Skip to main content

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

See other formats


FINANCIAL TIMES 


Thwaites 

3 TON ALLDRIVE DUMPER 


No. 27,480 


Wednesday February 8 1978 **isp 


& 


Uuwiles 

jWV\£ Engineering Co LM 
cfl'CS Leamington Spa 
W&f England 

09K-22471 


■AWm Seh.lSj .MLdUM FrJS: DENMARK KrJ.Si FRANCE FrJJj GERMANY OMJ.O: ITALY L.SMi NSTHERUN05 Fl.J.Oi NORWAY Kf33: FOATUGAL Ett.20; SPAIN Ptti.40: SWEDEN KrJ^S; SWITZERLAND E»*E JSj> 



New move in sanctions row angers industry | ^QU’^J'qJ Qjf 


bsSfcp»ct Government seeks 

10%; pay pledge 
in State contracts 


•' • <S1XT§ to the 

i.- , • q.- clearing baste’ 6gures, and an 

* >:?: Mopiaii troops, after launch- 
Mn, .y/: an all out attack on Somali 

Lf'j'w; ' vcs. Have ppshed flu* Somafis tadex cIosed onchangcA^t .4.0.*. 

•h* areas anrand ihe strategic • EQUITIES movrifl up five 

r hj. 4 ^ kmtam city of Harar and back joints in pie fir^ Ja^if Aiour of 
:- iar «‘ r:? RYds their tranter across the trading and rises extended to 
'i Trs-i* ,iMfen desert, itwas claimed in 7 j ^ 3 pjjL ^1^a«overin”. 
Twi Alwha. . . TTie r FT Ordinary index dosed 


rsn . The FT Ordinary lnde£ closed 

jVaj * “he offensive coincided . with 5Ji up at 4CXZ.- 
r ,-'wts in Mogafeho. the Somali ••' •' - - • 

; J* »itaL that Soviet troopships t STERUNG ftH 4»pofots to 
Wi;attrying Cuban reinforcements §1.3345 in ththtrarifcngand its 
■’•wn -re on their-way to the Tied trade-weifihled index rtbwlned 
r> port Of Assa.lv. “ unchanged at 66-3. Tbedollar’s 

a -i jjgThe Ethiopians .said, that ^ter depredation harrowed, to 4.4i) 

•••'n^jovena* Jfe -Ogaden- there <4i4S^,> >-> i 

t-.^ ar y J «w be a " long jnd ugly war" 7* - v"*T?- ;;•** \ 

*r secessionist; guerillas, hr * GOLD fefl **,to JITS*, 

rtrea. . ■• •■ _•■••.■. . ' 

vhc ipfcj-n Cairo, Mr.'.Abdullah- Adam. £ZZ~H—Z ' - ' •"■ ' - \ 

•:' L K ^nalia's amh^isador to tfie Arab aooi . . . . ...v.t . 

u. a x -r .ague, said Somali armed forces . ;.. | . ;: . ‘-.' 4 1 : . 

. ,r ir v,7 re nof in a "position! to fight jl. -'l'. : • • 

, _ “ * u - net and -Caban ■* trirays who U ;•.- 
'■'•-■rarmalia claims :aro leading ah $50 —Asi - v-Xs J-- ■ “ 

■* ‘• ^Gnoured column advancing *'•■>' <|| \ - 

• "n^i^aYds Hargeisa in northern • ■ .V .1 i 

B 5; jnaJla. Back and Page 3'..!v : .. j; . I U/Uy! 
■■'i.cjiiOleainvijlie.y iihe -U.S. reje^ed! ^ Tl. f; w 1 , 

-pother ufgent appeal tiz ,juaas 7- ] '-'I-- ' 1 V*' ' 

--- ■ M«S ^ 

ri *S rtaSSS^ M -lHBUSTHItt^ 7 - 

.....j initn riddle - lurpicc . .. 

IODESIAN troops; may/ hwe- •; ■ ^ 

led more! than SQ. Eainbian* 1977 f., [ 3SW .. 

. iM ied black; nationalist guerillas 7M 1 ■< ■ . I F A, X t 
price y a helicopter raid ;.-on :£afce X: ^ FIB J 

Jiba. ’. '• ■■ ■:■■*■ *,-'' • 

J. - -Reports in Lusaka spote «f the ^ ivAi.T. STREET 10-23 


INQUSWifit 

AVERAGE 


. | W 

SEP nei • «W tet:.JWL kb 


BY RICHARD EVANS, LOBBY EDITOR 

AH future contracts between the Government and private companies will 
include a clause to ensure that the pay guideline of 10 per cent, is rigidly 
maintained, Mr. Roy Hattersley, Secretary for Prices and Consumer Affairs, 
announced in the Commons yesterday. 

The controversial proposal. It was confirmed in Whitehall The Govonum-nr* response 

v.hich will take effect almosi Iasi night that if companies was that tht proposal would end 
i in mediately; drew furious pro- agreed to a pay settlement above all ambiguity over the appliou- 
tests from the Conservatives. 10 per cent, after signing 3 con- Tiori of (iiM.'reii»nary powers 
immediate opposition from the tract containing the new clauses which were aimed primarily at 
Confederation nf British Industry the penally on a fixed price eon- reducing the rate of inflation, 
and anger from the Labour Left- tract would be termination. In Clauses were already included 
wing. the case of a variable price con- m Government eumracts to en- 

Bui the Government comfort- — -- — sure the inainieiiant-e of the 12- 

ably survived hy 292 voles to 278 Parliament Page 8 month run- on pay settlements, 

a Conservative attempt in the Labour News Pace 12 ani * , Min; * t{ J r - : claimed the pro- 

Commons to underline the ■.s-.,— Ra _ b P° sa ' vva ‘ therefnte not as revo* 

alleged misuse of discretionary see Murray Back Page lullonar y : , s the Opposition was 

powers by Ministers. Nows Analys,s ‘ Vasc fi suggesting. 

The victory, gamed despite - Mr Hanersley to d MPs that 

about d dozen Left-wing absten- tract the cosi-plus clement would the new clause would consider- 
lions, means that the Commons be forfeited. _ fWy Wtend Lbc application of 

has in effect upheld the Govern- AH companies involved in nego- {J 1 ® nnhfl S countei-infla- 

ment's policy of operating sane- dating Government contracts in tion policy. ... .. . 

lions against industry without future will have to submit details . We P rop ?^ 10 *i ,d ex P‘ lc » 

full statutory backing. ol pay setllcmems entered mm clauses tn all new Government 

T ™ ffsK'iirM "o n n.So. af, ' r Ihc da,e ot ,he s. ‘ktesls 

?h, ^SSSuon. ^ iSSSw 10 Conservative leaders, h»«tn S moon the SSmcT 

observe the voluntary 10 per launched .1 Commons attack cm tj !„ 

cent guideline will be consider- the Government yesterday for its iJfL-finpt* -tf 

ably extended without the need misuse of discretionary powers p.'. ni f5-- h 11 ' n ,^ ie current 

for fresh legislation. immediately attacked Ministers £Ivi, P M; u f ‘7;__ 

The clauses, requiring com- for even more blatant abuse of .“f t fcS P 2i 

panies to implement pay controls, powers. They accused the Gov- chargetbat the 

wili apply both to fixed and vari- eminent of “ blackmailing com- Government had user! its powers 
able price contracts and to future panics” into accepting a vniun- and , ... 

offers of Government assistance tary policy that had no statutory hold discretionary financial assist. 
to industry. hacking. Continued on Back Page 


It was confirmed in Whitehall 
last night that if companies 
agreed to a pay settlement above 
10 per ceDl. after signing a con¬ 
tract containing the new clauses 
the penally on a fixed price con¬ 
tract would be termination. In 
the case of a variable price con- 

Parliamcm Page 8 
Labour News Page 12 
Miners see Murray Back Page 
News Analysis. Page (i 

tract the cost-plus clement would 
be forfeited. __ 

All companies involved in nego¬ 
tiating Government contracts in 
future will have to submit details 
of pay settlements entered mm 
on or after the date of (he 
contract. 

Conservative leaders, having 
launched a Commons attack nn 
the Government yesterday for its 
misuse of discretionary powers 
immediately attacked Ministers 
for even more blatant abuse of 
powers. They accused the Gov¬ 
ernment of “blackmailing com¬ 
panies” into accepting a volun¬ 
tary' policy that had no statutory 
hacking. 


. ;-mbabwe Africa® 



es Threes 6-476 


Increased EEC pressure 
on Japan over trade 


BY GUY DE JONQUIERES,.COMMON MARKET CORRESPONDENT 


•. u-- eir talks mt-majortty-^ule r fh* economic reform. : Page 2 
-nost two weeks.- ! 

' . ■' Vi-# NBWH‘ut»t«swlU be issued . 

' ^ranfteSvfOt ^t ; . •tq-m«MW., Picture. Page 6.. . 

: -yt- ftef SWJ.ySl. .v !#.-TOTAL,NE?t;'.wealtb of private 

”"'iy mercury^ .pOisoBed loraUgeS indiyiduals in P-K. at the 
- -.'yund in Britain have been edit* end of IP76 wis £325bn., accord- 
•uinated' after arrivaL the Citrus i n g . to figyresv r reieased by the 
.! >% arketina.'JBoaFd pf.Israel and-Central Statistical office. Back 
..-„e National ..Federatibb of Erutt-aniPatps-IT f' - ' ■ - j 

’’.I'.'?<*& Potato.Trades . said . last •' V - 

- -', t ! ght. .Page--.6 • ,'• • BEOUSE PRICES could rise by 

4 . - . .. 13.per,ceifc thisjear, according 

• ia-ly moye . .. tpthe Building Societies’ Assoda : . 

' 1j 'he .Daliatri 'Commiinist .I^rty r .... 

st might.dropped..insistence (p jROtLSHOYCE is to recall all 
1 Gabihqt -pqjt^ in an emer- jagt ..year’s production of Silver- 
r ;ncy GovfflMMStt.' an^ sauff it shadbw, Carraargue and Corniche 
> ;?: as resiBjr; So SoliLrif^Panljunem- nro dels because of a fault on the' 
.■y.-raajbnl^.^wntftijag; a. ttew a utomatic speed control- Back; 
ernnienL.TajKt'.a^.. page . : 


tip} ^ 



n^6iS' wiib r iveTO : roifidnmned* • : , SWAN HUNTER shipyard 
wiw^in^fmoectioh yfoT <feA- v workers made redundant in May 

yard lost its share 
.EShfBM* ship order wULhq 
exafeit«L'ft among 1 those, eligible for pay-: 

i ; • CSEU: '-eseeutive meets to- 

by 'marrqw to consider a compromise 

*^mm^l 9 ^!SSL£SSJi 


THE. EUROPEAN Commission 
was isstructed by EEC Council of 
Foreign Ministers to-day to make 
urgent'new approaches to Japan 
in a further effort to persuade it 
to take energetic action to bring 
about a rapid and sizeable reduc¬ 
tion ; in its current account 
surplus. 

The Commission has been 
given a set of M guidelines ” for 
its talks with the Japanese. 
Although their contents are con¬ 
fidential. they are believed to 
urge additional steps to boost 
economic growth and to remove 
barriers to European exports. 

To underline the urgency 
which the EEC attaches to the 
problem, the Commission has 
been asked to report 00 the pro¬ 
gress made in the talks to beads 
of government of the nine 
Common Market countries, when 
they meet in Copenhagen early 
in April. 

la another move to emphasise 
the seriousness of the negotia¬ 
tions, the Foreign Ministers 
decided that they should be 
represented at the talks through 
tie council’s presidency, cur¬ 
rently held by Denmark. This is 
the first time that the council 
has taken part in talks of this 

Wnd - ' , . 

Meanwhile, it was disclosed 


that the Commission's attempts 
lo negotiate an agreement with 
Japan which would limit the 
quantities and prices of the steel 
exported to the Community have 
run into difficulties. 

Viscount Etienne Davignnn. 
the Industry Commissioner, told 
the Council of Ministers that the 
Japanese w'ere baulking. at 
negotiations because ■' they 
believed the EEC’s temporary 
base price system was being 
applied unfairly. 

The system is due to run until 
March 3L by when the EEC 
hopes to have reacbed bilateral 
agreements with its main steel 
suppliers. 

But Japan has complained that 
some of its steel exports have 
been subject to so-called 
accelerated anti-dumping duties 
under the system, while such 
penalties have n ot be en imposed 
on exports from EJFTA countries. 

The broad new negotiating 
mandate given to the Commission 
to-day is clearly intended to im¬ 
press on the Japanese the wide¬ 
spread doubts in Europe that 
the economic and trade measures 
which it has announced will 
be adequate to produce the 
7 per cent, real growth rate and 
accompanying cut in its trade 
surplus which it has promised. 


BRUSSELS. Feb. 7. 

Mr. Nobuhiko Vsbibj. .Japan’? 
Minister of External Economic 
Affairs, was told this by Mr. Roy 
Jenkins. President of the EEC 
Commission, when the two met 
in Brussels about ten days ago. 

But Mr. Ushiba is understood 
to have said then lhai his Govern- 
meni did not plan an y more 
expansionary measures and did 
not contemplate taking furthei 
actions on the trade front ouf- 
side the GATT multilateral trade 
negotiations, now in progress in 
Geneva. 

Dr. David Owen, the Foreign 
Secretary, suggested lo-dav that 
one way in which Japan could 
do more would be to shorten the 
period in which it has promised 
to double its foreign aid spend¬ 
ing from five to two years. 

Such a step would still bring 
Japan's aid budget only to 0.14 
per cent, of its gross national 
product but couJd stimulate signi¬ 
ficantly the purchasing power of 
developing countries. 

Dr. Owen emphasised it was 
not intended to bring about a 
confrontation with Japan. But 
the EEC must make its views 
on trade known to Japan inde¬ 
pendently of the talks going on 
between the Japanese and the 
Carter Administration. 

Japanese shipbuilding Page 16 


Methven 
threat 
of action 
by CBI 

By John Elliott, Industrial Editor 


THE Confederation of British In¬ 
dustry threatened last night to 
intensify the political row oyer 
pay sanctions into a potential 
confrontation between in¬ 
dustrialists and the Government 
after it "as announced in the 
Commons that pay limits would 
be enforced through Government 
contracts. 

Sir John Methven. director- 
general, gave a warning within 
minutes of Mr. Hallersley's an¬ 
nouncement. that the confedera¬ 
tion’s council would consider 
recommending to members next 
Wednesday that they should 
strike any pa> policy clauses out 
0/ contracts offered oy the 
Government. 

This would be tantamount to 
refusing the contract and. if 
adopted by all confederation 
member companies, would bit 
Government and other public 
sector business. 

The confederal inn’s plan was 
discussed Iasi week by its presi¬ 
dent's committee of cop in¬ 
dustrialists and. judging by the 
balance of the debate then, is 
likely to receive Mjhstamial back¬ 
ing on Wednesday. 

This means that the Govern¬ 
ment's plans bave pushed the 
confederation into considering 
its first collective protest action 
in its 13-year history. The event 
marks a watershed in develop- 
mcnl of more aggressive policies 
which it has started adoplmg 
over the past year. 

Leaders of the confederation 
are well aware that their threat 
—which would have to be 
registered as a “restrictive 
agreement" with the Office of 
Fair Trading—may weil have far 
more immediate political than 
industrial significance This is 
because it would probably take 
some lime for ihe operalions of 
the Government and the rest of 
the public sector to be seriously 
affected by companies refusing in 
accept the new cnntrict *erms. 

The confederation has be-ween 
200.000 and 250.000 companies 
either in direct membership or 
indirectly affiliated through its 
member trade and employers’ 
associations It estimates that to- 
geiher they cover over 90 per 
cent, of British industry. 

Sir John and other leaders in 
the confederation have bad fre¬ 
quent talks with the Gnvernmeni 
since late last year over ihe 
operation of pay sanctions These' 
talks nearly erupted inio a pub¬ 
lic row when the Government 
was considering before Christ¬ 
mas introducing .-anctionv asamsi 
Ford and VauxhaN over their 
pay deals. 

Ministers decided then not m 
intervene hur the event caused. 
the confederation to consider 
bow it would read if the Gov- 
Continaed on Back Page 


money supply 
slips again 


BY MICHAEL BLANDEN 

THE GOVERNMENTS control 
of the money supply has slipped 
again after a further sharp jump 
last month. This was Indicated 
by the banking figures published 
yesterday. 

The figures suggest the growth 
of the sterling mnne.v stock on 
the wider definition (M3t 
accelerated sharply. The signs 
are that in the first nine monfhs 
of the financial year the increase 
has exceeded the top end of the 
official target range of 9-13 per 
cent 

The main pointer to the money 
supply is given by the Bank of 
England’s statistics for the 
eligible liabilities of the bank¬ 
ing system. These are their main 
deposit funds and an important 
ennsiilvent of the monev stock. 


to the U.K. private sector rose 
£576m. But the bulk of this was 
accounted for by the end-year 

debiting of interest and commis¬ 
sion charges and the incidence 
of corporation tax. 

Allowing for these and other 
seasonal factors, the banks sug¬ 
gest that the underlying rise was 
rather less than the levels of 
about £200m. seen in recent 
months. 


Rebates 


Greater 


tn the five weeks to mid- 
January they rose almost 2 per 
cent. In £41.6bn. This was sub¬ 
stantially greater than the in¬ 
crease of just more than 1$ per 
cent, in the previous month, 
when sterling M3 rose 1 per cent 
to bring the growth rate in the 
first eight months of the year 
to about 131 per cent. 

The growth rate is likely -to 
have increased again, though if 
is difficult to estimate money 
j supply growth from eligible 
liabilities at a time of year when 
heavy seasonal adjustments have 
to be made. 

These include, in one direc¬ 
tion. the effects of tax payments 
to the Government, and in the 
cipher the normal seasonal reduc 
tion in the amounts of cash held 
by the public after the pre- 
Christmas build-up. Another 
source of uncertainty lies in the 
effects which earlier inflows from 
abroad might continue to exert 
on the money stock. 

The rise last'month appeared 
to have heeD anticipated by the 
authorities, though the news 
came as a surprise to some City 
commentators -'ho had expected 
a belter onlr»:r.e in a month 
when gilt-edged sales were good 
and demand for bank credit was 
relatively low. 


The banks saw an increase 
of £134rn. in advances to overseas 
residents, reflecting the first stage 
of their agreed increase in the 
proportion of medium-term ex¬ 
port credits being carried on 
their own books. 

’ Stertins deposits from non¬ 
hank U.K. residents have bEen 
split for the first time between 
the public and the private sector. 
Public sector deposits rose 
£17Srn., partly reflecting the 
usual fluctuations in tax collec¬ 
tion accounts. 

Sterling deposits by the U.K. 
private sector increased £125m. 
when a substantial seasonal fall 

Editorial comment Page 16 
Tables Page 20 
Lex Back Page 

was expected. The banks say 
part of the underlyina increase 
might have been due to the 
income-tax rebates which led 10 
a smaller flow of funds to the 
Exchequer id late December. 

One reason the flow of tax 
payments made less impact than 
usual on the banking figures w r as 
the abnormally high sales nf 
certificates of tax deposit to com¬ 
panies two months ago—in effect 
an advance payment of tax. 


Reserve 


Factors 


A number nf factors could 
have contributed 10 rite ’ncreasc 
These include the effect nf the 
November tax rebates which 
may have boosted Government 
borrowing and possibly a build¬ 
ing up of depy-.it! amon-a the 
hanks, both because of fears of 
a re-introduction of corset con¬ 
trols and because of anticipated 
rises in demand for loans in the 
tax-gathering season. 

The figures published by the 
London clearing banks however, 
indicate thai demand for borrow¬ 
ing w’as low. Sterling advances 


The ba-As again saw a net flow 
of money into their deposits 
from the interbank market and 
From a reduction in their hold¬ 
ings of Treasury bills. This was 
partly offset by an increase in 
loans to the discount market and 
to local authorities. There was 
a net increase of ffiHm. in hold¬ 
ings of gilt-edged stock. 

The reserve ratio of the five 
London parent banks rose from 
13.5 per cent, to 13.6 per cent. 
Starting advances i»y the Scottish 
clearing hanks to the UK. 
private sector rose £32m. and 
their sterling deposit* from U.K. 
residents fell £9:n. 


£ in New York 


Kei>ru*ry 1 I Prc'-i"U- 


<l«s is 1.4S2C.83M si.ajw-as&j 

1 ninuili 1 O.O&-1I1-. nil O.'.'s 

... ; ■?.W.'v'VS. >1U 9.1M.07 -1>s 

IE nimilii* »■•■».{> 1 li j.-J3-0.4«'i-li„ 


Cut tax with oil cash—Thatcher 


Santa , "jury' COMPANIES 

waid^ct .TWP' iaBjfliPs'^damages - - 


BY -DAVID FREUD 

NORTH SEA oil revenue should 
■be used to reduce personal taxa¬ 
tion rather than be allocated by 
tfie State. Mrs. Margaret 
Thatcher, Conservative leader, 
said yesterday. 

' Speaking to overseas bankers 
in London she added that money 
would flow more efficiently to 
•industry through the taxpayers’ 
hands than through those of the 
.Government- 

The State Inevitably would 
spend the proceeds incorrectly 
“ on trying to preserve yester¬ 
day’s jobs instead of using them 
to create the jobs of to-morrow.” 

Mrs. Thatcher’s speech rein¬ 
forces several similar pronounce¬ 
ments by Sir Geoffrey Howe, 
shadow Chancellor. 

Its timing means it is likely 

to be seen as an implicit attack 


on the creation of a special oil 
fund—an idea which has gained 
considerable support among 
Ministers and is being studied 
by the Treasury. 

Mrs. Thatcher said that North 
Sea oil could be used to good 
purpose. “ The extra tax revenues 
resulting for a period from our 

Cat la North Sea oil prices 
Page 6 

Men and Matters. Page 16 

oil wealth will ease our path to 
a more balanced budget, leading 
in turn to ail the blessings of 
low monetary expansion, low 
interest rates and hence to a 
strong pound and a lasting cure 
to the devastating inflationary 
tensions of recent years. 

“They could do more. Coupled 


with determined restraint in 
State spending, this "Vtra tax 
yield could enable us responsibly 
to reduce our personal tax rates 
at least .to parity with those of 
our major international competi¬ 
tors.” 

While the taxpayer might 
spend some of the extra revenue 
on imports, as was often argued, 
he would also in part save them 
and reinvest them, directly or 
indirectly, in Britain's industries 
and services—“not perhaps in 
the industries and services pre¬ 
ferred for support by Govern¬ 
ment precisely because their 
record makes it hard or impos¬ 
sible for them to atrract funds 
from anyone else, but in the 
businesses which are geared up 
to cater for the markets of to¬ 
morrow." 



CONTENTS OF TO-DAY'S ISSUE 


chief price mmmmmm 


t ^Prices i® SibwW 

indicated} . ; . .. 

4 ' RISES ■ • •.->• 

Assert. Dairies Jg,?® 

i JUW& P- Cement gj + J;-■ 

ffiibby (J-) ..J J 

■ Brown (J-l ? 

'Camellia Invs.,-- 

Dewburst A .., Jgi *■■ . 

-European Ferries **-, 

•General Accident . 

-ladbrolce 

: Man. Agency & Music.-Wvf. f. 
rMeul Box. 


Midland Bat* "New" 

'NjtWisf";: v . 

Rank Qtg. .. 

Richards; Wallingtoa 

Royal Ins. 

-Sandemad- (Geo. G.) 

- Sainduu y LI-1 .. 

Smith (W. H.) A. 

Sun ABiance . 

Turner and Newall ... 

UhReeh .. 

Vaox Brewcries .. 

Yarrow .... 

>P . 

CGFA..... 

FALLS 

PUJfOrWaRsend -. - 
t Premium. 


. European news . 2 

American news .. 4 

, Overseas news. 3 

World trade news . 4 

Home news—general . 6-7 

—labour ".12 

—Parliament ... 8 


Japan: Keeping the wolf 
from the shipyard door W 
How personal wealth is 
. Invested . 


AppaiKHlUV . 

Appsfotmcnt* Advt- 

Cteirtns Sanki: . 

Cnumri. .. 

SiHcnalaiMQt Oulite 
PTActwto* fndlcec 


Technical Page .. 12 

Management . 13 

Arts page .. 15 

Leader page . 16 

U.K. Companies. 18-21 

Mining . 21 


FEATURES 

Leading private airline 

leads attack on 5AS . 2 

Namibia's independence: 

The race against time ... 3 


Inti Companies .22-23 

Euromarkets . 22 

Wall Street . 24 

Foreign Exchanges .24 

Farming, raw materials ... 23 

UJL stock market. 26 


U.S. scotch sales down Hnt 

outlook improves . 4 

Isuzu’s expansion plans for 
passenger cars .23 


Gardening.. 

u 

Racing '. 

u 

Letters . 

17 

Saleroom . 

u 

Lex .... 

» 

Share laformotiMi .. 

24-29 

Lombard .. 

li 

To-day's Events ... 
TV and Radio. 

n 

M 

Men and Natttt* ... 


Unit Treats . 

2T 

Hwiev Mnrta . 

» 

WeaU’w. 

* 


PflOSPECTUS 
Epicure Hridin» 10-U 

t Comment Pase 13) 
ANNUAL STATEMENTS 
Srxitf Gretro .... 21 

Japan Inti. Ban* .. 22 

lose Lending Rotes 27 


WHERE IN THE WORLD WILL 
YOU FIND STANDARD CHARTERED? 


In India the recent economic upsvrfng makes this enormous market 
much more attractive to British compames. That’s why our 100 years’ 
experience and 24 established branches in India will be so important toyour. 

Come and talk to us about trade finance or undertaking a marker 
survey; we can advise you quickly, and help you meet the right people. Ask 
Keith Skinner today on 01-623 7500 how we can assist you m India. 

t ~ Standard Chartered j| 

Bank Limited 

helps you throughout the world 


Head Office; 10 damn a Lane, London EC4N 7AB 


A*acu evceed million 






















































Unandal Tiroes Wednssiiay. iffJSj 


I I KOI’I AN VI US 



GISCARD-SCHMIDT SUMMIT ENDS 


Deep concern at U.K. fish policy 


BY ROBERT MAUTHNER 


PARIS, Feb. 7. 


FRANCE AND West Germany to- Governments emphasised that rapidly as possible with studies .assure its participation, 

day agreed that they would do the directives for a Common for a smaller version of the It was indicated to-day that if 

thp‘, r i.tmncf tn 'Wrciiario" Rri Market fisheries policy had been successful European Airbus, the the U.K. decides to stav out of 

tain tn Zn Z nSS tn J clearly laid down at a European B10X. the project, there is still a possi- 

tain to drop its opposition to a meeting in Jnly, 1976. President Giscard said at the bility that France and West ■ 

common European fisheries These called for the equitable end of the meeting that he hoped Germany will go ahead with it; 


Berlinguer 
ready to 
negotiate 
compromise 


Spain to receive 
$295m. in credits 
from the IMF 


Bp Paul Betts 


BY ROBERT GRAHAM 


MADRID, Feb. 7. 


ROME, Feb. 


SIG. ENRICO Berlinguer, the 
Italian Communist Party 
leader, to-night indicated that 
his party was ready to 

to 


policy. treatment of the fishermen of all that a decision tifgo ahead with alone or with other partners. 

This was made clear after the member countries in Community the building of this aircraft During their discussions of the 
two-day Franco-German summit waters, and it was important that would be taken at the next problem of the Common Market's 
meeting here at which President the fisheries policy should not be Franco-German summit in Bonn enlargement President Giscard 
Giscard d’Estaing and Chancellor ap . exception to the basic j n jujy, But he emphasised that and Herr Schmidt agreed on the . 

Helmut Schmidt expressed their solidarity of the member states, the two Governments should desirability of Greece's entry ! 

“deep concern and regret" at the Though the weird “pressure” adopt a ** rational ” approach to into the Community and on a ! 

British Government's attitude in was not pronounced by either the subject, based on thorough time-table for the negotiations, j 
the fisheries negotiations in side—Herr Armin Gruenwald, market studies of airline subject to the approval of the : 

Brussels. the German spokesman, prefer- requirements. cv-er member states. { 

At the last meetin* of Common ring the phrase “an effort of The two Governments would The? considered that the j 
Market Aericulture Ministers, persuasion"—it is clear that also pursue their studies of plans negotiations on Greece’s member-1 

Britain rejected the terms for a France and West Germany will for the joint construction with "1 should be concluded by the ; ^tiTan •emergency "pact 

Community fisheries policy now make strong diplomatic Britain and other European end of this year, but stressed ** 

agreed by the other member representations to make Britain partners of a new medium-ranee that a satisfactory solution must 
states because tbev did not pro- change its mind. airliner, which the French have be found for the problem of 

vide for “dominant preference President Giscard and Herr dubbed the A200. It is still Greece's agricultural exports, 
zones," in which fishermen of Schmidt took no final decision at not dear whether Britain will which will be competing directly 
coastal states would be given the summit on the joint construe- agree to join this project, but with the Mediterranean produce 
priority. tion of a new civil airliner. But hoth the French and German of present member states such as 

Spokesmen for the two they agreed to press ahead as Governments are anxious to France and Italy. 


SPAIN TO-DAY announced that , authorities have emphasised, that 
agreement had been reached with they are closely co-ordinating 
the International Monetary Fund their actions with the Fund.! 
(IMF) on a $175m. one-year. The $120m. credit Hue -made 
standby credit. Spain will also available to-day draws on: the 
receive a S120m. credit line from. Fund's' compensatory .finance 
negotiate a compromise to j^g Fund’s compensatory finance- facility which is granted to] 
resolve the 27-day-oid govern- ! facility. " countries suffering balance of 

“wte^a^meetinE with Sle. \ The decision to seek the- IMF payments problems throughloss 
After a meeting with sig. ! credits TO - prompte e by the of export eanung& Al&ourii in 

Government’s wish to take the past this ^facility. has been 


Giulio Andreorti, the Christian 
Democrat Prime Minister- 


Profit-taking helps franc to regain ground 


BY DAVID CURRY PARIS. Feb. 8 . 

! lion of the Communists In the 

THE FRENCH franc recovered in a row this morning. Day-to- Barre. has consistently ruled out saiion programme and the plans ( majority- ***?* 

ground to-day after what the day money went to 10 i per cent, committing foreign exchange for enormous increases in wages' tne conumimsts wouia nave to 

Bank of France described as the making the total increase since reserves to the battle at this and benefits, the political news! ™ sminere 

fir _, nm “mini Friday 15 per cent stage, the main purpose of inter- to-day was rather less hair-raising; 

. oi us pre-eiecioraj mim The c j rcu j ar senl to banks by vention apparently being to iron for investors. In particular, the. . 
cnses - the authorities, reminding them out too sudden movements rather statement by the Socialist leader., agreed programme. 

It was helped by a firm declara- of the rules governing repatria- ban to resist the overall market M. Francois Mitterrand, ruling i Following. Sig. Berlinguer’s 

tion from President Valery hon of export earnings and for- trend. out a deal with the Communists overture, there is limited 


, ? t ‘f r , . 1 according to well-placed sources, countries. The deosion to see* 
Although the Communists \ ^ time of the nviF mission's credit under this facility was 

still believed that a govern- j visit in November it was ex- prompted largely because the 
ment of national unity was pecte( j credit was unlikely Fund’s supplementary finance 
necessary — meaning direct t0 ^ invoked before March or facility has yet to receive the 
Communist participation In ( Apr jj lo advancing the date it . approval of the U.S. Congress, 
government—he acknowledged - that the Government There has been no mention of 

the opposition of the other ; waiJts t o make the most of the any : specific conditions attached 
political parties, especially the 0 f approval—especi- to drawing on these two credits 

Christian Democrats. |ally as the recession In Spain ..other, than observance of the’ 

Sig. Berlinguer added, how- Ihas yet to show signs of bottom--measures agreed by the major 
ever, that his parly would i mg out. . parties last year. The Govern- 

inslst on the establishment of j The S175m facility is part of moht is expected to exploit this 
a clear parliamentary majority, t Spain's S475m. quota with the in the International .. money 
which would mean the associa- (Fund. The Government has not markets and te understood to 

yet earmarked the facility for be considering going to the New 
any specific purpose other than York bond market. The aim is 
to assist the overall restructuring to .test the market for rating, 
of the economy. However, the according to informed sources. 



By Chiy .Hawtin in FraridFurt. . 

YESTERDAY WAS. . Rosenmon- 
. tag, the Monday before Lent, 


be consulted on the structure 
of the new government which 
would administer a commonly 


ward purchase of foreign ex¬ 


in to-day's trading, the franc between the two rounds of voting, i optimism that Sig. Andreotti, 

who later to-night was meeting 


necessary ^ technical Measures change to settle trade debts, also firmed from 4.9350 to 4.9250 comforted investors that Ibe! 
would be tak^n to nrevent its he, P ed tbe «t» ation slightly against the dollar; from 2.3480 parties of the Left were not! 

Medium-term repurchase agree- to 2.3375 against the DM: from about to succumb to a manifests -1 


depreciation 
pect tension 


Ting lore Who pjf, - — ___ ____ _ ______ _ _ _ _ 

surrounding the ments or pensions were still 2.52 to 2:5125 against the Swiss tion of brotherly love. 

o t ri.^ -i larTtila rln'.tA. __ J #—— -- cen-- n tfn'tc n - 4L _ 1 


ic 1 i.ti in 1 OUI I VIIillUlUC l 11 c _ ~ _ — __ _ — — -—— — — — _ 

franc to last at least up to and suspended to-day while day-to- franc; and from 9.5625 to 9.5375 Prices on the free gold market 
probably beyond the general day discounting wasUking place against sterling. also moved back to-day. After) 

election in 33 days’ time said at 10 * per CTnt - The Bank of Until to-day's trading, the yesterday’s rise to an all-time 


that profit-taking in a 


slack France is aiming basically to franc had lost, over three days, peak of Frs.29.840, apparently 


market also contributed to the ke . e P bank liquidity under a tight 4 per cent, against the dollar, caused by demand from small 

better fortunes of the currency. re * n - 4.5 per cent against the DM, investors, the one kilo-gold ingot 

T . r . .. . .... Apparently there was no 5.4 per cent, against the Swiss dropped back to Frs.29,395. 

tne tact that west Germany official intervention to-day. Over franc and 3.25 per cent against although the gold Napoleon coin 
"?*. ^iL„ ay alS ° the pasI three days> intervention sterling. eased up fractionally to Frs.300. 

maae lor sibck tracing. has probably been no more than After yesterday's declaration Gold-linked gilt-edged fell back 

Tnic to form, the Bank of about S300m.-S350m. and could by the Communist Party that it while the stock exchange baited 

France pushed up rate^t on the well have been lower. The would press for immediate its three-day decline with a 2.7 

money market for the third day Prime Minister, M. Raymond implementation of Us nationali- per cent, recovery in values. 


Malta budget 
offers hope 
of surplus 


Malta's Socialist Government 
announced a budget of 109m. 
Malta pounds f£S3.3m.l on 
Monday. Godfrey Grima reports 
from Valeria. The greater part 
will be spent on recurrent expen¬ 
diture. Another £M31.8m. will 
finance new shipbuilding, agricul¬ 
tural and port schemes and expan¬ 
sion of internal and external 
telecommunications facilities. 

With revenue due to climb to 
XMTrtOm. and another £JI13m. 
be in 5 brought Tor ward from last 
vear. a surplus approaching 
£.M4m. is exnecied by the end of 
the coming financial year. 

The island's GDP has risen by 
n per cent, to bring per capita 
income to I.M736 from 01653 a 
year ago. 


Britain warns against blocking 
entry of new members to EEC 


BY GUY DE JONQUIERE5. COMMON MARKET CORRESPONDENT 


BRUSSELS. Feb. 7. 


Axel Springer blocked 


The West German Federal Cartel 
Office has prohibited the Axel 
Springer Verlae. West Germany’s 
largest publisher of newspapers 
and periodical, from taking a 
majority 50 per cent investment 
in the Wochenblatt GmEH of 
Hamburo. the city's second largest 
paper in terms of advertising and 
revenue, writes Leslie Colitt in 
Berlin. 


Greek wages to rise 


Minimum wages and salaries in 
Greece will be increased by 22 
per cent, this year, according to 
a decision by a court of arbitra¬ 
tion. writes our Athens corre¬ 
spondent. Unions had asked for 
a 25 per cent, increase: Industry 
had refused to give more than 
15 per cent. 


Magistrate kidnapped 


Two masked men kidnapped a 
magistrate. M. Noel Daix. while 
he was shopping police said 
yesterday. Reuter reports from 
Lyons. 


Austrian jobless up 


Austrian unemployed rose from 
75,136 to 91,518 in December and 
January. the Social Affairs 
Minister, Herr Gerhard Weissen- 
berg. announced yesterday. 
AP-DJ reports from Vienna. The 
January figure was 4.76 per cent, 
higher than a year earlier. 


BRITAIN WARNED its EEC text for placing obstacles in the While all governments in the; 

partners firmly to-day that it path of the Portuguese and EEC have acknowledged the* 

would oppose any efforts lo side- Spanish applications. He left a political importance of not re¬ 
track the applications of Portu- definite impression that anxiety buffing the Portuguese and 

gal and Spain to join the Com- was growing inside the British Spanish requests. France and 


representatives of the Socialist 
and Social Democrat parties, 
might now be able to form a 
new’ government 

However, the solution to the 
crisis still appears distant 
While Sig. Andreotti has been 
given a wider mandate by his 
party for this latest and 
crucial round of negotiations, 
the Christian Democrats are 
still Insisting, at least officially, 
on negotiating a common 
government programme bnt 
not a political accord. 

This implies a rejection of 
the association of the Com¬ 
munists in a parliamentary 
majority, which Sig. Berlinguer 
demand to-night as second best 
to a government of national 
unity. 

The key question is whether 
Sig. Andreotti can strike a deal 
with the Communists by some¬ 
how associating them to the 
parliamentary majority bnt in 
such a way that It would be 
acceptable to his own party. 
Should he fail, the most likely 
outcome is a fresh election. 


Vital decision lor Irish 
Cabinet on pay deadlock 


BY GILES MERRITT 


DUBLIN, Feb. 7. 


munity. after Greece was 
admitted as a Full member. 

In what he described as “a 
warning shot across the bows,” 

Dr. David Owen, the British 
Foreign Secretary, told his EEC 
colleagues here that Britain con¬ 
sidered all three applications to 
be equally important. The Nine 
must face up to the prospect of 
belonging to an EEC of 12 mem¬ 
bers. 

He spoke afer the Foreign 
Ministers had agreed formally, 
for the first time, to make a de¬ 
termined effort to conclude by 
the end of this year the substan¬ 
tive negotiations with Greece on 
its application. But Dr. Owen 
resisted a French proposal to Government 


Freach objections yesterday 
prevented Common Market 
Foreign Ministers agreeing on 
tariff concessions to Cyprus, 
EEC officials told Reuter in 
Brussels. The main slumb- 
Ing block was what terms 
should be offered for Its 
potatoes which account for 
about half Its farm exports to 
the EEC. Agreement has been 
reached, however, with the 
Faroes on 1978 fishing quotas 
and the islands 1 waters will be 
reopened to French and 
British trawlers. 


Italy have displayed undisguised 
disquiet about the practical 
problems of admitting two more, 
relatively poor, Mediterranean 
countries with sizeable agri¬ 
cultural sectors. 

Dr. Owen’s strictures seemed 
to be aimed chiefly at these two 
EEC - countries. He did not 
believe that the EEC Commission 
wanted to slow down the enlarge¬ 
ment process. But he had 
learned with “ consternation ” 
that it did not expect to publish 
its formal opinion on the Spanish 
application, originally expected 
by the end of this year, until 
sometime in 1979. The EEC must 
— avoid any loss of momentum In 
its the 'enlargement process after 

It 


, c . . . ^ , . - that some of — -- - - „ 

set a firm date For Greek entry. EEC partners were looking for the entry of Greece, be said. .» 
His opposition appeared to spring excuses to close the door to fur- must make clear that all three 
from concern that a commitment tber applicants after Greece was applicants were equally welcome, 
of this kind might provide a pre- admitted. Editorial comment. Page 16 


Swedish payments gap ‘lower’ 


BY WILLIAM DULLFORCE 


STOCKHOLM, Feb. 7. 


SWEDEN'S BALANCE of pay- customs, the Riksbank (Central currency inflow. Riksbank 
ments deficit over the last three Bank) currency department and officials are prepared to accent 
vears has been grossly exae- the Central Statictirai R,.r D *„ *n hie __ 


member 

Economic 


They 
continue 


ears nas Deen grossly exag- the Central Statistical Bureau to his main argument that (he 
gerated in official statistics, keep track of millions of indi- official figures exaggerate the 
according to Mr. Sven Grassraan, vidual transactions. They end deficit. 

a leading economist and a up with an " unexplained ” • Prime Minister Thnrbjorn 
” “ e L nde P en<3e ?, t currency inflow which totalled Falldin yesterday defended 
Research council, roughly SKr.lObn. for 1974-76. Swedish weapon exports. 

siSsbindustnr! financ «l The figures for the net foreign allowed Sweden 

a i ■ «-», « <+. payments at the end of each year niapufacturing its own weapons 

He claims that the true pay- 0 f the Riksbank, the clearing aod maintam a credible defence 
meats deficit for the 197^76 banks and M companies with posture, he said, 
period was less than half the more than 20 employees give a Dagens Nyheter, the Stockholm 

. of!i T i M iN£:„, SIvr rts •; far “ore accurate picture, accord- daily, said on Sunday that 
(£~.3bn.). The preliminary official j n g to Grassman. He under- Bantam anti-tank missiles made 
estimate of a further SKr.21biL Hues the significance that a more by Bofors had been sold • to 
deficit in 1977 wiU also prove to accura te estimate could have for Argentina and “ ‘ 


be double the true figure, he Government economic planning aircraft guns to Iran. It was sug- 
nelieves. and his proposal has spurred the gested that these exports could 

Mr. Grassman argues that the Economy Ministry Into ordering conflict with the guidelines laid 
official figures are based on in- the Central Statistical Bureau to down by the Swedish Parliament 
adequate attempts by the explain the “unexplained” in 197L 


Soviet navy 
no longer 
only defensive 


By David Satter 

MOSCOW, Feb. 7. 


ADMIRAL SERGEI Gorshkov, 
the commander in chief of the 
Soviet navy, said ro-day ft has 
become a “long-range armed 
force.” The greatest progress 
in the past 10 years bad been 
made in developing submarines 
capable of performing compli¬ 
cated military and technical 
tasks In any ocean. 

Writing in the Soviet armed 
forces newspaper. Red Star, be 
appeared to suggest that tfae 
Soviet navy, now considered 
the largest in the world, no 
longer secs itself as a strictly 
defensive force. ” For the first 
lime in the country’s history, 
our navy has emerged in Ibe 
expanses of the world's 
oceans.” he writes. 

Admiral Gorshkov said that 
submarines have been made 
more effective through the 
Introduction of nuclear en¬ 
gineering, missiles and other 
types of arms. He also said 
that Soviet surface ships, 
“equipped with the latest 
arms, radio-electronic facilities, 
and flying machines of various 
types” can effectively combat 
enemy surface ships, sub¬ 
marines and aircraft. 

A major component In the 
navy's strike force was the 
naval air arm, which “can hit 
submarines and surface ships 
and other highly manoeuvrable 
and small objectives on the 
high seas.” He added that 
combat capabilities of the 
marines and shore missile- 
artillery fortes have been 
Increased. 


THE IRISH Cabinet met to-day the talks, sot only ^because the 
to consider the impasse on a employers are looking ; ' for 
national wages agreement that guidance, but because -the 
threatens the economic strategy public sector in Ireland repre- 
outlined last week in the 1978 sent* as much as 15 per cent, of 
budget. the 1 . 1 m. workforce. . 

With employers and union Mr. George Colley, the Finance 
representatives deadlocked over Minister, has emphasised that 
the scale of pay awards, the the 5 per cent, guideline is 
Government’s position has " flexible ” but be is understood 
become crucial. It must steer a -to be concerned • by - warnings 
narrow course between permit- from Government economists 
ting high wage increases that about the effect of_any settle- 
could arrest the annual growth ment between T per cent and S 
rate of 7 per cenL, and precipitat- per cOnt The Economic- and 
ing a trade union walk-out that Social Research Institute, which 
could result in an inflationary advises the Government, warned 
wages free-for-all. not long ago that any national 

The Government’s original 5 - wage increase above' 7-8 per 
per cent, guideline for this year’s cent could bring Ireland’s econ- 
pay increases—the basis of its omic boom to a halt by next 
budget strategy—has already year. 

been exceeded by both employers '• Telephone and Telex services 
and unions. When the wage were severely disrupted to-day 
negotiations broke up at the end as Irish Post Office technicians 
of last week, the employers were stepped up their action . in a 
offering 64 per cent, while the long-running dispute over a re¬ 
unions were insisting on 8 per organisation and productivity 
cent, having come down from plan. The dispute has been 
their original demand of 12 per rumbling on since May -and last 
cent. . . night ..Prime. .Minister ■ , Jack 

The Cabinet’s position is Lynch -was. urged to Intervene 
expected to decide the future -of personally. 


German chemical industry 
labour costs at high level 


BY OUR OWN CORRESPONDENT i FRANKFURT Feb. 7., 


LABOUR COSTS in the West increase in the supplementary 
German chemical industry are costs—Social security and fringe 
now the highest in the world benefits—have also played ar 
except perhaps, for Sweden. At important role, 
the beginning of this year they According to • the workinr 
stood at $10.37 an hour per circle, whose members are .cur 
employee—19 per cent, above rently involved In a hard roun< 
United States levels. of pay negotiations, supple 

The working circle of the Ger mentary costa added .62 per cent 
man chemical Industry’s em- to the average direct hourly peT 
ployers' associations said to-day capita pay of $2.08. In the Uniter' 
that labour costs have. almost States supplementary coos-added 
trebled since 1971 when they 28.9 per cent, to direct per'capita 
stood at $3.37 per head an hour hourly pay of S3.94 
—only 66 per cent of the U.S. At the beginning of 1978, how- 
rate. In that year. U.S. hourly ever. U.S. direct per capita 
per capita labour costs amounted hourly pay average S6.63 an 
to S5.0S. To-day they total S8.75 hour and supplementary: cost? 

Behind the profound change in added a further 32 per cent to 
West Germany's position in the this figure. West Gerinan direct 
labour cost league lies the rise per capita hourly pay, at S5fi4, 
in the value of the Deutschemark was lower than in the. but 
and the decline in the worth of supplemental? costa add a fnr- 
the dollar. However, the rapid ther 74.6' per cent to thi figure. 


Czech growth falls behind target 


BY PAUL LENDVA1 


VIENNA, Feb. 7. 


DESPITE A HIGHER than transport industries, said a corn- 
expected industrial output, the munique from the Federal Office 
Czechoslovak economy last year of Statistics, 
narrowly missed its projected Industrial -production .was up 
overall growth target National by 5.7 per "cent and - farm onl- 
income was up by 4.5 per-cent put by 7.9 per cent The con- 
compared to 1976 while the plan tinned priority given to. heavy 
envisaged a growth rate of 5.2 industry was reflected ' by the 
per cent The shortfall was fact that the output of consumer 
primarily due to the poor per goods was only op by 4:3 per 


formance of the building and cent. 


Europe’s leading private airline champions attack on Scandinavia’s SAS 


as those familiar . with the 
.^uzch. calendar will know: To¬ 
day is Fastaachi Shrove Tues¬ 
day, and the. .lati:. day of 
gastronomic ifreedom before . 
fasting and selfdaoial begins 
(or at any rate.before feasting 
ends). In. much of West Ger¬ 
many, but especially along the 
Rhine . and ? in '- Bavaria, 
thousands of workers are - nurs¬ 
ing monumental hangovers, 
confident in the knowledge that 
.their pounding beads will be 
even - worse --' tomorrow. Ash 
Wednesday. For Ash Wednes¬ 
day is the last day of the 
Faschang - season, the pre- 
Leuten carnival, a months-long 
Baocanalia wfaaoh starts at 11.11 
; un. on November H / 

The Fasching period is virtuallar . 
... a constant round of-masked 
' bails, parties, carnival parades 
and less organised Conviviality; 

. punctuated with a slight change 
- of direction, -it not pace/ to 
cover the .celebration of-Christ¬ 
mas and the Neiw Year. It - 
reaches Its climax id the week 
before' Ash Wednesday when 
employee ~ absenteeism runs 
high- and queues' in doctors' 

• surgeries lengthen with sup- 
ptioant& seeking time off work, 

"■ either to recover from the 
effects of debauchery or in 
. anticipation of them. -•• 
Rosenmonitag is in most parts of 
. the -Federal' Republic supposed 
-to be a normal working day. 
However,-in .Frankfurt, bust- 
ness crept' at snail’s- pace as 
' workers visited the. grand 
Rosenmontag parade at Mainz, 
not far away. In small towns 
-. and villages throughout Hessen 
whole communities, led by the 
, town elders^sfaut up shop and 
organised -their .own carnivals, 
To-CLay, although it is only a half¬ 
day hold!day, a large pro¬ 
portion of workers have hot 
' shown up' at alL- Bnt the 
' naive who expect service as 

• - usual in the -shops and offices 

that are open for business 
will have been sadly dis¬ 
appointed. If the atmosphere 
seems distinctly Jolly in the 
shops and supermarkets, the 
reasons being found in the . 
large numbers of battles of 
sekt; tiie .German sparkling 
-. wine, nestling - among . the 
frozenipeas and carrots in the 
refrigerated display cases. - 
Things will not be very different 
to-morrow,.; Judging by the 
-.'.number of s&a~ and-champagne 
■ breakfasts that have been 
organised, and it will not be 
until. Thursday that business 
gets back on an even keel. 

Even so, employers have got off 
far more lightly this year than 
usual. Easter falls early and, 
to many, of- the Celebrants* 

.r chagrin, the carnival period has 

been greatly ' foreshortened. 

Normally it runs into March. 
German industry, jt Would seem _ 
fair to think, is breathing a sigh 
of relief. The Federal Republic 
' enjoys more public holidays 
than any -European country 
: other than Italy. There are 11 
federally acknowledged holi¬ 
days, supplemented - by a 
number of others that vary 
from state to state depending 
_on;./local tradition and oo 
whether the. state is pre- 
dominently . Catholic .. or 
Protestant. ■ .In a bad-year, 
..when a majority of .holidays 
' fails - on working days,- an ■ 
. employer can face the prospect 
of losing his workforce for as 
many as 18 days a year. 

Relief at this year’s abort Fascb* 
ing season has by no means 
- been univereaL; The benefit to 
. industry as a whole-will-not 
be' . particularly great as - : 
demand Is still. at a low level 
. and few sectors are .working to 
full capacity. . , 

The brewing, distilling," wine- '• 
.growing and catering trades 
will tie iu the forefront of the "• 
industries, hit-- by- ‘decreased ■ 
.sales. % 

A .short carnival period will not - 
greatly help ' the retailing 
sector. Last year was anything 
, but-a vintage year for. shop¬ 
keepers and things dohot.seem ■ 
to be much ^better In 1978. . A . 
' short Fasching - means lower '- 
Sales, of .costumes, masks, 
streamers, hooters/ aid. all the - : 
rest of the carnival/ parapber- 
naiia-—admittedly .'not usually .-. 
bigfa-vjaoe products, but goods _ 
With a Very 'attractive mark-op. - T 
For -"traders. jh cities such as 
Mainz, Cologne vand Mu ni c h , . 

. where the carnival / is • an • 
rr especially -popular, festival, tbe 
foreshortened season is even 


w 


• f()R IN- 


hh 


• *!< 


BY HILARY BARhttS IN COPENHAGEN 


DANES COULD travel to London 
for Kr.60Q (about £54) return 
on a skybus service proposed 
by Sterling Airways. Europe’s 
biggest private airline- But the 
Danish Government has turned 
down an application from Sterl¬ 
ing lo start it, io order to pro¬ 
tect the joint Scandinavian 
national airline, Scandinavian 
Airlines Systems. 

An SAS tourist class return to 
London from Copenhagen costs 
Kr.2,560 (about £230). As a 
scheduled airline it does, of 
course, operate under conditions 
very different from those of a 
successful charter only company. 

Sterling, a private Danish 
airline, has carried tbe fight 
for cheaper air travel to the 
EEC with a complaint *0 the 
European Commission alleging 
discrimination against private 
airlines. 

Sterling’s case is significant 
for several reasons. It is tbe 
first private airline to try to 
use Rome Treaty rules to up¬ 
hold its rights against a national 
airline. If It makes any pro¬ 
gress there will be important 
Implications for all other pri¬ 
vate airlines in Europe. 

Sterling’s case may force tbe 
-EEC to make up its mlud 


whether it intends to operate a 
common air transport policy. 
This is the intention of the 
Commission, but attempts to 
move towards a. common policy 
have bogged down for the time 
being in the opposition of mem¬ 



ber Governments to anything 
that might expose national air¬ 
lines to unwanted competition. 

Sterling estimates that its 
proposed fare would provide a 
return per passenger of Kr.155 
with the aircraft operating at 
60 per cent capacity and Kr.45 
with 50 per cent capacity. “The 
prices are based on sound econo¬ 
mic principles,'' according to 
Sterling, which is part of the 
Tjaereborg travel group. 


In Its complaint to the Com¬ 
mission's directorate for com¬ 
petition, Sterling . wrote: “As 
Sterling Airways is able to cany 
out the planned skybus service as 


a sound economic project, bnt is 
prevented by the SAS monopoly, 
it is hereby demonstrated that 
the SAS monopoly acts as an 
unreasonable restriction on com¬ 
petition in the EEC.” 

The Danish Government it 
adds, is a party to enforcing 
unreasonable prices on the 
travelling public. The com¬ 
plaint is only part of a con¬ 
certed campaign by the airline 
for the liberalisation of Danish 
charier regulations. The other 
main points of the campaign are 
to get EEC rules of competition 
applied to air transport and to 
question the legality of state 
support and subsidies to SAS. 

The company has also put in 
a flank attack on SAS by tender- 
ins for the concession to operate 
tbe tax-free shop at Kastrup. 
Copenhagen’s international air¬ 
port. Sterling claims to have 
made the most favourable tender, 
but the Government is 
apparently planning to reopen 
the tendering. Sterling is con-' 
vinced that the Government 
wants to steer the concession to 
SAS. 

The European Court of Justice 
ruled in 1974 that the general 
rules of the treaty do apply tn 
air transport. The Commission, 


in a letter to the Danish Govern¬ 
ment in response to one of Ster¬ 
ling's complaints, has stated that 
this is the case. The EEC. how¬ 
ever, has made no progress 
towards the establishment of a 
common policy since the publica¬ 
tion in 1975 of an “Action Pro¬ 
gramme for the European 
Aeronautical Sector." 

That programme was sent by 
the Council of Ministers to the 
permanent representatives, who 
set up a committee of Govern¬ 
ment experts. These experts 
recommended that the general 
rules of the Rome Treaty should 
not apply to air transport and, 
in particular, that the rales of 
competition and rules on State 
subsidies should not apply. 

Sterlinz argues that the 
Danish Government, and those 
of Norway and Sweden, are 
giving SAS undue protection 
against competition from charter 
companies. As far as Denmark 
is concerned, its stake in SAS 
is held by Den Danske Luftfarts- 
8 elakah (DDL — Danish air 
transport company), which has 
a consortium agreement with the 
parallel companies in Norway 
and Sweden. The Danish Gov¬ 
ernment hap a 50 per cen». share 
stake in DDL. and DDL has two- 


geventbs of the shares in SAS, 
which is based in Stockholm. 

The Danish Government has 
not operated air transport policy 
so restiictively that charter com¬ 
panies have been unable to 
flourish. Besides Sterling, there 
are two. other substantial private 



airlines, Maersk Air, owned by 
the A. Holier shipping and 
industrial group, and Conair. 
But they hare not been allowed 
to operai? the so-called “inclu¬ 
sive’tour ’ business on the same 
terms as SAS, which is allowed 
to operate inclusive tours with¬ 
out geographical restriction, to 
any city, as week-end trips, and 
is combination with freight 
transport. None of these terms 
applies to the private airlines. 

SAS is subsidised in a number 
of ways. State guarantees from 
aJl three governments (totalling 
almost Kr.500m. in the five years 
to 1981) are available to facilitate 


its purchasing and there 'are 
special tax concessions. What 
bothers the charter companies 
more than anything is that SAS 
has its own charter companies. 
Sc an air and Transair, which fly 
in competition with the private 
companies. Tbe latter claim that 
the charter companies receive 
special benefits by virtue of then- 
connection with the state-subsi¬ 
dised SAS—an allegation which 
SAS does not accept 

The Sterling complaints have 
elicited a. series of questions 
from the Commission to the 
Danish government and an 
implicit reprimand of the 
Government for failing to inform 
the commission of the state sub¬ 
sidy to SAS. The Danish answers 
to the first questions elicited a 
new series of questions. Tbe 
Commission is still studying 
these. 

The skybus complaint has kept 
the ball moving. The next move 
will be further consultations in 
Brussels in March between 
Sterling and the Commission. 
Sterling's managing director. Ur. 
Anders Hetgstrand, is also in 
touch with the commission in his 
capacity as chairman of the 
International Air Carriers Associ¬ 


ation, M the Voice of the charter 

airlines and their passengers,” as 1 
it bills itself. 

Sterling’s lawyer,. Ur. Rasmus 
Reeh, feels that - political con¬ 
siderations. will 8 top the Com¬ 
mission floating tint the DDL 
consortium-agreement to operate 
SAS conflicts, with the .rules-of 
the EEC. Bqt.be-feels that “time 
Is working {bras’’ is the efforts 
to obtain a greater liberalisation, 
of air transport and the rights of 
the charter companies; And that;' 
as.he said. Is dUe not least to 
the success .of-the Laker sky- 
train service to .the U.S. 


I i'o 




more serious. These, towns 
-have famous and time-bonoured 
Fasching traditions that draw 
In crowds of. tourists -from alt 
over Germany. -It te adt.only 

the hoteliers and restaurateurs 

who reap rich rewards from the 
* ^carnival. routes- . ' Retailers do 
/ particularly well from the large 
'•numbers . -pf \ : free-spending 
revelers.- j'Fhis- ye&r-takings 
wiU be heayily down, . ' 

Munich responded:tb affihis with 
typical. .Bavarian-^ pragmatism-- 
'-The Carnival Association, on 
: jvhich tiie city's traders are not 
.."VtithbutM : that _ 

. ' thisyear’s- ,T?ascbixig _ period 
Would be extended by a. fort* 

:• night/ ; 






- TELEX COSTS v£30 ™ t 

If your business does not. warrant, a. Telex. JustaStttiett_of 
your own then you should consider' joining -our 'Teiex 
Sharimt Service, £30 p.a. You vrfil .thenlho uffie fo send 
and receive telex messages 'by using.ynnr .phone. w •> * 

.26 Teleprinters.are at your .-disposal, our.'operators, are 
available M0-a.uk4 .pjiL, Saturdays to 1-tun.. (Wfc provide 
ss-ort 


* 

* 

* 


file eoptes-oruiossages)."NoWTis the.time Jtffiriif ybnsrover- 


head costs, reduce letter-writing and.speednpyour bntiuess.. 

Way wq n»t? «»r- 4*achwgT rv r -'.7'' ' ’ : -'M 

writ*: r .r -. v -.' 


BRITISH MOHOMAIUCS 
BH-TELEX ,i- • ' 

LONDON WQV.MCX, 




L\ 

















3 




■'--'i > 'iStW<A''«tife£3¥!’-Vi’iSAiievI.TJO^i aij >_'•-■» -'-V * vfc* r - 



T .8 1978 


AS NEWS 


THE C 0 NKUCT «N THE HORN OF AFRICA 

• -\. • '.V'v.;\?;.; s • 



Ethiopia 



BY QU* FORHGH STAFF 




u V V S 
!•>&! 
S&. 

r* ' 


ur tE»' 

;• -r^ir 

i. ^rC M? *k ' 

£|V; 

, l! ^. 

■ 

SiSu 1 

j. v L;'- 3 *?. 

5S^??Ct 
Of Ci , S ,t ' ' 
* ceiebr:;? 

*-: v‘ •’ f,: 

»Vi ■ l : B >a a. 


- 

**«< fe 

“°. ri C-.'Tif . 

■?;,„ a 5-w*a* 
- ’ ■ j ! a? 


• * 'ilTJ 

- • *X J KbjihVl 


• ;= Ftt 
? ?t - sSr 
p ; Htea * 

■ “"n 

Id 4 

‘> ej 

i^acik 

i c.'i. >j(/f g. 

? LI| -:- r ssi 

V‘-»2a(lt 

•c ; ai\, j v 

pJisa: 

: '2 3« t-: 

«;*!:? 
: ^e 5 ^}^ e 
■' epic fc 
•c '"CiD z 
•-■ if:S!C 
'■ -ulK'J. ;x; 

=i *■?«» 

f:£ 

:.T.r-£Ti f 


:.r-p- :i- 
■ — *•? : - 


--• j£c 

i 1 "- ■i.fpiy: 

pi.! 'rIC. 
• BS?S. 

- I* - • .» . ■«. rl 

:s»: t 

i. ;; ?- 
• * 5 -Z «Si 

.i.-jb: a; 

:suS 
c; i» t 
rand? 


r.\,’..; ist 

’I "till; ^ ■ 
- • ■< 


i .:. - 

t-. : . 5 ^ 1 : 


• .-r- 

. FvfiC* 

•_ ,. . T-- ’ 

•■i >•-: ; 

.•■» - rs . 

' * • i: ■ ff r’ 

, - II f — • 

,^_A***. 

. 1.^4. '*■ 

SL 




v.' v:r* ; 






" ; i, 

r ’;.- 

-I-? 


-s;.jl i*; 1 ; 


i?’: 


f V yti-‘ rl l 

tvr? 3T 

f; - 1- .«■ 


. .a 

TJC <tV 

■S' 1 * 

» . 

a-- 1 , “fle?. 






S&-.» < 
rf- <■/>' 


r- 1 "'. i 1 '- 


o >V i^. 

r-- t r. 


STr, 

&!% 

:£H 


?h 


* ffyj 
“ , 

m 

.re- ■ 


, 4'U';hr 

***,6 


fr 


'*/■ 


WBSTBRPF -:. ‘ -MPLOK^TS;" 
portwi .t&to. tiratffioysandS,^f 
CixJton /i^afaitefl^nts.*j(f6re 6 b! 

. their’ way .to Ethiopia - to ihplster- 
a . massive eoanter^ffeniffrir^ 
against ,'Sc^ or^ih 

the pgatfen region of Ethiopia.’l;: 

At the^ 5attie^tiis<fe: Sfeiopiafi. 
.-official^ claims ^oulitai^ -jwiw- 
aroahd -tb^ town- of Hatar.^ d- 
Somali forced ^adhil^d 

retreated'from spia e ‘posi tioos-in 
the- Axobar oT EaateFn : 

Ethiopia': aftox^sa fafeioplsitf-air 
ap v hh^oha rd ija en t - :. 

• - .The -'^MPss&ro.-«« ! - dipfbxn a tie ■ 
sources aafimatst jjratia. further 
SJXfO. to-6.000 ;Cuban mifitary 
perstmnei were on their way and 
that the - .' . Russian aoapship 
carryihgjfiiftta would soon dock 
.at Assah phi rthe Red Sea. ..; 

• VMF ; \ateUigence sources put 
the number of Cuban personnel 
already ip Ethiopia at 3.000, with 
a farther L500 Russian?. Wash¬ 
ington also says' that. Cuban 
pilots have been flying Soyiet- 
made aircraft which have been 
shelling the Ethiopians. 

Informed.. sources :- in the 
Somali, eapital of Mogadishu 
repeated. ; their claim . that the 
J recent heavy shelling apd bom- 


ev. -- t-.- . ;»«»<« 

> -. nr . - 


Djibouti 




. . Dnr Ouwa 

ti; 

! O P 1 A 



Marcos 
outlines 
plans for 




bardmenf .of 'Sirtuali positions 
was a prelndd-to'h long-awaited 
Ethiopian offemitve into Somalia 
itself . 1 : ''/‘.T.'V' 

•. But" Elhiopten, officials were 
reluctant yesterday to call their 
new thrust jC'-eounler-offensive. 
** We hisw t^ken 1 - a concerted 
action.'. We are.now moving to 
drive the SotoaHs-Oui,” said Mr. 
Baalu Girma^^he acting Iraorma- 
tion Minister in; Addis Ababa. 


**The world is speculating that 
we want ‘ to go beyond our 
borders, but that is not true. Ail 
we want to do is drive the 
Somalis out of our territory. We 
have to settle this question once 
and for all," he said- 
But Arab and Western diplo¬ 
mats remain divided on whether 
or not the Russians would allow 
the Ethiopians to cross the 
border into Somalia with a drive 



for Addis 


BY MJCHAEL TONGA*. 


CAIRO. Feb. 7. 


SOMALI SOURCES argue- that 
the Soviet -Union has much, 
to gain by !an invasion of Somali 
territory.- •“ particularly since 
Somalia m- virtually friendless.’’ 

It -has. become .apparent in re¬ 
cent weeks - that those Arab 
States, opposed to . -President 
Sadat’s -peace initiative with 
Israel .are leaning towards the 
Soviet/Ethiopian side in ^he 
conflict in the Horn. "Moscow 
is using the current inabilhy eft 
Arab States to act together to" 

speed up‘a process which will 

destroy the - Arab : world as a 
strategic- entity,": the Sources 
said. ’ *; 


Analysis:frbm>.Mogadishu pre¬ 
dicts that “ Jfijfe'j: Invasion force 
would : take -nveY the triangle 
marked by. Hargeisa. Berbera 
and Zeila'wtochieontains almost 
two million .pe^ple. The Soviet 
Union, would, then maintain that 
this, was: an E^iiopian matter 
and offer, to mediate between 
Mogadishu and "Addis Ababa. 

The ^sources- said “They will 
use the occupation of the north 
iri -the name ;of- Ethiopia as a 
meansf ofi^mp^ing a federal 
solution^ .likei-tbat- proposed last 
year when Fidel Castro and Mr. 
Nfliblai ' Podgorn* ’ visited the 


araL 


*.7 A 


President Siad Barre’s position, 
if the predicted invasion takes 
place, would be untenable. Al¬ 
ready under serious internal 
pressure, tbe Somali leader has 
been hopping from army catup 
to army camp for weeks in fear 
of assassination attempts, 
according to Western intelli¬ 
gence sources. In the event 
President Bur re might not be en¬ 
tirely certain of the loyalty of 
his defence minister. Mr. 
Mubamed Ali Sam a tar, who was 
elevated to be first vice-president 
last year and is thought to be 
close to Moscow for practical, as 
we!! as ideological, reasons. 


to the Port of Berbers which 
would slice the country in two. 

Somalia claims that the aim 
is to annex' parts of north 
Somalia to establish a zone at r 
Lhe mouth of tbc Red Scu which j 
would bo under the control of 
Ethiopia's Marxist rulers. 

The Organisation of African 
Unity (OAUj bus launched a 
peace initiative in the Horn with 
lhe arrival of Mr. Joseph Garba. 
the Nigerfen Foreign Minister, in 
Mogadishu afler conferring with 
Ethiopia. 

Brigadier Garba said Ethiopia 
had “ put some tough proposals 
on the table ” and he indicated 
that, a Somali withdrawal from 
the Ogaden would be a pre¬ 
condition for talks. 

The crucial area in future 
fighting will be the rugged- and 
dry Ambar mountains which run 
from east to west and form a 
northern barrier to the flat 
Ogaden. 

ft was the Somalis* failure to 
capture strategic mountain towns 
such os Barer and Dire Daws in 
their offensive late last year 
which Jefi them vulnerable to 
counter-attack. 

Military analysts predict 3 two- 
pronged Ethiopian offensive with 
one column heading north-east 
from Dire Dawn along the rail¬ 
way line tn Djibouti, then turn¬ 
ing south ro outflank the 
Soma 1)5. The other offensive 
would push east from Harar 
through Jijiga to the Somali 
frontier. 

In Rome to-day, an Ethiopian 
spokesman said tbe Soviet Union 
and Cuba had sent only about 
100 military advisers and doctors 
lo help his Government and bad 
not given ntOTc than Sim. worth 
of military aid. 

Major Uirnta Meway. chairman 
nf the Ethiopian Revolution 
information Centre, told a news 
conference: “We only get medi¬ 
cal and technical assistance.” 

He added: “We have reliable 
information that Egypt. Saudi 
Arabia and Iran are airlifting 
well aver 7,000 troops into 
Somalia to help boost tbe 
Somalia army.” 


election 


China ‘seeks to buy 
Australian uranium’ 


Lebanese 


BY COLIMA MbcDOUGALL 


By Our Own Correspondent 

MANILA. Feb. 


: CHINA will send a high level 
.mission to Australia within the 
’ next few months to discuss pur- 
PRESIDENT Ferdinand Marcos chases of uranium, government 
to-day signed o new election code ■ officials said in Canberra yester- 
to govern the coming Philippine; A teara from Peking is due 
national elections, which he: ‘ c ,. ril>ai . u i, hin 

back by five days 


plans for economic development 
it may no longer be - enough. 
Electric power was publicly 
picked out on several occasions 
last year by official Chinese 
sources as unreliable and 
insufficient. 


. , , , „ . _ : in Sydney within the next few 

moved back by five days to i ~ * . , „ jv««w 

April 7 u> give candidates more months for talks with Mr. Doug 
Lime jo prepare. 1 Anthony, the deputy prime 

The elections are for 165 seats j minister, who also holds the 
of a tiuO-memher interim national trade and resources portfolio, 
assembly, which Mr. Marcos says aCCordin n l0 Reuter. 

he is organising to bring the. ^ 

Philippine hack to political: The Chinwe are **!*£* 
normality, after more than five’discuss trade generaH}, hul ihe 
years nr his one-man rule under! roissum will include se era 
mania! law. Twenty seals are to I auclear experts. It w ill he toe 

be filled by appointments from: J - ° 

Mr. Marcos's Cabinet, while elec-I 13 ^ 51 W1 to Australia on the 
dons in the vomh, agriculture I «PPlY of uranium, toough lhe 

and labour sectors wiU deter-f«*J« J* S^vfnStfr and 
mine the remaining 14 .when the Prime Minister ana 

Mr. Marco* ha.s repealed an j °toer minister nsited Peking 
Mrlier rinrr,. W a nnin^ nprsnns.OVer the last tWO >eaH. 


Discussions with visiting 
foreign teaaifi on nuclear 
powered generation do not seem 
so far to have -reached fruition, 
and the extent of Chinese re¬ 
search ou the subject is noT 
known. Up nli now, the U.S. 

Bureau of Mine*, believes. China’s 

own resources of uranium have 
been more than enough. Uranium 
□re has been extracted from 
Chuannan in Riangsi province 
and Weiyuaa in Kwangtung. it 
reports, and it has also been 
recorded as occuring in Sinkiang. 

Manchuria. Inner Mongolia, 
Chinghai and southwest China. 


earlier decree banning persons 
facing subversion and other The Australians «if! find it 
charge? from running in the i difficult to sell uranium to China 
elecfions. This, in effecr, would.without strong guarantees that 
allow imprisoned opposition: it is strictly for peaceful pur- 
leader. former senator Benigno i poses since they are signatories 


recruits in 


clash with 


Arab troops 


By lhsan Hijazi 


BEIRUT, Feb. 7. 


Early this month a leading | 
Chinese scientist said-tbat China! 


Aquino, to seek election. 


Kashmir talks 


j 10 the nuclear non-proliferation 
treaty. Furthermore there might 


By K. K. Sharma 

NEW DELHI. Fen. 


be strong Australian opposition 
in vjch> of the risks inherent in 
the use of nuclear fueis even for 
power generation. 


The Chinese are apparently 


PAKISTAN'S continuing demand j _ s - eeking uranium from other 


for self dele munition for the 
people of Kashmir is likely to be 
thu mum subject for discussion 
whpn General Zia-ul-Haq. Paki¬ 
stan's ruler and chief martial law 
administrator, visits Delhi soon 
for talks with Mr. Morarji Desai, 
tbc Indian Prime Minister. 


countries and had talks with 

Canada lasr week. In view of 
Peking's huge purchases of 
wheat from Australia. Canberra 
j may find itself under some 
pressure to fall in with Chinese 

{requests since the balance of 

The intractable- Kashmir l»«igSb W? S “* & 

5 ,r, „ < r i 1 S ’ » ' i! S3 nor bCd 

Behan V j," ““ l \«» ««-. } f «|>W« 1» ««■ 

Foretsn Minister. This is the | w ,e " !ram - 

firsi visit by >urh an Indian’ The Chinese are not known 

minister lo Pakistan in 11 jears. j hitherto tn have iraportel 

India's position is that Kashmir! uranium, iboush in ihe early 
is an inalienable part of the {1970s Gabon apparently offered 
country, while Pakistan has;to sell them some- The U.S. 
demanded a plebiscite to settle (Buroan nf Mines, in a 1975 re- 
its Tulure. The two countries j port- affirmed that domestic 
have been to war three times Chinese sources were at that 
over the issue since indepea-;time more than adequate, but 
donee. I with Peking's current ambitious 


was studying the nuclear gener-l 
ation of power, and the question! 
appears to have been discussed I 
recently with both French and! 
West German industrialists. 

The recent high-level French 
delegation included the chair¬ 
man of Alsthow-AtJanDque 
which is hoping to sell a coal- 
fired power station to lhe 
Chinese and the general manager 
of Creusot-Loire which hopes to 
sell them a nuclear power 
station. 


What information there has 
been until now appears tn have 
come from the Czechs, who at 
one time assisted the Chinese in 
processing uranium. As far as 
military uses are concerned. 
Prague' radio said several years 
ago lbai the Chinese were using 
lithium-7, a cheap and easily j 
obtainable mineral obtainable in i 
Sinkiang and the Up.ier Altai, 
as u thermonuclear fuel. The 
Czechs at that time believed 
lhat Chinese nuclear research, 
was up to world levels. Since ‘ 
then, the Chinese have exploded 
their 21st nuclear device tin 
November 19761. at four mega¬ 
tons the biggest so far. 


Carter talks. Page 4 


SYRIAN' TROOPS of the Arab', 
peace-keeping rorce clashed I 
to-day with Lebanese soldiers ' 
stationed at the military 
academy on the main Beirut-^ 
Damascus highway. fnitiat> 
reports pat the number of' 
casualties at two killed and! 
ihrec wounded. . . 

Syrian soldiers hacked by- 
armoured personnel carriers 
Mealed off Fayadlyah. a suburb 
east of here where the . 
academy is located, and the 
highway was closed to traffic- 
during the four-hour shool-out 

This was the first clash of 
its kind since 30.0(10 Syrian- 
troops came here 15 months^ 
ago to maintain law and order' 
at the end of two' years or 
civil war. During tbe last 
mouths of the war. Syrian 
regulars hacked Right-wing 
Christian militiamen who were 
hauling Palestinian guerillas 
and their Lebanese. Moslem 
and Lert-uing allies. The 
military academy, which is not 
far from the Ministry oF 
Defence and Presidential.- 
palace, was in the hands of 
Right-wing —factions in the 
Lebanese army, which broke 
up and disbanded during the 
strife. 

A communique from the 
command of lhe Arab force 
blamed the clash on unruly, 
elements among new Lebanese* . 
army recruits, ft said the. 
shooting followed a personal, 
argument between the recruits' 
and Arab forces at a roadblock. 
Eyewitnesses said the recruits 
ran into ibe academy for pro¬ 
tection and support after shots 
were bred during the argu¬ 
ment. 

The Lebanese army com¬ 
mand has engaged in recruit¬ 
ing id hoosl lhi- ranks of ihp 
new army. A core of about 
4.00(1 men has already been 
established. 


NAMIBIA’S SEARCH r&zf. 
FOR INDEPENDENCE ; 



• s r -?i.. ^ 


BY QUBNT1N"’pdL : WIWHO« AND MARTIN OtCKSON 
v: ' . in ajondon > 


THE PROSPECT of iroounent. year, elections for a constituent 
independence hag- largely passed assembly'must take place by nud- 
hy the town of Windhoelc, capital year. If the independence date 
of the disputed territory of is allowed to slip, they say* 
Namibia (South .West Africa). Pretoria’s credibility ntay suffer. 
The conn try's > three. -European. So^too would the credibility of 
languages—^Afrikaans; German the, 'conservative alliance ' o f 

z and Errglisth^predomlnate.in the-tribal, ethnic and . 
shops; offic^; and hotels of the -whites ^hich ^erged irowthe 
.town, itself .a curious roixtore of Tnrnhalle y or f^T 

German - colonial, and nioderz^wmite nndonbtedly Jke tHs 
South- African styles; Thfr lap: group, calling itself the Demo- 
guages df^the-hidigeiwua peoples craDt-TorDhalle AUjance -tDTA), 
are still cOnfiaed .to tite Wtcnens ; - 

and aculieries-. A future' rizled 
by a blips majority government 
seems, light years a way: 

Yet Namibia is heading to¬ 
wards ipaependehre^ The vital, 
question yet ^to.-be answered is 
what forin jiiis WiB-talce.’.-Tn an 
attempt to JJcatf: off ^ixinilhteral 
soiaiion imposed by Pretoria; the ‘ 
five Western; members of tifeXJN 


- Security Cnunoil have, been try¬ 
ing -since. last- April .tio -work, out 

- an-' : . ’ inteniatldnhlQ v. atceptaWe 

•settlem ent' with South :'A£r«a= an d 
SwapOr the Namihlah: nationalist 
organisation.-,- . -> - •' '■= v ~- 

••" These efforts will;:-reach a 
'climax, this - week-ejd - when the 
• Fcireigb: .'MfnisterB - ot : l'tiie ' five 

- countries 1 -Vholtj . /- separate 
w proximity^ : Talks in- New York 

with Mt-.PHe Botba, tbetF SpUth . • Th*. DTA itieif armies 
African xoanterpart. ahd the 



'uSSS-JSSS^Sr^S -that io do so it mtet be able to 
the two, the Wesfis tabling its de °^ ahdement 

•35S5 sssffig- “y'^gsg 

African iifegoUator says, fte most 
important thing is the creation of 
^ a foItStive a viable, ■ stable state ."with the 

are growing ffl,tallv ? support of the majority of the 

may be clow to collapse. * ' . y 

:U * °« e sch00{ o£ tohffght argues 

spread-^eh^araong wUites -South Africa has been 

cynical about ' the .Western 
- initiative from the start, going 

■- co&trot of .the territory,- with ils gjQQg'^tb it but assuming that 
-..rich-.reserves./of uranium .and Sw ^ 0 wiIl neyer '. ^cept 
• diamonds. -^r. ; - Pretoria’s minimiim:.conditions. 

thlclsly; carpejed lobby lactic would be to demon- 
■ s pr^/er hotei, some gnate Swapo’s " unreasonable- 

100. Swapb - folfcwers stage a oeas » i n the hope that'Pretoria 

rowdy demoostrahon .for- the aVoid blame for any break-. 
b«^t of-Westo diploma^ m- down in negotiations—and could 
involved. in .am- aye-power - t t0 persuade the West to 
initiative.. Waving -placards hank itc “ internal" solution. 


mjnaove.. wavins hack Its 

demanding^ the total T withdrawa 1 p or part Swapo has been 
of South Afripa. singmB-hbera- j and consistency dubious 
titra songs, mr ^ye.thejr say ^ initiative. ” 

knroW Atehiphirra. tno jncihno ?! JW . ._ __ 


u 1“; 'T 6 ?. ..«h(iut. tne imuuuve. Mr. Sam 

—barely disturbing^the ^nsitjng, „ a j OTM> the movement's presi- 
tourists from.West j Germapy and. j__* jjas described, it- • as an 
south;' '■ African -tamW attempt to “ bail nut” lhe South 
drinking roffe^. to thetounge. . Africans. The nationalists’- seep- 
The few uncomitdttml • ob^ gi. sm ^ reflected v-io. their 
vers. ta .Windhoek - ’Me "negotiations’' with the 'five, 
extremely sceptical about f u «^e,rf esc ribed by one senior diplomat 
of the Western- inittative. . So ^ “ desultory.” 
far South AfticaJbaa .mpst g ome people believe Swapo is 

playing into the South Africans' 

men P c ^ oyer lt> >tM>d2? h e ^ Q ^ 

j- hv -the ’-South"African ttons themselves. There are 

-sponsored" Tnriihalle ^fereocc taD^sint^^fn 0 
—a constifution. which remforred Ural South Africa, maywin 
Namibia’s^^dlvieipu Into- 11 .ethnic mng . a ” d 

: Sr soulh African'V " negotiators though tois is not a .view xbared 
declare that since they promised' by Mr. Nujoma. . . .. . 
m 1975 to grant 'Namibja, io- NevertJ»to 5 ^.r. Stgapos deep 
- dlpendenbe by December. 31" this distrust of the South Africans is 


understandable. The movement 
believes Pretoria has no real in¬ 
tention of handing over power 
and cites recent incidents in 
tbe north Namibian Ovambo 
" homeland ”—the heartland of 
Swapo’s support aDd the main 
area for its sporadic guerilla 
attacks—as justification. 

Despite South Africa’s 
relaxation of emergency laws is 
the north. Swapo’s deputy chair¬ 
man and other officials were 
picked up by the police in 
December and detained for a 
week-end. Shortly afterwards 
police, aided by local tribal 
soldiers, broke tip an apparently 
peaceful Swapo meeting in 
.Oyunboland with teargas after 
TnrnhaUe supporters bad tried 
to disrupt tbe meeting, 
according to Swapo. A similar 
incident took place last week-end 
in tbe remote Caprivi Strip. 

There is also continuing 
South African military invest¬ 
ment In tbe territory, including 
the recent purchase of some 40 
bouses in the capital, Windhoek, 
and the allocation of a large 
tract of land on its outskirts for 
a new army headquarters. 

Against this background, the 
troops issue will he bard to over¬ 
come. South Africa has 
apparently agreed to withdraw 
ail but about 3.0(H) of the 20,000- 
50,000 troops stationed in 
Namibia. But they want .some to 
remain operational along tbe 
northern border with Angola, 
from which country Swapo 
mounts its raids. Pretoria does 
not want UN forces to have'an. 
operational, but merely an ob¬ 
server role. 

Swapo is sticking to tbe letter 
of UN resolution 385. which de¬ 
mands the total withdrawal of 
the South . African military 
before elections, to be b.eld under 
“UN supervision and control." 

The West is trying to bridge 
this gap by suggesting that 
South Africa keep about 1,500 
troops as -a symbolic presence, 
probably confined to barracks in 
the North. 

Even if this obstacle is over¬ 
come, however, there are others 
to tadcle: tbe relationship 
between the head of the UN 
force and South Africa's 
Administrator General has to be 
defined in a way that will get 
Security Council backing, and 
so far the South Africans are 
not prepared to accept a wording 
which speaks or UN ** control." 

Another hurdle could prove 
to be the status of Walvis 
Bay, annexed by Britain 
in 1884 to'the then Cape Colony. 
Swapo wants South Africa to 
hand the enclave over to 
Namibia but Pretoria has threat¬ 
ened to break off talks with the 
five powers if the status of 
Walvis Bay is disputed. The 
enclave is the oRly natural deep 
water port between Angola and 
South Africa, so while Pretoria 
argues that It is essential for 
defence purposes. Swapo says 
that it is vital for Namibia’s 
economic independence. But 
the nationalists may not press 
this point in talks with the West. 

If South Africa were to go 
ahead alone with elections the 
anti'Turnhallc forces in the ter¬ 
ritory would face a.4ilemma. 
Already the leaders of Namibia’s 
influential churches, who have 
little sympathy for the Turnhalle 
alliance, are mooting the forma¬ 
tion of some sort of broad front 
to oppose it, - enjoying at least 
tacit Swapo support. Whether 
such a front would receive the 
backing of the more militant ex¬ 
ternal Swapo leadership is doubt¬ 
ful. 

As far as the Western initiative 
is concerned, there is dearly' a 
danger that it will -degenerate 
into little more than an eserciso 
in diplomatic face-saving, with 
both the principal protagonists 
blaming the other, for failure. 1 


Financial TiMfcv twW«Ii*a daily «ctW Sim- 
dan and holiday*. U.S ***ctiwJoo KU» «1 
ioir freiCJHi SJH 0 .IW, Ulr mam per *nma 
second dap* postage. Mid ai'Noo York. N.Y. 


Well give you an office inlokyo 
and a charming introduction to40,000companies. 


Right in the heart of Tokyo’s 
business district is the JAL Execu- 
tiveServiceLounge.Yourofi&ceaway 
from the dffice, conveniently and 
comfortably situated on the mezza¬ 
nine floor of the Imperial Hotel. 
Since there’s everything there for 
you except the overheads. Its better 
than having your own Tokyo office. 



The lounge provides ail the 
regular office facilities, free or at a 
nominal charge and is staffed by 
both JAL and JETRO, the Japan 
External Trade Organisation. The 
JAL staff will take care of your travel 
and accommodation arrangements , 
and will obtain the services of secre¬ 
taries, interpreters, chauffeurs and 
guides. The JETRO staff will help 
with all aspects of your business. 



Through their computer; they can 
provide information on 40,000 
Japanese companies. Then, if you 
wish, make the introductions. 



Recently JETRO staff at the 
Executive Service Lounge have 
found a distributor for an Italian 
manufacturer, a market for an 
English paper maker, a supplier for 
aFrench food company and ajapan- 



ese partner for a German firm. And 
tills is just a handful of examples. 

Remember too, that the Execu¬ 
tive Service Lounge is only part of 
the ] AL Executive Service, the first 
and still flie most comprehensive 
package of business aids for the 
executive visitingjapan. 11 gives you 
all the help you need before you go, 
on die way and when you get there. 

With all tliis, 22 flights a week 
and JAL’s ^comparable in-flight 
service, it's no wonder that JAL fly 
more Europeans to Japan than any 
other airline. 


Ufe never forget 
how important you are. 


MPAN AU9 LINES 


Find out more by contacting the Executive Service Secretary at your nearestJAL office or 
mail dlls coupon today. 

Please send me my copy of the new brochure on theJALExecutive Service. 

To;J apan Airlines, 8 Hanover Street, London W1R ODR. 


Name- 


Address- 


Position. 


FTP 15 


Company^ 























4 


Financial Tones Wednesday February 8 X97S 


AMERICAN NEWS 


Snow storms bring chaos to North-East 


BY JOHN WYLES 

THE WORST SNOW storms 
since 1947 have brought wide¬ 
spread chaos to the U.S* North- 
East, disrupting air and road 
communications and halting a 
broad range of commercial 
activities. 

Drifting snow whipped up by 
gale-force winds has closed 
major motorways in the states 
of Connecticut and Massachu¬ 
setts while many others which 
have been kept open in New 
York and-New Jersey are in¬ 
accessible because of stranded 
cars blocking service roads. 


Kennedy. La Guardia and 
Newark airports were dosed 
this afternoon and - did not 
expect to be reopened at least 
until to-morrow morning. 

Snow was still falling in 
New York this morning, more 
than 30 hours after the storm 
first struck. About 18 inches 
has so far collected in the New 
York area, while Boston, which 
suffered power failures earlier 
to-day. was expected to be 
deluged under 24 inches before 
the storm passes. 

This latest inundation came 
only 16 days after the North- 


East had suffered a 12-inch 
fall which had revealed a lack 
of preparedness in many areas. 
New York City bad little more 
than half or Its snow ploughs 
available because of mechan¬ 
ical breakdowns, hut during 
the last 24 hours the city's 
Sanitation Department bas per¬ 
formed much more creditably 
and kept the main avenues 
passable. If only just, for buses 
and cars. 

However, the city was 
ghostly quiet to-day because 
thousands of office and shop 


NEW YORK. Feb. 7. 

workers either elected or had 
been told to slay at home- 
Most banks were closed, and 
although the stock exchanges 
opened this morning trading 
«as tight and brokerage firms 
were already counting the cost 
of the weather in lost com¬ 
missions. 

According to latest forecasts 
the snow was expected l 0 have 
passed over the New York 
area by early afternoon. How¬ 
ever. temperatures well below 
freezing are predicted at least 
until Saturday. 


WORLD TRADE NEWS 




Australia in 
GATT . | 

agreement ; plan to cut output 



Canadian 
economy 
may miss 
targets 

By Victor Mackie 

OTTAWA. Feb. 7. 

THE CANADIAN Government’s 
goals for the economy over the 
next four to five years may fall 
short because oE poor per¬ 
formance in 1973, according to 
a confidential Government 
report. Tbe report was issued 
to-day to reporters by Sir. Ed 
Broadbent, leader of tbe oppo¬ 
sition New Democratic Party. 

It sets out proposed targets 
for real economic growth, in¬ 
flation and unemployment for 
the years to 1982. The paper 
will be presented to provincial 
premiers at a three-day economic 
summit meeting in Ottawa next 
week. Tbe paper has already- 
been used behind closed doors 
at the current round of federal 
provincial meetings on the 
economy. 

He said the document proved 
that the premiers' summit con¬ 
ference was called by the Prime 
Minister as an electoral spring¬ 
board. 

Tbe 103-page paper sets our 
targets for the economy but then 
adds that it will be a challenge 
to achieve even the average pro¬ 
jected growth rate of 5.5 per 
cent, this year. The paper notes 
that most forecasts now see real 
growth in the economy in 1978 
at between 4 and 5 per cent. 
In addition it expects a rise in 
the rate of unemployment. 

Seasonally adjusted unemploy, 
ment fell by 0.2 per cent, to S.3 
per cent, in January, however. 


Tentative agreement leaves 
coal strike end in doubt 


General Motors record profit; 
Dutch buy Dillard Stores, 
American Cyamid upturn and 
other American Company 
News . Page 22 


| BY STEWART FLEMING * 

(the BARGAINING Council of 
!the United MineworkerS' Union 
I (UMW) was meeting this morn¬ 
ing to examine a tentative agree- 
, ment which could end the 64-day- 
! old U.S. coal strike. I he longest 
strike in tbe 88 years of tbe 

■ union’s history. 

The agreement between the 
negotiating teams of the UMW 
.and the Bituminous Coal 
Operator*' Association was 
' announced late yesterday. There 
is. however, considerable un- 
; certainty about whether the 
‘tentative agreement will lead to 
Jan early return to work by the 
; 160.000 UMW members. 

Only broad outlines of .the 
: pact have been released and 
! these provide, among other 
'things, for an increase in aver- 
I axe pay, over the three-year life 
of the contract, of 82.35 an hour 

■ rn S7.S0 an hour: and for total 
benefits, including wages, to ln- 

: crease by 37 per rent. 

• The 39-member council, com¬ 
prising the executive Board and 

■ district presidents of the union, 
' has to approve the settlement 

before ii can be put to the miners 
for a vote. Bul at its meeting 

• this morning, the council will be 

■ presented with only a summary 
J of the agreement because tbe 

full text has yet to be agreed. 
Few observers are expecting the 
, council to agree in the final 
: wording without having seen It. 
i Even when tbe full text is 
i ready for the bargaining coun- 
ii-il. in the next day or two. its 
; reaction will be unpredictable. 

' Mr. Arnold Miller, the UMW 
| president, may not command 
enough support, after bitter 
union feuds in the past year, to 
(carry some of the more unpalat- 
J able proposals in the pact past 
I fierce Internal opposition. Even 
I some coal management sources 


are predicting that further 
negotiations will be needed be¬ 
tween tbe union and management 
before the council approves the 
proposed settlement. 

It would then be up to the 
men to vote on the agreement. 
This would probably be a pro¬ 
tracted process. Even if it were 
to go smoothly, it would take at 
least ten days for miners around 
the country to vote. It is already 
clear, however, from their re¬ 
action to leaks of the tentative 
agreement, that there are ele¬ 
ments in the package which 
many miners will find hard to 
stomach, cveo after 64 days with¬ 
out wages. 

Welfare funds 

One of these is the proposal for 
trying to reduce the number of 
unofficial strikes — the greatest 
for any industry in the U.S. The 
proposed agreentent provides 
that miners who go on unofficial 
strike must make up to the 
health and welfare funds 
revenues which consequently 
have been lost. Miners are 
already expressing anger about 
tbis plan to penalise them for 
unofficial strikes, many of which, 
they claim, are deliberately pro¬ 
voked bv management. 

Moreover, it is not clear now 
the penalty system will work. 
This is because the health and 
retirement funds in the industry 
are to be closed down. When 
they were established 30 years 
ago. they were a landmark in 
U.S. wage bargaining. They pro¬ 
vided miners with a scale of 
benefits which still does not 
exist in many other industries. 
Now. instead of a welfare pool 
fur the industry, each coal com¬ 
pany would, if the agreement is 


NEW YORK. Feb. 7. 

secured, provide its own health 
scheme to a guaranteed level of 
of benefits. 

The welfare funds have been a 
symbol or the strength of the 
union, and abolition of them 
would be bitterly opposed by tbe 
members, especially if. as seems 
likely, the minimum' benefits 
scale is to be less generous than 
tbe previous system, under which 
the miners did not have to pay 
for hospital care. 

For all these reasons, the out¬ 
look for an early return to work 
by the miners is still uncertain 
On the other band, each day of 
continued strike that passes 
increases the threat to U.S. power 
supplies- 

So far, no widespread disrup¬ 
tions have occurred in electricity 
supplies, although the combine 
uon of bad weather and ibe 
strike bas led lo spot electricity 
shortages, particularly in surne 
Mid-West Stales. Une reason whs 
the nation has been able to cope 
with the strike so tar is that coai 
accounts tor only about 20 per 
cenL of U.S. energy supplies. 
Another is that, of the 65uiu tons 
or coal produced each year, only- 
half comes iroin pits organised 
by the UMW. Non-union mines 
have continued to operate. 

When the strike began, official 
forecasts suggested that it would 
fake a stoppage ot between 90 to 
120 days before widespread 
power dislocations began. The 
strike is now 64 days old, with 
a settlement only just comini 
into sight and concern is mount 
lug. Now. however., the coal 
companies can say that they, at 
least, have met their responsi¬ 
bilities. Political and public 
pressure for a settlement will 
focus on the union. 


AFMANCIALT1MES SURVEY 



March 14 1978 

The Financial Times proposes to pnblish a survey 
aa Overseas Construction. The main headings of 
the provisional editorial synopsis are set oat 
below. 

INTRODUCTION The search by builders and civil 
engineers for work in overseas markets continues 
unabated. There is evidence to suggest that while 
the biggest constructors continue to dominate the 
field, smaller companies without previous experi¬ 
ence of working abroad bare been making 
considerable headway. 

UK Constructors Abroad 
The International Contractors 
Provision of Finance 
Provision of Labour 
Insurance 

Joint Ventures and Consortia 

Building Materials 

Foreign Constructors in Britain 

Government Support 

Consultants 

The Middle East 

The Middle East Contract Conditions 
The United States Markets 
Markets in Nigeria 
Markets in Latin America 
For further details on the editorial content and 
advertising rates please contact Ian McLaren or 
Robert Murell, Financial Times,-Bracken House. 
10. Cannon Street. London EC4P 4BY. Tel; 01-24$ 
8000. Extns. 360 and 246 respectively. 

KNANCIAl. TIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the 
Financial Times are subject to change at the discretion 
of the Editor 


Gas price initiative raises 
hopes for Energy Bill 


BY JUREK MARTIN. U.S. EDITOR 


WASHINGTON, Feb. 7. 


LOCATE 


r 

1-^tOWA<*- 




r*/ • 






-a 


V 


at America's crossroads 


•ideal sites for distribution 

- and manufacturing 
.-•Top labor productivity 

• Favorable laws 

•’Prime Opportunities lor license, 
joint ventures 

• Available industrial Du’ld'ngs 


Contact: 

Ron Kraft, Director 
Iowa Europa Burn. Dept FT 
Am Salzhaus 4 
D-6OQ0 Frankfurt/Main i 
Federal Republic ol Germany 
Telephone: 0611 /28 38 &3 
Telex: 18411 413 322 LCD D 


THERE NOW seems to be a 
strong chance of resolution of one 
of the two big sticking points 
which have left the Energy Bill 
stalled in Congress—the de¬ 
regulation of natural gas prtces. 

Until now. the Senators on the 
joint congressional conference 
committee on energy have been 
evenly 'and bitterly divided (nine 
against nine) on the issue. But 
both sides—one purporting to re¬ 
present consumers, and under 
the leadership of Sen. Henry 
Jackson of Washington, the other 
a coalition of Conservative Re¬ 
publicans and oil slate senators 
under Sen. Bennet Johnston of 
Louisiana—have come up with 
rtfcw proposals which seem to 
form the basis for corapronn.se. 

Sen. Jackson, a vigorous advo¬ 
cate of keeping federal price con¬ 
trols. has reportedly offered the 
following formula—raising the 
price of newly-discovered natural 
gas from the present $1.48 per 
1,000 cubic feet with annual rises 
to take account of inflation until 
I9S4 when controls on the price 
of newly-discovered gas would be 
ended. The re-instatement of 
controls' would be allowed if 
price rises got out of band. 

The gas producers, which had 
hitherto pressed strongly for de¬ 
regulation are now pressing for 
a rather higher initial price— 
$1.90 per 1,000 cubic feet—and 
an end.of controls at the start 
of 1983 (rather than at the end 
of 1984), with more generous 
allowances for inflation. But the 
gap between the two parties 
appears bridgeable. 

Tbe Carter administration 
originally proposed an initial 
price of SI.75, plus the indefinite 
retention of controls and their 
extension to the currently unre¬ 
gulated gas which is produced 
and consumed in its state of 
origin. However, it appears 


likely that the White House will 
accept a compromise version 
along the lines now being 
projected. 

If agreed to. and if accepted 
by the House of Representatives 
members of the conference com¬ 
mittee. this would mean that the 
conferees would be left with one 
main element of tbe energy 
package outstanding—ibe well¬ 
head tax on crude oil designed 
to bring the domestic price up 
to the levels in the rest of the 
world. 

There is. however. little sign 
that this thorny problem can be 
easily resolved. Sen. Russell 
Long, a tax expert who*c close 
ties to the oil industry have been 
well documented, is not hairier- 
ins to conceal his doubts that 
any compromise ran be renebed 

The Administration proposed 
that the procerd* of the well¬ 
head tax should be returned to 
consumers, whereas Sen. Lung 
wants at least a cood proportion 
earmarked for the industry so 
as to encourage exploration and 
production. 

With higher social security 
taxes taking their toll on con¬ 
sumers. the administration is 
aware of the difficulty Congress 
will have especially in an elec¬ 
tion year, of approving further 
increases in domestic energy- 
prices or higher taxation. 

Whatever emerges from the 
conference committee has to be 
submitted to both houses of 
Congress for approval. The 
Kpuse of Representatives passed 
Its version of the energy bill by 
a relatively slim margin last 
summer, and, tbe longer the 
process drags on and the more 
unsatisfactory the final product, 
the greater will he the chance 
of the House reversing itself, 
especially a* the Primary elec¬ 
tion season approaches. 


Pressure on China policy 


BY DAVID BELL 

PRESIDENT CARTER was meet¬ 
ing to-day two senior U.S. 
diplomats who bave both 
publicly called on the Adminis¬ 
tration to re-open U.S. diplomatic 
relations with China, 

He was due to review the 
Administration’s China policy 
Erst with Mr. Mike Mansfield.-the 
U.S. ambassador to Tokyo and 
formerly the Democratic 
majority leader in the Senate. 
Mr. Mansfield has made no secret 
of his view that the U.S. should 
move to re-establish relations 
with China, even if that meant a 
break with tbe nationalist 
Chinese Government on Taiwan. 

More recently, Mr. Leonard 
Woodcock, the leader of the U.S. 
mission in Peking, has said 
publicly that the U.S. must soon 
establish full relations with 
Peking 

But the Administration has its 
nun reasons for not wanting to 
raise the Pekina issue now. It 
needs all the support that it cao 


WASHINGTON. Feb. 7. 

get for the Panama Canal treaty 
and on any strategic arms treaty, 
if and when agreement is 
reached on arms reduction. Many 
members on the Senate, particu¬ 
larly those on the Right, link 
these issues with Taiwan. They 
fear that President Carter may 
be preparing to sell nui the anti¬ 
communist government there. 

Their feelings are summed up 
in a bumper sticker to be seen on 
cars in the Washington area. 
It reads, “To-day Panama. 
To-morrow Taiwan.*' The 
Administration wants Panama 
and strategic anus out of the 
way before it turns to China. 

Mr. Woodcock, the former 
head of the United Auto Workers 
Union, is said to have been a 
great success in China and to 
have met many Chinese officials 
who had not been previously 
introduced to Americans. He was 
appointed by Mr. Carter, whom 
he supported early in his 
presidential election campaign 


By Kenneth Randall 

CANBERRA, Feb. 7. 

AUSTRALIA and the U.S. have 
agreed to work “closelj together’* 
in the GATT multilateral trade 
negotiations in Geneva. The two' 
main areas singled out for 
co-operation are liberalisation of 
agriculture and the need for 
effective controls on • the export 
of subsidised products to tradi¬ 
tional markets. - 
These have become the main 
issues m Australia's year-long 
argument with the EEC over: 
access to Europe and alleged i 
European “dumping" of com-; 
modi ties in third countries to- 
which Australia had previously j 
been a supplier. ; 

Tbe Australis-U-S. agreement; 
on co-operation emerged from aj 
meeting io Canberra to-day > 
between Mr. Fraser and one of. 

President Carter’s deputy special; 
trade representatives Ambassador : 

Alan Wolff. In a formal joint; 
communique afterwards, the two \ 
men said that in considering' 
agricultural trade on a global; 
basis they bad discussed beef: 
and wheat In particular. 

They had established a number: 
of areas of common view and, 
agreed (hat unless there was 
liberalisation ot trade in agri¬ 
cultural products, parallel with: 
that for manufactured goods 
“there would he no balance in • 
any negotiations in terms of the« 
totality ol world trade." : 

The statement said: “In this; 
regard, both sides stressed that; 
the Geneva negotiations could 
not be concluded successfully' 
without substantial progress 

Hbewl£attoi! n to^ffi^added: EXP0RTS lhe Svdss clothing Germany. Italy and France, The Export 
disciplines over the use of export industry rose by 14.4 per cent rise in clothing mvpnrte-from volume 


BY DAYtD BUCHAN 

AN AGREEMENT between 
Europe’s major synthetic fibre 
producers to cut excess capacity 
may be near, following a meet¬ 
ing between ■ Viscount Etienne 
Davignon. EEC. Industry* Com¬ 
missioner. and top companies in¬ 
cluding Courtaulds and 1C1. ... 

The Commission has been con-; 
ducting discussions since last* 
autumn with tbe .13 producer* 
that dominate tbe- European 
synthetics market- 

But it bad been held up 
because the Italian Government 
refused to curb expansion plans. 

EEC and industry say the 
Italians “ significantly shifted 
their position; 1 at yesterday's, 
meeting. 

After a’ recent meeting between 
Viscount Davignon and Sig. 
Donal-Cattin. tbe Italian Industry 
Minister, Italy agreed to a 
temporary cut in. production 
capacity from 620,000 tonnes last 
year to just over 500,000 tonnes 
by the end of this year, one 
source said. 

The non-Italian producers have 
cut capacity for the past two or 
three years because of heavy 
losses. 

They have insisted that Italy 
also makes sacrifices if cuts are 
to be co-ordinated at tbe Euro- 


BRUSSELS, Feb. 7. 


pean level to get rid of the sur¬ 
plus capacity affecting the mar¬ 
ket and depressing prices, 

- Though Italy plans to restore 
Its' synthetic fibre capacity to 
over 000,000 tonnes a year by 
-18ML’-~IL- is felt that the 
promised Italian cuL before-that 

may.help. 

J\ The .companies re present over. 
Stt.per cent, of total EEC produc¬ 
tion. They are Montefibre, SN1A, 
•ANTC, STR. of Italy, Bayer and 
Hoeehst of West Germany, IC1 
and -Courtaulds of Uhe U.K., 
Rhone Poulenc of France, Afezo; 
of Holland and Fabeita of -Bel¬ 
gium./ ■ .. 

•The D-S.'-based companies Mon¬ 
santo -and Dupont are believed 
.to have indicated that they-will 
co-operate with voluntary agree¬ 
ment but. they have not been 
directly involved, possibly, to 
• avoid problems with U.S. anti¬ 
trust law. 

On-.the assumption that there 
would still be surplus capacity 
by 1980 even if no new plants 
were opened, the Commission 
first asked EEC Governments last 
summer not to aid .expansion for 
two years. 

It then asked the companies 
to freeze capacity at last Sept¬ 
ember levels. 


But that was sot considered 
enough- Forecasts for all of 
Western Europe show that ship¬ 
ments are likely to be'£3m. 
tonnes is 1981 from 2m. tonnes 
in-1978, but short of likely pro¬ 
duction 'capacity- in 1981' of 2.7- 
2.SmL tosses (3m. tonnes in 
1976).' The Commission., has 
singe last'auluaitT tried to nego¬ 
tiate co-ordinated cuts with the 
companies. 

EEC officials, who want to see 
similar rationalisation schemes 
for steel and shipbuilding. Says 
that the smaller number of pro¬ 
ducers of synthetic fibres should 
make agreement easier. 

1 Uail.!they point out that an 
agreement .wit! have to be sold 
-to the unions, and also approved 
by the .full" 13-member EEC 
Commission,' who will have to 
consider' its legal ■ implications 
for 'competition rules, and 
member governments. 

It is hoped-that cutting capa¬ 
city (only about two-thirds used 
at the moment) would reduce 
EEC companies', losses which, 
amounted to some SI bn. in-1975 
and 5600m; .in 1978, . , 

EEC officials say losses Tor last 
year, when, fully published, are 
expected not to show much im¬ 
provement an previous years. 


Swiss clothing exports jup 14% 


BY JOHN WICKS 


ZURICH, -Feb. 7. 


export 

subsidies and other trade-distort¬ 
ing measures.'* 


U.K.-Japan 


last year to 


Exports of cotton yarn/fell .in 

_ terms by 12 per cent to 

Sw.Frs.546.5m., Asian countries was less marked 12,615 tonnes for the year as a 

export prices having risen over £?' D d ■K m £ P S SoL ISttamuS' markets remained 

1976 levels by only some 4 per u* - R P fitU1 t ’ he f 0J1J .- tb Austria, West Germany and the 
cent. Sharp increases in exports ffl0s f important foreign supplier U-K^Hhougb. there , was a 6 
were booked in value lerms^ to t0 Switzerland while South Korea per cent, increase in export 
JESTS'•* **»» are amon8 the top * alue *0 SWFra.lTflm-. At the 


motor tsillfc i sales, °and to^^Ince? VSelS’sam?’time *** ce “ 1 ' volume add 42 

11101X1* laiKS ; and Italy. announced growing concern at HJotton* varn 

By Charles Smith Imports of ready-made cloth- the development of its market JSSJ 1 ?!-?; 5??°“,/*™ 

y banes Smith , ng went up by almost exactly Cotton spinning production was J. ,ttle **■*“ 10 P* r cenL of 

TOKYO Feb 7 ! the sarae rate - rising 143 per higher by a modest 2.6 per cent. aomesUC output. . 

pfprF'sFvtativitc' c ’ iu -cent, to Sw.Frs.l.Sbn., though in calendar 1977 and that of cot- Switzerland’s exports of woven 

.‘ ..-pE A,* 1 isTr. t .v. of . Itbis was brought about largely ton weavers by 3.5 per cent cotton fabrics rose sharply in 

•nrtnefrips h n p«n B 2l >h rf motor i b y a jo.3 per ceoL growth in but second-half figures were 1977, increasing by 22 per cent. 

Lm. Vrf' Tnw!" dla>s i import prices Well over one-down by 4 per cent, and 0.4 to Sw.Frs.453nu or substantially 

nmcnerfa ir I half of the volume came from per cent., respectively, on the more than the’ Sw.Frs.179m. 

to the U K this^vear^ j the neighbouring countries West second half of 1976. worth of imported cotton fabrics. 

Mr. Da rid Plaistow. of Rolls- i -—-?- 1 --—. 

Royce. who is heading the British • 
was expected to ask the Japanese! 
motor manufacturers to reduce! 
theE- share of British car regis-j 
' rations to within 10 per cenL 

fn But 'lhe y j a Jan PS* 6 Amn^hile JAPAN’S COLOUR television only 27.800 i n 1976. and those to 

Man I'acture?? A«ortS; eT P° rts ia catondar 1977 fell 15.S Kuwait rose -129 per cent to 

apneiVs |i U eW to avoid a dXS B er cenl t0 4 - 42m - sets from "- 500 «- 4(W il said 

commitment 5-25ra. in 1976, when'it rose 90.5 Japan’s total colour te 

It is ejected to offer an P er cent - The Ja P an Electronic production in 1977 fell 8.5 per 
unriertokin'nsininar tn a rear a^n! Industry Association said the cent, to 9.63m. from in53m. in 
i »»«««• » “ !*!«“■ 1976 - Production in December 

increase” in marker share is 
foreseen by Japanese exporter? 

Japan's share of the U.K 
market rnse from ».4 per cent, in 
197* to W.6 per cent, last vear 


ten.- 


same time, imports were up by 


Colour TV sales drojL 


TOKYO, Feb. 7. 


$20m. Arabsat 
contract soon 


fall in exports to the U.S. to totalled sOO.Ono sets, h.iwti on* 
2.13m from 2.96m. in 1976 fob- per cent, from 807.000 ia 
lowing an agreement to curb November and 19 per cent from 
exports from last JOly. Japan is 991.000 in December. 1976. while 
limiting exports to the U.S- to exports totalled' 318.000, up one 
ThpTi*K W Indusrrv'is TikpiWft I a n annual ceiling of l.75m. sets per cenL from 305.000 In Nov- 
have pointed thai out with somej r °r three years. ember but down 45 per cent, 

force but Jaoan is likelv to Exports io Saudi Arabia rose from 576.000 in December. 19 1 6. 
have "stressed that European ex-j 440 P er ceat - t0 15°-300 from the assodatiQti : 5aid- Reuter 

port? to the U.K rose faster than, _- 

Japanese exports. 


Ninpon chief to 
visit Peking 


TOKYO, Feb. 7. 

TOSHIO DOKO 
Japanese Federation 
Organisations. 


British companies urged to 
enter defence markets 


BY MICHAEL DONNE 

U.K COMPANIES now have 


president of the !Un P receden,ed ciiance ,0 enter varied purchasing organisation *j 
itJon of Economic V.S defence market " Mr. m the U.S. • . 77 . " ' h 

and Hiroshi i Percy Norris. UK. commercial “It contracts . -not;oniy for! 3 Q,i 


By Rami G. Khouri - . . 

Amman. Feb. 7 

1 tMT U JLi! e o e ? S i°« i ONE OF three short-listed groups 
will be chosen in' the second half 
of this month as consultants for 
the Arabsat TregionaU ^satellite 
telecommunications project, in a 
contract expected to be worth 
some $20m. 

Tbe three in the running-are 
the AEA Group, which includes 
Arab, European and American 
companies: Teleset of Canada 
together with Cable- and Wire¬ 
less: and Comsat General of the 
United States. 

A total of 16 Arab states are 
jointly undertaking the project, 
called the Arab .Satellite Com¬ 
munications Organisation, with 
us headquarters in Riyadh. Sana. 
Arabia, at an estimated total cost 
of .SlflOm. 

the project involves launching 
satellite into a fixed orbit 
,000 kilometres above tbe earth 


an Defence is the largest and most 


urganisanous. ana nirosai i-—- , ■ - j:. --—■ .-- .' ..-vw wivmuuM #uu»e me earui 

inayama. chairman of Nippon! Co °5ul in Philadelphia, said. equipment and supplies but also by 19«L, The satellite will relay 

_ ,_s 4Karp«in5 rpDrpsemativps of for roKParen. pnsmpenne jdqi >.u» „_j 


Steel arp Dlannine to vi«tt : Addressing representatives of for research, engineering 
Pekina this month to sura an I over 170 U - K companies at a support services. Items purchase 
agreement invrrtvins more° than seminar in Lnndon nn "Selling range from spectacles to combat 
S to trato wttb China o*er \? 17 S Military" he said helmels. tanks to aircraft, radios 

••the new opnominities were a to computers, bullets tn missiles. 
wjU result of the Memorandum of plus a wide assortment of sup- 
Understanding and Co-operation porting parts and components." 
3 ° Arranacment between ihe U.K -aid Major-General Oleocbak 

material? 

curement—ibe so-called "two- acquisition for the U.S. Army 
way street ** in defence deals. Mr. Tony Perry, chairman of 
It was pointed out at the Perry International of Philadel- 


the next eight years. 

Japanere companies 
export indusiri.il plant 

Vrn. ,^r= 

Oil shipments could total 119m. 
barrels a year. 

AP-DJ 


telephone, telek and television 
communications among the Arab 
states, with a capacity or fLOOQ 
(telephone or 144,000 telex calls. 

I Ground control for the project 
will be in Riyadh, where a meet¬ 
ing will lake place after 
February 15 to choose the con¬ 
sultants for the project, accord¬ 
ing to Arabsat vice-chairman 
Mohammad Ismail. 


seminar, organised hv the phia. said that to be successful.;# Plessey ot Great Britain; ha« 


; British Overseas Trade Board's a British company " must recog- 
Sil dm olocc nlant I north American advisory group, nise >he fact that they will need 

■veviii. pidiu : toeether with the U.K. Defence to adopt a marketing approach 

Panama will build s ?14m rl3Ss i Manufacturers’ Association, that to the buyer Which will initially 
container piam. financed by I with over 40.000 buyers in about b® unfamiliar to the company. 
Panamanian and West German ■ 190 major buying offices In the also that the commitment will 
investors. Reuter reports from • U S.. spending ahout $45bn. have to be over a reasonably 
Washington. .annually. Ihe Department of long period of time”' 


won a #lm. contract to supply 
and install three mobile auto- 
malic telephone -exchanges in 
three Jordanian towns. The 
exchanges have a capacity of 
1,000 lines each. Plessey is also 
engaged in. negotiations for more 
similar contracts here. 


U.S. SCOTCH MARKET 


Sales down but outlook better 


BY A SPECIAL CORRESPONDENT 


FOR THE third successive year 
Scotch shipments to the U.S. 
have shown a decline, according 
to details per market and per 
category of Scotch shipments for 
1977 released by Customs and 
Excise. 

These show that exports lo the 
U.S. last year fell 3.5 per cent 
in volume compared with the 
previous year to 31.4m. proof 
gallons, though value edged up 
just over 1 per cem to £I4S.7m. 

Scotch whisky sales also fell 
for the third successive year in 
the U.S. The fall, as measured 
by tax payments, was 3 per cent, 
to 47.6m. U.S. tax {that is liquid! 
gallons. H was also more than 
12 per cent, below the 1971 peak 
for Scotch consumption in the 
States of 54.3m. gallons. 

_ Sales of Scotch bottled in 
Scotland apparently held up 
better last year, showing a 2 per 
cem. decline to 31.1 m. gallons. 
Scotch shipped out in bulk for 
reduction and bottling in the 
U.S. saw a 6 per cem. drop to 
18.5m. gallons. 

The peak year for Scotch ship¬ 
ments to the U.S- was 1974. when 
volume shipped rose 17 per cent, 
to 37.4m. proof gallons and value 
advanced 20 per cent, to £I31,Sra. 
In the following year volume 
decreased 7.8 per cent, to 34.5m. 
gallons and value declined 4.3 
per rent, to £126.1m. 

The only ameliorating feature 
of 1976 was that while volume 


decreased 5.7 per cenL to 32.5m. 
gallons, value rose 16-5 per cent, 
to £147oi. This value increase was 
due not to any increase in price 
of the bottled product—though 
there was some slight increase in 
the balk shipments—but to the 
weak pound. 

