue Feb. 3. 
z Capital Life Assuraaeef 


Property Fund_ 

Property Fund (At.. 
Afncultural Fund. 

— Auric. FundtA)- 

— Abbey NaL Fund... 


9LH -0.9 
103.7 . 
905 -02 
101J . 

98 4 . 
92.1 -0.6 
105 7 .. . 
99.8 -02 
UL4 . 


Flxeclnt Fd.-te.O 100.0] —J — AbbeyNaLFi_ 

Sec ure Cap. Fd. — KJ Hiojl.1 — Abbey Ncl Fd. (A) 

Equity Fund-195 0 lOOS] ] — Inverfment Fund.. 

Irish life Assurance Co. Ltd 

II. Finsbury Square, ET2. 0I-82882S3 SurSrFUDdf 

Blue Chip Feb.1—166.7 78^ .[ SJO Mon^FUnd.. 

Manocod Fund—12116 222B] .I — Money Fundi 

Prop Mod. Feb.l_[167.2 176.0) .... | — Actuarial Flo 

Prop.Mod.Gth_llBLl 190 5[.I — Gili-edgcdPo 

King & Shoxson Lid 

52.ComhiU.EC3. 01-8235433 JKuneiAnn 

Bond Fd. Eh^empt _ [11328 11471) ... | — »_ - — ■ 

n’fiP ^k^SSn, 13 - , AllVK 


Pfl, i±A lnveaunmiIFdL(A». 

Equity Fund_ 

■raw ° 

70^ .| 5.20 Money Fund 

222.8; .I — Money Fund lAl 

176.0).. .. | — Actuarial Fund. 

1«6[.| — GiluedEcdPnnd 

Gilt E%edFd.(A) 
♦Retire Anmdty 
1 .-hi 01 , ® a 5433 dimmed. Aunty 


Nett deaiuur dale Feb. ,15. V,i%ihprT, ST 

toLSraBd- m* 137801... ! - 

Laogham life Assurance Co. Ltd tcot.fuuuLZZ: 

LangbamHa.HoImbrookDr.NW4 012035211 Perw«M Fd. UU. 

Langhnm 'A' Plan-163 8 677J.I- 

♦Prop. Bond_ Q3M I«f. - 111 

W^piSPi Man Fd tK3 78^ .| - SSJ- 55“ SL-W 


_ Current value Feb. 3. Langhnm A'Plan_|638 67JI I — rS* , pS? i >St'i5 

H Capitai Ufe Awntrancef ■ w^^Ss'Fdte 9 I gS&fern? 

356 C ^* pcl080 l aa,su Legal & General (Unit Assur.l Ltd 

3» Pacemaker la v^i _ j 1*67 | zj - 


3» Pncemakerlnvj’U..] 1*67 | 1! 

til Chaztcrhoose Magna Gp-¥ Cosh fahJoL.. - ]9S1 Uff| 

6J9 1ft CbequeraSq.. Uxbridge L1B8 INE 52181 -KJ> 

M. z &®SK!i--BS !S| 

SffiMSSSid'M-i «[ -• z «s«nsniai-...iu« im| 

Chrtbae. 35.0 36J !. - B^S^ I L ,.^;t""~ Hna ntl 

Magna Bid. Soc-. 1246 - ?S n SS?i B1 “.Hu 117 3 

MagtaM^agrai 153 4 - i^S55tainaI . SS| 

770i City « Westminster Assur. Soc. Ltd’ Do Amun..95.7 lHLCj 

T7Q KinCKtMd Haune. ft Whilfifaone Road. Legal ft Grocra/_ IlnJi Pcnslynji 


Kiagcwoed House. Kingsuwod. Tod worth. 
Surrey KT20 6EL’. . _ Eunb.Heath 53456 


Surrey KT2C 
Oih fnitjaL- 


Bdgg. Soc. Pen. tIL 
BdK.50C.Ctp.UU. 


17L8 
1705 
692.0 
6072 

1M2 _... 

M9.1 
655 
65J 

1613 -05 — 

100.7 -D.8 — 

1367 
1361 
1093 

12SJ1 -05 

125 0 -05 

U».« 

1385 

1254^1*0 ...... 

-Ut*._ 1264 

Fd-_ 140.9 

SSfJJ Sli ::::: 

Cap. UL 135.0 

Fit _ IdU 

CxpDtx. 1305 

Pca-UL 177 2 

W.UU 1U.Z 


Trident Life Assurance Co. Ltdf 

Renslade House. Gloucester 04S238H1 

Managed._019.7 1268 .....J — 

CtftMKd.-147.9 1566] -2.71 — 

Property__— 1455 53* ._..] - 

Equity/Amerlcaa _ 

UJL Equity Fund— 


m = 


’iS ...! - 11 

City of Westminster Ass. Co. Ud Exempt Fixed init 973 

RlnUaeadHonw. ft Whitehorse Rand. Simtt , Mncft“ini£ 

Croydon.CR02JA. 01-8040884. 998 

West Prop. Fund_157 0 60.0]. — Exirapt Prau init.. 95 4 

Wradfezlw M - Legal & Geners 

Monn r Ftuid.__(U96 125M !. — 11, Queen Vlrturia J 

Glh Fnnd--te8 # 67 5 -0 j — Lft<Hbp.Fd. Feb. 8.1 

PULA Fuad—^_|S25 1760) — Nett Sul 

Wad enmsUy elaaed (a new investment »«*_ r» 

Perform. Units | 19LB .._.J — uie AS*ur. wo. 