The 1976 total broken down 
clearly shows the supremacy , of 
the bottled blend product in both 
volume and value. The pattern 
is reversed in breaking down Iasi 
year’s total. 

■ F irst. bottled blends fell 5.57 
per cent, in volume to 18,829,000 
proof gallons and — largely 
because of the stronger pound 
and weaker dollar—their value 
also fell, by 0.28 per cenL to 
£121,819.000. 

Second, bulk blends declined 
only 035 per cent, in volume to 
12.4m, proof gallons—almost on 
level with the previous years— 
white their value, thanks to the 
stronger pound in which they 
are Invoiced, rose 6 per cent 
to £25.5m. 

Of course, the average value 
per proof gallon is bit by tbis 
resumed swing to the bulk 
expo rt/im port The average 
value per proor gallon of the 
bottled product is £6.5 and of 
the bulk product only £2.0. 

Beside these major exports, 
bottled malts last year made an 
impressive 4S.fi per cent, gain 
to 107.000 proof callons and a 
75 per cent, improvement to 


£l.3m. Bulk.. malt shipments 
almost disappeared,: falling 82 
per cent, to 6 , 000 .proof gallons 
and 61.5 per cent to a -value of 
£15,000. ..../■• 

Of course, the. first and easiest 
explanation- is to band, that in 
times of recession .*nd Jess .dis¬ 
posable income people are trad* 
ing down and buying the Scotch 
imported in bulk, reduced.' and 
bottled . in the U.R But the 
market was harder, tmd spending 
more limited for ..the.. average 
Americas drinker-in 197& than 
in 1977. and it is .necessary to 
look beyond those circumstances 
of individual spendjug power. 

Many exp la nations, .are offered. 
In all of which there is a grain 
of truth. There is evidently a ; 
strong polarisation of lhe market 
and while -buyers-of de luxe 
brands are not : aStected-by the 
economic climate tet any .notice¬ 
able extent many nf the irnddle 
buyers of standard Scotches .have 
lowered standards adS opted for 
the bulk import. Those who 
began on the cheaper- bulk, 
import have, either stayed on it 
or dropped out of ..the: Scotch, 
trade altogether, • . ' , . 

White spirits initially htt 
Scotch bard, wjth thdir. greater 
mixability and appeal to ; affluent 
youth bent, on experimenting. 
But that phase is passing! - This, 
allied with greater Scotch'.adver¬ 
tising and promotion. - helps 
explain the gradually diixtisbing 


size of 'the annual .volume per* 
centage decrease in shipments. 

More serious for tbe moment 
is the current craze for drinking 
wine instead- ofrapirits before and 
during .meals.. Where spirits con¬ 
sumption .overall is '^airly sialic, 
sales' of both . imported and 
domesticwioeshavebeeh gaining 
ground . fast- . The: type of wine. 
selected. £pr. ( - this.Vcurrenr and 
temporary, boom Is table wine 
only. :;- / 

Vermouth consumption = is . 
decreasing chiefly because It was 
always a mixer with .spirits, and 
fortified wines—except to a lesser 
degree sherrr from Spain—have 
always bees associated with the 
cheap drink, and drunk in the 
U.S.... '. •: ■ \ •' . 

However; It Is a firm conviction 
of many -producers, importers, 
distributors. 'and . retailers . of 
spirltsjh the D.S. that the.tribe 
boom 'Is :botfr fimlted In' public 
acceptance and. will soon: become 
a thing of the-past, leaving' im¬ 
ported spirits to fight it our .with • 
American: < , ;i..... 

But It-is generally-agreed that-. 
Scotch and Canadiag. whislties 
will .soon dombaate tbe ' whofe ' 
Americas ;whisky^'sdeoe/.Teifh. 
domestic whiskies'occupying *. 
secondary place. rTfafe ijmnfediate:'. 
outlook, foe Scotch : te .npt^rdsr, : 
but . signs of recnveiybe 
discerned; / -altbOEtgh : this: may - 
mean the finardotai^fitasetotitne.'. 
bulk ' ^ - , - - 










VCJ. •• 


>* r- 1 -- 
. • ji 




* .fl£: ar 

•*«f5^ 

£ 5*5 

: .•>.■> 

.-;yy 

.*c- ■ ^. 


■Si* 5 .*' 

.Jlii !■ „• 

Vlljrfifr'■ 


•: i**> s 
■J 


.• tf l »,!>■ 


. ' /•. ^ .' -v- : .. ; ■ ’;... 

. h ■•'Qjifettd (^leges inight seem unlikely customers for a commercial computer. 
A&rbecadse you expect dons to prefer mediaeval methods, but for two reasonable 


The Philips philosophy: satisfaction AND your money back. 


xeasons.-; ; r 

TT&^ fi^ti$fbattollege accounts always ran like clockwork You could do a 
tidetable of dash 5 ow, for example. Money in-from rents, endowments, the 
Dep^mehtof Education and Science ...money out-in pay, maintenance, catering. 
^ as businesses, were so untypical that no“off- 

th^p% n spfhvare wbuldfit them. : ^ 

v 1 porpc have installed comouter systems from Philips in 


Philips Data Systems, like all the 
professional divisions of Philips, see function 
as the test of all things. -And function, in turn, 
is tested by two questions, one for the 
accountants, and one for everybody. Does it 
pay? Does it satisfy' in human terms? 

A case in point is our PTS 6000 Bank 
Terminal System. 

'Certainly.it pays: 20,000 terminals at 
bank tellers'elbows all round the world 
testify to that Just as gratifying, though, is 
the dividend to humanity. 


It annihilates the paper-churning and 
boredom on one side of the counter, dissolves 
the queues and impatience on the other. It 
means banking with a smile, even in what 
used to be the "Friday crush. 

When anything functions as satisfyingly as 
that, you may be sure of one thing. It takes 
research to get right. 

Research is an OK word, of course. Everyone 
pays lip-service to it In the Philips group, 
we pay rather more than that Last year’s bill, 
all round the world, was £400m. 


And new enterprises, like operatingconferences throughout the vacations, have 
helped to complicate college accounts. 

: Second, Philips Data Systems have developed a special University Program 

Suite, made to the colleges’ measure. 

Whereby hangs the moral. Philips are as large as they are in data systems 


, Now let’s talk business efficiency 


■ . As ^proportion of all the systems that Philips sell, over 75 per cent use 
specially-developed programs, “off-the-peg”, from our library of application 
software -in other words, the programs we have in stock are suitable for the 
requirements of three-quarters of all our users. 

And that is not because we go for some tiny part of the market that happens 
to suit us. On the contrary in visible record systems, such as the Oxford colleges 
have bought, Philips have a fifth of the British market And in intelligent bank 

terminal systeim we are the biggest in the world. 


If you would like more information about business products and systems from the Philips Group, 
please ask your secretary to tick the appropriate box: 

Philips Data Systems Pye Business Communications 

Electronic Accounting System □ PABX □ 

Office Computer System □ Office Intercommunication □ 

Financial Terminal System □ Public Address Systems □ 

I Philips Business Systems Qosed-drcuitTVD 

Office Dictation System □ Pye Telecommunications □ 


\ 1 

\ 


Word Processing □ 

To: David Hughes, Business Efficiency, Philips Industries, Arundel Great Court, 8 Arundel 
Street, London WC2R 3DT. Please send me your literature on the items ticked above. 

NAME___ 

(Position in company)___ 

ADDRESS_ _ 


PHILIPS 



I- 


PHILIPS 



Simply years ahead 


PHILIPS 


lV •/ 


jlip s Bfusiness Systems Group: Pye Business Communications Ltd, Pye Telecommunications Ltd, Philips Data Systems, Philips Business Equipment Division 






































































6 


Financial Times Wednesday'February 8 IST8 


HOME NEWS 


World oil surplus 
forces down 
North Sea prices 

BY RAY DAFTER, ENERGY CORRESPONDENT 

NORTH SEA oil producers hare come on stream, is said to have 
been forced to cut contract prices been sold to Continental OH for 
by as much as 10 cents to 15 about S13.73 a barrel. Oil from 
cents a barrel because of a con- Beni Field, being sold by the 
tinning glut of world crude oil State Corporation on behalf of 
supplies. British Gas, is believed to have 

The premium for light, low been bought by Shell for $13.75 
sulphur crude is said to be a barrel, 
diminishing as a result of the These prices, hitherto a 
surplus. Oil from the Norwegian closely-guarded secret, will be 
EkoB.sk Field is reported to be studied closely by oil traders for 
selling for about S13-75 to $13.80 there is keen interest m the 
a barrel, with its previous 5 cents British National Oil Corpora¬ 
te 10 cents premium over U.K. lions new and growing role as 
Forties Field crude now virtually marketer, 

eroded. Within the nest few years it 

The lowering of North Sea oil couid become responsible for the 
prices is in line rviih the world- disposal of about half of Britain's 
wide trend, although companies North Sea oil production, selling 
operating in the U.K. and Nor- perhaps 800.000 to lm. barrels a 
way have more pricing flexibility day—the equivalent of £3Sm. 
than those in areas covered by worth of oil a week at current 
the Organisation of Petroleum prices. 

Exporting Countries. Petroleum By the early 1980s the State 
Intelligence Weekly says in its Corporation could be controlling 
latest report that profit margins between 7 and 10 per cent, of 
on North Sea oil are still about the world’s total output of low- 
S2 to S3 a barrel. sulphur premium crude. 

In spite of the trading difli- The growing output of North 
cullies, market reports suggest Sea crude, together with rising 
that British National Oil Cor- production from other non-OPEC 
pnration has obtained favourable sources {Alaska and Mexico in 
prices for its first contract sales, particular) is one of the reasons 
A consignment of oil from the for the world surplus of oil sup- 
Thistle Field, which is about to plies. 


ON E.mn&w 

"O* ! *<J***W,v-V 

. . » — , jjj 

. ' . ?' > 

The new pound note, to be 
Issued to-morrow, is smaller 
than the present note. 

The main design on the front 
includes the same portrait of 
the Queen as the £5 note. 

On the back is a portrait of 
Sir Isaac Newton, which has 





been created for the note from 
a number of contemporary 
portraits. 

The note has been designed 
by Mr. H. N. Eccleston, the 
Bank’s artist-designer. 

Reproduced with the 
authority of the Bank of 

England. 


brokers question 
bearish gilts view 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE BEARISH view of financial gards “ the recent fall in the 
prospects’ held hv many in the market as approaching a buying 
gilt-edged market has been opportunity though we are con- 
questioned by Kemp - Gee, scions that the reassurance 
brokers. which the market will need be- 

in Its lfdest monthly review fore staging a significant .re- 
entitled Am the Worries Over- covery could still be some little 
done ? the terokers recognise the time away.” 

•• dangers which the gilts market The brokers, suggest that a^net 
bas to meet, particularly in the budget stimulus of ’’ something 
short run" and the uncertainty around, though preferably less 
over fiscal aud W3ges policy. than. £3bn. is a reasonable 
"Our feeling is that the res- number on present evidence, 
ponsibilily which has charac- ” It remains crucial that at a 
terised fiscal policy in recent time when demand will be rising 
months will remain and that quite well anyway the authorities 
there is a very good chance that refrain from excessive stimula- 
the outturn on the wages from, tion because that would only 
while not being absolutely satis- return us to the unbalanced 
factory, will be satisfactory economy front which we have 
enough." suffered during previous "go” 

On" this basis, Kemp-Gee re- phases of the cycle." 


Varley holds hack 
on steel decision 


BT RUPERT CORNWELL 

MR. ERIC VARLEY, the In¬ 
dustry Secretary, is unlikely 
(0 make his keenly awaited 
statement on the future of the 
troubled steel Industry nntil 
the end of March, la spite of 
continuing pressure at West¬ 
minster for an earlier an¬ 
nouncement. 

Meanwhile, the Commons 
Select Committee looking at the 
British Steel Corporation has 
completed its extra hearing of 
Mr. Varley and Sir Charles 
VHUcrs, BSCs chairman, and 
is aiming to publish supplemen¬ 
tary findings to last month’s 
highly critical report, within 
two or three weeks. 

The decision facing Min¬ 
isters, which ‘is certain to in¬ 
volve plant closures and re¬ 
dundancies. is one of the 
politically more sensitive since 
Labour took office. The 
Cabinet Committee involved 
made some progress at a meet¬ 
ing yesterday bat apparently 


requires some while yet to 
make up its mind. 

$igaJ6caaliy. the committee 
discussion, with Mr. Callaghan 
In the chair, was attended not 
only by key Ministers involved 
but also by Mr. Michael Cocks, 
the Chief Whip—a sure sign of 
the Government’s anxiety over 
the reaction of Labour MPs 
with constituency steel in¬ 
terests. 

The excuse officially ad¬ 
vanced by Whitehall for the 
delay is thal Ministers need 
first of all (o see the outcome 
of tbe pay talks between tbe 
British Sleel Corporation, 
which is expecting Josses of 
£520m. In 1977-78, and the 
unions. 

But British Steel officials 
point out (hat the Corporation's 
own proposals for the re¬ 
organisation have been with 
Ministers for two months and 
the Government has also had 


ample chance to study a 
separate assessment made by 
Mr. Gerald Kaufman, the 
industry Minister. 

In any case, it is argued, 

whatever pay increase Is 
agreed Is unlikely to bare a 
great bearing on British Steel’s 
basic problems. 

Views among Ministers 


Meeting 
on U.S. 
charter 
fares 


By Michael ponne, Aerospace 
Correspondent 

I GOVERNMENT officials from 
j Britain and the U-S. are expected 
_ _ | to begin talks iu London on 

range from a desire to take i Friday on North Atlantic air 
early and severe action on the. ] fares, in the hope of securing an 
grounds that delay can oBly agreement which will put an end 
worsen the industry’s plight to to the confusion on routes from 
fears that cuts mav damage the U.K. 

Labour’s election prospects. j .^ese officials have 5een meet 
At the same time, there is i ing in Loudon for some days, in 
hope in some quarters that ala bid to reach agreement on 
strongly expansionary Budget j charter flights berween tbe two 
could help to ease the Corpora- I countries—hut with little success., 
tlon's difficulties. I ^ bave decided l0 tura 

Meanwhile. It is understood [their attention to the scheduled 
that there is a possibility of i airiine sector to try to find an 
farther legislation in this i accepable policy on fares which 


session of Parliament to release 
further public funds to British 
Steel, 


No further 
action 
on glass 
prices 

By Elinor Goodman, 

Consumer Affairs Correspondent 

UNITED Glass said yesterday 
that there was little it could do 
about some of the points raised 
by the Price Commission in its 
report on the company. 

Tbe statement coincided with 
an announcement from the 
Department of Prices that Mr. 
Roy Haltcrsley. Secretary of 
Prices, had completed his con¬ 
sideration of the commission's 
report on the company. 

No further action is planned 
by tbe department since the 
company has already promised 
not to raise its prices for nine 
months—provided there is no 
sudden increase of costs—and to 
consider ihe other points raised 
by the Commission. 

Disparity 

Last month, after a three- 
month investigation, the corn- 
mission gave United Glass 
approval for a 9 8 per cent, price 
rise originally proposed by tbe 
company. It added that certain 
aspects of its operations should 
be reviewed. 

These . were the dispartv 
between the’profits made on sales 
to large and small customers, 
the possibility or improving the 
use of capacity by getting firmer 
contracts with customers, and the 
practice of charging uniform 
delivered prices. 

The company undertook to 
give urgent consideration to 
these areas, but yesterday Mr. 
Vic Hender, managing director 
of United Glass, said that though 
the company would study the 
commission's suggestions (here 
were limits to what it could do 
about them. 


all U.K and U.S. scheduled air¬ 
lines can apply. 

If they are successful it is 
likely that other countries in 
western Europe would support 
such a pact, using it as a basis 
for fares to and from the U.S. 

In this way. a new north 
Atlantic fares agreement would 
emerge to fill the. gap from April 
1 caused by the failure of airlines 
to agree at a meeting in Geneva 
in January, called by the Inter- 
' national Air Transport Assocla- 
‘ tion. 

The meeting failed because of 
differences on levels of fares 
wanted. Some airlines wanted 
j dearer rates to compensate for 
rising costs. 

Others wanted cheaper fares 
to meet competition from Laker's 

Sky train. 

Many airlines in the associa¬ 
tion have been critical oE the 
U.K. and U.S. Governments' 
attitude towards Atlantic fares, 
charging them with causing, 
lm. | many difficulties. 

Airlines say that persistent 
refusal by the U.S. Government’ 
through the Civil Aeronautics 
Board, to approve fares agree- 


Scrap steel supply 
hit by low prices 

BY ROY HODSON 

SCRAP steel is becoming scarce The decline in British Steel’s 
in Britain because of tbe scrap demands during the steel 
depressed prices. crisis has virtually turned the 

The £400m.-a-year ferrous scrap scrap industry upside-down. ' 
industry reports a shortage in When the Corporation was in 
some areas. an expansionist mood four years 

Prices bave fallen from an ail- ago it was taking up to S5.000 
time high of £50 a tonne two tonnes of British steel scrap each 

i years ago to as low as £23 a week. This bas fallen to about 

tonne. 10,000 tonnes. 

"Prevailing prices do not For the first time ^ scrap 
justify the trouble and cost of industry is exporting more than 
collection and delivery to pro- it \ s selling to British Steel, 
cessing yards. Mr. Eric Cross, Meanwhile, scrap merchants 
president of tnc British Scrap have cut their stocks bv about 
Federation, said yesterday. 70.000 tonnes, to below lm. 

Some manufacturing and engi- tonnes, 
neering plants are accumulating „ _ . , 

prime scrap from .their sleel- 

using processes in the expecia- fiW.OQD tonnes in 1970 to 93/.000 

tion that prices must improve. i° n ? es l as * year > WOm. - - 

But the British market fnr Spam continued as the main j ments reached by the association 

scrap remains in a weaker condi- market taking more than ball I has caused administrative and i _ 

tion than it has been for years. expc,ri tonna S e - | financial difficulties. The U.K. said that the commission should °f shifting pressures of land use 

Foundries are now the biggest The British Scrap Federation ■ Government’s decision, through ^ given the task of producing Its eflect.on national bous- 
buyers, followed by private believes that some improvement | the Civil Aviation Authority, to 
sector steelmakers and exporters, in demand for steel and for scrap; approve ihe cheap Skytrain has 
British Steel has fallen to fourth supplies to the steel industry, is, helped to stimulate the battle 
place. likely after April. ' for cut-price rates. 


Torn documents ‘disclosed 
to deceive Treasury’ 



FINANCIAL TIMES REPORTER 

THE NAME of the late Sir Eric control regulations in 1974-75. I never knew it was a blind at 

Miller, the former chairman of Mr. Altman denied yesterday the time." 

Peachey Property Corporation, that there was any attempt to Mr. Worsley asked if he had 
was mentioned in the mulii- conceal deliberately tbe role never sent for tbe envelope to 
million pound international played by Mr. Binstock in the see where the letters, signed by 
currency fraud trial at the Guild- dollar premium transactions. He Mr. Jean Jasson, from EIC Euro- 
hall Court in the City of London said that be gave his legal securities in the Isle of Man, bad 
yesterday. advisers full details of meetings been posted. Mr. Altman said 

City stockbroker Mr. Lewis he had with Mr. Binstock in be bad not 
Altman said that he was told by Zurich and London. Mr. Altman said that Mr. 

Sir Eric on September 16. 1976. Cross-examined by Mr. Michael Jassos was not often in the Isle 
that Mr. Judah Binstock had been Worsley, prosecuting. Mr. Altman of Man. Mr, Worsley: "You be- 
stnpped by Customs officers at said that he and Mr. Binstock lieved him to be writing letters, 
Heathrow Airport the previous were social as well as business not from the Isle of Man, but on 
day. friends. He met the London the instructions of somebody who 

The prosecution alleges that solicitor at various Board meet- was in the Isle of Man. ’ How 

Mr. Binstock. a former London of Isle of Man Associated did you think the signature got 
solicitor and businessman, tore in the Palace Hotel. Douglas, but on the letters? " 
up some documents at the air- denied that he went to parties Mr. Altman: "I didn’t give it 
port. These were seized bv Cus- w 'I fa gMs which Mr. Binstock enough thought at the time." 
toms officials 3 nd found to be S ave on the island. Mr. Altman said that Mr. Bin- 

drafts of documents to be He never once visited the stock told him that he would 
forged tn deceive the Treasury Douglas. Isle of Man, office of never be a director of a company 
’ . . . , . ' EIC Eurosecurities, from which again. It was fair comment to 

The documents were said to } e tters came about the dollar say that Mr, Binstock wanted 
have exposed a revolving fund premium deals which be was the power without the responsi- 
exchange control fraud, wh.ch transacting. bility. 

netted a E-.ni- profit from tran- After Mr. Altman had said he He realised that Sir Ralph 
sactions involving foreign cur- thought the -business of EIC Murray and the Duke • of Sl 
rency passed off as investment Eurosecurities was basically con- Albans were invited to join the 
currency. trolled from London. Mr. Wors- board of E.l.C. to give the com- 

Mr. Altman, aged 59. and bis. ley asked; “ Control was Indeed pany respectability, and that tbe 
partner. Mr. Robert Carnes, in London—the Isle of Man office people who really controlled it— 
aged 31. have both denied eon- was at that time to youc know- the Binstock gang—did not 
spiring with Mr. Binstock and ledge no more than a blind? " appear on the headed notepaper. 
others to contravene exchange Mr. Altman: “ Not at that time. The case resumes to-day. 


• NEWS ANALYSIS—CONTRACTS 

Power of the purse string 

-'FINANCIAL'TIMES REPORTER 

IT IS by no means unprece- wages, racial discrimination and In the U.S. the general policy 
dented for clauses to be inserted incomes policy were all inserted is that companies working on 
in Government contracts requir- in th® standard form of Govern- Government contracts must obey 
ing suppliers to observe Govern- ment contracts during periods of the Jaw of the land. Failure to 
ment policies on pay or any Labour Governments. do so may lead to black-listing 

other matter which concerns The public sector has become or litigation in the courts to 

Ministers but which does not a major customer for a wide force compliance with the law 
normally concern the parlies to range of industries. Defence even if no Government rclation- 
a commercial transaction. procurement absorbs just over ship is involved. 

Inde-d the oldest preeendent half of lhe output oF aero ' The u - s - abandoned wage and 

which could be remembered last industry and about a fifth price controls and guidelines in 

njnhf j e •• fiir wasps rHuse " «>f the output of the electronic 19i4. However, such curbs were 

FoUoVtag a Hoisc ot „ instrument engineering in effect frnm 1971 to 1974 

resolution in October tri-ifi it industries. when they constituted part of 

has since been standard practice . The h<?aUh and . hospital ser- the contractual relationship be- 
to require alt Government con- £«* are a major buyer of tween Government and company, 
tractors and suppliers to pay Pharmaceuticals taking rough!} Companies murt still comply 
wage rates and adopt hours and ® a . r t! er u 0 -ij- at sect ? rs ou . tput : with a gamut of Federal statutes, 
conditions of work not less £ ntl l " c building and repair of including labour, health and 
favourable than those generally , schools, roads, advance safety laws, payment of the mini- 

observed in the locality and ‘actones and other pubuc works njum wage In Government con- 
industry in which the contractor arcouru for just over half of the trading and, perhaps most 
operates. construction industry a output. noticeably in recent years, the 

In the case of buildin° and , F ,°£ 7 ,aDl l l - acll,r,og industry as need to obey anti-discrimination 

in me case ot ouuain, ana a whole. Government procure- an d equal opportunity reaula- 

civii engineering contracts, he ment Clf ono kind or anolher er,U31 opp nuwty reguia 

condition has to be accepted represents about a tenth of total The U.S. Defence Department 

tender ZT PUl ° m ° 1 U T K ’ Bn S cxport saIes ’ said yesterday that over the St 

turner list. In all. these contracts are year there had been two or three 

Racial discrimination was currently worth at least £I4bn. instances where companies had 
made the subject of anolher a year. been denied government work 

standard clause in Government But this includes contracts because of their failure to em- 

contracts in 1968. placed by local authorities, and ploy their quota of minorities 

it is by no means certain, if the or women. 

Leverage Government tried to persuade Similar pressure has been 

a . ..■ *? ca ‘ councils^to adopt a similar brought to bear in other indus- 

A further clduse, dealing pay policy clause, whether trial sectors, with varying de- 

specincalty with the Govern- many councils would fail in with ~rces of success. Integration of 
ments.pay policies, was inserted the. idea. . the construction unions, while 

in Government contracts during The attitude of local incomplete, owes a good deal to 

Phases One and. Two of the authorities will be of particular Government pressure 
present pay policies; and the interest to the construction in- j n practice most large com 
practice has continued during dustry as they commission about Daa jes with substantial Govern- 
Phase Three in the form of a four tiroes as rnch building menf con raetTh^e moved To 
clause requiring suppliers to work as the Property Services 1 have move “ 10 


Search for way 
to convert 
coal to petrol 

BY RAY DAFTER, ENERGY CORRESPONDENT 
JOINT. STUDIES into the possl- Blackpool in Novemta*. : 
bililies-of converting coal into The Board and BP raid that 
liquid fuels are to be made -bar .when the joint studies^been 
Bntlsh Petroleum and the completed it was hoped to build 
National Coal Board. a large-scale demonstration 

P 1SV meantime the work to 
high grade oil products, such as be undertaken would include the 
chSuS feedstocks and petrol, preparation of coal-based Uquids, 
from coni' the investigation of possible pro- 

Both are aware that coal duct ranges andi/Jedinmal and 
reserves will last much longer economic assessment 
than oil- it is estimated, for processes and products obtained, 
example, that supplies of U.K. " The lUUmate ■to 

io tt. 19909..■££ 

•The agreement to collaborate p i ent i£ U j towards the end of the 
In detailed studies was taken at - 

a recent meeting of Sir Derek The coal Board, at its Coal 
Ezra, chairman of the Coal Board, Research Establishment, has 
and Sir David Steel, BP's chair- developed two processes for ex¬ 
man. - trading solvents from coal. 

The organisations said yester- one involves .dissolving coal in. 
day that it was too early to liquid solvents; the other is a 
estimate how much investment novel method of extraction using 
would be involved. The decision gases under pressure. 
to collaborate more on coal in both processes an extract is 
liquefaction research was taken obtained -which can be turned 
in the light of the uncertain into oil; products by means of 
future for fossil fuel supplies. hydrocracking. 

BP has given help in the About 40 Coal Board staff are 
design and constructioo of a involved - In the research. ' BP 
small-scale hydrocracking unit has a similar research unit at 
at the Coal Board’s Coal Sunbury-on-Thames. 

Research Establishment at Stoke In preparation for. the time 
Orchard, near Cheltenham. when ( oil supplles,become scarcer. 

Synthetic petrol produced by BP—with other energy, groups— 
tbe plant was demonstrated dur- is developing Its Worldwide coal 
ing the Mining Festival in interests. .. - . /• 


Royal Commissioh 
energy 



BY RAY DAFTER. ENERGY CORRESPONDENT 
THE GOVERNMENT'S new casts of energy demands were 
Energy Commission should be criticised as being based too 
scrapped and replaced by a much-on an acceptance of trends 
Royal Commission, the Town and and not enough on the basis that 
Country Planning Association deliberate policies could be pur- 
said yesterday. sued specifically to change 

The association, an objector at trends. 

the recent Windscale inquiry. Insufficient -account was taken 


given 
within two years 
energy strategy. 


producing 

a national factory and office building 
programmes. Hence the scope 
_ _ , . for energy conservation was 

The Energy Commission , under-estimated, 

which meets Tor. _ the. second g The results of four exploration 
time on Monday, was " far too wells drilled last summer in the 
narrowly constituted for the South Western Approaches of the 
purpose of producing a balanced English Channel by the Energy 
view of possible and desirable Department are to be made 
future energy strategies." available to the industry. The 

Established by Mr. Anthony information from all four is 
Wedgwood Benn, Energy Secre- being sold for £50,000 a set 
tary, to. advise on energy The wells were drilled on 
policies, the Energy Commission -blocks-.88/2, 87/14, 83/24 and 
comprises 22 representatives of 87/Ifl to establish the existence 
producers, unions and consumer of sedimentary rocks, beneath 
*Dd scientific interests. the thick chalk which covers the 

The association’s statement area.. . . 

claimed that the opportunity for Offshore operators are about to 
public debate and examination begin oil exploration, in the 
of possible energy strategies was Western Approaches and the 
almost non-existent. The Energy English Channel after the alloca- 
CommlssioQ published papers in tion of fifth-round licences. ’ 
a "desultory fashion" with Further blocks in the area are 
minimal publicity or encourage- expected to be offered in the 
ment for comment. ’ sixth round, details of which 

The Gpvernraent’s official for- should be announced this year. 


observe the 12-month rule. Agency and other central gov- discrimination^^l^'eoLral^nDoor 
But while there ere the* —* ZStfST ’ ° PP ° r ' 

from !he PSA and (ESS t Goverement^ pressure itself 


at least the last 10 years of a 


contract being regarded as authorities account Nixon Administration generally 

having been broken because of a r 3 )most baU of tola? govern- soft-pedalled on strict enforce- 
breach of one of these clauses. SjnSr^roofremen fillThe ^enL The present Government. 
Until now, at least, the clauses ot b er half—some £7bn a rear— however, bas shown itself aware 
appear to have been regarded provides the Government with a of the fact that companies may 
more as a matter ot form. useful leverage on sectors avoid compliance by inserting in 
However. Labour politicians heavily dependent upon Govern- its proposed labour law reform 
have often regarded Government ment orders. If Ministers are ibe requirement that Govem- 
procureraent as providing a use- prepared to use it and if they ment contracts will be denied to 
ful form of leverage over private are able to establish some system companies considered “persist- 
industry'. It »s no coincidence of enforcement of contractual ent offenders” ia thwarting the 
that the clauses concerning fair terms. formation of trade unions. 


has been a variable factor: The 


Chamber seeks 
Inner London 


Cdai merchants 'ready 
to withstand strike’ 

BY JOHN LLOYD 

COAL MERCHANTS are well campaign for solid fuel will 
placed to withstand any bat be built round the slogan 
the most prolonged industrial "Never build a bouse without a 
action by miners, Mr. Cyril’ chimney." 

Charlton, president of the Coal Tbe federation is lobbying 
Merchants* Federation, said hard to have legislation brought 
yesterday. in which would make it illegal 

Merchants have been buying to build bouses without cbim- 
heavily from the National Coal neys." 

Board in recent months, partly 
because they fear a miners’ 
strike io support of a pay claim. 

Coal stocks are now well up on 
the alarmingly low levels to¬ 
wards the end of last year. 

The first results of increased 
production from the incentive 
scheme agreed between the Cnal nnllPV rPVlAW 
Board and tbe miners are begin- |JValL.j 1CT1CTT 

that nrn . THE Government has been urged 

duSo n bosses will reSU h l„ P « S’ 0l itf O S‘ de ^«„" 
improvement in the quality of^ n *fnmi 

coal." Mr..- Charlton said. - V° n .? on Prevent the continual . 

The coal trade will -go metric Jiff employment in the . 
on April 1 when the standard a o nd « ive ^e docklands , 

hundredweight bag will be re-' s pbeme a chance of. success. . 
placed with a 50 kilogramme The appeal has been made by 
bag. which will contain 1.58 per the London-. Chamber of. Com- - 
cent, less coal. tnerce 7 ln an exchange of letters . 

The federation' has already with the Departments of Trans-. 
acrc-pri with the Domestic Coal port. Industry and Environment f 

'j»tSSSS£ : 

Drnnnrt tomtelv for temporary assisted area status . 

Mr. Charlton. Commenting- «£“*?»*“££*■* rejected ; 

the increase, in deliveries of tile Government- • ■; 

anthracite- and smokeless fuels, In .’Its reply, the chamber ’ 
said that much of the increase repeated-its belief that assisted: 
was due to the growth'in sales of area status was thle only-solution ) 
solid fuel appliances in the last to London's problems if industry. . 
three years ..... . commerce and jobs were to« 

A forthcoming advertising remain in the inner city. 



It’s good business sense to be at the heart of things. 



The City is Ihe commercial heart of London. And if you want to be at the heart of things, stay at the Tower Hotel, 
The Tower is a modern, luxurious, friendly haven close by Tower Bridge. It's just a few minutes from 
Threadneedle 5treet and the Slock Exchange. And opposite the World Trade Centre. 

And t he shops and theatres of London’s West End are within easy reach. 

At The Tower yo_u can arrange lor a secretory, send a telex, study the news wire or njn a conference. 

You can eat in ony of three.restaurgnts,with the choice ranging from aquick lunch to a dinner in-the-grand mannec 
Afterwards, relax in the bat enjoying the panoramic views of the rivec 

The views from the air-conditioned bedrooms ore equally tranquil; either river or yacht haven. 

Inside, you have your own colour television, private bath and direct dial phone.lt that’s not enough luxury 
for you, try our Penthouse Suites. 

It’s not surprising that businessmen feef of home in The Towec 
After all, we know what it is to be big in the City 


For reservations ar brochure ask your secretary to contact our Advance Booking Office. 

The Tower HotekSt. Katharine's Way, London El 9LD 

Tel: 01-481 2575. Cables: Towerhotel London EI.Tefex: 885934 



,-T 

E 

0 


' 

Tf 


1 

■ 

x 

it 

I 

Id 

r 


THE HEART OF LONDON 













febrtiary 8 i978 


HOME NEWS 


-Hunter men 

st^p||mii^:;i«ceive £10,400 


Fight between potash 


3 \'r~ 

3^ 


pi peue £10,400 / , , u ^ 

scheme l^r^dunflancy payment lOCdl Deadly 

; -•;•'• : v * •/ rv paiii ruertnicuT 


ttEVELANDPOTASH l 

l IQ and Chart tr CflBflHdttc4) 
oner PTOSK BK M UK. 



I 

<v 


1 • BY WWPW shipping correspondent 

’ SWAN - sinpyard visaged in the financial mem ora n- 

worJtere tcEbfrtn^ie femradani in dmu attached to the original Bill 
■ May.after ^ref^l. to work because the scheme pre- 

shi P- domioanUy provides lump siuns 


V a,.* ■ in Fifrdft iv =* - man Sunder the J " ,r - ^aurman. me in- 

'terms onheSfiiSiiilg Redun* Minister, outlined the 

dancy PaymeotsiWiemeoutlined schcme in * Parliamentary 
i -sv Cl ’ 1 abandoned-bythe Greater TOsterdav ■-■ • ?•■ . answer yesterday. It contains a 

on don Councilr. .• i ■■ *-t* » ■ -iimiiw 


v" :!? 7 r . ».a., I. Tho noBoirtiiwBNW■’ inri«e(m number of safeguards designed 


•■ Rearn . ntroHod council, said' yester- The- 1,152 men ■ who * received -n,. 

4.y that the scheme was "neither StWay notices -at-Swaa Hunter e JninwS, £« 

•■•■.■».• -' '^'Sirable noe^ practicable!" : .• «n Monday may .well 4>e among L 

■*■Although the .idea had initially the fiPstto-negotiate..payments J in ^ 

j.^ r.peared to he an attractive solu- under. the.scheme, Ibe.enabling f10 £10 -‘ w 2 

•■ :-r- .- to the problems oFthe 1 under- Bill for whirirbas now'completed * lump ® urn ai ) d 

• J *)* ? ed and costly preeem bttfJding. its Committee Stagfc-: L^er^t/r 1 spread even y 


•r reaction of local' residents 

rr'- 'v^ d local politicians of all parties 


Another /company-.- requiring over ,w ° l' ears 


urgent access/' r t(h'the : fund 


Any worker made redundant 


ns for the decision to abandon which is slightlyJess-generous would be expected to refund a 
;!’ J! E.iv -3 scheme.- which will- be than - the: versions proposed by proportion of the lump sum pay- 
:3 - :;^jT7ially ratified.hy the.next foil British Shipbuilders,/and the mem. 


BY PAUL CHEESERIGHT 

THERE IS a national need to 
produce more potash in the UJv. 
With this assertion Consolidated 
Goldfields yesterday started the 
presentation of its case for a 
new mine in the North York 
Moors National Park. 

A public inquiry is being con¬ 
ducted in this seaside resoia by 
Mr - A. D. Hawkins, of the 
Department of the Environment, 
with two assessors. 

He is hearing an appeal by 
Whitby Potash, now a Gold¬ 
fields subsidiary, against a 
refusal by the National Park 
Committee to grant an extension 
of planning permission originally 
given in 1970 for a new mine. 

Planning authority has been 
assumed hy the North Yorkshire 
County Council to whom the 
National Park Committee is 
administratively responsible. 

So far. 24 local and national 
organisations and public bodies 
and seven individuals have given 
notice of their intention tn 
present evidence. One lo.cal 
group wishes to rail 17 witnesses. 
The, inquiry could last four 
week's. 

'The potash Issue has been 
nagging Whitby for 10 years— 
flrsl the application by Cleveland 
Potash, then applications from 
Shell and Rio Tinto Zinc, and 


MUUAnM 

► BWHVOtl MJK >■*=*-, 


.Whitijy 


now rhe Goldfields hearings. 
Goldfields bought the Shell 
properly last March, 
-Introducing the Goldfields 
case, Mr. Robert Gatehouse, Q.C« 
said: “There is no objection 
raised to-day which was not in 
substance raised in 1969. There 
Is no new factor in the 
situation.” 

The Goldfields plan is to 
extract potash by solution mining 
at Egton Low Moor, south-west 
of Whitby, and send the raw 
material four mile* by pipeline 
to a refinery on the edge of the 
national park, about one mile 
from the town centre. The re¬ 
fined product is used in the 
manufacture of fertiliser. 

Divided 

The capital tost of the venture 
—which could start production 
in about five years—would be 
£80m. and annual sales could be 
worth £18m. in local and export 
markets. Mr. Gatehouse argued 
tbat this would be a national 
benefit as potash imports cost 
more than £30m. a year. 

Goldfields would employ as 
many local people as possible and 
the mine and refinery would pro¬ 
vide more than 200 jobs. The 
unemployment rate in Whitby is 
double the national average at 


13 per eeQf. 

Objectors to the mine, are 
incensed tbat the refinery needs 
a 265 ft. chimney, which could 
be seen from 17,700 acres of land, 
much of it in the National Park. 
They are also worried about the 
disposal of waste salt at sea and 
the use of the River Esk to pro¬ 
vide water. 

The fear is that linking Whitby 
with a mine would spoil the 
tourist business. Part of 
Whitby's attraction rests on its 
historical charm—the old Abbey, 
site of the submission of the 
early English Church to Rome in 
the year 664. and later its role 

as home port for Captain Cook— 
and on its easy access to the 
beauty of the National Park. 

Local opinion is fairly evenly 
divided. The three tiers of local 
government. Whitby Town Coun¬ 
cil. Scarborough Borough Coun¬ 
cil and the North Yorkshire 
County Council, are in favonr of 
a mine, but tbe National Park 
Committee is against. 

Mr. Leon Brittan. Conservative 
MP for Cleveland and Whitby, 
came out against the mine a 
fortnight ago. preferring to seek 
special Development Status for 
the area which be thought would 
attract light industry and leave 
the tourist business unimpaired. 


lnrati •• 

. * Jfaaxsn't 

*♦ • PUUWMSE. 

. WHTTBY POTASH. f 
.'VtonMfldalal GoU fidisi 
- snKSPfmssmioBV* 


YORKSHIRE POTASH ■ 
.. . ffltoTintt-Zmd 
m!ns nKomi hehts but 
nor PfHKUSSKH ID MUG 


‘’ a - r sequences a're untenable.” average earnings last certain ship repair workers who 

it; .jrjvln addition, the logistical prob- September- -. V i . have been employed on a casual 
'n s raised -by a 100,OOO-capacity - . This Is - highet/ ttMi!!! was en- basis. 


issir 


^ idiom on roads/ and other 
blic services ...were immense 
• d the cost of them to- the rate- 
Ifiwer would- be-prohibitive. 


ains tax plea 


Shore^unveils plan 
tooaB||oiiie buyers 


Quicker house price rise forecast 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


Mining: without miners 

Solution mining—really mining without miners—Is a rare 
process used only by PPG Industries at a potash mine in 
Saskatchewan. 

The basic principle Is simple. A well about 12 inches 
in diameter is dng—in the ease of Gold Fields at Whitby 
Potash It would be more than 3,000 feet deep—and lined 
with steeL A second, narrower, tube is then inserted. 

Water is pumped down one part of the pipe. When it 
meets the potash salts in the orebed. a brine is made which 
is forced up tbe other part of the pipe and carried by pipe¬ 
line to a refinery. 

Gold Fields wants permission for a mine with 36 wells, 
in nine clusters of four. A cluster would be spread over 
abont two acres. Gold Fields estimates that 2.2m. gallons of 
water would be used eveiy day. 


State grants boost 
die-casting projects 


I iPITAL gains .tax could, be lUrtiUvUDU 
-4 ohshed; with ajn “ Immaterial . - ■-? \ 1 .\ 

s of revenue; the Society of -• -' 7 

mpany and / Commercial ‘•.JW MICHAELCASSELL, BUILDING CORRESPONDENT 
ri,,.countaQts has told ’ the . V . 

-',*;asury. • It; says the:, tax FULL - PLANS Cfort“prrividing 


This will not have to be repaid 


;r -founts for only Ijper cent of financial assistance Mo -first-time for five years, when the lending 
-sai al avenue. .. Ji^^cj^jeiled in5tinai0I1 ijlvolved win repa j 

/*; M' •: for the £600 t0 . the Government and 

11:1 1 :hooI costs up v *.* the Environment said-jthat the its^own funds. 

eqtx&gk. ISg&S&i&s&Sk 'the 

: ho cnant nn Si.ita nunara matctj-Muuui. _ j j;.; i i_ =_ ; j Over 

of the 


- - A ucation AuttoriS- ^ £8bn « ^ This element of the scheme has 

"iK Der DUDil ^creaslne' The.;;.;terms - of; Uie... Home attracted some criticism, notably 
■- *7 to£l 073 in nurservclasS Assistance and-Hotuhtt .Corpo- f rom the building societies, who 
-m £4M ration 'Guarantee ^Bi.l.L wbch win b e largely responsible for 

i:.--.ools. and* fr^ 8 E7M 'JSSShai fefiJSt time itS administrati0 “- 

day-secondary, schools. Tfttal They say that many house 

- : ending is up 6A-per cent/.ld. buyers are invariably better 

10.9m ; - = 1 ' nSto rifbS ihl pIacdd » meet higher commit- 

- ‘ •' SS!5S*Jn? #5 ™ents in the eariy stages of home 

., I'.r.i V- --V •? ?-»«-'' ownership rather, than later on 

, ,udear <?ebate -catt When combined. incomes may do 


HOUSE PRICES are likely to in¬ 
crease more rapidly this year, 
although no “explosion" is 
expected, according tn the Build¬ 
ing Societies' Association. 

The Association's latest 
quarterly bulletin joins the 
debate on the likely extent of 
average bouse price increases 
during the. year. It concludes: 
“A reasonable forecast is that 
prices may rise by 12-13 per cent, 
over the next year compared 
with the annual rate of S per 
com. in the recent past, although 
the actual rate will depend very 
much on what. happens to 
incomes." 

The Association believes that 
prices are likely to rise more 
rapidly because they are now low 
in relation to earnings. Real 
incomes are rising for the first 
time in several years and con¬ 
sumer confidence is improving. 

In addition, the successive 
reductions in the mortgage: rate 
over the past year could serve 


to increase the overall demand 
for owner-occupation 
Confirming details of the move¬ 
ment's performance lost year, the 
association says that societies 
received net receipts of £4.4bn. 
against the previous 1975 record 
of £3.1 Bhn. A record 754,000 
loans were made involving 


£6.72bn. compared witb 715,000 
and £ 6 . 1 bn. in the previous 12 
months. 

The movement's total assets 
rose last year front £32.1 bn. to 
£34.2bn„ of which £7.46bn. (21.8 
per cent.) was in liquid form. The 
liquidity ratio izt 2976 stood at 
20.5 per cent 


Copyright challenge ends 


BY OUR SHIPPING CORRESPONDENT 


A MANUFACTURER of un¬ 
manned submersible craft for 
use in the offshore oil industry 
has successfully beaten off 
a copywright challenge from a 
Canadian competitor. 

" ULS Marine, of Gloucester, 
said yesterday that McElhanney. 
of Vancouver, had failed to pre¬ 
sent evidence at a hearing which 
they had requested in order to 
strike from the record claims 


that it had misused the Cana¬ 
dian company's confidential in¬ 
formation and breached certain 
copywrights 

Mr. B. West, managing direc¬ 
tor of ULS. said last night that 
the company would now be free 
from a constraint which had coat 
It a number of sales of its 
£340,000 Cetus submersible craft. 
It would be announcing the first 
sale shortly. 


I FINANCIAL TIMES REPORTER 

i The Government's £20m. non- 
l ferrous aid scheme has approved 
!an investment of £3m. for high 
1 pressure light alloy die-casting 
machinery projects. 

This compares with £1.4m. for 
low pressure and only £340,000 
for gravity projects on which 
some industry leaders pin their 
faith because of its competitive¬ 
ness. 

A total of 45 applications for 
aid £4m. have been approved, 
another 55.for a similar are in 
the pipeline and another £4m. is 
under negotiation with the In¬ 
dustry Department 

Tbe £50m. investment expected 
to be generated is twice the 
normal rate and should provide 
2.000 jobs by 1981 if exports, just 
beginning, lead to higher market 
shares. Bosch. Volvo, Saab and 
others in the European vehicle 


industry are among new custom¬ 
ers. 

Mr. John Ray, Chloride group 
chief executive and chairman of 
the scheme's non-ferrous advis¬ 
ory committee, said that “Euro- 
' peariIsation " of design, procure¬ 
ment and manufacture was open* 
ing new opportunities. Small 
companies, which comprise the 
majority in the industry, would 
be important in expanding world 
market shares. 

He advised immediate appli¬ 
cation for the outstanding £8m. 
available until August and re¬ 
minded applicants tbat consult¬ 
ancy help with projects could be 
provided. 

While there have been re¬ 
ported cuts in Leyland Cars’ 
£100ra- foundry modernisation 
programme, some big private in¬ 
dustry projects are awaiting a 
derision. 


- remittent approvesrthe'tHansi accmxanlafes-at least JEOdfr-^eep^ doubts on the scheme because 
• -- British Nucleat Fuels for ailing «' minimum ESOfT-’in the bouse pnee inflation during the 


v reprocessing - plant at account for the yeai* before.two-iear qualifying period could 
-^"••^adscale. says; Justice, ' the buying—^will qualify' for . -a offset, any of the benefits offered 


. ""---tish .section, of the .Inter* matching £600 loan. •; 
::. :-ironal Cqmmisoon/of Jurists. ’ '‘V . Vr- 
a report ^.Plutonium and ^.*. :—w-v 

j--. 'terty it states, that-.it is \ |nhli lifl 
- . '' pposed iir-1 principle : to the Jc vl 

•i'riufacture and distribution of . " .; .. " 

- - - :Ieax explosives in Substantial A. | 

• - Entities for. coramerciai use as dU Jt Ill*/ dlC 
'_Is.” ■' - ' 


by thb bonuses. 


p / ; ■ . . ..• .. . r. • ■ • ^ 

JohnFolkes coriijpletes 
£lm. steel expansion 


'read?; 


■ ; • . • / J BY^KENNtTH GOODING, INDUSTRIAL CORRESPONDENT 

axatiori SVStein 1 ’ ■ * JOHN FDLKES ' HEFO, the t Bar-Bright Union Steel has 

axauuu ajaLCiu V ... Midlands'engineering group, has about 175 employees and will be 

SIMPLE system, of taxation, completed the £lm. expansion capable shortly, when a new 


Jieaper ioans. - \ - 

LLLAMS and GJyn'S:-Bank j 


l»uve i-onuuuire m. mxuum- jn-oiyerf closure Of the w — 

. •; *y Bodies says in its.annual IT ^9l s iJl , d Manufacturing steel 8 ?***■ 

/./'•mission to the', Inland Wolvth^ipton at f ‘ H buys about TO percent, ofits 

-’venue. n f • about £250 000 and materials from the British 

nr i& ooeretions to^n Steel Corporation's Sheffield 
. , RSwISSt ^Sfant and tbe rest from the 

' Reaper ioans-.. SdiaSds. . *»* gkn. 

' - ' LLLAMS and GJyn'Sc-Bank About £750/100 has been spent ^e^Sklnp^oluRs 

•• luring the cost of Its personal on-capital equipment al u P R?r- 

•• ns. From Monday the^rafe oh Bright but only 40 of the ^ ^Sel at S 

w loans wiU-he, cut from .the Union . Steel employees h ^® aJi Svc/ the world 

imber^ 

J flllextilesVCOnfereh« : Stole Se° I 1 of St /lwut 03.St^& : The Browntills plant has been 

i-T ^ , ANS to. replace the. Terentiy thcM7^a, turoover the group. kept bus y^ th p ord " s 

. .,-jreed uiulti-flbres ■ ..agreement, was seeking this year.. ^ Vg- ln , whicTf came blto 

rt’ p ien it expires m the early- As its margins of Profit axp S thfebcBinninR of'tSS 

. , K )3 will be disenased;in/Lon- lower than average for (he t>Pe”“on ai ine Dcginmng or ul 

on May 25 and 06/at^a(-group,-6 per cent, profits should;® 0 ”^ . b available 

j r '-^iference orgainsed: Jjy 1 ; the^ -up, from just over Ser renL 

—-i.4s T Ifl*V Tnvtilo PnnfniTaPetiivi Hvr»a trmhniit PI 4m •. • “ U 1 ® Bl 1U 10 10 P_er Ceni. 


ill 

srnber^ 


ne -rtYtfrn. turnover r i i .- 7 — 

rak -seekinE this year. i tn front of new reference 

^ 7Profit' are Pnce levels which, came Into 

W. -operation at the beginning of this 



-?:- e .;.itish Textile Con federation: ' last , time to- about £L4m. 


1 ■'. 

•; ' .0 - . 




New York! 

Newark! 


below domestic prices, , but the 
reference level restricts this to no 
more than 5 per cent 
.- .More recently demand from a 
wide range of U.K. customers has 
picked up noticeably. 


WASHINGTON, D.C. 

JtJlmaissance of 
Qradousness 

’ - A Insure hold »n the peaf 
• European tradition. Elegant, qioet> 
unruffled—never a convention. 


Jraii Air fly daily to New York 
Ieavingat 13.15fromHeathrow. 

AH by Juniro. Either our latest 
plane the 747-200B;or the 7.47SP, 
the ‘Spedal Performei:’ 

Arid arnving at JFK’s speedy 
f WorIdport , termmal. 

So ceH ydiw* travel agent for 
details and book your seats now 


The\rorldsi^^grcwing airline. 



. THE MADISON 


-TCdfhftjtiHi'i Ovrsl Mini 
1J A k ^Streets, N.VC.XSp'jshmjtoo, D.G2000J 
Tekx 6424? 

. or sre your travel ajent 
PfoialwII B, Ccync, pripruAor 


i&AW. 

, iv . jfc. 




STANDBY 

GENERATORS 

/."for INDUSTRY 
ft r;JSOME/EXPORT 
CRIAS POWER & EQUIPMENT, 
f Lawton *«. ftaAlll. inrrcji.. 

. TM. (0OT1 U22S/MPM 
Tales WOT 


■ t 

l 

't- 

When Ken Dodd is 65, Standard Life 

will give him a star performance. 


Offstage, our Doddy is no down. He’s long realised that when he’s 65 he’ll want more than laurels to rest on. 

He’ll want a paiskai that's as plumptious as possible. 

Being at the top of his own profession, it’s normal that he should make a large part of his pension arrangements with 
a top company — Standard Life, the famous British, Edinburgh based office that has specialised in tbe business for over 150years. 
-Now he knows that when pension day looms large, so will his pension. 

What Standard Life can do for Ken Dodd, we can do for you. So if you need ahand with pension or life assurance, 
*ee your insvirance adviser soon. . 

“ “ “ ■ Standard T.ift* 

The largest mutual life assurance company in the European Community. 






















..... 1 


•Vi""-- 



Financial. Times Wednesday Febraaxy~ 8:-1975 




FAR Li AM IAT AND POLITICS 


Hattersley rejects fierce Tory 



attack on pay ‘blacklist’ 


... with no 



BY-PWUP RAW5TORNE 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


ALLEGATIONS THAT the Gov- so-called voluntary pay limit by and then the Government and Colne) intervened to gay that “ What is absolutely and 

ernment is unlawfully or capri* u hinting, implying and threaten- punished the employers for there would be many in the totally clear is that in the whole 

ciously using its discretionary lng.” giving In. Labour Party who would be very area of inflation and wages 

powers against companies who He thought the Government's In reply, Mr. Hattersley concerned at the statement policy, the Opposition is totally 

break the 10 per cent pay guide- behaviour was characteristic, declared: “I want to make it To ironic jeers from the Con- divided," the Secretary of State 

lines were “ wholly preposter- not of Westminster but of the absolutely clear that the Govern- servatives, Mr. Hoyle added " I claimed. 

ous." Mr. Roy Hattersley, Prices Kremlin. ment believes that what we have would like to remind you that an.* Government would do all 

Secretary, told the Commons “In the centre of this exer- done has been wholly lawful." many of us believe in free ,, could within the law to 
yesterday. cise is one man—the Chancellor i n a Rowing account of what collective bargaining which the , chieve wases Dolicy 7 ^ 

Replying to a full-scale Oppo- was being achieved by Govern- Js ci 01 “mjtted “any eMe ntial criterion was the phrase 

silirin attack on the Govern- a Marxist and behaves like merit poitcies, the Prices Secre- unions will have to reconsider .. W [rhin the law" 

£«?, “blacklist- of compute!. » bully," he told the House. tary s S id that the annual rate their policy in the light ol the ™ law - 

Mr Hatteralev announced that Thousands of small business- of inflation was now running at statement. . Jn® placing of contracts was 

an explicit clause would be in- men and hundreds of large com- a figure slightly better than the Mr - thL P G ovmmJ^wSkMilacB its 

sened in all new Government parties were being frightened and S.4 per cent, given by the Chan- been alleged that the Govern- The Government would place its 

contracts reauirina the contract- intimidated by the “Committee of cellor at the last election. The ment bad used its powers to contracts with whomever it 

fnrcompiy to Sbse^e me pay SibTic SafetJ" sitting on the retail price index for February. pl«* contracts, purctoe goods chose. The Artorne^General 

guidelines. A similar clause Government’s front bench. to be published in a few weeks and services and withhold dis- had made it clear in court on 

would be inserted in requests By the use of their discre- time, would show inflation down cretionary financial assistance m Monday that it had never been 

from companies for Government tionary powers, the Government to single figures. order to support its caunter-io- the Governments policy to take 

assistance^ was protecting its political “ Inflation is falling and will flation policies. . any action which would cause a 

Mr. Hattersley also announced friends, attacking its enemies, fall faster," Mr. Hattersley “The allegation is correct breach of contractural or other 

that he is to open discussions favouring Labour-held consti- declared. But his announcement We have done so and we snail obligations, 

with the Confederation of British tuencies and abusing Conserva- of the new clause on wage guide- continue to do so whenever the H . it lain ftat it was 
Industry and with Chambers of tive ones. The policy was being lines drew an immediate hostile law and constitutional propriety ^ Government's intention not 

Commerce on the possibility of used to uphold the ri 2 ht of response from his own side of permit, he said. to jj e aSS 0 C j a t e d with any unlaw 

publishing the names of com- unions to picket and to force the House. . t , AnoUier charge was that the » , . The clause was 

~ * V s ®. th»v being added to Government con- 

justifled by thelaw, that the> tracts in order to make these 

were being employed arbitrarily point3 cl beyond doubt, 

and capriciously and that com- . k . 

parties concerned had no oppor- H will mean that the con- 
tunity to complain or appeal, trading parties agree to observe 

MR. HUGH FRASER (C., Staf- “ My company are now threa- “ These insinuations are wholly the P a 7 K}f“j® line s set ?, ut . 1116 

ford and Stone 1 a director of tened either with the breaking preposterous.” be said. current White Paper, he ex- 

Mr. Non accused the Governi Sun Alliance, said that if the of an agreement entered into The Government policy was . ° £ 

ment of operating by "black- Government took further steps, ™.. h emoiovees or » Star t0 stabilise prices and to see ** 

mail, threat, intimidation and his company would be prepared y _ f prsnonn— ti*®* this stability was main- necessary for the acceptance of 

Ministerial edict." The Govern- to meet them in a court of law. Chamber fine of some £750,000 tafned. The Opposition should the contract by the Government, 

ment. he said, was usir- its dis- "Let them take it to the courts and they are not in the business really tell the country which Similar provision would be 

cretionary powers to uphold the and we will win." he declared, of building their own scaffold." side they were an. 


panies who are placed on the settlements above the guidelines Mr. Doug Hoyle (Lab., Nelson use of these powers was not 


Government's “ blacklist.’ 

He accused Mr. John Nott, 
Conservative trade spokesman of 
adopting “ Reichstag fire" tac¬ 
tics against the Government in 
the opening speech of the debate. 
From the Tory front bench, 


Challenge by Fraser 


THE GOVERNMENT, accused in the Com¬ 
mons yesterday of furtively blackmailing: 
industry, unapologeti rally responded by 
putting its demands in writing, Mr. Roy 
Hattersley. Prices Secretary, said that from 
now on, all Government contracts would 
include a clause requiring companies to 
observe its pay guidelines. 

Offers of Government assistance would 
also contain the same explicit conditions, he 
declared. 

Faced with this bold counter-stroke, the 
Toiy attack on the secret, fine print of the 
Government's “ blacklist" faded badly.. 

Mr. John Nott, who opened the- debate 
for the Tories, was more than somewhat 
disarmed to find Mr. Hattersley readily 
admitting that the Government had used its 
discretionary powers to uphold the non- 
statntory pay limit of ten per cent. 

“At prevsnt,” Mr- Nott protested, to 
sharp cheers from the Labour benches, “ we 
are against individual limits." - 

The Government would have preferred 
more flexibility as well, Mr. Hattersley 
rejoined. But, unfortunately, the Conrvrva- 
tfves had not Indicated which wage claims 
they thought should be lower than ZO' 
per cent,—only those that they believed 
should be higher. 

. Mr. Nott switched rapidly- from -that 


corner into indignant protests about the way 
. in which the Government, had .frightened 
thousands of businessmen by. its intimi¬ 
dating tactics- r like a Committee of Public 
Safety, Ministers invoked the national 
interest—the most pernicious * aspect of 
a policy in which the. end justhted the 
means. 

The last thing the Government wanted 
was to give that Impression, Mr. Hattersley 
- replied, with emphatic sincerity.. 

Not that Hie end was unimportant he 
remarked. The inflation rate this month 
was down to. single figores for the'first time 
for four years because of the Government's 
‘ determination to pursue its counter-inflation 
policy. v' ; '. _... 

That would please a lot of people. If not 
the Tories, Hx^Hattersley added. As for the 
secrecy surrounding the “ blacklist,” he sug¬ 
gested that Ibis was intended, to protect.the 
companies concerned, rather than to conceal 
the action taken against them. ;• •' 

SunAllianceshareshadfalleiustoepIy 
as soon as its dispute with the Government 
had been publidsed^he said.. But if the CM 
and Chambers of Commerce would prefer 
the names-of blackUstedcompanies to be 
published, the Govemmenf wooW gladly 
comply. • 


the 

was 




Northern Ireland is a country poised for further 

economic growth. 

Out of the last decade has come a body of impressive 
industrial achievement which must now be 
a springboard towards future prosperity. 

To state the facts is to make the case for more 
investment, your investment in Northern Ireland. 


All-party 
on race, Says 



BY IVOR OWEN, PARLIAMENTARY STAFF 


•TV -i\ 


approach to to whom Conservative spoke* tion Acts should be repealed -:. 
ace relations men had given ” the clearest pos-. ' Mr; Cbnaghah.saidthe Gov err 




ft 


Included In offers of industrial 
assistance. Both the TUC and 
the Director-General of the CBI 
had been informed of these pro¬ 
posals. 

“The House should know that 
the inclusion of these clauses con¬ 
siderably extends the application ... _ ABTV 

of our Dolicv '* Mr ALlrFAnl Y . . , _ 

emphasised ** * immigration and race relations men had given " the clearest pan-. ft&i .CaHaghan.sald the Gpvem- 

. . policy still offers the best pros- sible assurances” In the past;. ment had never accepted the view 

In particular, he said, rt would pects f 0r future of Britain, The Prime Minister '.even expressed rbjr.the Labour Party 
apply to those such as the com- the p r i me Minister told the succeeded in keeping theOfppost conference. He.added:: " I hope 
“ e ■ ■ est , “tidlanite commons yesterday. tion leader in his sights when you will hot. try to ;divert atten> 

which the Opposition claimed had He refused to use “intemperate replying to some light-hearted.tion from' the > discussion .you. 

beep allowed to flout the 10 per lai £uSe* ? about the hecenl com Jargons between^bis own have started -by rtusing: false 
cent, guidelines. statements made by Mrs. Mar- position and that of. Sir Thomas hares." ■ ... 

Opening the debate, Mr. Nott garet Thatcher on immigration. More. Yesterday was the 500th In' an outburst against Mrs. 
said that the proper question |ut highlighted the apparent anniversary of his execution. .Thatcher. Mfe WlUiam- Hamilton, 
for debate was whether the Gov- confusion on the issue in the He stated: “ If Sir Thomas bad (Lab. GentriYFife') said her 
ernment should operate by force Conservative shadow Cabinet been alive to-day, on such siib- descent’' into ".the “political- ; 

of law or operate by blackmail. Mr. Callaghan called off Mrs. jects as Northern Ireland, Scot-gutter’*reflected a - lock -.of-V 

And it was proper to discuss Thatcher to take an early lisb devolution, immigration and principle dictated. - by squalid ’' 
whether they should proceed by opportunity to clarify official the,control of inflation he would party political'reason’. 

"stealth or publication of the Opposition policy and urged the not have turned tail and run .. WhQe declining to indulge: in'. 
fa rts-" shadow Cabinet not to depart away like Mrs. Thatcher." such term Sr Mr. Callaghan com- - 1 

Attacking the Government for from some of the principles Earlier, Mrs. Thatcher asked if men ted-that the Tory front bench ’. 
“picking" on particular firms which, up to now, it had unheld, the Prime Minister totally appeared to have.confused ooposi --;-y _ 
Mr. Nott saidi "No sanctions In particular, he cited the repudiated the conclusion ijf the-tion-and opporthham.- 
were taken against Ford, but position of U.K passport holders 1978 Labour Part? conference seeing, more of the second .than 
sanctions are taken against min- and the admission of dependents that the 1968 and 19711mmigra* the first," be 1 declared... .- ‘-..fi’A.— 

ers 

anyone 

Mrs. Audrey Wise (Lab., 

Coventry SW) complained that 
there was no real way to record 
her opinion at the end of the 
debate. 

Because the debate was only 
on a procedural motion put 
down by the Tories, she had to 
vote against it But she made 

clear, this was not a vote for the ___ . _ ..... ...... __ 

10 per cent pay guidelines, nor THE Scottish National Party then, Mr. ; Bovey said that A BILL aimea at Cutting *.'.v : 

was it a vote for the powers yesterday called on Mr. Michael Nationalist MPs . would not con- terrorists^ chances or avoia.ng-' 

being used by the Government Foot Leader of the Commons, to sider . moving the writ them- prosecution by^ claiming their : . 

move the writ for the Glasgow selves;- , crimes .were "politicalwas 

Garscadden by-election, caused Although Mr. Small had' an- approved in the Lordfe yesterday. :, ....) 
by the death of Labour MP, Mr. nounced bis intention of retiring. Peers - gave, an unopposed 
William Small, three weeks ago. at the next General Election,.the second reading to -.the Suppres--;.^. 

Tn _ loHor Vn «_ Wnnt local Labour Party has yet to sion of Terrorism: Bill which;w- .-. 

Kp :l a nrnsnpi'Hvp cmo choose a new candidate. Nomina- allows the U.K. to ratify the - . , 

HJ S5SS5.JS!; rtons cJos ® a week toKlay and European Convention, on . the -. 

theC0Qference wUI ^ Suppression of Terrorism. - ; 

» M'Ur.rSS 11 «- .< n«« _lmi Bpnb, MW* **,«. liv 


e taken against Ford, but position of U.K passport holders 1976 Labour Party conference seeing, more of the second .than .w* 
:tions are taken against min- and the admission of dependents that the 1968 and 1971,1mmigra* the first," be - declared...’.- \ 
in Cornwall for no reason ' - r ; .- . I ' 1 ' - ‘ 

me can yet understand." M m * w '.n ■ A ' ■ a ‘ : -'p£ 

Scottish by-electlOIl Anti-terror 




call by 



BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Bill backed 
by Peers 






■'‘.."’Psk 


Name firms 

receiving 

aid-MP 


. month. Home Office, said ihat 

death of an MP and an election pre5eilt | ront runner is must entire- that the tight.,*> 


Industrial Excellence 

Productivity and output have 
both increased dramatically since 
•1969, productivity by 37%, 
manufacturing output by 14%. 


Industrial Relations 

Northern Ireland has one of 
the best records in "Western 
Europe. International companies 
are happy to rely on Northern 
Ireland to maintainsupplies of • 
key components.' 


INDEX OF MANUFACTURING 
PRODUCTIVITY (1963=100) 


■wo 

180 

no 

160 

150 

140 

130 

120 

tra 

100 


NORTHERN IRELAND B%Tv3 
ILK, 


m 




70 71 77 73 74 75 75 


Grants In Aid 

For new building the grant 
can be as much as 50% of cost. 
And there can be a 5-year, rent- 
free period for firms preferring 
to lease ready-built factories. 

For new plant, the Government 
contribution can be a discounted 
93%, including grant and tax 


concessions. For R & D it can be 
as high as £250,000 on any project. 


More Incentives 

Interest relief is available 
over sevenyears on money raised 
from non-Govemment sources. 
Assistance is provided with start¬ 
up and running costs of new 
projects. Payment of the selective 
employment premium is being 


maintained in Northern Ireland—. 
£2 for each adult, £1.50 for each 
worker under 18. 

You wont find any area 
within the EEC, let alone any 
other region in the UK, offering 
such a wide and generous range 
of industrial benefits together 
with the environment and 
infrastructure to get the most out 
of them. 

More than 300 projects have 
been established in Northern 
Ireland in the last thirty years. 
Read what some of their managers 
have to say in “Ask any 
businessman who’s already here 
an anthology of views from, 
the boardroom. 

Then ask yourself whether 
you can afford not to take a longer 
look at Northern Ireland. 
Complete the coupon and start 


doing it soon.. 


NORTHERN 

IRELAND 

it will pay 
youtotakea 



To: Director of Industrial Development, 

Northern Ireland Department of Commerce, Chichester House, 

64 Chichester Street, Belfast BTl 4JX, Northern Ireland. (Belfast 34488,ext.435) 
Please send me a copy of “Ask any businessman who’s already here? 

Also send me further details on the opportunities .for industrial expansion in 
Northern Ireland. 


Name: 


-Tide: 


Company*- 


Address: 


rra^z. 


By Ivor Owen 


d was not acceptab e in Mr. Donald Dewer. who was MP against InJaraatioita] teiroriaa.:->??* 
this case. -— -..—->— p-uv ■ 1 —.-■ . _^ m -.— 


For Aberdeen South between was intensified. To-demonstrate.-:' 1 


Tne pressln 0 unemployment jgge and 1970.He has been noml- “our commitment to this. 


IN QUESTION-TIME exchanges, nated by the largest ward in the struggle" Britain had to ratify 

the Prime Minister supported a of tn ® re tij 111 1 viJf bS iifLf ecen i const/ruency.and by the General the convention. 



suggestion that firms who receive rtosure of an 4 Municipal Workers’ Unibn. Lord Harris declared: “ This is 

Government aid should be s -- l f T ^ le Scottish Labour Party, the most iuvportant - instrument 

publicly identified as ' 
those who are subjected 

tions as a result of bread—„ — , . .... „ __ — --- 

20 per cent pay guidelines. f° r *h e constituency as soon as Seotfnnd. has said it will .fleht The aim of the cnnventiofl was 

Mr. Callaghan emphasised that possible, he claimed. the by-election. Qnft • of the to remove the barriers to extra- 

before vany final decision was Commons procedure _ suggests party’s two MPs. Mr. .Tim Sellars, dltion whirti was .the most certain ' 
taken, he would take account of that Labour's Chief Whip should yesterday Introduced a draft way - of bringing temudsts-. .to 

views expressed in that day's move the writ, but the Govern- election policy on jobs, which justice.- it., reduced'"the : po*si- 

debate and arrange for consults- ment is thought to want to delay declared that an. indeoendent bility of terrorists ■ avoiSing^. 
tions with the CBI and the the by-election until after the Scotland, with control of the oil prosecution bv claiming their/ 

Chambers of Commerce. * Budget in April. Although the revenues, would be able to adopt- crimes were political- - - .-4 . 

i. SNP would like It held before a policy of full employment. Lord’Harris said #at flie'BHt 


Mr. Ernest Fernybough (Lab. 


Jarrow) proposed that the names 
of firms who received Govern¬ 
ment help as well as those denied 
it should be published. 

Mr . Callaghan commented that 
the Labour Iff* had identified the 
central issue." When the Gov- 


Narrow defeat for Bill 
on council house sales 


in no way affected tbfr; POwera af 
the Government, tc refuse extrar : 
dition wherejt believed Jt WbPld 
result .in nroseention -because of 
race, •.-relJribn,' hationaiity 7 or 
political opirilon. , 

For V the Conservatives, 






subsidies. 


day. 


0 POOS’ 

The proposal, by Mr. Tim Frank 


-1 see no nm why the Gov- SfiSS 

eminent should not publish the w -« votK » 207 ■ a ma]onty ggS g “Ti the tSd- betwi-en nmteclhiff Eve, 

Tut 5 fc-S«Hh clsiined that 85 per «St(Tousesttii : 

gave the assurmc. that there Si 


would be discussions with the 


be 


Hospital lists ‘concern’. ^ JeSed 


jclaiats 




‘-4rr.;, 


k 





\J. m Vi 1 4 J' 

• ^ 

v 

;« r :\ *- 


CbF andT the Chambers’of Com- council houses would be able to queue of.honjeless-wguld 
merce. Their views would be huy the freehold of their homes lengthened,*' he aald. 
studied before the Government .... 

reached a conclusion. •*- -y • . w- * c 

He told Mr. Enoch Powell (UU 1 1 
Down S), who had sought to 

m e do so“ tedw of his concern at the the- efforts teingMaade to • 

Mr. Jim Wrlwlcsworth (tab. P~P«» «! the problaip.. . f... 

A*™”of September, laat 
had stated that if. the. Government J’car 

held the .tine in applying'wage UMnitaU THp «cr.^un.. 

restraint in the publlc^sector, the Heajth^Somce^ os^ a orovl. Adn >lss:on procedures weretbfling peopld f -'taPkln»- a6out" supple 
- - " " - ’ ' - mentai 7 _.;benefit as . lf-it were 

some- sort of handout,- Every 

- --- r-~-r*r —-- -a \a greater use of short-stay fedlities. .person is entitled, to at least *•■.’■ f -:;2 

The Pnme Minister replied _ -j r r ‘ ‘ ' ^standardlivtas- ■' u. * 

that his conversations with. Sir Mr. Ennals aaid that "unfortu- In addition,, m. the. current . y -.. r^-, 

John had led him to the condu- nately" a drop in the number of year, health authorities had set - - 

sion that the CBIVished to hold urgent ca^ airaltjog admission aside £8.Sm. irtthin their ^ CnonfiiittJ "i. 

the line. The CBI was not en- in mid-1976 had not , been limits for capital projects to cut illgllCl SUvUlIUl^ »; „ *■ 

couraging its members to exceed mslntaihed. waiting lists, 

the 10 per cent guideline and ... 

had supplied the Government xt • j■ i •. i . “■»' 

Vaccination publicity planned 

kept within them. 





on kidney units 3 


.AN EXTRA_£^: wm bo pro- V 
-vided'‘for special: renal dialysis.. 

A GOVERNMENT campagn is to Immunisation supported the odd-, (kidney. mac)jlae> units over 


7n tae oreawns or toe paign woum oe oasea on. naiiooai.rep/y. ywflraay., . ' 

and conniving in secret agree- *?*' *»«“ pre »s advertisements,postefs and ' Mr^EnhaS^pIalned that the.: 

menls which made this possible. S‘ D V*»?i leaflets. The chairmen ; of 'both' units,-were^erismed for patienW- 

It seemed that their dislike of the lo1 ^ 1116 the i° <n ^ eoamiHtee ' and the who^ uo longer needed full 

Govermnent was greater than ''» n “ uon s ywternay. Committee on Safcty of lMedi- hospltal- facillties but who, for 

their dislike of the task of con- He added that the Joint Com- does bad agreed on the material one-reason or another, could hot 

quering inflation. mittee on Vaccination and . to be used. A toiaei _ ' 















icctcd 1 :*» 


^ 'Mh? ' ’ ' *^^Sv7 r ' 

ffil’i‘,;v ... ... vJWiU- • >o 

ni-if. _*, « *. . * . r*.• *■ M D ' 



' ■• :.«$W>< .V:'. 
rSSri..... *•"?'?%/! '■ ' 



m&t’' ■■■■■'-; -- \.:•: *: 

T r- '-'••• *•;•••. : -\zv Sa . 


»i 




. ': . . . 
v ■*;, v_ ;;;•■ •.. 



8g*_ : , 3;?; . 3 . §V?^ 


■ r/' - : V -\v 1 .•.' ■ 4 

S&S<ya-.i-••-,>.••■- •■.,* "• ^ 

S *? ;: 



fe& 


"Av 




£ 


’***■ 





k *ya 



w^l 


;r J 

* V. 'Vl - •*> /•,►*.• 




kicobx- 



•<. J'fiwfc.C 
Map by George Philip and Son Ltd. 01978. 


hr 


-.. ■■■:■ /. -• •■ Mapwvjeorgermupanadonua.<G 

SKA range of International 

services no other bank can offer 


fe0Internati6i^ Competitively. m A 

Sbort-tenri andfixedratenradium-term .. 
fL'S finance covered by ECGD guarantees. • 

r^p!5 Negotiating or discounting bills, Acceptance 

;*??credits, Eurocurrency feiance 5 Export factoring/ 

^ , 1 sf- International leasing and Iiistalment &lance. 

^ International Branch Network. Competitively. 

... Jji Being the exclusive U.K. member of European Banks 

B* L IntematiqnaI(EBIQ Midland can offer their clients the complete 
facilities of sevemmaibr independent European banks with 10,000 


Competitively 


facilities of swen.miajbr independent European banks with 10,000 
.$0? bi^cheslbrougHoutEtirope and a world-wide network of joint 
'^venturesJ v - 

^^Jnternati^ Competitively. 

- Foreignexchange, spot and forward contracts. 

—i . ■ Qean payments,mail transfers, telegraphictransfers, drafts. 

I ; & % Bills For coflectibn, documentary credits. 

; ^ Interaatiwal^ Travel. Competitively. 

! ' pc ' Exclusive to Midland, direct access to the world’s largest 

^travel company—Mbmas Cook—a member of the.Midland Bank 

f .jj Group. ■’ , '■/ ^ 

|jjfJ pie fastestRowing company in business travel providing 

. r - the most comprehensive[business travel service including foreign 


exchange in 150 currencies, travellers cheques, V.I.P. 
Service cards and 870 offices in 145 countries. 

International Merchant Banking. 
Competitively. 

Exclusive to Midland, direct access to the complete 
facilities of Samuel Montagu, a major Merchant Bank, 
including bullion dealing, the issue of Eurobonds and 
operations in thePrimaiy and Secondary bond markets. 

International Insurance. Competitively. 

Every aspect of insurance and reinsurance. 

International Marketing Services. 
Competitively. 

A range of marketing and commercial services 
through the London American Finance Corporation 
Group, operating in over 100 countries. 

Information on regulations, tariffs, documentation 
procedures and exchange control. 


Ilf To ensure your company 
*j* makes the most of its 
international opportunities, 
you really should talk with us. 

For a prompt answer, 
contact George Bryen, 
tel: London 606 9944. Telex 
888401 or contact any of our 
branches throughout the U.K. 

TESTUS. 


MHHandBank International 

Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel: 01-606 9944. 























—i 




Financial: Wednesday Seiniary S"19 78 


This advertisement contains particulars given in compliance with the Regulations of the Council of The Stuck Exchange for the purpose of giving Information to the pubfle with regard 
collectively and rndrviduaDy accept full responsibility ,w ,hB accuracy of the information given and confirm, having made all reasonable enquiries, that ro-tha best of their knowledge and b»««tnwe areno taner mes- t na o nu saion orwre^ 
would make any statement contained herein misleading. This advertisement is issued in connection with the application to Uw Council of The Stock Exchange for the admission of the aeusd share capital 01 the company to tne unreal 
list and does not eonsliajw an invitation to any person to subscribe for or 10 purchase any securities of the Company. 


I 







i 


DIRECTORS ' ; . 

REGINALD JOHN BREALEY. ChairmanandCfu^EjCgatSve, 
Ofd'Placa, Moat Lane, Welboum, Lincolnshire;LfteGNB: ••• 
RAFAEL CALZADA, Managing Director, ' ‘ : ‘ 

23 Avenue Close, Avenue Road, London NWS 6BY. : 

LEONARD BREALEY, Executive, . 

• 17 Wesley Close, Sleaford, Lincolnshire NG34.7L3C 
RONALD DALGLISH GUTHRIE, fi/onSxicutim K 
flat 2, Crescent Mansions, 113 Fulham Road, London 5W3 8RL_ 
- ROGER DUDLEY YOUNG, Non-Executive. . ;.. > 

Ash brook House, Layham Road, Layftam, Ipswich IP? SNg. ; 


[Incorporated! n England under the Companies Act 1929. Registered in England No. 437131) 


Definitions. In this advertisement the "Company" means Epicure Holdings Limited: “Slea” Slea Holdings Limited; the Siea Group" Slea and its subsidiaries, excluding Ae ^ 

prior to the acquisition of Slea: the "Offar" the offer whereby the Company conditionally agreed to acquire the whole of the issued share capital of Slea; the Existing Group die Company ana rts subsidiaries 
for the time being prior to the Offer becoming or being declared unconditional; the "Enlarged Group" the Company and its subsidiaries following the Offer becoming or being declared unconamonaL 


SHARE CAPITAL 

Authorised 

£ 

624,650 Ordinary shares of 5p each 
625,350 Deferred Ordinary shares of 5p each 

£1,250,000 


Issued and 
to be issued 
fully paid 

£ 

^ 355,603 
625,350 

£981,153 


At the close of bustness on 23rd January. 1978 the Enlarged Group had secured bank overdrafts and loans of £1,067,809, a mortgage of £250,000 and hire purchase nobilities of£45.891, making a totet 
Indebtedness of £1.363.700. Save as disclosed herein arid apart from inter-company indebtedness and inter-company guarantees, no company in the Enlarged Group bad outstanding on that date any loan capital, 
mortgages or charges, borrowings or indebtedness in the nature of borrowing, including bank overdrafts and liabilities under acceptances {other than normal trade bills) or acceptance credits, hire purchase 
commitments, guarantees or other material contingent liabilities. 


SECRETARY AND REGISTERED 
.-OFFICE 

VICTOR MARM0NT 0RMER0D, 
F.CJ.S..A.C.MA, 

Eagle Hoyse, 110 Jermyn Street 
.-. - London SW1Y6HB. 

BANKERS . . 

GRINDLAY BRANDTS LIMITED,- . 
'.23 Fenchurch Street, 

. London-EC3P3ED. 
BARCLAYS BANK LIMITED, , 
43/40 Ctosketgate, 

Lincoln LN21 LA. 

NATIONAL WESTMINSTER BANK 
LIMITED, 

208, Piccadilly, London W1A2DG. 

AUDITORS TO EPICURE AND 

REPORTING ACCOUNTANTS; 
DGARDEN FARROW, 
Chartered Accountants, 

6 GlHspur Street, . 

; London EGl A 9PD. 
AUDITORS TO SLEA 
PRICE WATERHOUSE A CO, 
Chartered Accountants, 

Victoria House, 

76 Milton Street, 
Nottingham NG1 3QY- ' - . 


BROKERS TO'EPICURE 
CAPEL-CURE MYERS LIMITED, 
Bath House, Hoibom Viaduct, 

- . London EGTA2EU. 
and The Stock Exchange. .' 

. BROKERSTO SLEA. 

HILL OSBORNE &C0*‘ 

Sl Paters Chambers, 

. 47 Silver Street 

• Lincoln LN21EQ . 

arid The Stock Exchange. • • * 

SOLICITORS TO. EPICURE . 

FSfTCHARD englefield & to bin 
Jind BUCKER1DGE & BRAUNE, 

23 Great Castle'Street- -- 
London WIN 8NCL . 

SOLICITORS TO SLEA 
peake, Snow & jeudwine, 

. 5 Market Street-Sleaford, 

'- Lincolnshire NG34 7SO.. -. 

V registrars . 

■ hill samuel Registrars 

UMITED, 

6 Green coat Place. 

: London SW1P1 PL. 


-b 

ll 



1. HISTORY AND BUSINESS 
(1) The Existing Group 

The Company.was incorporated in 1947 with the name Lincoln Hotels Limited and in 1969 the name 


Through its wholly owned subsidiaries (detailed in paragraph 12 below) the Company Is engaged m 
the hotel and restaurant industry both in Lincoln and London. The Existing Group owns The While Hart Hotel 
and The Queen Hotel in Lincoln as well as the internationally known restaurant A L'Ecu de France dose to 
Piccadilly Circus. London. It also operates a wholesale wine business, a high dess contract furnishing and 
interior decorating business and a florist specialising in contract floral displays and table decoration. 

(2) The Slea Group 

Slea was incorporated in 1964 under the name Slea Property and Development Co. Limited with the 
principal object of carrying on business as a holding company and a (and and property development company. 
In 1974 the name was changed to Slea Holdings Limited and Slaa now operates as a holding company 
providing management and financial services to other companies in the 5Tea Group. The Slea Group carries 
on Uie following principal activities: 

Paint Contracting and Manufacture 

C. J; Else & Co. Limited is a painting contractor operating primarily In Lincolnshire and Cambridgeshire. 
The business is in four main fields: military establishments: roadways: local authority, commercial and 
industrial establishments: and work for a Gibraltar company. C. J. Else & Co. (Gibraltar) limited in which 
R. J. Breaiey has a direct interest of 30 per cent. 

Enfield Chemicals Limited, based in Lancashire, manufactures industrial and decorative paints. It a 
not dependent on any individual supplier for irs mam raw materials. Sales to C. J. Else & Co. Limited represent 
approximately twenty per cent, of turnover and no one other customer has a material percentage. 

Tarmac Surfacing 

Tyrrell Contractors (Heckington) Limited specialises in tarmac surfacing and is based In Lincolnshire. 
Its business comes from the Property Services Agency, local government authouties. other contractors and 
private customers. The Property Services Agency, a central government agency, provides a substantial 
proportion of its business. The Company has no long-term fixed price contracts. 

Joinery Manufacturing 

Lincoln Woodworking Company Limited (75 per cent, owned) Is a joinery manufacturer based in 
Lincoln. The product range includes staircases, door frames and window frames which are sold to the building 
trade. Following a fire in 1973. the manufacturing facilities of Lincoln Woodworking Company Limited have 
been completely rebuilt Linwood & Company Limited is a retailer and wholesaler of timber and associated 
products and is also based in Lincoln. These companies were acquired in May 1977. 

Property Investment 

Property investment is carried on by Ftaxweil Properties Limited. The chief investment property is the 
Southgate Shopping Centre in Sleaford. Lincolnshire built between 1973 and 1976 and consisting of 16 
Shop units, 1 supermark at and 16 flats. Other than this property. Flaxwell Properties Limited owns various 
freehold properties in and around Sleaford. 

Estate Management and Outer Activities 

The Slea Group also has interests in grocery and wine retailing, florists, tailoring and outfitting, and 
contract gardening and estate management. These interests are alt in Lincolnshire. The subsidiaries involved 
In these activities are set out in paragraph 12 below. In October 1976, the Slea Group acquired and managed 
the Gate Burton Estate, near Gainsborough. Lincolnshire comprising approximately 2.000 acres. In October. 
1977 a substantial proportion of this estate was sold. 

2. TERMS OF THE ACQUISITION OF SLEA 

On 11 th January. 1978. the Company conditionally agreed with the shareholders of Slea to acquire 
under the terms of die Offer, the whole of the issued share capital of Slea in consideration of the allotment, 
credited as fully paid, ol 12.507.000 Deferred Ordinary shares of 5p each in the Company, rani ing pari passu 
in all respects with the existing issued Ordinary shares of the Company except that the Deferred Ordinary 
shares will not entitle the holders thereof to receive any dividends or distributions declared paid or made 

B riar to 28th March, 1978. The Deferred Ordinary shares issued in connection with Uw acquisition of Slaa 
ave been issued at 7p per share, valuing Siea at £875.000. 

The acquisition terms, recommended by Grindfay Brandts Limited and accepted by the vendors of Slea 
and approved bv the Directors of the Company (excluding R. J. Breatey and L Brealey who look no part in 
the decision), were based upon the relative contributions of assets and earnings in the Enlarged Group and 
took no account of the pre-suspension price of the Company’s shares (see below) oral any potential earnings 
of Ratiometic Transmissions Limited. 

The Directors subsequently decided to issue, by way of a capitalisation, one new Ordinary share for 
every two Ordinary shares held in order that the issued share capital should rolled more closely the capital 


On 9th November. 1977 when the Board requested the suspension oi the Company's Ordinary shares, 
the mart et price was 35p (based on the middle market quotation as shown in The Daily Official List of The 
Stock Exchange). This would be equivalent to approximately 12.9p after adjusting (or the proposod capitalisa¬ 
tion issue and the full acceptance oi the additional Ordinary shares being offered to existing shareholders of 
the Company at 5p. 

The Offer is now conditional only upon the Ordinary shares and the Deferred Ordinary shares of the 
Company, issued and to be issued, being admitted to the Official lost and the relerences to the 5lea Group 
as forming pari of "the Enlarged Group" (as oarlier defined) are mode on the assumption of the fulfilment 
of that condition. 

At an Extraordinary General Meeting of the Company held on 6th February. 1978. all Resolutions were 
passed and all conditions contained in the various agreements were fulfilled subject only to the requirement 
that listing be granted by the Council of The Stock Exchange for the whole of the issued share capital of 
the Company. As part of the above arrangements. Grindfay Brandts Limited has agreed subject to such 
listing being granted to purchase Slea’s holding of 4,083,876 Ordinary shares of 5p each being 2,722.584 
Ordinary shares in the capital of the Company currently registered in the name of Slea together with the 
new Ordinary Shares allotted to Slaa in respect thereof pursuant to the capitalisation issue mode by the 
Company on 6th February, 1978. Grindlay Brandis Limited proposes, subject to such listing being granted, 
to Offer 3.642.902 of such shares to the existing shareholders of the Company enduring Sica. Mr. Ft. J. 
Brealey and Mr. L Brealey, at 5p per share. It is proposed that the remaining 440.974 shares will be offered 
to employees of Sica and its subsidiaries at the same price. The shares to be otfcied bv Grindlay Brandts 
Limited will be olleied together with the right to all dividends dedaied or paid on the shares in respect 
of any financial period of tt\e Company commencing after 30th June. 1977. 

3. REASONS FOR THE ACQUISITION ^ 

The Company has been seeding to widen its activities outside its existing hotef and restaurant businesses. 
Th* acquisition of Slea with iis interest in paint contracting and manulocture. tarmac surfacing, joinery 
manufacturing and propeny investment will create a more broadly based group wirii larger earnings and assets. 

The Slea Group ha9 an evperienced management team and R. J. Brealey. at present Chairman ot Slea, 
will, as Chairman and Chief Executive ot thB Company, devote the greater part of his ume to the Enlarged Group, 

4. PROFITS. PROSPECTS AND DIVIDENDS 

(1) Tire Existing Group 

The consoWawd profits before taxation of the Existing Group for the yeer ended 30th June, 1977 
amounted to £26.327, compared with losses before taxation ol £35.061 lor the previous year. This return to 
trading profitability for the lust time since 1973, albeit a modest one. was due to an improvement ih trading 
and the elimination of the losses caused by the Empress Restaurant, which was sold on 19th July, 1976. 

The Diiectors forecast that in the absence of unforeseen circumstances, the Existing Group's consoli¬ 
dated profits before taxation, extraordinary items and the results of associated companies for the yeai ending 
30th June, 1978 will be not less than £25.000. 

The assumptions on which the above forecast is based are set out in paragraph 8 below. 

(2) The Slea Group 

The Elea Group's consolidated profits before taxation lor the year ended 30th September. 1977 were 
£10.766. The analysis ot consolidated profits before taxation for the five years ended on that dale is set out 
below:— 1973 1974 J97S 1976 1977 

Profits before taxation C000 T000 T000 £ 000 C000 


Paint contracting and manufacture .. 

Tarmac surfacing . 

Joinery manufacture. 

Property investment .. 

Estate management. 

Other activities. 


Profits before taxation and exceptional item 
Exceptional nam (see note (iiij below) 


1973 

1974 

1975 

1976 

1977 

frooo 

rooo 

rooo 

£000 

rooo 

66 

70 

226 

299 

203 

71 

35 

174 

119 

38 

— 


_ 


(90) 

O) 

28 

OS) 

69 

20 

— 

— 

— 


(13) 

(11) 

(2) 

9 

(48) 

<72> 

117 

131 

391 

439 

79 

— 

— 

— 


(68) 

117 

131 

391 

439 

11 


The results for 1977 were affected by the following factors :— 

(») Painting contracts and tarmac surfacing contracts wore subject to inflationary cost increases which 
cculd not be recovered by increased sale prices. All maior contracts now have automatic price 
increases consistent with an agreed price Index relating to material costs and wage increases 
within Government guidelines. 

(ir) 77te joinery manufacturing results reflect the cost of rationalising production and stock controls 
following acquisition, allied with an insufficient level ol output. The Directors of Slea are confident 

m that the problems were resolved satisfactorily by 30th September. 1977. 

(iii) The exceptional Item represents an interest charge relating to borrowings for the purchase of 
the Gate Burton Estate end is non-recurring as the specific borrowings were repaid shortly after 
the year end following the sale of a substantial proportion of the Estate. 

The Directors of Slea forecasl that. In the absence of unforeseen circumstances, the Sfea Group's profits 
before taxation, extraordinary hems and the results ol associated companies for the nme month period ending 
30th June. 1978. will be not less than £225.000. 

Extraordinary items have arisen on the disposal of the Gate Burton Estate at a capital profit of £500.000 
and will arise on the proposed disposal of shares in the Company by Slea at a capital profit of £14.000. The 
estimated Corporation Tax on these capital gains amounts to £154,000 giving extraordinary items after 
taxation ol £360.000, all of which is deemed to relate to the pre-acquistion period. 

The assumptions on which the above forecasl is basod am set out in paragraph 8 below. 

In future the Slea Groupwill make up its accounts to 30th June. 

(3) The Enlarged Group 

The combined profits before taxation of the Existing Group for the year ended 30th June. 1977. as shown 
In the audited accounts, and the profits before taxation of the Slea Group far the year ended 30th September 
1977 as shown in the audited accounts, total £37.093. 

The Directors forecast that, in the absence ot unforeseen circumstances, the consolidated profits before 
taxation, extraordinary items and Ihe results of associated companies of the Enlarged Group (or the year 
ending 30th June, 1978 will be not less than £250.000. 

The assumptions on which the above forecast is based are set out in paragraph 8 below. 

On the basis of this forecast, the. Diteciors expect to declare a final dividend of 0.33p net per Ordinary 
share. This dividend with the associated tax credit at the currant rate of 34 per cent, is equivalent to a gross 
dividend of 0.5p per share for tho year onding 30th June. 1978. The Board intends to pay this dividend in or 
about December, 1978. The Deferred Ordinary shares (o be issued as consideration for the-acquisition of Slea 
will not rank for any dividends or distributions declared paid or made prior to 28th March. 1978. 

The following table illustrates the estimated appropriation of the profits'forecast above, assuming a 
corporation tax rate of 52 per cent and dividends of 0J3p net per share an the enlarged share capital of 
£981,153:— £'000 

Consolidated profits before taxation, extraordinary Hems 
and the results of associated companies 

The Existing Group (12 months) .* 25 

The Slea Group (9 months) . 225 


Profits after taxation.. „ „ 120 

Extraordinary Hems after taxation. 360 

Profits aflw tax and extraordinary hems .. .. 480 

Pre-acquisition. - 403 

Proposed Dividend .. .. .. el 

Retained Profits .. .. .. ■ 7 

Earnings per share . O.SIp 

Dividend c6vbt .. .. .. .. .. ... 1.85 

The Board Inlands, subject to unforeseen -eireumstancai to declare dividends totalling 05p not per 
Share in respect oi the year ending 30th June, 1979, which including a tax credit at the current rale of 34 per 
cant, would be equivalent to a gross annual dividend ot u.75Sp. it Is the intention of (he Directors to declare 
interim dividends in or about April and final dividends In or about December. 

5. WORKING CAPITAL 

The Directors of the Company are Satisfied that, taking into account bank end other facilities available, 
the Enlarged Group will have adequate working capital for hs current requirements. 

6. DIRECTORS. MANAGEMENT AND EMPLOYEES 
Directors 

R. J. Brealey Aged 42. Chairman and Chirf Executive; Director of tho Company since 
21« September. 1976; a Director of Slea since 30ft October. 
196* and associated with C. J. Else & Co. Limited since 1954. 

. R- Ceizade Aged S3. . Managtog Director; Director of tho Company since 20th 

December, 1365 and associated with the Existing Group since 

L Brealey Aged 45. Executive: Director of the Company since 21 sT September, 1976 

an d a D irector of S oa since 30th October, 1964. Managing 
Director of Lincoln Woodworking Company Limited. 

ft. D. Guthrie Aged 68. Non-Executive: Appointed a Director of lha Company on 20th 
Decemtar 1965. rosignod on 21st September. 1976 and 
re-appointed on 13th January- 1977. He has been associated 
with the Existing Group since 1S4S 

R D. Young Aged 38. Non-Executive;Director of the Company since 22nd April, 1S77. 


R. Caizede 


L Brealey 


ft. D. Guthrie 


Aged 4Z 
Aged 63. 
Aged 45. 


Aged 68. 


Aged 62. 
Aged 62. 
Aged 65. 
Aged 53- 
Aged 37. 
Aged 22. 


Secretary since 31st January. 1968 and associated with the 
Existing Group since 1948. 


Managing Director of Lmcnin Hotels Limited. 
Manager of A L'Ecu do France Restaurant. 
Managing Director of Cafranca Limited. 
Managing Director of Epicure Supplies Limited. 
Manageress of R- & M. Bloks Limited. 

Manager of The Queen Hotel. 


Aged 37^ Property Manager of Haxwall Properties limited. 

Aged 47. Director of Unwood & Company Limited- 

Aged 48. Production Director ol Lincoln Woodworking Company Limited. 
Aged 58. Director of Tyrrell Contractors (Heckington) Limited. 

Aged 38. Group Accountant of Slea. 

Aged 28. Manager of C. J. Else & Co. Limited. .... 

Aged 30. Financial Director of Lincoln Woodworking Company Limited. 
Aged 27. Salas Director of Lincoln Woodworking Company Limited. 

Aged 32. Manaqer of C. J. Bee & Co. Limited. 

Aged 46. Director ol Enfield Chemicals Limited. 


Secretary 

•V. M. Ormerod. Aged 64. Secretary since 31st January. 1968 and associated with tho 

F. C.I.S., A.CLM-A. Existing Group sines 1948. 

Management 

The Existing Group .• . 

G. H. Townend Aged 62. Managing Director of Lincoln Hotels Limited. 

N. Pedurzi Aged 62. Manager of A L'Ecu de France Restaurant. 

J. A. Webb Aged 65. Managing Director of Cafrance Limited. . 

M. Hogg Aged 58- Managing Director of Epicure Supplies Limited. 

V. Eyre ■ Aged 37. Manageress of R. & M. Blake Limited. 

J. Patience Aged 22. Manager of The Queen Hotel. 

The Sha Group * , _ _ ..... 

W. E. Bannister. Aged 37. Property Manager of Haxwall Properties Limited. 

AJ.Q.S.. L-1.0.B. 

V. R. Breatey Aged 47. Director of Lmwood & Company Limited- ... 

B. Broughton Aged 48. Production Director of Lincoln Woodworking Company Limited. 

H. S. Buckle Aged 58. Director of Tyrrell Contractors (Heckington) Limited. 

M. Callow. F.CA. Aged 38. Group Accountant of Slea. _ 

J. Cheseldine Aged 28. Manooer of C. J. Else & Co. Limited. .... 

A. Gregory, A.CA Aged 30. Financial Director of Lincoln Woodworking Company Limited. 

J. P. Newlove Aged 27. Sales Director of Lincoln Woodworking Company Limited. 

T. Scott Aged 32- Manager of C. J. Else & Co. Limited, 

R. Tootle Aged 46. Director ol Enfield Chemicals Limited. 

Employees 

Number of employees in the Existing Group 221 

Number ot employees in the Slea Group 4t5 

Number of employoas in the Enlarged Group 656 - 

7. ACCOUNTANTS' REPORT ON SLEA 

The following is a copy of a report received from Dearden Farrow the Auditors of the Company and tho 
Reporting Accountants. 

The Directors. . 5 GHtspur Street. 

Epicure Holdings Limited, London EC1A SPO 

Eagle House. 

110 Jormyn Street. _ . 

London SW1Y 6HB. lift January. 1978. 

Gentleman, 

(1.) INTRODUCTION 

We have examined the audited accounts of Slea Holdings Limited CStes") and its xubsidiarise 
(collectively referred to as the "Slea Group”) which have been prepared under the historical cost convention, 
as modified by the revaluation of certain properties, for the period from 1 st October . 19 72 to 30th September. 
1977. The audited accounts for the years ended 30th September. 1976 2 nd 1977 are the consolidated 
accounts for those years. For the period 1 st October. 1972 to 30th September. 1975 consolidated accounts 
were not prepared and audited and the information in this report far that period is prepared from a consolidation 
of the audited accounts of the Slea Group companies. 

The information given in this report b based on the above mentioned audited accounts after making such 
adjustments as we consider appropriate. 

At 30th September. 1976 and 30th September, 1977 Siea held 68.77 per cenL and 57.39 per cent, 
respectively, of Ihe shore capital of Epicure Holdings Limited (“Epicure”). Since this report is being issued in 
connection with ihe acquisition of Slea by Epicure it is considered appropriate to exclude Epicure as a sub¬ 
sidiary in the information set out below. 

the opinion ol the auditors on each of the accounts for the two years ended 30th September. 1977 is 
expressed as being subject to the availability of tax relief of £485,824 which had been anticipated in relation 
to tax mitigation airangemenu. In this Report provision has been made in full for this possible liability, 
although the relevant computations are still under negotiation with the inland Revenue. Subject to this, in Our 
opinion the information set our below gives, under the historical cost convention, as modified by the 
revaluation of certain properties, a tree and fair view of the protits and source and application of funds cf the 
Slea Group for the periods stated and of Ihe state of affairs ot 51ea and of the Slea Group at the dates staled. 

(2.) ACCOUNTING POLICIES 

Tha following principal accounting policies have been consistently applied in arriving at the information 
given in this report:— 

(a) Consolidation 

Accounts of subsidiaries are made up to the same date as those of the parent company, and are 
prepared In accordance with uniform accounting bases and policies. 

As staled above the results and balance sheet or Epicure, whose year end is 36th June, have not 
boon consolidated whh those of tho Slea Group. 

The results of the associated company. Ratiomauc Transmissions Limited. 35 per corn, owned since 
September, 1976. have not bean consolidated with those ol the Slea Group since Ihe latest audited 
accounts were made up to 31st October, 1876 and Che share of results to that data is fmmateriaf 
to the Slea Group. 

(b) Turnover 

Turnover represents the S3les value of goods sold, work done and gross rents receivable by tho 
Slea Group during the period but excludes VAT and inter-company sales. 

(c) Stocks and work in progress 

Raw material stocks, work in progress and finished goods are stated at the fewer of cost and net 
realisable value The cos: of work in pi ogress is repre&amod by materials, labour and the appropriate 
overhead recovery element. 

(d) Fixed assets and depreciation 

Freehold land and buildings are stated at cost or subsequent valuation. Other assets ere stated at 
cost less depreciation. 

Freehold land and buildings are not depreciated. Other fixed assets are depreciated over periods 
appropriate to iheir estimated useful lives. 

(e) Deferred taxation 

Provision is mado using the liability method for tax deferred by accelerated capital allowances and 
stock appreciation relief. Provision is also made for deferred tax on chargeable gains that would 
ansa tt properties were realised at tha revalued amounts incorporated in the balance sheets. 


C3.) PROFIT AND LOSS ACCOUNTS 


Year ended 30th September 




Notea 

1973 

1974- 

1975 

1976 

1977 




£000 

rooo 

rooo 

£'000 

rooo 




1273 

1.390 

1.966 

2.335 

•3.286 

Operating costs. 

•• 


1,1(51 

1.259 

1,575 

1.396 

3275 

Profit before taxation and extraordinary 


117 

131 

391 

439 

11 



1 

Taxation. 


2 

58 

55 

201 

217 

22 

Profit/(Loss) after taxation 



59 

66 

190 

222 

(11) 

Minority share of Loss/(Profits) 

in 





1 

subsidiaries .. .. 

•• 


— 

— 

18 




59 

66 

169 

223 

7 

Extraordinary items 

•• 

3 

— 

— 

(43) 

(63) 

43 

Profit retained. 

— 


59 

66 

141 

160 

50 

Earnings per share - .. 

• « 

5 

£5.87 

£6.66 

£18.88 

£21.50 

£0 64 


Notes on profit and fass accounts: 

1. Profit before taxation and extraordinary items 

Profit before taxation and extraordinary items is arrived at after charging: 

Year ended 30th September 


1973 

1974 

1975 

1976 

1977 

'rooo 

rooo 

rooo 

"rooo 

'rooo 

44 

36 

40 

54 

74 

25 

45 

75 

64 

2C7 


Depreciation . 44 36 40 54 74 

Loan and bank interest .... 25 45 75 64 2C7 

During the yeer ended 30th September, 1977 Slea Horticulture Limited, a subsidiary of Slea. acquired 
ihe Gate Burton Estate, near Gainsborough, for £856.000. The net estate running costa and interest 
lot the yeer ended 30lh September. 1977 amounted to £86.000 

Additionally on 13th May, 1977 Slea acquired 75 per cent, of the shares in Lincoln Woodworking 
Company Limited and 100 per cent, ol Linwood 8i Company Limited. The losses arising from these 
businesses from 13th May to 30th September. 1977 amounted to £90,000. 

The effect of these acquisitions has boen as follows:— 

• £'000 

.Profit ol existing businesses .. -- .. .. 187 

Net estate running costs and Interest . (86) 

Net losses of new businesses .. .. .. (90) 

Profit before taxation for Ihe year. 11 

A substantial part of the Gale Burton Estate has been disposed of since 30th September, 1977 giving 
a capital surplus of approximately £500,000. 

Taxation 

Taxation is based on the results of the Slea Group for Bach Year. Slea was a close company within the 
terms of the Income and Corporation Taxes Acts 1970 for the whole period, and thortfail assessments 
have been raised on the shareholders by the Inland Revenue in respect of the year ended 30th September, 
1975 which are cunonily undor appeal. Assessments for Corporation Tax have been raised for years 
ended 30th September, 1975 and 1976 which arealso under appeal pending the outcome of negotiations 
referred to in the next note. 


Year ended 30th September 


1975 

1976 

1977 

"rooo 

rooo 

rooo 

(48) 

(79) 

— 


23 

47 

— 

_(7) 

_(4) 

(48| 

(63) 

43 


Extraordinary items 


Tax mitigation arrangement costs M 
Profit on sale of shares in Epicure .» 
Less: Taxation .. .. 


The tax mitigation arrangement costs were the net costs, before tax relief, of transactions entered Into 
bv the Slea Group intended to reduce the taxation liabilities of the Slea Group. 

No allowance ties been made in (he above storemeni for the tax savings of £455.824. referred to above, 
which are still undor negotiation with the Inland Revenue, and this possible liability is shown separately 
in the balance sheets. 

4b Dividends 

No dividends have been paid by Siea In respect of the period covered by this report 
S. Earning* per share 

Earninga par share are based on the profit after taxation and the minority interests in subsidiaries but 
before taking Into account extraordinary items. Ud to 30ih September, 1975 the issued share capital 
of Siea was 10.000 Ordinary shares of d each end thereafter K was 10,367 Ordinary shares of £1 each. 

(4.) BALANCE SHEETS 30th September 


£'000 

Fixed Assets: 

Freehold land and buildings at: 

26 Cost .. 

— Value&ort.. 

— Long leasehold land and buildings 
28 Plant and equipment 


Investments: 
163 Epicure 
— Quoted 
26 Unquoted .. 
195 Subsidiaries 


1972 

Slea Group 

1973 1974 1S75 1 

,1978 

1977 

rooo 

rooo 

rooo 

rooo 

rooo 

rooo 

225 

425 

587 

868 

912 

1,742 

5 

27 

21 

27 

64 

51 





4 

401 

76 

137 

124 

148 

229 

408 

306 

583 

732 

1,037 

1,209 

2.602 



' _ 

• _ 

195 

163 

__ 

~7 

9 

10 

2 


1 


— 


11 

26 

307 

590 

' 741 

1,0*7 

"lA17 

2.79L 


Current Assets: • -.' - 
Stock and weak inprograss 
Debtor* .. 

Bank and casb balances .. 


Less: Current Liabilities 
Creditors .. 

Bank .overdraft 
Currant taxation ... 


(390) Net Currant Llatuirtias i. 

— Less Corporation Tax .. 

(10) Deferred taxation .. .. 

— Loans..- 

38 Net tangible asset* ... 

Goodwill arising on acquisition of 
— subsidiaries - 

33 Net Assets .. .. 

10 Share Capital. .. 

28 Reserves .. * .. ' 

38 Shareholders’ funds .. .. 

— Minority interests ., .. 


1972 1973 1974 :i975 _ 1976 1977 

rooo frooo rooo food, "cooo ,-frooo 

77 217 264 235 -292. . 733 

184- Z\B . 2AS 454 - 489- '733 

60 17. ■_£ . • & ;. . ;2 ;• ■ —• 

321 ASO 515 694 783 1A77 


228 329 385 413.. - 461 939 
116 303 - 36V 514- ' -.633 1.896 
. '43 ' . 85 — 


927 1.094 ZB8B 


:<56) (247) (231) 


67 -.140 

53-'' ' 54 


173 315 B17- 


194 - 255- 


10 10 
183 -. 244 


254 ••■••395 

.1 • : 2 


10 ID 

588 . 636 

~59& 648 

‘ 1 20 


255 397_ . 599 


_38 Capital Employed .. .. 120 194 - 255 39 

Notes on the balance sheets of Slea and the Slea Group at 30th September;1377: - 

1, Fixed Assets .; 

Slea ' ■'' ••• ■ , ' - ; -S 

Accumulated Netbook , . Castor Act 

Cost depreciation . '. value nrakJztKHi.de 


, - ■ -Siea Group 

Castor Acctidiulated Netbook 
valuation . depreciation . value 


rooo 

rooo 

rooo 

■.'i. .. 

• rooo 

rooo 

£‘000 

26 


26 

Freehold land and buBdirigs..- 

1,793 


1.793 




Long leasehold 'land' and 

. * • 


■ 401 
’ .408 

36 

“S 

28 

butidings 

Plant and equipment .. 


1 

362 

62 

8 

54 

‘ 

2JH55 

363. 

2302 


Freehold land and buildings includes properties stated at professional valuations of £51.000. 
properties were valued in 1975 on an open markotbasis. - •■ . 


properties were valued 
i5 2. investments 
Epicure 

Shares at cost .. - , 


Merkotvalueat30tfi September. 1977 .. — -. .1 ... - 1.007 

Under a conditional agreement dated 11 th January, 1978ltfe proposed thatthese shares wS be sold for 
approximately £177.000. * - , • 

Unquoted » " • FOOO 

Cost of shares "in:. ., . 

Ratiomatic Transmissions Limited (35 perceoO •• •• •• .. 24 

ToJyfiBt'ProductsLimited (5 percent.) ■■ ■'N« 2 

[• =2 

•'The Director? ere of the bpinTon (feat the' vaW of the unquoted investments« htifialshfficeniiy different 
- from ihe eiTToimts at which they hre stated, in the balance sheets. ; ■ • 

Subsidiaries iTOOO 

' The investment in subsidiaries comprised: ' • 

Shares at cost.. ...' .. ' .. 665 

Amounts due from subsidiaries, y. ■ .. .. .. .. .. .. .. . 123 

.- - 788 

Amounts due to subsidrariBs ->.v* » .. .. .. .. ' '... -•i--,. . ■ . :693 


3. Stock and work in progress 

Raw materials.. 

Wort: in progress 

Finished goods .. ,. .. 


Bank overdrafts 

At 30th September. 1977 SieaTiad a bank overdraft of £365,000 and subsidiaries bad bank overdrafts 
totalling £1.531.000 all of whichwere secured by debentures and inter-group guarantees' on the assets 
of the Slea Group. 

Corporation tax '.VJ'-t ■' "" . 

The liability of £485.624 arises from transactions referred lo bi section 3 note 3 above. 

Deferred taxation 

The deferred taxation at 30ft September. 1377 comprised i _ Siea .. Slea Group 


Accelerated capital allowances 
Stock appreciation relief 
Unrealised property appreciation 
Unrelieved tax losses ... .; 


At 30th September, 1977 Lincoln Woodworking Company Limited (75 par pent, owned) had a loan of 
£250,000 from the Industrial and Commercial Finance Corporation Limited, which is repayable by 
quarterly instalments of £6,250. The rate of interest payable on the loan is 1635 per cent, per annum. 
The loan is securod by a first charge on the leasehold property of the subsidiary ; which has an oation 


The loan is secured by a first charge on the leasehold property of the subsidiary; which has an option 
to repay tha whole or part of the loan outstanding after 31stMarch, 1982. - v 

8. Share Capital - cqwj 

Authorised: * 

15,000 shares of £1 each .. .. „ .. .. . .... „ . am - -jg ; 

Issued aiid fully paid: 

10.367 shares ol £1 each .. . «... .. .. ; .. .. ... ... .. ' to 

9. Reserve* 

ThB mbvemention the Slea Group reserves were as foOowt:— • 

Year ended 30th September •' 


Opening balance .. .. .. 

Profit retained. 

Surplus on revaluation of freehold land 

end buildings. 

Share premium on issue of shares ., ' 



1973 

1974 : 

1975 

1978. 


•rooo 

rooo 

-•£*000' 

rood 

.. - 

109 

1B3 

244 

385 

— 

59 

: 66 

141 

- 160 

.. 

15 

(5) 

___ 

32 

•• 




- . 11 

.. 


244 

385 

588 


Closing balance. .. . 183 244' 385 

The reserves of Sloe end the Slea Group as at 30th September. 1977 ereaTfoflows: 

Slea . 


Profit retained .. .. ' .. ‘ .. 1 ... 

Share premium account i.. 

Unrealised surplus on revaluation of freehold land and buildings 


10. Capita] 'Commitments 

Authorised and contracted for * , ... .. 

Authorised but not contracted for i. ■ 

(5) SOURCE AND APPLICATION OP FUNOS 


■ cooo 

i 1 17 

11 


Slea G roup 


, ' • 638 

Slea Group 


SOURCE OF FUNDS 

Profit before taxation and extraordinary-Ramd less- 

minority interests .. ... „ 

Tax mitigation arrangement costs (see section 3' 

i»re3) .. 

Minority interests .. 

Adjustment for item not involving the movement 
of funds: 

Depreciation ." __ 

Total generated from operations .. • ,. 

Funds front other sources: 

Issue of shares.. „ „ 

Disposal of investments ,« 

Disposal of Fixed assets „• •. 

Taxation recovered.. - 

Lean advances.. .. 


application of funds 

Taxation paid . 

Acquisition of subsidiaries 
Acquisition of minority 
Acquisition of fixed assets 
Acquisition, of investments 
Repayment of Loans 


NET OUTFLOW OF FU NDS .. 

MOVEMENT IN WORKING CAPITAL 
(Increaeel/decreaao in stocks ’ 

(increases decrease in debtors 
Increase/(dacraawjrn credit ore .. 
MOVEMENT IN NET LIQUID FUNDS 
Decrease in bank and cash balances : 
Increase In bank overdraft .. 
DECREASE IN WORKING CAPITAL 
AND NET LJQUID FUNDS .. 


_ - Year tended 30ft September - 

3973 T9747 " 1975" -1676 ; - 1977- 

rooQ. coop irooo- ; ^doo. ^^rooo - 

ii7 ‘. i3i, | ;:-39a '/ "440 ' 29 

■ = - ^ liJ, 

44 - • 3s ';-4pry-sq;■ 74- 

161 167 , 3KJ :". '414 "' 85 


' 62 

•\28 rf- 


■35Z--' 4SS...* 38S ' 

. ‘■■7 ■■■■., -7. v. 


455..483 ' . 230 

'2 -1 -184 

— ■ 32 ' isp - 

537 ' . 


124 • 
1 

1*026 ■ 


.1484 ; 15,. 

32 ■ ISO - ;; .so 

425?^- 


■z* 7&'-: 


(13f> > <33} ' 29 ' LEO):-.. . 23 ■ 

<i?j _ 6 - (208)- * <3« :.*'.T13 

W r . 21 c_' 28 ; ,-. 4tf .. _-(2t7>: 

’’ 43 --. T -- 12 ' •• •'\'\\ : .2 - 
JST . - . -39 -,; . 153 v' :-_ 113 . ^- ifllS: 

1*3 y -.44'- •--- 2. 837('. 


r.i as 
-r^is 













■ 11 * 


" \ •• • *• j ■ -V- 7- {< <>i*: 

B*. * 


*t«; 

S . ■*« 

?ji "■ 

*Y. 

s f 


8 3978 


■ - -c. . - 


Kk! .%>.• >*-!?■-.■■•'*- 


Kir; 





A«^|g7TOffOFaffiSlOtARtES 

“‘gs.sS’V;. ..:vi 

.-■. .. £ 

./Stocks--^. „ 

T - 1 - .-'.I. * 

'.B«iki»Wdraft. " ^ 

.-■ mams' ■; ->•/•;■;..'- v. 

Deferred troyon . ... ^ 

Miooriy interest. .. . .. 


W accounts; __ _ _ — _ 

J “0 »*»«> I" fwp«t at MV pnM 


. 1973 
COOO 


1 . 
7 ‘ 
3. 

po) 


*.•'• 1 . 


1874 

fOOO. 

. 5 
28 
14 
35 
(35> 
PS) 


2S 


1875 

COOO 


187S 1977 

COOO COOO 

— 554 

,= & 

— 383 

= mi 

— (250) 

— (32) 

_— (37) 

— 124 


. *‘>- 


8 . PROFIT FORECASTS AMD ASSUMPTIONS 
(1) Tl» ExMctintf Croup 


Yours faithfully, 

DEARDEN FARROW. . 

Cfwtond Accowmm. 


. T - 0&t54 

•m.i 

: 0 . ^ 




<■3 S{ 


i rfwiiflcwi^uioptiOTBmade nr amvfog atthte foroeanaro as foUows: 

1 . 7 h^^tonQBxc^j|lor^w[^^^^g«lon»thjC 3 l factors which wiU allots foe tnnwvsr 

; _2. : wHl-be no changes Imho BrtaS^^^pwfltortha Existing Group. 

TlB-present baste and tmKS&VnSSa andc^tHttwBf nofebange. 

• : f*-' !?«“ v»W not chftfwa^matafi^y.' ■ 

•.■■ r ®*: ABfjnfl^IforwmereMain costs wfllbaabsciti»d*yhlffh«sai« prices. 

(2) Th* Sfe* Group '. - ■• / 

fflBoranedccffppafilM of the Slea Group tor the nina pronft* mwhnfl 30th June. 1978 will be kiss than 
1 ,/lh .uutfr-- '.■£.' -r 4 uyL- r ' s .“ 

7)18 staniftesnt BteWiptlofts made m arriving It folc foratast are as follows: 

I: • ^^S^c3tS;-Sr^!SSrt'*SsrSr<ScSS^ , ^S i 3^£ DOm ^ ,01 ^ G ' oup - 

- • 4. . Present imsrostraan win not changemittriw.’-''.. 

- 5. Aw irriMionary Increases in costs.win be absffihad by Wghw.sntcs prices. 

(3) ThaEnforigad Group '■ 

' n the feswrice erf un fa ty pt n cran tauinces. and onth* assumptfonthattb* 
?fe*Y2?*7» monil* forecast tor foa Stea Groan, madaby T$»fln*cram of Ska. vuQl tm achmvod. (he consoH. 

r^S^^ w i5iS?^ ,D 2 rBt ^SJ^ , ®£W^^5^2 5 5? cla, ' >d “mpamas o f the Enlarged 
Grou^ta|mevoar ending 30ih June. 1378w*H. pftowo lhe oatadatmn of pte-aequweion profits, be not less 

A PRO-FOAM A CONSOLIDATED BALANCE ^SHCETOF THE ENLARGED GROUP 

Thct Pro-forma CorocriWetod Balance Sheet of4be EofanBed Group set out below has been prepared by 
cpmbininp the eudired ConBobdatod Balance Sheer of the ExiB&ioSrouD at 30m June. 1077. as set «rt • 
below, with the Consofidatod Balance Sheet of theSfoa Group at 30th Seprember. 7977 as sot out in th© 
Accountancy RePorcomrniBklns ednisBiiantain respect ot lbe matrats set out in Note 1 below:— 

Consolidated.Balance .... i: pro-forma Cantor,darod 

Balance ShMtof tho 


Sheet ot the Existing 
Group « 30th June; 1977 


Notes 


Enlarged Group. 



COOO 


519 




--i 5 


177 

15* 

1 

2 


334 


249 

231 


480 


FIXED ASSETS. 

Freehold land an- 

Long leasehold land and 1 _ . .. 

Short leasehold land and bcnfeHrma •.'«• 

-. - Plant; eqtdprnem and motor vehicles. 

TJNQUOTED.INVESTMENTS .^ '.‘.iv .. 

‘ CURRENT ASSETS * ■ .->>j-. : . 

.-Stocfc end work iri program . 

-'Debtors .. ■ ... ..^. 3 . - — 

Amount due from Siu (fltoc* paid]'. ■. 

. Cash in bend .„• •_- .. .. 


CURRENT UAB«JTfES ' : ." 

Creditors .. ^ . 

Bank Overdrafts Secured . , y. . 


rooo 


rooo 


2.407 







NET CURRENT UABTUT1ES 


DEFERRED LIAEIUTIES-. 
Deterred taxation ,. ■ ; 

Loans—mourad ... :^. v . 

Corporation tax ... 


ILEt TANGIBLE ASSETS ."v.'' .. 

. GOODWILL ON CONSOUDAHON ,..' 

NET ASSETS ’ •• " . 1 ^-; -- 

■. ISSUED SHARE CAPITAL ' -V^": ?'«. 

. CAPITAL- RESERVE ■ -—V 
-SHARE PREMIUM . .. 

PROFIT AND LOSS ACCoONT.. 

. SHAREHOLDERS'FUNDS M.' . 
MINORITY INTEREST .- .. 




915 

380 


1337 


1.188 

916 

2.104 


152 

302 

640 


7.094 


1.267 


•,.-372 -.-7 CAPITAL EMPLOYED 


.• . i* . 


1^87 


Ate**: y: 

1.. Adj uninwrtr 

The significant adjustments owdefti the ptspantioh of the Pro-forma Consolidated Balance Sheet of the 
Enlarged Group mt out above are.in raopect of the loflowtngmanBn :— 

-■■ (a) Thanetciwh woceeds of £1^40.000 fator sotes axparaea of £110.000) arising from the disposal 

■ by SfeeHoniculturiiLiniitfidin Dctober. 1977 of pan oftheland at the Gate Burton Estate having art 
’ appordon«d cosLOl appraxhnatrrly £740,000 and the coipWfltion tax ot £150JX)0 on the capital 

(bT J»tM!uSw»Mrf^77J)D0 arisingffowThQconditional disposal by Slea on 11th January. 
1978 of its shanhaldiiip Irvthe Company, having a cost of £163,000. and the corporation tax of 
.£4J}00ufl the capifijlflain/givtea a notasrptusiu £10.000.■■ 

The payment ol tha expense or the ecquisbion of Sloa ^nd the work In connection with the 
appBcarion for admission of the Company's issued share capital to the Official List which are 
nsdiWmd to ©mount W£ 12 CWCKLand which have been charged to goodwill on consolidation. 
The osufe of 12.507,000 Deterred Oldtnary Shares oTBp each of The Company at a premium-of 
2p m 4 consideration forth; rhwa rapfcal of Slea. . . . , 

(•) The capimlfsation of £118^0035 of the resuhing share premium m (d) above by the issue of 

2372.01T Ordinarysharte of 5p each of the Company.. , . rinn nn . _.. 

If) Debtors Include 0 cash advance to Polywt Products Limited of £86,823 secured by a Debenture 
-dated 11 th January* 1978. ■* 

, ■■ ... ^Leasehold land and buik9ngs 

FhoKf Assets fheefrokfland y- ’. . V' - 1 1 ’t- 1 ' . - 

• end buildings - ,; Long lease Short leas© 


(«) 

(d) 


Want 
squrpmenrsml 
motor vehicles 


Cost. 

Valuation 1957 
Valuation 1960 
Valuation 1975 
Valuation 1975 


Depracbrdbn 

Net book, value 


COOO 

1033 

70 

•• 51 


1^14 


•7*14 


COOO 

4D2' 


402 

1 


401 


rooo 

1 


COOO 

846 

18 


105 


562 


Esl?- 


UnquotedImestineRts ' 

Cosr oisharasin: RartomaticTrananiigai o ns Lanitad 
.. , .. Polyajl Products Limited . 

■ CdpUme Lhruted . 


35 per cent).. „ 
20 per cent.).. 

30 per cent-) .. ; 


>teens-. . , -~- 

, Deferred twnkjpftn : _ • .. ~ ■• ■ ■■ 

. IndUaHal arid Commensal Rnance CcrporeBQOljmKBd 


302 


87S 

120 

• rooo 
93 

sis 

927 

68 


161 


^ ®SSSSiMmoiiit ot £485.824 referred to In section 3 nofo .idMw Accoumanfe'Rimwt tn 
the warn "of nepoiiatiohu w3h the Inland Revenue proving successful, this amount will be ralsKfid 
and wffl-ienbance the wse» of the Enfergad Gro m^ *“bi«« w ®? 1 ^^W 7 ^fi5 1 , vw ' dora a< S 
. under th^tax indemn^esgweplci material contract no. (xxxv) in paragraph 1 7 below. 

■ 6. Boodwitt .on consoHdaddn - 

Balance 30mJonfc1977 ^ ... ■ j j •-•■ ■ «» — 

CMtef.scquhjngSteR^eaiwtel &i).abn?m^ • .. .— 

Estimated expensesotacquaition • .. .. .. —. •• . •• 

^ lass?AseefsacqulnrffromSlw .. . •« ... -• 

The ooodwffl on owM^daflon of Slea will be reduced by the fretBgn»»6t after taxation of the Sfee 

Greuphoffi 1st October, 1977 »the ettaefive date of acQutetlioq.- 
Z Issued Sbmrm Capital 

Balance 30ih June. 1977 .. .. — .. 

Issued on aoqofemon of Slae.. .. .. . 

... *• 

8 . Share Premfai d. . _ 

Arising on acquUMtetU# wee •• ".•• »- »- •• •• 

Less: cephafleatfoo •• ■ ..... *» *. •• .. .. .. 

id. profits '•;• *.*’ ’' 

" n,a dieTOmmarfarf profit and loss mmw» of.the Existing Group based upon 




✓ 

> 


. . * * . ’•' . 1 


:.£O 0 O 

TURNOVER mm} 

- On continuing bofeflMSSS .« 

■ k 

• ' 750 
€66 

. . on bumriessessnld ... : . 

V 

I •. ' . • f . » 


1,416 

='TOOlNGPROFrfttLDSS} ' 

■ On .continuing tastoesa* ... 


. TS 
; . 33 

Onbufttwsswspfd— 

V* 

- Taxation (pajrattisfrwctwablo 

- . 

' 98 

m 

Profit ftussj ifwrm - -• «' * 
Loss (PwS)‘afofou»W 8 to 
- - minority unrest .• «« 

*« 

54 

(i) 

• ’■ ■- - -• 


53 




« So disposal of 

cSStSSMto Wfljneera In 

connection wot Option 

a^^SfdSiiwd tax jwSrfon“ 


197* 

rooo 

779 

625* 

1,404" 

29 

(47) 

(15) 

O ) 

(27];. 
T 


(2S> ■ (113) 


1975 

vrooo 

786 

-463 

1J149 


0.13) 


1976 

COOO 

1.006 

3J7 

~1,346 

8 

(43) 

9 

(7) 


(7) 


1977 

•rooo 

W17 


1.317 


26 


26 

J9) 

17 


17 


—, . 

(6) 

— 


6 

19 

— 

t 

— 

" (26) 

•ffl .. 

C112J 

12 

tap 

jm> 

12 

ai25p ; 

— 

— 


If- / 




1977 

rooo 

14 


; 5,120 

. ijsooatfcfc 


_sreasMtaws?-. 

Vzigv ■ 

Hotel whh 68 

bedroomc •• . 
Hotel with 19 
bedrooms, : • - 

Pan of Htmafapvp 




Tenure 

FredioM 


Leasehold. 27 yearn 
unexpwgd atari 
Brewalmntot • 
ClJXO.nvtswabb 
,«V)wy 7 years. 



The Queen HMwtdfhe kasoMdpWrSft ft^t/XSHsh Street were valued* £80.000 by Mem. 
Da Groat Coita, Estatg Agents sad VohMS. as at 3rd May, 7977. The valuatori ms earned out an a going 
concern basis. 

A L'Ecu de Franca 


111 Jermyn Snoot 
London SWt 


110 Jermyn Street. 
London SW1 


6.335 sq.ft 


1,160 sq. ft 


Resfetmint 


Offices used by the 

Epicure Group 


Details ol the principal properties of the Slea Group a f * as follows: 


Property 

Southgate Shooping Centre, 
Sleaford. Unuinshire 


Gate Burton Hun and 
Parkland ai Gate Bun on, near 
Gainsborough, Lincolnshire. 

Deacon Road. Outer Circle 
Drive, Lincoln. 


Approaimata 

Area 

2 acres, of which 
42.000 sq. (Lure 
sain area 

80 acres 


7.25 acres of which 
81.600 so. ft. am 
covered area 


Stamp End, Lincoln 


0.9 acres of which 
3Z.000 sq. ft. are 
covoxod area 


Usage 

Shopping renrr* 
split into 16 shop 
units. 1 tupeimaikcf 
and 16 Rais 
Had and agriculture! 
land 

Factory unit occupied 
by Lmcoin 
Woodworking 
Company Limited 

Factory unit occupied 
by Lincoln 
Woodworking 
Company Limited 


Leasehold 1? yean 
uneepired ar an 
annual rent ot 
£23350: reviews bfa 
every 5 years. 

3 year rental at 
£8.000 pa annum. 


7s nun 


Freehold 


Freehold 


Leasehold. 52 years 
uncxpired at an 
annual rent at 
£3.050; review able 
every 14 years, 
leasehold. 868 
years unexpired : 
no ground rant 
payable. 


Tho Slea Group holds 25 other freehold properties and ono leasehold property. These properties ar* 
' mainly houses or conagcs in Sleaford, Uncoin^haa. 

12- CAPITAL HISTORY AND STRUCTURE 
Th© Company 

At 30lh Juno, 1977 the share capital of tha Company was as follows 


Authorised 

£350.000 


Ordinary shares of 5p each 


Issued Jnd 
tuilv paid 
£277.202 


On 6ih February. 1978 shaieholders npoiovod resolution'. increa»iivi the authoris“d capital to 
£1.250.000 by the creation of an additional 12.507.000 Delern’d Oidinarv ol fr each and 5.493.000 

Ordinary shares of 5p each and allotting ta the sharuhoWe'* of Sica 12.507.000 Ostened Orainaty shares 
in the Company. 

On 6th February. 1978 shatcholJors also approved a cap Italian ion ir^uc of 2.372,017 now Ordinary 
chares of 5p each. 

Tho Directors confirm ihat no isi-uc will be mode of the authoriien bur urn; sued -.hare capital which 
would effectively alter iho conuol ol the Company or the naiure o! «■■ buiincr-. without tho prior approval 
of the Company in pencaf meeting and Ui?l no material issue ol ••txair-s toiner than 10 r-ii.ironofders pro ms 
to sxistlng iioldmQs) will be made within ono year without prior approval o: the Company m general meeting. 

Subsidiaries 

PiiHKuiers ol the subsiduirio* of tho Company, all 01 which are wholly owned private companies 
Incorporated in England, are as follows:— 


Company 

Lincoln Hotels Limited 
Epicure Investments Limited.. 
A L*Ecu do Franco, Limited .. 
Cafronc* Limited 
Epicure Supplies Limited 

R. & M. Blake Limited 


Buoincss 

Hotel. 

Sub-holding company 

Restaurant. 

Wmo meiehantn and ahrpperi 
Restaurant supplius. contract fumirhing 

and interior decorating. 

Florists, specialising in contract Iioibl 
ctisplays nnd table decorations 


except where shown, ore wholly owned b-/ Slea, arc as follows:^ 


Company 
wholly owned: 

Slea Holdings Limited 
C. J. EKb & Co. Limited 
C J. Else Construction 
Service© LmiUod .. .. 

Flax well Proportit-; Limited ... 
Tyrrell Connaaois 
(HocLmpion) Limited 
EnliaJd Chcmicais Limiivd .. 
Slea Aviation Limited .. 
Larwood & Company Limited 

A. W. Blanchard Limited 
C. H. Kerghflev & Son 
(Skralord) Limited .. 

Sloa Horticulture Limned ,. 

Sloa Merchants Limited 
75 per com. ownod: 

Lincoln Woodworking 
Company Untiled .. 

P. H. Newfovc Limited 


Business 

Holding company .. .. 

Painting contractors 

Construction services 

Property investment . 

Tarmac suffering and general cor.iioatirtg 
Pd*nt manufacturers 

Helicopter hue . 

BrtOiJi'r*: ^nd wholosaWs o? tlnber 
and associated product 
Grocery a no wine rot aids 

Tailors and oulfliiers .. 

Florcri. contract gardeners end estale 

manogqis. 

Decorators nicrchanu and picture homing 


Date of 

Issued 

Incorporation 

Capital 

24.6 69 

5.000 

11.3 64 

74.8B1 

24.10.36 

42.750 

2.959 

10.000 

10.6.65 

2 

14.2 3* 

1.134 

icarpora.vd m England and. 

Date oi 

Issued 

Incorporation 

Capital 

24 B64 

10.367 

24.3.26 

100,000 

S.:.T7 

100 

6 5.12 

500,000 

12 9 66 

100.000 

15.9 37 

100.000 

£ 12.76 

too 

5 5 53 

100 

23 3 63 

10.000 

4.7.57 

10000 

13.6.69 

3 000 

11.5.64 

75,000 

1810.57 

140,000 

15.1.57 

GO 


Manufecturing joiners 
Proparty investment 

During tho two years preceding the publication of this ad vertitemenr the following companies have maae 
changes to or issues ol their share capital as set out below 

Authorised 


Company 


Date of 
Change 


Shari- Capital 


Issued 

Share Capita! 


Slea Merchants Limited .. 

Slea Holdings Limned . 

C. J. Else Construction Services Limited .. 

Sloa Aviation Limited. 

Lincoln Woodworking Company Limited .. 

Entletd Chemicals Limitod. 

C. J. Eke & Co. Limited . 

Tyrrell Contractors (Hecklnguxi) Limited .. 
Flaxwell Properties Limited.. 


Before 

C 

30.009 

70.900 

100 

too 

50.000 

65.000 

20.000 

70.000 

2.000 


After 

r 

75.000 
15.000 
100 
too 
200.000 
100.000 
1 ■•0.000 
100.000 
500.000 


Before 


30.000 

10.000 


15.600 
60 170 
15.000 
9235 
2.000 


After 

£ 

75.000 

10.367 

100 

100 

140.000 

loo.ooo 

100.000 

100.000 

500,000 


29.8.76 

1.7.76 
a2.77 

8.t2.7G 

13.5.77 

8.7.77 

8.7.77 

87.77 

8.7.77 

The changes to the share capital of Siea Merchants Limited. Sk-a Holdings Limited. Enfield Chemicals 
limited, C. J- Else & Co. Limited. Tyrrell Contractors (Heckingtonl Limited. C. J Else Construction Services 
Limited and Siea Aviation Limited represent shares issued for a cash coon acre! ion. C. J. Else Construction 
Services Limited and Slea Aviation Limited were incorporated wiih an issued shore capital of C2 each. The 
increase in the share cspiial of Ffexweil Propertius Limited represents a capitalisation issue cl £93.000 and a 
chare issue of £400.000 tor a cash consideration. The Increase in the share cnoit3< of Lincoln Woodworking 
Company Limited represents a capitalisation issue of £5,789. a shsic issue o‘ C105.000 ior a cash consideration 
and a share issva ot flj.fill as consideration for the acquisition ol Lintvood & Company Limited and 
P. H. Newlovc Limited. 

Save as disclosed herein there have been no changes m the author L'-ed or issued share capital of tho 
Company or In tho issued share capital of any other company m me Enlarged Group aunng the perina ol two 
years immediately preceding tha publication of this advertteemon I. nor is it proposed to issue either lor cash or 
Otherwise any sham capital of any Company in the Enlarged La roup. 

13. ARTICLES OF ASSOCIATION 

Tho Artidas of Association of thaCompany contain provisions (inter alia) to the following effect: 

( 1 ) A director may hold any other office or place of profit under the Company faxcept that of auditor) 
in conjunction with the ollico of director and may act in a professional capacity for die Company' 
and. in any such caso, on terms as to remuneration and oihcrwiso os the directors may arrange. No 
director shall be disqualified by his office from contracting with the Company either in regard to 
such other office or place ol profit or as vendor, purchaser or otherwise nor shall any such contract 
. or any contract or arrangement entered into bv or on behail ol tho Company in which any director 
shall be in any way imeresied be avoided, nor shall any director so contracting or being interested 
be liable to account to the Company for any piotn realised by any such contract or arrangement by 
reason of such director holding that office or of the fiduciary relation thereby established, but the 
nature of hi« interest shall be disclosed by him in accordance with the provisions of section 199 of 
the Companies Act 1948. Except as provided in ibe Articles, a director shall not vole in respect of 
any contract or arrangement or any other proposal whatsoever in which he has any interest other¬ 
wise than by virtue ol h«s interests in shams or dobenturcs or other securities of or otherwise in or 
through the Company. A director shelf not bo counted in die quorum at a m-.Tting in relation to any 
resolution on which he is debarred from voting A director shall (in tho absenoe of some other 
material interests than is indicated below) be entitled to vote and be counted in the quorum in' 
respect of any resolution concerning any of the following matters, namefv (i) the giving of any 
security or indemnity to him in respect of money tent or. obligations undertaken bv him for the 
benefit ol the Company: (li) the giving of any security or indemnity to a third party in respect ol a 
debt or obligation of the Company for which ha himself has assumed responsibility in whole or in 
part under a guarantee or indemnity or by iho deposit of security; (iii) any contract by him to 
subscribe for or underwrno shares or debentu ics of the Company; fiv) any contract or enangement 
concerning any other company in which he is intaiested only as anoflicsr or creditor or shareholder 
or otherwise howsoever or beneficially interested In the snares of that Company; or (v) any 
proposal concerning I he adoption, modification or operation of any pension or other scheme or 
fund which relates both to director* and to employees or a class of employees and does not accord 
to any director as such any privilege or adyanuge not generally accorded to empioyees-.VVhcre 
proposals are under consideration concerning the appointment (including hxing or varying the 
terms of appointment) ol two or more dnectnrs 10 offices ex employments wfih the Company or 10 
any company in which tho Company is interested, such proposals may be divided and considered 
in relation to each director separately and in such cases each of the directors concerned (if noe 
otherwise debarred from voting pursuant to these provisions) shall bo entitled to vote and bo 
counted In the quorum in tespcct of each resolution except that concerning his own appointment. 

(li) The directors shall be paid by way of remuneration lor their servicos as directors such sum as shall 
' from limo to timo be determined bv an ordinary resolution of the Company. Tho director? shall be 
chtilied to be repaid all reasonable travelling expense-* incurred by them in the performance of 
their duties as directors and. if in tha opinion ol ihe directors it is desirable that any of their number 
should make any special journeys abroad 01 peilorm any special services on behalf of the Company, 
such directors may be paid such extra remuneration as the directors may determine. The directors 
may give or award pensions, annuities, gratuities and superannuation or other affov/ances or 
benefits to am- parsons who aro or have at any time been dvociors ot or employed by or in the 
service of the Company or ot any subsidiary, allied or associated companv and to the rotative 3 and 
dependants of any such persons and may osMblmh schemes, trusts, and funds tor the benefit ol such 
persons and the directors may vote on and pailiopale in and retain for their cwn benchi any such 
arrangements notwfilisrand/ng their rnferesr rlmiatn. The directors may from lime to time appoint 
one or more ol their body to bo a managing director or joint managing directors of the Company ono 
hold oflice as executive directors as fhey may decide (orcopt that of audiicr). The salary or 
remuneration of any managing or executive director of the Company shall, sub jeer as provided in 
any contract, be Such sum as the directors may from time to time determine ani may include the 
making ot provisions lor the payment to him 01 his dependants, of a pension and for the participation 
in any pension scheme and We assurance benefits. 

(ili) The aggregate amount lor the time being undischarged of moneys borrowed by the Company and 
its subsidiaries (exclusive Dt moneys bonowed by the Company from and for the time being 
owing to any such subsidiary or bv any such subsidiary from and tor the time being owing to the 
Company 01 another such subsidiary) shall not at any time without the previous sanction o< a 
resolution of the Company in General Meeting exceed an amount equal to tw/co Ihe sum of — 

(a) the nominal amount of the issued and paid up share capital of the Company as Shown m 
the latest audited consolidated balance sheet of tho Company; 

(b) - the amount standing to the credit of the capital and revenue reserves of the Company end 

its subrudiaiy companies as shown in Ihe latest audited consolidated balance sheet of the 
Company; 

fc) the nominal amount of any paid up share capital of the Company issued after the date 
at which such balance sheet shah have boon made up othervrisc than by way of capitalisation 
of profits or reserves 

Tha Board shall exercise all voting and Oliver rights or powers of conuol exercisable by the 
Company in relation to Its subsidiaries til any) so os.to secure (so far « by such exercise- They 


hereinbefore fixed being temporarily cxcosrfed. 

(iv) THeffi is no age limit tor the retirement ol directors. 

14. DIRECTORS’ AND OTHER SUBSTANTIAL INTERESTS 

fl) O) Jho 12,507,000 Deferred Ordinary sharesol theCompany conditionally allotted as consideration 
for the acquisiikw of tho whole of the issued share capital Of Stea. 12,063-036 Deterred Ordinary shares will be 
■Dotted to Mr. R. J. Braaley and 443.964 Deferred Ordinary shares wlU be allotted to Mr. L Brealev. 

(2) The Directors of the Company and therr families wifi, immodiatety after completion at the acquisition 
of Slea and before the capualbaiioti issue referred to ir > paragraph 12 above, be interested in the Ordinary 
shares Of Iho Deterred Ordinary shares of the Company as follows 

Deferred Ordinal-/shares Ordinary shares , 


Beneficial 

12.063.036 


443.964 


Benehaal 

100.000 

36.432 

100.000 


Nnn-btnefioai 


Non-beneficial 

R.J. Braaley 

B. Cabada 

LBreatev . 

fl. D. Guthrie 

R. D. Young — — 5.000 — 

(3) It is tha intention of Mr. R. J. Breetey to sr-tl only sufltciem shares to ensure mat the Company will 
not be e dose company within the provisions of foe Income and Corporation Taxes Act 1S70 at 30th June. 
1978. 

(4) Tho dealings in the Ordinary shares of the Company by the Directors or the Company and their 
families during the period commencing twuhe months before foe announcement of foe Offer and ending on 
foo date of fob advertisement wore 8$ follnws; 

Nature of Number ot Price per 

Date Transaction Interest shares share 

R.D. Young ' 22nd April, 1977 Purchase Beneficial 5.000 33ip 

L Smatey 5rti August, 1977 Sate Non-boneficia! 20,000 32p 

(5) Sava ad disclosed herein the only dealings in the Ordinary shares of the Company by Stea during 
Ihe period commencing Twelve months before tho announcement of the Otter and ending an tho dote of this 
advertisement were as follows 1 — 

Ifith November, 1078 
25th November. T976 
26th November. 1976 
6th December, 1978 

(6) Save as disciosod herein, there are no agreements; arrangements of understandings between tha 
Company, or any person rating in concert with tho Company, and any of tho Directors or recent Director*, or 

. shareholders, or recant shareholders Of Stea having any connection with, or dependence upon the Offer, nor 
is there in existence any agreement, arrangement or understanding under which the beneficial ownership of 
any shares of Sloaocqul/eoby the Company pursuant to the utter will or mar be transferred to any other person 
but the Company reserves the right to trwsfw any such shores to a subsidiary oi the Company. 

(7) Save as disclosed heroin, neilher the Company nor any of its subsidiaries nor any ol the Directors 

of the Company nor any party acting iit concert enm the Company owns or controls « has any beneficial 
.interest, whether direct or indirect, in anv Ordinary sharesof any Deferred Ordinary shares ol tho Company 
or Chores of Slea nor have any such parties dealt *n the Of dinary shares of the Company or Uiares of Slea 
within the period commencing twelve months before the announcement of the Offer and ending on the date 
ot this advwiserrwDL _. _ _ , , „ 

f8) Save as discJofiod herein. 50 far as the Directors of the Compenv ere aware, no parson owns or is 
boneffcwfly Interested in 6 per cent. Or more at the issrad share capital ot the Company. 

(9) Ansbncher. Investment Management Ummnl. of which R. D. Young is a Ducciar and shareholder. 
ncsiviH a tec of C2JXQ 0 ef annum {raviswabfe annually} in respect of investmenr and financial advice. 

(10) R. J. Brea ley is a Director at C. J. Elvu & Co.JGmraKnr) Limited ("Else Gibraltar") in which he has 
a direct imorcM of 80 per cent, of its issued share capital. Else Gibraltar carries on business as painting con¬ 
tractors end has lor many years sub-comrecteu painting contracts to C. J. Bse & Co. Limited. In the yeais ■ 
ended 30th September, 1976 and 1977 Saks to tfee Gibraltar amounted to approximately £96.000 and 

' £185.000 respectively. The estimated direct contribution, betoe administrative expenses, relating to this 
turnover was appronmetefy £43.000 and £75,000 respectively. 


Sale 

Beneficial 

30,000 

24p 

Safe 

Beneficial 

20.000 

2}p 

Sale 

Beneficial 

40,000 

23p 

Sate 

Beneficial 

100,000. 

3 Op 


(11) R. J- Braaley fe a Director of Slea Financa Limited ("Stea Finance") fn which he and hie family 
hold 2 per cent ol the Issued share capital carrying opproxitnot^y 95 par cent of the voting rights. Sfea 
Finance conics on business in Lincolnshire as a finance company. There has been e running account ant! 
there were venous hire purchase arrangements between Slea Finance end five Stea Group an of which have 
now have been discharged- In addition there were outstanding rt 3'c December. 1977 monies roof finer 
£6318 due to Slea Finance by way at unsecuied loans 10 the Directors ot Polyset Products Limited and 
Cripfhne Limited. The Enlarged Group is interested in both these companies but has no interest in Slea 
Finance- 

(12) Save as disclosed herein no Director has or has had within two years preceding the dew hereof 
any interest, duect or indirect, in any assets acquired or disposed of by or teased 10 tha Company or any ol hs 
subsidiaries or proposed to be so acquired, deposed ot or leased. ' 

15. SERVICE CONTRACTS 

Save for the contracts referred to below, no Director of the Company has a contract of service with tho 
Company or any of ns subsidiaries other than contracts which expire at a date less than one year after tha 
(fore ot this advertisement, or whim are determinabte by the employing company without payment of 
compensation other than statutory compensation wfthin one year alter the date oi this advertisement or which 
were available lor inspection at the feres! Annual General Meeting of the Company and h3VB not subsequently 
been varied: „ ■ 

- - - Expiry Date Fixed 

None ot Contract Retmmenuon 

R. J. Break/. 31 si December. 1982 £18,000 

R. CaLroda . 31 s; December, 1983 £11,500 

L Brealev . 31 si December. 1982 £10,000 

Copies of these Service Contracts are available for inspection as mentioned below. 

The aggregate emoluments ot foe Directors ol the Company for the ywr ended 3Plh June. 1ST7 
added to the emoluments which ware paid to those Directors of Stea who are afeo Directors of the Company 
in respect of the year ended 30th September, 1977, amounted to £36,724. Under the arrangements now 
in force the emoluments for the current financial year will total approximately £44,900. 

16. LETTERS RELATING TO PROFIT FORECASTS 

(1) The following is a copy of a tetter to the Directors of the Company from Grindlay Brandts Limited on 
the profit forecast at the Existing Group, the Slea Group and of the Enlarged Group for the relevant periods 
ending 30ih June. 1978: 

23 Femshurch Straw, 

The Directors. London EC3P 3ED. 

Epicure Holdings Limited, 

Eagle House. 

1 10 Jermyn Street. 

London SWT Y6HB _ _ . 

6th February, 197B 

Gen denied. 

We refer ;c the profit forecasts c-f Epicure Holdings Limited and its existing subsidiaries (tho 
“‘Evising Group") tor the vear ending 30lh June, 1978. Slea Holdings Limited and its subsidiaries, 
excluding thu Existing Group, liha "Slea Group"! for Ihe nine month penod ending on that date and rh* 
combined forecast for the pciiod ending 30th June. 1978 of foe Existing Group and foe Siea Grout* 
(rhe "Enlarord Group - i. We have discussed these forecasts wnh the officers of the Existing Group, 
will* tre pricers ol rhs- Slea Group ana with Demfcn Farrow, Chartered Accountants, the Auditors 
Ot foo Company and Reporting Accountants, and considered the accounting bases and assumptions. 

On these bases, we are of ihe opinion that ihe forecast for the Existing Group, for which you as 
Directors arc solely responsible, the forecast for foe Slea Group, lot which (he Directors of Sloa Holdings 
Limited are solely responsible, and foe forecast for ute Enlarged Group, for which you as Directors aro 
solely responsible, set out in ihe advertisement to be dated 8th February, 1978. have been made with 
due care and consideration. 

Yours fahhfufiy. 

For GRINDLAY BRANDTS LIMITED, 

D. E. MEEKINS, 

Director. 

(2) Tho following ts a copy of a letter to the Directors of the Company from Dearden Fanor-v. Chattered 
Accountants, on foe profit forecasts of (he Existing Group, tha Sloa Group and of foe Enlarged Group lor 
tho relevant periods ending 30th June, 1978: 

5 Giltspur Street. 

The Directors, London EC1A 9PD. -j 

Epicure Holdings Limited, :| 

Eagle Hou»e. 

110 Jermyn Street. 

London SW17 6Kfl 

6th February, 1978 

Gentlemen. 

We have reviewed foe accounting bases and calculations for fa) tha profit forecast of Epicure 
Holdings Limited and its subsidiaries (ihe “Existing Group") for foe year ending 30th June, 1978; 
(b; the ptotit forecast ot Siea Holdings Limited and its cubsidianes excluding foe existing Group (tho 
"Slea Group" 1 lor foe nine month period ending 30fo June. 1378 and (c) Ihe combined profit forecast 
of foe Exisung Group and foe Slea Group (foe"Enlarged Group"; for the period ending 30th June, 1978 
as set out rn me Advertisement 10 be dated 8th February. 1978 (foe ‘‘Advertisement'']. 

In our opinion the forecasts lor (a) tha Existing Group, for which you as Directors ara solely 
rpsponsiole (b) foe Slea Group, lor which tha Directors 0 / Slea Holdings Limited aro solely responsible 
and (c) the Enlarged Group. lot which you as Directors as solely responsible, have been properly 
compiled so for as the accounting bases and calculations are concerned, on foe footing ol foe assump¬ 
tions made bv the respective Directors, sat out in paragraph 8 of tho Advertisement, and aie presented 
on a basis consistent wun foe accounting practices normally adoptod by foe Exisung Group and the Sloa 
Group. 

Yours faithfully, 

DEARDEN FARROW. 

MATERIAL CONTRACTS C/ivuro/Atxoiml.ntt. 



2.500 Ordinary snares of Hatiomaiic Transmissions Limitod ( 'RaTioniaDc'). formerly Dawntyiui 
Limited, lor a :o:il cash consideration of £3.750. 

(:i) Dated i2fo January-. 1976 being a Stock Transfer for the purchase by Slea from Mrs. Blanche 
Clan, of 2.500 Ordinary shares of Ratiomatic tor a total cash consideration of £3.750. 

(iii) Dated 31st Maiui. 1976 between Slea and Mr. and Mrs. L Brcaley fo> the acquisition by Slea of 
the partnership business of Biealeys of Lincoln and Steaioid Picture Framing Co. for a total cash 
consnwration of L5.000. 

(iv) Dated 23fo May. 1976 being a contract note for the purchase by Sica in the Stock Market of 
20.000 Ordinary shares ol the Company at 4ip per share lor a total consideration of £932.88. 

(v) Dated 11 ih June, 1976 being an Agreement between A L'Ecu de France. Limited and Birch main 
Limited whereby Birchmain Limited acquired the leasehold interests, goodwill. 1 mutes and lutings 
and certain stocks relating to the Empress Restaurant, tor a total cash consideration ol E79AO0. 



(viii) Dated 26th August. 1976 being a Share Transfer for the sale by Slea to R. J. Breatey of 100,000 
shares o: the Company at 51 p per share in cash. 

(isj Dated 26th August. 1976 being a Share Transfer for the safe by Slea to L Greeley of ] 00,000 
* nares ol ihe Company at 5{p per share in cosh. 

(x) Contract notes whereby Slea has. since 27th August. 1976. disposed ol 1,231,068 shares of 5p 
each ol me Company tor a total cash consideration of £144.406 ar an average price ot 11.7p 
p»r share. These contract notes do not include iho disposal of the shares to Messrs. R. J. and 
L- Breatey detailed in sub-paragraphs (vin) and fix) above. 

(xi; Dated 23>d September. 1976 being a senes 01 letters and documents whereby C. J. Else & Co. 
Limited t 'C. J. Else' j covenanted to pay 10 Bixglow Limited (at that time a subsidiary of C. J. Elsa 
and having been incorporated m England on ZJtd August. 1976) an annuity of £503,500 each 
year tor a period ol five years in consideration of the payment in cash of £24764.350 to C. J. Elsa 
when obligation was released by a further series ol documents dated 30lh September, 197S 
whereby Eorogaw Limited (a company not connected with the Stea Group) assumed the liability 
to mate the lour remaining payments of foe annuity in consideration of foe payment in cash by 
C. J. Else tc Borogate Limited of £1,564.895. Subsequently C. J. Else sold the whole of hs interest 
in Bug low- Limited at a net loss of £90. 

(xii) Dateo 29th September. 1976 being a Stock Transfer for iho purchase by Slea from H. Stirland of 
5.000 Ordinary shares Of Raiktmaric, tor a total cash Consideration ol £500. 

[xTii) Dated ZS«h September. 1976 being a Stock Transfer for the purchase by Slea from Mrs. Blancha 
Clark ol 5.000 Ordinery shares of Ratiomatic, f or a total,cash consideration of £500. 

Ixiv) Dated 22nd October. 1976 between Slea Horticulture Umiwd and iho persona! representatives 
of Colonel J. E. W. G. Sandare m respect of the purchase of foe Gate Burton Estate near 
Gainsborough for a total cash consideration of £825,000. 

(xv) Dated 10th November. 1976 being an Agreemenr between Siea and foe Company whereby tha 
Company was granted an option exercisable by 9th November. 1 977 to acquire approximately 
35 per cent, of the issued share capital of Ratiomatic. The time for exercising foe option was 
subsequently extended but the Directors of foe Company have decided not 10 exereqa foe option. 

(xvi) Dated 4th January. 1977 being an Agreement whereby C. J. Elsa & Co. Limited agreed to lend a 
sum not exceeding £ 10,000 by way ol an unsecured capital advance to Ratiomatic on terms set 
out therein as amended by a supplementary agreement dated 3rd June. 1977. 

(xvii) Dated 10ih February. 1977 being the sale by Slea to R. J. Braaley ol a freehold property known as 
"The Limes”. 107 H igh Street hecktngton in consideration for tho payment of £8»0D0. 

(xviii) Dated 4th March, 1977 being s Debenture granted by Slea to Barclays Bank Limited to secure all 
sums advanced to Slea or its subsidiaries from rima to tuna by way ot charge over the undertaking 
and property o» Slea and its subsidiaries, 

(xix) Dated 24th March. 1977 being the subscription by the Company for 1,500 shares of £1 each of 
Criplime Um-.ted representing 30 per cent of Its issued share capital for a cash consideration of 
£7.500. 

(xx) Dated 10th April. 1977 being the subscription at pai by foe Company for 35 shares of £1 each of 
Fenner Chemicals Limited, representing 35 per Cant, of its issued share capital payment in cash 
having bean made alter 30th June. 1977. 

(xri) Dated 4fo May. 1977 being a subscription by the Company for 1,500 shares of £1 each of Polyset 
Products Limited representing 15 per cent, ol its issued share capital lor a cash consideration of 
£l 500 ““ 

(uui) Dated 10th May. 1977 being Heads of Agreement in respect ol tho subscription by Slea for 
105.000 Ordinary shores o] the Lincoln Woodworking Company Limited for a cash consideration 
of £105.000. . 

(xriii) Dated 3td June. 1977 being a contract between The Lincoln Com Exchange and Market Company 
Limited and Lincoln Hotels Limited in tespoci of the sate by the former company to Lincoln Hotels 
Limited ot tne 1 reenofd interest and fixtures and fittings for £804)00 in cash and stock at valuation 
ol The Queen H 011 H. Lincoln, and the gram of the tease referred to in sub-paragraph (xxiv) below. 
(axis) Dated 10th June. 1977 bemp a lease between The Lincoln Corn Exchange and Market Company 
Limned and Lincoln Hotels Limned whereby tho fotmer company demised, no capital sum being 
psyaDtfe. lo Lincoln Hotels Limned the first and second floors of 321/322 High Street. Lincoln. 
The leas*.-, which rs on a full repairing and insuring basis, ts for a tern ot 28 years ttom 10th June, 

1 977 at a 1 coral of LI.500 per annum oxclusive. subject to rent reviews every seven years to foe 
then open market value. 

(x?cv) Datof isr September. 1977 being Stock Transfers for the purchase by Stea from Lincoln 
V.'CQdwoiting Company Limited of 100 Ordinary shares of £1 each of Linwood Si Company 
Limned, for a cash consideration ol Cl 5.576. 

fxxvi) Oared ZSth September. t977 being Stock Transfers for the purchase by Sica from T. G. Kelsey, 
T C. Pearson and J. M. Hunt ol 500 shares ot £l each ot Polyset Products Limited (representing 
5 per cent, of ns issued share capital) for a cash consideration of £2.500. 

(yn/iij Dated 2Eth September. 1977 being a conveyance by C. J. Else 4 Co. Limited to B. J. Brcaley of 
the treenpld property (subject to a tenancy at a nominal rent) situated at 29 Kings Lane. Great Hale, 
Lincolnshire in conrjdcration ol a cash payment of £1.500. 

(xxviii) Dated 29ir. September. 1977 being a conveyance by Slea to R. J. Brealev of foe freehold property 
isubject to a tenancy at a nominal rent) known as The Cottage, The Green. Wellingoio. Lincolnshire 
in cpnsidoianc n of a payment of £3,300. 

(xxi») Dated 29th September. 1977 being a conveyance by Slea to Mr. and Mrs. G. P. A. Jeffrey (tha 
sister of R. J. brcaley) of tho property (subject to a tenancy at a nominal rent) situated at 4 High 
Stmt Hack region. Lincolnshire in consideration o) a payment ol £ 488. 

(xxx) Dated 30th Siiotembet, 1977, being a conveyance by Flaxwell Properties Limited to L Brealey of 
the ueeneld properly situated at Welhngore. Lincolnshire and known as "Tho Hillside Close" for 
a consideration of £ 6 , 000 . 

(xxxi) Daiea 30lh September. 1977 being a conveyance by Mr. and Mrs. L Break? to Flaxwell Properties 
Limited of thttreehold property known as “The Creamety , Grantham Road, Sleaford, Lincolnshire 
for a cash consideration of £10,000. , „ 

(xxxi!) Dated 1st October. 1977 between Slea Horticulture Limited and Lloyds Bank S.F. Nominees 
Limned in retpeci of the safe of part of the Gate Burton Estate lor a total consideration of 
£1.350.000. 

(xxxiii) Dated 24ih October. 1977 being a conveyance by Tvnell Contractors (Hockington) Limited to 
Mr. K. S. Buckle (a Director'ot that Company) and his wile, ol the freehold property, known as 
Hecf.ington House. 25 Boston Road. Heckington, Lincofnshi/e.fora cash consideration of £13,000. 
(xx>iv) Dated llfii January, 1978 being a Debenture granted by Potvset Products Limited in favour of 
Slea to charge the whole of foe undertaking and assets of Polyset Products Limited to secure 
certain advances totalling £86.623. 

(xxxv) Dated 11th January. 1978 between the Company end Messrs. R. J. Brealey and L. Brealey being 
an Agreement tor tho acquisition ot the whole ol the,issued share capital of Slea by Ihe Company. 
In addition R. J. Brealey and L. Brealey gave certain warranties and indemnities relating to tho 
Stea Giojp. 

(xxxvi) Dated 1 lih January, 1978 being an undertaking from R. J. Brealey not to enter into any fomt of 
guarantee in favour of any thud party end not to reduce his shareholding in Epicure beta w6,000,000 
Ordinary shares or to charge or encumber such shares. 

Ixxxrn) Dated 1 Jth January. 197B being an Agreement between, inter alios. Slea and Grindlay Brandts 
Limited, whereby conditional upon the Council of The Stock Exchange admitting to the Official 
List the whole ot the enlarged issued share capital ot the Company on or before 10th February* 

1978. Grindlay Brandts Limited has agreed to purchase from Slea 2,722,534 Ordinary shares ana 
1.361.292 new Ordinary shares resulting from ihe capitalisation issue, together totalling 4,083.876 
Ordinary shares of fhc Company at a price of 4.33p per share for resale at 5p per share to existing 
shareholders of foe Company (excluding Sica and Mr. R. J. Brealey and Mr. L Brealey) and to 
the employees ot the Stea Group. 

-18. GENERAL INFORMATION 

(]’j The fees and expenses of (he acquisition and the work in connection with the application for tha 
admission of the issued share capital to the Official List ate estimated to amount !0 £l204)00. In addition, 
it is estimated that Ihe expenses involved in the disposal ol the shares of Epicure held by Sica will amount to a 
further £22.000. These expenses will bo met out of the surplus arising from the safe of the shares to existing 
Epicure shareholders and to Ida employees of Sk-a. . 

(2) Save Ji disclosed herein no part of any capital of any compsny in the Enlarged Group i& under option 
or is agreed conditionally or unconditionally to be put under option. 

(3) Saw as disclosed herein no commissions, discounts, brokerages, or olhor speciar terms ftavo been 
granted in connection with the issue Or sole of any capital ol any company in the Enlarged Group within tha 
two years immediately preceding the publication of this document. 

(4) Tho Directors are not aware of any litigation or claims of malaria importance pending or threatened 

against foe Enlarged Group. , . 

(5) Dearden Farrow have given and haw not withdrawn their written consent to iho inclusion of their 
report on the Stea Group and their letter reteling to the profit forecast; of tha Existing Group, the Slea Group 
and the Enlarged Group in the form and context in which they respectively appear. 

(6) Grindlay B'andis Limited has given and has not withdrawn its written consent to the Inclusion of if* 

tetter relating to the profit forecasts of foe Existing Group, the Slea Group and foe Enlarged Group in thafonn 
and context tft which ii appears. . . . .. 

(7) De Groot Collis have given end hove not withdrawn their written consent to the Ksue of this 

advertisom?ni with the inclusion therein of the inferences lo their valuation in foe form and context in which 
they are included. . . ... . .... 

(8) W. S. Atkins and Partners have given and have not withdrawn their wntten consent to the issue of this 

advertisement with the inclusion therein of the references to foeir Appraise! in foe form and context in which 
they are included. • , . _ . „ 

(9) M r. R. C. Mueson. who was a Director of Slea unhMst December, 1977, is a pertnar in Peake Snow & 

Jeudwrne, who win be receiving a toe in respect of their professional services in connection with the 
acquisition oi the Stea Group. . - . ... 

(10) Clearance from any hability resulting from foe provisions of Section 460 of the income and Corporation 

Taxes Act, 1970 and Section <0 of foe Finance Act 1S77 has been obtained. _ ..... 

(It) Under Matmal Contract (xxxv) above. Messrs. R. J. end L Brealey have given appropriate indemnities 
to jhc Company against claims lor taxation including shortfall, capital transfer tax and estate duty. 

(12) Copies of each of the tallowing documents will be available lor Inspection dunng normal business hours; 
on any weekday (Saturdays, Bank and Public Holidays excepted) at the offices of Grindlay Brandis Limited, 
23 Fenchurch PtrrtL London EC3P 3ED up to and including Brh March. 1978: 

Tho Memoranda and Articles of Association of the Company and Stea. 

The audited accounts ol foe Company for ihe two years ended 30lh June, 1977. and tha audited 
accounts of Slea for the two years ended 30lh September. 1977. 

(iii) The moon of Dearden Fa now together with they written statement showing the adjustments 
nude for ihe purposes of their report 

(iv) The valuation of De GrOtf Collis referred to above. 

(v) An appraisal by W. S. Atitms and Partners prepared far the Directors of the Company to assist them 
in arriving at a decision on the option noted in material contract (xv) in paragraph 17 abova. 

fvi) Trie Material Contracts referred to above, 
fvii) The Service Contracts referred to above. 

(vin) Letters from Grindlay Brandts Limited and Dearden Farrow relating to tha profit forecast. 

(i») The aoove mvolioneo written consents. 

Dated Sfo February. 1976 


l*> 








L/\DU l I\ i VI. >. r 


Attempt to end 
boilermakers’ 
overtime ban 

BY OUR SOUTH SHIELDS CORRESPONDENT 


Engineers may 
wage target co 

BY ALAN PIKE, LABOUR CORRESPONDENT 


AN "'ATTEMPT to end the boiler' 
makers' pay dispute which is 
crippling the Tyne's nationalised 
shiprepair yards is to be made on 
when executives and 
district officials of the Boiler¬ 
makers' ' Amalgamation meet 
senior officials of British Ship- 
buiders, at Newcastle. 

Mr. Bob lass, district delegate 
of the union said: “ We will be 
trying for a solution to get our 
members to lift tbeir overtime 
ban. Alternatively we will be 
look for enough' progress to 
enable the ban to be removed, 
pending further talks." 

The 1,000 boilermakers in tbe 
shipyards imposed their ban a 
fortnight ago after rejecting a 
pay offer which included new 
working arrangements. 

Tbe yards have lost overhauls 
worth flm. and work is running 
down rapidly. Another 10S men 
were laid off yesterday bringing 


the total to 969 since Thursday. 
More men are expected to lose 1 
their jobs by the end of the week. 1 

Meanwhile, three more “fair 
wages" applications for Swan' 
Hunter workers come before the 
Central Arbitration Committee in 
Newcastle ttf-day. 

The main hearing involves 
3,500 boilermakers who are 
trying to catch up on the £5.40 
fair wage award made to 1,700 
outfitters at Christmas. 

An argument between boiler¬ 
makers and outfitters over pay 
differentials lost Swan Hunter its 
share of the Polish ship order 
a fortnight ago and resulted in 
1,152 redundancies, most of them 
boilermakers, on Monday. 

Also looking for fair wages 
awards to-day will be 200 Swan 
Hunter foremen and about 80 
training instructors and super¬ 
visors from the Swan Hunter 
training company. 


PROSPECTS of industrial action 
over tbe engineering industry 
national pay claim after the 
failure of negotiations :ast week 
will diminish to-morrow if the 
executive of the Confederation 
of Shipbuilding and Engineering 
Unions endorses a compromise 
wage target. 

Talks with the Engineering 
Employers' Federation failed on 
Friday after the employers re¬ 
fused to move beyoud an offer 
of new minimum skilled rates of 

£57 a week in response to a 
union claim for £70. 

However, the union negotiators 
indicated that they would be pre¬ 
pared to recommend acceptance 
of £60, whicb was endorsed by 
the Amalgamated Union of 


Engineering Workers executive 
yesterday.' If the other con¬ 
federation unions agre^-on this 
when they meet to-morrow, it 
means tbat only £3 on m inim um 
rates will separate the two sides. 


Narrow gap 


It is improbable that the 
unions would embark upon a. 
campaign of industrial action to 
close such a narrow gap. particu¬ 
larly as many engineering 
workers do not benefit directly 
from increases in national rates. 

This would leave open two pos¬ 
sibilities—the end of tbe national 
agreement with all pay bargain¬ 
ing reverting to plant level, or 
a further attempt by the unions 
to persuade the. federation to 


meet its £60 compromise, which 
would raise the national wage 
bill by about 4J25 per cent 

The AUEW executive yester¬ 
day decided to conduct an elec¬ 
tion in its new’ South Birming¬ 
ham district next month follow¬ 
ing a High Court ruling on Mon¬ 
day that Mr. Michael Rice, a 
Left-wing shop steward, was 
entitled to stand as a candidate 
for district.secretary. Mr. Rice 
successfully claimed in court i 
that he had been wrongly dis¬ 
qualified. The executive has 
decided not to appeaL 

An election will also be held 
in another new district—Wolver¬ 
hampton East—where a potential, 
candidate had also been told he 
did not qualify. His name will 
now appear on the ballot paper. 


Lucas talks 
with Poly 
on jobs 

By Lynton McLain; Industrial Staff 

SHOP STEWARDS at Lucas 
Aerospace announced yesterday, 
a joint scheme to develop tech¬ 
nology with file North East 
London Polytechnic in the face 
of fears over shopfloor- 

rednndancies. 

The latest scheme presents 
management with a list of 
“ socially useful" work, to be. 
based on a centre for alterna¬ 
tive Industrial and techno¬ 
logical systems at ihe poly¬ 
technic. 

A grant of £7,000 has been 
awarded by the Joseph Kown- 
tree charitable trust for 1978. 
and Mr. Michael George, co¬ 
ordinator of the centre, has bad ‘ 
talks in Brussels with officials 
at the European Social Fim<L 

Shop stewards at Vickers, 
C. -A. Parsons, Rolls-Royce, 
Clarke Chapman, BAC 
(Preston! and Chrysler are 
said to have offered support.; 


Banks agree on 
representation ] 

BY NICK GARNETT, LABOUR STAFF . ., 

havtt fjvtplOYERS. staff asso- minster, Lloyds, Barclays and 

National Union Williams and GlynV. • . 

aattons and tbe National ^on ^ a ^ 

of Bank Employees have agreed ^ t0 be ironed 

broad terms of reference for an QU t before, there Is formal agree, 
inquiry into the problems he- meat on holding an inquiry, the 
dev illin g staff representation in banks hope the investigation can 
the clearing banks, • • begin by the end of. the month. 

: ■ , _ _ _ Staff Staff : representation was dis- 

; The Barclays flPRjp staff last . year when the 

Association is ^ NUBE gave notice that it was 

some aspects of thfe proposals, froth national.nego- 

although it has agreed.in pnn tiatin gmachinery as part of its 
eple.. • long-running feud with the staff 

.Tie banks believe that the associations, 
inquiry could go ahead even v. The-problem has boon-brought 
one 'staff association does not ^ a bead because the notice is 
give it firm support ' due to come into' force next.' 

•. terms of reference involve month. . ■- 

ah. investigation into the whqle jrv^ nmhlpiT 
issue of negotiating procedures UUG prODien 

and 'staff representation m the The banks will 
London clearin'? banks. ’ The interim represep 
Federation of Bank Employere. me nfcs tacover tb 
cover' Midland, National West- which any inquir 
said. yesterday . that Bus-wouiu Thi S .is. apparent] 



One problem 


Pension funds ‘misused’ 


TETHER OPENS CASE AT TRIBUNAL HEARING ON DISMISSAL/ 

Columnist denies seeking total 


BY ERIC SHORT 

MR. TOM JACKSON. leader of 
the Post Office Workers Union, 
has described investments by 
nationalised industries in non¬ 
productive enterprises as “a 
blatant misuse of pension fund 
resources." 

He says that if trade unions 
obtained joinf control of pension 
funds, they would be more likely 
to press for socially responsible 
financial policies. 

Wririnq in Pensions World. 
Mr. .Jackson attacks such invest¬ 
ments as British Rail's in works 
of art. the Electricity Supply 
fund in the Brighton Marina 
and British Airways in a farm. 

He claims the resources have 
h^en created by workers and 
should have heen invested in the 
manufacturing sector, thereby 
attempting to halt the decline in 
British industry. 


Mr. Jackson dees not mention 
that the Post Office Staff Super¬ 
annuation Fund, on which his 
union has direct representation, 
has invested in agricultural land 
or that the other funds he men¬ 
tions have a 50 per cent involve¬ 
ment through trade unions 

On the question of financing 
pension funds. Mr. Jackson says 
the pmposal for schemes run by 
public authorities and national¬ 
ised industries to fund the em¬ 
ployees’ contributions—with the 
balance split between invest¬ 
ment. a loan to industry and 
the rest on a pay-as-you-go sys¬ 
tem—is worthy of further study. 

Such a scheme would increase 
the selF-fin ancinc ability of 
nationalised industries and re¬ 
duce the demand nn the Treasury 
for capital investment. i 


Dockers accept 10% offer 


BY PAULINE CLARK. LABOUR 

A , MEETING of about 1.900 
dockers in Southampton has 
aaepted a pay offer within tbe 
Govern mem's pay guidelines and 
ended a prolonged dispute over 
manning at the port' 5 newly 
constructed deep-sea container 
bsrtb. 

The dockers decided early fast 
month not to press fnr an above 
10 per cent, settlement. But they 
withheld final acceptance pend¬ 
ing the outcome of talks on 
manning in the fifth container 
berth designed to take traffic 


from the South Africa-Europe 
service. 

In settling for a pay increase 
within the guidelines, the dockers 
have fallen in line v.-ith wage 
deals reached in other ports 
including Bristol, Hull and. most 
recently. London. 

It is hoped that negotiations 
with other staff at Southampton 
will enable the port to handle 
the South African container 
trad in the near future. This 
follows two months of delay 
during which shipments have' 
been made via the Continent. I 




MR. C. GORDON TETHER, the 
Financial Times writer dismissed 
after a protracted wrangle over 
editorial control of his daily 
column, told an industrial tri¬ 
bunal yesterday that be had 
never asserted be bad complete 
freedom to write what and bow 
he liked. 

Mr. Tether, 64. who claims he 
was unfairly dismissed 16 months 
ago. was opening his case on the 
ISth day of the hearing. He 
wrote the Financial Times 
Lombard column for 21 years 
and now seeks re-instatement. He 
has rejected tbe newspaper's 
compensation offer of full pay 
until normal retirement age. 

Mr. Tether said the Financial 
Times had argued that the true 
purpose of his claim was to 
enable him to continue his argu¬ 
ment with it over Press freedom. 
While it was true that important 
questions of Press freedom were 
involved in his dispute, his main 
purpose was To get his job back. 

In deciding whether the 
Financial Times was acting un¬ 
fairly in treating the so-called 
breakdown of the working rela¬ 
tionship between him and Mr. 
Fredv Fisher, the editor, as 
justifying its decision to dismiss 
him. the tribunal would have to 
assess who was responsible for 
that breakdown. 

Unwarranted 

The Financial Times had 
sought to say that it was because 
of bis behaviour. But the 


problem really arose Erom the 
unwarranted attempt by Mr. 
Fisher to curtail his freedom to 
write an independent column. 

Mr. Tether said that one reason 
given for the impairment of tbe 
working relationship was his 
alleged failure to abide by what 
the Financial Times called 
** normal and usual editorial 
decisions and procedures." 

He contended that during the 
20 years of Sir Gordon Newton's 
editorship, there evolved between 
them a “custom and practice" 
contract which did not require 
him to comply with the so-called 
14 normal and usual ” procedures. 

What was really at the heart 
of the dispute was au attempt by 
the Financial Times to change 
unilaterally his “custom and 
practice" contract, by trying to 
impose working arrangements c>f 
a fundamentally different kind 
from those which previously 
operated. 


Competence 


This, he said, began when Mr. 
Fisher took over the editorship 
at the beginning of 1973 and pro¬ 
ceeded very gradually at first. 
It culminated in a directive of 
July 1974, in whicb Mr. Fisher 
severely circumscribed the range 
of his work by instructing him to 
confine his column to the 
“general economic, finance and 
banking scene.” 

Mr. Tether alleged tbat one 
reason the Financial Times had 
advanced to justify altenns his 
terms of employment was that 


the quality of his work had 
deteriorated. But the newspaper 
bad not produced any indepen¬ 
dent eridence to substantiate the 
allegations about his competence. 

Mr. Tether said he would be 
bringing oral ana written 
evidence From independent wit¬ 
nesses from different walks 
of life and of different political 
opinions to testify that there had 
been no deterioration in the 
quality of his writing. Some 
were experts in fields from whicb 
Mr. Fisher tried to exclude him 
on the grounds that he did not 
have the required expertise. 

He said that contrary to a 
Financial Times suggestion, he 
bad at no time claimed that he 
had complete freedom to write 
when he liked, about what he 
liked and bow he liked. It was 
important to reraeraher that 
these words had been widely 
reported in the Press and treated 
as the central feature of the 
case. 

He said the right of an inde¬ 
pendent journalist to write con¬ 
sisted of his right to express his 
own views in his own style. If 
that right was to he meaningful 
it must grj “hand in hand" with 
Ihe right to be published. 

He was not, however, suggest¬ 
ing this right was absolute. It 
must be exercised reasonably by 
the journalist and competently 
and with an appropriate sense of 
responsibility. 

Mr. Tether added that it was 
clear from the written exchanges 
he had.with Mr. Fisher that all 
he had ever claimed was the right 


to go on writing a column of the 
type he had been writing for 
many years with a sense of 
responsibility. 

It was not part of his case to 
challenge the - editor's right to 
edit But he did challenge tbe 
assertion that the editor could 
use his prerogative in any way 
he chose without explaining his 
action. 

If he did have an absolute 
right of this kind, there was 
nothing to prevent him using it 
unreasonably. 

He alleged that counsel for the 
Financial Times- appeared to be 
saying that because editors were 
human, and by definition human 
beings were reasonable, ■ it 
followed that people could be 
confident that editors would be 
reasonable. 


Dangerous 


“AU 1 can say about that is 
that if the second of ' these 
premises was correct, the world 
would be a very different place.” 
said Mr. Tether. 

For a start there would be no 
need for tribunals of this kind. 
It was the very fact that editors 
were human with all the weak¬ 
nesses of human beings that 
made an absolute editoral pre¬ 
rogative so potentially dangerous. 

He added that the great weak¬ 
ness of the Financial Times* 
approach to editoral prerogatives 
lay in that it failed to see!the 
importance of the difference 
between giving the editor the 
right to edit to be exercised 
responsibly, and giving him the 
unfettered and - unquestionable 


right to edit. The distinction 
between rights and 1 absolute 
rights was one no' free society 
could afford to ignore. 

Mr. Tether said that, in 
evidence to the Royal ■■■Commis- 
sion on the Press, Mr. Fisber bad 
argued the closed shop was a 
major threat to Press freedom 
because there would, be no pro¬ 
tection for the individual 
journalist against arbitrary 
action by a union. 

Tet he appeared to see nothing-, 
wrong in leaving an individual 
journalist in a position where he 
had no ultimate protection 
against arbitrary action by his 
editor. 

■ That was inevitable if news: 
papers could argue that as. a 
matter of contract an editor 
eould- treat his -writers as 
arbitrarily as he wished. 

Mr. Tether said he would not 
deny , there were occasions when 
he was unwilling to'alter his 
column in the way Mr. Fisher 
wanted. But these occasions 
were because tbe changes would 
have involved him in altering 
opinions or restructuring his 
column so that it ; became a 
vehicle for Mr. - Fisher’s 
philosophy rather than his own.- 

Befnre the hearing adjourned 
until to-day, Mr. Thomas Morison 
complained that Mr. Tether had 
attributed to him statements 
that he had not made in his 
capacity as counsel for the 
Financial Times. 

Mr. Tether replied that all the 
statements he had made had been - 
treble-checked/with tbe greatest 
care. • 


The banks will try to sort out 
interim, representation arrange- 
meats to cover the period during 
which any inquiry is beiQg held. 
This ,1s. apparently "one -problem 
the Barclays'association is 
particnl ariy .worried, about. I 

• NUBE .said-.- yesterday . that 
Lloyds bank had, agreed higher 
shift payments for computer staff 
with backdating to-the middle of 
last year. The, staff bad been 
threatening industrial action if 
the shift -payments were not 
improved. 


Employers 

‘payyind 

keep quiet’ 

By Our Labour. Staff 
THE DEPARTMENT of Employ¬ 
ment's reliance- on Press 
reports in monitoring produc¬ 
tivity deals for. breaches of the 
Government's ' pay code’ has 
made companies tin willing to 
reveal, details of. their -agree- ; 
meats, according to Incomes 
- Data Services, an independent 
research body. 

Drawing attention to agreements 
with “no publicity” clauses, the 
review points out that because . 
the Department- has insoffi- 
. cient resources to keep up with 
" all; productivity bargains*.. 
action Is being taken only 
against companies which pub- 
. Tleiy appear to have made 
' spurious deals. 

The researchers contacted- 137 
• major companies and found 
that a 10 per cent .rise. on - 
baste rates. was . accepted’ as 
the norra- wtih many settle¬ 
ments adding- a productivity 
deal or a promise. of bfie. 

The deals gave average extra 
rises of 5. per cent., and in 
some- cases payments were 
linked .to guaranteed bonuses, 
not dependent oh productivity. 


EDITH} BY ARTHUR BERNETT AND TED SCHQETERS 


© DATA PROCESSING 

Instant data on 
commodities 


INTERCOM, the real-time Inter¬ 
national Enquiry Response 
system for Commodity markets 
developed by International Com- 
modifies Clearing House, is fully 
operational using 70 ITT 
32S0 visual display terminals 
linked to two IBM 370 computers 
installed at the ICCH head office 
in London. 

ICCH provides a clearing and 
guaranteeing service tn the 
London commodity markets deal¬ 
ing in coffee, cocoa, sugar, cotton, 
soya bean, rubber, wool and oils. 
Although the majority of the 275 
members are in the U.K., there 
is an extensive membership in 
North America. Europe and the 
Far East 

Trading information goes to 
the main computers direct from 
the nia’vet floor through the ITT 
terminals. ICCH and those mem¬ 
bers with terminals (36 are in 
use outside I are thus able to 
obtain virtually Instantaneous 
access to trading as it proceeds. 

Members -linked to ICCH 
through Intercom can process 
business through their visual dis¬ 
play units and re-assess their own 
overall position in the same way 
as ICCH. A member who also 
uses .ICCITs rervices for his 
client- .systems can examine bis 
client’s positions, in the privacy 
of hi* own office, thus using the 


same techniques of risk manage¬ 
ment as ICCH employs for the 
market as a whole. 

Although the system is con¬ 
fined to London at present, there 
are plans to expand the terminal 
network, and ICCH expects to 
iostall terminals in New York 
in ihe near future. 

Further details from ITT Busi¬ 
ness Systems on 0273 507U1. 

Barriers to 
data flow 

TRANSMISSION of information 
between computers over national 
boundaries Is becoming increas¬ 
ingly restricted by government’s 
legislative moves. Such restric¬ 
tions threaten the conduct of 
business by organisations depen¬ 
dent on international communi¬ 
cations. Current and potential 
future legislation and its effects 
will be the subject of a confer¬ 
ence to be run by Online Con¬ 
ferences in' Brussels during 
February. 

Under the . chairmanship of 
Jan .Freese, Director-General of 
the Swedish Data Inspection 
Board, the conference will bring 
together speakers from the U.K., 
Europe and North America. 


n 



n 


Requests the pleasureof your Company 


at the London Press Centre, 28th Februaiy-3rd March. 

Now you can sec the best other advantages we can't go 
of Bristol in London. into herer'-- . t - 

Our latest Exhibition Be assured', however, that 

demonstrates graphically the Bristol could prove to be the 
benefits of industrial very best company for your 


other advantages we can't go 
into here;--. . t - 

Be assured', however, iliat 
Bristol could prove to be the 

I very best company for your 

expansion in and around our Company. Ana that we’d g 

fair City. Sites are on offer at welcome the pleasure of yours | 

I most a (tractive rates and are at the London Press Centre, H 

immediately available. Com- any day- between 28tli I 

munications are second to February and 3rd March. | 

none. And there are many Please post coupon for details. I 

I I am interested in attending the City of Bristol Exhibition on j 

Hat* N.ima' I 

I Company-:_Position-- i 

Address_....____—--- I 

I To: M-H- West. Industrial Development Officer, The Council House, I 
^^Colfege Green. Bristol BS1 5TR. Tel: Bristol (0272) 291620. 


Representatives of the JPTTs, 
international user organisations, 
private telecommunications car¬ 
ries and network owners, will 
assemble to discuss the conse¬ 
quences of the new regulations 
and controls, and the possible 
costs that the restrictions will 
impose. 

Among current proposals are 
the licensing of the processing 
and storage of data held abroad: 
embargoes restricting the exter¬ 
nal treatment of certain types of 
economic and personal data; and 
the insistence that duplicate files 
and data processing facilities be 
maintained locally as a pre-con¬ 
dition to foreign processing. 
Excises for the use of foreign 
services as compensation for the 
loss to a domestic data process¬ 
ing industry are a threatened 
disincentive. 

This year will see the expan¬ 
sion and toughening of tbe 
Swedish Data Act and the- Im¬ 
plementation of Germany's Data 
Protection Act The French are 
expected to begin the transitional 
phases of a data processing and 
freedom law. and several other 
European countries are believed 
to be examining protective—or 
protectionist—legislation in this 
area. 

The conference, Trans-natiooal 
Data Regulation, to be held at the 
Eujropa Hotel, Brussels, from 
February 7 to 9 will be a forum 
where representatives of govern¬ 
ment and industry can jointly get 
a grasp on the issues which they 
must consider for the planning 
and management of multi¬ 
national telecommunications. 

More from Uxbridge (0S95) 
39262. 

More on 
one chip 

LATEST microcomputer intro¬ 
duction by Intel is the 8049 
whicb, in relation to the exist¬ 
ing 6048, has double the on- 
chip program memory (2048 
bytes) and also twice as much 
read/write store at 128 byles. 

The new device is for ‘top 
end” single chip microcomputer 
applications where the memory 
of tbe .8048 is insufficient and , 
would entail the use of external 
chips. An interesting point is 
that existing S04S designs can 
he upgraded simply by plugging 
in the 8049 in place of tbe 8048. 

Also being made is a version 
of (he new device without pro¬ 
gram memory, the S039. , 

Both the micros are fully pro¬ 
grammable systems able to per¬ 
form input/output, control and . 
processing tasks at a rate of 
400.000 typical operations per . 
second. 

The epu has an unusually large j 
instruction set of 96 instructions, , 
designed so that an engineer j 
with a background in hard-wired 
logic can plan processing and | 
control sequences with flow * 
charts similar tn those used to ‘ 
plan Logic operations. The 
devices are in 40-pin plug-com- < 
patible packages operating on a [ 
single five vnH supply. 1 

More on 0865 771431. j 



’-f'.v’v. 'i 




O COMMUNICATIONS 

Logging the calls 




.rr* 




■■■■j] 


i 




H 

si- iiiiii 

/ I 

■I 


j 


Integrated 
jtelephoneand, 

> paging 

Cass.BjectrbniisBmitcd 
Phone fgtiam 6266 fennfDmatjBB I 



If. 






An early model of GEC Telecom™imicatlons' new SL-1 
business communications system, a modern solid-state PASS 
which has stored program control and digital switching and 
which will be launched at Communications 78 at the NEC 
in Birmingham In early ApriL It has been adapted for UJS. 
uses from a particularly successful design by Northern 
Telecommunications of Canada and GEC is entitled to sell the 
equipment in a number of export markets. The unit can start 
at 100 and grow r stepwise to 7,600 lines—at which level it 
would be a particularly large system suitable for Government 
departments. The equipment has many facilities such as user 
following, call transfer and so on, and instructions can be fed 
into the system from local or remote control keyboards. More 
from GEC on 0203 452152. 


9 CONFERENCES 


HANDLING 


Sorts tangled components 


AWKWARDLY SHAPED com¬ 
ponents, particularly those likely 
to became tangled together, such 
as small springs and electronic 
Items with leads, can be dis¬ 
pensed to automated assembly 
lines with an air powered 
machine developed by Concentric 
Production Research. 

Maximum component size is 
about 10 x 10 x 40 ram long, and 
a wide range of weights and 
materials can he handled. A 
handful of items is loaded into 
the machine's hopper, and at the 
touch of a switch (hand or foot 
operated) a gentle air blast 
separates the components and 
delivers them down five chutes 


to a catch pad. 

Several types of pad are avail¬ 
able for the delivery table top 
to arrest and hold the com¬ 
ponent ranging from tacky- 
plastic to ridged rubber, accord¬ 
ing to the type and weight of 
component. Feed rate can be 
varied to-suit the operator, and 
components are only delivered 
on demand. 

The machine measures 462 x 
210 x 339 mm high, and requires 
a mains supply and air at 40 to 

100 psi. 

More from the maker at Reddi- 
cap Trading Estate, Sutton Cold¬ 
field. West Midlands (021-578 
3030). 


PROVISION OF a telephone call cassette, then taken to a Bunzl 
logging service to industry computer centre where tbe data 

through the hire end sale of call ^ processed and analysed tn Hie 
... , . „ customers'' requirements. CILE 

information logging equipment p^t offl^ approved for con- 

(CILE) is the main function of □ action td . Manual _and auto- 
a newly formed company, Bunzl math: exchanges. . r - . 

Telecommunications Services An example of the, informa- ■ — ...■■■„.. — 

iBXS). ti° n supplied is -patterns of • • 

it is owned 7*5 wr cent hv traffic loading, costing, and Q COMPONENTS 
it isowned ( (>per cent by selected'dialled numbers. • The , **• - 

Bunzl Pulp and Paper and J5 , atcst ^ the TNA 3, is port- A 

per cent. b ^ u n ttm u ^. s ^' able (25 kg) and decodes signals AfllllSf £&Dl£ 
mg the company which deve- [n>m rot £y push btittdo ^ > 

loped and makes CILE. tw a mixture- Each unit has CTfcArkrl rlitgim 

CILE is a device which when a capacity of 120 lines. .- OjLI VC 

connected to a private telephone BTS is seeking to develop 

exchange collects data (not markets fot r . its equipment in . LN roui-MOUNTING or Hange 
speech) on both incoming and Western Europe and the Gulf first of a range of 

outgoing calls. Tbe information States. More from the company ■® a Jt*£tabIe-speed drives has been 
is logged, on a magnetic tape on 01-641 1282. " launched by Heen an Drives (a 

Redman Heen an company). 
Galled the Motovator. the first 

A drive Is rated at '4 kW—later 

$ CONFERENCES models will cover ratings up to 

18.75 fcW. On the Initial model 

Ready for Health Act -SSSS5 

v motor. Maximum rating for this 

ON OCTOBER 1 the Regulations The Health and Safety Coin mis- unit Is "7$ kW. when the speed 
concerning the appointment of sion has issued a Code of Prac- range is reduced to 4:1. Speed 
Safety Representatives and tice and Guidance Notes . to is infinitely variable. 

Safety Committees will come into assist employers. The .maker says that excep- 

effect. The Chief Inspector of To examine the impact of the tionally low initial slip produces 

Factories has said "managements Act and 'to provide further negligible losses. At maximum 

are neither prepared nor.compe- guidance'to-general management-speed, a 4 kW inpnt provides an 
tent to work with them (the involved in its implementation a output of 3:9 kW, and this 
Regulations). .As a result they-conferencfe; called "Health and efficiency fe-stated to be refiected- 
may dispute issues when they Safety in. .1978” has been" throughout : the speed range, 
should concede, and they may organised at the Cumberland Speed . control is by thyristor 
concede when they should Hotel. London, March 2 and 3. excitation units, and feedback is 
investigate more deeply'the real Speakers will, include James by an encapsulated shaft-mounted 
point at issue." . .. Tye, director-general, British! tatffioineter generator. 

These Regulations also contain Safety Coubcif; Prof. ' Brian - The rest of the range -should 

wide ranging provisions for the Harvey, Department of Safety be available by the end of the 

disclosure of information by and Hygiene, .Aston' University;. yeqipr-detalls-. from' 4 he \ maker,. 
employers to' Representatives. R. Brighton. ,director-generaL■ FO Box 52. Shrub Hill Road, 
Tbe Health and Safety at.Work ROSPA; W.- J. Simpson, chair- Worcester -. WRA • 9EY' (0905 
AcL in operation, for three years, man of the Health and Safety .23461);, 
which provides the measures for Commission; and Gordon -Hall,' - . -J 

these appointments, is beginning chief saFeBtefficeroLRollfiHoyee. J ^ ; ^'.i^.i . . . 

to bite, and the maximum fine Details from .European Study y.p|Irtvxr 
which can be imposed by magis- Conferences, .31, High Street X VilU Vr 
trates for a breach of the Act East, Uppingham. Rutland Leics^'. , # ' i 1 • ■ 
has recently been increased to LE15 0PY (057282 2711). Fee 
f 1.000, for delegates is £129;. . . 


Ready for Health Act 


41 ENERGY 

Fast power factor unit 


Loads moved sideways 


ABILITY TO move a truck side¬ 
ways has advantages when load¬ 
ing or unloading at production 
points, when carrying long loads 
and when transferring goods to 
a working level. 

A remote controlled electric¬ 
ally powered industrial trans¬ 
porter made by Ernst Wagner 
KG does this and can turn into 
tn aisle at right angles to its 


direction of travel, minimising 
the need for turning areas. 

The truck has a lifting frame 
which can be programmed tn lift 
or lower loads to preselected 
levels, and to load and dis¬ 
charge at remote points. 

Marketing in the U.K. is by 
ACR Lift Truck. Chalmers Way, 
North Foltbam • Trading Estate, 
Feltham. Midx.. TW14' OUJ (01- 
751 0222). 


SUPPLY tariff. penalties, are 
frequently incurred by low 
power factor loads -in industry 
—and it is not always easy to 
arrange for appropriate capaci¬ 
tors to be switched in at the 
right times; to this end GEC 
Measurements has develooed 
Novar. a fully automatic con¬ 
troller. 

The unit will be particularly 
useful where the level of induc¬ 
tive loading on a supply system 
varies widely over a period. It 
detects leading or ' lagging 
reactive conditions.above a.pre¬ 
set level and offers one,-six or 
12 stages with the added option 


of a master/slave -arrangement 
introducing-up to 23 capacitor, 
banks- - .' . '• 

Using microelectronics the 
complete .multi-stage'' cootroller- 
has been . ipcorporeted . into a 
DIN standard-; 144mm: T caste for 
panel or wait mounting. 

In the event of a. .supply.-inter- 
runtioD. all the - capacitors are 
disconnected .... Instantaneously 
and' reconnected-'step by Step 
only after, -the. mechanism. has 
■reset to zerbT As a result, the. 
transients -which" would; - b> 
injected by .rostering -a.bahk-nf 
charged capacitors are avoided. 
More from Si. -Leonards 
Works. Stafford- ST1TILS? (0785 : 
3251). - , v- i 


pySSSEY - has - announced that 
" a breakthrough ta LED design 
and material capability" has 
yielded the- “first solid state 
numeric display capable of being 
read. in. direct sunlight above 
cloud.. (100,000 lux).” 

■ The displays emit yellow light 
at -575 nm- and.-have been 

.developed in conjunction with 
the- avionics industry. *. The com¬ 
pany-- has . used a" contrast 
optimisation technique ' which, 
together with the high brightness 
'of the material allows zero error 
reading rates to be achieved at 
drive, levels of less than 10 mA 
(mean)' per 'segment. 

■ Both . British -'Standard and 
defense "type .approval is being 
sought, .for-the series, which is 
called GPD 40 and-is fabricated 
from- gallium phosphide.' Further 
standard products - are. planned. 

.' More from. PJefesey Qptoelec- 
;ironies; and;. Microwave,' Wood 
Burcote ,;.r: w«y;' •• -Towcester, 
Northahtfc-- (0327 50312); . 



,lj 

V 










13 


On 

>Q i 


EDITED BY CHRISTOPHER LORENZ * 




JE2-J r. 


co-op 


ROBERT OAKjESHOTT 


HISTORICALLY disagreements 
amon;: members nf The 
accountancy profession in toe 
U.K. have scarcely caused a 
ripple on placid waters. How¬ 
ever, in the last two years or 
so. a noticeable rift has 
developed between practising 


Sorting out 
your standards 




jaad RBpcrtotflwMAn 


. iust ***** hair of the total member- the coup’s central institutions members _ ... ... I i 

?* 7 * 01it of 160 ’ is acc0u " l « d is V™'*** throu @ h a rc « uire ; bodies employed in industry BY C - W - FOREMAN 

* Hl^i';H&Jngs a^Liofizi^rexmktov « f r by OT *™*«»w*«hide mem that new members must and commerce. The root cause _ 

! - :g e nft * Mr. jft•■ ?tfcwn . y £ ^ gnteS * nterpnse& And less than 20 subscribe a sum, recently can undoubtedly be attributed SSAP 12 “Accounting for many of the details differ, meoi:of a widely representafcw 

V-"* over C 450 vehicle. t0 the mounting criticism by depreciation." Distribution of Inconsistency -of treatment in panel. 

^^ponWitidiaSu^prt^^^^Sr^Ssak ^ SB;? enWr P mefi ™? nio S *™ •»* by some retention of earn- industrial accountants of ex- the exposure draft totalled 6.000 S"*P accounts where, toe with toe knowledge of tlieee - 
*?1 T^ioon. AndrtoetasuatSSSiL^eto^oil n rZ * or Ji ?? I 5 J The overaH wgs from previous years. posure drafts and statements of conS rL d in addition ^ ful ] p™« overseas subsidiaries wide ranging views, the foltoww. 

w<^ “& of. afaifly-:tiegular taxi user ^^Sid?^XEEEiGS was ^r!i res ar %ll S l orted by the fact j n mooey terras CTLC's torn- standard accounting practice. fj, * ... . is therefore a potential hazard. lQ g suggestions for improving;, 

r‘^? f Ott ^suggests s H«t'these arrange' ■ dutotltr : • Tnra Pyl fith * muSS'***** one CTLCmember is toe over increased roughly 50 times. The rift has not yet de- Jf* 1 f *r n m AlternaUvely. to impose the the situation are not necessarily... 

SSSSiOSS 25K* “ «*» » tan FrU.lin,. lo Frs.78m.- -- ----- *"* Bn,fess,0BI11 Com-™„ m -- smndrnd. -» —--i 


tt^SSTlFtSS. generated ,te open «* **“*«■ 3T ori^'i^tt^ghT^T'' 

-°'- r °°» ^JLZ±&~2£ «"■** «-■> between «1 ~j te ^ ■-,-fi *«** * -W 

U&ES. Z forma"L ” organisations and 14 individuals. seas SSts This could ■ 

a&uaaaiiiNrlifrhrind: • *..- .*■ *?-sSo-ing Shell and BP, among its further local groups nf While these statistics may be be particularly ® drafts to ensure that toe con--’ 

customers. Equally, the industrial accountants intent nn somewhat misleading in that the companies are themselves annmnriarp m nromnr 

existence of a waiting list of presenting a united and, there- toe organisations were presum- publicly quoted in their own ^™ are 10 preSCTrt 

would-be entrants argues that fore, more effective viewpoint. - a ^>' representing the views of country. 

wVdTT^r^vc ' S J™1 r SUt " d *™““ ° h " a , Viriety SSuSS ulSSS^eJSS tl .e T1,e wo?rd»ndt^pU^ 5 fi-enWeTomposS^ ,£ 

mems Perhaps because the Lued' by .he^Accoum^ “f V™T fJuJtaSJ >ptenta»ional standards. Con- £^“1,2^* bS 

CTLC follows The co-operafive standord!i Committee under the SoiuStlon ^ siderable progress towards this re p refi eDTation of toe view's of 

principle of one man one vote, auS pi ce .s of the principal ex P janauon - goal has already been made by practice and industry, 

while at toe same tone relating acC0U ntin S bodies in the U.K.. „ ? 0 t f e « r * encouraging to the International Accounting # Thp procedures , eadi tQ the - 
capital subaenpnons to gj Ve wanting of the pro- ° ote that S| 3 nificant amendments Standards Committee and the ultimate publication of a stan- 
vehicles, the imbalance between posed' Text of an accountin’^ t0 ex P osure drafts **** now being regulations published to date dard S b OU Jd be examined 

the single vehicle owner mem- lT aQd , rd and the ODDOrtun i^ achieved reflecting perhaps the differ only marginally from Q Th eircmctancpc in nrhLv- 

bers and the others does not comrae nt from members of f ro * th ** the S^ er of vn+ those already in existence in the a n audit qualification is jurtfeS 

. —.-- . jmcDcu ' . --- xem » »*«« thrown up any the profeSsionaI and f“™ S ™T “ d ^ JS22*i* U.K. However, these differences must be more clearly defined, 

-Jtixamples werelimited tospecial - ;V" : - ' senous problems. other interested parties. The , ^5 C ™ S ! ® Jk 7 >ressed b > have caused some confusion with technical and minor depar- 

for instance, cooperative/ • At Ieast so far as the single ultimately published srandard affected ^ird parties. ana in 19 t 7 th e u.K. Account- tores only disclosed by way of 

; . “rntj.-iuses in Israel and a- rather is a co-operative- («f enterprises toe co-op's membersiMp as a vehicl ? owner drivers arc con- em bodies the rules relating to Earlier reference has been tog Standards Committee re- no e m toe accounts. 

ixotic duster of refuse collect-’and hot a: ..workertf' co-op, or whole. And that, of course has ® erned ' Jl s ® ems riear. though ^he appropriate accounting made to the fact that non-com- solved that, in the meantime, • Early clarification wouid be.. 

ng ow?ps^^dominated by Italians what toe Fz^nch cali'a co-opera- tended to be the model which l \ *}■*?■ n , n ! be de T ons I ra,1 i^,r i ^ treatment, and failure to PMance with a standard usually international standards would of toe future applica-: 

n San Franeisco^^-where k nn-:tivB ouvriere^: As sttch its co- people have in mind when dis- slatis to‘ al That the t-TLC comply usually results in an f** u J ts 1,1 an audit qualiflcauon. on jy be regarded as advisory rlanrt^ris StatUS ° f mternat,onal - 

> mini ___i_members achieve a Inch level ...jii — While auaiificanons m audit are . ... stanaaras. 



^ Pr. '.stoiLtr - arrangen^nts be 
r , ixtended,;wittj. the possibility of 
'UDJeiu dm 3ar*'b.eaafits l -tb other .trans^ 
•...... iort Tefeted undertakjngSrr-for 

-■:r^.,^'Mtoinp3^:’^. groTipfi ; -of bus 
1 e: '’ jv ;' !i «Jriyers^ to^toe men who- handle 
:r.n, J!rv ^ocal ahthorky Tubbito^coUec- 
, c , rQi >-|; v -don or. sdy, to those who. trans- 
' ?i^ Y^ort.nti : and other liquids in 
" '•ors^mad tankers ? : - - • • 


?‘*- lev cJ audit qualification. ™" While qualifications in audit are nl\ statmaras. 

livity and! becoming more commonplace, * . 

m they are nevertheless refer- The present debate on this j\0V]PW 

Resistance ences which the recipient will issue, following closely on the 

. , __ __ _ __ ___ __ ___ „„, vv . Wi ultJt „ c M(U . wish to avoid. A company may debacle of the inflation account- The most encouraging news 

* ”U)een available fora.considerable cycle -tfo-op : : iit"the'”17Jt The ciated simply with toe work of ^ course, as usual, crude The imposition of mainly even be pressurised into adopt- j n g propimals, now resuscitated ' n recen t weeks has been the 
■*-. ^ ,ime—in the toape-:; of . an independ^ tfuclt.'idwners who the Paris sub-region: the comparisons may mislead. But inflexible rcgulaUons on any mg a standard which may not b ^ Hvdc mudeUnes. raav ?n«ouncement by the Account-.. 

.D flllPPPararently successflif French form-itsr membership^ in fact balance forms the headquarters ^ facl re ma,n.s that it is branch uf society will usually be appropriate to its particular 3 - * ^ Standards Committee of. 

~ in the -road^xn^r bust- free ; KOT: : to 'iiBtgB their of the co-op as « whole If normaI oil company policy, in breed resistance and tots not circumstances. This is clearly » u «e csi ‘ n a* “* e accounting lhe establishment of a small 

^baur Stas less laurich4d as long ago as vehicles to itrrfl*“S5^Sn only the staff of the two other re- 1,01,1 lhc U - K - and France, to least in a profession where a potentially unhealthy stale of profession in this country is consultative group, equally. 

a ASrir^lML ■ . . a proportiofi-^tiwy.choose, gionai offices are added in the assl ^ n two drivers to each of judgment and opinion pre- affairs and some alternative falling into disarray. This is representative of practice and. 

And the main Services Which total labour force employed by their own * to-house. tanker dominate in the endeavour to mechanism must he found to not the rase but there is no industry, to conduct a compre— 

a5. f |?YtlPTitf>nr»A ■ • tie CTLC prpvides'for. them arc too co-op comes lo 40. The l r utks - Even ir lt is irue that present a true and fair view cater for degrees of non-compli- deriving ihar basic differences hen sive review of this contro- ' 

1 the-selling of tiwto^eryices and latest accounts show that the ?? aveia Se siaglc vehicle owner Standards were first introduced ance. whether they be minor f ' = • d pvi5t ^ h versial subject. The publication 

At a. time when ^gtourts; of the sub^neht-r iriTOlctog and cost to members of toe overhead dri , vcr 1 of l J? e CTLC win he in th e early 1970s and super- technical breaches. partial , d ' strarpd hr thp of th e group's findings and 

^:'cr;rV-oad-taiiker drivers in.the- U.K. cash: -c6Uectjbn.:' : : ^Tbe owner services supnHed represented he, P ed out from time to time seded recommendations con- failure to comply, serious oeen ampij aenionsirateo oy uie recommendations will be 

'-.Tare presstog claims for w^e drivers are in’effect-relieved of 5.95 per cent of gross earnings a friend, a brother, or a son. tain ing guidelines on good departures or flagrant rejection recent statements from the awaited wito considerable 

increases well.above 10 percent the great balk-«tf>-telling and his operation is still basically accounting practice. A return of the standard. influential groups of finance interest by all members of the 

itthis Frendi! experience takes bo, administrative■. tasKsi;and can QprvipPC a one-man affair. to this non-mandatory system The more serious offences directors and chartered accoun- accounting profession. In the.- 

in added lhtores£^relevance, thns*concentrate essen- Yivva- doubt his vehicle utilisa- would be a retrograde step and milst warrant an audit qualtfica- tants in Scotland, the Midlands confide nt expectation that this 

La Cooperative des -Trkift- tiaJ'.biislness ot : drivtog their As well as marketing and in- , n ov ’ e , r a fixed } i, ? e Pfriod is there can be no doubt that firm tion but there seems no reason an H Lnndon In addition the °PP ortlj nity will be taken to, 

^wrteurs de Liquides ea Cifernc tankers and keijns 5 g i .tiiem in voicing, optional insurance and - ower tl ! an would be * he case regulations with some form of why genuine breaches and Tj .ur J ackle thei fundamental prob- 

?!CTtC> ™. iliimWI )iT%iH WMnftnfr mSahS- antes are also g “ «' sanction most be preferable, departures could not be referred ^ J*"® 1 ? as j" ade . ,<s '™ s - J here se ™ s ■» «•*•« 


Resistance 


,ime—m : the shaped; of'.’an independent trnck'tiwners who the Paris sub-region: 
»U QllP p P® ra « n ^y successflif French form itrmemberslT^iLare in fact balance forms the headqi 
r i^o-op in the road-tanker busi- free ^OT;-.to their of toe co-on as a whol 


at experience 


Services 


..^r^wrieure de Liqtodes en Citernc tankers and keeping...them in voicing, optional insurance and 
4,., J ~ CTTLC> Was. . fonn^ : 1 n;-^^jg<^- prder. ; accounting services are also 


- wswiu^ uncaicuEU snwniw UliAj » am SI^HL oy LU Li UUULUuns IO fhat ramraninc V- tormuirtlion Ot stanuaras 1» U Uiy ‘“‘U* 51 icieicuwc hi Ultr auuil wmnsi ui luiuhsiij autvuitib-- 

: I’.r.^. 'he collapse of a ehteB&nttkfl less relevant tb roid haulage favourable sources of hire pur- C(W)DS aprmmtnH representative of the account- report Indeed, the explanatory should not be left solely to the penn,mng 


Mr. Foreman is Director of. 
Finance, Vickers. 


'o 2 

■■/i, n 

i t ? i z 


PP^;’ H-v 
,-v7¥-.-,V 2 > 


* 




BUSINESS PROBLEMS BY OUR LEGAL STAFF 


Reorganisation of capital 



Paris, the ■ co-op provides chosen how thev will work in should be such as to represent may not be strictly applicable 

limited parking and garaging a mil p h mnro di'wf* a reasonable cross section of and departure would be per- 

facrlrties. Working finance for the company's emSovis experience. mitted with an explanatory’ 

Admittedly. through the no [ e \ !P ^ e »nt«re*ts of the 

mechanism of issuing an ex- overriding requirement to give 

posure draft prior to the publi- a true and fair view, 
cation of the standard,'ample Standards on accounting 
opportunity is provided " for practice are not confined to 
comment between the two these shores—the profession in 
stages, but the response rate, other countries is becoming in- 
at times, has been low’. A creasingly aware of the need for 
recent example has been the firmer regulations. In principle. 
A’ company reduced Its Share gains tax charge bv virtue of re - s P onse to ^ exposure draft there is a common thread run- 

CapilaTby cancelling £100,000 para. 4f2). sch.Y FA1065 How- issued in Januar >’- 1975 - which nin? through most countries' 

fully-paiii Preference shares ever, there might by an income- P receded toe publication of standards but, not surprisingly, 

thereof, and issued in exchange tax charge, by reason of s.233 

£80,000 loan stock, creating a tl)(c>. ICTA 1B70. as amended, 
reserve of £20 ,@00 in the for example, 
accounts. Does this constitute The subsequent issue-'of Ordi- 
a 4 disposal* by the company, nary shares would not-alter the 
making the reserve of £20,000 Capital Goins Tax position retro- 
subject to Capital Gains Tax? actively but might produce an 
H so, on the company restoring income-tax charge, by reason of 
the capital to the original sJ34, ICTA 1970. for example. ! 
amount, by creating £100,000 So far as toe company is con- 
Ordismzy shares, would this cerned (as distinct from its 
affect the Capital Gains Tax shareholders), the cancellation 
position? of shares, etc., is not a disposal 

The issue of loan stock upon for the purposes of Corporation 
cancellation of the Preference Tax on chargeable gains, 
shares should qualify for exerap- If your inquiry is more than 
tion from an immediate capital academic, yon should take no 
— precipitate action without*con- 


FOR SALE 


Two HS 125 Series IB aircraft with low hours since new in 
November and December 1966. Eight-passenger seat cabin 
layouts. Engines on Rolls-Royce "Power by the hour” scheme. 

Full details fromr 

John E. Kreblo. Marketing and Sale* Manager, 

McALPINE AVIATION Liu., Luton Airport. Luton LU2 9NT. 

Tel: Luton (0M2) 241S2. Tdox: 82185 (Macair). 


rlN** 


"vrf'.. ; i- .X'- 


jt 

f*--* f..*; 

l.f-'lr 1 ,,,, 

mmm 




■ v.'.'-'t-'V-’’ ■ ■' , * r nv 

- • -i":'< • •VV'T; 

. ?:jc '<3 


wz?. 


rr* 

IV, 



i 


am 


m 

U 



irn 


. mmmwm "- 

wm 

J 


U 

r \ 

L . 

!! 

m 


Pt. -r.-'.-iid 


^3 




i 

* ft .Wei.-^'v—H':.: 


**!-?*. ' 


1J ■ 1 

/ W 




And Kaisington GardaKlisLondoa. Or you can dine in the 
{ mV heldnd of garden uitafive- , GardenCafgor Bulldog 
1 . itarguestappreciates. Chophouse,withachoiceof 

.lflVS ButtiieRoj^-GardenriCTer .... threebatetorelaxmafterwards. 

.ofrestson its five^ffiifafing.it' . " ■ ■ * ■-; Youalsohave a choice of rooms 
! - .^lwards youybur fivestarsinthe and smte'aUwithhath and 

; ’ : ';eroce itgives : yo£L, .' • / showed direct dial telephone, 

iV,.:: > in the RoyalRopf Restaurant .C radioandcolourtelevision. 

canenjoy^gufeitehaute To become a five-star guest 

strollingviob'nists and-’ ' ringthehotel or the Rank Hotels 
r inc a painsttheiinost' : Central Reservations Office: 




, • ~ »>. 


Rank ^jBwfiffargnests. 


■suiting the company’s accoun¬ 
tants. for toe law in this area 
is beset with pitfalls for the 
unwary. 


Dissenting 

shareholder 

Can you please tell me how I 
should make an application to 
the Court in respect of a notice 
to dissenting shareholders? I 
should like t« resist the acquisi¬ 
tion oF my shares in the company 
concerned, if I could do so with¬ 
out Incurring expenses other 
than postage, etc. 

Application would have to be 
made to the Companies Court 
in toe High Court of Justice, 
Royal Courts of Justice. Loudon, 
W.&2. Application would have 
to be made in proper form, and 
it would be wise to consult a 
solicitor as to the'means of doing 
this. -Moreover, there are bound 
to be expenses beyond those 
which you envisage (far example, 
in Court Fees) even if .you are 
able to avoid having to bear any 
of the legal costs of the applica¬ 
tion 


No legal responsibility con be 
accepted by the Financial Times 
for the answers given ip these 
columns. All inquiries will be 
aniwered by post os soon as 
possible. 


TIME 

BONN’S SHAKE-UP 
(West Germany’s Cabinet 
re-shuffle) 
AMERICA’S 
BARGAIN AIR FAKES 
(New low cut fares offered by 
US Carriers at homo. 

iabroad)_• 

SADATINTERV3EW 
ADULTERY IN 
- SAUDI'ARABIA 
(Murder of Princess 
convicted of adultery) 

. BOOMING 
ANTIQUE MARKETS 
(Boom hits London. Pans 
andclsewhere) 

This week in Time 
. on sale now 



feigr n -/A 


IMHif IIHMiMli 

.-Jr,.:.-. . ’Pin* .§■: L : v '- 1 j 'tw f li'i " 

M . 





Inland. 

All things being egnal, getting our contaiherships from A to B on tune is 
accepted as routine. The difficulties 
come in getting each container on and off 
the ship on time, and to and from, the 
customer on time. That’s when hold-ups 
can occur. And that’s when an efficient 
company can make all the difference. 

Ben Line’s reputation for 
carrying containers between Europe and 
the Far East comes from providing a 
service that is quick, safe and - 
economical from, door to door. 

Give us a try. You could find 
it makes a pleasant change to deal with a containership company that doesn’t 
leave you all at sea. BHRH9I 

H[blc| BEN LINE CONTAINERS LTD 

The Far East Line is Ben Line. 

Ben Line Containers Ltd Edinburgh 

Brokers & Principal UiL Agents: Killick Martin & Co Ltd 
Eastgate 73 Leman St London El 8ET 
Tel: 01-4881488 Telex: 885054 
































. ffinandftl Times Wedies^y B^tetey g 1978 


lombard 


temptations 


m 



BY PETER RIDDELL 

PROPOSALS for a special 
.Government fund to use North 
Sea oil revenue can ali too 
easily be dismissed as merely a 
political gimmick. But this 
would be a misleading over¬ 
simplification, ignunng the wider 
implications both tor Covem- 
'raent expenditure and for the 
current framework of fiscal 
policy. 

Admittedly, some of the un¬ 
expectedly sizeable support for 
the idea in the Cabinet can 
probably be explained by the 
supposed electoral attractions of 
having such a fund to demon¬ 
strate that the North Sea oppor¬ 
tunity is not being “'frittered 
away." 


Earmarked 


The creation of a special oil 
fund would, however, mark a 
major departure from the estab¬ 
lished British principle that all 
■ revenue should be pooled to¬ 
gether and ind-vidua! taxes 
should not be specifically ear¬ 
marked for particular purposes. 
The existence of a Consolidated 
Fund has been generally 
accepted since William Pitt's 
reforms in 17S7. One of the few 
exceptions to the principle has 
been the National Insurance 
Fund. 

The traditional view has a lot 
to he said for u. There is no 
necessary logical connection 
between the total amount raised 
frnra the excise duty on tohacco 
and spending on research into 
Jung cancer and ns treatment in 
hospitals. 

The most sensible way to make 
the link between tax and expen¬ 
diture is at the aggregate level 
and to decide separately on the 
political, social and economic 
priorities which determine the 
distribution both of spending and 
taxation 

The revenue from North Sea 
oil can be seen as being no 
different from any other sort of 
tax. Indeed, the oil receipts will 
not make an enormous difference 
to total Government revenue. In 
the next financial year, receipts 
from royalties, and from Corpora¬ 
tion and Petroleum Revenue 
taxes are unlikely to amount to 
more than l to 1*. per cent, of 
total Government revenue, and 
the percentage mav be little more 
than 4 or 5 per cent, by 1980-81. 

There is a strong case for 
merely saying that the Govern¬ 
ment can cut taxes by that much 
more than it w»»uld have done or 
it can increase spending to a 
higher level than otherwise. The 
Conservative argument has been 
that the hulk of the revenue 


should be used lo help reduce 
the real tax burden, as Mrs. 
Thatcher emphasised in her 
speech in the City yesterday. 

On strictly economic grounds 
there Is little case for a special 
oil fund, but the issue is wider 
than that. There is considerable 
concern in Whitehall that the 
TJ.K. will somehow catch the 
Dutch disease which is reckoned 
to have all kinds af debilitating 
consequences amounting to wast¬ 
ing the opportunity provided by 
natural gas. Moreover, the U.K. 
has already absorbed a large 

benefit from North Sea gas— 
around £Ibn. in public sector 
revenue and £2bn. on current 
accouat last year—almost with¬ 
out noticing. 

The desire not to repeat this 
experience accounts for mucb of 
the support for some form of 
separate accounting for the oil 
revenue—especially via the crea¬ 
tion of a specific oil fund. The 
hope is that this might help to 
remind the public that the bene¬ 
fits of North Sea production are 
only temporary and should not be 
wasted. 

The real question is how such 
a fund would operate in practice. 
There is no reason why all the 
muney in such u fund should go 
into additional public spending 
rather than into tax cuts. But a 
special fund is almost certain to 
have a bias in favour of addi¬ 
tional expenditure. 


SNOW, FROST and rain arc bad 
company for the early crocuses; 
there Is no merit in treading on 
llu> flowerbeds where they are 
wet. so the spade and hoe must 
he set aside and the puddles 
watched helplessly. There are 
those indeed, a larger minority 
each year, who believe that we 
are missing nothing, because 
we should never dig anyway, that 
the practice is a puritan error, 
born from gardener's fears of 
greeo weed. We should scratch 
nowadays, but never dig. The 
lop-soil, they argue, suffers more 
front being thrown around than 
from lying low under weeds. 

Of course, the view has begun 
on the farm,, where the ruts of 
the wheels of a tractor may well 
be a poor companion for the 
work of a plough. But in the 
garden, I refuse to believe it It 
would strike, to iny mind, at the 
very roots of virtue. A professor 
or two now supports it, a fact 
which may only confirm your 
suspicions. I cannot be cheered 
by the thought that bad weather 
has stopped me from working 
the ground. Snow and frost 
revives, instead, a wishful 
thought, one which takes hold 
of me now and then. When the 
weather is so vile, I wish 1 bad 
a garden in the mild south-west. 

The wish survives a reading 
of the first in what looks set to 
be a big new regional series of 
handbooks on our public gardens. 


backed by the KH.S. Volume 1 is 
now out, at £5.50 from Baisford: 
P. M. Synge runs through the 
more notable contents of the 
best of the gardens in Devon 
and Cornwall. The list is useful 
and well worth scanning in a 
bookshop if you arc planning a 
holiday down near the Sullies 
in spring. Perhaps the other 
volumes ulU be more brightly 
conceived. 

But nothing can ever close the 
prospect opened by the shrubs 
which intrude on the way 
through. If you wish to grow rho¬ 
dodendrons as a fine collection, 
the gardens of Devon- and Corn¬ 
wall are-surely the best, place to 
.learn how to do it They are not 
just the preserve of old and 
inimitable pre-war gardens. At 
Marwood HiU. near Truro. Dr. 
J. A. Smart began his intrigu¬ 
ing garden, open daily from now 
until October, as recently as 
I960. The greenhouses contain 
some of the finest camellias in 
the country, many of them on 
sale as young plants, children 
of prizewinners in RHS shows. 

In a month or less, they will 
be near their best and deserve 
the attention of those who still 
look back on garden-visiting as 
a pleasant memory confined to 
the summer season. The sleep 
slope of the garden, the lakes 
and the exceptional use of rare 
shrubs, bulbs and climbers 
should urge on anyone who feels 


that planting has never been the 
same since country-house style 
was cut down to size. 

At their-best now are two weil- 
placed maples with red twigs 
which I would gladly spirit away 
to my end of England in order 
to cheer up the winter. Sold as 
Senkaki, these acers are best, 
1 think, on the add and mild 


far from the mildly incongruous 
sort of Scots Fine which one ex¬ 
pects among drifts nf old pouti- 
curu in Bracknell settings. 

My wildest-garden ins ambitions 
are two: first to grow great 
cardiocrinums in a seven-fopt- 
high succession of lily.-White 
flowers, year upon year: second, 
to grow' the. Prince Albert's Yew 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


ground which the Truro area 
offers. They are also excellent 
when matched against the silver 
weeping pear, an idea original 
to Dr. Smart. This new garden, 
ranging from acacias to small 
lewisias. is a tribute-to a collec¬ 
tor's skill and eye, one from 
whicb we all have something to 
leam at home. 

It is a tribute, too, to our 
extraordinary range of country 
gardens that within a few miles, 
near Falmouth, you could be in 
the different world of Killerton, 
left to the National Trust by the 
Ac lands family wbo built it up 
over nearly 150 years. Here the 
rhododendrons are awesome, 
not least a lovely mass of the 
white “Dr. Stocker," one which, 
favoured gardeners should never 
omit But the conifers amaze me. 


Artist’s winning style 


Different 


There is also the fundamental 
problem of determining whether 
spending financed from this fund 
would be additional to what 
would have anyway been spent or 
would merely be a different 
label on the same programmes. 
There are relatively few projects 
whicb can logically be tied to 
North Sea revenue. The;obvious 
example is in investment in the 
replacement of energy resources. 

The strongest argument for a 
special fund might, ironically, be 
if if turned out to be just a 
presentational device, serving as 
a constant reminder of the North 
Sea revenue. It is a pity, how¬ 
ever. that the Cahinet does not 
appear to be considering whether 
an oil fund could form part one 
of the few imaginative proposals 
to use the revenue—giving the 
proceeds back to the people via 
the issue of a marketable equity. 
This idea is discussed in detail 
in a forthcoming article in the 
Lloyds Bank Review by my col¬ 
leagues Samuel Brittan and 
Barry Riley. The drawback for 
politicians in such a plan is that 
it removes from them the re¬ 
wards of being able to announce 
tax outs. 


HAYDOCK. WHICH staged that 
fine two-day meeting early last 
month when Gay Spartan and 
True Wish scored in fine style 
for the Dickinsons, has another 
extremely interesting day's 
racing to-day. The feature race 
is the 3£ miles Malcolm Fudge 
national trial, a five-runner event 
for which Shifting Gold. Red 
Rum. Tamalin. Tregarron and 
Rambling Artist are the partici¬ 
pants. 

It muid end in a win for Tony 
Gillam's possibly under-rated 
Rorouehhridge challenger. Ramb¬ 
ling Artist. A 7.200 guineas 
Doncaster sales purchase, this 
ex-Irish chaser, a strong son nf 
Sir Gordon Richards's Goodwood 
Cup winner. Wrckin Rambler, 
has already proved that the 
money was almost certainly well 
sp°nL 

His last race, particularly, 
augured well for the future 
Always travelling smoothly and 

HAYDOCK 

12.45— Piccadilly Line* 

1.15— Bird of Prey 

1.45— Fort* Thieves 

2.15— Et Tu 

2.45— Rambling Artist** 

3.15— Timmie's Battle 

3.45— Vulrory s Kid*-* 
FONTWELL 

1.30— Fezevot 

2 . 00 —Le Diable 

2.30— Abo 

3.00—Pardon 

3.30— Biege Prince 

4.00—Princely 


well within himself in 
Wetherby's Keswick Chase, 
Rambling Artist forged clear 
three-quarters of a mile from 
home to put six lengths between 
himself and runner-up Grey- 
stoke Rambler, from who he 
was receiving only 1 lb. 

I hope that a reproduction of 
that form over to-day's addi- 


RACING 

BY DOMINIC WIGAN 


tional 31 furlongs — which 
should oresent no problem—will 
see Hamblins Artist taking 
advantage or the 22 lb. he re¬ 
ceives from Shifting Gold. 

There was a seat deal to like 
about the way in which Vulrory's 
Kid landed a 17-runner event 
at Boncaster towards the end of 
last month, in spite of drifting 
ominously in the betting, and I 
take him to follow up in stronger 
company when he tackles Bab¬ 
bling Bmok and 20 others in rbe 
second division of the Goifaorne 
Nnvirr-s Hurdle. 

Earlier, his stable mate. 
Piccadilly Line could also win 
his division of that event, in 
which he has only two fewer 
opponents. 

The Fred Winterdrained 
Busted geldina. Pardon, a half- 
brother to the extremely useful 
Cardinal Error, caught ray eye 


when running Suncbarmer to 
half a length at Plumptoo six 
weeks ago and I shall be dis¬ 
appointed if he cannot go one 
better iu Fontwell's Chichester 
Hurdle. The chief danger could 
come from the under-rated 
Prince Lancing. 

Tt has been announced that 
Karabas, on whom Lester Piggott 
rode an outstanding race to land 
his second Washington Inter¬ 
national in 1969. will soon take 
up stud duties in Brazil. 

The top class Worden 11 horse, 
whose racecourse career yielded 
11 victories, over £100,000 in 
prize money and successes in 
four different countries, until 
recently had been standing at 
Ireland's Kildangan srud. 

Incidentally, bis jockey is 
clearly in fine trim for next 
month's start to the Flat. After 
a successful spell in Singapore, 
Piggott has just made bis mark 
in no uncertain terras at Kuala 
Lumpur, riding five winners at 
the week-end meeting there. 

9 Jonjo O'Neill rode three win¬ 
ners at Sedgefield yesterday— 
Golden Express <12-1). Imgham 
(evens) and Jason (11-10)—to 
bring him within one of a cen¬ 
tury of winners this season. 

O'Neill, who has just won the 
latest Bollinger Rider of the 
Month award, rode 19 winners 
in January, including two trebles 
and four doubles. On Saturday, 
be won Sandown’s Oteley Hurdle 
on Sea Pigeon. 


to a height where Z could look 
back and measure ray own. years 
with pride. It » a hopelessly 
tender tree for most of us, -but 
its delicate leaves live up to 
that fine Victiorian name of 
Sorapotheo Conspiota. Do not 
miss it on a visit. It was found 
in Patagonia and remains- a 
curiosity- ' 

At Killerton, too there, are 
Tulip Trees go tall that the tops 
are beyond clear eye-sight over 
a hundred feet. high. The pale 
yellow Sowers on a huge 
Magnolia Fraseri are no less 
astonishing than the tree's enor¬ 
mous leaves. There is also, as 
Synge points out a fine 
Stewards, a tree which should 
indeed be planted more often 
in gardens which are free of 
lime and sharp spring frosts. The. 


Library 

bookcase] 

fetches 

£ 2,400 

A GEORGE III mahogany break- 
front library bookcase went to 
Grant for £2.400 in Phillips' 
sale of furniture in London yes¬ 
terday. 

Woodruffe gave the second 
highest price in the’ sale—£1,450 
—for a George III mahogany 
cyclinder-front bureau inlaid 
with ebony lines. The sale total- 

SALEROOM 

PAMELA JUDGE ■ 


small pot-grown offerings which 
catalogues list should not mis¬ 
lead sou* * At Killerton you can 
see the full Stewards, not only 
the flowers conveniently opening 
In ' August but the. :bright 
autumn leaves and the splendid 
trunk whose matt green is 
marked with bright patches of 
reddish "brown. If time is on 
your side* you should certainly 
consider 'this Japanese tree. In 
the garden. At Killerton it is 
nearly 50 feet high. 

In Cornwall,'however, Caerhays 
Castle Will always, for me, take 
the prize. It is a 100 acres big 
and in a month, if -as much, it 
will be worth visiting, above all 
for .Its astonishing Magnolias. 
White Cambell ii has run wild, 
some up, to 50 feet high and 
massed with countless flowers. 
The prize one is probably- a 
massive Veltchii, named from 
the nursery whicb- also advised 
at Killerton. These are trees; I 
fear, ■only Cor young landed 
gardeners on mild acid soils, but 
they show up a side to English 
gardens which visitors;.:full -of 
Scotland and Ireland, -have 1 often 
forgotten. ’ 

. Ther hest Chinese shrubs , are 
now In Cornwall: J. CL; Williams, 
their patron at the turn of. .the 
century, is now fittingly remem¬ 
bered by a Camellia, massed and 
still alive in its original bank. 
Of .all the . garden camellias, 
these "WiHiamsii- hybrids still 


lead the field, for my money. 
The sight of them at home will 
only confirm - the opinion. But 
(he most startling plant, as 
Synge well, comments, to that 
other-tribute io -the owners, the 
. lovely little pink Rhododendron 
Williamsianum which should go 
in among the first shrubs for 
any add bank among ajpine 
plants, where groups of oastern 
wild flowers would setit off quite 
naturally. 

I call it-little, for it usually 
grows some two. or three feet 
high and a .little wider in most 
men’s gardens.. \Bny It, if you 
can please it, not least for its 
prettily rounded leaves. But 
at" Caerhays, never forget it is 
now an astonishing 36 feet wide 
and eight feet high: "Quite 
large," says Patrick Synge, “for 
a plant described as a dwarf.” 

This, I feel, as I look out on 
those supremely blank February 
flower-beds, would be .the -merit 
of moving. 1 could' plant a 
Chilean shrubbery and amaze 
you-wife.-tries of inutisia after 
only two years. There would be 
mimosas in evezy'article and 
such scented white micbetta as' 
qnl; the fine gardens at Glen* 
tfurgan could hope to exceL And 
as for such' bad habits as dig¬ 
ging, who could seriously take 
the spade to a hillside. of 
Rhododendrons raised by the 
fine Cornish breeders at Lamel- 
len and Penjerrtck? 



.This George IE ink stand by Robert lanes, 1754, in silver 
and plate went to an anonymous buyer at Bonham’s yester¬ 
day for i960. ; 


led £40,200. A saje of jewellery 
bv the same house amounted to 
£36,167. 

At Sotherby's Belgravia. Vic¬ 
torian paintings, drawings and 
watercolours made £28.113 with 
12 lots unsold. “Minding the 
Buggy.” a rural scene initialled 
WB. was bought by the Rutland 
Gallery for £750 and the same 


price was given by S. Elisharroff. 
London, for “ Palhsy the PDtter " 
by Thomas Heapby. 

A private buyer gave £600 for 
a still life of fruit by Oliver 
Clare. 

- Chinese snuff bottle were the 
offering at Sotheby’s large gal¬ 
leries and they fetched £14£99. 

An interior-painted bottle went 
to Sung, a European dealer, at 
£850 and a jadette bottle sold at 
the same price to B. KalL Lon¬ 
don There were 38 lots unsold. 

Silver at Bonhams made 
£14.652 with 6 per cent unsold- 
A George H ink stand went to 
and annnvmous buyer for £960 
and a Victorian three-piece tea 


set—bulge-bodied and heavily 
chased—was bought by Venture 
fra: £560. _ : 

Koopmah bought a mulled ale 
jug with a George ;itl' 1766 hall¬ 
mark for £540. 

' At Christie’s Japanese Ivory 
carvings - and netsuke made' 
£62.1257 

A large 19th-century ivory 
carving of a skull with serpents, 
frogs and toads twining over the 
cranium .by Gyofcozan went for 
£3.000 and an elephant inlaid 
with flowers and. - jewels 
(Masayuki) Fetched-£1,600. 

Lewjn, Switzerland,, gave £S80 
for a pedlar, -and his wares 
fShlnsai). .... 



Music 



t Indlraie? programme In 
black and white. 

BBC 1 

9.15 a.m. For Schools, Collects. 
10.05 You and Me. 11.00 For 
Schools. Colleges. 12.45 p.m. News 
1.00 Pebble Mill 1.45 Mister Men. 
2.0! For Schools. College 1 ?. 3-53 
Regional News for England 
(except London). 3.55 Play School. 
4.20 Touche Turtle. 4J25 
Jackanory. 4.40 Screen Test. 5.05 
John Craven’s Nevsround. 5.10 
Grange Hill. 5.35 Paddington. 

’ 10 News. 


5.55 Nationwide t London and 
South-East only). 

G-20 Nationwide. 

6.50 Sykes. 

T7JS0 The Wednesday Film: 
** Strangers on a Train.” 
starring Farley Granger 
and Robert Walker. 

9-00 News. 

C-25 I Didn't Know You Cared. 
9-55 SportsiJgs- 
10A5 Tonight 
11J5 The Sky at Night. 