Commercial Union Group SkMPUi^^. St ’l 

St Helen’s, 1, Umtentian, EC3. 01-2837500 RU rj_i 

Variable AqJW.Ula.J 5LI7 |.[ - LJBy<,S *“ _ 

Do. Amtiuty Uts_T] 1Z66 | ._.] — 71, Lombard SL. £C 

Confederation Lite Insurance Co. f»S5L"TiiZ' a« 

50. ChancerjtLoM, WC2A1HE 01-3420282 

VEquity Fund-p46J I54.BI i - J5. L ^ C ?f U a SU *, 

- - - X87.9.4 — WLGth.Feb.ft— 


Provincial Life Assurance Co. Ltd 

222. Eishopagate, RCLL 01-2478533 

Prov. Managed Fd.. [214.4 ,120M+01| — 

Prov.Cash fd_hl»7 ltwJ ... — 

Gilt Fund 20_JSl.5 12ft9| -3fi| - 

Prudential Pensions Limited* 

fSWf-jStfcgS Sl SETS™ “--J 

Reliance Mutual 

Tunbridge Weill, Start. 08622B71 

nel.Frop.Bda.._| 1922 ].| — 

Royal Insurance Group 

New Boll Mace, Liverpool. 0512274422 


. — Equity/American _ 77.8 82.4 . — 

... — ILK Equity Fund- 183.9 1061 -05 — 

..... — Hlsh VleJd.-13318 MSJ2 -2.7 — 

. - Clfi Edged-122.6 3291 -25 — 

_... — Money_1205 12ft! . — 

. — International_9ZJ 902 _ — 

.... — Fiscal-1775 D5.e . — 

. — Growth Cap- 127.0 1343 . — 

-05 — Growth Acc_129.7 137.3 . — 

-0.8 — Pens.Mngd.Cap... ilZS 219.4 . — 

. — Pecs. Mngd. Acc— Uft8 1224 — — 

. — Penn.CftADep.Cikp . ld\7 X0&6 . — 

.... — Pens-GtADepACc.. 193.4 1091 . — 

-05 — Pot& Ppty. Cap._11X2 1171 _ — 

—05 — Pens, rfy Ace._1142 EL8 . — 

. — TrdLBond- 355 375 . — 

. — -TrdL GJ. Bond_ 1009 _.... — 

„ ui. *Casta value for £100 premium. 

;;;;;; Z Tyndall Aasorance/Penoiimsf 

— la CanyngeRoad.BnstoL 0Z7332241 

. — 3-Way Jan. 19_■ 1202 . — 

. “ Equity Jan. IB-1516 .... - 

. — Bond Jan. 18_ 16&2 — 

— — Property Jon 10. „ 1M.4 — 

. — Deposit Jan. IB_1255 — 

. — 3-Way Pen. Jan. 10.. 742J ..... _ 

. — iTscac lav. Jan. 19.. 6L0 — I 

- — MnJ'tlJ-W Frh.l_ 1646 .... — I 

. - Do. Equity Feb. 1_ 2M2 - 

n_ [ij I\L Bondr eb.l..... 180.0 .... — 

LO. AM. no. Prop. Feb. 1- 818 . — - 

01-247SS33 

-i-o i| — Vanbrugh Life Assurance 

■ I — 41-43 Maddox SL. Ldn. W1R9LA. 01-4S04BZ3 

- 3 »l — Managed FA_|13S6 145.9| -0«| — 

d* Equity Fd..1212 B 22351-11] — 

01-44EKJ22 I ntnL FUnd ...... ifi47 89.21 -07 — 

i _ Fixed Intent FA...069.4 17B 4j -L7 — , 

'"•j Property Fd.-Jp64 143.N +0.B — 

■ Z CashFnnd .. —0161 lZii - 


Legal ft General Prop. Fd Hgra. Ud Rflysl shield Fd.«|l305 I3ft0] 

11, Queen Victoria SL. EC4N4TP 01-2480878 Save &'Prosper GfMipf 


H3p I"*--* 1 " 

Life A^sur. Co. of Pennsyfyania Property FdCZZ 

3842 New Bond SL.W170RQ. 01-4838395 - 

LAMP Units - [1833 1085[.[ - 

01.2BW00 ml unjt Tst. Mngrs. Ltd &rirpSfc;, 

.] _ 71. Lombard SC. £C3. 01-8331283 

*Cft V |IM1 1W5, - J 7 “ SSSmiaZ 

01 - 3(20283 Lloyds Life Assurance Prices t 

I _ 12 Leadcnhall SL, EC3S17LS, 01-823682! tWeei 


Vanbrugh Pensions Limited 

(1892£371 41-43 Maddox SL, Ldn. W1R9LA 01-4994R3 

.I _ Managed--[950 1000). — 

Fixed Interest-feO lMJa. — 

0512274422 Property-[9SJJ 1P6J{. — , 

.[ — Guaranteed ere 'Ins. Base Roes' Cable, t 

Welfare Insurance Co. Ltdf 


4. GLSt H den'a fjirtw EC3F SEP. 01-554 8899 The Leas, Folkestone, SenL 




_T Schroder life Gronpf 

ZZ — Enterprise House, Poitanouih. 

-- KquityJan.3! .. 

.. — Equity 2 Jon 3JL 

. — Eauitygjanjjj 


. . _ MlLGth.Feb.ft— L26467 -M3i0« - Schroder Uf* 

. -• Opt5Frp F6b2 _ 122.5 129.0 - rJZZ*,, 

2M3 ”" _ OpUS Eqty.Feb5._- 1185 1245 - Enterprise House, 

1096 __ nptifb'Jeh.2 . 1593 167.7 . — Equity Jan. 31 .. 