11.45 Weather./RegionsI News. 

Al! Regions as BBC-I except at 
the following times:— 


BY LYNTON MdJUN, INDUSTRIAL STAFF 

SHEET MUSIC publishing is the turnover of , £851 m. last year with the sector's , average. The 
Wales — 2.1&-2.3S pan. For Paint Along With Nancy. 350 {£* EE" 19 ?® r mnet nmfitahi* sertnr in the yielding, profits before tax of 12 piano Campaniesr.-.in . the 

Schools. 5.10-5.35 Billdowear. Couples. L20 Michael BeaUne's g to . surv&greW l£s than 10 per 

5-55-6.20 Wales Today. 6.50-720 Potty Time. 4.45 Pop Quest. 5.15 vaiaucbabi^s. British music trade, accr g Half the com patties inspected cent, a year, •- based on profit 


Heddiw. 11.45 News and Weather Emmerdale Farm. 


for Wales. - 5.45 News. 

Scotland—11.00-1120 a.m. and JJa™* 6 ‘ 

2-18-2-38 P.m- For Schools. 3.55- *■£! ^?f. r0 »? a ... 

620 Reporting Scotland. 11.4a .I*,?® 1 

News and Weather for Scotland. MaS i. 

Northern Ireland—3.53-3.55 p.m. Vegas. 

Northern Ireland News. 5-55-6.20 9.00 j-jv Playhouse. 

Scene Around Six. 925-955 Snot- 10.00 News, 
light on Northern Ireland affairs. ioJO The Midweek Match. 
11.45 . News and Weather for ms World Snooker. 
Northern Ireland. 11.55 Niaht Galler." 


-*- __ __ _ ■ n - _ I lit. VIHU lilVJ |Ug|<1>LliVW »*- . W —— - 

. 3 survey by Jordans Dataquest j, a d filed no accounts since 1975 margins of- between 2.5 and 5 

HIV ouhiished yesterday. Some !nde- aru j many organ makers not per cent, 

nSn^cs H^tlrSf 3 L 00 tf HHp voof Pendent sheet music publishers since. 3873 Many were thought ; This Surprised the authors nf 
■wii 5os nodo The 'spac? Kia. 5.23 had profit margins exceeding to be losing heavily, Mr. Roger the report, because between 3M0 

crossroads. 6 .do Report Wrei. Report go per cent CoghllJ. Jordan Dataquest manag- per cent. of. British. pianos are 


S.OO Bernard Manning in Las uj5*'ccicbnry' Concert: Hemy'^ianciw I Record manufacturing and tog director, said. 


eamm-ted. 


Vegas. 

9.00 ITV Playhouse. 
10.00 News. 


leiCBnir loncpn: neary am mini necuiu mail ui an ui iu„ anvi 7 ._‘4— rt.., 

conduct 1 the Edmomon svmcAani' marketinE is the second most In piano manufacturing.British • British., Companies in. .the 

orefu-wra. nrofitahle area followed bv companies -had a less than Music Trade.. Jordan Dataquest, 

HT|I Cymra/Wito— As MTV General proniaaie area. luniweu uy __r_ r< ^ ll4k „ nn , n .^ eoo ■ 


ism£»£ xetjuxl is M«ch. T'*? T - ■ ^ 

11.45 .News and Weather for ujs World Snooker. *jm. 45 fin Tro. fcin-us v DvdrJ. The top 12 music companies -— -*—~—--— tt —rr - .- 

Northern Ireland. 11.55 Night Galler". utv wen —as htv General service in terms of sales and profits had ■ 

England—5.55*30 p.m. Look 12.25 a .m. Close: Malidav Sharma Wa “ Head ' ™ average profit margin of 5.9 TT* /j ■._ - |f J - 

East 1 Norwich): Look North reads some says from the percent., a favourable perform- IrXfllPSlriOIl iflF Sill 

.(Leeds. .Manchester. Newcastle); Tao Te China to celebrate SCOTTISH ance compared with, other indus- ****.'.-“* 

Midlands Today (Birmingham): tbp Chinese New Year. x.zs p.m. News amt Rond Report. 2.00 fries, the report says, in spire ~ - Jr - ' 

PninLs West (Bristol); South All ISA Reaions as London women only 5.15 pip*i and Friends. 0 f the industry's “maverick” A CALL for education to.T» df : education before they go to 

Today 1 .Southampton); Spotlight except at the following times:— 5jn rrowroads. 6.00 Switiod Twin* re nuiation. available- for &M ages and not wor fc and arC handicapped after- 

South West (Plymouth). SS^^dd oSI, SSTa £ i£ Dlck j ames Music, record pro- People under -JO. to made ^ . . • ; • 

680 ^ 1.Z5 p-m. Aiviui Annlla. J.CO House- Cau. iiJ5 pohw woman. ducersland music publishers, had ^'^ 3y - ,n ■ Young Fabian Social tustice demande.r'the 

uuv ** nary. s. to Mr and Mrs too Aiwur CfirTTH^f)IV the bfegesf profit marcin. 23.9 pampoin. • . nrovislnn nf- driiiratinn-'later fh 

1020 a.m. Gbarbar. sngin. li.zs Ran.it. 1 . U5.25 a.m. Ji» SOUTHL1R!N pent., on a turnover nf Mr Tord'SchuHer. the author^. 

10.45 Parosi. b« Qu«uor W V5. sS £115m. for Ihe year ending .*iyo that. people from poor hfe, to enable people to catdi v 

11.00 Play School (as BBC-i ATV 100 t,:,y py Dar ' K,'rj • September. 1975. EMI had a families miss the full-potential up, he says, - .- 

» ™ I ■ .. 11-25 Suulliem News Eictra. UJ5 Ue^ltUj - •* 

L 2d p.m. ATV Xev-sdv.-].- 5.15 Mr. Ealing. ----- - — » - — ■ . — —■ ■ ■ ■, — ■ ■ ' ■—■■■ « . 

6.10 Open University. ami Mrs fc .00 atv Tu-o.n u.zs th« 'a- - 

7.00 News on 2 Headlines. BuU.ds Grand Masiu* Duns ChumptotF TYNE TEES APPOINTMENTS •• - 'V.' V". 

7.05 Company Pensions — Who V]* p D “' 1 j);"” 1 ,ol !lS e< L ,,v 

Tarps'' nnunCD ft""}* t NcKS 

L.ares. pUKUtK Nurili Ea-t New- and ijmiar’iuurt UN - Tl • - 

7JO Newsday. including Chinese +L20 p.m. Border News. 2.00 House- iVumcn Only. 5.15 Happy Days. (LOO B . ’ M v I. | M n n M AiOWr’ ' • 

Overseas Aid (report). t«m. sis n«^ .n «ur biooc mo jwivn uir us u«i ^ ucdiisi. W ■ ,1^53 T fl S YIk* "Jl|l VlXlDrV' ' ■ 

8.10 Chronicle: The Chronicle “ a - m ’ En " nfi ' ,C ^ flUUi5UI J 

Archaeology Award: The st,^. tiioo Border News Summary. ULSTER ' 

Hnrk of the sis linahsts. «,,i*rvn 1^0 p.m. LnochUme. 4.U Ulster News R A : 'A 'A I_ A _ -' _ 1 ’• ■ . . 

9.10 Plax ot the Week. CHANNEL HtaiUiuei. sos Dynoomn. rho Dok AAI1C111TQ Vll OT- ; 'l ' fltflC 

mmT ihrt—Roof of the wond. SK? 1 WSSJSTbS? JZ *J?i LtUllslllLaUL dl vUUI IdUIUb " 

11.00 Arena: Cinema. t .10 CH-numult the' Doc Wonder. ltt-28 World ciwmpinnstjip Dan? ILS5 Mase 

1L33 Late News on 2. "3. ” Cu “ Pl- ' ,V & ‘* UrT '*- Mr. Eric Crabtree has joined the BRADLEY AND SON. He joins INTERNATTONAL -but remlM-* : - 

11.45 Darts: Embassy World Pro- ^ ^ Ep.ioyor. toir«uvd dr xcw* W ESTWARD COURTAULDS group as an the company from WiTMaros-Ijs consultant. . - r « . 

fessional Darts Champion- end Weather it* trench p m r.u* Hnot-ybun’s Bmitdav. advisory consultant for consumer and Co. In his new position. Mr. ’ * . . - . ; 

ships. L 20 Westward Nw Headline- i.oo products. He will work with Mr. Swain succeeds Mr. Robert Brad- , Mr. Derek Hindmareh, diie&or 

GRAM PI AN v.wuard TUarf. iffjs wmm•*»*» l at>- C. A. Hogg, a main board director ley. who has become deputy personnel at PERKINS ENGlf®?* 

I niVBAON ’-tt a-m. F.rst mine. 1.20 P.m. Nrw*. iL 2 s Pr.i-ceieDrijy Sn ?*' Vl 7' responsible for those activities chairman. Mr. Swain . has also is leaving the company to'jurat - . 

LU1UJU1 , I r.rampiaii x*w« mmciuim mo (Tram- .o*nndiao ciat» Trr.ohy». i 2 oo a.m. v*.th account for an annual turn been made maharing director .of tip *n ' appointment with ‘Ttibe-. 

930 am. Schools Programmes. £» iwkJi&n* twoce&rii> ,( Smni> ; ^ over of more than £300ra. of Charles BIsbury Ptates apd has;Investments!^ ' • _ . - : 

12.U0 Cloppa Castle. 12.10 p.m. Pal Boooe. YfMIKSHTRF fashion and related merchandise, joined the-Board of Oye*.'Press.'.- - x - •* 

Rainbow. 12.30 Sounds of Britain 5 m ^ Ur> As reported od February X, Mr The present concern is the! Mr, John TtedalL : at present 

1.00 News, plus FT index. liO GRANADA aod Mrs. 'fcjn calendar »Eoiie» Mm.r Crabtree has retired from the So iiotters' £*w Statiflaery Society, deputy bead of-BBC TetovisibB. 

Help! 1.30 Crown Court. 2.00 uq p>m . 7 d, 5 j s vwir rum. -s.io This smi ueimnst ediuons*. iL2s The Cabot chairmanship of the fashion current affairs group, has bferii- 

After Noon. 2.25 Hadleich. 3^0 ts Your Right .3 second ebauw 10 «w ConnecUoa. multiple division of Debenhams. aoBolntad to - ihe"..nair- oast of 


11.55 Nlaht Gallery. 


Education for all urged 


F.T. CROSSWORD PUZZLE No. 3,588 



Miglia. 11.25 Ran.-ita. 
biz QU-:stior. 


12.25 a.m. The 


South West (Plymouth). 

BBC 2 

1020 a.m. Gbarbar. 

10.45 Parosi. 

11.00 Play School (as BBC-l 
3 53 p.m. I. 

6.10 Open University. 

7.00 News on 2 fiend lines. 

7.05 Company Pensions — Who 
■ Cares'/ 

7J0 Newsday, including Chinese 
Overseas Aid treport). 


ACROSS 

1 Criminal admission lo light¬ 
headed PC (3.1.4,31 

7 Ought this paper.la appear 
frequently? (3i 

9 Uplifter of bird (5) 

10 What do you mean? Return? 
(4.5i 

11 Timid mo running out uf 
sigh! (5.4/ 

12 A charge !<■ see Ihe reef 15) 

13 Uelieurv to- disturb after 

starling tea (7» 

13 Kale of parly baeking doctor 
14) 

16 Suiiaoif wrapping fur free- 
Fiartinq fuel (4i 

20 Country Inver gets Irishman 
In cause disturbance (7i 

23 line would go lo Isle of Man 
•in a manner of speaking (5) 

24 Roman champion miybt give 
dog “ irial (P) 

26 Switch about during coliec; 
linn (4.5) 

27 Threaded fastener far pay (5) 

26 Joke brines -ilcncc i3» 

29 A cril) riade in .issmuc un¬ 
welcome r'MHjnsibility *4.3.4) 

DOWN 

1 Hatch in par nf Latin 
America note (Si 

2 Rlonmina strike-breaker takes 
noic- (S» 

3 M«m->ler pal ha- no n^h» (5j 

4 i'end in ! m'\ i7i 

5 Praise olliccr in charge get¬ 


ting soldier’s medal before 
finish (7) 

6 Drama concerning fool (4,5) 

7 Two alternatives round at 
Speaker's Corner t6) 

S Can broken leg Teel prickly? 
(6) 

14 Crnaker take? a month to 
manhandle (4-5» 

16 Conveyance to a station (Bt 

17 Grim custom in backward 
motion tS) 

19 Joke made by member with 
-influence (3-4) 

20 Approval for initial public 
library-accounts check (7) 

21 ViP may be a swollen-beaded 

. judpe (6) 

22 Quick job r for vicar ifi) 

25 Sally has children iS) 

Solution to Pnzzle No. 3.5R7 


icaransa -HaHH0QKCT 

i n.;-a . -v/ m 

3SHH3H:'- EHHHEHEifa 

' G;.73;v.:.0- i a 

IsnsQHaaa bhbebb 

----- j-' h m 

EQttimusmmmu® 

Sir 1 • v. V?1'£t s'--D ra 

sasaraa ^sajaaHSBs 

a- h ~ m --h ? 

aaHaaaQS-jBaeaag 
53-: mm 

BBaBaatag^EHHriPiFi 


radio j ?zrjg\xz is&'xztsa: a sr&srs. kjr ts 8Bd of J * Hepwortb s?srJgg 

(51 storMPhie braaoewt B , wr . Haj , a nmi «si. 9.45 s^iisbirv Wcatiw-r. oroEraionK- news «vh« «•?- “ ,a owus ' + ETOUp. -l»Ir.- RqnaId Mfffcr. s mem-;CWrent: affairs, BtouiVjiiecoxa® 

MO Rail 1 ' -• TJ® Nopl Kss[Ka ) „j u, e \rts. W7« ig.. 19^0 Tvn E ir>nai Nowrs fiOONevs. 6-30 M* MlW< . . , _ ber of tb« Bdard.^-beCOXneff.fidA'ntfl'^ iCOUttOnCTJ:BBC'2'.; V.Thff Jtitto--'®-' 

Rilnffldv. Siuii*ii H 310 . 1L31 pjiil jrjrlr Si'!«Hw»or^ Strive Qujru-u 'S>. fS>■ 7-00 Hues 7.05 Tt*r Antpa 1J0 From March director' - ■ bead of cerrent eKdh^l gro^P ■ 

Hunum 12 JB W'-'rt'iw' IL 10 scho. nbvru-, Uicm M«-k -Si. nan Fill.- on a bjh Lnro P»icr Wtmw-y 830 Wpstoh is TO join ENGTNEFJ^TNG ector . .. .!»«««■" 'A 1 vrnTHf-npw^riraif: head - * 

2.00- Ti.nv RLirthiirn 4.31 Ttay.' Lre p W( h„ r0n: \j,»r S'leinm-. in n nialnr The Rcith I^nrts V-OC Srlcntt POLYMERS B 5 manartna director * ni^ront Ty5j.i!S Ik' 

Travi.' iBdu'ima s^i Ni-orJwvi. 7.» uw p.m. New-s L05 Omcvn *i#tt ? 3 <i Ka'fttioB.-oiK sjss *vcatu--r. M4)o . Mp aria j. tr u ftrr ir will take Mr. Lauford R/tbardson, chair*;cummt affairs progretttowsj.J* .. 

S ,n « aiiuuilMiia smipfff «S» Ujuuk Rarfin , SI . iM Jn Bl?ni .n„r»: ■ V.,4am H.ifW Tti-? W 0 r« Tnnliihr. 10.30 Rminri Eumiw SM MR, Hrnto ^ raxe «r. tawiyro cwir tQ cre8 ted. : :.x 

8.M As VHF. A'RaUm -. UWZ , Sl nHu-iraied disci^Mnn- 3.0a g uc: nSO A Bnnfe bi mdrtmo. U-J5 up the newly-created position of man of the AUSWian Advisory . V“* ■*- ■' 

Jnlin Peel ■!»•- «. 00 -12.05 a.m. Ai Heam Arts Trio, iwrr I .Si. 3J5 In The Finailrtfll U’orM TnmoM. !Ufl Today Sfllef director of the --Company. B oard Of- FRIE NDS -PROVIDENT fJtrrihfertl.EnFinePrinPTndllStrieS' 

“V.,.,- U..H soon iiitici 4.M hMim Trio. WK ,n Pardamonf U-os *«*. which is toe OK. subsidiary-of LIFE OFFtCS. bos joined the 


Sins n SomulfMiia J-wog ‘Si iJoma Rarfin , SI . ? 00 llt Bl?ni .n„r>- ■ M.i4am UhHw- Tti- ? World Tonii-.hr. 10.30 Pminri Eumiw aaa £ 

-i 8.00 As VHF. 9*55 A'Ratlin -. 1M2 , Sl «■nu'-iraieri -JiscujMnn- 3.00 que USD A Bnofc ai Bednnu*. U.is up the newly-created position of man or the AU, 
jntm Peci *sp. i3j»-i 245 a.m. As Arls Trf0i W r, \ .Si 3 js tn The Financial worM TomoM. ilm Today salef director of tlte company. Board ofr FKjEN 
uuB D S rti M , a. too u-i,h Sf,on ,,3,fc, aM Bums in-f Trio, part m Parliamonr iLffl -vws. which is rhe 1 ? K, subsidiary-of LIFE OfiTTGE. 

K a T-. R m'”i, 1 na"j5 i i.m.“ "^1.^ **'• HSlJ .^ l nfn flS JfSgy J L™* ^ * General Electric Plastics- BV„ main Board. - V 

m,- 8.m U,.en «he Band -Si io.n- „„ a ., ' VirtM .rS £ i- tt# i rtlI Holland. Mr. Wwqon was for- . - *1 

■miiefl MM- Radio - -jjj Lil*linv«- t aii^iw* jnrt 118(110 LiOnanil merly with Laporle Indostnes. i trvi L, .y . 

vninnni 5™de mUl U«‘«|L coniminttremn,. 7JD Ri:r si-m. 206m and MJ \'HF * bpen\^^ted'r 

SSfSSLi- iSHStiSit *jZ£ GSJTiZ $L.%. T S t V~ SalSA uS. Bo ?VSr!teS?* , !S «SBS®e 

\Mih Ra-lin t. I2.W-H05 a.m. AMh ]i a i| an ijjj. 9j5 SneniiGeaU;-’ Sn-i'Sliina V the 

Raf1,n - . 10.20 Music tn n»ir Time i«.. 11-25 t ]i«iiTie LOO Loflfioa Nc-a^ P“sfc. 2.85 CO- has been appointed to the AnHI 1 •• 

RADIO 2 Uflto" an «* 13^9-13-XS Awf Tmn.-iv' 6 selwhm m sbomato. aM Kww Ran. MO Board Of E. H. HOUGHTON AND ‘ •' t fa,5? a 7 

RAD’O J Londoa Brradcasting " J£ “2“ ***** Z*~t 

viii ®****** SeimmdMITBF of KOfilNSON AND SONS, and - W.'Z 

Wall! UJO Pci,- Muray"- Open Hu.oo . SA0 am. MoratesMtrslc. 6.00 A-M.i wiU be responsible for.UK.- and , Mr. Gordftot W 

>^i inclitdinc L45 Sports Dehb. Z.S0 6J5 l 'p . ,n tne -lUr' ‘sc mntrnn mnn. travul. BDart. reviews, in- w?___-i__ .m*^ tnn . 


Wflicn ts rne i'is,. suosiaiary- or i-urr. Utcrtua, nan joinea cne which - 

General Electric Plastics - BV„ main Board, ,3 .. // .S&SKS'-: 

Holland. Mr. Weston was forr . . , .. SllSSSfe.XS!- . ‘ 

merly with Laporle Indostnes. Bry J. S herley-Dal« hsV flgeiSMddSbpmerrtvofitiKr^ 

Mr Rrvan Tbnmflfi, manann'e 


director^ ^WWtmark;. was pre^ 

vlously director et-.- Base ~ <dtoect OT^ ^ m. secrg|aigi£2tB^^vl 


SAB ft. 
nna-a.OD 



M.iuhriv wrli> Tbe Lair Slww. U40-12.05 "nil and 3 ours. 12 21 »n.n lln> .»< 
a.m. sivw-c UZ55 wmlwr prosnininn- n.-.vs 

RADIO 3 Wm. Stereo & x'liF 

I Waw only LaS Woman’* W-w < from 3-B0) ini I. 

6J5 a.m- 7.W New» l.M iiw-?.o: ‘.'m 12 <5 T i-f -n r.Tr 

Vmut MiOvreek Chuice. p^rt 1 <S». BJH 3.09 Ni-we. 3.05 Atiemoon ’ttceaiiu 


Xl^iu MiaJu. 


.nr. jonn b««0in has been Mr. Harold ;has-mired J24 ^ane^tree^iondcw: ; 5VW 

appomted managing director of from the Board «vSTAFLBX- - " 








Television: 


February 8 197s 


Id 




, r . '■ . -V- rf *1 • -irT. '-t;*' v •* . 

,f 4T /-■: vv.jspi/.—: V 


<rv. 

&V 

.. ".• r. ^ 

?>■’*• 

■*C', • 

-■“% jj;'* 
efv.""'* j;' 1 . 

*«': SaJV 

ir &.- 

» ■• ■*! 

: i* B|h : 
-, ■ 8? 
^‘jV 

■ •■•• Cn-. *»k' 

tarrX.'w ic 

• fnst 
«3?3 

!£ 

- erer^S 

3 *E * 

'•V sHp?* 

■' ^ t-. • 

• r ?& 

ir.-n. “ t£. 

■■'■'■-lEi 1 • 




hv WINSTON FLETCHER 


-Vtf r^A 


...* ^>y' Ira* -*&£*-:Sina^t: sn««> iix-and^a-half hour ■welter of in. 
word - tatantanK' jJamiT _te#Setoal topHft; _and a far cry 

'W !?*« ‘F^teral CommuniS 

flpm near afoulthe ^^rfe'lMa: tions 'Comnussion chief .Newton 
raucb these days'efffier. vBOthMiDbw's desperate description of 
ae«ogifims‘hare a. daiett .fifties American'programming i n the 
feel;' Television isno.-longer the mid-sixties a? -a “ wasteland " 

«asy butt of inteltectuaF snoh- Airy broadcasting- system that 
oery that it- used td bejX^iange .compels viewers: reluctantly t0 
usueUy^explaraed % one'.dfctWQ choose ' hettf&h ' Chekov ' and 
opposing'Stheories:•••-.' vHardy; on >ari"average Sunday 
t ; : v -- y> ■ evening.. cfoX Jbe all soft suan 

■■ *“r£b® quality of Jtelevisvpn /has operas and' shniaitz. 

; unpwrrea so greatly-over the . 

last two rTPi-flrtoo That If.'.rjtf ; -Btnr-.back : ~to.^Saturday, when 
longer w «dtnpeJnttf bursting our all over. 

■ . atilt learipg-tts higEbrow head l n the 

- ' ■ = -- 1 ' mast.improbable-places. Admit- 

2—The gnality of tej^ion' has ^ed^ ifattBmtan. which is 
remamed; coiistaOt.-’Qr-. dven these dal's, 

waned, -bnt’ cur. : : tastes -sand I'dPtetd. .. with: . 'd*€Crable puns 
-. critical -facijjtiea hawe tOTff 'Jfktefa mightmake even 
'. diill^/ and deadened hy lts B<,b Mpnkhousojwlnce, but which 
".* insiAent-- pervasive tnwi(o-’ CTeji its -mdfit?IdOJing devotees 
crity. *: -i: ^ .*• . conW - not a profound 

.iNon^ita^ jdisrcgdrding 'lhe W*™* 1 experience, 

irrllating' -Httlo" L ' difficulties fin- Happily ;.,!nim£diately after 
volved 4n defih^ wlfty. my Batman,- Satdjrday.evening really 
personal hElI^is'that the general sot into its /cerebral stride with 
standard <jf : *U,K. television has Jim’lf Fiz. popped the 

always 1 heen:marvellous, that- it Po ® 1 Laureate^ ;• . explaining 
bas improved marginally over modestly how .hetpame by the 
tht years, arid that attempts to 3'°b and reading.rb>rmes. adding 
decrj it in.’ its infancy were a l touch Qf/aiestbetic dignity to 
simply- the expressions - of cul- the :ribald .proceedings—though 

conservatism alwaj-s^ pro-^ ^ S j>^- 0 ni a, ^, 1 ^ yr u S ‘ at the bottom of her garden, and advertising and television itself- How can the daily lives of 

W lw v ' ra t. lra ' innovation. 1 oouot .Hi-Mil ever Pe she is forever being expropriated We did nut see the Vietnam more than SOQ.OOU.UOO Chinese 
^Nevertheless:, there; does scerp .f or —. Var *ct»; by vagrant marines while tele- war on television, Ballard in- be depicted accurately in a f.io- 

• * n I® bp*p - a growui Of “etyonnance. ■■■■'_' vision cameras whirr and purr sisled. we saw a science fiction and-a-balf-hour doeunientarv? Or 

intellectual^ and artistic activity Jfm’ll Fix - It also raised a around her. war — edited, siructured and even in a 1^-hour film. Kens' 

on the brain box of late, fit for. vulgar question:that on a serious The interaction between the brought to us by satellite. The original m.-isierpicce from which 
even_ the finest., felemtnd to level was echoed by. all the more medium and the events it pur- camera is nni neutral (Christo- Saturday's TV quickie had been 

watch. . • - f?3head programmes that even- ports to be portraying objec- pher fsherwood was wrongi. Nor, cut? 

Take' last Saturday :evening. Put at'its most brutal, it mely—an interaction well-known as Hockney iaier argueiL is the Patcnily ivens himself is as 

You could have - watched The as ^ s: To what extent “ f ? e \. ,e,e ' If* physicists, who long ago eslab- pa 1 nth rush. honest as ihe Great Wall is ions. 

Booh Prngrarjtme;~ Joris Iveh’s -cheat? '.xq Jimll Hi it lished that the act of observing Hockney too is fascinated by Vet we know rhnt he was a 

amazing behemoth oxrCftmo^ariid J™. chMUD^ L if?_it occ-urs at all. an event changes it—is one of uiusion and Kcaliiv. “Any friend of Mao and Chou En Lai. 

The South. :Ba*ift'Sho*c-r“atotal :the. most'/harnuessi kind, the themes that the pre-ocrupied picture is only an illusion.” he that lie loathed ihe Kuoniintang. 

of .over- 1 - 'four. ■ hours ■ thonght-. OjJ: SattKflay/.nighl'ya group of sci-fi maestro J. fl. Ballard in gentlv replied when Mcivyn that he reveres the red regime 
iprovokiilgc programming, from office gjrlsjTdgired^onishmeni The Book Programme: and David Brags rrted to drag him into a and the yargamuan ecnnomic 

about 15 hours' traosmtsslpn on when -the Royal Swnnes an-ived Hockney returned to The .Suuth simplistic analysis of Ihe differ- achievements thf* revolution has 

the. three , ehaanifrls. .(And - the outside -their -wlriaog.. by heli- Ban* Shorn. ences between abstract and wrouaht. 

various NewSes occuplpd : a copter, and.proewd^ff to kidnap Ballard is ihe new wove naturalistic painting, “and l He is hardlv. then an un- 

further—stimulating?—hoary.; . one of tbejr ntunoey:'All present novelist who brought science tend to think naturalism is truer biased witness.’ 

Lest you cynically suspect that voyired. that the incident came as fiction down to earth (sorryi and than other methods. Picasso , n lvnna -. ' ein „ 

Saturday was atypical, Sunday s complete^sutprisc .to the nice coined the aphorism “Outer abandoned cubism after onK H! L, cn ‘L n , ,s i . er} ■ nc e 

was a veritable feast J or culture lady who was abducted. space is Out. Inner space is In” years." ‘ keen and Irieiil'- 1 critical ? is 

this the same counirj where 
if not 
of the 

people disappear like trivial 



^ 1S-U: 

'* EorJiaa’j^ 



Jimmy Savillc in *Jim'll Fix It* (BBC1) and David Hockney in The South Bank Show (London Weekend) 


served as a 
backdrop to Juris 


,r -‘:.v; a 
;i - >1 
" r.f i'im . 

-r*" i) Z 

1 !li" 
5-j> 

•'i -k:^ 

J? j ?;£7= 

: n»r. 

»* 

•• • ’-r.&i: 


vultures. Would you, consider. W'eH: if.swears to tn explain his obsession with ' All of which 

Weekend World or Unwersitt/ it, i'll believe' -hnfl. But what homo sapiens' mind, rather than prnvucalivc hackurup iu a«/n« Hi- Moi.ic • i a 

Challenge.cultural? Even If not. did the lady thuak the cameras with little multi-coloured extra- ireru * Chine. BBC2\ iwo-and-a- "J _^ r 

you'll have, to allow Arena or were doing ip hdr office - ? And terrestial beings. His own mind half-hour greeting in The Year 

77ie Cherry Orchard;.. Men of why did she' :«gJ-operate so is a luhyrinthine whorl of un- of rtie Horse. Again we were _ ai _. , ... „ . 

Ideaxr ...The : Seagull; simul- docilely insteatL^pf, struggling likely interconneclions. fasei- forced u» ask the same brutal fvin- n L /r!ln« L-- 3 ™?n rooio V 

terieosly The Movor of -Coster- when the Marlx»t“hoi«ted ;her over nated hy -modern media amt question, and in ponder the dis- ^ ' ,?. min . 

bridge; The Lively .4rts^ Ererv-his shoulder and'lumbered her communications, by Illusion and unction between Illusion and J iT: i 

man, and Read AIL About It. A off? Maybe HeEicopters often land Reality, and particularly by Reality. exam pi* - i\- n l ° -t— 




20 



c i;-x; 

p - 

'> ^ 
i,’. M-'= 

r ” 


..'..-ii ~ 



Bishopsgate Hal! / 

Lunchtime music 

", by D O M I NIC: C5 I : 

* The ' ever-euterprising . Gt£ four-. . moyemeritSi;. ’about 
Music Society ha!s surpassed -even minutes long.,:. .which, explores 
its own • traditionally > - high’ Possthfllties of the 

standards this sriason- With an SpS2its“^a. ^Sstly com 
exceptional list of Tuesday lunch-, :. ^ u f “^ mov 7“ 

lime programmes^.Bmhopspte S^S^hat^ed^th 
Hall—two --chamber orchestras; ^wSmSed : mel odv 

recitals by three distinguished J Sie^ RJceiS?!^Jugal arid 
young string quarteta- fron? %SL ,n 

Switzerland, H i mgar y .and Eng- ° set of 

land, solo recitals -for vitrif* nnd 

voice S ^ .^ A 

by Charles Rosen: arid ; Hamialt s ^.iu. rn^S^DMla)- was -ihe 

ft 1 -Sftaii msnta-fwiri the rareTy performed 

SSJSFRftS ?jf v 0 6 ^ P^Iy Fantasy op.' S of 'Rakh- 

batgalns Jn Hie Qty. ; . . maniriov—“Wighti for Love.” a 

Most-of the programmes - are -marvellous Lisztian unfolding, 
tradition ally ■•cast:."-but--there is resplendent; with amorous trills 
also a -leavening of -rate arid and glittering arpeggios; “Tears." 
recent works. Yesterday after-a dolorous fitrde-siecle oslinato; 
noon,' the piano duo of Antony arid "Russian Easier.” a massive 
Lindsay and Simon Young celebration of fourrband chimes, 
devoted : one half -of their pro- ' Next month at the Wigipore 
gramme.to..the-first performance Hall, Lindsay and Simon play 
of a"new.Sonata tor two pianos, the- Pricker again, together with, 
written specially for . them by anotheiy’new piece by John Car- 
peter -Raeirie Fricker: .a .worthy, dale, and' -four-band music by 
rather austerely'scored piece in Ravet Poulenc arid Milhaud. 

French Institute, S.W.T. 


V 

* 


■ \A- 


H.r^a 


T'^-f 

r ' 

. ■ it ;. : : 

•a* .--v* 
,« r 


' .A- 

-m 

: P : P. 

Tl 1 -*.'- 

T f» 

• 

A 

m 




J " m - • 

- * ■ 


J 

Ji .* 




;by . ^ A^R Yf O ’ C O N N O R 

The. latest in^^be ^riej■ of whcD.he shows her the python: 
French' Institute ^n^riwi^shO 1 ^ ; he exults when they say he Is 
which have -been brought'from urujatural as he thinks himself 
Paris or. the Avignon Fasrlyal, "an t act-against nature.” - His 
Gros-Calin has ' beeri;"jafiitpted:^wooing of-Mile Refus progresses 
from the novel''by^ Bmfle Ajar, badly r when he invites her to 
and is played by .Pierre Leeri-see his python, she insults him, 
hardt. The theme is longirness. betrays bim. by bringing the 
and in condensing the novel. M... rest -or-'the statistics office wjih 
Leenhardt' has brought, out Jn:a. her. 

descends 

._ _ _ or. asks 

surrounds his fiero,- There is more .for his reptile-Jovlng^tatis- 

one solace for him tii biff:misery, tirtan. Ihan wry. assessing 

and the ill-fated^ attention^ he -latter: but with only a. dull 
directs towards' Mile. Refus. "a green leather armchair, -a. pipe, 
mini-skirtqd black, girl he rirfes aod a pair of sunglasses—they 
the lift with every day.:; .bis g*ye ; him “weight —to help 
pvthon, GroaCalin. . l.hum be explores with confes- 

‘The pvthon is his sore joy, sional smeerity. the striving, for 
sole contact with another living affection., arid: - the desire 'lo 
being, arid continuing soured of imparl 4 ..little glamour to his 
paradoxical and black humour, wretched life, excelling In the 
A Portuguese immigrant accuses pathos of. disappointed expecta- 
hlm of sadism and exhibitionism':tion. ■- 


clear development- allJtie/Gbeo -- -.. . 

lesque detail . of 'alieriaiiOn. .“M- Leenbarai never 
tenderness, and-- anguish ’ .that -^to /.abject- self-pity. 


Sir Hugh Greene .to ./ 
‘ be English Stage 
Company chairman/ 

Sir Hugh Greene is to become 


‘Murder. Among 
Friends 7 at the Comedy 

' Malta Lister arid Tony Britton 
will appear in Murder Among 

Friends, ■ a new comedy .thriller ■ 

by the - American . Ttaswright new chairman of the council 
Bob Barry - at Gbmedy of ; the Engllsh Stage Company 
Theatre. S.W.lv Tuesday af the Royal Court Tbcaixe; He 

Februaj^r 2t,' There wni ba bne will * join tlie.. councir Immo- 
public preview :<m. -Monday. Feb- aiately. help with" its reconstitu- 

m rnr& !* ke .^! 

also star Margaret Colirtenay chairmanship In due course. Sir 
and Dermot Welsh, with Barry Hugh was Director General- of 
Stokes and Robert Swafes., ; . the BBC from 1960 tn 19fi9. - - 


Round House/Radio 3 

Mick, Nick & the 
Maggies 

hy DOMINIC GILL 


a sinsie 
. ed eight 
weeks in a pharmacy io produce 
just 10 minute.* of cinema rerite. 
Whatever happened ro the rerirr 
during the other seven weeks, 
six days 23 hours and 50 min¬ 
utes? And what were the other 
7M.99fJ.909 or so Chinese up to 
the while? As Ballard has said 
of Vietnam newsreportinst. Ivens 
ediied and structured the truth. 

Still, it seems churlish to cavil 
at so engrossina an evening’s 
television: and only the pettiest 


, . , , ,, . . ... .. „ of cynics would dream of sug 

John Bullers Mime of illirfc. hardly caNed for dramatic gestinp ihar this lush cornucopia 

Nick and the Maggies, which lighting. Programmes were not of cu!ture mi „ ht in somc 

received its first complete per- available outside the auditorium mysterious wav be connected 
formancc at the Round House for prc-performancc study. My ^'th the still awaited derision 

00 Monday and was also broad- sympathies so on. to the eon.- 2 of the comesl.nte Is 

cast on Radio 3. is a long and poser for the perverse and pur- t0 i, e awarded the prize Fourth 
ambitious work: a setting (or poseless conceit (surely not his channel 

.musical annotation. mirror! own) to leave the audience for 

nearly one hour long for three Jbis piece, literally and meta 
aploisil chorust cbtppe^e and 13 phoricalty. in the dark, 
instruments of a large section of The words we heard and 

Part II of James Joyce's understood—during one or two 
Finnegan’s Wake (sometimes lightly accompanied solos, and 
referred to.as the “Childrens' in the spoken lines—left us wish 


German theatre 


Heinrich Heine Revue 

by RONALD HOLLOWAY 

The literary revue has only a favourite of the Nazis— Heine's writings on the buman 
one leg to stand on: the pen of credited to an " Unknown Poet” foibles and pious moraiisms of 
a no»*t whose adept wit and pen- of course. He practically insti- contemporary society. And the 
chant for dp-lieatc twists of satire luted the jeuilletou essay, and bis fun is that Monsieur H. had 
and ironv have enshrined him in aut°bio^]raphical sketches like something satirical to say about 
the hearts of readers to insure a Idcen - 005 Buch CrTmd < 1826 ). ever J s0 ^al class in his aban- 
craio of immortalitv Heinrich P rov idc rich, Satirica! copy for a doned Deutschland, from the 
Heine German Krib poet and dozen revues; in fact the Volks- stuffy Prussian bourgeois to the 
prose-writer, was one of them: the S'Sf-’SfS" ,ra atheistic Communis, 

proof for any scoffers is in the Stock In East Berlin pro-. After the Initial success of Ihe 

Heinrich Heine ffecue, also titled complete passages from Karamerspiele revue, Gunther 

Denk’ idi an Deufschfand_L he b - ’ ^’ ltb , ell ? ut ^ Strass- Neumann's Schinxr^jT Jahrmarkt 

r When I Think ot Germany . . “ ur 2fr in the role of the poet, had a lengthy run at the Hebbel- 
now in its fifih season at the for He,n ?s birthday. Theater in West Berlin. ThU 

Kammerspiele Dusseldorf and The Heinrich Heine Revue fits P^ on ?P te ^‘* e larser. subsidised 
destined for the magic figure of cosily into the intimate 220-seat ?et ‘"r °?, t w e kii i' 

300 performaaces in repertory Kammerspiele Dusseldorf. Peter but ota 5 in S ® f f>l *he sub. 
theatre. The “ Heine-Revue " Thomas, Inlendant of the Kam- I J? VUe u flB c ,u . din 5 

also fathered a whole series of merspiele, signed the late Dieter S be ?" ta P ,nted WIth 

literary imilatioos — thrown* Buch to direct the revue, a tvf» fa se ?°‘f raillt >' ° r e^P?n- 
tngether and resurrected nods to gifted theatre whizz-kid who musical comedy bubbling 

f -t> v.. ltT.i,.. Mnk.im _j j _, t ... . with nostalsia — Tenu»mner 


eeruioit JBrecnt. waiter aiennng, introduced Peter Handke to , t, nX«Zvi 

Kurt Tuchoisky. Gunther German theatre audiences; he a ^ r ' 

Neumann, and Frederick Hoi- garnered bis texts principally ‘ ^ 0ann Twen- 

lander—which haven't as yet from Claus Bremer and Rolf u 


liven any evidence of outlasting Becker’s Dichter unbekannt 


Nothing to compare with 


the master satirist of them all, collection. Music was composed J)Tics interpreting life 

a Jewish emigre who spent most for the revue by Peter Janssens. 5*”° p “ s ? lo °. and P 0l >tics: none 
of bis life in Paris. The rest was leTt up to a floating 

Heinrich Heine hns been ™" « «™ “” 0 8 r f“ n ;'S Suldiit in Tn'the™ He iS 

.TSS.^TSi.'SS lyric po'e' tr 

sonic even claim, rather brashiy. “mute show and move in and i4i era j ure *v,e homeless ooet *nv- 
that he was the Romantic Poet^s as an 

equal. He was certainly the last vnem. vidualist and the tragic outsider 

of the Romantics, who achieved The scene is a present-dav in the midst of society. Heinrich 
a fame before he was 30 w'lth masquerade parly, the costumes Heine, buried in Paris and 
h:s Hook o.f Songs (Buch der a boutique mod-show of fashions remembered in Germany is still 
Lieder. published 1827); the worn by Chopin, Dumas, and an outsider: little public tribute 
lyrics in this collection have in- George Sand- at Their saion to his figure or greatness exists 
spired composers up to our own gatherings, and the party-games io his homeland—and moral 
day. and one of them. Jcii useiss are like to-day's one-upmanship citizens protested recently when 
wichi. terns soil es bedeuten. with winy aphorisms—save that the University of Dusseldorf con- 
about Lorelei and the Rhine, was the trick is to comment from sjdered borrowing his name. 

Young Vic Studio 


Seduced 


by B. A. YOUNG 


an affair with her. her husband not only funny but moving. The 
will return. There are complica- second half of the play is full faculties were avail 
lions, however. Anne is white of bn * k movement, and the com- q[liei scenes at ,u e , 

(very much an N.W.l. lady) and Paoy i s jerked out of the com- ?o m iwhar lifefeL nr^ 

Ca.vm „ w« Indian Tony {■"«"''“U—•— -*» -!>» tSS“pll!?%i fte' 

IS white. Sugar is a black, or ' j} mi e | a arid pU} . 5 his ovm heTQ really begin to interact 


The skeleton of Jiini Rand's interesting, though the necessary McCulloch) most of a bottle of 

play is of archaic simplicity: details are skilfully dropped in. whisky to get her into bed. and 

Anne, learning that her busband "’ben action begins, when Tony, even that only after a very funny 

Calvin is having an affair with havin k P ,ied with whisky, preliminary encounter on the 

ihf. aetre« Su^r Rrnwn -»iir,u-« w^nce into reality, when sora has come to nothing, 

the actress b»ugar Biown. allows CaIvin comes home t0 find b[$ Airoptny . ie i_ afl 

her friend Tony to persuade her wife chasm" her lover with a « ihe director is Norman 

Ballard porirayv His and | that if he prelends to be havms bottle in her"hand, things become Thforodu^tfon^miM ftl! 1 d?ne 

off,;. t,.iii. im.knMii nnt Mil. fimnv h..t m n »ino Thn The production could have done 

with another week of rehearsal if 
available; the 
start are 

c »'«v's’ y™ S’hS‘bewn StleSS “ eSS Wi,h “ hi,:h Into'the'play’wdjen llle hto"psdrs 

is white. Sugar is a black, or * n ?> oegan. ..... r 

anyway solden-brown. Canadian. .“’ IT - . • . . .... 

Sugar is an acute amateur with a Qlce ba tance between The conclusion is interesting, 
analvst; ** You left your wife " Wcst Indian warmth and adopted Anne, having cut her wrists at 
she‘tells Calvin “because s b'e restraint; even with Sugar, Calvin's threat to leave, sud- 
wasn't into gheuo salvation. 1 whom Vikki Richards, grey eyes dealy decides to end their rela- 
represent the black life vou and long black curls setting off tionship—but to keep their 
never lived.” For Calvin's home a honey-coloured face, makes a house. Calvin, as house-proud 
in the uncredited set. looks powerfully attractive person, he as she. insists that the house is 
clinically respectable: and when maintains his minor Civil Ser- his and he is going to stay. Hav- 
he telephones his office—where, vant image, his illusion of ing reallotted the bedrooms and 
after all. he is employed in social respectability. Anna Nicholas, as laid down hours for the bath- 
service with immigrant children Anne, suggests that it is she room, he begins to redecorate 
—he affects an exaggerated Eng- rather than he th3t has kept the sitting-room. As near as he 
iish voice. their lives united for .13 years; can, he makes it like Sugar's. 

It is the racial tug-of-war that she is a commanding, business- Sugar is od a six-month continen- 
gives the play its interest. Initial like woman, and it takes tubby taJ tour; but her image, the black 
plotting is slow and not very hedonist Tony (Andrew life he never lived, will remain. 


Night. Games ”). 


mg for more. But with so much 


Tj„ n - blank matter rushing by. I could 

nf Ihf P n 1 °£ no oiorc discover the worth or 
fff* force Of the piece than 1 could 


lisbed in Tempo that one of his 
prime motives” in composing 


judge 

music 


a film 
never 


blindfold. The 
seemed' strong 


the piece was "to absorb much ^ ht even cmntinuous 
of .Joyce's own multi-allusive * lh burden of 

verbal consciousness together £e work »iSm iwlHMaSS o 
with the musicians own musical l s “5 ueoces> i ach P | ea Senough. 

clever and detailed in its 


consciousness. 


I 


am 



reference: a dark wlnd-tirum- 
by this. but whatever he does m j np i re ad here an erhn nf 

r.; n M‘:... Pr “^ bl L i ^‘ e \ d : w «ll- ■ ^ rtoral teeninn 
anrf^nJ"Sk'lfcS there, a sudden thrill or electric 
SS'iJS 1 i,? 1 2255 keyboard and vibes, all emascu- 
™ ^ lated by a lack of essential 

nSStinn ^n^hafthw ahmii?£ verbal underpinning, visual' 
position, and that they should be verbal point. 

perceined (and not merely heard. Thp De rformanee directed hv 
g-nee the luUnessol Finnegans ^ 

Wake earnlever he served by po ? ted by the soIrj siosin J (an ' d 
the ear alone, but also seen and recit3ng j of j an e Manning. 
read '- Philip Langridge and Michael 

This presumption was rein- Rfppon. seemed adequare but 
forced by the inclusion in our often less than ideally taut, 
programme of the full text in without zip. Radio listeners, with 
nine closely-printed pages of six- a Finnegan's Wake to hand, may 
point type. Why then, in the have caught the text and its 
name of all the muses, was tbe correspondences more sharpl> 
decision made to dim the house But for those in the hall, there 
lights for the ■ performance so was more of Joyce in the ten 
that nor a word of the text was minutes of Berio's deft, delicate, 
legible? Such demi-semi-staging humorous tape-piece 27iemn 
as there was . of the piece which began the evening than 
(credited to Murray Melvin) in the whole of Buller's hour. 

Soho Poly 

Media Hack 

by MICHAEL COVENEY 

Steve Grant's lunchtime playmembers of the First Folio 
speaks with the rootless, flippant Liberation Front bent on re- 
voice of the 70s. The scene is a prisals for impure interpretation 
London Bat-(well designed by of the Board? They are noL ,A - ‘ 
Terry Jacobsi where an employee but nor is it the play’s business 
of The Ann Boleyn Steak House, to investigate the' -nature or 
dressed up as Henry Vlil, has political grievances. Gafferty 
tied Arabella to a chair and left and Malone are a comic pair, 
her to Mahler while he sharpens rather like the guerilla 
an- axe. Consumed with sexual characters in Bill Morrison's 
jealousy, pop-eyed Derek is about Fining Blind presented recently 
to punish his laved one when a at the Liverpool Everyman. But 
couple of distraught terrorists that was a full-length piece, 
invade the stage for asylum. Over a short distance. Mr. Grant 
Their plan to plant a bomb in relies on quick laughs and snap 
Regent's Park near the Open Air confrontation. 

Theatre has been thwarted by a pun of th{} ti?]e reflects 

group of boy scouts from DoiUs Deck's former occupation as a 

HilL broadcaster, first on hospital 

Are they, suggests Arabella, radio and later on a commercial 

. station. As the terrorists loathe 
journalists as much as anyone, 
an aliiaace Is hastily forged with 
Arabella, herself smarting with 
boredom at Derek's weedy life¬ 
style. Dressing her guests in 
costumes for the Steak House 
Shakespearian tableau. . she 
elopes with them in her Renault 
leaving Derek with a bomb in his 
lap and a Harrod's bag on his 
head. One of the tearaways 
(Michael Harrigan) reaches 
Arabella through bis devotion to 
rnotball (although I must sa.v 
that any Spurs fan who omits tbe 
name of Tony Marchi in a litany 
of the *61 team must oe suspect). 


L'.unard Burt 


'Georgina Melville and Ken MorUy 


Stuart Kerr directs this agree¬ 
able nonsense at fine pace and 
even if Ken Morley and Georcina 
Melville are not as funny as they 
should be. the piece will serve as 
mild mid-day diversion. Berwick 
Kaier is .the other terrorist, 


ENTERTAINMENT 

GUIDE 


CC.—These theatres accent certain credit! DRURY LAME. 01.B36 BIOS, 
cards hv Telephone or at (he box olhcr . night 8.DO sharp. Matinee Wed- and 

Sat. 2 DO. 

OPERA A BALLET A chorus LINE 

wrCKM A PALLCI •• VOTED BEST MUSICAL OF 1976." 


CRITERION. CC .01-950 127B. | MERMAID. 24B 7656. Rest. 2*8 2B3S. TALK OF THE TOWN. CC 7J4 SOSI. 

••Impeccable., jl master." Sun. Time*.! In HARRY NILLSON-S and at 11 o!m. 

THE POINT VINCE HILL 

_ A WINNER." D. Mirror. 1 - 

gyerv 5,411 tickets £1.25-£3.£0. 


In SEXTET 

1 HILARIOUSLY FUNNY.” N. ot World. | 


dinner-theatre ticket £5.95- 
RUN EXTENDED to FEB. 25tfl. 


Combined j THEATRE UPSTAIRS. 


COLISEUM. Credit cards 01-240 5258. 

Reservations 07.836 3161-_ 

ENGLISH .NATIONAL OPERA .. duchessT 


NATIONAL THEATRE 928 2252. 

.-- — —-. , OLIVIER (Open stage’: Ton't 7.30 Toiror 

A rare devastating, lov&us. astonishing . 3,45 4n|J 7.30 .red pr orevsl THE 
Stunner. S. Times CHERRY ORCHARD bv Chekhov trails bv 


Tonight 7.00 Duke Bluebeard's Castle' 
Gianni Schlcchi new prodn.; Tomer., Sat. : 
& Tues. next 7.00 Carmen: Fri. 7.3D . 
Riaoletto: Wed. next 7-30 Tosca. 104 1 
balconv seats always available dav ot 
performance 


3243- Mon. to Thurs - »cnae i iravn. 

Evgs. 8.00. Fri.. Sat. 6.IS and 9.00! | kTFTEL TON—■.pr oyenljmi_ rtage); Toni 
OH! CALCUTTA! j T.4S BEDROOM FARCE bv Alan AYCk- 

••The Nudity is stunning.” Daily Tel. I bourn. Tumor 7.45 Tbe Guardsman. 

Bth SENSATIONAL YEAR. • 9PTT£5LOB lSm*ll^aucHtorium^: Sat ^J*JI 

_ — — -:- ■ - ,-r r .t , Mon S LOVE LETTERS ON BLUE PAPER 

DUKE OF YORK S. 01-836 S1ZZ. iprexsi bv Arnold Wesker. 

Evenings H.QO Mat -Wed. 3.00. 1 Many wtelUms cheap seals all 3 theatres 

QUENTIN CRISP | ol Nrf. Car park. Restaurant 928 


Tickets 12.aO me. a glass of wine 
'■ This Is without doubt the most extra¬ 
ordinary entertainment tn London.'* qlq yie 


COVENT GARDEN. CC. -240 1066. 

■ Gartlcncharge credit cards 836 690Z« 

THE ROYAL BALLET 
Tonight 7.30 p.m. The Dream. Mono¬ 
tones. The Four .Seasons. Tom or. 7.30 

o.m. La Bavadere. A Month tn the __ 

Country, Elite Syncopations. 5at. 2 p.m. DUKE OF YORKS. 01-836 SI22. 

A 7.30 p.m. La FiHc mal gardde. Tues. . Limited season front 2 March iprevs. I 
7 30 o m. Mayerlmg. 28 Feb.. 1 March]. John Gielgud In | 

THE ROYAL OPERA Julian Mitchell's HALF-LIFE a National J 

Frl. & Mon. 7.30 p m Ar'adne auf Theatre Production. "A daazle of high 
Naxos. 65 Amphi' seals for all peris. 1 comedy ” ij. C. Trcwini. Instant Credit 
on sale irom 10 a.m. on dar o> oeir. | card reservations. Dinner and too priee 


033. Credit card bkgs 928 3052. 


SADLER'S WELLS THEATRE Hoseben- | 
Ave ECf 827 1672 Iasi 2 weeks. I 
D'OYLY CARTE OPERA 
In Gilbert and Sullivan. Evs 7.30. Mai' 
Wed. and Sat 2 30. Today HMS PINA-; 
FORE Tomorrow to FEB IS THE GON- • 
DGLtERS- 


Scat C7 DO. 


FORTUNE. B36 2238. Evgs. 8. Thurs. 3. 
Sat. 5.00 and B.oo. _ 

Muriel Paviow as MISS MARPLES In 
AGATHA CHRISTIE S _ 
MURDER AT THE VICARAGE 
Third Great Year. 


928 7616 

PROSPECT AT THE OLD VIC 
Spring Season jan. 16—March 25 
fn rep: 

HAMLET returns Feb. 13 
ALL FOR LDVE returns March 6 
ANTONY « CLEOPATRA opens Feb. 21 
5AINT JOAN tonight. Thurs.. Friday 7.30 
Saturday 2.30 & 7.30 
Sunday Feb. 12 at 7.M 
THE MONSTROUS REGIMENT 
with Jodi Dench. Michael Williams 


730 2554. 


Prevs. from Tomor. at 7.30 p.ltl 
IN THE BLOOD 
_bv Lenka Janlurek 


VAUDEVILLE. 836 950. Evgs. at 8. 

Mat*. Tub*. 2.45. Sats. 5 and B. 
Dinah Sheridan Dulcie Gray. 

Eleanor Summerfteld. James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
bv AGATHA CHRISTIE 
Reenter Agacna w.ui another who- 
tWnlt . . . Agalha Christie Is stalking 
the west End yet again with another of 
her fiendishly ingenious murder mvs- 
terles.' Felix Barker. Ev. News. 


VICTORIA PALACE 834 1ST 7 

Ton't. at 7.0. Subs. Evj. 7.0. Wed. 4.45 
St 7.30. Sats. 2-30 A 7.0. 

TONY BLACKBURN In 
CINDERELLA 
___Until Feb. 18 


OPEN SPACE. 3B7 6969. Tues-Son. B.O. 
A DAY FOREVER bv Michael 5harp. 


THEATRES 


I GARRICK THEATRE. . 01-836 4601.. 

trt. B.O. Weo. Mat. JO. Sal, sis BJO. ; - 

| JILL MARTIN. JULIA SUTTON. I PHOENIX. 

ERIC FLYNN and ROBIN RAY 
I in the 

” BRILLIANT MUSICAL 
I ENTERTAINMENT " People. 

SIDE BY sroc BY SONDHEIM 
•• t»U TWIlE. 1 Money. Punch. __ 

GO THREE TIME5.” S. Barnes. NYT. 


PALACE- 01-437 6834. 

Mon.-Thurs. 8.00. Frl.. Sal. 6 00 * 8.40. 
JE5US CHRIST SUPERSTAR 


A DEL PHI THEATRE. CC. 01-836 7611.) 

Evgs. 7.30. Mala. Thurs. 3.0. Sals- 4.0. 

“ LONDON'5 BEST NIGHT OUT. I 

THE MUSICAL MUSICAL ( 

SPECTACLE. CAPTIVATING ,, TU NES." 1 ____ 

and RACY COMEDY. 5. Peooie. 'GLOBE. CC. 01-437 1592- Evenings B.1S. 

IRENE ___: sat*. 6.0 and BAD. Mat. Wcd._3.0. 


01-836 8611. 
Opening March 1 
■FRANK FINLAY In 
The Leslie Bricusse Musical 
KING5 AND CLOWNS 
Directed bv Mel Shapiro. 
Reduced price previews From Feb. 17. 


INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-B36 7611._ 


ALBERY. B36 3878. Credit card bkngs. 
036 1071 (lUCCCDt Sat » Mon.-Frl. TJS. 
Thurs. mats. 4.30. Sats. 4.30 and 8.. 
A THOUSAND TIMES WELCOME IS 

LIONEL BAPTS_ __ 

MIRACULOUS MUSICAL. Fin. Times. 

OLIVER . __.. 

"ROY HUDD'S spltmdld pertormano?. 

S. Tel ■■ Talented JOAN TURNER. OW. 
Mall. “Capital Fun . . . the show 
aelighL" □. Tel. •■ omver RETORNS . 
TRIUMPHANTLY . . . CONSIDER TOUR- 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN.” Dally Mirror. 

NOW BOOKING THROUGH 197B. 


■n the SECOND YEAR ol 
DONKEY'5 YEARS 
by MICHAEL FRAYN. 

The Beat Comedy ol the Year. 

Last 2 weeks. Ends Feb. 18. 
GLOBE. 01-437 1S92. Opens Feb. 22 at 7. 
BARRY FOSTER. CLIVE FRANCI5. 
DONALO GEE. JEREMY IRONS and 
SIMOND WARD in 
THE REAR COLUMN 
A New Plav bv SIMON GRAY. 
Directed by HAPOLP PINTER. 

GREENWICH THEATRE. 01-85B 775S. 
Evgs. 7.30. Mat. SaK. 230. AN IDEAL 
HUSBAND bv Oicar'Wilde. “We applaud 
an entertaining evening '■ D. Tel. 


B36 1071. Ton't. at 7. subs. eves. 
Sat. 4.45 £ 8.15 
BEST COMEDY OF THE YEAR 
Ev. 5td. Award and SWET Award 
Royal Shakespeare Company in 
PRIVATES ON PARADE 
(perhaps not suitable lor children) 
. by Peter Nichols. 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Timex. 


WAREHOUSE. Donmir Theatre. 836 6*08. 
Rpyal Shakespeare Company. Ton't B.OD 
Edward Bond's THE BUNDLE (sold out]. 
Ad»- Bkgs. Aldwych, 


WEMBLEY EMPIRE POOL. Last 3 weeks. 

LAVISH ICE PANTOMIME 
... ... , humpty DUMPTY 
WShllv 7.45. Sats. 2. S * 8. Special 
HALF-TERM MATINEE5 Mon. to Thur. 
ac 3. Chldn, A Senior Cits, half prise 
eecept Sats. at 2 A 5. Pay at doors. 
Spacious car park. Enquiries 902 1234. 


W n'£J, M, I*57 ER . iy E *. TRE '_ CC 01-834 
Ur-83. Evgs. B.00. Mat. Thurs. 3.0- Saf. 
, S and 8. 

Tltk £i. £1 '5° ip £4.00. 

PAUL JONES in 
_ . DRAKE'S DREAM 

S'H.riSi-*£5**^5 Musieai Adventure. 
DWralill®-' e F w' T,rne ?» ” Many Merry 
Retrains. E. News ■ Bouncing Vigour," 
E. Standard. 


PRINCE OF WALES. CC. 01-930 8GB1. 

„ .Monday la Friday at 8 p.m. 

Sat. 5.30 and BAS. MaL Thurs. 3.0. 

" THE STAGE IS AGLOW.” 

Daily Telegraph. 

RICHARD BECK INSALE 
In 

1 U C NA , U ,S H JT L BUT {hCE. W W| E TH A LOT} .. T . kefi .- *** 

i OF LAUGHS ” News ot the World. n.Tmi2nir« “"Bresedented II 


V wKI*Ffh L i,°V 93D 6692-7765. Opens 
Mon. Feb. 13. Evgs. 8.30. Sat. 6.4S and 
9.0. The Sensational Sex Revue ol the 
__Century 

Mml ,, DEEP THROAT 
Npw Live on Stage. Book Now for 
opening nignt. Limited Season. 12-week 
_lea son prior to World Tour. 


WINDMILL THEATRE, CC. 437 6312. 
Twice Nightly B.O ail 10.00® ** 

“•SKiJHfM*™ ®-°U & a.00. , 
PAUL RAYMOND presents 

THE EROr <C EXPERIENCE OF THE . 



WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

WATERS Of'" THE MOON 
" Ingrid Bergman makes :ne stage 1 
radiate—unassailable charisma.” D. Mail. ■ 
•' Wtndv Hiller Is superb." s. Mirroi. 


ALEC GUINNESS 
„ BEST ACTOR DF THE YEAR 
Variety Club of G. B. Award in 
, THE OLD COUNTRY 
A New plav by ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 


bpoktaTfir 1071. iS sZT"m£* 
Thurs. «... FJL »nd;Sr P 5.15 , ai«l tSfc 


Mary »^h-h^Cornedv- 


knavery.” D Telegraph With: A MID¬ 
SUMMER NIGHT'S DREAM >IB" n l4Mi'k 
Congreve's THE WAY OF THE WORLD 
(Sit. 2.00 A 7.301. RSC aivo at THE 
WAREHOUSE iee undrr W1 and ai 
P tcadilly and Sarpy Theat res_ 

E™«rVoO~M«S. Tues. 3.00 "!»£. V-DDi | HER MAJESTY'S^ CC 01-930 6606. 

SIOSHAN MvKENNA 1 E»SS B-UO. Wed. ana Sat. 3.00 and B.OO ; RAYMOND RE VUES A R. CC. 01-734 1595 

" ^,» , SK , LL“ , BU n GG“Y“° l " , LK MOH®E‘ &,«,«, ** ’ Wul” 5 “ nS -' I ™* *■= S7 U D,0 

isss.iaT" ,n T a E u"s c « E ci sag*™ sb®? " ft.™ sr °° Nt 

— 2-55 -GLYwis jj araLfsaiJSL "- °.t ■ m “ ™ • 


rrf.1 rwu wr mb ilhk ; yniiu# . rt - _ 

2S? , PJav » JM PIaven London cfiviu award. TH? 11 ord vr c » 9za 

“■- 1 afjM&SMBgsiffns.. *Sp 

IN JANUARY 


APOLLO. 01-437 2663. 


CINEMAS 


Mia. Thurs. 3.60. SaTs.OO in* » «0- j HER MAJESTY S. CC 01-930 660S. | : art , * , CUA „« B1 

DONALD SINDEN Opening March 2B WORDSWORTH HERITAGE WEEK ARC 1*2 SHAFTESBURY AVE. 836 8661 

-BRUCf FORSYTH 1»-1B Februanr ' ,; - n *” -- ” 

In Leslie Bncussc and Anthony Newler’s _Bjng Box Oihcc tor details. 


«" Actor pf the Year." E SM>dardl 
" IS SUPERB.” N. nl W. 
SHUT YOUR EYES ANO 
THINK OF ENGLAND 
“WICKEDLY FUNNY 1 Times- 


ARTS THEATRE. _ 

TOM STOPPARD’S 

DIRTY LINEN _ __ 

” Hilarious ... see it” SundgyTimw. 
Monday to Thundav e.30. Friday and 
Saturday at 7.00 and 9.1 S. _ 


TRAVELLING MUSIC 5HOW 
with DEREK GRIFFITHS 
Directed by BURT 5HEVELOVE 

! _ PrcvKrwa Irgm March 16. 

01-836 2132. K | NG ^ ROAD THEATRE, 352 7480. 

I Mon. 10 Thor. 9 0. Fn.. Sat. 7.30. 9 30. 

I THE ROCKY HORROR SHOW 

| NOW IN ITS 5th HOCKING YEAR 
I The Great Rock n Roll Muveal. 


ROYAL. COURT. 
Even! 


LHt week. 730 1 745. 


IKU 8. Sat. 5 and B.30. 
World Premiere of 
LAUGHTER I 
_ by Peter Barnes. 

See also Theatre Upstair*. 


sa^issr*” i * K w * * sun - 


ASTORIA THEATRE, Charlnp Cro« 

01-734 4291. Nearest Tube: 1 ottenham 
Ct. Rd. Mon.-Thurs. eJJ p.m. Fn. * 5aL 
6.00 and 8.45. 

BEST MUSICAL V 0F THE VEAR 
EVENING STANDARD AWARD 
Tickets E1J0-ES.S0. Eat in oor fully 
Iicenatd Restaurant or BuHel B ^r lu nch- 
ttm* and before and after show—book¬ 
able in jdvance. Combined Dinner and 
top-Price ticket £8.50. 

ELVIS 

“ Infectious, appealing, foot-stamping and 
heart-thumptng," Observer, 

“ I was absolutely caught up In K. carried 
along bv it. rcinvl aerated bv the sneer 
verve and spectacle ot It.” Sum Tel. 

ELVIS _ 

" Staggeringly enrethe.” Times. 

” Performed with a verve rare In British! 
musicals. The snow literally hadthf 
audience dancing m the aisles. This 
” Elvis ” la ma reel ions.” S. Express. 
ELVIS 

BEST MUSICAL OF THE YEAR 
. EVENING STANDARD AWARD , 

H hr. before iho-w any available top-prle* 
tickets £2.50 

Mon.-Thur*. and Fn. 6.0 pert, only. 


LONDON PALLADIUM. CC. 437 7373. 
LAST 3 WEEKS. ENDS FEB. 25. 
Eves. 7.30. Mats. Wed. and Sats. 2.45. 
TOMMY STEELE 
SALLY ANN HOWES 
AND ANTHONY VALENTINE In 
HANS ANDERSEN 

“ DAZ2LING SUCCESS. RICH. COLOUR¬ 
FUL MUSICAL. REAL FAMILY ENTER¬ 
TAINMENT.” E. News. 

Good seaU available now at Theatre ond 
Agents. (Abo at Doors, except Sat.) 
CREDIT CARD BOOKING 01-734 8961. 


ROYALTY. CC. 01-40S B004. 

Monoay-Thursday Evening* 8-00. Friday 
5-30 and B.45. Saturday 3.00 and 0 Off? 
London critics vote 
BUBBLING BROWN SUGAR 
, , Best Musical of 1977 
Tel. bkgs. accepted. Major credit cards 


LONDON PALLADIUM 01-437 7373 
MARCH 20th ONE WEEK ONLY 
MISS 

GINGER ROGERS 
and Special Cocci Star 
DONALD O'CONNOR 
A GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD’S FOREMOST 
MUSICAL COMEDY STARS ■ 
BOOK NOW—Seats £2-16 


SAVOY. CL 01-836 0888. Evening 8.0. 
Mats. Thun. 3.00. Sat. 5.00. 8.30. 

ROYAL SHAKESPEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE. 
JAMES COSS1NS in Bernard Shaw's 
MAN AND SUPERMAN. Directed by 
CLIFFORD WILLIAM5. “I SM in » 
cloud ot loy tram beginning to end- - ' 
5. Times. -RSC also at Akhvycti and 
Piccadilly Theatres. Credit Card baking* 
accepted- Lut week. Season ends sat. 


LONDON PALLADIUM. CC. 01-437 7273 
_ THE TWO RONNIES 

_F ROM MAY 2 5 TO AU G. 19. 

LYRIC THEATRE- 01-437" 3686. Evs. 8.0. _ 

MM* .Thuru. 3.0. Sats. S.O and 8-30.! SHAW. 

inAM ainUWBIRMT 1” . 


SAVOY. 01-836 8888. 

Preview* from 15th Feb. at B.OO P.m. 
. s*l 5 . 00 . a.oo. 

Opens 23rd Feb. 7.00 P.m.. then nightly 
■t 6-00. Mat. Wed. 2.30. SaL 5.00. 8.00 
JOHN FRASER 

, LADY HARRY 

An unusual Play by Norman Knsna. 
Previews and Wm. Mats. £3-£1 Regular 
prices £4-£1. Credit booking accepted. 


JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In 

_ FILUMENA 
by Eduardo de Fillippo. 

Directed by FRANCO ZEFFIRELLI . . „ __ 

I "TOTAL TRIUMPH.' E* News. "AN STRAND. 01-836 2660- Evenings B00. 
! EVENT TO TREASURE." D. Mir. -' MAY Mal. Thurs. 3.00 Saturday; 5.JO A B.30 
| IT FILL THE LYRIC FOR A HUNDRED 1 NO SEX PLEASE— 

YEAR5." Sunda* Times. WE'RE BRITISH 


CAMBRIDGE, CC. 01-836 6066. Mon. to 
Thuri. B.OO. Fn.. sat. 5.45. 8.30. 

IPI TOMBI 

“PULSATING MUSICAL.'' Evp. NCN». ! 

, THIRD GREAT YEAR I 

Seat prices £2.00 ann £5.00. ) 

Dln oer and top-pnc c seat E8.5& Inc. may fai» cc , 629 3036. 

COMEDY. 01-930 2578 I Mon. to Fn. 8 0. StT S 30 and 8 45. 

OPENING TUESDAY FEB ZJ . I GORDON CHATER m 

MOIRA LISTER. TONY BRITTON THE ELOCUTION OF 

MARGARET COURTENAY BENJAMIN FRANKLIN 

DERMOT WALSH in __ b* Sieve J. Spears 


01-388 1394. 
Mata. Tues.. Thurs. Fn. 2.30 
Effls- 7.30 lNd Perl. Mon.). 

AN INSPECTOR CALLS 
by J. B. Priestley. 

Highly entertaining. “ D. Tel. 


Tube 

?Vi 5 Tavlanii PADRE PADRONE 

n Mu * 


C T , !l«5?nhnm’r a ' -» 3, r. 0*(0«1 St. fOpB. 

Tuttenliam Court Rd- Tube). E36 0310. 

Ids "s s! w i «?* ■ ?? P NE , 1A >- Prtws- 
p'lri ' 3 ' 55 ' 6 '° 5 ' 8 ,5 ‘ La,e Snow 10 45 
2: THE HID'NG PLACE 1A1. Sep. Perifc 
2.00 .5.00. B.OO. Late Show II d m 
FELLINI SATYRICON tX»- P 

3: THE DUELLISTS |A). Progs 1 20 

I^WIZARBC #15' pi - * 1 * Show ,D -55 P.ml 

(A). Proas. 1.00. 3.00. 5.00. 
7.°0. 9.00. Late Shaw every night 11 p.m. 


ClIRZON, Curion Street, w.t ago ,»m 

*** 8 ™ »-«" affaire oci. Ie® 

nir A-Jj — yg"» New French 
Comedy. Dlrtmed with finesse by Yve* 
Express. Progs, at 2.00 
mot Sun.). 4.05. E.IS and also. 


L lr4S 1 »&l? l i»? E e THEAT,lE ' 930 S252 
1%* J4!" S £P:, Brom fl W. 2-00. 

2'1“' ®' s „ 5 ' ^eta bkblc. for S.15 and 
8.3S nroos. Wks. and all prana. Sat. 
and" Sun. SEATS STILL AVAILABLE 
FOR MANY PERFS. HURRY ! 6 


° , mE , DRei C ^S B cSQUARE (930 61111. 
THE DEEP tA). Sep. progs, every dar. 

1*20 TVo ^7 i k s' oked Doflr4 open at 


OP.^N MAR&LE ARCH i723 2011-21. 
A' l J? nl ? r ,J 0 ® E ' AA >' S eo - OrtWS. Wks. 
Z.30. 5-30. 0.30. 


MUROER AMONG FRIENDS 
A NEW COMEDY THRILLER 


•"Outrageously funny .' Prg*ovindly 
moving ' Variety. 


THE WORLD'S GREATEST 

_LA UGHTER MA KER 

ST. MARTIN'S- CC 835 1413. Evg*. E 00 
Mat. Tires 2 as. Sat. & Good eri. s & B 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLDS LOnGEST-c VER RUN 
26th 'YEAR 


P ?i?nN L S ,C ' 437 8181. 

SALON KITTY .}{>. 5cp. Perfs. Dlv tine 
Sun.' *..45. 6.15 9.00. Late show Frl. 
and Sat. 13.55. Seats Bkble. He 'd Bar. 

i S al9 E 44 1 70. ,,d L *’ l< **■ <w »«Nr siT) 

SCENE 1:' A BRIDGE TOO FAR 1 AI. 
Proo*. 12 50 4.10 7.40 Late Shew. 

Ft', and Sat. 11 .od. 

SC6« 2 . THE PINK PANTHER STRIKES 
AGAIN iUl. Sun.-Thur i JO. 5.35, 9,3n, 
Frl. 4"d Sat. 12.40 4.4S 8.45. 12 45. 
THE “TURN OF THE PINK PANTHER 

2“j > 5 SU 6 n 4'5! ,Ur i0 S 46f 7 - 3D - Frl ' »"<» S «' 


• f.N 


"..-■Tj 



T6 


Financial .Times. Wednesday February. $;1978 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: $86341/2, 883897 
Telephone: 01-248 8000 


Wednesday February 8 1978 


Odd banking 


figures 


THE VERY large rise in the longer ready to refinance. Part 
eligible liabilities of the banks is lying idle i:i swollen reserve 
—basically their interest-bear- assets. The rise in the money 
jng obligations—in a month supply will certainly be smaller 
when a small fail might have than the banking figures would 
been expected is further con- imply, 
firmation that it is very difficult Nevertheless, the figures do 
to prevent large foreign inflows suggest that a different way of 
from affecting the money setting targets, and some 
supply. This has happened in changes in present methods of 
virtually every country with a enforcing them, would make for 
strong currency since the dollar smoother monetary growth 
began to decline so precipi- Much of the present disquiet is 


lately, and there is now .a clear 
possibility that it will happen 
here too. It would take a very- 
sharp fall between now and 
April to get the figure for the 
year back within target. 


Funding crises 

This problem has already 
been worrying the gilts market. 


caused by the fact that the 
monetary target is expressed in 
terms of growth in the 12 
months up to April. This has 
left all too little time to offset 
the sudden jump in the money 
supply which resulted from the 
enormous foreign inflows in 
September and October. If if had 
been possible to use a rollin 
target, so that the authorities 


and to-day's figures will further could have responded by setting 
depress its morale. This is only a rather more modest growth 
natural, because the market rate for up to a year after that 
plays a leading role in von - inflow, the recent figures would 
trolling the money supply, and have appeared in a much more 
the figures suggest heavy encouraging perspective. This 
official selling pressure. Until a change may well be made when 
new trading level is established, the present financial year is 
the result is perversely to in- over, 
flate the money supply further, « , . 

since the investing institutions dOfiieWtlGt CXCCSStve 
tend to withhold their funds and In addition, reliance on the 
keep them in the banks. The sale of fixed-interest stock still 
conditions are right, unhappily, seems somewhat excessive. The 
for another of the small fund- introduction of floating-rate 
ing crises which have always bonds has not attracted buying 
punctuated the progress of on a scale which would compen- 
British monetary control. sate for swings in the demand 
However, a pause in funding for traditional stock. Many 
is hardly a national economic operators in the gilts market 
crisis in present conditions. Two have been calling for tighter 
years ago any undue rise in control of the banking system 
liquidity, however temporal?. itself to reduce reliance on the 
was likely to finance an outflow sale of stock: an alternative 
across the exchanges; the might be further innovations in 
present rise is the result of an the stocks on offer. Certainly 
inflow In the recent past rather the experience of the last few 
than the cause of an outflow, months suggests that the pre- 
In addition, the figures cer- sent system only works really 
tainly exaggerate what is actu- well as long as monetary growth 
ally happening to the money is well below its official ceiling, 
supply. The banks, for what- The basic assurance that a 
ever motive—either to finance technical wobble will not derail 
a rise in loan demand which the whole machine, however, is 
has not materialsed, or to pro- the Government’s continuing 
vide against future official commitment to monetary con 
action to check the growth of trol. This is certainly a political 
bank lending at source —have fact. It remains to be seen 
been calling in their loans from whether that knowledge will be 
the discount market and borrow- enough to steady the markets 
ing heavily there. Part of this while recent distortions are un 
money is required to back a wound, or whether the author - !- 
tranche of their export lending ties will have to reinforce ir 
which the Government is no with a show of strength. 


The Gaullism 
Dr. Owen 


of 


THE GOVERNMENT S latest not mythical. What he has not 
response to critics of its Euro- done is to give'a clear mdica- 
pean policy is unlikely to have tion as to what further steps 
set their minds at rest. The towards greater unity the 
speech in Brussels by Dr. David Government would be prepared 
Owen, the Foreign Secretary, on to accept—if any. 





wolf from 


BY DOUGLAS RAMSEY, In Tokyo 


T 


nf 


HE CAPTAINS 
Japan's shipbuilding in¬ 
dustry at Mitsubishi 
Heavy Industries, are think¬ 
ing the unthinkable: *‘I 
do not think that we shall 
have to dismiss any workers, 
but it depends on how bad the 
situation becomes," Mr. Yutaka 
Anki. vice-general manager of 
Mitsubishi's ship export de¬ 
partment. admits. Manpower at 
the five Mitsubishi shipyards 
has already been pared from 
22,500 to around 18,500 at 
present. The company expects 
to cut another 2.000 jobs by 
March 1979. So far. face has 
been saved in a country where 
saving face counts in business: 
no dismissals- and the transfers 
to other companies have been 
done within the group, notably 
Erom the Nagasaki shipyards to 
Mitsubishi Motors' car factory 
at Nagasaki. 

Mitsubishi’s last supertanker 
was completed in April. Like 
all the big shipbuilders 
Mitsubishi has to adapt to the 
vacuum caused by the cessation 
nf orders for ultra-large and 
very largp crude carriers. Re¬ 
dundancies have already 



Giuii cent™ 


occurred al many smaller ship- T ranS p n j. t uiOT'i. So far MOT Eximbank. Policy in Tokyo has that shipbuilders are ready tri 


yards in Japan. Last month. Mr. 


has not managed to get been to charge for ship exports scrap excess capacity rather 
° WS IOr n I!! e approval for considering ship- in yen—a policy that has cost than merely to freeze it until 

_ . . ' cv,:building as one of the industries the shipyards about 25 per cent, world conditions get better: The 

3™“* n M going through structural reces- of their price advantage over state of the industry will be 

Association n[ japan s j |jn; j nstea< j subsidies are foreign builders. Some ship- discussed at a session of the 

IS be, ‘”g funnelled into the textile, yards do conclude dollar con- shipping and shipbuilding 

theory) widespread serappin* of s|ee ^ aluminium, and other tracts, but not when deferred rationalisation council in March, 

industries protected by MITI. payment is involved. Despite and by then both sides will have 

Things may now change: MOT attempts to denominate some a dearer picture of how much 

is pushing hard for the inclu- 


between 5U per cent, and 60 per 
cent, of installed capacity. What 
escaped the attention of many 

commentators was the fact that ... . 4 . 

Mr. Shinto does not speak for *J?n of shipyards on the list »f 
the 10U or more members of the 1 e . industries tinder a new 
small and medium-size ship- Bl11 £ f,in S rJ ? rn r ush , lhe , D,e j J 1,1 
yards association whose chair- P rovi dc relief to hard-hit 
man is Mr. Ryoichi Tazawa of sectors. According to Mr. 
Tohoko Dock. Together the Muneto Shashiki. doyen of 
smaller yards account for 3m. shipbuilding officials in MOT. 
gross tons of Japan's total I9m. ,bc . suni . relief money for the 
D ross tons annual capacity lo entire industry might be a* 
build new ships. Some of them, small as \ lObn. (S40m.)— a 
bke some yards belonging to lhe Pittance against the bills of big 
big industrial combines, are shipbuilders but a sizeable sum 
threatened with extinction. lo a few smaller yards. 


JAPAN'S TOP SEVEN SHIPBUILDERS 

(Classed by tonnage launchings in 1977) 


ing 

the 



No. of 

Gross 

% tonnage 


vessels 

tonnage 

change on 1976 

Mitsubishi Heavy Industries 

81 

'T.4m. 

-SO 

Hitachi Shipbuilding 

31 

V2m. 

- 4 

Ishikawagima-Harima 




Heavy Industries 

62 

tim, 

-38.5 

Mitsui Shipbuilding 

34 

0.62m. 

—36 

Nippon Kokan 

29 

0-52m. 

—49 is - 

Kawasaki Heavy Industries 

17 

0.47m. 

-50 

Sumitomo Heavy Industries 

15 

CJSm. 

-33 


Source: Shipbuilder! 1 Association of Japan 


domestic market, has Posals to the Government which 
already hit the smaller yards beyond the recession 

with full force The records of relief already under considera- 

private credit" agencies show t‘ on - T . he main P° ints - accord- contracts half in dollars. haH in each will give in return for the 


that during 1977' 12 shipyard in ? t0 Mr - Shinto would require J™ 
companies went bankrupt. Some Government support for: 

1.000 employees will have been 


little headway has been 
made: between April and 

nui Anihap ^ivnrriinn In I ho 


other’s concessions. 

One of the hardest tasks 
before the council will be to 


thrown out of work by the 
uptcies—and many more 
domino impact on the 
supplying companies is cal¬ 
culated. The worst failure of the 0l .^ an vessels 
year came in December with forces: 
the liquidation nf Hashihama 
Shipbuilding. It served as a 



2. increased purchase of 


13 per cent, in foreign currency 
tusually dollarsi. The dollar 


trump cards. All have already 
embarked on plans to reduce 


by the armed would immediately become the the weight nf shipbuilding in 
favourite currency if Eximbank their activities <at Mitsubishi 
3. the extension of supplier credits became available lo Heavy Industries, ships are only 
reminder"" to" all shiovards” bi® credits to "ship exports denoml- finance dollar contracts. 20 per cent, of turnover now), 

and small that the ?ndustrv is n ated in dollars (whereas The first response, according The big companies also have the 
in decoer’trouble than Govern Present lending by the Exim- to officials in lhe industry has technology to go into non-ship 
nr bank is restricted to yen con- cool indeed. Tokyo is vessels: companies like IHI. 


all the 
the ship¬ 


ments or managements realise. ,, 

„ . . tracts which puls 

The smaller yards under- exchange risks on 
standabJy are angry with the yard!: and 
Government. Unlike industries 
which come under the auspices 35 subsidies for scrapping 
of the Ministry for International unused facilities. 

Trade and Industry (MITI), The most important demand 
shipbuilders are beholden to the outlined by Rlr. Shinto is the 
much less powerful Ministry uf one for dollar credits from 


afraid that such a move might Kawasaki, and Hitachi are 
be imerpr<*:ed as an attempi io pioneering tip* construction of 
undercut European and other floating hotels. paper-pulp 
shipbuilders by having the plants, water desalination fac- 
Japanese Government fun the lories, barges, derricks, and 
exchange risks. Still. Eximbank assorted other floating factories, 
lending plus domestic measures The big companies with their 
might be furthcoming if the supertanker drydocks face heavy 
Government became convinced losses in 1978 and the bank¬ 


ruptcy nf some smaller yards iseould drop to well .below .75,000 
a reminder that the recession in .in tie ctrannj year. Dismissals 
the world ship market has cur are unheard of except by eom- 
deeply in Japan. The Ministry ;panies. that simultaneously go 
of Transport forecast new builfl- tehkrupt. (and by. subcontract- 
tog in.fiscal 1977 of 6.5mL .gross ing fens which supply up to 25 
tons; but between April :and per cent , of tihe labour needs 
December-only about 2.6m. had in ; sojme shipyards). . ~ 

been laid. Moreover, the target Vny . ^ a rn ~+ 

' for new orders in the 12 months . ^ or f? ost - >hipbuild- 
to. March has been ltd.. gross “J TO P !p ^ es 
tons, bjzt at end-December stood 

at only-'2m. tons with only .a Sasebo Heavy ladtistries, map-, 
faint prospect of reaching the .cement. has. speeded ,up the 
half-way mark in March; > process by offering lump sums 

. of Ja p.„-, a U- 

for *«tS jw 

testimony'enough the company has begun negotia- 

tesjmwn^enougn. . • tiofls with-its bankers to borrow 

• NEW LAUNCHINGS: At the jaOnt.-to pay them off. Nippon 
seven “major shipbuilders. Kojkaxl also dffered similar 
launchings were down 37.9 per benefits but is also considering 
cent-by tonnage for 294 vessels a mQve to brifl£ forwftrd , m 

SSSS »?»"W**“* 

cent,, and 27 per cent in 1976,... . . : 

and -the slowdown of -domestic In 1978 most builders, expect 
launchings was greater than -to hold the wages line; but 
those for export. ' some are - ready." to dsk their . 

•- COMPLETIONS: 265 vessels workers . to take /a temporary 
/or a total 7m. gross Zoos were P 3 ? cuj - At Sasebo, the request 
completed in 1977,33.7 : per-cent. “ as already be^i turued down. - 
fewer than a year earlier. Of At Hayashikane-- Shipbuilding, 
the/total, 243 vessels were- a ®naUerj^ ;einplo.\qiig i^.400, 
exported. workers hav^wc^pted a pay 

• EXPORT ORDERS: New 1Q , *** C t Xit ■ 

orders fell 40 per cent to 3.5m. 

gross' tons, according to 1 , this .bive.thptn. 

Japan Ship Exporters’ Assocla- oft Jo-.subsidiary, or affiliated . 
tion-fJSEA). As a result, the companies: Nippon Kokan has 
export order btrak at end- transferred 100 shipyard workers 
December stood at 9m. gross torts bigger steel divisipn. and 
tons'for 493 vessels valued at is planning ,tn farm out another 
Yenl.8I6bn. l $7.5bn.). ‘■ That■ . .employees to . affiliates, 

compares with total annuel caps- Kawasakl fHeavy . Lhdiritnes got 
city of 19m. gross tons. the car company, tar take 

m r-AM/’Fir ATiovq- Therpi on 200 redundant men. and wifi 
ha? S 

cancellations, especially from- ■'' 

.Greek owners who could, not U?^° up -- & h W,teu -* 

negotiate . revised contracts Jo Shipbuilding. „ 
avert foreign exchange losses Shipyards have not been 
since the sharp rise of the.yerL. taking on new employees for 
To December, export orders ’for. the past 18. months: the excep- - 
15 new ships worth yen 44bn. tidn has been skilled labour and 
were to a great extent nullified managers to. work on new types' 
by the’cancellation of 11 ships of ocean-going vessels (includ- 
worth yen 30bn. . ing the floating factories). 

•• UTILISATION OF CAPA- Despite present efforts to cut 
CITIES: According to the SAJ manpower costs at : most yards, ■ 
at : its 23 member companies' the industry is desperately over¬ 
shipyards this .has fallen manned. Shinto of SAJ reckons 
steadily since the recession in that 25,000 jobs may have to be 
the world shipbuilding market dropped between now and early 
set in. From a peak in 1974, 1979. Kawasakl hSs announced 
capacity urilisarion -fell :to ■ 85 ^ aQ4 ' i a .'cut out a further 2.000 
;per cent, in 1975,.75 per- cent-to-. 2-.500 jobs. r'Mttsubis7vi may 
in 1976. and an estimated 57 per be overstaffed by 5,000, but only 
cent, for fiscal 1977 fto end- pj^ to cut : 2,000 in the nert 
February). Officials reckon on 12 months; Sasebo will imraedi- 
the basis of existinfi contracts ately eliminate 1,600 jobs but 
that in fiscal 1978 Uie operating that is on ly a'start. Hitachi and 
rate,will drop to--7.o per cent, expect to pare pay? 

SraaUer yards, on their present ro ii 5 b y at- lea^t 1.006 jobs. All 
order books, may fare worse ia ^ the d is ndt off 

^ ep ^ ipbU, , d !T when shipyard manpower will 
“2ST? reck0Q th ** wU1 do be less than half of what it was 
“■■■■■' i/r 1974 at the'big yards, and • 

• JOBS:: Employment .at SAJ considerably less at the. 100-odd 
yards has dropped steeply since smaller yards: The question 
1974 when - the big companies remains whether Japanese corn- 
counted . some 130.000 era- , parties which, made the mistake 
ployees and had subcontracted of going too : rapidly into build- 
labour working in the ship- ing supertankers will. now bo 
yards. At present the. SAJ estr- willing to write off some of The 
mates that some 90,000 jobs huge docks built; it seems, only 
remain, and thal the figure yesterday-."' .- -.- 






• 'f 

■y. 


A 

•j 


J, 


, "i 
iM 




'.c- 

.*• 


Monday night clearly confirms 
the ” nen-Gaullist" attitude 
towards the Community that 
has caused such concern in 
Other capitals. The parallels 


The other EEC countries are 
not, as Dr. Owen suggests, ready 
for fully fledged U.S.-sly le 
federalism' in the foreseeable 
future. But they do want to 


with traditional French think- develop and strengthen the Com¬ 


ing are striking: rejection nf 
federalism is coupled with an 
intrinsic confidence in the 
superiority of British political 
and philosophical traditions: 
British fishermen are equated 
with French farmers: and Dr. 
Owen appears to be espousing 
the idea of confederation in 
Europe —a concept that has been 


munity, and they are hound to 
find Dr. Owen’s attitude depres- 
singly negative. It is not jusi 
what he says, it is the way he 
says it. Dr. Owen has a lendency 
lo be patronising to those who 
do not share his approach dis¬ 
missing supporters of the Cora 
munity’s original ideals as 
purists,” and peppering his 


endorsed by successive French speech with scathing references 


leaders. 


Distinctive 

Many of the points Dr. Owen 
makes are fair enough. Few 
people would deny that the 
British character is distinctive 
nr that an island nation is 
likely to have a different per- 


to cant, dogma, theology and 
"rigid, predetermined views. 
To Dr. Owen "coromunautaire” 
seems to be a dirty word. 

Coming so soon after the row 
between Mr. John SUkin. the 
Minister of Agriculture, and his 
partners over the green pound. 
Dr, Owen's remarks are likely 
to confirm suspicions in other 


SP 1?hbL? 0 ”?, ‘IS «PitaI S that the U.K.'s sole aim 
neighbours. It is valid to draw Pnmm , 1T1 (tv u t» 


attention to this in the context 
of the argument over fisheries 
policy, in which the Com¬ 
munity's two island members, 

Britain and Ireland, have quite 

different interests from the , persi5t e nt i y jussive 
other countries—interests which , ’ * ss 


in the Community is tn secure 
its own ends. That would be a 
pity. Britain, like any other 
member, is entitled fo fight 
strongly for its national in¬ 
terests. In the long run how- 


approach can only be counter¬ 
productive. Nor is it likely to 
give the British public a fair 
picture of what the Community 
is all about. 


they are perfectly entitled to 
defend. It is perhaps under¬ 
standable that the Foreign Sec¬ 
retary should once again draw 
attention to the conflict between 
■■ Anglo-Saxon pragmatism " and - - 

“ Napoleonic philosophy” — commission 
though nther speakers might Britain. Dr. Owen says, has a 
more sensibly have chosen to contribution to make. But the 
highlight cultural similarities, most notable omission in hi* 
Equally, Dr. Owens general speech is any positive proposal 
views on the prospect of the f° r future action. He says the 
Community's enlargement are r °le of the Commission should 
entirely respectable. His line, be adapted to cope with enlarge- 
which is to accept lhe political ment, but does hot explain how 
necessity of Greek. Portuguese, —other than proposing in pass- 
and Spanish entry, while stress ‘ n S that the number of CommU- 
ing the enormous difficulties loners should be reduced. , He 
involved, is identical to that of stresses the urgent problems of 
the European Commission and enlargement and calls Tor agrev- 
ciose to the public positions of nient on bow to tackle them by- 
most other member stales. He the end of the year- But he 
is also entitled to his own views has no solutions to offer. His 
n federalism, which he is no speech may have reassured his 
doubt correct to describe as a Labour Party audience; it is 
renal that is recarded h.v most likely to have had the opposite 
British people as unrealistic, il effect elsewhere. 


MEN AND MATT 



Centre Court 
style in the City 


In spite of all her recent lessons 
in public speaking. Margaret 
Thatcher was rather nervous 
yesterday about the prospect of 
addressing over 200 interna¬ 
tional bankers in what host. 
Orion Bank chairman David 
Montagu, rather disparagingly 
described as the "cafeteria " of 
Plasterers Hall. 

She need not have worried. 
It ail came over loud, and clear 
and slowly: the message in 
praise of liberal economics and 
the virtues of capitalism 
sounded like sweet music in the 
ears of the bankers I spoke to 
afterwards. 



from a man who was once 
Labour councillor in Bow. 


Sinking funds 


purchase out of the question, 
that is exactly the course it took. 
Whitehall challenges the 
£200.000 figure, bui agrees its 
decision has put Sea link out of 
pocket. All in the good cause 
nf propping up British ship¬ 
building, I suppose. But will 


1 was intrigued to see a slight 
“slip of the mind " revealed by 
the press department of British British Rail just grin and bear 
Rail Sealink in Glasgow. It 11 —or will they- now seek an 
issued two almust identical increase in their own subsidy 
notices in as many days about to cover it? 
its intention to bring tile 2.800- 


tnn Darn 1 a on tn Hie Stranraer- 
Larm? ferry route. The first 
an noun cement suggested that 
Sealmk had " acquired" the 
vessel. 


Black victim 

This week. Tanzania is freeing 
But this word was dropped m ° re tiian 7.000 political 


Nevertheless it was a fairly 

unnerving experience. "It re¬ 
minded me of tennis at Wimble¬ 
don." Mrs. Thatcher confided 
to me afterwards 
how she felt obli 
to face first one side of her 


And so. appnrcntly, has 
every Silver Shadow ! " 


for the second release, which 
like the first, explained that . . . 

the British Rail shipping line <ng o! Hie ruhng BeroJuMnary 


prisoners, in an amnesty to mark 
the first aniversary of the fund- 


was chartering the Darnia” from ?*«*; But ?■* man about whose 


shipowners James Fisher. When f = ,e there ia silence is Andreas 
I yesterday asked the press Ship«a»»po Utica Header from 


office to explain, it 
behind the favourite 


old 


Namibia (South West Africa). 
He has been held without trial 
in a remote Tanzaqian jail, fol- 


saws SrKHS HariSHp 

.- - —v Side of her % “ u - ,uo - imu , , , rp , son fnr ago. Shipanga wflg arrested in 

facing audience and then the Perhaps. Brltish h i’ d in facl 50Usht ' Zambia then liown secretly, to 

other. I can imagine how she permission to buv the Darnia Tanzania when hnhnia corpus 

fel. The sombre-suited, all- . reD | av L a sum believed to be in Proceedings were started, 

male audience hardly moved a ■ ■ • «l»u d the flf ^ _ m |>g VMr Last April, my colleague Joe 

miwcle throughout her speech. After her sortie into the City. wh en This news was carried to Ro ^ ^rote about Shipanga’s 
atihoush they clapped her , hK Tory | eader will Slllin shnw wuliam Rodg ers, Transport «“»«<* Suggested that Dr. 
soundly enough at the end Most her resolve to keep the comnnm Secretary, and Gerald Kaufman, ^vid Owen should intercede 
impassive of all was Walter l0lich by repeating that much- Industry Minister responsible President Julius Nyerere. 
Seipp, chief or the West- publicised goodwill stroll among for shipbuilding, they were less 1 sather that this later hap- 
deutsche 7.ande ; ,bank Girozen- Ule East Enders. Her guide thap delighted. bu X. no de ? r "P 1 ?, was 

trale foreign department after Lince again Wll) ^ Monty The reason, as explained to received. Shipanga s wife. Esme. 
the post-PouLJain re-shuffle: he jjodlyn. professional cockney a subsequerit Cabinet commiitee, slCs a ?.^,, w ^ I , ts ,n . 

saf on her right. But Seipp was anc j j a ek-nf-alf media. He told was that the dear old Darnia * JI ?* , ^ (jate,-iondon. S)?e 
full of praise for her emphasis nieyes t er day that Mrs. Thatcher had been built in Austria and s » ld last 0t £ ht: I few. that if 
on greater incentives to stimu- hag sug?este d: “Lets do it fitted out in Constant. ! he , w ® r « l T 0 h8 ^ 

late private enterprise and asa j n# " Modlyn declares hitn- Romania. Not so good, even if >ndu<led by husband, I .would 
approved her comments about self «. only tn0 honnured." she were a bargain, when Keuf- have heard by now. 
the iniquity of pressing virtuous Although he declares himself man is busily appealing to the ....... 

nations like Germany and Japan en jj r ely non-political. Morilvn patriotism of British ship- ■ ’" ^ 1 

to engage in inflationary poll- la \^ about Mrs. Thatcher in owners in the private sector ia 4.1-- 

cies just to bail out the sinners. t erms c i ose tn idolatry. He says put .iheir orders into domestic SsWailOW tPIS 

Even two gentlemen from the that after their last jaunt she yards. Man destined to succeed: dow*n 

remarked: “You’d do the same Sealink protested that it m Devon, one of the sales rep- 

for Mr. Callaghan, wouldn't needed the ship quickly, off the iese ntatives for Beeehams is 

you?" Well, would you. i peg,, and explained that to ca jj et j Fred Pill, 

asked? “ He semis more inter- charter the same vessel would * 

ested in India th«sr- days,*’ cost *t least £2(10,000 a yeat 


Vi 


'■•o 

% 


Building Products 
Manufacturers 


i-i 


When cm architect receives literature that is' 
mailed, his first reaction may be to throw it - -. '•// 
away. Or he could misfile or lose it. Which would 
be a wemte of your time cmd money. 

The Barbour DistriBu tion^ Service ens ones that 
both you, and the specifier! get the best value' • ■' 
from your produtd literature. Once the BdrEour 
librarians have looked your Jiteratuie in our 
secure system, it is always ready for reference, - 
365.days a year, for as lang.as it is valid.; 

. The Barbour'Library is invariably the;. 1 
architect's central source of reference, and is 
serviced monthly by our unique cmd.expert’fedm 
of 35 iiibrarians who will personally introduce ' •' 
your literature to the architect.^ \ \... 

TheBarbour Llbrarianaiso maintoirmcmd.. 




- 






■ j /y 




through her, you may tip-dcrte^jbih' infdnhatibii 
soii'sLcrfconstant r^evance4p the architect;-;. 

‘Fill ihthe coupon.cmdpcetlodcryl : --■ ■t 'v 


:-£.a 


Bank of India found nothing to 
object tn in her economic 
analysis. But when I asked 
whether her appeal for a re- 
suruenw of national con fide me 



^Borf?^fiidiwI^. N^^fldOT,35^ : Bpal£'WipdaarrBafkS. 
SL44RQ^Tel:43^47 .' 


was not perhaps part and parcel replied Modlyn. Hard words more than to buy it Bui wild 


Company 




Address'--"^ 




■ 






01 

i -.t '/..tS • 


•v*3- 


. i 


• ,J . •• - ■ ; 1 - -- V J* : T! ; T-" ' 




















17 






*0'y'f-rt ■/ <-. • 

g'.v , X'^ri^t? 5 r r^J-J-sa! •‘ , - L i -■' •; - '■: '' i •• 

:.v:--._.:- J,..*-■.. •:.. • 




8 '1978 





YEAR-BY-YEAR BALANCE SHEET OF THE PERSONAL SECTOR 

Holdings at December 31 in £bn. 


* 





(Y ADRIEN&E GLEESON 


: 3 A t E UPON a tiaaE tifela^We 
•.. 2 . ..-•Of;.. s of the people.ot Briiiiitt 
ru .;' : ' s *. jjisted. alt' baV«Kjre&"of 
- • ‘t'.Jf: land, tbeiy hjifldingSi^jeir 
-. and their v pei^onaj 

. ; ,n t-y .visions. Thai way; certainly 
.-.v^case when; the jDojhesday' 
‘ •"* ^ w &s made; the -bes£ part 

*; miUenniura. 3jgp,.;inyAI> 
"i.j S - The la test,version 4)f-that 
I >:•. r,7 r -^ masterpiece of tHe sWtisti- 
■y ‘---q art, the~ evidence sub- 

e\>. "i *>y the.Central 7 Statisticat 

;j" ' e t0 the 

; he Distribution: of Income 
■ I; ' r ' l i ;fc :We alth. shows’ fljat itfrjUf 
; r, -’itv 'fSophisticatibnc of the firian- 
v, / forms we. have .developed 
Vf - 'A the Underlying-pattern 
'.- -. “'i very much tho same. But 

• • : 5 - ,s after . ; two decades .of 

c> dramatic change. 

4 ^- ; producing"Personal. Sector 

• s . ;•« ice Sheets* in something of 
i r 'n^ l 5 rry at ***« specific request 

Royal Commission, the 
' " *?:i has, and freely admits it, 
to have recourse - in some 
to rough ; and ready 
of calculation: and its 
ffS'li-rates may therefore be sub* 

1 j .^ to correction. They form, 

■ Si--., ,/theless. the most authorita- 
"and up to-date' guide we 
7 ?'■ to the assets-and'liabilities 
^''- l3f ie personal sector—defined 
.. ]"f Viiouseholds • plus non-profit 
. • ng bodies such as churches, 

' ; i Ar ties and. iiniversities-^in 
7 ; ‘-f r^iin to-day. 

!vt ? e figures are certainly * 

■ • ^ ,)r ict improvement on the 
"7 n k-.iates - produced ' last 
‘ ‘" r-«s.!mber by the Royal Cominis- 
' -itself in .its Third Report 

• '-‘"jijthe Standing Reference 
'• od. No.-6999), which wire. 

• based on projections of 
J ‘ •f’r.ij-' done at the Department of 

li,- >,. ied Economics ; fDAE) at 
= .: >• bridge in the early. J960s. 

" • .CSO aimed to produce dcs 


• ?■£ 
^ri 


tailed figures 'for -fce. state of 
play at. end-December, 1975; 
discovered-in the-process that 
it. was relatively-:easy. to update 
.them to z end-Decwnber, 1976 ; 
and .subsequently .worked back¬ 
wards tb iiiUL- ]^' \w^ the last 
figures',produced 1 ?by-^he Cam¬ 
bridge economists 7 in 1966. So 
the eyIdehcefpro‘^des? iK' with' a 
t detailed picture .'of . 1 the-ag g re¬ 
gate "* assets r an d. ilabilities of 
■hcmseholds: and. nbn-profit 
-making organisations at end- 
1976; a reasonable^guide to 
movements in v those:assets and 
liabilities ■i9fi$7HMe the 
table; and.a ratft&rrimgiier indi¬ 
cation of hpw, the pattern has 
changed since the DA£S'started 
turning out figures in :I957. 

Assumptions; 

That dwellings, ishbuld form 
by -far :£he laigpsc f single 
element in personal .-wealth is 
no cause for surprise: \faxaiion 
policy mililales in.fayoat of the 
owner-occupier.' But the CSO's 
evidence on the disposition of 
that share'of perSoiiaT-wealth 
that is'not tied up in'bousing is 
likely to - knock;a few: cherished 
assumptions . : bn!the bead. 
Notably there is the^fa^ that, 
at end-1976 prices,:the value of 
the personal sector's direct in¬ 
vestment in financial v assets 
quoted on the Stock_Exchange 
was, at iust over £26-5tnk (ex¬ 
cluding the amount--held by 
non-profit-making bodies); only 
marginally ahpadVaf the 
£26^lbh. invested tn^Bullding 
society shares and deposits. 

^Indirect investment; through 
life assurance and 1. pension 
funds, was at £37.Q5bn.;‘ by far 
the biggest single element in 
the personal sector'siotai finan¬ 
cial assets of £l46.89bn.' (again 


excluding non-profit-making 
organisations) at end-1976. But 
any attempt to infer from that 
that the direction of the per¬ 
sonal sector's financial invest¬ 
ments is being .taken over by 
die institutions would not be 
justified—at least, not yet The 
personal sector's holdings of 
financial assets through clearing 
banks, savings banks and other 
deposit-taking institutions was. 
at the same dale, of an order nf 
magnitude very little less, at 
almost £32bn. With the money 
invested in building societies, 
then, some £a8bn., or almost 40 
per cent., of the personal sec¬ 
tor's financial assets was held in 
liquid or near liquid assets. 

How desirable that was at a 
time when inflation was well 
into double figures is of course 
open to question. But the 
figures which the CSO has 
assembled indicate that the per¬ 
sonal sector in the aggregate is 
somewhat short of wisdom when 
it comes to disposing of its 
wealth. The end-1976 figures 
show, for example, that as 
against £S.52bn. held in current 
account in the clearing banks, 
some £11.52bn. was held on term 
deposits: and evep where those 
term deposits were at market 
related rates.' they cannot have 
been generating anything better 
than a negative return. 

The longer-term figures, how¬ 
ever. indicate that if aggregate 
financial wisdom was at the end 
of 1976 still short of what it 
might have been, it had been 
increasing during the preced¬ 
ing decade. Figures covering, 
the period from J9G6 reveal a 
very big swing in emphasis 
away from investment in finan¬ 
cial assets towards investment 
in their physical counterparts— 
land and dwellings, vehicles. 


plant and consumer durables. 
Whereas in 1966 physical assets 
of £56.4bn. compared wilh 
financial assets of £70.2bn., by 
the end of 1976 the figures were 
£220.6bn. and £146.9bn. res¬ 
pectively. 

To some extent those figures 
are open to misinterpretation. 
The value of marketable securi¬ 
ties, in particular, fluctuate with 
the state of the markets nn 
which they are quoted. The 
opening year of this series, 
1966, was not a good one for 
equities. Overall, however, the 
amount of wealth held fn finan¬ 
cial assets has shown an inexor¬ 
able decline which not even the 
bull market of 1972 could 
reverse. As the CSO itself has 
pointed out, to some degree 
that decline can be directly 
riaced to the effects of inflation. 
Quite apart from the question 
of whether people have been 
putting money into—or taking 
money out of—financial assets, 
inflation means that the relative 
value of those assets which are 
denuminoted in money terms, 
will have been falling. The 
price 0 / physical assets, in con¬ 
trast, has been rising to reflect 
the fall in the value of money. 

Longer term the swing away 
from financial assets to physical 
assets is more dramatic si ill. 
Figures compiled by the DAE 
prior to 1966. and those 
assembled by the CSO subse¬ 
quently. are not completely 
comparable: the crossover year 
of 1966. for example, produced 
quite sizeable differences in the 
value of dwellings, because 
while both series estimate that 
value by capitalising the rate¬ 
able value statistics, the iater 
SPries uses more up to date 
rateable values. In very general 
terms, however, while physical 



1966 

1967 

1968 

1969 

1970 

1971 

1972 

1973 

1974 

1975t 

l?76f 

PHYSICAL ASSETS 

Stocks and work in progress 

Vehicles, plant and machinery 
-.Dwellings 

Other developed land and building) 
Agricultural and other land 

Consumer durable goods 

2.0 

1-5 

35.0 

1.9 

4.6 

11.4 

11 

1.6 

38.1 

2.1 

4 S 
12J 

23 

1.6 

423 

23 

4.8 

13.4 

2.4 

1.8 

45.6 

23 

S3 

143 

16 

2.0 

49.9 

17 

4.6 

16.1 

2.9 

2-2 

583 

14 

4.5 

183) 

33 

15 

81.9 

4.1 

5.3 

203 

4.0 

23 

1103 

6.0 

13.0 

25.0 

4.7 

3.7 
113.4 

63 

13.6 

30.6 

5.4 

43 

1253 

63 

9.6 

363 

63 

5.9 

1493 

63 

93 

416 

Total physical assets 

56.4 

60.6 

66.6 

71.8 

77.9 

89-7 

117.9 

16M 

1714 

187.6 

2203 

- FINANCIAL ASSETS 

Notes and coin 

72 

2J 

23 

23 

17 

19 

33 

3.6 

43 

4.9 

53 

Bank deposits 

73 

8.0 

8.7 

9.0 

9.8 

10.7 

123 

15.9 

183 

183 

203 

National savings 

8.1 

83 

83 

83 

83 

9.0 

93 

10.0 

10.1 

10.7 

11.6 

Building society shares and deposits 

5.8 

6.9 

7.7 

8A 

10.1 

12J) 

143 

163 

18.4 

223 

26.1 

Other short term assets 

0.6 

0.6 

0.6 

0.6 

0.6 

0.6 

0.6 

03 

0.4 

0.4 

03 

British Government securities 

3.4 

3.4 

3 JO 

3.0 

23 

4-1 

33 

3.6 

23 

5.4 

73 

Listed U.K.. debenture and preference shares 

}J0 

1.2 

13 

1.2 

1.4 

17 

17 

1.9 

0.9 

13 

14 

Luted U.K. ordinary shares 

12.8 

16.8 

23.1 

19.4 

17.7 

24.9 

29.7 

18.7 

73 

173 

153 

Unlisted U.K. company securities 

Unit trust units 

5.1 

S3 

5.2 

4-8 

43 

4.9 

6.6 

63 

5.7 

7.1 

73 

OS 

Ofi 

13 

13 

1.1 

1.6 

12 

13 

0.9 

1.7 

1.7 

Overseas and miscellaneous other assets 

2-3 

2.4 

2.T 

23 

23 

13 

2.7 

16 

2.7 

19 

3.4 

Local authority debt 

1.9 

1.9 

2.0 

11 

2.0 

1-8 

1.6 

13 

10 

2.2 

2.1 

Trade and other debtors and accruals 

4.6 

4.4 

43 

43 

4.3 

4.6 

43 

53 

63 

7.0 

7.9 

Equity in life assurance and pension funds 

14.6 

163 

18.1 

183 

20.4 

24.3 

28.1 

28.1 

253 

312 

37.7 

Total flnanciai assets 

70.2 

783 

87.9 

85-9 

88.0 

106.4 

1213 

116.3 

1053 

133.9 

146.9 

LIABILITIES 

- Bank loans and advances 

1.5 

1.6 

1.6 

13 

U 

23 

43 

5.8 

5.9 

5.7 

63 

Loans for house purchase 

73 

83 

9.2 

10.0 

11.2 

13.0 

15.7 

1B3 

20.7 

243 

28.0 

Hire purchase and other loans 

2-1 

2.2 

2.2 

13 

14 

2-6 

3.0 

3.4 

33 

33 

3.6 

Trade and other creditors and accruals 

3.4 

3.4 

3.4 

3A 

33 

3.4 

33 

3.8 

3.9 

4.1 

4.4 

Total liabilities 

14J 

153 

16.4 

17.2 

18.9 

213 

27.0 

313 

34.0 

373 

423 

NET WEALTH 

1123 

123.6 

138.1 

1403 

147.0 

1743 

212.7 

2463 

243.7 

284.0 

3253 


■ AiMta and habilirin of non.profit-nuking bodies tseludtd. t Toni atirts, liabilities and net wealth in 1975 and 1976 rounded, and may not 

aqual sum of their components as shown. 


assets formed 34.6 per cent, of 
the gross as.-et* of British 
households in 1957. by 197 .t that 
proportion had risen in 5S.4 per 
cent Equity in life assurance 
and superannuation funds, sur¬ 
prisingly. dipped slightly over 
the same period, from 11.1 per 
cent, of gross assets to 10 per 
cent.; but ihe p*al!y dramatic 
decline was in the proportion of 
wealth held bv individujl» in 
stocks and shares: down from 
24.6 per cent, to 115 per cent. 

That does nut necessarily 
reflect disillusionment with the 
Stock Exchange pure and 
simple, though th* 1 figures indi¬ 
cate that disinvestment was 
quite dramatically hastened m 
the.tliroe-year period from 1972. 
Over the longer term such dis¬ 
investment a No reflects redistri¬ 


butive taxation policies, since 
Stock Exchange investment is. 
for obvious reasons, a disposi¬ 
tion of wealth to which the very 
rich are mure prune than those 
of more modest affluence. That 
conclusion is also borne out by 
the extraordinary growth in the 
proportion of assets held in 
building society shares and 
deposits. Althmigh there is no 
complete hreakdown of personal 
-■■ector balances for the period 
hack to 1957. the CSO statistics 
covering the period since 1966 
indicate that, at a time when 
financial balances nf households 
have ha rely doubled in ab-olute 
u-rms. building .society invest¬ 
ments have more than quad¬ 
rupled. Loans for house pur¬ 
chase have over the same period 
grown from"i’7.3hn. lo £2Sbn. 


With their tax concessions and 
their ability to pay long-term 
rates for what are technically 
snort-term deposits—-though the 
average life of a building society 
investment can still he meas¬ 
ured in years rather than 
months—the building societies 
have For some time now been 
the best of the alternatives open 
to those who. for lack of capital 
or lack of confidence, preFer not 
to risk their money fur the sake 
of hypothetical capita] growth. 
Whatever its genesis has been— 
redistribution of wealth, the 
effects of inflation on real 
returns, nr simply the financial 
scares and financial scandals of 
the opening years of this decade 
—the flight from risk is a devel¬ 
opment which rightly has 
industry, the Government and 


the City somewhat alarmed. 

With the building societies 
themselves putting such of their 
money which does not go into 
buildings very larcelv into short- 
dated Government stock, the 
story of the personal sector's 
use of its assets over the past 
20 years has been one of a re¬ 
turn to the traditional touch¬ 
stones of wealth. Whereas a 
mere ten years ago less than 39 
per cent, of personal nel assets 
were put into property and 
Government stock, by the end 
of 1976 over 52 per cent, was 
directly invested in Jand and 
Government funds. 

'Evidence submitted to the 
Royal Commission on the Distri¬ 
bution of Income and Wealth 
bit the Central Statistical Office. 


Letters to the Editor 


usiness 


■*i 


. .. Is. concerned with the sptalier. tion. as your correspondent re- tainly some way to increase its 
- . unquoted companies with; which purls, the northern area is slowly sales, and subsequently its cash 

... be chiefly deals in. his profes- dying and decaying. The Greek flow. 

..siohal Ilfifc- ' . .. -77'. Cypriots have developed the 60 /i|p n Urauharr 
*. . The first main point oh which per cent, of the island which * 

we differ with Mr, S.tacey.-,con- they control and which accounted v/o Jti-J/Ja barisfietd Roan, 
U.K. cerhi profitability. -We'^are not. for only 30 per cent uf the GNP Earlsfield, .S.W IS. 
were a. he . suggests, saying- that before the war, to the point 
fled to ' read the_.latest “mfcrged companies .lend 'to be where Ihey have now passed the 
:• '. .rnment suggestions for. - a' less profitable " in. .absolute total pre-war GNP for the island. 

••'l.iess users airfield at Biggin termr. our conduslohs-on profit- These facts show the impar- 
Tj •. - v - ability are relative; W Hie per- tance or an early settlement of 

.' -is airfield operates, reasonr- ftfnhance nf other firms ;ju -the the Cyprus problem The lot nf 

satisfactorily at .the moment amalgarnatioh's industry ancF, to the Turkish Cypriots who were 
- home of many .flying rtnbs. pre-merger, profitability.. . treated as second-class citizens 
also' jirovides'"’nmifed - The second "pbinf at .issue'Is before the war has worsened. 


.; . Air. ff.vDpunur. 

- As operators of" 

tered aircraft. We 


Aerogenerator 
design 

From Air. J. Shapiro. 

Sir.—In the article of January 
26 under the title " Pitfalls for 


un$ faciJiliesrilF at- a very fncreksed • Government sent tiny .frTnow tha t they .are being treated th en er£v planners ” the main 

. -.s alable chaxgi."..; • •'•i prospective mergers. We'argue.as second-class citizens under nietorial rcaiure is a tnmmrisnn 

... ,. = • - .-.L - not SAIT. Turkish. neeunatioD n an area P ,LlorlJl iealure is a companion 


... „ it nmYmsed'that- it is for tbls Jiot because civil' ser-Turkish^occupation, in an area . ... . 

" i over bv British Airports vants are necessarily held to be which contained 70 per cent, of of windmills. It docs not acknow- 

" r j: oritv whfrli no' ddubtTS3 mdre competent or far-sighted the.naturiil wealth of the island, ledge, however, that the sketch of 

r 3klv^at?L a^ abie * Whilc •>P ar ! ition continues. - •.... .... 

i 's o hers uSder iU cSprnand as Mr. Slarey puts lL jo “save Turkish Cypriot standards of 
- •verv «i53?£ friahSri Sff them from'their follies but living are sinking lower white 

• - t£> e ^yine J ' with ^incrediblv because tbe>^ represent Greek Cypriot standards con- 

. . , landing , flL m parking different interests, ? There are linue to rise. Both communities 

, P b _ T(1 . .. reasons.to suppose.that managers need each other and hoth have 

nor 


a large horizontal-axis windmill 
is based on an ETSU/Servotev 
aerogenerator design. 

In fact, the whole reasoning 
behind this design is that it ;is 


are 

that 


■ . SPSS's ^Wpros'f 77TT the ,f p r „ b 

1 ., level- flDSroalhef ~re often aecepted^-eveiy were a firm to dependent Slate. Together the (a) development steps should be 
' - Lble to make duB to mor improve profitability . through whole economy can develop to moderate and ibj economy of 

ilitv g* c .... ■ - merger-, -the • consumer might the benefit of both communities. sca j e j s extremelv questionable 

• el v Snni tha h*U • _ ■_j...!,, , 


»h ft „=h TOr.^h•*»■*«•** foot. tbe biB- . D. Watkins. 

: though. Noruufit^.JS.^.inen-... The - thlnJ issue is merger s tiouse of Commons. S.W.1. 
..■d m the suggestion5,_P05- e gf ec t on-competition. Here we 
due to the ppwer _oF; the tiave several differences with Mr- 
l* has nut been put -forward Stacey. '"It seems lo us that, as 
• ' major btwipw5V<inlgW..|D2 a .. matter of definition, the 
London area^ V 'disappearance of’-an independent 

■^rtholt is ideally situated .as caller from a market will, other 
:t class landing system, it*as things equal, diminish eoinpe- 
t.v of parking area sauLwitb ution. This is'not the same 
■ or no extra expense ^ c i a hning that enmpeti- 

me the No. 1 tiori is always sure to be weaker 


Towing an 
-oil rig 


From Mrs. E. Young. 

. Sir.—“ Insurers face big loss 
on rig," you report (February 4j. 
is it not perfectly crazy to 


___ _ __ _ ___ wo aw* ,u % __ But — _- . 

for London. Tt is Cojopara--, ^i r VV e '™: olijer^tbings may try to tow such an object as a 
>• near to Heathrowequal 250-fL. high, jack-up oti-ng tike 

Central line railway pSs^. , NoV j. ^ Stacey hints, Orion through the Channel 


in windmill plants beyund 45m or 
50m diameter. A ti^s ambitious 
scale and technology has many 
otber advantages, including 
dramatically reduced develop 
ment cost. 

Our philosophy is hasically on 
the same lines as the article and 
touches on one of the major 
issues of technology and 
cronomie strategy. I would 
however, welcome a clearer dis 


4/^fC Central line railway passes*... v* Stacey hints, Orion tfirougJ 

a one side of'the airfteyt^JitprpjjpJ. ^jupeiiiion could have during this kind of weather; Unction between the two separate 
Imlttedly the ar^d oai.^ been^increj^ at the time of risking not only 'issues of sealing up in innova 

.VC at the moment, biit for marger. But the significance for pounds worth or hardware, our lion and defintn 

■15 ? perverse reason* Curfonm mevgec..pqhey of this partu-ular some^30 nr "!°. re1 ’ kj d 0 { scale in operatioi 

. ,: { itie^ are not normaliy.pfferal ehange in Mother things can be ip^urera demand some Kina of problems are on)y occas^jjy 
• rivate aircraft but only.to dispuied. - copunon sense fro ™. th £ interlinked. 

• Tn'the first place, some would clients? And » not. given tnc 

contend v4hat, in present-day nsks that can now be taken a» • Incidentally, n JS incorrect 

Britain, J both domestic and sea, should they not be required that no j European windmill has 

foreign competition are to be to? ■ 

"OPeohragWlt- -the- more cora ? 1^i»abeth Youn ^- w w « 
petition the.'merrier. Secondly. IflO Bnysicoter Road. w.2. 
is-there good reason to suppose ' . — ” - 

t3iat foreigh tompetitioo can act tOOlS 


RAF's own persoQsei. 

; Downs. • '• 

ga Consoltanta. 

.A'ete Street ,; 

’°cter Port. • : .' 

rnsey, Channel Islands. 


'ransport 7 
trategy 

the Secretary Treasurer, 


as a universal substitute for com¬ 
petition among home producers? An c L nW 
Surely ini practice there are some Uil aliUVT 
industries, on which eompentiou From ffie chatrruon. 
-from abroad, can barely impinge Ajisouinticm of European 


survived for long. The Gedser 
windmill (24m diameter) in Den 
mark has survived for decades. 
J. S. Shapiro, 

Servotec Ltd. 

South Block, 

RedliiU Aerodrome, Surrey, 


Management 

looked, in vain among Sr^uf^foreS’ com^ Eu?i»waS l^Ck Of realiSID 

details of the Airport peUtion-he. bought.at a very hl K b Ma^fne^Too 1 3 JIerchanS re^ard- From Dr. F. Heller. 

i%rSo^ e rS a Se 3 aJ^ P rtc ? 7 To rew) fn mend re! >‘ m5 n ^ ^^yLl \£suil\ Edu Q r^ Sir.-U is difficult to under 
e i n ^ foreign competition in preference^of^^January 30. slan d whau except propaganda 

a.sig\&ss^: fj.?s;£vd.xsu«d«...««c *«»purpose * >•« 

context of a wider transport Britain involved liz a loss of 
tegy. - .i -‘ - arms overseas—a 


ict 


siderable problems of Alfred survey on top management atti 

Herbert, the state owned machine tildes to pay, to which you 

. —- , - , oss 10 n tool comnanv From this report devote half a page (February 3). 

is most unfortunate, p the home economy which may well ^ p , y ' it ^ Ending to The two top samples are very 

ion of my union, that future", be compounded when, as all too -f. f Urt her Injection of " - ■ - 

' ‘ .. ' ‘ the 


small, so that the 1977-78 


passenger trends havE beenVoFien - ‘happens, the frou^^N«U^!%te^ differences are almost certainly 

used without‘any indication balance ..of payments deficit nrjseBoard *^ ue 5amD bnv errnrs rfithni- 

what_they might 5 Lit PFbmpts a^overnment Ration F r wouJd j ik(? t0 suftCMt that 



to restore 




nnei Tunnel were.buflt The qf .r the econnmy 
fence of a -physical: link external balance, 
ceen Britain -and the jdeeks y : 

nt could well have a Geoff Meeks, ' ' ' ' 

: effect on some. Department of Applied 

s mentioned ^ ..^H^. Economics, • - 
riopment oter- . .Ihe next u n j V ersity qf.Cambridge, 
ide or so. •'' Sidguiick Acenue. Cambridge. 

ne findings of the'Leitch Com- ” ■■ , 

■ce on roads .seem-mirch T TnJfu-.ifrt-r 
e realistic than do: those of, .- aJIixl.jr tl/I- 
new White Paper with, regard 
'irport policy. :. 


to sampling errors rather 
than real changes in attitude. 

That aside, the 92 per cent 
of top managers who said they 


.Rogers, , 
m 507. West Side Offices, 
y's Cross Station, -VL 


'From Mr.- -D. Watfems. MP. 


some of the cash flow problems 

' would be solved if it used the . . - - - 

purchasing power of members of were badly paid and the / 5 per 
our assocration—many of whom, rent, who said they would con- 
ctven the right terms on sider inking a job abroad betray 
Herbert's standard machines, a fnghlening lack of realism, 
would offer stocking facilities lo Only last November the Treasury 
the. company. ■ announced that a number of 

- Our members have showrooms major industrial* countries, in 

throughout the U.K.. with sales eluding Sweden and Japan, had 
technical staff ready and avail- higher top marginal tax rales 
able. Herbert does not have this lhan the U.K.. and many more 
advantage. Us machine tool were very similar to ours. At 
. group is situated in the Coventry the same time it is well known 
area. This is the only place that rhe U.K.'s industrial pro 


: Sir,-r-Thq -illuminating report "where'a permanent display of its dueltviiy. measured by almost 
.’by your correspondent in Cyprus, machines can be seen. Such ao any statistic, is lower than ntosl 

-.- February 2, highlights the urgent -arrangement Is fiue if you other countries, and this week 

._n.ei*4 for a settlement in Cyprus operate in that area, but it Is w ® have again heard that U.K. 

.. which will once again allow the highly inconvenient if one's managements fringe benefits 

island to function as a single" factory is in, say. Bristol. Often'are particularly highly, devel- 
, .entity rather than as two pressure of work will preclude oped and tend to exceed pay 
.-'separate units, as at present a possible cusiomer from travel* policy mrreases. 

-Prior-to-the Turkish invasion ling- .long .distances, and. so Top management attitudes are 
^Jq 1974. the area now dominated instead, for convenience sake, understandable onrly in’ the 

/ir.—We would- like, to take-by Ihe.Turkish Array produced j he customer will visit his local context of similar feeling* 

■* three points from Nicholas. jiome-70 per cept. of the gross .machine tool stockists, and pur- among many oilier groups: fire- 
m » n mpreer boliev, national" oroduct. which was chase another make simply men. eleetrieians. miners, tnoi- 


^)ebateon 

Mergers 

. .r fti doctors Geoff and 

• Meeks. 



*iat ifelther. ■ ^ &e'«‘-Boi*k;'<!dBSiderable ^- . —-.. .— - , „ 

sappolnting- Marriage- ^ i- J -and the - tobacco growing areas, sure.,the facilities our members Frank A. Heller. 


Turkish admimstra- could offfir them would go ceri fi Wood Vale, AMO. 


GENERAL 

Miners' leaders resume pay 
negotiations vuih National Coal 
Board. 

Swan Hunter boilermakers ''fair 
wages” hearing. Central Arbitra¬ 
tion Committee. ACAS offices. 
Westeate Road. NewcaMtc. 

TtJC economic committee 
meets. Congress House. 

Mr. Roy Mason. Northern Ire¬ 
land Secretary, addresses CBI 
Conference on Ime.xlment in 
Northern Ireland, 21. Tolhil! 
Street. SW1. 

Mr. William Whiielaw. Deputy 
Leader of the Oppositinn, 
addresses- Woking Conservative 
Association meeting. 8.15 p.m. 

Mr. Roy Hatiersley. Prices 
Secretary., vpcak*, at Brunei Uni¬ 
versity Fabian Society meeting. 
Uxbridge. 6 pm. 

National Union nf Students' 
Lobby or Parliament in “ Day of 
Action " on college cfosurcs. 


To-day 5 s Events 


Statement by Health and Safety 
Executive on Employment Medical 
Advisory Service report. 

Mr. . Rolf Hansen. Norwegian 
Defence Minister, continues visit 
io U.K. as »uest of M>- Fred 
Miilley, U.K. Defence Minister. 

Mr. Simcha Ehrlich. Israeli 
Finance Minister, continues talks 
in South Africa on lecbnica! co¬ 
operation and trade. 

London Chamber of Commerce 
and Industry reception to Mr. 
Kingman Brewster, U.S. Ambas¬ 
sador. «r». Cannon Street. E.C22. 
5.30-7.:tQ p.m. 

Tour of Borough of Islington by 
Mr Guy Barnett. Parliamentary 
Under Secretary of State, 
Department of the Em tronment. 

Hong Kong buying mission con¬ 
tinues talks in U.K. 


Sir Peter Vanneck. Lord Mayor 
of London, attends First Night 
Performance of "Duke Blue¬ 
beard's Castle—Gianni Schicchi,” 
London Coliseum, W.C.2. 7 p.m. 

Microsystems 78 Exhibition and 
Conference opens. West Centre 
Hotel. S.W.6 tends February 10). 
PARLIAMENTARY BUSINESS 

Hnn«e of Commons: F-uropean 
Assembly Elections Bill, com¬ 
mittee stage. 

House of Lords: Debate on use 
of North Sea oil. Debate on fire¬ 
men's strike. 

Select Committees: Science and 
Technology. General Purposes 
sub-committee. Subject; Dura¬ 
bility and efficiency of electric 
lamps. Witness: Department of 
Industry. 1 10.30 a.m. Room 16 ). 
Nationalised Industries, sub-com¬ 


mittee B. Subject: British Gas 
Corporation report and accounts. 
Witness: British Gas Corporation 
(10.45 a.m. Room 8). Overseas 
Development Committee. Subject: 
Renegotiation of Lome Conven¬ 
tion. Witness: Mr. Matthew 
McQueen, Department of Econo¬ 
mics. Reading University/ 
(4.15 p.m. Room fi). Expenditure, 
Social Services and Employment 
sub-committee. Subject: Employ¬ 
ment and Training. Witnesses: 
Department of Education and 
Science and Scottish Office 
(4.30 pjm. Room 15». 

COMPANY MEETINGS 
Burton Group. Leeds, 12. 
Lloyds and Scottish. Hyde Park 
Hotel. S.W., 12. Redfearn 

National Glass. York. 12. 
COMPANY RESULTS 

Decca (half-year). Trust Houses 
Forte (full year). United Domi¬ 
nions Trust (half-year). 


- 

_ /“ • 
'■V' 


./• , • ) -ly, ;; - * *■ * • vi ■■■;■ w ■#¥ . •• ( ■ ••yv' 

. '■ m , . ■ ■*-. *, - * *»* '* .■ 



If you’re thinking of setting 
up offices anywhere in the 
country, the Location of Offices 
Bureau has all the facts you need 
to make the right decision. And 
the service is free. 

Office rents 


I 

I 



We have details of 1 


available office 


space throughout 

j 

} -VR|| 

the UK. Rents can be 


from nil (for one to 


seven years) upwards 



Staff availability 

We can tell you 
where the staff are- 
and where they're 
not-and how much 
they’ll cost you. 

Communications 

We have the latest 
facts on communi¬ 
cations: road, rail, 
air, sea, and tele¬ 
communications. 

Set tip by Parliament to promote 
better distribution of office 
employment throughout the UK. 



Facts on housing 

-- If you move. you r ll want 

ri fa rH Ula to ^ ee P th e staff who 
illTff V move with you happy. 
JhhoLL We can tell you about 
housing availability 
and prices throughout 
the country. 

Government Grants 

Government Grants 
for the Assisted Areas 
mean that for each job 
you move you could 
make substantial 
savings. We have all 
the facts on the various 
incentives. 

Wherever you are, contact the 
LOB for the best information onoffice 
location. It won’t cost a penny and 
could save a lot 

LOB, 27 Chancery Lane, London , 
WC2A1NS. Telephone: 01-405 2921. 









Second half slowdown trims Imps £1.2m. 


WITH WEAK second-half trading ' 
conditions restraining profits in 
all divisions pre-tax profit of 
Imperial Croup ended down, from 
£130;35ni. to £129.l2m. in, the 
year, to October - 31. 1977;.despite 1 
half-time predictions of somewhat j 
higher profits. : 

The tobaetd division-showed a ■ 
decline in ita* trading surplus for < 
the'year from £81.7m. to £69.5m. , 
while all other divisions increased - 
earnings, with the paper, board. J 
packaging and plastics division j 
lifting 81 1 per cenL from £S.9m. ■ 
to £.18.2m. . ! 

Directors say that falling con- | 
sunier purchasing power at a 
time of pay restraint was the one 
factor which particularly in- 1 
fluenced most divisional interests. 

Total sales or the . group 
climbed from £2.S7bn. to £3.2hn., 
and investment income increased 
from £l6.Sm. to 120.5m. ' 

At half-time profit was up from 
£65,4m. to£67.5m. before tax. 

The trends of the second half- 
year have continued in tile first 
"three months of the latest year 
and trading results to date are 
lower than Tor the same period 
last year, but in line with group 
estimates, directors say. 

They say that although there 
are prospects Tor an improvement 
in trading conditions in 1978 it is 
too early in forecast the outcome 
for the Tull year. 

Capital Investment for the latest 
year of i'lOnm. has been provided 
for. with I30m. to be spcni on its 
Berkshire brewery. Last year 
spending totalled £70.1 ra. 

Maximum dividend 

A final dividend of 3.4lp against 
3.31Sp net per 23p sh3re lakes the 
total to a maximum permitted 
5.66p to.OfiSru. The total dividend 
payout will be £39.97m. (£3j.79m.». 

Overseas sales in the year 
totalled £372.3m. (£3362m.) and 
profits were down from £15.1m. to 
£l3„7m. Exports from the L r .K. 
amounted to £51.9m. ■<£37.Sni.L 
An analysis of overseas sales 
and profits shows Europe with 
1132 1m. (I117.7m.) of sales and 
profits of £4.9m. (£3.6m.). the L'.S. 
£lfi.7m. (£165.Tm.l and £42m. 
t£7.9ni.», Canada £342m. fXSlm.i 
and £2.4m. l£1.7m.). Australasia 
£l2m. (£16.4m.» and no profit 
(£02m.). and other areas £24.3m. 
t£15.4ra i ar.d £2 2m. tri.7m.> 

For the first time more than 
half the group's trading profit 
came from non-tobacco interests, 
which contributed 33.9 per cent, 
of the total. * 

' Directors ascrihe the fall in the 
tobacco division earnings to lower 
volume sales which reflected the 
changing pattern of trade and a 
smaller U.K. cigarette market. 
Intense price competition, particu¬ 
larly in the king sue sector, also 
affected margins. 

i»rr uw 

im in. 

Sales .- 1 iy,: -’ - 

Tuba.-vo .I.S-7.1 I'll 1 


INDEX 

.Company • 

Alan__ 

Beaumont Properties 
C hieftain/Broadmount 
Claverhouse T rust 
Compens ation Terms 
Dowt y 

impe rial Group __ 

Life Assn- of Scot. 


TO COMPANY HIGHLIGHTS 

Page Col. Company Page ■ Col. 

18 Mears Bros. 19 _ 4 

18 * N at. Mutual L ife_ M 5 

1? .1 Provincial B. S oc. _ 20 5 

" 20 i Sav ille-Gordon (J.) 18 3 

”l9 S‘ .Tubes H P sale _ 

19 f ULS Marine_ I? 3 

16_f Unitech_ 1 S ___ 4 

~20 6 Warner Eestates 18 5 


Sales . 

Tnbj.xn . .. 

Papvr. board. ■fit. 

Food . 

Brewery . 

TradmK proto . ... 

Tobacco . 

Paper, etc. . . 

l■■nurl . 

Brewery . 


41.-..S :i6» "I 

J-K> R l.vj.l 


In the-papec. board, packaging 
and plastics division there was a 
good recovery from the depressed 
conditions of previous years, but 
the paper and board companies 
still suffered from the general 
weakness in the U.K. economy and 
board also suffered from heavy 
subsidies by foreign governments. 

Plastics interests performed 


well, as did Mardon Packaging 
International, an associate com¬ 
pany. which contributed signifi¬ 
cantly to the division’s surplus. 

Food results would have been 
better still but for the overall 
decline in food consumption in the 
UJC. The strengthening of sterl- - 
ins also adversely aJffecied over¬ 
seas results on translation. These- 
operations account for 30 per 
cent, of the division's-total sales. . 

The cost of many Taw materials 
rose and poultry meat sales 
volumes in ihe U.K. and U.S. de¬ 
clined. white labour disruption 
affected sales and profits. 

The profit is before tax of 
££7.6lm. against an adjusted 
£43.04m. last time, and net profit 
comes out at £101.5m. compared 
with £87.3m. After minority 
interests or £0.3m. (£0.4m.) and 
extraordinary profits of £5.85m. 
UTS-titim.) attributable profit is 
£107.05m. i£100.56m.l. Earnings 

per share before tax are shpwn 
down from 18.4p net per 25p 
share to 182p and at 14.3p 
against 12.3p afler tax. ___ 
The group's accounts for 19a 
reflect the adoption of the new 
treatment for deferred tax, which 
has reduced this provision from 
£32.3m. to £13.Sm. .The reduction 
in the lax charge from £432m. 
to 1'll.Sni. was mainly owing to 
higher levels of capital allow¬ 
ances and slock relief in 1977. 

Stock relief 

The 1977 deferred tax charge 
includes £ 12 .»m. for an amount 
of lobaccn .stock relief for 1977 
which may attract liability in 
1978. This is a consequence of 
a reduction of the tobacco duly 
under ihe new tax system which 
became effective on January 1, 
1U7S. 

A balance sheet with the 
results shows short terra borrow¬ 
ings ahead from £132.7m. to 
ElMMm.. and directors say the 
rise was due to higher operating 
capital requirements, including 
that required to finance two 
further increases in tobacco duty 
in 1977. Short term borrowings 
have been falling since the 
balance dale and at January ->1 
stood at £115m. The new tax 
i system introduced to harmonise 
EEC structures provides for duly 
i to be paid at a later dale than 
: previuusly. reducing the burden 
1 of financing the duty. 

. Listed investments increased m 
I market value by £43.lm. to 
, £279.Pra. in the year. 

Adjustments to results under 
the “Hyde" guidelines reduce 
profit at the retained level from 
; £67m. to £I4m. Imperial directors 
\ say they have reservations about 
I the rigidity under the guidelines 
1 of the formula for calculating the 
■ gearing adjustment, 
i See Lex 


Setback for ! 

Saville 

Gordon 

METAL MERCHANTS, processors 
and engineers’ merchants, J. 
Saville Gordon Group, reports a 
drop in pre-tax profits from 
£431.836 to £202,035 for .the half 
year to October 31. on lower 
turnover of £S.47ni. compared 
with £ 12.32m. Tax takes £105,057 
against £234.955. 

The directors say that the 
stockholding interests continue to 
make satisfactory progress durine 
the second half but the metal 
trading and processing interests 
arc still operating' in a market 
adversely affected by a low level 
of demand. 

The interim dividend is main¬ 
tained at 0.4p net per I Op share. 
Last year’s total was J.4549p and 
pre-tax profits came to a record 
£0.04m. 

Members are told that the 
results in no way reflect the high 
level of activity and successful 
trading that took place during the 
period. 

The lube and fittings, steel stock¬ 
holding and engineering mer¬ 
chants companies all made an 
increased contribution to profits. 
It has been in metal trading and 
processing that losses have 
occurred caused almost entirely 
bv a reduction in stock values, 
together with a fall in demand. 
Metal prices haie fallen consider¬ 
ably during the period, and the 
requirements of steel works have 
been greatly reduced due to the 
international situation in the 
steel industry, to a level lower 
than at any time since the war. 

Early in November, the group 
completed the disposal of its 
interest in Mel ales, operating in 
Dusscldorf, West Germany. This 
company has sustained losses for 
the Iasi two financial years. 

• comment 

J. Saville Gordon Is being 
squeezed on ail fronts and a 53 
per cent, pre-tax profits drop in 
the first half follows a 10 per cent, 
decline in the preceding six 
months. About a third of group 
profits is traditionally generated 
from sales of raw materials to 
steel manufacturers and here the 
group has faced most pressure. 
Steel output in -the U.K. fell by 
almost 8 per cent. last, year while 
German manufacturers were simi- 
| larjy hit by the worldwide de¬ 
cline in steel demand: meanwhile 
metal prices have slumped ind 
the group has taken a thumping 


stock loss. Slocks have been writ¬ 
ten down by more than CUO.OIW 
in the nine months to the end of 
January and all of Ibis has been 
taken into first half figures— 
which should mean that stock 
losses will be, at least, less 
severe in the second half. There 
is still no sign of any major re¬ 
covery in steel demand but manu¬ 
facturers stocks of raw materials 
are at very low level and any 
quickening of demand may help 
prices. Elsewhere the engineer¬ 
ing merebanting division has 
slight!•' increased its profits in 
the first half (to around £ 200 . 000 ) 
but trading here is also generally 
flat and group Full .year profits 
may be only around £500.000 
(£924.7761. The shares a( lf»P 
yield almost 12 per cent, white 
the p/e on a full tax charge is 
7.8. 




Unitech 
jumps 46% 
midterm 

AN IMPROVED contribution from 
its manufacturing companies en¬ 
abled Unitech to expand pre-tax 
profits by 46 per cent, from 
£767,100 to £1.125,400 for the half 
year to December 3. 1977, on ex¬ 
ternal sales ahead by 26 per cent, 
to fl323m. 

Mr. P. A. M. Curry, the chair¬ 
man, stales that while the •-■ales 
pattern of the distribution com¬ 
panies has been relatively Hat. the 
group has been fortunate in 
obtaining the Texas Instruments 
franchise for Italy and the Intel 
franchise for France. 

The strong demand for the com¬ 
pany's manufactured products is 
being maintained and as a result. 
Mr. Curry looks forward to re¬ 
porting a further significant ad¬ 
vance in second-half- profits. _ 

For the whole of 1976-77. a 
record £2.1m. surplus was achieved. 

Stated half-year earnings ad¬ 
vanced to 4p (2.7p) per 10p 
share and the interim dividend is 
raised from 1.3p to 1.452p net— 
die previous year's final was 2.3Ip. 

• comment 

Unilech's first half results 1 —pro¬ 
fits up 47 per cent, on sales 26 
per cent, higher—puts the com¬ 
pany comfortably on course for 
another record year with the 
manufacturing interests offsetting 
the rather flat distribution side. 
Electronic components are a 
growth urea at the moment and 
Unitech has managed to increase 
volume sales by more than a fifth 
which is above average for the 
industry and suggests a useful 
gain in market share. This re¬ 
flects buoyant demand from tele¬ 
phone equipment manufacturers, 
and steady replacement business 
from the Post Office while in¬ 
creased activity in the heating 
market (thermostats, control 
valves, etc.) has lifted the equally 
important industrial control divi¬ 
sion. The manufacture of sub¬ 
units (24 per cent, of profitsi for 
computer and peripheral equip¬ 
ment etc. continues to expand. 
Much of the growth is still ex¬ 
port led so the rise in the value 
of sterling could prove a short¬ 
term dampener. Full year profits 
could be as high as £2.S5m. (up 
36 pc-r cent.),, which puts the 
shares on a p/e of S.9 at 93p tup 
4p> while the yield is 6.6 per 
cent. 




'il 


mu 


the 


Terry :Ktrk. 

Mr. John Pile, chairman of the Imperial Group—second half 
affected by weak trading conditions and this situation has 
continued in the current year. 

DIVIDENDS ANNOUNCED 



Date -Corre- 

Total 

Total 

Current 

of spending 

for 

. last. 

pavmenl 

payment div. 

year 

year 

Trust - 2.3 

March 8 3J2 

3.8 

3.2 

.int 2-21t 

March 31 1.98 

—■ 

4.18 

, . 3.41 

March 4 3 32 

5.66 

5.07 


April 3 0.4 

— 

1.45- 

.int. 1.45 

Apnl 1 1-3 

— 

3.61 


Imperial Group . 3.41 aiar ?. h _ 4 *[.32 a.bfi S.Oi^ 

Saville Gordon .int. 0.4 April 3 0.4 — l-4a- 

I'nitech .int. 1.45 April 1 1-3 - 3.61 

Dividends shown pence per share net except where otherwise stated. 

•Equivalent afler allowing for scrip issue, i On capital 
increased by rights and-or acquisition issues. _■ ' ■ ■ 


Recovery 
seen by 
Alcan (U.K.) 

The 1978 outlook fur Alcan 
Aluminium (UJL) is one of some 
recovery from the depressed 
levels of the second half of 19*/. 
directors said yesterday. This 
recovery will be necessary to 
maintain the 1977 profit level. 

Audited results showing an 
increase in pre-tax profit for 19.* 
from £LQm. ro £24.7m. were 
released yesterday. Unaudited 
figures and the 9.9p per share 
dividend were announced last 
month. . 

Directors say a £24m. capital 
expenditure programme for the 
modernisation and improved reli¬ 
ability of plant, particularly semi- 
fabricating plants, is underway. 

Sales for the year were £268 9m. 
i£227.3m.) and earnings per £1 
share are sho%vn ahead from 7.fip 
to 32.6p. and attributable profit 
at Xll.lm. (£2.6m.). 

Warner Ests. 

Warner Estates, which recently 
reported record pre-l?A‘ profits of 
£798.259 for the year to the end 


of September 1U77, has upgraded 
its annual directors’ estimate of 
portfolio value to £20m. . Sir 
Henry Warner, in his chairman's 
statement, notes that the £20m. 
estimate stands against a book 
value of just £S.47ro. Incorpora- 
linn of the estimate would boost 
Warner's net assets per- share to 
just under 200p against a .share 
price up 2p to 127p' at the close 
yesterday- 


Beaumont 

Properties 


The prospectus Is pubUsttW ^ow e ; profif not tess than.. 

UKlay in connection^ ’ rilh^the g ^g ” t5 of Sira in the km: in. 
tequoUDon of Epicure, BoUmg 1977; were f:fli? ,g ■ 

?«v? n -|Hnfdlnas amounStt In the previous, year--ftey 

parent blea Holdings amoiupns £mm: -Hje reasons for. set- -, 

to a. reverse takeover. . . weft, twofold.. Painting, and 

On Monday shareholders. on sulfa ting, contracts 

Epicure cleared the war for subject to. ^cost lmitiues.'-jpt . 
-Epicure to acquire Slea for 12 -im. recoverable : under the terms..qf 
New Deferred Ordinary shares, contracts with .the;GoftrameSt, 

- Slea was owned by .Ihe- Breatey The £90.009 losses from joifcwj. '. 

family who will now control some reflected - raUonaJteatkm' . 

63 per cent, of the enlarged following the : acquisition *f $)4 " 
croup Mr. Reginald Brealey, who activity. . 

is chairman oF Epicure,-was also The directors forecast. thaOtt - 
chairman of Slea. .' -the nine months io J one. 

. „ agt-nhitahed in" 1947 profiits of Slea will ■ be ■ £22aiiyjt' 

Epicure was established uj Jjw r &i-f OP +fae enlarged croup 

aid carried on" 
and . restaurant Earnings per share will be Ml^ - 

the famous A L Ecu . de^ France are .also - indicating » flna$ 

lb .London. .- . -. - dividend of 0J3p per share for.t&r 

.'In the summer of...1978 Jilea current year.- In the. foUms!^... 
bought control of Epicure ^rom y^. to June, 1979. they Sre :fw& 
the rump of Sir Denys'Lowsons casting a.-.dividend of 
.. empire. _ . -• . .; share. .- r . - 

Liter that year Epicure bought • The prirforma: balance, 
a 35 per cenL option in a business shows' nfet .assets of £JL2fRjnc' ■ 
called Ratiomatic Transmissions, m el udhiK good will, of£I6t.900.’Hie 
which was working on a reveriu- ne t baak overdraft is showUtft 
tionary new gear box.' £ 314 . 000 .. and . secured ..loan? 

The shares rose rapidly on £302,000. . ...* . . .. ■ 

hopes for the new gear bos and Brokers are Capel-Cure Myers., 
in 1976 topped the market league 

with a dramatic jump of 459 per 4 comment ': ' f *>;!.• . 

^However! the gear bos came to Adjusting g or'Uir d^l with SIm, 
nothine in practical term-? and Epicure's suspension pricetof-lfe - 
Epicure did not rake up the option comes doxvn/ to aD_^QlvalCTit.!Bf 
to^buy the 35 per eent. stake from 13p, but the shares ace 
Slea Even so when the shares to open 

- were suspended last November once deqhngs! ^estart^-Ma^. « 

SS?s38 Stood 'at 35 p. . sources were erpectfcg^e^ 

“l!L. incorporated h. 1964, is * to o|«o m .the region otdp.liCjfc 

holding company based in Uncoln- tSHtof jJSE* -- ' • 

j shire with interests m paint con- cast a pn«^7p-.mdicatM-.is^e 
-trading and manufacture, tarmac 

•' surfacing, joinery manufaettire. Adit^jn® . ■*“**&•-• 

e “ nt and ^ ; 
m inor ra rh!w years of losses next year’s*dividend forecast JUUbm“ 
Epicure made a ^?ofit of £28.327 the yield Mr centT^.' 

Sn ttuiwartn June 30. 1977 This 7 P therattag.Wqidd Jookreasprt 

' S.IS? SiSiTMi due to a ably generous,, tbowhlthe-mark^ 
a - general improvement in trading 

at and the elimination of losses _ 

_Sirin h i y u!v e m 6 Pr “ !EfS “ Uram S seS^.pfl R 

r d'r«tora firacaft that «..*»"• 4 rjgW 0 

1( j results for the year to next June Prospectus pages 19 and Ilj, 

i Yearlings rise to 8%- .' : 'v®' 0 *. 

g k The coupon rate on this week's Borough of Blackburn is rait^g 
&i batch of local authority yearling , , , nT . ' 

10 bond, at S «r «nLi, .* , «" t! StoT 1 the S 

y point higher than last week. This yeAr at. tfte'. hUttq* 

* makes for a full point rise in £1.0875.per -cent. - . 

two weeks. The bonds are issued " ' ' r . —-—--.'raj 

at oar. and due ob Februah) 14,. TviTTinir ar inki-iuo 


The rull document relating to 
Beaumont Properties’ rights issue 
of 2 7Sm. shares at 70p a share 
shows ihat on January 13 the 
group had outstanding loan capi¬ 
tal of £11.64m. In addition there 
was a bank overdraft of Elvira. 

A property revaluation at Sept¬ 
ember 30. 1977. has produced a 
valuation of £26.5m. .and a sur¬ 
plus of £Jm. over the 1972 valua¬ 
tion plus subsequent cost in 1 
respect of properties .held by 
investment and overseas trading 
companies. This surplus has been 
transferred to reserves. . 

In addition the revaluation of 
properties held by UJL trading 
companies showed a surplus of 
£3m. over cost. This surplus has 
not been written into the group's 
accounts. 


»_par. «d due on FebrttUy 14. NEW LOANS fOl®! 

This week’s issue* aTe: TRIIS1T f OMP. 
Daventry District Council . VVIflTA|4ira 

East Lothian District Council Scottish' Northera ‘ luvestmaf 

(£Jm ). Sedgetiioor Dlstrtet. Trust haa^borrowed From Clyd 
Council (£|m.), Gwynedd County dale Bank. £3m. fcrr .an inti 
Council (£Jm.), Tayslde Regional, period of one year at S per cen 
Council (£Im.). Barnsley Metro- ■ London Trust , Company-J 
poUtan Borough Council 

Chesler-Le-Street District Counfcd loan of SUSlOm.- forw ffl^ 
film.), Cumti'ock and Ddon through its bankers. >; 

Valley District Council -ffim.); ... 

Northampton: Borough - Council: ;■ ?. ■ : ... . -i-v- mfm ^ 

District Council ; T umitri ' ' > 

Kyle and Carrick District 52 Commit ea 3P& “• 

Council is raising £jra. by the .fWtMfe' «wwem«e 

issue , of II per cent bonds-at ; ; 7^71 . * 

oar dated Februai? -2, 1983. . " forth*!* u - 

. There are two variable'rate. 'mjli' 

bonds this week issue at, par and W ! 1 H «N»™-.vCS ; 15 ^ 5 ^ 
due on February 3, 15)82. Borough. - " ' - ' ■ ' •- 

of.Tamw.orth Is. raising £jm.‘.and r. ; ‘ 


SSIwsoiil 


.---‘United - - - 

'. 52 ComlnH BC2 3P& . 

' Gntldaed.Portfolto Hmgcmcifr'; 

; . Swvtat.iBcle* 7AH-. 

-Portfolio 1 7 Ircoom' :.dffer - ,jj-1JS 

pntfotla H Cspite! Offer ' 

• .Bid'.'. WT-JKt-f 


' 




• 7 

:-r- - -.- 


.. ■. 












- •• ■. 


: • „ - 




\0 




A®. 


i'% 


. r. i-l 

Mi 




: >. 


r::. 




: ; v . - - ' 








. -fv; 


■ > : 


v " 








. ? 






• '•••: 












sS.' 


1: 






^7 






^. V - ;! -J 






If'- 


; **. 


* ' *. 


Bayerische Vereinsbank - like Japan - 
combines tradition with progress. 

With total assets of DM 61 billion Bayerische 
Vereinsbank is one of the major banks in the 
Federal Republic of Germany. BV - a bank 
with a tradition dating back to 1780 - has 
considerable experience and a wide range 
of services in international business. 
Branches in New York, Chicago, Los Angeles 
as well as Grand Cayman. 

A Euromarket subsidiary in Luxembourg. 
Representative offices in Caracas, -■ 
Johannesburg. London, Paris, RiodeJaneira 
and Tehran. BV has been represented in 
Tokyo since 1969. 

For further information Bayerische Vereinsbank 
please contact: Head Office Munich 

Kardinal-Faulhaber-Strasse t 
D-8000 Munchen 2 
Telephone; (089) 21 32-t 
Telex: 52 33 21 bvmd 
S.W.I.F.T.: BVBE DE MM. 


Bayerische Vereinsbank-fU 1 fservfce 
in our new Tokyo branch - : :. - ^; j 

Covepng. If?e, irnportant^Far^st rnkf^et^. 

no easy, task: Whaf 

conte&antfej^riencev^^^^j^^ 
whdfbraich^-jh' 

provide. To make the fliat ! 

little bitnearer. To give : y6ti the. quafrfied" 
advisors yp.u‘(l need- And;to offeryop-ari ?? 
efficient ahd compr^iensiye interns(tiphar: ';; 
s^ice ibr.Japan .and the par : 

Talk-to us, we’ll gladlyatvfee you.. : 7^7 

Bayerisch^ereinibank^; 

Tokyo Branch - " >i : •>?:;V 't 

login Building, 1 -4-2 Marunoucht 
Chiyoda-fai, TokyotCK) / Japan^i 
Telephone: 284-1341. 

Telex: 126351 bvtyo 






















1973 





■sy* ^Ujfc ■ IjT W£“ ■ - >ad v avsUl- eod ware..£3^m.,-v .-H'-*.. 

r „. --HJ iuoffe*’ JHe safe KIGP ••-.-.■■■■ -'.;.-• - i:-.\v 

-r ; ‘ r *v. v w^. AcquiTT more- XMBY, EXPANDS 
-, ' over 'the next few-years ^‘-.nu NORTW " ; *-•' •:• • 



f ••:. ffiat RlCP'&.bflim. - of .-borrow- acquired for £2JSSn.;'tha.privately- 
v, :*£ currently - consolidated in .owned Harrison Gatmp of cora- 
J ^.i&As-accounts.- will lie 'halved; Pwies. ' The bid,viiefcfle ^snaall in 
.. ^ Barnsley . Jwmmeined' that; monetary ' tmafV.!Wr- Amey, 

s was a - manufacturing com- ex P2Bds conabjeraWy^tiw group's 
,. ■■' i«_- and that resources were Presence In the Nnrth-^f England. 
"■ r -itved for the mainstream of the Amey has recently expanded its 
n-. r ' iesa. - Interests in ' JCorth^ -America. 

.... «m“*t Lloyds and Scottish.-- this 5?*S»iia. -Holland and-, ffie Middle 

•i- is the third.in seven months. ■ -Hi,'' 

cr ' July it bought Mann and Hamsons employs 22?-. people 
• ; <tnn. the tax! distributor and •" three quarries,, 13 ■ Tcoacrete 
Omnw Member it bought Bank- P Iants and various other units. A 
■"cllt -lea Factors. - A spokesman Spokesman for Amey has said that 
:, ~-i<*r.. yesterday that RJGP would redundancies are not-envisaged 
r,- ‘- ■ Sap in its coverage' of the a£ - *t**e»' “althougb. ,-some 

ci.-,., ‘^market- By addins motor oeutralisation of administrative 
r, i | . ir.i finance to the existing car d®ees toll be carried out.- - 
■ • ^ ' Lloyds .: and . Scottish f r-D . CCT W '• 

1 * n ow he able to offer dia- .LfcTRASfcT IN’ - 
*' ytog* **» ■complete range. This : AUSTRALIA 


ofjT.u-i. ., for some SA4S5 I OO0_ f£285»§M) all 

j*P the deal also .the net assets of Gariut'Art and 
1 •••- tr';' 4 ™ yesterday to the-possible Drafting T»ly, of Sydney!.: 

toS.largcsi 

i; ,J - *n ^ he: Invest- retailer In Sydney o? commercial 

' . Half art and drawing office materials. 

- i -r ^r^Jl r0 2“5^ 0, L IB ot con ~ and ^ purchase by jirtiatcarc. 

* -*ir-“ d s 9 rte - «*ch aa Letraset’s Australian aif.material 

SD - using retailing chain,- will Increase 
J “''3* to *•' .;' Artist care’s outlets In; Sydney to 

•it consideration tb he four and in the whole of Australia 

., r . w < depends on the results for to eight 

* n, - ! ' •••:■ - •: 

• --?■ ot* 

•-pPette p^i 



expands to 
year 




PRE-TAX PROFITS of the avia- ———m ilon j n - nd bi1nk halancci 

non nnmng. industrial, and ^ from ijW.uOO to fisowi Net 

fir C 5h°. ll h; S ir :0n,: ^ n ?^T y K ,r0 ^ p BOARD SVltETlNGS current a*sci.i improved from 
half-year to September 3fl, _ ... . J £2.01111. to J-'J.sdni. 

J9«« . advani-fwl frflm niWm in T " 1 inUnmny cniiinw«*-t im<’ nnitlicd ». - T _ - . , . 

£11nr ii Drt rn in.^iliits ro rim Sioofc At fiinujr. .. I ml um rial and 

* on ^cnover ahead from uscJuuikc. Kni-n niL-map.*, an- nsoaiiy Commercial Finance Corporation 

. V”' t0 . *?*•'*^^ The results.held for ihe jiuni.iv m loiiiij^rmn «rvf- owned 27 per cent o£ shares and 

inc ude the Ultra Electronics omtidi indicaiwre, ar t - not avail- Barclays Bank Trust Comoanv 
division Iroffl April 1 alrir- vhMhi-r ilividvnd'j ..un.ynud are BeP CC nr vompany 

«,/ , ‘ Interims nr SnKls urn! itv- Mth-divsKlom ^ o, p ■ . ,, 

£ne directors say that fhe order shnu-n in-tow are Lawn mmnly on last ,, ei * •». ?,r - trnnns Hotel 

Position for the group a's :■'whole s " ,or ' B unwiabK*. S.w., on .March 2. at noon, 

has improved substantially with to-day 

each division making a conlrihu- laicims-Dcwa. sammR Supoitc*. IVn- 
M? n Hi? growth. Prot.pecu! Tor Dwu,l,l ‘ ,ns Tn,5tl 

^ and ne;it Finals—UrajTW ‘ Pninir-r tmnwro-ni 

icar arc therefore roost encourug- Triw. lirwllah and Ni w York Triwi. Hirst 
In «- they tell members ami 3n & Maiunsim. Trmi Unused rone, 
current financial resources arc future dates 

adequate, interims— 

TH„ i-i. ■ t,, . , , MFI F'liniiiun* Crnirus . F.h. n _ . 

me Ultra Electronics division Au-ai Trj.i? Sui<piipr& .rib. m /VFI OAAAlinf 

contributed turnover of £9.4Sm. MydUMun hou-l-. . Mnr. i vULl ilLLI I M i II 

and 1 rading.profit of £719,000. This R rii.mr.- Knlmvar. f-, i>. ir. „._ * 

compares with the interim results W nnin r><>WIW>t ' 111111 Sl0IVj; . Foh ‘ 14 ^ CuMF'ENKATIOX payment 

of Ultra Electronic Holdings in Biboy m . ? on account of £2Jm. to ronipanie 

Int* previous. >ear nf 
turnover and • £377,000 

half yeaMnriude 3 ! 143.000 on {he- w, ‘ 6! * e,s ,,uW,K1, i° n * . h< *- i 7 yesterday through the issue of 

cash element of the Ultra 

acquisition. 

Before includinc the Ultra re¬ 
sults trading profits improved by 
IS per cent, despite some 


Treasury 
pays £22m. 
on account 

HE COMPENSATION navme 

srBa.srs ... a ; ; “jrsJaKS^- to 

ear nf fS.12m. cmwa ...!. K.V ia h P . b ^ aa and a,rer » ft 

[377,000 trading .Krwhuw un>i B’ltnon .h?u. is interests njie been nationalised 

■avments fur tht- ^“UJiiitbam Maiicfociurint! . . . FhO. w was made b.v the Government 


sees rise 
in turnover 


tranche of SJ per cent. Treasury 
slock IPS], 

This follows the announcement 
by Mr. Gerald Kaufman, the 
Minister or_Stale for Industry, on 
January’ 23 that a payment on 
account had been authorised. 

The slock, issued at a rate of 
£100 nonimjl slock for everv 
£9£fe of compensation, is repay 
able at par on April l and 
October 1. 

In accordance vith schedule 3 




econd Broadmount 
o 8% ioks for alternatives 

L? ar of ^ d f is hotting mission: ihahcape W Go^Pride 
*■ and <?»**«: Adriaan VofterGronp 

^era anJ the Board of (UiCl/G, Dew 1 ind Co.'; ^nd 
r -’’’ * l iL B S?W , "! t tevestme, »t CompAir.'The ffuid power division 

• ■- - ::i .any. the^hrvertment trust to of Watts ReguIator Coia^ny 0 f 

; i v ■, Chieftam. has .suggested the u^. - ?=T -■ 

• v r atlon as.' a prelude to -. ■’.<■- 

____ati°n .under iu-own manage^ EI^JCK-fiOPP&7. 

V\ L0\V f X iday SecoBd Broadtgouprt .TN GERMAN I BVlf : 

ors declared that they had „ . . 

It ST flir ed insufficient -forma of , r Elswfck-JUopper has jqufed with 
vu Vition for the holding-of'an West Gennan agriCulturatequIp- 
>»>?» V'nteordinary.- geaeraf raeetingto - manufacturer- ; Kari;;Beriier 

-... w r; .is Chieftain's ,propossilR.'. to form, a new British'.company. 
: ' some of - Ihe forms of Known. as. ELwick-Becker. it : will 

' ' • ation sent roiiiid by Chief- -“Vjwt Becker seed driila- and 
11 • were, .on • an unewlalned c ‘r Uva \ iorv eqmpnumt and market 
«i<*n fw 'icality found'to beMi^lid- ^^ tin^URhout the UiC • 

4 announcing, th* devriopiiienf, 

• Soldefl 1 bT KswidtHopper chairman.- Mr. 

I: - -:-'.rS 2 tternSSffi ttSS J * L.. Turner^ declared that the 
- Vifo? rwhStiS^or S^«tw™pan 3 f r was well .suited Xb 

. viitace Second Broadmount*® han^d : ^3 l] thL^ernnnVi 

• i\*»,w has declined-to accept any £?£?*** ^ „ groups agneul- 

additional forms tural machinery^distribution eom- 

^vhich Chieftain was .bcSdSng -J^mps.ta -ioAshire and Humber- 

, ih.w 

5r*-<! re( j While '- r tec^niCal!v ‘ £ ^ 1 ^-® f4i,60O, two-thlfd.s to he 

- *—tf tiffs^ 

, ,i -mj ; petty that it almost ^ by ICari Becker. 

-jnd Broadmount’® directors.' ZfFLYNN /GOnFRFYN 
. own just short of JO per .’rJTj.' 1w s 

of the shares but control a Zlfiyim announces that acccpt- 
*r 36 per cent as .trustees,- ances . “mr® - ®“* 1 J eca ” , * d _m 
“said that exploring^ igg ; 5 ^3^24 

latice mean® of bringing the OrdinarFurilts W Godfrey’s (SS.afi 
tny's share price more into pe7Cf> »' Y- •' 
rith the value -oE jts under-v -The .offer w unconditional and 
assets. Chieftain Jk now: further 

what Second-Broadmolint's ? olu;e ' .. 

, ors • have: to fearrit. the«Y ifc ^ VS. 

have an -alternative-.; op J fcX’> w -- v ; -c . -.: • 

: sleeve; antf whartifey ' Mnrhiri« : ' 



of the inevitable. , ; 

ms of.. the,-aiwii®lt^t.- 
uid Crbiip-.-flPnf 


. . acquired 

Fiou^Handles and the business 
'■'- Of f lWlen Umbrellas. The 

.. vendors are Kendall and Sons of 
- Leicester, the umbrella and rain- 
o pwjgaX-.nanafacturers and retailers. 

n'd Frintiae;' r CDC 
:rs based in Romfot^. Ess^xv-Y'^^lLLLRo 
been finafised- Isis completed the 

first 3nnouneed.IbS^? n -of Modern Maid Food 
£S ke o\ F er ; the; cpinpany^ait'.PrifiUctsr drthe U.S„ far an aggre- 
S is to.pay.£«0.CWWrVt^P<^SfJ5.’’! a ® B 'W^ & me Sifl.5m. 


sum for ihe goodwill’'ldwii j' 5H.4JRE?:STAKHS 
:ed on a p?refntijce 1 :pf-tahgif .Salyer Piatei juw 1 : GmipraJ invest- 
Details of the Meaj fav© ■JVKVSt^M^oxt.\ -Trust has 

■d because'- .of.; preparation^isixcliltsjed, 1 ^vfh^be^ -SO.O 00 . de*. 
dited. accamits for'lledlana fWred- Jdiar&s.ioereaslnfi bowing- 
•e finnneud joar-Ehding Jflsiy. to.-i^S^CSvfT.OZ per.'tent,'}. ■ . * 

177. , ■ ' YlY - ' vv f:Y' V'vtraionY DlsyoUCompany of 

: - \ r . ‘ V, - , Investment .Office 

i rKUDg^ .? fij v^.shares ao<RdwTtohls.8aMM>0 ( S.te 
Roy Fia tie rsley; ^5?«'rid»>y..poI' ee*u.4>.: ^ ^v-". - 

ne for Prices I h»»d^mdmei‘^;.Rci>ri» ^ — —- 

ction. - - 

the 



reduction of profit in the mining 
division due to an industrial 
dispute, since settled. A eon- 
Unuiiig strong liquid position 
helped tu minimise interest costs. 

Basic carninqs arc shown at S.3p 
(7.4pj per 30p share and the 

inierrm dividend r* lifted from , .. . - --— ~ 

l.SSp to 2.21p net per share cost- CONSTRUCTION’. PLANT and J® Aircraft ami Shipbuilding 
tng 11.44in. (£1.12ni.l. The in- equipment distribution and pipe- industries Act 1077 interest oh 

crease in cost reflects the issue ,ine products group Hears Bros. 17,15 ,s, »uf siock v. ill be treated 

of 5,627.670 shares as part or the Holdings lias some I2Ktn. of work a , s .«i- • om dale 1 

cnnsideraiion far UUra ami in for completion in the Apni 2J, l»,i in ihe case of air 

2,707.9a 1 shares issued on ronvor- latent year and lurnnvir is c» . . ,nd “ s,r - v securities, and 
sion nf 7 per cent. Convertible Parted lo exceed the f4l)0Rm. , . ,U JF J ,n , * 1,? if shipbuilding 
Unsei-iuerl Loan stock on Scntcm- ■ivhicvcd in the September 30, ln .. uslry securities, 
ber 20. 1»77. J977. vear. a special interest payment 

The Ordinary dividend total for Sir George Middleton, i-hairman, w, ‘* b ® made in respect of the 
all 3E170-77 was -USp costing ■' ,lsC ' in hi>i staiemi-ni with J ,0Ck K lss,,etJ y^lerday coverine. 
£2 .TTm. Pre-tax iirofits for that »«"ii n| a that £l2m. of mirk is in ,n lhe c f‘. st *iock issued as 
year were a record XJR.OSm. hand for the following year. compensation on account for air- 
Hall your y.-ar He sajs that despite the .setback cr:, “. , u ''' lr -\ spcuritletf, Lhe 
WT7 10TG 19T.-77 of the la-t jcuv when pre-tax . - p - ,9 ”~ to 

rm« ohm >. N io proiii tumbled from £916.000 to uc.ooer 1,_ nii«. ana, in the case 

iunjovjr . SM.«a <,7.» £ 110 . 000 . the directors are con- °£.A l0 ?,j._ WsU . un 3l ‘counf for 

from 

'-ill 
rest 
the 
The 

- ,«.shid 

i'Sif am! bridge contract in the civil ^.I re3SUry ' Sr °' k ' 

S.70J engineering division. a ^ rcat ^-' ,n n . ei °g- 

He ^ajs that there have recently Those companies to whom the 
heen encouraging signs of a Payment has been made include 
uenernl revival in the heavy X , 5 k> f ”’,J SE J:* Hau ' k T « r f'ddeley. 
equipment market and it is ex- 9 u. up ' i.- ont, °p ^ n d 

peeled that the current year will Ig ” ters ' Sh ' an Hunte r 

see improved results from .A. Ixing 

and C'jj.. its pl.ini and equipment _ < ,T! ie \ ' cc e £f, lh F n * P e . r 

distribution subsidiary. 4 ’ ^ bu , r - fel1 

Prospects for the current vear i,iar Ply ,n arier hours dealing. 

SHAN D WICK 
GROUP 

The head and registered offices 



nii-idt-'irts 
Reiitnorl 
Brcmcd. 


Sec Lex 


ULS Marine 
settlement 

The manufacturer of the . . 

CETUS unmanned submarine, ia the pipeline products opera- 
ULS Marine unnouucos that by Tar lions are also more onenuroging. 
the greater part of the action This operation contributed a sub- 
brought against it by McElhanney stantial loss in the 1976-77 period. 

Offshore Surveying and Engineer- Middle East operations in- _____ 

Jng of Vancouver, Canada, alleg- creased sales in lhe year but of Shandwick Communications and 
ing misuse of McBIhanney's con- profits were reduced by high local Shandwick PR Companv is now 
fidentisl information and breach inflation and adverse exchange at 51. Green Street. London. W.l 
of certain copyrights has been differences. The group has Tailed (Telephone: 01-401 45881. 
withdrawn. to secure contracts for its pre- 

McEIhanney had made claims fabricated housing systems and it ELECTRA TRUST 
alleging breach of copyright in has been decided to reduce its in- “ mmxwa 

the design of the CETltS vestment in this activity. Eteetra Investment Trust is con- 

unmanned submarine, and follow- , Accounts show; an increase In sidering a proposal that the 6 per 
Ing,the withdrawal-of the action bank overdrafts in the year from cent. Debenture stock 19S4-S9 be 
there is "ho ciaitn outstanding £0-4 1 m. to £2.39m. . and a reduc- repaid at £90.75 per cent, 
which prevents ULS Marine from 
manufacturing, .selling and operat¬ 
ing the submarine. 

McElhanney has consented to 
pay to ULS.Marine the cost of the 
hearings to date. 

FORMARA EXPANDS 

Formara. the Southend-on-Sea, 

Essex, based specialist printers 
which has shown rapid growth in 
recent years, announces a further 
extension'of its activities with the 
installation of a web-offset press. 

The . company has hitherto 
specialised in the printing of tech¬ 
nical manuals, computer listings, 
directories and reports. The new 
press will be capable of produc¬ 
ing 50.000 impressions per hour. 

Managing direelor Mr. G. Baker 
saJd that the company had suc¬ 
cessfully penetrated a number of 
overseas markets including Japan, 

Germany . and Abu Dhabi. Over¬ 
seas inquiries were growing at a 
satisfactory rate. 




Edited by Denys Sutton 

THE WORLD'S LEADING MAGAZINE OF ARTS AND ANTIQUES 

Puwr.h«l Monthly pn» £l.S9 Annu.t Subscription £2t.M <infer*) 

0v *' se “ subscription £24 USA t Canid. Air Asslsud S48 

Apollo tfagizine. Bracken House, 10, Cannon Street. London EG4P 4BY. Tel. 01-248 8000 


ART GALLERIES 


AOUVr. OXULEKY. 43. Old Bond St.. 

W.l._OV-329 BITS. 10SUI ANNUAL 

WATERCOLOUR EXHIBITION. Unlil 24 
FW. MQP..Frl. 9J0-S 30. Tliurs. until 7. 


ART fOR 1HVE3TMENT1 " FOUR YOUNG 

ffAUSTS— at the RAD LETT GALLERY, 
141-.'WaUlna St» Rad ten. Horn.. Ii*.- 
S*U, Itt-5. doles 25th February. Sixty 
CSX£§O 0 0<t> Jnd watercolours from 


Ciyr -OF LONDON ART EXHIBITION. 
Srtdbail, E.CJ. MoiL-Sat. 10-5. Until 

W FM. Adm. Frw. . 


COLNACfll, 14. Old Bond SL. W.l. 491 
-74M^> A -Loan Exhibition ol Worts by 
UBASrtANO RICCI In Britain. . In aid 
«L-nw. UDINE ART RESTORATION 
FUND. Until a March. Mbn^Frl, 9.30-6. 
Sl#..TO-l. 


MALL ART GALLERIES. The Mall. S.W.1. 

PAINTINGS BY SHEILA NOBLE. IO-5. 

Wt, 1(L.T. until Feb. 18 






SU»VNC STREET GALLERIES. iSfl. Sloane 
SfcylW-l' . Modern paintings, sciilpturtf 
'opbles by Inlereyting. International 
j wine range ol or Ices Tuea.-Frt. 
5-30- Sars. 10.00-1.00. 




•1GNEY MARKET 





servH 


i-aH. 

•l! I 


nJr of .Eu^aad ilinlimim ^.. 
nding.' Rate Si-.-per'ceut.'- 
fslnce Jauuao’ 6»'Iff78) }.;. 

timent in.the London money 
ei was rather confused 
-day. against a 1 background 
rvousness about- the labour 
ion and .the future tread, in 
mney supply..'. “ 

rs about tiie tjJf,;ecoiio»y 
iucd to- attract funds into. 
iorter periods, while keeping, 
■nger -periods linn. Dl^wunt 
5 were -happjr about very 
. term prospects after life 
t sharp reduction in rates 
forloremight money, and. 
nent was generally helped 


..by* the. .willingness of the 
authorities' to buy hills to assist 
the- market in conditions w hich 
were not tod difficult. 

Other' market sources suggested 
that < cbnditions would be more 
settled .with .firmer guidance irom 
lhe'authorities, however, and that 
the markel has tended to become 
hicreEisiirgly dominant In dictating 
the', trend of.' interest rates in 
recent months. 

‘ Money was « slightly short 
supply;yesterday, and?the authori¬ 
ties gave. Assistance by buying a 
4B)a!i'Amount of Tnsasurj' bills 
and Ibcah authority bills from the 
bouses. 

Banks, carried over surplus 


balances, and the market was also 
helped by net maturing Treasury 
bills. On the other hand there 
was a slight excess of revenue 
-payments to the Exchequer over 
Government disbursements, a rise 
in the note circulation, and the 
calf on' 101 per cent- Treasury 
1399. _ • 

Discount houses paid Si per 
cent, for secured call loans at the 
startr but dosing balances were 
-taken at ii-SJ per cent. 

* In the interbank market over¬ 
night loans., opened, at 51-5} per 
cent., and cased to 2 Z per cent, nl 
the close. 

Hales In the table below are 
nominal In some eases. 





jCH» 

|H 


i.7 

1- 

[■ bteriln* 
Certlfipnie 

of clepeiritB- 

r“ 

^Int^rbraK 

-Lt<ni 

.Antbodtr 

it«pjsiu 

ImCX' AOtb [ 

. ' uKIflft | 

1-1 rut ru-f 
tiirute 
Dirp^bip- 

L'jimranv 
- Ifepslti 

llin-Hinl ;. 

oiarfevi 1 'Creiniin 
ripjwli Bllle * 

Kllj;ihU‘ 

Bank 
Hill- * 

iPlnc Tnuli 

1 Bills + 

Uhl....... 

_. 

. 2-5 J* 

V _ . 

..:A- •; 

_ 

; 3i« . 

812-812 ! - : 

_ 

! _ 

ntlee .1 

-- - — • 


5M-6 - 



i — 

•7 ; - • 

— 




•4s«-bti 

854-04 ; 


6'«t* 

! sij 

Sfa-s;* i . - 


- 



6 BI«- 

8 JSI 4 . 

■ 6^ 6’3- j 

6i a .SM 

6 I .1 

SU-51, | 


6tb 


-6^6U 

6|i ey 



feis-es. 

[ 

5.- 8?;-5iiJ 


! S54-6i , b 

nomiui. 

6il eft 

- eU-6i* v 

84a-65s 

S*8*U I 


1 ' * 

6lp l 6 k *i 

6,';.-eJn 

| 010.65* 

Qllu,^ 

tUrhs 

Ih-IH: 

64-7*4 -. 

- 714-6*0. [ 

7 la-7 i 4 




6^e-0^ 


7,v?b 

-Tft 7Ta 


;-7»f.7i a [ 

8*4 



__ 



:?tJ 1 7 s * 

?s»-a. J 

"T7ii5-. ' 

' aig-734 r 

81 a 

— 

— - j .— 

— 

- 




.3 • 

*;■ , 1- 


' 

“ “ 


- 



'taUsur-h-nii Imal aui hurl if niurua*.- 




Approximate ffellU* »10 lor Mc^Otnitli.bank Nib SKi& Pf-r n-nt.: iw^rqpnlh Cl k. per ivnt,: noil «hi 
iti* Onv-miwUi trtdo Blllx 01 pcc .L-air.T towimtuh Bi-tu'pcr-fOflt-; anfl a'eo lirix-month "fl'.-ii; per erm- 
me Jtan Vto«n« RoW'-i Asaoiputwtt.; V per v-w. (com- t-'chrnary L iftTa. 


ihftT-monili 


nt cert. 

*Ptr. irnf;. __ __... . 

HMmrJtea Ftaxnte Kew*'’ 11 - Assaciutwi--- • P^r t--w. (rom- t-'chrnary L iftTa. Clearlm 

RtttcP'iUr-rtliimXiunE H -serw-dwe* n«lce).-a per-cent- CIwtIrb Bank Rates ior Icsdim .6f per-LCSL Truan 
twa«r*n«eB'Tjf^a!scBBiir;54E^ per-oMt:: 



For ‘The Complete Picture, a brochure, 
describing all our property services, 
mite to-QN.G Arding A.R.LCS 
Richard Ellis, 64 Cornhill, 
London EC3V3PS. Tel: 0F283 3090 

Richard Ellis 

,\ C haneivd Sm*v:evors-’... 




i 




i 


























20 


Sure, I need to take on 


•H 


We’ll give it to you. 


If on March 29th l977you employed under 
50 people, then every extra person you 
take on in a Special Development Area 
could get you £20 a week subsidy. 


If you own a private manufacturing company in a Special Development 
Area you may be entitled to financial help from the Government. 

Under the Small Firms Employment Subsidy, you could be paid £20 a 
week for every extra person you employ full time. And you could be /g 

paid this for up to 26 weeks. f I V 


See if your firm may be rn a Special * / 

Development Area by referring to the map 
y showing approximate locations. 

' If so, send the coupon now or ’phone 

Jack Beilis on 01-214 8335 for the explanatory 
| leaflet on the Small Firms Employment Subsidy. This gives 
( details of how you qualify for the scheme and specifies the 
1 Special Development Areas. 


IfjKs 

* ^ si? 

I "/i 


Mx 




r » ■ : 








Special Develop mam Areas 



Small firmi implement Subrid 


Department of Employment 


fmmmmmmmmmrnmwammmamm 

£ Please send me details of the Small Firms 

E Employment Subsidy Scheme, and the Name- 

Special Development Areas. _ 

K Company. 

B Post to: Jack Beilis, Small Firms Address 

2 Employment Subsidy, PO Box 702, London 

§! SW20 8SZ, or telephone him on01-214 8335. _ 

ElBBDflBHBBHBIBBnHBIBB 


IBBBBED9BBBBBH 


This announcement appears as a matter of record only. 


The Republic of \bnezuela 


U.S. $178,000,000 


Private placement of Promissory Notes, maturing 1980 to 1985, 
to finance the purchase of real estate by the Republic of 
Venezuela from Centro Simon Bolivar C.A., Caracas, Venezuela. 


Managed and placed by 


Bankof Credit and Commerce International SA 
BCG Finance International Ltd. 

Credit and Finance Corporation Ltd, 
Kuwait International Finance Co. SAK. (KIFC0) 


Financial Times. Wednesday February 8 1978.... 


extra people.Where do 1 


Provincial assets 
up 26%: top £lbn. 


(as table 9 in Bant of England Quarterly Bnlleti**, 


January 1978 


ASSETS OF Provincial Building 
Society showed a record 26 per 
cent, growth from £862m. to 
£1.09bn. in 1977, with reserves op 
£7ra. at £43ax representing a ratio 
of more than 4 per cenL 

Investment receipts, net of 
withdrawals, soared by more than 
300 per cent to £151m. (£45m.) 
with the number of new invest¬ 
ment accounts jumping 37 per 
cent from 107,000 to 146.000. 

New mortgage lending was 14 
per cent, higher at £2t6ra. 
(£l89m.) and the number of new 
mortgages rose from 20.600 to 
22,500, including 9.200 (9,0001 

firsMime purchasers, bringing the 
total number of mortgages out¬ 
standing to 147.000 (139.000). In 
addition 5.000 advances were 
made to existing borrowers to 
finance home improvements. 

During the year the Society 
opened Jo branches raising the 
total to 172. 

The Society's growth policy 
recognises the need to retain a 
higher proportion of stable invest¬ 
ment. This is essential if it is to 
maintain lending at a level which 
reflects the public’s increasing 
preference for owner occupation, 
says Mr. Dennis Howroyd, the 
chairman. 

Later Mr. Alan Mason, general 
manager, said that with 500.000 
surplus housing units, of which 
over 300.000 are • owned by local 
authorities. Britain’s bousing 
problem has changed to one of 
housing management, location and 
distribution. 

There is much more the build- 
ins societies can do. if they were 
allowed by the Government, to 
gfve real assistance by helping 
vpeed inner city renewal schemes 
and by helping make these 
schemes largely self-financing. 

He commented that if building 
society deposits were taxed in the 
same way as bank deposits then 
Provincial’s deposit rate would 
only fall from S.3 per cent, to 
7.3"per cent- before tax. This 
would still be 2* times higher 
than the banks'. 


For business in the Republic-o£ ! 
Ireland, the reversionary bonus 
rate on individual life contracts fs 
lifted to £33 per mille compound! 
from £32 per mille and on pen¬ 
sions business to £39 per mille 
from £34 per mille. The company 
is also paying for the first'time 
a terminal bonus on, claims. For 
life policies this is £5-per mille 
of sum assured and attaching 
bonuses for each year except the 
first five and £6 per mille an pen¬ 
sion contractSL 


ELIGIBLE LIABILITIES, RESERVE ASSETS, RESERVE RATIOS. 
AND SPECIAL DEPOSITS ■ - . 


I—Banks 


Change ob 
1978 -• ■>-. month 
SO. f; ..-fin. 


Life Assocn. 
of Scotland 
bonus up 


Eligible liabilities 

i - OX banks . ^ 

London clearing tora 
Scottish clearing banks - 
Northern Ireland banks 

. Accepting houses . 

Other ... 


234178 


+579 
+ 43- 

+. -x 

+ 76. 

+ &- 


Overseas banks 
American banks .......... 

Japanese banks .. 

Other overseas banka . 
Consortium banks . 


*810 • - 


L~..> 

+ s 
*. 4 * ■; 


Total eligible Babfflttes* -- 


41,632 


Nat. Mutual 
of Australasia 


The National Mutual Life Asso- 
ciatinn or Australasia has lifted 
its bonus rates on U.K, and 
Republic of Ireland with-profits 
business. On U.K. individual life 
contracts the rale for 19</ is £36 
per mille of sum assured and 
attaching bonuses, compared with 
£35 per mille in 1976. The ter¬ 
minal bonus rate payable on death 
or maturity claims is substantially 
increased to £10 per mille of the 
sum assured and attaching 
bonuses for each year in force 
except the first five ac3insi Z8 per 
mille previously. This increase 
more than restores the cui made 
in 1976 to terminal bonuses. On 
individual pension arrangements, 
the bonus rate is lifted to £42 per 
mille of basic pension and attach¬ 
ing bonuses from £37 per mille 
and the terminal bonus is 
increased to £12 per mille from £9 
per mille For each year except 
/he firs? five. 


The Life Association of Scot¬ 
land, a member of the National® 
Nederlanden Group, has declared 
record bonus rates for 1877. On 
the compound bonus series.--the 
rate on new code pension 
schemes, pension arrangements 
and self-employed contracts is 
lifted to £4.50 per cent of the 
sum assured (or basic pension) 
plus attaching bonuses from £425 
per cent, for 2976. 

For all other participating coiv 
tracts the new rate is £4.25 per 
cent compounded compared with 
£4 per cent previously. On the 
closed simple bonus series, the 
rate is increased to £5 per cent.’ 
of the sum assured from £4.75 per 
cent, previously. 

On group pension policies, the. 
cash bonus is fixed at £L70 pef 
cent, of reserves held, compared 
with £1-50 per cent, previously. 
Under the long term accumulation- 
plan the bonus rata is maintained 
at L5 per cent. 

Capital and Retirement bonus 
rates are maintained at their 1977 
levels. 

Mr. J. ilL Souness. general 
manager of the company, stated 
that this was the fourth consecu¬ 
tive annual bonus declaration 
where the bonus rates had been 
increased. During the same 
period, the growth of the com¬ 
pany’s business bad been above 
the market average In line With 
the policy to outstrip inflation. 

These levels of growth .and 
bonus declarations resulted from 
the high investment profits 
achieved in recent times and he 
looked forward to a buoyant fife 
and pensions marker in 1978 with 
the present growth rate to 
continue. 


Reserve assets 

UK. banks ‘ •. 

■ - London clearing, banks 
‘ Scottish clearing banks 
Northern Ireland banks , 

Accepting houses . 

-Other .— 


+11T * 
+ Si5 
+ .10‘: 
■+ 


Overseas banks 
American banks ....... 

Japanese banks . 

. - Other overseas banks 
Consortium banks .... 


ff m - 2& ’ " 
-A-' 
+. 43v: 


Total reserve assets 


+m r. 


Constitution of total reserve assets - . 

Balances with Bank of England ......... 

Money at call: 

Discount market -.-.—— 

:• Tax reserve certificates .—.—.... 

- U K.. Northern Ireland Treasury BEOs ... 

Otber bills: 

Local authority .. 

Commercial .-.-.— 

British Government stocks with one year 

or less to final maturity-— 

Otber ...I.:. 


-S' 




Total reserve assets .—....—— 


+114' 


Claverhouse 
Trust ahead 


Ratios % 

. U.K. banks 

London clearing hanks ... 
Scottish clearing banks ... 
Northern Ireland banks 
- Accepting bouses ......... 

Other .■.. 

- Overseas banks 
American banks 

' Japanese banks. 

’ Other overseas banks ... 
Consortium banks .. 


13.8 ; ;- +0.l V 
1W •+> 

_ I4.S + L2~ 

18 .4 ? »-*r-wV- 

i5j. 


-Lffr 

-15^?- 


CombLned ratio —....—.... 


-£izl>£ 


Net revenue after Interest and 
expenses of Claverhouse Invest¬ 
ment Trasl increased from 
£510.588 to £5S295S in 1977. 

Gross revenue was E613.4R7 
( £540.1781 and the result Is subject 
to lax of £200.257 (£179.224) 

Earnings ner share are given at 
3.83p again*! 3.31p and net asset 
value per 50p «hare is shown 
ahead from 73.7lp to 104.S5p; 

A final dividend of 2.3p takes 
the total to 3.8p (32p). 


N.B.—Government stock holdings with more - - -- 7 . . 

- than one year but less than I& months to .. ■ 

final maturity, amounted to ... • 493 .. .. +1H;^ 

2—Finance bouses 

Elieihle liabilities ... . ..338 + By_ 

Reserve assets .... 34.7'. -+ Wy? 

Ratio (9hl- .. W - ■- -. r. 

Special deposits at January 48 were fl,194m. (up^ C17m.)Tt^•**'- 
hanks and £10m. (up £lm.) for finance houses. •-Interest-beaDMii^ 
eligible liabilities were £27,942in; (up £I.157nt). . ., . - . • 


+ -fri 

-+M^- 

-'.“Si-.r, 


H: (up SX.IBVIZLI. ; 


earing 


as at January 18,1978 


THE TABLES below provide the first 
monthly indication of the (rends of bank 
lending and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank of England. Tables 1. 2 and 3 
are prepared by the London clearing 
hacks. Tables 1 and 2 eover the business 


of tbelr offices and their subsidiaries 
(excluding Scottish add Northern Ireland 
banks) In England and^ Wales,; the 
Channel Islands and the Isle of Han 
which are listed by the Bank of England , 
as falling within the ..banking sector. 
Table 3 covers the parent banks only. 
In this, it is comparable with the figures 


produced by the Banlrof England, wild? 
show the reserve positions of : . 

banking sectors subject To credit;rental 
niiner -differences here arise from 
exclusion from the clearing bank figure* 
.of Courts, a subsidiary of NatiMUT^- 
' Westminster but a clearing bank-in flsi 
own rigbL 


rAISLE L 

AGGREGATE BALANCES 


LLAB1UT7ES 
Sterling deposits: 

UK. banking sector .. 

UJC private sector. 

U.K. public sector . 

Overseas residents ... 
Certificates of deposit 


Total 

•utstamJlnn - 
£m. Int. 


Change on 
month 


of which: Sight .. 

Time (inc. CD'S) 
Foreign currency deposits: 

U.K. banking sector . 

iither U.K. residents . 

Overseas rrsWenf* . 

Certificates of deposit . 


Total deposits .. 
Other liabilities* 


TOTAL LIABILITIES 


ASSETS 

Sterling 

Cash and balances with Bank 

or England ... 

Market loans: 

Discount market .... 

UK. banks . 

Certificates of deposit . 

Lora! authorities. 

Other . 


Advances: -'-I. 

UK. private sector 

UJ\. pubHe wrier 
Overseas residents 

Otber foreign currency assets^ 


totalassets 


Acceptances .......... 

* Includes items in suspense-;and m. transit. 


TABLE 2. INDIVIDUAL CROUPS 

TOTAL 

BARCLAYS 

LLOYDS 

. !■ ....... . , N4T |p]ViAL. ' - 

MIDLAND WESTMINSTER ‘ * GfiSNS^- 
, ekf&: ; •: ..'gawp*.: 

Ontatwalina on . OsManOn*.' on - QutdMlM' 

OP BANKS’ BALANCES 

OiRsuamog 

CbsRsa 

on 

Oumawans 

Omnao 

on 

- Chust 
Ootsndba on' 

LIABILITIES 

£m. 

OTBOtfe 

£m. 

• £m. 

IHflUl 

fin. 

* 

•ntmfUl 

Ism. • £m. - 

•/fr - < 

-. ... .fa. ,,;1 ; fin. * ; V ' 

Total deposits.. 

50^28 

-310 

13^72 

+265 

9,484 -440 

IWia —38 • * 14823 +101 V 

ASSETS 

Cash and balances with ‘Bank of 
England ... 

1,092 

-198 

351 

+ 15 

- ISO ; - 87 

S5 ~ —104 L : : ':_V88 _ : 

Market loans 

UJL banks and dfeconnt market 

10203 

-141 

2,633 

+107 

2,464. • ”322 


Other... 

9.656 

-229 

2^18 

- 19 

2,441 . +, 8 

. 1^70 —.>60 ■. ‘ 2jtt .-id* o?:- ilo ’■?& 


Speelal deposits with Bank of 

England . 

British Covernmenl stocks. 

Advances . 


117 - 88 


794 + 19 245 + 1 116 . + 7 . 177 . +. i d , 23® ^ ^ 

2.109 + 66 524 + 34 412' — 83 “317.'. +.J2 898 A-S0 

26242 +508 7.712 +223 . 3JM2 ' + J9t. ; .\52l0 . V+ 70 7^?-’ '.+112 


TABLE 2 CREDIT CONTROL 









■ ■ •• *.'■ ' •. > 

INFORMATION 










(Parent hanks only) 







- __ . 



Eligible liabilities . 

23^43 

+580 

7414 

+212 

?AI7 

+127 •. 

5^90'. 

+ 17 

* d429- +173 884 .[ 

Reserve assets ... 

3468 

+119 

934 

+ 84 

46S 

•+ •'' 9 > 

767 

.7- 

827. .':+;«*• 2 w 

Reserve rarin («5,). 

13.6 

+ 0.1 

13.5 

+ OJ? 

-13.7 

-fts...: 

23,7' 

-92 




















































COMPANY NOTICES 




IjiS i i4*-**M..-v_ : 1 i ’Llsffi '**'■ j,*- •»? r- ~ •• - ji-jjl v'* ~ ~ .” 

79 ,. w -^’ ’19 


1976 


: ;.;lv FOOfr -.. rooo 

JMrnoyer,,A^.L_>^y;^.C 25/549 


Copper price fall hits 
Bougainville profits 


WITWATER5RAND COLD MINING 
COMPANY LIMITED 

_ {Incorporated :n Uic 
Republic of soifin Africa! • 


C1MENTS LAFARGE 
8J% 1971/1986 5US20.000.000 Loan 
Notice is hereby given to bondholders of the above loan 
that the amount redeemable on March 25,197S Le. SUSOSO.OOO 
was bought' in the market. 

Amount outstanding: .$US13^50,000. 

Luxembourg, “ THE TRUSTEE 

February 1 8. 1978. FLNIMTRUST S.A 




*Tf KENNETH MARSTON, MINING EDITOR 


»v-vH.08p 

«■'4. -y4*r 


f^arikffri^rto^-slraye. 




;;. Bairtfdfd, 'Cbj* : 0i$gman 

jBMfe... -v .. vivS&^C: 


■\EVTTABLY, the .weakness of 
uie markei lo r , co pper has made 

SL™ 1 ® 1 ° n wrawgs of the 
wo Tinto-Zlnc group’s bin 

p!S| aI M^U d ^ ,er ‘ fi0W ® ine “ 
rapuB New Guinea. The net figure 

ha* dropped to Kina 28 53m. 

* n i9ra 

*5"? dlv<tfend of 4 toes (SL8p> 
makes a year’s total of 8 toea 
against 10 toes for 1976. 

Year ended 


35 /. • V V- fc *r 'r 

i» 'v v-> r *v 
5 .-.•■:*•>.!■-rV> r.'-W'- 


•••• T-^r-': 






*■ • . •• .' ■. -•• 

C-- ' if '■• ■ ■ "' '■ 






••; 


• • 'Koofli ixom: 

** ="•« 

•aw.— ■ss.'ss 

Royalti.* .“ .IS ViS 

U:avtt« .. .MQjS 

Exchange gains _:. <177 i'^ 

Earnimu, tx-rore la*.. «^5 blbti 

W ™ii».--:::: S:S! K 
i»2SR r ' >a,0 l Iast ye8r 7086 10 

fcVtT? t0J ? u,BS £rora 179.081 Tonnes, 
nut the average-price nf the meTal 
* n u >* currency fell in 59.3 cents 
per lb against K3.G cents in )97fi 
.4,°'«, sa i«* al“ increased, reaching 
hdograms compared with 
££??* £fis u» the previous year. 
rJ .fei 116 average racial price rose 
to S148 per ounce from S125. Silver 

SShTST - lo 47iM3 * 

eiS^f® 11 , sale ? ^enue was only 
slightly less than in 2976,- but the 


f company had to countenance a 
3 further rise in costs and depreci- 
i ation. During the year the PNG 
; km* was revalued by 2 per cent 
i against the Australian dollar and 
s by 7 per cent against the U.S. 
. dollar, This resulted in a realised 
. exchange gain of K2L2m. on the 
repayment of non-kina loans and 
l there were unrealised gains of 
K7.Sm. on long-term loans. 

While it was not expected that 
Bougainville would match its 
I 197 » performance, the latest 
results are disappointing. The 
1 outlook for the current year is 
1 hardly encouraging as far as 
' MPPer is concerned, with prices 
running well below the 1977 
average. 

However, a ray qF hope comes 
with the news that Japanese 
buyers have returned to thdr 
full level of contractual deliveries 
frtim Bougainville and have indi- 
cated their desire to lake some 
tonnages in 197S which hud been 
deferred in previous years. 

And. of course, the higher 
bullion price will boost the 
mines important revenue from 
gold production which, inci¬ 
dentally, exceeds that of South ' 
African mines such as Blyvoor. 
St. Helena and Kloor. 1 

Bougainville shares were un¬ 
changed at 73p in London yesler- I 


day. A stake m ihe company of 
58.6 per cenL Is held by Conzinc 
Rlotlnto of Australia Which, in 
fi^n, is 72.B per cent, owned by 
STZa 1 


MOTOR CARS 


Peru’s iron 
ore exports 


THE NEVSO ^ 

/; 


BY CADILLAC 


PERirS Mlnero Pern CoracrdaJ 
(Minpeco) exported 6J21m. wet 
long tons of iron ore products 

f renl J*! erro Per u's Marcona mine 
in 1977, compared with 4.53m. 
tons in 1U76. Japan and South 
Korea were the principal destina¬ 
tions of exports, accounting for 
3.<4m. tons, a further l.I2m. 
tons were destined for the U 5 M 
627.952 ions for Eastern Europe, 
371,943 tons for Western Euroot-. 
and 356.618 tons for Latin 
America. 

Shipments for domestic con- 
5y™RV on m Poru amounted to 
. Tfl| s quantity in¬ 
cluded 4o_,6U1 ton s of pellets for 
Siaerperu. itiinpcco handles the 
marketing oT Hierro Peru's iron ' 
ore production as well as all 
Peruvian non-ferrous ores and 
metals in world markets. 


NOW AVAILABLE WITH RIGHT. HAND DRIVE 


Directors' W. Wainsimn. v. i. Mi*. 
IV„ O- Poitcous. R. K. Katzenelien. 
D«on. A. M. MU t&llernstei. 
Rpjlwercu Office: as Market- Street. 
Johannesburg 2001 ■ 

NOVICE TO SHAREHOLDERS 
Notice is nerebtf given rnat the Annual 
g®"*™. Meeilno ol SMrehoieerj lor 
v 5 jr cn,1 «l 30U* June. 
imJ..* 1 bR.neiB in the mam cor,- 
3 ^S«u, r ^f ,rn r2 s, . Floor - Krtrln H DUM- 

?Shn8 l iI?ia StTe « t Jo^nnesburs, at 
3159° Monaav mo 27m February. 

' r,,i ®*' r ‘}>a n te lo a ■ direnive 

hi . t 5E.? wr?rs "»BW m him 

Act rnSVI^M. * e CompM,Ci 

Y. I. MIA 

l^nlo" Transfer Often: DIRECTOR 

< H cr ££5$ Umlt «- | 

Loudon 5W1P ipl. | 

EHi February 7 978 | 


THE SOUTH STAFFORDSHIRE 
WATERWORKS COMPANY 


SeviDB - the fim ever, car from Cafifac 
with Eurupesu styfeig, AnosioBf and 
luadisg. is mw mWe with right head 
•id*®- Eqeippoi as conp rah easiHetr as WB- 

shod C«Rla$s, it hi diNgoed to use hnv 
octaee fed givhg tree nmaiog ecemmy 
for this doss nf vehicle. 


Tbs SevRe is put oh of dw exdusive 
range of vehicles snipfed by Lenfnin and 
llaiuuu. Sole sothorisad UJ(. DhtAators 
for GenorN Motor American can - CadQtac 
Bode. OfahmoldB. Pontiac eat DwuroteL 
Home and export tax free ate arranged, 
“A es today for a lest driva. 


tEtiDRum & HDRimim 

122/124 King Street. Lomion W.6 Telephone: 01748 D82T 


APPOINTMENTS 


■ SBBLJTY r F&GRG FUN& SA. 

...““WOlWEp tftOER THE LAWS- gF TIVMMA. 


M5th February 1978. 


idend ofI7 cents(lXST 
Euao' 31,49^pQ^jte-. 


■‘‘ -“I : • 

m NfV 7at ', 


Kj Luxembourgeoise ai43 Boulevard Roysd, Luxembouig. - 
lil -- . ■ K^isleredaharehoklfirsof record ianx«BF3L1978vi®^^ 
■Jiave thartfividfind cheqt^s maBof to tfaeiriddiiss ' 


. K 'Hamiltoh;BerinuSa<;--.' ..‘ - CXCoDis:SeoelaTr' 

. 35; • January 3lj 1978 ^ '■.•;■ J - c v '.“jW.* 

••••» Sl ^;^ .*•' i—‘• t’’ . • - .• V’>" 

— _ f '*!*'■'«V-!.“ 

~ ... ■*' ••'. - '' 1 = '■' •' ' 

Sft r e ’vv:"' ■' - ' ' v' ‘ •• .^.•7.1::' 

5 to • " 

U . * . .tt..' • ■ •_> •. 

>.-• ^ •: 7:‘. •» • '}!' • -.7 ; / ’• ' -■•. r r *--?. : r 

. 2::- - - v "'c. • -V!'- . 

. ^■.Ac.r-.- • ^>. • 


h. a. in avKBuSfs; KM Grace-Hanna in 

Reporting from Canada - new coaI deaI 

SJSSJTStfSS viZZfkZ W hft. c Sd an 2 

?, 

Pay: P* ? ' y ”*T SZ SmU Zr^ 1 ° UtP ” t ° f 

llon.laslvMr fil^tA-i’,V eti, J mm ‘ “ Nw* Scoba in Grace and Hanna. It ”, 
•«"»4S!) W aS ll iaSBi' M Z ,letad0S - operated soparalelj- from D)|i.“ 

iS,r 8m . ,he — » r 

Sons 

fe a “-^arsis ® 

JH 197 ®- industrials r „ y ‘ miners with up to 80 per cent of 

2£ d P“?J[c utilities accounted for Ore reserves have been estimated the output bavins already been 

.. (frCMX-l-Wbn. in at tonnes, averaging 7 per sold on long-term contract to 
. 0,Is 3Can.430.Bm. 5*“*?- combined lead-zinc. Imperial Cclanese Chemical- Tor use in its 
(5Lnn.Ma.4m.); financial institu- Oil is Canada’s largest oil company plant at Pampa. Texas 
lions SCan.523.6m. (SCan.513.2m.). 37111 is owned almost 70 per cent The H-G property has reserves 
Of company news, he reports by Ej “ tm Corporation. m excess of Sm. tons of medium 

that Kaiser Resources is com- ptu low suJnh,-r coal recoverable 

■Tutting more of its coal-derived ‘ by mining methods. 



.■_*}®T | DE IS HEReBY Given tuai nut 

ShmSI ^ fc Comcany 

JflJiJS* • at Oio Principal OBIte al lAa 
h^°K«r M.Sbcwcot* S:reeL Blrmlng- 
22? .S.^» Thura<Ja r i we Second 

SS? ct M areh, 1978 al 12.10 o'clock in 
, a “ ePBOon f° r ,l,e lilloulng pufbows:— 
w 7 ^J* [he accounts lor tbe year 
ended Sin December 1977 ana the 
RCboris of the Directors and the 
Auditors thereon. 

I2J To declare final dividends on Ihe 
Ord'narv Slacks, 
il To re-elect as Direcwrs-— 

Cai Mr John Henry Neville 
^ Tnotnpson m.C.. T.D.. M-A. 

] ib> Mr. Ceolhcy North Wright, 
... , M.B.E.. T.D. F.CJL. 

l'4a Tp aurnprise an increase In the re- 
' mune ration of the Directors to a 
masinuim sum «ip the aeoresate) of 
' £14.000 per annum. 

■ 5} Tp reappoint rhe Aud>:ors- 

| 'Bi To aulhcrise -he Directors 10 flv Ihe 
Auditors' remuneration. 

• i To rransact the ordinary business of 
the Company. 

Thr TRANSFER BOOKS cl tbe Com¬ 
pany w.II be CLOSED from Friday.- 17«h 
Fe.vuarv 1975 to Thursday. 2nd March, 
in. 3 bc-m na*i inrius ve against Trans- 
fers nf Ordmarv Slock but no; aoalnst 
Transiers of Delscntuic ar.a Prelerence 
Stocks. 

{ Bv Order el the Board 

A W. TiBBENHAM 

Secretary. 

Birmingham 

7th February 1973. 


LEGAL NOTICES 


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


7 . FlOPKlTy" •• 

liSKX^PbfttTHJU/■-£ - 

The . • 

Cent5 ofwWchfe* -- 

February I,19^j^yM)lej^bri4ary 15; 1978. J‘ 

Holders Qfbek^sharessHoiiid pr^entcoupoa 
n Rl/lf 10 2 at the head ofFoebftjbe BanlcofBerniudA 
O. I IlH*®®*^***: Benaiida br Kiecfid:bankS1A. ■>' • ‘ 

•* Luxembomgeoi3e?at43 Bouleiapd Rqyai, ~?,-: L r - 

Luxembourg! . . 

R^isteralsbaMioIdersof r^rriFebruArylst^ 


.v, . *ic icpuris 

riiat Kaiser Resources is com¬ 
mitting more of its coal-derived 
earnipgs in diversifying Into oil 
and gas. The company already 
has a 1 per cent, participation 
fat a cost of 3Can.5m. in 1977) in 
the Beaufort Sea exploration of 
Dome Petroleum. 


MINING BRIEFS 


Rtotal Works 


g* a j£° st F of *Ca«-3m. In 1977) m " 0 *™ b «*« 6 n electrolytic zinc- 

rne Beaufort Sea exploration of ___ • 81 . 12.77 3112.70 production statement 

Dome Petroleum. ProtftrcHon: 

Now k'nicyy . . Crude ore flnnnes treatedi 827.127 24120 

OIOW Kaiser expects to incur Assaying- Rtotal Works 

sLaiMoam. in drflhng expend!- i,caa 'per cuuli . 12.78 12 .bo Zinc 

lures over the next two vear* in Si lv * !,r larama/iomii!* .. 227 228 West Com Mins 

return for uo to a in , XbK c * wr w"i-' ■ 10.03 iai On moled 

working interort ii , C t nt ‘ ^a^concwmtc fionnefil 37A44 38.828 Lead cowemrafe 

res i jn about 14m. AssBrioz: Zinc couceniratc 

acres of oU end gas rights sur- J*" 1 l3er . ««* . 74 92 ra.ss copper concenfrjie 

roundmg Sable island, off the east rB s n ^ B P ^ rams/,onne1 "■ 1:S8 UM 

poast of Nova Scotia. ffiSitew. iioauesi ... 27,003 ».an BH SOUTH - 


4 wi-h-ks ended 
11 ‘3 76 14/12.77 


11-544 11.446 


mhuic idMlUU 

goast of Nova Scotia. 


51.278 43.396 

1-5*8 1462 

9.779 9.611 

• 145! 1404 


The successful candidate wifi be responsible for 
the enure 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. 

.« w iU be a short training programme in the 
U.K. followed by a longer speU 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.Hagiey Road, 1 
Birmingham BI6 8QG. 

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


- -——. Manet lend <tonnes) ... 27,DOS 28.990 

• Plaeer Development, of Van. „ Martcl KU ' er ,k,^s - , — 4e - 439 ®- 4 bs ' 24 weeks ended 

"HLh one of the few major A^ySS “ n,ral8 ,,onncfi ' 39006 «* 129 SS JSSSum 


sss * °s. e - of the few "»& A^yS *r uu ° ,xmDcst 

L-anaaian miarng-companies able zh »c <p<?r cunt.i . 

to report higher net income' for tow grade concemraie 

SJS;'J h JtI s beca ^f of ®"3 jooior cOSSE&i . 

factor, the nse m nolybdenum a^noopau . 

Prices in international ■ markets. l« ui {tonnes) _™ 

Ptaeer is the largest.Canadian S "” r <kss ' > - 

EMWIf ?> molybdenum from its Flnancta results: 


- ouiniuity 

52.88 5LW I^Mticuon days uarfcc-d 
mospnaii- roefc mined 
7.776 6.167 '*“T tonnes 1 

PiBffl' prwtnrtjnn (dry 
3.445 '2,211 tonnes 1 
440 233 Ro <* TmV-6 10 TownaVUIe 


267.308 189400 
218.973 151.855 


AKj advertising 


182.879 I4S.49S 


- 13.052 12.813 


Jieir address. *=•:. : i V ':'V-. - ■ 

Hamiltcih, Bermuda ’ "7‘. .' .C. X GolIis,Secretaxy 

rebraary l,l978 “ . • • /- • £- : 

. EanUrffr" , __ ■" '' ■ 

■vr Iks® 9 •• y.-i • 

‘PS •••_ - • . _ . ; v . 

Il"’ ‘ 1 ■ 

• MlB S ■■■ - i> - ■/ -v ■■■ 


403 Crude ore ireaittl . 
091 Copper totuemrule 
496 Copper ronteot .. 


MS 1»S 

ll!» 112 

•tonoesi 
2SJ.M9 296.7901 
14-883 14.0611 


Placer is the largest Canadian S "” r <kss ' > - -“ a UK 2«-«" 

producer of molybdenum nvmft SSS^Lif" ” “ iaB 

Knaako mine m British Columbia. ^ • Samo jaooo Production days available 11 s us 

Net income last year rose to - ” - 1)n>tlucQon . 21403 1949 s Proiuciioii dan worked.. uy 11 ™ 

B®S^ET8 SSr-:= I Is gSe-ja.- Tini-s; 

1976 when there was an extra- ,■ - - *4« « cooper mnreni . 

ordinary item of JCan^m. pJu& K2S t ,J’ c £SL r J”! ,y . * 4 Kra *•« concL-niraie . ia. M1 

In Nova Scotia It's not juS coal guStJJ'S, 00 ”- wa,u ' S =■«= . ijS 

™nhig that is - moving ahead. The EatJmarcd profit sitS \‘M6 L L?id^n*on| C . MU 1M .l 

Britlsji-OWnad George Wimpey Estlnwed nrofli Uossi on D.-wto«J5?m: . 1, “ 9 ^ 

Canada-plans a new thermal coal K £ l f2i„?f c , r ii J ® n * ■ ‘ ,47 * C.sa muk- 

operation near Stellarton. and the Eitinialcd oranr iKnut « n ,6S> ra> h aU!nl *m cn:. 

Crown-owned Cape Breton Deve- TSS'wSSU'T* “ « 7 ». 77 Vm,caI ,[nefres ‘ . in 7d 

lopment- Corporation is seeking 2 ,h F r 1,1 .-. 2.712 s.isi rFC1 ,„„ TlM , 

a .Government green light for a nittunwnx ...... itb 77 ** tfcWU « tin— eannar? !:.nn 6 ionn.>» 

Ih a £f«54f; n eI LSfn‘d la,Donlcin im 

on ijpe Jsreton island. . _put Ml. tonnes I December 47 tonnes 1 . grade conctiwrales. 


PUBLIC NOTICES 


1,448 Lead conicnt . 

- Drrilopmom: 

55 C.S A MUX- 
CIS 1 Lateral imotne^i 
Vertical • metres) 
n 


r , SStlSA 1 - f^tGIONAL COUNCIL 
£4.000,000 Bills mue Sole 8'Z.TS 
maturing_ 10.5/78 ang 1 2 ,t; 78 at 5*—<■« 
rlt .«««Apniicalions totaiicd 
-1b.C00.000 anif there jrc £4.000.000 
Bill: ou mandlnp. 

GLASGOW DISTRICT COUNCIL 
Bills IBLM 8.2.7B £4.7m. *1 
mjlunna tg.5.78. Application* totalled 
i.34.4m. Bills outstanding £B.7m 


RESIDENTIAL 

PROPERTY 


=, ira 3,1 77 ceevo " TiN-Jannar? KM tonnes 
on- KVhli-d produced 81 tonnes Black tin 


PERSONAL 


! W '?S7 l ic , ?i ,, rrw Da “t ,,! Rectaiion. 

| £95 *St \j),?'"■ Su,t “"»*«• 

i c *Sf *J**U SE “—Reernth) rebuilt to high 
i n r^’ so S IM secluded niann 

■ evenings) E1 z - 250 - Sa*munonam 2593 


? ; lo the 11 inn OV:rt HF JUSTICE. 

| Clianivrj- Division Comporuis Court- In 
•bv 3Ia;icr> o( 

No news or 197 - 
CEAHWO r *TH LIMITED 
No. 00284 of 197.S 

CHAVEL <E\HL!SH A.VH FRENCH 
MODESi LIMITED 
No. IHl'iAS of I??* .• - 

PEACIITflX LIMITED ' . 

No 00367 of 1978 

! SPOTZONE LIMITED- 

; No. ndcifiR of itf 

STAR \f 40 EM I.PT1TED 
NO. Oh'169 of 1979 

CHELSEA NURSERIES LIMITED 
No. 00370 of yTB 
CRACECREEN LIMITED 
No. 00171 Of I£-7« 
SOLARCREST LIMITED 
; and In the Matter of The Comoanies 
' Act. 1948 

j NOTICE IS HEREBY GIVEN, that 
I Pemions for ih-» Winding up of the abovv- 
j named Companies br Ihe Hich Court of 
JusLce were on the 2nd day of February 
1B7». presented to rhe said Conn by 
THE MAYOR ALDERMEN AND BUR¬ 
GESSES or the Royal Borouch of Ron- 
Isininon and Chels*.a of rbr Town Hall, 
j Homton Street. London. W.E. and that 
the 'said Petitions are directed 10 bn 
heard before the Conn sininc at the 
Royal Coons or Justice. Strand. London 
WC!A 2LL. on the Bib day of March 
1979. and any crodlror or contributory 
■ of any of the said Comoames desirous 
I to support or oppose me tnaJclne of an 
Order on my or the said Petitions may 
appear at the rime of Deanna, m person 
or by his counsel, for in-ai purpose: and ' 
a copy of tbe Pennon will be fumiithed 
bv rn? unaersicoed to any creditor or 
comnbtrtory 01 any of the said Comoames 
reouirioc suen copy on paymrni of ihe 
recuiawd enanic nor me sasn 

A. ELLERY 
Borouch Soiti-uoc. 

The Town lfalL 
Hum on S* rev 
London WS 7NX. 

R -f: VVCM 'LT.'FG/JL 
Tel: ni-037 34W. Ext. SIS. 

Solicitor Tor Hie PeUUOncre 
NiTTE —Any person woo intends IP 
app.'ar on the tuanan of anr of ihe said 
Petitions miiBi serve on. or send by posi 
lo. the above-named notice in wrt’iiw of 
his mtcnlivn so lu do. The fioiiee musi 
siaie lh .- name and addr. ss ol Hie person, 
or. If a firm tne name ana address ot ihe 
firm and musi be Signed br tne person . 
or arm. or his or iheir solieiior (if *nyi 
and must be served, or. if posted, must 
be Sent by post in sufficient time to 
rvneb the above-named not later ihan 
four o'clock in the afternoon ot the 
1 3rd day of March 197:. 


CLUBS 


ART GALLERIES 


eve. 189 Regent Street. 73J 567S. A U 
| carte or All-in Menu. Three Spectacular 
■ Floor Shows. 10.4B, 12.4 5 «na 1 45 ana 
: music ot Jolinny Hmvkcsnorth & Frionss. 


DIAMOND INVESTMENT Scm.rurs Hreei. . II I 

iaSBr*™ i IfinSMR b M 


■ GARGOYLE, 69 Doan St reel. London, w i 
J NEvV STRIPTEASE c LOOP SHOW 
THE MEAT BRITISH STRIP 
I S c, 0w r? Midnight also I a.m. 
i Mon.-Fri. ClOfOd Saturdays. 0 l -*37 S455. 


■ J, . * i— ■/ . <*T ,+rm. . J- ' 




Everybody tells you to save energy. 


••• 



n- 

in 

12 



i^' ' 


8 * 

i.9 

- 

sT 

jjJ* * 

tW 

IT 

■ 

4i* 

■ 

il* 




ou how much 





i: 

2- 9^ 


shbtv.ycju the ^et^ayi^potential inypijr building- 
aoi fHEogrammes m achieve tbe r sayings. Advaincei • 


Executive Requesting Data 


tS 

3 5.SJ 

- :6 


and ecbnonuGS ir^yid^lxipdi^ owners. . /«; 


Ovmaukn. 


■ssfe. 

|S 


substotial energy andmonetary saving^ in thousands ■? 
of builc^jgs wbricL ' .'"■'l 

installing^ 

start’ll and trainmgfdceach specific job. So tell lis ;: 
aboi^youc building. Andif-jpu seed help with this . 
foniviileaseedeu^et:..J-l-r-: 
jEne^ : -v 
Haqey]^I^jpQmE^^ > : / v- 


Aira CoJc , .., Telephone Number 


Budding Data 


Total ainuunt ot"electricity used___Wh 

T. to I am of electric iry£ «___ 

^Tiat 96 of the above electrical ciistiMicirwnJchaiL'eh-_ 

Totalatnounrofnaturalj^asised ____ 

ai.m. □ 100cu. tt- □ thennsa l.OOOcu. ft. □ 

Total cost of natural gas S __ 

Total amount of fueloil used _ 1 _In* 

Total cost Df fuel oil £ . ___ 

Ti*peoffiieIoll_ _ _ 

Total amount ot purchased srearu . _ .-.. m 

Tural cost o/purchasediteam £ __ 

Total amount of purchased chilled water__ 

cu.m. □ millionbru □ tun/hn. □ 

Total cost of purchased chilled water £ ___ 

Toral cost of fuel or purchased energy lorfunmig only 


Bradosell, Beifcs. RG12iEB: : 


--— _ Space Conditioning E quipment and Schedules 

TVuMp Huff 


_ Chilled Water Plant 

Ffcctric Jnvcccntrifiigalcapjkirv ___ 

Steam nirhincccnrrifijjjsIcapjciR-___ 

-A hi'iprinn machine capacirv ___ 

Rccipmcntionmachtnccapaciry___ 

_tcalAr □ cu. m/hr □ ion □ hru/hr □ 

_ Interior Lighting 

T.ml K\n' ui ins lulled lighting; 

Fluoriacer.r-- ^ :B . Incandescent_fcw 

Huurs per week lighted space is fully occupied*; 

Flunrtacent -_hrs/wk Incanduscenc _____ hrs/wk 

H >urs perw eek lights are on; 

Fluotocent-hts/wk Incandescent_hrs/wk* 

Lights are on Junng unoccupied hours bccjuicof: 

Janitors □ Overrime □ Both □ Other □ 


EbublcDuct 

orMulrcpnt 

Svmcru 


3 

i! tt ' 

l fi £ - 
* 

!» 1 
* J: 


Honeywell 


Bosnia dtAJprfphjMraT plant 




Gnagg floor area heated oreoaleJ —_ • ■ ^ 

Numberoffloors,induiingfciascmair_____ - 

Typeofbuilding: Office □ Siorc □ Cbiltfie □ .Apr.-Hotel□ 
Church □ Industrial O HospiialO - SdvaoID 
OfiwrO __ 


Total kwaH airhandling fans; 

Total cu.ih./hr handled; 

Minimum % of outside a in 

Tool hours HVAC 
un ns run each week: 


SinclcZunc 

, Hi^.aiidiiv 
Ckilingfivsteau 


Variable Air 
\ulinnc 
. S^rero 


Fcnmi-ter 

Induction 

Systems 


Tackaged Room 
Heanncund/ur 
Cooling Units 


. cu-m./hr 


. cu.mjlir 


cu.m7hr 


cc.myhr 


cu.m/hr 


cu.m/hr 


Toed hours per week spaces 
seized ire fully oc^pieJ;- 




1 . Energy History 

year of energy htetory 19_ 

'Number of tnoxuhscovciiil _ f 


capacity for 
*■VAL units having inrer- 
nal rdrig- compre^o rs: 


kw btu/hr wns kwbm/hrw™ U-Wh, tu „ s b. bo,/l„ ™. U bd../],; i» ta/h. | 


Cmoxknum 11 months) 


m 


i--*t cctrtg. compressors: □ □ P □ □ D Q q □ rj q q ku ‘ l,n, ,,r ^ -■ - 

Y&D N " 0 N-nb CT ,^h..liJ a> , 3 nJA,shurdo.n.ln rr T r „ 

Temp, normally mainmlncd during cooling season_"C il,,:... . , _ . ^ 

I,[hgttmperauieMtbackatnieht Jurini,,hehea,in.^, —'™ P ’ 

——-- ■DunininUmkhuwifurpii'nofiiilismtce.'rv^.ujlovcmax. - --- 





















20 


fenaadal Times Wete^ay l»» r 


ERMTIONAI. FINANCIAL AND COMPANY NEWS 


dvMiuirtAVIAN* NEWS 


AMERICAN NEWS 


Slump in ASEA earnings Int “^ t 

BY WILLIAM DULLFORCE STOCKHOLM. Feb. 7. IIll 

EA. THE Swedish heavy elec- A sign of ASEA’s continuing stader, a Swedish family concern ■ 111*1 ^1*15111151 

•a} p.niriaeerine nnrl miflc.tr fin.mninl errun^Th is the decline Droducinc Ivashin? machines and ^LiUlllU 


Record profits for 


STOCKHOLM. Feb. 7. 


BY JOHN WYLIES 


NEW YORK, Feb. 7. 


ASEA. THE Swedish heavy elec- A sign of ASEA’s continuing stader, a Swedish family concern 
trical engineering and nuclear financial strength is the decline producing washing machines and 
power group, recorded an earn- in net financial costs from dishwashers under the Cylinda 
tags slump of more than 36 per Kr.l03m. to Kr.47nu a reflection name. The company has a turn- 
cent to Kr.39lm. ($S4.1nO in of the effort put into curtailing over of Kr-125m. i$26.9m.), of 


Bank 


1977 in spite of a 16 per cent. ih c capital tied up in stocks and which about Kr.36m. comes from 
growth in turnover to Kr:9.7bn. claims on customers. exports. 

fS2.09bn.). Currency losses Aff , inrt t hu mus t be weighed . . 

accounted for over one-third of ^^rop in order inflow.- Hailddsbankeil 
d ^‘‘" e “ n ? h "'?SL which was KrS.15lra. iasi year. ........ 

pjy. whose profit before tS HtS Al Vldend 

Jf “SeLd' subsidiaries ^ave not beeifabte STOCKHOLM. Feb. 7. 

55 per cent, to KrJ5.ni.. accord- ..ncMk- catie-fantnrili.- SVP.l'iRITA Hnnrio\shantp<n 


By Fay Gjester 

OSLO, Feb. 7. 

CHRISTIANIA BANK og Kredif- 


share and dividends, out is in-.lWTs real dollar sales were13 . - nar 4 Pr earmnes of extremely buju^.ftweeafas a ^3 

creasingly concerned about the per cent, higher. Furthermore -jEPJJJ 1 w f r ~ more than 17 per sales prospects this - year. W& 

impact of inflation bn its finan- over a. longer time period, real * er f e h * ?Iarbefore mid most analysts .-are forerastt 

rial potion. .. net income in 1977 was 18 per. . JSriL Woril toul P 33560 *" c £» 1 «* 

At S3J38bn riel income was cent below 1965 despite a 38 per a «® ^oved a recora wono: :X JJ5.,of between 105. and-SI 

neariy ^ ’htaher ?tSn ?£ cent tacrease in real * dollar thte'year. GM. bar- predict 


to Kr.10.5bn. Net profil 
to Kr.43.5tn. fS8.4m 


ing to the 
issued to-day 


papy. *J 0 »p r£ -te profit before 1UIS .DlVlUeiM ffYSuHr BJS££*.only 384.000 fewer than last trucks in the U.S. and abroad to- KLT’Jf' _ mg * AP-OJ reports, from. NearY« 

extraordinary items plunged by ntt been®SlS STOCKHOLM Feb 7 to Kr.43.5m. (KI from year's 9.068m. gether with other GM.prodacls **“ y ! ar ' • .'" ,.-• General Motor? AfiC©ptoce : C 

55 per cent, to KrJ59m.. accord- S us0 p| pac jj y satisfactorily SVENSJCA Handelsbanken. the Kr.58.9m. in 1976. reflecting in- Nevertheless, the chairman of brought in revenue of S55bn,, The *" th . po T a ? on J * 1 

■ ne P reImimary fi 3 ures Earlier this year the manage- second of Sweden's two largest creased interest costs and sub- General Motors. Mr. Thomas more- than 16 per cent, higher are partcultfiy i testing public offering o{- 

jssued to-da>. mcnt brobc a long.s^din™ em . private banks to report pre- stantiaUoan write-offs (Kr.36ra.i. Murphy and the president. Mr. than the year befprg. Net : yae because they JJ. odtac due 19B8ind SlmL^ 

Group earnings after extra- nfovment tradition, when it lirainary results, increased its The net result was, however. Elliott Estes, yesterday voiced come was 14.S per cent, up on .sfigbt softening in tLS- demand debentures due 2Qw are gxpect 

ordinal? ilems come out at opened negotiations with the operating profit bv 7 per cent, more rban adequate to allow concern that inflation bad re- 1976 with an earnings per share .for GM cars, although-commeru to be made Thursday rathey.th 

Kr.ll a Share, against Kr.l 6 .iW unions about redundancies. to Kr.582ra. (S125j2nU in 1977. payment of unchanged 11 per duced the company's profit mar increase from S 10 . 0 S to SVLB 2 . cial vehicle sales by dealers were tomorrow due to weather coni 
in 1976 After reducing sharply . a ~. Last week Skandinaviska cent dividend (totalling eta from 10.3-per cent, in 1965 to Dividends paid on common higher than the year before.ttons.in New Yowuly. Tentati 

the transfer to the inventory rc- * “® rLfi« L?iJl Enskilda Bank reported a 2 per Kr.33m.). Equitv capital rose 6.2 per cent, in 1976 and 6.1 per stock reached a record S6.80. in r.GATs. market share of U.S- offerings terms will probably 
serve. ASEA shows a consoli- *_ d j«L n .TV es _ cent risiMn Kr.fi.inm from Kr.395m_ at end-1976, to cent, last year. 1977. which on last nicht'S domestically-produced cars Stands. -Set^'late tD-DJOrTOW. - 


The ASEA Board, in effect. 


dated net profit of Kr.lSSni.. 
compared with Kr.l56m. in the 
prertous »ear. The hoard recom- 


Su-Pden itself industrial invest- 1,,clune s int> suosiuiary nuance 
mends an unchanged dividend iu>eit mausiridi invest . nronertv ^*OIllDa^ie , : arew 

of Kr.5 a share, which will take “«* and Production will shrink w &J&SZ. 


Kr.98.4nt. ($145.5ra.j. consumer credit. Norwegian 

At the half-wav stage ASEA Even if the controversy over Earnings per share an? given banks have temporarily sus- 

reported an unexpected 25 per Swedish nuclear power policy is as Kr.54 against Kr.50 in the pended the special borrowing 

cent decline in profit after the resolved favourably for ASEA. previous year. The board pro- privileges hitherto granted to 

management had forecast un- no new orders for nuclear plant poses a dividend of Kr.16 for customers with "wage accounts " 


again. 

Even if the controversy over 


Meanwhile, in response to the 
Government's call for curbs on 
consumer credit. Norwegian 
banks have temporarily sus- 


changed earnings at the begin- caa be expected This year. The eac h Ordinary share, which after —that is. those whose salaries Dreesraan ("V and Di 'roup 
nine of the vear. The profit Board foresees “ cuts in the pro- adjustment for last year's bonus are paid directly into a personal announced its second 

th» rllietion annaratus ” later this Iccna mningmi. uSth Tr1511 hnnlf arrfiiint TtnHI thp wpek- _-__■ .... n 


Dutch take over Dillard Stores Xerox lifts 

BY CHARLES BATCHELOR AMSTERDAM, Feb. 7. quarterly 

HOLLAND'S largest retail chain, in three equal armnal instalmetijs stores in new shopping centres A«****/*»t^- • ’ 
the privately-owned Vroom en for S24m. in cash. in the south western U5. and flM VIIiClH 


slide continued thr 
second half, which $b 
ings of Kr.lSBm. 
Kr. 202 ni. for the first 
devaluation of the kre 
end of August has to 
into account, however. 


The first tranche of 340$0O the mid-West. ft bad .turnover 
shares will be acquired at $23.50 of 8275m. in the jus trended bpok 


payment- 

' . NEW YOHfG Febi 


for the stock of Junga Verk- Kr.S2m. in the previous year . managers. 


operates 37 department 


-La Roche in reverse 


BY jOHN WICK5 ZURICH. Feb. 7. 

GROUP TURNOVER of the be heard by the Zurich Commer- the fund, but only a cash deposi- 
Hoffmann-La Roche chemicals cia! Court. The fund's liquidators tary. It had had no influence on 

and oha-maceuticMs concern alle S e lhi>t Cr ^ Suisse was the management of the I1T. and 
and pha.maceuucas concern tn » stee fftr UT moncv until had never been active in the sale 

should be of the order of <orae Marc j li 1972 . nod that it contra- of certificates to investors. Credit 
Sv.Fre.5.6nn. fS-.9bn.i for 19«/. vened its duties as such to the Suisse said that claims for 
according to the management of detriment of investors. damages were therefore unjusti- 

parent company, F. Hoffmann-La bank said to-day ihat it fied. the bank having conformed 

Roche and Ue. AG, as reported ^ad never been a trustee for to its contract. 

/ a the Basle daily “ Easier 


Heavier loss 
seen for 
Alfa Romeo 

By Paul Betts 


Fruehauf to buy Netam 


UirOUSD V dliU U a v cilUdiUCL\ lA “• % . Vl .v ~ .- ™*r “ 

ffihSrv . noonced that ^e wranal^'nia 

suosidiarj,. . - tag will ^ be :,befd: oti fey J8 

This transaction follows very San Franfctsco.. " ; -V 
quickly on the purchase of a M.eanwhi)£ AB-DJ . report? th 
holding of just under 20 per cent Blue' Bell - toci has. raised. 1 
in the outlet company of Pro- quarterly dhr^Sena. to 35 ceri 
vide nee Rhode Island. Professor from 30 cents. V . •• 


ROME. Feb. 7. 


the 


pnnnern allege that Credit Suisse was the management or the m. ana AT . TirtMcn ' c . a to- comainer manufacturer Netam. Fls.100 nominal share m 1974 and 

trustee for UT money until had never been active in the sale t ia‘r t %.im,r a ^t«irin« T be American company, which made a net loss of Fls-3.6m. on 


in the Basle daily “ Easier 
Zeitung.” This would compare 
with sales of Sw.Frs.S.llbn. for 
the previous year. 

Net profit of the Swiss parent 
undertaking is, however, ex- 


Peru discussing further loans 


seen ior BY-™* OWN CORRESPONDENT AMSTERDAM, Feb. 7. ^ 

A If D FRUEHAUF Corporation . of Fruehauf and in 1969 the Anton Dreesmano, president of 

/\lld Kumeu Detroit plans to acquire the American company took a 10 per v and D, said at the time of tbe ©»_ h w 

0 p . Bpm entire Fls.45m. share capital of cent, stake in Netam. announcement of that deal last CHeerni|. . '' v 

ROME Feb. 7. 0x6 Rotterdam-based trailer and Netam last paid Fls.& per October that further expansion SHELL OIL -forecasts earoins 

ALFA ROMEO, tbe Italian state- comainer manufacturer Netani. Fls.100 nominal sharein 1974 and (p the U.S. could be expected prospects for fifl products bettt 

controlled car manufacturing T be American company, which made a net loss of Fls^.Sm. on j> u t jj was unlikely.to happen than they have been in yeaj 

«roup. is expected to report sub- ls one of the largest makers of sales o, Fls^lm. in 19*6 It also W ithin a year. and e>^ects ; the frend to coi 

stantiai losses for the veir \»h>ch specialised transport materials, expects to announce a loss for ^ tinua. Agencies report frbi 

ended in Doc?mber proba?.!v already has 33 5 per cent, of 1977. V and D is now represented Houston.- Mr. H. ft DenfS 

hicher than the orevious vear's Netam s ordinary stock and about - Netam's shares were suspended on both sides of-the American v j ce president-itt charge tit '& 

S,n (issm i P ' half of the priority stock which at Fls.40.90 on the Amsterdam continent since the outlet com- prodireta ' Sd' demindT ft 

Althoueh the enmnanv declined is not P ubIic, y quoted, both com- Stock Exchange. The bid depends 7 pany has stores between petroleum products' wilt 

oa rbe a PP rova! of Netam-tf-Wisconsin-apd 'the Ea«. Coast hue to.grbS/S^lt.-'SifiJS 
taner reanrt °tbat Alfa Romeo Contact between the two firms Supervisory Board and of the The Dutch company had X976 } ow historical risea Mr. DenS 
w Tt 40 hn ln«!t vaar a «mkes- dates from 1962 * A ' he0 Netam unions. Netam employs about' sales of -Fl&SAbik and net profits sa i^ demand wifl-grow 

man catH tK-at "tho' mmnanv signed a licence agreement with 400 workers. at Fls.63m. develODms alternative resatm^ 


Mdertoking is, ticv.ever, ex- BY MARY CAMPBELL mected'to rewrt KwsTo"’1977 

peeled to be below the 1976 level a TEAM of Peruvian officials is Bankers' main reaction was that could exceed the 1976 total, 
of Sw.Frs./2m., profitability cunvntly visiting Europe to that further loans to Peru would Ajf_ Romeo is current]’’ 
having been adversely affected discuss the possibility of a have to be tied in to IMF standby involved in protracted nesotia- 
by the sharp further increase in further international bank loan credits, in that Peru must stick tinns wl*h the labour union's in 

P L eru repay . J ? 3D , S v h ,! ch 10 domestic financial and an attempt to reach agreement 


Upturn at American Cyanamid 


said demand wiQ-grow beca&j 
developing alternative resource 
will require many yearsSdfc 
tween now and 1996, Tuel id 
for industrial' and power gen 
tion may more than double 
8 m. barrels a day. ■ - .?>< 


« r- - i ‘1 see .Sn« a !? an been taken bv the banks vet-l p!ant near Naples, which has a share for the fourth quarter Cyanamid said Formica pro- James G. Affleck said that during ^*? Vtjorld Bank; as making^ 

Credit Suisse sued & 2 a 0 m. Some SSOOm. fails due .. ffTr .' hor j bppn plagued by repeated labour of 1977. asianst 66 cents pre- ducts sales were up 68 per cent, the year plants valued at about , &TS \ t investment in a v^wj 

, „ „ _ .. . _ for repayment this year, bankers taougit f “ rthe ^! troubles and low productivity. viously. Total net earnings were and operating earnings were S 130 m. were brought on .stream 

by iOS liquidators **£;. .... funds Will have 10 be found? Although the companv still S36.6m. against 831.5m. Sales about triple those of 1976. The and the total for 1978 .should be fromJJa^ngton^.fFC is 

top THuirnv, . . , „ The visiting team is reportedly quickly if Peru is not to default, j n r er ,ds to build a new Alfa Sud rose io S642.5m. from 9537.7m. turnaround In the some construe- about S200m.- mg SS43.4W) to expand SodefflJ 

TOE ZURltH-based bank. Credit l^d by Dr. Alvares Menesses. and on its external debts. Nor has a ; nlant. it has pointed out that its Earnings For tbe full year tion market during 1977 .com- The company said, it spent Espapola da Financiacio dfelj 

Suisse, has been sued for at also tnc.udes Jose Luis Bousset structure .nr a loan syndicate i future investment programme totalled S2J2 a share, against bined with further progress in S96m. on research and develop- Innovacioo. • the -first ventatf 


Luxembourg. A civil suit is to Central Reserve Bank. 