2784 . — OpL5Sun.Fcb.Z_ MM 1433 ., — Equity2Jun31_ 

124 0 . — «VL5Depr.Fcb.Z.. 1198 12621. - Equity 3 Jan JI.. 

3614 . - London Indemnity & GnL I ns. Co. Ud !5gSS^i J 9 ,B ratf 

Cornhiu Insurance Co. Ud 1023.TbeForbiujr.ReaAnB5S35Il Int UTJot 3r_ 1 

32.CurabUi.iLCi 018286410 S^ e L Mtu SS w - " E?-3 2V2 “S 3 ~ V ft S Gilt Jan.3J 

CepltaiJULlS_QU5 — | | - MJAttcxiblr.. B60 27.3-03 - KiSCLSeJanJl 

GS&wc.Jap 16. mo — I ...I — Fixcdlutercst-p4 2 361] -0.1} — MnrdaF1x»Jan31 

Mn Gth.Fd Jnn 2o.ll65.o i?4lfl | — The London Sc Manchester Ass. Gp.f Mngd.3Jau.31 
Credit & Commerce Insurance The Leas. Folkestone, Kent 030367333 Mwley3Jjfl-31 
taO.RegentSL,London W1R5FK 01-4397081 ?»« . " UeponUJm.31 

Crusader Insurance Ca lid jiicpLiDv.T«.Fd 1429 .... — bspaCujm^ji, 

Vincula House. Tuttur PL. BC3. UI-8288031 tS'lmatpSad'— t«h .. 5£ F 2t rvfite’ni 1 

Gth.Pron Jan 7 lii,v nm =,i iBVTtMjiiBa..... luB .... — Sln.Ri Cp. JanZl, 

inn. nvp. jbo. i /3<n ■»U5] — Property Fund. _. 800 . — 3lnJiLAccJanJ31 


JUT—&95.T 206.1 
LFtL_D6Z.9 172J 
W,*...^Us.4 215J 

ft_.Eft 971 

LFd.t_|961 IDLi 

Prices cm 'January I 
tWeekiy dealings. 


127.6 

206.fi ...... - 

172JJ -0J — 

2158 ..... - 

97 8 -1.0 — 


Moneymaker FA _ | 1005 J.| — 

For other funds, please refer to Tfus Loudon fc 
Manchester Group. 

Windsor Life Assur. Co. Ltd 

1 High Street. Windsor. Windsor 681+t 

UfeInv. Plans.._(68,4 728].| - 

FomwAssACthlai. 190 j — 

FutureAssAGthib.i. C7.0 |.] — . 

Ret AmA Pens.— £2775 ].| — 

Flex. lav. Growth _ 106.4 112«.| - 



NOTES 


Prices do not include 5 premium, except whera 
indicated ft and an- in pence uniw# othormw 
indicated. Yields % iMtown in last column) 
allow for all buying expenses a Uttered prices 
include all expea^es. b Today s prices. 
e Yield based on oiler unci', d Fsnraaieri. 
K Today's opening price, n Distribution frr-.“ 
ofl'K. taxes, p Periodic premium Inturaot-a 
plans. s Single premium insurand' 1 , 
x Offered price includes all ripimw* except 
agent'sCununjssion. y Offered price include* 
all ckpenses if bought through managers, 
s Previous day's price. 9 Net of tax on 


. — realised capital gams unie**! indicated bv q. 

—• j Guernsey {«!%. p Susp-eodvd. ♦ Yield’ 

. — before Jersey tax. t Ex-nubdaixion. 





































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































I 



Barnett gives 


warning on 
tax cut hopes 


Ford drive to maintain 
30% market share 


BY STUART ALEXANDER 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


MR. JOEL BARNETT, the 
Chief Secretary to the 
Treasury, warned yesterday 
against "the danger or expect¬ 
ing loo much in the way of cuts 
in direct tax in the immediate 
years ahead. 1 ’ 

He was appearing before the 
general sub-committee of the 
Commons Expenditure Cora- 
miUee. in the last of its three 
sessions with the Treasury to 
discuss the annual spending 
White Paper. 

Mr. Barnett confirmed the 
Government's effective aban¬ 
donment of hopes of an early 
return ' to full employment 
when he admitted that the 
original target of a 3 per cent, 
unemployment rate hy 1979 
would almost certainly not be 
achieteil. 

He said the Government 
hoped to be able lo make sub¬ 
stantial cuts in direct tax in 
real terms in the years ahead, 
hm warned of Ihe danger of 
exaggerated expectations oF 
what could he done in the next 
few years in view of the many 
competing claims on North Sea 
re\ enue. 


Determination 


Although Mr. Barnett did not 
reicr to the Spring Budget, 
the Government clearly wants 
lo avoid building hopes 
excessively in view of the 
many uncertainties about 
economic prospecls. The new 
forecasts are not yet available 
in Whitehall, hut there are 
growing warnings from the 
City about llie dangers of 
excessive reflation. 

On the outlook For Ihe world 
economy, Mr. Barnett stressed 
the Government’s determina¬ 
tion lo use forthcoming inter¬ 
national meetings to persuade 
the stronger economies to take 
action to expand more than 
seems likely at present. 

fie was questioned about the 
remarks to the sub-committee 
last Thursday by Mr. Frank 
Cassell, a senior Treasury 


economist, that unless there 
was a major improvement In 
industrial performance a 3J 
per cent, growth rale would 
still leave unemployment of 
more than 1 m. in 1982. 

Mr. Barnett said it was fair 
to make this assessment on the 
basis of past performance by 
comparison with other 
countries and extrapolating. 
But he believed there was a 
“good chance of doing better 
now than In the past” 

Mr. Barnett had some brisk 
exchanges with Mr. Brian 
Sedgemore, a Left-wing Labour 
MP, who said the sub-commit¬ 
tee was not getting very far 
forward and was becoming in¬ 
creasingly frustrated in the 
absence of a medium-term 
economic assessment for the 
next four years. 

Mr. Bamcit defended bis 
officials against Mr. Sedge- 
mores description of them as 
** dexterous ” and his comment 
about the “ ballerina steps of 
advisers.” 

The expenditure committee 
published yesterday a series of 
recent Treasury memoranda on 
the control of spending and the 
contents of the annual White 
Paper. 

Philip Rawstorae writes: The 
Labour Party's home policy 
committee, under Mr. Anthony 
Wedgwood Bens, last night 
decided to press the Chancellor 
of the Exchequer to reflate the 
economy by £2.7bn. in the 
spring budget. 

A Transport House paper, 
which will form the basis of 
the committee's “ shopping 
list,” suggests lax concessions 
worth £1.67 a week for every 
taxpayer. Increases in pensions 
and child benefits, and more 
spending on housing, education 
and the Health Service. 

It also suggests that the 
International Monetary Fund 
loan should be repaid 
immediately. 

Expenditure committee report. 

Page 8 


FORD IS preparing a major 
onslaught on the U.K. car market 
in the first six. months of this 
year io a bid to maintain the 30 
per cent market share it 
achieved late last year and into 
January. 

It plans to have 280,000 care 
available, 100.000 more than in 
the same period of 1977—a move 
likely to lead to a fierce battle 
between the major manufac¬ 
turers. 

Ford says it has sufficient 
production capacity in Britain 
and would like to see most of 
the additional cars made in the 
U.K. 

But it accepts that the con¬ 
tinuing dispute at Halewood. now 
in its fifth week, could seriously 
disrupt its marketing plans, and 
is prepared to bring in, where 
possible, extra cars from overseas 
rather than see customers lost to 
rival manufacturers. 

The strike, by 1.000 pressroom 
workers, has stopped production 
of the Escort for tbe past four 
weeks. 

"No further meetings have been 
arranged to try to break the dead¬ 
lock over disputed productivity 
and work schedules. Ford man¬ 
agement thought some measure 
of agreement bad been reached 
last week but the strikers went 
back to their original opposition 
to three points of the Ford plan. 

A decision on whether to make 
the strike official is likely this 
week. The strike has cost over 
£41m.. at showroom prices, in 
Escort sales and caused 10.000 to 
be laid off. More men, at the 
company’s Southampton plant 


could be laid off this week. 

Other manufacturers are 
already mounting vigorous cam¬ 
paigns. Ley land is beginning a 
new Superdeal promotion this 
week in a bid to boost Its sare 
from just oyer 20 per cent, it 
achieved in January to nearer 
the 27 per cent, it considers 
necessary this year. 

That campaign is scheduled to 
last for three months and Ley- 
land has built stocks to satisfy 
projected demand. 

Chrysler and Vauxhall are 
ready to launch extensive adver¬ 
tising and promotional cam¬ 
paigns, and the importers like 
Fiat, Renanlt, Datsuo, Volks¬ 
wagen and Citroen are poised to 
take advantage of any upturn. 

Ford is thus anxious to have 
available tbe number of cars it 
needs. Already, there is a long 
waiting list for the Cortina, in 
spite of some production at the 
Saarlouis plant being diverted to 
supply the U.K. market. 

Last year, the Valencia Fiesta 
plant helped to supply tbe U.K 
market when there was a short¬ 
age. and this could be repeated. 


Successful 


January has been a succesful 
month for car sales. While this 
may not be typical of a year 
expected to fluctuate month by 
month, most importers have 
already asked their factories for 
increased U K allocation. 

Renault’s target is 70,000 com¬ 
pared with 57,000 last year. The 
company will be giving special 
emphasis to its Renault 14. 

Citroen reports its best 


January, with sales up ?5 per 
cent, on last year at 2,800. 

Fiat will concentrate on con¬ 
solidating its U.K. sales, though 
it is looking for an extra 100 
dealers, and is already predict¬ 
ing that 1979 should see its sales 
up to 90,000. 

Datsun would give no details 
but a report from Japan yester¬ 
day said it was unlikely that the 
Japanese manufacturers would 
give any undertakings to restrict 
U.K. sales in 1978. 

Talks between the Society of 1 
Motor Manufacturers and Traders 
and Japanese Automobile Manu¬ 
facturers’ Association are due to 
begin in Tokyo to-day but tbe 
Japanese industry is thought to 
be willing to give only vague 
assurances on limiting sales, 
while promising to consider 
increased purchases of British 
components. 

Last year. Japanese car sales 
accounted for 10.6 per cent, of 
the U.K. market- At 140.145, 
sales were up by 15.7 per cent 
on 1976. 

Volkswagen hopes for a 20 per 
cent, increase in 1978 to 62.000. 

Supplies were short last year 
but, with the opening of the new 
U.S. plant in April, capacity will 
be released in West Germany to 
supply all the European markets. 

Chrysler hopes to have up to 
50 per cent, more vehicles avail¬ 
able compared with first six 
months of 1977. partly because 
of its new Sunbeam model, and 
partly because of much improved 
production. 

Vauxhall is also hoping for 
more cars to be available aftor 
recruiting 3.000 more workers. 