EUROBONDS 


Activity falls in D-Mark sector 


BY FRANCIS GHILeS 
ACTIVITY WAS much reduced 


bf- unions. 

_ Istituto per la Ricostruzione 

Industrial flRU to-night con¬ 
firmed the seriousness of Alfa 
Romeo’s current situation. IRI 
m controls the troubled car group. 

In a communique, Finmeccanica, 
IRTs mechanical and engineer^ 
ing holding company, has con¬ 
firmed the group's intention to 
_ , . seek a solution to Aifa’s Romeo's 

Three yen bonds worth Y90bn. curreD j qifiiculties in order to 


11877 sales include S96.Qm. in 


rative laminates. in 1976. - 
medical products. Agencies; 


Broker faces 
stock suit 


NYSE responds to SEC 


NEW YORK. Feb. T. 


prises, by supporting their use-( 
-1 industrial: innovations and ':m 
7 . mercial applications of resean 
' and development to facilitate J 
growth arid flnariciaLequilibdui 
of the companies;.. 


CHICAGO. Feb. 7. MR. WILLIAM M. BATTEN, the -'However,, the Exchange does 


Caterpillar optimistic j 


ACTIVITY WAS much reduced The Front* State railways con- Three yen bonds worth YSObn.l ™ ^ “ SZd^Twere 

»ss^rarMns ssvtt wa STSSSSt- 

litind to Lent festivities. How- rate of 6.7 per cent, is expected, hipb. set last December, of; “ _ Court here by the Securities response to a policy statement of analysis to define those, issues P . 

ever demand for new issues SNCF should be followed in May YS5bn February issues include] qp* i Investor Protection corporation s the Securities and Exchange more elosely. . reno!4 Reute? froS 


mind to Lent festivities. How- rate of 6.7 per cent is expected, high, set last December, of 

ever demand for new issues SNCF should be followed in May YS5bn February issues include) r*-»i i —-----vl —, r —-jT.-,- - —v ——- ,—. --o- —.- - , . .. roonrt . m. 

remains strong. C>ramerzbank in the Tokyo market by the Y50bn. for Australia. Ylobn. for S hVSSOIl 3.111169.1 Trustee for Swift Henke and cm, commission on the development . *One element of the national sports KeureF rrom- 

was thus able to Increase the French State electricity com- the City of Oslo and Y25bn. for J * Chicago brokerage firm that 0 f 8 national market system. market system, he said, must be. ^taPIs-.• _ j/S 

amount of the New Zealand bond pany EDF. Norway. flimpH dnwn filed for bankruptcy last year. Mr. Batten, in remarks pre-to maximise competition among - The company earned 

from DM-OOm. to DM250m. Yen-denorainaled bonds floated SNCF. March 4U1IICU UUTTU Loeb Rhoades and several of pared for delivery - to the separate;, autonomous mariiet share m 1977 oh sales of 

Terms are otherwise unchanged. i n Japan by foreign borrowers should see the Asian Develop- By Leslie Colltt it*- employees were charged with National Trust Conference of tbe centre components of the system. The U.S. accounted for SZ$a 

In both the dollar and sterling in the current fiscal vear \which m * n t Bank and tbe Philippines WEST BERLIN. Feb. 7. conspiring to artificially inflate American Bankers’ Association, .“.Each.. market, centre must of sates volume and W 

sectors there was very little ends an March 31 j will probabtv raising bonds worth YflObn. each. THE CARTEL bench of the the stock prices of Olimpia said the NYSE intends “ to have full freedom and flexibility Africa and the; Middle^ 

activitv. Dealers said ihat amount to a total figure of -Bftvm-iMnr renP v- Berlin Appeal Court has turned Brewing, Lawry’s Foods, Stange respond as posit 1 f?ly and con- to;develop Innovative technique, $i.62bn. 

although both the dollar and Y479bn. The previous BtiwuiKAiifc INULA. down an appeal by Thyssen Corporation, and Fay's Drugs structively" as u can to the practices-and services to support ^ 

interest rates had stsblised for was set in 197ii, when Y70bn. Ycslerdav Monday Industrie AG of Essen against a from January l, 1975, through request for comment on the its - market-makers ■to General Tire •!- JS 

the time being, uncertainty pre- worth of bonds for foreign Medium . 99.75 ’ 99.7-1 decision of the Federal Cartel February, 1977. many practical and conceptual attract order flow, he added. ~ _ .J. - 

vailed about future trends. borrow'ers were raised in Tokyo. Long . 93.66 93.67 {Office in West Berlin and tbe Reuter issues raised,by the Commission.’ Reuter General Tire and Ruooef^jj 


Thyssen appeal 
turned down 


West German Economics 
Ministry partially dissolving a 
Thyssen merger which took place 
in 1973. Jn the autumn of that 
year. Thyssen took over the Lud- 
wigshafen finu of Karl Hueller 
GmbH and formed the Hueller- 


Intemat. Aluminum to raise dividend 


LOS ANGELES, Feb. 7. 


General Tire and Rubber 
said the chemical 

division formed i new co^f 
to' administer chemical : -M 
tions, reports :APT)J ^ 

Akron, Ohio. . The. wrs 
chemical' company-;- 
responsible for product,^ 


Hllle GmbH, which has a torn-J INTERN ATiONAL ALUMINUM increased or, The ^vtdend ?€W«?^to ta tbarlfe sjm&tte 


J-ffi 


i °mark e T b d™r n aUon- taTSIfirfflrtSlii’.Vffita.ttS "For"the sia raontha. 


saying 

seeking 


December 31 and will increase 315.6m. 


backings .and^paper eoa 


sen. US UlVUlfllU wiuuu ujc UW1 314 rui aia **«= . . ■ „ fi/ ■ A * W JaJ 

bv months, said Mr. John F. Cun- earnings were about $1-52 £ ^CplUpAir,. Watts 

ninphnm owsident, share, ud from 95 cems last year - 17 * “ nt s a- share mtirfng _ " -■ 


tor previously shared by months, said lur. John r. 
medium-sized companies making otagham, the president- 
automated transfer tines for tbe Mr. Cunningham said thi 
car industry. the second quarter ear 

Thyssen then sought recourse _ 

to -the Federal Economics . , . . . ..._ 

approved, hut^ the then Eco- Court setback Bright outlook 

decided to allow' Thyssen to take for Deltec . s^rn^. Febl^. ;•' 

and to e relfnquish 55 percent R ELTEC INTERNATIONAL, the BOEING expects 1378 sales will quarter fell to \SL13±tn. from EaraiV-filcS' this ;W^|; ' 
Thyssen appealed to the Berlin ^whant^banktoc^iun has be <# «°nsiderably higher” than SI-21 bo., - r . /. \ A-FaW'^ienu&ctoring V^ 

Appeal Court which has now ^haevf at^thelands the S 4 . 02 bn. reported earlier for For the year as a whole, bfit^Ajidviw^G. - 

upheld , the decision of the * ffiS a» 5 ™! oSrt • profit tame out at mam.- f5*»; 

X™ 5?/ ... The Coun >M.fccMrf ;w The eehqmr to forecast UlT*' 


ui ogham, the president- share, up from, 95 cents last year ^ ,£1,1. jf r th _ f.,n tp^ r m 

Mr. Cunningham said that for and sales increased to about *9 cents for tfee fuil year. , : 
the second quarter earnings $4lm. from S30m. Reuter 


•The Department - of Price 
Consumer Protection ■ JS! 
doesn't intend to refer-.Co® 
plans to. acquire - the 
dlvisiobr.oF -.WattsReg^ 


Extract from Accounts at 51st December, 1977 


j Economics Ministry. 



• 1977 

1976 


£000 

£000 

Issued Capital 

10,800 

10,800 

Retained Profits 

3,350 

2,462 

SubordinatedLoans 

5^49 

5.872 

Deposits 

354^89 

352,480 

Loans 

191,800 

216,665 

Total Assets 

381,154 

379.519 

Profits before Taxation 

5,048 

2.988 

after Taxation 

1,428 

1,588 


Generale de Belgique 
to pay more 


Deltic. Boeing said the highlight of 1977, work which could .lead. to -' pro- ' • 

According to Deltic, the assets in which earnings rose 75 per dueftibn during 1978 of : a■ -ttew ' lijt M •• • 

of Swift which had been con- a bqve-the prior year, was lSh to 200 ^passenger medium-; 

fiscated and_ managed by the a ctrnne demand for new let range aircraft. AfrUhe-iiiteJ^ - 


■ fiscated and managed by the a strong demand for new jet range aircraft Airhhe ; interest' 

SOCIETE GENERALE de Arcentine Government since 'transports', in this proje«-is 'grwvmg^;the 

Relsiaue SA. Tfolaium's; lamest 1971. were sold recently for more _ Mimnlnv n-ilrt .- V- • BBSuffiSS, otiCfllWa' 1 


Belgique SA. Belgium's largest 1971. were sold recently for more „ ‘ . rj( .'- wimpanv.saTd:.: i-. v- - •: : -qn&uipa.. jw^cnioea -;g 

bolding comounv. increased than S35m.. sufficient it claimed, Th® corapa “* fi , re ?°i^ J. ." : ~ -j. 

profits in 1977 and has pro- to pav th e S12m. owed to Deltic q^ r «« profit Jor TTie 

posed a net dividendof B.Frs.140 and the SI Sol owed to Other 5U1 » share) against J ?«8 »*** to » 


per share, against B.Frs.135 pre- creditors. But tnis distributii 
viously. reports Reuter from was being blocked by tbe' Arge 
Brussels. tine Government to whom Dell 

In a statement Societe is now appealing. 

Generate said its 1977 profits ' 1 ’ 

were higher ihan 1976 but U.S. QUARTERLIES 

showed the effects of the severe ._ _ 

recession which has hit the jj F. AHMANSON 

economies of most industrial _ _ 

countries. Fwrth Quarter 197? M» 

_ Tbe company gave no profit __ _., a s _ 1QO V 


in August. 1977. Sales in. lte Agencies ^ •>'•:•'•-. v.’:.'.. y.-,.MiyungeA triXMTtefc 

' : ■*' ■ ■*-, ..1 •«''<* '-'. .JiH'feVl;. 


EMERSON ELECTRIC 


lone star inds. 


FTTNEY t 

f. . _ 


Foorth QfBUtar 


Fuji Bank 
Mitsubishi Bank 
Sumitomo Bank 
Tokai Bank 


Shareholders 

Daiwa Securities 
mk Nikko Securities 
ink Yamaichi Securities 


fisures for last year, ta 1976, ?. e T cnu ^ ! *. 

net profits was BJ'rs.765m. 

fS33.5ra.) and in 1975 it paid w^per snare... 


nmik- icon- ” ' • Reran ue...-- HW-VUI- auk-ttjw 

tJS* l 4 y nh ™' Revenue -. 501.3m. 409.9m. Net profits.i..,.. S.Om.- ,7^m. Net profits.;-.,^ o 


1*9 .Om 
1.28 


22.0bn. 


drdt vm -t' -im ■■ FmUt Ouiriar - ' • 

wnue'- ;-— 24l.Qm;,5 Rwenu'e^.^vL--i?i 7n ^^\Ss; > 


B.Krs.175 a share on nei profits R eveTme . SRS.Om. 6S4.0ra. 


0561 N ®t profits. 

Net per share... 


3S.9m. 

0.67 


of R,Fr>\1.3bn. 


Petrofina 

EUROPEAN refineries of Petro¬ 
fina. the Belgian-based oil group. 


Net profits . 104.0m 

ner share 4.55 


68 '?Sil GRljMMAN 


ANHEUSER-BUSCH 


PHiHb Quarter 


F.urlh Quaricf 


7/8 King Street,London EC2VSDX 




operated fast year at S2 per cent. R evenuB . aflo.Qm. 446.0m. Net profits. 

of full capacity. Petrofina informs ^- ei p ro fiis. 16.7in. 7.2ru. Net oer share... 

us. It was incorrectly stated in ; Y er per share... 0.37 0.16 v BBr 

the Financial Times of January y*w T0Br 

31 that Petrofina's European Revenue.. 2.23bn. t.75bn.[ R J evenue — 

refineries wore working at about Net profits. 91 9m. 55 . 0 m.|Net.profits ...... 


447.0m. 409.0 qi. 
S.Om. 2.0m. 


MASCO COKP. 

FuortH Quarts " 


9.UIU.-. ,* Aim. pi ais-v. TJ^SV. v 

824m: Net per share. ~ ' 0.71/.0^4 Net per^haro-'..--' 

n „.-r«ar- //;-••. •• / / - -n*-. : V 

v Revenue —-— SSl-Om^ ‘7ia.£ha^ 

—— Net profits i.... 30.0m.; ; 27.0m. Net',profits-i, 

Net'per sliare*.. : ZM ~/ 2.44 Net,per : ^ 

■ - _ ‘ a« mbrtiAvw; JiiwIMlk' ? ■ ‘ . 


2.23bn. 
91 9m. 


_ . s s , WAaw.Mwr. : - . QUE^TOa CORP.-^^-^ ' 

Revenue . 447.0m. 409.0m. FBOrtu Q “ a>t ®‘ \ l ^ T - • •...' ".f aw t y o w itb* . t 

M60m. Net profits. S.Om. 2.0m. Revenue;^:-.-' ilS^ht'. ,98JmJ te*ente< ; *' <•** 

‘-•J 1 - Net per share... 0.97. 0^4 Net profits lO.Srrf... lTLOm. Net-nriifits . i ' 

«-W Yqbt Net-jfcrshare—' :p#^ 

1 75bn. Revenue ......... I^6bn. .LS2ta. .'.w-l-. ' - L - : '" t -‘ 

55-Onv i Net profits 32XJm. 24.0m: Net ^ - 














% 


^T£RNAI!QNAL HNVNC1AI AND ; COM PAN YrfVfJ WS 


PCAN 


v’ ' ft* . 


on Big Brother 


has SMITH* fARE£$TK>|T0fcJMTOJtYO ..! : r . 

"g***® »?woA- There was have to confonn to the guW* 

' J :;u 7H^nase s>t-. paaSSer Mr levels!' . a '■ - .W*k»i “^ntonra were run down in domestic production. 

hnwS^SrwtS&S''toS-^* barely ynihi^ prtj peeling'Wrte'to^ow^aTn 1n“ Because of the likelihood that 
«: fi? “**“! 197S - ^ it may get less support from 

■ac.pI* ^iShnwifl «Py _wben -general Gemmi exports to the U.S. are GM in the US. market after 


Battle brewing for NACL p» ht °y tch 

BY LAURENCE STEPHENS * SYDNEY. Feb. 7. O.M%± g 

A HARD-FOUGHT battle in the but speculation revolves around of the action is taking place in Cnil1Tlf*T"$ 
stock market has been brewing in NACL‘s only real rival in the Brisbane, where about 160,000 u 

Australia for control of North Queensland market, Queensland shares, or about 7.8 per cent, of , 

Australian Cement Ltd. INACL), Cement and Lime. Like the capital, changed hands to-day. T() lT|Pr€JP 
a Queensland group and one nf Adelaide Steam. Queensland NACL made its first belated m,vr 


the eompatiy with 'rhSt- "• “ says Jt plenty of support from Ge 

sEi-r’-J 5 '^-technical, assistance. Motors tor its U5. niMfcettng effort for the next two to three 
-• ?* ’• GM‘s interest In promoting 

jw'Sat■■■" huporis of saafl cars into its home market could 

i j. ,Cp^,'pn\oiet r ..-Wfthr the re-;’ ‘ 

\*l v/ 6 conung. from.: Tarpo- .i .^A; --..: . ' - :• _ ' _ 

: P.er ' cent;h ;.sinaU :; . - ■.-••■ --.-• •*■■■■/-■ 


pany claims that the Gemini now 
enjoys a distinct competitive 
edge over similar cars from 
Opel (GUI’s West German affi¬ 
liate) in South East Asia and 
the middle Bast it expects to 
push sales actively in these 
regions although the formal 


Australia for control of North Queensland market, Queensland shares, or about 7.8 per cent, of • ___ 

Australian Cement Ltd. INACL), Cement and Lime. Like the capital, changed hands to-day. T() f|ipr€JP 

a Queensland group and one nf Adelaide Steam. Queensland NACL made its first belated m ' vr *“*'*■“ 

the state's two major suppliers Cement was a founder share- comment on the situation to-day By Charles Batchelor 

of cement holder of NACL and has held a when it issued a strongly worded AM'n’FTinAM Feh 7 

The fray began in February 2. 17.5 per cent, stake in its com- warning to shareholders not to ™ TA ™f ,r«cJ mavtw« 

when Adelaide Steamship Com- petilor for many years. Both sell their holdings. The com- 

puny made a cash offer of SA4.80 Adelaide Steam and Queensland pany announced a profit lift of spinning mills are to be grouped 

for 50 per cent, of each share- Cement are represented on the gg.S per cent, to SA713.000 °°e .?, on ? p ?” y ’ 5 q 

holder’s stake—its seventh take- NACL Board. (U S.SS13.000) in the December J|* 1 ® ^ieht romo^ies nSw 

over Md in two years—valuing It is thought that if Queens- half as evidence of its strength, The eight c ®papiM 

the whole company at SA9.7m. land Cement does threaten to and lifted interim dividend from ?P e i?;„ 8 L^rL 


(U.S.$llm.) and the shares under sain a controlling interest in 12 cents to 14 cents a share. JiLl? 1 9 * 700 Vorkforce ^ 
offer, which do not include the NACL. the move will rnme under The directors said that in the 1 Vi e “L*at e is t0 out up about 
17.5 per «nt. stake already held the scrutiny of the Trade Prac- pas t five years, net proflt had « 12 n m fS 53 3 m) for its share 

by Adelaide Steamship, at tices Commission, since it would risen by 85 per cent and divi- jn ' Thp n ' ew coin Da ay. to be called 

SA3 9m. mean a virtual monopoly of the dends had increased by 90 per c 0 in ner ii Nederland, and to 

The shares immediately be- Queensland cement market by ce nt„ and they revealed that c £ ve josses expected in the first 

came active on the market, Queensland Cement and Lime. sales in the 12-month period to yeafS it is, however, very 
jumping from SA3.20 to SA4.S0, Meanwhile, the shares are still January 31 had reached a record reluctant to finance redundancy 
the bid level, in the first sale of trading heavily. The price rose level by a small margin. The schemes, which it believes should 
the year. These levels compare to SA5.16 at the close in Sydney warning was signed by the com- be raet hy the employers. 

wirh NACL’s net asset hankinn nT Ifvrfav hm the Rrishane market nanv’s three indpnpniient dLrec- TV. .minm Amnlnuem and 


“ 5? d i*5° un!ts a ,ponth < from position is that GM distributors 

'■«. (23. pet cent).; •. it Introduced the L600.cc jSfimiiu the 1977 level of 2.000 to 3.000 arc free to decide which models 
— d P d"t“ major Cad-as^sted units). In the field of smaU frnm any of the various GM 

«*: “>e early. venrure into the car-market . trucks Isuzu hopes to build up affiliates they wish to handle. 

D ||24D,000 ■ passenger Ktrs Passenger .car exports; based U.S. sales of its “LUV" truck to 

H\JV hi with^-.sales;:.'divided mainly '.on the ' Gemigl^sB r * w 3 -000 units per month from the Isuzu’s sales effort in Europe 

** tpually between exports from almost zero in. 4973-'to present level of 6,000 to 7.000 is currently confined to fringe 

lQk«4 , home . nwrkaL Isuzu 22,000 in ‘1975 and to dyer^^fiO^OO units. LUV trucks are distributed countries like Portugal and 

tdlTftf b r , e( l K l prophr- In 1976 when Isuzu started sell- in the U.S. under a Chevrolet Greece. The company claims 

fc VJ[s sales will be tn the ing in-the U.S. through the GM label but with the words “by that it has no Intention of trying 

-----———__ ———Isuru” also appearing on the to compete against Opel on its 

t V fllPR ; •’ • . bonnet. home ground inside the EEC. It 

* TPDM I nAMC I lciini It ehntiM fiat nlanfu hSS no COUllJlCnt OD ruTDOUrS 


TERM LOANS 

Sgageot-Gitroen debut 

tS £ ^XNCIS GHJLES 

■. R Wer. t. ... ■ 


bonnet. home ground inside the EEC. It 

__ .. ^ . has u no comment " on rumours 

nr^mnmn^Fii^TM^f^ lha, a version of the Gemini 

m, * ht be assembled from im- 

S Af» r #i?iiwn Ported parts at one or the 

to t ut&b ypars. After 1980, now* i7,i,..L»,!i r ■ t? 

ever. GM’ S interest in promoting VauxhaI1 plants ,n Bn,am - 
“captive” imports of small cars Isuzu declared a dividend last 
into its home market could December for the first time after 
diminish. One reason why this seven years of chronic financial 


witb NACL’s net asset backing or to-day. but the Brisbane market pany’s three independent direc- 

SA5.14. a market peak last year bid them down to SA4.S5. Most tors, 
of SA3.70. and a market low of 

$A2.90. - 

The first indication of opposi- m _ 

sslF ibremakers discuss link 

SA5.13 in intense trading. The 

fact that those making offers Osaka Feh 7 

i under Australian stock exchange 

rules must raise their bids to the ^- T ,„ s _ __ __ __j *_ 


OSAKA. Feb. 7. 


be met by the employers. 

The unions, employers and 
Government will meet later this 
week in The Hague for a second 
round of discussions. The three 
sides failed to agree yesterday on 
a redundancy plan, with the 
unions seeking wage guarantees 
for older workers for two years 
compared witb the one year con¬ 
tained in the present proposals. 

The closures will worsen un- 


highest price paid in the mark. TEIJIN is to discuss Kodere but declined to comment Twento. in the 


made it doubtful that the buying ?»£» “JL a ,£? tio V 


1. ^ iip^ Tanies, PSA Peugeot- Comecon borrower to hreak the m,?nt ha P° en ,s 1flat Undcr the difficulties. The company seems 
Sinra 3m. ^’‘Ry leRislalion now to be headed for steadily 

f on terms which are Hunearv U llkeiv to he th^ next. captJve imports will be eligible increasing profits. However. 

fti.li' fine S^o^e CTiiov^d for inclusion in calculations of reaching the 240,000 per year 

j state euaranteed^^r- -®f the overall fuel-mileage perfor- passenger production target will 

■v de mance of cars oredu^d by the include major new investments 

“ Wrii . raise Nationals des Ston nd *^ an « ^ mar ^ et ~T U.S. motor industry (required both in production facilities and 

mricatroris fPNTi The ®i^ aL ^ ar ^ y®^ ou.a spread to meet guidelines in the pro-—probably—in the development 

l ehaittLi^A Peueeot-CTtroeh'is f® nt- ^® r Poswl legislation). After 1980. of a new model to supplement 

1 Cheery, S ? nr PeU ^X^^«n nsln 8 t0 - ,P® r « n i- -¥* A U.S. manufacturers will probably the Gemini. 

- OIL i«Jif j manager, as for the first -loen ------- 

C i, i:. 5 pi crccrat, through- laflt year is Girozentrale of * 
a five years grace vienniL The loaii is gtiaranteed 
5 .. ^ by the East German Foreign 

^ ^ fdr 5“ Trat ie Bank, rt may seem sur- 
i r ' a 5° dt prising that East .Germany has. 

1; when two of Trances not followed other easternEuro- 
•u' ?. i B:C ? r . • , m ® nufarture,rs . peso countries where the .Iower- 
: Joint lead managers i nR of spreads is concerned, but 
•-^ EjMC’urrem. operation «re TOa ny bankers feel tbat lntrad 
-.v. js.eres.^Morgan Guaranty has to.p4y the more as -ft Is still 
■ i >r!.L. rs Societe .Generale. a relative newcomer’: to the 
,** 3n k of Finland; has- market Were the Foreign Trade 
' -3: iSiata $200ra. six year- loan. Bank of-East Germany to 'cbme 
roijuir? lEvjup of .banks led by tn;^ie.market Itself. It would-g^t 
iri mother terms are not finer teren^ tban Intrac. 

•••S'-.ni; m*ut. are probably finer:-, a ^further pbii^ /about ttfe 
- y -‘ »'«as obtained by- this bor-. Intrac loan agreement is that *t 
.-.rrolf: ejen it last «as to the: is wrijteh/^in-Germanland wiI14)e . 

the spring of 1977 anti- governed by Austrian law.vThe 
’ irvpdnp 30111 oevep . years change reflects^simply. the greater 
ID) eaUE spread of-1 per cent : Austrianbanking^ interests . Te- ' 

.'iifrnrj.rirst two y^ars,fnsmg to* presented-'in'.the^ currem-Toan. 

: n >:'<:■ ;tt . Last year the importance of; the '' 

«' r:i ?: m j *1 amount of undrawn Swiss bankings interests involved- 
-redit available to the justified .the loan . agreement .. 

'. Finland __ currently being governed by Swiss law;. -7 

' • a ,-:r.::'--; 0 S600nL ^This figure The loan for San Miguel Gorp. ’ 

?4-,4-<. P f- ha amount of the loan:of. the. -T-hflippInes. has > been 
• i.- v. Fenced. -- increased Uv:8150m. from : an - 

. . i European ■ borrowers initial 5100m. The spread the 
> c. :3':nj:iry busy. : The SlOOmu borrower is paying for ten-and-a- 

.. . . r^-.oan for Romania beiifg.half vears-is split—U percent' .vi. • 

by -’Natlonal ^W^t--fbr tbe first fiye years, risine ^ __ 

7 ..-x-ijcludes a split, spread 1# per cent for the following 
: - f c‘ent for the first three thrte and 11 per cent for., the 


mane u uuuwuui uiai me ouyuig J T ■ ’ annfViAr Tansnwsp. UMnwhilP in Tnkvo Asahi depressea eastern region Oi uic 

by Adr,3ldE JSSESr «b?e n0 ma"er. to\ P eT“! CteSISfllTdJfi, ^kny^and .oJnl’y^The pr^en' res.nictur- 

StC ^f 1 f h aL c. U • over a protracted recession in Kane bo. two other synthetic fibre is the latest in a 

Adelaide Sieam.ship s next t h e industrv, Mr. S. Oh'a, the producers, announced that they attempts to savethe Twente 

move confirmed that there was a p res ident of Teijin, said here have reached final agreement to textile industry, which has been 

rival buyer tn the market Th«? ^ 0 ^j av . set up a joint sales company for badly hit in recent years by 


takeover 

withdrew 


specialist suddenly 


partial huL I possibility 


statement 


the nylon, polyester 


acrylic cheap Imports. 


group fibre and staple in Japan in an The companies involved in the 


announcing that it was retiring I b e j a <j formed in the recession- effort to overcome the present plan are among the largest tex- 


to study its tactics in ihe light hit Industry, which has been market slump. 
-t •!.. transaction.-- 


over urged 


restructure 


This is a second grouping in 


tile concerns in Holland, includ¬ 
ing Nijverdal-ten Cate and 


SA4.80. This does not prevent reo rC anise itself into four groups, the industrv, following the first. Stoomspinnerij Twenthe. both 
il from making a higher bid later Mr Q hya M j d that he was formed by Toyobo and Mitsubishi based in Almelo. and Tuhantia 


The identity nf the opposition willing lo discuss the issue with Rayon Company in November, 
.is still not known for certain, the Unitika president, Shinrokuro Agencies _ 


and Bamshoeve Beheer. both of 
Enschede. 













. ► 'L. 

" ' ’ 

■. ■_ 

>- " 



ii-^ 

. - . 







7- "_i : ;ing' to; I 
7 -riU’. 


per - cent’last two and .a halt. 


:ted eurodollar bond prices 

.croDVif MVD-DAY INDICATIONS 5 


rr,i?ii. ' Bid. Offer 

•-■■..Ula 84pc jflSB .BM fl7* 

•• i-smi-.. m». .. m 

.. V ;iv-;x UK ... ..- w • mr 

' 1 - fc -S 1982 07* 98* 

• j-> ‘-TX. 84pc 1902 -. • 9H. 

. KtC-? 1892 97* 98- ' 

way SJpc 1988 .*» ' ; 97i 
• -• nal 84DC 1S88 : 071 - . 981 

- ;4 F.1&-X 1034 -004 c .200* 

>3 -09*. . ,00- 

^ 37 -- MJ . - 07J 

' 7177II777 98 ... pat'. 

- 1 -7.-C 1990 -091. 417. ' 

i S •*- ' B6 Nov. - 1904 •• -• 10U- . 

. ,. 4 reaper 8t»c 1084 .'00. ,991 

—• „i eitpc U 02 .■ion*.. . .mil . 


— e»pc 1992 : 100 *.. . 1014 . 

• - 3l C 9pc 1902' ; - . 

87 ... -r00* 

0*PC I9W - IBM 1B3J 


, r JtaHtel 9pc ’«. .-.M.';.-? ..m:- 
_ or «J Iftiwon Mpc 10B1 l#»; -1M..J 
II“L* 1 C tm ... 101 •- 1014-. 


Fin. SI pc 1092 . 07.^-i-i 074 V. 
-ll-B4.Rpc.iaST 94* .. « . . 
Ti ;,lns»er 9pc 19» Mil -- IKS j 
.„ 9PC IB90 ; . -994.-. -180*;- 

r - - 7 ; y r. BV. «*pc 1908 \934- mi; 

•u: 1 ”- • c ias9‘. •.' as*.. - 

rjpc 1992 05* :: r Mi ; 

.« ' ..‘190*. 101 

^‘..;roin« 9 vr 1091 '6KJ ■ W*-r 
-r. C Opc 1896. . ...: -951' 

...>V •- ich. Stpc'IOW . 994 
,7 3 »Honal 9PC-US7 . W 
|->*. ’ .-102 041 

, :• . ua Slpo 1M9 • 99 
u M1da.9pc »l.i . W 

■ ■ ^;«7 . V2» 

■ , ' 1 " lom> 8Jpc ’987 05* 

Jits 9pc I2ffl „ 9S>. 

.• pri March «S 

tn* 5 - . 

' PC 10W -—: . 95 

• i* ; 7JoC 1987 . 94 

a Hyd 74PC -85. SM 
. . ;r.: ? 4pc 1904 99 

•- •' .w 

1982 __• 06*: 

l ? ...^1 1S4.0« 

«»pc 1084. -Ml 

ff? 5 73pc 1082 97] 

£ 10SJ „ 074 : 

. 1b .Sc iwi — . «« 

{iFrtjan SIpc 30W..1M-. 

11 * 31 * " .rtrk Sop- 1 * 8 * ■: Mt. 

’, 13 ^- Prnv. «|pc. -«S 1D1» 

■-T - l* : 4 SIdctIDW;' \:Vn 

v f Bank .7fju> HM 95* 

* 7Sw 'M82 ... 07 

'V’e'lM W 

ptfr'dSftv Rpc 1W7 . *5'-.. 

>■>' 1032 .. 1M4 - 

J : ‘;En«V. WPC 1W1 ' BW 
-/••‘‘■.K 5 73pe.l9tt-';»:- 

!> fic Co 7jpe «. 9fl|. 
r 1»4 >.... . W 

Iic 1907 May, ... '921 - 

ft T!pf-10*7-" 024 - 

Ifjr'fnc 1989 ^.. 0" 

*■ ... 

tl .07}.. 


--C-! c Opc JB95... . : 

.. .-N ich. Sjpc'IOTB 

‘ . J.iHnnal 9nf'UB7 


STERLING BONOS . ‘ BM .. 4 

P loanee tor tod. 94pc 1987 99 

Ftoona 10*pc 1987 -X8M- ' 

Rows tree mod "1988 -98* 

Total OU 9*pc 198* '971- 

DM BONDS .,1V . 

Ansttia 01 pc 1KB. _ 1084 : 

BFCB Zpe 1W‘-i--1MI 

Denmark «pr MB8 1(01, . 

EIB SIsk 1984 ; T ..._ 1974;’ . 

Grand Mpl 7nc 3084 .:..: J92 
Hydro-Oncbcc *4pc 1987 . • 10? ‘ 

ICI Mpc. 1987 •_103 - 

Montreal 7pe I0B7 - 1024 

Norse* Gas 7pc 1089 _ 107) - 

Woralr Hydro Btoc 1089 .‘104! 

Norway. 5*pc • 1982 ... JB4 .. 

SheD 0*pc 1989 .--108 - 

Spain Mdc-1084 .- 1014 

Sweden Mpc 1984 . in 

Worid Bank s*pc 1M7 — 10» 

TXOAT1KG RATE NOTES 
Back of. Tokyo -S4 TiSupc 00 

BFCK HM. 7PC __ Ml 

BNP -1983 7pe “._90* 

C*P t9« 8pC ■...---004 

CCMF UB4 tUtfpc ;— 084 

Crr^itJLtniJalt 1084.7»pc ..... J 9Bi 

CTedlt T-T nmnnf -1BIW Mpc 00* 

DC Baitk- USt.riSupe_ 40» 

GZB 1981 «pc-'- IM* . 

■mtl. WanmMft. » THkdc 091 

Lloyds 1082 7|pc -... 100 

LTCB .1983^ __. 004 

Midland . t«BZ spe-- 101} 

MMtaaif-M87. TBMnc - 084 

OKB 1088 Mpc ._ . 90) 

SNCP 1985 BUM pc _ 984 

SoxL and Chrtrd. *84 «toc 9M 
wa». and Oyn** US4 7pe 901 
- Source: White Weld Securttfn. 


« 1 . f-;-f 


y tBBAZlUAIt 
ggSTHEMT^i*^- 

. 'y Asset Value per : 
^■■‘‘is^wllaiy Share as;of- .: 

'* -idj/lst.January 1978 •...i 

. U.S4111^8 "' 

iw .LniMo a tiort Bxrtunw'.' 


CONVERTIBUB ' ' 

. American Express Mpc *87 
Ashland fee 1988 — 

1 Babcock 4 WUcoi Mpc *97 
Beatrice Food* 4)pc 1992 
Beatrice Foods. 4 *pc 1992 

Beecbam. Mpc 1992 __ 

- Borden. 3pc 1902 - 

Broadway Hide *toc 1987 
Camaifon 4pe 1097 ...—— 

niewou 3 dc mb -• 

Dan floe 1907 ■ 

Rastman Kodak 4|pc 1088 
' Economic Labs. 4(pc 987 
Firestone 5w MW .......-. 

Ford Ape 1988 . - • 

General Electric- flue 4087 
Gillette .41 pc 1887 _ 

' Gould fee UB7- 

Gulf and Western Soe 9S8 
BZrrtt .feC IMS ■ 

Honeywell fee 198S 
ICt Slpe 1«* -—: 

TNA fee '1097.-;- 

torhc* pe Ofsr. 1092 - 

TT 4JPC.10S7 -- 

Jon fee 1992 .. 

Komatsu 74pc 10M .- 

J. Ray VcDeruimi «4oc W 

Matsustirc.Clpr. 1008 _ 

MWstrl 71 PC- 1088 . . 

Tr P. MTooun 4 Idc 1087 
VaS^co. SHse low. .... 
OwetHt miiwB ' 4 »pc 3997 „ 

T:M>i«-iey <Ioc tt87 .. 
Revlon 4hr .1997 • 

.Rf«raMs Mrtsts Spc : 1988 

KandvOc 82pc.1988 _ 

Raenv Baud Vo* 1887 

feirfhh-4loc 19W __ 

T«ra« Mpc 1049 
TinPima Moc.l^: 

Union CailKile flpc . 1082 - .. 

Wsmer.Lpnhan 4fee. 1097- 
w»'-w-Tjnn»wn **pc 1088 

Twr-5oc 1»W ’ . 

“ SoUrtfe.- Kidder, Peabody 


SO* 824 

884 094 

08 04 

94 H 

102- IM 
964 07* 

100. . 1R 
74* .704 

77* 79* 

1394 1224 

79 -81 

«*. Ml 

78 - M 



1P?4 IW*. 
73* 77* 

1BU 1944 

198 100 

1S1 153 

1721 1731 


198) 19*4 

84* 88* 


in* io2l 
01 03 


Securities.- 


Wm 


To .fltoiholtferspf 

, * 4QUE NATIONALE d’ALGERIE 

:^r Redeemable Floating BatelDeposlt Notes Due fS8t. 

“dance with proviskms of .the above Notei, AmeHcan Express 
‘ ;ional Banking Corporation: a*. Fiscal Agent, has established 
• /e of Interest on. such. Notes, for th< semi-annual period 
y^28th July I97B at 82 per cent-i Interest due at the end of 
period will 4>e ivalfaMe upon surrender: to anjr ,oF the 
yfr/f 'Agents' oF Couparr No.' 4i.'C 7 '-? ; . ••*•._ 

‘ American Express iiiteiiiational.fBattlctng Corporation 
**"■ ^ ' 'v. • '•..** • .7' .. fiscal Agent 

30tJi ; January.'!978,r ; •••'.’ : 


You tell me. He should be, because the 
new top-of-the-line combine harvesters from 
Sperry New Holland harvest up to 17.5 tons 
per hour. That’s fast Work it out They’re total 
efficiency like all the Sperry products. ■ 

Their computerequipment and business 
systems at Sperry Univac Their guidance and 
control systems at Speny and Sperry Flight 
Systems.Their fluid-power products at Speny 
Vickers. And all their consumer products at 
Sperry Remington.Theyre all pretty good 
and the odds are they can give your company 
that little bit of logical assistance to help you 
see the wood. 

It really is worth knowing more about 
Speny Rand Corporation and all the things 


they make, so tick a box or two, cut off the 
bottom part of the ad and send it to the 
address below. 

Please send me information on the following: 

□ Computer Equipment and Business Systems 
D Guidance and Control Systems 

□ Agricultural Equipment 
D Hydraulics and Pneumatics 

□ Consumer Products D AnnualReport 

Sperry Rand Liniited,78 Portsmouth Road, Cobham, 
Surrey KT111JZ. 

Name 

Position _ 

Pmnpany 
Adrift - 


JL 



Making machines do more, so man can do more. 


j 
























Fiiiana&Tmie^ 


+ OVERSEAS MARKETS 


+;F08EIGN EX 


Index rallies 10 on company results 


BY OUR WALL STREET CORRESPONDENT 


KEY." YORK. Feb. 7. 


TRADE ON Wall Street 
avain s«ficrel> restricted hy 
heavy snow storm w Inch took 
hoid of .Yew Yurk yesterday. 
However, after a delayed start of 
on* hour, stuck* stored a "oad 
rally, helped by some favourable 
dividend and earning reports. 


of the recently Inst 
IicLkcH by the francV 
performance on the 
Esehanpe market. 

Banks, Electricals 
showed the most 


was thon. al'-n »»n improved results, 
the rose t In SITi. 

Zapata pul un < to ?2tii the 
rum pan; expects fiscal 19TS tu be 
“"•iunicanlly better *’ than fiscal 
I $77. 

General Motor* advanced I', to 
S-iM ^. bcnclii.inc frnni sharply 

The Dow .(ones Industrial ^' lie . r 1I , -'' ,r,lin ~ s - while Johns- „ 

Average recovered 10.23 lu 77s.So, Manv, ! lc r Jiae ' i U 10 W- ■!» . Afnque Occidental.* 

•inri ihp VV*>F All Lommori ^ nsi? in ui a n(its, iS lo Frs.. 

picked up T4 cents »‘*50JK. while THE AMERICAN SE Market to Fr,.lSS. Peugeor-Citroen 3 
rises uiil|>ai'L a d declines by S63 to ' ^ }^ K m ?' ed up *•* more ^rsJ..p. and Bnuygues 1- 
412. Tratlinu volume came to °n 'Oiume of l.i3 shared Frsj.*.. 


Some Tower Station shares 
nchanced, bu; emon^ Industrials, 
tirown Euvcri. Globas and 
AJnsnisse lost ground. 

Domestic and Foreign Bonds 
were firmer. 

TOKYO—'The market was apetn 
mixed, with same shares declining 


14.7.1 shares. Mill abnormally low 
although an improvement on (he 
It.Him. total for yesterday when 
The market closed two hours 
earlier than usual because of the 
blizzard. 

Alsu helping the market was 
nows that a lent a live agreement 
had been reached between The 
United Mine Workers and mine 
operators to end the nine-week 
coal strike 

Xerox rose K more To K46;. still 
on lhe dividend increase, while 
Bovine, in furl her response in the 
results, added 1 at S2S:. Mara- 


1 1.44m 1- BRUSSELS—Local shares moved 

Thomson Industries, the volume irrevulaih in * moderate 
leader, rose more tu ■sSSg after business. 


coining more than ss yesterday. 
Aten plans tn olfor K2« for 
each Thomsen share following a 
tnu-for-nne stock split. 


ground. Stores had Karstadt DM7.3 down 
stronger at D.\12B7..i. 

Foreign Public Authority Bond.- rose 
2 fresh hy up to 2<i pfennigs, and 
and Stores the Regulating Authorities sold a 
substantial nominal DMS.lra. of paper 
gains. Elsewhere. Sacilur. purlieu- (DMIoin.i. Mark Foreign Loans 

larly weak on Monday, moved up remained steady. . . , 

the day's limii. MILAN—.Slocks generally mou?d on fears that the outstanding bal- 

advanced further ahead in fairly active anee of buying in margin iraumy 
.S to Frs2!J0». Pernod-Richard » tradinc, marked by strong will rise. The Nikkei-Dow Jones 

demand. average shed 1.70 to 5.J3L-2, but 

sjnia Yi*cosa, up 41 at Lj-tO. arid ihe Tokyo SE index was up 0.(9 
Liquigas Group shares fed Indus- at 3S4.72. Volume 330 m. shares 
trials higher. ANIC advanced 7.73 (2R9m.f. 

io L133 in Chemicals. Export-orientated Electricals 

Uf the two Montedison issues, and some large-capital shares irfl- 
MiiutcdbionrGeniuia gained 3.0 proved nn mslituiiunal buying 

' Wall Street 


to 

to 


to 


OTHER MARKETS 


I’ctrofina picked up 23 , .. . . . _ 

B Frs :5 88.3. while Arbed pul on percent but the non-Gemma snare oespite the ovemighi 
tiO io BJ-'r.-.I.i'W ami JSofina 40 to fell 1.8 per cent, following duUness. . 

B FrsJl flSti. but EBES receded 3» announcement of the forthcoming TDh. Electronic advanced-\80 to 
in KFrsjl.410 and Banqtie* unification of the two share Y1.U1M. Pioneer Electronic Y60 to 
liruxi'ljr 1 ! Lambert IS lo quotes. V1 -710. and Matsushita \ 15 lo 

B Frs 142i* Monlcfihre and Inimobiiiare YW6. Sony added Y50 at YI.8S0, 

' AMSTERDAM - A rim. tone re Men led against, the trend 
prevailed in light trading. 


Canada firmer 


TUESDAY'S ACTIVE STOCKS 


Canadian Stock Markets closed 
with a firmer bias yesterday 
following a fair business. The 
Toronto ' Composite Index gained 


Best yams occurred in Trans¬ 
ports. Van Omnicren adding 
Fls.-rHl, Ned Lloyd Fls^.+O, KLM 
FIs.I 70, and K\SM FIs.I.in. 
Elsewhere. OCR Grinten 


Bonds were little changed. 
SPAIN—Anaemic trading con¬ 
tinued. with stocYs ending a sltade 
easier for choice and leaving the 
General Index Q.28 lower :u 95.51. 

points 


while Honda Motor moved ahead 
Y14 lo Y387. 

Cements rose initially, reflecting 
a recovery in the cement market, 
>! rirushed on an irregular note 
after late prulit-taking. 
AL’STRALL\ — Slock prices 


P-'MI'.-fl 

tin. is 
:ra*l- •! 
1IB T'I’i 

l.lnsill,; Hit 
prki day 

frt - ; 

Hnu.ird Jchns-on 

I’M >>'• 

H: -! 

7--I.T 

1 'J -Ml 

-! - 

•'olnn'-:.Palmolive 

v.-t -.I-' 

in; — 

riji'in-- 

i: , i iii'i 

.?>: - i 

Fi^Urvn Puri nil 

I '24.MM 

u-. + V 

.I^ii.ri] rnrid 

ii 

H ■ ! 

it 'ii^r.il ’lo:or« 

11 Ii '.u.l 

i 

r.i'. «j.i< K! . 

;in> i'mi 

- : . — 

trill. T.vhnnln;.- 

mi ...ji 

T.. 


cisewnere. u\.r. onoern rose SEAT were marked down •• *-> -- — .- - ■- 

Fls1 -, D Algcmeinc Bank KIs 1.50 t-t 75 on being over-offered, while tended to gam ground in moderate 
and Lnniu Bearer Ffs.3.20. but Galurias Preciados declined 4 to 

::.l to 1.O10.2. while Oils and Gas p^hheed declined FIs. 1.70. Art. but El Aguila was a bright “HP ' jn “ cenl1 ? more . l0 

pul on .'i.S io 1J359.5. Banks 0.74 state Loans were marginally spot, gaining 3 at 6y. SAo.44. aUJl helped by ice ; me rim 

to 231.17. Utilities 0.85 to 160.39. lower SWITZERIA\D _ Market res u,I S- Australian Foundation 

and 5lvial> and Minerals 5.7 to GERMANY — Price movements recorded a predominance of 1 1 ° 1 , < ^ nen |.. ro ^ .^9 cents to 
sta.4. but Golds retreated 9.1 to <uerc narrowly mixed following a losses. SAl.ui, ^wnile Costain Australia 

1JS3J1 and Papers 0.46 lo 94.91. very quiet irading session. Among Banks, Credit Suisse .. an ^ News 

Comlnen gained lu $37; on brougfii forward by one hour clue declined 20 to S« , .Fns4J.4.'f.». while 
higher annual earnings and to the Shrnve-Tuesday holiday. Financials had Fortto and Pirelli 
Nowrscn Well Service pul on |. to Munncsmann and BBC were lower, but Elektnmat! added 20 at 
$14 afiyr raising ihe dividend. each up DM2 ill} in firmer Steels Sw.FnO.S20 and Interfood "B" 75 
PARIS—Shares recn\erud some and ElectncnK However, easier at Sw.FrsJi.550. 


Indices 


N.T.S E. ALL COMMON 


NEW YORK -DOW JONES 


} Frt'. 

V H 


F<-i- F^l.. 


Nil ir 


Rises and Pan* 

f«».. i rei.. - r-w.;j 


Hud- 


it 


r.'.. tv*-. 1'rt 1 , 


1.-} • ■ "l- ;]nac 'irf.iIni )• ri 


M.06 43.S4 45.7: 


1.745 1.742 1.803 

863 531 6*7 

412 704 662 

49.92 9/.07 4r.Ue I'u .-U4IU!«-l. 470 507 464 

.» 1 77. .27 1 7tf. Aa-\ HlL-hf . -■ 14 19 

Liitm __• _ 34 32 


_ tm.io.1.... 

Ifi«* . 

_ V\li- . 

j;.|/g t"ll .'M<iue>1. 


51 Hia*. L-» Hi^li 


srasramr 


In lii-.iriiit . 

778.9s 163. ti3 

770.96 

77a.38 

»74.i« 

769.S2 

rifr.75 

' 76a.44 

10b 1.70 

41.2? 







; 1 ii. 

'I.7i ■ 

li ('i^> 

ti - 1 y,> 

Hm-Huli 

' 89.10 82.7? 

8? 7* 

89.75 

89.57 

B?.6S 

ri.1i 

89.55 

— 

— 







■J j»i 

In l.ic 

i 


l nii+'ii. 

5U.« 212.IS 

ri 2 .ss 

£12.55 

210.51 

206.56 

;4t--4 

Wr.60 

279.88 

15.23 







• !- 7• 

lC'i 

li-2.ril» 

itl.iJi 

1 Mill'.*- . 

105.51 105.21 

105.51 

>05.46 

105.24 

104.77 

! lc.51 

104.77 

165.52 . 

10.59 








rai 1 7c • 



lift mi': i..-. 










at/, f 

U r30 11.630 

16.400 

23.050 

22.240 

I9.57C 

- 

— 

— 

— 


i cfc. Fc4*. f «b. KH". 


Hi«b 


In.lujlnnl 


186.35 165.57 165.52 165.55 18ti.«7 M7'3i 

175.57 I72.59 1 I72.S5 (72.gr lB/.ao Il9.'ld«i 


I59.D2 Cl- !:■» 
Ita.rO Or 1C. 


r *.i -■!•» iiKimi *4 


Itl r. .11. . t l-t.1 • 


111', i 


Imi *m.. .ai.pr>i 


5.98 


6.02 


5.92 


4.35 


TORONTO i.ii'i-j-n- 

1010.2 

1007.1 1007.5 1006.6 

1067.4 (lU.ii 

5:1.0 IV. 

JOHANNESBURG 

215.7 

215.9 218.6 217.1 

218.7 il.-i.-7ai 

I5r.4 ?i 

In’iKt r.iil-- 

211.9 

ZI2.S 2(1.9 212.1 

214.4 Mil./if| 

h!.\ 

V* *>. I'rei 
7 Ii *11- 

5* 

. 

ic Mfi.ift 

Ii . Ij-n 

Feb. Fr+ 

7 vlnin 

isit-ir H7i-7r 
H il' i I^‘-n 


Australia**. 1 *&.il *W.IL •*n».*r ■=!«.«. 

•J.h'lSj il8 2i 


STANDARD AND POORS 


Fd. f>t'. 


Ft*. 


F.J'. 

1 


■Uu, 

-I 


MU'* *.'*rn;oiM( 


Hian l^.-n Utah 


!*•» 


Belgium . ■ *5.1: 
Denmark 
France -i-’ 


95.57 eJ.I.' «l.4o 


Sweden 369.13 257^2 


li- •L7ri,»: 


W4» m!*'*^* »>«' «« 


24«ll. 


4V. I 


■— Germany.:;' 


: li.lii-liM - es.49 28.31 5b.bb Ssi.iti 23.12 SB.jj 113.32 S/.47 1JJ.5-I i.52 

■i l ii- •'. I ■ ic f 11.1. io'.'J'J'*-' Ss- Holland :«• - v.4 

50 25 £2.5*1 ej.62 PQ.15 82.25 39.25 107.00 53.58 12a.i» 4.30 


’•.'•nif-'-ii- 


Fv*.. ! 


•Ini:. 


I i.-i IH .5, iiiij.Ji'i Hom» Hod? 

Italy \ *=1.11 


*t*v. •e?l: 
~e.* 3.-^ 

■ iM.'ii' .Ivt- 

■ lri'li .Il-c. 

SO.l ici.t 

•i** ■■*• 


■ C. 


••mi. I ’ 1V*r «a*i 


Ini. H’. : -r*n '■ 


5.22 


5.22 


5.13 


In l. I* k. Hsu!• 


8.69 


8.62 


8.74 


ll. Hull I VlL'i> 


e.iB 


8.20 


B.I7 


ludice** aoa Dase dales tall -.'alun 
Un uxol-d* NYSE All ComraoD — 30 
ili.a S'aiMards and Poors — l« ard Toronto 
Sii‘»-I.OOU. Un? Iasi natn-tf nasud ou 1573* 

- LsiUudiau iwnas. i *»mi Inausinajs. 
4Bn Inds.. 4ti Uuixies. sn Kinannt and 
ill.li 7io.ti »i Trans.Don. i r iSraney ajI Ora 

*11 Vi tJa I ic ' < B' L'tan sE 31 'li-ES. ••-* Co^diiaueii 
-Ij.ll c«.ir- 8F l.-l.'n. iTti Pans Bo.irse U*tl 
.o.l »•-•» CoratnercoanH Due.. 19V; >>;>Am»ier 

a. irJ.L 5-4.03 orfj.y; •c'-.iy tUM. Indusinal 19TU. I'.T'HjOa 

i^B-9i *-4■ 11 < EaiiH .713 64 •'!!» Milan 2T ~ “xi ToWj* 

-- Sincaiiore *■: -*7.M ••.■*=.Cc N-jw SB 4 I ft >M Straus Times I9W 

r ir»i-. .0--I teido-e. *d*Madri.i SE :» tJ 77^-nian 

- and low far I97S only. -c S'.rcJ-naim 

6.87 Industrie) l-'t‘3S. «»• Swis* Ranfc Corn 

- •«* I : na vallaDI p 


Japan 


11.09 


OVERSEAS SHARE INFORMATION 


Inv.SPrem. at S2.K0 lu E— 76’,t^TiTp) 
Effective rate (at I.KU5) 311% I32i%i 


NEW YORK 

i-i*. 


I*-*'. 


F*w 




FVlv 

7 




~i. «'V 


Pr**. 

t 


\i.i■ ,|s !«<•«... 

\ I ir«r."'3i.*l'li ■■ 
t-stlw I.iip A li» 

»li ... . 

\ir . 

Ai inAiiiiiiimun. 

\i »»i.. . . 

Aiiv.-hvin. Ij*.'I.. 
\llViDenv P- '*ei 
ai i.'h-nn -a... 
A 

A *ii t. ImIiikt-. 

\M \X . 

H ivrt *h 

A hi ^r. An 'inv ... 

truer. Ilinn'i-.. 
Aiiiei. UnHfi n-t. 
Amer. Cpp. 

Auii-r. t.» 4IIH i ill-1 

A'n-r. El--'. I , .JV*. 
A liter. IaiiIV-- 
A ni-i .H"iiip t'lml 
Amti. Weiliiwi.. 
Ante). M'jWim.... 
Amor. .Vat.bsr.. 
A nier. sunilani. 
A mer. Sl'.'nm.... 
Amor. 7>l- A Ti*i. 

A ni-iek. 

A'JF. 

AMI'. 

Anises. 

An ji-ir Hn.iiu3. 
.InMier H»i>»*h. 

A • m v>iw. 

A.?. A. 

.\.«nicrn oil... . 


Aitnu. 

AsUtaml '.'ii. 

All. lll'. - *rlieM... . 
Auln Iter* Ppj.... 

A VC.. 

A*'.*?. 

Artio Pnpltirt*.... 
BhU Ciii Lie*:!.... 
Uint .Vmenca... 
Hinhors Pr. N.l. 

lttrr*r <»»•. 

Uni.ler lravcuiM. 
beutn-* fwL. 

Bn-MnUl-liea-jn 
bell* H»*"oii-- 
Ueulis.-. 

Hrll”U>?T L.’lli-b 
LHfttilelieni 

dla- j, v L'erHer.. 

. 

I^im; tUmwIe..- 

bijr.len . 

tfc ins tl’anwr. 

bmDitl Ini. 

8ns &u ■ a". 

Un&U- llrer*. 

Bnt. b«. Altlt.. 
BrurkwnvlJliiM.. 

UruorMii'k. 

PiltfVTU* brlii. 

Biul'd. 

Hu ion WhuHj ... 
Hurliaistod Ndin'i 

8ll(TC<UStl3. 

(.amyit«n ayup... 
Camduui Hu-ilic: 
Canal Kandulpb..- 

i.Vrnat ion. 

L»n :erl tienenl 
lartel' HjHvW...| 
laiorplllerTnu.'! 1 ' 

CU6. 

Colaous# Corpu... 
LVlltml A S.W.... 

Lei-tnlulee-l. 

Cn*ui A»r.-n»ii.. 
t Ium? Panhnitan 
C henji'-i*i 8k. NY' 
CbesetiRth Pon-I. 
t. bessie System... 
Cbicauu 8ni1«... 

c'lunuiill'iv. 

« hrvsler. 

uucnina.. 

Cine. Mtlauon... 
l lLi.»r|>—.. 

Cum eerviw. 

i.iiv Invesunc... 

AnjaCulH. ■ 

i ISUm . 

•.'■illiii' Aikmmi.. 
< olumbiA lias.... ■ 
loluntbi* flct.... 
t f.ni.lusCiieitAiu 

i -.mUii'lt'Kl kua- 

I 'nnilmtCH.iri tj)... 

l“nlV'lb Mlmm. 
Cnni’wlli t.»li Kef 
i mu ill. Sareiin?... 
«.•nqmterai-ioiii.'p 
t HIWF.. 

• i'ki. EHum N.\'. 

I mupiI . 

* .iiik'I Ant. tin'.. 
« ■•n-i.inei l'n*w 

i ini i lien I* i 

t m.i in«*nii*l 1 *il.- 
« .i'll 11rentnI l*l<-. 

i .-illml 1'nlP. 

I Inin'. 1 


52 ii 
l J 'o 

12 

44 

42*: 

39:', 

I9'< 

19 Mt 
£&■>! 
19*! 
as I, 

4i’j 
24 5r 
10 
44 
i6'a 
3b.-. 
45'; 
23 io 
44l ? 
20-V 

20 

4 ir, 
41L 
34 
28'a 
39 i, 
277j 
17 

26 't 

13 3? 
<6«e 
19M 
*7** 

9 *J 
J4v, 

28 U 
47 
■e6 
ICJJg 
19 ii 
451» 
26 
22*« 
35*8 
26-4 

331e 

23 
39 
14Tj 
34 

2't 

32ia 

15*4 

29 U 

24 
29 H 

25 *s 
10i» 
13*4 
32*8 
14T a 
281 a 
141; 

19ia 

3248 

O'* 

39i a 

64 

333, 

ia*< 

11 

283* 

12 

167 B 

501a 

45i 4 

373* 

15*i 

227, 

31i* 

28*2 

3914 

aai? 

351; 

43*1 

15*i 
13*; 
XW 
191a 
20(4 
47 tj 
123; 
47 
1930 
lOoj 

-<a 

16*4 

15J8 

34 

17 

i7'.« 

2i« 

32^k 

67a 

21 

23 

l4n 

36 r. 
&2.c 
31.4 

37 l a 
16 

i-b't 

41m 


sl't 

143*. 
51*1 
23. s 

41. 
23.a 
39U 
191, 
19 *> 
26, 
19 

24 >n 

33 *2 

■fiS'.j 

9.3 

44i ? 
3b-.i 
36*i 
25'a 
23 b 

34 ia 
26 
19': 

4* 
41 
34V 
381: 
09l8 
28 
!67a 
26j0 
12 
26*: 
19>, 
2784 
20T 3 
8'* 
141 4 
28 
46ia 
25u 
10i = 
18's 
44'-, 
25.33 
22 

35 
27 
35*0 
227 4 
39 !* 
14\» 
33U 

2'*8 
21.0 
15in 
2814 
23*3 
291; 
251; 

IOS 3 

I3L 
32 i a 

14*4 

281; 

14 

187 9 

33'a 

6‘8 

39*8 

63 
33*o 
151g 
11>8 
28*4 
Ills 
lfi*4 
50 
45 ie 
37 ij 
15*4 
22s 8 
31^4 
38'a 
3914 

351; 
43 »a 
1538 
13*8 
27a 

191 a 
19.’a 
47 ig 
12*4 

36 jg 
13*0 
lOi B 
2B 
16i 8 
lS-ifi 
33ia 
16ia 
2778 

Xl-J 
32 >;• 
8 m 
2li? 
22. a 

24--.J 

39 

23 

51T> 

271; 

tS’i 

251, 

41 


Ci.rlmii; OIhsh^.. 
'.H. Iiit'n'rioaal 

. 

i.'r-vKei Xni. 

Lli'i, 11 teller'Mil 

c.uniiniusbn»:iii-‘ 

Cilll'W'ri^lil. 


481; 
45 
25 iz 
237b 

50lg 
35 
17.ft 


48%, 

42-8 

25'; 

23* 

30*i 

55 

17-t 


Uhiim . 

l*mi In.tiibinee.. 

l'eore... 

Ue' Jl'iiie. 

1'elinnn. 

L'mi»nir liner... 

Ueit»i|l liihsnn 
Uianii-n'l mrk 

l* il'Lh 1 iboi le.. 

L'lyiml l-aivup..... 

Pi»v rU'diti.... 

t*>*ver t,vn*n. 

1A>« Cuemk-al.—• 

Ore*ter._. 

Un F^-uc.. 107*8 

I'. 1 i nk' I o.i ii sines' 15 

Houle Fn-bor. 

tort Airline*. 

Has I man Kodak.. 

Util. 


22*« 

36'r 

33-a 

17*tt 
161- 
28*a 
llSt 
40 7? 
54 sc 
39*, 

24 % 

391; 


IBM 

6 J 4 

4678 

34J; 


22 7 3 
36 
24M 
*5, 

3.m 

18*. 

le.-r. 

ll.i 
40 
34 14 
39 *j 
<4*8 
39 L 
1051? 
12.; 
IB'a 

b.; 

451, 

34i, 


' .I'.hiM Vlauaile... 

> Inlinami J'jbn*"ii 
I ■! ••■liii'. 111 C-.|itnsi. 

1 Ii..* .Manin.i.'iui’ft' 

! K..MailCyrp.. 

| biaiv-i Viunimi'm' 
' haisci Inil'Kirie? 

. KjSI-4:rSl W |. 

Kbi. 

1 hentiei-4l. 

K-.'ii ...... 

, hi 1 .1>Ip Walter..... 

I h iiuU.-ricy Clartt. 

Il.ift.1 . 

. kmll. 

, Kroger t.o. 

, U-tfi MnulK,. 

UtHn-Un.l’u rt...' 


30>2 

70'; 

«8*s 

33 

25 *1 

29i; 

45, 

24*1 

»l- 
231; 
42'; 
i8i« 
41bj 
22 
42.8 
<7 I* 
28 
27*? 


29!, 

70*4 
28la 
311- 
24*i 
28*e 
4*. 
24;, 
71* 
251; 
42t, 
27*. 

41 si 
31*8 

42 m 
2b 
28 U 
26 ir 


S'.»;li 


F eh. 


Frli. 

* 


Sr.»-k 


F>6. 

7 


r nh. 

r 


t. r-. js fi . • 

El tour. Nat. On;- 

btlrs-...-- 

hnjonoa Electric, 
KmenrAir Fr'pht 

tin tan _... 

h. >1.1. 

Kn^eiba/M. 

lumu*. 

F.tuyl .. 

Ki.-.on. 

Falniilbl Camera 
Kert. llept. Store*. 
Fires [.we Tire....' 
Fit- >au Boatun.j 

Fion Van.. 

Klintfcote_! 

1 Florida Foirei r 

Fluor. UH ». : 


17*, 

16 

271; • 
31'a i 
381 6 < 
29 ; 

*>t : 
241, 
27 l B ■ 
201, 
45*b : 
26*4 - 
361; ; 
161; 1 
25 U 
17H : 
21 
SUn 
33 1 ; ; 


17m 
lbss 
S7 r* 
31*8 
sal¬ 
es 
*'•0 
241, 
27 10 
20', 
-4; a 
26'; 
357a 
15 
25.H 
171; 
211 , 
31 
53U 


| f.litttfll 'ilOUp.... 

(.illyfEltf . 

! IjUiw lUilixsL.... 

Lucabeeil Atn:r'fi 
j tone Star lmt«.. 

' I-mik 1-inn.t l.trt. 
CnilsIanaLanil... 

L*ji>ri!i«»i. 

Lu<dty Sinre«. 1 

l.'KwV'iiiirtt'iri) 

. MacMillan. 

. Unci' K. H_. 

: Mil; Hanover. 

llapcv. 

Murat hew Oil.... 
Marine llidtanfl. 
Mnrtball FieM.. 


u 1 

40*i 

14 
13*j 
1814 . 
I8I- 
2l7g . 

361, 
13*8 . 
6*0 
101 - 
36> i 
32 

551; ■ 

421; . 

14 

33*4 1 


27 
391; 
14 >3 
13!, 
18*8 
iei? 
217? 
55i- 
131, 
6', 
10>4 
36.lv 
32*8 
34 1 5 
421* 
14 

33 U 


Ueil'W .. 

L'ernci.i% Mctah. 

liClDulli; K.-I. 

liicli'TOli Mf-riell. 

' lie:fc«e>t I met... 

| il--hni V Haa-.... 

j Hi',at I'ljU-h. 

1 Llh. 

' IJ j-j . 

• livler bviBni.... 

. -Aienn, ??U'n?».. 

• M. Ji.«* Mineral-. 

; -t. MeaiE Paiet.. 

; xutM Ke hi.li. 

; ■?«'!. Im-ebt. 

, -S*S'?n lllllr. 

. ’>:li!it? lire*, um... 
| 5vhlutiito*yer.... r 

: fCM. 

' Ka|«r. . I 

| >iwil Il|tf.„.| 

j S.-inlr Uunr V*ai| 


41.-, 

29'* 

56'; 

Zl'j 

Si-OX 

29 1 , 


4H, 
29'a 
5S»» 

21»i 

29 ’4 
28, 


: 6 *, 
13*8 
12 
14 
38 
27:-, 
27* : 
ab;? 
41, 
4>, 
141 b 
69*i 
17-: 
13 b: 
2Cs- 
6*3 


■bb!,. 
12.;. 
11 7ft 

13. 
38*3 
*7v, 
27 v 
aS. 
4i, 
-t-, 
13 33 

68't 

17:* 

13jj 

20 

o.'-S 


' >V'.<Jworth. 

W'rly. 

i'w'i. . 

■ 2n(«iia . 

Zviinh K«*1ie. 

I f.5.1 tea-*i, lid 
1 l<.7rcn*iti*7?.:- 
I-.5. .-njUtv'bill". 


18 U 
0-4 
46*5 
16-8 
131; 
t 94I? 
t62 


18 

0-j. 

45 

16?: 

13*. 

1*4’ 4 

t32 


6.45 i ,6.42* 


CANADA 


. F.ll.C.; 

J Fijni .Motor..I 

Fore moat Mck....| 

I Fcsboro... 

Franklin Mint...- 
' Freeport &linemi| 

i Fruehmit ..j 

I Fenua Industn«; 

Ct^C-K . ’ 

Gannett...-. 

11en.Amer.l11.....! 

I 04.T-V. 

i GeiuCable.»..j 

j Uen.D.vuainica... 

! Gren. Hleeirk.-*_. 

J 'ienenii Foods....' 

I General Mill*.. 

' lieu oral Motors. _i 
j 'ifllL Ftlli. litill....! 

[ tied. SljjimJ.j 

! lien. Tel. Elect...1 
1 lieu. Tyre..1 

Gwiicsf-o.1 

I UenrK» ttwift.'...» 

I thiuv Ud.165ig , 

; i., I little. .84J, 1 

' Ir.olribh F. F-1 

{ffowl> - earTire 1 ...! 

j lifulii..-_i 

I Grace w. It.j 

| lit. Attorn FairTfta, 

I Oil. North iron...| 
tircyhminil 
i ti nil A Western.... 

rinlt UU. 

Hslituriou.j 

Hanna Minim:... | 
Kamiai'biecer ....1 

Harris iV/rpn. 1 

fU-tn/ H. J....J 

Heuliieiu....„.l 


2070 
4i; s ; 
17*8 
30 
8 

1978 
257a ; 

914 l 
11*8 1 
35*i , 
9*e . 
2b»- ; 
ll*, ' 
41*4 i 
47U ; 
29 U , 

277 8 1 
99*, I 
191, • 
25*4 
Z67 8 1 
241 8 j 
5 ■« 

24*4 ! 


21 

41*8 

171, 

29* 4 

a 

197, 

25*i 

9 


: Mav DepUSlorw' 

l MC A... 

j M-aL'ermotA.—.... 

! Mcltonneil Done. 

| UcCtaw Bill_ 

\ Memorea ......... 

i Menu...—.' 

. Memli Lvnrh._ 

i Mcbb Petroleum 

j MGM.. 

' ULnuMmx&Utff.] 

.' Mobil Carp. 

; MoukoeiIo... 

i Marian J. P.. 

i Motorola.. 

J Murphy Oil. 

i Niblav.... .: 

1 Nalct* Chemical... | 
I National Can. 


19*4 

17S, 

28*4 
25*8 
718 
30 i t 
13 
111, 
2514 
£07g 
37*5 
15>2 
42U 
351 8 
27 


11*0 

35^8 
** 
251; 
111 ; 
41*8 
46 j, 
291 8 
KB 
56*8 

19'8 
26 i a 

2Bi» 

241, 

6!, 

35 

1611; 

247 a 

2a*, 

351 4 
71; 
30J 
13 
11*8 
25i« 
59j 
37 f* 
15>c 
42 

36 

26*8 


23 >4 < 

35 

25*4 j 
23 U I 
17'. a j 

28 I 

657a ' 
14 If, • 
57V : 
261; . 
47 U , 

597a j 

bfla 5 

41*8 

36 

351; : 
49*, . 
26*i i 
16*0 ; 


22*4 
35 
251; 
251- 
17 ss 
28 
55*4 
1*», 
33*4 
265, 

47*0 

59*0 

501, 

415a 

56 

351, 

4Bsa 

21 

16 


; Tea Coin ainer-...• 

T-swt'nni. 

: SearictG.U.,.• 

' 'MWr* i:««6lluk....- 

sEUCO. 

. Midi Oil.. 

j bbellTraniipnrt.... 

. .. 

• ■McnydetorD. 

Simplicity Pat... 

I Stumer . 

. smith Kline. 

. Sol il ron.„..• 

>Jul h'lorrn.. 

' eoiithernCa'. Ed.' 

J '?>.«ilberfi l>_ 

•Sibil. Nat. lies...! 
I Southern fttcilic.' 
I M«iUieriillailwa\: 


Nat. Dutillers....; 
XM. bervtee Ind.' 
National Steel.... 

Natomas.. 

NUIL-. : 

Neptune Imp.j 

New EnKlBDil El., 
.Near EmdauriTei'' 

iSlaRBra Xfi'lmnkj 

Majtnra share...' 
X. L llnlustrles.' 
AortolkaWemern 
North Nat. Gas...j 
Stun Stare* Fwn 
Nth west Airline* 
Nrhwwr-Uancorpi 

XurtuuSinMD. 

Ih.-.nleutal l'etmlj 
"Kilvy Matiierl.., 

Ohio Mdiun.: 

Ulio . 1 


21i, : 

137b 

305a 
37 ; 

41U . 
16 1 
22*« : 
347a ! 
1S*« 
10 la i 

16 i 
37*. 
37 t H 1 

26 j 
233, 
22*0 . 
18ia < 
225a ; 
371, , 
19la ! 
15 ; 3 I 


211; 
13(8 
30 
361 g 
40’, 
161, 
22*a 

35 

J5>4 

1U 
16 
271s 
37 
26 
23 r a 
221, 
line 
22 
37*4 
la 7 8 
16 


HenleU I’ackanl; 
HiWulny Inna-....' 

Hunmiake.. 

. H«Hieyweli.. 

j H'-nra.j 

HiopCutpiAmer.i 

Hfiti-tiai Sal. t iiisj 


Hnnuhi.A jClun 

Hutton tfc.K.i.; 

I. f.. Illtliiid nee... 1 

in '.; 

Iti-erMilKauil-... 1 

111 land Steel.! 

itMili-o-.! 


j IntPiToni Knerio. 

• I11.M. 

I lull. Pfamatro..... 

| lull. Harvester... 

I Inti. Min A1 .'liein; 

j lllli. MlllIIIIMlf.-I 

j I mi L I'nier. 

| I!*lj . 

1 Int. .. 

[ I ni. 'I r |. .\ To!.... • 

j I if,-ni. 

| l..i« h'-Pl.' 

1 II lut final ton*! 

j i'll, Ulllflmn.-i 


65 
15*0 
35*« 
44 a* 
11'? 
25i 2 
24*4 
11 
12'? 
24 
366s 
57*8 
35 .3 
131, 

7'r 

260*i 

2Jjb 
29« 
39 *;. 

21 <H 

15'i 

59'z 

37'.', 

8'f 

29i, 
l't 
29.; 
II -1 
2BI; 


64t s 
151, 
a57j 
44 
Ilia 
24 i 
24 
11 
12 

SUz 

36*e 

57-8 

56 

131; 


(.1 reroeoa S h Ip.....[ 
Ownus Cornitt-... 1 
Uwena iiKihiisi....i 

1 ■Hr 1 lie tiu.[ 

t'Ki-iiJc Lt-iiUrie..: 

!•«.-. P« r. A U_’ 

Pan Am ttoruiA ir: 
Parker Hnnnitin.- 
Peulolv Int-..-..' 

Pen. PwJi U.. 

iVunej J.C.4 

Pei m/nil.J 

I ’e. 4 iiin liny,. -. 

l*Wiple"tian—__,J 

PejMi-v.. .-. | 


23*8 ; 
63 I 
21 | 
235, ! 

2oi a ; 

21 1 

5in 

22*8 1 
221; [ 
231* • 
34'j , 

son ! 

71; j 
34*0 j 
26 , 


231, 
63 
£0*4 
23*4 
20*8 
21 
b ■ 
21*4 
21/ a 
22. 9 
33tg 
30 
7S« 
34 U 
25: 3 


rmitalaii'j .• 

s'w't, Hancshatet 

Sperry Hutch.' 

Sptury Kan d_ 

Siiui'i. ' 

Standard Bnuni-i 
SPLUiICali/omla' 

St'i. uil Indiana.' 

Sul. Oil Ohio-., j 
atauS Chemical.' 
Sterling Unu; ...' 

. Stuiletaker_ 

• sun tki- . ! 

Sumidland....... ' 

! aynte*.• 

; Teclui iiyilor-.I 

1 rekuonlo... 

I'eiciyua. 

| leiex ... ' 

[ I'enm.. 

I Te-onj PetToleunr 

1 Vexaco.; 

1 rexoqnit. 

I>*a« fiixtru.' 

J Tejm* • MI-4 Has.. 1 
] IVsa; I tilitie*....'; 

i Time 1111 l. 

; Times Mirror..' 

I I nultbii.; 

I 1mm . ; 

j TrauMiierica. .. 

■ Iranwu.; 

L'rauh Lnion.• ■ 347, 

Tmiixw-av lnt'rnl 1 23 >4 

Tninii World Air .' 

Travel I era.' 

I'ri Continental...| 


211 , 
Zl-'i 
12/6 
26 
56U 
29 S ; 
37.; 
287; 
56U 
117? . 
191, 
477a 
2 

20*t 

261, 

17 

287, • 
33*4 
491; I 

23*x . 
241? , 
16 1 4 ■ 
3414 ■ 
25 ■ 

261* I 
38*e 1 
4b I; 
67*, ' 
3b 

13*8 t 

49 

371; ; 

33 , 

2OT0 ! 

9 

35U . 
69 '4 ' 
asu 

291, ! 

8 

26*8 ! 
17lg | 
70*e ’ 
31>, j 
20 ! 
a6ia i 

23 is : 

467, 

34 ! 
13 r E | 
19J, 


11. 
26** .| 
18* I 


an. 
21 •! 
127 a 
£ si? 
*bh 
291; 

37 
28 i, 
36A; 
11 -a 
19i, 
47 is 

2 

20.Hi 

25:.-. 

167 Z 

39 

35*4 

487? 

231, 

241* 

161, 

35*8 

241; 

251; 

38 
463; 
673* 
36 >4 
137 5 
47*0 
37*0 
43 
20-9 

91* 
35 
68 
3 'a 

£8*i 

7*4 

26 

17'9 

69U 

31 

197ft 

361, 

23»* 

46: a 

345, 

137a 

1914 
34J a 
231, 
liu 
26*: 
181 2 


A‘.i 1 ill. Pape-. 

A41110> Kosle.... 
C-an.VJiiminiijin 
AI 40111 A steel—.. 

A-iimlf.M. 

tonkm Moat it*: 
ton« .V.rt-eorih 
1 >«a-k- l!e,nn«s„' 
B’ll Telet.ii'.'ue... 
8 -iw Vai:ey Ini*-. 

' UP Cana to. 

bravaii . 

' Brino'. . 

Otiaarv Poser... 

Cam lie lime;.. . 

I Land.in ^.'iifcnl. 

' Canada MV ton*, 
•.an I nip bin. Con' 
Camuia In-m* 1... 

, Can. IV-ji'il 1 .' 

A011. Hacihc hr.. 

: Can. Super t.m... 

Loriins O'Keei p.. 

I L*»«r A-te-ti's. 


107, 

ai. 

26oj 

1st; 
laBaii 
If *8 
13 H 
6^, 
62*a 
21 


lU-k 

5' ■ 

26 la 

151, 

759 

18*;. 

6»; 

52*> 

21 


147, 

14** 

r3.2a 

341- 

151; 

97 3 
113fl 
£5h 
rlol* 
17 
181* 
s3*a 
3.2U 
14 t a 


14;, 
14 7 E 
13.2s 
341- 
15*8 
9^: 
11*8 
25 

tie 'o 
16:, 
177: 
55 
3.15 
bra 


4 cents to SA12.25. but Mver came 
back 2 cents to S.AI.91. 

Among Mining shares. Bougain¬ 
ville Copper added 4 cents at 
sA 1.03 and CoDsutidaled Goldfields 
advanced 10 cents further to 
5A2.PU. but Uraniums eased. 

HONG KONG—Closed for the 
Chinese New Year holiday. 

JOHANNESBURG — Golds were 
maLniy a iitile higher on the day 
following slightly higher Bullion 
indications, bur trading was 
subdued with only selective Over¬ 
seas interest. 

Financial Minings were quietly 
mixed. Other Metals and Minerals 
were easier on balance after slack 
trading. 

The Industrial market was 
narrowly irregular in thin 
trading. 


notes : urenc* tiric.-s snowu Dtjtni 1 
*x<Jtide I art mi mu B?U3an amoends 
urv alter ■■vithha.'diCi: Lax. 

♦ Dlljn d?nom. unless olhenetse stated. 
V Ptasj'Ju dcaom. 'jtil'.sa otherwise stated. 
5 Kr.hki denim, imkrss odiennse stated, 
o Frs.jno derota. and Bearer shares 

ui?less otherwise s^rea. t Yen an d_ 

unless uUieru-uv stated. 5 F*nce at note 

ol suspbASioo. n l-Tortus. >, S chBlmai 
c CeoLs. it DiTiGe-cd after aeniLca rrsht- 
if it nr sens issue, c Par share, t Francs 
o Gross. *f:v. h Assumed dm-fend alter 
sltid ace or rights issue, to Alter local 
laves, mi c i las free, it r r as e s : indctnas 
Cnlhic G:v. j> Nnni. o Shars soli:, a Dl0. 
aid yield exclude special parnieiit l ina*. 
<-.i:pd div. v lino«cia! tradias. n Minority 
holders onK. y Merger pendsi. ■ Asked 
r Bid. ! Traded, t Stiier. r Assumed, 
sr Ex riqttu. rd Ex drnrlevJ tc Ex 
Sinn i«-!ie. sa Lx aU. * iBienm since 
mcivasvd. 


Pound easier 



:QQmm^OEr'^.0' 


feee. % 


■1- 


J 


Trading was very thin in' the 6.?S per cent, 
foreign exchange market yester- delivery, and to 


for 

3.49 


• ' ’ - uoidBuOkm.!’ - r •'{»* 

QOffl6S13C l&flwounR) ■ r " * ,.-J 

.. UL ,. au v . __ __ . .... per cent.'Ck»B..-JisiWinsv; iii7Si*J 

day-^influeacetT by the lack of^ from ».M.'per. cent, in the .inter-• 
h.»*in»v4i in New' York fallowing national market '. Aipmmgax'g|3^^rto 

Ahern's bx'gft 175JW, 
Wrilm-Sp—oy \ ' lL£9Q.4fi3> 


business in York following national market 
the heavy snowstorms which have 
struck the diy. 

Fon\artl movements in 
currendeb attracted-the greatest 
interest with the dollar weak ei 
early European trading, followed 
by a decline in forward quota¬ 
tions for Ihe pound. Three- 
month sterlings discount against 
the dollar widened slightly to 
0.08 cent from 0.05 cent. The 
pound for spot delivery traded' 
within a narrow range of $LS320- 
$1.9580, before dosing at $13340- 
SL035U. a fall of 43 points on the 
day. 

Sterling’s trade-weighted index, 
as calculated by the Bank Of 
England, was unchanged at 66^ 
after standing at 66.2 at . noon 
and in early trading. - 

The French franc improved; 
following indications that the 
authorities are prepared to ....... . , 

support the currency, even CURRENCY -.RATES 
though there was little intervenr 
tion in the market yesterday^ It 
dosed at Fr.Frs.4.B202} in terms 
oF the dollar, compared with 
Fr.Frs.-i.93 on Monday. 'Hie 
franc's trade-weighted depreda¬ 
tion. as calculated by 



SoMCoio.-.;! . . . 

ri'MaestinUiy L-;- t i^,-. r - j : 

Kn^erntnd^f»lM-lt» : IsiSfii?-! 

. . i(£S5ia-961,}. 

..Newspv' Jf ti8.'s6e-58 'rSSsR-; 

;(£29*50). * .' ISsUMsm:' 
Old 6tw'i^gi»S55-57-; - [ssaq-B^ 


(Intenm^Uy 


y wSuti ^ gria 

XHdSovr’gna 


tom_in®,. i." " 


a -lB2l 2 !»ax^ 

^ ess 

:(£29JD) , ;!Sr^ 

---47 ' 

Slt-2ffW 

«E0>^M.--. |S2SB!fr88Blalj 


' FOREIGN EXCHANGES' ^ 


M».7 


Speohd 
Drawing 
Rights _ 
PohruaryT 


SterUnp..... 

Morgan CJi. dollar.— 
Guaranty of New York,'narrowed ; U«»«U4n....... 

to 11.09 per cent, from 1US2 per.-jgS 

C6nL ' n»ni«*, lutnie. 

The U& dollar’s trade-weiRhted nmtrehemark 
depreciation, on the same basis, Umoh piiuw 
narrowed to 4.40 per cent, from Fremil f™ 1 - 
4.45 per cent. 

Gold fell Si to S175-175J in-very 
quiet trading. The krugerrand’s 
premium over its gold content Swedi*b tn>ne 
narrowed to 5.49 per cent from — 


0.6264QB 

XJSU72 

1-34671 

18.3249 

39.3202 

©A1044 

2.66116 

2.73843 

6^5803 

1049.71 

292.449 

BJZ04D1 

98J3754 

5.63086 - 

2.57356 


European 

Vmt oi 
Aocotgn 
Febrawy 7 


0-830859 
U02O23- 
1.30782 

18.4249' * HUttt - 
59.7977 ir. ££*?•: 
6.96011 


NewXO{%-~ 

Mantraat--' 

Aiutteriua 

Brnaietot-.l 
Copeatbasea 
Famkfnrt-. 
lirtStm—... 
Madrid-.— 


2.56808 

£.70103 

6.00016 

1056u97 
. 294.471 
8*34768 
98.7169. 
8.66919 
2768975 


Oaie—L.'— 
Parifc...__ 
dtAc^ttolat—j 
Tokyo.;— 

il mfrl. - - f 


Baofc 


% 


Day’s 

Spread 




BiflliJJatt-lJSaftuM 
nah. 1475^. 16602.14 
' 4*a[ 4J4j-4.58 ‘ 
61a.BU»-U-fiO 
9 1L0S-1UM 


h-'R 

s 

Tils 
■ 8' 
«al 


■*bi 


AMirUa 

T7.iO-7B.SB , 

tsajo-tsm^ 
1,074-1,680 J 
fl Wi 
S.B0-8JB 
8.9S-8JD1 

UMTt 


&id2s.is^aje 


Uri 6J7UUT- 


{Sates idna are for^^coey^rtfl&'f 
Financial franc etiXK&Sfl. - - 


OTHER MARKETS 


EXCHANGE CROSS-RATES 

I'nuakfurt.Xair Fork | - Aria [ Uirotcli | London jAuus'd 


Amitim. IZ.586-Tt68W 

4>«r—IF. ll 0047.T fin < 


Firli. 


— i 2-I0t»-7o 


otSO-bd 

205053 


F i-auT.1 urt.. 

.Vfu- y.irfc . j — 

futU.’ 255-JO-iO 4.9U-225 

. Is.aj.62 • 52JS1-66 I 6.G2^6 
l^ ntlno — 1A550-60 ; 95te-61> 

AtnrtMaai.. 107.02-07 ; 2JZo3i-62 1 4tL6] 



6.4346 | 4.081MM5 ( 95.4232 _ _ _ 

3.0640-70 L9326-83o» 44^58 lKL96-6t00 Itan.^-.V.i^ JB&W , 
16J3GOOM BiQlti421&2L7^&Si3E2a0£S-l03 Knwut^J4L3K7-iLMr I 
— j 63.06-22 I 14.46-60 V 16.63^8 - LtunpdVfln 652543. l& i 
63.06-15 ' - M 4.5&fr361 r3.18t»0 

80760126 4^006-366^ — ..} 1I6XG-07 


Zurich.9232-95^)1 1.9693-9603! 39.TdM43L&iX)16-77 5.7958-7967 BB.Tn,-8& t — 


' IT.S. 9 hiTnremo 3=111.06-03 CaxnuUan cents. 
Canadian 5 in New Yot±=fXMJ0-02 cento. I7.fi. S in Milan 836.20-70. 
. Sterling in. Milaa 1676.00-50. 





\ -• -•. I-l 7- - 

U-ti.-ue*U*4 89^7- 90JKF|yUfjjBfii Oj'-' 


EURO-CURRENCY INTEREST RATES 


Feb. 7 

filar ling 

1 Annilwn 

Doiter . 

DA. Doiter; 

Dutch 

G ulldent 

bwln 
Irene.-. ' 

W. German 
■ ■ more. . 

tfiiHJrt term... 

5-538 

614-74 . 

6 >2-6=4 ! 

630-560 



7 ilaya nut in: 

6-6 >4 

612-Tls 

66a-67a i 

S3b-5*b 



Mi'Dih . 1 

6I B -7i4 

634-718- 

6t 8 .71b 

518-5*3 

U-ir - 

.. S5ia. 

Three mcathi., 

7ti-7Sa 

e78-7^ 

718-7*6 

4Tiheia 

Hrii . 

3-3+8 

avs nu>nth«.. .. 

7* s -8 

714.7*0 

710-7*4 

478-518 

m-U 

3l4-3l4 

One y«r. 

8-84 

7*b 73* 

' 7*4-8 1 

5-514 

•• lTa-a 



Hire stain' lot Anwnttna -is i fiif!’ 

FORWARD RATES... 1. ^ ~ 


Oh« mauh | 


-- "*■ ■ ' Fraskfart- lSs-ta' pf. pm 

uich deposit rates: two-day 15-151 per cent: nven-dur 15-151 per cant; LMntf.. jjBSHlMf e. dia 
15^-163 per' cent; three-mcstli ia-155 per CffliL: ftrar-mcnttl 14-L5 per Jfadrid _.J60-140 c. dia 



Now Torfcil 
Moncreat. 

Auut'diinij'ii c.jkn-)a eiii 

^ nml^ an, 

T ^ 1 are (Bp 


Euro-French 

one-month 

cent; one year IK-14 per cent . Milan dratBa 

Loofi-tenn Eurodollar deposits: two years S-Sl per cent; three years S4U par (lalo ' j7la.0% cire dia 

cent.: four years *S]6-S&K o« cent: the years 8Mt per cent. ' Faria ;_l!o*4-65a'c. dia ' im-lSj*-- 

The foUouimt notmoal rates were Quoted for London dollar certificates of deposit* Stockb'tmiZ-d^re dis -. * Bi-lOsTlf* 
one-month 6^5-555 per cent.; diree-mootb 7.10-7.20 per ccM4 aix-mnnth 7.45-7JS per Vietuia_ 22-12 oronm * S-27 m " 
cent: one-year 7.63-7.75 oer cat -. Zurich e.>n . 16*6*1 


* Rates are nominal calling rates. . 

'-Stum-term rates are can for sterling. U.S. dollars and Cana«««n' doUara: two' 
days' notice for xirilders and Radar francs. • 


SboinooUi forward dtfllsr 

12 -month 9JM45C pin. . ' 


GERMANY * 


i TOKYO n 


? AUSTRALIA 


[OSLO 


Fe*\ 1 


"R^r 

Dra. 


■f.c Dir. Tld. 


Feb. 7 


" Prices ; + or jDir. 


Yen 


1 r; 

*"* t * 


YM 


: ;k 


Teh. 7 


A vat. i 


^7 


VKU. 

Aiiiaiu Verricb.. 

BMW. 

U.VsT.. 

Ha.rer . 

Bayer. 

Li><elnt.Nen.u-ri> 

L-iivimer^Autk— 
Louti OiiL'iinii... 
fla-.inVr &C0/.. .. 

LtKl'JSd. 

tto-mtt.' . 

HeuttJ.ne Bank.... 
L'lt'-'iucr Ban:.... 
Ii t'lff Zem:. 
i.luc-viftninig... 
Ha|.a* Licv.il....... 

Ilomener. 

H-.-r-.tet. 

Hw-i.-li . 

H-'iten. 

K«:» uri'l . 

Ksnlaill. 

Kflui'iicv. 

k'MVHaerDio liri. 

KUU . 

nLrupji. 

Lin-je.. 

L lu-c-qi'reu lit . 

tuitiuuua. 

MAN. 

Maaxmi.'nsDD .... 

Metallge*. 

•iiuu.-iicntr ltUL-k. 

NeckemiaivD., 

iVeursav: Dm liXI. 
Itbe-inWen Elect. 

.-w.-Uerln*;. 

?:itnieDs . : 

iuil Z.ucket.. 

Th.vswD A.G. 

'srta....... 

VKBA. 

VereiniWew Bit.- 
\ .ilkawaken.. ..' 


92.8 -0.1 
495 -S 
226 -2 

139.5 -0.3 

136.5 ^0.1 

252 . 

317.5 . 

203 i-13 

226.2 t 1.2 

81.3 -r 0.6 
316 —1 
273 .. 

139.5 . 

312 -1.2 

231.5 *1.5. 

155 . 

Zii ' . 

116 -1 
239 ...- .. 

126.5 . 

*3.5 -0.3 

118.5-1.7 

148.5 -0.7 

297.5 -7.5 
198 —5.5 

9-J -1 
176 -0.2 

96.5 . 

244 . 

1.510 ^10 
111.1 -0.4 


18 

20 

17 

16 

20 

20 


— ! Asabi Utava*_... . 

1.8 Canon... 

4.4! Caaiu.I 

6.1 j C jlnoa _‘ 

5.9 : Dai Nippon Prlut 


18 


320 

465 

600 

405 

514 

632 

310 

587 


19 
17 
14 

20 
20 

4 

12 

12 

16 

4 

10 

9 

20 

20 


12 5.4 


16 

20 

7 


206.5 . 

173.5 *2 

233 -1 

555 -5 
111 -2.9 

115.5 —0.5 

207.5 -r 0.8 

263 -0.9 
297.3-1.5 
230 -3 j 
123 ^1 . 

176 -V-O.B 1 
116.8—u.l 
304 1 

211 -0.5 


12 

14 

10 

18 


7 

16 

20 

16 

17 

11 


5.9 i uai Nippon Prim 

3.4. Fuji Fin 4 m. 

3.2 | Uluudii.'..: 

r— H-ato )Ii4oi-9.... 

4D Hwne-FottL-....: 1,060 

- | C. Hub ... 230 

3.01 ito-Yokada.-.1^80 

3.1 Jacw...: 617 

4.4 4A.L.-.8.700 

3.2. Kstuoi ElectPv.. 1,040 

4.0 1 213 

1-3 Kubota. 279 

Z.7 Kyxito Ceramic— 2,790 

5.2 i Matsn-biin Ind...) 606 
3.8' Mitsubishi Unnk.J 

Miisubiahi Heary* 
Mitaubhbi torp'..i 

Mitsui a Cm.. 

Mitmrkt&hj . 

Nipt mu D»nw—. 1J210 
Nippon j*Iiiu pan.. 019 

M«mi Mnlirr-. 793 

Fluucer-.1,530 

fian.ru Electric....i 213 

3.3 | ^wklaiii Fretou—j 8M 

1.3' '•hireldu.1,030 

3 3 .; fionv. 1.880 

laiftlnr Marino...., »oO 
IB Led* Chemical.; 328 
2 2 I ^ DK—. 1 1.61U 

l.’fi I fejln..I 119 

_ I l'jkiu Marine_493 

g.Q j TokioEieet Pow’r.i 1,080 

o.9.! Vckyo Sanyo_I 258 

3.8 j bjfcyo fihipauni-. 130 

2.7 j Toray.ia8 


j r3 
!+21 
)-r6 - 
1+1 
; +3 
.t'4 
;.+14 
+ 10 


14 | SS | 

12 | 1.3 ACMILOSsent)....— 

: 26 1 2.11 Ajrttxw AuKralm...._ 

20 * 2.5 i Allied ifntrSVd*. fndua fi; 


1+4-01. 


Bergen Bank.„„„{ 


18 1 1.8 
18 ; 1.4 
12 j 2.9 
18 ' 1.6 


SB 


zrj.ii 


;+i3 n 


6.4 

4.6 

4.2 
3.0 

3.3 
5.0 


2UU 

142 

418 

317 

620 


1 + 5 

i 

-60 

ir 16 


■rA 


t20 


z.9: 

4.u! 


-2 

1 -r 60 

M 

;-i7 

t32 

Lt 

j+90 

i+i 


3.4 

4.9 


rotcH Motor..• 860 


, + 2 
-a 

1 + 7 


xo 

18 

15 
35 
20 
10 
12 

13 

14 

20 

16 
12 
16 
48 
12 
30 
20 
■40 
11 
16 
30 
10 
11 

8 

12 


1,7 


4.8 


L7 

1.8 

4.2 
1.6 
SLU 
1 J9 
0.6 
1.0 
ID 
US 
2.8 

1.7 
U3 
Ll 

2.2 
2.3 
QJ2 
4JB 
l.T 

3.7 
2.3 




10,3-8 

10 ; 3.9 
20 I 1.4 


Am pci Xx 

■Vmwl Peitoieinii_„, 
AWMlridniliX— 

Aaaoc. Pnip Pbper SL-:.-. 1 

Aiwur. tkm. iadiMtriea.. 

AUK. Foundation Invest.. 

A.X.1 - 

Audi&lpo..);. 

A lot CHI Jt'Gsuu__ 

^ Blue Metal Ind_ 

“~j Boogainrille Copper—'-... 
2-7 j Broken Hill Propriatery..J . 

0.61BH fiootb -....3..-..il 

Oartton United Brewery ...j 

C. J. Coles ..-.1 

(Sifltflt.-; - A 

tins. Goidlielda Aua.._ 

too tain or I3L-. 

ConclncKioclaUi..... 

Certain Aimmlta.. 

Dtroioa Uubber f jb—..... 

Elder fimlth.... 

ILK. industries...... 

Girth Property Triut.._..;,.| 

SaniBBley .., 

Hooka-.__ 

I.CM. Australia-.. 

Inter-Cappa:...—V 

Jenninss Industries^.... 

dories (David!. 

Metals Bxp(oration- 

MIMFcddiW_ 

Uyec Bmpmtnn^. 

NWWB.V. 


Cred iMxuiir ...... 

Kotnjds. 

Kreditiouv+en. 


ta?6 
tass 

fS.23 

tl.30 - 

t0.79 _..., 

to.7tf 

tlA6‘ 

tL6€h HB-Oi’i BRAZIL 




___, 103.5-0.5 [I 

.VorakHydrokc.ttv 177_75|-L2tf.il 

6t»rtbraaiJ; M -;.:...|; - 87;5J.. 


1+0.101 ■ 
|+aj2 


L-A.B2 


+0.M 

+0U12 

I-4L01 

+A01 

-0.02 

‘+0.01 

+0.10 


Source MiWM Secamtes. Tooro. 


14 ! 4.0l 

12 - 5-2 | 

g 1 III j BRUSSELS/LUXEMBOURG 


i t. aielMln. 

1 l CHIIUICf.. 

| i.'-mj- H*thur+t,.. 

1 Coirtiin'er t.,it.»__ 

[ C-oM+bv l,'esoun.vfi 

jCtolHID i.'icll__ 

j D+nijoo 

1 L>anit3Iin«.: 

| Uonw Petroleum: 

: ihjmiDif^n Hnrtyt' 

j lifiatar. 

j L'upynr.. ' tl2U 

| Paluon'ee .Viet# 17Jj 
-Motor Can..] 


/Oh 
27Bfi 
24 *e 
16ij 

7 

77ft 

57 i a 
73 
67’-s 
231= 

lrtva 


Foi« 


80 


20 ■; 
261, 
24 ij 
16 i 4 

iis 

741= 

57 

Jr3 

14 Jt - 
125, 
17 S0 
80 


| GeusUr.• 

j Giant, VelWnte., 
j liullOilCajoiila... 

1 Ua» ker 5i>I. tan! 

. Uuiiuijer_ 

I Homo '.'lt\\'.’ 

! Hirdron Bay Uos; 
I Huti-i n Bhv..—.i 
UiuiHvnC'ilxGnsj 

i *•*■«-- \ 

I inmaro . I 

| IDi|+iini t»ii. 1 

; Inis,...• 


26 

12*4 I 
27*i : 
678 1 
291; . 
4u 8 ; 
161, | 
! 

43*2 , 
ii*4 : 
29*8 I 
19*4 f 
lri*( , 


26 

12% 

29 

3*4 

Z9:« 

40i 8 

lftl 3 

18 

43 

■iSs, 

191 B 

16jb 


9*8 1 
10*4 i 
13Tg . 

14 ! 

; 

e.25 
16*4 i 

15 


'i?. 

258.25 
211, 
29 
39 ia 
211 , 
14.'j 
39', 
b7i 7 

8*i 

t9 
I '■ 

i 

11 .i 

28 


I’ri km Ulmer—.' 
F« ..., 

PllAW.. ( 

Pbi'ips LtalftC..... 
I *1i I lad pi idiot Klo.' 

Flllllp Min [is. 

Ilnllil* Fettnl'ni 

I'llrtjiin-. 

Pitney Hones. 

Fit toinn.,... 

1‘ifHwr Ij.i A UK 1 


19 US 
37l K f: 
27*8 

18 >4 

19 in • 

591, 1 
30 

39 Tj ? 

13't . 
23/ 3 
17's 1 


18 i a 
36*e 
27s B 

19 
19 
59 
29 >• 
39 
le*< 
231= 
167, 


i PI Han iM..' 

I I'uLilllul.J hltv.... i 

l I'Pt.i lu,iu«irie»..‘ 
I Fm« I« Iisii-.uIp.. 
’ I'lll.wnp I'.lor.'l .. 

; Pi:llll|Jtll. 

• I’lirt-H.. 

1 Vuaaer «ni*. 

J INj.i.i Amcri'-Hi«.. 

: HiHh-"' . 

i If. A. 

1 Kecublic &leel....| 


25 is 
i.a*s 
24*8 
79va 

22-i 

25>; 

16 

21 


3? 
25 it 
25-'* 


24*4 

Iain 

z4i, 

78*4 

24’-t 

154 

hO-'e 

s.. 

511, 

231, 


! r.lS.W.; 

I iVtli Onlurv P,nu 

I AL.: 

l AliCO._.• 

I'M. 

I UP . [ 

Luile»>-r.I 

(j 01 lever XI 
I nnvu Haiiuirp..J 
buluii Utr'iitlf... i 
I'tiiiiu L'i tin mens? 
Ciili'ii Oil (Taiii.J 
I nit'll iMi-iiiv. 

Pniro.vnl. 

tiiiled ftranUft... 

j Lriiltii t'vri',. 

U S ibiiunrp. 

t'S I i l'|nuni. 

t.'fi. Sliw. 

l.-f . Sirvl.' 

I.. Tu-'lmolr-cirv..: 
I V liMuMrie'.... 
Vir;mia Elrt l...'. 

j Mulativu. t 

• Wnrni'P-l.'-tininii. 

W’arnt'i laiitilrrt 
1 "urtfrSIftii'incsl 1 
: w^iivlMK 1 ’.. 

j Weston, Banwrp' 

! "V'llwn N.Aiiift 
liiu-n... 
W\->tin s h»H ; 

Wl-MBVut'll. 

! u uyci fiat*. „-**r. ... 

' " lurlj.fttl. 

: M ini' l...n, Ind..' 
W'liiianv '.«• . . 
M'laeirisu, £irct4 


501, 
S43+* 
201 2 
20 C 
23U 
15ie 
3B j 8 1 
&4j I 

13 ] 

39*8 | 

6/ I 
80*£ 
**6U ! 
7; i 
7-e ) 
IO*, i 
271a , 
235, 
22 U 1 
28 

*5'» ! 

IB, , 

14 : 

171; • 

31 ; 

27< 

19 ' 

25*e; 

aliij . 

25. 

16*8 

*8 


29*j 
22,b 


: Into...i 

lotanil Nnl. 
i Ins’,•r'yl'ipeLinrl 
I Kbim?c livi<)un«r.' 

‘ Jaitnu’lFiuCorit 

• Lt +iU« .v itirn, -H'.l 

: .'K-'iiiiU'n Uh'Wilh 
| Ma«ev Per^uioti' 

' M.-huyr*.; fjssg 

1 .'Irttntjivttrpn . : 297b 

I A-.'mblu. Mines... 21*4 

‘ .Vtfscicn briep;,. . 26*4 | 

A run. tylm, 111 ....! 26*4 j 
| Niiniai- U|l.k ija* 16*8 I 
2 S<b • Uik»*.»«l Pair'll.. 5.26 J 
20*s I l ’"' :,nc Jl 1 1-88 I 

22 ' 4 ! •’"•■•'"v.l’etnjinini 08*0 ; 
' P«u, '.ian. Pel'm; *21, i 

f J's'lut..■ j 

Dr{8. a... 4.23 
: l'la.*Ua*A f «i.„- f0.93 
I pibv-im lipve 10 , 11 m; 20ia j 
I i’nwiff Curtunit'n 

■ Frii.-o. 

1 Cfuvlwu aturserur 

1 Uaii^or v.iii.‘ 

) <fan 1 film w.. 

111.. A 1 —■.■in. 

i Rural Ok. iif t'en.: 

J iioial 'll 1161. 


Sis 

10*i 

13t b 

14 


t5.25 

167, 

147 8 

2961, 

2l7g 

l&5fl 

35*8 

16 

5.12 

1.86 


251; 

24 >* 

207;. 

21 

in«« 

29 


14*4 

381-.' 

641, 

I3U 

38*8 

6*4 

491 4 
45 tj 
77, 
71; 
lO'i 
27 U 
231; 
22 U 
27'b 
54 1 ; 

18*;i 

141, 
17 iv 
31 'k 
27 Je 
13*8 
35*8 
30*4 
24 if 
16S0 

17. a 

26 

24 

20., 

207.-; 

17-s 

2814 


iu*e 

11 

1.30 

271? 

8** 

tdbU 

264 

16 


381; 
31*4 
15*4 
14.25 
□.94 
20 
101, 
107* 
1.29 

26'.g 

9 

24*4 

2Glj 

16 


j M.-rpln.'h>M)uiccv 

. avat'raiiis.. 

I sill'll LnlUnla.. 

1 atiwnii ti. Mini- 

rn^.sfD' l.i. I. 

! ?liri|wn'. .. 

; New 1 + CfttiAto... 

: M«itf.liivk 11'tn. 

f i WT-it'aiiwliv.... 

1 !• full" Ifctui.W,. 

| l<Nis(.snl‘i|«‘l.it 
. Inuin Mrijni 1 > 11 . 

I I'llrtN.. 

1 I II lull ("I-.. 

; I'l'l.'toni'Vfm. .' 

I Wniwi Hiram.... 

'■Vi-i. . I, 

1 nfic. .. 


3*a 
24 
15 l t 
+ 80 
*7Jfl 
4.70 
43 


ei 2 

230g 

15-.8 

a .45 

*8*4 

4.75 
i*3 l,i 


t4.i6 1 1 *.iS 


35*8 

17 

14*| 

V 

il-U 

iOlq 

7 lj 
51 
*Z*, 
13-'! 


*5*, 
17', 
145,, 
8 >4 
1V< 
1 U 
7 v 

301=. 
o2 Is 
13 4 


* A v-enind 1 Hni I tr-toed. 


I Traded. 3 New itadc. 


AMSTERDAM 


Feb. 7 


Price 

Pro. 


Dhr.1 

Fra. 

Net 


Arbed_-2460 


Feb. V 


AboM iFtiO*. 

Ak/.'. (FI. ZOi . 

AbiemBakiFI.IOQ 

Amer. fFl.Iiv—. 
A mru Bank (F1.201 
bijenkon. 

IkilMlVni 'mi FIlO 

EJuhnn Tetterode^ 

Kiscncr (Fi.aj)...! 

Hn uva.V.l 1 Jke rer' 

HuroCotoTiat Ft. U'i 

Gist HrcwadeMPfCr 

Heinpken iFIJi'.. 
Hixiyovens/JTZOi*' 
Hunter D.tF.lCOi 
l.H.C. Holland...' 

KUifFUOOi.• 

lot Muller liSOi.. 
Xaanleti 'FIlO,.. , 

XatNe-lIos.iFl.lu, 

Not l-nclbk<F12)| 

NeilJlUlBklFUtC. 

OcetKl^C'i-j 

Van Ummcren...! 

PkthMdtPLhh 

Philips (YU0>.... : 
IHjnach VerFI.IQCS 

Itobetf tFLbOl—j 

liuiunsi lFlXd)....l 
UnrentoiFLCO)_1 

lSnyalUutch(F12j; 

filavenburg.. 

SterinGrpIPLWi 

Tokyo IVt-.HItoSj 

Up 1 lew iFijsOi..; 

Vtil0£lteUliL51 

W erttond'itBeiik \ 


Price ' + or Dir.Tld. j 1*,. Bns. Iamb ...11,426 

Fis. ! — , « ! % j ijekert "B"_11,72a 

; C^.K. Cement...11,140 


+ 6 1 

I—18 

+10 


24 | 4.8 


101 +1 ■ «--t , 

21.5,-i-0.1 — - 

336 1+ 1.5 iA22j^ 6.7 

UU.8_Arif* 6.4 

67.5 -0.1: 2251 6.7 
81 i-rl : 23 b.7 

118.5 +1' , 70 | S.b 
67.51 —0.5 ! 25 I 7.4 

366 l-U ;121 1.6 
152 1+3.2 | 33.6] 4.4 
62 :.1 94.€j 6.6 

37.8 +U.7 i 22 S3 
106 : + 1.7! 14 I 3.3 

25.2-_110.26i 8.1 

25 .: 12 i 5.2 

13.9 +0^ ; 10 7.1 
127.9 +1.7 : — ! — 

39.2,+ii.a ! 18 : 9,2 
40 -4X8 1 10,15 
104.9-t0.1 | 46.2 4.4 
50.8 .. 20 ! 7.9 

180.6 _ 20 j 5.6 

137.5 +3.2 ;A54 | 9J3 

145.5 + 5.5 8 | 5^ 

44.7—1.7 I 31 ; 9.4 


21 6.2 


2a.8 4.0.1 . 

64.a_I 16 i — 

165^—0.2 I — 1 7.6 


Ciiceerill __I 561 

KflEfi.. '2,41o 

blertrobel_6,210 

Fariirique Nat„-|2,476 

GJJ. Inno~Bm_jl.uufi 

Oeraert—__r 1,2 28 

Hoboken_2.036 

Intercom—.—.[1,330 

Krediethenk..—, 16 J23 0 
lav tfqyalei Beige.*6,210 

Fan Holding.[2,460 

PeLrodne._13.883 

Sw Gmo Bemjup.j2.77o 
tsov Gen BdRiqnsJ 1,865 

Sotion_I2.U8J 

Oojviiy.2,470 

Tract]on Elect,.... 2,640 

LTCB.. 996 

OnMIn.lliIOj.1 706 

Vleille 


ti 

+4U 
+ 5 


+ 2 
+ 6 
f-10 

+ 60 


60 

112 

90 


[Yld. 

% 


177 

430 

170 

13U 

80 

160 

142 

265 

305 


4.2 

6.5 

7J* 


180 

189 


+ 25 
h-5 
-10 135 
+40 205 
1—10 A2M 
+ 10 162 
+2 ! - 


82.26) 3.3 


60 


-io'iioo 


7.3 

6.9 

6.9 
b.8 
6-S 

9.9 

/.8 

3.9 

a.o 


4.6 
6.0 
7.2 
6.9 
o, I 
6.4 


8.6 

7.9 


SWITZERLAND • 


236 ;_ 

147 1_! 

92 1-0.5 
122.5- +0.6 
42.4.-0.2 
409.5 +7.5 


19 

27*| 

50 

Ail*' 


8.1 


U.8 

6.8 


52 3.9 


i Price 

+ or 1 Dir. 

Tld. 

Feb. 7 [ Fra. 

— 

Or 

S’ 

; Aiwn3nium„„J 1,430 

-15 

6 

2.0 

| BBC -A'_..(1.765 

—20 

10 

89 

CltoGeWFr.lQO L23Q 

__ 

22 

1.8 

J > ^ ♦, r T^P>U-' VhM 

-15 

22 


rTfMmTl 

~6 

-20 

22 

16 


1 ivy 1 ^ 

+ 20 

10 

2A 


~?7WJ 

5 

050 

3.3 

Q.6 


COPENHAGEN 4 


Feb. 7 


Frio* | + i>r {Dir.|TkL 
Kruner; — \ % j S 


Andcnbflnken 
Hurni'arrTI'^/a ... 

Minute Bank. 

East AatalinO'... 

Kmannlenken.... 
Fur. Br>HRt‘ n er..' 

Fur.Paplr. 

Hamielsbsnlt. 

i.N'tb'oH.rKriO. 

Xu hi Kate). 

Uliciabrik..... 

PnratDenl:. 

Ftovlnthanb. 

boph. Borendien.- 
fiupertto._.. 


140**.. 

450 j—3 

ISO i.. 

229**.—Jj 

1151* . 

321 -II* 
76 .-1 

132 .. 

251 T I 
253 +H* 

871;. 

1361* -. 

142*,-. 

367 . 

184 t II, 


J>o. ismall)_19,050 


lnterlood U.. 


5.660 

1,590 

3,700 


Jetnadi (Fr.IOO)— 

Nestle (Kr.lflOi_ 

Do. Ue-J_(2.460 

Oertilnm-B.(Fiiol2.455 

Pirelli 61 PtF.lCTO " 
fiendox. (Fr^SO).. 

Do. tornOertv.. 
Schindler 1.44) K«0 
SolwrCts (F.UU) 

fiwisrair fR_5aC5__ 

fiviss toniitPjocri 


11 I 7.8 
15 3.4 

11 | ELS 

12 ) 5.2 

12 ‘ 3.7 1 S . w f* 


8 Il0l5 j 


295 

[4.075 

628 

322 

386 

858 

421 

5,060 


t—150 
+75 

MS 


+ 1U -Imllutu 
wfi.8 


+5 


-1 
+ 2 

—n 

i —1 


Union Bank-_[3,470 1+0 


£19 

IS 

26 

26 

9 

*+ 

8.57 

10 

40 


0.6 

2^ 

1.3 
2.5 
3.7 

15.3 
0.1 
L& 

2.5 

1.4 

3.6 
3.5; 

2.3 

2.0 


H iotnias Jotenuttoravl—.. 

North Broken H’diny* (60d 

Ookbridge. 


OUaeuoh. 


Pioneer Concrew.. 

EL U..fiielfb.. 

mdMinin 


IboUi (Bl)..-....— 

Walt rum. . ,• 

Western M iolng (60 crarts+J 

Wool worths 


tl.07 
JLG2 
10.40 
±0.29. 
to^a 
11.03 
ttJ.44 
10310 
tl-83 
.1L99 
12,87 
12.90 
12.06 
ritoa 
. 1U9 
: 11.46. 
"1L19 
1130 
-. 12L07 
‘ 11136 
12.20 
-10.78 
12JO 
WJH 
tlJUf MlJll 
11115 
10.18 
1L71 
tlJl 
12.25 
10.95 
11.12 
1L82 

.taca* 

*L44 


worn. 
ta.86 
l+«J1 
WJJB 
+0 M 

kioz 


j+ftfli 



Appstra . 

Banco Brazil BP.. 
BulgoMinelot OP 
Doau»OP„—<„u- 
Lo^ur Amor. OP.. 
BttmeiBui OP., 
pptniba* PF..I 

KrettrOP- 

fimm CiurtP.J 

TakrRwDow PPj 


1.17 
3^2 
L77 
L14 
3 JO • 

2117 
309, j 
2.15 
3JK) 

1.67, 

VoL Cr^Jml Shartu 3£^ 

Senrec Rin de Janebt) HSf 


JOHANNESBURG 

. MINES 


I+8IBV 

-052 

kBJH 


10.78 

10.19 

11.72 

10.96 

tlvlS 

11.69 


4352 


+2.03 

+ 0.01 

-0.U2 

-Ml 


!-§M 

1+iiV 

(+05T 

f+fl.82 


PARIS 


Feb. 7 


Unate... 4i-__ 

AfriqoeOccld t’lej 

Atr Uqnid.^—j-; 
Aqaiutnve—. 
BIO_.-._ 


"pH« 

Fra. 


UoiiyKoea.— 

8.5 JV. Gemia—j 
Osnetaar——... 

OJ3.H.-: -....... 

G.I.T. AJastoi._ 

Cle toncairo. 

Olub AI editor—... 
Credit Com Fr'ceJ 
Creusot Loire.— 

Dume.- ...4 

Fr. Petroles— 

Gen. Occident*Io 


782 

290 

230 

309 
469.51 
342 
32251 

1,190 

252.5] 

753 

223mT 

310 

100^1 

sola) 

448 

95.8) 

177j 


+ or 


-IB. 1 J 41e; 


+75 


+7 
+15.5| 
+ 12 
+2J9 
+26 
+4.4 
+& 
+0 J2 

+ 1D.1J 
+ 1JS 
+ 0.2 
+ 13 
+ L8 


Dhr. 

'Fra. 


iBUb 


16.5^ 711 


24 

12.75, 
!3 Cal, 
37.8| 
60 
27.81 
6^B| 
12 
6-8; 
1L1| 
12 

16JJ6I 

14.11a 

iL25 


Yld. 