In the next day or sb; Ithe 
Chancellor of the Exchequer is 
due to answer a private 
question on the future of divi¬ 
dend controls. Will he ■ take 
the chance to clear up the 
eneral confusion about what 




meats and fudging • by th* J j 
t*'- _ dSSti volume ; of trading. the. t 

Index fell w.-o ■ - d ^ peats - ^be ■ 

despite iruttai/'bes^aripns'from 

. •. -..r '\nn^;-tnidi^^f;.Govd^j 

only 1 . 1.4 per ■ cent.v jtfftotal .merit bond- dealerk. r.'.-;' .; - V : 
dividends paid. - These' figures. ^ The toairkotV js I'detotattte&bV 




Iation runs out on July 31 ? on. the grounds that futures e^hangfi-- In January . 

Positive confirmation that operabons^are overseas. 4^423 .**Gtoiue. Kae -fjttures 

controls are to end wotod^^L/they ^how that The contracts were .traded.? and . 

certainly give a helpful shot in 3toeasuzy has been . j^ough this .instill'-tiny cmjh . 

the arm to the flagging capital 111 applying the rales with^the;^-59&.640 -soya . - 

markets. V -^2*?* S0inetunes . beea bean' futures contracts. traded.- 

Maybe he will decide to keep does-not ieaii ' 

his options open. - W K ^aSmES: ii a^gate 

practical terms it must be . w{3ald have been higher but for -S 5 i?S? 3 S^S 
extremely doubtful whether, the .• ' ... .. > “bard w Trade aoaed -1 onff^erti 1 


Continued from Page 1 

Sanctions 

policy 


NEB now free 


limits could be extended V 
beyond the summer,' even 'if:?,; 
that was what the Government'', 
wanted. The key point is that‘s 
whereas last year.the .Controls x 
could be ‘pushed through bar"* 
subordinate legislation without 
a vote, this year it wdukl \ 
require a new Act of Pari la- _• 
ment to. keep them in being. .- 
Given the current .political, 
balance, getting that through } 
would be much more than a.':.; 
mere technicality^ ;. • j .V ;-j 

The controls to' date have., 
been specifically tied to pay. 
guidelines. The betting must 
be strongly against any exten¬ 
sion of this kind of formula, 1 
and an attempt ®o curb divi- 


JUVIDENEK 

3f£bn.--- 


EXCESS DlYHJEHBSf.. - 
ALLOTTED AS.A 


PEBCSmCE OF 
TOTAL 


-• ; ; GOvenmzent jbomfc and 90-day 
rT. cpttLmerd^: paper i.tirt ■ its list' 

3 V 'heighbohiing. 

. Mercaatife ' 1 Ebccfenge" deals .lit 
- 90-dey ^easoar^InUi: futures 
^ i <J^iwiyxtfO£rtrat 4 s amounted’ ta 
. 37,889)-. and, . plans ' to issue 
jgf -fdtiirek cbjtfhurtR '-In 4-year note* 
and one^year.^Treaaufy. by Is 1 in 
: : V ' the near future. '■-•« .' , : T . 


Given the much Renter -yota* 
>’? -tility.oof 0 jy interest rates, 
r i!j£ 3 dea/>ot, a -U R. .interest'' 

:• ;'v Ik being^' eto 

; i • ..'vassed jjii tSrtaro quarters of.the 
■ Gity: s the discount hmises ir 
• • partichiar ai^glit' finA It- useful - 

u °-. "it is argued.-But apart from a; 
££££! the technical obstacles that peer 
: ' to- be overcome, any: ^suitf 


Israel sends arms 
for Ethiopia 


BY DAVID LENNON 


TEL AVIV, Feb. 6 . 


ISRAEL has been sending 
weapons to Ethiopia. Mr. Aloshe 
Dayan, the Foreign Minister, 
confirmed for the first time to¬ 
day. But Israel has not sent any 
soldiers to the battle-torn 
country, he said in an interview 
in Zurich, reported here. 

Arab States have been charg¬ 
ing for some time that Israel 
was involved in the Ethiopian 
fighting. Jerusalem has refused 
to comment on these reports, 
except to deny that its pilots or 
officers were participating in 
the war. 

Israel provided Ethiopia with 
evtensive military aid in the 
1960s. hut diplomatic relations 
were severed at the time of the 
1973 A rah-Israel war. The con- 
».u*i between the twn countries 
«a.« renewed by the military 
junta which ousted Emperor 
Haile Selassie. 

Israel responded to Ihe Ethio¬ 
pian request for arms after con¬ 
sultations with Washington. The 
Ethiopian army i.? still armed, 
mainly with American weapons, 
although in the last few months 
it has absorbed large quantities 
of Soviet equipment. 

Israel's position is that, despite 
ihe current ties between the 
Ethiopian Government and the 
Suviet bloc, the West should pre¬ 
vent the dismemberment of that 
Christian country by its Moslem 
neighbours. It has been reported 
that Israel aided in tbe training 
of Ethiopian divisions and that 
Israeli cargo planes were seen 
landing in Addis Ababa. 


David Bell reports from 
Washington: The Carter adminis¬ 
tration is extremely concerned 
about tbe situation in tbe Horn 
of Africa after reports that Cuban 
pilots are flying in Ethiopian jets 
against Somalia. 

Officials declined immediate 
comment this mornng on a report 
in Newsweek magazine that 
Soviet passenger ships are on 
their way to Havana to pick up 
3,000 more Cuban reservists to 
serve in Ethiopia. Bur they 
acknowledged that they are tak¬ 
ing seriously reports that East 
German technicians are now 
working in Ethiopia alongside 
Soviet “ advisers '* and in addi¬ 
tion to the Cuban forces already 
there. 

Furthermore, some officials 
helieve that there may also be 
up to 500 troops from South 
Yemen in the country- trained 
and equipped by the Russians. 

The U.S. has refused to supply 
arms to Somalia, refused to 
allow other nations to transfer 
American-made weapons to the 
Somalis and warned the Soviet 
Union and Cuba not to aid tbe 
Ethiopians. 

As evidence mounts that these 
warning have been ignored, the 
administration faces a dilemma 
compounded by Saudi Arabia, 
which is believed to have sup¬ 
plied arms to Somalia. It has 
also urged the U.S. to give more 
support to the Somali regime. 

American officials concede that 
the American refusal to do this 
has greatly irritated the Saudis 


an issue on which the Govern¬ 
ment was on weak ground. 

According to this view, the 
key point was that the electrical 
contractors had already made a 
wage contract with the union. 
This made unlawful the sub¬ 
sequent attempt of the Depart¬ 
ment to change it. in the face 
of opposition by at least one of 
the parties. They found the 
Attorney-General's statement 
ambivalent. 

Sir Geoffrey Howe. Ihe Shadow 
Chancellor, said the Attorney- 
General had made “a very- 
important admission of constitu¬ 
tional impropriety. What they 
have done is to slip into a 
statutory incomes policy without 
a statute.” 

lie said, many companies 
which had entered Into lawfully 
binding agreements were being 
punished, often without knowing 
about it, for offences of which 
they were unaware. 

Mr. Peter Walker, a Tory- 
former Cabinet Minister, named 
three more companies which he 
said were on the blacklist. They 
were Film Transport Services of 
Neasden. London: the associated 
Penny and Giles Transducers of 
Christchurch, Dorset: and Penny 
and Giles Data Recorders of the 
same address. 

The disputed part oF the 
January 1 electrical contracting 
agreement is a payment of 
between 16p and 26p an hour for 
men who cannot yet. or are wait¬ 
ing to get. bonus schemes, 

The Department of Employ¬ 
ment complained aFter the deal 
was signed that these payments 
might put the deal above the 
10 per cent, guideline. It said 
this payment should be cut by 
a quarter. 


to sell up to 
£lm. holdings 


deuds without touching pay the legislation. . Controls have market . would , automatically.^ 
wnriMc wnnlrf he assured of merely served - to narrow the need the; Bank of England - 
“Vj - - distinction in the. capital market, blessing and. as yet it hasi 

a not TBCepi-luu. . - ko«-,.rnnn affixianf anH irmrihtinrT onan ,*4-iar 


not Tetepuou. 1 between efficient and moribund even : addresseditself. 

Meanwhile, in the absence of r^mpantes. The-sooner they are-possibility. ’ • 

any clear statement of intent. ; gcrappe<Ji ^ better; ..V - - - ' - . 

companies are placed in an . ' ~ 

awkward position when, it ■ .rj'L. Cllt pWCG bldf ’ * y 

comes to making dividend fore- Interest rate..tntlireS 

easts in rights Issues and take- ‘ Coral’s £58m, offer for Boa 

over defence documents. They New- York- has - always tm’sinvolves-a pk^-to redhd 
cannot get Treasury approval regarded itself, as far and-away stamp duijrwhleh isnqveim 
for anvthins payable after July ^ most important U.S. finan- bid of this size. The scrip iSA* 
Zc? the nS Mdficn ^ centre it looks as if is atMrtd trick to this end.-!* • 
does not extend that far' Sit Chicago has stolen a march on say, doubting the share capita 
?hprp ifno p^mrantee that they il in the-fast * growing interest of the company being. acqS 
tJl -u re llhfhvsnv nJ rate market; Yester- the value attached to the oc#' 

uUl not he J-W-bJ J'JSShfS da F- an- offshoot, of, the New n al shares, an_wbi«* duly i 
form of controls that might be Y 0 r k-based American Stock payable, is halved : i%e‘iiel* 
Lmpnsed - „ , A Exchange announced .that .-it shards.\ar# : temporarily^exHaa: 

So it would be helpful if the intended to get in on the act from the-duty; • ““ 

Chancellor at the very toast and asked tbe U.S. authorities. 7 Brit. ;,«,« sne* t»A 
could give an undertaking that for permission to trade futures better - Bontie’ji is. to conv&l 
firm rommitmenls entered into contracts in • Goveriratont* ArfViUi'i- shaiWnnJa > 
under circumstances which National Mortgage -Association tiVe -Preference shaws w®,».■" 
would qualify for special divi- Securities (“Ginnie^ " coraj wiu thM-^buy S- 4p^^' V 
dend treatment under the pre- futures) something that the T{ . fi bulk of the value of Boa 
sent iegisiation will be Qhicago - Board Of lTade has tto’s wiU tftus be- SWfto Wilt " 
i honoured whatever happens bSen doing forever two .yepr?. itbe ueti W.scnpjri . 

after July. ■ Even here-to Lnndon. gffowng ^hkih rio-stamp doty is-payahl£ . 

The strength of the existing interest s being shown tn. the duty on the whole va!® 

rules was demonstrated in a lflea ' . of the offer ’would tow , 

reply to another private Since it started in the autumn oyer - £lm.- - Pontin's tweeW 
question recently, which showed of 1975 the U.S. interest rate c*q>ital reconstruction ;wiH - a 
that over the last five years the. futures market has grown this to just under £100.900; ' 

dividend payments which were dramatically. It is seen a? a for Coral, -arid • of ■ epniS ~ 
permitted in excess of the useful; and cheap way of bedg- Ppmin's diareholderk;are A ' 
statutory limits represented ing : against Interest rate move- affected by.the move, 


BY JOHN ELLIOTT AND MARGARET REID 


Continued from Page 1 

Franc 


Weather 


U.K. TO-DAY 

EASTERN half of England. Scot¬ 
land and Northern Ireland 
cloudy, ram and sleet or snow in 
ihe easi. Western half of 
England and Wales dry and 
bright. 