0.6 

13 


7.7 

2.7 

9.3 
Ui 

5.1 
ia-9 

7.7 

5.3 

2.1 

i 1 * 1 

123.9 

■ 3.6 

14.7 

4J7 


Jmetai.—........ 

Jacques BcreL— 
Lalaqre 


L'Oiwd_"-i.| 


Ph wr+y;- 
M Athol tn **B" — 
Slo4 Heuvuesiy. 
Aloniinex—.— 

Poriboe . .Nm... . 


Foctain_—I 

Bniiln Technique. 

hedonte— 

Ubone Poulenc—J 

SLGobain_j 

Skin BosnxnnL. 

Suez---_._J 

TcJemecanlqna... 

Thomooa BreridtJ 
Usinur,— 


B0.L-0J5'5JS|liL6 


84 
135 
456 
L200 
-624 
L025- 
324 £t 
127.0! 
134^ 
66 , 
lewri 
26Lfl 


303. 
462.0] 
60.sj 
X12.4| 
1,660 
20S 
612 
120 
. -raja 


+3 

+4. 

+ 13 
+35 
+■21 
+35 
+ IBj5 


+ L3 
+0.9 
+8 * 
+8.7 


7a.ej_u.s 


xi 

+SJ2 

+OJB 

L0 

+70 

K8-- 

+13 

:+a. 

+0.BJ 


,12.4 

IJKri 3 5 


Wt 


; 32.&g 3.V 


12.q 

-3 


7^ 


lo 


258] 

24 

9.' 


59 


5A; 

-2.4 


1UB14i8 


UJ5 


. 7.M 4.0 




e.4 
CL2 
18 JO 




&3 


25-«12.4 

fl2.I6i.4J. 

116.1412.6 


- . >3 

■Feb. 7 ; . . - Roh. 

Antin'American Corpn.-— .. 

Owner CmsoUdaied_ 

East- Drtefomeln — 

E+dniTR - —..J... '■ Utf A i- 

Harmony . _;;_ ix.rtMxb.' : 

Kinross -i___ - MEi.: •= 


Kloof _—.—. 

RnBUnbnrz Platmam -_• JflH; 

SL HeJetta; 

Sooth Vaal 
Gold Fields SA 

Union Corporation_LH 

Be Beets.Deferred - — ■ 

BlyyooHflMdw _ _ Atfw 

East Rand Pty. • 18.73 v 1 

Free State Gednld —.— ISfiiB 

President Brand __;_ r7J£\ 

President Srgy" ■ - - - 

StBfoatem __ y- M» 

WeBmn - 

West Drtefontein _ 3U*z£ 


WlfClUHiCaU _ .M.S.I+M. vwww--q 

Western Eoldbzgs' 

Western .De&p' 

' 1 INDUSTRIALS 1 j 

AECi .US-’ 

Bartow Rand ...—;-+ t® : 

GNA Inyestmsnta — IM * 
Carrie Fbiance • 

De Beers Industrial, 


Edsstrs QwM nMi Mfi’lbs'-.;' i® "-; 

Edxara Stores- 

Brer Ready SA -1. "WSS 
Federate Vo0oitodeg*ii«8..' 'J-®';- 
Greaxerznans Stores 'iA ~•+' 
Guardian Aranrantx (SA) < W 
HttettS ..Nl. 1 ™;..JLhSa3.^j!* i 

. ' ttS ’ 



WA 


McCarthy. Rodway 

NedBank 
OK.Btcuare 


Premier Mtfat, 

PretoriB+CetneBt, 

PSntei: Boidtass' 



riuuc*. n inuuvu ...I...—I— 

Rand Andes" Properttea :\r. ^ 

Rembrandt Gram ' ■ ” 

Rated .j.... 1 .-.' 

-Sage wolrtinyt- 

G-;£. S mit h Sugar —^ 

Souse 


[SA Brewerlw-r.' 


Tiger Oats and NaL-MBlS- 

Outeec.*' — - 



"•SeeuliiB'esi-itss#! 

; • • (Ksemot i»ft8$.?£¥;■£?• .; 3 ." 



- a 4 - - lylf-V A- 

Bntto- ffilbwir 
BatKO A t lxntr t M . C ljg6^7-^^rfj II. >ffs. r 
Bancd ; Central 

Banor Exttriot.* --£W- * 


Banco.* ' 
Banft>-‘Ccmsida-’'frj«J. V ’' 

BancoiRupado ;« r.:> 




STOCKHOLM 


20 1 29 
40 I 1.7 


4.3! 
4,7! 


11 

11 

12 

12 


MILAN 


3.3 

6.5 


VIENNA 


Feb. 


l*rti!t . r OT • Dit p ..lfM. 


i'r+iitan«talt ... 

Mmm'vii'r . 

'Clo-I*. 

■Jerr.ncrir. 

urn fiirn'o - . 
Vvit Magne^tt. 


350 

262 

580 

92 

702 

23* 


~ 2 

J- 1 


10 

•9 

oa 


2.9 

3.4 

0.3 


Fab, 7 


Aide.—- 


“Fehm +‘or : Cv». irid. 
Lire — Lire! %■ 


* 1 
1 


14 


_ _ 135 i+7.7B! — i — ‘ 

A (Mania Avia._ 1.950 ,—50 • 220.12.6 

Buingl -. i 435 1 + 9.5 1 — ; — 

Flat..11,966 + 25 : 150 7.6 

Do. Prir.jl.559.0-+18.5! 150* 9.6 

FinsUer —.; 85.75i T 0.761 - i — 

leaicement. 1 10.7201+220! 200- 1.8 

Italuder.[ 128.0! + 0J2fr — ) — 

Ueditibaucn_ 1 32.380i+29a;i,2Mi 3,7 

Hontdiiton . [ 145 1—2.76; — J — , 

Olivetti Prra. 790 J.S * — . — J 

— ! Pirelli 4 <"<o.;2.130 l + 2» • no! 5.2j ttandstlL 

3.51 Puelli fiia.t.033 1+3 80‘7.8: Uddehnim’.....— 

5.6|Sm« Vriewr.] 550 . + 41 ! — | — j VniCT.<Kr-fiO>..~! 


Feb.-7. 


Price; 

Krone 


+<* 


^-|"S 


173 


1 + 2 


■A&A Ab (Kr^ClL. 

Alfa IAtoIBCKeN 167 
ASBLLtKr^OI-i;. 

Atlas Ctopco&r2&j 118 
HUIarad....| v3S , 
BoForr-—lfl6 .f+5. . 

■Cteateu..—J 407 .{+4. ri 

Cenutore.i.-.:—..J 216 
IGeet’tuxtR'K^a: 128 
BrlreBQD ‘B'fCrMJ 337 
ite*e»4 - 

Fagentfc 
Grange, {free]' 

Baodc i>bfcBl icn „. 

Marabou 

MoOtb-DrimsteJ 

Saed+tie 

SJLF- '8 Ki«..J 

s yno d Rstirifata-.i 

•B'KrW 


'3-0 

L«a'. 


810 


SampL Ind. 

B.-'1ntf.Ma dta»»ri0nvaii -iii--.fl*-~j-SK. • i-i. . .. 

Banor. EOunlxr-iuHityi* 7 IJr ysi "■iif'' -i: 

ftmeo. Santander -iOSa#- '. ag - • 

^nco'Vizcara >•>.■' -i- 

Banco 2ac&s&Moo *_a+ -o 

Dlv.iYW- 'BankimtoB'* 
Banns Andahidr —.3 ? 2% ^ 

Bibcock WHcbX . 

Otmidr <; * • - 

K. !• ArajKwaai r —^ 

PBsoannfe 31u:". ASU 


H i Wiil llli . . _ ... 

Bawlv-Rio Tltyo « 

Fetaa rn>W>—t"-+- 



B '-'.v .256 J-l • 8 J 


278 

120 


+a 1+4 a? 5 A rPwelFwii; R<nnMtf- 
• '« 2 (PfltroWber..- 3f* 

m «ryg? J t f *i t pMwieM . j 

«» UJtBs-^srt • ysc 

72.0 -0^ - 4.6 i 6.3i ' ^ 














































































































































































































i v :<; ,\ 'i - . 

v I\. * 1 ii i o rl: 


UIKfi 


■RAW MATERIALS 


■to $*rt Biwiiw. - 

; $Q?£N$AGE», Feb-Y^' 

'■' 1< S-RK IS. •: :;to r. tighten 

cQDtrol6_iro 5 .itsi-. bacon 
■nter rcrtficMBB.*. of. : .lh? 
or'; . Iti :Isflgnieai; :v by 


l^fmers given five years 
|o wipe out warble fly 


• V qure. after ijneelhjgyrtth 
wal Iea'dets. >. 
S^&vthe .■■ Sliniattrs -.-and 
^sTfflertf..-irepr^6Dtatfyea 
d: the criticism* sis un- 
■1GH k: blit:bdtfi agreedfljatir 
—...^feentiaii to guard "-the 
m. =of Danish: : pignitoit, 

.: the cdiintry^s ^Ingfeesi 

tport. product; . v.- ; 

< Wng existing .^coatrols 
i> w am* ,#fi£hffstvMr.. 


^ BY CHRKTpPHKl PARKES 

THSrv ^VEftTlMENT- 7 ; yesterday 
Janneteda^five-year campaign to 
eradicate warble'- fly-rijn? Britain. 
-It plans^iirtjxtduce iMMures to 
ensure "that farmers protect their 
cattle- agalma thts ixistdlouB pest 
whidJ daniatM meafcr reduces 
raUfi:-yields and btfribw.tbrough 
the' : . animals*". hidei;’-''&verely 
reducing thefir^a&Mt v 

';■■■ The. Ministry 'iof^^i^cuUn re 
estimates tMi : 1 he ^enraieaiion 
programme ;jrfir ' ■ ±M"Ifaxmers 
£5m. ifi veterinary.imins aver five 
years. Bat flic* ihdfestry^hould 
reap.' a. net profit .-of ~£12iib over 
the -same, period from ; higher 
prices for 'ckiBRr tfeflej.sqfialfty 
beef 'and highen mlCt yfelds^ 
v After that, once Britain;.was 
clehr • of the pest ■ the. livestock 


V *£ said: ''they . would ^be .£^*“£*2 

S*fr-2to eliminate: three 
kt. ^sr.the occasional use nT lry r - of ™»J—fr 
i ?h.4xe«te<f with ^me'rtdry 
- I: ®ed, aatibiotlc reflitiues. 

T jres^ce of ochratoxln'iD! 


EBm. a year better oil than in the 

past - ■ ■ " '\- ' /■ ?jr f' : .- • 


.--v-r-. v-y.>. ■..: 

- i. toxin • is . a. : highly- 

1 Is substance, which some- 
f' avelops as a-mould' on 
^rn. ■ aid.- subsequently 1 
• way .to "the kidneys. Its 
has been found . in 
’■ - presenting between Q2 


JV (JW1.WU pigs. - 

T)tic residues have been 
six out of a sample or 
Ss* They arise front:'the 
^antibiotics on- pigs:loo. 
-■■the time, of slaughter.; .. 


Modern systemic -dru^ are 
said to be 38 .per eetet i feRic , tive 
against the pestr and the^Milstry 
wants- all fanners totreat all 
their . cattle . this autumn. It 
-aims-to'mlke'it an offence foT a 
farmer to. possess ao Infested 
animat next spring; • 

< The ; only acceptable 4eft nce 


would be a veterinary certificate 
showing that the necessary treat 
m ent had been carried out. 

Tanners and leather users in 
Britain welcomed tho move, 
relieved that their years of cam¬ 
paigning bad at last produced a 
result; 

Mr. Guy Realm, director of the 
British Leather Federation, said 
that earlier attempts to force 
fanners to treat their stock had 
failed because no effective means 
could be found to police tho 
scherots. He had also found it 
difficult to persuade farmers of 
the benefits. 

At one hide auction yesterday, 
second-quality hides clear of 
warble damage sold for an 
average £14.60 each, - Warbled "■ 
skins of the same grade were 
about £3 cheaper. According to. 
grade, the difference in price 
between clear and damaged 
skins ranged between Sp and 
12p a kilo. 

Recent- surveys have shown 
that more than 40 per cent, of 
the cattle marketed in England 
and Wales is . infested with 
warbles. Before the freak hot 
weather of 1976, the usual rate 


was 30 per cent or less. 

As margins have grown tighter 
throughout the meat industry, 
more attention has been paid 
to the losses incurred in skins 
—the so-called “fifth quarter" 
of cattle. 

. Announcing the plans in the 
Commons yesterday, Mr. Gavin 
Strang,-junior Agriculture Minis¬ 
ter, said that by a “combination 
of exhortation and compulsion, 
we aim to help the livestock 
Industry to reduce the incidence 
of warble fly to such a low level 
that final eradication measures 
can be put in hand in 1982." 

The National Farmers' Union 
commented: “We are pleased 
that consultations on ihe Mini¬ 
stry or Agriculture’s proposals 
for a warble fly control and 
eradication scheme will begin 
shortly. Wc endorse in prin¬ 
ciple the methods outlined so 
far." 

The ordinary-looking warble 
fly lays its eggs in the summer 
on the legs or cattle. The mag¬ 
gots eat their way into the flesh 
of their hosts, usually via hair 
follicles, and burrow upwards to 
the walls of the gullet. 


Australian meat exports freed 


ver world 


• WASHINGTON. Feb. 6. 

Agriculture Depart- 
- forecasting that' the 
f’ORWARDrton area will .be 31.4m. 

— -—in.. I978r79^-down 4.5 

__ from the 32.9in. being 

... i -.^TH lhis season': 

■i-- a .t&fing average. ,,.yields, 

. -"- .I-'cotton • production ' for, 
-T is Projected tq drop by 
per cenL to 48^0m, 
■■'■■‘-•ssiitSO. lbs net) ‘compared 
^ 8m,- this .xeasbn," the 
. J -S. 1 * Tot said. -i. i . 

' j ■ - 2 duct Ion : ’in ’ area* was 

— -Attributable to, the st^tf- 

-‘sVlecline In eottoh prices' 
l with a year-ago. --.- : ■ 
*: ^ :rr (-^Department’s Ford®n 

l--- aa ral Service said-'. ii 
' the ebtf-on" area outside 
for . 1078-79 to:, total 
XSLG ectares, compared upth’. 
- — jn's 27^m. . • :- ' j 

; decreases in. area were} 
-in Guatemala. Mexico, 


- .BY-: KENNETH RANDAUr Jr • 

THE -MAJOR ■ meat Industry 
union in 7 Australia has Agreed 
to; lift a four-year-otd bthroo 
live came exports to -Japan. aad 
the.: trade; Is expected ia. BC back 
In ofttratlon within a fnv woBks. 

The Australasian ’ Bffeat A in¬ 
dustry Employees*Union.'has 
done a deal with the Giltlanen’s 
Union of. Australia, one''of- the 
smallest but most militant of 
the caitle producer orgaoisattwis. 

The .deal has. 'been bitterly 


criticised by other producer 
groups because its benefits are 
confined to members of the 
Cattlemen’s' Union. The United 
Graziers’ Association described 
the arrangr/nent as playing Into 
the hands of the trades unions. 

Sir Samuel Bursloo, president 
of the Australian Woolgrowcra 
and Graziers' Council, said it 
put the meat industry employ¬ 
ees’ union in the position of 
deciding who could, and could 
not. export cattle. 


U.S. beef output to fall 


Egypt and CdtoraWa 

*" L - - iHctan -gni) PmV iVN>TV 


• - tkisUn and Peru' were 
1* to expand plantings; , 


•• i; :• •: .-- r • '. •..r’r- 

THE ‘U5. Agriculture -Depart - 
menf Is' forecasting smaller beef 
supplies for. ihfr riexf few years, 

1 Serially after 3078. • • - l .‘,a .... . 

* This is signalled by Inst year's 
sharp ^reduction in.: cattle stoats 
—total cattle and calf numb'eis 
oh - January, -amounted -to 

llSJStn. head,12 per eent^beldw. 
the 3075 peak., the USDA .sud in 
a summary of the -livestock and 
meat .situation to be - Issued/on 
February. 14.' ' - ^ t - 

■ This was the thlrd coosecutive 
year of stocks reduction, and .the: 


, I sharpest-. decline, oh ; record, it 

' UaUL ;; 


■ WASHINGTON. Feb. 7. 

A decline in beef production is 
expected for thfe last half of 
1978. and the annual production 
could be two to four per cent., 
-below last year's total. But pork 
jiroduction for the second half of 
1978 could be up substantially, 
hn annual production . rise 
about one-tenth. In . addition, 
broiler output may rise six per 
cent or more this year, the 
department said. 

1 . Average retail prices for red 
meat were forecast to rise 
Slightly in 1978.; 

Reuter 


CANBERRA, Feb. 7. 

Larger meat producer organi¬ 
sations, had discussed n general 
lifting of the export ban with 
the employee's union only last 
week but apparently were given 
no inkling that an alternative 
deal had already been made. 

The Cattlemen's Union bas 
agreed to limit exports to 1.600 
bead a month and its executive 
director. Mr. Barry Cassell, said 
they were expected to bring 
SA10-15 a head more in Japan 
than on the Australian market. 

The export limit Is designed 
to protect employment in Austra¬ 
lian meatworks. However, since 
there are estimates that beef 
cattle numbers are currently 
5-7m. bead above market require¬ 
ments, the possibility of short¬ 
ages at the abattoirs seems re¬ 
mote. 

In the formal announcement 
of the deal, the Cattlemen's 
Union acknowledges -hat in 
times of excess demand jobs in 
the domestic meatworks need to 
be protected and " restrictions 
on live exports at that time is 
one realistic way of protecting 
those jobs." 

Fear of reduced employment 
at a time of booming exports was 
the reason for the imposition of 
the live export ban. 


Second 
zinc group 
cuts price 

By John Edwards, 

Commodities Editor 
...It Is WEST GERMAN zinc 
producers, MetaligeseUschaft, 
confirmed yesterday It was 
reducing its official price for 
zinc by $50 to So50 a tonne. 
This follows the zinc producer 
price cut announced by Billiton 
on Monday. 

It is generally expected that 
other producers will also 
quickly reduce lhetr prices to 
$550 to remain competitive and 
the move downwards has made 
little Impact on the already 
depressed London Metal Ex¬ 
change zinc market. In Tact, 
values closed slightly higher 
yesterday. 

Reuter reported from Brus¬ 
sels that (he EEC Commission 
has asked the liaison rommiltee 
for the non-ferrous metal 
industry in the Common 
Market to prepare a study on 
the troubled European zinc 
Industry. 

The study, which should be 
presented in the next few 
weeks, will cover production, 
consumption, storks, prices, 
costs and trading in ihe melaL 
The committee, which groups 
the leading EEC zinc producers, 
said the Commission was con- 
i corned at Ihe unfavourable 
1 trends on the zinc market and 
at their effect on its chances 
of suntival. 

The study will be used as a 
basis for discussion between 
the Indnslry and the Commis¬ 
sion and to draw up measures 
necessary to improve the 
situation, It added. 


Soviet soya 
import demand 
denied 

MOSCOW. Feb. 7. 
ACCORDING TO Western 
agricultural experts here. Soviet 
officials have consistently denied 
that they are interested in im¬ 
porting soyabeans this year. 

The experts were nuable to 
confirm overseas market reports 
that the Russians had already 
bought between 500.000 and lm. 
tonnes through an American 
cxnort firm. 

They said they had expected 
the Soviet Union to buy between 
lm. and 1.5m. tonnes of Ameri¬ 
can. and possibly Brazilian soya¬ 
beans. but their Soviet contacts 
were “simply not interested." 

Last year The Soviet Union 
imported 1.82m. tonnes of soya¬ 
beans. 

They-expected that the Soviet 
1977 soyabean crop—grown 
almost entirely in the Soviet Far 
East—would yield 700.000 to 
800,000 tonnes- although some 
estimates put the figure as high 
as lm. tonnes. Reuter 


U.S. FARMERS’ STRIKE 


Bitter times for 
grain producers 


A MIDNIGHT procession of farm 
tractors, or “ tractorcade" as 
they're now called, winding its 
way through Washington D.C. on 
December 14, signalled the start 
of the American farmer's strike. 
Eight weeks later the strike is 
still very much on but separating 
the substance of its effect from 
the rhetoric is not easy. 

“We're opening 30 strike offices 
a day." “ Every Stale is now 
involved." “ Between 80 and 90 
per cent, of American farmers 
are now committed to the strike." 
These were some of the more 
modest claims of one of the 
organisers of the American 
Agriculture Movement. the 
newly-formed body determined to 
turn 1B7S into The Year of Farm 
Protest. 

But a more prosaic view came 
from a farmer in Iowa, who 
didn't know of any of his neigh¬ 
bours involved. As for national 
involvement, he suggested ** try 
S per cent, not SO." 

Two results 

The scale of the strike then, 
is open to local interpretation, 
but it bas had two undeniable 
results. It has projected agri¬ 
culture Into the news and it has 
reopened ideological differences 
between groups of farmers 
which have been dormant in 
recent years. 

By the word strike, the 
organisers mean that participat¬ 
ing farmers won't buy, won’t sell 
and. if needs be. won’t plant 
until their demands are met. 
These demands are five-fold and 
all revolve around the principle 
of price parity with industry. 
“ Parity not charity ’’ has been 
a slogan of farmers for 60 years. 
What it means is equality of 
purchasing power now compared 
with a basic period of history 
when the price they received for 
their products was in a favour¬ 
able relationship with the costs 
of their inputs. This period is 
cited as being between 1910-1914, 
a supposed golden age for agri¬ 
culture. In practical terms it 
means that if a bushel of wheat 
bought a pair of shoes then, it 
ought to do so now. 

The USDA statistical report¬ 
ing service still computes the 
parity Tatio each month. At 
present It Is claimed to average 


BY A CORRESPONDENT 

64 per cent for all products, the 
lowest since 1933. The last time 
it was at 100 per cent was 
during the Korean war, although 
during the grain boom of 1972-73 
it got close at 91 per cent 

Most economists do not accept 
the parity concept since it does 
not reflect the changes brought 
about by new technologies in 
machinery and breeding. How¬ 
ever. it is a closely cherished 
ideal which farmers use to 
emphasise the raw deal they 
feel they are getting compared 
with the rest of society. 

The origins of the strike can 
be traced to a meeting of four 
farmers over a cup of coffee near 
Springfield, Colorado. They 
decided to call a meeting to see 
if any other farmers in the area 
were in as desperate a plight 
as They were—44 showed up. At 
a better advertised meeting the 
following week, on September 12, 
over 600 turned up, and the 
Movement was bom. 

One of those founding 
members was Mr. Don Sels. He 
farms 1.700 acres in south-east 
Colorado, growing mainly wheat 
and milo, and describes himself 
as broke. The problem is not 
hard to see. He's been offered 
S2.35 a bushel for his wheat (£46 
per tonne) at his local elevator, 
whereas four years ago the price 
was nearer S4. Since then the 
cost of his inputs has gone re¬ 
morselessly upwards as his re¬ 
turns have shrunk. Bad weather 
and poor crops have compounded 
the problem. Like many other 
farmers he's been able to borrow 
more money from the bank to 
keep going as soaring land 
values have increased his equity, 
but that avenue is now ex¬ 
hausted. Wheat is presently 42 
per cent, of parity; full parity 
would return him So.04 a bushel 
l£98 a tonne). 

To try to realise this agricul¬ 
tural dream. Mr. Sels and others 
are taking three practical steps. 
Firstly, they are refusing to pay 
taxes. In America these Tall due 
on January I, but payment can 
be delayed until April, 1. After 
then an interest charge of 3 per 
cent, is levied but, as he puts it, 
that's still better than paying 
them with money borrowed at 
10 per cent from banks. 

The second step is to plough 
up his winter wheat Secretary 
of Agriculture Bergland’s loan 
programme announced last 
autumn called for a reduction in 
the wheat acreage to 80 per cent, 


in order to lower carryover 
stocks. Originally, striking 
farmers were not going to grow 
any wheat at all, but after a vote 
in South Dakota it was agreed 
that farmers would produce 
50 per cent of capacity. 

The third step taken by Mr. 
Sels is to buy grain futures for 
the July-December period . and 
take delivery. As he said “if you 
can buy feed for yuur cattle 
cheaper than you can produce it, 
why borher to go into the fields?” 

All this makes marvellous 
rhetoric but is it actually getting 
the farmers anywhere? Certainly 
there is no evidence in grain 
price futures of any upward 
movement. Traders on Chicago's 
Board of Trade discount the 
strike altogether. Big harvests 
and a slack world demand, they 
say, are having their inevitable 
effect, and until there is a size¬ 
able crop failure elsewhere, this 
isn't going to change. 

Amid all this, the U.S. Secre¬ 
tary of Agriculture, Mr. Bob 
Bergland, is offering a 
sympathetic and understanding 
ear but little else. Unlike his 
predecessor, Earl Butz. Mr. 
Bergland is a farmer, growing 
grain in northern Minnesota. A 
combination of him and a farmer 
president led to great hopes 
among the striking farmers but 
so far they've been disappointed. 
President Carter, though, is 
apparently to meet agricultural 
movement leaders on February 
16. 


Realisation 


A view which commands a 
good deal of respect at present 
was put by the farmer in Iowa. 
He feels that what is happening 
now is a painful realisation that 
the early 1970s were-an excep¬ 
tional period and the norm was 
the 60s. Farmers, he contends, 
have been through a period of 
raised expectations and only 
now are they returning to the 
reality of their industry. If that's 
the case, then 1B78 could be ■ 
very bitter year for American 
farmers. 

The test will come in April or 
so when the threat not to plant 
has to be carried through. But 
that hard decision might be 
taken not by the farmers but by 
their bank manager—** plant or 
IH hand the deeds to someone 
who will." 



iMODITY MARKET . REPORTSr AND PRICES 


: METALS 


Amalsiitniled ‘Metal Tntttoa imported owing to nervous buD UqnlAadon which Prices Mo order £“yvr. seder, change. DTITIRFP 
taOTTSiSptag cash wtotag; traded rarrow*a ttata^wardaUoa, w CTI « 


Veal: Dutch hinds and ends 94 0 to 
98.0. 


at 23. thras) nwnduTnffia. 36J. one point. The tnatVci was then thought J. 00 ® ti w' ABOUT UNCHANGED opening on the English sttkvU 44.0 s,,,wL 


PRICE CHANGES 

Prices per tonne unless otherwise 


Teh. 7 +or Month 
197< — mgn 


’V.orm. found the murket. vulwr. 
* ' : • forward :iiJ«naJ fAHlot • tom 


Turnover JJM5 looses. - ■■ 

Morning. Standard, rash rejSO. 55. three 


jyu.. f-l-or . ^.v t+ ‘ u 1 LEAO-Ltww in MJe trading. Forward reported. 

• —-Offlcie». ]-— I.TJnijfflcia — . TIN *JiTK-toA i -“■ — mrial opened at £518 and came oft to- 

_—:- ) ■ ■ | —T~ gu n -L P ■ipl ,■ P £*14 in the morning rings influence* by l’OOOa 

''HANNiSP fc j'A-l - ■£. . £ «_ *. G 1. I } the early downturn In copper. However, _ 

'■!'' !, 53AS£f2'25 r !i£ tralle buying reversed this trend taking 

'aZ-S-MU.TB :' 6Z5-6 3 «wnth»- -llOjfiZSMO —25 iho price op to the day's highest level ySreh 

r 838.S-6—s- ; -63S-V5 ^ 4 .; -toWt: r.62*?., -Wffl . / --of 030 on -the late kerb. Turnover 

OasiB P-* ..' — Standard.,- .- P - i-:- ■ 715 a tonnei. . - , -* 

-• . PM . • i'-' -v •' o«b. obw-«. -inj'aaBO-s. -T7.s -—. — — TwC ~ j™* . 

- '.iT 618.&.3 1 -* V 615.54.: -MS dtnnothi,. 416M* - W7> «»C-5 r -25 wc ^\ A J3L, + w 


CHANNiSP £ 


traded. Saks: 2$ (43) lots of 17,230 kilos.--- 

rATTt A No. 1 Vceieniay's Previous Business 

tUvUA R.S.S. close d«H> done 

Ip the absence or New York trading, 

values remained wtthlo a narrow range ... .- „ «, .- R(L4I - « _ 

“» *“■ “ - ?X" 3SSS = 

rrpui Apr-Juc 46.9U--S7.0S 47.5S47.5C 46 50 

(Yprtenlsy'tl 4TniT”llusihes* Jly-iSep. 4U.6TM8 65 4B.9549.00 4B.7u-48.SO 
COCOA Close — Done Oec-Deu 50.2i-60.3j; 60.55-50.65- Bfl.70-4fl.80 
1 si uiMS.i in *n u «n, 1.0 oe.ei an 


42.5. 100-120 lbs 37.0 to «.0, XM-1M »I _ 

3S.0 10 40.0. 

Haras: English, large. IfiD.O to 190.0 M ^ 


U.S. Markets 


Snowstorm 
hits trading 


CMCh. 

Partridges: Young. 180.0 to l».o each. * v I h*; SfiBt?7B I.'lingo 

MEET rnHuiuins i m-nths do. .to. £6315.2! 


- -/.k- 618.&-3-A.5; 615.54 
: 626.5-6■— 5" -1 


iZB' Settlem t,f..6085 -150] - 

-.. Straits 1417X6 —- . — - 

i^.lfiroYorfcJ . — ■ -4J -B65.S0 


of 030 00 - - the late 
7.150 tonnes. :' 


' : 

, . Jr'- ‘I’ 


to consider 




,. - 


Cart.^i. J 510- M 
.3moaUi*4 31B-JS 
iett'im'nt 310JB5 

Ixj.ffpMj ~ - 


— Uncfllctai ; — 

‘ £ £ £ 
-8.82, 512-5 ' -2.5 
-0.62 3;&6-0 -2L2B 


+ 01 Sept.—...[1451.0-54.0 +0.60 14&8.0-14SZ 

: —r De>-.>....,1405.fl-10.0 -5J0 (M20JH408 

- Msjt*.<1586.0-32.0 -3.60 ! 140-<.0.1390 


aa Lqqq FOUR of the Commodity mar- 

BO -711 '.'."'.Z' J 990 ket fntores exchanged in New 
86.6 — 4.0 ..670.25 York were closed yesterday 
after the worst snowstorm in 
oaScSi” C 673 . 2 B th e metropolitan area in 30 
rs.sssl— 0 . 2 a: 173-izs years. The New York Colton 
ia.5 1 — 2.5 <:364.76 Exchange opened later than 
- i T - nsual aJ,er a meeting to decide 
«2-2.o!;::;;;;;.>i.7M.o on the legal situation if not 
t 1 u-96 All member companies were 


MaT...—."J»75J-77.0 J-i.W 15B6.0 
Sales: 3.138 (3.465< lots of i tonnes. 
Internntlsnal Cacoca Organlsadon lUA 
cents per pound i—Dally price Feb. 8 : 
130.31 (137.83). Indicator prices Feb. 7; 
15-day average 130.67 ii31.13>; 23-day 


COVEHT CARDEN iprices In slerling jninuih*.mini: . 

SOYABEAN MEAL £3 ?®®MK dSBK 

fejn&rs&nvarc “-ffl- 78 +i -°fe“ 

day on adverse weather conditions tn the 3.30-350; Egyptian: Baladl 2 40-3.70: -. #BJ0 

UjS., but drifted back to opening levels Moroccan: 3.00. Tomptas—American: Oils | I 

in very quiet conditions. SNW Commodf- Approx. 16-tti 3.00. Lemons—Italian: 100 / Utccmni iPhll)„—HS67Jw +2.5 5550 


Moralnst: Cash £310. 10.25. three months iwi.ui. tag, traded slightly steadier durtn 

£315. iVl*. 10 ., 10 J.. 18.23. Kerb: Three 1,ver ** p 133 ' 23 day on adverse weather conditions 

monilu-ulUr Afternoon: Hirec tnonihs U^., but drifted bark to opening 

£317, 17J; U.M&5,- II. Kerb: Three r*D A I1UC ,n very quiet conditions, SNW Con 

months £31X5. U. 13L • 4J KALIN 3 ties reported. 

*gj!i LONDON FUTURES (CAFTAl-Market WntA’yw. + or uZTi 

bm ^ opened unchanged on barley and generally I Close | — Dn 

tradlf d lower in quiet conditions, mainly ---'— ; - — — - — -— 

SSh 1 55S2Z£' ' e ySS« , V^5i“ w 00 VO**" 11 * offerings. New crop barley Xpertonnel 

aern. .-’TOniover 3.023 tonnes. Jound fair commercial buying and closed February.1107.63-09.0+0.25 — 


f 5 - 0 £®*2 a *: B Mereantiie Exchange and the 
0.5 E28L576 ^ e . w York 9*°* Exchange, 


I. 120 2.GQ-3JO: Cyprus: 3.50-3 SO Crape- Ureunrtnur—.Cfi99 .[£597 

. --friih—Cyprus: 15 klhu 2.48-2.60. 20 kilos Llnseeri Urudo(r<.. SZ71 +5.01(265 

jYntenl'y« + or Hinnies* 3.00-3.80: Jaffa: 20 kilos ! BM.78. Sours— Palm Malayan_6507o _1495 

I t-kwo I — Umie Scania: Approx. 40-lb 4.40. Satsumas— , 

)—:-———- Spanla: 2.50-2.80. Apples—French: 40-lb 

£pertonnel Cranny South 6.00-7.00. Golden Delicious Seeds 

[107.63-09.0 + 0.25 — 4.60-5.GO: 20-U> TL'IOQ Cranny Smith 220- Copra Phillips.4392.5*1.5380 

. - . - " . ~ itiCji .1 _ 


ori p.m. | 
— iDnoJBdaJ 


on tare seUlna closed 30-25 lower. Old June._...|1B5.BM3.8 +0 Jt61o4.3fl-fl3.60 Delicious 2.60-3.DO. Si ark Crimson 2 70-3JO. 


ai afe- 4 .ss-.-—- “ ” tamr - 

fe-ST- SSS -j-£55; nesm-n-m,rn^m ^— ss*f g-gs SSSffTWS _u.U 


300,000 of BriUin r s olctjteopfe' are in genuine 
‘ '(J because of acute: loafelihess,' bad housing or 
: .ability. Tie number is gfidwiDg as. thViJrbportlort... 

iB> »Ideriy people, increases. ^ -' ; -:' • -. 1 J" 

■ iy v‘ i r . l n official report recOTds the sad fact that many olff- 
Vi- .pie are ."huddled m icy- rtx>ms, v ^ - 

'■’ J -Jii- 4 bIe to afford proper i heating.” - It is mtedicaliy 
mated that up To 20,000 are at-ride In winter from 
ypothermia' 1 ’ (fall in -" Inner" body temperature)- 

' ^ tragic need of oFd pebple ls kicreasing. - 

sr'' Voluntary sWvic&^isjlhcreiasingly' needed' to. bring ' 

., : .', a sonal care to; oW people, and to meet widening gaps - 
. r ; -j-- t_ by state or^nisations.^ ' ;;‘ 
v- jne^ld people overseas', alsoi struggle against terrible 

SO iger and lack oKmedical help..- 
* ^, iv Held Ihe Ajged get tWngs dbne ; 

those in the greatest; need.. ".. *-• • 

•AlK * t mobilises expexienetKi ' YDloirteer effort, .and p 
, ; ueves maxununi resists for every £ entrusted it.. .1 
'i has pioneered .flats ;fdr did people; and npw Day 
t i/; 1 ntres for the lonely, Work-Centres’ to provide.light 
■. v plioyment, and" Day HO^pitalfi for those :-who need 
■ >ular treatment ibut .pot. fifll-time.hospital. The ; 
;VX* irity is" also' active In ftmdJngf volnntwr transport / 
the housebound, extra medical'researdyand much . . 

; '• re."- v- '• • .';: -> - 

. • in places stricken fly earthquakes, floods mid famine, 

r 'vi ljiunger, Help ; the Aged is well knoyra torits swift 
;•'S tatical aid. : : ; . r /. : ... 

rhe charity’s work has..been -endorsed!:by- many 
I-' r/ iiient people, including Loyd Shawcross, General Sir 
iaa HorrockSr Dame: Vera .Lynn, and' .Mr, Adnan 
Ashoggi. Its President to;th4%.Hcfij. Lord Gardiner; 

" v;> h.;Treasurer, The Rt Hon.' Lord Maybray-King. 

iVrltc or telephone for. totcrestfag^and lnfornrative . . 
^ oklets and the annual report, usd accounts to: The 
• "n. Treasurer, Lord Maybr^y*Kfaig, -Help the Aged, 

Om FTlL, 32 Do.ver ;Street^ lin&n W1A ,2AP. 

* :• elephone: 01-499' 0972.) • r. . . " * 

. I'erpetuate a loved name and help work for oM people. 

• f 0- inscribes c* name in;- emiiaing* memory on j6e 

dicotion ;Plaque of & D& iCettft’C;; V 

HJ 'protnd&S a hospi^ ^ ^'T7idm or Africa toith an , 
terftrtum of yov-r ; . ; .>. /• . 


AbwbUwJ 248-5 -4^251.5-2 1+1 -_ 

S’meofcJ. 843 - j—5 — ...... WHEAT BAN LEY Sales: 73 (541 lota of 10 B itxnues. 

Pna.’^WUl. —. * -1 30.0*31 I -.... Y«Mrtlar'U + or Ymterdmv'* 4- or rri/' a n Spartans O.O9-0.1D. Pears—lralian: P 

Mtffnlas: Gath £343, 42.5. 43.25, three M'nth .-lo«e r — ckwe^ — SUGAR count! Passacrassane O.BS-fl.lO. Ptunw 

niontha . 047. 47.5. 48. Rub: Throe M tl °* 9 ___ v od ir*zt , S African: Santa Rasa »r pound 82! 

Moutiw. f34SJ, 48.75. Atternoon: Throe 040 ,, _ osn 7285 « K LONDON daily price lor raw awat fl 28< Gavloias fl.35-0.40. Red Acc 02 K- 0 .; 

months -1248, JL 51.5. 52. Roth:. Throe ££ m'Sb 7540 Ira uiS Fe S' Mareh Grapes—Spanish: Ahnerta 2JO-2A 

month*. hsls., 53. alas « <UUy price waa 


85 - BS h°-«! ei .50 I. . _ 

onofllctaA close, till dm WcuL JTm. 88.46 L.| 83.86 ]+UJIi sugar 

' 7..T~Ti:T7_ n -~ n PreJ. XeaL’nlay > Previous UaiinM 

SERVER MV 87.BMB.55. Scpl' 83.5S-83.50. Nov.’ cSn*’ Cl0,,<, C,0M EhM " 

**■ Bfl.QO-SjilO. Jau. 88^0-88.40. Sales: 83 lota. CoM - _ 

3DvBT '8ras Axed 8J8p an ounce lower Barky: March 73.30-72.95. May 75.05-75.ie, ' : 1 

(or snor; dollrory In the London bullion Sept 7B.B0-78.93, Nov. 81-50-81.54, J ad. i-poruiaue 


mwpetai-ctase. MU ui WcuL 


B HH 35 as ^ tsrjras. — sSSswrvs 


silver 


Yellow 5/15s 6.50-7^0. 


martaf 'mterday. at Z53.5H U^S, com 8X35-83.76. Sales: 84 lots. 


equivalents trf fixing levels were: soot -IMPORTED—Hfiwai: CWRS No. 1. 131 H*y_„ri.O.7O-.1.0o}L1.66-.1.8oh21.76-.0 7o Spanish: l5/48s 2.80-3.20. 


2.80. Cauliflower*—Jerscv: 500: French: 

5.40 Poutoo—Italian: 20-ib 2 BO: Canary: Wmlun* 1 


March. : 118.95-17.00! 117.76-17.88| 117.B0-17.00 25 Ulos 0.40: Cyprus: 2.80. Celory- 


Grains 

barin' EliC_ 



Hume Pmur*.„, K72.95 

ilnizo ... 

French Nad Am £96.6 
Wheat 

No. 1 Hoi Japrtne L'B4.9c 
No 2 . Ham Win ter * 

£70.2 

—1.0 £97.5 
+o.ak'84 

bn^ii>h Mining. 

t'95.6 

_l£93 

Cocra Shipment.... 
tut lire M»y.._... 
Cuffee Future-... 
Uiv...._. 

EL 6 B 0 
£1 469 

(— 1S.0)£1.BD8 
-TJ.7S £1.603.5 

LHhii 'A' In lex... 

66 ^; 

+ 0.15 6Z.75u 

Kubher kiln._ 

46.25 

—0.2B 48p 

MJ£>ir (Khwi.. 

W.mllftj* h 4 « kiln.., 

tioa 
268 . 

........ S565 

. £109 

.. Z 68 p 


Nominal. r Unontnoo. a SeUers quota 


did not open for trading at all. 

A Comex spokesman said- 
delivery notices against. the 
exchanges spot month for 
gold, silver and copper would 
be deferred until Wednesday. 

Cocoa—Closed. 

Coffee—dosed. 

Copper—Closed. 

Cotton—No. 2: March 56.73-56.M (50.67), 
Mar 57.84-57.85 ( 37.43). July 58 80-39.OS 
Oct. 59.85^8.70. Dec. 60.10. Uarrtl 60.S5- 
80.93. May 61.2M1.25. July 61.00-61.35. 
Sales: 233.000 bales. 

■Cold-Closed. 

tLard—Chicago loose H .00 notn. (20.731. 
New York prime sleam 22.50 asked 
isamei. 

tMafre—March Kfljl'OS? i237i. May 230}- 
2301 (338H. July 2301-2301. SopL 227T. 
Dec. 2201 , March 233i. 

IPIatlnum—dosed. 

SSItver—Closed. HaoJr and Barman 

bullion spot: 4S5.00 (489.501. 

Ssrabcans—March 571-5713 i574i. May 


IlSoyaboan Meal — March 153.00.151.90 
115230*. May 155.60-156.10 (156.00 1 , July 


HC.50. Jan. i6S.O0-Z63.no, March ze.se- 
163.00. 


4004* down IJtt three-month 407Jc. per ectiL, Feb. and March 1S4JJ0 TUhury. Auj{—IkS B 6 - 2.7a I<0.H0-Si2.76 U5.80- 2.76 Engllab produce: Paatras-Per 56-lb. gSeUerts quota- Ssyahoan on— March 20.82-20.60 (20.78). 

UninVto. stx-mmuh 5«4c dnwp 14c; U£. Dai* Northern SnrtaglNo. Z 14 «r ura.„. l.4.2>- 4.B. l^.E0.k6.7^i. 6 .7e-i4.a WWtes/Rcds Lettuw-Per 12 . po*n± nb-iinfc London- Ma? Mi46 . M . 45 , 30 . 57 *. j„|, ^. 45 - 20.43 

And tPntanth: 5ZS4C. down 1AL 1110 eau.M.. MUri:OM5,tnnBltip. lSfl.05^8 J. IW4B-27jSl27.Bfl-M.1d I"* 50 ' l.B»-t. ». Cabba e-Per 4j)aB Vf ™'-Apr^“'» ¥5^ A “R- Sept. 1BJ5-M.M. On. 19 83. 

metal opeded at 254-2S5p 1401W83C) -and Ba« Coast. UA Hud Whiter March. ltD.b«-40.75 ld ^O-42J2?lS1.B0 Primo 0^8. Bcetroot*—Pcr 2&-!b B.B8. »« - eo. aphl »March, a May. Dfc _ W 60 Jan 195 c. 1 g. 35 , March 19.«1 

Closed * HS-254P <4891-4010. Ordinary, Atwrallan. AreeaUnlan. Soviet May.... IA5.flil-i5.7j I44.76-S6.25 la5.25 -- * "■* “ "- 1 —- . 


Prime 0.60. Beetroots—Per 


SLLVkH Bullion. 

Ptx~: Qjcftqf 

iroy ol. .pricing 


-253. Bp 

JmonlihSM 2fi7p - 
6 DxmtfiL. 262. Ip 
IS mmaiuL, 27Z.3p 


391-4010. Ordinary, Atwrallan. Argentinian. Soviet Uav...!i|A5!fli>-45!7j l54.76-S6.2B^la5^'25^4 25 Carrots—Per ban 28-lb d.40-0.60. Onkm*— 

-ro- and EEC grades unquotea; "Mm- 1421 fS 7B1 P« c »-»* 8.58-1=0. Swedw-Per bag, 

, • T - j- Mato: U.S./F«ndi Feb. OS.SO. March **5?' for neron fl.4M.45. Apples-Per pound. Cox’s 

r ® +* HU transUpinem East Coast. Kenya »nra for 0 . 1M 24 . Bramleyi 0.U-0.1B, Spartans 

- «*>- - Grade 3 March £70 nom. S. African i.ll-0.14. Pearo-Per pound. Conference 

- Yellow March £67.78 quoted. {!??*? h0IM ,nde 1173 O.OM.14. Cornice 0.12-0.14. Sprouts-Per 

- -Barley, Swshum, oau; mnuMed. ammm tnni™ 0- 03 - faratlps-Pfr 28-Ih 9.31). 

...... o ,, HtSCA—Ex-farm spot prices Fch. 7. . Tuntips-Pcr 28-Ih fl.6M.70. RbufaHih- 

555*28 . -y Other '* ba * li Humbrraido £88.40, i, ob r.SS Per pound OJ 20 . 


H • - — side £ 88 JO. Gloucester £77.«fl. Feed ^ 1 U mr,B 8187 

T.l] - I — barley: Hmnberrido, £7fl.6B, Cloucwier «c import LPvii=c_i?n^ M 


,_____ ranon BEC IMPORT LEVIK—Effective IP-duy COTTON, Liverpool—Spot and shipment 

uotjrMHMr iav imi i nni rj m mk “f:*!? . _ . . , . [nr decBturod and nan-denarurod siutar In sales amounted to 72 tonnes. brinzlnR 

tmils of account per loo W1 ™I^Sm S ^ t«ai for _the rack so to ,0 300 


Bawwisa su eb - 1318 ^ 

D *’- Tnrw nwnws “■ *■ to mitt earrm l«y pltu March. April u/flflf CIITTTDCC wanted. F. w. TanersaB reported. Users 
: y 11 - a WOOL rUTURES rantlmicd to favour South American and 

-COFFEE 89J7, nil, (ST 0.15 (89.74. utL nU^ntiK LONDON—hi a more active acsslnn. the AfrtCan . 

With New York totally snowbound, a Dunm » urtieat—llSJfl. 15.08, HAS. 12.17 Market iraS steadier. folloMns overseas , „ , 

lariciiatrodav ran ranectftd . and t»anicir ft re—75.72. nil. nd. nil isamei; advices, Bache reported. GRIMSBY FISH-5upp(y fair, demand 

tygdrad: lirSri T temhnm rannwctL- Th» Barlcir-79M. nil nil 2.11 fsame): (Prote per silo) fair. iPricos ai ahlp's unprwessed 

SriS inTl mnraHrriraaffair when Oats—72.38. nil. nil, off (same);. Mailt ■ ----- per stone K Shelf cod 13.7O-f4.20. codHngs 

< BW,ar a "“ byhrld to sooiUbbJ-TSJJ, °«1 Uufln&w c.TO-B.Ofl: large haddock 14.00-14 50. 

8.»,- L84 I7XU. 0.87. 0J7. 1.68,;' H “«"• Medium. £3.50.£4.00. smaU OMW 


FINANCIAL TIMES 

Feb. 1 [ Feb. 6 Month agri [fear ago 

227.77 lia i.24 868 .70 | 268.71 
(Base; July l 1957=186) 

REUTER’S 

Feb. 7 ; Feb, 6 jilobLh s^c Year ago 

1398-1 13 99.81 14ZQ.Q 1682 J 3_ 
•Base: September 18. 1831=100) 


activated some swo-Joss ohIms.- Final 1 . 68 ,; 

wines were‘£7*£23 up on the day. There MlKnt—i..g._nu. jdi. nil (Mine]. Crain 


waa no tresh phys ical news. 

• • jYtoteniay'V j ' 
COFFH» i C ' l0B0 | + 


Claso 4* or ' Buidnew • Rye— 117 63 (117.63). 

vwvr»j» Dm, Uwbar.W0.0.4/J l+Lflfl - * amc.y a | ( } 6 aeo | mro •* Cans txr SB lb bushel in store. 

£ per tonne TITTTC D6i«iulier... 242.6-44.0 + 2 .ud 840.0 T TIVGrPH ftt/VP ZZZTZZZZJ --rrrzLr: tt Cents per 24 lb bushel tt Cents per 

™ JUlC Moreh._24B.M7.fl +. 60 J 247 0-40 6 JLIIl 311111# L-KvIT ■»pie Lnmtniyi — | — 89 S .5BD2.fl 48 lb bubel ex-warehouse. IB Cents per 

Uweb-ira.B.1B19.0 + 18.B US0.17B9 DUNDEE JUTE—Firm bm quiet. Prices .(«-tM8.0 ;+l.0fl' DTCC TADCfACT (December at. 1931=100) 58 Jh bighclI ex-warcbousc, 1.000 buaheJ 

Way„ w ._ J-1670.^ + 32.0 1172-1858 fa WB< £2fl0 to BWC. £2M to d«W-- 1+1.09 1 - KlbE fUKtLAM ---lots. HOC per tonne. 

SSsirr 112 t-imtaiiS'S ««' 1M0 B y D - “ for ^5- °» ,or btd. sales: 32 ooi low ofVioo WJos,' BUENOS AIRES. Feb. 7.- 

"S* SJSST-?5?-.W Jgffi^ggLBJftJgg The 1977-78 ArgenUne linseefl p^l, h arV pef of 7-Vear ‘low’ 

^:r- _i... sy&srs, gi & at JSS? w«s*w. no. 7. 

ta^a/nlaur a ^» ] ° to^FebnSTt Sn^pJrfiif 5 yot «5d dSTSfetbui M^ D< aM.o i ! 8 iM.(). M !M , 4Sil[ the Agriculture Department here POLISH PRODUCTION of wheat, the official figures show, 

(UA txaa per poind): Colombian Mia wiccs-Urm. ^May 3«7.5-Mr.s, 15; duly reports. rye, barley and oats In 1977 was &rp m t„ r pintr Tnarnwpwrr lia* 

ArtWMB r a moo (same)} jmwashrd i/rrcTiDi c rkiio K 11 11 Total sales: This season’s output would 17.5m. tonnes compared with -iJESr 

Jffiasrias m« VEGETABLE 01LS 897 ' ^ represent an increase of MLS. 19m. tonnes in 1976 and a record ^SlSS&L mSsTS 

(samp* "Daffy avnra«c u«07 (samet. London palm oiL-dow*. fa. MEAT/VEGETA RLFS1 and 4l-2 i P«r . cent, from the 21.4m. tonnes in 1974, according ? mnnr + P i&L ronnS'(S°mio aiS 

London arabicas - verp quiet 2Tfl.fliK».M. March -2«oo-27fl.oo, April. ... . T EU£ 1ADLM average figures of the last five- to statistics in the Communist i m Pf rt 15m - tonnes of gram and 

throughout the dap with, value* romzlnbig, 2flfl OfcWo.oo. Mar 2sd.i»278oo, June sm iTM FELD ( scoce per pound)— Rear; an( j io.ypar Derlods resnectiveiv Dartv dailv Trvhuna t«Hh 1 fodder —much of it from the U.S. 
steady; Dmel Burnham reports; 280 OO.ftB.OB. July 380.06-270 00. Au*. 260.00- Scwtisb killed tidea ffi.o to 52.0: Eire “ n ° P er,0 “i r «Pecuvejy, P a “y TiyOUDa LudU. . . , 

. vahies. strengthened on' rtw close ta. 370.00. Sept. 280Jfc3T8J« r Oct. 280jfc Wndouarters to 80 . 0 , faro quart era »t aflflea. The 1977 harvest, badly hit by —in the two-year period 1977-73, 

record xshts'dc »tM w *4j«: .. . p?M. - - : 38.0 to 40-t- Reuter floods, was the lowest since 1970, Reuter 


Mrpbum—SOJU. un, nil, 2,88 (B0.S1, B.87, „ . 

0.87. 3.021. Also for- hour: Wheat *r }Jm±- +IJ0| 

mixed wheal and nr*—130.33 (l37Jf7i: Buy.234.0.17.0 -+2.001 

Rye—117.83 (1J7.8S). July - 2J5.f-47.fl ;+1.60l 


partially small offtake, with only Urnltrd ' ■ ___ _ 1 ___— 

BiippUcs of Middle Eastern crnwdis 139e'l 1399.81 -1420.0 _16B2.3 

wanted. F. W. TaueraaB reported. Users (Base: Sepfemher 18, 1831=100) 
continued to favour South American and 

African Qualities. DOW JONES 

GRIMSBY FISH—Supply fair, demand Jonn ! *7*' | ^ ‘^o th | a*^ 

fair. 1 Prices at ship's side unprocessed _____ ~ 

Per stone': Shelf cod I3.70-f4.20 enUtawi sppt.... 051.08 560.23 M9.SffJ97.69 

larce plaice 13.40. medium £2.90-0 50. lAverage 1024-25-28—100) 

beat email Q.90-B.40: skinned dottibh. 

larce £7.00. medium MJ 0 : reds HJO- MOODY S 

£2.40: sailhe 12.70-12^0. r gaT ' i w*. lu ..,u ' KV 


(Average 1034-25-28=100) 

MOODY’S 


1 per tonne 

118.8.1819.0 + 1O.0 USD-1730 


»orembBr’«.lM0.8.T4g.flj+T7.0 — steady. Ouoitriow 0 and -r UX to Feb. 

toiwMy—.. TJM.O.UKJj+OU — ship men!: Ifcaz. «Mncb. flO.SB, 7)-ez n. 99 

iH»JM#7il.1r+10.0 — ppr ]Qfl yants. Merab Eifl.Sfi and (8.06. 

. ' ___ I._.. _!_ April £10.73 and 18.14. B ” nrflbf £38.48, 

Sal«! ijm-oaif lots of 10 tonnes. vff.. 

igd indicator , prim to February t "J* 1 * twr Md doth wet. but 

<UA- ceOM per pound): Colombian MlW h"™- "™- 
ArahtoB r moo (same): aawmitM vrrrrmDi r nn c 

Arabieaa 214.00 : (aunei: oiBer mUd VEGETAdLE OILS 

Arabics* 201,33 <sam*>; Robusias 178.00 

(samet. -Daffy average 188 67 (samel.- LONDON PALM OIL—Close: Feb. 
LONDON ARABICAS — Very quiet 2Tfl.flfc2fl8.00. March -280 00-270 00. April. 


Fari, Feh, Houth Year 

__ _ _ Mnoly's 7g auo aip) 

Doi*mlJW.;.5'(ifc4<!8 Kwl 940 0 I TIUCECn pnAn T!' —“—““—--- tt Cents per 24 lb bushel. K Cents per 

Moreh 24B.0-47.fl +.60 ! 247 MB 6 LIINjEEU LKUl -pie Lomatyj — — |ff9 5 .S9IIB.3 4s lb bushel ex-warehouse. IS Cents per 

May (46.0-48.0 + 1 . 00 ' ' nrrr r?AnmrT (December at. mi= 166 ) 30 !h bushel ex-warcbousc, 1.000 bushel 

Jol y..^. jf4fl.0Jfl.fl 1+i.ogi __ KlaE FUKELAai - - lots. NSC per tonne. 

» <«» 1W BUENOS AIRES, Feb. 7. -----7- 

March ST^Zf* crop is expected to total 640,000 Polish harvest at 7-year ‘low’ 

S' B £SS WABSAW, Frt . 7. 

300.5. 37 ;‘ March 3 M.0. Tos.o, vs'mmT the Agriculture Department here POLISH PRODUCTION of wheat, the official figures show, 

&M- 5 370^..fi^4i S! H j n i "S' season . s outpul would ?75m“to y nn“ d ^miJwTth Premier Plotr Joaroszewcz ba, 
387 1OTS - rJSSLif"S? Sfl Sr already announced that, because 


10.50. 

Sugar—dosed. 

Tin—dosed. 

•“Wheal—March 2S71-3S7] fMSJi, Hay 

Sn{-2721 12741. July 2761-376. Sept. 2SH, 
Dec. 2S81. March 2901 ashed. 

WINNIPEG. Feb. 7. ttRye-May 111 50 
bid imJO bid). July 110.40 asked (119.30 
asked). Oct. 109^0 bid, Nov. UB.00. 

ttOatv—May 77.79 177.40 Mdl, July 75.50 
(75.40 asked). Oct. 74.90 bid, 

TtEariey—May 7850 (76.10), July 78.10 
bid (77,10 asked), Oct. TT.70 bid. 

SFIwseed—May 212.00 (212.00 bid), 
July 214.10 bid (214.00 asked). Oct, 518.10, 
Nov. 219.50. 

StWhun-ffCWkS 13.5 per ceru. protein 
coni cm df Si. Lawrence 151.41 (149.54). 

AH cents per pound ex-warebouse 
unless otherwise staled. *5s per irof 
ounce —100 ounce lots, t Chicago loose 
Is per too H*—Dept of As. prices pre¬ 
vious day. Prime Steam f.o.b. NY balk 
lank can. 2 Cents per 55 lb bushel ex- 
warehouse. 5,000 bushel lots. SSs per 
troy ounce for 50 ounce units of 09-9 per 
cent purity delivered NY. fl Cents per 
troy ounce ex-warehouse. J| New " B " 
contract in Sc a short tan for bulk lots 
of 109 short tons delivered f.o.b. care 
Chicago, Toledo, St. Louis and Alton, 
•* Cents per 08 lb bushel in store, 
tt Cents per 24 lb bushel K Cents per 
48 lb bushel ex-warebouse. {I Coots per 
50 lb bushel ex-warehouse, 1.000 bushel 
lots. SI SC per tonne. 


{ 

_ ...*. . 












26 



Financial Times Wednes&y «f » 



STOCK E\( ll \N(>t: REPORT 


Gains in Gilts wiped out late by money growth fears 


Equities below best in thin trade—Index up 5.6 at 463.7 


Account Dealing Dates 
Option 

‘First Declare- Last Account 
Dealings lions Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feh:21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. IQ Mar. 21 

* 1 New time ” deafirtttS Ituv take place 
From 4J0 a.itt. twv business days earlier. 

A technical rally in Gilt-edged 
yesterday was sharply reversed in 
the late trade when the announce' 
mem or banks' eligible liabilities 
was released. These proved much 
worse than had been expected 
and led to fears of a sharp in¬ 
crease in the growth of money 
supply figures which are due (o 
be announced nest week. 

Gains to a full point in the 
Funds were completely eliminated 
and quotations in "mter-office 
dealings were si ill softening. 
Earlier optimism about the banks' 
figures was partly responsible for 
the improvement earlier in the 
day. and other helpful influences 
to ail-round sentiment included 
Tress comment pointing to B nr >d 
January trade return* and on the 
end of dividend controls after 
July 31 next in the absence of 
further legislation. 

The sensime stale of the 
equity market was quite clearly 
illustrated by the jump nf over 
five points in the FT 30-share 
index after the first half-hour's 
business. The rise was gradually 
extended in a thin trade, mostly 
hear-envering and “cheap" buying, 
but a rise or 7.0 at the day's Nest 
at 3 pm. was subsequently re¬ 
duced to a close of 4H3.7. up 5.8. 
This goes against a loss of 11.7 
over I he three previous business 
days. 

In line with recent occasions 
when the equity market had 
moved firmer, official markings 
Ml away and came to 5.552 as 
compared with B4II nn Monday 
aM R.3SR on Tuesday or last week. 

The late easing tendency failed 
to reach mn-i cemnd-iine stocks 
sod rNe.s on inumbered falls in 
FT-quoted equities, by more than 
two-In-one. for the first time in 
It trading sessions. The same 
trend was seen in the broad-based 
FT-Arluaries indices with only 
one of the 4fi groups and sub¬ 
sections showing a loss; the 
average rise was 1* per cent., as 
in the All-share index at 201.95. 

Late reversal ill Gilts 

A good rally in British Funds 
was dramatically reversed after 
the official close yesterday follow¬ 
ing receipt of the clearing banks’ 
latest eligible liabilities. These 
were interpreted as very dis¬ 
appointing and immediately gains, 
which had earlier ranged to a full 
point, were wiped out as stock 
came on offer again and quota¬ 
tions were protectively lowered. 
The net result left several hich- 
coupon longs J down, whiie 
similar losses appeared against 
shorler maturities nf current 
appeal, which in the morning 
trade had enjoyed rises ranging 
to J. A technical recovery after 
the recent weakness had been 
expected but the movement 
helped by bear-dosing, was 


accelerated by newspaper com¬ 
ment on next week’s Trade figures 
and less damaging views about 
the authorities* handling of 
money supply. This week's fairly 
sharp rise in the rate, up from 7? 
per cent, to S per cent., on the 
latest batch of local authority 
yearling bonds made nn impres¬ 
sion on sentiment. Corporations 
were generally unaltered the 
about-turn in the main funds 

coming too late to affect the 
market, while Southern Rhodesian 
bonds marked time awaiting 
positive developments in the 
peace talks. 

Although the overall movement 
”i The investment currency 
premium was fairly modest, some 
good-size institutional business on 
hni 'j buying and selling account 
was %oncluded: . .ifLer improving 
initially to //} per cent., the rate 


gain of 5 to 83p, after S4p. in 
Richards Wallingion and, else¬ 
where. Jobn Mowlem put on 4 at 
I25p. AP Cement, at li38p, 
retrieved 4 of the recent sharp 
fall which stemmed from a chart 
sell recommendation, while Vlbro- 
plant hardened 2 more to HHp on 
further consideration of the 
interim figures. 

ICI recorded a technical im¬ 
provement nf 3 to 34_5p among 
quietly firm Chemicals. A 
nervous market recently on talk 
that a new Swiss drug was 
successfully competing with tti* 
major pharmaceutical producL 
Int:il. Fisons picked up 5 to 365p. 

GEC rally 

A better trend develnped in the 
Electrical leaders and GEC briskly 
traded up to 260p before settling 
at 257p For a net rise of a. Thorn 


pushed ahead to 292p before 
settling at 2fl(lp for a net sain 
of 7. GKJM closed similarly dearer 
at 277p and Hawker 4 higher at 
J7Sp. but Tubes and Vickers 
closed only marginally better at 
3S2p and lSOp respectively. 
Secondary issues recorded 
scattered Improvements. Davy In¬ 
ternational pul on G to 2:tfp. Bir¬ 
mingham Pallet rose 5 more to 
76p and Adwesl were 4 to the 
good ar 244p.: Benjamin Priest 
traded firmly a-t -76jp, up 2. await¬ 
ing to-day's interim results. 

Manganese Bronze - returned In 

favour and rallied 3 lo Slip, while 
gains oT a similar nut tire were 
recorded in Babcock, 1 Mp, and 
Deritend, I55p. On the other 
hand. J. Saville Gordon reacted 2 
to lEp on the sharp interim 
profits setback. Elsewhere. Ship- 


eased to 7GI per cent, before 


closing a nel J lower at 70} per 
cent. Yesrerday’s SE conversion 
factor was 0.7598 (0.7577). 

Banks below best 

The major- clearing Banks 
expressed late disappointment 
with the la Lest Banking figures 
and closed a few pence below 
thc best .Midland were finally 2 
better a 340p. after 342p. while 
the new mi-paid finished 3 better 
at Mp premium, after 15p 
premium. Llnyds settled 4 up at 
2ti0p and Barclays 3 dearer at 
315p. after 3ISp. NatWest closed 
G to the good at 2GSp. after 270p: 
the preliminary results are due 
on February 2S. 

Interest in Composite Insur¬ 
ances was at a low ebb but prices 
rallied in line with the general 
trend. Royals shrugged aside 
recent fund-raising fears and 
recovered 7 at 377p, while San 
Alliance improved a similar 
amount to 52ftp. Eagle Star 
picked up 4 to 143p and Phoenix 
regained 3 to 255p. fJeneral Acci¬ 
dent rose 8 to 218p: the annual 
results arc due on March 1. 
Among Brokers, Willis Faber 
improved 5 to 2G3p in belated 
re*n>m«c to Press comment. 

Breweries contributed firm 
spots in Allied, which finished 
lj harder at S3p, afrer 84p: the 
group plans to consolidate its 
U.K. borrowings and of - the 
slocks concerned. Harvey's of 
Bristol fiJ per cenL Debenture 
1!>S2'R7 were marked up three 
points to 178. whiie gains of ten 
points were established by 
Teacher t Distillers) 7 per cent. 
Loan 1979 34 and the 10 per cent. 
Loan 1975%! at the common price 
of £95. Revived bid speculation 
lifted Vaux 11 to 4ft4p and, else¬ 
where. Bass Charring ton. 140p. 
and A. Guinness. I80p. put on 3 
□ piece. A Tresh flurry of specula¬ 
tive interest raised Geo. Sandemau 
8 to 65p. 

Buildings improved with the 
general trend. Construction 
issues were also helped by the 
National Federation of Building 
Trades Employers* favourable 
report on the industry. Richard 
Costain added 3 at 25flp as did 
illarchwiel at 2S5p. while Taylor 
Woodrow improved 4 to 3S4p. 
Speculative demand prompted a 


90 




IMPERIAL GROUP 


S5h 



JUN JUL AUG SEP 0GT NOV DEC JAN FEB 


closed similarly dearer at 352pi 
while Plessey hardened 2 lo 92p. 
Elsewhere. Peeca issues gained a 
little ground in from of to-day’s 
interim results, the Ordinary 
rising 5 to 46flp and the A 10 to 
430p. Racal met with support at 
208p. up 6, along with BSR. 3 
dearer at 95p. Unitech responded 
to the increased interim dividend 
and profits with a rise of 4 to 93p, 
while favourable Press mention 
caused Dcwliursl and Partner lo 
advance 5 to 15jp. Among the 
occasional dull spots. Farnell gave 
up 4 at 193p and losses or 3 were 
sustained by Ward and Goldstone, 
92p. and Audio Fidelity. 31, 

Encouraged by confirmation of 
the marked recovery' in December 
consumer spending, leading Stores 
made good progress in thin trad- 
inc. W. U, Smith A. 7 higher at 
Hiip, led the rally, while British 
Home gained 5 lo 196p.and Gussies 
A huproved 4 to 278p. House of 
Fraser firmed 3 to 135p and Marks 
and Spencer put on 2 to 13flp. 
Wool worth hardened a penny to 
■Vp with ihe help of Press com¬ 
ment. Elsewhere. Henderson- 
Kenton rose 2 to 6fip fnr a similar 
reason, while Dixons Photographic 
recovered fi to 135p. 

Helped lo some extent by bear- 
covering the Engineering majors 
made useful progress, but the 
best levels were not always held. 
A good Investment demand de¬ 
veloped for J. Brown, which 


builders were featured by a rise 
of 25 to 29Op in Yarrow following 
demand in an extremely thin 
market 

Foods took a turn for the 
belter. Northern rose 5 to 113p, 
while renewed investment 
demand lifted J. Sainshury, 170p. 
and Associated Dairies, 222p, by 
7 or so. Renewed takeover specu¬ 
la) ion took J. Bibby up 9 to 215p. 
while British Sugar improved 10 
to 45Qp after the chairman's 
statement Other firm spots 
included Associated British Foods, 
2 up at 61 p. and Fitch Lovell, 3 
better at 62p. 

Awaiting to-day’s preliminary 
figures. Trust Houses Forte 
gained 4 to 17Sp. Pontin's edged 
forward If to 39p following the 
formal offer documents from 
Coral Leisure. Also better were 
Prince of Wales, I05p. and Lad- 
broke. 187p. which put on 5 and 
6 respectively. • 


at 5fi7p, after 570p and Boots 
Closed 3 harder at 200p, after 
201 p. Reed International, how¬ 
ever, still reacted to adverse Press 
mention and relinquished 2 more 
to Il4p. Elsewhere, European 
Ferries encountered good support 
at lOSip, tip 41. while a revival of 
speculative buying lifted Avon 
Rubber 3 to 192p. : Maras also 
added 5 to 76p, after 77p. for a 
similar "reason, while I CL put on 

6 at 244p as did BTR, to 234p. 

Dowty featured late with a 

jump nf R to lfi4p, after ifiop. on 
the encouraging trading state¬ 
ment which accompanied interim 
figures pitched at the. top range 
of market estimates. Other- Motor 
and Distributor issues attracted 
a little more business and closed 
firmly; sentiment was helped by 
the announcement by Ford of its 
plans to boost its car production 
in the UJv. BSG International 
moved up a penny .to ,38p follow¬ 
ing Press comment, while Adams 
and Gibbon, S5p. and Appleyard. 
84p, put on 5 and 6 respectively. 
In thin markets. Caffyns moved 
up 3 to lQOp and Western Motor 

7 to 75p. Reliant held at ojp 
despite news of planned redun¬ 
dancies. while Rolls-Royce 
managed to finish 11 harder at 
65p. 

North.Sea oil-orientated News¬ 
papers traded irregularly. Thom¬ 
son rallied S to Slip but Associ¬ 
ated, unaltered at 14Sp, were 
restrained by the six-week sus¬ 
pension -of oil production from 
the Argyll Field, in which it- has 
a. 12j per cent, interest. Else¬ 
where; Ro titled ge and Kegan 
Paul revived with an improve¬ 
ment of JO to I63p and Wilson 
Bros, hardened a penny more to 
45i p. 


Camellia Investments continued 
firmly, rising 17 to 225p far a. 
two-day gain.of £3p on persistent 
small buying in a thin market 
Other Investment Trusts were 
better for choice, following an 
Improved trade. Oaverhouse 
were notable for. a rise .'of 2'- to 
SOlp following preliminary 
figures, w hile news of the financ¬ 
ing arrangements enabled 
Scottish Northern - to "/close a 
shade better at 8Sp. In Financials, 
however. Fashion and. .General 
fell'6To loop.- . . 

Lofs edged forward-1] to 3?p 
in Shippings where P O 
Deferred and Ocean Transport" 
put on 2 apiece at IMp. and 127p 
respectively. ' •: 

Textiles made modest headway 
with Coats Patous finishing lj 
harder at 69p-and Lister 2-firmer, 
at 38p. ‘ 

BAT . Industries'J featured 
Tobaccos, but finished below the 
best: following reports'- of a 
switching operation, the-Ordinary 
closed 5 up at 29Qp. after" 295p, 
and the Deferred 6 higher -at 
233p, after 236p. .Imps made a 
muted response to the -prelimi¬ 
nary figures, improving margi¬ 
nally to 76Jp before- closing 
unaltered at 73Jp. ' r ' ' 

Teas were rarely worthy -of. 
mention apart from Improve¬ 
ments in.Jokai, 235p. and “Long- 
bourne, 250p. both.-of 


FINANCIAL TIMES .STOCK INDIO 


Feb. 

i 


Feb. 

2 


GqvwamHU deew— 

n»i lntww* — 

intiistriiu lirtiiiwf — 
"iioh! Mine*....—* •—•*■! 
Jed. Div. 

Hamms* rnHfluOH 
IVB (net) l*Mi— 
Lhntkise marked ........ 

Kqnitv tnronvw £m... 
rlquitv hunting KW- 


Fct-. , Fab- i. 

7 1 .. 8 _^-.-H-,-j—^ 

74 OS' '74.05;. 74.83; 75.65) 76.10^,75^v 
. 78.02i ; 76.7a' ’79.1ft ?9.I»79^^ 
458.l! '458.7' 460.5j -468.85 487jS-i 
15L6;' 151.6:. 153.71 103 j6[ 

-6.031 ■ 5.81 -' l " ' 


463.7 
IB 1.6 

5.76' 

17.08' 

8.07] 

5.552 


.5.7 Ir 


17. 

7.97 

6,411 


E J v .^7^. 7 rT 

17.41'- wSiT ,; w 


17.78i l7.7i; 17.41) I7.®| 
7^7), -.B,0Q| 

6.411]- 6.381]' MEaj 6.019, 6^1^ 
_ 62.39 67.1» 66J3|- 6Mffl 

__ j 13,754-" 12,550l 13,056! 13.38if.Ig ^igi§ 


ra. -4S4.3. Nwm «5J. 1 P 
2 p.m. «5A 3 wm «S4. ” '.. \ 

Latest twtex n-2* S® 6 -- -: 

■Based dQ 31' per conwraIJ ? n •' 

Basis lODCmt 8ecs. 15'10'M. F^ed lod. 1923. 7nd. Did 
Uioes iz^a. se Activity July-Dee. wc. 


highs and lows 


SJfL A( 




I 

| 


Ul*b ! 

Low | 

| HW> [ ton . 

.Oort. !4C»... 

Fixed Int.... 

infL.OnL.--j 

Gold Mine*-! 

79.99 ; 

pso/tn 

i 8137" 
1 (9/l/7»i 

, 649.2 | 

(14/9} 

■ 174:5 

l (Id/10) 

60.45 

(Oil 

60.40. 

' (4/1) 
887.6 
(12/1) 

95.1 

llrZ) 

137.4 i 49.1b : 

Wl/aGi j /J/l/761 

'. 150.4 50.55 ■ 

(28/11/47)1 (M/751 
5493'| 49.4 
! ri4/9/77l! flbWWj. 
j 442.3 j 433 

[ -OWly . .- j;.. v.-'-fi. - 

[_Oitt-&l*ea^,227L0taS . 

f frniiutn«i —f l605 f«' 

1 bpccnlstiTO^ 
i Tatator:^^..— 
fiudajrApTniq -• 

GUt-Bdmd-. d 8arUfJ| ii- 
IndWtrals 1 

-SpeoaUfave.i'j 


Oils active 


Misc. leaders better 

Technical influences Induced a 
rally in the miscellaneous indus¬ 
trial majors although the dis¬ 
appointing U.K. banking statistics 
caused prices lo close below ihe 
best in places. Rank Organisa¬ 
tion closed with a gain of 8 at 
24fip. Reckltt and Colman were 7 
to the good at 422|> as were 
Turner and Newall at 211 p: the 
latter's annual figures are due on 
March 2. Glaxo ended 4 dearer 


Leading Oil shares took a dis¬ 
tinct turn fnr the better after the 
recent quietly dull spelL A fairly 
brisk trade developed in British 
Petroleum whicb moved ahead , to 
close at the day's best of 77Sp, 
up 18. while a useful business 
was also seen in Shell. -12 to the 
good at 496 p. Elsewhere, a 
broker's favourable circular 
helped stimulate a little interest 
in Ultramar which put on 2 to 
224p. Oil Exploration firmed 4 to 
220n and Siebens (U.K.) were 
similarly better at 26Sp.. .while 
Tricentral closed a few pence up 
at 14Pn. 

Although not particularly 
active, the Properly leaders con¬ 
tinued firmly and gains of a few 
pence were recorde d in Land 
Securities. 21fip. and MEPC. 122p. 
Secondary issues made a modest 
recovery- Bradford picked up 4 
to 224p and ri«es of around 3 
were made by Property Holding 
and Investment. 31Sp, Stock 
Conversion. 244o. and SamneL 
85p. Clarke Nickolls regained 5 
10 UOp. after the recent bout of 
protit-taking which followed news 
that Guinness Mahon had sold 
its 20.3 per cent, holding in CN 
to Bremar Holdings. Warner 
Estate firmed 2 to 127p on the 
chairman's encouraging annual 
review. 


Subdued Mines 

Business in milling markets 
was again at rniniirjal. levels .as 
interest centred -. on ' tlie .'U-K: 
equit ymarket. South.. African 
Golds were undisturbed overall 
and the Gold Mines ; indek 
remaine dstatic at 151.6 for the 
second consecutive day.- ; The 
bullion price was'finally 25 . cents 
off at $175,375 per ounce- , 

South African - Financials.."Were 
equally quiet with 'the exception 
of Union Corporation. whl.ch rose 
to 272p following a small demand 
before easing back to close "2 
firmer on balance at' 266p. '• 

In Platinums a selling- order 
from the Cape caused Btshops- 
gate to give up a penny-at 75p, 
while' similar reactions were .seen 
in Rustenbnrg, SSp and fcyden- 
burg, 58p. 

Turnover in London-domiciled 
Financials was negligible but the 
firmness of the equity market 
saw Rio Tinto-Zinc 2 harder at 
172p and Gold Fields a similar 
amount : better at 187p. •- 

Hopes that an internal settle¬ 
ment to the Rhodesian constitu¬ 
tional problem might be imminent 
left Rhodesian Corporation a 
penny up at 2!p and Waukie the 
same higher at 3Sp. ... '< ' ' 

Consolidated Gold ..Fields 
Australia 'provided a lone-; firm 
spot in an otherwise subdued 
Australian section: the shares 
advanced 15 to 225p. in line: with 
the sharp gain in overnight 
Sydney and Melbourne .markets, 
on vague bid talk. Bougainville 
were unchanged at 7»p. after 
touching 74p, following the lower 
profits and dividend. Profit-taking 
clioped 13 from Peko-Wallsend. 
425p. • 




OPTIONS 


DEALING DATES 

First Last , Last . For 

Deal- Deal- Declare- Settle- 

Ings ings. ■ tioh ment 

Feb. 7 Feb. 20 May 11 May 23 
Feb. 21 Mar. 6 May 25 Jnn. 7 
Mar. 7 Mar. 20 Jun. 8. Jdn.21 
For rate indications see end-of 
Share Information Service _ 
Money was given for the call 
of P. and Or Deferred; Town and 
City Properties, Consolidated 

Gold Fields,: Pontin’s, Siebens 
(UJL), Barker and Dobson, BP, 
UDT. Biirmah Oil, Wood ho use 
and Rlxsoa, Wilkinson Match, 
F. Sumner, KCA Drilling, J. 



TRADEP 

Bibby, Impeclail Gfo^; 
International, Fitch 
tillers, IGfc 
rial UnloUr Sht- _ 
broke ’Warrapi^. 
nolly, Interedrdpean -; Pi 
Electronic 
minster Properties?. 
dealt in . Trafalgar-.1 
Oshorn, Reed Interim! 

Group, Intehi^liirafc':_ 

Time Products* aadfifcSftte 
while doubles; c ,_ . 

P, and O. Deferred_ 
son Organisalion, LAdhrokS : y, 
rants, Bejairi, ebnsofidate# - 
Fields, Nat W^t 
Commercial Unlen. 

: .'. ■" ?■ 

... y 

w.. 


-r f • i<m<" 





NEW HIGHS AND LOWS FOR 197] 

... - . 

NEW I»WS (^0 

NEW HIGHS (16) ' 


The to) lo Wins securities, auatetf In the 
Share information Service Y»Mrca» 
attained'new Highs and Lows for T977-7ft 


Morland 
Vlbro plant 
Dewhurst A 
Brown (J.t 
SCakU iflNl 


' BEERS (21 - 

Sandeman (Geo. G.> 
BUILDINGS'(2) 

Richards A Wallmgton 
ELECTRICALS lt> 


-CHEMICALS fl):~ 
Yorkshire Cheats.- •• 

INDUSTRIALS Tn' 
Reed InU. ? ■-. 


ENGINEERING 111 
HOTELS (11 


RISES AND 
YESTERD 


INDUSTRIALS (21 
James iM.) inds.' Watson (R. K.) 

INSURANCE (1) 

Ennla U.K. See Conv. 

. MOTORS (1) 

Blucmel Bros. 

NEWSPAPERS (1> - - 

Wilson Bros. 

TEXTILES (2) • : 

Atkin Bros. Hatmas 0.1 

RUBBERSi2) 

Gratod Central Sunset Krlan. ’ 


BrllM Funds . 

Ctrpns, Dem. and -~ 

Fbrefatn Banda - '".!T 

Industrials ' T«BC 

Financial and Prop- ^ MO 
OUa 

Plantation ' .IT.: ^ 

Mines -- - ». « 

Recent Issues 7.^—...^— 1 ■' H 



Totals 


699. 


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 0 902998 17 X 
Price £26.00 in the U.K. $52.00 outside the U.K. jp 


Your order to: 


THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4RY 


Registered in England No. 227590 


FINANCIAL TIMES 


BRACKEN HOUSE. 10. CANNON STREET. UJNDON ECU* 4BT. 

Telex: Editorial 886341/2, 853897 Advertisements: 885033 Telegrams: Fhmntimo, London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary In London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amsterdam-C, 
Telex 12171 Tel: 240 S55 
Birmingham; George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Prariiaus 11/104 HeussaUee 2*10. 

Telex 8S69W2 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2010. 

Tel: 938510 

Dublin: 8 Ftlzwllliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel; 031-226 4120 
Frankrurt: im Saehsenlager 13, 

Telex: 416263 Tel: 535730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 TpI: JCSR-7545 
Lisbon: Praca da Alegrla 58-1D, Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid: Esprondceda 32, Madrid S. 

Tel: 44t 6772 


Manchester. Queens House, Queen Street. 

Telex 666813 Tel: 061*834 9381 
Moscow: Sadovo-Samotechnaya 12-24, Apt 11. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza, N.Y. 19019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rue du Rentier. 75002. 

Telex 220044 Tel: 2365743 
RJn de Janeiro: Avenlda Pres. Vargas 413-1A 
Tel: 253 4848 

Rome: Via della Mereede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dagbladet, Raalambs* 
vagen 7. Telex 17603 Tel: 50 SO 88 
Tehran: P.O. Box 11-1873. 

Telex 212634 Tel: 682698 
Tokyo: 81 b Floor, Nihon Keizal ShJmbua 
Bn tiding. 1-9-5 Otemachi, Chiyoda-fciL 
Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1323 E. Street, 

N.W„ Washington D.C 20004 
Telex 440225 Tel: (202) 347 8676 


ADVERTISEMENT OFFICES 
Birmingham: George House, George Road. 


Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-226 4139 
Frankfurt; Im Saehsenlager 13. 

Telex: 16263 Tel: 554667 
Leeds: Permanent House, The Headrow. 
Tel: 0532 454969 _ 


Manchester: ^Queens Home, Queens Street 


Telex 666813' Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue dn Sen tier, 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Building. 1-6-10 Uchlkanda, 
Chtyoda-ku. Telex J 27104 Tel: 295 4050 


SUBSCRIPTIONS , . , .... 

Copies obtainable from newsagents and bookstalls worldwide or on regular ntbaerlption 
from Subscription Department. Financial Times, London. 


ACTIVE STOCKS 


Denomina- 

No. 

of 

Closing: 

Change 

1977-75 

1977-78 

Stock 

tion marks price t p) 

on day 

high 

low 

EP. 

£1 

14 

778 

~18 

966 

7THI 

ICI . 

£1 

13 

345 

- 3 

446 

323 

DATs Defd. 

25p 

12 

233 

6 

260 

202 

Grand .Met. 

50p 

11 

97 

■i. 1 

109 

€2 

Midland Bk. 'New* 

Nil/pd. 

11 

14pm 

4- 3 

13pm 

11pm 

Shell Transport... 

25p 

11 

496 

4-12 

635 

454 

GEC . 

25 p 

9 

237 

t a 

2S4 

163 

Marks & Spencer 

Zap 

S 

139 

-L_0 

173 

96 

Reed Inti. 

£1 

8 

114 

- 2 

233 

114 

Babcock & Wilcox 

25p 

7 

114 

+ 3 

153 

70 

Beecham . 

25p 

7 

627 

-*- 4 

C93 

372 

Boots . 

25p 

7 

200 

+ 3 

244 

113 

De ben haras . 

25p 

7 

99 

-r 2 

120 

66j 

Rank Org. 

23p 

7 

246 

-f S 

276 

12S 

RTZ . 

Zap 

7 

172 

+ 2 

247 

170 


FT—ACTUARIES SHARE INDICES 


RECENT ISSUES 


EQUITIES 


■lie 1 1 j =■ s If,- 
■ 3 |- i 


1s?ue 
Price 
P • 


1*77/3 | 




Bigb ■ Otne \ 


'=? I .’! 


52 . F.P.. 27* r 601,| 63 l|.M.1. 571,1-^1 73.29 2.7 8.7 6:2 


FIXED INTEREST STOCKS 


«!!2 


[SIl! 1977/8 

f S l“!¥iab tLovr 


Btfidt 


L 

■ S >+ or 


I JL 


II £1 I nil 
— F.P. 
•* j F.P. 
£69 reo 
SlOO . F.P. 
910Q ■ FJP. 
ClOO £50 
£100; F.P. 
£ZOO | — 
£100 ! FJ». 
1t£99i F.P. 
filOOi I F.P. 
- , F.P. 
— F.P. 
£995, F.P. 
£99 U 1 £19 
— I F.P. 


< 20/2 
24/2 
21/2 
i 2/3 


tOpm/ 56pm;Automated Secs. SgCnr. Com. Pref.. 
lOlpjBuUeys rrf TiirRsblre 10% Cum. PreT... 

ICOpj 99p C«ntre*ajr 11% Cum. PreT.—. 

, Wl,I SlI^GnDipuii Rfp. lO-TJ 19S........... 

— S-J6IV 5961sUnco BiS Xrtes 1964.... 

- 9661.; £964; Do. 6% Del/- ..- 

24/3/ 56i*i 51 iKensliqpLoa a Chalw* lli% 8&27. 

1 10)12! 997,1 Ho. Do. Variable 'B2.„. 

I ICO a, 1 S9I,-'Leeds Variable 1932... 

I014! HMijflrioertw Variable 1®Z_ 

lOUfi 100IglMill Kent Water 1% 1982.. 

; £893.1 £094iKnwntree LnU. 104% 1668... 

I S97 .586 [Shell fntl. Fin. N/r. UJ* Guar. .Votes 

;27/l ! I06p 991 b Stag Furnlturt 10% Uam. Pref.. 

100 A llOOrL Variable IffiS_ 

105,1 *8 | tk> lOi* Re.1 Vbb .... 

105jJ 1CW pi WhitehmiBf- (G.l 11% Cum. Pwf„.. 


I — 


3/3 


'38/4 

124/8 


_,.iJ5pm; . 

—1 

__1109. •. 

.i 591* +4 

-.;S96J*| .... 

..._.|596i 4 - 

514 +4 

_ 1003* 

-] 1004'_ 

1004;- 

.l£994! ..... 

199O. ; 307 j_ 

....:i04 ..... 

.994‘ -..., 

B4 +4 

134p ...... 



“RIGHTS” 

OFFERS 


i«bu§ ; i = 1 
hfc*. =2 
p: ! <£ 

latnt ! 1 

Heniinc. , 1 B 17/8 

Stock 


• i a . iiigb; - 

! p: | - 


95 
50 
33 
1 B 0 
190 I 
184 
52 . 
10 . 
21 : 
330 J 
3A1.7& 


I F.P. 

! p.p. 

I F.P. 

j Dll 

I F.P. 
F.P. 
F.P. 
F.P. 
nil 
nil 
nit 


31-1, 24/3 
6/li 10/3' 
23;lj 27.2 
24'2' 10; 3 
13/1' 10;2 
24,1! B;2 
fi-1; 10/2 
t/z: - , 


1 - i - i . 

[ 17,-2| 3/3 63pm 


1|8 [ 
79 1 
M 

&a 4 1 
ao • 
1 

831*1 

M 1 

7pmi 

63pra | 


jArllnittim .Mitor..... 

jt 4b]r[c.rm.... 

a.'liriaf>- Bros.... 

lUoiiun. Bank .4 Australia,...., 


jKlIw inrinstrioJ.....» u . 

12&B 'JuhnM/n £ Barnes...:.... 

71 {Kenaluc MiKnr..,.... 

56 |I<.K.C. Inieruattooal.. 

bfnm ilsncheater Qingn. 

41pm 3tidtand Bank............. 

4opm KatUmal Bank of Australasia. 




118 [. 

69i* + jj 
43 |-l 
43 ..... 

£20 . 

121 * . 

79 . 

40 +1» 
B'apnij+ 1 * 
14|/ni +4 
4Bpinj+ i 


84 I nil 
17i s ’ F.P. 
58 : F.P, 


52 

70 

10 

169 


F.P. 

F.P. 

F.P. 

F.P. 


I 10/2 [ 10/31 10] 
123/ 12j 18/1! A 

5/3! 

3,3 
27/1 
16/21 
18.1 


3/2| 
! 18/11 
•lG/lZj 
119/1 ll 
! 12:121 


iA 

CO 

90 

19 

295 


Spnj'Neil] (Jas.)_ 

24 iFhv-MmW.U-- 

71 iPrwsdr lAtlred).. 

37 IH-C.F. 

34 
It 

"237 'Utd. Srleutlfic__ 


Jlieornl Kiilcvay.;- 

iStrurli (Geo.).... 


.1 2jira 


■ 34 1 

+ 2 

81 | 

—1 

.{ 5? 1 


. 88 j 


4 14 


J 388 

— 


RenunaatJoa due usually un flay for deal ids free M Kamo imv. oFtanrea 
based on prospectus estimate. 0 Assumed dividend and Field e Forecast dividend 
cover based on preriuus year's ea/W- r Dividend and vleld based on prosneeuu 
or other official estimates lor UP9- 0 Cross, r FInures assumed, r Cover allow* 
for conversion of shares not now rantuns for dividend or ranking only for restneten 
dividends. 1 Placing price to public. Vt Pence unless otherwise indicated. * issued 
&y lender. E offered to holder? of Ordinary shares m a ■■ rtshta" **111x111* 
by way of capliallsailflo, tt Minimum tender once. H Reintroduced. Ifl Issued 
In eonnaoUon with reoreanisauon merger or take-over. 1111 Introduce on. ”1 lasted 
to rornier Prefnrenee hoMera. ■ AUottnem loners (or fufly-paW). • PrpViaional 
or parUy-paid oliotmem Istten.. * With wamfila. 


These indices are the joint compilation of the Hiumdd Times, ffie lnstitnte of.Aetp^ 
• and the Faculty of Actoaries - 




EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in'parentheses show number «f 
stocks per section 


51 


CAPITAL GOODS 1179). 

Building Materials [27).. 


Contracting. Construction 126)_[ 

Electricals (15) 


Engineering Contractors f 131- 


Mechanical Engineering (72j.. 


Met als a nd Metal Forming (17). 

CONSUMER GOODS 
(DUKABUEX53)- 

It- Electronics, Radio TV [15l_. 

Hotuebold Goods 03). 


Index 
NO. . 


201.63 


180.49 


320.54 
433.85 
r289£3 
157 J3 


163.75 


Motors and Distributors i!2ffj__ 

CONSUMER GOODS - 
(N0N-DURABLEK178)__ 

Breweries (M) 


Wines andSpiritsfS). 


Entertainment, Catering (181. 


Food Manufacturing (22)-] 

Food Retelling (IQ 

Newspapers, Publishing (13)_ 

Packagingand Paper (15)- 

Stores (38)--....__ 


Textiles (25). 


Tobaccos (3). 


Toys and Games<S», 


OTHER GROUPS 07). 

Chemicals (20). 


Pharmaceutical Products CD- 

Office Equipment (61— 
Shipping 004 


Miscellaneous f50^ 


INDUSTRIAL GROUP (496). 


185.01 

222.86 

169.93 


12235 


19032 

213.07 


239.88 


24539 

28838 

18635 

32133 


323.46 


12730 


27156 

226.77 


9834 

184.65 


249.08 

246.28 

126.92 


45101 

193.75 


198.02 


ues., 

Fell. 

7, 1978 

Han- 

Fab.. 
? 

Pri. 

Fob- 

3 

Thane. 

Feb. 

1! 

Day’s 

Eat 

Emuugs 

Yleld% 

Gron. 

Div. 

Yield% 

a ■ 

• Eft. 

. F®--- 

Ratio 

Index 



N 

Change 

(Mu.) 

(ACT 

<NeU 

No, 

No. 

No. 

No. A 

•L 

Corp 

*134% 

Corp. 







TtaB% 




Sii 

+1.4 

1738 

5.78 

8.03 

19875 

20506 

20X58 


+LI 

1731 

5.86 

840 

17854 

18027 

183.53 

m 

+1A 

17.86 

3.95 

834 

316 30 

vans 


+L8 

3532 

4:08 

.939 

42639 

425.98 

+21 

20.29 

6-54 

6.75 

28333 

28535- 

28561 

.+3-1 

18.72- 

636 

730 

15500 

15767 

15892. 

ism 

+1.8 

19J8 

834 

6.89 

16035 

16X41 

36X15 


+L4 

1839 

502 

7.89 

182.42 

183.99. 

18550 


+L8 

16.02 

3.72 

9.62 


22089 



■ +0J 

18.64 

6.98 

734 

36932 

17X10 

17X78 


+11 

2211 

6.62 

6.68 

11337 

112.00 

11258 


+14 

1638 

5.99 

8.62 

18822 

188.82 

190J5 

S^s 

+L6 

1537 

' 632 

9.92 

209.69 

2i#;98 

2H27 

fcitT-?-? 

+0-6 

17.24 

599 

8.80 

23833 

238.90 

23833 


+2.0 

15.87 

6.97 

936 

240.66 

24X66 

24538 

251ft J 

+L1 

2X17 

537 

572 

18627 

18569 

182.42 

189.6 

+2.6 

14.64 

4.90 

9.93 

18X54 

18173 

18538 

3»« 

+0 J 

30.46 

. 589 

'S. 

31B.81 

322.82 

32519 

32981 . 


2X38 

9.42 

12257 

124.72 

12524 

EL 1 

+3-5 

1031 

4.46 

1430 

174.61 

17X49 

17590 

ttr 1 

+3_1 

2036 

7.72 

632 

16977 

16580 

17089 

SI 1 

+12 

23.80 

7.92 

538 

22438 

2ZLZL 

22X27 

d 

ELL1 


504 

637 

9599 

97.78 

9915 

TTT 1 

+u 

17 J5 

588 

.7.91 

18239 

18X69 

18336 

Sr 1 

+11 

19.91 

6.72 

7.06 

E23 

2>SJ0 

245.91 

e 

+OJB 

1X37 


33.48 

24432 

242.73 

243.90 

247J0 

ELLII 


437 

622 

124.0* 

12439 

126J& 

12729 

+L5; 

2X83 

6:49 

■ 5.42 

44436 

449.68 

452J8 

46 Ut ■! 

+U 

3631 

632 

8.69 

E3Z1I 

199.47 

19505 

EZZ.JJI 

+13 

1730 

534 

Esai 

fUdl 


KiL-1 

E33S 




;r> 


|fi 


FHE71 

mxrm 

itr-r. 1 T* 

ISZ3S1 


i 




IE0 

>1 



1AT U 

+14 

+13 

1 






I643S 

1B331 

20377 

16X6S 

14039 

12SM 

30547 

ajw 

1 

IfTB- 



2533 

■5.74 

531- 

5.84 




1 

83 



198J1 



i 

64 




1X81 




1 

65 


M\ 

+X7 

-+2.1 

50Z 

637 

4,46 

516 

189 

7.57 


135.40 

123.77 

30X20 

77.44 



1 

88 







67 


rri 

13.-94 

10.49 



2 

68 


+01 



i 

09 


7 V. ffl 

+13- 

-4X2 

2.93 

24.45 

6382 
' 5.72 



24035 

10623 

H 

70 


L'itJ 

3 Q\X> 

p*pi 

16533 

J 

71 

81 

Investment Trusts ISO) ^____v 

18232 

87.91 

+03 

+6.9 

3.41 

17.74 





jm 


L 

'J 

91 

Overseas Traders (19) 

265% 

+1.0 

17.76 

7-25 

715 

SS5. 

Ftrl 



2 

99 


WM 

+X4 

-- 

.5.63 

- 

19935 f 



204,491 

0* 


FIXED INTEREST PRICE INDICES 


' 

British Government 

Tuea, 

Feb. 

Day’s 
chaina- 
. % 

xdadi.' 

Tp^r 

‘ 

xd ad}. 

1978 
to date 

■X 

2 

3 

1 

Under 3 year*_ 

107.09 

+0.03. 

025- 

: 147 

5 

2 

5-15 years 

118.92 



0.96 

fi' 





7. 

4 

Irredeemables_ 

14138 

— 

: " Ji-:" 

"MOO- 

-8 

9 

5 

AH stocks- 

116.68 

+001 • 

Oil 

140 

10 


FIXED CVreREST’ 
YIELDS 

Br. Govt At. Gross Red. 


Low | 5 learg.M., 
Coupons' 15-yrari^., 
'_g yeajra.^,, 


Medium : 5 yefers_..v 

Coupons ' i: 15 yeais,-7« 
' ~ ■ -25 years..-'. 


®gh-. - --• 5 years.-... 
Conpqns -15 yearx__ 
• • ' 25 jreaxx.... 


Irredeemables. 


Tuon. 
F-b. 
7 • 


-7.90 

1816 

10.67 


U36 

3X13 

1125 


Ifi.91 

3196 

3210 


-H.79 



. 

Tt^sday. fob-Tr 

Monday 

Fn^y 

Thun,;] Wed.. 

3ih».- 

?il j 

'•••••) 

Uriadoy 

Jan. 

30 

WWj-1 

-•Jan. ; J 



ladex I 
JJo. | 

Yield 

,8 

• s 

2 ' J; ", 

.18 

20-yr. Red. Deb. & Lodes 05) 

6220 

f 11.94. 

62. IB 

62.64 

62.3B {^62.64 

6^-64 

62.85 

&e* * 

18 

Divestment Trust Prefs. (15) 

67-47 

iaift 

57,14 

i 57.13 

67.15j 87,IB 

B7.0J 

57.03 

67.M|J 

17 

Coml. and indl. Prefs. (20) 

77.77 

11.67 

77.77 

77.02 

77.06 ; 77.94 

78.03- 

70.15 

TB.tOjJ 


tRedempUM yield. Highs and lows reeard. base dates and. values and ctmstfttent COwm*" grij guUlslwd b> ^ 
Imimv. A naw list the- umsUtuants Is avaflabie-ftom he-PuWlshors. Mr niudii Tima. k(>di«- Htd 6 : 
Street. L##dof, Eft, price Up, by past Ztp. -v • • ' 1U 


































































































































































UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


G**ta*w* Fund Haugen * (aKg) Perpetual Unit Trust Mngint-* 00 


_ 2 - SL MaryAae,EG3ABBP. 

*71 PrttWiTRLiA«j. 

2.9? Coma»d,iy share.. 

S ^jaw-TruiL. 

Hlsn InronmTrt 
InCtUOoFuDd 
*»* Afrnrln 


;«/ lju r €roii(p <sir00. \>vV, Life Off!ce Ltd* (*) fli£hinronwt< 

*■; ills-* 

:•*!?« : s A it 


01-2833531 48 Karl SU Henley On Thames 


ArttrtluHrt Securities (C.I.l Limited First Viking Commodity Trust* 
r.O.&«aW.S* Helier. Jersey. 1153472177 B.stGww'iiSt.nouslM.IiiJiI. 


SSI KMtumlUnGth BJ 7 m2\ 1 39$ I CaftTaLtferer*) .1136.0 120fl| -6.0) 3 65 M2* 4082 Ldn. AgU Dunbar A Co. Lt d. 1 Thomas Strew. Douetas, Ms of Kan 

T“ r ITOiUMt»pviu-r*'. f '"-*1 - •• I I xm dealm* rial* F*wn IHIlll.ll COII-MU mMnn MhfMUmM nni« iff isJ* Jl niJ ■« 5* 


Xeid deal mg date Feh 21. 
].T*l.tC1t.|207O 114# ... 


74 Piccadilly Unit T. Mgra. Ltd* rtllbj 

iJJ Wartislr Hie. 5W London Wall EC 2 0380001 1 


bbb Australian Selection Fund NV 


date Feh. 21. 53. Pill MilL LondonSW17SJH. 

°_ ” 4 °l .I PrLVik.em.Tat_.M5 42 fa 

'■ rrb 3. Fst YIlDM rjp.TH. |C7 0 92.1 


ust* ElJtg 8e Sfaujon Mgr*. 

1 Charine Cron. St Urlier, Jmm. 
b_ ta t. 1 Thomaa Strew. Douglas, fifle < 

01-5007657 CUt Fond (Jersey) ..00.10 16.13*1-066 

...J 250 CUtTrwtao.Mi_pt.40 1196# __ 


s 

; i M 


u Gibbs (Antony) 

r^ x M ft■ • • • 21 ««*rid SUM 

sS .*W?“ *®**WP« Cft..Ua.f .. <ai A.G. tnenme' 1 

4JfnjtngKJttiMccsja^EC .0X40083X1 

. 3.45 .BSBnnaJatfl' ^BMA = 2201 _^.l ««IA.G. Far East-...] 

. 4J» -.5ftfletl»n jlO .jpttlF -wul JD JB • Vnkng 

■•'••' : ^ (iMHivYiMia r>« i«rt (lOratt rt.s.ia 


Gibbs (Antony) Unit TRL Mgs. Ltd. 

^RIomOHdSUECattTNU . 01-5884111 


43.11 *0.7 3.40 I Market OpputUmlMn. c,c Irish Yning A 

Si A +06) }M | tiuTkwalte. tX7- kem sl. 5>i|nrr. 

493*0 H 330 I USSI Share*— -I'l.SlC - | . .. J — 

* Net awicl value FrbniMy Z. 




2j5$ !i *Ef 


440 

7«7 _geato*l_u^_ 
TXt GrevrtbAccum.. 
•- Growth income: 


Gwett (Jotn)f 

5M &r£j£ cb V*-[119.7 126.11 .„...! 223 

$13 Pq -Accma l.nn__fi 43 Z 150,51 ....,( 223 

» 07 N**t dea/in* dar Frb. 17. 

35 Gri«'«*» Management Co. Ltd. 


:ifl .11^ 

las Twb. rrwaCL 


T|flJ Extra Income..... . 302 3258 *04) BB 8 

rjnS 5S Small Co'i Fd__403 43.1 *0.7 3.40 

*liQ 15 Capital Fuad- UD SIS *06 360 

la! Int.BroaAAaset*.. 460 495 *0 5 330 

e.l| 140 iMxatpFBnd_ 36 0 386a *0 3 420 

JtS. Ltd. Aeeumlir.Mind. .. 613 651*0 4 5 00- 

nrVmTT,, TeehaolrayPund 57 6 616 +0.7 430 

° 1 -® 84 " 1 FVEwtra.. —. 231 £44 ... 300 

■ v j «■» AneriCM Fond.-. 22.0 23.4 .... 310 

■*-0.91 4.7B ! 

...m! 050 PraeUcal Invest. Co. lJd.¥ (ykc) 

44. RlooTObOTT Sq WC1A 2RA 01-S3WOTI r-,_. 

Practical Feb 1 —036.1 144 01 .... I 4 70 1 , " ort 1 f 1 s i X - '- 4 - 

oi.«an«m Aectun. Units_PWJ 2023 .... I 428 AleatanderPlind _ 


Fleming japan Fund SJL 
37. rue Notre C-aiDC, Luxerntmux 

FiniK. Keb I_| U539.08 | , 

Free World Fund Ltd. 


070 luL Gaw. Secs. TK. 

First Sttrtins-0606 lA 0 «-ft« — 

First IntL-[S377.40 177.<W-0>»| — 


ScUeslnger International Mngt. Ltd. 
, 4L La Matte St, Sl Seller, Jffraey, 053*73303, 

r Man cirr. rrtn anal ana 

jig Jusr: lu 

U-00 CUt Fd._B45 249+01 lLD - 

Inti. rU _(95 0 IMS *15 3.68 

— IninlJFdXxmbrE. _ U9A1 um)+O05 — 


4 30 I of A^5 r ««> International SA. Butterfield BMp, Hamilton. Bermwia. 


3 00 [ xi Houlccard Rural, l+ixi-aiboors C a 


■ i SUS164J9 ) —I 


3 " «‘ 74 G.T. Management Ltd- Ldn. Agts. 


Heluwort Benson Limited 

ao: fenchorrh St. ECS 
EurtntvaL Lax. F. j 1JM3 | 

liuenwey Inc-[578 £J_6) 

Do Accum. ■ [70.4 75J| 

KBFbrEanFd-5US941 1 


Schroder Life Group 
EnMrprtxeHotute.PartsnamJh. 


Bnk. of Ludn. & S. America Ltd. 
40-08. Queen Vlnorta St. Re*. 01P303I3 


428 Alexander Fund _ftLS5.13 - }_| _ 

Net awl taiuc Feb. 1 

Binqvt Bruxelles Lambert 


“ STJSi JiScT ' 01 “SL,™ ^ , „ b * rt „ 

n n .]ifi. lTnlta 178 7 75 7! +fi 71 \ M 2. RllC *> KtROIKT R lQlfl RlllSM^IS 

mSUKAJSe^^rgoii mII|:5:4| m b^fuwjlp.—ilw 2 .«»i -9 


Park Use. 16 Flimburr Clreiin. London EO. KB Japan Fund-XUS26.27 

Tel: 01+52S 8131 TLX: 8WKM KB U j-Cwth. Fd- SIB71 

MaajxemeBt Inunutlana] Ltd. -lSfo^S?W4L.!Il J|Jq IS *'w 

e'o BlL of Bermuda Front Si, Hamits. Rn ala. . im m lddi m paT a n - ' 
Anchor B'Lmb—JS'SOTI OE&fl ..... 1.97 paylnK 1 

Anchor Int Fd— $VS3 71 tlM—• I 2-d , , _ 

G.T. Bctunda LuL . Lloyds Bk. (CL) U/T Mg 


KBlntl Fund- SUS1047 . X?1 Fu"”! !} 1 


-4 «? 


Intemattanul Fonda 

ale 




SFucd Interest_1101.9 


514 r -'t^Sj'3CT..S8 S&ISkln. 

Si ...MM 

SfCo- 9 _ Wtd' iAsn ^Offi*h^PotlwaBar,H«ta.:. j^Wstm fynebetj-Keb j 

• Cao.G^W«L^u.lM 8 . • SLTtd+OS 443 'Aecom.Unlu>_ 
Unit Treat Momox lid.- —Hp , 4*3*521-4^3 

r.—j468. • •4Mr_:.?’5S? • - toc ‘ Aw, ' r ^! ’ 1M %******* 

«at ^^tsg*****^,' ssassss 

'^ avTiA.'.- .- ’ - 01-8338370. staXuw Henderson a 

>0*te»d.H«SB - 3JWI _ r 438 te^~rzijs.7 v • 7«a Z3 737 IWne/Tr 2 
••■7*’ _ ... _'-Price* on Feb. t. Next deaUag.SK ML Brentford g.'^! 


5 A 3 ton! W MB. HIS* Income-pot* ww 9 * 0.91 7 99 wmorow— -3, OJ3 Bern- PacF 

li ■SSSX'tSS- "TlS 'ms rwtfdio iwn. utr urnta - - 



J| M m AIHIfta UUHV IUU^IOi IAU 17 UinUfU/ 

448 Holbont Rant, EC 1 N 2 NH 0IM5B222 

’ ® PiudcnUal-,-.|U7.D Z245| *20) 452 unldpKrftS! 

+ 2.4 iS Quilter ManaRemest Co. Ltd.¥ 

Mi tl 5 2%t ThfStk-Exchan^EU^lHP. 01-6004177 


■HAS ABw Ij l Feb. L_ 
7.90 tAccnra - UfliUJ,,_ 


I.CtaricsOws.St. Heller. Jrty. 
Oversea* income _B0.0 Kb 
UnldoUarTnu* r ..bL'SUlB U. 

-Subject to fee and ttithhol 
Barclays Unicorn InL (1. G 


-<»* _cj Bk. of Bermuda. Front .9. Hamlta. Boda. 

5( a 35 bcttj' pac f. _j 537 96 _J XB 

iCb. IS.) Ltd. C.T.iFd.: - 1- 5US6M | 0.7 


IS.) Ltd. C.T.iFd.: - 1- SUSS38 

«*•»« G.T. MgL (Asia) Ltd. 

.j JfjJi Hut chiton Hse. Hareourt Rd_ 


Lloyds Bk. 1C.L) U/T Mgrs. 

b. PO Box 185,S£.Heller. Jersey. 0534273® 

105 LloyriaTK Crsew..M7j 494)_ ] 353 

0.79 Next dtaling date Feb. IX 


» Wjol x« J- H«mj Schroder Wagg & CO. Ud. 

P+yinx ageaU only- UO.Cheap&lde.ELCJL 01-588+000 

Cheap J Feb. fl.-I 5U5M.6S I_J Z.T2 


Lloyds International MgxnuL SJL 


4.17 I ITtaBBOuSLDmislat.I.o^L 


Unicom Anal. Ext. Mb 

Do.Altft.WB.- - 03 

Do. Crtr. Padflc— H.4 


Securities Ltd.- (aWc) 


i a= ns tsatzsm i«s=i w 

7« G^^ VrU w ‘ _ “, 170-4 ^ ■-■■» L<a Bcllance Unit Mgrs. UtLf uo.unr.™«»c._. |S 9 

r“**™*“ Boyai Ex. Unit Mgrs. Ltd. RelianceIUc..TUnhrldEcWell*.Kt, 080222271 

SSS35SSJS7* sui STK *«B«fer*S Sg SO ill R 
ii »■?««. ammmw gssiy*; s “ 

a. R * 1 *‘ ,h R 'B 7 V- 172 U Ponm.lKaukllH.Uuclutr. tmsMOVI 


4X6x4 ... 

25.1 +0. 
596 . 


062+ XJ.J. ;n<uug«urut ucncjl MU. 

.... 2 to RoyalTK..Ha*,CoIomb*r»e 1 SLHeller.Jeneg M & G Group J *~'^ 

^05 2.40 G.T. A«aSterling..l£10.69 1125).4 LI7 Three Quq*. Tbwr HTO EC3R 0BQ. 014D8 4588 Tokj»^Feb,TZf^SUaOMH mI!{ -2.M' 

- ■■■ Bnk of Bermuda tGomury) Ltd. Ailutlc Etjeb. T.tSTM 2.711+0.011 - 

”:- W M . = Sorinvest (Jersey) Ltd. (x) 

. 2-® AwaorGilt E&r ._EoiS 106M .„.:! 1X98 Gold Ex. Feb. 1 «jSya ]S!3 93.78 F.O BtwBB. St Heller. Jersey. 053473873 

. Ltd. AncborlnJq TsL.|2Zl Z3.7sj.) 321 ,\«um Urntt)_14*4 157.91 -La 9X78 America a Ind.TU_ 11667 6J0J-0MI L47 

042M99M Gartzaore Invest Ltd. Ldn. Agts. , _ . . jSSSde?iSrZZ^^ Z - 

. - 2, sl Maty Axe, i^ndon. EC3. 01283 3531 Samuel Montagu Ldn. Agts. 

.I - Gwnwore Fund Mngt. )Far But! Ud. J M. Old Broad St, EC J. Ol-HSAW* Safin vest Trust Managers Ltd. (x) 

152 Hutrhison Use. 10 I r JTCtwit Rd, FLRon* ApoUoFd. Fab 1_.1SFX5S0 49401 _.J 3.79 4 j> iikni .- TTrr . lvu.^in, i.u mu *ki. 

^ !0 °- HKA pat. I'.Tst—hHR2J4 15« .... J 3 OO Ju^ext Jan Sl-SHKIW fffl .—4 X32 ^ ^ nil * 

Japan Fd-_bl'.U05H n» ■—j — I iTGlp. Jon.*151111* ON ...._] 115 ?«:% xS'3 “§^1 x5"™ 

u . r. N AwcrlcanTA-PlSUB IW - mjemeyjan.25... £453 4.9M „ 1M J 0JBS \ S2'8 - H 

“j - I mJBOTd funJ - krsujl “«l.I- ii"J**yo'»'«Jaaia_f9.47 9.97| .—4 — StnSSSSSaz: W8 ** 

. .| 089 Pp l BCT3x , i>olSM”iiS* t ' ^ oaa«aaii Murray, Johnstone (Tnv. Adviser) Pl> ' G qIJm 103 — - 

i£*n?SSJth lBC " Kb mil ' '] sS 163, Hope St. Glaseow, cs. 041-22J ssci TSB Unit Trust Managers (C.I.) Ud. 

Ltd - Hjmhm Pavin'i- Vnn4 Mamt' tiff -1 ! .^ “ BacaieUoRd.,St.Saviour,Jersey. 053473494 

0534T3]I 4 Hambro Paelfic Fund MgmL Ltd. •Mom, FHnd__ ; .| RJS 9 JJ 1 I-I — JeneyFund_W 2.7 45 M- 06 I 4 J 7 

1 ft j mi Slid Ooniuucfit f>nt». Hontf Kttitf ^ A * JM1. 3L iTrifrnnrt 1’nnrl Id? 7 dSAs —DM d 71 


4.M Henderson Admlnlstntion(aH8) 

«• S55SS5i'-£fi^ R * ?leUh "®y 21 


; * . London EC4R 1 ST ' 
7 <,- J Rd._B103 • g*J 


4« _ 't> *id_^ 

?r2uS> 


0 L 338 SZ 81 Cadiol Unit FtL-Jagre: Lfd.¥.(aXc) 

S 10A? WlbarBHoiue.NMfn*tlM»»-T»a4^ Site 

9J3 CortlAl_iiyfeai - •Tsw-i-if 477 

9J3 Do. Accnm. UnRr_fRA • 76SZZ3 4.77 __ 

933 Do. High Yield__{aej ,* i53Zlj t« JShJ1?t IJTI 

tun-. Do.Aciam.UniU_M5 -SSf.-ZZl AOS 
«.« • '• Jfaa dx^Sr (WoiKsrr^* --. 


.. 19* Ridgefield InL irT lSl.O _ _ . . 

+0jJ 3 79 RJdaefield Income.[94.9 1010).. .. [ 9.07 

*o3 ii2 Rothschild Asset Management igi 
*o3 ZH T2-B0.G«lebcmseRd.Ayletbuo'- 02U65IH1 

....71 3.65 N. C. Enultv Fund...1152 0 16XBI +1 01 3 21 


Do LMMaaTSt—HM Sffl Sd .| I 

5j0 Dp Maaxtfntnal—|22A 24J| | i 

5 ID Bishopsgale Commoditj- Ser. Lid. 

P.O.Box42.DouBlaa.I 6M 0624^2: 

■Mi ARM.\C-JaBL3—. I SUS2619 I .I - 

BS - 1 fANRHO"Jani- awi . - 


: Ex-Ffb. 7..KTSZ48 ITU+0.011 — 

[. Keb. 1 _Jl'Sll* Xffl . — 

. Feb. I_SF597B UM_ — 

_ ms U3« -o.« 93.; 

Units;-I4S4 157.9| -l4 T>-' 


Sentry Assurance Inlenutioiml Ltd. 

P.O. Box 328, Hamilton S. Bermuda 
Managed Fond_[H'SO.93 LD33) .| — . 

Singer & Friedlander Ldn. Agents .* 
20. Cannon SL. EC4. 01 248S644 

Dekaloodf_hnObtt 9301 .....J 7ST 

Tokyo7W. Feb.!_.[ SUS3000 | _.J 7M' 


— Sorinvest (Jersey) Ltd. (x) 


2H coil NT"* Jon. 3. 


’1=1 = 

and -*£ 100 . 


A .V. DU. i]L nOIHII.ilV.OV/, lMtn IdUlil . 

American lnd.TU_l£667 6KR-0CWI L47 

Copper Trust_C9.B0 10.01 -aoa _ . 

Jap.indexTM-_faS9 0.77 -SCO) _ 


«bhy., i* aragarSfflF; 

JII^UeSVnK T*t Ho- XldJf W to) 

.. .”■ 1(1 Som.WC1.V7NX. - .0143X0388, 

,'ij 1 w*3bisL v& 

•.v 5l >- iniiZ;»tt , ««rTa Ltd. (oKgWc) : *. 

-•^CtTunir ?S2R«t>ferdM.E7. 01-8344044 

Svj't . n JSJ.• 47a -0J . 73k 

i«b.jnj rJjlZ. uxs iw3 +iJ tu 

JgtB -Saj-* 

. J --‘- GOillt*.;_37.9 4X«*0ff ' 4J0- 

•r- ° r S-«3^ 

-. M7J .noB-fiS} sm 

!f*!db. .VptTrnnM.O 4753+0 3\ iOl 

Sfcrfe.- :03a «- 


-jEt Chorterhongg J«pkrt9F -, -• 
SOI l.Fotempsmraow.JSDL 

-0A 321. .■CJ-hm»ff-|- pg»--;•:■ ,.a| 

■HM 3A3 Acenm.Ut2tB-ZX*r S3 

+0J is CJ. Incon»*_^__ MX- '373 

.• m — 155 CJ.&wa Flt.-Off • i afcH 

= is ^5^fez=ir-. m 

_■ ua .-AcctreXtula_i_ 2&,ir. - 

~ . Iff./: - .PtfceaJBbLi. Hcxt ifaWaf 

■ 2.40 - _' ' . 


S’: .. . [XJAlternation*! _ 

Ssii gS^5«-- 

% m WU.F«b.3 

*r£: Is W Cabot__ 

“Z* 0JJ Cahof Ertm Ine - w-» aa.</ . 4 . 

— r us For lax exempt tends only 

•-? 'f2 H1U Samuel Unit Tst Mgra.f (a) 
in «Beech St, EC3P2UI »• — 

S£l. (blBrlUsbTmai_ 

■1 4 : lx) Inn Tran 


251 3 65 N.L'. Equity Fund... 1520 

391a +01 5.W NT. Eho JI+».T*J jJ0 

S3 frS N.C. income Kund.. 1380 

.26^5 +0J 2M N.C. loU Fd tine.: RO 
34Jn -02 1-25 N.C. Inti. Fd. lArc 1 72 D 

“5* 245 N.C. Smllr L’oys Fd 142.3 


1C5S . 

m ^ 

72.g *0J 
55.7) . 


Originally l~«*d at -Sin an d -f 10a HK£,Pb7 l‘“ k. UMwmr* tea. H-fv 

_ _ Bridge Management Ltd. Japan Fd ' 

rlesbui)-. oa«ft«l PO Has 508. Grand Cayman. Cayman Is. iJu'r^h r'!,!?' 

0 X6LB( +1 01 321 N-haahiFeb- . .{ V13057 | j _ ™ : —MfuaJ 

I 96.51 J-C? 2 89 UJ»G Box SO. Hons Konc G^traorelnTerajratMnsl. Lid. 

0 1468+1.5 7.36 XlppoflFUFeb. 1 ..SfsUJl U91| f 089 Pp.»«32.Douglas loM. O0a«3 

I 763-82 1.96 Ex-Stock SpLL ljuernatianal Inc. ..|213 ZZ.71 .... J 12 

3 j^xf ;2 \ 5JJ Britanm* Tst- MngtnL (CIi Ltd. *** ~ "1 5 

’ 30 Bath St, SL Heller. Jeraej'. OKM 73114 Hambro Fund MgmL Ltd. 

noes jHgmi- IS) nmwth Invest_BO 7 3 J 2 d .. | 440 =,1 °- ConpauBbt Oncre. Hong Kong 

El""4. 01 6204356 Intel Fd._ 59 9 64 Bd ....I 100 FarEMLlan.a-1947 9.9H _J - 

I.D 124.81 ....I 3.72 Jertey Enena>Ta. . 1372 148X3 I LM Japan Fund-. —_ Ol'Sa 6J71 - 

*xi Online Feb. 15. llnlvsl Br.Ta — 5509 3361 j — rr-tni 1 - v-r- .- //-_L» .__I v 1 + r 

Uninl. sibL Stg..—|£Z19 2JD .. | loo Hambros (Gaernsey) LUL/ 

value Feb. X Next dealing Teh. 13 . Bambro Fund Mgrs. (C.I.l Ltd. 


4 . 11 . Rothschild & Lowndes Mfeml. (a) 

J'JJ SL Swithins Lone. ldn.. ET4. 016264356 inuu r □_— 

*■* New CL Exempt_JQ17.0 124.81 .. ..| 3.72 Jeraey Energy! 

Price Ofl Jan. IB. Next dealing Feb. 15. VSnlvtj Wr,™ 


Richmond Bond 97. 1SS2 

Dp. Eirrcreen__ 2345 

Do. PlatinumBfL_ US 8 
Do. Gold Bd_983 


KL D824 23014 
9.21-831 — 
4.W -23 10.28 


-Hope St Fd._ 
■Mom; Fund. 


Jersey Fund_142.7 45M-0I 

Gumusy Fund 1«.7 45 -01 

Prices on Feh 8. Next nib. day Fe 


Trust MvoACen UiLfWtt) 

30at<3deoaSCEC»RI»C - . ^ ^3483003 fblKbu^j^ll&n: 

^ tpaicaa-,. -.a BAg TTJj j .ag (bilwtmeTrnK. 

Jteate Kcarco. TE& 3.9 . S3J Tat?Ly (aHg) 

Cbufedendioa' Funds. Mcc Ltd.9 («) ' U. Cbrlwopfarr Street E.C3. 01-3I7 730 

80ChaUmyLaiM,WC2AlBE:: . . : 0MQ(QS2 D»u»l-lor. Fund.— ^ 92A4( +1 J| 6.(0 

GmwtbFund—l_p*jt 3 ) 9 . 9 j “W1 Ml Key Food Managers Ltd. (iHg) 

|4,| n lu .-nix«g n xc—7TfcT,', Jgjl7 ... «.MUkSL,EC2VaJE. 014007070. 

L-o am o p o M tan rand Key Energy in.Fd.-l 6 a. a 77 v -da 406 

CopQixlJAxe,LopdooEC2RUX • 0269222 Key Kqaii?&Cen...UJ I&M -9 4 

«S. CoatebpoluXUUnLp73 1X3} •^_! «3 0XcrEa*amFd._.MM MtS. 1st 

1 . jV.- : -• ..r^Fry..-- ■ KcyWonvFua«l..r76 2 sXM -03 8JO 


J.U Crescent Unit Tst Kent XUL-^MO 
‘•*4l»irieCn», Edinburgh 3. 03143*403: 

Crescent GiwU»_p5J . 27^ +ftfi- <33 


™ .BraifcWH U w F=w 

. ;• ..Ba m- - -iTiixff'xi Kt crescent Growth—DSJ *: ZTTl'+ftSJ - 1 » Klein wort Benson Unit Managers* Univ. Growth—-pto o. 

_OT.9 «xS+ 0 jd 00 1 1MI •fg S0.PmchurebSUE.C3. 014330000 Inemaa!n> laomePtand 

’ and Q b&C-lalj • *48 ’ JS ^L'al.w.lac.-me 90 V .I 4 63 Hlgh-YIdd_(531 s, 

«»n OroiiSJWKt-ijSi'iS ♦ER.UultPiAx_|lflZl U0S-..J - High Income Fund. 

Discmtfonaiy Unit Fund Mma^ort fc* C Unit Trust Mtaagemeut LUL* IS1 “1 

,j w Hajat)dJ.M73 ;.aa^B-Pl3 539~ <» yrr^ «fxr IhjiwxmBt The Stock Echanxe. EGBC I HP. 0I4S8 2800 - t * 3 " a * 

-aa =jn «££-=*> « 

t r? 7 * . - »EL 'JR. tWne hest e c Fund -hfaft IM .; Lawson Secs. Ltd. WHO Qwwga Rtmdaw r 

dhers A Co. Ltd.* (oKx) Old Jawrir;EC2 V. ’'■ ■OJMttWSr 0SG«orgeSU EdinburghEH22JG. 031-3U3911 JfE** 1 -fof S 

1SUECA* *' MJtna atiat - GroafWlncbciripr^DXJ lt7d - 7.72 tSiv.Material* _ IS4J x* i| 1 7+0 U -E- - - 1*3 6 61 

- —pm , .atf^.at «a«e=B as -A sl sssosn _*w • 

gdgtjgt--':;?. g?y> ggw^-pw!!*)!* MBSfflBia: fe Si J iS BSKaraarJi i 

e PragRidv, Iltid. Ck.* aj J SS SSSESSE ” Bli 2 z 

m FOUh^ m+?S'«o< awx utrwm .. - ;riffiS ISSSSS?:-:^ 1 ? 

^"L7—U9L7..' 2BUrlf IXI .*HH j . M .p f r Ki 3 '. - -0M8B30M - D *® L * Mdo - 'Tub*. tfWed. fThun. “Fri. Scotblts Securities Ltd.* 

2UM| —4. 306 Progregrine._£_|ft5'- '•. 633) rfi| - M6 Legal Se General Tyndall Fund* Seotbju_p53 371 

XKfb. day Feb. • *_ IE CanyngeRoad.BxteloL 027232241 -IS* 3 

iw •••®*“l^'*Lpw;Dt'Tc-M.^.wchX«).' .joi«Jai«.i2_p *2 w.4i ...,.1 492 —Sr, J: 

;**■—• - 1 «*gy«&feRLj 


■-T ta> Rowan Unit Treat Mngt. LUL 
“a SI ?ty-G«e n^. Fioabun- sq. E>^ oi« 06 i«» Butterfield Management Co. Ltd. 

$1 l* rS5SS^.pS:^1S2 0 3601 -5 5 JS , • 

?S RowanHvFeb2_532 561 736 Bu «re «Equity — R03 L9M .I , 

Ion ala lArruai _ 731 77C . 7J6 Bu Ef2i"p55S:-ar5L. w 1 ?* =■ ! „ 

t2-! f-S Rwn.Miin.Feb.e... 680 714* 3 29 Pnee* at Jan. 9 Neat sub day Feb. a. 

l£ lAcrum. Ilnltaj. *...P3.0 87 3 .. .. 3J7 Capital International S.-L 

+02l 82S Royal Tst. Can. Fd. Mgrs. Ltd. 37 rue Notro-Damc. Luxembours. 

S4, Jenuyp Street.S.W.I. . 01^290252 Capital Im Fund-1 5LS15J5 |-0J4f _ 

01217 7343 £^ K4-lg-1 g-3.J »“ Charterhouse Japhel 

+1J( 6.(0 UlKm " ?PU - l "'- 3 7181 —-1 BQ9 1. ParenuwterRo«r. EC4 01-24830 

,w„» Save & Prosper Group Adirop*..r>*»a nea 

W«W7E "» P mS^ia i 

zgj| aftfrr^ ffl «i SZSsier-m ^l r ! 

. iso Save & Prosper Securities Ltd.* Hi*pan«..--- -Pts»si on] ... i 

“0{ 0JO iBtrmxUeaxl Fuad* Corn hill las-lGuernsej) Ltd. 

Io 7 Capital_...(32.2 34.(1 +0.31 377 P.O. fiox 157. SL Peicr Purl. Guernsey 

^ „ iJ-y- w.;r -—“E-2 S-3 59S Intel. Man. Fd-B63 0 177J| J - 

aasersV Unt*. Growth-- B60 61.S +0 v 2 . 1 * n.Ti« cuin 


Bambro Fund Mgrs. iC.I.i Ltd. 

P.O. Box 8fl,Gueroi«ey M81-38921 Xeglt Ltd. 


Negit S-A. ^ 

Ida Boulerard Raya], Luxembourg 

NAV Feb.3—_| JUS10 07 | ..._J — 


Tokyo Pacific Holdings N.V. J 

Iatimia Management Co. N.V, Curacao. v-S 
XAV per share Jan. 30. 5US42.L3. | 


. Hamilton. Bermuda. fnl£&~3Z^|sra£z« auZ+oA B* Sm* erf Bermuda Bldga. HamUlon. Brnxte. Tokyo Pacific Hldg5. (SeaboardI N.V. 

ftr-BB .1 7 52 liiLEqiSqr._ffMII mskVoj 250 NAVJ*n.rr - 1 0*2 I --i — InUmis Mflnaqemeni Co. N.V, Curocio, 

Janlve,! *»h F^h a InL Sarins*‘A 1 -EStOO 1XH .... 850 . NAV per share Jan. 30. SUS30.7L. si 

jan. o * ext sub day Feb. 8. int. SavlnS - IT_)u-5a*x iml AM r«nrt Vnml Mum liA *■! 


xsa Old Court Fond Hngn. Ud. 


Prices mi Feh 8. Next dealing Pet*. 15. p 0 . sa. SL Julians Cl. Guernsey. 


l l PatenuMterRo<r.EC4 0i-2< 

Adlropa-PH38JB nOI 

ra-tp irp Adi verba_WICW 5C«o-ain 

F on dak___I-SOI 5 B 33JC -01C 

Foodis—--raiaio 2120 ... 

G1-23C 73SI Emperor Fmvl.KTS263 2 73 . 

lies Ltd.* Hispmw..-_ptsMSl «nj ... 

Corn hill las.. (Guernsey) Ltd. 
34.(1 +0.31 3 77 P.O. Box 157. 5L Peicr Port. Ouemro- 

S-a 55S Intel. Man. Fd-B63 0 1775| .J 

61.0j +0J| 2.18 ^ju, Grwip 

PCI. Box 301Z Nassau. Bahamas. 

57.1* 40.61 6.69 Delta Inv.Jan.31- [3X20 126| ,.,J 

r -. Deutschar Investment-Trust 


Henderson Baring Fund Mgrs. Ltd. Eq.ljJeujn 
P.O. Box N4733.Naasau,Bahamas }2S vi jtS’ i 

Jopat. Fd._[1423 14 ES[ ..... J - sScoFdJ.: 

01-2483099 I nf ® “» Jon. 23. Next dealing date Feb. 8. 


|66 HU1-Samuel & Co. (Gnenuey) Ltd. 
iu 8 I^Febrre St, Peur Port oiiernsey. Cl. 
613 uuenuey T*L_[145J2 13X3) +3.21 3J 


P 0.58. SL Julians Ct, Guernsey. 048126331 Tyndall Group 

Eq.FrJan.31-M8J 5X11 —J 265 P.O. ten 1256 HsmUtea 5. Bemmda, 2-2760 

Jn^ Fd Feb. I.-tU6Jt 16551—J 659 Oveneas Feb. 1_|5t.'$t 99 ltu .J 6 00 

Iml FiL Jsn. :a-_as3 UJM —.J — lAcrum-U diIsi _m-51-51 lta . J _ 

SrnCo FiJsn.31..(140.4 1«9J| J 322 3-Way InL Jan. lO-.ftESMB U8S| .J _ 

Old Court C ommo dity Fd. Mgrs. Ltd. udier. jeoe y 


PO. Bo*58.Sl Julian's Cl, Gueorsrey 048128741 iAceum.Sharesi-_R9.65 


053417331/3 
—J 6.00 


Hill Samuel Overseas Fund SJL 
37. Rue Notre-Dame. Luxembourg 

HL3U9 17315) | - 

— InternaCiooai Pacific Inv. Mngt Ltd. 

PO Boat R2J7. 38. Pin St, Sidney. AusL 
JxrelioEquityT5L.|KLB6 201| [ — 

— J.E.T. Managers (Jersey) Led. 


15X31 ^3.21 351 OC.CoatdtyTgL-—022.0 129.7*1 _ 

, OC.Pllr.Cm.Trt.?..-[0427 2S83-Off7 

rnno SJL. «Price> on Jsn 31. Next dealing Fe! 


•Prices on Jan 31. No-d dealing Feb. 1-L JorsoyFund Fob 1. 
rPrice on Feb. 7. Next dealing dale Feh. 21 LT \° r “^- ^ 1 -■ 

Gilt Fund Pteb. 1. __ 


Phoenix International 

PO Boot 77. SL Peter Port, Guernsey. 

I liter. Dollar Fund, ISFS221 2J9( J — 

Property Growth Overseas Ltd. 


L75 TA&3F Feb. 1-755 

_ fAceum. Shares 1 _755 

jj JerseyFund Fob 1. 19X2 
, 21 1 Non J. Arc L'-ts.!— 263 0 
Gilt Fund Pbb.l._ 1144 
(AccUnj. Shares’_1402 


Pf> Bet 1B4. Royal Tsl Bse., Jeney0S34 27441 20IrishTbwn. Gibraltar. 


43.7*( +0.7| 


827 Pastlnch 2083Bleber5a*se 810 6000 Frankfurt. Jersey Extra! Tsl 1108.0 U6M I — X'5. DoDar Fund -1 SL'58827 I.J — 

Coneentra_1030830 21UI ,J„ ^ ^fj»n ll. NS sub. d^y Frt.'aL SterUnsFUnd£123.80 | J - 

«3 !K*2?SlsSi7i..J!T.-?L- Janlioe neminff * Co. Lid. Royal Trust (Cl) Fd. MgL Ltd. . 


'(Arcum. Units) 50.4 S3""r| 327 Energy_ !“__„!IEoA 

TClhand Wsn-snL 12.7 36.4 -l.oj 1.98 Financial Seri -[631 

™-.-“ 5 —4 2^2 mrh Wbbi panda 

- *? I 527n| '""l Scleel InlemsL — BlLl 

“tAccum. Unltsl _ 65J wJ * I 10 44 Select Income-pl -2 

JJoaL gatoo. Tue*. ttWed. tThurx “Fri. Scotblte Securities 
Exgal A General Tyndall Fund* Seotbju_[B3 

ACanynge Road. BrlsteL_ 027233B41 Sga^j. - jgj 




Kz -- 

•cr~. 


Mm. 

% ESlWust- ManngementiaKg) . ■ 


Tivimlt^rfn^TT..if W l^oniue Admiiilxtratlon Ltd. 

*** 2. Duke St, London WlM BJP. 01-4865001 

5.7.lrelandy*ri i ECffilH>K. 1)140*11 Leo r »«f _ Mo 7261*0 41 545 

CapitaiTM-^—J.D066 - nsai^ ^-3M.-lEjEaSSZL ~JMa 773 *o3 sja 


Scot. Ex. Gth**_D08.5 ZU 

Scot Ex. \Td.‘4...-..p7B-2 171 

'Prices si Jan. 25. Next sub. 


...| 6.77 
Feb. & 


Dreyfus Intercoulinenlai lav. Fd. 
2.97 P.O. Box N3712. Nassau. Bahnmas. 

15 s a vJan.as _pesun UH(.| — 

3-13 Emson ge Dudley TstMgUrsy.LtcL 

. P.O. Box 73. SL Heller. Jersey. (634 206 

EDJ.C.T.-1117 9 125 8| .| - 

2.92 F. A C. MgmL Ltd. lev. Advisers 
1-3, Lauronee Pouatney Hill. EC4R OB A 
289 01-823 4080 

755 Cent. Fd.Feb. 1_| SUS4 26 |*001] — 

Fidelity MgmL ge Res. (Eda.) Ltd. 
a «7 P.O. Bex 870. HamUlon. Bermuda. 

708 Fidelity Am. A*S-_ SI.iS14.6S — 

45 ff Fidelity im. Fund.. SCSI* 07 — 

, « Fidel ty Par. Fd— SVS«59rt +034 - 

* 3* Fidel tyWrldFd— SCS1204 -0113 — 

v 7 Fidelity Star. Fds._ - .... — 

a Series A (Inml.)— 3 03 ..... — 


Jardine Fleming & Co. Lid. 

40ui Floor, Connaught Centre. Hong Eon* 


Victory JOaose, Douglas. Isle of Man. 0034 25029 
Managed Jan. IS.... P27.2 134.01_[ — 

Utd. EntnL MngmnL (C.I.) Ltd. 

14. Mb leaner Street SL Heller. Jersey. 

V.LB. Fund_| SUS100 (_| 855 

United States TsL IntL Adi. Co. 

14. Rue Aldringer, Luxembourg. 


. JardlneErtn-TsL. SHK21X394 _ 3 40 

-■I -7 Jardine J 1 ™ Fd.Jp 9IK2S749 110 

sy.LtcL Jardine S.E.X_ SLSU54 .,.. 2.78 

IE34aiflfil Jordlnc Phlp.TaL... Sl’SlD.40d . 350 

I s * Jardine FlemJiiLt. 5HK8.95d . — 

••—I ~ Nay Jan. 14. Equivalent SCSStLOC. 

risers Next sub. Jan 3L 


P.O. Box IM.RoyalT eL Hoc, Jersey. 053427441 D^-TkL tmr. FM._| SUSM7 I+D511 697 


3*0 H.T. jWLFd_BCS9J4 4<U .J 3.00 

B.T. InTL Llsy.i Fd.. 81 03] .J 351 

X7o Prices at Jan. 13. Next dealing Feb. 15 


Next sub. Jan 3L Dealing la: 

Eemp-Gce Management Jersey Led. SS££2! 

X Charing Crou, Sl Heller. Jersey. 0534 73741 p57 

Keop+lea Capnsl. 1816 84^-351 IntemaLGr.'t_|604 

Xcm?43ee Income.^45 66Jfl-lj| 8JO Far Eastern**-gl 37 

Keyselex Mngt Jersey Ltd. S^5^ aenc * n '’*' 

PO Box 0S,St Heller.Jersey.lEnq0141187(7701 711 illiur lii asmlmii 

Fonselex..[Ft 1126 X45U# . .. J 3.10 Channel Capital*. 

Keyselex Inti._..K5.77 64M+0Q0 4.69 Channel Islands* 

Keyselex Europe—[E3.B3 453i .....H 392 Commodity**** 


Save St Prosper International 
Dealing la: 

37 Broad St, SL Heller. Jersey 053 

1'5 PnllatHfanmid nated Funds 
Plr. Fid. InL **$-,1950 9.M .... 


Net asset Feb. & 

S. G. Warburg & Co. Ltd. 

■30. Gresham Street, EC2- 


a 

«•"«$ s*> 

Fc.T*V. tVs " 
•——'Ilf i)| . . . 

iji ant Pa— 
•■■* _* 

!j-u:.:s _ “ 

1 * _.i 

■■.ff '15.3 _d 




Friends* Prurdt Unit Tr. Mpr*J*;. FtaxUBslncdj—_ 


52515=182 MM M3 S™?S* 

Ueyds Bt. Unit Tst. Mngrs. Lid.* (a) AnGrasd-- 2*6 

Hagiatrar's Dept. Goring-by-Sea, Ki? h i!ril2'* w'J 

Worthing, West Sumer. 01433U88 IS , 


Schlesluger Trust Mngrs. Ltd. (aX?) tfftSSftJ 

(Incorporating Trident Truun S * rt “ D 


Japan GUu Fund_ 

Keyselex Japan 
CenL Asset* Cap._ 


56 22.12_ 

22 £8.97 ..... 

£13653 +0112 


North A men can** .13.41 

5epro“*-P2.7 

0 TO> steri teg-dcnmiluated Fi 
310 Channel Capitals. 

4.69 Channel Island** 

392 Commodity***_ 


- SL Fxd. InL—*.— 
871 Prices on ‘Feb. 


iant.D-41 3A( 

_D2.72 13.9C 

mtnatml Fundi 

S 229 
LB 147. 
4JI 120 
129. 

•Feb. 7. -Jan. 31. 
(Weekly Dealings. 


(0308)80441 
I . I 222 I 


..... 7JJ9 Warburg Invest. KngL Jrsy. Ltd. 

^ ~ X Charing Cross. SL Heller, Jsy. Cl 053413741 

005 — CMFLld-Jan.27._.KOSIL77 I ZOgj ,...J — * 

_ CM1 Ltd. Jan. 27. _ 0X48 1X7R .— — 

— Metals Tsl Jan. 19, £3X17 ll.dfl .— — . 

nju , _ TMTJan. 12-50S891 9J4j. __ 

^ IS «rud.jateia_BBi 9.«. - . 

■ A World Wide Growth Management* : 

jin. 26 10a. Boulevard Royal. Luxembourg. 

Worldwide Gth Fd| SUSJ2.75 |-0.U| — 



5 M.-U.T. UuK lbrnagen TJA* VMnikttdi 

5* lttFInahtey ChrusJSCZttTOD . ^ 01-82001*1 DalAecusu 


Hllnetmwl 

DO. (AcctmU-J 
Fourth CExlncJ 


rt’r.CspRw. . 

_Q-f.VS.«(Gca.^ 
.GJ. Japan A G«n„ 


Exempt High Yld- 25.1 

EfiflEssi 

tg} IS Income Diax_ 39 7 

IS lne. 10% Wdrwi_ 30.5 

+0-2 | “ la tnL Growth__405 

t?-; Inr. TaL UnRs_228 

♦j-t J* Market Leaders_27.1 

+*3 ‘Nil Yield'_Z6.7 

■^-5 Pref. ft Gilt Trust-— 23.7 

+DJJ 7.7* property Shares „ 256 
M im SporialSlLT «l_„P5 3 


INSURANCE, PROPERTY, BONDS 


w 41'■%SSS1!± “L, ssratfeBf- 

67.9 -0.9 758..TJ-flO.GetriHHUH-Rd,AylertHny. 02S60B41 UJCGrth-DtaL 184 

383 -0.1 -130 BttultrArcum. - |MX3 MBJf ._...( 4J1 'Next sub. 

§5uU 4 jS Bit & G Gnmjt* <yKcK« J. Heniy Schroder 1 


wl_305 • 33.2 

i_ 405 4353 

■- 

»n__ 27.2 29,1 

_ 26.7 289 

rtuL- 23.7 25.D 

res— 256 275 

hL_852 27 J 

iceum. 20J’ 21.61 

n._184 20 6 

*N«ct sub. Feb. 22. 


— Abbey Life Assurance Co. Ltd- Eagle Star Insttr/Midland Ass. M & G Group* 

2« w a^ ul’sOBnok^ECft 01348811* j.ThnaadltoedleSL.ECa. 01-3881212 Three Quays. Tbwer HU BC3R BBQ 01838 4588 

asggfcH, M : M Z MSWfflrBt s-ifcrur sa&c=n fl=iz 

X57 Propertt Acc !1 145 5 llsla +J.« — Anmrsham Rood, High Wycombe 040433377 IS“i*L5S“2lI—— (1262__ _132.iJ 1 — 


4 g Equity Fund-_152.7 

AW Equity Arc._275 

081 property Fd_139 7 

Property Acc_1455 

7-24 Selective Fund_U.7 

2-JO Convertible Fond- 1230 

5-6f VMoney FYmd_119.0 

*■ Pens. Property __ 1633 
Pens. Selective __ 77 0 


S > Jfi Three Qoare. Tower Hitt BOR BBQ. UB38 4580 UD.pnmpstde, E.C 


L^ i L^ h ^ T w *“ * Rassafces 


3451 -X0( 

29.0 -0.9 
147.1 +XI 

KmdTZlw” Z EquliyVd..."-. “flaii'' 100 M . - -Lt J 523 - — 

le Ftud, 1230 134.8 +81 - nopertyFd.-1025 107.3 . _ RStf «,« “ 

red_119.0 125 J +0.1 - Fixed Interest F._. 1CSL6 1143 . — G Ut Bond; “—.j--[IP6.1 1323 — 

>ezty__ 1633 17X9 +12 _ Gtd. Deposit Fd 975 102.7^ .... _ -S ' . — 

ctJve_77 0 8 X 1 -0.7 _ Mixed fZ - 103 4 189oj . _ . ~ 

2a-“i«8 173 5 ’*"?a - G *“**» 1 Portfolio Life Ins. C. Ltd.* ^4 Z 

5* -'“ltd! isii Zk i Z OOBanholoincw CL, Waltham Oosa. WX31F71 Recovery Fd_ Bd--_feo.4 63.7 . _ 

izt, tirr TZ* .. .. . Fortlolia Fund._,_J 129.9 I I — AmencsaFd.Ed.-.[4/ !.. . 44J -- 

tSTtZ m-mm - ^“^CnpltiiZUxS 437 ^ z:: _ JapanFd.Ed.- JcS S3....1 - 

iSer.71 MJ 314 -89 - Gresham Life A^. Soc. Ltd. »*"* » *«*■ * “Feh. X 

107 5 U 3 2 +o i Z = Prince ct Wales Rd, B'mouth. os»2 7B78S3 Merchant Investors Assurance* 

Feb. 7. Valuations normally Tuea. GdlEaidprwrrlwo ifai "'(J Z C ‘T a I 0,4 ?* B171 

Life Assurance Co. Ltd. gt&fci-“fe» 4 . Z SSS^S&fSzz: wl Hz 

llnflton SL.W.l. 01-4375802 rliT iffil teSa"** K*n Im 3 ™' “ BmTWlten. Fd.1 10X8 I „,.J - 


_ Amersham Rond, High Wycombe 


Equity Fd-1Q2A 100 M .... 

nopertyFd.-10X1 107.3 .... 

Fixed Interest F.._ 1CS.6 114i .... 

Gt8 Deposit Fd. — 975 1B2.H ... 

Mixed Fd_103 4 109.oj .... 

General Portfolio Life Ins. C. 


iS; fG- A A. Trustja) (g> . 
«56 a.Rayl^8blbX,Bttentwood 
X9?_ GrftrA. .- pQO * 3 


BASE lending- Bates 


-r Bank ............ 

, } r - [•Irisii Banks tti 

J fk j:'an Express Sk. 

c ; ' r 3ank. : ^. 

---rank Ltd. 

1 | Ansbacber 

i !, de Bilbao 

id ; fes* 7 Credit* Cmcel 

, ! f Cyprus ...•.V. 

{ I ‘f: N^.w; 


64%, ;*HJll'Sainuel 6i% 

H% C Hoare. & -Co./ZTb— t H% 

6}% V Jnlianl S. Hodge .V 7|% 

Bi% -Hongkong & -ShtmelMil -6}% 
6i% ; Industrial. Bk. Bf Scot . 6i% 
6J% ..:Key5erUlInlann—,—Z. 64% 


S o p, also Sloe. 

American — .. - 

J .4AeeuaLWh)._, 

.-. qagnagQWO fl mt ra l ssi a n . 

KSSiiSSn 

^^^_ (Areum. Unit*)— 
^ . Compound Gronrth. 

J. COmrersioo Growth 

Coavcrrl™ toe. — 

- - ■ ' Dlridwid—:- 

:■ fAectnn. Units!—- 

. .' Enropcmn^.- 

. ■ (Arc am Units)- 

- ExtraTOdd—i.- 

5 cl fv l Arenm. Pnitri ... - 

*1% Far Eastern__ 

.M~t 6i% iAecum.-Oullsl-i_i 

■. Fbntl of Imr.Trts— 

..... lAccnm. PnlbO.... 

Wf «* ^635= 

cot*. 64% High Income—.. 

ci (v lAcrina Units]- 

vi JApskn Inccroti___ 

.... 9% I &. Ihrital^Z 


. .CapitalFeb.7 

LB8 (Accmn.1_ 

L08 IneomeFefa.7 
302 (Aecum. UxlU 
3 02 General Feb. X 
lAceum. Units) 
Europe Jan. 28 
tAecum. Unit*) 

— Jan.24,w 
.Jan. It 
(Fbb. 7. . 


JPropiFd.-GM'r+.T- 13W - 1266 +8.7 ■ l&SSS!S5Ssr“im a 129,9 a*il “ 

852 WUn.Fd.Ser.4—125.0 13X6 -L3 _ PprtfoiioCapital WXS 43 7L- 

724 fEquitr.Fd.Scr. 4, J07 ait -0.9 — Gresham Lire Ass. Soc. Ltd. 

1-35 S£gS?» s SJl’" H5f ?+«T ~ = Prince <xl Wales Rd, B'mouth. oa 

L« -twi cx - C:ah _1004 ■ 

iS ™* < w F **'. ■- Valuauons oormaiiy Tues. g.lE quityFtmd„|95.o xts.a . 

139 Albany Life Assurance Co. Ltd. r tteiLFw- im'3 ' 

SXOJd Burilngton SL.W.l. O1-W73802 gZ Ppty.FVnd'Ztteu lmri ' 

3M n,*n .I _ GnM ££ * Sec. Ufe As*L Soc 


lreAJ-SJ 
ZSJ -7J 

78.On 


Scottish Widows' Group 

PO Box 902. Edinburgh BH185BU. 0018350000 

InvFTy.Seric* 1_(%5 965) — 

Inv. Ply. Series 2— 9X2 96.H — 

Inv. Cash Feb. 3. — %.4 10W — . 

ExUtTr.Feb.l_1326 ISSj. — 

Msd.Pen.FCb.l__ 253J 249.^ ..... — 


— Solar Life Assurance limited 


107 Cheaps Ids, EC2V 6DU. 
Solar Managed 3 _.p235 


1266 +8.7 
13X6 -13 
314 -0.9 


For tax exempt tends only 


1114 .._ . 
157.(9 +-XB 


SolarCashS..—.... 9B.9 183X ..... — j 

Solar Mana«mlP_ 123.4 129.5+8.9 — 1 

Solar Property P_lofcjs 1122 . — ' 

Solar EqidtyP-1489 136J +X1 — j 

Solar FxdJnX V _U7.1 1233 +86 — 

Solar Cash P——PB.B 20SM — • 

Sun Alliance Fund Hangmt Ltd. 

Sun Alliance Hooie. Morebam. 040084141 

Exp-FtLIiU. JanJ.1 _[£159.4 16521 .._.J - 

InL Bn. Jan. 21_| E102S | ....] — 

Sun Alliance Linked Life fB + Ltd. 

Sun Alliance House. Horsham 040301141 

Equity Fund_1993 10461 +841 — 

Fixed! merest Fd-.. lao.O 1053 . _ 

Property Fund_9S.0 103.2 . — » 

InlemaUonalFd.-E52 69 7 +0.6 — | 

Deposit Fund-953 100.4 ...... — ! 

Managed Fund_|96.8 10X9| +84 — 




Scottish Equitable Fnd. Mgrs. Ltd.* 


fGULMoaeyFd.Ac. 
flat] JIULFdAem 


28 SL Andrews Sq, Edlnburgb 
Income United—_j*7A 


335 Ac cum. Units 


iM 


FAAct-_ 
Inv. Ace. 
I^iLFdAcr 
Fixed XPm.Acc 

GldJdatLpea-Aec 

lntUimPnFdAcc 



»sl :::J z 


i !. de Bilbao Knowsley & Co. Ltd. ... 9 % lAremutinHs) 

;. { “ : -T, 1 ’ Credit * Cmce. 6 *% Lloyds. Bank: rw--.-—... 01% 

’ i f Cyprus • 64% London&.European ... 01 % jMe Vn — 

; | 'f:N-S.W. 6 j% London-Mercantile......' 63% niSSS j^rr 

... _ —(J Beige Ltd. - 01 %•- Midland Bank ........... 0 i% 

i: *5 du Kbone- .:^ ;.7;%; ■ SanmelMontagu ......... 61% SS.tj$wZZ 

■5 ji r K+.rs.-Bank.61% * Morgan' Grenfell..,v.«.: 01 % Suffi 

»s , »*;? Christie LtdL^ 81% NaUonal, Wesfthinstef 6| % 

•»io . .Holdings. .Ud.; Norwich-Genera] Trust- 61% Trustee 
n Jj I Si'a I Jank of MifL East-*, i T P.S- Ref son & Co. ;... 01 % ^S&JdjS 

> 3 1 3** Sbipley:.^.:^ ii-" 6 *%Kossmi niter Accept’cs 61% chartid.Frth 7 . 

; 3 ■ JilS, 5 . Permanent A^r,- 8 i% .- -Royal Bk. Canada.Trust 63% j^S?£jn£li 

; L C & C.Fin.:Xit£?;9.% ' Sehlesinger Limited .... 63% Manulife a 

2 -C . ’-*'*!Ltd. —....f.;,-.>7 8 ? Schwab 81% st-ceotg^swn 

gBi ^^.iHoIdingff. ,-<*■Security, Trust Co, Ltd. 71% Gwwthodfax; 

1 C • rehouse Japhet'~ ; ; 'a*%7 shenloy^ 'TrusL-.-Z.....; 91% Mayflower! 

»rr Cl®.'Coates ..Standard Chartered 61% ldtiscreohasni 

*" •' ijdated Credlt»r.^r'0j%r^^d«i DeTjrBank.^..... 03 % 

5 r ; jvative Bank Styxngs Bank 63% Memur Pu 

*ib ; ffl<5 iian Securities.:. 01%-: :Tv?entieth Centiiry. Bfc 71-% 


SpccUUwdPttndi 

I Trustee -- 

(Accunv Units]- 

Chnrihood Jan. 31 _ 
CbarUd. Feb-7,_ 

V£2%S&f- 


18640 -0.< 
2325 -XI 
IbZ7 -XI 
263.7 -1.1 

753* -XI 


-vJ 325 DeaBni'day Wednesday. GldJJonJen.Are..|J2AB 

M JS Sd»» Unit ™.««««. ttdv M SSiK!K"I.-bj S 

“fa Hi POBcx511.Bcklbty.Kie.RCA 0X2305000 ITple IirvJPmAcc, |1922 202 

ftg ££aiSs£2fa::K SS tS ™ ***** Llfe w KBSffiCSS 

M i Selteiti-UA _ SW¥TJ 3 “ ^SnxZZZZ W3 

-0 9 4A1 15-10. Uneoln’s Inn Fields. WC2. 01-02100300 AMEV Hgd. Tt- - -RQ72 U2.M -— — Managed Cap_15X1 

Ilfi UnvlGU»TMA«_te2 23.7) -8.91 3.96 A«j;NrewFtlj™ OTA Ufrf ..- - M-rmged Acc16X1 

-X0 7^7 UnvIGthTstlnc-..|196 Z0.R -0.7) 3.96 AJEV MpiPrtLFdJlOM 705-51 ■— — yjwse“ -.-1?7?4 


— (WjD hun — 

d™ 195.0 XffiB.Bf ..,.J — 

..._|U44 120.9 J — 

GromS A*SecT Life Ass*5oc. Ltd-V jS? Z!' Z 

Weir Bank. Bray-wn-Thanies. Berks. Tel 3423+ Prop/Pens. . . 1508 _ — 

Flexible Finance. J 0097 I J — -— 7£3 . — 

Xandbank Secs_I 5681 1 _...! — S quI[ ^ Pc,1 i-- J5M — 

Xandbank Srs. Ace.1119.0 12Xl| J — Omy- DepJens.—. 136.7 — 

G.ft& Super Fd. £8JJ6 | .._.J — Mtm.MkXPens-- 184.4 . — 

Guardian Royal Exchange i*el Pensions LUL 

RorelKx ehanre .&Cf_ Milton Court. DotBob. Surrey. an 

Hambro Life 'Assurance^mlied* NSSiq.AmwaZluys uv^-oaI — 
7 Old Park Lane, Loodon, Wl 01-4080031 NeleaMoiwy Cap., *2.7 6XW J _ 


Nelex Mon. Acc.l65J . Cl 

n3SgKcS:SJ • Sol.j Z Sttn of Canada (U.K.) Ltd. 

N«± wS. day EobFg. 2.3.+.Coclcpur St.SWlY5EH OI-0OQ54OO 

Maple I J. Grth,._| 189.7 I.J — 

New Court Property Fund Mngrs. Ltd- Maple u. HangtL 13X3 I.._..] — 

SLSwttblnsLane. lxmdon,ISC4. 01-064356 Hga J — • 

N’.CLFr.F.Doc.30—[124.1 I2X4| ... j _ rtmUPiLH. -1 198.4 | .J - j 

Next sub- day March sl Target Life Assurance Co. Lid. 

NPI Pensions Management Ltd Target House. Gatehouse Rd.. Aylesbury. 

48.Gracecbureb St, EC3P3HH. 018234300 g.*™ L L , , i ' 3 ’ 1 t2‘S 5r(QaOS ® 41 ' 

■HBSW-HMJBfcsir BSla MBfe H= = 

Norwich Union Insurance Group RSS'Frite?- . “ * 


104.6 +0.41 — 
105J — 

:03.5 ...... - 

69.7 +0.6 — 

IM 4 __ 

10X9 +8J — 


AMEV MBd-Pon. B-nOO.7 


iff} Stewart Unit TM. Managers LUL (a) j FieriplanZl 


«19j -23 

MoS -tS 


142J) -10 
.26911-U 


4.77 +& Charlotte Sq, Edinburgh. 
Stewart Amertere Fired 

;vT Standard Unit*_(B.9 57, 

2-S Arcum. Units-(58.1 • 6X 

Withdrawal Units, (44.4 47. 

. _ Stewart British Capital Food 


__ 18J6 

-4.0 7JB 
—4J 768 
.— 601 


'Standard-026.5 XJ7M +X0J 3A5 I 2S2 Romford Hd, E.7. 

Arenm. Units_[14X3 155J| +UJ — | Barelaybonds 

Equi 


,00-7 166.1 .„.J — GUt Edged h223 

I9J I84.fl ./...J — Fen.FJTDep.Cnp—[126J 

D3i- 221 3271 Arrow Life Assurance IS^E^Ps 

„ , 30 Uxbridge Road. W12. 01-7489111 Fen. Prop. Are..— Kb®.0 

1-1 X75 s*aJBtFd.Cp.UnL. 1613 6S.1I_J - RTTS!^;?-—ET 

I -""I SeUDOFdJSLl'ni—197.7 KOS ..-J - ES'^.'^eSr-KS? 

Barclays Life Assur. Co. Ltd p.-n i.ntEdc. Ace..|i»7 


ManuLife: Management Ltd 


San Alliance Fund Mngt. Ltd 
Sun Alliance Hoe,Horsham. 040384X41 

I* 


S t.Geot affsWky.Stevena**. 043868101 Target Tb*. Mngra. Ud* (aKg) 

Growth.(M il-—K 7.9 50*—-1 AM Sl, Gresham5L.EC2. DeaUngr.02905041 


«”“J&K2tZ=S it z Norwich Uni« 

3 l s z SSKSfcB Z z 

j-oa _ Hearts of Oak Benefit Society Equ8yFiind_.r 

-8-3 — Euston Road, London. NW1 01-2876020 — 

...... — Hearts of Oak .... B55 57J9 I Fixed InL Fund 

-R - Hill Samuel Life AssurfUd* SSSfflRTjSi-is™ 


Mayflower Management Oft Ud 

14J18 Gresham BX.EC2V 7All. . 01-0008000 


Target CommtxlitT-l 
Target FlnanetaLB 
Target Equity_J 


IncomeJodS*-OJ 02 116.01 _...| 7M rarer* K» PobTl 

General Jon. 24-™?X1 74.5) ....J 5.75 Acc. Unite. 


:«; auiTruii *t— 6i%". 

“ . ' *i l TVnn«innt : ' s • R~ ^ ,r **-^ •* 


Mercnry Fund Managers Ltd 

%). GreshamSC: EC2P6EB. 018004555 

H^ia 

MercJnLFrbft,_,1556 MM-OX 365 

Acon.XHjO»«fe6_.M6 6XM _o3 X85 

McrrJJxX J«n3aZ: glX 9 22DJH —J 4.15 

AccumuGU. 101X28-052.9 263.41 J 415 


TbraWGile Fund 

_Target Growth _ 

4555 Target IntL- 

459 Do. tbrfnv. Units 
4.59 T*ripxlj>v.__. 
365 Target Pr. Flab. 8- 


341 +8. 
6X4 +0, 
17.4 +8. 
207.7 -51 
275.) -6. 

323.1 . 

».o +o: 


-1JJ — *Prepeny I'nlts- 

+8J[ — Property Series A 

. . ... .. — Managed Units 

_ *Current unit vajue FOb. ft Managed Series A 

-6.7) xa Beehive Life Assur. Co. Ud* unite 1 ” 0 

In i aS 71. Lombard Sr, RCft 018331238 Money Scrier'/L 

„„„ 222 Black Horse Bd_| 32853 [.J - gmedlmSer. 

^ 222 Canada Life Assurance Co. 

Inj 40 28 High St. pBtters Bor. Herts. PJBar 6112= ftes.Gid.Cip 

„.Z 9.15 Grtb.Fd.Feb I-1 57i | .J - {?“* l, '4 „ 

. M .92 RetBd.FM.Feb. 0 -l .UOB | — Imperial Life 

-*-0 3( 462 Paima n ASSUIlDCt Ltd* Imperial House. t> 


' ■ ■ !> _" “ • • aift-T «» cams dojkw 

.,S.3>.. Gibbs V4%'.. ood-.-nader S%. Up 40 £8,800-UK 

i ! ^»ieUB0 Guaranty./. -6J%: . m«l over £= 5.000 «*. .• 

,«• iS^i&ys- Bank 4 MHz# ^pwfljn jwtr 21,000 7 %. * ' 

;i i Jo**.,**** 4* 

'T » -■5ga!i * ... 

' '&:* 7 COVE..INVESSfENTSXlMrEED.^: • _• 

U'i^'j Excbange Ave-; London EC 8 V 3LU. TeJ.: 01-283 1101 
vT'tfjSisidde 'u.nt-7fh Febniary, 1878 MBase lp0 at Id 1.77.) 

-,fr 2 @;?.e Fixed Interest Capital ..135.00 

Fixed Interest Income .... -123.17 


Mldlond Bonk Group Target Tst Mgrs. (ScoUand) UKb) 

Unit Trust Managers Ud* (a) ' ip, AUx>) cnocenx£dlo-3. 031 - 2200021/2 

C ourtreul Hobos, Stiver Street. Head. Thrget Eagle-(^-5 24-3 ■■*■.■! Hi 

SBeffleW, 51OTLD? ’Tel: 07*278842 Targe t Thistle-..—.^72 +0ffl 5.» 

CmunodUy ft Gffn.. (556 »6| *0 Jj 667 E**W Income Fd._f»63 646( +02) U67 

liSaj BS »«l« Union Unit TRLMenagera* 

DO.AretwTZZZ: K3 367 -HU 354 100. Wood Street, ECi 01-0286011 

Capital— .. ^. , , .. 237 25.4* J68 TtlDT Fbb. X..™— («.9 521| .— | 522 

S5^S ST-'7- 50 J- X6 3 637 Transatlantic and Gen. Sen. Co.* 

}§^«inzz || gj jj If? aio, ™ , ‘ >ni0M55, « 5! 

■pd.ACCtm. . 603 _ 64JJ +0.4 l® Rnrhn Feh * 


•Oimrnt linie vmJuo Feb. B. 
62i Beehive Life Assur. Co. Ud* 
71. Lombard Sr, EC3. 01-6 

+ % Black Horse Bd_| 12853 [. 4 


Hill Samuel Life Assur. Ltd* 

NLA Tut, Addlseombe Rd,Croy. 01-0864355 

--- 132M .. J - 

102 7 .... — 

160+ _ — 

«.§ . - 

93.7 ... . 

124.7 . — 

1H1C . — 

974 —0.4 _ 

150 2 . _ 


Norwich Union Insurance Group Ej^Ej- jj{*- 

PO Beg 4 Norwich N1U 8NG. 0003 =200 Fixed Im. FdT"luc.[ 

Managed Fund ,—BB2.9 21361+141 — Dep. Fd. Ace. Inc_ 

Equity Fund- 3166 3306+29 — Re^ Plan Ac. Fen., 

Properly Fund___ 120.7 1276 .... — ReLPlanCapJVn— 

FherdInt Fund.— 1563 1645 +1.4 — ReLPlanMonAcc., 

Deposit Ftend-10X9 U7J . — Ret-f9en)Aan.Cap- 

Nor Urdt Jan. _ 2tQJ ...... — Gilt Feu. Acc._ 


SSKttfczl KX I = : 

Target Life Assurance Co. Ltd 
Tarect House. Gatehouse Rd, Aylesbury. 
Buck*. Aylesbury 10303041. 

Man. Fund Inc.i_194.9 100.41 . — 

Mu& Fund Acc._1124 lift* . — 

Prop. Fd. Inc.—_-1026 108.71 . — 

Prop. Fd. Are_ 1260 I. — * 

Prop Fd. Inv.- 99.0 J . — 

Fixed Inx Fd. Inc. 1096 1156|. — 

Dep. Fd. Are. Ine—97.1 1025^. — 

Ref Plan Ac. Pen., (16 7« -i 83 _ 

Ret. FT an Cup-Pen_ 36.5 6X71 +0.4 — 

RexPlanManAec., 1166 1255/ .... — 

Ret.PlanJlnn.Cnp— 110 7 11721 ... — 

Gin Pen. Are.-137.0 -— — 

Gilt Pen. Cap_^(l3L4 13SXJ . — 


031-2280021/2 Equity Unite— 
31 ..,..1 1611 Property Units 


24 Hlfih Sl. /tetters Bar. Herts. PJBar 611= Ites. Gid.Cip. 

Grtb.Fd.Feb 1— ,1 571 I J _ l, '4 

RetmLFed.Fcb.0—| .UOB | — Imperial Life 

Cvnwik As&umiCfe Lt^.^ InperUl Kohm. Gutdfot d, 

1.OlympicWy..WembleyHAflONB 01-8028876 ^ IH2 

Equity Unite-10676 - |-O08| - F<1 Fo Sr3i1 jSteS. P 


Phoenix Assurance Co. Ud v-..+ - 

4-6 Kina Will lam Sl, EC4P4HR. 014369678 Trans in tenkatioail life Ins. Co. Ltd 
Wealth Am. _11026 10BJJ _| _ 2 Bream Bldjp, BC41NV. 01-4050 407 

KkA-zdhi^lS-zlz TteuSSSS-wrzp:" VH %z 

PrB9 ‘‘3S t "' As ^ Co - T ffitSMas: ^ ■ StJ = 

1 tfteraWfordstreet W1H2AS. 01-4880857 Man. Pen. Fd. Acc. .|U7.0 1231] — 

ftj S ESriS%d?'Z:| w?i I -J j Z Trident Life Assurance Co. Ltd* 

Do. Fk. Mn>. Bd. FU| 15X9 l -21| - Remlade nouse.Gloucester O45230S41 

Property Growth Assur. Co. Ltd* SftTWfS-[H? J SSjl.I ~ 


a-007 _ 

a+o«z — 

S-0.5 _ 


Fixed Interest Capital . ...... .135.00 ,■.- 

Fixed Interest Lnconie .... 123.17 

* : . ■ 1 ■ ■ . ' ' J' 1 . . .""■ lil :. - 

-CQ*Ah INHEX^ose 45*464 : . 

■ *■ j -• . - ..T."- ■ . - ——- 

^ INSURANCE BASE RATES 

n ; Property srovtfr 7496 

S ', ! Stg 1 \Cannop Assurance i- J m u\-x. —.1.^..—- :. _4J% 

~ i jiji’J Vaabrugh Guaranteed.;:- 7.25% 

jj “^ 7/Addrcaa shown-. unfl«T IqffRRBEt KOd. Properly Brad TaWe. . - 

5 ! (limi(ed'01+351 3468.' ■ : sTfiree iuonlfa Copper 635.5-841.5 

S I Road, London]SWld:fiHS:V ; V. ; • 

S-r5T?? ...... “ ~ rtr-TT “ “ ~- 


tetqrteMre riL^, I-?? Barbican Fab. S,— 

rSiit?S^S5=;-s2 Buckm.Feb.2. 

grasa^isi 39= BS I5sss.liffi 

•Frtoea at Jan. IxNeri deafina Feb. 28 
Mhrater r**d Managers Ltd gfrf| 

(finstfrB8dANDarSt.B.C4 - 014331030 <ySFob.7..- 

Minster J fen.(3XB 3661 ......1 5J4 (Areiun. Unite) 

Exempt Dee. M_^4 8M ..... J 692 Marlboro Fteb. 7. 

MLVUnlt Trust MgemnX Ltd Y^T<m^klT 
DU Queer Street. SWlH 8KS. 01-8307333. (AccuaUriM 

MIAUritr^^pu 364] -O* 467 
Mutual Unit Trust Managers* (a)(g) (Aecum. UnlisJ 

^ S5S®3- 


97.* —ID 
9X3-0.7 
105.91 +02 


Growth Fd. Feb. 3, 163 2 7411._ 

Pens. F 6 Feb 3_.1640 69 6|_ 

Unit Linked Portfoliti 

Managed Fund-1943 99M .—J — 

FtxedtnLFd-g5.0 100 M .... ] _ 

Secure Cap Fd-_[99.1 100.lJ — I _ 

Equity Fund,—,.,, 195.0 10 O. 0 j 4 — 

Irish Life Assurance Co. Ltd 
IX Finsbury Square, EC2. 0142883 

Blue Chip Feb. I_166.7 7021. 5J 

Manared Fund_ 01 X 6 222a — 

PTOpJIod. Feb. I.—.1167.2 U 6 « — _ 

Prop. Mod. Gth._taxi I90i| _ 

King de Shaxson Ud 
52.Cornhin.EC3. 0142354 


T1SS5 Leon House.Croydon,CR81X15 


7411 —..I — Property Ftond 

wrty Fund (A> 
cultural Fund 

,2?3 ---J — actIc. Fund IA) — 

100 M .... I _ Abbey NBL Fund— 

loo.lj .— I — Abbey Not Fd. iAI. 

100l 0| .J — Inveitnwnt Fund— 

Jo. Ltd Investment Fid. (Ai. 

EquityFund— 
014288253 Equity Fund 1 A 1 
703 . 3-*® Money Fund — 

222a — _ Money Fund )A1 

176M —. — Actuarial Fund.. 

19061- — GUt-edped Fund 

GUbEdSedFd.iA 
, __ ORetue .\msiq 

014235433 olnmied.Ann*qr. 


+04 — 
+0.3 — 


L3, CopthaU Are, EC2B 7BU. 
HntsriStiLFhu—.(48.4 511i 

Mutual Inc. Tst__ Eu. 60.8 

Urinal Slue Chiu, HL2 44J 

Mutual High YldZpA 62J 

Nstlonal and Commercial. 


So. Aecum.,,, 


M5S 
54.B __ 


99.41 
Ul| 
9721 
38 Sl 
27.oj 

Current rahu Fab. ft 


2 M Capita] Life Assurance* 


647 Tindall Mutagen Ud* 

IS, Canynjre Road, Bristol. 


Wc Bri mbare a pcaccM pa^rie. When awar is 
KIv^p over vrelD&c.to^OflsjSQ it to t&eiijs^y-books:-and 

• But f« a»»fi tb^wars Eve bn.-'lWdisabkd from 
both Worft’Wars aud fiom lesser camj^sas, now all 
too easily forgot ten; thewidows, the orphans and the 
rhndfga-for them tteirwariivesog. ewerv day and 
iMaSaliday^-; 

In many cascSjpf coiErae, tiiereKbe1p from a •: 


: 'Jmrn KffSitSSC —"“ • 

y/iThis Is where AfmyBentwOlga m stcps in. With 
- '/ml understanding. With asrase of tagency /.. and with 
• XHOlpnictk^Ufinandalhdp^ - 

. WW To us ]t is a privacy tohdp tbraebraTC moi-and 
r ? * iEfflS^ womens^too^PfcasewittjofiHwp us to do rooretWe 

Kara! raustnotlctoiirsolSm^o'B-a.. - 

1 -he Army Beneyplent Fund 

r* P ■ r 5<^dIers, ex-sold>ers3»d Iheif fexnifiiKifl distrcs^ . 

; *’ ’D^tjPT.-Dnke ^^tk\H^tohd6if-SW3 4S?’ •*; - 


sfiSSsssa^sairTS 

!»*»=«■ ii d II .iSSfiSt 

(AmmL UBHsv — jSSj 1524 -—-1 5J6 (Aecum. Uaiui 
Nsiicmil pravfden t Inv. Mtagrs. Ud* gggfJBjjJ 
48, Cracectercb St, ECSP3HH 014234200 TnL Earn. Fob. 1 

NPJ, Cah.Un.TH_.144.4 47fl 3T5 (Accum. L'nlU], 

(ArettBL Uoiter*.—.T53J 56g .—A 3JS StM. Cap. Feb. I 

NPtCKaahi.T!rust—{ i£l 4 . 117.3 —J (Aecum Unite), 

lArctmt IfiritsP* _|ll7J 124.7J ...,J WO Scot Inc. Feb. 1 
»*Prfc«on Jan. 20 . -Next doollnc Feb. 23. n^iGi* 

■ • Trices Fri).. X Next dealing Feh 1& • rnnitaiGmutb 


1W.9 +02 — Band Fd. Exempt ,1113 J4 114771*0061 — I, r , , .,| L 
99.4 —0-4 - Nest deriJ^ date Feb. tftV 

+01 - Gort.See.Bd-fl»2 157.001 .... | _ 

5J 3 ~ I-angham Life Assurance Co. Ltd vinv.F?uts_ 

27.0 HD5 — LaashamHs.HolmbrookDr.NWl 01-2035211 I>»»l wFd .Ute. 
... v— Current rahu Feb. ft Uuighflm I A > P1aiL-K3.9 6721+4.11 _ KS“''£5“rS: 

47 J -ol? IS Capital Life Assurance* ^•HFUNMinm 

Sl -U 3 “ l^lT Wn | “T“ ll Le S aI & Gen * r ^ W** Slur.?Lid XrSS.SF-.~- 

ik^s is I - ssisakfiar Kta *®S:Hausa 

44.7 619 Charterhouse Magna Gp.f • c»»h hmui_|95i iooz/ZTl — Bds.s 0 e.c 4 p.UL. 

«J — 619 ]ft Chequers Sq, Uxbridge LTB81NE 32181' g°- 

TXt - Ik Chrthre ffeerey —..US 8 36R . - 5 

3-3 . Jg ChrOue. Money— 29.2 20. t . - S g J jffigj 

W.7 LU ctothse. Manased, 38a 40 .B _ E*™ 11 

7671- 662 StS£EqS3y“lM3 JU ' _ $».teum... 

027232241 7 , " rropertj-Inldal 

100.4 7.70 City of Westminster Assur. Sec. Ltd Po- A cena.---- -? -*p»«_ 1 — noiboro sar*. eci> 

17ftS 7.79 Rincstead House, ft Whitehorse Road. ' Etnitt.Fd.Jan. 18 _ 

3X61_ 4,54 Croydon, CROU A. 014840094. £ a ? plcu 11 tniL 

»= iS ESSSfcSV W=d - 


Growth Peasteoa ft Anuullles Ltd. 
ther Ac. IIL 


—■■ Sri I Cfaithae. Uanagcd..: 
--1 6®* \ Chrthao.Equity—t 


togfe Heath 3M56 

lSSS +X3] Z • Pren 
US4+-LB - 222, Bij 

1193*0 - prov .V 



Manaeed-[119.7 126 SI . — 

Gtd.Mfid-147.9 1566 . — 

Properte_143 153J - — 

Equity.’American _ 773 B2.4 . — 

It.K. Equity Fund- 102.6 108.7 +X8 — 

Hlah Yield—-U8.0 146* . — , 

Gif: edged_ 122.6 1291 . — ! 

Monur_1203 1261 ..... — • 

International — 92 7 962 ..... — 1 

Fiscal._ 1273 135.W. — ; 

Growth Cop__ 127.0 1345 .... — I 

Growth .Are_ 129 7 1373 ..,. — 

Pens. Stolid. Cap_1123 119.J — 

rcajB.Mned.Aoc.,.. 2153 1226 . — 

Pens.GtdDep.Cap, 100.7 1066 .— — 

Pens.Gid.DepAre. 165 4 1093 — 

■Pens Ppty. Gap- 11X 2 U7.I — — 

Pens. Ply. Are_1142 12LC . — . 

TrdL Bond_S53 373 . — 

TrdLGI.Bond.| HB.4 -Of — 

•Cash value lor CUU premium. 

Tvndall Assurnnce/Pensiens* 

1ft Canynse Road, Bristol. 0=7222241* 

3-Way Jon. IS_ 120J ....IJ — 

Equity Jsjv 10- 15X6 — — 

Bend Jan. 1B,,,_. 1682 ...... — 

Property Jan. 13._ 1004 — 

Deposit Jan. 19L—.. 125.2 — 1 

3Way Pen. Jan. 18, 1«23 ,,. - j 

O'teas Incjan. 13, 610 — 

NoJteB-WFeb.1— 1646 — j 

Do. Equity Feb. 1— 2J« . ! 

Do Bond Feb. 1_ 1880 — J 

Do lVop.Frb.l-, 8X8 ,— — * 


h.h. 5.75 (Aecum. L'bIUQ, 

.»... 3^ geoLCap.Feb.1 

_ 3J0 (Aecum. Unite), 

... J- 320 scot Jnc. F*b. 1. 


?! 

566 City ef Westminster Ass. Co. Lid Ewapt Fixed ink 
S *J JUnttfteod House, d Vhitebone Rnsd. 

5.46 Croydon.CR02JA. 01-R84M64. gJ'SKm?*’’ 

SS West P»p. Fund-.,J57.0 U0| J - EVriSpro^TiriL 

Do. .Vccura.__ 


•Prices Pkb.-l. Next dealing Fob. 15, • ^SludGro5th , * ,, * 

Nsfhmal WeatndulafW wSrowSSrih 

loxchosjwide. Bear ecu. oi4w raop. . 

CaricollAKumJ.ZlS7Jt .*£^+0.7 4,79 nnudriF?ity^.. 

^»iac__642 . .riS+Ol 7J7 Do™uul..-Z. 

- —2-9 HighSc, Priority~. 

G areth inv.*——9J-7 teWh^oasl- 

Income, .... .... Jo5 • 37Jj +0J 6.55 soeeloISiia,.,-..— 

Portfolio hir.Fd— bU 703+0.9 4.B ZZ“ “ Z” ’ 

Drirenml F0^*Z.j466 54 . 3.00 TSB -Unit Trusts (y) 

NEL Trent Mougcra Ltd* (o)(g) 2XChMbT^.^dwnHhDfo/ ^D204iSSI 
MUfoaCkmiLBaiUas,Surrey. Wl njireBt^nW-^gS 0 * 1 3J 

Fhr New Court' Fund Managen Lid. ibilDu.Accum+++.,gf4 Sfa+2-f I 

lee RothidtUd,Asset Wanagcneni JgKJfflotrr:® JJ 

Norwich Union Insurance Group (b) *n Kt#Y] . jv_ nW 

P.O. Box 4, Norwich. NRl 3NG •* 060322200 " ‘ 

’rf'Vjar wm+ss® 

SSwi Unlt TnSt ACCW1lt * M « Mt ' U± 

KtatWIlUarnSLEaRBiUl 01412348 

li . :»1^3 6B ^?sH a ..Fteud..,M60 WW 4 
p2£u£?Z.~. 70 i- h|+ 03 7JO WleIrTGrth.nid.+.te7 n|... J 3. 

PtesrUIaUTSL-— 33B £3 *M 5J7 Oe.Areum. _+~.I».7 MJj .,.J .3, 

(^rinaq. Unite)— i*20 . 4521+06J 547 wider Growth Fuad 

Pdf Cam Units-AdmiiL Ltd <gXx) King WllllaiuSXEWR BAR • 01-42348 

MPoudaLoSUManchester- D01-3M6085 TneomeUnite_..(29.7 . SLS .„_i 3J 

PeUtan Units—l_f77J ’ v .85,6} +0.91 547 Aicum. Unite-[3X7 JSSjZZj 31 


Doalfu 
(hlTSB General— 


I'm (hi Do. A ecum._526 

■*3» fl>i TSB Income—»J 
d ibi D o. Aecum—, 1 58.4 
| TSB Scottish-- rt.4 

_(b> Do. Ac cum.__ 73 .7 


to IBM 63438-3 . 
H5 44M +0J 


S'! —I S West Prop Fund-.,157.0 60 01 . — 

S-j — 509 BUuajypund.JIM 6 17SN . - 

Midi ~Z 694 FaroXiSnuriZiiW.l %& *°.l z Legal & General Prop. Fd Mgrs. Ud RerslShieldFd._..|129ft D7JjZi.71 - Guaranteed see ‘Ins. Base Raas' tablo. 

M0j»Ftend-_r"mft6 ZZ — u. Queen victoria 2SUGC4N4TP oi-MOMtt Save & Prosper Group* Welfare Insurance Co. Ud* 

liS io3 6» PULA Fund':: Z„S^6 iSf - LtGPrP ' Fl nm^SuFdw "'' •" Tbo Leas. Folkestone, KenL 03(037333 

42.1 +D.i Im Life Assur. Co. of Pennsylvania %j 

$ « Commercial Union Group um “T^ sl ^ 2? “ _ “ f ^ r 

62J +0J 045 SLHelcn'i. 1, Undorxhaft, EC3, 01-^37300 t Tat Mrorro li) CtraroJcM-Fdt—195.7 $.m.i 1 — Windsor Life Assur. Co. Ltd. 

13 J «* SSKiy ”;S |r ** " nga ol£™ ^ SI A z 

Confederation Life Iosurance Co. ^«Q.(H-65j 785 iipc3itens.Fd.t—wi WL2 *?.J •— JJmiroA«tdGihia>f®' »“ ”1 *- - 


Z ■ Provincial Life Assurance Co. Ltd E'S^SKi™ ^ | Zi.\ Z 

— 222.Bisbopsgate.CC2. 01-2476533 , 

— Prov. Managed Fd..ril«.4 i 2 o« j — \ anbruffh Life Assurance * 

— -&SI S3 - 41-43 Maddox SL, Ldn. W1R8LA. 01-^04838 

— Lilt Fund 20 . H- H218 12S3j +L«1 - Managed Fd. _ [1396 146.7]+06J - 

Z Prudential Pensions Limited* Equity Fd_piaa 2262] +3.01 

— llnlborn Bars. EC1N 2NH. . 01-405B222 IninL Fund. B46 B9i-0.1 — J 

Equtt.Fd.Jan. 18 H23 23 "23951 I — Fixctl Iqt+ru Fd—170.4 lW-te+XO — 

“ Fxd.liiLJan. 18 —1^.44 ll|| "H — WlN-IS'S . — • 

~ Prop F. Jan. 16_QUO 24,771 _I —' L * a " pund -- U6 - 1 12U I ■•-•.-« ~ 

— Reliance Mntnol Vanbrugh Pensions Limited 

“ Tunbridge Wells, EcnL 008222271 41-13 Maddox Sl Ldn. W 1 R 6 LA 01-4994923 

_ Rel.iTnp.Rdx._| 1922 | v . | _ Kaiioj*d-N50 wOJ — , 

— Royal Insurance Group w^iatemL.Z.. «j u»SZ 

_ New HaJI Place, Liverpool. 0513274422 Property-|9SB UM. — 

Ltd Royal Shield Fd._. |1296 B7J) -0.7] — Guaranteed see 'Ins. Base Rates' table. 


29JJ+IU] 567 Do.AqjiuiiyUU,,..[ 17.66 | .] — 71. lomb ard St, EG3L 

TSB -Unit Trusts (y) Confederation Life Insurance Co. srj!?’ 

2L Chantry Why, Andover. Hants.* 020482188 50, Chancery L.M.WOA1HEL 01-2420282 *jP*™W* AMUm* 




VEqultrFund._MU 15401 _ 12LeadenIialISL.EC3M7LS. 01-0238821 T 

3J9 VUanajmd Fttnd_177.7 1X7 C — MIL Gth. Feb. 0__126467 _ _ c-hmrtrr T i 

369 PeramaTpon! Fd._ 706 741 : — OpcJPrp Feb£_.. U2S 1296 . - “ ro ® er ,“ 1 

7 S Equity Pen. Fund- 2143 _OptSSqtv.FohS—Ut&5 1246 — EiftespriseVk* 

7.8 PwcoIbl Pen. Fd 1996 — Equity Jan. 31 

2,94 Mixwged Pen. Fd-~ 1784 . — Opt6Man. Feft2_ 14X0 1486 .._ _ Equity2Jan31 

364 Property Pm-Fd... 1246 _ OpLSDepXFeb.2,. U98 1262]. — Equtv3Jan61 

VProtectod In. FoX 3614 ...„J — London Indemnity dcGnl. Ins. Co. Ltd j"" 3 

lml Corahill Insurance Co. Ltd. 18-».TboForbury,Ileadii«58351X IoL(7rjau3“ 

32.ComhHXE.C6, 014003410 S‘JJ e 2L Uan ** er -—S* 316J — Y ft S Gift Jan. j 

CteohalJan 15_[U85 _ I . I _ Mil Flexible.- 125 8 273j -02j — KftSGLScJan, 

GSSpcc-Jaa. !5,~,M96 — Z.J — Fixed Interest, -.,041 V%M -0J| — Magd.iFixiI>&: 

Kn.dtLFd.Jan.36.|U9.0 174.pl ....3 — The London ft Manchester ASS. Gp.* ■ff n 0d 3 ,J^I 
Credit & Commerce Insurance The L*as. Folkestone. Rem. 0303 x 333 Money 3 JaiL 3 l 


priees on ‘January I 
TWMkly dealings. 

Schroder Life Group* 
Enterprise Vkmst.Tmtnngua. 
Equity Jan. 31. 

Equity 2 Jan 31 


+ 0.1 

li 


Manchester Group. 

Windsor life Assur. Co. Ltd. 

1 Hifih street, Windsor. Windsor 08146 

ii/e Lev. Piano-168,4 7261 .....I — 


023S3SS31 ~ 

JU^+SS 4« aSTJlJISC* 


01-023*931 M.wn.Fa.«n.+o.|«a.u i/a.p( ....^| 

4.72 Credit & Commerce Insurance 




Equlw3J«L31 
rixedlnLJan61 
Fixed int 3 JanJl 
InLirrjan.31 
Y ft S Gilt Jan. 31 
KftSGLSc JanJl 
MnpXiFixUanJl 


Sa ■■- j 112 taxB«8m sl, LondonW 1 H 5 FE. 01-4387081 

.d» oicmwaiw— [mo booj 

Crusader Insurance Co. Ltd *e*pl.W. tm. Fa, 

., - D1 ^ 3 ^l Vlneuls House,TowerPX.ECX 01-8MB031 


Deposit Jsn. 31. 
Property Jan. 31 
Property3 Jsn. 31 
RKPn.Cp.Jan.31.. 
BSFn-Aee Jan. 31. 
Mn.Pn.Cp. JanJl. 
UnJPiuAoeJaiiJl 



FutureA«sd Gthi»' 198 •- 

Future.Vud.Gtbibi. g.O . — 

Ret Assd. Pens—. £27.75 -+ 

Rex. in'. Growth... 106.4 U2.0| — 


NOTES 

Wrat donot Induce J premium, exeem vhwi 
lndiented ♦. and are in ponce unlew otherwise 
Indicated. YioMr H ishown in last cotinnnl 
(O)ow for all huytnR eipcnsraJ Cnered prices 
include all mpenevs h Today's prices, 
c Yield hnsed on offer price, d EsUmoird. 
r Today's opcniiu: price, h Distribution Ireo 
*r r.K. taxes, p Itenodic premium fnsuranc* 
plans. a Kiasle premium Insurance, 
x Offered price includes all expenses except 
Brent'* eommlsaion. y nnered prtee Include* 
all expends if bouuhl throu.ih managers. 
1 Previous day's price V Net of tax oa 
realised capital pains unless indicated by ft 
f Guernsey qros>. # Suspended. 4 Yield 
before Jersey Ux_ t Ex-subdivision,. 



























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































IN*. TRUSTS—Continued 


AmxwrEl— 


. i + K 

Priw 1 - t 


waw^TOp— 
Mr fads. 9p 
nsfU 0 n___ 



Vn ’.TO! 

Sk CirGrslP.Z 


- i M 1-1 1 15 |U' 6.41228 
IKIml | 125 Ul jgiL5i l.OjlON 4 


FINANCE, LAND—Continued 

rr-n i ; > on of* { (rwi 

i Dnc| Sack i Pncr ! — | Net [TnlEr's ]KZ 

• 22ij [J?n*i<;rv in- i 54 j.{063 I t2| i.4|3r 

SO Mama'HI 1 3a. 63 i-1 5 98 1114 4 < 



14 3.035.0 

% {. £4, 

dh0.48 3.4 4.1 152 


\m 


143U Dominion fc Gen. 


CMi rV ,. - 



A-MUi: 112 Ul 


SHIPBUILDERS. 



Do. Capital £1 


isr-39 i ; 

HJfih Lot | Sack i 

■a ! 2 ?>; Kip&eirv :>*.; 

73 |S0 Marlin 'HI* 5p.i 
12'a 920 M*sM*A 8 itr 

:g 13 n.m.c.ib-o 

25 wo v.wo-rc S'::« 
!■■•«* ParamhelOp .. 

23 10 FVkK'Mflat_i 

07 120 PcJr*j* S.Svs.j 
57 £41 Pre»M:.F>^: 

12 7 si.fa.'nttlC'r-1 

31 47S a Sect-iSere. A’. 
51 £40 S.E.U-',pcAnn_! 
61 37 Smith Bp,. .- 1 

13 7Si Stte.?K.HE50c 
£33V £27U SueFut-Nr/jj. 
£ 20 ^ 900 jTiMs.H'd.K.lpJ 


54 :.{068 . 

63 i-l 5 98 
970 -20 (JH 16, 
17 -1 I L3 ■ 
225 — 

10 . - 

23*1 L0 , 

182 -2 6.19 
£4F« -At 

lOfe. »0 44 

127 .*3 02 

£50 _Q425 


- 7.5 - 
07 13 6 11 


26 6.4 7 
3.7 51 7. 

M 63127 
17 3 9)22. 

- si - 

UUljlL 

— ioi| - 

* J S * 

1710.$ 

32 n 

35 


^nitrnaliona / 


tnancier 


SECURITIES 






S 


■ ■] S 'T-'JD.GOoplOp 

>- !a 

. 1 ' 

i* -a 
!J, 3 
:-?i ft 
- M 


87: +i- 
57 +1* 

28 _ 



72 

73 

Is 

47.4 

13 

27 
4S 
ZA 
to 
63 

io a 

4.4 

Mi 

173 43 
JA 92 

- 9 ah 
i2, U 



129 101 lRunrknanfW .1 


■lllS 


5.9 243 
55 231 

II 5.7Z3.7 
« 4.9 « 

III 55 243 
ID 10314.8 

6A243 
1.6,743 
32 45.0 
4.7 355 




LEATHER 





PS j m 

db& 
2 


ilnsslOp- 



82 
450 
90 
31 

Gold Fids. P. in*: I 88 
125 
108 
305 
35 
160 
6H2 
455 
57 


W 



295 
63 
211 
212 
68 
27 
282 
214 
£52 
338 
66 

355b 
22 

arnica Sv* - —1 12 
73 
43i 2 
267 
85 


9 11 

41 22 





t 

I: 

2.6 [ 2 ' 
2.46 1' 


tGartsip 


Sslr 


£h I 33 


ejSISASUSl 


. 6i 
3 

7.61 2.41 7.B 
6.6 6 .H 33 
24 67 93 




mv* 


£324 
325 

69 _ _ 

42 IRoaedimoodlK 
30 

103 

43 I Safeguarding 
88 l5t Andrew Trt. 
58 

Sa 

90 
103 
25 
75 





rj 

lOJJ 3 !? 

mi 

12.M 5.8 
4.2 
72 


taLfA-HOp- 






52 
124 
103 
82 
194 
120 
142 
59 
SI 
" 4 

85 

iSP 

w 

—. 32 '■ 
li J 112 

111b 

m soja 

p 

76 
5?»2 



14 4 7 22 9 
t 55 J 
1.0 4 0 394 
L0 43 34.fi 
” 7617 9 
11 7>13.7 


186 
83*2 

172 
30 

- , 7 



3 

10 
102 
66 42 

JUfeBQ 
-241 )% 
ST 35 13 

1961.23 12 

32.61 59 27' 


m 


12 
Z7‘ 
36 
32 

!-Z7 | 15 




100 48>s 
67 14 

I 23^2 14 
1?2 8 
126 28 
17 10 

97 34 

120 60 



MINES—Continued 
CENTRAL AFRICAN 


vn-n | i 

High Lnr| Slack | 

295 70 iFaleonRhJOc— 

24 9 RbotTnCorp HJfjp. 

165 52 Roan Coni. K4_ 

164 115 Tanganyika Sfp— 

80 70 DaPretWp- 

42 27 MokieCot.Rh.I_ 

27*j 10>2 l2iuE.Cpr.XBD0.2i_ 


l-wr | Dh I ’ lYM 

Me* I - I Net ICoj&’a 

180 — Q50c L3J26.0 
21 +1 057 43 43 

65 __ - - - 

133 ...... QUO 13 83 

78 ...... Q9“il64 92 

38 -i-l (tfije 1.4168 

10h _— - — 


AUSTRALIAN 


20 10 

127 57 

128 69 
325 119 

65 18 

112 77 

35 10 

242 125 
105 10 

r* i 

120 79 

12 41; 

144 67 

55 20 

£13 575 
19 8 
555 345 

164 as 

75 40 


39 18 

395 240 
57 25 

260 155 
570 260 
D 8 
325 190 
145 72 

100 60 
101; 7 

85 50 

490 260 
410 217 
46 40 

70 50 

215 133 
90 35 

73 55 

210 77 

305 143 
160 57 

'60 19 

102 42 

95 45 

203 93 


Acmes 25c_ 

BoHjQiimUe50Toei. 
BH Sooth Sir- 

fairur Riodntosfc 
GAL Kalfinorlie Sl. 

S nArea«5p . 

Ev 50c__._ 
MIH Hides Me _ 

U'xinl |f»ll ISc .. . 

Nevnrwul IQc. . 
XnrJi R Hil!30c . 
Nth Kalgnrli. _ - 

UakbhdgeSAl_ 

PaciOc Copper ... 

Paamni’ISie__ 

ParincaMiEi5p_ 

Pclo-Waltendwr 


12 _ 

73 __ 

70 -2 

162 . 

61 . 

92 -si 

13 . 

131 -1 

19 . 

2 . 

87 -1 

Sfc ~h 
138 

34 ...... 

775 _ 

75*_ 

87 __ 

40 _ 


Q9c L7 43 

US7 
QUc 19 To 

Q15c 40 f2 


Qoc 1.4] 4J 
— — I — 


TINS 

AmaL Nigeria- 29_ 

Ayer $>□_ 260 __ 

Be mil Tin_ 50 _ 

Berjunui S\0_210 _ 

Geeiw_ 470 +5 

i^oldi BaHf!3a>_ 9 _ 

ijopeagCoas.. 265xd 

HDacktme_ 145 ™ 

1dm I0p_ 90al_ 

JanorlZi^_ 10’; 

KamjslincSM05). 69 

njUicghalJ_ 450 „>._ 

Mala? Dodging SHI.. 290 _ 

iPahang_45 __ 

PenckafeolOp_ 55 h1_ 

PeialingSAn ■■ 170 _ 

Saint Pi ran--_ 54 _ 

South Croli ylOp_ 59 ._ 

5emhTama5VKi5t» 140_ 

5ibnV.aUvan SMI. 250 _ 

S-uigei Beni SHI _ 144 __ 

Supreme Corp. SMI 60 .| 

TanjocgISp_ lOOxd _ 

Tongiah Hrbr SMI 74 __, 

TnmohSM l 160 .i 


231 16113.1 

Milt 0.9)34.4 
3.75 2.3 114 

iSuK 3 4 5.1 

150 « 86 

73 T 126 

zbSx Ij 7b 

0125 4 27 8 
Q955c 0.8 73 
tQ25 0.5 5A 
6.5 6 17.9 

raQl2^cl0.9 16 
BlW * 5.6 
MJ2 1510.4 
«377Jc 14119 
®JL3c 11113 

ZQlOc — 16 
43 * 6.8 

Q56£K 1616.5 



COPPER . 

198 | 84 (MeasmaROSO_| 88 {_|$Q30c| 19| $ 

MISCELLANEOUS 

Burma Mines lTbp. 1 9 

Colbv Mines SCI I 79 

Cons. M arch. 10c 
NonhsateCSI 
RT2L 


NOTES 


I’nlfW tOmin Indicated, prion and wtt dMdesda are Is 
pence and denominations an 25p. Rrtma»«l prleehandnga 
ratios and corns are based an latest an mtal reports and accmwia 
and, icfaere possible, are opdnied on half-yearly fijnm p/Ei am 
calculated on (he basis of net dlstHbntlaa; brvkdcd fUneo 
Indicate 10 per ceal or more difference If calculated on “nil" 
dlHribotioo. Cheers are based on -mazfmnnd* iBstrltatte. 
Yields are based on middle prices, are gross, adjusted to ACT at 
34 per rent, and allow for nine of declared dlstribntfcais and 
rights. Securities with denominatloiu ether than Sterling atm 
qnoted Inclusive af the Investment dollar pre ml nm. 

t Sterling dennnrinateil secnritlta which Vnrinde Investment 
dollar premium. . 

• "Tap" Slock. I 

* Highs and Lone marked thus hare been adjusted to allow 
lor'rights issues for cash, 

t Interim since increased or resumed, 
t Interim «lnce reduced, passed or deferred, 
tt Tax-free to non-residents on application. 

4 Figures or report awaited, 
tt Unlisted security, 
o Puce at time ol suspension. 

9 Indicated dividend after pepdtng scrip and/or right! isaaoc 
cover relates to previous dividend or forecast. 

— Free of Stamp Duty. 

• Merger hid or reorganisation In progress. 

4 Not comparable 

a Same interim: reduced final and.'or reduced omiogi 
Indicated. r . 

i Forecast dividend; cover on earnings updated by latest 
interim suicsnent- 

I Cover aliens for cnnvenlan of shares not now ranking tor 
dividends or ranking only for restricted dividend. 

I ■*«or rl-ves not allow for shares which may also rank foe 
dividend at a future dale. No PX ratio usually provided. 

¥ Excluding a Heal dividend declaration. 

* Regional price. 

II No par value. 

a Tax free b Figure* based on prospectus or other official 
estimate c Ccmbi d Dividend rale paid or payable on part 
of capital, cover based 00 dividend on full capital, 
e Redemption >irld. f Flat yield g Assumed dividend and 
yield, h Assumed dividend and yfcld after scrip issue. 

J Pnymi-nl from capital sources, k Kenya, m Interim higher 
than previous total n Rights Issue pending 41 Earnings 
based 00 preliminary (1 cures. r Australian currency. 

1 Dii idend and yield exclude a special payment, t Indicated 
dividend cover relates to previous dividend. P.'E ratio based 
nn lalen annual earnings, a Forecast dividend: cover based 
on preunu* 1 ear’s earnings, t Tax free up 10 30p in the £. 
w Yield dlan for curreary clause y Dividend and yield 
based ™ merger terms. 1 Dividend and yield include a 
special pay men r. Cover does n« apply to special payment. 

<1 Net illvidcnd and yield B Preference dividend passed or 
deferred. C Canadian. D Cover and PrE ratio exclude profits 
|of l'.K aerospace subsidiaries E Issue priee. P Dividend 
■ Dd yield hasvd on prospectus or other official estimates (or 
1877-78 G Assumed dividend and yield after pending scrip 
■nd nr rights issue 11 Dividend and yield based cm 
prospectus or other official estimates Tor 197B-77. K Figure* 
based on pmvpeotus or other official estimates for 1OTS. 

M Dividend and yield based on prnspretus or other official 
estimates for I97R N Dividend and yield based on prospectus 
or fiber oUicial e-Alnalm. for 1970. P Dividend and yield 
hated rut rrespecljs or other irffieial estimates for 1077. 

Q Gross T Figures assumed U No significant Corporation 
Tax puiablv 3. Dividend local to date, tt Yield ba>ed cm 
assumption Treasury Bill Rare stays nnehanged until maturity 
of stock 

Abbreviation.'- nfex rfiv idenii: ir ex scrip Issue; it ex rights: nex 
all. if e\ c.iplloi distribution. 


*• Recent Issues " and “ Rights ” Page 26 


This service Is available to every Company dealt in on 
Stock Exchanges throughout the Ihilteii Kingdom for ■ 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously li-t'-d only in regional markets. Prices of Irish 
issues, most of which are not officially listed In London, 
arc as quoted on the Irish exchange. 


AlbanV lnv. 20p 23 

Ash Spina mg .. 4Z 

Bcrtam.— 17 

Bdg’air Est.50p 27S 
CloverCrnfi.. . 22 

Crain i Hose €1 WO 
Dyson iR .A.'— 37 
EUis ti Mclfdy 68 
Evanv Fr’k-lOp. 58. 

ffivered-- 17 

Fife Forge.. 47 

Finlay Fkg.fip.. 20 1 
Grain Ship £1.. 240 
Hi g«M 3 Brew.. 83 


Sheff. Kefrshmt [ 50 . 

Shiloh Spinn. _ 19 - 

Sindalliwm.<—) 85 .— 


37 . Corn- O”.'80/82. £96 

“ . ■••• Alliance Gas.... 70 . 

. Amoit_ 325 . 

17 . CarroUiPJO—. m . 

47, . ClondsMn~._. 83 -1 

.•O 1 ! . Concrete Prods. 125 —. 

40 . Beiton fHIdgs-i 5S - 

53^ . Ins. Corp_165 _ 


LO.M.Scm.£l-~- 137nl . Irish Rimes._125 

Holt iJoe i25p... 245 . Jacob™._ U 

XT hn. Goldsmith 64 . Sunbeam_____ 30 

PearceiC.Hu- 130 ...... t.MG_170 

Peel Mills- 17 . L'nidore_70 

Sheffield Brick 47 . wn.imre 


60 _.... 
38 +2 
170 -5 
70 _ 


Amjltv.kmlnvSOc 


ill H 88 
£111* 850 
76 I 43 
60 


6 | Lon den Brick. 5 


% 

















































































































































































































































































































































































































































































































































































































































































































30 


RATING 

SURVEYORS 



LONDON, SWT TEL:01-334 6890 


FINANCIA L TIMES 


Wednesday February 7 S 197S 





STIES. SUPPLIERS TO IRE 

sTromouims/apoHiH^ 

, HENDERSON L\t 

26 REGENTHOAD UV&K)OLL5&i$.3-J | ^ 

___ . 


TEUOSMOf 1881. ia«82MM' 
AMM^QFllfEa08EOTSMTOQrob>.; ' 


Ethiopians launch massive 
Soviet-backed offensive 


BY JAMES BUXTON 


ADDIS ABABA. Feb, 7. 


ETHIOPIAN armed Torres are 
making an all-out attack on 
Somali forces in the Ogaden 
region of the Horn nf Africa and 
are advancing rapidly, a senior 
Government official said here 
to-night. 

Although it i? not officially 
described as a counter offensive, 
the two-pronged attack launched 
about 10 days ago from the towns 
nf Harar and Dire Dawa is the 
long-awaited move hv the 
Ethiopians to recover the 
territory they lost last year to 
Somali forces, according to Mr. 
Baalu Girma. acting Minister of 
Information. 

He confirmed to-niahl that the 
Somali forces had been driven 
hack. "We are com milling all 
nur forces in the area to an all- 
out offensive.” he said. 

On Monday a member of the 
Derg (the ruling military 
council i said that Soutali force* 
"were being routed in ali direc¬ 
tions." Reports from the 
Western Somalia Liberation 


Front, in Mogadishu, the .Somali 
capital, spoke of Somali forces 
making a tactical withdrawal. 

However, the Ethiopian cam¬ 
paign i= officially described as a 
“concerted action," hecause the 
Ethiopians regard any action on 
their territory as essentially 
defensive. 

Ethiopian also wants to dispel 
any idea that it intends, as 
Somalia has repeatedly claimed, 
to cross into Somalia itself and 
demand a Snmali withdrawal 
from ihe southern part of the 
Deaden. 

Military details are few hut 
a key objective of the attack 
is to" recapture the town of 
.Jijicrr. which Ethiopia lost tu the 
Sonialis last September. Mr. 
Baalu claimed that it could fall 
within days or hours. 

It is believed here that 
superior firepower is the prune 
cause of Ihe Ethiopians military 
success, in (he past Few months 
the Soviet Vnion has carried out 
a large scale re-supply opera¬ 


tion. including a major airlift 
for th ^Ethiopian armed forces. 
Western diplomats here believe 
there arc al least 4.000 Russian 
and Cuban advisers in Ethiopia. 

While most of the estimated 
3.000 Cubans appear to be en¬ 
gaged at the front, either in the 
Ogaden or in the northern pro¬ 
vince of Eritrea and thus are not 
often seen in Addis Ababa, the 
Russian presence is barely con¬ 
cealed. There is a large Soviet 
communications centre consist¬ 
ing of aerials and heavy trucks 
close to a smart residential area 
of the city. 

Earlier today Second Lieut 
Tamrat Ferede. a leading mem¬ 
ber of the Derg, said: “ I can 
assure you that Ethiopia has no 
intention of invading Somalia.” 

In a statement he said: “It is 
our obligation to defend our 
national integrity and our revo¬ 
lution by driving the invading 
enemy out of our country. 

“We believe all the defensive 
nr offensive measures we take 
are just and proper. Ethiopia 


will not, and cannot, be held 
responsible for the conse¬ 
quences.” 

If bloodshed was to be avoided 
Somali forces should withdraw 
immediately from Ethiopian 
territory , he added. 

The Eastern Bloc has provided 
Ethiopia with a large number of 
tanks and artillery as well as air¬ 
craft. The arrival of between 40 
and 60. according to diplomats. 
Soviet-made MiGs has consoli¬ 
dated Ethiopia's total command 
of the air. 

Although Ethiopian officials 
strongly deny that Cuban and 
Russian military personnel have 
been involved in combat, 
independent observers believe 
that the line dividing advice and 
participation is thin.' 

In Addis Ababa Russians are 
frequently seen entering and 
leaving the Ministry of Defence. 

Their communications centre is 
manned by men in jeans and T- 
shirts occasionally carrying sub¬ 
machine guns. 


Imps fall 
in profit 
and share 


of market 


U.K. £100m. 
order 
for Boeing 
helicopters 


Murray hints at further 
12-month rule support 


By Stuart Alexander 

I TOBACCO provided less than 
; half of Imperial Group profits 
i for the first time in the com- 
‘pany's history, according to the 
i results fpr the year ending 
| October 3L 1977, announced 
j yesterday. 

1 As well as profits being down, 
I the company’s share of the 
i British cigarette market was 
down by 5 per cent.. During the 
rear the total cigarette market 
fell by about 10 per cent, said 
Imperial. 

A quick recovery is not ex¬ 
pected. Mr. John Pile, chair¬ 
man, said: '* We must expect 
'more problems ahead, no doubt 
but these are problems we will 
overcome.’* 

. Group sales for 1977 were up 
I to £3.2bn. compared with £2B6bn. 
i in 1976. but group pre-tax profits 
) were slightly down at £129m. 
compared" with £130m. in the 
previous year. 

The tobacco division pre-tax 
profits were down from £SL7m. 
to £69.5m. Other divisions did 
better with food improving pre¬ 
tax profits by nearly £2m- to 

£32.4m. and Courage brewery by 
£1.5m. to £32.5m. 


Growth to 40% 

Mr. James McKinnon, finance 


BY CHRISTIAN TYLER, LABOUR EDITOR 


By Michael Donne, 
Aerospace Correspondent 


rr I 


THE U.K. is to buy 30 CH-47C 
Chinook medium-lift helicopters 
for the RAF. vorth more than 
£100m., front Boeinc Verlol. a 
member of the U.S. Boeing 
group. 

Negotiations for the deal are 
in progress, following signing of 
an Intent to Purchase by ILK. 
officials on January 31 in Phila¬ 
delphia. 

The deal envisages deliveries 
to the RAF starting in 1980, and 
being completed the following 
year. 

Part of the cost will he covered 
by offset arrangements, with 
U.K. companies providing the 
electronics equipment for the 
aircraft. Other form* of offset 

work not necessarily involving 
the Chinooks might be arranged. 

It is understood that British 
Airways Helicopters is also in¬ 
terested in buying Chinooks for 
its North Sea oil operations. An 
order for three aircraft is likely 
to he placed soon. 

The Chinook was nrisinally 
planned for the RAF as long ago 
as the tnid-I96Us. An order 
placed in March. 19fi7. for 15 air¬ 
craft was cancelled. The RAF's 
need for this aircraft has not 
diminished, and with the recent 
strengthening of Warsaw Pact 
conventional forces, requiring in¬ 
creased mobility on the part of 
the West, the need has taken on 
a new urgency. 

The Chinook is a twin-engined, 
twin-rotor helicopter, capable of 
lifting up to 44 troops. The U.K. 
does not make helicopters of this 
size. 


UNEXPECTED SUPPORT for 
the Governments’ pay policy 
came yesterday from Mr. Len 
Murray, general secretary of the 
TltC. at a meeting with" miners' 
leaders. 

Mr. Murray told them that, 
although the TUC Congress had 
not i-niiJinUted it.seJf in an exten¬ 
sion of the rule that there must 
ho a 12-montb gap between pay 
rises, many unions had settled 
on that basis and had accepted 
that ii would help the "orderly 
return lo collective bargaining." 

"It was clear that many unions 
had accepted that in the present 
year an orderly return to col¬ 
lective bargaining would be 
assisted by the maintenance of 
a 12-month interval between 
settlements, and settlements had 
been taking place on that basis.” 
the TUC said afterwards. 

“Mr. Murray pointed out that 
he was not in a position to antici¬ 
pate whether or not Congress 
would wish to give positive advice 
to unions in this or any other 


connection in the coming year.'' 

Mr. -foe Gormley, president of 
Ihe National Union of Minewor- 
kers. and Mr. Lawrence Daly, 
general secretary, had asked to 
see Mr. Murray to explore the 
scope for their claim ahead of 
to-day's resumed negotiations 
with ‘the National Coal Board. 

The miners are looking for 
nearly double their present rates. 
Failing that they are seeking an 
eight-month deal from March 1 
lo bring them back to their tra¬ 
ditional anniversary of Novem¬ 
ber. From November they would 
like a long-term deal of perhaps 
three years with annual cost-of- 
living adjustments. 

Having already accepted the 
12-month rule as it applies to 
Phase Two settlements. NUM 
leaders calculate that they can 
more easily sell a 10 per cent 
rise from March 1 if they can 
also hold out the promise of 
further negotiations this year. 
But Mr. Murray’s remarks last 
night appear to have scotched 


that ambition. 

The TUC's Economic Commit¬ 
tee. meeting to-day to put the 
finishing touches to its economic 
review and Budget demands, 
may well discuss Mr. Murray's 
remarks about the 12-month rule. 

The annual Congress last 
autumn did not discuss the 
Government's 10 per cent, earn¬ 
ings limit at all—and this Mr. 
Murray pointed out again yester¬ 
day! ’But it did vote" to honour 
the 12-month rule, obliging 
unions not to reopen pay discus¬ 
sions until 12 months after their 
Stage Two deals and insisting 
that those due to settle during 
Stage Two (which ended on July 
31 last year! should not postpone 
settlements in the hope of doing 
better later. 

Now. however. Mr. Murray, 
while sticking :o the formal out¬ 
lines of TUC policy, appears to 
have given considerable support 
to the guidelines set down in 
the White Paper of July last 
year. 


Private wealth at end of 1976 
stood at £325bn. net 


! director, said that any improve- 
i ment in group profitability was 
due entirely to infiation rather 
than an increase in volume. 

The fall in the tobacco division 
surplus stemmed mainly from 
{lower volume sales. Mr. Tony 
j Garrett, chairman of the tobacco 
division, said that Imperial had 

* about 40 per cent, of the king- 
j size market which had grown 

to about 40 per cent, of the total 
I market. 

! But margins had been hit by 
i the price war. He expected this 
i to settle down after Easter with 
I the king-size sector accounting 
■ for about half the market 

• Sales of cigarettes containing 
the company’s own substitute 
NSM had been disappointing. 
The total substitute market was 
about 0.6 per cent, of the whole 
and he thought there was not 
much hope for the future. Clos¬ 
ing down the plant at Ardeer. 
Scotland, which manufactures 
NSM was “ an option that is open 
to us." However, it is thought 
that Imperial will continue to 

| make cigarettes with NSM until 
; the budget in the hope of a tax 
concession on substitute 
! cigarettes. 

1 • Gallaber. which manufactures 
! Silk Cut, and Rothmans which 
makes Peer Special, said last 
ni’hl that they intended to con¬ 
tinue with cigarettes containing 
rhe substitute Cytrel. Both felt 
the market was slightly larger 
than estimated by Imperial 
Company news Page 18 


THE LEX COLUMN 



BY MICHAEL BLANDEN 



CLOUDY and cold with 
occasional rain or drizzle. Pos¬ 
sibly snow on hills. 

London, S.E. England. E. Anglia 
Cloudy, occasional ram or 
snow. Winds E.. moderate. Max. 
3C (37FL 

Cent SL. N.W.. Cent. N. England, 
Midlands, Channel Is.. Lakes. 
S.W.- N.W. Scotland. Highlands: 

Cloudy, occasional rain or 
drizzle, hill fog. Snow on hills. 
Winds S.E. moderate. Max. 4C 
C3BF ). 

East, S.E. England. Borders, 
N.E. Scotland. Orkney and 
Shetland 

Cloudy, hill fog and rain 

nr snow. Wind S.E., moderate. 
Max. 3C (37FI. 

S.W. England, Wales, Is. of Man: 

Cloudy, hill fog and rain or 
drizzle. Max. 7C (45F) 

Outlook: Mostly eold. 


BUSINESS CENTRES 


V'rtar 
mui-d-ii. 


Vd-i- 

mld-dav 




*C 

’F 

1 


a C 

*F 

A me irim. 

r 

i 

21 

1 Madrid 

S 

9 

IS 

Aihpns 

1- 

n 

UfMancbestr. F 

fi 

43 

Bahrain 

C 

■:i 

‘SiMelb'rnn 

Dr 

17 

(C 

Barcvtona 

V 


54 

Mexico C. 

S 

16 

>» 

Belfast 

c 

« 

431 Milan 

F 

2 

:« 

Belgrade 

Sn 

-i 

301 

| Montreal 

So 

-fi 

2t i 

Berlin 

C 

-3 

*7 

i Moscow 

C 

—7 

19 

Brmahm. 

c 

3 

37! 

Munich 

C- 

-4 

23; 

Bnsiol 

r 

7 

45 

Newcastle 

R 

4 

39 

Brussels 

c 

' 3 

3T 1 

New York Sn 

_4 

23 

Budapest 

Sn 

0 

M 

1O5I0 

C 

-fi 

21 

B. Aires 

R 

:i 

7fl 

Paris 

C 

fi 

43 

Cairo 

s 


fill 

Perth 

F 

2S 

W 

Cardiff 

c 

n 

13 

■ PrasiM 

F 

—3 

29 

Th lease 

Sn 

-9 

16 

[ Reykjavik 

R 

1 

37 

Coins nn 

C 


3Si 

i Rio de J'o 

R 

S7 

SO 

CopnhwiL 

F 

-1 

301 

1 Rome 

F 

-1 

30 

Budim 

Dr 

7 

■Vi 

1 Singapore 

S 

.10 

fW 

Edlnhurpb 

C 

3 

371 

I Stockholm 

C 

-4 

23 

Frankfurt 

C 

■> 

Ml 

1 Strasbre. 

C 

3 

37 

Geneva 

C 

4 

39 Sidney 

K 

24 

10 

Giasxniir 

C 

n 

43 {Tehran 

C 

6 

4? 

Helsinki 

S 

-9 

IS T«*l Aviv 

F 

16 

61 

H. Kune 

C 

IB 

6fi Tokyo 

S 

9 

47 

.lo 1 burs 

C 

3? 

SO 

Toronto 

C* 

-13 

9 

Lisbon 

F 

12 

Si 

Vienna 

Sn 

-i 

38 

London 

C 

6 

43 

Warsaw 

F 

-4 

.25 

Lusemb'B 

c 


3» Zurich 

C 

1 

34 

HOLIDAY RESORTS 

Aiaecle 

K 

1) 

52 

i Jersey 

Dr 

li 

43 

A inters 

V 

1 j 

5B 

Lax Plms. 

F 

3.7 

73 

Blarrttz 

c 

in 

50 

| Locarno 

S 

5 

41 

Blackpool 

Ks 

:i 

,77 

Majorca 

F 

13 

33 

Bordeaux 

R 

s 

4ii 

Malaga 

P 

13 

59 

Boulomr 

»; 

a 

It 

■ Maltn 

C 

12 

54 

ra « bine a 

c 

Id 

•m - Nairobi 

6 

24 

73 

Cap* Town 

i s 

23 

73 Naples 

K 

■J 

48 

Corfu 

R 

3 

IS 

i Nassau 

S 

I’ll 

67 

t»iihrnvnlk 

r 

7 

4a 

X ice 

S 

12 

.14 

Faro 

s 

in 

f.l 

iNK-osla 

F 

17 

03 

Florence 

c 

n 

431 Oporto 

s 

10 

jfl 

Funchal 

F 

IS 

irt 

Rhodes 

c 

Irt 

61 

Gibraltar 

F 

15 

59 

Salibnr; 

Dr 

-L 

20 

Guernsey 

c 

7 

45 

Tsiuier 

S 

13 

H 

Innsbruck 

Sn 

n 

«| 

Telterr/*" 

S 

L’l 

70 i 

Tnn.rnc.-is 

i» 

4 

W 

Tunii! 

r. 

10 

SO 

Isle nf Man C 

T 

Jil Valencia 

c 

l.i 

■79 | 

Istanbul 

C 

J 

41 1 

1 Venice 

c 


41 1 

6—Sunny. 

F—Fair. 

C—iriinjdv 


—Rain.! 


Fs—me Dr—Drizzle. 


PRIVATE wealth in the U.K. 
totalled a net £325lm. at the end 
of 1976, according to Central 
Statistical Office figures pub¬ 
lished to-day. 

The total, covering private 
individuals, is arrived at after 
deducting deb is owed by house¬ 
holds of around £42bn.. of which 
around two-thirds represented 
mortgages. 

During 1976. the wealth of 
households increased by £41 bn., 
or 14.4 per cent. The rise re¬ 
flected changes in the quantity 
of assets held—and in their 
value. 

The main reason for the in¬ 
crease was a rise in wealth held 
in the form of physical assets, 
mainly houses, although some 
items fell, including particularly 
Ordinary shares. 


The figures, published in the 
Treasury's Economic Trends 
come in the Central Statistical 
Office's submission to the 
Diamond commission on the dis¬ 
tribution of income and wealth. 

The submission provides more 
comprehensive figures of the 
personal sector balance sheet for 
1975 and for the first time up¬ 
dates provisional estimates to 
1976. 


Out of total net assets in 1976. 
physical assets accounted for 
£221bn.. including £150bn. in 
dwellings and £43bn. in consumer 
durable goods. 

Financial assels represented 
E147bn., with the most important 
items being policyholders’ funds 
in life assurance and pension 
funds (£37bn.l. building society 


investments (£26bn.) and bank 
deposits t£20bn.». 

Tables giving longer terra 
trends from 1957 lo 1976 show a 
marked decline in the Importance 
of financial assels and a corre¬ 
sponding increase in physical 
assets, from just more than a 
third to nearly 60 per cent, of 
the total. 

- Wealth held by households, 
which rose in relation to annual 
persona] income from less than 
three times in 1957 to 3.9 times 
in 1973. has since fallen to 2.9 
times at the end of 1976. 

There are indications oF a 
substantial and continuous fall 
in the share of total national 
wealth held by the personal sec¬ 
tor, matched by an increase in 
the public sector. 

How wealth is invested, Page 17 


Continued from Page 1 

Pay pledge 


Rolls recalls cars for check 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


ROLLS-ROYCE MOTORS has 
embarked on a world-wide recall 
of its Silver Shadow. Camargue 
and Corniche models to carry 
out safely modifications. 

The problem appears tn be re¬ 
lated to fitments attached to the 
automatic speed control used on 
the cars. 

This device is designed to keep 
the car running at a constant 
speed without using the accelera¬ 
tor. But in certain conditions 
the braking mechanism, which is 
meant to cancel the automatic 


system and allow the car to 
revert to normal controls, does 
not work. 

Rolls-Royce said yesterday that 
the recall was simply to be on 
the safe side. "There has not 
been a single accident due to the 
problem. However, there is a 
chance in a million that there 
could be'an accident and we do 
not intend taking that chance.” 

The recall follows the revamp¬ 
ing nf the Silver Shadow a year 
ago. A new design of the Econo- 


cruise speed control device, made 
by Associated Engineering, is 
now being installed in the 
vehicles. This, says Rolls-Royce, 
has solved the problem, which 
appears to have involved the 
wiring systems rather than the 
device itself. 

Rolls-Royce’s action, by far the 
most important recall it has 
made during the last decade, 
illustrates the increasing sensi¬ 
tivity of car companies to any 
safety-related faults. 


ance in support of the counter 
inflation policy. "We shall do so 
whenever the law and constitu¬ 
tional propriety permit" he said 
to Tory jeers. 

But he described as “ pre- 
posterous ” Conservative charges 
i that the use of these powers had 
[not been justified by law and 
that they had been applied fur 
lively or even secretly. 

His underlying argument was 
i that the Government’s ■ first 

( priority must remain to conquer 
inflation and be claimed that the 
year-on-year inflation rate was 
j now down to single figures. 

I “ The retail price index for 
February to be published in five 
weeks will confirm that we are 
down to single figures and that 
inflation is falling and will con¬ 
tinue lo Fall fast.” be said. • 

The main reason the Govern¬ 
ment had decided not to publish 
the names of companies on its 
blacklist was the damaging effect 
such publicity could have. Mr. 
Hattersley said the chairman of 
Sun Alliance had written to him 
pointing out that rince the 
company's dispute with the 
Government was made public 10 

per cent, had been knocked off 
the value of its shares. 

Nevertheless, the Government 
planned to start talks with the 
CBl. Chambers of Commerce and 
other employer organisations, so 
that if in their judgment the in¬ 
terests of affected companies 
would not be harmed the names 
on the Government -blacklist 
would be published. 


Continued from Page 1 


Methven threat of action by CBI 


eminent went further on its 
sanctions policy. As a result -the 
idea of boycotting Government 
contracts was developed although 
the confederation was tom about 
what to do because some of ns 
members find the possible threat 
of sanctions a useful bargain¬ 
ing counter when negotiating 
pay rises with their unions. 

Nevertheless, it was decided 
recently to go ahead if the Gov¬ 
ernment tried to formalise Us 
Sanctions operations. 

Yesterday. Sir .lohn met Mr. 
Hattersley sbnrtly before the 
Commons announcement. Mr. 
Hattersley fold him what he 
would-be saying and Sir John 
told him of the conferedalion's 
response. 

Sir John added that there were 


six main objections to what the 
Government was proposing. 

FIRST, they gave the Secre¬ 
tary for Employment “ complete 
discretion to decide what the 
Government’s pay guidelines 
mean.” even though- last year’s- 
pay White Paper did not name 
a specific figure for all settle¬ 
ments. 

SECOND, there was no appeal 
against the Secretary of State's 
decision. 

THIRD, the Government was 
giving itself a blank cheque fnr 
the future by saying that the 
conditions applied to all future 
pay policies which only needed 
in he set out in a Parliamentary 
Command Paper- 

FOURTH, a main contractor 
could be penalised if one of his 


sub-contractors paid an employee 
too much, even on other non- 
Governraenl work. 

FIFTH, without indemnity 
clauses, a main contractor had 
no comeback on a sub-contractor 
•if he lost a Government contract- 
SIXTH, the “actual terms of 
the termination of contract pro- 
posel by the Government are 
totally unreasonable.” 

The confederation is aware 
that its proposal would have to 
be registered under the Restric¬ 
tive Practices Act with the Office 
of Fair Trading of which Sir 
John was director-general before 
going tn the CBl in July J976. 

Sir John is a lawyer and. on 
tbe basis nf his experience and 
having received outside legal 


advice, the confederation does 
not think that there would be 
any legal impediment lo its pro¬ 
posals. 

It is thought that it could go 
ahead with its proposal once it 
had registered what would be a 
decision of the confederations 
council, and supplied the neces¬ 
sary paperwork which would 
include a list of the names and 
addresses of all its members. - 

Eventually, if complaints were 
lodged, the confederation might 
have to defend itself in front- 
of the Restrictive Practices 
Court to show that iLs action 
was in the public interest- But, 
there is a waiting list of more 
than a year for such cases to 
be heard. 


The City was baffled and con¬ 
fused by the January banking 
figures, which carry a Weak 
message for the money supply. 
Although analysts had been, 
growing increasingly pessimistic 
over the last-fortaight. most had 
been expecting a slight fall in 
the banking sector's eligible 
liabilities, given rhe hefty, gilt 
sales and the sluggish level of 
lending during the period. ; So 
a' 1.9 per cent increase- caught 
the gilt-edged market off-guard. 
Prices at the longer end of the 
market, after being £1 ahead, 
fell back sharply and closed 
lower on the day. 

The figures themselves are 
not particularly revealing. The 
big growth has come in interest 
bearing eligible liabilities which 
are over £2bn. higher; and the 
bulk of the increase has been 
concentrated among the London 
Clearing B&nks. There, are a 
number of possible explana¬ 
tions. Fears about the-imposi¬ 
tion of the corset could have 
encouraged the hanks to bid 
aggressively for deposits,: and 
they also might have 'over esti¬ 
mated the level of loan demand 
during this period and . in¬ 
creased their wholesale money 
in anticipation. The higher level 
of export financing that the 
banks will in future have to 
carry on their own books might 
also have bad an impact ’ 

Whatever the explanation 
there can be no denying that 
the figures are bad. -Although 
it might not be right to draw a- 
straight line through the figures 
to get a due to next week’s 
money supply figures, the mar¬ 
ket is now working on the 
assumption that sterling M3 will 
be around 1§ per cent ahead. 
This will give an annualised 
rate of dose to 14 per cent. 
Instead of being brought back 
inside the target growth band 
of 9 to 13 per cent, as once 
anticipated, the money supply 
figures will probably be over 
the top, and given the meagre 
gilt sales in the current bank¬ 
ing month, which ends next 
week, it is hard to be hopeful 
about the February figures. 

Given these depressing statis¬ 
tics the only question for the. 
market is what price ’ the 
Government Broker will start 
selling stock. There is no qufcs: 
tion that he will want to do so 
soon. 

The Long tap—Exchequer 
10i per cent. 1995—has not yet 
been operated an dits current 
discount of over £5, on jts £30 
partly paid form, indicates the; 
sort of price the GB might have 


Index rose 5.6 tp463»7 


£m, 

tod 


rlmperialGroup 

Profits before iaterest 


80 


fioH-H th 



i 

II 

IjJijJTl 


O 1 ,W 2 . * - » 

1974J5 197516 •1976,7 


to offer if he is" to get his fund¬ 
ing programme roiling once 
again. This week’s final £320m. 
call on Treasury. 10i per cent 
1999 will . have helped cover 
some of the Februaiy funding 
requirement but the-final call 
on tiie long tap is less than three 
weeks away and this ■will need 
to be taken up if the GB. is to 
make any headway lit meeting 
the March funding requirement. 


will probably be dretrjyf 
after,’ the tread.-could 
change.. Imps .says that itf 
of the cigarette marked?} 
was slipping. Shrou&iirayi 
year, has now picfced i^ 
what. And it: hopes' SHa 
trading. , background 
stabilise in a iew mohtfc^} 
whtifii case. 1 its 
might!start to\strengtiieS‘ 
the same time, it is loekit 
an improvement -at-TCo 
after- another, distinctly'/ 
presslve year,': bid the too 
packaging aides, could 'at 
better" - ; -V . . y 
So profits" cbutM actual 
a bit'higher-for the yea- 
whole; And- the group'.p 
an almost; eunbarmh ud k-i 
balance > sheet; .with; short 
borrowing? ;of ,-..£il5in^ 
matched7>y;iis gtit-edgeif 
ings. At 75ip, ,the shares 
over 12 pferbefrL on an e> 
dend baterT&atris more 
twice the^ market':avera 
very wide gap % past 
dards. . •...'.i ! 


Imperial Group 


Imperial Group’s profits for 
the year to October are-a shade 
down at £129ra. pretax; . This 
contrasts with last. July’s fore¬ 
cast of a. “somewhat higher" 
outturn, but the group has made: 
no secret of its problems In the 
intervening months. ; ; "' 

In particular, the tobacco side 
has had to cope with an industry 
wide fall of as much as a tenth 
in cigarette volume over the 
year, an expensive flop with syn¬ 
thetic brands, and a complete 
upheaval; in the market place 
as a result of changes in the duty 
structure. Imps' share of. the 
overall market feU 5 points to 
an average of afaout fil^ per cent 
over the year. But-against , this 
it has successfully established 
a. major presence in the king 
sized sector* which now accounts 
for over 40 per cent erf the, 
market compared with a single 
figure share 18.months ago.'. 

.! Imps’ king sized turnover has 
risen tenfold in that period, and 
It now claims a market share of 
about two-fifths. But theye have 
been heavy short term -costs. 
Tobacco profits have fallen.by 
15 pei? cent, and for the first 
time this division accounts for 
less than half the profits total. 

. Group profits bave t declined 
again in the first quarter of 
1977-78, and the interim figures 




. DowfyrV ;; v ^ 

Taking in a "first ; ‘ :V ** 

trihution of.'£719I«oj fe 
Ultra acquisition; Dowtj.dj 
; interim results are aiutfe 
side of most expectation! ' 

-tax profits are up almosf^ 
at just over fillip:. refi&f 
general improvement^ 
divisions.'. . - - ; ■ "ji' 

The group still remaw 
about giving ' divisions;.^ 
dorwns, but the imprest 
that aviation and mining^ 
ted. for about 40 pepjfeti 
turnover each;- with 
trial and Ultra .(electof' 
divisions making up the 
ance.; As far as profits: 
cehned the' likelihood ^ 
aviation; and; particukra 
military^ sider' is DowtjiS| 
profitable area:' The-^i 
Jaguar aha Harrier pro^ 
are now . tailing off bot-hL . 
boosted ; '.again if. recent#.- 
interest is converted into# 

The big; hope for thehj 
is Bawty’s Contract to suh 
engine systems arid 1 audio 
for 800, MRCA alrcraft-.Ti^ 
tract runs, oyer eight yeig 
has a total value of :2f 
added to which is the_3| 
and .spares business of? 
years/ambniiting. to three? 
this , figure. The proj«f 
make its- first sigoificaQtjs 
button next year and-# 
peak in 1981. In the xu^ 
full-year profits of arming 
seem .attainable, "putting 
shares on a prospective^ 
just under.8.9, fUlly .taXtf„ 

: •- ,a * 






A few words - - 

about Tokai Banks expanding 
international operations. 




•r --.-a 






: ,13 


As you might know. 

Token Bank is one of the - 
leading banks in the world 
with ouer 15.000 employees . 
and 200 offices established 


in Japon itself. y' 



ft probably doesn't surprise 
you we're niodem, 
progressive, and one of - 
the first bonks in the iuorld 
to utilize oh-Hne • - 
avripulerizcrtionin our 
bonking operations. 


- :>■*»■ 



What may 'Irg 

surprise.you /V-gj 
is our cpmnitrn^' 
to internofiewhf^i 
banicirw; vNjv.-; ■ 



' At present we haue over 
20 offices and affiliates - 
around the world, and 
we opened m Toronto. 

And recently . ^ 
opened in 
Hong Kong 


As __ 


., Currently.wer'n sewing. 
the world through loans. 
And also lendiirg - ' 
sjmefkinghs ui^uoWe -. 

'as .money. Ftoandal - • 
acbice. gained through y’ 
; ouer 100.years,' - 
of banking ’■ • -, 

: expedience .'" . ; .- 
. . .. , 




So don l t : ft*t ;Z 
thinkdfusjdsr^ 





Hoad Office: 21-24. Nish lkl '3-chofnH^aka4cu^8^yr^Tetr05S2n^n?1^3rtSr»M^Bttwki .W^ 
Agencies} New .Yark, Los Angeles, London,-FrankfurtLlRepreseotative-OHS^j.Xqrdnto,.“«Jco/Cih 
Paulo, Paris, Tehran, — ~ • - - : - v J 

Nederland NA/.. Tokai 
Sydney 


k, uo5 «nge*es, Lo noon,- r-ran ktjj n; .i« eprasentatwe-.Utt - ioronto,. u-■ 

fi, Sydney. Singapore "&/Jakarta;. (Subsidiaries). tokai'.BahkVof 

kai Asia Limited; (Affiliates & Associates} Uibdqh; {^rjs^Sanskb^Manila, Mpnfr? 


Keautewd at the Pt&t office. -Printed As. Sr. CleiMm'fl - Pr««- fc* *•- 

to tea Etnanciai Tmus-JLtt*. Bracken fineie, .'Camuai Swef, iKUL 

~ tub F*janqai '»p» ’