London. E. Anglia, £. and S.E. 
England, E. Midlands 
Mostly cloudy, uccasional rain 

ur sleel. Max. 5C t41F). 

W. Midlands, Ceuu S. and N.W. 
England, N. Wales, Lake District 
Dry. bright or sunny intervals, 
slight frost and fog patches early 
and late. Max. 6 C (4'JF). 

Channel Islaods, S.W. England, 
S. Wales 

Mostly dry, cloudy. Max. 9G 
(4SF). 


Isle of Man. Glasgow, N.W. and 
S.W. Scotland, iV. Ireland 
Cloudy, rain. Wind S.E. light. 
Max. 7C f45Fi. 


Cent. N. and N.E. England, 
Borders, Edinburgh, Dundee, 
Cent. Highlands 
Cloudy, ram or sleet, snow on 
hills. Wind S. or S.E., light. Max. 
5C i4LF). 

N.E. Scotland, (Jrfcney. Shetland 
Cloudy, rain or sleet, snow on 
hills. Wind S.E.. moderate or 
fresh. Max. 4C (30F). 

Outlook: Dry, some rain in the 
W: Fag patches. Near normal 
temperatures in the W., rather 
cold in tbe E. Night frost. 


BUSINESS CENTRES 


HOLIDAY RESORTS 


Y'djj 

mill-day 

*C "F 
H 3 41 
C 10 50 
H W 33 
C 15 59 

f 6 

sn <i m 
Sa—1 38 
Ft R « 
C » 45 
C ii *1 
F 

1-' 7 43 
C S 31“ 
Sn—2 36; 
S’- 7 45' 

B A SB. 

n i :n 
c r. 4 i 

r 7 47, 


Lttfttn&re. 

Madrid 

MandiFtr. 

Mulliounio 

Milan 

Moscaw 

Munldi 

NuwaasUc 

Oslo 

Pans 

Peril J 

Pruautf 

Bvykjavilr 

Rome 

Stov-Wialm 

StravOr^. 

Sydnojr 

T.’l AVIV 

Vf«*nna 

Warsaw 

Zurich 


Vdar 

mid-das 

«C •» 
C I .--4 
S 10 50 
Dr 6 43 
R 17 S3 
F • SB 
C -S IS 
r. -i m 
R .7 41 
SB-4 33 
C li 47. 
S 33 B2 
Sll-3 37 
C. 4 59 
Sn H At 
5n-3 27 
C 4 38 
F 25 77 

r. 15 50 
Il 0 22 
C —A 23 
SI 2 36. 


Alacdo 

Alters 

Biarritz 

Blackpool 

Bordeaux 

Boulogm? 

Casablnoa. 

Cwiu 

Dubrovnik 

Faro 

Morvitce 

FuntJiul 

Gihraltur 

Cluarnaey 

Inttsbruefc 

Inverness 

1. or Man 

Istanbul 


Y’dav i 
mid-day 
•C "F 
K s 43 
C 15 59 
C X0 M 
C 6 43 
F 1 4S 
C. S 43 
Kg 12 54 
S J4 37, 
S 10 50 
S 13 M 
S r -15; 
F IT Ml 
S 16 Cl, 
V H 46 
F 1 341 


Jersey 
Las Pirns, 
Locarno 
Majorca 
Malasa 
Mdlia 
N a dIos 
«lw 

Nilusih 

jOtMI-lO 

Rhodes 

Saliburg 

Tangier 

TuiiL-nre 

Tunis 

VsIfIKM 

Venice 


Y'day. 
mul-day 
.« c « p 

S 9 4G 


S 9 4G 
F 22 72 
S 3 37 
S 14 57 
S 17 63 
C 12 54 
P a 4K 
R 8 46 
K 17 KS 
S 44 57 
<: is sd 

R 0 32 
F IS 64 
C 2 D 63 

r. u si 
S 16 « 
So 7 45 


S—Sunny. F—Fair. G—CIniidy, R—Rain. 
So—SBOH*. Fu—Fog. Dr—Dcuzle. .SJ—-Sleet 


end of the day probably indi¬ 
cated some profit taking. At 
F-Frs.9.5557 steriiag touched its 
highest level against the franc 
since May. 1975. 

The Bank of France spent 
530m. at the fixing to protect the 
franc and probably about as 
much again in later trading. On 
this evidence, the official policy 
is still to -intervene only in small 
amounts to control the pace of 
movement on the market, rather 
than to oppose market move¬ 
ments as such. 

Foreign exchange dealers said 
that the increase in domestic 
interest rates to 9} per cent fnr 
overnight money, up * from 
last week, had little effect on the 
franc, 

They are prepared for a ore- 
electoral period fo steady erosion 
of the franc and do not expect 
the Bank to brinp out its big 
guns unless the Frs.5 to the dollar 
barrier is seriously threatened 

Coliu Millham- writes: The 
French franc and sterling were 
the weakest European currencies 
in London, but pressure was not 
heavy on either, according to 
dealers. 

Nervousness about the British 
labour situation, and fears of a 
Left-wing victory to the French 
election, remained the dominant 
factors. Both currencies tended 
to improve towards the dose, 
probably helped by the lack of 
trading jn New York following 
reports of severe weather condi¬ 
tions. 

intervention by the French 
authorities was on a small scale, 
and although the franc fell to 
Frs.4.9540 against the dollar, it 
dosed at Frs.4.93, compared with 
Frs.4.91 on Friday. It is doubtful 
whether the Bank of England 
gave any help to the pound, which 
Fell to a low of $1.9315. before 
closing at Sl.9390, a fall of 25 
points on tbe day, 


I ATTEMPTS by the National 
[Enterprise Board to meet criti- 
icisms of its operations have bean 
helped by Government agree¬ 
ment that it can sell investments 
uf up to 11 m. without detailed 
approval from the Department of 
industry. 

Tbe change is pari of the 
Boards bid to show that it is 
a flexible and not doctrinaire 
organisation. It was disclosed 
yesterday, when Sir Leslie 
Murpbv. its chairman, spoke 
about his first six mootbs in 
office. 

He took over from Lord 
Ryder last summer and has just 
submitted the NEB's first cor¬ 
porate plan, covering the next 
five years, to the Government. 

Dealing with individual NEB 
companies. Sir Leslie said that 
he would be “ very surprised " if 
Rolls-Royce did not “ break 
even" for 1977. dispelling 
rumours that it had up to a 
ElOQm. loss. 

At the same lime he confirmed 
thal Alfred Herbert, tbe Board's 
machine tout subsidiary, had 
asked for product development 
and investment funds from both 
the NEB and a Government in¬ 
dustrial aid scheme. and 
admitted thal a major reason for 
the Board's huying the non¬ 
aviation interests of tbe Fairey 
Group in December was a hope 
of developina one of its subsi¬ 
diaries in hydraulics. 

Sir Leslie went to some lengths 
lo stress that his organisation 
was “ flexible and pragmatic.” 
He showed the importance he 
places on winning acceptance 
from interests such as indus¬ 
trialists. financiers and tbe Con¬ 
servative Party when he said: 
" In the past six months our 
relations with the CB1 and indus¬ 
try have improved markedly.” 

‘He had also had talks with 
Tory Party leaders who, be 
thought, had shifted from their 
earlier position of intending to 


abolish the NEB should they win 
the next election. “We need a 
consensus io Lbese things," he 
said. 

The new freedom lo sell 
individual NEB investments of 
up to £lm. without detailed 
Government approval forms part 
nf Sir Leslies attempts to show 
that the NEB wants to work “in 
partnership with Industry” and 
as a “ bridge” between public 
and private sectors. 

He hopes that it will make it 
easier for the NEB to persuade 
companies, particularly smaller 
ones in the regions, that accept¬ 
ing NEB cash does not forever 
tic them down. 

The arrangements informally 
amend the NEB's guidelines, 
issued in 1976 under tbe Industry 
Act 1975. The change results 
from an exchange of letters 
between Mr. Eric Varley, Sec¬ 
retary for Industry, and Sir 
Leslie. Mr. Varley told the Board 
chairman he could see no reason 
why he should ever want to 
witbold bis consent to the NEB's 
agreeing to such a repurchase of 
its shares in a company. 

The idea is that when the NEB 
injects cash into a company and 
takes a share slake, it should be 
able lo agree then to re-selt this 
holding later if other share 
holders wanted to buy it. 

This could arise where the 
NEB takes a minority stake in a 
private company wrhose control¬ 
ling shareholder may eventually 
want to rebuild his stake after a 
planned expansion has been sue 
cess fully completed. 

A corporate plan for Alfred 
Herbert is being prepared by 
the Board and the company. As 
part of this. Herbert has asked 
the NEB for more equity to 
help with urgent investment 
plans, and applied for financial 
assistance under the machine- 
tool industry aid scheme. 

Company report. Page 18 



EAT MONEY 


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BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 


NO FURTHER move should be 
’made towards devolution in Scot¬ 
land until an all-party committee 
has examined the available 
options, Mr. Francis Pym, Con¬ 
servative spokesman oa devolu¬ 
tion, said yesterday. 

Once the committee had 
reported its deliberations should 
be put before tbe Commons, Be 
said in a major speech to 
Edinburgh- It should tben be for 
the Commons to indicate which 
option -to adopt- 

Only then should the Govern¬ 
ment produce a draFt Bill for the 
House to consider how the prin¬ 
ciples should be codified. 

Finally, a select committee 
should examine the details. Only 
after it bad reported should the 
Commons deal with the Bill to 
tbe normal way. 

This course could take up to 
three years. But the Commons 
had already spent three years 
debating the issue of devolution 
and was totally unconvinced and 
unhappy about what was being 
forced through. 

“ Whatever toe votes may have 
been," he said, referring to the 
committee stage of the Scotland 
Bill, which ended its passage in 
ihe Commons last week, “ihe 


Commons jusl does not believe to 

this- Bill. 

“The reason for this is simple. 
The Government has failed to 
look at devolution in a U.K con¬ 
text. It has taken an unashamedly 
partisan approach. That cannot 
he right," 

Mr- Pym's speech will he seen 
both in Scotland and West¬ 
minster as a delaying action. 

He has admitted, implicitly, 
that the Conservatives do not 
even now have a policy on 
devolution but want a constitu¬ 
tional committee lo come up 
with suggestions which the 
Commons can discuss. 


Richard Evans, Lobby Editor, 
writes: Anti-devolution Labour 
MPs are * attempting to block 
moves by the Government to 
reverse the Commons decision 
that 40 per cent, of the Scottish 
electorate must vote in favour 
of a referendum on devolution 
for it to take effect 
Amendments have been 
tabled by the two Labour MPs 
who forced through ihe 40 per 
cent, requirement lo meet the 
major criticism that "dead 
men's votes " would count in the 
referendum. 


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